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in ancial
Me
rontrie
SATURDAY, MAY 30 1931.
VOL. 132.
financial Chronicle
PUBLISHED WEEKLY
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The Financial Situation.
The most urgent problem of the day is how to
restore the earning capacity of the railroads, so
that they may remain going concerns. There is no
parallel in the past to the way in which the revenues
of the country's rail carriers, everywhere throughout the land, from the Gulf of Mexico to the Canadian border, and from the Atlantic Ocean to the
Pacific, are shrinking. On top of heavy losses a
year ago, as compared with 1929, further heavy
losses are now being piled up in 1931, with the result
that it is no longer a question, in a great many cases,
whether dividends can be maintained, but whether
even fixed charges, that is, the amount required to
pay interest on outstanding indebtedness, can be
earned. Such a superb railroad property as the Netv
York Central, holding a position of exceptional
strength, failed fully to earn its fixed charges in the
first quarter of the current calendar year, that is,
the three months ending on March 31.
Unfortunately, too, there appears to be no realization of the plight and dire distress in which these
rail carriers find themselves, and the urgent
need of speedy relief, if absolute calamity in the
railroad world is to be averted, nor the ill consequences that would follow if the needed relief is not
granted, and very promptly granted. In such a contingency the business depression already experienced, severe as it has been, would hardly be a circumstance to what would indubitably come to pass
if the railroads should be permitted to fall into general insolvency, impairing their credit and reducing them to a position of absolute helplessness.
With it all, there is surprising timidity and hesitation in tackling the problem. The ends sought can
be achieved in one of two ways, either by an advance
in freight rates or by the lowering of wage scales
from the relatively high levels to which they were
NO. 3440.
raised during the war, and perhaps both may be
necessary. Yet there is much holding back. The
situation evidently calls for some revision and
adjustment of wage scales, a step which need
cause no impairment of living standards since
the cost of living has been so substantially
reduced. Nevertheless, there is great unwillingness on the part of everyone concerned even
to broach the subject, owing to the attitude of
the railway unions, these latter taking a position
strongly in opposition to any change, wholly
independent of the merits of the proposition. Of
course it may be because the managers of the roads
fear that the union leaders may resort to strikes in
the event an actual attempt to lower wage scales
should be made, even though the reduction go no
further than warranted by the decrease in the cost
of living.
The same timidity is observable with reference to
suggestions of advances in freight transportation
rates. The Inter-State Commerce Commission has
just decided not to take the initiative in the matter,
while the railroads put the proposal forward in a
hesitating, halting fashion, not sure whether they
ought to take a determined stand in the matter, and
not sure, either, as to just what shape the proposed
rise in rates should take. Only the labor leaders
declare themselves in outspoken fashion in favor of
higher freight rates, and they, of course, are influenced in their action by their desire to avoid wage
cuts. All the while the situation of the railroads
is growing steadily worse, as each new monthly return of earnings comes to hand and shows that the
contraction in railroad revenues is still in progress.
The action of the Inter-State Commerce Commission in refusing to take the initiative in making an
independent inquiry, and on its own account, appears to have been expected, though why this should
have been the expectation is not entirely clear in
view of the fact that the Commerce Commission is
clothed with broad powers which authorize it to
institute rate investigations on its own motion.
News dispatches from Washington on Tuesday
announced that the Inter-State Commerce Commission, at a special meeting on that day, had declined
to grant an informal request of Eastern railroads to
start on its own motion an investigation into the
general railroad situation with a view of enabling
the carriers to improve their financial condition. It
was pointed out that the request of the carriers was
the outgrowth of the meeting of the Presidents of
the Eastern railroads held at a conference in New
York on Thursday of last week. The announcement
of the Commission with reference to the matter was
in these words: "The Inter-State Commerce Commission to-day, in response to procedural questions
informally presented to it by Daniel Willard in be-
3940
FINANCIAL CHRONICLE
half of Eastern railroad executives, informed him
that the Commission will not at this time institute a
general investigation into the general railroad situation on its own motion."
Stress is laid on the fact that the announcement
says"not at this time," and it is furthermore pointed
out that the decision, as now stated, does not preclude full consideration of any petition submitted
•by the railways, which, of course, is true. All this,
however, does not alter the fact that valuable time is
being lost and that meanwhile the carriers must continue to suffer; nor does it alter the further fact that
railroad managers remain in the same frame of mind
as before, being uncertain as to what course to pursue
and evidently being at great odds among themselves
as to how far any petition as to rates should go and
to what it should apply.
In the meantime there is an utter absence of any
change for the better. We ourselves believe that
little is to be hoped for from proposals for higher
rates—that owing to continued business depression
and the sad state of the farmers the time is not
opportune for rate advances, since the effect would
be to impose new burdens upon business and the
agricultural communities, already burdened almost
beyond endurance. It is our belief that railroad
employees, in a friendly spirit, ought to get together
with the managers of the roads and decide upon some
course of action which would admit of some reduction in railroad labor cost as the speediest and most
effective way of obtaining relief at the present critical juncture in railroad affairs. A time limit might
be fixed on the wage reductions, and at the end of
the period assigned the matter might come up for
reconsideration in the light of the conditions then
prevailing. This would be the easiest and quickest
way of assuring some measure of relief to the roads.
It would also, we believe, prove an important aid
in bringing about that revival in trade for which the
whole population is so earnestly praying. We may
be sure, in any event, that no recovery in trade can
be counted upon until the railroads are once more
put upon a basis where they have a reasonable chance
of putting their properties upon a paying basis.
We believe, too, that large savings could be
effected by a modification of working conditions and
working rules. Some of these add materially to the
cost of railroad operations. Perhaps it will be
easier to obtain concessions from the brotherhoods
regarding oppressive and costly working rules than
to get consent to a lowering of wage costs. And certainly no stone should be left unturned in the effort
to reduce operating costs.
We wish to reiterate that unless speedy relief is
granted to these rail carriers, not only the railroads
themselves, but the whole country will be confronted
with the menace of general disaster. The returns of
earnings of the railroads for the month of April, as
filed with the Inter-State Commerce Commission at
Washington, have been coming in the present week,
and they attest the truth of this statement.
Losses for this month are of the same startling character as those for the months immediately preceding,
and together they afford a picture of despair and
distress, which has seldom, if ever, been equaled in
the past, especially when the comparison is extended
back so as to furnish a comparison not only with
1930, but with the year before, that is, with 1929,
before the general collapse in trade and business
occurred. In the following we bring together a num-
[VoL. 132.
ber of typical cases as illustrations, just as we did
in these columns four weeks ago, when the figures
for March and the three months ending with March
first became available. These illustrations are
drawn from railroad systems in different sections of
the country,and they afford testimony to the fact that
no section of the country or class of road has been
exempt from the large and general shrinkage. The
figures in all cases cover the four months ending April
30 for the present year as compared with the corresponding results of each of the two previous years.
8E
Ended
3n
Four Month19 0. April 30—
1929.
19$31.
N. Y. CENTRAL,Gross revenue
133,011,198 164,533,670 189,555,348
Net operating income_ 10,138,901 19,945,620 31,370,549
PENNSYLVANIA—
155,803,293 194,308,130 215,629,864
Gross
Net operating income_ 13,679,997 29,505,396 39,458,864
ATCHISON TOPEKA & SANTA FE—
56,952,330 71,416,438 78,334,217
Gross
Net operating income_ 4,990,232 5,781,650 15,722,712
SOUTHERN PACIFIC LINES—
66,068,503 84,826,302 97,561,715
Gross
Net operating income_ 2,992,165 9,585,899 16,156,046
CHICAGO MILWAUKEE ST:PAUL & PACIFIC—
37,222,578 46,027,522 52,034,971
Gross
Net operating income_ 1,830,866 3,640,302 6,716,119
ILLINOIS CENTRAL SYSTEM—
40,203,169 53,387,401 60,126,377
Gross
Net operating income_ 1,816,973 6,855,769 9,582,546
SOUTHERN RAILWAY—
34,401,191 42,300,814 47,254,411
Gross
Net operating income.. 2,609,949 5,756,515 9,346,240
WABASH—
16,857,904 21,863,190 24,365,724
Gross
Net operating income..
902,416 2,324,180 4,027,679
The reader should- note well the fact that owing
to the successive heavy losses the net operating income (that is, the amount remaining after paying
operating expenses and taxes, and out of which
interest and fixed charges have to be met) for the
four months of 1931 is barely one-third of that in the
first four months two years ago, and in some instances only one-fourth or one-fifth of that of two
years ago. Taking first those two great East-andWest trunk line systems, namely, the Pennsylvania
RR. and the New York Central, it is found that the
Pennsylvania RR. had net railroad operating income
for the four months of 1931 of only $13,679,997, while
in 1929 the amount was nearly three times as much,
or $39,458,864. On the New York Central net
operating income for the four months of 1931 stands
at only $10,138,901, which is actually less than onethird the $31,370,549 net operating income for the
first four months of 1929. The Illinois Central has
net to its credit of only $1,816,973 for 1931 as against
$9,582,546 for the first four months of 1929. In this
case it will be seen the amount for 1931 is only about
one-fifth that for 1929. The Wabash shows for
1931 net of only $902,416 as against $4,027,679 for
1929, being only about one-fifth of the amount two
years ago.
In other sections of the country the comparisons
are not a whit better. In the Northwest the Chicago
Milwaukee St. Paul & Pacific reports net of
$1,830,866 for 1931 as against $6,716,119 in 1929, and
in the Southwest the Atchison shows net for 1931
of $4,990,232 against $15,722,712 for the four months
of 1929, while the Southern Pacific reports net for
1931 of only $2,992,165 in comparison with $16,156,046, or over five times that amount, in 1929. In
the South the Southern Railway shows net operating
income of no more than $2,609,949 for the four
MAY 30 1931.]
FINANCIAL CHRONICLE
3941
Declining Government revenues are another unmonths of 1931 as against $9,346,240 in 1929, and
fortunate feature of the present depression in trade.
$11,459,336 in 1928.
Dividend reductions and omissions follow as the The daily statements of the United States Treasury
natural and inevitable result of such appalling losses have this week shown that the deficiency of Governin revenue. Among the further additions to the list ment receipts below Government expenditures is •
the present week have been the omission of the quar- now running in excess of a full billion dollars for
terly dividend on the common stock of the Pere Mar- the 11 months of the fiscal year to date, the statequette Railway; the deferring of the quarterly divi- ment for May 26 having recorded a deficiency of
dend on Boston & Maine common, and the omission $1,000,792,430. It is quite possible that for the full
of the semi-annual dividend on Erie 2nd pref., though fiscal year ending June 30 the deficit will not be
in this last instance the usual semi-annual dividend quite as large, since another quarterly installment
of the income tax payments will be due in June. The
on the first preferred stock was declared.
been reached in the general uncertainty is as to the borrowing on adjusted servBut a point has now
reduction of railroad revenues where it is no longer ice certificates of the war veterans. When Congress
merely a question of the maintenance of railroad enacted this piece of bonus legislation last February
dividends, but where even the continuity of interest it was estimated that the total applications for loans
payments on outstanding bond issues is in question. would reach about $1,000,000,000. It now appears
This fear furnishes the explanation of the further from the additional applications that continue to
borrowcollapse, week after week, not only in the stock come in week after week that the total of this
the simultane- ing may actually reach $1,500,000,000.
market, but, what is more important,
ous collapse in the bond market. Some of these bond
The Secretary of the Treasury the present week
issues have been dropping five and six points a week,
Treasury bills offered on
because the margin above interest charges is being disposed of a new issue of
amount.of $80,000,000, or thereso heavily and so steadily reduced. These, it is true, a discount basis in
bills, dated June 1 1931,
are now in many cases termed second-grade issues, abouts. They were 91-day
on Aug. 31 1931. Tenders were
but only about 12 months ago they were still looked and will mature
m. Eastern Standard time
upon as prime issues of a high grade, having then received up to 2 o'clock p.
on Thursday, May 28, and, of course, great success
been amply protected by a wide margin of earnings
attended the offering. The applications altogether
above the requirement for interest.
in finding a market for bond aggregated $322,313,000, the amount accepted was
There is no trouble
price realized was
issues, where there is no question as to the absolute $80,013,000, and the average
on a bank discount basis
security of interest and principal. This has been 99.785, the average rate
ever realized in any
repeatedly shown in the offering of large blocks of being only 0.85%, the best price
bills. At the sale on May 14 for
new bonds, and was again shown the present week sale of Treasury
bills in two series of
in the success attending the offering on Wednesday an aggregate of $100,000,000 of
one of the series consisting of60-day
/
of this week of $60,000,000 of Consolidated Gas 41 2% $50,000,000 each,
maturing on July 17
debentures due in 1951,offered at 101. The subscrip- bills dated May 18 1931, and
bills dated May 18 1931
tion books for the new issue were opened at 10 a. in. 1931, and the other of 91-day
The tenders for the 60
Wednesday and immediately closed, the entire and maturing August 1931.
and the amount
$195,765,000
amount of the offering having been oversubscribed. day bills aggregated
price realized
time when renewed breaks were accepted was $50,102,000, the average
This happened at a
rate on a bank discount basis
occurring in the bond market on the Stock Exchange. was 99.833, the average
-day bills the applicaAs indicating the extent of the depreciation in the being about 1%. For the 91
$263,301,000; just $50,000,000 were
railroad bond market thus far in 1931 as the result tions reached
realized was 99.745, the
of the huge declines, week after week, we present the accepted; the average price
average rate on a bank discount basis being about
following little table:
tenders for
1-0170. On May 7 the Secretary invited
Closing
Range Since Jan. 1.
dated May 11, and
Price
$50,000,000 91-day Treasury bills,
Lowest.
may 29.
Highest.
maturing Aug. 10, and received applications aggre5e, 1975 76 Jan. 7 52 May 29 52
Chic Milw St Paul & Pac
gating $391,690,000, of which 00,000,000 were acChic RI & Pac fly ref 4s, 1934_ __ _ 093 Jan. 21 88 May 29 88
May 29 88%
103% Jan. 13 84%
cepted at an average price of 99.701, a discount basis
Mo-Kan-Texas RR 5s, 1962
75 Jan. 26 57% Apr. 10 573(
Missouri Pacific gen 4s, 1975
of 1.18%. On May 1 he disposed of $60,000,000 9093 Feb. 20 70% May 29 70%
NY Chic & St L ref 4%s e, 1978
99g Jan. 24 93% May 29 93%
Penns RR deb g 4%s, 1970
day bills dated May 5 1931, and maturing on Aug. 3
Pere Marquette 1st Sc A, 1956_ __ _ 105% Jan. 16 873 May 29 87%
24 43% May 29 43%
1931; the applications aggregated $305,855,000; the
85 Jan.
St L-San Fran con 4%s A, 1978
94% May 8 87% May 29 87%
Southern Pacific gold 43.s, 1981
amount allotted was $60,100,000, at an average rate
88% Feb. 19 773 May 19 78
Southern fly gen 4s A, 1956
Wabash RR ref 5%s eer A, 1975_ _ 102% Jan. 28 60 May 27 66
of about 1.29%. At the sale April 24 of $50,000,000
et Cash sale.
91-day bills the average rate was about 1.33%. At
It will thus be seen that the St. Louis-San Fran- the sale of 90
-day bills at the close of March, when
86 Jan. 24 this week $100,855,000 of bills dated April 2 and April 3 were
cisco consol. 4y A as against
2s
got down to 431 2; the Missouri-Kansas-Texas 58 as awarded the average rate was 1.46%. At the placing
/
/
against 103% Jan. 13 have dropped to 8414; the of $154,218,000 of 91-day bills dated Feb. 16 1931,
Missouri Pacific gen. 4s as against 75 Jan. 26 have the rate was only 1.21%, while the sale of $60,got down to 57%; the Chic. Mil. St. Paul & Pac. have 000,000 90-day bills on Jan. 30 was effected at the
2s
dropped from 76 to 62;the N.Y. Chic & St. Louis 4y rate of 0.95%.
2s
from 93 to 70%; the Wabash ref. 5Y ser. A from
1
Unqualified success is also likely to attend the
2s
102 to 60; the Southern Pacific gold 4y from offering next week of Government obligations, pre2
1
/
94% to 871 3;the Pere Marquette 1st Ss A from 105% liminary notice of which was given on Tuesday,
4
to 87 , &c. All of which simply indicates how pre- May 26. What the nature of this offering is to be,
2
1
/
carious the situation of the railroads is regarded in whether certificates of indebtedness or a long-term
the investment world.
bond issue, has not yet transpired, the announce-
3942
FINANCIAL CHRONICLE
ment simply saying that a Treasury offering might
be expected on or about Monday,June 1 1931. Whatever the success of the new offering, one qualifying
consideration must be borne in mind. It is the practice of the Treasury Department to allow the proceeds of sales of Treasury certificates of indebtedness to remain on deposit with the banks from whom
or through whom the subscriptions are received,
these proceeds being drawn out only as needed from
time to time. On such deposits (against which the
banks are not obliged to hold any reserves) the depositary banks are obliged to pay a low rate of the
interest, this low rate being an inducement for the
making of subscriptions. It happens, however, that
this rate of interest, which the depositary banks are
obliged to pay is being steadily reduced, a further
reduction of / of 1% having been announced the
1
2
present week.
Up to last December the rate which the banks had
to pay for Government deposits had long been 2%
per annum, but on Dec. 1 1930 the rate was reduced
to 1 %. On Feb. 16 1931 there was a further reduc/
1
2
tion to 1%. This week's announcement came on
Monday, May 26, and makes a further reduction to only / of 1% per annum, effective June 1
1
2
1931. This lowering of the rate of interest which the
depositary banks have to pay adds to the inducement
for subscribing to any new offering of certificates.
Obviously the lower the rate of interest which the
depositary banks are obliged to pay on the Government deposits received by them as a result of the
sale of Government obligations, the lower the rate
of interest which the Secretary is able to name in
the new obligations he means to put out.
No new features appear in this week's Federal
Reserve statements. The Federal Reserve Banks
find it impossible to enlarge their holdings of bankers' acceptances, notwithstanding the repeated reductions they have made of late in their buying rate
for acceptances. This rate is now only 1% per
annum for bills with a maturity of one to 90 days.
The past week these acceptance holdings of the 12
Reserve institutions were further reduced from
$131,007,000 to $124,501,000. In the three weeks
since May 6 the aggregate of these holdings of acceptances has fallen from $193,869,000 to $124,501,000.
The discount holdings of the 12 Reserve Banks, on
the other hand, which represent direct borrowing by
the member banks, have further slightly increased
during the week, rising from $148,876,000 May 20
to $152,852,000 May 27. Holdings of United States
Government securities have remained practically
stationary, being reported at $598,368,000 this week
against $598,536,000 last week. The result altogether is that total bill and security holdings, reflecting the amount of Reserve credit outstanding, is a
little smaller this week at $876,489,000 against $879,162,000. The volume of Federal Reserve notes in
circulation remains much the same as the previous
week, being reported at $1,551,808,000 against
$1,551,458,000. Gold reserves have risen still further and are reported at $3,259,273,000 May 27
against $3,223,287,000 last week.
Brokers' loans by the reporting member banks in
New York City continue to move downward, having
decreased during the week $57,000,000. This is in
addition to the $218,000,000 decrease in the five
weeks preceding, making a total contraction for the
last six weeks of $275,000,000. Loans for own ac-
[VoL. 132.
count by the reporting member banks diminished
from $1,270,000,000 to $1,191,000,000, but loans for
account of out-of-town banks increased during the
week from $185,000,000 to $207,000,000. Loans "for
account of others" remained unchanged at $176,000,000. Total of loans in the three categories combined now stands at $1,574,000,400, which compares
with $4,022,600,000 12 months ago on May 28 1930.
The stock market this week has passed through
another trying period and has suffered further depreciation in values, in many cases of large proportions. The poor exhibits of earnings made by the
railroads in their returns for the _month of April
have been perhaps the most depressing feature,
though there were other developments of an adverse
nature. Nearly all the leading different groups of
stocks have been weak at one time or another, and
the steel shares, under the leadership of United
States Steel, have perhaps been weakest of all.
U. S. Steel common suffered a further bad tumble,
touching 897 yesterday ,this being the lowest
8
figure reached since 1924. The utterances of President James A. Farrell inveighing against the cutting
of prices by competitors and against reductions in
wages have not helped to check the downward movement of prices, but have rather served to accentuate
the same. His first utterances to that effect were
made on Friday of last week and played an important
part in depressing steel shares generally. His later
utterances,first in the radio address on Sunday last,
and again on Wednesday as Chairman of the National Foreign Trade Council at the session of the
National Foreign Trade Convention in this city
were more temperate, but did not serve to stimulate
the buying of steel shares or strengthen the general
market. At the same time trade paper accounts
regarding the condition of the steel trade were the
reverse of cheerful, reporting further cutting of
prices and showing that the steel mills in the United
States were now employed to only 44% of capacity
against 45% last week and 57% at the peak in the
latter part of March. The copper market also has
shown further demoralization, some copper having
sold as low as 8 c. per pound. The export price of
/
1
2
4
copper was marked down another I/ c. to 9.025c. per
pound. The cotton market was also extremely depressed, middling upland spot cotton in New
York touching 8.65c. and closing yesterday at 8.75c.
against 10c. per pound on May 8. Some of the future
options on cotton sold as low as 8 c. a pound.
/
1
2
In addition, dividend reductions and suspensions
were again quite prominent. To mention only a few:
Erie RR. on May 29 omitted the declaration of the
semi-annual div. of 2% on the 2nd pref. stock, though
declaring the usual semi-annual div. of 2% on the
1st pref. stock; Boston & Maine RR. on May 26 deferred action on the quar. div. of $1 per sh. on the
common stock; Pere Marquette Railway on May 27
voted to omit the reg. quar. div. of 12 on the com/
1
%
mon stock; Baldwin Locomotive Works on May 28
decided to omit the usual semi-annual div. of 87 c.
/
1
2
a sh. on the common stock; Autocar Co. on May 29
decided to defer the reg. quar. div. of 2% on the 8%
cum. pref. stock; Kelsey-Hayes Wheel Corp. omitted
the guar. div. of 50c. a sh. on the common stock, and
United Business Publishers, Inc., deferred action
on the quar. div. of 13
4% on the 7% cum. pref. stock.
On Saturday last the market was very unsettled,
although without any great change in prices. On
MAY 30 1931.]
FINANCIAL CHRONICLE
3943
ment at 26%
Monday it was distinctly weak and sharply lower as bid against 76; United Gas Improve
selling, with especially large against 28%; Columbian Carbon at 62 against 66;
the result of persistent
/
/
2914 against 3214 bid;
offerings of the principal stocks, more particularly Universal Leaf Tobacco at
2
1
/
110 ; Liggett &
U. S. Steel. On Tuesday somewhat of a recovery American Tobacco at 104 against
Tobacco class B
ensued as a result of theaction of the New York Stock Myers at 66 against 73; Reynolds
Lorillard at 13% against 15%,
4
1
/
Exchange in issuing a questionnaire designed to get at 47% against 49 ;
%.
4
1
/against 103
information regarding the nature and extent of the and Tobacco Products at 11
shares have continued the weakest feaThe steel
short selling, but the influence of this event was not
89% yesterday, with the
prolonged and soon the market drifted lower, in ture, and U. S. Steel touched
low figures in a long series close, however, at 91 against 100 on Friday of last
many instances to new
/
at 403 against 42%;
of years. On Thursday, however, as a result of ex- week; Bethlehem Steel closed
Republic Iron &
tensive covering of outstanding short contracts, the Vanadium at -26% against 36%;
Crucible Steel at
/
market developed decided rising tendencies, which, Steel at 111 8 against 13%, and
the motor stocks Auburn Auto
1
however, were not maintained on Friday. On this 33% against 43,4. In
2
1
/
213 on Friday of
2
1
/
last mentioned day early dealings developed a rising closed yesterday at 157 against
/
General Motors at 31 against 381 8;
tendency, but in the afternoon renewed selling of last week;
4
1
/
4
1
/
the whole market Chrysler at 16 against 17 ; Nash Motors at 24
the railroad list again carried
1
%;
434 stocks touched new low against 283 Packard Motors at 6/ against 6%;
down. No less than
%,
143 and Hupp
levels for the year during the week, while only 10 Hudson Motor Car at 12% against
the rubber stocks
4
1
/
stocks attained new high figures. Call loans on the Motors at 6% against 7 . In
2
1
/
33
Exchange ruled unchanged throughout the Goodyear Tire & Rubber closed yesterday at
Stock
last week; U. S. Rubber at
against 39 on Friday of
2
1
/
whole week at 1 %.
20 against 23.
2
1
/
Trading was again of fairly moderate proportions. 10% against 13 ,and the preferred at
stocks, except in one or two instances,
The railroad
At the half-day session on Saturday the sales on
ania RR.
the New York Stock Exchange were 550,210 shares; have been spectacularly weak. Pennsylv
2
1
/
shares; on Tuesday, closed yesterday at 44% against 47 on Friday of
on Monday they were 1,874,600
/
against 2118; New York
2,413,870 shares; on Wednesday, 2,512,150 shares; last'week; Erie RR. at 15
2,089,718 shares, and on Friday, Central at 77% against 87½; Baltimore & Ohio at
on Thursday,
2
1
/
against 72 ; Union
2,053,225 shares. On the New York Curb Exchange 50 against 57; New Haven at 65
2
1
/
Southern Pacific at 72
the sales last Saturday were 142,035 shares; on Mon- Pacific at 150 against 157;
4
1
/
Pacific at 18 against 21;
day, 400,595 shares; on Tuesday, 472,068 shares; on against 79%; Missouri
13%; St.
4
1
/
Wednesday, 470,740 shares; on Thursday, 402,144 Missouri-Kansas-Texas at 11 against
2
1
/
at 11 against 17%; Southern
Louis-San Francisco
shares, and on Friday, 358,731 shares.
ke & Ohio at
/
As compared with Friday of last week, prices Railway at 29% against 341 8; Chesapea
declines in most instances. Gen- 30 against 37%; Northern Pacific at 33 against 38,
again show further
2
1
/against 50.
/
eral Electric closed yesterday at 38% against 4014 and Great Northern at 46
The oil stocks have continued their descent to
Friday of last week; Warner Bros. Pictures at
on
of fur/
1
/
62against 5%;Elec. Power & Light at 3314 against lower figures under the depressing influence
crude oil. Standard Oil
of
/
/
39½; United Corp. at 1918 against 2118; North ther declines in the price
%
3
Fri2
1
/
American at 63% against 67 ; Pacific Gas & Elec. of N. J. closed yesterday at 33 against 34 on
%
Standard Oil of N. Y. at 153
2
1
/ day of last week;
at 42 against 45; Standard Gas & Elec. at 58
Standard Oil of Calif. at 34 against
4
2
1
/
against 64%; Consolidated Gas of N. Y. at 863 against 17 ;
14%; Texas
/
against 90; Columbia Gas & Elec. at 25 against 35%; Atlantic Refining at 1258 against
;
1
/
/
onal Harvester at 4312 against 46%; Corp. at 19 against 202 Richfield Oil at 1%
2
1
/
25%; Internati
4
1
/
5% against 6 ,
2
1
/
J. I. Case Threshing Machine at 65 against 68%; against 1%; Phillips Petroleum at
4;
2
1
/
Sears, Roebuck & Co. at 49 against 513 Mont- and Pure Oil at 5% against 6.
The copper shares have held up well notwithstandWard & Co.at 17% against 19%; Woolworth
gomery
price of the metal.
2
1
/
/
at 66 against 6678; Safeway Stores at 48 against ing the further recession in the
%
yesterday at 223 against
49; Western Union Telegraph at 99% against 102; Anaconda Copper closed
last week; Kennecott Copper at
/
2
1
/
American Tel. & Tel. at 16478 against 170; Int. Tel. 21 on Friday of
at 5% against 6;
2
1
/
4
1
/
/
& Tel. at 2418 against 26½; American Can at 95 16 against 19 ;Calumet & Hecla
Industrial Alcohol at Calumet & Arizona at 27 against 27; Granby Conagainst 99%; United States
11%; American
/
4
283 against 26%; Commercial Solvents at 1138 solidated Copper at 11 against
2
1
/
Shattuck & Co. at 18 against 21%; Smelting & Refining at 27% against 30%, and U. S.
/
against 121s;
16%.
1
/
,
2
1
/
Corn Products at 57 against 612 and Columbia Smelting & Refining at 15 against
/
Graphophone at 714 against 8%.
Chemical & Dye closed yesterday at 105
Stock exchanges in the larger European financial
Allied
dea
2
1
/
against 113 on Friday of last week; E. I. du Pont centers were unsettled this week, with sharp
Tuesday attracting world%
de Nemours at 743 against 78; National Cash Regis- cline on the Berlin Boerse
n exchanges were
ter at 20% against 26%; International Nickel at wide interest. All the Europea
observance of the Whitsuntide
2
1
/ closed Monday, in
/
1
1
/
102 against 12 4; Timken Roller Bearing at 37
resumed Tuesday, the
against 41½; Mack Trucks at 22% against 28%; holidays. When trading was
2
1
/
2
1
/
at 6 against 8 ; Johns- London Stock Exchange and the Paris Bourse conYellow Truck & Coach
irregularly downward course.
/
Manville at 43% against 451 8; Gillette Safety Razor tinued their dull and
2
1
/ Shares listed on the Boerse at Berlin, however, moved
National Dairy Products at 34
2
1
/
at 23 against 34;
The decline was occa/
against 39%; National Bellas Hess as 5 against 578; lower in precipitate fashion.
York "Journal of Com2
1
/
Associated Dry Goods at 18 bid against 20; Texas sioned, a report to the New
/
2
1
/
at 35 against 3918; American & For- merce" said, partly by disturbing bank developments
Gulf Sulphur
the Bruening
2
1
/
Power at 23% against 29 ; General American in Vienna, and partly by rumors that
eign
decree imposing heavier taxes in
4
1
/ Cabinet will issue a
Tank Car at 56 against 58; Air Reduction at 74
3944
FINANCIAL CHRONICLE
Fol. 132.
order to make up the large German budget deficit. stocks were down,with textilesjoining the movement.
So extensive were the declines in quotations that the Anglo-American issues were irregular. British funds
day was promptly dubbed "Black Tuesday" in Berlin and international stocks improved a little yesterday,
financial circles.
but British industrial issues were irregular.
Apparently as a corollary to the Viennese bank
The initial session on the Paris Bourse after the
difficulties and the indications of further budgetary holiday was dull and prices moved downward. This
difficulties in Germany,some reports have emanated tendency represented no material change from earlier
from Paris this week to the effect that the Reich sessions. Losses were general but unimportant, as
Chancellor, Dr.Bruening, and Foreign Minister Cur- a small rally toward the close brought levels close
tins, will request a moratorium on conditional pay- to previous figures. Wednesday's opening was fairly
ments under the Young plan at the Chequers confer- firm, but the pessimistic reports from other markets
ence with Prime Minister MacDonald and Foreign produced some liquidation and quotations glided
Secretary Henderson in June. The 'belief has been downward. Bank of France shares were weak, the
growing for more than a year that a request of this issue falling below 16,000 francs. Other leading
nature will eventually be made, but it is not held in stocks such as Rio Tinto Copper and Suez Canal,
informed quarters that any definite action is con- also were heavy. In Thursday's dealings on the
templated at the moment. This view was also ex- Bourse prices declined rapidly and numerous issues
pressed in a dispatch of Thursday from Berlin to reached new low levels for the movement and for reNew York "Evening Post," which stated: "The im- cent years. Bank of France shares led the downward
pression is prevalent that Germany cannot arrange procession on rumors that its half yearly dividend
her public finances without help, therefore each would be reduced. Pessimistic reports from New
symptom of possible reparations negotiations is York and Berlin, coupled with indications of furwatched and commented upon far 'beyond its real ther political unsettlement in Spain, occasioned
significance." There were suggestions from London much of the liquidation, reports said. Some recovery
this week that the Chequers meeting might deal with of prices was noted at Paris yesterday.
a loan of up to 4500,000,000 to Germany by British,
The atmosphere on the Berlin Boerse Tuesday was
French and Italian bankers, but these were given no one of unrelieved gloom, and quotations sank with
serious consideration.
alarming rapidity. The tone was desperate, disCurrent developments in finance, trade and indus- patches said, with announcement of the difficulties
try in the industrial countries of Europe show little, of the Vienna banking house of Auspitz, Lieben &
if any, improvement over earlier trends. British Co., an important factor, while the rumors of imimport and export trade statistics for the first quar- pending new taxation decrees by the Bruening Cabiter of the year, published Tuesday, showed a severe net were of hardly less importance. Securities were
decline as compared with the same period of 1930. hastily liquidated both by German and foreign holdThe French foreign trade statement for the first ers, and leading stocks registered average drops of
four months of the year reflected a similar decline 10 points, with losses in all groups greater than at
in world trade, while the German statement for any time in recent months. A better tendency deApril also showed a falling off notwithstanding veloped Wednesday, with foreign selling orders on
strenuous efforts to maintain previous figures. No the wane. A number of issues showed small recovimprovement was reported in the domestic trade eries, but some further liquidation toward the close
situation in Britain, France or Germany. Unem- wiped out most of these advances, and the market
ployment remains extensive in Britain and Germany, closed with only modest gains. The downward trend
with the latter country reporting a slight seasonal was resumed in Thursday's dealings, owing largely
improvement. In France a textile strike involving to renewed selling by Viennese interests. Quota112,000 workers was continued. Money rates are tions dropped slowly, with resistance to the movenow low in all the larger centers, but improvement ment apparent in the steel issues and a few other
on this score in the industrial situation has not groups. A better tendency appeared yesterday and
followed.
most issues moved upward.
The London Stock Exchange, in its opening session of the week Tuesday, showed an irregular tenGrave financial and political unsettlement has
dency, with business extremely dull. There were two prevailed in Austria since the Ministry of Finance
small failures of brokerage firms, but these were announced on May 11 that the Kreditanstalt fur
practically without effect as their commitments Handel und Gewerbe was in serious straits and
were unimportant. British funds were in fair de- would receive Government aid. Financial disaster
mand most of the day, but slumped a little at the would threaten the entire country if this important
close. Some weak spots appeared in the British commercial bank were allowed to fail, it was said,
industrial list, while international descriptions and assurances were given of Government assistwere marked down sharply in accordance with cables ance to the extent of 100,000,000 schillings in new
from New York. Wednesday's session was again capital, while the National Bank of Austria and the
dull and prices in most departments were soft. house of Rothschild were to contribute an additional
British funds were slightly easier, while foreign 30,000,000 schillings each. Coming on the eve of the
bonds developed acute weakness. In the industrial Geneva debate on the Austro-German customs union,
market British textiles registered some improve- this announcement produced immediate political
ment, but other British issues were flat or slightly repercussions which placed the Ministry of Chanlower. International trading favorites again were cellor Ender in danger. The Cabinet crisis which
weak. The dull conditions continued Thursday, threatened has now been avoided, it is 'believed, but
with most price changes toward lower levels. British the financial crisis has continued with a satisfactory
funds were quiet and almost unchanged, but re- solution apparently not yet in sight. Indeed, the
newed liquidation in foreign bonds proved unset- financial aspect has steadily become more serious,
tling. In the British industrial section almost all with Vienna reports this week indicating that ad-
MAY.30 1931.]
FINANCIAL CHRONICLE
3945
ditional aid is being sought in almost all capital regarding its judicial aspects. Similar treatment
was accorded problems relating to the status of
markets.
"It became known only to-day," a dispatch of Polish nationals resident in the free city of Dantzig,
Tuesday to the New York "Times" stated, "that the and the allocation of customs revenues collected at
Austrian Government's original action to support Memel, Lithuania, which came up late last week.
the Kreditanstalt succeeded only in warding off the It was disclosed by Count Gravana, the League's
danger of an immediate disastrous run and did not High Commissioner of Dantzig, that relations besuffice to put the institution beyond all danger." tween the Polish and Dantzig Governments have
In order to meet the needs for ready funds, the Gov- become serious and alarming. No formal statements
ernment, this Vienna report said, had to persuade were made by the representatives of the two governforeign creditors to retain their confidence in the ments, however, and the Council decided to ask the
bank, and also attempt to secure additional foreign World Court for an advisory opinion on the disputed
credits to cover liabilities at the end of the month. question of the rights of Polish citizens in Dantzig.
"This emergency," it was said, "was distinct from The controversy on Memel was occasioned by notes
the necessity of placing shares of the bank, which the of the German Government regarding the customs
Government and the National Bank had agreed to revenues of the former German city. Foreign Mintake over, and the consequent need of placing Treas- ister Zaunius of Lithuania asked the League to send
ury bonds amounting to 150,000,000 schillings sanc- experts to the city to determine the percentage of
tioned by the League of Nations Control Commit- customs and excise revenues that should be allotted
tee." Depositors were being repaid on a large to Memel. Here also the Council decided to ask for
scale, long-term depositors also demanding their the advisory opinion of the World Court.
funds, and it was feared that remaining foreign
In the closing meeting of the Council last Saturcredits would not be renewed.
day Foreign Minister Henderson of Britain, as actThere were indications that further assistance ing President of the League gathering, administered
was sought in London,Berlin,Paris, Amsterdam and a stern rebuke to Poland on the old question of Polish
New York. The aim of the Austrian National Bank treatment of the German-speaking minority in
was to form an international consortium, the Silesia. A report requested by the Council last
"Times" dispatch said, with the Bank of England January was submitted by Poland only four days
at its head, represented by the Anglo-International before the session of last week ended. The Polish
Bank, while German, French and Dutch interests delegation asked for immediate adoption of the
would participate. By this means, it was held, the bulky report, but Foreign Minister Curtius of Gerwithdrawal of foreign credits might be prevented many asked for more time for study of the document,
and new funds placed at the disposal of the bank. and in this he was firmly upheld by Mr. Henderson,
Lack of any definite relief arrangements steadily who postponed further consideration of the matter
increased the anxiety in Vienna, and the heavy with- to September, meanwhile saddling firmly on the
drawals of deposits continued. "The gravity of the Polish Government the responsibility for any consefinancial crisis is increasing so rapidly from hour quences of such postponement. A further point conto hour that it is difficult to foresee the end," a sidered last Saturday was the form of a questionfurther dispatch to the "Times" remarked. "Finan- naire by the League on exchanges of data on war
cial circles consoled themselves with the thought materials and trained reserves. A German proposal
that Europe could not allow the Kreditanstalt to for a full preliminary accounting in such matters
collapse, as it would mean not only the ruin of the was defeated and a British plan, based on a less
greater part of Austrian industry and agriculture, specific questionnaire, was adopted.
but also seriously damage the economics of the sucObservations by Geneva press correspondents on
State. German banks apparently are likely the 10 crowded days of Council and European Union
cession
to fulfill hopes that they would assist." One of the Commission meetings were to the effect that the
chief concerns, according to a report in Vienna, was economic crisis has become the dominating element
that United States bankers might withdraw their in European diplomacy. "More than ever before,
credits from the Kreditanstalt. Further Govern- the trend was toward subordinating all else to seekment aid was authorized Thursday by the Austrian ing a remedy for it as the only thing of urgent conParliament in a bill guaranteeing the liabilities of cern," a dispatch of last Sunday to the New York
the Kreditanstalt. The amount of this guarantee is "Times" said. "The attitude toward disarmament
not limited, but depends, it is reported, on current perhaps shows most clearly the general trend. If
necessities and must be decided by the Government. the economic crisis is pushing disarmament into the
It is not likely to exceed $150,000,000. "Observers background, it has made other matters seem so very
said to-night," a dispatch of Thursday to the "Times" small that their supporters already have given them
reported, "that the Kreditanstalt measure, the sec- up or are beginning to swallow their pride. The
ond adopted recently to aid the bank, marked the result has been general improvement in the political
most critical period in Austria's post-war history, atmosphere of Europe." One point brought out
with the gravity of the situation impossible to crver- after the meetings ended. was that no progress was
estimate."
made in the discussions regarding the Franco-Italian
naval dispute. Informal talks took place as schedconsideration of a number of items on uled between the French and Italian naval and dipRoutine
its agenda marked the final days of the League of lomatic representatives, but it was indicated that
Nations Council session which ended last Saturday. any definite move toward an actual solution will
The question of the Austro-German customs union probably be delayed until after clarification of the
project was by far the most important matter re- French political situation.
viewed by the Council, and this was temporarily
shelved, earlier in the week, by submitting the proConflicting views of the delegates of 11 wheat
posal to the World Court for an advisory opinion exporting countries having been outlined at the
3946
FINANCIAL CHRONICLE
wheat conferences in London, that gathering adjourned late last Saturday with nothing more to its
credit than a resolution providing for the collection
and distribution of statistics and all other information by a permanent bureau. Failure of the meeting
was considered due to the wide difference between
the view of the American delegation, which refused
to agree to any form of an international wheat export quota system, and the aim, held in common by
all other delegations, of setting up such a quota system in order to solve the surplus wheat problem.
"So far as the market situation is concerned, we
are where we were in the beginning," was the comment of Samuel R. McKelvie, head of the United
States delegation, at the close of the conference.
Mr. McKelvie also expressed pleasure at what he
described as the conference acceptance, in principle,
of the American suggestion that there should be a
reduction in acreage. "The vague nature of this
acceptance is indicated," a dispatch of Saturday to
the New York "Times" said,"by the fact that all the
delegates of all nations except the United States are
on record as declaring that reductions would not and
could not be undertaken at all in their countries."
A special committee, composed of one member from
each of the 11 countries, was named in the final
session to set up the bureau of statistics designed
to serve wheat exporting countries. Nils Andreas
Olsen, Chief of the Bureau of Economics of the
United States Department of Agriculture, was
named as the American representative.
Satisfaction was expressed quite generally, not
only in France, but in all other leading countries of
the world at the decision of Aristide Briand, announced Wednesday, to retain his post of Foreign
Minister in the Cabinet of Premier Pierre Laval.
The veteran French statesman indicated rather definitely after his defeat in the Presidential election
of May 13 that he would resign his portfolio and
retire from the political scene for the time being at
least. Acceding to the representations of M. Laval,
he agreed to defend his country's interests at the
League Council and European Union Commissioin
meetings last week, and in the course of these discussions his prestige was rapidly restored. M. Briand returned to Paris May 22, and a series of conferences followed at which the leading political figures of France impressed upon him the importance
of further efforts in the post which he has occupied
with such signal success in recent years. Premier
Laval and President-elect Paul Doumer both urged
last Saturday that M. Briand remain at the head of
the Ministry of Foreign Affairs, and little doubt
remained thereafter that he would do so. M.Briand
announced Wednesday that he had withdrawn his
resignation and would remain in the Laval Cabinet
as long as it lasts. The resignation of the Cabinet
on June 13, when M. Doumer succeeds M. Donmergue in the Presidency, will be a mere formality
to be followed by reappointment of the entire Ministry. A statement on the Geneva proceedings was
made by the Foreign Minister before the Chamber of
Deputies Thursday. In the voting that followed the
Laval Cabinet was upheld, first by a vote of 318 to
261, and then by a vote of 298 to 263.
[von. 132.
ernment. The country-wide martial law proclaimed
May 11 after an outbreak of anti-religious incendiarism was lifted last week by order of the Provisional
Government, and trading was resumed at the same
time on the securities exchanges of the country.
Finance Minister Indalecio Prieto continued to
apply the strictest measures against the exportation
of capital. Methods to be pursued in solving the
land problem were indicated by the issuance of a
decree by the Ministry of Labor authorizing associations of agricultural workers to rent farm lands and
cultivate them on the co-operative plan. The first
step in the Provisional Government's program of
separating Church and State was taken May 22, when
a decree was issued granting absolute freedom of
worship on the authority of "all parties forming the
Provisional Government." This action was viewed
by the Vatican, according to Rome reports, as a violation of the concordat between Spain and the Vatican, and there were rumors that the Papal Nuncio,
Monsignor Federico Tedeschini, would depart from
Madrid as a prologue to the severance of diplomatic
relations.
Approval by the Cabinet was announced, Monday,
of a plan for reducing the strength of the peace-time
military establishment from 16 to eight divisions.
This will result in a saving, according to the estimates of Minister of War Manuel Azana, of approximately $20,000,000 a year. A further attempt to
check the fall of the peseta was announced Tuesday
by Senor Prieto, who sent secret police to border
points to check the flow of funds into other countries. He charged that Spanish aristocrats are exporting capital from the country in a steady stream.
Announcement was made Wednesday that the Bank
of Spain had been authorized to increase its note
circulation from 5,200,000,000 pesetas to the full
statutory limit of 6,000,000,000 pesetas (about $640,000,000). Complaints by business men,. of the
scarcity of capital, together with the heavy withdrawals of funds from the country, were said to
have caused this measure, which was approved by the
Cabinet at a special meeting. Rioting by labor elements in San Sebastian was reported Wednesday,
with casualties placed officially at six killed and 20
injured. Martial law was proclaimed in the area,
which is about 200 miles north of Madrid.
Some changes were effected in the Polish Government this week, owing to the resignation of Premier Valery Slawek, leader of the famous "Colonels"
group of Pilsudski adherents. This action, announced in the official gazette Tuesday, is of little
significance, as if was followed next day by the appointment of Colonel Alexander Prystor, who is
equally close to the Polish Dictator, Marshal Joseph
Pilsudski. In the new Cabinet announced Wednesday, Marshal Pilsudski will retain his post as Minister of War, while Foreign Minister August Zaleski
also will hold his portfolio. Only two Ministerial
changes were made, of which the more important
was the transfer of the Finance post to Jan Pilsudski, brother of the dictator, with the likelihood
that the former incumbent, Colonel Ignacy Matuszewski, will be appointed Ambassador to London.
The portfolio of Commerce,formerly held by Colonel
Prystor, will be taken by General Ferdinand
Important steps for economy and toward consoli- Zarzycki. The list of Ministers was accepted late
dation of the new republican regime in Spain are Thursday, a Warsaw dispatch to the New York
being taken one after another by the Madrid Gov- "Herald Tribune" said. Colonel Slawek resigned,
MAT 30 1931.]
FINANCIAL CHRONICLE
3947
the official announcement said, in order to devote up by these elements in Canton Wednesday, under
himself entirely to the leadership of the Government the name of the "National Government of the Republic of China." Eugene Chen was named Foreign
parties.
Minister, and Tang Shin-yin was named Finance
between the Vatican and the Minister of this new Government. In a Canton disStrained relations
Fascist Government of Italy resulted this week in patch of Wednesday to the New York "Herald
anti-Catholic rioting in Rome and other parts of Tribune" it was reported that a Northern leader,
Italy by Fascist students. The troubles began Tues- Chang Chi, had arrived at Canton to offer terms
day, after publication in a Fascist newspaper of of mediation. The proffered terms, it was said,
charges that high officers of Church organizations included mutual guaranties for peace and an offer
had expressed hostility to the Fascist regime in of a "sphere of influence" to the Southern faction
recent secret meetings. This incident aggravated which would take in Kwangtung, Kwangsi and
the coolness that has existed between the Vatican neighboring provinces. "The answer was," the reand the Italian State since early in March, when port said, "that no negotiations were possible withPope Pius XI declined to receive Count Cesare Maria out the previous resignation of Chiang-Kai-shek."
de Vecchi, the accredited Italian Ambassador to the At Nanking, on the same day, the Central Political
Holy See. Premier Benito Mussolini, in turn, de- Council issued a statement declaring the new Canton
clined to receive Monsignor Francisco Borgongini- Government illegal and ordering a punitive expediDuca, the Papal Nuncio to Italy. Inflamed by the tion to suppress it. Troops move slowly in China,
charges of political activity on the part of Church and it may be some weeks before extensive fighting
leaders, members of a student Fascist organization develops, but it now appears that destructive clashes
attacked a Catholic publishing house Wednesday, are more than likely.
destroying papers and books and trampling on a
The Imperial Bank of India on Thursday reduced
portrait of the Pope. Detachments of Italian infantry and carabinieri rapidly restored order. It its rate of discount from 7% to 6%. On Friday the
was understood Thursday, a dispatch to the Associ- National Bank of Argentina reduced its rate from
2
1
/
/
ated Press said, that Premier Mussolini had issued 612% to 6%. Rates are 6% in Spain; 5 % in
of violence against members and Hungary and Italy; 5% in Germany and Austria;
orders for cessation
property of Catholic organizations. The incident 4% in Norway; 3 % in Denmark and Ireland; 3%
2
1
/
is expected to lead to exchanges of notes between the in Sweden; 2 % in England and Belgium, and 2%
2
1
/
Vatican and the Italian Government, it is said, with in France, Holland, and Switzerland. In the London
the result that the strained situation may become open market discounts for short bills on Friday
further complicated.
were 2@21/16% against 21/16% on Friday of last
week, and 2 1/16@2y8% for three months bills
been relatively free from against 21/16% the previous Friday. Money on
Although China has
4
/
devastating civil wars in the last two years, there call in London on Friday was 13 %. At Paris the
/
indication that a destructive conflict open market rate remains at 178%, and in Switzeris now every
impends between Southern factions with headquar- land at 11 8%.
/
ters at Canton, and the Nanking National Government of President Chiang Kai-shek. Opposition to
The Bank of England statement for the week
the person and policies of the President has been ended May 27 shows a gain of £872,341 in gold
pronounced for more than a year in the Southern holdings but as circulation expanded £3,319,000,
capital, and it flamed into open revolt earlier this reserves fell off £2,447,000. The Bank's bullion
month. Mutterings of discontent were nothing holdings now aggregate £152,078,027 in comparison
new, but on May 14 a body of rebellious Cantonese with £158,116,699 a year ago. Public deposits introops, headed by General Chen CM-tang, attacked creased £2,483,000 while other deposits showed a
two loyal regiments at the Whampoa Military loss of £2,078,186. The latter include bankers
Academy near Canton. The rebel forces captured accounts and other accounts which decreased £1,the Whampoa forts on the following day and dis- 872,827 and £205,359 respectively. The ratio of
armed the guards. Peaceful settlement of the dif- reserve to liability is now 53.96% as compared with
ferences between the Northern and Southern fac- 56.48% a week ago and 57.33% last year. Loans
tions appeared difficult after this occurrence, and on government securities fell off £665,000 and those
preparations for warfare on a grand scale have since on other securities rose £3,532,275. Other securities
been pushed by both sides. The present Nationalist consist of discounts and advances and securities.
Government at Nanking originated in Canton sev- The former increased £868,796 and the latter £2,4
eral years ago, and President Chiang Kai-shek him- 663,479. The discount rate remains at 21 %.
self started from the Southern capital in the mili- Below we furnish a comparison of the different items
tary campaign that resulted in 'unification of for five years:
China.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928
1927
1929
1930
1931
It is now maintained in the Southern center of
June 1.
May 30.
May 29.
May 28.
May 27.
political activity that General Chiang has made Circulation
a354,860,000 356,131,548 360,106.583 135,984.760 136,346,070
17,449,000 13,241.450 24.340.708 22,284.141 14,723,673
himself a personal dictator and the opposition to Public depcalts
Other deposits
88,581,183 84,870,578 91.817.663 89,567,966 111,402,095
Bankers' accounts 54,760.689 48,983.730 56.349.043
Nanking is said to be based entirely on animosity Other accounts— - 33,820,494 35,908,848 35.268,620
Goverzun't securities 31,214.684 45,577,629 40.031.855 28,967,427 50.605,975
personal to the President. Southern leaders such Other securities
35,378,170 18.321,267 30.574.080 63,984,543 67,320,124
Inset. & advances 6,825,096 8,805,493 8.151,163
as Sun Fo, son of Dr. Sun Yat-sen, who rendered
Securities
28 553,074 11,515,774 22,422.917
57,218.000 61.985,151 63,163,000 46,867 713 35,979,813
material aid to General Chiang on his northward Reserve notes & coin152.078,027 158,116,699 163,269,940 162,902,473 152;575,883
Coln and bullion__
Proportion of reserve
4111%
2811°!
54.46%
57.33%
53,96%
march, are now joined in opposition to Nanking. to liabilities
511%
411%
434%
3%
Bank rate
%
Their announced aim is that of forcing the resigna- a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
tion of President Chiang Kai-shek. A permanent note issues, adding at that time £234,199,000 the amount of Bank of England notes
outstanding.
Government, headed by a committee of five, was set
3948
The Bank of France in its statement for the week
ended May 23, shows a gain in gold holdings of
4,602,438 francs. The total of the item now stands
at 55,632,650,347 francs, which compares with
43,802,413,636 francs last year and 36,590,276,561
francs the year before. An increase appears in
credit balances abroad of 77,000,000 francs and a
decrease in bills bought abroad of 82,000,000 francs.
Note circulation contracted 484,000,000 francs, reducing the total of notes outstanding to 76,826,554,890 francs. Total circulation a year ago was
70,906,689,425 francs and two years ago 62,653,576,840 francs. French commercial bills discounted
and creditor current accounts show increases of
569,000,000 and 456,000,000 francs while advances
against securities declined 70,000,000 francs. A
comparison of the various items for the past three
years is furnished below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
Changes
for Week.
May 23 1931. May 24 1930. May 25 1929.
Francs.
Francs.
Francs.
France.
Gold holdings_ _ _ Ino. 4,602,438 55,632.650,347 43,802,413,636 36.590,276,561
Credit Wes. abr'd_Inc. 77,000,000 5,953,471,219 6,878.477,347 7,803,029.776
French commercial
bills discounted_Inc. 569,000.000 5,295,978,753 8,764,881,774 6,823,190,734
Bills bought abr'd_Dec. 82,000,000 19,470,181,061 18.674,350,221 18,380,500,480
Adv.agst•securs--Dec. 70,000.000 2,771.458,871 2,621,029.026 2,321,795.031
Note circulation- _Dec.484,000,000 76,826,554,890 70,906,689,425 62,653,576,840
Cred. curs. accts—Inc. 456,000,000 22,774,927.607 18,775,384,419 19,508,843,827
In its statement for the third week of May the
Bank of Germany reveals a loss in note circulation of
158,514,000 marks. Circulation now aggregates
3,751,395,000 marks, which compares with 4,045,769,000 marks last year and 4,006,198,000 marks
two years ago. Other daily maturing obligations
increased 94,975,000 marks while other liabilities
fell off 14,350,000 marks. The asset side of the
account shows increases in gold and bullion of
131,000 marks, in reserve in foreign currency of
25,761,000 marks in silver and other coin of 13,497,000 marks, in bills of exchange and checks of
13,078,000 marks, in notes on other German banks
of 2,307,000 marks and in investments of 29,000
marks. Advances and other assets record decreases
of 113,763,000 marks and 18,929,000 marks while
the item of deposits abroad remains unchanged.
The total of gold now stands at 2,370,420,000 mark9
in comparison with 2,585,859,000 marks last year
and 1,764,596,000 marks two year ago. Below we
furnish a comparison of the various items for the
past three years:
mained unloaned every day. Some of the money
found its way into the unofficial "Street" market,
where trades were reported in all sessions at 1%, or
a concession of y
2% from the official rate. Time
loans also were unchanged, with business at a low
level. Of interest was the announcement from Washington, Tuesday, that Government depositaries will
be required to pay only Y
2% interest on Federal
moneys after June 1, as against 1% previously. This
reduction will be of assistance to the Treasury in
certificates of indebtedness financing, as lower
coupons will be possible. A Treasury bill issue of
$80,000,000 in 91-day obligations, on which tenders
were opened Thursday, reflected the current ease in
money rates. Awards were made at the average rate
on a bank discount basis of only 0.85%, which is a
new low record. The best former result was 0.96%,
achieved on a $60,000,000 issue sold last February.
Brokers' loans on stock and bond collateral were
down $57,000,000 for the week to Wednesday night
in the tabulation of the Federal Reserve Bank of
New York. Gold movements for the same period
consisted of imports of $20,328,000. There were no
exports and no net change in the stock of the metal
held earmarked for foreign account.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no
/
deviation at Any time from the figure of 11 2%, this
both for new loans and
having been the quotation
for renewals. Time money has been without note/
worthy feature. Rates all week have been 1@11 2%
/
for 30 days, 114@11 2% for 60 days, also for 90 days
/
/
and for four months, and 11 2@1%% for five and six
months. Prime commercial paper has been active
throughout the week, but transactions were greatly
restricted on account of the shortage of satisfactory
offerings. Rates for choice names of four to six
1
/
months' maturity remain at 2@2 4%. Names less
well known and shorter choice names are still quoted
at 2y
2@2/
3
4%.
Prime bank acceptances in the open market were
in good demand all through the week, but few bills
were available and dealers were unable to get sufficient paper to meet their needs. Rates remain
unchanged. The quotations of the American Acceptance Council now are: For bills up to 90 days, 1%
/
bid, / asked; for four months' bills, 11 8% bid,
78%
1% asked; for five and six months, 1%% bid and
VA% asked. The Federal Reserve Banks further
reduced their holdings of acceptances during the
week from $131,007,000 to $124,501,000. Their holdings of acceptances for foreign correspondents further declined from $383,698,000 to $381,570,000.
Open market rates for acceptances also remain unchanged, as follows:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
May 23 1931. May 23 1930. May 23 1029.
Assets—
Refehetnarks. Reichsmarks. Reichsmark,.
Reichsmark,.
Gold and bullion
Inc.
131.000 2,370,420.000 2,585,859.000 1,764.596.000
Or which demo.abr'd. Unchanged
207.638.000 149,788.000
59,147.000
Res've In forn curs_ _Inc. 25.761.000 198,564,000 342.678.000 146355.000
BIlls ofeach.& checksInc. 13.078,000 1,430.498,000 1,519,682,000 2.521.679,000
Silver and other coin_ inc. 13.497.000 199.688,000 167.772.000 154,164.000
24,956.000
23.157.000
Notes on 0th. Ger. blusInc. 2,307.000
20,858,000
53,347.000
87,070.000
Advances
97.179.000
Dec. 113,763.000
Investments
92.899.000
be.
29.000 102.710,000 101,125.000
Dec. 18,929,000 472,266.000 618,529,000 589,483,000
Other assets-Liahiuities—
Notes In circulation—Dec. 158,514,000 3,751.395,000 4,045.769,000 4
.006,198.000
iii. daily mat. oblig_Ine. 94,975.000 374,394,000 680,188,000 642,349.000
Other liabilities
246,932,000 192,245,000 300,468,000 Prime eligible bills
Dee. 14.350,000
Money market conditions have been quiet, with
rates unchanged, in all sessions this week. Call
loans were quoted on the Stock Exchange at 12
/
1
%
throughout, with some indication of a consensus
among leading banks that maintenance of this figure
is advisable in order to prevent the heavy withdrawals by out-of-town institutions that would follow a quotation of 1% over a protracted period. Demand for funds was small, and huge amounts re-
[Vol.. 132.
FINANCIAL CHRONICLE
SPOT DELIVERY.
_Igo Daps-- —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
1
194
194
194
19
194
—60 Days-—30 Days Bid. Asked.
Bid. Asked.
1
Prime eligible bills
Si
I
FOR DELIVERY WITHIN THIRTY DAYS.
194 bid
Eligible member banks
194 bid
Eligible non-member banks
—90 Days—
Bid. Asked.
1
Si
There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
MAY
30 1931.]
FINANCIAL CHRONICLE
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas city
Dallas
San Francisco
Role In Effect
on May 29.
2
i.i
3
234
3
3
234
231
334
3
3
234
Date
Established.
Previous
Rate.
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept. 12 1930
May 21 1931
May 8 1931
May 22 1931
2g
2
3g
3
334
314
3
3
4
334
334
3
3949
holdings considerably exceed £160,000,000. The
bank's minimum requirement at all times is £150,000,000 as recommended by the Cunliffe committee.
On Saturday the Bank of England exported £4,000
in sovereigns. On Tuesday the Bank sold £7,002 in
gold bars. On Wednesday the Bank bought £236,568
gold bars and exported £6,000 sovereigns. On Thursday the Bank released £100,000 in sovereigns. On
Friday the Bank of England bought £11,749 in gold
bars and received £78,000 in sovereigns from abroad.
At the Port of New York the gold movement for
the week ended May 27, as reported by the Federal
Reserve Bank of New York, consisted of imports of
820,328,000, of which $20,000,000 came from Argentina and $328,000 chiefly from other Latin American countries. There were no gold exports and no
change in gold earmarked for foreign account. In
tabular form the gold movement at the Port of New
York for the week ended May 27, as reported by the
Federal Reserve Bank of New York, was as follows:
Sterling exchange has been highly irregular and
dull during the greater part of the week, with several
spurts of activity and firmness. The market continues hesitant and doubtful as to the trend of international money rates and there has been a feeling
that recent reductions in central bank rates at New
York, London, and Amsterdam were not altogether
well advised. In addition the market was further
depressed this week owing to holidays on the Continent from Saturday until Tuesday. A confusion
in German mark exchange, with heavy withdrawals
of funds from Germany, especially by Swiss and COLD MOVEMENT AT NEW YORK,MAY 21-MAY 27,INCLUSIVE.
Exports.
Imports.
Dutch. banks, also tended to disturb the situation. $20.000,000 from Argentina.
328,000 chiefly from other Latin
The range for sterling this week has been from 4.863
None.
American countries.
to 4.86 7-16 for bankers' sight bills, compared with
4.861 i to 4.86 last week. The range for cable $20,328,000 total
/
Net Change in Gold Earmarked for Foreign Account.
transfers has been from 4.86% to 4.86 9-16, comNone.
pared with 4.864 to 4.865 a week ago. Sterling is
A
The Federal Reserve Bank reported the receipt at
easier this week with respect to French francs and San Francisco on Thursday of $842,000 gold, of
the London check rate on Paris has ranged from which $442,000 came from China and $400,000 from
around 124.21 to 124.38, which compares with the Japan.
closing rate on Paris last week of 124.38. On Friday
Canadian exchange continues at a discount
of last week sterling cables closed at 4.86 9-16, but despite seasonal factors which should help the rate
the market fell off on Saturday, when cable transfers at this time. However, Montreal funds are steadier
sold down to 4.86 17-32. However, the market than last week. On Saturday Montreal funds were
expects that higher levels than those touched last at a discount of 3-64 of 1%, but throughout the
week may be counted on as soon as traders take a remainder of the week they continued almost unmore positive technical position in the market. On changed at 1-32 of 1% discount.
several occasions this week, as during the past few
Referring to day-to-day rates, sterling exchange on
weeks, there has been a good flow of American funds Saturday last was quiet and easier. Bankers' sight
to London for investment in the bill market there was 4.86 5-16@4.86 7-16; cable transfers 4.86 17-32
which has furnished most of the impetus for the rise @4.86 9-16. On Monday exchange was dull owing
in sterling in recent weeks. This in turn has resulted to holidays abroad. The range was 4.86 5-16(4)
in driving down bill rates in London so that 90-day 4.86 7-16 for bankers' sight and 4.86 9-16 for
cable
bills there are quoted around 2 3-16%, compared transfers. On Tuesday sterling went off sharply.
with recent quotations of 2 9-16%-2%%.
Bankers' sight was 4.8631@4.86%; cable transfers
There has been some talk this week of a possibility 4.86 7-16@4.863 . On Wednesday sterling con2
/
that the Bank of England may reduce its rate of tinued under pressure. The range was 4.863/
8@,
rediscount to 2% as a result of the decline in the 4.86 5-16 for bankers' sight and 4.86%@4.86 9-16
bill rate. Opinion in banking circles in New York as for cable transfers. On Thursday the market
was
well as in London is divided regarding the advisability stronger. The range was 4.86
3-16@4.869/ for
of such a move at this time unless other central banks bankers'
sight and 4.86 7-16@4.86 17-32 for cable
make corresponding readjustments. Thus far the transfers.
On Friday the market was quiet but
Bank of The Netherlands has been the only institusteady. The range was 4.86 3-16@4.86 13-32 for
tion to follow the lead of London and New York, and bankers'
sight and 4.86 7-16@4.863/2 for cable transit seems quite improbable that the Bank of France
A
fers. Closing quotations on Friday were 4.863 for
will do so. On the whole the most conservative demand
and 4.863/ for cable transfers. Commercial
opinion among bankers disregards the report of a sight
bills finished at 4.863's; 60-day bills at 4.84 5-16;
probable reduction in the bank's rate. The sharpest 90-day
bills at 4.833/2; documents for payment (60decline in sterling this week came in Tuesday's trad- days)
at 4.84 5-16, and seven day grain bills at
ing when sterling sold down to 4.86 7-16 for cable 4.86
15-16. Cotton and grain for payment closed
transfers. This break is believed to have been due at 4.863i
..
largely to a jumpy market when German marks
broke to 23.743/% for cable transfers as a result of
2
Exchange on the Continental countries has been
Swiss and Dutch withdrawals from Berlin. This dull
and irregular, in response to events in Europe.
week the Bank of England shows an increase in gold The
feature of these exchanges this week was the
holdings of £872,341, the total standing at £152,078,- sharp break
in mark exchange which took place on
027, which compares with £158,116,699 a year ago.
Tuesday following a series of holidays on the ConIt is believed that the bank will continue to
acquire tinent. On Tuesday the entire market was subject
gold against the autumn drain until its total bullion
to wide fluctuations when marks sold down to 23.743/2
3950
FINANCIAL CHRONICLE
for cable transfers, close to the low for the year.
The move came with startling suddenness, leaving
traders uncertain of the true position of the market.
At the same time Swiss francs moved up sharply,
as did Dutch guilders. It is said that due to a sharp
decline on the Berlin bourse and continued uncertainty in the Viennese banking situation a flight of
capital from Berlin set in. So far as could be learned
no New York credits were withdrawn. On Wednesday the mark again sold down to 23.733/2, a new
low for the year. It was reported that the market is
apprehensive that the German government may soon
put new decrees into effect regarding the financial
situation, and also over the possibility that the
These
reparations question may be reopened.
nervousness in other European
rumors created some
centres, but the mark displayed a better tone on
Thursday. Because of the close relations between
Berlin and Vienna, the German situation is doubtless
influenced by the critical conditions in Austria.
Regarding Vienna an encouraging development is
the fact that the British banks involved are expected
to take concerted action to support the Austrian
Kreditanstalt. Alarm over the reparations problem
is held to be groundless. The government is firmly
entrenched and Chancellor Bruening has repeatedly
demonstrated his ability to hold control.
French francs fluctuate in the New York market
within extremely narrow limits, and the market is
dull. The franc is somewhat firmer with respect to
London than in recent weeks, but the rate is still
much in favor of London and there seems to be little
probability of a renewal of the gold flow from Paris
to England. The French exchange situation continues essentially unchanged. Current quotations for
francs in New York around 3.91 13-16 for cable trans/
fers compare with the high for the year of 3.9238
and the low of 3.90'%. The comparative ease in the
franc is due largely to the steady increase in the
unfavorable French import balance and is not being
helped at present by the most important seasonal
factor favoring French exchange, namely tourist requirements, which are expected to be lower than in
many years. This week the Bank of France shows
an increase in gold holdings of 4,602,000 francs, the
total standing at 55,632,000,000 francs, which compares with 43,802,000,000 francs on May 24 1930.
The Bank's ratio of reserves stands at 55.86% as of
May 23, compared with 55.83% a week earlier, with
48.84% a year ago, and with legal requirements of
35%. The present slight increase in the gold holdings is believed td result, like all such small increases
in the bank's holdings, from the presentation of
hoarded coin for exchange into bank notes. This
movement has been going on steadily since 1928.
Although the amounts now brought in by the public
show some decrease, they average some 2,000,000
francs, or nearly $800,000 weekly. At the end of
the war, the total amount of gold hoarded in France
was estimated at around 8,000,000,000 francs, or
approximately $312,000,000. Of that sum, according to Paris dispatches the Bank has subsequently
acquired about 4,500,000,000 francs, or $175,500,000.
This would leave to be accounted for 3,500,000,000
francs, or $136,500,000. It is stated that a good
deal of the hoarded gold was clandestinely exported
or melted up before stabilization, and the amount
still left in the hands of hoarders is now estimated at
considerably less in American values than $80,000,000.
The London check rate on Paris closed at 124.21
[VOL. 132.
on Friday of this week, against 124.38 on Friday of
last week. In New York sight bills on the French
8;
centre finished at 3.91g, against 3.913/ cable
at 3.91 13-16, against 3.91 3-16, and
transfers
,
2
commercial sight bills at 3.913/ against 3.91.
Antwerp belgas finished at 13.923 for checks and
at 13.93 for cable transfers, against 13.91 and
13.91g. Final quotations for Berlin marks were
23.74 for bankers' sight bills and 23.743/ for cable
transfers, in comparison with 23.803j and 23.80g.
Italian lire closed at 5.23% for bankers' sight bills
and at 5.23 9-16 for cable transfers, against 5.233
%
and 5.23 9-16. Austrian schillings closed at 14.053/2,
against 14.053; exchange on Czechoslovakia at
2.963, against 2.963'; on Bucharest at 0.59 9-16,
against 0.59%; on Poland at 11.20, against 11.20,
and on Finland at 2.51%, against 2.51%. Greek
exchange closed at 1.293 for bankers' sight bills and
at 1.29 11-16 for cable transfers,. against 1.293 and
1.29 11-16.
Exchange on the countries neutral during the war
are largely affected this week by a rather. sharp
upturn in Holland guilders and Swiss francs due to
factors noted above in connection with German
marks, the sudden withdrawal of Swiss and Dutch
funds from the German market following the sharp
breaks on the Berlin bourse and uncertainties arising
out of the German-Austrian situation. Spanish
pesetas have fluctuated more widely than in many
weeks and in Thursday's trading sold down to the
lowest in the history of the peseta, when cable
transfers, were quoted at 9.063/2. Yesterday there
was a further drop to 8.95. This compares with
closing quotations on Friday of last week of 9.899.90. The break in the peseta was due to the fact
that the Supreme Banking Council of Spain has
proposed that the government increase the note
circulation to the maximum authorized by law.
Present quotations for pesetas compare with par of
19.30. The market is convinced that Spain is started
on the road to note inflation, and traders take an
extremely pessimistic outlook for the unit. The
latest available statement shows note circulation of
4,983,000,000 pesetas. Mlle total circulation is
limited by law to 6,000,000,000 pesetas, but anything over 5,000,000,000 pesetas must have the
specific consent of the government, which recently
authorized an increase to 5,200,000,000 pesetas.
Bankers' sight on Amsterdam finished on Friday
at 40.21, against 40.193j on Friday of last week;
.203/2, and comcable transfers at 40.223, against 40
mercial sight bills at 40.18, against 40.17. Swiss
francs closed at 19.34g for bankers' sight bills and
at 19.353 for cable transfers, against 19.303/ and
19.31. Copenhagen checks finished at 26.773 and
cable transfers at 26.783/ against 26.773/a and
26.783/2. Checks on Sweden closed at 26.30 and
2
cable transfers at 26.81, against 26.803/ and 26.813/,
while checks on Norway finished at 26.773/i and
cable transfers at 26.783/2, against 26.77g and
26.78g. Spanish pesetas closed at 8.94 for bankers'
sight bills and at 8.95 for cable transfers, against
9.89 and 9.90.
Exchange on the South American countries continues for the most part to display an easier undertone. Argentine paper pesos in particular are easier.
Brazilian milreis are steady around the low figure of
last week, 6.75 for cable transfers. The steadiness in
MAY 30 1931.]
FINANCIAL CHRONICLE
3951
the milrei is due chiefly to the hesitancy of the tries of the world. We give below a record for the
market pending the forthcoming report of Sir Otto week just passed:
Niemeyer on the finances of Brazil. In Wednesday's FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
market the Argentine peso lost ground to 30.24 for
MAY 23 1931 TO MAY 29 1931, INCLUSIVE.
cable transfers, accompanied by declines in Argentine
Transfers in
bonds in the New York market. Private cable Country and Monetary Noon Buying Rate for CableStales Money.New York.
Value in United
Unit.
advices from Buenos Aires state that the political
May 23. May 29. map zu. may 27. may so. may sa.
situation is unchanged and that the decline in the EUROPE$
$
$
$
$
$
.140520 .140521 .140503 .140500 .140483 .140485
Austria.schilling
current legal rate is due to scarcity of foreign ex- Belgium. belga
.139149 .139151 .139176 .139219 .139247 .139250
.007161 .007170 .007163 .007150 .007161
change in Buenos Aires. While the Government is Bulgaria, ley kron .029624 .029623 .029622 .029624 .029625 .007188
Czechoslovakia,
.029617
267825 .267815 .267820 .267752 .267782 .267812
Denmark, krone
making good progress toward a return to normal, the England, pound
4.865254 4.865357 4.864593 4.863671 4.864671 4.864687
sterling
difficulty which it has to overcome in order to place Finland, markka
.025172 .025170 .025170 .025172 .025171 .025171
.039115 .039115 .039128 .039141 .039136 .039155
France. franc
the financial situation on a sound basis has en- Germany, reichstnark .238061 .238061 .237604 .237459 .237476 .237473
012951 .012949 .012953 .012950 .012955 .012955
Greece, drachma
couraged bear speculation. As noted above, the Holland, guilder
.402002 .402001 .402058 .402061 .402136 .402156
.174360 .174365 .174357 .174360 .174326 .174359
Hungary, pens°
.052352 .052353 .052350 .052348 .052344 .052345
Federal Reserve Bank of New York reports the Italy, lira
.267838 .267844 .267831 .267752 .2137775 .267795
Norway, krone
.111977 .111935 .111959 .112072 .111959 .111981
receipt of another $20,000,000 gold from Argentina. Poland. zloty
044933 .044862 .044933 .044937 .044866 .044900
Portugal, escudo
.005945 .005941 .005945 .005948 .005944 .005944
Rumania,
This brings the total gold shipments from Argentina Spain, leu
.098009 .098095 .097213 .096804 .092665 .087605
peseta
.268338 .268138 .268123 .268084 .268057 .268070
to New York in May to about $50,000,000. An addi- Sweden,krona
Switzerland, franc__ _ .193046 .193051 .193396 .193282 .193316 .193438
.017618 .017608 .017615 .017631 .017616 .017621
tional $2,600,000 is now en route, which will prob- Yugoslavia, dinar
ASIAably arrive early in June. Since the provisional China- tadl
300416 .300416 .295625 .296041 .298958 .295208
Chefoo
.298125 .298125 .293593 .293906 .296406 .292968
Hankow
government began authorization of these special Shanghaitaell
289910 .290089 .286964 .287142 .289910 .286250
tad
.303541 .303958 .306875 .303125
.308333
Tientsin tael
shipments for debt service last fall, a total of approxi- Hong Kong dollar .234017 .308333 .232500 .230982 .233125 .230000
.234821
Mexican dollar_ __ _ .210937 .210937 .208437 .207812 .209375 .207812
mately $110,394,000 has been received in this Tientsin or PeWang
.213750 .214375 .211250 .210833 .212916 .210833
dollar
country. So far this year Argentina has sent approxi- Yuan dollar
.210416 .210833 .207916 .207500 .209583 .207500
India, rupee
.361545 .361479 .361479 .361362 .360725 .360858
mately $91,088,000 gold to the United States. Japan, yen
.493871 .493846 .493821 .493871 .493821 .493665
.560208 .560208 .560125 .560125 .560208
Reduction in money rates here cannot stem the tide Singapore(3B.) dolla .560208
NORTH AMER.
.999586 .999635 .999637 .999628 .996660 .999570
Canada, dollar
999331 .999206 .999164 .999164 .999206 .999206
of Argentine metal to New York as the shipments Cuba, peso
Mexico, peso
.492166 .492166 .490833 .491166 .490066 .490000
do not depend primarily upon exchange and money Newfoundland, do .997226 .997063 .997094 .997106 .997093 .996968
SOUTH AMER.
.690106 .690159 .891155 .687268 .688624 .688703
Argentina, peso
rates, but are part of a deliberate plan of the Govern- Brazil, milreis (gold) .067093 .066812 .087205 .066662 .086720 .067562
120699 .120775 .120727 .120719 .120761 .120761
ment to service the foreign debt with gold until Chile, peso
Uruguay, peso
587911 .586808 .586340 .571078 .554074 .562500
Colombia, peso
.965700 .965700 .965700 .965700 .965700 .965700
Argentina's balance of payments swings in the other
direction. Argentine paper pesos closed at 30 3-16
The following table indicates the amount of bulfor checks, against 30 11-16 on Friday of last week
and at 30% for cable transfers, against 30%. lion in the principal European banks:
Brazilian milreis are nominally quoted 6.75 for
May 29 1930,
Mali 28 1931.
bankers' sight bills and 6.80 for cable transfers, Banks of Gold.
Gold. i Silver. 1 Total.
Total. I
Silver.
against 6.70 and 6.75. Chilean exchange closed at
El
E
El
I
£
152,078.027158.116,699
158,116,699
12 1-16 for bankers' sight bills and at 121 for cable England__ 152,078,02 (d) 445,061,202 350.419,306 d
4
France a--,445.061.202:
350,419,309
994.600 122,798,150
Germany b
c994,600 109,133,700121.803,550,
8
.
transfers, against 12 1-16 and 123/ Peru at 27.85, Spain-- 108.139.100. 27,909,000 124,842,000 98,803,000, 28,605,000127,308,000
96.933.000
Italy
57,479.000, 56,279.0001
56.279.000
57,479.000,
Netherrds 37,498,000, 3,033,00 40,531,0001 35.993,0001 2,126,000 38.119,000
against 27.85.
Nat.
34,179,000
34,179.000
Exchange on the Far Eastern countries is dull and
hesitant owing to further easing in the price of silver.
Silver was frequently quoted this week at 263/2c. per
ounce in New York with the average price around
263 e. and 1.23/ in London, whereas last week the
4
2d.
official price in New York was around 273/c., and a
2
week earlier around 283/2c. in New York and 13%13 3-16d. in London. Several weeks ago the market
was of the opinion that silver would rule rather
steady for some time around 29c., and for a while
this figure prevailed with a range of %c. on either
side. Of course the Chinese currencies are badly
affected by the lower silver prices. The renewal of
warlike preparations in China has also had an adverse
effect on these exchanges as well as on Japanese yen.
On Thursday the Bank of India reduced its discount
rate to 6% from 7%.
Closing quotations for yen checks yesterday were
49.36@49.50, against 49.37@49.50 on Friday Of last
week. Hong Kong closed at 239/8@23 7-16, against
;
23%@243/ Shanghai at 28%@29%, against 29%@
8
29 15-16; Manila at 49%, against 49 8; Singapore
at 56.25@56%,against 563'@56%;Bombay at 363,
against 36 5-16,and Calcutta at 363,against 36 5-16.
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 coun-
Belg_ 41.320.000,
Switzerl'd_ 25,711.006
Sweden___ 13,309,000,
Denmark _ 9,552,0011
Norway __ 8,133.000
41,320.000
25,711,000
13.309.000
9.552,000
8,133,0001
23,153.000;
13.515,000,
9.567,000,
8,144,006
23,153.000
13,515,000
9,567.000
8,144,000
Tot. wk.095,213,32 31,936.6 1027149929 905,051,8171 31.625,600936.677.417
Prey. week 994,291,619 32,125,6 1026417219 904.918,967 31,564.600 936.483.567
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad. the amount of which the present year Is £10,381,900. c As of Oct.? 1924.
d Silver is noW reported at only a trifling sum.
Europe After the Conferences.
The recent meetings at Geneva of the Council of
the League of Nations and the European Union Commission, together with the sessions at London of an
international wheat conference, have served to call
attention to the increasing extent to which what are
commonly thought of as political issues are being
affected, if not actually dominated, by the hard and
disturbing facts of the world-wide business and industrial depression. The situation could hardly
have been otherwise in a world grievously harassed
by unemployment,falling prices of commodities and
securities, an appalling burden of public indebtedness, and unprecedented conditions in gold, silver
and credit.
Any attempt to draw a hard and fast line between
what is political and economic in the present turmoil, however, would obviously be futile. The wisdom of parliaments, all of them torn by party strife
and working under precarious political leadership,
has sought to relieve the depression in agriculture,
manufacturing and trade by piling up tariff walls,
imagining that by keeping out foreign goods and
3952
FINANCIAL CHRONICLE
injecting political action generally into business the
economic situation would be improved, at the same
time that the attempt of Germany and Austria to
improve their own position by forming a tariff union
has been sidetracked by pronounced political opposition elsewhere. The recommendations of the European Union Commission, in turn, look forward to a
series of international arrangements of wide or indefinite scope all, or nearly all, of which require
political action to make them effective. The most
extraordinary example of confusion of thought was
given by the wheat conference, which broke down
because the delegates could not agree upon courses
of action which could not have been set in motion
without government sanction, at the same time that
the sanction could not well have been given by any
country whose government was not virtually a dictatorship.
A survey of the European situation since the
Geneva and London conferences adjourned shows
some striking illustrations of this intermingling of
political and economic forces. The action of the
League Council in referring the Austro-German customs union to the World Court, while doubtless the
best disposition that could be made of the question
under the circumstances, emphasized the predominantly political point of view of the Council. What
weighed most with the Council was the charge that
the proposed union was a step towards an Anschhiss,
or political union, of the two countries, and hence a
violation of the peace treaties. No great attention
appears to have been paid to the fact that the union,
while likely to be of benefit to Austria, could not of
itself afford a very large outlet for German trade,
and that one of the most important features of the
proposed union was the opportunity given to other
countries to join. In other words, the economic
union which M. Briand had envisaged on a grand
scale was disapproved as an arrangement for bettering economic conditions between two neighboring
countries. Yet on May 11 the failure of the Kreditanstalt, the largest private bank in Austria, was
prevented only by Government intervention, and a
loan of $21,000,000, of which $14,500,000 was for the
benefit of the bank, had to be authorized by Parliament on the 14th to meet the exigency, the loan being
subsequently approved by the International Commission which supervises for the League the finances
of Austria. The seriousness with which the Austrian
financial situation is regarded may be inferred from
the action of the Bank for International Settlements
and 10 other central banks, announced on Friday,
in placing at the disposition of the National Bank
of Austria credits for use as needed.
On other matters the Council turned its attention
to both economics and politics. On the one hand, it
approved the proposal of the European Union Commission for an international mortgage credit company; on the other, it referred to the World Court
the controversy over the status of Polish nationals
•and other persons of Polish origin who reside in
Danzig, thus bringing before. the Court the whole
question of the controversy 'between Poland and
Danzig, including that over the Polish Corridor,
which for some months has been growing in seriousness. A pointed rebuke of the Polish Government
administered by Arthur Henderson, British Foreign
Secretary, for its negligence in redressing the grievances of the Silesian minority, was one of the outstanding incidents of the Council meeting.
[Von. 132.
The outlook for a European economic union is
apparently to be viewed,in considerable part at least,
from the standpoint of the failure of the London
wheat conference and the experience of Great Britain
and Germany with unemployment relief. The recommendations of the European Union Commission, referred to subcommissions for consideration during
the coming summer, are largely concerned with the
problem of finding in Western Europe markets for
the surplus wheat and other grain of the Danubian
countries, and markets in Eastern Europe for the
manufactured or other products of the West, with
the prevention of dumping, whether by Russia or
by other countries, and with employment. The inability of the London conference to agree upon any
practicable method of controlling either the production of wheat or the prices of wheat in world markets offers little ground for expecting any easier
solution at the hands of the European Union Commission, especially when the question is mixed with
that of opening markets for Western goods in countries which are themselves hopeful of developing
manufactures; while the prominence given, in the
recommendations of the Commission, to preferential
tariffs suggests that tariff obstacles, instead of being removed, are only to be given a change of location. The only relief of unemployment, again,is in a
provision of work on sound economic lines, and demand for labor is not likely to increase appreciably
until buying power has been enhanced and the con•
fidence of investors restored.
Some interest attaches to the report that Hungary, which was understood to be friendly to the
idea of the Austro-German customs union and perhaps disposed to join it, has decided, now that the
London wheat conference has failed, to revive its
proposal of a trade agreement with Austria and
Italy under which it would secure markets for
4,500,000 hundredweight of wheat and flour. The
details of the agreement have not been made public,
but they are understood to resemble those outlined
for Germany and Austria, and to include a tariff
rebate scheme designed to get around the restrictions of the most-favored-nation provisions of existing commercial treaties. A quota system for Hungarian wheat growers, with a guaranteed price of
about 85 cents a bushel, is also said to be included.
Peculiar importance attaches to the political situation in France because of the consent of M. Briand,
at the earnest request of Premier Laval, to continue
as Foreign Minister, and the effect of his decision
upon the fortunes of the Laval Ministry. Acceptance
of M. Briand by those who have previously opposed
him is not the same thing as endorsement of the
Laval Government, for the Government is strongly
opposed on other grounds by the Radical Socialists
and various parties of the Centre and Right. The
political situation in Europe, on the other hand, has
within the past week become so uncertain as to throw
the conciliatory powers of M. Briand sharply into
relief. The Zamora Government in Spain is facing
serious internal difficulties and a sharp controversy
with the Vatican, and an agreement with Russia
which gives that country a monopoly of the Spanish
oil market has'been accompanied by further declines
in the value of the peseta. A sudden outbreak of
violence in Italy, directed against the church, together with charges of church interference with the
Fascist regime and preparations for its overthrow,
has aroused anxiety among Catholics in all countries
3lex 30 1931.]
FINANCIAL CHRONICLE
and led to reports that a rupture with the Vatican
was imminent. On May 21 the Jaspar Cabinet in
Belgium suddenly resigned in a dispute with the
Chamber over the expenditures for fortifications,
the Socialists, led by Emile Vandervelde, insisting
that no further appropriations for fortifications
should be made until after the meeting of the general
disarmament conference next February.
Some apprehension has been caused by reports
that Germany was shortly to seek relief from reparations payments, and by the rumor that the conversations between Premier Ramsay MacDonald, Foreign Secretary Henderson, Chancellor Bruening and
Foreign Minister ()Luaus at Chequers, scheduled to
begin on June 6, will be followed by a request from
Germany to the Bank for International Settlements
for the appointment of a committee to examine once
more Germany's capacity to pay. There seems to
be good reason for believing that no such action is
contemplated. Dr. Curtius, however, is under
sharp political attack in Germany for his alleged
surrender to Great Britain and France at Geneva
in the matter of the Anstro-German customs
union; the financial situation in Poland has produced a Cabinet crisis there, although Marshal
Pilsudski is still in political control, and Rumania,
which has virtually a Ministerial dictatorship, is agitated by the efforts of King Carol to get rid of Queen
Helena. In France,a formidable textile strike in the
north, reported on May 24 to involve 112,000 employees, is still in progress, the question at issue
being that of social insurance, the same that provoked the strike in that region last summer; and the
flotation of the Polish and Czechoslovak loans at
Paris is reported to have aroused little enthusiasm
among investors.
Foreign correspondents appear to agree that these
conditions, disturbing enough on their face for
Europe as a whole as well as for the particular countries concerned, tend to strengthen rather than
weaken M.Briand's hold upon the Chamber of Deputies, although the votes taken in the Chamber on Fri-*
day were far from carrying a whole-hearted endorsement. More than any other French statesman he has
demonstrated his ability to keep Europe at
peace.
The postponement of the general disarmament
conference, which seems now among the possibilities, would not greatly dim his diplomatic prestige, for the reason that he has been less closely identified with the support of this undertaking than
with other and more practical peace efforts. The
reservation that must be made when M. Briand's
leadership is considered arises from the fact that in
his plans for the economic reorganization of Europe,
as shown at least in the proceedings of the European
Union Commission at Geneva, he seems still to rely
upon the old and outgrown methods of discriminating tariffs and artificial trade agreements from
which Europe, in common with other parts of the
world, suffers to its confusion and hurt. It is not
enough to keep Europe at peace, although that is a
great thing; what Europe needs is freedom of trade
and a return to an observance of natural economic
laws. That return will be slow as long as political
resentments and jealousies continue to dominate the
field of international politics, as they do so largely
at present; it will be indefinitely deferred unless
governments remove the obstacles to economic freedom which they have set up, and leave agriculture,
•
3953
industry and commerce free to take their natural
course.
Cross Purposes In Trade Extension.
In the current (June) number of the "American
Magazine," Dr. Julius Klein, Assistant Secretary of
Commerce, recounts some exceedingly interesting
examples of pioneering in trade extension in far
places by our young men since the close of the war.
For proofs he relies on his own observations, but he
explains the movement in the following way: "Our
twentieth century trade pioneering dates from the
close of the war. Many of its aggressive pathfinders
are young Americans who had their first glimpse of
foreign shores as they gazed at the murky headlands
of Saint-Nazaire or Brest from the deck of a transport some 13 years ago. The trade centers of the
Old World are sprinkled with World War veterans
who stayed in Europe or who returned there after
being mustered out in the United States. They are
still carrying on for Uncle Sam." . . .
"And here is an interesting incidental consequence
of their first khaki-clad visitations. The post-war
demands over there for many an American specialty
—from gum to grapefruit; from movies to marshmallows—originated in the persistent requirements
of thousands of these restless youths as they wandered about the Continent after the Armistice on
relief errands or scrapping the debris of our war
machine in France, along the Italian front, in prison
camps in Germany,in the occupied zone in the Rhine,
in English hospitals, and even in far-off Archangel
in Northern Russia. The supply depots of the
A. E. P., without anyone's realizing it at the time,
were the preliminary outposts of a peace-time expeditionary force which is still marching on." . . .
"These eager youths were alive to opportunity. And
they found it largely in the fact that the Old World,
since the war, has been shaking off ancient shackles.
It has been eager to replace antiquated methods with
the latest ideas and machines in industry and commerce. For these it has turned naturally to
ca,
And so in his travels Dr. Klein finds himself, one
morning, on a "trim little Italian ship" in the Mediterranean, served with "a real American grapefruit,
a decided rarity on small boats in Near Eastern
waters." Tracing this innovation to its source he
found that a group of young growers in Florida, having a surplus on hand, undertook to make a market
therefor in Europe. Against the advice of older
heads they began their crusade in England "at
strategic points, where swarms of American touristswer accustomed to stop on their annual pilwere
grimages."The result follows: "Shipments to the British
market increased from an experimental 14,000 cases
in 1922 to a peak of 570,000 in 1929. To-day the
grapefruit brigade is well entrenched in many
strategic centers on the Continent." Another illustration is in typewriters. Where once he saw in
Istanbul (Constantinople) "venerable scribes"
"scrawling out dictated messages from right to left
in scribbles of bewildering Arabic," a few months
ago he found "scores of clattering typewriters,
nearly all of them American, reeling out neat sheets
of clear Roman characters"—as a result of Mustapha
Kemal Pasha's legalized "new Turkish alphabet with
Latin characters." In old Seville, in Spain, where
once were "long rows of lively cigarette girls with
3954
FINANCIAL CHRONICLE
[1 °4 132.
7
colorful mantillas and flower-bedecked locks, the
This is not all. We take up the morning paper
readers or entertainers perched on high stools," now and read of the conference of wheat-raising counthere are "rows on rows of cigarette-making ma- tries unable to agree upon any plan for marketing
chines made in Cincinnati, Ohio." "I stepped into the surpluses that inevitably occur. One nation will
a little corner grocery in Florence, Italy"—"there not enter a "pool" to furnish a quota internationally
were rows on rows of familiar labels—no less than agreed upon. Another will not consent to a limita25 American brands, by actual count. To-day tion of acreage. The heroic task of these indepenEurope is eating our groceries at the rate of about dent counsellers verges on failure. We read that
280 million dollars worth a year."
Austria and Germany have entered upon an ecoHow did this all come about—"hundreds of similar nomic agreement, which raises a hue and cry in
examples might be cited?" The typewriter is taken France, lest it become a national-political confor an example—"that trail really began decades ago tractual union, must now be turned over to the
when some far-sighted executive in our typewriter League of Nations for an opinion. We read that
industry sensed the need for an overseas outlet for the troublesome question of "reparations" is again
surplus production." . . . "First came studies soon to become a leading issue'between the nations,
of potential markets. Someone had to search out and that a new reconcilement of war debts impends
prospective openings, check up on such details as —as one of the fundamental pressures causing worldthe literacy of various peoples, the kinds of busi- wide "depression". We read that Briand's tariffnesses, the prevailing office practices in various corn- union for Europe makes slow progress, and that the
, munities, problems of spelling, accent marking, and last "Tariff Act"in the United States causes retaliaso on. Then came the problems of selecting the right tions in kind that further obstruct all foreign trade.
kind of local agents, the development of advertising Tariffs, that bridle-blind all commerce, are the fixed
campaigns, and demonstrations."
evils of governments that want their peoples to
All this is not confined to "big business", Dr. Klein trade!
finds. He says: "Enterprising leadership in this
In the presence of these stony factors of national
new-day adventure is by no means limited to our law reprisals, of independent self-called internalarge business concerns. You will find it in the tional conferences, of collective trade-agreements
young sales and export managers of modest factories by representatives of domestic societies that have
making pens in Iowa, poultry equipment in Illinois, no trade, what chance has the individual "pioneer"
razor-blade sharpeners in Kansas, insecticides in to adventure the world for new markets? Were it
Delaware, humidors in Michigan, electric novelties not that most of these modern laws and conferences
in California, bathing suits in Oregon, hosiery in were largely in the end failures, the enterprising
Louisiana,lubricants in Georgia. To those in charge youth of all the lands would be staked and hobbled
of the humblest plants in the land the opportunity in fields of enduring plenty! That enterprise and
is open to explore the possibilities of foreign outlets courage can overcome the obstructions is but anfor their wares." And if in Europe, may we add, other tribute to the good and glory of world-comwhy not in South America and the Orient? Is there merce. But year by year, as the interferences grow,
any competition the United States need fear? Dr. the individual becomes more impotent, more burKlein shows that in Germany with a decided talent dened with taxes that are tyrannous and thwarting,
for intricate machinery we have a good market for more disposed to listen to the factitious aids that
adding machines.
only weave the coils closer about initiative and enterWe find in this article an inspiring story. Here prise that would otherwise light mankind to paths
is capital, energy, skill and perseverance combined! 'of peace and plenty. We work at cross-purposes
Here is initiative, enterprise, courage united. What who follow the theories of collective bargainers.
more do we want for the expression of American
These toils that tighten about the "pioneers" in
talent,invention, adventure? Is not the whole world trade breed conditions that make for war and its
"ours" for the taking? What does any people need waste. They stifle men who would endeavor, and
but an open road to the sea and a free port of entry Increase the baleful evil of unemployment. They
on the farther shores where new markets await? confine capital into an inactivity that lowers profits
Alas!' these "pioneers of trade" were forced to over- and wages. They block a natural progress that
come many obstacles! It was not alone that ideas grows by what it feeds on. They convert democracies
and machines must be "sold" into an acceptance by into bureaucracies. They create an unrest that
foreign peoples, that historic prejudices must be tends to fasten its fangs on all forms of government.
battered down,that ancient customs and habits must They make for poverty, inequality, and revolution,
be shown to be less worthy than new, that the in- and, in time, unless the walls are torn down, they
durated lethargy of centuries must be stirred into will enervate the races of earth and lead to confiscaaction,but local interests and pride must,for the time tion and conflict. What chance has the farmer, the
being, be forced into the background, that the educa- builder, the worker in the numerous vocations that
minister to comfort and competence, when as he
tion of the new things by trial might work its way.
Other obstructions and interferences were encoun- projects his own ideas and endeavors into the comtered. Zealous and chauvinistic governments, by mon accomplishment that constitutes civilization,
long nourishing, came to stand guard over free trade some far-off law or conference atttmpts to make
and to impose restrictions intended to shut out rules of conduct that constrict the individual into
"competition" and encourage home manufactures, the mass?
though there were often none in existence. And that
Mimic War In the Air.
state continues into to-day, often causing a greater
When thought was turned to good-will, let it be
discomfiture of domestic trade by the introduction
of foreign-owned factories. These restrictions are recorded for the information of future generations,
an unremitting tax on human effort and a leaden the Army of the United States staged one of the
most spectacular of its demonstrations of "prepared.
ball on progress.
MAY 30 1931.]
FINANCIAL CHRONICLE
ness" by placing in the air 672 planes for the purpose
of "attack" and "defense" of the cities of Chicago
and New York. Gathered from the far airports of
the country, this formidable "armada of the air"
assembled at Dayton, Ohio, thence proceeding to
their mimic war maneuvers over these great cities.
Booming and zooming in the skies this huge fleet of
death-dealing machines attracted the attention of
tens of thousands of citizens—to what feelings and
thoughts has not yet been disclosed.
But let General William Mitchell, former Commander Air Forces, A. E. F. and Director Military
Aeronautics United States Army, describe the scene
and indicate its import. He wrote for the New York
American, Inc., in part, as follows: "With the exception of the time when the aircraft sank the battleships off the Virginia capes, proving for all time
definitely and conclusively that aircraft dominate
seacraft, this is the most important peace-time military maneuver ever held in the United States. This
includes any maneuvers held by armies or navies.
. . . The air force flew to Dayton from the east
coast and the west coast, from our northern frontier
opposite Canada and our southern frontier in Texas.
The airplanes averaged about 1,000 miles apiece for
this trip, and as there were 672 participating, it
means that 672,000 miles were covered by the planes,
without serious mishap." . . . "If we were to
apply the distances covered to the map of Europe
we would find this force covered an area corresponding to the distance between the Arctic Ocean and the
Mediterranean and between the Atlantic Ocean and
the Caspian Sea." . . . "The air force assembled
at Dayton can deliver a hundred tons of bombs 300
miles away from a fueling point every seven hours.
This can be kept up day and night. In other words,
300 tons of bombs can be delivered every 24 hours.
With machine guns, this air force can deliver more
than 24,000 bullets per minute." . . . "'The air
division can fly from Dayton to a central point on
the Atlantic coast,such as the vicinity of Chesapeake
Bay, in from four to five hOurs. From that point it
can cover the whole Atlantic coast from the shores
of Maine to the peninsula of Florida within six hours
each way." . . . "No naval vessel except submarines can approach within 300 miles of the coast
without running the danger of almost certain annihilation. It makes no difference whether the opposing navy has aircraft carriers or not."
From this vivid account it would appear that as
long as the nation keeps up an adequate air force
for defense the country is reasonably safe without
a navy or even an army. But General Mitchell is
well known as an enthusiast for airplane warfare.
It would seem, using these tables of distances and
carrying capacity, that if a dozen airplane carriers
approached within 300 miles of the Atlantic coast
and each launched a dozen bombing planes, if by any
chance a few of them could elude the airplane guard,
they might wreak terrible havoc on the civilian population of New York City. There are two sides to
war, as to every other controversy. In warfare logic
is not always invulnerable. Nevertheless, we find
in this outline of possible conflict a complete argument for total disarmament and the abolition of
war. Why continue the enormous expense of physical preparedness when, with sufficient airplanes, we
are safe without it? Why impoverish future generations by continuing to spend billions annually
on navies when they can be sunk from the air with-
le-—' 1`.'!'
7
3955
out danger from guns upon the ground or upon
ships? We are inclined to take this view of the
power of airplanes, though counter attacks remain
possible. Certainly with total disarmament, including airplanes, there can be no effective warfare.
And once the means and munitions are destroyed
over the whole earth, they would never come again
In this "armada of the air" various types of planes
show forth the "science" to which wholesale deathdealing has attained—attack, pursuit, observation,
and bombing. No mimic battles, however, can exhibit the horrors of actual combat. Battles between
planes there were during the World War. And we
have a slight conception of plane against plane in
the gunfire that sent one or the other hurtling to
earth in quick and terrible death. Then, too, there
were bombing planes that dropped swift destruction
upon teeming cities. But poison gas bombs were at
that time in their infancy. If we have reason to
believe current accounts of "preparedness" in all
countries, the next war will be one of chemicals,
capable of destroying whole cities at a time, without
warning and without mercy. So that, as we are laying special stress on the breathing of good-will to all
the peoples of earth, this exhibition of the possibilities of airplane warfare mustfill many with unspeakable dread. In fact, this ogre of Fear fills the wide
world, and these exhibitions of "preparedness" ought
to constrain us to peace through "total disarmament"—a clear possibility if peoples would only contemplate calmly the sudden destruction of all implements of war.
All the military forces of the world talk of defense.
Yet the dividing line between defense and attack
when trouble brews is very narrow. Mobilization
of land or sea or air forces is taken as announcemat
of unfriendly intentions. It is almost excuse Tor
aggression and war. What was intended for defense,
a reserve for safety, because almost in a day changed
into active warfare. This is especially true in case
of the use of aircraft. To destroy a city first by airplane bombing is equivalent to victory. There is no
time to wait, to parley, to hesitate; the bombing
planes must do their deadly work before the enemy
can assemble its armada for the combat between
planes in the air. Nor will this expectancy cease
until the nations prevent altogether the use oil gas
bombs. Mimic displays which stop short of actual
killing of the combatants, which stop short of the
dropping of actual gas bombs on actual people, give
us but a meagre view of the horrors another war will
bring forth.
It seems strange that the peace-loving peoples of
earth cannot be aroused to the certain efficacy of
total disarmament. It is cause for wonder that they
can look with complacency upon the maneuvers of
670 planes without arousal, demanding the cessation
of navies and the restriction of the manufacture of
gas bombs. Practically all nations signed the Briand-Kellogg peace pact to renounce war for the settlement of international disputes. Yet all continue
to prepare for a war that cannot come without a
violation of that treaty. As the President lately
announced, billions of money and millions of men
are still dedicated to a war—that cannot come while
honor and truth animate the nations. Peoples are
peaceful; nations are not. The whole world is yet in
the grip of militarism. The fighting forces, not with-out reason from their standpoint of duty, demand
they be given the power to adequately defend their
3956
FINANCIAL CHRONICLE
respective peoples. From time to time, as in this airplane display, they demonstrate their powers and
needs. We see and hear—and do nothing!
For ourselves we find nothing inspiring in this
display. To thoughtful, contemplative minds the
.prophetic pictures awakened seem dark and dire.
Suppose, and may heaven prevent as long as our
republic lasts, we should again come upon a civil
war.
What then would this five- or seven-hundredmile radius of airplane attack portend? In the
World War submarines not only did tremendous
[VoL. 132.
damage to shipping, but in part at least forced neutral nations to enter the conflict. Airplanes with
chemicals become a menace to peace still more
deadly. It may be impossible to prevent the transformation of civilian-carrier planes being converted
into bombing instruments, but prohibition of the
manufacture of poisonous gases can be attempted.
No heart that truly loves peace can take any satisfaction in these air fleet displays—for when the passions break forth on "preparedness" it becomes at
once an agency for that aggression which fear generates as the necessary means of defense.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 29 1931.
Retail trade has been helped of late by hot weather, including 88 degrees here, 92 in Boston and 88 to 90 in parts
of the Central West. This certainly ought to stimulate
trade in seasonal goods, especially as prices are remarkably
low. On the other hand, wholesale and jobbing trade is still
quiet. The grain markets have declined with the weather
more favorable, though in Canada it has been too dry and
there have been dust storms there which have tended to keep
the distant deliveries relatively steady. But export trade
• in wheat has been small. Of course, too, the trade is face to
face with big wheat stocks and the smallness of the export
outlet. And the weather factor is becoming less influential.
Provisions have declined with receipts of hogs larger than
expected and lower prices for them. Coffee has been comparatively steady with offerings of cost and of freight coffee
comparatively small. Sugar has advanced 7 to 9 points
with Cuba and Europe buying and shorts covering in what
looked something like a soldout market. Spot sugar has been
in better demand. Cotton declined Mc. with the weather
better, the stock market constantly falling, trade dull,
supplies big and general scepticism as to the likelihood of a
sufficient reduction in the acreage to help the situation. In
fact, some of the estimates on the acreage cut are around
9 to 10%. At the same time the nights in the cotton belt
are still too cold and some reports assert that the crop in
some parts is nearly two weeks late. Texas reports lay some
stress on the increase in that State of insect pests. German
advices to-day were to the effect that the textile trades were
looking rather better there. But Worth Street has been dull
4
and 38M-inch 64x60s print cloths are down to 43 o. Fan
River has been quiet with the trading mostly in the better
grades. In Manchester it has been a holiday all the week.
Liverpool has reported steady selling by the Continent.
Here the technical position of cotton is considered better
after recent heavy liquidation largely of so called "stale"
long accounts for Liverpool and the Far East and elsewhere.
The West has also been selling here rather freely, while Wall
Street on the other hand is understood to have covered nearly
25,000 bales in one day. Rubber has declined 35 to 40
points for the week, although of late rather steadier owing to
reports of a larger consumption in this country this month
than had been expected. Hides have declined 30 points on
futures and in the main the spot market has been quiet.
Cocoa has declined 16 to 17 points and silk, 1 to 2.
Petroleum prices have had a downward tendency with the
production in Eastern Texas keeping up. California crude
prices, it is stated, will be advanced on June 1. Wool
has been rather irregular but on the whole quiet and more
or less depressed. As regards cotton goods, hopes are expressed that the National Cotton Week will stimulate trade
noticeably. Silks and rayons have been fairly steady.
Clothing manufacturers report that they are receiving
only small orders; that is of the "filling in" kind. Iron and
steel operations tend to decline, with trade still unsatisfactory.
Youngstown, Ohio, wired to-day that heavy melting steel
was 25 cents lower at $10 to $10.50 and that hydraulic compressed sheets are 50 cents lower at $9.50 to $10. The production of steel seems to be around 41 to 44% with declines
in some cases of 3% for the week.
The large department stores report better sales than the
smaller ones, which cannot afford under existing circumstances to spend so much for advertising. The retail shoe
trade, especially in summer novelties reports a pretty good
business. The weather has been favorable for building but
it has not been active. A good business has been done in
paints and varnishes. Medium priced automobiles have been
holding up fairly well as regards trade and there is some
demand for auto-accessories, but automobiles, like everthing
else sell none too readily. A fair business in carpets and rugs
is reported at Baltimore. But furniture as a rule in most
parts of the country is dull. This is an item on which people
can economize and that is what they are doing. As regards
general trade, hand-to-mouth buying is the word of order.
Chicago's wholesale business for the first five months of
this year is stated at 12 to 15% below that of the same time
last year. But retail business makes a better showing.
Manufacturing trades suffer from the indifference or caution
of buyers. It matters little which. At Pittsburgh the glass
industry is running at 45%. The flour production at Kansas
City and Minneapolis is small. Feed prices have declined.
Hosiery mills are doing a fair business. Lumber remains
very dull. The stocks of lumber at Spokane have been reduced 40,00,000 feet, owing to the falling off in output in
the last few months. The grocery trade makes no bad comparison with that of a year ago. And the same is true of
the business in drugs and chemicals.
The stock market has continued on a downward course,
with a succession of new lows on United States Steel which
have impressed the imagination as it went to 89%, which
had a grim look by comparison with the high this year of
.
152 8 To-day the sore point in the stock market was the
railroad shares because it is feared that the earnings for the
second quarter are going to look poor and there are also
apprehensions of further reductions in dividends. All eyes
were on the railroad issues all day. By comparison United
States Steel acted very well, closing unchanged, though at
one time it was over 2 points higher. Food and rail stocks
made the poorest showing, though the coppers were also
depressed in consonance with the dullness of the trade in the
metal with its constant sagging to low levels of prices.
Auburn dropped 12 points net. Oils were tending downward. In fact, Standard of New York fell to a new record
low. National Lead fell 10 points. Drug declined 3 points
or more, Lehman Corporation dropped to a new low. Electric Auto Lite declined 4 points. The outstanding feature
of the day was while the rails were hammered. U. S. Steel
gave a better account of itself, so much so that it excited
general comment. The Government seems to have come
to the aid of the Vienna Creditanstalt and this and the
formation of a banking committee in London, with perhaps
some contact with New York and other centers, were considered two hopeful factors. Call money was 1% outside
of the Exchange, though the regular rate was 13/%. Foreign
exchange on the other hand was weak in some cases. Spanish
pesetas were depressed by the outbreaks in Spain. Sterling
was firm, and also French francs.
Washington wired orders for lumber received at mills
during the week ended May 16th were approximately 9%
under production, according to reports from 775 leading
hardwood and softwood mills to National Lumber Manufacturers Association. Washington also wired that information received by the Labor Department, according to Secretary Doak,indicated a slight improvement in conditions this
month although William Green, President of the American
Federation of Labor is said to have issued a warning that
employment gains had not been up to normal and that steps
MAY 30 1931.]
FINANCIAL CHRONICLE
should be taken to prevent distress next winter. Detroit
advices said general conditions of business in that locality
evidence no important change over last week. More or less
unsettled weather conditions have hampered the movement
of seasonal merchandise and summer goods have not sold as
readily as anticipated up to the present time. Fortunately,
merchants as a whole have not bought extensively and prospects appear to be that stocks will be properly moved off as
the seaon advances.
Chicago wired that a proposal for a temporary reduction
of wages in all lines of building constructions as a means of
increasing building will be considered at a meeting between
officials of the Building Construction Employers' Association and representatives of the Chicago Building Trade's
Council. It is said that the reduction would affect all types
of labor in all phases of construction work in that territory.
Retail buyers visiting the local wholesale market were
said to have placed a fair volume of business for cotton goods
of all types in preparation for National Cotton Week which
will start next Monday. It was said, however that many
retailers are well stocked with goods. The unsettled weather
and the instability of the primary markets were also given
as reasons against purchases.
Boston wired May 28 that department stores there are
plannning the greatest display of cotton goods that New
England has seen in years as part of their observance of
National Cotton Week which opens on Monday. Manchester, N. H., reported that the Cocheco Woolen Co.'s
mill at Rochester is to resume capacity operations. The
Wyandotte Worsted Co. is also stepping up and the large
silk mill of the New Market Manufacturing Co. is adding
workers and operating a night shift while the Waterman
Worsted Co. has inaugurated a night shift.
Fall River wired May 28th that trade was still slow, due
possibly to the action of the cotton market, and total sales
will not reach 20,000 pieces, mostly confined to wide low
counts, 36-inch styles, marquisettes and carded lawns.
Prices have held decidedly firm considering the dullness.
New Bedford reports that a barometer, commonly used in
that center of fine and fancy textile manufacturing, is the
weekly payroll of mills as computed by the local bank for
banking purposes. That measure indicates that the mills
are beginning to show a very little falling off in production
from April, which was the peak month of the first third of
the year. Spartanburg, S. C., wired May 28 that the sale
of the Lowell and the Peerless Cotton Mills at Lowell,
N. C., by the receiver, W. L. Bathis, to creditors of the two
corporations is confirmed by court order. At Honea Path,
S. C., the Chiquola Mfg. Co. plant making print cloths
is operating at 98%. Tire fabric mills in New Bedford,
Mass., and vicinity were reported to be nearly all at capacity. The plant of the Fisk company there increased
operations to six days a week from a five-day-a-week schedule
prevailing previously.
Paris said that despite Premier Pierre Laval's conversations in an effort to reach an accord, the textile strike at
Roubaix and Tourcoing continued to develop. Truckers and
steel workers in the region have decided to strike in sympathy
with the textile workers. A total of 117,000 workers were on
strike by latest estimates. Paris cabled that two more
Alsatian textile concerns, styled Successeurs de Rene Friedmann and A. & P. Hartmann are closing down and seeking
to effect arrangements with their creditors, it became known
here. As previously noted, Kullmann & Cie, Cote Co. and
Textile d 'Alsace, three Alsatian textile manufacturers belonging to the same group, have asked for judicial liquidation.
The loading of revenue freight for the week ended May 16
totalled 747,732 cars, an increase of 283 cars over the preceding week but a decrease of 181,027 cars compared with
the corresponding week last year, according to the car
service division of the American Railway Association. The
adjusted index of freight car loadings has fallen to a new low
level for the current depression and for the week ended May
16 was 75.6 (revised) against 76.4 for the preceding week
and 91.4 for the corresponding week last year. Electric
power production, adjusted for seasonal variation, shows a
sharp decline for the week ended May 23. This brings the
adjusted index down to 84 from 85.6 for the week ended
May 16 and 95.1 for the week ended May 24 last year.
Highway construction contracts rose sharply in April, and
nearly 194,000 men were at work on roads in 40 States,
according to a statement made public as of May 25 by the
President's Emergency Committee for Employment.
3957
On Sunday,the 24th,it waschilly here with the temperature
down to 43 which was within one degree of the low record on
May 24 1877. There were not more than 100,000 at Coney
Island instead of 400,000 to 500,000 there under normal
conditions. Kansas City had 58 to 86 degrees, Los Angeles,
62 to 68; Milwaukee, 42 to 74; St. Paul, 58 to 82; Montreal,
46 to 58; New York, 43 to 54; Philadelphia, 46 to 66; Portland, Me., 48 to 54; Portland, Ore., 56 to 78; San Francisco,
60 to 64; St. Louis, 50 to 78; Winnipeg, 42 to 68. On the
28th it was 85 degrees here at 4 p. m. to 5 p. m. and even
83 at 6 p. m., averaging 73 against 54 last year and 64 for 46
years. The minimum temperature on May 28 this year
was 61 degrees. The city sweltered under the unexpected
heat.
New England was in the grip of first heat wave of the
season. The mercury reached 92 degrees, the warmest,
on record. But as illustrating the immense size of the
United States and the differences in climate and temperatures, Lander, Wyo., wired on the 28th that a sudden
mountain blizzard enveloped Twogwotee Pass, leading to
Yellowstone National Park, and several tourists' cars, carrying women and children, were marooned. The occupants
of the machines were rescued by highway crews. The storm
left eight inches of snow on the pass. On the 28th inst.,
Chicago had 66 to 88 degrees; Cincinnati,56 to 88; Cleveland,
64 to 86; Detroit, 58 to 90; Kansas City, 68 to 78; Los
Angeles, 60 to 80; Milwaukee, 62 to 86; St. Paul, 58 to 68;
Montreal, 60 to 84; Oklahoma City, 70 to 78; Omaha, 58 to
60; Philadelphia, 60 to 86; Portland, Me.,58 to 82; Portland,
Ore., 50 to 82; San Francisco, 54 to 70; St. Louis, 68 to 90;
Winnipeg, 50 to 72.
To-day the temperature here was up to 88 degrees at
4 o'clock and 87 at 5 p. m., and the forecast was for nothing
more than showers to-night and to-morrow, as some measure
of relief. Boston overnight was 68 to 92 degrees. Chicago
68 to 88, Cincinnati 66 to 88, Cleveland 72 to 86, Detroit
66 to 90, Milwaukee 64 to 86, Kansas City 64 to 78, St. Paul
54 to 70, St. Louis 70 to 90, San Francisco 52 to 70, Winnipeg
34 to 72, Montreal 66 to 84.
Guaranty Trust Company of New York Reports
Irregular Business Conditions.
In discussing the business situation "The Guaranty Survey"
publighed May 25 by the Guaranty Trust Co. of New York
says "the situation presents an unusually irregular appearance, with favorable developments in some directions and
considerably less encouraging trends in others. As far as
the actual level of business activity is concerned," says the
"Survey," "recent reports indicate strong resistance to the
seasonal Influences now tending to produce contraction.
Price movements, on the other hand, have been far from
reassuring. Both stock and commodity values have declined
to new low levels for the depression, creating doubt in some
minds as to whether any sustained improvement in rates of
industrial output and trade volumes can be expected as long
as such instability exists in the price structure." The
"Survey" goes on say:
"Although the usual tendency in almost all branches of business at this
time of year is toward lower levels of activity, actual increases have recently
been reported in a number of very important lines. The index of businese
activity of the Guaranty Trust Oompany, which makes allowance for seasonal changes, stands at a preliminary figure of 73.8 for April, as against
72.3 for March and 71.7 for February. This movement seems to indicate
that the impontance of the decline in steel ingot output from the March
peak was generally over-emphasized. Many business men have formed the
habit of basing their opinions as to the course of general business almost
wholly on changes in operations at the steel mills. In the present instance,
this practice proves to have been very misleading.
"The movement of railway freight showed an encouraging increase in
April but slumped sharply during the early part of May. Check payments
outside of New York City have shown a moderate increase, contrary to the
usual seasonal movement. Among the basic industries, the advances in pig
iron and automobile production and raw cotton consumption are outstanding changes on the favorable side.
Price Movements Not Encouraging.
"Any optimism concerning the immediate future that might arise from
the more active movement of trade must be somewhat dampened by the
continued weakness of stock and commodity prices. The stock market has
drifted rather steadily in the direction of lower price levels, with several
brief periods of acute weakness; and the present average of all stock value
is now probably well under the low point reached last December. This
condition is generally attributed, for the most part, to the flood of unfavorable earnings reports that has continued to deluge the market in the last few
weeks, combined with the general expectation that the emergence of the
world's commerce from the current depression is likely to be a long and
tedious process. Among the probable contributory causes of the recent
weakness may be mentioned the considerable amount of liquidation by foreign holders of American securities, the exhausted patience of owners of
stocks who have waited in vain for a sustained recovery of values, and the
vague apprehension that always exists at times of serious and prolonged
3958
FINANCIAL CHRONICLE
[voL. 132.
depression. It is also likely that professional operations have played an
important part.
"The behavior of commodity prices has been, if anything, even more
disquieting. Among the basic raw materials, there have been few exceptions to the general downward movement. Although the declines in individual commodities are not so violent as they were during the earlier stages
• of the depression, the weakness is much more nearly uniform in all the
principal groups. With the exception of wheat, all the leading farm products have moved further downward. Metal prices are considerably lower
than they were a month ago. Copper has declined a full cent a pound,
and steel scrap $1.50 a ton. Even the textiles, in which current demand
Is considered relatively favorable, have shared in the general weakness,
with cotton reaching the lowest level since 1915. The wholesale price
index of the Guaranty Trust Company for May 15 stands at 48.3, showing
the largest monthly decline since June 1930.
in trade is spent, but sufficiently perceptible to the general public as to
restore business confidence.
Business recovery is necessary if the Administration is to be spared the
painful operation of initiating tax increases and if it is to be able to forestall employment relief legislation of a character with which it is not in
sympathy.
While a readjustment of the tax basis is apparently much desired by the
Administration it has no desire of going into the next political campaign
hampered by an admission, as interpreted by political opponents, of an
inability to maintain a balanced budget. It is fully expected here that any
move in the direction of tax legislation Administration sponsored will be
deferred until there is a greater degree of prosperity of the country. However, it is looked upon in some circles here as good psychology to acquaint
the people with the general financial situation of the Government so that
when it may be found necessary to effect a change it will not come as a
great shock to the people.
Significance of Price Declines.
Encouraging reports also are said to be coming to the White House from
"These tendencies do not necessarily indicate that further recession is about outside sources. Morris White, New York leather manufacturer, to-day
- told the President that the leather goods business has picked up to a conto take place; for, in the later stages of a depression, price movements
and, in fact, all other developments with a direct bearing on the business siderable extent, permitting the re-employment during the past few weeks
outlook-must be considered as reflecting primarily on the probable dura- of some 4,000 men.
tion of the low levels and the probable speed of recovery. The present price
weakness, therefore, by no means invalidates the assumption that the downward movement of business activity has run its course. Nor does it essen- President Green of American Federation of Labor Finds
tially impair the prospect of a considerable measure of recovery before the
Employment Gains Small-Sees Serious Problem
end of 1931. Rather, it confirms the expectation that has been held for
Ahead.
some time by the more conservative observers; namely, that the upward
movement of business since the beginning of this year, encouraging as it is,
"Compared with spring improvement in a prosperous
cannot be relied upon to proceed very far or very swiftly in the immediate
year," says William Green, of the American Federation of
future.
"Low levels of production and restricted trade volumes are the outward Labor, "employment gains this spring have been so small
manifestations of IL process of readjustment whose real progress we have no
problem almost as serious as at the first
accurate way of measuring. Price movements, however, indicate the extent that they leave the
of this progress as well as any means at our disposal; and as long as prices of the year." In the view of Mr. Green, "we cannot hope
continue to move definitely toward lower levels, the reasonable conclusion for much improvement before next winter, unless business
is that the process is not yet completed."
picks up unexpectedly", and he adds: "We must begin
planning at once if we are to prevent widespread suffering."
Mr. Green's statement, issued at Washington, May 27,
President Hoover and Cabinet Report Many Favorable follows:
Trade Factors.
"Employment of union members gained slightly in the first half of May.
President Hoover and his advisers have been going over The improvement was so slight, however, that It covered only five-tenths
the economic situation and have found many factors that of 1% of the membership. Applied to all wage earners in the United
States, this represents employment for only about 150,000 of those out
are favorable. The Washington correspondent of the New of work.
"Our weighted figures for the past four months are: February, 19%;
York "Journal of Commerce", in indicating this, further
March, 18.1%; April, 17.6%; May, 17.1% (preliminary).
reported:
have been so
Thus was to-day's Cabinet •meeting summarized in a statement given
orally to newspaper correspondents by a White House secretary without
further elaboration.
Efforts to prevail upon the White House to share with the general public
the optimistic knowledge which the President and his Cabinet possess were
unsuccessful. The terse statement was given to the correspondents in lieu
of the general Tuesday noon press conference.
Coralera with Cabinet.
It is understood that the President to-day had before him facts and figures
gathered by the several members of the Cabinet that are directly interested
In finance, commerce and trade, and it is known that Mr. Hoover has heard
from outside agencies as to the trend of things.
It was represented here to-day that basing the present depression on the
last five situations of like nature, the bottom was reached in December at
a point denominated 82. In April, it was further explained, conditions had
progressed in industrial activity so that the index number arrived at
was 89.
Since the latter part of April there has been some little decline in steel
and in automobiles, but there were increases in industrial activity, particularly in textiles, where low prices of raw materials have heen an inducement to the manufacture of cotton and woolen goods. Retell sales were
reported by the Federal Reserve Board to be 97 in March and 105 in April.
There has been a slight improvement in employment conditions during the
last three months. In the iron and steel and automobile industries somewhat larger than usual increases were shown, and at textile mills and shoe
factories, where the number employed ordinarily declines in March, substantial increases in employment were reported.
There were decreases in the agricultural machinery and petroleum refining
industries, and at car building shops contrary to the usual seasonal trend,
while in the automobile tire and fertilizer industries employment increased
less than usual.
The price of wheat is low, but it is looked upon really as higher than was
expected by the Administration and others interested, in view of the agricultural situation. Wheat advanced to-day as much as lUic. for advance
deliveries, although cotton went off a trifle again. The prospects of a
huge crop this year appear gratifying to many, and the psychological effect
Is looked upon as good.
There is a disposition in some quarters here to discount the extent to
which car loadings may be considered as reflecting the condition of business. It is pointed out that while car loadings last week increased somewhat they still are• far behind comparable periods the last two years. A
week ago the report on car loadings showed a remarkable decrease in volume.
To some extent, it is explained, the falling off is due to increased competition by motor trucks, a situation realized by the railroads and one which
had led them to seek readjustment of freight rates.
Autos Output Favorable.
The fact that production of automobiles has increased by about the usual
seasonal percentage also is looked upon 811 favorable. While competition
In the sale of automobiles is very keen, the continued sale in the usual
volume is considered a good omen. Then, too, on-hand stocks of cotton
goods is much lighter than at this time last year, and department store
sales for the last month were reported as being only 2% less than for the
same month in 1930 and only 5% under the total for April 1929. This
Is on the basis of dollar values and, it is added, since prices have dropped
as much as 10% or more, it may be said that in comparison this year's
business is greater than was the case in the other two years referred to.
The President and his official family, viewing the approach of the next
political campaign, are much concerned over the general situation. They
are hopeful of a business recovery, not particularly of a spectacular character, that would bring about another recession after the force of a spurt
small that they leave the
"Employment gains this spring
problem almost as serious as at the first of the year. In one way, it is far
families than ever are finding their resources
more serious, for more
exhausted. Charity organizations were still increasing their relief payments in March, the latest report, and over $11,000,000 was given out to
over 434,000 families, not including the large sums spent to give work.
"Compared with spring improvement in a prosperous year, this year's
employment gains have been small, indeed. In 1929, from January to
May, according to union reports, employment gains covered 4.6% of the
membership; this year only 2.7% found work.
"Since our figures cover a representative group of the nation's wage
earners, we may conclude that less than 1,000,000 of the 6,300,000 without
work in January have found jobs in industry. Including agriculture, we
estimate that only about 1,500,000 in all have found work since January.
"This leaves the nation with a serious problem ahead for the dull summer
months. Employment usually reaches its spring peak in June, but there is
not much improvement after May. July brings the summer layoffs and
unemployment increases, so that many workers who now have jobs must
look forward to loss of income. In September, the fall busy season increases
employment for two months, but we cannot hope for much improvement
before next winter unless business picks up unexpectedly.
"We must begin planning at once if we are to prevent widespread suffering. Before all else is the problem of security. Workers want to know
that they can count on a job.
"Without taking undue risk, most employers could unquestionably guarantee work to a certain portion of their work force. Practically every
employed can estimate the number of men he will need for a minimum
force, even in dull seasons. A guarantee of employment to even a portion
of the country's work forces would help business revival enormously and
bring relief from anxiety to thousands of workers' families.
"At present workers are holding all they can in reserve for fear of losing
their jobs. They cannot do otherwise, for they cannot see ahead. The
funds they reserve amount to billions of dollars. If they were sure of their
jobs the release of these funds would be an immense stimulus to business.
"Another influence which contributes to continuation of the existing
distressing situation is the wage-cutting policy which is being pursued by
some thoughtless employers. This sniping at wage standards creates an
unfavorable psychological condition. Working men, through fear of wage
reductions and loss of work, are curtailing their buying power and are
purchasing only to the extent of the barest necessities.
"Third, industry must fully appreciate its responsibility to divide
equitably, upon a pro rata basis, all available work among all its employees.
No man should be deprived of his share. Each employee has a moral claim
upon industry for a share, at least, of all work available.
"Fourth, communities must plan for relief through industrial funds;
through municipal and relief organizations. For the relief problem next
winter bids fair to be worse than last.
"Our unemployment report for the first half of May shows 19% of the
membership on part time, compared to 18% last month. Of the 24 cities
covered, 15 reported employment at least a little better than in April, and
five had a gain of 10% or more. Every trade, except clothing, theaters
and food industries reported employment at least slightly better; the
greatest gains were in shipping trades.
"Figures for the first half of May are as follows:
May 1931. Apr.1931. Map 1930. bias 1929.
13.3
17.6
6.7
17.1
37.0
26.0
50.0
48.0
19.0
5.0
29.0
28.0
6.0
3.0
12.0
11.0
13.0
6.0
16.0
15.0
"Unless industry, labor and our Government face this problem now, next
winter's suffering may be worse than last."
Trades.
All trades (weighted)
Building trades
Metal trades
Printing trades
All other trades
MAT 30 19311
FINANCIAL CHRONICLE
Federal Reserve Board's Summary of Business Conditions in United States-Slight Increase in
Industrial Production-Employment Conditions
on Par With Month Ago.
The Federal Reserve Board, in its summary of business
conditions In the United States, issued May 24, reports little
change in industrial production and factory employment in
April as compared with the previous month. The Board's
summary follows:
Output of manufactures and employment at factories showed little change
from March to April, and output of mines, which ordinarily decreases at this
season, also remained unchanged. Wholesale prices continued to decline,
and money rates eased further.
Production and Employment.
Prices.
The general level of wholesale prices declined 1.6% further in April,
according to the Bureau of Labor Statistics. In the first half of May prices
of many leading commodities were reduced further, and for the six-week
period as a whole there were large declines in the prices of cotton, silk, and
textiles, live stock and dairy products, cement, petroleum products and
non-ferrous metals.
Manufactures.
Mining.
Group and
1931.
Industry.
Industry.
1930
1931.
Apr. Mar. Apr.
r82
77
152
98
131
1930.
Apr. Mar. Apra
77
r78 r113 Bituminous coal
86
96 Anthracite coal
97
9119
97 Petroleum
87
70
- _ 121 Copper
Zino
61
54
67 102 Silver
. 71
92 103 Lead
Iron and steel
75
ranges
997
food products
996
Paper and printing_
. __
Transportation equip.
Automobiles
p76
Leather and shoes___ p98
Bane,clay & glass
Cement
90
73
gonferrous metals
__
Petroleum refining-_
(tubber tires
rObacro mnnufittoa _ 134
76
72
112
70
65
63
79
97
71
128
90
94
88
111
108
106
174
123
136
-INDEXES BY GROUPS
FACTORY EMPLOYMENT AND PAYROLLS.
AND INDUSTRIES.
Employment.
Payrolls.
Adjusted for Sea- Without Seasonal withota seasonal
Adjustment.
Adjustment.
tonal variation.
Group and Industry.
1931. 1930. 1931. 1 1930
1930
1931.
.
Ayr. Mar. Ayr. Apr. Mar. Apr. Apr.l Mar.I Apr.
Iron and steel
Machinery
Textiles. group
Fabrics
Wearing aomirel
Food
Paper and prtntIng
Lumber
Transportation equipmentAutomobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals. group
Petroleum
Rubber products
Tobacco
..00m-.mmo.toomoc4.01-0.0.-.
MotiOaimiOvirici..i.646-;videi
1,nooncoom ctscommocor.co
Distribution.
Freight-car loadings showed about the usual seasonal increase in April.
Department store sales increased 9% from March, and the Board's index,
which makes allowance for the usual seasonal variations, including changes
In the date of Easter, stood at 105% of the 1923-1925 average, compared
with 97% in March.
INDUSTRIALPRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for seasonal variations)
I
Industrial production, as measured by the Board's seasonally adjusted
index, which covers both manufactures and mines, increased from 88% of
the 1923-1925 average in March to 89% in April, compared with 82%,
the low point reached last December.
Steel mill activity declined by considerably more than the usual seasonal
amount, while in the automobile industry there was a larger than seasonal
increase in output, according to preliminary reports.
Consumption of cotton by domestic mills continued to increase, contrary
to the usual seasonal movement, while there was a decrease in unfilled
orders for cotton cloth, which was only partly seasonal in nature.
Consumption of wool, which ordinarily declines in April, increased considerably. At silk mills activity declined. There were large increases in
the output of petroleum and anthracite coal, while production of bituminous coal declined by the usual seasonal amount.
The number employed in factories at the middle of April was about
the same as a month earlier. In car-building shops and in establishments
producing machinery, employment decreased considerably, while in the
automobile and cement industries there were seasonal increases, and in the
fertilizer industry a larger than seasonal increase.
Employment at textile mills declined by less than the seasonal amount,
reflecting chiefly a slight increase in employment at cotton mills, and a
small decrease in the clothing Industry; at mills producing woolen and silk
goods, declines in employment were larger than usual. Factory payrolls
declined somewhat in April.
Value of building contracts awarded, which fluctuates widely from month
to month, declined considerably in April, according to the F. W. Dodge
Corp., and decreases were reported in all the leading classes of construction. In the first four months of the year total awards decreased 26% from
the corresponding period of 1930, reflecting declines of 10% for residential
building, 17% for public works and utilities, 25% for educational building,
43% for factories, and 57% for commercial buildings.
3959
76.6 91.9
79.3 105.6
79.7 88.6
77.9 87.1
84.0 92.4
89.9 97.5
94.7 103.1
55.7 75.2
64.3 81.0
70.2 87.9
82.2 91.5
65.2 80.7
66.6 81.0
89.8 105.6
87.2 116.1
68.4 88.0
83.4 90.1
77.4
78.9
81.8
78.6
89.8
87.3
94.6
54.6
66.2
75.1
82.4
65.7
68.1
96.7
94.0
71.1
80.2
77.7 93.0 69.1II 97.7
70.0
80.4 106.9 69.7j 72.01113.4
82.7 90.3 76.81 81.91 89.3
79.4 87.7 72.41
84.1
91.0 96.7 85.6 97.4 99.9
88.1 94.0 83.21 89.21 99.7
95.0 102.6 100.6 101.9 113.5
54.4 74.2 44.91 46.21 73.8
65.7 84.0 65.31 64 11 92.0
.
73.4 93.9 70.81 67 71100.8
.
83.2 89.8 70.61 73.4 81.6
63.1 81.2 55.71 54
77.1
68.8 82.9 65. 1 66 31 88.3
4
.
93.3 111.7 92.Oi 89.8)110.9
86.3 116.1 96.71 90.81122.1
69.0 88.6 68.81 63.2 94.5
82.9 88.0 65.71 68.3 77.1
•Indexes of production. car loadings. and department store sales ba ed on daily
r Revised.
averages. p Preliminary.
Seasonal Decreases in Wholesale Trade in New York
Federal Reserve District During April.
April sales of reporting wholesale firms in the New York
Federal Reserve District showed seasonal decreases in a
majority of lines, and were 16.8% smaller than a year ago.
Sales of men's clothing, cotton goods, shoes, stationery,
paper, diamonds, and jewelry, continued to show substantial
declines compared with last year, in most cases as large or
larger than in March, says the June 1 "Monthly Review"
of the Federal Reserve Bank of New York, which reports
further as follows:
The decline in sales of hardware compared with a year previous was the
smallest since October 1929, however, and the yardage sales of silk goods
reported by the Silk Association of America, were almost 16% above a
Bank Credit.
year ago, the largest increase in nearly two years. April machine tool
Loans and investments of reporting member banks in leading cities orders, reported by the National Machine Tool Builders Association,
declined by about 6150,000,000 between April 1 and the middle of May, decreased 11% from Marco, and were somewhat further below the level
reflecting substantial liquidation in loans on securities and in all other of a year ago than in March.
The value of stocks of merchandise on hand at the end of the month
loans, largely commercial. This liquidation of loans was offset in part by
further large additions to the banks' investments, which on May 13 were showed large decreases from a year ago in all reporting lines, with the
exception of drugs. The ratio of collections to accounts outstanding was
over $1,000,000,000 larger than at the beginning of the year.
Volume of Reserve Bank credit declined somewhat in the six Weeks slightly lower than in April 1930.
ended on May 10. Contrary to the usual seasonal tendency, there was some
further increase in currency demand for the period, reflecting chiefly
Percentage
Percent of Accounts
Percentage
banking disturbances in the Middle West. Gold imports continued in conChange
Outstanding
Change
April 1931
March 31
April 1931
siderable volume and supplied the member banks with sufficient funds to
Compared with
Collated in
Compared with
meet the additional demand for currency, and also to reduce somewhat the
April 1930.
April.
March 1931.
CommodUy.
amount of Reserve Bank credit outstanding.
Stock
Stock
Money rates declined to new low levels during May. Rates on bankers'
End of 1930.
Net
1931.
End of
Net
acceptances, which had declined from 1%% in the middle of April to
Sales. Month. Sales. Month.
11
4% by the end of the month, were reduced to % 70 by May 19. Rates
,
-9.1
-8.7 -16.8
77.3
78.5
on commercial paper declined from a range of 2%@21
+0.1
/
2
% to a range Grocerlea
Men's clothing
33.2
__-.
33.6
---- -22.8
-37.3
of 2@214%.
/
Cotton goods
-1.7 -22.4 -32.8
32.3
34.0
-0.2
At the Reserve Banks buying rates on bankers' acceptances were reduced Silk goods
56.2
+1.4* -9.0* +15.8* -21.6* 47.0
-6.1 -24.7 -38.8
50.7
46.0
In April and the first half of May, and in May discount rates were also Shoes
-14.7
-7.2 +19.3
+122
31.6
-4.1
35.2
reduced, the rate at the Federal Reserve Bank of New York being lowered Drugs
-4.8 -11.5
52.0
44.8
-0.5
Hardware
+8.2
to 1%%.
Machine tools**
Monthly Indexes of Federal Reserve Boari.
The Federal Reserve Board's monthly indexes of industrial
production, factory employment, &c., were issued as follows May 25:
BUSINESS INDEXES
(Index numbers of the Federal Reserve Board 1943-25--+--100)
•
Adjusted for
Seasonal Variation.
1931.
Apr.
p89
Industrial production, total
989
Manufactures
p91
Minerals
Building, value of contracts awarded78.0
Factory employment
Factory payrolls
80
Freight car loadings
p105
Department store sales
1930.
Without
Seasonal Ad)USIMent
1931
Mar.
Ayr.
Apr.
88
88
87
107
107
104
p90
991
Mar.
1030.
Ayr.
00
108
91
110
p82
82
93
82
90
118
77.9 - 92.4 77.9 78.1 92.6
73.6 74.9 oy.t
80
97
77 . 75
93
97
107 p100
92
110
Stationery
Paper
Diamonds
Jewelry
Weighted nvaracra
-Al
.--42
-8,9
+2.3
____
____
+0.3
+4.5
-20.4
-22.5
-32.3
-31.8
-7 (1
____
-16.8
76.2
--- 61.4
- -_-21.5 1 25.2
-31.6 1
____
51.8
76:3
56.7
(19.7
1
51.3
• Quantity, not value. Reported by Silk Association of America.
** Reported by the National Machine Tool Builders' Association.
Further Decline in Retail Food Prices.
Retail food prices in 51 cities of the United States, as
reported to th9 Bureau of Labor Statistics of the United
States Department of Labor, showed an average decrease
of about 2% on April 15 1931, when compared with March 15
1931, and an average decrease of 18% since April 15 1930.
The Bureau's weighted index numbers, with average prices
in 1913 as 100.0, were 151.2 for April 15 1930, 126.4 for
March 15 1931 and 124.0 for April 15 1931. The Bureau
further reports as follows on May 21:
During the month from March 15 1931 to April 15 1931, 34 articles on
which monthly prices were secured decreased as follows: Butter. 6%;
3960
FINANCIAL CHRONICLE
[VOL. 132.
co
banoww
mmo4-4-4
totonDwmcoo.c.mo.-w
coffee, 5%;strictly fresh eggs and cornmeal,4%; plate beef, oleomargarine, decrease of 8% below a year ago, due in part to the fact
cheese, bread, flour, navy beans, pork and beans, canned corn, canned
peas, canned tomatoes and bananas, 3%; rib roast, chuck roast, sliced that April sales this year included a much smaller part of the
ham, fresh milk, wheat cereal, macaroni, rice, sugar, and prunes, 2%; Easter business than last year." Continuing the "Review"
sirloin steak, round steak, sliced bacon, canned red salmon, evaporated says:
milk, vegetable lard substitute, rolled oats, cornflakes, tea and raisins,
Department stores in all localities in this District, with the exception of
1%. Six articles increased: Potatoes, 4%; onions, 3%; hens and oranges,
2%,and pork chops and leg of lamb, 1%. Two articles, lard and cabbage, Westchester, reported sales smaller than in April 1930, the decreases
ranging from 3% to 16%. The reports from the various localities showed
showed no change in the month.
greater irregularity than in March: the declines reported in the sales of
stores in Buffalo and the Hudson River Valley were only about half as
Changes in Retail Prices of Food by Cities.
large as in March, and the decreases reported by the Rochester and BridgeDuring the month from March 15 1931 to April 15 1931, all of the 51
cities from which prices were received showed decreases in the average port stores were about the same as in March, while the reductions in other
Cost offood as follows: Dallas and Springfield (Ill.),5%;Cleveland, Jackson- parts of the district were generally larger in April than in March. The
ville and Richmond. 4%; Birmingham, Indianapolis, Los Angeles, Minne- leading apparel stores reported April sales 10% smaller than last year,
apolis, New Orleans and San Francisco, 3%; Baltimore, Boston, Charleston following a slight increase in March, doubtless reflecting chiefly the effect
(S. C.), Chicago, Cincinnati, Little Rock, Louisville, New Haven, New of the early Easter.
Stocks of merchandise on hand at the end of the month, valued at retail
York, Omaha, Pittsburgh, Portland (Ore.), St. Louis, St. Paul and Salt
Lake City, 2%; Atlanta, Bridgeport. Buffalo, Butte, Detroit, Fall River, prices, showed an even larger decline from a year ago than In March. The
percentage of outstanding charge accounts collected during April remained
Houston, Kansas City, Manchester, Memphis, Milwaukee, Newark,
Norfolk, Peoria, Portland (Me.), Providence, Savannah, Scranton, Seattle slightly smaller than a year previous.
and Washington, 1%, and Columbus, Denver, Mobile, Philadelphia
and Rochester, less than 5-10ths of 1%.
Percentage Change from a
P. C. of Aar:mint,
Year Ago.
For the year period April 15 1930 to April 15 1931, all of the 51 cities
Outstanding
showed decreases: Louisville, Portland (Ore.), and Springfield (Jll.), 23%;
Stock March 31 Collected
Net Sales.
Indianapolis, 22%; Birmingham, Los Angeles and Memphis, 21%; Cleveon Hand
in April.
land, Dallas, Detroit, Houston, Little Rock, Milwaukee, New Orleans
Jan. to End of
Locality.
1931.
April. Month. 1930.
April.
and Omaha, 20%; Cincinnati, Columbus, Minneapolis, Mobile, Peoria,
Providence, Richmond, St. Louis, St. Paul, Salt Lake City, San Francisco New York
47.1
47.7
-5.9 -13.0
and Seattle, 19%; Boston, Buffalo, Butte. Chicago and Denver, 18%; Buffalo
47.0
46.8
-2.7
-5.5 -17.3
-9.5
38.9
41.5
-5.2
-3.0
Fall River, Kansas City, Manchester, Rochester, Savannah and Scranton, Rochester
32.3
29.0
-9.1
-7.5 -17.5
17%; Atlanta, Baltimore, Charleston (S. C.), Jacksonville, New York, Syracuse
44.1
41.6
-4.9 -18.7
Newark
Norfolk, Pittsburgh and Portland (Me.), 16%; Philadelphia and Wash- Bridgeport
40.0
37.0
-8.3 -13.7
ington, 15%, and Bridgeport, Newark and New Haven, 14%.
-12.0
34.8
32.9
-8.4
Elsewhere
Northern New York State
The Bureau's index numbers follow:
Southern New York State
-6.6
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES Hudson River Valley District
-15.9
Capital district
OF FOOD IN THE UNITED STATES (1913=100.0).
+10.8
Westchester District
44.6
44.1
-7.9
All department stores
47.6
44.0
-10.1
-5.7 -13.6
Apparel stores
Year and Srrn Rosa Rib Cleft Plate Pork BaButMonth. steak. steak. roast roast beef. chops con. Ham. Hens Milk. ter. Mee
Sales and stocks in major groups of departments are compared with
1913
100.0 100.0 100.0 100.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 those of April 1930 in the following table:
1914
102.0 105.8 103.0 104.4
104.6 101.8 101.7 102.2 100.5 94.4 103.6
1915
101.1 103.0 101.4 100.6
98.4 99.8 97.2 97.5 99.2 93.4 105.0
Stock on Hand
Net Sales
1916
107.5 109.7 107.4 106.0
108.3 106.4 109.2 110.7 102.2 103.0 116.7
Percentage Change Percentage Change
1917
124.0 129.8 125.5 130.6
151.7 151.9 142.2 134.5 125.4 127.2 150.4
April 30 1931
April 1931
1918
153.2 165.5 155.1 186.3
178.1 177.0 156.2 150.7 162.4
185.7 195.9
Compared with
Compared with
1919
164.2 174.4 164.1 168.8
201.4 205.2 198.5 193.0 174.2 177.0 192.8
April 30 1930.
April 1930.
1920
172.1 177.1 167.7 163.8
201.4 193.7 206.3 209.9 187.6 183.0 188.2
1921
152.8 154.3 147.0 132.5
168.2 158.2 181.4 186.4 184.0 135.0 153.9
-11.3
+9.0
1922
147.2 144 8 139.4 123.1
157.1 147.4 181.4 104.0 147.2 125.1 148.9 Toilet articles and drugs
+2.5
-1.0
1923
153.9 15(1.2 143.4 126.3
144.8 144.8 169.1 164.3 155.1 144.7 167.0 Toys and sporting goods
-16.5
Women's and Misses' ready-to-wear
-4.5
1924
155.9 151.6 145.5 130.0
146.7 139.6 168.4 165.7 155.1 135.0 159.7
-12.6
-6.1
1925
159.8 155.6 149.5 135.0
174.3 173.0 195.5 171.8 157.3 143.1 166.1 Home furnishings
-15.0
-6.2
1926
162.6 159 5 153.0 140.6
188.1 188.3 213 4 182.2 157.3 138.6 165.8 Women's ready-to-wear accessories
-22.7
-9.0
1927
167.7 166.4 158.1 148.1
175.2 174.8 204.5 173.2 158.4 145.2 170.1 Hosiery
-11.0
-9.9
1928
165.7 163.0 196.7 175.6 159.6 147.5 174.2 Books and stationery
188.2 188.3 176.8 174.4
-14.8
-9.9
1929
196.9 19).1 185.4 186.9
175.7 161.1 204 1 i 86.416(1.7 143 9 i71.9 Men's furnishings
-16.9
-10.0
1930
182.7 184.8 172.7 170.0
171.0 156.7 198.5 166.7 157.3 120.4 158.8 Shoes
Silks and velvets
-18.2
-10.2
1930
-13.1
-10.7
Jan__ _ _ 192.9 195.5 183.3 184.4
168.1 157.0 199.3 178.4 159.6 121.9 189.2 Linens and handkerchiefs
-10.5
-10.7
Feb
167.6 157.8 200.7 179.3 158.4 122.7 167.0 Cotton goods
191.3 194.2 181.8 184.4
-11.2
201.1 179.8 157.3 121.9 164.7 Silverware and jewelry
March 190.8 192.8 181.3 182.5
171.9 157.8
-22.2
-12.3
April
190.2 193.3 181.3 182.5
176.7 157.4 200.4 179.3 157.3 125.6 162.9 Furniture
-22.0
-15.1
May. 190.2 192.8 179.8 179.4
171.9 156.7 200.7 175.6 157.3 120.9 162.0 Woolen goods
-25.4
Luggage and other leather goods
-19.5
June_
188.6 191.5 177.3 175.6
174.3 156.7 200.7 187.6 157.3 113.1 157.9
-17.0
-23.8
July
182.3 184.3 171.7 166.3
173.8 156.7 200.0 161.5 157.3 114.1 155.2 Men's and Boy's wear
-15.7
-36.6
Aug
175.6 176.7 163.1 155.6
174.8 155.6 198.1 158.7 157.3 123.8 153.4 Musical instruments and radio
-11.2
+0.3
Sept
186.2 158.1 198.9 159.6 157.3 127.2 154.8 Miscellaneous
177.2 178.0 166.7 160.0
Oct
180.5 157.8 197.4 158.7 157.3 124.8 154.8
175.2 176.2 164.1 158.7
Nov
156.2 155.9 193.7 153.1 157.3 118.5 152.9
170.5 170.9 160.6 154.4
149.5 153.0 191.4 150.2 151.7 111.0 150.2
168.9 169.1 159.6 153.8
Chain Store Sales in New York Federal Reserve Dis1931Jan_
141.9 148.9 188.1 153.5 149.4 98.4 145.2
167.3 168.2 159.1 152.5
trict Declined 3% in April This Year as Compared
Feb.... 161.4 161.0 154.0 145.6
131.4 145.2 183.3 148.8 146.1 94.8 141.2
140.0 143.0 178.4 150.2 144.9 97.7 137.1
March 158.7 157.8 153.0 141.9
With Year Ago.
141.4 141.1 175.5 153.1 141.6 91.9 132.6
ApriL.... 157.5 156.5 150.0 139.4
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLEOF FOOD IN THE UNITED STATES.
143.4 147.0
143.2 143.3
142.8 140.6
142.5 138.9
142.5 137.2
143.0 136.2
142.6 135.6
142.3 134.6
142.1 132.6
141.9 131.2
141.4 129.9
141.4 129.2
155.4
153.0
150.1
151.2
150.1
147.9
144.0
143.7
145.6
144.4
141.4
137.2
141.0 126.8
140.6 125.2
139.7 121.8
138.2 116.1
132.8
127.0
126.4
124.0
.intuW
Ot,C,M
l.ONGT.0.4WNVINA0,
000000
Food
Index
100.0
102.4
101.3
113.7
148.4
168.3
185.9
203.4
153.3
141.6
146.2
145.9
157.4
160.6
155.4
154.3
156.7
147.1
,potz,
OC.Cst,AAt.,C.CIVI
102.3 170.6
102.3 158.8
98.9 158.8
96.6 164.7
weumua
100.0 100.0
100.4 99.7
100.2 100.6
100.4 100.3
108.9 101.4
119.1 102.4
128.9 145.3
134.7 157.7
128.1 121.8
125.2 121.1
127.8 126.5
131.4 145.3
138.8 172.8
141.0 171.1
142.5 162.1
142.3 165.1
142.6 164.8
142.5 136.2
100.0 100.0
101.2 108.3
104.3 88.9
104.6 158.8
119.0 252.7
148.3 188.2
173.6 223.5
200.0 370.6
109.2 182.4
109.2 164.7
109.2 170.6
116.1 158.8
127.6 211.8
133.3 288.2
123.0 223.5
114.9 158.9
111.5 188.2
109.2 211.8
110.3 229.4
110.3 229.4
109.2 229.4
110.3 241.2
109.2 252.9
109.2 247.1
109.2 194.1
109.2 182.4
110.3 188.2
109.2 182.4
106.9 170.6
105.8 170.6
Coffee
poop .......
..4.44 40004,40M0
,
Rice Polo- Siva, Tea
toes
0....T.Nt-,1t.Gt,t,00Mt,C.t..
,
,
1913
100.0 100.0 100.0 100.0
1914
98.6 102.3 112.5'103.9'
1915
93.4 98.7 125.0 125.8
1916
111.0 108.8 130.4 134.6
174.9 139.4 164.3 211.2
1917
1918
210.8 164.9 175.0 203.0
1919
233.5 182 0 178.6 218.2
1920
186.7 197.4 205.4 245.5
1921
113.9 147.5 178.8 175.8
1922
107.6 128.7 155.9 154.5
1923
112.0 134.8 155.4 142.4
120.3 138.6 167.1 148.5
1924
1925
147.5 151.0 167.9 184.8
138.6 140.6 167.9 181.8
1926
1927
122.2 131.0 166.1 166.7
1928
117.7 134.5 162.5 163.6
115.8 142.0 160.7 154.5
1929
1930
107.6 118.8 155.4 142.4
1930
108.9 160.6 158.9 154.5
Jan
Feb_ _ _ 108.2 136.8 157.1 154.5
March_ 107.0 102.3 157.1 151.5
April.. 106.3 100.0 157.1 148.5
May... 105.7 97.7 157.1 145.5
105.1 97.4 157.1 145.5
June
103.2 101.7 157.1 139.4
July
Aug.__ 104.4 112.5 155.4 136.4
110.8 124.9 155.4 133.3
Sept
112.0 129.9 153.6 130.3
Oct
110.8 140.3 151.8 127.3
Nov
Dec... 105.7 120.6 151.8 124.2
1931
99.4 104.6 146.4 121.2
Jan
Feb... 91.8 78.8 142.9 121.2
March_ 89.9 82.6 141.1 118.2
A TIM i
80.8 79.4 137.5 115.2
CI;
t. 2..iaicmcOqoaDwOOtOcAeM Occi3OccdomcdmoSmm Oangc
conc-c.n,c.t-nc.t,n noom
UE
NNN
Year and Lard Eggs Bread Flour
Month.
Decrease of 8% in Department Store Trade in New York
Federal Reserve District in April Compared With
Same Month Last Year.
The June 1 "Monthly Review" of the Federal Reserve
Bank of New York states that "the total April sales of the
reporting department stores in this District showed a
The Now York Federal Reserve Bank has the following
to say regarding chain store trade in its Juno 1 monthly
Review:
Reporting chain stores in this district showed a 3% decrease in April
sales compared with last year, about the same decline as in March. Tencent-store chains reported sales only 0.6% smaller than a year and drug
and variety chain store organizations reported decreases which, although
substantial, were the smallest in several months. Sales of candy and
shoe chain stores, after making a relatively favorable showing in March
due to early Easter trade, showed larger declines in April. Sales of grocery
chains also showed a somewhat larger decrease than in March.
Sales per store remained smaller than last year in all types of chains,
with the exception of candy.
Percentage Change April 1931
Compared with April 1930
Type of Store.
Number of
Stores.
Total
Sales.
Sales per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+4.7
+3.6
-3.3
+11.2
+5.9
-1.6
--0.6
-10.7
-16.1
-6.2
7.9
-
-4.1
. -7.7
-24.5
-11.5
+2.3
Total
+4.2
3.3
-7.2
Guaranty Trust Company of New York Refutes References that Banking Interests Are Seeking to
Force Wage Reductions.
There seems to be a wide public misunderstanding in regard to the attitude of bankers toward the wage problem,
states the Guaranty Trust Company of New York in the
current issue of The Guaranty Survey, published on May 25.
"The charge is being frequently made that 'powerful banking
interests are seeking to force a general reduction in wages,'
and, furthermore, that bankers are co-operating to the point
of conspiracy to bring about such readjustments," The Survey continues. "These statements, or the broad inferences
Ma y 30 1931.]
FINANCIAL CHRONICLE
3961
drawn from them, are not correct." The Survey continues: to buying activity is due to lack of confidence in the future. Discussions
The fact that a few individual bankers have expressed their personal
opinions on the wage question, which, as citizens and business men, they
have a perfect right to do, does not commit bankers as a whole or as a class
to any position on the problem. Bankers differ in their attitude toward
the wage problem as toward other economic problems, and the attempt
to generalize regarding banking position on this question is not warranted. The imputation from either political or labor sources that
bankers have conferred or combined or conspired in any group manner on
this question is not true. There is no such unity of opinion, and there
has been absolutely no co-operative effort on their part to force such an
Issue. It is inevitable that in such a situation as exists certain bankers, as
well as many other thoughtful and patriotic citizens, should feel that in a
period of general economic readjustment the wages of labor might be involved, as well as those of capital. Such matters are controlled by impersonal economic principles and causes which operate regardless of individual
opinions or desires. The questions of the economic value of high wages
and the economic necessity of lower wages are open to discussion, and upon
them bankers differ, as do all other classes.
which lead to nowhere have tended to excite fears and apprehensions which
have no solid foundation in the facts which testify to the unimpaired economic strength and sound business structure of our country.
"If we could solve our own problems We should avoid controversies that
can have no immediate and practical effects upon American trade. Our
recovery is not wholly conditional upon the solution of problems in other
lands. We possess within ourselves the power to lead the world trade
recovery. This power, to be effective, must be directed to the solution of
our domestic situation. If we would aid the world, our efforts must begin
at home.
Loading of Railroad Revenue Freight Continues Small.
Loading of revenue freight for the week ended May 16
totaled 747,732 cars, the Car Service Division of the American Railway Association announced on May 26. This was
an increase of 283 cars above the preceding week this year
but a reduction of 181,027 cars under the corresponding
James A. Farrell in Radio Address Declares "Our Worst week last year and a reduction of 298,862 cars below the
Experiences Are Behind Us"
-Says We Possess same week two years ago. Details follow:
Power to Lead World to Trade Recovery-Must
Find Overseas Markets for 10% of Our Total
Production.
James A. Farrell, President of the United States Steel
Corp. and Chairman of the National Foreign Trade Council,
delivered an address in a nation-wide radio network over
'Station WJZ on May 24, in wtich he said: "I am convinced
that our worst experiences are 'behind us and that we are
gradually entering upon a period of increasing trade
activity." Mr. Farrell went on to say:
"We face the future with greater confidence than in 1914, when our
first national foreign trade convention met. Our industrial system had
not then reached its present high level of productivity. The foundations of
our foreign trade had not then been laid. I feel confident that the addresses
and discussions, by men of wide practical experience in foreign trade, will
have an encouraging effect upon the future of our overseas commerce, upon
which our continued prosperity as a people largely depends."
Mr. Farrell's address formed part of the radio program
of the Westinghouse Electric & Manufacturing Co., and in
addition to the portion quoted above he had the following
to say:
"I have been asked to say a few words about the National Foreign Trade
Convention, which opens next Wednesday at the Commodore Hotel in this
city. At any time such a gathering, representing the business life of the
nation, would attract attention. In the period which we have been passing
the proceedings of this convention should prove of the greatest interest and
importance.
"Two thousand or more executives of business concerns from all parts
of the United States and its territories, as well as from many foreign lands,
will assemble at the eighteenth of the series of annual conventions held
under the auspices of the National Foreign Trade Council. They come
together for the purpose of studying economic conditions throughout the
world; to examine into the status of international commerce; to exchange
experiences, and, in general, to promote the habit of co-operation that has
become the marked characteristic of American foreign trade practice, and
that contributes so effectively to its improvement.
"They will consider the extent and the causes of the present world-wide
depression in agriculture, commerce, and industry. They will discuss some
of the suggested remedies that have been put forward and search for means
of preventing a recurrence of our major ills. They will consider matters of
technical procedure and such practical questions as financing of shipments,
establishment of credits, advertising of products, and means and methods
of co-operating with importers and exporters engaged in our foreign trade.
"Both exports and imports have grown and developed as our population
has increased, our needs expanded, and our capacity to produce manufactures as well as raw materials advanced until to-day this international
commerce has become one of the great and important factors of our national
business. As means of transportation and communication have expanded the
activity and mobility of our people, their demands upon the labor, the
service and the products of other peoples, even in the most remote corners
of the globe, have kept pace in expansion, until now our routine daily
existence is such that there is not a person in the United States, of whatever condition or station in life, who is not served many times every day
by something produced in a far-off land.
"In the past 15 years our industries have made remarkable strides in
efficiency. By means of scientific research and inventive genius, American
industry has built up a foreign trade amounting in 1929 to nine billion
dollars in the aggregate. Our problems of to-day, unlike those of other
nations, are not those of a country without effective means for supplying
the wants of the world. We are fully equipped to meet the demands
for
American products.
"The considerable drop in our export trade reflects the decline in
buying
power of other nations, due to the heavy fall in prices of the
commodities
they sell in exchange. European nations have not yet been freed from
the
economic consequences of the last war. Unsettled conditions in other
lands
have interrupted the natural flow of international trade.
"It is essential to our prosperity as a nation that we find markets
overseas for at least 10% of the total production of our farms and
industries
Through the development and growth of our industries, our
exports of
manufactures represent 50% of our total exports.
"Other problems confront us of a domestic character. American
thought
has been rapidly crystalizing in regard to these, which have been
thrown
into bolder relief by the times through which we are passing.
"There is a keen desire among leaders of industry to find a means
whereby
the effects of violent fluctuations in world trade may be neutralized or
mitigated in the future. Time and patience are required in the
solution
of this problem. Unemployment is an uneconomic condition which is a
challenge to the constructive thought of modern times.
"The large increase in the deposits in our savings banks, to mention but
one favorable symptom, shows that we possess within ourselves the
power to speed revival of business at home. Much of the delay in the return
Miscellaneous freight loading for the week of May 16 totaled 302,071
cars, an increase of 621 cars above the preceding week this year but 65.256
cars bllo729 corresponding week in 1930 and 108,604 cars under the same
week
9 th
!
Grain and grain products loading for the week totaled 36.491 cars, an
increase of 931 cars above the preceding week this year, but 993 cars under
the same week last year and 1,061 cars below the corresponding week two
years ago. In the western districts alone, grain and grain products loading
anaounast to
Week l te
cars, a decrease of 215 cars compared with the same
year.
Forest products loading totaled 33.874 cars,an increase of1,138 cars above
the preceding week this year, but 18.915 cars under the same week in 1930
and 35.649 cars below the corresponding week two years ago.
Ore loading amounted to 11.875 cars, an increase of 1,328 cars above
the week before but 44,231 cars under the same week in 1930 and 60.334
cars under the corresponding week in 1929.
Loading of merchandise less than carload lot freight totaled 224,246 cars.
a decrease of 2.137 cars below the preceding week this year and 23.889 cars
below theweek
he
y. It also was a decrease of 38.011 cars under
o:
esametwweeo k lastac
same
years
Coal loading amounted to 111.388 cars, 211 cars under the preceding
week. 23,196 cars below the corresponding week last year, and 44,548
cars under the same week in 1929.
Coke loading amounted to 6,549 cars, a decrease of four cars under the
Preceding week this year, 2.716 cars under the same week last year. and 6.044 cars below the corresponding week in 1929.
Live stock loading amounted to 21,238 cars, a reduction of 1,383 cars
below the preceding week this year and 1.831 cars below the corresponding
week last year. It also was a decrease of 4.611 cars below the same week
two Fears ago. In the Western Districts alone, live stock loading amounted
to 17.083 cars, a decrease of 1,105 cars compared with the same week last
year.
week
All
reported reductions in the total loading of all commodities.
me
compared not only with the same week In 1930 but also with the same
In 1929.
Loading of revenue freight in 1931 compared with the two previous years
follows:
1931.
1930.
1929.
3.490,542
4.246.552
Five weeks in January
4.518.609
Four weeks in February
3.797,183
2,835,680
3,506.899
3.837.737
2,939,817
3,515.733
Four weeks in March
2,985.719
3.618,960
3,989,142
Four weeks in April
775,291
942,674
Week of May 2
1,051.935
932,346
Week of May 9
747,449
1,048,960
747,732
928,759
Week of May 16
1.046,594
14.522.230
Total
17.691,923
19,290,159
Annalist Weekly Index of Wholesale Commodity Prices
-Continued Decline Shown.
The Annalist Weekly Index of Wholesale Commodity
Prices fell sharply this week, touching 101.0 Tuesday, compared with 102.5 a week ago and 132.2 for the same week
last year. The Annalist further observes:
This week marks the eleventh consecutive week of decline, a drop of
32.8% in the twenty-two months since July 22 1929. when the present
decline commenced,and of 23.6% in the past year. The decline was caused
chiefly by continued heavy losses in the farm, food and textile products
groups, with most of the others participating in some degree.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(191100)
May 26 1931 May 19 1931. May 27 1930
Farm products
Food Products
Textile products
Fuels
Metals
Building materiaLs
Chemicals
Miscellaneous
s" nnmme....1....
_
87.2
108.2
95.7
125.1
102.3
119.1
99.8
85.8
101.0
*90.3
108.8
•96.4
125.1
102.8
119.8
99.8
85.9
102.5
126.3
136.2
125.1
155.0
113.5
148.8
108.7
110.5
132.2
•Revised.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(Monthly Averages)
Mate 1931.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
An newnrnrun•Inas
April 1931.
May 1930.
90.9
109.7
96.5
125.1
102.7
120.1
99.8
85.8
1020
96.2
112.4
99.5
125.9
104.5
122.5
99.0
85.6
125.8
135.6
120.1
156.0
113.5
149.2
108.7
113.6
111A 1
1.xo •
FINANCIAL CHRONICLE
3962
[VoL. 132.
approximately 7% from
The
Sharp Drop in Wholesale Price Index of National March average farm price of potatotesaadvanced decline in old crop ship15 to April 15 accompanied by seasonal
Fertilizer Association.
ments, and decidedly smaller new crop marketings. The advance was
are still to be disposed of.
large
The wholesale price index of the National Fertilizer Assn., fairly general except in Idaho wherefarm supplies April 15 was about 38%
price for
At 91 cents per bushel the average
computed each Monday morning, fell seven fractional prints lower than the price a year earlier.
during the week ended May 23 to a new record low of 70.7.
A month ago the index number was 72.5; a year ago it was Employment and Price Movement as Viewed by the
90.0; and in 1929 it was 96.2. (The index number 100 repreCentral Trust Company of Illinois at Chicago.
sents the average for the three years 1926-1928). The
In its digest of trade conditions for June, made available
Association on May 25 likewise said:
May 23, the Central Trust Co. of Illinois has the following
Seven of the 14 groups comprising the Index declined and the remaining
nt and prices:
seven showed no change during the latest week. Rather sharp losses to say regarding employme
were shown in the groups of grains, feeds and livestock, other foods and
fats and oils. Other declining groups were textiles, metals, fertilizer
materials and chemicals and drugs. The groups which showed no change
were agricultural implements, automobiles, fuel, building materials, miscellaneous commodities, mixed fertilizer and house furnishings.
Advances were shown in the prices for seven commodities, while prices
for 39 commodities declined during the latest week. Among the important
commodities that declined were cotton, wool, lard, butter, raw and granulated sugar, potatoes, hams, practically all grains and feedstuff% cattle,
hogs, sheep, copper, silver, hides and coffee. The commodities that advanced were eggs, dried apples, silk, lead, zinc, turpentine and rubber.
The index number for each of the 14 groups Is shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 478 COMMODITY
PRICES(1928-192100).
LateetWeek Preceding
M0y23'31. Week.
All Groups(14)
Textiles
Fats and One
Other foods
Grains, feeds and livestock
Fertilizer materials
Mixed fertilizer
Metals
Agricultural implements
Automobiles
Building materials
Fuel
Chemicals and drugs
House furnishings
Miscellaneous commodities
70.7
61.1
58.3
74.0
62.6
80.8
85.7
77.8
95.4
88.4
80.8
80.4
88.8
92.2
f19.5
71.4
61.8
57.3
74.7
65.5
81.1
85.7
78.1
95.4
88.4
80.8
80.4
89.0
92.2
69.5
Month
Ago.
Year
Ago.
72.5
63.3
58.6
75.8
86.5
83.7
88.4
79.9
95.4
87.8
82.3
82.3
89.0
92.2
69.6
90.0
84.9
77.7
94.3
90.8
90.2
97.1
89.5
95.7
95.7
93.9
88.0
95.5
97.6
52A
Farm Price Situation Slightly Improved in Period from
March 15 to April 15.
The purchasing power of farm products in terms of commodities that farmers buy improved slightly from March 15
to April 15 by reason of an estimated decrease in prices of
commodities bought by farmers, according to the Bureau of
Agricultural Economics, U. S. Department of Agriculture,
which also stated:
Employment.
The eyes of the entire country are on the payrolls. No other bit of news
in
receives as much attention as an Increase in the number of employees
any plant or establishment. Since the opening of the year, there has been
sufficient reemployment and new employment to definitely better the
of
unemployment situation. There have been many reductions In number
working days and In the number of employed hours per day. The payrolls
of people but the payroll totals have
are now spread over a larger number
shown very little gain.
from March wasshown
In manufacturing enterprises,a small loss for April
loss in the total amount
In the number of workers on the payroll; a slight
the average earnings of each worker.
of the payrolls; and a slight decline in
$24.30 in March to $24.12 In
the average weekly envelope shrinkage from
of last year, and means that
April. This compares with $26.91 in April
each employee is getting in less time.
by actual figures on nearly
The general employment picture as measured
shows a slight decline in the total
5,000,000 workers in various occupations
per week per worker during
of the weekly payrolls and a drop from $25.01
compares with $26.82 for April of
March to $24.59 during April, which
last year.
toward giving employment to a
The employment trend appears to be
As organized labor has been
larger number for fewer hours per week.
may be that the solution of the
working toward this end for some time, it
keeping all workers employed at all
unemployment problem will be found In
worked per week according
times, and in regulating the number of hours
to the demand for goods and services.
Prices.
at the principal markets
The average wholesale price of all raw materials
May 1 at $287.14, a net decline for
reached a new low for the movement on
peak of more than 50%.
12 months of 21%, and a decline from the 1920
In the grading of materials.
Changes in the methods of computation, and
with the earlier years. On the
make It difficult to make exact comparisons
since the 80's and, after
face of the figures, prices have not been lower
of computing prices, it is certain
allowances for changes in the mechanics
we take Into consideration
that prices have not been lower since 1897. When
fruits, vegetables, lumber.
the improvements in the qualities of grains,
that to-day's market
coal, milk, meats, and what not, we must conclude
than 40 years. Unfortunately,
prices on raw materials are the lowest in more
our overheads have been
our merchandising systems are so complex and
declines can never be fully
allowed to grow so ponderous that these price
prices of consumers' goods. Merchandise
reflected in the wholesale or retail
decline since the peak which
prices, at wholesale, have recorded a heavy
of retail prices of consumers'
was reached early in 1920; the readjustment
Some articles of merchandise,
goods has not yet covered half the distance.
themselves, and are
mainly in the foods lines, have completely readjusted must suffer further
lines
as low as they should go on the movement. Other
move further toward the normal.
Price declines before business volume can
as heavily as the popular
Buying power has not been been curtailed
In the heavy sales In those
impression would indicate. Proof of this Is found
completed. Outstanding examples
lines where price adjustment has been
the sales pick-up Is
are found in foods and in motor cars, in both of which encountered chiefly
is
far beyond the average of all lines. Sales resistance
curzent price level. Some
where the asked prices are not justified by the
at the 1920 peak. This
prices have not been reduced at all and are still
merchandise at present replaceis untenable and the unloading of
Position
appear to be advisable.
ment cost plus a proper margin of profit would prices lower than a year
All of the Important raw materials are selling at
cent a bushel higher, and
ago with the exception of barley, which is a
directly from the
ton higher, the latter resulting
hay, which is a f
drou
hich th
of
summer
The Bureau's index of prices received by farmers continued at 91 for the
period of March 15 to April 15, whereas the index of prices paid by farmers
Is estimated at 134 as compared with 136 the preceding month. The ratio
of prices received to prices paid is placed at 68% of pre-war, compared with
67 in March, and 66 in February this year. In April a year ago the purchasing power figure was 85.
Seasonal advances In the farm price of apples and potatoes from March 15
to April 15, and slight price increases for corn, oats, barley, wheat, cottonseed, lambs, and chickens were offset by declines in prices of cotton,
rye, flax, hay, cattle, calves, wool and dairy and poultry products.
The index farm prices of fruits and vegetables advanced 11 points In the
course of the month, and the group indexes for dairy products, poultry and
poultry products, and cotton and cottonseed declined 2 points. The farm
price Indexes for grains and meat animals were unchanged.
The April 15 group index of farm prices of fruits and vegetables was 67
points below that of a year ago; cotton and cottonseed, 42 points down;
meat animals, 40 points; grains, 36 points; and dairy products and poultry
and poultry products, each 27 points.
of Most
The average farm price of hogs was unchanged from March 15 to April 15
ty Price Weakness Considered as
as declines in Northern States were offset by advances In the South and Far Commodi
Foreman-State
Concern in Business Situation by
At $6.92 per hundredweight in mid-April the average farm price
West.
-Regarded as Due to
was about 24.5% lower than that of a year ago. Receipts of live hogs at
National Bank of Chicago
-week period ended April 18, were
seven primary markets during the 4
Maladministration of Gold.
approximately 9.5% lower than during the corresponding period last year.
recent stock marDomestic and foreign demand for pork continues weak and storage supplies
Discounting the importance of the most
are considerably larger than last year.
Federal Reserve rediscount
on April 15, the same ket decline and of the new drop in
The corn-hog ratio for the United States was 12.0
monthly review of the Foreas for March 15, and 0.3 point higher than on April 15 last year. The ratio rates, the "Business Observer,"
20
for the North Central States was unchanged from March 15 to April 15, man-State National Bank of Chicago, insists in its May
but the Iowa ratio advanced from 13.6 to 14.2.
issue that commodity price weakness is the matter of most
The average farm price of lambs made a slight seasonal advance of about
On concern in the business situation. The "Observer" contends
1.5% from March 15 to April 15, but the price of sheep was unchanged.
that of a year ago.
April 15, the farm price of sheep was about 34% below
that the unpredictable behavior of commodity prices is in
Lamb prices were only approximately 23% below. Demand has continued
large part due to the maldistribution of gold which has been
meats.
weak as the result of relatively low prices of competing
payments. The
The average farm price of corn recovered slightly from March 15 to April effected by the reparations and war debt
Corn prices declined in many
15 after declining for 6 consecutive months.
publication adds:
and Far West, where supplies
Northern States, but advanced in the south
the present situation.
Disproportion is the most descriptive word for
57.7 cents per bushel, the April 15
fundamental
for feeding are rapidly diminishing. At
There Is serious distortion from "normal" in at least three
the price a year earlier.
farm price was about 26% lower than
countries, (b) in the
advanced from 58.3 cents per bushel on situations,(a) in the gold supply as between different
The average farm price of wheat
types of goods and services,
This was the highest price recorded to wealth created by industry,as between different
between wages
March 15 to 59.2 cents on April 15.
farm price a year ago. (c) in the purchasing power resulting from production, as
1931, but it was about 37% less than the
other.
date during
reports of moisture deficiencies in and salaries on one hand, interest and dividends on the
price advance was accompanied by
The
and by indications that farm stocks
Were a comparable situation to develop in a business orNorth American spring wheat areas
proportions.
correction would be taken,
had been reduced to more normal
acreage reduction, failure of cotton ganization, steps for immediate
Revision in trade estimates of cotton
of textile activity and the "Business Observer" notes. There would be no such attimaintain a favorable record, and failure
cloth sales to
improvement, resulted in a 3% de- tude as
"letting the situation work itself out" assumed.
foreign textile sales to show substantial
cotton from March 15 to April 15. The
cline In the average farm price of
resulted in eventual correction
most part, to the South Atlantic States Such an attitude might have
Price decline was confined, for the
for farm of circumstances in pre-war times when consumption naturin the Mississippi Valley States being
and Texas, the tendency
month. At 9.3 cents per pound ally
tended to outrun production. The "Business Observer"
prices to hold the gains of the preceding
approximately 37% lower than the
on April 15, the average farm price was
price a year earlier.
continues:
MAY 30 1931.]
FINANCIAL CHRONICLE
3963
There are, fortunately, several ways out of this distorted situation.
The number of reporting stores has been increased from 40 to 51 this
but not all of them are painless. In part the disproportion between con- month, with a monthly sales volume of over $220,000. The actual sales
sumption income and investment income is being corrected by defaulting of these stores (37 "independent" and 14 "chain" stores) were $226,249 in
bond issues and by the reduction of dividend rates. It is being accentuated. April and $231,950 in March, but since there was one more day in March
however, in some few quarters, where dividends are being maintained, or than in April, the average daily sales are necessary for comparative purposes.
actually increased, the while payrolls are cut down. This is the type of The average daily sales for all stores were $7,542 in April as compared with
situation which calls for business policy of new breadth and vision—for $7,482 in March, an increase of 0.8%.
economic statesmanship.
Although the number of reporting independent stores has increased this
The direct need of business through the current period is for purchasing month, their aggregate sales do not amount to 70% of the total (the figure
power in consumption channels. It behooves the management of business of the Eleven City Census of 1928) and we continue to apply the weights
everywhere in 1931 to reason out both sides of the problem before deciding of 70 and 30 to the sales of independent and chain stores, respectively.
to maintain normal dividend rates this year if payrolls must be further This weighted average of sales shows an increase of 1.2% for April as comcurtailed to permit it. For payrolls are the purchasing power which will pared with March.
make or break dividend opportunities next quarter and next year.
A summary of results for the first third of the year is given below:
A less painful way of restoring normal proportion in purchasing power is
for business to allow prices to decline substantially further than wages in
(43 Stores Jan.'31=100)
the current readjustment. The issue of wage reduction is very much to the
Average Cnweighted
fore at the present time. If the general commodity price declines are not
Daily
Adjusted xlVeighted
51 Stores
arrested in the very near future by a forthright and soundly constructive
Sales.
Index.
(Unadjusted)
Index.
Sales.
program for correcting the most serious distortion of purchasing power,
of production and of gold distribution, wage reduction will become a January
100.00
100.00
105.42
10.552
still more pressing problem. The mere possibility of forestalling by such February
z57,482
101.32
100.09
z3231,950
March
means an unpleasant and costly struggle over wages should spur business
101.62
226,249
7,542
100.69
leadership into a frontal attack on these distorted situations and basic April
x Adjusted for days of month, with 70% weight to independent stores, and 30%
problems.
weight to chain stores. z Revised figures for new total of 51 stores.
Incidentally the "Business Observer" points to a common
fallacy in current thought regarding purcha,sing power. It Many Sears, Roebuck Prices Back to 1913 Level—Averinsists that "purchasing power, in a community or a nation,
age Decrease of 11.4% Shown in Midsummer Flyer
is not measurable by matching a wage against a price but
Catalogue Against Year Previous—Statement Relaby the comparison of total wages available for the purchase
tive to Indiana Chain Store Tax.
of consumption goods with the total price of consumption
On May 21 the "Wall Street Journal" reported the followgoods in the market. Industry did maintain prices and
wages at comparable levels through two-thirds of a decade ing from Chicago:
Prices in midsummer flyer catalogue of Sears, Roebuck Sr Co., on an
after the deflation of 1920-21. But all the while it was average basis,show an average decrease of 11.4% from the 1930 midsummer
increasing the quantity of goods at those prices and either flyer and of about 9% from the 1931 spring and summer general catalogue.
Comparison of 1931 flyer prices with those for the spring of 1913 reveal that
not increasing or actually reducing the number of workers scores
of prices are as low as in 1913 and hundreds of prices are only a few
receiving those high wages."
cents higher than In the pre-war year.
Midsummer sale book offers for the first time the new Companion tire
The "Business Observer" expresses the opinion that the
recently introduced through company's retail stores. For the first time a
excessively low rate policy of the Federal Reserve Banks can large section is devoted to paint in this catalogue.
be maintained until recovery comes, "but it will not have
Time payment plan introduced in midwinter flyer catalogue, continues
pages, Is the largest midhastened recovery materially and it may very possibly delay in effect in current catalogue, which. with 200 catalogue to customers will
Mailing of
issued by
recovery through the handicap it imposes upon financial summer book everyprices will Sears.
be in effect until Aug. 31.
begin May 25 and
institutions in rendering other types of assistance to busiR. E. Wood, President of Sears. Roebuck & Co., issued following statement with reference to Indiana chain store tax situation.
ness."
Supreme Court of tho United States has
"A recent
Regarding the gold situation the review insists that some- declared the decision of the of the State of Indiana to be constitutional,
chain store tax
giving recognition to the fact that the scale for taxation appears to be
thing must be done about the war debt settlements which it reasonable.
"Sears. Roebuck & Co. has 16 stores in the State of Indiana. Based on
regards as huge one-sided transfers of wealth which are dis- the
rates the Indiana State law provides the total tax that Sears will be
turbing price levels and seriously unsettling the economic liable for amounts to $238."
equilibrium of the world.
Montgomery Ward Prices Cut.
Montgomery Ward's midsummer sale catalogue shows price
Decrease in Life Insurance Sales in April As Compared
reductions from the Spring book averaging about 15%, it is
With Same Month Last Year.
The volume of Ordinary life insurance purchased by the stated.
people of the United States in April continued to show a Union Trust Co. of Cleveland Cites Favorable Factors
decrease when compared to April a year ago, says the Life
in Building Industry.
Insurance Sales Research Bureau at Hartford, Conn., under
The most favorable factors in the immediate outlook
date of May 20; the survey continues:
for the building industry are the low cost of construction and
However, although still a loss, the curve during the past two months
has turned slightly upward. The lowest point was reached in February the rising volume of residential building, says the Union
1931; in that month sales were 19% below those of February 1930. In Trust Co., Cleveland. During the first quarter of 1931
March the loss was 18%, while figures just compiled for April show that
built exceeded the same period
the volume purchased during the past month was 16% below that of last the floor space of new homes
April. In making these comparisons it should be remembered that the last year by 2%. "The record for non-residential construcearly months of 1030 set a new record for life insurance sales. Although tion and
for the public work is less favorable, the declines
most industries were being severely affected by the economic situation,
life insurance continued to record enormous gains. March 1930 estab- continuing in these fields," says the bank in its magazine
lished a new peak for sales of life insurance in a single month. Any com- "Trade Winds." "Building material costs are from 10% to
parison made to life ihsurance sales a year ago is, therefore, made to a 20%
below the levels of one year ago. The Bank likewise
period when sales were inflated.
The first four months of 1931 show a loss of 17% when compared to the says:
same months of 1030. This loss is experienced in every section of the
country. The following table affords a comparison of sales in April and
also for the first four months of 1031:
Four Mos. 1931 April 1931
Compared to 1st Compared to
Four Mos. 1930. April 1930.
United States Total—
83%
84%
New England
92
95
Middle Atlantic
85
87
East North Central
82
85
West North Central
80
78
South Atlantic
82
87
East South Central
71
75
West South Central
76
78
Mountain
79
71
Pacific
77
76
The section showing the smallest decrease is the New England section.
These six States are only 8% below the volume paid for in 1930. The
Middle Atlantic States, which pay for about one-third of the total new
insurance sold in the country, rank second. The East and West South
Central States show the largest losses when compared to a year ago. Business in these States has been severely retarded by the drought which
affected large parts of the country.
Conditions for the construction or purchase of a home have not been more
propitious in the past 14 years, with land and material prices at near bottom
levels. However, the prospective home builder faced with curtailed earning power and uncertain employment is delaying his plans to build. Definite improvement in general economic conditions should be reflected immediately in an accumulated demand for new homes.
In the non-residential field, including commercial buildings, factories,
public buildings, hospitals, institutions and churches, there has been a
marked decline in activity caused by unfavorable business conditions.
Financing is difficult to obtain, and many industrial concerns long ago
felt the burden of excess plant capacity.
Public works, embracing highway construction, public utility extensions
and other projects by private and public corporations have been curtailed
as the result of increasing tax rates or insufficient financing. Many governmental units are faced with large deficits resulting from delinquent taxes.
While recent surveys showed a need for an expenditure of some $4,500,000000 in public projects, less tnan one-fourth is actually going forward.
Upward Turn of Purchasing Power of Factory Employees Noted by Midland Bank of Cleveland.
The real purchasing power of factory employees in this
country has turned upward since the first of the year, says
the Midland Bank, Cleveland, in a current study of wages
Report on Monthly Sales of Buffalo Drug Stores—
and cost of living. According to the computation of the
Small Increase Shown During April.
bank, the index of purchasing power advanced from a low
Under date of May 21 the Bureau of Business and Social point of 79.1 in January to approximately 85 in April. The
Research of the University of Buffalo, N. Y. reports as figure was 101 one year before. Industrial production also
follows as to monthly sales of drug stores in that city:
has climbed from an index of 82 in January to 89 in April.
[vol.. 132.
FINANCIAL CHRONICLE
3964
however, was 19% below April 1930, and average weekly earnings were
6.6% smaller, making total payrolls 24.5% less than a year ago, according
to reports of 1,035 establishments to the State Labor Bureau. These
figures, of course, do not embrace the many important fields of employment which make no reports, such as garages and other service establishments, clerical and office help, agricultural workers, Stc.
During most of 1930 the total amount of wages paid to factory workers
Every important classification of industry reported greater employment
dropped much more rapidly than the cost of living, so that their true pur- in April than in March, except petroleum producing and refining, chemicals
quarter of 1931, however, and
chasing power also fell sharply. In the first
paints, and motion pictures. The increases amounted to 12.3% for
payrolls turned up slightly while the cost of living continued to fall, and food products (including canning), 11.3% for leather and rubber goods,
consequently real purchasing power has advanced noticeably, a favorable 3.6% for stone, clay and glass, 3.2% for textiles, 2.5% for printing and
factor for general business.
paper, 1.6% for metals, machinery and conveyances, 1.5% for lumber and
Discussing current trade the bank points out that activity 0.2% for clothing.
"The two principal elements in real purchasing power are
(1) the amount of wages being received and (2) the cost of
living," says the bank in the "Midland Survey," edited by
D.C. Elliott, economist of the institution. The bank adds:
for each month of 1931 has been a little better than the one
• preceding, and that April was appreciably higher than
Philadelphia Federal Reserve Bank Reports Wholesale
December. Continuing it says:
and Retail Trade Conditions in Its District During
rik The year 1931 so far has brought increased business activity but a decrease
April Better Than Seasonal.
leading industrials made a very
In business profits. Net earnings of 100
poor showing in the first quarter, being nearly 15% under the preceding
Mercantile business in the Philadelphia Federal Reserve
three months,61% under one year ago and 70% less than two years ago.
than was to be
• This drop in earnings has been accompanied by numerous dividend District during April made a better showing
reductions and omissions and has also contributed materially to the extreme seasonally expected, according to indexes of the Philadelphia
weakness of the security markets. It is probable, however, that current Federal Reserve Bank based on about 260 reports from retail
Pessimism will be overdone just as optimism was overdone in the summer
and wholesale establishments. The Bank reports as follows:
of 1929.
Retail sales were 4% larger in April than March and, when allowance
for seasonal changes is made, the increase amounts to about 6%. In
comparison with a year ago, the dollar volume of sales was 9% less, but
after correction for the shifting date of Easter, this decline was only about
4%. Nevertheless, in the first four months of this year, the dollar sales
were 9% smaller. Such unfavorable comparison, at least in part, reflects
the influence of lower prices. This also holds true of commodity stocks,
which continued about 14% lower than last year.
Business at wholesale declined less than 1% in the month; the decline
from March to April is usually much greater. Liens which made a better
than seasonal showing included shoes, dry goods, groceries, jewelry, paper.
In hardware there was considerably more than the usual gain.
Compared with April 1930, dollar sales, as reported by 8 wholesale
electrical
lines, were 11% smaller, declines varying from 2% in sales of
The most pronounced gain in the month occurred in the output of hydro- supplies to 27% in jewelry. Stocks of goods at wholesale establishments
year ago.
electric plants, owing mainly to a larger supply of water from rainfalls.
were reduced seasonally and remained appreciably smaller than a
Daily sales of electricity showed a gain of nearly 5%, owing chiefly to a Accounts receivable and collections on the whole showed marked declines
of electrical energy by industries for power purposes from April 1930, but there wore gains from March this year in almost half
greater consumption
and to a larger residential and commercial use for lighting. In comparison of the reporting lines.
with a year ago, sales were 4% less, the decline being caused by smaller
sales to industries and reduced miscellaneous sales.
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL RESERVE
DISTRICT FOR THE MONTH OF APRIL 1931.
(Daily Average)
(Compiled by Department of Research and Statistics Federal Reserve Bank of
Change
April
Change
Philadelphia.)
Electric Power-Philadelphia Federal
from
(Total for Month) from
District. 11 Systems.
Per Cent Change.
March
April
1931.
1930.
Net Sales.
+0.3% +3.6%
1,847,000 kw.
Rated generator capacity
+0.9% -2.9%
17,830,000 kwh
Generated output
Jan. 1 to
Daily Average
Index Numbers.
6,314,000 kwh +62.1% -6.2%
Hydro-electric
Apr. 30
During Month
(P. Ct. of 1923-1925
7.757,000 kwh -23.6% -2.0%
Steam
Compared
Compared with
Monthly Average).
+3.8% +1.0%
3,759.000 kwh
Purchased
with Same
+4.5% -4.2%
18,185.000 kwh
Sales of electricity
Previous Same Mo. Period
April
March
+1.6% +10.1%
3,707,000 kwh
Lighting
Month. Last Year. Last Year.
1931.
1931.
-9.5% +7.1%
376.000 kwh
Municipal
+3.1% +10.5%
3,331,000 kwh
Residential and commercial
-26.8
-28.3
-5.5
59.5
62.9
kwh
+3.8% -2.2% Boots and shoes
12.612,000
Power
--3.2
--7.2
-4.9
102.5
107.8
+7.3% +5.6% Drugs
285,000 kwh
Municipal
--12.9
-16.7
-7.5
55.1p
59.6
-8.5% +1.6% Dry goods
2,006,000 kwh
Street cars and railroads
--1.8
-14.6
-7.3
56.4p
60.8
•10,321,000 kwh •-I-6.5%
Electrical supplies
Industries
-12.4
-12.4
-1.9
84.19
85.8
1,866,000 kwh +16.4% -31.5% Groceries
All other sales
--8.4
-19.4
+11.3
75.3
67.6
Hardware
--26.9
-32.3
-14.9
39.0
45.8
Jewelry
%Working days average-other items are computed on calendar days.
-20.4
--16.6
-2.7
74.3
76.4
Paper
Daily Output of Electric Power in Philadelphia Federal
Reserve District Increased 1% in April Over March.
Daily output of electric power by eleven central stations
of the Philadelphia Federal Reserve District was 1% larger
in April than March, which was a more favorable comparison
than was to be seasonally expected, but almost 3% less than
in April 1930, according to reports received by the Department of Research and Statistics of the Philadelphia Federal
Reserve Bank. The Bank's survey continues:
Trade and Employment Conditions in California as
Reported by Wells Fargo Bank & Union Trust Co.
of San Francisco.
Under date of May 18th the Wells Fargo Bank & Union
Trust Co. of San Francisco, indicates in part as follows
conditions in California:
General Situation.
The trend of business in California during the past few months has
shown no definite tendency, except for moderate seasonal expansions in
wholesale and retail trade and industrial activity. Virtually all lines of
business are less active than a year ago, as is reflected by reductions in
such broad indicators as freight carloadings, intercoastal shipping and bank
debits.
Seasonal increases in manufacturing improved the employment situation
somewhat; building construction, however, failed to show the usual spring
expansion.
Agriculture and livestock have been adversely affected by sub-normal
rainfall. Supplies of water for irrigation are the lowest since 1924.
Stocks at End
of Month. •
Collections
During Month.
Compared Compared Compared Compared Compared compared
With
with Same
with Same
with
with Same
with
Previous Month
Previous Month Previous Month
Month. Last Year. Month. Last Year. Month. Last Year
Boots and shoes.-Drugs
Dry goods
Electricalsupplies-Groceries
Hardware
Jewelry
Paper
----2.5
-2.4
--4.3
-1.9
-0.7
____
____
-3.7
-19.7
671
-:" -10.0
-14.5
-9.3
+0.3
-0.9
+2.2
-6.0
+0.2
+6.3
-5.3
-0.7
-19.7
-2.4
-9.4
-17.0
-8.7
-16.0
-14.9
-8.1
+23.9
-3.8
+3.0
-13.9
-9.8
-12.3
- 4.-1-- -5
+17.8
-3.4
+8.3
-ill
-19.1
-17.8
-23.8
p Preliminary.
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
FOR THE MONTH OF APRIL 1931,
Index Numbers
Net Sales,
of Sales.
April
(Per Cent of
Jan. 1 to
1923-1925
1931
April 30
Monthly Average.) Compared Compared
With
with Same
March
April
April
Period a
1931.
1931.
1930. Year Ago.
Trade.
Calfironia department stores show dollar-volume decreases from last
year of 9% for April and 8% for the first four months-about the same as
for the country as a whole. Wholesale trade, except furniture, gained
seasonally in March over February, but all lines ran considerably below
last year's levels. Mercantile inventories continue generally at minimum
levels; collections are usually reported slower than last year.
39,561,533,mo
Bank debits indicate the slack state of business; totaling
months of the year, they show a
at 14 principal cities during the first four
sales improved seasonally, but
decrease of 19% from 1930. Automobile
sales of life insurance were 23%
are 22% below last year. First-quarter
period in 1930. Newspapers in
smaller than the record-breaking same
months carried 10% less advertising
13 California cities in the first four
Advertising."
than a year ago, according to "Western
active than a year ago; permits
The construction industry is much less
the State during the first four months totaled
for new buildings issued in
according to S. W. Straus
$49,008,092. a decrease of 28% from last year,
lit Co.
Factory Employment.
been an increase in
In each month since the first of the year there has
seasonal
the number of workers employed in California factories, paralleling
expansions in activity. The gain over the previous month amounted to
in April. April employment
0.5% in February, 1.4% in March and 2.7%
Accounts Outstanding
End of Month.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Men's apparel
In Philadelphia
Outside Philadelphia
Women's apparel
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem and Easton_.
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
All other cities
87.3
84.0
81.8
89.09
86.1
82.8
69.0
78.0p
140.6
145.2
99.7
69.0
108.4
85.3
85.9
81.9
89.5
86.2
70.0
106.1
87.6
81.5
82.9
79.9
94.1
87.7
93.4
87.5
84.2
84.9
98.7
103.2
86.7P
85.8
88.3
110.0
-9.3
-7.6
-6.2
-10.7
-22.8
-22.3
-23.1
-16.8
-15.7
-22.0
-25.8
-4.0
-8.9
-8.8
-10.0
-8.2
-18.1
-8.5
-9.6
-15.1
-15.7
-12.8
-15.0
-11.6
-7.1
-12.9
-4.8
-9.9
-12.8
-9.1
-0.9
-11.4
-10.5
-6.0
-3.9
-5.5
-2.4
-7.6
-4.0
-13.5
-16.9
-10.9
-7.0
-6.2
-12.4
-17.2
-9.5
•
MAY 30 1931.]
FINANCIAL CHRONICLE
Stoats Turnover
Jan. 1 to
April 1930.
1931.
1930.
-14.3
-14.1
-13.0
-16.3
____
-44.5
--16.5
-16.1
-18.2
-10.6
-16.5
-31.1
-24.5
-12.4
-16.6
-11.1
-16.8
-25.0
-12.4
-13.2
-14.6
-15.3
-11.8
1.28
1.27
1.37
1.04
___.
- :ii
0
2.35
2.60
1.39
0.85
0.82
1.43
0.88
0.97
1.20
1.16
0.98
1.12
1.14
1.11
0.85
0.85
0.89
1.22
1.21
1.34
0.96
-__
"0".io
2.08
2.28
1.30
0.87
0.77
1.39
0.80
'
0.95
1.01
1.15
0.92
0.94
1.01
1.05
0.78
0.79
0.83
+111+++1+11
w.k.2t4owoww.-.
All reporting storesDepartment storesIn PhiladelphiaOutside Phila _ _ _ _
Men's apparel
In Philadelphia
Outside Phila_ ___
Women's apparel_
In Philadelphia
Outside Phila_ _
stores
Credit stores
Storm in:
Philadelphia
Allentown, Bethlehem & Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
WIlkes-Barre_ _
Wilmington
All other cities_ __
Year
Ago.
I
Month
Ago.
1111141.+111
w w
Clabo;-.CRWM,,;-66.b2W
Stocks at End
of Month.
Compared with
V Preliminary.
Accounts Collec'ns
Receivable During
at End
Month
of Month Compared
Compared
with
with
Year
Year Ago. ago.
-2.0
____
.."0".i
.
=4:
7
___
-:-- :6
0
-1-Ii
-22.8
-5.6
+1.2Shoe
-13.0
-8.0
-7.9
+5.6
+7.9
-9.7
-13.0
+6.4
-10:4
-1.2
-1.3
-7.1
-0.8
-2.0
=4:6
-0.3
-0.7
-0.7
-6.5
-3.3
Business Conditions in San Francisco Federal Reserve
District Showed Seasonal Increase in April.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of San Francisco,
under date of May 22 states that "after due allowance for
seasonal expansion, the business situation in the Twelfth
(San Francisco) District has remained unchanged during
the past three months. Industrial activity, which had been
stable during February and March, appears," he says,
"to have shown about the seasonal increase during April.
Divergent movements were shown by the various available
measures of trade. Commodity prices continued to decline
and the agricultural outlook was attended by factors similar
to those prevailing in recent months."
3965
with the records of early 1930. Building of the social utility,
governmental, and educational types has remained on a fairly well sustained
level.
We anticipate an early tendency for the residential class to show moderate
improvement, not in any sense approaching the proportions of a building
boom, but reflecting a healthy tendency for the growing demand for
homes,
particularly in suburban areas, to stimulate confidence in this field, already'
provided with ample capital facilities. The most hopeful aspect of thiS
outlook in most urban areas is in connection with houses rather than apartments. Industrial building will probably be stimulated as soon as it
is
recognized that the worst of the business depression is passed and that
the advantage of lower costs are recognized. General construction costs
fell sharply in March, and are likely to show another sharp decline in
April. Thereafter stabilization of costs will tend to develop.
In the field of engineering works the first quarter of 1931 also fell
below similar periods of the past few years. There has been a decline in
street contracts, as reported by the "Engineering News Record" in the
States West of the Rockies, but the first quarter of 1931 still compares
favorably in this respect with the years prior to 1930. Water works and
sewer construction have shown no significant decline, but bridge work and
excavations have been sharply curtailed. A very large volume of engineering
work of general character, not falling within the above classificati
in part related to the activities centering about the Boulder Dam ons, and
project,
is beginning to be reported. In general, the outlook for engineering contracts of the type illustrated in our chart above is for moderate gain in
street work as the year progresses, and a fair volume of water works and
sewer construction, but comparatively small activity in bridge work, outside
of one or two large contracts which may mature within the year.
April Automobile Production Shows Big Falling Off
from 1930 and 1929.
April factory sales of automobiles in the United States,
as reported to the Bureau of the Census, consisted of 335,708
vehicles, of which 285,028 were passenger cars, 50,015
trucks, and 665 taxicabs, as compared with 444,024 vehicles
in April 1930 and 621,910 in April 1929. For the four
months to April 30 in 1931 the number of vehicles turned
out has been only 1,003,901, against 1,444,047 in the four
months of 1930 and 2,074,820 in the four months of 1929.
The table below is based on figures received from 144
manufacturers in the United States for recent months, 42
making passenger cars and 113 making trucks (11 making
both passenger ears and trucks). Figures for passenger
cars include only those designed as pleasure vehicles, while
the taxicabs reported are those built specifically for that
purpose, pleasure cars later converted to commercial use
not being reported as taxicabs. Figures for trucks inlcude
ambulances, funeral cars, fire apparatus, street sweepers
and buses. Canadian figures are supplied by the Dominion
Bureau of Statistics.
There was little to alter the agricultural situation during
April; the
probability that there will be good crops and low prices
approaches a
a certainty. April rains afforded relief to dry land farming
in some areas
and helped to replenish the smaller than usual irrigation
water
Rainfall, although well below normal in most parts of the district supplies.
this
has been equal to or slightly greater than last year. The principal year,
exception is in northern and central California, where precipitation has
been
unusually light this season. In certain areas the growth of forage on
ranges
has been somewhat retarded this spring by lack of rainfall. This
situation
has induced an early market movement of livestock from California,
the
NUMBER OF VEHICLES.
condition of which is less favorable than usual. The condition of
most
crops, according to May 1 estimates, is as satisfactory as in other
recent
United States.
years.
Canada.
Industrial operations increased from March to April by about the usual
TaxiPassenger
Passer,
amount. Total lumber production increased more than seasonally
Trucks. cabs.: Total. get Cars. Trucks.
Cars.
Total.
although developments in this industry were not uniform throughout
the
1929.
district. Daily average output of crude oil was negligibly less than in January
401,037 345,545 53,428 2,064 21,501 17.164 4,337
April, but reports for the first half of May indicate an upturn. There was February
466,418 404,063 60,247 2,108 31,287 25,584 5,703
a moderate increase in the output of refined oil products during April. March
585,455 511,577 71,799 2,079 40,621 32,833
April
621,910 535,878 84,346 1,686 41,901 34,392 7,788
Mining of non-ferrous metals other than gold continued at an unusually
7,509
slow rate. Building and construction activity declined from the relatively
Tot. (4 mos.) 2,074,820 1,797,063 269,820 7,937 135,310 109,973 25.337
high levels of March.
Trade activity did not change greatly from the March levels. Depart- May
604.691 514,863 88.510 1,318 31,559 25,129 6,430
545,932 451,371 93,183 1,378 21.492 16,511 4,981
ment store sales declined slightly during April, but this was due almost June
July
500,840 424,944 74,842 1,054 17,461 13,600 3,861
entirely to the fact that nearly all of this year's Easter trading came in AUgtla
498,628 440.780 58,808 1,040 14,214 11,037 3.177
March. Registrations of new automobiles and wholesale trade increased September
415,912 363,471 51,576 865 13,817 10.710 3,107
380,017 318,462 60,687 868 14,523 8,975 5,648
somewhat, but the volume of railway and intercoastal traffic contracted October
November
217,573 167,846 48,081 1,646 9,424 7,137 2,287
slightly during April.
December
120,007 91,011 27,513 1,483 5,495 4,426 1,069
Neither total deposits nor total loans and investments ofreporting member
Total (year) 6,358,420 4,569.811 771,020 17,589 263,295 207,498 55,797
banks have changed appreciably during the past five weeks. Borrowings
.
from the Federal Reserve Bank of San Francisco by city member banks
in1930.*
creased temporarily during late April and the first half of May. but have January
273,221 232,848 39,406 967 10,388 8,856
since declined to less than a million dollars. Recent reductions of accept- February
330,414 279,165 50,398 851 15,548 13.021 1,532
March
ance buying rates by the Federal Reserve Bank of San Francisco
396,388 329,501 65,466 1,421 20,730 17,165 2,527
have
3.565
444,024 372,446 71,092 486 24,257 20,872 3,385
been followed by an increased sale of acceptances by member banks as a April
means of obtaining funds from the Reserve Bank. There have been marked
Tot. (4 mm.) 1,444,047 1,213,960 226,362 3,725 70,923 59,91411,009
declines during recent months in member banks' holdings of
acceptances May
as well as in the creation of this type of paper. Additional
420,027 360,928 58,659 440 24.672
3,421
financing by June
334,506 285,473 48,570 463 15,090 21,251 2,896
the United States Treasurer has resulted in an expansion in member
bank July
265,533 221,829 43,328 376 10,188 12,194 1.632
8,556
holdings of Government securities, while investments in other securities AUgUSt
183,532 40.450 386 9,792 6,946 2,846
224,368
were about the same on May 20 as on April 15. There has been no
220,649 175.496 44,223 930 7,957 5,623 2,334
change September
October
in interest rates charged customers by commercial banks during
154,401 113,226 40,593 582 4.541 3,208
late April November
138,754 100,532 35,613 609 5.407 3,527 1.335
and early May. Rates paid to depositors have been reduced
1.880
both by banks December
155,701 120,833 33,443 1,425 5.622 4,225 1,397
and by building and loan associations.
Total (year)_ 3,355,986 2,775,809 571,241 8,936 154,192 125,442 28.750
1931.
January
February
*171,848 137.805 *33,531 512 6,496
1,944
*219,940 179,890 *39,521 529 9,871 4,552 2,342
7,529
March
*276,405 *230,834 *45,161 410 12,993 10,483 2,510
April
335,708 285,028 50,015 665 17,159 14,043 3,116
Tot. (4 mm.) 1,003,901 833,557 168.228 2,116 46.519 36.607 9.912
Last Year.
x
factory-built taxicabs, and not
The Silberling Research Corp., Ltd., of San Francisco intoIncludes onlyhire. •Figures for 1930 and forprivate passenger cars converted
vehicles for
January, February, and March
,
reports as follows as to building construction in the first 1931 revised.
Quarter of this year:
Rubber Exchange Elects Governors-Proposal to Close
The exceptional severity and duration of the general business
depression
prevented building permits on the Pacific Coast from showing
Exchange on Saturdays in Summer Voted Down
improvement
during the first quarter of 1931. The total permits recorded
by Board.
in 18 representative cities of the Pacific Coast States reveal a considerabl
e reduction
Harry A. Astlett, of the firm of H. A. Astlett & Co., has
from those of the same quarter a year ago; but there has
continued to be a
comparatively moderate decline in the important residential
group. Com- been elected a member of the board of governors of The
mercial types of structures in these cities were considerably
reduced in the Rubber Exchange of New York, Inc., to serve the unexpire
first quarter, but industrial permits reached a total
d
comparing favorably term of Hutcheson Page, resigned.
Clinton T. Revere, of
Silberling
Research Corporation on Building
Construction on Pacific Coast
-Activity in First
Quarter of This Year Below That of Same
Period
3966
[Wit.. 132.
FINANCIAL CHRONICLE
Munds & Winslow, has been elected Governor to serve the
unexpired term of Jerome Lewine, resigned.
Some members recently petitioned the board of governors
for the privilege of voting on a proposal to close the exchange
to trading on Saturdays during June, July, August and
September. After full consideration the board has respectfully refused the request, holding that inasmuch as the foreigh rubber markets remain open on Saturdays, traders
should not be denied the opportunity to trade in exchange
contracts here.
I
Rubber Outputs Reduced in April.
Rubber production in the Far East, especially on the
native growing estates in Malaya, underwent a further substantial decline during April, it was disclosed in the Far
Eastern Rubber Census for that month received by The
Rubber Exchange of New York, Inc., by cablegram on
May 19. The Exchange says:
Southern Pine Reports.
that for
The Southern Pine Association reported from New Orleans
production, and orders
138 mills reporting, shipments were 3% above
during
5% above production and 7% below shipments. New business taken
at 133
the week amounted to 33,726,000 feet (previous week 33,432.000
produoand
mills); shipments 36,435.000 feet (previous week 37.149,000);
Orders on hand at the
tion 35,481,000 feet (previous week 33,825,000).
feet. The 120 identical mills
end of the week at 116 mils were 84.084.000
a decrease
reported a decrease in production of 29%, and in now business
of 21%, as compared with the same week a year ago.
Portland. Ore., reported
The Western Pine Manufacturers Association of
and new
production from 90 mills as 37,240.000 feet, shipments 31,239.000
36%
business 28,873,000 feet. The 60 identical mills reported production
ess and new business 28% less than for the same week last year.
A.ssociation of San
4' The California White & Sugar Pine Manufacturers
shipments
Francisco reported production from 24 mills as 16.240.000 feet,
reported a
17,010,000 and orders 13.869.000. The same number of mills
compared
decrease of 37% in production and a decrease of 15% in orders,
with the same week a year ago.
of Minneapolis, Minn., reported
The Northern Pine Manufacturers
new
production from 7 mills as 5,392.000 feet. shipments 3,019.000 and
business 3,103,000. The same number of mills reported a 13% decrease
In production and orders the same, compared with the corresponding week
of 1930.
The Northern Hemlock and Hardwood Manufacturers Association of
feet, shipOshkosh, Wis., reported production from 20 mills as 2,741,000
ments 1,683.000 and orders 1,309.000. The 19 identical mills reported
27% less than for the same week
production 14% more and new business
in
reported a
Estates of less than 100 acres in size, predominantly native,
tons during
production of 11,925 tons during April, compared with 18,356
chiefly of
March. Estates of more than 100 acres in size, comprised
during
European-owned plantations, reported production of 17,039 tons
The North Carolina Pine Association of Norfolk. Va., reported producbusiness
the month, compared with 18,913 tons during March.
tion from 84 mills as 6,394.000 feet, shipments 6.587.000 and new
montn underwent a moderate reduc- 8,371,000. The 41 identical mills reported production 28% less and orders
Stocks on estates at the close of the
close of the
tion. totalling 21,406 tons, compared with 22,492 tons at the
24% more than for the same week last year.
previous month.
Hardwood Reports.
with holdings of
Dealers' stocks amounted to 18,789 tons, contrasted
The Hardwood Manufacturers Institute of Memphis, Tenn.. reported
20.830 tons at the end of March.
and
production from 223 mills as 18.352,000 feet, shipments 22,575,000
new business 22,121,000. The 204 identical mithi reported a 40% decrease
the same week
in production and a 3% increase in orders, compared with
-But Hard- in 1930.
Lumber Production Again Exceeds Orders
Association of
The Northern Hemlock and Hardwood Manufacturers
wood Position Is Favorable.
mills as 2,105.000 feet, shipOshkosh, Wis., reported production from 20
The 19 identical mills reported a
A combined improved relation for hardwoods and a less ments 1,695,000 and orders 1,374.000. decrease of 46% In new business.
production and a
decrease
favorable ratio of softwood orders to production marked the comparedof 59% in
with the same week a year ago.
lumber movement for the week ended May 23, it is indicated CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PROLumber Manufac.
in telegraphic reports to the National
DUCTION FOR THE WEEK ENDED MAY 23 1931 AND FOR 20 WEEKS
turers Association from 807 leading hardwood and softwood
mills. Production of these mills was reported as 242,897,000
feet. Shipments equalled this figure, but the ratio of combined hardwood and softwood new business was 11%
below it. A week earlier orders reported by 785 mills were
9% below and shipments were 4% above a total production
of 236,790,000 feet. Comparison by identical mill figures
of reports for the latest week with those for the equivalent
period a year ago shows: For softwoods, 466 mills, production 31% less, shipments 25% less and orders 27% less;
for hardwoods, 223 mills, production 43% less, shipments
14% less and orders 3% under the volume for the week a
year ago.
Lumber orders reported for the week ended May 23 1931,
by 584 softwood mills totaled 191,618,000 feet, or 14%
below the production of the same mills. Shipments as
reported for the same week were 217,589,000 feet, or 2%
below production. Production was 222,440,000 feet.
Reports from 243 hardwood mills give new business as
23,495,000 feet, or 15% above production. Shipments as
reported for the same week were 24,270,000 feet, or 19%
above production. Production was 20,457,000 feet.
Reports from 495 softwood mills give unfilled orders of 675 514,000 feet,
on May 23 1931. or the equivalent of 14 days' production.d This is based
-day year-an may be comupon production of latest calendar year-300
pared with unfilled orders of 490 softwood mills on May 16 1931. of 708,812,000 feet, the equivalent of 15 days' production.
The 432 identical softwood mills report unfilled orders as 657,056,000
feet on May 23 1931, as compared with 922,343.000 feet for the same week
a year ago. Last week's production of 466 identical softwood mills was
209,321,000 feet, and a year ago it was 301,622.000 feet; shipments were
respectively 204,484.000 feet and 271,771.000. and orders received 178,479,000 feet and 243,924,000. In the case of hardwoods. 223„identical mills
reported production last week and a year ago 19,309,000 feet and 33,882,000;
shipments 22,653,000 feet and 26,453,000, and orders 22,198.000 feet and
22,839,000.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the followfor 221 mills reporting for
ing new business, shipments and unfilled orders
toe week ended May 23.
UNSHIPPED ORDERS.
SHIPMENTS.
NEW BUSINESS.
Feet.
Feet,
Fed.
CoastwLse and
Domestic cargo
Domestic cargo
intercoastal - 42.150,000
delivery......188,358.000
delivery- _-- 38,426,000
110,157,000 Export
25,094,000
13,342.000 Foreign
Export
102,243,000 Rail
44.707,000
41,834,000 Rail
Rail
Local
8,765,000
8,765.000
Local
400.758,000 Total
121,616,000
Total
102,367,000
Total
118.952.000 feet.
Production for the week was
identical mills reported orders 6.7% above
For the year to May 16, 165
above production. The same numproduction, and shipments were 6.9%
Inventories of 5.6% on May 16, as comber of mills showed a decrease In
pared with Jan. 1.
level in the Pacific Northwest
Emplopment.-The general employment
all, according to the 4L employment
held steady last week, but that was
Douglas fir or pine logging and
service, Portland, Ore. No increase in
lumber manufacturing was reported.
TO DATE.
Association.
Produotton
M Ft.
Shipmeats.
M Ft.
P. C.
of
Prod.
Southern Pine:
36,435 103
35,481
Week-138 mill reports
747.090 810,264 108
20 Weeks-2,741 mill reports
West Coast Lumbermen's:
121,616 102
118,952
Week-221 mill reports
20 Weeks-4,451 mill reports.- 2,123,351 2.222,956 105
Pine Manufacturers:
Western
31,239 84
37,240
Week-90 mill reports
521,740 571,223 109
-1,837 mill reports....
20 Weeks
Sugar Pine:
California White and
17.010 105
16,240
Week-24 mill reports
217,006 192
113,227
-347 mill reports
14 Weeks
Northern Pine Manufacturers:
3,019 56
5,392
-7 mill reports
Week
56,835 113
50,388
-140 mill reports
20 Weeks
Noliemlock&Hardwood(softwoods):
1,683 61
2,741
Week-20 mill reports
28,497 65
43,739
-549 mill reports
20 Weeks
North Carolina Pine:
6,587 103
6.394
Week-84 mill reports
141,012 120
117,074
20 Weeks-1,750 m 11 reports.-Softwood total:
217,589 98
222,440
Week-584 mill reports
-11,815 mill reports-. 3,716,609 4,047,793 109
20 Weeks
Hardwood Manufacturers Inst.:
Week-223 mill reports
-4,196 mill reports
20 Weeks
Northern Hemlock St Hardwood:
Week-20 mill reports
-549 mill reports
20 Weeks
Hardwoods total:
Week-243 mill reports
-4,745 mill reports
20 Weeks
18,352
353,831
2,105
89,275
22.575 123
417,989 118
1,695
57,337
81
64
Orders
M Ft.
P. C.
of
Prod.
33,726 95
806.148 108
102,367 88
2,296,801 108
28,873 78
550,262 105
13.869 85
207,844 184
3,103 58
55,960 111
1,309
29,299
48
67
8,371 131
110,359 94
191.618 88
4,056,673 109
22,121 121
424,541 120
1,374
56,368
65
63
24,270 119
475,326 107
23,495 115
480,909 109
Drand total:
241,859 100
242,897
Week-807 mill reports
-16,011 mill reports.- 4,159,715 4,523,119 109
20 Weeks
215,113 89
4,537.582 1109
20,457
443,106
e
Continued Gain in Shipments of Automotive Parts and
Accessories.
from manufacturers of automotive parts,
Final figures
accessories and service equipment indicate that April continued the upward swing that has been evident since the
first of the year, with each month better than the preceding
one, according to the Motor and Equipment Association.
In reporting this, the Association on May 25 said:
The advance took place both in shipments to car manufacturers for
original equipment and to wholesalers for distribution to the replacement
trade. Increased shipments to car manufacturers bear out estimates of a
gain in car production for May.
The grand index of shipments for all groups of manufacturer members
reporting their figures to the association for April stood at 124% of the
in
January 1925, base index of 100 as compared with 113 for March, 93
February, and 163 for April 1930.
Reports by divisions of member manufacturers in April follow;
Parts-accessory makers selling their products to car and truck makers
for original equipment made shipments aggregating 127% of the January
1925 base as compared with 117 in March, 95 in February, and 175 in
April a year ago.
Shipments to the trade by makers of service parts were also 127% of
the January 1925 base as compared with 110 in March, 99 in February,
and 150 in April last year
MAY 30 1931.]
FINANCIAL CHRONICLE
3967
Accessory shipments to the trade in April were 66% of the January 1925
base as compared with 65% for March, 53% for February, and 74% for
April 1930.
Service equipment shipments, that is, repair shop machinery and tools,
in April were 118% of the 1925 base figure as compared with 115% for
March, 97 for February, and 180 for April 1930.
farms. The total Russian acreage sown to spring crops up to May 5
last year was 92,900,000 acres.
Canadian Wheat Exports Bright Spot in Trade
Situation—According to Bank of Montreal.
The freer flow of wheat for export is pointed out as one
of the bright spots in the Canadian crop and general business situation, according to the business summary dated
May 22 of the Bank of Montreal. Exports in the first week
of May totaled 6,888,171 bushels, and by the middle of the
month the visible supply of Canadian wheat had fallen to
149,798,000, bringing the total nearly 21,000,000 bushels
under the figure for the corresponding date last year. Speaking of the crop situation in general, the Bank says:
Australia has only 30,000,000 bushels of her 1930 wheat crop yet unsold
This announcement, most encouraging to those concerned In the marketing
of Canada's wheat surplus, reached official sources here to-day.
Of Australia's 200,000,000 production last year, domestic requirements
consumed 50,000,000 bushels. About 95,000.000 bushels. including flour
equivalent, have already been exported as follows: 50,000,000 bushels to
non-European countries; 22,250,000 bushels to Shanghai and 13.000,000 to
Japan.
Steamers loading wheat and chartered are taking care of an additional
25,000,000 bushels. Australia's aggregate wheat and flour commitments
thus total 120.000.000 bushels, leaving only the small amount of 30.000.000 bushels remaining to be sold.
Removal of this large amount of Australia's supply, it is stated, will
clear the way to a considerable extent for the marketing of Canadian
wheat. The wheat acreage in Australia this year will be substantially
less than in 1930.
"Crop prospects have again become a matter of current concern. In the
Prairie Provinces the area planted to wheat shows a reduction of about
2,000,000 acres. There is lack of adequate moisture in Southern Saskatchewan and Southern Alberta, and not too much in other parts, but in the
Central and Eastern Provinces prospects are encouraging. Low prices of
all farm products, however, persist."
Huge Grain Surplus Expected by Russia-283,333,000
Bushels of Wheat Would Be Available for Export,
According to Estimates.
From the New York "Times" we quote the following
from Moscow May 18:
Australia's Wheat Surplus Declining.
Canadian Press advices from Ottawa, Ont., May 20 said:
Argentine Government Studies Advisability of State
Building Grain Elevators.
The following Buenos Aires cablegram May 23 is from the
New York "Times":
The Provisional Government is studying the advisability of the State
constructing grain elevators instead of granting a concession for their
construction by a big Canadian firm which submitted a project several
weeks ago.
The absence of grain elevators constitutes one of Argentina's most
Pressing problems, and the Canadian firm submitted a proposal to construct 600 elevators in the interior with large terminal elevators in the
The newspaper "Pravda" comments sharply on the backwardness of principal
ports.
spring sowing up to May 15, which was then 10.000.000 acres behind the
The Provisional Government accepted the offer in principle and repace set last year, although the program requires an increase of more than quested the company to submit details. This caused several Argentine
30.000,000 acres. Unless an exceptional effort is made in the next three concerns to submit competing proposals, and it now seems certain that
weeks it is unlikely that more than 250,000.000 acres will be sown on the the Canadian proposal will be definitely sidetracked in favor of some
general schedule of 300,000,000 acres, including cotton, tobacco, sugar other plan.
beets and other products. Cotton has already been sown to an area a
third larger than that of last year, or 90% of the schedule.
It is, therefore, difficult to estimate what will be the surplus of grain Argentine Exports of Grain Increase—Shipments Gain
available for export after the coming harvest. Of the last grain harvest
as Peso Drops, Sending Price Down for Foreign
the government has "mobilized," above the needs of the rural population
some 23,000,000 tons of all grains, according to the latest figures given
Market.
to the writer but not yet published. This mobilized grain must cover the
The following Buenos Aires cablegram May 24, is from
requirements of the urban population and the army, which amount to
14,000,000 tons on the present restricted but fairly adequate "card ration" the New York "Times":
distribution system, this leaving 9,000,000 tons for export.
Further declines in peso exchange and lower quotations for governNot more than 5.000,000 tons have been exported to date. Thus there ment securities were again features of the week's trading.
will be a carry-over to the next harvest of between 3,000.000 and 4,000.000
The grain markets were fairly active at low prices, which are not intons. The Commissariat of Agriculture at present is not over-optimistic creasing proportionately with the drop in exchange.
about this year's crop, but estimates that the coming harvest, with fairly
The value of the paper peso dropped nearly a cent in a week from 31.2
good weather conditions, will provide a "mobilized" surplus, over present
United States cents on Monday. to 30.32 cents on Saturday. Dollars
were quoted on Monday at 141 gold pesos for $100. at which price the
peasant needs, of 30,000,000 tons, including autumn-sown grain.
This would mean an export possibility of between 17,000,000 and 20,- quotation had been steady since the preceding Wednesday. On Wednes000,000 tons, a half to three-fifths of which would be wheat. 18,500.000 day the gold peso began to weaken and closed at 141.45 for $100. dropped
tons of wheat is equivalent to 283.333,333 bushels.]
sharply on Thursday to 142.80. was 144 on Friday and closed Saturday
at 145.10.
Trading on the stock market was dull throughout the week, with sluggish
50% of Farms in Russian Soviet Collectives.
demand for government paper and cedulas of the National Mortgage Bank
fell off from 40 to 90 cents, closing at new low levels for the year.
Writing from Moscow May 15 to the New York "Times"
Grain prices were unchanged for the week, which resulted in the prices
Walter Duranty says:
embeingdancd
brisk.erably cheaper when figured in sterling or dollars and export
was
Collectivization of Soviet farms surpassed on Monday the figure set for
Wheat export totaled 5,191,260 bushels, compared with 3,718,630 the
the current year by the December plenary session of the Central Committee of the Communist party-50.4% of all holdings as against 50% previous week, and 1,624.150 the corresponding week last year. The total
to date is 70,553,630 compared with 47,372,690 on the same date last year.
set by the program.
The German Volga Republic tops the list with 93.9% of its farms
collectivized. Then follow the North Caucasus, with 81.6% and the
Ukraine, with 63.5%. Spring sowing also has advanced considerably
Coffee Burning Contemplated—Brazi Hopes to Reduce
and reached 85,000,000 acres last Monday. or 35% of the program.
Owing to the late spring this year 50.000,000 fewer acres had been sown
Excess Stocks 12,000,000 to 14,000,000 Bags.
by April 25 than on the same date last year, whereas by May 10 the deficit
Official ratification of the 10 shillings gold export tax on
had been reduced to 20,000,000 acres, as compared with May 10 1930.
Tractor stations have already accomplished 68% of their program. and coffee by the Brazilian Government, as previously agreed
State farms in the Ukraine and North Caucasus have surpassed their pro- upon
by the coffee States' conference, probably will result
grams by 3 to 11%. Individual farms are still badly behind schedule.
shortly in the first actual incineration of a portion of the
but the collectives are catching up.
The condition of autumn-sown grain Is improving, and the general country's heavy surplus, says the "Wall Street Journal" in
situation is better than it was a fortnight ago, but the press still declares
its issue of May 26 (Evening edition) and then adds:
the sowing rate is unsatisfactory if the full program of 260.000,000 acres
Proceeds from the tax will be used to purchase surplus coffee stocks for
Is to be accomplished.
to reduce its coffee stocks by
A previous item regarding the farms taken over by Soviet burning. Under this sytem, Brazil hopesnext 18 months.
12.000.000 and 14,000,000 bags within the
Collectives appeared in our issue of April 18, page 2879.
world agreement for an international
The unlikelihood ofany constructive
coffee cartel resulting from the second Pan-American Coffee Congress is
Indicated in Rio de Janeiro advices received here recently. To date, the
Russia Making Progress in Wheat Sowing.
only workable suggestion proposed at the conference is one to improve the
to be
Russia is making more progress in wheat planting, but quality of Brazilian varieties for export by allowing washed grades power
exempt from the 10 shillings tax. In any case the delegates have no
has not yet sowed as many acres as at this date last year, to bind their countries to any suggestion without first submitting it to the
according to cable dispatches received by the Foreign various legislative bodies of each country represented at the conference.
Agricultural Service, Bureau of Agricultural Economics,
Taxable Shipments Light.
Failure of the coffee congress to reach any definite agreement would speed
from Agricultural Attache Steere at Berlin. In indicating
plans for Brazil's initial coffee bonfire. Government statements made early
this May 16 the Department said:
in May indicated that the first coffee burning of about 200,000 bags would
Russian wheat acrea seeded up to May 5 is estimated at 25,700,000 acres be made sometime this month. Sao Paulo effected the 10-shilling tax on
compared with 30,400.000 acres seeded up to the corresponding date last April 27. Actual taxable shipments through Santos since then have been
year. On May 1 this year, wheat sowings were estimated at 16.100,000 light, however, totaling less than 100.000 bags. A large part of the exports
acres compared with 29.300,000 acres in 1930.
have been of coffee sold prior to that date, however.
Wheat sowing is still behind last year's in the Black Sea and Volga
Santos number 4 coffee, currently valued at about $11.50 a bag in New
basins, where, before the World War, most of the Russian wheat exports York futures market, can be purchased for 40 to 50% of that amount in
originated, but better progress in wheat sowings this spring than last is Brazil if burned on the spot, due to the deduction of the customary 9%
reported in most of the eastern Russian-producing regions. Conditions export tax, 5
-franc surtax, and handling and freight charges. In addition,
last season favored both early and late sowing.
the 42-cent charge for each new bag would be eliminated. About one bag
Sowings of spring crops on individual peasant holdings, which account can be purchased and destroyed for every two exported of this good grade.
for one-half or more of the total Russian acreage, are reported as being However, the first coffee to be weeded out and burned will be the poorer
especially backward, loss than 10,900,000 acres having been seeded up to grades, which can be obtained more cheaply, possibly
three bags en the
May 5, as contrasted with more than 44,000.000 acres sown on collective proceeds of
the tax on every four exported.
3968
FINANCIAL CHRONICLE
[voL. 132.
World Consumption of American Cotton in April
Hopes to Burn 12,000,000 Bags.
995,000 Bales Against 973,000 in March.
Brazil pins its hopes of sufficient capital to purchase and burn 12,000,000
to 14,000,000 bags on yearly exports of 16,000.000 bags, which would
The world used approximately 995,000 bales of American
yield close to E8,000.000 in export taxes. Although for some years Brazil
was able to ship 16,000,000 bags, exports of recent years have run about cotton in April, compared with 973,000 in March and 1,068,1,500.000 bags below this figure. With prices to the consumer bolstered 000 in April last year, according to the New York Cotton
about $2.40 a bag by the imposition of the export tax, it is unlikely, in view
Total consumption during the nine
of the present marked preference for the cheaper and washed "muds" that Exchange Service.
months of the season to April 30 was approximately 8,346,the consumer will import more Brazilian coffee than is necessary.
Moreover, the tax is likely to stimulate coffee production in several other 000 bales against 10,235,000 in the same portion of last
countries. Reports indicate that three new areas in western Africa and the
Service added:
Belgian Congo are to yield slightly more than 100,000 bags each this season. season. On May 26 the Cotton Exchange
During the last three months of last season,from April 30 to July 31, the
There also have been signs of increased production in Madagascar, Senegal,
world used about 2,786,000 bales. If it used the same amount in the corEast Africa and Cuba.
Incineration, also, is not likely to curb future Brazilian crops, because responding three months this season, total consumption in this full season
United
fazendeiros probably will cultivate present trees more intensively, once would be 11,132,000 bales. It seems evident that the mills of the
States will use substantially more American cotton in the last three months
assured a market, even if at lower prices.
Many coffee trade factors have expressed the belief that not only will of this season than in the same months last season: their consumption from
Brazil's export taxes be lower than the country expects, but that the in- May to July inclusive last season was 1,194,000 bales, and in the same
months this season they may use as much as 200,000 bales more than that,
cineration may cease when the poorer grades are burned.
depending on the volume of cloth sales in the next few weeks. Foreign
mills, however, do not give promise of doing so well relative to last year.
503,000 bales against 564,000 in April
During April
in Quality and Standard of Molasses Last year, andthey used only about a slight downward trend in certain
Change Proposed
current advices indicate
Dealings in countries of the Continent, offset only in part by a moderate upward
as Specified in By-Laws Governing
Blackstrap Molasses on New York Coffee and trend in the Orient.
Sugar Exchange.
Under date of May 25 the New York Coffee and Sugar Pequot Cotton Mills at Salem, Mass., on Four-Day
Week.
Exchange issued the following notice:
In a special letter to the members of the New York Coffee and Sugar
advices from Salem, Mass., May 21,
Associated Press
Exchange, the Molasses Committee recommends a change in the quality
and standard of Molasses as specified in the By-Laws. It is proposed to said:
The Pequot Mills will operate on a four-day-a-week basis starting Mondefine the grade deliverable as follows:
"Any merchantable cane Blackstrap molasses, testing at time of storage day to avoid overproduction and any protracted period of unemployment
in licensed tank, not less than 43 degrees Baume at 63.5 degrees Fahrenheit. later in the year. The mills manufacture cotton goods.
Duty paid."
"It will be noted that the Baume minimum is raised from 42 degrees to
Increased
43 degrees and the minimum total sugar content is eliminated entirely. Textile Mills in New Hampshire Working on
The increase in Baume is intended to help maintain the sugar content.
Schedules.
"By eliminating the total sugar content requirement, the warehouses will
From Manchester, N. H., May 26 the New York "Times"
no longer demand the high specification on initial storage and the storage
charges will be correspondingly reduced and a larger quantity of blackstrap reported the following May 26:
made available for delivery.
The Cocheco Woolen Co.'s mill at Rochester, which has been closed:for
"Before these changes are submitted to a vote, suggestions and criticisms
to resume capacity operations at once.
are desired from the members, which can be sent to the Molasses Committee several weeks, is
The Wyandotte Worsted Co. at Rochester and the Gonic Manufacturing
in care of the Exchange."
are stepping up operations.
The letter is signed by the members of the Committee: E. B. Wilson, Co.
adding
The large silk mill of the Newmarket Manufacturing Co. is
Chairman, Sidney Feibleman, Gustavo Loho, Jr., George R. siedenburg,
workers and operating a night shift in some departments. Six hundred
and Ambrose A. Carr.
are now on the payroll at Goffs Falls,
The Waterman Worsted Co., which took over the Devonshire Woolen
night shift. The Harris and
of Coffee During Mills the first of the year, has inaugurated a24 hours a day.
Decrease in World's Visible Supply
Emery Mills outside of Concord are running
April.
The world's visible supply of coffee showed a decrease of
Oxford Paper Mill in Maine Reduces Wages 10%.
about 1,000,000 bags during the month of April, according
Associated Press accounts from Rumford (Me.) May 21,
to the New York Coffee & Sugar Exchange, which on May stated:
20 said:
Notices were posted to-day In the Oxford paper mill that a 10% wage
s
The entire visible supply on May 1 amounted to 27,724,173 bags. Thi
figure includes 21,588,000 bags stored in the interior warehouses of Brazil.
On April 1. the total world's visible supply amounted to 28,710,731 bags.
The present total, as of May 1, shows a decrease of over 1,500.000 bags
compared with May 1,1930 when the total was 29,273,682 bags.
800 men and
reduction would become effective June 1. The order affects
makwomen employees. The mill, reputed one of the largest book paper
time itiproduces
ing plants in the world. runs 24 hours a day, in which
21 carloads of paper.
Volume of Silk Piece Goods Sales Greater in April
Than in Any Month In Past Four Years.
.
Increase in World Coffee Consumption
Volume sales of silk piece goods were greater in April
With world coffee consumption already showing an increase
than in any single month for the past four years, and show
of about 800,000 bags for the first ten months of the 1930-31
an increase of 16.1% over April 1930, according to the
crop year, the New York Coffee & Sugar Exchange estimates
Inc., which also says:
will show an increase of Silk Association of America, manufacturers reached their lowest
that the crop year ending June 30
Although stocks in the hands of
about 1,000,000 bags in world consumption. It is estimated point last month in more than three years, production is still running high,
that total consumption will amount to 24,500,000 bags. April production being 10.5% above April 1930.
Consumption for the first ten months amounted to 20,Imports of Hides.
578,406 bags. The Exchange also says:
World coffee consumption has increased from 18,500,000 bags In 192(1-21
of May 26 the New York Hide Exchange said:
Under date
to the estimated figure of 24,500,000 in 1930-31, an increase of 30%. Dur-
during toe week
ing the 1930-31 crop year the increase is estimated at approximately 4%,
Imports of hides at New York, Boston and Philadelphia
indicating that the increase in coffee consumption during the 1930-31 crop ended May 23 amounted to 13,027 against 149,801 hides in the corresponding period last year. Total imports from January 1 to May 23 1931
year was even greater than any average year during the past ten years.
were 469.975 hides compared with 1,567,547 the same period in 1930,
according to the New York Hide Exchange.
In making this comparison it must be taken into consideration that
Cocoa Prices at Lowest Levels Ever Recorded.
imports during the early part of last year were governed to some extent
The following, dated May 22, comes from the New York by the fact that a tariff on hides was contemplated which influenced importations before it became effective.
Cocoa Exchange:
Stocks of hides certified by the New York Hide Exchange amounted to
Although futures quotations on the New York Cocoa Exchange con- 129,467 hides on May 23, an increase of 26,358 hides for the week.
during the past week,the resistance
tinued to sag into new record low ground
was more stubborn and net losses for the week ending Friday, May 22d
amounted to 11 to 13 points. Spot cocoa was unchanged for the week at
Gold Coast Colony. West Africa, Increased Hosiery Production in Philadelphia:Federal
4j. cents a pound. Reports from the
Reserve District in April.
states that the present low values of cocoa in New York have discouraged
cocoa farmers from harvesting a part of the "middle crop" there.
Production of hosiery by 138 identical establishments-of
past few weeks in
Cocoa brokers attribute the steady declines of the
District was 3.5% larger
cocoa to the unsettled condition of the stock market which has the Philadelphia Federal Reserve
the value of
prices are now resting at their in
had a depressing effect on sentiment. Cocoa
April than March, according to figures of the Philadelphia
lowest prices in the history of the commodity.
Under date of May 15 the Exchange said: news was
market when
received
Extensive short covering came into the
at Accra, British Gold Coast
from the United States Trade Commissioner
marketed in some areas but Crops in
Colony. that all the main crop was
profitably at present
distant and outlying areas could not be marketed
quantities of mid-crop were
prices. The report also stated that small
was doubtful if farmers
it
marketed but in general the crop was light and
low prices. The report
or natives would pick their cocoa at prevailing
the Gold Coast as authority for the
quoted the Director of Agriculture at
above.
Federal Reserve Bank based on reports to the United States
Bureau of the Census. The Bank also says:
This gain was larger than usual, although the index is still somewhat
lower than a year ago. The increase in the month occurred in all grades of
hosiery except boys', misses' and children's, and infants'.
Shipments, on the other hand, declined 6.5%, the largest percentage
decrease occurring in men's and women's seamless, boys', misses' and
children's, and infants'. Stocks of finished and gray hosiery were 5%
smaller than at the end of March. Unfilled orders also declined 16%,
women's seamless being the only grade that showed a substantial gain.
MAY 30 1931.]
FINANCIAL CHRONICLE
3969
PRELIMINARY REPORT ON THE HOSIERY INDUSTRY BY 138 HOSIERY were developed by the Bureau of Agricultural
Economics of the United
MILLS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT States Department of Agriculture.
FROM DATA COLLECTED BY THE BUREAU OF THE CENSUS
The consuming public should know of these attractive prices of beef
PERCENTAGE CHANGES FROM MARCH TO APRIL 1931.
and I am presenting them with the hope that the increasing volume of beef
in storage can be moved and relieve the pressure upon a badly demoralized
beef cattle market. Live cattle prices are such that producers are experiMen's
Women's
Boys'
Total.
Misses' Inencing heavy losses, and packers and distributors have marked prices down
Full- Seam- Full- Seam- and
fonts'
to where the consuming public can buy with confidence and should buy to
fashion. less. fashion. Less. Chirns.
their profit.
Hosiery knit during
month *
+3.5 +18.3 -0.4 +10.6 +23.4 -14.6 -22.8
Net shipments during
Commission Begins Inquiry Into Build-6.5 -4.4 -15.1 +1.2 -9.7 -23.2 -16.3 Federal Trade
month *
Stock on hand at end of
ing Material Industry.
month, finished and In
-5.3 +0.3 -2.8 -2.0 -1.0 -7.3 -28.8
the gray
The Federal Trade Commission announced on May 24
Orders booked during
month
0.0 -5.5 -8.6 -3.3 +3.4 +5.2 +37.7 it had taken the first steps in an investigation of the buildRatio of cancellations in
ing material industry, particularly as its activities relate
April to unfilled ordam on hand at end of
to the Government's public building program. The New
March
2.9
1.4
3.2
2.9
9.8
2.5
0.1
Unfilled orders at end of
York "Times" Washington account of May 24 said:
month
-15.8 -37.3 -1.4 -20.0 +63.8 -19.5 -42.1
The inquiry is in response to a resolution passed by the last Congress
•Calculated on working day basis.
on the initiative of Senator Shipstead, Farmer-Laborite of Illinois. It will
be made by the Chief Examiner of the Commission.
The Commission said its investigation would be made with a view of
Shoe Manufacturers Leather Stock Falls Below Last
not there are agreements or
Year-Quarterly Statistical Report of New York determining whether ordealing in building materials combinations among
interests producing or
with respect to the
Hide Exchange-Production of Hides.
prices or other terms under which such materials will be furnished contractors or builders.
Shoe manufacturers leather stock on March 31 showed a
The Shipstead resolution was introduced when
further drop of 4% below the previous month and 11.6% planning additional expenditures of many millions ofthe Government was
dollars to accelerate
below March 1930. Tanners stocks of finished leather also the building program as an emergency employment measure. Objection
was made by Senator Reed of Pennsylvania to the wording of a section
showed a decline from February but were 16.8% over March
which asked the Commission to
whether
is or
1930, according to the figures in the newly inaugurated quar- any "custom or practice" by or indetermine involving theretreasuryhas been
collusion
any
officials
terly statistical report of the New York Hide Exchange. connected with the specifications for the work. The resolution was modified by striking out the words "or custom" and Mr. Reed made no further
The latter's advices May 21 also state:
Finished stocks of leathers made from cattle hides in all hands were objection.
lower, for the month aggregating 7,602,000 hides on March 31 against
7.777,000 at the end of February, but were above March 31 1930. when Petroleum
and Its Products-East Texas Crude
stocks amounted to 7.034,000 hides.
Prices Undergo Drastic Reduction as Proration
Production of hides from cattle slaughtered under Federal inspection in
Fails-Vacuum Cuts Prices on Louisiana Coastal.
April totalled 689,788 hides making the first quarter 1931 output 2,535,557 hides or 4% over the same period in 1930. Stocks of raw cattle hides
With the Humble Oil & Refining Co. taking the lead,
at the end of March were slightly lower than for the previous month.
Total stocks of hides in all nands at the end of March were 4,058,000 prices of crude in the East Texas field have been sharply
hides against 4.097,000 at the end of February. the decline being primarily reduced to a level 50% under that previously existing. The
in the holdings of packers.
While hides in the process of tanning increased in February the total new prices, first announced on Wednesday, May 27, range
for the first quarter amounted to only 3.695.000 hides or 23.9% below from 25c. a barrel for below 35-degree gravity with a 2c.
the corresponding period in 1930. Cattle hide leather consumption in- differential for each degree of gravity up to 40
degrees and
creased in March but for the first quarter was 6% under the same time
above, with a top price of 37c. per barrel. Companies follast year.
Total stocks of all cattle hides and cattle hide leather on March 31 lowing Humble with similar postings included Sinclair,
were equivalent to 15,932,000 bides or approximately the same as on Texas
Co., Magnolia Petroleum, Gulf and Tidal. The
March 31 1930. At the average rate of consumption during the first
quarter of this year, these stocks were equivalent to 11.5 months' supply latter company had previously held to a flat 40c. per barrel
against 10.9 months' supply a year ago.
price in the face of the other companies' higher levels.
Retail Meats at Prices 27 to 40% Below 1930.
It was stated in a Chicago dispatch May 21 to the New
York "Times" that the American housewife can now fill her
meat market basket and set her table with choice cuts at
prices 27 to 40% below what they were a year ago, according to the National Association of Retail Meat Dealers. The
dispatch added:
Roast ribs of beef are on the market now at prices as much as 34%
lower than this time last year, the association stated.
Pot roasts are being offered for 40% less than a year ago and sirloin
steaks have dropped as much as 30%. Round steak is 27% cheaper.
Other meats, such as fresh pork, bacon, hams, veal and lamb are selling
at prices substantially below last year.
Omaha Livestock Exchange Seeks to Bring About
Reduction in Meat Prices.
A movement to bring about a general reduction in retail
prices of meat and meat products in markets and in hotels
and restaurants was started on May 23 by the Omaha
Livestock Exchange and the Farmers Union Livestock
Commission according to Omaha advices on that date to
the New York "Times" which also said:
The Exchange telegraphed Secretary Hyde asking him to put pressure
upon retailers to reduce their prices.
The Exchange said in the telegram: "Prices of livestock have declined
sharply during the past two months without the consuming public getting
much if any benefit from the decline. This restricts consumption and is
causing the grower and feeder heavy losses.
Beef at Most Attractive Prices in Many Years Says
Federal Farm Board.
The following statement was made on May 20 by C. B.
Denman of the Federal Farm Board:
Beef is available to the housewife to-day at the most attractive figures
for many years. On May 16 sirloin steak in the average Chicago retail
markets sold at 33c. a pound, while the same class of beef on May 15 1930,
sold at 47 sic. a pound, or a reduction of 30%;round steak on the same date
this year sold at 31c. a pound as compared with 42%c. a pound a year ago,
or a reduction of 27%; rib roast, first cut, sold for 21%c. a pound against
32%c. a year ago, or a reduction of 34%; while chuck roast sold afor 18c.
a pound against 30c. a year ago, or a reduction of 40%.
To put it in another way, a year ago a dollar would buy only 2 1-10
pounds of sirloin steak while now it will buy three pounds. A check of
prices in Philadelphia and New York showed comparable reductions and
similar reductions no doubt obtain in other markets. The figures quoted
As a matter of fat, the new price scale in East Texas
brings the posted prices more on a level with actual conditions, due to failure of producers to observe proration rules,
and the subsequent over-production due to this inability to
so control output as to maintain a demand as great as the
supply.
W. S. Parish, President of Humble, in pointing out that
this new price posting applies to East Texas only, nevertheless
emphasises the danger of the low levels prevailing throughout Mid-Continent fields generally. He says, in part: "On
April 21 we posted prices for oil from the new East Texas
field equal to Mid-Continent posted prices and announced a
purpose to make connections and buy oil in the area ratably
as soon as the Railroad Commission's order should be placed
in effect. When the order went into effect we proceeded to
carry out such policy and have increased our purchases
until for some time now we have purchased at the posted
price approximately 18,000 barrels of oil a day outside of our
own production. In our announcement of April 21 we said
'the maintenance of the purchasing policy here announced
for East Texas and the maintenance of the attached price
schedule posted for all areas in the State are dependent upon
better product values and upon the success of the Railroad
Commission in the enforcement of its conservation program
throughout the State.'
"Both of the conditions stated have failed. Product
values have declined seriously since that time. The Railroad Commission's order for East Texas has been obstructed
and made ineffective. The order fixes the allowable production at 160,000 barrels per day; the actual production is in
excess of 300,000 barrels per day, and of this amount approximately 220,000 barrels per day are moving at prices
below our posted price, which has been 60c. a barrel and
above, depending on the gravity of the oil. More than
150,000 barrels per day are moving from this field at 35c.
per barrel and below. In the face of this situation we have no
alternative but to reduce our price.
"The new schedule, which posts a price of 35c. per barrel
for East Texas oil of 39 gravity, contains a revision of the
price for East Texas only. We are not at this time revising
our posted prices for competitive oils being purchased by us
3970
elsewhere in the State, in the hope that orderly production
may yet be established in East Texas in time to forestall
the necessity for such revision."
Texas stands as the only one of the oil producing States
which is overproducing on a scale tending to jeopardize the
entire industry. The simple fact that 160,000 barrels per
day at 65c. per barrel brings the same returns as 297,000
barrels at 35c. per barrel is apparently ignored by producers
in their mad scramble for big output.
Crude oil production for the entire country for the week
ending May 23 averaged 2,437,150 barrels daily, an increase of 10,350 barrels over the daily average of the preceding week.
On Thursday, May 28, the crude market suffered another
setback in the announcement of the Vacuum Oil Co. of price
reductions on Lockport (Lake Charles) Louisiana coastal
crude oil ranging from 5 to 26c. per barrel. Under the new
schedule all grade A will be 600. per barrel, and all grade B
55c. per barrel. The reductions amounted to 100. per
barrel on grade A and 5c. to 26c. per barrel on grade B,
with the flat price of 550. per barrel now obtaining on all
crudes which do not meet the test for grade A.
Price changes of the week follow:
-Humble Oil & Refining Co., Texas Co., Sinclair Refining Co.,
May 27
Magnolia Petroleum. Gulf and Tidal post new prices for East Texas crude
-degree gravity, 25c. per barrel, with a 2c. differential
as follows: Below 35
for each degree of gravity up to 40 degrees and above, with a top price
of 37c. a barrel. The previous quotations, with the exception of Tidal,
-gravity crude and below to 67c. for 40 degree gravity and
were 43c. for 29
above.
-Vacuum Oil Co. posted new prices on Lockport (Lake Charles)
May 28
Louisiana coastal crude oil, with reductions ranging from Sc. to 26c. per
barrel. All grade A oil now is 60c. per barrel, and all grade B 55c. per
barrel. The cut in price from grade A was 10c. per barrel, and for grade B
ran from Sc. to 26c.. with a flat price of 55c. per barrel for all crudes not
meeting the grade A test.
-Pennzoil Co. quotes 15c. premium on Pennsylvania grade
May 29
crude produced in the vicinity of Oil City and sold to it under yearly contract. This makes the contract price $1.90 a barrel compared with posted
price of $1.75 per barrel.
Prices of Typical Crudes per Barrel at Wells.
(A11 gravities where A. P. I. degrees are not shown.)
$.45
52.00 Smackover, Ark., 24 and over
Bradford, Pa
.67
.80 Eldorado. Ark.. 40
Corning, Ohio
.67
1.05 Rusk, Texas, 40 and over
W. Va
Cabell,
.75
.80 Urania, La
Illinois
.61
.75 Salt Creek, Wyo..37
Western Kentucky
1.55
.67 Sunburst, Mont
Micicontlnent, Okla., 37
Calif.,40and over .35
Hutchinson, Texas, 40 and over._ - .42 Santa Fe Springs.
.72
.80 Huntington, Calif., 26
SpLudietop, Texas, grade A
.60 Petrolla, Canada
1.50
Spindletop. Texas, below 25
.40
Winkler, Texas
-CRUDE PRICE CUTS HALT STRENGTHREFINED PRODUCTS
ENING MOVEMENT IN GASOLINE MARKETS-SINCLAIR
BRINGS THIRD GRADE PRODUCT INTO METROPOLITAN
-KEROSENE DULL.
-FUEL OILS QUIET
DISTRICT
The sharp cuts in crude oil prices in Fast Texas this week
tended to halt any strengthening of the refining products
price structure which might normally be expected at this
time due to seasonal improvement in demand.
Steps were taken this week by the Sinclair Refining Co.,
subsidiary of Sinclair Consolidated Oil Corp., to combat the
gas "bootlegger" and cut-price stations by the introduction
of the company's new third-grade of gasoline in the metropolitan market. Although the price of this new grade has
not been announced, it is understood that it will be about
3c. below prices on the regular Sinclair commercial grades.
Within the last few weeks the Sinclair company has placed
this "war" gas, which is green in color, on the market in
nearly 500 highly competitive towns and cities in 17 States
throughout its territory. It is now planned to market this
gasoline wherever conditions warrant.
Gasoline prices among the larger marketers remain unchanged, although some of the smaller operators have accepted business under the general price.
Fuel oils are quiet, with prices steady and unchanged.
Kerosene continues weak, prices unchanged.
Reports from Mid-Continent indicate that slight price
concessions have been made on gasoline and fuel oils. There
were no changes in the California market, although a concerted movement is on foot in that State to bring about an
upward revision of gasoline prices. Heavy viscous lubricating oils were in demand in the Gulf Coast market. .A
slight advance in gasoline prices is expected in Chicago,
where consumption has shown remarkable gains.
There were no price changes announced during the week.
Gasoline. U. S. Motor. Tank Gar Lots, F.O.B. Refinery,
Arkansas
P 04-.0434
N.Y.(Bayonne)
N.Y.
California
Celonial-Beaoon--$.06
.05-.07
Stand. Oil. N..1.-30.55
.0634 LosAngeles,ex_ .044/-.07
Sinclair Ref
.06
iStand. Oil, N. Y-.06 Gull Co.ix...0434-,o5
Crew LsTiat
Tide Water011 Co. .06
North Louisiana..04-.94 34
.0544
Texas
Richfield 011(Cal.) .07
.0634 North Texas- .0334-.03%
Gulf
Warner-Quini'mao .06
.03;4-,04
.0634
Continental.
Pan-Am. Pet. Co. .053( Chicago
.05(
.0335-.0334 Pennsylvania_
Shell Eastern Pet. .06
ex.- --- .01)4
New Orleans
fl'Instreight,
[vol.. 132.
FINANCIAL CHRONICLE
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline. Service Station, Tax Included.
5.16 Kansas City
$.153 Cincinnati
.16 Minneapolis
20 Cleveland
.18 New Orleans
.159 Denver
.138 Philadelphia
155 Detroit
.18 San Francisco
.158 Houston
.19
.14 Jacksonville
3.149
.162
.118
14
12
Kerosene,41-43 Water White Tank Car Lots, F.O.B. Refinery.
$.0334-.03341 New Orleans, ex- - -3.05
N.Y.(Bayonne)3.0534-.05;4!Chicago
0334
.1.03%
North Texas- .0214-.03 l Los Angeles, ex.0441.-06 !Tulsa
Fuel Oil, F.O.B. Refinery or Terminal.
New York(Bayonne)- 'California 27 plus D
Gulf Coast "C"__ $.65-.70
5.75-1.00 i Chleago 18-22D- _424-.50
Bunker"C"
3 .95
Diesel 28-3013
1.65 New Orrin"0"
.50
Gas Oil, F.O.B. Refinery or Terminal.
.
N.Y.(Bayonne)I Tulsa
I Chicago28D plus--2.043(-.053( I 32-36D Ind.S.01M-.02 I 32-3613 ind.5.01g-02
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended May 23 from companies aggregating
3,571,200 barrels, or 95.7%, of the 3,730,100 barrel estimated daily potential refining capacity of the United States,
indicate that 2,441,700 barrels of crude oil were run to stills
daily, and that these same companies had in storage at refineries at the end of the week 45,449,000 barrels of gasoline
and 128,555,000 barrels of gas and fuel oil. Reports received
on the production of gasoline by the cracking process indicate
that companies owning 94.9% of the potential charging
capacity of all cracking units manufactured 3,335,000
barrels of cracked gasoline during the week. The complete
report for the week ended May 23 1931 follows:
CRUDE RUNS TO STILLS, GASOLINE, AND GAS AND FUEL OIL STOCKS
WEEK ENDED MAY 23 1931.
(Figures in Barrels of 42 Gallons.)
District.
Per Cent
Potential
Cap
ReportMy.
Crude
Runs to
&ills.
Per Cent
°Per.
of Total zGasorine
Stocks.
Capacity
Report.
8,414,000
1,653,000
6,432,000
3,664,000
8.154,000
2,336,000
1.894,000
*12,902,000
Gas and
Fuel Oft
Stocks.
8,580,000
1,036,000
3,671,000
4,225,000
9,583,000
2,389,000
853,000
98,218,000
100.0
East Coast
Appalachian
93.8
Ind.Illinois, Kentucky_ 97.5
89.4
Okla.,Kan.,Missouri
91.9
Texas
Louisiana-Arkansas.-- 98.3
93.1
Rocky Mountain
98.8
Calltornla
3,395,000
640,000
2,357,000
1,948,000
3,921,000
1,121,000
422,000
3,288,000
79.2
09.0
88.4
67.5
75.3
61.1
43.2
52.9
95.7
17,092.000
2,441,700
17,039,000
2,434,000
18,112,000
2,587,400
68.4
4.5,449,000
68.2
45,663,000 a128,484.000
73.5
Y52,727,000 7137,178,000
Total week May 23-Daily average
Total week May 16
Daily average
Total May 24 1930
Daily average
95.7
95.7
128,555,000
6,795,000
7,011,000
79.2
2,936,000
100.0
zTexas Gulf Coast
1.467.000
2.198.000
71.1
734.000
zLnuislArm Gulf Coast_ 100.0
a Revised due to addition in California of 2,840,000 barrels of fuel oil stocks not
districts indicated except California,
reported last week. x In all the refining
figures in this column represent gasoline stocks at refineries. •In California they
represent the total inventory of finished gasoline and engine distillate held by
reporting companies wherever located within continental United States (stocks at
refineries, water terminals and all sales distributing stations, including products
In transit thereto). y Revised due to change in California. z Included above in
table for week ended May 23 1931.
-All figures follow exactly the present Bureau of Mines definitions. Crude
Note.
oil runs to stills include both foreign and domestic crude. In California, stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and
Fuel 011 Stocks."
Crude Oil Production in United States Higher.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended May 23 1931, was 2,437,150 barrels, as
compared with 2,426,800 barrels for the preceding week,
an increase of 10,350 barrels. Compared with the week of
May 24 1930 of 2,579,000 barrels per day, the current figure
represents a decrease of 142,350 barrels daily. The daily
average production East of California for the week ended
May 23 1931 was 1,900,450 barrels, as compared with
1,890,800 barrels for the preceding week, an increase of
9,650 barrels. The following are estimates o" daily average
gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
May 23'31. May 1631. May 9'31. May 24 '30.
Week Ended607.850
660,500
674,050
Oklahoma
542,700
107,800
108,600
133,150
106,550
Kansas
61,250
55,700
106,600
59,250
Panhandle Texas
56,950
81,650
57,000
North Texas
55,750
25.750
25,550
58,000
`Neat Central Texas
2.5,800
207,450
212,600
305,950
West Texas
211,100
36,400
5.5,900
54,750
East Central Texas
53,400
268,900
257,450
East Texas
303,750
69,650
61,000
59,000
59,650
Southwest Texas
40.000
39,800
North Louisiana
39.800
38,900
44,900
Arkansas
46,750
46,950
46,650
158,000 180,350
Coastal Texas
156,600
158,450
21,050
30,700
Coastal Louisiana
30,700
30,800
125,200
Eastern (not including Michigan)
102,150
103,850
103,000
10,900
8,400
8,500
Michigan
8,300
51,600
41,400
Wyoming
42,800
42,950
9,350
8,400
Montana..
8.450
8,100
4,500
3,950
Colorado
4,150
3,950
New Mexico
21,050
38,300
43,400
43,400
618,700
California
538,300
538,000
536,700
Total.
2,468,700 2.579,500
2,437,150 2,426,800
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central, East and Southwest Texas, North Louisiana and
Arkansas. for the week ended May 23, was 1,503,500 barrels, as corn-
MAY 30 1931.]
FINANCIAL CHRONICLE
pared with 1,494,150 barrels for the preceding week, an increase of 9,350
barrels. The Mid-Continent production, excluding Smackover (Arkansas)
heavy oil, was 1,471.950 barrels, as compared with 1,462.650 barrels, an
increase of 9,300 barrels.
The production figures of certain pools In the various districts for the
current week, compared with the previous week, in barrels of 42 gallons.
follow:
-Week Ended-Week Ended
OklahomaMay 23.May 16.
Southwest TexasMay 23. May 16.
Bowlegs
15,600 14,700 Chapman-Abbot
3,650 3,750
Bristow-Slick
12,750 12,400 Carat Creek
19,600 20,150
Burbank
13,000 13,500 Luling
8,600 8,650
Carr City
14,500 13,450 Salt Flat
12,200 12,700
Earlsboro
19,300 19,300
North LouisianaEast Earlsboro
19,250 19,400 Sarepta-Carterville
1,150 1,200
South Eartsboro
5,100 6,550 Zwolle
7,900 8.500
Konawa
9,250 11,250
Arkansas
Little River
25,150 26,700
East Little River
6,000 5,000 Smackover, light
4.250 4,250
Maud
31,550 31,500
2,550 2,750 Smackover,heavy
Mission
9,600 10,550
Coastal Texas
Oklahoma City
143,400 173,600 Barbers Hill
28,850 30,600
St. Louis
22,850 23,400 Raccoon Bend
8,250 8,200
Searight
4,600
4,050 Reruglo County
30,300 30,750
Seminole
14,150 14,400 Bugarland
11,600 11,650
East Seminole
1,800 1,700
Coastal Louisiana
Kansas
East Hackberry
1,650 1,700
Ritz
5,200 5,700 Old Hackberry
750
SedgwIck County
750
17,100 17.650
Voshell
Wyoming
18,200 17,850
Panhandle Texas
Salt Creek
25,850 25,100
Gray County
Montana
35,600 45,300
Hutchinson County.- 8,800 9,100 Kevin-Sunburst .
4,400 4,400
North Texas
New Mexico
Archer County
12,000 12,050 Hobbs High
36,600 36,600
North Young County_ 8,900 10,300 Balance Lea County
4,350 4,500
Wllbarger County
10,300 9,050
California
West Central Texas
Elwood-Goleta
34,300 34,400
South Young County... 3,300 3.300 Huntington Beach
21,400 21,900
West Texas
Inglewood
15,800 15.gpo
Crane & Upton Counties 23,700 23,900 Kettleman Hills
43,300 39.000
Ector County
7,300 6,900 Long Beach
86.700 87,500
Howard County
29,350 29,000 Midway-Sunset
51,600 52,300
Reagan County
18,450 18,350 Playa Del Rey
28,600 30.000
Winkler County
45,100 44,350 Santa Fe Springs
72,300 72,700
Yates
71,300 68,900 Seal Beach
15,100 14,000
Balance Pecos County-- 3,500 3,950 Ventura Avenue
42,500 43,600
East Central Texas
Pennsylvania
Van Zandt County - 42,550 44,950 Allegany
7.450 6.900
East Texas
Bradford
21.600 22,300
Rusk County:
Kane to Butler
7,400 7,100
Joinerfield
118.000 92,500 Southeastern Ohio
8,900 6,550
Kilgore
124,250 116,400 Southwestern Penna.- ,
3,600
Gregg County,Longview 61,500 48,550 West Virginia
13,750 13,200
3971
Domestic Copper Price at 83 Cents
A
-New Low.
From the New York "Evening Post" of May 28, we take
the following:
Copper was selling to-day at a new all-time low of 8% cents a pound,
delivered in Connecticut. That was 31 of a cent below the previous low
record, which had stood as the record since the late 80's.
Although the immediate effect of the disclosure that sales of domestic
copper had been made at that low figure was to stop export buying, the
foreign price being above the domestic parity, sales of the metal in the last
week were reported by the Metal and Mineral Markets to have been the
heaviest for any week this year.
The same paper in its April 29 issue said:
Further shading of copper prices was reported to-day, although the red
metal for the last week has been selling at the lowest price on record. Some
offerings were made at 8% cents a pound. Custom smelters, however,
quoted 8l4 cents, while producers held out for 81.
Meanwhile, as copper shares sank to new low price levels for the bear
market, Wall Street began to question whether current dividends on a
number of copper stocks would be maintained considering the drastic
shrinkage in earnings and output of most producers.
Even the lowest cost producers are thought to be barely making operating
expenses with the red metal selling around 8% cents. High-cost producers
are probably operating at a loss and some may be forced to suspend operations entirely until the copper situation improves.
The large copper producers of North and South America are estimated to
be operating at 35 to 50% of capacity, but further curtailment is anticipated.
Sheet Bars Cut $1 per Ton in Midwest District.
The following from Youngstown (Ohio) May 23 is from
the New York "Journal of Commerce":
While prices of rolled steel lines are holding fairly well, there has been a
$1 per ton drop in the quotations on sheet bars, to $29, while billets and
slabs are bolding at the same figure. Some producers are quoting $30.
but will likely meet the competitive figure.
Scrap metal prices are down, with heavy melting at $10.50 to $10.75.
and hydraulically compressed sheets 50c. Per ten less.
American Brass Reduces Prices.
The Boston "News Bureau" of May 28 said:
Copper Hits New Low on Larger Offerings-Good
All brass and
materials have been reduced y, cent a pound by the
Tonnage Booked-Lead Sales Moderate-Zinc, Tin American Brasscopper
Co.
Weaken.
Interest in nonferrous metals in the past week centered
Tin Sells at 22c.
-Lowest Price This Century.
in copper. Offerings in several directions increased at the
The following is from the New York "Joutnal of Comvery outset of the "Metal and Mineral Markets" week and merce" of
last night(May 29):
on Thursday and Friday, May 21 and 22, a fair tonnage
About the most that could be said for tin yesterday was that a new low
sold at 8.50 cents, delivered Connecticut, a new all-time low. price for the 20th Century was made when spot Straits tin sold in a limited
way
Late yesterday there were sales again at 8.50 cents, t. ough ouslyat 22 c. The previous low had been 22.60c. for 1902 the low previthis
in May. Tin is
most of the business booked during the week was at 8.75 since 1899.year was 22 xc., reached twice ;ic. per pound. now bottom
during which year it sold at 19
Tin demand
was rather quiet yesterday, though the market was not stagnant.
cents, "Metal and Mineral Markets" reports, adding:
At the first
Copper sales amounted to more than 22,000 tons, an excellent week's business and the largest single week's total reported so far this year on domestic
business. Under normal conditions, this would have steadlei the situation
considerably. Prices failed to respond to the buying, owing largely to increased offerings from some of the producers.
The week brought to light no important developments in connection with
the curtailment plan now under consideration. Certain producers feel that,
with a slow summer ahead, nothing short of a reduction of 20,000 long tons
in monthly world production would greatly benefit the industry.
Other
operators take the stand that current consumption is somewhat larger than
the statistics seem to indicate and no important cut in world output is necessary.
Lead sales during the week were moderate but, with no pressure to sell,
the market was steady. Prices are unchanged at 3.60 cents, St. Louis.
and
3.75 cents, New York, but Middle Western producers are absorbing
most,if
not all, of the freight charges involved in meeting the eastern quotation
for
such sales as they can make in that territory.
Business in zinc was extremely quiet and prompt material was offered
yesterday at the recent low of 3.25 cents, St. Louis. Tin was easier, notwithstanding the move for further curtailment. effective June 1.
session of the London Metal Exchange yesterday all descriptions declined Li 2s. 6d. At the second session standard tin
dropped
5 shillings further. Sales for the day were 750 tons. Shipments of
Chinese
tin in May had been 181 tons, which was considerable of a falling
off from
the 409 tons for the preceding month. Tin plate operations In the
United
States are slightly unir 70% of capacity.
Trading on the Na cal Metal Exchange yesterday was nil. New low
prices were made nominally. The market closed dull, off 25 to 40
points
for the day.
St. Louis Cement Prices Cut.
St. Louis advices to the "Wall Street Journal" of May 25
stated:
Prices of Portland cement to dealers and contractors in St. Louis and
surrounding district have been cut 10 cents a barrel. Present prices on
carload lots to dealers are: $1.50 a barrel In paper. $1.75 a barrel,
cloth
Prices to contractors, carload lots $1.60 paper. $1.85 cloth.
Less than carload Iota, contractors, $2.15 a barrel paper, $2.40 cloth.
Price of Export Copper Reduced ,-cent to 9.0234 Cents 800 Men Recalled to Work at Youngstown, Ohio.
X.
A dispatch from Youngstown, Ohio, May 11 to the New
a Pound-Wire Copper Prices Also Reduced.
The export price of copper was reduced on May 27, X cent York "Times" stated:
a pound to 9.0234 cents, a new low record. We quote from
Operations were resumed to-day at the Falcon Works in Niles of the
the New York "Evening Post" of May 27, which also said: Empire Steel Corp. This was earlier than expected. Eight hundred men
returned to work. Increased demand for black and galvanized
The cut, announced by Copper Exporters, Inc.. brought the foreign
price
to parity with the domestic quotation of 814 cents and touched
off good
demand for export copper, approximately 4,500.000 pounds
having been
taken for shipment abroad in the early dealings. Domestic
demand
remained quiet.
Fabricators also were marking down quotations on their products
to conform with the lower price of the raw material. The Anaconda Wire &
Cable
Co. cut its prices on all wire and cable products to conform with the
equi8
valent of 8,1 cents for copper and the General Cable Corp. announced
a
reduction of
of a cent, making the new price 10% cents a pound, on
bare
copper wire.
caused the resumption.
sheets
Youngstown Sheet & Tube Mills Reopen.
Under date of May 20 a dispatch from Youngstown
(Ohio) to the New York "Times" said:
About 300 sheet mill workers and laborers returned to work to
-day when
the Youngstown Sheet & Tube Co. started eight mills at
its Brier Hill
works. The mills had been idle for a short period. Their resumption
is
expected to benefit other departments of the plant. The Sharon Steel Hoop
Co. started eight mills here yesterday.
Steel Prices Reduced.
From Pittsburgh May 26 advices to the New York "EyeA. G. Spalding & Brothers Reduce Working Time at
ing Post" said:
Massachusetts Plant
-Wages Also Reduced.
Iron and steel jobbers in this district have revised prices downward on
several products.
Chicopee (Mass.) Associated Press advices May 15, said:
Blue annealed sheets are down $3 a ton, now being quoted at 3.10
cents
A. G.
Brothers,
a pound. Steel bars had the same reduction to a new price of 2 60
cents a
Pound. Plates and shapes are unchanged at 2.8.5 cents a pound. The
reductions in other districts have been adopted here.
sporting goods manufacturers,
Spalding &
announced
to-day a reduction of working schedule from 48 to 40 hours
weekly, effective
June 1. At the same time the wages of salaried employees
will be reduced
10%. The concern employs about 1,600 persons.
3972
.FINANCIAL CHRONICLE
Armour & Co. Plant on Five-Day Week.
It was announced on May 15, that the Armour & Co.
plant at St. Paul, Minn, would adopt the five-day week
starting May 18. The order affects about 1,500 men.
Renewal of Wage Contract Between Western Sheet
and Tinplate Manufacturers and Amalgamation
Association of Iron, Steel and Tin Workers.
The existing wage contract between the Western Sheet
and Tinplate Manufacturers' Association and the Amalgamated Association of Iron, Steel and Tin Workers was renewed on May 25 at a conference of officials of the two organizations at Atlantic City, N. J., according to Associated
Press accounts, which also said:
The agreement,an official announcement said, is for one year dating from
JUT 1 next, when the existing contract expires. A joint statement issued
said:
"In refusing to incorporate wage reductions in the new contract, both the
are but agreeing
manufacturers and the labor union heads feel that they
time will rewith the dictum of President Hoover that wage slashes at this
tard seriously the restoration of normal business conditions."
Advices from Atlantic City to the New York "Journal of
Commerce" on May 24 said:
While directly affecting 25,000 workers employed in the plants affiliated with the Manufacturers' Association, the contract agreed upon
for 1931-32, It was said, will be used as the basis in wage negotiations
affecting some 500,000 other workers in the industry. . . .
Although representatives of the labor group sought to incorporate in
the new contract a six-hour working day, this was left optional with the
official.
manufacturers and the eight-hour day incorporated as
110,The six-hour day, union officials contended, would check unemploydistribution of work. A number
ment in the industry through a wider
of plants, according to Mr. Stremmel, President of the Manufacturers'
Association, have been operating on a six-hour schedule solely because of
conditions in the industry.
Governments Determined to Make Tin Control Effective
According to Sir Philip Cunliffe Lister.
The determination of governments concerned in the operation of the international tin quota plan to secure a fair
equilibrium between production and consumption was
stressed by Sir Philip Cunliffe Lister, M. P., in his chairman's speech at the annual general meeting of the Tin
Producers' Association in London on May 20 according to a
cabled report of the address received in New York. He is
reported as saying:
Clear evidence of the Government's determination to make tin control
of the intereffective is shown in the recent unanimous recommendation
national committee that a further reduction of 15.9%, equivalent to 20,000
I am sure they are right
tons of tin, should be made in the present quotas.
In their decision.
Sir Philip explained that there had been some critirlsm
of the allocation of quotas. It had been contended on one
hand that the Malayan quota might be hider. On the other
hand, Dutch advocates had vigorously argued that as
Malayan production in recent years had nearly doubled
while Dutch production had increased to a relatively small
extent, Dutch figures should be higher. He expressed the
opinion that while an impartial judge would probably say
that in strict mathematical justice Malaya had got the best
of the bargain, in practice the various governments had
reached a very fair agreement with which the producers
might well be content. He added:
[Vol.. 132.
Rail mill operations continue to decline and tin plate output, although
still at a 70% rate, is headed downward.
Raw steel production, less eratic than finished steel output, has again
for
given ground at Pittsburgh, Chicago and Buffalo and now averages 44%
the country at large, compared with 45% a week ago.
Price changes in primary materials are restricted to a few scattered
declines. Heavy melting scrap is off 25c. a ton at Pittsburgh and Detroit
has
and 50c. at Buffalo. The "Iron Age" composite for heavy steel scrap
declined from $9.83 to $9.75 a ton, the lowest price with the exception of
the fall of 1914 in 20 years.
Basic pig from in the Valleys has broken $1 a ton on a large sale of surplus
comsteel works iron to a non-integrated steelmaker. The "Iron Age"
posite price for pig iron has receded from $15.79 to $15.63 a ton, its lowest
level since October 1915.
Finished steel prices show little change in the absence of interest in third
quarter business. Strip mills are making some effort to raise quotations
on contracts for the next quarterly period, and sheet mills hope to make
recently revised schedules effective, but actual markets tests are still lacking. Sellers of standard pipe have advanced quotations slightly on direct
shipments, partly offsetting a recent reduction.
Pipe line business of the week includes an award of 6,000 tons of 8-1n.
seamless for the Memphis Natural Gas Co. to the National Tube Co. The
Lycoming 'Natural Gas Co. is inquiring for 15,000 tons of 20-in, pipe for
a gas line in Pennsylvania and New York. The low bid on the fabrication
subof 35,000 tons for the Retch Hetchy pipe line, San Francisco, was
mitted by the Western Pipe & Steel Co.
Reinforcing bar lettings, at 9,100 tons, are the largest for any week
since mid-April. Structural steel awards and inquiries, at 20,000 tons
each, are subnormal.
Automobile consumption of pig iron and steel continues to decline. May
promises to fulfill expectations of a peak output of 370,000 cars, but a
decline in production next month is becoming increasingly certain.
• Copper, during the past Week, dipped to 8.50e., delivered Connecticut
valley, the lowest price in history.
The "Iron Age" composite price for finished steel is unchanged at 2.114c,
a lb. A comparative table follows:
Finished Steel.
Based on steel bars, beams, tank plates.
May 26 1931, 2.114e. a Lb.
2.114e. wire, rails, black pipe and sheets.
One week ago
2.128e. These products make 87% of the
One month ago
2.214o. United States output.
One year ago
Low.
High.
2.114e. May 5
2.142e. Jan. 13
1931
2.121o. DeO.
2.362o. Jan. 7
1930
2.362o. Oct. 25
2.412o. Apr. 2
1929
2.314o. Jan. 8
2.3910. Dec. 11
1928
2.293e. Oct. 25
2453o. Jan. 4
1927
2.403e. May 18
2,453e. Jan. 5
1926
2.896e. Aug. 18
2.560o. Jan, 8
1925
Pig Iron.
Based on average of basic iron at Valley
May 26 1931, 815.63 a Gross Ton.
$15.79 furnace and foundry irons at Chicago,
One week ago
15.79 Philadelphia, Buffalo, Valley and BirOne month ago
minghem.
17.58
One year ago
Low.
litoh.
$15.63 May 28
$15.90 Jan. 8
1931
15.90 Dee. 16
18.21 Jan. 7
1930
18.21 Dee. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
19.46 July 18
21.54 Jan. 5
1926
18.96 July 7
22.50 Jan. 13
1925
Steel Scrap.
Based on No. 1 heavy melting steel QUOMay 26 1931. $9.73 a Gross Ton.
$9.83 tations at Pittsburgh, Philadelphia
One week ago
10.67 and Chicago.
One month ago
13.33
One year ago
Low.
High.
20.75 May 26
$11.33 Jan. 6
1931
11.26 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov. 22
15.25 Jan. 11
1927
14.00 June 1
17.25 Jan. 5
1926
15.08 May 5
20.83 Jan. 13
1925
Steelmaking operations have settled three points to 41%
this week, the lowest rate since the second week in January,
says "Steel" of May 28. The reduction in the past • two
weeks has been six points, the most rapid decline since operations began to slide off the spring peak in March. Building
how much worse it requirements have continued substantial, considering the
The position of the tin industry to-day is bad, but
production. stabilwould have been had there been no co-ordination of
demand; automotive needs have been
of the tin industry general state of steel
ization of tin production not only serves the interests
it is produced.
well sustained, and there has been little change in pipe and
but also the general interests of the countries where
railroad buying, hence the responsibility for the more precipievidently is chargeable to the general manuto Recede Slowly-Price of tate movement
Steel Output Continues
facturing trade. "Steel" adds:
Declines.
Pig Iron and Steel Scrap Again
Structural steel awards this week totaling 29.000 tons, and orders for
12,000 tons, denote a moderately good buildNeither the tempo of buying nor the trend of prices and reinforcing bars amounting tostructural inquiry exceeding 23,000 tons the
new
has been noticeably affected by the frank airing ing program, and with early summer.
production
outlook is favorable for
While the automotive industry's purchases so far this year have been
of views at the recent meeting of the American Iron and
there are trustworthy indications steel
Steel Institute, states the "Iron Age" of May 28. Demand encouraging,June will be considerably lower than in shipments to this
continues to taper; Industry in Chrysler, June releases from practicallyMay. Excepting
remains sluggiSh and in the aggregate
all other manuChevrolet and
prices in scattered instances have given further ground but facturers will be lighter, and the threat of a prolonged Ford shutdown continues.
In the main are unresponsive, owing to the dearth of new
Production of passenger cars and trucks increased from 276.341 in March
is still slowly declining. The "Age" further to 335,708 In April, an improvement more than seasonal, but present
business; output
prospects are that the May output will tall just short of April, and that
goes on to say:
June may develop a moderate decline.
the industry's difficulties
Sentimentally, however, the effect of bringing
salutary. Steel executives were jolted into a
out into the open has been
straits and the consequences of a further
fuller realization of their present
apprehensions have been heightened
aggravation of market instability. Their
mill output grows snore intermittent.
by the unchecked rise of costs as
such products as sheets, strips,
Aggregate current specifications for
are hardly sufficient to justify more
cold-finished bars and wire products
Releases in other products offer no
than a two-day a week operation.
Structural steel and reinforcing bar mills
promise of early improvement.
show expected gains. Mills benefiting
are holding their own but fail to
able to increase their schedules
from recent pipe line awards have been
reflects no seasonal expansion.
somewhat, but production of standard pipe
Outstanding current business In steel pipe is 35,000 tons for the Match
IletchY Project in California, on which bids have been submitted. Nine
thousand tons of pipe is being placed for the Memphis Natural Gas Co.
Early action is anticipated on 15,000 tons for the Lycoming Natural Gas
Co. The Phoenix Utility Co. is expected this week to puschase 6.000
-ton Montana line It recently
tons of pipe for gathering lines for the 42,000
-mile pipe line in Iraq, Near East, in which American oil
placed. A 1,200
companies would have a large financial interest, hinges upon financial
terms which thus far are not attractive to American pipe mills. Chicago
Is buying 5.700 tons of cast-iron pipe, and Detroit 1,900 tons.
In the East, coincident with the efforts of railroads to obtain higher
freight rates, there is talk that an improvement in business conditions
MAY 30 1931.]
FINANCIAL CHRONICLE
3973
or enhanced revenues will bring out important orders for freight cars, but during the week ended May 16 1931 was at a higher rate
this is wholly speculative. Makers of track fastenings at Chicago continue
weeks, totaling 6,783,000 net
to enjoy a good volume of business, as in the past several weeks, although than in the three preceding
tons. This compares with 6,715,000 tons in the previous
it is beginning to taper off.
Some interest is manifested in third quarter sheet requirements by several week,6,422,000 tons in the week ended May 2last,6,314,000
automotive companies. Releases for strip are easing off gently, with producers asking $1 a ton more for hot-rolled strip for third quarter, but no tons in the week ended April 25 1931, and 8,169,000 tons
takers. In plates, substantial barge work is pending at Pittsburgh. but in the week ended May 17 1930. During the week ended
prospects for East Texas tank demands at Chicago have not matured into May 16 of this year there were 875,000 net tons of Pennsylnew orders. Demand for bars, wire products and other finished llnes
continue to slacken, at a rate comparable with the decline in other steel vania anthracite produced, as against 1,140,000 tons in the
demands.
corresponding period last year and 1,021,000 tons in the
Frank talk at the American Iron and Steel Institute's meeting last week
week of May 9 1931.
concerning Unremunerative prices and "diabolical" price cutting. as James.
During the calendar year to May 16 1931 the output of
A. Farrell expressed it, apparently has strengthened the determination of
producers to obtain better prices, or at least hold fast to those now pre- bituminous coal amounted to 147,503,000 net tons, as
vailing. Nevertheless, the steel price structure as a whole continues soft.
and there is little doubt that attractive business would bring concessions. compared with 179,157,000 tons during the calendar year
There is some opinion that the first indication of a genuine recovery to May 17 1930. The Bureau's statement follows:
In demand will be the placing of substantial business below present levels.
BITUMINOUS COAL.
While the scrap Price structure still shows evidence of being honeycombed
The total production of soft coal during the week ended May 16 1931.
the market this week is more stable and it is believed liquidation has been
largely effected. "Steel's" composite of 14 leading iron and steel products including lignite and coal coked at the mines, is estimated at 6,783,000 net
Is down 4 cents this week to $31.33, due to weakness in semi-finished steel. tons. This figure systains the upward trend in production of the past
few weeks and shows a slight gain-68,000 tons. or 1%. over the week of
Steel ingot production for the week ended Monday (May May 9.
Production during the week in 1930 corresponding with that of May 16
25) is estimated at about 43%, of theoretical capacity, compared with a shade over 44% in the preceding week and amounted to 8,169,000 net tons.
Estimated United States Production of Bituminous Cool (Net Tons).
better than 46% two weeks ago, according to the "Wall
1930
1931
Cal. Year
Cal. Year
Street Journal" of May 27, which also reports as follows:
to Date.a
Week.
to Date.
Week Ended
Week.
8.335.000 162,703,000
6.422.000 134,005,000
The U. S. Steel Corp. was 44%%, against a fraction under 46% in the
1,289.000
May ily average
Da2
1,563.000
1.389.000
1,070,000
previous week and a little under 48% two weeks ago. Independent com8,285.000 170,988,000
6,715,000 140,720,000
panies are at around 42%, contrasted with 43% a week earlier and 45%
1,381,000
1.279,000
1,119.000
1.553.000
8,169,000 179,157,000
6,783,000 147.503,000
two weeks ago.
MMaaDyyailltbacverage
1,362,000
1.272,000
1,543,000
Daily average
1,131,000
In the corresponding week a year ago U. S. Steel was running between
first week in January to equalize number
a Minus one day's production
79% and 80%, independents at less than 69e, and the average was 73%%.
of days in the two years. b Revised since last report. c Subject to revision.
In 1929 the Steel Corp. still was at capacity, independents at 921 and the
/
2
%
soft coal during the present calendar year to
The
average was under 96%. In the same week of 1928 the Steel Corp. was May, total production of working days) amounts
to 147,503 000 net
16 (approximately 116
at 811%, independents at 76%, and the average was 78%%.
/
2
;:: Figules for corresponding periods in other recent calendar years
tc:ns.
a 2 iyen berow:
182.219,000 net tons
179,157.000 net tons11928
219,474,000 net tons
198,380.000 net tons 11927
158,446.000 net tons
1922
A8 already indicated by the revised figures above the total production
of soft coal for the country as a whole during the week ended May 9 1931
is estimated at 6,715.000 net tons. Compared with the output in the
Preceding week, this shows an increase of 293,000 tons, or 4.6%. The
following table apportions the tonnage by States and gives comparable
figures for other recent years:
1923
state-Estimated Weekly Production of Coal by States (Net Tons).
May
Week Ended
'31. May 10'31 May 11'29 Average.s
May 9 '31. May 2
294.000
398,000
339,000
Alabama
224,000
249.000
Ar000
0,000
13,000
.
11 000
8 000
104,000
136.000
168.000
82,000
Cokalornasasdo
.
754,000
883,000 1,292.000
Minols
691,000
757,000
261,000
394,000
299,000
Indiana
204,000
217.000
Iowa
Kansas
49,000
45,000
65.000
89,000
43,000
75,000
26.000
31,000
39,000
33.000
Kentuckyl aster
E esternn
v
765.000
860,000
679,000
548,000
579,000
158,000
226,000
183,000
118,000
132,000
43,000
39,000
47.000
34,000
azigaannd
36.000
14.000
8,000
12,000
Michigan
2,000
2,000
47,000
56,000
56.000
41.000
Missouri
48,000
37.000
42.000
49.000
31,000
Montana
30,000
New Mexico
io
33,000
57,000
41.000
27,000
29,000
North Dakota
12,000
14.000
16.000
17,000
eta
17.000
Ohio
438,000
860,000
392.000
338,000
351,000
25,000
40,000
46.000
18.000
16,000
Penna. (bitum.)- 1,851.000 1,785.000 2,439,000 2.669,000 3,578,000
ee
104,000
112.000
121,000
81,000
Tennessee
85,000
10.000
22.000
21.000
7.000
11,000
65.000
56,000
74,000
41.000
37,000
VTUeirtaxghasinia
194,000
250.000
180,000
231.000
184,000
ESTIMATED MONTHLY PRODUCTION OF COAL BY STATES
35,000
40.000
44,000
26,000
Washington
25,000
West VirginiaApril,
March,
April,
April,
April,
Wyonung n_b
Elouther
1,328,000 1,301,000 1.651.000 1.902.000 1,380,000
(in Net Tons)
1931.
1931.
1930.
1929.a
1923.a
her s n_c-451,000
649,000
862.000
677,000
North:teg_d
:483,000
Alabama
1,035,000 1,128,000 1,341,000 1,517,000 1,676,000
74,000
110,000
98,000
79.000
000
81:
1000
Arkansas
50,000
67,000
55,000
59,000
86,000 Ot
2.000
5,000
1.000
3.000
Colorado
396,000
616,000
387,000
613,000
750,000
Illinois
3,125,000 4.420,000 3,775,000 3,647,000 5,983,000
Total
Indiana
964,000 1,358,000 1,194,000 1,114.000 2,089,000 Penna. bitinn_ 6,715.000 6,422,000 8,285,000 9,310,000 10,878,000
anthracite 1,021.000 1.695,000 1.381,000 1,207,000 1,932,000
Iowa
210,000
318.000
250,000
251,000
404,000
Kansas
165,000
223,000
140,000
144,000
319,000
Total all coal- 7,736.000 8.117,000 9,666,000 10,517.000 12,810,000
Kentucky-Eastern
2,325,000 2,720,000 3,293,000 8,202,000 2,518,000
a
month. b Includes operations on
Western
570,000
782,000
686,000
904,000
766,000 the Average weekly rate for the entire
158,000
Maryland
184,000
N.& W., O.& O., Virginian, and K.& M. c Rest of State, including
187,000
184,000
Michigan
14,000
68,000
53,000
2
91:801 Panhandle. d Figures are not strictly comparable in the several years.
208,000
248,000 252,000
Missouri
248,000
240,000
Montana
146,000
185,000
176,000 196,000
PENNSYLVANIA ANTHRACITE.
172.000
New Mexico
122,000
135,000
145,000
207,000
241,000
Continuing the downward trend in anthracite Production which has been
80,000
117,000
North Dakota
58,000
85,000
63,000
Ohio
1,535,000 1,895,000 1,741,000 1,609,000 3,113,000 apparent since May 1, the total for the week ended May 16 is estimated
Oklahoma
90,000
130,000
125,000
157,000
200,000 at 875,000 net tons. Compared with the output in the predecing week
Pennsylvania (bituminous) 7,943,000 8,752,000 10,281,000 11,147,000 14,356,000 this
shows a decrease of 146,000 tons, or 15%. Daily loadings indicate
Tennessee
355,000
425,000
426,000 390,000
491,000 that the
57,000
Texas
52,000
49,000
loss was possibly sharpened by the occurrence of religious holidays
84,000
80,000
Utah
258,000
in the latter part of the week. Production during the week of 1930 corra
195,000
193,000
323,000
282,000
Virginia
885,000
783,000
884,000
951,000 1,012,000 sponding with that of May 16 amounted to 1,140,000 tons.
Washington
139,000
125,000
159,000
196,000
145,000
West Virginia-Bouth'n_b 5,407,000 6,055,000 6,967,000 7,098,000 5,108,000
Estimated Production of Pennsylvania Anthracite (Net Tons).
Northern_c
2,040,000 2,297,000 2,644,000 2,726,000 3,164,000
1930 a
1931Wyoming
401: 83
10
0
380,000
3U:
g83
41 1:0 0
, 0g0
1
Daily
Daily
472,000
Other States_d
5,000
Week.
Avge.
Avge.
Week EndedWeek.
25,000
282,500
May 2
1.696.000
282,700
1.695,000
Total bituminous coal__28,478,000 33,870,000 35,860,000 37,565,000 44.057,000 May 9
170,200
1,381,000
230,200
1,021.000
Pennsylvania anthracite__ 5,700,000 4,745,000 4,829,000 6,205,000 7,885,000 May 16
145,800
1.140,000
190,000
875.000
a Figures for 1930 revised slightly to insure comparability with 1931.
Total all coal
34,178,000 38,615,000 40,689,000 43,770,000 51,942,000
BEEHIVE COKE.
a Figures for 1929 and 1923 only are final. b Includes operations on the N.&
The total production of beehive coke during the week ended May 16 Is
C.& 0.: Virginian, and K.& M. c Rest of State, including Panhandle d Figures
.
es estimated at 22.100 net tons, a decrease of 3,100 tons. or 12.3%, from
'
are not strictly comparable in the several years.
Note.-The above table presents the estimated production of bituminous coal by the output in the preceding week.
States in the month of April. The distribution of the tonnage is based largely on
Estimated Weekly Production of Beehive Coke (Net Tons).
figures of loadings, by railroad divisions, furnished by the American Railway AssociaWeek Ended
1931
1930
tion; on reports of waterway shipments made by the U. S. Engineer Offices; and on
to
to
May 16 May 9 May 17
figures or field production furnished by associations of operators.
1930.
Date.
1931.b 1931.0
Date.a
RegionPa., Ohio and W. Va---- 19,700 21,600 53,400 562.700 1,172,500
5,200 56,900
2,700
112aoo
Tennessee and Virginia_- 1,500
900
1,600
900
18,500
Colorado, Utah and Wash.
48,100
Production of Bituminous Coal Again at Higher Rate
United States total-- 22.100 25,200 60,200 638,100 1.332,800
Anthracite Output Lower.
4,200
10,033
3.683
Daily average
5,454
11,391
a Minus one day's production first week in January to equalize number
According to the United States Bureau of Mines, Deof days In the two years. b Subject to revision. c Revised since last
partment of Commerce, production of bituminous coal report.
1930
April Output of Bituminous Coal Again Shows Falling Off-Production of Pennsylvania Anthracite
Higher.
According to the United States Bureau of Mines, Department of Commerce, the total production of bituminous coal
for the country as a whole during the month of April 1931
is estimated at 28,478,000 net tons, a decrease of 5,392,000
tons or 15.9% from the March output. The number of
working days in the two months was approximately the
same-25.8 days in April as against 26 days in March. The
average daily rate of output in April was 1,104,000 tons;
in March, 1,303,000 tons.
Anthracite production in Pennsylvania increased in April.
The total for the month is estimated at 5,700,000 net tons,
a gain of 955,000 tons or 20.1% over the March output.
Since the number of working days in the anthracite fields in
April is but 25 as against 26 in March, the daily rate of output is a better measure of trend. The average daily rate for
April
-232,300 tons-shows an increase of 27.3% over the
rate of 182,500 tons in March.
3974
[vol.. 132.
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve credit outstanding during the week ended May 27, as reported by
the Federal Reserve Banks, was $891,000,000, a decrease
of $26,000,000 compared with the preceding week and of
$74,000,000 compared with the corresponding week in 1930.
After noting these facts, the Federal Reserve Board proceeds
as follows:
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and investments—total
Loans—total
On securities
All other
New York.
May 27 1931. May 20 1931. May 28 1930.
$
7 815,000,000 7,925,000,000 7,903,000,000
5 152,000,000 5,266,000,000 5,928,000,000
2 969,000,000 3,025.000,000 3,565,000,000
2 183.000,000 2,241,000,000 2.363,000,000
2,663,000,000 2,659,000.000 1,975,000,000
On May 27 total Reserve Bank credit amounted to $886.000,000, a
decrease of $8,000,000 for the week. This decrease corresponds with an
increase of $23,000,000 in monetary gold stock and a decrease of $5,000,000 in money in circulation, offset in part by an increase of $14,000,000
in member bank reserve balances and a decrease of $3,000,000 in Treasury
currency.
Holdings of discounted bills increased $3,000,000 at the Federal Reserve
Bank of San Francisco, $2.000,000 at Kansas City and $4,000,000 at all
Federal Reserve Banks. The System's holdings of bills bought in open
market declined $6,000,000. while holdings of U. S. securities were practically unchanged.
Investments—total
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not previously included in the condition statement, such as monetary gold stock and money in circulation. The Federal
Reserve Board explanation of the changes, together with
the definition of the different items, was published in the
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended May 27, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
pages 4009 and 4010.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
May 27 1931 were as follows:
Borrowings from Federal Reserve Bank_
U. S. Government securities
Other securities
1 505,000,000 1,474.009,000 1,078,000,000
1,158,000,000 1,185,000,000 897,000,000
Reserve with Federal Reserve Bank_ __. 867,000,000
48,000,000
Cash in vault
815,000,000
45,000,000
780,000,000
57,000,000
Net demand deposits
Time deposits
Government deposits
5 818,000,000 5,869,000,000 5,508,000,000
1,251,000,000 1,248,000,000 1,388,000.000
16,000,000
18,000,000
9,000,000
Due from banks
Due to banks
88,000,000
78,000,000
1,178.000,000 1,227,000,000
96,000,000
927,000,000
15,000,000
Loans on secur. to brokers & dealers
1,191,000,000 1,270,000,000 1,777,000,000
For own account
207,000,000 185,000,000 988,000.000
For account of out-of-town banks
176,000,000 176,000,000 1,257,000,000
For account of others
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
1,574,000,000 1,631,000,000 4,022,000,000
1,234,000,000 1,292,000,000 3,380,000,000
340,000,000 339,000,000 642,000,000
Chicago.
1,941,000,000 1,912,000,000 1.889,000,000
1 337,000,000 1,298,000,000 1,510,000,000
768,000,000
569,000,000
750,000,000
548,000,000
912,000,000
598,000.000
604,000,000
614,000,000
379,000,000
341,000,000
263,000,000
330,000,000
284,000.000
158,000,000
221,000,000
Reserve with Federal Reserve Bank
170,000,000 188,000,000 173,000.000
14,000,000
15,000,000
Cash in vault
15,000,000
Increase (÷) or Decrease (—)
Since
Net demand deposits
1,219,000.000 1,247,000,000 1,264,000,000
Time deposits
645,000.000 660,000,000 542,000,000
May 27 1931. May 20 1931, May 28 1930.
2,000,000
4,000,000
Government deposits
2,000,000
$
153.000,000
+4,000,000
Bills discounted
—94,000,000 Due from banks
195,000,000 231,000.000 114,000,000
333,000,000 351,000,000 321,000,000
126,000,000 -6,000,000
Bills bought
—51,000,000 Due to banks
598,000,000 —1,000,000
if
Trilled States securities
+68,000,000 Borrowings from
1,000,000
1,000,000
Federal Reserve Bank—14,000,000
1O,000,000"-6,000.000
SSWReserve-Mk credit—
• Revised.
886,000,000 —8,000,000
TOTAL RES'VE BANK CREDIT
—90,000,000
Z,795,000,000 ...
+23,000,000 ..+279,000,000
Monetary gold'stock ,
—5,000,000
+21,000,000
1,787,000,000
Treasury currency adjusted
4,634,000,000 —5,000,000
Money in circulation
2,425,000,000 +14,000,000
Member bank reserve balance
Unexpended capital funds, non-mem+1,000,000
409,000,000
ber deposits, &c
+143,000,000
+78,000,000
—12.000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves,l'and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks.
Since Dec. 11 1930 the totals are exclusive of figures for the
Bank of United States in this city, which closed its doors
on that date. The last report of this bank showed loans
and investments of about $190,000,000. The grand aggregate of brokers' loans the present week records a decrease
of $57,000,000, the total on May 27 1931 standing at $1,570,000,000. The present week's decrease of $57,000,000
follows a decrease of $40,000,000 last week and la decrease
of $178,000,000 in the four preceding weeks. Loans "for
own account" fell during the week from $1,270,000,000 to
$1,191,000,000, but loans "for account of out-of-town banks"
increased from $185,000,000 to $207,000,000, and "loans
for account of others" remain unchanged at $176,000,000.
The total of these loans on May 27 1931 at $1,574,000,000
is the lowest since July 23 1924, when the amount was
$1,571,774,000.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
this previous week, namely the week ended with the close of
business on May 20.
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on May 20 shows decreases for the week
of 870,000,000 in loans and investments, $20,000,000 in net demand deposits and 357.000.000 in Government deposits and an increase of $11.000,000 in time deposits.
Loans on securities decreased $91,000,000 in the New York district.
$5,000,000 in the Boston district and $65,000,000 at all reporting banks
and increased $19,000,000 in the Chicago district and $6,000,000 in the
Philadelphia district.' "All other" loans increased $55,000,000 in the
New York district and declined $6,000,000 in the Cleveland district and
$41,000,000 in the Atlanta district, all reporting banks showing a net increase
of $45,000,000.
Holdings of United States securities declined $55,000,000 in the Chicago
district, 39,000.000 in the Richmond district, $8,000,000 in the Atlanta
district and 828.000.000 at all reporting banks and increased 833,000.000
in the New York district and $10,000,000 in the St. Louis district. Holdings of other securities declined $20,000,000 in the New York district and
$22,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
Banks aggregated $28,000,000 on May 20, the principal change for the
week being an increase of $3,000,000 at the Federal Reserve Bank of
Atlanta.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
May 20, 1931. follows:
Increase (-I-) or Decrease (—)
Since
May 211930.
May 13 1931.
May 20 1931.
$
$
—47,000,000
—70,000,000
Loans and investments—total--- _22,708,000,000
Loans—total
On securities
All other
14,905,000,000
—20,000,000 —1,901,000,000
6,981,000,000
7,924,000,000
—65,000,000 —1.341,000,000
+45,000,000 —560,000,000
Y 30 1031.]
FINANCIAL CHRONICLE
Increase (+) or Decrease (-)
a Does not include gold bullion or foreign coin other than that held by the TreasSince
ury, Federal Reserve banks and Federal Reserve agents. Gold held by Federal
May20 1931. May 13 1931. May 21 1930.
Reserve banks under earmark for foreign account is excluded. and gold held abroad
$
for Federal Reserve banks is included.
7,803,000,000
-50,000,000 +1.948,000,000
These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 le included under gold coin
3,947,000,000
-28,000,000 +1,105,000,000 and bufflon and standard silver dollars, respectively.
3,856.000,000
-22,000,000 +843,000,000
c The amount of money held In trust against gold and sliver certificates and
Investments
-total
U.S. Government securities
Other securities
Reserve with Federal Res've banks 1,834,000,000
Cash in vault
223,000,000
-77.000,000
+10,000,000
-20,000,000
+11,000,000
-57,000,000
+368,000,000
+277,000,000
+13,000,000
1,724,000,000
8,670,000,000
Due from banks
Due to banks
-1.000,000
-3,000,000
13,757,000,000
7,409,000,000
64,000,000
Net demand deposita
Time deposits
Government deposits
-115,000,000
-178,000,000
+537,000,000
+845,000,000
28,00,0000
+6,000,000
-15,000,000
Borrowings from Fed. Res. banks
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as
follows: (1) The statement is dated for the end of the month
instead of for the first of the month; (2) gold held by Federal Reserve banks under earmark for foreign account is
now excluded, and gold held abroad for Federal Reserve
banks is now included; (3) minor coin (nickels and cents)
has been added. On this basis the figures this time, which
are for April 30 1931, show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$4,652,414,437, as against $4,607,913,611 Mar. 31 1931
and $4,476,066,785 April 30 1930, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,458,059,755. The following is the statement:
2J
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and
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Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
States.
of This total includes $32,072,188 gold deposited for the redemption of Federal
Reserve notes ($619,525 in process of redemption), 327.457,829 lawful money deposited for the redemption of National bank notes ($19,086,487 in process of redemption, including notes chargeable to the retirement fund). $1,350 lawful money
deposited for the retirement of additional circulation (Act of May 30 1808),and
311.797.967 lawful money deposited as a reserve for postal savings deposits.
C Includes money held by the Cuban agency of the Federal Reserve Sank of
Atlanta.
/The money in circulation includes any Palter currency held outside the continental limits of the United States.
Note.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; elver certificated are secured dollar for dollar by standard
silver dollars held In tbe Treasury for their redemption: United States notes are
secured by a gold reserve of 5156,039.088 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890. Which are also
secured dollar for dollar by standard silver dollars held in the Treasury; these notes
are being canceled and retired on receipt. Federal Reserve notee are obligations
of the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper
as Is eligible under the terms of the Federal Reserve Act. Federal Reserve banks
must maintain a gold reserve of at least 40% including the gold redemption fund
which must be deposited with the United States Treasurer against Federal Reserve
notes in actual circulation. Lawful money has been deposited with the Treasurer
of the United States for retirement of all outstanding Federal Reserve bank notes.
National bank notes are secured by United States bonds except where lawful money
has been deposited with the Treasurer of the United States for their retirement. A
6 fund is also maintained in lawful money with the Treasurer of the United States
%
for the redemption of National bank notes secured by Government bonds.
War Debt Payment by Foreign Nations to Be Made in
Cash-Half Yearly Amount Due June 15 Totals
$115,000,000.
Foreign nations that borrowed from the United States for
war purposes will make their regular semi-annual repayments June 15, and the remittances will be in cash and not
In United States Government securities, according to an oral
statement May 17 at the Department of the Treasury. The
"United States Daily" of May 18, from Which •we quote,
also observed:
The agreements under which the foreign powers funded their debts provide options under which the debtors may postpone any particular payment
upon 90 days' advance notice and may pay in this Government's securities
instead of cash by advising The Treasury 30 days in advance. The time for
notice of postponement elapsed two months ago, and the final day upon
which notice to pay in securities could be given was May 16.
Amt. Held in Reeve Against
Trust Against United States
Goldand Silver
Notes
Certificates (.± (and Treasury
Treasury Notes
Notes
of 1890).
011890).
w.
owc4 oo
...t4
9090 Ita
a.c.- W
W000.
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=3
ass;
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Total.
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atn0....
0
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8,682.179.320
1 11117 mat LORI
8.598,058,403
8.341.915,914
8.479.620.824
5,396.596.677
3,796,456,7641
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-
3975
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it
Payments from Thirteen Nations.
Additional information was made available as follows:
The total involved in the June repayments in principal and interest is
around $115,000,000. The nations having agreements under which the
repayments are made include Belgium, Czechoslovakia, Estonia, Finland,
France, Great Britain, Ilungary, Italy, Latvia, Lithuania, Poland, Rumania,
and Yugoslavia. Their combined obligations when the refunding was completed totaled $11,608,742,000.
Lapse of the time during which notice of an intent to exercise the optional
privilege of postponing payment for a maximum of two years, or to make
the remittance in United States Government securities affords the Treasury
assurance that it will have the amount of the mid-year interest payments to
help out in its present financial situation. The Treasury daily statement
for May 14, the last official record, showed a deficit of approximately
$971,000,000.
May Apply Interest to Expenses.
Approximately $70,000,000 of the June payments will be for Interest.
The Treasury by law may turn that money into its general fund for use
in any way that it finds best. It will have that extra sum, therefore, to
apply to running expenses during the fiscal year that ends June 30.
The repayments on the principal of obligations must go to retirement of
the outstanding public debt of this Nation, but with the Treasury making
frequent bcrrrowings, the application of the sum to the debt will amount
only to a book transaction. The amount will be applied to maturing securities which, because of the necessity for borrowing, in effect will be reissued.
June receipts, which include the second installment on income taxes, will
be increased, however, by the amount of the interest payment. Determination of the foreign powers to make the repayments this midyear, instead
of seeking delay through exercise of their option to postpone, becomes
significant this time inasmuch as the understanding has been that most of
the debtor nations were having budget difficulties. EconomiC conditions
throughout The world are recorded as generally depressed, and the fact that
the debtors are able to meet their commitments under this circumstance
warrants the feeling that the funding agreements were not as harsh as had
been charged on the floors of Congress when they were negotiated.
The action of this Government's foreign debtors also may become of
importance to the reparations revision question abroad. Beneficiaries under
the Young plan for reparations payments have maintained that to permit
revision of the German payments downward would seriously interfere with
their commitments to the United States. Payment of the amortization commitments to the United States under the'present economic conditions gives
rise to new argument on this point, however, because German contentions
have been that the reparations beneficiaries may look forward to improved
economic conditions.
The Treasury has not made public the amount each debtor nation will pay
to the United States next month, but the amount each paid last June was
as follows:
Belgium $3,450,000 in principal and $1,375,000 in interest; Czechoslovakia, $1,500,000 in principal; Estonia, $150,000 in interest; Finland,
$129,885 in interest; France, $35,000,000 in principal; Great Britain,
$66,390,000 in interest; Hungary, $28,804 in interest; Italy, 85,000,000
in principal; Latvia, $50,000 in Interest; Lithuania, $36,467 in principal
and $94,075 in Interest; Poland, $3,137,465 in interest; Rumania, $600,000
in principal, and Yugoslavia, $200,000 in principal.
The agreements provide different bases of repayments and different dates
for interest payments, so that some of the principal payments in June are
not repeated in September and some of the interest payments in June are
omitted in December, when payments on principal are made. Moreover, in
3976
FINANCIAL CHRONICLE
the case of several of the debtors, the early years of the refunding term
bring no interest payments as such the whole amount being listed as payments on principal.
[VOL. 132.
One depositor who lived 30 years in the United States said he had lost
his entire savings of $12,000 and that many Roumanians in America had
their savings in the bank.
Run Reported on Banks in Czechoslovakia.
Bank for International Settlements and Central Bank
From the "Wall Street Journal" of yesterday (May 29)
to Make Available Credits to National Bank of
we take the following from Prague:
Austria When Needed.
Following troubles in Vienna, small rune developed on two Czech banks.
Press accounts from Basle (Switzerland), the Bohemian Discount and the Bohemian 'Union. All depositors have
Associated
been met in full and the situation is considered well in hand.
yesterday (May 29) said:
The Bank for International Settlements announced to-day that as a
means of improving the situation created in Austria by difficulties in the
Kreditanstalt an arrangement has been concluded by which the 10 largest
central banks and the World Bank will place at the disposition of the
National Bank of Austria credits for use when needed
Officials of the World Bank said they were confident that with these
resources and those of the Austrian National Bank itself that institution
will be able to fulfill its normal functions and assure the stability of Austrian
money.
-
Francqui Committee Representing Central Banks to
Meet in Brussels June 3 at Behest of Bank for
International Settlements—Will Renew Labors on
Medium Credits.
The special committee representing the principal European
central banks, including the Bank of England, whose plan
Finance Committee Adopts Measure to Guarantee for extending the activities of the Bank for International
Settlements to include a new department for granting interLiabilities of Credit Bank of Austria.
A cablezram as follows from Vienna, May 28, is from the mediate credits was rejected at the recent meeting of the
board of the Bank for International Settlements, will resume
New York "Times":
on June 3, said a Paris cablegram
A
' bill authorizing an Austrian Government issue to guarantee the liabili- its labors in Brussels
ties of the Kreditanstalt (Credit Bank) was adopted to-night by the Finance May 23 to the New York "Times". It further said:
Committee of Parliament, with only eight votes of the TIelmwehr party
The definite way in which the World Bank expressed itself regarding the
against it.
ambitious character of the scheme has led to the prediction that the problem
All of the other parties agreed on the absolute necessity for the measure, of intermediate credits will be separated from the Basle bank and made the
which is expected to prevent the breakdown of the whole of Austrian basis of a new international credit institute operating with the full endorseIndustry and a consequent enormous increase in unemployment.
ment of the World Bank but with separate identity and management.
The amount of the state guarantee Is not limited, but depends on curThat the World Bank bad changed its attitude in regard to embarking
rent necessities and must be decided by the Government. It probably will upon new and untried operations in the field of finance was not disclosed
not exceed 5150.000.000. The Government must report every three months until the first report of the Francqui committee was presented and immeto the main Parliamentary committee on the amount guaranteed, and diately found unacceptable.
this committee, composed of the leading members of all parties, will decide
It was explained in authorized quarters in Basle that the World Bank
whether additional amounts are necessary.
did not feel that the present was a fortunate moment to undertake an exObservers said to-night that the Kreditanstalt measure, the second tensive credit arrangement. It was also emphasized that majority sentiadopted recently to aid the bank, marked the most critical period in Austria's ment within the bank's membership seemed strongly inclined to the view
post-war history, with the gravity of the situation impossible to over- that the international bank should confine itself to the field in which it has
estimate.
already achieved considerable success, namely as a world central bank and
Meanwhile, the Cabinet crisis which threatened has been avoided for clearing house, leaving the matter of credits to private banking groups.
the moment.
Such a policy, It was added, did not preclude the large measure of supYesterday (May 29) United Press advices from Vienna port which toe World Bank could and would accord the projected intermediate credits institute.
stated:
With this new background the Francqui committee has been summoned
Parliament approved to-dey on three readings at a single session, a bill to Brussels and it is not unlikely that its second report, which probably will
the Kreditanstalt. Austrian bank. be presented to the June 10 meeting of the World Bank's board, will recomdesigned to solve the present crisis in
whereby the entire economic position of the country is affected. Loans to mend that the projected credit institute be an independent organization
aid the Kreditanstalt will be guaranteed by the Government until May 30 though operating with the direct sanction and aid of the World Bank.
1933.
If this is done It is presumed that the new credit body would carry on
centres,
Previous items regarding the bank appeared in these though powerful consortiums of banks in the various money with the
including New York. Close co-operation would be established
columns May 16, page 3810 and May 23, page 3809.
in these countries as well as with the World Bank itself.
central banks
•
so that the operations of the institute would profit from the widest possible
Bank of England Assures Help backing, avoiding the limitation of its funds to a nominal amount, as would
Montagu Norman of
have been necessary under the World Bank's jurisdiction.
for Austria.
The following from Vienna, May 26, is reported in the Opinions in German and Dutch Banking Circles View
New York "Evening Post" (copyright):
Fall in Stocks in United States Is Overdone—
Austria's financial situation has been improved overnight by the receipt
Consider Scope of Recent Declines Unwarranted.
of a telegram from Montagu Norman. governor of the Bank of England.
The following Berlin account, May 22, is from the New
saying that he approved of the reconstruction measures for the Oesterwill be forthreichische Creditanstalt. This telegram means that help
York "Times" of May 25.
house of London, the
coming, to be provided by the Rothschild banking
Anglo-International Bank of London. Lazard Freres of Paris and a big
Dutch bank.
It is also reported that other French and German groups have offered to
help the Creditanstalt. and that yet others have shown interest in the
shares which the Austrian State purchased under the terms of the reconstruction scheme.
Belgium's Budget Deficit—Shortage Expected To Be
Covered Through Loan.
The Department of Commerce at Washington in its
weekly summary, May 24, of conditions abroad, has the
following to say in its account concerning Belgium.
Practically no industry is operating on a satisfactory basis, with the cottrade
ton, linen, and coal branches in particularly bad condition. Retail
at 1,200,000,Is generally restricted. Last year's budget deficit is estimated
francs.
000 francs: the 1931 deficit is now expected to reach 2,500.000,000
a loan of apThe Government proposes to cover the shortage through
proximately 1,000.000.000 francs to be floated when favorable market
were presented
conditions develop, and through certain tax increases which
to Parliament on April 28.
Portugese Cabinet Backs Stabilization Plan—Also
Approves Proposed Note Issues.
A cablegram May 24 from Lisbon to the New York
"Times" stated that the Portuguese Cabinet has approved
to the stabilization
a project of the Finance Minister relating
the Bank of Portugal,
the escudo and the reorganization of
of
Bank.
together with proposed note issues by the State
The cablegram added:
that the rate at which the escudo will
The Government has announced
"opportune moment."
stabilized will be disclosed at the
be
Reported Insolvent.
Cetatea Bank at Brasov, Roumania,
from Bucharest (Roumania),
Associated Press advices
May 23, stated:
with liabilities
insolvent
The Cetatea Bank at Brasov was declared
amount.
of $600.000 and assets about 10% of that
to-day
Berlin banks are reported to have advised their clients this week to
buy American stocks, taking the ground that liquidation is probably near
its end and that in any case an advance is reasonably to be expected after
the severe decline of March, April, and May. Most financial journals, however, consider that the bond market will be the first to profit from the
cheapening of money in America.
The "Boersen Courier" attributes much of the Wall Street decline to
premature adoption of the cheap-money policy a year ago. This, it thinks,
had the effect of keeping certain "key stocks" above the intrinsic value.
Amsterdam advices, May 22, to the same paper said:
Opinion in the Dutch banking community at present is that the recent
renewed and violent fall on the Stock Exchanges, both of Europe and America, was exaggerated and did not truly reflect economic conditions. Nevertheless, the general situation is considered serious enough, and only a slow
improvement is expected for this year.
C. G. Dawes, United States Ambassador to Great
Britain, Arrives Here—Visit in Connection With
Chicago Exposition—Says Return to Prosperity
Is About Due.
Charles G. Dawes, United States Ambassador to Great
Britain, arrived in New York on the Steamer Bremen on
May 27. In a statement issued with his arrival he said his
visit is in connection with the coming exposition there.
Mr. Dawes looks for the return of prosperity slowly. His
statement follows:
I will be here at Senator Morrow's, for a few days and then visiethe
President at Washington, going from there to Chicago for a two weeks'
stay. My visit to Chicago is in connection with the Century of Progress
Exposition, of whose finance committee I am Chairman.
Of diplomatic matters it is not for me as an official to meek. In such
matters an Ambassador is but an agent. But, notwithstanding prophecy
is peculiarly in disfavor these days, I venture to say something about the
business situation.
The people I met on the boat coming over were, most of them, talking
about Stock Exchange prices as an index of things. They seem to overlook
the fact that the multitudes are not rushing through the Stock Exchange
channels as they were two years ago, and it has therefore ceased to be a
reflection of any mass attitude except that of inertia.
MAY 30 1931.]
FINANCIAL CHRONICLE
For the first evidence of the existence of that general better feeling
of the masses from which springs increased mass activity in business, we
must look to statistics which really measure a mass movement—say in
electric consumption—not to the prices at which a few discouraged holders
are selling stocks to a few wise buyers on the Stock Exchange.
It was in June, 1929, four months before the stock panic, that electric
power consumption started to decrease. Just as the stock market was
months late in reflecting a mass change to pessimism in 1929. so it will
probably be months late in reflecting the mass change to optimism when
it occurs.
Prosperity, which is another name for activity in general exchanges,
will return only slowly, for our business system is an enormous machine,
but that mass change in attitude to optimism which will mark the beginning
of the upturn in general business will come just as suddenly as did the
change to pessimism in 1929. It is about due, in my judgment."
3977
Unemployment Relief Making Headway in Canada.
Progress in Canada's public works construction and direct
unemployment relief schemes is indicated by the March
figures supplied by the Dominion's Director of Unemployment Relief, and forwarded to the Commerce Department
by Trade Commissioner Harvey A. Sweetser at Ottawa.
The Department on May 20 in reporting this said:
To March 31, individuals given employment on relief construction proiects numbered 248,274 for an average of 19.56 days each, making the
number of man-days work provided 4,857,217.
In Ontario 43,000 individuals were provided with a total of 1,890.000
man-days of work and direct relief in the form of food and lodging was given
to 19,000 families.
In the Province of Quebec 58,937 individuals were given 662,763 man-days
of work and 28.257 families numbering 122,946 individuals were provided
With direct relief. In addition, the City of Montreal reports having given
226.213 nights' lodging and 1,320,566 meals to single men.
Other Provinces showed a relative amount of man-days work provided
and relief received.
The essential feature of the Canadian unemployment relief program is
the co-operation developed between the central government, the provincial
governments and the municipalities in financing expenditures. The trans.
Continental railway systems have also co-operated in the public works
construction program, their outlay contributing $25,000,000 to a total
public works expenditure of approximately 370,000.000.
Col. Davies of Midland Bank of London Sees United
States Firm on War Debt—Thinks We Might Consider Moratorium.
Lieut. Col. David Davies, a director of the Midland Bank,
the Great Western Ry. and other companies, who returned
from the International Chamber of Commerce meeting in
Washington aboard the "Mauretania" on May 26, said
that he had found a general feeling of friendliness toward
Britain in America, but no tendency to discuss the cancellation of the war debts in view of the huge deficit with
which the United States Government is confronted. This German Exports Made at Price Reductions—Surplus of
is noted in a wireless message from London to the New
Exports Partly Due to Greatly Decreased ManuYork "Times," which added:
factured Imports.
It was realized, however, he added, that the return of prosperity deBerlin advices as follows, May 22, are taken from the
pended on the improvement of world trade.
"Consequently, I believe that consideration might be given to a mora- New York "Times" of May 25:
torium of three or more years whereby Britain's payments to America
would be suspended." he declared.
French Deficit Reported—Deputy Says Figure, Caused
by Too Many Laws, Is $80,000,000.
Deputy D. S. Lamoureux was reported to have sounded
a note of serious alarm before the Chamber of Deputies
Finance Commission on May 27, because of France's budgetary deficit, which he estimated at more than 2,000,000,000
francs [about 380,000,0001 fbr the year ending April 1.
We take the foregoing from a cablegram May 27 to the New
York "Times," which added:
This situation, he declared, had resulted from the profusion of new
laws which Parliament had voted, the costs of which had been miscalculated or willfully misrepresented.
The budget for 1930-31 was 50,300,000.000 francs, but since it was voted
43 new laws were adopted during the period it covered, raising expenses
more than 1,500,000.000 francs. the Deputy continued. To this, he said,
should be added the cost of credits opened by decree and other supplementary expenditures, which brought the total of supplementary credits
to 3.100.000.000 francs.
Receipts on certain items had fortunately brought surpluses, notably
Customs duties, he continued, but others, including Bourse transactions
and business turnover, had been overestimated.
Deducting the surpluses from the supplementary expenditures, he estimated the final figure by which the budget had been exceeded at 2,142.000,000 francs.
M. Lamoureux in closing voiced a warning against this policy, which,
he asserted, could gravely affect the Treasury, and appealed to the Deputies
to avoid recourse to supplementary expenditures.
The statement of German foreign trade in April indicates an increased
forcing of exports, at constantly lower prices. In April the average of
German export prices was only 84.3% of the 1928 average, and they have
fallen 2% since February. The increase of 50,000,000 marks shown in
the import trade of April was partly seasonal and partly due to release of
goods held in bond. Allowing for the last-named influence, the export
surplus of April was 164,000.000 marks, not 139,000,000 as apparently
shown in the return.
The recent heavy decline in import of manufactured goods, which is now
hardly half that of 1928, is attributed chiefly to economies by consumers.
Decline in the value of raw material imports was caused partly by stagnation in home manufacture, but largely also by the fall in prices. The
decrease in April exports as compared with March is ascribed purely to
influences of the season: it is, in fact, less than the decline for the same
month shown in other recent years.
Bavarian League Would Tax Germans to Keep
Money Home
The New York "Times" had the following to say in a
Berlin message May 22:
Provision for a 50
-mark tax on all Germans leaving the country is contained in a plan presented to the Government by the Bavarian Travel
League, to half the loss in income to the Reich through the German habit
of spending vacations at foreign resorts. Nearly two million Germans
leave the country for long or short periods annually, it is estimated, and
this, it is declared, considerably exceeds the number of foreigners visiting
Germany.
The proposal has provoked vigorous protest from those connected with
the tourist business here on the ground that other countries would retaliate.
Such a tax was tried unsuccessfully soon after the inflation period, it is
remarked.
Director of Private Banking House of Ausbit-Lieben Bolivia Revenue Falls Below Estimate—Loan Reported
Sought.
Co. of Vienna Ends Life—Institution Reported to
A cablegram as follows from La Paz, Bolivia, May 27, is
Be in Difficulties.
The following Vienna cablegram May 23 is from the New from the New York "Times":
Drastic reduction of Bolivia's 1931 budget. 30% below last year's. has
York "Times":
failed
Government's financial problems. Revenue is
to solve the
40%
The suicide of one director and the attempt of another director to end
his life revealed to-day that one of Austria's oldest private banking houses, lower than in 1930.
sent a message to Congress yesterday asking
President Salamanca
the Ausbit-Lieben Co., is in serious financial difficulties. Immediate
authority to negotiate a loan,external or internal. of 10,000,000 bolivianos—
liabilities amount to $600.000.
about $3,000.000. The money would be used for ordinary administrative
Stephen Ausbit, Chairman of the directors and a noted art collector.
it is impossible to reduce.
tried to jump into the Danube from abridge, but was held back by passersby. expenses which the president says
Dr. Ludwig Schiller, a director and brother of Richard Schiller, head of
the economic section of the Austrian Foreign Office, shot and killed himself
Superintendent of Banking of Ecuador Resigns Incithis afternoon.
The creditanstalt recently was forced to recall a loan to this bank.
dent to Closing of Bank of Ecuador.
A cablegram from Guayaquil (Ecuador), May 22, to the
British and German Unemployment—Slight Increase New York "Times" said:
in Recent Weeks, But Improvement Since March.
The cabinet has been unable to decide whether to reopen the Bank of
A cablegram as follows May 22 from London is taken Ecuador or to liquidate. After a conference at Quito between the cabinet
and Superintendent of Banking Larrea. the latter resigned because of the
from the New York "Times":
Government's interference in his activities.
For the third week in succession, British unemployment has shown an
increase, although the change was slight. On May 11 the number of
unemployed reported was 2,532,511, being an increase for the week of 2,676
and an increase of 793,026 over the same date last year.
Notwithstanding this unfavorable movement, the situation for the
month as a whole has shown considerable improvement.
The newspaper Universe says President Ayora plans a trip to Guayaquil
to make a personal inspection of sanitation work and then may decide the
attitude of the Government toward the bank.
The suspension of the bank was referred to in our issue of
May 9, page 3440.
Argentine Minister of Public Works Warns Employees
Unemployment Conditions in Germany.
Against Spreading of Rumors.
From Berlin May 22 advices to the New York "Times"
From the New York "Times" we take the following from
said:
Except in seasonal industries, trade improvement in Germany is slight. Buenos Aires, May 25:
The monthly report of the labor unions shows that unemployment in April
decreased in 12 out of 25 manufacturing branches, but that unemployment
In the coal and steel industries increased.
Since January the percentage fully employed in industries which produce
consumption goods has risen from 60.7 to 67.5.
In view of the alarming rumors which have been current recently the
Minister of Public Works has issued a warning of immediate dismissal for
any employee in any office under this ministry who repeats such rumors
Bureau chiefs are to be held personally responsible whenever they fail
to discharge an employee engaged in whispering alarms.
3978
FINANCIAL CHRONICLE
[VOL. 132.
Sags.
Coffee Valorization Plan!
The recent imposition of a tax of $2.50 a bag on coffee to cover the
cost of destroyed stocks has had a depressing effect on the coffee trade
and taxes and charges now represent half the selling price. It has now
become certain that the Government must cease its coffee valorization
plan before it can get the national finances onto a sound basis again. It
is also certain that it must refund outstanding obligations, as it is impossible
Republic of Peru
to continue paying interest at the present rate.
Peruvian National Loan,6% External Sinking Fund Gold Bonds,
Service charges on external obligations of the Federal Government are
First Series, due 1960—Interest.
about $200,000,000, which represents between 40 and 50% of the total
revenues. The State of Sao Paulo has 65% of its annual revenue pledged
NEW YORK STOCK EXCHANGE
for service on its foreign debt and several other States are in an even worse
Committee on Securities.
situation.
May 28 1931.
Sir Otto's project Is designed to put toe country's finances under such
Notice having been received that the interest due June 1 1931 on
foreign control, principally British and American, that London and New
Republic of Peru
York bankers will be willing to undertake the refinancing.
Peruvian National Loans. 6% External Sinking Fund Gold Bonds. First
Meanwhile the Provisional Government is being harassed by political
Series, due 1960, will not be paid on said date:
opposition of more or less serious nature both in the North and in Sao
.
The Committee on Securities rules that beginning Wednesday. May 27 Paulo, which makes it impossible to devote all of its attention to economic
1931 and until further notice the said bonds"shall be dealt in "Flat" and reconstruction and the belief is becoming more general that General Vargas
to be a delivery must carry the June 1 1931 and subsequent coupons. will resign the provisional presidency before the elections are called.
ASHBEL GREEN, Secretary.
Peruvian Bonds of 1960 to Be Dealt in "Flat" on New
York Stock Exchange.
The following notice was issued by the New York Stock
Exchange on May 26:
Indian Loan-62% Left With Underwriters.
Regarding the $50,000,000 6% bonds of the Indian
Bank of Peru and London to Liquidate.
Associated Press advices from Lima, Peru, May 26, Government (to which reference was made in our issue of
May 23, page 3811), of which 62% was left with the understated:
The Government to-day ordered liquidation of the Bank of Peru and writers, a London • cablegram May 22 to the New York
London on the ground that its present condition does not permit the con- "Times" said:
carried out under
tinuance of regular operation. The liquidation will be
the supervision of the Superintendent of Banks.
Brazil Moratorium Urged by Sir Otto Niemeyer—Step
Would Pave Way for New Loan of $200,000,000,
Says British Banker's Report—Central Bank Proposed Following Lines of Our Federal Reserve
System But With Foreigners in Control.
A Rio de Janeiro (Brazil) cablegram to the New York
"Times" May 28 states that a national moratorium, including the suspension of interest and sinking fund payments
on all foreign obligations of the National and State Governments, is one of the principal recommendations of the report
made to President Getulio Vargas and to Rothschilds, London by Sir Otto Niemeyer, Vice-Governor of the Bank of
England, who has been here for several months studying the
financial reconstruction of Brazil. The cablegram continues:
It is expected that the report will be made public within the next week
or ten days, simultaneously with the announcement of suspension of service
on foreign loans.
Your correspondent is reliably informed that the reconstruction program
includes establishment of a central bank of issue and rediscount under
British and American supervision and the balancing of the budget,also under
foreign technical advice, the underlying purpose of the entire program being
to prepare the way for a loan of about $200.000.000 with which to fund
present obligations and stabilize the milreis at around 8.3 cents.
Rothschtlds Sent Sir Otto.
Sir Otto arrived in Rio de Janeiro soon after General Vargas assumed
the Provisional Presidency. Contrary to reports, he was not invited by the
provisional government, but was sent to Brazil by the Rothschilds interests.
who, with associated bankers, are reported committed for about f:20,000,000
(nearly $100,000,000) on the coffee valorization project. The present
situation, therefore, is really an outgrowth of the•United States State
Department's veto of a project of United States bankers to lend money to
Brazil to keep up the price of coffee.
Brazil sought the required funds in New York, but Mr. Hoover, as Secretary of Commerce, opposed American financing designed to keep up
artificially the prices of foreign commodities of which the United States
Is a large importer. Brazil then obtained the coffee valorization :cian
from the Rotbschllds, and their representative in Brazil, Sir Henry Lynch,
has worked closely with Sir Otto on a reconstruction program which will
protect the Rothschilds investments as well as assist Brazilian finances.
British Presttge Gains.
The Rothschilds' loans and Sir Otto's work have greatly raised British
prestige in Brazil and the present authorities are inclined to look to London
rather than to New York for future financing.
This correspondent also Is reliably informed that the Rothschilds recently offered £15,000,000 for the Sorocabana Railroad, which is the only
State railroad in Brazil paying profits. It was constructed and is operated
by Americans. The offer was not accepted.
The proposed Central Bank probably will be put under the management
of Jose Maria Whittaker, former President of the Bank of Brazil and how
President of the Bank of Commerce of the State of Sao Paulo, Senhor
Whittaker is universally looked upon as one of the most efficient and conscientious bankers in Brazil, probably the only man capable of carrying
out the Herculean task involved in the proposed reconstruction program.
Your correspondent is informed that the bank will be organized on lines
similar to the Federal Reserve in the United States, with one Englishmen,
one American and one Frenchman on the board,with two economic advisers,
one English. to be recommended by the Bank of England.and one American
to be recommended by the Federal Reserve Bank.
The proposed foreign control of the bank has already leaked out and is
being vigorously opposed by Brazilian newspapers, especially in Sao Paulo.
Although tne length of this proposed moratorium is not known, it is
reported that Sir Otto has recommended two years. Under the proposal,
the National Government would guarantee the payment of principle
of all state loans, but at some indefinite time in the future.
It is expected that thi first result of publication of the Niemeyer report
will be to depress Brazilian bonds stillfurther, with consequent depression on
exchange, which some bankers predict will drop to eighteen mllreis to the
dollar, as compared with the prerevolutionary stabilization by former
President Washington Luiz at 8.4 cents. This depression Is expected to be
only temporary and one of the primary objects of toe reconstruction program
is to get the milreis back to around the prerevolutionary figure.
The subscription of only $19,000.000 of the $50,000,000 Indian loan
to-day was attributed here to the unsettled political situation in India.
which has barred the issuance of long-term loans. The Government laas
been compelled to resort to short-term borrowing.
The country's financial condition is held to be perfectly sound. but the
activities of extremists have shaken lenders' confidence.
Peru Unable to Meet June 1 Interest on Bonds—To
Send Commission to New York to Discuss Government's Obligations.
J. & W. Seligman & Co. and the National City Bank of
New York, fiscal agents of the Republic of Peru, have been
informed by cablegram that the following letter, signed by
Rafael Larco Herrera, Minister of Finance of the Republic,
has been received by their representative in Lima.
"I refer to the letter addressed to you on March 26 last by Senor M. A.
Vinelli, Minister of Finance.
"The final reports and recommendations of the Commission of Financial Advisers, headed by Professor Edwin W. Kemmerer, were received
by the Government less than a month ago. Several of the Commission's
recommendations, including the stabilization of the Peruvian sol on the
amount of
gold standard, have already been put into effect. A certain
recomtime is required for further study and consideration of other reforms
however, that it
mended by the Commission. The Government believes,
which
is now in a position to effect certain economies in its expenditures
accordingly.
have hitherto been impossible and it plans to revise its budget
of the
"When the Government has appraised its situation in the light
York as promptly
Kemmerer reports, it will send a commission to New
bondholders substantially along the lines
as possible to discuss an offer to
Government
indicated in Senor Vinelli's letter of March 26 last. The
sinking fund
regrets that meanwhile it is unable to make the interest and
series, bonds.
first
payments due June 1 next on the Peruvian National Loan,
to reaffirm
The Government wishes, however, to take this opportunity
Vinelli's letter of March 26 last, that it
the statements contained in Senor
represented by the
will endeavor loyally to comply with the obligation
that it expects
Republic's outstanding loans to the limit of Its capacity and
charges on the Republic's
to continue to pay in full when due the service
external secured loans."
The previous communication of Finance Minister Vinelli
was referred to in our issue of April 4, page 2487. Items regarding the Kemmerer report appeared in our issue of April
25, page 3062. From the New York "Herald-Tribune" we
take the following (United Press) from Lima, Peru, May 25:
News that the government will not be able to make either interest or
sinking fund payments due June 1 on the Peruvian national loan did not
prove a surprise to Peruvian or American bankers because the state of
situation, have been well
the Peruvian treasury and the general economic
known both hero and in other countries, "El Comercio" said today.
Seligman company
In an editorial on the joint announcement by the
to pay,
and the National City Bank concerning the government's inability
the paper said:
"This should serve as a lesson for foreign bankers, who must be more
cautious hereafter when they invest capital in countries where public
freedom and constitutional institutions have disappeared."
"El Comercio" applauded the United States policy of refusing official
protection to American bankers when they try to collect capital lent to
foreign countries, since they are thereby forced to give due thought before
lending money to irresponsible governments which need loans to maintain their political preponderence. The paper, said Peru is willing to pay
bondholders, but expects to reach "an honest and equitable" agreement
regarding payment on the foreign debt service.
Drawing for Sinking Fund of Hungarian Consolidated
Municipal Loan.
Speyer & Co. announce that the ninth drawing for the
sinking fund of the Hungarian Consolidated Municipal 7%
loan of 1926 and the 12th drawing for the sinking fund of
loan ofj1925
the Hungarian Consolidated Municipal 7
have taken place and that the $93,50017% bonds and the
$167,000 754% bonds so drawn will be payable on and after
July 1 1931, at par, at their office,1,24 & 26 Pine Street,
New York.
MAY 30 19311
FINANCIAL CHRONICLE
$700,000 Polish Bonds Called for Redemption.
Dillon,Read & Co., as sinking fund trustee, announce
that $700,000 of the Republic of Poland 25
-year external
8% bonds, dated Jan. 1 1925, have been drawn by lot for the
semi-annual redemption for the sinking fund. Bonds so
designated are payable at their New York office on July 1
1931 at 105 and accrued interest.
International Wheat Conference at London Ends—
Permanent Clearing House to Distribute Wheat
Statistics Proposed.
The winding up on May 23 of the International Wheat
Conference at London was featured by the unanimous
adoption, at a full session, of a resolution to set up a permanent clearing house organization, representing the 11 countries participating in the conference, to collect and distribute
statistics and other information regarding wheat and all
angles of the world wheat export problem. The advices to
this effect were contained in a copyright cablegram, May 23,
to the New York "Herald Tribune" from which we also
quote as follows:
3979
McKelvie Gives Interview.
Whatever hope these countries have that the London clearing house will
develop into some sort of executive or policy-making organization regarding
the international wheat market is likely to be blasted, it appeared from an
interview with Samuel R. McKelvie, member of the Federal Farm Board
and head of the American delegation to the conference, obtained this
afternoon on the work and achievements of the conference. He declared
that the clearing house would be nothing more than a medium for collecting and dispensing information and statistics, with the question of policy
left entirely to the respective countries represented. With regard to his
views on the conference. Mr. McKelvie said:
The American delegation is satisfied. We got more, perhaps, than we
expected, with the recognition by the conference of the principle of restriction. But we did not come to the conference asking for anything.
We did not call the conference and we would not have minded if it had not
met, and we would not have cared if, after its dellberations, it had adjourned without taking any action."
As regards Russia, Mr. McKelvie said her delegation gave no pledge
during the conference discussions to abstain from the system of international
wheat marketing which is usually described as dumping, but he expressed
the opinion that the economic necessity of having to get enough for her
exports to pay for her imports will soon or late force the Soviet into merchandising its export wheat in an "orderly manner."
Poland Considers Trade Preferences.
Discussing what be considered the impracticable scheme of the export
quota system, Mr. McKelvie declared that repeatedly during the course of
the committee discussions he asked the various delegates advocating that
policy to suggest figures for their respective quotas, but that none of them
—except the Russians, who proposed a minimum based on Russia's pre-war
exports—would do so.
As regards the indirsement by the conference of a wheat restrictions
It was further decided that a committee composed of one representative
of each of the 11 wheat producing countries should organize the clearing Policy "where possible," the American delegate said that of course the
house and draw up a draft agenda for another conference.
United States would continue ill the international wheat export market,
G. Howard Ferguson, Canadian High Commissioner in London, Chair- but that it would do so on a diminishing scale until prices advanced.
In an interview given after the adjournment. Adam Rose, chief of the
man of the conference and head of the Canadian delegation, will be
Chairman of this Committee, on which Nils Andrews Olsen. chief of the Bureau Polish delegation and director of department in the Ministry of Agriculture
of Agricultural Economics of the United States Department of Agriculture, at Warsaw, indicated disgust that the wheat export quota system had not
been adopted and said that as a result Poland and the Danubian countries
will represent America.
The conference having failed yesterday to reconcile the conflict of policy would turn again to a serious consideration of the French scheme for trade
between the American delegation, which refused to agree to any form of agreements between the European agricultural and manufacturing countries for mutual preferences to each others' products.
an international wheat export quota system, and practically all the
other
delegations, which held that a quota system was the only solution of the
The conference opened at London on May 19, and a
world wheat problem, there remained nothing for this morning's conibrence
to do but to accept the committee's noncommittal compromise recommenda- reference to it appeared in our issue of May 23, page 3811.
tions as to the best way out of the inability to reach an agreement for
positive international action.
The result is that things are left about where they were at toe begin- London Reported Disgusted Over Wheat Parley—
ning of the conference, particularly as regards tne immediate problem
Beerbohm Regards "Quota Plan" I mpossi ble--involved, namely, what to do with the wheat surplus amounting to
some
Acreage Reduction Only Solution.
700,000,000 bushels, of which the United States holds approximately
A cablegram as follows from London, May 22, is taken
275,000,000.
The communique issued by the conference giving its conclusions
and de- from the New York "Times":
cision began with the statement that "among the underlying
causes of the
The attitude reflected in financial conversation here this week regarding
present depressed prices of wheat, the following points should be specially
the wheat conference and the Russian attitude may be summed up as being
mentioned:
one of apprehension mixed with disgust. Apprehension is felt because of
"First, the effects of toe economic depression throughout the world.
the depressing information whicn the Russian tactics seem to have on
"Second, the fact that there is more wheat being produced than can
be industry, disgust because of the system which permits them.
sold at a profit.
There is, however, little expectation that any effective action to prevent
"Third. the absence of sufficient adequate information regarding the
movements of wheat, the requirements of certain countries and the quan- Russian dumping will be taken by the present Government.
The fact that the grain conference is still in being, and the suggestion
tities which are liable to be placed on the market.
that quotas should be arranged for the exporting countries, does not create
"Fourth, the present uncertain state of tile wheat markets."
any enthusiasm in the grain market. Beerbohm, commenting on this
After this analysis of the situation the report, out of deference to the
Proposal. says that the weak point in the quota plan is that it makes as yet
American viewpoint. stated:
no proposal regarding what is to be done with trio unexported surplus in
"The conference considers that where possible a reduction in the areas
devoted to wheat should be undertaken in whatever way each country producing countries; adding that it is difficult to see how prices of wheat
can be materially raised while there is an unduly large surplus in any part
considers most effective and practical."
of the world. "We presume," Beerbohm continues, "that importers may
have something to say on the subject, wnether they are consulted or not.
Restriction Urged by United States.
It has seemed very doubtful tnat tne London conference would be much
Inasmuch as the United States delegation was the only one which advomore successful than tnose in Paris or Rome. because buyers generally
cated a serious attempt at wheat restriction and as most of the other
nave the last word in an overstocked market. Natural reduction in area,
countries, particularly Soviet Russia, indicated an intention of increasing due
to low prices, is likely to do more to improve the wheat market than
production, this decision is not likely to become operative to any great any
marketing scheme."
extent.
The report next took up by inference the question of dumping, saying:
"The conference further considered that current information regarding Wheat Accord Revived—Hungary Turns
to Italy and
supply and demand and the movement of wheat should be brought toAustria After London Parley.
gether in such a way as to assist the wheat exporting countries toward an
orderly marketing of their surpluses."
The following (Associated Press) from Budapest (HunDanube Nations in Minority Report.
However. the United States delegation was the only one—at least in tne
statement given out for publication—which definitely pledged its country
to "orderly marketing." which is a euphemistic way of clearing against
the
Russian system of throwing grain on the international market at any price
it will fetch, instead of contracting for sale before shipment.
Then came the decision to establish the committee for the organization
of
a clearing house and for the drafting of the agenda for toe next
international wheat conference, the date of which was not specified.
The feature of the communique, however, was the last page,
devoted to
what was the equivalent of a minority report by the delegations
of the
Danubian countries (Bulgaria, Roumania, Hungary and Jugoslavia)
and
Poland, acting tnrough tne Polish delegation. It was the Poiish
delegation
which presented to tie conference toe detailed plan of an
export quota
scheme, and the following statement, although politely worded,
covers, the
correspondent is authoritatively informed, some extremely
bitter feeling
on the part of those delegations that the scheme was not adopted.
The
statement says:
"The delegates of Bulgaria, Hungary, Poland, Roumania and
Jugoslavia
declare that they will not vote against the setting up of a permanent
committee of the conference as provided for by resolution, sirle0 they
hope that
this committee will perforce become an increasingly strong bond
between
the wheat exporting countries and the body for co-ordinating the
export
policy of European and non-European countries, which will not
duplicate
the functions of those international institutions which are already
concerned
with agrcultural questions.
"They hope that in this way the conference will mark a step
forward
in the path of international economic co-operation, although it
has been
unable to undertake immediate concerted action in the domain of
wheat
policy. Such action has been frequently demanded by the
agricultural
population of their countries and, in their opinion, it alone will be capable
of suppressing competition between the exporting countries and doing away
with one of the essential causes of the distress prevailing in the
wheat
market and in the economic world generally."
gary), May 26, is from the New York "Times":
Disappointed over last week's wheat conference in London, Hungary
decided to-day to fall back on an agreement with Italy and Austria in
reference to sale of 4,500,000 hundredweight of wheat and flour.
Apart from this measure the Hungarian Government plans to maintain a system of quotas in the production of wheat, assuring to Hungarian
producers a price of about 85 cents a bushel.
Soviet Press Holds Two Wheat Parleys Failed—Says
Neither Geneva Nor London Conference Aided
Progress Toward World Harmony.
From its Moscow correspondent the New York "Times"
on May 24 reported the following:
Despite the evident satisfaction over the Geneva pan-European conference and the London wheat parley from the viewpoint of Soviet prestige.
the Soviet press to-day without exception reviews both meetings pessimistically as far as real progress toward world peace and international cooperation is concerned.
This is especially noticeable in the editorials of the newspaper "Economic
Life" and the Communist party organ "Pravda." The former declares the
talk abroad about the improved atmosphere at Geneva and better relations
between the Western powers and the Union of Socialist Soviet Republics
is a typical smoke-screen to hide the failure to reach any agreement on
any point. "Economic Life" sums up the conference thus:
tieneva effected no dimunition of capitalist antagonisms, and if the
bourgeois press almost unanimously tries to convey a different impression
it is because that press wants to mislead the working masses and hide from
them the complete inability of bourgeois leaders to solve the economic
crisis and the unemployment problem.
"Pravda," under the headline "Two Worlds, Two Policies," stresses In a
somewhat naive manner the difference between bolshevist and capitalist
representatives at Geneva and London. The former, "Pravda" says,
are striving for peace and co-operation, and the editorial concludes charac-
3980
FINANCIAL CHRONICLE
[VOL. 132.
York
"Also Montgomery, Scott & Co., a responsible member of the New
between
teristIcally that the workers and peasants of the world will judge
and Philadelphia Stock Exchanges, has tendered me an offer.
the two systems and distinguish between the powers of light and the forces
advantages
"It seems hardly necessary for me to point out to you the
of darkness—or words to that effect.
of the plan to the bankrupt estate."
Both "Pravda" and "Izvestla" regard the Geneva discussions as a serious
Edgar Scott, of Montgomery, Scott & Ce., in making the firm's offer to
setback for German diplomacy and see at least partial success for "French
seems to cause Mr. Hardt. said, in part:
& Co.
imperialism." It is noteworthy, however, tnat this result
"We will take over from you the customers' accounts of West
when
Moscow less distress than would have been the case a month ago,
filing of the petition In bankruptcy,
enemy of the Soviet States. as of April 27 1931, the date of the
France was being loudly proclaimed the arch
& Co. on such
by payment to you of the debit balances owing to West
date, in
accounts as shall be transferred to us against delivery to us of such
short contracts carried in such
Washington Sees Home Market As Hope for American proper negotiable form, and with respect to on said date against payment
accounts to make delivery of securities short
Wheat.
to us in cash on credit balances in said short accounts."
, Scott &
After outlining payment to be made between Montgomery
and private followers of the
The Washington Government
absorption
Hardt on account of transactions involved in the
international wheat conference were agreed on May 21 that Co. and Mr. the Montgomery. Scott & Co.. offer continues.
of the accounts,
deliberations there have strengthened this Government's "Subject as above, the above payments shall continue until the total
produced on a domes- amount paid equals the sum of $650.000, upon this condition, that if
position that American wheat must be
Into your
moneys, together with such other assets as may come
tie consumption basis. The Associated Press, as reported these prove sufficient to repay all money advanced to you in connection
hands,
In the New York "Times" also had the following to say in its with the liquidation of the firm of West & Co. and sufficient to satisfy all
upon the hapcreditors of West & Co., Including general creditors: then
account from Washington, May 21:
under this clause from us to you shall
an international pening of those events all payments
Sentiment, they said, appeared to be leaning toward
cease."
export pool rather than universal acreage reduction. Since United States
The petition to the Court estimates West & Co. have assets of $2.500.000
the entrance
parties, that
delegates are without authority to treat on the pool project,
and states that, if approved by the Court and the interested
1931, the leases
an alliance would make this country a free lance
of other nations into such
Montgomery, Scott & Co. will take over as of May 1
In the world markets.
Co.. at Harrisburg. Lancaster,
of offices heretofore maintained by West &
Arrayed against the combined selling power of competitive nations York, Altoona, Johnstown, Williamsport, Reading and Pottsville, Pa.
the
which already have the natural advantage of cheaper production,
Co. plan to operate the branch
or hold It is understood that Montgomery. Scott &
West & Co.
United States, it was argued, might find it rather difficult to find
offices and retain some of the managers that were representing
an export outlet.
the general situa- in those cities.
a link-up
Although the strong national views may be tempered,
The financial district has been expecting for several weeks
tion was interpreted as nolding little possibility of accord on either the of West & Co. accounts with Montgomery. Scott & Co. Recently Howard
suggestions which now dominate the conference.
American or the Russian
Hunter, who had been a special partner of West & Co., became associated
of West & Co.
with Montgomery, Scott & Co., and in addition a number
England Opposed to customers' men went with Montgomery. Scott & Co.
Co-operative Congress Meeting in
The failure of West & Co. was noted in the May 2"ChronDuty on Imported Wheat.
, icle", page 3261.
Associated Press advices from Bournemouth (England)
May 27, stated:
Analysis of Mutual Savings Bank Investments.
The Co-operative Congress, meeting here today, adopted a committee
At the annual conference in Washington on May 20-22 of
duty on imported wheat.
report opposing any
the National Association of Mutual Savings Banks, an
analysis of all mutual savings bank investments, prepared
Belgian Farmers' Bank Fails.
May for the first time in detail, was presented as follows:
Associated Press advices from Brussels, Belgium,
LIABILITIES
CONSOLIDATED STATEMENT OF THE ASSETS AND
24, are from the New York "Times":
SAVINGS BANKS OF THE COUNTRY.
The Lierre Volksbank went into bankruptcy to-day as a result of agricultural depression. The creditors are mostly farmers.
OF THE MUTUAL
Prepared by National Association Headquarters Office.
Po Cent. of
Assets,
Assets—
11.76
$1,251.752,183
U.8.Government and municipal bonds
54.60
Turkey Reported Overstocked With Wheat.
Loans on real estate and loans and discounts
12.15
1,292,864,864
Railroad bonds
5.05
537.870,105
'Turkish producers are trying to get rid of their grain Public utility bonds
.63
66,583,615
.04
3.861,220
holdings, as the carryover in the country is heavy and the Canadian and foreign bonds
Guaranteed mortgage bonds
.07
7,489,029
according to a report from Corporation and industrial bonds bonds
.17
crop prospects are favorable,
17,740.112
bank
Federal and joint stock land
5.78
615.247,906
Julian E. Gillespie, Commercial Attache in Istanbul, to the Unclassified bonds and stocks
.90
96,089.466
Bank and trust company stocks
.11
11,243:338
Commerce Department. The advices from the Department Railroad stocks
.05
5,662,752
Securities acquired
2.45
260,520.155
on May 26 also said:
and personal loans
Loans on collateral
.12
12,708.354
and other corporations-During March daily arrivals of grain average 30 to 31 carloads, though Loans to municipalities furniture and fixtures—
1.12
119,405.764
Local Real estate Invest, and
.46
48,980,788
the needs of the market were only about 20 to 22 carloads per day.
other real estate
Foreclosure account and
3.81
405.615,746
supplied increased during the month, as grain exports from Turkey were Cash on hand and In banks
.66
70,704,986
almost negligible. It is expected that prices may decline further. The Collectible Interest, due and accrued
.01
690,511
.06
elevators of the Haider-Pasha railway station were overflowing and wheat Insurance and taxes advanced
6,906,582
Other assets
terms.
had to be sold to the flour mills on long credit
100.00
$10,644,141,448
Total assets
West & Co. Failure—Montgomery, Scott & Co. Plan to
York Stock Exchange
Take Over Firm's Accounts—Approximately 1,400 Governing Committee of New
Commends Services of President Whitney During
Accounts Involved.
Crisis.
The Philadelphia firm of Montgomery, Scott & Co., with
At a regular meeting of the Governing Committee of the
hia Trust Building, Philaoffices in the Fidelity-Philadelp
on May 27, the following
delphia, are to acquire the satisfactorily margined accounts New York Stock Exchange, held
& Co. of Philadelphia, which on April 27 was placed resolution was unanimously adopted:the financial community—a
of West
When the great crisis of 1929 burst upon
In the hands of receivers, according to a plan submitted on crisis that ranks among the most severe in the history of the New York
Tuesday of this week, May 26, to the United States District Stock Exchange—it so happened that Mr. Richard Whitney was called
Exchange through the storm.
Court, Eastern District of Pennsylvania. About 1,400 ac- upon to take the leading part in piloting the rare energy and ability that,
He performed this difficult task with such
counts are involved in the plan. Montgomery, Scott & on the retirement of Mr. E. H. H. Simmons, his fellow members enthusiCo. are members of the New York, Philadelphia and Chicago astically elected him to be their President.
During his first year in office the world has passed through a period of
Stock Exchanges. Besides its main office in Philadelphia,
economic depression of unparalleled severity and the problems arising
has branches in New York and Chester, Pa. A hearing therefrom in the financial district have been extraordinary both as to their
It
in the matter will be held June 8. The Philadelphia "Ledger" number and their gravity. In dealing with these problems Mr. Richard
qualities that have more than met the sanguine exWhitney has
of Wednesday, May 27, whose account of the matter we have pectations of shown members:
his fellow
continuing said:
quoted above,
Be it therefore resolved, That the Governing Committee do hereby'express
The plan has received the approval of John Arthur Brown, receiver for
of the customers' committee of
West & Co.; Frank M. Hardt, Chairman
West & Co.. and other interested parties.
is the essence of the
Prompt consent by the customers and creditors
with Mr. Brown, is sending
plan, according to Mr. Hardt, who, together
details of the plan. Mr. Hardt. who
to all customers and creditors the full
-Philadelphia Trust Co., also is requesting
is Vice-President of the Fidelity
presented by him be returned forththat the written consents in the form
the Court as signifying the full apwith so that he may present them to
proval of interested parties.
estimated that the accounts of nearly
If the plan is consummated, It is
up since the closing of West & Co.'s
1,400 persons which have been tied
for the owners on the books of
business will be freed and set up again
Montgomery. Scott & Co.
customers having free credit balances.
Tne plan entails the payment of all
detail the status of those customers
whether in securities or cash and fixes in
provision made with respect
whose accounts are under margin, there being
to the liquidation of them.
the receiver, said in part:
Mr. Hardt, in submitting the plan to
a substantial sum of money
"I have made available to me as advances
accounts of West & Co.
to be applied to the re-establishment of the
their appreciation of the Invaluable services rendered by Mr. Richard
Whitney during his first year as President of the Exchange and that they
pledge to him their hearty support and co-operation in dealing with the
many great questions that are still to come; and
Be it further resolved, That a copy of these resolutions, suitably engrossed.
be presented to Mr. Richard Whitney.
Bank Earnings, Interest Rates and Charges on Balances Discussed by R. F. Mactavish of Northwest
Bancorporation Before Minnesota Banking Group.
The subject of bank earnings, interest rates, and charges
was discussed by Robert F. Mactavish, Assistant Treasurer
of the Northwest Bancorporation of Minneapolis, at the
meeting of the Tenth District Group, Minnesota Bankers'
Association, at Minneapolis, on May 21. We give the address
herewith:
MAY 30 1931.]
FINANCIAL CHRONICLE
I have been asked to talk on earnings, which is a subject of vital
Importance to all banks at the present time, and there has been much
written about it in the last year or so.
Banks are finding it increasingly hard to loan money at reasonable rates,
and in the agricultural district the Government has taken many of the
loans from them. While the rate the banks have been able to get on local
loans has maintained a steady course, the interest on their secondary reserves
and other investments has been materially reduced in the last year or so.
Banks that have tried to keep the earnings in these investments up by
buying secondary bonds have unfortunately found to their sorrow that the
additional return they have made has been more than wiped out by their
depreciation in these bonds.
On the other side, expenses have been stationary, and in some cases have
shown a tendency to increase rather than decrease. This has reduced the
net earnings of banks to a point where somewhat drastic measures have
is deposits, and when the price of the finished material in the form of
expense in the bank, naturally has been one of the first items of expense
to be reduced. Banks, after all, are merchants, and their raw material
is deposits, and when the price of the finished material in the farm of
credit has been so materially reduced they have, of necessity, to reduce
the cost of their raw material. This has been going on all over the country,
and especially so in the last few months. As you all know, New York banks
have now reduced the rate paid on bank accounts to % of 1%, which is, I
think, the lowest rate they have ever paid on such deposits. Such times
as these force banks to cut the corners wherever possible, and in the Northwest Bancorporation group we have been spending a great deal of time
with our banks on this subject. In conjunction with the local Clearing
Houses and County Associations many of our banks have reduced interest
on time deposits % of 1% to 1%. In other instances proper float charges
have been installed yielding considerable additional income. This is perfectly legitimate, as without such float charges all items in transit, which,
after all, constitute an investment, will yield nothing. These float charges
can well be made on the basis of 6% for the time that the items are outstanding with a minimum charge of Sc. an item. Then again many of
our banks have put in proper service charges on the small accounts. For
the smaller banks I believe $1 a month for accounts under $100 is a proper
charge, and this $1 should allow the customer to use 10 checks, charging 4c.
on each additional check. On accounts over $100, allow the customer a
check for each $10 of balance; of 4c. a check thereafter. In other words,
a $250 account would allow a customer to write 25 checks without charge,
the 26th one and others thereafter being charged 4c. a check. This could
be staggered up to $500 as follows: $100 to $200, 10 checks; $200 to $300,
20 checks; $300 to $400, 30 checks; $400 to $500, 40 checks.
The method recently adopted by the Minneapolis Clearing House is more
adapted to the larger banks whose experience it has been that any account
under $300 is not profitable. While I am on this subject, 1 may also state
that in many cases very active accounts with an average balance well over
this amount, when analyzed, are often found surprisingly unprofitable. As,
for example, an account recently analyzed in the Northwestern National
Bank shows as follows:
Average balance
$2.000
Less outstanding items or float
300
$4,000
1,000
$4,000
200
$2.500
250
$3,000
300
$3,800
380
$1,530
$2.250
$2,700
$3,420
2
Actual balance
Less 10% reserve
3
4
4
2.50 300
300
1
5
300
1.75 25
3.75 400
1.50 400
7.60 400
1.75 25
$1,700
170
Loanable balance
General overhead
Handling cost
O.T.items at 1 51 c
Clearings at 54c
Checks on us at 2',i c
Deposits at 7o
$3,000
500
200
200
200
25
Total cost of account
5
100
2
200
10
300
1.75 25
1.25
1
7.50
1.75
$12.25
$17.50
$22.75
$15.50
Prevailing rate of intert_ _ _ _
Loanable bal. at prevairg rate
Total gain on account
6%
$7.65
7.65
6%
$11.25
11.25
6%
$13.50
13.60
6%
$17.10
17.10
Lees total cost of account-
$12.25
$17.50
$22.75
$15.50
Profit or loss
•In red.
a4.60•
$6.25•
$9.25•
$1.60
It would probably surprise some of you bankers if you took some of your
more active accounts that you have heretofore assumed to be profitable and
analyzed them.
Some time ago your Committee on Bank Costs and Service Charges drew
up a schedule of charges which I believe you all have. Charges based on
this schedule have been installed in many of our banks, and we have found
that they have worked out very well.
For some time back banks have been looking for a yardstick by which to
measure their own operations against like banks operating under similar
conditions. Probably the best way to present this subject would be to
take an imaginary bank and work out what should be reasonably profitable
operations for that bank. I presume that a bank of $25,000 capital,
$15,000 surplus, $5,000 undivided profits, and $400,000 deposits would
fit more nearly the average of the tenth group, so, with your permission, I
will take such a bank and work out its operations as an example. You
will notice that this bank has the usual deposits of 10 times its invested
capital.
This imaginary bank would probably have in the neighborhood of
$250,000 in loans and discounts, mostly local, from which it would receive
Interest at the average rate of 61%, or $16,250. Bonds and investments
/
2
of $150,000 on which an average rate on the present market could not be
over 4%, or $6,000 a year. Miscellaneous interest, including interest
received from hank correspondents, might run to $250, making a total of
Interest received of $22,500. Miscellaneous earnings for this bank would
probably run around $2,500, making a total gross income of $25,000.
These miscellaneous earnings could be stepped up somewhat, especially
If a bank has a good, live insurance department. However, I have taken
$2,500 as being 10% of the total gross income, as this is approximately
the figure that the average Minnesota bank shows.
We are assuming that the deposits are split into $150,000 demand and
$250,000 time, and that the bank is paying 3% on time deposits, a subject
I will come to later. This would make $7,500 in interest paid. Salaries
would run about $6,000, miscellaneous expenses to $3,000, taxes $1,600,000,
and rent or its equivalent to $1,000. By rent and its equivalent I mean loss
of interest and taxes on the building, if the bank owns its own building.
This would give total expenses of $11,500, which, added to the
interest
paid, would make $19,000, leaving net earnings of $6,000, or exactly 16%
of the invested capital. This $6,000 would be available for charge-offs,
dividends, and additions to undivided profits.
3981
Mr. Bailey, of the Federal Reserve Bank, in his recent booklet, "The
Problem of the Small Bank", states that a bank should make 15% net
operating earnings on its invested capital, and by this I mean the earnings
before charge-offs or recoveries. This is backed up by the fact that practically all the banks in the State that have suspended in recent years have
had net earnings smaller than this amount, and practically all banks in
the State with earnings of 15% or more have been able to continue in
business.
In this statement you will notice that the difference between interest paid
and interest received is $15,000, which is between 31
/
2
% and 4% of the
deposits, and in order to make 15% on its invested capital this differential
is necessary. The deduction from this, of course, is that 3% on its time
deposits is all the bank can pay and make a reasonable return. As Officer
Mulcahy said at a dinner I was at last evening, "On 4% the customer can
eat better; on 3% he can sleep better, but at 3% the banker can both
eat and sleep better."
A net of $6,000 on a gross of $25,000 is 24%, which is not out of line.
In fact, many banks in this class net 30% to 35% of their gross. Any
percentage under this amount would indicate that expenses and interest
paid were out of line and should be analyzed, and, if possible, corrected.
Interest paid to gross earnings is 30%, which is about the average for
the United States, but somewhere below Minnesota rural banks, which show
36%. Minneapolis banks show 30.6%.
Salaries to gross earnings are 25%. Small banks in Minnesota, Minneapolis banks, and all United States banks show 20%. However, salaries
are naturally proportionately higher in smaller banks. Miscellaneous
expenses to gross earnings are 12%. Minnesota banks show 11.2%, Minneapolis banks 13.8%, and all United States banks 12%. Taxes to gross
earnings are 6%. Minnesota banks are 5.9, Minneapolis banks 6, all
United States banks 4.6.
The $3,000 miscellaneous expenses for such a bank would be split up as
follows:
$300 Printing.stationery,supplies
Advertising
525
85 Telephone and telegraph
Directors'fees
50
100 Light and water
Donations
70
140 Heat
Examinations
300
Insurance
200 Miscellaneous
815
Memberships and subscriptions_ _ _ 115
Postage
300 Total
$3,000
In summary:
-I would urge you to get as many
1. Interest on Loans and Discounts.
good local loans as possible up to 65% or 70% of your earning assets, as
these loans will give you the best return, but care should be taken that
they are properly made so that you do not have to face an unusual amount
of charge-offs. Banks are looking more towards a man's income and ability
to pay than to his financial statement.
2. Interest on Investments.
-On the present bond market banks cannot
be too careful in the purchasing of securities, and the majority of them
are buying short-time securities, as any change in rates will affect such
issues least.
3. Float Charges.
-As stated before, proper float charges should be
installed in all banks.
4. Miscellaneous Earnings.
-These include service charges, safe deposit
rentals, insurance, 4:c., and, without a doubt, in most banks these earnings
can be increased materially.
5. Interest paid.
-As stated before, on present money rates, I do not
believe a bank should pay more than 3%%, and would advise wherever
possible to cut this rate down to 3%.
6. Salaries.
-As this is a personal matter, it is rather a hard one to
adjust, but salaries should be watched very carefully.
7. Taxes.
-Though this is rather a fixed item, care should be taken to
see that proper valuation has been placed on your buildings and that in
your shareholders' tax, any charge-offs and deductions should be made
before May 1 to get the benefit of this reduction in undivided profits.
8. Advertising.
-This is a good deal of a local proposition, but at times
like these we believe that all advertising should be analyzed very carefully.
9. Miscellaneous Ezpense.-In our group of banks we find that this
expense varies considerably in banks of like size, and these expenses should
be thoroughly analyzed to see that they are kept within reason and reduced
wherever possible.
10. Analyze all very active accounts to be sure they are on a profitable
basis.
We are in a new world, doing business in all lines and under new conditions, and as bankers, like any other business men, we must adjust ourselves. No bank has any right to carry on if it cannot earn a reasonable
return on its investment. A bank that fails to do this is a menace to its
community as well as to its own stockholders, for it is certain that eventually
It will have to pass out. It is by studying, analyzing our bank and its
operations that we can increase its earnings and thereby make it not only a
better bank for ourselves but a better bank for the community that it serves.
Dividends of Standard Oil Companies as a Group Drop
$5,568,330 for Second Quarter of Year-Compilation by Carl H. Pforzheimer & Co.
Cash dividend payments of the Standard Oil group of
companies for the second quarter of 1931 will total $57,543,667 against payments of $63,101,997 in the first quarter,
a decrease of $5,558,330, according to figures compiled by
Carl H. Pforzheimer & Co. With regard to the compilations it is stated:
The decrease is due principally to a reduction in the quarterly payment
by Vacuum 011 Co. from $1 to 50 cents a share, and to an omission of
dividends on the common or capital stock by Ohio Oil Co. and Prairie Oil
and Gas Co. Vacuum 011 Co. will pay approximately $2.813,279 in the
second quarter compared with $5.626,558 in the first quarter. Ohio Oil
paid $1.662,013 on Its common in the first quarter while Prairie Oil paid
approximately $1,220.716 In addition to Ohio Oil and Prairie 011,
Standard of Kansas omitted its dividend in the second quarter, while
reductions in dividends were announced by Indiana Pipe and New York
Transit Co.
Total payments for the second quarter of this year amounting to $57,543.667 show a decline of $11.047.235 compared with payments for the
second quarter of 1930. This large decrease reflects in part lower cash
dividend payments put into effect previous to the second quarter of this
year. None of the larger Standard Oil companies changed the rate in
the second quarter. Standard of New Jersey paying the usual extra dividend of 25 cents a share in addition to the regular quarterly dividend of
25 cents, while Standard of Indiana. Standard of New York and Standard
3982
FINANCIAL CHRONICLE
of California voted to distribute the regular payments in the second quarter.
ke,,The record of quarterly disbursements for the past few years follows:
1st Quarter. 2d Quarter. 3d Quarter. 4th Quarter. Full Year.
1931
$63,101,997 $57,543,667
1930
66,687,168 68,555,901 $68,271,015 $83,012,644 $286,526,728
63,101,701 66.053,389 65,426,981 75,063,856 269,645,927
1929
48,927,670 57,694,206 50,068,102 62,050,357 218.740,335
1928
55,873,413 54,291,615 47.728,440 55,724,472 213,617,940
1927
[VOL. 132.
They have adopted as well a rule restricting deposits to not more than
$1,000 in any one quarter, with exceptions to be made in certain specified
cases. This new rule will be made effective at once.
Explained by Stone.
In explaining the actions of the savings institutions, Harold Stone, President of the Onondaga County Savings Bank, said:
"The rate of dividend paid by this Bank (411%) undoubtedly has tempted some
money from other local banks. Too much money withdrawn from the commercial
banks and deposited with us decreases the money available for the industrial development of the community.
"This Bank therefore has adopted certain restrictions on deposits which, however, should cause no inconvenience to our depositors as the exceptions are broad
enough to take care of any unusual circumstances."
Banks in St. Louis Clearing House Association Reduce
Interest Paid on Demand Deposits.
Following the action of banks in New York and other
cities recently, the member banks of the St. Louis Clearing
Pacific Coast Building and Loan Concerns Announce
House Association on May 23 voted to reduce the interest
Cuts in Interest Rates.
present rate of 1%
rate paid on demand deposits from the
The following from San Francisco is from the "Wall
per annum to % of 1%, effective May 25, it was announced
18:
by R. S. Hawes,President. The St. Louis "Globe-Democrat", Street Journal" of May payments by major Pacific Coast building
General reductions in interest
in noting this, added:
and loan associations to a basic rate of 5% from 6%, the old basis, are
It also was decided to reduce the rate paid on time deposits under six forecast by an announcement of five large institutions that such action
months to 1%, effective the same date. This rate heretofore had ranged would become effective June 1, applicable to new funds received thereafter.
from 11 to 2%.
%
4
/
The companies which have determined on this action include Pacific States
Act to Halt Influx.
Savings & Loan Co., San Jose Pacific Building & Loan Association, Berkeley
influx of surplus funds Guarantee, Fidelity Guarantee, and Community Building & Loan AssociaAction was taken by the banks here to preclude an
from other centers, where the rates previously had been lowered, as there tions. Resources of these institutions aggregate more than $95,000,000.
The rate reductions by these associations follow a similar cut recently
Is already a surplus of unemployed funds in the general money market.
The present 1% rate paid on demand deposits had been scaled down here Inaugurated by banks of Los Angeles and other sections.
Pacific States and San Jose Pacific have advised their customers that
during the past year from 2% in line with prior action by New York and
rates on funds already held by them will not be disturbed at present, pendChicago banks.
to a year at present range ing notification at renewal under new terms.
Interest rates on time deposits of six months
from 21 to 34 in various banks. Savings deposits, which receive 3%
%
%
1
/
4
/
Cuts to Maintain Soundness.
are unaffected, as they have been so far during the entire period of low
R. S. Odell, President of Pacific States, said:
money rates.
The rate paid by banks to savings deposits and to one-year certificates Ilig"The trend toward lower yields must, in our opinion, Inevitably be met by every
of deposit at present are higher than some of the rates the banks themselves financial institution which insists on maintainingithe thorough soundness of its
conditions."
receive on loans. Commercial paper averages 2%% to 3%, and the call structures under current
%, while high.
4
/
Commenting on the reduction, R. G. Hamilton, Jr., President of San
loan market in New York recently has ranged from 1% to 11
4%.
/
Jose Pacific, said:
grade short-term bond investments have been yielding around 31
The new rates apply to individuals, firms, corporations, and bankers' PI The decision to reduce interest rates Is dictated by conservative policies which
to follow in line the Ban Jew+ Pacific has followed since its founding in 1885.
deposits. Non-member clearing house banks are expected
"Throughout the nation, abundant Idle money has brought about a general rein determining their rates.
duction of interest rates on sound investments. To-day the building and loan
Time deposits of Clearing House banks, including savings and certificates association which seeks the most desirable security for its funds must be prepared
of deposit, have increased perceptibly in the past year, as brought out in to earn lower loan rates from borrowers. Good business Judgment recommends,
demand, aggregated therefore, that it also pay a lower rate to its investors."
Government figures recently. Total deposits, including
call date, as
$495,800,000 for the 14 banks as of April 24 1931, the last
The same paper (May 18), in its advicesfrom Los Angeles,
Strictly savings deposits, not
against $494,000,000 a year previously.
increased in the same period to said:
including any certificates of deposits,
Southern California building and loan associations have as yet taken no
$90,920,000 from $89,000,000 a year previously.
action toward general reduction of interest rates on certificates, acoording
to the California Building & Loan League of Los Angeles. However, the
Buffalo (N. Y.) Banks Cut Interest on Deposits. subject has been under discussion for some time, and the general disposition
Press advices from so far has been to await actual operation of the new Building & Loan Act,
Under date of May 20, Associated
signed by Governor Rolph, which becomes effective about Aug. 15.
Buffalo (N. Y.) said:
It is admitted, however, the action of the companies in the San Francisco
in Western New York have reduced their area may have the effect of hastening action here.
Fourteen commercial banks
%
4
/
on special accounts within the last three months.
interest rate
Long Beach companies recently recommended a reduction to 51 from
rate from 4% to
Three leading commercial banks in Buffalo reduced their
certificates, contingent upon such action being
last week by 11 6% on certain classes of
3% several weeks ago, and similar action was announced
only special or thrift taken by Los Angeles companies.
Chautauqua County commercial banks. The cuts affect
in rates have been
accounts carried by commercial banks. No reductions
New York Stock Exchange Issues Questionnaire
announced by savings banks.
all commercial banks in
The reductions in Chautauqua County affected
Calling for Information As to Short Selling.
County Bankers' Association
the county outside Jamestown. The Erie
Association, have discussed the
Indications that the New York Stock Exchange has underand Group 1, New York State Bankers'
advisability of reducing interest rates, but no action has been taken.
an inquiry to determine whether there is a concerted
taken
move in short selling was evidenced in the following quesBanks in Binghamton New York Reduce Interest on tionnaire sent to members of the Exchange on May 26 by
Deposits.
Its Committee on Business Conduct:
Binghamton (N. Y.) Associated Press advices, May 20,
NEW YORK STOOK EXCHANGE.
said:
COMMITTEE ON BUSINESS CONDUCT.
4
/
%
A cut in the interest rate paid on savings accounts from 4% to 31 was
of the city cut
announced by the People's Trust Co. to-day. Savings banks
%
4
/
their interest rate from 41 to 4% last week.
New York, May 25 1931.
To Members of the Exchange:
The Committee on Business Conduct directs all members to furnish the
following information in regard to stocks listed on the New York Stock
Savings andrommercial Banks in Syracuse New York Exchange (not including odd lots) loaned or borrowed or on which there
has been a failure to deliver:
ReducelInterest Rates on Deposits.
1. A list of all stock borrowed, from whom, and for whose account.
Syracuse (N. Y.) "Post-Standard", an2. A list of all stock loaned, and to whom.
According to the
3. Intra-office borrowings, and for whose account.
nouncement of reduced interest rates on all bank deposits
4. A list of all stock which you have failed to deliver, and for whose
May 21 by Syracuse financial institutions.
was made on
account.
the
First Report.—The foregoing information as of the close of business
'These are the new provisions affecting Syracuse, says
May 25 1931 must be filed with the Committee not later than Thursday
paper quoted:
May 28 1931 by members not more than one day's distance by mail
% by the commercial banks on quarterly noon,
1
/
34
Reduction from 4% to
from New York, and by other members not later than noon Friday,
effective July 1, and reduction on monthly and daily balances
balances,
May 29 1931.
%
4
/
-from 11 to 1%, effective June 1.
Subsequent Reports.—Subsequent reports of the changes occasioned by
1
/
%
deposits from 44 to 4%,
Reduction of the dividend rate on savings bank
each day's business must be furnished from day to day thereafter.
•effective July 1.
Envelopes.—The envelopes containing the foregoing information are to be
The Syracuse paper added:
addressed to the Committee on Business Conduct, Room 609, 11 Wall Street,
cities already have announced New York City.
Banks in Buffalo, Utica and many other
of conservative bank operation,
Wire houses are requested to co-operate with the Committee by trans'reduction in interest rates in the interest
banks in suburban territory in mitting this circular over their wires to their out-of-town member correby the
and their action is being followed
spondents and forwarding the replies of the latter to the Committee.
their localities.
Erie County Divided.
ASHBEL GREEN, Secretary.
difference of opinion as to whether
is
In Erie County, it is said, there
With regard to the information sought, the New York
reduced from the present figure of 4%
the rate on thrift accounts should be President of the Bank of East Aurora
Perkins,
"Times" of May 27 said:
%
4
/
to 31 or 3%. Richard S.
who is quoted by the Associated Press as
and President of the Association,
Striking openly at the powerfully equipped "bear party", which is believed
interest accounts
interest rate on thrift or special
of the last several
saying that "a lower
the community and to have been partly responsible for the sustained decline
the depositor, the stockholders,
means protection for
weeks, the New York Stock Exchange called yesterday for a daily report
customers' accounts of all member firms.
the bank."
banks was dictated, according to of the short commitments in
The action ,of the two local savings
this action produced a moderate rally in stocks after a
in deposits during the past year, Announcement of
officials, by the fact that the large increase
list had been driven into new low ground for
more difficult the advantageous considerable part of the
together with low money rates, now make
the year.
institutions.
Investment of funds of the
MAY 30 1931.]
FINANCIAL CHRONICLE
In sending a questionnaire to member firms requiring full information
relating to short selling, the Exchange seeks to learn whether there has
been deliberate "bear raiding" to depress values and, if so, the identity of
the speculators back of the movement.
This is the third time that the Exchange has invoked its authority to
expose the activities of traders suspected of conducting bear campaigns.
In November 1929, after the disastrous break in prices that started in
October of that year, a questionnaire was sent to member firms and a lively
recovery followed. The Exchange made such an inquiry also in 1917, when
there was a suspicion that enemy interests were raiding the Liberty bond
market.
Deliberate Bear Raids Suspected.
The investigation started yesterday was inspired, it is understood, by a
belief that the recent precipitate declines in pivotal issues, such as United
States Steel common, American Telephone & Telegraph, and American Can
were caused by deliberate bear raids. The Exchange has always defended
short sales as a legitimate market function where they were not conducted
by organized interests for the purpose of undermining confidence and
depressing values unwarrantably.
In the present instance the suspicion is assumed to be that bearish speculators have exceeded the bounds of reason and that they have singled
out
high-grade issues as targets for selling pressure in an effort to induce wholesale liquidation. The average daily volume thus far in 1931 indicates
that
there has been no large-scale liquidation such as took place in the autumn
of 1929, although the impression in Wall Street is that there has been a
steady stream of voluntary selling.
The extent to which short selling has influenced such liquidation is not
known, but the short interest in the market is known to be uncommonly
large. This is indicated by the stringency in the stock loan market.
Thirty-six issues were lending at premiums yesterday afternoon and the
remainder of the active list was lending flat.
United States Steel common, which has been the focal point of the recent
selling movement, commanded a premium of 1/16 point, which means
that
at this rate a speculator short of the stock would pay $100 in sixteen
days
for the privilege of borrowing 100 shares.
The fact that the questionnaire had been sent out became known before
the opening of the market. There was little reflection of this development,
so far as the opening prices were concerned, many of the prominent
stocks
falling to the lowest levels of the year.
United States Steel common, for instance, hit a low of 93%, American
Can 94%, General Motors 34%, and Atchison, Topeka & Santa
Fe 146%. . . .
In weighing the effects of the Stock Exchange's questionnaire, Wall
Street interests calculated that it had accomplished less, in the matter
of
bolstering prices, than had been expected. It was recalled that the
Exchange undertook no disciplinary measures as a result of its 1929 investigation and, since the Exchange has often upheld short selling,
speculators
for the decline betrayed little uneasiness, as judged by the market's
action.
It is not the Exchange's custom to reveal the results of such
inquiries
as that now going on, although it went so far last year as to "call
on the
carpet" some of the most aggressive bear operators among its
members
and caution them against ill-advised selling tactics.
Justification Seen in Wide Break.
Justification for the present investigation, it was contended in brokerage
circles yesterday, is to be found in the wide break through which
the
best-rated stocks have passed this spring. The decline in the market, as
measured by the average price of 50 representative stocks has been sharper
thus far this month than in any full month since September 1930. The
net
drop has been $18.79.
Richard Whitney, President of the Stock Exchange, and other officials
have commented recently on the scantiness of the short interest as compared
with the long position. In the 1929 inquiry, for instance, it was found
that
the total short account amounted to leas than % of 1% of all listed shares.
The Exchange's constitution provides severe penalties for members found
guilty of unwarrantably depressing stocks. There is also a method by
which
short selling by non-members may be discouraged.
3983
NEW YORK STOCK EXCHANGE.
May 7 1931.
To the Members of the Exchange:
BUY-IN ORDERS.
The attention of the Committee has been called to the fact that members
originating Buy-In orders often receive in their offices the securities from
the Central Delivery Department of the Stock Clearing Corp. after the
time fixed for closing contracts (2:35 p. in.). This frequently results in
the unnecessary buying-in of securities, with resultant losses.
Members who receive Buy-In notices and subsequently make delivery of
the securities through the Central Delivery Department are advised to
notify the member from whom the notice was received not later than
2:30 p. in., otherwise the member may become liable for any loss due to
the impossibility of cancelling the Buy-in order after receipt of the
securities.
ASHBEL GREEN, Secretary.
Group II of Washington Bankers' Association Approves
Service Charges Along Lines of Those Imposed by
Spokane Clearing House Banks.
Group II of the Washington Bankers' Association at a
meeting in Spokane approved the policy of service charges
for small depositors in keeping with those recently put into
effect by the Clearing House of Banks of Spokane. The
adoption of the service charges was left with the individual
County Bankers' Associations in the district. V. E. Rolfe,
of Cheney, was Chairman of the Committee which prepared
and urged the adoption of the report, providing for the
following charges:
Checking accounts
-350 minimum, 50 cents, plus 3 cents per check over
five; $50-$100 minimum, 50 cents plus 3 cents per check over 10; $100-$200
minimum, no charge up to 30 checks, over 80 checks, 50 cents plus 3 cents
per check; over $200, charges based on compensating balances.
Insufficient fund checks—Returned or paid 25 cents per item, plus interest on overdrafts.
Safekeeping—$1 per thousand or fraction, including collection of coupons.
Loans
-50 cents to $1 minimum.
Savings accounts-50 cents service charge if closed within 60 days after
opening on accounts under $100.
Credit department—B0 cents per report to non-customers.
Escrows—$1 per $,1000; minimum $5-15 cents per hundred—collections.
-10 cents per $100; minimum 10 cents.
Domestic exchange
Cashier's checks-10 cents per $100; minimum 10 cents where purchased
for transfer of funds.
Telegraph transfers—One-fifth of 1%, plus cost; minimum 50 cents.
W. G. Shuham, Walla Walla, President of the Associa-
tion, brought up the matter of lowering the interest charges
on savings accounts as a means of improving the earnings
of banks. W. T. Triplett, of Spokane, Fred C. Forrest, of
Pullman,and 0.E. Moss, of Fairfield, were appointed on this
Committee and asked to make a report later to the Secretary.
Stephen I. Miller of National Association of Credit Men
Views Cheap Money As Challenge to Business
Inefficiency—Plans for Annual Convention of
Association.
The new low money rates present a challenge of great
proportions to business men throughout the country,
New York Stock Exchange May Ask Data on Bonuses— especially the smaller concerns and establishments,
says
Stock List Committee Reported Planning Move Dr. Stephen I. Miller, executive manager of the National
for Information.
Association of Credit Men, in issuing the call for the annual
Information on bonus payments to executives may be convention of the association to be held in Boston from
sought by the New York Stock Exchange in its campaign June 22 to 27. He says:
"Cheap money is interpreted by almost everyone as being a fine impetus
for higher corporate standards, it was learned on May 21,
according to the New York "Evening Post" of that date, for business development and recovery from the depression that is now
gripping the United States as well as the red of the commercial world.
which said:
Undoubtedly it will benefit many in the present situation, as it seem
Such information may be requested by the Committee on Stock
List from
companies applying for listing privileges on the Exchange, as well
as from
companies whose shares already are listed in connection with
application
for additional listings.
No formal ruling has been made, nor has the requirement
for bonus
Information been incorporated in the questionnaire the
Exchange now
submits to companies applying for listing.
The Committee, however, it is understood, may request the
data on bonus
payments where it is considered pertinent in passing on listing
applications.
Attention has been focused on bonus payments recently by the
situations
which have arisen in several large corporations over bonus
policy, notably
In the Bethlehem Steel Corp. and in the P. Lorillard Co.
Minority stockholders' groups in both companies raiaed objections to bonus
payments,
taking the controversies into the courts.
Although no official explanation was made, it was presumed
that these
controversies were instrumental in bringing the matter to
attention of the
Committee on Stock List.
In an effort to bring about uniformity in corporate practices and
to raise
the standards in the interest of protecting stockholders, the
Exchange in
recent months has made a number of policy pronouncements
accounting, issuance of corporation reports and investment trust bearing on
practices.
Ruling of New York Stock Exchange on "Buy
-in
Orders."
A ruling respecting "buy-in orders" has been issued by
the
New York Stock Exchange designed to prevent
unnecessary
buying-in of securities. The ruling follows:
to have aided many in times past, but the possibility exists, nevertheless,
that these low rates may hurt a considerable number of smaller units by
widening the gap between them and the large, financially solid concerns
with 'whom they must compete."
This gap, Dr. Miller explained, is always existent. It
arises from the fact that larger firms, with greater productive facilities and stronger financial foundations, can
borrow funds usually much easier than their small competitors, Who are necessarily restricted in their borrowings
In the money market by the fact that their capital background is not as large. Dr. Miller further says:
"In almost every depression in our history, there has been cheap money,
but only comparatively few have been able to take advantage of it. A
situation similar to the present one was in effect in 1921. With the recovery
came cheap money and the big manufacturers and producers, with their
high credit rankings, could and did take advantage of it. That is why in
the years of prosperity between that depression and the present one many
small firms were heard to complain that they were able to do little more
than break even in the matter of profits. Yet during those years the profits
of the nation's businesses rose to totals never before attained, but these
huge sums resulted from the work of a small propottion of all firms, who
had borrowed In earlier times at cheap rates of interest and invested these
funds in projects that were returning profits several years later.
"The large firm is able to do this because it has the financial stability
necessary to wait a few years before returns on the investments in advertising, new marketing projects, machinery, and plants start rolling in.
The small concern can hardly do this. If its credit is not exhausted in
stringent times, the small unit can borrow, but few small firms can emulate
FINANCIAL CHRONICLE
3984
the big ones and wait perhaps five years for returns to come back on
previous borrowings and subsequent investment. Thus its borrowing cepa.
cities are hardly realized."
Low rates are therefore viewed by Dr. Miller as the forerunner of keener competition when prosperity returns and
about the only way in which the small business can hold
its own, he feels, is in the gaining of efficiency and the
elimination of waste. That is the challenge of to-day's
conditions. The business w`hich does not meet the challenge
may be one of those that fail, even in prosperous times. As
evidence that large producers take advantage of present low
rates for use in investments that will return profits at a
future time, Dr. Miller cited the case of a prominent concern in one of the country's basic industries which recently
announced that its 1930 program had called for expenditures of 126 millions in contrast to its 1929 schedule for
which only 36 millions were needed. At the time of announcement this difference was admitted to be due, in the
main, to projects fostered by the concern in question during
a year of depression in order to gain the advantage of low
Interest rates and low costs in every line.
Dr. Miller, who will deliver the keynote address at the
Boston convention of the Association, outlined plans in his
convention call for the annual meeting. The groundwork
plan of the convention proceedings and the newly instituted
Credit Congress of Industry, which has been given two days
on the program, will be "The Underlying Forces That Will
Restore and Maintain Prosperity". Some of the speakers
who will address the convention include Matthew Woll,
Vice-President of the American Federation of Labor, who
will speak on "The Effect of Soviet Competition on American Business"; James A. Emery, General Counsel of the
National Association of Manufacturers, on "The Effect of
Restricted Legislation on Our Economic Situation"; Alvin
T. Simonds, President Simonds Saw & Steel Co., of Fitchburg, Mass.; and Lloyd Garrison, Special Assistant to the
Attorney-General, who will report on the Federal Government's bankruptcy investigation.
M. M. Prentis of First
Elected
Director
of
National Bank of
Federal
Reserve
Baltimore
Bank
of
Richmond.
Morton M. Prentis, President of the First National Bank
of Baltimore, has been elected a director of the Federal
Reserve Bank of Richmond, filling a vacancy on the board
caused by the death of H. B. Wilcox, according to the
Baltimore "Sun" of May 16, in which it was also stated:
Mr. Front's has had a long banking experience. Before becoming president of the First National Bank as a result of a merger he was president
of the Merchants National Bank, and prior to that for several years was
managing director of the Baltimore branch of the Richmond Federal
Reserve Bank.
Previous to coining to Baltimore he served at the headquarters of the
Reserve Bank in Richmond as chief of the fiscal agency department during
the Liberty Loan campaign. He has also been a national bank examiner
and was for several years connected with commercial banks in Norfolk
and St. Louis.
In succeeding Mr. Wilcox. Mr. Prentis has become a director of the
Reserve Bank for a term expiring in December 1933.
New1Offering of • $80,000,000 or Thereabouts of 91-Day
Treasury Bills—Amount Applied for $322,313,000—
Bids Accepted $80,013,000—Average Price 99.785.
On May 25 Secretary of the Treasury Mellon announced
a new issue of $80,000,000 or thereabouts of 91-day Treasury
Bills, tenders for which were received at the Federal Reserve
Banks and their branches up to 2 P. M. (Eastern Standard
Time) on May 28. On the latter date Secretary Mellon reported that the total amount applied for was $322,313,000
and that the total amount of bids accepted was $80,013,000.
The highest bid was 99.838, equivalent to an interest rate
of about % of 1% on an annual basis, the lowest bid accepted
was 99.777, equivalent to an interest rate of about % of 1%
bid for at the
on an annual basis. Only part of the amount
latter price was accepted. The average price of Treasury
bills to be issued is 99.785. The average rate on a bank discount basis is about 0.85%. Secretary Mellon's announcement of the result of the offering follows:
May 28 that the tenders
Secretary of the Treasury Mellon announced
Treasury bills dated June 1
for $80,000.000, or thereabouts, of 91-day
offered May 25 1931, were
1931, and maturing Aug. 31 1931, which were
opened at the Federal Reserve banks May 28 1931.
The highest bid made
The total amount applied for was 8322,313,000.
of 1% on an annual
was 22.838, equivalent to an interest rate of about 3
equivalent to an interest
basis. The lowest bid accepted was 99.777.
[VOL. 132.
rate of about X of 1% on an annual basis. Only part of the amount bid
for at the latter price was accepted.
The total amount of bids accepted was 380.013.000. The average price
of Treasury bills to be issued is 99.785. The average rate on a bank discount basis is about 0.85%.
As indicated above the Treasury bills will be dated June 1
1931 and will mature Aug. 31 1931. The bills are sold on a
discount basis to the highest bidder, and the face amount is
payable on the maturity date without interest. The bills
are issued in bearer form only, and in denominations of
$1,000, $10,000, and $100,000, maturity value. Secretary
Mellon's announcement, May 25, of the offering, follows:
The Secretary of the Treasury gives notice that tenders are invited for
Treasury bills to the amount of $80,000,600, or thereabouts. They will
be 91-day bills; and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve banks, or the branches
thereof, up to two o'clock p. m.. Eastern standard time, on Thursday.
May 28 1931. Tenders will not be received at the Treasury Department,
Washington.
The Treasury bills will be dated June 11931, and will mature on Aug.
31 1931, and on the maturity date the face amount will be payable without interest. They will be issued in bearer form only, and in amounts or
denominations of $1.000, 310,000 and $100,000 (maturity value).
It Is urged that tenders be made on the printed forms and forwarded in
the special envelopes which will be supplied by the Federal Reserve banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed on the basis of 100, with not more than three decimal places,
e.g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Thursday,
May 28 1931, all tenders received at the Federal Reserve banks or branches
thereof up to the closing hour will be opened and public announcement
of the acceptable prices will follow as soon as possible thereafter, probably
on the following morning. The Secretary of the Treasury expressly
reserves the right to reject any or all tenders or parts of tenders, and to
allot less than the amount applied for, and his action in any such respect
shall be final. Those submitting tenders will be advised of the acceptance
or rejection thereof. Payment at the price offered for Treasury bills
allotted must be made at the Federal Reserve banks in cash or other immediately available funds on June 1 1931.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt from
all taxation, except estate and inheritance taxes. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter
imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, dated June 25
1930, and this notice as Issued by the Secretary of the Treasury, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve bank
or branch thereof.
Forthcoming Treasury Offering.
Intimations of a new Treasury offering, expected to take
the form of a long term issue, were contained in a notice
issued on May 26, as follows by the New York Federal
Reserve Bank:
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
[Circular No. 1038, May 26 19311
Preliminary Notice of New Offering of United States Government
Obligations.
To AU Banks and Trust Companies in the Second Federal Reserve District
and Others Concerned*
From advices received from the Treasury Department of the United
States, this bank is enabled to transmit to banking institutions in this district the following information;
1. A Treasury offering may be expected on or about Monday, June 1 1931,
2. The subscription books may be closed by the Treasury without advance
notice, and therefore
3. Each subscribing bank, upon receipt of information as to the terms of the Treasury offering (either in the press, through the malls or by telegram) should promptly
file with the Federal Reserve Bank any subscriptions for itself and its customers.
This is important, as no guarantee can be given as to the period the subscription
books may remain open, and subscribing banks, even before receipt of official subscription blanks. may file their subscriptions by telegram or by mail with the Federal
Reserve Bank. Any subscriptions so filed by telegram or Mall in advance of receipt
by subscribing bank of subscription blanks furnished for the particular lame should
be confirmed immediately by mall, and on the blank provided, when such blank
shall have been received.
4. If the terms of the offering when announced provide for both cash subscriptions and subscriptions for which payment may be tendered in other securities, the
subscribing bank should prepare its subscriptions in such manner as to indicate
the method by which it proposes to make payment and the respective par amounts
of securities, if any, to be tendered in payment.
Application Forms to Be Furnished.
When the terms of the offering are announced, notice thereof, together
with subscription blanks, will be mailed promptly by this bank to banking
institutions in this district. Subscriptions should be made on subscription
blanks, or if made by telegram or letter should be confirmed on subscription
blanks. Subscription blanks should be filled out so as to show classification of subscriptions and method of payment and whether they are original
subscriptions or confirmations of subscriptions previously made by telegram or letter.
This offering is not to be confused with the current offering of Treasury
bills dated June I 1931. announced in a notice made public to-day by the
Treasury Department, the text of which is set forth In our circular No. 1039.
dated May 28 1931.
Subscriptions to this offering cannot be received until the terms of the
offering are publicly announced by the Secretary of the Treasury.
GEORGE L. HARRISON,Governor.
MAY 30 1931.]
FINANCIAL CHRONICLE
3985
Interest Rate Paid by Depositaries on Treasury Bal- Informal Committee of Bankers on Foreign Deposit
ances Reduced From 1% to M%—Announcement
Interest Rates Reduces Interest on Foreign Comby Treasury Department and New York Federal
mercial Demand Funds.
Reserve Bank.
The following is from the New York "Times" of May 24:
The Informal Committee of Bankers which regulates toe rate of interest
In accordance with an announcement made by Secretary
paid by banks
of the Treasury Mellon on May 26, the interest rate on commercial on foreign deposits has voted to reduce interest on foregin
demand deposits to M of 1%, thereby placing deposits of this
daily Treasury funds in special depositaries will be reduced, class on a parity with domestic demand deposits. The rate on demand deeffective June 1, from 1% to M %. Since last December posits of foreign central banks and governments has been left unchanged
1%
two cuts in the interest rates on these funds have been atThe and the rate on foreign time deposits is also unaltered at 134%.been
new rate on foreign commercial demand deposits has already
made; in December the rate was lowered from 2% to 1M%, placed in effect by some of the banks. Others will make the change in the
and in February this year (noted in our issue of Feb. 14, next few days, in conformity with dates on which they are accustomed to
Page 1152) it was reduced from 13' to 1%. The Treasury credit interest to foreign accounts.
A previous item in the matter appeared in our issue of
Department's announcement of the latest cut, although
dated May 21, was not made public until May 26; as given May 23, page 3824.
in the "United States Daily" it follows:
Interest on Deposits.
Bankers Reach Pact to Peg Call Money—Seek to Limit
To the Treasurer of the United States, Federal Reserve banks and
Offerings Below 13'% Contracted Outside of
branches, member bank depositaries, special depositaries of public moneys,
Exchange.
Collectors of Internal Revenue, Collectors of Customs, receivers of public
moneys, marshals and clerks of court, all other officers or agents of the
Several of the large Wall Street banks have entered into
United States engaged in collecting, depositing or transmitting public
an informal agreement to keep the level for call money at
moneys, and others concerned:
Effective June 1 1931 paragraph 30 of Treasury Department Circular 13/2%,it was learned on May 28, said the New York "Journal
No. 176, dated Sept. 2 1930, as amended Feb. 9 1931, is hereby further of Commerce," from which we also quote the following:
amended to read as follows:
"30. Interest on Deposits.—Until further notice, unless otherwise
specified by the Secretary of the Treasury, each depositary will be required
to pay interest at the rate of M of 1% per annum on daily balances, including balances specified in paragraph 29 hereof. Interest will be calculated
on an actual days' basis, and shall be paid semi-annually on Jan. 1 and
July 1 in each year, 3i of 1% for each six months' period. Reports on
Form 5407 must be submitted to the Treasurer of the United States not
later than Jan. 15 and July 15, respectively, accompanied by payment of
the amount due in the form of a draft drawn in favor of the Treasurer of
the United States on the Federal Reserve bank of the district in which the
depositary is located."
Accordingly, on and after June 1 1931 the rate of interest to be paid by
member bank depositaries on the daily balances referred to will be A of 1%
per annum, instead of 1% per annum.
Additional Change.
To Federal Reserve banks and other banks and trust companies incorporated under the laws of the United States or of any State:
Effective as of June 1 1931 Treasury Department Circular No. 92, dated
Oct. 1 1928 as amended, is hereby further amended by changing the paragraph under caption "Interests of Deposits" to read as follows:
"Until further notice, each depositary will be required to pay interest at
the rate of one-half of 1% per annum on daily balances."
Accordingly on and after June 1 1931 the rate of interest to be paid on
daily balances in the "War Loan Deposit Accounts" by special depositaries
will be M of 1% per annum, instead of 1% per annum.
(Signed) A. W. MELLON,
Secretary of the Treasury.
The same paper said:
It was explained orally at the Treasury that the action was taken because
of the general easy money situation, and because banks in leading cities
throughout the country have reduced their rates on deposits. The Federal
reduction, it was added, will assist the banks and should facilitate improvement of general financial and economic conditions.
The following additional information was made available:
Loss Considered Negligible.
The loss to the Federal Government in income as a result of the reduction
will be negligible when compared to the benefits in the general economic
structure that are likely to accrue. The reduction to the Government
probably will be about $500,000 annually.
Latest official records of the Department, covering up to May 23 show
that the amount of Federal deposits In Government depositories was approximately $100,166,000. The figure varies, reaching its peak during tax
collection periods and on new security issues, but probable averages around
the current amount.
Reserve Bank Rates.
Reports indicate that banks, in the whole, have been operating on somewhat reduced scale because of low money rates. The Federal Reserve
Banks, almost without exception, have reduced their rediscount rates on
all classes of paper of all maturities. Toe rate in New York was reduced to
I M %,the lowest rediscount rate in history, while the general level of rediscount rates are also at low marks. Only two of the 12 Banks—Minneapolis
and Atlanta—have failed to reduce their rates during the last several weeks.
Under the new interest rate on funds in Government depositories interest
will be calculated on an actual days' basis, and will be paid semi-annually
on Jan. 1 and July 1, in each year, M of 1% for each six-month period.
Funds continued to be offered, nevertheless, at concessions from 154%
although money brokers said that the volume of such offerings had diminished moderately.
Although the rates for practically all classes of prime short-term credit
have been reduced during the past few weeks the renewal rate on the floor
of the New York Stock Exchange held to 134%. A few weeks ago the
rate was renewed at 1%. but this led to heavy withdrawals by corporations
and out-of-town banks which must pay a M of 1% commission on their
loans. The official rate went back to 134% and has not been changed since.
While the official rate for call money was kept at 1 % there were
daily reports of a steadily increasing volume of funds offered outside of the
Stock Exchange at wide concessions. Offerings were said to have been in
excess of demand at toe level of 34 of1%. Under such conditions brokerage
firms repaid loans contracted at 134% and renewed each day at the official
rate and borrowed on better terms outside of the Stock Exchange.
The informal agreement of the bankers, it was said, applies particularly
to loans to brokers contracted outside of the Exchange. On the other
hand, there Is no agreement regarding rates on demand bands to acceptance
houses. Call money against bills has been quoted during tne past few days
at M of 1% and one of the companies is said to have borrowed up to 575.000.000 at this rate.
Bankers pointed out that in view of the informality of the agreement and
the difficulty of pegging the rate in an extremely easy money market the
effort may not prove successful. If not, it was thought, the renewal rate
for call money would be likely to drop to 1%.
So far as could be learned the agreement was not reached through the
Clearing House Committee. One banker said that the committee could
recommend that banks refuse to issue call loans below a fixed rate but that
ordinarily such action would be taken without any ruling by the Clearing
House, informal or otherwise.
It was pointed out that a rate below 134% may make it difficult to
retain the funds of out-of-town banks and corporations. The banks in
New York cnarge a M of 1% fee on the principal for the placing of loans
so that 1% money would mean proceeds of only M of 1% to interior leaders.
There are no plans at present for reducing the commission charge which was
Put into effect during the summer of 1928 when the mounting volume of
loans for account of out-of-town banks and others was becoming a serious
problem.
Secretary of Treasury Mellon Issues Ruling Freeing
Importers of Newsprint and Pulpwood from Consular Invoice Requirements.
Importers of newsprint, pulpwood and certain other
commodities are exempt from the necessity of procuring
consular invoices for such imports, Secretary of the Treasury,
Andrew W. Mellon, announced in a ruling decision made
public May 27. With regard thereto the "United States
Daily" of May 28 said:
In an order modifying a previous order issued last August under the terms
of the Tariff Act of 1930, the Secretary held that certain articles that are
duty-free or subject to specific rates may be brought into the country
without accompanying consular invoices, requiring an additional fee of
$2.50. These articles are forest products, standard newsprint paper,
pulp wood and wood pulp, agricultural products, crude or manufactured.
The notice issued by the New York Federal Reserve crude minerals and live domestic animals. requirement that all Imports be
Opposition to re-establishment of the
Bank follows:
accompanied by consular invoices, was voiced at hearings before the
Bureau of Customs by newspapers as well as other importers. The newsFEDERAL RESERVE BANK OF NEW YORK.
papers contended that the consular invoice on newsprint, imported largely
(Fiscal Agent of the United States.)
from Canada, would cause a substantial increase in cost for the commodity
(Circular No. 1037, May 25 1931 and would seriously hamper an industry already adversely affected by ecoReference to Treasury Depart- nomic conditions.
Re-establishment of the invoice, however, was urged by certain Federal
ment Circular No.92 Revised.)
agencies such as the Department of Commerce and Federal Tariff CommisSpecial Deposits of Public Moneys Under the Act of Congress
sion, it was explained orally at the Treasury, because of the value of such
Approved Sept. 24 1917. as Amended.
records in making investigations abroad.
It was pointed out that while Canada is not mentioned in the order, most
To designated special depositaries of public moneys and all other
of the products involved are imported from that country. The Departbanks and trust companies in the Second Federal Reserve District:
out that the saving of the consular invoice
Enclosed will be found a copy of the 1931 Fourth Supplement to Treasury ment's official statement brings
least important of the advantages accruing from
Department Circular No.92 Revised,from which you will note that the rate fee of $2.50 is often the
of interest to be paid by special depositaries upon War Loan Deposit the Department's decision. statement said, "if a consular invoice is re"For instance," the formal
accounts has been reduced from 1% per annum to 34% per annum,effective
quired. It frequently happens that thi merchandise arrives some time in
June 1 1931.
in that event the law requires the giving of a
Special depositaries should accordingly compute interest on War Loan advance of the invoice and consular Invoice, a requirement that is someof the
Deposit accounts at the rate of 1% per annum to and including May 31 bond for the production
troublesome to the importer."
1931, and at the rate of 54% per annum beginning June 11031,until further times expensive and
The new order, it was explained, affects most of the lumber and crude
advised to the contrary.
rubber Imported into the United States; most of the paper used by the newsGEORGE L. HARRISON,
papers of the country; the larger part of the materials used in making
Governor.
paper; and all Imports of cattle, poultry, dairy products, and many other
FINANCIAL CHRONICLE
3986
(VOL. 132.
The report of Dr. Ludin, the Senator said, shows little or no evidence that
articles produced on farms, as well as a portion of the imports of ores,
the remainder of 1931 will bring sufficient improvement to affect in any
coal and crude petroleum.
The Department's formal announcement, based on Secretary Mellon's way the status of most of the unemployed. At the same time, he added, the
report shows that the financial resources of the municipalities are fast
decision, follows in full text:
Section 484 (b) of the Tariff Act of 1930 greatly liberalized the customs approaching exhaustion and that many cities are already experiencing
Treasury to exercise difficulty in rendering aid to their jobless citizens. Some cities, due to
administrative law by authorizing the Secretary of the
his discretion in making exceptions to the general rule that consular invoices financial contingencies, have even been compelled to cut down on their
must be presented on the entry of all importations over $100 in value, public works programs, he continued.
The report's review of the various indices of industrial activity, accordirrespective of whether the merchandise was free or dutiable.
Under this authorization Treasury Decision 44,179 was issued, but in the ing to Senator La Follette, showed the following:
provision in question was found too
"1. Freight car loadings, one of the most sensitive indicators of economic
test of administration the particular
sweeping and steps were taken looking to its modification. In several conditions, showed a decline of 27,000 in the week ended May 8, a slump
hearings before the Treasury Department ample opportunity was afforded which is contrary to the usual seasonal movement of this index at this time
of the year.
to all interests to state their position.
Large importing interests, including newspapers, lumber interests and
"2. Employment in manufacturing industries, after experiencing a slight
have been very active for some time in representing to the gain in February and March, fell in April to 74.8% of the 1926 average.
many others,
Treasury Department the necessity for continuing in force a provision Despite the oncoming of spring, which according to the index of the Bureau
in Treasury Decision 44.179, of August 5 1930,that under certain conditions of Labor Statistics has always in the past brought more favorable employconsular invoices need not be furnished for imported merchandise un- ment conditions in the manufacturing industries, the Bureau's index for
conditionally free or subject to a specific rate of duty not dependent on April was but 1.4 points higher than the low of January.
value.
"3. Steel production, which is usually among the first to experience the
After the most careful consideration the Secretary has modified the effects of industrial revival, although having ceased to drop, has showed no
original decision so as to except from the production of consular invoices tendency to increase during the past two months and has for weeks remained
such of the following articles of merchandise as are free of duty or subject at 47% of its theoretical capacity.
to a specific rate of duty not dependent on value:
"4. The output of electric power, an element which enters into the produc1. Forest products, crude, or not further manufactured than sawed into tion of most of the important commodities made in the United States, has
planks, boards, or deals, planed and tongued and grooved.
once more resumed its downward trend. The output of public utility power
2. Standard newsprint paper.
plants equaled 7,860,000,000 kilowatt hours in March, a figure which was
3. Pulp wood and wood pulp.
lower than that of any other month in recent years, excepting only the
4. Agricultural products, crude or unmanufactured.
month of February 1931.
5. Minerals. crude.
"6. American exports to foreign countries, which appeared in March to
6. Live domestic animals.
1914. The corn.
The first item includes most of the lumber and crude rubber imported have started upward, fell in April to the lowest point since
paper used by the news- bined imports and exports of the United States declined last month by
into the United States; the second item, most of the
the larger part of the materials used $42,000,000, and were $236,000,000 smaller than in April of last year.
papers of the country; the third item,
in making paper; the fourth and sixth items include all imports of cattle. Although part of the decline is to be attributed to a fall in the price level, a
Poultry. dairy products,and many other articles produced on farms, and the very significant portion is to be explained by the actual fall in the quantities
that were sold.
fifth stem includes ores, coal and crude petroleum.
"6. Department stores' sales, which are evidence of the purchasing power
The saving of the consular invoice fee of $2.50 is often the least important
the Department's decision. For instance. of American consumers, showed a slight decline in March, and were lower
of advantages accruing from
If a consular invoice is required, it frequently happens that the mer- than those of any month excepting December."
chandise arrives some time in advance of the invoice and in that event
Following President Hoover's statement of May 22 (given
the law requires the giving of a bond for the production of the consular
invoice, a requirement that is sometimes expensive and troublesome to the elsewhere in our issue to-day) that he does not intend callimporter.
ing Congress in extra session, Senator La Follette on May 23
Against Extra Session of
Congress Urged by Senator La Follette.
In answer to a number of demands upon him to call Congress in extra session, President Hoover on May 22 indicated that he does not intend to convene Congress in a
special session. The President's declarations were contained in a statement issued at the semi-weekly press conference in Washington on May 22. Only the day before
(May 21) Senator La Follette urged the calling of a special
session by the President to take measures to avoid distress
among the unemployed next winter. The statement made
public by the President said:
President Hoover Declares
"I have had a number of memorials from several associations, chiefly of a
religious character, and have seen statements in the press in respect to a
special session. All I want to say is I do not propose to call an extra
session of Congress. I know of nothing that would so disturb the healing
processes now undoubtedly going on in the economic situation. We cannot
legislate ourselves out of a world economic depression; we can and will
work ourselves out. A poll of the members of Congress would show that a
large majority agree with me in opposing an extra session."
Senator La Follette's appeal to the President for an extra
session is referred to in another item in this issue of our
paper.
Senator La Follette's Insistence on Extra Session of
Congress.
As we note elsewhere in this issue of our paper, President
Hoover has taken a stand against the calling of an extra
session of Congress, sought by numerous interests. Senator
La Follette (Republican), of Wisconsin, Chairman of the
Unemployment Committee of the Progressive Conference,
Is one of those advocating a special session. The Senator
predicted that the number of unemployed next winter will
approximate 6,000,000, and it was with a view to relieving
conditions among the unemployed that he urged a new session. As to the contentions of Senator La Follette we quot
the following from the Washington accounts, May 21, to t
New York "Journal of Commerce":
Basing his statement on a preliminary report just submitted to him by
Dr. Isador Lubin, Chairman of the Subcommittee on Unemployment and
Distress of the Progressive Conference, Senator La Follette declared that
unless an extra session is called there will be a delay of months before
any action can be taken to expand public works program and afford aid in
relief of actual human suffering.
Sees More Unemployment.
At the present rate of industrial revival, the number of unemployed to be
provided for during the coming winter bids fair to remain close to the
6,000,000 found by the Census Bureau in its enumeration of last January,
he said.
"The unemployed, together with millions of others who have been working
but a few days each week, will be facing dire conditions unless the Federal
program or through
Government, through a vasttly expanded public works
to ease the situaaid to our State and municipal government undertakes
tion," Senator La Follette asserted.
issued a statement in whiCh he held that the continuation
of "this do-nothing policy condemns millions of our fellow
citizens to privation, want, starvation even". This statement of Senator La Follette follows:
"President Hoover bases his refusal to call an extra session of Congress
on the grounds that 'we can not hope to legislate ourselves out of a world
economic depression; we can and will work ourselves out'. This statement
is a reiteration of the Administration's policy to which he has adhered during
20 months of unprecedented economic disaster, namely, that we can only
muddle through the depression.
"The continuation of this do-nothing policy condemns millions of our
fellow citizens to privation, want, starvation even, and inevitably will result
in a lowered standard of living and the degradation of citizenship.
"It has not been contended that the Federal Government can solve all
the complex problems presented by the dislocation of the economic structure, but in a national crisis all agencies should be mobilized to stem the
tide of disaster. An extra session of Congress would afford opportunity
now for the consideration of a program to stimulate recovery.
"Under constructive leadership, an extra session would make is possible
to accomplish the following:
"(1) Immediate assistance to the cities, counties and States in relieving
distress of the unemployed and their dependents.
"(2) Adoption of a great public works program to provide a substantial
amount of employment and to contribute toward the maintenance of wage
standards. The necessity of such a program to stimulate recovery was
recognized months ago by the President's Emergency Committee on Employment of which Col. Arthur Woods was Chairman.
"(3) Enactment of legislalion to enable agriculture to handle its surpluses
through the equalization fee or the export debenture, thus affording a
measure of prosperity to the basic agricultural industry without which there
cannot be permanent recovery.
"(4) Reduction of certain inordinately high duties in the Grundy Tariff
Law to stimulate a revival of our export trade.
"(5) Increases in the income and inheritance tax rates to meet the deficit,
provide funds for the Government construction program, and to enable
it to assist in relieving national human suffering among our citizens.
"(6) Enactment of legislation to create a national economic council to
assist in the stabilization of industry and agriculture.
"We have waited 20 months for some unforeseen miracle to bring the
country out of disaster. The policy of drifting had failed. The time has
r action on all fronts to arrest the continual slide towards further
co
on and to bring about recovery upon a sound basis."
ecretary of Treasury Mellon on Declining Government
Revenues—Necessity Seen For Change in Taxation
System—Present Borrowing to Meet Deficit, Only
Temporary Expedient—Federal Building Program.
In a speech on May 23 bearing on "Treasury Problems,"
Secretary of the Treasury Mellon referred to the Government's financial position which he noted has changed in
two years "from one of great ease to one of increasing difficulty due to the widespread business depression"—
"Revenues," said Mr. Mellon, "particularly those derived
from income taxes, have abruptly declined, and at the same
time expenditures have increased."
"The situation in which we find ourselves at present,"
the Secretary observed, "with a serious deficit facing us at
the end of the year, raises the question as to whether we
have yet developed a sufficiently well-balanced system to
MAY 30 1931.]
FINANCIAL CHRONICLE
provide the revenues on which the government must be
able to count from year to year."
Mr. Mellon pointed out that "we depend to-day largely
on two sources of revenue; first, internal revenue taxes,
including individual and corporation income taxes and such
other taxes as those on tobacco and estate taxes; and,second,
customs duties." In part he added:
Customs duties are fairly stable and, in spite of all we hear to the contrary, may be relied on to produce an even flow of revenue except in the
most abnormal years. Taxes on tobacco are also a very dependable and
important source of Government revenue.
The individual income tax, however, has become so restricted in its
application that it has become a class rather than a general tax, with its
incidence limited to a comparatively small number of taxpayers. Out of a
total population of 120,000,000 there are only 2,500,000 individuals and
about 250,000 corporations who pay an income tax. Furthermore, some
380,000 individuals pay about 97% of the total amount received from
individual income taxes. Yet we depend on this limited number of taxpayers for so large a part of the revenue needed for the support of the
Government.
In times like the present, when incomes have fallen off, such a system inevitably results in a severe shrinkage in the Government's revenues;
and this fluctuation in the revenues is further increased by our treatment
of capital gains and losses, which tend to increase abnormally current
incomes in times of rising prices and business contraction.
* 5*
The Treasury has for some time been aware of the defects in our tax
structure; and while, in my opinion, we could not possibly have anticipated
the extent to which revenues have fallen off, the Treasury has not failed
to call to the attention of Congress and the country the advisability of
providing safeguards against the very conditions which have overtaken us.
* * *
I have referred to these views at this time, first, because they seem to
be pertinent now when the tax system must come under careful scrutiny,
and, second, because I do not wish the country to think that the Treasury
views with complacence the present situation in which we find ourselves,
either as regards the lack of balance in our tax structure or the inadequate
amount of revenue which it produces under adverse conditions.
Any government deficit is a matter of grave concern. The present
deficit may be met, as it is being met, through borrowing, but such a course
is only a temporary expedient.
Secretary Mellon in stating that "the deficit for the current
year will be such that for this year there will be no net
reduction in the debt," added:
There will, on the contrary, be an increase. But in bad times, as in
good, like the man who tightens his belt and keeps up payments on the
mortgage, we shall continue to make the payments provided by the sinking
fund, as authorized by law.
Mr. Mellon's address was delivered at Washington over
the Columbia Broadcasting system as one of a series of radio
messages by cabinet members in the National Radio Forum
under the auspices of the Washington "Star." In full,
Secretary Mellon's address follows:
During the last two years the Treasury has faced a variety of problems'
The Government's financial position has changed from one of great ease
to one of increasing difficulty, due to the widespread business depression
which has afflicted the world,
Revenues. Partictaark from Income Tax Declined.
Revenues, particularly those derived from income taxes, have abruptly
declined, and at the same time expenditures have increased owing largely
to measures undertaken to alleviate the depression in agriculture and
and industry. As a result, we shall close the current fiscal year with a
large deficit. We face the prospect of a deficit again next year, although
we do not yet know just how great the deficit may be.
When the time comes we shall be able better to assess the situation
and to determine what may be necessary for meeting our immediate needs.
Meanwhile, it is well to remember twit the financial position in which
the Government now finds itself is not unfavorable for dealing with the
present emergency and that it is due largely to the fact that since the war,
and particularly in the two years since the present administration began,
the Government has overlooked no opportunity to put its financial house
In order and, in a manner of speaking, to prepare for the rainy day that
was sure to come.
Reduction Since 1919 in Debt and Interest Charge.
First and foremost, we have pursued a sound policy of debt retirement,
with beneficial results that are clearly apparent. On June 30 1919, our
total interest
-bearing debt outstanding amounted to $ 5,235,000,000.
2
The average interest rate was 4.18% and the annual interest charge came
$1,054,000,000, which constituted a heavy burden even for so rich a
to
country as this.
On June 30 1930, the total interest-bearing debt stood at 815,922,000,000
showing a reduction during the period of over $9,313.000,000. Of this
latter amount, $1,132,000.000 was retired since the beginning of the
present administration. The average interest rate had been reduced to
3,81% at the end of the 11-year period, and the saving in annual interest
charges accomplished by reduction and refunding of the debt amounted
to $448,000,000.
Two Sources of Debt Retirement. Sinking Fund and Foreign Debt Payments.
In the future we must look mostly to two sources of debt retirement:
The sinking fund and foreign debt repayments. In view of the interest
which discussion of this subject has aroused, it is well to bear in mind the
provisions of law governing the payment of the public debt.
In the war loan acts authorizing advances to foreign government, it
was provided that repayments of principal made by foreign government,
on account of such loans should be applied to reduction of our debt.
In the funding agreement subsequent entered into it was stipulated
that foreign governments may, if they so desire, pay both principal and
-bearing obligations of the United
interest on their debt in certain interest
States; and such obligations as have been delivered to this Government
immediately retired and our public debt reduced by correhave been
sponding amounts.
Interest paid by foreign governments in cash, as has been done during
the past year, automatically becomes available for current expenditures.
During the fiscal year 1930. the Treasury received from all foreign
governments the sum of $239,565,000. on account of principal and interest.
Of this amount the sum of 8160.185,000 was paid by Great Britain; 07,-
3987
251.000 by France; $5,000.000 by Italy, and the remainder of $17,129,000
was paid by Belgium, Poland, Rumania, and nine other debtor nations.
The other basic provision for retirement of the debt is the Sinking
Fund, established on July 1 1920. That fund consists of a permanent
appropriation of amounts fixed by law and made annually from the general
revenues for the purpose of debt reduction. For the current fiscal year
ending June 30 next, the expenditures for this purpose wlll amount to
3391,660,000.
The deficit for the current year will be such that for this year there
will be no net reduction in the debt. There will, on the contrary, be an
increase. But in bad times, as in good, like the man who tightens his
belt and keeps up payments on the mortgage, we shall continue to make
the payments provided by the Sinking Fund, as authorized by law. By
not deviating from that program, we have already lightened the burden
of the debt by reducing the annual interest charges by nearly half a billion
dollars, the effect of which is now felt at a time when such saving is most
welcome.
It is not to be expected, of MUSS, that reductions can be made in the
future at such a rapid rate as in recent years, when surplus revenues have
been available to be applied on the debt in addition to the regular payments from the Sinking Fund.
The amounts to be provided from the Sinking Fund are not so large
as to be unduly burdensome, and by adhering strictly to the Sinking Fund
program, we shall maintain the principle of orderly debt retirement and
will in time eliminate the great drain which the debt now makes on the
revenues.
War-time Tax Burdens Cancelled to Peace-time Basis.
Along with debt retirement the Government has pursued a steady
program of tax reduction during periods of prosperity, so that to-day,
when adversity has come upon us, the burden of Federal taxes has been
reduced to a minimum. In a 10
-year period there have been four continuing reductions in taxes and one temporary reduction for the 1929
returns.
An elaborate war-time system, with heavy taxes on many commodities
and activities, has been gradually converted to a peace-time basis, with the
result that we have at the present time an internal revenue system of
few and relatively light taxes. Lower rates have been substituted for
excessive ones and, true to sound tax principles, have proved more productive in revenue than were the higher rates. By raising exemptions and
credits and allowing credit for earned income, the small taxpayer has been
almost entirely relieved of the burden of Federal taxes. Both normal
rates and surtaxes have been reduced; the war and excess profits tax on
corporations has been removed; the estate tax has been lowered and excise
taxes on the sale prices of many articles have been eliminated.
In the successive revisions of the revenue law, the Federal Government has not only relieved the taxpayers of a very large part of the burden
of taxation, but has eliminated some of the most inequitable and unscientific taxes inherited from the war.
Iii recommending tax legislation, during the post-war period, the
Treasury has tried to retain only those features of the wartime system
which seemed most suited for a permanent peace-time structure, designed
not for one or two years, but with regard to the revenue requirements over
a long period and with a view to its ultimate effect on the country as a
whole.
Well-balanced Tax System Not Yet Developed.
The situation in which we find ourselves at present, with a serious
deficit facing us at the end of the year, raises the question as to whether
we have yet developed a sufficiently well-balanced system to provide
the revenues on which the Government must be able to count from year to
Fear.
We depend to-day largely on two sources of revenue: first, internal
revenue taxes, including individual and corporation income taxes and
such other taxes as those on tobacco and estate taxes, and,second, customs
duties.
Customs duties are fairly stable and,in spite of all we hear to the contrary,
may be relied on to produce an even flow of revenue except in the most
abnormal years. Taxes on tobacco are also a very dependable and important source of Government revenue.
Individual Income Tax a Class Rather Than General Tax.
The individual income tax, however, has become so restricted in its application that it has become a class rather than a general tax, with its incidence limited to a comparatively small number of taxpayers.
Out of a population of 120,000,000 there are only 2,500.000 individuals
and about 250,000 corporations who pay an income tax. Furthermore,
some 380,000 individuals pay about 97% of the total amount received from
individual income taxes. Yet we depend on this limited number of taxpayers for so large a part of the revenue needed for the support of the Government.
In times like the present, when incomes have fallen off, such a system inevitably results in a severe shrinkage in the Government's revenues; and
this fluctuation in the revenues is further increased by our treatment of
capital gains and losses, which tend to increase abnormally current income
In times of rising prices and business expansion and to depress it in periods
of falling prices and business contraction.
The surpluses which have arisen in the past and the deficit which we face
to-day are due in large measure to the fact that we rely for two-thirds of our
tax revenue on the income tax, which is subject to sweeping variations and
depends on a variety of circumstances but principally on the upward and
downward swings of business.
Defects in Tax Structure;
The Treasury has for some time been aware of the defects in our tax structure; and while, in my opinion, we could not possibly have anticipated the
extent to which revenues have fallen off, the Treasury has not failed to call
to the attention of Congress and the country the advisability of providing
safeguards against the very conditions which have overtaken us.
Three years ago, when Congress was being urged by organizations of
business men and other individuals to grant a greater reduction of taxes than
seemed warranted, the Treasury pointed out the danger of eliminating
certain excise taxes and depending for so large a part of our revenues on a
comparatively small number of taxpayers. In this connection the Treasury
said:
In Prosperous years this revenue (from income tax) is stable enough,and
In an era of mounting prosperity we may expect an increase in the taxable
income of this limited number of taxpayers who form the base of the Federal
tax structure. But if the situation should be reversed and prosperity should
begin to recede, it might result in such a shrinkage in incomes that the
Government's revenue would be seriously affected. Obviously, we should
retain some other taxes which can be relied on in times when a slowing up
of Prosperity may cause a falling off in incomes and a consequent drop in
taxes from this source.'
V/ I have referred to these views at this time, first, because they seem to be
pertinent now when the tax system must come under careful scrutiny, and
second, because I do not wish the country to think that the Treasury views
with complacence the present situation in which we find ourselves, either as
3988
FINANCIAL CHRONICLE
regards the lack of balance in our tax structure or the inadequate amount
of revenue which it produces under adverse conditions.
Any Government deficit is a matter of grave concern. The present
deficit may be met,as it is being met, through borrowing, but such a course
is only temporary expedient. The handling of the problem of Government
revenues for the future must depend upon judgment at the proper time, in
the light of all possible information which can be developed as to how long
the adverse conditions which have brought about the deficit will continue.
The strong credit position of our Government makes it possible to take
care of a temporary decrease in the revenues. But the continuing policy,
addressed to conditions as they may be expected to prevail over a considerable period of time, can only be the maintenance of the sound principle of
closing each fiscal year with a balanced budget.
The existence of a deficit has added materially to the problem of current
financing. Fortunately, money conditions have been unusually favorable.
so that the sums needed have been obtained without difficulty and at low
cost to the Government.
Federal Building Program.
Now I would like to turn for a moment to another and happier problem of
the Treasury, having to do with a subject of general interest throughout
the country. In many places public buildings are being erected, or soon
will be; and even if one has no direct concern with these projects, all of us
feel a deep and proprietary interest in what is being done at Washington
to make the nation's capitol more beautiful.
One of the subdivisions of the Treasury is the office of the Supervising
Architect; and it is in this office, in collaboration also with the Post Office
Department, that the plans are being made for carrying through the extensive public building program authorized by Congress.
Outside architects are being employed on many of these projects. and
, contracts are being let as rapidly as possible in order to provide employment
and stimulate activity at the present time in many lines which are affected,
directly or indirectly, by the building industry. Furthermore, by building
now, when contracts can be made on a basis materially lower than a few
years ago. the Government will save money in erecting needed and permanent improvements.
It must be borne in mind that the building program is not in any sense an
unnecessary or extravagant use of the public funds merely for the purpose
of meeting an emergency situation. On the contrary, the buildings contemplated or now being erected in Washington and throughout the country
are needed to house the Government's varied activities and will make it
possible to avoid the payment of expensive rentals, as at present, for buildings which are frequently unsuited to the Government's needs.
In accordance with the program carefully worked out by Congress,
$135,245,000 will be expended during the coming fiscal year. One hundred
and forty-seven projects are under contract throughout the country; and in
the District of Columbia the long delayed plans for the city of Washington
are gradually taking form.
During the present calendar year the new building for the Department
of Commerce in Washington will be completed and occupied and work will
be started on the Post Office Department, the Labor Department, the Department of Justice and the Archives building. All will form part of that
great composition of buildings which will be erected on Pennsylvania Ave.
and will help to transform that thoroughfare into a street of dignity and
beauty.
In addition, a building for the Supreme Court on Capitol Hill will soo
be under way;one vrill be started for the Public Health Service;and the
memorial bridge across the Potomac River, leading from the Lincoln
Memorial to Arlington and symbolizing the Union of the North and the
South, will be completed in time for the celebration next February of the
200th anniversary of the birth of George Washington.
That,it seems to me,is as it should be. In carrying forward the developof permanent value for the
ment of Washington, we are doing something
country. Business depressions may come and go and the present one will
be forgotten as time goes on.
But the city of Washington will remain, so let us go ahead with the building of it and, in so doing, follow the example President Lincoln set when he
Insisted on carrying on the work on the great dome of the Capitol even
during the darkest days of the Civil War.
That work, he felt, was a symbol that the nation must go forward, and it
was a symbol also of his unconquerable faith which played so large a part
In the outcome of the struggle in which the nation was then involved.
We, at thiii moment, are engaged in another struggle, this time against
economic forces. The trial is a severe one, but there can be no doubt about
the outcome. We know that we shall emerge not only with unshaken faith
in our country's future, but with renewed confidence in our own capacity
as a people to meet and overcome any obstacles that nr.y seem temporarily
to impeded our progress.
Thomas W. Lamont of J. P. Morgan & Co. Before
National Foreign Trade Convention Urges That
False Barriers Against Trade Be Discouraged.
Thomas W. Lamont of J. P. Morgan & Co., speaking
before the National Foreign Trade Council in Convention
in New York on May 27 urged that we "discourage attempts to erect artificial barriers against our foreign trade."
Mr. Lamont spoke as follows:
As Chairman of the Reception Committee of New York, my word of
welcome to you is going to be very brief, but I want to have you know that
it comes from the heart.
You all know New York well. You are at home here. We want you to
feel more at home. We want you to know that this is your city. In turn,
you know that New York's contacts are not local, but are broad and stretch
throughout this whole country.
Some people talk about there being too much sectionalism in America.
I shan't argue that, but it seems to me if there is any sectional feeling
It is bound to disappear in these coming few years with all the added intercourse that we are having from day to day, week to week. I hardly have to
mention the radio to you, which tells us in New York what our neighbors
In San Francisco and Oklahoma are doing day by day, almost hour by hour.
With our countrysides, with our motors we acquaint ourselves with every
that feeling of secPart of the country, so it seems to me that before long
tionalism, if it exists at all, should disappear and that our sympathy and
understanding should be complete.
I cannot emphasize too much the importance of the convention of the
National Foreign Trade Council being held in New York at the present
moment. Quite aside from the valuable discussions which will take place
and the conclusions one may reach, I feel it is important at this moment
to have a meeting of mindsfrom leaders ofthought from all over this country.
This is the first time since the inception of this organization that New York
has had the privilege of welcoming the convention here. I am told that
[VOL. 132.
with perhaps 25,000 concerns dealing in international trade in this country
and with New York as the port handling perhaps 25% of this country's
Imports, it is high time we had the privilege of extending our courtesies
to the Foreign Trade Council here.
Returning home from a brief trip abroad only last week, in the last
few days since my return I have been both surprised and impressed with the
fact that in no country that I visited in Europe was the gloom quite so
thick as here in America. Well, I hardly have to say to you that the most
prosperous country of Europe has not the optimistic outlook for the future
that America has, yet I find this feeling here.
We all know that the depression that we are passing through has been
severe and has been long continued and yet it would appear that there is a
new set of philosophers—some of our fellow-citizens who think that our
difficulties are so great that we are never going to get through them. You
recall that two or three years ago we had a school of philosophy that declared that the prosperity in this world of ours would never cease for even
an instant.
Now there seems to be another school that has gone Just as far the other
way in pessimism, just as those men went too far in the way of optimism.
Yet I hardly have to recall to you that there is no justification for any such
feeling, for the establishment of any such philosophy, to the effect that our
problems are insoluble. Do not let us for a moment get in mind the idea
that our problems to-day are unprecedented or that they are insoluble.
We know perfectly well that the way hack is an arduous one; we will have
to have a long trek perhaps to complete prosperity again. We have to do
everything in the way of hard work and careful thought and to maintain a
tolerant attitude and opinion toward every section and every body of men
In order to get back. But don't for a moment let us get this idea, as I say.
that these problems are insoluble. There is no analogy or fact for any belief
like that.
Difficulties? Yes, the American people are facing difficulties—but
impossibilities, never.
Would Discourage Artificial Trade Barriers.
I won't venture to give advice to a body of men so thoughtful and so
experienced as these that are before us. There is one point, however, that
I would emphasize again, and that is, let us discourage attempts to erect
artificial barriers against our foreign trade.
If we want that trade to prosper we have got to bear in mind that we
must make it as easy as possible. Some of our fellow-citizens at times are
apt to think we can do all the selling and make the other fellow do all the
buying. That has never been true and it is not true to-day. That is the only
word of caution I would utter to all of us here—to discourage every intention
to build up these false barriers.
you.
Finally, I congratulate you all on this opportunity that rests before
I congratulate myself upon the opportunity of having met you face to face.
The adversity through which we are passing will pass. It will go. Prosperity will come—contentment—happiness, will all come back, but only
If we face the facts as men are accustomed to face the facts and only If we
have the intelligence and courage as you have in a superabundant degree—
only i we have the patience and courage and intelligence to meet the facts
an
ndle them.
der Secretary of Treasury Odgen L. Mills on Rising
Government Expenditures — Says Tax System
Should Be Adjusted to Prevent Great Variation
Between Receipts and Expenditures—Thinks Elimination of Capital Tax Would Be Revolutionary.
Before the annual convention of the National Association
of Mutual Savings Banks, in Washington, on May 21, Under
Secretary of the Treasury Ogden L. Mills discussed the
Government finances, and noted that "at present we are
confronted with the relatively new experience of marked
increase in current expenditures attended by a sharp decline
in revenues and with the prospect of a very large deficit".
Mr. Mills, in illustrating "the extent to which Federal financial operations are distorted from normal trends by wars",
reviewed the expenditures of the Federal Government as
far back as 1810-19, leading up to the more recent war
perior. Tax levies during the Civil War and succeeding
periods were dealt with by Mr. Mills, who said "our present
situation raises the question . . . as to whether some of
the taxes developed in the war period have been repealed
or modified perhaps a little too rapidly." "Through successive revisions in the income tax laws," he added,"personal
exemptions and credits have been increased, and the income
base, which bears the major direct burden of the Individual
income taxes, has been greatly narrowed." Mr. Mills went
on to say, such in the same way as Secretary Mellon, a few
days later:
We have limited the incidence of the individual income tax to some
2,500,000 taxpayers, a comparatively small number compared to our total
population and of this number some 880,000 pay about 97% of the tax.
Partly in consequence of this fact the amount of our revenue derived
from income taxes is much more susceptible to sweeping changes than would
otherwise be the case. Moreover, this susceptibility to change is emphasized
by our treatment of capital gains and losses, which tend to swell abnormally
the current income in times of rising prices and expanding business, and to
depress it to an even greater extent in periods of falling prices and business
contraction.
At the same time we must realize that the concept of capital gains as
taxable income forms such an integral part of our income tax system that
Its elimination would be nothing short of revolutionary and would involve
a pretty complete rewriting and reinterpretation of this complex law.
Tobacco taxes are at present our most stable form of revenue, though customs duties may be relied on to produce relatively stable amounts except
In truly abnormal times.
Mr. Mills declared that it is impossible "to hope to return
to the comparatively simple system that existed before the
World War";"what is required," he said, "is a modification
of the war system of taxation rather than an expansion and
MAY 30 1931.1
FINANCIAL CHRONICLE
development of our pre-war system." "We should so adjust
our tax system," said Mr. Mills, "that year in and year out
there will be no great variation between receipts and expenditures, and that a comparatively small deficit one year will
be offset by a comparatively small surplus the next". He
added:
"The establishment of such a system demands in the first place the determination of what normal expenditures are likely to be for the next few
years, allowing, of course, for the inevitable upward trend. The second
essential step is to ascertain whether our present tax system, once business
conditions have returned to normal, will be adequate to furnish the necessary
receipts.
"The second problem is obviously an enormously difficult one under
existing conditions, and while the Treasury Department is endeavoring
to formulate some reasonable satisfactory answer, our final conclusion
should be based on further trial and experience. Certainly the present
year taken by itself offers a most inadequate criterion by which to judge
the ability of the present Federal revenue system to meet the Government's
normal requirements."
We give Mr. Mills's speech in full herewith:
For the fiscal year 1931 the Treasury will show its first deficit since
1919, the year in which war financing reached its peak. In the intervening period revenues have each year shown a surplus over expenditures;
marked progress has been made in reduction of the public debt; expenditures have been reduced from inflated war levels, and the burden of taxes
has been greatly diminished, although without a corresponding reduction
in revenue.
At present we are confronted with the relatively new experience of
marked increase in current expenditures attended by a sharp decline in
revenues, and with the prospect of a very large deficit.
Yield from Taxes in War of 1812 mid Later.
The change is so abrupt that it is well to re-examine our present situation
and future prospects in the light of the experience of the past few years
and from the standpoint of the course which normal expenditures and
normal revenue may follow during the next few years. We have seen a
tax system which produced some $672,000,000 in 1914 expanded to produce
$5,728,000,000 in 1920, the peak year of war levies, and subsequently contracted through four continuing revisions and one temporary reduction.
There is nothing extraordinary in all this, for invariably our experience
with wars has been that the expenditures of the Federal Government mount
sharply to a peak either during or shortly after the period of war activity;
subsequently expenditures decline, but not to the pre-war level, owing partly
to continuing expenditures due to war activities, such as the service on the
public debt, outlays for military establishments on an increased scale, and
the care of war veterans.
The extent to which Federal financial operations are distorted from
normal trends by wars may be amply illustrated from the record of Federal
expenditures. The average yearly expenditures of the Federal Government
/or the decade 1810-19, which includes the War of 1812, were 145% larger
than for the preceding decade.
From that high level expenditures for the period 1820-29 showed a considerable decline, but the average yearly figure for the decade was still
about 76% larger than for the decade preceding the war; subsequently,
between the decades 1820-29 and 1830-39 there was an increase of 43%.
During the Civil War the increase was of course more marked as compared with the preceding period, due to the nature and duration of that
conflict. Average yearly expenditures for the decade 1860-69 were 775%
greater than for the preceding ten-year period.
During the years 1870-79 there was a decline of only 46% from the high
level of the preceding 10 years, and this was followed by a decrease of 4,
and increases of 48 and 46%, respectively, during the three following
decades ending in 1909. During and after the great war, we experienced
even broader changes. Average yearly expenditures for the fiscal years
1917-19 were more than 15 times as large as for the five years preceding
1916, and for the decade 1920-29 showed a decline of 66%.
The significant fact to be noted is that each war marks the beginning
of a permanently higher basis of expenditures, even after the war and
early post-war peaks have been passed.
Let us consider briefly the major facts pertaining to present Federal
expenditures. Expenditures in 1930 amounted to $8,994,000,000 and for
this year are estimated at $4,435,000,000. The composition of these figures
clearly indicates that the war continues to influence our budgets. Of total
expenditures for 1930, about $1,500,000,000, or nearly 40%, represented
disbursements that may be classified as related directly or indirectly to the
military functions of the Government. This item in turn includes about
$835,000,000 for military pensions and the like, a class of expenditures
which will not only continue for a considerable period of years but will
inevitably increase as time goes on.
Another major item in the budget for the fiscal year 1930, which may
be attributed in the main to the war, is the service on the public debt,
Including interest and sinking fund retirements totaling about $1,050,000,000. This is also a type of expenditure which will continue, that is,
until the debt has been extinguished.
These two items account for nearly two-thirds of total expenditures chargeable against ordinary receipts for the fiscal year 1930. The remaining
expenditures represent largely the ordinary costs of government. In the
present fiscal year present expenditures include a number of unusual
and
temporary items.
These include disbursements under the Agricultural Marketing Act
of
June 1929, and under more recent legislation providing for emergency
loans
for agricultural relief, as well as expenditures resulting from expansion
and
acceleration in governmental construction activity.
A statement recently issued by the President indicates that at the present
rate the cost of all governmental construction work represents a large
Increase over the rate of such expenditures previous to the depression.
Although it is anticipated that most of these expenditures will continue,
some on a larger and some on a smaller scale, in 1932, clearly both the new
expenditures and the acceleration of others involved in the emergency program do not constitute permanent increases in the burden of the budget.
Viewing expenditures as a whole, while a decrease may be expected under
some heads, it is hardly likely, even after eliminating temporary and
extraordinary items, that any reduction under the average of the last few
years is to be anticipated. On the contrary, the normal trend of government
expenditures is upward. The annual average of expenditures for the eight
years ended June 30 1930 has been $3,662,000,000.
Turning now to the revenue side of the picture, there are two obvious
methods of financing the peaks of war expenditures—one by increasing tax
3989
levies, the other by borrowing. Usually both methods are employed, but
there was a marked difference during the recent war period as compared
with the Civil War years. We financed a relatively large proportion of the
expenditures of the last war through tax levies made during the war
period.
Taxes were levied in great number, promptly and effectively. Tax
receipts during the Civil War totaled about 20% of the expenditures, whereas
during the fiscal years 1917-1919 tax receipts amounted to about 27% of
the total ordinary expenditures, a proportion which reflects very prompt
action for such a short emergency.
This was an unusual record in war financing, but the point with which
we are particularly concerned in this discussion is that because we built up
a tax system to carry currently a relatively large proportion of the cost of
the war, we were thereby faced with a correspondingly serious problem
at the end of the war of revising this tax system to a peace-time basis.
It had been the aim of the Treasury in recommending tax legislation
during the early post-war period to retain that part of the war revenue
system which would further development of a sound and effective tax
structure to finance the Government over a period of years. The greater
proportion of the taxes levied during the war were suitable only for
emergency purposes and were levied with the single purpose of obtaining
the levies. evenue as possible, with little regard for other consequences of
asmuch r
To meet the existing emergency was the major consideration in comparison with which the type of the tax, the method of administration and the
convenience of the taxpayer were secondary considerations. Also no one questioned whether the taxes could be adapted easily to changes in the fiscal
rquirements of the Government over a period of years.
Taxes to Meet War Emengency Reached Maximum in Revenue Act of 1918.
The number and rate of taxes to meet the war emergency reached their
maximum in the Revenue Act of 1918. Under this Act single individuals
with incomes of $1,000 and over and married individuals with incomes
of $2,000 and over were taxed at rates which were graduated upward in
rough proportion to the size of the income and ranged as high as 65%
surtax and 12% normal tax on amounts of incomes in excess of $1,000,000.
In addition, consumers, rich and poor, paid taxes on a great variety of
goods and services; and in levying many even of these indirect taxes an
effort was made, and with considerable success, to impose the heavier
burden upon the wealthy.
Tobacco taxes were increased some 50%; on admissions to places of
amusement lc. was paid to the Government for every 10c. Those who
traveled paid ttxes on railway tickets and reservations. Telephone calls
and telegrams were taxed, and other taxes were levied on products as they
left the hands of the manufacturer or dealer, and were, at least in part,
added to prices paid by the consumer.
Thus individuals made contributions to the Government in the purchases
of automobiles, tires and accessories, candy, chewing gum, drinks, photographic supplies, musical instruments, jewelry, perfumery, cosmetics and
medicinal articles. The burden of these indirect taxes were distributed
fairly generally; other taxes, such as those on the estates of decedents, club
dues and a variety of consumption articles, such as sporting goods, firearms,
yachts, motorboats, hunting garments, articles made of fur, and other
wearing apparel, bore more heavily upon individuals with relatively large
Incomes.
There were other taxes which reached the individual as a business man
through the income and war and excess profits taxes, the tax on corporation
capital stock, stamp taxes on documents and the special occupational
taxes.
Gradual Revision of Taxes.
After the close of the war these taxes were gradually revised and
reduced mainly through four revenue acts—those of 1921, 1924, 1926 and
1928—until finally the elaborate wartime system of numerous, and in
many cases cumbersome, taxes on commodities and activities—some yielding a comparatively insignificant amount of revenue—has been changed
into an internal revenue system of comparatively few taxes.
Individual incomes have been relieved through three continuing and
one temporary reduction in normal rates, three reductions in surtaxes, a
special rate for income from sale of capital assets, increases in personal
exemptions and credit, and the addition of a credit for earned income.
The war and excess profits taxes on corporations have been removed. A
substantial reduction has been made in estate taxes. The excise taxes on the
sale price of a long list of articles, ranging from toilet articles and jewelry
to automobiles and sporting goods, has been virtually eliminated. The
special taxes included for corporation capital stock and a variety of occupational taxes have all been repealed except the tax on brewers and distillers
and on the use of narcotics. Some reduction has been made in the tax
on documentary stamps, admissions, dues, distilled spirits and tobacco
products. Taxes on transportation, on telephone and telegraph, on insurance and on non-alcoholic beverages have been repealed.
In considering the present situation in regard to revenues I am inclined
to take as a point of departure the fact that during the past decade, despite
reductions in taxes, revenues have been fairly constant at relatively high
levels, although considerably below the peak reached early in the post-war
period. Ordinary receipts have continued close to the annual average of
$4,018,000,000 for the past eight years.
This result is to be accounted for largely by the relatively high level
of business activity and generally prosperous conditions which prevailed
during the period, and in part by the increased productivity of taxes, which
followed upon the elimination of the extremely high rates of the war
period. It should be observed, however, that in considerable measure the
revenues of the period were considerably influenced by certain classes of
receipts not of permanent character.
The immediate post-war years are somewhat confused by numerous special
items both of receipts and expenditures which appeared during that period
of broad readjustments. The significance of non-recurring elements in
Federal receipts of past years may be readily indicated, however, by reference to the period beginning with the fiscal year 1923. From 1923 to
1928, inclusive, the net proceeds of Bales of securities of the Federal Government amounted to $642,000,000 and the proceeds of sales of war materials
to about $166,000,000. At the same time $254,000,000 was realised from
the liquidation of the War Finance Corp.
Special Items Now Yield Little.
Receipts from these sources, aggregating $1,062,000,000 for the period,
have now become negligible; they amounted to only $18,000,000 and
$17,000,000 for 1929 and 1930, respectively.
A somewhat similar influence has been exerted on receipts of certain
years by the collection of back taxes. Although it is impossible accurately
to measure the amount by which receipts have been affected by nonrecurrent items, it can be said that as much as half of the combined surplus
3990
FINANCIAL CHRONICLE
of about $2,800,000,000 for the past eight fiscal years may be attributed to
suCh receipts.
The post-war tax system evolved out of the our war experience differs
materially from the pre-war days. Then our revenues were derived primarily from customs and other indirect taxes, chiefly taxes on tobacco
products, distilled spirits and fermented liquors. Customs produced about
half of the tax receipts, and the above taxes largely accounted for the
remainder of the pre-war tax receipts.
Now about two-thirds of the taxes come from income taxes on corporations and individuals. Tobacco taxes continue to yield large revenues,
and except for income taxes are the most important source of internal
revenue. Customs also still yield substantial receipts. Distilled spirits
and fermented liquors are now, of course, a negligible source of revenue.
Government Faced with Large Deficit.
The current situation forces us to scrutinize carefully our new post-war
tax system. Receipts have declined seriously with the business depression.
We are faced with a large deficit. Does this mean that taxes have been
reduced too far or that the taxes that have been retained do not constitute
a sufficiently well-balanced system to provide an even flow of revenue from
year to year? History indicates plainly enough that while during the
first few years succeeding a war, expenditures may be rapidly reduced from
the war level, they never return to the pre-war level, but remain on a
substantially higher basis.
It is impossible, therefore, to hope to return to the comparatively simple
system that existed before the World War. It would be entirely inadequate
to meet present or future needs. Those are so vastly greater that what is
required is a modification of the war system of taxation rather than an
expansion and development of our pre-war system. Wars do not permit
the imposition of taxes which, however sound, could never be imposed as
new taxes in peace time. It is the part of wisdom to retain some of them,
at least, after a war is over.
Question as to Whether Taxes Have Been Repealed too Rapidly.
Our present situation raises the question, though it does not do more
than raise the question, as to whether some of the taxes developed in the
war period have been repealed or modified perhaps a little too rapidly.
Through successive revisions in the income tax laws, personal exemptions
and credits have been increased, and the income base, which bears the major
direct burden of the individual income taxes, has been greatly narrowed.
We have limited the incidence of the individual income tax to some
2,500,000 taxpayers, a comparatively small number compared to our total
population, and of this number some 360,000 pay about 97% of the tax.
Partly in consequence of this fact the amount of our revenue derived from
income taxes is much more susceptible to sweeping changes than would
otherwise be the case. Moreover, this susceptibility to change is emphasized
by our treatment of capital gains and losses, which tend to swell abnormally
the current income in times of rising prices and expanding business, and to
depress it to an even greater extent in periods of falling prices and business
contraction.
Elimination of Capital Gains Tax Would Be Revolutionary.
At the same time we must realize that the concept of capital gains as
taxable income forms such an integral part of our income tax system that
Its elimination would be nothing abort of revolutionary and would involve
a pretty complete rewriting and reinterpretation of this complex law. Tobacco taxes are at present our most stable form of revenue, though customs
duties may be relied on to produce relatively stable amounts except in
truly abnormal times.
But the fact that we rely for two-thirds of our tax revenue on the income
tax and that that income tax is so constructed as to be extremely sensitive
makes our whole revenue system susceptible to very wide fluctuations, following in the main the curve of business peaks and depressions.
It is true that from 1924 onward we were steadily to reduce rates and
narrow the tax base and still witness increasing income tax collections during
most of the period, since business and the national income expanded more
rapidly than taxes were reduced; and at the same time governmental expenditures remained comparatively stable. We know, furthermore, that our last
revenue act, at least as it applied to income in 1928 and 1929, was adequate
for our needs for the first two years it was in effect. But under present
conditions of extreme depression expenditures are exceeding revenues by a
wide margin.
This would be a matter of very grave concern were it not for the fact
that conditions are so abnormal that they do not furnish any fair teat of
the adequacy of a revenue system. On the one hand, expenditures are
swelled by emergency needs, and on the other hand, revenues are depressed
way below the normal point.
Moreover, the current deficit appears less formidable when we realize
that it includes some $440,000,000 of public debt retirements, so that the
acttual net increase in the public debt will be much less than the deficit
figures themselves would seem to indicate. Undesirable as is any increase
In the public debt in times of peace, we can feel less concerned about it
than we ordinarily would because of the fact that during the last 10 years
public debt retirements have been effective at a much more rapid rate than
might have been expected.
While, therefore, we are not justified in looking upon the present position
of the Treasury with complacency, there is no occasion for alarm unless
it should appear that there is a real danger of a series of unbalanced
budgets.
Aim Is Balanced Budget.
This brings us to the question of what is to be expected from any revenue
system. From a theoretical standpoint, it may be argued that all we
should aim at is a balanced budget over a relatively short period of years,
the assumption being that if through a succession of surpluses in years of
prosperity the finances of the Government have been greatly strengthened
by public debt reductions, a sufficient margin of safety has been provided
to meet such excessive deficits during lean years.
From a practical standpoint, however, it seems to me that we should be
glided by the sound principle of endeavoring to close each fiscal year with
t balanced budget. While theoretically a series of surpluses might be
pplied to strengthening of the financial structure, they are much more
isely to be dissipated in increased expenditures, while if once we admit
-he propriety of a deficit, there is a real danger that we might come to
:Jew them with such complacency that we would shirk the disagreeable
:Alt essential duty of avoiding them either by reducing expenditures or
Increasing taxes.
Insistence on a balanced budget is the one means that I know of compelling a government to live within its income and of making the people
realize that if they desire to expand the services of government they must
Inevitably look to increased contributions in the form of taxes.
[vol.. 132.
By a balanced budget I do not mean, of course, that it is possible to
devise a system which would provide revenues in exact balance with current
expenditures involved in the numerous and varied Federal activities. The
achievement of such a precisely balanced budget would be a matter of the
rarest accident. But I do mean that we should so adjust our tax system
that year in and year out there will be no great variation between receipts
and expenditures, and that a comparatively small deficit one year will be
offset by a comparatively small surplus the next.
The establishment of such a system demands in the first place the
determination, after eliminating the unusual items that now distort the
picture, of what normal expenditures are likely to be for the next few' years,
allowing, of course, for the inevitable upward trend. The second essential
step is to ascertain whether our present tax system, once business conditions
have returned to normal, will be adequate to furnish the necessary receipts.
The second problem is obviously an enormously difficult one under
existing conditions, and while the Treasury Department is endeavoring to
formulate some reasonable satisfactory answer, our final conclusion should
be based on further trial and experience. Certainly the present year taken
by itself offers a most inadequate criterion by which to judge the ability
of the present Federal revenue system to meet the Government's normal
requirements.
Loans to World War Veterans Over Billion Dollars.
Under date of May 27 a Washington dispatch to the New
York "Times" said:
All estimates of the number of World War veterans who would borrow
up to 50% of the face value of their soldier's certificates have been surpassed.
Official figures show that at the close of business yesterday 1,959,000
veterans had applied for loans under the new legislation and that loans
had been made in the amount of $1,090,137,402.
At the present time applications for loans are coming in at the rate of
about 35,000 a week.
Unless there is a sharp abatement in demand, administration officials
are convinced that at least $$500,000.000 will be needed to finance the
borrowings under the new bonus law.
An earlier Washington account to the "Times" (May 25)
said:
With 40,000 applications filed in the week of May 9, there is every
Indication that the estimate of General Frank T. Hines, Director of the
Veterans' Administration, that the loans will approximate $1,000,000,000
will be fulfilled. The number of applications up to and including May 16
filed at the offices in all districts totaled 1,910,922.
Washington, the headquarters office, leads all cities in the total amount
paid out, the loans made here up to May 16 totaling $141,162,988.
New York City is second, with a total paid out of $72,163,281. Hines,
Ill., which is the Chicago district, is third with $41,807,587. Philadelphia
Is fourth, with total payments of $28,568,921 ; Detroit fifth, with $26,064,730, and Los Angeles sixth, with $24,858,612.
Other cities in which the totals paid out exceed $10,000,000 are Buffalo,
Cleveland, Newark, Boston, Atlanta, Cincinnati, Dallas, New Orleans,
Indianapolis, Milwaukee, Pittsburgh, San Francisco, St. Louis, and San
Antonio.
Total for Each District.
The total of loans and number in each district up to May 16 were as
follows:
Number.
Amount.
Station.
Number.
Station.
Amount.
15,749
4,918,370.47
387,246 Little Rock._
Washington .5141,162,988.89
81
61,061
8,507 Los Angeles _ 24,858,612.00
Albuquerque. 3,177,772.02
7,265.818.30
21,981
33,220 Louisv lle_ _ _
Atlanta
10:537 250i84
3 1603:074 3
:
es
: 55 Manchter,
07
57
Baltimore _ _
_
1,668,835.99
Birmingham _
30
9
9,449,668.00
639,303.80
5,596 Manila, P. I.
4_
35,924
50,749 Milwaukee_ _ 13,643,615.22
Boston
20,258,910.62
6,952,586.05
19,279
39,546 Minneapolis_
Buffalo
15,748,319.42
10,319,034.51
29,692
Nashville.
city
Burlington,
35,440
15,081,683.97
2,792 Newark
Vt
1,179,217.79
30,270
4,018 New Orleans_ 10.004,435.00
Casper,Wyo. 1,526,403.99
139,476
_
New York_ . 72,163,281.49
Charleston,
19,025 Oklahoma
537,460.24
12,001,841.72
34,710
ChWar.loVta e7- 6
t
'
5,297,819.44
13,977
34,265 Omaha
11,818,736.65
N.C
71:126
7 590
40,541 Philadelphia_ 28,568,921.74
Cincinnati _
. 15,015,882.12
49,586 Phoenix, Ariz 2,745,840.30
Cleveland_ 19,435,381.52
Pittsburgh _. 17,436,472.17
43,986
Columbia,
;899
6 551
17,027 Portland, Me 2,535,133.07
5,129,208.45
18,260
39,906 Portland, Ore 7.001,200.00
Dali
Dallas
14,087,398.27
13,763 Providence.
Denver
4 983,864.01
7
:
5,765,270.78
12,612
R.I
19,436
078,721.64
Moines 762,437.00
67,852 Reno, Nev - _
De 6
Detroit
SD
es
26,0 4,730.03
24,400
4,931 Richmond.-8.751.900.00
Ft glarriso. 1,769,859.00
Fargo, N. D.
lo,
St. Louis_ __ _ 11,257,807.24
32,173
6,278 Salt Lake
2,356,616.24
Mont
City
2,532,582.03
17,661
6,935
7,603,178.40
Hartford.._ _ _
28.065
108,420 San Antonio_ 10,471,767.52
41,807,587.58
Hines,Ill
46,054
3,031 SanFranelsee 19,280,251.84
977,013.00
Honolulu _ _ _
9.010,713.68
23,601
31,669 Seattle
Indlanapolls_ 11,653.412.33
24,055 Sioux Falls,
Jackson,Miss 7.478,904.00
2,024,817.60
8.D
5,845
Jacksonville,
25.642 Wichita,Kan. 6,434,260.92
17,524
8,800,000.00
Fla
26,530
Kansas City- 9,384,934.54
Total
5730,508,811.97 1,910,922
Interest-Free Loans to Veterans Asked-Representative
Connery to Offer Bill to Permit Free Borrowing.
The following is from the "United States Daily" of
May 27:
Legislation to remove from the World War Veterans' Adjusted Compensation Act, passed by the last session of Congress, the clause requiring the
veteran to pay interest on the loans authorized by the Act, will be offered
at the next session of Congress by Representative Connery (Dem.), of
Lynn, Mass., a member of the World War Veterans' Committee, he stated
orally May 26. The following additional information was made available
by Mr. Cannery:
Although the measure passed during the last session was a step in the
right direction, it is not paying the veterans what they deserve. It is not
right for the Government to charge them interest on their own money.
The average certificate is worth $1,100 at full value, and under the
/
2
%
present law if a veteran borrows $500 and does not pay it back, the 41
Interest rate will consume all but $45 of the remainder by 1945, when the
certificates are payable.
The Government can get 11
/
2
% on this money while charging the
veterans 41%.
/
2
Let the veterans have half of the face value of the certificates Immediatetly without charging them interest, and they will then be able to
collect the other half in full in 1945. What should be done with the other
half could be decided later.
MAY 30 1931.]
FINANCIAL CHRONICLE
President Wood of Chicago Stock Exchange Before
Illinois Bankers' Association Urges Development
of Independent Money Market in Chicago—Instalment Buying Held as One of Causes of Depression.
In an address before the Illinois Bankers' Association, in
annual convention at Chicago, on May 27, R. Arthur Wood,
President of the Chicago Stock Exchange, declared that
"the troubled times we are passing through 'should teach
us even more thoroughly than the crises of the past that
all trade and industry are interrelated and interdependent".
Principal among the statements made by Mr. Wood in his
address was his assertion that "the development of an independent money market in Chicago, with call loans operating
as efficiently and as completely as in New York, is essential
to make this market for securities most effective". Mr.
Wood continued:
The details of this undertaking will have to be worked out under
the
leadership of the banks and with the co-operation of the brokers, but it is
primarily a banking problem because it is only through you, as bankers,
that this may be accomplished. The broker is merely the agent of the
borrower, but this service may be developed by you in co-operation with
the broker.
At the present time the banks of the Middle West carry millions of
dollars in the East on call. You are paying % of 1% for this service and
losing time in transferring your funds to and from New York. You are
sending this money away from the market place where our local industries
turn for financial help. If your surplus loanable funds and the surplus
money of other sections is sent to the East, instead of Chicago, it makes
It more difficult for us in Chicago to serve the business institutions of
your community.
A money market in Chicago comparable to the banking resources of this
community not only would be to your own selfish advantage, but you also
would help to make Chicago better able to serve the business enterprises
of the Middle West in competition with other financial centers.
This brings us to a most important point. Are you willing to make
loans secured by stocks and bonds of the business institutions of the
Middle West? I am happy to say that many bankers in the Middle West
are willing to do so. They have realized there is no place in the world
where business has been, is now, and will continue to be as prosperous
relatively as it is here in this territory. If you lend your money in Chicago
you will have to take the collateral of these various business institutions—
in other words, the collateral of your friends. As nearly as I can find out,
there has not been for many years a bank loan on Chicago Stock Exchange
collateral to a Stock Exchange brokerage house where the bank has
suffered any loss.
To me it is just as ridiculous for the bankers of the Middle West to
say that they do not want Middle Western collateral as for the consumer
to say that he does not want Middle Western eggs from a Middle Western
farm, farm machinery from a Middle Western manufacturer, or automobiles
from a Middle Western producer, because I believe that the collateral
of the business institutions of the Middle West is the best in the world.
However, your willingness to lend on Chicago Stock Exchange collateral
will materially aid the banking leaders of Chicago to develop the kind
of a financial market and call loan set-up that Chicago must have.
A stronger Stock Exchange in Chicago will help you bankers; first, by
creating nearer home a place for you to loan your surplus money and make
investments for your bank; second, it will more readily enable you to
develop the industry and commerce of your community by assisting the
Investment banking houses of Chicago to make a market place for the
securities of the business institutions in your own community; third, we
will be glad to help you drive out the crooked security dealers that come
to your city; and, fourth, to co-operate with you and the citizens of your
community in an educational program for investors.
In part, Mr. Wood also said:
3991
share of it derived from this country in the form of loans? Wasn't Germany
speculating on her future? But our so-called international bankers told
us that foreign loans would boom our export trade, and undoubtedly they
did. But, after all, weren't we speculating on Germany and weren't our
bankers advising it? Again, I think they have something to answer for.
Our favorable balance of trade for the five years ending with 1929 was
$2,440,000,000. During this same time foreign loans were made in this
country in the total amount of $5,470,000,000. Thus our favorable balance
of trade does not approximate our foreign loans. Possibly we might thrive
on less export trade where the foreign consumer buys our goods with money
borrowed from us, and the American owner of foreign securities might be
better off had he made his investment at home.
I think that still other forms of speculation have grown up that, taken
in their entirety, dwarf the trade in securities, however large it has grown.
How about the vast growth in the use of so-called consumer credit—more
familiarly known as installment buying? It is reported that within the
last few years around six billions of dollars of goods were sold annually on
deferred payments—this out of a total annual merchandise trade of approximately 40 billion dollars.
There is no doubt that this excess of credit, supplemented by current
national income, has vastly stimulated our industries. But, after all,
Isn't that also speculation—the buyer speculating on his future ability
to pay and the seller also speculating on that same contingency? There is
no doubt that this vast use of consumer credit created an unprecedented
demand for all manner of goods and resulted in great expansion of the
agencies of production. But wasn't it an artificial demand that couldn't
continue indefinitely? Didn't the installment purchaser speculate on the
permanency of his job? When he had used his credit to the limit, it OM
inevitable that production should be curtailed drastically and quickly, that
unemployment and partial employment should follow.
But while this business speculation was going on wasn't it supported by
manufaceurers, merchants, bankers, and investors? Did manufacturers
discourage excessive buying and did they limit production while the demand
was in full force? Did the great financing and credit organizations curtail
credit?
One of the answers to that question is the great number of bank failures
in the last year or two, which usually are charitably ascribed to frozen
assets. And many corporations also have another form of frozen assets in
excess plant and equipment that carry continuing charges. In contrast, I
might say that there are few frozen assets in the securities markets. The
credit devoted to them was deflated sharply and quickly—perhaps too
drastically and too briefly. The fall in loans of New York Stock Exchange
members from above eight billions of dollars to below two billions is proof.
The major Exchanges of the country bore the brunt of liquidation and were
the only market places where the banker or individual could convert loans
or equities into cash. Their functions are deserving of praise and not
criticism. Can it be said that credit extended to other lines of endeavor
has been equally corrected?
Inter-State Commerce Commission Not to Undertake
Inquiry Into Railroad Situation—Petition of
Daniel Willard in Behalf of Eastern Railroads.
The Inter-State Commerce Commission, through its Secretary, George B. McGinty, made known on May 26 that it
will not, on its own initiative, undertake an inquiry into
the general railroad situation. The intention of the Executives of the Eastern railroads to petition the Commission to
restore rates to a level which would protect the credit of
the roads was referred to in our issue of May 23, page 3824.
The statement given out by the Commission on May 26
follows:
The Inter-State Commerce Commission to-day in response to procedural
questions informally presented to it by Daniel Willard in behalf of Eastern
railroad executives informed him that the Commission will not at this
time institute a general investigation into the general railroad situation on
its own motion.
GEORGE B. McGINTY. Secretary.
We have read volumes and heard many speeches seeking to diagnose the
current depression. Generally, the blame has been put on excessive speculation, and with that I agree. But I cannot pass unchallenged the most
From a Washington dispatch May 26 to the New York
general accusation that speculation in the securities market was the prime
"Times" we take the following:
cause of depression. . . .
Had the Commission given permission to the roads to adopt some of
But was the collapse of the security markets the only element, or even the
chief element, in bringing about depression? Perhaps too much of the the suggestions there would have been a reduction in the number of highcountry's credit was being used in the securities markets. But who was class passenger trains and a longer period allowed in delivering fast freight.
responsible for this? At the peak of the stock market in the lath summer What the carrier sought was a modification of commission orders and
of 1929 more than half of the eight billion dollars of loans on collateral regulations so as to enable the roads to make economies.
to the members of the New York Stock Exchange was furnished by corpoLarge Curtailment Possible.
rations and individuals. These were the so-called bootleg loans.
According to the contention of those representing the carriers, there
Does this suggest that trade and industry were being hampered by an could be an impressive curtailment of expenses if the Commission should
excessive use of credit in the stock markets? Does it suggest that our look into the situation and accept the proposals made for reductions.
great industries lacked for funds, in spite of their vast expansion during
The action of the Commission to-day followed representations made to
the boom years? And despite the amount of credit used in the security it by President Willard of the Baltimore & Ohio Railroad, acting in behalf
were able to sell billions of dollars of the Committee appointed at the meeting Thursday. Mr. Willard asked
markets, our American bankers still
of new domestic and foreign securities. The proceeds of the latter, in that the Commission hold a session prior to to-morrow, when the railroad
most cases, were used to finance production abroad, based on cheap labor presidents meet again.
and low living standards to compete with the products of our factories,
This Committee, in addition to President Willard. consists of .7. J.
farms, and forests.
Pelley. President of the New York New Haven & Hartford; W. W. AtterIs there any thoughtful banker or student of economics who will assert bury, President of the Pennsylvania System; Patrick E. Crowley, President
that the securities markets were the only medium for speculation? How of the New York Central: John J. Bernet. President of the Chesapeake &
about that other noble experiment of our National Government in stabiliza- Ohio lines* J. M. Davis, President of the Delaware Lackawanna & Western
tion of grain and cotton prices? Who told the wheat grower that he should and Charles H. Mx, President of the Virginian Railway.
Foresaw Political Agitation.
receive for his excess production a price absolutely unwarranted by any
At their meeting Thursday the presidents discussed the financial situafantastic mental process of unsound economic reasoning? The farmer
speculated by excessive production of wheat and other products, and the tion of the roads from every angle. There was strong opinion that a
planter in overproduction of cotton. With Government subsidies it looked request for rate raises would be refused, and, in any event, it would be
and start a partisan agitation
like a sure thing for them, but neither producer nor the Government, even certain to bring the question into politics
the country in the present
In combination, could permanently abrogate the law of supply and demand. that would not be healthy for the railroads or
actual outcome was the decision
It was a tremendous speculation and we taxpayers are, and will be, condition of economic depression. The
to ask the Commerce Commission to undertake, on its own initiative, an
paying for it for some time to come.
developing what economies could be effected, and,
Did the politician warn the farmer and planter against excessive pro- inquiry with a view to
operation, obviate any necessity of increasing
and cotton? And did the country banker decline to make through putting these into
duction of grain
loans against crop production? I think they both have some responsibility carrying charges.
To-day's special meeting of the Commission was called by Commisfor the current economic crisis.
sioner Balthasar H. Meyer, acting Chairman in the temporary absence of
The other day I read an article on the vast rehabilitation made by
Chairman Ezra Brainerd Jr. The Commission met at 10 o'clock this
Germany in her industrial plants in the last few years and her great new morning,
sat until 12:30. and resumed its session at 2 o'clock. Its formal
public improvements. Where did the money come from? Wasn't a good announcement was given to newspapers shortly before 4 o'clock.
3992
FINANCIAL CHRONICLE
[VOL. 132.
The New York "Times" of May 28, said:
Suggested Cut in Passenger Trains.
Several suggestions of what the Commission might do to help the railPrior to the meeting representatives of the special committee of Eastern
roads, short of increasing freight rates, were made informally by President presidents met with representatives of the National Industrial Traffic
Willard to Individual commissioners. One of these had to do with per- League and said that before any application was made to the Inter-State
mitting the railroads to so change their schedules as to modify the present Commerce Commission for any increase in freight rates the new schedules
intensive competition between high-class passenger trains.
would be gone over with representatives of the Traffic League. It was
The Commissioners were told, for instance, that crack trains of four explained that this would be done so that the shippers would understand
at noon, but frequently the what the railroads propose to do. It was intimated that little objection to
railroads left St. Louis for Chicago every day
number of passengers carried on all four was not enough to fill the ac- a moderate Increase in freight rates would come from the shippers, as they
commodations of any one. The roads operating these trains are the were anxious to see the railroads in a prosperous condition.
Chicago 8z Eastern Illinois. the Wabash. the Illinois Central and the
The special committee, it is understood, does not plan to ask the InterChicago & Alton.
State Commerce Commission for a blanket increase in freight rates. Rates
The suggestion advanced was that the Commission might give permis- on some classifications, it is explained, are high enough, but increases can
sion for changes in schedules so that only one of these four trains would be made in others without causing undue hardship or diverting any traffic
leave St. Louis at noon each day, the four railroads alternating in running from the railroads. A blanket increase in rates of about 10%,it was said.
them,thus providing a sort of stagger system.
might divert additional traffic to trucks and to other competing forms of
Other instances given where similar economies might be effected per- transportation.
tained to trains operated between Chicago and St. Paul, between New
An executive who attended the meeting said the railroads needed about
York and Chicago, between New York and St. Louis, between Washington $400.000,000 in additional revenue to restore their credit standing to its
Cincinnati.
and Chicago and between Washington and
former level. As the freight revenues of the country amounted to about
It was pointed out that fast passenger trains of competing railroads $4,000,000,000 last year, an average increase of 10% in present rates would
left the various places named at the same time or approximately the same be sufficient to meet the present emergency, it was said.
time daily.
The meeting considered only the freight rate structure in the East. The
Saving Possible on Fast Freight.
Western railway executives also are considering a move to seek freight rate
enable the rail- Increases. However, these executives are understood to be divided on the
Another suggestion was that the Commission could
roads to save money by granting permission for longer periods in fast wisdom of asking for an increase at this time in view of agricultural and
freight service. Between New York and Chicago. there is a three-day general business conditions. Recently, the railroads in the Southwest
freight delivery, and between New York and St. Louis a four-day freight lowered their rates on cotton to compete more successfully with the movedelivery. It was pointed out that if these schedules were modified so ment of this commodity by trucks.
as to permit a four-day delivery to Chicago and a five-day delivery to
The appointment of the Special Committee by the ExecuSt. Louis, each of the railroads operating this service might be able to
tives of the Eastern roads was noted in our issue of May 23,
save as much as $500,000 a year.
One of the chief reasons for the action of the railroad presidents in asking page 3824.
the Commission to institute an investigation into the general railroad
situation had to do with the relationship between railroad earnings and
their securities.
Increase in Rail Rates Opposed by National Retail
Many States have statutes which provide that railroad bonds may not
Dry Goods Association.
other institutions unless the railoe used as security by savings banks and
road issuing them has revenues amounting to at least 134 times its fixed
Adopting resolutions opposing the railroad rate boost
charges.
Executives and
operation in Maine. New plan of the American Association of Railway
Such laws affecting Eastern carriers are in
Hampshire. Massachusetts, Rhode Island, Connecticut, New York, New calling upon its members to fight attempts of State legislaJersey, Pennsylvania. Delaware and Maryland.
ture to pass sales tax legislation, the five-group concurrent
The fear of the railroads is that unless the economies suggested are
Association
permitted, earnings in many instances may not reach the minimum set convention of the National Retail Dry Goods
by laws and that savings banks and others might be compelled to sell was brought to a close in Washington on May 28, according
securities, and this would aggravate a market situation already bad.
to advices to the New York "Journal of Commerce" which
also stated:
Rail Rate Study Ended by Western Roads—Traffic
Views of the association were expressed in resolutions adopted by the
Have Findings Considered by
Officers Ready to
Controllers Congress, one of the five groups composing the convention.
Presidents.
The proposal of the railroads was held "merely another expedient fully as
suggested by industrial leaders
unsound
Under date of May 28, Chicago advices to the New York and doesas the many others that have been of the trouble.
not go to the fundamental causes
"Journal of Commerce," said:
"Reference to the chart of the process of merchandise from producer to
Traffic vice-presidents of Western carriers meeting here to-day declared
that they would hold no further sessions and that they were ready to
report their findings to their presidents' group for consideration.
The Western presidents are scheduled to meet Monday and at that time
will take up the work of the traffic men and formulate their application to
the Inter-State Commerce Commission.
It is considered a passibility in railroad circles here that the Western
rail heads might wait and present their appllcation along with that of the
Eastern carriers, which will be ready June 5. On the other hand, it is
argued, that it would perhaps be best for them to act separately, as their
problems were of a different nature concerning the matter of rate structure
and change.
While there is much conjecture here as to the form the Western carriers'
rate increase application will take, it is understood that there will be little
attempt to raise the tariffs on commodities and that the change will be
chiefly confined to class rates. Many of the latter have been subjected to
much whittling during the past few years and if the carriers could get
them back to their old levels it would go a long way toward bolstering up
their revenues sufficiently to tide them over the existing emergency.
Another form that the change will perhaps take here is an application to
Increase long-haul rates, while permitting short-haul rates to remain the
same. In this manner the carriers would not jeopardize their position in
regard to motor vehicle competition which is what they wish to avoid.
How soon the Western presidents will present their application to the
Commission is not known. although In view of the fact that it will perhaps
require the full 150 days of hearing it is said to be especially important to
hurry the application.
Meetings of the traffic Vice-Presidents of Western railroads were held in Chicago May 27 and 28.
consumer prepared by the Joint Commission on Agricultural Inquiry of
the Congress of the United States." the resolution declared, "shows that
the element of transportation cost enters into the cost of production usually
from three to seven times in the progress from producer to consumer, and
any increase in freight rate will reflect many times its initial increase in
the ultimate cost of goods to the people of the United States."
Resolution of National Association of Mutual Savings
Banks Favoring Action to Restore Railroad Earnings to Normal Basis.
The following resolution was adopted by the National
Association of Mutual Savings Banks at the final session,
May 22, of its annual convention in Washington, D. C.:
"Whereas, this Association is interested in every effort to improve present
economic conditions and especially where such efforts are directed to the
betterment of the investment situation, now, therefore, be it
"Resolved, That this Association look with favor upon all endeavors which
may be made by the railroad companies to restore their earnings to a
normal basis."
It was noted In the New York "Herald Tribune" that one
reason for the prompt adoption of this resolution is seen in
the fact that the holdings of railroad bonds by mutual savings banks the first of this year aggregated $1,202,864,864,
a drop of about $250,000,000 from the peak of a few
years ago.
Committee Appointed by Eastern Railroad Executives Supreme Court Authorizes Transfer of Assets of
Adopts Resolution Referring Matter of Freight
Chelsea Bank and Trust Co. to Mercantile Bank &
Rate Increases to Traffic and Other Committees.
Trust Co.—Reorganized Bank to Open Shortly.
At a meeting in New York on May 27 of the Committee
In accordance with his decision announced on May 18,
named last week by the presidents of Eastern roads to work
"
Justice Edward J. Gavegan, of the New York Supreme
railroad
out measures for the restoration of rates to restore
Court, signed an order on May 19 authorizing the disposal
credit, a resolution was adopted as follows:
of the assets and liabilities of the Chelsea Bank & Trust
Resolved. That the question of what increase in freight rates is necessary Co. to the newly organized Mercantile Bank & Trust Co.
to meet the present emergency be referred to the traffic, legal and acaccounting committees to determine what such increase should be and to The New York "Journal of Commerce" of May 20 also said:
prepare proper application to cover, report to be submitted for approval of
June 5.
this Committee at meeting to be held at 2 p. m.. Friday.
Permission for the transaction had been formally requested of the courts
by Joseph A. Broderick, Superintendent of Banks, who had taken the
Chelsea Bank over on Dec.23 last when its stability was threatened by a run.
It is stated that in addition to the traffic, legal and
The new institution is expected to open its doors at the former branches
representatives of the various railroads attend- of the Chelsea Bank in about a week or 10 days, and will be prepared to
accounting
all depositors of the Chelsea Bank their funds In full.
ing the meeting yesterday, the full personnel of the special return toJ. Franc, a member of the law firm of Franc Sc Wright, 25 BroadJames
present. These included:
committee was
way, who represented a stockholder named Leo E. Grossman in legal action
to prevent the present reorganization of the Chelsea Bank, declared yesterJ. J. Pelley. President of the N. Y. N. 11. 8c H., Chairman; W. W.Atterday he would take his opposition to the Court of Appeals. He charges the
bury, President of the Penn. RR.; Daniel Willard, President of the B&O;
with misfeasance, no-feasance, negligence,
P. E. Crowley. President of the N. Y. Central; J. J. Bernet, President of directors of the Chelsea Bank
funds of the bank and requests that the
the Chesapeake & Ohio; J. M. Davis, President of the D. L. & W.;0. H. waste and mismanagement of the
directors be compelled to render an accounting of the bank's funds. The
HU. President of the Virginian RR.
MAY 30 1931.]
FINANCIAL CHRONICLE
appeal, however, has not yet been filed, and so far there will be no interruption in the reopening plans of the bank.
A reference to the reorganization of the bank appeared in
our issue of April 25, page 3082.
Banking Situation in South and Middle West.
In the State of Mississippi, advices from Oxford on May
20 reported that the Bank of Oxford, which closed its doors
last December "for the protection of its depositors," would
reopen for business on May 23. Announcement of the coming reopening was made by J. S. Love, Superintendent of
Banks for Mississippi, after going over the report of the
depositors' committee and that of the stockholders' committee. The dispatch continuing said:
L. E. Watson, formerly of Tupelo, who was named liquidating agent
for the Guaranty Bank & Trust Co. at Oxford at its close last October
and who has looked after the interests of the Bank of Oxford for the State
Banking Department since the first of the year, was named President of the
new Bank of Oxford. The Vice-President is Stanley M. Sneed. The
directors besides Mr. Watson and Mr. Sneed are Dr. J. E. Hargis, J. J.
Vance and Harry E. Denton.
Depositors representing 97% of the funds of the old bank endorsed
the plan for reopening the institution, according to the report of the committee headed by Dr. Grady Guyton, Chairman. S. M. Sneed was Chairman
of the stockholders' committee. One-fourth of the funds of depositors will
become bank stock under the plan and 10% of the remainder may be withdrawn 30 days from date of reopening. At the end of one year 15% may
be withdrawn, 25% at the end of the second year and the remaining 25%
will be subject to check at the close of the third year.
3993
of the Noble County Bank & Trust Co. of Kendallville,
which closed its doors on Jan. 10 1931, was begun on that
date under the direction of Theodore S. Redmond, attorney,
in an effort to reopen the bank under new management.
With reference to the affairs of the Farmers' Trust Co.
of Indianapolis, which closed its doors on May 4, the Indianapolis "News" of May 19 stated that depositors would
probably suffer no loss, according to statements of bank
officials in a receivership hearing on that day before Judge
Clarence E. Weir of the Superior Court. Judge IN eir,
it was said, also concurred in the statement after he had
heard the testimony. The paper mentioned furthermore
said:
The banking institution, which did not deal largely in deposits, had on
hand a total of $775,000 at the time the bank was closed. Public deposits
amounted to $105.009, which is protected by $90,000 in Liberty bonds
and $292,000 which Charles N. Williams, President of the bank, had dePosited. Less than half of the total depository amount belonged to small
depositors, according to testimony.
Assets of the institution include 8363,000 in farm loans, and the building
which has an assessed valuation of $152,000, and an actual valuation at
a much higher figure. Other assets include large amoungs of surplus stock.
A more recent issue of the same paper, May 21, stated
that announcement was made by Judge Weir on that day
of the appointment of Boyd M. Ralston, Indianapolis
realtor, as receiver. Commenting on the action Judge Weir
said:
receiver
work
On May 23, a dispatch from Brookhaven, Miss., to the
"It appears to me that the assets of theimmobile will be largely that of
in character. I have
quite
selling
Jackson "News" stated that the projectors of the new na- finding purchasers and an individual as receiver who will give his entire
determined to appoint
tional bank for Brookhaven to take the place of the closed time to the work, and I am sure an economic administration will be made.
of the
First National Bank had announced that satisfactory prog- "I hope he has the co-operation of the officers full." company to the
and creditors will be paid in
ress is being made. "They are gratified, they say, at the end that the depositors
In the State of Illinois, a small outlying Chicago bank,
number of agreements to 'freeze' deposits of the closed First
the Montrose Trust & Savings Bank at 3159 Montrose Ave.,
National Bank which have been received during the week."
was closed on May 21 by the State Auditor's office at the
The dispatch went on to say:
Directors, according to the Chicago
Associated with J. J. Newman. merchant and capitalist of Buds and request of the Board of
McComb,formerly of Brookhaven. who will probably be chosen President "Journal of Commerce"of the next day. Closing, it was said,
is L. A. Cato, merchant of Union Church, who will be identified with the was
deemed advisable because of a depleted liquid position,
new organization. In the interest of promoting the effort and to assist
depositors, which have been in
the committee to secure signatures to the depositors' agreement. Charles resulting from withdrawals by
Karst. Jr., Assistant Cashier of the Interstate Bank of New Orleans, La., progress for about a year. The institution had deposits of
has spent most of the week here. There is strong probability that Mr.
approximately 3310,000, it was stated.
Karst and at least one other substantial
citizen of New Orleans will become
stockholders in the new bank.
These with local residents will organize the bank with a paid-in capital
of $100,000 and a paid-in surplus of $10,000 and hope to have it in operation
by July 15.
Under the freezing agreement which was approved by the Comptroller of
the currency, the new bank will guarantee to pay 75% of the deposits
of the old bank in installments, taking on a like amount of its assets: the
remaining assets amounting to approximately $365.000 are to be placed
in the hands of trustees for the payment of the remaining 25% of deposits,
amounting to approximately $200,000.
In this connection is another announcement of interest by the projectors of the new bank that David Cohn, prominent merchant of this city
with interests throughout this section, will be named as one of the trustees
of these assets.
In the State of Kentucky, James B. Brown,former President of the National Bank of Kentucky of Louisville and the
Bancokentucky Co., was acquitted by a jury in the Circuit
Court of Louisville late May 25 of the charge of embezzlement of $2,000,000 on a note which he gave to a local broker
and which was then cashed by the Bancokentucky Co.,
according to Associated Press advices from Louisville on
that day, from which we quote furthermore as follows:
The defense, which claimed that Mr. Brown's collateral was more than
sufficient to cover the note, offered no testimony after being overruled
to-day(May 25) on a motion for a directed verdict of acquittal and offered
to go to the jtiry without argument.
The Commonwealth insisted on arguments and George J. Mayer, Assistant Commonwealth's Attorney, asked the jury to convict the banker.
William S. Heidenberg, in closing for the defense, termed the prosecution's
charges "flimsy in the extreme and with nothing whatever to support
tbem."
Trial started Thursday(May 21)and the State called among its witnesses
former directors and officers of Bancokentucky. Most of the directors
said that they knew nothing of the note until the institution was closed
a year after it had been made.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the sale
of a New York Stock Exchange membership for $210,000.
Last previous sale $230,000.
Irving Investors Management Co., Inc., on May 28
announced the promotion of Anthony Gaubis, Assistant
Secretary, to be Assistant Vice-President, and of James
M. Curtin to be Assistant Secretary.
The Brooklyn Trust Co. announced on May 25 reduction
of the rate of interest paid on special interest accounts from
3% to 2%, effective June 1.
The absorption of the Seward Bank (formerly the Seward
National Bank & Trust Co.) of this city, by the Bank of
Manhattan Trust Co. became effective May 23, and the
two banking offices of the former institution are now operated
as branches of the latter. The head office of Seward was
at 2 Park Ave., and its only branch has been located at
Amsterdam Ave. and 93d St. The New York "Herald
Tribune" of May 22 said:
Bank of Manhattan Trust is acquiring Seward National through a
share-for-share exchange of stock. Certain assets of Seward National are
not included in the merger. They are being liquidated for the benefit of
shareholders.
Following a meeting of the Directors of the Bank of
Manhattan Trust Co., of New York on May 22 it was announced that Alexander S. Webb was elected Vice-President and Arnold F. Smith and Ralph C. Cook were elected
Assistant Treasurers and placed in charge of the bank's
office at Park Avenue and 32nd Street, formerly the main
office of the Seward National Bank and Trust Co.
Louisville advices on May 27 to the New York "Journal of
Commerce" reported that in connection with plans for the
reorganization and reopening of the Louisville Trust Co.,
closed since Nov. 17 last, a deal whereby W. J. Rayhill,
an Assistant Secretary of the Chemical Bank & Trust Co.
of New York, would become President. Mr. Rayhill,
it was stated who had been in Louisville several days,returned
Directors of the New York Title and Mortgage Co. of
East and wired his conditional acceptance of the post. New York on May 21 elected three new Vice-Presidents;
The dispatch continuing said:
Harold I. Cross, who will be in charge of the Brooklyn
It is believed that the institution, of which the Louisville National Fire & Office; Floyd W. Davis, in charge of Title Applications,
Marine Insurance Co. is a subsidiary stock company, doing a local agency
and Joseph C. Shields, Mortgage Sales Manager. Mr. Cross
business, will be able to reopen in a short time.
At the offices of the Chemical Bank & Trust Co. (May 26) it was succeeds Robert M. Catharine who is now Vice-President
stated that Mr. Rayhill had gone to Louisville as the head of a com- for Long Island and in charge of all offices in that section.
mission formed by the Chemical Bank. It was stated that he had received
identified with the New York Title and
an order to stay in Louisville but that it is not yet known whether or not Mr. Davis has been
he has accepted it.
Mortgage Company for twenty-five years. He is in charge
In the State of Indiana, a dispatch from Kendallville in of the Title Business Department and is a member of the
that State on May 25 stated that a reappraisal of the assets Rates Committee of the New York Board of Title under-
3994
FINANCIAL CHRONICLE
[VOL. 132.
John F. Miller, Vice-President of the Westinghouse Airbrake Co., has been made a director and Chairman of the
Board of the Bank of Pittsburgh, N. A., Pittsburgh, Pa.,
Joseph C. Shields, Vice-President of the New York Title according to advices from that city on May 28, appearing
and Mortgage Company,was the guest speaker at the Savings In the New York "Evening Post" of the same date.
Bank Officers' Forum and Monthly Dinner Meeting, held
The Delaware National Bank of Delaware, Ohio, capitalat the Hotel Astor. His subject was, "Why Guaranteed
Savings Banks." ized at $150,000, went into voluntary liquidation on May 7.
Mortgages are the Proper Investment for
It has been succeeded by the Delaware County National
Announcement is made of the admission of Clinton Trust Bank of the same place.
Company of New York to membership in the Federal Reserve
Chauncey H. Clark, a Vice-President of the Live Stock
System. Edward W. Smith has been elected Assistant
Exchange Bank of Indianapolis, at the Union Stockyards
Treasurer of the company.
and for many years an active figure in the business life
4
-- -At a regular meeting of the Board of Directors of the of Indianapolis, died unexpectedly at his home in that
National Commercial Bank & Trust Co. of Albany, N. Y., city on May 21. The deceased banker, who had been engaged
held at the banking house on May 22, Robert C. Pruyn sub- in business at the Union Stockyards for more than 40
mitted his resignation as President and was appointed Chair- years, was horn in Stilesville, Ind. In 1865. After attending
man of the Board, and Jacob H. Herzog was made President DePauw University and engaging in business at Clayton,
in his stead. William L. Gillespie was appointed Executive Ind., he moved to Indianapolis in 1887. Two years later he
Vice-President. Active administration of the bank will be became a member of the commission firm of Gillespie,
shared equally by Mr. Herzog and Mr. Gillespie who have Clark & Co. at the Stockyards, and continued with the firm
been placed in joint control of the organization.
until his death. Mr.Clark was a member of the Indianapolis
Board of Trade and active in Masonic circles.
Francis F. Vogel was recently appointed President of the
On May 19 the Forty-Second Street State Bank of IndiDudley Co-operative Bank of Roxbury (Boston), Mass.,
of which he was one of the organizers in 1922 and a director anapolis at College Avenue and 42nd Street, opened as a
since that time. Mr. Vogel is also an Assistant Cashier of branch of the Fletcher American National Bank of that city,
the Central Trust Co. of Cambridge, Mass., going to that according to the Indianapolis "News" of that date, which
bank from the Old Colony Trust Co., with which he had stated that purchase of the North side institution's assets
been connected for two years. Prior to that time he was was completed on May 18 when the Comptroller of the Curwith the National Shawmut Bank of Boston for 11 years. rency authorized the transaction. The paper mentioned
He is a member of the Boston Bank Officers' Association went on to say:
and of the Cambridge Industrial Association, and a former
Assets of the North side bank were set at $392,866 in its last published
member for three years of the Board of Governors of the statement. With the Fletcher American Bank as a member of the Federal
the new branch also comes under supervision of National
American Institute of Banking. Upon the establishment Reserve System,Its officers were Charles M. Dawson, President; Sumner
banking laws.
of the Dudley Co-operative Bank in 1922, pass book No. 1 Clancy, Vice-President, and J. Clark Mills, Cashier.
Growth of Fletcher American business required the expansion move in
was awarded to Mr. Vogel for having sold the largest numacquiring a North side branch, said Elmer IV. Stout, President. A survey
ber of shares in the institution of any of the directors.
depositors could be served with more conwriters. Mr. Shields has been with the New York Title
and Mortgage Company since 1910.
showed that several thousand
venience from the Forty-Second Street bank, he said.
On Tuesday of this week, May 26, Federal Judge Clark
Fletcher American assets were quoted at more than $48,000,000 in its
confirmed the sale of the closed Port Newark National Bank last public statement.
of Newark, N. J. to the Merchants' & Newark Trust Co. of
The Bowmanville National Bank of Chicago at 4806
that city, at a price of $621,813. The Newark "News" of
North Western Ave., that city, announced on April 27
May 26, from which we have quoted above, furthermore
the absorption of the Commercial State Bank at 4801 Lincoln
said in part:
and the consolidated bank began business on
will be given 6% interest. Officials Ave., Chicago,
The depositors will be paid in full and
Naof the purchasing bank felt many of the 2,800 depositors in the closed that day in the banking quarters of the Bowmanville
bank were forced to borrow money elsewhere and pay 6% interest. .
tional Bank, according to the Chicago "Evening Post"
The purchase price will cover all liabilities. Irving Riker appeared
of April 27,from which we quote further in part as follows:
for the trust company and George T. Barse represented the Federal Comptroller of the Currency. There was no opposition to the confirmation of
the sale. The bank was closed August 8 last when a receiver was appointed.
A dispatch from Newark on the same date to the New
York "Times" gave the additional information that it is
planned to reopen the institution June 8. Our last reference
to the affairs of the Port Newark National Bank appeared
May 23, page 3826.
The Bowmanville National, which has been recognized as the strongest
National bank on the North Side, becomes even greater with the merger
with the Commercial State, as the deposits and assets of the latter are
added to those of the former. The liquid assets also of the Bowmanville
National add greatly to its stability.
With the consolidation the Bowmanville also takes with it the officers
and employees of the Commercial, thus increasing the working staff of
the Bowmanville and giving it a larger personnel than any other bank
on the North Side. The bank's total resources are now $6,000,000.
E. M. Heidkamp is President of the Bowmanville National and the
Vice-Presidents are Ralph N. Ballou, J. P. O'Shaughnessy and William
J. Feldmann. Elmer A. Suckow is Cashier and the Assistants are William
D. Solt, Merton 0. Jones and George Heidlialun•
With reference to the affairs of the Aldine Trust Co. of
Philadelphia, which closed its doors on Dec. 9 1930, the
Philadelphia "Finance Journal" of May 22 stated that Dr.
Effective April 13 last, the Broadway National Bank of
William G. Gordon, State Secretary of Banking, on that Chicago was placed in voluntary liquidation. The institudate announced his decision to liquidate the affairs of the tion, which was capitalized at $200,000, was absorbed by
institution, and added that "he deemed plans for reorgani- the Devon
Trust & Savings Bank of Chicago. The conzation impracticable." The paper mentioned went on to say: solidation of the
banks was noted in our Feb. 28 issue,
Dr. Gordon said that an inventory and appraisement which has recently
page 1540.
been completed by the Banking Department has been very carefully analyzed
and after careful consideration of the plans for reorganization, he had
decided to liquidate. He said that within a few days he would announce
the names of two disinterested persons who would prepare a detailed
appraisement of the bank's assets.
Subsequently, May 26, Philadelphia advices to the "Wall
Street Journal"reported that the Aldine Trust Co.depositors'
committee had adopted a resolution protesting against the
decision of the State Department of Banking to liquidate
the affairs of the company. The resolution requested the
State Secretary of Banking to withhold action looking
toward liquidation pending submission to him of a new plan.
The dispatch continuing said:
New plan is being formulated with idea that through co-operation of
another bank in Philadelphia, depositors of Aldine Trust Co. will be
guaranteed 30% of their deposits in 60 days, 10% 60 days thereafter,
10% in ninety days thereafter.
Advices from Chicago yesterday (May 29), appearing in
last night's New York "Evening Post," reported that the
Commerce Trust & Savings Bank of that city had been
closed because of heavy withdrawals.
The consolidation of four South Bend, Ind., banking institutions was announced on May 28, according to a dispatch
from that city to the New York "Times." The institutions
are the First National Bank, the Union Trust Co., the Citizens' National Bank and the Citizens' Trust & Savings
Bank, with combined assets of more than $30,000,000. Guy
H. McMichael, President of the Citizens' National Bank and
of the Citizens' Trust & Savings Bank, is expected to head
the new organization, it was stated..
The Irving National Bank of Irving, Ill., capitalized at
Application was made to the Comptroller of the Currency $25,000, went into voluntary liquidation on April 20 last.
on May 23 to organize the Second National Bank of Mason- It has been taken over by the Hillsboro National Bank at
Hillsboro. Ill.
town, Pa., with capital of $50,000.
MAY 30 19311
3995
FINANCIAL CHRONICLE
As of May 14 last, the Flora National Bank of Flora,
Ill., capitalized at $65,000, was placed in voluntary liquidation. As noted in our issue of April 18, page 2905, the
institution was consolidated with the First National Bank of
Flora.
.—
•
Assets of the Sturgis National Bank of Sturgis, Mich.,
an institution with total deposits of approximately $710,000,
have been purchased by the Citizens Trust & Savings Bank
of Sturgis, the institution having been taken over on May 11.
At the time of the consolidation the Citizens Trust & Savings Bank had deposits of about $1,650,000 and total resources of $2,126,825. The capital and surplus of the enlarged bank remains as heretofore, namely $150,000, and
it has surplus and undivided profits of $110,000. Officers
of the acquired bank are retiring. The personnel of the
Citizens Trust & Savings Bank is as follows: E. C. Wright,
President; B. P. Taggart, Vice-President and Cashier;
and H. C. Kraft and 0. J. Keeslar, Assistant Cashiers.
George A. Richardson, President of the McCartney
National Bank of Green Bay, Wis., committed suicide on
May 21 by shooting himself in the bank building shortly
after the institution had opened for business on that day,
according to Associated Press advices from Green Bay on
May 21. Bank employees and J. H. Tayler, Chairman of
the Board of Directors, with whom Mr. Richardson had
conferred briefly on his arrival at the bank, could give no
reason for his act. Coroner Frank Hodek stated that
relatives of the banker ascribed his suicide to illness resulting
from near asphyxiation about a year and a half ago in his
garage. Mr. Richardson had been identified with the bank
for 40 years, rising by successive steps from messenger
to the Presidency of the institution, which office he had held
since last January. He was 58 years of age.
A charter was issued by the Comptroller of the Currency
on May 21 for the First National Bank of Ethan, S. D., with
capital of $25,000. The new bank represents a conversion
of the Security State Bank of Ethan. Henry Zeier is President and C. L. Breckenridge, Cashier.
-4---
Three Helena, Mont., banks, the American National Bank
(capital $200,000), the National Bank of Montana (capital
$250,000), and the Montana Trust & Savings Bank (capital
$150,000), •were consolidated on May 23 under the title of
the First National Bank & Trust Co. of Helena, with capital
of $300,000.
Sioux City advices on May 14, printed in the Des Moines
"Register" of the same date, stated that the first dividend
of the defunct Sioux National Bank of Sioux City would be
paid June 1, according to an announcement by H. M. Kirkman the receiver. The dividend will total approximately
8600,000, representing 20% of the depositors' claims. Failure
of this bank on Dec. 6 last, was noted in our Dec. 13 issue,
page 3821.
An attractive, illustrated brochure has been issued by the
First National Bank of El Paso, Tex., to commemorate the
fiftieth anniversary of its founding. The institution had its
beginning in the Bank of El Paso which opened for business
on May 26 1881 in a tiny one-story adobe at the corner of
San Francisco Street and Little Plaza, El Paso, then a place
with a population of 7,500 people. On the day of its opening,
the bank had 68 depositors and the sum of $63,120 in total
resources. In June of the same year a National charter
-day
was granted the little bank under its present title. To
the First National Bank of El Paso, housed in its own banking home, serves through its departments a vast territory
"in the most rapidly growing section of the United States
The respective stockholders of the Eau Claire National and its Mexican-American division handles a substantial
Bank and the State Bank of Eau Claire, both of Eau Claire, part of the banking business of two nations." The bank's
Wis., will vote on June 5 on a proposed union of the institu- present capital is $1,000,000 with surplus of $200,000, and
tions under the title of the Eau Claire State Bank. The It has total resources of approximately $14,000,000. Its
approval of the stockholders is expected. The new organi- depositors exceed 14,000.
zation will be capitalized at $200,000 with surplus and unThat the respective stockholders of the First National
divided profits of $45,000 and will have total resources of
Bank of Corsicana, Tex., and the Corsicana National Bank,
more than $4,000,000.
have formally approved a consolidation of the institution,
Thae:the:First National Bankrof Holton, Kan., a small was reported in a dispatch from that city on May 20 to the
institution, had closed its doors at noon May 18, was re- Dallas "News." The new organization, which will continue
ported in advices from that place on the date named to the the name of the First National Bank, will have combined
Topeka "Capital." "Frozen assets" and inability to collect capital, surplus and undivided profits of $1,225,000, the
loans in sufficient amounts were given as the cause of the dispatch stated.
bank's embarrassment. The bank, which was founded in
1872 by the late T. P. Moore, as of March 25 showed deposits of $436,135 and total resources of $550,323. Its
officers are J. P. Moore, President; F. L. Riederer, VicePresident and Scott R. Moore, Cashier. The dispatch furthermore said:
T.H
Jackson, formerly Cashier of the Bath County
National Bank of Hot Springs, Va., was appointed Cashier
of the National Bank of Suffolk, Suffolk,' Va., on May 12.
Mr. Jackson has been identified with the bank since Dec. 8
last. Heretofore Arthur 'Woolford, Vice-President of the
There was no suspicion that the institution was In difficulties, and it Institution,
has been performing the duties of Cashier. The
is believed if more time could have been allowed the closing might have
National Bank of Suffolk was organized in 1899 and is
been averted.
capitalized at $500,000.
On May 2 the First State Bank of Aberdeen, S. D., was
consolidated with the Aberdeen National Bank & Trust
Co. As of that date, the consolidated institution, which
continues the name of the Aberdeen National Bank & Trust
Co., had combined capital surplus undivided profits and
reserves, of $265,346; deposits of $3,606,832, with total
resources of $3,872,178. The Aberdeen National Bank &
Trust Co. is affiliated with the First Bank Stock Corp. of
Minneapolis, as was the acquired institution. Officers of the
enlarged bank are as follows: W. W. Bassett, President;
S. L. Clarke Bassett and C. A. Bremer, Vice-Presidents;
C. F. Hauge, Cashier, and Clayton Walker and W. M.
Russell, Assistant Cashiers.
The First National Bank of Frederick, S. D., recently
absorbed the Farmers' State Bank of the same place. The
merger has not disturbed the capital structure of the First
National Bank, which is capitalized at $25,000 with surplus
of like amount. The enlarged bank has total resources in
excess of $500,000 and deposits of $440,000 with a cash
reserve in excess of $240,000. Its present officers are: J. C.
Campbell, President; E. G. Cummings, Vice-President; I. T.
Parkhurst, Cashier, and M. A. Marttila and Oscar Hukari,
Assistant Cashiers.
The Clay County Bank of Clay, W. Va. has absorbed the
Elk Valley Bank of that place and will conduct the business
without any change in the officers or Board of Directors.
P. N. Summers is President of the enlarged bank.
Paul Garrett, of New York, was on May 22 appointed
President of the United Bank & Trust Co. of Greenboro,
N. C., to succeed B. B. Vinton, who resigned because of ill
health, according to a Greensboro dispatch by the Associated Press on that date. Mr. Vinton had headed the institution since its organization three years ago. Mr. Garrett,
the new President, has financial interests in Greensboro.
The dispatch furthermore stated that Ernest W. Staples,
Executive Vice-President of the bank, would continue in
that capacity.
The Iberville Trust & Savings Bank of Plaquemine, La„
recently succeeded the Iberville Bank & Trust Co. The new
bank which is capitalized at $50,000 with surplus of $10,000,
operates commercial, savings, trust and safe deposit departments. The officers are as follows: Frederic P. Wilbert,
President; Louis J. Wilbert, Vice-President; Sprague Pugh,
Cashier and J. Richard Supple, Assistant Cashier.
3996
FINANCIAL CHRONICLE
Purchase by the American National Bank of Portland,
Ore., of all deposits, assets and the safe deposit department
of the Columbia National Bank of that city, effective at
the close of business May 16, and consolidation of the
institutions to form the fourth largest bank in Oregon,
was announced on that day by Julius L. Meier, Governor of
Oregon, and Chairman of the Board of Directors of the
American National Bank. The Portland "Oregonian" of
May 17, from which the above information is obtained,
stated that while no statement was forthcoming regarding
the purchase price, the bank call as of March 25 last, showed
that the American National Bank had total resources of
$6,987,018, while those of the Columbia National Bank were
isted at $2,212,500. Deposits March 25 in the American
National Bank were $6,066,844 and in the Columbia National
$1,592,737. The capital stock of the American National
was listed at $400,000 with surplus and undivided profits of
$119,324, while capital of the acquired bank was $275,000
and its surplus and undivided profits $55,614. G. Spencer
Hinsdale, President of the American National Bank, in a
brief statement, said:
The American National Bank has acquired the deposits of the Columbia
National Bank as of the close of business Saturday. May 16 1931, and
assets as of that date.
The safety deposit department of the Columbia National will be moved
to the quarters of the American Safe Deposit Co. in the basement of the
American Bank Building, and will be open for business Monday. May 18.
Every precaution has been taken to make the change without interrupting
the service to the depositors of the Columbia National Bank, and arrangements are being made so that Columbia National depositors may transact
usual manner.
their business on Monday morning at the new location in the
[you
132.
The profit and loss account Shows a substantial falling
off in earnings as compared with the corresponding period
last year. This is probably due to a larger proportion of the
bank's reserves being represented in its holdings of highgrade securities and a lower rate of interest earned on its
foreign reserves. The profits for the six months' were
$2,771,753 (as compared with $3,343,017 in the first six
months of the previous year), and were allocated as follows:
dividends, $2,160,000; provision for Dominion Government
taxes, $280,000, and reserve for bank premises, $200,000,
leaving an amount of $131,753 to be added to the sum of
$947,047 brought forward at the end of the bank's fiscal year.
The New York Agency of The Canadian Bank of Commerce (head office Toronto), on Monday of this week
(May 25), returned to its old site at Exchange Place and
Hanover St., where prior to the erection of the new City
Bank Farmers Trust Building it had been located for over
50 years.
The Royal Bank of Canada (head office Montreal) has
promoted C. C. Pineo, now supervisor of South American
branches, at New York, to be an Assistant General Manager
with headquarters at Montreal, according to Montreal
advices yesterday (May 29) to the "Wall Street Journal."
From 1915 to 1919 Mr. Pineo was Manager of the National
City Bank of New York at Sao Paulo, Brazil, rejoining the
staff of the Royal Bank of Canada in 1919.
We quote furthermore in part from the Portland paper as
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
follows:
Speculation on the New York Stock Exchange has again
1929, he and his associates
Governor Meier pointed out that on Sept. 15
acquired a major interest in the American National and affiliated interests, been depressed with the trend of the market strongly downincreased some
since which time the American National deposits have
Steel was particularly
Columbia National ward most of the time. United States
62,000,000. "A consolidation of the deposits of the
of Portland's growing weak and has moved steadily downward most of the time.
marks another forward step in the history of one
On Friday it touched 893,its lowest level since 1923. Railinstitutions," he said.
been negotiating
The Governor stated that he and John C. Veach had
road stocks alternately moved upward and downward within
for the purchase of the Columbia National for many months, and were
a narrow range until Friday, when the entire group moved
happy with the result of their labors.
'Portland's Own Bank',"said sharply
"I always refer to the American National as
downward. The weekly statement of the Federal
iteaffairs are all centered
the Governor. "It's interests are all Portland and
Reserve Bank published after the close of the market on
in Portland and the State.
with the American Thursday shows a further reduction of $57,000,000 in brokers'
Acquisition of the Columbia and its consolidation
it will be larger.
makes the latter the fourth largest bank in Oregon and
loans in this district. This is the sixth consecutive reduction
Its program is one of forwardness, and nothing will be permitted to stand in
as many weeks and brings the total down to $1,571,770,in the way of its progress.
in the near future, 000. the lowest level since July 28 1924. Call money reThere will be an addition to the personnel of the hank
present time.
but there is nothing further to be said regarding this at the
newed at 1%% on Monday, remained unchanged at that
• • • •
join the official figure throughout the week.
It is understood none of the officers of the Columbia will
the Columbia.
The volume of trading was exceedingly small during the
family at the American. Frank L. Shull was President of
abbreviated session on Saturday. The sales were particularly
The semi-annual statement of the Bank of Montreal light during the last 15 minutes and the day's turnover was
(head office Montreal, Canada) just issued, contains many approximately the lowest for any two-hour session since the
interesting features, outstanding among which is the very first of the year. During the greater part of the trading,
strong position of the institution, as disclosed by substan- railroad stocks attracted the greatest attention, but in the
tial increases in its already large holdings of Dominion last half hour they weakened and fell off in company with
Government, Provincial Government and other high-grade the industrial shares which were down at the close. General
'securities. The strengthening of the Bank's holdings in this Motors turned heavy following reports that production would
attractive form of investment, the report tells us, has been be reduced next week. Local tractions continued strong,
%
possible owing to the lessened demand for accommodation Interborough closing with a net gain of 13 points on the
from general business and also to a marked contraction in day. Amer. Tel. & Tel., on the other hand, sagged and
slipped back 2% points to 1673's. United States Steel also
call loans in Canada and abroad.
The statement, which is for the six months ending Apr. yielded to pressure and dipped to 983 where it was off 13i
30, shows total assets of $786,897,706, compared with $826,- points on the day. The decline on the New York Stock
969,537 at the end of the fiscal year to Oct. 31 last. Of this Exchange continued on Monday, the market breaking
total, liquid assets amount to $396,026,901, equal to 55.72% sharply with United States Steel leading the downward
3
%, the lowest level since June
of the total liabilities to the public. Included in them are movement and closing at 94
of public liabilities, repre- 6 1924. Auburn Auto was another outstanding feature
cash holdings, equal to 11.16%
to 183, finally closing
sented by gold and subsidiary coin of $29,785,989, Dominion as it dropped swiftly down from 207
preceding final.
of $44,526,109, and deposit in the Central Gold Re- at 185 with a loss of 223 points from the
notes
Railroad stocks did not do as well as during the preceding
serves of $5,000,000. The largest holdings in liquid assets
instance, dropping back 4% points on
are in Dominion and Provincial Government securities, session, Santa Fe, for
the day,followed by Atchison with a similar loss. New York
which stand at $149,229,626, as compared with $131,107,484
Central, Wabash, New Haven, Southern Pacific and Southat the end of the fiscal year; and Canadian municipal securiern Railway were all off more than two points on the day.
ties and British, foreign and colonial public securities of
Other prominent stocks closing on the side of the decline
$58,858,208, up from $46,447)441. The total increase in the
included such issues as Allied Chemical & Dye 43' points,
holdings of these high-grade securities in the six months International Business Machine, 6 points; Eastman Kodak,
amounted to over $30,000,000.
43% points; Delaware & Hudson, 5 points; Peoples Gas, 11
The general contraction in business activity throughout points; Radio Corporation, 28% points; Worthington Pump,
the country is reflected by current loans, Which now stand 4% points; and Vanadium Corporation, 35% points.
at $278,698,066, down from $290,872,423. At the same time,
The market displayed a rallying tendency on Tuesday and
call and short loans in Canada have declined to $11,347,487 while there was a sharp setback in midafternoon, the final
from $17,840,690, and call and short loans outside of Canada prices were not changed very much from the closing quotaare down to $34,040,768 from $60,921,712.
tions of the preceding day. United States Steel common got
Due to general conditions that have prevailed, total de- down to 933.1, but moved up to 95 before the close. American
posits show a decrease and stand at $665,750,090 as compared Can,Eastman Kodak,Bethlehem Steel and J.I. Case Threshwith U97,395,742 as of Oct. 31 last.
ing Machine responded to covering operations and were'some-
MAY 301931.]
FINANCIAL CHRONICLE
what improved at the close. New lows were recorded during
the session by several of the railroad groups including Norfolk
& Western and Union Pacific. New York Central and
Atchison slipped below their previous lows, but rallied sharply
before the close. Wabash was off 2 points and M.
-K. & T.
pref. was down 23i points. Stocks again turned downward
on Wednesday, due in part to the announcement that the
Stock Exchange authorities had taken measures to inquire
into bear selling. Prices were irregular and some of the high
class issues were offered for sale from 2 to 10 or more points
below the closing quotations of the preceding day. United
States Steel was gain subjected to severe selling and yielded
to 913. Bethlehem Steel touched a new low for the present
movement and American Can slipped back about 3 points.
Public utilities fell off following the publication of figures
showing a sharp curtailment of the output of electric energy.
Railroad stocks displayed further weakness most of the speculative favorites yielding to new low levels for the present
movement. Other weak spots were Borden, A. M. Byers,
Beatrice Creamery and Union Carbide & Carbon.
Stocks displayed some improvement on Thursday though
the movements of the market, on the whole, were somewhat
erratic. United States Steel was again the outstanding
feature of interest as it moved downward and touched a new
low at 909/, closing the day at 91 with a net loss of 134,
points. New York Central and Atchison reached new lows
on the day. As the day progressed, the tone of the market
improved and a number of prominent issues among he
industrials and specialties closed on the side of the advance.
The list including among others Allis Chalmers, 13' points;
Amer. Tel. & Tel., 234 points; duPont, 2 points; Electric
Storage Battery, 4 points; General Railway Signal, 234
4
points; Western Union Telegraph, 23 points; Westinghouse,
23( points; International Business Machine, 2Y points; and
1
Warner Brothers pref., 33/i points.
Trading during the first hour on Friday was fairly brisk
and it looked as if the rally of the previous day would be
extended, but the railraod shares turned weak and the downward swing in this group had a depressing effect on the
general list which also turned downward. The declines in
the rails ranged from 2 to 6 or more points, and many of the
popular stocks of the first hour also lost part of their early
gains. The principal losses included such active stocks as
%
American & Foreign Power, 25 points; American Tobacco,
2 points; Baltimore & Ohio, 45% points; Bethlehem Steel, 2
points; Chesapeake & Ohio, 33 points; Rock Island, 3%
points; Union Pacific, 23.4 points; Electric Power & Light,
2M, points and New York Central, 3% points. The final
tone Was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Number of
Shares.
Week Ended
May 29 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad,
& Misc.
Bonds.
United
Stases
Bonds.
State,
Municipal&
Poen Bonds.
550,210 $3,563,000 $1,380,000
1,759,000
5,944,000
1,874,600
3,020,000
5,752,000
2,413,870
3,731,000
7,036,000
2,512,150
4.058,000
7,033.000
2,089,718
4,172,000
7,444,000
2,053,225
11 Lon 772 12/1 772000 818.120.000
Week Ended May 29.
Sates at
New York Stock
Exchange.
1931.
Stocks
-No,of shares_
Bonds.
Government bonds_ _ _
State ac foreign bonds_
Railroad at misc. bonds
Total bonds
1930.
7'etal
Bond
Sales.
$686.000
817.000
807,500
1,223,000
447,000
673,000
$5,629,000
8,520,000
9,579,500
11,990,000
11,538,000
12,289,000
84,633.500 RAO F.AK knn
Jan. 1 to May 29.
1931.
1930.
11,493,773
10.374,800
273,349,666
416,095,460
$4,653,500
18,120,000
36,772.000
$1,347,000
8,619,000
25,038,400
873,173,050
316,203,600
759,752,000
847,570.000
286,503,000
902,778,500
259,545,500 $35,004,400 $1,149,128,650 $1,236,851,500
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
May 29 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Boaters,
Philadelphia.
Baltimore
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
13,614
9,708
813.000
835,000
558
$5,800
31,262
16,000 a30,378
43,000
2,110
18.000
41,814
4,000 a37.785
47.000
2,148
30,200
11,000 a41,844
34,590
36,300
7,006
18,000
26,603
13,000 a34,105
45,000
4,559
12,000
2,730
23,000
8,108
____
1,828
2,000
152,083
80,000 160,456
206,300
18,209
86,000
Prey, week revised 182,777 $109.900 214,335 8288,600
12,155
$56.000
a In addition sales of rights were: Monday, 100: Tuesday, 200; Wednesday goo:
.
Thursday. 600.
THE•CURB EXCHANGE.
Prices for Curb securities continued to move downward
again this week many issues touching new low levels. Losses
for the most part were not large. Utilities and oils were
the most prominent in the decline. Electric Bond & Share,
3997
com, dropped from 39% to 34% and closed to-day at 344.
Amer. & Foreign Power warrants declined from 16% to
123( and ended the week at 125s. Amer. Gas & Elec., corn.
/
fell from 623/i to 5134 and finished to-day at 515 . Amer.
%
Light & Trae., corn. weakened from 4034 to 3734 but recovered finally to 38. Montreal Lt., H. & Pow., corn.
sold down from 49 to 38,recovered to 46% and reacted to-day
to 4134. Northern States Power was off from 126 to 114.
United Light & Pow., corn. B after early loss from 523.4
to 50 ran up to 63% closing to-day at the high figure. Among
oil shares, Humble Oil & Ref. declined from 5234 to 514.
Standard Oil (Indiana) weakened from 25 to 2134. Vacuum
Oil from 32% receded to 28, ex-dividend. Gulf Oil moved
down from 4634 to 41%. Industrial and miscellaneous issues
were mostly lower. Aluminum Co. of Amer. com. dropped
to a new low of 933.( a loss of some 30 points. Aluminum
Ltd., corn, was off from 47% to 403.4. Cities Service pref.
broke from 7234 to 62U and sold finally at 633 . Ford
4
Motor of Canada, class B lost three points to 253/2. Mead,
Johnson & Co., dropped from 823.4 to 78. Parker Rust
Proof dropped from 10234 to 92 and ends the week at 9334.
A complete record of Curb Exchange transactions for the
week will be found on page 4030.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
May 29 1931.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Total.
Total
Sales at
New York Curb
Exchange.
142,035 81,830.000
400,595 3.382,000
472,068 3,802,000
470,740 3,727,000
402,144 4,004,000
358,731 3,935,000
$58,000
147,000
124,000
200,000
154,000
115,000
$44,000 $1,932,000
104,000 3,6311000
190,000 4,116,000
208,000 4,141,000
183,000 4,341,000
126 000 4.176,000
2,246,313 820,680.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
$804,000
$855,000 $22,339,000
Week Ended May 29,
Jan. ho May 29.
1931.
1930.
1931.
2,248,313
3,370,440
55,021,235
117,127,915
$20,880,000 $10,883,000
Domesticonds.
B
1,021,000
804,000
Foreign Government_ _
521,000
855,000
Foreign Corporate
Total
$22,339,000 $12,425,000
$390,876,000
11,734,000
17,458,000
$312,014,000
22,750,000
22,100.000
$420.068,000
$356,864.000
Stocks--No.ofshares_
1930.
Note.
-In the above tables we DOW give the foreign corporate bonds separately.
Formerly they were included with the foreign government bonds.
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 30), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 15.8% below those for the corresponding
week last year. Our preliminary total stands at $6,969,629,208, against ,398,923,103 for the same week in 1930. At
this center there is a gain for the five days ended Friday of
13.8%. Our comparative summary for the week follows:
ctearings-Returns bY Telegraph
Per
Cent.
1931.
1930.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
84,257.142.079
349,146.802
338.000.000
305,000.000
65,120,537
80,700,000
106,421.000
Will no longer
114,144,488
109,186.025
77,164.808
64.534,001
32,099,536
$4,101.000,000
350.006.008
309,000,000
272,000.000
Twelve cities, 5 days
Other cities, 5 days
$5,898,659,276
867,305,001
15,702.038,101
720,114,840
+3.4
+20.4
Total all cities, 5 days
All cities, 1 day
$6,765,964,277
203,664,931
16,422,152.941
1,976.770,162
+5.6
-97.0
86.969.629.208
88.398.923.103
-15.8
Week Ended May 30.
80,000,000
+13.8
-0.3
+9.4
+12.1
-18.6
-7.5
-0.9
87.200,000
107.935,000
report clearings
117,179,770
-2.6
112,838,712
-3.3
86,800,000 -11.1
54.267.615 +18.9
23.810.896 +34.8
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(,Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous--the week ended May 23.
For that week there is a decrease of 10.0%, the aggregate
of clearings for the whole country being $8,910,763,847,
against $9,901,245,272 in the same week of 1930. Outside
of this city there is a decrease of 17.2%, the bank clearings
at this center recording a loss of 5.9%. We group the cities
Federal Reserve Dist.
496,993,853
613,620,148
481,808,295 -14.4
412,684,505
191 Boston _ _ .12 cities
6,050,484,899 6,450,307,274 -6.2 8,245,466,561 7,749,395,896
2nd New York_12 "
575,122,633
667,653,095
530.087,011 -14.5
453,074,478
Philadelpblal0 "
3rd
451,415,569
442,192,014
402,771,174 -20.7
319.446,354
6th Cleveland__ 8
171.781,147
161,099,750
153,267,337 -10.1
137,818,605
5113 Richmond_ 6
161,600,717
166,520.153
146,651,788 -16.3
122,712,117
6611 Atlanta____11
987,652.397 1.005,533,173
881,146,582 -18.2
720,761,815
7th Chicago_ _ _20
209,449,799
201,421,702
193,278,800 -27.4
140,259,556
8th St. Louis. 8
116,491.925
112,9E6,004
106,764,436 -17.6
87,947,016
9th Minneapolis 7
197,706,202
184,748,408
180,487,850 -22.9
139,114,463
100 KansasCityll
74,603,998
67,157,892
59 957,113 -11.0
63,297,377
5
Dallas
11th
357,143,540
392,6E8,969
314,719,612 -13.2
273,162,862
12th Ban Fran_14
121 cities 8,910,763,847 9,901,245,272 -10.0 12,032,196,842 11,578,248,701
Total
2,994,256,258 3,615,549,757 -17.2 3,963,893,362 3,984,623,774
Outside N. Y. City
32 cities
375,342,487
414,930,033
-9.6
490,155,930
413,496,217
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended May 23.
Clearings at
1931.
1930.
First Federal Reserve Dist rict-Boston
549,875
568,533
Maine-Bangor__
3,331,534
2,932,885
Portland
-Boston._ 371,092,561 433,288,262
Mass.
1,146.914
1.016.613
Fall River__ _ _
945.315
516,215
Lowell
912,336
760,577
New Bedford
3,908,795
3,932,173
Springfield_ _ _
3,082,093
2,714,826
Worcester
12,128,476
-Hartford.
10.466,328
Conn.
8,829,841
7,558,746
New Haven
12,730.200
R.I.
10,675,100
-Providence
954,654
449.948
N.11.-Manchea'r
Total(12 cities)
412,684.505
Inc.or
Dec.
1929.
1928.
-3.6
--12.0
--14.3
--11.3
---45.4
--16.6
i-0.6
---11.9
--13.7
--14.4
--16.2
--52.9
562,808
3,705.959
439,063,718
1,197.753
1,133.577
1,203,053
5,683,181
3,613,360
16,934,184
8,538,758
14,662,200
795,302
599,390
3,947,937
451,000,000
2.153.987
985,007
939,356
6,021,098
3,312,301
19,256,458
9,296,708
15,358,400
749,506
431,808,295 -14.4
496,993,853
513,820,148
Second Feder al Reserve D istrict-New
8.133.363
-Albany_
5,051,657
N. Y.
1.103.0211,242,922
Binghamton_ _
50,952,717
38,908,162
Buffalo
735,
1,106,902
Elmira
1,140,227
794,246
Jamestown__
York.... 5,916,507.587 6,285,695,515
New
9,267,299
10,729,313
Rochester
5,290,274
5,393,633
Syracuse
4,042,866
-Stamford
3,362,809
Conn.
767,691
703,044
-Montclair
N. J.
36,755,176
28,619,754
Newark
46,284,079
38,198,771
Northern N. J.
York
5,828,556
-37.8
5,152,338
1,210,082
-11.0
1,361,185
59,089.255
23.7
54,268,580
1.176,083
+50.5
1,113,294
1,315,483
-30.4
1,328,436
-5.9 8,063,303,480 7,593,024,927
13,792.248
+15.7
13,455,203
7,883.723
+2.0
6,929,072
4,749.511
-16.8
3,949,067
952.124
-8.4
771,167
34,289,518
-22.1
28,918,859
46,876,493
-17.5
38,523,708
Total(12 cities) 6,050,484,899 6,450,307,274
-6.2 8,245,466,561 7,749,395.896
Third Federal Reserve Dist fiat-Philad elphia
1,300,979 -51.8
826,270
-Altoona
Pa.
4,303,827 -26.3
3,177,501
Bethlehem _ _
1,236,408 -27.0
902,756
Chester
1.842,986 -24.3
2,289,069
Lancaster
Philadelphia... 431,000,000 505,000,000 -14.7
3,817,270 -19.5
3,074.285
Reading
4,220,506 -6.5
3,945,677
Scranton
3,168,531
2,899,335 +9.3
Wilkes-Barre..
1,619,389
1,828.700 -11.4
York
3,632,000 -9.9
3,271.000
-Trenton..
N.J.
1,599.270
5,176,622
1,316,533
1,751,042
538.000,000
3,999,191
6,162.029
3,513,436
1,963.461
4,171,511
1,785,511
5,505,647
1,279,285
1,873,470
543,000,000
4,011,784
6,182,261
4,357,384
1,619,843
5,507,448
530,087,011 -14.5
567,053,095
575,122,633
Fourth Feder al Reserve D istrIct-Clev eland
4,461,000 -40.7
2.645,000
Ohio-Akron....
3,968,442
4,146,754 -4.3
Canton
60,845,229 -4.1
58,324,459
Cincinnati_ _
104,356,912 130.163,368 -19.4
Cleveland
13,706,400 +6.4
14,578,100
Columbus
2,214,465 -30.9
1,531,939
Mansfield
4,393,160 -40.5
2,612,637
Youngstown
Pa.-PIsstbergh - 130,928,865 182,840,798 -28.4
7,242,000
4,816,730
72,717,400
148,597,995
14,793.100
1,914,906
4,097,279
197,231,159
6,356,000
3,575,030
73,313,667
129,603,301
14,446,500
1,703,135
4,9913,874
208,197,507
Total(10 cities)
4153,074,478
402,771,174 +20.7
451,415,569
442,192,014
Fifth Federal Reserve Dist rict-Richm ond1,045.186 -34.8
684,708
W.Va.-Hunt'g'n
3,628,306 +4.7
3,799,817
va.-Norfolk
41,288.000 -21.5
32,415,573
Richmond- 2,185,097 -24.6
1,647,186
-Charleston
S.C.
80,959,094 -6.3
75,873,797
Md.-Batlimore.
24,161,654 -3.2
23,397,524
D.C.-Washing'n
1,138,509
4,091,997
39,034,000
1,924,787
88,991,325
25.919,132
1,238,683
5,091,400
40,165,000
2,161,333
97,885,625
25,239,126
Total(8 Cities).
319,446,354
153,267,337 -10.1
161,099,750
171,781,147
Sixth Federal Reserve Dist act-Atlant a2,251,743 -11.2
*2,000,000
-Knoxville
Tenn.
20,762.717 -39.4
12,581,312
Nashville
44,817.930 -13.9
38,566,829
Georgia-Atlanta
1,458,643 -10.0
1,312,714
Augusta
1.172,509 -38.7
719,735
Macon
14,185.429 -7.6
13,110,066
19,839,075 -25.7
14,731,286
1,715,760 -16.4
1,432,567
Mobile
1,744,315 -20.9
1,380,372
-Jackson..
Miss.
5.1
128,695
122,199
Vicksburg
38,574,972 -4.7
36,755,037
La.-NewOrleam3
8,000.000
20,914.622
53,136,502
1,741,846
1,621,647
15,757,557
22,269,328
1,605,369
1,521,000
252,398
44,696,884
2,746,745
21,520,228
43,506,922
1,490.191
1.814.525
15,964,945
22,546,252
1,483,072
2,128,000
249,900
48,149,937
146,651,788 -16.3
166,520,153
161,600,717
Total(6 cities).
Total(11 cities)
137,818,605
122,712,117
720,761,615
18.2
881,146,582 -
Eighth Federa I Reserve Dis trIct-St. L outs27.9
4,898,756 3,531,573
-Evansville.
Ind.
93,100,000 118,100,000 -21.2
Mo.-St. Louis-41,078,748 -45.8
22,240,732
Ky.-Louisville14.6
266,317 227,589
Owensboro_ __ _
27.9
16,430,860 11,843,530
-Memphis
Tenn.
25.0
11,112,241 8,333,359
-Little Rock
Ark.
30.7
186,728 129,366
-Jacksonville
111.
1,203,150 -29.1
853,407
Quincy
27.4
Total(8 cities)_ 140,259.556 193,276,800 -
987,852,397 1,005,533,173
5.859,587
137,000,000
33,173,041
292,726
18,612,199
12,715,285
375,950
1,421,011
5,001,765
130,100.000
35,935,782
308,785
16,613,797
11,749.685
284,769
1,427,139
209.449,799
201,421.702
Ninth Federal Reserve DIs trict-Minn eapolis
14.4
4,067,713 3,481,212
Minn.-Duluth19.9
74,367,386 59,605,776
Minneapolls13.3
22,152,781 19,244,768
St. Paul
1,763,283 +2.4
1,805,227
N. D.
-Fargo_
14.0
1,016.989 874,714
-Aberdeen.
S.D.
10.2
609,161 547,153
-Billings.
Mont.
2,787,123 -12.9
2,428,185
Helena
17.6
87,947,016 106,764,436 Total(7 cities).
7,391,646
77,577,804
24,395,305
1,956,857
1,186,841
603,472
3,380,000
8,004,778
72,010,005
28,000,629
1,720,696
1,269,538
559,353
3,415,000
110,491,925
112,986,004
Tenth Federa Reserve Die trIct Kane as City
301,626 -25.8
223,935
Neb.-Fremont
21.7
386,641 302,942
Hastings
3,075,062 -13.3
2,663,294
Lincoln
13.9
42,003,293 36,174,313
Omaha
28.7
3,567,297 2,541,258
-Topeka..
Kan.
6,246,500 -24.7
4,701,616
(/ Wichita
86,476,545 116,744,243 -25.9
Mo.-Kan. City.
27.1
5,505.682 4,015.858
St. Joseph_ _ _
1,178,591 -21.6
924,679
-Col. Begs_
Colo.
a
a
a
Denver
1,473,965 -26.0
1,090,023
Pueblo
277,278
508,982
3,429,864
42,926,298
2,915,073
7,263,209
131,025,579
*6,500,000
1,320,584
a
1,539,355
385,436
426,093
3,812,365
40.789,444
2,745,373
8,332,021
119,515,941
6,370,000
1,080,660
a
1,285,073
180,487,850 -22.9
197,706,202
184,748,406
1,345,174
50,583,487
13.886.395
4,158,000
4,630,942
1,411,282
45,472,074
12,412,926
3,463.000
4,398,610
74,603,998
67,157,892
Total(11 cities)
139,114,463
-Da llasEleventh Fede ral Reserve District
1,233,153 +2.6
1,265,188
Texas-Austin...
40,500,450 -5.5
38.286.882
Dallas
10,663,803 -26.4
7,857,051
Fort Worth_ _
2,390,000 -1.8
2.347.000
Galveston
5,169,702 -31.5
3,541,256
La.
-Shreveport59,957,113 -11.0
53,297,377
Total(5 cities)_
Twelfth Feder al Reserve D
32,206,641
-Seattle..
Wash.
8,007,000
Spokane
747,853
Yakima
34,697,388
-Portland..
Ore.
14,048,359
Utah-8. L. City
6,104,466
-Long Beach
Cal.
Los Angeles... No Longer wl
4,378,133
Pasadena
6,760,328
Sacramento
3,690,324
San Diego....
San Francisco. 155,356,232
2,105,070
Ban Jose
1,809,474
Banta Barbara_
1,581,594
Santa Monica_
1,870,000
Stockton
strict-San Franc sco-48,736,505
41,001,341 -21.5
11,938,000
23.9
10,518.000 1,279,644
15.0
879.779 41,551,426
16.8
41,717,423 18,304,682
15.0
16,528,313 8,931,869
7,115,525 -14.2
1 report clear logs.
*6,600,000
-18.4
5,362,983 6,256,326
(1,015,849 4-12.4
5,641,484
4,611,783 --20.0
172,661,235 --10.0 197,185,160
3,062,215
2,595,461 ---18.9
2,011,177
-11.3
2,039,700 2,902.252
-10.9
1,775,320 2,741,800
-11.9
1,896,900 -
46,928,487
12,033,000
1,176,979
44,770,292
17.469.296
8,282,921
6.506,585
6,062,306
4.760,646
235,753,000
2,491,538
1,474,182
2,198,537
2,781,200
357,143,540 392,688,969
Total(14 cities) 273,162.862 314,719,612 -13.2
Grand total (124
8,910,763,847 9.901,245,272 -10.0 12032196.842 11578248,701
cities)
3,963,893,362 3,984,623,774
Outside New York 2,994,256,258 3,615,549,757 -17.2
Week Ended May 21.
Clearings at
1931.
1930.
CanadaMontreal
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
Barnla
Sudbury
$
160,477,210
137,490,469
43,805,594
16,525,833
7,217,722
6,463,748
4,590,611
5,254,830
5,794,993
2,444,047
2,043,356
2,887,567
4.657,680
3,816,720
384,623
403,515
1,697,551
827,685
1,107,707
741,083
581,492
237,813
751,372
922,122
1,024,328
3,415,495
409,052
793,658
672,556
443,687
594,407
669,557
$
147,003,090
127,386,030
50,009,970
19,402,057
7,953.473
6,511,074
3,317,369
5,911,121
7,681,571
2,422,459
2,530,127
3,393,832
5,971,950
4,967,839
491,817
850,994
2,132.520
1,169,605
1.095.205
963,168
807,786
365,764
911,815
971,905
1,192,193
5,899,800
436,787
1,032,967
707.811
633,185
804,749
1,276,005
Total(32 cities)
375,342,487
414,930,033
Inc. or
Dec.
%
-9.0
+7.9
-12.4
-14.8
--9.3
-0.7
+38.4
-11.1
-24.6
+0.9
-19.2
-14.9
-22.0
-23.2
-21.8
-52.6
-20.4
-29.3
+1.1
-23.1
-28.0
-35.0
-17.6
-5.1
-14.1
-41.2
-6.3
-23.2
-5.0
-29.9
-26.1
-47.6
-9.6
1929.
a No longer reports weekly C earings. • Estimated
1928.
7.MWWWOMODCR
...10N..A.,4+0.40.04.M00.C.14.00.40.0.M.Cati.
1928.
1928.
1929.
wapamtaaeocwo.owom ..cowa.cwo-ammwmbotaoso
4
Wol.a1
lololoicioco...c.11,3;44p.bow
1
00,1WWW.M ., 4
WIPMCOW.WOOWNW..
1929.
Inc. or
Dec.
Seventh Feder at Reserve D (strict-Chi cago230,581
277,642
20.2
200,237 159,841
-Adrian
Mich.
1,257,912
775,407
673,303 -7.8
620.774
Ann Arbor- --220,908,369 -30.6 271,443,329 202.388,399
153,432,373
Detroit
6,159,217
8,279,566
19.5
5,460,214 4,393,366
Grand Rapids..
2,746,968
4,395,000
20.6
3,212,000 2,555,344
Lansing
3,278,000
3,629,740
25.3
3,520,096 2.630,226
-Ft. Wayne
Ind.
21,878.000
23,076,000
21,501,000 -23.0
16,559,000
Indianapolis__ _
2,990,700
3,008,078
2,194,834 +11.6
2,449,925
Bend_ _ _
South
4,335,920
5,014,068
4,670,567 -14.7
3,982,722
Terre Haute...
38,747,573
30,935.190
28,210,509 -26.8
20,648,812
Wis.-Milwaukee
2,873,465
2,854,888
2,766.999 -7.0
2,572,601
Iowa-Ced.Rap_
9,472,516
9,444.459
7,163,218 -9.7
0,465,003
Des Moines-6,330.1376
6,251.012
24.5
5,308,820 4,008,823
Sioux City....
1,275,640
1,415,554
1,310,031 -52.5
623,959
Waterloo
1,676.534
1,834,714
1,889,098 -14.5
1,615,011
Ill.-Bloomington
559,870,192 -12.8 804,406,863 685.355.744
488,078.937
Chicago
1,318,053
1,108,418
31.9
1,191,935 811,722
Decatur
6,211,093
5,096,049
5,374.482 -27.5
3,894,523
Peoria
3,125,876
3.660,899
3,114,107 +0.1
3,111,864
Rockford
2,242,482
2,333,365
2,606,571 -14.2
2,236,784
Springfield
Total(20 cities)
Inc.ar
Dec.
1930.
1931.
1930.
$
133,651,632
127,554,161
66,370,633
17,625,618
6,826,351
6,615,000
2,712,616
5,179,242
10,598,877
2,495,462
2,055,719
3,368,859
5,877,682
4,326,494
559,023
632,127
2,011,609
996.050
1,087,497
1,032,867
737,160
409,248
860,628
1,026,399
1,107,110
4,649,810
393,993
766,501
705.793
670,988
590,840
1
Week Ended May 23 1931.
1931.
..
.
30.
t•30,
,
.
0..
....N
0000203..40 1C00,4•4 IP
. 01,
0:447,00001.1.
. 7
0
4.4" 0.W10..00,k00
.4.
MOW0WW.COW0WWW000000..N.00
SUMMARY OF BANK
1Veek Ended May 23.
Clearings at
1
now according to the Federal Reserve Districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, there is a decrease
of 6.2%,in the Boston Reserve District of 14.4% and in the
Philadelphia Reserve District of 14.5%. In the Cleveland
Reserve District the totals are smaller by 20.7%, in the
Richmond Reserve District by 10.1% and in the Atlanta
Reserve District by 16.3%. The Chicago Reserve District
suffers a contraction of 18.2%, the St. Louis Reserve District of 27.4% and in the Minneapolis Reserve District of
17.6%. lathe Kansas City Reserve District the totals show
of 11.0%
a falling off of 22.9%,in the Dallas Reserve District
San Francisco Reserve District of 13.2%.
and in the
In the following we furnish a summary of Federal Reserve
districts:
CLEARINGS.
Otulalla
[Vol,. 132.
FINANCIAL CHRONICLE
3998
490,155,980
413,496,217
MAY
30 1931.]
3999
FINANCIAL CHRONICLE
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 11th instant to Mid-clay on the 18th inst.:
Exports.
Imports.
£30,180
£823,865 Germany
British South Africa
18,085
38,799 France
British West Africa---17,480
Austria
Straits Settlements and
GOLD.
16,225
70,174 British India
Dependencies
The Bank of England gold reserve against notes amounted to £147.10,454
50,000 Other countries
506,074 on the 6th instant (as compared with £146,279,564 on the previous Brazil
25,000
Netherlands
Wednesday), and represents a decrease of £119,548 since Dec. 31 1930.
39,133
In the open market yesterday bar gold was available to the value of New Zealand
7,139
about £930,000, of which £825,000 was from South Africa. £38,000 from Other countries
West Africa and £67,000 from the Straits Settlements. The price was
£91,424
£1,054,110
fixed at 84s. 9%d. per fine ounce, at which about £30,000 was bought for
SILVER.
India and the trade. The Bank of England secured E892,500 at the
A weak tendency developed during the past week and quotations have
statutory buying price.
Up to the 18th instant the fall had been
Movements of gold at the Bank of England during the week have shown a substantial decline.
by small fractions until 12%ci. for cash and
resulted in a net influx of £1,461.880. Receipts totalled £1,484,880. of gradual, prices sagging daily
delivery were quoted, but yesterday rates fell
which E500,000 was in sovereigns "released" and £977,796 in bar gold, 12 13-16d. for two months
more sharply, being fixed 5-16d. lower at 12 9-16d. and 123d. for the.
whilst withdrawals consisted of £23,000 in sovereigns taken for export.
showing hesitation, there was a
The following were the United Kingdom imports and exports of gold respective deliveries. To-day, sellers
registered from mid-day on the 4th instant to mid-day on the 11th instant: slight reaction to 12%d. and 12 9-16d.
A weaker feeling seems to have pervaded the Eastern markets and both
Exports.
Imports.
have been disposed to sell, in addition to
British South Africa_ ___ £1,059,431 Spain
£16.631 the Indian Bazaars and China
France
13,512 which there have been offerings on Continental account with America
Straits Settlements and
88.000 Germany
12,410 also inclined to sell on most afternoons. The market, therefore, has found
Dependencies
66,000 Austria
Brazil
10,650
small covering purchases by hoses, who, however.
18,840 British India
5.074 little support except for
Australia
11,399 Other countries
417 have in many cases preferred to extend their commitments.
Other countries
The undertone seems less promising at the moment but the outlook is
£1,243,670
£58,694 very uncertain, as it is difficult to attribute the cause of the rather sudden
The Transvaal gold output for the month of April last amounted to weakness.
882,337 fine ounces, as compared with 910,998 fine ounces for March
The following were the United Kingdom imports and exports of silver
1931 and 868,606 fine ounces for April 1930.
registered from mid-day on the 11th instant to mid-day on the 18th inst.:
It was announced in Canberra yesterday that Australian gold production
Exports.
Imports.
£90,235
for the first three months of this year amounted to 111.362 ounces, an France
£35,534 British India
12,368
26,345 Other countries
increase of 20.788 ounces compared with the corresponding period of last United States of America
46,810
Mexico
yeav.
12,345 •
SILVER.
Canada
17,065
The market has ruled rather quiet and prices have shown only small Other countries
£102.603
£138,099
fluctuations, remaining at about the same level as last week. The Indian
Bazaars have bought for immediate shipment and to cover bear sales and
INDIAN CURRENCY RETURNS.
China has also bought, but, as America has been more willing to sell,
May 15. May 7. Apr. 30.
In Lacs of Rupeesrequirements have been easily met.
15767
15660
16014
more for near delivery, a premium of 1-16d. on cash Notes in circulation
The demand being
12610
12549
12540
Silver coin and bullion in India
silver was re-established on the 11th instant.
------bullion out of India
Although the undertone is considered fairly steady, buyers are not yet Silver coin and
--2754
2443
2391
Gold coin and bullion in India
disposed to follow any advance in prices.
____
------out of India
were the United Kingdom imports and exports of silver Gold coin and bullion
The following
714
720
720
Government)
registered from mid-day on the 4th instant to mid-day on the 11th instant: Securities (Indian Government)
Securities (British
Exports.
Imports.
The stocks in Shanghai on the 16th instant consisted of snout 84,000,000
£47,775 British India
£24.875
Mexico
20,000 France
5,322 ounces in sycee, 155,000.000 dollars and 3,720 silver bars, as compared
British Guiana
18,730 Other countries
Australia
7.008 with about 84,000,000 ounces in sycee, 154.000,000 dollars and 2,440
7.407
Canada
silver bars on the 9th instant.
7.172
Other countries
Quotations during the week:
Bar Gold per
£101,084
Bar Silver per Oz. Std,
£37.205
Oz. Fine.
2 Mos.
Cash.
INDIAN CURRENCY RETURNS.
84s. 11nd.
13%d.
3-16d.
13
Apr.
May 14
/n Lacs of Rupeest
666
845. 11%d.
13d.
i7APC13AprNotes
b14
13 1-16d.
in circulation
May 15
12549
12540
coin and bullion in India
12498 May
12 15-16d. 84s. 1134d.
13d.
16
Silver coin and bullion out of India
12 13-16d. 84s. 113d.
2391
May 18
§tei
and bullion in India
2710
Gold coin
84s. 9%d.
1234d.
9-16d.
12
Gold coin and bullion out of India
May 19
''iO
84s. 9%d.
12 9-188.
720
Securities (Indian Government)
726 May 20
12%d.
__
____
Government)
Securities (British
84s. 10.83d
12.823d.
12.885d.
Average
The stocks in Shanghai on the 9th instant consisted of about 84,000,000
The silver quotations to-day for cash and two months delivery are each
sycee, 154,000,000 dollars and 2,440 silver bars, as compared
ounces in
those fixed a week ago.
with about 82.900.000 ounces in ayes°, 153.000.000 dollars and 3.800 9-16d. below
We feel sure that all who are associated with the silver market will
silver bars on the 2nd instant.
John F.
learn with interest of the retirement on ,he 1st of this month of
Quotations during the week:
Bar Silver per Oz. Std.
Bar Gold per IIarman from the Chairmanship of Messrs. Handy & Barman of New York.
2 Mos,
Cash.
who is now 87 years of age, has been
Oz. Fine.
We understand that Mr. Harman
133(d.
133(d.
84s. 11)4d.
May 7
affairs of his firm for 64 years, and will still contiuue
13 3-16d.
13 346d.
84s. 9N. actively engaged in the
May 8
133d.
13%cl.
84s. 1
d. to act as a director.
May 9
13d.
13 1-16d
84s. 9% .
May 11
13 1-16d.
133'ci.
84s. 9%cl.
May 12
13 3-16d.
13%d.
84s. 10%d.
-PER CABLE.
May 13
ENGLISH FINANCIAL MARKET
13.1588.
13.125d.
84s. 10.29d
Average
closing quotations for securities, &c., at London,
The silver quotations to-day for cash and two months' delivery are
The daily
respectively the same as and 1-188. below those fixed a week ago.
cable, have been as follows the past week:
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 13 1931:
22.
as reported by
We have also received this week the circular written under
date of May 20 1931:
GOLD.
The Bank of England gold reserve against notes amounted to £148,976,87300 the 13th instant (as compared with £147,506,074 on the previous
Wednesday), and represents an increase of £1,351,251 since Dec. 31 1930.
In the open market yesterday £917,000 of bar gold from South Africa
and £50,000 from the Straits Settlements was available. The price wag
fixed at 84s. 95cl. per fine ounce, at which about £45,000 was taken for
India and the Home and Continental trade. The Bank of England secured
about E895,000 at the statutory buying price.
Movements of gold at the Bank of England during the week have resulted
in a net influx of £1,190,441. Receipts totalled £1,230,023, of which
£275,000 was in sovereigns (mom() South Africa, £50.000 Brazil and
£25,000 Netherlands), and £955,023 in bar gold. Withdrawals amounted
to £39,582, of which £20,833 was in sovereigns "set aside" and £17,000 in
sovereigns taken for export.
united Kingdom imports and exports of gold for the month of April
last are detailed below:
Imports.
Exports.
Germany
£18,985
£13,273
Netherlands
9,123
79,738
France
25,873
Switzerland
42,000
Spain
14,340
Austria
674,152
Roumania
118,531
West Africa
10,000
Argentina
66,947
2,000
Brazil
14,935
Venezuela
Union of South Africa (including South-West
4,533,633
Africa Territory)
92,467
Rhodesia
91,198
28,644
British India
198,804
Straits Settlements
700,000
Australia
16,483
10.714
Other countries
£5,855,394
Sal.,
Silver, D. oz_d. May 23.
Gold, p.fine oz.
Consols,2%s_.
HOLIBritish 58
DAY
British 434s
French llentes
(In Paris).fr.
French War L'is
(In Parls)_fr.
mom,
may 25.
HOUDAY
Fri.,
Wed.,
Thurs.,
Tues.,
May 26, May 27. May 28. May 29.
127-16
1214
1214
1214
84.8.11d. 848.9%d. 849.11d. 84.3.93(6.
603j
5914
593j
6014
10214
10214
10214
10214
1%20
0
891
101%
101%
10
89.10
18091.0
89.40
102.40
102.50
102.60
102.50
The price of silver in New York on the same days has been:
EalvertnN. Y.. per oz. (eta.):
2614
2614
Foreign
2631
2634
2674
26
CURRENT NOTICES.
-Edward H. Gilbert Jr., formerly a Vice-President of Grace National
Dodge & Co., to organize a bond
Bank, has become associated with Clark,
individuals.
investment counsel service for banks and
-Boettcher-Newton & Co., 52 Wall St., N. Y. City, have prepared a
first quarter of 1931.
special circular reviewing corporation earnings for the
-James Talcott, Inc., has been appointed factor for the Ashe Manuof overcoatings.
facturing Corp., Rensselaer, New York. manufacturers
that Paul
-Steindler and Preller, 11 Broadway, N. Y., announce
in their firm.
Heinzelmann has been admitted as a general partner
factor for the Lavonia
-James Talcott, Inc., N. Y., has been appointed
yarns.
Mfg. Co., Lavonia, Ga., manufacturers of novelty
Conn., are distributing a cir-Stevenson, Gregory & Co., Hartford,
Stocks."
cular, "Have Faith in Hartford Insurance
Ross, Pratt & Batty, Inc., sponsors of All-Americ Investors, have
moved from 35 Wall St. to 37 Wall St.
-Roosevelt & Son, 30 Pine St., N. Y., have prepared a circular on
t906.4 is "The Railway Outlook."
[Vol,. 132.
FINANCIAL CHRONICLE
4000
PRICES ON PARIS BOURSE.
CominerrialandPaiscelantonsBays
Quotations of representative stocks on the Paris Bourse
-The following information regarding
National Banks.
as received by cable each day of the Past week have been
National banks is from the office of the Comptroller of the
as follows:
May 23 May 25 May 26 May 27 May 28 May 29 Currency, Treasury Department:
1931. 1931. 1931. 1931. 1931.
Francs. Franck. Francs. Francs. Francs.
16,000 15.900 15.800
Bank of France
1,120 1,100
1.135
Banque Nationale de Credit-.
2,160 2,150 2,110
Banque de Parts et Pays Bas
1,200 1,165
1,185
Banque de Union Parisienne
920
905
Canadian Pacific:
14,700 14,200 14,100
Canal de Sues
2,200 2,220 2,200
Cie Cie Distr. d'Electricitle
2.370
2,480 2,480
Cle Generale d'ElectrIcitie
333
354
352
Cie Ole. Trans-Atiantique
590
610
610
Citroen B
1,570
1,590 1,680
Comptoir Nationale d'Escompte
540
540
540
CotY, Inc
810
811
806
Courrieres
1,065 1,040
1,070
Credit Commerciale de France
2,400 2,380
_
Credit Lyonnais
2:60 2,530 2.500
Eaux Lyonnais
843
845
849
Energto Electrique du Nord
Energie Electrique du Littoral HOLI- HOLT- 1,233 1,235 1,230
191
192
190
DAY
DAY
Ford of France
330
350
350
French Line
120
120
120
Gales Lafayette
890
880
880
Gaz Le Bon
520
530
540
Kuhlmann
860
860
860
L'Air Liqulde
1,485 1,438
1.478
Lyon (P. L. M.)
2,020 2,030 2,020
Nord Ry
151
152
155
Pathe Capital
1,800 1,800 1,790
Pechtney
89.40 89.20 89.10
Rentes 3%
138.60 138.70 134.60
Rentes 5% 1920
104.30 104.30 104.20
Rentes 4% 1917
102.40 102.50 102.60
Rentes 5% 1915
104.90 105.20 105.20
1920
Rentes 6%
2,180 2,180 2.130
Royal Dutch
3,075 3,075 3,060
Saint Cobb, C.& C
1,615 1,595 1,530
Schneider & Cie
2,550 2,555 2,500
Societe Lyonnais
939
945
Societe
196
207
ioi
Marseillaise"
Tubize Artificial Silk, pref
1,002
999
1,001
Union d'Electricitie
540
550
560
Union des Mines
241
246
245
Wagons-Lits
1931.
Francs.
15,800
2:080
-ioi
14,200
2,390
-iiii
1,550
530
2:545
2,480
55
330
120
890
530
860
2.010
1:796
89.10
156.50
104.30
102.50
105.20
2,140
----
1:501
530
__--
APPLICATION TO ORGANIZE RECEIVED
WITH TITLE REQUESTED.
May 23
-The Second National Bank of Masontown,Pa
Correspondent, R.B.Hays,Masontown,Pa.
Capita/.
$50,000
VOLUNTARY LIQUIDATIONS.
25,000
-The First National Bank of Ralston, Okla
May 19
Effective Dec. 31 1930. Liq. Agent: V. M. Harry, Ralston, Okla. Succeeded by First Commerce Bank,
Ralston, Okla.
65.000
-The Flora National Bank, Flora, Ill
May 20
Effective May 14 1931. Lig Agent: The First National
Bank of Flora, Ill. Absorbed by The First National
Bank of Flora, Ill. No. 1961.
150,000
-The Delaware National Bank, Delaware, Ohio
May 22
• Effective May 7 1931. Liq. Agent: Harry W.Crist• Delaware, Ohio. Succeeded by The Delaware County National Bank. Delaware, Ohio. No. 13535.
25,000
-The Irving National Bank,Irving, Ill
May 22
Effective April 20 1931. Liq. Agent: Frank R. Fowler,
Irving,Ill. Absorbed by The Hillsboro National Bank,
Hillsboro, Ill. No. 2789.
200,000
-The Broadway National Bank of Chicago, Ill
May 22
Effective April 13 1931. Liq. Committee:James P. Ward,
Hyman Holsman, Vallee 0. Appel, J. P. 0 Neill and
J. Charles Hirsch, care of the liquidating bank. Absorbed by Devon Trust & Savings Bank, Chicago, Ill.
CONSOLIDATION.
200,000
-The American National Bank of Helena, Mont
May 23
250,000
The National Bank of Montana,Helena,Mont
150,000
Montana Trust & Savings Bank, Helena, Mont
to-day under Act. of Nov. 7 1918, as
Consolidated
amended Feb. 25 1927, under the charter of The
American National Bank of Helena, No. 4396 and
under the corporate title of "First National Bank &
Trust Company of Helena, with capital stock of
$300.000.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
-The Fletcher American National Bank of Indianapolis,
May 18
Ind. Location of branch-4209 College Ave.(42nd St.
and College Ave.). Indianapolis.
-First National Bank in Detroit, Mich. Location of
May 19
branch-Grand River and Lahser Ayes.. Detroit.
-Among other securities, the following
Auction Sales.
PRICES ON BERLIN STOCK EXCHANGE.
not actually dealt in at the Stock Exchange were sold at auction
Closing quotations of representative stocks on the Berlin in New York, Boston, Philadelphia and Buffalo on Wednes.Stock Exchange as received by cable each day of the past day of this week:
By Adrian H. Muller & Son, New York:
week have been as follows:
$ per Sh.
May May may
Stocks.
May May May
Shares. Stocks.
$ per Sh.
27.
26.
28. 29. 50 Marshall Field & Co., Inc.,com. 2534
25.
23.
Per Cent of Par10
70 The Mirror. pref
35 Overseas Securities Co., Inc.,
90
89
90
89
Aug. Deutsche Credit (Adca) (5)
3
no par
107 106
107 108
Berlin Hendels Ges.(8)
700 59th St. & Fifth Ave. Corp..
101
101
102 102
Commerz-und-Privat Bank (7)
$500 lot
corn., no par; 700 pref
120 118 119 120
Darmstaedter u. Nationalbank (8)
1 American Woman's Realty Corp..
101 101
101
102
Deutsche Bank u. Disconto Gm.(6)
$6 lot
common, par $50
101 101
101
102
Dresdner Bank (6)
320 Atlanta Hub Co.,Inc
10
133 131
130 136
Reichsbank (12)
5734 ....
55
6234 50 Normandie National Securities
Algermeene KumarOde (Aku) (0)
Corp., preferred
$95 lot
85
90
88
7
Aug. Elektr. Ges. (A.E.G.) (7)
8,602 Normandie Nat'l Securities
60
60
60
60
Deutsche Ton- u. Steinzeuftwerke (11)
81,000108
Corp., pref.: 100 corn
188 188
Ford Motor Co.. Berlin 00)
$5 lot
255 Amer, Hermes Corp
88
63
63
Holl- 63
RoilGelsenkirchen Bergwerk (8)
$7 lot
1,070 K.H.Butler & Co..Inc
95
92
92
day day 90
Gesfuerel (9)
1,80934 KayserHosieryMotorMend
48
49
50
50
Hamburg-American Line (Hapag) (6)
$206 lot
Corp.. pref.. no par
105 104 106
104
Hamburg Electric Co. (10)
5,282 Kayser Hosiery Motor Mend
53
52
51
49
Harpener Bergbau (6)
$52 lot
Corp., corn., no Par
85
85
85
86
Hotelbetrieb (10)
50 O'Brien Realty Syndicate, Inc..
127 128
128 132
I. G. Farben Indus.(Dye Trust) (14)
$9 lot
class A, no par
39
36
44
39
Karstadt (12)
125 Reliance International Corp..
63
63
65
63
Mannesmann Tubes (7)
$82 lot
class 13, no par
50
50
52
50
North German Lloyd (6)
172 Techno Service Corp., pref. $10 lot
43
45
43
47
Phoenix Bergbau (434)
760 Techno Service Corp., corn.,
125 125 123 128
Polyphonwerke (20)
$10108
DO par
104 105 105 106
Rhein-Westf. Elektr. (R.W.E.) (10)
160 Triplex Drop Light Corp..
80
81
80
78
Sachsenwerk Licht U. Kraft (73.5)
$1 lot
common, no par
135 138 139 143
Siemens & Halske (14)
2,064 Botany Consolidated Mills.
44
44
46
45
Ver. Stahlwerke (United Steel Works) (4)
$400 lot
Inc., common, no par
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, May 23 to May 29, both inclusive, compiled from official sales lists:
Stacks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
20 30
•
30
30
Allegheny Steel
5
50
5
Amer Vitrified Prod.. __50
5
314
175
Arkansas Nat Gas Corp__*
334 334
534
10
534 6)4 2,657
Preferred
* 1834 1734 1834 1,030 16
Armstrong Cork Co
1734 2,025 1734
• 1734 17
Blaw-Knox Co
1
100
1
1
Carnegie Metals Co- -10
• 1034 10
1034 1,580 10
Clark (DL) Candy
5
10
5
5
3
Crandell McK & Hend____
431
370
5
10
434 5
Devonian 011
Hachmeister Lind Corp--• 19
1834 2034 5,670 10
50 85
73
73
•
Preferred
880 2714
2734
27
• 27
Harbison Walker Ref___..
200 29
31
30
•
Horne (Joseph) Co
10 118
118 118
Jones & Lategn Steel p1100
130 97
99
97
Koppers Gas & coke 1)1100 97
• 1534 1534 1634' 8,629 1434
Star Gas
Lone
100 47
47
47
McCrady Rodgers pref50
950 2534
5 2634 2634 2834
Mesta Machine
120 25
27
25
Nat Fireproofing pref___50
47 90
94
90
Peoples Savings & Trust_._ 94
3
25
3
3
50
Pittsburgh Brewing
834
85
10
9
•
Pittsburgh Forging
134
230
134 114
Pittsburgh 011 & Gas. _5
3034 3234 1,183 3034
Pittsburgh Plate Glaas25 32
634
634 734 2,170
634
5
Plymouth 011 Co
25 1634
1634 1634
Reymers Brothers, Inc- •
520 22
22
22
Standard Steel Spring.. •
33
708 33
3334
Engine & FdY-'
United
75 2434
2434 25
Westinghouse Air Brake- •
May 4634 Feb
8
Feb
Mar
May
634 Jan
Jan
7
May
May 30
Jan
May 2934 Feb
May
334 Jan
Jan 1334 Feb
Jan
May 15
May 10 May
Jan 2034 May
Mar 73
Feb
May 44
Feb
Mar 32
Jan
May 12234 Apr
May 10234 Mar
Apr 29
Feb
May 48
Apr
Jan 37
Apr
Jan
May 33
May 135
Jan
May
Jan
6
Jan 1334 Apr
Feb
134 Feb
May 44
Mar
May 1934 Feb
Feb 1734 Jan
May 31
Mar
Apr 38
Feb
mar
May 35
Unlisted
Fidelity Title & Trust-25
Lone Star Gas pref.-- 100
Wayflower Drug Stores. •
Western Pub Serv v t c.--*
May 160
Apr 108
Jan
134
MAY 1434
Bond.
,.a...,. sa........... Qs ,n,.
•No par value.
145 145
100 100
134 134
8
7
7H
an
RA
50 145
45 100
1
330
734
3,205
51
non
80
May
Jan
Mar
mar
Feb
8214 Mar
Shares.
$11 lot
100 Union Cigar Co., par 310
600 Associated Dyeing & Printing
Corp., corn., card dep., no par $100108
100 Associated Dyeing & Printing
Corp., corn., ctf. of dep.. no par $20108
3 1-3 Associated Dyeing & Printing
Corp., coca., ctf, of dep., no par $6 lot
603GermanicRealty Corp.,no par$230 lot
A certain stamp collection, containing 21 vols, of assorted stamps $480 lot
52 Amer. Corp. (Del.), pref., par
$10; 10 Canton Rim Co. (Ohio).
corn.; 100 Federal Finance Corp.
(Del.). class A, no par; 100 Federal Purchase Corp. (Del.), class
B. no par: 500 McKinley-Darragh-Savage Mines of Cobalt,
Ltd. (Ont.), par $1; 70 National
Automatic Vending Machine Co.
(Del.), par $50; 250 Nat. Ref.
$26 lot
Process Corp. (Nev.)
250 dnion Oil Co. of Wichita.
Kan., corn., par $1; 50 Union
011 Co. of Wichita, Kan.. pref..
par $10: 3 D. S. Wylie Stamp
$12 lot
Co., me. (N. Y.)
Per Cent.
Bonds$10,000 United Electric Coal Co's
20-yr. let mtge. Inc. 7s, Dec. 1
30
1946. reg
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
10 Waltham (Mass.) Nat. Bk., par
5634
$25
1814
10 Arlington Mills
35
10 Assoc. Textile Cos
3634
5 Associated Textile Cos
10 Robertson Bleachery & Dye
31
Works, Inc., pref
10 New Engl,Pow. Assn.,6% pfd. 81
20 Amer. Glue Co., corn
38%-3831
5 No. Bost. Ltg. Prop., pf. v t.c.,
54%
par 550
45 No. Bost. Ltg.Prop. pf. v.t.c.,
5434
Par $50
$ per Sh.
Shares. Stocks.
25 No.Boat. Ltg.Prop.,corn. v.t.e. 5334
Mtge, note of Oscar N. Garceau to
Joseph Congdon. June 6 1930.
due Sept. 6 1930, original amt.
53,200, reduced to 52,051, int.
6%, see. by 2nd mtge. on real
est. In Waban, Middlesex Co_8400 lot
Per Cent.
Bonds51,000 Magee Realty Corp., 1st 75,
June 15 1943, Dee. 1928 coupon.$8 lot
31,000 Y-D Berl. Garage of Worcester 75, July 1960 (July 1929
$5 lot
coupon on)
By R. L. Day & Co., Boston:
$ Per Sh.
Shares.Stocks.
$ per Sh. Shares. Stocks.
6 First National Stores, let pref....10734
55 West Point Mfg. Co
4 Lowell Elec, Lt. Co.. par $25..--- 5034
35
5 Associated Textile Cos
37 National Service Cos., pref.-2415-30
2 Nashua Mfg. Co., pref
29
5 Associated Textile Cos
5 Magee Sales Co., pref.;507% pf_50c lot
35
52 Power & Light Securities Trust-- 34
20 Beacon Mfg. Co., pref
75
15
3634 6 units First Peoples Trust
5 Associated Textile dos
10 H.F. Staples Co
3
20 Naumkeag Steam Cotton Co.- 75
15
2 Plymouth Cordage Co
5834 16 units First Peoples Trust
Various second mortgages dr second
150 Standard 011 Co. of N. J.,
-37 in all-list
mortgage notes
Par $25
3434
88.000108
at auctioneers
200 Boston Woven Hose dt Rubber
Co., common
52
By A. J. Wright & Co., Buffalo:
$ Per $h.
Shares. Stocks.
$ per Ns. Shares. Stocks.
5 Angel International Corp.. corn..
500 Creighton Fairbanks Mines.
500.10t
par $1
300.
Par $1
100 Premier Gold Mines, par II-- 700.
By Weilepp, Bruton & Co., Baltimore:
Shares. Stocks.
$ Per 511.
250 American Pigment Corp.. _$255 lot
1,000 Automatic Car Coupler
Trust, no par
$100 lot
530 Canal Bank & Trust Co.. par $2525
1,044 II. B. Davis Co
1
500 Frazer Paint Co., pref
$10 lot
50 Gaston & Co.,ordinary, no par $25 lot
10 Maryland Country Club Realty.
25
Par $50
5 Merchants & Manufacturers As7
sociation Bldg., prat
$ Per Sh.
Shares. Stocks.
125
90 Hibernia Trust Co
$600 lot
100 Oles Envelope Corp
Operators, coin., par $1012108
530 Realty
Per Cent.
Bonds$5,000 Coral Gables(City)68, 1953,
12 flat
certificates of deposit
312.500 Fox Valley Hotel Co.(334s.
10 fla
certificates of deposit
$10,000 Fox Valley Hotel Co. 6346,
10 flat
certificates of deposit
MAY 30 1931.]
FINANCIAL CHRONICLE
4001
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ Per Sit.
40J.1111a. Nat'l Bank, par $20
102A
10*Mitten Men ,Se Management
I Dank dr Trust Co., par $50
50
151Tradesmen's National Bank &
Trust Co
250
10 City Nat'l Bank & Trust Co_ _ _103
60 Continental-Equitable Title &
Trust Co., par $5
22)4
2 Fidelity-Phila. Trust Co
519
3 Fidelity-Phila. Trust Co
517
20 Central Trust & Savings Co.,
10
par $10
20 Franklin Trust Co., par $10
30
20 Franklin Trust Co., par $10- _ _ 28
18 Chester County Trust Co., West
Chester, Pa
100
25 Merlon Title & Trust Co., Ardmore. Pa., par 550
90
50 Keystone Portland Cement Co.,
prof
11
4 Penna. Academy of Fine Arts _
17
100,Fire Assn. of Phila., par $10_ _ 16)4
Shares. Stocks.
$ per Sh.
25 ConstItut'n Indemn.Co., Par 510 5%
10 Gehris Hat Mfg. Co
it lot
50 Selective Equities Corp., corn- _58 lot
20 Chaffe Coal Co.. corn
$1 lot
4 John B. Stetson Co., corn
25
BondsPer Cent.
$12,000 Emporium Iron Co., let
mtge. 8s, Sept. 1 1928
5310 lot
$10,000 McCallum Manor. let mtge.
6s "B," Mar. 25 1930 (guar. by
Invest. Bond & Mtge. Co._ _ _80% flat
$1,000 Lehigh Valley RR.8% perpetual annuity (J. & D.)
13)4
Five mtges., four for $3,500 each
and one for 24,000, all made by
John V. Chlsm to R. M. Webb,
Inc., all dated Sept. 8 1928 and
expiring in three years and all
secured on premises on Linden
Ave., Upper Darby Township,
Delaware Co., Pa----51,000 for the
lot as an entity
Pee
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Kansas Gas & Eleo„ 7% pref. (guar.).
1)4 July 1 Holders of rec. June 2
$1.50 July 1 Holders of rec. June 2
$8 preferred ((uar.)
Keystone Pu). Sore., $2.80 pref. (qu.).. *70c. July 1 "Holders of rec. June 1
Marion Water Co.. Prof.(guar.)
"51.75 July 1 "Holders of rec. June 2
Memphis Power & Light,$7 pref.(guar.) 51.75 July 1 Holders of rec. June 1
51.50 July 1 Holders of roe. June 1
$8 preferred (guar.)
1% June 1 Holders of rec. May 2
Minn. Gas Light (Minn.) 7% pf. (cur.)._
1)4 June 1 Holders of rec. May 2
6% preferred ((luar.)
Minn. Gas Lt. (Del.) $7 pref. (quar.)__ _ 51.75 June 1 Holders of rec. May 2
51.50 June 1 Holders of rec. May 2
$6 preferred (guar.)
$1.75 July 1 Holders of rec. June 2
Miss. Power Co.,$7 pref.(guar.)
51.50 July 1 Holders of rec. June 2
58 preferred ((uar.)
*1% June 1 "Holders of rec. May 2
Miss. Val. Pub. Serv., pref. (guar.)
Nassau & Suffolk Ltg.. pref. (adult)..... 1% July 1 Holders of rec. June 1
*45c. June 30 *Holders of rec. June 1
National Electric Power. corn. B (qu.)*1% July 1 *Holders of rec. June 1
7% preferred (guar.)
•1% July 1 *Holders of rec. June 1
6% preferred ((uar.)
June 10 *Holders of rec. May 3
*51
Newark Telephone (Ohio) (guar.)
'1)4 July 10 *Holders of rec. June 3
6% preferred (guar.)
New Engl. Gas & El. $5.50 pf.(qu.)
* 51.375 July 1 *Holders of rec. May 2
.
"51.75 July 1 "Holders of rec. May 2
$7 second preferred (guar.)
By Baker, Simonds & Co., Detroit, on Friday, May 22:
"50e. July 5 *Holders of rec. June 3
New Engl. Power Assn„ core.((uar.)*51.50 July 1 'Holders of rec. June 1
56 preferred ((luar.)
Shares. Stocks.
BondsPer Sh.
Per Cent.
*50c. July 1 *Holders of rec. June 1
52 preferred (guar.)
10 Peerless Cement, pref
$400 lot $2,000 Electromaster, Inc. 7%
New Jersey Wet. Co., 7% pt. (guar.)--1% July 1 Holders of rec. June 2
100 Federal Steel common
gold notes 1931, with warr., Feb.
$85 lot
*1% July 15 *Holders of rec. June 2
61 Plymouth Road Development
1 1932
51,800 lot N. Y. Telephone, pref. (guar.)
"75c. June 30'Holders of rec. June 1
Niagara Falls Power (guar.)
a Corp., corn. A,par 510
530.501ot $12,000 Finsterwald Furniture Co.,
Niagara Hudson Power Corp„com.(ciu.) *10c. June 30'Holders of rec. Slay 2
Bondslot leasehold coll. tr. 85, 23,000
Per Cent.
Northern Ontario Power Ltd..corn.(qu) 50c. July 25 Holders of rec. June 3
$2,000 Mutual Industrial Service
due July 1 1932; $5,000, July 1
153 July 25 Holders of rec. June 3
6% preferred ((luar.)
Corp., cony. sec. deb. 6145,
1935, and $4,000, July 1 1938
Jan. 15 1938
52,000 lot
59,000 lot Northwest Utilities. Prior lion
"
a - •1% July 1 *Holders of rec. June 1
Ohio Cities Water Corp., $6 pref. (qu.)_ 411.50 July 1 'Holders of rec. June 2
"2A June 1 'Holders of rec. May 2
Paterson & Passaic Gas dr Elee
*2A June 1 *Holders of rec. May 2
Pawtucket Gas of N.J. 5% pref
DIVIDENDS.
Penn Central Light & Power $5 p1.(au.) "$1.25 July 1 Holders of rec. June 1
70c. July 1 Holders of rec. June 1
$2.80 preferred (quar.)
Dividends are grouped in two separate tables. In the
1% July 1 Holders of rec. June
Peoria Water Works. pref. (guar.)
first we bring together all the dividends announced the Philadelphia Elec.Power,8% pf.(guar.) "50c. July 1 *Holders of rec. June 2
1
current week. Then we follow with a second table, in Public Service Corp. of N. J.500. June 30 Holders of rec. June
6% preferred (monthly)
which we show the dividends previously announced, but Public Service Co. of Okla., corn.(guar.) 2 July 1 June 21 to July a
1n July 1 June 21 to July
which have not yet been paid.
7% prior lien (guar.)
I% July 1 June 21 to July
6% prior lien ((uar.)
The dividends announced this week are:
*821-Ic July 15 'Holders of rec. June 2
Quebec Power ((uar.)
San Joaquin Light dr. Pow., prior pf.(qu.) "I% June 15 *Holders of rec. May 2
'1)4 June 15 'Holders of rec. May 2
Prior Prof. series A (guar.)
When
Books Closed.
Per
•1% June 15 *Holders of rec. May 2
Days Inclusive.
Preferred A (guar.)
Cent. Payable.
Name of Company.
'133 June 15 "Holders of rec. May 2
Preferred B ((oar.)
•43%c June 1 *Holders of rec. May 2
Savannah Gas, preferred (guar.)
Railroads (Steam).
July 1 *Holders of rec. June
Second & 3d Ste. P11.9.9. Hy.. Phila. ((u.) •53
Boston dr Maine, corn -Dividend action deferr ed
Shawinigan Water & Power,corn,(guar.) *621-I c July 10 *Holders of rec. June 1
7% prior preference ((uar.)
•1% July 1 *Holders of rec. June 10
June 1 *Holders of rec. May 2
"4
South Jersey Gas Elec. dr Transit
•1% July 1 'Holders of rec. June 10
First preferred, class A (guar.)
May 15 *Holders of rec. May
•112
July 1 *Holders of tee. June 10
"2
Stamford Water Co.((uar.)
First preferred, class B ((uar.)
*1
*75c. June 3C *Holders of rec. June 1
July 1 'Holders of rec. June 10
Tacony-Palmyra Bridge, corn. (quar.)
First preferred, class C (guar.)
75c. June 3C Holders of roe. June 1
"2A July 1 *Holders of rec. June 10
Preferred A (guar.)
First preferred. class D ((uar.)
*$1.50 July 1 *Holders of rec. June 2
Union Traction of Philadelphia
*IA July 1 'Holders of rec. June 10
First preferred, class E (guar.)
*1
United Gas & Elec. Corp.. pref. ((oar.) 1% July 1 Holders of rec. June 1
July 1 *Holders of rec. June 10
6% preferred
Utah Power de Light,6% pref. (guar.)-- 153 July 1 *Holders of rec. June
Chesapeake Corporation (guar.)
*75c July 1 *Holders of tee. June 8
•11.4 July 1 *Holders of rec. June
Chesapeake & Ohio. corn. (guar.)
*82;5c July 1 'Holders of rec. June 8
7% Preferred Mar.)
.5
r25e. July 1 'Holders of rec. June
Chicago Burlington & Quincy
Utilities Power & Light, corn.(guar.)June 25 *Holders of rec. June 18
,50e. July 1 *Holders of rec. June
Detroit Hillsdale de Southwestern
Class A (guar.)
052 July 6 'Holders of rec. June 20
v25c. July 1 *Holders of rec. June
Class B (guar.)
Erie RR., first preferred
June 30 'Holders of rec. June 15
*2
'1)4 July 1 *Holders of rec. June
Second preferred-Dividend omitted.
Preferred (guar.)
"37 Ac June 1 *Holders of rec. May 2
Erie & Pittsburgh (guar.)
West Coast Tel., pref. ((uar.)
"80ir June 10 *Holders of rec. May 29
Wi nriiperelaneoWateo„. 6 pref. ((lust.)... "$1.50 July 1 'Holders of rec. June 2
westino g rl d ric cr. 5
Special guar. ((luar.)
87)40 June 10 *Illoders of rec. May 29
p
4.1
ref. (guar.)- - *I% July 1 "Holders of rec. June
Lackawanna RR. of N. J. ((Mar.)
June 8 "Holders of rec. July 1
Little Miami, special guar. (guar.)
"500 June 10'Holders of rec. May 28
Wisconsin Mich, Power, 8% pref. ((u.) •1% June 15'Holders of rec. May 2
*$1.1 June 10 *Holders of rec. May 28
Original guar. (guar.)
Wisconsin Power & Light.7% prof.(au.) •1% June 15 "Holders of rec. May 3
*IA June 15 *Holders of rec. May 3
N.Y. N.H.& Ilartford, corn. (guar.)._
1)4 July 1 Holders of rec. June 5
6% preferred ((oar.)
1% July 1 Holders of rec. June 5
Preferred (guar.)
Pero Marquette, corn -Dividend omitt ed
Banks.
•1
July 1 *Holders of rec. Juno 15
Aug. 1 *Holders of rec. July 8
Prof. and prior pref. ((luar.)
Commercial Nat. Bk.&'fr. Co.(qu.)...- "2
Public Nat Bank & frost Co (quar.)---- .$1 July 1 *Holders of rec. June 20
Reading Co., 2d preferred (guar.)
*50c July 9'Holders of rec. June 18
'
'2)4 July 1 *Holders of rec. June 18
Valley RR.(N. Y.)
Trust Companies
3
June 30 Holders of rec. June 30
Federation Bank & Trust (qual
Public Utilities.
*3
3
Sept.30 Holders of rec. Sept.30
Juno 1 *Holders of tee. May 21
Amherst Water Co., pref
Quarterly
3
Dec. 31 Holders of rec. Dec. 31
July 1 *Holders of rec. June 24
Arizona Power, 8% pref. ((oar.)
*2
Quarterly
•1zi July 1 *Holders of rec. June 24
7% preferred (guar.)
Fire Insurance
Arkansas Power & Light,37 pref. (guar.) $1.7 July 1 Holders of rec. June 15
Juno 1 *Holders of rec. May 23
*$1
$1.5 July 1 Holders of rec. June 16
Importers & Exporters ((oar.)
$6 preferred (guar.)
Associated Gas & Elec.. orig. pref. (all.) '87;ic July 1 'Holders of rec. May 29
$7 preferred (guar.)
Miscellaneous.
*51.75 July 1 "Holders of rec. May 29
July 1 *Holders of rec. May 29
.1)4 July 2 *Holders of rec. Juno 20
Abitibi Power dr Paper. 7% pref. (gu.)
*54
$8 int, bearing allotment etts
.151.60 July 1 *Holders of rec. May 29
Addressograph-Multigraph
$1.60 int. bearing allotment alb
*35e. July 10 *Holders of rec. June 22
July 1 *Holders of rec. June 16
Associated Telep. & Teleg., class A (qu.) *$1
Common (guar.) (No. 1)
Allied Chem. & Dye Corp., pref. (au.)... 1% July 1 Holders of rec. June 11
Class A (participating dividend)
*50e. July 1 *Holders of rec. Juno 18
*1% June 15 *Holders of rec. June 1
•1% July 1 *Holders of rec. June 16
Alpha Portland Cement. pref.(qu.)
7% preferred (guar.)
Baton Rouge Elec. Co., $6 pref. (guar.) *51.50 June 1 *Holders of roe. May 15
*53.50 July 15 *Holders of rec. June 15
Amalgamated Laundries, prof
Bell Telephone of Canada ((uar.)
July 15 *Holders of rec. June 23
*2
•750. July 1 *Holders of rec. June 17
American Bakeries, class A
.1% July 1 "Holders of rec. June 17
Bell Telephone of Pa., 6S1% pref. (gu.)_ •15.5 July 15'Holders of rec. June 20
7% preferred ((oar.)
Brazilian Lt., Trac. & Power, pref. (qu.) "IA July 2 *Holders of rec. Juno 15
*50c. July 1 'Holders of rec. June 10
American Bank Note, corn.((uar.)
California Elec. Generating. pref. (qu.). •1A July 1 *Holders of rec. June 5
"750. July 1 'Holders of rec. June 10
Preferred (guar.)
Canada Northern Power, corn. (quar.)
20c. July 25 Holders of rec. June 30
Am. Br. dr Continental Corp.,1st pf.(qu) •750. June 1 'Holders of rec. Slay 25
1% July 15 Holders of rec. June 30
Preferred (guar.)
1% July 1 Holders of rec. June 18
American Can. pref. ((uar.)
Central Ohio Light & Pow., $6 pfd.(qu.) "81.50 June 1 *Holders of rec. May 16
-Dividend °mitt ed.
Amer. Encaustic Tiling. corn.
Cent. States Power & Light, 57 pfd.(qu.) "51.75 July 1 *Holders of tee. Juno 5
I% July 1 Holders of tee. June 20
Amer. Furniture Mart Bldg., Pf. WO
Central States Utilities, $7 pref. ((uar.)_ *$1.75 July 1 *Holders of rec. June 10
Amer. Hawaiian Steamship, corn. (au.). *50o. Juno 30'Holders of rec. June 15
Chic. Dist. Elec. Generating. $6 pfd.(gli) *51.50 Juno 1 *Holdesr of reo. May 15
•25e. Sept.30 *Holders of rec. Sept. 15
Quarterly
Cities Service Power dr Light
"25c. Dec. 31 'Holders of rec. Dec. 16
Quarterly
$7 pref. (monthly)
58 1-3e July 15 Holders of tee. July la Amer. Home Products Corp. (monthly)..
350. July 1 Holders of rec. Juno 150
50e. July 15 Holders of roe. July la Amer. Safety Razor (guar.)
$6 preferred (monthly)
*51.25 June 30 *Holders of rec. June 10
41 2-3c July 15 Holders of rec. July la American Tobacco, pref. ((uar.)
$5 preferred (monthly)
134 July 1 Holders of rec. June 10
Citizens Water of Washington, Pa.
Anchor Cap Corp., corn. (guar.)
600. July 1 Holders of rec. June 20
1% July 1 Holders of rec. June 20
Preferred (guar.)
$1.625 July 1 Holders of rec. June 20
Preferred (guar.)
Juno 30 *Holders of rec. Juno 20
Commonwealth UM., corn. A & B (do.)
June 12 Holders of rec. June 2
Andian National Corp
51
*51.75 July 1 *Holders of rec. June 20
Preferred A (guar.)
June 12 Holders of coup. No. 8
$1
Bearer shares
*$1.50 July 1 *Holders of tee. June 20
Preferred B (guar.)
Apex Electrical Mfg., pref. (guar.)
1.% July 1 IIolders of rec. June 200
June 15 *Holders of rec. June 5
'4
Concord Gas
Armstrong Cork, common (guar.)
*25c. July 1 *Ilolders of rec. June ,18
Connecticut Elec. Service, torn. (quar.)- '75e. July 1 *Holders of rec. Juno 15
25c. June 30 Holders of thee Jane 15
Associated Breweries of Can., corn.(qu.)
Consolidated Water of Utica, cl. A ((lu.) *50c. June 1 *Holders of rec. May 15
1% July 1 Holders of rat), June 15
Preferred (guar.)
Continental GUS dr Elec.. cum. ((oar.)... $1.10 July 1 Holders of tee. June 120 Associated Rayon, pref.((uar.)
*1% June 1 'Holders of rec. May 29
Prior preference (quar.)
1% July 1 Holders of roe. June 12a Autocar Co., pref.-Dividend omitted.
Continental Passenger Ry., Phila
$2.50 June 30 Holders of rec. May 29a BackstaY Welt Co., common (quar.)___ *25.a. July 1 *Holders Of rec. June 20
Duke Power, corn. (guar.)
1% July 1 *Holders of tee. June 15
Baldwin Co., preferred A (guar.)
'1)4 June 15 *Holders or rec. May 29
Preferred ((oar.)
July 1 Holders of rec. Juno 15
Baldwin Locomotive Works, common
- Divide nd omit ted.
Electric Power & Light Corp.,$7 pf.(qu.) 51.75 July 1 Holders of rec. June 6
Preferred
'334 July 1 *Holders of rec. June 6
$8 preferred (guar.)
$1.50 July 1 Holders of rec. June 6
Bancroft (Joseph) & Sons Co.,com.-No action taken.
Engineers Public Service, tom.(guar.)._
50c. July 1 Holders of reo. June 16
Belding Corticelli, Ltd., common (quar.) 1% Aug. 1 Holders of rec. July 15
$5 convertible preferred (guar.)
Bendix Aviation Corp.((uar.)
*250. July 1 "Holders of rec. June 10
$1.25 July 1 Holders of roe. June 16
I 55.50 preferred ((uar.)
.8c. June 1 'Holders of rec. May 20
Beneficial Loan Society (guar.)
$1.375 July 1 Holders of rec. June 16
$6,preferred (guar.)
Blumenthal(Sidney) & Co.. pref.(qu.)-- "I% July 1 *Holders of rec. June 13
$1.50 July 1 Holders of rec. June 18
Essex deIludson Gas
June 1 *Holders of rec. May 22
*56%0 May 3 *Holders of rec. May 20
*4
13obbs-NIerrill Co.((uar.)
*2
June 1 *Holders of rec. May 28
Feather River Power, pref. A (guar.)- - - •1% July 1 *Holders of rec. June 5
Bohn Refrigerator, pref. (guar.)
*31 July 3 *Holders of rec. July 15
Gt. Western Pow. of Calif. 7% pt.(qu.)_ '1% July 1 *Holders of tee. June 5
Don Ami Co„ common A (guar.)
"$1 July 3 'Holders of tee. July 15
8%(preferred (guar.)
Common A (extra)
'1)4 July 1 *Holders of rec. June 5
*500. July 1 *Holders of rec. June 19
Greenwich Water & Gas Sys., pfd.(qu.)
Common B (extra)
1)4 July 1 Holders of roe. June 20
•500. July 1 *Holders of rec. June 19
Gull Power Co.,$0 pref. ((uar.)
Common B (extra)
51.50 July 1 Holders of roe. Juno 20
•25e. July Ii 'Holders of rec. Juno 15
Gulf States Utilities. $6 pref.(qu.)
Borg-Warner Co., corn. ((uar.)
..$1.50 June 15 'Holders of rec. June 11
"1% July 1 "Holders of rec. June 15
• 51.375 June 15 *Holders of rec. June *1
$5.50 pref. (guar.)
Preferred (guar.)
$1.50 June 15 Holders of roe. June 1
Hudson County Gas
Boston Woven Hose & Rub.. corn.
"4
June 1 *Holders of too. May 22
June )5 Ilolders of rec. June 1
3
Illinois Bell Telephone (guar.)
Preferred
June 30 *Ilolders of rec. June 29
'2
"25e. June 1 *Holders of rec. June 1
Illinois Power & Light, 6% pref. (guar.) '1)4 July 1 *Holders of rec. June 10
Bourlols, the
•400. June 1 *Holders of rec. May 25
Bradley Knitting ((luar.)
$8 preferred ((uar.)
*51.50 Aug. 1 *Holders of roe. July 10
50e. June 30 Holders of rec. June 28
Interstate Natural Gas
Briggs & Straton Corp. (guar.)
0250. June 15 *Holders of roe. June 5
150. July 1 Holders of roe. June 153
Interstate Power, $7 pref. (guar.)
Brill° Mfg., common (quar.)
*11.75 July 1 *Holders of rec. June 5
500. July 1 Holders of tee. June 15a
$6 preferred (guar.)
Class A (guar.)
"51.50 July 1 *Holders of rec. June 5
Jersey Cent. Pow.& Light. 7% pfd. Wu.) 1% July 1 Holders of rec. June 10
British Amer. Royalty, el. A-Dividend omitte d.
'623-40 Aug. 1 *Holders of roe. July 10
6% preferred ((luar.)
Bush Terminal, corn. (guar.)
1)4 July 1 Holders of rec. Juno 10
'1)4 July 15 *Holders of me. July 1
Kansas City Pow.& Lt., 1st pf. B(qu.).. "51.50 July 1 *Holders of rec. June 15
Debenture stoak ((uar.)
M
4002
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Budd Realty (quar.)
*$2 June 1 *Holders of rec. May 25
Bush Terminal Bidgs., pref. (quar.)_
- *154 July 1 *Holders of rec. June 12
Canada Wire & Cable, common A
51 June 15 Holders of rec. May 31
Common B
433‘5. June 15 Holders of rec. May 31
Preferred
11.4 June 15 Holders of rec. May 31
Canadian General Electric, com. (guar.) 1
July 1 Holders of rec. June 13
Preferred (guar.)
87%0. July 1 Holders of rec. June 13
Canadian Silk Prod. class A (quar.). *3754o May 31 *Holders of rec. May 15
Canfield011, corn. & pref. (quar.)
1.51 June 30 June 20 to June 24
,
Carolina Di, o AG pref. (quar.)
*81.75 June 30
Carreras, Ltd.
Am. dep. rots, for ord. A reg
June 19
*15
Am. dep. rots, for ord B reg
June 19
*15
Champ. Ctd. Pap.. pf.& spec. pf.(qu.). .1% July 1 *Holders of reo. June 20
Cherry-Burrell Corp., common-Divide nd oral tted.
Preferred (quar.)
*1% Aug. 1 'Holders of rec. July 15
Chicago Cold Storage W'house. pf.(qu.) *154 May 29 *Holders of reo. May 25
Chicago Daily News, pref.(guar.)
$1.75 July 1 *Holders of rec. June 20
Chrysler Corp., common (guar.)
25c. June 30 Holders of me. June la
City & Suburban Homes
•300. June 4 *Holders of rec. June 1
Claude Neon Elec. Prods.,com.(qu.)
*40c. July 1 *Holders of rec. June 20
Preferred (guar.)
"35c. July 1 'Holders of rec. June 20
Coats (J. & P.) Ltd
Am. dep. rots. ord. reg. shs.
9pence July 7 Holders of rec. May 22
Coca-Cola Internat. Corp., corn.(qu.)-- 354 July 1 Holders of rec. June 12
Common (extra)
500. July 1 Holders of rec. June 12
Class A
July 1 Holders of rec. June 12
83
Colgate-Palmolive-peer Co., pref. (qu.). 154 July 1 Holders of rec. June 10
CommercialCredit of Salt., com.(qu.)
*50c. June 30 *Holders of rec. June 10
7% first preferred (guar.)
*43340 June 30 *Holders of rec. June 10
.1% June 30 *Holders of rec. June 10
654% first preferred (guar.)
8% preferred, class B (guar.)
*50c. June 30 *Holders of rec. June 10
$3 class A cony. stock (guar.)
*750. June 30 *Holders of rec. June 10
Consolidated Laundries, com. (quar.)
*250. July 1 *Holders of rec. June 15
;$1.875 July I *Holders of reo. June 15
Preferred (guar.)
Contin.-Diamond Fibre Co., com. (qu,) '250. June 30 *Holders of rec. June 15
Continental Steel, pref. (guar.)
•154 July 1 *Holders of rec. June 18
Cook Paint & Varnish. M.A (quar.)
*250. June 1 *Holders of rec. May 25
*81 June 1 'Holders of rec. May 25
Preferred (guar.)
Cooksville, Co. Ltd.. Pref. (guar.)
June 15 Holders of reo. May 30
1
Copperweld Steel Co.
-Dividend °mitre
Cresson Cons. Gold Min.& Mill (au).....
*lc. July 10 *Holders of rec. June 30
CrowellPublishing, corn. (guar.)
*75c. June 24 *Holders of rec. June 13
Crowley Milner & Co., corn.(guar.).*500. June 30 *Holders of rec. June 10
Curtis Assets Corp.(cots. benef.
*$10 June 1
Dairy League Co-Operative Corp., pfd
*$1.75 July 1 *Holders of reo. June 15
De Long Hook & Eye, corn. (quar.)... *50c. July 1 *Holders of reo. June 10
Dennis Bros., Ltd.
Am.dep. rots. for ord. reg.shares•13.4c May 29 *Holders of rec. May 15
.1% June 10 'Holders of rec. June 1
Detroit Mich. Stove, pref. (quar.)
Dome Mines, Ltd
250. July 20 Holders of reo. June 30
Dominion Glass Co., Ltd., com. (guar.) 1% July 2 Holders of rec. June 15
Preferred (guar.)
1% July 2 Holders of reo. Juno 15
Domingnez Oil Fields (monthly)
•50. June 2 *Holders of rec. May 23
July 1 Holders of rec. May 30
Draper Corporation (guar.)
June I Holders of rec. May 27
Durham Duplex Razor,$4 pr. prof.(qui •81
Early & Daniel Co., com. (quar.)
*50c. June 30 *Holders of rec. June 20
Preferred (guar.)
*1% June 30 *Holders of rec. June 20
Electric Controller & Mfg., corn. (guar.) *8I.25 July 1 *Holders of rec. June 20
Equitable Mtge.& Title Guarantee
'234 June 30 "Holders of rec. June 20
Extra
*IA June 30 *Holders of rec. June 20
Stock dividend
*33 1-3
Fairbanks
•40c. June 30 *Holders of rec. June 12
-Morse Co.. com.(guar.)
Fear (Fred) & Co. (guar.)
*500. June 15 *Holders of rec. June 1
Federal Motor Truck (guar.)
*100. July 1 *Holders of rec. June 20
June 15 *Holders of rec. June 5
Federal Terra Corte (quar.)
*2
Feltman & Curme Shoe Storm. pt.(qu.)- 1% July 1 Holders of me. June 10
June 1 "Holders of rec. May 25
Fidelity Invest. Assn.(quar.)
4
11
Filene's(Wm.) Sons, pref. (quar.)
•144 July 1 *Holders of rec. June 20
Finnell System. Inc., pref. A-Dividend on/Me d.
First State Pawners Society (guar.).
- •154 June 30 *Holders of reo. June 20
Foote Burt Co.
-Dividend omitted.
Foster Wheeler Corp., com.(quar.)--- *50o July 1 *Holders of rec. June 12
Preferred (guar.)
"$1.75 July 1 *Holders of rec. June 12
Gardner
-Denver Co.
-Dividend action post po ned.
July I *Holders of rm. June 13
General Amer. Tank Car (guar.)
*El
General Railway Signal, corn. (guar.).- $1.25 July 1 Holders of rec. June 10
154 July 1 Holders of rec. June 10
Preferred (guar.)
Giant Portland Cement, pref.-Dividend °mitre d.
Globe Discount & Finance, corn.(quar.).. "250 Ally 15 *Holders of rec. July 1
'87340 June 15 *Holders of rec. June 1
Preferred (quar.)
Goldblatt Bros., com.(guar.)
*37.540 July 1 *Holders of rec. June 10
Corn. (payable in common stock).... *1154 July 1 *Holders of rec. June 10
Gold Dust Corp pref. (guar.)
*$1.50 June 30 *Holders of reo. June 17
Great Lakes Towing, corn.(quar.)
"114 June 30 *Holders of reo. June 15
•i% Ally I *Holders of reo. June 15
Preferred (quar.)
.1% July I *Holders of rec. June 15
Great Western Sugar, pref. (guar.)
Greif Bros. Cooperage, corn. A (quar.)... *40o. July 1 'Holders of rec. June 150
Hall (H. C.) Lamp (quar.)
•100. June 16 *Holders of rec. June 1
June 1 Holders of rm. May 29
Harriman Investors Fund, Inc. (quar.)- $1
Hazel Atlas Glass (guar.)
*500. July 1 *Holders of rec. June 18
Extra
•250. July I *Holders of rec. June 18
Special
*250. July 1 *Holders of reo. June 18
Helme (George W.) Co., coin.(quar.)... $1 26 July 1 Holders of rec. June 10
1% July I Holders of rec. June 10
Preferred(quar.)
Hercules Motor, corn. (guar.)
*20o. July 1 *Holders of rec. June 20
Hercules Powder, Corn. (guar.)
750. June 25 Holders of rec. June 12
Holland Furnace. com. (guar.)
*6254c July 1 *Holders of rm. June 15
Preferred
*354 July 1 *Holders of rm. June 15
Hollinger Consol. Gold Mines
50. June 17 Holders of rec. June 3
Honolulu 01I
-Dividend omitted
Honolulu Plantation (monthly)
•25o. June 10 *Holders of rec. May 29
Hotel Stotler Co.. corn. (guar.)
*81.25 June 30 *Holders of rec. June 15
6% preferred (guar.)
"3754c June 30 *Holders of rec. June 15
.1% June 30 *Holders of rec. June 15
7% preferred (quar.)
Humble 011 & Reg.(guar.)
•500. July 1 *Holders of rm. Juno 1
Holders of coup. No. 9
I. G. Farbenindustrie A.G. shares
12
Holders of coup. No. 2
I. G. Chemie Basle (Switzerland)
12
Imperial Tobacco of Canada, ord. (qu.) 854o. June 30 Holders of mo. June 3
.3
Ingersoll-Rand Co.. pref
July 1 *Holders of rec. June 8
Internat. Business Machines. corn.(qu) *S1.50 July 10 *Holders of rec. June 20
Internat. Cement (guar.)
oiders of rec. June 11
June 30
•$1
International Sliver, pref. (guar.)
1% July 1 Holders of rec. June 12a
Intertype Corp.. first pref. (guar.)
*2 July 1 *Holders of reo. June 15
Second preferred
July 1 *Holders of rm. June 15
*3
Johns-Manville Corp.. corn. (quar.)750. July 5 Holders of reo. June 24
Preferred (guar.)
154 July 1 Holders of rec. June 10
Jones (J. Edward) Royalty Tr., A tr ctf (
14.39 May 25 *Holders of reo. Apr. 30
B participating trust certificates
*$9.40 May 25 *Holders of reo. Apr. 30
*89.94 May 25 *Holders of reo. Apr. 30
C particpating trust certificates
Kelsey-Hayes Wheel. com.-Dividend o mitred
Hoppers Gas & Coke, Prof. (quar.)
•154 July 1 *Holders of reo. June 11
25o. July 1 Holders of rec. June 12
Lane Bryant, Inc.. corn. (guar.)
*50c. June 16 *Holders of rec. June 5
Lerner Stores Corp.. corn. (guar.)
*35c. June 30 *Holders of rm. June 11
Lessing's, Inc. (guar.)
354 July 1 Holders of reo. June 19
Libby, McNeil & Libby. 1st pref
July 1 Holders of rec. June 19
3
Second preferred
•17540 June 10 *Holders of reo. June 6
Lindsay Light. preferred (guar.)
"750. July I *Holders of rec. June 16
Loudon Packing (guar.)
'37940 June 15 'Holders of rec. June 5
Lunkenheirner Co. (guar.)
•20o. June 30 *Holders of rec. June 20
M.& T. Securities, common (guar.)._
50o. July 1 Holders of rm. June 12
Mathieson Alkali Works, corn. (quar.)...
1% July 1 Holders of reo. June 12
Preferred (quar.)
.
McCrady-Rodgers Co., pref. (quar.)- - •8734c June 30 *Holders of rec. June 20
July 1 Holders of rec. June 10
Si
McKeesport Tin Plate (guar.)
500. July 1 Holders of reo. Juno 10
1 Extra
25c. June 15 Holders of rect. June 5
McKesson & Robbins. common (guar.).
87 54c. June 15 Holders of rec. June 5
s preferred (guar.)
'$1.50 July 1 *Holders of rm. June 20
McLellan Stores Co. (guar.)
July 1 'Holders of roc. June 25
"2
Meletio Sea Food (quar.)
[VoL. 132.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Merrimac Hat, common (guar.)
•500. June 1 *Holders of rm. May 22
4
11 June 1 'Holders of rec. May 22
Preferred (quar.)
$1 July 1 Holders of rec. June 10
Metal Package Corp., common (quar.)
Midland Royalty, $2 pref. (guar.)
*500. June 15 Holders of reo. June 4
Midvale Co.(guar.)
"g1 July 1 *Holders of rec. June 16
Monroe Chemical, pref. (guar.)
*87540 July 1 'Holders of rm. June 15
Monsanto Chemical (guar.)
"31540 July 1 *Holders of reo. June 10
June 1 *Holders of rec. May 25
.11
1
Morris Plan Insur. Society (guar.)
June 29 Holders of reo. June 22
Mortgage-Bond Co. (guar.)
Mtge.
-Bond & Title Corp., pfd.& pfd. B 254 June 30 Holders of reo. June 22
A340. June 1 *Holders of rec. May 25
Mt. Diablo Oil Mining & Dev.(quar.)..
500. June 30 Holders of rec. June 15a
Myers(F.E.)& Bros., common (guar.).
154 June 30 Holders of rec. June 150
Preferred (guar.)
*40c. July 1 *Holders of roe. June 15
National Breweries, corn. (guar.)
•43o. Ally 1 *Holders of roe. June 15
Preferred (guar.)
National Distillers Products, COM. (qu.) *50o. Aug. 1 *Holders of rec. July 15
National Surety (guar.)
50c. July 1 Holders of rec. June 18a
New Method Laundry, pref. (guar.).
- .1% June 1 'Holders of rec. May 23
New York Transit (guar.)
15e. July 15 Holders of reo. June 26
100. July 15 Holders of reo. June 26
Extra
Nipissing Mines Co.
omitted
-Dividend
454 July 10 June 20 to July 10
Northern Securities Co
*$1.75 June 1
Nova Scotia Shipping, pref. (quar.)
*100. June 15 *Holders of reo. June 6
Oahu Sugar (monthly)
*200. June 20 *Holders of rec. June 10
Onomea Sugar (monthly)
Oxford Paper, class A (guar.)
•$1.50 June 1 *Holders of rec. May 15
"100. June 15 *Holders of rec. June 1
Pacific Southwest Discount A& B (qu.)
June 4 *Holders of rec. June 1
*2
8% preferred (quar.)
Page Hershey Tubes, corn. (quar.)
•154 July 1 *Holders of rec. June 20
.1% July 1 *Holders of rec. June 20
Preferred (guar.)
"25c. June 30 *Holders of rec. June 19
Parke, Davis & Co. (guar.)
•10c. June 30 "Holders of rec. June 19
Extra
.154 June 15 *Holders of rm. May 30
Paton Mfg., Ltd., pref. ((mar.)
Penn Federal Corp (quar.)
'6340. June 1 *Holders of reo. May 25
600. June 30 Holders of reo. June 20
Penney (J. C.) Co.. corn. (guar.)
154 June 30 Holders of rm. June 20
Preferred (quar.)
*25o. July 1 *Holders of rec. June 8
Peoples Drug Stores, com. (guar.)
*144 June 15 *Holders of rm. June 1
Preferred (guar.)
Personal Banking Service. Cl. A (qu.)--- "15c. June 15 'Holders of rec. June 1
•25o. June 15 *Holders of rec. June 2
Petroleum Exploration (guar.)
Planters Realty, pref. (monthly)
58 1-3c June 1 Holders of reo. May 25
.1% June I *Holders of rec. May 25
Plimpton Mfg. (guar.)
200. June 15 Holders of rec. May 25
Public Investing (guar.)
*80c. July 1 *Holders of roe. June 20
Publication Corp., corn. (guar.)
.1% July 1 'Holders of reo. June 20
Original pref. (quar.)
.1% June 15 *Holders of rec. June 5
7% preferred (guar.)
Railway & Utility Invest., pref. A-Dirt dend d eterred
6% preferred-Dividend deterred
Remington Rand. Inc., 1st pref. (qu.)-. 4.15i July 1 *Holders of rec. June 9
*2
July 1 *Holders of reo. June 9
Preferred(guar.)
Rike-Kumbler Co., corn. (quar.)
•550. July 1 *Holders of reo. June 15
.1% July 1 *Holders of rec. June 23
Preferred (guar.)
Rocky Mountain Motor, pref.-Dividen d Paaa ed.
Royal Baking Powder, corn.(quar.)---- •250. July 1 'Holders of rec. June 8
Preferred (guar.)
*154 July 1 *Holders of rec. June 8
S. M.A. Corp.(guar.)
*500. July 1 "Holders of rec. June 20
Safeway Stores. Inc., com.(guar.)
*$1.25 July 1 *Holders of rm. June 8
*154 July 1 'Holders of rec. June 8
7% Preferred (guar.)
July 1 *Holders of rec. June 8
6% Preferred (guar.)
St. Louis Screw & Bolt, corn.(quar.). 37540 June 1 Holders of rec. May 25
SanCarlos Milling (monthly)
•200. June 15 *Holders of rec. June 7 I
Elaine Chain Theatres, prof. (guar.).
- •750. June 1 'Holders of reo. May 20
Scoville Mfg. (guar.)
*50o. July 1 *Holders of rec. June 15
Selfridge Provincial Stores
Amer. deposit rots, for ord. shs.-DIvi dend p eased.
Shepard Nibs Crane & Hoost,com.(qu.) •750. June I 'Holders of reo. May 22
Signal Oil & Gas Co., cl. A & B
vidend omitte d.
Sixteen Park Ave., Inc.. pref
June I 'Holders of reo. May 15
(
13
Signal Oil & Gas., class A & B-Divides ds ond teed
Silent Glow Oil Burner, corn. (quar.)..... *6254o
•1%
Preferred (guar.)
South Penn 011 Co.(guar.)
•250. June 30 *Holders of rec. June 15
Spicer Mfg., pref. A (guar.)
*75c. July 15 *Holders of rm. July 1
June 26 Holders of rec. May 26
Standard Chemical, Ltd
$1
234 June 30 Holders of rec. June 9
Standard 011 Export Corp., pref
June 30 *Holders of rec. June 15
Standard 011 (Ky.) (quar.)
*400.
Stearns (Frederick) & Co., Com.(quar.)
*30o. June 30 'Holders of rm. June 20
.1% June 30 'Holders of rec. June 20
Preferred(quar.)
Swift & Co. (guar.)
50o. July 1 Holders of rec. June 10
20. June 30 Holders of rec. May 29
Sylvanite Gold Mines, Ltd
.1% June 1 *Holders of rec. May 20
Tex-O-Kan Flour Mills, pref. (quar.)
Texon Oil & Land. common (quar.)
"25o. June 30 *Holders of reo. June 10
June 1 *Holders of reo. May 11
Thirty-nine Broadway, Inc., pref
(
13
Thomson Electric Welding (guar.)
*50o. June I *Holders of rm. May 27
*$1 June 1 *Holders of rec. May 27
Extra
.81 June 20 "Holders of reo. June 5
Todd Shipyards (guar.)
United Aircraft & Transport. pf. (au).. •750. July 1 *Holders of reo. June 10
UnitedBusiness Publishers, pref.-Divid end o mitred.
•1% July
1 *Holders of rec. June 12
United Dyewood, pref. (guar.)
United Wall Paper Fact., pr. pref. (qu.) •154 June 1 'Holders of rec. May 20
•1% June 1 *Holders of rec. May 20
7% preferred (guar.)
U. S. Distributing, pref.-Dividend acti on defe reed
U. S. Leather, prior pref. (quar.)
154 July 1 Holders of rm. June 10
*25o. June 1 *Holders of rec. May 20
Upson Co., class A and B (guar.)
*50c. June 30 *Holders of reo. June 20
Vanadium Alloys Co. (guar.)
Waldorf System, Inc., com. (guar.) 37540. July 1 Holders of reo. June 20
200. July 1 Holders of reo. June 13
Preferred (guar.)
1% July 1 Holders of rec. June 17
Ward Baking Corp.. pref. ((Mar.)
250. July 15 Holders of reo. June 30
Warner Co., common (guar.)
$1.75 July 1 Holders of rm. June 15
First and second preferred
*50o. July 1 *Holders of rm. June 15
Warren Foundry dt Pipe (guar.)
'Sc. May 21 *Holders of reo. May 15
Wellington 011 & Gas
Wesix National Co.. common-Dividend omitt ed.
50o. July 1 Holders of reo. June 15
Wesson Oil & Snowdrift. corn. (quar.)..
Western Canada Flour Mills, corn.-Divi dend o mitred.
•154 June.
Preferred (quar.)
weyenberg Shoe Mfg., pref. (guar.).
- •1% June 16 *Holders of reo. June 15
37340. June 1 Holders of reo. May 26
Wilson-Jonas Co., common (quar.)
.31
May 15 *Holders of rec. May 15
Wolverine Brass Works, com.(quar.)
•500. June 15 *Holders of lee. May 29
Worthington Ball. class B
Worthington Pump & MaCh Y,D1. A(qui •15i July I *Holders of reo. June 10
.
July 1 *Holders of rm. June 10
Preferred B (guar.)
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 Corn pasts.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Rallroeds (Stearn).
Alabama Great Southern, ordinary
82 June 29 Holders of roe. May 25
Ordinary (extra)
51.50 June 29 Holders of reo. May 25
Preferred
212 Aug. 15 Holders of reo. July 10
$.20
Preferred (extra)
Aug. 1
jtme 15 Holders of rec. July 10
Holders of reo. MAY la
Atoll. Popeka & Santa Fe. oom.
2r1
Atiaorn
Mr Line Ry_____
•454 ..tept I *Holden. ol roe Aug 20
Atlanta & West Point
4
June 80 Holders of reo. June 20
Atlantic Coast Line Co.(var.)
•$2.50 June 10 *Holders of roc. May 29
Atlantic Coast Line RR., common
1
y 10 Holders of rec. June 12a
354
saltimore & Ohio. corn. (guar.)
13 June 1 Holders of reo Apr. 18a
Preferred (qua?)
1
220. June 1 Holders of roe Apr 1ga
Bangor & Arocetook. oom.(guar.)
1,‘ July 1 Holdersof lea. May 290
Holders of rec. MAY 290
Preferred (guar.)
July
Boston & Albany (quar.)
234 ju% 80 Holders of rm. May 29
2% June 1
Holders of ree June 20
mosso', & Provident* (guar.)
.2% Oct
1 *Holders of lee Sept 19
Quarteriv
June 30 'Holders of lea. June 15
Buffalo & Susquehanna. preferred
*2
MAY 30 1931.]
FINANCIAL CHRONICLE
4003
When
Per
Books Closed.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Imitated.
Railroads (Steam) (Osseltrosa)•
Public Utilities (Continued).
Canadian Pacific, ordinary (quar.)
311ic June 30 Holders of rec. June la Consolidated Gas El. Lt. & Pr., Balt.Cuectuseake s I ions preferred
3.s July l Holder. of re. June 8a
Common (quar.)
*90c. July 1 *Holders of rec. June 15
Chestnut Hill RR. (guar.)
750 June 4 May 21 to June 3
5% preferred Series A (quar.)
*13j July 1 *Ilolders of rec. June 15
Chicago & North Western, corn
I
June 30 Holders of rec. June la
6% preferred, Series D (quar.)
.134 July 1 *Holders of rec. June 15
Preferred (quar.)
June 30 Holders of rec. June la
•134 July 1 *Holders of rec. June 15
534% preferred, Series E (quar.)
CM. N.0.& Texas Pacific, corn.(quar.) *4
June 24 *Holders of rec. June 5
Consolidated Gas Utilities, cl. A (qu.).. .55e. June 1 Holders of rec. May 15
Preferred (quar.)
•1 if June 1 *Holders of rec. May 15
Consumers Power. 7% pref. (quar.)
134 July 1 Holders of roe. June 16
Cincinnati Union Terminal. pref.
- •I% July 1 *Holders of rec. June 20
0.6% preferred (qual.)
1.65 July I Holders of roe. June 15
Preferred (quar.)
•14 Oct. 1 *Holders of rec. Sept. IS
134 July 1 Holders of roe. June 15
6% Preferred (guar.)
Preferred (oiler.)
*14; Jan.1'32 *Holders of roe Ilee 19
$5 preferred
51.25 July 1 Holders of roe. June 15
(quar.)
Cleveland & Pittsburgh, reg. guar.(qu.) 87)4c June 1 Holders of rec. May 90
50e. June 1 Holders of roe. May 15
6% Preferred (monthly)
Special guaranteed (guar.)
50c June 1 Holders of rec. May 93
6% preferred (monthly)
50o. July 1 Holders of rec. June 15
Columbus & Xenia
.$1
June 30 *Holders of rec. May 25
550. June 1 Holders of roe. Mar. 15
.
6 6% Preferred (monthly)
Consolidated Railroads of Cuba, pf.(qu.) 1% July 1 Holders of rec. June 10a
Me. July 1 Holders of tee. June 15
6.6% preferred (monthly)
Delaware & Hudson Co. (quar.)
24 June 20 Holders of rec. May 21sa Dayton Power
& Light, pref. (mthly.)- - •500. June 1 *Holders of rec. May 20
Delaware RR
*51 July 1 *Holders of rec. June 16
•
Detroit City Gas, 7% Pref. guar.
134 June 1 *Holders of rec. May 25
(
)
Georgia RR. & Banking (qual.)
24 July 15 Holders of roe. July 1
Detroit Edison Co. (quar.)
July 15 Holders of rec. June 200
2
Hudson & Manhattan RR., corn
1% June 1 Holders of roe. May 15o Duquesne
Light, 5% first pref. (quar.)_.. 14 July 15 Holders of rec. June 150
Illinois, Central common (quar.)
1
June 1 Holders of roe. May kz East Kootenay Power. pref. (quar.)
134 June 15 Holders of roe. May 30
Leased lines
2
July 1 Holders of rec. June 11
East St. Louis & Interurban Water
Kansas Oklahoma & Gulf, pref. A & B
3
June 1 Holders of rec. May 25
7% preferred (guar.)
*134 June 1 *Holders of rec. May 20
Preferred series C
1% June 1 Holders of rec. May 25
6% preferred
'134 June 1 *Holders of rec. May 20
Louisville & Nashville, common
2% Aug. 10 Holders of rec. July 15a Eastern Minn. (quar.)
Power. $6 pref.(guar.).- *51.50 June 1 *Holders of rec. May 15
Louisville & Wadley. corn.(annual)
•12
June I *Holders of rec. June 1
East'n Shore Pub. Ser. 56.50 Pf. (qu.).' 51.625 June 1 *Holders of ree. May 15
Maine Central, common
750 July 1 Holders of rec. June 15
•51.50 June 1 *Holders of rec. May 15
$6 preferred (quar.)
Preferred (quar.)
*1% June 1 Holders of rec. May 15
Electric Bond & Share, common (guar.)- 1134 July 15 Holders of rec. June 5
Midland Valley RR., Preferred
$1.25 June 1 Holders of roe. May
51.50 Aug. 1 Holders of rec. July 6
$6 preferred (quar.)
Mill Creek & Mine Hill Nav & RR_. '$1.25 July 9 *Holders of roe. July 20
8
51.25 Aug. 1 Holders of rec. July 8
$5 preferred (quar.)
Missouri-Kansas-Texas. pref A (qu.)
I% June 30 Holders of roe. June 5a El
Paso Natural Gas. 7% pref.(qui-- slit June 1 *Holders of roe. May 22
Missouri Pacific, pref. (quar.)
1% July 1 Holders of rec. June 12a Empire
June 1 *Holders of rec. May 21
& Bay State Teleg., pref. (qu) - *1
Mobile d3 Birmingham, pref
2
July 1 Holders of rec. June la
N. Y. Chic. & St. Louis. corn. & pf.(qu.) 1% July 1 Holders of rec. May 15a Empire Dist. El. Co., 6% pf. (mthly.). *500. June 1 *Holders of roe. May 15
500 July 1 Holders of rec. June 154
6% pre erred (monthly)
Norfolk & Western,common (quar.)
_
23 June 19 Holders of rec. May 29a Moon° Oas & Feel
Co. 8% pt.(mthly.) 66 2-3c June 1 Holders of rec. May ma
North Carolina KR.. 7% guar. stock_ _ *at, Aug. I *Holders of me July 211
58 1-3c June 1 Holders of rec. May 154
7% Preferred (monthly)
Northern RR.of N. J.(quar.)
•1
June 1 *Holders of rec. May 15
64% preferred (monthly)
S41-dc June 1 Holders of rec. May 154
Ontario & Quebec
*3
June 1 *Holders of roe. May 1
8% preferred (monthly)
50o. June 1 Holders of rec. May 150
Debenture stock
•234 June 1 *Holders of rec. May 1
8% preferred (monthly)
662-30 July 1 Holders of rec. June 154
Phila. Germantown & Norristown (qu.)- $1.50 June 4 May 21 to June 3
7% preferred (monthly)
58 1-30 July 1 Holders of roe. June 154
Pittsb. Bessemer & Lake Erie, prof
51.50 June 1 Holders of res. May 15
51 1-6c July 1 Holders of rec. June 150
634% preferred (monthly)
Pitts., Yngst'n & Ashtabula. pf. (q11.)1% June 1 Holders of rec. May 20
6% preferred
50c. July 1 Holders of rec. June 15a
Reading Company. let prof. (quar.)....
50o. June 1 Holders of roe. May 210 Empire Power (monthly)
Corp., $6 pref. (quar.)_.. $1.50 July 1 Holders of rec. June 16
St. Louis-San Francisco 6% Pref.(Oa.). 1
Aug. 1 Holaers of roc. July to
56e. July 1 Holders of rec. June 16
Participating stock (guar.)
6% preferred (guar.)
1% Nov. 2 Holders of roe. rim
its
Southern Pacific Co. (guar.)
1 J. July 1 Holders of rec. May 28a Federal Light & Traction, eom. (guars) 3715o. July 1 Holders of rec. June 134
July 1 Holders of rec. June 134
Common (payable in common stock). 11
Southern 11y.common (quar.)
1.01, Aug. 1 Homers of rec. July la
$1.50 June 1 Holders of rec. May 1150
Preferred (qual.)
Southwestern RR.of Oa
*24 July 1 'Holders of roe. June 1
Federal Water Service, class A (guar.).60o. June 1 Holders of tee. May sa
Tennessee Central, preferred
July 1 *Holders of roe. June 20
5314
June 1 *Holders of rec. May 15
Texas & Pacific Ry.. corn.(guar.)
1% June 30 Holders of rec. June 12a Florida Power Corp.,7% pref.(quar.).. '8734c
Preferred
•134 June 1 *Holders of roc. May 15
Union Pacific, common (guar.)
2)5 July 1 Holders of rec. June la Frankford A (quar.)
& Southwark Phila. Pass. Sty.
United N. J. 11.R. & Canal Cos.(quar.)_ *214 July 10 *Hoidens of rec. June 19
*$4.50 July 1 *Holders of rec. June 1
(quar.)
West Jersey & Seashore, spec. quar
*$1.50 June 1 *Holders of rec. May 15
Gary Railways, pref. A (quar.)
1.8 June 1 Ilolders of rec. May 20
Western Railway of Alabama
4
June 30 Holders of rec. June 20
Gas& Elec. Securities Co., COM.(mthly.)
50c. June 1 Holders of rec. May 154
Wheeling & Lake Erie, 7% pr. llen (qu.) Y7
June 2 May 29 to
June 1,
Coin. (Payable In corn. stk.) (mthly.) 14 June 1 Holders of rec. May 15a
Preferred (monthly)
581-Sc June 1 Holders of tea. May 154
Public Utilities.
500. July 1 Holders of rec. June 15a
Common (monthly)
Alabama Power, $7 pref. (quar.)
$1.75 July 1 Holders of roe. June 15
Corn.(pay, in corn. stock (monthly).- pi July 1 Holders of rec. June 150
$6 preferred Mar.)
$1.60 July 1 Holders of MC. June 15
Preferred (monthly)
58 1-3c July 1 Holders of rec. June 150
$5 preferred (qar.)
$1.21 Aug 1 Holders of roe. July
Gas Securities Co., corn.(monthly)
olsi July 1 Holders of rec. June 15a
Alabama Water Service, $6 pref. (qu.)-- •81.50 Juno 1 *Holders of rec. May 15
20
yy June 1 Holders of tee. May Ma
Common (payable In scrip) (ruth11.)American Cities low a ii.
50e. June 1 Holders of rec. May 1150
Preferred (monthly)
Class B (in class B stock)
Aug. 1 Holders of roe. July 3
95
Preferred (monthly)
50o. July 1 Holders of rec. June 15a
Amer. Electric Power, $7 pref. (qUar.)-- $1.75 June 15 Holders of rec. May 29
c July 1 Holders of rec. May 294
General Gas & Elec., corn. A (guar.). - $6 preferred (quar.)
$1.50 June 1 Holders of rec. May 20
5c. July 1 Holders of rec. May 294
.
Common B (quar)
American Power & Light, corn.(quar.)....
25e. June 1 Holders of rec. May 1.40
$6 pref. ser. A & B (guar.)
51.50 June 15 Holders of rec. May 154
Common(one-fiftleth share corn stk.)
(f) June 1 Holders of rec. May 14a
$7 preferred (quar.)
$1.75 July 1 Holders of rec. May 29a
Amer.Superpower Corp., 1st pref.(qu.)_ $1.50 July 1 Holders of rec. June 15
$8 preferred (quar.)
July 1 Holders of rec. May 294
52
$6 preference (quar.)
$1.50 July 1 Holders of rec. June 15
Amer. Telep. & Teleg. (quar.)
)
2% July 15 Holders of rec. June 20a Green Mountain Power. $6 prof.(Qgurs *51.50 June 1 *Holders of rec. May 15
75e. June 1 Holders of rec. May 2Ia
Hackensack Water, common (guar.).
75c Aug. 1 Holders of rec. July 10a
Amer. Water Wks.& Elec.. corn (qu.)__
Haverhill Gas Light (duars)
56o. July 1 Holders of roe. June 16
750 Aug. 1 Holders of roe. July 10
Common (quar.)
*154 June 1 *Holders of rec. May 16
$6 first preferred (quar.)
$1.50 July 1 Holders of rec. June 12a Ilouston Gulf Gas, pref. A & B
Huntington Water, pref. (quar.)
•134 June 1 *Holders of rec. May 20
Associated Gas & Else.. $6 pref. (qu.)... $1.50 Juno I Holders of roc. Apr. 30
Illinois Power Co., 6% pref. (quar.)---- 134 July 1 Holders of rec. June 15
$8.50 preferred (quar.)
$ 1.625 June 1 Holders of rec. Apr. 30
7% preferred (quar.)
154 July 1 Holders of rec. June 15
$5 preferred (guar.)
$1.25 June 15 Holders of rec. May 15
Illinois Water Service,6% pref. (quar.). *14 June 1 *Holders of roe. May 20
July Li holders of rec. June 30
Associated Telep. Utilities, corn.(MO-- /2
Indiana Hydro-Elec. Power, pref. (t111.) 134 June 15 Holders of rec. May 29
$7 prior preferred (quar.)
June 15 Holders of rec. May 30
51.75
Indiana Service Corp.. 7% Pref. (1111.)
I% June I Holders of rec. May 16
$6 prior preferred(quar.)
51.50 June 15 Holders of rec. May 30
114 June 1 Holders of roe. May 15
6% Preferred (guar.)
$1.50 July 1 Holsters of rec. June 15
$8 cony. preferred (quar.)
1% July 1 Holders of rec. June 124
Indianapolis Water. pref. (guar.)
Bangor Hydro-Elec.7% pref. (quar.)--- *lit July 1 *Holders of roe. June 10
June 15 *Holders of rec. June 1
International Power Securities. $6 pt. A *53
vt% July 1 *Holders of rec. June
es% preferred (quar.)
10
Internat. Superpower (quar.)
25c. July 1 'folders of rec. June 10
Baton Rouge Else. Co., pref. A (qu.)__ _ *1% June 1 *Holders of rec. May 15
Ironwood & Bessemer Ry.& Lt.. Pr.Mu.? '134 June 1 *Holders of rec. May 15
.
Binghamton Gas Wks.,6%% pf.(qu.)*$ 1.565 June 1 *Holders of rec. May 21
Jamaica Public Service. common (guar.) 25c. July 2 Holders of rec. June 15
Binghamton Light, Heat & Power
7% preferred (guar.)
154 July 2 Holders of roe. June 15
*$1.50 July 1 *Holders of rec. May 29
36 preferred (quar.)
•$1 June 1 *Holders of roe. May 20
Keystone Telephone, pref.(Qual.)
$5 preferred (quar.)
*51.25 July 1 *Holders of rec. May 29
Key West Electric Co.. pref. Mar./
- *$1.75 June 1 *Holders of rec. May 15
Birmingham Water Works. Pref.(qual.) •1 14 June 15 *Hoidens of rec. June 1
Kings County Lighting, cont. (quar.).... *$1.50 July 1 *Holders of roe. June IS
Blackstone Valley G.& E., prof
June 1 Holders of rec. May 15
3
•154 July 1 *Holders of rec. June 18
7% preferred (quar.)
Brasthan Tr., Lt. & Pr., ord. (in stk.). f2
June 1 Holders of rec. Apr. 30
6% preferred (quar.)
*134 July 1 *Holders of rec. June 18
Bridgeport Gas Light (guar.)
*60c June 30 *Holders of ree. June 1
June 15 Holders of rec. June la
Laclede Gas Light, common (quar.)---- 2
•40c. July 15 *Holders of rec. June 30
Bridgeport Hydraulic Co. (guar.)
Preferred
234 June 15 Holders of roe. June la
Brooklyn Edison Co. (qiar.)
June 1 Holders of rec. May 12
2
Lake Superior Dist. Pow..6% Pref.(s111.) *114 June 1 *Holders of rec. May 15
Brooklyn Union Gas(quar.)
51.25 July 1 Holders of me. June la
*14 June 1 *Holders of rec. May 15
7% Preferred (Oust.)
Buff. Niagara dr East. Pow., pref. (qu.) •40e. July 1 *Holders of rec. June 15
Lexington Water Co.. Inc.. 7% P,fs_,,,) 14 June 1 Holders of ree. May 20
First preferred (quar.)
•51.25(Ulla 1 *Holders of rec. dJuly15
(
gU*,
Long Island Lighting, 7% prof. 07"-''' 134 July 1 Holders of rec. June 18
Butler Water Co.. let pref.(Quar.)
*134 June 15 *Holders of rec. June 1
6% preferred scrim B (guar.)
I% July 1 Holders of rec. June 16
Canadian Hydro-Elec., let pref.(float.)- 154 June 1 Holders of roe. May la
Louisville Gas & Elec., cl. A & B (quar.) 4334c June 25 Holders of rec. May 29a
Canadian Western Natural Gas. Light.
150. July 15 Holders of rec. June 30
Memphis Natural Gas, corn. (quar.)...
Heat & Power, pref. (quar.)
•81.50 June 1 *Holders of rec. May 15
Preferred (quar.)
$1.75 July 1 Holders of rec. June 20
Preferred (extra)
.2503. June 1 *Holders of rec. May 15
July 1 *Holders of roe. May 29
- 411
Cent. Arkansan Pub.Serv.Corri-Pf.(411.) 154 June 1 Holders of rec. May 15a Metropolitan Edison, corn. (guar.).
*51.75 July 1 *Holders of roe. May 29
57 preferred (guar.)
Central Gen dr Elec., $6.50 pref.(quar) 51.825 June 1 Holders of rec. May 18
$6 preferred (quar.)
*51.50 July 1 *Holders of roe. May 29
Central Ills. Pub. Serv.,8% pref.(qu.). '11.1 July 15 *Holders of rec. June 30
.51.25 July 1 *Holders of roe. May 29
$5 preferred (guar.)
.51.50 July 15 *Holders of rec. June 30
$6 preferred (Qual.)
Middle Western Telephone, cl. A (altar.) '4354o June 15 *Holders of roe. June 5
Central Indiana Power, pref.(quar.)-134 June 1 Holders of rec. May 20
•1
Middlesex Water (quar.)
June 1 •Hioders of roe. May 22
Cent. Miss. Val. El. Prop., pref. (qu.)
*154 June 1 *Holders of reo. May 15
Nildland United Co., common (quar.).. /14 June 24 Holders of roe. June 1
Central Public Serv. Corp., cl. A (guar.) 14334 c June 15 Holders of rec. May 26
Prof A (cash or 1-40th share corn.stk.)
750. June 24 Holders of roe. June 1
.
$7 preferred (quar.)
$1.75 July 1 Holders of roe. June 11
Milwaukee Elec. Ry & Light
$8 preferred (quar.)
$1.50 July 1 Holders of rec. June 11
7% preferred (series 1921)
*1.34 June 1 *Holders of tee. May 15
$4 preferred (qual.)
51
July 1 Holders of rec. June 11
•134 June 1 *Holders of roe. May 15
6% Preferred (series 1921)
Central statrs
July 1 Holders of reo. ,,,, 5
o. own.(In corn stk ) fo
Monongahela West Penn Public Service
7% preferred (qual.)
154 July I ifokierg of roe June 5
7% preferred (quar.)
43340. July 1 Holders of roe. June 15
8% preferred (quar.)
114 July 1 Holders of ree.
.
080. June 1 *Holders of roe. May 18
Mutual Telep. (Hawaii) (monthly)....
Cony. pref. opt. series, 1928 (guar.).-(0) July 1 Holders of roe. June 5
June 5
National Power & Light, dun.(guar.)
25e June 1 Holders of rec. May ea
Cony. Prof. opt. series. 1929(quar.)
(0) July 1 Holders of rec. June 5
400. June 15 Holders of tee. May 27
National Public Service. corn. A (guars).
Chade (Compania Hispano-Americans
Common B (quar.)
40o. June 1 Holders of rec. May 11
Electricidad, series A, B and C
'folders of coup. No. 20
(r)
8734c June 1 Holden of rec. May 11
$3.50 preferred (guars)
Series D and E
(z)
Holders of coup. No.
$3 preferred (quar.)
.750. June 1 *Holders of roe. Maydll
4
Series E, American shares
(r) June 4 Holders of rec. May 20
Nebraska Power, 7% pref. (guars)
134 June 1 Holders of reo. May 15
Chicago Rapid Tr., pr. pref. A (mthly.) .65c. June 1 *Holders of roe. May 28
19
6% preferred (quar.)
134 June 1 Holders of reo. May 15
Prior pref. series B (monthly)
•60c. June 1 *Holders of rec. May
19
New Brunswick Power, 1st pref
*51
June 1 *Holders of reo. May 20
Chle. South Shore & South Bend RR
New England Public Service
Preferred A (guar.)
134 June 1 Holders of rec. May 15
*$1.75 June 15 *Holders of roe. May 29
$7 prior lien pref. (quar.)
Cities Service, Bankers shares (mthly)*2 0.085e June 1 *Holders of roe.
May 15
•51.50 June 15 *Holders of roc. May 29
$6 Prior lien pref. (quar.)
Cities Service Pow & LA. $7 Pt (mthly.) 58 1-30 June 15 Holders Of roe. June
June 30 Holders of rec. June 10
$6 preferred (monthly)
500. June 15 Holders of rec. June la New England Telep. & Telef.(guar.).
- 2
41 2-3e June 15 Holders of ree. June la N. J. Power & Light, $6 Pref.(quar.)... *51.50 July 1 *Holders of rec. May 29
$5 preferred (monthly)
*51.25 July 1 *Holders of roe. May 29
$5 preferred (quar.)
Citizens Gas (Indianapolis) pref. (qu.)_. •154 June 1 *Holders of roe. May lo
New Rochelle Water Co., prof. (quar.).. 14 June 1 Holders of tee. May 20
Cleveland Elea Ilium. pref.(quar.)-it June 1 Holders of roe. May 20
)
Coast Counties Gas & El.. lot pf.(qu.)
June 15 *Holders of rec. May 15a N, Y. Central Electric). Pref.(
guars - •154 July 1 *Holders of roe. May 29
25
N. Y.Power di Light Corp.. 7% Os WO
lit July 1 Holders of roe. June 15
Com'wealth & Sou. Corp,corn.(qual.). 10e. June 1 Holders of roe. May
vs preferred ((mar.)
51.50 July 1 Holders of roe. Juno 15
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 8a
5a N. Y. & Queens Elec. Light & Pow.
Community Wat.Ser., corn.(qu.)(No. 1) 12ri c June 15 Holders of ree.
June
*51.50 June 1 *Holders of reo. June 5.
Common (guar.)
First preferred (qual.)
•51.75 June 1 *Holders of rec. May 1
20
Preferred (quar.)
'13.4 June 1 *Holders of reo. May 22
Compagnie Generale D'Electricite-New York Steam Corp.. corn. (Qual.).. *650. June 1 *Holders of roe. May 15
American dep. res. for A bearer ohs._ (m) June 16•
*51.75 July 1 *Holders of rec. June 15
$7 Preferred (quar.)
' June 1 *Holders of rec.
1 54
Connecticut Light & Power, corn. (1711.)May 15
*51.50 July 1 *Holders of tee June 15
$6 preferred (quar.)
8%% preferred (altar.)
June 1 *Holders of rec. May
North American Co..o (In com.stk ) .
./24 July 1 Holders of reo. June 541
corn.
54% preferred (guars)
June 1 *Holders of reo. May 15
15
Preferred (guar.)
75e. July 1 Holder@ ol rec. June be
Connecticut Power (guar.)
•82
June 1 *Holders of rec.
May 15
North American Edison Co.. prof. MO 51.80 June 1 Holders Of roe. May 158
Connecticut River Power. pref
June 1 *Holders of roe. May
15
Consolidated Gael of N. Y., corn. (guar.) $1
June 15 Holders of roe. May 12a Northern States Power (Wis.). Prefs(gus) 134 June 1 Holders of roe. May 20
Northport Water Works. ord. (ClUar.)-154 July 1 Holders of reo. June 16
'134
'134
*1%
When
Per
Coal. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Northwestern Pub. Serv., 7% pref.(on.) "I% June 1 'Holders of rec. May 20
.154 June 1 *Holders of rec. May 20
6% preferred (guar.)
$1.50 July dl Holders of rec. Juned16
Northwestern Telegraph
Nova Scotia Light & Power, pref.(WO- 134 June 1 Holders of roe. May 16
•114 June 1 'Holders of rec. May 11
Ohio Power Co., pref. ((uar.)
Ohio Public Service, 7% oral.(mthlY.)- 58 1-30 June 1 Holders of rec. May 150
50e. June 1 Holders of rec. May 150
6% preferred (monthly)
V 2-30 June 1 Holders of rec. May 1.5o
5% Preferred (monthly)
58 1-3c July 1 Holders of rec. June 15a
(monthly)
7% Preferred
50c. July 1 Holders of rec. June 150
6% preferred (monthly)
41 2-30 July 1 Holders of rec. June 15a
5% preferred (monthly)
151 June 15 Holders of rec. May 29
Oklahoma Gas dc Electric,6% pref.(qui
1% June 15 Holders of rec. May 29
7% preferred (guar.)
Oregon-Washington Wat. Serv. pr.(qu.) .$1.50 June 1 *Holders of rec. May 15
.32.25 June 1 "Holders of rec. May 15
Otter Tail Power corn. (guar.)
Pacific Northwest Pub. Serv., $6 pf.(qu) "31.50 June 1 *Holders of rec. May 18
*1.11 June 1 *Holders of rec. May 18
second preferred (guar.)
6%
Pennsylvania Gan & Elec.,$7 pref.(au.) *51.75 July 1 *Holders of rec. June 20
"151 July 1 *Holders of rec. June 20
7% Preferred (guar.)
550. June 1 Holders of reo. May 20
Penna.Power Co.. $6.60 pref.
$1.50 June 1 Holders of rec. May 20
(mthly.)$6
preferred (monthly)
$1.75 June 1 Holders of rec. May 20
State Water Corp.. pref. (qu.)Penna.
75c. July 1 Holders of rec. June 12
Pennsylvania Water & Power (guar.)
350. July 31 Holders of rec. July I
Philadelphia Co., corn.(guar.)
$1.75 July 31 Holders of rec. July la
Common old, ($30 Par) ((uar.)
$1.50 July 1 Holders of rec. June la
$6 preferred (guar.)
$1.25 July 1 Holders of rec. June 1
$5 preferred (guar.)
134 June 1 Holders of rec. May 12a
Phila. Suburban Water Co., pref. (qu.)_
Potomac Electric Power.6)4% pref.(qu) el% June 1 *Holders of rec. May 13
*151 June 1 *Holders of rec. May 13
(guar.)
6% preferred
'1)4 June 1 *Holders of rec. May 23
Public Electric Light. pref. ((mar.)
Pub. Sec. Co. of Col.. 7% pf.(mthly.) 581-30 June 1 Holders of rec. May 15
50o. June 1 Holders of rec. May 15
6% preferred (monthly)
41 2-30 June 1 Holders of reo. May 15
5% preferred(monthly)
58 1-3c July 1 Holders of rec. June 15a
7% preferred (monthly)
500. July 1 Holders of the. June 15a
6% preferred (monthly)
41 2-30 July 1 Holders of rec. June 15a
5% Preferred (monthly)
85e. June 30 Holders of rec. June la
of N. J., com.(guar.)Pub. Sent. Co.
June 30 Holders of rec. June la
2
8% preferred (guar.)
I% June 30 Holders of rec. June la
7% preferred (guar.)
$1.25 June 30 Holders of rec. June la
$5 preferred (guar.)
1% June 30 Holders of rec. June 1
Public Seer. Elec. & Gas,7% pf. 0111.5
13.4 June 30 Holders of rec. June I
6% preferred (guar.)
'1)4 July 1 *Holders of rec. June 19
Queensboro Gas & Elec.. 6% pf. (qu.)
Rochester Central Power, 6% pf. (qu.) •114 July 1 "Holders of rec. May 29
Rochester Gas & Electric Corp.
"111 June 1 *Holders of rec. Apr. 30
7% preferred B (guar.)
•134 June I *Holders of rec. Apr. 30
6% preferred series C (guar.)
•151 June 1 *Holders of rec. Apr. 30
6% Preferred series I)(quar.)
11
roe.
Seaboard Public Service,$6 pref.(guar.) $1.50 June 1 Holders of rec. May 11
May
81340. June 1 Holders of
$3.25 pref.(guar.)
Shenango Valley Water, pref. (quar.)_ _ "114 June 1 *Holders of reo. May 20
June I *Holders of roe. May 15
*2
Somerset Union & Middlesex Lighting
Southern Calif.Edison
431(c June 15 Holders of reo. May 20
7% preferred. series B (quar.)
37540 June 15 Holders of rec. May 20
6% preferred, series B (guar.)
of rec. May 29
Southern Colorado Power,7% pf.(au.). 1)4 Juno 15 Holders of
20
Springfield City Water, pref. A (quar.)-- es1.75 July 1 'Holders of rec. June 20
rec. Sept.
*31.75 Oct. 1 *Holders
Preferred A (guard
June 15 Holders of rec. May 290
Standard Gas & Elec.. $4 pref. (guar.)._ $1
50c. June 1 Holders of ree. May ii
Standard Pr. & Lt., eon,& corn. fr (qtr.)
Holders of reo. June 15
Tenn. Elec. Power Co.,5% 15t pfd.(gu.) 134 July I
1)4 July 1 Holders of rec. June 15
6% first preferred ((uar.)
134 July I Holders of rec. June 15
(guar.)
7% first preferred
1.80 July 1 Holders of rec. June 15
7.2% first preferred (guar.)
50c. June 1 Holders of rec. May 15
6% first preferred (monthly)
50c. July 1 Holders of rec. June 15
6% first preferred (monthly)
60e. June 1 Holders of rec. May 15
7.2% first preferred (monthly)
60o. July 1 Holders of reo. June 15
7.2% first preferred (monthly)
'
*$1.75 June 1 "Holders of rec. May 20
Terre Haute Wat. Wks. Corp.. Pf.
•11( June 1 *Holders of rec. May 21
Texas Utilities, pref. (guar.)
•31.50 June 1 "Holders of rec. May 15
Tide Water Power,$6 pref.(guar.)
Holders of rec. May 150
Toledo Edison Co.,7% pref.(mthly.)- 58 1-30 June 1
500. June 1 Holders of rec. May 150
6% preferred (monthly)
41 2-3c June 1 Holders of rec. May 150
5% preferred (monthly)
*160. June 1 *Holders of roe. May 14
Tri-State Tel. & Tel.. pref. (guar.)
250. June 10 Holders of rec. May 30
Union Natural Gas (Canada) (quar.)
18%0 July 1 Holders of rec. June 5a
United Corporation, common (guar.)
75c. July 1 Holders of rec. June da
(guar.)
Preferred
$1•75 June 1 Holders of rec. May 16
United Gas Corp.$7 pref.(guar.)
- 30o. June 30 Holders of rec. May 29a
United Gas Impt., common (guar.).
$1.25 June 30 Holders of rec. May 290
$5 preferred (guar.)
I 'Holders of rec. May 15
United Lt. & Rye.,7% pr. pfd.(mthly)'58 1-30 June 1 *Holders of rec. May 15
*53c. June
6.36% prior pref.(monthly)
*50c. June 1 "Holders of rec. May 15
6% prior pref. (monthly)
Holders of rec. May 250
Virginia Elec. & Power,$6 pref.(guar.)- $1.50 June 20 *Holders of rec.
May 16
.1% June 1
Washington R.& Elec., corn. (qua?.)... 1
*154 June 1 "Holders of rec. May 16
Preferred (guar.)
"Holders of rec. May 25
Washington Water Power.$6 pf. (au.).- •11.50 June 15 Holders of rec. May 15
134 June 1
West Ohio Gas Co., pref.(guar.)
of reo
Western Continental UHL.corn. A (qu.)' 83251 e June 1 *Holders of rec. May 9
May 8
Wheeling Electric Co.. 6% pref. (guar.) •134 June 1 *Holders of rec.
May 20
pref. (au.). $1.50 JUDO 1 Holders
Williamsport Water Co.. $e
20 Holders of rec. May 29
Wisconsin Public Service, 7% Prof. ((iu.) 134 June
1.11 June 20 Holders of reo. May 29
Preferred (guar.)
6)4%
11( June 20 Holders of roe. May 29
a% preferred (guar.)
OM)
Trust Companies.
Continental Bank & Trust (guar.)
Irving (guar.)
300. June 15 Holders of rec. June 5
400. July 1 Holders of rec. June
Insurance.
North River Ins.(guar.)
Quarterly
50o. June 10 Holders of reo. June I
50c Sept.10 Holders of reo. Sept. 1
Miscellaneous.
*50o June' 1 "Holders of reo. May 15
Abbott. Dairies, common (guar.)
'1% June, 1 *Holders of reo. May 15
First and second pref. (guar.)
25o June 30 Holders of rec. June 130
Adams Express, common (quar.)
114 June 30 Holders of rec. June 13a
Preferred (guar.)
Admlnistrative & Research Corp
100. June 1 Holders of rec. May 18
Class A & B (extra)
1% July 1 Holders of rec. June 15
Aetna Rubber, pref. (qUar.)
114 July 2 Holders of rec. June 15
Agnew Surpass Shoe Stores. pf.
*150. June 18 'Holders of rec. May 30
Allegheny Steel, com.(monthly)
•11( June I *Holders of roe. May 50
Preferred ((uar.)
•114 Sept. 1 *Holders of reo. Aug. 15
Preferred (guar.)
'134 Dee. 1 *Holders of rec. Nov.13
Preferred (guar.)
.114 June I Holders of rec. May 20
Alliance Realty Co., preferred (Quar.)-15.4 Sept. 1 Holders of tea. Aug 20
Preferred (guar.)
134 Dec. 1 Holders of reo Nov. 20
16
Preferred (guar.)
(quar.)_ '87340 July 1 *Holders of reo. June 29
Allied Laboratories. cony. Pref.
•37510 June 15 'Holders of rec. May
Aluminum Industries (guar.)
•114 June 1 'Holders of roe. May 15
15
Aluminum, Ltd. pref. (guar.)
com.(qu) •500. June 30 *Holders of rec. June 15
Aluminum mantifactures. Inc.,
•500. Sept.10 *Holders of reo. Sept.
Common (guar.)
Dec. 31 *Holders of reo. Dec. 15
•500.
Common ((uar.)
'1)4 June 30 "Holders of rec. June 15
Preferred (guar.)
•134 Sept.30 "Holders of rec. Sept. 15
Preferred (guar.)
*1% Dee. 31 'Holders of rye. Doe. 15
Preferred (guar.)
•750. June 1 *Holders of reo. May 20
20a
American Arch (guar.)
13.4 June 30 Holders of reo. June
American Chain,7% pref.(guar.)
*50e. July 1 *Holders of rec. June 12
12
•
American Chicle (attar.)
"25e. July 1 *Holders of rec. June 12
Extra
20e. June 30 Holders of reo. June
Amer. Colortype. common (guar.)
•1- June 1 "Holders of reo. June 12
%
Preferred ((uar.)
June 1 *Holders of roe. May 20
'2
20
American Dock Co., pref. (guar.)
250. June 1 Holders of rce. May 25
Amer. Electric Secur., pref.(bl-monthly)
- June 1 *Holders of rec. May
American Envelope. 7% Pref. (guar.)- - •1n Sept. I *Holders of roe. Aug. 25
•
.
017a
Nov.25
7% preferred (guar.)
el% Dec. 1 *Holders of reo.
7% preferred (qual.)
[Tot. 182.
FINANCIAL CHRONICLE
4004
Nam,of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*15e. June 10 *Holders of reo. May 30
American Factors, Ltd. (monthly)
Amer. dr General Securities Corp.
1210. June 1 Holders of reo. May 15
Common A (guar.)
75o. June 1 Holders of rec. May 15
$3 Mat preferred (guar.)
35o. June 1 Holders of rec. May 14a
Amer. Home Products (monthly)
I50. June 1 Holders of reo. May 20
American Invest., class B (guar.)
reo. May 20
Amer. Laundry Mach'y, corn. (quar.).... *50c. June 1 *Holders of rec. June 150
25c. June 30 Holders of
American Locomotive, common (guar.).
June 30 Holders of reo. June 12a
1.1(
Preferred (guar.)
July 1 Holders of rec. June 15
Amer. Manufacturing Co., eom. (guar.) 1
Oct. 1 Holders of rec. Sept.15
1
Common (guar.)
Dec. 31 Holders of rec. Dec. 15
I
Common (guar.)
13.4 July I Holders of too. June 15
Preferred (guar.)
154 Oct. I Holders of rec. Sept. 15
Preferred (guar.)
I% Dec. 31 Holders of roe. Dec. 15
Preferred (guar.)
154 June 1 Holders of rec. May 210
American Metal, pref. (guar.)
•50o. June 15 *Holders of reo. June 1
American National Finance, prof
American Optical Co., 1st prat (qua?.). 1% July 1 Holders of Teo. June 20a
134 Oct. 1 Holders of coo. Sept. 190
Fleet preferred (glue.)
134 Dee. 31 Holders of rec. Dee. 200
First preferred (guar.)
Amer. Pneumatic Service, 1st pref.(qu.)'8751c June 30 *Holders of rec. June 20
Am. Radiator dr Stand. Sanitary Corp.,
150. June 80 Holders of rec. June 110
Common (guar.)
114 June 1 Holders of rec. May 150
Prefererred (guar.)
Amer.Smelting & Refg.,pref (guar.)--- 134 June 1 Holders of reo. May 8a
1)4 June 1 Holders of rec. May 80
6% second preferred (guar.)
500. July 1 Holders of roe. June 15a
American Stores Co.(guar.)
134 July 2 Holders of rec. June 5a
Amer. Sugar Refg., com.(guar.)
134 July 2 Holders of reo. June 5a
Preferred (guar.)
June 30 Holders of reo. June 13a
$1
Amer. Surety Co. (quar.)
1254c July 1 Holders of rec. May 300
American Thread, preferred
Scorn. B (au.) $1.25 June 1 Holders of roe. May 90
American Tobacco. corn.
of rec. May
Amer. Utilities & Gen'I Corp., el. A (qu.) 3234e June I Holders of rec. May 18
18
750. June I Holders
Preferred (guar.)
•25e. June 15 *Holders of rec. May 15
American Yvette, com.(No. 1)
3 *Holders of rec. June 20
"$1.50 July
Amoskeag Company, common
*32.25 July 3'Holders of roe. June 20
Preferred
*234 June 1 *Holders of roe. Apr. 29
Angio-Scottish Invest. Trust, Ltd
I% July 1 Holders of reo. June 10a
Armour & Co.(of Del.), pref. (quar.)_
dr 2d pf. (qu.)_ "I% July 1 'Holders of rec. June 20
Arnold Print Works, 1st
*8714e June 1 *Holders of rec. May 20
Participating preferred (guar.)
June 1 Holders of rec. May 154
1
Artloom Corp.. pref. (guar.)
•400. June 1 'Holders of rec. May 15
Associated Co.(N. J.)
134 June 1 Holders of reo. May 80
Associated Dry Goods, 1st pref. (qua?.)..
134 June 1 Holders of rec. May 8a
Second preferred (guar.)
June 30 Holders of rec. June 20
Associate i Investments Co.. corn. (411.)- $1
114 June 30 Holders of rec. June 20
Preferred (guar.)
pf.(qu.) 134 June 30 Holders of reo. June 100
Atlantic Gulf& W.1.S.8.Lines,
154 Sept. 30 Holders of tee. Sept.10a
Preferred (guar.)
151 Dec. 30 Holders of roe. Dee. las
Preferred (guar.)
25o. June 15 Holders of roe. May 21a
Atlantic Refining, com. (guar.)
75e. June 1 Holders of rec. May 15
Atlantic Securities Corp., pref.(guar.)
$1 June 10 Holders of roe. May 29a
Atlas Powder, com.(guar.)
250. June 1 Holders of reo. May 18a
Atlas Stores Corp..corn. (qual.)
750. June I Holders of reo. May 20
Atlas Utilities, $3 pref. (guar.)
((uar.). *50o. June 1 *Holders of rec. May 20
Automotive Gear Works, com.
•41 Ho June I 'Holders of roe. May 20
Preferred (quar.)
1% July I Holders of reo. June 204
Babcock & Wilcox Co.(guar.)
of rec. June IS
Balaban & Kate Corp.. cam.(quar.)..- •750. June 27 *Holders of ree. June 15
•114 June 27 *Holders
Preferred (guar.)
"750. June 1 *Holders of reo. May 20
Chain
Baldwin-Duckworth
"37510 June 30 *Holders of rec. June 20
Baldwin Rubber, class A (guar.)
rec. May 130
kramberger (L.) & Co.. 655% prof. (th.) 134 June 1 Holders of
America
Bankers Investment Trust of
•15o. June 30 *Holders of roe. June 15
Debenture stook (guar.)
•15o. Sept.30 *Holders of reo. Sept.15
Debenture stook (guar.)
•150. Dec. 81 *Holders of roe. Dee. 15
Debenture stock (guar.)
•50c. June I "Holders of roe. May 15
Bastian-Blessing Co. ((uar.)
el. A (411.)- *25e. June 1 'Holders of roe. May 18
Beacon Participations, Inc.,
•250. June I *Holders of rec. May ao
Beaton & Caldwell Mfg.(monthly)
•250. July 1 *Holders of reo. June 30
Monthly
750. July 1 Holders of reo. June 120
Beech-Nut Packing. corn.(guar.)
30
- 134 June 15 Holders of rec. May 250
Belding Corticeill, Ltd., pref. (guar.).
500. June 15 Holders of reo. May
& Co.(quar.)
Best
Aug. 15 Holders of rec. July I80
$1
Bethlehem Steel, corn.((mar.)
13.4 July 1 Holders of reo. June Sc
Preferred (guar.)
June 1 "Holders of rec. June 1
*3
Bigelow Co., pref
"134 June 1 'Holders of reo. May 15
Blaney-Murphy Co., pref. (guar.)
37140 June 2 Holders of reo. May 18a
Blaw-Knox Co, com. (guar.)
Bliss (E. W.) Co.July 1 Holders of reo. June 20
stoek)_ _ 12
_
00Dimon(Payable in common
Oct. 1 Holders of rec. Sept. 20
12
Ammon(Payable in common stosk)- •3755o Aug. 15 *Holders of reo. Aug. 10
,
'
Bloch Bros. Tobacco, com.(guar.)
•3754c Nov. 16 'Holders of roe. Nov. 10
Common (guar.)
•154 June 30 *Holders of reo. June 24
Preferred (guar.)
•154 Sept.30 "Holden of rec. Sept.24
Preferred (guar.)
•154 Dec. 31 "Holders of reo. Dee. 24
Preferred (guar.)
Blue Ridge Corp.
I Holders of reo. May 5
Convertible pref. (set. 1929) (guar.). k75c. June 1 Holders of rec. Jute 15a
Bohn Aluminum dr Brass, corn. (guar.). 37.510 July
June 1 Holders of reo. May 15a
75o.
Borden Company.corn.(guar.)
*50c. June 1 *Holders of rec. May 15
Boston Ground Rent Trust (guar.)
33.4 June 30 Holders of roe. June I
Boston Wharf
•25e. June I *Holders of roe. May 15
Bower Roller Bearing (guar.)
"Holders of rec. May 15
Brach (E. J.) & Sons, common (quar.)_. $50e. June 1 'Holders of rec. May 25
*134 June 1
Bradley Knitting, 1st pref. (guar.)
of rec. June 1
Brandram -Henderson,Ltd., prof.(guar.) m 54 July 1 'Holders
81 June 1 *Holders of roe. May 20
Brennan Packing elan A (guar.)
Sept. 1 *Holders of roe. Aug, 20
1$1
.
Clans A (guar.)
Dee. 1 "Holders of rec. Nov.20
*V
Class A (guar.)
"25e. June I *Holders of reo. May 20
Class B (guar.)
•25e. Sept. 1 *Holders of reo. Aug. 20
Class B (guar.)
•250. Doe. 1 "Holden of rec. Nov.20
Clans B (guar.)
"1% June 1 *Holders of roe. May 19
Brill Corporation, pref. (guar.)
200. Ally 2 June 14 to July 1
British American Oil, reg. shares
200. July 2 Holders of coup. No. 5
Coupon shares
British-Amer. Tobacco, ord. reg. stock
(q) June 30 See note (q).
(interim) A (guar.)
(q) June 30 Hold. of coup. No. 140
Ordinary coupon stock (interim)
9o. June 1 Holders of me. May 1
British Type Investors,Inc. A (bi-mthly)
British United Share Mach'y. Ltd
*714 June 6'Holders of roe. May 22
Amer. dep. rots, for ord. reg. shares
15c. June 1 Holders of reo.May 150
Brown Fence & Wire, class B (guar.)_ _ _
1300. June 1 Holders of rec. May 150
Preferred A (guar.)
75c. June 1 Holders of rec. May 20a
Brown Shoe,common (guar.)
$1
June 15 Holders of reo. Apr. 27
Buckeye Pipe Line (guar.)
25e. July 1 Holders of the. June 180
Bucyrus-Erie Co., corn. (guar.)
13.4 July 1 Holders of reo. June I8a
7% preferred (guar.)
6234c. July 1 Holders of ree. June 181
Convertible pref.(guar.)
250. June 30 Holders of rec. June 101
Budd Wheel, common (guar.)
13.4 June 30 Holders of rec. June 101
Participating preferred (guar.)
75c. June 30 Holders of reo. June 100
Participating pref. (extra)
50o July 2 Holders of rec. June 15
Building Products, Ltd., el. A (qu.)
87,,c June 1 Holders of rec. May 15a
Bulova Watch. pref.(guar.)
.31 July 1 *Holders of reo. June 15
Burger Bros., 8% pref. (guar.)
81 July 1 *Holders of reo. June 15
8% preferred ((uar.)
•31 Oct. 1 *Holders of reo. Sept. 15
8% Preferred (guar.)
Burmah 011, Ltd.
Am,dep. receipts for ord. reg.shs._ _ _ 1234 June 18 'Holders of reo. May 20
114 July 1 Holders of reo. June 15a
Burns Bros., pref. (guar.)
hl% June 15 Holders of rec. May 29a
Preferred (acct. accum. diva.)
25e. June 5 Holders of roe. May ha
Burroughs Adding nlachlne (quar.)
*8751e July 1 *Holders of roe. June 16
Cal. Ital Corp., 7% pref.(No. I)
50e. June 15 Holden' of rec. May 290
California Packing ((uar.)
2e. June I Holders of roe. MAY 15a
Campbell, Wyant & Cannon Fdy.
134 June 30 Holders of rec. May 30
Canada Cement, pref. (guar.)
June 15 Holders of rec. MAY 81
- $I
Canada Wire dr Cable, claw A (guar.)
Sept.15 Holders of reo. Aug. 81
$1
Class A (guar.)
Dec. 16 Holders of ree. Nov.30
81
Cla A (guar.)
4334c June 15 Holders of the. May 31
Class B (guar.)
134 June 15 Holders of rec. May 31
Preferred (guar.)
MAY 30 1931.]
Naas of Company.
When
Per
Cent. Payable.
Books Closed.
Days Imitates.
Miscellaneous (Continual).
Canada Paving & Supply, let pref.(0.u.) 131 June 1 Holders of rec. May 150
3
July 2 Holders of rec. June 15
Canada Permanent Mtge.(quar.)
40o. June 1 Holders of rec. May 15
Canada Vinegars (quer.)
1254c. July 2 Holders of rm. June 15
Canadian Canners, corn. (quar.)
20c. July 2 Holders of rec. June 15
Convertible preferred (quar.)
114 July 2 Holders of rec. June 15
First preferred (quar.)
44e. May 30 Holders of rec. May 15
Canadian Car dr Fdy., old. (qUar.)
440. July 10 Holders of rec. June 25
Preferred (quar.)
1)4 July 4 Holders of rec. June 20
Canadian Cottons. Ltd., pref. (qu.)
Canadian Fairbanks-Morse corn. (quar.) *50c. June 15 "Holders of roe. May 30
June 1 Holders of rec. May 15
Canadian Int. Invest. Tr.5% Pt.(qu.)_
2
July 1 Holders of rec. June 20
CanadianOil, preferred (guar.)
50e. June 1 Holders of rec. May 15
Carman & Co., class A (quar.)
•114 July 1 "Holders of roe. June 20
Carnation Co., pref.(quar.)
•114 Oct. 1 'Holders of roe. Sept. 20
Preferred (quar.)
el% Jan 2'32 "Holders of rec. Dee. 21
Preferred (guar.)
134 June 15 Holders of rec. June 10
Carter (Wm.) Co., pref. (quar.)
1% July 1 Holders of rec. June 12
Case (J. I.) Co.. cam. (Qum.)
134 July! 1 Holders of rec. June 12
Preferred (quar.)
"540. June 1 'Holders of rec. May 21
Central Manhat. Prop.. el. A (au.)
"1.5c. June 1 *Holders of rm. May 25
Central States Invest. Tr.(guar.)
•37;4c June 1 'Holders of rec. May 25
Preferred A (guar.)
lat. Aug. 15 Holders of ree. Aug
Centrifugal Pipe (quar.)
15e. Noy. 16 Holders of roe. Noy. 8
Quarterly
OM. 21
2
Century Co
Century Ribbon Mills. pref. (quar.)-- 134 June I Holders of me. May 20a
•131 July 1 *Holders of rec. June 20
Champion Fibre, 1st pref.(qua:.)
Chartered Invaders, Inc. $5 Pt.(quar.)- *51.25 June 1 *Holders of rec. May 1
*114 July 1 *Holders of ree. June 20
Chatham Mfg.7% pref.(quar.)
•114 Oct. 1 *Holden of rm. Sept. 20
7% preferred (qua:.)
•114 July 1 *Holders of roe. June 20
6% preferred (guar.)
•114 Oct 1 *Holders of roe. Sept.20
6% Preferred (quar.)
al
June 30 Holders of rec. June 90
Chesebrough Mfg. Con.sol. (quar.)
50e. June 30 Holders of rec. June 90
Extra
*75c. June 1 'Holders of rec. May 20
Chicago Investors, pref. (quar.)
250 June 1 Holders, of rec. May Las•
Chicago Yellow Cab (monthly)
*250. July 1 *Holders of rec. June 19
Monthly
*250. Aug. 1 'Holders of rec. July 20
Monthly
"25e. Sept. 1 "Holders of rec. Aug. 20
Monthly
60o, June 10 Holders of rec. May 22a
Childs Company,common (quar.)
Preferred (guar.)
114 June 10 Holders of rec. May 22a
3714c June 29 Holders of rec. June 5a
Chile Copper Co.(quar.)
*35e. Aim. 15 'Holders of rec. Aug. 1
Churngold Corp.(guar.)
•
35e. Nov. 18 *Holders of rec. Nov. 1
Quarterly
Cincinnati Advertising Products ((Mar.) "75e. July 1 *Holders of roe. June 20
.
75e. Oct. 1 *Holders of roe. Sept. 19
Quarterly
"75o. Jan 1'32 'Holders of rec. Dee. 19
Quarterly
•
3
Sept. 15 'Holder, of rec. Sept. I
Cincinnati Land Shame
Cincinnati Rubber Mfg.. 8% pref.(qu.) •114 June 15 *Holders of roe. June 1
•114 dept. 15 *Holders of roe. Sept. 1
6% preferred (qua:.)
"114 Deo. 15 "Holders of roe. Dee. 1
6% preferred (quar.)
•$1 June 15 "Holders of rec. June 6
Cincinnati Tob. Warehouse (annual)__
2%0. June 1 Holders of rec. May 15a
Cities Service, common (monthly)
.
Corn. (payable In corn, elk.) (rattily.) 1 14 June 1 Holders of rec. May 15a
50. June 1 Holders of rec. May 154
Preference 13 (monthly)
50e. June 1 Holders of rec. May 15a
Preferred and pref. BB (monthly)..
214e. July 1 Holders of roe. June 15a
Common(monthly)
Corn.(payable In corn,stock)(mthly.) f35 July 1 Holders of rec. June 15a
5o. July 1 Holders of rec. June I50
Preference 13 (monthly)
50e. July 1 Holders of roe. June 15a
Preferred and pref. BB (monthly)- "500. June 1 'Holders of rm. May 25
Citizens Finance Co., Lowell, el. A
"51
June 1 *Holders of rec. May 25
8% preferred (guar.)
City Ice Co.(Kansas City). prof.(q11.)-- •111 June 1 *Holders of rec. May 15
City Ice & Fuel. common (quar.)
906. May 30 Holden' of rec. May 15a
(134% preferred (quar.)
134 June 1 Holders of rec. May 15a
•
25e. July 15 *Holders of rec. June 30
City Union Corp., corn.(guar.)
•250. Oct. 15 "Holders of rec. Sept. 30
Common (qua:.)
•25o. Jan 1511 *Holders of rec. Dec. 31
Common (qua:.)
50e. June 15 Holders of rec. May 29a
Clark Equipment CO.,corn.(quar.)
Preferred (guar.)
51.75 June 15 "Holders of rec. May 29
•
75e. June 1 Holders of rec. May 150
Cleveland Quarries (quar.)
July 1
Clifton Manufacturing
$2
Coca Cola Bottling (quarterly)
250. July 15 Holders of rec. July 3
Quarterly.
25e Oet. 15 Holders of rm. Oet
Coen-Cola Co., coin.(quar.)$1.75 July 1 Holders of rec. June 12a
Common (extra)
25e July 1 Holders of rec. June 120
Class A
$1.50 July 1 Holders of rm. June I2a
Collins & Aikman Corp. pref.(quar.)
114 June 1 Holders of rec. May 150
'3
Juno 1 *Holders of roe. May 31
Columbia Bldg. & Loan Assn
'
75e. June 2 Holders of rec. May 190
Columbia Pictures, pref. (quar.)
60o. June 1 Hoidens of roe. May 15a
Columbus Auto Parts. pref.(quar.)
50e. July 1 Holders of rec. June 50
Commercial Invest. Trust, corn. (qu.)
7% first preferred (quar.)
131 July 1 Holders of rec. June 5a
114 July 1 Holdna of rec. June 50
634% first preferred (quar.)
Cony. pref. opt, series of 1929 (quar.) n31.50 July 1 Holders of rm. June 5a
25e. June 30 Holders of roe. June 10a
Commercial Solvents,corn.(guar.)
*50o. June 15 *Holders of rec. May 29
Compressed Industrial Gases (quar.)
Congoleurn-Nairn, Inc., pref.(quar.)
*1.34 June 1 'Holders of rec. May 15
*4
June 1 'Holders of rec. Apr. 30
Conservative Credit System, pref
,
Consolidated Cigar Corp., pref. (quar.). 131 June 1 Holders of me. alas 15e
*10c. June 1 *Holders of rec. May 21
Consolidated Paper, corn. (quar.)
750. June 1 Holders of ree. May 15
Continental Chicago Corp., pref.(qu.)
(No. 1) $1.25 June 1 Holders of rec. May 15
Continental Sec. Corp.,pret.(qu.)
50c. June I Holders of roc. May 20
Como Mills (guar.)
A% June 20 Holders of rec. May 21
Corporation Securities Co., corn. OW
*25c. June 15 *Holders of roe. June 1
Crane Co., corn. (quar.)
"1.14 June 15 "Holders of rec. June 1
Preferred (quar.)
60e. June 18 Holders of roe. May 29a
Crown Cork & Seal, common (quer.).
68e. June 15 Holders of roe. May 29a
Preferred (quar.)
July 1 Holders of rec. June 13
Crown Willamette Paper, let pref. (qu.) $1
Crown Zellerbach Corp., pt. A & B (qu.) •75c. June 1 *Holden of rec. May 13
75c. June 1 Holders of roe. May 8
Crow's Nest Pass Coal
114 June 30 Holders of rec. June 15a
Crucible Steel, pref. (quar.)
June 30 Holders of rec. June 20
2
Crum & Forster, pref. quar.)
'
31-4 Aug. 3 *Holders of rm. Alto 3
Crunden-M artIn 11fg
50e. June 15 Holders of rec. May 29
Cumberland Pipe Line (quar.)
•134 June 15 *Holders of rec. June 1
Onneo Preen, preferred (Guar.)
Curtis Publishing, corn. (monthly)_--- 33 1-3e June 2 Holders of rec. May 20a
51.75 July 1 Holders of rec. June 20a
Preferred (guar.)
June 1 "Holders of rec. May 15
*51
Cushman's Sons, Ins., corn. (quar.)
111 June 1 Holders of rec. May 15a
7% preferred (quar.)
June 1 Holders of rec. May 15a
2
$8 preferred (quar.)
June 1 'Holders of rec. May 20
Daniels & Fisher Stores, 6S4% pf. (qu.)_
June 1 'Holders of rec. May 18
Dartmouth Mfg.,corn.(quar.)
*1
"114 June 1 "Holders of rec. May 18
Preferred (quar.)
*576. June 15 "Holders of rec. May 30
David dr. Frere. Ltd.. class A (quar.)•114 July 1 'Holders of ree. June 20
Davidson Co., pref. (Guar.)
Preferred (quar.)
•114 Oct. 1 *Holders of roe. Sept. 20
•134 Jan 1'32 *Holders of recs. Dee. 20
Preferred (quar.)
Decker (Alfred) & Cohn. pref. (quar.)- •134 June 1 *Holders of rec. may 20
•144 dept. 1 *Holders of rec Aug 20
Preferred (quar.)
51.50 July 1 Holders of rec. June 15a
Deere & Co., old common (quar.)
300. July 1 Holders of rec. June 15a
New common (quar.)
51.75 June 1 Holders of rec. Slay 15a
Old preferred (quer.)
35e. June 1 Holders of rec. May 15a
New preferred (quar.)
20c. June 1 Holders of rec. May 15
De Forest-Crosby Radio (extra)
July 1 'Holders of rec. June 20
.
$1
Denver Union Stock Yards (quar.)
*134 June 1 •Holdars of rec. Slay 20
Pre erred (guar.)
Detroit Gasket & Mfg.. corn.(ad). div.). "250. June 18 *Holders of rec. June 3
•35e. June 1 *Holders of rec. May 15
Dexter Company (quar.)
Dictaphone Corp., common (anat.).- "50e. June 1 *Holders of rec. May 15
•2
June 1 'Holders of rec. May 15
Preferred (qua:.)
•
250. June 1 *Holders of rec. May 20
Dinkier Hotels. Inc., el. A (quar.)
25e. July 1 Holders of rec. June 20
Distributors Group. Inc. (qua:.)
be lune 1 Holders of rec. May 15
Dr. Pepper Co.. common (guar.)
30e Sept. 1 Holders of rec. Aug. 15
Common (qua:.)
30e BP13 I Holders of rec. Nov. 15
Common (oiler.)
-Casting, 7% prof. (quar.) 8734c. July 1 Holders of rec. June 20
Doehler Die
51.75 July 1 Holders of rec. June 20
$7 preferred (guar.)
75e. Aug. 15 Holders of rec. July 31
Dominion Bridge, corn. (guar.)
75e. Nov. 14 Holders of rec. Oct. 31
Common (quer.)
4005
FINANCIAL CHRONICLE
131
*134
Name of Company.
When
Per
Cent. Payable.
Boots Closed.
Days Inclusive.
Miscellaneous (Continued).
Dominion Textile, Ltd., corn.(guar.)_-- "51.25 July 2'Holders of rec. June 15
•114 July 15 'Holders of rec. June 30
Preferred (qua:.)
•75e. June 1 'Holders of roe. May 21
Dresser(S. R.) Mfg.,class A (guar.)*12 Sic June 1 *Holders of roe, May 21
Class A (extra)
"37;0 June 1 'Holders of rec. May 21
Class 13 (qua:.)
"12140 June I *Holders of rm. May 21
Claes B (extra)
June 1 Holders of roe. May IS.
Si
Drug, Incorporated (guar.)
June 15 Holders of rec. May 28a
DuPont (E.I.)deNord• & Ce-eam'(an.) $1
134 July 25 Holders of rec. July las
Debenture stook (qua:.)
60e. June 1 Holders of rec. Apr. 30
)
Eastern Theatres, Ltd., corn.(quar.
51.75 June 1 Holders of rm. Apr. 30
Eutern UtU. Invest., $7 prof.(quar.)
$1.50 June 1 Holders of res. Apr. 30
$6 preferred (Qum.)
31.25 July 1 Holders of me. May 29
85 Prior pref. (quar.)
July 1 Holders of rm. June 85
Eastman Kodak, corn. (guar.)
75c. July 1 Holders of rec. June 5a
Common (extra)
134 July 1 Holders of rec. June 50
Preferred (guar.)
'Sc. July 1 *Holders of rec. June 10
Ecuadorian Corp., Ltd., ordinary
'334 July 1 *Holders of rec. June 10
Preferred (quar.)
•114 June 15 *Holders of rec. May 30
Edison Bros. Stores, pref.(qua:.)
"37140 June 15 *Holders of rec. May 29
El Dorado Oil Works ((War.)
Electric Shareholdings. $13 prof.(guar.) - 01.50 June 1 Holders of rec. May 5
Electric Storage Battery, corn. & pr.(an) $1.25,July 1 Holders of rec. June 8a
*114 June 1 'Holders of rec. May 21
Electrographic Corp., pref. (qua:.)
Elliott Adding Mach.; 2nd pref. (guar.) *104 June 1 'Holders of rec. May 26
- 1234c. Juno 1 Holders of rec. May 21
Ely-Walker Dry Goods, corn (guar.).
•1475e. June 1 "Holders of rec. Slay 15
Empire Corp.,$3 pref.(quar.)
Employers Grouts Associates(quar.). 25c. June 15 Holders of rec. June 1
Equitable Office Bldg., corn.(quar.)_ -- _ 62340. July 1 Holders of rec. June 15a
IN( July 1 Holders of rec. June 15
Preferred (Qum.)
'52340 June 1 'Holders of rec. May 15
Equity Corp., common
4
.750, July 1 "Holders of rec. June 15
Preferred (guar-)
.16 June 15 'Holders of rec. May 31
1
Equity Savings dr Loan (Cleve.)
"$9 June 15 'Holders of roe. May 31
Extra
June 1 Holders of roe. May 11
$3
Essex Company
Ever
-Ready Co. (Great Britain)
Amer. dep. rcts, for ord. reg. shares.. w"25 June 6 *Holders of rec. May 15
•600. Aug. 15 "Holders of roe. Aug. 5
EwaPlantatlon (qua:.)
June 1 'Holders of rec. May 20
1031
Faber. Coe & Gregg. common
'134 Aug. 1 *Holders of rec. July 20
Preferred (quar.)
*1U Nov. 1 'Holders of rm. Oct. 20
Preferred (guar.)
Feb 1'32 *Hold, of rec. Jan. 20'32
Preferred (guar.)
Fairbanks Morse dr Co.. prof.(Quar.)--- 134 June I Holders of reo. May 12a
Famous Players Canadian Corp.(quar.)509 June 27 Holders of rec. June 5
.
6214e July 1 June 16 to June 17
Faultless Rubber, coin. (guar.)
Federal Compress dr Waren.. corn. (qu.) •40e. June 1 "Holders of roe. Slay 23
134 June 15 Holders of roe. May 25a
Federal Mining dr Smelt., prof. (qua:.)
•16c. June 29 'Holders of rec. June 12
Fifth Avenue Bus Securities (quar.)
Finance Service Co.,
(Balt.)A & B (qua:.) 200 June 1 Holders of roe. May 15
.
1714e June 1 Holders of roe. May 15
Preferred (guar.)
Firestone Tire dr Rubber. pref. (guar.).- 134 June 1 Holders of rec. May 15a
First Holding Corp. (Calif.) pref. (guar.) '134 June 1 *Holders of rec. May 20
6234e July 1 Holders of rec. June 5a
First National Stores, Inc., corn. (qu.)
•114 July 1 "Holders of roe. June 5
First preferred (guar.)
"20e. July 1 'Holders of rec. June 5
8% Preferred (quar.)
First Security Corp.(Ogden) A & B(qu.) •50e. July 1 *Holders of roe. June 20
Fitz Simons & Connell Dredge & Dock
*50o. June 1 "Holders of roe. May 21
Common (guar.)
•131 June 1 *Holders of rec. May 21
Florence Stove, pref. (quar.)
3734e June 1 Holders of me. May 150
Florreaelm Shoe, clam A (Qua:.)
18310 June 1 Holders of rec. May 15
ClassB (quar.)
114 July 1 Holders of rec. June 160
6% preferred (qua:.)
•$1.50 June 15 *Holders of res. May 30
Follansbee Bros. Co., pref.(guar.)
Food Machinery,634% pref.(mthly.)
•80 June 15 "Holders of roe. June 10
!"
•50e July 13 "Holders of roe. July 10
% preferred (monthly)
050e Aug 15 *Holders of rel. Aug. 10
61
4% preferred (monthly)
*Sae dept.15 "Holders of roe Snit.10
64% Preferred (monthly)
Ford Motor of Canada. class A & B
60e June 20 Holders of rec. May 29
Foundation Inv. Co.,6% pf.(quer.)_ - '134 June 15 'Holders of rec. June 1
750 June I Holders of roe. May 15.
Freeport Texas Co.(quar.)
Fuller (George A.) Co., prior pref. (qu.) $1.50 July 1 Holders of rec. June 10a
$1.50 July 1 Holders of roe. June 10a
Second preferred (quar.)
thalami Mercantile Laundry (quar.)..... •8714, June 1 "Holden' of rec. May 15
•13734r Sept. 1 *Holders of roe. Aug. 15
Quarterly
'874° Deer. I "Helder* of rec. Nov. 115
Quarterly
$1.25 June 15 Holders of rec. June 50
Gamewell Co., corn. (qua:)
'$1.50 June 15 'Holders of rm. June 5
Preferred (quar.)
30c. July 1 Holders of rec. June 15
Garlock Packing, corn. (quar.)
•$1.75 June 1 'Holders of roe. May 15
Gates Rubber. Prof.(guar.(
Gen'l Amer. Investors, pref. (guar.).- $1.50 July 1 Holders of rec. June 19a
71e. June 15 Holders of rec. June la
General Asphalt, corn. (qua:.)
50c. July 1 Holders of rec. June 20
General Baking Co., corn, (guar.)
July 1 Holders of rec. June 20
2
Preferred (quar.)
134 June 1 Holders of roe. May 22a
General Cigar. Inc.. pref. (Guar.)
40c. July 25 Holders of rec. June 26a
General Electric, common (qua:.)
150. July 25 Holders of rec. June 260
Special stock (quar.)
25e. June 1 Holders of rec. May 21
General Empire Corp.(quar.)
75e. Juue 12 Holders of roe. May 160
General Motors Corp., corn.(quar.)-- _
$1.25 Aug. 1 Holders of rec. July to
Preferred (quar.)
General Public Service, $6 pref. (quar.)_ "51.50 Aug. I *Holders of rec. July 10
• 51.373 Aug. 1 'Holders of rec. July 10
$5.50 preferred (quar.)
General Utilities, 7% pref. (monthly)_* 58 1-31 June 1 "Holders of rm. May 25
•654 July 1 *Holders of me. June 20
Gibson Art Co., common Guar.)
•65e Oct. 1 *Holders of roe. Sept. 19
Common (guar.)
•65o Janl '32 "Holder/I of roe. Dee 19
Common (quar.)
134 July 1 Holders of rec. June 18a
Glidden Co., prior pref. (quar.)
134 June 1 Holders of rec. May 20
Globe-Democrat Publishing. pref.(qu.)
•25e. July 1 *Holders of roe. June 20
Globe Grain & Milling corn. (Quar.)
'4331c July 1 'Holders of roe. June 20
First preferred (guar.)
*50c. July 1 'Holders of roe. June 20
Second preferred (guar.)
.35e July 2.5 *Raiders of rec. July 7
sainne Knitting Works pref
"Holders of ree. June 15
Goderich Elevator & Trans. (quer.)-- -- •35n. July
•40e. June 10 "Holders of roe. May Si
Golden Cycle Corp. (quar.)
"750. June 3 "Holders of ree. June 30
Goodman Manufacturing (quar.)
Holders of res. June la
Goodyear Tire & Rubber, 1st pf.(MO- 134 July
Holders of roe. May 15
60e. June
Gorham Manufacturing, corn.(qu.)
'Holders of ree. June 20
•75e. July
Gorton-Pew Fisheries (fluor.)
Graham-Paige Motors, 1st pf. (quar.)- *1% July I 'Holders of roe. June 15
4
•121 0 June 3 'Holders of roe. June.20
Grand Rapids Varnish (quar.)
75c. June 1 Holders of me. May 180
Grand Union Co.. Prof.(qua"
25e. July 1 Holders of roe. June 12.
Grant(W. T.) Co.(quar.)
Grant Lunch Corp., corn
• 00. j ly 31 "Holders of rm. June 29
*400 J une 30
2
8% Preferred (quar.)
•200. Sept.30 "Beldam of ree. Sept.30
8% preferred (qual.)
•20c. Dee. 31 *Holders of roe. Dec. 15
8% preferred (qual.)
"$1.50 June 1 'Holders of roe. May 8
Great Atl. & Pac. Tea. corn.(qu.)
'131 June 1 *Holders of res. May 8
First preferred (quar.)
*134 July 1 'Holders of rec. June 25
Great Lakes Transit. pref.(quar.)
June 25 Holders of rec. June 5
$1
Great Northern Iron Ore Properties
•75c. June 1 *Holders of rm. May 20
Great Northern Paper (quar.)
•30c. Aug. 15 *Holders of rec. Aug. 1
Greenway Corp., corn
*300. Aug. 15 'Holders of rec. Aug. 1
Common B
*51.50 Aug. 15 "Holders of roe. Aug. 1
Participating preferred
•50e. Aug. 15 'Holders of rec. Aug. 1
Participating preferred (extra)
•50e. June 1 *Holders of res. May 20
Gruen Watch,coin.(qua:.)
'131 Aug. 1 "Holders of roe. July 29
Preferred (quar.)
25e. July 1 Holders of rec. May 20a
Habirshaw Cable & Wire (quar.)
•250. June 1 *Holders of Tee. May 15
Hale Bros. Stores (quar.)
Hamilton Unit. Theatres, Ltd.. pfd.(qu.) 114 June 30 Holders of rec. May 30
1% June 1 Holders of rm. May 90
Hamilton Watch. preferred (qua:.)
Hancock Oil of Calif. (Del.) A&B (qu.)_ •15o. June 1 *Holders of rm. May115
$1.75 June 20 Holders of roe. Juno So
Hanna (M. A.) Co.. prof. (quar.)
50c. June 1 Holders of roe. May 224
Harblson-Walker Retrac., corn.(Qum.).
11
4 July 20 Holders of roe. July 104
Preferrea (qua:.)
"114 July 1 'Holders of rec. June 15
hr(qua:.)Harniscr Corp., pref.(qu.)
*25e. June l'ollolders of roe. May 15
)
Hart
-Ca. NT Co.. pref.(qua:.
Aug. 31 1*H olders of rec. Aug. 15
Hart,
afner A Marx, corn. (quar.)- - "1
Nov.30 *Holders of roe. Nov. 14
Come,an (quar.)
75e. June 1 Holders of rm. May 15
Hathaway Bakeries, Inc., pf. el. A (au.)
25c. July 15 Holders of rec. June 30
Class B
51.75 June 1 Holders of rec. May 15
$7 Preferred (Qum.)
500. May 30 Holders of rec. May 150
Hawaiian Pineapple (qua:.)
4006
Name of company.
When
Per
Cent. Payable
Books Close
Days Inolustoe.
Miscellaneous (Continued).
Hazeltine Corp. (guar.)
*50c June 1 'Holders of rec. May 15
Heels Mining
*100 June 15 *Holders of rec. May 15
Hewitt Bros. Soap, pref. (quar.)
July 1 *Holders of rec. June 20
.2
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 20
12
•
Preferred (quar.)
Jan 1'32 *Holders of rec. Dec. 20
*2
Hibbard Spencer Bartlett & Co.(mthly.)
25e June 26 Holders of roe. June 19
Iligble Company, 24 pref. (Qua?.)
June 1 May 22 to June 1
2
Hires(Chas. E.) Co. corn. A (guar.).- 500 June 1 Holders of rec. May 15
Hobart Manufacturing, corn.(quar.)
'6214c June 1 *Holders of roe. May 18
Holt (Henry) & Co., class A (quar.)
"45c June 1 *Holders of roc. May 11
Homestake Mining (monthly)
50c. May 25 Holders of rec. May 20a
Hooven dr Allison Co., pref.-- "154 June 1 'Holders of roe. May 15
Horn & llardart(N.Y.) pref.(guar.).-- 154 June 1 Holders of rec. May 11
11oudaille-liershey Co., cl. A (guar.).- •6254c July I *Holders of roe. June 20
•1
July I 'Holders of rec. June 2o
Howea Bros., 7% preferred (quar.
7% preferred (quar.)
*111 Oct. 1 'Holders of rec. Sept. 20
Dec. 31 *Holders of roe. Dec. 20
7% Preferred (quar.)
*111
6% preferred (quar.)
•114 July 1 'Holders of rec. June 20
•114 Oct. I *Holders of rec. Sept. 20
8% preferred (guar.)
'114 Dee. 31 "Holders of rec. Dee. 20
6% preferred (quar.)
Hudson Motor Car ((Man)
25e. July 1 Holders of rec. June ha
Humphreys Mfg. Co., pref. (ouar.)"50e. June 30 *Holders of roe. June 15
Illinois Brick (guar.)
*30c. July 15 *Holders or roe. July 3
•30c. Oct. 15 *Holders of tee. Oct. 3
Quarterly
Imperial 011, Ltd. reg. stock ((Nal%)12ric June 1 May 16 to May 30
Coupon stock (quar.)
1214c June 1 Holders of coupon No.29
Imperial Sugar, $7 pref.(quar.)
•$1.75 July 1 *Holders of rec. June 20
' 75
$7 preferred (quar.)
'31. Oct. 1 *Holders of rec. Sept. 20
1
$7 preferred (guar.)
•S1.71 rani '32 *Holders of rem Dee. 20
Income Shares Coro. (monthly)
33 I-3c June 1 *Holders of rec. May 25
Incorporated Investors (quar.)
"250 July 15 'Holders of tee. June 18
Stock dividend
'21-i Oct. 15 *Holders of rec. Sept. 21
Industrial & Power Seeurities (guar.).•25c June 1 *Holders of roe. May 1
•25c Sept. 1!•Holders of rem Aug. 1
Quarterly
.25c Dec. 11•Holders of rec. Nov. I
Quarterly
July 1 Holders of rec. June 22a
Industrial Rayon (guar.)
El
June 11 Holders of rec. May 9a
Ingersoll-Hand Co., corn. (quar.)
El
Inland Steel (quar.)
62140 June 1 Holders of rec. May 15a
Instill Utility Investment,$6 pfd.(gust.) "51.50 June 1 "Holders of rec. May 15
Inter-Island Steam Navigation (mthly.) *10c May 31 *Holders of rec. May 24
International Carriers, Ltd. (quar.)_
12140 July 1! Holders of rec. June 16a
International Harvester, corn.(quar.) . 62140 July 15 Holders of rec. June 20a
Preferred (quar.)
131 June 1 Holders of rec. May ha
International Milling, 7% lot pref.(Om) 131 June 1 Holders of roe. May 20
6% first preferred (quar.)
114 June I Holders of rec. May 20
Internat. Mtge. St Invest.. pref. (guar.) •11i June 1 "Holders of rec. May 20
Internat. Nickel of Can., corn.(qu.)--15e June 30 Holders of rec. June is
Internet Petroleum, reg. stock (guar.)._
25e June 15 June 1 to June 15
Coupon stock (guar.)
25e. June 15 Holders of coup. No. 29
International Proprietaries. Cl. A (qu.)
65c June 15 Holders of rec. May 25
Internat. Safety Razor, elms A (Quer.).
600 June I Holders of rec. May 140
Class B (guar.)
fele June 1 Holders of rec. May 140
International Salt (quar.)
750. July I Holders of rec. June 15a
Internat. Securities Corp. of America
300 June 1 Holders of rec. May 15
Common A (guar.)
614% preferred (quar.)
114 June 1 Holders of roe. May 15
114 June I Holders of roc. May 15
8% preferred (guar.)
International Shoe, pref. (monthly).
- 50e June 1 Holders of rce. May 15
Interstate Amieelte Co., pre/. (guar.).- •131 June I
Iron Fireman Mfg. (Sour.)
•400 June 1 *Holders of roe. May 15
Irving Oil, Ltd., prof. (quar.)
.750 June 1 'Holders of rec. May 15
July 1 *Holders of rec. June 20
Ivanhoe Foods, Inc.. $3.50 pref. (qu.) *87
Jaeger Machine (quar.)
20c June 1 Holders of rec. May 25a
Jantzen Knitting Mills, pref.(quer.) - '$1.75 June 1 *Holders of roe. May Sr.
Jefferson Electric Co. (goat.)
"50c July 1 *Holders of rec. June 15
July 15 Holders of rec. July 1
Jewel Tea. Inc.. coin (guar.)
$1
Johnson-Stephens-Shhikle Shoe (guar.). 62Sic June 1 Holders of rec. May 15
Jones & Laughlin Steel, corn. (guar.)_
*50e June 1 *Holders of rec. May 13
Preferred (guar.)
115 July 1 Holders of rec. June I20
Kalamazoo Stove (guar.)
6210 July 1 Holders of roe. June 19
Kalamazoo Vegetable Parchment(qu.)
•15e June 30 •Iirdrienr of rec. June 20
•15e. Sept. 30 'Holders of roe. Sept. 19
Quarterly
•Ise Dec SI .1101(1, Of roe. Dec 21
Tfi
Quarterly
Katz Drug,corn.(guar.)
50c. June 15 Holders of rec. May 29
$1625 July 1 Holders of rec. June 15
Preferred (quar.)
Kaufmann Dept. Stores, pref. (gear.). _
131 July 1 Holders of rec. June 10
Itekaha Sugar Co. (monthly)
.200. June 1 *Holders of reo. May 25
20e. June 30 Holders of rec. June 15a
Kellogg (Spencer) & Bons( at
go '
)
Hem per.Thornaa Co., cum. r(lma. _"71e July 1 'Holders of roe June 20
)
.75 Oct. 1 *Holders of rec. Sept. 20
0.
Common (guar.)
Common (quar.)
"750 J'n 132 *Holders of roe. Dee. 20
*114 June I 'Holders of rem May 20
Preferred illusr.1
•1% Sept. 1 "Holders of rue Aug 20
Preferred (guar.)
Dee. 1 *Holders of roe Nov 20
Preferred (guard
Kendall Company, pref. A (Suer.)
154 June 1 Holders of roe. May 10a
Kentucky ltock Asphalt, pref. (quar.)-- •I M June 1 *Holders of rec. May 16
Kimberly-Clark Corp., corn. (quar.)_
6214c July 1 Holders of rec. June 12a
Preferred (guar.)
*1.14 July 1 *Holders of rec. June 12
Klein (D. Emil) Co., corn. (Quer.)
"21c. July 1 *Holden( of rec. June 20
Kobacker Stores, Inc.. pref.(Soar.)*I M June 1 'Holders of rec. May 15
Kresge (S. S.) Co., corn. (quar.)
400. June 30 Holders of rec. June 10a
Preferred (guar.)
134 June 30 Holders of rec. June 10a
Kroger Grocery & Baking, corn.(gust.).
250. June 1 Holders of rec. May 9a
First preferred (guar.)
te, July 1 *Holders of roc. June 20
Second preferred (guar.)
•154 Aug. 1 *Holders of roe. July 21
Kuppenheimer (B.) & Co., pref. (guar.) 131 ;June 1 Holders of rec. May 23a
Lake Shore Mines, Ltd. (quar.)
30e. June 15 Holders of rec. June 1
Extra
30c. June 15 Holders of roe. June 1
Lake of the Woods Milling, pref. (guar.) 1 4 June I fielders of rec. May 10
1
Land Br Royalty Corp., Cl. A (monthly) *8 1-30 June 1 *Holders of rec. May 25
Land Title Bldg. Corp,
June 30 *Holders of ree. June 13
.$1
Landis Machine common (Quer.).
750. Aug. 15 Holders of rec. Aug. 5
Common (quer.)
750 Nov. 15 Holders of rem Nov. 5
Preferred (guar.)
June 11 *Holder, of rec. June .5
Preferred (guar.)
'13-4 Sept.15 *Holders of rem Sept. fi
Preferred (guar.)
'134 Doe. 15 *Holders of ree Dec. I
Lerma & Bro. Co., preferred (quar.).
*2
July 1 *Holders of rem June 21
Preferred ((Juan)
Oat. 1 *Holders of roe. Sept. 23
•2
Lawrence Portland Cement (guar.)
*1
June 30 *Holders of tee. June 15
Le Blond-Schacht Truck, pref. (quar.)_ _ 5114 June 1 *Holders of rec. May 25
Legere(P. T.) Co.. Ltd.. pref.(guar.)._
June 1 Holders of rec. May 15
1
Lehigh Portland Cement, pret. (Suer.). 131 July 1 Holders of rec. June 13a
Lehigh Valley Coal Corp., pref. (qu.)_ _ _
75e. July 1 Holders of roe. June Ila
Lehigh Valley Coal Sales (guar.)
900. June 30 June 11 to June 30
Lehn & Fink Products(guar.)
75e. June 1 Holders of roe. May 15a
Libby McNeil dr Libby.6% prof
"3
July I *Holders of rec. June 19
*314 July I *Holders of rec. June 19
7% preferred
June 1 Holders of ree. May 160
Liggett & Myers Tob.com.&cram.B (Qu.) $1
114 July 1 Holders of rec. June 10a
Preferred (guar.)
Lily Tulip Cup Corp., corn. (quar.)_ - "3714c June 15 *Holders of rec. June 5
5134 June 30 *Holders of rem June 5
Preferred (guar.)
25e. June I Holden of roe. May 15
Lindsay (C. W.)& CO., corn. (rItUU'.).
134 June 1 Holders of rec. May 15
Preferred (211141
%)
600. June 1 May 16 to May 31
Link Belt Co.. corn.(guar.)
20e. June 1 Holders of rec. May 12a
Loblaw Groceterlas, Ltd., A & B (guar.)
•67e. May 30'Holders of rec. May 30
Look Joint Pipe Co.. corn.(mthly.)
•66c. June 30 *Holders of rec. June 30
Common (monthly)
'Holders of rec. May 15
*32
Common (extra)
July 1 *Holders of reo. July 1
•2
Preferred (gust.)
Oct. 1 *Holders of ree. Oct. 1
*2
Preferred (guar-)
4.2
Dee. 31 "Holders of ree. Dec. 31
Preferred (Soar.)
75c. June 30 Holders of roe. June 13a
Looses, Inc.. corn. (quar.)
London Canadian Invest.. pref. (gust.) 11-4 June 1 Holders of rec. May 15
*214 July 1 *Holders of rec. June 170
Lord & Taylor, common (guar.)
1 ji June 1 Holders of roe. May 16s
1st preferred (uan)
Ludlow Mfg. Associates(qU.)
$2.50 June 1 Holders of rec. May 9
•114 July 1 'Holders of roe. June 20
Lunkenheiruer Co., pref. (guar.)
•IM Oct. 1 *Holders Of rec. Sept.21
Preferred (Soar.)
•144 Jan 1'32 *Holden; of reo. flee. 22
Preferred (Suer.).
'11.4 June 1 'Holders of rec. May 25
Majestic Royalty (monthly)
•300. June 1 *Holders of roe. May 4
Managed Investments
[VOL. E32.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
allscelleneous (Continued).
Magnin (I.) & Co., common (quar.)__
*37 Mc July 15 *Holders of rec. June 30
6% preferred (Simi
.1.14 Aug. 15 'Holders of rec. Aug. 6
(I% preferred (quar.)
•1 M Nov. 15 *Holders of rec. Nov. 5
Manhattan Shirt. common (quar.)
250. June 1 Holders of rec. May 15a
Manichewltz (13) Co., corn.(guar.).
- *62 Me June 1 *Holders of too. May 20
Preferred (guar.)
•141 July 1 *Holders of rem June 20
Mapes Consolidated Mfg. (guar.)
"75e. July 1 *Holders of rec. June 15
Extra
*25o. July 1 *Holders of rec. June 15
Marathon Razor Blade. Ina.(monthly). •3140. Jane 15 *Hoidens of roe. June 1
Monthly
*3140. July 15 *Holders of rem July 1
Monthly
•314e. Aug. 15 *Holders of reo. Aug. 3
Monthly
•3340. Sept.15 *Holders of roe. Sept. 1
Monthly.
*3 Mo. Oct. 15 "Holders of rec. Oct. 1
Monthly
.3 c Nov. 15 'Holders of tee. Nov.
*Monthly
•314e Dee 15 "Holders of rem Dee. I
Marine Midland Corp. (guar.)
30o. June 30 Holders of rec. June la
Marsh (M.) & Sons, class A (guar.)
*51
June 1 *Holders of rec. May 25
Marshall Field & Co. (quar.)
6214c June 1 Holders of rec. May 150
Material Service Corp. (guar.)
*50c. June 1 *Holders of rec. May 15
May Department Stores, corn.(quar.)
6214c June 1 Holders of rec. May 15a
Common (guar.)
62 M Sept. 1 Holders of rec. Aug. 15a
May Hosiery Mills, Inc.. pref. (quar.)
S1
June 1 Holders of rec. May 21
Mayer (0.) & Co., 1st pref. (quar.)
June 1 *Holders of rec. May 23
Second preferred (guar.)
*2
June 1 *Holders of rec. May 23
Mayflower Associates (quar.)
*50c. June 15 *Holders of rec. June 1
McCahan (N.V. J.) Sugar Refining dr
Molasses, pref. (quar.)
June 1 Holders of tee. May 21a
McClatchy Newspaper, pref.(guar.).
*431ic June I *Holders of rem May 25
eColl Froutenac Oil, corn. (guar.).....
15c. June 15 Holders of rec. May 15
McCrory Stores Corp.,com.&com.13(qu.)
150c. Juno 1 Holders of rec. Slay 200
McIntyre Porcupine Mines (quar.)
25o. June 1 Holders of rec. May la
McWilliams Dredging (guar.)
•3714c June 1 *Holders of rec. May 15
Mead Corporation, pref. (Smar.)
*S1./0 June 1 *Holders of rec. May 21
Medart (Fred) Mfg. (guar.)
50e. June 1 Holders of rec. May 18
Mengel Company,Prof.(guar.)
13-4 June 1 Holders of rec. May 15a
vferok Corp.. preferred (quar.)
July 1 Ilolders of roe. June 17
2
Mercury Mills, corn
Sc. July 2 Holders of roe. June 15
Mercury Oils, Ltd., corn. (guar.)
5c. July 2 June 16 to July 1
Mergenthaler Linotype (guar.)
51.50 June 30 Holders of rec. June 3a
Merritt, Chapman & Scott. Prof. (Suar.) "114 June 1 *Holders of rec. May 15
Mesta Machine,corn.(quar.)
*50c. July 1 *Holders of rec. June 15
Metal Textile Corp.. Panic. pref. (go.). 811 c June 1 Hoidens of roe. May 20
,
1
Meteor Motor Car (quar.)
•25c. June 1 *Holders of rec. May 20
Metro-Goldwyn Pictures, pref. (guar.)
47Sic. June 15 Holders of rec. May 290
Metropolitan Paving Brick, corn.(guar.)
50e. June 1 May 10 to May 31
Preferred (guar.)
131 July 1 June 16 to June 30
Meyer (II. II.) Packing,614% pf.
June I *Holders of rem May 20
Mickelberry'e Food Products
•1214 Aug. 15 *Holdare of roe. Aug. 1
Common (payable in coin. stock) _
Common (payable in corn stock) _. '124 Vov 16 "Bolden of rem Nov 2
Middle States Petroleum, class A (No. 1) *22e. June 1 *fielders of rec. May 25
•3
Midland Grocery, prof
July 1 *Holders of roe. June 20
*51
Mid-West Rubber Reclaiming, pf.
June 1 *Holders of rec. May 29
Miller & Hart, Inc., pref. (guar.)
*40e. July 1 *Holders of rec. June 15
Miller (I.) & Sons, Inc. pref. (guar.). 114 June 1 Holders of rec. Slay 25
Minnesota Valley Can, pref.(guar.). - •15,i Aug. 1 *Holders of rec. July 20
Preferred (guar.)
*1% Nov. 1 *Holders of roe. Oct. 20
•15,4 Febl'32'Holders of rec. Jan.2032
Preferred (guar.)
Mississippi Valley UHL Invest., pt.(go.) $1.71 June 1 Holders of rec. May 15
Missouri Utilities Co., pref. (quar.)
*81.75 June 1 *Holders of rec. May 21
Mohawk Mining
250. May 30 Holders of Tee. Apr. 30
Montgomery Ward & Co., class A (qu.)_ •51.75 July 1 *Holders of rec. June 20
Montreal Cottons, Ltd., corn. (quar.).... 114 June 15 Holders of rec. May 30
Preferred (quar.)
13-4 June 15 Holders of roe. May 30
Montreal Loan & Mtge.(quar.)
75e. June 15 Holders of rec. May 31
Moorehead Knitting, pref
June 1 'Holders of rec. May 25
•3
Morison Electrical Supply, corn. (quar.)
25e. June 1 Holders of rec. May 15
Morrell (John) & Co., Inc., corn.(go.)..
750. June 15 Holders of rec. May 28a
Morrison Brass Corp., Ltd., pref. (qtr.) 8715e, June 1 Holders of roe- May 15
Motor Products (guar.)
*50e. July 1 *Holders of roe. June 19
Motor Wheel Corp., corn. (guar.)
250. June 10 Holders of rec. Slay 20a
Munsingwear Corp., corn.(guar.)
50e. June 1 Holders of rec. May 16a
500. Sept. 1 Holders of rec. Aug. 14a
Common (Suer.)
500. Dec. 1 Holders of rec. Nov. 16a
Common (guar.)
Murphy (G. C.) Co., corn. (guar.)
400. June 2 Holders of roe. May 21
Muskegon Motor Specialties, clam A(qu) *50o. June 1 *Holders of rec. Slay 20
June 15 Holders of rec. June 5
51
Muskogee Company, common
114 June 1 Holders of roe. Slay 20
Pre -erred (Suer.)
National Baking Corp.. pref. (guar.)
- •114 June 1 *Holders of rec. Slay 9
70e. July 15 Holders of reo. June 19a
National Biscuit. corn.(guar.)
250. June 15 Holders of rec. June 1
National Bond & Share (quar.)
National Casualty Co. (Detroit) (qtr.)._ *300. June 15 *Holders of rec. Slay 29
National Container Corp., pref. (guar.) •500. June 1 *Holden; of rec. May 15
National Dairy Products, corn.(guar.)
65e. July 1 Holders of rec. June 3a
•14i July 1 *Holders of rec. June 3
Preferred A & (gust.)
"3714c June 12 *Holders of rec. May 20
National Electric Products ((Mar.)
*50c. June 1 *Holders of roc. May 25
National Family Stores, pref. (quar.)
June 10 *Holders of roe. May 31
vatlonal Industrial Loan Corp.
(mthly.)- "el
.5o July 10 "Holders of rem June 30
monthly *35c. May 31
National Ins. Shares, class A
June 30 Holders of rec. June 12a
National Lead, common (guar.)
13-4 June 15 Holder's of rem May 29a
Pre erred A (guar.)
114 Aug. 1 Holders of rec. July 17a
Preferred B (guar.)
July 1 *Holders of rec. June 15
National Mfrs. & Stores, class A (guar.).
*111 July 1 *Holders of rec. June 15
First preferred (quar.)
July 1 *Holders of rec. June 20
National 011 Products, corn. (guar.).
-.51
"500. July 1 *Holders of rec. June 20
Common (extra)
$7 preferred (guar.)
*31.75 July 1 *Holders of rem June 20
500.1June 10 Holders of reo. May 29a
National Steel Corp.(gust.)
National Sugar Retg.. corn. (goat,)...50e. July 1 Holders of rec. June 1
National Transit (guar.)
*25e.;June 15 *Holders of ree. May 29
•150.;June 1 *Holders of rec. May 15
Nehl Corporation, common (guar.)
•1M June 1 *Holders of rem May 20
Neiman-Marcus Co., Prof. (guar.)
Preferred (quar.)
•131 Sept. 1 *fielders of roe. Aug. 20
•14 Deo I 'Holder, of rec. Nov. 20
Preferred (guar.)
Neptune Meter, common A & B (guar.).
50c. June 15 Holders of rec. June 1
Aug. 15 Holders of roe. Aug. la
2
Proferred (guar.)
Nov. 11 Holders of rec. Nov. la
2
Preferred (Suer.)
*2714c July 1 "Holders of rec. June 16
Newberry (J. J.) Co., corn. (goar.)
'131 June 1 *Holders of rec. May 15
Pre'erred (quar.)
New Bedford Cordage, corn.(quer.).
•250. June 1 *Holders of rec. May 13
•134 June 1 'Holders of rec. May 13
Preferred (gust.)
New England Grain Prod.
Aug. 1 *Holders of rec. July 14
Corn.(1-100 share In Prof. A stook)
Febl'32 *Hold, of roe. Jan. 1432
Corn.(1-100 share In pref. A Mock)
•31.75 July 1 *Holders of roe. June 20
$7 Preferred (Mum.)
s$1.75 Oct. 1 *Holders Of roe. Sept. 20
$7 preferred (quail
•31.75 Jan2'32 'Holder, of tee. Dot,. 20
117 preferred (guar.)
•51.50 July 15 *Holders of rem July 1
Preferred A (guar.)
Preferred A (guar.)
"51.50 Oot. 15 *Holden of roe. Oct. 1
0$1.50 Ja 15'32 *Hold, of tee. Jan. 2'32
Preferred A (guar.)
Newport Company, corn (quar.)
25c. June 1 Holders of rem Slay 23a
750. June 1 Holders of rec. May 23a
Class A convertible stock (Qum.)
New York Transportation (quar.)
*500. June 27 *Holders of rec. June 12
Niagara Arbitrage Corp.(No. 1)- --.
*20c. Aug. 1 *Holders of roc. July 25
Northern Discount. pref. A (mthly.)-- 66 2-3c June 1 "Holders of tee. May 16
•
.
•602-30 July 1 *Holders of rec. June 15
Preferred A (monthly)
Preferred A (monthly)
66 2-30 Aug. 1 vtioldere of tee. July 15
•662-30 Sept. 1 *Holders of rec. Aug. 15
Preferred A (monthly)
•66 2-3c Oct. 1 *Holders of roe. Sept. 16
Preferred A (monthly)
Preferred A (monthly)
662-3c Nov. 1 *Holders of rec. Oct. 15
Preferred A (monthly)
66 2-3c Doe. 1 *Holders of rem Nov. 15
. meo
y 5
H
. old
H .v </f
Preferred A (monthly)
66 2-3c Janl'32• ol5ers of toe. D a. 15
Preferred 0(monthly)
u1
:
*Holders of tee. June 15
Preferred 0(month13)
Jun,July
Preferred 0 (monthly)
Aug. 1 *Holders of roe. July 15
•1
Preferred C (monthly)
'Sent. 1 *Holders of rec. Aug. 15
•1
Preferred 0(monthly)
Oct. 1 *Holders of roe. Sept.15
•1
Nov. 1 *Holders of tee. Oct. 15
Preferred 0(monthly)
•1
Preferred 0 (monthly)
Dee. 1 *Holders of rec. Nov. 15
•1
1'32 *Holders of tee. Dee. 15
Preferred 0(monthly)
•1
'134
134
•114
134
'134
•
MAY 30 1931.]
Naas of Company.
Per
When
Cent. Payabte.
Books Closes.
Days Inansfee.
Miscellaneous (Confirmed)
100. July 15 Holders of rec. June 25
Niagara Share Corp. of Md.(quar,).__.
$1.50 July 1 Holders of rec. June 20
Preferred (quar.)
Nineteen Hundred Corp.. el. A (quar.)-- •50c. Aug. 15 *Holders of roe. Aug. 1
•50c. Nov. 15 'Holders of rec. Nov. 1
Class A (guar
North Amer. Provision, pref. (quar.)_
'1% July 1 *Holders of rec. June 10
14 June 1 Holders of rec. May 10
North Amer Security. cl. A (in stock)1% July 1 Holders of rec. June 10
North Central Texas 011 (quar.)
Northam Warren Corp.. pref.(gust.)- - •75c. June 1 'Holders of rec. May 15
$1.50 July 1 Holders of rec. June 12
Northern Pipe Line Co
50c. July 1 Holders of rec. June 12
Extra
37%c June 1 *Holders of rec. May 15
O'Connor & Moffat, class A (quar.)_. '
14 June I Holders of rec. May 20
Ogilvie Flour Mills, pref. (User.)
"200 June 15 'Holders of rec. June 10
Ohio Electric Mfg.(guar.)
'1% June 15 *Holders of rec. May 16
Ohio Oil, preferred (Qum.)
2
July 1 Holders of rec. June 120
Omnibus Corp., pref. (quar.)
Oneida Community, common (quar.)_' d12%c June 15 *Holders of rec. May 29
Preferred (quar.)
"434c June 15 'Holders of rec. May 29
Ontario Tobacco Plantations, pref.(qu.) 1
July
Oct.
1
Preferred (quarterly)
j
ran.'32
Preferred (anal-terry)
June 1
Osgood Co.,7% pref. (quar.)
•1
Oshkosh Overall, pref.(guar.)
•50c. June 1 *Holders of rec. May 22
*14 July 1 *Holders of rec. June 19
Otis Steel, prior pref.(guar.)
Owens Illinois Glass preferred (quar.) . 1% July I Holders of rec. June 15
Package Machinery, corn. (quar.)
•$1.50 June 1 *Holders of roe. May 20
July 1 *Holders of rec. June 20
Common (extra)
*31
100. June 12 Holders of roe. May 150
Packard Motor Car, corn. (quar.)
June 27 Holders of rec. June 17
$1
Paraffine Cos.,Inc., corn.(guar.)
Paramount Publix Corp., corn.(quar.)_ _ 624c. June 27 Holders of rec. June 5a
*300. June 1 *Holders of rec. May 15
Parker Trading, A & B (quar.)
50c. June 1 May 16 to May 31
Patterson-Sargent Co.,eom.(quar.)
*1 Si June 30 *Holders of rec. June 30
Peabody Engineering, pref. (guar.).
.
1% Sept.30 *Holders of rem Sept .20
Preferred (guar.)
•13.1 flee.31 *Thdders of rec. Dee Si)
Preferred (quer )
Peerless Woolen MIlLs,634% pref.(qu.). *I% June 1 *Holders of rec. May 15
Ponder(D)Grocery Co., class A (gust.). '8740 June 1 *Holders of rec. May 20
250. June 15 Holders of rec. June la
Penick & Ford. Ltd. (guar.)
Pennsylvania Bankshares & Sec. pi.(qu.) "623ic June 1 *Holders of rec. May 15
'
624c Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
*624c Dee. 1 'Holders of rec. Nov. 15
Preferred (guar.)
62
Pennsylvania Investing el. A (guar.)
- • 4c June 1 "Holders of rec. Apr. 30
50c. July 1 Holders of rec. June 20
Perfect Circle (quar.)
"1840 June 1 *Holders of rec. May 20
Perfection Stove (monthly)
July 1 Holders of rec. June 10
Pet Milk, preferred (guar.)
Petrol. Landowners Corp.,Ltd.(mthlY.) *25c. June 15 'Holders of rec. May 31
25e. June 1 Holders of rec. May lba
Petroleum Corp. of America
•1% June 1 'Holders of rec. May 20
Pfaudler Co., pref. (guar.)
•50o. July 10 *Holders of roe. June 30
Phoenix Finance Corp.,Pre! (guar.)-•500. Oct. 10 *Holders of rect. Sept.30
Preferred (guar.)
•500. In10•32 *Holders of tee. Dee. 31
Preferred ((Mar.)
June 1 Holders of rec. May 18a
Phoenix Hosiery, It& 2d pref.(quar.)
750. June 1 Holders of rec. May 25
Phoenix Securities Corp.. prof
50c. June 1 Holders of rec. May 15
Photo Engravers & Electro (guar.)
250. June 1 Holders of rec. May 9a
Pierce-Arrow Motor Car, class A (qu.)
134 June 1 Holders of reo. May 9a
Preferred (quar.)
500. June 1 Holders of rec. May lba
Pillsbury Flour Mills. coin.(guar.)
Plnes Winterfront Co., corn.(quar.)
250. June 1 Holders of rec. May 15
Pittsburgh Plate Glass. corn.(quar.)- - •50c. July 1 'Holders of rec. June 10
144 June 1 Holders of rec. May 90
Pittsburgh Steel, pref. (guar.)
Poor & Co.. class A (guar.)
•
37%c June 1 *Holders of roe. May 15
Powdrell & Alexander, Prof. (quar.)
'14 July 1 *Holders of roe. June 15
Prairie Pipe Line (guar.)
760. June 30 Holders of rec. May 29a
Pratt Food(quar.)
*54 June 1 *Holders of rec. May 20
Prentice Hall, Inc., 53 pref. (quar.)__.. •750. June 1 *Holders of rec. May 20
1% June 30 Holders of rec. June la
Pressed Steel Car, pref. (guar.)
Procter & Gamble Co.,5% Pref.(au.)--- 14 June 15 Holders ot rec. May 25s
Producers Royalty. corn.(quar.)(in stk.) 124 July 15 Holders of rec. June 30
750. July 1 Holders of rec. May 29
Public Utility Holding, $3 pref. (qu.)
1% July 1 Holders of rec. June 10
Pure 011, 54% pref. (guar.)
1% July 1 Holders of rec. June 10
6% preferred (quar.)
2
July 1 Holders of rec. June 100
8% preferred (guar.)
750. June 1 Holders of rec. May lb
Purity Bakeries (rind.)
"El July 15 'Holders of rec. July I
Quaker Oats, corn. (quar.)
*1% Aug. 31 *Holders of rec. Aug. 1
Preferred (quar.)
Radio Corp.of Amer., pref. A (guar.) - 874c July 1 Holders of rec. June la
51.25 July 1 Holders of rec. June is
Preferred (B)(guar.)
100. June 15 Holders of rec. May 25
Railroad Shares Corp. (quar.)
Railway Equip. & Realty, pref. (guar.). •3734c June 1 *Holders of rec. May 1
500. June 15 *Holders of rec. June 1
•
Rapid Electrotype (guar.)
Raybestos-Manhattan, Inc. (guar.)_... 650. June 1 Holders of rec. May 29a
Real Silk Hosiery 13111.1sCom.(guar.) (payable In corn. stook)- 2)4 July I Holders of roe. June 19a
Corn.(quar.)(Payable In corn. stook)_ 2% Oct. 1 Holders of roe. Sept. 13a
Corn.(guar.)(Payable In corn. stoOk)- 2)4 Jan 1'3 Holders of roe. Dee. 18a
'37340 June 15 *Holders of rec. May 29
Reeves (Daniel) Inc., corn. (quar.)
"1% June 15 'Holders of roe. May 29
64% preferred (quar.)
1% June 15 Holders of rec. May 31
Reliance Grain. Ltd., pref. (guar.)
Reliance Internat. Corp., $3 pf. (guar.). .750. June 1 'Holders of rec. May 20
100. July 1 Holders of rec. June 10a
Reo Motor Car (quar.)
Republic Portland Cem., pref. (guar.)_. *1% June 1 'Holders of roe. May 20
The. Oct. 15 Holders of rec. Oct. 1
Republic Supply Co. (guar.)
50c. June 1 Holders of roe. May 150
Reynolds Metals (guar.)
•14 June 30 *Holders of rec. June 15
Rich's, Inc..04% Pref. Mum.)
300. June 1 Holders of rec. May 18
Rogers Majestic Corp., class A &B (qu.)
14 June 1 Holders of rec. May 15
Rolland Paper, Ltd., 6% prof. (Quar.)
Roxy Theatres Corp.. class A Omar.). *87Si c June 1 *Holders of roe May 15
June 15 Holders of roe. Juno 1
$1
Rubcrold Co. (guar.)
"75e June 1 *IIolders of rec. May 25
Rubenstein (Helena) pref. (guar.)
25c June 20 June 10 to June 21
St. Joseph Lead Co.(guar.)
25c Sept.21 Sept. 11 to Sept.21
Quarterly
25e Dee. 21 Dec. 11 to Dec. 21
Quarterly
Sept. 1 *Holders of reo. Aug ifi
Saranac l'ulp dr Paper, stock dividend.. oeb
50c June 1 Holders of rec. May 15a
SavageArms, corn. (guar.)
'1)4 Aug 15
Aug.
.
Second preferred (guar.)
of roe. Aug. 1
50c. June 15 Holders of rec. May 30
Schiff Co., corn.(guar.)
1% June 15 Holders of rec. May 30
Preferred (quar.)
35c. June 30 Holders of rec. June 16a
Scott Paper, corn. (quar.)
12 June 30 Holders of rec. June 16a
IP Corn.(payable in common stock)
Second Inv. Corp. of It. I., pr. pref.(qu) •75c. June 1 *Holders of reel. May 15
•13i June 1 'Holders of rec. May lb
Preferred (guar.)
75c. June 1 Holders of roe. May 15
&word (Laura) Candy Shops(quar.)_ --Selected Indus., Inc.. 3534 pr. stk. (qu.) $1.375 July 1 Holders of rec. Juno 16
Service Station. Ltd., el. A & B (guar.).
40o. July 2 Holders of rec. June 15
1Si Aug. 1 Holders of rec. July 15
6% preference (quar.)
6% preference, series A (quar.)
'1% Aug. 1 *Holders of rec. July 15
.3% June 1 *Holders of
Seven Baker Bros., prof
rec. May 16
Sheaffer W A.) Pen Co., common
•21
Sept 15 *Holders of roe Sept r
*2
July 20 *Holders of roe. June 30
Preferred (guar.)
*2
Preferred Mar.)
Oct. 20 "Holders of roe. Sops ils
Shell Union 011 Corp., pref. (guar.)
1% July 1 Holders of rec. June 10a
Sherwin-Williams Co.. pref. (quar.)
11§ June 1 Holders of rec. May 16
Sherwin Williams Co. of Canada
400. June 30 Holders of rec. June
Common (g uar.)
144 June 30 Holders of rec. June 15
Preferred (guar.)
15
•75e. June 1 'Holders of rec. May 20
Simmons-Boardman Pub., pref. (qu.)Simon (Franklin)& Co., prof.(gust.)... 14 June 1 Holders of roe. May I8a
Simon(H.) &Sons, Ltd.. corn.(guar.).- 623.4 c June 1 Holders of rec. May 20
Preferred (guar.)
June 1 Holders of roe. May 20
Singer Mfg. Co., Ltd.*tilt June 13 'Holders of rec. May 15
Amer. dep. rcts. for ord. reg. shs
Smith, Alsop Paint & Varnish. pf. (qu.)_ '87%c June 1 'Holders of rec. May
9
Sorg (Paul A.)Paper Co., pref.(guar.)._
July 1 *Holders of reo. June 15
Southern Pipe Line (guar.)
50o. June 1 Holders of roe. May 15
Spalding (A. G.) & Bros., corn. (guar.)
500. July 15 Holders of rec. June 300
First preferred (guar.)
1% June 1 Holders of rec. May 16a
Second preferred (guar.)
$2
June 1 Holders of rec. May
Spans, Chalfant & Co., Inc.. Pf. (guar.) 1% July 1 Holders of rec. June IS
15a
•
4
Spartan Mills
July 1 "Holden of re. Juno 20
Spear & Co.. 1st & 2nd pref.(guar.)._
June 1 Holders of rec. May 15a
Standard Brands, Inc., corn.(quar.)_ _
30c. July 1 Holders of rec. May 290
Preferred (guar.)
1% July 1 Holders of rec. May 29a
4007
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closets.
Days Inclusive:
Miscellaneous (Continued).
Standard Coosa Thatcher. corn.(guar.) '50e. July 1 *Holders of rec. June 20
'134 July 15 *Holders of rec. July 15
Preferred (guar.)
62(40. June 15 Holders of rec. May 160
Standard 011 of Calif. (goar.)
*50c. June 15 "Holders of rec. May 16
Standard Oil (Indiana) (gusr.)
500. June 20 May 29 to June 20
Standard 011 (Nebraska)(guar.)
25e. June 15 Holders of rec. May 16
Standard 011(N.J.). 525 par(gust.)..
25c. June 15 Holders of rec. May 16
$25 par stook (extra)
June 15 Holders of rec. May 16
1
$100 par stock (guar.)
June 15 Holders of rec. May 16
1
5100 par stook (extra)
40c. June 15 Holders of roe. May 80
011, New York Mar./
Standard
75c. July 1 Holders of rec. June 15
Standard Steel Construe.. pref. A (qu.)
*12%c June 1 'Holders of rec. May 28
Standard Utilities (quar.)
(gust.)....- •750. July 1 *Holders of rec. June 15
Starrett Corp..$50 par. pref.
•150. June 1 *Holders of rec. May 29
$10 partic. Prof. (guar.)
The. June 1 Holders of rec. May 150
Sterling Securities corp., tat pf.(gL)
30c. June 1 Holders of rec. May 150
Preferred (guar.)
25c. June 1 Holders of rec. May 15
&ix Baer & Fuller, corn.(guar.)
•
4334o June 30 *Holders of roe. June 15
Preferred (guar.)
'43%c Sept. 30 *Holders of rec. Sept.15
Preferred (guar.)
"434 Deo. 31 *Holders of rec. Dec. 15
Preferred (guar.)
750. July 15 Holders of rec. June 16
Stone & Webster, Inc. (guar.)
•1.30 June 1 'Holders of rec. May 15
Stonega Coke & Coal (guar.)
Strawbridge & Clothier,6% pref. A (qu.) '1% June 1 *Holders of roe. May 15
Stromberg-Carlson Tel. Mfg., com.(qu.) •25c. June 1 "Holders of roe. May 15
•1% June 1 *Holders of rec. May 15
Preferred (quar.)
300. June 1 Holders of rec. May 90
Studebaker Corp., common (gust.).__
134 June 1 Holders of roe. May 90
Preferred(guar.)
25c. June 15 Holders of roe. May 256
Sun 011, corn. (guar.)
134 June 1 Holders of rec. May lla
Preferred (guar.)
Superior Portland Cement,cl. A (mthly.) "274c June 1 "Holders of rec. May 23
Susquehanna Utilities, 1st pref. (guar.). •31.50 June 1 *Holders of rec. May 23
'1)4 June 1 'Holders of rec. June 1
Sweat-Comings Co., pref. (guar.)
•52.68 May 30
Swedish Match, class A & B
Corp.(monthly). •20c. June 1 *Holders of rec. May 21)
Telephone Investment
•50c. June 15 *Holders of rec. June 10
Tenant Finance. corn. (guar.)
'
87%c June 15 *Holders of rec. June 10
Preferred (guar.)
124c June 15 Holders of rec. May 29
Tennessee Corporation (guar.)
50e July 1 Holders of rec. June 5a
Texas Corp. (quar.)
750 June 15 Holders of rec. June is
Texas Gulf Sulphur (guar.)
40c July 1 Holders of rec. June 200
Thatcher Mfg.(quar.)
•154 June 15 "Holders of rec. June 10
Thew Shovel, prof. (guar.)
Thompson Products, Inc., pref. (guar.). •154 June 1 'Holders of roe. May 20
251 May 31 Holders of rec. May 21
Title Insurance Corp.(St. Louis)
- 134 June 1 Holders of rec. May 200
Timken-Detroit Axle. pref. (guar.).
75e June 5 Holders of rec. May 20a
Timken Roller Bearing (guar.)
.
Tonawanda Share, prior pref. (guar.).- 51.62. June 1 'Holders of rec. May 20
•14 June 1 'Holders of rec. May 20
First and second preferred (guar.)-*51 75 June 1 'Holders of roe. May 23
Traders Building Assn., cont. (quar.)
14 June 1 Holders of ree. May 21
Truscon Steel. pref. (quar.)
400 July 15 Holders of rec. July la
Ulen di Co.. corn.(guar.)
34 July 1 Holders of roe. June 20
Preferred
Underwood Elliott Fisher Co.,corn.(1111.) $1.25 June 30 Holders of rec. June 120
134 June 30 Holders of rec. June 120
Preferred (quar.)
75c June 1 'Holders of rec. May 15
•
Underwrit. & ParticipatMs, 01. A (qu.)
•174e June 1 'Holders of rec. May 21
Unexcelled Mfg. Co. (guar.)
650. July 1 Holders of roe. June 2a
Union Carbide & Carbon (guar.)
40c. June 1 Holders of rec. May 164
Union Tank Car Co. (guar.)
United Amer. Utilities, class A (gust.).. *324e June 1 "Holders of rec. May 9
50o. June 1 'Holders of rec. May 31
United Amusements,Ltd.,c1.A & B (qu.)
United Artists Theatre Circuit, PI.(qu.)- •134 June 1 "Holders of roe. June 1
34 June 1 Holders of tee. May 1
6a
United Biscuit of America, corn.
•
50e. Sept. 1 *Holders of rec. Aug. 15
Comm on (guar.)
'134 Aug. 1 *Holders of rec. July 16
Preferred (quar.)
"750. June I *Holders of rec. May 15
United Chemicals.$3 prof.(guel.
)
United Cigar Stores of Amer.. pref.(qu) 1% Aug. 1 Holders of rec. July 100
134 Nov. 2 Holders of rec. Oct. 9a
Preferred (guar.)
40c. June 24 Holders of rec. June 10
United Elastic Corp. (guar.)
July 1 Holders of rec. June la
51
United Fruit (guar.)
United Guaranty Corp., corn. (in stock) "e5 June 15 'Holders of rec. June 1
*e5 June 15 'Holders of rec. June 1
Class A (payable in stock)
*50c. June 1 'Holders of rec. May 15
United Milk Crate. class A (guar.)
fdlo. Aug. 1 Holders of roe. Jul, 150
Unfted Plece Dye Works,emu. Mani
50e. Nov. 1 Holders of lee. Oct. 150
Common (guar.)
1% July 1 Holders of rim. June 200
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 190
Preferred (guar.)
154 Jan1'32 Holders of rec. Dee. 190
Preferred (guar.)
June 15 Holders of roe. May 204
51
United Storm Corp.. pref.(guar.)
•25c. July 1 *Holders of rec. June 1
U. S. Capital, class A (guar.)
•134 July 15 'Holders of rec. June 15
Class A (special)
U.S. Dairy Products, corn. A (gust.)... *51.25 June 1 Holders of rec. May 20
134 June 1 Holders of rec. May 20
First preferred (guar.)
June 1 Holders of rec. May 20
52
Second preferred (quar.)
40c. June 30 Holders of rec. June 180
U.S. Gypsum, corn.(guar.)
134 June 30 Ilolders of rec. June lba
Preferred (guar.)
Mie July 20 Holders of rec. June 304
United States Pipe & Fdy., corn. (qtr.).60c. Oct. 20 Holders of rec. Sept. 30a
Common (guar.)
fdo Jn20'32 Holders of roe. Dec. 31a
Common (guar.)
30c. July 20 Holders of rec. June 30a
First preferred (guar.)
80c. Oct. 20 Holders of roe. Sept.300
First preferred (guar.)
30c. Jn20'32 Holders of rec. Dec. 310
Finn preferred (guar.)
'62)40 July 1 'Holders of roe. June 20
IT. S. Playing Card (gar.)
50e. June 15 Holders of reo. May 164
13.8. Realty & Impt.((Iuar.)
$1.75 June 1 Holders of rec. May 20
prof.(guar.)
U.S.Stores Corp., let
- 1% June 29 Holders of rec. June la
United States Steel Corp.. coin. M./
Utility Equities Corp., priority stock.. $2.75 June 1 Holders of rem. May 15
50e. June 20 Holders of rec. May 29
VacuumOil (guar.)
$1.50 June 17 Holders of rec. June 13
Valvoline Oil, common (guar.)
July 1 *Holders of rec. June 18
*2
Preferred (User.)
•134 June 1 *Holders of ree. Juno 1
Vapor Car Heating, pref. Mar./
•
1% Sept. 10 "Holders of roe. Sept. 1
Preferred (guar.)
•14 Doe to "Holders of roe. Dec. 1
Preferred (giar.)
"600. June 15 *Holders of rec. June 1
Viking Pump,pref.(guar.)
Chemical, prior pref. (guar.). 134 June 1 Holders of rem May 26a
Va.-Caro.
24 July 1 Holders of rec. June 130
Virginia Iron,Coal & Coke. prof
25e. July 1 *Holders of rec. June 15
•
Vogt Mfg. (guar.)
*50c. July 1 *Holders of rec. June 20
Vortex Cup Co.,corn.(guar.)
"62340 July 1 "Holders of rec. June 20
Preferred A (quar.)
1
July 20 Holders of roe. July Is
Vulcan Detinning, common BMW134 July 20 Holders of rec. July 70
Preferred (guar.)
3754c June 1 Holders of roe. May 15
Wagner Electric Corp., corn. (guar.)
1% July 1 Holders of rec. June 20
Preferred (guar.)
•500. June 1 'Holders of rec. May 15
Waitt & Bond,Inc., class A (guar.)--Walker(Hir.)-Gooderham & Worts(au.) 12%c June 15 Holders of rec. May 22
•50o July 1 *Holders of roe. June 22
Waltham Watch. 6% prof.(guar.)
•
50e Oct. 1 "Holders of roe. Sept.21
fl% preferred (quar.)
Pictures, Inc. pref.(an.). 984e June 1 Holders of roe. May ha
Warner Bros.
.
25e June 1 "Holders of rec. May 20
Warren Axle & Tool (quar.)
*87%c June 1 *Holders of rec. May 20
Wayne Pump,pref.(guar.)
50c June 1 "Holders of rec. May 15
(au.)- •
Weber Showcase & Fixture, 1st pt.
June 1 Holders of rec. May 150
Weeson Oil& Snowdrift Co.,Inc.. pf.(lu.) 21
134 Aug. 15 Holders of D30. Aug. 1
West Va.Pulp & Paper,6% pref.(qu.)
1% Nov. 18 Holders of rec. Nov. 2
n% preferred (guan)
50c June 1 Holders of roe. May 15a
Westvaco Chlorine Prod..corn.(gan)
75c June 1 Holders of rec. May 20
Western Auto Supply corn.(A • Az 13(MO
11
Western Dairy Products. pref. A (gIL) •51.50 June 1 *Holders of roe. May
"2)4e June 20
Western Exploration (guar.)
(goat.) 411.75 July 1 "Holders of rec. June 20
Maryland Dairy. prof. Man)
•50c June 5 'Holders of rec. May 25
Western Pipe & Steel. corn.(guar.)
June 1 *Holders of rec. May 21
Western Real Estate Trustees (Boston) "55
30c July dl Holders of rec. June 15
Westmoreland, Inc.(guar.)
250 July 1 Holders of rec. June 19
Weston Elec. Instrument. corn. (quar.).
50o July 1 Holders of rec. June 19
Class A (guar.)
roe. May 15
Holders
)& Co. Inc.. Pref. (guar.) 114 June 1 Holders of
White (J
of roe. June 124
25e June 30
common (gust.)....
White Motor Co.,
154 June 30 Holders of rec. June 12
White Motor Scour. Corp., prof.(qu.)
July 1 Holders of rec. June 19a
White Rock Mineral Springs Co., corn_ 51
134 July 1 Holders of rec. June 19
First preferred (guar.)
July 1 Holders of rec. June 19
5
Second preferred (guar.)
2
July 1 Holders of tee. June 15
Will & Baumer Candle pref. (guar.)
*0214c June 30 "Holders of rec. June 20
Wilcox-Rich Corp.. class A (guar.)
1% June 1 Holders of rec. May 15
Windsor Hotel. Ltd.(Niontreal)pf.(qu.)_
4008
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
Winsted Hosiery, corn.(atm.)
Common (guar.)
Wolverine Tube, pref. (guar.)
Wood Newspaper Machine, pref. (au.)$7 prior preferred (guar.)
Wool/ Bros., Inc., 7% pref. (quar.)
Woolworth(F. W.) Co.. corn.(quar.)
Wrigley (Wm.)J. Co.(monthly)
Monthly
Wurlitzer (Rudolph). Ore/. (quar.)
Yale & Towne Mfg. (quar.)
Zinke Renewing Shoe Corp.. corn.(QuiCommon (quar.)
Preferred (quar.)
Preferred (quar.)
Zonite Products Corp.(quar.)
Books Closed.
Days Inclusive.
•234 Aug. 1 *Holders of reo. July 15
,
*2% Nov. 1 *Holders of rec. Oct. 15
•19,4 June 1 *Holders of rec. May 15
*$1.75 June 1 *Holders of rec. May 20
*$1.75 June 1 *Holders of rec. May 20
•14.1 June 1 "Holders of rec. May 20
600. June 1 Holders of rec. Apr. 20a
50o. June 1 Holders of rec. May 2051
25o. July 1 Holders of red. June 20e
•1•4 July 1 "Holders of rec. June 20
500. July 1 Holders of rec. June 10a
•1Ko. July 2'Holders of ref. June 15
•191c. Oct. 2'Holders of red. Sept. 5
•3o. July 2"Holders of rec. June 15
•30. Oct. 2 *Holden of rec. Sept. 15
25c. June 10 Holders of rec. June 2a
•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.
I The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not dosed for this dividend.
S Western Continental Utilities coin. A dividend is payable in cash unless stockholder notifies company within ten days of stock of record date of his desire to
take stock-1-40th share class A stook.
Correction. e Payable In stock.
f Payable in common stock. g Payable in scrip. C On account of accumulated
dividends. I Payable in preferred stook.
Electric Shareholdings preferred dividend is optional-S1.50 cash or 44-1.000th
share common stock.
k Blue Ridge Corp.. Pref. dividend is payable in common stock at rate of 1-32nd
share unless holder notifies company on or before May 15 of his desire to take
cash. 75o. Per shareI Dividends on common A & B stocks will be applied to the purchase of corn. A
stock at the rate of 55 per share unless written notice is given prior to June 10 of
the stockholders' desire to take cash.
m Dividend is 37.651 franca less deduction for expenses of depositary.
n Commercial Investment Trust convertible preferred dividend will be paid in
common stock at rate of 1-52d share unless bolder notifies company on or before
June 16 of his desire to take cash.
o Central States Electric Corp. convertible pref, dividends are as follows: Optional
series, 1928. $1.50 cash or three-thirty-seconds share common stock: optional
series 1929, 11.50 cash or three sixty-fourths share common stock.
American Cities Power & Light class A dividend will be paid in class B stock
at rate of 1-32d share, unless holder notifies company by April 14 of his desire to
take cash. 750.: class B dividend is payable in class B stock.
I British American Tobacco interim dividend is 10 pence for each £1 unit of
ordinary stock. Transfers received in London on or before June 6 will be in time
for payment of dividend to transferees.
a Central Public Service Corp. class A dividend is payable in class A stock at
rate of 1-40th share for each share held.
u Empire Corp. dividend will be paid in common stock at rate of 1-16th share
Unless holder notifies company on or before May 25 of his desire to take cash.
o Utilities Power & Light common stock dividends will all be paid in stock as
follows: Corn., 1-40th share corn. stock; class A. 1-40th share class A stock; class 13,
1-40th share class B stock. Stockholders desiring cash must notify company.
to Less deduction for expenses of depositary.
Dividend on A, B and C shares is 50 gold pesetas per share and 10 gold pesetas
per share for D and E shares.
y Wheeling & Lake Erie Ky. dividend is on account of accumulations. being
Quarterly dividends Nos. 32 to 35 both inclusive for period from Aug. 1 1924 to
Aug. 1 1925.
Weekly Return of New York City Clearing House.
Beginning with March 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $179,873,000
to the net demand deposits and $106,356,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY 23 1931
Clearing House
Members.
[Vou 132.
FINANCIAL CHRONICLE
• Capital.
"Surplus and
Undtotstod
Profits.
Na Demand
DsPosUa.
&swags.
nine
DWPOttli,
Average.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending May 22:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY. MAY 22 1931
NATIONAL AND STATE BANKS
-Average Figures.
Loans.
Disc. and
Invest.
OtherCash Res. Dep., Dep. Other
Gross
Including N. Y. and Banks and
Gold. BC.Notes. Elsewhere. Trust Co.. Depostist
S
$
$
$
1,277,900
556,400
80,800
75,063 1,901.129 1.753.052 18,420,272
ManhattanS
$
Bryant Park Bk_
1,379,100 22,300
Grace National__ 19.482,474 1,500
Brooklyn
Brooklyn Nat'l_ 9,167,700 19,400
Peoples Nat'l_ _ _
6,900,000 5,000
152,400
116,000
471,200
89,000
6,695,800
6,870,000
-Average Figures.
TRUST COMPANIES
Loans,
Disc. and
Incest.
ManhattanBank of Europe & Tr
Empire
Federation
Fulton
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.
Mechanics
Cash.
Bee. rep_ Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gress
Deposits.
$
$
$
204,300
726,000
13,415,200
80,971,700 *4,164,900 6,530,000
111,472 1,136,795
16,404,073
794,200
20,233,600 *2,339,900
71,642,186 4,200,000 15,082,019
S
3
12,640,300
2,992,700 78,877,700
409,855 16,565,938
156,500 18,689,400
61,302,592
2,317,000 34,149,000
2,371,231 3,386,964
2,407,000 135,299,000
30,095,140
121,057,000
30,963,587
8,323,276
288,554
897,137
309,426
8,450.252
* Includes amount with Federal Reserve Bank as follows: Empire, $2,802,200:
Fulton $2,153,200.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
May 27
1931.
Changesfront
Previous
Week.
Week Ended
May 20
1931.
W5 lesEled
May 13
1931.
$
$
$
$
94,075,000
94,075,000
94,075,000 Unchanged
Capital
97,216,000
97,216,000
97,216,000 Unchanged
Surplus and profits
Loans. dIseta & investle.. 1,013,325.000 +4.728.0001.008.197.000 1,014.784,000
616,972,000 -1,755,000 618,727,000 613.229.000
Individual deposits
149,026,000 -1,716,000 150,742,000 1.51,656,000
Due to beam
+549,000 277,368,000 276,499,000
277,917,000
Time deposits
9,242,000
11,700.000
United States deposits_
4,547,000 -4,695,000
18,074.000
18,038,000
16,013,000 -2,023.000
Exchanges for Clg. House
-15,379,000 117,396,000 109,737,000
Due from other bunks_ 102,017.000
81,226,000
80,791,000
Res've in legal depositles
82,550,000 +1,759,000
6,095,000
6,202,000
+202,000
Cash in bank
6.404,000
2,917,000
3.373,000
+341.000
3114000
Ree've in excuse in.F.R.Bk
-Beginning with the return for the
Philadelphia Banks.
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
$
$
$
S
6,000,000
14,368,800
64,183,000
14,787,000
Bank of N. Y.& Tr. Co.
54,517.900
284,761,000
22.250,000
55,977 000
Bk.of Manhattan Tr.Co.
33,423,200
36,775,300
137,274,000
45,549 000
'
Bank of Amer.Nat.Ass'n
'
National City Bank._ 110,000.000 114,744,200 a1,034,373,000 216,807 000
43,709,800
242,479,000
21,000,000
30.134000
'
Chem. Bk. dr Trust Co90,000,000 208,068,600 b938,710,000 161.428:000
Guaranty Trust Co
16,528,000
156,443,000
16,200,000
33,636,000
Chat.Ph. N. Bk.dar.Co
88,207,800
432,830,000
21,000,000
84,931,000
Cent. Han. Bk.& Tr. Co
32,579,200
181.288,000
15.000,000
38,172,000
Corn Exch. Bk.Tr. Co_
270.512,000
34,429,000
10,000,000 115,830.900
First National Bank
85,285,400
384,828,000
52,679,000
50,000,000
Irving Trust Co
11,341,900
12,401,000
6,000,000
1,275,000
Continental Bk.diEr.Co_
148,000,000 210,812,700 e1,428,336,000 195,293,000
Chaee National Bank
25,480,000
3,897.100
2,778,000
500,000
Fifth Avenue Bank
87,395,200 4449.779,000
75,601,000
25,000.0
Bankers Trust Co
37.767,000
24,988,800
2,032,000
10,000.000
['BM °Inc.& Trust Co
48.925.000
9,551,400
8,103,000
10,000,000
•
idarine Midland Tr. Co_
16,740,000
4,526,500
2,800,000
3,000,000
Week Ended
Lawyers' Trust Co
187,981.000
36.051,800
47,330,000
12,500.000
May 23
qew York Trust Co
49,386,000
5,944,000
10,013,800
7,000,000
1931.
)om'l Nat. Bk.& Tr. Co
27,180.000
6,470,000
2,642,200
2,000,000
larriman Nat. Bk.& Tr
39,359,000
35,864,000
13,805,400
8,250,000
$
oublio N.B.& Tr.Co
140.514,000
70,492,000 Capital
23,947,700
27,500,000
83,202,000
danufaaturers Trust Co
Surplus and profits
258,561,000
Loans. diem,. and Invest 1,496,900,000
Nearing Non-Membee.
2,743,000
5,332,000 Exch. for Clearing Howe
909,700
500,000
31,430,000
tech. Tr. Co., Bayonne
Due from banks
161,733,000
Tntala
(Mg d7c .
1111-1 1 247 148 000 6.594.272,000 1,227,823.000 Bank deposits
243,511,000
Individual deposit& ___
757,677,000
'AB per official reports* National, March 25 1931: State, March 25 1931; Trust Time deposits
439,054,000
Companies, March 25 1931.
1,440,242,000
$116,701,000;(o) $127,- Total deposits
Includes deposits in foreign branches: (a) 1282,077,0001 (5)
Reserve with F.R. Bank_ 123,620,000
049,000; (d) 857.057,000.
565,300
487,000
Changesfrom
Previous
Week.
Week Ended
May 16
1931.
Week Ended
May 9
1931.
83,202,000
Unchanged
83,202,000
Unchanged
258,561,000 258,561,000
-3,807,000 1,500,707,000 1,523,237,000
33,072,000
30,334,000
-1,642,000
-12,829,000 174,562,000 141,615,000
527,000 244,068,000 241.479,000
-18,873,000 776 550,000 775.117,000
-1.519,000 440,573,000 439,080,000
-20,949.000 1,461,191,000 1,456,766,000
694,000 124,314,000 121,924,000
4009
FINANCIAL CHRONICLE
MAY 30 1931.]
Weekly Return of the Federal Reserve Board.
The following is the return Issued by the Federal Reserve Board Thursday afternoon, May 23, 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 week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3971, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 27 1931.
May 27 1931. May 20 1931. May 13 1931. May 8 1931. Apr. 29 1931. Arr. 22 1031. Apr. 15 1931. Am.8 1931. May 28 1930.
RESOURCES.
$
S
S
i
$
S
$
$
$
1,792,364,000 1,790,864,000 1,757.864,000 1,774,714.000 1,782,314,000 1.782,614,000 1,760,114,000 1,733,114,000 1,596,714,000
Sold with Federal Reserve agents
32,514,000
37,857,000
32,529,000
Sold redemption fund with U. S. Treas..
32,848.000
32,529,000
32,514,000
32,623,000
32,529,000
32,624.000
Gold held eicluslvely agst. F. It. notes 1.824,878,000 1,823,378,000 1,790,487,000 1,807,338,000 1,814.843,000 1,815,143,000 1.792,643,000 1,765,962,000 1,634,571,000
579,154,000 583,418,000 604,223.000 578,498,000 553,543.000 557.493,000 523.304.000 540.763.000 635.513,000
Sold settlement fund with F. R. Board
Sold and gold eertificates held by banks_ 855,241,000 816,491.000 815.899,000 786.441.000 806,323,000 700.187,000 825.011.000 824,296.000 787,226,000
3,259,273,000 3,223,287,000 3,210.609,000 3.172,277,000 3,174.709,000 3,162,823,000 3,141.858,000 3,131,021,000 3,057,310,000
173,241,000 176,615,000 178.275,000 172,704,000 177,359,000 183,527,000 176,015.000 177.992,000 163,519,000
Total gold reserves
Reserves other than gold
3,432,514,000 3,399,902,000 3.388,884.000 3,344.981,0003,352.068.000 3,346,350,000 3,317,873.000 3.309,013,000 3,220,829,000
Total reserves
70,730,000
Ron-reserve cash
67,210,000
78,100,000
76,178,000
75.046.000
72,118,000
71,461,000
70,673.000
68,033,000
Bills discounted:
50,489,000
45,700,000 101,743,000
Secured by U. S. Govt. obligations—
49,875,000
40.336.000
44,415,000
48,832,000
61.468.000
58,297,000
102,363,000
96.885,000 145,303,000
99,001,000
91.668,000
Other bills discounted
90,835,000
96,072,000
93.683,000
91.905.000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
152,852,000
124,501,000
148,876,000
131,007,000
144,904,000
153,108,000
150,202,000
193,869,000
155,151,000
169,765,000
135,250,000
151.611.000
132.004.000
131.479.000
142,585.000
171,729,000
247,016.000
175,560,000
59.085,000
52,227,000
487,056,000
59,171,000
52,231,000
487,134,000
59.015,000
52,228,000
487,171,000
59,080,000
52,227.000
487,044.000
60.457.000
52,229.000
435,620,000
65.711,000
52,232,000
480,586.000
65.722.000
52,229.000
480.684.000
66.719,000
59,225,000
472.711,000
46,936,000
237,966,000
244,868,000
Total U. S. Government securities
Miter securities (sem note)
598.
368,
000
768.000
598,536.000
767,000
598.414,000
1.118,000
508,351.000
1,100,000
598 306,000
.
350.000
598,529,000
598.635,000
598.655.000
529.770.000
6,400,000
Total bills and securities (lee note)
Due from foreign hanks (see note)
Federal Reserve notes of other banks
Uncollected Items
Bank premises
ill other resources
876,489,000
699,000
15.463,000
451,313,000
58,580,000
19,393,000
879,186,000
699.000
16,492,000
512.172,000
58.580,000
19,130.000
897.544,000
698,000
15,478,000
542,396.000
58,482,000
18,760,000
943,522,000
697.000
15,202,000
491.987,000
58.424,000
18,351,000
023,572.000
697,000
15.302,000
469,010.000
58,420,000
17,102,000
885,390,000
697.000
16.159.000
523,411,000
+58,420.000
16,741.000
862.118,000
697.000
15,981,000
598,488,000
58,417,000
16,963.000
912,969.000
697.000
14.383,000
475,629,000
58.364,000
17,287,000
958,776,000
709,000
19,054,000
564,916,000
58,671,000
12,194,000
4,925,181,000 4,961.207,000 4,993,703,000 4
,941.197,000 4,906.844,000 4,919,286,000 4.946.715,000 4.866,442,000 4,902,359.000
1,551,808,000 1,551,458,000 1,528,310,000 1
.540.783,000 1,527.740.000 1,526.511,000 1.515,716.000 1.505,143,000 1,465,867,000
2,424,670,000 2,410,799,000 2,420,793,000
2,417,734,000 2,407,529,000 2,379.785,000 2,356,415.000 2,388.700,000,2,346,798,000
19,287,000
15,445,000
29,884,000
18,859,000
49,771,000
20,638,000
36,200,000
31,037,000
24,716.000
7,396,000
5,727,000
5.183.000
5,387,000
5.243,000
5,495,000
5,819.000
5.575,000
19,772,000
18,893,000
20,553.000
18.680.000
25,733,000
20,874,000
20,369.000
23.515,0001
18.591,000
2471.105.0002,452,524,000 2,483,181,000 2,471,540.000'2,462,840,000 2,435,792.000 3.406,100.000 2,442.507.000.2,420,849,000
442,526,000 497,812,000 522,909,000 469,628.000
457,272,000 498,113,000 566,027,000 460,439.000 548,376,000
168.428,000 168,476,000 168,453,000
168,690.000 168.738,000 168,713.000 170,515,000
274,636,000 274,636.000 274.036.000 168.590,000 168.612,000 274.636,000 274.636.000 274.636.000 276,936,000
274,636,000 274,636,000
16,678,000
16,301,000
15,004,000
15.408.000
19,816,000
15,544,000
16,214.000
16,020,000
15,744,000
Total resourees
LIABILITIES.
P. It. notes in &stun] circulation
Deposits:
Member banks—reserve account
Government
Foreign banks Des nofsi
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
&II other Ilabilltles
4,925,181,000 4,961.207,0004,993.703.000 4
Total liabilities
,941,197,000 4.906,844,000 4,919,286,000 4.946,715,000 4,866,442,000 4,902,359,000
Ratio of gold reserves to deposits and
81.0%
80.5%
F. R. note liabilities combined
80.2%
80.1%
78.6%
80.0%
79.8%
70.0%
79.5%
Ratio of total reserves to deposits and
85.3%
81.9%
F. R. note liabilities combined
83.8%
84.6%
82.9%,
84.5%
84.5%
83.4%
84.0%
Contingent liability on bills purchased
.
381,570,000 383,698.000 394.907,000
for foreign correspondents
402,752,000 410,076.000 422,880,000 424,148,000 429,538,000 461,853,000
Maturity Distribution of Bills and
Short-Term Secur6t4es1-16 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness
1-15 days muntelpal warrants
16-30 days bills bought in open market
18-30 days bills discounted
18-30 day, U. H. certif. of Indebtedness._
16-30 days municipal warrants
31-60 days bills bought In open market
81-80 days bills discounted
81-60 days U. S. certif. of Indebtedness
81-60 days municipal warrants
61-90 days bills bought in open market
61-90 days bills discounted
61-90 days U.S. certif. of Indebtedness
01-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
$
46,582,000
86,762,000
$
$
$
$
5
$
$
S
50.995.000
63,721,000
74,812,000
83,371,000
19,200.000
105,496,000
92,593.000
19,200,000
101,395,000
98,316.000
5,000,000
95,439,000
78.833.000
6 000 000
. .
69.331,000
73,825.000
95,149.000
82,837,000
103,869,000
152,044,000
30,805,000
36,368.000
13,313,000 . 14,460,000
65,375,000
81,866.000
36.598.000
13,926,000
34.172,000
12,246,000
21,321,000
12.065.000
19,200,000
29,167,000
12,564.000
19.200,000
35,916,000
14,367,000
6.000,000
53,580.000
13.949,000
6,000.000
29,069.000
20,736,000
13,474,000
32,877,000
21,722,000
133,207.000
38.183.000
20.613.000
129,166,000
22.30/.000
19,123.000
89,716,000
13,097,000
19,451.000
91,718,000
14,432.000
19,640.000
29.422.000
19.539,000
21,035.000
24,500.000
32,573,000
33,329,000
40,000,000
8,584,000
15,680,000
11,929.00 0
:11.655.000
:
0
30,850,000
30,850,000
18.440.000
13.143,000
45.300,600
13,800.000
12.333,000
40.300.000
11.661.000
12,291,000
122,794,000
3.223.000
13,665.000
134,728.000
9,177,000
18,431.000
63.213,000
338.000
13.095,000
307,828.000
308.000
12,504000
828,404,000
108,000
12.069.000
324.370.000
139,000
11,881.000
23.468.000
238,000
11,699,000
307,485.000
872,000
22,506,000
128,181.000
42,768.000
23,513,000
52,300,000
35,799,000
22,806,000
51,300,000
3,848,000
12,864,000
57.550,000
18,000
498,000
16.400,000
831,000
7,233,000
12,573,000
56,550,000
17,000
612,000
15,316,000
297,418,000
13,923567
303,914.000
18.000
—
TED. RESERVE NOTE STATEMENT.
F. R. notes received from Comptroller..
F.R.netes held by F. R. Agent
1.957.603,000 1,955,838,000 1,934.945,000
Issued to Federal Reserve Banks
1,940.192.000 1.932.278.000 1,939,247.000 1,929,937,000 1.911.513.000 1,786,049,000
Collateral Ileld by Agent as Security for
Notes Issued to /lank—
616,884.000 616,884,000 616,884.050
ily gold and gold certificate;
610,434,000 612,034.000 620,134.000 820,134.000 623,134,000 402,008,000
Gold redemption fund
. 1,175,480,000 1.173,980,000 1,140,980.000
Gold fund—Federal Reserve Board
1,164,280.000 1.170.280.000 1.162.480.000 1.139,930,000 1,109,980.000 1,194,706,000
267,779.000 269.780,000 276,288,000
By eligible paper
311.017.000 300,969.000 261.548.000 254.107,000 299.262.000 412,148,000
2,060,143,000 2,060,644.000 2 034 1C9 non o noc 991 fIlln OS 1%0.1 .109 nnn 9 me 100 000 2.014.221.00 2.032.379.0(11 2,008,8(23001
0
NOTE—beginning with the statement of Oct. 7 1925, two new items were added In
order to show separately the amount of balances held abroad and amounts due SO
correspondents. In eddition, the caption.'Ali other corning assets,"
foreign
qt.'s
Intermediate Crodh Bank debentures, was changed so
previously made up
securities," anti the caption, -Total earthing assets to "Total bills and securities." The latter of Foreign
itam was adopted as a more accurate description of the total of the discounts. acoestances and securities souulred tinder the provlaion of Sections 13 and 14 of the Federal Reserve Act which, 11 was stated, are the only Items included therein
Troalt
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 2/ 1931
Two CNIPArTs (00) omitted.
I —
Federal Reserve Bank of—
50:100. New York. Phila. 'Cleveland. Richmond Atlanta. Chicago. Si. Louts. MItineop. Kan.Ctty. Dallas. San Fran,
TOLai.
$
$
RESOURCES.
$
146.917,0 386,919,0 160,000,0 192 550
Gold with Federal Reserve Agents
0 87 070 0 125 600 0,291 900,0 71,730,0 43,815,0 62,000,0 23,100,0 220,763,0
32,514.0 1,136,0
Gold redo fund with U.S. Tress_
13,092,0 1,004,0 2,460,0 '
663,0 1,339,0 1,058,0 4,424,0
;960,01 3,958,0 1,505,0
915,0
Gold held eta eget. F. R.notes 1,824.878,01148,053,0 400,011,0 161,004,0 195 010 0 67 985 0 126 560 01295 858,0 73,235.0 44,478,0 63,339,0 24,158,0 225,187,0
Gold settle's fund with F.R.Board 579,154.0 31,863,0 224.103,0 69,5740 46 800'0 10 994'0 7'458; 87 372.0 19,068.0 11,350,0 17,659.0 14,370,0 38,543,0
.
,
0
'
Gold and gold ctfs held by banks_ 855,241,0 34,488,0 568,217.0 24,063.0 66;464 5,842,0 8,674,0 82,430,0 12,131,0 5,621,0 10,927,0 4,422,0 31,962,0
3,259,273,0 214,404,0 1.192,331,0 254.641,0 308
Total gold reserves
274 0 84 821 0 142 692 0 465,660,0 104,434.0 61,449,0 91,925,0 42,950,0 295,692,0
173,241,0 13,238,0
Reserve other than gold
61,543,0 6,9880 15,4090 11 4 142,0 7, 65, 19,509,0 8,784,0 3,910,0 7.454,0 8,228,0 9,571.0
0
,
1,792.364.0
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. H. Govt. obligati()
Other bills discounted
Total bills discounted
Bills bought in oven market
s
$
$
$
$
s
$
$
$
s
3,432,514,0 227,642.0 1,253,874,0 281 629 0 323
485,169,0 113,218,0 65,359,0 99,379.0 51,178,0 305.263,0
683 0
70,730,0 8,423,018, .03,812,0 3,378,0 95 963 0 150 157 0 8,850,0 5,029,0 1,762,0 1,847,0 3,532,0 5,598,0
538
.
, ,
4,589 0 5 372 0
50,489,0 4,910,0
698,0 1,820,0
14,567,0 6.864,0 6 093 0 4 065 0
273,0 3.982,0
569.0 4,323,0 1,820,0
102,363,0 5,717,0
12,432,0 12,0860 7,36,0 4;1 9;0 1,7 70 7,112,0 5,231,0 3.688,0 8,886,0 8,755,0 5,179,6
1
4
8
1
152,852,0 10,627,0
124,501,0 13,103.0
26.999,0
0 13,454 0 18 214 0 12 356,0 11,940,0
27,454.0 18,930, 17 A711(1 22000 5310 0 18.229.0
1000
,
,
, .
7,051,0
8,714.0
4,386.0 10,706,0
5.718,0 7,841.0
9,028,0 9,161,C
4,167.0 11.068.6
4010
[Vol, 132.
FINANCIAL CHRONICLE
rwo Ciphers (00) omitted.
RESOURCES (Concluded)
U. B. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. B. Govt. aeouritiesOther securities
Total bllia and securities
Due from foreign banks
F.R.notes of other banks
Uncollected Items
Bank premises
All other resources
Total.
Boston.
New York.
$
$
Cleveland. Richmond Atlanta. Chialgo. St. Louts, Minneap. Kan.Citg
Philo
5
5
5
5
$
5
$
Dallas. SanFrans
$
$
5
$
59,085,0 1,202,0
52,227,0 1,501,0
487,056,0 43,478,0
319,0
15,023,0
989,0
520,0 1,325,0
379,0 10,207,0
211,0 20,590.0
666,0 7,654,0
623,0 10,545,0
11,380,0 4,607,0 11,549,0
490,0 3,874,0 1.972,0 3,976,0
600,0 1,110,0
118,767.0 43,757,0 50,624,0 26,168,0 16,817,0 58,566,0 20,800,0 17,451,0 32,291,0 18,409,0 38,128,0
598,368,0 46,181,0
768,0
145.170,0 49,353,0 62,693,0 29,983,0 20,702,0 81,128,0 25,442,0 25,705,0 33,780,0 29,239,0 48,992,0
750,0
18,0
876,489,0 69,911,0
52,0
699,0
257,0
15,463,0
451,313,0 52,907,0
58,580,0 3,458,0
516.0
19,393,0
200,373,0 68,389,0 93,723,0 50,403,0 41,377,0 111,297,0 41.207,0 35,827,0 52,327,0 42,434,0 69,221,0
48.0
231,0
69,0
71,0
21,0
28,0
20,0
25,0
94,0
24,0
16,0
175,0
996,0 1,528,0 1,308,0 1,647,0 1,941,0
362,0 1,370,0
4,772,0
660,0
447,0
125,136,0 40,686,0 43,072,0 34,190,0 12,000,0 55.042,0 19,068,0 8,448,0 22,596,0 13,718,0 24,450,0
15,240,0 2,614,0 7,314,0 3,504,0 2,573,0 8.061,0 3,635,0 1,926,0 3,803,0 1,831,0 4,621,0
5,929,0
989,0 1,901,0 1,265,0 3,469,0
903,0
951,0
528,0
962,0 1,171,0
809,0
Total resources
4,925,181,0 363,166,0 1,624,093,0 378,363,0 474,138,0 191,470,0 216,281,0 671,122,0 185,293,0 114,594,0 181,160,0 114,027,0 411,474,0
LIABILITIES.
F. R.notes in actual circulation
1,551,808.0 135,738,0 273,231,0 147,332.0 191,761,0 73,291,0 127,409,0 229.591,0 72,621,0 47,130,0 62,517,0 26,908,0 164,279,0
Deposits:
Member bank-reserve account 2,424,670,0 139,283,0 1,065,960.0 145.015,0 190.335,0 61,865,0 57,694,0 322,060,0 74,283,0 47,611,0 81,932,0 55,879,0 182,753,0
2,465,0 1,396,0 1,490,0 4,145,0
Government
19,267,0 1,123,0
643,0 1,797,0 1,248,0
682,0
977,0 1,645,0 1,656,0
Foreign bank
3,634,0
555,0
381,0
421,0
566,0
224,0
168,0
7,396,0
202,0
129,0
163,0
757,0
196.0
9,442,0
87,0 1,996,0
Other depoeits
56,0
125,0
53,0 6,455,0
138,0
238,0
231,0
98,0
19,772,0
853,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,471,105,0 140,883,0 1,081,501,0 147,053,0 194,387,0 66,359,0 58,677,0 325,467,0 75,965,0 48,653,0 83.170,0 57,745,0 191,245,0
442,526,0 53,021,0 118,537.0 39,665,0 41,974,0 33,139,0 11,953,0 53,984,0 19,930,0 7,838,0 22,037,0 15,240,0 25,208,0
65,456,0 16,776,0 15,751,0 5,700,0 5,204,0 19,909,0 4,825,0 3.015,0 4,225,0 4,294,0 11,435,0
168,428,0 11,838,0
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,936.0 10,562,0 7,144,0 8,702,0 8,936,0 18,475,0
274,636,0 21,299,0
4,793,0
472,0 1,294,0
904,0
832,0
867,0 2,181,0 2,235,0 1,390,0
814,0
509,0
387.0
16,678,0
Total liabilities
4,925,181.0 363,166,0 1,624,093,0 378,363,0 474,138,0 191,470,0 216,281,0 671,122,0 185,293.0 114,594,0 181,160,0 114,027,0 411,474,0
Memoranda.
85.9
Reserve ratio (per cent)
88.9
92.6
68.2
60.5
82.3
83.8
68.2
68.7
85.3
76.2
80.7
87.4
Contingent liability on bills purchased for foreign oorrespondls 251 wrn n 95 514 n 123 777 0 38 035 0 38 Rog 0 15 36a n la gal n al agn n 12 Ad7 n a 836 n 11 142 0 11 526 0 26.125.0
Federal Reserve Agent at-
FEDERAL RESERVE NOTE STATEMENT.
1
.
New York. MM. Cleveland. Richmond Atlanta, Chicago. St. Louts. Minneay. Kan.City. Dallas.
Boston.
Total.
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R. bk. by F.R. Agt 1,957,603,0 163,318,0
Held by Federal Reserve bank_ 405,795.0 27,580,0
3
$
5
sataFras.
$
$
$
$
$
3
408,977,0 173,099,0 217,901.0 84,621,0 145,476,0 300,189,0 82,568.0 52,330,0 68,300,0 33,886,0 226,938,0
135,746,0 25,767,0 26,140,0 11,330,0 18,067,0 70,598,0 9,947,0 5,200,0 5,783,0 6,978,0 62,659,0
In actual circulation
1,551,808,0 135,738,0
Collateral held by Agt,as security
for notes Issued to bank:
Gold and gold certificates
616,884,0 32,300,0
Gold fund-F.R. Board
1,175,480,0 114,617,0
Eligible paper
267,779.0 23,670,0
Total collateral
$
$
273,231,0 147,332,0 191,761,0 73,291,0 127,409,0 229,591,0 72,621,0 47,130,0 62,517,0 26,908,0 164,279,0
351,919,0, 38,700.0 12,550,0 10,070,0, 9,400,0 73,900,0 13,930,0 6,815.0
7,300,0 60,000,0
35,000,0 121,300,0 180,000,0 57,000,0 116,200,0 218,000,0 57,800,0 37,000,0 62,000,0 15,800,0 160,763,0
50,371,01 16,902,0 30,040,0 20,052,0' 20 476 0 29 927 0 15 195,0 9.932,0 18,194,0 12,949,0 20,071,0
437,290,0 176,902,0 222.590.0 87.122.0 146 076 0321 827 0 Fifi 925_0 53.747.0 80.194.0 36.049,0 240,834,0
2.060.143.0 170.587.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3974, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
MO Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement. and Inelude all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loansl
and some of the banks included mortgages in Investments. Loans secured by U. S. Government obligations are no longer shown separately. only the total of loans on
securities being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U. S. obligations and those secured
by commercial paper, only a lump total being given. The number of reporting banks Is now omitted: In its Place the number of cities Included (then 101) was for a time
given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Francisco district with loans and Investments of $135,000,000 on Jan. 2 1929 which had then recently merged with a non-member bank. The figures are now given in round millions instead Olin thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANES IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 20 1931 (In millions of dollars).
Federal RUMS District--
Total.
Boston. New York
$
1,465
Phila.
Cleveland. Richmond Atlanta. Chicago. St, Louis. Minneap. Kan.City. Dallas. SanFran.
5
9,133
5
1,349
$
2,236
Loans and Investments-tOtal
$
22,708
Loans
-total
14,905
993
6,062
825
6,981
7,924
393
600
3,390
2,672
626
441
$
1,992
2,267
433
230
365
298
1,237
1.095
1,172
172
261
57
173
101
264
88
210
340
897
$
3,243
1,386
423
386
651
735
161
262
116
270
$
$
$
$
5
7,803
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government detioelta
Due from banks
Due to banks
171
Danl.
3,071
524
850
207
171
976
240
133
261
143
755
215
257
1,626
1,445
206
318
462
388
91
116
85
86
523
453
84
156
64
69
113
148
87
56
391
364
1,834
223
13,757
7,409
64
1,724
3 670
U. S. Government securities
Other securities
472
3,947
3,856
Investments-total
lanarnaalnera fmnr• V
363
557
417
408
On securities
All other
673
630
5
97
14
864
521
6
94
147
877
57
6,450
1,781
17
160
1,320
91
17
789
401
7
141
260
143
28
1,115
1,011
5
143
387
40
16
330
263
6
99
116
40
9
307
227
6
86
114
271
36
1,834
1,363
5
345
506
49
6
388
251
1
79
132
25
5
202
153
1
85
87
53
11
443
206
1
192
224
35
6
284
148
4
104
120
113
18
751
1,084
5
196
257
0
7
2
5
A
9
'I
'00
1
1
•Exclusive of figures for one bank In New York City: dosed Dec. 11. Lad report of bank showed loans and Investment, of about 5190.000.000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 27 1931,
in comparison with the previous week and the corresponding date last year:
may 27 1931. may 20 1931. May 28 1930.
386,919.000
13,092.000
386.919.000
13,092,000
258,591,000
15.006,000
400,011,000
224,103,000
568,217,000
400.011,000
188.283.000
534,986,000
273,600,000
214,517,000
477,101,000
1,192,331,000 1,123,280.000
62,271,000
61,543,000
Resources (Concluded)
Due from foreign banks (see note)
Federal Reserve notes of other banks.....
Uncollecteditems
Rank premises
All other resourres
965,218,000
53,779,000
Total resources
1,253,874,000 1.185,551.000 1.018,997.000
16,528,000
22,040,000
18,538,000
Bills discoultcd
Secured by U. S. Govt. obligations_,.
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities
Roods
Treasury notes
Certificates and bills
May 27 1931. May 20 1931. May 28 1930
$
$
$
232,000
231,000
231,000
4,772,000
5,597.000
5,610,000
125,136,000 137.370.000 154,873,000
15,240.000
15.240,000
15,664,000
5,929,000
5.649,000
4,299,000
14,567,000
12,432,000
16,172,000
11,599.000
37,262,000
15,565,000
26,999,000
27,454,000
27,771 000
30,324,000
52,827,000
47,325,000
15,023,000
11,380.000
118,767.000
15,023.000
11,380,000
118.767,000
4,357,000
84,539,000
90,152,000
1.624.093000 1,575,693,000 1,499,803,000
Fed. Reserve notes In actual circulation 273,231,000 258.054,000
'
1,065,960,000 1,014.040.000
Deposits
-Member bank, reserve sect
2.026.000
2,465,000
Government
1.965.000
3,634.000
Foreign hank (See note)
10.151.000
9,442.000
Other deposits
Total deposits
Deterred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
184,330,000
990,889,000
15,225,000
1,787.000
9,050,000
1,081,501.000 1.029.082.000 1,016,951,000
118.537,000 127.840.000 145,614,000
65.445.000
66,202,000
65,456,000
80,575,000
80,001,000
80.575,000
6,705,000
4.607.000
4,793,000
1 624.093,000 1.575,693,0110 1,499,803.000
145,170,000 179,048,000 Ratio ot total reserve to deposit and
84.8%
91.4%
750.000
4,400,000
Reserveoltnahlti,litniees
92.6%
Contingent
purchased
for torelan correspondents. ___ _____
123,777,000 125,905,000 159.677,000
200.373,000 204,015.000 283.600,000
Total bills and securities (see note).- -.
were added In order to show separately the amount of balances held abroad and amounts due to
NOTE.
-Beginning with the statement of Oct. 7 1925, two new Items
prevlouely made up of Federal Intermediate Credit Bank debentures was changed to "Other
foreign correspondents. In addition, the caption "All other earning assets,"
The latter term was adopted as is more accurate description of the total of the discount.
"Total hills and securities."
securities." and the caption. -Total earning assets" to
tr.,
and 14 of the Federal Reserve Act, which. It WAR stated. , tile only items included therein.
acceptances and securities acquired under the provisions of Sections 13
Total U. 8. Government securities__
Other securities (‘ee note)
145,170,000
750,000
MAY 30 1931.]
FINANCIAL CHRONICLE
4011
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
Varxh,ers' Jazette.
we furnish a daily record of the transactions in Liberty
Wall Street, Friday Night, May 29 1931.
Loan and Treasury certificates on the New York Stock ExRailroad and Miscellaneous Stocks.—The review of the change. The transactions in registered bonds are given
Stock Market is given this week on page 3996.
in a footnote at the end of the tabulation.
The following are sales made at the Stock Exchange this
1fay 29
week of shares not represented in our detailed list on the Daily Record of U. S. Bond Prices. May 23 May 25 May 26 May 27 May 281.— -lEigh 102"ss 1022082 102,81, 102"s, 102us 102"n
First Liberty Loan
pages which follow:
STOCKS.
Week Ended May 29.
Sales
for
Week.
Range for Week.
Range Since Jan. 1.
Lowest.
Highest.
Lowest.
Highest.
Par. Shares. $ per share. S per share. $ per share.5 per share.
Railroads—
Alleghany&Westernlsl
2011834May 27 118%May 2711234 Ap 11834 May
Canada Southern__ _100
50 60 May 28 60 May 28 60
Jan 61
Feb
Caro Clinch & Ohlo_100
50 85%May 28 8534May 26 85
Jan 92
Feb
Ctrs stamped_ _ _ _1 is
10 98 May 29 98 May 29 98
Feb 102
Apr
Central RR of N J_100
106 183 May 26 183 May 26 165 May 230
Feb
Cleve & Pittsb spL..bi
801 4434May 28 4434May 28 4434 May 4434 May
Cuba RR prof
105
201 32 May 28 32 May 28 32 May 44
Feb
DuluthSS&Atlpf.lss
10
%May 27
%May 27
% May 134 Jan
Havana Electric Ry—
20
%May 26
%May 26
% Jan 134 Mar
Preferred
1
11
5%May 2 6 May 28 534 May 20
Feb
Hudson di Manh pf..li I
I0 70 May 2 70 May 27 6634 Ap 7834 Feb
Ill Cent leased line-100
1 6234May 2 6234May 23 6134 May 78
Jan
InterRapTranctfs.lui
60 20 May 2 2034May 26 20 May 3234 Feb
Jut Rys of Cent Am—
Preferred
100
3 30 May 27 3354May 25 30 May 55% Feb
Market St RY
1001 1341May 28 1%May 28
lu
% Ja
3% Feb
Morris & Essex
Si20 8334May 29 8334May 29 81
Ja 85% Apr
New On Tex & Mex 155
10 105 May 23 105 May 23z9434 May 145
Feb
Pltt8FtW&Chlopflss
70 158 May 27 159 May 2815534 Ma 163
Feb
Rutland RR pret___100
400 1834May 29 2134May 25 1834 May 31% Feb
Wheel&Lake Erie p111.40 70 May 25 70 May 25 70
Ap 94
Jan
Indus. & Miscall.—
Alleghany Steel
•
110 2834May 28 30 May 25 28% May 46% Feb
Alliance Realty
20 48 May 26 48 May 26 48 May 60 May
*
Amalgamated Leather*
100 134May 29 134May 29 1
Jan 2% Mar
Amer Agile Chem(Del)• 1,300 1234May 27 14%May 23 121‘ May 29% Feb
Amer Beet Sugar pf_l
130 914May 28 10 May 23 8
Jan 17% Jan
Amer Chain pref._ A ii
600 69 May 28 74 May 25 69 May 88
Jan
Am Mach&Metals ars•
500 2 May 27 234May 27 2 May 5% Mar
American News
May 23 50 May 29 49 May 57% Feb
*
1201 49
Amer Water Works &
*
206, 41 May 26 42 May 28 41 May 8034 Feb
Electric ate
400; 90 May 25 93 May 25 8934 Fe, 9934 Mar
Anchor Cap Corp pref.*
Arch Daniels Mid p1 1's
70: 98 May 27 98 May 27 98 May 102
Jan
200; 15 May 29 1534May 26 15 May 2034 Jan
Art Metal Construct_10
Asso Dry Gds let p1100'500, 94 May 28 94 May 26 85
Ja 98 May
Austin Nichols prior A *1
486 1934May 29 2034May 26 1934 May 2434 Mar
Brown Shoe prat_ .
20 118 May 29 118 May 29 11734 Ma 118 May
_ l0
Budd (E G) pref.. _ioOI
310, 40 May 28 45 May 25 35
Ap 4934 Jan
1
Chile Copper
25
3801 18 May 27 1934May 27 18 May 38
Feb
City Stores class A..
.I
40, 13 May 25 13 May 25 12% May 25
Feb
Colo Fuel & Iron new." 2,800, 11%May 28 14 HlVfay 25 11% May 1534 May
1
10; 9034May 26 90341May 26 90
Preferred
Ap 115
Feb
Col Graphophone ctts .1
200 7%May 28 734May 28 7% May 8% May
1
Comm Cred prat(7)21130 2234May 27 2234May 27 20
Jan 2334 Jan
Comm Inv Trpf(7)j001
90 108%May 27 109 May 26 108% Ma 109
Apr
• 2,200, 1234May 28 1334May 23 12% May 1534 Mar
Cons Laundries
Crown Cork & Seal pf.•
100; 31 May 28 31 May 28 30% May 3434 Feb
Cuba Dominion Sugar.* 2,400; 14 May 29
%May 25
3.4 May 1% Jan
Cushm Sons p1(7%) 10
26107 May 27 107 May 27 100
Ja. 112
Mar
Devoe dc Raynolds-801100%May 23 103 May 2810034 May 109
1st preferred
1
Mar
Dupland Silk pret..1
10 105 May 26 105 May 26 103
Feb 105
Apr
Fash Park Asso pt 1
100, 1354May 27 1334May 27 1334 Ap 25
Mar
Fed Mining & Smelt 10
100, 35 May 29 35 May 29 35 May 80
Feb
Food Machinery
900 16 May 25 19%May 23 16 May 3134 Apr
Fuller Co 2d pret
1801 58 May 25 58 May 25 55 May 65
•
Feb
General Baking
51 7,100, 1934May 27 20 May 23 1734
Preferred
26 1073jMay 26 98
'I 80 10734May 29116 May 2910734
GeneraiCigarpreL_l0
10116 May
General Print Ink._ -*
810; 1534May 27 1634May 29 15
*1
Preferred
20' 6934May 27 70 May 27 65
Gen Ry Signal prer.joe.li
210 108 May 26 108%May 2610434
*1
Gold Dust Prof
200 110 May 28 112 May 26104
Gotham Silk Hosiery
Pref x-warr
1
50! 703May 29 7034MaY 29 52
Greene Cananea Copl
10 7334May 26 7334May 26 45
Guantanamo(dug pf.1
201 834May 29 8%/May 29 834
Hamilton Watch
•
150 35 May 28 36 May 25 35
Hackensack Water—
Prof class A
2934M
2634
Helms(G W) prof__ 125
a 3
‘5 ; 3 35
1
30
10113254 55 227 122iiMa ; 27 134
Houston 011 new____25 10,6001 634May 28 734May 25 64
Indian Motocycle p1100
20 1634M53' 27 1634May 27 9
Internat Silver pref.100
501 5834Med 27 60 May 27 5834
Kresge Dept Stores...*
176 6 May 23 6 May 23 434
Kresge (88) Co p1_100
1011134May 25111%May 25 107
20121 May 28 121 May 28 118
Loose-WilesBislst pf100
Lorillard Co Prof..-100
456 9834May 28 10034May 25 904
McLellan Stores p1-100
MacAndrews&Forbcs__l601 42 May 23 4634May 26 42
Ap 254
Jan 114
Jan 11834
May 31
May 76
Jan 114
Jan 11734
Apr
mar
May
Mar
Jan
Mar
May
Jan/ 7134
Jan' 7434
Apr, 1234
Apr, 41
May
Mar
Jan
Feb
Marl 30
Jan 1354
May 1434
May 26
May 9034
Jan 514
Jan 112
Jan 12634
Jan 10134
May 684
Apr
May
Feb
Feb
Mar
Jan
May
Jan
May
Mar
Preferred
20, 88 May 29 88 May 29 88 May 10034 Apr
100
Mengel Co prof.. _100
Apr 70
10 61 May 25 61 May 25 60
Feb
Nomnda Mines
• 37,1001 1534May 27 1934May 23 1534 May 2934 May
Omnibus Corp pref_100
Jan 85
200 75 May 26 77 May 29 68
Mar
Pao Tel & Tel prot.100
130%May 2 124
Jan 131% Apr
50,130HMay 25
Panhandle Prod & Refi
Preferred
7(11 10%May 2 10%May 25 10
Mar 20
100
Apr
Peoples Drug Stores pf•
120 9934May 2 , 9934May 29 9634 Feb 103
Apr
Phila Co 6% pf new.*(100102%May 25102%May 25 9534 Jan 10234 May
Pitta Tannin Coal p11001
21 May 25 21 May 28
120; 21 May 25!
Feb
Proctor & Gamble p1100
29 108 May 29'107
120,
Feb 112
Mar
I, 5%MaY I 5 May 291 434 May 834
Reo Motor Car otts_l
1
1
500
Feb
20
Revere Copp & Br p1100
60; 45 May 26 45 May 26 45 May 8334 Jan
Rhine Westphalia El Pr
3001 24 May 27 2434May 271 24 May 3234 Mar
Sloss-Sheff St & Ir pf100
140; 28 May 26 28%May 26; 28
Ap 39
Feb
Underwood-Elliott-Ftsh
I
Preferred
100
101120 May 26 120 May 26 120 May 123
Feb
United Dyewood__.1001
40 3 May 26 334May 251 2
.18
1 3% May
United Piece Dye pf 100
10 107 May 27017 May 271 102
Ja 108% Mar
11 S Tobacco prof_ —100
1013734 ay 25 137%May 25 136
Jan 137% Apr
Utah Copper
40100 May 26 1001iMar 25 9834 May 12434 Feb
10
Vulcan Detlnning pf 100
480 9534May 26 9534May 26 90
Apr 9514 May
Walgreen Co pref. 100
200 93 May 25 93 May 25 90
Feb, 94
Mar
Wilcox-Rich class A...
100 2434May 26 2434May 26 20
Jan' 30
Mar
Zointe Products
1 6,400 1134May 26 1234May 29 1134 May 1334 May
• No par value.
334% bonds011923-47— Low- 102"ss 102un 102":, 102"1, 102", 1021%,
Clan 102uss 1022011 1020n 102uss 102uss 102uss
(First 5)4)
25
24
19
IS
13
81
Total sales in $1,000 wigs—
{
Converted 4% bonds of Hig;
1932-47 (FIxe$
Total sales in $1.030 antis_
Converted 44% boodsf Higil
of 1932-47 (First 4%s) Low_
Close
Total sales in $1.000 units-Second converted 44% High
bonds of 1932-47(First LowSecond 434e)
Total sales in 51.000 units__
Fourth Liberty Lx.an
illigh
434% bonds of 1933-38— LowClose
(Fourth 434s)
Total sales in 81.000 units__
rreneuty
High
41.0w.
43(0. 1947-52
Clare
Total sales in $1.000 unite-High
{
4s. 1944-1954
Low(Close
Total sales In 21.000 mitt-High
Low_
nis. 1946-1956
Close
Total gales in $1.000 lin --High
8,13. 1943-1947
41.0w.
(Close
Total sales in 81.000 units-(High
8%5, 1940.1943
Low_
Close
Total gales in SLOW units.—
{
High
8)411. 1941-43
Low
Close
Mild *atom C.. el nnn ....t.
103 1 103
-17
-1in
103"ss 103"st
103", 103"s,
3
25
------------------104uss 104uss
104",, 104uss
1041%, 104 4s
,
112
230
113 n 11329:1
0
11328n 11311,1
113,032 1131Bee
16
339
1091, 1091833
12
10f0ss 108uss
109Bss 108uss
160
41
107" 107 n
,
1071Gie 106**ii
1071%i 1061iss
10
1032112
103"
103"
19
1031st
103
103
85
103 n,
,
103
103
94c
103an 10.3
-1in 103
-1in 103
-3in
103"ss 103"ss 10310e 1031,
st
10313 103",, 103",, 103"n
:,
10
12
11
13
---------- -------------------- ------.
104",, 104"ss 104"st 104"ss
104"n 104",, 104"ss 104"s,
104111 104nn 104238, 104"n
155
127
111
86
113uss 113toss 11321n
1131,32 113ton 113on -113uss 1139 1132h, -,1
53
126
57
109231 109 ,, 1094;
109
,
109
109
109 ss 109',,
,
%
109
109
109 11 109 st
,
,
10
102
2
1
107 n 107 a, 107 1,
,
,
,
---107
107
107%
-107
107
107 st
,
27
125
101
35
103
103
6s3 103 ,, 103 s, 1034n,
,
103
103.n 102..22 103 32 103%
,
103
1036:1 1021oss 103 ss 103%
,
40
101
5
5
12
103est 102uss 102uss 10224 102 n
,
,,
10224,,1022, 1022232 1022s8 102",,102n
32
1022 st 102"st 102ns 102ust
103
30
226
66
125
118
102us 102k,,
1036ss 102"2, 103
102"as 10221,1 102"ss 1022is 10221,1
10281st 102"st 102"st 10221 102"n
,
aft
121
522
25
111
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 1st 434s
194th 44s
103982 to 103en
10419n to 104,,
,,
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.86 3-16®
4.86 13-32 for checks and 4.86 7-16@4.8634 for cables. Commercial on
banks, sight, 4.85 15-16®4.86 li; sixty days. 4.8354®4.84 5-16: ninety
days. 4.8234©4.8354: and documents for payment, 4.83@4.845-l6. Cotton for payment, 4.8515-16, and grain for payment. 4.85 15-16.
To-day's (Friday's) actual rates for Paris bankers'francs were 3.91 5-16@
3.9134 for short. Amsterdam bankers' guilders were 40.20@40.21.
Exchange for Paris on London. 124.21; week's range, 124.38 francskhigh
and 124.21 francs low.
The week's range for exchange rates follows:
Cables.
Checks.
Sterling, Actual—
High for the week
4.86 9-16
4.86 7-16
Low for the week
4.8634
4.8634
Paris Bankers' Francs—
High for the week
3.91 13-16
3.9134
Low for the week
3.91 1-16
3.91 3-16
Germany Bankers' Marks—
High for the week
23.8134
23.8034
Low for the week
23.7334
23.7434
Amsterdam Bankers' Guilders—
High for the week
40.22
40.2254
Low for the week
40.1834
40.20
The Curb Exchange.
—The review of the Curb Exchange is
given this week on page 3997.
A complete record of Curb Exchange transactions for the
week will be found on page 4030.
CURRENT NOTICES.
—The Bond Club of New York, holding its eleventh annual field day at
the Sleepy Hollow Country Club last week, retained possession of the
Morgan Cup when its golf team, captained by Jess Sweetser, defeated a
picked team representing the Bondmen's Club of Chicago. The score was
six points to one. Two years ago, when teams from these two clubs contested, the Chicago team carried away the cup. On the team with Jess
Sweetser were Lucian Walker, C. Everett Bacon, R. Lawrence Oakley,
Schuyler Van Vechten and Mason B. Starring Jr. Their Chicago opponents
were Iloward Walton, John Lehman, George Dawson, Raymond J. Daly,
Douglas Casey and Barton Fox. The "Bawl Street Journal," the medium
through which Wall Street lampoons itself at these Bond Club outings,
appeared at the outing after a lapse of five years. In recent years the
paper has appeared usually as a tabloid. The 1931 edition was under the
editorship of John A. Straley of Lord Westerfield & Co., Inc.
—Theodore Prince & Co., members of the New York Stock Exchange,
announce the establishment of a department to conduct a brokerage
service for dealers in State and Municipal bonds. The new department
will be under the management of George L. Cross, formerly manager of
the municipal bond department of the National City Co. and more recently
President of C. F. Childs & Co., Inc.
—Union Pacific System, Union Pacific Railroad Co., Oregon Short
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Line Railroad Co., Oregon-Washington Railroad & Navigation Co„
Los Angeles & Salt Lake Railroad Co., the St. Joseph & Grand Island
(AU prices dollars per share)
Hy. Co. and the Railroad Securities Co. announces a change of their
1/11.
in,.
Maturity.
Rate. Bid. Asked.
Maturity.
Rate. Bid. Asked. New York address from 39 Broadway to 120 Broadway.
--—H. J. Siegeltuch, Albert Weisberg and John M. Goldstein announce
June 16 1931... 214% 100 st
Dee. 15 1931-- 134% 10017e 100"n
,
June 15 1931... 134% 100in
Mar.15 1932._ 2%
100J 83 1002su the formation of a partnership under the name of Siegaltuch & Co. The
,
soma 1931... 234% 100un 100,72 Deo. 15 1931-32 334% 10Iva 1011,n firm will act as participating dealers for secondary distribution of listed
Sept.15 1931... 114% 100sse 100 a
,
securities and will maintain offices at 80 Broad St.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For smiles during the week of stocks not recorded bete. see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 23.
Monday
May 25.
Tuesday
Wednesday
May 26. I May 27.
Thursday
May 28.
Friday
May 29.
Sale.s
for
the
Week.
PER SHARE
Ranee Since Jan. 1
-share lot*.
On basis of 100
STOOKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Highest,
PER SHARE
Ranee for Preanis
Year 1930.
Lowest.
HOWL
$ per
shareRallsoads
Per
per slam $ per share
$ per share 1 S Per share ; $ per share $ per share $ per share Shares
tiers/fare $per,larO
15114 1543 14614 15012 14618 150 I 14
4
13.300 AVM Topeka 4 Santa Fe-100 143 May 29 2031* Feb 24 108 Des 2424 Mai
4
1433 14712 143 150
414 148
*1055 106
8
105 10512 1,100
Preferred
100 10212 Jan 2 10814 Apr 13 100 Des 1088 Sept
4
10514 10512' 10514 10514 105 105 *105 108
85
8612 1,600 Atlantis Coast Else RR
88
100 85 May 29 120 Jan 23
89121 871 88 1 8518 88
/
4
86
9514 Dec 17512 Mat
*9
04 913
3 89
564 58
5412 15,500 Baltimore & Ohio
5512 57181 55
544 49
/
1
2
258 Dec 12238 Mat
8
/ 53
1
4
100 49 May 29 877 Feb 2A
5314 55
57
6814 681
/
4
200
7014 7014 '6814 705 '6814 70 , *6814 70
?referred
*6814 70
704 Dec 84 July
100 6814May 29 8012 Feb 27
8
/
1
4
/
1
4
*49
549
4912 1,000
Bangor 4 Aroostook
5012 Des 844 Mat
50
48
49
/ 49
1
4
49
48
/ 49
1
4
/ 49
1
4
/ 49
1
4
30 48 May 28 5684 Feb 26
•
110 11212 *Ho 11212 *105 11212 105 105
/
1
180
Preferred
1043 10514 102 1034
4
100 102 May 29 11812 Mar 9 10612 Dec 11614 June
Banon & Matne
40 .35
40
44 Dec 112 Feb
*35
50
*35
*35
541 I *35
*30
54)
100 40 May 18 06 Feb 20
40
84 818
/
1
814 814
8
618 Dec 154 May
812 84
8 Jan 14 10 8 Mar 8
800 Brooklyn
/
1
818 8
•
/ *8
1
41
CnnAna Tr-Ns per
814 '8
63 May 0012 May
5612
400
4May 4 58 Mar 8
55
55
Preferred
5512 5512, *55
8
3
5812 *55
1
5612 553 55 8 *55
N.par 513
59
554 Des HI% Mar
14,300 Bklya-Manh Traa•1 4 Ns par 537 Apr 29 598 Mar 2
2
588 60
4
/ 57
1
4
/
4
8
593
41 58
5812 563 5818 5712 581 57
4
800
83 Doo 988 Sept
Preferred •1 4
'92
9212 *91
90141 *90
901z 9012 9012
4
911/41 90
N•tar 858 Jan 21 044 Feb 11
8
*89
90
514 Nov 834 Apr
81
94 Feb 10
/
1
35
8 1.400 Brunswick Fez! Ply les N• tzar
3
/ *318 312
1
4
3 May 27
312 37
3
/
1
4
3
3 4 33
3
4
318 312
/
1
4
5514 Dec 5214 May
28
284 2718 28 I 264 2712 264 27 I 26
/
1
4 257 263 32,200 Casadlan reams
8
4
8May 18 45 Feb 24
263
/
1
/
1
as 247
293 335 33,600 Cheapeak•4 Oldo
8
8
371 3714 3412 354 3412 353
/
4
/
4
Sept
124
%
/
1
8 3418 3518! 3314 34
16 291May 29 4014 Feb 10
Dec 5118 A01
244 Jan 12
ce 10
*114 112 *114 112
700 Mingo 4 Alton
112
7 Jan 2
8
112 *1
1
114 *1
114' "1
100
14 Dec 108 Apr
34 Jan 2
14 Jan 12
2
"8 1
5
500
Preferred
*3
4 1
*3
4 1
1
*3
4 11
/
4
*3
4
100
3
4 1
4114 Dec 174 Mar
*5
512
412May 29
7. Feb 10
44
5
4
41 47
/
4
5
43
4 43
45
8 43
8
412 412 2,400 Cblemo Great Wastern
4
100
195 191 18
8
163 18
8
12 Dec 624 May
/
4
4,700
4 1712 18
Preferred
1912 1712 18
1712 173
100 1618May 29 2682 Feb 23
*438 412
418 43
8
4
41 10,000 Memo Milw It Paul 4
/
4
• 4 May 29
We Jar, 23
614 Dec 2518 Feb
414 4
/
1
4
/
1
41
418 414
418 4
71 27
812 67
612May 29 15 2 Feb 10
3
61 7
/
4
8 8.700
74 Des 4514 Feb
7
/ 712
1
4
3
12 81
/
4
718 712
7 81
Preferred
7
33
2212 Dec 897 Feb
33
3014 283 30
4
8
304 31
/
1
3,900 Chleago 4 North Westera_100 2834May 29 4512 Feb 24
31
3134 293 31 1 30
4
*70 100
*7014 100
*7014 100
*7018 100
*7014 100
Preferred
*7018 100
100 103 Jan 8 116 Mar 171 101 Des 1404 June
3818 37
4614 Doe 125 Feb
8
4 2318 28
/
1
4
335 35 4 33
8
28,900 ChIsago Reek Isla raWitle5100 2318May 29 5512 Jan 27
3
323 3418 283 313
8
35
70
112 Dec 110 8 Mar
50
50
8
70
68 •___ 67 •____ 67 *_-_- 65
600
7% Preferred
100 50 May 29 101 Mar 24
50
50
III Deo 10418 Mat
•62
70
65
*58
65 I *51
100 50 May 29 90 Ian 18
68
*58
67 .51
8
4
404 Doe 95 Fob
*245 36
8
•245 36
8
100 OolS Po ierreC
ll orad ref doutnera
/
4
*245 36
*245 36 • *245 26
8
8
*245 36
8
100 341 Apr 13 48 Jan 5
26
110 Dec 02 Apr
28
27
27
29
27
/ 27
1
4
1,500 Como!Eft of Cuba prsf
28
27
28
29
29
100 26 May 29 424 Feb 24
11612 121
Feb
4
129 129
4,200 Delaware 4 fludiros
124 127 *124 125
122 1233 5122 122
100 11612May 29 1574 Feb 25 12012 Dee 181
694 Dee 153 Feb
5512 5414 55
53
*5712 581 57
/
4
55
1
5712 553 57
4
5514 7,800 DeJaware WM 4 Neitani_100 52 4May 13 102 Jan 8
1184 Dee 80 Mar
*223 2112 2214 2214 *2018 224 1918 191 1814 1814 1618 1818
8
/
4
500 Deny 4 Rlo Or NMI wref_100 1618May 29 45/4 Feb 10
/
1
1618 5,500 Ede
334 Dee 03 4 Feb
3
1912 20 I 181 19
/ 1614 1718 15
1
4
/
4
175 1812 1712 17
8
100 15 /lay 29 8916 Fob 24
/
1
4 27
2814
800
Situ preferred
17 Deo 074 Feb
30 30
2914 2914 284 283
3014 3014 *283 30
100 27 May 29 4512 Feb 27
8
25
21
25
23
29
1,200
Smond preferred
20 Dee 0212 Feb
251 251 '24
/
4
/
4
*24
29
*2518 29
100 21 May 29 4012 Jan 11
4814 4812 4612 4914 7,000 Grew Northers pmforre4_100 4312May 18 MN Feb 24
49
49
11 Dee 102 Mar
5012 48
4 48
4914 484 493
/
1
*1212 16
*7
15
Gulf Mobile4 Nertlars___100 15 May 14 874 Feb 17
*1312 18
*1212 17
1018 Nov 6614 Feb
*1212 17
*1212 17
52
50
____ 53
Preferred
1134 Nov 984 Mar
50 *____ 48
100 Ills Feb 10 76 Jill) 9
5
8 2,800 /Eidson 4 Maahattan
*3512 37
1147 Dee 534 Mar
8
/ 3512 3514 35 8 3514 353
1
4
3812 363 *3512 3612 35
4
100 3514May 20 ea% Feb 17
511 4912 50
/
4
463 50
4
49
0,500 IR1nO'Central
4May 29 II Feb 24
MA Dee 13633 Apr
5312 55
513 5214 5112 52
4
100 461
.,
in
270
AR egg 80 k ws is8 _
393
4
4
*37
393 '37
37
41
37
37 May 25 GI Jan 23
418 37
40
40
40
II Dee 77 May
2012 2112 21
22
2212 23
/ 2114 22
1
4
4,800 Interboro Rapid Tram v 10_100 107 Apr 27 34 Mar 2
8
205 2114 2014 21
8
804 Jan 8912 Mar
29 "23
33
*30
31
28
3014 3014
36
500 Kansas City lonikara
34 Dec 85 8 Mar
8
9
29
*29
100 28 May 27 45 Feb 20
47
473 *40
4
*40
4 •40
*40
46
473 1
Preferred
12 Dec 10 Apr
*40
473 MO
4
4612
100 48 May 14 04 Feb 9
*4014 41
3812 40
4114 4114 41
4014 42
1,000 LeliE1 Valley
40 Nov 847 Mat
8
43
41
*441
44 3812May 29 61 Jan S
4 6614 693
70
*6514 693
4
700 Louls•We4 ifashellls
14 Dee 1384 Apr
•
7014 7312 .68
68
693
4 70
101 6614May 29 111 Feb S
71
32
/ 324 34
1
4
/
1
33
24 lupe 42 Sept
12
32
333
4 6,300 MAWS Els, modified snarlO• 80 May 2 89 Feb 28
344 35 1 33
/
1
3412 3212 33
*13
14
14
"13
14
12 Deo 2512 Feb
*135 16 "13
8
300 Market IS Ey prior prod...1n 1312May 26 32 Feb 111
/ 16
1
4
8
1312 135 *13
12
*14
12
12
*14
12
*14
.14
12
*14
12e Apt
Oet
31
.
14
12
84 Jan
14 Apr 18
Minneapolis 4 91 Leult_.-14111
*812 6
Mg Dee 15 Feb
Man St Paul 44 WI 134014.100
• Apr 231 1112 Feb 10
*512 6
/ 612 *53
1
4
4 613
*53
4 612 *54 612 *5
37 * _..
41 Nov59 Feb
12
.- 37
a
Lmed hum
Ill 40 May 13 45 Mar 11
*31
39
*31
39
*31
39 *---- 37
144 Dee 608 Apr
8
8
111 12
/
4
6,300 Mo-Kaa-Tema RE--NO per 1114May 29 2084 Jan 20
14
143
8 123 1414 12
1212 1112 1212 115 12
14'4
00 Dee 1094 Mar
4812 4312 4'
4814 45
2,300
Pretested
100 43 May 14 85 Jan 10
50
50
4 45
*474 5212 4712 473
/
1
8May 18 424 Feb 10
183
3 1814 183
100 158
174 18
204 Dee 984 Mar
17
4 2,200 Mlasouri Pni
19
19
18
/ 18
1
4
18
/ 18
1
4
79 Des 14512 Mar
55
5312 55
2,200
Preferred
1110 53 May 14 107 Feb 11
564 5612 54
/
1
59
59
56
59
*56
58
56
14
70 Dec 1112
55
*5214 55
140 Nash Chest 114 St Louls
100 55 May 25 80 Feb 23
*5614 62
70
*55
70
55
55
*56
14
14May 28
12 Jan 6
14 Ow
July
3
8
*14
12 2,000 Nat Eye of Marley 24 pref_100
12
*4
12
*141
12
*14
12
*4
/ 804 8314 7712 8214 82,700 New York Central
1
4
/
1
100 7712May 29 13214 Feb 24 DM% Des 192 4 Feb
8
803 84
4
82
85
85 g 8812 8318 85
78 Dee 144 Feb
NY ChM & St Louis Oe__100 63 May 9 88 Feb 11
*35
53
_
50
*35
50
*35
53
*35 g 55
*35
53
*35
75 Dec 11011. Map
5512 5812
200
Preferred
100 5812may 29 94 Mar 9
*384 70
/
1
*583 66 '5812 6812 *5812 6812 *5812 70
4
•
30 152t4May 29 227 Feb 24 122 Dee 324 Feb
350 N. Y. Harlem
/
1
*16214 170
16214 16214 16014 16114 15712 1604 15312 15712 15214 15313
1178. Deo 1284 Mar
/
4
65
871 69
0812 17,700 N. 1. N. El •Esrtferd___100 6318May 19 9478 Feb 24
853 68
4
71 g 7212 6814 6912 673 70
4
108 May 29 11988 Feb 24 10154 Des 1354 Mar
Preferred
1,700
110 11012 108 109
110 110
*105 L110
11118 11184 11012 111
812 53
918May 28
53 Jan 2
8
Pe Dee 17 Mar
14
8
/ 918
1
4
4 8,800 N. Y.°Mule 4 Westin _ _100
7
/ 9
1
4
7
718 *714 8 i
712 8
1 Jan 2
2 Feb 27
47
,
8 1
N. Y. Railways prel___Me per
1
Oot
1
•78
1
ele Jan
*7
8 1
,
47
8 1
.
7
8 1
*78
1
44 Doe 331. Feb
212May 25
/
1
4
130
8 Jan 0
700 Norfolk downers
*2
/ 4
1
4
23
4 27
8
*27
8 4
3
3
212 278 *23
4 3
•Western
140 5156 May 29 217 Feb 26 1814 Dee 205 Feb
3,300 Norfolk
/
1
4
*171 175
17114 174 I 16718 16914 1643 1654 181 163 5145 158
83 Feb 9212 Oot
100 89 Jan 8 93 Mar 81
110
Preferred
*9014 907 *9014 9078
8
2
337
g 33
331 33
/
4
3412 11.700 Northern Paelfie
seo 3012may 18 607 Jan 27
4282 Dee 07 Feb
/ 3414 36 • 33 8 3433 33
1
4
3512 37
5
I•11
1 12May 27
7 Mar 23
84 Dee 194 Apr
300 Paedno Coast
*112 3
"11 3
/
4
11 2
/
4
*13
8 3
*114 3 I "2
3 1
63 Des 80 8 Mar
4412 47
45,200 Pennsylvania
110 4412May 19 64 Feb 10
8
467
8 4514 47
47 4 4812 4614 4712 4614 475
8
8 45
4 May 1
11121
94 Jan 9
44 Dee 144 May
100 Feeds & Baster*
*3
11
11
11 1 *3
4
4
*314 11 • *3
11 • *3
7612 Des 1644 Apt
Pere Marquette
IVO 35 May 27 85 Feb 10
200j
35
35
35
*35
60
*35
35 I *32
50 i *2712 52 1 35
Prior preferred
100 60 Apr 30 9214 Feb 25
00 Dee 101 May
60
70 .50
70
*50
65
.65
7012 *65
7012 *85
7012 65
30
Preferred
130 50 May 28 80 Jan 8
914 OM 99 Apt
*50
52
50
59 , *60
5414 50
•
50
59 .50
5414 *50
Pittsburgh & Wee. Virghtla 100 SO May 18 86 Jan 9
485* Dee 1218 Feb
4
58 .45
56
59 1 *45
*45
58
*45
59 I '45
59 1 *45
78 Dee 14th Feb
8
1,200 Reading
40 803 Apr 27 974 Feb 11
64
64 .62
63
6
72 I 67
68
62
63
63
697 *62
*
45 Mar 20 40 Jan 5
HUM preferred
astle 111
53 Feb
4518 '40
4518
4518 *40
454 *40
/
1
*40
454 *41)
454 •40
40 Dee 67 Feb
2,000
Second Preferred
41
42
SO 41 May 29 47 Jan 133
44
4214 *42
443 *4214 448 04214 43 1 42
4
4
891* Des 1187 Max
/
4
8
147
8 111 1212 5.600 St Lou -8..Prenelima__1110 1114May 29 624 Jan 27
1614 1512 16
1412 15 I 14
16
1714 16
8May 27 70 Jan 27
624 Dec 101
Apo
21
1.600
Find Preferred
1110 22,
/ 2212 '15
1
4
2514, 22
/ 251422
1
4
2512 2514 253
8' 25
25
174 Dee 765 May
7 May 27 3312 Jan 9
4
912 .814 912 1,900 ilt. Louis Southwestern_ -Ill
934 "8
11141 *912 PA
7
114 118
4 10
25 Dee 104% FebJuly
203
Preferred
2
.1518 21
100 16 may 27 00 Feb 24
21
16 1 •14
*17
25 1 17
17 1 16
25
•20
%may 21
1 Dec
2
Pr JEW 12
N.leo
12
12
12 7,400 &aboard Al? Line
121
/
1
4
12
12
121
12
12
12
12
218 Jan 12
4 D
18May 21
28 Feb
Preferred
103
7
8 2,500
7
8
7
2
1
*12
*38
5
8
3
41
3
8
/
1
41
4
ki,
88
127 Feb
724 757 17,200 fiouthere Pacific Ce
/
1
8
76
ISO 7214May 29 10912 Feb 11
78141 7612 78 I 754 77 I x75
/
1
7812 8014 77
7
464 Dee 1364 Jan
29
3212 10.000 Soathern Railway
32
1810 21 /lay 29 05 2 Feb 10
3114 333
4 31
32
/ 32 32
1
41
4 31
343
34
70 Dee 101 Mar
600 Towi 4 Psalm,
reeferrod
57
0314 54
140 5314May 21) 83 Feb 10
/ 5412 55 .54
1
4
57
5812 *55
*55
58
58
83 Dee 146 Apt
05
91)
*45
95
•46
sr go ma, iv 100 Jan 14
45
95 I .45
*45
95
*45
95
4 Dee 154 Mar
512 Apr 29 10 Mar 6
812 2,500 Third Aveaue
814 812 "7
ISO
'8
812
812 9
84 9
84
8
12
78 Owl 214 Jan
1
67
8May 18 17 Feb 17
300 Twin C rea
prelei
r Rapid Truett_ IND
9
812 812
8$4 *8
8
8
*8
9
8
9
8
444 Dee 79 Feb
*36
43
42 .3512 43
192 35 May 1 1 62 Feb 9
*38
44
*38
45
45 .38
•
38
148 15212 13,200 130011 Pawl,
14812 153
148 151
152
i.e 148 May 27 2034 Feb 21 1564 Dee 24214 Mar
1485
8
8
4
1533 166't 1513 153
824 Jan 118 8 Sept
/
4
4
500
Peeforred
8
8614 8614 *8312 861 8612 863
86
100 8333 Ian 5 87 May 18
8812 86
*86
86
86
9 may 29 26 Jan 9
9
9
1,400 Wabardt
114 Dee 1 8 Apr
/7 8
*912 11
10
10
10
/ 10
1
4
100
*1012 12
12
12
89
200
24
?MUM.A
1M1 App
.
25
*20
25
•18
140 2181$Yy 25 61 Jan 0
28 •20
•20
4
4
218 218
*21Z 127
10 Dee 110 Mar
iolz 4,100 Wantern Marylaad
1110 10 May 29 1918 Feb 24
4
124 12 I 103 104 loss 1o34 Iota 1058 1018 1038 10
1114 Dee 18 Mar
8 1018 101
200
eeeend preferred
*1018 183
/
4
8
110 10'828ay 29 211 Feb 24
4
123 *1018 183 *1018 13
*11
*1112 1414
• May 2'; 144 Feb 9'
/
1
74 Dec 1104 Mar
203 Werlerit P440/4
612 *512 8
/ *512 612
1
4
190
612 *5
*612
7 I
'5
6
6
33 Dee 1131 Mar
/
4
600
112stweel
,
*101 123
/
4
4 1018 1014 1012 11
110 10'8May 25 311 Feb 24
4
134 133 •1314 16
414
16
9014 904 *0058 9034 9058 9058 9078 9078
so
.
42
I
I
10408221a! ib /
1
4
118.cedesiene•
ti
/
4
Dee 624 Apr
312May 21 141 Feb 28
312 4
3,800 Abitibi Power It Paper_ N. per
/
1
4
3
/ 3
1
4
4
3
/ 33
1
4
/
1
4
3
/ 3
1
4
/
1
4
312 3
86 No* 6114 Apr
300
Preferred
20
2018 *16
20
100 18 May 16 62 Feb 28
20
•16
20
•16
20
*16
Dee BO
Apr
32
400 Abrahani•Whom_ N. par '25 Jan 22 3812MaY 13, 91
*30
32
30
39
*30
39
3312 .30
.30
0111W 4: 102 New 1104 Aim
40
Preferred
10314 10314
inn 100 ltin 8 106,
/
1
4
10314 10314 *103 107 '10314 107 *10314 107
1
121 111 123 25.760 Adams Exprese
/
4
/
4
4
Ns per 117
1318 12
8/44.• 29 23, Feb 241 144 Dee 274 Mar
4 1318 1312 12
1318
504 Dee 24 Sept
240
Preferred
85's 85
85
85
MO 8312 Jan 5 1/2 Apr 6
4
*853 88
85
8512 85
*85
Det 22 Mar
21
500 Adams Millis
*2318 30
234 2314
/
1
141. par 228 Jan 14 aVr. Apr 11
2314 24
*23 8 24
8
•238 27
8
Deo 148 June
24
4
300 Adlingeograeb Int CoritN• per 18 Apr118 2312 Feb 2
19
19
/
1
1812 1812 "184 19
8
*1812 19 "183 19
11
4
prefensd
I 1 / Mar 17
200_ Ad ranee itunisly sew_ N per
712
51 Mar 13
/
4
712 *6
*5
7
61 64 *6
/
4
64 61
/
1
In Deo 6114 Jan
Ion 1112 Isar, 29 2012 Feb 181
'.1),.,
IN Mat
,
33 1 01127
14May 19
8
414
;
----1. ---38 --;C4 -- -3 -- -34
0712 Dee INN Jane
/
1
4
48,500 Alr RedwitIon Iee._ ..,V, fat 718
77
4 74
4May 25, 209 Fob 24
4
4
72
7514 713 7414; 723 753
/
4
/ 711 74
1
4
7314 75
014 Dec 110 Mar
12
300 Aux Ry Eles we
Alleera att... ADDnalleeir iper
4
lfe w
•
312 Apr 808 10 Feb 241
4 43
43
/
1
4
4 5
/
1
4
4 4 : *43
43
*4
/ 5
1
4
*43
4 5
*43
4 5
14 Dec
318 Jan
/ Jan 5
1
4
14 Jaa 2
412 June
94 Jar
4May 271
-iEi 1714 "ii- - .1
4
iii
4
1833 329,100 .1M8n1rn Juneau QM Mta___ in
7 Jan 2 183
08 -- -12
18
44
4
2018
•16
39
*30
10314 10314
/ 1414
1
4
13
85
/ 853
1
4
8
O238 27 I
•1814 19
*6
/ 8
1
4
"i84 Td5i
i
-iii4 "III:, -iiis
e BO% stook dividend paid. s Ex-dl, dead.
•Bid and asked prices: no sales on this day. a Ex-dividend and ex-rights.
Ex-righta
New York Stock Record-Continued--Page 2
4013
For sales during the week of stocks not recorded here, see
second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
May 23.
Monday
May 25.
Tuesday , Wednesday Thursday , Friday
May 26. 1 May 27. i May 28. 1 May 26.
Safes
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share iota.
Lowest.
Highest.
PER 311A,:a
Rance for Prerioas
Year 1930.
Lowest.
Highest.
per share $ per share 8 per share $ per share 1 $ per share
1$ per share Shares Indus. & &Breen.(Con.) Par $ per ev.ve $ per share $ per share
per same
*6
6,
4 •6
814
614 614 *6
614 •13
6'i
8
6
400 A P W Paper Co
6 May 29
811 Feb 10
No par
6 Dee 1512 Feb
53
512 53
4 64
4
538 6 1
512 6
514 512
5
5 13 20,000 Allegheny Corp
5 May 29 123 Feb 24
5.4 Dee 8514 Mal.
4
No Par
*27
30
27
283
4 27
27
27
27
27
27
2214 26
1,400
Fret A with $30 warr__100 2214May 29 594 Feb 25
3614 Deo 10712 Fell
•16
•17
30
29
*17
29
*16
264 *15
25
*18
25
Peel A with 940 warr____100 33 May 1 59 Feb 11
3713 Dee 99 4 Apr
3
•15
32
*17
32
*17
32
*15
265 •1 "
8
1
257 *15
32
Prof A without warr____100 34 May 23 554 Feb 25
843 Oct 064 Feb
4
111 113
10614 111
10514 110
1033 10814 10414 1075 10413 109
4
8
85.500 Allied Chemical A Dye.No Pm 1033
4May 27 1824 Feb 24 17104 Deo 343 Apr
•12314 1243 12314 1233 12314 12314 12314 12314 *12314 12334j
3
4
12314 12314
500
126 Apr 7 120 4 Dee 1261 Air
Preferred
100 122 Jan 3
3
4
244 2418 2312 2414 23 2313 2114 23 I 2112
2228 21
2212 9,700 Allis-Chalmers Mfg_No Vat 21 54a;29 42 4 I;e., 814 Doe 68 Mar
7 157 N er 2
.
,2
3
9 1\1
6
10
10
914 913 •9
10
8
9
*813 10
812 812 2,220 Alpha Portland Cement No par
1112 Dec 434 Mar
17
•1612 17
17
1612 165
8 164 17
1612 167
8 1613 185
8 4,200 Amerada Corp
1612 Dec 3112 June
la
1512A pr 2, 23 M ar8 21
No Pm 36.5y 2
3612 3612 38
36
3514 36
353 37121 37
8
37
36
3712 1,800 American Bank Note
623 Fob 18
4
10
454 Nov 973 Mar
8
.
5018 63
*5018 63
*52
6212 *5214 6213 *58
62
*5214 62
Preferred
50 6114May 19 6614 Feb 28
212 258 *21s 212
0014 Nov 064 Jan
218 212
2
2141 '
52
2 18 *2
24
5
900 American Beet Sugar _No par
2 May 27
4 4 Jan 9
218 Del 12
1328
Jan
30
27
28
2614 273
8 257 267 *2612 27
8
81
264 27
10 Dee 5458 Mar
120 120 •115 120 *11713 120 1 11712 117' *11712 11812 11712 11712 2,000 Am Brake Shoe & Fdy _No Par 2572May 27 38 Feb 24
150
Preferred
r 10
8
424.1Iab 24 118 July 125 Fell
100 11712May 27 1243
11758
75
713 73
4
714 734
7
7131
34 2,400 Amer Brown Boverl 11.6..No
858 7 8
,
714
7
6 Apr 29
5118 514 50
04 Oct 213 Apr
Par
4
503 •5014 52 1 4912 50141 *493 50
4
8
50
55
630
Preferred
100 31 Apr 29 63 Feb 2f)
975 1004 943 975
38 Oct 84 Sept
8
8
8 945 9812 9314 9812 9414 9712
8
O1487 149
3
25 9314May 27 129 4 Mar 213 1(1452 Doe 15012 Apt
8
1483 1487 1483 1483 1484 1483 *1483 152 1 944 98'1 392,200 American Can
4
8
4
4
4
4
14814 1484 1,100
Preferred
100 145 Feb 4 15212 Apr 30 1804 Jan 15074 041.
1912 1912 1912 1912 19
194 18
19 I *13
19
177 177
8
3 1,100 American Car A 1(1/__No Par immay 29 38 4 Feb 24
1
2418 Dec 8212 Feb
•____ 68
7
_
66
65 65
65
65
403
100 65 May 24 88 Mar 18
Preferred
Preferr
*17
70 Dee 110
18 '
Jan
315
19
18
19 1 16
18
*17
13
17
17
903 American Chain
4
4214 4212 42
; 16 May 27. 433 Feb 24
27 Dee 6972 Apr
va
N vi
42
4113 4113 4114 4213 4112 42
4014 4114 3,403 American Chicle
No per 3,14 Jun 21 4838 Mar 20
.114 121s *1112 1218 *1112 12 1 1112 1112 1134 113
35 Dec 5114 Apr
4 1134 1134
31Y3 Amer Colortype Cu
.
214 ire 16
157 1),..e 22 Oct
7
8
818 812 *74 814 *77
1,75. Par 11 May 29 141 Feb 2
4 8 1
713 7
4
713 734
7 , 7'1 2,500 Am Conun'l Adeohol_.No Par
'
9 Nov 33
•83 10
Jan
4
*83 10
4
*83
4 912
8
84
7
7
514 7
903 Amer Encaustic Tillnz_No Par
t 29
5 4 NA I ;2 16 Mar ar 2
5174 L 29
*2014 21
8 Nov 304 Mar
2014 2014 *20
21 1 20
20 i .19
20
*19
2014 1,200 Amer European See's__Ne Par 12
17 Dee 5912 Mar
29
293
4 26
ia" 2 3318 Feb24
294 2512 267
2612 243 2814 2314 2678 112,600 Amer
8 24
4
de For'n Power___No par 2358May 29 513 Feb 2
25 Den 1014 AM
4
90 9014 *90
4
92 1 90
90 1 8914 8914 8914 8912 39
89,4, 1,201
Preferred
No par
553 56
4
5418 55
5234 54
5013 5212 50
51
4912 5112 2,600
2d preferred
o pa
p
VIIM ay A
'
I"
78
101( June
14
3
t
78
773 773
4
4 7612 7712 *7614 77 1 7534 7614 76
76 1 1,233
1113 preferred
73 Dec 101 May
*612 63
No Par 71 Jan 31 90 Feb 26
4
7
714,
4
73
8 8
74 7
3
713 712 3,300 Am Llawallan
his Dec 335 Mar
614 A V 271 10 s Iaa 9
8 S Co
*4
8
3
5
*1
5
312 3 2
,
312 34
3
3
524 5
-32
--, ACI, Amer Hide & Leather_ No par
8 Mar 31
J1t11 Ti
118 Dec
il
193 194 *16
4
7 Apr
18
1612 1612 1614 1614 1713 1712 1814 184
500
Preferred
812 Dec 344 API'
100 1012 Jen 81 30 Apr
*57
58
56
57
5514 5614 55 553
4 55
55 54264 Mar 8
0
3..50 Amer..Atmmeerir
1 103
8
20
par 477 .iliD 21
*2012 213
Dee 091 Mar
3 203 204 203 203
4
4
4
4 207 2112, *21
8
1
2114 2114 '26114
1312 1313 127 133
244 Dee 417 Mar
No Par 184MaY 20 314 Feb 9
2
8
4 124 13 1 12
13141 1214 1212 114 12.8 11,990 American ice
Amer Internet Cory-No par 114MaYe Apr
29 20 Feb 26
16 Dec 55r
*53
3
4
2
2
5
8
4
53'
4
581
"3
5
8
*12
4 1.300 Am L France&Fottanite_No Par
14 Jan 9
412 412•
Is Doc
4 Apr
412 *23
4 412 *3
4. 1 5
.
111
412 *3
412
412 412
30
100
412May 1 12 Jan 2
Preferred
9
157 16
7 Din, 35
8
16
Feb
16 1 154 16 1 1514 16
15
1518 •1514 16 i 1,800 Afnerloan Locomotive
*7018 70 3 7018 7013 70
145
_No par
,
8MaY 18 303
1814 Dec 105
Jan
3
70
70
70
70
70 1 70
70 1 1,002
Preferred
3
33
100 70 May 7 f14 4 Mar 6
3312 3212 33 . 3218 324 315 3214 3114 32
6814 Dec 1184 Mar
8
3112 3213 5,0301 Amer Mach
4
A Fdy new_No par 31 Juu 2 433 Mar 19
394 Dec 2,5 Sept
5314 33
4 *3
33
4 *314 313
' 3
3
*214 3
*213 3
900 Ameoeiac:44 /)
prr N rrc ( : etele. _No par
2 May 27i
•103 11 I 1013 103
6%
4
1
4
7 Mar 2
3 Dec Ills 3157
4 1012 1012 10
10
9
10
10
1018 4.5(10 Amer Metal Co1
4
Ltd___No par
9 May 28 233 Feb24
.52
1312 Dec 5112 Feb
81 I *52
81
*52
81 1 *52
81
*52
81
*52
81
53125lay 21.1 8,871 F Li:g
5 M rty ,. 3. 16,913 1 ei: ,,
F lt ;
95
8 97
80 Dec 110 Feb
8
97
8 97
8
818
8
1
*5
74
5
5
210 Amer Nat Gas pref. _-_No par
4018 4018 39
Dec
404 3714 39 1 367 39
8
36
371
36
373 12,600 AmPrPefoewrreedr &
4
*9514 97 1 9518 9514 .90
Light____No Par 36 May
95 1 90
90
8914 9012 *90
947
8 1,500
gu Deo 107 MM
•77
78
*69
78
No par 8914MaY 28 102 Mar 27
787 764 *764 78
8
767 767 *7634 78
8
8
200
Preferred A
783 783
7412 Dec 874 Sept
4
783
4 78
8 78
No Par 737833!aY 26 84 Apr 9
7814, 7712 777
77
774 *7673 773
2 1,900
Pref A stamped
123 127
4
77 May:Si 85 Apr 4
8 123 13
743 Doe 8912 Sept
No pa
4
4
124 127
8 1212 123
12
1212 1134 1218 34,200 Am
Rad &Stand Ban'y _No pa
*512 7
1134May 29 21, Mar 20
2
6
15 Dec 39.4 Apr
6
*514 71
3
o 4 64 *6
7
6
6
20
1813 183
5 Apr 271 124 Feb 27
4 174 184 17
54 Dec 37 Mar
18
1618 1712 1618 163
No Da
4 1614 1714 13,301 American Republica
American Roiling Mill
*4912 52
Feb '20
49
494 4813 487 '
16'sMay 271 373
4
2
8 548
28 Dee 10072 Feb
49
4814 5014 49
49
1,400 American Safety Reser _No par .18 A pr 29 66 Feb 26
.34 512 *4
5 i *4
524 June 671 Apr
513 *4
2
1
43
.412
4 *4
512
•12
9 Feb 13
4
5 Doe 2012 Feb
*S3
I,0 pa
ke
statilUic mo_______N0 Dn
8 i, e. vot m
412M8Y 20
*53
.
41
*5
8
4
2
2
2
8
12
12
200 A mer
Am
*3214 33
12may 29
33
8 3233 323
347
14 Feb 27
8 3212 3212 *3213 34
4 Dee
3 4 N1S7
3
313212 35
690 Amer S rrp b
pre e
3013 3012 3014 307
8 3014 307
3214May 211 42 Jan 6
8 2714 3013 29
35 Dee 5412 June
2934 273 295 20.000 Amer,taieduliding new_No pa
8
4
*118 120
Smelting & liefg_No par 27141183. 27 5812 Feb 24
11818 11818 *118 129 1 118 118 1.11818 124
3712 Dee 7912 Apt
119 11918
600
.90
93
90
90 •____ 90
873 873
10 1171,,May 14 12.,12 Mar 27 131 Dee 141
4
4 83
Apr
88
8712 8712
700
38
33
3813 381.1 *3714 3814 3714 3714 37
100 8712May 29 1023 Afar 12
4
934 Dec 1034 Aug
37
37
37
700 American Iln ugel
107 108 *10718 110 *104 110 '3 1054 110 *1054 1073
°(e(° d
Dec
'
4 *10514 1073
4
20
3 n
1
i'2 7 1
1F3:tr
•153 2
Preferred
*15
1
1° (
8 2
*15
8 2
(
n
5
' 8 2
108 1117 Irki 2?) 1=,013 a':
315
3
*15
8 2
*112 2
Am eegoieents & Chem _No par
prr rr vd
*3
312
31* 31
4May 18
*3
412 Fob 16
4
13
*3
2 Doc
4
*3
2
4
*3
4
100
1312 14
1314 14
1312 1412 1312 134 13
31 2May 25 1112 Feb 24
No par
63 Oot 3314 May
4
133
4 123 13
4
6,800 Amer Steel Foundriee_No par
4Ma7 29, 311 Feb 20i 234 Dee 6214 2.1•
4
123
106 106
106 106 1 10412 10412 10312 10312I *10312 101 *10312 104
190
Preferred
.
404 413 *4013 413
8
8 4012 4012 4014 40121 40
1001 103123lay 27, 113 Feb 20 1101. gr 1551. Ptiii
5
. 10 A r
40
.40
4012
700 American Stores
47
47
47
475
,
8 4612 47
46
r 42 ...i xn
47 1 453 4512 454 4618
100 87,4 .itia 7 1414 Mar 11)
8
3
2,600 Amer Sugar Refining No pa
•10012 101
10018 1004' 1003 1007 10012 10012 10014 10012 10018
4
8
Mar
1004
900
Preferred
7
1
53 7
5s *712 8 I
100 96
75
8 8
74 73
4 *714
73
4
Am Sumatra Tobeesso_No par
712 Apr 7 1118 Feb 13;
5 Nov 263 Feb
4
Amer "nlen dt Ca e Co _ __100 1514 Jan 12 234 Feb18
Tht . 1f6
Te e p a Tebl:
- 2 - .ri
16614 163 16612 1525. 1-617-8.
0
8
oft 274 Feb
Ii
1913
Amer
111 111
1064 1073 10512 107
3May 251 2014 Feb 26 170 8 Dee 5744 Apr
10334 106 i 10434 106
4
100 1823
3
10312 107
113 1144 1093 1123 10814 111
8
4
4
10718 11112 10713 1113 107 11214 6,000 American Tobasfroo new WI 25 10312May 29 1283 Apr 14
984 Dee 127 Sept
4
•1304 13112 13112 131
Common clase B now w 1_25 1043 Jae 21 132 Apr 14
994 Dec 1304 Sent
4
8
8
1303 1303 •13012 13112'13014 1311 13012 13012 38,100
200
*60
71
Preferred
*60
71
*60
71
100 12418 inn 3 132 May 5 120 Fsb 129 Sept
*50
70
*50
71
3150
71
240 Am eeife. nde
prr eu nod
•____ 101
r Type Fou
98
99
95
95
92
rs 100 64'sMay 191 105 Jan 16
95 Nov 14144 Apr
95
86
88
*86
88
464 473
4 434 4512 4318 4514 434 45
86 May 28 1104 Feb 28 10312 Nov 11404 July
45
4738 45
454
•103 104 *103 104
10212 10212 *10012 102 *10012 102 •____ 10178 16,800 Ain Water Wks A Elee_Ne 109 4318May 261 80 4 Feb 26
1
4753 Dec 1247 Apr
par
3
,,,,78 7i4
7
7
100
672 74
tel preferred
. ,
7
35.41 0
5,1.4ri
1
104 12 , : 1 li 71.8 ;1 ar iii
0i44 341
7
ti z Nov 1081 Oct
li
67
8 714
i
65
8 7
1.800 American Woolen
O28
8 27
293
2714 2612 27 1 26
27
26
27
2518 28
3,300
•112 2
Preferred
14
17
112 112' *112 2
11
*112 2
112 it2
!91
Febe
800 Am Writing Paper atfe..No
20
*1012 20
*1018 15
Jan
15
15
Par
*1412 15
112 Apr29
100
8
8
37
4,
Preferred certificates_
35
8 418
f
ti
1
414 4,4
100 11 May 2(1 IS Feb 23)
ill% 1
3: 213 l
4 a
c;
*283 3118 *2812 3118 *29
Am Zino Lead A Sznelt _No par
4
834 Feb 26
sMay 26
3118 30
35
30
352 Des 17 8 Feb
*2812 38
7
2312 2418 2312 24
31:000Preferred
235 25
8
23
3
244 2314 24
25 26 Jan 10 10 4 Mar 11
283 Dee 794 Jan
4
104,500 Anaconda
21
21 1 2114 2114 21
21
21
Copper Mlning_30 224May 29 4314 Feb 27
21
2012 21 :
25 Dire 8112 Apr
E ii::
*2012 237
8 2012 21 1 2114 237
Anaconda‘
..
, A Cable No yew 2012May 28 2614 Afar 10
8 2312 2418 *214 24
Vire
19 Doc 5314 Feb
*213 24
8
700 nc or
No pat 201sMay 22 38 Feb 21
24 Deo 5134 Apr
•1018 113 *1018 11
31
1014 1014 103 103
8
3 1018 1018 •10
12
400 Andes Copper Mining _ _No
.958 97
8
914 94
912 912
913 958
5
' 11152 Dee 37 Ap
98
5
973
Par I 10181,lay 28 1912 Feb 27
14
45°090 Archer Daniels Aildi'd_No Par
4314 4314 43
43
ell
43
4012 4012 4012 4012 4r4 41112 2,
8 May 18 15 Feb 4,
1314 Dec 2914 Ap
700 Armour
2
2
14 2
14 17
8
15
8 17
8
158
158
60 Doc 8278 JUlle
112
13 12,700 Armour & Co.(Del) prel_100 384 Apr 14 72 Jan 7
8
0
9314 13
14 13
8
8
114
of Minot!, class A___35
Ds
112May 29
114 114
4's Jan 6
24 Nov
1
84 Mar
14
1
1
8,000
14
14
13
Class B
13
123 133
4
8 12
1 May 28
13
24 Jan 7
25
1014 11
112 Nov
438 Mar
1014 1014 2,200
54 514 *514 54,
Preferred
43
4 44
412 42
4
100 1011May 28 47 Jan 6
412 43
254 Nov 65 June
4 *412 43
4 1,300 Arnold
5337
3 7
*67
8 7 1 *64 7
312 Jan 2
*64 7
Constable Corp.N* par
34 Doe 134 Apr
712 Apr 4
•134 7
*87
8 7
814 814
8
Artloom Corp
8 18
712 8
73
8 74
5 Jan 13 1012 Feb 20
No Par
74
43 Dec 2014 Apr
73
8
4
74 73
8
2018 2012 1912 1912 193 20
Amociated Apparel ind_NO Pe
8
1818 194 1814 184
8
53 Apr 24 287 Feb 10
4
20 Nov 4018 Mar
,
30
1°9
1000
00
*20
26 •-__ 20141 20
•2012 26
20
Ns par 184May 27 2958 Afar 20
*2012 26 . 17 11313 ; Amon Dry Docku
19 Dee 5012 Apr
4
2 9
.
•18
1812 .18
1812 18
Associated Oil
18
*18
181 *18
25 20 May 26 81 Feb 18
30 Des 51 June
181
181
935
3712 35
All GA W 1 S S Line-No Par 18 May 19 39 Jan 7
35 1 34
34
*33
34
*33
89 Deo 803 Jan
34
4112 36
8
200
1413 143
8 14
Preferred
1418 1312 134 1318 135
100 31 May 26 5312 Jan 21
124 131
£8 D.c 6514 Feb
125 13
8
.
35
39
*34
Atlantic Refining
39 1 *34
39
3418 35
5
25 12May 28 23 2 Feb 24
3418 347 zas341.
184 Doe 513 Apr
8
1,100 Atlas Powder
87
87 .87
90
*87
90 '
388
90 '
588
90
No Par 23318May 29 54 Feb 11
42 Doc 106 Mar
•
818 812
20
818 812,
Preferred
73
4 81
*714 7
100 87 May 22
7
714 71
97 Nov 106 Mar
7
•113 3
*112 34 •112 3
Atlas Stores Corp
197g j eb 0
*14 3
7 May 29 931s Fan 16
*112 3
No Par
73 Des 27 May
4
*112 3
206 21612 183 207 1 185 193
Atlas Task
155 180
Ws Jan 5
2 May 15
164 1761 152 1731
No oar
24 Oct84 Mat
•148
13
4 31118
139.920000 Auburn Automobile
13
4 *113 11
5i, 4rb 10
•11s 11
*118 11
60 s Nov2634 Auto
Na 121! 1014 Jan 14 2925ts mAr: 32.71
3
*118 11
1
1
Austin Nichols
14 13
81 31
1
Ns par
14
1
'
14 Apr 29
51
I% Dee
11
7 May
1
1
*2
3 3 .2
,
900 Autosalea Corp
358, *2
34 •2
2 8 Feb 16
3
3 8 *2
1 Jan 2
5
78 Dec 103 Mar
No far
35s •2
,
352
3 4 37
3
3
35
8 37
81
3 8 35
3
Preferred
8
35
8 3
2 Apr 28
3
Is Dec 25 Mar
50
35
8 35
8
312 334
10,300 Aviation Corp
61sMar 2
Jan 3
3
214 Dec
1514 1514 1418 15 I 1412 143
Ns Par
97 AD/
o
4 1418 141
1214 1412 11
85
85
114 13,300 Baldwin
85
85
85
8514 385
,
8
Loco Works-No Pa
90
11 May 29 277 Mar 19
194 June 38 Feb
85
85
85
85
511023 10312 1024 10212 1024 10212 10212 10212 *10212 105
3
270
Preferred
100 85 Stay 22 10412 Afar 19
84 Dec 116
Jan
*10212 105
4
4
550 Bamberger (L) A Co pref_109 1011451 y 30 107 Feb 11 103 Dee 11012 Feb
*33
4 4
*33
4 4
*3
4
r
3 1 1
*3
4
.3
4
•30
50
*35
80 Barker Brothers
50
•35
60 .35
10 Jan 2
8 Nov 204 Mar
50
*35
No Oar
50
*35
50
67
8 7
65
8 7
Preferred
64 7
612 7
58 Deo 91 Mar
100 3934 Apr 30 60 Mar 10
614 7
612 672 9,400
*23
233 •23
4
233
Barnedell Corp clam A
4 23
23 •23
618May 22 144 Feb 26
233 •2212 223
4
85 Dee 34 Mai
2
2
4 23
23
•84
110 Bayuk Cigars Ina
8612 084
8612 81
84
*84
8612 84
23 Nov 08 Feb
No Par 22 Apr 27 83 Jan 19
84
*84
8912
*684 70
00
67
6712 6718 6718 647 66
4May 18 90 Mar 5
Firs) preferred
8
89 Dec 101 July
6214 6538 5812 62
100 833
8,600 Beatrice Creamery
*10914 11012 *1093 11054,'1003 1101 1101s 11018 *10912
4
4
1.10
9
62 Dec 92 Apr
SO
*4812 49
100
4814 4814 4812 4954 4814 484 *48 11012 *10938 10914
Preferred
11 M
:r
581SI‘ an 1
10114 Mar 10914 Sept
100 106 jaY 28 181 l‘1
50
4614 48
1.500 Beech-Nut Packing Co____20 4614May 29 62
*2
25
8 *2
25
8 .2
25
2
2
80
9
4
463 Nov 701s Jan
4
*2
25
8
2
2
*773 8354 *773 8313 *7718 831 •7818 8312 •7812 831 8781 791
900 Belding Hem'way co__No Par 75 Ai4y 22
4
4
2 Ja n 5
212 Dec
63 Jan
8
4
173 173
8
4 163 173
164 1512 1814 1512 167
8
8 16
Belgian Nat Rys Bart Pref..1103 Jan 22
4
764 Die 854 Mar
154
3712 3712 23518 3634 353 313
20.200 13endix Aviation
8
211:
3514 354 3512 3554 344 17
144 Nov 573 AD,
No Par 1512may 27 41 MarFeb 1924
4
353
42
5,800 Best & Co
433
8 4014 4218 4018 423
soos De0 504 APP
4 384 42
3912 4158 40
No Per 3314 Jan 13
421
10814 10812 *1073 1083 107 1075 1074 10814 10814
4
£7as Doc 1104 A92
8May 27 703 Feb 26
4
8
8
10814 10612 107 235,900 Bethlehem Steel Corp_No Par 385
•164 1814 163 17
Preferred(7%)
174 175
4
8 164 1713 17
100 1612May 29 1234 hiar 6 11224 Dec 134 Mai
1784 1812 1714 2,700
131812 25
1,000 Blaw-Knox Co
*184 25
*1818 25
5
81
.
*1818 25
23 Oct4112 AD1
No Par 1014A1 25 19 Feb 21
*1818 25
*1818 25
91
91
*91
94
Bloomingdale Brothers_No Per
91
91
an
8
205 Mar 25
*91
1612 Dec 294 Ape
94
*91
91 .91
94
*8213 85
50
138212 85
Preferred
*654 85
*6518 95
95 Dec 104
100 85 May 15 95 Jan 9
93514 85
Oat
*8212 85
3214 3254 3013 324 297 314 30
Blumenthal & Co pref
Jan15
8
74 Feb 90 Apt
100
30
30
304 27
31
5,600 Bohn Aluminum & Br __No Pa
373':
01
921 1' 7r 11
40
1
9
154 Nov 89 App
•Bid and asked prices; no sales on this day. z Ex
-dividend. p Ex-righti.
100 Mar
M. Dec.
1
lg... 7,::
i?t,
.7, va
ia2.3,
ig%,la;N..; It's k),). It%
-
4014
New York Stock Record-Continued-Page 3
For said Suring the week of stocks not recorded here, see third page preceding.
II1171 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday 1
May 23. I
Monday 1 Tuesday
May 25.
May 26.
Wednesday Thursday
May 27. I May 28.
Friday
May 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
Highest.
8 per share $ per share j3 per share S Per share $ per share $ per share Shares Indus.& Miscell.(Con.) Par 3 Per share $ per share
*61
65
No par 60 Jan 6 46614 Apr 15
400 Bon Ami class A
*6014 6414 6014 6014 *6014 72
*6014 72
*6014 72
8 Feb 20
8
Booth Fisheries
13 Ian 2
*114 2
No par
*114 2
*114 2
•114 2
*114 2
*114 2
1itt preferred
*512 15
512May 18 1714 Feb 20
100
*512 15
*53 12
3
*512 15
*55 12
*512 15
8
8May 29 7612 Mar 20
26 505
8
4
8
625 6314 6112 63
8
5814 614 553 588 505 553 80,900 Borden Co
4
803 62
4
10 1612May 27 303 Feb 27
165 1712 9,300 Borg-Warner Corp
19
1612 17
1914 18
/
4
8
187
8 175 1814 161 18
238 Mar 18
100 Botany Cons Mills class A 50
114
114 *1
114May 22
*114 112
114 *I
114 114 *1
114 •1
834 104 28.200 Briggs MiumfacturIng_No par
4Mar 25
83
4May 29 223
1018 1034
111 1138 1034 1114 1012 103
/
4
11
4 10
600 Briggs & Stratton
No par 157
8May 29 2412 Mar 24
*157 1612 158 1618
8
*1638 1634 16
*163 17
8
16
1638 16
54 Mar 2
2 Jail 2
24 214 1,100 Brockway Mot Truak No par
218 214
214 214
214
212 *2
2
218 *2
Preferred 7%
50
1912
100 1012 Apr 22 26 Feb 17
194 *11
*11
•10
20
20
*10
20
15
15
20
6,200 Brooklyn Union Gas---No par 10112May 25 12938Mar 19
4
1023 1023 10112 103
4
107 107
4
10112 106
1013 105
10134 103
700 Brown Shoe Co
4
No par 323 Jan 22 4018May 13
3912 3912 3812 39
*3912 40
*394 40
40
40
40
40
700 Bruns-Balke-Collender_No par
8 May 4 15 Feb13
*812 1012
'812 11
84 84 *812 914 *812 10
812 8%
5,600 Bucyrus-Erie Co
4
10 12 Apr 29 20% Feb 19
12% 123 13
12
*1312 1412 1314 1314 13
13
134 12
/
1
4,100
8
Preferred
2212 23
4May 27 847 Feb 10
10 215
23
24
24
2334 233
/
1
233
8 214 2218 22
4 22
Preferred (7)
170
4
4
4May 25 114 Apr 21
100 1103
0110 112
/
1
4
4
1103 1103 1103 1103 •_-__ 1133 *9512 11012 1103 1103
4
4
4
4
5 8 Feb 25
5
314May 29
No par
*312 4
314 314 3,300 Budd (.It (0) Mfg
/
1
4
34 312
3
/ 3
1
4
8 312
312 34 *33
718 Apr 29 13 Feb 27
73
4 84 3,400 Budd Wheel
4
No par
74 73
83
4 83
814 8'2
4
7
/ 84
1
4
8
83
2 83
4
/
1
4
/ 1,100 Buiova Watch
1
4
9 Apr 29 153 Jan 80
No par
9
/ 9
1
4
"91 10
/
4
10
9
/ 912
1
4
/
1
4
10
912 9
93
4 93
4
9 May 29 23 Feb 20
9
103
8 2,300 Bullard Co
No par
1112 1112 *103 11
/ 1018 1018
1
4
103 10
4
11
11
4
9 Apr 27 51 Jan 7
Burns Bros new olAcomNo par
01312 2612 *1212 26
*1212 2612 111212 2612 *1212 2612 *1212 2812
2I2May 11 10 Jan 7
New class B com
4
No par
412 *3
*3
*3
5
5
*3
512 *3
512 *3
Preferred
70
100 22 Mar 17 85 Jan 20
*60
70
*60
*55
75 .60
70
75
3160
1160
70
2114 7,400 Burroughs Add Mach--No Par 20 May 29 3214 Feb 9
2118 2112 20
•234 2338 2214 2212 2218 2214 2114 22
/
1
17 Apr 23 81 Feb 24
800 Bush Terminal
No par
•I9
4
4 1912 1912 2014 2014
21
193 193
20
2014 20 20
Debenture
170
100 70 Apr 23 104 Jan 23
713
4 7014 7014
*72
80
4
4 71
72
72
713 713
4
4 713 713
40 Bush Term Imo pref
100 051$ Apr 29 113 Mar 17
4
*10012 105
1013 *100 10112 *100 101
101 101
4
10014 10014 1013
14 Feb 20
/
1
*3
4 1
4May 7
500 Butte & Superior Mining-10
3
*8
4 1
*3
4 1
*8
4 1
•8 1
4
3
4
8
4
114 114
2 Jan 29
1I4May 7
8
500 Butte Copper & Zino
112 *114 112
11 112 *1.14 112
/
4
114 114 *114
5
700 Butterlat Co
107
8
No par 10 May 19 20 8 Feb 26
1012 *10
*1014 1134 11
11
1014 104 1018 1012 1018
/
1
4
No par 2612May 27 69 Feb 20
8
36
3614 323 345
8
8 3214 3518 2612 3318 267 2912 2612 2978 44,400 Byers di Co (A M1
/
4
*82
94
Preferred
100 911 Apr20 10678 Feb 24
94
*80
94
*8414 94
*82
*8418 94 .8418 94
23
4,300 California Packing____No par 2012May 1 53 Feb 16
2314 z22
24
/ 244 24
1
4
/
1
8 23
2318 233
8
2412 235 24
13 Mar 2
8
/ Jan 8
1
4
10
400 Callahan Zino-Lead
8
8
83
7
8
*8
8
*8
8 1
5
8
8
8
'
/
1
4
7
8
8
8
8
8
1,800 Calumet & Arbona Mining_20 2614May 22 4338 Mar 17
27
02614 2712 264 2612 264 28
2714 2714 27
28
27
8May 28 114 Feb 24
57
25
58 618 5,800 Calumet Sr /Isola
57
8 618
6
6 18
6
6
6
618
6
6
8
800 Campbell W & 0 Fdry _No par 1114May 27 1658Mar 25
*117 1212 113 113 *114 111 1114 1158 1158 1158 *1158 117
8
4
4
/
4
/
1
4
39
395* 5,700 Canada Dry Ginger Ale No par 29 Jan 19 43 May 5
3812 39
4014 4012 393 4014 3912 394 39
40
4
*20
22
1
1,030 Cannon Mills
20
No par 17 4 Jan 2 25 Mar 24
20
*2018 2212 20
20
2018 20
2018 20
300 Capital Adminis el A No par
13
13
9 Jan 3 16 Feb 26
/
1
4
13
13
*1212 1312 *1214 13
*1212 13
111212 13
4
300
8 3212 3212
Preferred A
50 29 May 18 863 Feb 25
/ 325
1
4
*30
317 •30
8,
3212 32
3114 3012 3012 •30
8
100 621,8May 27 1314 Feb 24
6712 6514 687 184,400 Case(11 Co)
6614 68 I 6312 664 6414 6814 6218 664 64
/
1
/
1
Preferred oertificatea
180
100 95 May 14 116 Mar 21
101 105 *100 104
100 101 *100 104 *100 104 *100 104
8May 28 524 Feb 17
8
244 247
/
1
8 234 2434 23
244 2218 2312 217 2314 2212 2314 15,400 Caterpillar Traetor____No par 217
34 *218 21/4 1,210 Cavanagh-Dobbe Ino__No par
4 Feb 27
/
1
24 Jan 5
3
212 212 *214 3
•34 312
3
3
/
4
Preferred
*1012 15
100 201 Apr 29 26 Mar 7
•15
223 •10
4
4
223 *1012 22 4 *1012 223 *1012 15
4
,
*94 10
10
8 May 20 16 Feb 35
/
1
4
700 Celanese Corp of Am__No par
93
8 94 10
94 012
*912 10
.912 10
4 *612 7
.612 7
63
4 63
7
8Mar 2
7
5 Apr 24 143
/
1
4
Nova?
300 Celotez Corp
.612 74 *612 718
44 Jan 2 133 Mar 21
4
900
Certificates
No par
5
'512 53
.
5
43
4 5
6
4, 512 54
514 514 *5
4
10
1518May 29 373 Mar 21
Preferred
No par
19
/ 1518 1518
1
4
193 *14
4
/
1
4
4
4
S-.7- 193 *---- 193 *____ 19 •14
8
900 Central Aguirre Asso.-No par 1812May 26 247 Jan 9
183 19
4
19
1812 19
•18
•19
20
19
1812 19
19
64 Feb 21
212 Jan 6
200 Century Ribbon Mills_No par
*4
438
4
4
8 414
8 *37
4 43
3 4 33
3
4 *33
*A 5
10
*51
60
50
Preferred
100 50 May 28 70 Feb 26
50
60
1150
60
*50
1350
*50
60
60
4
4 2,000 Cerro de Pasco Copper-No par 1514May 19 8011 Feb 24
8 153 153
15% 155
16
154 16
16
153 153
4
4 1512 16
200 Certaln-Teed Produats_No par
714 Mar 23
2 Jan 2
/
1
4
33
4 33
4
*33
4 4
4 4
/ *33
1
4
3
/ 3
1
4
*33
4 4
*38
4 4
/
1
4
2,400 City Ice & Fuel
3012 3214 *3018 32
No par 3018 Apr 29 37 Feb 25
32
*31
32
32 32
32
32 .31
110
8
Preferred
8
100 7718 Jun 14 90 Apr 21
8
833 833 *833 85
.86
0833 86
8
86
867 *86
8
867
8 86
8 Apr 22 2314 Feb 7
/
1
4
93
8 4,100 Cheater Cab
9
No par
87
8 9
87
8 9
10
1018
8
/ 918
1
4
9
/ 10
1
4
29
33% 13,600 Chesapeake Corp
No par 29 May 29 5418 Feb 24
8
3512 3612 343 353* 3312 34
3514 37
381 381
/
4
/
4
612 Apr 20 161 Feb 26
718 712 1.700 Chicago Pneumat Tool_No par
7.2 84 *714 8
712 814
8 8
/
1
4
7
/ 77
1
4
8 *75
Preferred
17
No par 16 May 26 35 Feb 26
800
17
17
1718 17
17
17
16
8
" / 177 *1512 17
151
4
Chicago Yellow Cab......No par 20 Mar 2 23 Jan 9
*194 20 •____ 20 *____ 20 •____ 20 *__ __ 20 *--__ 20
/
1
4
100 Chickasha Cotton 011
10 1012 Mar 6 123 Mar 30
*1012 12 •1012 115 *1012 1118 *1012 1118 104 104 *1012 12
8
3
4May 28 83 4 Feb10
18
1912 2,100 Childs Co
No par 173
4
185
8 173 18
.19
/ 20
1
4
*1912 20
1812 185
8 18
1718 97,600 Cbrysler Corp
1614 1714 16
8
No par 157 Jan 2 2534 Mar 9
167 173
8
4 163 17
8
16
16% 1618 17
44 Feb 11
212 Apr 17
No par
23
4 23
4
4 1,200 City Stores new
.23
4 278
24 258 *212 23
23
4 23
/
1
4
4 *25
8 2
200 Clark Equipment
215
15
No par 15 May 8 2278 Mar 25
/ *153* 16
1
4
•154 16 '15
/
1
154 1518 *1518 15
16
200 Cluett Peabody & Oo No par 24 May 19 3418 Feb 17
2712 2514 2514
*25
27
*24
/ 2712 *243 27
1
4
4
*2412 27 .25
__
__ *101
Preferred
100 95 Jan 28 102 Mar 4
__ *101
'101____ *101
_ _ 101
_ .. *101
No par 13734May 25 170 Feb 24
138 14012 9:200 Coos Cola Co
--13812 140
-.141 1413 137 141
4
/ - -12 13818 139
1
4
/ - - 137 141
1
4
Class A
700
No par 5012 Jan 2 .5314May 22
*53
5312
53's 5
'53
5314 53
5314 *53
533
8 53
433
4 2,100 Colgate-Palmolive•Peet No par 4112May 2 5018 Mar 18
8
4
7
4378 43 8 433 437 *42
/ 44
1
4
'43
/ 4414 4414 4414 *43
1
4
100 10134 Apr 21 104 Feb 16
6% Preferred
600
4
4
1023 1023 *1023 10314
4
*10218 10212 10212 10212 10212 102
/ 103 103
1
4
/
1
4
9 Jan 80 17 Feb 26
4,700 Collins & Altman
12
No par
8 11
4
113
8 103 117
1112 1112 10
12
"12
13
12
Preferred non-votIng____100 71 Apr30 78 May 18
200
8
*5018 785
82
*75
0744 82
"74
82
75 4 76
3
.74
78
4
814May 28 101 Jan 8
814 814 4,100 Colonial Beacon 011Co_No par
812
814
8 818
8 85
8 *83
8 *83
*Sh 84
8 *83* 85
100 1412May 19 3214 Feb 19
100 Colorado Fuel & Iron
__
- - - _ -___ ____
___ ____
147 147 ____
8
8
15,300 Columbian Carbon v t o No par 6038May 26 1114 Feb 25
63
4 64
4
/ 633
1
4
6312 60 ---- 513 - -12 6112 605
8
65
65
/ 65
1
4
/ 6114 1
4
1
2534 46,500 Columbia Gas & Eleo__No par 2212hfay 19 45 8hfar 19
4
8 233 2414 24
4
243
4 233 245
/
1
8 24
24
/ 253
1
4
4 244 247
7
Preferred
100 100 8 Jan 2 10912Mar 18
8
10112 1015 10212 10212 1.500
102 102
103 104
103 103
0103 104
718may 19 161 Mar 13
4
718 75 26,100 Columbia Graphophone
8
718 758
8
718 75
73
2 77
8
712 74
77
8 8
1512 1512 185* 5.900 Commerela, Credit----No par 13 May 27 234 Feb 26
1514 14
/ 1514 1512 13
1
4
*154 16 .1512 15
Class A
50 31 May 28 357 Feb 26
1,000
31
31
31
31
4
313 32
32
*3218 33
/ 324 3218 32
1
4
Preferred B
25 214 Jan 20 2412 Mar 18
20
2212 2212 *2212 24
.2212 24
*2212 24
*2212 24
*2212 24
3
/
1
1st preferred (63.2%)___100 764 Jim 99 85 4 Mar 5
80
83
83
83
83
85
*82
83 83
82 82
*82
83
/ 6,500 Com Invest Truat-No par 22 May 26 34 Mar 19
1
4
/ 2214 2318 2218 23
1
4
4 2214 22
8 22
22
/ 22
1
4
/ 2212 227
1
4
223
Oonv preferred
No par 82 Jan 20 90 Jan 26
4 2,600
8412 843
8
84
/ 85
1
4
85
84
/ 8514 8412 8412 .843 86
1
4
85
8 Feb 27
27 Jan 7
8
Warrants stamped
*27
8 5
*27
8 5
*27
8 5
*27
8 5
*212 5
•212 5
No par 11 May 2.5 2112 Feb 24
4
11% 1118 113 30,600 Comm Solvents
1114 1214 11
111 1118 12
/
4
111 1214 11
/
4
712May 28 12 Feb 24
74 7 8 73,000 Commontrith & Sou-rn No par
/
1
7
7
/
1
4
712
73
4 8
7
/ 8
1
4
8
814
8
84
/
1
86 preferred seriee
No par 9111 Jan 2 10018Mar 16
2,400
95
9518 94
95
9514 96
96
96
9618 96
96
96
No par 31 Apr 30 3414 Feb 16
100 Conde Nast Publica
33
33 '31
*31
33
*31
*31
33
31
31
33
*31
/
1
4
61 Jan 2 12 Mar 27
/
4
10,700 Congoleum-Nairn Ino.No par
, 912
83
10
9
8
/ 9
1
4
8
/ 9
1
4
812 9
9
9
/
1
4
No par 20 May 26 30 Mat 10
900 Congress Cigar
2012 2012
21
020
20
20
20 20
21
2014 2014 *20
No par 2512 Jan 8 3714Mar 12
3112 1,100 Consolidated Cigar
31
32
32
4
3112 313
33
/
4
/
1
*3112 324 3112 311 *31
Prior preferred
100 55 Jan 2 73 Mar 19
130
/ 6612, 6512 6512 6512 6512 6512 6512 6512 6512 6512 6512
1
4
66
5 Apr 28 15 Feb 17
2.300 Consol Film Indus____No par
5
5
5
518
618 51s
612 64
85
8 682
65* 64
8
Preferred
No par 1314 Apr 27 187 Feb 17
4 1.700
133 133
4
133 14
4
14
14
13
/ 14
1
4
14
144 14
/
1
*14
8Mar 19
No par 8218 Jan 2 1093
8814 9014 112,600 Consol Gas(NY)
4 8612 8918 8538 ash 8612 89
89
904 865* 883
8May 0
Preferred
No par 10112 Feb 27 1053
105 10514 105 10514 2,800
10412 105
8
/
1
4
/ 1043 104
1
4
10414 104
.1043 105
4
14Mar 18
/
1
14 Jan 2
No par
/ 3.600 Consolidated Textile
1
4
12
311
12
53
5
8
3
8
/
11
4
5
8
5/1
511
5
8
812 Jan 9
4 Apr 29
Container Corp A vol-No par
3
/
1
4
*3
*3
3
/
1
4
4
*3
4
*3
4
*3
*3
4
3 Jan 12
118May 29
Class B voting
No par
600
118 14
114 114
114 14
112 112
*114 2
*114 2
s
1018 104 103 1114 5,200 Continental Bak' ol A_No par 10 Apr 30 80 Feb 26
/
1
4
113 1 1012 11
11
1112 1112 1114 12
83 Feb 2
8
112 Apr 29
Class B
No par
4 *112 184 3,700
18
4 18
112 04
112 17
81
/
4
15
8 11
/
4
11 11
/
4
8
100 447 Apr 30 7712 Feb 27
Preferred
513* 5212 13,700
5112 52
52
55 1 52
54
55
56
55
53
4Mar 26
8
/ 464 445 4614 4514 474 31,100 Continental Can Inc--No par 4412May 27 623
1
4
/
1
447 46121 44
8
8
4612 4714 447 47
812May *8 164 Feb 27
/
1
2,800 Cont'l Diamond Fibre_No par
10
1014 10
/
4
• 1014 101 *1018 1012 1018 1014 104 1014 10
/
4
/
1
10 364May 29 511 Feb 24
8
/
1
393 394 367 3912 8,000 Continental Ins
4
/ 3914 40
1
4
/ 39
1
4
8 38
385 393
8
.3912 40
212May 21
412 Feb 27
212 23* 3,000 Continental Moturs___No par
212 212
2
4 21
/
4
21 2121
/
4
2
/ 22
1
4
"212 2
/
1
4
6 May 19 12 Feb 13
N Par
6
63 32,900 Continental Oil
8
618 614
/
1
4
64 6
/
1
/
1
4
614 6
614 612
/
1
4
63
8 6
312May 21 12 Feb 24
No par
Continental Shareo
5
514 29.400
5
/
1
4
5
4h 518
/
1
4
47
8 5 I
3
55 5 4
53
4 6%
4May 29 86 8 Feb 17
3
-25 563
23,600 Corn Prod ots Refining.
4
8 563 60
573 5912 5812 605
4
4 5818 60
58
/ 603
1
4
617 62
8
8
/
1
Preferred
1001 1467 Jar 6 1524 Apr 2
320
4
150 15012 *1493 1504
4
14914 15012 14914 15012 *1493 150
/
1
41494 150
7 8May 29 18 Feb 27
3
No part
7 8 818 10,700 Coty Inc
3
2
8's
814 8
/
1
4
812
81g 8s
*87
8 9
No par 27 Jan 14 3412Mar 11
8 2712 2712 2.900 Cream of Wheat
/ 274 275
1
4
4
4 273 27
2312 2818 283
/ 28
1
4
4
'273 28
8
100 123 Apr 29 195 Apr 11
4
Crex Carpet
4
*123 1412 *123 16
4
4
"12
/ 16 1 *123 16
1
4
/ 16
1
4
4
•123 16 I .12
8 Feb 25
/
1
4
412 Jan 2
400 Croeley Radio Oorp___No par
/
4
*41 8
8 8
4 *45
43
4 43
412
412
5
44 4 8 *412 5
/
1
4
700 Crown Cork & Seal_-__No par 27 May 29 88 Feb 24
2812
84 2923 291 227
/
4
4
212 303 30
3
3213 *30
*30
33
•30
214May 29
8 Jan 13
/
1
4
No Pitr
400 Crown Zellerbach
4
23
4 23
"/ 3
21
4
21 3
/
4
3 1'
3
3
/
1
4
*3
.2 4 3
3
36,400 Crucible Steel of Amerloa_100 3112May 27 63 Feb 11
4324 36
343
39
/ 3112 3714 33
1
4,
35
4014 424 383 41
8
/
1
8May 28 106 Jan 3
100 855
Preferred
430
/
1
4
/ 88 *_- _ _ 88
1
4
85
90
90h, 88
90
91
91
91
91
5 Jan 8
/
1
4
3 May 19
No par
400 Cuba Co
312
312 *3
*3
4
4
/
1
4
3
34 3 1
/
4
3
4 *3 4 41
"3
/ 43
1
4
2 Jan 8
/
1
4
Is Apr 29
78
78 3,200 Cuba Cane Products___No par
7
8
7
8
7,
7
8
78
781
78
78
*7
8 1
5 4 Mar 24
3
2 Apr 30
/
1
4
212 212 1,700 Cuban-American Sugar____10
214 254
214 214
214 21l
214 212
1
2
/ 24
1
4
4May 28 85 Jan 9
Preferred
100 193
360
4
4
4 193 193
/ 193
1
4
/
1
4
*213 2212 2112 214 *2018 21121 2018 2018 19
4May 21 48% Mar 19
30 353
2,900 Cudahy Packing
39
3812 394 383* 385* 39
3812 3712 38
/
1
*3812 384 38
7518 4,100 Curtis Publishing Co___Ns par 74 May 14 100 Feb 7
74
76
75
76
77 '7518
75
743 76
4
*7512 76
8Mar 5
Preferred
No par 11314 Jan 15 1185
500
•11414 115
11514
/
1
4
/ 115 11512 114 11514 •11412 115'4'114'2
1
4
0115 115
5 8 Feb 27
7
/
1
4
2 Jan 2
No par
4
25
8 23 34,300 Curtfas-WrIght
218 23
/
1
4
2
/ 2
1
4
7
2
/ 3
1
4
3
2
/ 3
1
4
84 Mar 2
35
8May 29
Class A
100
6,400
3
/ 4
1
4
3 4
37
37a 4 J
418
4
414 414
414 414
1,200 Cutier-Hammer MIg---No par 20 May 27 41 Jan 7
20
20 I 2018 204 20
2018 2014 20
21
21
22 4 22
No par 1014May 29 23 Feb 24
/ 2,500 Davison Chemical
1
4
/
1
1012 104 1014 10
4
/ 1114 0103 11 I 1012 11
1
4
/
4
.111 1,111 10
/
4
-dividend is
•Bid and asked prices; no sales on this day. z Hi
ena ann ex-flauls.
PER SHARE
Rang.for Previous
Year 1930.
Lamest.
Highest.
3 per share I per glare
59 Oct 78 Ape
/
1
4
1
5 Mas
Oat
51 Dec 33 4 Jan
4
1
0
60 Jan 9 /Ma,
/
1
4
1
4
15 Nov 501s Mal
5 May
3 Dec
4
1218 Oct 254 J1117
1514 Nov 8512 Apr
11 Dec 2214 May
/
4
18 Dec 85 Apr
9818 Dec 1784 Mai
83 4 Nov 42 Feb
3
10 Dec 80 Mar
/
1
4
114 Dec 817 Mar
2
21 Dec 43 Mar
1073 Jan 117 Sept
4
/
1
8 Dec 164 Apt
63 oos 145* Feb
4
8 Dec 43 Mar
/
1
4
9 Dec 74 Api
/
1
4
2518 Dec 1104 Apr
/
1
3 Dec 85 API'
711 Dec 100 Feb
/
4
18 Dec 511 Mai
/
1
4
/
4
211 Dec 48 Mal
/
4
/
1
4
97 Nov 110 11411,
108
Oct 118 Apt
7 Dec
/
51 Jan
4
614 Feb
114 Dec
10 Nov 20 Feb
/
3
4
3318 Dec 1121 Apr
1
Jan
106 Dec 114
6114 Dec 77 Mar
/
1
4
/ Dec
1
4
2 Feb
/
1
4
7
285 Dec 89 1 Jan
8
71 Dec 83 8 Jan
4
3
10 Nov 80 Mar
8011 Dec 753 Mar
8
1618 Dec 8414 Mar
7 Dec 283 Apr
/
1
4
4
Dec 42 Mai
29
/
1
4
834 Dec 362 Apo
/
1
4
118 Dec 132 May
3
22 Dec 794 Apr
/ Jan
1
4
14 Dec 13
/
1
24 Dec 75 Jan
9 Dec 203* Oct
/
1
4
3 Dec 60 Mar
3 Dec 12 Sept
/
1
4
1714 Dec 84 Apr
18 Dec 301s May
814 Mar
214 Dec
51 Feb 6978 July
21 Dec 654 Jan
2 Dec 157 Feb
s
32 Dec 49 Fen
/
1
4
79 Oct 98 Feb
/
1
4
s
148 Dec 677 Mar
8
/
1
4
8214 Doe 82 Mar
71 Nov $7 Mar
8
8
2218 Nov 557 Mar
2012 Dec 82 Mar
/
1
4
10 Dec 82 Apr
/
1
4
/
1
4
22 Dec 67 June
/
1
4
8
141 Dec 43 Apr
211 Dec 181 Apr
4
1512 Dec 4412 Apr
21 Dec 60 Apr
914 Jan 105 Apr
/
1
1334 Jan 1914June
481 Jan 58 Mar
/
4
/
1
4
44 Dec 64 May
97 Mar 104 Dee
12 Oct 85 Feb
/
1
4
73 Jan 92 May
8 4 Dec 208 Apr
3
1
183 Dec 77 Apr
4
6518 Dec 1917 Mar
803* Dec 87 Apr
99 Nov 110 AN
718 Dec 87 Apr
/
1
4
15 Dec 40 4 Apr
/
1
4
3
304 Dec 445* Apr
20 Dec 28 Apr
/
1
4
7614 Jan 684 sem
214 Dec 55 &al
/
1
80 June 87 Mar
2 Dec
/
1
4
6 Oe
14 Dec 88 Apr
74 Dec 20 Apr
/
1
4
864 Dec 10434 June
8112 Dec 57 Mar
53 Dec 19 4 Mar
8
1
184 Sept 567 Mar
8
24 Dec 59118 Mar
/
1
4
53 Dec 80 Mat
7 2 Dec 273 Mar
7
8
124 Dee 284 Jan
/
1
/
1
781 Dec 1367 4,1:2
4
8
99 Jan 10512 Sept
/
1
4
14 Dec
2 Jan
54 Dec 224 Feb
/
1
2 Deo
8 Feb
/
1
4
163 Dee 52 Feb
4
/
1
4
2 Deo
7 Feb
62 Dec nes Feb
6312 Dee 711 Mar
2
9 Dec 87 8 Apr
/
1
4
3
871 Dee 773e Mar
4
2 Nov
/
1
4
8 Feb
/
1
4
7 Dec 80 Avg
/
1
4
/
1
4
34 Dee 40 Apr
/
1
4
05 Dec 1111 Apr
/
4
140 Feb 1511 Oct
/
4
ra Deo 33 Feb
254 Jan 8,818 Mar
0 Jan 29 Mar
/
1
4
3 Deo 32 Jan
/
1
4
81 Deo 59 Apr
/
1
4
43 Dec 18 Feb
4
/
1
4
50 Dec 93¼ Mar
/
1
4
1011 Deo 117 Mar
/
4
218 Dec 19'p May
Oct
1
7 Mar
9 Feb
2 Deo
20 Dec 65 Feb
/
1
4
384 June 48
/
1
Jan
85 Dec 1264 May
/
1
112 Dec 12114 Mar
13 Dec 147 Apr
4
8
a Dec 19 Ape
/
1
4
88 Dec 9012 Mar
10 Dee ON Map
New York Stock Record-Continued-Page 4
4015
For sales during the week of stocks not recorded here, see fourth page preceding.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER 5HARE
Range Since Jan. 1.
On basis of 1043-share lots.
Lowest.
Indus. & Miceli.(Coe.) Par
Doberman)Seourities____5 Bch
20
Deere & Co prof
100
Detroit Edison
Devoe & Reynolds A__No par
No par
Diamond Match
25
Preferred
Dorue Mines Ltd
No par
Dominion Stores
No Par
Drug Inc
No par
Dunhill International. No par
Duplan Silk
No par
Duquesne Light let pref___100
NO par
Eastern Rolling Mill
Enatman Kodak Co
No Par
100
6% oum pref
Eaton Axle & Spring-NO Par
20
El du Pont de Nero
6% non-vol deb
100
Eitingon Sohild
No vat
601 6014 .573 633 *561 637
/
4
8
8
/
4
8 5718 574 .57
637 *5612 63N
8
100
200 Preferred 034%
4412 4614 4113 44
3812 4112 3634 4012 3712 397s 353 39
4
34,200 Electric Autollte
No par
109 109 .1073 109 *1073 109
10712 1073 10712 1073 106 10712
4
4
4
4
160 Preferred
100
315 312 *3
33
4 418
34 33
258 3
358
25
No par
8 3
4,000 Electric Boat
38
/ 3914 36
1
4
/
1
385
4
8 3538 364 343 3612 35
3812 3214 364 81,800 Electric Power & Ll __.No Par
10214 10214 *102 1031 *10218 10314 102 10214 102 102
101 102
1,500 Preferred
No par
9214 9214 914 92
91
9114 9114; 91
90
91
8913 90
1,600 Preferred (6)
No par
523 53
62
4
523
56
52141 *5212 54
56
52
524 5512 1,600 Elee Storage Battery_.. No par
/
1
*58
*3
8
*
3
/
1
4
5‘
*3
34
8
3
3
4
Elk Horn Coal Corp
"8
3
4
No par
*5
8
3
4
*84 112
.3
4
17
8
*3
4 11
.34
*34
112
112
"4 112
No par
Emerson-Brant Cl A
34
.33
34
"32
34
*33
34
*31
34
33 '31
33
400 Endloott-Johnson CorD----50
*104 1064 .104 1063 •104 1064 *104 1063 *10413 1063 010412 1063
4
4
100
4
Preferred
*3113 3512 03182 35
3514 3612 .3112 351 .3112 35
34
34
500 Engineers Public Serv__No Par
.
8218 8512 8218 821
82 .78
82
82
78
84 .78
82
200 Preferred $5
No par
*85
*83
8812 86
86
86
8418 *84
86
85 '84
85
200 Preferred (5(4)
No par
.
31
36
29
29
29
2912 301
28
29 14 2914 .2813 29
1,800 Equitable Office Bldg. NO par
63
4 .6
*7
612
71
/
4
614 614 .6
64 63
63
4
300 Eureka Vacuum Clean_No Par
.
412 5
.412 51
412 412 .412 513 *412 5
•412 5
200 Evans Auto Loading
a
.
1814 21
1
.1814 21
•184 21
21
/
1
17
/ 1814 .18
1
4
'174 21
20 Exchange Buffet Corp_No Par
*112 24 *112 23
•113 24
112 112
112 113 *114 23
300 Fairbanks Co
4
25
412 412
458 4
458 45
/
1
4
/
1
4
8
44 4
/
1
41 44
/
4
/
1
60 Preferred
412 412
100
*18
18 .16
8
17 '163 18
18 .16, 18 .1614 174 17
4
200 Fairbanks Morse
No oar
9414 9414 9584 953
4 9414 9414 9414 94141 *9412 9513 94
190 Pr,,terred
94 2
,
100
4
*4
4
*33
41,2
4 412 *33
44
4 44 *334 412
200 Fashion Park Assoo____No pa
'334 50
313 .31
*32
45
30
34
*30
50
34
50
*31
600 Federal Light & Trao
15
94
94
*85
8618 85
*8612 90
86 1 .85
86
.85
94
150 Preferred
No Imi
4
53
4 53
4 .53
4 6
53
4
4 53
4 *53
53
4 53
53
4 53
4 6
1,600 Federal Motor Truak_Ne Pa
512 513
512 512 .5
513 .5 •
512
4 .513 54
554 53
300 Federal Screw Works_ _No Pa
19h 19h
•
2014 2118 2012 203
4 2018 20141 183 20
19
4
19
3,400 Federal Water Sera A _ _No pa
23 1 •16
20
2312 2312 23
24
22
24
22
213 213
4
4 1,500 Federated Dent Stores_No Pa
40
•
/ 40
1
4
4012 41
40
40
3912 404 3912 4012 394 4018 6,000 Fidel Phen Fire Inn N Y____1
.74 9
/
1
712 712 •712 9
.712 9
*7 2 912 *712 912.
,
10 Fifth Ave Bea
No Pa
•1718 26 .1718 26
*1718 26
*1718 26
*1718 26
*17N 26
Filene's Son/
No Pa
*100 104 .100 102 *100 102 *100 102
100 100
102 1033
4
100 Preferred
10
4 1634 163
173 173
4
4 161 164 1612 164 1618 1612 •1612 17
1,500 Firestone Tire & Rubber .10
59 .584 5912 58
5818 573 58
59
4
8 683 59
5712 593
4
/ 1,600 Preferred
1
4
100
4812 493
8 4712 4712 4718 4712 47
47
4718 4812 4812 493
4 2,700 First National Stores__No pa
2
8
12
53
12
4
12
12
12
81
13 3,100 Fisk Rubber
13
No Pa
"1
*1
2
2
•1
134
118 IN *118
154 •118
13
10 1s1 preferred
4
10
4,1% 23
8 24 .13
23
4 .13
.14
4 .13
8 254
3 23
4 "138 23
4
1s1 prof convertible
10
*24
24
25
25
.
24
24
*24
25 .24
243
4 24
24
200 Florsheim Shoe class A _No Pa
•96I2 99
987
8 97
*97
*9612 99
97
9612 9612 .9612 99
60 Preferred 0%
10
812 812 4512 912 *8
.83
4 9
812 813
912 .8
912
400 Follarsbee Bros
No pa
/
1
3014 3318 263 294 25
33
27
/ 333
1
4
243 27
4
2514 273 22,900 Foster-Wheeler
8
No pa
7
7
73
4
7
.7
7
7
*712 8
7
300 Foundation Co
*7
73
4
No pa
8 23
23
24
235
2314 2113 211 2214 223
8
8 24
243 243
/
4
4 2,300 Fourth Nat Invest NV NV
4
8
4
155
8 145 153 94,700 Fox Film class A
1453 1518 123 147
s 133 144t 133 1412 14
8
No par
25
254 2412 2518 2412 2512 244 26
253
2 25
25
253 15,300 Freeport Texas Co___ _No par
4
7313 •____ 7312 .____ 7312
731 .___- 75
Fuller Co prior pref___-No Par
31
3
3
312
*3
3
3
3
*318 382
1,300 Gabriel Co (The) Cl A-No Par
4818 48
.47
4818 '47
48
48
4718 4718
4812 4818 484 48
230 Gammen Co
No par
3
4
34
34
72
58
58
7
8
3
4
7
8
*3
1,500 Gardner Motor
4
7
8
5
• 1 53
51
518 518 *54 5h
4
5
5
478 47
8 1,000 Gen Amer lnvestora___No Par
*514 53
81
'80
8312 81
1.131
82
84 .81
84
.81
78
80
500 Preferred
100
5512 57
56
/
4
554 561 554 561
*5714 573
5512 §7
5712 10,600 Gen Amer Tank Car___No par
19
191
19
4 19
1914 193
19
1914 194 19
19
/
1
1918 3,100 General Asphalt
No par
/
1
4
53
8 5
514 54
513 512 2,200 General Bronze
512 512
.5 2 53
,
512 512
4
No par
*33
4 5
.34 5
314 314
314 31
*43
4 53
434 44
4
700 General Cable
No Par
*87
8 9
9
9
10
.9
.914 10
87
•914 10
8 9
500 Class A
No Par
2713 2712 2712 28
2812 2913 2712 2812 274 271
28
30
440 7% cum prof
100
•34
35
3414 34
*34
343 35
4
*3518 38% 344 35
34
1,000 General Cigar Inc
No Par
383 4014 383 4058 224,600 General
3
391
/ 38
1
4
395
393 4012 38
8 3773 39
4
8
No par
Electric
/
4
8 1114 111 1114 1114
1114 1114 1114 1114 1112 113
1114 1138 7,600 Special
10
4513 4613 433 463 69,700 General
4512 47
47
4
4712 4814 453 4714 46
4
2
Foods
No Par
44 6
43
4 44 312
44 5
44 5
4 44 6,200 Gen'l Gas & Elea A
5
54
No par
63
641
63
6412 63
•
6113 65
63
63
6412 64
62
1,600 Cony pre! aer A
No par
*2712 295 .2714 29
.
*2714 29
274 30
*275 29 .2714 29
8
Gen Ital Edison Eleo Corp_ _40
40
40
40
*40
40
3812 40
4214 40
4214 .40
1,500 General Mills
No Pa
974 974 *97
9812
.9712 98
98
*9712 9812 *9712 98
98
500 Preferred
100
3413 363
3 34
3758 313
/
1
3618 631,000 General Motors Corp
/ 354 3712 3453 39131 3414 361
1
4
IL
10112 1014 10114 1013 101 10114 10114 10113 4,400 S5 preferred
1013 102
10154 102
4
No pat
16 .14
1612 *1412 1612
.14
16s' 16
16s *14
16 4 •14
,
100 Gen Outdoor Adv A
Nopa
•63
4 64
612 1312
8
8 65
65
8 678; 65
612 613
6h 654
800 Common
No Par
11
1112 1114 1114 1,100 Gen Public Service
8
•1118 1212 123 124 105 1112 1112 111
4
No par
50
2 4912 51
52
5014 5912 2,300 Gen Ry Signal
53
544 50
52
.52
No par
33
35
8 4
4
4
324 31
44 414
4 4 413
,
/
4
4 33
4 4,500 Gen Realty & Utillties_No Par
42 •41
42
46
43
42
40
47
47
46
48
•
41
1,000 $8 preferred
No Par
344 343 37
/
1
34
8
4
343 35
347 35
35
344 35
8
/
1
3512 6,503 General Refractorlee
No Par
035
40
*35
42
"35
40 .35
45
*35
45
*35
40
Gen Steel Cast $8 prol_No Par
5
14
3 8 37
5
4
33
4
3 4 44
4
4
33
4 4
34 4
18,700
25
/ 274 223 2713 97,600 GenTheatresEquip•to No Par
1
4
3214 2512 317
/
1
3313 34
3114 3314 31
4
Gillette Safety Racer_ No Par
8
751 76
7612 764 7512 764 734 7554 723 7313 70
/
4
733
4 5,600 Cony preferred
100
414 414
8
43
8 .418
412 412
414 43
*412 43
414 413 2,300 Gimbel Bros
No par
8
3
8
/
4
*361 39 .365 38
/
4
*361 3712 •363 3714 365 365 .3658 37
8
100 Preferred
100
91
*9
914
4 912
812 9
912
*9
83
84
87
9
2,000 Glidden Co
No Par
67
684 674 69
684 65
687 687 *6412 69
8
68
8
66
230 Prior preferred
100
6
6
/
1
4
47
8 5
52
,
5N
518 5
45
8 5
,
/
1
4
5 2 54
5,600 Gebel(Adolf)
No par
254 2614 2518 2554 244 25
8
263
2812 291
2512 283
8 25
/ 38,500 Gold Dust Corp v t 0-No Par
1
4
•103 12
1014 11
4
94 1018
9
/ 97
1
4
8
912 93
4
918 95
8 9,400 Goodrich Co (1) F)___-NO Par
50 .35
*35
•35
50 .35
50 .35
50 •35
50
50
100
Preferred
39
4 357 3888 353 38
40
2
353
5
3718 3814 37
3318 37
37,700 Goodyear Tire & Rub-No par
801 "80
79
.79
1
801
80
80 I .7912 80
7913 77
7812 1,000 let preferred
No par
91
812 9
09
10
*9
91.. •9
10
10
.912 10
300 Gotham Silk Boa
Ns pa
7012 .70
*70
7013 70
7011 70
701 070
7012 *70
71
200 Preferred
10
*212 31
*213 312 *212 31
.212 318
.212 34 .212 31
Gould Coupler A
No Pa
,
414 4
44 414
8
44 45
412 412
43
4 47
8
4
4
7,300 Grallaal-Palge Motore_No Va
____ ____ ____
Certificates
No pa
-1114
/
4
1112 111 111 1112 1118 1114 -1113 - -1. -1-- - -1
/
4
11 4
1
1 -18 - - ;i55 Granby Cons NI Sus & Fr-100
3
8
163 174 167 1718 1634 17
4
17
173 1712 17
8
163 1634 1,400 Grand Silver Stores
4
No par
4
8 1514 153
8
144 1512 145 154 143 157
16
16
4 1518 1514 5,700 Grand Union Co
No Par
.41
4112 41
4112 4112 04012 41
*4112 44
4118 •
4014 41
300 Preferred
No Par
2014 1
2014 2014 20
.2014 21
No par
1.900 Granite City Steel
36.1 Z.
97
3612 3613 3512 364 354 36
2,500 Grant(W T)
No Par
2112 2013 21 18 20
4 21
2114 2112 2114 213
213 22
4
'2 203 12,400 Gt Nor Iron Ore Prop_No Par
4
73
4 77
81
/
1
4
73
4 7
73
8 712
714 714
.7
/ 8
1
4
714
714 1,400 Great Western Sugar _No Dar
82 .81
8012 814 81
81
81
8112 81
8314 81
81
440 Preferred
100
33
8 312
314 312,
3h
338
314 33
8
312 312
318
33 12,600 Grigsby-Grunow
8
No Par
'
/
1
4
7
8!
/
1
4
*1
/
4
NI
5,1
58
58
12
3
8
1
1,500 Guantanamo Sugar- - NO Par
,
"1212 133 '1218 13
•1418 1512 •14 8 1512 1418 144 124 14
4
500 Gulf States Steel
No pa?
40
38
40 •3712 40
*3518 40 .3518 48 1 *3712 55 1 *38
100
110 Preferred
*2714 29 .2714 29
,
*2714 29 .27 4 29
.2714 29
*2714 29
25
Hackensack Water
578 6
44 578,
514
5
.6
5
Vs
558 53
4
51
7,200 Hahn Dept Stores._..Nu par
55
534 534 54
/
1
*5413 543
/
1
4 5412 5412 '5412 55 I 54
54
100
1,500 Preferred
134 1318 1318 .13
133 , .13
'13
•133 13h
8
133
4 13
10
13
1,100 Hall Printing
I
4,
117: Iro Ezz g2.4
i
12
• Bld and asked prime; no sales on this day.
z Ex-cUvidend.
y Ex-rights.
I Ex-dividends.
Highest.
$ per share $ per share
614May 25 1213 Jan 28
z20 May 15 22 Jan
4May 29 195 Feb 11
1543
1214May 28 19% Feb 18
5478 Jan 15 23 Mar 6
242 Jan 7 28 Feb 24
8
87 Jan 2 11313 Mar 31
8
1418 Jan 2 24 Apr 13
614 Jan 2 784 Mar 20
/
1
614 Jan 22
814 Mar 19
4
1212 Apr 14 143 Fob
102 Jan 5 10814May 16
7 Apr 27 1314 Mar 2
4
128137'1ay 27 1851 Feb 24
1281 Jan 8 111113Niar 23
4
1014May 7 2172:gar 19
73145153' 27 107 Mar 19
118% Jan 9 124 Apr 9
814 Jan 2 11% Feb 17
354 Jan 5 59 Feb 18
4Nlay 29 748g Mar 10
353
106 May 29 110 Jan 7
2 May 7
4 May 22
3
3214May 29 60 4 Feb 20
100 Jan 6 10818Mar 20
86 Jan 8 9814 Mar 17
/
4
501 Apr 28 66 Mar 19
3
4May 15
114 Feb 26
2 Apr 24
4
23 Mar 25
4
3(1 Feb 10 41 Jun 7
10212 Apr 15 118 Feb 10
34 May 29 49 Mar 12
81 Jan 2 87 Jan 27
85 Jan 19 91 Mar 12
3
2712MaY 41 85 3 Jan 12
614Nlay 28 123 Mar 17
4
8 Feb 24
/
1
4
418 Jan 2
177 Apr 28 25 Jan 7
8
3 Mar 20
1 Jan 8
412 Feb 25 1114 Mar 20
8
16 May r 293 Mar 6
/
1
91 May 29, 1094 Feb 2
612 Feb 24
35 Jan 31
1
8
30 May 26 497 Feb 26
85 May 26 92 Mar 25
5 Ain 28
Ps Feb 24
5 May 22 1512 Feb 24
1834Nlay 27 30 Jan 81
1512 Jun 5 26 May 12
30'8May 29 561 Feb 24
/
4
9 Feb 21
8
67 Jan 10
16 Jan 27 22 Feb 25
854 Feb 10 104 Slay 12
/
1
/
1
4
13 Apr 27 19 Feb 25
5614 Apr 29 63 Jan 8
an 2 55 Mar 2
41
13 Jan 6
4 Feb 24
8 Feb 7
1 May 18
12
812Mar 3
851157 15
z24 May 15 3518 Jan 3
9612N1ay 28 10212 Mar 18
813 Apr 25 1914 Feb 25
2414Nfay 28 64% Feb 24
47 Jan 3 1612Mar
8
2112Nlay 28 8212 Feb 24
111May 21 3838 Feb 17
/
4
211 1May 21 4314 Mar 23
75 Jan 5 85 Apr 6
DO3 Feb 25
3 May 7
4718MaY 7 60 Feb 26
5
8May 2
21 Mar 23
8
772 Mar 19
44 Jan 15
78 Stay 29 88 Mar 12
5412Nlay 21 734 Feb 28
184NiaY 19 47 Mar 26
94 Feb 16
54Nlay 28
/
1
314May 26 13 Feb 24
8May 29 25% Feb 24
87
2732May 26 65 Jan 12
84 Jan 3 4812 Feb 10
374May 26 54% Feb 26
/
1
1118 Apr 2i1 124 Jan 27
4314N1ay 29 56 Apr 13
812 Feb 21
/
1
4
4 Jan 2
/
4
54 Jan 2 761 Mar 20
4
28 May 16 353 Mar 6
3812Nlay 21 50 Mar 21
96 Jan 19 100 Apr 15
34 May 29 48 Mar 21
95 Jan 2 10314 Mar 21
16 Slay 27 28 Jan 28
8Nlay 21 10% Feb 25
63
8May 26 23 Feb 26
103
4912May 27 844 Mar 2
9
12Mar 6
4May 28
31
40 May 29 744 Mar 10
4Nlay 19 6732 Feb 26
333
40 Slay 18 65 Apr 9
3 Apr 27 154 Feb 18
/
1
4
214 Jan 2 333
4May 11
8May 26
6254 Jan 21 767
7 Feb 18
/
1
4
411May 26
36)
8May 28 48 Feb 24
812May 28 1612 Feb 20
48 May 4 78 Jan 15
97 Mar9
4 Jan
211,May 29 424 Mar 20
9 Apr 24 2078 Feb 21
35 Apr 27 68 Feb 10
3218 Apr 25 5212 Feb 21
72 Apr 30 91 Feb 25
1334 April
es Jan
72 Apr 28
50 Jan 2
63 Feb 6
8
214 Apr 29
34 Jan 2
612May 5
43 Feb 9
4
34 Feb 28
2
11 May 29 223 Feb 24
16 Apr 29 254 Mar 24
101 Jail 10 184 Mar 24
8
36 Jan 15 46 Slay 13
197 ay 27 294 Feb 25
8N1
254 Jan 2 3912May 13
/
1
194 Jan 2 2312 Apr 9
714May 28 114 Jan 8
8012May 28 6612 Jan 8
Jan 2
63 Mar 10
4
113 Jan 8
/ Jan e
1
4
124May 27 8712 Feb 26
38 MAY 28 80 Mar 4
271 J/111 21 3012 Mar 26
8
47
8May 2
9 4 Mar 26
3
8
50 Jan 3 637 Mar30
12 May 6 1938Mar 21
PER zHARB
Range for Prestos.,
Year 1930.
Lowest.
Highest
$ per share $ per ;hare
94 Dee 30 Apt
20 June 244 Ma)
161 Dec 2554 Apr
/
1
11% Dee 424 Ma;
/
1
8
/ Jan
1
4
12 Nov
5752 Dec
5 Dee
18
Oct
100
Jan
514 Dee
1424 Dee
1207 Feb
8
111 Dee
/
4
8012 Dee
1144 Feb
218 Oct
86 Nov
83 Oct
113318 Oct
212 Dee
844 Dec
/
1
99 Dec
84% Dec
&VI Nov
4 Dec
5 Dec
8
884 Dec
1074 Jan
367 Nov
2
8052 Dec
8912 Dee
35% Dee
65 Oct
8
4
Oot
213 Dec
8
11 July
/
4
312 Dee
1912 Dee
102
Jan
212 Dec
43 Dec
/
1
4
86 Dec
512 Nov
10 Dec
17 Dec
12
12% Dee
424 Dec
/
1
57 Dec
8
16 Dec
89 Dec
1518 Oct
535 Oat
8
885 Dec
8
is Dee
14 Dee
14 Dee
3(1 Dec
94 Dec
12 Dec
374 Dec
311 Dee
184 Dec
1618 Jan
3412 Dec
75 Dec
24 Nov
Oct
50
1 Nov
84 Dec
74 De
5318 Dec
22% Dec
84 Dee
64 Dec
1314 Dec
88 Dec
80 Dec
6112 Dec
11% Oct
643 Dec
8
84 Dec
88 Dee
283t Dec
40% June
89 June
311 Nov
917 Dec
203 Dec
8
5 Sept
121 Decl
4
55
Oct l
313 Dec
49 Dec
39 Dec
80 law
5,2 Dea
18 Dec
5814 Dec
414 Dee
89 Dec
7 Dec
6312 Dec
3 Dec
29 Dec
1514 Oct
62 Dec
351k Oct
7814 Oct
3% Dec
60 Nov
4. Dec
3 Dec
312 Nov
12 Nov
16 Dee
10 June
31 Dec
18 Dec
253 Dee
2
1712 Dee
7 Dec
8.5 Doc
213 Dec
4 Dec
15 Dec
8314 Dec
26
Jan
1512 Dec
4512 Dec
15 Dec
103 Simi
8
304 Apr
/
1
873 Ma/
2
4313 API
19 Sept
1081 Oct
/
4
254 Jan
/
1
2554 Aln
134 Nov
371 Feb
4
145% API
123 Sept
107 Feb
8
62 Fel
1147 Mar
8
110% Jan
9+4 Mar
10312 Ain
n
112 Apr
102 Sept
79 Feb
/
1
4
54 Mar
75 Jan
8
59% Jan
116 Nov
6712 Apt
10712 May
104% Apr
505 June
4
435 Mar
8
80 4 Feb
1
2712 Sept
94 Jan
39 4 Jan
1
50'8 May
111Ij Map
27% Feb
90% Mat
98% Ape
124 Feb
2512 Sept
43 Mar
Apt
38
824 Mar
1
1012 Apr
4012 Jan
10014 Sept
3318 Jan
8
877 Mar
613 Jan
8
512 Apr
21
API
21% Apr
537 Mar
2
10012 Oct
5072 Mar
10412 June
281 Apr
4
Apr
50
673 API
8
5512 Apt
9,54 Mat
/
4
111 Apr
80 Mar
7 Feb
/
1
4
1652 Feb
105 Apr
1117 Api
8
71% Apr
3812 Feb
3412 Mar
74% Feb
109.14 Apr
61 Mar
951 Apr
8
12 Aug
6114 May
181 Apr
4
10612 API
441 Feb
8
591 Apr
8
983 Dee
4
544 Apt
1007
8134MS
41% Apr
21% Apt
5278 Apr
1007 Mar
2
1932 Apr
100 Apr
90 Mar
10
101 MM
Deg
NA% Jan
70 4 Nov
3
207 Apr
8
824 Apr
38 Mar
1051 Mar
/
4
19 Feb
477 Apr
8
5812 Mar
10412 Mar
964 Mar
1024 APO
287 mar
2
8212 Apr
1518 Apr
13 Apr
/
1
4
10 4 Apr
1
597 ADO
8
52 AM'
205 Feb
8
44 Aug
50 Apr
12
43
J/11:1
253 Mar
8
3412 Jan
120 Mar
28 JUn11
4 Feb
80 Feb
109 Apr
88 July
234 Apr
86 1 Apr
,
31% Mar
New York Stock Record-Continued-Page 5
4016
Foe aalea during tke week of mock/ not recorded here. me fifth page preceding.
-PER SIIARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
May 23.
Monday
May 25.
Tuesday
May 26.
Wednesday
May 27.
Friday
Thursday I
May 29.
May 28.
Sales
for
the
1Veek,
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ per share $ Per share $ per share $ per share $ per share Shares lades. & IlleselL (Cos.) Per
HamilloB WW1 pref_113$
.9812 101
*9812 101
*9813 101
.9812 101
*9812 101 .
9812 101
No per
350 Hstuaa pre/ aro,
89 89
89
90
4 89
89
90
4
89 .
893 893
89
90
1,100 Harbiron-Walk Retrae_No per
2812 27
27
.27
31
*27
27
27
4
1
/ 2712 27
4
1
/ 2712 27
312 1,700 Hartman Corp chew la_No SW
*3
312
.3
4
1
/ 3
2
312
8 31s *3
27
312 *3
No par
Clair•
300
.4
4
1
/ 6
4
1
/ *412 6
4
1
/ 5
5
5
5
8 6
*47
453 453
2,600 Hayes Body Corp
3
No par
3
3
4
1
/
312 3
314
312 312
33
5
8 38
35
4 3
4
1
/
24
500 Hellas(0 W)
85
90 .81
.82
85 85
*85
*85
03
93
*85
93
No few
600 Hercules Motors
•10
1112
10
10
10
10
10
10
.
1112 *10
1112 10
NO pa?
100 Hercules Powder
44
44
45
*44
46
46 .44
*44
44
44
46 .
45 4 .
,
He/mules Powdm $7 etua p1100
•____ 116 .____ 116 •____ 11512 ____ 116 .____ 115 .---- 116
N• par
6,200 Hershey Ch000lale
92
4
9112 883 9112 8914 9014 88
1
/
934 9312 90
4 90
91,
Preferred
No per
1,400
99
9914 99
99
99 .99 102
8
997 100
99
103 103
_ Ho* (R) & Ce
Ns per
7
*5
7
*5
6
*5
7
6
*5
6
*5
5
.
1,100 Holland Furnace
N.per
29
*27
30
•27
27
4
/
8
.275 283
4 271 2712 27
273
4 27
1318 2,900 Hollander & Sons(4)_ _No per
1314 12
13
1314 14
14
1412 14
1
/
144
1412 *1312
700 Hommtake Milliaff
101
91
91
91
91
95
*91
91
•9312 97
,
93 2 9312 91
3 5.000 Houdalilo-HeriMey al D No per
515 53
1
/
,
512 5
,
5 8 5 8 *514 54
51 5
4
/
1
/
4
1
/
4
/
51 54
4
1
/
1.000 Household rause van pf_60
59
4 59
5918 59
60
8 5918 593
1
/
594 .597
8
6014 .597 60
6,000 Houstoa Oil of Tax tem .51,100
2812 30
3053 2914 31
•34
4
/
3412 32
8 301 3212 29
4
1
/ 343
No per
4
/
161 3,600 Howe Sound
16
1712 1614 17
15
18
17
17
.
18 .
18
17
. N. par
8
127 1314 18,800 Hudson MOW,Car_
1
/
4 124 13
4
1
/ 121 133
8
135 13
15
4
/
15
4
1
/ 15
13
11,400 Hupp Moiym Car Corp10
4
1
/ 7
6
1
/
64 7
4
1
/ 7
6
7
7
718
7
4
1
/
74 7,
No per
214 2,000 Indian Mole/eels
2
2 18
2
214 214
214 214
1
/
218 24
214 214
lit
1
/
24 *218 214 1,200 India* Refining
21g
4
/
21 218
4
/
218 211
1
/
4
/
21 24
*218 212
N.per
4 2912 2912 2838 2812 1,500 Induotrial Rayon
4
8 273 273
283
283 283
4 28
4
4; 28
293
No per
6,100 Ingersoll Rand
7612 78
4
862 64121 80
80
74
81
75
95
86
,
95 4
Na per
4212 1,300 Inland Steel
42
41.
41
4
/
4212 4212 4212 4212 4212 4212 411 42
2,700 Impiratioa Cons COPPG7---24
553 5
4
1
/ 512
5
8 6
55
8 614
57
8
5
5 8 57
4
1
/ 53
5
4
612 612
4
4
/
20 Insuranahara Cles laa_No pm
4
1
/ *61 63
612 6
2
4.612 6
4
1
/ •612 62
*612 6
4
1
/
4
/
2 51
52
512 512
400 Insure/agleam Corp__ No per
*512 6
6
4
/
6
4
/
4 61 *51 6
*53
200 Interoost'l Rubboo__ _ _No NW
3
.2
3
212 .2
8 .2
4
/
11 17
212 *2
4 212
*13
400 Interlake Iron
No per
,
714 7 4
8
.7
8
7
.
4 7
63
4 8
*63
4 8
*63
8
4
/
400 Internall Agrfaul
No per
8 .11 17
,
8 *1 8 17
4
/
11 15
4
/
8 11
17
8 18
.15
8 17
.15
Prior preforred
17
1,400
100
17
171z 19
4
/
2058 •19
8 191 1914 1714 19
I9
•
203
6,400 Int Businosi Maeabsea_No per
12514 129
4
1
/ 12412 129
1263 1304 125 129
133 133
127 130
4
1
/
7
2,200 Internet Carew, LtdNo per
7
7
7
7
7
7 18
7
7
7
3
4
1
/ 78
714
30
4,600 International Cemeal__Ne per
3012 30
30
1
/
3012 3114 283 3014 284 2914 2912 30
4
8 4,40(1 Inter Comb ILng Corp_No Par
112 15
8
Ds 15
4
/
11 158
*13
4 2
13
4
112 13
4 18
4
4
1
/ 1338
Preferred
13
800
100
13
13
15
15 •14
15
*14
15
15
15
8
4 423 4514 19,700 Internal liarV1141111__--NI yor
4
1
/ 433
8
,
8 44
4614 4/314 441 463
4
/
4512 425 44 4 42
Preferred
1,100
100
1113754 13812 1373 1373 13712 13712 13712 13712 13714 13714 138 139
4
4
8
1812 193 10,600 Int Ilydro-E1 Sys al A_No par
8 1812 19
22
2214 22
2012 211 1912 203
22
4
/
4 5414 5514 5,800 International Matek prel___25
1
/
524 533
54
4
/
0
561 5318 5512 53
56
58
,57
2,500 Int Mereantils Mariae ot1,_100
9
9
812 9
9
9
4
1
/
4
/
81 9
8's 81
812 8
4
103 134,400 Int Nickel of Caaada__No par
10
8
4
/
1012 111 103 11
4
/
4
/
121 12,
4 111 12181 1112 12
100
Preferred
600
114 114 *____ 117
4
11718 11714 •116 11712 .116 117
4
1
/ 1143 115
10 Internal Paper prof (7%)_100
*2312 25
25
25
29
*25
.25
29 .25
29
29 .25
400 Inter Pap in Pow al A__No far
4 514 *412 514
412 412 *43
8
8 47
45
4
/
51
514 *5
*5
Nip.?
Claes 13
4 314 *23
.23
4 354
24 3
31s .3
.3
4 2
318 *23
.3
Nip.?
Cliell C
700
2
2
2
2
2
2
2
2
218
218 •2
.2
Preferred
23
100
1,400
8 23
247
1
/
244 25 8 24
,
2518 2514 2518 25
4
1
/ 25
1
/
254
100 Ins PriatIng Mk Corp__No per
4
*73
4 8
*73
8
8
4 8
10
*73
.8
10
*8
58
100
Preferred
58
200
62
58
6212 .
*58
58
58
58
58
60
•.58
4 1,400 International Salt
108
1
/
*304 303
3
30 8 31
4
1
/ 31
4
/
4
313 311 311 3112 3114 3114 30
4
/
4712
International Shoo_ _ _ _No per
4714 *47
4714 *47
4712 *47
4
1
/ *47
*47
47
4712 *47
25
100
100 Intsrnationa/ SO,.,
2512 .12
12
28 .
26
27 •___- 2612
27
.20
8
255 157,400 Inter Telep a Toles__ __Ns "or
3
2412 254 2312 2553 237 2518 24
1
/
26
8
4 247 26
263
13
1
/
2,000 Interstate Dept Stoms_No per
1214 124 12
12
1212 12 2 12
*1212 13
1212 13
,
Preferred ex-warranIe__ _1041
.5614 50
70
4
/
601 60 60
60
59
5812 5812 *50's 5812 59
No per
300 Interim)Corp
4
1
/
1014 .104 113
1014 •10
10
12
.10
10
8 10
105
*10
4
No par
2,400 Investors Equity
4
8
4
/
41 43
,
58
5
514 514
,
4
1
/ 55
5
*514 512
1
500 12Iand Creek Coal
24 .2312 26
24
2412 25
1
/
.2514 2512 2514 254 *2512 26
No Par
40
40 40
4
/
401 3,100 Jewel Tea Inc
40
40
*4012 41
4012 .4018 413
4 40
4612 72,800 Johno-ManvIlle
No per
4
/
4
/
411 451 43
4
1
/ 43
8 40
445
4
4 413
4
/
4
1
/ 411 443
1
/
444 45
100
Preferred
1187 ---8
118
8
.116 11012 *116 1187 *__-- 1184
1
/
160 Jones & 149n/a Steel prof_ _100
118 119 I 118 118
8
11814 1187 11812 11812 118 119
118 119
.
No par
------ Jordan Motor Car
------ K C P & Lt it of ser LI No var
.115i4
*lHi4
Karstads(Rudolph)
41;
4
1
/ *4
4
/
4
/
'
4
,
4
1 33
/ - -- *314 3
*3
4
1
/ *3 8 3 8 .31 311 *3 2 3
Kaufmann Dept Storas_312.50
4
1
/ *1212 13
4
1
/
13 .1212 13 •1212 12
*1212
•1212 13
.1212 14
4
/
1112 111 1112 1114 1112 4,400 Kayser (J) Co•t e_ _ __No Par
11
1112 12
12
4 12
12,
12
.
Keith-Albee-Orpheunt ___100
_- 39
39
39
39
_ 39
•
Preferred 7%
100
os .80 100 *84 103 84 84 .70 8 80 8 .70 80 2,300 Kelly-Springfield TireNo 100
Dar
134 lay
17
15
,
4 14
13
4
4 13
13
4
/
4 11
13
2
2
1212
8% preferred
100
170
1212 .12
12 .12
1212 12
1218 .12
1
/
144 12
•12
100
90
6% Preferred
3212 3212 *3212 40
3212 3212 *3212 40
.3212 40 .3212 40
1014 12,100 Kelsey Hayes Wheel__ _No par
1
/
94 1014 10
,
8
93 10 8
1
/
94 1018
11
1112 10
11
No par
4
1
/ 14,800 KelvInator Corp
8 9
05
0'8 10
4
93 1018
4
/
101
10
8
105 1114 1014 11
No par
100 Kendall Co Ore!
4
/ 63
461 4 4
4612 4812 .4612 60
1
/
*484 60
50
50
57
50
•
N. par
4
/
1
/
164 171 73,000 Kenneoott Copper
4
1714 18
8
1912 185 1914 173 19
1914 19
19
No per
8
4
1
/ 323
300 Kimberley-Clark
8
.323 3512 32
1,3214 3713 3213 3213 324 324 *3214 3718
Kinney Co
19
No par
*14
19
•14
19
19 .14
19 .14
•1318 19 .14
Preferred
100
40
8 2618 28
4
1
/ 285
28
*2814 30
30
*28
28
28
30
.28
------ Kolster Radio Corp__ __No per
CertIffeatim
-_
10
2676
4
- -261- -- -3 -2614 - 8 20,500 Kresge(8 11) Co
/6
4 2 ;
,
26 4 -261s
•
43
No par
300 Kress Co
43
43
43 .42
•42
45
43 .42
43
49
.43
4
1
/ 2114 39,200 Stronger & Toll
20
,
4
/
211 20 2 21
2112 21
21
4
/
211 22
4
/
211 3214
35,700 Kroger Oros & Bak_ _No par
28
8 26
8 2653 275
4
/
8 261 277
8 2614 275
283
1
/
4
/
281 284 27
No par
4
/
4
/
611 541 6312 6614 15,200 Lambert Co
8
6318 67
603 64
6814 5812 6718 68
Lane Bryant
No
1212
1212 *10
124 *10
1213 .10
1212 •10
1212 *10
10
•
pa'
per
700 Lee Rubber & Tura_ _ _
3
3
3
3
3
3
314
*3
3
3
,
34
*3
10
1.700 Lehigh Portland Cement_....60
8 10
8
103 103
11
10
10
10
12
•10
12
12
Preferred 7%
100
210
9612
*94
94
94
95
95 .94
*95
9612 95
9612
*95
500 Lehigh Valley Coal____No par
4
1
/
1
/
44 4
8
51, *5
8 45
45
5
512 .5
.5
5
512
Preferred
50
4 04
1
8
1
/
204 2114 203 2 / 1,100
2112 2112 207 21
22
2212 22
•22
4
/
461 50 41,800 Lehman Corp (The)___No par
4
1
/ 473 52
4
5312 5354 5212 53
5413 5312 54
*54
par
2412 2412 1,800 Lehn & rink
2414 25
2414 25
4
1
/ 244 2412 25
1
/
1
/
.244 2514 24
N par
r
1418 1412 5,500 Libby Owens Glase
1
/
1414 144 1412 15
1512 1612 1412 15
4
/
161 17
1,200 Liggett & Myers Tobamo__95
65
66
70
1
/
1
/
8 704 704 69
717
7112 .70
8 69
*7113 727
25
4
1
/ 13,400
4
1
/ 7113 6213 7114 5714 70
1
/
8
705 724 70
8
705 73
73
73
100
Preferred
8PerdefeeerrB
100
4
/
1
/
1
/
4.14318 1454.1431 145
145 145 •1434 1454.1434 1423
4
1431
• / 145
4 1,200 Lima L000mot Works_ NO per
2212 223
4
1
/ 22 2218 2218 23
8
223 22
23
2218 23 .22
•
No par
300 Link Belt Co
4
4
243 2512 .2412 2534 •2412 253
25
4
1
/ 25
25
4
1
/
25 .25
.25
No par
5,200 LIQUIA Carbonic
2514 26
4
/
241 28
4
1
/ 2712 2418 26
25
28
28
29
29
4
1
/ 3912 43,800 Loew's Incorporate& _ NO yar
37
3918 3712 40
4
1
/ 37
3814 4014 3814 39
4014 41
No par
Preferred
300
86 .8512 87
8 86
8514 853
.8514 91
91
*8514 91 .8514
No par
Pref ex-warrants
57
51
53
8 6 Loft
52; 58 4 4 .212 - 4 --8f2 212 1-:(5. LongIncorporated A No par
57 8r2 -18 "-Lis -7
Lis
No par
Bell Lumber
100
212
'21/
212 4
.
.212 4
*Ds 4
25
4414 4.400 Loose-Wiles Biscuit
1
/
434 4414 42
4412 4414 45
44
4 44
443
*4412 45
23
Lorillard
84,800
4
1
/ 1418 13, 1414 1353 15
4
1
/
134 1512 1318 1418 12
8
No par
4
1
/ 16,
15
218 218
900 Louisiana Oil
218 213
.218 4
4
/
218 212 .21 4
4
/
100
4
/
Preferred
21 21
8
1
/
•384 40 . / 40 .383 40
1
384
8
*383 40
8
4
1
/ 40 .383 40
.38
2712 z2718 2718 3,300 Louisville C & El ANo per
27
28
27
28
27
4
1
/ 2814
No per
s 27
4
1
/ 287
28
3,100 Ludlum Steel
912 10
4
1
/ 954
9
4 10
93
1014 1012 1018 1018
11
No par
Preferred
.10
100
39
39 .20
*20
39
*21
35
35
39
39 .30
26
.
100 MaoAndrewo & Forbes_No per
19
19 .15
17 .16
17
17
•16
19
•15
19
Ns par
15
•
10,000 Mack Trucks Inc
4
2414 223 24
2212 2412 23
2712 2812 2412 27
No par
8
75
*277 29
15,400 Macy Co
4 71
4
/
731 743
75
4
1
/ 72
7212 75
72
1
/
200 Madison SO GardenNo par
8
,
72 2 764 71
4
1
/ .584 54 *53
4 57
4 5
1
/
4 a, .53
52
4 6
.53
No par
6
6
1,200 Magma Copper
14
14 .13
1312 1418 1312 133e 14
15
4
/
*141 1514 14
400 Maillson(H RI & CoNo per
8 218
4
/
4
/
11 11 *15
4
/
158 11
8 •112 152
100
40 Mama'Sugar
2
4
/
.112 11 .112 15
2
112
2
1,
212 *Ds 212
100
Preferred
260
4
1
/
*112 212 *112 212 .112 8
4
1
/ 3
3
4
33
35
4
1
/
4
4
8
*45
1
/
Mandel Bros
4
/
8 41 *44 8
No par
45
.314 6
314 5
.
4
1
/
1
/
*34 4
1
/
•34 6
,
*3 4 5
25
800 Manhattan Shirt
9
314 6
•
*812
9
9
,
912 9 2
,
9 4 94
,
10 2
1012 *9
*9
112 .1
400 Maracaibo 011 Explor__No par
2
1,
112 112
112 112
4
/
11 114
10
Vs
*1
1912 1958 16,300 Marine Midland Corp
1
/ 1853 1912
8
1
/
1812 184 183 1812 1314 184 19
No par
8
8 1,700 Marlin-Rockwell
185 19
1
/
184 187
19
1912
•19
20
•19
20
19
No par
4
/
20 .
*19
1
/
34 41 4,600 Marmon Motor Car
2
318 4,
4
1
/
314 3
,
4
1
/ 34
3
4
1
/
314 3
4
1
/
8
,
34 3
253 2512 2,000 Marshall Field St CoNo
8
4
1
/ 255 26
4
1
/ 25
8 25
2512 255
2512 26
1
/
Martin-Parry Corp.
4.254 2512 .
.No par
,
•112 2 2 *112 212
,
,
.112 21/4 •112 2 2 *Pa 212 .1. 2 212
-2618
EX-dhrldond. V Ex-delta.
•Bid and asked prices: no sales on this day. z
PER SHARE
Range Since Jan. 1.
On basis of 100-shar apt/.
Hislead.
LOWEJI.
$ Per same
9812May 21
SO May 25
27 Slay 12
8May 25
27
4May 26
1
/
4
3 May 28
8212 Jan 17
10 May 26
40 May 7
1111 May 9
/17 Jan 12
OS Jan 3
4
1
/
1 Jan 7
3$ Jan 3
Mt Jan 2
81 Jan 0
4
41 Jan 2
61 Jan 19
2812May 29
15 May 27
8May 27
125
658Slay 29
2 Slay 28
2 Slay 15
25 May a
74 May 28
4018May 19
514Slay 22
612May 27
512May 28
1
/
14 Apr 24
614May 21
8May 21
15
17 May 29
12218May 18
7 May 25
4May 21
273
112May 26
13 May 28
4238May 29
131 Jan 2
1812May 28
8May 28
527
4
/
81May 26
10 May 29
114 Jan 9
25 Apr 25
412Dfay 20
212 Apr 30
2 May 5
23 May 29
712Afay 12
54 Feb 11
4
1
/
29 Apr 27
47 Jan 10
26 Slay 27
1
/
184 Jan 2
12 May 27
58 Jan 26
10 May 25
4 May 29
24 May 28
3914 Jan 3
4058May 27
11712May 18
118 May 28
i
t may 8
11314 Mar 17
38May 19
3
1212May 19
11 May 27
80 May 9
8
13 Jan 2
912 Jan 5
t2may 6
911,May 28
4
83 Jan '2
20 Jan (i
8May 29
163
4
1
/
30 Apr 29
11 May 5
4May 2
233
12 Mar 31
4
1
/ Apr 16
25 Jan 29
43 May 22
2012:51ay 28
18 JILCI 2
8May 27
601
10 Apr 27
214 Apr 28
10 Slay 26
94 May 28
412May 14
18 Afar 31
4658Slay 29
24 Jan 2
1114 Jan 28
66 May 29
6714May 29
13712 Jan 7
2114 Apr 29
4May 27
213
2418May 27
37 Slay 27
83 May 15
83 Jan 2
4
1
/
2 Jan 2
212May 18
42 May 29
8
113 Jan 2
2 May 22
40 Apr 14
27 Jan 2
Apr 29
35 Jan 3
17 Apr 28
2212May 27
71 May 25
5 Jan 3
1312May 26
118 Apr 25
4
1
/ Jan 2
314 Jan 2
5 Slay 16
re Jan 2
1 May 22
1814May 27
187
8May 29
2 May 18
231s Jan 21
214 Jan 15
PER SHARE
!tattoo for Precious
Year 1930.
Levu!.
Hiolsoia,
'sr share $ par Limo •Per *Aare
1
/
09 Jam 1084 Oct
103 Jan 6
85 Jan 98 API
04 Fob 19
4
1
/
38 Das 72 Apt
Feb 16
4414
4
1
/
2 Del 20 Feb
4
/
/1 Fob .q
14
14
7 Dee 23 May
1053 Feb
4
1
/
4
1
/
2 Nov 17 Are
8 Mar 6
8
4
1
/
77 Del 935 Feb
100 Feb18
1
/
234 DOI 31
APP
18 Alar 24
10 Dee 85 Jan
2.5.2 Mar 13
11012Mar 10 11618 Rim 12344 June
70 Jan 101 May
4
1
/
103 Mar 27
8312 Jaa 103% June
191 Afar 27
1
/
4 Dee 284 Feb
111334ar 3
4
/
4
/
261 Jan 411 Mal
$7 Feb 27
1
/
5 June 124 Jan
1118 Apr 8
72 Jut, 83 Sept
105 Afar 31
9 Mar 16
4
1
/
4 Dee 21 Feb
49 Mar 687 Oct
8
6551..? 17
2914 Dee 1167 API
s
6313 Feb 24
4
/
20 Nov 411 Feb
2912 Feb 21
18 Nov 621 Jan
4
/
26 Jan 3
752 Deo 264 Ape
1
/
131s Fob 24
2 Nov 17 May
4
1
/
4 Feb 27
1
/
3 Doe 284 Mar
452 Feb 11
Oat 124 Jan
31
86 Feb 24
1
182 Jan 3 147 4 Nov 239 Apr
58 Nov 98 Mal
71 Feb 27
4
/
61 1)11 301 Feb
4
/
8
113 Feb 24
5 Dos 131 July
4
/
4
1
/
9 Feb 24
4
1
/
4 1)44 17 May
914 Fob 25
4
/
11 Des
712 Apr
412 Feb 21
4
/
111 Doe 287 Apr
8
15 Jan 28
1
/
84 Doe
812 Apr
4
1
/
5 Feb 24
4214 Oot 6714 Apr
5114 Feb 24
Ott 19718 May
4
1
/
171 Feb 24 131
4
1
/
8 DIM 1914 Mar
4
1
/
12 Feb 24
424 DU 7548 Apr
6213 Fib 10
1
/
114 Des 144 May
4 Feb 2
13 Dee 78 Apr
3
39 4 Feb16
4514 flee 115 4 Apr
1
6012 Mar 2
1431215fat 21 133 Des 14612 Sept
4
/
181 Dee 54 Apr
81 Fob 26
5214 Dee 92 AIM
7314 Mar 20
15 Nov 33 Apr
4
/
161 Jan 6
4
121 Dee 44 8 Apr
1
2018 Feb 24
123 Mar 31 114 Dec 123 Apr
26 Dee 86 Am
42 Alm 26
4
/
1014 Feb 26
4
1
/
6 Dee 311 May
4
1
/
3 Dee 22 Are
4
1
/
6 Jan 26
4
/
41 Feb 28
2 Dee 18 Apr
4312 Afar 27
21 Dee 86 Mar
4
/
161 Feb 28
10 Dee 581 Apr
4
66 Dm 101
6912Ma• 8
Apr
42 Feb 11
Si
OM 453 June
4
4
1
/
48 Jan 33
4712 Dee 62 Jan
51 Mar 10
26 Des 119 Feb
4
385 Fab 24
17I, Dee 77 Apr
4
1
/
4
/
211 Feb 20
1
/
144 Dee 40 Feb
67'5 Mat 24
4
1
/
58 Doe 140 Aug
12 Dec 32 Apr
1812 Feb 24
4
1
/
9 Feb 24
414 Dec 29 Fell
31 Jan 14
25 Om 43 Mar
574 Feb 11
37 Dee 6612 AP/
4
1
/
80 Mar 19
4
485 Dec 1481 Feb
4
126 Apr 10 117 Dee 123 Nov
4
1
/
:Mar 21 113 Dee 1234 API
1
/
1231
114 Feb 21
4
1
/ OM
1
/
54 Apt
ii5i2 Apt 9 108 Jan 116 Nov
4
/
141 Doe 1311 Jan
7 Jan 8
14 Des 20 May
4
1
/
18 Feb16
4
/
241 Dec 411 Jan
4
/
/Afar 19
241
Jan 45 Aim
81
5 Jan 150 API
10112 Feb -$
313 AIar 20
1 Doe
4
/
61 Apy
29 Deo 42 Jan
26 Mat 21
17 Dec 65
45 Mar 24
Jan
953 Oct 8)11 Am
1
29 4 Feb 25
4
1
/
27 Nov 264 Aim
1
/
1513 Mar 19
25 Dee 89 May
60 Apr 6
2015 Den 624 Feb
1
/
3113 Feb 24
38 Dec 59 Mal
41 Jan 9
1713 Dec 4012 June
2013 Jan 9
51 Dee 97 Apt
70 Jan 21
4
/
11 Dec
1
/
24 Fob 25
812 App
14 Dec
3 July
1
/
14 Feb 26
264 Oct 363 Jan
4
29 May 8
30 Nov 70 Jan
53 Feb 24
511
20 Dee 351 Are
8
4
1
/
27 Afar 25
1718 Des 481 Jan
4
/
23512May 8
4
1
/
4
1
/
87 Mar 19
70 Nov 113 Are
4
/
17 Dec 231 Oct
171s Jan 6
4
1
/
3 Nov 11 Mal
3
4 4 Afar 28
11 Die 42 ADI
1
/
184 Feb 26
985s Dee 1084 May
10113 Feb 3
4
1
/
414 Dec 17 Map
843 Jan 14
4
/
141 Des 8713 Mao
2212May 1
5114 DOO 9714 App
4
1
/
69 Feb 24
21
1
/
344 Fob 27
Oct 86 Apy
4
1
/
20 Apr 18
1
/
104 Nov 311 Mar
4
/
1
/
764 Dec 1134 App
1
/
91 Feb 7
7814 Dec 1144 Apy
4
/
911 Feb 24
1
/
148 Slay 13 1271e Dee 146 Sept
4
1
/
34 Feb 26
1812 Oct 4914 Feb
33 Feb 11
28 Dee 451 Feb
4
/
5518 Feb 24
89 Des 817 Mat
8
6312 Feb 10
4
413 Dee 951 May
4
/
99 Mar 19
8552 Jan 1123 June
8
98 Feb 7
8
783 May 09 OR
4
1
/
ais Apr 24
213 Dee
4
/
61 Feb
Jan 6
3 Dee 164 Mar
1
/
4
1
/
54 Mar 25
4014 Dec 704 Are
1
/
2018 Mar 19
4
1
/
8 Des 281 Mar
4
/
413 Feb 10
312 Dec 12 Apo
55 Jan 15
80 Des 90 SaL4
55ea Feb 26
25 Dec 5114 AIM
19 Mar 19
8
914 Dec 447 Mar
5214 Feb 17
1
/
344 Del 991 Mal
4
4
1
/
25 Feb 24
20 Dec 39 Apr
4
1
/
43 Feb 24
1
/
334 Dee 8812 Mao
10614 Feb 27
4
/
811 Dee 15914 Feb
4
/
712 Mar 24
41 Dec 1511J1m.
1
/
1914 Dec 524 Jam
Feb 24
4
1
/
37
134 Dec 13 July
4
43 Mar 2
Jan
12 Dec
8
5 Afar 25
514 Dec 50 Jan
4
1
/
12 Jan 8
Jan
5 Dec 15
8 Feb 14
8
618 Dec 245 Jan
12 Feb 25
4
/
11 Dec 103e Mar
4
31 Feb 14
4
1
/
17 Dec 3213 Aug
2414 Feb 24
2114 Dee 55 Feb
1
325 Feb 24
s
10 Feb 25
414 Dec 307 Apr
14 Dee 031s Apr
8
325 Feb 24
8 Oct
314 Dee
318 Jan 30
New York Stock Record-Continued-Page 6
4017
Fos sales during the weed of stocks not recorded here see .11Xtrl P.55 preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday 1 Monday
May 23.
May 25.
Tuesday
May 26.
Wednesday
May 27.
Thursday
May 28.
Friday
May 29.
Sales
for
the
Week.
5 Per share I 5'Per Share $ Per share $ per share $ per share 5 per share Shares
8
1812 1812 183 1834 18% 188 188 187
1812 183
4 1812 183
4 7,500
011414 110 *114 116 .114 116 .114 116 *114 116
114 114
20
31
29
3114 2914 30
/
4
284 301 28
/
1
28
304 29
/
1
305 14,400
8
512 512 .512 7'2
.512 0
512 512
512 513 *5
612
600
•1512 16
4
/ 16
1
4
16
*15
*1512 154 152 15
17
*15
18
200
70
65
65
65 .65
*64
65
67
*65
70
65
65
300
30
2712 2712 2712 28
*2912 3112 *2912 3112 28
27
27
1,000
*4214 47 .4214 47
*4214 47 .42
*4214 47
47
*4214 47
*39
44
*39
44
*39
44
44
*39
*39
44
539
44
•____ 8812 •____ 85 •____ 85 ._ __ _ 85 .____ 85 •_ __ - 85
25
25
25
25
25
25
*25
26
25
25
25
25
600
2018 2014 19% 2014 205 2114 21
*203 213
4
8 2012 21
2112 5.200
7812 753, 781
77
/ 7614 7812 7512 793 22,700
1
4
8
. 76
75
783 80
4
4
3 103 107
4
11
108 107
8 10
1153 •10% 11
103
4 1018 11
3,700
4 3112 313
*3112 313
4 313 313
4 3112 3112 *31
4
4 3113 313
3112
700
*618 612 .518 614
6% 618
6
6
52
4 61
/
4
6
6
1,300
27 .26% 28
278 27
*27
2818 *27
*2018 28
*2618 28
100
418
4
.418 412 *418 414
4
4
*4
412
312 4
1,500
*26
263
4 2614 2614 25
2512 243 25 .24
26
222
24
1,900
/
1
143 143
8
4 134 1412 12.58 1312 111g 128 1158 127
8 111 127 41,200
/
4
8
46
68
6
0
6
6
518 512
43
4 5
5
5
2,800
8
712 73
8
8
4
73
8
4 8
712 712
7
712 4,400
1612 173
18
*1712 19
1612 18
4 16 • 1034 *1512 17
18
2,100
73 .70
701 701 *70
73
/
4
•70
*70
/
4
73
75
6714 704
/
1
600
41
40
*38
40 .38
*33
41
*38
41
*38
41
40
100
4
*314 312
314 314
314 312
312 312
900
3% 314 .312 33
2812 2812 •____ 35 •____ 35 •____ 35 *---- 35 *---- 35
100
•1312 14
*1218 13
1314 *1218 13
1218 13
13
1228 13
2,300
20% 20
20
*2018 2114 *2014 2114 2014 2013 20
1912 1912 1,200
8 1714 183 111,500
184 193
8 1714 185
4 177 185
8 1714 1812 1724 187
4
40
40
40
*39
40
3814 3814 3814 3814 240
40
40
500
12
8
8
12
2
8
12
12
*12
12
*12
2
8
12
12 1,900
2
218 214
2
2
2
/
1
218 24
2
218 218 5,800
/ 213
1
4
28
28
2712 28
29
2912 *28
.2912 31
277 2778 1,300
29
97 103* .10
4
12
*1218 1213 12
1118 11 18 103 11
11
2,800
1813 1612 1812 15
17
*2014 2112 18% 201 18
/
4
165 1712 8,600
*
.45
4413 44% *42
50 .42
42
42
45
42
50
42
40
19
In •19
*17/3 20
24
18% 19
*1813 24
*1712 20
600
912 912
914 912
812 9
7
81
712 812
61 7
/
4
/ 16,000
1
4
373 373 *37
4
38
38
•38
39
*373 3918 38
4
*363 38
4
300
244 2618 2313 2512 234 2514 237 2518 34,900
Ms 2812 2613 28
8
45
/ 018
1
4
514 53*
5
/ 514
1
4
512 512
514 914
514
53* 1,400
*7
12
*7
12
12
•7
*7
12
•7
12
*7
12
55
518 518
5
8
5% 512
5
518 53
53
4
5
518 1,600
____ 25
243 25
8
*818 25
28
293 *25
4
•25
- --- 25
200
8
8 605 6534 36,900
655
4
8 637 6512 633 65's 637 647
8
8
6714 64
66
15112 15112 15112 15111 15112 15112 15118 151 18
•152 15212 152 152
700
/
1
2318 24
4
248 253* 243 253* 234 25
253 26
4
203* 2314 35,800
39
3712 3814 3412 38
3812 397
3814 3914 38
393 40
4
76,100
.312 4
*313 4
•312 4
.32 4
.312 4
*312 4
39
*30
30 .30
39
*30
30
39
39
*30
*30
39
50
233 2412 2412 2412 2412 2514 233 2512 3,000
4
237 24
8
23% 24
4
1912 *1812 19
*1812 1912 *1812 1912 *19
•1812 19
*1812 19
10014 10312 100 101
100 103
*99 10353 100 101
8812 100
8,500
.
4
14112 1411 14112 14112 .14112 1433 14113 14112 14112 14112 140 140
230
118 118 .118 121. *118 1197 118 118
•118 119% 118 118
8
500
8
2512 2512 2418 2512 233 244 2212 2412 2214 23% 218 233 33,300
4
,____
14 «
12 4
14 •
i. *____
14
1,3
13
10
214 214 _ ....
214 *.
21 ... _
/
4
, 214 .--__ 218
40 iii8 3834 57 3812 57r2 3778 235 3714 25.590
.
iaT8 4012 58
29
2914 2914 29
*2914 30
32
2913 2912 .28
.29
29
400
80
84
*84
85
85
86
88
78
79
*86
*79
84
90
3912 42
3513 367
8 3513 3713 3518 3512 8,703
43
44
453
4 40
51514 161 15% 1512 15
1518 1513 15% 1512 .15
151
/
4
1512 1,000
4
163 *1414 1712 1414 14141 1414 1414 *1414 147
167 015
8
*15
8
200
75 13,300
718 73
73
4 8
814
4
8
718
81s 512
814 814
•143 1534 14
2
12% 1238 1212 13
147 *1212 14
123* 124
1,000
*4314 47
45 .4314 47
47 I 45
845
*45
51
*4314 47
100
8
814
8
712 8
814
812 9
10
714 72
10
8 3,900
12
1312 1318 1353 1312 1313
4
•13
1312 1312 133 *1312 14
900
10
10 I
*10
8
19
19
19
*10
8
*10
8
8
300
50 I •15
*20
50
56 .15
*20
*20
50
•20
50
50
52
53
4
55
53
4 6
512 512 .55
5 26
8 6
58
4,600
•10512 1052 *1055* 1054 10512 1055 10512 105% 10514 10514 10514 10514
4
160
115 1151•115- *115
/
4
4
*11514 116 *1153 116 *11514 116
_
90
8512 6218 (i,12 195,700
623 64121 63 8
8
683 0714 6453 664 613 641
4
56
5518 5518 1,000
55
551 *5518 553*, *55
8
*555 56
*5512 56
5
818 812
4
712 8
75
8 338
712 73
77
7
813
83 13,100
8
8
*10538 10512 10514 1053* 1043 105'4 105 105141 105 105 .105 1053
8 1,000
*2418 2514 2314 231 *2314 25 1 *23% 25
•2418 25
*24
25
109
4414 4414 *4414 45
4518 .4414 45
•4515 4713 *45% 4712 45
110
47
2 1
% .
3
4 1
78
*7
3 118,
*3
4 1
*2
4
1
200
712 8
778
7% 8
75
773
75
713 78 22,900
78 818
25
8 234;
212 21z 1,400
4 23
25
8 25
4
8
23
•27
3%
24 27
*12
13% *12
14
133 *1218 133
8
14 .12
01213 14
•12
8
4
418
418 414
414 412
4
/ 413
1
4
412 413
418 418 1.500
*2112 26 1 .2113 26
*2112 26 .211/ 26
2112 21 12
*2114 26
600
.25
50 1 *45
52
45
5018
90
35% 3614 35
/
4
3714 373
8
/
1
4 361 364 355 361 3518 36
/
4
36
6,400
_ *127
_ _ •127
*127 _
•127
_ •127 _ _ *127
_ _ _ _ _ _ ...
.8 _}ii2
8
1
7
734 _--4
-7
737
7
71s
-7
1,100
*39
42
39
42
39
415 .39
8
36
41
•3913 42
36
100
29
29
29
29
2912 *2812 29
2914 2914 295 2918 29
1,000
4314 44
417 4314 4134 4212 16,700
4
3 433 44
/
4
4514 453
4 441 453
5014 523
53
.52
50% 5114 2,400
523 524 5214 5212
8
.53
55
3 15
17% 153 157
1513 *15% 18
.1718 18
1718 1713 16
230
118 11814 120 120
*11812 121
120 120
118 11914 *11814 125
180
633 63
4
0% 67
8 2 63
4
8
618 612
618 614
018 658 54,400
40
*25
25 .25
3012 *25
25
40
*25
29 .25
31
100
•25
25
25
25
25
25
25
25
•27
*25
30
26
500
7
*7
712
8
7
*7
8
•7
8
.7
*6% 712
100
212 212
.23
* *212 24
3
•23
4 3
24 24
212 25
/
1
700
4 14
1%
13
•13
8 214 *13
4 2
4 214 .13
15* •112 2
200
/
4
2518 25% 231 2518 2118 2314 2112 2212 223* 238 217 237 84,400
3
8
113 118
113 lls
11 114
/
4
113 114
Us
118 *118 114 2.800
1
118
1
114
114 11
1
/
4
11s
1%
15
1
1% 4,600
313 312 *3
33
35
*35
33
4
33
4 334
312 *3
312 1,700
81 2 812 *812 9
812 812
812 85
812 81z
812 812 1,600
3I
3
3
3
24 3
27
8 27
8
27
8 24
/
1
27
8 24 3,200
/
1
3214 3214 3218 3218 2912 32
*323 33
8
30
3013 2913 3114 6,300
3312 34 I 333 3334 33 3312 3253 33
34
34
/
325* 33
4,000
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range SOX. Jan. 1.
On basis of 100-abare lets.
Lowest.
Indus. & Miscall.(Co,.) Par
Mathieeon Alkali WorksNo par
Preferred
100
May Dept Stoner
25
Maytag Co
No par
Preferred
N•par
Prior preferred
No Far
McCall Corp
N•yar
MoCrory Store. class A No per
Claw B
Ns par
100
Preferred
McGraw-Hill Publica's No yar
McIntyre Porcupine Mines_Al
McKeesport Tin Pleiades 7or
McKesson & Robbina_No par
SO
Preferred
N. par
McLellan Stores
Melville Shoe
Ns rar
No par
Mengel Co (The)
Metro-Goldwyn Pie pref _ _ _27
Mexican Seaboard 011 No ysr
Miami Copper
I
Ns 76.
Mid-Cont Petrol
Midland Steel Prod
No par
8% cum 151 prof
100
Minn-Honeywell Regu_N• par
Minn-Moline Pow Imp! N. par
Preferred
No pm
Mohawk Carpet MilLs_No 7sr
Monsanto Chem Wke_No par
Mons Ward Co Ill Cory No par
N. par
Morrell (..1) & Co
Mother Lode Coalition_No par
MotoMeter Gauge& E0 No yar
Motor Products Corp_No par
Motor Wheel
No par
Mullins Mfg Co
No par
Preferred
Ns par
No par
Munsingwear Ina
Murray Body
No par
Myers F & it Bros
No yar
Nash Motors Co
No par
National Aerue stauthed____10
Nat Air Transport
No par
Nat Belles Hess
No par
Preferred
100
National Biscuit new
10
7% elm pre!
100
Nat Cash Regleter A w iNo par
Nat Dairy Prod
N. par
Nat Department Stores Ns par
Preferred
100
Nat Distil Prod etfs____No par
Nat Ene.m & Stamping___100
National Lead
100
Preferred A
100
Preferred 11
100
National Pr & Lt
N. par
National Radiator
N. pa
Preferred
Na pa
Nat Steel Corp
No par
50
National supply
Preferred
_ 100
50
National Surety
National Tea Co
No par
Nehmer Time
No par
Nevada Coneol Copper_No par
Newport Co
No 58!
Class A_.50
Newton Steel
No par
NY Air Brake
No par
New York Deck
100
Preferred
100
N Y Investorn Inc
No par
N Y Steam pref (6)
No Dar
let preferred (7)
No par
North American Co
No par
Preferred
50
North Amer Avintion_No Par
No Amer E01.401i pref_No par
North German Lloyd
Northwestern Telegraph___50
Norwalk Tire & Rubber_ _10
5j par
/
Ohio Oil Co
Oliver Farm Euulp New No vat
Preferred A
No par
Omnibus Corp
No par
Oppenhelm Coll & Co_No par
Orpheurn Circuit Inc pref_100
N. par
Otis Elesator
Preferred
100
No par
Otis Steel
Prior preferred
100
Owens-Illinois Glass Co____25
Peelle Gas & Electric
25
Pacific Ltg Corp
No par
Pacific Mllle
100
Pacific Telep & Tel
100
Packard Motor Car_ _ __No par
pan-Amer Petr & Trans__ __50
Clem B
50
Park & TilforCI Inc
No far
Parmelee Transporta'n_No par
Panhandle Prod & Ref_No par
No par
Paramount Pupils
1
Park Utah C 51
Paths Exchange
No par
Class A
No par
Patino Mince & Entrepr____20
Peerless Motor Car
50
Penick & Ford
No par
Penney (J C)
No par
$ Dar chars
1814May 19
112 Apr 29
28 May 27
5125127 19
143 Apr 29
4
6.5 May 2
27 May 29
84 Jan 24
35 Jan lb
78 Jan 22
25 May 9
8May 27
197
71% Jail I
10 May 28
29% Apr 24
53491ay 28
27 May 19
312May 29
22 May 29
105* Jan 1
4May 28
42
7 May 29
16 May 28
6714Mar 29
33 Apr 22
31sMay 24
2812May 14
107 Jan $
s
1812 Apr 28
151* Jan 2
3S May 21
III Jan 6
2 Apr 30
2712May 27
33*rd$7 28
13 Jan 2
3
36 Feb 10
3May 26
187
63
1MaY 23
3614 Apr 30
2318hlay 27
470May 8
812 Jan I
3 Jan 2
/
1
4
17 Jan 3
6053hlay 29
146 Jan 8
8May 29
201
3112May 29
3 May 11
29 Apr 30
191* Jan 4
19 May 19
8812May 29
136 Jan 1
118 Jan 1
21s25fay 29
1shlay 20
114 Mar 3
35 May 29
29 May 27
78 May 28
3,51.Nf ay 27
16 May 26
14 Max 3
718May 28
1253hlay 27
42 Feb 28
714Mny 29
12 Slay 27
8 Slay 2S
32 Apr 27
5 May 8
100 Jan 7
11114 Jan 3
6158May 26
53 Jan 5
4% Jan 2
102 Jan 2
2314may 26
43 Jan 31
% Jan 9
712May 23
212 Apr 29
13 May 22
34 Jan 8
2112May 29
45 May 29
35 May 21
3
1245 Feb 16
612May 7
3518May 1
281/ Apr 10
41341%lay 29
501shlay 29
15 May 28
116 Apr 29
618MaY 27
25 May 26
25 May 25
65* Jan 2
214 Apr 25
112May 19
2118May 26
lighlay 25
1 Slay 26
3 Jan 16
812 Apr 29
2% Apr 27
2912May 27
2818 Jan 2
HOlust.
I Per share
8112 Jan 3
s
1253 Mar 24
39 Mar 2
IN Feb 13
242* Mar 21
7111Mar 24
38 Jan 7
51% Feb 17
51% Feb 16
9312 Mar 30
29 Feb 26
2812 Mar 31
1031 Apr 2
17 Jall SO
371 Feb 26
3
101Z Mar 6
34 Mar 5
812 Feb 24
27 Apr 10
203 Apr 11
4
10 8 Feb 24
5
163 Jan 8
4
3111 Feb 24
94 Feb 26
5813 Feb 9
71 Feb 10
48 Mar 2
213 Mar 10
3
2611Mar 21
2914 Feb 26
58 Feb 16
3 Feb 20
4
41g Mar 26
473* Apr 6
1918 Feb 18
36 Mar 26
/
1
4
7212Msr 5
811 Jan 26
/
4
183* Mar 10
4511 Mar 26
407shf:r 20
10 4 Mar 6
3
13 Mar 20
10 Feb 26
32 Feb 27
83 4 Feb 24
3
10314May 8
5
89 Feb 26
4
503 Mar 25
712 Feb 26
60 Jan 9
3858 Feb 24
27% Feb 20
132 Jan 9
141 1/5157 23
120 Jan 14
4414 Feb24
1% Feb 3
2111 Jan 7
584 Feb 27
/
1
7014 Feb 27
111 Feb 27
7812 Mar 26
2413Nfar 24
2514 Feb 9
4
143 Feb 24
8
207 Mar 24
53 Mar 24
24 Feb 20
25 Jan 23
873* Jan 29
80 Jan 28
121s Jan 27
107% Mar 12
118 Apr 20
90 Feb 20
/
1
4
57 Mar 27
II Apr 13
10614May 6
355 Apr 7
471/May 5
112 Mar 12
1912 Jan 8
55* Feb 3
26 Jan 12
612hlar 27
2818 Feb 28
72 Mar 11
5811 Jan 12
12912Slar 30
163 Feb 26
3
6913 Feb 2
39 4 Jan 20
3
547 Mar 10
6911hlar 20
261 Mar 23
/
4
1813 Mar 19
4
117 Feb 24
4
35114 Jan 29
3612 Jan 9
11 Mar 19
47 Jan 21
414 Feb 13
5014 Feb 24
214 Mar 12
27 Feb 20
8
612 Apr 1
151 Feb 24
45 Feb 24
461. Feb 19
3952 Feb 17
97
97
*96
*96
9714 97
9714 97
9718 9614 961 5
•97
300
Preferred
100 90 Jan 8 993* Mar 27
214 212
214 214
/ 412
1
4
2Is 2
21
/
4
*22
8 212
2
81. Feb 10
21
218 3,800 Penn-Ditha Cement_-_No par
2 May 29
137 1418 .11
14 .11
14
14 .11
14
'11
*11
*11
14
shlay 25 29 Jan 30
300
100 137
Preferred
303 303 .29
4
4
31
*29
*2914 31
31
*3112 33
•28
3024
200 People's Drug Stores_ _No par 23 Jan 2 3512 Mar 31
19512 203
21012 192 206
197 202
8
21112 2147 200
190 20314 20,800 People's CI L Os 0
(0100- -100 190 Jan 29 2501 Feb le
16
*13
14
15 .14
14
*1212 15
164 1634 *1212 16
200 Pet Milk
hie par 14 Feb 28 17 Jan ao
63
4 878
62
4 67
4
53
4 07.
ass 64
652 65
8
612May 16 107 Feb 26
8
612 O's 12.300 Petroleum Corp of Am_Ne Par
1314 1234 13
1314 13
1312 13
•1312 14
13
13
13
4hlay 28 251* Feb 24
28 123
1,800 Phelps
-Dodge Corp
•100 200 *100 200 *100 200 •100 150 .100 200 *100 200
Philadelphia Co (Pittab)-50 150 Slay 21 150 Slay 21
55 55
*54
557 554 5514 56
3
/
1
5612
55
*55
54
54
50 5212 Jan 5 561/Mar 12
700
6% preferred
714
714 75
7
7
714
7
71s
7
7
644 714 13,300 Phil& & Read 0& I__ _ _No Per
4May 29 1214 Mar 2
63
97 10
*97 10
97s 9%
10
9731
10
978 10
10
9 Jan 6 12 Mar 2
1,600 Phillip Morrill & Co LBI
10
1418 •11
*11
1412
1412 *11
1412 .11
1412 .11
'11
1413
Phillips Jones Core__ NO par 11 Jan 5 1218Mar 1
44814 497 *4814 497 *4814 497 *4814 497 .4814 497 .
8
8 4814 491
100 6814 Apr 1 52 Jan
/
4
Phillips Jones pro!
01 614
/
4
6
614
6
6 14
6
3
5121sLay 29 161 Jan
612
634 6
512 5
/ 21,209 Phillips Petroleum
1
4
No Par
10
*7
*7
10
10
*7
*7
*7
8
10
/
1
9 Feb 14 104 Apr
*7
8
10
Phoenix Ilosiory
. . 17
153
153. 15% 1514 1512 15
1518 *1314 20 .1314 20
700 Pleree-Arrow class A_ __No 7a/ 1412 Apr 30 2714 Feb 1
.,
i
vi
6
25
12May 26
4
112 Feb 2
2
2
12*
5,1
.
1
2
2
2
12
12
22
213 3,500 Pierce Oil Corp
*912 101 *912 10
/
4
11
*9
11
9
912 .
•D
8May 19 23% Feb 2
100
83
818 87
8
300
Preferred
112 Ds
112 1%
8
112 112
18 13
13
3 13
8
112 112 5,900 Pierce Petroleum
3% Feb 2
13
8May 8
No par
28
2812 28
*28
2734 28
28
2812 2812 29
*273 2812 1,200 Pillsbury Flour Mille
4
No par 26 Jan 2 37 Mar
8
8
8
323 03012 315* •303 315 .30
*31
•3113 33
313 .303 3124
4
8
31 May 19 89% Mar
Pirelli Co of Italy
•1.110 and
p ern; 00
es on
y.
x
v dend and ex-rights z Ex-dividend. v Ex-rights.
PER :WARR
Sawa for Frevforas
Year 1930.
Limiest.
Highest,
$ Der chars $ Po shard
SO% Dec 511 Mat
115 Jan 130
ocis
275* Del 611 JIM
8
5 Nov 23 Mao
Nov 40% Am
141
68 Dec 8412 Mal
88 Dec 50 Apr
37 Dee 74
Jan
33 Dee 70 Jan
14
78 Oct 97 Mar
27 Des 44 Apr
143 Jan 29% Dec
4
61
Jan 8012 June
1011 Nov 37% Ain
251 Oil 49 API
/
1
4
2
6 Dee 201 Jan
4
25 Nov 42 Ant
5 Dee 233* Ma3
23 Dec 2684 May
9% Nov 87 API
7 Den 337 Fell
s
11 Dec 33 Ape
1512 Nov 53 Fee
74 Nov 110 Feb
17 Dee 761* Mai
314 Dee 283* MAX
64 Dec 9214 Map
Jan
98 Dec 40
3
4
135* Dee 633 AN
7
1518 Dee 49 g Jan
8
437 Oct 72 Feb
Jail
h Dec
2
112 Oct 113 API
8
Apr
25 Dee 81
14 Dec 34 Mat
/
1
4
614 Nov 201* Pet
3512 Dee 547 Jan
s
251* Dec 5512 Feb
9 Nov 2514 Apt
34 Oct 4912 Mai
2114 Dee 5812 Jet
51 Dec 2614 Pet
4
6 Dec 814 APl
/
1
214 Deo 20 Api
Jar
1312 Dee 82
65 2 Nov 93 Ma)
3
14212 Jast 152 04i1
275* Dec 831* Pet
85 Deo 62 June
312 Dec 2412 Fel
60 Dee 90
Jar
1318 Dec 3911 Bet
1714 June 33% Mal
114 Dec 1891s Fel
185 Dec 144 Sept
116
Jan 120 Not
30 Nov 583 Ala
4
61 Jai
12 Dec
Jar
15* Dec 11
41 Nov 62 Jul/
00 Dec 1243 API
4
10612 Aug 110 Jul]
35 Dec 981* Ma
13 Dec 417 Pet
*
20 Dec 54 AD
9 Dee 325* la:
/
1
4
1512 Doc 17 De,
30 Den 85 Ma
1134 Dec 68 AP
2111 Dec 47 Fe!
22 Dee 48 Ap
77% Dec 8812 AD
9 Dec 32 AV
12
OS Dec 10612 Sep
1033 Do. 117 Atu
4
571 Dee 1323* AD
/
4
31
Jan 57 Jun,
414 Dee 14% AP
99 4 Dec 10553 Oc
1
287 Dec 554 Jun,
8
4112 Dee 501 Ma
8
12 Dec
a Ma
16 Dec 32 Ad
1
12 * Dec 903 Ma;
4
2% Oct
PI Ma
22 Dec 50 Al
60 Dec 997 AP
1
4814 Nov 80% Ma
11318 Jan 1283* Sep
912 Dec 387 Ma
.
75 Dec 99 AD
32 Dec 807 Fe'
.
401 Des 747k Ms
46 Dec 107 s Ma
7
15 Dee 80 Fe
11412 Dec 178 Fe
74 Nov 233 Ms
1
8
42 Nov 644 Ma
/
1
80 Dec 571 Ma
5 Dee BA Al
21, Dec 261s Me
13* Deo 1214 Ma
843 Der 7714 Me
4
11 Deo
6
41* Ap
112 Den
9 At
2% Dee 19 1 At
3
8 Dot 82% Fe
/
1
4
3 Nov 14 Fr
351 Jan 55 At
/
27% Dee 80% JR
90 Des 10114 Set
2 D
/
1
4
MI
16 Dec 551k Ma
2114 Dec 601 Al
/
4
18514 Dec 325 Ma
17 Dee 2212 Au
57 Doe 274 Jun
/
1
191* Dec Ws At
170 Oct 2485* At
5018 Jan 57 2 Set
7
8 Dee 2513 Ma
/
1
4
814 Jan 1512 Ms
1014 Dec 2na Fe
52 Dec 75 Fe
1112 Dec 44% Al
7 Dec 2014 Al
16 Dec 33 Al
212 Ms
/ Dec
1
4
713 Dec 52 Ma
71 Al
1% Dec
2518 Dee 374 Al
4
8011 De
50% Fe
New York Stock Record-Continued-Page 7
4018
For sales during the week of stocks not recorded here. see seventh page preceding
HIGH AND LOW SALE PRICES.PER SHARE. NOT PER CENT.
Saturday
May 23. I
Monday
May 25.
Tuesday 'Wednesday
May 26.
May 27.
Thursday . Friday
May 28. I May 29.
Sales
for
the
1Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares Indus.& Miscall.(Con.) par
100
200 Pittsburgh Coal of Ps
Preferred
100
1,100 PUGS> Screw & Bolt___No par
11
*10
Pitta Steel 7% own pref_100
61
*55
25
'418 814 1,200 Pittsburgh United
Preferred
100
20
7714 7714
8
No Dar
500 Pittston Co
8
147 147
No par
900 Poor & Co elms B
4 77
8
*63
2,200 PortoRloan-AmTob 41A--.100
*103 11
4
Claaa B
NO par
s 1,300
314 33
200 Postal Tel & Cable 7% prof 100
19
*18
25
4
812 83 12,400 Prairie 011 & Gas
25
21818 1812 3,200 Prairie Pipe Line
No par
8 4,500 Pressed Steel Oar
23
4 27
27
Preferred
400
27
100
5912 6312 7,600 Procter Gamble
No par
800 Produeere & Refiners Corp--50
*21s 212
Preferred
190
*612 10
50
757 7914 37.400 Pub See Corp of N J___No roar
s
preferred
65
No vor
4 2,400
4
8
*1013 102
4
10112 1015 10012 10114 1003 1001 10012 1003 10012 1003
8
1167 11714 1,300
8
6% preferred
100
8
*11712 1173 *11714 1177 11714 11714 11718 1177 117 117
4
8
300
8
7% Preferred
100
4
4
8
•13618 137 *13618 13612 136 13612 *13512 1363 .1353 1367 *13512 1367
8% preferred
300
100
4
*15512 157 *155 157 i 15518 157 *15518 157 *1553 157 *15512 157
,
8 1.300 Pub Seri Elea & Gas pref_ _100
11114 11114 11114 11114 11114 11114 11114 11114 11114 11114 *11114 1113
7,800 Pullman Inc
3012 34
34
No Par
3312 3412 33
*3512 37
3412 3512 3414 35
500 Punta Alegre Sugar
50
*12
3
4
12
12
12
12
..
8
8
"
12
8
4
*53
4
6,200 Pure 011 (The)
578 6
25
57
8 6
58 6
7
6
6
57
s 6
58 6
7
8% preferred
540
68
72
72
100
*67
8
75
75
7012 75
7012 7012 665 73
No par
4 3,800 Purity Bakeries
283
8 281s 293
23
28
28
2812 283
2714 28
4 275 28
8
No par
8 1412 153 418,900 Radio Corp of Amer
4
1418 1514 1412 153
15
165 173
8
8 1412 167
8 14
50
52
Preferred
800
50 .
50
50
*483 50
3
50
•5018 52
50 5018 *47
36
36
Preferred B
7.400
No Dar
3514 36
36
35
3714 42
3518 37
43 43
12
133 95,800 Radlo-Keith-Orp el A No par
4
14
8 12
143 1518 137 143
4
8
8 1338 1418 1214 137
0 1,700 Raybeetos Manhattan-No Dar
Z193 193
8
4
2118 203 21
21
2212 23
2114 2114 21
21
10
700 Real Silk Hosiery
133
4
13
14
1312 *13
•14
143
4 133 14 I 133 133 *13
4
4
4
*60
6912
Preferred
20
100
60
6912 60
6912 •____ 6912 *60
6912 *60
7
8 *I
114
7
8
No par
100 Retie(Robt)& Co
*78
1
•8 1
7
"8 1 I
7
*7
4; 1
First preferred
100
*812 2412 *812 2412 '812 2412
*812 12
*812 12 I *812 12
No par
8,600 Remington-Rand
4 7
63
612 7
63
4 714
63
8 7
7
712
712 712
56
First preferred
100
*497 56 '51
8
•45
58
*497 56
8
*45
58 I *497 56
8
40
"50
65
86
Second preferred
100
65 "50
65
*69
96
67
69 •____ 96
6
6
10
7,400 Reo Motor Car
61s
6
6
6
6
6 12
6
6
618
6
13
1114 1214 1112 1214 1118 1218 10,800 Republic Steel Cory___No year
1318 1212 13
1218 121
Preferred eonv 8%
100
2814 2812 2812 2,000
28
297 3018 29
g
30
2814 2918 2814 281
*7
87
2 *712 878
Revere Copper & Bra m No par
9
*7
9
*7
10
*7
•7
10
Class A
No par
*612 25
*612 25
*612 25
*612 25
*612 25
*612 25
1258 13
*123 13
4
3,800 Reynolds Metal Co
No par
4
133 133
4
4 13
133
8 127 1318 123 13
.2
9
9
*7
100 Reynolds Spring new NO Par
*7
*7 . 10
9
9
8
*Ws 918 *712 95
4 4714 4814 36,200 Reynolds(R J) Tob class 13_10
8
47
477
8 467 473
487 493
8
8 48
4838 4718 48
Class A
10
70
70
520
70
70
70
70'4 70
*70
7014 70
70
"70
114
138 3.000 Richfield 011 of Callf___Ne par
118
1 14
8
134 13
13
8 138
114 112
114 114
414 7,100 Rio Grande 011
No par
418 412
4
4
414
414 412
418 414
418 414
20
21
20
400 Ritter Dental Mfg
No par
4
*20
2112 *203 21
4
*203 2114 20 2 203 *20
4
10
16
1714 16
1612 1,801, Rowels Insurance Co
171 171
*1818 1812 *1712 19
173 171
2718 277
8 6,500 Royal Dutch Co (,N Y shares)
283
8 2712 2828 2718 28
2812 2812 2814 2838 28
1518 3,000 St Joseph Lead
10
1518 1518 1514 15
1514 1514 1514 1514 1518 1514 15
6,100 Safeway Stores
No Dar
4614 473
4 4814 4814 4818 49
49 4918 4512 4812 4518 47
91
100
91
*90
50
*90
Preferred(6)
90
90
92
92
*90
92
*90
*90
10614 107
50
100
Preferred (7)
10612 10612 *10612 108
10612 10612 *10614 107 *10614 107
No par
14
137 1418 3,800 Savage Arms Corp
8
*143 15 8 1438 1412 143 14311 1418 1414 14
8
3
8
55
8 57
8 4,100 Schulte Retail Storee No par
58 6
7
618
6
612 612
63
8 63
8
6'8 63
8
54
54
*40
Preferred
*50
54
100
54 i *50
*50
54
*50
54
•50
412 1,100 Beagrave Corp
312 312 *4
No par
418 412
5 I
*5
512 *5
512
5
8 4912 523 40,300 Seam Roebuck & Co No VOF
8
51
517
8 483 5114 483 5112 4918 5014 4912 517
8
4
1
*212 414 •23
4 414
500 Second Nat Investors
314
212 3
3
*314 414 *314 414
1
Preferred
*3714 40
580
*4114 48
4114 4114 4014 40 4 3914 4014 *3712 40
,
*8
8
1
1,200 Seneca Copper
No Par
3ri
8
4
3
4
12
12
7
8
3
4
7
8
7
8
85
8 918 30,100 Elervel Inc
No par
87
8 914
4 918
83
914 984
87
8 93
4
83
4 924
14,400 Shattuck (,F G)
1912 1818 20
No par
19
21
2114 19
2214 2214 213 213
4
4 21
300 Sharon Steel Hoop
718
77
8
7
No Par
*712 8
*7
8
78 78
5
5
77
8 778 *7
11
No par
12
12
12
3,300 Sharp Is Dohme
12
1218 1218 1214 1214 1218 1218 12
5658 563
4
No par
500
4
Preferred
8
*5712 60
5712 5712 *565 60 "563 60
*5712 59
434 5
No par
478 5
8,400 Shell Union 011
4 s 518
7
47
8 5
518 514
5
518
31
31
31
Preferred
2,400
30
100
33
30
35
*34
35
3514 3514 34
314 314
318 318 4,000 Shubert Theatre Corp_No Dar
314 314
3
37
8
318 312 *314 312
123
8 1112 123 13,900 Simmons Co
4
8 12
No Par
1218 127
1318 1312 125 1314 1212 13
8
512 512 *514 53
10
4 2,200 Simms Petroleum
4
512 578
53
4 6
*512 53
4 *512 53
75
8 77 37,400 Sinclair Cons Oil Corp-No Par
8
81u 812
818
752 828
8
818 814
814 812
300 Preferred
100
8212 8212 *8212 85
95
4
85
83 4 833 *81
3
*82 833 4181
4
418 418 1,500 Skelly 011 Co
25
414
418 414
418 414 *4
414
418 414
*4
*12
500
30
10
Preferred
100
10
*1018 20
*15
20
*1018 20
*1018 20
8 *112 13
100 Snider Packing
13
8 15
4
*158 2
No Par
*112 2
.1.5
8 2
*112 2
11.12 "5
11
Preferred
No par
1112 *518 1112 *5
*4
11
*4
1112 *4
*60
85
100 Solvay Am Inv Truitt pref_100
85
84 "52
85 •52
8512 8512 1352
86
*52
938 4.900 So Porto Rico Sugar-No Dar
9
83
8 9
812 83
8
834 938
97
93
8 938
*93
10
Preferred
100
0103 107 '103 107
103 103 *103 107 '103 107 "103 110
415 4214 7,100 Southern Calif Edison
8
43
28
4 42
*4318 4414 4214 44
4214 433
4 4212 423
*212 5
100 Southern Dairies el B__No Par
*312 5
5
*33
8 5
3 8 35* *312 5
*33
4 5
30
*25
28
*25
Spalding Bros
30
No par
30
*28
30 "25
30 "25
025
113 113
140
let preferred
113 113
100
113 113 '113 115 "113 115
*113 114
*15
25
25
Spang Obalfant&CoIno No Par
*15
25
25 "15
25 •15
25 •15
315
80
80
Preferred
100
80
90 *____ 88 *- ___ 80
4 4,700 Sparks Withington. ___No per
8
6 2 63
,
65
8 67
67
8 7
7
7 18
63
4 718
714
7
12
200 Spencer Kellogg & Sons No par
1214 1214 12
*1214 13
*1214 13
*1214 13
*1214 13
300 Spleer Mfg Co
912 912
912 912 *912 10
*912 1012 *912 1012 *912 1012
No par
26 '25
257
8
300
Pa
*25
par
25
Preferred
25
26
26
26
26
26
*25
1,100 Splegel-May-stern Co-NO V
4
612 7
8 63
4
65
2
63
4 63
*67
73
612 67
AN5
*7
8
4
8
4
1614 163 2157 163 54,600 Standard
8
163 17
No par
8
1714 1712 167 1714 1634 17
4
Preferred
No
*12112 124 *12212 124 *12212 124 *12212 124 "12212 124 *1203 124
212 212
800 Stand Comm Tobaceo_No 5
212 212 *212 3
No g;
3
3
212 212
*212 3
4
8 5912 6218 5818 613 27,800 Standard Gas& Elee CoNo par
4 5918 617
6414 65
621s 6418 6018 623
26012 6012 1,100
8
615 62
62
Preferred
62
623
* 62 62
623* 6214 *62
100
16 aura prior pref
4
9712 9712 *933 9718
o
98
No pa?
N
*9414 9812 *9418 9812 *9418 9812 *95
300
87 cum prior pref__ _No Dar
10612 *105 106
105 10512 *11:1
8
105 1053 '105 106
•1053 106
8
122
*2
212
200 Stand Investing Corp-No Par
212 *214 212 *218 212 *21.3 2
*218
700 Standard 011 Export pref__100
104 104
s10414 10412 4.104 10412 "104 10412 *104 10412 104 104
4
4 335 3414 333 3412 20,600 Standard On of CallI
8
337 343
8
No per
3512 3412 35
3512 3618 35
914 914 1,600 Stand 011 of Kansas
914
914 914
25
9
93
8 93
8
914 914
10
10
8 33
337g 72,900 Standard 011 of New Jersey_25
8
4 3314 335
8 3418 342* 333 343
4 3414 345
3412 343
8
8
3 155 163
8
4 1512 157 39,900 Standard 01101 New Tork 25
1714 163 173
8 1714 1712 17
175
1714
4 1712 1758 1,700 Starrett Co(The) L f3--No irer
4 1712 1752 1718 1814 *1712 173
1812 1818 1784 173
212 238 3,700 Sterling Securities ol A_No par
4
23
4 3
212 2 4 *212 23
8
s 3
18 •27
3 V3
51 512
/
4
1
Preferred
N• par
,
*512 612 *512 612 *518 6 2 *5 4 612 *514 618
700
4 3218 3218 3112 32
Convertible preferred.---50
8
4 323 323
333 333
4
4
4
3
33 4 333 *333 35
83
4 97 12,000 thewart-Werner Sp Corp_-.10
1018
8
8
814 93
8
2
10,
1012 1012 10
4
10 4 103
3
11,500 Studeb'rCorp(The)_ M par
Stone & Webster
323
4 3018 33
3312 3212 3312 3212 34 I 32
8 33
3414 345
173 20,100
4
_Co
163 1712 17
4
par
173*
1618 1818 1614 IS
18
18
10
*110
Preferred
100
110 110 *110 112 I*110 112 '110 112
s____ 112 •____ 112
Submarine Boat
---ioo Sun 011
3 32 13 - ;5Zr2
g
No par
o
r
" 31
'5212 if- ;55- 16 ;55 - - 337 337
140
97
Preferred
97
98
977s 96
100
"97
98
97
,
97 8 97 8 •
,
4,974 98
8 3012 3012 1,400 Superheater Co(The)__No par
3012 313
3112 3112 3112 3112 3112 3114 32
3112
/
1
4
74 1,700 SuPerlor 011
*7
8 1
kt
No par
3
4
7
2
7
8
7
3
3
4
*3
4 1
618 6i8 *612 784
300 Suz r10r Oter lAraerioa
7
e 22 co oe
e
6
4
100
*vs 78
3
*712 7 4 *Ps 712
4
4
50
133 *123 133 4123 133
4
4
8
4
4
*123 133 •13
4
4
*13
133 *123 1312
112
300 Symington
1
1
No yai
112 •1
111 *1
118
1 12
112 *1
"1
Class A
*2
3
3
No par
•
2
*212 312
*212 312
800 Telautogreph Corp
No par
*17
1822 1714 1734
;112 11
,
*170 1812 1714 17 4 7112 11
4
2 57
4 4,500 Tennessee Corp
X5'
No pa
512 A
7
5 8 618
614 63*
612 612
'614 612
37,000 Texas Corporation
1918 20
25
4
4
8! 193 2014 193 20
203
2014 2012 20 2012 20
41,000 Texas Gulf Suipbur----No Par
8 3414 Ws 3518 36
377
383 3912 3718 381s 3718 38121 3434
4
314 312 2,500 Texas recline Coal & 011
10
8
318 33
314 312
1
*35
8 37
4
8 33
33
*33
4 41s
14.400 Texas Pao Land Trust
1
8s3 9
912
9
9
93
8
Oss
9
4
93
4 93
97 10
a
pser.
-dividend. y Ex-rIghte.
•131d and asked prices: no sales on this day. p Ex
3 per share I $ per share 1$ per share 1$ per share $ per share
20
*16
16
*16
20 1 *16
20
16
*16
20
8
*---_ 63 •____ 627 •____ 627 *__-- 627 *____ 627g
8
8
8 113 113
4
4 1112 1112 11
1112 1012 1114
•113 117
4
GI
*55
61
61
*55
63 I *55
63 I *55
*55
4
4
438
4
4
412 412
. 8 53
45
8 *412 43
*7714 89
*7714 89
83
*80
90 I *7814 85 I 83
8
8
8
153 157 '147 153
3
*157 20
8
265* 1628 *1578 20
8
7
7 I
7
7 14
7
7
612 63
4 *612 77
11
103 1022 11
8
13
1312 12
123
4 1012 11
318 314
314 314
4'
312 312
314 312
33
4 33
20
*19
20
20
21
23 I *20
*2112 23 I *20
8
814 85
9
83
4 9
912
9
4
9
93
4 93
8
4 193 1912 1914 1912
2012 2012 195 2014. 1912 193
8
3
3
318
3
3
314
3
313 314' *3
8
8
*267 3018 "267 277
8
*26
36 I 30 30
*26
37
8
8
6312 633
4 6214 6312 623 633
64
64
633 64
8
212 212
•23
4 3
23
4 23
4 *212 23
4
212 23
4
612 612
*7
8
*612 7
619 612 *612 7
7614 7814
77
7914 8012 7718 7914 7512 7712 75
$ per share
16
16
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Iftglest.
Lowest.
per share
per share
/
1
4
16 May 27 28 Jan 12
64 May 18 80 Jan 27
1014May 2 1514 Feb 24
4MaY 20 87 Jan 15
593
4 May 27 15 Feb 27
7714May 29 100 Apr 24
8May 29 184 Jan 5
147
4
6 Apr 28 133 Jan 10
10 May 22 27 Feb 28
8 Feb 27
314May 7
/
1
4
18 Apr 29 89 Jan 9
3
814May 28 20 2 Feb 26
18 Jan 28 2612 Feb 26
/
1
4
7 Feb 19
/
1
4
21
4May 29
28 May 19 473 Feb 19
2
59123Iay 29 7114 Mar 10
6 Feb 27
218 Apr 28
7212Man15 16 Feb 27
6 jay 7
9612 Mar 19
95 Jan 2 10212May 16
109 4 Jan 3 11818May 19
3
4
1284 Jan 8 1373 Apr 9
3
148 Jan 6 157 4 Mar 26
1094 Jan 5 11212 Apr 22
3012May 20 5812 Feb 27
2 Jan 9
as Jan 8
/
4
512 Apr 28 111 Jan 5
/
4
4May 27 1011 Jan 8
6135
27 May 19 5514 Mar 17
12 Jan 2 27le Feb 25
48 Jan 7 5518 Mar 26
3413 Jan 2 60 Mar 21
12 May 28 2412 Mar 21
2
597 Mar 25
2012
Feb 10
1858 Aan 292
3 j pr
May 28 90 Feb 3
60
17 Jan 8
a
/ Jan 5
1
4
11 Jan 6 13 Apr 22
3
13May 26 19 4 Feb 27
61
50 May 20 83 Jan 7
65 May 27 98 Jan 6
May 21 1014 Feb 11
1118May 29 2534 Feb 24
4
277 Apr 25 56 Feb 19
6
/
1
4May 8 13 Jan 2
27 Jan 8 80 Jan 13
/
1
4
/
4
111 Jan 2 22 Mar 10
514 Feb 18 1814 Mar 12
/
1
4
40 Jan 2 53 Mar 19
/
1
4
70 Jan 13 75 Feb 19
Ps Jan 5
114May 28
4 A93 27 1014 Feb 24
/
1
20 May 21 414Mar 2
16 May 28 26 Feb 24
2718May 28 4218 Feb 10
/
1
4
15 May 27 30 Feb 20
38114 Jan 15 6514 Mar 24
86 Jan 19 96 Mar 20
98 Jan 21 107 Apr 15
/
1
4
1214 Apr 24 20 Feb 27
4 Jan 13 1114 Mar 30
/
1
4
40 Jan 22 65 Mar 27
312may 28 11 Feb 27
447 Jan 2 6314 Feb 26
2
/
1
4
6 Feb 27
212MaY 27
/
1
30I4May 27 584 Feb 27
11 Feb 11
/
4
12MaY 26
4
4 Jan 2 113 Apr 9
/
1
4
18i8may 29 2914 Feb 20
e
7 May 21 137 Feb 18
11 May 29 21 Mar 25
5314 Jan 23 6112 Mar 25
/
1
412May 15 104 Jan 12
2512May 8 78 Feb 17
9 4 Mar 6
3
3 Apr 23
114 Apr 29 23r4 Feb 26
/
1
512May 26 11 Feb 26
s
75
83,1ay 28 167 Feb 28
82 May 19 103 Mar 14
3 may 20 12 4 Jan 7
/
1
4
7
10 May 28 62 Jan 8
4
43 Feb 16
112May 19
D0
18
1
6 May 19 015534
Mar
81
/
1
4
13484ayy 28 17 Jan 8
Ma
91312Mar 9 112 Jan 8
/
4
411May 29 641, Feb 28
5 Mar 12
3 Apr 18
28 May 20 38 Jan 6
111 Jan 13 11512May 7
12
/
1
224 Apr 18 27 Feb 17
/
1
4
9 12m ay 27 92 Jan 21
0 A pr 0
6
10 Jan 8
3
rr.
i 22
58:
2412May 22
Jan
315 4 A r 29
1157 JanP 5
8
33581214 r 25
18 51ar16
3
1714 NIeb 21
7 1 Par 24
83: Feb 25
2
70 4 F 20
12314 Apr V
4 Feb 10
212May 12
4
Jan 2 883 Mar 10
58
4
5034 Jan 3 847 Mar 23
92 Jan 15 101 Ma 23
/
1
4
4 2 Feb 6
a
2 Ja 0
10114 j n 12 109114 Mar 13
1023 Jan 6 10514 Apr 13
4
/
1
33 Apr 28 514 Feb 18
May 19 19 Jan 5
33 may 29 5212 Feb 24
1512May 29 26 Feb 10
171251ay 271 3614 Feb 26
4
57 Feb 10
212May 27
93 Feb 16
4
518May 29
3112May 29 40 Mar 28
/
4
8 5-lay 27 211 Mar 10
3018May 29 5412Mar 21
16 May 29 26 Mar 28
110 May 26 11814 Apr 6
14 Jan 5
18 Jan 2
/
1
32 May 28 454 Feb 25
/
1
4
94 May 18 104 Feb 2
/
1
4
30 Apr 16 40 Feb 9
4
18 Feb 17
/ Jan 3
1
4
0
7
15 451an 27 15118 M8820
1.7 J Y 7 184 Fe13 5
212 Feb 2
1 Feb 4
/
1
64 Jan 28
3 Apr 28
iaa
17 lan 2188 550142 Mar 8
155,4125m 35: 2 21714 jj4505 75
3 : AaY 28
3 48M pr 28
4
8
/
1
4May 29
8841s F5115 249
6 J13
17/ Feb 13
11
4
PER SHARE
Ranee for Prestos's
Year 1930.
Iltobssl.
Lowest.
$ per share
18 Dee
86 Dec
184 Dec
/
1
8412 Dec
11 Dec
911 Dec
/
4
/
1
184 Dec
1014 Dec
144 Dec
/
1
4 Oct
20 Dec
114 Dec
/
1
164 Dec
/
1
84 Nov
26 Dec
52 Jan
/
1
4
1 Dec
1112 Dec
85 Dec
91114June
1044 Dec
/
1
Jan
121
142 Dec
1074 Feb
1
47 Dec
h Oct
/
1
4
7 Dec
90 Dec
/
1
4
86 Dec
111 Dec
/
4
47 Dec
311 Dec
/
4
143 Dec
4
4
167 Dec
2212 Dec
83 Dec
Dec
858 Nov
1414 Nov
84 Nov
95 Jan
7 4 Dec
3
10 Dec
/
1
4
28 Dec
51 Dec
4
84 Dec
10 Dec
$ per share
784 Jan
/
1
110 Jan
23 4 Feb
7
103 Jan
1914 Oct
103 Oot
/
1
4
22 Apr
34 Mar
/
1
4
3034 July
27 Mat
/
1
4
Jan
103
54 Apr
6012 Feb
Feb
7185% F‘313
787 June
2
/
1
114 Mar
40 Mar
123 4 Apr
3
100 Oat
117 Sept
/
4
1351 Oct
158 June
112 May
89 Jan
/
1
4
/
1
4
8 Jan
271 Apr
4
11414 Apr
88 Feb
/
1
4
69 4 Apr
3
57 Apr
85 Apr
50 Apr
581 Apr
/
4
644 Mar
/
1
100 Mar
32 F
5 Feb
/ jan
1
4
4612 AN
100 Mar
/
1
4
104 July
147 Mar
4
7912 Apr
9512 May
80 Jan
72 Jan
843 Apr
4
/
1
4
40 Deo 58 Mar
70 June 80 Jan
6 Dec
/
1
4
9 4 Dec
3
5 Dec 25 Apr
/
1
4
25 Dec 59 Feb
/
1
4
/
1
4
104 Dec 48 Mar
/
1
4
3604 Dec Ms Apr
194 Dec 5714 Feb
884 Dec 12234 Jan
/
1
84 Dec 99 Feb
/
1
4
95 Oct 1097 Mar
4
12 Dec 3114 Apr
/
1
4
4 Dec 1312 Jan
35 Jan 75 Jan
/
1
ass Dec 144 Mar
3
4314 Dec 100 4 Jan
214 Dee 23 Feb
3
35 Dec 82 4 Mai
3112 NovDeca 1381122
Apr
204 Nov 52 Apr
/
1
9 Dec 823 Feb
4
111 Dec 27 Mar
/
4
/
1
4
4
54 Jan 633 Mar
51 Dec 2512 Apr
4
55 Dee 1064 Apr
/
1
412 Nov 35 Apr
11 Nov 941 Jan
/
4
55 Dec 87 Mar
8
Apr
9 4 Dec 3
8
86 Dec 11214 Apr
/
1
104 Dec 42 Apr
42 Dec 1239154 JAFebr
9513 un
1 p
4
8 Jan
112 Nov
00 Deo
832 ec
1014 DecDeo 3034 Jan
103 Aug 121
Jan
6014 Dec 72 Apr
812 Jan
9 Mai
32 Dee
15 Aug
108 Jan 145 Mar
19 Jan 3714 June
/
1
4
92
Jan 390612
Dec
8 D
APP
8 4 Dec 25 Apr
8
/
1
4
7 Dec54325611 Marvyeb
25 Dec
4 Deo
/
1
4
141 Nov 2914 Feb
/
4
2 12 ynyb
114 Nov 16114 ma t
: See
2 Dec
/
1
4
53
554
/
1
Dec
92 Dec 104 Sept
/
1
4
Dec 124 Sept
19
::
2 8N
192 Derv 1512 Mar
98 Feb 1063 Oct
4
42 Dec 75 Apr
/
1
4
143 Dee 49 Apr
4
/
1
434 Dee 80 Apr
/
1
4
19 Dec 40 Apr
/
1
4
19 Dec 473 Apr
4
214 Dec 20 Mar
/
1
4
5 Dec 1414 Mar
/
1
4
80 Nov 48 Mar
143 Dec 47 Apr
4
2
87 Dec 1138 Ayr
12
184 Nov 4714 Feb
/
1
Jan 12502
116
Mar
le Dec
70 A1
39 Dec 14055.142 j52150
8
97 4 Dec
42 D22
30 Noe
May
Dec 292* a
258 ir
/
1
4
8 Jan 15 Mar
/
1
4
7 A
A
11 Dec 2514:
/
4
4, Decpr
Dec4
175
17 Apr
6131jMay
401/4
Dec
4 Dec6141 Map
10 Dec 82¼ Ma,
4
2 3 D0n
1558 28 o
714 e2
New York Stock Record-Concluded-Page t5
4019
Fos gales during the week of stocks not recorded here. see eighth page oessedina
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
May 23.
Tuesday
Monday
May 25. I May 26.
Wednesday Thursday
May 27. I May 28.
Friday
May 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-ehare tots.
Highest.
Lowest.
Per Mars
Per share
Per share 1$ per share $ per share $ per share I per share Shares Indus.& hUscell.(Cond.) Par $ per Mar'
1314 13
13 .12
No Par 1212May 29 22 Feb 27
*13414
134 1318 13
1234 1212 123
4 1,400 Thatcher Mfg
No par 35 Jan 2 41 Mar 5
*3512 3712 *357 3712 *3511 3712 *3512 3712 *3512 3712 *3512 3712
Preferred
8
/
1
*1914 20
1914 194 *1914 20
1914 1914 *1918 20
No Par 19 Apr 10 28 Jan 9
*1914 20
500 The Fair
100 100 May 12 10612 Feb 26
*100 104 *100 104 100 100 100 100 100 100 100 100
Preferred 7%
50
41. 41
4
4 May 29
9 Feb 13
412 41
458
458
4
418 2,200 Thermold Co
No pa
43
4 434
1 18 May 21 27 Feb 21
1818 1812 *184 1928 1118 18
1818
*1812 19 *1812 19
14
18
500 Third Nat Invaders
25 22 Apr 3 35 Mat 2
23 23
*20
424 27 •23 27 *23 27
23 .20
23
100 Thompson (T R) Co
10 May 23 18 Feb 24
1014 1014 1014 1014 1012 10
10
10
1012 1012 10
1012 1,400 Thompson Products rucNo Pa
8 Mar 7
/
1
4
3 8 Apr 30
7
*414 4114 *414 412
•414 484
414 414
*414 5
414 41
200 Thompson-Starrett Co-No pa
2412 Feb 4 844 Mar 19
2518 1,800
28 28
No pa
2878 2714 25
2912 *28
2912 28 28
*28
83.50 Cum pref
9 Jan 7
43
414May 15
453 412
411 434
412 434
Par
412
458 424
4% 412 5.500 Tidewater Amoco 00--No
100 40 May 29 68 Jan 8
41
4112 40 40
*42 48 .42 4218 4112 4112 41
800
Preferred
*5
15
*5
15
*5
15
*5
100 1012 Jan 31 18 Mar 16
15
*5
15
*5
15
Tide Water 011
60
1050 60 *50 80 1
100 55 May 21 83 Feb 26
*52 60 *50
55 *--_ _ 55
Preferred
75 Apr 30 12 Feb 20
8
10
*8
9
82
4 8%
814 814
8
8
8
8
800 Timken Detroit Axle
75
8 75
8
3.514May 29 59 Feb 17
4
4012 4153 375 4012 3712 3853 378 8914 384 3914 354 388 35,300 Timken Roller Bearing_No Pa
8
/
1
/
1
334 Apr 9
218May 20
2
/ 2%
1
4
212 2 4 *253 2 4
3
2
/ 214
1
4
218
218 152
3
253 2,900 Tobacco Products Corp No pa
10 Jan 14 14 Apr 10
/
1
4
*103 11
4
*107 11
8
8 1078 107 *107 1118 1118 IA% 1,900
8
8
103 107
4
No pa
Class A
714 Apr 28 18 Feb 26
23
7 8 704
5
818
78 8
5
753 7%
753 75
8
733 7 4 21,300 Transamerica Corp
4
3
9% 918
912
918 912
7 Jan 3 1713 mar e
/
1
4
*918 912 *913 912 *9
9
9
300 Trausue & Williams St'l No pa
64 Jan 2 1114 Feb 24
18778 8
7% 818
7% 8
714
733 778 8,400 Tr -Continental Corp__No pa
100 39214 Mar 16 94 Feb 25
9312 9312 9312 9312 9312 9312 931 9311 933: 91788 9334 9334 2,400 6% preferred
4
*34 3424 3312 354 3312 3358 3218 34 *32
34
297 Jan 2 4551 Feb 27
s
3214 3214 4,400 Trial Products Corp___No pa
312 Apr 28 10 Jan 20
512 682 *614 6
*514 6
*5
/ 6
1
4
3 1
54
6
*514 6
No pa
3,200 Truax-Traer Coal
14 14
11131z 1412 14 14
15
1378 14
10 1214May 21 24 Feb 24
8814
131a 14
900 Truseon Steel
gilmay 29 212 Mar 10
4
1112 12
13
13
12
10
10
1218 1353 12
91z 1153 1,700 Ulen & Co
No pa
*48 50
4712 4812 47 47
47
48
4512 46
4512 46
2,500 Under Elliott Fisher Co No par 4518May 29 7534 Feb 27
934 Feb 4 1813 Mar 27
410
10
10
.9
1012 10
10
159
1012 10
10
1011
400 Union Bag&Paper Corp No pa
4414May 27 72 Feb 24
/ 457
1
4
4818 4953 464 43
45
8 4514 473
/
1
488 44
4 4512 4838 174,500 Union Carbide Ss Carb_No pa
8
14 Apr 28 285 Feb 13
17
1614 1612 1684 182
/
1
2
1753 164 1718 1658 17
4 164 1658 6,600 Union 011 California
20 Apr 1 254 Jan 8
21
20
20
20
*20
21
20 20 *20
20
204 20
700 Union Tank Car
No pa
/
1
29
3014 2718 28% 2658 28% 2512 2724 2534 2712 26
2778 143.500 United Aircraft & Trim-No Par 224 Jan 2 384Mar 26
4
5318 534 53
537 537 *53 5312 *528 54
5324
*53% 54
400
Preferred
50 66 Jan 2 59 Mar 26
10 May 28 2712Mar 2
1513
19
10
1112 114 1112
*12
19
13
124 13 *13
800 United Am Bosch Corp No Pa
367
36
36
*3614 37
36 *36
3518 36% 35
No par 334 Jan 2 4134 Mar 26
358 36
1,900 United Biscuit
*11412 117 *11412 117 •11412 117 *11412 117 *11512 117 11412 11412
100 1134 Feb 2 122 Mar 23
30
Preferred
1318May 18 234 Feb 11
1418 1418 1412 4,900 United Carbon.
1412 1412 1412 142
1412 14
4 14% 148 14
No Pa
712 Apr 9
47
412 5
412 5
4 Jan 2
412 434
54
453 424
5
51
/
4
4,900 United Cigar Stores-No Par
*5214 6384 56% 564 *5214 55 •52111 538 *5118 517
52% 5218
100 5218M5y 29 s76 Apr 10
200
Preferred
2058 2118 19% 2058 191 2014 1918 2018 1918 2014 1918 2053 247.500 United Corp
No Par 154 Jan 2 814 Mar 19
/
1
4
4
504 5034 5014 502
8 492 5014 494 4933 4918 4912 3,000
4 5018 503
No par 445 Jan 2 534 Mar 26
Preferred
3 Jan 2 12 Feb 27
512 512
512 512
5
*6
7
*5% 67
8 *512 6
5
2.100 United Electric Coal.
-No Par
1
5312 56121 5312 5412 5278 54
5612 5612 5512 5612 5512 56
No Dar 514 Jan 2 67 4 Feb 27
5,900 United Fruit
2812 2734 2812 27% 2814 12624 281 50.300 United Gas & Improve_No par r2644May 29 374 Mar 17
29 2914 28118 2918 28
"
510434 105 .1043 10478 10434 1048 10424 1047 *10424 105 210312 10358 1,000
s
No par 984 Jan 30 1054May 18
Preferred
24 Apr 27
8 Jan 7
/
1
4
.218 3
*218 3
8
.21
3
*24 3
•218 3
*218 3
100
United Paperboard
22% 21
22
22
23 23z 23 2318 22
2333 *2234 231
2.100 United Piece Dye Wks_No Par 21 May 27 8134 Feb 19
958 Apr 9
47
47
418May 19
412
44
3
412
44
3
412 453
45
8 433
438 41
2,600 United Stores el A___No par
42914 398
4 3838 381
3814 3814
z 3712 3518 36 *37
40
800
Preferred class A_ __No par 3518May 28 52 Apr 9
32 32
31
3114 *29% 30% 29
30
294 31
/
1
*3214 337
1,200 Universal Leaf Tobacco No par 28 Jan 2 414 April
•2813 34
35 *26
31
31
*31
34 *31
31
*30
31
10 Universal Matures 1st pfd_100 24 May 6 42 Mar 21
112
4 Feb 9
114 111
5
112 112
114 114 . 11g 182 2,200 Universal Pipe dr Rad_-No par
*112 2
114May 28
22 23
2358 238
4 225 2333 2258 23
2218 2212 22
228 9,500 U. S. Pipe Ls Fde
20 22 May 27 874 Mar 26
/
1
0181z 19 *184 18z 1814 1812 *1818 185
8 1814 1814 184 1918 1,800
1s8 Preferred
No par 1714 Apr 29 2014 Mar 26
91
*8
91
*8
91z *8
7 May 29 10 Mar 20
*8
91
: *8
912
7
8
2.100 U 8 Distrib Corp
No Par
1 Jan 7
1s /an 7
4
•78 1
*78 1
*7
8 1
*7
8 1
*78 1
1878 1
U El Exprees
100
14
1414 1024 13
1815
16
143 15
4
/ 1053 1112 12
1
4
4MaY 27 3012 Mar 24
par 103
3,200 US Freight
1214
No
•72
4 81
7 4 753
0
714 7
/
1
4
7
7
7
7
*7
718
7 May 27 124 Feb 24
500 U 8& Foreign Seour_ - No Dar
84 *81
84
1881
84
80 81
*81
1180 81
80
80
No par 80 Jan 8 90 Feb 17
300
Preferred
381
3712 371
3614 37
384 3853 38
36
37
3412 357
3,400 U 8 Gypsum
20 3412May 29 50 Mar 27
Fs Jan 2 121 Apr 1
/
4
•9
10
9
9
9
*9
10
*9
10
9
188% 9
300 U S Hoff Mach Corp__ _No par
2714 2612 2753 25% 264 2618 2618 2782 2814 28% 29
/
1
27
6,800 U 8 Industrial dloohol_ No Par 25 May 22 77% Feb 25
1
6
6
52
4 54 3 3
3
54 6 4
3
*52
4 612
553 57
3is Jan 2 10 4 Mar 19
51
700 US Leather
512
No Par
/
1
4
812 S's 753 8
111712 9
•712 812 *784 9
814
814
7 Jan 2 15 Mar 19
600
No par
Class A
81
81 *82 8512 *81
834ae 5
8512 81
694 Jan Il 853
81
.82 83's 81 82
Prior preferred
500
100
/
1
*17
17
1612 1612 1512 1612 15% 1512 145 16
1753 17
3,500 US Realty & Imps__ __No par 1438May 29 364 Feb 26
12
/ 1234 111 1211 1112 1214 1053 112 19,750 United States Rubber_-No Par 1058May 29 2011 Mar 20
1
4
4
1312 1384 12% 13
4
2178 2212 *2112 2214 2118 2112 2012 2153 20
21.
*2212 23
3.300
let preferred
100 20 May 29 3618 Mai 21
1512 1512 15
1514 15
1216
17
1553 16
16
16
1514 2,600 U S Smelting Ref & M1n___50 15 May 28 2558 Mar 10
*40
41
41
41
40 40
114038 41
417 417
40 40
400
Preferred
ao 40 May 22 47 Apr 1
9934 944 9784 9314 9812 9058 96
/
1
4
903 927k 897 9333 664,300 United Staten Steel Corp-100 8978May 29 152 Feb 28
8
/
1
98
/ 1394 140
1
4
138 139
14138 1411 14018 14112 13958 14012 13912 140
16,700
• 100 138 May 29 150 Mar 20
Preferred
2
66 66
*65% 69 *6512 7112
*67 691± 65% 67 *60 661
300 US Tobacco
No Par Kos Jan 8 717 Mar 11
g
8
, 215 222 217 2253 28.000 Utilles Pow & Lt A.....No Par 194 Apr 27 31 Feb 28
4 2124 2214 213 222
8
2258 227s 224 222
2 Feb 26
%May 29
*78 1
1
1
7
8
7
8
7
8
7
2
7
8
7
8
5
8
7
8
9,900 Vadsoo Sales
No Dar
1518 1518 16
1514
151 •14
014
171 *14
16 •14
17
/
1
4
300
100 14 May 19 28 Feb 16
Preferred
274 2612 29 124,100 Vanadium Corp
3114 3454 25% 317
2514 274 26
3533 36
No par 2514May 27 7814Mar 25
15 .
84 Feb 20
*15
158
112 111
112 112
184
511
112May 28
12
158 18
900 Virginia-Caro Ohem
No Par
812May 29 17 Feb 19
8% 85
8
83
4 83
*812 9
4
812 833
858 833
•82 9
500 6% preferred
100
5912 60
60
80 *60
60
68
5 12Man
0
9
*60 65
60 80 260
700
100 0 4 jay 227 17114m
7% Preferred
09 jan 17
ay 2
.107 108 *107 10712 5107 l07s 10712 1081 107 10714 10614 10614
110 Virginia El &Pow pf(6)No Par
444 47
/ 4414 4484 44 44
1
4
474 471
4712 47'z 472 49
610 Vulcan Detinning
100 414 Jan 2 7133 Feb 24
2318 231 23 4 1,600 Waldorf System
:
*2312 241
2312 23 8 231 2384 23 234 23
5
3
No par 21 Apr 29 urg Feb 17
*512
61
512
512
512
514
51
612 582 3,300 Walworth Co
512
533 61
514May 27 15 Feb 18
No Par
10
1012 1023 •104 15
*104 1158 •105a 15 51058 15
614 Apr 29 274 Mar 12
1018
500 Ward Bakeries class ANo Per
7
8% Jan 30
34 Jan 2
*3
4
4
4
35
8 37
35
8 3
52 *35
8 35
4 23 8 3 4 1,300
5
8
No par
Class B
39
30
311 *30
30
32
*8114 39
8114 311 31
/
4
33
100 24 Apr 29 5712 Jan 80
900
Preferred
51
512
4 4May 19 2033 Feb 17
3
518 553
5% S'z
58 758
558 52
612 714 112.000 Warner Bros Piaturee_No Vol
147 147
8 16
18
114 1138 12
1412 15
18
12
18
1,700
No Par 1014May 22 4012 Jan 9
Preferred
314may 21
738 Feb 4
3
*2
3
•2
3
*2 284 *112 212 *1514 21..
*2
Warner Quinlan
No Par
21
25
/ 21
1
4
2538 27
23
19
2712 2714 2614 28
22
No pal 19 May 29 4838 Feb 27
10,400 Warren Bros new
43 *4014 417
3 40 40
43 43
•42
s
43 43
39% 39%
90
Cony pref
No par 397 May 29 4978 Feb 27
25
244 2512 244 25
*2512 23
25
25
25
25
25
4,400 Warren Fdy & Pipe__ _No Par 2312May 5 32 Feb 20
312 312 *3% 4
314 Jan 2
6 Feb 24
312 312
*312 4
3% 312 *338 3%
No par
300 Webster Etsenlohr
4, 1914 1938 1914 1912 4,300 Wesson Oil& Snowdrift No pa
173
sMay 26 2614 Mar 20
*1958 20
19
197
1753 19 *1814 193
5314 53141 53 53
53
*5318 60 •5318 60
53 531
53
700
No Par 33 May 26 574 Feb 11
Preferred
971 997l 9712 101
:
10214 104
9853 10112 98 101
995s 10212 13,800 Western Union Telegraph_100 97I2May 27 15014 Feb 24
2112 23 I 2114 2212 22
2114May 28 3818 Feb 21
2424 2484 234 2412 23 23
22
4.900 Weetingh'se Air Brake-No Pa
5912 6133 57
5934 57 6018 564 594 578 6158 584 6158 299,400 Westinghouse El & Mfg___50 361smay 2 10714 Feb 26
/
1
11924 931 *92
2
9212 9212 9218 93
92 94
938 94 94
ao 874 Apr 30 11912 Feb 27
let preferred
170
1818 ig% 18
18
01812 2014 1818 184 184 19
/
1
/
1
18
184 1,800 Weston Elea Lnstrum'S-No Par 18 May 28 28 Feb 21
/
1
*33
35 *33
35 *33 35 *33
35 *33
35 *33
35
NODS? 33 Jan 5 384 Jan 5
Class A
4
*100% 104
1004 104
/
1
1895 10512 *933 102 *9518 100 *954 102
99 Jan 14 10514 Apr 22
40 West Penn Eleo class A-No Pa
1054 1058 *10553 106 10578 10578 *1053 106 1053 1053 105 10512
4
100 IN Jan 80 112 Mar 27
220
Preferred
*9434 97
97 97
97
95
97
95 95
*95
97
97
100 95 Jan 9 103 Mar 19
80
Preferred (6)
Feb 17
*11612 120
11718 11718 1184 1184 117 117
1174 11712 *117 119
/
1
/
1
50 West Penn Power Pre!
100 114 Jan 5 120 Apr 1
*11038 111
1107 110% *110% 111
8
11038 1103 *110% 111
8
100 1034 Jan 2 11212
11053 1108e
70
6% preferred
•20
21
*2012 21
201s 201 2012 2012 204 2114 *2014 2112
/
4
1912 Apr 28 444 Feb 20
pa
800 West Dairy Prod el ANo
,8553 6
57
s
55
558
558
512 512
8 6
434 Jan 2 127 Mar 25
511 584 1.500
58
No Pa
Class B
*23
257 •23
s
25
23
23
22 22
22
1978 Jan 3 40 Mar 16
22 •1814 223
4
300 Westvaco Chlorine ProdNo pa
24 Jan 8
5
8
5
8
5
8
38May 29
5
8
5
8
3
8
1
2
12
12
12
%
12 6.900 Wextark Radio Stereo-No Dar
*1612 17
1612 1834 1612 1658 16
1614 18
17
16
16
No Par 16 May 27 2614 Jan 12
4,600 White Motor
103912 4012 397 397
39
39 *3834 40
39
39
1839 40
4M3 21 4714 Mar 20
12
300 White Rook Mtn 131)rinif 135f-50 383
*234 318 *23
5 Apr 6
4 318
278 2% .23
4 3
23
4 224
212 Jan 3
234 23
4
400 White Sewing Machine-No Par
6 Jan 5 1034 Apr 13
*7
712
7
812 *5
7
633 658 *5
658 *5
No pa?
612
200
Preferred
514 514
514 514
938 Mar 26
5
5
43
4 47
8
414
414May 29
45
4% 1,000 Wlloot 011k Gas
4 43
4
No Par
8 Mar 19
414 412
453 5
414 5
412 4
/
1
4
4 May 19
418 4%
5
4
414 6,000 Willys-Overland (rlie)
4912 4912 4914 4914 4912 4912
50 50
4912 4912 50 50
100 4414 Jan 80 5814May 9
800
Preferred
4 Feb 10
*178 2
184 17
8 13
4
13
8May 26
112 112
153 112 *13
No Par
1% 13
4 2,400 Wilson & Co Inc
4%may 29 10 4 Feb 17
414 434
412 412 *412 43
4
1
412 434
412 412
414 458 2,700
No par
Class A
2512 2512 21
211 2412 22
/
4
25
233 *2112 23
4
2218 2212 2,400
100 21 May 25 5104 Jan 12
Preferred
8May 13
/
1
8 6558 68% 122,600 Woolworth Or W)Co
66
6678 63 8 6553 6414 684 6514 6914 6678 687
7
10 5433 Jan 2 725
/
1
/
4
4958 5184 454 84958 40 478 3818 4334 40 43
100 381814ay 27 1061 Feb 24
39% 3478 56,900 Worthing P & M
1117212 90 *7158 90 *55 90 *60 90
07212 90
316978 90
100 70 Apr 29 95 Mar 7
Preferred A
1856 64 •45 64 *54
•6014 70 *604 70
64
100 65 May 8 8358 Mar 9
*54
64
Preferred B
101212 17
311212 17
•1212 18 *1212 17
101212. 17
*1212 17
Wright Aeronautical-No par 114 Feb 4 27 Feb 25
70
71
/
1
4
4
69
7012 71
Jan 2 80
69
/ 70
1
4
71
72
702
4 7012 72
7.500 Wrigley(Wm)Jr(Del).No par 6614May 28 30 Mar 23
Jan
2212 22
*22 23 1222 23 •22
22
21
21
*21
25 21
2212
200 Yale & Towne
612may 28 1518 Mar 20
8%
753 8
8% 8
/
1
4
8
7
612 6% 29,400 Yellow Truck dr Coate' el B_10
74
3
612 7
*55 60 •55 80 *55 60 *55 60 *55
60 *55
100 80 May 13 70 Mar 19
60
Preferred
600
181412 18 *1412 16
*18
18
1814 18
1412 157a
*157 17
700 Young Spring & Wi28__N0 par 1412May 29 29 Feb 24
*54
55 •58 60
533 533
4
4 50
477 *40
50 *45
45
200 Youngstown Sheet & T_No Par 50 May 27 78 Feb 28
0258 27
54 Feb 27
*25
8 2% *25
8 24
2 8 Jan 2
3
2% 23
*25
8 234 *212 23
4
100 Zenith Radio Corp__-No par
•1314 and asked prime; no sales on this day. x El
-dividend. V Ex-iliebW.
PER SHARE
Range for Previous
Ysar 1930.
Lowest.
HVhest.
per awe $ per save
124 Dec 8633 ApI
85 Dec 48 Mar
211 Dec 32 Jan
/
4
102 Jan 110 Feb
814 Dec 267 May
2
154 Dec 461 Apr
4
28 Dec 4712 Mar
10 Nov 39 API
/
1
4
312 Dec 187 Mar
8
5
285 Dec 49 8 Mar
8
57 Dec 1734 Apr
8
58 Dec 894, Mar
12 Dec 81 Apr
/
1
68 Dec 944 Apr
8 Oct 2114 Apr
404 Dec 894 Apr
2 Dec
613 Jan
758 Jan 13 July
/
1
4
1018 Dec 2514 Sept
64 Nov 283 Jan
e
5 1 Dec 20 Apr
5
/
1
4
894 Apr 984 Sept
264 Oct 61 Mar
/
1
4
913 Dee
22 Mar
2014 Nov 875s Mar
1414 Dec 24 Sept
49 Dec 138 Mar
83 Dec 1014 Sept
524 Dec 10638 Mar
204 Dec 50 Apr
23 Dec 884 Apr
1858 Dec 99 Apr
414 Dec 775 Apr
4
1518 Dec 541 Feb
/
4
824 Dec 584 May
/
1
115 Oct 142 May
1418 Dec 84 Apr
8 Dec
/
1
4
812 June
26 Jan 68 June
13 Dec 52 Apr
/
1
4
6311 Dec 534 Apr
214 Dec 197 Feb
2
4012 Dec 105 JAI
24 Dee 49 8M/47
/
1
4
3
97 Jan 1044 Oct
24 Dec 14 Max
2018 Dec 827 API
s
44 Jan 144 June
1512 Jan 5054 July
1978 Aug 39 Mar
27 Dec 76 May
2 Dec
9 Apr
/
1
1812 Jan 884 Apr
1538 Jan 21 May
7 Dec 20% Jan
14 Dec
Os Apr
164 Dec 103 Apr
6 Dec 327e Mar
/
1
4
78 Dec 101 Mar
5 Dec 805 Mar
/
1
4
5012 Dec 139 Jan
84 Dec 1513 Apr
54 Dec 26 Apr
6414 Dec 94 June
23 Dec 7512 Max
11 Oct 35 Apr
1912 Dec 634 Apr
/
1
171s Jule MRS Jan
40 Dec 534 Jan
13418 Dec 19834 Apr
140 Jan 15114 Sept
594 Dec68 Feb
194 Dec 4514 Apr
13 Oct
74 Mar
1212 Dec 69 Apr
/
1
4
44 Nov 14814 Apr
/
1
4
158 Dec
8 Apr
/
1
4
9 Dec 84¼ Apr
Dec 1071 Aot
82 o pr
%
1074 Dec
60
864 Dec 156 Mar
214 Dec 3114 Apr
1012 Dec 42 Apr
/
1
4
124 Dec 54 Mar
3 Dec 153s Apr
65 Dec 7718 Apr
94 Dec 8014 Mar
1
81 Dec 704 Mar
414 Dec 27 Apr
2631 Dec 6312 Apr
401s Nov56 Sept
2212 Dec 4312 May
212 Dec
94 Mar
195 Dec 294 Mar
8
5012 Jan 5912 Apr
1221s Dec 21938 Feb
811 Dec 52 Feb
/
4
8818 Dec 2014 APT
10758 Nov1975g Apr
1712 Dec 6878 Mar
33 June 38 Jan
95 Dec 110 Apr
102 Nov1124 Bent
90 Dec 1011 Jule
/
1
4
1184 Jan 118123une
103 Dec 1114 Sept
/
1
4
20 Oct50 Mar
412 Nov241s AP1
18 Dec 594 Feb
rs Dec 21 Jan
211 Dec 48 Apr
/
4
12 Dec 544 Mar
24 Dec 1372 Mar
4 Dec 3978 Apr
612 Dec 21 Mu
314 Oct 11 Apr
4512 Nov 83 Apr
178 Deo
7 4 Mar
1
44 Nov 18 Mar
85 Dec 544 Mar
514 Dec 7238 Jan
47 Dec 169 Apr
88 Jan 107 Apr
68 Dec 98 Mar
104 Dec 5913 Mar
65 Dec 80 July
25 Dec 77 Mar
84 Nov 323 Apr
4
50 Dec 105 Apr
19 Oct 47 Mar
694 Dec 152 Apr
2 Dec 164 June
4020
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quatilif bonds was Maneed and prices are now and ISIVell"—except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE. "*
Week Ended May 29.
Price
Fridtre
May 29.
Week's
Range or
Last Sate.
a
.
=151
High No.
Ask Low
Bid
U. 5. Osvernrnent.
lint Liberty Loan
213 102154, Salo 102154410215n 137
243% of 1932-47
100134sNov'30 - Cony 4% of 1932-47
J D
.
213 105i1S4 Sale 10315311031'31 74
Cony 444% of 1931-47
Jan'31
102
2d cony 434% of 1932-47
Jo
Fourth Liberty Lena
434% of 1933-38
AO 101":1 Sale 10423421043°n 846
100 Sept'30
J J
Conyerelos fla oonnon
591
Treasury 4gs
1947-1952 AU 11310.411324n 112533,11313n 316
D 1094.4 Sale 1082,,109''.,
Treasury 4,
1944-1954 J
298
Treaaury 334e
1916-1956 M S 107 107.(4 106",,107''., 187
Treasury 34s
1943-19A7 J D 153',, Sale 102304210311a
Treasury 244 June 15 19401942 J D 1022342 Sale 1022141 10334s 515
, 1504
Treasury 244s
1941-1943 MB 102"(2 Sale 102214, 103 (1
,
981 Sept'30
Panama Canal 3,
1961 Q M
State •nd City Securities.
92 Nov'30
NY C 343% Corp et—Nov 1954 MN
92 4 Apr'31
MN
100 2 Apr'31
4s registered
1936 MN i019912 Jan'31
ha reglotered
1955 MN
102
102
4% corporate stock
1957 MN
107 Apr'31
143 corporate stock
1957 MN
109 May'31
MN
434% corporate stock
1957
10012 Apr'31
4% corporate stock
.__1958 MN
10012 Apr'31
,
6% corporate stock
1959 MN 100 3
100 July'30
AO
34% corporate stock _
100 4 Itlar'31
AU% corporate etock _1960 MEl 9814
102 4 Nov'30
444,
•S
1964
10814 Nov'30
AN% corporate stock _ _ _1971 J O
10614 Dec'30
454% corporate atock_ __ _1963 M S
ffo- 10512 Dee'30
5; 107 Nov'30
11.3% corporate stock_ __ _1965 in
434% corporate stock July 1987 J J
101 June'30
New York State canal imp 01961 J 2
Jan'31
102
4439
1963 M S
109 July'30
41,446
1984 22
Foreign Govt. & Municipals.
5518 20
5518 Sale 46
Aerie Mtge Bank e f 89
19-17 FA
20
55
Sinking fund Os A _A pr 15 1948 AO 55 Sale 46
8 29
965
9614 Sale 96
Akeruhuo (Dept) est 56.-1913 MN
34
50
44
Antiogula (Dept) col 76 A 1945 J J 48 Sale
56
50
48 Sale 4318
External, f 7s ser B
1945
18
50
48 Sale 43
External, f 7x eer C
1945 2 J
32
50
48 Sale 4512
External is f 73 ser D
1945 2
39
External, 17, 1st ser_ _ _ _1957 A 0 37 Sale 37
39 8 14
External see 1 73 2d ser_1957 A 0 37 2 Sale 37
2
40
40 4
40
External sec e I 7. 3d ser_1957 A 0 _
12
00 2 102
9312 102
Antwerp (City) external 56_1958 J 0
46
76
Argentine Govt Pub Wke 68_1960 A 0 75 Sale 67
Argentine Nation (Govt of)—
76 2 74
73 Sale 58
Sink fund de of June 1925-1959 J
48
76
Esti 5 1 68 of Oct 1925_1959 A 0 7312 Sale 62
764 101
7312 Sale 62
Sink fund Si Fiorillo A
1957 M S
54
77
62
7212 Sale
External 6s series 13_ _Dee 1958 J
57
763
8
Eat!, 16. of May 1926_ _1960 MN 725 Sale 66
55
76
External if 6,(State Ry)_1980 M S 7312 Sale 65
100
76
Esti Os Sanitary Works__ _1961 F A 7312 Sale 66
20
75
73 Sale 65
Ertl 6s pub wks(May'27)-1961 MN
35
69
Public Works esti 6344.1962 F A 6312 Sale 60
18
77
Argentine Treasury 50 S- _1945 M S 69 Sale 69
63
57
56 Sale 55
Australia 30-yr 5d. _July 15 1955
75
57
55
External 5e of 1927_ _Sept 1957 M S 5518 Sale 49
193
51
50 Sale
External g 430 of 1928_1956 M
107 4 77
Austrian (Govt)if 7s
19432 D 107 Sale 06
248
c95
90 Sale 89
International 1 73
1957 J
7612
8018 15
Bavaria (Free State) 840-1945 F A 75 Sale
8 30
Belgium 25-yr esti 6 Ns
194117.3 S 110 2 Sale 1013 1105 132
1
/
1044
104 4 Sale 104
External I Os
1955 J J
89
115 4 116
External 30
-year $ 1 7(4_1955 J D 115 8 Sale 110
120
110
Stabilization loan 7e
1956 M N 110 8 Sale
Bergen Norway)—
4
98
EMI sink fund 5e_ _Oct 15 1949 A 0 97 100 98
4
1
/ 21
98
,
98 8 9814
External sink fund Is._ 1960 M S 98
28
80
Sale 78
Berlin (Germany) s 1 0)35-1950 A 0 78
68
75
External sink fund 6$ _ _1958 J 13 70 Sale 69
25
59
Bogota (City) eat! II 1 88_ _ _1945 A 0 55 2 Sale 55
68
19
19 Sale 19
Bolivia (Republic of) extl 88_1947 MN
13
14
14 Sale 1312
External securities 71(/114 '58
)
34
14
External a / 7s Was) _ _1989 Ad o 14 Sale 13
40
Bordeaux (City of) 15-yr 631_1934 M N 108 Sale 10512 106
671 246
Brazil (U 8 of) external 8t,_1941 J 13 50 Sale 50
292
42
External,f 843e of 1938 1957 A 0 35 Sale 33
4
/
411 291
Extl s f 834s of 1927
1937 A 0 35 Sale 33
76
47
43 Sale 42
70 (Central Railway)
1952 2 D
100
99 8 Sale 99
Xe (coffee seaur) A (flat)_1952 A 0 95 Sale 95
20
96
S
Bremen (State of) esti 78_1935
14
42
4012
40
43
Briabane (City) e f 56
1957 fd
20
42
39
43
Sinking fund gold 59
1958 F A 40
8
54
44
20
-year s f 66
19502 D
101
71
70 Sale 70
Budapest (City) eat! 81 68_1962 J
32
74
J 69 Sale 64
Buenos Aires (City)63482 111955
1
75
75
External f 65 ser C-2_1960 A 0
2
70
External If 68 see C-3--- _1960 A 0 70 Sale 70
56 4 88
8
54 Sale 495
Buenos Aires (Proy) ext1 8e_1961 M S
7
54
1961 5' A 52 Sale 4912
Ext1 a f 114311
3
65
65
Bulgaria (Klngdom) f 7s 1967 J I 7013 71
12
79
7712 Sale 77 2
StablYn a 1 710 Nov 15 '88 60
43
Caldaa Dept of(Colombia)74313'46 J .1 44 Sale 40 2
140
97
Canada(Domln of) 30-yr 48_1960 A 0 96 Sale 96
44
1952 M N 106 Sale 108 2 10714 21
&a
1936 F A 1023 Sale 102 2 103
434,
2
107
1954 2 J 105 2 107 107
Carlsbad (City) s 1 83
24
48
Cauca Val (Dept) Colons 740'46 A 0 47 Sale 44
Central Agri/ Bank (Germany)—
32
86
Farm Loan e 1 78_Sept 15 1950 M S 86 Sale 82
62
74
Farm Loan s f Os_July 15 19802 J 72 Sale 69
7
1 Salo 69
Farm Loan it f 6s_Oet 15 1960 A 0
a
813
7 3 l'
Farm Loan Os sor A Apr 15 1938 A 0 82 Sale 76
1942 M N 73 Salo 6718
Chile (Rep)—ext 3 f 7s
5
7g12 X
External sinking fund 66_1980 A 0 59 2 Salo 54
1981 F A 60 Sale 54
External s f 69
110
1961 .2 „T 5912 Sale 55
Ry ref ext1 if fis
c6g12 1g
1961 M S 60 Sale 55
fund 6s
Esti sinking
6
9 60 Sale 5512
1963 M
EMI sinking fund ed
67
60
1983 M N 60 Sale 55
EAU sinking fund 65
46
60
54 Sale 54
Mlle Mtge Bk 643e June 30 1957 J D .5712 Sale 54
118
66
El 1 834s of 1928_ _June 30 1981 J D 5113 Sale 50
82
55
Apr 30 1961 A 0
Guar 6 I ds
5512 50
1962 M N 54 Sale 5114
Guar a 1 (iii
22
56
8
1960 M S 555 Sale 51
Cons Munic 78
Chilean
3
2
100as 10
19 4 Sale 193
Chineee (ilukuang RY) 58_1951 J D 1023 Sale 025
5
8
Christiania (Oslo) 30-yr 1 1 6$ '54 M $
7718 23
Sale 74
Cologne(City0ermany 630 1050 M S 7412 Salo 51
188
62
61
1961 J J
6114 256
Colombia (Republic) 6e
1961 A 0 61 Sale 51
External 8 f 63 of 1928
50 Sale 4814
Colombia Ititg Bank 840 of 1947 A 0 50
50
57
Sinking fund 76 of 1928_1948 M N 151, Sale 50
1 57
555
65012 23
14
F
Slaking fund 71 of 1927-1947 2 A
1
/
1004 38
1952
D N': Salea
Copenhagen (City) 55
9612 68
1953 MN
25-yr g 4346
4512 10
4
443 Sale 40
Cordoba (City) extl a I 76_1957 F A 55 Sale 55
3
61
External Li 1 7s___Nov 15 1937 M N
8 16
627
8
J 627 Sale 60
Cordoba (ProY) Argentina 78 '42 J
31
63
594
Sale
Costa Rica (Repub) Intl 7s_1951 MN 60 Sale 9418
8
9412
Cuba (Republic) Is of 1004_1944 M S 9418 Sale 97
9714 25
External de of 1914 ear A_19491F A 97
May'31
83
80
Fxternal loan 448 ear C 1949 F A
0 09t10n ode.
4 Cash ads. s on tn• barb of 45 to X weeding.
3
1
3
3
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 29.
Range
Since
Jan. 1.
Low
102.11 10313.4
102 102
102
105
10913.1 11931,
10513
.10933o
1043
.,10723a
10010,119321st
1001131101..1
101
1031381
_
0214 924
lows 10053
scs, 9(02
102 102
10612 10722
10712 109
10012 1001
100 18012
2
10014
-6413:1
1
18
38
8
,
18
13
1
3
1
13
13
18
34
14
13
1
711
38
118
14
1
18
14
34
34
18
1
34 78
14 34 34
14
78
78
33
1
114
14
3
,
11
14
34
12
14
1
34
4
,
2•5;
7
34
14
113
8
12
12
12
34
34
12
1
12
14
34
12
2
12
78
3
12
34
VI
Bid
11401)
101"J11021,11
ill El"
45
45
9413
43
43
43
43
37
37
40
9614
67
75
73 3
,
97
69
/6912
68
88
6653
67
65
102
983
8
14
58
9818
9812
62
62
9812
62
9814
66
98
4
983
65
6618 9812
983
85
8
92
80
69
88
5512 78
53
75
WI 893
4
10334/108
89
12
97
33
14
Cuba (Republic)(Concluded—
Sinking fund 540 Jan 15 1953• J
Puttee. wks 5348 June 30 1945 J o
Cundlnamarca (Dept) Colombia_
External f 1310
1959• N
Czechoslovakia (Rep of) 83_1951 A0
Sinking fund 8d ser B
1952 A0
Denmark 20
-year extl Os. _1942 J 2
External g 530
1955 P A
External g 430_ _Apr 15 1062 A0
Deutcbe Bk Am part ctf 66_1932 MS
DominIcan Rep Cust Ad 5345 '42 MS
1s1 ear 543e of 1926_ _ _1940 A0
29 series sinking fund 53431944) A0
Dresden (City) external 7E1_1945 MN
Dutch East Indies eat' 60_1947• J
40-yr external 85
1962 MS
30-yr external 540
1953 MS
30-yr external 534s
1953 MN
El Salvador (Republic) 81_1948 J J
Estonia (Republic of) 78
1967 J J
Finland (Republic) esti 6s_ _1945 MS
External sinking fund 78_1950 M
External sinking fund 6348 1956 M
External sinking fund 540 1958 FA
Finnish Mun Loan 6343 A 1954 AO
External 630 series 13 _1954 A0
Frankfort (City of) s f 640_1953 MN
French Republic ext 740_ 1941 in
External 7802 1924.___ 1942 J O
34
3
Week's
Range or
Last Sale,
Asir Low
Range
Since
Jan. 1,
Hick No. Low
4
967
63
61
76
49
4812 Sale 45
8 11018
8
1097 Sale 1097
8 110
8
1097 Sale 1097
10618
10512 Sale 10514
8 10141
101 Sale 1007
9712
9718 Sale 97
9978
9918 Sale 9818
93
91
9312 92
87
86
8
877
87
8
---- 8814 887 May'31
85
85
85
95
10114 Sale 10114
10114
10114 Sale 10114 10112
10312 Sale 10138 10312
10212 - -- 102
4
1023
103 Sale 10214 104
67
67 Sale 64
9014
4
____ 883 90
9212
9114 Sale 9114
8812
86 Sale 8512
4
8012
79 Sale 783
8378 863
4
4
813
88
88 Sale 88
4
743
7314 Sale 71
12512 Sale 2512 1253
4
8
11818 Sale 11818 1183
78
83
17
56
30
141
199
46
13
_
4
44
24
4
8
41
20
7
51
46
70
1
1
23
82
45
9418 Sale
61 Sale
9418
61
German Government Interna75 1207
tional-35-yr 5%sof 1930_1965 11) 70 Sale 66
8
German Republic extl 78_ _ _1949 AO 1007 Sale 10018 103 435
4
9912 44
4
Druz (Municipality) 88_ __1954 MN 983 Sale 983
8
Gt Brit dr Ire!(UK of) 530_1937 FA 10714 Sale 10714 1077 122
104 Apr'30 ---FA
Registered
93
6
e4% fund loan E opt 1960_1990 MN 0218 Sale /9218
13
' e10012 1003 el001261'y'31 - -4
e15% War Loan .8 0911929_1947
10378 22
Greater Prague (City) 740_1952 MN 10312 Sale 103
9914 10114
8
Greek Government $ f /or 70 1964 MN 9914 102
8634 26
8
Sinking fund sec Os_ _ _ _ 1968 FA 853 Sale 85
19
85
Haiti (Republic) s 163
1952 A0 8412 Sale 79
9178 34
4
Hamburg (State) 68
1946 A0 883 Sale 88
8
96
8
Heidelberg(Germany)extl 73050 2J -- -- 947 96
8812 19
flelaingfons(City) ext6 As 196 A0 8712 Sale 8738
39
86
Hungarian Motile Loan 743 1945 J J 7612 Sale 7612
7912 69
78 Sale 75
External, t 78
Sept 1 1946 I J
2
8414
8414
Hungarian Land M Inst 740 '61 MN
N
8
877 86 May'31 -Sinking fund 7 Ne ser 13_1961
,
FA 99 8 993 9953 10012 30
4
Hungary (Knopf ot)eI740_1994
8 10673 27
Irish Free State extle t 5s __1980 • N 10638 Sale 1063
Italy (Kingdom of) extl 78_1951 Jo 9914 Sale 9914 10012 379
11
9714
97
Italian Cred Consortium 75 A '37 MS 9412 98
95 Sale 95
9612 20
External eec t 76 ear II _1947 M
9513 62
J J 9314 Sale 9314
Italian Public Utility esti 73_1952
215
JapaneaeGovt30-year sf6348 1954 FA 10512 Sale (054 106
9612 156
Ext1 sinking fund 5;48- —1965 MN 9512 Sale 9612
Jugoalavla (State Mtge Bank)—
8334 49
Secured 6 t g 75
1957 A0 83 Sale 82
8812
5
89
LelInig (Germany)efl,._.A947 FA 8812 89
99
99
D 97
8 21
995
Lower A uatrla (Prey) 740 1950
24
Lyons(City of) 15-year 6e 1934 MN 106 Sale 10513 106
Marseilles(City of) 15-yr 63_193-4 MN
1954 J o
7512 8713 Aledellin (Colombia)11433
10738 111
Mexican Irrigat Asetng 440_1943
Mexico (US) 81E1 58 of 1899 £'45 Q
8
1015 105
11012 1161
Assenting 58 of 1899
1945
Assenting 50large
1073
Assenting 4,of 1904
Assenting 4s of 1910
95 100
9412 9912
Assenting 46 011910 large
7018 91
AsaentIng 4s of 1910 small
66 884
Tretta 65 of'13 assent(large)'33 J J
Small_
54
92
1812 543 Milan (City, Italy) extl 6481952 A0
4
1258 3153 Minas()emelt (State) Brazil—
s
External,f 640 1112 34
_1958 M
Ext1 sec 630 merles A _-1959 Si S
4
1033 106
Montevideo (City of) 75____1952 2 13
50
92
External 5168 eeries A_..1959 MN
33
704
Netherlands es (flat prices)._1972 M
33
70
41
7612 New So Wales(State) extl 53 1957 F A
Apr 1958 A0
External s f 5s
9913 105
FA
-year extl 63
90
4
1
/ Norway 20
99
1944 F A
-year external 63
20
4
1
/ 7212
39
1952 A0
-year external (is
30
397 89
8
1903 J 13
40 year f 534s
44
,
83
External s f 58___Mar 15 1963 M S
64
78
Municipal Bank extl f 581987 J D
95
64
D
Municipal Bank °AI s t 54_1970
75
9612
9314 Nuremburg (City) eta eis___1052 F A
70
495 8312 Oslo(City) 30-year s f 14.-__1955 MN
8
1946 F A
Sinking fund 540
4912 8518
D
Panama (Rep) extl 534s_ _ 1953
77
65
Esti s f 5s ser A May 15 1963 NI N
85
09
Pernambuco (State of) extl 7s '47 M
Peru (Rep of) external 7s
40
1959 M 6
76
Nat Loan 8211 s 18s 1st ear 1900 J
941s 97
Nat Loan esti f 882d eor_ 1961 A 0
10312 10814
1940 A 0
Poland (Rep of) gold 88
10013 103
103 10913
Stabilization loan 8 f 7t,..10.17 A 0
External sink fund g 85_ _1950 J J
47
77,13
Porto Alegre(City of) 8/
1961 J 12
784 95
Esti guar Anil fund 7348..19662 J
Prussia (Free State) esti 630 '51 M
84
68
External s f (Is
1952 A 0
6812 83 4
3
3
89 4 Queensland (State) extl 6 f 7s 1941 A 0
76
-year external 66
25
1947 F A
87 100
4812 88
Rio Grande do Sul esti 8183_1948 A 0
49
80
External sinking fund (ie —1968 2 1)
50
External s f 7s of 1926_.A94343 MN
86
50
87
External of 78 munic loan.1907 2 D
51
Rio de Janeiro 25-year s f 86_1048 A 0
86
50
86
External s f 8431
1953 F A
Rome (City) extl 6343
54
1952 A 0
88
54
Rotterdam (City) eat' 6c_.1964 M N
90
85
50
Roumania(Monopolies) 7t,_1959 F A
52
85
1953 J J
Saarbruecken (City) 68
50
881s Sao Paulo cam I 8s_ _Afar 1952 M N
19 4 28
Extemal f 634,01 1927 1957 MN
100 10338 San Paulo (State) extl 5188.1936 J J
External sec f88
7214 8914
19502 J
42
External Sf 78 Water L'n_1958 M
78
4112 78
External 8183
1968 J J
Secured I 78
4814 73
1940 A 0
Santa Fe (Prey Arg Rep) 78_1942 54 S
83
60
60
7614 Saxon State Mtge Inst 76_ _1945 J D
Sinking fund g 6 As_ _Dee 1948 J
9612 101
9314 9612 Seine, Dept of (France)extl 76'42 J J
Serbs, Croate dr Slovenes 85_1962 M N
75
40
External seo 75 ear B
92
55
1962 M N
1956 F A
60
8814 Sydney (City) e f 540
1958 J D
5914 7914. Silesia (Prov of) extl 73
Silesian Landowners Assn 69_1947 F A
98
03
801P110118(City of) esti 6s
1936 M N
96 100
4
873 Styria (Provl external 7, 1948 F A
80
4 111 3
Price
Friday
May 29.
94
81
High
99
81
6912
45
10912 111
3
10958 110 4
10472 10714
10013 102
9333 9712
,
96 1001
98
88
,
901
85
94
84
71113 98
,
3
1007 1021
101 102
4
1
/
10034 10313
woe, 10234
99 107
72
52
97
84
90
99
854 go
79
1
/
884
8512 94
88
9313
89
87
124 127
117 1217
s
84
86
5
99 8 10312
9612 10112
105 1077
s
s
- iOs
4
943
4
e983 10104
103 108
4
1
/
9812 102
83
884
79
97
92
79
924 9813
8014 911
4
/
7812 9413
1
/
874
72
8
825 95
82
9414
994 102
8
10113 1067
7
92 41101
934 9912
85 98
78
97
1023 108
4
4
1
/
4
913 97
4
763 8513
4
773 95
90 1004
.
4
1033 1001
38
106
106 Sale 10534
4412 Sale 41
4412 10
7 May'31
40
5
26 Apr'30
713 8'o 9 May'31
11 Feb'31
814
4 14
53
,
8 4 Sale
5
8
55
8
55
8
55 Sale
3
7
,
64
5
6
4 6
514 03
4
83
2
814 812 812
5
812
84
812 Sale
159
/88
e83 Sale 86
8
1037 107
12
40
75
7
4
83
8
3514
25 Salo 2312
48
24 Sale 2312
32
52 Sale 50
5512 22
15
45 Sale 45
52
11
104 Sale 104
104
8
405 Sale 3934
/467
8 94
4278 48
40 Sale 40
10618 Sale 10618 110812 27
g 66
8 1067
8
1063 Sale 1063
8
1025 Sale 10212 1025
8 22
10318 Sale 1025, 1037
8 63
8
1013 Sale 101
8 78
1013
19
10012 Sale 10012 101
3
103
103
103
8
66
65 Sale 65
10418 21
104 Salo 1035g
3
8 101
10078 Sale 1007
13
103 10311 10212 103
83
8
75 Salo 75
3
20
1712 Sale 1712
8
34
33 Sale 33
1714 108
4
4
163 Sale 163
1812 86
4
1712 Sale 163
6712 23
67 Salo 6812
7812 242
7714 Sale 75
171
81
77 Sale 7512
22
35
30 Sale 30
2512 13
2212 Sale 2112
41
84
8
80 Sale 767
8
765 149
7513 Sale 73
7212 51
4
703 70
70
22
59
5812 Sale 5812
15
45
40 Sale 39
4
44
25
23 Sale 213
3112 Sale 30
4 30
343
27
37
27
27
5
4814 Sale 48
4 35
513
24 Sale 22
283
4 55
8
897 285
88 Sale 8712
3
10412 Sale 10412 10412
4 87
743
75 Salo 7312
81
81
2
88
84
4438
4
2
4
393 Sale 393
64
29
8
277 Sale 2714
28
40
4
383 Sale 38
4 75
363
30 Sale 30
31
31
2512 Sale 2512
32
25
21 Sale 2018
7018 167
68 Sale 66
41
70
,
70 8 Salo 66
4 13
853
8318 Sale 81
8
4
803
4
803
4
803 82
10718 19
10713 Sale 10718
4 90
863
84 Salo 84
67
80
73 Sale 78
9
45
43
4014 49
38
55
8
533 Sale 5214
2
69
69
68
60
10712 14
8
8
1067 Sale 1067
9
4
4
943
3
90 4 Sale 903
2312 85
2313 65
92
50
8413
45
10313/1064
393 691s
4
6813
90
1044110812
10434 107
10114 103
1013 1037
4
8
1004 1014
997 1011
8
4
10018 103
14
85
83
10012 10418
9913 102
10013 10314
75
4
933
171 67
31
60
4
1
/
15
4014
163 40
4
4
833 7212
73 83
90
73
82
30
2912 71
7213 874
6812 83
99
69
,
50 4 87 3
5
35
8813
4
213 5514
293 65
4
27
64
48
3
875
22
88
914
78
103 108
7312 83
89
81
4
393 93
2512 64
4
1
/
38
93
8414
30
2512 7611
2018 5872
88
66
90
65
7812 118
7412 I 935
4
10812 108
93
84
8413
77
76
40
,
52 4 69
60
80
103 1084
1
/
90
654
ti11
534
558
614
6
812
8
4
1
/
75
8
115
10
113
4
101
4
934
4
1
/
13
134
91
4021
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 29.
4a.
Price
Friday
May 29.
Went'e
Rance or
LAM Sale.
.4a
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 29.
Price
Friday
May 29.
Week's
Range or
Lan Sale.
Low May'31
Htp_.
11
Range
Binge
Jan. la
No. Low
97
4
,4
884
Hith
High No. Low
High
99 1015,
Chicago & East 111 181 60-1984 AG
24 1043 106
8
1053
3312 110
80
50
(sets co) con ba _1951 MN 32 Bale 32
8
106
RY
29 1037 107
E
MN 106
1044 108
____ 106 May'31 1982
Chic is Erie 1st gold 58
774 83
8214 13
6312 125
61
69%
Chicago Great West 1st 40-1959 MS 6112 Sale 61
8812 96
95
62
104 8 110
7
4
ChM Ind & Louis, ref 6s__..1047 Ii 1053 10612 10614 May'31
4018 76
47
7
7
1003 102 4
4
0
1947 Ii ____ 997 101 Apr'31
97 10014
14
Refunding gold 58
993
15
31
91
741
_7_0_ 9314 9751 May'3131
93%
1947 J
Refunding 4s series C
9840104
11
1001
75
90%
1966 MN
1st & gen be series A
87
913
4
903
19
87 100
797 87 May'31
1st & gen 6s ear 11.__May 1966 3.3
70 104
76
40
941 ____ 933 May'31
9318 96
4
1956 .1
49
88% Chic Ind& Sou 50-yr its
55
68
9938 1011s
8%
0
5714 37
5114 884 Chic L 8 & East lit 434e.1969 J O 10012 ____ 10212 May'31
36
793 87 4
4
1
93% 100% Cb 61114 St P gen ls A_MAY 1982 3.3 8313 Sale
9914 15
_ 84
Oct'30
O J
Registered
834 89
88
206
8
' -1363- /13 7314
7314
I - 4
"69i4 Via;
Gen g 3;0 ser B___May 1989
5418 70
56
92
925
8 36
90
981s
96 1003
Gen 4 Asserles C __May 1989 3 3 9213 Sale 9213
s
99% 54
93 May'31
_
'I 925 94
8
S84 981s
Gen 4 heaeried8 E__ __May 1989
5
95
95 101
Railroad
Gen 4fes series F_ __May 1989 J J 95 Sale 95
198
59
52
76
4
Ala Gt Sou 1st cons A be _ __ _1943 J
Chic Milw St P & Pao 5s..1975 FA 52 Sale 52
1023 104 10234
4
_ _ 1023 105
4
2012 318
163 35
4
let cons 40 eer
Jan 1 2000 A0 18 Sale 163
94
Cony ad]be
94
1943 J O 94 Sale 94
94
10
797
8 33
81
76
All, & Snap let guar 334s-1946 AO 91
810 9213 Chic & No West gent 3348-1987 MN 7614 787 784
4
93
9214
9214
1
•F 7312 80
7912 Mar'31
77121 7912
Alleg & West 1st g gu 48-1998 AO 9014 92
Registered
86
9014
9014 Apr'31 _
9014 28
91
067 904
86
4
Alleg Val gen guar g 40
1987 MN 8913 Sale 88
General 45
S 9914 ___ 9913 May'31 _ _
1942
12
88
8
864 91
Ann Arbor let g 4e.,
non-p Fed Inc tax'87 MN 875 9212 88
Stpd 4s
724 801
4
..July 1995 Q 1 _ _ _ _
7I7 73 May'31 _ _ -e
4
Atch Top & 13 Fe
Gen 4 N e etpd Fed Inc tax_1987 MN 1023, 1033 10218 10214 26 10218 10314
973 101
8
-Gen 248.1995 AO 10012 Sale 10013 101
97
106 1104
Gen Is etpd Fed Inc tax_ _1987 MN 107 11114 10613 May'31
99
Registered
AO
96
99 May'31
1051z July'31
M
93% 97%
Adjustment gold 4e_July 1995 Nov 97 Sale 9714
Registered
973
8 11
iao" 10284
94 (
1812
1933 MN ioi 104 10113 Ion
Sinking fund deb be
Stamped
N 96
July 1995
97
967
8
9812 15
10113 May'31
MN
10012 1014
Registered
MN 9318 0014 9412
Registered
9315 9412
9412
1
aife 10812 109 66 10714 1094
91 4 11014
Cony gold 4s of 1909
3
-year secured g 610_1936 MS
15
1955 in 9413
943
4
943
4
1
9534 16
04 103
Cony 45 of 1905
let ref g as
9414 9712
May 2037 J O 95 Bale 95
1955 in 9618 Sale 9618
9614
6
845
8 15
8314 96
4
let ds ref 414s
9114 9114
Cony 848 issue ot 1910.._1960
' 947 9534 9414 Apr'31
1)
May 2037 J D 813 8511 8313
16
833 954
8
85
813 843 8358
4
4
Cony deb 4140
let & ref 440ser C May 203
4
1948 J o 112 Sale 112
7
115
231 1113 122
77'1 177
6612 93
Rocky Mtn DM let 45.. _1965'.3 9618 Sale 9618
Cony 434e series A _ __ _1949 MN 6613 Bale 6612
93 4 97
3
9618
1
Trams
95
997
-Con Short L 1st 40_1958 J
8
993
9812 ___ 993
8
5 102
911
18
96
90
888 90
ChIcBogttteted
R I & P Railway gen 43 1955 .1
106
Cal-Aris let & ref 448 A.1962 MS 1043 Sale 1043
4
4 105
Jan'3
o
-__ 91
91
'
3
91
All Knoxv dr Nor let g58 1946 J o 1023 ___ 10312 Feb'31 12 10313 10312
4
8
93
9
83
9911
9712 994
4
A tl& Chad A List 4;66 A 1944 J J
1934 AO 88 13_11_!_ 8614 Ap231
Refunding gold de
99 100'2 993 May'31
4
AO
9614 9811
10212 105
let 30-year 5s series B _ _1944
Registered
10412 89
89
10314
85
42 83
8312 83
96 4
3
A Untie City let eons 4e. _1951 J
86
944
4411045 series A __1952 MS
971, 27
4
963 Sale 963
4
4
N 72 Sale 713
79'x 108
4
713 9211
A tl Coast Line 1st cons 48 July '52 MS 91
Secured
Cou y g
95
98
97
9212 May'30
Eels 1044
0
02
:3
8
Ca StLitt.
5
91
Beg & N0 5e_June 16 1960• D 1043 _ _ _ _ 10414N:11z 3
MS 10014 Sale 10014
ted
101
15 "ae 102
D
General unified 434v ..1964 .1 D 87
873 873
4
4
873
4
13
151
8 8
• D -. 47 8658 8512 May'31 _ _ _ -/ 3 15
1
;
L & N coll gold 4s __Oct 1952 M N 425 4913 417
Gold 354.
87
923
4
8
8
418
1
9112 9112 May'31
90
914
Ail & Dan let g 4s
40
Memphis Div tel j -5 5 3D
52
1948J J 40 Sale 39
gun436 1--1199511
40
7
101 8 Nla' ______ 101 1014
017 Feb.31
r3
Ch Opagtatnd cone g ba___1932 AG i0118
t LA m let
30
40
P
1948
77
70 May'31
64
AG _
101 101
All & Yad 1st guar 48
65
75
1949 AO 1033 105 104 May'31
8
2 60
6413
6413
8
JP 645 74
8S 8
3
Austin & N W 1st gU 50-- -1941 J J 9858 Sale 9712
So
99 --io 10114 10414 Chlatter & So East let 58_1960 MS 52
58
58
1
57
18
73
Bolt& Ohio late Co__ July 1948 A () 9514 98
96
987
s
gu
95 May'31
10438
4
102% 105
Chio ,I ta B gu434e A1 80 Ii 10414 Bale 1033
mtUns we lst
921 98
5
Registered
July 1948 Q J 100 Sale 100
'n
Dec 1 963
10114 197
4 1063
4
1 1044 1063
4
4
20 year cony 44e
993 Mk
1933 MS
1943
4
1 4Ii 10612 1063 1063
_ 993 Dec'30
4
105
7 103% 1063
4
3. 1043 10514 105
4
MS la- 8;1e 1013
Registered
Guaranteed g be
4
10212 100
116
9 1144 11614
116 Sale :116
Refund & gen be series A 1995 J O
ist guar 6its 'odes C _1963 J
973 10434
4
103
9114 33
90 Sale 1 90
87Is 99
.31) jail, dale 10734 Mar'31
Registered
1952 J
45
los 44 103 5 103 Chic & West Ind conA
9 1024 1051
4 10514
4
s
1 1043 10512 1043
1St gold ba
1st ref 5 Ns series
July 1948 AO 10813 Sale 10818
105, 109
_1962
10312 Apr'31
10134 1034
Ref & gent:Wearies C ___1995 J O 9814 Sale 9814 10918 60 10712 11013 Choc Okla & Gulf cone 51_1952 ▪ N
99
13 954 99
P
9918 101
98 100
& W Va Sysref 40_1941 MN 10312 Sale 10314
.• 1 10318- - 9918 May'31
Cil2 H & 13 2d gold 4 Ka__ 1937
104
26 10018 10512 C 1St L & C
2
983
4
4
8
98
99
Bouthw Dl, let 58
1950 3' 85
let g 4s_Aug 3 1936 O F 987 9911 983
86
8518
8614
7
98% Apr'31
Q F 983
5
984 981s
Tol& CM Div 1st ref 49 A_13359 3, 10114 Sale 10114 10258
83
864
Registered
Aug
113
Ref & gen be series D
93 96
N 93 ____ 93 May'31
2000 MS 88 Sale 88
99 104 4 Cln Lets di Nor let conu 2 1948
1
2
g40.193
911 _192
Cony 454e
1960 FA 10358 ___ 105
CM Union Term 1st 414e-2020 3' 10514 105% 10513 10512 10 103 106
88 099
9814 Apr'31
Bangor & Aroostook let 5s.1943'.3 92 Sale 913 May'31
98 4 9814
,
'
3
Clearfield & Malt let gu 53_ _1943
4
9212 13 103 105
2
95
Con ref 4s
924 97
1951
8611 9212 Cleve Cin Ch & St L gen 4.s 1993• D -9413 95 95
6512 ____ 71
Feb'31
Battle Crk & Slur let gu 311-1989 J
1094 110
in 10714 ____ 110 Feb'31
71
71
General Si series B
1993
100 -___ 100 May'31
Beech Creek 1st go g 4e
8
J 1045 104% 105 Apr'31
103% 105
1936 J
Ref & Rapt ele ser C
9712 100
1941
10012 ____ 100
Jan'30
15 10312 105
ad guar g 60
3 I 1043, 10514 10414 1043
.
1936 J J
Ref & impt be seen
88 Mar'31
99S
68
9612 1013
4
Beech Crk ext let g 834 11
86% 88
RefetimBt
1951 A0 8918
8
utlle ear E _ 1977 J J 97 Sale 97
9 3
101% Jan'31
Belvidere Del cone gu 340_1943• J 957 - -7- 9712
100 101%
When
90 8
May'31
8
)47
Big Sandy let 4e guar
-14 985 May'31
97
9912
1944 J D 98% Sale 987
Cairo
▪ 3 -98Te 18
- a WIZ
_
let gold
5 101
94 May'31
go -1 8 10314 a DivhttDly tt 4s_:_ I939 J
4
923 96
91
Baikal & Maine 1.1 55 A C_1967 MS 9712 99
94
Cll
987
90
t i oou lete 4! 191
9
44
9913 1003
8 45
90 s 9311
91% 93% May'31
7
MN 90
let m 5e series 2
1955 MN 8318 Bale 8318
99 10314
8318
2
__ 953 Feb'31
4
9514 95 4
3
Boston & NY Air Line let 4a 1955 P A 98- _
Elpr & Col Div 1st g 4s_ _ 1940 MS
81
85
9814 May'31
9518 Apr'31
9518 9518
Bruni & West 1st gu g 40._1938 -I
W W Val Div lst g 4s
98
9814
1940 J
10314 104 10314
-14
10314
104% May'31
10314 C C C dr I gen cons g 60_ _ _1934• J 10044:
21 1 4
96
0005
4
1034 1041
4
Buff Koch & Pills gen g 50-1937 MS 73 Sale 7234
7914 12 j''2
1013 Apr'31
4
101% 1010
4
Conrad 434.
727 90
4
1957 MN 102 10212 102 May'31
Ciev Lor & W con lat g 60_1933 AO
10118 10118
1 101 1011a
Burl C K &Nor let& 001168_1934 10
101 1023 Cleve!& Mahon Val g U._ _1938 J J
4
May'31
10012 101
N
CI & Mar 1st gu g 440
1055 1073 108
8
4
108
2 105 10812 CIevti
Canada Sou cons gu be A_ _1962 AO 102 Sale 1013
Bee
5
3ttit
gengll 440 ser B _942 AG
193
4
10218 12
Canadian Nat 4 S48-Sept 15 1964 MS 1015 Sale 1015
AO
98 10214
8 102%
8
m ar.0:
l v3
N y2
io :
093 8
01
0 85
50
-year gold 434s
1957• J 102 Sale 10012 10212 56
Serlee A 4 40
974 10213
1949422 ii 101158
24
8
2
1 6% Ja y 31
9 14
8e
"ail; Ili
Gold 441
97h 10212
1868• D 107 Sale 107
Series C 3fee
1948 MN 897 :2 923 m an: 6
107% 30 104 108
P A
Guaranteed g be_ __July 1969I, 107 Sale 107
Series D 340
,
4
1950
1075
8 47 1033 10814
jai- 105
P A
Guaranteed g Si ..Oct 1969 AO 107% 108 107
5
Gen 4Ies Bar A
12 107%
8 104 1073 Cleve Eihor Line 1st gu 454s.19619771 AO 103 10412 104 May'31
10214 1044
Guaranteed g Se
1970 P A 1033 Sale 1033
4
4 104
4
55 100% 104
8 1081 11114
4 111
4
4
Guar gold 454s___June 151955 in 1127 Sale 112%
Cleve Union Term let 5546_1972 A0 1103 111 11103
8
113
20 11018 113
4 10515 10912
AO 1065, Sale '1065, 10714
Canadian North deb a f 70-1940
let e f be series B
120
1197 12018
8
12018 _ _13
lt.3
92
28 101N 104 4
95 %
25-year if deb 634.
3
18t it guar 64e series 0-1973 AG 10312 13_al_ ..:103511 ApO41
115h 12018
1946 Ii
1977
11314 Jan'30
92
9618
Coal River Ry let gu 4e___ _1945• 13
Registered
10214 103
1021
17 itiars 103 (Join & 80
55 1004 102
10-yr gold 4 Hs___Feb lb 1935 FA
Gent South refdr eat 4%0_1935 MN 101 Bale 101
m 4l f
Sale 8714
883
4 37
, 90
5
894 97 4
3
Canadian Plc Ry 4% deb stock._ '.3 8714
86% 894
1980 MN 903 Bale 897
___ 99% 99% 100
16
96% May'31
92
98 a
Col tr 44s
7
98% 10112 Col & H V 1st ext g 40
1946 MS 1063 Sale 106
1948 AO 947
8
9311 95Is
20 102 107
94 ____ 9413 Apr'31
Si equip tr otfa
1944 Ii 103% Sale 103% 107
Col & Tol lst ext 40
1955
10312
7 1014 10512 Conn & Passum KIT let 40 1943 A 0
Coll tr g 5o
Deo 1 1954 J
86
725
8
72% 10
74
.• 1 9913 Sale 9912 100
891* Yes
Collateral trust 4340
984 100
Ntt_ony d
40 _1954 J
1960
Consooltynoenti
983 Oct'30
8
Apr'31
68
'
3
744
Carbondale & Shaw let g 46_1932 MS 96
46
1956
Mar'31
70
4
70
Caro Cent 1s1 cons g 48 -1949• J 55 68
721
4
75
Non-conv deb 46
1955 AO 723 ____ 7214 Apr'31
103 104 103 May'31
_ -_ 73
72512 _7414 7314 May'31
72
68% 74
Caro Clinch & 01st 80-yr50.1938 .31)
102 104
Non-cony debenture 4s 1956
10814
10812 ia 107% 1094 Cuba
38
41
47
47
let & con g 136 ser A Dec 15'52 J o 108% Bale 92
Nor Ry let 654.
1242 in 38 Sale 38
Apr'31
91
31
Cart & Ad 1st gu g 4e
60
Ii 59 Sale 55
/134 704
1981 J O
Cuba R1 7ht tietA
l ret
91
92
tlettSO-year
84 78 May'31
7412 0 7 1
7
0
9
Cent Branch U P let g 0_1948 in
70 801s
78
8314
1936 3D 6552 Bale 64443
10312 May'31
May'31
101 10312
69
Central of Ga let g ba-Nov 1945 P A 1031,
704
1st Ilen & ref (10 ser B _1936 J
IQ; 95
9518 ilia
Congol gold So
95 10214
1945 MN 95
_ 100 100 Feb'30
MN
8
5
9514 9914
Del & Hudson 1st & ref 44-.1943 MN 97 8 Sale 975
Registered
9914 108
Lai so 90
9014 11
3 1004 10538
103
90 100
30
Ref & gen 634/1 series B___1969 A0
-year cony be
1935 AO 103 10312 103
7912 87 May'31
4
4 10618 16 10311 1064
MN 1053 Sale 1053
Ref & gen Si Berlin 0
15
1959 AO _
8612 951e
-year 5 Sis
90 8713 May'31
100 Apr'31
D
Chatt Dlv pur money g 48_1951 J
9610 100
& Bridge 1st gu g 40_1937 FA
87
88
6
83
101 May'31
94
113
4
914 99
Den & R
Mask Nor Div leIg 50.1946 J J
100 102
let cone g 4e___ _1936 3' 913 Sale 9112
10113 10213 Sept'30
97
.1
1
908 97
97 101
Mid Ga & All Div pug m 58'47 J
Consul gold 4Its
10113 Apr'31
5914 17
53
83
Mobile Div let g Si
10158 1- 1-8 Den & R Wait gen Ss-Aug 1369955 P A 53 Sale 53
1946 ii
6 5877 87
8
87
Cent New Eng let gu
88
85 4
3
71% 13
85
_1961 .3,
Ref & 1mpt 6e ger B_Apr 1978 A0 71 Sale 6918
8914
96 May'31
98
N
9511 9014 Dee M & Ft D lst gu 4e___ _1935
20
8 Apr'31
5
8
8
Cent RR & 5kg of Ga coil 58 1987
'3
iii‘ Sale 11358 114
20
94 M at:,
6 ma y 331
Central of NJ gen gold 50
6
6
6
1124 116
1987 3,
Certificated of deposit
11212
-- 11213 May'31
Registered
1094 11412 Dee Plaines Val let gen 430_1947 IN -15
1987 Q
9734
35 Apr'31
General 48..
36 111987 ii 9712 Sale 9713
5712 9812 Det & Mac let lien g 4e
1955 J o
8
99
Out Pao let ref go g 40_1949 P A 983 Sale 97%
4478 38 Dec'30
_71
Gold 40
954 99
1995 in 32
95 May'31
98
P A 94
Registered
4
6 ioir: far,
MN 101% ____ 1013
96
Detroit River Tunnel 450_1961
103%
97
96%
96% 97
9618
Through Short L let gu 4e 1964 AO
9514 963 Dul Miesabe & Nor gen 50..1041 J J 10418 ____ 10318 Dec'30
8
8
8
1045
8 75 1017 1054 Dul & Iron Range let Si. _ 1937 AG 10314 104 10318
Guaranteed g 154
10318
Ina" 104
1960 P A 1017 Sale 1017
8
109 Mar'31
Charleston & Say'h let 70_1936'.3 110 _
45
36'z 604
' 45 Sale 45
3
109 109
Dul Sou Shore & Atl g 55__ _1937
Cheek Ohio lit con g
107
18 104 4 1071z East Ry Minn Nor Dl, let 40'48 AO 96% ____ 9712 May'31
96% 9718
_1939 MN 106% -- -- 106%
3
10314 Mar'31
Registered
1004 108
1074
1939 MN 104
101 1034 East T Va & Ga Div let 58_1956 MN 10712 110 10714
105 4 -- 106
3 1 8
067
10634 21 1034 1064 Elgin Joliet & East let g 50_1941 MN
_ _ 104 Feb'31
104 10411
General gold 4Ita
1892 MS
-. 1023, May'31
MS 10218
0514 40 10218 1061s
898813
Regleteced
AO 104 4 10-57-8 10412 189
102 1023 El Paso di
8
W let 5e
10318 32
841 89%
4
Ref &!mut 434e
24
88
J
_1993 AO 10214 Sale 10218
984 10315 Erie let cony g Undo/
98
4953
1013 Sale 1013
4
4
10234 137
5
82
' 86 Sale 86
86
3
874
Ref & Imp% 4 As ear B _.1995 J J
9912 1023
1996
Registered_
4
52
70
73
70 Sale 70
.May 1940 ▪ j 105 106 10313 May'31
794
Craig Valley 1st Se.
1st consul gen Uen g Se__ 1996 J J
10214 10312
_ 94121Mar'31
68 Dec'30
Potts Creek Branch let 40_1948 j j 9518
944 944
1996.0'
Registered
4
1011
- 0
7
R & A Dly let con g 4e_ __1989 J J 9712 102 102 4102
Penn coil trust gold 40 _1951 FA -155C3 d;fe- 9912 loo
93140102
oin
i
9213 ____ 93 Mar'31
11
684 781s
6812
1989 J
72
11214 7144
09
2d consul gold 48
50
-year cony. 40 eerier A 1953 A0
10214 -.-- 1043
A0 68
70
7012 7118 May'31
787
4:May'31
1
Warm Spring V lilt 50..1941 M
_ 1043 104 4
4
3
1
AO 735 ---- 7312
98% 254
704 7318
Cheep Corp cony Se-May 15 '47 MN 91 Bale 91
7312
Gen cony 4e series 13
91 tutee
1195533
9
693
8 19
8
MN 7212 Sale 7214
714 844
Chic & Alton RR ref g 3s.1949 AO 6812 693 69%
7613 137
674 73
Ref & Rapt he
66
67
71
7112 84
67
77 '200
Ctf dep etpd Apr 1 1931 int-7_6
5
87
1907
04
BRegedsalJerseyloift149030._ _19.0 A0 7258 Sale 7112
70
4
15 109 11215
J J 1115 ____ 112
4
Baliwoofirst lien 3148----1950 ii 793 -- - 793
8
793
112%
4
1
3
710 79 4
4
19814 1 1412
1103 114% 112 May'31
4
92%'
Ohlo Burl & 0-111E01v 340_1949 .1 .1 9258 Sale 9114
89
Genesee River let s f 60..1957 J
9218
937 ____ 935
J
91
935
1
933 9315
3
Jan'31'____
Itigistered
01
Erie & Pitts gug
91
ser B 1940 J
-18 9912 10014: 17 96% 10014 SecIesC334e 3Ses
1949.3' "airt 160
Illinois Division 4e
1940 J J 93% ____ 857 Oct'29
1958 M 8 100181101
93
9912 100 1 61
85
35
85
1 "Ifi" 93
General 40
Fla Cent A Pan 1st cons a be '43J
9612 100
9
6718
10413 23 1110 10412 Florida East Coast 191 434i1959i 13 6718 85
70
6715 80
& ref 4140 Her B ___ 19771F A 104 10112 10414
4
19711F A 1093 110 1094
20
1974,61 5 18 Sale 1718
110
326
34 1073 110
1715 31
let & ref Bs merles A
1st & ref 53 series A
4
0 Cash sale. e Option sale.
Foreign Govt. & Municipals.
Ask
84.4
Sweden external loan 640_1954 MN 1043 Sale
8
8vritserlaud Govt eat'640.-1946 AU 106 Bale
Tokyo City be loan of 1912_1962 MS 81% Sale
Externals f 5140 guar_ _ __1961 AO 9418 Sale
Tolima (Dept of) extl
5
_ _1947 MN 477 Sale
Tronclhjem (City) let 630_1957 MN 9912 100
Upper Austria (Prov) 70_ _1945 in 100% Sale
External of 614e June 15 1957 J D 893 Bale
8
Uruguay .Republic) extl 80_1946 FA 73 Sale
External s f 69
1960 MN 5913 Sale
Hid s 6e
May 1 1964 MN 5912 Sale
Venetian Prov Mtge Bank 70 '52 AO 99 100
Vienna (City of) exd .0 60_ _1952 MN 863 Sale
4
Warsaw (City) external 70_1958 FA 5413 Sale
Yokohama (City) eat! 60_1961• D 99% Sale
Low
104%
103%
817
8
9418
4018
9912
10012
895
8
70
49
5114
99
8612
54%
9913
1
_
4022
New York Bond Record-Continued-Page 3
o
BONDS
R. Y. STOCK EXCHANGE, 113
t
Week Ended May 29.
4.
Fonda Johns & Gloy let 4 Ma 1952 MN
For St D Co 1st g 4 S9-1941
'
I
WA Den C 1st g 5 Ms_ _1961 J O
Frew Elk & Mo val let 65 1933 AO
H & SA M&P 2d ext 53 gu'31 J
Gal? Roue & Bend in Se._ _1933 AO
Ga & Ala Ry let cone be Oct 1945 J J
Ga Caro & Nor let gu g 59 '29
Extended at6% to July 1_1934 J J
Georgia Midland let 38
1946 AO
Gouv & Oswegatchle let 58_ _1942 ID
Or R & I ext 1st gu g 4 Ms_ _1941 J
Grand Trunk of Can deb 73_1940 AO
15
1936 MS
-year file
Grays Point Term let
_ 1947 J
Great Northern genie59_ser A_1936 Ii
ID
Registered
let & ref 43e series A___ _1961 I .1
1952
J
General 5348 aeries B
General ba series C
1973 Ii
Geaeral4 Msseries D
1976 .2 .2
General 4948 series E
1977 ii
Feb
Green Bay & West deb cr,fs A _ _
Feb
Debentures ctfs B
Greenbrier Ity let gu 48_ _ _ _1940 MN
Gulf Mob & Nor let Ms _ _ 1950 AO
let I'M be series C
1950 AO
Gulf Sr S I 1st ref & ter be_Feb '52 J J
Hocking Val let cone g 434e.1996 II
1999 ii
Registered
Housatonic Ry cons g 5s___ _1937 MN
I
H & T C 1st g bs int guar
1937
Houston Belt & Term let 58_1937 Ii
Houston E & W Tex let g 68_1933 MN
let guar be redeemable_
1933 MN
End & Manhat let be serA _1967 P A
Adjustmentincome 5s Feb 1957 AO
Price
Friday
May 29.
/ serf
Range or
Last Bale.
Range
Binge
Jan, 1,
1
86
86
Jan'31
73
10312 Apr'31
loai2
1013 -- -- 10114 Mar'31
4
11318 60
113 Sale 113
4 51
1083 Sale 108% 1083
4
96 Nov'30
1113 408
4
1102 Sale 11038
4
10912 May'31
16
102
101 Sale 10014
11018 103
10914 Sale 109
64
10414 105 10412 105
9912 41
98 Sale 98
9834 145
97 Sale 97
6712 Apr'31
5018 75
1412 Apr'31
1114 12
9614 9714 95% Mar'31
947 97 Mar'31
8
11
89
8712 873 8712
4
1035 May'31
8
10112
2
10512 1053- 10512 106
- 4
10012 Apr'31
1007
8
1007
8
1003
4
10114 ---- 10114 May'31
103 May'31
103
10114 May'31
102 10112 May'31
9958 92
99% Sale 9914
783
8 83
78 Sale 7712
86
88
67
1
4
943
4
4
943 Sale 943
85
8814 8512 Apr'31
8614 June'3I
81 8512 May'31
85 70 Mar'30
_ 8712 8714 89 13
108
86
8418 Sale 8418
5
85
845 8814 85
8
5
78
797
8
78
75
4 13
98 10012 9912 1003
10718 38
107 Sale 107
28
80
7312 Sale 7312
92 Mar'31
91
88
763
8
-- 77% May'31
8418 10
8418 Sale 8418
76 Apr'31
7312 77
743 783 7512 Apr'31
8
s
3
4
813
4
8118 8314 813
815s -- 85 Feb'31
92 Apr'31
92
9012 95
Sale 90
823
4
8312 82
913 Jan'31
8
9714 May'31
8612 teb'31
4
Hal 103 1023 May'31
10212 Sale 10212 10212
9513
82 Sale 82
5318
50 Sale 49
75
7312 Sale 7312
75%
4
4
743 Sale 743
6712
6712 Sale 6712
6812
5712 6812 66
63
60% 63
1214 May'31
1312 12 May'31
3
212 4% 3
96
9312 _- -- 96
103 May'31
103
39 4 - -- 8912 May'31
,
95
87 sale 87
773
8
767 77% 77
8
9012
4
87% Sale 873
973
4
8
9712 Sale 965
935 May'31
8
93% -___ 92 Sept'30
93.
9112 May'31
9112 92
8712 89 Apr'30
70
Lake Erie & West lat g be _ 1937 J J
2d gold&
1941 J J
Lake Sh & Mich So g 3Ma
1997 J D
Registered
1997 J D
Leh Val Harbor Term gu 56_1954 F A
Leh Val N Y lst gu g 4 Me _ _ _1940 J J
Lehigh Val (Pa) cons g 492003 MN
P4 N
Registered
2003 M N
General cone 4948
Lehigh Val RR gen be serlea.2003 MN
Leh V Term Ry 1st gu g 5a_ _1941 A 0
1945 M S
Lehigh ar N Y lst gu g 4e..
Lex & East lst 50-yr 59 gu_ _ _1965 A 0
Little Miami gen 4s aeries A..1962 M N
Long Dock consols6a
1935 A 0
Long Ia.d let con g be_ _July 1931 Q J
let consol gold 49_ _ _ _July 1931 Q J
1938 J D
General gold 4e
1932 J D
Gold 4s
1949 PA 13
Unified gold 4s
1934 1 D
Debenture gold be
1937 MN
20
-year p m deb Es
1949 51 El
Guar ref gold 413
Nor Sh B lat con gu be Oet'32 Q J
Louisiana & Ark 1st be ser A _1969 J J
Louis &Jeff Bdge Co gd g 49.1945 PA S
Louisville& Nashville be __ 1937 M N
1940 J J
Unified gold 4e
J J
Registered
Collateral trust gold 59_ _1931 M N
1st refund Ms series A _ _ _2003 A 0
2003 A 0
1st & ret bseerles B
2003 A 0
let& ref 4 Msseries C
Paducah & Mem Div 45_ _ _1946 F A
St Louis Div 2d gold 3s_ _1980 M E3
Mob & Monts 1st g 4 Me_ _1945 MS
South Ry joint Monon 49.1952 J J
Atl Knoxv & Cln Div 48_ _1955 MN
Loulay CM dr Lax Div g 4 M9'31 MN
6
4
4 1013
1013 Sale 1013
4
1003 May'31
4
865
8 20
Sale 8512
86
8414 8512 8412 May'31
2
10512 10712 10312 10512
10012 102 101 May'31
66
87
85 Sale 85
83 May'31
813 90
4
4 31
9912 Sale 9912 1003
10312 Sale 10318 10312 12
102 1055 101% May'31
8
9
9512
9414 9512 9514
12
110
1093 1133 110
4
4
9118 933 9112 May'31
4
4
10618
10618 107 10618
10014 20
10014 101 10014
8
10018 1003 985 Sept'30
4
98
_ 98 Apr'31
98% Apr'31
9818 nid
9512 May'31
10112
_ 10112 May'31
1
102
102 10214 102
9
9512
9512 Sale 9512
10112 10212 10112 May'31
4612 65
43 Sale 41%
9414 May'31
94% 95
1033 -- - - 103 May'31
993 Sale 9914
4
100% 105
9412 Nov'30
9718
1
10118
10118 10112
10118
3
10414 10412 10414
10412
10318 Sale 10318 103;8 21
98 Sale 98
9812 12
95 Dec'30
7018 10
6914 Sale 68
3
4 1013
4
10134 Sale 1013
1
895g
89
90 89
9554 -.- 9612 May'31
1
101
1003 ---- 101
4
90
_
81
21
9212
9512
- -- 102 Apr'31
1934,1 J
Mahon Coal RR let 5s
70 May'31
76
70
Manila RR (South Linea) 4s_ 1939 MN 10268 May'31
70
1959 MN _
latest 4a
4
993
4
4
Manitoba S W Colonlaa'n 517_1934 2 13 9912 993 993
9012 Apr'31
Van()B& N W let 3As
I941
212 Dec'30
sand_ _1977 M S
Max Internat lst 48
9914
9812 9914
Mich Cent
-Mich Air L 45- _1940 J J 98
76 May'26
1951 MS 8612
Jack Lam& Sag 31411
8
905 May'31
1952 m N
903
4
1st gob! 3149
1013
4
Ref & Impt I 49 ser C _ _ _1979 J J 10112 Sale 101
it
Price
Friday
May 29.
Week's
Range or
Last Sale.
9
11411
High No, Low
Ask Low
Bid
High
1
17
1718
1718
1738 21
2814
9512 9712 9618 Aug'31
158'is
8
1057 Apr'31
105%
104
1934 10512
104 Cos 104
4
10012 loos 9912 10014 21 9915 1003
4
9812 100
993 Mar'31
1
31
31
31
574
30
40
Illinois Central 1st gold 4s _ 1951 • J
let gold 3Me
1951 12
J J
Registered
Extended let gold 3Me_ _1951 AC
let gold 3s sterling
1951 ME
Collateral trust gold 4a..A95'2 A
let refunding 45
1955 MN
Purchased lines 3348
1952 J J
Collateral trust gold 4e._1953 MN
1955 MN
Refunding bs
15
-year secured 6348g.-1936
A
90
-year 4445
Aug - 1988
1
Cairo Bridge gold 4s
1950
Litchlleld Div let gold 39_1951
Louley Div & Term g 3Ms 1953
A
Omaha Div lst gold 3s__ _ _ 1951
St Louie Div & Term g 321_1951
1951
Gold 3 Ma
Springfield Div let g 3 Me_1951
A
_1951
Western Lines 1st g
III Cent and Chic St 48_- ()L drN
Joint lst ref &series A__ _1963
1st& ref 4 Msseries C
1963
Ind Bloom & West let ext 49.1940 A 0
Ind III & Iowa lst g 45
1950
Ind & Louisville let gu 45-1956
Ind Union Ry gen &seer A _ _ _1965
Gen & ref Es series B
1965
Int & Grt Nor let 6s ser A _ 1952
Adjustment 6s ser A _July 1952 A 0
lat &series B
1956
letgseeerlesC
1956
1St Rye Cent Amer let Se._A972
let coil tr6% notes
1941
A
1st lien & ref 63.48
1947
Iowa Central let gold 56_ -1938
Certificates of depcsit
Refunding gold 4s
James Frank & Clear lst 4e_ _1959 J D
Hal A & G R 1st gug be
1938,1 J
Kan & M let gu g 4s
1990 AG
K C Ft S & M Ry ref g 411-1936 A 0
Kan City Sou lst gold _ _ _1950 A 0
Ref & impt be
38- 1950 J J
Apr
Kansas City Term 1st 4e _ _1960 J J
Kentucky Central gold 4s _ _A987 .7 J
Kentucky & Ind Term 4349-1961 J
Stamped
1961 J J
Plain
1961 J
e Cash sale. a Option sale,
standing.
BONDS
N. T. STOCK EXCHANGE,
Week Ended May 29.
1
20
58
6
19
31
3
1
6
5
10
80
23
72
2
6
73
High No.
AO Low
Bid
Mid of NJ let ext 55
8912 8712 8712 5
1940 AO
10134 May'31
MB & Nor let eat 43.48(1880)1934 ID ii5O;
2
Cons ext 4345(1884)
1934 .51) 97
987 98% May'31
8
9412 10
94
Mil Spar & N W lat gu 4a_ _ _1947 M
____ 97
90 Apr'28
Milw & State Line let 3348._1941 II 88
92
15 May'31
Minn & St Louis let cons 53-1934 MN
3
16
16
Ctfs of deposit
1934 MN _•_ _ 24
1st & refunding gold 46-.1949 MS
314 4% 4 May'31
95
85
Ref & ext 50-yr bs ser A
814 8 May'31
8
1962(IF
73
73
10 Nov'30
8
Certificates of deposit
10312 105
8418 13
M St & SS M con g 4s Int gu'38 J J 81% Sale 813
4
8l014 I let cons be
3
7412
3
' __ 73% 74%
I
1938
11018 113,8
7
89%
let eons bs gu as to Int_ _ _ .1938
8
9012 89%
10514 1083
9
4
943
4
4
10
-year coil trust 6 Ms __ _1931 Ni S 943 Sale 90%
Apr'31
Ist& ref 6s series A
75% 81
1946 J J
1f
-116212
25-year S348
1949 MS 6218 Sale 6218
,
109 110
93
1978 J J 93 Sale 93
lstrof5j48eerB
99 102
let Chicago Term a t 4B_ _ _1941 NI N 94%
955 Dec'30
8
107% Ill
102 c108
Mississippi Central let be._1949 J J -_ 893 8818 May'31
4
9512 100
53 May'31
54
Mo-Ill RR 1st be ser A
1959 J .1 _
997 Mo Kan ge Tea let gold 45_.A990 ID 883 Sale 883
8
95
8912 87
4
4
6712 6712 Mo-K-T RR pr lien 5s ser A_1962 II 8414 Sale 8414
9634 26
14% 21
8114 24
40-year 48 series B
1962 J I 80% Sale 8012
95% 95%
2
91
Prior lien 4 Ms ser 13
_ 9212 91
1978 J J
48
9612 99%
76
Cum adjust 55 ser A_Jan 1967 AO 7212 Sale 7212
92
8612 92
8
85
8414 Sale 817
Mo Pas lat & ref be ser A _
19135 FA
603
4 59
10314 104 4
3
Genera149
1975 MS 5714 Sale 5714
8412 115
10118 106%
let & ref be aeries F
1977 MS 7812 Sale 7812
8312 39
10012 10012
let & ref g baser G
8012 Sale 80%
1978 MN
67
71
99 10114
Cony gold 5348
1949 MN 65 Sale 65
100 10112
8312 33
let ref g be seriesH
1980 * 0 81 Sale 81
8,514 390
10014 103
let & ref be ser 1
79% Sale 7918
1981 P A
190 $ 10114 Mo Pac 3d 7s ext at4% July 1938 MN 95%
3
97 May'31
100 101% Mob & Bir prior lien g 55_ ___1945 J J
100 Mar'30
93
98 10214
6914 96 May'31
J J 90 Small
74
7912
let M gold 4s
1945 J J 8914 ---- 89% Apr'31
J J
Small
7812
- 80 Apr'31
9318 96
80 May'31
Mobile& Ohio gen gold 4a_1938 M S
85
9912 Apr'31
8512
Montgomery Div 1st g 59_1947 FA
8614 8614
6712 Apr'31
Rot&Rapt 43.48
1977 MS
8512 87
3
80
80
Sec5% notes
1938 MS
6
905
8
905
8
Mori & Mal let gu gold 4s__ _1991 MS
8714 Ili- Mont C lat gu 6s
2
1937 J J 1087 ---- 108% 109
8
8418 93
1033 Apr'31
8
_
let guar gold be
1937• J
Si) 8814 Morris & Essex 1st gu 3Me
1
8
84%
84
8514 843
J D 104-2006
9014
78
30
4 107
Constr M 5s ser A
1955 M N 10612 1073 1063
4
99% 106
,
Constr M 4 Ms ser B
1955 MN 10214 Sale 10214 102 4 79
107 110
7312 100
953
4 16
Nash Cbatt& StL 4s ser A _ _1978 FA 95 Sale 95
4
_ 1033 Apr'31
1937 P A 10418
90% 93
NFla&Slstguglis
7512 7812 Nat Ry of Mex pr lien 434s_ _1957 II
18 July'28
823 8514
4
123 July'28
4
J
July 1914 coupon on
7512 78
2
212 38
212 Sale
Assent caith war rct No.4 on
75% 78
Guar 4s Apr '14 coupon._ _1977 A 45
-23
4 314 3 Mar'31
8112 844
318 May'31
Assent cash war rct No. 5 on
85 85
3512 July'28
Nat RR Mex pr Hen 4348 Oct '26 JJ
0014 93
4
4% 4 May'31
Assent cash war rct No. 4 on
22 Apr'28
lst consol4s
1951 ;CO
89 10214
Assent cash war rot No. 4 on
114 4% 314 Apr'31
82
98
86
Apr'31
Naugatuck RR let g 48
1954 MN 86
913 91% New England RR cons be_ _ _1945 J J 101 fa2 101 May'31
8
953 9712 • Consolguar 46
8
1945 II 905 92% 90% May'31
8
843 8812 N J June RR guar let 4s _ _ _1986 FA 88
4
92 Mar'30
102% 1033 N O&N E 1st ref & Rapt 4 3.4sA'52 II
8
85 May'30
85
1023 10412 New Orleans Term let 49
8
1953 J J 90% Sale 9038
9018
78
90
987 Mar'31
8
NO Texas Ai Mex n-c Inc 56_1935 AO ___. 90
37
65
65
1954 AO 58 Sale 58
lst 53series B
65
81
1st be series C
1956 P A ____ 82% 85 Apr'31
65
10
8012
60
1956 P A 50 Sale 50
let 4945 series D
66
73
1954 *0 _
7414 87 May'31
lat 5)412 series A
66
8314 N & C Bdge gen guar 4
8714 Feb'31
-1945 J J 68 Kw
7312 NYB&MBletcong 53-1935 40 10128
Apr'31
63
101
1214 16
12
6
15
N Y Cent RR cony deb 69_1935 MN ____ 105 10612 10612
9512 49
3
6
9514 Sale 95
1998 P A
Consol 4s series A
9712 15
114
967
8
Ref &lmpt 4 Ms series A-2013 10 95 Sale 95
9414
103 103
973 664
4
When issued
88
4 106
84
9212
4
Ref &!mot 5e aeries C.. _2013 10 1043 Sale 1043
8612 30
8
87
8
9912
Y Cent & lIud Riv M 3 Ms 1997 II 845 Sale 843
19
84
85
757 815
8
s
___ 84
1997 J J
Registered
101% 40
1934 MN 10112 Sale 10114
873 1023
4
Debenture gold 45
4
9812
1942 II 9814 9812 983
3
8
9314 973
4
30-year debenture 49
20
8314 Sale 8314
9112 94 4
Lake Shore coll gold 3;4s-1998 FA
3
84
1948 P A 843 8314 Si May'31
04 8
8 18 8 2
Regletered
2
84%
843
4
S8'e 114
Mich Cent coil gold 3 Me _ _1998 FA
8212 Mar'31
1998 FA 82% 84
Registered
1937 AO 99% Sale 9912 10012 27
N Y Chic & St L 1st g 4s
9314 Mar'31
1937 10
10118 10314
Regletered
Sale 9112
9614 131
1932 AG
10014 100 4
3
6% gold notes
92
36
90
84
8718
Refunding 5348 series A.-1974 AO
7014
85
773 146
4
1978 MS
83
Ref 4%geodes C
103
7
10218
--623i.2
10312 10712 NY Connect 1st gu 43-45 A..1953 FA 10 4
1953 FA
9912 10112
i7
3 1
: 1 10512 May'31
Jaguar bs series 13
2
8
84
901a N Y& Erie let ext gold 48_ _ _1947 MN 971. ____ 923 Mar'31
86
83
3d ext gold 4948
1933 MS 9812 ____ 100 June'30
96% 1007
8
945 9614 Feb'31
8
102 1063 N Y & Greenw L gu g 59.. _ _ _1946 MN 91
4
88
3
1015 10412
8
Y & Harlem gold 3Ms _
_2000 MN 855 -- -- 88
8
96
NY Lack & W let & ref gu 55'73 MN See Note • below
84
1037 Mar'31
108 110
let & ret gu 4 Msser B_ _ _ -1973 MN 102
8
10214
91% 93
12 N Y & Jersey lat be
1932 FA 10214 Sale 10214
NY & Long Branch gen 4e..1941 MS 88% _ _ _ 94 Apr'31
104 108
7514 July'29
10018 101
NY&NE BostTerm 4s
1939 AG
NYNH&Hn-edeb4a
1947 M
8912
- 8918 May'31
8
.
-.58 IT Non-cony debenture 3345_1947 MS 9311 1412 833 May'31
9812 9872 Non-cony debenture 3945.1954 * 0 8014 80% 8012 May'31
9
88
9972 9512 Non-cony debenture 4s _ _1955 J 86 88 87
.
12
101 102
8714 8612 . 87
Non-cony debenture 4a _ _ -1956 MN 86
4
7912
98% 102
7914 Sale 7914
Cony debenture 3348
1956 J J
9512
1147
8 38
92
Cony debenture 6s
1948
.1 11414 Sale 11414
11112 Apr'31
10012 10112
Registered
I J
10512 22
41% 75
- 12
Collateral trust 69
1940 *0 105i4 166 105
9714
73
114
5
Debenture 4s
73 Sale 71%
1957 MN
103 10318
9312 85
let & ref 4345 ser of 1927_ _1967 J O 925 Sale 9212
8
94
94
97% 1007
2
Harlem R & Pt Chee let 4s 1954 MN 95
8
96
10%15
ioi" 102 NY0& Wref g 4e June
1992 MS
1015 106%
General 49
1955
D
10318 106
N Y Providence & Boston 48 1942 * 0
90% 10214 N Y ar Putnam let con gu 49_1933 AO
N Y Sum & West 1st ref 59..1937 .1 I
63 2d gold 4 Ms_
708
1937 P A
100% 1913
4
General gold be
1940 FA
86
95
Terminal let gold 55
1943 MN
8914 905 N Y W'ches & B let ser I 4 Ms 48 J J
8
100 111
Nord Ry ext'l sink fund 83.48 1950 10
Norfolk South 1st & ref A 59_1961 P A
10114 102
Norfolk & South let geld 55 1941 MN
73% 7714 Norf & West RR Impt & ext 6s'34 P A
67
7212
New River 1st gold 69_ _ _1932 AG
N az W lty let cons g 49._ _1996 40
9812 100
90
9012
Registered ----------1.9 -to
1314'1 let lien & gen g 4s-1944 J J
Pocah C & C joint 45
97
9914
1941 J O
North Cent gen & ref 53 A 1974 M
851 - 1038
Clon & ref 414 ger A
1
1974 MS
!o4. Nsrth Ohio 19C guar g 54._ 1915 40
111058
50%
5278
44
44
96 Mar'31
95
95
74
74
78
72
697 75 Mar'30
8
535 55 May'31
.8
101
ioi Sale 99
793
4
79% Sale 7814
Sale 10612 108
10612
213
8
1914 2212 20
7212
_ 85 Apr'31
104
_ 105 May'31
101% 103 10214 May'31
100%
Sale 100
loo
9714 Jan'31
100
99 100 100
9918
99 997 9914
8
107 Nov'30
108
4
103
_ 1023 Apr'31
_ _ - 14 9414 Apr'31
66
5018 Sale
42
46
9112
52
14
28
27
11
68
20
Range
Since
Jan. 1.
Low
High
87% 8712
9718 1013
4
97 100
9214 95
"IT 16"
16
4
8
30
9
8
S13j 89)4
7412 844
804 9412
9018 10012
81
89
6215 67
91
99%
88
97
53
651
4
92
87
8414 103%
8012 92
91
98
7212 05
817 100
8
51
75
7812 9913
8012 99
65 101
81
99
791s 95%
9512 99
"ii" W8984 92
88
79
SO
83
9912 102
6712 69%
73
90%
88
934
105 10914
8
1024 1033
833 86
8
4
10612 10/33
100 4 103
3
9112 95 4
3
3
10218 103 4
2 - 434
3
3
3% 5
-7
4
3
414
87
86
4
99 4 1011
1
93
88
85
93
12
98 100 8
3
58
94 4
3
9458
85
50
72
84 101%
99 100
101 1013
4
85
90
106 1073
4
92% 97%
95 104 .
941401003
s
104% 109
83% 874
1
84
853
2
100 1013
4
97114 98%
82% 85
76
824
8214 85
80
84
inis 100%
-tio34 102
90
7014
102
10414
92%
107
93
1083
4
10515
92%
06
86
97 4
2
88
1037 103 8
8
7
100% 10214
94
94
89 -- -1
9;
0
81
84
73
811s
83
88
8014 8712
70
83
11212 118%
11112 11512
1043 10615
4
714 777
4
905a 95 4
3
8914 94
37
31%
96
92%
70
527
8
44
96
961.4
78
61
981 101
7712 874
105 108
19
Ali
77
85
10414 105
10214 102%
96 4 100 4
3
3
9912 97
14
97% 100
96 100
90
0
1
4
97
e Sale 44 1033.4 reported on March 10 was an error, should have been ref. 43-48 of 1973. No bonds 01 he 1st & ref. 58 of 1973 Issue Out
New York Bond Record—Continued—Page 4
..4,si
BONDS
N. Y. STOCK EXCHANGE. ta
Week Ended May 29.
4Z
—
North Pacific prior lien 42_1997 Q
.1
Q J
Registered
Gen lien ry A Id g 3s_Jan 2047 Q F
Jan 2047 Q F
Registered
Ref & inapt 434e merles A _ _2047 J J
Ref A inapt 69 serlea 11____2047 J J
Ref & Inapt 5s series C__ _ _2047 J J
Ref & impt 58 series D _ —2047 J J
Nor Par Term Co let g 6s__1933 J J
Nor Ry of Calif guar g 58_1938 A 0
Org &L Cham IA gu g 4s-1948 J J
Ohio Connecting Ry let 411._ _1943 M 5
1936 J D
Ohio River RR 1st g bs
1937 A 0
General gold 50
Oregon RR & Nay con g 45_1946 J D
Ore Short Line 1st cons g 55_1946 J J
19462 J
Guar stpd cons 56
0:egen-Wash 1st & ret 4s_ _ _1961 J 2
.2
Pike
Friday
May 29.
Range or
Last Fall.
1ONDS
Range
N.Y.. . STOCK EXCHANGE.
S"
at `4
Week Ended May 29.
07.41 !. 1.
Ask Low
etd
Higk
4
943 Sale 943
4
9512
9318 97
93 May'31
682
8
68 Sale 87 2
,
6514 66 66 May'31
9434 Sale 943
4
97
11012 Sale 11012 11118
10012 102 101
102
1003 101 101
4
10114
1084 110 1063
/
1
8 1063
8
104
___ 103 Mar'31
/
1
4
60 70
7078
71
953 100
4
97 May'31
103
8
____ 1023 Mar'31
1023
4 __ 103 alay'31
963 - 4 9614
8 973973
4
1087 110 109
8
109
10918 ____ 1084 10918
/
1
96 Sale 96
967
8
High
No Low
9212 97
120
_
91
95
55
65
/ 691/4
1
4
63
87
_
943 101
4
40
79 110 4 11322
3
22 101 10512
/
1
21 1004 1064
/
1
3 105 10512
__ 10332 1035
8
8912 77
97
97
/
1
4
-_-_-_-_
-_-.
1
7
57
Pacific Coast Co let g 55_1946 .1 D
Pao RR of Mo let ext g 4s_ _1938 F A
2(1 extended gold 55
1938 J J
Paducah & Ills let sr g 4 44(3_ _1955 J J
Paris-Lyons-Med RR ext1(931958 F A
Sinking fund external 7(3_1958 NI 5
Paris-Orleans lilt eat 540_ _1968 M 8
Pauline Ry let & ref a f 7s_ _1942 M S
Pennsylvania RR cons g 4s-1943 M N
Consol gold 4(s
1948 MN
48 sterl stpd dollar_May 1 1948 M N
Consol sink fund 4345.1960 F A
General 414s series A_ _19 J D
65
General Ss aeries B
1968 J D
I5
-year secured 6448
1936 F A
F A
Registered
40-year secured gold 5e--1964 MN
1970 A 0
Debg444a
Gen 432s ger D
1981 A 0
Pa Co fill 344s coil tr A reg_.1937 NI 5
Guar 34413 coil trust ser B.1941 F A
Guar 3Sis trust ate C_--1942 J D
Guar 344 trust ars D___1944 J 0
Guar 45 ser E trust etre_ _ _1952 M N
1963 51 N
Secured gold 444s
Pa Ohio & Det lat.4 ref 434sA'77 A 0
Peoria dr Eastern 1st cons 44_1940 A 0
April 1990 Apr
Income 4s
Peoria A Pekin Un lst 5345_1974 F A
Pere Marquette 1st ser A 5s-1958 J J
1956 J J
1.1 4.series 13
1980 M S
1st g 444e series C
Plalla Balt A Wash let g 4s_1943 MN
1974 F A
General 55 series B
10
297 30 May'31 __ _
8
98
98 Sale 97
5
.2
1017 ____ 102 Mar'31
8
1011 ____ 1015 Apr'31
/
4
8
10434 Sale 10438 105
49
10714 Sale 1065
8 10714 29
10414 Sale 10334
2
10414
85 Sale 85
85
2
8
9854 ____ 987 May'31 ___
1003
100 Sale 100
8 271
,
10038 19
9914 Sale 9914
8
8 10634 11
1065 10714 1065
10112 Sale 10112 10214 75
110
51
1095 Sale 10914
8
11012 89
110 Sale 110
/
1
____ ____ 1094 Feb'31
10212 Sale 10212 105 4 82
,
9514 243
8
933 Sale 933
8
957 Sale 954
8
/
1
97 2 492
,
Apr'31 _ _ _
9414 9512 94
9112 _ _ 0112 Mar'31 __
921 ____ 975 Jan'31
/
4
8
9114 Apr'31
9212
95
____ 9412 May'31 ____
1013 Sale 10112 102
4
43
10112 99
101 Sale 101
85
8
85 Sale 8412
5
1412 13 Mar'31
10318 10378 10314 May'31
947
8712 Sale 8712
8 ii
74
82
89 May'31 __
80 Sale 80
86
53
9818 100 100
100
1
____ 109 May'31 _
Phillitnaine Ry let 30-yr s f 4s'37 J 1
1932 J D
Pine Creek reg let 85
Mrs & W Va 1314 44s ser A _1958 J D
1959 A 0
1st NI 434s series B
1st NI 4448 series C
1960 A 0
P C C& St L gu 4 Ma A_ —1940 A 0
14142 A 0
Series B 434s guar
Series C 444s guar
1942 M N
Series D 4a guar
1945 M N
Series E 334s guar gold-1949 F A
Series F 4s guar gold__ __1953 J D
1957 MN
Seders 0 4s guar
Series It cons gear 4s
1960 F A
Series I cons guar 444(3-1963 F A
Series J cons guar 4 As__ _1964 M N
General M 5a Bales A _ _1970 J D
Gen mtge guar 55 ser B 1975 A 0
len 434s aeries C
1977 J J
Pitts McK & Y let gu 60_1932 J 1
2d gear 85
1934 J J
Mtn Sh ds L E let g 5s___ _1940 A 0
150 consol gold 5s
15432 J
Pitts Va & Char 1st 45
1943 MN
Pitts Y & Ash 1st 4s ser A._1948 .1 D
let gen 55 series B
1982 F A
1st gen 55 series C
1974 1 D
Providence Secur deb 4s_ _ _ _1957 MN
Providence Term lst 4s _ _ _ _1956 M 8
Reading Co Jersey Cen coil 4(3'51 A 0
Gen & ref 4 As series A
1997 .1 J
Gen A ref 43-4s series B 1997 1 J
Rensselaer & Saratoga as__ _1941 NI N
Rich & Nleck let g .
1948 MN
4
Richm Term Ry let gu 5..1952 1 J
Rio Grande Jund lst gu 5a _ _1939 J D
Rio Grande Sou let gold 4s_ _1949 J J
Guar 4(3 (Jan 1922 coupon) '40 J .1
Rlo Grande West 1st gold 40.1939 J .1
let con & coil trust 4s A.1949 A 0
R I Ark A Louis lee 4 401_1934 M B
R113
-Canada let gu Et 45_ _1949 J J
Rutland let eon g 444a__1941 J J
227 Sale 22
8
2278 12
4
1023
4
_ 1023 Apr'31 ____
____ 0-1 93 May'31 ___
i
____ 9214 94
94
91
95
9314
9312
3
10114 ___ 10212 May'31 ___
103
10112 103 10214
6
1014
102 May'31
/
1
98 Apr'31 _
9734
911 ____ 95 June'30
/
4
_
97
/
1
4
97 Apr'31 __
/
1
4
97
/ ____ 10114 May'31
1
4
973 ____ 97 Nov'30 ____
4
--------105 Mar'31 __
/
1
1023 10612 1054 May'31 ____
4
10934 11014 110
110
10
/
1
1091 11012 10954 1094 15
/
4
10214 127
101 Sale 101
101
____ 103 Apr'31 ____
10318 ____ 104 Mar'31 ____
101
____ 103 May'31 ____
4
1031 ____ 1003 Aug'29 ____
/
4
/
1
965 _ _ _ 924 Mar'30 ___
8
925 Jan'31 __
8
1054 ____ 10512 Apr'31 ____
/
1
104
____
-'
__ _ -iii4 Mnr 51
71
895 8 91 8912 May'31
__
__
96
964 97 May'31
/
1
10114 Sale 10114
10212, 25
8
102
10114 1027 102
20
Oct'30 ____
10914 _ _ 113
____ - -7 7912 Sept'30 __
76 8
10212 105 103 Sept'30
__
91 100 100 May'31 _
2 Feb'31 ____
214 ____
214 _ _ 712 Apr'28 ____
92 - - 93
93
9414 29
____ 8312 8312
84
6
93
/
1
4
937
6518 85
8
3
60
69 May'31 _ _ _ _
ii- 9112 Apr'31
---- -
St Jos & Grand Isl let 4s__ _1947 J J 93 Sale 93
93
2
rit Law: & Adir Iota 5s. _ _1996 J .1 90
95 May'31 ____
9.5
20 gold (Is
1996 A 0 99 101 100 May'31
St Louis Iron Mt.4 Southern—
Rh'&0 Div 1st g 4a
8
1933 M N 893 Sale 865g
9612 160
St L-San Franc pr lien 4s A _ _1950 J .1 5814 Sale 584
2
21
3
1
Con M 4442series A
1978 M f3 4312 Sale 43
8
Registered
.1 D ____ ____ 695 Mar'31_
Prior Hen 5s aeries 13
1950 J J 6312 Sale 6312
79
46
St Louis & San Fr Ry gen 88.1931 J 1 9712 Sale 971
/
4
9914 54
General gold 5s
4
1931 J J 983 Sale 97
/
1
4
9918 100
St L Peor & NW ley gu fee__4948 j j 19112 106 103 Mar'31 ____
St Louis Sou let gu g 4s_ _ _ _1931 M 5 99 100
9S1 Dec'30 ____
St LB IV 1st g 4s bond etts_1989 MN 73 Sale 73
77
/ 28
1
4
20 g 48 Ins bond ctfa Nov 10893 J 52
72 Mar'31
72
Consol gold 4s
70 Sale 84
1932 J D
72
/ 48
1
4
151 terminal& unifying 58.1952 J J
4934 711c May'31
20
St Paul & K C /NIL lat 430_1941 F A ____ 893 8912
4
9112 26
St Paul & Duluth let Es____1931 F A 10012 101 1003 Apr'31 ___
8
1st consol gold 4s
1968 J I) 93 Sale 93
93
4
St Paul E Or Trk 1st 4443_1947 J J 88
94
9918 Aug'30
St Paul Minn & Man con 45.19333 J 10012 ____ 1003 May'31
4
let consol 865
1933 J J 1041 105 1041 1041
/
4
/
4
/
4
5
68 reduced to gold 434s_ _.1933 J J 102
___ 102
102
6
Registered
J J ____ ____ 100 Apr'31 ____
Mont ext 1st gold 4a
1937 .1 D 9918
991
/
4
9918
3
Pacific Int guar 48 (sterling)'40 J .1 96 Sale 9414
96
22
St Paul Un Dep 1st & ref 55_1972 .1 J 111 11112 1111 1113
/
4
8 10
El A & Ar Pass 1st gu g 4s _ _ __1943 J J
9418 Sale 941
/
4
963
4 39
Santa Fe Pres & Pima 1st 58_1942 M S 103 _ _ _ 10318
1031
/
4
4
Bay Fla:& Wegt let g 6s _ __ _1934 A 0 1041 ____ 10412 Mar'31 __
/
4
IA gold Oa
1934 A 0 102
____ 1013 Apr'31 ____
4
4elere v A N RI 1st 20 g 4a 1989 NI N 9712 100
98 2
,
9812
5
Air [Inc (Mt g 48_1950 A 0 2514 ____ 2512 May'31 ____
Gold 4. stamped
1950 A 0 25 Sale 25
26
10
Oct1919 F A
314 3
Adjustment 5s
3 12 Nfay'31 __
Refunding 4s
_1959 A 0 1012 Sale 10
101 17
/
4
Certificates ot deposit----------9 Sale
9
10
25
180 & eons 3s rierlem A
__1045 MS 1012 Sale 10
115 139
8
Certificates of deposit
--- 10 Sale
9
12
23
ALIA:1311.m 30-yr 1st g 45_d1933 m S 42
45
44
44
2
2 0.1%
:
1017° 1102
0
92
97
/
1
4
107 10912
107 10914
9212 98
4:
4023
Frmov
Price
May 29.
10614 Sale
____ __
78 Sale
10312 Sale
1063 Sale
8
108 4 12
2,1 8
.:
0Al2 107
18
9
5
10018 101
_. 4 124
,,.819
-------___
97
_ 85
80
973 987
4
8
97 1003
/
1
4
8
98 1003
8
105 c10714
100 105
10712 11114
1073 11012
2
94
1
10 / 1091
/
4
1021 1053
/
4
4
933 9914
8
943 08
4
94
94
9078 9112
97
/ 971
1
4
/
4
893 9114
8
92
95
100 10212
99 10212
80
88
13
13
100 103 2
,
8712 10514
87
981
/
4
80 10112
1041 1 %
99 0
/ 9
4
4
eV
spe$
East Tenn reorg lien g 5a _ _1938 NI 5
Mob & Ohio roll tr 4s
1938 NI 5
Spokane Internet 1st g 5s_ —1955 J J
Staten Island Ry let 440-1943 J D
Sunbury & Lewiston let 48.-1936 J J
Tema Cent let 65 A or II_ _ _1947 A 0
Term Assn of St L 1st g 4445_1939 A o
1st cons gold 5s
1944 F A
Gen refund .1 g 4s
Texarkana A Ft 8 1st 534a A 1953 j Aj
60 F
5
Tex & N.0 corn gold 5s_Aug 1943 .1 J
Texas & Pac 1st gold 5s
20002 D
20 inc5e(Mar'28 cpon)Dec2000 Mar
Gen & ref 55 series B
1977 A 0
Gen & ref 5s aeries C
Gen & ref 5s Belles D
1679 J 0
980 A 11
Tex Pac-Mo Pac Ter 534s_ _ _1964 M E3
T° Vesfl n
& I r olSiv t st
u
n let g7(356
Ger,gold 513
Tol St LA W 50-yr g 4a
Tol IV V &0gu 4 As A
16t Luar 42 ssrteries 13
s
a 4 34e aes c
1258 j 4
A
O
'
1935 A D
950
1931 J 1
1933 2 1
Taranto Ham & Buff lst g 4,11146 s D
1642 .II1 S
10614
10714 30
'1
73
10511 Nlay934 __ii
78
1053 10 12
081 18
: 1
10312 104 2 28
,
10638 108
/ 33
1
4
1213 May'31 ____________
7712
103
1063
8
198993
001i
3
93
9618
7
35
47
Oct'30
87
9714 Apr'31 -_-_-_-_ -971 - - 1i
4 97
85 May'31
92
85
_ 101 Apr'31 ____ (4912 102
ia
10514 10 18 1054 May'31 ____ 1043 105
-.
6
/
1
4
/
1
4
94
95
94
94
6
98'2
2 12
VI; lgg1
/
4
1062812 Sale 9812 101,
/
4
10012 Feb'31 ____ 100 1021
/
1
4
10812 113 _ 10812 110
90
3 10812 113
95 NIar'29
0S
_ _ - 12 92 May'31 -_-_-_-_ -13008 106911_
89
gi
90
go 100
7
95
9112
911
4
90 4 101
3
:
2
1001:2 s_a_le 10212 1021
5
0
2 1007 107
4
/
4
8
_ 1011 1017
3
4
17 10018 1033
8
8
10014 Mar'31____ 100 1004
/
1
/
1
1004 101 1004 1004
/ - -12
1
/
1
4 10014 102
95
90 May'31 __
88
18 1%1pr
.t
. 31
100 3 1_00_ 12 ;ar :1 _ _:: 101 1414
8
)
9918 ____ 9018 Apr'313-9,
6
68
- - -- -iiiie I 19414
9412 May'31 - --89
97
'04 gr,o, nt
T
i
F
F ii' rale, ini,81
i 21,
g2
061. 3 :
1 _9_2 8_
IN .51
4
sea....
c Cash sale. d Due May. k Due Anglia. 8 OPtIon sale.
10312 1051
:
1004 102
/
1
100 100
07
9912,
93
96
10918 1113
8
93
964
/
1
10318 10514
104 1043
8
10012 1011
/
4
94
9812
2512 5412
34
543
4
2
A
10
2012
9
11,8
10
19
9
141:
40
61
D
4812 Sale
4712
903 90
8
/
1
4
61
79
/
1
4
7312 76
63
60
0214
964 19932
98
9312 983
4
99 4 1025.
3
110 113
924 95
/
1
97
/ 9812
1
4
____ . ._
98
96
9812 98
214214
438
97 103
984 10014
/
1
50
77
/
1
10418 1084
98 102
/
1
4
121 g '21,1 12,,
8,4
60 10212
8712 89,2 Wabash R y„ 543trgrge:32 s B __ __ 1g108 1 : -90- g
RReeff,t_,... ,s,ee. ref s
7
1 i ,)0
4
eC
: 11 99876 f: ' i
6212 15
L6 `1 Sale 5812 MaY85.11 - --6
series
95
98
70 May'31
__
70
100 10318 WWmarre,
-_ 83 81 Nov'30 _ _ _ _
r1et 61116 340___ _2000 F A
0
a 2 2 46
10014 103
_ _ - 833 Feb'31 ____
8
Cent
1048 (.2 M 89
---- ---- Wash Term 1st gu 334e
9238 May'31 ____
94
9212 1945 F A
---- ----.
985 981_ 87 May'31 ____
8
1st 40-year guar 4ri
-:.;- 17814 61
66 West'n Maryland let 4s 1955 F O 7612 7818 77
942 A A
0
87
/
1
4
8912 28
let & ref 540 series A_1977 J .1
2
2
_
84 8 8s _
West N Y & Pa 1st g be
5
1937 J .1 1053 _ _' 10418 10418
-2
,- -_-_-_.
Sal" 97
4
973
8 22
m O
A s
Gen gold 4s
90
00. Western Pac 1st 5a ser A_ _ _ _11964483
/
4
7918 20
75 Sale 741
8
0
Ni
4 3
4
1T4
86, West Shore 151 4a guar
2
Sa__l_e_ 8
937 1011
4
/
4
Registered
2, ,
4 7
4.
WRRertf„ 03L E ref 434s ser A_ _1966 M S 96 Sale 96
97
hee1 1 icno 50
10
1
1,3 8
4734
4534
9
40
:
1 9446 J4 11 051
,34uaries .
se g s B___ _19987, NI 135 197 _94_37,2 10018 Apr'31
91 May'31
87 4 93
7
Will A East lst1
05 101
,4 ly.3
3
1E ____ 12! ma o211 _ _ _1_
Will & 8F 1st gold 55
;
1
100 103
Winston-Salem 8 B let 4s___121 1 DJ
521
/
4
54
5312 19
Wls Cent 50-yr let gen 4s_ _ _1949 J .1 5212 - S5N 100
/
1
4
5818
8
60
Sup & Dul dIv & term 1st 4536 RI N 505 59
7
/
4
112 Wor de Conn East 1st 434s_ _1943 J J 7418 901 80 Mar'31 __ __
12 V
1
INDUSTRIALS.
Pow A Pap tat S.._1953 .1
Abraham & Straus deb 5348_1943
With warrants
A
Adriatic Elee Co extl 7s
1952 A_
Adams Express con tr g 411- -1948 m
Ajax Rubber 1st 15-yr at 85_1936 J
Alaska Gold NI deb 6s A._.1925 M
Cony deb (3s series B
1926 M
Albany Pefor Wrap Pap 8e_ _1948 A
Alc ac 2 or ssol tr 5s
lenny C yp e
1944 F
0n
88
/
1
4
11314
1177
s
19993
0
234
993 Feb'31
4
94
38
38
91
__
90
/ Jan'31
1
4
Ulster & Del 1st cons g 5s._ _1928 J ID
12 65 May'31 ____
'30Int ____ 61
Dec
7T2 Feb'31
5
strconnTs
Is aa
ol8deAprue
2118 25
641
__
1st refunding g 45
j Cli
A
8
1023 10234 Union Pac 1st RR & Id gr 45_1947
102
10114 Sale 10014
149
652
93
9512
Regh3tered
92
/ U514
1
4
' 732
1st lien A ret 45
M
June2008" S gS 14 rare
02
95
/
1
4
23
Gold 4445
1967 J .1 102 Sale 10112 102
101 103
19412 1973
12
13 8 31
17
1st lien & ref 5s
M 8 191411%2
June2008
99 103
Sale 94l
gold 4s
102 102
9818 Mar'31
S 98 110
Ult.TyletaA
cn
957 98
4
3_ 0 4
_
13
j
2
11
61 , 9 12 __ .14 1;Sept'30 ____
58 : 8
5
Utah & Nor let ext a4s6
Vendetta eons g aeserles A.
A
-5ii8 -973-4
Cons 9 t 4s series 13
9812 10114 Vera Cruz & P assent
10
3 __
1954 m N 9955'2 --97112
io. _ 1_66._ virglaja midland gm n 444s_1 9 7 m .,,, 102/ Sa_I!_ 9968 N1'111,1;32141
i
5,____1936
,
7
1
4
_
10
5
%2 May'31 __s
scgnusts5wOln lst5s 5s _ _ _2003 1 .1
yea2 gti
1004 10512 . a
/
1
la
108 110: ,, ge Ry 1st 5a series A 1652 M 0 106 s
4 1067
VI
8 23
lob
;
968 A N 51'4 eal: 1053
10818 11012
ar 99 10014 9914 May'31 ____
let NI 444s series B
99 4 102
,
lei tat gold Es --:1
l
i
1
E
1023 103
4
58
103 104
/
1
4
72
60
9
Ref & gels s f 544sser A _ _ _1975 M 5
101 10318
Deb (3s series B registered_1939 J J -6-- S -l- 10861i m '7 -_-_-_5
-6 -a e- 9171 4 9
8
0131
3.
'
2
..
---- ---lst lien 59-Yr g term 4s__ _ _1954 J J
- 87
-, - -E4 i253
j . iii
1
_
Bet(1r Cla esmgivls.8.58
es , 0inlc
4
92
45__IW 1 J
3
gii
_10;512 107_,i51_2
54
8
8 's
65
8
O0164_haditv1 t
T
72
4413____1941 A 0 89 - 278 82 May'31 -_-_-_-_
c ;v
63 102
' 1661/4
63':, 02
1
975. 10114
971 4c10212
103 1087
2
__
-73- -- 4
87772
784
/
1
6012 10012
7112 9712
8912 9812
100 10038
89
93
_tiiii, fo64
. ,
_
Range
Since
Jan. 1,
Ask Low
Bid
Eligh No. Low
High
7 Sale
/
1
4
7
718 13
6 Iva
Seaboard All Fla lat gu as A_1935 F A
618 12
May'31 ____
9
6
_7 _ _ __
Series B
1935 F A
907
____ ____ ____
Seaboard & Roan let 5s extd 1931 J J 80
02 0 ,5 0
4 cy, 33
1936 F A 10212_ 1910512 3, a V31
S.& N Ala eons gu g 5s
-i9111-2
8 C15r 1 7
Gen cons guar 50-yr 5s_ _ _ _1963 A 0 11014 11012
92
So Pao coil 45(Cent Pac coll) 5 49 J D 9212 Sale
10074 ---8
140
9812 102
/
1
4
1st 43 (Oregon Lines) A_1977 M S 997 Sale 90
4s
4
42
7 102 1023
113 .4 I 12 sic; 103 8 1033
(., 1 ll 5
4
1 i,
20
-year cony. 56
9112
9314 24
9112 9912
Gold 430
Gold 444s with war
Sale
i,1
r
Gold ,
1981
494,
ras 1V73
258 1V1
5
'ils
1
a 0 t?'s Sale 9514
let 45
66 1
3=
65'1
102'24106 s
103;May '
62
10,967331i
977'i
96 June'30 -_-_-_-_
erg 4s _9 193 M 2
s Pae Coc s=g gU!_5 _1937 J N
° p r or a
o
7
4
i
9
:
9
75 -95- --So Par Mt 1st ref 4a
.1
J
1955 .1 5 953 gale
514
2
r8
9 / 97 8
1
4
---- ---- 8 3 alag'31
Registered
Stamped (Federal tax)_1955 1 J --------9213 May'31 __ _ _ ____ ____
Southern Ry 1st cons g 5a---1994. .
1 1
J .1
Ftegtstered
lai (
:I
1 (
gen 49 series A
65
11 118 144
0
'5
'dl 14
lleve
e
10018 1015
8
Develop & gen 634s
1956 A 0
10 ,4 10614
11 6 107 7
)
4
8
t3tem ui.y lietge5 g 46
M LoDl iD v l ta
j
91
1950; .1
30
Week's
Range or
Last Bate.
501
/
4
64
1007
8 36
0 100 Sale 100
/
1
997
8
/
4
5
2 991 Sale 994
88
4
865 8712 87
8
14 Feb'31 _ _ _ _
14
1
D
10 Mar'31 ____
514 10
5
g
ar
53 May'31 -_ -_ -_ -_
6
6
56
5'4 55
683
4 119
A 60 Sale 60
66
5612 Sale 5612
83
65
67
5612 Sale 55
Coll A cony 5s
8
10212 43
D°
56
Allis-Chalmers Mfg deb 54_ 1937 MN 102 Sale 1017
116949
8512 10
Alpine-Montan Steel let 75_ _1955 M £1 8212 Sale 8212
22
Am Agile Chem let ref s f 734s'41 F A 10312 Sale 10312 104
Amer Beet Sug cony deb 6s_.1935 F
American Chain deb a f 65_1933 A
8812 89 May'31 ____
Am Cyanamid deb be
1942 A 0 88
/
1
4
8012 190
Am & Foreign Pow deb 5s_ 2030 M 8 764 Sale 763
827
8 20
Amer Ices f deb 5s
1
79
4
Amer I CI Chem cony 544s_ _1959 j . 4 79
19 3 M .
181
3 12i
e- V
8
Am Internet Corp cony 5 As 1949 J J e g;11
10518
Am Mach A Fdy s f 6s
9
034 A 0 10518 106 10518
93
A 0
Amer Metal 534% notes____11
1
Am Nat One 034s (with war) 1947 A 0 78 Sale
Am Elm & It tat 30-yr 55 aer A '47 A 0
itll g
'
e
2E2 rale For
8
Amer Sugar Ref 5-yr(3e
1
10214
Am TeleP & Teleit cony 49
.-1993367 41 4 10214 Sale 10214
_7_0
.
1946; e 107 Sale 1g114
30-year con tr Es
Sept'30
8
/
1
1980 J 2 iii8T4 gale 1084 1093 191
35Res deb ts
-yr isl ma
e
111
1104 Sale 11014
/
1
115
30 years t 5 Hs
1
1284 .82
/
1
ili F
it ; I 12712 Sale 12712.
' 'A
,'onv deb 434a
10812 Sale 10812 10914 215
196
35-year deb 5a
A N sTle N malt'0311 —56
,
-iiiii2 -- 194 2
1017 101
88 8 92
82
90
,P12
8
891i
li))117
'
98
70
-gii8 - -5g8 8
9984 8
8
6011 925
871 :
76
9
1023 1974
9214 041
8
4
743 97
in 1314
90
9914
99 10214
/
1
4
42 2 53
867 9311
:
19214 19714
03
02
47
6612
5818 80
80
80
4512 78
93
86
10132
00
834 89
/
1
8
14
5
/ 10
1
4
54 c
50
78
60
8712
3612 8312
55
85
10014 102
/
1
4
8212 94
103 10518
/
1
4
30
47
98
02
89 196
76
79
88
85
Mx 1g3,
3
8L Ms 77 8L 91,
52
12 211,
99 4 103
3
10414 10514
105
10814
iiiiis 1 i4K3
-1
1073 111
4
12012 135
10514 10014
4024
BONDS
N. Y. STOCK E'XCHANCIE.
Week Ended May 29.
New York Bond Record-Continued-Page 5
t3
Pries
,
/1 r1A310
May 29.
F7eek's
Ames at
ZAJI Sal..
Range
Since
Jan. 1.
Hf/B No.
Ask Les
Bid
1940 A 0 10012 Sale 10012 10418 10
AM TY1)0 Found deb 63
40
Am Wat Wks& El coll tr be-1934 A 0 1024 10212 10214 103
1054 22
Deb g as series A
1975 MN 105 Sale 104
2
60
1947 J J 59 Sale 59
Am Wilt rap lit g es
38
69
I945 MN 65 Sale 63
Anglo-Chilean a f deb 73_
1
15
15
20
Maine(Comp Ague)7;0_1939 3 3 15
9712 18
974
1
/
Ark & Mem Bridge & Ter 58_1964 151 S 984 101
7912 47
1939.1 D 7612 Sale 7612
Armour & Co (Ill) 430
242
69
1943 J J 65 Sale 61
Armour & Co of Del
58
93
5Ms_Arroetrong Cork cony deb58 1940 J D 93 Sale 93
18
4
Associated 0116% gold notes 1935 M S 1023 Sale 10234 103
8
1033 Apr'31
3
1947 3 D 1033
Atlanta Gas L 1stis
1 Nov'30
Atlantic Fruit 7actfs
(UP--1934 0 ---- ---:
8
123 May'28
7 D
Stamped afoot deposit
48
53
AU Gulf& W I SS L coil tr be 1969.1 .1 52 Sale 51
19373 J 1014 Sale 10112 10214 149
Atlantic Refs deb&
107
Baldw Loco Worka lit 5/3-1940 MN 107 Sale 107
3
20 13
20
38
RW91921(Comp As) 7Ms_ _1937 J .1 20
62
94
8
Batavian Pete guar deb 4 M's 1942.1 J 9358 9418 933
.
10
92
92
1936 1 J 9112 92
Belding-Heingway 68
3 110 2 24
,
8
Bell Telep of Pa Usable B _ _1948 J J 1093 Sale 1096
22
4 115
1960 A 0 11312 115 1143
let& ref 58 serial C
7718 55
Berlin City Elec Co deb 8 Ms 1951 3 D 7353 Sale 7318
744 17
1959 F A 7314 Sale 73
Deb sink fund 6 Ms
7312 45
1955 A 0 68 Sale 664
Deb68
58
75
Beriln Elec El& Dads8 Me _ _1956 A 0 758 Sale 714
10518 20
Beth Steel let & ref 58 guar A '42 MN 10414 Sale 10414
57
30-yr p m & inlet a f be_ _ _1936 3 3 10312 Sale 10312 104
1950M 8
8212 May'31 -82
Bing & Bing deb8 Ms
9
25
2712 24
1934 A 0 25
BOtanq Cone Mills6 Ms
94 May'31
90
1934 It 8
Bowman-Bilt Hotels 78
7
5
5
5
4
B•way & 7th Av let cons 5e _ _1943 3 13
4 Mar'31
3
Certificates of depoeit33
8
Brooklyn City RR let 15.3. _ _ _1941 i--i ____ -79i 81 May'31
4 15
1063
Bklyn Edieon Inc gen be A _ _ _1949 3 . 106 Sale 106
1
8
1017 202
19883 3 10112 Sale 100
Bklyn-Manh R T sec68
62 May'31
Bklyn Qu Co & Sub con gtd 553'41 MN 6214 69
6812 Jan'31 _
1941 3 J
lit be stamped
Brooklyn R Tr lit cony If 48 2002 3 J, -- -- - -- 924 June'28 --- _
_
2
9114
Bklyn Tinton El 1st g 4'58_ _ _1950 s A 91 Sale 9012
5
4 114
Bklyn Un Gee let cons g re-1945 MN 11014 111 1103
8
1st ilen & rates series A _ _ _1947 MN 12114
_ 1207 May'31
Cony deb g 5 Ms
236 218 Jan'31 6
1936 J J
10512
1
Cons deb 5e
1950 . 0 10514 Sale 105
_ 944 May'31
Buff & Susq Iron lets!.53._ _1932 3 D 9418
90 May'31 _ _-63
Bush Terminal 1st 4s
1952 A 0 91
82 May'31 _82
ConsolBe
1955 J 3
5
8
967
9812
Bush Term Bldge Be gu tax-ex '60 A 0 ___ 94
10718 170
Buff Gen El 4 Ms ser B
1981 F A i0612 Sale 106
MN 100 1001 1004 101
15
1945
By-ProdCoke 1st5 Ms A
Mob
Low
10012 106
101 10413
102 10613
77
55
63 87
10
20
97 1017
3
7612 92
61
8013
98
91
102 104
8
10338 1033
1
3
9
37
103 105
893 100
4
987
84
8
90 101
15
45
3
70 8
55
105 106
3
33 3 7014
1044 106
109 114
8113 4414
59
59
3712 45
1034 106
105
Cal0&E Corp WM e ref 58_1937 MN 105 106 105
92
Cal Pack cony deb Si
1940 3 J 9212 94 92
8812
CalPetroleum oonv deb s I be 1980 8 A 8412 8812 84
91
90 Sale 90
1038 M N_
Cony deb e f g 5 Ms
25 May'31
28
C11911211EY 994 Las I g 7s_ -1942 A U 25
58
4
573
70
Canada SS L 1.1 & gen 68-1941 A 0
106
Cent Diet Tel let 30-yr _ -1943 3 0 iiiA 106 106
704
72 65
Cent Foundry hrt s 16.58- 1931 F A 60
May
Cent Bud G dr E Be---Jan 1957 M 8 10512 Sale 10513 10512
112
_ 108 109
11141 MN_
Central Steel let g s f 88
37
Certain-teod Prod 534s A_ _1948 m 3, 35 Sale 35
Jan'31
8
Cespedes Sugar Co 122 2f 7Ms'39 M 8 ____ 377 59
Meaty & Conn Rys 5e Jan 1927 A 0 6314 6518 3712 Apr'31
CI.Cl L& Coke 1st inz g Be-1937 J J 1054 Sale 10514 10514
Chicago Rye lst Si land rots 15%
F A 6314 6618 65 May'31
principal and Aug 1930 Int74
7:
ll: 70
1943 A 0 .8 8
Childe Co deb 5s
4
893
Chile Copper Co deb U
1
1947. 3 87 Sale 86
4
9812
1968 A 0 98 Sale 973
Cln CI & E lit 154 48
•
77 Dec'30
Clearfield Bit Coal 1st 4_
91940 3 3
54
4
543
Sale
1938 3 J
Colon 011 cony deb 65
9012
1943 F A_ _- __ 90 00
Colo F &I Co geu e f 56
8312
Col Indus let & coll Si gu_ 1934 F ,,, 8012 Sale 8013
A
9778
,
Columbia CI & E deb SiMay1952 In I 97 Sale 97
Debenture/ 5e____Apr 15 1952 A 0 9612 9712 99 May'31
97
Jan 16 1961 3 3 9612 Sale 9614
Debenture Si
9914 9814
8
9 14
Columbus Gm let gold 513_1932 J 4 98
101
Columbus Ry P & L hrt 4 M31957 J J 100 Sale 100
Commercial Credit sf 6s---1934 MN 10012 10114 10012 10012
97
964
3 9612 97
1935 3 .
Col tr sf 6 Ms notes
994
8
Comml Invest Tr deb 6348.1949 F A 997 Sale 99
Computing Tab-Rae if 68_ _1941 J 3 106 Sale 1054 106
4
Conn Ry & L 1st & ref g 4 Ms 1951 J 3 1003 Sale 9914 Feb'3I
10212
1911, J 102 Sale 100l
Stamped guar 4348
4
74
71 Sale 70
Como! Agrlcul Loan 6 Ms--1958 3 I
Works
Consolidated Hydro-Elec
9012
of Upper Wuertemberg 78_1956, 3 8913 Sale 894
39
D 30
3
357 35
Cone Coal of Md 1st & ref 58_1950
Coniol Clas(NY)deb 5;4s-1945 F A 1064 Sale 0614 10714
Consumers Ga8of Chic gu be 1938 J 13 10414 106 10414 May'31
106
Coneumers Power lett 5.----1952 M N 106 Sale 106
58
1946 3 0 53 Sale .53
Container Corp let Se
30
_ _1943 J D 21 Sale 21
15-yr deb be with
Feb15
warr-- 1954 F A 1004 101 10024 May'31
Copenhagen Telep be
Corn Prod Refs let 25-yr s f 58'34 MN 10412 105 105 May'31
9614
95
96
0 94
Crown C-ork & Seals f66--1947
8912
8
1
Crown Willamette Pap 6s_1951 . 3 8378 Sale 837
62
Crown Zellerbach deb 6s w w 1940 Al 8 61 Sale 61
3
4178 pec0
c27 Mar:30
8
alba Cane Sugar cony 7s-1930 J J
J
Cane deben stamped 8% _1930
J
isi 6 May'31
8
Cuban Cane Prod deb (38_1950
1944 MN
4 8 May'31
93
7
Cuban Dom Sug let 734e
8
97 10 May'31
Stpd with much war attached.4
1937 i--i 10511 Sale 10512 1053
Comb T & T lit & gen 66
105
4
Cuyamel Fruit 1st•f6s A--1940 A 0 1043 105 105
26 Dec'29
Denver ConsTraniw 1st 513_ -1933 A 0
104
Den Gaa & E L Ist & ref a 1 5a '51 MN iiii" gill" 104
Stamped as to Pa.tax_ __ -1951 It N 1034 10412 10312 10312
Oct'29
61
318 20
(D CI) Corp lit if 78_1942 61 5
Dory'
8 May'31
5 64
20 72 stpd Sept 1930 coupon10414
Detroit Edleon let coil It 68-1933 3-3 10414 Sale 104
1949 A 0 1074 Sale 1073
8 108
merles A
Gen & ref Be
108
108
1955.1 D 10712
Gen & ref be sales B
11362? A 10714 110 110 May'31
Gen & ref fe series C
4
1053
Gen 13 ref 414i seem D.-1961 F A 10518 Bale 105
4 100
8
Dot Craned let eon g 41.0-1932 3 3 993 100 993
86
1940 M N 85 Sale 85
Dodge Bros deb as
MN 58
56
6214 55
Dold(Jaeob)Pack 1st 613__ - _1942
__ 90 Mar'31
Dominion Iron & Steel Be-1939 M 5 85
95
1942 3 3 93 15 93
Demmer Steel let ref 78
10458
4
/
Duks-Prioe Pow Lit 6e *et A..1966 PA N 1041 Sale 10414
Dummine Light lat 4 Ms A-1967 A 0 1054 Sale 10514 1054
M j 10053 27 . 12032
Kim cub,Bug is_„.sr g 7 me.27 j li2
6
20
. 00
1939
Ed El Ill Bkin lstoon 648
A9.
311
ES Fleo(N Y, let eonag 6.-1995 3 3 122 11712 12312 123 2
Edith Rockefeller McCormick
4
3 1003 10113 101 May'31
1
f Trust coil Cr 6% sous_ 1924.
8018
76
'
Mee Pow rorp(GersaanY)6%11 50 M 8 75 Bale
8013
1933 A 0 75 Sale 75
linstelis
80
80
80
Elk Horn Coal 1st ei ref6Ms 1931 3 0 66
Oct'30
Deb 7% notes(with Warr) 1931 3 °45 6012 10113
jolly ____ 1014
Fault Gm Light lit con 5e_1932 M 8
Ernesto Breda Co let in 71_1954
6812
With stack purchase warrants_ F A 654 Sale 654
96
96
Federal Light & Tr 1st 5s._ _1942 M 8 9518 98
95 May'31
1042 M 8 9338 97
ilea e 1 fa stamped
let
100
Sale 100
1942 M 8 100
DM Ilan 15.'tamped
90
Si) Sale 90
-1954 3 D
30
-year dab ele merles0Cash sale. ii 09410n Sale.
.
2
5
8
3
64
5
11
81
131
50
6
28
115
136
2
32
2
24
158
5
P5
120
10
14
171
68
60
10012 10314
10612 107
48
20
s
9212 967
864 92
107 1104
11012 115
8
693 8.413
6614 864
8
6414 807
6814 8513
1024 106
10138 104
8312
78
38
24
94 105
312 64
4
4
81
87
10514 10712
4
983 1024
62
65
6613 6613
18" Wig"
10714 111
11713 12114
218 218
1024 106
9418 95
83
93
82 10114
9612 10313
101 1073
3
10012 104
60
70
86
91
74
83
954
984
-51
70
90
994
8012 9412
9614 1014
9614 10114
964 100
954 994
94 101
97 101
3
933 981s
914 1004
1054 1063
4
9914 9914
3
9918 103 4
8
833
67
3
93 8
82
247g 484
103 10813
10318 10413
103 10614
53 85
64
21
95 10114
102 105
99
95
4
903
70
85
60
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 29.
t3
19393 D
Federated Metals f 75
Flat Sib?.(with ware)
19463
Without stock purch warranta_
5
Fisk Rubber lert
1941M 8a
Framerican Ind Div 20-yr 730'42 J J
Francisco Sug let I f 7348_1942 MN
Gannett Co deb 6e
Gas & El ot Berg Co cons g 5s19 9 F D
1 43 J A
Gelsenkirchen Mining 6e_1934 M S
Gent Amer Investors deb 69_1952 F A
Gen Baking dabs!5343
1940 A 0
Gen Cable lit.!634. A ___ _1947 J
Gen Electric deb g 334e
1942 F A
Gen Elec(Germany)72 Jan 15'45 .1 J
8f deb 63415 with warr
1940 J D
Without waren( attach'd_1940 J D
20
-year s f deb
Gen Mot Accept deb 68_ 194 "N
8
937 F A
Gaol Petrol led 3 t
940 F A
11639 jj
Gen Pub Serv deb 5 Ms
Gen Steel Cast 5 Ms with warr '49 J J
Gen Theatres Equip deb 68_1940 A 0
Good Hope Steel & I leo 73.. _1945 A 0
Goodrich (13?) Co let6 Me 1947 J .1
Cony deb 66
N
D
6
1 4
Goodyear Tile & Rub lit 58_1957
Gotham Silk Hosiery deb 68.19383 D
Gould Coupler 1s1 af 68.. _.1940 F A
(It Cone El Pow (Japan) 78_1944 F A
1st& genet 6M8
19603
Gulf State. Steel deb 5348_ _1942 J D
Hackensack Water In 4...l9523
Harpen Mining 6s with elk purch
war for corn stock or Am she'49 3 .1
Hansa 85 Lines 6s with warr_1930 A 0
Havana Elea CO19301 g 58_ _ _ -1952 F A
Deb 534. series of 1926...1951 M
0
93; A O
e(11)&o Li.66e(1 41
04 M N
7
st 6 Ms 3(
Holland-Amer
Houston Oil tick fund 634e._1940 MN
Hudson Coal let s f Be ear 6_1962 .1 I)
1949 M N
Hudson Co Gas lst g fis
.1
oab e0 1 83
Hu m blg0 18 Rafting 5 Ms_ 1932
16 8
1937 A 0
Illinois Bell Telephone U.-1950 .1 13
1940 A 0
Itlinots Steel deb 414s
Ilseder Steel Corp mtgs. 68_1948 F A
Indiana Limestone lit.!68_1941 MN
Ind Nat Gas & 01115e
8
1
4 m1
:
Inland Steel lit 4 34.
88 r (1
let 110 e f 4
434z ser B
Inaplration Con Copper 6 HO 1
5
19131 r A
Interboro Metrop 4542-1 9 6 A O
CM of deposit
J
Interboro Rap Trail let Si._1966
J J
Stamped
10
1932 AO
-year 138
10
-year cony 7% notes_ 1932 MS
Int Agri Corp 181 20-yr 58_1932 MN
N
Stamped extended to 1942_ - - Int Cement cony deb be_ __ _1948 MN
Internet Hydro El deb 66_1944 AO
Internet Match if deb 51_ _1947 MN
1941 • J
Cony deb 5s
Inter Mercan Marine.f 6e_ _1941 AO
Internal Paper Si tar A & 8.1947 3.3
1955 MS
Ref 8 f fls serlea A
lot Telep & Teleg deb(434.1952 3
1939 .1 3
Cony deb 41542
FA
Dab 15s
119 69
19347• D
6
Inveetors Equity 58A
Deb 58 goer B with wart., 1948 40
1948 40
Without warrants
3
'
K Crow & Lt let 4 Mssee B_1957
lit M 4I4s
1061 P A
Gm & Electric 4348_1980 3D
Kaman
1943 MN
Karstadt (Rudolph) 68
Keith (13 F)Corp 1st 65_ _ _1946 MS
Kendall Co 834. with warr 1946 MS
9
19 7
Keystone Telep Co let 56_1935 3.1
Rings County El & P g bs1937 AO
AO
Purchase money 68
Kings County Elev let g 4..l940 FA
Kings County Lighting 58._ _1954 .7.3
1964 3,
First and ref 6)531
Kinney(CHO & Co 734% notee'36 3D
Kresge Found'n coil tr 138_1936 J O
S
Kreuger & Toll sec s f bs _1959
S
Lackawanna Steel let 621A-1950
Leal Gael of St L ref & ext 58_1934 A0
Col & ref 534. aeries C-1953 FA
1960 FA
Coll & ref 5 Ms ser D
Lautaro Nitrate Co cony 66.1964
33
Without warrants
Lehigb C & Nays f 4 Ms A_ _1954 J J
17
Cons ednk fund 434.aer 0A954 J
21
Lehigh Valley Coal brt g 58_ -1933• J
33
3
'
lst 40-yr
int red to 4%_1933
1st &ref f 58
1984 FA
lst& ref sf 58
1944 FA
S'z 11
16
7
1954 P A
Ist&refst158
let&ref sr&
1964 FA
24 17
let & refer 56
1974 FA
4
28 1023 106
10218 10512 Liggett & Myers Tobacco 76.1944 AO
6
Si
1951 P A
1 100 111" Loew's Inc deb de with warr_1941 AO
4
8
991 1033
Without stocks purch warrante A0
1
Lombard Elm 1.1 7. with war '52 J
J
Without warrants
1944 AO
26 102 10413 Lorillard (P)Co 75
4310813
be
1961 FA
51 1043
Deb 548
1 105 108
1937 J
10514 110
Louisville Gas & El(Ky)515_1962 MN
4
9914 1053 Lower Austria Hydro El Pow102
14
97 100
1944 FA
23
Istef151411
D
824 913 McCrory Stores Corp deb 5348'41
4
138
7014 McKesson & Robblne deb 5345'50 ▪ N
65
3
90 90
Menet! Sugar let s t 7
_1942 AO
Strand Apr 1931 coup on 1942 40
90 101
7
9 102 10613 Manhat By(NY)cons g4.._1990 AO
20 4.
4
49 10212 1053
2013 3D
42
20
Manila Elm Ry & Ltd t 5s 1953 M
1
:
4
9731 1001 Mfrs Tr Co ars of panic in
A I Namm & Son let 8..A943 J 0
10 11514 12312
Marlon Steam Shovel s f fis. _1947 A0
100 102
Market St RY 70 Der A_April 1940 Q
Mead Corp les (ie with waro_1948 AO
89
76
25
174 Meridional(' Elm lit 7s A _1957 40
3
71
7
halt Eli let & ref he ear C 1963
3
'
50 81
3
Istg4I4sserD
1968 MS
etrop Wat Set,& Dr 5343_1950 AO
1 i5ivIetr West Side E (Chic) 48.19315 F A
'Slag Mill Mach 7. with war 1954 30
20
5512 76
J 0
914 98
2
Wilhout warrant.
6
•
97
WIldrale St &()coil It.! Si 1935
92
99 10312 Anw El By & Lt lit 5e 13_ _1961 J 0
let mtge 53
90 MO
1971 J J
5
33
29
Price
Friday
May 29.
Roan
Binge
Jan. 1,
Wee.F.
deny. or
Lao Sale.
Hio1
BUS No Loro
Art Loa
Bid
16
90
89
8
.
89
95
91
89
4
89
794 93
8753 89 8818
24
7913 924
8712 Sale 87
4
21
8
22 May'31
374
8
213 25
10113
10118 Sale 10118 10614 12 10118 109
4
45
45
45
694
53
45
774 20
06
73
75 Sale 74
10312 1054
10618 __ 10312 Apr'31
3
8
83
8918 68
618
864 943
4
8
63 6le 8 38
8734 Sal12 86
9113
113
9754 60
13 9841
93
9712 Sale 964
9244
69
10
70
69
75
65
93 98
984 ____ 98 May'31
24
100
91 104
99 100
92
91 Dee'30 -19
9011 98
97
8
8
957 Sale 957
92
82
864 34
4
84 Bale 833
79 10178 1043
4
104 Sale 1034 104
8
4 45 102 1033
10212 Sale l02l2 1023
56
95
98
93
944 Sale 944
854 68
96
84
84 Sale 84
231
38
74
28
28 Sale 28
2
83
3
96 4
82
83 Sale 83
40
96
954 1024
954 Sale 9518
54
54
50
76
54 Sale 51
69
96
96
88
8712 Sale 8714
22
90
90
75
87 Sale 83
01
3
68 s
8
_ 583 63 Apr'31
9978 24
4
9334 1011
2
994 Sale 993
9338 39
854 951s
92 Sale 92
34
90
55
61
55 Sale 55
034
.3
993
934
77 May'31
713
4
67 Sale 67
42
42
42
45
15
1212 Sale 1212
51
47 Sale 47
56
56
56
60
4
89 3
6
8 14 Sme
69 sale 89
57
5512
_ 0853 May'31
107
103 gide 024 210414
4 101
8
1007 Sale 003
4 1064
10812 Sale 053
4
1033 Sale 034 10412
73
4
4
673 Sale 673
30
36 Sale 36
4
003 May'31
4
1003
4
953
944 Sale 9418
9438
4
93 Sale 923
100 Feb'3I
16- 91 Jan'31
,
9 2 Jan'31
4
693
68 Sale 67
6912
4
673 Sale 8718
58
56 Sale 55
9012 Sale 9012
4
923
9938 99 May'31
98
75
75 Sale 67
8518
81 Sale 81
78
70 Sale 65
89 Sale 8813
9014
92 Sale 914
9413
77 Sale 77
80
64 Sale 6213
4
783
48
40 Sale 40
68
7314
72 694
87 Sale 87
8813
80
774 Sale 77
71
71
70
75
72 Mar'31
70
75
71 May'31
79
70
10518
105 Sale 10478
107
106 Sale 106
99
9812 Sale 98
6218
6012 Sale 604
74 May'31
74
60
48 Sale 44
5818
73
71 Sale 70
4
1053 May'31
10512
_ 139 Apr'31
138
854
85 16 85
_ 10712 May'31
8
1073
11914 May'31
11914
79
80
4 80
753 102 Sale 102
10214
93
4
9218 Sale 913
11
387 93 s
7
2
15
25
135
5412
77
67
2
867
38
5312
1212 8012
68
47
8513 65
94
89
63
Si
1
1047 1065
8
10173310413
10014 1025
3
105 107
2
1001 1044
4
673 62
69
33
1001s 1003
4
8
935 9734
9214 9641
99 100
12
94 9
13
94 9
7613
67
8
663 75
6018 644
55914 95
9812 0953
67
764,
81 100
65
1
934
8812 994
9111 100
97
77
6218 77
11
692
40
12
8
697 84
96
81
9014
76
75
70
76
70
75
71
1014 105%
4
1033 107
931$ 9918
5934 754
74
7813
39
681
4
70 82
10318 1053
4
134 139
854
78
4
1041 107
12
11818 120
721, 9018
1014 103
5
94 2
88
10338
164
10238
102
25
32
31
15
1013 1044
4
10112 10411
100 103 e
7
100 e 103Is
7
404 Sale 404
4514
101
101 1014 101
101
4
1003
___ 10014
8 10238
10212 Sale 1017
9912
2912
99
10012 ____ 10012 Apr'31
734 7513 Apr'31
60 43 Apr'31
43
52 Apr'31
52
8
____ 497 52 Apr'31
125
124 Sale 124
108 Sale 10712 108 4
,
4
953 Sale 100 Mar'31
4
953
8
4
953 Sale 953
4 391
90 Sale 883
____ 89
88
8912
4 11312
113 Sale 1123
9414
91 Sale 91
4
98
95 Sale 943
10713 Sale 1074 10712
81
6
11
16
1
14 7512
40
9813 101
984 1004
100 1023
8
5
913 8 MN
4
0912 1002
754 78
43 52
55
50
87
50
11514 125
10414 1084
100 1104
3
99 4
94
76$3 9512
95
75
,
102 4 114
62
9512
867 9558
1
10312 168
103
10378
101
101
82
4
983
681z
214
-54
50
95
923
4
3812
94
734
4
995
1054
10278
45
6318
8
1027
10418
1034
Sale 103
10412 10378
Bale 101
4
1013 101
Sale
Sale
Sale
Sale
1912
8
547
Sale
Sale
8112
4
823
9838
983
4
74
684
2114
2214
20 May'21
5812
50
50
50
95
95
20
3
23
16
4
20
31
86
29
69
65
9
2
75
169
184
284
46
38
2
42
127
75
157
28
40
54
47
116
119
5
15
105
156
80
24
9
16
17
27
77
17
12
16
53
52
16
8
14
84
7
53
18
3
76
8712
7
.
03 100
6913 3412
2114 40
35
20
BO
5713
45
50
05 100
94
5
94
36
10
38
21
95
94
7
75
7313
6
4
993
4
993
8 12
10514 1053
4 32
102 14 1033
13
45
43
76 May'31
3
66 4 77 May'31
6
6978
68
117
Sale 1024 103
1044 17
1044 10418
28
3 104
Sale 1033
9412
02
55
47
3
92 4 98
7313 90
1544 10012
1024 10512
8
9913 1043
75
43
8
687 77
77
75
624 844
1004 103 8
7
s
912 1047
9
10338 10414
4
973
40
Sale
Sale
Sale
Sale
Sale
Sale
New York Bond Record—Continued—Page 6
BONDS
N, Y. STOCK EXCHANGE.
.11
Week Ended May 29.
Montana Power lot 158 A___1943 J
Deb ta series A
1962 J
Montecatiel Min & Agrlo—
Deb 7s with warrante
1937 J J
Without warrants
J J
Montreal Tram let & ref 58.1941 2 .1
Gen dr ref a f be series A_ _ _1955 A 0
1955 A 0
Gen & re/ s es eer 13
Gen & ref a f 4 .1l1 ser C 1956 A 0
1055 A 0
Gen & ref a 1 56 ser D
Morrie & Co let o f 414e_ _ _ _1939 J J
Mortgage-Bond Co 4e oar 2A988 k 0
1932 3 J
10-25 year ea series 3
1934 J 0
Murray Body let 6149
Mntual Fuel Gee let go g 53_1947 MN
Mut Un Tel gtd &text at 5% 1941 MN
Price
FridaV
111ay 29.
Week's
Range or
Lai Sole.
Ask Low
Biel
10514 Sale 105
10218 Sale 10218
98%
99
10012
93%
9312
Sale
Sale
Sale
96
_---
9312 Sale
70 Sale
80
70
99% Sale
94
96,
8
108 4 ---,
10314 10414
El
)604
Range
Since
Jan. 1.
Iii00 No, Low
105% 47 103
2
10218
99
99
99
9812
99
10012 10012
9314
9314
9312
94
8718 Mar'31
9312
93 2
,
72
70
73 June'30
9912
9912
96
9618
109 May'31
10314
10314
23
24
5
5
4
5
17
3
2
1
Ilioh
'
5
1053 Rhine-Ruhr Wat Ben 63—__1953
4
104
Richfield 011 of Calif 68
1944 MN
Certificates of deposit
9D2 1004 Rime Steel lot a I 78
1955 P A
02
99% Rochester One & El It ser 51A946 M
Gen retro 514e scrim C.-.1948 MS
98 101%
4
00 4 95
3
Gen mtge 44e aeries D__ _1977 MS
934 94
Roth & Pitte Clr I p m 58_ _1948 MN
874 874 Royal Dutch 48 with warr_ _1945 A0
91% 98%
N
83
70
St Joseph Lead dcb 5148 ...1941
lit Joe Sty Lt It & Pr let 53_1937 lot N
07
99 2 St L Rock Mt & P be stmpd_1955 ii
92% 98
St Paul City Cable cons lo_ 1937• J
10212 10912
1037 is
Guaranteed 58
102% 103, San Antonio Pub Serv let 811_1952 .1 5
4
Saxon Pub Wks(Germany) 78'45 ▪ A
Gen reinter 648
1951 MN
49
5314 Schuleo Co guar 6148
1948 J J
93
9612
Gum to 1 6148 Bering ___ _1948 AO
983 1023 Sharon Steel Hoop If 63.40..l94! FA
4
4
1113 264 Shell Pipe Line at deb be. _ _1952• N
96 1004 Shell Union Oust deb 5.1_ _1947 MN
104 10812
Deb be with warr
1949 AO
87
95
Shinyetsu El Pow let 6 43..1052 so
Shubert Theatre 15e_June 15 1942 J
103 101172 Slemens & ilalake e f
084
1 718
_1935 is
10212 104
Deb a 1 014s
1951 7.1 S
86
94% Sierra & San Fran Power 5(3_1949 F A
85
93% Silesla Elec Corp e f 41-1946 P A
7412 8413 Slleelan-Am Corp coil tr 7s-1941 FA
83
86% Sinclair Cons Oil 15-yr 71. _ _1937 M
11212 117
let lien 6144 merles B
1038 J D
1047 10714 Sinclair Crude 0118 4seer
8
.1 .1
107% 11212 Sinclair Pipe Line a 1 5a A -1935 • 0
1942
97% 10114 Skelly 011 deb
1939 M
544
Smith(A 0)Corp lst 6 4s-1933 MN
Namm (At)& Son_ _See Mirs Tr
Nassau Elec guar gold 4e_ _ _1951 .1 J
Nat Acme 1st f 6e.
19425 D
Nat Dahl' Prod deb 51,(s_. _1948 F A
Nat Radiator deb 6 43
1947 F A
Nat Steel e f deb 53
1941 J
Newark Como'Gas cons 58_1048 J D
Newberry(JJ)Co 54% notes'40 A 0
New Engl Tel & Tel es A_ 1952 J D
let g 414/ eerier, 8
_
MN
NJ Pow & Light let 4348-1960 A 0
New Or( Pub Sere 1st 68 A 11.152 A 0
Flea & ref ba merlon 11_ _ _1955 J
N Y Dock 50
-year let g 48_ _1051 F A
Serial 5% notes.
._ _ _1938 A 0
N Y Edison lat & ref 0
A.1941 A 0
1st lien & rot te series 11.._1944 A 0
N Y Gas El Lt & Pr g 5,s_1948 J D
Purchase money gold 4e_ _1949 F A
NYLE&W Coal & RR 549'42 M N
NYLE& WDock & Imp 59'43J .1
N Y Rya let E & ref 4a_ _ _1942 -I .1
Certificates of deposit
80-year ad) Inc 58._ _Jan 1942 A 0
Certificates of depoelt
N Y Rye Corp foe 6aJan 1065 Apr
Prior lien 8a series A
1905 J J
N Y & Richm Gas let 83 A_ _1951 MN
N Y State Rye 1st eons 448_1962 MN
Reed
MN
Certlfic.ates of depoeit......
60-yr lot cons 6146eerleall 1902 1 .14
4
-
4934 Sale 4913
493
8
94
93
93 May'31
1017 Sale 101%
8
1023 361
1412 Sale 1412
15
15
10018 Apr'31
1"0718 1 12 10838 May'31
0
91 Sale 90
923
4 15
8
1115 Sale 11112 1113
4
4
107 10712 1067
8 10712 25
8 10318 30
1025
9212 Sale 9212
9318 15
9214 Sale 9112
93
41
75 Sale 75
78
7
6318
63 Sale 63
6
115% 116% 11558 117
19
107 Sale 107
10714 16
8 112%
1123
s
- 1123
4
8 - .
1013 162 10118 10114
6
_ loo 112 Sept'30
100 101 100 Mar'31
__ - 434 Oct'30
4050
40
40 Dec'30
212 Dec'30
I July'29
212 28
2 Sale
2
51Sale 51
55
5
10658 10712 107
10712
2
7
7
7
8
9
6 Dec'30
7
7 12 7 May'31
7
7
7
8
3
N Y Steam let 25-yr fisser A 1947 MN
let mtge be
1951 MN
N Y Telep let & gene f 410_1939 MN
80-year deben of 08....Feb 1949 FA
80
-year ref gold 68.
1941 A 0
N Y Trap Rook 1st Bs
1946 S D
Niagara Falls Power lot 5a_1932 ii
Ref & gen 6s
Jan 1932 AG
Nlag Lock & 0Pr let 58 A..1955 AO
Niagara Share deb 5
__ _1960 MN
Norddeutache Lloyd 2u-yr of 68'47 MN
Net Amer Com deb 014s A_1940 M S
North Amer Co deb 5s
1961 P A
No Am Edition deb fes son A _1957 MS
Deb 548 der B-___Aug 161903 FA
Deb 5e series C _ Nov 15 1969 MN
Nor Ohio Trac & Light 6:1_ _1047 MS
Nor States Pow 25- yr Se A_ _1941 AO
let & ref 5-yr 68 ser 13_ _ _ _1941 A 0
North WT 1st fd g 44 gtd-1031 J J
,
Norweg I(ydro-E1 Nit 5148_1957 St N
Ohio Public Service 74s A_1940 AO
lot & re! 7s aerie/II
1947 FA
Ohio River Edison lot 68_._1948
5
Old Ben Coal lot 6,3
1944 F A
Ontario Power N F let 5s __ _1943 FA
OntArlo Power Sery lot 5148_1950 .1 1
Ontario Transmission let 68_1946 MN
Oriental Devel guar fle
1953 MS
Ext1 deb 5148
1058 MN
Oslo Gas & El Wka art( 56._1963 M
Otbs Steel 1st M 69 ser A_ _ _1941 MS
109% Sale 10914
1095
8 22 10712 109%
105 Sale 10434
105
14 100 2 105
3
10514 Sale 105
10514 12 10112 10512
1105s Sale 11013 11114 40 11012 11214
106 Sale 106
10612 75 106 108
98 Sale 97
98
15
95 10013
10113 102 10114 May'31
_ _ 101 103%
10218 10214 102
10214
9 101% 103
105 1053 105
4
1053
4
3 10313 107%
9212 Sale 9212
95
19
893 983
4
4
7912 Sale 7912
83
71
79,2 87
30 Sale 29
35
50
36
6812
9914 Sale 9914
997 200
974 9934
104 Sale 104
1043
29 10014 105
1035 Sale 10338 104
8
64 101% 1043
4
10218 Sale 10218 10212 80
97 10212
1063 1073 1061
4
8
1078
6 103 108
10418 Sale 10418
105
29 102 105
10718 Sale 107
10718
9 10512 10718
1013
10114
8
10112
3 10018 10034
9912 39
9913 Sale 983
4
97% 1011
4
11112 11212 1113
4
1113
4 10 110 11212
11012 11112 112 May'31
111 115
10218 Feb'31
10112 10212
-26- 35 31
31
2
30
5014
106 Sale 106
1065
8 11 10314 1065
8
80
79
79
1
79
94%
ii:Wa Sale 10358 10353 1 100 10412
8
9912 Sale 993
993
71)
95 101
93 4 Sale 9312
,
945 109
s
884 98
9912 16
99
8
1035 104
95, 100
4
Sale 89
8912
9112 47
88
99%
Pacific Chia & El gen & ref 58 1942 .1 J 105 Sale 105
10512
Pacific Tel & '1'el let 5a
8
1937 55 1055 Sale 105% 10612
Ref Mae 5a series A
10812 Sale 1075
8 10812
1952 M
Pau-Amer P & T oonv of 68.1934 MN 10214 Salo 102
103
Pan-Am Pet Co(of Cal)conv 68'41) S D 3012 Salo 3012
4038
Pararuount-11'way let 545..1951 J J 101 Sale 10014
102
79 Sale 79
86
Paramount-Fam'a-Lasky 69_1947 5
Perfume unt Pula'Corp 51481950 P A 68 Sale 677
8
75
Park-Lee lot leasehold 646_1953 S i 40
4812 45
45
Parmelee Trans deb 68
28
AO 28 Sale 25
Pat & Passalc & El consbe 144 MS 107 _ _ _ 10614 Apr'31
1940
9
Paths Each lob?, with warn 1937 MN 8114 Sale 81
827
8
Penn-Dixie Cement 6e A _ _1041 M S 564 Sale 5614
59
Poop Gas & C 1st cons g 68_1943 AO 11618
11612 11612
Refunding gold Es
1097 Sale 10934
8
11012
1947 M
Reitietered
_ _ _ _ 106 May'31
MS 102
Phila Co me 58 ser A
1987 J o 10212 Salo 10212 103
Phil* Mee Co lot 4148
8 10512
1967
N 105 Sale 104,
let & ret 48
1971 P A 99 Sale 98%
9912
4
4
Pfdla& Reading C & I n3153_1973 is 773 Sale 773
78%
Cony deb 61
6012 Sale 5912
6612
11/49
Phillip/ Petrol deb 540_ _ _ _1939
67
D 60 Sale 59
Pierce 011deb s f 81_ _Dee 15 1931 J O 103 10812 103 May'31
Pillsbury Fl Mille 20-yr fla_ _1043 AO 104 Sale 104
10412
Pirelli Co (Italy) cony 78_ _ _1952 MN 104 Sale 104
104
Pocars Con Collieries lat f ba '57 ii 91
95 May'31
95
Port Arthur Can & Dk 64 A.1953 FA
102 10153 Apr'31
lat M On aeries II..... _ _ _1053 A ____ 103 104 Mar'31
Port Geni Elm let 41.4a ger C1960 M S 893 Sale 8914
8
91%
Portland Fly LA Piet 74s A1946 MN 107 1073 10718
10718
8
PortIturd Gen Else let 08,.. _1035 S i 1041
_ 104 May'31
Porto Rican Am Toboonr8a 1942 J
4- 64
WO
68
Postal Teleg & Cable coil 5e_1953 J J 54 Sale 54
5712
Pressed Steel Car cony g 501_1933 is 84 Sale 85
85
Pub fiery Fl & Gas lot & ref 6485
8 10512
8
D 1047 10512 1053
lot & ref 4 lis
1067• 0 10514 Sale 10518
10514
1st & ref 414s
8
1970 FA 1053 Sale 10514
105%
lst & ref 4a
8
1971 A0 99 Sale 987
99%
Punta Alegre Sugar deb 73_1937 J J
1
9
7 Apr'31
Certificates of depoett ______
6 May'31
Pure Oils t 634% outs
79 - - - 7912
8
6
1937 F A
81)18
64% notes
7512 Sale 75
1940 M
80
Purity Bakerels f deb 58_1948 J
94 Sale 94
95
Remington Arms let or 08.1937 MN ____ 85% 85
86
Rem Rand deb 514, with war '47 MN
O9 Sale 65
7012
Repub I & fi 10-30-yr Re _ _1940 AO 77 Sale 95
100
Re,A gou hs Bedew A _ _1953 is 75 Sale 74%
88
Revere Cop A Br 6s_ _ _Jury 1948 M
7012 80
7012
7012
Itheinelbe Union 78 with war 1946 J 2
8512 Jan'31
Without stk pure) tram _1946
81 Sale 79%
83
Rhine-Main-Danube 71 A_ _11160 M
93
96
924
95%
Rhine-Westphalla El Pow 7e 1050 MN
97 Sale 97
9812
Direct altars 6ts
1952 MN 83 Sale 79
86
Coss M 0'28 with war_1053 P A
75 Sale 75
781
,
Without warrants
A ____ 843 82 May'31
4
Con m (le 01 1930 with war 1955 AG 75 Sale 73
764
[Cash sales. a Option sales.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 29.
27
26
14
26
66
30
33
44
1
27
25
15
12
15
53
91
251
27
80
134
6
5
246
3
4
31
6
7
40
33
364
_
49
51
22
5
67
77
19
7
20
11
7
45
37
59
leo- 1- 66
17 44
45
55
106 10712
7
1112
7
9
612 12
102% 10512
1037 10612
8
106 10813
10112 103
3012 78
11,
014 105
78
97
687 89
8
45
6212
25
38
105 106%
6014 89
581, 803
4
1121e 11613
tr4i8 11012
106 106
9814 1034
1024 10512
9278 9912
77% 8514
5912 83
5012 9214
103 10312
103% 10512
94 104
904 55
100 106
102 164
88
9213
106% 108
1011s 1047
8
60
79
54
7472
76
89
10218 1061
4
1014 10514
10112 10512
93% 993
4
7
1212
0
12
75
96
74
93%
90,c981.3
1
85
95%
65
9912
95 10214
74% 96
85 101
80
87%
79% 93%
9u
9818
00 10112
75
8914
75
874
76
87
73
8 4
63
4025
Price
Friday
May 29.
Week's
Range or
Last Said.
Ranee
Since
Jars. 1,
Ask Lots
Did
High No. Low
High
6514 Sale 6514
63
663
78%
4 29
24% 67
27 Sale 2434
3412 84
34
34
34
25
60%
4
82
801s 887
843 8018
4
77
a
105 10614 10618
2 10518 1074
10618
10612
105 107%
-- 10612 10612
1023 10312 10312 May'31
4
994 10312
85 Dec'30
90
82
87 WI;
8
8812 887 88%
893 109
4
96
98
97
99
9812
_-99 100
5112 5312 5113 May'31
88 Sale 88
88
89
88
88 Apr'31
1084 10914 10918
1094
81 Sale 81
84
70
76
76
71
6612 65
65
60
70 May'31
75
70
_ _ _ _ 7412 7953 May'31
80 Sale 79
84
66
72
SaleSale 66
73
e 875
8
68
861
9014
6%1
11 Sale
11
78
103
993 lOO'z 102
4
91 Sale 90%
96
1043 Sale 10434 10514
4
4
6812
713 6812
61
6412 Sale 6412
6724
9112
897 Sale 897
8
8
79 Sale 79
82
10212
10212 Sale 10218
10014
10018 Sale 100
45 Sale 45
493
4
8
103 Sale 1027
10313
Solvay Am Invest ba
1942 M
South Bell Tel & Tel lat a 15s'41 .1 J
Sweet Bell Tel lat & ref 641_1954 ▪ A
Southern Cob Power Os A._1947 S i
Stand 011 of N J deb fas Dec 15'46 P A
Stand 0(10! N Y deb 449_1051 J o
Stevens Hotel tot(Meer A _..l945 S i
Sugar Estates (Oriente) 78-1912 MS
Syracuse Lighting lot g 5s-1951 ill
Tent)Coal Iron & RR gen 58.1951 .1 1
Tenn Cop & Chem deb 8011_1944 MS
Tenn Klee Power let So.__.11)47 J O
Texas Corp cony deb Re_ _ _1944 A0
Third Ave ity let ref 4e
198o .1 .1
Adj inc 6s tax-ex NY Jan 1960 A0
Third Ave RR let g be
1937 ii
Toho Elec Power lot 7e
1956
8% gold notes
1032 S i
Tokyo Elec Light Co. Ltd
1st 68 dollar series
1953 J ul
Trenton G & El lets Re_ _ _1449 PA S
Truax-Traer Coal cone 648_1043 MN
Trumbull Steel 1st a 1 60_ _ _ _1940 7.5 N
'
5
Twenty-third St Ry ref 56_1962
Tyrol Hydro-Elec Pow 7448_1955
N
GUaroecof7,
1952 P A
9534 Sale 955
8
96
4
1053 Sale 1053
4 10614
4
1063 Sale 1063
4 107 4
,
o
10212 10312 1027
1033
4
10314 Sale 10314
103 4
,
Sale 9812
9918
991e
50% Sale 50
51'2
9 May'31
11
9
11118 11212 11012 11012
10512 107 1073
8 10753
8912 90 90
90
4
4
1063 Sale 1063
10714
9112 Sale 91
4
5218 Sale 513
922,14
5 2
3512
3412 Sale 344
99
99
9812 99
10053
10053 Sale 10014
100 Sale 100
10018
Ufigawa Eke Pow s f Te_ _ _1945 MS
Union Elee Lt & Pr (111o) 58_1032 MS
Ref & ext be
1038 MN
tin E L& P (III) lst g 534. A 1954
Union Elm/ Fly(Chic) So.__ _1945 AO
Union 01130-yr 6sA _ __May1942 P A
led Ilen s f
sew C__ _Feb 1935 AO
Deb 58 with warr_ __ _Apr 1945• D
United Biscuit of Am deb 6e..1942 MN
United Drug 25-yr 6s
1053 M
United Rys St L let g 4s_ _1934 5 .1
United SS Co 15-yr 68
1937 ▪ N
(In Steel Works Corp 634s A_1951 J D
See f 84s aeries C
1951 • D
131deb84seerA
1047 .1 .1
United Steel Wke of BurbachEsch-Dudelange s 1 7s _ ...1951 AO
U S Rubber 1st & ret be ser A 1947 is
Universal Pipe & Rad deb an 1938
Unterelbe Pow & Lt 60
1953 *• 0
Utah Lt & 'Frac lot & rat 14_1944 AO
Utah Power & Lt lot be_ _1944 P A
Utica Flee L & P lot ofg6a 1950 is
Utica Gas & Else ref & ext 53 1957 S i
Util Power & Light 134e..
.l947 .1 I)
Deb So with warrants_ _ _1959 A
P A
Without warrants
Vertientes Sugar lot ref 7,..1042 5 •
Victor Fuel 1st if Si,
1953 S i
Va Iron Coal & Coke let g to 1949
S
Va By & POW let A rat fre_ _ _1984 .1 .1
25
14
9
28
27
1
__ __
133
118
178
23
27
20
45
2
2
18
91
64
108
28
22
17
9
40
18
17
229
68
17
96
97
974 1110
46
57
87% 92
92
88
10312 1094
75% 93 8
7
70
8814
80
75
00
9114
7958 9012
92%
73
84
8412
65
90
784 9314
7
25
95 104
884 101%
102 10514
07
8118
80
85
837 1004
8
79
9811
10014 1024
98 101
42
84
1021 1034
4
1
2
41
355
112
371
14
48
38
94
9012
8
1045 10614
105 10712
102 108%
10218 1054
96122102
50
88
2
30
105% 11512
104 1073
8
8912 90
104 4 108
5
904 102
45
52
3612
25
93 100
9112 100%
94312 1004
8458 Sale 84
8614 151
1061s 10712 10618 Apr'31
45 May'31
50
46
8913 Sale 8912
8913 10
20 Apr'31
68
20
9618
9513 Sale 9512
9312 28
4
934 Sale 913
8314 91%
104 10612
72
45
85 Iowa
20
2612
947 100
2
871 961
.,
,
Sale 1007
10114 37
8 10
103 1023
4 1027
10312 10314
10312 20
10438
8
Sale 104
Apr'31
8
767 71
105
27
10418 Sale 10418
96
8
9
7
33
99 Sale 98 8
47
81 Sale 81
104
2
104 Sale 104
10212 210
101 Sale 101
9
41
42 Sale 4012
33
101
101 Sale 101
7212 64
7
1
71 Sale 6912
26
71 Sale 71
7114 60
7012 Sale 6812
98% 102
10114 103
101 10313
10212 104
53
89% 73
1002410*
9713 101
81
97
100 105
984 102 1
,
4(1, 62
3
91111 101%
6913 83%
7(11e 833
4
6812 831,
6
10518 10512
114
67
65
514 Apr'31
76
7912 10
9912 101
62
10318 104
93
8
1065 May'31
4
11234
1125
8
70
731_ 50
61
66
185
10412 108
64
7514
5112 514
89
83
94 101
100 104
104 1055
8
1054 11312
84
70
61
76 4
3
10114
4
1023
10314
1045
8
10512 Sale
65 Sale
44
15
77
76
9912 Sale
10318 Sale
111 112
11253 113'i
70 Sale
61 Sale
28
32
27
32
24
82
84
Sale 104
28 Mar'31
82
1045
8
21
Walworth deb 64s with war 1036 A • 60 Sale 60
60
5012
60
70
Without warrants
4912
let sink fund Se aeries A _ _1945 AO 44 Sale 4318
3912
Warner Bros Piet deb Ss_ _1939 MS 3814 Sale 3012
93 May'31
Warner Co 101 6* with warr_1944 A0
91 95 Mar'31
A 0
Without warrants
Sale 10478 10514
Warner Sugar Refln lot 70..1041 S.
Warner Sugar Corp 1st 78_1989 is Iola 1212 10 Apr'31
GIs 10 12 Apr'31
Stamped Jan 11930 coupon 89
'
48
4418
Warner-Quinlan deb 5...198* -A 4418 45
Apr'31
Wadi Water Power I f 64_1939 S i 1044 -- 104
108%
Westchester Ltg fte stud gtd_1950 S D 108% -- 103%
8 105%
1055
8
West Penn Power sex A 5e_ _1946 M
-- 1055
8 11018
8
Int 58 series E
1963 RI 8 1097 Sale 1097
10612
,
1st 5%swine P
1953 AC 106 106 2 10012
106
let sec be settee 0
D 106 Sale 106
1950
10718
Western Electric deb be_ — 1944 * 0 10612 10724 107
4 10412
Western Union eoll trust 68_1938 .1 .1 10413 sale 1033
Fund & real eat g 448_ _ _1050 MN loo 10112 9712
981s
4
10853
15
-year 1134,
1938 P A 10818 Sale 1073
10112
25
10112 Sale 1004
-year gold Ite
1051 J
30
lows Sale 99
1007
8
-year Se
1060 M
66
Weetpluilla Un El Pow 611_ _ _1953• .1 63 Sale 6112
88
Wheeling Steel Corp let 54,1948 S i
9018
lot & ref 4 148 series B_ _ _ _1953 A0
7812
7812
White Eagle 0114, Re/ deb 54437
10212 Sale 10212 10212
Witb stock punch warrants...
37
40
__ -- 40
White Sew Mach Os with warn '86
39
37 Sale 37
Without warranta
36
34
38
34
PartIc f deb 61
1940
8
10 Mar'31
10
Wlekwire Span St'l let TO. _ _1935
6
814 Apr'31
12
Ct/ dep Chase Nat Bank _ _
7
8 May'31
26
To (Nov 1927 coup on)Jan 1935
7
7
7 Sale
Ct/ dep Chase Nat Bank_ _
8
99% Sole 997
10012
Willya-Overlaud s f 6141---A 988
897 Sale 8912
9712
8
Wilson & Co let 25-yr 0160.1941
5015 Sale 504
5018
Winchesuw Repeat Arms 74241
5018 597 42 May'31
8
Certificates of deposit
4
1005s
Youngetowa Sheet & Tube 581 '78 is 97% Sale 973
9912
lstm 8 f 5aser
1970 A 0 9884 Sale 98
2
31
24
364
82
104
14
17
26
2
2
7
14
2
45
22
56
22
64
249
51
43
3
8
5
17
20
1
10
58
1
255
388
23
22
75
101%
45
22
85
105
60
83
504 90
434 79
25
74 4
1
97
93
95
97
10013 1063
4
1713
10
1014 23
4418 69
103 105
10512 10912
4
103 4 10614
10512 11018
105 10711
104% 10418
tails 1071s
10118 105
9712 102
1043
4411011
100 104%
99 10414
6113 7912
88 103
92
78
102 103
32
40
29
46%
224 4418
71 10
4
7
8%
74 1013
65 1114
8
95 10013
89 2 101
,
28
83
2812 42
97% 1034
98 101
[VoL. 132.
FINANCIAL CHRONICLE
4026
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, May 23 to May 29, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Railroads100
Boston & Albany
100
Boston Elevated
Preferred
lit preferred
100
2d preferred
Boston dr MaineClass A 1st pf stpd_100
Hal
Pr. pref. Attu]
Boston dt Providence_ _100
Chic Jct Ry & Un St YdCommon
100
100
Preferred
East Mato St Ry CoCommon
181 preferred
Preferred B
100
Adjustment
100
100
Maine Central
Preferred
100
NY N II AI Hartford tio
Norwich & Worces pfd_100
lie,
Old Colony
60
Peplum/van]. RR
Vermont & Mass
100
17834
8734
100
110
10034
17834
8534
100
110
100
184
8734
10034
11134
10034
176
60
100
175
60
101
176
153 153
10834 10634 10634
650
6
3
234
40
80
6634
137
135
135
4434 4434
119
134
634
134
634
434
3
40
80
7234
137
137
4834
120
Miscellaneous2% 2%
American Founders Corp__
931 1034
Amer dr Conti Corp
Amer Pneumatic See-.
2%
2
Common
16234 169%
Amer Tel & Tel
108
734 8
8
Arnoskesg Mfg Co
334 334
Aviation Sec of NE
2034 22
Bigelow Sanford Carpet__• 22
18
18
Boston Personal Prop Trust
30
30
Brown Co pref
S
5
Brown Durrell & Co
734 8
001UmblaGraphophone__
4% 434
Crown Cork & Intl
19
19
19
East
-Gas & Fuel Assn
8434 8534
434% preferred
100 85
92
8% preferred
100 9134 91
1731 19
Eastern SS Lines Ine.....__25 1834
95
95
lgt preferred
20
20
___ _ _
Economy Grocery Storm
Edison Elec Ilium
100 231% 231 240
17
16
16
Empl Group Assoc T C__
29
27
General Capital Corp
53
5%
Gilchrist Corp
2531 34
Gillette Safety Razor
Hathaway Bakeries11 31 11%
Class B
28
27
Hygrade LamP Co
8734 90
Preferred
9
9
Internat Buttonhole Mach_
19% 2131
Internat Hydro-Electric3% 4
Jenkins Television
734
7
Loew's Theatres
434 4%
434
Masa Utilities Assoc v t c
7934
78
Mergenthaler Linotype_ - _
2
234
Nat Service Co com shs
17
1734
N Engl Pub Serv corn (new)
130 134
New Engl Tel & Tel_100 131
16 34
16
Patina Mitts---------100 16
334 334
334
Public Utility Holding_ __ _
35
35
35
Railway & Light Sec
15
15
__ _ _
Reece Buttonhole Mach
12% 1334
13
Shawmut Asan T C
3234 34%
Stone & Webster
• 2534 2534 2634
Swift & Co. new
3934 41
• 40
Torrington Co
26c
200
200
Tower Mfg
1834 1834 1834
Union Twist Drill
434,
434 534
United Founders Corp corn
5034
17nited Shoe Mach Corp_ 25 4934 49
31% 32
Preferred
3% 434
U S Elm Power Corp
Warren Bros Co new
1934 1934 273-4
MiningArizona Commercial
5
25
Calumet & Ileola
25
Copper Range
25
Isle Royal copper
25
Keweenaw Copper
25
Mohawk
Neppessing Mines
5
23-s
North Butte
P C Pocahontas Co
--- .. _ .25
Quincy .. .
St Mary's Mineral Land.
Utah Apex Mining
Utah Metals & Tunnel
Range Since Jan. 1.
Low.
High.
97 17334 Jan 185
2,252 6234 Apr 8834
350 7634 Apr 101
551 9834 Jan 11134
Apr 101
1,279 82
Mar
May
May
May
May
10 60
115 100
67 168
Feb
May 75
Jan 108
Mar
Jan 18234 Mar
5 153
14 100
Apr 155
Mar
Jan 10634 May
20 60c
434
340
234
95
2
100
20 40
10 80
348 6334
25 130
158 125
1,166 44%
62 118
212
630
Feb
134
Apr 10
634
May
4
Jan
May 63
May 80
May 9234
Jan 142
Jan 140
May 8834
Jan 12234
234 May
934 May
May
Jan
Mar
Jan
Mar
May
Feb
Feb
Mar
Feb
Jan
534 Mar
1534 Feb
4
Feb
Jan
2
550
5,335 16234 May 20114 Feb
Jan 14
7
Mar
310
531 Mar
234 Jan
200
Jan
165 2034 May 33
100 1731 Jan 2134 Feb
Jan
Apr 66
115 30
5
Mar
234 Jan
100
215
73.4 may 11334 Mar
8
Mar
150
4% May
650 1734 Jan 2734 Mar
Jan 8534 May
209 77
Jan 95 Jail
357 89
1,070 1731 May 2834 Mar
Apr
Jan 98
91 94
50 1634 May 26
Feb
May 26634 Feb
536 231
Mar
700 1634 May 20
May 393.4 Apr
360 27
734 Mar
5
Apr
10
1,615 2134 Jan 3834 May
100 11
111 19
20 85
734
255
196 2234
234
25
7
105
354
3,783
27 78
144
1,080
62 16
855 130
225 1534
35
334
70 35
15 1434
2,009 1134
690 3231
356 2534
170 3934
635 20c
105 18
226
434
4,412 49
143 31
331
644
2,104 1934
Feb 1534 Jan
Jan 28
Mar
Mar
Feb 90
9
Jan
Apr
Apr 3034 Mar
6
Apr
Jan
May
931 Jan
8
Feb
Jan
May 89
Jan
334 Jan
Apr
May 21
Feb
Jan 142
Mar
Jan 2554 Mar
May
734 Feb
May 50
Feb
Jan 1534 Feb
Apr 16
Feb
May 5434 Mar
May 3034 Jan
May 47
Feb
134 Jan
May
May 30
Feb
May 1034 Mar
Jan
May 58
Jan 3234 May
8
Mar
May
May 4634 Feb
1%
1134
834
634
134
21
1%
53-4
1534
1034
934
134
59c
Feb
Feb
Feb
Feb
Jan
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Feb
BondsFeb 81
7234 7234 36,000 71
8
Arooskeag Mfg Co----194
1,000 101% Jan 10334
Ch Jet Ry & U S Yds 5sI 94 10334 1033-4 10334
10234 102 34 8,000 1007-4 Jan 10234
England Tel & Tel'32
New
May 115
18,000 105
105 108
P C Pocahontas 7s- -1935 105
Jan 10134
101% 101% 9,000 101
5
Weatern Tel & Tel - 9_1932
Mar
May
May
Feb
Jan
• No par value.
5%
134
93
5
4
25
850
85c
17
5% 63-4
872
434 534
3
130
334
150
1
I
320
1534 16
80
1
1
1%
13-4 13,530
560
934 10%
510
5%
5
300
6
4
165
1
88c
300 1,250
29c
500
5%
431
3
1
1535
1
1
934
5
4
880
250
Apr
May
May
May
Jan
May
May
Jan
May
Apr
May
May
Jan
a Es-dividend
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, May 23 to May 29, both inclusive
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
3634
26%
7
1
17
334
9154
%
23-4
4%
57
3734
26 34
8
134
21
3%
9134
34
33-1
4%
57
400
150
100
450
500
350
30
300
900
200
150
85
2631
7
1
17
3%
91
34
1
374
57
Jan
May
May
May
Feb
May
Jan
May
Jan
Jan
Jan
3974
4174
1334
3%
31
7%
94
1%
51.4
834
6134
Mar
Feb
Mar
Jan
Apr
Feb
Feb
Feb
Apr
Feb
Mar
Assoc Tel & Tel86%
•
Clam A
8434
•
$6 preferred
2434 24
Assoc Tel UM Co corn...'
$6 cony pref A77
•• 863-4 86%
$7 cumul prat
4.4
•---
6734
8834
2434
77
86%
a%
490
50
5,700
100
50
80
65
8134
2034
77
863-1
54
Feb
May
Apr
May
May
May
70
8834
2514
8234
88
6
Mar
Mar
Abbott Laboratories corn _•
Acme Steel Co cap elk 25
Ain.sworth Mfg Corp combo
Allied Motor Ind Inc com _•
•
Allied Prod Corp A
Amer Equities Co cum_ •
Amer Pub Say pref _ --100
Am Radio & T Stores...*
Amer-Yvette Co Inc corn.*
Art Metal Wks Inc corn_ •
Associated Invest co_
•
373-4
%
Feb
May
May
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Backstay Welt Co corn_ _•
Bastian-Blessing Co com.25
234
Baxter Laundries A
•
• 1634
Bandit Aviation corn
* 10
Blum's Inc cony pref
Borg-Warner Corp corn. 10 17
2
Bonin Vivitone Corp pref *
Brach & Sons(E ..1) coin. •
Brown Fence & Wire
• 1434
Class A
•
Class B
Burnham Trad cow•
Common
•
Convertible pref
Butler Csrothers
20
434
Canal Con.str Co cony pf. *
Castle & Co(A M)corn_ _10
Ceco Mfg Co Inc com____•
2034
Cent Illinois See Co etfs__
.
Central Ill P S prof ___ .• 9134
Central Ind Pow pref__100
8 1234
Cent Pub Set Corp A....
Cent SW Util corn new_' 1534
•
Preferred
• 9734
Prior lien prat
Chicago Flex Shaft com_5
Chic Investors Corp corn..*
• 2834
Convertible pref
Chic N S A MIIW100
Preferred
. lob
Prior lien ores .
Chicago Rys part ctIs 1 100
Chicago Yellow Cab Inc_ _•
Cities Service Co corn_ _ _• 11
234
Club Aluminum Uten Co_•
Commonwealth Edlaon_100 23034
Comm'ty Tel Co cum pf_•
cemmly Water Serv com *
53.4
Constr Mat'l Corp com___•
•
1334 preferred
Consumers Co
5
Common
Cent Chicago Corn
-534
•
Common
• 3434
Preferred
834
Cord Corp
5
Corp Sec of Chic allot ctf.• 50
• 15%
Common
Crane Co corn
2.5
preferred
100
31
Davis Industries Inc A._ _•
Deep Rock(MCorp cv pf•
Eddy Paper Corp (The)--•
El Household HU Corp_10 19
Emp Gas & Fuel
100
634% preferred
100
7% preferred
Federal Elec Co Inc corn.*
Fitz Simmons dr Connell
•
D & D corn
Foote Bros0& M Co_ __ _5
134
Gardner-Denver Co corn.'
Gen Theatre E.:MU/4
•
Common new
Gen Wit Wks Corp al A_•
Gleaner Corn nary com_ •
Godchaux Sugar Inc B_ •
3
Great Lakes Aireraft A_ _ _•
Great Lakes D & D
• 18 34
Grigsby-Grunow Co com_•
33-4
liallPrinting Co corn_ __10 1334
Harnischfeger Corp corn *
Harter-Carter Co cony p1 5
Hart,Schaff&Marx corn 100
Herman & Co(Geo)com A *
Houdaille-Hershey Corp A•
5
•
Clms II
Illinois Brick Co cap _ _.25 13
.
Illinois Nor Util pref.. _100
134
Inland Util Inc part A_ _•
Insult Util Invest Inc_ ___• 29%
•
Prior preferred
•
20 preferred
Iron Flreman Mfg Co v t c• 1234
Jefferson Electric Co com_•
• 20
Kalamazoo Stove cons_ _.
Kellogg Sw bd & Sup com10
.
100
Preferred
Ken-Rad Tu & L'p com A •
Ky Util Jr cum pfd
50 4834
Keystone Steel& Wirecom•
100
Preferred
La Salle Ext Unly com _ _10
Lawbeck Corp 8% pref 100
Libby McNeill & Libby __10 11
Lincoln Printing corn _ _• 21
50
7% preferred
334
•
Lion 011 Ref Co corn
•
Loudon Packing Co
Lynn,/ Corp 110Mroon__• 1534
McGraw Electric com____• 1034
* 3734
McQuay-Norrls Mfg
McWilliams Dredgina Co•
Majestic Household Util*
Common
hfanhattan-Dearborn corn• 11
Marshall Field & Co com.• 26
Mat'l Service Corp com_10
•
Meadow Mfg Co corn_
Mer & Mfrs See Co A com• 18
Mid-Cont Laund Inc A..
Midland Nat Gas part A_ •
Middle West Tel Co com_*
Middle Weet Utilities new• 1634
•
S6 cum preferred
Warrants A
Warrants B
Midland United Co com--• 1934
•
Warrants
•
Preferred
Midland Util100
6% eller lien
6% pref class A____100
7% prior lien
100 95
100
7% pref class A
Swiss Vail Util Inv$7 pref.
*
56 prior lien pre(
4%
Mo-Kan Pipe Line corn __ 5
Modine Mfg corn
• 2334
Monroe Chemical Co pref * 28
Mosser Leather Corp corn •
Mountain States Pow pf100
Muncie Gear Co
1%
•
Common
Muskegon Motor Spec-•
Convertible A
Natlonal Battery Co preL• 23
40
1434
800
16
20
234
1734 9,750
160
10
1934 13,950
400
2%
400
1434
1431
15%
2
1534
10
1634
2
1334
1434 1534
434 434
2,450
150
Range Since Jan. 1.
High.
Low.
12
15
134
1534
10
1634
2
1134
Jan
May
Jan
May
Feb
May
May
Jan
1334 Apr
434 May
19
24
2%
2534
10
3034
734
1734
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Mar
20
Feb
1034 Feb
134
5
431
5%
2034
134
20
91
7734
12
1534
90
9434
934
234
26
3
Mar
May
Feb
Apr 11
May
734 Mar
Mar
Jan 12
Apr 3434 Feb
734 Feb
May
Apr 25% Jan
Mar
Jan 95
Mar
May 84
Stay 1934 Mar
May 2434 Feb
Jan 9634 Apr
Jan 10434 Jan
Jan
Apr 13
434 Feb
Jan
Jan 3134 Mar
4
20
4
4
30 55
55
55
3
30
3
5
400 1934
1934 2034
93.4
10
1234 64,000
2
650
234
2
21,075 220
230 233
40 11
11
11
9
100
1034 1034
200
534
534 634
300 23
2934 31
Apr
934 Feb
Max
May 60
9
Mar
May
Apr 231.4 Mar
May 2034 Mar
834 Feb
May
Jan 25534 Feb
May 2034 Feb
Apr
Jan 12
May 1034 Jan
Apr 3234 May
200
134 1%
50
5
5
4% 4% 1,800
10
8
550
22
2234
134 2
500
2034 2031 2,850
470
9134 9234
40
7734 7734
12
1334 2,600
1531 1634 2,450
200
9234 93%
350
9734 9934
60
10
1234
234 234 10,800
750
28 34 2934
234
5
3434
83.4
50
153/
3434
111
31
20
834
1834
234
250
234
Apr
434 Max
5
May 1034
5% 6,450
3534 5,100 3134 May 4034
Jan 15
8
10% 67,900
Jan 60
250 50
51
1634 11,650 1434 Jan 2134
Apr 4034
300 34
35
50 108 34 Apr 119
111
34
%: Jan
100
%
May 43
20
1
20
834 May 1034
50
834
900 1834 May 2934
2034
51 34 5134
5734 60
31
31
50
300
20
5134 May
5734 May
28
Feb
70
80
37
21
23
134
13.4
2334 24
350
1.050
50
2034 May
134 May
2334 May
29
414
35
Feb
Feb
,Api
Feb
Feb
Jar
Feb
Pet
Mai
Mal
Pet
Mat
Jar
Mal
Jar
Jar
Jar
4
23(
1
5
23.4
1734
334
13
11
7
60
24%
13
5
13
98
134
2734
75
74
1134
18
1934
334
60
3
4834
1034
70
1
67
1034
1934
40
23.4
3534
15%
1034
3734
22
250
434
100
2%
450
134
40
5
334 1,850
1834 2.260
3% 8,500
13% 1,350
50
11
300
734
100
60
650
25
1,050
15
450
534
600
1334
20
98
100
134
3134 52,700
50
75
900
7734
400
12%
100
18 34
450
2134
400
4
100
65
150
3
180
4934
450
1034
10
70
80
1
80
70
8,200
11
700
2134
150
40
1,550
4
170
36
200
16
250
1034
120
3734
300
23
Fet
34 Apr 15
234 May 1434 Jar
634 Jar
Feb
1
3 May 1034 Mai
134 Jan
534 Apt
1734 May 2834 Fit
634 Mal
234 Jan
May 1934 Mat
13
May 1634 Jar
11
Apr 1334 Feb
5
Jar
Feb 90
60
Fel
2434 May 29
1134 Jan 1834 Mat
934 Mai
434 Jan
13
May 1631. Jar
Jan 10034 Api
96
4
Jar
134 May
2734 May 493.4 Fel
Feb
May 93
75
Jan 9234 Mat
74
1034 Apr 2234 Fel
Apr 2334 Mai
14
Jar
1934 May 34
334 Jan
734 Mal
Api
Jan 75
50
53:4 Mal
2% May
Fel
4834 May 51
1034 Mar 1334 Ma:
Jai
May 80
70
% May
134 Fel
Fel
Apr 83
67
934 May 1434 Ma:
193j Jan 2334 Ap:
May 4234 Jar
40
634 jai
2% May
Ap:
35
Jan 42
Ma
1534 Jan 20
103.4 Apr 1634 Jai
Ma
35
Feb 40
22
May 3134 Ma
3
10%
26
21
2%
17%
134
%
20
1631
9531
1
13-4
1834
34
353-4
50
3
900
1134
100
2634
750
24
450
234
600
1834
300
134
150
31
150
20
85,550
18
850
97
134 2,000
1,750
17-4
1934 5,050
650
31
300
3934
2%
1031
2334
1734
134
17
134
35
17
1634
95
I
13-4
1834
54
36
7% Jai
Jan
May 2034 Fel
Jan 3234 Fel
Jan 253.4 AD
234 Jai
Jan
May 2374 Ma
434 Jai
May
Jai
3
May
Jan 2334 Fel
May 2534 Ma
Jan 10074 Ap
a
Fel
May
5
Fel
May
Jai
Apr 23
134 jai
May
Apr 4334 Fel
83
80
95
9234
92%
91
434
23
28
534
93
83
8034
96
93%
93
91
5%
2334
28
6
93
160
140
180
11
100
5
4,200
5
130
8
20
79
793-4
95
88%
90
85
434
23
22
534
93
Jan 901.4
Mar 85
Jan 100
Jan 9134
Apr 97
Apr 9634
May 1014
May 3834
Jan 33
834
May
May 93
1%
1%
13
13
2234 23
50
500
260
134 Feb
10
20
Jan
Mar
Fel
Ma
F'el
Ap
Ap
Ap
Ma
Ja:
Ma
Ap
Ma
434 Ap
1534 Fgnb
25% 'Ja
MAY 30 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Range Sinus Jan. 1.
Sale
of Prices.
Week
Stocks (Concluded) Par. Price. Low. High. Shares.
Low.
High.
Nat Elec Power A part_ • 23
22% 234
650 22
Jan 28
Mar
100
89
1 7% Preferred
92
50 87% May 95
Feb
Nat'l Faintly Stores corn_•
454
34 51( 5,250
May
3
0
Jan
Nati Rep Inc Tr allot arts•
24
25
450 24
May 31
Jan
Nat Eleeur Invest Co corn_•
415
4
454 1,050
354 Feb
7% Feb
6% cum pro!
100
65
65
1,000 64
Jan 76
Jan
Nat'l Standard corn
- • 264 26
27%
600 25% Jan 3455 Mar
Natl Term Corp part pret•
6
6
6
70
Apr
6
Feb
8
Nat Union Radio Corp.._
2
24
200
155 Jan
Feb
5
North Amer Oar com____• 17
18
15
450 15
May 31
Feb
North Amer Gas& Lam A•
11% 12
200 10
Feb 13% Feb
No Am Lt & Pr Co com--• 6551 654 654 1,150 61
Jan 70% Mar
N & S Am Corp A com---•
7
755
400
7
Apr 114 Mar
Northwest Bancorp oom-50 29
284 29% 1,550 28% May 37
Jan
Northwest UMPrior lien prat
100
95% 97
30 8934 Jan 102
Feb
7% preferred
100
86
86%
20 85% Feb 98
Feb
• Ontario Mfg Co corn
*
9
9
100
9
Jan 10% Feb
•Oshkosh Overall cony pf22% 22%
10 22% Jan 22% Mar
Parker Pen Co corn
10
14%
14
100 14 May 24% Jan
Peabody Coal B corn*
3
3
300
2 May
5
Feb
Penn Gas & Elea A corn *
12% 12%
50
8
Feb 1355 May
Perfect Circle (The) Co-.*
28
28
350 2455 Apr 36
Mar
Pines Wintertront oom___•
12
15% 1,250 12
May 2255 Apr
Polymer Mfa Coro Qom _ ..•
24 2
150
6% Mar
Potter Co(The) common.*
6
6
100
6
Jan 13
Mar
Process Corp corn
•
355
100
354 Apr
554 Mar
Pnb fiery of Nor In cum . 231
•
228 2344 1,475 200% Jan 262
Feb
Common
100
229 239
625 200% Jan 265
Feb
sm.
6% preferred,
127 130
50 122% Jan 137
Mar
Preferred
7%
100
138% 138%
10 1294 Jo 147
Feb
Q R el De Vry Corp oom__•
1
1% 5,550
1
1
May
515 Mar
Quaker Oata Co
Common
• 1224 122% 138
1,060 12234 May 1.-n
Jan
Preferred
100 117
117 12051
400 is
12034 May
Railroad Shares Corp corn•
2%
2% 3% 1,050
23.4M,
7
Feb
'Rath Packing Co corn--10
50 18 Mt/ 20% Jan
18
18
Raytheon Mfg Co corn..
50
555 5%
5
Jan 15% Mar
Reliance Internet Corp A •
255 3
400
24 May
6
Mar
Reliance Mfg Co corn.
.l0
615 651
100
Apr
5
7% Jan
Preferred
100
80
10 80
80
Apr 80
Apr
Rosa Gear & Tool Co com •
1954 21
200 19 May 29
Feb
Sangamo Electric Co corn•
18
19
250 18 May 2635 Feb
•
Saxer Co common
200
955
9
834 Mar 1334 Apr
Seaboard P S Co
Convertible prof
•
230 4034 May 48
404 44%
Feb
Seaboard Util Shares Coro'
3% 3% 1,850
354
311 Jar
54 Jan
Segal Lock dr Eldw Co corn'
100
555 554
515 Apr
Apr
7
ElIgnode Steel Strap own_ •
3
3
80
3 May
955 Jan
Cumulative preferred_ 30
134 14
80 1334 May 20
Jan
Sivyer Steel Casting corn.«
16
40 13
16
Feb 17
Jan
South% Union Gas com--•
7
63( 74
950
63( May 12
Feb
So'weet Gas & 7e. or Ifln
9455 95
30 •34 May 9854 Mar
Southwest Lt & Pr Co pf
90
90
40 8734 Jan 944 Jan
Staudard Dredge earn
24 254
•
100
254 May
I)
Jan
Storkline Furn cony p1.25
7
20
7
Apr 14
7
Apr
Studebaker Mail Order A _•
2
2
100
2
Jan
355 Mar
Super Maid Corp common•
4
34 4
150
354 May
7
Feb
Swift International
3211 34
U. 33
2,45
324 May 40% Apr
Swift & Co_
25
25% 2655 4,550 2414 mar 3014 Jan
Tele Bond & Sri edam A. •
51% 54
550 6155 May 5534 Feb
tat preferred
100 98
98 100
6
98 May 104
Feb
Thompson (J R)corn- _25
23
23
250 23
Apr 84
Mar
20
-Wacker Drive $6 prat_•
47
20 454 Apr 47
47
Apr
Twin Ste Nat Gas part A..•
34 Apr
100
54
34
Jan
2
Unit Corp of Amer prat_ *
34 34
400
3 May 1255 Feb
United Amer UM Inc own •
5
4
2,300
334 May
V
Feb
Clam A
12
12
•
Apr 16
50 10
Feb
United Gas Co corn
•
1,450
534 6
534 May 11% Feb
S Gypsum
.20 35% 354 38
1,900 3555 May 49
Mar
Preferred
150 11854 Jan 133
133 133
100
May
V S B.adio & Teley corn...' 16% 16
17% 3.700 14% Jan 3134 Mar
Utah Radio Prod iyom-__•
2%
254 1,250
2
2 May
1354 Feb
Util & Ind Corp cons_ - -•
515
515 555 1,400
555 May
95.5 Feb
Convertible preferred..' 1555 15% 16
1,200 16
Jan 19% Feb
Utilities Power & Lt Corp
Common non-voting-- •
600
7
755 74
Apr 1434 Feb
755
Class A
100 214 Apr 3055 Mar
22% 22%
Viking Pump Co cum. •
8
50
Feb 12% Mar
94 934
•
Preferred
450 25
27
Jan 29
2734
Mar
Vortex Cup Co
350 17% May 23
•
18%
18
Mar
Class A
• 26
200 25
Fe
28%
26
29
Feb
Wahl Co common
•
1% 134
850
135 May
4
Apr
Walgreen Co cm
1834 11,000 17 May 29% Mar
• 174 17
Ward & Co(Monts) cl A-•
170 95
99
Jan 10455 Apr
97
Waukesha Motor Co corn.'
20 45
46
46
Jan 73
Feb
Wayne Pump Co com_ •
2
20
Apr
3
3
Feb
Convertible preferred...'
150 10
Apr 28
1535 15%
Feb
WestCon Utll Inc A
100
9
9
9 May 22
*
Jan
Western Pow Lt& Tel el A•
590 204 May 23% Apr
2011 21%
Wemark Radio Stores corn'
55 May
54
% 2,850
34
Jan
Wieboldt Stores Inc
10% 10%
150 10% May 1434 Jan
•
Williams 011 -Mat corn.'
-0
250
5
5%
5
Jan
5% May
WisounsIn Bank Stis com10
May
54 3,050
5
0,4 Jan
Yates-Amer Mach part pf•
24 May
250
234 255
9
Feb
Zenith Radio Corp com. •
700
2% 24
234 Jan
514 Feb
Bonds
Chic Railway
1st into 55 etfs of 8p1927
$5,000 60
Apr 73% Mar
65
65
'noun Utll Inv Os
1941
804 78% 81% 186,000 784 May PA
Feb
Kresge(SS)& Co 5a_ _1915
10015 100% 6,000 "a%
101
Mar
Motr West Side El ext 4538
1,000 70 May 75
70
70
Mar
Northern Util Co 6348 1943 67.
3,000 67 May 67 May
67
67
Standard Tel Co 5158 A '43
79% 80% 6,000 714 Jan 82% May
United Am Util 6s A _ _1940
66% 66% 1,000 60% Feb 85
Mar
• No par value. s Ex-dividend. v E2-111‘
11ta•
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, May 23 to May 29, both
,
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prtces.
Par. Price. Low. High. Shares.
American Foreign Seem-_ ------ 2454 28%
American Storm
•
41
40
Bankers Securities pref.....
17
15
Bell Tel Co of Pa pref.. _100 1175i 11731 117%
Budd (E G) Mfg Co
•
354 3%
Preferred..
45
45
BuddWheel Co
7% 854
Cambria Iron
50 42% 4155 42%
Camden Fire Insurance-- 17
17
17
Catawissa lot prat
454 46
Electric Storage 13attery100
51% 55%
Empire Corporation
I
1
Fire Association
10 16% 164 18%
Horn&Hardart(Phlla)corn•
16035 161%
Horn&Hardart(NY)corn * 38% 38% 39%
Preferred
104 104
100
Insurance Co of N A....10 49
49
52%
Lake Sup Corp Ws of Sep..
335
354 3%
LehighCoal dr Nay new w
20% 2055 21
Mitten Dank Sec Corp prof
94 104
Penn Cent L&P cum prof *
77% 77%
Pennroad Corp
5%
5
Pennsylvania RR
50
4854
45
920
1,600
300
500
600
146
600
360
200
150
536
400
1,700
30
800
90
2,900
700
8,100
1,140
10
5,400
7.400
Range Sines Jan1
..
Low.
243( May
37
Jan
15 May
115% Jan
34 May
35 May
Apr
7
May
41
17 May
4515 Apr
504 Apr
55 May
1515 May
142 May
3415 Jan
100
Jan
49 May
3 May
20
Apr
6% Apr
755( Feb
5 May
4434 May
High.
53%
48%
25
118%
Feb
May
Mar
Mar
Feb
51
Jan
12% Feb
42% May
29% Mar
464 Jan
6555 Mar
24 Mar
24% Feb
182
Mar
4455 Apr
104% May
63% Mar
9
Jan
27% Feb
13% Jan
81
Mar
835 Feb
64
Fea
4027
Friday
Sates
Lair Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Mao Joe. 1.
Low,
High.
Phila Dairy Prod pref__25 9335 9315 9355
200 88% Jan 95 May
Phila Electric of Pa $5 Prof
104% 105
1.300 101
Feb 10514 May
Phila Elec Pow pref.__ _25 33% 33% 33% 1,400 3255 Jan 3334 Mar
Phila Rapid Transit--..50 22% 22% 2354
300 13
Apr 27% May
7% preferred
31%
29
50 29
320 16
Apr 384 May
Phila & Rd Coal & Iron-715
7
625
7 May 124 Mar
Philadelphia Traction_ 50 -384 40
1,670 294 Feb 40% May
Railroad Shares Corp
34 34
20
334 May
54 Feb
Scott Paper
47
47
8 42% Feb 50% Apr
Seaboard Utilities Corp..-.
354 331
950
34 May
54 Feb
Shreve El Dorado Pipe L23
255 3
215
1,050
154 Jan
Feb
5
Tono-Belmont Devel_ _1
100
15
56
Apr
1
H May
Tonopah Mining
1
500
54
34
Apr
1
54 Jan
Union Traction
2435 26
50
Apr 3155 May
980 20
United Gas Impt corn now'
274 294 20,900 27% Jan 3755 Mar
104% 104%
Preferred new
600 9835 Jan 106 May
•
US Dairy Prod corn el B_• 10
10
300 10
10%
Jan 15
Feb
Warner Co
20% 204 224 1,900 204 May 32% Feb
94
94
Preferred
20 94 May 97
Feb
West Jersey & Seash RR 50
6134 6115
200 60
Jan 62 May
Bonds
Del El Pow 5145
1888
Elec & Peoples tr etts 45'45
Keystone Tel 55
1935
Lehigh Nav Cons 4481954
Lehigh Power & Light Gs-Lehigh Vali gen 434a....2003
Penn Cent L & P 455s-- -Penns RR 44s
1981
Peoples Pass tr Ws 4s 1943
Phila Elec(Pa) 1st s f43'86
1st lien & ref 5s.-1971
151 5*
1966
Phila Elec Pow Co 5145 '72
PS El & Gas 45 w L-1971
Reading Terminal 5s
Seaboard Air Line 6s_ _1945
York Railways ist 5s_1987
*No par value.
9255 924
404
40
70
70
1004 101
104 10414
9914 100
9634 9715
97
9715
40% 4015
99
994
994 994
1084 109%
107 107
9954 9955
1064 10654
9535 96
10036 10035
$5,000
3,000
2,000
9,000
12,000
6,000
28.000
39,000
2.000
22,000
11,000
7.300
10.000
16,000
7,000
2,000
1.000
92%
30
70
97%
101
97
95
874
40
944
9434
10715
1054
9454
1014
9354
97%
May
Jan
May
Mar
Feb
Apr
Apr
May
Jan
Feb
Mar
Jan
Jan
Mar
Apr
Jan
Jan
95
45
82
101
10655
100
97%
9854
50
994
9954
110
10754
9935
wag
98
101
May
May
Jan
Mar
Apr
May
Apr
May
Jan
May
May
May
Mar
May
May
Jan
Apr
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, May 23 to May 29, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Appalachian Corp
• 3554
Arundel Corp
Baltimore Trust Co
10 30
Baltimore Tube prat-._100 3515
Black & Decker cony
• 8%
Chas & Pot Tel of Baltpf100
Commercial Cred pref._ _25
Preferred B
25
Consol Gas EL dr Pow....' 85%
6% prof see D
o
555% Pref w iser E-100
5% preferred
100 1054
Consolidation Coal_ _100
Eastern Rolling Mill
•
Fidel & Guar Fire Corp-10 24
Fidelity & Deposit
50
Finance Co of Amer A_ •
First Nat'l Bank when Iss
munivilrers Mfg Co pre-, -:,
Mfrs Finance 1st prof--.2o tz
2nd preferred
25
Maryland Casual new w I__ 2334
Maryland Trust new WI_ _ 2931
Mercantile Trust
Monon W Penn P S pref_25 2431
Mt Ver-Woodb Mill pfd100
New Amsterdam Cas Ins- 30%
Northern Central
Penns Water dr Power...-'
Union Trust Co
50 5234
United Rye & Elm
4
50
US Fidelity & Guar new 10 2215
West Md Dairy Inc pref._* 99
87350 8714c
35
3734
3055
30
353-i 36
84 834
113 115%
22
22
2234 224
85
87
1124 11234
110% 11034
10515 105%
215 255
7
734
2555
24
139 145
1031 1031
39%
39
23% 2334
12
12
63'I 7
2534
23
2914 30
400 400
2434 2554
55
54
30
3034
90
90
55% 56
5215 53
6
4
26
22
994
99
275
1,260
4,460
35
340
189
102
202
364
13
10
12
10
100
168
32
29
674
26
161
112
828
150
7
240
114
1,008
4
123
207
290
6,043
48
Bonds
Baltimore City Bonds
200
4s School
10454 1044
1961
700
4s Conduit
105 105
1958
105% 10534 1,000
4s Water Loan
1958
10515 10515 1,000
4s Annex Im prove_ _1954
100
105 105
4s Paving Loan__ _1951
95
95
2,000
Carolina Fiber Co
2.000
Chas & Pot Tel of Va 5*'43
103 103
Finance Co of Amer 6501'34 984 9854 9855 2,000
75
75
1,000
Lake Roland 1st 5s _ _ _1942
2.000
Md Elec Ry 1st 58. __1931
96
96
8355 8335 3,000
North Ave Market 113_1940
100 100
4,000
Prudent'l Ref6%% w w .43
444 5,000
44
United Ry dr Elea 1st ts '49 44
47,000
20
18
Income 45
1949
3,000
33
33
Funding 5s
1936
1,000
52
52
1st6s1949
-..
Ia. 12
- • - •. - • IBM - .
,
4(W)
Range Since Jan. 1.
Low.
High.
750 Apr
35 May
30
Jan
3,534 May
6% May
113 May
21
Jan
2154 Jan
82
Jan
110
Jan
10855 Jan
1024 Jan
Jan
2
Apr
7
24 May
132
Jan
Mar
7
3835 May
23% May
1034 May
454 Jan
23 May
2934 May
395
Jan
24
Jan
54 May
30 May
8514 Jan
55 May
52
Jan
355 Apr
22 May
94
Jan
155 Feb
42
Feb
3234 Feb
3715 Jan
15
Feb
11855 Feb
23
Apr
2455 Feb
1104 Feb
11234 May
110% May
10554 May
6
Apr
Feb
12
32
Feb
165
Mar
1034 Mar
50
Feb
24
Mar
15
Jan
Feb
8
36
Feb
32
Jan
41734 Mar
254 Apr
61% Apr
364 Feb
90 May
Feb
70
62
Jan
Jan
6
Feb
37
9955 May
9934
10455
1004
10055
10055
95
103
98
75
95
8335
94
4234
18
33
50
105
105
1054
105%
105
95
1034
101
80
9734
88
100
5054
26
44
65
12
Jan
May
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Apr
Jan
Jan
May
May
Jan
M*,
Sc
MaY
May
Mal
May
M53
Jar
Jai
Fel
Mai
Mal
Jai
Api
Fel
Me
Fel
Jai
3111
* No par value.
Pittsburgh Stock Exchange:I-For this week's record
of transactions on the Pittsburgh Exchange,see page 4000.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, May 23 to May 29, both inclusive, compiled from official sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
ltreek.
of Prices.
Sale
Low.
High.
StocksPar. MM. Low. High. Shares.
235
Allen Industries corn
*
7%
Preferred
•
5
Brown Fence & Wire el B •
5155 54
Central United Nat
20
Chase Brass dr Copper
1044 _
Preferred series A.. _100
3154 32
City Ice & Fuel
•
8055 -Cleve-Cliffs Iron prat_ •
113
--Cleve Elec Iii 6% pref_100
67% 69
Cleve Ry etts of dap-100
155 --Cleve Securities p 1 pref •
285 290
Cleveland Trust
100
154
Cleve Union Ste Yds com •
Cliffs Corp v t
344 3454 3755
Dow Chemical corn
11% -Eaton Axle & Spring corn •
5255 --_
Elm Controller & Mfg coin°
Ferry Cap & Set Screw....'
835
•
Foote-Burt corn
84 9
100
5
100
191
255
8
2
5155
May
May
May
May
8
22
654
83
Mar
Feb
Mar
Feb
5 10254 Jan 106
May 3755
44 31
78 78
Apr 94
42 1114 Jan 114
124 6755 May 84
346
155 Apr
214
96 282 May 323
32 15
Jan 17
90 58 May 8154
640 35% May 5134
85 11% May 18%
35 40
Apr 65
140
4 May
8
580
835 May 16
Apr
Feb
Jan
Apr
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
•
Fostoria Pm SU
931
Glidden prior pref
100
Greif Bros Cooperage Cl A*
Guardian Trust Co__..100 295
Hanna(M A) $7 cum pf_*
•
Harbauer corn
India Tire & Rubb com__• 12%
Interlake Steamship corn_*
•
Jaeger Machine coin
Lamson Sessions
Medusa Cement
Midland Bank indorsed 100
Mohawk Rubber corn-- *
100
Preferred
National Acme com_ AO
National Carbon pro!.. 100
National Refining com__25
•
National Tile corn
2%
•
Nestle-LeNfur corn
• 4031
Ohio Brass B
Packard Electric com__ •
•
Packer Corp corn
•
Patterson Sargent
* 56
Richman Bros corn
Rob'ns Re Myers v t o ser 1*
25
V t c pref
831
Selberling Rubber com_*
HQ
Preferred
*
Selby Shoe corn
Sherwin-Williams corn. 25 54
100 106
AA preferred
•
Stouffer A with warr
Thompson Products Inc_ *
Trumbull-Cliffs Furn pf100
Union Metal Mfg corn_ * 24
25 48%
Union Trust
Weinberger Drug
West Res Inv 6% pr pf 100
Bonds—
Nor Ohio Trac & Lt 4s1933
8
50
12
5331
106
25
1031
9234
24
5831
12
50
9834
931
5934
10831
9431
2736
60
___
High.
Low.
May
8
10
May
10 50
225 19% May
May
22 290
Apr
6 90
576 1635 Apr
834 Feb
618
Mar
80 40
18 10% May
Apr
189 12
6435 Feb
May
10 219
Feb
3
225
20 2235 May
5% May
235
May
5 132
May
25 18
4 May
240
Mar
2
366
May
475 40
20 1031 May
9% May
10
450 2234 May
Jan
490 54
May
1
10
May
2
190
4% Jan
1,075
Feb
87 32
9% May
5
400 5331 May
Apr
107 104
May
10 25
100 10% May
60 9231 May
May
250 24
1,685 58% May
22 11% Mar
May
10 50
931 9%
87%
20
295 300
89
3
1i- 4
17
12%
12
40
1031
12
45
219
4%
2235
31
5%, 8-.
130
18
4% 431
231 231
43
40
10%
931
23
5i-56
11% Jan
Jan
80
22
Feb
Feb
330
Mar
94
Jan
19
13% Feb
Jan
80
1534 Mar
1535 Feb
Jan
70
Jan
275
8
Mar
25
May
1035 Mar
138
Jan
2235 Jan
8 :Mar
3
Feb
Feb
71
13
Mar
15
Mar
2835 Feb
7614 Feb
3
Jan
731 Jan
1036 May
May
50
16% Feb
88% Mar
109
Jan
28% Mar
17% Feb
104
Feb
3431 Mar
Jan
75
1536 Feb
Mar
70
Feb
9834 May
81,000
98
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, May 23 to May 29, both inclusive, compiled from official sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Low.
High.
Par. Price. Low. High. Shares.
Stocks—
Amer Laundry Mach com20
Amer Rolling Mill cam_ _25
Amer Thermos Bottle Pf-50
100
Champ Fibre pref
•
Churngold Corp
Chi Gas & Elec pref____100
50
Chi Street Ry
50
Cin & Sub Tel
*
City Ice & Fuel
100
Cooper Corp pref
•
Croeley Radio "A"
•
Dow Drug com
Eagle-Picher Lead com _ _20
•
Early & Daniel com
•
Formica Insulation
*
Gerrard S A
•
Gibson Art com
•
Hobart Mfg
100
lot Print Ink pref
•
Julian & Kokenge
•
Kroger com
50
Little Mfama guar
100
Nash(A)
Procter&Gamble coin new*
100
5% preferred
100
Pure 0116% prof
•
Rapid Electrotype
*
Richardson corn
10
U SPlayIng Card
U S Print & Litho corn new•
•
Waco Aircraft
inn
780 27 May 45
430 1634 May 37
8 4534 May 50
Feb 10534
5 99
4 May 1434
146
70 10034 Feb 10434
May 40
539 36
Feb 10334
343 98
15 3134 May 37
Jan 1134
50 11
834
200
434 May
934 Jan 1434
150
7
431 Feb
67
Jan 31
100 24
60 2234 Apr 2934
435 Mar
8
120
30 3234 May 39
14 3434 Mar 41
May 70
24 58
Jan 10
8
10
900 1834 Jan 35
5 98
May 102
May 91
10 84
May 71
710 60
33 10535 Jan 110
May 85
60 63
47 3234 May 46
Apr 16
210 10
80 37 May 50
Apr 15
70 10
335 Feb
34
434
May cga
10 on
28
27
1634 19
4534 4534
10534 10534
7
4
103
10334 104
37
36
9931
99
99
3134 32
1134 1134
435
434
11
11
11
436 434
25
25
24
23
634 536
3234 33
33
3435 3434 35
58
58
831 834
2634 2835
2634
98
98
90
90
64
60
60
10734 10734 10734
65
64
3234 33
10
10
43
38
10
10
10
43/
4
27
1834
OA
OA
OA
Jan
Feb
Jan
Mar
Jan
May
Jan
Mar
Jan
May
Feb
Jan
Mar
Apr
Mar
Mar
Jan
Jan
Mar
Jan
May
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
May
Feb
• No par value.
St. Louis Stock Exchange.—Record
of transactions at
inclusive,
St. Louis Stock Exchange May 23 to May 29, both
compiled from official sales lists:
I
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
Bank and Trust Stocks
First National 13ank„ _20
Franklin-Amer Trust_ -100 170
Merc-Comm Bk & Tr_ _100
Miss Valley Trust Co_ _100
St Louis Union Trust- _100
63
170
172
214
482
64
173
172
214
482
131
45
8
0
18
Range Since Jan. 1.
Low.
High.
63 May 70
170
May 200
172 May 103
20935 Jan 22434
Jan 490
465
Mat
Jan
Jan
Mar
Apr
Miscellaneous Stocks—
May
Feb 98
25 92
98
98
20
A 8 Aloe Co pref
May
975 3334 Feb 41
100 3934 3931 40
Brown Shoe corn
May
4
231 Mar
50
4
4
I
•
Burkart Mfg corn
Apr
Apr 12
9
20
1034 1034
•
Preferred
Jan
10 62 May 85
65
62
Co_ _ _100
Century Electric
Jan
May 43
83 25
28
25
Coca-Cola Bottling Co__ _1
Mar
3
134 Feb
405
2
2
•
Lead dc Zinc A_
Consol
2335
25 2134 Apr 2434 Mar
2334
•
Corno Mills Co
10 14
May 1734 Jan
14
14
5
Curtis Mfg com
100 28 May 3235 Mar
28
28
•
Dr Pepper corn
May 80 May
205 58
60
58
100 60
Elder Mfg A
Jan
May 18
400 12
12
12
Ely at Walk Dry ads com25 12
Feb
7
4 May
300
434
4
4
Hamilton-Brown Shoe_ _25
Mar
may
1
134
25
134
155
134
Hydrau Press Brick com100
Jan
233 47 May 49
4731
47
• 47
Internat'l Shoe corn
2 10534 JEW 109 May
108 108
100
Preferred
Jan
Jan 37
405 25
* 2834 2834 3135
Shoe
mar
Johnson-S S
May 35
5 25
25
25
20
Laclede Steel Co
Mar
May 30
25
50
26
25
Landis Machine com---25 26
160 3531 Feb 3935 Mar
3834
38
• 38
McQuay-Norris
May
May 88
5 88
86
86
Meyer Blanke prat__ _100
Apr 2931 Mar
926 20
2334
23
Mo Portland Cement._ _25 23
Mar
May 22
430 18
1834
• 1835 18
National Candy corn
Jan
735 May 10
40
73.4
73
•
Pedigo-Lake Shoe
10 80 May 9234 Jan
80
80
Rice-Stir Dry Gds 1st pf100
Feb
20 70 May 82
70
70
100
2nd preferred
Jan
9
May
6
154
6
•
7
6
Scullin Steel pref
Feb
May 31
10 28
28
28
•
Securities Invest comMar
May 18
115 17
17
17
•
Bieloff Packing com
143 11734 Jan 122 May
Southwest Bell Tel prof 100 12135 12131 122
Feb
Jan 15
506 11
1334 14
Stir Baer & Fuller corn_ --* 1331
Feb
4
May
1
2
1
1
1
St Louis Pub Serv com___•
Mar
1234 May 19
1,181
Wagner Electric com--100 1434 1234 1434
Street Railway Bonds.
Apr
9735 9735 82,000 9634 Jan 98
E St Louie & Sub Co 5s '32
May 6234 Jan
18,000 41
42
42
United Railways 4s_ _ _1934 42
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
*No par value.
Stocks—
[VOL. 132.
FINANCIAL CHRONICLE
4028
Bonds—
Miscellaneous Bonds—
1941
Scullin Steel 68
6036 6034
1,000
Range Since Jan. 1.
Low.
May
60
High.
6034
may
* No par value.
Toronto Stock Exchange.—Record of transactions at
the Toronto Stock Exchange May 23 to May 29, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
ltreek.
Sale
of Prices.
Par. Price. Low. High. Shares.
335 3%
Abitibi Pr & Paper corn_ •
1735
100
17
6% preferred
6
•
6
Associated Canners
21
•
21
Atlantic Sugar tom
13
* 12
12
Beatty Bros corn
100 12934 127 132
Bell Telephone
1436 16%
Blue Ribbon Corp com___• 18
38
50 35
35
634% preferred
18
16
Brantford Cordage 1st p125 16
15
Brazilian T L & Pr com--* 1334 13
• 3334 3331 34%
B C Power A
18
Building Products A
* 1735 17
34
25 30
30
Burt F N Co com
3% 4
4
*
Canada Bread corn
90
100
90
let preferred
1
931
,
£0 10
Canada Cement corn— -•
100 9134 01% 93%
Preferred
431 4%
431
Can Steamship Lines corn *
100 1535
1534 17
Preferred
21
20
Wire & Cable B..* 21
Canada
931 031
Canadian Bakeries A. *
831
834 0%
Canadian Canners corn__*
934 1031
934
Convertible preferred._'
88
100 8736 87
let preferred
12%
10
Candn Car & Fdry corn- •
21
19
25 19
Preferred
Candn Dredg Jr Dock corn• 2531 2536 2934
200 210
Elec corn 50
Candn General
6134
81
50 61
Preferred
135 235
Candn Indus Alcohol A- •
11
9
936
•
Canadian 011 corn
100 101
100
Preferred
2531 2834
Pacific Ry-...25 28
Canadian
431 8
5
Cocicshutt Plow corn- ---•
735 831
8
Consolidated Bakeries--•
1735
16
Industries_ •
Consolidated
7131 8235
Cons Mining & Smelting 25 74
100 18431 184 185
Consumers Gas
6
8
Cosmos Imperial Mills corn•
82
80
100
Preferred
• 11.25 9.75 13.00
Ltd
Dome Mines
1831
17
Dominion Stores corn.. •
18
18
Eastern Steel Prod com--•
12
10
•
Fanny Farmer corn
32%
32
•
Preferred
Ford Co of Canada A....' 1534 1434 17
5
5
Frost Steel & Wire coin- •
ai 2% 331
General Steel Wares cona_•
T & Rub pf —100 9935 9931 102
Goodyear
794 8?i
8
Gypsum,Lirne&Alabastine•
Hamilton Cottons pref-30 1634 1635 1635
635 835
Hayes Wheels dt Fort tom*
334 3%
Hinde & Dauche Paper.. •
Hollinger Cons Gold M-5 6.95 6.50 7.10
99% 100
_100
Internet Milling 1st pf.
1231
10
Internat Nickel com----• 10
38
36
•
Internet Utilities A
6
•
531 631
B
4% 435
Kelvinator of Canada corn*
7331 7331
100
Preferred
1 26.40 25.25 27.25
Lake Shore Mines
Laura Scord Candy corn.-• 3434 34% 36
1235
Loblaw Groceterlas A-- --• 1135 11
• 1035 1035 11%
B
30
30
Maple Leaf Milling pf_ _100
5
4
431
•
Massey-Harris corn
McIntyre Porcup'e Minos 5 21.15 20.00 21.50
1135 1235
• 1134
Moore Corp torn
100 100
100
A
108 110
100 108
13
2
2
NIuirheads Cafeterias corn•
936 10
935
10
Preferred
110 110
5
Nipissing Mines
17
15
Ont Equit Life 10% pd 100 16
54
52
Orange Crush 1st pref...10053
5
•
2d preferred
72
Page-Hersey Tubes corn--• 6936 69
22% 23
•
Photo Engravers & El
11
9
914
•
Pressed Metals corn
10
9
Riverside Silk Mille A. •
7034 7134
100
Russel Motor corn
1
1
•
St Lawrence Corp
100 7431 7431 7931
Simmons Ltd pref
331 4
334
Stand Steel Cons corn --*
29
25
Steel Coot Canada com--* 28
3035
30
25 30
Preferred
7
7
•
Tip Top Tailors corn
78
78
100
Preferred
735 735
734
Twin City R T corn_ —_100
431 531
431
Walkers-Good'r'm Worts-•
8
8
8
West Can Flour Mills corn•
38
38
Weston Ltd. Geo corn---•
Banks—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
284
237
220
Loan and Trust
Canada Perm Mtge-- _100
Cent Can Loan & Save_100
Hur & Erie Mtge 20% pd •
100
National Trust
Ontario Loan & Deb- _50
—_100
Toronto Gen Trusts....100
50
Toronto Mortgage
100
Union Trust Co
199
208
201
241
284
237
220
204
213
205
246
300
248
225
205
300
2835
290
118
215
113
100
201
209
203
205
300
2835
290
118
215
113
100
120
45
20
80
25
755
250
100
190
8,122
90
614
457
140
10
395
247
15
55
50
10
240
1,060
80
275
325
325
21
87
295
580
20
2,962
400
2,995
450
627
63
45
120
12,190
656
20
215
101
4,174
2
150
84
585
40
25
10
2.150
20
17,339
125
415
25
5
2,640
120
2,695
590
20
460
1,065
705
105
39
40
20
200
54
30
50
965
140
17
20
20
100
46
840
1,035
220
100
15
25
18,890
276
34
645
255
336
35
49
412
259
16
4
73
1
10
Range Since Jan. 1.
Low.
334 May
Apr
15
6 May
Jan
13
12 May
May
127
Mar
12
Feb
30
May
15
13 May
33% May
17
May
30 May
3% May
90 May
8% May
9131 Jan
4% May
1531 May
May
20
Jan
9
8% May
931 May
87 May
10 Nfay
19 May
25% May
200 May
5936 Jan
135 May
9 May
100 May
May
25
431 May
735 May
May
16
7131 May
18034 Jan
6 May
May
80
9.20 Jan
Jan
14
May
18
May
10
Jan
28
1436 Stay
6 May
231 May
9931 May
736 May
Jan
15
Jan
4
335 May
6.25 Jan
9934 May
May
10
3331 Jan
4% May
331 Jan
7334 May
23.00 Jan
34% May
May
11
Jan
10
May
30
4 May
20.00 Mar
1135 May
100 May
May
108
2 May
Jan
8
110 May
15 May
Apr
50
Mar
4
89 May
Jan
18
9 May
9 May
70% May
May
1
7431 May
3% May
25 May
30 May
May
7
May
78
7% May
431 May
8 May
Jan
30
199
205
201
241
284
237
217
205
290
2835
290
113
215
41 108
10 98
High.
13%
50
10
3734
20
15174
8
0
2
3
Feb
Feb
Jan
Mar
Jan
Feb
Aay
m pr
2234 Jan
2834 Mar
42% Mar
Feb
28
4431 Feb
731 Jan
Mar
100
1831 Mar
9835 Apr
Mar
8
Feb
27
3034Mar
Feb
18
1334 Feb
Jan
14
9231 Jan
23% Mar
2531 Mar
3835 Feb
Mar
300
6335 Apr
531 Jan
233 Jan
Jan
120
45% Feb
Jan
10
12% Feb
1735 May
Mar
187
Ap
mar
7
180
Jan
93
.
022704 5 A
13 2 MFA r
1: byr
mar
18
Mar
34
Mar
29
Apr
8
73i Jan
5
79
28.50
46
1431
1434
40
1034
28.30
17%
10831
126
3%
10
Jan
Apr
Feb
Apr
Apr
Mar
Mar
Apr
Feb
Mar
Star
Apr
Feb
Mar
Mar
Mar
Jan
Apr
Jan
Jan
Jan
Feb
May
125
71
60
M
Mar
ar
May
125.6
19
12
4
8.70
103
20%
45
10%
9231
5
2835
16
18
7731
1
Mar
Feb
Mar
Feb
Jan
Feb
May
0 1
425
3631
13
90
17
8%
17%
45
jar
Feb
Man
Feb
Jan
Apr
Feb
Feb
Jan
Mar
May
May
May
May
Nfay
May
Jan
231
224
225
302
325%
291
238
Mar
Jan
Jan
Mar
Star
Mar
Mar
May
Jan
May
May
Mar
May
Jan
Feb
216
301
29%
360
118
235
115
10134
May
Feb
Star
Jan
May
Mar
Mar
May
* No par value.
Toronto Curb.—Record of transactions at the Toronto
Curb May 23 to May 29, both inclusive, compiled from
official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Salo
Par. Price. Low. High Shares
Can Bud Breweries corn _•
Canada Malting Co
•
Can Pay dr Sup let pret_100
Canada Vinegars common•
10
9%
10%
45
16
1131
12
45
1631
970
1,415
3
195
Range Since Jan. 1.
Low.
8% Jan
1031 May
45
May
May
18
High.
13% Apr
1631 Feb
51
Mar
20
Jan
MAY 30 1931.]
4029
FINANCIAL CHRONICLE
/Jfa.C•
I'THWV
Lost Week's Range for
Week.
of Prices.
Sale
Stock.(Concluded) Par. Price. Low. High. Shares.
334
10
131
834
2934
4
4
30
85
7
16
354
10
134
25
131
934
3134
12
8
4
7134
5
30
85
834
52
18
934
50
2434
1834
4
4
35
107
11
1134
12
55
4031
9
10336
28
435
234
225 10
10
134
200 25
400
134
1,320
8
425 28
100 10
5
8
3
64
56 70
180
4
15 30
11 8331
220
7
26 50
245 15
790
9
1,467 3831
80 2434
95 1834
118 4234
20 35
35 104
5 11
155 10
2,715
93$
190 54
240 3634
415
7
3 101
5 18
High.
May
6
May 16
May
3
May 31
May
2.10
May 1234
May 5534
Jan 14
May 1334
734
May
Apr 80
May 1134
May 40
May 119
May 20
May 59
May 20
May 1031
May 6834
May ssii
May 3634
May 6334
May 45
Feb 109
May 1934
May 1634
May 3634
May 9034
May 59
May 16
Jan 10434
Jan 30
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Apr
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Feb
Feb
Mar
Feb
Apr
Mar
Mar
Feb
Jan
Mar
Mar
Mar
Apr
Thomas Ailec A
Tidewater assd
6% preferred
Transamerica Corp
Union 011 Assoc
Union Oil Calif
Union Sugar
West Pipe Steel
4%
40
73•1
16
17%
2231
100
1531 551
431 4% 2,023
41
80
40
31.932
7% 8
14% 16% 3,047
16
1731 2.733
125
3
3
2234 2434 6,051
Rang./Ma Jan. 1.
Low.
53(
431
40
731
1334
14%
2%
14%
Feb
May
May
Apr
Apr
Apr
May
Jan
High.
7%
834
69%
18
243(
26%
434
2831
Apr
Feb
Jan
Feb
Feb
Feb
Mar
Apr
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, May 23 to May 29,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
17
17
6
634
3% 3%
75
75
7234 75
73
72
16
1631
1734 1734
3
3
18
18
73$ 734
2431
22
534 6
231 4
1131 1131
10
10
15
15
1154 1134
1134 1134
931 931
931 10
42
4434
2534 2534
105 105
50
50
6
634
134 134
134 134
434 4
106 10634
Range Since Jan. 1.
Low.
100 17
May
600
534 Apr
100
334 May
150 75
May
136 7234 May
200 72
May
700 1434 Jan
100 1234 Jan
3 May
100
1,200 1631 Jan
600
631 Apr
May
1,600 22
200
5
Apr
1,300
234 May
700 1151 Stay
May
1.000 10
May
100 15
2,100
1,750
934 Jan
200
834 Jan
150
934 Jan
400 42
May
100 2531 Mar
10
400 50
Apr
1,000
534 May
200
134 May
May
1
300
354 Apr
5.500
61 10134 Jan
High.
4
lUgeigMgft2552M ftftftU:i 52U5 5
4434
234
10
131
25
131
8
28
12
8
3
7134
4
30
8331
7
52
15
934
3834
2434
1834
4234
35
107
11
11
934
55
3631
7
10334
28
Low.
X XX XXX
XX XX XXXXXX
XXXXX X X
XXXX
1,-,Nto.m=moomoo...c., .c.c.r.0 co.acqmov oo.,,,on,roomn
•
Canadian Wineries
Can Wire Bound Boxes A.•
•
Carling Breweries
Consolidated Press A- •
Ccegrave Exp I3reweries 10
•
Distillers Corp Seagrams.
•
Dominion Bridge
Dom Pow & Trans ord-•
Dom Tar & Chemical com •
Dufferin Pay & Cr St corn *
100
Preferred
Durant Mot of Can com_10
English Flee of Canada A.*
Goodyear T & R com----•
Hamilton Brdge con__ .-5
•
Honey Dew pref
Humberstone Shoe com--5
Imperial Tobacco ord.---5
Montreal I. 1.1 arP Cons-•
National Breweries corn_ _a
National Steel Car com- *
Power Corp of Can com--•
•
Quebec Power
Robert Simpson pref_-100
Robinson Cons Cone Co- •
•
Rogers Majestic
*
Service Stations com A
Service Stations pref._ _100
Shawinigan Wat & Pow-_*
Stand Pay & Slat corn...*
Tamblyns Ltd G pret100
•
Thayers Ltd prat
oils
1
Ajax 011 & Gas Ltd
•
British American Oil
Crown Dominion 011 Co •
•
Imperial Oil Ltd
International Petroleum..*
McColl Frontenac Oil corns
100
Preferred
North Star Oil common -5
Supertest Petroleum ord..*
•
Common
100
Preferred A
Union Natural Gas CO-- •
Unlisted
Coast Copper
Hudson Bay
Kirkland Lake
Macessa
Mining Corp
Noranda
Sherritt Gordon
Sudbury Basin
Teak Hughes
Wright Hargreaves
•No par value.
Range Since Jan. 1.
Sates
hides
Last Week's Range for
Week.
of Prices.
Sale
Stock.(Concluded) Par. Price. Low. High. Mans.
ft:025222M 2222229ft
X
.MM.I.ONOM
MO4.C4C4.NN
.
Associated Gas& Eleo A- •
6
i0
Bolas Chien Oil A
•
Byron Jackson
4334
25 75
California Bank
Central Investment Co.100
20
Citizens Natl Bank
Claude Neon Elec Prod_ _a
1131
Douglas Aircraft Inc
•
10
Emsco Der & Equip Co_ *
* 18
Gilmore Oil Co
3631
734
Hancock Oil common A_25
734
Internatl Re-loser. Corp 10 22
Los Angeles Invest Co....10
234
MacMillan Petrol Co__ _25
900
1.22 May
1.22 1.22
1.68 Feb Pee Finance corn new
Preferred D new
8
May 1634 Jan
931 15.000
8
9
235
4
3 May
3
614 Mar Pat Clay Products Co- •
331
1131 14,227 10
May 1834 Jan Pao Finance Corp com10
1034 10
Preferred series A_ _10
934 May 1534 Jan
934 1034 6,247
934
10
Series C
893 10
May 2234 Feb
1131
1034 10
10
Series D
30 70
May 80
Mar
70
70
150
2 May
2.00 2.50
6
Mar Poe Gas & Elea corn_ _ _25
25
534% preferred
1,700 1234 May 323$ Jan
1234 17
15
30 19
19
Jan Pacific Lighting 6% pref."
May 31
19
25 98
Jan Sac Mutual Life Ins_ _ __10 50
May 105
9834 9834
311
936 May 16
Jan Pacific Western Oil Co_ •
10
1034
Republic Petroleum Co_10
180
134
5
234 May 1034 Feb Richfield 011 Co corn
234 3
3
50
431
4 May
4
4
6.15 Mar Rio Grande Oil com__ _25
2,800 59
May 93
83
Apr San J L & P6% pr pi_100
59
1,000 25
May 55
25
25
Apr Scab Dairy Crud Corp
10 50
Apr
50
50
100 146
A preferred
Jan 266
100
205 205
Apr
May
10 40
40
40
100
Ex-warr
17.00 15.90 19.05 4,990 14.00 Jan 29.65 Mar
20 3731 Jan
4031 41
2,000 53
60
May 125
_25
53
Feb Seaboard Nat Bank
54
400 50
50
May 75
Si)
Mar Sec First Nat Bk OIL A_25 7534 7531 7631 1,600 7531 May
100
5
Apr
5
5
5
8.65 Apr Shell Union 011 Co com_25
6.90 6.30 7.05 5.980 6.30 May
200
5
Apr
7
734
1.94 Jan
2.70 2.50 2.74 3,325
25
3.18 May Signal Oil & Gas A
So Calif Edison com_ __ _25 4131 4154 4334 4,300 4151 May
40 52
May
54
52
25
Orig pref
600 2934 Jan
-Record of transactions
2934 2931
25
7% pref
San Francisco Stock Exchange.
800 2634 Jan
25 2734 2734 2754
6% pref
at San Francisco Stock Exchange, May 23 to May 29, both
25 2634 2634 2634 2,100 2431 Jan
534% pref
inclusive, compiled from official sales lists:
10134 101 34
So Counties Gas6% pt..25
3534 15,200 3334 Apr
• 3534 34
Standard 011 of Calif
sates
Friday
4 20
Apr
20
20
25
Superior Oil corn
Range Since Jan. 1.
Last Week's Range for
19.300
734 Apr
734 8
Trans
73j
-America Corp----25
Week.
of Prices.
Sale
1634 4.800 1331 Apr
15
Union 011 Associates____25 16
Low.
Par. Price. Low. High. Shares.
Stocks-High.
3,600 1434 Apr
isii 17
25 17
Union Oil of Calif
300
934 May
934 1034
•
20 15734 May 17934 Jan Van de Kamp corn
15734 15734
Anglo London Nat Bk.. 5
May
9
300
934
9
Weber Showcase & Fis Pt"
9
810
234 Apr
4
431
5 May Western Pipe & 8teel...10
Ins Fund
Assoc
100 16
Jan
2234 2231
AlaskaJuneau
1634 1631 1854 1,915 1134 Apr 1834 May
10 200 May 250
200 200
Jan
Bank of California
* No par value.
634
375
634 Apr 1034 Feb
61.4
Bond & Share
New York Produce Exchange Securities Market.3 May
334 334
572
734 Feb
Byron Jackson
205 13 May 16
13
13
Cagamba Sugar
Jan Following is the record of transactions at the New York
%
200
31 May
34
California Copper
34 Jan
Securities Market, May 23 to May 29,
255 18
2234 24
Feb 27
California Ink A
Mar Produce Exchange
35 10634 Jan 11134 May both inclusive, compiled from official sales lists:
11134 11134
Calif Ore Pow 7% pref.- .
3,383 2034 May 52
California Packing
Feb
2234 2234 24
Sales
Friday
12 85
Jan 94
9134 9134
California Water svc pref._ ..__
Apr
Range Dince Jan. 1.
Last Week's Range for
Caterpillar
Feb
2334 2234 2434 19,342 2234 May 52
Week.
of Prices.
Sale
281 1634 Apr 2234 Feb
1534 1634
Clorox Chemical A
Low.
High.
.100 17
Par Price. Low. High. Shares.
StocksMay 2334 Mar
17
17
Cons Chem Indus A
175 19
May 5434 Jag
19
2234
Crown Zeller Corp prat A_ - ..__ __
250 300 11,500 20c May 50e Apr
170 19
May 5334 Jan Admiralty Alaska Gold-1
22
19
20
Preferred B
134 May
234 May
234 3,200
134
2
1
2,055
634 Jan AM Sealcone
234 May
234 3
236
V to
1,000 lie Feb 44o Mar
150 150
5
200 1734 May 2334 Mar Andes Pete
1734 1734
Doug Air
Jan 4051 Feb
200 34
3434 3434
•
115 1234 Apr 15
12% 1234
Feb Atlas Util $3 pref
Eldorado Oil Works
5,000 500 May 1.48 Feb
50C 50c
420
I
634 Jan 1034 Mar Bagdad
734 734
Emporium Capwell
•
7
Jan
200
2 May
2
2
%
%
120
34 May
134 Jan British Can Shares
Fageol Mtrs
200
134 May
2
2 May
2
257 7234 Slay 90
7234 77
•
Feb Brown's Lunch System
Fund Ins
Fireman's
10 68
May 102
68
Feb
68
2,051 15 Slay 36
20
20
15
Feb Chase Bank
Food Mach Corp
2
2
300
2 May
33,4 May
145
•
234 May
734 Jan Color Pictures
234 234
Foster Kielser
100
Apr
5
434 434
431 May
Jan 39% Feb Columbia Baking lst pref.•
30
30
Galland Marc LaundrY725 . 27
Sc Feb 90o Apr
350 45c 24,000
1 480
110
134 134
134 Mar
3
Feb Como Mines
Gen Paint B
9-32 Apr34 May
300
34
%
217 11
15
Jan 2234 Mar Cons Gas rights w 1
16
15
Golden State Nfilk
600 101
Apr 10334 May
103 10331
•
200 15
May 2134 Apr
15
Preferred se 1
15
1534
Haiku Pine Ltd pret
451 May
654 Feb
100
431 434
May 45
35
3534
170 35
Feb Corporate Trust SharesHawaiian C & S Ltd
Star
100
6
May
8
0
70 2634 May 4134 Jan
2634 2634
Cumulative Shares
Hawaiian Pineapple
Feb
4
234 231 5,500
234 May
100 27
234
27
27
Detroit &Canada Tunnel.•
May 3934 Jan
Ilome F & NI Ins
434 May
200
434 434
634 Mar
9 May 2834 Jan
9
1034 2,385
Diversified Trust Shs C.-- -Honolulu 011
3.25 May
1.60 Mar
3.20 3.05 3.25 3.200
150
1
9
9
Eagle Bird Mines
May 1534 Feb
0
9
Hunt Bros A
3
Jan
334 334
7
Feb
100
31
10
234 Feb
6
8
Fuel Oil
9
Aim
Leighton A
534 Apr
300
234 May
234 3
193
135 Mar
134 Mai General Leather
134 134
134
Leighton Ind B
500 1134 May 1734 Feb
1134 1234
*
125
7
7
May 1134 Mai H Rubinstein prat
7
Leslie Calif Salt
200
1.00 Apr
1.25 1.25
1.55 May
1.25
20 10334 Jan 110
Homestead Oil & Gas----1
10834 10834 10811
La Gas & E Corp prat
Maf
534 534
32e 320
500 320 May 350 Feb
115
534 Jan
noway Gold Mines Ltd__1
631 Feb
534
Lyons Magnus A
1.400 4I0 May
1.20 Feb
410 550
6,261
Internat Rustiess Iron-1 430
I% Jon
134 $
354 Nial
134
Magnavox
Mar
May 13
100 10
10
10
160 13
13
Investment Trust Assoc- •
May 18
13
Feb
Magnin
2% Jan
331 4
5% Apr
700
10 8434 May 94
84
Jenkins
84
Feb
6% preferred
634 Apr 1031 May
40 70
Television* 10% 1031 1034 3,100
5
78
Jan 8934 Mai Jencks Mtg
78
Mere Amer Realty 6% pt1.14 Apr
1.35 1.74 2,600
1.73
1.74 May
-1
10 28
Keystone Consol Mine
Jan 42
2834 2831
Mai
No Amer Inv
200
1.18 May
1.18 1.18
1.18 May
30 73
75
Keystone Copper
May 8334 Jar
73
6% preferred
•
0
534 May
634 634 4,200
954 Mar
14 67
Kildun Mining
67
May 7834 Jar
67
536% preferred
5
5
600
134 May
434 Mar
615
•
134
154 234
434 Apr 1234 Fel
534
Lautaro Nitrate
No Amer Oil Cons
100
I% Apr
134
231 Apr
131
20 1834 May 2234 Mai
1
Lincoln Drilling CO
Occidental Ins
1834 1831 1831
5
240 38c 13.500 240 May 5130 Apr
251
1 290
6 May 1634 Fel
634
Macassa Mines
Oliver D
1,000 250 May 26e May
250 260
14,696 4134 May 5434 MAI
1
Mt Diablo Oil
Pao Gas & Flee
4134 4134 45
100
936 Mar
634 Jan
734 734
308 2
5
National Liberty In
2831 2734 2834
6% let preferred
634 Feb 2
834 Ma3
731 Ma,
700
534 May
631 634
1,935 2434 Feb 2631 Mai
New York City Airport--S
2531 2535 2531
534% preferred
800
431 5
634 Feb
434 May
North American Trust Shs
Pacific Light
May 6834 Ma
5234 1,512 50
5034 50
3.25 Feb
1.25 May
1.25 1.37 1.500
60 10034 Jan 10534 Ma
North Butte 5tining...2.50
10434 10434
6% preferred
1,700
531
734 Jan
334 Apr
4
531
.
8
834 1,633
Petroleum Conversion- -*
8
Pee Pub Service corn w 1
63.4 Apr 1134 Api
1,500 15o May
150 310
234 Jan
•
2034 4,392 1834 Jan 28
20
Photo Color
A
Fel
9934 9934
500 9934 Has' 9934 MAY
1631 1734 2,790 1634 May 21
Pub Serv N J pr XD w I- •
Preferred when Issued.-1631
Ap
1
500
131
Feb234 Apr
151
187 11631 Apr 13131 Ma
5
Radio Securities A
11931 118 12031
Pacific Telephone
400 1354 Feb1834 Mar
1434 15
*
35 12034 Jan 13134 A p
12931 12934
Railways
6% preferred
431 Feb
100
234
234
234 May
5 sh
35
1,197 34
34
Rhodesian
34
May 5034 ,Ma
Paraffine Co
1
100
1
1
May
134 Jan
5
4
4
20
Rosy
3 May
9
Sign Whistle pref
jai
200
2 May
234
454 Feb
2
9
834 9
490
8
Seaboard Continental- •
Rainier Pulp Paper
Feb 1234 A p
11
734 Jan 14
Feb
200
11
13$
131
10
516
Seaboard Fire Ins
131
134 Stay
Richfield
634 [Jai
34 May
34 May
31 5-16 2,100
134
131
180
Seaboard Utilities War131 May
7% preferred
931 Jai
134 Feb
234
294 7,200
354 Apr
231
11
11
14 10
Shortwave & Televlsion-1
Apr 15
Eg & Rity let pref._ ______
Ry
Jai
•
134 May
334 Jan
131
154 1,200
134
122 12331
80 11534 Jan 124
Spiltdort
Ban J L & Power 7% pref.
Ma
734 Mao
100
534 May
534 534
29
662 28
29
Super Corp 13
Schlesinger pre!
Apr3434 Fe!
I
May
1.05 1.10 1.100
1.05
1.50 Apr
1
Tom Reed Gold
451 May 1034 Fe!
434 534 5.520
Shell Union Oil corn
634
% Jan
34 3,600 250 Apr
40c
5 400
20 36 Slay 36
36
36
Shell Union pref
Ma: Trent Process
200
434 May
41.1 5
434
631 Feb
47
25 41
Trustee Standard Oil A ..
47
Sherman Clay Power pt.-- ______
May 55
Ma
5
May
5
100
5
754 „Ian
B
1134 12
500 11
May 15
ma
So Pao Golden Gt A
100
6
6
May
6
851 Mar
17 13 El Lt Power B
954 10
230
931 May 1354 1Ma
934
13
100
31.4 356
3
Apr
454 Jan
•
Hydro W W
sit 9%
UM
185
Apr 103 Fel
9
Valley Water
Spring...... -_...
*No par value.
4030
FINANCIAL CHRONICLE
[VOL. 132.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (May 23) and ending the present Friday (May 29). It is compiled entirely from the,
daily reports of the Curb Exchange itself, and is intended to Include every security, whether stock or bonds, in which any
dealings occurred during the week covered.
Friday
Sales
Last Weeles Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended May 29.
Stocks-
Range Since Jan. 1.
Low.
May 110
May
234
Jan
3
444
Apr
May 19
May 31
May 1644
654
May
de,
8834
Mar 104
Feb
194
Jan
674
Jan
Jan
Apr
Mar
Mar
Jan
Feb
Feb
Mat
May
Mar
Mar
92
1
134
3
1374
2094
133.4
334
3134
104
134
67-4
92
134
141
3
143.4
2034
1341
33.4
34
104
134
67-4
150 92
1
800
100
134
214
400
7
2,600 13/g
25 2034
300 1334
33,4
3,000
2,100 3034
25 103
94
100
100
53.4
1
834
11
834
1594
8%
Mar
Fel,
Jan
Apr
May
May
May
e%
944
43-4
5444
51
2334
3694
Ja
May
Jan
Ja.
Jai
Fel
Jan
11
8
1554
3
39%
8%
4%
200
13
1031 55.300
300
1834
300
3%
100
3974
1.300
9
900
5
h.
100
31
131
100
100
2,800
11
544
143%
234
39%
7
431
%
2741
I
May
Jan
Jan
May
May
.sn
May
Feb
Feb
Jan
Jan
13
15
22
634
5174
1434
834
%
365%
1%
14
May
Apt
Fs*
Mar
Jan
M.
Ma
Jan
Mar
Jan
kw
% May
Apr
22
134 "s'l
134 May
4% May
1234 Jai,
Mar
35
23.4
4494
83.4
334
744
2334
51
Jar
iro
Mar
rrit.
Mar
Ma.
Jan
h
.
44
44
2234
4
134
173-4
3594
174
44
A
A
A
22,900
2234 2534 2,400
34 534 33,300
9.200
134 2
100
5
5
1,400
183%
1674
3534 3734 2,500
44
May
Jan
Feb
Mar
May
May
May
J •i
Jan
Apr
May
Jan
Jan
May
May
Ian
Mar
Jan
May
Apr
May
Jan
Jan
May
May
80 82
4
500
%
300
50 110
100 1534
234
900
43%
3.900
1.000 2736
3
400
100 14
Pen
May
Jan
Mav
May
May
.
May
May
Feb
x xx xx x
Ito
334
3
2034
21
7
2041
5
100
31
3,300
200 98
1,300 2934
200
7
900 20
200 20
300 10
700 1834
1,600
A
7
1,000
100
I%
100
%
800
2
100
834
2,500 77
100 z23
100
34
1,000 2634
1%
100
400 10
700 14
100 1734
700 5434
300
75-4
xxxx xxxm
30
2934
1.000
800
200
1,300
200
300
100
lie
44
834 834
3
336
3134
27
30
27
774 834
2334 2334
6
6
Kleinert (I B) Rubber
•
1
1
1
< Amer lirantlee Am Os Li
0834 0934
Koppers Gas & Coke pt 100
32
30
Leekawanna seeuritlee _.
• 30
7
7
•
734
Lefcourt Realty corn
2134
.•nero Coal 5 sl,,,
.
_ • 203% 20
2094 25
Lerner Stores Corp corn _ •
11
1034 11
..i ho Ni s en A immy .15
Lily-Tulip Cup Corp
• 2154 2044 2174
34
1
,mulsiana Laud dz Explor_ •
•
16,5eMarr Stores Inc.
7
7
Marlon Steam Shovel com *
33.4
37.4
•
Mavis Bottling coin
23.4
23,4
2
2
5
Class A
234
May Ballo& Television_ • 10
10
10
Mead Jonnaon At Co eom • 78
78
8234
Merchants &Mfrs Sec A_•
31634 5163%
Mesabi Iron Co
*
T
A
4
7
Wes.* Machine corn
5 2634 2634 28%
Me' Chain sT ores
1%
•
1%
1%
Midland Royalty pref_
• 12
10
1234
Midland Steel Prod 2d pf.•
1534 1534
Midland United corn.. •
1934 1931
Midvale Co
54% 55
•
Miller a)& Sons corn_,__•
794
73-4
Minneapolis ilonerwell
. 100
Regliki or pre(
86
84
Miss River Fuel warr
4
5
%
%
Montecathal Min & Agr war
Mo-re C-up pref 13
110 110
110
Moore Drop Forge cl A_ _•
18
18
Nat 5rnerlean Co Ina----•
3
254 3
Nat Aviation Corp
• 534 536 60.4
Nat Bond & ihar. Corn • 2834 2734 2934
,
4
Nat Cash Credit Assn ill 10
4
16
16
Nat Container pref
•
XX =XXX
44
12
244 Apr
Jan
mar
Mar 15
Feb
Jan 26
May 25
Feb
Feb
May 59
Mar
Jan 80
May 10
Jan
834 Fet
MaY
Jan
454 Mar
.rao
1134 Fet
Feb
17
May
Jan
May 108
May 203% Feb
May 8434 Far
734 Mar
May
may
Apr 15
May 1034 Feb
May
934 Fet
3% Feb
May
14 Ja
May
Feb
May 22
Feb
May 22
..N!..NFMV,f.N.MNMOMM.OVVMOMM .0 0.V000t.
,
..N to
..NM. ob. .N
.
4
34
133/4
22%
144
4534
6834
5
534
1
7
1354
85
934
6234
53.4
71.4
334
434
234
44
12
10
X
133.4
90
1044
6394
700
134 134
100
1334 133.4
100
23
23
200
15
1534
150
4534 47
125
72
72
100
5
5
200
544 544
1
134 3,900
200
10
10
2,700
133.4 133-4
130
85
90
1034 1234 281.200
6256 7236 5,800
400
544 534
100
13
13
374 4% 2,500
900
454 434
500
234
23-4
8.800
% 3-16
200
12
12
1,600
10
1034
XYX XX
72
May
Jan
Jan
May
May
V0.COMOMMVIMLi.N
..VMO V
23
173-4
4
3431
%
434
173-4 17%
5
5
38
38
%
%
434 434
XXX
243% Jan
63/4 Apr
4034 Mar
Feb
1
7
Jan
500
100
100
100
200
31
17%
5
38
%
o
NVI4M11.1
tuu le pegit Vigt"guitW tNW! gtugu.eutilittttiututF5N4 AW
M.ar
Feb
Mar
Jan
Feb
Mar
Mar
Mar
Feb
Feb
Mar
Apr
i
a
raglig,g gaggIpmtg: gagitigiu ggigg2 Ili tip tagigghnift gig ,m
53.4
4
8
%
1334
1434
8%
241
8%
16
1634
4134
A
May
Jan
Apr
Jan
Jan
May
Jai
May
Jan
May
Jan
May
A
434
%
3
%
61.4
7
8%
134
2%
8
1056
3434
MNMW.000
.
N.ONM
4% 444 2,500
100
234 234
200
334 33-4
1,300
.
5.4
34
894 9% 6,100
500
7
7
474 534 17,600
200
134
134
100
3
3
100
8% 854
300
1334 1334
2.200
3434 3531
Garlock Pack corn
400 1334 May
•
1334 1434
General Alloys Co
5
Is..
900
4
4%
4
•
General Aviation Corp...
534 May
534 53.6 2.300
5%
•
Gen'l Capital Corp corn_ •
100 27
May
27
27
Gen Else Ce of Gt Britain_
Am dep rots for ord roe El
834 May
4,500
83.4 9
834
General Empire Corp_
100 14 34 Jan
1634 1634
Gaul Fireproofing corn_
May
900 20
20
2234
Gen Theatre Equip pref.,
6
"
6
634 2,300
53.4 May
Gleaner Combine Huy- •
1
Feb
100
134
13.4
Uleo Alden Coal
2,000 3034 May
31
33
• 33
Globe Underwrit Etch7
Jan
1,500
8
•
8
8
Golden State Co Ltd
100 15
May
15
15
15
Goldman-Sache Trading .•
og 6 13,600 534 Jan
53.4
Gold Seal Elo trieal co
,
% May
5,300
44
1
44
•
Golden State Milk Prod_25
Jan
100 15
1734 1734
GOtharn Inc
$3 pret with warr
100 17
18
May
17
Gorham Mfg corn v t c_ *
May
100 18
18
18
% Apr
200
A
Gotham Rnitbac Mach._'
%
Gramophone Co Ltd
400
7
Ant dep rcts for ord rag £
May
7
7
2,600 1944 May
Graymur Corp
19% 22
• 21
Gt All & Pao Tea210 16734 Jan
Non vot corn stock
• 18434 181 187
Feb
180 117
7% first preferred_ -100
11834 11934
3
200
Jan
334 4
Grocery Stores Prod v t O.
334
•
Guenther (rtud) Russ Law
9
May
300
9
10
Common
5
44 Jan
134
1.44 3,100
134
Happiness Candy SU com •
May
100 14
Hazeltine Corp
16% 1634
•
Jan
100 15
Holt (Henry) & Co A_
•
1534 1534
Jan
20 100
Horn & Hardart pref...100 104
104 101
May
50 50
50
Hughes of Del pref._ _100 50
50
1,900 1534 May
Hydro-Elea Secur com_ •
1534 18
244 Jan
800
%made Food Prod corn •
2%
3
234
Imperial Chem Indust-.
600
2%
Am dep rcts for ord reg £
234 May
23%
100
4
93-4 Feb
Imperial Tub of Can
5
93/4 91
1,801)
May
5
534
industrial Finance v t c_10
5
insull Utility investment_ • 30
2734 303-4 4,700 273-4 May
50 75
May
75
86 pref with warr
75
•
May
500 49
'
Insor "Jo of ,
Myth tmer I()
49
5234
5% May
Insurance Securities_ ..10
534
.
5j 57-4 3,400
May
500 37
37
Internat Cigar Mach com _•
37
700
234 May
Internat Prod common_ •
2% 3
Jan
300 10
Internat Safety Razor ci II*
1034 1114
200 131 May
141
nterstate Equities corn_ •
154
200 2534 May
rionvertlble preferred_ •
2534 2594
200
Irving Air Chute corn. •
73-4 Jan
956 93-4
1
May
500
1
13.4
1
1
Warrants
%
100
%
A Feb
Jonas & Naumburg com_ •
XX
Mar
Feb
Mar
Apr
Jan
4%
3
3
omeo
MN
N.
17%
534
15
10
2634
234 Jan
234 May
3
May
344
23.4
3
.veb
.N
May
May
May
Jan
Ma)
1,400
4,700
200
11a
344
23.4
X XX
12
3%
634
434
1544
11% May
1434 May
Jan
25
44 Apr
1
Apr
*to May
mm
NN
134
100
200
1,900
300
400
12
12
3% 3%
634 73.4
5
53%
1734 1834
21,100
1141 13
12,000
14% 17
200
2534 2834
300
%
%
1,000
2
2
600
I its
31
113%
1544
N
14
2034
1344
341
313.4
Mar
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Jan
Apr
Jan
May
May
May
Jan
Jan
May
May
May
Jan
May
May
Jan
May
May
May
May
May
May
May
May
XX
92
534
52
73%
45
51
276
18
7
5
6
91.4
5%,
1834
3
12
1134
9
72
8
34
45
22
5%
31
134
20%
9%
535
1%
8
2134
103%
634
XX
7
5
May
May
Jan
May
May
Jan
Mar
May
May
Jan
334
75
1,400
3,200
2,700
1,000
600
300
1,000
5,100
300
300
100
2,800
70
800
400
200
800
300
1,700
200
2534
334
13
1234
1244
73
10
1
34
23
6
%
444
27
1034
534
174
8
21%
log 1034
634 634
X
33.4
234
35
4%
26
37
174
16
334
I%
I
1
34
22%
574
2534
3
12
11%
1134
7234
9%
1
44
22%
3
5%
%
234
2034
95%
53
1%
8
21%
mom,
.
...M ..NM
634
53-4
183%
5,800
3
20
35
5% 4,900
375
27
100
40
200
23%
100
17
50
4
234 17,000
3% 4,200
234
35
644
26
40
2%
17
4
1%
234
1134
12
7234
May
May
May
Apr
Jan
May
May
XX XX
234
3
May
Feb
Mar
Apr
May
Feb
Apr
Feb
Jan
334
27
18%
18
3
13%
154
234
mcr-
Dayton Airplane Eng corn•
•
Deere & Co common
•
De Forest Radio cora....
.
Detroit Aircraft Corp_ _•
Doehler Die-Casting corn-•
Douglas Aircraft Inc. •
Dow Chemical common._•
17
634
6
6514
82
5%
123%
3
7%
23
2
High.
500
400
100
1,100
4,300
100
1,100
XV= X
Cable Radio & Tube v t c•
•
Carmen & Co cony A_
•
Carnation Co corn
*
Carrier Corp awn
Celanese Corp let pref _100
7% prior preferred--100
*
Cellmold Corp corn
Centrifugal Pipe Corp. •
Stores Devel corn .•
Chain
Chain Stores Stocks Inc..'
.
Chatham & Phenix Allied •
100
Childs Co pref
Cities Service oommon__ _ •
•
Preferred
•
Preferred B
City Machine & Tool....'
Claude Neon Lights com-1
Cleve Tractor common_ •
•
Club Aluminum Utensil..
Colombia Syndicate
Colt's Pat Fire Arms I'vffg25
Colum Pictures corn via'
Consul Automatic
Merchandising corn v t e•
•
Consol Dairy Prod corn..
•
Congo] Retail Stores
Cont'l Sharee cony prof 10i,
100
Preferred SIT B
•
Cooper-Bessemer cam
$3 pref A with warr-100
Copeland Products IncClass A without war new
b
Cord Corp
Corporation See of Chic •
Corroon & Reynolds corn_•
•
$6 preferred A
•
Croaker Wheeler corn....
Crown Cork Internat A •
Cuban Cane Prod warrants
Cuneo Press common. •
•
Curtis Airports v t c
Curtiss-Wright Corp warr
634
2634
Apr
May
Feb
Apr
May
Apr
Mar
May
May
3%
134
Low.
30
3034
1834 193%
18
18
344 4%
134 134
134
ly,
2%,
2
X
Babcock & Wilcox Co-100
•
Bahia Corp corn
25
.ereferred
Bellanea Aircraft vtc-- •
BenefLial Indus Loan ..._•
Bigelow Sanford Carpet __•
•
Bliss(E W) Co corn
•
Blue Ridge Corp corn
Opt 6% cons prof ____50
Bohack (II C) Co pf___100
•
Brill Corp class B
5
Brlllo Mfg co m
British Amer TobaccoAm den rcts ord bear_ El
.
Burro, Inc corn
6% pref with warrants 50
Warrants
20
Butler Bros
3
Apr
Apr
Apr
Apr
Feb
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Mar
30
19
XXX M XX
X
MX X
MONNWMONMM0.MNMOMOMMN
c.cenmco
.V.. .(40
NN.M.
N.
V.
M
Amer Founders Corp.....'
Amer Hardware Corp_ _ _25
Amer reversers ei B corn •
Amer Laundry Mach___20
Amer Meter Co
•
Am Pneumatic Serv com 25
Amer Potash & Chem_ __ _"
Amer Transformer com- •
Am UM & Gen el B v t a _•
American Yvette Co coin _•
Amsterdam Trading CorpAmerican shares
Anchor Poet Fence com_ •
•
Anglo-Chilean Nitrate-.
Arcturus Radio Tube.__•
Armstrong Cork coin__ _•
Aiwa Elea IndustriesAmer dep rats ord ahs_L1
•
Associated Rayon corn
Atlantic Coast Fish corn_ _•
Atlantic Fruit & Sug com _1
Atlantic Securities com_ *
•
Atlas Plywood Corp
•
Atlas Utilities Corp comWarrants
Automatic Voting Mach. *
part% stock •
Cony prior
Aviation Securities Corp..
Axton-Fisher Tob corn A 10
Feb 12
Jan
2234
1934
Feb
Jan 87
May 13
9
Feb
%
Jan
11
Jan
534
Apr
May 224
May 109%
May 1634
May 102
May 9234
May 60
May 60
May 60
May
144
May 3334
Dresser(BR) Mfg Co el A •
Class B
•
Driver-Harris Co com_ _10
D u biller Condenser Corn-•
Durant Motors Inc
•
Duval Texas Sulphur_ _ *
Eastern Viii Inv corn A_ _•
Educational Pictures
8% pref with warr__100
Eisler Electric common_ _•
Else Power Assoc coin_ •
Class A
•
Elea Shareholdings oom •
6% cum prof with we ..•
Electrographic Corp corn...
Empire Corp corn
•
Empire Steel Corp co m.._•
Employers Reinsuranee40
Ex-cello Aircraft & Tool_..*
Fageol Motors COM
10
Fairchild Aviation com _ •
Fajardo Sugar Co
100
Fan Farmer Candy Shops *
Fedders Mfg class A
•
Federated Capital com_ _ _5
Federated Metals
•
Ferro Enamel class A_.*
Fiat Am dap receipts
Flintkote Co corn A
*
Ford Motor Co Ltd
Amer dap rots ord reg_ I_
Ford Motor of Cane! A __•
•
Class B
Foremost Dairy Prod coal•
Convertible preference_*
Foremost Fabrics cona_ - _•
Foundation Co
Foreign shares Class A-•
Fox Theatres class 4 nom.•
Franklin (H ID Mfg corn •
Range Since Jan. I.
XXXXXX
Ot...VMMC.
MN,
Indus. & Miscellaneous.
500
• 10
10
10
634
Aero Underwriters
2,100 11 ii
Affiliated Products Inc_• 1734 1734 18
5
200
9
9
Agfa Aneco corn
*
75 67
100
67
Preferred
67
300
Ainsworth Mfg corn ____10
734
734 8
7
r
6%
200
Air Investors pref
7
7
li
%
600
y,
Alexander Industries
•
934
200
934 10
All America Gen'l Corp_20
434
300
Allied Mills Inc
•
434 4%
7,975 93%
Aluminum Co corn
• 933% 9334 123
700 100
6% preferred
100 100% 100 101
100 13
13
13
Aluminum Goods Mfg_ •
300 4034
Aluminum Ltd corn
• 4034 4034 4734
200 75
75
82
100 75
6% cum pref
672 17
17
17
Series A warrants
192 1334
13% 1334 19
Series B warrants
9 23
23
23
Series D warrants
%
44
%
500
Amer Austin Car corn_
•
100 26
26
26
Amer Bakeries cl A
•
Amer Brown Dover! Elec
5
5
234
700
Founders' shares
434 5
13%
200
131 354
Amer Capital corn B
•
200 603$
65
65
$5.50 pre
•
175 643%
American Cigar common_• 65
65
65
434
600
434
434
American Corporation_ _ -434
644
6% 734 15,300
Amer Cyanamid corn B__•
634
1%
1,100
1% 2
Amer Dept Stores Corp_•
194
3%
American Equities coin _ _•
344
334 331 2,200
100 19
19
19
Amer Fork & Hoe corn_ *
High.
Sales
Friaav
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
"May
sates
Last Week's Range for
1Veek.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Nat Family Stores com •
534
4
4
Nat Investors cow
•
4
Nat Rubber Mach'y com334 331
•
331
Nat Screen Serv
2034 2054
434 434
Nat Securities Inv com_l
Nat Service Cos com
•
2
251
Nat Short Term Sec A-. 1835 1854 1834
Nat Steel Corp warrants........
534 5%
* 2834 27
Nat Sugar Reg
2955
454 454
National Tile common_ *
,
Nat Union Radio corn_ •
231 234
%
Nauheim Pharmacies_
*
34
1
1
•
Cony cum pref
68
Nelsner Bros pref
68
100 68
Neptune Meter Co el A_ •
1834 1834
z99 x99
Newberry (J J) prat_ 100
134
New Mexico 4, Ariz Land 1
134
23
22
New Yk Hamburg Corp _50
Niagara Share of Md. _10
57-4 7
Warrants
%
Si
15
-Pond oom_• 15
Niles-Bement
1534
Noma Elec Corp com-___•
534 634
551
%
61
Nordon Corp Ltd oom_ _5
Northan Warren pref._ _.* 3431 3454 3434
155
Nor Amer Aviation wart. A
154
134
No & So Amer Corp al A_•
7
7
7
10
Northwest Engin'g coin- •
10
Northwestern Yeast __100
11734 11731
38
3834
Noyadel-Agene Corp oom-•
Range Since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
2,100
May
4
.6)(
1,500
4
May
731
100
534
334 May
100 20
Jan 24
43-4 May
100
414
1,000
2
Apr
334
5,400 1534 Jan 19%
200
5
Jan 13
1.900 27
May 34%
100
454 May
5%
134 Apr
700
554
100
34 May
1
100
May
1
2%
20 5834 Apr SO
100 15
May 23
50 93
Jan z99
1,500
134 May
3
300 22
May 29%
3,800
514 May 11%
100
% May
1
600 15
May 2255
1,300
434 Apr
6%
2,200
54 Fe
34
200 29
Jan 40
2,800
51 Jan
234
300
7
May 1134
100 10
May 18%
5 11534 Apr 150
200 3734 May 51%
Jan
Feb
Feb
Feb
May
Mar
May
Feb
Mar
Apr
Feb
Jan
Feb
Feb
Mar
May
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Mar
Apr
Feb
Ungerielder Finano'l Corp•
Union Amer Invest com •
Union Tobacco coin
•
United-Carr Fastener_
•
United Chem panic pref. _
United Founders corn....'
United Milk Prod corn_ •
United Molasses Ltd
Am deprctsforordregLl
United Porto Rican Sug •
United Profit-Sharing corn'
United Recall Chem of_ -•
United Shoe Mach'y com25
Un Stores Corp corn v t o •
US Dairy Prod class A •
•
Class B
150
3,800
100
300
300
70
5
4%
3%
6
Feb
Mar
Mar
Jan
Feb
Man American Airways' 21% 2134 24
1,600 1754 Jan 30%
Paramount Cap Mfg oom.
254 Apr
600
234 3
5
•
Parke Davis & Co
26
2634
500 26
May 303-4
• 2654
Parker Rust
-Proof Co
Mar 109%
• 9355 92 10255 6,050 81
Patterson Sargent Co com•
May 2834
2451 24%
50 23
Pennroad Corp corn •I •
May
5
5
534 20,900
534
834
70
Pepperell Mfg
140 70
May 79
7234
100
134
Perryman Elec Co oom_ •
200
1
134
Jan
4
Philip Morris Cons nom_ •
34 Ian
400
hi
11
.
1
134 2,900
134
Phoenix Scour Corp corn •
1%
131 May
2
:2244 24
2,000 z2234 May 20
Preferred A
• 23
Pilot Radio & Tube el A • 11%
334 Jan 23%
934 1834 22,200
Pitney Bowee Postage
•
554
2,600
534 May 10
Meter Co
534 6
100 90
90
Pitts dr Lake Er RR rem 50
91
May 109
234 234
Polymet Mfg corn
134 Jan
300
•
634
•
3
400
234 4
Potrero Sugar
234 May
5
29% 2934
100 2434 Feb 29%
Powdrell & Alexander_
•
3334 3331
Pratt St Lambert
100 3334 May 4034
•
4
4
Prosperity Co corn B. •
100
4
May
4
9% 10
Prudential Investors corn •
4,200
9%
834 1st
14
$6 preferred
80
8334
700 80 May 91
•
Public Utility Holding Coro
334 4% 8,100
Corn without warrants •
434
334 May
7%
• z28
z2755 2955
$3 cum pref
500 29
May 36%
Warrant.....
54 30,900
51
51 Ma
35
1%
Pyrene Mfg corn
634 6%
10
500
634 May
755
% 1
200
Q-R-S-De Vry Corp
% May
6
Apr
Feb
Jan
Mar
Mar
Feb
Apr
Apr
Mar
Feb
Apr
Apr
Van Camp Pack com
•
Vick Financial Corp.___10
Waitt & Bond class 11
"
Walgreen Co corn
•
waikertilirami Gooderham
& Wortscommon .
•
Watson(John Warren) Co•
•
Wayne Pump
Welch Grape Juke com •
Western Auto Supply A...
West Va Coal & Coke corn *
Wheeling Steel cons____100
Wilson-Jones Co
•
•Vil-low Cateterlascom
•
Winter (Beni) Inc corn...'
Ohio Brass class B
*
011 Stocks Ltd class A_
•
Class B
•
Outboard MotCorp corn B•
Class A cony prat
•
Radio Products corn
•
Railroad Shares corn
•
Rainbow Lum Prod A _ _•
Common class B
Reliable Stores common_ •
Bahama)Internat corn A. •
Common B
•
Rellanee Managemmt isom•
Reybarn Co Inc
10
Reynolds Invest nom_
•
Rike-litiniler common__ _•
•
Roosevelt Field
•
Rossia International
Ruberold Co
•
Russeks Fifth Ave
•
Ryerson (Jos T) & Sons_ "
40
134
4%
134
34
154
3
40
4034
1% 234
234 234
M
134
434 5
1
3
1
34
6
2%
34
334
2
Si
25%
1%
3
35
5
20
1
3%
134
34
6
3
34
3%
2
34
25%
1%
331
35%
5
20
400
300
1,400
1.200
100
400
200
200
300
2,100
100
500
2,100
200
100
10
40
174
234
I%
011
34
3
I
34
6
2%
55
8
134
34
22
1%
234
34
5
20
St Regis Paper Co aom-10 1155 1134 12% 10.50
1134
•
Elaxet Co corn
8
6%
.
9% 7.300
834
1834
Schiff Co common
900 1751
18
•
%
Schulto-United oe to $1 St•
1,000
34
54
Si
200
%
7% cum cony pref _ _100
34
Seaboard UM Shares__ •
3%
3% 3% 1,30
Securities Corp Can't own •
17
800 17
17
Seeman Bros common.___• 3034 30
3154
50
30
Segal Lock & Hardware__•
4
5
7.800
6
534
Seiberling Rubber com_ •
1.000
4%
751 9%
Selected Industries corn- -•
2%
8251 3
3,700
234
$534 prior stock__
700 44%
4555 53
_ • 46
Allot otts full pd unstpd-4534 4555 5434
700 55%
Sentry Safety Control__ •
13,4
1,000
1
1
Sheafter(NV A)Pen
32%
200 34
32
•
414 5
Shenandoah Corp corn _•
3,400
3%
434
6% cony pref
2,600 30
50 3034 3055 31
7Sherwin-Wms Co (Ohio_
75 52
52
52%
52
Pres ser AA
106% 106%
70 105
106
Signature Hosiery v t c.__•
51
1,100
Si
Si
%
41-4
Preferred
455
100
•
415
Silica Gel Corp eorn t r •
1,500
434
3% 5
Singer Manufacturing.100 249
80 230
230 250
Smith (A 0)Corp oom. •
11151 116
30 11134
South Amer Air Lines_
1%
1%
1% 1.300
•
Southern Corp corn
254
2% 2% 2,100
•
241
Southwest Dairy Prod._ _*
1% 2
1%
200
2
7% prof with ware._100
110
734 9%
7%
Spanish & Genl Corp
Am dep rota for ord regL1
600
%
Si
54
Stand Cap & Seal
300 2834
•
28% 29%
Stand Motor Constr. •
100
34
34
Si
Standard Screw
68
25 68
100
68
Starrett Corp corn
•
400
334
3%
434
6% pref with privilege 50
15%
12
1,100 12
Stein Cosmetics corn
6
4
6
100
Stein (A) dr Co pref. _ _100
50 85%
,
903,4 9034
Stoinito Radio
•
200
A
A
%
Stutz NI ntor Car Co
23% 3,100 1834
•
21
Sundstrand Mach Tool....
4
4
4
100
Sun Investing corn
4
•
4
4
200
4
• 37
$3 Preferred
600 36
3634 37
Swift t...o
25 2534 2534 26% 2,100 25%
Swift International
lb 3234 3251 3354 2,000 3234
Taggart Corp corn
•
Technicolor Inc corn
•
Thatcher Securities Corp_l
Timken Dot A :le prof_ _100
Todd Shipyards
•
Transcont Air Franey- •
Trans Lux Plot Screen
Common
•
Tr-Continental Corp warr
Tri Utilities Corp corn ___•
Triplex Safety Glass Ltd
Am dep rats for ord reg.
Tubise Chatillou Con,
•
Common B v to
Tung Sol Lamp Wks corn.*
4031
FINANCIAL CHRONICLE
MAY 301931.]
6
6
6
7
554
7%
255 254
102 102
4455 45
6
634
634
3%
15
6
734
334 4
15
17%
631
500
6
3,300
534
200
2%
3 102
1.600 44%
3,700
3%
May
May
May
May
May
Jan
May
Jan
Apr
May
Jan
May
la,
Jan
Feb
May
Mat
Apr
Mat
Jan
May
Apr
May
Mar
Apr
Felt
Feb
J.,
Mar
Mar
2% Jan
4% Mar
4
Jul,
Jan
2
9% Jan
Fob
134 Feb
7% FPI.
Feb
5
1% Jan
25% May
3% Mar
5% Feb
42
Mar
6
May
25% Jan
May
is!.
Mar
la
,
May
May
Jail
Jan
Jan
Jan
Jan
Apr
May
Jan
Jan
May
Apr
May
MaY
May
May
May
May
May
Feb
May
2134
13%
19%
1
3
534
3034
37%
7%
10
4%
70
7034
8%
42
8%
36
66%
108 •
1%
6
104
342
192
2%
II%
234
17
Mar
Apr
Mar
la
Jan
Fat
Feb
Mar
Mar
May
Pet
Mar
Mar
Fels
Jan
Mar
et
Mar
Apr
Feb
Apr
Inca
Jan
Mar
Jan
Pet
Mar
Feb
Jan
May
May
May
May
May
Jan
Jan
Feb
Jar,
May
Jan
Jan
May
May
34
31%
1
95
1234
2534
11%
9034
54
28
4
8
40,4
30%
4034
Feb
Mar
Jai
Jan
Jan
Feb
Mar
May
Mar
Mar
May
Mar
Mar
.•,
Apr
May
May 1834 Mar
May
1434 Mar
Jan
334 Feb
Jan 102% Mar
May 50
Feb
00
8% May
6.800
1,300
600
6 May
234 J4I
15
May
1334 Mar
6% Mar
29% Mar
5% May
8% Feb
5%
4%
May
May
May
May
Jan
5%
200
4%
8%
5
834
2,100
200
3%
7%
Jan
Jan
16
12
Pet,
Feb
•
U S Finishing corn
U 8 Foil class li
•
U 8 & Intentat Sec com •
First prat with warrants*
U S Lines pref
•
U S Overseas corn w w---•
US Playing Card corn __10
U S Stares corn
•
Universal Insurance_ _25
Utility & Indus Corp corn-•
II LIMY 1,(1111t101 Uury cow •
Priority stock
•
Range Since Jan. 1.
Low.
High.
Jan
Jan
Jan
Jan
16
Jan
454 May
1
May
s27% 2834 2,200
200
19
19
1.100
Si
Si
300
455 455
100
17% 17%
17%
4% 555 52,100
4%
100
155
154
2151
1751
10
434
34
16
534
69
53.4
1
3%
41
18%
Rights
Assoc Gas & Elec rts deb3
m
29%
22
34
7
28%
10%
234
Feb
Mar
Mar
Feb
Mar
Mar
Feb
134
8
134
6
50
134
59
10
134
,
8
1%
6
50
134
59
1031
200
1,000
100
200
1,300
500
200
200
155
8
151
5%
50
154
59
10
May
May
Mar
Jan
May
Jan
May
May
Jan
Apr
Mi
63.6
5634 Mar
234 Feb
6534 Mar
Feb
15
434
434
134
32
2%
16
39
3
17
5
4%
69
5%
531
1%
34
3
16
39
3
17
5%
534
70
300
2,700
400
1,500
900
100
2
100
100
1,100
1,000
500
434 May
4% May
134 Jan
,
Jr.
31
254 Apr
Jan
12
May
32
3 May
17 May
5 May
4% May
68
Jan
8% Mar
mar
10
334 Feb
66
0
Feb,4
Jan
20Feb
F
jan
49
434 514
534 5%
534 534
17
17
700
1,300
100
100
234 Jan
Jai
5
53.4 May
1654 Jan
7% Mar
Jan
555 Feb
29% Mar
4% 5
1
1
3% 4
41%
41
1831 18%
1%
1334 18%
16%
15
3% 434
1
76
6,800
100
200
150
100
100
100
300
400
200
451 May
AP
2% Apr
41
May
17
Jar
31 Jan
1834 May
May
15
Jan
3
.54 Apr
8%
2
654
5234
243.5
13-4
30
2234
6%
134
234
300
134 Jan
231
3
7
Mar
269 Hu MarAFepi
5
78
Apr
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Mar
Jan
434 Jan
Public Utilities
Jan 11534 Mar
150 113
Alabama Pow $7 Prof....' 11434 11434 11534
134 Apr
334 Feb
1,400
1%
allegneny Gas Corp corn.•
1%
154
May 38% Feb
300 32
Amer Cities Pow L el A_ •
3254 33
Feb
10
3,500
534 ho
Claes 13
651 7
8%
•
Mar
17
1134 1231 6,900 11% May
am eoro'ielth Pow corn A• 11%
Apr 29% Jan
800 17
• 20%
22
18
Common class B
May 89
Apr
25 75
75
$7 1st pref
75
Apr
20 65
May 70
•
65
65
66.50 lst pref
Mar
20 11034 Feb 112
Am Dist Tel N J 7% Df-100
110% 111%
&met ,k Foreign Pon/ wart
12% 1231 1634 19,900 12% May 31)4 Feb
26.20
513-4 May 8634 Feb
Liner Gas dt Elea corn---• 51%
623451.
, Jan 110% Mar
400 1021
• 108% 10834 109
Preferred
5Tner I. Ar Tr corn
3734 40% 2,600 37% May 5434 Feb
May
2
600
5% Mar
2
Amer Natural GM
2%
.
•
3
Apr 2034 Apr
100
11
Am States Pub Serv comA•
11
COM-044 is,,,
19% Mar
9% 10% 1182000
ant Superpower Corp corn •
9%
Mar
1,200 5134 May 99
Finn preferred
93%
93
• 93
900 8234 Jan 8934 Mar
•
80% 86
$6 preferred
4
May
8% Feb
&pnalachian Gas corn....
4
4% 9,500
434
•
34 May
14 Mel
900
Warrants
,4
%
34
Feb
Jan 30
500 15
Assoc Gas & Elee corn_ - _ -•
16
17
12,500 16% May 23% Mar
16% 18
Class A
17
•
May 8931 Apr
90 65
68
$5 preferred
65
750 67% Jan 91% Feb
8931
aft int-near allot ens__ * z84
z84
Feb 24% May
2,700 19
Allotment certificates_ -- 22% 2234 24
34 Apr
Jan
1
Warrants
34
'It
% 3,400
Jan 25% Mar
Assoc Tel Util common...* 2434 2434 24% 1,100 22
Bell Telep of Canada.
.100
grazUlan
Lt & Pr ord_ •
Mgt Mae & East Pr pt._26
First preferred
•
Carolina P & L 66 pref •
Cent Atl Sts Serv v t c_
Cent Hudson 0&E vt o_•
Cent Power & Lt 7% pf 100
Cent Pub Spry corn....'
•
Clam A
Cent Souwest Util com
•
$7 prior lien prof
•
Cent Stares Else corn
•
6% Drat without warr 100
Cony prof opt ser'29_100
Cities Service P& L87 Pf-•
Cleveland Else Iii coin...'
Ounz'w'itb Edison Co..100
Com'wealth & Sou Corr,
Warrant,'
Community Water Sera-•
Cowl El & P Balt com _•
Conant Gas Uttl el A
*
•
Class B v t c
Conn G & E 7% pr pf 100
.
Feb
May 153
50 130
131
131
131
13% 1334 1534 11,600 1334 May 28% Mar
Jan
Mar
27
200 25
26% 26% 26%
400 9834 Jan 10334 May
101% 103
103
May
100 101% Feb 103
103 103
% Feb
100
3-4 Feb
3434
Mar
1,000 17% Jan 31
1854 20
May 10434 Apr
50 102
10255 102%
9% Apr
18% Feb
1436 3,000
14
14%
May 19% Apr
5,600 12
1354
12
12%
15% May 24% Feb
80
1554 1.116
5
94% Jan 10134 Feb
loo 100
7% May
12)4 Mar
731 8% 13,900
73.4
700 54
Feb 6834 Feb
57
58
57
Feb
Jan 65
150 50
58
58
Apr
150 78 May 89
85
78
1,000 4734 May 5234 Mar
47% 4734 48%
Jan 256% Feb
505 221
229% 23231
230
1% May
231
1234
Jan
S
Jan 101
82
May 17%
10
4% May
8
9734 Jan 103%
Mar
Apr
Feb
Mar
Mar
Apt
300 100% may 145
fluke Power Co
100% 106%
100
6%
154 May
154 254 10,700
Duquesne Gas common..
2
•
100 17
Jan 27
1)34
19
East Gas & Fuel Astor...'
Kant *Alen Pow corn B . • 1056
losi 11% 4,700 10% May 24
May
900 31
353.4
3235
Eastern Utll Almon corn--• 31% 31
8%
900
534 May
534 (SA
Convertible stock
554
61
Cleat Bond & att etr corn' 34% 34% 39% 59,800 3 , 44 May 10934
$6 preferred
10434 104% 10534 2.100 1023.4 Jan
200 8934 Is,
• 92% 92% 92%
56 eum pre(
37%
Else Pow & Light warr---• 17%
17% 18% 7,000 17% May 97
May 79%
500 58
62
Emp Gas & Fuel 7% pt_ 100
58
400 71
May 8934
75
7155 71
8% Preferred
100
100 3134 May 521
77
3134 3134
,
Empire Pow Partlo Stock -•
55 May
70
34 231
Empire Pub Sort nom A •
4
Jan 13
7
200
834
8
European Elec Corp el A 10
8
134 Jan
1% 2% 8.100
Option warrants
2
784
Apr 10
700 99
100 100
Florida P & L 57 corn pref •
Feb
Feb
Mar
Mar
Mar
Jan
Fe
Mar
Gen Gsa & Elea $6 pret B.
•
Gen Pub Serv 66 pref....•
Gen Pub lJt $7 pref
•
Hamilton Gas Co corn•t
lliinola P & L $8 pref
•
lot Hydro-El $3.50 pref--•
Internal •u perpwwer _ _
Internat Utll cd A
•
Class B
Partie pref
•
Interstate Pow $7 pref -•
%ans. Am...mower nom A
Deb NMI
Jer Cent P & L 7% Pl--100
Long island Ltg oom._. _•
100
7% preferred. .
6% preferred ser 13-100
Louisiana P & L $6 pref.-•
1%
1034
84%
1136
102
63
4
20
38
77
334
1%
134
914
84%
10
455
102
1% 23,800
4,800
11
86% 3,500
pot)
11%
200
6%
25
102
6134 85%
75
75
55%
55
334 4
2,050
160
50
1,400
60% Jan
75
May
May
55
334 May
83
6
704:
9
92
4134
20
36
554
93
77
3,4
155
92
41%
2054
38
654
94%
80
351
1%
25
25
1,400
500
6,200
150
86% Jan
Jan
41
20
AD
3434 Jan
5% Jan
May
93
77 May
5
4
3
114
45
1034
99
1053.4
30
110
10634
101%
104%
3034
110
10634
10136
50
1,800
30
25
50
2,900
1,000
Mar
Feb
Apr
Jan
jan
Feb
Mar
m
Ma
Mar
Are
Apr
Apr
Jan
Mar
Feb
Feb
Feb
Jan
991 Mar
, m
10
34
Jan
10614 Jan 109
2034 Apr 363.4
.6Ak4 1.6 11251
10034 Jan 107
100% Apr 103%
Feb
Mar
Mar
May
Apr
Sales
Friday
Last Week's Range for
Week.
Public Utilities
of Pikes.
Sale
(Concluded) Par. Price. Low. High. Shares
Range Sian ./an. 1.
Low.
High.
Marconi Internat Marine
Mar
734 May 10
200
7% 7%
Commun Am dep rats El
4 Mar
1% Jan
235 2% 13,600
Maroon' Wire]T of Can_ _1
234
435 Mar
334 Jan
600
435 434
Mass Utll Asso tom v t a-.
434
Mar
25 3035 May 35
5% cony panic pref _50
3035 3035
835 May 1235 Feb
200
835 931
Memphis Natural Oas--•
834
Mar
250 96 May 99
Met Edison 86 pf ser C__. 89735 89735 98
30,400 1634 May 25% Mar
Middle Wort
eom----• 1834 1635 18
234 Jan
% Apr
100
35
Midland Nat Gas cl A_ •
%
Feb
Mid-West States Utll el A• 1534 14% 15% 1,300 14% May 25
100 100% Jan 107% Apr
106% 10834
Mohawk & Hod Pr 1s1 pf.
•
1,125 38 May 69% Mar
49
Montreal Lt Ht & Pr coin_• 4135 38
Apr 93% Jan
80 92
9234 9235
Mtn States Pow 7% p1-100
Feb
6
335 May
1,400
335 5
Municipal Service
Nat Elea Power 7% pf _100
Nat Pow & Lt 28 Prei- •
NM Pub Serv oom ci A -_-• 1734
New Engl Pow Assn 91_100 80
New.Eng Tel & Tel-- -100
N Y & Richmond Gas pf-- 9535
N Y Pow & Lt 7% pref_100
N Y,Bteam Corp com- •
N Y Telco 8 % pref-100
Niagara End Pow eom-10
9%
Class), opt warrants-Class B opt warrant......
Nor Amer Utll Sec corn_ •
Nor States P Corp com_100 114
6% preferred
100 97
Tampa Electric common•
Tenn El Pow 7% 1st pf _100
Toledo Edison 7% pf_ _100
27%
2731
2934
98
4234
Jan
Jan
May
Jan
May
May
Jan
Jan
Jan
Jan
Jan
May
Jan
May
Feb
91
104%
21%
86
141
9545
114%
8931
118%
1535
331
8%
104%
10335
25%
8
103
1083i
5235
15
36
43
104
98
8334
35
9234
14
Jan
Jan
May
Feb
Feb
Jan
May
May
Feb
May
May
Mar
Jan
May
May
May
110
107%
29
1335
106%
111
70%
26%
37%
60%
104%
100%
87
4035
39
27% 28%
27%
27
29% 29%
19
19
103% 104
831 7%
155 155
95
95
334 334
3234 33
32% 33
98
98
8234 82%
42% 45
108% 110
110 110
1,200
10
3,000
100
50
50
400
1,500
25
100
3,600
40
10
175
400
1,100
500 423.' May 61
Feb 110
50 108
30 110 May 110
Feb
May
May
EN
Other 011 Stocks
Amer Maracaibo Co
41 6,000
•
54
1,600
Ark Nat Gas Corp corn..'
3% 4
3%
Class),
•
355 331 14,400
334
5,100
Preferred
10
535 6
534
British Amer Oil Ltd
100
Coupon stock (bearer).'
93( og
1.500
Carib Syndicate
34
•
Colon Oil Corp corn
34 135 3,300
35
Columb Oil&()mei v e_•
231 3% 4,800
231
2,000
1
Coeden Oil Co corn
•
1
Creole Petroleum Corp...'
234 2% 5,100
235
500
34
Crown Cent Petrol Co__ •
2,100
Derby Oil & Ref oom_ •
234
100
General Petroleum Corp_ _ _ 1535 1535 1535
Gulf 011 Corp of Penna-25 4134 41% 4635 3,800
t
600
C1034 1031
Indian Ter Ilium 01101 A •
500
103i 10
Class B
• 10
7-18 7,800
Intercontinental Petrol
-5
54
934 1035 52,000
Internat'l Petroleum
•
93'
300
%
•
Kirby Petroleum
36
A 16,900
Leonard 011 Develop---25
34
400
434
334
3%
Lion 011 Refining Co
•
Lone Star Gas Corp
• 1534 1531 1634 3,600
31 5-16 5,700
Magdalena Syndicate
1
31
100
•
4% 4%
Margay 011 Corp
200
2% 335
Mexico Ohio 011 Co
•
900
235 334
3%
Mid-States Pet al A vte •
300
34
•
Claw B•t•
34
4% 5% 6.400
Igo-Kansas Pipe Line cora 5
4%
3.700
45
Class B rot tr ctls _ _ _1
3(
May
May
May
May
May
May
May
May
May
May
Jan
May
May
Jan
Apr
Apr
May
Jan
Jan
100 40
4434
Jan
100 110
110
50 2231 May
22%
144 May
500
135
5234 7,400 51% May
9% May
15,400
11
100 1034 May
1034
400 1031 May
Wi
300 1135 May
11% 12%
734 May
200
8
Feb
50 28
29% 29%
8
Apr
300
835 10%
Jan
100 10
1134 11%
1235 1235 1,400 1235 May
44,900 2134 May
2135 25
15% 1754 10,900 15% May
Apr
200 23
2334 24%
250 41 May
42
41
Jan
20 103
103 103
x28
32% 15,500 828 May
95
A
150
00
18% Mar
Mar
May
May
Feb
Mar
May
Apr
May
Feb
Feb
Mar
Feb
Mar
Mar
44%
110
22%
1%
5194 81%
935
10
1034
10%
National Transit
_12.50 1174
New York Transit
10
Northern Pipe Line
50
Penn Met Fuel Co
25
Southern Pipe Line
10
South Penn Oil
25 12%
Standard Oil (Indiana)_..25 2134
Standard 011(Ky)
10 1634
Standard 011(Neb)
25
Standard 011(0)com.....26 41
534% cum pref
Vacuum 011
25 z28
May
Apr
May
May
May
Mar
Mar
Feb
May
Mar
May
Jan
May
m ar
Feb
400 39 May 60
1,000 25% Jan 29
1,400 2434 Jan 2751
900 .2934 Jan 3035
Jan 24%
200 19
100 103% May 104
Mar
914
5
500
20 155 May 170
Jan 97
25 94
334 May
(334
900
300 32% May 50
300 32% May 50
Apr 101
100 98
Jan 95
400 81
50 103%
10334 10331
Union El Lt &Pr 7% pf 100
9%
1,400
Union Nat Gas of Can.... 10
954 11
754
United Corp warrant
731
7% 834 4,400
111
144
lis 1,000
United El Serv pUr walT..- -----53-4
47,000
5% 6
lJnIted Gas Corp eom____•
534
1,200 77%
7735 79
Prof non-voting
•
31
2
2% 5,300
Warrants
2%
20% 15,200 19
United Lt & Pow cons
1935 19
700 50
63%
Common class B
• 63% 80
89
9234 1,900 89
$8 eonv let pref
• 89
6
200
6
6
United Pub Serv corn....'
3%
334 4H 18,400
S Elea Pow with warr_.•
434
34
500
% 1
Stock porch warrants..._
25 105
107 107
UtahPow & Lt 87 pref- •
634
8,200
UM Power & Light Corn...'
7% 8
8
23% 5,300 20
21
Class B vol tr etfs.- • 22
50 8834
8834 8834
7% preferred
100
50 98%
103%
103%
Western Pow pref
100
Former Standard oil
Subsidiaries
Buckeye Pipe Line
50
Chesebrough Mfg Coneol25
Cumberland Pipe Line 50
Galena Oil Corp
Humble 011 & RefInIng_ _25
Imperial 011 (Can) coup..'
Registered
•
Indiana Pipe Line
10
Jan
Apr
Mar
Feb
Mar
May
Apr
Mar
Mar
Mar
Mar
Mar
Mar
152% Mar
101
Mar
50 8835
91
91
700 97
101 102%
600 1234
16% 17%
430 79%
79% 8235
500 13035
130% 132%
20 95
9534
95
50 10934
113% 11331
200 46%
61
(31
75 113%
11534 116
931
9% 10% 44,500
135
1% 234 16,500
4%
3,100
435 5
235
200
234 2%
2.000 114
114 126
210 963(
97
98%
107% 108%
Ohio Power 6% pref _100
106 106
Ohio Pub Serv 7% pf A 100
Pacific G & E 8% let prat 26 2854 25% 28%
12341 1235
Pa Gay & Elea class A_ •
Pa Pow & Lt 86 pref____* 10631 105% 106%
111 111
* 111
1111$7 preferred
5534 57%
Pa Water & Power
•
Peoples Lt & Pow class A_• 15
15
17%
Phuia Traction Co
50
37% 37%
4434
Power Corp of Can corn •
43
Pub Sery El & Gas 85 pt. 5
104 10431
.
99
Puget Bound P&L $8 pref' 99
99
$65 preferred
•
8535 85%
36
Ry & Light Secur corn_ • 35
35
Rochester0& E pref D.100 98% 9234 98%
14
15%
/19031and Light & Pow--10 15
Shawinigan Wat Jr Pow_ •
So Cal Edison 6% pf B 25
tiff % Prof class 0__26
7% prat A
25
Sou Colo Power class A.-25
7% preferred
100
Southern Nat Gas cora_ •
Sou New Eng Tel
100
Sou'west 0 & E 7% pf.100
So'weet Gas Utll cora- •
Stand Power Jr Light oom •
k Common class B
•
I* Preferred
•
Swiss Am Elec pref
[VOL. 132.
FINANCIAL CHRONICLE
4032
g
3%
3%
53.4
Jan
May
May
May
835
35
94
231
I
2
g
2%
1535
4135
May
Jan
May
May
Apr
May
May
May
May
May
10%
10
31
9%
34
34
335
3434
14
314
135
234
%
434
34
May
May
May
May
May
Apr
May
May
Jan
Jan
Jan
Jan
Apr
May
Jan
Sales
Friday
Last Week's Range far
Week.
of Prices.
Sale
Other 011 Stocks
(Concluded)
Par. Price. Low. High. Shares.
Mining Stocks
Bunker Hill & SullIvan-10
Bwana M'Kubwa Copper
American shares
Comstock Tun & Drain 10e
Coneol Copper Minee„-5
Copper Range Co
25
Crap:ion Cone M & M__1
Cuid Mexicana Mining_
Eagle Plcher Lead Co_ _20
Engineeru Gold Ltd_ __AS
Evans Wallower Lead oom•
Golden Center Mines- _5
Heals Mining Co
250
Hollinger Cons Gold
5
Bud Bay Mln & Smelt...*
Lake Shore Mines Ltd_
Mining Corp of Can
5
Moss Gold Minas Ltd_ --1
Newmont Mining Corp-10
New Jersey Zino
25
N Y & Hond Rosario_ _10
Nipissing Mines
5
Ohio Copper
1
Pacific Tin spec stock_ •
Pond Creek Pocahontas •
Premier Gold Mining _ _I
St Anthony Gold Mines...1
Shattuck Dann
South Amer Gold & Plat_l
Tack Hughes Gold Min. l
United Verde Extena'n_50o
Utah Apex Mining Co- -5
Wenden Copper
1
Wright Hargreaves Ltd_ •
Bonds
Alabama Power 4340_1967
lat ref 5e
1958
1s1 * ref Se
1968
11 37 j
' Jan Aluminum Coil deb 5.'52
an
Mar Aluminium Ltd fia---1948
64
Am Aggregates Corp 13s '43
With warrants
841 Feb
4
an
8934 Jan Amer Com'ith Pr 8/1_1940
u
.
1041( M m Am El Pow Corp deb Os'57
7
Amer G & El deb 6a_2028
8% Feb Amer Gas & Power 58-1953
Deb 6s
1939
215 Mar
Mar Amer Pow & Lt 6s----2018
108
1434 Feb Amer Radiator deb 430'47
81% Mar Amer Roll Mill deb 58_1948
414% notee___Nov 1933
92% May
1936
Mar Amer Seating Bei
104
Appalachian El Pr 53_1956
Appalachian Gas 6s-1945
Cony deb 6. see B__1946
51 [Mar Appalachian Pow 68_2024
12935 Apr Arkansas Pr & Lt 51-1956
Mar Assoc Dye & Print 63
27
With warrants
1938
Feb
Feb Associated Elea 4gs...1953
72
13% Jan Associated Gas & Eleetrio
430 eerie@ C
1949
Jan
18
ise
1950
21% Feb
1968
58
Registered
1734 Mar
1938
534s
1434 Jan
1977
530
Feb
30
Deb 4146 with warr_1948
1535 Jan
Without warrants_ --Apr
17
Assoc Rayon deb 56_195
2334 Jan
Assoc T & T deb 530 A '55
88% Jan
23% Feb Assoo Telep Utli 5%8_1944
36% Jan Atlas Plywood deb 5345 *43
8234 Jan
Apr Baldwin Loco Wks 535 '33
108
_1938
6934 Feb Beacon Oil deb
With warrants
Bell Tel of Canada 58_1957
let M &leaflet' A___1955
13( Mal
lit M 56 ser C
1980
814 Feb
634 Feb Beneficial Ind Loan Os 1966
Jan Birmingham Elec 4451 1968
7
Birmingham Gas let ISs '59
18% Jan Beaton & Maine RR 68'33
43(e
1961
2% Feb
934 Mit Buffalo Gen Elea 5s-- _1956
734 Feb
83.4 Jan Canada Nat Ry 7s._ _ _1935
25-yr guar 434s___1956
334 Jan
54 Feb Canada Nat SS 5s____1955
Feb Capital Admin deb 53 A '53
With warrants
Feb
30
Jan Carolina Pr & Lt 6.___1956
78
OaterpillarTractor 58_1935
16% Feb Cent Ariz Lt & Pr 5s_ _1960
18% Feb Central German Pow 6s'34
35 Jan Cent Ill El & Gas 54_1951
1535 Jan Cent Ill Pub Sir 51 0_1968
lit & ref 414. ear 1_1967
Feb
. 134 Mar Cent Maine Pow 430E '57
8% Feb Central Power Co 56-1957
Jan Cent Pow & L 1st 6s_1966
29
34 Apr Cent Pub Barr 5344 1949
With warrants
Jan
5
4% May Oait State Else rie_ _1943
Deb 514s_Sept 16 1954
Jan
134 Jan Cent. State/ P & L 534.'63
Jan Chia Dist Eleo Gen 434.10
11
Deb 5348____Oet 1 1935
Jan
111% Mar
17% Jan
15% Mar
34
5%
2634
134
2%
314
234
Jan
Jan
Feb
Jan
Apr
Feb
Mar
1335 1,300
g
H 11,300
35 534
35
44
300
645 734 1,900
131 154 1,400
60
6334 84
95
35 2,900
134 131
300
100
135 1%
134 131
100
531
34
35
%
6%
134
6234
35
1%
1%
131
May
Jan
may
Feb
May
May
May
May
May
May
May
11
34
2
135
19
4%
8334
1%
11
3%
2%
Feb
APO
Feb
Jan
Feb
Jan
Jan
Apt
Jan
Jan
Feb
435 5
2
2
3% 4
151 2
734 8
15
1535
35
34
35 134
434
2
334
135
735
1335
35
31
May
May
May
May
May
May
may
May
734
314
734
61(
12%
24%
1%
134
Jan
Feb
Jan
Feb
Feb
Jan
Jan
May
30
May
53
34'
7-16
2
5
5-16
45
435
g
45
May
Feb
May
May
Jan
Jan
Apr
Mar
May
131
34
3%
7%
34
134
7%
1%
331
34 Jan
.435 May
835 Jan
334 May
25
Jan
141 Jan
% May
2534 May
Apr
35
1034 Feb
-Ill May
2
11
8%
8%
28%
234
Salt Creek Producers_ _10
Shreveport El Dorado
Southland Royalty Co....'
Sunray 011
Taxon 011 & Land Co....'
Union 011 Associates----25
Venesuela Petroleum..._5
"Y" Oil& Gas Co
•
4%
351
8
15
31
1
30
35
235
51
334
25%
3534
High.
335
1731
1
2
135
45
Pacific) Western 011
•
•
Pandem Oil Corti
34
Pantepeo Oil of Venesuela•
Petrol Corp of Am ware...
Plymouth Oil Co
6 ---63-4
134
Producers Royalty Corp.'
Pure 011 Co 0% pref-_100 63%
Relter-Fotster 011 Corp...'
45
Richfield 011 pref
25
Root Refining, pref
134
•
Ryan Consol Petroleum- •
335
17%
Low.
Feb
May
May
Apr
Apr
May
Jan
44
34
354 334
1734 1931
I
1
2
2
135 131
34 1
100
2,800
2,300
700
300
100
5,900
Mountain & Gulf Oil Co_ _1
Mountain Prod Corp......10
National Fuel Gas
•
New Bradford Oil Co- -5
New England Fuel 011_ *
North Cent Texas 011 Co.'
North European 011 Corp•
Range Since Jan. 1.
30
3,300
100
2,500
2,300
400
600
1,100
2,100
25
g
%
44
44
2
2%
5
5
34 7-16
7-18
34
435 435
54
A
g 15-16
300
2,400
2,300
200
3,300
2,000
400
400
2,200
1
4%
634
335
27
2
31
25%
35
10%
15-16
800
200
1,700
2,900
100
100
800
5,600
1,500
200
2,600
1%
4%
7
4
27
2
34
29
36%
11
1
Yy
31 Jan
34
A 24,000
435 May
700
434 434
May
11
11
100 11
11-16 13-16
700
54 Jan
1-18
34 3,600 1-16 Jan
3
Jan
3%
331 334 1,300
195 23-4 4,200 15-16 Jan
154
8% Jan
7%
6% 735 7,000
5% May
5% 7% 3.400
535
31 May
100
51
41
34 Feb
34 1,100
1% Jan
295 2%
100
34
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Apr
Mar
Apr
Mar
Ape
58% Feb
Jan
51
Mar
12
1% May
34
4%
1414
134
$-16
6
231
9
NM
135
35
3
Feb
Apr
Mar
Apr
Jan
Mar
May
API'
MU
Jan
Feb
May
98% 9834 9934 291,000 98% Feb 9934 Jan
10431 10331 10451 7,000 101% Jan 104% may
104 10434 6,000 101g Jan 10411 May
10535 10534 25.000 10335 Jan 105% Apr
Ayr
95
9935 45,000 95 May 101
95
6531
98%
64%
104
9935
78
10335
5635
47
106
10135
90%
1,000
41.000
26,000
174.000
18,000
7,000
64.000
37,000
26,000
14,000
11,000
48,000
99,000
101,000
6,000
58,000
8935 May
6534 May
May
z66
97
Jan
6435 May
71
Jan
10134 Jan
98 May
75 4,May
89%Nay
55
Jan
99% Jan
z513 May
44 May
101
Feb
9535 Feb
77
83
703.1
100%
70
70
108
102%
97%
93h
70
10434
89
75
1063.1
102%
Jan
Jan
Apr
Mar
May
Jan
Apr
Apr
Feb
Apr
Feb
May
Feb
Feb
May
May
22
22
1,000
90% 90% 109,000
1735 Apr
8445 Jan
22
94
May
Mal
74
74
6534 7134
67
68
97% 100%
6435 70
84% 85%
103 106
9934 101
78
75
9034 92
63% 6331
103 10334
61
z56
44
50%
106 10634
10135 10235
70% :13935 72 358,000 z6331 Jan 73
7431 873% 75% 370.000 6835 Jan 8034
7435 87331 74% 388,000 884( Apr 8034
73
73
4.000 73 May 77
Apr 76%
7131 7031 73 123,000 64
83
Apr 9635
8334 8,000 80
Jan 82
78% 19,000 z72
77
Apr 80
77% 77% 7741 1,000 65
66
37,000 53
Feb 60%
53
53
Jan 90
8934 148,000 84
8711 86
85
71,000 z80% Jan 9234
83
83
2,000 50 May :430%
50
55
10135 10195
98
90
99
106% 106% 107
10651 107
107
:10631 10735
9834 9835
9631 9634
9935 9931 100
102% 10234
93% 93% 97
10535 10534
1,000 10134 Feb 102
15,000
18,000
7,000
12,000
13,000
36,000
11,000
3,000
97,000
1,000
98%
10214
103%
10331
9334
94
95%
100%
93%
103
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
May
Feb
99%
107
107
107%
e99
9734
10034
103
99%
10535
Mar
Feb
Feb
Feb
Jan
Jan
Mar
May
Apr
Jan
Map
Mai
Mar
Mar
May
Mar
May
May
May
Mar
Jan
Mar
Apr
1103.4 811054 11031 14,000 10634 Jan 111% May
101% 101% 102% 78,000 0834 Jan 10254 MAY
Jan 10645 May
108% 10634 2,000 103
Apr
Jan 88
86
87% 13,000 82
31,000 101% Jan 105 May
104% 10431 105
9935 89834 99% 57,000 953.4 Feb 10135 Feb
10135 10135 10135 8,000 9944 Apr 10135 May
May 98
Mar
4,000 89
89
89
96
95% 9835 75,000 941( Mar 9634 May
9914 Apr 10234 May
16,000
10135 10134 102
9331 9334 94% 45.000 91% Apr 94% May
May
Apr 101
100% 10034 10.000 99
Mar 94 May
2.000 88
92
92
9235 9235 9434 94,000 9254 May 9634 Mar
87335 n75 161,000
74
80% 87.000
5835 58
92.000
63
62
61
33.000
71
67
67
9235 92% 9434 115.000
10234 10234 102% 54.000
703(
58
80%
67
90
99
Mar 81
Jan 7134
Jail Ti
May 871(
Feb 94%
Jane 10244
Map
Mar
Mar
Mar
Mai
Ape
MAY 30 1931.]
Bonds (Continued)
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. Iligh.
Chic Pncum Tool 5350.1942
Chic Rye Os ate dep_ _1927
Cigar Stores Realty Hold
Deb 5%0 series A_ _1949
Cincinnati St fly 5358 A '52
lot 6s scrim 13
1955
Cities Sorvice 58
1965
Cony deb 50
1950
Cities Serv Gas 5350
-1942
Cities Sera Gas Pipe L 63'43
Cities Serv P & L 5350 1952
Cleve El Ill Os series 13_1961
General as series A 1954
lot 5s
1939
Cleve Term Bldg 63
1941
Commander-Larabee Os '41
Commera und Privat
Bank 5345
1937
Cors'wealth-Edisonlizt 54
June 1 1943
lot rutge 6s_ _June 1 1943
let mtge 4.355 ser C_1956
let m 4.3580er D____1957
let Sc 4348 ser la__ A0110
Consol Gas El Lt & P(Balt)
Sat & ref 5350 eer E_1952
let & ref 58 ser F__ _1965
1st & ref 434s ser G_1969
1st & ref 434s ser II 1970
lot ref a f 4s
1981
Cons Gas NY deb 4358 '51
Consol Gas UtIl Co
Deb 635s with warr_1943
Oat & coil as ser A 1943
Consol Publishers 8318 1936
Cons Textile 135
1941
Consumers Power 435e '58
Cont'l 0 & El 55
1958
Continental Oil 516(0_ _1937
Continental Securities 5s
With warrants
1942
Crane Co 10-yr f 58_1940
Crueible Steel deb 5s_ _1940
Cuban Telep 734e__..1941
Outlawed Col & L 4358'56
,
Cudahy Pack deb 53481937
Del Elec Pow deb 53501959
Deny & Salt Lake Sly 65'60
1st Ni 6s ser A
1950
Del City Gas(30 ser A_1947
let 6e series B
1950
Detroit Int Bdge 645.1952
25
-year deb 70 .1952
Dixie Gulf Gas 6333
With warrants
1037
Duke Power 4%0
1967
Duquesne Gal let 6s-1945
Cony 634% notes_1935
East Utilities Investing
Os with warr
1954
Edison El(Boston)58_1933
Elea Power & Lt 55..2030
Elea Pub Service 5s C_1942
El Paso Nat Gas 6350.1943
Deb 635s
1938
Empire Dist Eleo 50_1952
Empire 011 & Rent 535 '42
Ercole Marelli El Mfg
With warrants 6348_1953
European Eleo 640
-19
65
Without warrants
Ear Mtge dc Inv 78 0_1967
Fairbanks Morse Co 501942
Farmers Nat Mtge Ins 78'63
Federal Water Seri,555s'54
Finland Residential Mtge
Bank 60
1961
Firestone Cot Mills 58_1948
Firestone T & It Le__ _1942
Fisk Rubber 535s_ _ _ _1931
Florida Power & Lt 58..1954
Gatineau Power let 50 1956
Deb gold (is June 15 1941
Deb (ts ser 11_ _A&O 1941
Gen Bronze Corp conv(38'40
General Cigar serial Os 1932
Serial 6s
1933
Serial Os
1934
Serial 6s
1935
Gen Motors Accept Corp
5% serial notes
1932
5% serial notes
1934
5% serial notes
1935
5% serial notes
1936
Gen Rayon 65
1948
General Refract 5s_ A933
Gen Wilt Wks 0 & E
Cony deb 6s ser B_ _1944
Georgia Power ref 56..1987
Gesfuel deb Se
195?
With warrants
Gillette Safety Razor 5s'40
Glidden Co 5355
1935
Grand (F & NV) Properties
Cony deb (is Dee 15 1948
Grand Trunk fly 6350_1936
Green Sit Pow 1st 5s...1948
Guardian Invest Corp 58'48
With warrants
Guantanamo Wait 80_1958
Gulf 011 of Pa 59
1937
Sinking fund deb 50_1947
Gulf States Mil 58....1956
435a series 13
1061
85
85
85
6334 64
72%
8534
87
6331 62%
64
(1031
66% 6435
7935
7931
7235
73
108
108
1054
10435
74
33
33
80%
40,000
3,000
7431 17.000
86
3,000
8734 4,000
6635 168,000
64% 2529000
6734 99,000
8034 33,000
76 194,000
10834 2,000
105% 13.000
105
4,000
74
3,000
3431 18,000
8035 83
91,000
Range Since Jan. 1.
Low.
85
60
May
Apr
High.
9535 Jan
Mar
73
68% Feb 774 Apr
85
Feb 00% Jan
May 9634 Feb
87
z5935 May
76
Jan
574 May 8231 Mar
(33% May 83
Jan
79% May 89
Jan
7255 Slay 84
Jan
106% Feb 10835 May
104% Mar 107
Apr
10335 May 10531 May
74 Stay
8534 Jan
31% Apr 43
Jan
794
Jan
8734 Mar
10835 10835 10835 12,000
1154 1154 11531
1,000
10435 10434 105
14,000
103% 10535 11,000
10231 1024 10335 34,000
107
Apr 109
11434 Apr 116
101
Feb 105
10034 Jan 10515
9931 Jan 10334
10731 107% 1084
10531 1054 105%
105 105
104% 104%
98%
98
OS
101% 101%
10731 Jan 108% May
10334 May 106
Feb
104
Jan 10535 Apr
102
Jan 10434 May
97% May 9835 May
10134 May 101% Slay
65
12.000
15,000
3,000
1.000
50,000
14,000
May
Apr
May
May
May
60
65
97
97
20
20
104% 104%
8235 8235
8235
83
65
70
9735
20
105%
85
85
68
10235 10236
92
10135
9834
95% 95
1,000 65
68
10235 15,000 10034
93% 10.000 92
101%
5.000 100
2.000 97
19834
9835 80,000 9431
Jan
Jan
May
Jan
Apr
Jan
734
103
101%
107
e9834
100
Apr
Apr
Mar
Mar
May
Feb
94
52
100
10635 10635
10135 10435
16
16
3
3
94
3,000 88
52
1,000 51%
100
5.000 99
10734 18,000 10534
10435 10,000 100
174 19,000 15%
3
3,000
2
Feb 95
May 73
May 102
Jan 10731
Jan 11)431
Feb
3(1
Jan
5
May
Jan
Mar
May
Apr
Jan
Nfar
4,000 60 May 85
Mar
26,000 65 May )88
Mar
8,000 z95% Apr 100
Jan
3,000 17
Feb 35
.Mar
28,000 9935 Jan 10535 May
158,000 804 Jan 884 Mar
55,000 z8235 May 95
Jan
86
90
89,000 83
Jan 95
afar
1044 1044 104% 11,000 10235 Ma 105
Slay
25
25
30
19,000 25
May 7034 Jan
22
22
22
1,000 22
May
6335 Feb
56% 5631 59%
103% 103% 104
81% 81% 84%
sal
sal
8100 8100
99
99
943.1 94%
563,6 514 57%
73
7331
155,000 53
May 71
44,000 10131 Jan 104%
102.000 814 Slay so
1.000 58
Jai
61
2,000 98
Jan 108
Ma
1,000 98
107
6,000 9334 Apr 11734
100,000 49% May 8031
9,000 /63% Jan
Jan
May
Mar
May
Jan
Feb
blar
Jan
83
Mar
72%
70% 7235 114,000
81
81
4,000
6534 Jan
81 May
84
90
Mar
Apr
97
96
07
27,000
7435 75
2,000
71
7535 37,000
95
73
138
Jan
Feb
Apr
93
81
90
Jan
Mar
Feb
71
82
82%
8734
13
8835
17.000
10,000
20,000
9,00
94,00
75
79
83
12
83
Jan
Apr
May
May
Jan
8234
86
8834
27%
9114
May
Jan
Slay
Feb
Apr
85% 874
734 75
744 76
59% 59% 6031
102 102
102 102
102 102
102 102
74,000
46,00
14,00
13,00
1,00
1,00
1,00
1,00
84% May
Jan
Mar
Jan
Apr
May
May
May
May
May
May
May
May
Jan
Mar
82
8231
874
82
8231
874
1235
8734
86%
74
10135
10251 10235
101%
101%
s45
46
99
101% 18,00
102% 8,00
1024 3.00
102
2,00
4834 38,00
9931 14,00
14,000
40
37% 36
10231 10235 10231 77,000
94%
83
81% 81% 1,000
95 671,000
s94
84
3,000
83
74
58
102
102
102
102
May
Jan
May
May
May
May
9434
95
92%
65
102
102
102
102
10135
10151
10131
101%
4434
09
Slay
May
May
May
May
Stay
101%
10234
102%
102%
e53
100%
36
May 69
Jan
9831 ' Jan 102% May
70% Jan
34
Jan
83
May
88
Mai
9531 May
93
Jan
70
1,000 68
70
Jan 74
Jan
1094 1094 109% 52,000 1053-4 Jan 1094 May
10134 1014 5,000 'J9
Feb 10134 May
49% 494 5,000 145
2435 26% 47,000 20
26
174,000 10()
100% 100 101
10035 100 100% 320,000 100
100 101% 109,000 96
100
94
94
34,1)00 94
Jan 59
Mar 35
May 103
May 104
Feb 102%
May 9435
Mar
Jan
Feb
Feb
Mar
May
Hamburg Elec deb 75.1935
99
5,000 98
09
Jan 10034
Hamburg Elk Und 5350'38 79
79
9,000 77
79
Jan 86
Hanna(MA)deb 8s.1934 10031 1004 100% 6,000 98
Feb 1014
flood Rubber 7s
1936
57
54
7.000 54
May 80%
10-yr 5341__Oct 15 1936
48
45
13,000 45
May 6935
Houston Gulf Gas 8E1943
78
75
18,000 75
May a91
Deb gold 6558 Apr 1 1943
79
79
5,000 79
May 92
Houston Lt & Pr 4348 1978 9834 9833 9831 24,000 95
Mar 99%
10333 104
1953 104
lot 55 Ser A
11,000 102% May z104
10435 10435
ltit lien & ref 5358 01954
1,000 104% May 101%
75
Hud Bay Mm & ban Os 1935
75
5,000 75
May 87%
85
84
Hung Rai 13k 7340_ _1943
23,000 77
Jan 90
Hyena% Food Os ser 111949
52
52
1,000 4835 Apr 54
Mar
Mar
May
Jan
Mar
Jan
Feb
May
May
May
Jan
Apr
Apr
Idaho Power lot Es__ -1947
III Nor Util lot & ref 58 '57
III Pow dz L let 68 fiei A '63
let & ref 5348 sex 13_1954
lii & ref 58 Der C......19513
8 f deb 5348--MaY 1007
laden 011 & Gas 68_1939
Ind & Mich Elea 55. _1957
1955
lot & ref Os
Indiana Service 5s.
1950
May
Apr
Apr
Apr
May
Feb
Jan
May
May
Mar
104% 105
102% 103
10434 104%
103 10331
974 9931
0235 94
74
74%
74
_ • - 10634 10635
10435 10534
8255 8235
104%
102%
1044
10335
9831
48,000
6,000
27,000
22,000
136,000
22,000
13,000
2,000
2,000
5,000
1033.4
100%
104
9835
96%
8631
7231
10655
104%
81
Mar
Jan
Apr
Jan
May
Jan
May
May
May
May
105
102%
105
105
994
94%
100
106%
105%
8834
Bonds (Continued)
4033
Friday
Sales
Last Week's Range for
of Prices.
Week,
Sale
Price, Low. High.
Range Since Jan. 1.
Lew,
Ind'polis P & L 50 ser A'S? 103% 1034 10434 119,000 z9954 Feb
Instill UM Invest 60-1940
With warrants
79% 7834 82 106,000 7834 May
Intereontinents Pow 13s'48
28
10.000 28
35
May
With warrants
Mar
Internal Hydro-El 50_1958 9335 9235 9335 4.000 90
97
9831 21.000 8934 Jab
Internat'l Pow flee 78 E '57 97
1024 10334 11.000 102% May
Coll trust 6355 B___195 t
1955 9134 904 924 24,000 9034 May
6350 series C
Feb
International Salt 5s 1951 8334 8335 8334 2.000 80
76,000 6834 Jan
Internat Securitiee 50_1947 75% 7531 76
10234 10234 4.000 10235 Jan
Interstate Nat Gas 6s_1936
99,000 279
88
Apr
Interstate Power 50_ _1957 8734 86
7234 15.000 72
72
May
1952 72
Debenture 68
Flia
Interstate P 8 440 F_1958 91% 9131 92% 14,000 88
Invest Co of Amer 50_1947
7931 31,000 76
77
Slay
With warrants
7534 7531 7935 16,000 7435 Mar
Without warrants
96% 26,000 9134 Jan
lowa-Neb L & P 50_1957 9531 $95
9631 69.000 9331 May
re series B
1981 9535 95
9634 51,000 90
96
Jan
Iowa Pow & Lt 434s A 1950 90
1014 10131 2,000 mg may
Iowa Pub Service 53c:s 1959
9735 9834 32.000 9334 Mar
1st NI 58
1957 98
8531 10,000 84
84
Jan
Iearco Hydro-Elec 78_1952
Isotta Fraschini 78 1942
70
70
3.000 58
Jan
With warrants
6831 72
4,000 5934 Jan
685%
Without warrants
Italian Superpower of DelDebs 68 without warr '83 884 6831 7035 107,000 5534 Jan
Jersey C P & L 5350 A 1945
lot & ref 50 ser B1947
Kansas City Gas 6s__1942
Kan Gas & El deb 6.4_2022
Kansas Power 60 A..A947
Kaufmann Dep Sts 51111'
30
Kelvinator Corp 65_ _1936
Kentucky Util 1st 58-1961
151 55 series I
1969
Keystone Telep 151 534s'55
Kimberly Clark 58_1940
Koppers0 az C deb 541947
Sink fund deb 5343_1950
Kresge (S S) Co let 58 1945
Certificates of deposit__
102
10835
9935
93
101
10034
10335
104 1044
102 1034
105 105
10834 10831
99 100
954 9531
92
93
100% 10135
100% 10034
60
67
93
9834
10034 101 34
10335 10335
10034 102
99% 10135
Laclede Gas 514a
1935 10031 100 100%
Lehigh Pow Secur 60_2026 10335 10334 10435
1 5
91
01
I eonard Tlets 734e._1940 91
93
9331
Libby McN & Libby 5s'42 93
97%
Lone Star Gas 5s_ _ _1942 9735 07
1064 10635
Long island Ltg as _ _1945
Louisiana Pow & Lt 551057 10236 102 1029.4
9031 904
Lukens Steel Ss
Manitoba Power 5358 A '40
1951
Mass Gas Cos 540
1940
Sink fund deb Is. _1955
McCord Rod & Mfg 68
With warrants
Memphis Pow Az Lt Is A '48
Nletrop Edison 1st 4s E '71
Mich Assoc Telep 5s 1943
6
19 1
Mid States Petrol 11350 1945
Middle West Util 50_1932
Cony 5% notea____1933
Cony 5% notea.___1934
Cony 5% notes____1935
17.000
28,000
3,000
24,000
35,000
7.000
50.000
16.000
11,000
5.000
9,000
82.000
31,000
30.000
17,000
101
9834
105
104
94
954
904
98
93
60
98
99
10134
0834
0934
High.
10431 May
95
Feb
60
9534
10014
10334
9234
85
7854
10334
80
84%
9334
Mao
May
Mar
May
May
Mar
Feb
Apr
Mai
Mar
Mar
Mar
Apr
Apr
Stay
May
10134 May
0S34 Apr
Mar
95
83
79
9734
08%
9034
7934 Apr
7835 Apr
7734 Mar
Jai 1044
Jai 10335
May 100
Jan 10831
Feb 10134
May 9535
Jan 93
Jan 10135
Jan 10011
May
67
May 100
Feb 102%
Feb1039.4
Jar, 10334
May 10134
May
May
May
May
May
May
Mar
May
May
May
Mar
Mar
Mar
Feb
May
41,000 99
Jan 10135 Jan
52,000 1003.4 Jan 10634 Apr
11,000 84
Jan 96
Apr
44.000 904 JILT
9634 Apr
25.000 9631 Feb 10035 Mar
13,000 1024 Jan 10635 May
72,000 9634 Jai, 103
May
1,000 90
Apr 93
Feb
8935 8934 9034 16,000 8035 Stay 954 Jan
Jaz 106
May
10533 10431 1054 9,000 102
10131 101 10235 98,000 9734 Feb 10231 May
50
10354
95
94
4934
10031 1004
975%
98
95
95
953.4
90
104
95
50
Milw Gas Light 4350_1967 105
innean Gan Lt 4348_1950 9435
Minn Pow & Lt 4340_1978 96%
Miss Power az Light 58 1957 95%
MISSItiver Fuel(is Aug15'44
With warrants
Without warrants
91
Mies BIT Power let as 1051
Monon W P 535s B___1953 100
Montreal I. li&P Conlst & ref 5s ser A___1951 10531
1st 58 series 13
1970
Morris Plan Gs series A1947
51
10434
9535
94
5035
1004
99
97
96
4,000 50
Jan z57
Feb
7.000 10135 Jan 10436 May
3119,000 95
May 9531 May
Mar 94
10.000 91
Mar
Jan 64
6,000 44
Slay
9835 Jar. 10054 mar
17,00
27.000 03
9935 Apr
Jan
36.000 9231 Jan 973.4 Mal
20,000 a9231 Jan 97
Jan
104%
9435
9634
9531
105% 15,000 101% Jan 105% Slay
94% 7.000 8934 Feb 05
May
97% 27.000 9134 Jan 98
May
9735 99,000 9334 Jan 9834 Mar
06
91
10431
99
97
91
10531
10034
105
105
71
10535 22.000 102
Jan 10535 May
may
7.000 10231 Jan 106
100
May 77
2,000 71
71
Feb
34,000 96
Jan 106% Feb
10,000 0035 Jan 9835 Mar
12,000 1024 Jan 10531 May
May 101
19,000 99
May
Narragansett Else 58 A '57
Nat'l Lilac Power 55_ __197S 71
Nat Food Prod 63_1944
Nat Pow & Lt de A__ 2026 104
Os brine B
2030 8634
Nat Public Service 55.2978 6954
1 9
Nat Steel Corp lit 68_1956 99
Nat Tea Co 5s May 1 1935 9034
Nelsner Realty 6s
1948 64
Nevada-Calif Elea 53_1956 88%
Nebraska Power deb Os '22 11055
10235
NE Oaie I El Assn 56_1947 9334
4''' sv&
3s
1 81
Cony deb 5n
9331
Cony deb 50
9331
New Eng Power 530_19958 8835
195944
be
78
N Orleans Pub Sera 43a '
, 1
4385 94
New York & Foreign Inv
5358 with warrante_1948
NY P &L Carp let 4358 67 9931
'
Niagara Fails Pow 68_1950 10631
Nippon Elec Pow 635e 1953 914
Nor Cont Util 5350 ear A'48 614
North Texas UM 78..1935 9914
North Ind Pub Sera 581956 104
Let & ref& ser D.
69 104%
lIt & ref 4%8 ser 101970 98
Nor Ohio Pr & Lt 6411951 104%
Nor Ohio Tr & Lt 58_ _1956 10131
No Sts Pow 634% notes'33
54% notes
1940 10234
Ref 4;4s
1961 9836
10231 10331 25.000
25.000
7051 72
1,000
6011 6034
34,000
101 105
8894 80,000
85
69
7034 79,000
9835 99 110.000
9935 44,000
99
64
1.000
64
8835 9134 59,000
11034 11131 12,00
10234 10254 15,00
9331 94 189.000
9335 94
39.000
s9235 94 473.00
36,00
90
87
8435 25,00
78
94
9434 30,000
7835
9934
10631
9135
6134
97%
104
10435
98
104%
101%
10311
102%
9835
80
10031
10731
923,4
62
9935
10431
10431
99
104%
102
103%
102%
99%
Ohio Edison let 55_1960
Ohio Power Os B
1952
434s series Et
Ohio Pub Sera Esser D1951'
1954
Okla Oas & Elec 58_1960
Osgood Corda b68
h wa r enus
1938
10334
104
100
10335
1034
10434
10434
10194
10335
103%
57
101
59
101
101%
11331
106
10135
67
99%
99
10231
11335
10635
102
704
100
99
10335
101
100
10334
10335
()Owego Rh Power 68.1931 101
,
Pao Gas & El lit 4348_1967 102
1st as series 13
11335
let & ref 535e C
51
'
1942 10631
let & ref 434e
101%
Pac Invest deb Os A_1948 67
Pete Pow & Light 58_1955 99%
Pac Public Serv 5s_
1936 99
Pacific Western Oil 6.358 '53
With warrants
60
Penn Cent L & P 4%e_1977 9735
Penn-Ohio Edison 613__1950
Without warrants
10335
Deb 5358 set B _ _ _1959 10335
Peon-Ohio P & L 5355 A'54
Pa Elec lot & ref Is._.1971 95
Pa Glass Sand 6s
1952
10134
70
48
10034
85
z6634
97%
9034
60
3.834
108
10234
8534
8834
83
87
73
9135
104
77
70
10734
93
78
09931
9934
80
9334
11135
10235
94
95
94
9431
8811
9531
May
Star
Apr
Apr
Mar
Mar
May
Slay
Jan
Ian
May
May
Slay
Mar
May
Apr
May
Mar
21.000 76
Jan 82
220,000 9334 Feb 1003.4
11,000 10534 Jan 16835
29,000 84
Jan 9431
24,000 61
May 75
7,000 95
Jan z100
5,000 9931 Jan 105
29,000 99
Jan 104%
69,000 9034 Jan 99
12.000 9834 Jan 10.5
7,000 93
Jan 102
9,000 10194 Jan 104
3,000 99
Jan 10334
191,000 9731 Apr 9934
Mar
May
Slay
May
Jan
Mar
May
Apr
Slay
Mar
May
mnr
May
May
Jan
Apr
Jan
Jan
May
Jan
Apr
Jan
Apr
May
Jan
May
Jan
Jan
Jan
Slay
May
Mai
40,000 00
Jan 10435 May
Feb 10435 Slay
9,000 101
Jan 10134 May
37,000 96
10,00011033.4 Mar 10354 May
Jan 1044 May
87,000 100
2,000 57
7,000 100
Feb
Apr 67
Jar' 10135 Feb
82,000 9531 Feb 102%
15.000 10931 Jan 11334
33.000 10435 Jan 10634
Feb 102
93.000 97
14,000 67 Slay 7534
176,000 a9534 Jan 100
Apr 09
18,000 99
62
48,000 z69
May
s60
9635 9734 203,000 9235 Jan
10331
10231
10431
95
loosi
10434 26,000 10031 Jan
10335 30,000 9734 Jan
10434 2,000 10234 Jan
9555 272,000 95
May
100% 1,000 wog Jan
May
Slay
May
May
Jan
Mar
Apr
8434 Jan
9734 Slay
10434 Apr
104
Slay
105
Apr
9534 May
10034 May
Bonds (Continued)
Sales
Friday
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
Pennsylvania Power & Lt
lot & ref Is ser 11___1952
Apr 1 1981
lst 434s
1st & ref 5s ser D___1953
Penn Telep 5s aer C__ _1960
Penn Wat & Pr 434s B 1968
Peoples Lt & Pow 58._1979
Pulls Elec Pow 514s...1972
Phila Rap Transit 66..1962
Phila & Suburban Counties
G & E lot & ref 434)31957
Piedmont Hydro-El Co
1st & ref 0348 el A__1960
Piedmont & Nor Ry 5s1954
Pittsburgh Coal deb 65 '40
Pittsburgh Steel 68___1948
Pond Creek Poca 78..1933
1939
Poor & Co 6s
Potomac Edison 513_1956
1961
1st 434s ser F
Power Corp (Can) 5s._1957
1959
434s series 11
Power Corp of NY 534a '47
Procter & Gamble 43401947
1954
Prussian El Os
Pub Bar of N Ill 4348_1980
1966
1st & ref SoC
1st & ref 4345 tier D.1978
let & ref 4348 ser F_1981
Pub Se?, Nil 414e B.1957
Pub Sera of Okla 58..1957
Puget Sound P & L 5%a 49
let & ref 55 aer C___1950
lot & ref 434s ser D.1950
1968
Quebec Power 55
Queens Borough Gas & Ni
1952
548 series A
Reliance Managern't 58 '64
with warrants
Remington Arms 5348-1933
Rochester Cent Pow be '63
Ruhr Gas 648
1953
Ruhr Chemical 6s_ __ _1948
Ruhr Hous'ng Corp 6 48'58
Ryerson (Jos T) & Sons
1943
-year deb 5s
15
St L Gas dr Coke 66_1947
San Antonio Pub Serv 58'58
San Joaquin I. & P Cs B '52
Sauda Falls 1st 5s____1955
Sala Co lot cony 65 A '45
Saxon Pub Wks 5a___1932
Scripps(E W)534s___1943
1948
Serval Inc 5.9
Shawinigan W & P 430'67
lot & 0011434e tier 11_1968
1970
let 5s ser C
1970
1s1 4%seerD
Shawsheen Mills 714_1931
Sheffield Steel 5%5_1948
Bolder Packing 68____1932
Southeast P & L ths___2025
Without warrants
South Carolina Pr 55_1057
Ekm Calif Edison 5s___1951
1952
Refunding 58
Ref Mtge 58 June 1 1954
1944
Gen & ref 50
Sou Cal G88 Corp 55 ._1937
Sou Call( Gas Co 43-68A961
Southern Natural Gas 68'44
With privilege
Without privilege
S'western Assoc Tel 581961
So'west Dairy Prod 648'38
Southwest0& E 5s A_1957
Sweat Lt & Pow Is A 19.57
Range Since Jan. 1.
Low.
High.
Jan
104% 104% 104% 5,000 102
97% 9714 98% 538,000 964 Apr
Jan
104% 104% 104%
5,000 102
7,000 954 Jan
1034 10234 103%
25,000 97% afar
9934 100
4834 48% 55% 45,000 4834 May
106% 10534 107
16,000 1064 Feb
Apr
7434 5,000 60
72
72
10534 Apr
c9844 May
Mar
105
103% Mat
May
100
7444 Mar
1074 May
Jan
80
1044 104% 104% 11,000 1014 Feb 1044 May
84
9645
9734
10244
9734
97%
1014
103
9941
40,000
86
84
5,000
80% 82
9034 9035 3,000
9534 6,000
595
1,000
107 107
10,000
90
89
103 103% 20,000
9634 97% 87,000
1,000
90
90
2,000
83
83
8,000
93
93
104% 104% 6,000
1,000
72
72
97% 9844 45,000
10234 10234 5,000
9534 98% 118,000
97% 9834 241,000
1,000
102 102
101% 60,000
101
102 103% 57,000
9934 100% 41,000
9434 94% 15,000
102% 103
104
834
91
704
73
65
70%
83%
91
7034
69
65
69
10434
84
93
7134
75
65
70%
71
8041
90
95
107
864
99
96
90
83
90
100%
72
9444
102%
94%
97%
994
96
100
044
9444
Jan
May
Apr
88
93
9944
102
107
97
103%
97%
93
864
9731
10134
e7934
99
10334
99
9844
102
10141
1044
int
9434
Mar
Star
Jan
Jan
May
Jan
May
May
Jan
Apr
Apr
May
Apr
May
May
May
May
May
May
Apr
May
May
103
May
Jan 103
May
may
May
May
Jan
Apr
May
Feb
Jan
Jan
May
Feb
May
Feb
Apr
Mar
Feb
Feb
Jan
May
2,000 102% May
6,000
10,000
9,000
35,000
44,000
2,000
19,000
101g
Apr
75
Slay
91
an
tall
May
69
63% Jan
Jan
68
May
81
ISO
764
85%
83.4
8234
May
Fen
Slay
Mar
Star
Apr
9634 Mar
91
6,000
90
32
10034
11831
10434
8444
9494
88
754
974
9734
10431
9634
10131
90
3934
3934
10134
11834
10454
89
9634
8931
764
9731
9834
10494
9734
10134
93
3934
31,003
23,000
1,000
6,000
26,000
48,000
35,000
9,000
56,000
10,000
29,000
88,000
5,000
6,000
6,000
32
94
113
102
7934
Rti
63
92%
93
1004
9353
10034
90
3534
May 624 Jan
.155 10234 Mar
Feb 11844 May
Jan 10441 Mar
Jan ItMo
APT
Jan 8631 Apr
Jan 90
Mar
Jan 84
Apr
Jan e9844 Slay
Jan 9814 May
Jab 10534 Mar
Jan 97% May
Jan 101% Feb
May 10344 Mar
Jan 644 Mar
104% 10434
91
1054 10534
10534
105% 10534
104% 10431
9534 9434
96
96
10531
9444
106
106
106
10494
9531
9631
65,000
10,000
68,000
47,000
20,000
10,000
15,000
13,000
9931
90
103
103
10314
10234
110%
9444
Jan
Feb
Jan
Feb
Apr
Jan
Jan
Slay
55
57
9331
5934
96
95
n7534
60
943.4
6034
9634
9534
38,000 55
7,000 57
2,000 93
33,000 5.5
14,000 093
12,000 904
90
35
118%
86%
9534
89
75%
97%
9845
9634
3934
GO
60
96
90
1(16
95
106
103
106
105%
95%
9634
API
Mar
Apr
May
May
May
MAY
Slay
May 89
Mar
Ian 84% Apr
May 94% May
Jan 66
Jan
Jan z9714 Mar
Jan 9741 Mar
4244 4244 1,000 4234
10534 10534 10594 4,000 101
10134 10234 66,000 9831
10231
10134 10134 10234 65,000 10134
39,000 9634
9835 98 100
9931 31,000 96
98
1,000 7534
79
79
8,000 77
78
77
9734 65,000 94
94
8034 3,000 7331
80
Slay
Jan
Jan
Apr
Jan
Jae
Jan
Jan
May
Mar
7241
10734
102%
102%
101%
10134
8534
8634
100
8234
Feb
May
Mar
Mar
Mar
Mar
Mar
Apr
liar
May
8034
68
1014
9941
9231
93
104
10134
74,000 64
1,400 60
23,000 100
5,000 9841
39.000 894
17,000 90
8,000 10234
52,000 9934
Jan
Jan
May
Apr
Feb
Slay
Jan
Jai
8634
80
10244
100
93%
9334
104
10234
Apr
Mar
May
Jan
Mar
May
May
Mar
1956 104
Tenn Elec Pow 5s
Tenn Public Service 5s 1970 984
Tend Hydro-Elec 644s '63 79
Texas Cities Gas 58_ _1948
Texas Elea Service bs_1960 10034
Texas Gas UM Os_ _1945
Texas Power & Lt be__1956 1024
2022
debentures 68
Tri Utilities Corp deb 6879 3134
104
994
82
644
10144
5134
103
110
11044
z303-4 35
31,000 9844
27,000 9444
4,900 73
14,000 60
90,000 935-4
18,000 47
81,000 9834
6,000 106
108,000 z3034
Jan 104
Jan 9944
Jan 87
May 71
Jan 1014
Slay 80
J1411 103
Feb 11034
May 64
May
May
Mar
Mar
May
Feb
May
May
Jan
Ulan Co cony deb 68..1944
Un El L & P be ser 13_1967
Union Gulf Corp 5s Jul 1'60
United Elec Service 781956
With warrants
Without warrants
United Indus Corp 644e '41
United Lt & Pow 68...1975
1974
Deb 6348
let lien & con 5345-1959
Lt & Rye 68 ser A_1952
Un
1932
let ser 5s
1952
Deb 530
US Rubber
-year6% notes..-.19$S
3
Serial 6 4% notes 1932
Serial 64% netes 1933
102%
Mar
7044 7,000 694 May 85
70
Jan 10441 Jan
1,000 102
10454 10434
1013-4 103 171,000 z10034 Jan 103 May
92
9941
10241
106
1014
89%
8734
8744
8334
92
9934
10131
10434
10134
8934
So'west Nat Gas 6s_ _1945
So'west Pow 6c Lt 611...2022
Stand Gan & Elea 65._1935
1935
Cony 60
1951
Debenture6s
Debenture Os Dec 1 1966
Stand Invest deb 53. _1937
1030
5%
Stand Pow ttc Lt 6s_ _ A957
Stand Telep 5349 set A 1943
Eitinnea (lingo) Corp
7s Oct 1 '36 without warr
7s without warr____1946
1939
Sun Oil deb 514s
1940
Sun Pipe Line 50
Super Pow of No Ill 44870
1968
1st 444s
Swift & Co let m f 58_1944
1940
5% notes
784 78
66
66
1014 10141
9934
9131
914 9134
104
103
1014 1014
844
1034
9834
79
60
1004
47
10234
89
8744
8344
9244
9934
10234
10634
1019-4
9034
31,000 804
8,000 80
7,000 70
35,000 9134
36,000 98
82,000 01
71,000 97%
12,000 10034
111,000 80
844 8434 47,000
974 9744 11,000
3,000
89
89
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
81
80% Jae
Jan
75
9144 9134 3,000 91%
1937
Valvoline 011 78
7334
Vanadium (Amer)58 1941 744 73% 8144 480,000
61 120,000 55
Sweringen Corp 613.'35 5634 56
Van
16,000 102%
105
Virginia Elec Power 55 1955 10444 10444
9744 32,000 9234
Va Public Serv %a A.1946 9645 96
9044 904 10,000 90
1950
let ref 5s ser B
9241 12,000 z8841
1946 924 92
deb 6/3
Waldorf-Astoria Corp
33,000 54
63
54
1st 78 with warr._ 1954 54
9141 89,000 75
75
Warren Bros cony 69_1941 75
2,000 5102%
104%
Wash Wat Pow 5a_...1960 10431 1044
30,000 85
89
87
West Penn Elec deb 582030 88
95
974 5,000
West Penn Traction 58 1960
9744
ma
71,000
89
West Texas UM 55 A.1957 8734 87
[VOL. 132.
FINANCIAL CHRONICLE
4034
9244
92
90
97%
102
102%
10634
101%
9134
91
98
91
Mar
Apr
Slay
Mar
Mar
Slay
Slay
May
Afar
Mar
Mar
Mar
Slay 98% Mar
May 108% Mar
Jan
Slay 85
Jan 101 Slay
Feb 9734 May
Mar 9134 Slay
Mar
Jan e94
Feb
May 74
May 100% Mar
Jan 105% May
Mar
Feb 93
May 9744 May
,
NU
Jan 91
Bonds (Concluded)
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
$
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Western Newspaper Union
May 6841 Jan
Cony deb 65
1,000 45
45
45
1944
Westvaco Chlorine Prod
Jan 10436 Feb
10
-year 544s_Mar 1 1937 10434 103 10434 6,000 101
Ms Pow & Lt 5s F___1958 10234 10234 10334 18,000 10194 Mar 10344 May
Jan 10334 May
let & ref 58 ser E--_1956 10234 10234 10394 31,000 101
Wise Public Service
1st & ref 534s ser B.1958
1,000 10134 Jan 10534 May
10534 10534
Jan
May 87
York Ice Mach 63-1937 85
6,000 83
86
85
Foreign Government
And Municipalities
Agile Mtge lik (Colombia)
20
-year a f 78
1946
20
-year Is Jan 15..l947
Baden (Cons) 7s
1951
BuenosAires(Prov) 74413'47
Ext 7s April
1952
604
7834
6234
6234
57
56
78
5741
50
60
6034
81
6434
6234
11,000
50,000
18,000
74,000
43,000
55
56
78
5731
70
May
May
Jan
Slay
Stay
8834
78
90
974
9034
Jan
Mar
Mar
Mar
Mar
38
Slay
75
Apr
Cauca Valley 78 June 1 '48
5,000
40
38
Cent Bk of German State &
Prov Banks Os 13___1951
7744 7634 7841 52,000
lst 6s ser A_ _Aug 1 1952 7734
3,200
7734 79
Danish COM Munic 5.46'55
22,000
10031 101
58
1953 10034 9934 10034 6,000
Jan 8034 Mar
65
6734 Jan 804 Mar
/
,
994 Jan los May
9644 Jan 10044 May
German Conn Muni)) 7s '47
65
1947
Hanover (City) 7s
1939
Hanover (Prov) 6348_1949
7634 Jan
6734 Jan
May
80
Slay
71
Indus Mtge Ilk of Finland
let mtge coil a f 78._1944
Medellin (Mimic) 7a__1951
Mendoza (Prov) Argentine
External 51 g 7348..1951
Mortgage Bank (Bogota)
78 Issue 0127(M&N)'47
7s issue of oat 19271947
M tge Bank of Chile tis_1031
Mtge Ilk of Denmark 5s'72
Netherlands (Klngd) 65 '72
Parana (State) Brazil 7s'58
Rio de Janeiro 634e___1959
Russian Government
6%s certificates_ _1919
534s
1921
Saarbruecken (City) 75 '35
Saar Basin Cense!78.._1935
Santa Fe (Argentina) 78 '45
78
1961
3antiago (Chili) 7e__ _.1919
8134 7934
s69
73
80
81
7134 71
67
3594
8844
184
24
90
67
8534 81,000
10,000
74
823.4 19,000
803-4 5,000
92
7134
3534 45
544
52
87
9951
104
18
56
55
9541
100
8,000
1,700
Mar
Apr
Mar
Star
Apr :95
Jan 79
Mar
Mar
78
Mar
17,000
3534 Slay
.8,000
12,000
67,000
11,000
5444 May 80
May 75
52
87 May 29931
Jan 10134
98
Mat
Mar
Apr
Mar
1,000 10334 Mar 10534 Jan
104
May 5434 Mar
2734 11,000 18
2231 2734 40,000
2234 May
68
Mar
52,000
2
23-4 9,000
144 Jan
234 May
3
3
Mar
Mar
17-4
234
10234 103
51
59
9744 107%
60
60
90
6234
90
8234
9534
8431
4,000
:0 0
3 0
7000
5034 60
60
50
6,000
26,000
Mar
9934 Jan 103
N ir ay
T y 03
52
97% NJa n 185% afa r
5034 Slay
50 May
86
80
Mar
Mar
•No par value. I Correction. n Sold under the rule. o Sold for crush. s Option
sties. t Es-rights and bonus. w When Issued. z Ex-dividend. y Ex-rights
I Formerly Aviation Corp. of Amer., name changed as above.
9 All transactions reported In previous issues as Sherwin Williams Co. of Canada
were in error. Should have been Sherwin Williams Co. (Ohio).
See alphabetical list below for "Under the Rule" sales affecting the range toe
the yr.
e
Beneficial Ind. Loan as. 1946, May 5, 05,000 at 100.
Central District Electric, gen. deb. 514s, 1935, May 13, $2,000 at 10334.
Consol, Automat!, Merchandising, eons. V. t a., March 9 100 al, 6-1)1.
Cumberland Co. P.& L. 434s, 1956, Slay 26, 51,000 at 100.
General Rayon deb. 6s. 1948. Feb. 3, 53.900 at 55
Illinois Power & Light 6% pref., March '23, 18 at 9794
Iron Cap Copper Co. Starch 16, 100 at 134.
National Baking. corn., Jan. 16, 100 at 5.
National Steel Corp. Is. 1956, Slay 6, $31,000 at 9944.
Northern States Power 7% pref.. March '20, 60 at 1104.
Prussian Elec. 65 1954, April 21, 54,000 at 8031.
Shawinigan Water & Power 1st 43Is, ser. A 1967, May 18, 55.000 at 98% •
z See alphabetical list below for "Option" sales affecting the range for the year.
Am. El. Power Corp. as, 1957. April 4, 53,000 at 65
Appalachian Gas 6s, 1945, May 28, 52,000 at 55.
Arnold Print Works Os 1941, Jan. 22, 51,000 at 83.
Asaoelated Oas & Elec.. deb. 434s, 1949 Jan. 2. 53.000 as 63
Associated Cr.,, & El. deb. 434s, w. w., 1948, Slay 4,81.000 at 6934.
Associated Telephone Utilities, cony. deb. 534s, 1944. Jan. 2, 55.000 14 80.
Atlas Plywood 534s, 1943, Jan. 2. 51.000 at 62.
Cities Service deb. his. 1966, May 21, $1,000 at 5934.
Columbia Gas & Electric deb. 65, 1961. Feb. 2, 55,000 at 9644.
Consol, Publishers 641s, 1938, March 9. 51,000 at 9534.
Continental 011 deb. 531s, 1937. May 16, 55,000 at 824.
Ercole Marelli Ei. Mfg. 6448. 1953. w• w•• Jan. 7 51.
000 at 03%•
.
Gen. Pub. Serv. deb. 55. 1953. April 4, 12,000 at 9334.
Guardian investors 58, 1948 with warrants. Jan. 28, $1.000 at 4034.
Heels Mining. May 20, 100 at 434.
Houston Gulf Gas 1st (is 1943 Feb. 10, 53,000 at 914.
llou.ston Lt. & Pow. Is, ser. A, 1953, May 14, $2,000 at 104.
Indianapolis Power & Light let 5a. 1957. Feb. B. $2,000 at 9914.
Industrlal Mortgage Bank of Finland 1st mtge. is. 1944, Feb. 4, 11.000 at 9.
Interstate Power. let 58, 1957. Jan. 20, $3,000 at 7634
McCord Radiator Mfg. 6s, 1943, with warn.. Feb. 17. $1,000 at 58.
Merchants & Mfrs. Sccur. tom. A, Slay 26, 100 at 1634.
Middle West Utilities. 5% notes, 1935, Jan. 2, 1000 at 92.
Mortgage Bank of Chile (is, 1931, Feb. 24. 52,000 at 100.
Nat. Public Service. deb. 5s, 1978. Jan. 2, 3,000 at 66.
National Trade Journal (1s, 1938, Feb. 26. $2,000 at 15.
Northern Texas Utilities 78. 1935, April 15, $1,000 at 10094•
Ohio Public Service Is, ser. D. 1954, April 14. 51.000 at 1034.
Pacific Power & Light 5s, 1955, March 10. 55,000 at 90.
Pacific West 0116348w. w. 1943, April 29. 54.000 at 57.
Pub. Service deb. Is 1931. April 27, $1,000 at 9931.
Southern California Edison 7% pref. A, Jan .9, 200 at 29.
Southern California G99 CO. Is. 1957. May 7, $3,000 at 10434405.
Sweat G.& E. let 55, 1957. Jan. 2,85,000 at 91; Stay 7,51.000 at 1004.
Stutz Motor Car 7448, 1937, Jan. 13. 51,0(10 at 58.
Tri-Utilities Corp. 5s, 1979, May 27, 55,000 at 2944.
Truscon Steel, pref. April 22,25 at 100.
Union Amer. Investing, 5a, 1948 with warrant. Jan. 0 11. ) at 79
. "
1
52,000 at 87.
Union Amer. Invest. deb. Is, 1948, with warrants. March 19,
Unioa Gull Corp.. bs. 1950. Jan. 2, 51,000 at 10041
U.S. Radiator be A, 1938, March 6, 53,000 at 86.
lalarch 11. 55,000 at 94%,
Virginia Public Service Co.Os. 1946, Jan. 15, 52,000, at 88;
51.000 at 1023.4.
Washington Water Power lit & ref. 58 .1960,.130. 24.
4035
FINANCIAL CHRONICLE
MAY 30 1931.1
Quotations for Unlisted Securities
Industrial Stocks.
Public Utility Stocks.
Par
Alabama Power $7 pref. _100
Amer Elea Sec partic p1...20
-.risme,Power 7% pre_ -100
Ark Pow & Lt 57 prof.....'
Assoc Gas & El orlg prof...'
•
$6.50 preferred
•
57 preferred
Associated Tel Utll $6 pf-(1)
(1)
$7 preferred
Atlantic city Elea $6 preL•
Bangor Hydro-El 7% p1.100
Binghamton L.H& P $6 pf•
Birmingham Elec 7% pref'
Broad River Pow 7% 14.100
26
Buff Wag dr E pr pref
Pia Ark
4
1145 1153
8
29
33
___
67
108 10912
53
51
100 102
10112 10212
82 85
92
95
10814
___
119
85
81
109 111
862
4
2612 27
Carolina Pow & Lt 57 prof..'
Cent Ark Pub Serv pre/_100
Cent Maine Pow 6% Pref100
100
7% preferred
Cent Pow & Lt 7% pref..I00
Cent Pub Serv Corp Pref •
Cleve El Ilium 8% prof—100
Col Ry,P & L6% 1st pf..100
634% preferred B_.._100
Congo!Traction N J____100
Consumers Pow 6% pref 100
100
6.60% preferred
Dallae Pow & Lt7% pref 100
Dayton Pow & Lt6% p1_100
Derby Gas& Eleo $7 pref _.•
Detroit Canadn Tunnel__
•
Erie Railways
100
7% preferred
100
Sesez-Hudson Go
Foreign Lt & Pow unit,.....
109
___
97
__
95 97
106 108
102
___
79
74
11112 11312
___
108
10812 ......
42
40
105 10612
10514 10612
1093 --4
10912 --91
87
212
2
1
3
3712
157
60
---
Pa, Btet Ash
Metro Edison $7 Prof B......• 100
56 preferred C
• 97
99
%Ilse River Power pref _ _100 108 10912
92
elo Public Service 7% p1100 87
Mountain States power.....'
15
5
7% preferred
100 90 96
105
Nassau & Suffolk pref
84
Nat Pub Serv 7% erf A.100 82
Nebreaka Power 7% pref 100 109 111
Newark Consul Gas__ _ _100 102
New Jersey Pow & Lt 50 pf• 97 100 New Orleans P 8 7% 14_100 100 101
N Y & Queens EL & P pf 100 102
Nor N Y Utility ',ref ___ _100 107
Nor States Pow (Del) corn A 110 120
105 108
Preferred
3140 Pub Sere 7% pref _100 10512 107
Okla Gas & El 7% pref _100 107
Pao Gas & El 51.50 ore'__25 2712 2812
Pac Northw Pub Serv pr pf_
76
lot preferred
75
Preferred
60
Pao Pow & Lt 7% pref __100 102
Pa Pow & Lt 7% prof
1103 112
4
Piedmont Northern R7_100 d 35
43
Pub Berv Co or Col 7%pf 100 102 101
Puget Sound Pow & Lt pr pf 8512 88
Par ltia Act
Adams Millie $7 et w w..' 90 95
50
100 30
Aeolian 00 57 pref
4
Aeolian Weber P&P corn 1004 1
___
100 4 8
Preferred
Alpha Portl Cement p1.100 113 122
12 212
Amalgamated Laund corn.. d
100 85 90
American Book $7
312
2
Amer Canadian Properties..'
-American Cigar pref......100 70
30
Amer Hard Rubber 54-100 20
34
25 31
American Hardware
32
100 24
Amer Mfg 4% corn
100 50 60
5% Preferred
44
• 39
American Meter new
Par Bid AO
DI
*4_
Liberty Baking coin
14
Preferred
1004 8
15
Locomotive Firebox Co....' 11
Macfadden Publiet'ne cum 5 1712 20
• 5012 53
56 preferred
Maxweld Corp corn
Merck Corp $8 pref__ _100 72
76
85
National Casket 54
• 78
• 108 111
$7 preferred
35
National Licorice com _ _100 d 28
National Paper & Type Co_ d ___ _ 40
New Haven Clock pref__100 ____ 70
New Jersey Worsted prof... 17
---
Northwestern Yeast___100 110 125
1
5
Nye Incinerator com
20
Units
142 1614
4
Ohio Leather
97 103
1st !ref
92
85
2nd pref
100 83
Okonite Co $7 pref
15
18
Parker Wylie Mfg Co cam_
88
$7 preferred
• 80
9
12
Petroleum Derivatives
Pick (Albert) pre: with warr ____ 35
Poole Eng & Mach class A__ ____ 3
2
Class B
Publication Corp $3.20 com• ____ 53
_
100
57 1st preferred
Rochester0& E7% pl B 100 102 104
Remingle Arms $7 let pf 100 83
88
100 9612 9812
6% Preferred C
10
12
12 Riverside Silk Mills
9
Sioux City G & E 7% pf _100 10212 10412 Canadian Celaneee com____
85
100 60 66 Robinson(D P) let $7 p1100 75
Somerset Un Md Lt
100 78
Preferred
38
South Calif El 51.60 pref-25 28
Carnation Co 51.50 com_.• 23 25 Rockwood & 00 14 corn....' 33
29
$8 preferred
100 65
----25 2912 3013
$7 preferred
100 1021
$1.75 preferred
2 Rolls-Royce of America---- ____
4
So Colo Pow corn A
25 19
2012 Chestnut Smith core
Preferred
100
3
7
65 15
100 10112
7% preferred
Preferred
10r2 1212
Childs Co $7 prof
100 84 88 Roxy Theatres Unit
South Jersey Gas & Eleo_100 164 168
Common
3
4 114
Clinchfield Coal Corp___100 d 212 6
Gee & Eleo of Bergen-100 99
75
Preferred A
10
12
$7 preferred
1004 65
20
eenn Elea Pow 6% pref-100 101 103
Gen Gas & El part ctfe
8
9
3 Rubel Coal & Ice Co corn _ —
2
Color Pictures Inc
100 10812 110
-_7% Preferred
Hudson County Gas....-100 157
25
Preferred
29
eexas Pow & Lt 7% Pref 100 112
Columbia Baking ooze- •4 12 114
109 110
Idaho Power 7% prof
6 Ruberold Co 14
100 35
•d 3
38
let preferred
eoledo Edison prof A-100 10912
93
Illinois Pow & Lt 6% p1-100 91
12 2 Safety Car Heat & Ltg_100 60
70
24 preferred
63 'Jutted 0& E (Conn) p1100 93 93
Inland Pow & Lt 7% p1_100 58
16 EU•ovill Manufacturing__ _25 24
Colts Pat Fire Arms Mfg_25 13
26
_
81
United 0 & E(X J) p1100 74
Interstate Power $7 pref..' 78
_..__ Shippers Car Line
18
..
23
ill) - Congoleum-Nairn $7 pi 100 99
Jamaica Water Supp p1-50 5212 5412 United Public Service pref-- 20
Crosse & Blackwell Min—
1.2 .
Utah Pow & Lt $7 prof....' 106 10711
Jersey Cent PA L7% p1.100 108 110
59 Singer Manufacturing-100 225 250
12 112 Utica Gas & El 7% prof _100 104
Crowell Pub Co $3 con) new 55
Kansas City Pub Service..'
104 109 Smith (A 0) Corp ND $2• 112 120
•
6
9
Util Pow & Lt 7% pref-100 88
17 preferred
91 Preferred
712 ge
Seed Carbonic Ltd
Kansas Gas & El 7% p1_100 109
2
312
35 Spiltdorf Beth Eleo
Deep Rk 011&Ref $7 of 100 d 25
100 95 110
--- Virginian Icy com
Kentucky Sec Corp oom_100 325
100 70
75
1
3 Standard Screw Co
Washington Ry & El oom100 465
De Forest Phonefilm CorP100 8912 91
6% preferred
21 Standard Textile Prod 100 ____ 2
ooro____• 17
100 114 116
100 9712 99
5% Preferred
Dictaphone Corp
Rings County Ltg 7% Pt
57 class A
100 20
30
Western Power 7% pref_100 102 104
$8 preferred
100 99 102
Lake Sup Diet Wet SuPP PC- 09 102
100 ____ 15
55 class B
• 117 12
Dixon (Jos) Crucible 58_100 128 138
Winnipeg E'er) corn
Long Island Lt Dna A..100 109 111
27
___ Stetson(J B)Co $8.25 corn.' 24
1_100 108 110
Doehler Die Cast 7% pf 50 16
100
Preferred
Los Ang Gas & El6%p
65
•
__ 4912
$2 preferred
25 26
30
$7 preferred
45 Taggard Corp pref
89
85
Douglas Shoe $7 pref.-100 35
39 Taylor Mill Corp 52.50oom • 1912 2111
Draper Corp 54
100 37
6
8
80 Taylor Wharton Ir& St corn*
Driver Herrin $7 pref
100 72
100 ____ 32
Preferred
32
Dry-Ice Holding Corp
27
Investment Trusts.
Tenn Products Corp $4 Of 50 33
35
51
12
9 Trent Process Corp
4
Eisemann Magneto corn__
42
...... 85 Tublee Chatillon $7 pt B 100 d 36
$7 preferred
4 8 518 Investors Trustee Shares__
,
100
918 1018
A 13 C Trust Shares tel D___
6
7
Franklin Ry Supply 54.... 50
55 Unexcelled Mfg Co 70.3_10
718 Jeckson&Curtis Inv Tr Asso* 34
37
Series E
Fuel 011 Motors Corp corn.._
212 4 United Business Pub 57111100 ____ 65
718 75 Jackson&Curtis S Corp pf100 95 100
8
All America Investors A
Gen Fireproofing $7 pf_100 108 112 United Publishers 57 pf_100 ____ 75
55 Leaders of Industry A
63
8
Amer Brit & Coot 16 pt..* 650
55
5 4 614
,
IS
4 8 S's Craton 44 Knight oom____• ____ 4 (IS Finishing $7 pref___100 45
,
Composite Tr Shares.
Alter
30 Walkez Dislawasher corn...*
$7 preferred
7'1 e
100 25
418 43
Amer Founders Corp—
4
46
___ Low Priced Shares
75
Convertible preferred
8 Great Northern Paper $3_25 25 27 Welch Grape Juice com_--• 40
514 55
57 preferred
100 99 102
4112
39
6% preferred
55 W Ye Pulp & Paper $2 corn' 2811 3112
4312 4612 Major Corp Shares
414 478 Herring-Hall-Mary Safe 1004 35
7% preferred
56 preferred
100 97 101
9
6
6e 10c Mass Investors Trust
• 26,8 2818 Howe Scale
1-40015
Wheeling Steel $4 oom_ -100 d 18
22
29
100 25
Preferred
3c
6c Mohawk Investment corn.' 40
41 4
,
1-70tba
100
$8 preferred A
96
Hudson River Nay corn__ d 1
3
1-16 ___ Mutual Inv Trust claps A....
4
Warrants
5
510 preferred B
100 ...... 100
45
Preferred
d 30
- Mutual Management cone.•
General See corn A. z1314
Amer &
White Rock Min Spring—
$
13784 ___ National Trust Shares
112
918 1
Common 13
; Industrial Accept com____. ____
7
100 103 108
$7 1st preferred
52
$7 preferred
lop 48
Nation Wide Securities Co
538 578
53 prof
$20 Id preferred
100 200
--.
Internet Textbook
3 Nat Industries Shares A.__
100 1412 1612
5
32
4 54
512
Amer Ineuranstocks Corp.*
40 50
4 Willcox & Gibbs 55 cam._ __
Karl-Keen Mfg Co Et
612 7
Amer dr Continental Corp.' 1012 1212 N Y Bank Trust Shares
100 23
28
35 Woodward Iron $4
d 30
King Royalty Co corn
478 514 No Amer Trust Shares
412 5
011 Shares....
Assoc Standard
100 87
92
$7 preferred
1004 85 90 Worcester Salt $e
Northern Securities
90 103
All& Par Intern Corp unite 23 26
—.
Young (J el) Co corn_ __ _100 97
214 314 North dr South Amer B corn
Common with warrants..
138 Lamson Monotype M 56 100 89 95
Preferred
100 102
....
Lawrence Portl Cen, $4 100 43 48
1812 2012
Preferred with warrants—
13
Oil Shares Inc units
17
Atlantic Securities Corp 1/1• 33 36
14 112 Old Colony Trust Assoc Sh• 27
29
Warrants
7
25 Old Colony Invest Trust corn
912
Bankers Nat InvesVg Corp' 19
Telephone and Telegraph Stocks.
6
Petrol & Tradei Corp el A 25 10
15
Berenice% Corp
43
4 512 Power & Rail Trustee Shares
8
9
Basle Industry Shares
NY Mutual Tel
24
Am Diet Tel of NJ $4
100 20
d 83 87
47
s 518 Public Service Trust Shares
•
British Type Inveet
614 6 4
,
102'z
,
100 1l0' 11212 Northw Bell Tel pf 61.4_100 107 4
7% Preferred
Representative Tr She
1218 1278
Bell Tel(Can)8% pref.. _100 12812 13112 Pea & At Teleg US 1%....25 el 1412
2
3 Second Internet Sec Corp A
13
Chain & Gen'l Equities Inc•
Peninsular Teleph 51.40... 21
23
Bell Tel of Pa 6 re % pref 100 116 118
d 51
55
Common B
112
634% Preferred
A-.—100 10212 105
—
Cin & Bub Bell TeleP--NJ
3
6% preferred
37 4
,
Caen Store Inv Corp.-..'
Porto Rico .rep_
%
1 10
d 85
8
Cuban Telephone 8%
419 0_1
50 Securities Corp Gen $6 pre! 83
100 d _
Preferred
is
Such Telep 16.50 let p1-100 109 111
- -85
80
7% preferred
438 478
Celan Store Shareown Inf. 1312 1414 Selected American Shares
3o & Atl Teleg 51.25
20
62
25 4 17
1312 Selected Income Share,.....
57
8 63s Empire & Bay State Te1.100 58
Chartered Investors corn... 12
So & N E Tele!)8%
44
100 158 162
Franklin Teleg 52.60_ _100 d 40
7880 Selected Management
Preferred
1201 122
37 87a7e..re1 a
77Be11 Tel 7%
9_0
Truetee She
1
3
63
4 7,8 Int Ocean Teleg 6% ___ _loo
Cushier. Exchange Corp A..
6120 133
131
6150
12 ibawmitt Bank Inv Trust.*
Is
ClassB
712 9 Lthooln Tel & Tel8%
l.60in .re 7% p7_700 101s
isconstroxed
ay
10
146 148
• 20
412 6
Spencer Trask Fund
Corporate Trust Share,....
2112 Mtn States Tel & Tel
1118
New England Tel & Te1.100
512 6
Standard Amer Trust Shares
Crum& Foster Ins Sli—
36
Standard Collet Trust She_
10 32
Common B
7 2 818
,
State Street Inv Corp
100 99 101
Preferred
5812 6012
Super Corp of Am Tr She A
512 57
36
Crum & Foster Inc corn B- 32
8
Chain Store Stocks.
104...
5% preferred
53
8 54
,
57
8 614
0
Cumulative Trust Share,....
91s 9 8
,
Melville Shoe Corp
DepositedBank & Tr Shares
812
Bohack (H C) Inch
558 63 Crust Shares of America_
8
let prof6% with wart_100 87
Series N Y
7% 1st preferred
oo
100 103 107
478 53;
434 53 erustee Stand Investment
8
Dopes Bank She NY ser A
Metropol Chain pref - -.100
2
7
Butler (James) common....
33
8 35
25 eliller(I)& Sons pref- _ _100
14
Diversified Trustee Shute A
45
314 35Preferred
100
erustee Standard 011 She A
Mock Juds&Voehungerpf100 63
1112
_ 85
60
Diamond Shoe pref with war
458
412
80 Murphy (S. C.)8% pf--100 4 95 110
614 8 - 8 Edison Bros Stores pref ADO d 65
7
2714 28 4 erusteed Amer Bank Shares
,
Equity Corp wen
8 Fan Farmer Candy Sh 1/133 Nat Shirt Shope corn
•
5
7
618 65
• 30
40
42 Trusteed N Y City Bk Shs_
Preferred
Preferred 8%
100 63
75
712 eei Fishman(H M)Stores corn_ ---_ 16
3 2015 Century Fixed Tr Bles.
•
12 Ile
43
8 44
Equity Trust Shares A
•
90 Nedick's Inc corn
Preferred
43
4 514
•
63
4 714 ewo-Year Trust Share....
First American Corp
Newberry (J)00.7% p1100 93
98
. 1612 18
6
6 12 United Fixed Share,
N Y_Merchandise let pf-100 70
Five-year Fixed Tr Shares__
85
514 5 4 Gt All & Pao Tea pref-100 118 121
,
Unit Founders Corp 1-bibs
•45 10
Fixed Trust Shares A
• 1214
Kobacker Stores pref-- -100 4712 5712 Pin y-Wiggle Corp
Sc
9c
nited Bank Trust
• 1012
(Daniel)preferred 100 100
1054 Reeve,
10
6% prof
1018 1118 Kress (113
578 65 United Ins Trust
8
Fundamental tr Shares A
85 Rogers Peet Co com----100 d 80
Lerner Stores 634% 'net w w 80
71
8
614 63 OS & Brit Internal class A..
4
100z 63
Shares B
Lord & Taylor
73
100 8200 250 Schiff Co prof
912
212 4
Class 13
Silver (Isaac) & Bros P1-100 60
70
General Equity class A-10
First preferred 6%____100 d 94
112 --___
Preferred
__ Southern Stores 6 units--25
Granger Trading Corp....* 10
Second preferred 8% A00 d 97
,
___ U S Eleo Lt & Pow Shares A 37 4 3014 MacMarr Stores 7% Pf w w 71
76 U S Stores lat pref 7% 100 47 .53
Gude-Winne-11 Trail Corp.' 25
2814
614 63
4
,
• 28 4 307 Universal Trust Shares
8
Incorporated Inveetors
4 4 514
,
4
6
theory Investors Equities..
z31113
1142
insBee Corp of Am corn A
Sugar Stocks.
Bonds.
Common B
--- Int Seour Trust of Amer—
..-_-..634% preferred
z78
Secured gold 83
6% preferred
1933
27 Sugar Estates Oriente Pt 100
100 20
Fajardo Sugar
8
312 37
8
Secured gold 6e
Independence Trust Shares112 3 United Porto Rican corn__
1943
5
Haytian Corp Amer
10
9
_
Secured gold 54
Invest Trust Associates
1933
64
69
Preferred
Savannah Sugar corn
12
16
63 - 8
8 71Secured gold 56
Investment Trust of N Y
1943
90
100 85
7% Preferred
• No par value
Last reported market.
:New stook.
a Ex-dividend.
Babcock & Wilcox 7%__100 92 96
14
Baker (J T)Chemical woe.* 10
10
5
Bancroft(J)4rSons$1.20com*
73
100 68
7% Preferred
B1128 (E W)54 let prof. 50 56 60
--24 preferred B
10 • 9
--Bohn Refrigerator 8% p1100 68
35
Bon Ami Co B corn
•
12 112
Bowman-BlItmore Hotels
100
.. 10
let preferred
- 4
2d preferred
100
Brunew-Balke-Col $7 prof..' 80 82
53
Bunker Hill & Sull $3 cone 10 48
8.....48
Burden Iron prof
C Ex-dividend of $85.
1/ Ex-eights.
4036
[VOL. 132.
FINANCIAL CHRONICLE
Quotations for Unlisted Sacurities-Concluded-Page 2
New York Bank Stocks.
Par Ble Ask
America
25 42 45
American Union
40
100 32
3
4 23
Bank of United States whits
4
Bank of Yorktown
100 60 80
Brooklyn National
50 37 42
Bryant Park
16
20 12
Chase
20 6614 6914
Chatham-Ph Nat Bk & Tr 20 55
58
City (National)
20 71
74
Columbus Bank
100 160 180
Comm'l Nat Bk & 'Tr--100 240 250
Fifth Avenue
100 2000 2200
First National of N Y-100 3275 3425
Flatbrials National
100 80 100
Globe Bank & Trust Co_100 65
75
Grace National Bank
100 400 600
Harbor State Bank
25
65
Harriman Nat Bk & Tr_100 1500 1600
Industrial Bank
100 115 130
Kinglboro Nat Bank
100 118 128
Insurance Companies.
Per Bid Ask
25 24 29
Lafayette National
30
100 20
Lebanon
23
Liberty Nat Bk & Tr new-_ 21
Manhattan Company- _20 0712 7012
100 85 95
Merchants
7
12
20
Midtown Bank
80
70
Nat Bronx Bank
25
30
National Exchange
16
-100 11
NM Safety Bk & Tr
60
100 50
Penn Exchange
275
100
Peoples National
PubBotha Bank & True* 25 4414 4714
170
Queanaboro National-100
72
Seward Nat Bk ds Tr _100 67
19
Sterling Nat Bk & Tr--25 15
105
Strauss Nat Bank & Tr_100
16" 45
Tactile Bank
100 145 155
Trade Bank
50
Washington Nat Bank-100
80
YorkvWe(Nat Bank of)-100 70
Po
Aetna casualty & Surety _10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Constitution
American Equitable
5
American Home
American of Newark
5
American Re-Insurance--American Reserve
10
American Surety
25
10
Automobile
Baltimore Amer Insurances
Bankers ds Shippers
25
Boston
100
Bronx Fire
25
Brooklyn Fire Insurance. 5
Carolina
10
Central Fire
10
Chicago Fire Or Marine...., O
City of New York
100
Colonial States Fire
10
Columbia National Life_100
Trust Companies.
Connesticuli General Life_10
Consolidated Indemnity_.100 409 414
American Express
100 195 210 Guaranty
Constitution
10
COO 112 122
Bane& Comm Habana Tr 100 210 218
Hibernia Trust
Continental Casualty.. ___10
20
Bank of Sicily Trust
20 27
_ international Madison-25 15
Cosmopolitan Ins
10
20 1212 1512 Eagle
Bank of Europe Trust
25 49 59 International Trust
5
10 2914 3114 Excess Insurance
Bank of NewYork &'It_100 505 525 Irving Trust
5
100 2450 2650 Federal Insurance
Bankers
Kings County
10 88
91
10
Bronx County
29
33 Lawyers Title & Guar_100 200 210
20
Fidelity & Deport* of Md _50
26 393 413
4
4 Firemen's
Brooklyn
100 393 403 Manufacturers
20
18
21
Central Hanover
Mercentlle Bk & Tr w I
20 207 212
Firemen's Fund
25
72
100 62
Chelsea Bank & Trust--25
Franklin Fire
43
4 Pt Midwood
5
100 325 400
Chemical Bank & Truat-10 373 3934 Mutual Trust of W
General Alliance
4
25 135 140
Clinton Trust
New York
100
82
Germanic Insurance
10
20
414 614 Glens Falls Fire
Continental Bk & '17E131_10 1612 1912 Times Square
10
20 11712 12212 Globe Insurance
Corn Esc% Bk & Truat--20 88
92 Title Guarantee & Tr
10
100
_ 150
County
25 3412 3612 Trust Co of N A
Globe & Rutgers Fire--100
Empire
25 1912 2312 Great American
Underwriters True'
44
20 41
10
100 2650 2850 Great American Indem'y_10
Fiduciary Trust
10112 10612 United States
100 900 1000 Halifax Insurance
Fulton
100 300 350 Westchester
10
Westchester Title & Tr--20 100 110
Hamilton Fire
50
anover
10
Harmonla
10
Hartford Fire
10
Chicago Bank Stocks.
Hartf Steam Boil Ina&Ins 10
Home
li.
41
Central Trust Co of M100 162 166 Nat Bank of the Republic 20 40
Home Fire dr Markle_ _-10
100 420 444
Continental Ill Bk dr Tr _100 279 282 Northern Trust Co
Home Fire Security
05
First National
Peoples Tr & Say Bank_100 295
100 377 381
Homestead
10
Forman National
100 260 265 Strauss Nat Bank & Tr_100 150 170
Hudson Insurance
10
41
Union Bank of Chicago-100 137
Harris Trani & Savings 100 445 455
Importers & Exp of N Y_25
Independence
5
Independence Indemnity..10
Industrial and Railroad Bonds.
Adams Express 4a. 1947J&1) 81 8512
Amer Meter Si. 1946
4102
Amer Tobacco 4s. 1951 F&A 90
Am Type Fdrs 65,1937 M&N 10212
Debenture 6a, 1939.111&N 1021z
Am Wire Fabrios let12M&S 480
90
Bear Mtn-Hudson River
Bridge 71, 1953
A&O 98
Blltmore Comm 7s '84 M003 100 102
Boa & Alb RR 5s Ocilla Jda 107
Boa & Me RR 6. 1933_J&J 10112 165
.
Chicago Stk Yds be. 1961__ 83 86
Consol Coal 434s, 1934 MdeN 60 69
Conaol Mach Tool 7s, 1942 cl 50
54
_
Conaol Tobacco la. 1951..__ ci 88
ContinentalSugar 7s, 1938_
4
11
Equi Office Bldg 5s, 1952-- 5612 89
Fisk Tire Fabric 614s, 1935
Haytian Corp 8s 1938
25
18
Hoboken Ferry 5s.'46 MAN 9112
Internet Salt be. 1951_A&O 8212 66
12
Journal of Comm 654e, 1937 89
93
Kansas City Pub Berv 654e. 42 45
Little (A E) 75. 1942-A&O
Loew's New Bed PropJ&D 94
er'. 1945
Mallory Steamship5s.'32J&J 99
Merchants Raffia Ss. 1937__ 95
Middle States 011 7% notes_
9
NO Or No RR Si.'55 F&A 48
N Y & Hob Ferry 5e.'46 J&D 90
NY Shipbldg 55. 1946 MAN 89
Piedmont& No Ry 55,154.114.1 82
Pierce. Butler & P 654s,'42
Realty Assoc Sec 88.'37 J&J
76
Securities Co of N Y
81 Broadway 550.'50 Adr0 85
So Indiana By 48, 1951 F&A 61
Stand Text Pr 6548.42 M&S 40
Struthers Wells. Titus85
ville. 6545, 1943
Tol Term RR 4553.'57 MAN 9612
114
U B Steel 55. 1951
Ward Baking 6s.'37 J&D 15 10112
Witherbee Sherman 6a, 1944 25
Woodward Iron 5e.'52_ -Jfa 78
Ask
65
60
41
39
40
42
85 95
26
23
1512 2012
10
13
1512 1912
15
16
37
40
23 28
53
56
24
28
9 2 1012
,
100 110
450 480
45 .65
14
10
203 223
4
4
9
6
225 240
7
10
230 260
80 85
4
6
3
7
27
29
8
6
1112 1212
4
55
60
39
136
18
19
76
70
23
21
19
17
6
8
4312 4512
11
15
508 580
2352 2452
19
16
16
14
200 00
29
27
1912 2112
47 49
51 .59
8
237 247
2
30
28
512 8,2
2
1352 155
27
20
3012 34
9
4
Bid Ask
4
Industrial of Akron
5
Kansas City Life
100 800 900
14
Knickerbocker min
18
Lincoln Fire
10 1712 2212
6
10
Lloyds Casualty
8
Voting trust certifs____10
6
8
352 63
Majestic Fire
2
10
Maryland Casualty
25 2212 2612
78
Mass Bonding & Ins
25 70
54
Merchants Fire Amur oom 10 49
12
Mach & Mfrs Fire Newark 5
9
Missouri State Life
4
4
10 163 173
Morris Plan Ins
100 120
National Casualty
10 1414 1614
National Fire
10 4312 4513
National Liberty
6
7
5
National Union Flre
74 84
New Amsterdam Casualty10 30
32
New Brunswick
22
10 20
New England Fire
20
10 15
New Hampshire Fire.. __ _10 42
47
New Jersey
45
20 40
New York Fire corn
20
24
10 34
North River
36
Northern
25 71
81
Northwestern National..
95 105
Occidental
19
10 17
25 110 120
Pacific Fire
5
Peoples National Fire
41
512
54
Phoenix
56
20 3212 37
Preferred Accident
13
Providence-Washington._10 377 397
8
8
5
Public Fire
7
5
Public Indemnity
(formerly Hudson Caielt7)
112 313
4
Reliance Ins. of India
6
10 12
Republic Dallas
17
10 10
Republic (Pitts)
14
22
Rhode Island
10 17
25 40
Rochester American
50
St Paul Fire & Marine-25 145 155
11
13
Seaboard Fire & Marine- _
10 3114 3314
Security New Haven
Springfield Fire & Marine 25 00 100
50 100 150
Standard Accident
45
26 35
Stuyvesant
100 1125 1225
Sun Life Assurance
Transportation Indemn'y 10
7 4 914
,
10
Transportation Insurance 10
8
Travelers Fite
100 700 750
48
25 43
U S Casualty
25
,
S Fidelity & Guar's Co 10 22
10 4412 4612
Fil Fire
U S Merck & Shippers-100 270 295
5
8
10
Victory
Virginia Fire & Marine-25 80 90
38
10 31
Westchester Fire
40
Realty, Surety and Mortgage Companies.
5£115
50
86
40
88
50
90
61
45
90
98
_
31
82
Bond & Mortgage Guar-20 8014 8314
Empire Title & Guar--100 100 110
Franklin Surety
12
9
thutraaty Title & Mortgage 200 225
Home Title Insurance----25 40
45
15
International Germanic Ltd _
20 38
Lawyers Mortgage
Lawyers Wen Mtge & T1.100 175
National Title Guaranty 100 39
100 65
State Title Mtge
20
40
205
44
75
Aeronautical Stocks.
Alexander Indus 8% pref50
14
Amorican Airports Corp.....
1
AviationSec of New Eng-212 413
Centre Airport
5
d 1
Cessna Aircraft corn
212
Curtiss Reid Aircraft cora_
1 2
Federal Aviation
3
5
General Aviation let pref
18
16
2
Kinner Airplane ds Mot new..
Lockheed Aircraft
412
Maddux Air Lines
4
Sky Specialties
Southern Air Transport..... 43
SwallowAirplane
d
12
Warner Aircraft Engine__
114
Whlttelsey Manufacturing....
3
2
6
8
21s
214
13
Quotations for Other Over-the-Counter Securities
Railroad Equipments.
Short Term Securities.
Allis Chal Mfg 5s May 1937
Alum Co of Amer 15e May '52
Amer Metal 554e 1934 A&O
Amer Bad deb 434, May '47
Am Roll Mill deb be_Jan '48
Amer Wat Wks 5.1934 A&O
Bell Tel of Can Se A Mar '55
Baldwin Loco 5145 '33 M&S
Cud Pkg deb 5541 Oct 1937
Edison Else Ill Boston
3S3% note Novi'31 MAN
4% notes Nov 1 '32 MAN
5% notes Jan 15'33--J&J
Gulf 011 Corp of Pa
Debenture 58___Des 1937
Debenture Se... Feb1947
BId Ask
10214 10212 3eneral Motors Accent
105 1053
5% ser notes-Mar 1932
4
-Mar 1932
70
84
5% ser notes..
gal2 10012
5% ser notes--Mar 1934
74
5% sew notes-Mar 1935
78
5% ser notes-Mar 1936
10214 1023
4
10614 1063 Copping Gm & Coke
4
Debenture 5s-June 1947
98 101
idag Pet 4545 Feb 15 '30-'35
95
96
Warland Oil
101
Serial5% notes June15'32
1011 1611; Mass Gas Co.550 Jan 1948
s
1033 1041s Pros &(iamb 4342 July 1947
8
Sloss-Sheff S & I 454e-1931
100 100% Union Oil 5. 1935----F&A
United Drug be 1932-A&O
10014 101
Debenture 5s 1933-A&O
Bid
Ask
10112
10112
10112
10112
10112 -10012 10112
1003
4
9812 100
10412 10512
104 10414
99 100
9812 9813
10052
100 4
,
Water Bonds.
Alton Water 5.1 19513-A&O
Ark Wet let is A "58-A&O
Ashtabula W W Si 158_Adc0
AtlanticCWat Is'58 A Mdc8
Birm W W let 550.4'54A&O
1st m 55 1954 aer B-J&D
.F&A
let 5s 1957 ser C...
Butler Water Sc 1957- _A&O
City W(Chat) 51 B '54_J&D
bet Ae 1957 ser C. __M&N
Commonwealth Water
F&A
1s1 58 '58 B
F&A
1st m 5a '57 ser C
Davenport W Is 1981_J&I
E St L & Int W 5e '42_J&J
lit m fie 1942 ser B J&J
bet 5.1960 ser D........F&A
•No par value.
9313 9412
98
9312 95
94
93
10212 10312
10012 10112
10013 10112
94
95
10112
10112
10112
10112
9512 90
98
102
9514 i6:
Huntlon W 1st 8s '54.M&2
let m 58 1954 ser B__M&S
Joplin W W Be'57 ser A M&S
Kokomo W W be 1958_J&D
.
Mourn Con W 1st 544 56J&D
Monon Val W 5545 '50..J&J
Richm'd W W 1st Ss'57M&N
St Joseph Wet 58'41__A&O
South Pitts Water Cu
F&A
1st 55 1955
1st & ref 5a '60 ser A_JdrJ
let & ref be '60 ser B_J&J
Terrellle WW 65 '49 A J&D
let in fs 1956 ser B J&D
Texarkana W 1st Sc '58 F&A
Wichita Witt let Se'49.M&S
lat m 55 '58 sea B_F&A
-MAN
1st m Se'60 ser C.
102
--98
9912
93 94
9312 95
9412 9512
100
_95
96
9914 100
100 10012
10012
10011
102
98 15694
95
102
9613 669812 98
And dividend. 4 Last reported market. s Ex-dividend,
Atlantic Coast Line 13.
Equipment 654/
Baltimore & Ohio fla
Equipment 434e & 5e_._.
BuffRock & Pitts equip esCanadian Pacific 454.& Os.
CentralRR of N J Se
Chesapeake & Ohio S.
Equipment 654e
Equipment be
Chicago & North West 6a
Equipment 654s
Chic R I & Pao 4545 & 51--Equipment Si
•Colorado dr Southern
Delaware & Hudson fie
Erie 4548 & Si
Equipment es
Great Northern Si
Equipment 5e
Hocking Valley Se
Equipment 6a
Illinois Central 4545 & 55
EQ111Pment as
Equipment 74 &
Kanawha & Michigan Si.....
Bid
4.00
4.05
4.00
4.00
4.10
4.40
4.00
4.10
4.00
4.00
4.00
4.10
4.10
4.00
4.25
4.00
4.40
4.60
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Ask
3.70
3.85
3.70
3.80
3.80
4.20
3.70
3.80
3.80
3.80
3.80
3.80
3.85
3.70
4.00
3.70
4.10
4.20
3.70
3.80
3.80
3.70
3.70
3.70
3.80
3.70
Par Bid Ask
Kansas City Southern 554s. 4.40 4.00
Louisville & Nashville 6.... 4.00 3.70
Equipment 5548
4.00 3.80
Michigan Central be
3.75 3.25
Equipment tia
4.00 3.50
Minn St P & SSM 4545 & Sc 4.40 4.00
Equipment 654e & 7s_-__ 4.40 4.20
Missouri Pacific 8541
4.40 4.00
Equipment Ss
4.00 3.80
Mobile & Ohio S.
4.30 4.10
New York Central 442s & 5. 4.00 3.80
Equipment fle
4.00 3.70
Equipment 74
4.00 3.80
Norfolk & Western 434e.... 4.00 3.70
NorthernPacific 7s
4.10 3.90
Pacific Fruit Exuma 7s„.... 4.00 3.80
Pennsylvania RR equip Se.... 4.00 3.75
Pittsburgh & Lake Erie 654e 4.00 3.80
Reading Co 454s & I.
4.00 3.75
St Louie & San Francisco Si 4.10 3.90
Seaboard Air Line 554e & 8. 6.00 5.25
Southern Pacifie Co SM._ 4.00 3.80
Equipment 7s
4.00 3.80
Southern Ry 434s & 5e
4.00 3.80
Equipment S.
4.00 3.70
Toledo & Ohio Central es
4.00 3.70
Union Pacific 7s
4.00 3.80
Investment Trust Stocks and Bonds.
American & Continental-Amer Invest Trust Shares-Bankers Nat Invest cons A_
Beneficial Indus Loan pref.Central National Corp A--Clam B
Colonial Investor Shares-Continental Metrop Corp A
Continental Occur Corp.._.•
Preferred
Devonshire Investing oom__
Inter Germania Trust
Ex-righ
1012
452
19
36
15
2
1614
___
____
50
31
la
*
1212
512
25
42
20
7
1714
212
___
58
33
19
Invest Fund of N J
71s 8 4
3
Ms 512
North American Trust She..
_
Old Colony Inv Tr 454% bds 70
Shawmut Association corn- 127 1314
4
Shawmut Bank Inv Trust
612 8
1942 70
75
4341
1952 70
75
be
1952 110
68
($3
3 7a
Standard Corporations
3
8
43
Standard 011 Trust Shares A
Class B
414 47
3
1614 173
York Share Corp
4
Current Camino
Ant*, uarterip anb lbatt
party.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly,
quarterly or half-yearly,that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
It includes those given in our issue of May 23 and also some of those given in the issue of May 16. The object
of this index is to supplement the information contained in our "Monthly Earnings Record," which has been
enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly
Earnings Record" was absolutely complete up to the date of issue, May 15, embracing every monthly,semi-annual
and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the May number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." Ths
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplementary index in
the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week—an absolutely unique service.
A further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle.
When Published Page
May 23..3868
Ahumada Lead Co
Akron Canton & Youngstown RR
May 23__3873
May 30..4046
Alabama Great Southern RR
May 30_4035
Alabama Power Co
May 30 4038
Alabama Water Service Co
May 30.4059
American Steel Car Lines
May 16__3716
American Toll Bridge Co
May 16_3716
Andes Copper Mining Co
May 30..4046
Ann Arbor RR
Arkansas Power & Light Co
May 23__3869
May 23__3888
Art Metal Works, Inc
Associated Breweries of Can., Ltd.
.May 23_3888
Armstrong Cork Co
May 30_4038
Associated Gas & Electric System. May 30_4039
Associated 011 Co
May 30__4038
Associated Quality Canners, Ltd-.May 23_3888
May 23__3868
Associates Investment Co
Atchison Topeka & S. Fe Ry. System May 30_4046
May 30 .4045
Atlanta Birmingham & Coast
May 30 _4045
Atlantic City
May 30_4045
Atlantic Coast Line
May 30_4038
Atl Gulf & West Indies SS Lines
May 23_3888
Atlantic Sugar Refineries, Ltd
Automatic Voting Machine Corp
May 23_3888
May 23 _3888
Axton-Fisher Tobacco Co., Inc
May 23__3888
Backstay Welt Co
Bait. & Ohio Chicago Terminal
May 30_4045
May 30_4045
Baltimore & Ohio RR
May 16.._3717
Banca Commerciale Italiana
May 30 4046
Bangor & Aroostook RR
May 30._4039
Barnet Leather Co.. Inc
May 30_.4060
Baxter Laundries, Inc
May 16_3687
Bell Telephone Co. of Pa
May 30_4060
Bellanca Aircraft Co
May 30.4039
Bendix Aviation Corp
May 30 4045
Bessemer & Lake Erie RR
May 16_3717
Bing & Bing, Inc
May 30_4039
Birmingham Electric Co
May 30_4039
Blackstone Vail. Gas & Elec. Co
May 30..4039
Boston Elevated Ry
May 30_4061
Boston Herald-Traveler Corp
May 30.4046
Boston & Maine RR
Brazilian Trac., Lt. & Pr. Co., Ltd May 23_3869
May 23_.3889
Brill Corp
May 30_4045
Brooklyn E. D. Terminal
Brooklyn-Manhattan Transit Syst_May 23__3869
Brooklyn & Queens Transit Syst—MaY 23__3869
Brunswick Term & Ry Securities Co_May 30__4039
Buffalo Rochester & Pittsburgh Ry_May 23_3877
May 30..4045
Buffalo & Susquehanna RR
May 23_3889
Bullocks, Inc
May 30._4061
Calaveras Cement Co
May 23.3889
California Packing Corp
May 30_4039
California Water Service Co
May 23_3869
Callahan Zinc Lead Co
Canada Founders & Forgings, Ltd May 30_4061
May 23.-3890
Canadian Canners, Ltd
Canadian Consol. Felt Co., Ltd
May 23..3890
Canadian Cottons. Ltd
May 23..3890
Canadian Dredge & Dock Co., Ltd....MaY 16_3718
Canadian Gen. Invest. Trust, Ltd_May 16_3718
Canadian Hydro-Electric Corp., Ltd.May 23__3869
Canadian Investors Corp
May 16__3718
Canadian National Rys
May 30.-4046
Canadian Pacific Ry Co
May 30_4046
Canadian Vickers, Ltd
May 23_3890
Carman & Co., Inc
May 30_4061
Celotex Company
May 23..3869
Central Gas & Electric Co
May 30_4052
Central of Georgia RR
May 30_4045
Central Maine Power Co
May 30..4039
Central Public Service Corp
May 30_4052
May 30_4045
Central RR.of New Jersey
Central States Edison Co
May 30_4039
May 23_3873
Central Vermont Ry
May 23_3869
Central West Public Service Co
May 30_4045
Charleston & West Carolina RR
May 30..4039
Cherry Burrell Corp
May 23_3873
Chesapeake & Ohio Lines
May 30_4039
Chester Water Service Co
May 30_4045
Chicago & Alton RR
Chicago Burlington & Quincy RR...May 16..3738
May 30 .4045
Chicago & Eastern Illinois RR
May 30.4045
Chicago & Eric RR
May 30 _4045
Chicago & Illinois Midland
Chicago Indianapolis & Loulsvitle_May 30_4045
May 30_4045
Chicago MIL St. Paul & Pacific
Chicago & North Western Ry
May 30_4045
May 30_4046
Chicago Rock Island & Pacific
Chicago St. Paul Minn. & Omaha
MaY 30_4045
Chicago Surface Lines
May 23-.3869
r Name of Company—
Issue of Chronicle.
Name of Company—
When Published Page
Chile Copper Co
May 16__3703
Cincinnati Gas & Electric Co
May 16__3697
Cinc. New Orleans & Texas Pacific May
30_4046
Cities Service Co
May 23..3869
Citizens Water Service Co
May 30__4039
City Stores Co
May 16_3719
Claude Neon Electrical Prod. Corp May 23__3869
Clinchfield
May 30__4045
Coca-Cola Company
May 23__3869
Cohn & Rosenberger, Inc
May 30__4062
Colorado & Southern Ry
May 23_3875
Columbia Gas & Electric Corp
May 16__3698
Columbia Pictures Corp
May 23__3869
Columbus & Greens
May 30__4045
Columbus Del & Marion Electric Co.May 30..4039
Commercial Credit Co., Baltimore. May 16__3707
(The) Commonwealth & Southern
Corp
May 30__4039
Community Power & Light Co
May 23..3869
Conemaugh Black Lick
May 23__3873
Connecticut Electric Service Co_
May 23_3869
Consolidated Automatic Merchandising Corp
May 30__4063
Consolidated Okla. Sand & Gravel
Co., Ltd
May 30__4063
Construction Materials Corn
May 23.3891
Consumers Power Co
May 304039
Continental Chicago Corp
May 23__389I
Cosgrove-Meehan Coal Corp
May 23__3892
Coty, Inc
May I6__3698
Creole Petroleum Corp
May 30..4063
Crosley Radio Corn
May 23_3892
Crown Cork International Corp_ _._May 16_3720
Crown Cork & Seal Co Inc
May 30..4039
Cuban Tobacco Co.. Inc
May 23__3892
Cuban Telephone Co
May 30__4053
Cumberland County Power & Light
Co
May 30__4040
Curtiss Aeroplane & Motor Co
May 30__4040
Curtiss Wright Corp
May 30__4040
Dallas Power & Light Co
De Forest Crosley Radio Co.,
Ltd_ _.May 2 :3 62
May 2 3 99
3 8
De Long Hook & Eye Co
May 30_1064
Delaware Lack. & Western RR
3:4046
0 4:
0
45
Denver & Rio Grande Western RR
Liaayy
Derby Oil & Refining Corp
May 30__4040
Detroit Gasket & Mfg Co
May 30._4064
Detroit Edison Co
May 16_3698
Detroit & Mackinac Ry
May 30__4045
Detroit Street Rys
May 23_3869
Detroit Toledo & Ironton RR
May 30__4045
Detroit & Toledo Shore Line
May 30__4045
Dictograph Products Co., Inc
May 23_3893
Dominion Engineering Works,
Ltd_May 30..4065
Duluth Winnipeg & Pacific Ry
May 30_4045
Eastern Manufacturing Co
Eastern Massachusetts Street Ry .May
30 4960
3:4 48
0 0
Eastern S.S. Lines. Inc
16_1720
Eastern Shore Public Service Co
Ma y 30__4040
M
Eastern Utilities Associates
Economic Investment Trust, Ltd
l y g:Ng
i y
t
Eddy Paper Corp
May 30_4065
Edmonton Radial Ry
May 23__3873
Electric Boat Co
23__3893
Electric Household Utilities Corp
Ma y 30__4065
M gy
Electric Shovel Coal Corp
Elgin Joliet & Eastern
English Electric Co. of Canada, Lt
a
30.4065
d_ii:i 111701
Erie RR
May 30__4046
Fairchild Aviation Corp
May 30_4040
Fall River Gas Works Co
May 30__4040
Federal Electric Co.,Inc
May 30__4066
Federal Water Service Co
:4702401
:3
Federated Department Stores, Inc.
3
16
9
Federated Utilities, Inc
May 30
.1053
Ferro Enamel Corp
May 30__4066
(I.) Fishman & Sons
May 23__3894
Florida East Coast
3Iay 30_4045
Ma
Florida Power Co
30__4040
Fonda Johnstown & Gloversv. RR. May 23__3873
Foote Burt Co
May 30_4040
Ford Motor Co. of Canada, Ltd
May 16_3721
Foundation Co. (Foreign)
May 23_3894
Galveston Wharf
May 30.4045
Gatineau Power Co
May 30__4040
General Box Corp
May 30__4068
General Motors Corp
May 30_4040
General Outdoor Advertising Co-...May 23.3870
General Paint Corp
May 304068
..
General Printing Ink Corp
May 23_3895
Issue of Chronicle
When Published Page
Name of Company—
May 30.068
1
General Rayon Co., Ltd
may 30__4068
General Stockyards Corp
May 23__3874
General Theatres Equipment Co
May 30__4069
General Vending Corp
May 30__4040
Georgia Power Co
May 30__4040
Georgia Power & Light Co
May 30_4045
Georgia RR
Georgia Southern & Florida Ry. Co_May 30._4046
German Credit & Investment Corp May 16_3722
May I6__3722
Gilchrist Corp
May 30_4041
Glidden Co
Globe Automatic Sprinkler Co. of
May 30__4069
the United States
May I6__3698
(Adolf) Gobel, Inc
May 23__3895
Goodall Worsted Co
May 30_1069
Goulds Pumps,Inc
May 23__3874
Grand Trunk Western
Great Britain & Canada Invest.Corp.May 23__3895
May 30__4069
Great Lakes Laundries, Inc
Great Northern Iron Ore Properties_May 23_3877
May 30__4048
Great Northern Ry. Co
May 30__4041
Greif Bros Cooperage Corp
May 30__4045
Green Bay & Western
May 23_3895
Greene Cananea Conner Co
May I6__3723
Greyhound Corp
May 23..3870
Grigsby Grunow Co
May 30__4069
Gruen Watch Co
May 30.-4046
Gulf Coast Lines
May 30__4045
Gulf Mobile & Northern RR
May 23..3896
Gypsum, Lime & Alabastine
May 23__3896
(W. F.) Hail Printing Co
May 30__4070
Hamburg American Line
May 23__3896
Hamilton Watch Co
May 23_3896
Hammond Clock Co
May 23__3870
Hancock Oil Co. of California
May 23_3870
Hathaway Bakeries, Inc
May 30__4041
Haverhill Gas Light co
Hawley Pulp & Paper Co
May 30__4070
May 16.-3699
Bela Mining Co
May 30_4070
Hinde & Dauch Paper Co
Hollinger Consol. Gold Mines, Ltd May 16..3724
May 30__4070
Holly Development Co
May 16__3724
Holly Sugar Corp
May 30__4071
Holt, Renfrew & Co., Ltd
Honolulu Rapid Transit Co., Ltd.....May 30_4041
May 30__4071
Hotel Governor Clinton,Inc
Houston Lighting & Power Co
May 30_4041
Hudson & Manhattan RR. Co
May 23__3873
May 30_4071
Hunt Bros. Packing Co
May 30_4073
Ideal Cement Co
May 30_4045
Illinois Central RR
Illinois Water Service Co
May 30._4041
Imperial Oil, Ltd
May 16..3724
Independent Pneumatic Tool Co.
-May 23__3897
May 16..3699
Indian Motocycle Co
Industrial Acceptance Corp
May 30__4072
May 16__3725
Industrial Financial Corp
Insuranshares Corp. of Del
May 16..3725
Insuranshares & Gen'l Manage. Co_ _May 16_3725
May 23_3870
Interborough Rapid Transit
International Coal & Coke Co., Ltd_May 30.-4072
International Hydro Elec System....May 30_1041
International Match Corp
May 30__4049
Intercontinents Power Co
May 23_3870
International Paper & Power Co._._May 23_3870
International Rye. of Central Amer_May 23_-3873
May 30__4049
International Tel & Tel Corp
May 16_3726
Investment Bond & Share Corp
May I6__3699
Iowa Public Service Co
May 23_870
3
Jersey Central Power & Light Co_
(The) Kansas City Southern Ry. Co_May 23-3873
May 30__4041
Kansas Electric Power Co
May 30-4045
Kansas Oklahoma & Gulf
May 30_ _4072
Katz Drug
Keliogg s"?Co
c
ohboard & Supply Co .May 23.-3897
May 30-4041
Keystone Public Service Co
Maz 3:
y 16
0
Keystone Telephone Co. of Phila
:
May
34707213
Keystone Watch Case Co
May 23__3897
Laclede Steel Co
May 30__4045
Lake Terminal
May 23__3897
Langton Monotype Machine Co
May 30_4075
Lawrence Cement Co
May 30__4043
Lehigh & Hudson River
May 30__4045
Lehigh & New England
May 30_4045
Lehigh Valley
Libby.Owens-Ford Glass Co
May 30-4041
(C. W.) Lindsay & Co., Ltd
May 30__4073
May 30_4045
May 30__4045
lme g Ilaes & Salt Lake
Lon Angelnd
Louisiana & North West RR
May 16__3710
4038
[VOL. 132.
FINANCIAL CHRONICLE
Issue of Chronicle
Name of CompanyWhen Published Page
Louisiana Power & Light Co
May 23..3870
Louisville 81: Nashville FUR
May 30_4045
Ludlow Mfg. Associates
May 30..4073
Lynch Corp
May 23_3898
hlacAndrews & Forbes Co
May 23_3870
McCall Corp
May 16..3700
McGraw Electric Co
May 30._4072
Mahoning Coal RR
May 23..3874
Maine Central RR
May 30..4047
Maine Gas Companies
May 30..4054
Marcus Loeves Theatres, Ltd
May 30..4073
Marine Elevator Co
May 16..3727
Market Street Ry
May 23..3870
Massachusetts Util Associates
May 30..4054
May 23..3898
Massey, Harris Co., Ltd
Mead Corp
May 23..3898
Memphis Power & Light Co
May 30..4041
Merchants lk :Rifts. Securities Co
May 23..3898
Merrimack Mfg. Co
May 30..4074
Metro Goldwyn Pictures Corp
May 30..4041
Mexican Petroleum Co., Ltd
May 23_3898
Mexican Seaboard Oil Co
May 23..3870
Mexican Telephone & Teleg. On
May 30..4054
Michigan Electric Power Co
May 30..4041
Michigan Public Service Co
May 23...3884
Middle States Petroleum Corp
May 16..3727
Midland Valley
May 30..4045
Middlesex & Boston Street Ry
May 23._3870
Minneapolis & St. Louis
May 30..4045
Mississippi Power & Light Co
May 23..3871
Missouri-Kansas-Texas Lines
May 30_4046
Missouri 8c North .Arkansas
May 30_4045
Missouri Pacific FUR
May 30..4045
Missouri Public Service Co
May 23_3884
Mobile 8c (Ohio
May 30_4045
Monongahela
May 30..4045
Monongahela Connecting
May 30_4045
Montour
May 23..3873
Mount Vernon-Woodberry Mills, Inc.May 30..4074
Mountain Producers Corp
May 30..4074
Municipal Service Co
May 30..4041
(F. It.) Myers & Bro. Co
May 23..3871
Nashalvena Mills
May 30..4074
Nashville Chattanooga 4N: St. Louis...May 30..4045
National Air Transport, Inc
May 23..3871
National Bond & Share Corp
May 16..3728
National Brick Co. of Laprairie, Ltd.May 23..3899
National Radiator Corp
May 23__3899
National Refining Co
May 23..3899
Motional Service Companies
May 16-.3728
National Supply Co.(Del)
May 16..3700
Motional Tile Co
Nebraska Power Co
.1Ut
:11:; ;1:(The) Nevada.California Elec. Corp.May 30_4042
Nevada ()cursed. Copper Co
May 16..3700
Newburgh & South Shore
May 23..3873
New England Power Association
May 16..3737
New England Public Service Co
May 30-4041
New Jersey & New York FUR
May 30_4045
New Orleans & Northeastern RE
May 30..4046
New Orleans Public Service
May 23_3871
New Orleans Terminal
May 30_4046
New Orleans Texas & Mexico Ity......111ay 16..3706
New York Central FUR Co
May 30_4045
New York Chicago 8c St. Louis
May 30_4045
New York Connecting
May 30..4045
New York Hamburg Corp
May 23_3900
N. Y. N. H. & Hartford FUR
May 30_4047
N. Y. Ontario & Western Ry
May 30_4047
N. Y. Susquehanna & Western
May 30..4045
New York Water Service Co
May 30..4041
30_4042
N. Y. Westchester & Boston Ity....Alay.
(The) Niagara Falls Power Co
May 30..4042
Nineteen Hundred Corp
May 30..4042
Noma Electric Corp
May 23..3900
Norfolk Southern
May 30..4045
Norfolk & Western
May 30-4045
North, American Edison Co
May 30_4042
North American Light 81: Power Co.
.May 23-.3871
North Central Texas Oil Co
May 23_3871
North Chnznan Lloyd
May 23-.3900
May 30..4046
Northern Alabama Ry
Northern Pacific
May 30_4045
Ohio Edison Co
May 30_4042
Ohio Electric Power Co
May 23..3871
Ohio 011 Co
May 30..4042
Ohio Water Service Co
May 30..4042
Oil Shares Inc
May 30..4042
Oklahoma City Ada Atoka
May 30_4045
Oliver United Filters Inc
May 23..3900
Orange & Rockland Elec Co
May 23..3871
Oregon Short Line
May 30..4046
Oregon.VVash. FUR. & Nay. Co
May 30..4046
Oregon-Wash. Water Service Co.-..May 30..4042
Issue ofC7tfonicle
When Published Paps
Name of Company-May 30_4075
Pacific Clay Products
May 30..4042
Pacific Gas & Electric Co
May 23_3871
Pacific Power 8c Light Co
Afiry 23_3871
Pacific Public Service Co
Pacific Northwest Pub. Serv. Co.
.._May 30_4056
Pan Amer Petroleum 8c Transp Co-May 23..3874
May 16..3730
Park Sc Illford, Inc
May 23..3900
Parker Pen Co
May 23_3871
(The) Pawtucket Gas Co
May 16_3731
Penn Bankshares & Sec. Corp
Pr= Central Light 8c Power Co_ .May 30..4042
May 16..3730
Penn Nfez Fuel Co
May 30_4047
Pennsylvania Co
Pennsylvania Gas & Electric Co__ _May 30..4042
May 16..3730
Pennsylvania Industries, Inc
Pennsylvania Power & Light Co_ .May 30..4042
May 30..4047
Pennsylvania FUR
Pennsylvania RR Regional Systern...Alay 30..4000
May 23_3871
Peoples Light & Power Corp
May 30_4045
Peoria & Pekin Union
May 30..4045
Pere Marquette
May 16_3700
Pet Milk Co
May 16..3727
Philip Morris 8c Co., Ltd
May 23..3901
Pilot, Radio 8c Tube Corp
May 23_3901
Pirelli Co of Italy
Pitney Bowes Postage Meter Co
May 30..4076
May 30_4045
Pittsburgh 4k1Lake Erie
May 30_4045
Pittsburgh & Shawmut
Pittsburgh Shaannut lk Northern..
.May 30_4045
Pittsburgh Sub. Water Serv. Co. _May 30_4043
May 30_4047
Pittsburgh & West Virginia Ry
May 23_3901
Pittston Co
May 23_3871
Plymouth Oil Co
May 23_3885
Porto Rico Telephone Co
May 23..3871
Prairie Pipe Line Co
May 23..3901
Price Bros & Co Ltd
Public Service Co. of New Harapsh_hfaY 30_4043
Public Service,Corp. of New flamp_May 16..3714
Public Service Corp of New Jersey_Alay 23..3883
May 23-3871
Puget Sound Power & Light Co
May 16_3705
Pure 011 Co
May 30..4076
Pyrene Mg. Co
May 30_4076
Quaker City Cold Storage Co
May 23_3902
Quebec: Pulp 41cHPaper Corp
Quincy Market Cold Storage ik Warehouse Co
May 30..4076
Railroad Shares Corp
May 16..3700
May 30_4043
Raybestos Manhattan Inc
May 30..4045
Reading
Rhode Island Public Service Co
May 16_3715
Richmond Fredericksburg & Potom_May 30..4045
May 23-3871
Rio Grande Oil Co
Ritter Dental Mfg. Co
May 30_4077
Rochester & Lake Ontario Water
Service Co
May 30_4043
May 30-4077
Rossia Insurance Co
May 30..4049
Royal Dutch Co
Rutland
May 30_4045
St. Croix Paper Co ,
May 30_4077
May 30..4046
St. Joseph & Grand Island
St. Louis San Francisco
May 30..4047
St. Louis Southwestern
May 30_4047
St. Paul Union Stock Yards Co
May 30..4077
May 30..4077
Saco-Lowell Shops
May 30..4046
San Diego & Arizona
San Diego Consol. Gas & Elec. Co.
..May 16_3700
Sangamo Electric Co
May 30..4077
May 30_4078
Schiff Co
Scotten Dillon Co
May 23_3902
May 23_3902
Scovill Mfg Co
Scranton Spring Brook Water Service Co
May 30_4043
(E. W.) Scripps Co
May 16_3733
Seaboard Air Line
May 30..4046
Seaboard Public Service Co
May 23-3872
Second Canadian General Investments. Ltd
May 16_3733
Second Southern Bankers Corp
May 16..3733
Segal Lock & Hardware Co Inc
May 23..3902
Seiberling Rubber Co
May 23_3872
Selfridge & Co., Ltd
May 30..4078
Serval Inc
May 23..3872
Seton Leather Co
May 30_4078
(W A) Shaeffer Pen Co
May 23..3902
Shell Union 011 Corp
May 16..3734
Sherman Clay & Co
May 30..4078
Sierra Pacific Electric Co
May 23..3872
Signal Oil & Gas Co
May 30_4043
Skinner Organ Co
May 30_4078
L C Smith & Corona Typewriters Inc May 23_3903
(Howard) Smith Paper Mills Ltd
May 23..3903
Soo Line System
May 30_4047
South Bay Consolidated Water Co_MaY 30_4043
Southern California Edison Co
May 23..3874
•
Co.
(And Subsidiary Companies)
-Month of April- -12 MOS. End.Apr.3°1930.
1931.
1930.
1931.
Gross earnings
$1,464,462 $1,460,604 $17,931,072 $18.083,952
)per. exps., incl. taxes
7,274,611
7,597,674
635,741
and maintenance
592,207
Alabama Power
Gross income
Fixed charges
$872.254
$824,863 $10,333.397 510.809.340
4,035.516
4.198,102
Net income
Dividends on preferred stock
Provision for retirement reserve
$6,135,295 $6,773,823
1,896,907
2,093,155
915,595
925.920
$3,116,219 $3,961,321
Balance
-Last complete annual report in Financial Chronicle Apr. 19 '30, P. 2761
IN
Alabama Water Service Co.
(And Subsidiaries.)
12 MM. End. March 31
Operating revenues
Operating expenses
Maintenance
General taxes
1931.
$854,148
320,841
34,168
87.037
1030.
$859.354
332,029
33,705
86,918
Net earnings from operation
Other income
$412,102
3,987
$406,701
2.046
Gross corporate income
Interest on funded debt
Miscellaneous interest charges
Res. for retirements, replacements & Fed. income
tax & miscellaneous deductions
$416,089
203,373
1,978
$408,748
194,615
2.690
67.947
61,397
$150,045
$142,791
Net income
41,014
40,461
Dividends on preferred stock
Financial Chronicle April 11 '31, op. 2757
12EPLast complete annual report in
Armstrong Cork Cr).
1931.
1930.
4 Months Ended April 30-$472,388
$384,966
Net income after deprec.,&moles., bond int., dm._
KW'Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1804
Issue of Chronicle
When Published Page
Nemo of CompanySouthern Canada Power Co., Ltd __ _May 16..3701
Southern Cities Public Utility rCo....Nlity 30..4057
May 30..4043
Southern Natural Gas Corp
May 30_4046
Southern Pacific ,Co
May 23..3874
Southern Pacific Lines
Southern Pacific SS. Lines
May 30..4046
Southern Ry
May 30._4046
May 30_ _4013
Southern Union Gas Co
May 16_ _2700
Southland Realty Co
May 30_ _4043
Spicer Mfg Corp
May 16_.3734
Standard Cap & Seal Corp
May 30..4078
Standard Dredging Co
May 30..4078
Standard Gas Equipment Co
Standard Motor Construction Co..
.May 30..4079
May 16_3704
Standard Oil Co.(Indiana)
Standard Oil Co. of New Jersey
May 16..3703
Standard Oil Export Corp
May 30..4079
(The) Starrett Corp
May 23._3872
Staten Island Rapid Transit
May 30..4046
Stern Brothers
May 23._3903
May 16..3735
(S. W.) Straus & Co.. Inc
Stromberg-Carison Telep. mtg. Co Nfay 30..4079
Struthers Wells-Titusville Corp
May 23__3903
May 30_ _4079
(B. F.) Sturtevant Co
May 23_ _3872
Stutz Motor Car Co
May 30..4079
Submarine Signal Co
May 23._3903
Sullivan Machinery Co
May 30..4079
Sundstrand Machine Tool Co
May 23-3903
Superheater Co
May 23..3904
Superior Steel Corp
May 23..3904
Swedish Ball Bearing Co
Syracuse Washing Machine Corp.._.81ay 30..4079
May 23..3904
Taggart Corp
May 30..4043
Tampa Electric Co
May 16_3701
Telautograph Corp
May 30_4046
Tennessee Central
May 30..4043
Tennessee Electric Power Co
May 30-4046
Timm. fly. Assn. of St. Louis
May 30..4045
Texarkana 41c: Ft. Smith
May 23...3872
Texas Pacific Coal & Oil Co
May 23..3904
Texas Pacific Land Trust
May 23..3872
Texas Power & Light Co
May 30..4047
Texas & Pacific Ry
May 23..3872
Texas Public Service Co
May 30..4043
Third Ave Ry System
May 23..3872
Thompson Products Inc
May 23_3872
Tide Water Associated Oil Co
May 23..3872
Tide Water Oil Co
May 30..4043
Tide Water Power Co
May 30..4080
Tip Top Tailors, Ltd
May 30..4080
Todd Shipyards Corp
May 30..4080
Tonopah Alining Co. of Nevada
May 30..4080
Irrhm Products
Triplex Safety Glass Co of No Am Inc May 23_3904
May 30..4043
Twin City Rapid Transit Co
May 30..4044
l'imin States Gas & Electric Co
May 30..4046
Ulster & Delaware
May 30..4046
Union Pacific
May 23..3874
Union Pacific System
May 30..4046
Union FUR. (Penn.)
May 30..4044
Union Water Service Co
:
1
A
United Business Publishers Inc._ _ _NM /1 1::1
Electric Coal Co.
United
May 30_4044
United Gas, Corp
May 30..4044
United /I4a. 8c Elec. Co. of Bait
United States Diary Products Corp_May 23..3905
May 16..3715
United Securities, Ltd
United Steel Works Corp.(Germany)May 16_3735
May 30..4044
Universal Pipe & Radiator Co
May 23_3905
Utah-Idaho Sugar Co
May 30..4081
Co
Utah Metal & Tunnel
May 30..4047
Virginian
may 23..3872
Public Service Co
Virginia
May 30..4047
Wabash
May 23--3872
Vrahmorth Co
May 23..3872
Pictures Inc
Warner Brothers
May 30-4044
Webster Eisenlohr Inc
May 30..4047
Western Maryland Fly
May 30_4044
Western New York Water Co
May 16-.3708
Western Pacific RR. Co
May 16..3708
FUR. Corp
Western Pacific
Weston Electrical Instrument Corp_May 30_4044
May 30..4044
West Virginia Water Service Co
May 31..4046
Wheeling 45c :Lake Erie
May
White Rock Mineral Springs Co
0 -4
3 .9
May 23: 30:t
(Wm.) Whiteley. Ltd
May 30..4081
VVhittall Can Co, Ltd
may 23..3872
F) Wilcox Oil & Gas Co
(4
May 30_ _4081
Wilson Line, Inc
May 30..4081
Winn & Lovett Grocery Co
Southbound Ry. Co_May 16..3711
Winston•Salem
May 30..4044
Wright Aeronautical Corp
May 30-.4044
York Railways Co
May 23_3906
Yukon Gold Co
Associated Oil Co.1 1140M
fr.'"......4WpirIPI.••••••1 gq1
(And Subsidiaries.)
1928.
1929.
1930.
Quar. End. March 31- 1931. $12,156,312y515,578,4121517,213.135
Grow revenue
$10,374,917
8,079,984 13,046,163 13,858,208
x Total oper. expenses.. 7,359.862
Operating income__ -- $3,015,055 $4,076,328 $2,532,249 $3,254,927
175,183
102,705
104,241
Other income
121,826
Total income
$3,136,881 $4,180,569 $2,707,434 $3.457,632
276,640
317,895
236,865
Interest, discount, dm
197.867
1,316,910
1,226,253
1,276,057
Depreciation and deplet. 1,234,257
196.334
31,082
97,525
Estimated Federal tax_
Cancelled leases devol'p.
See
830,102
635,012
expenses, &c
Net income
Dividends
$1,069,245 $1,740,020 $1,082,802 $1,717,149
1,145,206
1,145,206
1,145,206
1,145.206
Balance surplus
Previous surplus
Surp. adj. prey. year
Appropriation surplus
def$75,961
36,420.266
$594,814 def$62,404
34,710.825 30,534,317
Dr40 891
2,233.037 Dr2,059,154 Dr1.715,010
$571,943
27,599,828
Dr40.232
Profit anti loss,surplus$34 111 268 $23.205,594 $28.756,903 $28,131,540
Earns, per sh. on 2,290.- '
412 she. cap.stock (par
$0.73
$0.47
$0.76
$25)
$0.47
x Including repairs, maintenance, administration, insurance and other
charges. y Includes cancelled leases development expenses on both productive and unproductive acreage, 'abandoned wells anti retirement of
physical properties.
arLast complete annual report in Financial Chronicle Mar. 7 '31, P. 1791
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of March- -3 Mop. End.11far. 311930.
1931.
1930.
1931.
Operating revenues
$2,329,338 $2,695,141 $7,106,908 $8,474,511
..gwasi
Net revenue from opera1,411.128
684.706
t ons (incl. deprec n)_
378,612
221.269
1.663,450
994.147
458,685
Gross income
325,614
626,934
583.754
202.042
Interest, rents and taxes
191,905
5410,393 51.036,515
Net income
5256.642
$133.708
Last complete annual report in Financial Chronicle May 16 '31, p. 3716
riff'
MAY 30 10311
FINANCIAL CHRONICLE
4039
Associated Gas & Electric Co. System.
Brunswick Terminal & Railway Securities Co.
(Consolidated Statement of Earnings and Expenses of Properties)
(1) Since Dates of Acquisition (Actual)
Increase
12 Mos.End. April 30- 1931.
1930.
Amount.
5i
Gross earn.& other inc-3111,656,891 3103846.695 $7,810,196
as
Oper. exp., maint., all
taxes, &c- --- 57,644,862 51,774,020 5,870,842
11
Prov. for retire, oIfixea
capital,&c
7,048,708 5,165,649 1,883.059
36
Quarter Ended March 311931.
1930.
Net loss after expenses and taxes
$11,236 prof.$14,543
Earns. per sh.on 131,951 shs.cap.stock (no par)_ _
Nil
$0.11
l("Last complete annual report in Financial Chronicle Mar. 21'31, p.2202
Netearnings
$46,963,321,7$46,907,026
$56.295
(2) Disregarding Dates of Acquisition (EarningPower)
.
Gross earn.& other inc13111,806,926 $111381,805
$425,121
Oper. exp., maint., all
taxes, drc
57,791,280 57.242,489
548,791
Frey. for retire, of fixed
capital,&c
7,078,678 5,578,429 1,500,249
.1
.4
Central Maine Power Co.
Period End, Mar.31- 1931-3 Mos.-1930. 1931-12 Mos. 1930.
31.891,263 31.706.836 37,466.433 36,668,581
Gross earnings
1.017,081
826,266 3,678.875
Available for int., &c
3,130.425
777,106
567,103 2,765.962 2,158,973
Net for retire. & dlvs,.
gives effect to credit to
Note.
-12 month period ended March 31 1930
operating expenses of $102,812 on account of purchased power charged to
reserves heretofore provided for this purpose.
1
27
Net earnings
$46,936,968 848,560.887-31,623,919
-3
Of"Last complete annual report in Financial Chronicle May 3 '30, p. 3186
Barnet Leather Co., Inc.
Quar. End. Mar, 31- 1931.
1930.
1929.
1928.
Netloss after deduc.chgs,
for maint. & repairs to
plants & est. taxes_ _ _ _3 54,648
$69,782
$171,860
$144,306
IZPLast complete annual report in Financial Chronicle May 7 '81, p. 1805
Bendix Aviation Corp.
(And Subsidiaries).
Earnings for Quarter Ended March 31 1931.
Net earnings after taxes dr all other charges (estimated)
x$798,000
xof this amount $221,000 represents non-recurring earnings.
For the month of April earnings after taxes and all other charges were
$352,000.
tarLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2588.
Central States Edison Co.
(And Subsidiaries)
12 Months Ended April 30Gross earnings
Net earnings after operating expenses
1931.
$562,137
249.097
1930.
$554,452
262,164
Cherry-Burrell Corp.
(And Subsidiaries)
x1931.
1930.
6 Months Ended April 30-$173.058
$75,548
Net profit after charges and taxes
Nil
$0.71
Earns, per sh. on 138,176 sim. corn. stk.(no par)_ _
x Excludes earnings from Box Board Mills Corp. sold during period to
consideration of 32.076 shares common
Central Fibre Products Corp. for
and 5,625 shares pref. stock of Central Fibre.
Chester Water Service Co.
12 Months Ended March 31
Operating revenues
Operating expenses
Maintenance
General taxes
1931.
3569,299
140,297
22,113
17,666
1930.
3568,869
134,807
24,523
13,438
Net earnings from operation
$389,224
3396,101
Birmingham Electric Co.
12,509
3.244
Other income
(National Power & Light Co.. Subs.)
-Month of March- -12 Mos.End. Mar.31.
$399,345
Gross corporate income
$401,733
1931.
1931.
1930.
1930.
144,220
135,893
Gross earns, from oper.- $634,067
$719,997 $7.950,165 $8.884,269 Interest on funded debt replacements & Federal
Oper. exp. & taxes
492,963 5.514,867 5.899,534 Reserve for retirements,
440.650
53,168
42,612
income tax and miscellaneous deductions
Net earns, from oper- $193,417
$227,034 32.435.298 32,984.735
$204,345
$220,840
Net income
Other income
35,508
27.464
369,561
437.579 Dividends on preferred stock
66,000
66.002
Total income
larLast complete annual report in Financial Chronicle April 11 '31, p.2759
$220,881
$262,542 $2.804,859 $3,422,314
Interest on bonds
66,514
76,646
890.501
923,795
Other int. & deducts19,634
4,717
119,494
57.232
Citizens Water Service Co.
1931.
1930.
Balance
3181,179 31,794.864 $2,441,287
3134.733
12 Months Ended March 31Divs. on pref.stock
$38.508
$39,264
413,158
411,778 Operating revenues
10,921
11.739
Operating expenses
Balance
1,287
1,109
$1,381,706 $2,029,509 Maintenance
1,069
1,243
General taxes
rarLast complete annual report in Financial Chronicle April 12'30, p.
2578
$25,345
825.058
Net earningsfrom operation
10,840
11,007
Interest on funded debt
Reserved for retirements, replacements & Federal
(And Subsidiary Companies)
3,537
3.301
income tax dr miscellaneous deductions
-Month of April- -12 Mos. End. Apr. 30811,037
$10.680
Net income
1931.
1930.
1931.
6,000
1930.
6,000
Dividends on preferred stock
Gross earnings
$544,893
$537,277 $6,347,657 $6,586,919
arLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2759
Operation
255.006
267,230 2.964,248 3.147,177
Maintenance
22,117
18,640
242,431
281,546
Taxes
37,901
39,035
Columbus, Delaware & Marion Electirc Co.
438,607
433,795
1931-12 Mos.-1930.
Period End. Mar.31- 1931-3 Mos.-1930.
Net operating revenue 3229,868
$212,370 $2.702,369 $2,724,400
3366,260 $1,370,852 31.447.505
$330,995
Deductions*
105,500
105.500 Gross earnings
160,445
542,219
629,780
Net earnings
135,400
83,004
227,703
337,996
53,949
Balance
$2,596,869 $2,618,900 Net income before deprec
Interest and amortization
524,165
559,971
The Commonwealth & Southern Corp.
Balance
$2,072,704 $2,058,928
(And Subsidiary Co..)
*Interest charges on bonds and dividends on outstanding pref. stock of
-Month of April- -12 Mos. End. Apr.30.
The Pawtucket Gas Co. of New Jersey.
1930.
1931.
1930.
1931.
"Last complete annual report in Financial Chronicle Mar. 14 '31, p. 1988 Gross earnings
311,192,548 312,174,074 3137444,281 3147383,425
Oper. exp., incl. taxes &
5,258.033 6,080,565 66.153,066 72.039,399
maintenance
Boston Elevated Ry.
$5,934,515 $6,093,509 $71,291,214 $75,344,026
Gross income
-Month of A ril35,011,564 35,245,527
Fixed charges (see note).
ReceiptsFrom fares
,
$2,533159 $2,7a986
336,279.650 840,098,499
Net income
From oper. of special cars, mail pouch service &
8,696,341 7,010,220
service cars
*Divs.on pref.stocks
1,824
2,111
9.572,796 8,961.041
From advertising in cars, on transfers, privileges at
Provision for retire. resstations, &c
64,797
$18,010,512 $24,127,236
65.497
Bsaance
From other ry.cos.for their use of tracks & fedi__ 4,891
3,877
Note -Including interest, amortization of debt discount and expense.
From rent of buildings and other property
6,243
5,857 and earnings accruing on stock of subsidiaries not owned by The CommonFrom sale of power and other revenue
5,272
2,752 wealth & Southern Corp.
* Includes dividends on preferred stock of The Commonwealth & Southern
Total receipts from direct oper. of the road
32,616,188 $2,813,083
Corp. from dates of issue, and prior thereto dividends on preferred stocks
Int.on deposits,income from securities,&c
13,562
18,001 of subsidiary holding companies which were eliminated by merger pursuant
Total receipts
$2,629,750 $2,831,084 to plan dated Jan. 7 1230.
-Lost complete annual report in Financial Chronicle June 28'20, p. 4605
Cost of Service
tai
Maintaining track,line equipment and buildings
$216,958
$233,189
334.570
Maintaining cars,shop equipment, &c
366,618
Consumers Power Co.
Power
158,610
189.078
Transp. expenses (incl. wages of car service men)_ _
834,337
(The Commonwealth 41: Southern Corp. System)
908,963
Salaries and expenses of general officers
7,635
--Month of April
--12 Mos. End Apr.30-7,544
Law expenses,injuries and damages,and insurance
105,539
1931.
1930.
1930.
1931.
111,875
Other general operating expenses
111,887
$2,678,042 $2,832,872 $32,032,565 333,329,532
117.127 Gross earnings
Federal, State and municipal tax accruals
139,637
139,186 ()per. expe., incl. taxes
Rent for leased roads
260,332
1.171.785 1,342,764 14.011,062 16,069,549
and maintenance
261,024
Subway, tunnel & rapid transit line rentals to be
31,506,257 81.490,107 $18,021,502 217,262,963
Gross income
paid to the city of Boston
198,335
197,816 Fixed charges
3,392,442 2.953.981
Cambridge subway rental to be paid to the Com214,622,069 $14,306,001
monwealth of Massachusetts
Net income
32,656
32.710
3,949.152 3,787,496
Interest on bonds and notes
204,182
205,197 Dividends on preferred stock
2,781.333 2.452.500
Miscellaneous items
5,792
6.468 Provision for retirement reserve
87.898,574 38,066.004
Ikilance
Total cost ofservice
$2,610,477 $2,776,802
tg"Last complete annual report in Financial Chronicle June 14'30, p. 4235
Excess of receipts over cost of service
19,273
54,282
IZ"Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1404
Blackstone Valley Gas & Electric Co.
Crown Cork & Seal Co,. Inc.
(And Subsidiaries).
Earnings for 3 Months Ended March 31 1931.
California Water Service Co.
12 Mos. End. March 31Operating revenues
Operating expenses
Maintenance
General taxes
32.7(1;225 $23 1 :489
1
1 33
4
791,917
830,697
17aiN
5
12423
Net earnings from operation
Other income
$1.135,314 81,069,647
21.451
13,876
Gross corporate income
31.156.766 31,083,523
Interest on funded debt
425,991
363,896
Miscellaneous interest charges
6.149
Res. for retirements, replacements & Fed, income
tax & miscellaneous deductions
179.173
151,508
Net income
$551.602
$561.970
Dividends on preferred stock
161.358
148,361
Interest on 6% notes
40,427
40.427
t2e"Last complete annual report in Financial Chronicle April 11 '31, p.2158
Net sales
Cost of sales
Depreciation charged to operations
Selling and delivery expense
,
Administrative and general expense
Other ordinary income (net)
Interest and bonds discount
Allowance for Federal income taxes
Net profits
Capital surplus Jan. 1
Earned surplus Jan. 1
Total surplus
Preferred dividends paid
Common dividends paid
$1,854,627
1,123,228
113,668
251.668
172.331
Cr.4,466
74.418
16,000
3108,779
302,986
3,321,840
3,430,620
97,430
177,821
Earned surplus, end of period
23,155 368
Earnings per share on 302,116 shares common stock
$6.03
larLast complete annual report in Financial Chronicle April 18'31, p.2972
4040
[vol.. 132.
FINANCIAL CHRONICLE
Cumberland County Power & Light Co.
Federal Water Service Corp.
Period End, Mar. 31- 1931-3 Mos.-1930, 1931-12 Mos.-1930.Gross earnings
$1,269,302 $1,204,867 $4,883,083 $4,787,017
2,107.907
2,186.611
Available for Interest,&c
547.191
546,954
1,237,068
1,269.101
Netfor retirement & divs
316,511
311,096
arLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2530
(And Subsidiaries.)
1931.
12 Mos. End.March 311930.
$16,612,814 $15,964,831
Operating revenues
5,012,759
4,733.066
Operating expenses
865,120
731,873
Maintenance
647,819
836,526
Reserved for retirements & replacements
1,028,046
1,195,727
General taxes
Curtiss Aeroplane & Motor Co., Inc.
(Controlled by Curtiss-Wright Corp.).
1931.
Quarter Ended March 31$46,515
Net loss after charges and taxes
1930.
$61,449
Curtiss-Wright Corp.
(And Subsidiaries)
1930.
1931.
Quarter Ended March 3151,088,124 $1,620,920
Net loss after deprec. int., & other charges
'31, p. 3347
VEPEast complete annual report in Financial Chronicle May 2
Derby Oil & Refining Corp.
(Earnings of Derby Oil Co. and its Subsidiary.)
1930.
1931.
Quarter Ended March 31Net profit after charges, deprec. deplet. & invent.
$1,808 loss$38,968
adjustments
10 Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1625
Net earnings
Other income
$8,835.929 $8.690.759
542,443
620.570
Gross corporate income
Charges of subsidiary cos.:
Interest on funded debt
Amort. of debt disc.. miscell. int.. &c
Dividends on preferred stock
Charges of Federal Water Service Corp.:
Interest on debentures
Miscall, Int. & other charges
Provision for Federal income tax
59,456.499 $9.233,203
384,061
23,924
359.066
4.019,741
71,706
1.174,813e
298,043
52.294
295,437
52.787,273 83.321.170
Balance
990.372
982,318
Divs. on pref. stk. of Federal Water Service Corp_
31.804,955 52,330.797
Balance
$3.22
$4.28
Earns,on which class A stock has first lien-per sh.
$2.62
$3.16
Distributable to class A stock-per share
Chronicle Mar. 21 '31, p. 2187
,
10'1 ast complete annual report in Financial
Eastern Massachusetts Street Ry.
-Month of April- -4 Mos.End. Apr.301930.
1931.
1930.
1931.
$651.637 $2,643,627 52,806.526
Ry. oper. revenues
$617,706
1,734,076
1,717,344
418,237
414,536
Railway oper. expenses_
4,542,481
110,511
1,249.183
Gatineau Power Co.
Period End. Mar. 31- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
Gross rev.(incl, oth.inc.) $1,954,417 51.857.810 $7,887,822 $6.481.937
6.916,633
5.635,987
1,638.470
Net before int. & deprec- 1,736,202
2,783,531
3.132,083
784,269
780.525
Int. on 1st mtge. bonds..
288.487
1,144,715
1,161.276
284,198
Interest on debentures__
559,163
162,396
579.090
172,829
Other int. 3: amortiz ____
667,483
443,555
134.278
179,030
Depreciation
Balance
Taxes
$203,169
20,180
$233,399
28,047
$926,283 $1,072.449
125,479
96,676
Balance
Other income
$182.989
11,713
$205,353
10.877
$829,607
42,259
$946,971
39,666
Gross corp. income_ _ _
Int. on funded debt,
rents, 3.:c
$194,703
$216,229
$871,867
$986,637
General Motors Corporation.
79.436
80,502
321,546
323,412
$115,266
105,360
$135,727
88,676
$550,320
442.227
$663,225
399,058
Condensed Consolidated Income Account Three Months Ended March 31.
1929.
1930.
1928.
1931.
Sales of car and truck units:
Retail sales by dealers to users
351,079
286,690
423,013
231,881
-United States
Sales to dealers incl. Canada
492,234
523,119
368,635
304,547
and foreign
3
$
$
$
218,246,772 289,554,453 385,129,900 358,967,794
Net sales-value
Profit from over, & investments,
after all exp. Incident thereto,
but before deprec. of real estate
47,683,764 65,848,729 83,502,269 94,036,916
plants and equipment
Provision for deprec. of real est.,
9,517,582 9,457,910 8,344,011 7,245,420
plants and equipment
Avail, for deprec., diva.
&c
Eeprec. & equal
Net inc. carried to
$264,167
$108,094
$47,051
profit & loss
$9,907
10 Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1795
Eastern Shore Public Service Co.
Period End, Mar. 31- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
$402.887 $1,912,999 $1,778,483
Gross earnings
$417.559
779.348
719,353
160,097
Net earnings
181.984
392,401
426.149
83,722
Net income before deprec
80,248
ta"Last complete annual report in Financial Chronicle May 17 '30, p. 3537
Eastern Utilities Associates.
Gross earnings
peration
alntenance
Taxes
g
(And Constituent Companies)
-Month of April- -12 Mos. End. Apr. 301931.
1930.
1930.
1931.
$764.950 $9,164,562 $9,382,698
$783,421
4,388,775
4.154.364
365.767
362.212
415,350
353,681
27,635
30,913
855,253
73,063
796,658
73.392
Net operating revenue
Inc. from other sources_
Balance to surplus _ -
$319,620
$269,040 $1,393,262
$688.462
Net prof.from over,& Invest*ts 38,166,171 66,390,819 75,158,258 86,791,496
1.617,064
670,906
579,333
Non-operating profit (net)
Net profit
38,745,504 57,061,725 76,775,322 86,791,496
-Less
Payment to Gen. Motors Manage1,595,000
ment Corp
2,725,201
Employees' savings & inv.fund
Special payment to employees un55,266
der stock subscription plan
3,841,000
Federal & foreign income taxes
3,250,000 75,206,000 76,257,000
3,290,966 3.309,808 2,579,417
69,562
5,471,000
58,930
72,000
7,870,000 10,329,000
$298,483 $3,801,262 $3,781,913
20,650
8.270
71,624
30,529,037 44,980,197 60,317,514 57,567,149
Net income
General Motors Corp. proportion
30,529,037 44,980,197 59,807,011 67,207.384
of net income
$226,859 $3,821.913 $33,790,184
Balance
$249,860
Dintdetuls824.641
871,862 S5 preferred dividends
Interest and amortization
2,343,569
32,523
35,198
29,275
Debenture dIv. at rate 01 6%---.
$2,997,272 $2,918,321 7% pref, stock dividends
2,372,192 2,296,209 2,290,254
Balance
127.152 Pref. divs. at rate of 6%
127.152
23,038
25,467
21,157
Dividends on pref.stock of constituent companies
$2,870,120 $2,791,169
2,343.569 2,422,624 2,351,770 2,350,919
Balance
Total dividends
Amount applicable to common stock of constituAmount earned on cons, stock*„ 28,185,468 42,557,573 57,455,241 64.856,465
100,894 *Incl. Gen. Mot. Corp. equity in
96,276
ent companies in hands of public
the undivided profits or losses
Balance applicable to reserves and Eastern
of cos. below (a), the amount
$2,773,843 $2,690.680
Utilities Associates
earned on common stock is__- 26,655,840 42,545,963 59,559,217 67,117,657
$1.37
$0.98
$3.86
$0.61
arLast complete annual report in Financial Chronicle Mar. 14 '31, p. 1989 Earned per share on common
x Including the General Motors Corp.'s equity In the unidivided profit...4 or the
losses of Yellow Truck & Coach Mfg. Co., Ethyl Gasoline Corp., Vauxhall Motors.
Fairchild Aviation Corp.
Ltd., Adam Opel A. G.(1930 and 1931), Bendix Aviation Corp. (1930 and 1931).
(And Subsidiaries)
General Aviation Corp. successor to Fokker Aircraft of America (1930 and 1931).
General Motors Radio Corp., (1930 and 1931) and Kinetic Chemicals, Inc. (since
Earningsfor Three Months Ended March 31 1931.
$230,019 Jan. 1 1931) and General Motors Acceptance Corp. and General Exchange Maur.
Gross sales and earnings
113.315 Corp. (in 1929 and 1928 only; income for 1930 and 1931, is consolidated).
Cost of sales
72,864
Surplus Account.
Sales and administration expenses
1929.
1930.
1928.
1931.
$43,840
$
$
$
Operating profit
$
2,221 Surplus at beginning of period.,...344,265,275 380,560,273 285,458,596 187,819,083
Other income
Amount earned on common stock
$46,061
28,185,470 42,557,573 57,455,241 64,856,465
Total income
as per income account
35,736 Capital surplus arising through exOther deductions
Cr.702
Port. of sub.'s loss applic. to minority interest
change of 6% deb. & 6% pref.
Cr9,000
Cr23,325
Cr8,085
stock for 7% stock
$11.027 Capital surplus transferred to reNet profit
$0.05
Dr23,325
Earnings per share on 213,296 shares capital stock (no par)
Dr8,085
serve for sundry contingencies_
$316,903
67,042
Fall River Gas Works Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of April--12 Mm.End. Apr.301931.
1930.
1930.
1931.
$89,927 $1,012,948 $1,035.109
$84,884
521.327
500,583
44.082
38,640
62,574
71,861
4,743
5.268
141,597
163,201
13,097
14,398
$28,003
Balance
Interest charges
Balance
•Interest on funds for construction purposes.
$277.302
656
$309,610
141
$277,958
24,418
$26,577
Net operating revenue
Incomefrom other sources*
$309,752
26.371
$253,539
$283,380
372,450,745 423,126,846 342,913,836 252,675,548
Total
Less-Cash dive. paid on com.stk. 32.625,000 32,625,000 32,625,004 21,750,000
$0.75
$0.75
$0.76
$1.25
do per share
339,825,745 390,501,846 310,288.832 230,925,548
Surplus at end of period
P
IZ 'Last complete annual report in Financial Chronicle April 25 1931, p. 3136 and
April 4 1931. p. 2570.
Georgia Power Co.
(And Subsidiary Companies)
-Month of April- -12 Mos.End.Apr.3°1930.
1931.
1931.
1930.
$2,141,260 $2,197,135 $25,954,721 $26,762,077
Gross earnings
exps., incl. taxes
Oper.
1,079,697 13.035,298 12,636,145
1,024,724
and maintenance
Gross income
$1.116,535 $1,117.437 $12,919,422 $14,125,931
4,809,867
4,415,742
Fixed charges
(And Subsidiaries.)
$8,109,554 $9,710,188
Net income
1931-12 Mos.-1930.
Mar.31- 1931-3 Mos.-1930.
Period End.
3,329,397
2,967,724
$761,476 $2,574,724 $2,449.106 Dividends on first preferred stock
$770,155
Gross operat. revenues__
1.268,134
1,327,485
1,178,171 Provision for retirement reserve
1.303,154
446,234
435,062
Available for interest. &c
495.000
495.000
123,750
123,750
Int. on long term debt__
$3,452,671 $5,474,330
Balance
287,518
388,768
99,362
99,363
Other deductions
Note.
-Operations of Columbus Electric & Power Co. acquired as of
$395.653 May 1 1930 are included for all periods.
$419,386
$223,123
$211,950
Net for retire. & divs_
M'Last complete annual report in Financial Chronicle Apr. 19 '31, p. 2769
UrLast complete annual report in Financial Chronicle May 30 '31, p. 4053
Florida Power Corp.
Foote-Burt Co.
Georgia Power & Light Co.
1930.
1931.
Quarter Ended March 31$67,355 prof$57,549
Net loss after charges and taxes
Nil
$0.59
Earns. per sh.00 97.457 shs, corn. stk. (no par)
VOirDast complete annual report in Financial Chronicle Apr. 11 '31, p. 2778
Period End. Mar. 31- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
$242,446 $1,114,536 $1,116,796
Gross earnings
$227.562
383.084
321.527
67,954
77,507
Net earnings
182,662
21,010
140.885
23.728
Net income before deprec
4041
FINANCIAL CHRONICLE
MAY 30 1931.]
Illinois Water Service Co.
Glidden Co., Cleveland.
6 Mos.End. Apr.30-Operating income
Other income
1931.
$454,311
73.035
Total
Federal taxes
Interest
Res. for depreciation
$527,346 $1,028,790 $1,763,470 $1,119,729
5,400
171,900
64.400
91,500
188,392
91,447
152,697
139,386
293,698
326,675
208,110
181,303
1930.
1929.
1928.
$999,386 $1,741,748 31.105.126
29,404
21,722
14,603
Net profit
$39,856
$485,018 $1.292,013
$707,540
She. corn. stk. outst d g_
695,226
695,068
400.000
597,753
Earnings per share
Nil
$0.30
$1.75
$1.14
rWLast complete annual report in Financial Chronicle Jan. 3 31, P. 137
'
Greif Bros. Cooperage Corp.
(And Subsidiaries)
Six Months Ended April 301931.
Mfg. profit after deduc. for materials
used, labor, mfg. exp. & dep e____ $390,468
Depreciation
101,374
Selling, gen. & administrative expense
195,671
Other deductions (net)
44,684
Provision for est. Federal taxes
5.000
1930.
1929.
$486,222
98.227
248,397
20,680
12.000
$612,146
90,729
238,636
49,938
24,000
Net profit
Previous surplus
$43,737
695,228
$106,916
801,507
$208,841
585,597
$738,965
51,200
$908,423
102.400
$794,438
102,400
Total surplus
Divs. paid on class A common stock
Balance April 30
$687,765
$806,023
$692,038
lO"Last complete annual report in Financial Chronicle Jan. 3 '31, p. 137
Haverhill Gas Light Co.
-Month of April--12Mos.End.Apr.301930.
1931.
1931.
1930.
$60,788
$54,476
$724,462
$749,182
36,382
35,565
435,783
468.523
1,240
2,505
30.151
22,682
6.996
7,329
80.137
76,377
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest charges
$9.075
$16,169
$181,597
5.177
$172,840
Balance
$178,389
5.548
$176,419
Honolulu Rapid Transit Co., Ltd.
-Month of April--4 Mos.End. April 301931.
1930.
1931.
1930.
$83,280
$85,064
$330,835
$344,390
51,294
46,271
201,983
206,351
Gross rev.from transp__
Operating expenses
Net rev, from transp_
Rev, other than transp_
$31,986
964
$38,793
950
$128,851
4,087
$138,039
4,324
Net rev,from oper___
Taxes assign. to ry.oper.
Interest
Depreciation
Profit and loss
Replacements
$32,950
7,744
339.743
8,819
550
10,561
1,517
$132,939
33,484
$142,363
35,277
2,200
43,813
2,356
26
10,456
41,827
Total deduct,from rev. $18,201
$21,448
$75,312
$83,674
Netrevenue
14,748
18,295
57,627
58,688
larLastcomplete annual report in Financial Chronicle Mar. 14 '31, p. 1990
Houston Lighting & Power Co.
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1931.
$671,724
262.259
42,255
49.618
1930.
$643.131
251,299
37.012
45,755
Net earnings from operation
Other income
$317,591
963
$309,065
687
Gross corporate income
Interest on funded debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
$318,554
151.867
4.241
$309.752
131,568
32.493
20,041
$158,144
$129,954
Net income
53.400
53.400
Dividends on preferred stock
IG"Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2761
Keystone Public Service Co.
Period End. Mar. 31- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
$399.328 $1,494,329 $1,544,932
$383,389
Gross earnings
873,658
826.813
233.998
229,403
Net earnings
685.262
635,060
179.302
170,169
Net income before deprec
Financial Chronicle June 21'30, p. 4417
IO'Last complete annual report in
Libby-Owens-Ford Glass Co.
1931-6 Mos.-1930.
Period End. Mar.31- 1931-3 Mos.-1930.
Net loss after depr., &c_x$188,072 prof.$716,773 $789,991 prof.31,299,519
Earns, per sh. On 1.775,$0.73
Nil
$0.40
(no par) Nil
252 shs.cap.stk.
Net profits for month of March were $81,028 as compared with losses
and $80,822 in Feb.
of $188,279 in Jan.
3371
ita"Last complete annual report in Financial Chronicle Dec. 13 '30, p.
Memphis Power & Light Co.
(National Power & Light Co. Subs.)
-Month of March- -12 Mos. End. Mar. 31.
1930.
1931.
1930.
1931.
$581,227 $6.917,098 $6,497,493
from oper_ _ $629,721
Gross earns,
3,912.189
4,095,559
355,663
376,853
Oper. exp. & taxes
Net earns, from oper_
Other income
$252,868
15,986
$225,564 $2,821,539 $2,585.304
290,233
224.587
49.822
Total income
Interest on bonds
Other int. & deducts......
5268.854
61,448
9,664
3275.386 83.046,126 32,875,537
652.889
75:3,909
63.285
120,795
80,474
3.506
Balance
Divs, on pref.stock
$197,742
$208,595 32.211,743 52,101,853
303,981
369,992
$1,841,751 $1,797,872
Balance
April 19 '30, p. 2769
r "Last complete annual report in Financial Chronicle
Metro-Goldwyn Pictures Corp'.
.- Mar.13'31. Mar. 14'30. Mar. 10'29. Mar. 11 '28.
Results 28 Wks.End
$7,004,382 $9,163,203 $5,935,809 $6,307,096
Gross profit
3,592,308
3.354.824
3.654,031
3,441.581
Operating expenses
$5,509,172 $2,580,985 $2,714,788
$3,562,801
Operating profit
318.050
460.041
567,150
454,743
Miscellaneous income..
Net profit before inx$4,017,544 $6,076,322 $3,041,026 $3.032.838
come taxes
x Before deducting Federal taxes of $482.105.
annual report in Financial Chronicle Dec. 20 '30, p. 4063
ta"Last complete
(National Power & Light Co. Subs.)
Michigan Electric Power Co.
-Month of March- -12 Mos. End. Mar.31.
1931.
1930.
1931.
1930.
1931-12 Mos.-1930.
- 1931-3 Mos.-1930.
Gross earns,from oper
Period End. Mar.31
$675,774
$696,937 $8,750,666 $8,238,017
$833,881
3866,735
$203,028
$210,921
Oper. exp. & taxes
324,065
350,667
4.522,435
4,255,106 Gross oper. revenues......
268,522
329,515
74,415
94,146
Avail, for int., &c
95,399
95,672
23,579
23,971
Net earns, from oper- $351,709
$346,270 $4,228,231 33,982.911 Int, on long term debt_
24,397
24,249
5,592
9,919
Other income
Otherdeductions
3,253
6,980
49,299
36,065
$148.725
$209.593
$45,245
$60,256
Net for retire. & divs_
Total income
$354,962
$353,250 54.277,530 $4,018,976
3525
Interest on bonds
86,124
101,679
tO"Last complete annual report in Financial Chronicle May 9'31, p.
1,062,648
935,707
Other in & deducts_ _ _
8,627
7,837
84,183
121,153
Municipal Service Co.
Balance
$244,656
3259.289 33,130,699 52,962,116
Divs, on Prof. stock
(And Subsidiaries.)
330,000
283,833
Period End. Mar.31- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
Balance
32,800,699 $2,678,283 Gross earnings of subs__ $2,338,209 $2.474,324 $8,930,586A 39,343,094
Net for retire. S.; stock
owned by Municipal
International Hydro-Electirc System.
2,512,936
2,330,021
745,794
641,059
Service Co
(And Subsidiary Companies)
Other income of Munic.
3.442
606,571
1,056
601,806
Period End. Mar. 31- 1931-3 Mos.-1930.
Service Co
1931-12 Mos.-1930.
Gross rev, from opeens.$12,224,327 $12,054,159 $46,584,649 $45,356,889 Int. & other deductions
390.334
353,060
84,270
67.608
Other income
of Mimic. Service Co.
774,948
884,402
3,873,890
2,971,631
Net for retire. & stocks
2,126,043
2,583,533
662,580
Total gross revenue_ _312,999,275 $12,938,561 $50,458,539 $48,328,520
of Mimic. Service Co. 1,175,257
Oper. expenses & taxes__ 4,707,321
4,646,153 18,737,465 18,689,133
arLast complete annual report in Financial Chronicle May 31 '30, p. 3878
Maintenance
747,075
861,399 3,207,115 3,436,261
Depreciation
1,143,707
991,028 4.122,247
3,532,987
Int. on funded debt and
New England Public Service Co.
other interest
3,208,133
2,930,878 12,228,174 10,810,477
1931-12 Mos.-1930.
Period End. Mar.31- 1931-3 Mos.-1930. $23.399,316;.$22,211.227
Amortization of discount
213,307
157.172
736,557
529.141 Gross earnings of subs_ _ $5,915,111 $5,584,481
Reserves for income taxes
385,495
310,155
655,851
771,890 Net for retire. ,S; stock
Divs.on pref. and class A
owned by New Engl.
stocks of subsidiaries_ 1,558,154
1,546,459 6,221,758 6,109,017
Pub. Serv. Co. & net
Minority int. in earnings
inc. of New England
of subsidiaries
306,747
388,240
1,136,418
5,490,012 x4,847,339
1,245,882
1,504,995
1,439,989
Pub. Serv, Co.
other deduct. of
Bal. added to surplus_
$729,336 $1.107,077 $3,412,953 $2,944,618 Int. & England P. S. Co
119,659
121.337
25.143
31,554
New
Surplus-Beginning_ _ _ _ 18,097,948 13,338,449 14,058,539
Surplus-Paid in
124,173 12,360,000
Netfor retire. & stocks
Increase in surplus arisof New Engl.P. S. Co. $1,408,435 31,220,739 $5.368,675 $4,727.679
ing from acquisition of
x Giving effect to credit to operating expenses of $112,813 on account
bonds of subs, at less
of purchased power charged to reserves heretofore provided for this.purpose.
than the par value
ta"Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2387
thereof,and minor surplus adjustments
2,806,788
238
New York Water Service Corp.
$18,827,284 $14,445,526 $20,402,453 $15,304,856
Total surplus
(And Subsidiary.)
Divs. on stks. of Int.
1930.
1931.
12 Months Ended March 31
Hydro-El. System:
$2,786,841 $2,615,862
Operating revenues
Pref. stk., cony. $3.50
759,874
834,185
Operating expenses
series, divs. on stock
143,125
84,766
124,952
Maintenance
492,302
& int.on interim ctfs
247,683
218.646
415,137
386,987
Class A stock, divs__ _
1,622,957
1,246,317 General taxes
31,620,207 31,494,216
Net earnings from operation
Surplus, Mar.31 1931 $18,287,195 814,058,539 318,287,195 $14,058,539
66,699
b, 50,394
Other income
ra"Last complete annual report in Financial Chronicle April 18'31, p. 2965
31,686,907 $1,544,610
Gross corporate income
752,465
629,722
Interest on funded debt
Kansas Electric Power Co.
21,837
12.598
Interest on unfunded debt
Cr.17,510
Cr.9,499
Interest received from affil. cos
- 1931-3 Mos.-1930.
1931-12 3105.-1930.
Period End. Mar.31
$662,893
$684,559 32.715,717 82,785,859 Res. for retire., replace. Si Fed. inc. tax & nuscell.
revenue.. _ _ _
Gross opor.
252,816
116,254
263,412
deductions
252,810
1.004,500
Avail, for interest, &c_ _
1.074,201
80,000
80,000
320,000
Int. on long-term debt.. _
320,000
$677,299
Net income
$795.535
28,933
15,089
97.510
Other deductions
55,771
Dividends on preferred stock
258,616
248,040
5157,721
II:WLast complete annual report in Financial Chronicle April 4 '31, p. 2583
Net for retire. & divs. 3154,479
$586.991
3698.430
4042
FINANCIAL CHRONICLE
[VoL. 132.
(The) Nevada-California Electric Corp.
Ohio Edison Co.
(And Subsidiary Companies).
-Month of April- -12 Mos.End.A r.301930.
1931.
1931.
1930.
Gross operating earns._ $386,722
$391,514 $5.682,298 $5,737,551
238,848
Maintenance
217,803
19,996
17,520
424,402
Taxes(incl.Fed.inc.tax)
443,634
30,655
27,331
Other oper. & gen. exps_
2,102,420
2,082,788
145,903
117,979
(The Commonwealth & Southern Corp. System)
-Month of April-12 Mos. End. April 301931.
1930.
1931.
1930.
Gross earnings
$1,571,435 $1,636,887 $19,026,512 $19,480,177
Oper. exps., incl. taxes
and maintenance
616,139
664,601
7,351,649
8,182,108
Total oper. & gen.
exps. Rz taxes
Operating profits
Non-oper. earns. (net).
$190,754
195,967
4,033
$168.632 $2,744,225 $2,765,670
2,971,881
2,938,073
222,882
184,087
130.493
5,595
Total income
Interest
$200,000
129,802
$228,477 $3,068.566 $3,155,968
1,486,667
1,467,576
121,849
$70,197
54,293
Gross income
Fixed charges
$955,295
$106,627 $1,600,990 $1,669,301
630,129
709,879
47,065
Balance
Depreciation
Balance
Disc. & exp. on sec. sold
Misc. add. & deduc.
. (Net Cr.)
859,562
7,963
$15,904
8,643
Dr.821
2,142
$891,110 $1,039,171
96,651
98,188
117,983
Dr11,899
Surp. avail, for red, of
$781,022 $1,060,503
bonds, diva., &c
$50,777
$9,403
10 East complete annual report in Financial Chronicle Apr. 25 '31, p. 3147
-
New York Westchester and Boston Ry.
--Month of April- -4 Mos. End. Apr.301930.
1931.
1930.
1931.
$824,224
$711,997
$214,672
$186,708
463,478
503,705
116,322
118,472
By. oper. rev
By. oper. expenses
$972,286 $11,674,863 $11,298,069
3,372,821
4.146,354
Net income
Dividends on preferred stock
Provision for retirement reserve
$8,302,041 $7,151,714
1,909,689
1,917,907
1,203,979
1,109,727
Balance
$5,188,373 $4,124,080
Ohio Water Service Co.
12 Months Ended March 31Operating revenues
operating expenses
Maintenance
General taxes
1931.
$612,092
186,959
23,967
67,384
1930.
$615,189
163,000
28,612
62,892
Net earnings from operation
Other income
$333,783
22,669
$360,686
28,133
Gross corporate income
Interest on funded debt
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
$356,02
176,993
$388.818
164,753
47,572
43,675
Netincome
$131,886
$180,390
Dividends on preferred stock
$72,327
$69,273
IC'Last complete annual report in Financial Chronicle April 4 '31, p. 2584
Net oper. rev
Taxes
$68,236
23,360
$98,350
25,061
$208,292
92,940
$360.746
98,917
Operating income_ _ _
Non-oper. income
$44,876
1,804
$73,289
563
$115,352
8,218
$261,828
2,831
Gross income
Deductions
Rents
Bond, note, equip. tr.
ctant.(all int.on adv)
Other deductions
$46,680
$73,852
$123,570
$264,659
36,260
38,213
152,769
137.746
Jan. 1 '3110 Jan.1 '3010
Apr.20 31. Afar. 31 '30.
PeriodInterest, dividends and realized profits
$40,327
$189,878
Administrative and general expenses
10,029
33,782
Service, trustee, transfer, agent, registrar and
19,883
other fees
26,694
197,370
2,191
192.903
1,682
789,702
8,746
771,616
10,020
Net income for period
Dividends paid and accrued
$235,823
$232,799
$951,217
$919,383
Total deductions
$827,647
$654,723
Net deficit
$158,947
$189.142
arLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2388
-Month of April- -4 Mm.End. Apr. 30
1930.
1931.
1930.
Operating Revenues1931.
$4,500,432 $4,021,457
$934,430
$1,076,498
Electric
105,086
139,083
38,621
28,586
Railway
11,331
8,670
3,608
Motor 1:1118
2,132
Total oper. revenues $1,107,187
Operating Expenses
187,170
Electric
18,519
Railway
2,076
Motor bus
$976,659 $4,614,189 $4,171,873
Total oper. expenses
Retirement expense_ _ _ _
lUncollectible bills
Taxes
$207,766
48,819
$200,025
58,633
Total oper.rev. deduct
Operating income
Non-oper. income (net)_
$450,818
656,368
33,742
$411,638 $1,833,874 $1,870,474
2,301,398
2,780,314
565,021
115,179
137,032
28,155
Gross income
$690,111
Deduct.from Gross IncomeInt. on funded debt_ _ _ _
162,040
Int. on unfunded debt _ _
93,617
Int. charged to construction-Cr
408
Amortiz.of debt discount
6,809
and expense
Cr.949
Miscellaneous
$593,177 $2,917,347 $2,416,578
152,979
194,233
796,095
68,360
8,972
904,047
88,098
9,751
$873,428 $1,001,897
237,002
204,167
1,003
631,574
755,275
163,013
94,652
647,826
375,245
6,672
2,023
27,227
785
658.528
378,834
14,293
26,691
5,811
$266,362 $1,036,790 $1,069,866
Totalincome deduct $261,109
1,346,712
1,880,556
326,814
Bal.avail,for com.stk.
429,002
Earns. per At. on 742,241
$1.81
$2.53
$0.44
.slis. corn.stock outst__
$0.58
35.32%
39.15%
36.14%,
Operating ratio
36.31%
rarLast complete annual report in Financial Chronicle May 2 '31, p. 3336
Nineteen Hundred Corp.
Quarter Ended March 31Net profit after charges and Federal taxes
1931.
$234,231
$10,413
129,382
$129,403
126,920
def$118,969
Balance,surplus
$2,483
84,226
Shares common stock outstanding (no par)
169.226
Nil
Earnings per share
$0.02
lerLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1239
Oregon-Washington Water Service Co.
The Niagara Falls Power Co.
172.819
24,804
2,401
Oil Shares Incorporated.
1930.
$149,915
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1931.
$515,724
180,627
17,832
62,319
1930.
$612,564
230.442
27,921
77,599
Net earnings from operation
Other income
$254,946
9,643
$276,601
2,018
Gross corporate income
Interest on funded debt
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
$264,589
135,502
$278,619
137.713
37,548
32,503
$91,539
$108,403
Net income
39.080
42,000
Dividends on preferred stock
Note.
-The decrease in revenues, expenses and charges is due to the sale
of the lloquiam plant during May 1930.
ta"Lost complete annual report in Financial Chronicle April 4 '31, p. 2584
Pacific Gas & Electric Co.
(And Subsidiaries)
1930.
1929.
1931.
Qua? ter Ended March 31$21,565,744 $16,467,532 $16,792,225
x Gross income
7,418,207
9,166,794
8,143,165
Operating expenses, taxes, &c
2,504,006
3.922,926
2,683,800
Bond interest and discount
1,888,546
2,712,728
1,693,704
Depreciation reserve
$5,763,296 $4,656,713 $4,271,556
1,979,543
1,254,862
1,202,975
1,894,416
2,860,335
1,425,489
Net profit
Preferred dividends
Common dividends
Surplus
$923,418 $1,507,435 $1,643,092
x Includes miscellaneous income.
IO Last complete annual report in Financial Chronicle May 23 '31, p. 3907.
-
Penn Central Light & Power Co.
Period End. Mar,31- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
Gross earnings
$1.422,078 $1,572,957 $5,772,747 $5,939,029
3.536,721
Net earnings
947.587
842,513
3,406.543
601,622
Net income before deprec
2,263,699
506,404
2,045,684
rarLast complete annual report in Financial Chronicle May 31 '30, p. 3879
North American Edison Co.
Pennsylvania Gas & Electric Co.
(And Subsidiaries)
1929.
1930.
1931.
12 Months Ended March 31$98,332,702$100,721,615 $92,717,683
Gross earnings
50,261,735 52,263,289 49,771,814
Operating expenses and taxes
(Controlled by American Electric Power Corp.)
-12 Mos. End. April 30-Month of April1931.
1930.
1930.
1931.
Gross earnings
$107,928 $1,335,536 $1,332,033
$104,025
Oper. exps. & taxes_
56,790
712,688
54,924
707,671
$48,070,967 $48,458,326 $42,945,869
Net income from operation
Interest charges
13 529,969 11.910,938 11,032,872
4,554,996
4,823,999
Preferred dividends of subsidiaries__ _ 4;995.740
1,448,578
1,802 377
1,521 600
Minority interest
9,951,345
Appropriated for depreciation reserves 11.090:504 11,085:763
Balance for dividends and surplus--$16,933,153 $18,835,249 $15,958,077
IZFLast complete annual report in Financial Chronicle May 21 '31, p. 2193
Ohio Oil Co.
(And Subsidiaries)
Earnings for 12 Months Ended March 311931.
$64.195,866
Operating revenue
45,692,686
Operating expenses
Operating revenue
Other income
Ordinary taxes
Depreciation St depletion
Federal taxes
Netincome
Preferred dividends
Common dividends
$18,503,180
Dr504,031
2,029,363
7,000,127
765,847
$8,203,812
3,450,654
9,695,465
$4,942,307
Deficit
$0.71
Earnings per share on 6,648,052 shares common stock (no par)
-Surplus March 31 1930, $45,564,901; credit adjustSurplus Account.
total surplus $46,148,680: deduct deficit
ment for prior years, $583,779;
after dividend (as above) $4,942,307; surplus March 311931, $41,206,373.
a'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2211
Net earnings
$49,101
Subs. co. charges & preferred dividends
Bond interest
Other deductions
$51,136
3624,362
14,673
260.906
17,900
$318,448
104,984
Balance
Preferred dividends
$622,848
16,744
265,542
22,114
$330,883
105,000
Balance*
$213,464
$225,883
* Before provision for retirement reserve.
tarLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1798
Pennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subs.)
-Month of March- -12 Mos. End. Mar.31.
1931.
1930.
1930.
1931.
Gross earns. from oper__ $2,916,349 32.577,312 $32,104,518 $30,440,691
Oper. exps. St taxes
1,269,654 16,172,093 15,109,044
1,574,539
Net earns, from oper- $1,341,810 $1,307,658 $15,932,425 815.331,647
Other income
555,113
601,582
28,026
27,324
Total income
$1,369,134 $1,335,684 $16,534,007 $15,886,760
Interest on bonds
5,470,527
5,102,859
425,040
523.622
Other int. Sr deducts--18,606
413.842
258,549
56,394
Balance
Divs. on pref. stock
Balance
$789,118
$892,038 310,649,638 $10,525,352
3,493,943
3.471,438
37.155,695 87,053.914
MAY 30 1931.]
4043
FINANCIAL CHRONICLE
Spicer Manufacturing Corp.
Pittsburgh-Suburban Water Service Co.
12 Mon/hr Ended March 31
Operating revenue.
Operating expenses
Maintenance
General taxes
1931.
$342,981
124,538
22,024
7.958
1930.
$325,946
117.092
17,997
6,999
(And Subsidiaries)
Earnings for Quarter Ended March 31 1931.
Profit after manufacturing charges, &c
Expenses
Net earnings from operation
Other Income
$188,461
828
$183,858
1,094
Operating profit
Other income (net)
Gross corporate income
Interest on funded debt
Miscellaneous interes.charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
$189,289
87,919
1,420
$184,952
85,000
1,257
Total income
Depreciation
21,203
19,649
$78,747
$79,046
Net income
27,500
27,500
Dividends on preferred stock
12V Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2765
-
Raybestos Manhattan, Inc.
-Month--12 Mos.$1,399,862 $3,572,283
66,685
160,873
902,191
2,187,817
311.821
867,059
rProfit
39.192
10,668
$19,860
330,213
$310,353
Net loss
The above loss of $310,353 is after expenses and depreciation and after
absorbing most of the cost of moving and merging the Brown-Lipe Gear
division from Syracuse, N. Y., to Toledo, 0. This compares with profit
of $203,793 before Federal taxes in the first quarter of 1930.
112S"Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2791
Superior Oil Corp.
Public Service Co. of New Hampshire.
Period End. Mar. 31- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
Gross earnings
$1,403,260 $1,336,179 $5,506,522 $5.307,302
651,900
683,523
Avail, for interest, &c
2,463,338
2.438,754
458,418
439,755
1,676,118
Net for retire. & divs__ _
1,643,103
Financial Chronicle May 16 '31, p. 3714
larfast complete annual report in
Pr Period Ended March 311931Sales
Discount and allowances
Manufacturing cost of sales
Selling & administrative expenses
$284,858
275,666
from operations
Other income
$119,164
21,419
$356,534
57,041
Total income
Depreciation
Federal & State income taxes
$140,583
46,012
12.975
$413,574
137,295
35,075
$81,596
7.730,242
$241,204
7,570,634
59
59
(And Subsidiaries)
1928.
1929.
1930.
1931.
.
3 Mos End. Mar.31$284.114
$822,270 $1,049.850
$382,675
Gross income
243,162
495,850
,
222,092
Expenses,int.,&c
195,498
134.940
J 93,500
} 433,981
Depreciation
119,868
248,185
1163,000
Depletion
Expired leases, dry holes,
158,350
82.769
208,187
&c
Loss on sale ofcap. assets
96,039
and other adjust
$12.525 loss$274,415
$38,273
loss $577,623
Net profit
Last complete annual report in Financial Chronicle May 30 '31, p. 4079
-
10
Tampa Electric Co.
$7,811,897 $7,811,897
Total income
432,119
432,119
Dividends paid on stock
PI
$7,379,778 $7,379,778
Surplus balance March 31 1931
la'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2406
(And Subsidiary Companies)
-Month of April--12 Mos.End. Apr.301931.
1930.
1930.
1931.
3405.780 $4,549,420 $4.588,881
$372,159
Gross earnings
157,508
1,774,052
1.907,163
145.678
Operation
25,050
297,665
322,523
23,501
Maintenance
40,188
493.845
552,013
38,435
Retirement accruals*-- 28.948
349,094
299.793
30.447
Taxes
1154.085 31,634.762 $1,507,387
Net operating revenue $134,095
52,241
47,481
Interest and amortization
$1.582,521 31,459.906
Balance
* Pursuant to order of Florida RR. Commission,retirement accruals for a
large part of the property must be included in monthly operating expenses
and such an accrual is included for the entire property.
tarLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1414
Rochester & Lake Ontario Water Service Corp.
Tennessee Electric Power Co.
Net income
Surplus at beginning
Adjustment on account of issuance of stock to
stockholders of Raybestos Co., who exchanged
stock during March 1931
1931.
$577,428
186,787
20,804
41,666
$305,867
1,528
$329,178
125,000
$307,395
125,000
41,951
Gross corporate income
Interest on funded debt
Reserved for retirements, replacements & Federal
Income tax & miscellaneous deductions
$5173,A0
188,972
29,881
40,139
$328.172
1.006
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
Ils am
,
paNet earnings from operztion
Other income
20,654
$162,226
Net income
$161,742
WLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2767
Scranton Spring Brook Water Service Co.
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1931.
1930.
$5,202,043 $5,477,153
1,263,986
1,293,948
282,169
354 482
142,426
124,842
Net earnings from operations
Other income
$3,513,462 $3,703,881
17,153
18,099
Gross corporate income
$3,530,615 $3,721,981
Interest on funded debt
1,674,609
1,628,900
Miscellaneous interest charges
28,769
2,421
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
372,913
282,012
Net income
$1,454,324 $1,808,648
Dividends on preferred stock
408,577
407,925
10 Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2767
-
Signal Oil & Gas Co.
(And Subsidiaries)
Earnings for Quarter Ended March 31 1931.
Net income after depreciation, depletion, taxes. interest, &c_ _ _ _
382,884
Earns, per sh.on 226,940 shs.comb. class A & B stock (par $25)_
$0.36
rff Last complete annual report in Financial Chronicle Apr. 18 '31, p. 2983
-
South Bay Consolidated Water Co., Inc.
Earnings Jot 12 Months Ended March 311931.
Operating revenues -----------------------------------------3474,304
Operating expenses
156,023
Maintenance
•
27,744
General taxes
63,643
Net earnins from oeration
'7:817
Other income-----------------------------------------------S92 895
Gross corporate income-----------------------------------3234,712
Interest on funded debt------------------------------------ 158,960
Miscellaneous interest charges-------------------------------7,254
Res. for retire., replace. & Fed. inc. tax & miscell. deductions_ -31,972
Net income---------------------------------------------- $36,525
Surplus balance at April 1 1930, incl. net credits during year-92.149
Balance available for dividends
Dividends on preferred stock
$128.675
62,454
Southern Union Gas Co.
.?ROO
1,064,06
$399,928
198,571
556,598
3595,496
Gross income
Fixed charges
632,912
7,489,509
7,702,864
3642,178 36,755,234 17.496,024
2,194,703
2,201,437
14,560,531 15,294,587
1,441,762
1.340,235
1,259,118
1,195,379
Net income
Dividends on preferred stock
Provision for retirement reserve
31,859,650 32,758,973
Balance
ParLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2197
Third Ave. Ry. System.
(Railway and Bus Operations).
-Month of April- 10-Mos.End. Apr.30
1931.
1930.
1930.
1931.
Operating revenue$1,155.189 $1,238,987 $11,727.369 312.577.500
Railway
2,243,890
2,027,834
216,618
253,046
Bus
Total oper. rev_ _ _
Operating expenses
Railway
Bus
$1,408,235 $1,455,605 513,971,260 314,605,334
846,217
213,882
932,376
196,108
8,717,254
2,030,150
9.670,686
2,135.434
Total oper. exp..-- $1,060,099 $1,128,484 310,747.405 $11,806,120
Net operating revenue
306,610
3,010,115
2,906,814
308,971
Railway
20,511
213,739 -107,601
39,164
Bus
Total net oper. rev_
Taxes
Railway
Bus
$348,136
$327,121 $3,223,854 $2,799,213
Total non-oper. inc_
Gross income
Railway
Bus
Total gross incomeDeductions (incl. full int.
on adjust. bonds)
Railway
Bus
3100.906
$942,135
$959.898
221,212
31,141
Total oper. incomeNon-operating income
Railway
Bus
94,071
6,835
$95,781
Total taxes
Operating income
Railway
Bus
87,759
8,022
212,539
13,676
2,139,034
142,684
2,012.360
-173,046
3252.354
871,080
71,054
894,453
64,445
3226,215 $2,281,718 $1,839,314
23,451
758
$30,465
$24,109
3244.236
3248,717
250,886
31,933
235,990
14,434
2,374,654
151,300
2,253,381
-165,350
$250,424 $2,525,954
$2,088,031
$282,819
221,127
17,360
221,328
16,437
235,620
8,615
241,021
7.696
29,673
791
2,212,598
178,648
2,228.076
162.630
$237,765 32,391.247 32.390.706
$238,488
Total deductions_ .. _
Net Income or loss
25,304
14,661
162,056
29.758
Railway
--2,003
-27,348 -327.980
14.572
Bus
Tot,combined net inc.
3134.707 -$302.676
$12,658
$44,331
or loss-ry. & bus...
PO
-East complete annual report in Financial Chroncle Oct. 26 '30. p, 2689
Tide Water Power Co.
Southern Natural Gas Corp.
Month.
4 Months.
Period Ended April 30 19311,274,376,000 5.233 604 000
Gas sales (Cu. ft.)
$258,823
$1:111:051
Gross revenues
Oper. exps., maint. & taxes, other than Federal
116,512
471,884
income tax
142,311
639,167
Income avail. for int. & other charges
Quarter Ended March 31Gas sales (Cu. ft.)
Gross revenues
Net operating income
Gross earnings
Oper. exps., incl. taxes
and maintenance
(And Subsidiary Cos.)
-12 Mos. End. April 30-Month of April1931.
1930.
1930.
1931.
31,152,094 31,275,091 314,244,743 115,198,889
340118:000
$157,686
95.423
1931-12 Mos.-1930.
Period End,Mar.31- 1931-3 Mos.-1930,
$363,722 31.552,108 $1,542,631
$348,866
Gross earnings
152,482
595,130
638,331
139,516
Net earnings
285,593
77,491
359.354
59,674
Net inc. before deprec
Twin City Rapid Transit Co.
(And Subsidiaries)
1930.
1929.
1928.
Quarter End. May 31- 1931.
$2,982,243 33,579.496 33,763,826 $33,708,471
Gross earnings
1,039,566
732,840
1,097,546
1.042,120
Balance after expenses
Net income after taxes
221.316
433,611
463,036
and fixed charges.-424,560
Ea"Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1224
4044
[vol.. 132.
FINANCIAL CHRONICLE
Twin State Gas & Electric Co.
Universal Pipe & Radiator Co.
(And Berwick & Salmon Falls Electric Co.)
Period End.Mar.31- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Gross earnings
$659,381 $2,600,050 $2,541,448
$646,590
1,082,564
1,109,991
Available for interest, &c
306.851
297,284
692,365
Net for retire. & divs_
712,616
205,866
194,533
IZ'Last complete annual report in Financial Chronicle April 18'31, p. 2968
Union Water Service Co.
(And Subsidiaries)
12 Months Ended March 31
Gross revenues (including other income)
Operating expense
Maintenance
General taxes
Gross corporate income
Interest on funded debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
1931.
$502,687
133.432
16,565
59,043
1930.
$480,891
111,282
16,798
57,339
$293,647
146,520
$295,472
146,520
3,554
44,179
31.959
$113,438
$102.948
Net income
30,000
30,000
Dividends on preferred stock
10 Last complete annual report in Financial Chronicle April 11 '31, p.2767
-
(And Subsidiaries)
1930.
1931.
Quarter Ended March 31$114,021
$72,946
Net loss after depreciation, interest, &c
Mast complete annual report in Financial Chronicle Apr. 18 '31, p.2936
10'
Western New York Water Co.
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1931.
$791,961
255,075
30.585
83.596
1930.
$799,213
280,899
39,592
77,321
Net earnings from operation
Other income
$422.705
2,314
$401,402
3,709
Gross corporate income
Interest on mortgage debt
Interest on 6% debentures
Miscellaneous interest charges
Reserved for retirements. replacements & Federal
income tax & miscellaneous deductions
$425,019
179,464
58,790
26,164
$405,111
184,429
59,171
10,480
62,414
48,489
$102,541
$98,187
Net income
51,396
50,963
Dividends on preferred stock
Last complete annaul report in Financial Chronicle April 11 '31, p. 2763
COP
.
United Electric Coal Cos.
Period End. Apr. 30- 1931-3 Mos.-1930.
$253,698
Operating profit
$236,039
113,158
Royalties, depre.& deple
107,361
Interest
31,500
15,680
Fed.tax, &c., deduct'ns_
46,632
44,849
1931-9 Mos.-1930.
$708,121
$675,390
323,508
305,275
31,500
47,040
176,978
93,317
$278,029
$127,864
Net income_ _ _ -----$62,408
$68,149
Shares com, stock out271,000
271,000
standing (no par)____
271,000
271,000
$0.46
$0.99
Earnings per share
$0.22
$0.25
CO Last complete annual report in Financial Chronicle Oct. 4 '30, p. 2237
-
Weston Electrical Instrument Corp.
Quar. End. Mar. 31
Earnings after deprec.
and expenses
Other deductions (net)--
1930.
1929.
1928.
$74,162
5.123
$344,896
50,584
8267,427
5,750
$138,436
1,962
Total
Federal taxes
$69,039
8,395
$294,312
39,150
$261,677
31,999
$136,474
19,155
Net Income
Class A dividends
Common dividends
$60.644
17,400
37,500
$255,162
25,087
36,650
$229,678
$117,319
1931.
$229,678
$117,319
8193,425
Surplus
$5,744
United Gas Corporation.
The net income for the 1931 quarter is equivalent under the participating
(And Voting Controlled Companies)
provisions of the shares, to $0.53 a share on 34,800 no-par shares of class A
Consolidated Statement of Income 12 Months Ended March 31 1931)
stock and $0.28 a share on 150,000 shares of no-par common stock. This
compares with $1.48 a share on 50,000 class A and $1.23 a share on 146,000
(Inter-Company Items Eliminated)
(Irrespective of dates of acquisition and after reflecting other income, common shares in first quarter of 1930.
divs. to public and portion
interest to public and other deductions, pref.
After $2 has been paid annually on class A stocks and $1 annually on
applicable to minority interests, 10 months' actual income and expenses common stocks, both stocks share equally in any further dividends.
of United Gas Corp. (which began business June 3 1930). and two months'
KN Last complete annual report in Financial Chronicle May 2'31, p.3362
estimated income and expenses of United Gas Corp.. as they would have
appeared had United Gas Corp. existed throughout such two months'
March 31 1931.)
period with its assets and liabilities as of
West Virginia Water Service Co.
Voting Controlled Companies.
1930.
1931.
12 Months Ended March 31$28,119,054 Operating revenues
Operating revenues
$819,356
$850,782
11,651,568 Operating expenses
Operating expenses, including taxes
304,649
332,071
40,221
46,469
Maintenance
$16,467,486 General taxes
Net revenues from operation
94,190
98,434
617,204
Other income
$380,295
Net earnings from operation
$373.807
$17,084,690 Other income
Gross corporate income
2,684
863
2,147,253
Interest to public and other deductions
26,138
Preferred dividends to public
$382,979
Gross corporate income
$374,670
Retirement (depreciationl and depletion reserve appropriations_ 2,615,087 Interest on funded debt
177,413
192,262
62,958 Miscellaneous interest charges
Portion applicable to minority interests
4,769
Reserved for retirements, replacements & Federal
$12,233,254
Balance applicable to United Gas Corp
61.239
69.130
Income tax & miscellaneous deductions
United Gas Corporation.
$144.327
$108.509
Net income
Balance of voting-controlled cos.' income applicable to United
69,000
69,000
$12,233,254 Dividends on preferred stock
Gas Corp. (as shown above)
lg'Last complete annual report in Financial Chronicle April 4 '31, p. 2636
166,836
Other income
$12,400,090
112,295
2,382,556
Total income
Expenses, including taxes
Interest to public and other deductions
$9,905.239
Balance applicable to preferred and common stocks
Annual div. requirements on $7 pref. stock outstanding in hands
3,078,866
of public March 31 1931
Annual div. require, on all $7 2d pref. stock out. Mar.31 1931-- 4,512,760
$2,313,613
Balance applicable to common stock
Note.
-Although United Gas Corp. owns in excess of 50% of the voting
trust certificates representing the class B (voting) stock of Consolidated
Gas Utilities Co., the earnings of Consolidated Gas Utilities Co. are not
included above for the reason that United Gas Corp. can exercise no vote.
The voting trust agreement. dated June 1 1928 to be effective'until June 1
1938. vests entire voting rights in voting trustees not controlled by United
Gas Corp.
rarLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1414
United Rys. & Electric Co. of Baltimore.
-Month of April- -4 Mos. End. Apr.301930.
1931.
1930.
1931.
$1,241,963 $1,436,717 $4,874,738 $5,656,377
46,594
49,900
12,699
11,800
Passenger revenue
Other revenue
Total
81,253,763 $1,449,416 $4,921,333 $5,706,277
Operating Expenses
205,842
298,872
Way & structures_ --74,982
52,493
196,353
308,502
79,254
Equipment
51,628
514,845
463,322
122,201
Power
109,012
1,477,138
1,670,335
422,018
Conducting transpt_ _ _ _
367,343
19,008
20,513
7,618
Traffic
8,113
472,699
551,102
136,113
General & miscell
121,290
21,399
21,271
7,371
Transpt. for invest
Cr.5,972
Depreciation
$703,909
140,000
$834,816 $2,813,094 $3,342,772
549,500
549,500
140,000
Total
Non-oper. revenue
Taxes
$843,909
409,854
122,513
$974,816 $3,362,594 $3,892,272
1,558,739
1,814,004
474,599
470,689
563,994
143,143
Operating income_ _ _ _
Non-operating income--
$287,340
10,647
$297,988
239,871
$341,249 $1,134,605 $1,296,243
940,976
919,027
227,488
York Railways Co.
(And Subsidiaries.)
1931-12 Mos.-1930.
Period End.Mar.31- 1931-3 Mos.-1930.
$805,906 $2,889,374 $2.883.040
$753,927
Gross earnings
1,264,429
386,957
1,261,637
354,676
Net earnings
950,162
265,492
300,980
942,434
Net inc. before deprec
arLast complete annual report in Financial Chronicle June 14 '30, p. 4241
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
3d
3d
2d
3d
3d
3d
3d
2d
Remainder
Int. on income bonds---
$58,117
46,666
$113,760
46,666
$193,629
186,666
$377,215
186,666
$67,093
$190,549
$11,450
$9,393
Net income
rgrLast complete annual report in Financial Chronicle May 2 '31, p. 3339
Webster Eisenlohr, Inc.
Quarter End. Mar. 31- 1931.
$241,181
Gross profit
347,706
Expenses
Federal tax reserve
1930.
$240,497
345,868
1929.
$408,910
326,433
10,264
1928.
8207.814
189,941
2,400
x$72.213
$15,473
loss$106.525 loss$105,371
Net income
x Does not include earnings of companies of which Webster-Eisenlohr,
Inc., owns part of the stock.
a"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1828
Current
Year
Period
Covered.
week of May
week of May
week of May
week of May
week of May
week of May
week of May
week of May
3,504,233
2,664,000
26,100
219,299
201.073
2,521,531
341,800
300,030
Precious Inc.(+) or
Year
Dec.(-).
$
4,214,848 -710,615
3,314,000 650,000
26,500
-400
259,096
-39,797
280,134 -79,061
2,992,362 470,831
435,276 93,476
-50,574
351,505
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
$331,455 $1,088,049 $1,250,009
46.556
9,793
46,233
Gross income
Fixed charges
Wright Aeronautical Corp.
1931.
1930.
Quarter Ended March 31$384,857
$356,859
Net loss after charges
2'31, p.3363
UfLast complete annual report in Financial Chronicle May
Length of Road.
Gross Earnings.
Month:
1930.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
450.526.039
427,231,361
452.024,463
450.537,217
462.444,002
444.171,625
456.369,950
465.700,789
466,826,791
482.712,524
398,211,453
377,473.702
1931.
365,416,905
336,137,679
37.5,588,834
1929.
486.628,286
475,265.483
516.620.359
513,733,181
537,575,914
531,690,472
557,552.607
586,397.704
566,461.331
608.281,555
498.882,517
468.494,537
1930.
450.731,213
427.465,389
452,261,686
Inc. (-I-) or
Dee.(-).
-36,102.247
-8,034.122
-69.595.796
-63,195.964
-75,131,912
87,518,847
-101.152,657
-120.696.915
99.634,540
-125.569,031
-100.671,064
91.220.835
-85,314,308
-91,327,690
-76,672,852
1930.
1929.
Miles.
242,350
242,348
242,325
242,375
242,156
242.320
235,049
241.546
242,341
242.578
242.616
242,677
1931.
242,657
242,660
242,566
Miles.
242,175
242,113
241,964
242,181
241,758
241.349
242,979
242,444
242,322
241,855
242,625
242.494
1930.
242,332
242,726
242,421
MAY 30 1931.]
FINANCIAL CHRONICLE
4045
-Grossfrom Railway- -Net from Railway-- -Netfater Taxes
1931.
1931.
1930.
1930.
1931.
1930.
$
1929.
1930.
Amottni.
Per Cent,
Georgia RR
77,388
79,633
434,855
71,946
393,032
April
69,259
$
184,737
219.837
153.937
183,933
From Jan 1_ 1,415,353 1,607,339
January
117,764,570
94,759,394
-23,005,176
-19.55
February
125.577,866
97,448,899
-28.128,967
-22.40 Great Northern System
909,231
March
873.145
187,460
139,756.091
5.841,572 7,425,102
101,494,027
April
176,549
-38,202,064
-27.46
April
107423.770
997,818
141.939.648
From Jan L23,377,968 27,847,938 4,194.694 3,718,995 1,480,267
-34.815,878
-24.54
May
147.099,034
111,387.758
-35,711.276
-24.22 Green Bay & Western
110.244.607
June
150,199.509
-39,954,902
-26.58
34,203
3,330
10,330
24,203
143,052
121,400
April
July
169,249,159
125.495.422
-43,753,737
-25.85
14,340
48,340
115,007
149,007
475,791
573.991
From Jan 1_
139,134,203
August
191,197,599
-52,063,396
-27.21 Gulf Mobile & Northern
147,231,000
September
183.486.079
-36.255,079
-19.75
67,396
94,138
108,486
136,948
539,881
April
387,491
157,115.953
October
204,416,346
-47.300.393
-23.13
239,013
304,013
425,275
129,811
From Jan 1_ 1,460,337 2,093,792
99,528,934
127,125,694
November
-27,596.760
-32.35
80.419,419
December
105.987.347
-25,667,928
-24.08 Illinois Central System
Illinois Central Co
1931.
1930.
71,952,904
January
April
8,927,349 10,885,249 1,778,103 2,059,619 1,116,667 1,331,874
94.836.075
-22.883.171
-24.13
64,618.641
From Jan L34,658,286 44,802,621 5,645,728 9,058,806 3.013,131 5,963,817
97,522,762
February
-32.904.121
-83.76
March
84,648,242
101,541.509
-16,893.267
-16.66 Kansas City Southern
Texarkana & Ft Smith
71,868
81,380
63,223
65,695
230,329
174,240
April
From Jan L 585,982
Net Earnings Monthly to Latest Dates.
-The table Kansas Oklahoma & Gulf 822,536 210,887 289,476 176,288 226.702
following shows the gross, net earnings and net after taxes
63,893
105,729
256,583
45,708
84,999
April
198,073
331,156
499.771
259,508
416,335
From Jan L 824,432 1,059.091
for STEAM railroads reported this week to the Inter-State
Lake Terminal
--819
Commerce Commission:
--8,316
71,630
--5,499 --14.741
April
57,947
--9,806 --22,075 --28,526 --47,775
217,175
235,276
Frorn Jan 1_
-Grossfrom Railway
--Net from Railway- -Net after Taxes
- Lehigh & Hudson River
1931.
1931.
1930.
1930.
1931.
1930.
74,485
53,742
190,769
57,534
40,803
187,399
April
$
169,043
145,567
201,760
743,661
122.749
From Jan 1_
678,857
Ann Arbor
Lehigh & New England
April
371,152
80,478
411,705
78,500
58,997
109,111
55,254
121,907
92,165
106,089
431,694
April
400,527
From Jan 1_ 1,436,375 1,675,505
357,140
273,785
186,200
252,413
311,232
323,243
260,548
276,594
From Jan 1_ 1,439.314 1,527,992
Atchison Topeka & Santa Fe
Lehigh Valley
April
12,130,628 15,174,326 2,260,629 2,270,207 1,259.532 1,241,893
723.337
777,784
April
462,829
4,740,874 4,887,573 1,072,090
From Jan L48,254,490 58,763,264 10,142.146 11,446,745 6,012,056 7.016,105
From Jan L17,949,674 19,908,588 3,463,200 3,412,619 2.298,847 2.314,830
Atlanta Birmingham & Coast
Los Angeles & Salt Lake
April
314,979
343,055 --29,833 --33,158 --48,049 --48.158
344,748
383,245
196.603
228,134
April
1,650,334 1,877,004
From Jan 1_ 1.218,802 1,391,303 --172,129 --115,206 --236.147 --175.602
488,046 1,019.529
From Jan 1_ 6,442,155 7,655,848 1,070,670 1,685,459
Atlantic City
Louisville & Nashville
April
220,683 --45,259 --32,838 --86,859 ---72,842
195,273
789,008
828,150
April
7,712,081 9,586,513 1,278,300 1,282,114
From Jan 1_
665,282
810,610 --271,614 --231,860 ---138,014 --391,864
From Jan 1_31,122,186 39,606,818 4,939,431 5,789,528 2,990,807 3,763.585
Atlantic Coast Line
Maine Central
April
5,991,836 6,148,325 2,013,895 1.770,251 1,463.580 1,214,707
350,288
409,130
257,632
311,612
April
1,335,764 1,614,339
From Jan 1_24.443,531 26,336.913 8,145,832 8,251,511 5,894,592 5.967,849
From Jan 1_ 5,331,509 6,663.617 1,268,031 1,738,825
904,108 1,353.403
Baltimore & Ohio
Midland Valley
April
13,876,727 18,080,223 3.102,207 4,281.871 2,246,210 3,409,936
41,555
112,478
270,959
April
29,642
97,872
174,580
From Jan 1_54,684,906 69,311,404 10,531,516 14,529,241 7,206,041 10,744,803
213,469
396,771
162.040
338,751
985,554
From Jan L 688,231
B &0 Chic Terminal
Minneapolis & St Louis
355,875
40,292
267,494
73,886
April
42,054
7,084
98,685
174.665
45,366
113,965
April
868,143 1,021,477
95,767
116,660 -80,029 -135,029
From Jan L 1,037,655 1,286.303
310,256
268,438
67,972
From Jan I. 3,363,506 3,925.607
65,068
Bessemer & Lake Erie
Missou ri-Kansas-Texas614,778
965,241 -126,748
April
173.154 -152,913
140,188
991,327
334,221
536,595
761,814
3,617,166
April
2,760.331
From Jan 1_ 1,946,980 2,875,275 -591,560
-9,676 -703,586 -124,699
From Jan L11.039,456 14,451,697 2,486,381 3.678,571 1,675,293 2,794,936
Boston & Maine
5,156,393 5,810,589 1,428,801 1,412,129 1,145,095 1,140.769 Missouri & North Arkansas
April
29,925
47,760
26,578
45,316
167,126
April
124,476
From Jan 1_20,087,647 23,243,393 5,295,626 5,658,325 4,291,541 4.607,935
42,429
127,359
31,622
117,584
603,101
From Jan 1_
442,838
Brooklyn E D Terminal
Missouri Pacific
108,317
April
105.798
41,571
41,649
35,083
34,628
April
8.140,251 10,144,941 2,147,187 2,250.081 1,793,036 1,836,607
From Jan L 415,077
452,708
176,137
185,256
148,961
157,142
From Jan L32,676,253 40,694,684 8,665,400 9,874.963 7,000.798 8,098,893
Buffalo & Susquehanna
Mobile & Ohio
143,954
160,714
April
36,766
33,374
34,666
349,380
240.709
31,299
164,152
260.739
April
1.031.506 1,362,993
528,153
591,419
From Jan 1_
78,928
54,270
70,528
628,327 1,031.475
57,830
375.655
7From Jan 1_ 3,770,904 5.045,301
684,349
Central of Georgia
Monongahela
1,534,513 1,956.738
316,820
430.039
April
197,983
191,879
235.345
305,010
187,379
217,362
539,998
April
407,407
From Jan L 6,298.352 7,859,452 1,491,304 1,824,075 1,022,872 1,306,291
903,210
771.609
724.139
From Jan 1_ 1.659,159 2,136,594
837,075
Central RR of New Jersey
Monongahela Con north'g
3,601,272 4,375,531 1,135,919
April
918,107
730,893
51,474
12,358
6,918
555.685
40,985
185,186
April
105,277
From Jan L13,620,053 17,184,311 3,165.834 3.673,541 2,151,458 2,502,679
18.504
171,999
From Jan 1_
-6.007
720.769
136.437
396,067
Charleston & West Carolina
Nash Chatt & St Louis
99,967
268,763
63,930
290,100
April
79,966
374,377
259,807
46,649
191.181
292.320
April
1.516,015 1,373,481
160,841
242,209
908,021 1,003,372
From Jan 1_
162,186
755,080 1,174.523
509.185
86.800
898,482
From Jan L. 5,620,406 6,971,531
Chicago & Alton
New York Central
447,407
April
1,630,662 2,021.499
352,651
329,833
238,627
April
33,679.117 41,329.147 6,369,132 9,145,818 4,130,492 6.244,428
From Jan 1_ 6.469.764 8,143,414 1,132,309 1,436,037
671,313
981.052
From Jan 1_133011198 164533,670 26,357,861 34,375.215 15.167.687 22,753,893
Chicago & Eastern Illinois
Pittsburgh & Lake Erie
242,875
146,559
1,313,031 1,681,820
April
31,252
481,486
299,189
203,123
317.967
112.586
April
1,637,396 2,437,425
882,923 -75.431
From Jan 1_ 5,348,673 7,009.220
395,713
608,763 1,018.599
From Jan 1_ 6,492,232 9,321,695 1.059,139 1,643,821
390,256
Chicago & Illinois Midland
New York Chicago & St Louis
36,403
227,989
57,649
256,798
April _27,446
943,418 1,117,485
705,709
49,314
898,554
April
3,345,466 4,289,041
149,433
193,148
From Jan 1.. 934,411 1,017.632
124,105
159,808
From Jan 1_13,107,313 16.434.923 3,270,909 3,935.487 2,365,147 3,157,279
Chicago Ind & Louisville
New York Connecting
210,968
273,703
April
984.537 1,269,439
141.465
125,184
139,910
88.034
101,910
208,747
191,969
April
185.011
790,010 1,140,574
From Jan L 3.914,238 5,147,300
540,157
632,272
536,408
388,208
881,525
480,272
From Jaia 1_
822,350
766,449
Chicago 5111w St Paul & Pacific
NY N 14 & Hartford
April
9,474.705 11,973,713 1,240,945 2,023,570
475,241 1,223.859
April
8,995,908 10,298.632 2,948,376 3,301,884 2,448,487 2,616.029
From Jan 1_37,222,578 46,027,522 6,518,945 8,231,097 3,381.985 5,037.827
From Jan 1_34.251,884 40,108.752 10,827,312 12,654.266 8.670,001 9.904.076
Chicago & North Western
N Y Ontario & Western
April
8,809,875 10,536.279 1,047,269 1,629,371
321.744
201.211
59,732
778,072
158,609
16,928
851.352
April
862,761
From Jan L33,854,225 41,180,068 5,557,462 6.916,300 2,654.598
780,002
321,407
609,746
151,036
From Jan L 3,362,004 2,243,993
3,805,760
Chicago St Paul Minn & Omaha
N Y Susquehanna & Western
April
143,217
264,550
1,566,687 1,962,692
68,663
126.291
103.799
390,616
93.581
72,249
164,792
April
396,037
From Jan 1_ 6,182,224 8,103,331
577,784 1.360.214
201,465
552.711
369,049
421,548
24.2.824
From Jan L 1,576,638 1,516,716
929,878
Clinch field
Norfolk Southern
April
172,156
476,832
189,163
559,300
107,452
124,863
163,748
639,289
75,561
119,158
111,838
April
564,409
From Jan 1_ 1,957,372 2,203,266
771,923
673,090
413,079
290,162
481.354
94,511
491.842
271,225
From Jan 1_ 1,976,109 2,340.287
Columbus & Greens
Norfolk & Western
April
17,334
94.044
21,594
142,241
14,334
16,975
April
6,237,192 8,167,623 2.009.059 3,004,262 1,333,964 2,103,971
From Jan I.. 356,438
42,962
112,829
587,398
34,800
90,393
From Jan 1.25787,180 34,335,468 8,551,295 13,007,610 5,699,964 9,405,851
Del Lack & Western
Northern Pacific
April
5.433.158 5,843,386 1,402,981 1,423,720
910,860
350,585
582.591 -300,542 -99.304
940 407
April
5,246,076 6,394.268
From Jan 1_20,301,966 22,964,492 4,423,177 4.816,681 2,625,244
41.089
From Jan L19,947,767 24,332,255 1,778.582 2,734,156 -831,087
2,950,861
Detroit & Mackinac
Oklahoma City-Ada-Atoka
April
38,795
101,627
17,228
95,967
21,454
30,228
12,012
36,351
6.387
17,261
7,661
April
55,436
From Jan L 287,675
66,650
324,956
8,478
32,302 -29,610
51,981
59,228
32,028
338,366
42,008
From Jan I_
210,285
Detroit Toledo & IrelntonPennsylvania System
April
560,190 1.248,546
161,622
635,189
104,563
April
40,720.388 50.337,469 8,562.567 13,740.165 5,575,491 10,758,581
568,825
From Jan I_ 2,549.562 4,508,310
920,751 2,248,518
725,871 1,980,385
From Jan 1_155803293 194308,130 28,243,425 44,246,253 18,094,085 34,128,830
Detroit & Toledo Shore Line
Long Island
April
252,278
104,570
339,098
144,292
927,753
876,051
82,687
706,561
647.220
2,976.402 3,123.136
April
124,793
From Jan 1.. 1,137,998 1,562,046
518,785
844,136
450,629
From Jan L11,142,907 11,778,043 2,951,737 2.673,268 2,344,410 2.053,291
711,207
Duluth Winnipeg & Pacific
Peoria & Pekin Union
100,319
April
133,084 --28,613
--7,714 --33,630 --13,828
--4.227
14,752 --18,727
-2,248
139,314
92,656
April
From Jan I_
456.059
696.897 --64,138
71.703 117,328
62,503
-3397
-86,993
576.612
1
8.999
From Jan 1_ 408,382
35,825
Elgin Joliet & Eastern
Pere Marquette
1,450,707 2,161,916
320,194
April
690,764
788,289
365,926
530,775
601,988
213,398
2,524,662 3,358,075
565,577
April
From Jan I., 5,768.034 8,202,884 1,186,069 2.439,688
806,934 2,017,115
750,175 1,947,574
From Jan 1_ 9.402,972 12,945,677 1,418,482 2,551,262
Erie Railroad
Pittsburgh & Shawmut6,943,175 7,970.705 1,362,791 1,385,380
April
18,226
21,088
27,025
28,341
947,213
108,988
81,036
April
988,882
From Jan 1_27,298,513 31,691,307 5,781,763 5,457,313 4,298,569 3,860,720
108,152
48,386
54.503
102,939
437.374
From Jan 1.. 304,607
Chicago & Erie
Northern
Pitts Shawmut &
937,691 1,118,830
362.029
April
420,363
28,477
24,624
27,476
143,963
305,931
25,437
105,510
April
362,198
From Jan L 754,312 4,627,765 1,485,567 1,882,801 1,261,325 1,650,053
99.522
110,721
143,185
131,629
566,738
From Jan I.. 428.673
NJ&NYRRReading Co
120.775
17,409
117,438
14,970
April
510,087
732,929 1.032.358
13,029
787.209
6,281,098 7,194,156
10,637
April
470,123
81,449
442,129
From Jan I_
40,799
63,860
23,420
From Jan 1_25,502.133 29,650,226 3.184.678 4.698,584 2,277,133 3,594,511
Florida East Coast
Potomac
Richmond Fred'burg &
354,869
986,153 1,320,215
499,552
April
313.178
223,211
237,902
258,078
177,101
923,827 1,009.498
April
379,310
From Jan 1_ 4,688,928 6,048,153 1,803,858 2,600,780 1,336,992 2,079,734
975,203
From Jan 1- 3,605,645 4,162.397 1.238,324 1,187,596 1,018,071
Galveston Wharf
Rutlanfl134,529
131,014
40,295
April
37,179
74,645
84,369
442,729
17,295
53,815
409.478
58.984
April
12,179
514,408
521,405
From Jan 1_
161,833
135,072
102,160
200,331
161,833
18,658
From Jan 1_ 1,484,426 1,739,233
118,839
135.072
Net Earnings.
Month.
Inc.(÷)or Dec.(-)•
(VOL. 132.
FINANCIAL CHRONICLE
4046
--Net from Railway- -Net after Tares
-Grossfrom Railway
1930.
1931.
1930.
1931.
1931.
1930.
8
$
$
8
San Diego & Arizona
23,703
29,075 -13,116
-7,537
April
54,885
102,480
93,363
4,270
114,854
26.595
From Jan 1_
278,553
414,456
St Louis Southwestern
458,677
313,534
555,802
408,095
1,538,447 2,107,878
April
764,286 1,366,647
From Jan 1_ 5,919,456 7,922,601 1,115,292 1,723,068
Seaboard Air Line
653,700
637,432
979,423 1,005.791
4,344,731 4,584,271
April
From Jan 1_16,950,916 19,362,062 3,734,531 4,779,415 2,369,116 3.397,684
Southern Pacific System
-Southern Pacific Co
12,156,049 15.413,087 2,581,726 3,687.217 1,339,575 2,580,634
April
From Jan 1_48,441,338 61,371,039 9,396,056 14,671,142 4,538,831 9,659,481
Southern Pacific SS Lines
545,998
665,940 --109,889 --78.561 --111.104 --77.996
April
From Jan 1_ 2,083,486 2.699,663 --428,614 --283,780 --443,492 --289,417
Southern Ry SystemSouthern Ry Go
9,148,460 11,039,611
April
From Jan 1_34,401,192 42,300,815
Alabama Great Southern
740.562
April
568,315
From Jan 1_ 2.141,788 2,892,702
Cin N 0 & T P
1,276,331 1,608.735
April
From Jan 1_ 5,109,033 6,592,054
Georgia Southern & Florida
219,894
325,252
April
From Jan 1_ 1,094,426 1,427,500
New Orleans & Northeast
381,788
269,125
April
From Jan 1_ 1,086,296 1,537,190
New Orleans Terminal138,412
130,722
AprIl
537,812
From Jan 1_
475,671
North Alabama
105,854
69.102
April
394.878
246,628
From Jan 1_
Staten Island It T
176,863
198,184
April
762,095
From Jan 1_ 682,388
Tennessee Central
244.752
263.381
April
929,790 1,001,455
From Jan 1_
Term Ry Assn of St Louis
912,148
699,867
April
From Jan 1_ 2,797,498 3,592.033
Ulster & Delaware81,544
89,704
AprIl
252,221
265,928
From Jan 1_
Union Pacific Co
7,173,974 7,721,908
April
From Jan 1_28,258,645 30,092.742
Oregon Short Line
2,326,533 2,550,978
April
From Jan 1_ 9,308,138 10,449,799
-Wash Ry & Na. Co
Ore
1,530,602 1,886,760
April
From Jan 1_ 6,222,011 7.666,083
St Joseph & Grand Island
277,481
275,108
April
From Jan 1_ 1,071,206 1,140,836
Union RR (Pa)
709,140
448,940
April
From Jan 1_ 1,711,866 2,638,048
Virginian
1,187,079 1,445,474
April
FromJan 1_ 5.164,232 6,205,448
Wabash
4,445,348 5,724,728
April
From Jan L16,857,904 21,853,190
Wheeling & Lake Erie
1,033,642 1,479,222
April
From Jan 1_ 3,899,179 5,525,708
1,068,120 2,988.058 1,318.727 2,198,804
6,077,420 9,457,464 3,450,853 6.365,969
60,304
56,046
103,418
379,895
103,025
227,999
164,755
591,056
188.177
751,267
383,042
1,621,049
29,763
175,715
49,038
295,111
5,777
97,200
21,048
193,892
18,614
81,503
101.703
396,867
-19,842
-78,732
58,150
220,943
60,647
159.496
29,037
185,545
48,688
111,669
17,780
140,515
25,612
48,418
48,000
145,377
20,068
26,284
45,522
162,714
29,653
74,596
28,492
91,642
56,269
149,320
43,454
115,530
50,765
128,606
38.079
93,925
162,854
587,775
227,055
794,196
85,478
224.118
124,015
472,817
19,441
9,983
12,960
--9,518
13,841
--7,417
7,160
--26,118
Net rev, from oper__ _
Railway tax accruals_ _ _
Uncoil. ry. revenues_ _ _ -
8350,555
70,860
24
8384,640 51,458,959
285.996
81,360
31
8
51,724.993
304,723
30
Railway oper. Income.
Equip, rents, net Dr_ _ _
Joint fad!. rents,not Dr.
5279.671
8,720
913
5303.272
15,231
868
$1,172,932
57,038
3,517
$1,420,240
69,655
3,472
$287.173 $1,112,377 $1,347,113
$270,038
Net ry. oper. income_
619
619
619
619
Average miles operated_
CN Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2378
Canadian National Railways.
Gross revenues
Operating expenses
534,221
2,575,938
498,077
2,925,274
244,398
183.193
1,420,484 1,722,379
207,696 -285.615
-102.223
1,283,934 1,022,155 -449,602
16,571
255.089
61,019
282,351
61,423
301,472
74,166
82,805
3,228,798 -324,039
45.505
175,079
77,549
354.402
-85,166
-285,639
78,820
379,705
339,541
515.040
670,039
484,556
2,225,657 2.968,731 1,615,589 2,306,731
706,541 1,078,765
931,893 1,355,807
3,191,384 4.785,991 2,437,816 3,802,987
204,573
753,117
369,720
1,418,705
102,218
347.946
248,217
923,217
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly returns 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.
-Month of April- -4 Mos.End,Apr.301930.
1931.
1930.
1931.
$411,706 $1,436,374 $1,675,505
$371,151
Operating revenues
1,318,364
1,162.590
331,227
294,642
Expenses
141,266
86,540
35,031
36,202
Net ry. oper.Income_ _ _ _
154,279
95,192
37,890
38,494
Gross income
17,859
-54,143
7,558
1,160
income_ _ _
Net corporate
2200
Last complete annual report in Financial Chronicle Mar. 29 '30, p.
ler
Atchison, Topeka & Santa Fe Ry. System.
-4 Mos. End. April 30-Month of April1930.
1931.
1931.
1930.
$15,233,779 $18,310,024 857,434,769 $79,892,654
8,210,428 64,137,439
14,338,889 16,119,3:30
8993,351 56,755,214
$894.889 $2,190,693
Net revenue
ParLast complete annual report in Financial Chronicle Apr. 18 '31, p. 2956
286,784
118,680
458,838 1.252,036
1,727,422 1,915,523 1,117,681 1,258,473
7,500,034 7,840,099 4,966,957 5,064,427
-4 Max. End. April 30-Month of April1930.
1931.
1930.
1931.
8893.386 83,309,202 $3,742,780
$789,368
1,850.243
508,746
2,017.787
438,813
Railway oper. revenues_
Railway oper. expenses_
42.466
122,759
47,153
145,096
Bangor & Aroostook RR.
Canadian Pacific Ry.
Gross earnings
Working expenses
-4 Mos. End. April 30-Month of April1930.
1931.
1930.
1931.
514,302,100 545.990,615 554,196,306
$12,006,288
10,398,411 18,570,300 41,474,865 48,623,321
51.607,876 51,731.801 $4,505,751 $5,572.986
Net profit
1(0 Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2413
Chicago Rock Island & Pacific Ry.
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other revenue
(Rock Island Lines).
-Month of April- -4 Mos. End. April 3°1931.
1930.
1930.
1931.
Actual.
Actual.
Actual.
Actual,
$6,633,317 $8,303,650 $26,274,466 $31,926,313
3,869,435
1,220,000
5,534,837
924,303
994,168
1,074,199
265,231
260.105
934,039
748,552
273,562
217.793
1,976,874
897,067
468,897
391,650
Total ry. oper. rev.... 38,427.168 $10.531,340 $33,448.397 $41,452,462
7,650,986 25,679,988 32,384,741
Railway open expenses- 6,504.293
Net rev.from ry. oper. $1,922.875
630,000
Railway tax accruals...
Uncoil, railway revenue_
4,664
52,880.354
658,000
4.482
$7,768,409
2,280,000
8,137
89,067,521
2,328,000
18.577
Total ry. oper. Income $1,288,211
Equip, rents-debit bal_
332.715
Jt. facil. rents-deb. bal.
94,117
$2,217,872
471,026
100.002
$5.480,272
1,280.619
389.624
$6.720,944
1.540,460
350,106
Net ry. oper. income..
Non-operating income
$861.379
116.117
$1.646.844
81,499
$3,810,029
446.480
$4,831,378
303.931
Gross Income
Rent for leased roads.-Interest
Other deductions
$977,496
12.917
1,175.855
18,669
$1,728.343
12,941
1,037,126
20,002
$4,256,509
51,742
4,608,904
63.444
$5,134,309
51.810
4,072.763
57.706
51.207,441
81,070.069
54,724.090
$4,182,279
Total deductions
8952,030
$458,571
$658.274
Balance ofincome_ -5229,945
la"Last complete annual report in Financial Chronicle May 2 '31, p. 3368
Denver & Rio Grande Western RR.
-Month of April- -Jan. 1 to Apr. 301930.
1931.
1930.
1931.
2,561
2,559
2.561
2,549
Average mileage oper _ _ _
Total oper. revenues- - - - $1,768,928 $2,071,704 $7,534,789 $9,136,172
6,850,494
5.690,919
1,578,150
Total oper. expenses---- 1,361.718
Net revenue
Railway tax accruals__ _
Uncoil, railway revenues
hire of equipment
-net _
Joint fac. rents(net Dr.)
$407,210
165,000
881
15,402
23,461
$493,554
165,000
90
4,072
25,483
$1,843,870
660,000
1.130
-11,108
96,477
$2,285,677
715,000
. 975
-1,638
102,728
Net ry. oper. incomeOther income,not
$249,388
682
$349,874
5,356
$1,290,326
17,625
$1,674,069
36,827
Available for interest_
Interest on funded debt..
$250,071
447,724
$355,230
447,322
$1,307,951
1,794,806
81,710.897
1.793,196
$486,854
$92.091
$197,652
582,299
Net income, Dr
"Last complete annual report in Financial Chronicle Apr. 4 '31, p. 2573
and Apr. 18 '31, p. 2958
Erie Railroad Co.
(Including Chicago 8c Erie RR. Co.)
-Month of April--4 Mos.End. Apri1301930.
1930.
1931.
1931.
$7.880,866 $9,089,535 531.052,825 $36,319,072
Operatingrevenues
7,740,476 25,492,931 30,808,299
Oper. expenses & taxes- 6,627,722
& Santa
(Includes the Atchison Topeka & Santa Fe Sty., Gulf Colorado
Sty. and Panhandle & Santa Fe Sly.)
--4 Mos. End. Apr.30-Month of April
1930.
1931.
1930.
1931.
Railway oper. revenues-$14,360,750 518,249,852 $56,952,330 $71,416,438
Railway oper. expenses_ 12,118.603 15,893.922 46,326,882 59,267,960
5,018,114
4,738,274
1,174,735
Railway tax accruals-- - 1,153,020
1,348,712
896,941
279,400
171,250
Other debits
Gross income
Interest, rentals, &c..
$896,794 $4,990,232 $5,781,650
$917,876
Net ry. oper. income13,134
13,341
13,134
13,343
Average miles operated_
annual report in Financial Chronicle Apr. 25 '31, p. 3135
pa"Last complete
Net income
$11,976
def$22,488
8259,220
$325,848
"Last complete annual report in Financial Chronicle Apr. 18 1931, p.
2949, and Apr. 25 1931, p. 3178.
Boston & Maine RR.
-Month of April- -4 Mos.End. Apr.301930.
1931.
1930.
1931.
$5,810.589 $20,087,648 $23,243,393
Operating revenues- - -- 85,156,393
4,398.460 14,792,022 17,585,069
3,727,592
Operating expenses
$1,412,129 $5,295,626 85.658.324
Net oper.revenue--- - $1,428,801
1,047,126
998.772
271,223
279,858
Taxes
5.312
3,264
137
3,848
revenues
Uncol. ry.
827,829
805,005
198,395
208,393
Equipment rents--dr
78,707
109,572
15,219
30,094
fac. rents-dr_ - _ Joint
$927,153 53,354,141 $3,724,222
$906,607
Net ry. oper. Income_
13,878
3,844
1,803
370
Net misc. oper. income400,276
404,830
91,198
94,560
Other income
$1,001,537
Gross income
649,307
Deductions (rtls. int. &c.)
51.020.154
639,403
53,762,815 54.138,376
2,579,073
2,685.984
$380,751 51.076,831 51,559.303
8352,230
Net income
Mar. 28 '31, p. 2379
tarLast complete annual report in Financial Chronicle
Operating income__ -- $1,253,144
Hire of equip. and joint
303,237
-Net debit
facil. rents
$1,349,059 $5,559,893 55.510.773
351,505
1,225,824
1,388,959
$949,906
355.329
$997,554 54,334,069
1,237,176
301,529
54.121.813
1,214,734
$1,305,235
1.327,723
Net ry. oper. income..
Non-operating income__
$1,299,084 55,571,245
1,287,107
5.312,024
55.336,547
5,010,699
Gulf Coast Lines.
-Month of April--4 Mos. End. Apr.301930.
1931.
1930.
1931.
Operating revenues
$1,369,860 $1,649,876 $4,642,395 $6,246,916
1,569,405
Railway oper.income_ - 839,455
379,329
358,605
FEPLast complete annual report in Financial Chronicle May 3 '30, p. 3150
Missouri-Kansas-Texas Lines.
-Month of April- -4 Mos.End. April 301930.
1931.
1930.
1931.
3,188
3,188
3,188
3,188
Mileage oper. (average).
Operating revenues
52,760,830
Operating expenses
924,236
2,
Available for interest-- 188.120
Int. chgs., incl. adj. bds.
405,714
53,617,166 511,039,450 814,451.697
8.553.075 10,773.126
2,625,839
2,260,244
1,125.781
623,722
1,641,566
1,623,066
407,713
5618.678
Net income
5216,008 -$497,284
-5217.593
Last complete annual report in Finanmas Chronicle May 9 '31, p. 3562
I'
MAY 30 1931.]
FINANCIAL CHRONICLE
Maine Central RR.
-Month of April- -4 Mos. End. Apr. 301931.
1930.
1931.
1930.
Freight revenue
$1,059,011 $1,279,593
Passenger revenue
155,254
190,502
Railway oper. revs
1,335.763
1,614,339 $5,331,509 $6,663,617
Surplus after charges_ _ _
37,935
74,454
21,694
446,325
KgrLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2572
New York New Haven & Hartford RR.
-Month of April-Ian. 1 to April 301931.
1930.
1931.
1930.
Railway oper. revenues_ $8,995,908 $10,298,632 $34,251,884 $40,108,752
Railway oper. expenses- 6.047,532 6,996,748 23,424,572 27.454,486
Net rev,from ry.oper. $2,948,376 $33,301,884 $10,827,312 $12,654,266
Railway tax accruals_ _ _
500,000
685,000
2,156,600
2,745,000
Uncoil. ry. revenues_ _ _ _
-111
655
711
5,190
Railway oper. income. 52.448,487 $2,616,029 $8,670,001
$9,904,076
Equipm't rents (net Dr.)
235,869
168,054
869,375
680,194
Joint facility (net Dr.)__
387,042
377,569
1,566,517
1,518,152
Net oper. income__ -- $1,825,576 $2,070,406 $6,234,109
$7,705,730
Milks of road operated_
2,121
2,132
2,121
2,133
iZrLast complete annual report in Financial Chronicle Mar. 28 '31, p.
2377
New York Ontario & Western Ry.
-Month of April- -1 Mos.End. Apr.301931.
1930.
1931.
1930.
$862,761
$778,071 $3,362,003 $3,243,993
661,549
718,339 2,582,001
2,922,585
Net rev, from ry. oper. $201,211
$59,732
5780.002
$321,407
Railway tax accruals.. _ _
42,500
42,500
170,000
170,000
Uncoil,railway rev
244
102
256
371
Total ry. oper.inc_ _ $158,608
$16,987
$609,745
$151,036
Equip, and joint facility
rents (net Dr.)
86,060
44,608
256.884
163,122
Operating revenues__ - _
Operating expenses_ _ _ _
Net operating inc____
$72,548 -$27,620
$352,861 -$12,086
rarDast complete annual report in Financial Chronicle Mar. 28 '31, p. 2382
Pennsylvania RR. Regional System.
-Month of April- -Jan. 1 to April 30Revenues-1931.
1930.
1931.
1930.
Freight
528.485,297 535,068,231 3109374,197 5134968,607
Passenger
8,253,033 10,287.982 31,612,597 40,716,458
Mail
1,084,106
1,140.161- 4.256,061
4.479.875
Express
1.225.833
857,945
2,827,708
4,521.789
All other transportation1,028,198
785,466
2,949.731
3,834.138
Incidental
1,608.045
1,280,353
4,852,888
5,848,234
Joint facility-Cr
75,048
60.334
244,993
300.620
Joint facility-Debit
6,708
7.834
24,505
22.224
Ry. oper. revenues---$40,798,700 531,170,610 5156093,670
5194643,497
ExpensesMaint,of way & struct 5,227,818
5,844,724 20,253.263 23.457.026
Maint. of equipment- _ 8,627,544
9,666,294 33.715,432 39.942,490
Traffic
782.319,
3,189,595
3.669.122
Transportation
15,358,921 17,995,194 61.979,033 73,890,732
Miscell. operations
685,964
598,680
2.329,270
2,669,942
General
1,683.765
1.650,663
6.473.290
6,932,397
Transp'n for invest.-Cr
82,784
4,227
53,562
145,226
Ry. oper. expenses---$32.241.718 $36,681,727 5127886,321 5150416,483
Net rev, from ry. oper $8,556,982 313,745.063 328,207,349 344,227,014
Railway tax accruals....
2,994,100
2.988,334 10,150.400 10.130,924
Uncoil. ry. revenues_ _ 5,010
5,350
38,972
24,245
Ry. oper. Income..-- $5.557,532 510,751,739 518,017,977 334.071,945
Equip, rents (deb. bal.)- 1.052.408
1,042,193
3,822,556
3,987,653
R.fact'. rents (deb. bal.)
146,241
153,076
593,689
634.523
Net ry. oper. income.. 34,352,048 $9,563,305 $13,601,732 329,449,769
"Last complete annual report in Financial Chronicle Apr. 4 '31, p. 2563
Pittsburgh & West Virginia. Ry.
-Month of April--4 Mos.End. April 30-1930.
1931.
1931.
1930.
$361,716 $1,047,613 $1,268,001
$280,238
200,114
220,552
784,037
846,507
Net rev,from ry. oper.
3141,164
380,124
$263,575
$421,493
Net ry. oper. income
(net after rentals)_ _169,390
81,625
286,090
486,235
Non-oper. income
4,982
11.856
21.326
53,651
586.607
Gross income
$181,247
$307,416
$539,886
Deduc'ns from gross inc.
18,880
20,970
77.061
85,956
Net income
367.727
5160,276
3230,355
3453,930
larLast complete annual report in Financial Chronicle May 9 '31, 13. 3518
Railway oper. revenues..
Railway oper. expenses_
St. Louis Southwestern Ry. Lines.
--Month of April- -4 Mos. End. Apr. 391931.
1930.
1931.
1930.
Miles operated
1,913
1,816
1.913
1,816
Railway oper. revenues.. $1,538,446 $2.107.877 $5.919,455
57,922,601
Railway oper. expenses_ 1,132.351
1,552,076
4,804.163 6.199,533
Ratio of oper. a:cps. to
oper.revenues
73.63%
73.60%
81.16%
78.25%
Net rev,from ry. oper. 3406,095
$555,801 $1,115,291 $1,756: 6
323 62
50
7
Ry. tax accruals & uncollect. ry. revenues__
97,124
92,561
351,006
Railway oper.Income_ $313,533
$458,676
3764.285 $1,366.546
Other ry. oper. income_ 29,142
35,371
112,034
139.416
Total ry. oper. income $342,675
3494,048
5876.319 31,505,962
Deduct, from ry. oper.
income
183.596
207,540
674,981
655,488
Net ry. oper. Income. $159,079
3286,508
5201,338
3850,474
Non-operating income__
11.710
11.376
43,394
42.789
Gross income
$170.789
$297.884
$244,733
$893,264
Deduct,from gross inc. _
243,857
225,714
984,264
903 091
Netincome
def$73,067
$72,170 def$739,531
def$9,827
'Last complete annual report in Financial Chronicle May
16 '31, p. 3706
Texas & Pacific Ry.
--Month of April--4 Mos.End,
April 301931.
1930.
1931.
1930.
Railway oper. revenues.. $2,825,337 33,398,390
$10,356,645 313,039,300
Net rev, from ry. oper
1,005,578
3,176,691
Railway oper. Income- 844,893
2,638,728
Net ry. oper. income......
653.306
788,918
1.870,261
2,286,745
Gross income
827.822
2,459,850
Net income
323,215
489,586
602,230
Ilg"Last complete annual report in Financial Chronicle Mar. 28 1.093,454
'31, p. 2380
4047
St. Louis-San Francisco Railway Company.
(Excluding Subsidiary Lines.)
-Month of April- -4 Mos. End. Apr.301931.
1930.
1931.
1930.
Operated mileage
5,266
5,313
5,266
5.313
Freight revenue
33,965.887 34.957.678 515.186.900 319.365,335
Passenger revenue
458,138
647.244
1,905,259
2.973.679
Other revenue
425.768
473.153
1.642.633
1,993,614
Total oper. revenue_ $4,849,794 36.078,077 $18,734,793 324.332.630
Maint. of way & struc
524,014
794,236
2.012,466
2.950.125
Maint, of equipment
840,209
1.147,652
3.437,503
4.702.380
Transportation expenses 1,738.910
2,121,150
6,922.493
8.769,738
373.001
345.301
Other expenses
1.445.689
1,356,612
Total oper.expenses- $3,476,136 $4,408.342 $13,818,152 317.778.856
Net ry. open Inc
981.712
1,333.337
3.359,008
5,303,435
Balance avail, for int__ - 1,102.118
1.461,592
3.866.878
5.844,352
Surp. after all charges
4,842
427,925 Dr.583,964
1,734,966
Last complete annual report in Financial Chronicle Mar. 14 '31, p. 1975
Soo Line-System.
(Minneapolis, St. Paul & Sault Ste Marie Ry. Co.)
--Month of April- -4 Mos.End. Apr.3°1930.
1931.
1931,
1930.
$2,132,194 $2,677,1147 38,035.478 39,818,197
Freight revenue
Passenger revenue
163.242
235.849
658,417
1,046,392
All other revenue
219,198
251.649
814.607
953,164
Total revenues
$2,514,635 33,164,685 59,518,504 $11.817,755
Maint. of if,ay & struct.
439,871
545.681
expense
1.328,512
1,838,903
532,843
719.854
Maint. of equipment_ _ _
2,207,651
2,781,869
73,165
,
Traffic expenses _____
,
728
.
1,231.995 4,171,169 5,108,239
Transportation expenses 1,032,573
135,942
General expenses
148.328
527,963
569,594
32,214.396 52,722,867 $8,527,663 510,615.336
Total expenses
Net railway revenues_
300,238
441,818
990,841
1.202.418
Taxes & uncoil.ry.rev
181.339
228,055
833,244
893,693
Net after treas-Cr_ _
$213,762
$118,899
$157,597
$308.725
Hire of equipment
71,582
61,014
-Dr_
244.705
255.804
74,7911
Rental of terminals
73,316
--Dr.
292.274
280,939
$27,481 Cr$79,432
Net after rents-Dr....
$379,383
$228,017
Other income, net-Dr...
20,526
25,397
75,372
47,463
Int. on funded debt
563.745
553,202
-Dr.
2,262.577
2,221,798
Net deficit
3499,167 32.717,333 52,497,279
$611,753
Div. of net prof. or def.
between:
3357,027
3176,804 31,394.668 $1,184,257
Soo Line
-Dr
254.726
320.363
W. C. Ry. Co -Dr....
1,322.665
1.313,021
3499,167 52,717,333 82.497.27*
5611,753
System-Dr
-Last complete annual repo,tin Financial Chronicle May 9 '31, p. 3513
1(0
Virginian Railway.
-Month of April--4 Mos. End. Apr. 301930.
1931.
1931.
1930.
51,187,079 $1,445,473 $5,164,232 $6,205,447
Operating revenues
775,434
Operating expenses
702,523
2.938,575 3,236,716
515,040
339,540
Railway oper.income
1,615,588
2,306,731
520,919
658,446
Gross income
2,216,745
2,843,469
Net income
317,913
177,679
842,276
1,533,181
larLast complete annual report in Financial Chronicle Apr. 18 '31, p. 2954
Wabash Railway.
-Month of April- -4 Mos. End, Apr.301930.
1931.
1931.
1930.
34,445,348 55,724,728 516,857.903 321,853,190
Operating revenues
3,513,454 4,368,920 13.666,539 17,087,199
Expenses
Net ry. oper.income..
707.867
294,637
902,416
2,324,180
Gross income
400,544
1.052,737
1.328.486
3,018,451
Net corporate income_ _ _ -225,965
469,286 -1,170,028
685,771
WLast complete annual report in Financial Chroncle Apr. 18 '31, p. 2953
Western Maryland Ry.
Operating revenues
Operating expenses
Net oper. revenue-Taxes
-4 Mos. End. April 30--Month of April1930.
1931.
1931.
1930.
51.285,717 31,460,816 $5,221,657 $6,054,495
961.101
3,427,671
876,596
3.987.989
3499,715 31,793,986 .- Zit 3409,121
4
;
oi,5
90,000
75,000
300,000
350,000
Operating income_
Equipment rents
Joint facil. rents(net Dr)
$334,121
28,251
15,885
3409.715 31,493.986 51.716.506
36.597
90,040
171,342
16,567
66,691
67,816
Net ry. oper. income..
Other income
$346.487
13.955
$429,745 $1,517,335 31,820,032
14.436
51.387
59.171
Gross income
Fixed charges
5360,442
291,646
3444,181 $1,568,722 31.879,203
290.396
1,151,249
1,161,512
$68,796
$153,785
Net income
5417.473
5717,691
liarLast complete annual report in Financial Chronicle May 17 '30, p. 3529
FINANCIAL REPORTS
Pennsylvania Company.
(59th Annual Report-Year Ended Dec. 311930.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
$12.335,284 $13,023,940 $10,182,019 $7,555,748
Dividend income
10.984
Miscell. rent income--9.416
11,339
14,313
Income from fund.secur.
113,701
267,771
82,167
Income from unfunded
40,044
118,309
securities & account
297,347
120.468
--395
10
Miscellaneous Income
Income from sinking and
other reserve funds
915,515
312.399,452 313,266,941 310,758,476 $8.673.898
Gross income
Deductions
5630.859
Tax accruals
$364.618
$313,463
$227,449
1 3,175.000
Int. on funded debt
3,838.4771
924,852
667.699
Int. on unfunded debt-1
1 2.467.358
672.027
15,252
34.326
38.295
Maint. of invest. organ_
30,100
6.135
6.345
Miscell. income charges6,672
5.680
$3,827,247 $4.243,767 $3.750.639 $1,602,955
Total deductions
8,572,205
9,023,174
Net income
7.007.837
7,070.943
Inc. applic, to sinking &
other reserve funds
1,098,035
Balance transferred to
credit of prof. & loss $8,572,205 $9,023,174 57.007.837 55.972,908
42.073,756 40.628,082 28,162,330 28.731.351
Previous surplus
Sundry net credits dur11,596.664
ing year
550.645,961 349,651.256 346,766.831 534,704.259
Total surplus
7,577.500
6,138,750
Less div. approp. (6%).. 7.477,500
4,800,000
Sundry net debits
1,741,928
Profit and loss surplus
$43,168,461 $42,073,756 110,628,082 $28,162,330
Dec.31
Stocks-
[VOL. 132.
FINANCIAL CHRONICLE
4048
SECURITIES OWNED DECEMBER 31 1930.
Shares.
9,000
Baltimore Mall Steamship Co.,common
9,000
Baltimore Mail Steasmhip Co., preferred
2.400
Belt Ry. Co. of Chicago
1,080
Calumet Western By.Co
22,500
Detroit Union RR.Depot & Station Co
2,500
Englewood Connecting By
3,888
Erie & Pittsburgh RR.,guaranteed betterment
28,332
Grand Rapids & Indiana By
49,600
Indianapolis & Frankfort RR
21,500
Lake Erie & Pittsburgh By
365,039
Lehigh Valley RR.,common
8,995
Lorain, Ashland & Southern RR
9,356
Louisville Bridge & Terminal By
2,129
Massillon & Cleveland RR
357.000
By.,common
Norfolk & Western
40,000
Ohio Connecting By
6.526
Ohio River St Western By
233.998
RR
Pennsylvania, Ohio & Detroit
1,875
Pennsylvania-Ontario Transportation Co
561.923
Pittsburgh, Cincinnati, Chicago & St. Louis RR
6,000
Pittsburgh, Ohio Valley & Cincinnati RR
Pittsburgh, Youngstown & Ashtabula Ry.. preferred- 27,250
21,000
Pittsburgh. Youngstown & Ashtabula Ry.,common
3,402
Sharpsville RR
8,425
South Chicago & Southern RR
11,702
Terre Houte & Peoria RR.. preferred
2,898
Terre Haute & Peoria RR..common
362.900
Wabash By., common
312,900
Wabash By.,5%, preferred "A"
2.625
Walhonding Coal Co
1,000
Western Warehousing Co
7,500
West Jersey & Seashore RR.,common
1,400
,
'
Wheeling Coal RR. 1 enna.)(10% Paid)
1,000
Wheeling Coal RR.(West Virginia)
12.000
Wheeling Terminal By
3,200
Youngstown & Ravenna RR
Miscellaneous
Total stocks
Bonds
Lorain, Ashland & Southern RR.first mortgage 5%
Lorain, Ashland & Southern RR.second mortgage 5%
Ogle River & Western By.first mortvge 4%
Miscellaneous
Total bonds
Total securities
Total Par.
no par
no par
$240,000
108.000
2.250,000
250,000
194.400
2.833.200
4.960.000
2,150,000
18,251,950
899.500
935,600
106,450
35.700,000
2,000,000
652.600
23,399,800
187.500
56.192,300
300,000
2,725,000
2,100,000
170,100
842.500
1..170.200
289,800
36,290,000
31,290,000
262.500
100,000
375,000
140,000
100.000
1,200.000
320.000
370.000
$229,356.400
$750,000
600,000
600,000
10.000
31.960.000
5231,316,400
3236,033,637
Carried on the books at
Of the foregoing securities. $69,200,000 par value, of stocks are deposited
as collateral.
BALANCE SHEET DECEMBER 31.
1929.
1930.
1929.
1930,
$
i
Liabilities$
$
AssetsCommon stock -124,625,000 124,625,000
Misc. phys. prop 4,528,363 4,407,299
4% gold loan of
Securities owned:
1906 certlfs--- 20,000,000 20,000,000
236,033.633 235,172,444
Stocks
3,004 4,4% gold bonds 50,000.000 50,000,000
4
Bonds
42.883
42,487
372.624 Misc. accts. pay.
391,024
Advances
57,149
65,085
449.202 Int. mat'd unpd.
1,412.322
Cash
18,782 Unmatured Int.
18.782
Misc. accts. rec_
595,833
595.833
accrued
Int. & diva. rec_ 2.128,016 2.492.638
1.734,021
1,158,028
Accrued taxes
Profit and loss.
47,457,257 46.429,558
balance
244,512,144 242,915,991
Total
244,512,144 242,915,991
Total
-V.131, p. 3873, 2692; V. 130. p. 3699; V. 128, p. 3348. 2800, 2796, 2625;
V. 127. p. 2953.
Great Northern Railway Co.
-Year Ended Dec. 31 1930.)
(42nd Annual Report
President Ralph Budd, says in part:
present time
cation as it is not deemed advisable to construct this line at thethe construe
The Great Northern has also withdrawn its application for
pending,
Hon of a line from Brockway to Lewiston. There is still Pacific tobefore
build
-S. C. Commission the application of the Northern
the I.
a wheat branch from Woodrow to Bloomfield, a distance of 24 miles.
The Great Northern opposed the construction of this line because the area
a
Is already settled and well served by railways on three sides and being
flat country farmers are able to reach railway stations readily by truck.
The distance from the farms in this section to an existing railway varies
from one to 20 miles. Considering the present development of highway
for
truck transportation, the spacing of the existing railways is close enough
economical transportation, and more railway mileage would be wasteful as
it would not develop new business but would divert traffic now moving
over Northern Pacific and Great Northern lines already built.
Ry.Unified Operation of Great Northern Ry. and Northern Pacific ComSubsequent to the decision of the 1.-S. C. Commission the Deposit
endeavored to formulate a
mittee and the railway executives earnestly
practicable plan for the separation of the Burlington, but in spite of every
effort they reluctantly concluded that under the present conditions it
Burlington
was impracticable to devise a plan for the segregation of the unification
which they could recommend to stockholders. Accordingly,the
July 5 1927 was withdrawn, and
application which had been pending since
the 1.-S. C. Commission issued its order of dismissal, dated Feb. 19 1931.
-The smaller volume of traffic handled by the Great Northern
General.
part
reflects the decline in all lines of business rather than a gain on thecomof competitors by highway, waterway, pipeline and airway in 1930
is growing more serious
pared with 1929. The loss of passenger traffic train miles in an amount
because of the impossibility of reducing passenger
than
to correspond with the declining travel by train. The loss of less
satisfactory
carload freight is also a serious matter and one for which aand contract
not been found. Private automobiles and private
solution has
on the highways
trucks account for more than 95% of the traffic handled
as
and these types of vehicles are probably beyond the power of regulation
n of the common carrier highway vehicles
to rates and service. Eliminatio
railways net earnings.
therefore would not substantially increase thethe effect of pipeline and
The Great Northern is comparatively free from
Like other transairway competition and from that of inland waterways. coastwise vessels
to
continental lines, it loses a large amount of traffic
Panama Canal, which are practically unregulated.
operating through the
revenue compared with
For the first four months of 1931 the decline in
, or 16.2%. Owing
the corresponding months of 1930 has been $4,500,000
conditions during the winter and reduction
chiefly to favorable weather
have also been reduced,
in unprofitable passenger train mileage, expenses for the first four months
with the result that the net railway operating income
months of 1930. The Great
is about $175,000 more than for the first four
it occupies, never earns
Northern, owing to the northern latitude which the earnings in the last
months of the year, and
much net in the first four
. These depend to a large
eight months are therefore of great importance
satisfactory fruit crop in the
extent on crops. The outlook is good for a make any intelligent estimate
Wenatchee region. While it is too early to
are not very optimistic
of grain yields, indications at the middle of May for 1931 is substantially
in the Northwest. The estimated iron ore traffic
other than fruit, grain and liveless than last year. The volume of traffic business in general improves.
stock, will be contingent upon how soon held May 14 1931 the sum of
At a meeting of the board of directors
on the Burlington
$4,150,895, which was received as a 5% extra dividend as a cash reserve
aside
stock In Dec. 1930 was,by resolution of the board,set
for contingencies.
amply supplied with
The Great Northern is in fine physical condition,
in having a personnel of
excellent cars and locomotives, and fortunate
with the property.
employees who are loyal, efficient, and well acquainted
STATISTICS FOR CALENDAR YEARS.
1930.
Avge. mi.of road
operated
No. pass. carried
1929.
1927.
1928.
1,694,437
Pass. carr. 1 mi.. 291,984,003
8,387.88
2,276,069
367,978,032
8,276.64
2,512,026
368,238,758
8.164.14
3,108.427
400,566,250
Rev, per pass.
per mile
3.082 cts.
3.070 cts.
3.124 cts.
3.175 cts.
Rev, per ton per
mile
Net rev.from IT.
0.984 cts.
0.997 cts.
1.027 cts.
1.054 cts.
8,366.63
33.843,008
35,593,173
39,661,221
Rev,tons carried 32,037,312
509 8,958,349,961
Tons carr. 1 m1-8,720,583,904 10150,709,921 10127,253,
oper. per train
52.006
51.990
51.571
mile
INCOME ACCOUNT FOR CALENDAR YEARS.
$1.88
1927.
1928.
1929.
1930.
i
$
$
85,797,850 101,178,779 103,980,331 94,405,030
Freightrevenue
9,000,087 11,298,352 11,505,351 12.716.616
Passenger revenue
Gross
5,213,065 7,136.133 5,408.346 5.008,601
Revenue.
Tans.
Mail and express
Revenue.
Tons
y1,548,146 1,939,569 1,859,205 1,905,243
Commodit
5,596,778 526,412.688 Other transportation.-- 3,422,312 4,348.227 3,877,193 3
.619.762
Prod, of agriculture - 5,238,692 $25,966,221
Incidental
549.533 4,471.066
248,753
106,665
488,460 4,152,189
31,747
14,617
Animals & products_ ___
(net)
18,668,041 18,093,919 25,115,966 23,497,257 Joint facility
Products of mines
14,250.407
1 117,904,005
3,579,404 10,479,561 3,834,015 23,796,506
Products of forests
operating rev-104,996,076 125.932,808 126,737,09
Total
14,812,274
Manufactures & miscell. 3,604,626 20,095.327 3,972.287 8,750,855 Maintenance of way---- 13.598,876 17,073,972 18,319,767 20,094,411
592,642
18,991.651
458,089 7,010,633
Mdse.,all L.O.L.freight
Maintenance of equip__ 18,544,614 20,278.320 2,897,158 2,645,367
2.912.531 3,127,845
Traffic
32,037,312 585,797,850 39,661,221 5101178,779 Transportation
Total
33,908,017 38,351,284 39,374,519 37,446,431
in the fall of
1,456,022
1.444.685 1,723,623 1,588.363 2,676,389
The business depression throughout the country, beginning
Miscellaneous
the year 1930 accounts for the large decreases General
2,801,602 2,784,428 2,807,921
1929 and extending through
775,315
manufactures and miscel744,254
476.563
644,447
In the shipments of mine and forest products,
120.000,000 bushels of grain, Trans. for inv.-Cr.laneous. During the year company handledhandled in 1929. The move82,862.910 83,235,116 78.355.579
than was
which was 4.000,000 bushels less
Total oper. expenses_ 72,565.878 43,069,898 43,501,975 39,548,425
being 12.516,234
ment ofiron ore decreased 4.930,217 tons,the total for 1930
year, an in- Net rev,from ry. oper-- 32,430,198
9,046,049
during
tons. There were 25,634 cars of apples shipped numberthecars and tons Railway tax accruals- 8,712.598 9,201.154 10,297,997
Cr.227
of
13,916
of the
17,180
9.845
crease over 1929 of 4,759 cars. An analysis
[pamphlet report]. Uncollected 17. revs---freight traffic, by commodities, is shown on page 24
of
traffic was general
33.851,563 33,190,062 30,502,604
-The decline in railway passenger
Railway oper. Income 23,707.755
Passenger Traffic.
994,896
tickets for all
991,448 1.517,996
debit)- 1,347.804
throughout the country: transcontinental summer tourist
305,168
377,996
passenger revenue Equip. rents (net
402,592
447,443
lines to Pacific Coast points decreased 28.6%. The total 1929. For the Jt,fedi. rents (net deb.)
of the Great Northern decreased 20.3%, compared with
29,202,540
of the year the revenue decreased 12.5% and from then on
Net ry. oper. income- 21,912,508 32,457,523 31,294.069
first six months
of 22.2% to 33.6% in
Non-Operating Income
progressively declined from a decrease in July 1930a revision in passenger
1,581
1,497
1,420
1.428
December 1930. To meet the changed conditions,and in the beginning of Inc. from lease of road-630.518
658,961
687.720
672.612
made in the latter part of 1930
rent Income.,..-train schedules was
passenger train Miscel.. non-oper. phys.
1931, amounting to an annual reduction of about 2,000.000
69,318
163,913
for Miscei,
190,531149,318
prop
miles. Where practicable, gas-electric trains are being substitutedcon0,663,283
train,
de luxe
13,285,672 9,363.567 9,771.836 1,311,274
steam trains. The Empire Builder, which is a has notthrough
872,726
, Dividend funded
ly Inc. fromincome secure.
been substantial
985,260
554,377
tinues to be very popular, and its patronage
the local Inc.from unfund.Brews.
affected by the universal use of automobiles as the patronage of
906.001
595.023 1,373,170
582,617
& accounts
and branch line trains has been.
256.297
190,017
243,912
241,081
-In the early months of Miscellaneous incomeImmigration and Agricultural Department.
held meetings
train and
44,326,192 42,040,813
1930 the company operated a Better Farming Special which the attendance
37,440,826 44,483,750
Gross income
North Dakota, at
at 143 stations in Minnesota and importance of livestock and feed crops
Deductionsfrom Gross
31,287
aggregated 34,000 people. The sheep have increased 100% in Minnesota Separately oper. prop Income
68,087
100.039
279,603
emphasized. Farm flocks of
116,549
105,067
was
1,828
171
Dakota. The sugar beet industry is growing; the Rent for leased roads
10,775
8,957
5,572
and 200% in North the Great Northern produced 70,000,000 pounds of Misceilaneous rents_.,.,
5,975
105,723
103,921
factories located on
110,457
97,342
pounds over 1929. The develop- Miscell, tax accruals--- _
18,349,499
sugar In 1930, an increase of 11,700,000
has increased the number of homeseekers Int. on funded debt- - 18,641,072 18,220,132 18,397,673
101,094
138,349
ment and immigration program
42,387
37,179
projects in Montana; several thousand acres Int. on unfunded debt
and settlers on the irrigation a high state of production. In addition to Amortiz. of disc, on
257,347
258,382
250,947
of land have been brought to going in for dairy products, livestock and
255,702
funded debt
are
82.614
77,525
83,836
the grain crops, farmers being operated on a more balanced and perma- Misc,income charges
87,033
poultry, and farms are now
25.668,551 25,168,230 22,985,923
nent basis than in the past.
18,036,748
Net income
in bringing the valuation
-The company Is actively engaged
Valuation.
aPPL to sink.& 0th.
15,243
as of June 30 1915 down to Dec.31 1927,
15,451
14,707
14,994
of its properties, which was made
reserve funds
-S. C. Commission. In accordance
the order of the I.
12.450,225 12,449,205 12,447,355
In compliance with
valuation will be brought down to date and Div. approp. of income-x12,449,647
with subsequent orders, the
maintained annually thereafter.
Income balance trans.
10,523,324
of the
-S. 0. Commission approved the application Ore.,
to profit & loss.,.,_ 5,572,107 13,203,619 12.703,673
-The I.
New Lines.
its line from Klamath Falls,
Great Northern for authority to extend 92 miles, and also approved the Ohs, of cap, stock out2,490 047 2,489 672
ely
stancrg (par 5100)---- 2,489.384 2,489;795
$6.63
south to Bieber, Calif., approximat authority to build north from Keddie,
516.11
$10.31
$7.24
application of the Western Pacific for miles, and from Niles. Calif.. via Earns.per sh.on cap.stk
Feb. 1 1931.
x Does not include dividend of 24% ($6,223,388), paid
Calif. to Bieber, approximately 112
immediately precompanies are actively engaged
Redwood City to San Francisco. Both
Prior to 1930, each dividend was charged in the month railway and ininaugurated in 1932.
from
in construction and service will be and agricultural conditions, since the ceding the dividend payment, against the incomesurplus of the company
the
Owing to the change in financial
across the State of vestments. Dividends are now being charged to
a line
the dividends are declared.
the application for authority to build
filing of
to withdraw the appli- in the months in which
Montana from Richey to Lewiston, it was decided
-A synopsis of the tons of freight moved and revenues
Freight Traffic.
received for the years 1930 and 1929 is given below:
1929.
1930.
Gross
MAY 30 1931.]
FINANCIAL CHRONICLE
GENERAL BALANCE SHEET DEC. 31.
1930.
1929::34
1930.
Assets$
$
$
Inv. in road de
Capital stock ___248,938,450
Premium on cap.
equipment:
stock
Road
424.060.565 418,102,483
81,268
Equipment 103,139.996 101,712,272 Grants in aid of
Impts. on leased
construction _
340.943
ry. propertu
159,840 Fd. debt unmat.355,560,515
196,413
Sinking funds.44 Non-nego. debt
44
to attn. cos-- _
Deps. in lieu of
755,327
24,960 Loans & bills pay 6,500,000
mtg.propsold
28,886
Misc. phys. prop 3,979,765 3,720,148 Trat. & car serv.
bats. payable.
Inv. In dill. cos:
888.481
170,398,622 169,671,623 Audited accts. dz
Stocks
wages payable 4,034,769
26,812,600 26,862,601
Bonds
2,440,406 2,440,406 Misc.accts. pay. 1,105.801
Notes
Advances_ --- 38.775,919 35.747,517 Int.matru. unpd 8,929,385
Divs. mat. unpd
Other inves'mts:
10,271
1,623,542 1,635,943 Fund, debt maStocks
tured unpaid.
2,238,907 2,237,907
Bonds
288.500
2,020,613 1,023,700 Unmatured dive.
Notes
Ninellaneous 1,212,144 1.751,326
declared
6,223,387
Cash
31,163,667 21,387,082 Unmatured int.
Demand notes &
accrued
265,906
deposits
35,000 0th. curr. liabils
40,000
104,201
Time drafts and
Other deterred
deposits
liabilities --_- 17,705,321
9,710,000 5,540.000
Special deposits..
372,477
375,255 Tax liability... 7,786,008
Loans & bills rec
89,699
818,575 Ins. & cu. res.- 2,264,630
Trat. de car serv.
Accrued deprec.:
balances rec._ 1,112,666
Road
1,174,850
3.731,345
Net bal. rec. tr.
Equipment
39,957.963
Miscell. phys.
1,071,003
agents & cond735,421
Misc. accts. rec. 13,820,281 11,652,621
property
99,119
Mat'l & supplies 9,558,068 12,023,045 Other unadiust.
credits
Int. & diva. rec_
8,179,464
97,592
130.295
0th. curr. assets
40,568 Add'ns to prop.
28.595
through inc.de
Work,fund adv_
27,068
33,896
Other del. assets 17,764,181 16,322,642 surplus
34,794,583
Fund, debt reRents and insur.
tired through
premiums pd.
inc. & surplus 1,555,300
In advance___
55,689
18,166
Dbic, on funded
3,771
Sink, fund res
10.452
debt
6.160,482 5,377,754 Misc,fund res0th. unadj. deb- 10,959,909 11,029,821 Appr. surp. not
spec. invested 2,796,486
Profit and loss__125,744,603
Total
878.626.227 852,119,336
-V. 132. p. 3879.
Total
1929.
$
248.979,450
81.268
344,359
336,819.515
1,372,406
6,500,000
902,522
6,039,972
1,316,281
8,495.017
8,261
294,500
282.725
144,478
16,181.623
8,083,210
2,252,085
3.502,768
36,242,933
61,383
8,528,841
34,737,374
1.555,300
3,771
10,452
2,517,045
126,861,795
878,626,227 852,119,336
International Telephone & Telegraph Corp.
(Annual Report-Year Ended Dec. 31 1930.)
The remarks of President Hernand Behn, together with
the income account and balance sheet for 1930, will be found
under "Reports and Documents" on subsequent pages.
V. 132, P. 3335, 2386.
Royal Dutch Co. for the Working of Petroleum Wells
in Netherlands Indies.
(Annual Report-Year Ended Dec. 311930.)
PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
1930.
1929.
(In Florins.)1928.
1927.
Income
92,069,648 126,843,819 103,754,257 102,487.888
Expenses, taxes, &c
1,233,133
372,428
386,476
509,250
Profit
90,836,415 126,471.391 103,367.781 101.978,638
Divs. on pf. shs.(4%)._
60.000
60.000
60,000
60,000
Priority shares (4%%)_
762,612
1,282,500
1,282,500
1,282,500
) 30,217.440 30,217,440 24,726,180 24.726,180
Ordinary shares( o
Surplus
59,796,363 94,911,451 77.299,100 75.909,958
Avail, for ordin'y div.:
93% of above surplus.. 55.610.617 88.267,650 71,888.163 70,596.261
6% on ord'y as above- 30,217,440 30,217.440 24,726.180 24,726,180
Brought forward
2.219,313
1,015,026
423,438
1,179,318
Commissaires popor'n
2,181,855
3,588,958
2,881,964
2,826,398
90,229,225 123,089,073 99.919.745 99,328,158
Amount of ordinary div- 85,616,080 120,869.760 98.904,720 98,904,720
(24%)
Rate per cent
(17%)
(24%)
(24%)
4,613,145
Carried forward
2,219,313
1,015,025
423,438
BALANCE SHEET AS OF DEC. 31.
1930.
1929.
1930.
1929,
Florins.
AssetsFlorins.
LiabilitiesFlorins.
Florins.
Share capital---998.500,000 970.000.000
Unissued share
494,876,000 466,376,000 Preference dm.- 1,500.000 1,500,000
capital
Priority shares-- 2,386,800 28,500,000
Share holdings
less reserve--309,373,158 312.186,542 4% deb. loan_ -100,000,000
622.756 82,512,355 6% deb. loan
Cash
28,500,000
Interest new acct. 1.266,509
Short term dep. 72.140,625
348,188,405 Unclaimed dive_ 2,460,078 2,249,542
Book debts
do on priorDividend prior
762.612
ity shares-641.250
by shares-57,542
81.462
Due to creditors
56,244
5% deb. unissued 7,918,800
3,700
Undistrib. dive_ 2,219.313 1,015,025
Claims on underReserve
325,347.881
65.881,161 80,083,431
takings
Profit balance-- 90,836,415 128,471,391
64,345
Debtors
Debtors for dive.
82,557,905
for 1930
Total
1.293,864,062 1209904,554
-V. 132. p. 3732.
Total
1 293,664,062 1209904,554
International Match Corp.
(Annual Report-Year Ended Dec. 311930.)
President Ivar Kreuger reports in substance:
-The stability of the match market has
Sales and Market Conditions.
again been clearly demonstrated id 1930. a year of general economic depression, by the fact that according to all available statistics the world
consumption of matches increased during that period at practically the
same rate as in previous years. Total sales of the company in 1930 were
the largest in its history, and subsequent reports indicate that its consistent
record in this respect is being maintained. Expansion of the company's
activities and influence in various markets, acquisition of new concessions
and its general progress have more than offset the effect of increased tariffs
which occurred during the year in several countries. Russian competition,
which In previous years was noticed in different markets, has during the
last year lost considerably in importance. Official statistics regarding
exports of Russian matches are no longer available, but reports from various
markets seem to indicate that for the year 1930 the exports have been less
than 40% of those for 1929.
-Consolidated net profits of corporation and
Income and Dividends.
constituent companies for the year 1930 amounted to $20,923.626 after
interest, depreciation. Income taxes and provision to reduce
deducting
the book value of bonds and marketable securities. These earnings compare with a corresponding net profit of $20,623.530 for 1929, and are
equal to $8.90 a share counted on both the participating preference and
common shares outstanding, as against $8.77 for the previous year. Quarterly dividends of $1 each were paid throughout the year on both classes
of stock.
The consistent yearly improvement in profits which the company has
been able to accomplish since its organization in 1923 results from the
4049
ratherjdistinctive manner in which its business is conducted. As pointed
out in previous annual reports, the larger part of its business consists of
-granted concessions under which the sole right to
operating Government
manufacture and (or) sell matches is given to the company or its affiliates
for a considerable period of years. Operations under such concessions
naturally make it possible to effect substantial savings in manufacturing
and selling costs. The result to the company is a stabilization of prices
and consequently of profits, with the assurance of continutation for some
time to come. To the country concerned, such a concession arrangement
guarantees an adequate supply of matches of standard quality and in
addition affords a new source of income through loans and Government
participation in the concession, all at no burden to the consumer. The
extension of such activities in an increasing number of countries has added
to the stability of the company's earning power. Income from these
sources, together with interest on advances and loans to Governments.
can no considered quite free from fluctuations which have characterized
the purely commercial profits of most industrial companies during the past
year.
In co-operation with Kreuger & Toll Co. and Swedish Match Co. the
company is able to make loans to Governments and favorable investments
In connection with its operations from which it regularly derives considerable profits. During the past year a profit of this character in the
amount of $5,000,000 was realized through the redemption on April 25
1930 of a 5% loan issued by the French Governmen. in 1928. International Match Corp. held $50,000,000 face value of these bonds at the
Issue price of 9354% of par, the redemption being effected at 10355% of par.
At the close of the year 1930 general market quotations for foreign bonds
had declined. Although there has been some improvement in this direction
since that time, a sum of $5,000,000 has been applied out of the profits
for 1930 to reduce the book value of bonds and marketable securities owned
by the company to a figure which is well oelow market value for similar
securities at Dec. 31 1930.
Balance Sheet.
-The operations of the company require it to make substantial investments in various countries. In connection with concessions
such investments are covered by contracts with the Governments concerned, and take the form of Government securities, advances to Governments or direct ownership of concession, manufacturing and selling companies. Advances which are made for investment in match CODCESSICMS
and which are not represented by Government securities are amortizable
out of profits over the lives of the concessions, while the advances and
loans to Governments are accompanied by a definite repayment provision.
With the exception mentioned below, all of these investments are carried
in the balance sheet at cost, less payments, accruing depreciation and
amortization.
The company's holdings of Government bonds at Dec. 31 1930, acquired
largely in connection with concession arrangements, while readily negotiable, are mainly special issues not quoted on stock exchanges. In some
cases such issues are secured by pledges of the Government's share of
concession profits and are accompanied by contracts which entitle the
company to earnings that materially increase the yield over the fixed rates
of interest. Notwithstanding these features, as heretofore stated, a
provision in the amount of $5.000,000 has been made out of the Profits
for the year 1930 and applied to reduce the book value of bonds and marketable securities owned to a figure which is well below the market value
for similar securities.
During the year 1930 the company retired through the operation of
Its sinking fund 5% gold debentures having a face value of $608,000,
bringing the total amount of this issue redeemed to $1,759,000 at Dec. 31
1930.
-An account of developments in difGeneral Progress of the Company.
ferent countries during the past year is given below.
United States.
-The over-production of strike-anywhere matches and
book'matches by American manufacturers and the excessive competition
resulting therefrom have continued throughout the past year. The
management of the company has therefore considered it advisable to defer
the manufacture and sale of these types of matches until conditions become
more favorable.
The safety match market in the United States has not shared in the
demoralization of the strike-anywhere and book match markets. During
the last months of the year 1929 the trade made very heavy purchases of
matches in anticipation of the expected increase in the import duty. The
sales during the first months of the year 1930 were therefore comparatively
small, but the total sales during the year must be considered quite satisfactory both as regards the volume of the business and the prices obtained.
Vulcan Match Co., Inc., the selling company in the United States for
the products of International Match Corp. and Swedish Match Co.,
distributes imported safety matches through a number of domestic companies, most of which have sales organizations covering the whole country,
and thus obtains the largest possible distribution. Among these distributors are the Diamond Match Co. and other large domestic match
manufacturers. The agency contract with the former company expired
on Dec. 311930. but has been renewed for a further period of years.
The new tariff increasing the duty on matches became effective June 17
1930, but the company, anticipating this increase, had Imported large
quantities of safety matches before this date and it is therefore not yet
Possible to determine what effect the increased duty will have on the sales
of imported matches. The reputation of Swedish safety matches is so
well established that they command considerably higher prices than others
and it is therefore to be expected that the sales of these matches will not
be materially affected for some time to come. As it may be found necessary.
however, to sell competitive grades of safety matches at comparatively
low prices the company has made arrangements with a domestic manufacturer to furnish whatever quantities of such matches it may require
when they cannot be profitably imported from abroad.
Germany.
-The agreement entered into with the German Government
on Oct. 26 1929 has, through decisions of the German Reichstag on Jan. 29
and March 12 1930. become effective from June 1 1930, at which date
the German company operating the match concession commenced its
activity. The first business period of this company comprised only seven
months and during this period the sales of matches were greatly reduced
owing to the large stocks existing in the hands of dealers and of the public
at the beginning of the period. Considering these circumstances, which
were fully taken into account when the German agreement was concluded,
the business of both the concession company, which is exclusively a sales
company, and of the manufacturing companies must be regarded as quite
satisfactory during the past year. In the first months of 1931 the sales
Increased materially and have now reached a normal level.
Of the loan of nominally $125,000,000 contracted for in conjunction with
Swedish Match Co. and Kreuger & Toll Co., the first payment was effected
on Aug. 30 1930, the balance being due on May 29 1931. According to the
original plan the loan was to be divided among International Match Corp.,
Swedish Match Co. and Kreuger & Toll Co., though the proportions for
the division were not derided upon at the time of the original agreement
but were left to a later decision pending developments in the financial
markets. It has now been decided that nominally $50,000.000 of this
issue shall be taken over by International Match Corp. and the balance
by the other two companies. Of its portion, bonds in a nominal amount
O $30,000,000 were acquired by Internatioanl Match Corp. in 1930. The
loan bears interest at the rate of 6% per annum and was taken over at
93% of par. It is to be fully amortized with 50 years by the Gerjman
Government has the right to redeem it at par after 10 years. Independent
of such redemption the concession agreement will remain in force for a
minimum period of 32 years. This participation in this loan by all of the
three companies does not represent any deviation from the program of
co-operation previously established and it is now, as before, the intention
that Kreuger & Toll Co. should be the chief financing medium for State
loans, though the two match companies will also be free to undertake
financial operations of this character if that is thought desirable.
iw
Poland.
-Through a contract dated Sept. 19 1925 the Polish Government
transferred the concession rights for the manufacture of matches in Poland
for a period of 20 years from Oct. 1 1925 to a newly formed company
the shares of which are held by International Match Corp.
By a contract of Nov 17 1930 between the Polish Government and
the concession company, ratified by the Polish Parliament by a law of
Jan. 30 1931. the period for which the concession was granted was prolonged by 20 years to Sept. 30 1965. The concession was in that connection extended to comprise the manufacture of splints and skillets and
the manufacture and sale of mechanical lighters, in addition to which
the company has obtained some other advantages. As provided in the
previous contract, the company shall manufacture within the country the
quantity of matches needed for consumption in Poland, but the provisions
in the old contract for the annual exportation of a certain quantity of
matches from Poland have been excluded.
In connection with the new contract a 6;4% loan to the nominal amount
of $32.400.000 has been granted the Republic of Poland at a price of
93% of par. Bonds still outstanding of the 7% loan which was granted
4050
[VOL. 132.
FINANCIAL CHRONICLE
the Republic of Poland in 1925 may,however, be employed at their nominal
value as part payment for the new loan. One-third of the new loan is
to be paid on Feb. 1 1932. and the remaining two-thirds on Feb. 1 1933.
The loan will be fully amortized befroe Oct. 1 1965. From Oct. 1 1935
the Polish Government is entitled to repay the loan, wholly or in part,
at par, but such advance payment shall not affect the period during which
the concession grant is to remain in force. The loan is secured by the
income of the Republic from the match concession.
Ilw•As a consequence of the extension of the concession International Match
Corp. will make important flea investments in the match industry and
related industies in Poland.
ist Turkey.
-On June 14 1930 an agreement was signed with the Government of the Republic of Turkey regarding a concession for the sole right
to manufacture and sell matches and mechanical lighters in that country
for a period of 25 years from July 1 1930. The agreement was ratified
by the Turkish Legislative Assembly on June 15 1930. Tne total consumption of matches in Turkey will be covered by production within the
country and a factory is at present being constructed in Istanbul. According to the agreement this factory should be in operation before July 1933.
In connection with the above-mentioned agreement the company has
undertaken to grant the Republic of Turkey a 63i% loan of $10,000.000
at par, the loan to be amortized during the life of the match concession.
The income of the Republic from the concession is pledged as security for
the loan. Of this loan $4,000,000 has been advanced in 1930 and the first
amortization applied in January 1931.
Genetal.-In a number of other countries new investments are being
made and present holdings increased. In general the progress of the company during the past year may be deemed to be quite satisfactory.
In order to provide funds for the acquisition of new assets and further
development of the company s business a new issue of $50,000.000 1P-year
5% convertible gold debenturts was sold in January 1931. These debentures are convertible at the option of the holder into participating preference
stock of the company at the rate of 12% shares of such stock for each S1,000
face value of debentures. In this connection the certificate of incorporation was amended in 1931 increasing the authorized number of participating
preference shares to 2.500,000 shares.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1928.
1929.
1930.
xNet profitfrom oper- -$26,749,139 526,213,387 $24,818,115 $20,122,153
Profitfrom red. of French
Government bonds__ - 5,000,000
$31,749,139 $26,213,387 $24,818,115 $20,122,153
Total profit
1,903,821
2,068,462 2,078,120 2,070,477
.Allowance for deprec n
319,444
Int. on 20-yr. gold debs_ 2,430,350 2,460,920 2.488,777
1930.
Allowance for taxes.-- - 1,326,700
Writing down book value
of securities
5,000,000
1929.
1,050,816
1928.
1,160,000
1927.
1,280,000
Net income
520.923,626 820,623.530 $19,098,861 $16,618,887
Divs. on pantie. pref._ - 5,400,000 4,590.000 4,320,000 4,320,000
($3.20)
Rate
($3.40)
($4.00)
($33.20)
Common dividends
4,000,000 3,403,366 3.203,168 2,402,376
($.3.20)
Rate
($3.40)
($3.20)
($4.00)
Cost of corn. shs. acq. A:
cancelled in excess of
amt. applic. to cap.
46,200
thereby reduced
Balance, surplus
Previous surplus
511,523,626 512,583,964 $11,575,692 $9,896,512
69,708,069 57,124,104 45,548,411 35,651,899
$81,231,695 $69,708,068 $57,124,104 $45,548,412
Surplus
$8.90
y Earnings per share
$8.12
$8.77
$7.07
x Including interest on investments in match concessions and advances
to Governments, interest on bonds, dividends, and income from sundry
sources. y On participating preference and common stock outstanding
,
at end of year.
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1930.
1930.
1929.
$
Liafrtittfes-Assets$
9
Pattie. pref.stk. 47,250,000 47,250,000
Ld.,bldg.,maeh.
and equipl._a39,291,621 39,064,849 Common stock_x30,000,000 31,166:338
000
0
Accts. payable_ 4,672,543 10,935.593
Adv. for inv. in
match comm.. 52,685,788 47,659,577 Fed. We.tax res. 1,401,930
Div. payable on
Adv. to Gov't's. 27,830,600 27,830,600
Other investm'ts 77,674,269 77,484,216 Pref. stock.- 1,350,000 1,350.000
7.764,141 7,947,530 do com.stk_ 1.000.000 1.r0 990
Cash
07:075
402,008
Aects.receivable 9,779.798 10,603,438 Acer.Int.on debe
5pben f
a
5,367,825 5,065,564 20-yr. 5% s.ts:78481 $
Inventories
4 60 4 808:06
. ,231, 9 68:749 000
00
1: 6 9
Deferred charges 1,827,128 1,960,066
9
Minority its.. 6 671 995 6.948,774
Surplus
222,221,171 217,615.839
222,221,171 217.615,839 Total
Total
a After depreciation of $12,518,274. x Represented by 1,000,000 shares
of no par value. y Of which $71,324,249 earned, and $9,907,446 paid-In
surplus.
-V. 132, p. 2209.
enerat Corporate anb 3nbegment
STEAM RAILROADS.
for
' the month were $1,674,080 as against 81,910,411.a decrease of $236,331
Total operating expenses for the month amounted to 51,200.077, as against
$1,491,414. a decrease of $291,337. Operating ratio was 71.69% as
against 78.07%, a decline of 6.38%. Decline in operating ratio. Mr.
Boatner attributed to economies which had been instituted in the road's
operation. "That these economies are continuous is indicated by an improvement in the four months' operating ratio of 7.20% over 1930 and
13.16% over 1929." he said.
Net income for the first four months this year amounted to 8333.776, as
against $192.642 for the same period last year, an increase of $141.134.
Total operating revenues for the four months amounted to $6,475,514.
as against $7,327,094. a decrease of $851,580. Total operating expenses
were $4,511,38, as against $5.639.683.-V. 132, P. 3878, 3140.
-S. C. Commission Rejects Plan for General Inquiry on Railroad Needs.
I.
Eastern President wanted Commission to take the initiative, but it refuses
-Executives would cut off passenger trains and
Higher rates not sought
27, p. 1.
slow up freight in economy plan. N. Y. "Times," Maylegal and account-Call on traffic,
Railway Heads Act for Rate Increases.
2
ing groups to cite needs of emergency-Additional revenue of $400,000,00
sought for Eastern lines as result of study of needs. N. Y. "Times,"
May 28, p. 23.
-Executives apply to L-S. 0.
Seek New Rail Law for Bus Operations.
Commission urging modification of anti-trust statutes-Unsupervised compublic danger and uneconomic. N. Y.
petition of motor carriers called
'Times," May 28, p. 2.
-Restoration of investment values
Bankers Back Roads for Rate Increase.
is urged by savings convention in Washington. N. Y."Times." May 23,
p. 1.
-Executives of large companies
Rail and Oil Men Argue on Pipe Lines.
-Railways at same time prepare
reach no truce regarding petroleum traffic
-S. C. Commission for rises in many lines. N. Y.
schedules for plea to I.
"Times" May 23, p. 26.
Matters Covered in the Chronicle of May 23.-(a) All-electric railroad sysgoverntem for Great Britain at Cost of $1,860,000,000 favored by special petition
ment committee. p. 3809: (b) Executives of Eastern railroads to p. 3824:
credit,
-S. 0. Commission to restore rates to level to protectbenefits doubted
I.
(c) Industries oppose increase in railroad freight ratesIn Pittsburgh area-Youngstown plans fight. p. 3825.
-Final Valuation.
Bessemer & Lake Erie RR.
on
-S. C. Commission has placed a final valuation of $10,233,000the
The I.
the owned and used properties of the company and $28.138,988 on
used but not owned properties as of June 30 1916.-V. 128, p. 1222.
-The
-No Common Dividend.
Boston & Maine RR.
directors on May 26 deferred action on the quarterly dividend of $1 a share on the common stock (par $100) due
at this time. The following regular quarterly dividends on
the pref. stocks have been declared, payable July 1 to holders
of record June 10: $1.75 on the 7% prior preference stock,
$1.25 on the 1st prbf. class A, $2 on the 1st pref. class B,
$1.75 on the 1st pref. class C, 82.50 on the 1st pref. class D,
$1.12 on the 1st pref. class E and $1.50 on the 6% plain
pref. stock. Record of common dividends paid since and
including 1893 follows:
DIVS.- 1 93. 94-98. 99. 00-07. 08. 09. 10. 11. 12. 13. 30. 31.
1
Common_%1 8 6 yly. 63.i 7 yiy. 6% 6 6 5 4 2 4
The board of directors issued the following statement:
Earnings for April by the customary comparison with the corresponda similar
ing month last year were the best since February 1930. and on with any
basis the earnings for the first four months compare favorably
the country.
railroad in
In comparison with substantially every other railroad, there has been
a shrinkage in gross revenue. Owing, however, to the large scale improvement made during the last few years and to a careful control of expenses,
our shrinkage in net has been slight compared with most railroads.
The April showing and that of the first four months were gratifying,
and although they do not show anything actually earned on the common
rate of
stock, they do show our proportionate share of a dividend at the months
4% for the year, based on the average contribution of these four
to the total earnings of the years 1924-30 Inclusive. the majority of the
Under all the circumstances, it is the opinion of
board that the wise course is to defer action on the Common stock at this
year dividends upon the common
time with the idea of paying during the earnings.
stock as earned rather in anticipation of it will not be proper to pay out
feel
In such a year as this the directors earnings up to $4 per share on the
in dividends the full amount of net
best estimate of gross earnings that they
common stock, and from the earnings will be sufficient to enable them
are able to make they expect which $1 was paid on April 1.-V. 132. P.
per share, of
to pay at least $3
3709, 3519.
-Listing of $70,000,000
Canadian National Railway.
-Year 434% Guaranteed Gold Bonds. the listing of
25
authorized
570.000.000
Chicago Springfield & St. Louis Ry.-Sale Recommended.-
The sale of this road and the Jacksonville & Havana to the highest
bidder, at public sale, has been recommended by W. St. Johns Wines,
master in chancery, in reports filed with the United States District Court at
Springfield, Ill. Both were once part of the defunct Chicago, Peoria &
St. Louis.
-V.131, p.931.
-The
Erie RR.
--Omits Dividend on 2nd Preferred Stock.
directors on May 29 omitted the declaration of the regular
semi-annual dividend of 2% due June 30 on the outstanding
$16,000,000 4% non-cum. 2nd pref. stock, par $100, but
declared the usual semi-annual dividend of 2% on the
$47,904,400 4% non-cum. 1st pref. stock, par $100, payable
June 30 to holders of record June 15.
Regular distributions at the above rates were made on
both issues during 1930 and 1929. No payments were made
from 1908 to 1928.-V. 132, p. 3135.
-Notes Authorized.
Illinois Central RR.
-S. C. Commission May 22 authorized the company to issue in
The I.
reimbursement for capital expenditures not exceeding $20,000,000 of
three-year 4;5% gold notes, to be sold at not less than 98% and interest.
and the proceeds used for additions and betterments, to pay maturing
obligations and bank loans, and for other corporate purposes. See offering in V. 132, p. 3520.
New Chairman of Exec. Comm.
William Avert]] Harriman has been elected Chairman of the executive
-V. 132, p. 3520.
committee to succeed the late Charles A. Peabody.
-Sale Recommended.
Jacksonville & Havana RR.
-V.131, p. 931.
See Chicago Springfield & St. LOUIE RR.above.
Kanawha & Michigan Ry.-Acquisition.-
The I.-S. C. Commission May 11 issued a certificate authorizing the
company to acquire certain railroad properties of the Toledo & Ohio Central
By. and the Zanesville & Western By.
The report of the Commission says in part:
The Kanawha & Michigan By. on Jan. 13 1931 flied an application for
authority to acquire (1) the interest of the Toledo & Ohio Central By. in
certain tracks (and structures) extending from a line 208 feet south a the
south line of Main Street, in Corning, to the south end of Corning yard,
2.380 miles, and between the south end of Corning yard and the south
end of Chauncey yard, consisting of side tracks, along the applicant's main
line at Burr Oak, Glouster, Jacksonville, Doty and Chauncey. aggregating
6.245 miles: (2) tracks and structures of the Toledo between Corning and
Chauncey. consisting of 19.927 miles of sidings and yard tracks: (3) of the
Toledo's Sulphur Springs branch, extending from a connection with the
applicant's Buckingham branch at Carrington to the beginning of the Pine
Run branch of the Zanesville & Western By..0.722 mile: (4) the Zanesville's
Green Run branch, extending from a connection with the Toledo's side
track near Doty to Modoc,together with a branch line from the Green Run
branch to mine 255. In all 5.235 miles: and (5) the Part of the Zanesville &
Western By. at Drakes and the Zanesville's line extending from Carrington to Shawnee, together with side tracks off the applicant's Buckingham
branch between Glouster and Carrington, owned by the Zanesville, and
the Zanesville's Pine Run branch, in all 3.549 miles of main track and 9.751
miles of yard tracks and sidings. all in Athens and Perry counties, Ohio.
V. 129, D. 3469.
Dividend.
Kansas Oklahoma & Gulf Ry.-Smaller
The New York Stock Exchange has due Feb. 1 1956, guaranteed by the
% (51.50 Per
The directors have declared a semi-annual dividend of
% gmaranteed gold bonds, -V. 132, p. 3520, 2956.
-year
25
share) on the 67 non-cum. series 0 pref. stock. Previously semi-annual
Government ofthe Dominion of Canada.
°
distributions of 3 were made on this issue.
%
- The directors have also declared the regular semi-annual dividends of
-Hear ng Set for June 29.
series B
Chicago & Alton RR.
acquire control of the Chicago & 3% on the 6% sum. series A pref. stock and on the 6% non-cum.
The Baltimore & Ohio RR.'s proposal to RR.. has been assigned for oral preferred stock.
Alton through a new company, the Alton
1 to holders of record May 25.
All distributions will be made on June
29.-V. 132, p. 3878.
-S.
argument before the I. C. Commission June
-V.131, p. 2692.
-Earnings.
Western RR.
Chicago Great
interest and all charges, as
Net Income for April was $57,967 after
increase of 15%. accordagainst 949,115 in the same month last year, an Total operating revenues
President V. V. Boatner.
ing to a statement by
-Abandonment of Branch.
RR.
Michigan Central
The L-S. C. Commission May 14 issued a certificate authorizing the
operation
company to abandon and the New York Central RR.to abandon
MAY 30 1931.]
FINANCIAL CHRONICLE
of that part of the East Jordan branch of the Michigan Central extending
from Marble northwesterly to East Jordan, about 6.5 miles, all in Antrim
and Charlevoix counties, Mich.
-V. 132, P. 2188.
-Directorship Approved.
Missouri-Kansas-Texas RR.
The I.
-S. C. Commission has authorized Michael H. Cahill to hold the
position of President and director of this road.
-V. 132, p. 3511. -
-Seeks to Build Up Traffic.
Missouri Pacific RR.
P. J. Neff, Assistant to President and Vice-President and General
Manager of the Missouri Pacific Transportation Co., Missouri Pacific
motor coach subsidiary, has been appointed Assistant Vice-President
in charge of passenger traffic, with headquarters at St. Louis, effective
June 1.
"We are going to make a most determined effort to put a stop to passenger
traffic losses and reestablish the supremacy of the railroad by a complete
co-ordination of all the passenger-carrying facilities of all the Missouri
Pacific Lines," Mr. Neff said. "Unification of our passenger traffic
soliciting organization on a system-wide and nation-wide basis is the first
step, he declared, "and with this end in view a number of additional
changes will be effected and announced in a few days. We are going to
change our battle lines and change our tactics.
-V. 132. p. 3879.
Muskogee Co., Philadelphia, Pa.
-Smaller Dividend.
-
4051
pounds of copper and bronze. In addition tothis. the 150 locomotives
under order will utilize 4,638,000 pounds of copper and 2.250 tons of steel.
Completion of electrification between New York and Washington will
give the Pennsylvania RR. System 232 additional miles of line, and 1,066
additional miles of track under electrification. At present 358 miles of
line and 1,143 miles of track are electrically operated. When the New
York-Washington project is completed, these figures will be raised for the
entire system to 590 miles of line and 2,209 miles of track operated by electric power.
There are now in use on the Pennsylvania system 61 electric locomotives
and under construction 96 locomotives, which will be increased to 326 by
those now authorized and those contemplated for later purchase.
Dividends Paid by Company Passes Billion-Dollar Mark.
Dividend payments to stockholders of the Pennsylvania RR. passed
the billion dollar mark on May 28, with the mailing of the regular quarterly
spring payment to the railroad's nearly 236,000 shareholders.
The current disbursement of more than 813,000,000 was at the rate of
$1 per share or 2% on the par value of $50 per share. On May 1 there
were 13,127,934 shares outstanding in the hands of 235.791 stockholders.
Including this dividend, total returns to shareholders of the Pennsylvania
RR.equal $1,008,212,369. The company has never failed to pay a return
in the 8.5 years of its existence.
Listing of $50,000,000 General Mortgage 43j% Gold Bonds,
Series "D."The New York Stock Exchange has authorized the listing of $50,000.000
general mortgage 4g% gold bonds, series D, due April 1 1981.
Petitions Circuit Court to Set Aside Commission's Order
New York New Haven & Hartford RR.
-Equip. Trusts. Requiring Road to Dispose of Wabash and Lehigh Stock.
-
The directors have declared a dividend of $1 per share on the no par value
common stock, payable June 15 to holders of record June 5. Six month:.
ago an Initial dividend of $2 per share was declared on this issue.
-V. 131.
p. 3363,3040, 472; V. 130, P. 3705, 2955; V. 129, p. 3335; V. 128, p. 3526
V. 127, p. 1386. 950.
The company has asked the I.
-S. C. Commission for authority to issue
$2,595,000 43. % equipment trust certificates dated July 1 1931 and maturing serially up to July 1 1946 in connection with the procurement of rolling
stock and marine equipment which will include one steel car float, 10 electric
locomotives, 12 multiple unit passenger train passenger cars, and 19 trailer
cars of this type, together with two multiple unit combination cars. Certificates will be sold uhder competitive bidding.
Petition Asks Cut in Commuters Rates.
A petition for the reduction of commutation rates was filed May 22 with
the Public Service Commission on behalf of Mount Vernon, New Rochelle,
Harrison, Pelham, North Pelham and the county of Westchester. The
Boston Road Association also joined in the petition, which was submitted
by Corporation Counsel J. Henry Esser of Mount Vernon.
The present rates, which represent an increase of about 40% over those
prevailing up to July 15 1925, are described in the petition as unwarranted
by commuter traffic and as discriminatory in comparision with those paid
on other railroads serving suburban territory adjacent to N. Y. City.
-V.132,p. 3879..
The company and Pennsylvania Co. May 28 filed their petition in the
Circuit Court of Appeals for the Third Circuit (sitting in Philadelphia)
asking the Court to review and set aside the order of the I. C.Commission
-S.
entered in December 1930, requiring them to divest themselves of stock
of the Lehigh Valley RR.and of the Wabash Ry.
Judge Buffington entered an order that the case be docketed to be heard
some time during the October term.
In the petition filed, the railroad company and the Pennsylvania Co.
claim the capital stock of the Wabash By. and the Lehigh Valley RR. were
not indirectly acquired by the railroad as found by the Commission. The
defendants claim that the Commission's decision was in error in finding
that the acquisition of the stock of the Lehigh Valley and the Wabash
would substantially lessen competition between these roads and constitute a
violation of Section 7 of the Clayton Act. Their contention is that the
Pennsylvania Co. is not engaged in the business of dealing in securities
but rather is an investment company engaged in the business of investment.
-V.132, p. 3333.
Pere Marquette Ry.-Omits Common Dividend.
-The
directors on May 27 voted to omit the regular quarterly
dividend which ordinarily would have been payable about
-Stock Suits Accusing Company Voided
Peniiroad Corp.
- July 1 on the outstanding 5,046,000 common stock, par
Stockholders Charged Purchase of Pittsburgh & West Virginia $100. From July 1 1926 to and incl. April 1 1931 the comHoldings Was Irregular.
pany made quarterly distributions of 13 % on this issue,
The New York courts have no jurisdiction over the corporation, and for and, in addition, paid extra dividends of 2% each on May 1
that reason the service of papers in this city in two suits against the company
and others has been set aside by a ruling of the Appellate Division of the 1926 and in April of each year from 1927 to and incl. 1930.
Supreme Court. The court held that the Pennroad company was not enThe directors, however, declared the regular quarterly
gaged in business in New York.
In one suit William F. Hanson and Joseph W.and Julia A. Perrine sued dividend of 13.4% each on the pref. and prior pref. stocks,
to set aside the purchase of 73% of the stock of the Pittsburgh & West payable Aug. 1 to holders of record July 8.-V. 132, p.
Virginia RR. from Frank E. Taplin and associates. They brought the
action as stockholders of the Pennroad Corp. on the ground that the pur- 3706, 2382.
chase had been made for the benefit of the Pennsylvania RR,and that no
-Final Value.
Pittsburgh, Bessemer & Lake Erie RR.
money ofthe latter had been spent. They asked that the money be returned
New York Ontario & Western Ry.-New Director.
-
Noah H. Swayne has been elected a director to fill the vacancy caused
by the resignation of John B. Kerr.
-V.132, p. 2959.
The I.
-S. C. Commission has placed a final valuation of $32,830,000 on
to the Pennroad treasury, or the stock sold at the best price available,
and that the officers responsible for the purchase be compelled to make . the owned but not used properties of this company as of June 30 1916.V. 125, P. 1967.
good the difference.
A second suit was brought by Kenneth S. Guiterman as a stockholder
or the Pittsburgh & West Virginia RR., against the same defendants for
St. Louis-San Francisco Ry.-Ends 2c. Fare.
damages on the ground that his stock had not been included in the majority
-S. C. COMMISSIOD to cancel
The company has been authorized by the I.
purchase from the Taplln group.
-V. 132. P. 3880.
its reduced coach fares of 2
-cents a mile, and revert to the standard scale
of 3.6 cents, effective July 1. The fare cut was made Feb. 1, but the com-Extends Container Car Service.
Pennsylvania RR.
pany advised the Commission:"The result of the experiment for the period
Extension of its container car service providing faster movement of February, March and April, 1931, has been such that we are constrained
merchandise freight to all important points on the Pennsylvania RR. was to admit that the experiment (of trying to retrieve passenger traffic lost
announced on May 27 by M. W. Clement, Vice-President in charge of to buses and privately owned automobiles) has not accomplished its puroperation, as a development of the immediate future.
pose."
-V. 132, p. 3710, 2757.
Orders for more than $1,500,000 worth of additional merchandise con•
tainers will be placed at once as part of the program for expansion of this
St. Louis Southwestern Ry.-Statement on Rebate Charge.
service to all important freight terminals on the Pennsylvania RR. These
Commenting on the indictment of the company by the Federal Grand
orders call for 3,250 additional containers, all of which will be built in the Jury in Memphis for alleged illegal rebates to shippers through a subsidiary
railroad's Altoona works at Altoona, Pa.
Transportation Co., a motor bus line, Daniel
In regular freight service small shipments not requiring an entire car company, the Southwestern
UPthegrove, President, states: "We are pioneers in the co-ordination of
are loaded at the shipping point for a number of different destinations. rail and bus service. We have been working on the problem for about two
these miscellaneous shipments at
By eliminating the necessity for sorting
years and on operations at Memphis have been constantly in touch with the
transfer points, use of containers will further speed the movement offreight I.
-S. C. Commission advising them as to what we are doing. We have
between all principal points on the Pennyslvania RR.
in regard to certain tariffs
been
At the present time, the Pennsylvania RR. has in service 1,010 steel have in disagreement with them to clear the matter in the and both sides
welcomed an opportunity
Federal Court
containers, each having a capacity of 10,000 pounds. Flat cars equipped
-V. 132. p. 3880.
for the purpose carry five of these containers with a possible capacity for the benefit of railroad efficiency."
carload of 25 tons. The present service is operated between the New
-Listing of $50,000,000 Bonds.
Southern Pacific Co.
York Metropolitan area and the principal points in the Pennsylvania
authorized
RR.'s eastern region, as well as Pittsburgh, Columbus, Cincinnati, India- 50The New York Stock Exchange has 1981.-V. the listing of $50.000,000
-year
132. p. 3880, 3511.
% gold bonds, due May 1
napolis and Chicago.
Distinct economies in operation as well as expedited service will result
Stanley, Merrill & Phillips Ry.-Proposed Abandonfrom the enlarged operation, Mr. Clement said.. The new service will
make possible the consolidation of less than carload shipments at all central ment Denied.
Pennsylvania RR. points. The container
points for direct dispatch to
The I.
-S. C. Commission May 18 denied the company's application for
service makes possible the loading at one point of five individual containers authority to abandon operation of its line of railroad extending from Gilman
for as many as five different cities. These containers are transported on to Walrath. about 20 miles, all in Taylor and Rusk counties. Wis. The
one flat car to a central point where each Is transferred bodily to a car application of the Wisconsin Central RY. and the Minneapolis St. Paul
loaded with other containers for the same destination.
& Sault Ste. Marie By. for authority to cancel the lease made by the StanNot only does the use of container facilitate the movement of miscellane- ley to the Central on April 11 1923 of part of the railroad of the Stanley,
ous freight over the railroad, Mr. Clement said, but the capacity load Including the line in question, and for a certificate that the present and future
carried by a car of containers may total up to 50,000 pounds, compared public convenience and necessity permit the abandonment by them of
with the present average box-car load of 10,000 to 12,000 pounds, and operation of the line of railroad between Gilman and Wakath above dewith a minimum of handling, freight claims are practically eliminated.
scribed, was likewise denied.
-V. 122, p. 2796.
The greater flexibility of the container not only enables the railroad to
give expedited service to package freight in greater carloads, but also offers
the additional advantage that the containers can be trucked to and from
PUBLIC UTILITIES.
the railroad freight station, practically bringing the freight car to the store
door, and thereby greatly reducing the ultimate costs ofthe transportation
Alabama Water Service Co.
-Earnings.
to the shipper and the consumer.
For income statement for 12 months ended March 31 see "Earnings
Orders Electrical Apparatus to Cost Approx. $16,000,000.
-V. 132. P. 3333.
- Department" on a preceding page.
Orders for the electrical apparatus to be installed in 150 electric passenger
and freight locomotives, constituting part of the equipment which will be
-New Gas Well.
Allegheny Gas Corp.
used when electrification is completed between New York, Philadelphia,
The company's Caiude Lear No. 1 well was drilled in on May 26 with a
Baltimore and Washington, were announced by the Pennsylvania RR. on flow of 22,000,000 cubic feet a day. This,it is stated, is the third producing
May 27. This electrical apparatus will be supplied by the Westinghouse well of the company. The gas will be sold to the Lycoming Gas Co. The
Electric & Mfg. Co. and the General Electric Co. at an approximate cost new well increases the production of the Tioga field to 233,000,000 cubic
of $16,000,000.
feet a day.
-V. 132, p. 653.
The Pennsylvania RR.'s program also calls for the later purchase of
-Listing of Additional
80 additional electric locomotives of other types. The American BrownAmerican Power & Light Co.
Boveri Electrical Corp. of Camden, N. J. it is announced, is in consultation with the railroad with respect to the design of some of them, and may $5 Preferred Stock, Series "A" and Common Stock.
The New York Stock Exchange has authorized the listing of 57,879 addisupply a part of the necessary electrical equipment.
of the new engines are to be delivered this year and the tional shares of common stock, on official notice ofissuance and distribution
Forty-three
remainder before the middle of 1933, when it is anticipated that the elec- In payment of a stock dividend, and 12,180 shares of Its $5 pref. stock,
trification work between New York and Washington will be completed series A, on official notice of issuance in connection with the acquisition
in connection with the station, track and tunnel improvements at Newark, of properties, making the total amounts applied for 3,057,836 shares of
common stock and 625.237 shares of $5 pref. stock, series A.
Philadelphia and Baltimore.
The 12.180 additional shares of $5 pref. stock, series A, are to be issued
The work of electrifying from New York to Washington was inaugurated
in 1928, between Philadelphia and Wilmington. At the present time it is In connection with the acquisition on behalf of the company of certain
-V. 132, p. 3521, 1987.
completed between Trenton and Wilmington. Between New Brunswick natural gas properties in the State of Montana.
and Manhattan Transfer about 15% of the work is done, and between
Associated Gas & Electric Co.
-Exchange of Securities-Manhattan Transfer and Sunnyside Yard, Long Island, 50%. Between
Wilmington and Washington, and between Trenton and New Brunswick, Earnings
surveying is now under way and engineering studies well advanced.
See Rochester Central Power Corp. below.
The remaining work upon the wires, poles, substations and other appaFor income statement for 12 months ended April 30 sae "Earnings
ratus to equip the roadway will require 68,000 tons of steel and 39.000.000 Department" on a preceding page.
-V. 132. p. 3711.
FINANCIAL CHRONICLE
4052
-Extra Div.
Associated Telephone & Telegraph Co.
An extra dividend of 50 cents per share has been declared on the partic.
class A stock in addition to the regular quarterly dividend of $1 Per share,
both payable July 1 to holders of record June 16. Like amounts were distributed on this issue on April 1. An extra of $1 per share was paid on Aug. 1
and Nov. 1 1930.-V. 132. p. 2579, 1987.
-Further Expansion.
Avon River Power Co., Ltd.
The Nova Scotia Board of Public Utilities has approved the application
of the Sheffield Mills Light & Power Co. to transfer its assets and undertakings to the Avon River Power Co. The latter recently acquired the
132. p. 3880.
municipal plant of Middleton. N.
-Directors Elected.
Berlin Power & Light Corp.
According to cables received by bankers, the new Berlin Power & Light
Corp. held its first meeting in Berlln May 28, at which the arrangements
entered into recently in connection with the acquisition of the electric
properties of the City of Berlin by the international banking group were
formally put into effect. The board is comprised of 40 members, of which
one-half are representatives of the class A stockholders and the other half
of the class B stockholders. The American principals receive representation on the board of directors, Harris, Forbes & Co. being represented by
William S. Hulse, who in addition was elected member of the technical
committee. J. Henry Schroder & Co. is represented by Henry M. Andrews of London, and Aldred & Co. by J. E. Aldred. Burgomaster Dr.
Fritz Elsas of Berlin was elected Chairman of the board. There are
four Vice-Chairmen of the board-one a representative of Elektrowerke,
one representing the Prussian Electric Co., and two the class A stockholder,
or international syndicate. As representatives of the latter group, Mr.
Disconto
Oliven of Gesfurel and Dr. Werner Kehl of the Deutsche Bank and members
Ges. have been elected Vice-Chairmen. Two other prominent
of the board are Dannie Heineman, President of Sofina, and Count Volpi.
The allotment of the German group was 44,000.000 R.M. par value
class A shares, of which 10,000,000 R.M. are held by Gesfurel, leaving
34,000,000 R.M. for public subscription. The remaining allotments were
as follows: 44,000,000 R.M. Sofina; 32,000,000 R.M. American group;
10,000,000 R.M. England; 10,000,000 A.M. Switzerland; 7,000,000 R.M.
Holland; 7,000,000 R.M. Scandinavia; 6,000,000 R.M. Italy, or a total of
160,000,000 R.M. Subscriptions to the German block were open from
May 12 to 16 at a price of 110%, of par. The Dutch block has also been
sold at an equivalent price. It is planned to list the A stock this summer
on the stock exchanges of Berlin, Amsterdam, Zurich and Basle.
The German circular which was issued states that the assets of the Berlin
Power & Light Corp. have a total value of 560,000.000 R.M., which inCo. The
cludes 15,000,000 R.M. shares of the old Berlin City Electric concession
electric properties have a capacity of 763.000 kw. Under the
contract concluded with the City of Berlin, the company is entitled to fix
the rates for electricity at such a level that all expenses,interest and sinking
fund charges, appropriations for adequate depreciation and reserves are
covered, plus an annual return on the share capital of at least 10% per 100
R.M. par value of stock. On the basis of last year's income, the dividend
of 10% would be earned more than twice, and after deduction of all the
concession payments due the city, amounting to 22.4 million R.M., a substantial surplus available for additional dividends to the stockholders would
remain.
-Bonds Called.
California Oregon Power Co.
All of the outatanding $421,500 Rogue River Electric Co. 1st mtge.
5% 30-year s. f. gold bonds,dated July 1 1907 have been called for redemption July 1 next at 105 and Int. at the Guaranty Trust Co., 140 Broadway,
-V.132. p. 3522,3334.
N.Y.City.
-Earnings:
California Water Service Co.
March
For income statement for 12 months ended3345. 31
-V.132. p.
see "Earnings
Department" on a preceding page.
-Earnings.
Central Gas & Electric Co. (& Subs.).
Consolidated Income Accountfor Year Ended Dec.31 1930.
[Irrespective of Dates of Acquisition of Subsidiaries.]
$8,609,681
earnings & other income
Gross
4,954,503
Operating expenses, maintenance & general taxes
$3,655,177
Net earnings
Annual int. & pref. div. requirements on funded debt & pref.
419,964
stocks ofsubsidiaries
$3,235,213
Balance
Annual int,require,on fund,debt of Central Gas & Electric Co_ - 1.308,873
$1,926,341
Balance
Annual int,requirements on advances from affiliated companies.. 570,494
$1,355,845
Balances
348,000
Annual div.require,on pref.stock of Central Gas & Electric Co
prov., miscell. charges & surplus-- 41,007,845
Net inc. avail,for retire.
ConsolidatedBalance Sheet Dec.31 1930.
Liabilities
Assets
$4,966,066
$56,027,531 Preferred stock
Plant & franchises
5,192,737
60,356 Common stock
Investments
325,772 Capital As profit & loss surplus 2,765,825
Sinking funds & special dep._
517,485 Minority stockholders' Int. In
Cash
117,450
cap. es Burp'. of subsidiaries
1,313,599
Accts. rec.-Consumers_ _
30,706,500
87,045 Funded debt
Other accounts & notes rec
270,000
765,259 Notes payable
Mdse. materials & supplies-409,728
Accounts payable
Prepay.-Insur. premiums.
499,766
107,942 Accrued Int.& pref. dividends
P taxes, &e
423.402
134,537 Accrued taxes
Receivable from affiliated cos
364,041
Deferred liabilities
Unamortized discount & ex514,714 Advances from affiliated cos_ 9,642,785
pense on funded debt__-30,905
28,872 Deferred credit items
Improve, to leased property_
4,544,968
51,262 Reserves
Sundry deferred debit Items.
Total
-V.130, p.3877.
$59,934,179
Total
$59,934,179
----Earnings.
Central Maine Power Co.
"Earnings
For income statement for 3 and 12 months ended March 31,see
-V. 132, p. 847.
Department" on a preceding page.
-Earnings.
Central Public Service Corp. (8c Subs.).
Amortization,
Consolidated Summary of Net Income Available for Retirements,
1930
Miscellaneous Charges and Dividends for the Year Ended Dec. 31
(Irrespective of Dates of Acquisition).
1930.
1929.
Calendar Years$43,526,618 $43,238.394
Gross revenue (Including other income)& taxes.- 25.467,852 25.126.962
Operating expenses, incl. maintenance
818.058,766 $18.111,432
Net earnings
1,732.505
-Funded debt
Interest
200.000
-Property purchase obligations
Interest
804.969
Preferred dividends
$8.313.956
Remainder
of Central P.S. Corp.Ann. int. requirements on obligations
117,414
Property purchase obligations
183,989
Funded debt
2,477.500
Notes payable,funded in 1931
misc. charges & diva- 85.535.052
Net income avail, for retire'ts, amort.,
Islands Companies are not
-The operating results of the Canary
Note.
Included in the above statement.
1930 were derived from the following
The net earnings from operation for
39%; transportation, water,
sources: Electric light and power, 50%; gas.
heating and ice, 11%.
the properties last year. Pacific
Two important additions were made to Southern Cities Public Utility
Northwest Public Service Co. in March and
Co. in November.
increased from 38.865 to 65,593;
During 1930 the number of stockholders
380,765 to 635,352; the number of
the number of consumers served from
estimated Population served
communities served from 386 to 684; and the
employees of the System
from 2.823.675 to 5,016,128. The number of
increased from 4,877 to 9.666.
[VOL. 132.
Pointing out that there are many factors to be considered in reviewing
the results of operations of the corporation last year, Mr. Peirce, in his
letter to stockholders, states that the electric and gas industries were
among those least affected by the business depression. "The basic sound.two
ness of these industries is in the fact they are furnishing to homes
of the most essential services required by present standards of living at
such low cost as to make them available to all," he continues. "It was the
steadily increasing demand of the domestic consumers that enabled the
companies owned by the Central Public Service Carp. at Dec. 31 1930,
irrespective of dates of acquisition, to show an increase of 2% in revenue
from sale of electric current In 1930 as compared with 1929, notwithstanding the fact that there was a decrease of 6-10ths of 1% in the kilowatt
hour sales of current and that a lower average rate was received per kilowatt
hour sold for domestic use."
Another important factor is emphasized in the President's statement:
In taking over the management of properties of such size and importance as were acquired in 1930 it is necessary to proceed slowly
in reorganizing the operations and policies to conform to those of the corporation. Consequently the earnings of these new properties for 1930
reflect very little benefit from the economies and improvements effected
or to be effected under the direction of the Central Public Service management.
"The fact that 1930 was not a normal year directed the attention of the
Public utilities
-as it did the attention of all other industries-to the
necessity of increasing net earnings through more efficient and economical
operation. During the last four months of 1930 and the first few months
of 1931, Central Public Service properties effected economies which are
expected to reduce operating expenses by approximately $2,000.000 per
annum.
"Substantial progress was made during the year in co-ordinating the
operations of the various properties. The corporation is now in position
to benefit greatly from the increased efficiency and from the economies
which are being brought about under the direction of its management
organization."
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Liabilities
Assets$
Preferred stock_ 23,672,158 13,139,724
Plant and franchises
308,214,524 168,291.368 Subsid. pref.stk. 12,913,902 3,666,574
35,187,851 17,393,459 Class A stock * 57,881.640 37,475,903
Investments
Common stock_ 4,078.485 4.078,485
Sinking funds &
531,265 MM.Int. In cap.
special depos_ 1,338.300
116.520
168.300
&sur. of subs_
Cash
3,948,638 3,672,651
Capital & profit
Consumer accts.
4,412,438 & loss surplus 4,007,077 1,679,887
receivable_ _ 7,250,118
43,741,008 44,550,808
Funded debt_
Miscell. accts. &
notes rec'able 1,936,552 2,066,734 Sub,fund. debt_165,138.414 68,771,480
Prop. pur. °bug.
Mdse..materials
andsupplies
4,059.579 2,549.181 (due 1931)__. 5,516,914 5,968,045
Notes payable
Prepaid taxes.in208.081 (funded In'31) 10,100,000
423.306
surance. &c.Other notes pay_ 4,737.055 1.045,000
Unamort. died.
Accts. payable__ 2,771,162 3,835,746
& expenses on
535,878 Accrued Int, and
funded debt
794,515
3,264,209 1,667,434
pref. div
Improvements to
838.869
218,784 Accrued taxes- 2,278.316
leased prop'ty
365,058
719.083
Consumers'dep. 1.038.812
Sundry deferred
173,128
314,507
482.881 Sent. eaten. dep
debit Items
611,185
415.832
Equip, per.oblig
343.048
Misc. def'd Habil
151,548
315.544
Def. credit items
147,823
Due to affil. cosReserves:
Retirements 17,048.942 9,854,137
203,657
628,470
Uncol.rec'bles
382,940
505,326
Contr. for est
Contingenclee 2.111,730 1,384,1386
489,403
744,775
Sundry
364.127.426 200,340,680
364,127,428 200,340,680 Total
Total
-V. 132. P. 3523.
•In 1930 2.132.398 shares; in 1929 1,247,874 shares.
-New Subsidiary.
Central States Electric Corp.
Formation of the Central States Electric Co. of New Jersey was consummated recently with the filing of a certificate of incorporation. The
company was formed with the usual charter powers of h securities company
to conduct a portion of the business previously done by the parent company. The incorporators were R. E. Glass, Vice-President and a director
of the Central States Electric Corp.; W. C. Ross, Assistant Secretary and
-V. 132,
n
.
A 2sta.
psai5n t Treasurer of the latter concern, and J. H. Eccles.
-Earnings.
Central States Edison Co.
For income statement for 12 months ended April 30 see "Earnings
-V. 132, p. 3523.
Department" on a preceding page.
Chester Water Service Co.-Emnings.-
For income statement for 12 months ended March 31 see "Earnings
-V.132. p. 3334.
Department" on a preceding page.
-Earnings.
Citizens Water Service Co.
For income statement for 12 months ended March 31 see "Earnings
-V. 132. p. 3334.
Degartment" on a pre...Kling page.
-Earnings.
Columbus Delaware & Marion Electric Co.
For income statement for 3 and 12 months ended March 31 see"Earnings
-V. 132. p. 2190.
Department on a preceding page.
-Bonds Sold.
-The
Consolidated Gas Co. of New York.
National City Co. offered May 27 at 101 and int. $60,000,000
20
-year 4 % gold debenture bonds. The issue has been
oversubscribed.
Dated June 11931; due June 1 1951. Interest payable J. & D. at City
Bank Farmers Trust Co., New York, trustee. Denom. c• 6500 and $1,000
and r $1,000. 89,000 and $10.000. Redeemable in whole or in part at the
option of the company on any interest date on 30 days' notice at 108 to
and including June 1 1936: at 105 thereafter to and including June 1 1941;
at 1033 thereafter to and including June 1 1946; at 101ji thereafter to
and including Dec. 1 1950.
-Application will be made to list these bonds on the Now York
Listing.
Stock Exchange.
Issuante.-Authorlzed by the P.8. Commission of the State of New York.
Data from Letter of George B. Cortelyou, President of the Company.
-Organized in 1884,and,either directly or through its affiliated
Company.
companies, does practically the entire gas and electric light and power
business in the Boroughs of Manhattan and The Bronx. N. Y. City, in a
large part of the Borough of Queens. N. Y. City, and in Westchester
County, the entire electric light and power business In the Borough of
Brooklyn, N. Y. City, and a large steam heating business in the Borough
of Manhattan. The total population served, on the basis of the 1930
census, Is in excess of 6,500.000.
Capitalization (Upon the Issuance of These Debenture Bonds).
Common stock, paying $4 a share per annum,11.467.539 shares
(no Par)
Pref. stock. Paying $5 a share per annum, 2,094,389 shares339"5"19
190.589.399
(no par)
50.000,000
20-year 5 % gold debenture bonds, due Feb. 1 1945
60.000,000
20
-year 4 % gold debenture bonds (this issue)
In addition to the stated value of $34.17 a share for the common stock
amount
of the company, consolidated surplus and reserves aggregate an between
equivalent to over $24.50 a share, after deducting the difference stated
boo $10O
the k valurr share liquidating value of the preferred stock and its
the
The company owns or controls over 973i% Of the aggregate of
the entire
common stocks of its principal affiliated companies (including amount of
a large
stock of The New York Edison Co.). and also owns Consolidated Gas
of the
their bonds and notes. The affiliated companies $203,202,240 bonds and
Co. have outstanding in the hands of the public,
real estate mortgages, and stocks of the stated value of 314,785.889.
debenture
-The proceeds from the sale of these on short
Present Financing.
borrowed
bonds will be used to discharge obligations for sums to the properties of
notes and expended for additions and extensions
term
the System.
4053
FINANCIAL CHRONICLE
MAY 30 1931.]
These debenture bonds will be direct obligations of the company and
will rank equally with the 5%% gold debenture bonds. due Feb. 1 1945.
-The earnings for the past two years of the company and its
Earnings.
affiliated companies (including New York Steam Corp.), all intercompany
items eliminated, are shown below:
1920.
1929.
Calendar Years$231,631,553 $239.357,496
Gross earnings, all sources
Stc. expenses, incl. renewal & replaceOperating
149,216,797 154.741,465
ment reserves and taxes
Net earnings
Interest on funded and unfunded debt
$82,414,756
16,102.278
$84.616,030
15.353,865
$66.312,477 $69,262,164
Surplus earnings
Dividends on and minority interest in outstand1,179,610
1,159,279
affiliated companies stocks
ing
$65,132,867 868,102,885
Balance
Annual interest charges on the funded indebtedness of the System to be
outstanding in the hands of the public, including this issue of debenture
bonds, will amount to $15,744,425.
-The gas, electric and steam properties of the System, exclusive
Equity.
of working capital, represent an Investment of over $1,100,000,000 and the
reproduction value Is substantially in excess of that amount. The funded
indebtedness of the System, including this Issue, will aggregate $313,269,240. The large equity above the 8110,000,000 debenture 13onds is represented by common and preferred stocks having a market value, based on
current quotations, of over $1,200,000.000.
Dividends on the common stock of the Consolidated Gas Co. of New
York have been paid without interruption for more than 45 years, the
present rate being 84 a share per annum.
-The Consolidated Gas System includes the Consolidated
The System.
Gas Co. of New York and a number of other operating companies, the entire stocks of which are in most cases directly or indirectly owned. Within
the limits of the City of New York, the principal affiliated electric companies are The New York Edison Co., The United Electric Light & Power
Co., Brooklyn Edison Co.. Inc.. New York & Queens Electric Light &
Power Co.. and the Bronx Gas Sr Electric Co. (which supplies both gas
and electricity:) and the principal affiliated gas companies are The Astoria
Light, Heat & Power Co.. New Amsterdam Gas Co., The Standard Gas
Light Co. of the City of New York, Central Union Gas Co., Northern
Union Gas Co.. The East River Gas Co. of Long Island City, and New
York & Queens Gas Co., as well as the Bronx Gas &Electric Co.. above
referred to. In addition the company owns all the stock of the Westchester Lighting Co. which, with the Yonkers Electric Light & Power
Co. (a subsidiary of The New York Edison Co.), does practically the
entire gas and electric business in Westchester County. The System also
includes the New York Steam Corp.. which operates in the Borough of
Manhattan. The properties of the companies are so co-ordinated as to
result in the highest operating efficiency.
With respect to property value, gross earnings and number of customers.
the Consolidated Gas Co. of New York and its affiliated companies comprise the largest manufactured gas utility. the largest electric utility, and
the largest steam utility, in the world.
-Of the gross earnings of the System for the year 1930, 75%
Business.
was derived from the electric business, 21% from the gas business, and
from the steam business. The gas companies of the System supplied
4%
42,487,937.600 cubic feet of gas to 1.153.428 consumers, more than 41%
of whom were served directly by the Consolidated Gas Co. of New York.
The electric companies furnished 4.131.164.209 kilowatt hours to 2.380.420 consumers, and the New York Steam Corp. supplied 39984.873,000
pounds of steam to 3,244 consumers. The combined operating revenues
of the gas, electric and steam businesses have shown steady and consistent
increases over a long period of years.
-The Consolidated Gas Co. of New York owns and operates
Property.
oven and water gas plants having a total gas producing capacity of 92,000,000 cubic feet a day, located at advantageous points on the waterfront of Manhattan Island and of The Bronx. The Consolidated Gas Co.
of New York recently put in operation at its Hunt's Point plant an additional oven gas unit having a daily capacity of 10.000.000 cubic feet.
making a total of 30,000,000 cubic feet of daily oven gas capacity at this
plant, all of which is now in operation. Also on property at this location
-hour capacity
the company has under construction a water gas plant, the 24
of which will be 30,000.000 cubic feet, which it expects to have in operation before the end of the current year. The plant of the Astoria Light,
Heat & Power Co., of which the Consolidated Gas Co. owns all the capital
stock, is equipped with coal and water gas apparatus having a daily capacity of 91.500,000 cubic feet. This latter property is ideally located on
the waterfront in the Borough of Queens, the gas output being pumped
through large tunnels under the East River to Manhattan and The Bronx
and through a connecting main to Flushing and adjacent territory in the
district supplied by the New York & Queens Gas Co. Other affiliated gas
companies also own and operate gas plants, making the combined capacity,
including the plants In Westchester County, 265,852,000 cubic feet a day.
The total holder capacity is in excess of 170,000.000 cubic feet, and the
transmission and distribution system includes 3,597 miles of mains.
The power stations of The New York Edison Co., Waterside Nos. 1
and 2, have a combined capacity of 366,200 kilowatts. and that company
has developed it East River station in the Borough of Manhattan at
14th Street, to a capacity of 280,000 kilowatts. The United Electric Light
& Power Co., practically the entire stock of which is owned by The New
York Edison Co., owns and operates the well-known Hell Gate Station,
with an Installed capacity of 605.000 kilowatts. and, in addition. owns the
Sherman Creek Station, with a capacity of 151,000 kilowatts. Brooklyn
Edison Co., Inc. Owns three generating stations of 634.500 kilowatts
capacity, includitig the Hudson Avenue plant, in which two additional
unite of 160,000 kilowatts each are under construction. The Westchester
Light Co. has 10,550 kilowatts of installed capacity in its plants in Westchester County, which, with the capacity of a leased station, makes the
total generating capacity of the System 2,075,250 kilowatts. The transmission and distribution systems consisting of cable and open wire are
over 49 500 miles In length, of which approximately 23,400 miles are
located in underground conduits.
New York Steam Corp.'s four stations are strategically located at or
near waterfront, with an aggregate capacity of over 5,000,000 pounds of
steam an hour. The average efficiency of all the boilers during the year
was, approximately, 80%. In addition to the capacity of these stations,
over 1.500.000 pounds of steam an hour are available from the Waterside
station of The New York Edison Co. A mutually advantageous arrangement between these affiliated companies is possible because of the diversity
-V. 132, P. 3713, 3334.
of their respective daily and seasonal loads.
-Larger Dividend.
Consolidated Water Co. of Utica.
Balance Sheet Dec.31.
1930.
1929.
1930.
Liabilities
8
3
AssetsPlant & property_30,237.323 30,033,664 Common stock...14,142,076
7% pref.stock---- 6,071,100
Invest. in see. of
7,430,452
964,224 Funded debt
subsidiary cos._ 764,224
47,531
913.209 Due WM.cos
cos 1,113,785
Due from subs.
241
183,597 Deferred liabilities 411.245
Special deposits55,222
Deferred charges-- 1,574.633 1,598,956 Accts. dr wages pay
723,714 Matured interest &
531,822
Cash
dive. unpaid_ _ - 493.134
457,858
7468,217
Accts.receivable
6,452 Accrued interest - 106,723
7,174
Miseell, Investmls
150,296
Accrued taxes_ _
Dep.to meet mat'd
472,240 Reserve for deprec.
Int., diva., &c... 472,255
replacements .4
662,024
Materials dcsuppl_ 743,473
4,363,162
renewals
2,642,206
Surplus
1929.
14,142,076
6,071,100
7,601,369
128,122
457,491
93.162
498,838
107.790
172,823
3,967,614
2,775,555
35,913,152 36,015,940
Total
35,913,152 36,015,940
Total
x Represented by 141,420 shares of $100 par value. y Less reserve
of $40,634.-V. 132, P. 3334.
-Trustee, &c.
Dominion Gas & Electric Co.
The Guaranty Trust Co. has been appointed trustee, New York paying
agent and registrar for the 1st lien & coll, gold bonds, 6%% series, due
July 1 1945. See offering in V. 132. p. 3882.
-Earnings.
Eastern Share Public Service Co.
For income statement for 3and 12 months ended March 31,see "Earnings
-V.132, p.3523.
Department" on a preceding page.
-Smaller Dividend.
Engineers Public Service Co.
The directors on May 28 declared a quarterly dividend of 50c. per share
This
on the common stock, payable July 1 to holders of record June 16. issue
compares with quarterly distributions of 60c. per share made on this
from July 1 1930 to and incl. April 1 1931.
share
Previously the company paid quarterly cash dividends of 25c. per
and semi-annual stock dividends of 2%, the last payments at these rates
having been made on April 11930.-V. 132. p. 2964, 1990.
--Sale.
Federal Telegraph Co. (of Calif.).
-V.127. p. 2365.
See International Telephone & Telegraph Corp. below.
Federal Water Service Corp.-.-Earnings.-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Mar.31 '31. Dec. 31 '30.
Mar.31 '31. Dec. 31 '30.
LiaNittes5
Assets8
168,191,561 Subs.pf.stk.out. 21,882,968 21,548.006
Plant, prop.,&e.166,134,258
Misc.invest'ts-- 4,796,537 4,593,490 Cum. pref. stk.g14,911,654 14,914,492
Cash & recelv-- 5,776.446 5,529,710 Com.stk.& sur.b25,412.371 25,493.546
Mans & suppl's 1,067,032 1,126,644 Fund.dl.ofsubs 96,442,000 97,246,000
179,488 Fed.Water fiery.
MLse,spec. dep_ 1,975,607
7,000,000
CorP•gold debs 7,055.000
Miscellaneous curN.Y. Wat.Serv.
56,399
rent assets
Corp. 1 year
Due from MM.
2,000,000
notes
companies _ _ _ 4,947,920 6,448,738
6,574,302 8.713,392
Current Habits
Def,charges and
7,267,961 6,920,359 Accrued Habits-- 2,941,837 3.067.688
prepaid accts_
Def. 'Jahns, and
unadj.credits. 1,717,422 1.747,271
509,100
528,218
Contrib.for ext.
Res.for retire..te 11,693,898 11,854.263
Minority int. In
862,490
896,227
cap. & surplus
192.022,162 192,989,988
Total
Total
192,022,162 192.989,988
a Represented by 69,592 no par shares of $6 dividend series: 70,467 no
15.441 no par shares of 87 dividend
Par shares of 86.50 dividend series and
series. b Represented by 560.342 no par class A shares. class A scrip
-V. 132.
amounting to 8,994 shares and 542,430 no par class B shares.
P. 3524.
-Earnings.Federated Utilities, Inc.(& Subs.).
Consolidated Income Account for Year Ended Dec. 31 1930.
(Irrespective of Dates of Acquisition of Subsidiaries.)
$3.941,909
Gross earnings & other income
1.946.833
Operating expenses, maintenance, & general taxes
$1.995,076
Net earnings
509.097
Annual interest requirements on funded debt
$1.485.979
Balance
256.668
Annual int. requirem'ts on int. bearing advances from affil cos
$1,229.311
Balance
Annual dividend on preferred stock all of which is owned by
350.000
Central Public Service Corp
Net Inc. avail,for retirement prov. miscall. chgs.. & surplus._ 8879,311
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
Assets84,701.100
825,942,654 Preferred stock
Plant & franchises
3,582,630
13,771,716 Common stock
Investments
30,878 Cap.& profit & loss surplus.- 3,240,451
Sink.funds & special deposits
470,646 Minority stockholders' Int.
Cash
1,100
in capital of subsidiary____
891,769
Accts. receiv.-consumers_ -9,285,900
383.830 Funded debt
Other accts. & notes reeelv675,000
609.400 Notes payable
Merchandise. material & surp
145,356
Accounts payable
Prepaym'ts-insur. premiums
157.469
19,121 Accrued interest
taxes,&c
98,751
123,580 Accrued taxes
_
Receivable from affil. cos
101,150
Deferred liabWtles
Unamortiged discount & ex26,347 Advances from affiliated cos- 18,141,685
Pease on funded debt
25,780
70,581 Deferred credit items
Sundry deferred debt items2,184,152
Reserves
Total
-V. 130, p. 2961.
$42,340,526
Total
$42,340,526
-Earnings.
Gatineau Power Co.
The directors have declared a quarterly dividend of 50 cents Per share
For income statement for 3 and 12 months ended March 31,see "Earnings
on the class A common stock, no par value, payable June 1 to holders of
-V. 132, p. 3883.
record May 15. Previously, quarterly distributions of 374 cents were Department" on a preceding page.
made on this issue.
-Earnings.
Georgia Power & Light Co.
The class A stock Is entitled to a cum, pref. div. of 81.50 a share each
year and is also entitled to share, as a class, equally with the class B stock
For income statement for 3 and 12 months ended March 31,see "Earnings
- Department" on a preceding page.
in any dividends declared after the latter has received $2 per annum.
-V. 132, p. 3883.
V. 131. P. 18 3.
0
-Earnings.
Subs.).
Cumberland County Power & Light Co.
-Earnings.
For income statement for 3and 12 months ended March 31,see "Earnings
-V. 132, p. 2580.
Department" on a preceding page.
-Earnings.
Cuban Telephone Co.
Calendar YearsOperating revenues
Non-oper. revenues__
1929.
1928.
1930.
1927.
$5,059,700 85.634.821 85,358,347 35.075.575
284,083
213.009
288.837
388.798
Gross earnings
Operating expenses
Maintenance
Taxes
Depreciation
Interest
$5,272,709 $5,918,904 $5.647,184 $5,464,374
1,332,132
1,392.345
1,309.632
1328.159
730,872
673,734
701.068
738.960
273,531
230.397
321,582
299,489
1,012,870
1,069.829
912,924
841,256
457.017
457,079
464.509
435,162
$1,509,538 $2,052,270
Net income
424,977
424.961
Preferred dividends__ 1,131,352
1,131.352
Common dividends
def.$46,791
Balance, warping Earns. per sh. on 1417420
$7.67
shs.com.stk.(par$100)
31,937,467 $1,821,347
424.913
424,161
1,131.352
1.131.352
$495.957
$381.201
$265.834
$11.51
$16.95
$9.87
Florida Power Corp.(&
Consolidated Income Account for Year Ended Dec. 31 1930.
$2,566.045
Operating revenues
1,146,821
Operating expenses
16,709
Uncollectible bills
106,464
Taxes, general
$1,296,050
Net operating income
18,828
Non-operating income
Gross income
Bond and other interest charges paid or accrued
Amortization of debt discount and expense
Retirement appropriation
Provision for Federal income tax
$1,314,878
840,639
34,575
108,249
8,170
Net income for the year
Earned surplus, Jan. 1 1930
$323,244
193,730
Dividends paid and accrued on preferred stock
Dividends paid on common stock
$516,975
106,964
175,000
Earned surplus, Dec.31 1930
8235,011
4054
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31 1930.
Assets-Liabilities
Plant. property & equIpment_S25,870,819 Capital stock:
86,757 7% preferred stock
Notes receivable
30,267 7% pref. ser. A stock
Accounts receivable
274,103 Common stock
Dividends receivable
154 Capital stock subscribed --...
Materials and supplies
236,241 Funded debt
Prepayments
11,623 Note payable
Subscribers to capital stock_
75,169 Accounts payable
Miscellaneousassets
46,417 Discounted contracts payable
Deferred debits
1,768,959 Consumers' deposits
Reacquired securities
28.500 Miscall, current liabilitiesDiscount and expense on pref.
Accrued liabilities
capital stock sales
250,308 Due to affiliated companies.Reserves
Mlscell. unadjusted credits
Capital surplus
Earned surplus
[VOL. 132.
The combined revenue from all sources, Including gas, merchandising
department and coke sales, amounted to $1,265,962 in 1930 as compared
with $1,223,854 in 1929 and $1,153,069 in 1928. In the above income
account the revenue from coke and breeze sales has been credited to operating expenses and the net profit from appliance sales only included in
operating revenue, in accordance with the classification of accounts as
prescribed by the P. U. Commission of Maine.
The operating expenses for 1930 included $131.542 for maintenance and
depreciation, which is equivalent to approximately 15.5% of the total
operating revenue from the sale of gas.
Dividends on the common stock were inaugurated in February 1928
and have been paid regularly since then at the rate of $2 per annum. On
Jan. 15 1931 the company paid an extra dividend of 50 cents per share.
-V. 132, p. 125.
$300,000
1,242,000
x8,840,650
87,500
9,060,000
10,000
74,671
55,554
258,783
5,388
61,019
5,523,626
Keystone Public Service Co.
843,468
-Em flings
.For income statement for 3 and 12 months ended March 31,see "Earnings
52,280
2,027,387 Department" on a preceding page.
-V. 131, p. 3529.
235,010
•
Massachusetts Utilities Associates.
-Annual Report.
Total
828,677,320 Calendar Gross Oper- Net Earns.for No. of Electricity Sales Gas Sales
Total
228,677,320
x 550,000 shares (no par).
Years- ating Rev. Deor.&Divs. Customers. (K.W.H.) (Cubic Feet).
311,117,219 $3,011,791 181,294 178,340.539 1,749,046,900
For income statement for three and 12 months ended March 31 see 1930
1929
11,113,022,1.664.387,800
"Earnings Department" on a preceding page.
-V. 132. p. 2964.
1928
10,356,591
2,900,100 171,919 158.929,727 1.578.535.100
1927..
9,851.726
2,658,839 164,715 147,192,570 1,488,481,260
Illinois Water Service Co.
-Earnings.
9,500,157 2,459,996 154,040 39,804,197 1,440,545,700
For income statement for 12 months ended March 31 see "Earnings 1926
1925
8,872,632 2,417,351 145.466 131,822,379 1,328,422,800
Department" on a preceding page.
-V. 132. P. 3335.
Income Account for Calendar Years (Company Only).
Indiana RR.
-Takes Steps to Complete Reorganization.
1930.
1929.
Steps to complete the reorganization of the company have been taken Dividends
$1,953,666 $1.856,856
In the filing of a petition with the Public Service Commission of Indiana Interest
123,056
170,353
asking authority to issue 40,000 shares of the company's no par value common stock to yield not less than $4,000.000.
Totalincome
$2,076,722 $2,027,209
Articles of amendment to the company's articles of incorporation re- Taxes
14,052
10,288
cently were filed with the Secretary of State increasing the amount of stock Int. & amortization of debt discount & expense
163,209
228,901
authorized from a nominal amount to a basis which permits a revision of General expense
84,155
89,790
the financial structure on a more permanent basis. The company was
reorganized under the Indiana General Corporation Act in 1930.
• Net income
$1,749,615 $1,763,922
The net value of the company's properties, which include electric inter- Pref, dive. of Mass. Util. Assoc. paid or declared_ 1.443,724
1,486,214
urban railway lines interconnecting Indianapolis with Kokomo, Peru,
Anderson, New Castle, Muncie, Marion and other cities to the north and
Balance for surplus
$305,891
8277,708
northeast, was $5,845,665 as of May 1 1931, according to the petition. Surplus Jan. 1 1930
522,589
269,881
This represents the excess of assets of S6,219,071 over liabilities of $373,406. Preferred dive, received during 1930 but accrued
it is stated.
(not declared) at Jan. 1 1930 (beginning in 1930
The electric interurban railway lines of Indiana RR., a subsidiary of the
dividend income on pref.stocks is to be accounted
Midland United Co., formerly were operated by the Union Traction Co.
for on the accrual basis)
27,883
of Indiana and were acquired following a foreclosure sale at Anderson,
Ind.. in July 1930.-V. 132, p. 2965.
Total
$856,363
$547,589
Organization expense amortized
50,000
25,000
International Hydro-Electric System-Earnings.
Balance of debt discount & expense on debentures
For income statement for 3 and 12 months ended March 31 see"Earnings
retired, net of discount from debenture redemp's
3,208
Department" on a preceding page.
-V. 132. p. 3145.
Surplus Dec.31 1930
$522,589
8803,155
International Telephone & Telegraph Corp.
-Acquires
Consolidated Statement of Earnings Years Ended Dec. 31.
Federal Telegraph Co. of Calif.
[Company and Underlying Companies and Associations.1
Leonard F. Fuller, Executive Vice-President of the Federal Telegraph
1929.
1930.
Co. announced on May 22 that the company had been sold to the Inter- *Gross operating revenue-electric
$7,717,963 $8,286,195
,
national Telephone & Telegraph Corp. The Federal company for several *Gross operating revenue-gas
2,783,911
2,723,964
Years has been manufacturing equipment for the International corporation Non-operating revenue-interest
137.631
113,369
Non-operating revenue-other
under contract. The consideration was not announced.
510.731
543,251
Control of the Federal Telegraph Co. was among the assets of the Bolster
Total operating revenue
$11,066,027 $11,750,988
Radio Corp. which was purchased at auction in New Jersey recently by General expenses
5,799,884
6,472,331
Interests identified with the International corporation.
-V. 132, p. 3335. Maintenance
424.805
399.381
Depreciation
1.101,651
1,134,473
Kansas Electric Power Co.
-Earnings.
Taxes
1,035,426
1.107.208
For income statement for 3 and 12 months ended March 31 see"Earnings
Net earnings before interest and dividends
82.632.479 $2,709,378
Department" on a preceding page.
-V.132, p. 2192.
Interest and amortization of bond discounts
224,470
296,574
Minority preferred dividends
377,815
x359.296
Kansas Power & Light Co.
-Bo-ads Offered.
-Harris
Netconsolidated earnings
$1,976,608 $2,107,094
Trust & Savings Bank, Chicago, is offering an additional Pref, diva. of Mass. Util. Assoc. paid or declared- 1,443.724 1,486,215
issue of $1,000,000 1st mtge. gold bonds, series B 5% at
Balance for consolidated surplus
$532.884
$620,879
100 and interest. Dated May 1 1927; due May 1 1957.
* Excluding inter-company revenue. x Including reserve for minority
participating dividends not declared and minority common stock interest
Issuance.
-Approved by the P. S. Commission of Kansas.
Company.
-Owns and operates electric light and power, gas, ice, heating in earnings, all of underlying companies and associations.
Balance Shec. Dec. 31 (Company Only).
and street railway properties in northeastern Kansas. The territory served
embraces one of the most important industrial and agricultural sections of
1930.
1929.
1930.
1929.
the State, and includes the cities of Topeka, the capital of the State. and
AssetsI Liabilities$
$
$
$
Atchison. The 65 communities served with electric light and power have a Securities owned-_47,014,341 46,121,859 Cony. participant
292,119
Population in excess of 110,000. Company has a modern steam generating Cash
150,719; pref. stock
27,703,267 27,641,337
installed generating capacity of Dep.wIth fiscal sat.
plant at Tecumseh (near Topeka) with an
12,216 Common stock-x14,574,808 14,472,844
Debentures, series
65.000 Kva. Auxiliary plants in other cities have 10,000 Kva. of capacity Dep. to cover deb.
skg. fd. require_
32,931
and are interconnected with the Tecumseh station by modern steel tower
31,000
A,5%
3,934,000 4,000,000
transmission lines. Company's system is interconnected with the systems Divs. receivable,
Notes payable
550,000
150,000
decl. or accrued_ 256,804
of The United Power & Light Corp. (of Kan.), The Kansas Electric Power
326,447 Preferred dividends
Co. and the St. Joseph (Mo.) Railway, Light. Heat & Power Co., to which Accrued and prePayable
381,881
359,950
Paid interest22,652
companies substantial amounts of power are sold.
34,206 Accounts payable
Office equipment_
1,392
1,546
and accruals... 109,075
67,080
Capitalization (After giving effect to this financing).
Surplus
803,155
522,589
Common stock
$4,000,000 Unamortized debt
clIset. & expense 377,841
404,171
Preferred stock 7% cumulative
.
46,449
Preferred stock 6% cumulative
3,000.000 Unadjusted debits
1st mtge. series A 6s due 1955
2,100,000 Unsmortized organization exp.._
81,636
131,636
1st mtge series B 58 due 1957 (incl. this issue)
6,500.000
Divisional underlying 5% due 1933 to 1935 (closed)
1.320,000
Total
48,126,166 47,213,801 1 Total
48,126,186 47,213,801
Earnings 12 Months Ended March 311930.
1931.
x Represented by 1,780.250 shares, no par value.
-V. 131, p. 3529.
Gross earnings
83.425.482 $3.345,930
Oper.exp., maint.& taxes (except Fed.Inc.taxes). 2,063.180
1,879.463
Memphis Natural Gas Co.
-Sales Show Gain.
Sales amounted to 9,613,446,500 cubic feet of natural gas for the 12Net earnings
$1,362,302 $1,466,467
month period ended April 30 1931, as compared to 8,117,388,800 for the
Ann.int.on $9,920,000 mtge.bds.(incl.thisissue)
517.000
-month period, again of 18.43%.-V 132, p.3884,3525.
Net earnings more than 2.8 times annual interest on total mortgage bonds Previous 12
outstanding.
Metropolitan Edison Co.-Pref. Stock Being Retired.
The electric power and light properties provide approximately 87% of
See Rochester Central Power Corp. below.
-V. 132. p. 3884.
the net earnings.
Security.-Secured by a first mortgage on the Tecumseh plant, having
Mexican Telephone & Telegraph Co.
-Earnings.
an installed generating capacity of 65,000 Kva., the double circuit steel
[Figures are in United States currency.)
tower transmission lines connecting Temunseh with Topeka and Atchison.
Calendar Years1928.
1929.
1927.
1930.
and on the distribution systems in certain towns having a population esti8798,954
mated at approximately 27,000, and by a mortgage upon all the remaining Total oper, revenue,.., $1,669,382 $1,551,476 81,168,861
7.752
loss9,458
12,678
property of the company subject only to 51,426,000 5% divisional under- Non-oper. revenue
20,273
lying bonds due 1933 to 1935 (to be reduced as a result of this financing
Gross earnings
$1,659,924 $1,559,228 81,181,339
8819,230
to $1,320,000). These divisional underlying bonds were outstanding
1,165,338
902,960
against the Topeka and Atchison properties at the time of their acquisition Oper. exp., taxes & dep_ 1,473,881
666,055
Int. deduc.(net)
381,835
240,192
252,046
by the Kansas Power and Light Co. in May, 1927.
108,154
Purpose.
-Proceeds will be used to reimburse the company for additions
Net income
$12,055
loss$54,149
$26,332
845,020
and extensions to its properties, for the refunding of certain underlying
Divs, prior pref. stock
25,321
26,791
divisional bonds, and for other corporate Purposes.
19,076
10,038
Management-Company Is controlled through ownership of all its corn.
Total deficit
$13,266 sur$7,256 sur$34,982
$80,940
-V. 131. IL 475.
stock by Illinois Power & Light Corp.
Balance Sheet Dec. 31.
-Earnings.
Maine Gas Companies(& Subs.).
1929.
1930.
$
2
Assets$
1930.
1929.
8
Calendar Years1930.
1929.
1928.
Plant, prop., franMabilittes-2
$
operating revenue after elimiTotal
chises, dm
17,050,621 16,213,947 Common stock...l4,700,000 7,700,000
8850,480
$823,688
$782,074
nating inter-co. sales of gas
Special deposits....
300,000
Preferred stock- - - 300,000
6,470
Operating expenses, maintenance and
Debt diact.& exp.- 168,667
481,480
200,000 Prior pref. stock- _ 428,545
586,266
575,826
561.280
depreciation and all taxes
sinkid.cash deps.
1,500,000 1,500,000
Funded debt
and sued, inv..
29,153 Due to Int. Tel. &
$264,214
$247.862
$220,794
Gross income from operation
Deferred charges__ 304,698
2,079,709 7,153,841
Tel. Corp
308,229
Non-operating income, less expenses
389,283
107,125 Notes payable_-__ 300,125
16,282
18.645
19,923 Cash
of Maine Gas Companies
MIscell. accts. and
15,123
30,389
Accr. int. & taxes_
investments_
13,987
26.188
Sued. curr. Habil__
107.522
8266.507
8280,496
$240.717
Gross income, all sources
Due on subscrip.to
44,455
110,502
Accts.&wages pay.
disct. & minority
Int., amortiz. debt
prior pref. stock
14,378
5,168
.
48,661
Def. liabilities_ _ amort. debt disct. & minor. int.
651,258
109,067 Res. for deprec61.914
63,178
50,617 Accts.& notes rec. 203,825
after eliminating inter-co.int. items
Other curl. assets_
327,013
685,161
113,727 Surplus
8204,593
$190,100 Inventories of maNet income available for dividends 8217.318
terials and suppl. 1,445,587 1,542,719
73.760
73,631
73.760
Preferred dividends, accrued or paidTotal
19,7233 18,623.967
4
Total
19.723,334 18,623,967
8116,469
$130 833
$143,558
Netincome available for common
&63
$2.34 -V.130, p.4417.
$2.89
Earns, per sh. on 49,691 shs. of corn,
MAY 30 1931.]
FINANCIAL CHRONICLE
Michigan Electric Power Co.
-Earnings:
-
For income statement for 3 and 12 months ended March 31 see"Earnings
Department" on a preceding page.
-V. 132. p. 3525.
-Increase in Consumption.
Middle West Utilities Co.
A 10.6% increase in average electricity consumption per domestic customer of the Middle West Utilities system is shown in figures announced
by C. J. Eaton, Vice-President in charge of merchandise and service sales.
Revenue per customer increased only 4.4%, reflecting reductions in unit
prices of electricity. Consumption per residential customer in 1930 was
469 kwh., compared with 424 kwh. in 1929. The increase in annual consumption per domestic customer during the past five years has amounted
to 53%. Mr. Eaton said.
-V. 132. p. 3713.
-Earnings.
Municipal Service Co.
For incomestatementfor 3and 12 months ended March 31.see"Earnings
Department" on a preceding page.
-V.132, p. 310.
Nebraska Power Co.
-$16,500,000 First Mortgage 434%
Bonds Offered.-Publie offering of a new issue of $16,500,000
of first mortgage gold bonds, 434% series due June 1 1981,
is being made by a banking group headed by Harris, Forbes
& Co. and including Coffin & Burr, Inc., and Bonbright
& Co., Inc. The bonds are priced at 10234 and int., yielding
4.37%
Dated June 1 1931; due June 1 1981. Int. payable J:& D.in N.Y. City.
Red. at any time in whole or in part on 30 days' notice at the following
prices and int.: To and incl. June 1 1936 at 1073; thereafter to and incl.
June 1 1941 at 106%; thereafter to and incl. June 1 1946 at 105; thereafter
during each four-year period to
(beginning on June 2 1946) decreasing % %
101 for the period ending June 1 1978, and thereafter to maturity at the
principal amount. Denom. c $1,000 and r $1,000 or authorized multiples.
Guaranty Trust Co. of New York, corporate trustee. These bonds will
be a legal investment for savings banks in New York State upon completion
of proceedings for the redemption of the 1st mtge. bonds now outstanding.
Issuance -Subject to authorization by Nebraska State By. Commission.
Business.
-Company and its predecessor companies have successfully
provided the electric service in the city of Omaha since 1885, a period of
approximately 46 years. Electric power and light service is also supplied
in 39 adjacent communities in eastern Nebraska, in addition to Omaha,
the largest city and the foremost commercial and manufacturing centre in
the State. Electrical energy is supplied at wholesale to Citizens Power &
Light Co.,serving 8 communities in Iowa, including Council Bluffs. The
total population of the territory served, including Council Bluffs, is estimated at 274,000.
Purpose.
-Proceeds will provide funds for the redemption on or before
July 20 1931 of the $11,550,000 1st mtge. bonds,series A (5%)and series B
(3%),now outstanding and maturing June 1 1949; for reimbursing the company for expenditures made for additions to property, including electric
properties heretofore leased but recently acquired, and for other corporate
pa rn
PacisTn'ss.-The gross and net earnings (including other income) of the
company for the 12 months ended April 30 1930 and 1931. including for
both 12
-month periods the earnings of properties heretofore operated under
lease but recently acquired, and annual interest charges on the 1st mtge.
gold bonds.
% series due 1981, to be outstanding after giving effect
to this financing, follow:
12 Months Ended April 301930.
1931.
Gross earnings (including other income)
$6,385,446 $6,929,836
Operating expenses, maintenance and taxes
3,082,458
3,268,334
4055
Consolidated Balance Sheet March 31.
c1931.
1930.
c1931.
1930.
Assets
Prop. dr plant--656,052,454 790,106,711 Preferred stock_ 30,333,900 30,333,900
Common stock_a63,395,551 b57,438,240
Cash dr.
secur.on
Porch. ctfs. for
deposit with
abs. of corn.
3,316,964
1,794,441
trustees
stk. of No.
Sas. & bds. of
Amer. Co
39.950
Other cos. &
sundry invest.134,873,874 64,117,962 Div. pay.In corn
1,432,474
1.580,281
stock
No. Amer. Co.
1,321,010 Prefstks.of subs139.545,936 172,625,065
924,991
corn. stock_
18,741,367 22,506,696 MM.tuts.In cap.
Cash
&sum.ofsubs 15,890,536 12,924,460
Bankers' accept.
& Otis. of dep. 5,608,561 5,373,528 Funded debt of
No. Amer. Co 25,000,000
U.S. Gov.scour 2,277,563 4,003,702
554,546 1,995,214 Funded debt of
Notes & bills reo
301,014,010 388,686,907
Accts.receivable 14,007,256 16,217,024 subs
113,500
Mat!.& supplies 9,985,294 12,689,362 Notes& bills pay
953,512 2,019,612 Accts. payable_ 4,236,180 5,181.299
Prepaid accts__ _
Sund. curr. liab. 4,723,595 5,316,455
Disc. S. exp. on
11,389,242 12.070,145
securities
14,228,338 16,786,135 Taxes accrued
Interest accrued 3,974.154 4.640,201
1,356,682 1,723,825
Divs. accrued
172,901
123,209
Sund. accr. Rabe
Deprec. reserves 91,129,614 100,846,072
Other reserves 15,203,709 15,781,122
Capital surplus_ 28,838,533 28,8E8,991
Undlv. profits_122,267,070 102,858,414
860,002,203 940,453,922
Total
860,002,203 940,453,922
Total
a Represented by 6,339,555 shares. b Represented by 5,743,824 shares.
c On June 12 1930 the North American interests in the California subsidiaries were sold to Pacific Gas & Electric Co.in consideration for common
stock of that company. The property and plant and other assets and the
liabilities of the California subsidiaries, including their preferred stocks
and funded debt obligations, accordingly are entirely eliminated from the
consolidated balance sheet of March 31 1931. Such Pacific Gas & Electric
Co. common stock is included in investments (without any adjustment to
reflect the large excess of market value of such stock over the value at
which the interests in the California subsidiaries were carried prior to
transfer), and represents a substantial part of the increase in this item.
V. 132, P. 3713.
-Earnings.
North American Edison Co.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Consolidated Balance Sheet.
Mar.31 '31. Dec. 31 '30.
Mar.31:31. Dec.29'30.
$
AssetsProp. & plant_ _544,649,550 533,170,663 Preferred stock.a36,259,000 35,635,000
Common stoek.b33,089.870 33,689,870
Cosh &securities
on dep.with tr 1,635,497 1,671,332 Preferred stocks
ofsubsidiaries 82,315,263 81.351,550
Stocks & ids. of
Minority lots, in
Other cos. and
cap.&surp.of
871,198
sundry invest.
873,94.5
14,170,512 14.345,599
subsidiaries
Ctf.s. of deposit_ 5,608,561
Cash
11,562,973 3,133.043 Fund. debt (co.) 53,541,000 54.165,000
11,359,995 Fd.dt. of subs-223,699,010 216,045,985
U.S. Govt.sec_
375,913 Due to MM.cos. 12,000,598 6.650.303
Notes & bills rec
365,006
Accts.receivable 9,774,794 10,257,543 Notes and bills
4,412,500
payable
Mat. & supplies 8,167.728 8,610,679
473,626 Accts. payable_ 2,526,325 2,909,074
Prepaid accts673,780
3,107,524
Smut. curr. liab. 2,887,591
Discount & exp.
on securities- 12,398,586 12,096,443 Taxes accrued- _ 9,960,907 9,101,327
Interest accrued 3,471,420 2,861,181
712,076
717,570
Divs. accrued_
93,576
123,209
Sund. accr. nab.
Decree. reserves 69.423,403 67,590,605
8,109,844
8,436,721
Other reserves
226.799
195,875
Capital surplus_
Undivided prof_ 42,892,144 41,612,623
Net earnings before depreciation
$3,302,988 $3,661,502
Annualint. charges on $16,500,000 1st mtge. bonds to be outst_
742.500
Net earnings as above for the 12 months ended April 30 1931. after reserve
for renewals and replacements (depreciation) of $300,000 were 4.5 times
the above annual interest charges. Over 97% of total gross earnings for
such period was derived from operation and 100% of the gross earnings
from operation was derived from electric power and light business.
Equity.
-The substantial equity in the property over and above the 1st
mtge. bonds is represented by $3,500,000 of debentures, $7,700,000 ($7,595,710,421 582,020.436
300,000 with public) pref. stock and 1,000,000 shares of no par value
Total
Total
595,710,421 582,020,436
common stock now outstanding. Dividends are being paid on all clasess
a Represented by 362.590 no par shares. b Represented by 470.000 no
of stock and have been paid without interruption on the pref. stock of
par shares.
-V.132, p. 2193.
company and its predecessor for the past 27 years.
Authorized.
Outstanding.
CapitalizationNorthern Pennsylvania Power Co.-Pref. Stock Retired.
1st mtge. gold bonds 4/4% ser. due 1981_x
$16,500,000
-V. 132. p. 1618.
See Rochester Central Power Corp. below.
6% gold deb. bonds,ser. A,Sept. 1 2022-y
3,500,000
$10,000,000
6% pref. stock ($100 par)
$2,000.000
-Earnings.
Ohio Water Service Co.
15,000,000
Pref. stock (7%) ($100 par)
z5,700,000
For income statement for 12 months ended March 31. see "Earnings
2,000,000 she.
Common stock (no par)
1,000,000 abs.
-V. 132. P. 3337.
preceding page.
Department" on a
x To be limited by restrictive provisions of the mortgage. y Limited
-Charged with Violating
by restrictive provisions of the indenture. a $5,200,000 outstanding
Oklahoma Natural Gas Corp.
with the public.
State Anti-trust Laws.
-Company is controlled through ownership of a substantial
Supervision.
Governor W. H. Murray of Oklahoma has instituted proceedings against
majority of its common stock by American Power & Light Co. Electric
violation of
Bond & Share Co. supervises (under the direction and control of the boards the corporation and certain affiliated companies for alleged violated the
of directors of the respective companies) the operations of American Power the State anti-trust laws, charging that the companies have
State laws by creating a monopoly, maintaining unlawful rates and other& Light Co. and its subsidiaries, including Nebraska Power Co.
-V. 132.
wise. The Governor's stated object is to obtain a fair gas rate "several
P. 849.
Years quicker" than it could be obtained before the State Corporation
Commission.
New England Public Service Co.
-Earnings.
The legal representatives of Oklahoma Natural Gas Corp., after a
For income statement for three and 12 months ended March 31 see
complete study of the allegations, assert that the company's position is
-V. 132, p. 3885.
"Earnings Department" on a preceding page.
safe and that it has nothing to fear. Its rates are the lowest in the United
States for comparable service, and the excellence of the service rendered
New England Telephone & Telegraph Co.
-Acquisition is generally recognized. Even if this were not the case, however, the
The 1-8. C. Commission May 15 approved the acquisition by the com- Governor's charge of unlawful rates is untenable, since it is not possible
pany of control of the Connecticut Valley Telephone Co., Inc.. by pur- for a public utility in Oklahoma to violate the laws regarding restraint Of
chase of its capital stock.
-V. 132, p. 3147, 2583.
trade and price fixing, for the reason that utility rates are at all times
subject to complete regulation by the Corporation Commission-hence, a
New Jersey Power & Light Co.
-Retiring Pref. Stock.
- public utility could not fix prices to the prejudice of the public, even if it
See Rochester Central Power Corp. below.
had a complete monopoly on all business in the State. which of course the
Oklahoma company does not have.
Bonds Called,
Oklahoma Natural Gas Corp. feels that Its position is secure. It has
All the outstanding 1st mtge.5% gold bonds,series due 1956, have been violated no laws and welcomes the investigation.
-V. 132, P. 2967,
called for payment Aug. 1 next at 105 and bat, at the Guaranty Trust Co.,
-Earnings.
trustee, 140 Broadway, N. Y. City.
Oregon-Washington Water Service Co.
The company has given notice that it will purchase, or cause to be purFor income statement for 12 months ended March 31 see "Earnings
chased, before Aug. 1 1931, any or all of said bonds, Presented for such Department" on a preceding page.
-V. 132. P. 3337.
Purchase, with all unnuttured coupons hereto appertaining, at the Guaranty Trust Co.at 105 and int, to the date of purchase.
--V. 132, p. 3713.
-Earnings.
Pacific Gas & Electric Co.
quarter
For income
New York Telephone Co.
-To Redeem $19,400,900 of partment" on statement forpage. ended March 31 see "Earnings Dea preceding
6% Debenture Bonds
-New Director.
Comparative Condensed Balance Sheet.
The directors on May 27 authorized the redemption on Aug. 1 1931 of
Mar.31 '31. Dec.31 '30.
Afar. 31'31. Dec.31'30.
the 6% debenture bonds due Feb. 1 1949 which are redeemable at $110
Liabilities
Assetson any semi-annual interest date. This issue of $25,000,000 was put out Plants & props_638 885 554 628 477 965 Common stock_155,932,632 141,855,332
in 1919. Since that time the operation of the sinking fund provisions has Disc. dr exp. on
Preferred stock_109.469,157 93,149.157
reduced the amount outstanding in the hands of the public to $19,400.900.
cap. stock__ 1 645 881 1 522,503 Sub.cos.pref.stk 23,613,100 37,405,700
The company will be able to redeem this issue without additional permanent Investments __ 4,983;152 4,455,920 Mln.int. In corn.
Stk..4 sum. of
financing at this time and none is now contemplated.
Sinking fund dc
216,900
221,070
subs
Beecher M. Crouse, Vice
1,123.737
-Chairman of the board and former President
other deposits 1,342,041
of the First Bank & Trust Co.. Utica, N. Y., has been elected a director Cash
12,037,643 Funded debt_ _234,668,200 180,785,000
37.067,305
-V. 132, P. 3885, 3336.
of the New York Telephone Co.
0th. curr. assets 16,624,267 16,909,548 AIM. cos. bonds 93,648,900 130,140,100
Deferred charges 20,026,905 20,060,149 Cur.& accr. Bab 20,933,157 24,213.003
New York Water Service Corp.
-Earnings.
Res. for depree..
insur.& casual 54,000,301 50,318.936
For income statement for 12 months ended March 21 see "Earnings
28,093,058 26,599,168
-V. 132, p. 3336.
Surplus,
Department" on a preceding page.
-Electric Output.
North American Co.
Total
720,575,405 684,687,467
720,575,405 684,687,467
Total
Electric output of the company's subsidiaries for the 12 months ended
VMarch 31 1931 was 1.07% less than the output for the 12 months ended - 132. P. 3874.
March 31 1930 and 6.46% greater than the output for the 12 months ended
-Earnings.
Penn Central Light & Power Co.
March 31 1929. Total kilowatt hours for the first quarter of this year
For income statement for three and 12 months ended March 31 see
were only 8.13% under the output for the corresponding quarter during "Earnings Department" on a preceding page.
-V. 132, p. 1618.
the record year of 1929, reflecting in a measure some recent gains made n
business activity. The sharp but brief revival in business in the earlier
-Bonds Sold.
-The oversubPennsylvania Electric Co.
months of last year, during which output exceeded 1929, renders comparison with 1930 less favorable, first quarter output this year being 4.23% scription of an issue of 66,000,000 1st & ref. mtge. gold
below first quarter output in 1930.
bonds, series "F" 4s, has been announced by Harris, Forbes
4056
FINANCIAL CHRONICLE
& Co., Halsey Stuart & Co., Inc., Chase Securities Corp.,
Continental Illinois Co., nc., Field, Glore & Co. Edward
B. Smith & Co., E. H. itollins & Sons, Inc., Cassat & Co.,
J. G. White & Co., Inc., Chatham Phenix Corp. B. B.
Robinson & Co., Ltd. and General Utility Securities, Inc.
The bonds, offered May 25, were priced at 953 and int.,
to yield over 4.24%. The sale of these bonds does not represent new financing by the company. These bonds will
be, and the .14s due 1970 now are, owned by Associated
Gas & Electric Co. and (or) affiliated companies, and the
proceeds from the sale of this issue will provide them with
funds for general corporate purposes.
Dated May 1 1931; due May 1 1971. Interest payable M. & N. 1.
Redeemable as a whole or in part at any time upon 30 days' published notice,
at the following prices and accrued int.; to and incl. May 1 1936. at 105;
thereafter decreasing ;4% on May 2 1936 and at the end of each four-year
period thereafter to 101 for the period ending May 1 1968; and thereafter
to maturity at the principal amount. Denom. c* $1,000 and r* 31,000 or
authorized multiples. Bankers Trust Co., New York, trustee. Bonds
will be free of the present Penn. 4 mills tax. Legal investment for Savings
banks in New York State.
Listed.
-Listed on Boston Stock Exchange.
Company.-Incorp.in 1919 in Pennsylvania as Penn Public Service Corp.
Owns and operates a comprehensive electric light and power system serving
over 359 communities, including Johnstown, Clearfield, Du Bois, Warren,
Somerset, Philipsburg and Meadville, in Western Pennsylvania. Through
Erie Lighting Co., a subsidiary, electric light and power is also provided in
and about the City of Erie. Company also does some incidental artificial
gas and steam heating business and through Johnstown Fuel Supply Co.,
a subsidiary, renders natural gas service in Johnstown and its suburbs.
The territory served by the company and its two operating subsidiaries
(mentioned above) has an aggregate population estimated to be in excess
of 770,000 and covers an area of more than 6,600 square miles extending
in a southerly direction from the New York State line on the north across the
State of Pennsylvania to Maryland. Company serves over 91,150 electric,
2.760 gas and 745 steam heating customers and its two operating subsidiaries serve over 17,390 additional electric and 14,900 additional gas customers.
Capitalization Outstanding (After this Financing).
850,000 shs.
Common stock (no par)
First and refunding mortgage gold bonds:
$6,000,000
• Series F, 4s due 1971 (this issue)
4.994.500
Series 0,6s due 1947
2,607.500
Series D,5s due 1954
16.646,500
Series E,4;.s due 1970
1.251,500
Underlying 59' bonds, maturing 1932 to 1934
* Not including $1,050,000 bonds pledged under the 1st and ref. mtge.
Upon retirement of the series 0 and D bonds, the company will be entitled to issue forthwith $772,500 additional bonds to refund underlying
bonds heretofore retired and cancelled.
Earnings.
-The earnings of company for the 12 months ended March 31
1930 and 1931 and annual interest charges on funded debt to be outstanding as above, were as follows:
1930.
1931.
12 Mos. Ended March 31$9.508.217 $9,484,487
Gross earnings and other income *
Operating expenses, maintenance and taxes (except
5,148,758 4.171,328
Federal taxes)
[VOL. 132.
true discount basis at the rate of 2% per annum from the date of presentation to July 1 1931.
The company will also purchase or cause to be purchased any of Northern
Central Gas Co. 1st & ref. mtge. 50
-year 5% gold bonds, with all unmatured
coupons attached thereto, which are presented to it at any time prior to
Aug. 1 1931 at its office at 105 and hit. to Aug. 1 1931, discounted on a
true discount basis at the rate of 2% per annum from the date of presentation to Aug. 1 1931. See also V. 132, p. 3714, 3885.
-Bonds Called.
Philadelphia Electric Co.
The Huntingdon Valley Light & Power Co., a subsidiary, has called
for redemption on June 1 all of its 1st mtge. 38
-year 6% sinkIng fund gold
coupon bonds, due June 1 1947. The bonds of which there are about
$225,000 outstanding will be paid off at the office of Fidelity-Philadelphia
Turst Co. at 102A and interest.
-V. 132. P. 3337.
-An issue of $525,000
-Offering.
PioneerTelephone Co.
collateral trust 5% gold bonds, series 1931, was offered
recently by First Securities Corp., St. Paul, at 97 and int.,
to yield 5.80%.
Dated Jan, 1 1931; due Jan. 1 1946. Principal and int.(J. & J.) payable
at First Minneapolis Trust Co., Minneapolis, Minn., without deduction for
any Federal income tax not in excess of 2%. Denom. $1.000 and $500 c*.
Red., all or part, on any int. date on 30 days' notice at 103 and int. First
Minneapolis Trust Co., trustee.
Data from Letter of Irving Todd. President of the Company.
Company and Business.
-A Delaware corporation. Owns and operates
independent telephone properties serving without competition 34 towns
and surrounding rural districts in Minnesota, including the county seat
towns of Benson, Aitkin, Chaska and Long Prairie. The combined population of the territories served is estimated to be in excess of 60,000. Telephone lines of these properties interconnect with the Tri-State and the Bell
systems serving adjacent territories, thus affording a means of nationwide service to subscribers. The communities served by each of the
companies are essentially agricultural in character with a wide diversity
in products and are consequently not subject to violent changes in either
population or economic wealth. All properties in the system have been
in operation for at least 15 years and several have records of successful
operation for various longer periods extending up to 25 years.
Plants of the constituent companies have been well constructed and
maintained and have been carefully built up to a point of high operating
efficiency. The system includes 28 well located central offices, 11,500
owned telephone stations and about 1,600 service stations. As indicated
by the above list of communities served, the properties are so located and
of such size that centralized management should result in more efficient
operation of all units in the system.
Outstanding.
Authorized.
Ca flat/cation$90,000
Closed
Bonds of subsidiaries in hands of public
525,000
Coll. trust 554% gold bonds, series 1931
55,000
Closed
1%-year 6% notes, due July 1 1932
150,000 shs. 19,931% shs.
First pref. stock (no par)
50,000 shs. 10,807 shs.
2d non-cum. pref. stock (no par)
15.000 shs. 14,950 shs.
Common stock (no par)
*Limited by restrictive provisions of trust deed.
Purpose.
-Proceeds will be used in part for payment of properties acquired and for general corporate purposes.
-The consolidated earnings of subsidiaries of company, cerEarnings.
tain of which have recently been acquired, after elimination of non-recurring
charges, have been as follows:
1930.*
1929.
$262,372 $267,203
Gross earnings
34.359,461 $5.293,159 Operating expenses, subsidiary funded debt interest, 184,203
Net earnings before depreciation
161,105
maintenance
1.481.713 Depreciation and taxes, before Federal taxes
Annual in chgs. on funded debt to be outstanding as above-45,431
42,832
* Including $86,562 and $85,791 of credits for interest during construc- Consolidated net earnings
80,887
55,337
tion and $653,636 and $703,916 of earnings of subsidiaries, applicable to Annual interest requirements this issue
28,875
dividends on the stocks owned by Pennsylvania Electric Co., for the 1930
*Estimated on the basis of operations through the month of September.
and 1931 periods, respectively.
Net earnings as shown above for the year 1930, after depreciation, were
Net earning as above for the 12 months ended March 31 1931, after
annual interest requirements of this issue. The consolidated
provision for depreciation of $499,903, were over 3.23 times the above 2.1 times thefor the same period, before deducting depreciation charges of
net earnings
annual interest charges. The reduction in operating expenses for the 12 $45,430, were over 3.67 times such requirements.
months ended March 31 1931 is principally due to decreases in production
-Secured by pledge with the trustee of all of the outstanding
Security.
costa and cost of power purchased.
capital stocks of the subsidiary companies, except certain shares not now
Over 96% of the gross operating revenue for the twelve months ended owned by Pioneer, in lieu of which outstanding minority shares the sum of
March 31 1931 was derived from electric operations.
in cash has been deposited with the trustee to be paid to the com-A direct first lien on the major portion of the fixed property $12,028
Security.
pany from time to time upon the acquisition of such minority shares, which
of the company, and a direct lien on the remainder of its fixed property, deposit is deemed adequate. The value of the plant and equipment of
subject only to $2,301,500 of underlying bonds maturing within the next the Pioneer Telephone Co. and subsidiaries as shown by a consolidated
three years, of which $1,050,000 have been pledged under this mortgage balance sheet as of Sept. 30 1930 was $1.148,871. Upon completion of this
and 31.251,500 are held by the public. The reproduction cost new, less financing there will be outstanding this issue of $525.000 collateral trust
depreciation, of all the properties of the company, based principally on 534% gold bonds, and two underlying mortgages of subsidiary companies
appraisals by independent engineers, plus subsequent net additions at amounting to $90.000. This is at the rate of approximately $53.50 per
,
cost, is very largely in excess of the total funded debt to be outstanding telephone station.
upon completion of this financing.
Directors.
-Irving Todd (Hastings Telephone Co.), Jay Greaves (Mc-Company and subsidiary and affiliated companies are Leod County Telephone Co.). Herman Lueders (Carver County Telephone
Management.
an integral part of the Associated Gas & Electric System and form one of Co.). Sam A. Ras.k (Inter County Telephone Co.), Glenn Dwelle (Dwelle
the major operating groups controlled by the Associated Electric Co.
Telephone Co., Lake City), F. C. Marvin (Zumbrota Telephone Co.),
V. 132, p. 3885.
P. M. Ferguson (Mankato Citizens Telephone Co.), Paul Glaeser (Long
Prairie Telephone Co.), H. Verdelin (First Securities Corp.).
Pacific Northwest Public Service Co. (& Subs.).
Consolidated Income Account for Year Ended Dec. 311930.
(Irrespective of Dates ofAcquisition of Subsidiaries.)
315,820.245
Gross earnings & other income
9,260,878
Operating exp.. maintenance & general taxes
$6,359,566
Net earnings
Annual int. & pref. div. requirements on securities & notes pay.
2,878,998
of subs
Balance
8% cony, gold debentures
Notes payable
$3,482,568
960.000
114,589
Balance
Prior preference dividend
1st preferred dividend
2nd preferred dividend
$2,407,978
451,884
813,101
330,000
Net income available for retirement prov., miscell. chgs. &
$813,013
surplus
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
Assets-$26,052,350
$111,809,260 Preferred stock
Plants & franchises
3,000,000
67,008 Common stock
Investments
489,363
98,135 Surplus
Sink.funds & spec. deposits_
423,888 Min. stockholders' int. in
Cash
6,492
cap. of subs
1,897,858
Accts. rec.--consumers
74,310,700
415,110 Funded debt
Other accts. & notes rec____
1,377,179
1,038,393 Notes parable
Materials & supplies
660,438
Accts. payable
Frepaymls-insur. Prem..
1,130,295
80,363 Accr. int. & pref. diva
taxes, &e
1,620,153
129,565 Accrued taxes
Deferred debit items
697,320
Deferred liabilities
1,198,603
Advances from affil. cos..- _
168,669
Deferred credit items
5,048,116
Reserves
Total
-V. 131, p. 3531.
$115,759,581
Total
$115,759,581 t
-Contract.
Pennsylvania Gas & Electric Corp. (Del.).
The East Penn Development Co., a subsidiary, has entered into a conthe sale of
tract with the Standard ()II Co. of New Jersey forfield to the part of its
Lycoming
gas
natural gas production in the Tioga CountyInvolved.
-V. 132. p. 2967.
Natural Gas Co., but no sale of property is
-Bond Redemptions.
Pennsylvania Power & Light Co.
any of East Penn
The company will purchase or cause to be purchased 1953, with all unElectric Co. 1st mtge. & ref. lien 6% gold bonds, dueto it any time prior
matured coupons attached thereto, which are presentedPower fic Light Co..
to July 1 1931 at the office or agency of Pennsylvania
on a
2 Rector St., N. Y. City, at 110 and bit. to July 1 1931. discounted
-Earnings:
Pittsburgh-Suburban Water Service Co.
For income statement for 12 months ended March 31 see "Earnings
-V. 132, P. 3337.
Department" on a preceding page.
-Chairman's Remarks.
Postal Telegraph & Cable Corp.
Clarence H. Mackay, Chairman, in his remarks to stockholders May 20
said in part:
Financial.
-At a special meeting of the stockholders March 20 1930,
the certificate of incorporation was amended increasing the total amount of
the authorized capital stock from 1,200,000 to 2,600,000 shares divided
between 600,000 shares of non-cumulative preferred stock (par $100) and
2,000,000 shares of common stock (no par).
During the year directors authorized the issuance of 610,590 shares of
common stock at $40 per share all of which was subscribed to and paid
for in cash by the International Telephone & Telegraph Corp. The proceeds from the issuance of this stock were used to liquidate advances.
bearing interest at 6% per annum, made since July 1928 by the International Telephone & Telegraph Corp., which advances were required
mainly for additions and betterments to plant.
The year 1930 witnessed a world-wide economic depression which started
In the latter half of 1929 and corporation. like almost all other classes of
business enterprises, was seriously affected by the general reduction in
business activity. Early in the year a comprehensive program of retrenchment and readjustment was initiated to meet the prevailing conditions. The strictest economies consistent with maintaining the corporation's high standard of service were placed in effect. It was not found
possible, however, by this means to offset fully the decline in gross revenues.
Further economies are being made during the current year while on the
other hand sales activities are being intensified.
As of Dec. 31 1930 the board of directors approved a charge to paid-in
surplus of the corporation in the amount of $2,442,592, representing the
balance at that date of extraordinary expenditures which were incurred
as a result of the intensive development and expansion program inaugurated in 1928. The amount includes a portion of the expenditures resulting
from the conversion of' the telegraph offices to automatic operation, and
extraordinary expenditures incurred in the program for development of
new business and in the expansion and improvement of service. Of the
amount of $1,373,307 deferred at Dec. 311929, $618,559 was subsequently
charged to expense or appropriate property accounts.
Scope of Activities.
-System comprises a network of telegraph lines extending throughout the United States: radio stations which supplement
the wire and cable properties: and 37,000 nautical miles of submarine
telegraph cables which reach from the United States and Canada to Great
Britain and Ireland. France, Azores Islands, and to the Hawaiian Islands,
Midway Islands, Guam, Philippine Islands and Shanghai, with connection to Japan at the Bonin Islands. At the Azores Islands the System
connects with direct cables to Germany and Italy. Through an affiliated
company, All America Cables, Inc., the system reaches all parts of Central
and South America and the West Indies. For all points in Canada it
connects with the telegraph system of the Canadian Pacific Railway, and
through its other connections it reaches all other parts of the world.
Corporation therefore offers an efficient, highly coordinated and expanding record communications service. All branches of the service are so
MAY 30 1931.]
FINANCIAL CHRONICLE
interconnected that telegraphic dispatches presented at any office of the
system will be forwarded immediately by radio, cable, land line, or by
any combination -of the three, to any point in the United States, to other
nations of the world, or to ships at sea. The flexibility of the services so
offered is a guarantee of the most efficient performance under all conditions.
Progress in 1930.
-The extensive program of improvement of plant facilities of the Postal Telegraph System (the land line network) which was
inaugurated in 1928, was continued during 1930 and service was further
improved. This, together with organized sales activity, has resulted in
the Postal Telegraph Co.'s obtaining a greater proportion of the country's
telegraph business than in the preceding year.
During 1930 approximately $8,000,000 was expended in additions and
betterments to plant. Approximately 47.000 poles were installed in
strengthening some 3,000 miles of pole line, and 4,300 miles of iron and
small gauge wire were replaced by copper wire. There were established
185 new offices, many offices were moved to more favorable locations,
and steps were taken to provide for more efficient working conditions and
Increased capacity wherever necessary.
The conversion of operating offices from manual to automatic operation was continued and 3,278 typing telegraph machines were installed of
which 1,572 were in customers' offices. 1,322 in main offices and 384 in
branch offices. There were also installed or established 104 duplex telegraph printer circuits and 16 multiplex circuits in addition to making
numerous other changes necessary to effect more efficient and economical
operation. The number of messages handled by typing telegraph machines.
instead of by manual operation, increased to 80% during the year. This
not only results in better service to the communicating public but is a
more economical and a faster method of handling the business.
Postal telegraph facilities were greatly extended during 1930 through
contracts made with various of the Standard 011 companies under which
Postal service was made available in their major filling stations throughout
the country. By the end of the year, 3,392 statiOns had been so equipped
and during the first four months of 1931. 1,071 were added making a
total so far of 4,463 such stations giving Postal Telegraph service. Postal
service has also been extended to an increasing number of bus line terminals
and airports.
Late in 1930 arrangements were completed for the delivery by Postal
Telegraph offices of tickets for New York theatres. Under this new service, New York theatre tickets may be obtained through any Postal office
for a nominal charge. The plan was well accepted by the public and
received widespread favorable publicity.
The expansion of the radio facilities continued in 1930 and during the
year three new radio stations were constructed by the Mackay Radio &
Telegraph Co. and placed in service.
A coastal station was opened Feb. 27 1930 at West Palm Beach. Fla.,
to serve ships in the South Atlantic and the Gulf of Mexico.
On Aug. 14 1930 service was opened from the new trans-Atlantic radio
station located at Rockland, Me., for communication with ships at sea.
This was the fourth station to be opened on the Atlantic Coast, the others
being Sayville, Long Island, New York City and West Palm Beach, Fla.
The new station at Rockland is situated in a most advantageous position
to serve the North Atlantic ship lanes as well as ships in Arctic waters.
A trans-Pacific station located at Manila, Philippine Islands, was inaugurated on Dec. 1 1930 for point to point service with San Francisco
and Honolulu.
Additional equipment was installed at Sayville, Long Island, to provide
facilities to communicate with Cuba and Europe and to improve transcontinental operation between New York and San Francisco and the
necessary equipment was installed at San Francisco to communicate with
Manila.
In March 1931 a contract was signed for direct radio telegraph service
with Radio Austria, the Austrian company which controls radio in that
country. This is the first step in the plans for expansion of European
service from the United States over Mackay Radio. Actual service was
inaugurated on April 22 1931, by an exchange of messages between the
President of the United States and the President of Austria.
Within the last two years, the Mackay Radio & Telegraph Co., which
already had point to point service on the Pacific Coast and ship to shore
service on the Pacific, has extended its facilities to provide ship to shore
service from four stations on the Atlantic, a radio circuit to Honolulu and
the Philippines, direct radio service with Lima, Peru, and Buenos Aires,
'Argentina, a transcontinental radio service from New York to San Francisco, and a direct trans-Atlantic radio service with Austria.
The Commercial Cable Co. kept abreast of the developments in the
art of cable operation and its plant and equipment was maintained in
the highest state of efficiency.
Of particular importance was the completion of the development of
equipment for the improved operation of submarine cables. The installation of this equipment has already resulted in increasing by 31% the westward speed of the Commercial Cable Co.'s fastest trans-Atlantic cable.
The eastward speed of this cable will be increased correspondingly as soon
as the necessary equipment is installed and these improvements will be
applied to other cables when necessitated by service and traffic requirements.
Our usual comparative income account and balance sheet were published
in V. 132. p. 1799 and 1991 respectively.
-V.132, p. 3714.
Public Service Co. of New Hampshire.
-Earnings.For income statement for three and 12 months ended March 31 see
-V. 132, p. 3714.
"Earnings Department" on a Preceding Page.
Public Service Corp. of New Jersey.
-150,000 Shares
$5 Cumulative Preferred Stock Sold-Drexel & Co. and
Bonbright & Co., Inc., have sold 150,000 shares (no par)
$5 cum. pref. stock. Price (ex-dividend payable June 30
1931), $99.50 per share, less an amount equal to dividends
at the rate of $5 per share per annum from date of payment
to June 30 1931. Stock is non-callable.
4057
tion, thereby providing a portion of the funds required for the redemption
on June 30 1931 of that company's $6 preferred stock; the balance to be
used for the general purposes of the corporation.
Equitu.-Based on current.quotations, the corporation's outstanding
5,503,128 shares of common stock have an indicated market value of over
$400,000,000. Dividends have been paid since 1907 on the common
stock from time to time outstanding, the present annual dividend rate
being $3.40 per share.
Consolidated Statement of Earnings of Corporation and Its Subsidiaries
(Inter-Company Items Eliminated)
1930.
1931.
1929.
12 Months Ended April 30$
$
$
130,858,446 142,114,516 141,963,880
Gross revenues (incl. non-oper.)
Oper. exps. and all taxes (incl. depre90,378,498 96,014,012 94.506,546
ciation and maintenance)
40,479.948 46,100,504 47,457,334
Gross income
Income deductions (incl. pref. divs.
15,915,433 15,338,893 16,217,739
of subsidiary companies)
Net income applicable to dividends 24,564,515 30,761,611 31,239,595
Annual div.require. on pref.stock outstanding (incl. this Issue)- 9,795,258
21,444,337
Balance
Net income applicable to dividends for 12 months ended April 30 1931
over 3.1 times the above annual preferred stock dividend requirements.
Listing.
-All outstanding shares of preferred stock are listed on the New
York Stock Exchange and such listing of these additional 150,000 shares of
-V. 132, p.3885,3148.
$5 cumulative preferred stock has been authorized.
-To Retire 6% CumuPublic Service Electric & Gas Co.
lative Preferred Stock on June 30 Next.
series, has
been called
All of the outstanding 6% cum. pref. stock, 1925
for redemption on June 30 at 110 and divs, at the office of the company,
80 Park Place, Newark, N. J., or at the office of Drexel & Co. In Philadelphia, Pa., or at the office of J. P. Morgan & Co. in the City of New
York.
To Amend Certification of Incorporation.
In connection with the calling by this company of the 6% cum. pref
stock and the issuance of 300.000 shares of $5 no par value pref. stock, a
meeting of the stockholders of the company will be held May 25. At
that time the question of amending the certificate of incorporation to
permit the issuance of the new stock will be voted upon. See V. 132,
P. 3885.
Public Service Newark Terminal Ry.-Bonds Called.
There have been called for redemption on June 1 next $47,000 of 1st
mtge. s. f. 40
0
-year 57 gold bonds due June 1 1955. Payment will be
made at the Fidelity Union Trust Co., trustee. Newark. N. J., at 102M
and interest.
-V. 126. p. 3118.
-Proposed Sale.
Quebec Gas & Electric Corp.
A meeting of the bondholders will be held on June 29 for the purpose o
considering a proposal which has been made for the purchase of the undertaking and assets of this corporation on certain terms and conditions and
on agreeing to accept in exchange for their bonds the securities as set forth
In the proposal or such other securities as may be determined at the meeting
or otherwise dealing therewith and the rights of the bondholders resulting
therefrom.
The Quebec Savings & Trust Co., Montreal, Canada, is trustee.
-Court
Radio Corp. of America.-Langmuir Tube Patent
Decision Does Not Affect Company.
-President in charge of patents, made the following
co. S. Scheirer, Vice
statement, May 26:
The Langmuir patent on radio vacuum tubes, which the Supreme Court
of the United States May 25 held to be invalid [see General Electric Co.
below), is among the patents under which the Radio Corp. of America acquired rights for the protection of its business, and under which it has
granted licenses to competitive radio tube manufacturers. This patent
has been in process of adjudication for an extended period and has been
the subject of conflicting decisions in the lower courts. The decision, of
course, does not affect the right of the Radio Corp. of America to manufacture and sell radio tubes.
The decision of the Supreme Court deals only with the Langmuir patent.
and has no relation to the other patents under which the Radio Corporation
-V. 132,p. 3886, 3526.
has rights and has granted licenses.
-Exchange of Securities.
Rochester Central Power Corp.
More than 88% ofthe Prof.stock ofthis corporation, of which $18,000.000
Is outstanding, and 75% of the 5% debentures, of which $22,500,000 is
outstanding, have been exchanged for 5% debentures and $6 dividend
series preferred stock of the Associated Gas & Electric Co., under an
offering declared operative on April 211931.
The preferred stock of the Metropolitan Edison Co. and the New Jersey
Power & Light Co. are also being retired through voluntary exchanges
with the holders of bonds or preferred stock of the Associated company,
and all of the preferred stock of the Northern Pennsylvania Power Co. has
been retired.
-V. 132, p. 3714.
-Earns.
Rochester & Lake Ontario Water Service Co.
For income statement for 12 months ended March 31 see "Earnings
-V. 132, p. 3337.
Department" on a preceding page.
Scranton Spring Brook Water Service Coe-Earnings.
For income statement for 12 months ended March 31 see "Earnings
-V. 132, p. 3338.
Department" on a preceding page.
Transfer agents, Guaranty Trust Co. of New York and office of the
-Earnings.
South Bay Consolidated Water Co.
corporation, Newark, N. J. Registrars, Bankers Trust Co., New York,
For income statement for 12 months ended March 31 see "Earnings
and Fidelity-Union Trust Co., Newark, N. J. Dividends exempt from
-V. 131, p. 1714.
Department" on a preceding page.
the present normal Federal income tax.
41117=46`
Capitalization Outstanding with Public as of Apri130 1931.
-Earnings.
Southern Cities Public Utility Co.
[Corporation and subsidiaries, after giving effect to this and other recent items eliminated.]
financing, inter-company
*Consolidated Income Account Year Ended Dec. 331930.
Bonds, stocks and other funded obligations of operating subeef Dates
in
(Irrespective eome of Acquisition of Subsidiaries.)
$4,930,886
sidiaries
$175.
905,
921 Gross earnings ar
Bonds and stocks of lessor cos. on which rentals are paid
2,899,894
102,
891 137 Operating expenses, maintenance & general taxes
Funded debt ofcorp.(perpetual interest-bearing certificates)
18,585.,008
Capital stock of corporation:
$2,030,991
Net earnings
8% cumulative preferred {par $100)
21,531.200 Annual int. & pref. div. requirements on funded debt, Prop.
7% cumulative preferred par $100)
577,038
Purchase obligations & pref. stock of subs
28.908,000
6% cumulative preferred par $100)
58,731,200
$5 cumulative preferred (505,066 shares without par value,
Balance
including this issue,at liquidating figure of $100 per share) 50,506,600 Annual interest requirements on funded debt of Southern $1,453,953
Common (no par value)
657.710
5,503,128 shs.
Cities Public Utility Co
Data from Letter of Thomas N. McCarter, President of Corporation.
$796,243
Balance
Business and Territorlb-Corporation controls, through stock ownership,
advances from aril. cot
207,541
subsidiary companies which provide the electric power and light, gas, Annual interest requirements on
street railway and motor bus services in most of the larger cities and more
Net income available for retirement provision, misc. cngs.
populous sections of New Jersey, serving a population of over 3,350,000.
$588,702
& surplus
or 82% of the total population of the State. The territory served extends
* Exclusive of Canary Islands companies not consolidated.
from the Hudson River opposite N. Y. City southwest across the State to
Balance Sheet Dec. 31 1930.
Consolidated
the Delaware River opposite Philadelphia, and includes Newark, Jersey
Liabilities
Assets
City,Paterson, Trenton, Camden,Bayonne, Hoboken,Passaic, the Oranges
$4,900
$32,202,957 Preferred stock of subs
Plant & franchises
Union City and New Brunswick.
2,980,668
4,795,081 Common stock
Properties.
-The properties of the corporation's subsidiaries include Investments
3,338,986
Cap. & prof. & loss surplus
stations with aggregate rated capacity of 616,276 Deposit to guarantee accts.
five electric generating
455,200 Min. stockholders' int. In
of subs, not consolidated
kva. approximately 1 412 miles of transmission lines and 402i7, 0 1aos .n of
e miles
8
9,107
cap. & surp. of subs
82,306
distribution wire, serving over 912.000 electric customers.
sys- Sinking fund & spec. deposits
19,308,253
327,306 Funded debt
tem includes20 generating plants with an aggregate capacity 138,000,000 Cash
00
2,500,000
869,147 Prop, perch, obligation
cut ft. daily, and over 6,000 miles of mains, serving more than 819,000 Accts. rec.-consumers
1,394,875
80,927 Notes payable
gas customers. In addition, gas and electricity are purchased under Other accts. & notes rec
686,786
613.067 Accts. payable
advantageous contracts. The transportation properties include approxi- Mdse., mans & supplies
325,764
Accr. interest
mately 810 miles of street railway track, 1,590 street railway cars and 2,420 Prepayments-insur. prems.,
77,723
84,641 Accr. taxes
taxes, &c
buses.
Deferred liabilities
159,261
The electric properties are interconnected with the electric systems of Unamort. disc. & expense on
34,208 Adv. from affil. cos
3,459,023
funded debt
Philadelphia Electric Co., Pennsylvania Power & Light Co. and other
8,878
20.985 Deferred credit items
systems. The interconnection of these properties has resulted in improved Sundry deferred debit items_
Reserves
5,309,803
reliability of service and important economies of operation.
-The proceeds of sale of these 150,000 shares of prePurpose of Issue.
Total
$39,565,830
Total
ferred stock will be used in part to acquire additional common stock of
$39.585.830
Public Service Electric & Gas Co., an operating subsidiary of the corpora- -V.131,P• 2 6•
89
4058
FINANCIAL CHRONICLE
Southern Union Gas Co.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 132, P. 1992.
Southern Natural Gas Corp.
-Earnings.
--
For income statement for month and four months ended April 30 1931
see "Earnings Department" on a preceding page.
-V. 132, p. 2968.
Spokane Coeur d'Alene & Palouse Ry.-Abandonment
of Part of Line.
The 1.-S. C. Commission may 18 issued a certificate authorizing the
company to
abandon that part of road called the Hayden Lake segment,
extending from a point in the southwest quarter of the northeast quarte,
of section 24, township 51 north, range 4 west, Boise meridian, in a northeasterly direction to a point in the northeast quarter of the southwest
quarter of section 18. township 51 north, range 3 west, including a loop
track in lotf5 and the northeast quarter of the southwest quarter ofsecLion 18, in all 1.65 miles, in Kootenai County, Idaho.
-V. 129, p. 961.
Staten Island Edison Corp.
-Notes Offered.
-Field,
Glore & Co., Harris, Forbes & Co., Halsey Stuart & Co.,
Inc., Spencer Trask & Co. and General Utility Securities,
Inc., are offering at 100 and int. $7,500,000 3% one-year
gold notes.
-V. 132, p. 2389.
Suburban Light & Power Co. (Ohio).
-Distribution.
F Certificates representing the deposit of 20-year 6% gold debenture
bonds,series A, may now be surrendered to the Irving Trust Co.,corporate
trust department, No. 1 Wall St.. N. Y. City, in order to obtain an amount
equal to $307.66 for each $1,000 bond deposited in accordance with the
terms of a plan adopted by the bondholders' committee dated April 17
1931.-V. 132, p. 3149.
Tide Water Power Co.
-Earnings.
-
For income statement for 3 and 12 months ended March 31,see "Earnings
Department" on a preceding page.
-V. 131, p. 3531.
Twin City Rapid Transit Co.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 132. p. 3886.
Twin State Gas & Electric Co.
-Earnings.
-
For income statement for 3 and 12 months ended March 31,see "Earnings
Department" on a preceding page.
-V. 132. p. 2968.
Union Electric Light & Power Co. of Ill.-Bds. Called.
The Chase National Bank of the City of New York, as successor trustee,
is notifying holders of 1st mtge. gold bonds 514% series A. due Jan. 1 1954,
that $125.000 of these bonds have been drawn for account of the sinking
fund for redemption at par and int. on July 1 1931. Drawn bonds should
be surrendered at the principal office of the trustee, 11 Broad St., N. Y.
City.
-V. 132, p. 3715.
Union Water Service Co.
-Earnings.
For income statement for 12 months ended March 31, see "Earnings
Department" on a preceding page.
-V. 132. P. 3339.
United
Gas Corp.
-Earnings.
-
Balance Sheet March 31 1931.
For income statement for 12 months ended Marchl31 1931. see "Earnings Department" on a preceding page.
AssetsLiabilities
Investments.- _
$318,634,568 Capital stock
x3215,985,163
Cash
3.134,263 Subscrlp. to allottn't ctfs--- 33,000,000
Notes & loans receiv.-Subs. 5,095,009 Dividends declared
1,128,190
Accounts receivable-Subs._
1,800,049 Notes and loans payable.-- 60,500.000
Accounts receivable-Others
61,697 Contracts payable
100,000
Subscribers to allotren etts_. y24,000,000 Accounts payable
105,341
Sundry debits
171,181 Accrued accounts
1,057,957
Reserve
5,094,489
35,925,628
Surplus
Total
Total
$352,896,767
$352.898,767
x Represented by: $7 pref. stock. 440.013 shares; $7 2nd pref. stock,
644.680 shares; common stock, 7,213.38034 shares; option warrants to
purchase common stock equivalent to 3.944.96735 shares.
Y Securities to be issued on payment of subscriptions: $7 2nd pref. stock.
240,000 shares; common stock, 600,000 shares; option warrants to purchase
common stock equivalent to 900.000 shares.
Note.-Ifolders of option warrants outstanding are entitled to purchase
one share of common stock, without limitation as to time, at $33.33 1-3
per share for each option warrant held, and each share of the company's
$7 2nd pref. stock, when accompanied by three option warrants, will be
accepted at $100 in payment for three shares of such common stock in
lieu of cash.
-V. 132, p. 3528.
United Rys. & Electric Co. of Balt.-June 1 Interest.
-
At the monthly meeting of the directors held on May 26, payment was
authorized of interest on income bonds, payable June 11931. The amount
earned for the interest period was $340,0013 and theiinterest payable amounts
to $280,000. leaving a surplus of $60,000.
Gross Passenger revenue of $1,253,763 for April 1931, was reported by
President Storrs. The daily receipts averaged the same as for the past
four months, and show the effect of the existing country-wide business
depression and unemployment, but to a less degree than other transportation agencies, particularly in this section.
For the first four months of the year the company's gross receipts fell
off $784,943, while net declined but $183,587.
To understand a comparison of results for the year 1931 with 1930, it
should be recalled that January. February, March and April 1930, constituted the best first four months the company has had for 10 years past.
Depressed conditions in 1931, as compared with favorable condition in
1930, present quite a contrast. Depression and unemployment began to
take its toll of passenger traffic in May 1930.
For April 1931, after payment of all operating expenses, setting up
$140.000 for depreciation. and $122,514 for taxes, net operating income was
$287,340. Fixed charges amounted to $239,871, leaving $58.117 available
for interest on income bonds, the amount of which represents a monthly
charge of $46,666.
While the company showed a decrease of 15.68% in operating expenses
April 1931, as compared with 1930, car miles decreased only 4.84%,
-V. 132.
indicating a continued improvement in operating efficiency.
p. 3339.
-Dividends.
Utilities Power & Light Corp.
The directors have declared the regular quarterly dividend of 50 cents a
share on the class A stock, payable July 1 to holders of record June 5.
Holders have the option of taking additional class A stock at the rate
of 1-40th of a share for each share held in lieu of cash dividend. A similar
distribution was made on April 1.
The regular dividend of 25 cents per share was declared on the class B
stock and common stock, payable July 1 to holders of record June 5.
Holders have the option of receiving common stock at the rate of 1-40th
of a share for each share of class B or common stock held. A like amount
was paid on April 1.
On Jan. 2 1931 an extra of 15 cents a share was paid on the class A stock.
and one of 2X cents a share on the class B and common stock (see V. 131.
p. 3531).-V. 132, p. 3339, 2957.
-Bonds Called.
Watertown Light & Power Co.
-year gold
The Empire Trust Co.announces to holders of 1st mtge.5% 50
bonds, dated Jan. 1 1909, that $15,500 of these bonds have peon drawn by
lot for redemption on July 1 1931 at 105. Drawn bonds will be paid upon
surrender with Jan. 1 1932 and subsequent coupons attached at the office
of the trust company, 120 Broadway, N. Y. City. Interest on drawn bonds
will cease on July 1 next.
-V. 132, p. 312.
-Earnings.
-West Virginia Water Service Co.
For income statement for 12 months ended March 31, see "Earnings
Department" on a preceding page.
-V. 132, P. 3339.
[Vol.. 132.
Western New York Water Co.
-Earnings.
-
For income statement for 12 months ended March 31, see "Earnings
Department" on a preceding page.
-V. 132, p. 3886.
York Railways Co.
-Earnings:
-
For income statement for 3 and 12 months ended March 31,see "Earnings
Department" on a preceding page.
-V. 132. p. 496.
INDUSTRIAL AND MISCELLANEOUS.
Price of Brass Reduced.
-American Brass Co.reduced all brass and copper
materials X cent a pound. Boston "News Bureau," May 28, p. 1.
Price of Export Copper Reduced.
-Price of export copper was reduced ;If of
a cent a pound to 9.214 cents a new low record. New York "Evening
Post," May 27, p. 21.
Shirt Cutters Return to Work.
-Union shirt cutters, who had been on strike
for three weeks, returned to work at the McMullen-Leavens Shirt Co. at
Glens Falls, N. Y. after accepting a 10% wage reduction. 'Wall Street
Journal," May 27, p. 8.
Carnegie Coal Miners Strike.
-Approximately 1,000 miners ofthe Carnegie
rpxta y 2k in protest against a proposed wage cut. "Wall Street
.,struc p.
8
Jour Cal,
Cmin o
17.
Strike on in 48 Pocketbook She
workers ordered out in demand
for 48-hour week. New York "Evening Post," May 28. p. 1.
Calumet RI Hecla Wage Cut.
-Further cut of 10% made in wages, effective
June 15-15% in some salaries. Boston "News Bureau," May 28.
Matters Covered in the Chronicle of May 23.-(a) Chain stores tax in
Indiana held to be constitutional
-United States Supreme Court finds
that distinction in assessment according to number of stores under single
control Is not arbitrary, p. 3874;(b) Opinion varies here on chain store tax,
1:I• 3788;(e) Sales tax on retailers in Wisconsin is held constitutional,P.3788:
(41) Chain-store war urged here by Senator Nye
-Exhorts 1,000 grocers to
Join other merchants in fight to end monopolies
-Asks trade court backing, p. 3788; (e) President Farrell of United States Steel Corp.. before
American Iron & Steel Institute declares some steel companies are not
paying standard wages-Conditionsfaced by steel industry, p.3792;(1) Chi
cago Electrical Workers Union rejects pay rise. p. 3801; (g) United States
lines cut salaries, p. 3801; (h) Peninsular & Oriental Shipping Co. cuts
wages 10%, p. 3801; (i) Cigarette Prices reduced-United and Schulte
stores sell at two for quarter again, p. 3802.
CO Cut in newsprint to be retroactive--International Paper Co. allows a
reduction of $5 a ton here as of Jan. 1 1931-$57 price set to Dec. 1 1932.
p. 3802;(k) New Jersey Supreme Court rules that stock speculation is not
form of gambling
-Reverses lower court in case concerning Hoit, Rose &
Troster and David Zyskind. p. 3814: (1) Roberts & Hall fallure-Receiver
for Cincinnati brokerage firm pays dividend of6 2-3% to general creditors.
making total payments of 40%, P. 3814:(m) Changes in New Hampshire
banking laws-Clarifies sections relating to investments and provides closer
supervision of savings funds, p. 3816; (n) President Green of American
Federation of Labor declares banking representatives advocating wage
-holds prosperity of nation
reductions are assuming grave responsibilities
depends on maintenance of high wages, p.3821:(o )Matthew Well of American Federation of Labor views American labor as in fight for life-Cutting
of wages part of international control of capital, markets, prices and labor.
D. 3822: (p) Secretary of Labor Doak finds wage reductions strongly resisted
-P. C. Croxt,on of President's Emergency Committee expresses
belief scales will be maintained, p. 3823.
-Regular Dividend.
Addressograph-Multigraph Corp.
The directors have declared the regular quarterly dividend of 35 cents
Per share on the common stock. payable July 10 to holders of record June 22This is at the same rate as paid on April 10 last.
The following statement was issued after the meeting: "Although the
company did not quite earn the dividend, it was decided to pay the regular
dividend on account of the splended cash position and the large amount
of unfilled orders on hand, due to the factory being unable to keep shipyttauri"..with orders received on new models put in the line the lfirst of
then
me
Acquires Industrial Site in Ohio.
-
The corporation has purchased a 30
-acre industrial site lying between
the main lines of the New York Central and the Nickel Plate railroads in
Euclid Village, a suburb of Cleveland. 0. Aside from a factory, the new
development will include a modern office building that will house executive
and sales organizations, and general offices of the corporation. The plant
-V. 132. p. 3715, 3529.
will cost approximately $1,000,000 it is announced.
Almar Stores Co. Phila.-Trustee of Bankruptcy.At a meeting of the creditors, David J. Smyth was appointed trustee of
bankruptcy proceedings. This is the old company which was succeeded
by Almar Stores C,orp.-V. 132, p. 1802.
-Petition of InvolunAmerican Bond & Mortgage Co.
tary Bankruptcy Filed in United States District Court at Portland, Maine.
Seventeen creditors filed a petition of involuntary bankruptcy against
the company May 25 in the U. S. District Court at Portland, Me. The
petition claims that the company Is insolvent and owes upward of$6,000,000.
The creditors claim that a petition for a referee was filed May 22 in the
U. S. District Court of Northern Illinios, and that the Chicago Title &
Trust Co. was appointed. It is further claimed that the company was insolvent at that time, and that the petition for a referee was filed by H. T.
Clark at the instigation of the company.
A bill in equity charging fraud and mismanagement and asking for appointment of a receiver was filed in the Maine Supreme Court Aug. 13 1930
Two weeks ago Chief Justice William R. Pattangall indefinitely postponed
the prol ezliugs because of the illness of an attorney for the complaining
bond h o
c s
After the equity suit was filed the company was reorganized.
On April 23 last the U. S. Department of Justice announced that it would
conduct a general investigation of the concern because of a "flood of complaints" from stockholders.
Among the many enterprises financed by the company were large hotels
and apartment houses in Washington, New York and Brooklyn.
Petitioners in the bankruptcy proceedings include the Royal Indemnity
Co.,which alleges that it had agreed to guarantee payment of the company's
bond interest and principal to the amount of $540,700 upon deposit of
securities with a value of not less than 5% of that amount. The value of
the securities deposited,it was alleged, had declined from $27,000 to $4,000,
and the mortgage company had declined to make further deposit.
Individual petitioners allege failure to redeem bond interest coupons or
principal.
Ancillary Receiver Appointed in New York District.
On the petition of Arthur Young & Co. of Chicago, Federal Judge Henry
W. Goddard appointed Charles Evans Hughes Jr. as ancillary receiver in
the sa e
ulty 7 iLa6L7 for thethe conganytvhich was thrown into receivership
2 /t
vU Judge joddy order petitioner.Mr. Hughes, who
ard's
nder
was required to post a
bond of $10,000, is authorized to continue
the business of the corporation
in this district, and creditors and others are enjoined from bringing any
action other than bankruptcy proceedings against the company while the
receivership is in force.
The petition sets forth that the company owes more than $8,000,000,
3 0.
onav 33,000,000 of which is secured, to general creditors -V. 132, 1 3887,
3•
American British & Continental Corp.
-Smaller
The directors have declared a quarterly dividend of 75 cents a share on
the 6$ cum. 1st pref. stock, payable June 1 to holders of record May 25.
previously, the company made regular quarterly distributions of $1.50 a
share on this issue.
In a letter to stockholders, President Philip L. Caret says in part:
"As a remit of the continued world-wide business depression. dividend
and interest income of this corporation has been substantially curtailed
within recent months and a further decline is in prospect. Based on the
portfolio held at this time and on present annual interest and dividend
rates, annual income available for dividends on the 1st pref. stock is now
slightly less than the amount required to pay the full cumulative $6 annual
rate to which the stock is entitled In priority over common shares.
"The directors feel it would not be in the interest of first preferred stockholders under present conditions to disburse in dividends sums in excess
of cash interest and dividend receipts. They have, therefore, carefully
MAY 30 1931.]
FINANCIAL CHRONICLE
estimated future income, allowing for further reductions in payment of
interest and dividends on securities held. Based on this estimate a dividend
rate of $3 a share on the 1st preferred stock appears well within the earning
power of the corporation.
"Taking securities at market value and eliminating debentures and 1st
pref. stock field in the
net assets on April 30. last, were approximately $12.800,000. Applied to the $4,805,500 debentures and 95.238
treasury'
shares of 1st pref.stock outstanding in the hands of the public on that date,
this sum was equivalent to more than $2,600 per $1,000 debenture and $84
per share of 1st pref. stock. The corporation has since made further
purchases of its debentures and 1st pref. stock."
-V. 132, p. 1416.
-New Affiliated Co. Formed.
American Cyanamid Co.
-
A published statement, understood to be correct, says:
The Southern Alkali Corp.. recently organized as a joint subsidiary
of the above company and the Pittsburgh Plate Glass Co., has purchased
350 acres near Corpus Christi, Texas, for the construction of a new plant
for the production of alkali products and commercial chemicals. The
plant will include a power house, machine shop and other structures, and
will cost over $5,000,000 with machinery. A ship channel will also be
constructed and a harbor built at the plant for ocean-going vessels.
V. 132. p. 3887.
American Encaustic Tiling Co., Ltd.
-Omits Div.
-
The directors have voted to omit the quarterly dividend ordinarily paid
about June 30 on the common stock. From June 30 1930 to and including
March 31 1931, the company made regular quarterly distributions of 25c.
per share on this issue.
-V.132. p.3716, 2199.
American-Hawaiian Steamship Co.
-81 Dividend.
-
The directors have declared a dividend of $1 per share on the outstanding
475,602 shares of capital stock, par $10, of which 50c. is payable June 30
to holders of record June 15, 25c. on Sept. 30 to holders of record Sept. 15.
and 25c. on Dec. 31 to holders of record Dec. 16. On July 15 1930 a dividend of $8 per share was paid out of surplus.
-V. 132, p. 3530.
American Home Products Corp.
-Probable Acquisition.
Conversations looking to the acquisition of the chemical and pharmaceutical manufacturing firm of John Wyeth & Brother of Philadelphia by
the American Home Products Co., which is in the same business, have been
carried on for several months, according to bankers for the latter company.
A large block of John Wyeth stock is held by Harvard University, and
negotiations have been conducted by the bankers for its acquisition. The
John Wyeth company is a closely held corporation and was organized in
1842. Another company bearing a similar name, the Wyeth Chemical
Co. was acquired by the American Home Products Co. several years ago.
132. P. 1416.
American-La France & Foamite
Extend Notes Due June 1 1931.
-
Corp.
-Offers to
4059
All the manufacturing of the company in the United States has been
centered at its plant in Elmira.
The business of the company in the years 1928 and 1929 was badly hurt
by a strike of its employees, lasting 10 months. This strike was settled in
the summer of 1929.
After the settlement of this labor difficulty the business of the company
commenced at once to improve and continued to do so until it began to
encounter the effects of the panic of 1929. During the year 1930 municipalities throughout the country, as is well known, adopted the policy of
Increasing, so far as feasible, expenditures for public improvements which
could be accomplished by local labor and have postponed or cut down,
so far as practicable, their normal expenditures in other lines.
As an indication of the effects of the depression on the volume of business
of the company, the shipments in 1930 as compared with 1929 decreased
$2,137,322 or 22%, and during the last quarter of 1930 the shipments
decreased $1,213,751. or 45% under the last quarter of 1929. This corresponding depression has run over into the first quarter of the current year
the shipments in which have decreased by $651,586 as compared with the
corresponding quarter of 1930, or 32%.
Nevertheless, preliminary action taken by several large municipalities
In the United States and abroad indicate that public requirements have
been postponed rather than diminished and betokens an increase in the
total purchases of fire apparatus of which this company may be reasonably
confident, if the note issue is extended, of getting its share.
As an indication of this trend, the orders for motor driven fire apparatus
and parts alone received during the quarter ending March 31 1931.
amounted to $978,483 as against $465,994 received in the quarter ending
Dec. 311930, or an increase of 110%.
Moreover,the operations for the month of March show a radical improvement over the past months, and this in spite of the heavy drag of the continued depression, and in spite of the further fact that the first quarter
of the year is usually the poorest.
Consolidated Balance Sheet.
Mar. 31'31. Dec. 31'30.
Mar. 31'31. Dec. 31'30.
Liabilities
!Weal533,763 Preferred stock___c5,800,000 5,800.000
Cash
• 270,222
Common stook_.A2,437,200 2,437.200
Notes and warrants
235,530
1,415,916 1,384,818 Accounts payable_ 160,373
receivable
997,554 Accruals, interest
Accounts receiv_al,088,502
100,298
66,832
and taxes
2,111,168 2,172.029
Inventories
5
-year 534% gold
Prep'd exp., devel.,
3,112,000 3,159,000
notes
137,675
insurance, &c__ 146,062
74,262
Capital surplus_ _
74,262
Mtges. receiv. and
198,252
332,483
77,005 Earned surplus
77,005
treasury stock__
Fixed assets:
Land, buildings,
mach.,eq., &cb1,590,140 1,615,962
Invest. in La
France Republic Corp.stocks 1,730,441 1,730,441
Patents & good-will 3,452,928 3,455,556
It is announced that approximately 80% of the 5
-year 534% gold notes
11,882,384 12,104,807
Total
due June 1 1931 have been deposited with the Chase National Bank, 11
11,882,384 12,104,807
Total
Broad St., N. Y. City, as depositary, under the plan of renewal recently
a After deducting $43.838 for reserves. b After $1,720,263 for depreciaannounced.
dividends on this issue amount to 51,319.500.
tion. c Accumulated unpaid
The committee states that the plan will be declared effective as and d Represented by 609.300 shares of no par value.
when all of the outstanding notes agree to the exchange.
Note.
-This company sells municipal long term obligations received for
Under the plan the noteholders are offered new 5
-year 53‘ gold notes apparatus and guarantees the same, which guaranty has never caused the
%
to mature June 1 1936 in exchange for the old notes, par for par. The company any loss. From the sales of the past, the amount outstanding
company is to pay to the depositors, if the plan is declared operative, is $2,431,202.
against the surrender of their certificates of deposit a premium of 234%
The income account for the first three months of this year was given in
upon the par value of the principal of the old notes deposited and also the
page 3319.-V. 132, P. 3341.
Interest represented by the coupons of the old notes. (equivalent on the "Chronicle" of May 2 1931,
exchange to a payment at par and interest of the old notes and a purchase
-New Plant.
American Maize Products Corp.
of the new 5
-year 534s at 9734). The new notes will be subject to recontemplates the construction in Los Angeles of a Pacific
The
demption at the option of the company, all or part, at par and interest Coast corporation
plant to cost approximately $10,000,000, according to President
plans wou,d be
C. D. Edinberg,
Paul Appenzellar, Wm. P. Chapman Jr., and Charles in several days. who states that more detailed purchased a 702announced
-acre tract
The corporation already has
the plant.
B. Rose, recently appointed a committee (with Orley M. in Los Angeles at South Gate, on which it Proposes to erect company's
Approximately 1,500 persons probably will be added to the
Canter, Treasurer of the company, as Secretary) to represent Payrolls when the local plant construction is completed.
the noteholders, in a letter dated April 30, stated:
The company manufactures corn syrups. starch and corn products and
The five year 534% gold notes of the America-La France Fire Engine has branches In important cities of this country. The Los Angeles plant
-V.
Co., Inc. (by change of name now the American-La France & Foamite will produce products for the West Coast and the Orient markets.
Corp.) issued June 1 1926, fall due on June 1 of this year. Although the 132, p. 2769.
company has at present no bank indebtedness, and has had none since
-Merger.
American Mine Owners Casualty Corp.
January 1928, and has sufficient cash to take care of its current liabilities,
-V. 127, P. 3543.
See Commonwealth Casualty Co. below.
It cannot pay the maturing notes from its cash resources,and the unfortunate
date of maturity makes it impossible under existing economic conditions
-Earnings:
Inc.
American Steel Car Lines,
to sell a new issue for cash wherewith to retire the old notes.
Earnings for the Year Ended December 31 1930.
The original issue of $4,000,000 of these notes has been reduced at this
$317,421
date through purchase by the company to $3,089,000, although this was Total operating income
103,517
not required by sinking fund provision.
Repairs and renewals
64.208
The directors as well as large noteholders believe that the best interests Other expenses
65,465
certificates
of the noteholders will be served by a volunatry renewal on the part of Interest on equipment trust
56,847
the holders of the notes, and a plan is presented herewith which, if con- Depreciation on fixed assets
1,476
summated, will, in the opinion of the above mentioned noteholders. board Other deductions from income
of directors and the management, result in the payment of the note issue
S25,908
on or before the new maturity date.
Net profit
$0.26
Inability to accomplish a renewal of the maturing notes will bring as an Earnings Per share on 100,000 shares capital stock
alternative the immediate liquidation of sound assets of the company
Balance Sheet Dec. 31 1930.
going-concern) with resulting great depreciation. A judicial re(as a
LiabilitiesAssets
organization of the company would bring about such a cessation of business
$7,166 Aco'ts payable, trade creditors 816,263
from municipalities during, and for a long time after, the period required, Cash
as 5,727
Accounts payable, other
that heavy loss would result. The resulting necessarily large expenses of Acc'ts receivable-Railroads
21,820 Reserve for Federal taxes____ • 3,060
and lessees
such judicial proceeding would all rank ahead of the present debentures.
2,193
654 Reserve for State taxes
Unless the committee declare the deposit agreement fully operative on or Accounts receivable, other
14,500 Equip, trust ars. outstanding 1,443,000
before June 30 1931, and unless all of the other conditions are complied Marketable securities
y627.700
250 Capital stock
Accrued Interest
with the old notes will be returned to the depositors without cost to them:
32,919
48,221 Earned surplus
except that the committee is authorized to prepare a plan and agreement Sinking fund
for the reorganization and readjustment of the company or to approve such Tank cars, office furn.& flat's_x2,030,291
7,960
a plan prepared by others or to approve and adopt an amendment (includ- Deferred charges
ing an extension) of the deposit agreement at any time before June 30
52.130.862
Total
$2,130,862
Total
1931, provided the agreement shall not have been declared inoperative by
x After reserve for depreciation of $101,943. y Represented by
the committee. Such a plan or amendment, if prepared or approved by
no par shares.
the committee, will be sent to the depositors and they will have the right
-V. 131, 13• 3713.
within 30 days after the mailing to them of a notice and copy of such plan
-May Sell Sharon Plant.
AmericanSteel Founders.
of reorganization or readjustment or within 10 days after the mailing to
Negotiations are nearing completion, whereby the Consolidated Gas &
them of a notice and copy of such amendment of the deposit agreement to
withdraw from such plan and (or) the deposit agreement if they are not & Distillation Co. of Chicago, will shortly take over the local property of
satisfied with the terms thereof, and to a return of their deposited notes. American Steel Foundries, at Sharon. Pa., comprising 13 acres of land,
It should be said in this connection that the committee has no such plan four large buildings, facilities for storage of 700,000 gallons of oil and rail
in preparation or in expectation and recommends the extension of the time connections with the Erie, Pennsylvania and New York Central railroads.
of payment of the notes as against a reorganization, which would neces- The consolidated company has developed a new process for the extraction
of coal oil products and owns large coal fields in Butler County, Pa.. from
sarily involve judicial intervention.
The deposit agreement provides that the depositors express their desire which the supply for a proposed local plant would be obtained. American
that pending action by the committee the company shall continue to conduct Steel Foundries has not operated the plant at Sharon since the close of the
its business and pay its business obligations other than the old notes in war.
-V. 132, p. 3716.
the ordinary course as they mature.
-Sales Increase.
At the same time it is provided that no extension of time for the payAmerican Tobacco Co.
ment of the principal or interest of the old notes is granted and the comSales of Lucky Strike cigarettes by this company continue at a substantial
company makes no figures available,
mittee are authorized to consent to or join in any application for a receiver increased rate, it is stated. The
and if a receiver should be appointed to consent to or join in the applica- but it is learned that April sales of this brand of cigarettes showed just
tion for authority from the court to the receiver to continue the com- about the same increase as March, when over 500,000,000 more Lucky
pany's business.
Strike cigarettes were sold than in March 1930. In April 1930 sales of
Lucky Strike cigarettes increased 262,000,000. With the April gain the
In connection with current operations of the corporation, net increase for the first four months of the year in the sale of these cigarettes
increased to approximately 1,900,000,000.
substance:
the committee's letter said in
These gains contrast with a drop a 64.839,210 in the domestic producThe business of manufacturing and selling motor fire apparatus and other tion of cigarettes in April from last year, while the first four months of the
fire-fighting devices has been conducted by this company and its immediate year showed total domestic production up only 102.911,467 over the same
predecessor with profit in every year ewes 1909 with the exception of the period in 1930.
depression year 1930. Losses occurred in other years from the operation
The sale of Cremo cigars by the American Cigar Co., a subsidiary, have
of its commercial truck department, but that whole department and its continued to increase this year. For the first four months of the year
loss has now been eliminated by its sale to another the production in the United States of class A or five-cent cigars was
attendant operating
corporation in which the company owns a majority of both the preferred 16,864,500 under that of the first four months of last year, whereas the
-V. 132. p. 3341.
and common stocks, which investment, in the opinion of the directors and Cremo sales are well ahead of last year.
management, is carried on the books of the company at a fair valuation,
-Suit
The sale of the motor fire apparatus product of this company over a
American Trustee Share Corp. York Renewed.
Supreme Court by
five-year period exceed by a considerable margin those °Pall its competitors
New complaints have been filed in the New
combined, which margin has recently been increased.
Gene McCann, broker. against Throckmerton & Co., the American Trustee
During 1930 radical reductions were made in administrative. factory Share Corp. and the Chatham-Pheaix National Rank & Trust Co. for an
and sales expenses, which reductions, it is estimated, should be reflected accounting of three issues of the Diversified Trustee Shares. The new
In profit with the present lower voltune of business and with greater volume complaints allege secret sales of stock rights and "bucketing" in connection
-V. 132, p. 3530, 3342.
will become increasingly effective.
with the acquisition of stocks for the trust.
4060
[vol.. 132.
FINANCIAL CHRONICLE
American Woolen Co.
-Sells Old Weybosset Mills.
The plant at Providence, R. I., formerly operated as the old Weybosset
mills of the American Woolen Co. has been sold to the Welsh Mfg. Co.
This mill is located in the Olneyville section, and has been idle for some
time, the machinery having been moved to the American Woolen Co.'s
new Weybosset mill, formerly known as the Riverside mill.
The old Weybosset mill will be used by the Welsh Mfg. Co.for its jewelry
and optical good business.
-V. 132, p. 2769.
Armstrong Cork Co.
-Earnings.
For income statement for four months ended April 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 1804.
Associated Oil Co.
-Earnings.
-
For income statement for quarter ended March 31, see "Earnings Department" on a preceding page.
-V. 132, p. 1791.
-Stock
Atlantic Gulf & West Indies Steamship Lines.
Decreased.
The stockholders on May 26 ratified proposal to decrease the preferred
stock to $10.800,000 and to reduce the authorized number of common
shares without par value to 250.000 and correspondingly to reduce the
common stock capital liability to $6,000.000 (such decrease and reduction
to be accomplished by retiring preferred and common shares held in the
treasury and certain of the authorized common shares whcih have never
been issued), so that the authorized preferred stock will thereafter be
108,000 preferred shares, $100 each, all of which is now outstanding, and
the authorized common stock will thereafter be 250,000 common shares
without par value, of which 150,000 shares representing $6,000,000 of
-V. 132, p. 3716.
common stock capital liability are now outstanding.
-Shipments Increase.
Auburn (Ind.) Automobile Co.
Shipments this year to May 25 total 22.759 cars, according to a Chicago
dispatch. This exceeds shipments for the entire 1930 year by 9,066 cars
and the peak year, 1929, by 10 cars. President R. It. Faulkner stated that
-V. 132. P.
682 new dealers have been added since January of this year.
2970.
-To Change Capitalization.
Austin, Nichols & Co., Inc.
debtedness incurred in the acquisition thereof and adjustment of Federal
ncome tax. y This does not include net earnings of approximately $32,000
of the Hennepin Laundry Co., Minneapolis, for a period from Jan. 1 to.
June 9 1928, the date acquired by Baxter Laundries, Inc.
Consolidated Balance Sheet.
Dec. 27'30. Dec.28'29.
AssetsDec.27'30. Dee.28'29. LiabilitiesCash
$218.074 $204,952 Accts. pay., pay
$167,796 $212,294
Accts. receivable
204,025 rolls, &c
157,311
56,880
87,739
159,087 Nts. pay,for equip
Inventories
106,931
Notes pay.to launReal est. not used
13,040 dryowners Nat.
24,512
ln operations_
2,674
Assn
Securities owned_ _
13,050
19,897
Accr. int., taxes.
Cash sum, value of
74,012
14,575 Insurance, &a- 141,734
life insurance__ _
6,525
35,415
5,200
Federal inc. taxes_
Personal Si miscell.
66,122
21,727 Dividends payable
11,622
accounts
113,759 Long term Indebt. 4,475,681 3,463.050
Empl. stk. sub.
1,033,500
Short term oblig.
Ld., bldg., mach.,
245,000
& equip., Atc....x5,885,350 6,068,193 Res. for conting__ 292,500
Laundry tr. routes 2,122,803 2,122,803 Pref.stk. 7% cum. 1,720,150 1,548,000
110,000
1 Prof.stk.6% cum. 105,000
1
Good will
Empl.'stk. ownerUnexp. ins. prem.
10,408
43,000
ship certificates_
Office & advert's.
70,936 Common stock_ _ _ 7968,220 1,909,673
supplies, prepaid
228,171
619,248
Surplus
41.497
expense, &c
$8,598,083 $9,012,976
Total
$8,598,083 $9,012,976 Total
x After depreciation of $764,449. y Represented by 81,432 shares of
-V.
shares of class B stock (no par).
class A stock (no par) and 153.900
131, p. 1900.
-Offer for Assets of Consolidated
Beatrice Creamery Co.
-See latter corporation
Dairy Products Co., Inc., Rejected.
below.
President C. H. Haskell stated that the Beatrice Creamery Co. will
expand its present plant in Brooklyn, N. Y., rather than purchase another
company there, now that its offer to purchase the Consolidated Dairy
-V. 132, p. 3343.
Products Co. has been rejected.
The stockholders will meet on July 15 (a) to determine whether the actu-Earnings.
.
ally issued and outstanding stock of the corporation, consisting at the
Bellanca Aircraft Corp.
beginning of the fiscal year, May 11931, of 41,884 shares of prior A stock,
1929.
1930.
Calendar Year43,500 shares of pref. stock and 125,261 shares of common stock, shall be Sales of planes,&c.,net
8564,168
$748,648
decreased by decreasing the pref. stock from 43,500 shares of the par Cost of sales
531.141
740,199
value of $100 a share, to 516 shares, such decrease to be accomplished by Loss from plane rental contracts
213
the retirement of 1,100 shares owned by the corporation and in its sinking
230,504
354,500
expenses
fund for pref. stock, and by the retirement of 41,884 shares owned by the Selling, administrative and general
27,245
under the plan of Allowance for anticipated loss in finished product_
corporation and received through exchange of pref. stock
recapitalization;(b) to determine whether the authorized capital stock shall
$224,722
$346,264
Loss before
be decreased by 42,984 shares of pref. stock and 75,000 shares of common Other incomeother income. &C
115,574
22,125
stock; that is to say,to decrease the maximum authorized stock of the corporation from 286,780 shares, consisting of 42,400 shares, without par value,
$109,149
$324,139
Loss for
value of $100 per share, of pref. -V. 130, year
of prior A stock, 43,500 shares of the par
p. 4245.
stock and 200,880 share of common stock, without par value, to 168,796
shares, of which 42,400 shares, without par value, shall be prior A stock
-Sale.
Belmont (N.C.) Fabric Co.
be pref. stock and 125.880
516 shares, of the par value of $100 each, shall
The company's property at Belmont, N. C., is to be sold June 1 at public
shares shall be common stock, without par value.
auction at the
as a result of default of payThe directors having designated June 16 1931, as the date of taking the ment of bondsdoor of the county courthouse, stockholders, who hope that
that are owned principally by
stock list, only stockholders of record on that date will have any right to some satisfactory reorganization of the corporation may be perfected, and
vote at the meeting, or any adjournment of it.
two-thirds of the prior A stock and that additional equipment may be installed.
The affirmative vote of the holders of
common stock is required for the changes in capital.
Bemis Bros. Bag Co., St. Louis.-Acguisition.The above proposed changes are for the purpose of effecting a saving in
The Company has purchased the plant of the Percy Kent Bag Co.,
Virginia taxes.
-V. 132. p. 3372.
Norfolk, Va. Possession will be taken June 1.
The building occupied by the Kent company as lessee is valued at $80,000.
Autocar Co., Ardmore Pa.-Defers Prof. Dividend.'
The directors have decided to defer payment of the quarterly dividend by the director of the Norfolk Industrial Commission and belongs to a
on 8% cum. pref. stock, due on June 15, in order to maintain liquid re- group of local men. Information relative to the sale of the plant to the
sources in the face of the adverse business conditions. The last regular Bemis company does not disclose whether the building was acquired.
The Kent company has plants in several cities. Its Norfolk plant had
quarterly distribution of 2% was made on this issue on March 15.-V.
been in operation about two years, and manufactured burlap. cotton and
132, p. 3531.
cotton-lined burlap bags for fertilizers, sugar and other commodities.
-Omits Common Dividend. This, apparently, is the only plant sold to the Bemis company. It will be
Baldwin Locomotive Works.
.
continued
-The directors on May 28 decided to omit the regular semi- -V. 128, in operation by the purchaser. ("Oil,Paint & Drug Reporter.")
p. 2624.
annual dividend ordinarily payable about July 1 on the
-Listing of 6%
Beneficial Industrial Loan Corp.
outstanding 843,000 shares of common stock, no par value.
From Jan. 2 1930 to and incl. Jan. 1 1931 the company made Convertible Debentures.
the listing of $6,998,000.
The New York Stock Exchange has
regular semi-annual distributions of 873' cents per share 6% convertible debentures due Marchauthorized
1 1946, with authority to add to
the list on or before Oct. 1 1931, 3.000.000 additional debentures upon
on this issue.
official
The directors declared the usual semi-annual dividend of applied notice of sale, issuance and distribution, making the total amount
for, $9,998,.
000
Ended Dec. 31.
and
33i% on the 7% cum. pref. stock, payable July 1 to holders Consolidated Income Account (Company(incl. Subs.) Years companies) and
predecessor
[Of Beneficial Industrial Loan Corp.
of record June 6.-V. 132, p. 3888.
subsidiary companies controlled by that corporation at Dec. 31 1930
(incl.companies formerly controlled,which have been dissolved)Adjusted
--Foreclosure.
Bank of Bay Biscayne Building.
as to the years ended Dec. 31 1927 and 1928, to give effect to the elimi-
A suit to foreclose a $900,000 mortgage and for a receiver for the building
has been filed by the Metropolitan Life Insurance Co., against Biscayne
Properties, J. H. Therrell, liquidator of the bank, and tenants of the 13story structure. James H. Gilman, President of the closed bank, is President of Biscayne Properties, which it is charged, is insolvent.
-Earnings.
Barnet Leather Co., Inc.
nation of interest on advances, paid to former controlling interests by
subsidiary companies prior to acquis. by Beneficial Indus. Loan Corp.)
1927.
1928.
1929.
1930.
Int. received on industrial
loans (instalment notes
$13,265,832 $12,214,323 $8,482,272 $5,548,702
receivable)
76,147
100,245
96,799
Other
63,275
-New Chairman, &c.
Barnsdall Corp.
$13,362.631 $12,314,568 $8,558,419 $5.611,978
Total
Oper. exps. (incl. prov.
4.409,470
for doubtful loans)_ _ _ 6,526,755 6,152.907
2,958,121
For income statement for quarter ended March 31, see "Earnings De-V. 132, p. 1805.
partment" on a preceding page.
At a meeting of the directors held on May 28, the resignation of Matthew
C. Brush as Chairman of the board and as a director was accepted and
Robert Law was elected Chairman.
D. L. Frawley of Pittsburgh and J. T. Furlong of New York were elected
directors in place of Mr. Brush and E. W. Stetson. Mr. Frawley has been
In charge of the Federal tax problems of the corporation and will represent
a large number of stockholders in Pennsylvania. Mr. Furlong was associated with the late P. N. Barnsdall and was Treasurer of the corporation
-V. 132. P. 3717, 2589.
until a few years ago.
-New President.
Batchelder, Snyder, Dorr & Doe Co.
J. E. Wilson has been elected President, to succeed Frederick S. Snyder,
-V. 132, p. 3343.
resigned.
-Offers to Exchange Bonds for
Baxter Laundries, Inc.
-See Great Lakes Laundries,
Great Lakes Laundries Notes.
Inc. below.
Comparative Income Statement (Including Sub. Cos.)
Dec. 27 '30. xDec.28'29. yDec.29'28.
52 Weeks Ended$5.167,777 $5.971,426 $4,250,331
Net sales
2,179,315
3,101,478
2,760,350
Operating costs
1.478.089
2,138,415
expenses- 1.897.021
Collecting, sell. & adminis.
Operating profit
Other income,less other deductions
Total profit
Interest paid
Provision for depreciation
Federal income tax
Divs. on pref. stock of 14th & Illinois
Realty Co
Other deductions
Net profit
Preferred dividends
Class A dividends
$510,406
Dr.29,752
$731,533
23,268
$592.927
$480,654
285,863
286.742
$754,800
242,544
260,102
24,067
$592,927
143,213
168,327
30,500
6.485
4.530
loss$98.436
56,618
$223,558
103.144
163,242
Net oper. income- --- $6,835,876
244,241
Income credits
$6,161,661
156,811
$4,148,949 $2,653,856
277,250
127,245
Gross income
$7,080,117 $6,318,473 $4,426,199 $2,781,102
1,039,658
550,547
644,464
555,611
Int. paid, notes,adv.,&c.
92,244
392,032
459.000
Federal income taxes_ _ _
48,055
Amortiz.ofcomm.& exps.
In connection with cap.
69.119
52.860
71.033
stock sales
28,267
Amortiz. of expenditures
141.421
105.226
158,292
for business develop
82,998
1,569
14,165
16,828
Miscellaneous changes
1,409
$5.733,160 $5,163.783 $3,119,380 $2,064,760
Net income
-The above statement includes no charges for the years ended
Note.
Dec. 31 1927 and 1928 for administrative expenses of former controlling
interests of subsidiary companies acquired by Beneficial Industrial Loan
Corp. as of Dec. 311928.
Consolidated Balance Sheet Dec. 311930.
Liabilities-Assets
32,667,102 Notes& accts. pay.: To banks $4,608,000
Cash
Instalment notes receivable 37,531,273 Other
157,274
355,036 Due to associated companies. 1,865,732
Notes & accounts receivable_
Employes' thrift accounts
1,129,578
Due from subscribers for cap615,414
50,787 Res. for Federal taxes,Ins.dre
ital stock
330,636 Minority int. In income ctfs.
Due from associated cos
of indebtedness.&c.,& pref
537,006
Investments at cost
Furniture dt fixtures
687.765 & common stocks of sub_ _ _ 2,136,748
:10,426,950
Expend,for business develop. 1,055,147 Preferred stock
y14,344,580
Common stock
Deferred charges & prepaid
4,258.279
515,748 Paid-in surplus
expenses
4,287,951
Earned surplus
16,942
$43,730,509 Total
Total
$233,944
x 268,539 shares at livuidating value of $50 per share.
102,671
137.782 shares (no par value).- . 132. p. 3152, 2589.
843,730,508
y 2.014,300
$42,828
$6,509
-Increases Manufacturing Space.
Bendix Aviation Corp.
$155,054
Deficit after dividends
feet of manufacturing space was in the
More
x Does not include net earnings of the constitutent properties forming last yearthan a half million square
to the Bendix Aviation Corp. plant at South Bend, hid., accordto acquisition thereof (Jan. 1
Fame Laundries, Inc., for the period prior
ing to the architect's
to-day. The greater part of the addi1929 to April 20 1929), which amounted to $44,696, after adjustment of tional space is being report issued
utilized by the Bendix Stromberg Carburetor Co.,
Inc.,
depreciation in accordance with the policy of Baxter Laundries, on in- which occupies 324,780 feet in a one-story building. The other 175,220
elimination of certain non-recurring income, provision for interest
MAY 30 1931.]
4061
FINANCIAL CHRONICLE
feet has been added to several departments that manufacture brakes,
brake testers and brake servicing equipment.
Earnings.
For income statement for 3 months ended March 31 1931 see "Earnings
Department" on a preceding page.
-V. 132, P. 3889.
-Sales Agreement
Blaw-Knox Co., Pittsburgh.
The company has acquired the exclusive sales and manufacturing rights
of the "Ateco" line of earth-moving machinery from the American Tractor
& Equipment Co., Oakland, Calif., for the United States east of the Rocky
-V. 132, p. 3717.
Mountains and for all other countries.
-Extra Dividends.
Bon Ami Co.
The directors have declared the usual extra dividends of $1 per share on
the class A and 50 cents per share on the class B common stocks in addition
to the regular quarterly dividends of $1 on the class A and 50 cents on the
class B shares. The class A dividends are payable July 31 to holders of
record July 15 and the class B dividends on July 1 to holders of record
June 19.
An extra of $1 per share was paid on the A stock on July 30 and Nov. 13
1929, and on July 31 1930. An extra of 50c. per share was paid on the
13 stock in January 1927, 1928, 1929, 1930 and 1931, and in July and
November 1929 and in July 1930.-V. 132, P. 3344.
Borg-Warner Corp.
-Norge Corp. Shipments:
Shipments of Norge refrigerators during the first five months of 1931
exceeded those of the same period of last year by 540%, according to
Howard E. Blood, President of the Norge Corp., which Is a division of the
Borg-Warner Corp.
Commenting further on operations of the Norge Corp. and the electric
refrigeration industry in general, Mr. Blood said: "Unfilled orders on our
books at the present time are greater than total shipments made so far this
year, and it is significant that these orders are not sectional in origin. Such
distribution points as Dallas, Denver and Los Angeles are showing the
same relative increase as Detroit St. Louis, New York, Boston, Chicago
and Philadelphia.
"We are now operating at capacity." Mr. Blood added. "running night
and day, and our plant has been shut down but two Sundays in the last
five months. Plans are now in progress to increase production 100%, and
new machinery is being installed continually. Our factory force has been
doubled since the first of January and we are adding new workers each
week. Wage scales are high because of the unusual requirements for skilled
labor in the manufacture of Norge collator and other precision parts.
"In the electric refrigeration industry no depression exists. In the case
of the Norge Corp. this fact is entirely evident by the necessity for continuously augmenting our capacity in the endeavor to keep pace with
orders."
Subsidiary's Contract Renewed.
Renewal of a large blanket contract for universal joints by one of the
leading automobile manufacturers has just been made with the Mechanics
Universal Joint Co., Rockford, Ill., a division of the Borg-Warner Corp.,
and brings the company's unfilled orders to the highest point in several
weeks, according to an announcement by C. S. Davis, President of the
parent corporation. The Mechanics Universal Joint Co. makes universal
joints and transmissions of various types that are used as standard equipment on leading makes of cars.
to the extent of $50,000, on which $15,000 has been repaid. Taxes are
also in arrears.
Affairs of the company have been in a disturbed condition for some years,
the chief point of conflict being the repeated attempt to remove 0. J.
-V. 126, p. 110.
Brooks, promoter of the company,from control.
Budd Wheel Co., Philadelphia.
Company has acquired the brake drum business of Holley Permanent
Mold Machine, Inc. "This new type of drum," it states, "is in increasing
demand on account of severe conditions of braking brought about by
rapid introduction of free-wheeling and the speeding up of modern traffic,'
-V.132, p. 3889.
-Registrar.
Burns Brothers.
The Chase National Bank of the City of New York has been appointed
-V.132. p.3889.
registrar for new class B common voting trust certificates.
-New Director.
Bush Terminal Co.
Clinton D. Burdick, President of the Title Guaranty & Trust 00..
-V. 132.
has been elected a director, succeeding E. T. Bedford, deceased.
P. 3531.
-Earnings.
Calaveras Cement Co.
Earnings for Year Ended Dec. 31 1930.
Gross profit from operations after deducting deprec.& depletion
Interest (net) and miscellaneous income
Total income
Selling, administrative and all other expenses, including provision for Federal income tax
$295.526
29.615
$325.140
233,84,9
t91,292
58,145
Net profit for year
Preferred dividends
$66.853
Sheet Dec. 31 1930.
Liabilities
Assets
$542,834 Acele Payable, incl. provision
Cash
for Federal Income tax
$66,376
Ctfs.of deposit due Jan.29'31 150.000
103,253 Div. payable Jan. 15 1931
39,578
Accounts receivable
29,776 Preferred stock
2,261,500
Notes receivable
437,141 Common stock
752,730
Inventories
58.050 Surplus
672,175
Investments at cost
Balance due on deterred prop159,500
erty sales contract
Land, bldgs., mach'y & equiv.:1,599.766
12,037
Deferred charges
Deficit
Balance
$3,092,357
Total
$3,092,357
Total
x After dereciation of $483.294. y Represented by 125.230 no par
shares.
-V. 29, p. 2687.
-Earnings.
Canada Foundries & Forgings, Ltd.
1929.
1930.
1928.
Calendar YearsNet earnings after providing for re$208,725
$110,834
$161,889
pairs, bad debts and depreciatiott _
29,607
31.336
27.349
Administration expenses
Dividends-Earnings Increase.
8.258
13,668
9,886
The directors have declared the regular quarterly dividends of $1.75 a Interest on loam;
11.791
12,804
13.434
share on the preferred stock and 25 cents a share on the common stock, Interest on bonds
both payable July 1 to holders of record June 15.
$150,917
$61,178
$111.220
Net Profits
Earnings of the company have increased steadily each month since Dividends paid
57,600
57,600
57,600
February, President C. S. Davis stated, and it is expected that May ship- Income tax
3.373
ments will be equal to those of April.
$93,317
553,620
$205
Surplus for year
"Specifications which have already been received for June shipments
496.367
403.049
x349.429
are encouraging," Mr. Davis added, "and so far these show no signs of Previoussurplus
$496.572
$496,365
$403,049
any marked decline in the automobile industry."
Balance forward
-V. 132, p. 3889.
Earnings per share on combined class
$1.28
$3.14
$2.31
A & B shares(no par)
Boston Herald-Traveler Corp.
-Earnings, etc.
x Adjusted.
Income Accountfor the Year Ended Dec.31 1930.
Comparative Balance Sheet Dec. 31.
Profit from operations
$917,610
1930.
1929,
1929.
Assets1930.
Other income
61,226 Cost of property
Ciassfl
Liab ie
o:17____41,344,000 $1,344.000
Class B stock
7240,000
240,000
owned & overTotal Income
978,836
214,635
ated
$1.717,725 $1,698,475 6% 1st mtge bonds 199,020
Other charges
175,044 Goodwill
14,400
14,400
250,000 Dividends payable
250,000
Extraordinary charges for moving expenses & obsolesence of
Res. for depree--- 587,209
566,799
Raw material,supbuilding due to construction program
116,512
727,074 Accts.& bills pay.
35,678
80,750 •
plies,&c
630,537
Provision for Federal income tax
84,000 Accts.& bills rec44,000
307,827 Bank loan
243,883
4,991 Bank of Toronto__
4.956
154,606
5,151
Cash
Net profit
$603.281 Prepaid insur., &c.
6 517
.7
4
496 922
11:367
8,079 Accrued wages, &c 49.2
8,649
Surplus Jan. I 1930
4.454,859 Invest.In other cos 102,309
127,033 Surplus
Credits to surplus for tax refunds and adjustments net of misBollth
held for
cellaneous charges
19,976
14,000
sinking fund_ _ _
Total surplus
$5.078,116
Total
$2,972,252 $3,123,479
$2,972,252 $3,123,479
Total
Dividends
654,784
x Represented by 38,400 shares (no par). y Represented by 9,600 shares
(no par).
-V.130,p. 2777.
Surplus, Dec. 31 1930
$4,423,332
Earnings per share on capital stock
$1.83
-Earns. Exceed
Canadian General Electric Co., Ltd.
Balance Sheet Dec. 31 1930.
Dividends.
Assets
Liabilities
The directors on May 22 declared the regular quarterly dividends of
Cash
4218,751 Notes payable to bank
$700,000
shares and $1 per share, or 2%, on the common
Accounts & notes receivable
736,748 Accts. payable & accr. items
473,943 I% on the preference
Inventories
89,133 Dividends payable Jan. 2 1931 154,067 stock.
It was stated that the earnings of the first four months of 1931 were
Marketable securities
55.859 Prov, for current Federal Inc.
dividend requirements, also that while the company's
Invest,in land & buildings__
well
400,000
& State excise taxes
123,000 total in excess of
Common stock
volume of business is lower than a year ago, the sales of incandescent
533,988 Instalments received under emPlant
lamps and electric household appliances, such as electric refrigerators,
3,172,757
ployees'stock purchase Plan
97.585
receiving sets and tubes, are being well maintained
Deferred charges
36,119 Common stock
x71,428 electric ranges, radio ahead a last year.
-V. 132, p.3154.
Reference library
800,000 Surplus
4,423,332 and in most cases are
Total
$8,043,355
Total
x Represented by 400.000 shares (no par).V. 132. p. 2201.
$6,043,355
Brockway Motor Truck Corp.
Five new directors were elected at the corporation's annual meeting
on May 28. They are E. A. Brewer, A. J. Buck, Walter A. Ford,held
Dr.
F'. R. Thompson and William H. Webster. The board elected George
A. Brockway, Chairman; R. F. Black, President; C. M. Finney, VicePresident and Treasurer. Mr. Brockway was named Chairman of
the
executive committee.
-V. 132. p. 3153.
Brunswick Terminal & Railway Securities Co.Earnings.
For income statement for quarter ended March 31, see "Earnings Department" on a preceding page.
Balance Sheet March 31.
Assets1931.
1930,
Liabilities1931.
1230.
Real estate, &a...41,461,808 $1,471,640 Capital stook-x$3,334.003
$3,334,003
Securities
2.397.000 2,461,476 Notes and accounts
92,516
Cash
payable
104,355
315,788 y300,000
8.374
Reorg. expense.Surplus
487,881
512,072
Aoo'ts Sc notes rec. 177,974
108,604
$4,137,672 $4.146,075
Total
Total
x Represented by 131,951 no par shares.
V. 132. p. 2202.
-New Directors, &c.
Canadian Vickers, Ltd.
W. W. Butler, President of Canadian Car & Foundry Co. and
Canadian
J. E.
National
ys., have been
Labelle, K. C., a director of the
elected directors. D. B. Carswell, formerly General Manager and later
Managing Director, has been elected a Vice-President. James Playfair
has been reelected as President and Frank M. Ross, Vice-President. P. G.
Wilson. Secretary, retired from the board, but all other directors have been
reelected.
-V. 132, p. 3890.
-Earnings.
Carman & Co., Inc.(& Subs.).
Calendar YearsNet sales
Cost of sales
Gross profits on sales
Commissions on soap sales, &c
1929.
1930.
1928.
$4,737,128 $5,181.105 $4.993,350
3,922.060
3.605,140
3,829.786
$1.131.988 51,259.044 $1,163.564
76.600
54.064
67,694
Gross profits on sales & comma.... $1,186,052 $1,335,644 $1,231,258
939,645
912,820
867,899
Sell., gen. & admlnis. expenses
27.805
26,431
14,715
Int. paid & miscell. inc. & deduc.(net)
42,263
27,963
40,409
Prov. for Federal income taxes
96.990
Net prof. ofsub.cos, prior to acquis Net profits
Previous surplus
$218,838
168.211
$325,931
93,905
$211,243
215,477
$4,137,672 $4,146,075
Total surplus
$419,836
$387.049
$426.721
y Notes payable only.
- Divs. of parent co. pr. to recap. on
57.211
May 31 1928
99,148
251,156
Class A and class B dividends(cash).64,633
Brooks Steam Motors, Ltd.
-Winding-up Order.
111.147
x Class 13 dividends(stock)
Exp. in connections with recap'n, &c..
The following is from the Toronto "Globe" May 23:
20,937
Under a winding-up order granted to F. W. Wegenast, Toronto solicitor, Bal. in surp. acct. as of date of recapital, transf. to cl. A Sc B capital
and executed by G. S. Holmsted,liquidator, tenders are being called for the
stock account
plant and equipment, patterns and patents of
190,035
Steam
This furnishes the answer to a question often Brooksby the Motors. Ltd. Expend.inc. prior to Jan.1 1930
15,543
asked
14.000 share469
holders of this company as to when dividends would be forthcoming, or Direct surplus items
when production of steam cars would actually be under way in the plant at
$161,211
$168,210
Stratford. The shareholders are distributed all over the Dominion, many Earned surplus, Dec.31
$93,905
78,780
72_ ,500
of them being from Western Canada,and in all they put up over $2.000,000, Shs. of cl. B stk. outstanding(no par)
72,500
$1.80
of which virtually nothing is left now_, apart from the physical assets as Earnings per share
;3
.03
$3.09
represented in the Stratford plant. The buildings themselves are mortx Option extended to stockholders to accept cash in lieu of stock div.
gaged to the City of Stratford, the municipality having guaranteed bonds Stock issued 4,243 shares, and scrip certificates for 2,838-40ths sh
_aa
4062
FINANCIAL CHRONICLE
declared value of $20 per share, $86,279; cash paid pursuant to option,
$24,869.
Consolidated Balance Sheet. Dec. 31.
1929.
1930.
LiablUtfes-1929.
Assets1930.
.
$70,285 $142,328 Notes payable_ _ _ $450,000 $601,550
Cash
81,854
155,620
Accts.& notes rec. 1.130,143 1,225,128 Accts. payable. _ _
15,773
11.958
734,249 Accrued liabilities_
Merch. Inventories 625,141
Prov. for Fed. inc.
Value of life insur.
29,781
45,258
tax
26,258
33,818
policies
58,843
38,135
Dividends payable
Prepd. Insur., int.,
14.616 Install. mtge. on
17,629
taxes, &c
13,008
11,727
land & buildings
Exp. advances to
3,615 Min. int. in cap.
4,440
officers & salesm
7.304 stock & surplus
5,841
Misc.supp.inv.4c
of Henry K.
Rec'les mat. after
12,493
11,042
Davies & Co.Inc
40,160
1931 .fc misc.inv. 32,382
y1,357,525 1,420,705
61,654 Class A stock
58,571
Cl A stk. repurch_
181,250
z192,035
219,004 Class B stock
x281,866
Fixed assets
593,220
789,612 Capital surplus_ _ _ 684,255
Gd.-w. tr.-mks.d:c 770.505
168,211
161,211
Earned surplus_ _ _
$3,030,422 $3,263,930
$3,030,422 83,263,930 Total
Total
x After depreciation of $116,907. y Represented by 41,770 shares (no
.-V. 132, p. 3532.
par.) x Represented by 76,780 shares (no par)
-Subsidiary in Receivership.
Cavanagh-Dobbs, Inc.
-V.132, p. 855.
Bee Dobbs & Co. below.
-Protective
Chain of Rocks Kingshighway Bridge Co.
Committee for First Mortgage 63/3% Sinking Fund Gold Bonds.
Mord M. Bogie, Chairman (of H. M. Byllesby & Co.), Chicago; Charles
H. Bliss (of E. H. Rollins & Sons Inc.), Chicago, and J. Sidney Condit
(of Winston, Strewn & Shaw). Chicago. Communications should be addressed to the Chairman at Room 1100. 231 South La Salle St., Chicago.
Winston, Strewn & Shaw, Chicago, are counsel.
Bonds should be deposited at the office of the Central Trust Co. of
Illinois, 208 South La Salle Street. Chicago. Coupon bonds must carry, or
be accompanied by, all coupons maturing April 15 1931 and subsequent
thereto.
Protective Committee for 7% 15-Year Sinking Fund Debenture Bonds.
[Vol.. 132.
Cherry-Burrell Corp.
-Earnings.
For income statement for six months ended April 30 see "Earnings Department" on a preceding page.
Current assets as of March 311931, amounted to $5,183,687 and current
liabilities $641,684 comparing with $5,617,045 and $678,066 respectively
on March 31, of previous year.
Omits Common Dividend.
The directors have voted to omit the regular quarterly divider,d which
ordinarily would have become payable about Aug. 1 on the common stock.
On May 1 last, a quarterly distribution of 3734 cents per share was made on
this issue, as against 6234 cents per share previously paid every three months.
The regular quarterly dividend of $1.75 per share on the pref. stock has
been declared payable Aug. 1 to holders of record July 15.-V. 132, p. 2590
Chicago Pneumatic Tool Co.
-New Exec. Vice-Pres.-
. L. Lewis, formerly Vive-President in charge of finance, has been
elected Executive Vice-President.
-V. 132, p. 3345. 2395.
City Ice & Fuel Co.
-Refrigerator Car Icing Business.
The car icing business of this company, which accounts for more than
45% of its operations. increased 10% in April over the corresponding 1930
month. The company holds contracts with the country's leading railroads
and refrigerator car lines, and is the largest operator in the car icing field.
In part the larger business in April reflects heavy movement of perishable
food products, and in part some slowness of sales of perishable foods at
terminal points, which necessitated longer storage in refrigerator cars with
consequent demand for ice replenishment.
The domestic ice end of the company's business is holding well in line
with last year,s record totals, although somewhat affected in the first four
months of the year by unfavorable conditions in Florida, where City Ice
operates a number of ice plants. The citrus fruit situation with its low
prices affected the company's refrigerator car business. The low prices
which have prevailed in many. instances resulted in failure of growers to
ship produce, or shipment without refrigeration.
The company's eight cold storage plants which have a total capacity of
16,000,000 cubic feet and account for about 8% ofcompany's total business,
are handling a larger volume of commodities than a year ago. The Seaboard plant at Jersey City, N. J.is showing a daily average inventory of
34,000,000 pounds, compared with 28,000,000 pounds last year.
In April,the company experimented with the sale ofan ice-using refrigerator to its customers in Cleveland. For this purpose it formed a selling
organization and rented a large demonstration space in a well-known
residential district. The response was so favorable that the campaign is
being extended to St. Louis, Columbus, Dayton and Cincinnati. ("Wall
Street Journal.")
-V. 132, p. 2395.
Howard K. Kirk, Chairman (of H. M.Byllesby & Co., Inc.), New York:
DanielP.Abercrombie (of E. H.Rollins & Sons Inc.),Boston,and A.Louis
Flynn (of Cummins, Hagenah & Flynn), Chicago. Communications
-New Directors.
City Stores Co.
should be addressed to the Chairman at Room 1201, 111 Broadway, New
F. H. Graham, F. R. Johnson, Joseph P. Cohn and H. R. Goerke have
York. Cummins, Hagenah & Flynn. Chicago, are counsel.
been elected directors. E. A. B. Adams, Stuyvesant Fish and Milton
Debentures should be deposited at the office of Continental Illinois Well resigned from the board.
-V. 132, p. 3719.
Bank SG Trust Co., 231 South La Salle St., Chicago, Ill. Coupon debentures must carry, or be accompanied by, all coupons maturing April 15
-Extra Dividend.
Coca-Cola International Corp.
thereto.
1931 and subsequent
The directors have declared an extra dividend of 50 cents per share in
sent to the bondholders and addition to the regular quarterly dividend of $3.50 per share on the common
Extracts from a circular letter
stock, no par value, payable July 1 to holders of record June 12. Like
debenture holders by the bankers who marketed the securi- amounts were paid on April 1 last. This also compares with quarterly dive.
of$3 per share paid in each of the four preceding quartors.-V. 132, p. 3719.
ties follow:
Company was organized in 1927 to construct, own and operate a toll
-Earnings.
-Cohn & Rosenberger, Inc.(& Subs.).
city limits of St.
bridge across the Mississippi River from the northern
Calendar Years
1929.
1930.
Louis, Mo.,to Mitchell, Ill. From traffic surveys ofindependent engineers Gross
profit
$1,040,991 $1,247,099
earnings in the first year of operation
it was estimated that minimum net
721,268
645,318
would be $182,300, gradually increasing thereafter. The major part of General expense
410,303
287,954
erection cost was financed by the sale of first mortgage bonds and debenture Selling expense
bonds carrying interest charges aggregating $133,000 annually. In view
Consolidated net operating profit
$115,528
$107,719
of the engineers estimates, these charges were felt to be conservative.
Other income
57,586
37,548
Cost of construction (including interest charges during the construction
period) was considerably increased, and commencement of income postTotal income
$173,114
$145,267
Mississippi River, which delayed
poned, by unusually high water in the
Other charges
45,147
28,248
completion of the structure about nine months. Funds to defray the Federal and Canadian income taxes
12,145
10.929
additional expense thus created and to provide working capital were adpublic sale of the comvanced by the banking houses which had effected
$115,822
Consolidated net profit
$106,090
pany's securities, and the bridge was finally opened for traffic July 20 1929. Adjusted consolidated surplus Jan. 1
1,048,991
1,161,434
Capitalization and annual charges are now as follows:
Unused balance ofreserve for contingencies credited
Amount
Annual Int.
5,387
back to surplus
Outstanding. Reguiretn'ts.
$1.400,000
$91,000
First mtge.
% 20-years. f. gold bonds
$1.267.524 $1,170,200
Total surplus
600,000
42,000 Prov. to reduce marketable secure. to market value
debenture bonds
66,360
8,766
-year sinking fund
7% 15
228,000
17,680 Additional Dominion income tax paid
325
Demand notes
$150,680
$1,200,838 $1,161,434
Total fixed charges
Consolidated surplus balance, Dec. 31
224,000
Earns, per sh. on 160,000 abs. corn,stock (no par)_
$0.66
$0.72
7% cumulative preferred stock*(par $100)
60,000 shs.
Common stock (no par)
Consolidated Balance Sheet Dec. 31.
dividends have been declared.
Cumulative from July 20 1929. No
Liabilities1929.
1930.
1929.
Assets1030.
Net earnings for the first fiscal year (July 20 1929 to June 30 1930) Cash
$244,042 $120,476 Trade accts, payavailable for interest, depreciation, Federal taxes, &c. (exclusive of pro- Marketable securs. 488,485
$69,213
$84,728
190,759 able
for general taxes estimated at $9,000 per annum, which were not Accrued Interest on
vision
Sundry accts, and
-far under engiassessed during either 1929 or 1930) were only $86,142
commiss'ns pay.
51,931
143,590
1,595
bonds purchased
fixed charges.
neers estimates, and leaving a considerable deficit afterthe first year of Accts.receivable-- 569,065
848,067 Reserve for income
and management felt that income in
The company's bankers
12,178
14,432
taxes
determining the normal Advances to foroperation could not be regarded as conclusively
94,054 Common stock_ __z1,131,500 1,131,500
eIgn mfg
84,946
earning power of the bridge as possibly full traffic was not obtained because Mdse inventory- 380,481
1,200,838 1,161,432
589,869 Surplus
However, earnings for the first six Sundry investmls
of unfamiliarity with the new route.
8,258
14,457
months of the second fiscal year (July 1 1930 through Dec. 311930) have Loans receivable-22,809
32,933
just been determined, and are equally disappointing. Net income for Claim-Bk.of U.S.
528
from earnings for the Treasury
that period, computed as above. declined $3,217
x21.175
stock_ _ _
corresponding six months of the first fiscal year. There seems to be Fixed assets
661,001
y645,285
nothing in the outlook for the balance of the fiscal year which would cause Deferred charges
302
2,665
will at the best
any sharp upswing in traffic, and in all probability earnings
not exceed those of the first fiscal year by any appreciable margin. There$2,465,662 $2,535,685
Total
62.465,662 $2,535,686 Total
of the first mortgage bonds and
fore company defaulted on the coupons
x 2,405 shares at cost. y After deducting depreciation of $169.802.
of the debenture bonds which became due April 15 last.
-V. 130, p. 4248.
outlook for the company has z Represented by 160,000 shares of no par value.
Faced with default, the condition of and
been again carefully analyzed by the banking houses which effected
Columbia Graphophone Co., Ltd.-Li6ting of Cerpublic sale of the securities. This investigation has reconfirmed their
original belief in the real need for a bridge at that point of the Mississippi tificated of Deposit for "American Shares."
Illinois State Highways Nos. 3 and 4, two principal north-south
River.
The New York Stock Exchange has authorized the listing of certificates
arteries, join at Mitchell. Ill., from which point the bridge affording ingress of deposit for "American Shares," on official notice of issuance. The
to St. Louis without traffic congestion should be preferred to downtown number of "American Shares" outstanding (all listed) April 27 1931 was
bridges. In this respect the Kingshighway crossing is markedly more 1,866,896. Compare also V. 132, p.3532, 3891.
convenient, as it eliminates passage through unattractive industrial disProvision for Exchange.
tricts and over innumerable grade crossings. The same factors apply
J. P. Morgan & Co.and the Guaranty Trust Co.of New York announced
conversely to traffic from St. Louis northerly into Illinois.
immediately arises for an explanation of the wide margin on May 22 that they have made provision for the current exchange, in
The need
between certificates of deposit representing American
between actual revenues and estimated earnings. The estimates of traffic either direction,
Columbia Graphophone Co., Ltd., issued by J. P.
revenues were made by an engineering firm of international repute, using shares of certificates of deposit representing the original shares Morgan &
of Columthen known to the engineering profes- Co.. and
the best methods of traffic survey
bia Graphophone Co., Ltd., issued by Morgan, G'renfell
sion. The traffic counts were painstakingly assembled and income esti- This provision makes available to holders of certificates& Co., of London.
of deposit. repremade from them only after exhaustive consideration was given
mates were
and competition. senting either American shares or original shares,
to unfavorable factors, such as new road constructionthe discrepancy to facilities which are available to holders of the primary the same arbitrage
a part of
securities.
-V. 132,
It seems fair, therefore, to attribute at least traffic conditions which have p. 3891.
subnormal business and
other factors, largely
of the bridge. The problem of
-To Divest Itself of Interests in
To Increase Directorate
prevailed practically since the openingbe overcome as the public becomes
unfamiliarity with the new route should
most con- American Company.
more educated to the fact that this crossing is the shortest and
The shareholders have approved a resolution to increase the number
venient route.
country has had its inevitable of directors to 10 from eight in connection with the merger with the GramoThe business depression throughout the
tourist and commercial,
effect upon all classes of motor traffic, pleasure, to more seriously affect phone Co. A resolution was also approved that the Columbia company
off would tend
and it seems logical that this falling opened to traffic during the period of should divest itself of its interests in the American company by distributing
voting trust certificates. Louis Sterling, managing director, stated in
bridges, especially those
the newer
reference to the merger that shareholders who might be unable or unwilling
depression.
the Kingshighway Bridge will eventually achieve to effect the exchange of shares would find that after the merger had been
It is our belief that
but not until general conditions consummated the unexchanged shares would have practically no market,
earnings equal to the engineers' estimates,
the necessary stimulus to highway traffic. able value and it is therefore desirable that shareholders should exchange
have improved sufficiently to give national economic recovery is problemati- during the specified period.
-V. 132, p. 3891.
Just how long will be required for
such recovery Is certain.
cal, but history has definitely established that
Commonwealth Casualty Co., Phila.-Consolidation
the security holders undoubtThe solution of the problem that confronts lowers fixed charges to an Ratified.
a reorganization which
edly is to be found in
The stockholders on May 27 approved the merger of this company with
earning power, but preserves all
amount safely within the bridge's present earnings that are anticipated. the American Mine Owners Casualty Co. In which Carl M. Hansen and
rights toward the higher future
seniority
adequately protect all associates of New York have a controlling interest.
To aid in such a reorganization and at the same time
Early in April this year Mr. Hansen gained control of the Commonwealth
debenture holders, there has
rights of the first mortgage bondholders and p. 3890.
company by acquiring a majority stock interest. At that time he stated
-V. 132,
committees.
been formed protective
MAY 30 1931.]
FINANCIAL CHRONICLE
that the company would be financed and merged with a well established and
sueeemsful casualty organization. (Philadelphia "Financial Journal.")
V. 132, p. 3719.
Commonwealth Securities Inc.
-Off List.
-
By vote of the governing committee of the Boston Stock Exchange, the
common stock of this corporation was dropped from the list on May 26
1931, the company discontinuing their Boston transfer and registration
agencies.
-V. 132, p. 3891.
Congoleum-Nairn, Inc.
-Outlook Improves:
-
President A. W. Hawkes in the New York "Sun" of May 27 is quoted
as follows:
'We have taken a number of steps to reduce operating expenses to a
level consistent with present conditions. All salaries, including executives,
have undergone a uniform readjustment. We have not, however, gone in
for any promiscuous slashing of personnel, nor have we cut the wage rates
of our factory organization.
"The company has benefited in the last few months from these economies
and from a somewhat better demand for our products, the latter following
a drastic liquidation of jobbers inventories. Current supplies of both
congoleum and linoleum in jobbers hands are so very small that consumers
buying, even in a restricted volume, means in many instances immediate
factory orders.
"Our own inventories are at a minimum and our position with regard to
material costs is more favorable than last year.
"The company has maintained its plants in excellent condition and is
prosecuting research and development on an undiminished scale.
"I am not pessimistic on the future of our own industry or on general
businers, but because of the severity of the depression recovery will necessarily be slow.
• "Inasmuch as the major part of our business is for replacements, we have
not, as many appear to believe, suffered any great loss of business because
of curtailed building operations. In the past new construction demand
has averaged less than 15% of our total volume.
"The company is stronger in cash than at the end of 1930 and is not in
debt to the banks."
"The company's position has shown considerable improvement since
February and present operations show a fair margin of profit,"Mr. Ifawkes
added. The statement for the first half of the year would, he thought,
show a profit as compared with a loss sustained in the last half of 1930.
-V.132, p. 3719.
Consolidated Automatic Merchandising Corp.
-Annual Report.
F. J. 'Amen President, says in part:
During the year 1930 company disposed of its interest in the assets of
Automatic Ticket Register Corp. for part cash and part discountable notes.
This sale was quite satisfactory in view of the fact that the business of the
Automatic Ticket Register Corp. was not supplemental to that of company.
The differences between the Remington Arms Co. and company have
been satisfactorily adjusted.
Business during the year 1930 was very unsatisfactory.
Directors came to the conclusion that approximately 6.000 automatic
7
vending machines, about 955 of which are on hand, the attempt to operate
which has proved unsuccessful and approximately 20.000 other vending
machines should be written down by $910.187 to what is believed to be their
present fair value. This policy involved further write-offs of $5.669,394 in
intangible assets and $1,346,416 of development expenses. These writeoffs are reflected in the balance sheet.
During the years 1929 and 1930, nearly all of company's scales have been
rehabilitated at an aggregate cost of $595,000 and are now on location.
In spite of the larger number of scales now on location, gross earnings for
the first quarter of the year 1931 have shown a further decline of about 29%.
Income Account for Calendar Years (Incl. Sub. Cos.).
1930.
1929.
1928.
Operating income
$2,095,383 $3.116.488 $2,845,493
Cost of supplies sold and oper'g exp-- 1,932,412
2,656,196
2,437,652
Net,profit from operation
Other income
$162.970
38.255
$460,292
70,730
$407,841
57,167
Gross income
Bond interest
Other interest
Discounts allowed
Provision for uncollectible accounts,
less recoveries
Australian branch loss
Miscellaneous charges
Depreciation and amortization
$201,225
209.085
1.859
2,080
$531,022
231.107
2,464
6.693
$465,008
264.698
8.301
4.291
28,172
32,887
36,950
24,709
750.811
27,574
48,336
a743,177
10.206
546,809
Net loss
$831.484
$554,599
$396.871
Profit and loss deficit Dec.31. applic.
to parent company
$4.159.357
$821.422
$161.676
a In addition to the above allowance for depreciation and amortization,
there was charged to profit and loss surplus (deficit) $2,075,445 to "write
off" location and installation expense: Preliminary and development expense: experimental expense, machinery tools and equipment, merchandising machines, talking devices and changemakers, &c. This includes the
sum of $194,421 "written off" on General Vending group.
Consolidated Balance Sheet Dec. 31,
1929.
1930.
1930.
1929.
Asada-Liabilities
$
8
Cash
183.655 Notes payable- --79,239
50,900
20,400
Property
a5.232,713 6,673,129 Accounts payable53,373
95,828
Secured call loans
Acced liabilities_ _
95.320
103,844
receivable
250.000 6% gold bonds of
Notes receivable- 0.V.Corp
48,918
62,670
3,355,000 3,537,000
Accts.receivable-219,300 Res.tor Insurance_
87.643
52,336
23,309
Accr. int. reeeivle
2.410 Def. credit items
3,809
490,133
353,561
Inventories
248,850 Notes pay. & int.
127,577
Investments in af(Remington Arms
filiated cos
68,960
68,960
Co.)
105,637
Intangible assets_ _1,3,986,443 12,102,977 Semi-Electric Scale
nerd debit items_ 516,103 1,784,566
Co.
14,200
Invest.in short term
Due to dep. ofstks.
marketsee
of sub. cos
147,610
6,565
6,565
Notes rec.& ctfs. of
Equity of min. in
deposit in escrow
cap. stock & sur58,146
Cash in closed banks
plus of subs- - 1,200
61,903
243,511
Preferred stock
4,977,377 5.439,605
Common stock..
.x4.386,690 3,869,456
surpl. parent co. def3,247,320 7.889.685
Total
10,372,116 21,582,765
Total
10,372,116 21,582,765
a After depreciation and amortization of $3,969,234 and amount
written
off $910.187 b Locations and contracts for locations, Wm.Wrigley
Jr.,
contract, patents patterns. designs, &c.. $12,375.068, less
amortization of $4.030.867, write-off $3.669.395. balance, reserve for
$2.674.786.
good will $1,311_,657. total $3,986.443.. x Represented by 2,508,955
shares
no par value.
-V. 131, p. 3211.
4063
Consolidated Investment Corp. of Canada.
-Decrease in Book Value of Investments.
In connection with the deferring of the quarterly preferred dividend
ordinarily payable at the beginning of next month, it was pointed out that
the percentage of bonds held by the company had increased to approximately
32.666% of total book value of investments as of May 15 1931. compared
with 21.47% as at Dec. 31 1930. The percentage of total book value in
common stocks had decreased to approximately 48.69%. as compared
with 54.24% as at the end of last year.
According to the annual report the market value of securities owned
by the corporation, after taking into consideration the amount at the
credit of the investment reserve, showed a depreciation from book value of
$10.416,093, or 28.47% of the total assets. Since that time there has been a
further decline in value, accompanied by a decrease in revenue fromkinterest and dividends, indicating that the preferred dividend will not be
fully earned during the current year. -r. 132. p. 3891.
Consolidated Laundries Corp. (of Md.).-New Officer.
Edward Gold, a director, has been elected a Vice-President.
-V. 132,
p.3533.
Consolidated Oka Sand & Gravel Co., Ltd.
-Earnings.
Calendar Years
Operating profitfor year
Bond interest
Depreciation
Organization expenses written off
Sinking fund
Reserve for bad debts
Special depreciation on barges
Reserve for discounts and claims
Net profit
Previous surplus
Prior year adjustments
Totalsurplus
Dividend on preferred stock
1930.
$158,261
45,348
43,908
2,878
2,000
1929.
$202,884
45,500
37,815
2,246
2,333
4,284
10,000
3,100
$64,127
50,990
Dr2,006
597.604
4,679
Dr2,041
$113.111
49,119
$100,242
49,252
Balance,surplus
$63,992
Earns.per sh.on 21,000shs.common stock(no par)
$0.71
Balance Sheet Dec. 31.
Liabilities
Assets-1929.
1930.
1930.
$3,481 Accts. payable.- _ $72,908
Cash
$49,212
Accts. receivable_ 68,089 Dividend payable_
12,280
70,025
Due from officers
12,400 Bank loan
45.000
98,862 A ccr. bond int_
Inventories
89,594
7,432
Ins.,rent,taxes,&o.
36,403 Ree. for doubtful
19.607
accts.. claims &
5,538
Insurance claims.._
463
discounts
Fixed assets
x1,642.581 1,701,399
2,324
Amt. due on acct.
Mining rights &
Robertson prop..
leases
85.000
143,000
Sinking fund me_..
Def. expenses_ _ _ _
12,158
4,494 Bonds
Organization asps.
686,000
2,878
7% 181 pref. cum.
cony. stock__
701,700
Common stock- _ 7352,884
Surplus
63,992
$50 990
$$.30
1929.
$81,794
12.280
7,583
3.100
2,333
700,000
ii
701,700
370,884
50.990
Total
Total
$2.029,520 $1,930,665
$2,029,520 $1,930,665
x After depreciation of $97,852. y Represented by 21.000 shares (no
par).
-V. 130, p. 4422.
:
-Sells Raleigh, N.C., Nang Consolidated Textile Corp.
The company early in May sold its Pilot plant to the Pilot Mills Go...
Raleigh, N.C. The latter,it is reported,has been organized with an authorized capital stock ofj.200.000 by IC. G. Hudson and C. S. Tatum,of Raleigh
and lAr, it, Belk. Charlotte, N. C. The plant is equipped with 10,752
spindles and 500 looms and formerly produced chambrays and colored
-V. 132, P. 2391.
upholstery materials for the automobile trade.
-Mather Interests Acquire
Continental Shares, Inc.
Large Stock Interest.
William G. Mather of Cleveland and associates have purchased approximately 300,000 shares of the company.
According to the Associated Press, Mr. Mather said he would remain in
harmony with the Cleveland banking interests who recently took over the
management of Continental following the retirement of Cyrus S. Eaton
of Otis & Co. It is understtod that the stock purchased by Mr. Mather
was bought from Eaton-Otis interests, for approximately $1,500,000. .41
"We believe the stock to be a good investment and in making this purchase we go in with full cooperation of the new management," Mr. Mather
said. He announced his associates in the purchase were five other Cleveland
capitalists whom he did not name.
Sues Eaton for $1,100,000.
-
The number of suits against Cyrus S. Eaton. former chairman of Continental Shares, and the former board of directors, was raised to seven
May 26 with the filing of another suit by Charles S. Wachner, a stockholder. In his fourth suit, Mr. Wachner asks the return of $1,100,000 lent
by Continental to Industrial Shares, Inc. He asserted that Continental
controlled Industrial Shares and that the loan was made "without proper
and adequate collateral."
Suits against Mr. Eaton and the former officers of Continental, which
-V. 132. P.
was reorganized a month ago, total $12,000,000, it is said.
389. 3533.
1
-Omits Dividend.
Copperweld Steel Co.
The directors have voted to omit the quarterly dividend which ordinarily
would have been payable about May 15 on the common stock. A regular
quarterly dividend of 50 cents per share was paid on Feb. 15 last and an
initial distribution of like a wount on Nov. 15 1930.-V. 132. p. 3892..
-New President, &c.
Corn Products Refining Co.
George M. Moffett, formerly Vice -President, has been elected President
to succeed the late Edward T. Bedford.
Willis D. Wood and Jeremiah Milbank have been elected members of
the Executive Committee, succeeding Mr. Bedford and Dr. William J.
Matheson.
-V. 132, p. 3347.
-Annual Report.
Creole Petroleum Corp.
E. J. Sadler. Prtsident, says in part:
Gross operating income for 1930 was approximately $1,600,000 less than
1929, duo princlapally to lower prices for crude oil and a decrease in production. 'in line with previous practice, the operating losses of subsidiary
companies,amounting to $1,467.283 for 1930, are not included in the above
figures; however, conunencing with 1931 a consolidated balance sheet and
income statement will be submitted to the stockholders.
Pursuant to approval voted by the stockholders at the special meeting
of Nov. 7 1930, Creole's authorized capital was increased 1,000,000 shares.
In December $2,321,872 was received from subscribers; and in Jan. 1931,
$1,913,180 was paid into the corporation's treasury, representing the
balance of the value of the 996,483 shares which were issued, or a total of
Consolidated Dairy Products Co., Inc.
-Offer Made $4,235,053. At the end of the year there were outstanding 6,525,418 shares
by National Dairy Products Corp. Approved-To Dissolve.
- ofstock without par value which have been increased to date(May 16 1931)
to 6,975.383 shares.
The stockholders on May 25 voted to accept the offer of the
National
-At the close of the year Creole and its subPetroleum Concessions.
Dairy Products Corp. to acquire the assets of the Consolidated company.
sidiaries held 6,573,746 acres under oil concessions for exploration and
The Beatrice Creamery Co. also had made an offer for the property.
exploitation, alllocated in the United States of Venezuela, of which approxiAs a result of the action of the stockholders the Consolidated
be finally retained
will be dissolved and the proceeds of the sale will be distributedcompany mately 4,802,000 at-1*es may Petroleum Law. for exploitation pursuant to
pro
among the shareholders. It is expected that the transaction will be rata the terms of the Venezuelan
-The gross production during the year 1930 was 6.859,806
Production.
consummated within about a month.
barrels, compared with 7,679,279 barrels.
The offer of the National Dairy Products Corp. calls for part payment barrels, a daily average of 18.794
1929. Of the above gross production
in stock and part in cash. This corporation will give Consolidated Dairy a daily average of 21,039 barrels for -Creole jointly operated properties
5,671,390 barrels came from the Gulf
28,686 shares of National common stock and $141,627 in cash. That
is in the Maracaibo Basin with a daily average of 15,538 barrels as compared
equivalent at the present market for National stock to approximately 39 a
with the daily average of 20,675 barrels in 1929. The Quiriquire field, in
share for the Consolidated stock. The Beatrice Creamery Co. offered
production on Aug. 13 1930 and produced
share of stock for each ten shares of Consolidated and $1.50 a share In one eastern Venezuela, was placed in of 7,568 barrels, to Dec. 311930.
cash, 1.067,051 barrels, a daily average
The
which works out somewhat less per share for Consolidated than the
offer first oil exported from the latter field was loaded in September and shipof the National corporation. The Consolidated company has
outstanding ments continued at regular intervals during the remainder of the year,
138,4A4 shares of common stock.
-V.132, p. 3719.
totalling 888,728 barrels.
FINANCIAL CHRONICLE
4064
Earnings for Calendar Years.
1928.
1929.
1930.
44,191,707 45,797,692 42,527,004
Gross operating income
1,223,769
2,519,979
Costs, operating and general expense 1,757,694
71,536
38,830
34.000
Taxes
392,531
677,608
659,228
Deprec., depl. and amortization_ _ _ _
236,908
319,470
233,735
Royalty to Venezuelan government_
Net operating income
Non-operating income
'
$1,507,049 $2,241,804
192.385
157,996
$1,665,045 42,434,189
Profit for period
5,977,873
Shares cap. stk. outstand. (no par)-- 6,524,391
40.41
40.25
Earnings per share (no par)
Balance Sheet Dec. 31.
1930.
1929.
1930.
g
Assets$
Total fixed assets y9,015,081 11,282,843 Capital & surplusx81,888,405
801.385 Accounts payable_ 717.622
Material & supp.- 889.588
29.721
31.654 Other current Ilab.
84,530
Inventories
67,997
Accounts reedy.. 21,508,059 9,606,704 Accrued liabilities.
Other current assets 71,587
53.893
835,422
Cash
124,080
95,612
Prep. & def. age.
Stock invest. In
affiliated cos.--30,403,885 36,403,885
4602,261
9,471
4611,731
5,977.873
40.10
1929.
57,204,387
1,014,104
18,895
67,058
82.703,745 58,304,444
Total
62,703,745 58.304,444
Total
x Value of 6,524,391 shares of no par value issued and outstanding
represented by capital and surplus. y After deducting depreciation, depletion, and amortization of $4,567,093.-V. 131, p. 3374.
-Sales Increase.
[VoL. 132.
-Earnings.
Derby Oil & Refining Corp.
For income statement for quarter ended March 31, see "Earnings De-V. 132, p. 1625.
partment" on a preceding page.
-Report.
Detroit & Canada Tunnel Co.
Judson Bradway, President, says in part:
The year 1930 saw the completion of the construction work on the
Detroit-Windsor tunnel at substantially below the estimated cost. The
tunnel was dedicated on Nov. 1, opened for traffic on Nov.3 and has been
In uninterrupted operation since that date.
During the initiatory period of operation from Nov. 3 to Dec. 31 1930.
the excess of Interest, amortization of debt discount, &c.. over operating
Income has been treated by the company as a deferred charge, to be written
off against operations in 1931.
The company has sufficient cash on hand and in special deposits to
meet all current liabilities as at the close of the year, pay the interest due
on bonds and debentures on May. 1 1931, and leave a substantial balance
for working capital."
Consolidated Balance Sheet Dec. 31 1930. (Incl. The Detroit et Windsor
Subwag Co.)
A sselsLiabilities
:$7.316,156
Plant, prop., rights, frau. &c.$22,246,163 Common stock
16,991,000
Unamort,debt disc. & exp___ 1.805,808 Funded debt
220.874
242,890 Deferred liabilities
Deferred charges
676,986
30,509 Current liabilities
Claims against contr.,&c.._ _
329,422
1,378,191 Payable out of general funds_
Special deposits
5,718
29,808 Res,for deprec.of auto.eqpt.
Cash
4,348
11.134 Capital surplus
Miscellaneous sects. receiv_ 425,544,304
$25,544,304 Total
Total
-V.132, p.662.
x Represented by 3,100.000 shares (no par).
-Proposed Merger.
Detroit Gasket & Mfg. Co.
Crosley Radio Corp.
The directors have voted to accept a plan for the merger of this comPresident Powell Crosley Jr., stated that current sales are in excess of a
on a basis of two shares of
Cork & Seal
year ago. Sales from May 1 to May 23 were $291,000 against sales for the pany with the Crown for one share Co., Inc. Cork stock. This offering
of Crewn
from Jan. 1 to May 23 totaled Detroit Gasket stock
month of May 193(), of 4241,000. Sales
-V. 132, is contingent upon holders of at least 95% of Detroit Gasket stock assenting
42.531,000 compared with $2,111.000 in the like 1930 period.
to the plan by depositing their stock. (See also Crown Cork & Seal Co.,
P. 3892.
Inc., above.)
-Listing of Additional
Crown Cork & Seal Co., Inc.
Common Stock.
The New York Stock Exchange has authorized the listing of 82,125
shares of common stock (no par) on official notice of issuance in exchange
for all the outstanding common stock of Detroit Gasket & Mfg. Co..
making the total number of shares of common stock applied for 400.000
shares.
The directors, April 23. authorizing the officers of the company to perfect
a plan whereby the businesses of the Detroit Gasket & Manufacturing Co.
and Crown Cork & Seal Co., Inc., will be merged through an exchange of
stock between Detroit Gasket & Manufacturing Co. stockholders and the
company In the ratio of one share of the company's stock for each two shares
of stock of Detroit Gasket & Manufacturing Co., provided, however, that
such plan shall involve the issuance on the part of this company of no
greater number of shares of its common stock than one-half of the number
of shares (82,125) of common stock (this being the only class of stock)
of the Detroit Gasket & Manufacturing Co. now issued and outstanding;
provided, further, that such plan shall be inoperative unless and until at
least the holders of 95% of such issued and outstanding stock of Detroit
Gasket & Manufacturing Co. shall, on or before June 8 1931. assent to and
Join in such plan. The plan provides that all stockholders of Detroit Gasket
& Manufacturing_ Co. may, by depositing their stock with Fidelity Trust
Co. of Detroit. Mich.. become parties to such plan as fully as if they subscribed thereto.
Common stock issued by the company (82.125 shares) to effect this
reorganization or consolidation will be capitalized at stated value of $5
Per share or 4410,625: the book value of the issued common stock (164.250
shares) of Detroit Gasket & Manufadturing Co. at Dec. 31 1930 was
4675,032 the excess book value of Detroit Gasket & Manufacturing Co.
shares
stock (4264,407) over stated value ofsurplusissued in exchange by company
account.
will be credited to company's capital
Earnings.
For income statement for quarter ended March 31 1931 see "Earnings
Department" on a preceding page.
Pro Forma Consolidated Balance Sheet, Dec. 31 1930.
[Giving effect to issuance of 82.125 shares common stock in exchange for
entire outstanding capital stock of 164,250 shares of Detroit Gasket &
Manufacturing Co.]
LfattitittesAssets
$283,588
$1.827,115 Accts. payable
Cash
92,581
Notes& accts.rec.,less dbtful 1,252,405 Accr. wages, comm., int., &o
49,275
3,953,283 Divs. pay.on sub.cos'stk.
Inventories
528,878
18,333 Prov. for Fed. taxes
Accrued Interest receivable36,015
63,489 Empl. withdrawable deposits
Notes rec. not due within lyr.
58,801
39,850 Accts. pay, not due within yr.
Value oflife Insurance
45,000
31,193 1st mtge 6% bonds ofsub-Loans to employees
4,494,500
358,088 1st mtge.6s of parent co
Sundry Inv. ri.est. mtges.&o.
27,684
Inv. In & adv. to MM.eos___ 1,874,571 Res. for liability insurance...
:8,137,855
387,085 $2.70 pref. stock
hive. In & adv.to foreign sub.
71,921,205
7,314,462 Common stock
,
Plant & equipment,&c
898,778
161,742 Capital surplus
Treasury stock cost
3,301,912
1 Earned surplus
Patents & trade-marks, value
582.474
Deferred charges...-.
E17,641,873
817,841.873 Total
Total
x 144,420 shares (no par) at liquidation value of 442.50 per share. y 384.-V. 132, p. 2972.
241 shares (no par).
-Earnings.
Curtiss Aeroplane & Motor Co., Inc.
For income statement for 3 months ended March 31 see "Earnings De-V. 132. p. 3374.
partment" on a preceding page.
-Earnings.
Curtiss-Wright Corp.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
The company issued the following statement:
"Operations during the first quarter were handicapped as a result of the
which
strike in the plant of Wright Aeronautical Corp. in Paterson, N. J.,in the
occurred in December last year and deliveries were also delayed
concase of both the Wright Co. and the Curtiss Co. on account of plant
solidation activities that should soon begin to show effect in operating
results.
"There is every reason to believe that combined results for month of
April will show considerable improvement over those for the first three
months, and due to the benefits to be received from plant consolidation
and other economies that have been effected, the company anticipates
-V. 132, p. 3347.
a continuance of this improvement for the future."
-Patent on High Vacuum Tubes
De Forest Radio Co.
-V. 132,
-See General Electric Co. below.
Held Invalid.
p. 1040, 858.
-Increases Dividend.
De Long Hook & Eye Co.
dividend of 50 cents a share. payable
The directors have declared a
has been paying quarThe
July 1 to holders of record June 10. sincecompany
and including April 1930.
terly dividends of 25 cents a share April and May were at the same
Operations of the company during President J. A.0 Brien said. The
1930,
rates in corresponding months of In wages, Mr.0 Brien added.
company has made no reductions
1930.
1931.
-Years Ended March 31Earnings
bonds, amortiz.
Net profits after deprec., int. on
$38 543
$48,513
inc. taxes-bond discount St estimated Fed.
of
$4.53
Earnings per share
Pres. J. A. O'Brien says:
In the annual report to stockholders 1931 were 442,313, which is $16,462
"Our current liabilities as of March 31
current assets were 4381.041, which Is
than on March 31 1930. Our
less
The ratio of current assets to current
471,895 more than on March 31 1930.
liabilities is 9 to 1.
which up to March 31
$400,000. assumed Feb. 1 1919,
The mortgage of
been further reduced during the
1930 had been reduced to $154,000, has
bonds to the amount of
of
current year to $143,000 by the redemption
411.000.-V. 132, p. 1040.
26c. Adjustment Dividend.
The directors have declared an adjustment dividend of 26c. per share on
the common stock, no par value, payable June 18 to holders of record
June 3. From Oct. 1 1929 to and incl. April 1 1931, quarterly distributions
of 30c. per share were made on this issue.
Comparative Consolidated Income Account Years Ended Dec. 31.
1929.
1930.
$2,410,317 $2,279,983
Netsales
1,624.921
1,916,701
Cost ofsales
79,045
88,084
Selling expenses
150,348
160,762
General & administrative expenses
Net operating profit
Other income
$244,771
36,159
4425,668
43,446
Total income
Other deductions
Provision for Federal income tax
4280.930
20,440
34,292
$469,114
30,773
50,884
Netincome
Dividends
4226,198
197,100
4387,457
104,350
$283,107
$29.098
Comparative Consolidated Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
Assets$49,275
$153,912 $144,943 Dividend payable. $49,275
Cash
86
Notes payable__
Notes and accept113,069
88,769
36 Accounts payable_
973
anus receivable
5,084
7,662
Accrued liabilities_
Foreign drafts re91,353
78,440
4,505 Long term nab__
5,198
ceivable
84,629
48,425
Reserves
Accounts. receiv.,
675,033
:875,033
139,817 Capital stock
108,830
trade
89,413
104,448
Surplus
Accts. reedy., offi8,788
2,889
cers & employees
76
Accrued in;. receiv.
221,141
177,199
Inventories
188
34,018
Marketable secur_
85,000
80,000
Land
439,248
418,723
Plant & equip
Real estate not used
27,000
32,000
in business
19,224
18,311
Deferred charges$1,030,054 $1,087,943
Total
81.030.054 81,087.943
Total
-V. 130. p. 3362.
x164,250 shs. (no par)
Balance
Detroit International Bridge Coe-Committee Issues
Statement-Present Status-Deposits Urged.
In a letter to the holders of the 7% participating debentures and deposit
certificates, dated May 21, the protective committee says: January, have
'The debenture holders protective committee,formed last
been actively engaged in investigating the Bridge situation. Committee cooperated with the let mtge. bondholders committee in undertaking an
investigation of all phases of the Bridge operations. Committee has had
an independent report made to assist it in this work. indicates that the
"The investigation which committee has conducted
facilities of the Bridge for handling traffic are excellent, could hardly be
Improved upon,and should enable the Bridge to give much quicker dispatch
to cross-river traffic than either of its competitors-tunnel or ferry. The
and the American
Canadian Bridge terminal covers about 73i acres Tunnel terminal of ter334
minal 6 acres. This compares with the Canadian
terminal of 2 acres. The 13ridge has 5 traffic
acres and the American
the
lanes on the Bridge itself, against two traffic lanes incars Tunnel. During
were handled in
one peak period last summer approximately 1,500 international bridge.
an
45 minutes. This is a remarkeble record forbeen made in the operation
The report indicates that much improvement has operation is now efficient
of the Bridge. and committee believes that the
and is being carried on at a minimum cost. lack of traffic. This is ac"The Bridge difficulties have arisen from Tunnel and the Ferry (the
counted for by reason of competition from the against a 50
-cent base rate
-cent base rate fare as
Ferry operating on a 25
restricfaro for the Bridge), general business conditions, and governmental intercustoms regulations at the
tion on traffic due to immigration and
this year
boundary. A comparative check of traffic made early
national
the river was about
indicated that at that time vehicular traffic across-the Bridge, Tunnel
equally divided between the three cross-river facilities Bridge and the fact
into account the location of the
and Ferry. Taking
months, the
that some might prefer an under-cover trip during the winter own. The
results would indicate that the Bridge is at least holding its
scenic route and having undoubtedly much
Bridge, being the fresh air and
percentage of
better facilities for handling traffic, should enjoy a larger
proportion
the local business during the summer months, and a substantial
of tourist traffic.
International
"For the first four months of the current year the Detroit
Bridge and gross
Bridge Co. reported a total of 214,932 vehicles crossing the tolls of $229,538
and gross
tolls of 3105,962, compared with 407,872 vehicles
1931 vehicles
months of 1930. For the month of April
for the first four
and rasulting tolls amounted
crossing the Detroit Bridge numbered 69,703and total tolls of 464,828 for
$35,938, compared with 114,505 vehicles the Ferry toll rate went into
to
the month of April last year. The cut in in November 1930. In comeffect April 3 1..30 and the Tunnel opened it is necessary to take these
paring the results for 1931 with those of 1930, company recently reported
factors into account. Bankers for the Tunnel year of 25.7% over that of
an increase in vehicular traffic in April of this vehicular traffic increased
March. It is interesting to note that the Bridge to bear out the view of
37.7% during the same period. This would tend
during the summer months
the committee that the Bridge should enjoysubstantial percentage of the
a larger percentage of the local traffic and a
tourist traffic.
present time is how to increase
"The major problem of the Bridge at the
this as much as Possible.
traffic, and every effort will be made to advance
consideration.
In this connection several plans are under
FINANCIAL CHRONICLE
MAY 30 1931.]
"It will be the policy of the committee to work actively with the management of the Bridge, and a sub-committee has been formed composed of
three representatives from the 1st mtge. committee to meet regularly with
a sub-committee of the debenture holders committee, thus providing an
active contact with the situation as a whole and particularly with operations.
"The committee believes that results up to the present time do not give
an accurate indication of what may be expected in the way of earnings from
the Bridge, and on this account the committee proposes, unless circumstances make other action desirable, to follow operations for an extended
period and until such time as a clearer view can be obtained before determining on any plan of reorganization.
"In order that the committee's position may be strengthened and that
it may properly carry on this policy, holders who have not yet deposited
are urged to deposit their securities at as early a date as possible with The
Marine Midland Trust Co. of New York, 120 Broadway, N. Y. City, or
National Trust Co., Ltd., 20 King St., East, Toronto, Canada, depositaries. -V. 132, p. 3534. 2592.
Diamond Match Co.(Del.).-Ezpansion.The company plans to expand Its activities in the chemical field. It has
provided an appropriation for the erection of a new plant to produce principally muriate of potash and chlorate of potash, both of which are used
extensively in the match business. Several sites for the new plant are under
consideration.
The company has chemical plants in Rahway, N. J.; Burmester, Utah,
and Oswego, N. Y.
-V. 132, p. 3156.
Distributors Group, Inc.
-Files Application to List
North American Trust Shares on New York Stock Exchange.See North American Trust Shares below.
-V. 132, p. 3534.
(Jos.) Dixon Crucible Co.
-Balance Sheet Dec. 31.1930.
Assets
Cash
388,035
Securities
Investments
822,312
Accts.& bills rec._ 987,083
Real estate
2,507.970
Machy. & equip
2,171,955
Prods. G materials 3,692,026
Adv. pay. & def.
assets
111.233
1930.
1929.
1929.
8
$
384,246 Capital stk. outat'a 5,000,000 5,000,000
380.000 Surplus & reserves 3,887,932 3,921,094
721,481 Reserve for deprec. 1,795,682 1,673,126
1,044,707
2,246,655
2,209,556
3,607,576
Total
10,683,614 10,594,220
-V. 130, p. 3885.
Total
10,683,614 10,594,220
Dobbs & Co.
-Receiver Appointed.-
4065
Eastern Manufacturing Co. (& Subs.).
-Earnings.
-Earnings for Year Ended Dec. 31 1930.
Gross sales
es to sales
Freight, discount & cb
Cost of goods sold
Depreciation of plant
Selling & administrative expense
$7,169,757
470.357.
5,377,203
393,896
561,102
Net operating income
Other income
$367.199
273,070
Total income
Bond interest
Other interest
Other charges against income
$640,269
203,042
42,538
145,137
Net income
Dividends paid on preferred stock
$249.552
133.485
$116,067
Balance, surplus
$1.04
Earns. per sh. on 111,568 abs. com. stk. (no par)
Consolidated Balance Sheet Dec. 31 1930.
1 Liabilities
Assets$594,358 Loans payable-banks
Cash
$1,380,000
16,664 Trade acceptances payable._
177,920
Notes receivable
623,072 Accts. payable-trade
414,334
Accounts receivable
3,104,575 Accrued expenses
Inventories
79,1in
769.957 Dom. Gov. of Can.-inc. tax
Pulpwood operations
1930
27,448
1,991
Marketable securities
319,714 Res.for Federal taxes
423,389
Misc. inv. & accr.
5,740,503 Div. pay. Jan. 1 1931 on pref.
Plant assets
2,991,642 stock
34,224
Timberlands
286,778 Mortgage notes payable
18,734
Prepaid stumpage
37,952 1st mtge.sink,fund gold bds_ 2,720,900
Treasury stock
214,061 Res.for contingencies
407,299
Other assets
Common stock
a3,829,014
Deps. for purch, of fractional
61,935,650
2,142 Preferred stock
common stock
61,589 Surplus
3,483,870
Deferred charges to oper._.__
115,984
Unamortized discount
Total
$14,906.441
$14,906,441
Total
-V. 132. p. 1231.
a 111,568 no par shares. b 39.113 no par shares.
-Income Account.
Eddy Paper Corp.(& Subs.).
Calendar YearsSalmi, net
Cost of goods sold
General expense
1929.
1928.
1930. '
1927.
$5,545,675 $7,045,998 $6,065,467 $6,293,286
6,209,406
5.075,904
4.983,498
4,946,882
478,273
525,865
429.445
485.932
Dobbs & Co. of 1 West Fifty-seventh Street, retailers of men's and
women's clothing and hats, filed a petition in bankruptcy May 26, listing
$358,320
$556,104
$860,472
Net °Per. income
$40.326
liabilities of $1,206,279 and assets of $1,218,287.
64,864
57,391
45,631
68,463
On application of Cavanagh-Dobbs. Inc., principal creditor, with a claim Other income
of $1,068,755, Federal Judge Henry W. Goddard appointed the Irving
$97,717
$423,183
$601,735
Total
$928,935
Trust Co. receiver, granting it permission to continue the company s Interest income
26,300
34,002
8,527
130,998
and discount
business, subject to order of the court.
10,861
14.529
6,962
59.474
Miscellaneous debts__
Expansion of the company's activities, coupled with the general business Prom,
28,920
on bonds red
depression, was cited as among the reasons for the failure.
385,114
367.114
378,470
Depreciation
346.053
The sum of 81,068,756 owned to Cavanagh-Dobbs. Inc., owner of all
9,000
53.600
capital stock of Dobbs & Co. except qualifying shares held by directors, is Fed.& State inc. taxes..
the balance due on 12 notes held by the corporation. The notes made by
$909
$136,815
$37,748
Net profit _____
def$263.825
the company between Oct. 31 1929, and Oct. 31 1930, were for sums
aggregating $1,149,456. The total was reduced by payments amounting Shs.cap.stock outstand.
165,000
165.000
125,000
165.000
(no par)
to 380,702.
Earns, per share on cap.
A statement issued by Cavanagh-Dobbs, Inc., says:
Nil
Nil
$0.82
$2.54
stock
"The financial difficulties of Dobbs & Co. do not involve CavanaghCondensed Balance Sheet Dec. 31.
Dobbs, Inc., or any of its other affiliates. Dobbs & Co. is strictly a retail
store organization operating only in New York City, which, among other
Liabilities1930.
1929.
1929.
1930.
Assetslines, has sold hats manufactured under the Dobbs name by the Crofut ex Cash
$142,805 $103,838 Accounts payable. $105,012 $308,957
Knapp Co., one of our affiliates.
464,278 Accrued expenses_
96,530
124.037
Notes & accts. rec. x298,847
"The financial difficulties of Dobbs & Co. were occasioned by the present Sund.accts.rec._ _
25,104 Capital stock
6,564,364 6.574,982
37,537
business depression and the expansion of Dobbs & Co.s activities as a Mats.& supplies_ 1,154,270 1,284,964 Surplus
909
def263,826
high-class department store.
82,278
12,894
Due from attn. cos.
"Despite the general business decline, Cavanagh-Dobbs, Inc., and its Inv. in sund. real
other affiliates are in an exceptionally strong financial position. Since
50.289
66.859
estate & stocks.
these companies have always operated independently of one another, the Prop., pl. & equIp.y4,750,073 4,870.111
bankruptcy of Dobbs & Co. will have no effect on the others, who are con- Def. charges & Pretinuing business on an absolutely sound basis.
105,913
50,751
paid expenses -"Dobbs hats will continue to be sold by the same dealers who are now Patents
5,539
4,614
carrying them with the exception, of course, of the present Dobbs & Co.
Total
$6,502,081 27,008,885
owned stores, and the manufacture and distribution of Dobbs hats have
Total
$6,502.081 $7.008,885
not in any way been impaired by the recent bankruptcy action.
x Less reserve for bad debts, $8.517. y Less reserve for depreciation
Dominguez Oil
(Del.), Los Angeles, Calif.- of 83,503.817.-V. 130. p. 4423.
Fields Co.
Dividend Rate Decreased.-
-Earns.
Electric Household Utilities Corp.(& Subs.).
The directors have declared a monthly dividend of 5 cents per share on
the common stock, no par value, payable June 2 to holders ofrecord May 23.
This compares with a monthly distribution of 10 cents per share made on
May 1, one of 15 cents on April 1 and one of 15 cents extra and 15 cents
regular on March 1.
Dominion Engineering Works, Ltd.
-Earnings.Calendar Years1928.
1929.
1930.
1927.
Profits after inc. tax, &c. $557.253
$924,143 $1,134,672
$675,063
Reserve for depreciation
210,281
205,652
195,753
160.000
Expenditures on develop.
research
43,613
Reserve for contingencies
100.000
Reserve for workmen's
9,000
50,000
compensation insur
$709,490
$774.391
Net income
$479,310
$353,640
1,259,540
901,481
1,469.030
Previoussurplus
612,001
Totalsurplus
$1.822,670 $1,969,030 $1,675,872 $1,091,311
500.000
416,332
Dividends
500.000
189.830
Surplus at end of year_ $1,322,670 $1,469,030 $1,259,540
$901,481
Balance Sheet Dec. 31.
Liabilities1930.
1929.
Assets-1929.
1930.
Real estate, plant.
Capitalstock....y$2,900,050 $2,900,050
mach.& equiP-x$3,072,184 $3,093,307 Capital surplus_ _ _ 953,908
953,908
Cash
143.911 Res. for conting-- 250,000
,
250,000
Victory &oth.bds. 1,497,634 1,017,138 Res. for canting.
Callloans
liability
250,000
850,000 1,350,000
250.000
Accts.& bills rec_ 313.780
835,955 Res. for workmen's
Work in progress-compensat'n ins.
110,620
59,000
34,319
59,000
Inventories
99,510 Accts. payable__ 675,954 1,173,819
113,986
Investments in &
Dividend payable. 125,000
125,000
adv. to assoc.cos 324.775
485,816 Surplus
1,322,670 1,469.030
Prepaid insurance
& taxes
55,257
44,549
Total
Total
$6,536,581 $7,180,807
$6,536,581 $7,180,807
x After depreciation of $1,558,213. y Represented by 125,000 shares
(no par)
.-V. 132, p. 1422.
-Balance Sheet.Draper Corp.
Dec. 27 '30. Dec. 31'29.
Assets$
$
2.639,231 2,803.385
Real estate
Mach. and tools-1,890,327 1,735.327
15,000
14,000
Office furniture,&c,
1,487,209 1,727,841
Inventories
Mill stocks and miscellaneous.secur. 2,224,748 1,862,159
635,055
359,949
Cash
2,616,707 3,405,928
Receivables
Government secur 6,863.460 7,482,585
950,000
850,000
Patents
65,705
58.527
Accrued interest-.
Treasury stock.-- 1.680,815 1,192,276
Dec. 27'30. Dec. 31'29.
Liabilities$
$
Accounts payable_ 454,511
382,776
Tax reserve
150,000
300,000
Other reserves.... 576,255
436,005
Capital & surp-x19,504,207 20,756,479
Total
20,684,973 21,875,260
Total
20,684,973 21,875,260
-V. 130, p. 4422.
x Represented by 350,000 shares no par).
1928.
1929.
1927.
1930.
$4,659,291 $4,245,162 $2,589,736 $1,386,536
2,058.667
1,516,507
3,051.750
1.160.858
$225,678
$1.607,541 $2,186.495 $1,073.229
128,632
117,118
119,786
74.760
$1,724,659 $2,315,127 $1.193,015
$300,438
234,421
178,100
125,000
Prov. f a n j:ral taxes_
Netl
e ir Il a
o•
10,758
223,044
179,821
Depreciation
149,517
181,294
Net loss of London tech
6,655
Decline in market value
of securities
89.323
22,800
Loss on Waukegan plant
49.494
dismantled, &c
Net income
$1,234,191 $1,828.591
$918.498
$101,731
Common divs.(cash)._
820,481
798,627
374,768
Corn, diva. (in stock).__
197,240
Surplus
$413,710
$832,724
$101.731
$543.730
Ohs, com, stk. outstand411 418
404,154
374.999
371.283
ing (Par $10)
Earnings per share
$.i.00
$4.46
$2.45
$0.27
Consolidated Balance Sheet Dec. 31.
Calendar YearsGross profit
Selling & admin. exps
Net profit
Miscall. credits
Plant equip.. daLy$2,132,554 $2,103,797
Good-will trademarks & patents
1
1
Cash
848,396
553,833
U. S. Govt. secur.
& accr. interest
thereon
1.513,194 1,994,233
Notes ex accts. rec.
less reserve
2,617,333 1,913,493
Inventories
1,228,336 1,185.586
19,523
Prepaid expenses_
27,246
22,381
Investments
228.600
Stk. subs, unpaid.
489,037
officers & empl_ 439,692
Capital stock____$4,119,133 $4.099,278
Surplus
3,403,524 3,038,958
Accts. payable &
accrued expenses 716,149
661,162
Fed. tax reserve.- 299,451
271,862
Divs. payable.... 202,532
505,187
Total
Total
$8,740,789 28,576,446
y Less depreciation of 8912,108.-V. 132, p. 858.
$8,740,789 28,576,446
-Receiver Appointed.
Empire Steel Corp.
Carl H. Henkel, President of the corporation, was appointed receiver
May 28 by Federal Judge S. H. West at Cleveland. The receivership
action was brought by the Interlake Iron Corp. of Chicago, in what was
reported to be a friendly proceeding. The company is reported to be
the fifth largest producer of sheet metal in the United States.
-V. 132,
P. 1810.
English Electric Co. of Canada, Ltd.
-Earnings.
(And its subsidiary, Canadian Crocker
-Wheeler Co., Ltd.)
1929.
Calendar Years1930.
1928.
1927.
Profits for year
8220,929
$340.830
8243,104
$218,577
Prov. for depreciation
40,000
40,000
40,000
40.000
Divs, on pref. stock_
80.000
Divs, on cl. A stock._.
126,000
120,000
60,000
Balance
$60,929
$180.830
$143,104
$98.577
4066
FINANCIAL CHRONICLE
[VOL. 132.
of Shreveport (La.). The figures of those three companies are not inConsolidated Balance Sheet Dec. 31.
cluded in the consolidated report, except as dividends are declared and re1929.
1930.
LiabilitiesAssets
1929.
1930.
ceived.
Cash
$134,041 $126,852 Accts. pay. St acDue to those changes, the balance sheet is not directly comparable.
crued liabilities_ $98,591 $116,139
Call loans
300,000
600,000
At the beginning of the year the company held an option on 18,000 shares
30,000
30,000
Divs. on cl. A shs_
Investments
This amount of
571,309 of the common stock of Altorfer Bros. Co. of Peoria. of Altorfer Bros.
Accounts
_ _ ' 210,125
430,867 Res:for depreen._ 610,394
stock
sum_ _x2,631,026 2,570,097 stock constitutes 10% of the outstanding common
Cap. stk. &
Raw mats., work
Co. and during the year the option has been exercised and the stock has
in progress dc
been acquired.
277,176
finished stock__ 220,510
The proposed sale of the company's sign business was abandoned be10,954
10,048
Deferred charges_ _
cause of the inability of the purchasers to consummate the sale. Under
Capital assets____ 2,166,404 2,141,695
the contract of sale the company realized $177,500 from the sale of certain
to realize an additional amount
securities escrowed
$3 370.011 $3.287,544 from the sale of thereunder and expectssecurities of at least $22,500 if
Total
Total
$3,370,011 $3,287,544
the remaining escrowed
x Represented by 40,000 shares class A stock without par value (auth- and when an injunction to restrain such sale is ultimately dissolved.
-notice, and 40,000
orized 50,000 shares) callable at $55 a share on 30 days'
.-V. 130,
Consolidated Income Account Year Ended Dec.31 1930.
shares class B stock without par value (authorized 50.000 shares)
$13,067,215
Net sales
P. 4249.
Expenses, embracing cost of goods bought and manufactured,
12.505,915
Equitable Mortgage & Title Guarantee Co.-Extla
selling and administrative expenses and taxes
91,325
Provision for depreciation
Dividends.
The directors have declared an extra cash dividend of 1%% in addition
$469,974
Operating income
payable June 30 to holders Profit realized on deferred lease contract sales
140,220
to the regular semi-ann. dividend of 234%. both
0
88.580
of record June 20. A 33 1-3d7 stock dividend was also declared.
Interest, discounts, royalties, &c
An extra cash distribution of7%% was made on Dec. 31 last.
$698.774
Total income
Equity Corp., Jersey City, N. J.-Capitatization, Equity Interest
156,239
as
['his corporation was incorporated in Delaware on Jan. 2 1929Corp.
Proportion of income belonging to minority interests in con115,483
...Vestors Corp. On April 28 1931, the Research Investment Corp.,and
trolled but not wholly owned subsidiary companies
and
the Warrant Corp. were merged into and with Equity Investors
$427.053
the name of the latter corporation was thereupon changed to Equity Dorn.
Net income for the year
The corporation has no bonds or notes outstanding.
1,683.944
Surplus Dec. 31 1929
Outstanding.
Authorized.
Capitalizationx22.000 shs.
80,000 siva
$2,110,997
Total surplus
6% preferred stock (Par $50)
111,853 abs. Adjustments affecting previous year surplus
84,099
280,000 abs.
Common stock, no par value
131,996
Dividends paid on preferred stock
x Less held in treasury.
cumulative dividends at the rate
The2preferred stock is preferred as to
$1.894,901
Surplus Dec. 31 1930
January.
of 6% per annum ($3 per share) payable quarterly on the first ofPer share
to
Consolidated Balance Sheet Dec. 311930.
April July and October, and as to assets upon liquidation on $50 dividend
any
part
LIabiWiesAssets
ancliccrued dividends: is redeemable in whole or in
diviand
$715,000
8446,231 Notes payable (banks)
date upon 30 days' notice at 105% ($52.50 per share) shareaccrued time Cash
at any
874,500
97.920 Notes payable (other)
dends, and is convertible into common stock share for
Marketable secure. at cost-.
538,851
2,944,509 Accounts payable
up to redemption date.
Accounts receivable
whenever Notes receivable
41,157
33,644 Accrued interest & royalties
Thelvoting power is vested in the common stock except that
preferred stock shall be in Inventories
67.523
659,822 Accrued taxes
one full year's dividends payable upon the
been made good.
132,892 Dot. billing on maint. contets 3,045,730
default, then and thereafter until all defaults shall have in the holders of Prepaid ins., int. & advents's
24,340
828,287 Notes pay, cap. inv. sub__ _
the entire voting power shall become vested exclusively
Sundry investments
360,923 lot mtge, bonds on Chicagolk
-V. 132, p. 3721.
theireferred stock.
Deferred charges
161.750
Minneapolis property
portion
Unbilled maintenance
-Agent-Trustee.
893,000
Estey Operating Corp.
of elec. advertising contets 3,045,730 7% 10-year notes
been
201,159
Sundry reserves
The Chatham Phenix National Bank & Trust Co. has 5.785appointed Property, patent rights, franshares of
x6,495,612 Deferred Income on unbWed
agent for the voting trustees of the corporation coveringtrust agreement
chise and good-win
under the
286,429
lease contracts
common stock without par value, and trustee
-year cum.
Minority int, in capital and
providing for the issuance of not more than $650,000 of 10
807.929
surplus of subsidiaries
debenture bonds, due April 1 1941.
y2,058,400
Preferred stocks
-Merges Two Air-Map Cos.
z3,235,100
Fairchild Aviation Corp.
Common stock
the
1,894,901
Surplus
The corporation on May 26 announced that it had purchased all
air mapcapital stock of the Aerotopograph Corp. of Washington, whose
$14,845,769
$14.845,769 Total
ping business would be combined with that of its wholly owned subsidiary,
Total
Fairchild Aerial Surveys. Inc.
x After depreciation of $588.328. y Represented by 420 shares 7%
make possible
tOPresident Sherman M. Fairchild said the merger would
an ex- cum. pref. (old stock). 20,164 shares $6 cure, prior pref. stock, and 20,164
important sales and administrative economies and would permit
shares $7 cum. preferred stock. x Represented by 32,351 shares(no par).tensive research program.
pioneers in V. 131. P. 2
78.
.The merger brings together two companies that have been
corporamapping operations conducted from the air. The Aerotopograpla
-Listing of AdFederated Department Stores, Inc.
been a the U. S.
tion, under direction of Col. C. If. Birdseye, former
Geological Survey, produces contour maps, while Fairchild Aerial Surveys. ditional Capital Stock.
maps.
Inc.,produces mosaic reaps,as well as a few contour
The New York Stock Exchange has authorized the listing of 20,000
additional shares of capital stock (no par) on official notice of issue from
Earnings.
applied for
months ended March 31 see "Earnings time to time and payment in full making the total amount
For income statement for three
1,228,959 shares.
-V.132, p. 2399.
Department" on a preceding page.
Certain executive employees of a subsidiary (not officers or directors of
Federated Department Stores. Inc.) have been permitted to subscribe for
-Receiver
Federal Bond & Mtge. Co. (Detroit).Detroit, has Named. and have agreed to take and pay for an aggregate of 20,000 shares
been ap
St.,
A receiver for the company, 1442 Griswold Tuttle. The Detroit Trust capital stock at $20 per share, 5,000 shares to be taken and paid for upon
pointed in Federal Court by Judge Arthur J. and was ordered by Judge the listing of the 20,000 shares and the blance thereof,to wit. I 5,000 shares,
bond
1 1934, upon 10
Co., appointed receiver, Posted a $25,000 and liabilities of the company to be taken and paid for from time to time prior to Maynumber of shares
days' prior notice by the subscribers to the corp. of the
Tuttle to make an inventory of the assets
to be taken up and payment therefor within the 10 days, any balance not
and report to the court within 60 days.
brought by Aimee,
The receivership is the result of a suit in equityand other creditors. taken up prior thereto to be taken up and paid for on May 1 1934. In
be issued by the corporation prior
Rosalie and Samuel Gates on bahalf of themselves
the the event that any stock dividends may of the number of shares remaining
to May 1 1934, a proportionate increase
complaint states that the suit was instigated to enforce
Their bill of
for by and issued to the subscribers and decrease in the amount
claims of the creditors and bondholders.
company with a to be paidto be paid therefor are to be made according to the number of
of the
Per share
The three plaintiffs assert that they hold bonds
-V. 132, p. 3721.
on such stock dividends.
total face value of $243,000.
$15,000 face value securod by shares issued
Rosalie Gates asserts she owns bonds of a Mortgage Co. on its leasehold
-Declares
Feltman & Curme Shoe Stores Co., Inc.
executed by the Federal Bond &
mortgages
that the mortgage
interest in the office building at 1442 Griswold St. and of $98.000.
value
Regular Preferred Dividend.
secures similar mortgage bonds of an outstanding
in question are in a
The directors have declared the regular quarterly dividend of $1.75
The plaintiffs declare the mortgages and securities
principal on the Gates
per share on the preferred stock, payable July 1 to holders of record June 10.
Precarious condition and their value impaired. The
been paid, the plaintiffs Action was deferred from the meeting on May 18, when originally due.
bonds became due in February 1930, and has never
It was previously incorrectly stated that the dividend had been omitted.
allege.
on the buildings,
The bill of complaint also states that the 1930 taxes the defendant's -V. 132, p. 3893.
to $18,213, have not been paid as required by
amounting
-Earnings.
$2,083 has not been
Ferro Enamel Corp.
lease and that the rent for May 1931, amounting to
The company reports for year ended Dec. 31 net of $224,440 after charges
paid the fee owners.
value of
the owner of other bonds of a face Wayne and Federal taxes. Comparison with 1929 is not available, as merger of
Rosalie Gates asserts she is
on real estate in
companies now forming Ferro Enamel Corp. did not take place until
8160,000 secured by more than 40 mortgages company.
July 1930.
County, each executed by the company as trust
Consolidated Balance Sheet Dec. 31 1930.
complaint that she owns bonds worth
Aimee Gates states in the bill of
worth $35,000.
Liabilities
Assets
$33.000.and Samuel that he owns similar bonds
a going concern Cash $3,856
$909 Notes payable
to preserve the company as creditors.
The plaintiffs ask the court
189.027
160,332 Accts. & scar. items payable_
Notes & accts. rec.
If possible and if not to distribute the assets among the
24,019
82,307 Accr. Income tax for 1930...
Mdse. inventories
-Annual Report.
410,000
138,669 Bonds payable
Federal Electric Co., Inc.
Marketable securities
242,000
194,760 Capital stock
Accts. rec. & inv. In sub. cos_
President John F. Gilchrist says in part:
company's sales for Deferred chgs. to operations_
698.459
10,936 Surplus
In common with many other lines of business, the
considering Plant & equip.,lees
270,388
depreethe year were somewhat less than in the preceding year, but,
been satisfactory.
8,025
general conditions directors feel that the earnings havethe changes in com- Treasury stock
-During the year
5,532
Change in the Financial Structure.
a rezolution Patents Ferro
pany's financial structure were carried out by the passage of
Enamel
an issue Acquiring
695,502
Supply Co
at a special meeting of the stockholders May 17, which authorized cumulapar
of $6 no par cumulative prior preferred stock, an issue of $7 no
provided
81.565.361
Total
81,565,361
Total
tive preferred stock and an issue of no par common stock, andshould be
stock
that each holder of the original 7% $100 par preferred each share of the -V.132. p. 2399.
Issues for
offered one share each of the two new preferred
holders
original preferred issue held. This offer has been accepted by the
-Trust CertifiFirst Diversified Bond Depositor, Inc.
of about 98% of the 7% $100 par stock.
par cates Offered.
-Public offering is being made of First DiversiThe resolution also provided that each share of the outstanding $100
common stock should become a share of no par common stock. stock has fied Bond Trust 5% participating certificates, maturing
The payment of dividends upon the two issues of preferred original
been initiated and payment upon the balance of the outstanding on all Aug. 1 1977, at arice of about 90X, yielding 5.58%.
preferred stock was resumed during the year; dividend payments
o
Century Securities Corp. of Chicago heads a national disthree classes of stock being made Aug. I for the quarter beginning May 1,
tributing group for this new bon trust, first of its type
and on Nov. 1 for the quarter beginning Aug. 1.
expressed in the previous report, the publicly offered in this country.
In accordance with the intention
cumulative preferred
$6 no par cumulative prior preferred, the $7 no par
Coupons payable F. St A. Coupons and warrants payable at office of
on the Chistock and the no par common stock of the company were listed
Foreman-State Trust & Savings Bank, Chicago, or at any other designated
Sept. 9 1930.
cago Stock Exchange. Trading was begun on balance sheet and income Paying agency. Coupon certificates in interchangeable denominations of
The company this year submits a consolidated
$100, $500, $1,000 and $5,000 registerable as to principal only. Partiaccount for itself and its subsidiaries. The companies included are the cipating certificates are callable by lot, in part but not as a whole, on 25
*Federal Brilliant Co.
days' notice, at not to exceed 105 and int. but not less than 100 and int..
Federal Electric Co., Inc.
Federal Sign System (Electric) (Ill.) Federal Merchandise Co.
subject to the terms of the trust indenture. Participating certificates
*Henkel & Best Co.
have attached warrants for the payment, when declared, of extra distrbibu*Claude Neon Federal Co.(Del.)
nous from profits and other funds accumulated in the trust. Foreman*Claude Neon Federal Co.of Okla. *H. A. Best Lamp Co.
*Chicago Miniature Lamp Works
State Trust & Savings Bank, Chicago, trustee. First Diversified Bond
•The stocks of these companies are only partially owned by the Federal Depositor, Inc., depositor.
Each particpating certificate represents a proportionate ownership In
Electric Co., Inc., although it has more than a majority interest in them.
a unit
deposited with the trustee, said unit being subject to
In addition to these companies the Federal Electric Co.. Inc., has a sub- certain of bondspermitted by the trust agreement, together with all cash
The Claude
changes
stantial interest in the Able Sign Erectors, Inc., of Chicago, Claude Neon or other property held by the trustee for the benefit of the certificate
Co. (Del,) has a substantial interest in the
Neon Federal
a bond unit consisted of the bonds listed
Federal Co. of Kansas, Wichita, Kan., and the Claude Neon Federal Co. holders. As of May 25 1931
MAY 30 1931.]
FINANCIAL CHRONICLE
4067'
in whole or in part upon 30 days' notice at 105 and int. Company agrees
to refund on timely and proper application all State and District of Columbia personal property taxes not to exceed 6 mills on the principal or 634%
of the interest on these bonds per annum. Bank of Commerce. Memphis.
trustee.
Data from Letter of President A. J. Hoffman, Memphis, Tenn.
-Corporation has been organized in Delaware to
Business and Territory.
acquire in fee simple the physical properties of 6 companies engaged In
the production and sale of crushed stone, sand, gravel, rip-rap and limestone in the States of Arkansas, Kentucky, Tennessee and Mississippi.
The companies produce crushed stone and gravel for ballast for important
railroads in this section of the country, together with other railroad material and concrete aggregate. Included among present customers are the
Illinois Central RR., the Frisco Lines, the Missouri Pacific RR.,the Southern Railway, the Yazoo & Mississippi Valley RR., the Louisville & Nash'
ville RR., the Nashville Chattanooga & St. Louis By. the United States
Government and the Highway Departments of Kentucky, Tennessee,
Corporation has entered into a sales agreeMississippi and Arkansas.
ment with the Fischer Lime & Cement Co. of Memphis, Tenn., the largest
organization of Its kind in the lower Mississippi Valley. under which the
latter company has the exclusive distribution In certain territories for its
products, except sales to railroads and the U. S. Government. It is estimated that this agreement will utilize a substantial amount of the maximum
production of the corporation thus eliminating a large portion of sales costs.
These companies produced in 1930 approximately 1,300,000 tons of crushed
rock, sand and gravel. It is estimated that this production in 1931 will
be approximately 1,500,000 tons. The present combined capacity of the
plants is well in excess of 2,250.000 tons. Based on figures obtained from
the United States Geological Survey made In the territories served by the
various companies, it is estimated that these companies produced in 1930
approximately 90% of the crushed rock and about 95% of the sand and
gravel used in their immediate territory for commercial purposes. Plants
are located in a territory where it is probable the greatest amount of rail$25,000.
building and flood control work will take place in the
• Listed on New York Curb. All other issues In portfolio listed on New road and highway
immediate future.
York Stock Exchange.
•
Out
Authorized.
Capitalization-Listed on Chicago Curb Exchange.
Listed.
1st mtge. & leasehold 634% sinking fund gold
A$1,500,000
bonds, series
-Earnings.
Foote-Burt Co.
750.000
3
$750.000
Cony.
% debs.. due Mar. 15 1941 (closed)
For income statement for quarter ended March 31 see "Earnings De- Common stock (no par value)
75,000 shs.
x250,000 shs.
partment" on a preceding page.
x 45.000 shares reserved for the exercise of warrants accompanying
31 1931, amounted to $631,206 and current
Current assets as of March
outstanding 1st mtge. bonds and 75,000 shares are reserved for converliabilities $39,545.
sion of debenture bonds.
y Additional bonds may be issued subject to restrictions set out in the
Omits Dividend.
not to exceed 66 2-3% of the cost
The directors have voted to omit the quarterly dividend which would trust indenture for a principal amount
additional property acquired, but not
ordinarily become payable about June 15 on the common stock. On March or value (whichever is lower) of twelve months shall have been at least
last a quarterly distribution of 3234c. per share was made on this issue, unless earnings for the preceding
16
three times interest charges.
-V. 132, p. 2778.
as against 65c. per share previously.
-Secured by a direct 1st mtge. on the principal physical propSecurity.
-Earnings.
Foster & Kleiser Co.
ernes now being acquired and by a let mtge. leasehold on certain minor
1929.
properties and trackage rights. Richard K. Meade & Co., chemical and
1930.
1928.
1931.
Years End. Mar.31properties at a fair
$7,024,206 $7.735,458 $8,107.141 $8.181.227 industrial engineers, have recently appraised theseissue.
Gross income
value of $4.906,823, or 3.5 times the amount of this
Not profits before Fed.
1.205,361
784,738
1,400,090
215,692
the year ended Aug. 31 1930, the earnings available for
-For
Earnings.
taxes
Interest, depreciation, depletion and Federal taxes, of the constituent
Comparative Balance Sheet March 31.
by Ernst &
Properties to be acquired and operated, have been certified
1931.
1930.
1930.
1931.
Ernst at $318.518, or equivalent to 3.26 times maximum annual interest
Liabilities$
$
Assetsrequirements on this issue of bonds. Average earnings for the two years
100,000
396,516 Notes
185,583
Cash
Ernst & Ernst, but adjusted to give
861,039 Accts. payable.... 137,123
123.387 ended Aug. 31 1930, as certified byfrom three of the constituent plants
Accts.& notes rec. 772,118
378,312 Plant our. obligs.._
85,437
44,292 effect to sales prices for materialswere $371,080, or equivalent to 3.80
421,759
Inventories
under agreements now in effect,
Pay.on perin.impr.
Unexp.contr. with
interest requirements. Non-recurring
to leased prop-23.222
20,526 times such maximum annual bondfor the year ended Aug. 31 1930, and
adv't'rs (contra) 3,342,838 4,482,148
charges in the amount of $49,538
Prov. for Fed. inc.
Notes rec., long
in the amount of $39,691 for the year ended Aug. 31 1929. are Included
tax
45,244
22.205
25,300
86,500
term
14.393 Dividends payable
14,391
26,250
28,000 In the above figures.
Investments
12,348
3,788,966 3,928,406 Custs. credit bals_
-Proceeds from the sale of this issue of bonds, together with
Purpose.
22,825
Fixed assets
260,169 Miscall. accruals-50,094
53,879 the proceeds from other financing, will be used by the corporation for the
Deferred asseta..._ 242,861
6,108,935 6,053,617 Due to officers of
acquisition of the properties, plants and equipment of the companies
Leaseholds
company
103,953
entering into this consolidation, for working capital and for other corpoLong term nabs_ _ _
244.569
151,388 rate purposes.
Empl. corn, stock
-A detachable stock purchase warrant will be
Stack Purchase Warrants.
subscriptions
27,875
34,875 attached to each 81,000 bond of this issue, smaller denominations in proPreferred stock
1,394,700 1,429,600 portion, entitling the holder to purchase at his option at any time on or
Common stock..,. 6,085,750 6,085,750 before March 15 1941, at the price of $10 per share, 30 shares of the fully
Earned surplus
3,330.197 3.856,673 paid and non-assessable common stock of the company without par value.
Sure. det(contra) 3.342,838 4,482.148 The indenture will contain provisions designed to protect the stock purchase warrants against any issuance of common stock over the present
Total
14,989,656 16,419,844
14,989,656 16,419,841 authorized total. The board of directors of the corporation has agreed to
Total
declare immediately a quarterly dividend of 25 cents per share which is
-V.132. p. 3156.
equivalent to an annual dividend of $I per share upon the outstanding
--New Vice-President.
-Wheeler Corp.
Foster
common stock of the company beginning July 15 1931.
-Indenture provides for a semi-annual sinking fund based
Sinking Fund.
Harry Fothergill, Managing Director of Foster Wheeler, Ltd.(England).
controls the French and German companies of the Foster-Wheeler on earnings for the preceding 6 months' period ended Sept. 15 and March
which
-V.132, p. 2779.
15, respectively, beginning Sept. 15 1932. The amount will be calculated
Corp., has been elected a Vice-President of the latter.
at the rate of 20% of the net earnings of the corporation after payment of
-To Acquire Own Stock.
Foundation Co. (Foreign).
interest charges and Federal taxes, but before depreciation, depletion and
fund will be paid to
A recent amendment of the Delaware General Corporation Law makes it dividends. The proceeds of the semi-annual sinking
the indenpossible for the company to purchase shares of its class A stock out of the trustee within 30 days from close of period-a provision ofand retirean amount of its cap- ture authorizes the trustee to use these funds for the purchase
4mpital (provided it does not apply to such purchase
ital greater than the consideration received at the time of their issue for the ment of bonds in the open market or to call by lot at 105.
-All funds to be derived from the exercising of
Additional Sinking Fund.
shares so purchased) if the company's certificate of incorporation, which
deposited with
was drawn to conform with the law existing prior to the amendment, did warrants attached to the bonds of the corporation will be open market
the trustee for the purchase and retirement of bonds in the
not prohibit the use of its capital in the purchase of shares of its own stock.
a special meeting of stockholders for June 9 or callable by lot at 105.
The directors have called
Contract -Corporation has entered into a contract with the Fischer
to amend the company's certificate of Incorporation so as to permit the
years.
company to purchase shares of its own stock in accordance with the present Lime & Cement Co., Memphis. Tenn. for a period of 10 have theThe
ex'
-V. 132. P. 3894, 3536.
contract provides that the Fischer Lime & Cement Co. will
Delaware statute.
clusive sales rights in Memphis and Shelby County, Tenn., and it will
-Net Exceeding Dividend.
Freeport Texas Co.
requirements to meet its needs and (or) to supply its trade
purchase all its
special
The dividend for the first four months of 1931 was fully earned in that from the General Aggregates Corp., with the exception of two Fischer
the
period and the present rate of earnings is in excess of the $3 per share types of aggregates not produced by the corporation. Also, the account
President E. L. Norton reported to the Lime dr Cement Co. has the right and privilege of selling for
annual dividend requirements,
of the General Aggregates Corp. outside of Memphis and Shelby County,
directors at the regular monthly meeting held on May 23.
Corp.
The increase in the sulphur production tax from 55 cents to 75 cents a Within the territory served by the plants of General Aggregatesof this
ton just voted by the Texas Legislature, instead of the increase to $1.50 However, this shall not be exclusive. The terms and provisions to sale
a ton originally proposed, will affect the company's 1931 earnings to only contract do not apply to sales of ballast to railroad companies or
Government f.o.b. barges.
does not become operative
s nominal extent, as the law of the year shipments will until Sept. 1 and of materials to the United Statesprices for both parties and isFurthermore,
considered a
be made largely this contract is favorable as to
during the last four months
most advantageous factor.
stocks on which the smaller tax already has been paid.
from
Fischer Lime & Cement Co. is the largest unit of this character south of
While the company's sales this year have been smaller than in the
corresponding 1930 period, each month of 1931 has shown an increase over St. Louis and its plants and equipment are, in the opinion of competent
earnings," Mr. Norton said.
engineers, among the most complete in the country.
the preceding month both in sales and
x1931.
1930.
1929.
Substantial operating' economies have been effected which have not
Earnings$450,000
$375,000
fully reflected in our earnings statements," Mr. Norton stated, Adjusted operating profit
$367,000
yet been
97,506
97,500
and as seen as general business improves and our sales volume Increases, Interest let mtge. 614% bonds
97.500
48.750
48,750
48.750
gratifying increase in our earnings should result."
bonds
%
a
Interest debenture
Satisfactory progress is being made in the Development of the manganese Depreciation ($82,000 repair account
50.000
50,000
50,000
deposit in Oriente Province, Cuba, owned by the Cuban American Mandeducted from gross earnings)
30.360
21,360
20,400
ganese Corp., in which Freeport Texas Co. recently acquired a controlling Federal corporation tax
-V. 132, p. 3721.
interest.
$223,390
$157,390
$150,350
Balance
-Meeting Postponed.
75,000
75,000
Gardner-Denver Co.
75,000
Div.on 75,000 shs. no par com.at $1The directors' meeting due at this time for consideration of dividend
$148,390
$82,390
$75,350
been postponed until June 10.
Balance
action has
made regular quarterly distri- Earnings per share on core. stock...
$2.97
$2.09
$2.04
The company on Jan. 1 and April 1 last
stock, no par value.
-V. 132, p.
x Estimated by Richard K. Meade & Co.,industrial engineers, Baltimore.
butions of 40 cents each on the common
2400.
Pro-Forma Balance Sheet at the Beginning of Business.
-LtaMitties-25c. Dividend,
AssetsGardner Motor Co., Inc.
$25,000
$125,000 Accounts payable
approval of the stockholders, at a special Cash
directors,
750,000
The directore, subject to the have declared a distribution of 25 cents in Inventory
37.900 614% debentures
to be held on June 16,
meeting
8,680,117 let mtge.& leasehold 6%s---- 1.500,000
capital stock of the Detroit Aircraft Corp.,for each Permanent assets
1,125,000
cash and one share of
37,500 Stated capital
stock held, payable July 15 to holders Deferred assets
Co.
480.517
Capital surplus
10 shares of Gardner Motor 3894.
of record June 3.-V. 132, p.
$3,880.51
Total
$3,880.517
W. Total
-Bonds Offered.
-E.
General Aggregates Corp.
below, against which $25,000 principal amount of participating certificates
were issued.
Int.
Amount
Rate. Maturity.
Bonds,
Industrials1949
$1.000 American International Corp. convertible deben_ 534
1947
5
-year debenture
1,000 Chile Copper Co. 20
1949
534
1,000 Commercial Invest. Trust Corp. cony. deben
1940
6
1,000 Dodge Brothers, Inc. debenture
1949
534
1,000 *General Steel Castings Corp. let mtge. series A
1957
1.000 Goodyear Tire & Rubber Co. 1st mtge. & coll. tr_ 5
1950
1,000 McKesson & Robbins, Inc. convertible debenture 534
Railroads
1949
5
,000 Allegheny Corp. collateral trust convertible
1975
1,000 Chic. Milw. St. Paul & Poe. RR.Co. Mtge.ser.A 5
4%
1960
1,000 Chicago Rock Island & Pacific By. Co. cony.
1967
1,000 Erie Railroad Co. refunding and improv. mtge_ _ 5
1,000 Illinois Central RR. Co. and Chicago St. Louis &
5
1963
N.0. Jct. 1st refunding A
1952
1.000 Internat.-Great Northern RR.Co. 1st mtge.ser.A 6
5
1950
1,000 St. Louis-San Francisco By. Co. prior lien ser.
1977
534
1,000 West. Md. By. Co. 1st & ref. mtge. series A.
Utilities
1939
1,000 General Public Service Corp. cony. deben
1957
1,000 *Illinois Power & Light Corp. debenture
5
1966
1,000 Interborough Rapid Transit Co. 1st & ref. mtge
1955
1,000 International Telep. & Teleg. Corp. debenture._ 5
1956
1,000 *Nevada-California Electric Corp. 1st trust mtge_ 5
1954
1,000 *New Engl. Power Association gold debenture__ _ 5%
1955
1,000 New On. Pub. Serv., Inc. 1st & ref. mtge. ser. B 5
1950
5%
1,000 Niagara Share Corp. convertible debenture
1952
1,000 *United Light & Railways Co. debenture
5
1957
1,000 *West Texas Utilities Co. 1st mtge. series
f
-Patent on High Vacuum Tubes
General Electric Co.
Hays & Co., Louisville, Ky., recently offered $1,500,000 1st
mtge. & leasehold 6% s. f. gold bonds at 98M and int. Held Invalid by Supreme Court-Development of Langmuir
warrants).
than
Device Ruled to Have Been No More tubes,Skill in the Art.
(with common stock purchase
15 1941. Interest
Dated March 15 1931; maturing March deduction for Federalpayable
income
M.& S. at the office of the trustee, without
Denom. $1,000, $500 and $100 c*. Redeemable
tax not in excess of 2%.
acknewledged to be the
The patent covering high vacuum radio
type universally used in radio receiving sets, was declared invalid on May
25 by the Supreme Court of the 'United States.
4068
FINANCIAL CHRONICLE
The validity of the Langmuir patent, No. 1558436, owned by the
General Electric Co., had been contested by the De Forest Radio Co.,
charged with infringement of the patent.
The Court concluded, in an opinion by Mr. Justice Stone, that the production of the high vacuum tube, in view of the prior art which included
contributions of Dr. Lee De Forest, resulted only from skill of those practiced in the art and did not constitute invention, and therefore was not
patentable.
Explaining the claims for the high vacuum tube, the opinion explains
that they cover methods "of creating the high vacuum by freeing the tube
of occluded gas by heating tubes and electrodes and by electronic bombardment, at the same time evacuating the tube of air or gas by approved
methods."
"It suffices to say," the Court concluded, "that an examination of the
prior art discloses that long before the earliest date claimed for Langmuir,
the necessity of removing occluded gas from tubes or other electrical discharge devices in order to produce a high vacuum, and the methods of
doing it, were known, as was the procedure for construction of the high
vacuum tube by expelling occluded gas while evacuating the tube."
While high vacuum was an effective means of producing in the old tubes of
the art the stable current which could not be produced "In the presence of
ionization," according to the opinion, there was no suggestion of the discovery "of a scientific truth that essentially different principles control
the discharge in low vacuum tubes from those which operate in high."
Granting a difference between the low vacuum and high vacuum tubes,
the Court declares: "It is no more than the scientific explanation of what
LilMeld and others knew, before Langmuir, of the effect of the high vacuum
on the discharge, and the methods and devices for procuring the vacuum.
It is method and device which may be patented, and not the scientific explanation of their operation."
Receives Large Order.
-V.132, p. 3157, 2400.
See Pennsylvania RR. under "Railroads" above.
-Earnings.
General Box Corp.(& Subs.).
1930.
$16.084
146,619
31,034
1929.
$615,296
205,021
39,508
1928.
$421,763
128,788
33,498
Net income
loss$14,568
Preferred dividends__ _ _
85,155
$370,767
136,524
$259,482
92,008
Balance,surplus
loss$99,723
Profit on cap.stk. purch.
$234,243
$167,474
Total surplus
Previous surplus
$234,243
515,189
$167,474
347,715
Calendar YearsOperating income
Deprec. & depletion- _ -Interest
def.$99,723
749,431
Profit & loss surplus... $649,708
$749,431
$515,189
Shares of common stock
140,005
53,260
outstanding (no par)140,005
Earned per sh. of com_ _
$1.49
$1.67
Nil
Balance Sheet Dec. 31.
Consolidated
1930.
AUtta1929.
1930.
Cash
$65,257 $177,131 Notes payable-- $100,000
Accts.receivable
40,563
490,232 Accounts payable.
298,363
Notes receivable- _
30,474
14,960 Accruals
29,130
Inventories
841,241 Tax reserve
571,224
Prepayments
26,240 Preferred stock..-- 2,573,700
29,090
Deferred charges._
13,253 Common stock-- x700,025
16,771
Investments
4,471 Capital surplus-- 150,059
4,451
Empl. say. at stk.
P.& L.surplus-- 649,708
84,285
participating_ _ _ 273,716
274,111 Purchase contract.
Fund,debt ofsubs.
Land, bldgs., ma30,000
chine & equip_ _ y1,949,973 1,953,112 Subs. say. & stock
40,864
participating__
Timber & timber
37,055
lands
185,508 Res. for coating_ _
169,124
Leaseholds
30,603 Subs.' R.E. mtge.
29,633
Excl. territory license, g'dwill &c 1,000,000 1,000,000
Treasury securities
11,915
1927.
$222,665
141,203
at the close of the previous period and at the corresponding time a year ago.
The reduction in earnings compared with a year ago reflects the business
trend existing during the period under review. Comparison of the corporation's earning position with respect to reduction in volume demonstrates that reduction in operating expense bears a favorable relationship
to reduction in volume. It is gratifying to be able to state that in all
probability the relationship between earnings of the second quarter with
those of a year ago will show a much more favorable comparison than that
of the first quarter.
The corporation has enjoyed, during the period, a larger percentage of'
the existing business than in previous years. This reflects a favorable
attitude on the part of the public toward its current products.
For income account for 3 months ended March 31 1931 see
"Earnings Department" on a preceding page.
Condensed Consolidated Balance Sheet.
AssetsMar. 31 '31.
Cash
$128,966,753
U. S. Government securities
44,035,047
Other marketable securities
6,131,314
General Motors Management Corp.serial6%
debenture bonds
7.000,000
Sight drafts with bills oflading attached,and
C.O.D. items
10,838,850
Notes receivable
3,622,124
Accts. receivable and trade acceptances
x34,998,718
Inventories
139,940,938
Prepaid expenses
3,424,065
Investments in subsidiary and affiliated companies not consolidated
209,553,224
General Motors Management Corp. serial
6% deb. bonds,due subsequent to 1 year....
_
36,000,000
General Motors Corp.capital stocks
y4,251,581
Real estate, plants and equipment
615,757,608
Deferred expenses
20,199,184
Good-will, patents, &c
51,981,334
Dec. 31 '30.
$145,713,657
33,037,728
285,691
7,000,000
6,707,616
3,587,080
28.965.096
136,298,891
3,221,742
207,750,258
43,000,000
12,019,632
614,030.329
22,246,234
51,949,115.
Total
$1,316.700,740 $1.315,813,059
Liabilities
Accounts payable
$33,497,863
$26,975,871
Taxes, payrolls and sundry accrued items_ _ _
17,915,048
23,199,767
U. S. and foreign income taxes
16,452,684
17,013,276
$23,413 Employees savings funds, pay. within 1 year
9,926,291
12,142,369
63,045 Contractual liability to General Motors Management Corp
1,595,000
8,170,558
$86,458 Accrued dividends on preferred capital stock
1,562,603
1,562,738
261,257 Re,s. for deprec, of real est., plants & equip_
226,811,477
218,656,021
Reserve for employees investment fund_ _ _ _
2,110,435
7,995,013
$347,715 Reserve for employees savingsfunds, payable
subsequent to one year
33,875,395
32,326,509
53,260 Reserve for sundry and contingencies
4,863,082
5.809,981
Nil
$5 preferred stock (shares of$5 series)
187,536,600
187,536.600
Common stock
z435,000,000
435,000,000
Pref,stock of subsidiary in hands of public
443,800
443.800
1929.
344.265.275
339,825,743
$453,950 Surplus
104,166
Total
$1.316,700,740 $1,315,813,059
34,969
x Less reserve for doubtful accounts of $1,789.364 in 1931 and $1,599,419
19,564
2,573,700 in 1930. y Held in treasury for corporate purposes (in 1931,82.928 shares
700,025 common, 11,106 shares $5 series no par preferred). z Represented by
150,059 43,500,000 shares at $10 par value.
749,431
To Increase Capacity of Saginaw Division.
96,285
Work
44,400 malleablewill start at once on an addition to the corporations' Saginaw
Iron division to increase the annealing capacity to balance the
26,173 existing moulding and pouring capacity of the plant. The addition will
37,055 increase the maximum annealing capacity 40 to 50% for the castings now
33,000 being produced by the foundry.
$81,462
58,049
Total
Total
$4,436,733 $5,022,777
$4,436,733 $5,022,777
x Represented by 140,005 shares of no par value. y After reserve for
depreciation of 2967.142.-V. 131, p. 2072.
-Rights.
General Leather Co.
The stockholders of record June 1 will be given the right to subscribe
on or before June 11 to additional shares at $7 a share at the rate of one
share for each three held. This offering is to provide additional working
capital.
-V. 132. p. 2594.
-Earnings.
General Paint Corp.
-Dec. 31-1928.
Years EndedNov. 30'30. 1929
Sales, less returns and allowances-- $4,969,909 $7.006,468 $6,396,563
812,969
1088131.438
624,079
Profit from operations
66.418
41,785
92,488
Income credits
$879,387
$716,567
loss$89,653
Gross income
177.302
124,944
Depreciation & maintenance
Income charges, incl. Fed. taxes St
159,109
177,134
116,985
non-recurring charges
Applicable to minority interest of
34,629
15.866
subsidiary companies
$539.432
$508,347
Net income available for diva-1°688347,449
160,000
In 242
Class B shares outstanding
170,785
$2.01
$2.37
Nil
Earnings per share
Comparative Balance Sheet
480
31
Nov.30'30. Dr8 :85
. 29.
AssetsDee.31'29. LiabilitiesNov. 30'30.
$500,000
Cash
Notes payable$108,608 $10
112,457
-trade 153,177
Notes & accts.rec. 856,147
858,044 Accts. pay.
79,148
79,638
-other
Inventories
1,256,023 1,755,703 Accts. pay.
51,754
21,153
Other curr. assets_
18,386 Fed, income tax79,058
56,621
268,883 mortgages payable
52,032
Investments
284,217
Rea. for royalties,
Employees'subser.
19,152
5,573
to capital stock_
&c
7,021
1,801
73,918,077 3,971.247
Freight claims_ _10,633 Capitalstock
10,980
Def194,169
317,896
Land, buildings,
Surplus
mach equIP•oicx1,646,650 1,706,303
,
Patents, &o
74,000
75,205
Deferred charges
296,346
216,302
$4,534,e91 $5,097,615
Total
$4,534,991 $5,097,615 Total
x After depreciation of $585.621. y Represented by 80,000 shares
cum. cony. class A stock and 170,785 shares of class B stock (no par).
-V.130. P. 4250.
-Quarterly Report.
General Motors Corp.
[VOL. 132.
Frigidaire Corp. Manufacturing Schedule Increased.
-
June manufacturing schedule of Frigidaire household models has been
raised 33% in response to growing retail sales. This also represents a
33% increase over the corresponding schedule for June 1930. Frigidaire
May business, it was announced on May 21, continues encouraging following a 77% increase in April retail sales of the household division. Total
orders booked during that month were nearly double those for the throe
preceding months combined.
-V. 132. p. :3722.
General Rayon Co., Ltd.(& Subs.).
-Earnings.
-Calendar YearsNet sales
Cost of sales, adminis. & general expenses (net)..
Interest on 20
-year 6% gold deb.,series A
Amortization of bond discount
Income tax
1930.
1929.
$6,162,200 $7.167,529
5,392,594 6,172,613
300.100
312,188
21,301
21,729
64,624
35,416
Net profits
$383,580
$625,584
Balance, Jan. 1
614,969
383,335
Sundry direct credits (net)
Dr.21,261
738
Total surplus
$977,289 $1,009,657
Divs. paid on 7% cum. preferred stock
394,688
Balance Dec. 31
-ftI3 2 694;
$614,969
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets
$
Liabilities$
$
Cash
367,452
361,964 Accts. pay.& accr
Notes & accts. rec.. 1,488,358 2,021,132 liabilities
677,807
915,061
Italian Gov.& oth.
Other liabilities-- 1,183,983 1,150,829
securities
1,074 Armed. cos. accts. 705,110
9,835
414,536
Inventories
2,187,126 1,857,368 Adv. pay. on new
Long term reo. Incapital stock of
vest., & miscall.
Society Generale
Investments__
893,046 ItallanadellaVis1,232.453
Invest. in assd. cos 980,956
cosa
937,676
200,842
Other assets & de20-yr.6% gold deb 4,985,000 5,085.000
ferred charges-- 458,595
692,264 Preferred stock._ 5,590,700 5,638.400
Land, bldgs.,mach
Common stock-- :497,925
498,425
& equipment_ _ _13,698,081 13,549,915 Initial surplus
5,997,220 5,997,220
Earned surplus- -- 584,269
614.969
Total
Total
20,422,858 20.314,441
20,422,858 20,314,440
Note.
-In stating the accounts of the Societe Generale Italians della
Viscose and its subsidiaries in dollars, lire have been converted at the official rate of stabilization of lira, 19 lire per dollar.
x Represented by 397,925 no par class A shares and 100,000 no par class
shares.
-V. 130, p. 4616.
General Steel Wares, Ltd.
-New Officer.
-
G. K. Shiels has been elected Vice-President and Assistant General
Alfred P. Sloan Jr., President, says:
-V. 132, P. 3537.
Net earnings of corporation, including equities in the undivided profits Manager,and Alex J. Clark, as General Sales Manager.
consolidated, for
or the losses of subsidiary and affiliated companies not
General Stockyards Corp.
-Earnings.
the first quarter ended March 31 1931, amounted to $28,999,409. This
compares with $44,968,587 for the corresponding quarter a year ago.
Calendar Years1930.
1929.
After deducting dividends of $2,343,569 on the pref. stock, there remains Dividend revenue
$451.946
-Common stocks
$489,140
Preferred stocks
$26,655,840, being the amount earned on the common stock outstanding.
22,500
19.500
stock as compared Interest revenue
This is equivalent to $0.61 per share on the common
5.333
5,722
with $0.98 per share for the first quarter of 1930.
Total revenue
$516,974
Cash, U. S. Govt. and other marketable securities at March 31 1931
$477,168
11,488
amounted to $179,133,114, compared with $179,037,071 at the close of Expenses
14.074
2,683
5,653
the previous quarter, Dec. 31 1930, and with 3125,814,939 a year ago. Taxes
Net working capital at March 31 1931 amounted to $292,723,601, com$502,802
Net income
$457,442
pared with $281,037,636 at Dec.31 1930 and with $267,791,541 a year ago.
501,217
400.775
For the three months ended March 31 1931 General Motors dealers in Surplus, beginning of year
the United States delivered to consumers 231,881 cars, compared with
$1,004,019
Total surplus
$858,217
286,690 cars in the corresponding period of 1930.
161,552
165.000
Sales by General Motors manufacturing divisions to dealers in the $6 dividend convertible preferred stock
192,000
240,000
United States amounted to 255,997 cars, compared with 323,443 cars in Common dividends
the corresponding three months of 1930. Total sales to dealers, including
Balance surplus
$501.217
$602.468
Canadian sales and overseas shipments, amounted to 304,547 cars, comPaid in
356,296
pared with 368,635 cars in the first quarter of 1930.
356,296
246 171
144.920
From the above it will be noted that the financial strength of the cor- Earned
$b.83
.
poration at the close of the period bears a favorable relationship to that Earnings per share on 64,000 shares corn.stock_
$4.57
MAY 30 1931.]
4069
FINANCIAL CHRONICLE
Cash on hand is now in excess of $4,000,000. against $3.400,000 at the
Balance Sheet Dec. 31.
end of 1930. Inventories which were reduced from $4,000,000 to around
Assets1930.
Liabilities1929.
1930.
1929.
Inv., corn. stock.s_$4,160,321 $4,119,526 Preferred stock-b$2,475,000 $2,475,000 $1,000,000 last year, are being maintained at the low level.
The corporation is now planning to bring its new stocking, known as
Inv., pref. stocks_ 148,954
186,192 Common stock_ __c1,408,297 1,408,297
which is expected to
Cash
155,373
87,474
73,250 the Gotham "adjustable," into a lower price range, is so made as to fit
157,698 Dividends declared
Treasury securities al11,274
Tax liability
2,683
5,653 Increase sales still more. The new product, which
-V.
any length leg, has been meeting with excellent consumer demand.
Paid in surplus_ .. _ 356,296
356,296
144,921 132, p. 1426.
Earned surplus_ _ _ 246,172
Total
$4,575,922 $4,463,417 Total
$4,575,922 $4,463,417
a Represented by 1,184 shares pref. stock reacquired. b Represented by
27,500 shares, no par value. c Represented by 64.000 shares, no par value.
-V. 132. p. 2594.
General Theatres Equipment, Inc.
-Accounting Sought.
Globe Automatic Sprinkler Co. of the U.S.(& Subs.).
Calendar Yearsx Net income
Divs.on sub.co. pref.stk
Divs.on class A com_ _ _ _1
Divs.on class B corn--- -
1930.
$7,643
y
1929.
$201,663
33,558
99,890
29.967
1928.
$241,526
33,558
99,890
59,934
1927.
$243,834
33,558
99,890
59,934
On the allegations of William Fox,as half owner of the stock of Grandeur,
$50,452
$48,144
Inc. a holding company for the stock of the Mitchell Camera Co.. and
$38,248
$7,643
Surplus
of Patents of motion and talking pictures, that the General Theatres Earns, per sh. on 39,956
$5.26
$5.20
$4.21
Nil
Equipment Corp., owner of the other half, has taken over the control of
shs. cl. A stk.
(no par)_
the company and refuses to account to him,Supreme Court Justice Ingraham
x After deprec., amortization of patents & license contracts, taxes, &c.
signed an order May 26 directing all persons interested to show cause on
y Discontinued dividends on all classes of stock after Feb. 1 1930.
July 6 why the corporation should not be liquidated and the assets disConsolidated Balance Sheet Dec. 31.
tributed.
-V. 132, p. 3874.
1929.
Liabilities1930.
1929.
Assets1930.
Secur, by customer
Cash and working
General Vending Corp. (8c Subs.).
-Earnings.
notes & accts__ _$1.000,000 $1,550,000
$244,284 $281,581
funds
Earnings for Year Ended Dec. 31 1930.
22,800 Secur. by co's stock
22,800
Marketable secur_
Total operating income
17.625
91,914,023 Notes & accts. rec.
for employ.subsc
Cost of supplies sold and operating expense
Unsecured notes dc
1,561,585
assign,as coll. for
25,000
liquid, of loans- 1,150,827 1,619,780 accounts
Net profit from operations
$352,438 Notes & accounts
Accounts payable,
Other income credits
326,927
117,457
24,014
rec.(not assign.) 744,289 1,208,953 trade creditors
99,425 Divs, pay. on class
46,213
Uncompl. contract
Gross income
11.666
21.731
$376,452 Inventories
310,465 ' A com. stock_ _ _
276,759
Bond interest
212,565 Accts.receivable
Accr. wages,taxes.
138,735
Miscellaneous interest expense
60,545
commissions, &c
14,006
150 Claim for recov. of
Discount allowed
60,000
2,067
Federal taxes
loss on U.S.Navy
Provision for uncollectible accounts, less recoveries
69,043
31,466
9,332
30,000 Uncompl. contract
30,000
contract
Miscellaneous
47,518 Stim.of other corps 139,850
138,850 Unearned. finance
Executive and administrative interest and expenses "inter-co."_
126,083
86,002
307,705 Property
345,410 charges & int_x308,837
Depreciation of equipment and amortization of leaseholds
7% cum. pref.stock
633,366 Patents and license
Amortization of patents and development expenses
474,000
474,000
3,368
86,506 (subs. co.)
66,120
agreement
Amortization of organization expenses, &c
6,852 Goodwill
152,000 Class A cum. com _y1,198,680 1,198,680
152,000
Amortization of bond discount expenses
61,355 Deferred chargee-30,071 Class B non-cum.
17,665
431,274
z370,039
corn, stock
Net loss
$907,823
Loss Jan. 1 1930
950.105
3,338 381 $4.325,843
Total$ .
$3,338.381 $4,325,843 Total
Adjustments of reserve for amortization of patents
1.605
x After depreciation of $581,248. y Represented by 39,956 shares (no
Expense adjustment applicable to prior period
2,718
.-V. 130. D. 4426.
shares (no liar)
Tax adjustment on tax-free covenant bonds
2.006 Par). z Represented by 59.934
Adjustment of E. E. Bowling account
1,200
-Exchange Offer.
"Write off" portion of experimental expense
Great Lakes Laundries, Inc.
8,987
"Write off" gum and life saver machines to $60,000 value_
181,159
Baxter Laundries, Inc. at their executive offices in Grand Rapids.
"Write off" organization expense
4,275 Mich., is offering to make a direct exchange on a par and accrued interest
"Write off" sundry accounts receivable
2,474 basis of its first mortgage and collateral trust 6;i% sinking fund gold
bonds, series A, due Jan. 1 1938, for Great Lakes Laundries first mtge.
Total deficit
$2.062.352 10
-year 634% gold notes, series A. due April 15 1937.
Income applicable to prior period
750
Comparative Income Account.
Adjustment of deprec. on "A" type and dial scales, applicable
Dec. 27'30. Dec. 28'29. Dec. 29'28.
52 Weeks
to prior periods
109,418 Net sales Ended
$1.003,175 $1,483.691 $1,449,135
Inventory adjustment applicable to prior period
8,729 Operating costa and expenses, excluAccrued insurance adjustment applicable to prior period
2,590
1,179,738
1,281.550
924,216
sive of depreciation
10,142
3.368
6.344
Other deductions, less other income
Total deficit Dec. 31 1930
$1,940,865 Depreciation
65,549
52,338
Capital surplus-revaluation of tangible assets
262,998
$213,690
$126,448
6 64
$3 9
784
Profi available for interest
Total net deficit
$1,677,866 Interest paid
$50,848
$49,110
$47,375
$4.21
$2.57
$0.08
Consolidated Balance Sheet Dec. 31 1930.
Number of times interest earned---W Liabilities
-V. 124, p.3359.
AssetsCash
$77,025 Trade accounts Payable
$44,821
Notes receivable
13,900 Other accounts payable
Goulds Pumps, Inc.-Earnings.
1,739
Trade, less allowances for
Bank overdraft
1927.
1928.
1929.
816
1930.
Calendar Yearst• doubtful accounts
43,809 Interest on bonds accrued__ 87,975 Net earns,after all chgs.,
Officers and employees, ft
7,090 Salaries and wages accrued_$171,367
$137,537
$126,327
1,692
incl. deprec.& all taxes loss$98,028
Other accounts receivable
25,077 Other accruals
52,325
52,325
52,325
1,670 Preferred dividends__ - _
52,325
Accrued sects receivable_ - 3,451 Acc'ts & notes pay. to MM.cos. 2,875,916 Common dividends
59,800
59.800
59,800
59,800
Inventories
126,777 6% 10-yr. s. f. gold bonds_
3,715,000
Investment in short term marSemi-Electric Scale Co
$59,242
$25,412
$14,202
14,200
defS210,153
Balance, surplus
ketable securities-Cost---- 147,610 Reserve for fire and theft ins
40,060
Balance Sheet Dec. 31.
Awls rec. from atIll. cos____ 1,097,001 Deferred credits
358,169
1929.
1930.
Liablittfes-1929.
Assets1930.
Cash in closed banks' Preferred stock
3,300,000
Cash
$435,716 $505,206 Common stock--_ z$747,500 $747,500
x4,752,079 Common stock
'
Property
y398,293
747,500
cum.stk. 747.500
Pref. 7%
Intangibles
2,355,659 Total net deficit
1,677,866 Notes & accounts
626,531 Ace'ts pay., accr.
receivable
464,058
Deferred charges
507,804
184,702
1,171,375 comm.,int., &c. 134,281
1,080,838
Inventories
28,031
28,031
30,314 Dividends payable
30,831
Total
$9,158,485 Total
$9,158,485 Miscall, investmls
873,469 Provision for State
x After reserve for depreciation, amortization and write-off of $3,944,624 Property
. Prepaid expenses_ 846,148
15,203
5,947
franchise tax-58,151
y Represented by 365,620 no par shares.
-V. 129. p. 1292.
21,323
Reserves
1,252,483 1,462,635
Surplus
German-American Tobacco Co.
-Organized.
-
Company was incorporated in Delaware May 20 1931. In connection
Total82.915,741 $3.206.824
$2,915,741 $3,206,894 Total
with the organization, the Boston "News Bureau" says: The company has
-V. 132. D. 2001.
x Represented by 7.475 shares.
been formed by Ery Kehaya, President of Standard Commercial Tobacco
Co., and associates. It plans to manufacture American type cigarettes
-Changes in Personnel.
Sugar Co.
in Germany, and is capitalized with $10,000,000 preferred and 3,000,000
Great Western
no-par common shares. It is expected to take over Werkhof Cigarette
w.L.Petrikin,formerly President, has been elected Chairman, and W.D.
factory at Bremen, now owned by Standard Commercial Tobacco Co.
made President. Mr. Lippitt
been
"The cigarette industry in Germany is in its primary stages, and we UPPitt, formerly Vice-Presideti, has -V. 132, p. 3722, 3537.
Manager.
confidently expect a development there comparable in a way, the remark- will also continue as General
to
able growth of the cigarette industry in the United States. Mr. Kehaya
-Earnings.
Grief Bros. Cooperage Corp.
said.
For income statement for six months ended April 30 see "Earnings De"At present Germany consumes cigarettes made of Oriental tobaccos
-V. 132. p. 2002.
almost exclusively. A somewhat similar situation existed in the United partment" on a preceding page.
States years ago, but to-day consumption here is almost entirely of the
-Earnings.
blended type. Through the German subsidiary of Standard Commercial
Gruen Watch Co.
Tobacco Co. we shall acquire successful brands of cigarettes made of all-Calendar YearsYear Ended
Oriental tobacco. The brands we shall maintain and develop fully. We
1928.
1927.
'31. Mar.31 '30.
shall also establish brands similar to the American brands."
Net irof.,c hgs., sedu Mar31
aupnt after dtateck
$552,229
-Defers Dividend.
$5 8136
6 46
5
2
Giant Portland Cement Co.
$481,519
$332,675
county taxes
60,141
40,066
33,427
The directors have voted to defer the semi-annual dividend of 3
Federal income taxes
due June 15 on the 7% cum. pref. stock, par $50. The last regular
$492,088
$441,453
$.483,889
$299,247
tribution at this rate was made on Dec. 15 1930.-V. 132, P. 1042.
Net profit
356,800
438,692
372,899
366,208
Dividends paid
Gillette Safety Razor Co.
-United Cigar Stores Co.
-See latter company below.
Brings Suit For $7,000,000.
-V. 132, p. 3895.
Glidden Company.
-Earnings.
-
$127,089
$119,189
$2,760
loss$66,960
Balance, surplus
She, of corn, stock out117,786
120,748
93,407
113,663
standing (no par value)
$2.49
$2.97
$3.68
$1.42
Earnings per share
March 31.
Comparative Balance Sheet
For income statement for six months ended April 30 see "Earnings DeLiabilities1931.
1930.
1930.
1931.
Assetspartment" on a preceding page.
$337.989 $505,451 Notes payable--- -$2,705,000 81,825.000
Commenting on the first half year's report, President Adrian D. Joyce Cash
62,995
69,674
Notes & accts. ree_ 2,634,935 2,235,243 Accounts payable_
stated:
40,067
33.427
3,277,725 2,761,443 Federal Income tax
"This period usually represents the poorest portion of our business year Inventory
28,333
30,554
72,982 Accrued expenses_
75,639
conditions were much worse than usual because of the slow Merchandise prepd
and this year
7% preferred stock 2,000.000 2,000,000
Investment in sub.
business in the automobile industry and in other industrial lines.
and other plants 1,221,117 1.272.761 Common stock___y3,013,450 3,018,700
"Our company made the turn in March and for April our profits amounted
320,720
446,358 Paid in surplus_ _ - 317.370
442,357
to $186,872 after all charges. Business for May is going along at a good pace Fixed assets
540,196
Undivided profits- 473,236
and indications are that during the last six months of our year the company Deferred and pre- 312,493
363.830 Burp. arising from
paid Items
preferred dividend forentire year, but will undoubtedly
will not only earn its
50,060
50,060
Treasury stk., prat x20.4.'01. 128,001 appraisal
earn a fair return on the common stock.
"Our inventory as of April 30 shows a reduction of $3,081,649 and our Treasury stk., corn x270,065l 100,000
prices now prevailing. During the first six Watch models__ __ 100,000
inventory costs are at the low
1
1
months of our year we succeeded in shaping up our business so that a good Good-will & pat'ts
profit can be realized on the present volume of business. Reports from all
$8,692.773 87,886,072
$8,692,773 $7,886,072 Total
Total
divisions of our business indicate that conditions are steadily improving."
x At cost. y Represented by 120,527 shares (no par) and includes 6,864
-V. 132, p. 3157.
1428.
-V. 131,
shares in treasury.
Hosiery Co., Inc.
Gotham Silk
Dividends.
-
-Earnings Cover Pref.
President S. E. Summerfield states that earnings in the first four months
of this year after all charges are more than sufficient to cover $7 preferred
dividends for the full year. The first quarter is normally the poorest
period of the year.
-Extra Dividend.
Guaranty Co. of North America.
The directors have declared an extra dividend of $2.50 per share and
the regular quarterly dividend of $1.50 per share on the capital stock,
par $50, both payable July 15 to holders of record June 30. Like amounts
-V. 132, P. 1814.
were paid on an. 15 and on Apr. 15 last.
4070
Hamburg-American Line.
-Earnings. Cal. Year8.11n German Reichsmarksj
1927.
1928.
1929.
1930.
Gross revenue
55.147,558 59,587.789 59,696.620 49,462,109
Expenses, taxes, &c-....._ 19,472,469 24,879,200 22.165,135 13,862,331
2.956,947
Loan interest
2,848,852
2,585,848
2.318,260
Net revenue
33,356,821 32,122,742 34,682,632 32.642,831
Suggested Distribution
Res. for deprec. of seagoing vessels and aux1111ary craft
23.785,301 19,903,197 22,056.328 19,944,121
Res. for realty blelgs.,
624,776
1,065,000
658,240
757,252
plants, &c
Transfer to real estate
30,000
tax reserve account_
Bonus to members of
443,918
361,291
361,291
214.256
board of supervisors
Div.In Rm,160.000,200 9.600,012 11,200,014 11.200,014 11,600,016
Balance Sheet Dec. 31.
(Figures in German Reichsmarks.]
1929.
1930,
Lfabflitirs1929.
Assets1930.
Capital stock---160,000,200 160,000,200
Seagoing vessels,
100,000
100,000
331,613,000 279,447,532 5% let pref.shs.
tugs, &c
1,000,000
6% 2d pref. shin 1,000,000
Install. paid on
270,000
270,000
23,164,982 4% 3d pref.shs,
shit buildings
Cash
11,734,398 22,844,773 Reserve fund-- 18,235,000 18,235,000
Bills in hand-- 243,081 Real estate acq.
270,000
270,000
reserve sect-Investments in
24,204,527 Special res. fund 25,250.000
subsidiaries
Pre-w ar bds.,&c 1,332,800 1,152,000
Investments in
291,350
781,842 Bonus sharesother cos_ -__ 25,599,676
,
64% dollar loan 21,000,000 23,100.00
Real estate bldgs,
and plant____ 13,217,447 10,795,145 Long-term obli115,468,228 117,723,305
gations
11,578,343 4,881,476
Stores
Debtors
8,881,131 13,294,091 Drafts of overseas agencies.
505,179
&o
Unfinished boyaxe accts.__ 35,007,312 34,271,327
15,090,444 11,325,943
Creditors
9,600.012 11,200,014
Dividend
13,110
Inton bonus she
Total
402,623,997 379,457,431
-V.131, p. 3716.
[voL. 132.
FINANCIAL CHRONICLE
Total
402,623,997 379,457,431
Hamilton Mfg. Co., Two Rivcrs, Wis.-Bonds Offered.
An issue of $1,250,000 1st (closed) mtge. 6% sinking fund
gold bonds was offered in April at 100 and interest, by
Marshall & Ilsley Bank, Morris F. Fox, Edgar Ricker &
Co., and Milwaukee Co., Milwaukee, Wis.
-Earnings.
Hawley Pulp & Paper Co.
Earnings for the Year Ended Dec. 31 1930.
Gross profit
Depreciation & amortization
Bond interest,discount & expense
Provision for Federal income & State excise taxes
$663.372
281,893
165,216
38,913
Net profit for year
Earned surplus at Dec. 31 1929
Additional provision for Federal income taxes for prior years-
$177,349
215,673
Dr.23,749
$369,272
140,000
Total surplus
Dividends declared on 1st preferred stock
' $229,272
Earned surplus at Dec. 31 1930
Balance Sheet Dec. 31 1930.
Assets
Liabilities
$225,829
Cash
5125,308 Accounts payable
74,415
Accounts & notes receivable- - 153,756 Bond interest accrued
Inventories
941,051 State and county taxes accrued 143,878
90,500
Invest. in stocks of other cos._
49,566 Prey,for Fed.inc.& State tax.
35,000
Plant sites
841,840 Dividends payable
Water rights
329,500 Note payable due July 11934-. 500,000
Water right leases, less arson. 221,842 Reserve for employees' hospital
18,506
131dgs., mach. & equipment_ _y4,428,589
fund
-year sinking fund
2,108,838 let mtge. 20
Timberlands
2,384.500
7,666
Leasehold of magnesite prop
6% gold bonds
4,116,092
Deferred charges to operations 225,532 xStated capital
1,415,494
:Initial surplus
229,272
'Earned surplus
$9,233,286
Total
Total
$9,233,286
x Represented by: 20,000 shares of 1st preferred stock (no par value)
cumulative as to dividends at the rate of $7 per share per annum. which
have been paid to Jan. 1 1931: 8,000 shares of 2d preferred stock (no par
value) cumulative as to dividends at the rate of $6 per share per annum,
on which there are accumulated unpaid dividends amounting to 5144,000;
and 200,000 shares of common stock (no par value.) y After reserve for
depreciation of $875,453.-V. 132, p. 2595.
-Special Extra Dividend.
Hazel-Atlas Glass Co.
The directors have declared a special extra dividend of 25c. Per share
in addition to the usual extra dividend of 25c. per share and the regular
quarterly dividend of 50c, per share, both payable July 1 to holders of record
June 18. The company on both Jan. 2 and April 1 last made the usual
-V. 132, P. 3537.
extra distributions of 25c. per share.
-Earnings.
Hinde & Dauch Paper Co.
1930.
$201,825
Calendar YearsNet profits
Balance Sheet Dec. 31.
1929.
Assets1930.
Cash
$34,690 Current liabilities_
$39,813
315,648 1st mortgage bonds
Receivables
178,644
481,523 Capital stock
642,684
Inventories
98,225 Earned surplus..-..
Investments
9,822
30,000 Appraisal surplus_
Mtge. installm'ts _
Call loans
75,000
5,429
Sinking fund
5,721
Deferred charges
45,929
28,857
Mortgage
60,000
Real estate, &c.
-x3,910,415 3,954,219
1929.
$434.261
1929.
1930.
$300,557 $385,470
1,425,000 1,458,000
1 1941. Principal and int. (A. & 0.)
Dated April 1 1931; due April
1,088,853 1,088,853
payable at Marshall & Ilsley Bank, Milwaukee, Wis., trustee. Interest
1,252,482 1,240,642
payable without deduction for normal Federal income tax now or hereafter
890,626
784,136
excess of 2%. Callable, in whole
lawfully deductible at the source, not in
or in part, on any interest date upon 30 days' notice, at a premium of
fraction thereof intervening between the date of
of 1% for each year or
redemption and the fixed maturity of the bonds redeemed. Denom.
$500 and $1,000 Cs.
Data from Letter of Pres. Geo. S. Hamilton,Two Rivers, Wis.
54,831,010 55,063,593
History and Business.-Tho business of the company has been in sucTotal
Total
$4,831,010 55.063,592
cessful operation for 50 years. Company manufactures a complete line
x After reserve for depreciation of 51,032,347.-V. 130. p. 2038.
of type cabinets, furniture, wood type, and other equipment for newspapers and printers; also dental, drafting room, optical and school room
-Dividend Reduced.
Hercules Motors Corp.
furniture and equipment. It also manufactures, in a minor way, filing
The directors have declared a quarterly dividend of 20 cents per share
equipment and cabinets similar in type to its general line.
holders of record June 20. In each of the two preceding
payable July 1 to
The company occupies an outstanding position in its field, manufacturof 30 cents per share was made, while from Oct. 1
ing a substantial majority of all wood block type, printers' furniture, dental quarters, a distribution1930 quarterly dividends of 45c. per share were paid.
1929 to and incl. Oct. 1
furniture and drafting room furniture used in the country. The company's -V. 132. p. 2781.
through well established dealers and jobbers in
products are distributed
practically every city of the United States. Offices are maintained in New
Move Plant.
Heywood-Wakefield
York and Chicago and warehouses with complete stocks in Los Angeles.
,
The local plant of the company at Wakefield, Masa. will be moved
California, and Rahway, New Jersey.
to Gardner. Mass., where it has a large plant, as soon as arrangements
The company's offices and manufacturing plants are located at Two can be completed. President Greenwood, in making this announcement,
Rivers, Wis., and occupy about four city blocks. All buildings are of estimated that 375 employees would be affected.
-V. 132, p. 3537.
modern construction and sprinklered throughout. The total floor area
-To Publish
-Regular Dividends
of all buildings is approximately 670,000 square feet.
Holland Furnace Co.
Authorized.
Outstanding.
CapitalizationHereafter.
$1,250,000
$1,250,000 Quarterly Earnings Statements
First mtge. 6% sinking fund gold bonds
The directors have declared the regular quarterly dividend of 6234 cents
1,052,600
2,000,000
7% cumulative preferred stock
19,015 abs. per share on the common stock and the regular semi-annual dividend of
30,000 shs.
Common stock (no par value)
53.50 per share on the pref. stock, both payable July 1 to holders of record
Earnings for Calendar Years.
June 15.
Net Avail.
Net Avail.
The annual stockholders' meeting will be held July 14, with stockholders
for Interest
for Deprec.. Depreciaof record June 15 entitled to vote. The financial statement for the fiscal
and Taxes.
Hon.
Int. & Taxes.
Year ended March 31 1931 will be issued shortly. Beginning June 30 1931
$712,616
$71,215
$783,831
1926
quarterly earnings statements will be published instead of semi-annually
544,533
92,903
637,436
1927
as in the past. The company has changed its fiscal year to end March 31
714,096
95,304
809,400
1928
-V. 132. p. 2002.
in order to facilitate internal operations.
828,458
117,287
945,745
1929
200,431
120,095
320.526
-Balance Sheet Dec. 31,
Hollingsworth & Whitney Co.
1930
600,027
99,361
699,388
-year average
5
1930.
1929.
1929.
1930.
As shown above, the average earnings for the past five yeari, available
$
$
LiabilitiesAssets
for depreciation, Interest, and income ta8ks, were 9.3 times the maximum Real estate, mach.,
20,000,000 20,000,000
Capital stock
annual interest requirements of $75,000 on this Issue of 1st mtge. bonds,
tools. Oar
7,827,209 7,590,106 Accounts payable_ 918,940 1,148,774
and after depreciation were 8 times such requirements.
992,617
3,389,287 2,991,632 Surplus
803,876
Merchandlse
754,860
Earnings for the year 1930, before depreciation, were 4.3 times maximum Accts. receivable-.-. 823.102
bond interest requirements, and 2.7 times after depreciation, so that, Cash & securities_ 4,933,750 5,784,633
even though the business conditions which existed in 1930 continue for a Inv. in Can. Co 3,977,219 3,977,219
373,301
protracted period of time, the demonstrated earning power of the company Brassua storage_ _ 373,301
480,898
785,690
appears to be ample to cover interest and sinking fund requirements on Deferred charges
this issue of bonds.
21,909,557 21,952,650
Total
Total
21,009,557 21,952,650
-Proceeds will be used to provide for the retirement of all
Purpose.
existing mortgage bonds of the company, the payment of other indebted- -V. 130, p. 1289.
additional
ness heretofore incurred in connection with the construction of
--Earnings.
Holly Development Co.
plant capacity, and for increased working capital.
1928.
1929.
1930.
Calendar Years-Beginning April 1 1933 and annually thereafter, the
Sinking Fund.
$288,024
$365.651
$384,281
company will pay or deliver to the trustee, as a sinking fund for the pur- Sales
82,511
92,365
105,736
chase or redemption of bonds, cash and (or) bonds equivalent to 20% of Royalties & joint interest
37,921
39,578
40,959
its net profits available for common stock dividends (as fully defined in Production expenses, &c
13,933
14,153
14,747
the trust indenture) earned in the preceding calendar year, or a sum of Administrative expenses
2,685
1,177
1.043
Insurance
$50,000, whichever amount may be greater.
20.949
5.617
11,774
Taxes
Balance Sheet as of Dec. 31 1930 (After Present Financing).
20,192
18,541
Redrilling & intang. costs
Liabilities
Assets
20,471
2,433
Lease rentals
5.193
Cash in banks and on hand-. $257,710 Notes and accounts payable.- $102,982 Miscellaneous
900
252
512
70,047
45,094 Accrued liabilities
Municipal bonds, at market36,200
Acc'ts & notes rec., less res've_ 412.193 Provision for income taxes- _
$180.886
$123,765
8199,960
Operating profit
12,000 Miscellaneous income
1,208,581 Res've for Wis. income taxes_
14.724
Inventories
11.305
11,071
1st mtge.6% s. I. gold bonds_ 1,250,000
Prepaid expenses, supply in39,781 7% cumulative pref.stock_ -- 1,052,600
$175,310
$135,070
ventories, &c
$211,031
Total income
51,901,580 Depletion
:Common stock
8,659
10,119
Investments and long-term re8.115
197,534 Depreciation
351,353 Surplus
32,010
32,903
ceivables
25,325
2,025.232
79,204
equipment
Prop. abandoned Incl. 1928 expend.Plant and
204,250
5,899
12,688
Prov. for Federal tax
Good-will purchased
78,750
Deferred charges
$86,148
$55.435
$164,904
Profit for the year
$4,622,923
Total
$4,622,923
Total
Comparative Balance Sheet Dec. 31.
1929.
1930.
x There are outstanding options entitling the holders to purchase (1) 956
LiabilitiesAssets1929.
1930.
Dec. 31 1935. at
$900.000 $900,000
shares of common stock held in treasury, on or before $40.19 per share; Capital assets- --- x;961,998 $639,519 Capital stock
of
22.500
22,500
book values at date of purchase, plus a premium icommon stock on or Investm'ts & adv.. 180,500
101,000 Dividend payable_
13,049
3.688
and (2) 150 shares of the authorized but unissued
3,246 Accts. payable.-Salvaged materials
385
2,847
3,271
before Jan. 1 1932. at book value on date of purchase. y 19,015 shares Accts. receivable-13,989 Res. for taxes--- 10.175
-V. 122, p. 2049.
(including 1,061 shares treasury stock).
1,043 Res.for Pe.i.inc.tax
Inventory
1,184
100,000
108,621
& contingencies_
Cash
286,952
315.144
-Extra Dividend.
17,887
1.098 Capital surplus-- 349,530
Handley-Page, Ltd.
Deferred charges
2,065
74,904
Earned surplus-The company recently announced the distribution of 10c. a share on the
"American" receipts, payable May 29 to holders of record May 14. This
$1,471,450 $1,046,844
Total
81,471,450 81,048,844
Total
-V. 128, p. 3522.
payment includes an extra payment of 2ji% less tax.
Co.-To
FINANCIAL CHRONICLE
MAY 30 1931.]
-Earnings.
Holt, Renfrew & Co., Ltd.
1931.
$134.864
39,876
1930.
5256.466
42,860
52,851
1929.
5387,487
39,331
82,555
Net Profits
Preferred dividend
Common dividend
594,988
70.000
22,500
5160,754
70.000
30,000
$265,601
70,000
22.500
Surplus
Previous surplus
$2,488
879.763
560.754
819,009
$173,101
645,909
Years Ended Jan. 31Profits
Interest
Depreciation
5882,251
5879.763
Balance, surplus
5819,610
Earnings per share on 10,000 shares
$2.50
$9.07
$19.56
common stock (par $100)
Balance Sheet Jan. 31.
Liabitities1931.
1931.
1930.
1930.
Assets81.280.439 81,259,589 Preferred stock--$1,000,000 $1,000,000
Property, &o
772,453 Common stock__ 1,000,000 1,000,000
772.453
Good-will
845,512 Bonds
485,000
797,611
Inventories
503,500
333,389 Sundry expenses_ - 303,750
303,750
Accts.receivable.. 299,205
103,351 Accounts payable.
4,173
78,976
2,611
Other receivables16,071
333,517 Accrued interest392,760
Cash
16,640
10,034
62,656 Prepaid storage_66,739
Cash deposit
11,240
25,649
85,403 Tax reserves
x74,105
Investments
50,000
41,830 Deprec'n reserves_
70,000
34,641
Deferred charges-70,000
Surplus
882,251
879,763
Total
53,796,930 $3,837,505
Total
53,796,930 $3,837,505
x Including company's own bonds for $73,500 as at Jan. 31 1931.-V.
131, p. 4061.
-Omits Div.
-Note Reduced.
Honolulu Oil Corp., Ltd.
The directors have voted to omit the quarterly dividend usually payable
about June 16 on the outstanding 944,315 shares of capital stock, no par
value. Previously, the company made regular quarterly distributions of
50c. Per share.
The corporation has reduced the $1,000,000 note in the balance sheet
as of Dec. 31 1930 to 5500,000.-V. 132. p. 1815.
-Interest Defaulted
Hotel Governor Clinton, Inc.
Protective Committee.
The interest payment due on the first (closed) mortgage 6% sinking fund
gold bonds, series A, due 1948, April 15 was not paid. In order that the
holders of these bonds may be in the best position to act effectively for the
protection of their interests, a bondholders' protective committee has been
formed. The following have agreed to act without compensation as such
a committee:
George Ramsey, Chairman, E. C. Granbery and Bernard F. Martin,
N.Y. City; W.E. McGregor, Boston•, H. M. MacLean, Chicago; James A.
Lyles, Secretary,56 William St., N. Y. City. Bondholders are urged to deposit their bonds,accompanied by the April 15 1931 coupon and with all subsequent coupons attached, with the Central Hanover Bank & Trust Co.,
New York, Harris Forbes Trust Co., Boston, or Harris Trust & Savings
Bank, Chicago.
Harris, Forbes Sr Co., in a circular letter to the holders of the bonds,
dated April 16, stated in part:
Interest payment due April 15 on the bonds was not paid and certain
real estate taxes on the mortgaged Property are in default.
These bonds are secured by a first lien on the land and building of the
Hotel Governor Clinton. The hotel has an exceptionally favorable location
at the corner of Seventh Ave. and West 31st St., N. Y. City, diagonally
opposite the Pennsylvania RR. Station. The cost of this hotel, as shown
by the books of the company, including the land, equipment and $100,000
in cash held in escrow for additions and including carrying charges during
construction but exclusive of working capital and the cost of financing,
aggregated over 59,000,000, from which is deducted interest received on
call loans and bank balances during the period cf construction to arrive
at the figure of $8,675.000 at which these items are carried on the accomClosed)
panying balance sheet. The outstanding 55,000,000 of first (
mortgage 6% sinldng fund gold bonds, series A,are followed by $1,500.000
of subordinated 1st mtge. 61i% gold bonds, series B; $700,000 of notes;
$494,050 of pref. stock, and 160,000 shares of no par value common stock.
The hotel commenced operations in August 1929. just prior to the stock
market break. The subsequent general business depression quite naturally
had an adverse effect on the hotel's business. While its percentage of
occupancy of 62% for the year 1930 compares well with that for New York
hotels in general, the continued poor business during the first year and a
half of operations resulted in lower net earnings than anticipated and this
In turn impaired the cash position of the hotel.
The earnings statement laelow shows that net earnings, after taxes but
before depreciation, failed to cover the interest requirements on the first
mortgage bonds, series A,_by $71,972 and that the deficit after all interest
amounted to $211,109. The balance sheet indicates an excess of current
liabilities over current assets of $235,215. included amoeg current. liabilities are 5118,123 of accrued taxes, of which $87,750 represents real estate
taxes for the lass half of 1930 which are now overdue. The company has
deposited $20,000 in escrow with the trustee to be applied against the overdue taxes.
While it is impassible to predict the course of future events, it is important as having a bearing thereon to note that the percentage ofoccupancy
of the hotel for the months of January and February 1913, averaged 77.3%
as compared with 71.5% for the same months of 1930. Net earnings,
after taxes but before depreciation,for the months of January and February
1931, amounted to $77.138. Interest charges on the first mortgage bonds,
series A,amounted to $50,000 for the two months. January and February
are normally good months for hotel operations in N. Y. City.
Condensed Income Account. April 1 1930 to Feb. 28 1931.
$795,759
Income from operations
62,616
Other income
4071
-Houston Printing Co.
Houston "Post Dispatch"
Bonds Offered.-Republia National Co. and Mercantile
Securities Corp., Dallas, Tex., are offering $600,000 1st
mtge. sinking fund serial 6% bonds at 100 and int.
Bonds are dated May 1 1931 and mature as follows: $50,000 May 1 1932,
75,000 May 1 1933; 5100.000 May 1 1934; 5100,000 May 1 1935 and
275,000 May 1 1936. Interest payable M. & N. at Public National
Bank Sr Trust Co., Houston. Texas. Denom. $1,000, 11500 and $100 c*.
and int.
Callable on any int. date by the Houston Printing Co. at 103Houston.
Trustee and Registrar: Public National Bank & Trust Co.,
Texas.
-The Houston "Post Dispatch" has the exclusive morning field
History.
in the largest city in Texas, and, next to the Galveston "News." is the
eldest morning newspaper in Texas. The Houston "Pest" was established
conin November 1883. The Houston "Dispatch" was acquired and one
as
solidated in August 1924. The combined newspaper is recognized a PreWestern States and has
of the leading properties in the South and
dominating influence throi4hout south and east Texas.
The IIouston Printing Co. 18 housed in its own newspaper building,
located on the corner of Polk and Dowling Sts.in Houston,on a plot 100x250
-story concrete steel and brick structure, erected
feet. The building is a 3
in 1925. Nearly all of the equipment, including type-setting machines
and presses, was installed new in 1925. In addition to this real estate the
company owns approximately 576.01 of miscellaneous real estate, located
in various sections of Houston. The Houston Printing Co. also owns
-watt station, its broadcasting
the KPH() Radio Station, a modern 5,000
its
studio being located in the Houston Post Dispatch Building, while
newstransmitting station is at Sugarland. The largest value of any going
the Associated Press Franchise and its circulation.
paper is usually
-Bonds are secured by a first mortgage on all the property
Security.
owned by the Houston Printing Co.,including real estate,Personal property.
trade marks, printing
fixed assets, franchise (including radio), patents, of Dec. 31 1930. after
As
Presses, machine equipment (including radio). Co.. auditors, of Houston
giving effect to this financing, .1. L. Block &
Texas, gave the net worth of the Houston Printing Co. as 51,504,98.
In the opinion of two of the best-known and outstanding newspaper pub
lishers in Texas this property has a value of over $1,200,000 or twice the
amount of this issue.
-The net earnings of the company, before deductions for
Earnings.
Federal income taxes, for the past five years have been as follows:
5214.122
543.50611929
1926
44.619
63,156 1930
1927
123,739
1928
unpaid
-One-twelfth of the amount of the principal and
Sinking Fund.
the
interest for any current year must be deposited by the company inyear
Public National Bank & Trust Co. of Houston, every month of each
during the life of the bonds. Under this provision the entire amount due
for principal and interest will be on deposit in this bank on May 1 of each
year to take care of all payments due.
-Indenture provides that at all times the
Current Assets and Dividends.
current assets must be 23 times the current liabilities. On Dec. 31 1930
this ratio was 9 to 1. Company cannot pay dividends on the common
stock until due bond interest and principal have been paid and also earnings
from the next preceding 12 months have been set aside in sufficient amount
12 months; and then only
to pay principal and interest for the succeeding current liabilities be mainwhen the ratio of 23 times the current assets to
tained after the payment of dividends.
-New Directors.
Hudson Motor Car Co.
C, G. Abbott, director of merchandise, and Max F. Wollering, director
of manufacturing, have been elected directors, succeeding J. W. Beaumont
and J. II. Whittaker, both resigned.
Pres. McAneeny said: "Economies of production, management and
distribution effected in 1930 are already beginning to show results."V. 132, P. 3
,
537
-Earnings.
Hunt Bros. Packing Co.
Feb. 28 '31. Feb. 28 '30. Feb. 28 '29. Feb. 29 '28.
12 Mos, Ended5368.621
5547.732
5677.054
5434,749
Gross profit
26,744
45.611
39.000
20,750
Federal tax
181,948
178,267
195.492
177,208
Depreciation
122,588
85.425
Res, for contingencies...
$159.929
$323,853
$319.974
$151.366
Net income
220,000
220,000
220.000
220,000
Class A dividends
5103,853 def$60.071
599.974
def.$68.634
Balance, surplus
Comparative Balance Sheet Feb. 281931.
1930.
1931.
Liabilities1930.
Assets1931.
Cash
$253,249 $292,255 Notes payable-- $945,000 $600,000
87,123
48,400
766,302 Accts. payable.-Accts.& notes rec. 797,644
60,053 Acer.payrolls.taxes
Sundry accts. rec.
48,930
54,239
24,375
Sr int
16,870
Sur.vallife ins.pol
1,373,697 1,285,192 Prov. for Fed. Inc.
Inventories
39,000
20,750
tax
54,813
80.037
Prepaid expenses_
122,588
85,425
R.for conting_
Inv. in & adv. to
x3,792,500 3,792,500
Capital stock
wholly own, sub y185.825
553,233
507,672
Prop, Plant & eqp 2,709,963 2,747,374 Surplus
$5,424,122 $5,248,683
Total
$5,424,122 $5,248,683
Total
x Represented by 110.000 shares of class A stock and 60.000 shares of
class B stock of no par value. y The subsidiary had indebtedness of
$250.000 for bank loan at Feb. 28 1931 which was secured by collateral.
V. 130, P. 4251.
-Proposed Consolidation.
Hygrade Lamp Co.
Total deficit before depreciation and amortization
9
5 11,109
Condensed Balance Sheet as of Feb. 28 1931.
Liabilities
Assets$49,019 Notes payable
Cash on hand
*$28,284
100,134 Accounts payable
Cash in trust
66,283
43,278 Accrued interest
-bonds
Accounts receivable net
149,062
16,122 Accrued interest-notes
Other current assets
18,251)
x8,291,388 Accrued taxes
Fixed assets
118,123
656,142 Expenses & wages accrued- - -Deferred charges
63,764
9,927 let (closed) mortgage 6s
Miscellaneous assets
5,000,000
Subordinated let mtge. 634s._ 1,500,000
Notes
700,000
Due to holding corporation_
106,341
Misecilaneous liabilities
50,669
Preferred stock
494,050
Common (160,000 shs, no par) 1,550,000
Deficit
678,818
The directors of this company , the Sylvania Products Co. and Nilco
Lamp Works, Inc., of Emporium, Pa., have completed arrangements for
the consolidation of the three companies, subject to the approval of the
stockholders, to the listing of the necessary additional stock of the Hygrade
Lamp Co. on the Boston Stock Exchange, and to the completion of legal
details.
It has been decided to use the present Hygrade Lamp Co. as the legal
vehicle for the consolidation. It will acquire plants, machinery and other
tangible assets, accounts receivable, licenses, trademarks, trade names,
businesses and good-will now owned by the ether two companies and will
assume the liabilities. Hygrade will issue in exchange 5,500 shares of its
$6.50 convertible preferred and 75,000 shares of common stock. Additional preferred and common stock are to be capitalized at the same respective amounts per share as present outstanding shares, leaving a balance
which is to constitute paid-in surplus.
Inasmuch as Hygrade possesses working capital adequate for the consolidated businesses, it will acquire little or none of the cash and marketable securities now owned by the other two companies. After the consolidation it will have outstanding 23,800 shares of preferred and 192,684
shares of common stock.
The pro forma consolidated balance sheet as of March 31 1931 shows
total assets of $5,724,560; current assets, 52,906,676, of which cash was
5689,728, and marketable securities $701,633; current liabilities $874,863,
and working capital 52.031,813.
The Sylvania Products Co. and the Hygrade Lamp Corp. manufacture
others.
radio tubes under licenses from the Radio Corp. of America and lamps
Nilco Lamp Works and Hygrade manufacture incandescent electric
General Electric Co. Combined gross sales of
under licenses from the
the three companies for 1930 amounted to about 59,000.000. Had the
Hygrade
consolidation been in effect in 1930 net available for dividends on balance
times, while the
preferred would have covered the $6.50 dividend 9.3to $6.45 a
Preavailable for the common would have been equal two shares share. latter
of the
ferred Is convertible into common at the rate of
for one preferred. The common stock is on a $1.60 annual basis. An extra
Corp alone last
of $1 was paid in January. Earnings of Hygrade Lamp the first quarter
year were equal to $4.92 a common share. Earnings for
of this year have been favorable for all three companies.to take action on
A special meeting of Hygrade common stockholders
the necessary increase and issue of Hygrade stock has been called for June
-V. 132. p. 3897.
26. ("Boston News Bureau.")
Total
$9.166,010
Total
$9,166,010
x Land. $2,200.000; building (55,490,784, lam depreciation, $163,425)
,327,358;furniture and equipment $793,860,less depreciation ,$101,962)
91,898; linen, china, glass, &c. $90,429, less depreciation $18,298)
2.131. * $25,000 paid off March 9 1931.-V. 126. p. 2485.
The New York Stock Exchange has authorized the listing of 375,000
shares common stock $1 par value on official notice of issuance In exchange for 750,000 present outstanding shares of class A common stock.
Compare also V. 132. p. 3725.
Gross income
General expenses
Advertising expenses
Taxes
Insurance,&c
Adjustments
$858,375
275.434
171,741
168,269
34,119
5,783
Balance before interest and depreciation
Interest charges on first mortgage bonds,series A
$203,028
275,000
Balance.(tenett
.
Interest charges on iiii- I;orainaied hist morale
Balance deficit
Other Interest---- _
r6
_
$71,972
.
89 375
516401,736426
-Listing of Com. Stock.
Insuranshares Corp. of Del.
4072
[VOL. 132.
FINANCIAL CHRONICLE
-Definitive Debentures Ready.
International Match Corp.
-Earnings.
Ideal Cement Co.(& Subs.).
Calendar Yearsx Net earnings
Other income
1929.
1930.
$1,690,515 $1,680,333
431,206
323.401
Totalincome
Interest paid on debentures
$2,013.916 $2,111,539
302,944
207,300
$1,806.616 $1,808,594
428,152
458.271
$4.22
$3.94
Definitive 10
-year 5% cony, gold debentures, due Jan. 15 1941 are now
ready to be issued in exchange for interim receipts at the offices of Lee.
-V. 132, p. 2209.
Higginson & Co., in New York, Boston and Chicago.
1429.
-Fire Insurance Awarded.
International Paper Co.
The company has awarded on a competitive basis fire insurance on its
Industrial properties in the United States and Canada to Russell, Fairfield
& Ellis of Boston. It is understood that the total amount of cover is in
excess of $150,000,000. This is one of the largest fire insurance contracts
ever awarded in Boston.
-V. 132, p. 3897.
Net earnings
Shares ofcommon stock outstanding (no par)
Earnings per share
x After depreciation and Federal income taxes.
-Dividend No. 2.
Interstate Natural Gas Co., Inc.
Consolidated Balance Sheet Dec. 31.
1929.
The directors have declared a dividend of 25 cents per share, payable
1930.
1929.
1930.
June 15 to holders of record June 5. An initial distribution of like amount
Liabilities
Assets
189,348 was made on Dec. 15 last.
Cash & securities_ 6,286,941 5,115,843 Accounts payable_ 122,375
202,302
689,465 Accrued liabilities_ 399,205
Acc'ts receivable__ 464,187
To Retire $266,000 of Bonds.
618,472 15-yr. cony. deb__ 4,146,000 4,146,000
Manures. goods__ 571,948
There have been called for redemption on July 1 next at 105 and int.
106,923
104,163
1,738,532 1.681,900 Reserves
Inventory
-year 6% s. f. gold bonds, due July 11936. Pay$266.000 of 1st mtge. 10
77,065 Stock of sub. cos.
65,267
Deferred charges
v
me . wi1 p. ni7
.
11,476 -nt13ll be matie at the Guaranty Trust Co.. 140 Broadway, N. Y. City.
10,976
not owned
Plant & property x17,274,752 17,797,217
y1,184,909 1.200,466 Capital&surplus z22,803,817 22,524,380
Land
-Increase in Syndicate Loans.
Investors Syndicate.
27,586,537 27,180,428
Total
27,586,537 27,180,428
Total
Sharp increase in the average size of loans on city residential property
x After depreciation of $5.467,353. y After depletion of $100,395. funded by this company was shown during April, according to a report
-V. 129, Issued by Vice-President E. E. Crabb. Average of loans for the month
common stock.
a Represented by 458,271 shares of no par value
also were well above the average for the 12 months ended April 30. the
P. 3809.
report showed.
-Earnings.
Industrial Acceptance Corp., Ltd.
Loans in April averaged $4,822, compared with $4,264 in March and
1930.
1929.
$4.277 for the first three months of 1931. Average for the 12 months ended
Calendar Years$12,600,914 $11,788.170 April 30 was $4,356. In the first four months of 1931 loans funded by
Gross volume
Investors Syndicate numbered 543 and amounted to $2,380,376.
Gross income, after setting aside reserves for
755,684
920,396
A total of 1,700 loans was funded by the company in the 12 months ended
unearned income and credit contingencies
72,187
83,515 April 30, and fundings amounted to $7,405,029 in the period. In the year
Insurance premiums
ended March 31 loans numbered 1.747 and totaled $7,526,522.-V. 132.
$848,209
$672,168 P. 3726.
414,382
327.369
Administration and general expenses
$344.798
Net income
Interest paid on borrowed money,less int, paid on
loans replaced by proceeds of sale of new stock
and debentures issued
$433,826
193,590
142,789
Balance for the year
Class A dividends
$240,236
18.000
$202,009
$222,236
$202,009
Balance Sheet Dec. 31 1930.
Liabilities
Assets
$3,402,763
$656,366 Bank loans
Cash
82,789
5,286,251 Accounts payable
Acceptances & notes receiv
18,000
87,637 Dividend declared on class A.
Accounts receivable
317,856
24,584 Margin withheld & hold-backs
Deferrred insurance premiums
255,995
Reserves
Real estate, mortgages and
1,000,000
64,132 Debentures
le and office equipment
11.000,000
1 Capital stock
Good-will
41,770
Surplus
Balance
118,974
Total
Total$6,
$6,118,974
x Represented by 60.000 shares class A stock and 20,000 shares B stock.
-V. 131, P. 2074.
--Offering.
International Automatic Supply Co., Inc.
was
offered
An Issue of 125,000 shares 7% cumul. pref. stock (par $10)
early this year by R. II. Manley & Co., Erie. Pa.•, Chas. Messenkopf &
Co., Erie, Pa.•, Warren A. Tyson & Co.. Inc., Philadelphia, Pa., and
James C. Willson & Co., New York City. The stock was Issued in units
of one share pref. and M share COMMOR at $11 per unit. Fully paid and
non-assessable. Preferred as to assets and dividends. Dividends Payable
Q-J. Redeemable by the company at any time after 60 days' notice at
$12.50 per share and diva.
Issued.
Authorized.
Capitalization-125,000 shs. 125,000 shs.
Cum. pref. stock class A
500.000 shs. 450,000 shs.
Common stock, class B (no par)
Transfer agent, The Bank of America National Association, New York;
Registrar, City Bank Farmers Trust Co., New York.
Data from Letter of Sir Hector Macneal, Pres. of the Company.
-To dispense Probak safety razor blades, manufactured by
Business.
the Gillette Safety Razor Co.. through special automatic vending machines
placed in bath-rooms of hotels, clubs, ships and pullman cars.
-Company has an exclusive contract with the Gillette Safety
Contracts.
Razor Co., the largest manufacturer of safety razor blades in the world,
to dispense through certain vending machines. Probak safety razor blades.
-To pay for the acquisition of rights to manufacture and use
Purpose.
automatic vending machines, for contracts permitting the installation of
machines in hotels, &c., for the acquisition of certain rights in an exclusive
contract for the supply of blades, and to provide the necessary capital for
manufacturing and distributing additional machines. The company
anticipates the Installation of a minimum of 800,000 machines throughout
the United States and Canada on or before Dec. 31 1934.
-The estimated earnings; as prepared by Barter & Co., testified
Income.
Public accountants, show that on the sale of one package of blades per
machine each month (returns show a higher average) when 800,000 machines
are installed, the gross annual Income will amount to $2,400,000, or net
earnings equivalent to over eight times the preferred stock dividend requirements.
-P.;
-Sir Hector Macneal, Pres.; Col. Douglas Young. V.
OFFICERS.
Frank M. Wallace, Treas.; J. Boyd Bert (Trust officer of the Second
National Bank of Erie, Pa.), Sec.
-Sir Hector Macneal, Col. Douglas Young, Alex Jarecki
DIRECTORS.
(Pres. of the Jarecki Mfg. Co. and dlr, of the Second National Bank of
Erie, Pa.), Frank M. Wallace (President of the Second National Bank of
Erie,Pa.; dir. of Union Trust Co.. Pittsburgh, Pa.), George R. Metcalf, Sr.
(Chairman Erie Malleable Iron Co.: dlr, of the Second National Bank of
Erie, Pa.), James C. Willson (senior partner of James C. Willson Co.).
Charles H.English (senior partner of English,Quinn,Leemhuls & Tayntor)
Henry E.Scott(Vice-Pres. of Chas. Messenkopf & Co.,investment bankers)
.-V. 132.
and R. H. Manley (R. H. Manley & Co., investment bankers)
p. 1816.
-New Pres.Irving Investors Management Co., Inc.
Robert C. Effiner has been elected President and director to succeed
Edgar Lawrence Smith, resigned. The company on June 1 will move its
-V. 132, p. 1816.
headquarters to 1 Wall St., N. Y. City.
-Earnings for Calendar Year 1930.
Katz Drug Co.
sales1930.
16.688,892
Net
5,128,710
Cost of sales
$1,560.181
Gross profit from sales
64.231
Other operating ravenue
Gross operating profit
Operating and administrative expenses
$1,624,412
1,206.215
Net profit
Miscellaneous income (net)
$418,197
11,379
Net income befora income taxes
Provision for Federal and State income taxes
$429,576
54.145
Net income
Previous earned surplus
$375,431
69,397
Total
Preferred dividends
Common dividends
Amortization of organization expense
Attorney fees in connection with reorganization
$444,828
94,468
203,510
Assets1930
Cash
$310,708
Municipal & real
estate bonds& accr. Interest_
81,701
U.S. Treas. ars_
Accts.receivable-89,092
Merchandise Inv- - 971,547
Prepaid insurance.
28,865
taxes & supplies
Stock subscrp.roe47,478
employees
Sundry deposits de
4,110
accounts sec_ _ _ _
Investment in cor650
porate stocks_ - _
60,397
Treasury stock__
Equip.ete leaseholds 463,782
Der. store opening
18,088
expenses
Goodwill
-nominal
1
value
13,226
$133,624
Earned surplus, Dec.31
Balance Sheet Dec. 31.
1929.
1930.
1929
8
$274,438 Accts. payable_ -- $391;2 7 $257,331
24,300
23,364
Dividends payable
6,422
12,452
Salaries & wages-8,062
4.764
81,771 Taxes & insurance_
408,104 Prey. for Fed. &
54,393
30,800
State inc. taxes_
111,317
675,956 $6.50 cum. pref.
x1,251,300 1,290,000
stock
102,431
14,562 Common stock- _ _ 102,483
105.484
102.680
Capital surplus__
133,624
69,397
58,833 Earned surplus
6,875
39,100
223,200
1
$2,076,420 $1,894,156
Total
Total
$2,076,420 $1,894,156
-V. 132, p. 2976.
x Represented by 14,550 shares (no par).
-Omits Dividend.
Kelsey Hayes Wheel Corp.
At a regular meeting of the board of directors held this week no action
was taken on the dividend on common stock, no par value. From July 1
1929 to and including April 1 1931, the company paid regular quarterly
dividends of 50 cents per share on this issue.
$7,500,000 Credit Extended for Another Year.
The corporation has obtained an extension of credit from its bankers in
amount of 17,500,000 for another year, covering outstanding notes payable
-V. 132, p. 2783.
of $7,300,000 due Aug. 11931, and other obligations.
-Earnings.
Keystone Watch Case Corp.
Period End.Dee.31- 12 Mos.'30. 12 Mos.'29. 12 Mos.'28. 5 Mos.27.'
$721,048 x$860,810
$656,722
los4101,936
Net profits
174.075
105,001
Divs, on pref. stock_
236,048
88,518
Divs, on com.stock_ - _ _
-Report.
International Coal & Coke Co., Ltd.
def$190,454
$551,721
Balance, surplus
$485,000
$686,735
1927.
1928.
1929.
1930.
Calendar Yearsx Of this amount,approximately $400,000 represents profit derived from
Net inc. after deprec.,
Inventory acquired from the company's predecessor at prices below cost to
8101,346
5186.108
$131,859
$22,843
depletion, &c
(6%)180,000 (2)60.000 manufacture and sold during the year.
(434 %)135,000
Dividends
Condensed Balance Sheet Dec. 31.
1929.
$41,346
1930.
$6.108
Def.3.3,141
AssetsLiabilities$22,843
1930.
1929.
Balance. surplus
Plant assets
$429,965 $473,649 Common stock---$1,475,300 $3,373,945
Balance Sheet Dec. 31.
1,929,751 1,722,883
Inventories
826,763 1,286,453 Surplus
1929.
1930.
Liabilities-1929.
81,831
11,513
1930.
Investments
1,524,700 1,626,389 Accts. payable__
Assets$9,057 Accts. dc notes rec. 656,428 1,086,137 Res. for deprec___
28,681
$68,035 Accts. payable-- 814.429
41,388
$110,473
Cash
467.182
322,795 Accr. & unclaimed
reserves____ 389,617
322,795
409,712 1,201,893 Other
Cash
Dom.of Can. bds19,019
18,705
wages
2,794
Industrial bonds
959
1,870
$3,847,569 85.674.521
55,478 Royalties
64,930
Total
Total
83,847,569 $5,674,521
Accts.receivable-Dirs. outstdg. &
1,254
4224.
Due from subs
V.
13,337 - 181. P.
3,145
unclaimed
7,065
12,006
Coal on hand
12,429
1,729
Dom.Inc. tax-ed
-Awarded Large Paper Contract.
Kimberly-Clark Corp.
Wins. stk., timber
1,940
44,981 Due to subs
44,667
Securing ofa contractfor the supply of"Liberty's text paper over a period
& lumber
1,413 Unreal, portion of
of several years was announced this week by the corporation. The con1,567
Agreements of sale
1,413 tract was signed by Macfadden Publications, Inc.. for issues effective
1,567
lots sold
Unexp. basun.lease
2,243 Res. for decree.,
Jan. 1 1932. This contract amounts to several million dollars annually,
1,251
rentals, dec
1,516,2851
depletion, &c
117,009
and is for both Super and English finish paper for the entire text pages
125,465
Invest. In subs
52,6251. 1,641,876 requirement.
-V. 132, p. 2976.
Coal lands & rights 3,036,192 3,036.236 Contingencies res.
Rehabil. of power
I
Plant, railroads dc
50,000
-Stockholders Bring Suit.
plant res
Kolster Radio Corp.
1,053,254 1,042,643
equipment
3,000,000 3,000,000
147,584 Capital stock
1
The New York "Times" May 27 had the following:
Development
145,454
118,296
figured in the investigation
loss acct
1 Profit &
Rudolph Spreckels of San Francisco, who
1
Timber rights_
into the failure of the Holster Radio Corp., was named e defendant in a
$4,776,651 84,845,484 suit filed in the Supreme Court May 26 by Kritzer Barnes in behalf of
Total
Total
54,776,651 $4,845,484
himself and other stockholders, for an accounting of losses to the stockhold130. p. 4428.
__Ir.
MAY 30 1931.1
FINANCIAL CHRONICLE
era. Other defendants are Frederick Dietrick, a director, and Ellery W.
Stone, Pres'dent, who are alleged to have participated with Mr. Spreckels
In a market pool of the stock. George F. Breen and Henry C. Lang are
also defendants.
The complaint asserts that the alleged attempt to corner the Roister
market was unlawful, and damages are asked because Spreckels, Dietrick
and Stone failed to dispose of 174,171 shares of the company's common
stock. The plaintiff asserts that in the sale Spreckels made $12,000,000,
Dietrick $5,000,000 and Stone $600,000.
Spreckels, who was Chairman of the Roister board and who testified
that he had sold 254,976 shares in November 1928 of 387,504 shares he
acquired late in 1927 and early in 1928, denied that he took part In stock
"rigging," but said he used the proceeds of the sales to help the Federal
Sugar Refining Co. of which he had assumed the management early in 1927.
He said that after the sales he had underwirtten 54,240 shares of Roister
pref. stock after New York bankers had declined to do so, and had lent the
company $500,000 and endorsed 51,350.000 of its notes. Spreckels and
his associates were absolved of legal blame for the stock sales In a report
of John A. Bernhard, spec al master of chancery in Newark.
-V. 132, p.
3538. 3353.
Lake Superior Corp.
-Financing Approved.
-
The new financial structure of the corporation, the Algoma Central fly.,
the Algoma Central Terminals Co.and the Algoma Steel Corp. was approved
by the Railway Committee of the Canadian House of Commons May 28.
-V. 132, p. 2977, 1045.
Lamson & Hubbard Corp -Earnings.Theophae Schneider, President, says in part:
Final figures show the merely nominal profit of $4,706 for the year.
Balance Sheet Feb. 28.
Assets
1931.
Liabilities1930.
1931.
1930.
Cash
$42,422
$55,000 Trade accept. pay$6,900
$11,606
Gov.secur.& accr.
Accts. payable-- _
77,562
118,889
Int
169,230
154,230 Accr. expense-8.828
5,994
Accts.receivable-- 272,261
280,599 Clot. Cr. balances
9,686
Notes receivable
880 Dividend payable_
1,189
23,301
Inventory
169,470
251,737 Res. for Fed. taxes
13,200
Inv. & advances
- 677,353
688,687 Res. for conting32,980
72,005
Prepaid expense
22,228
25,353 Res. for deprec. of
Plant & fixtures
leased real estate
38,378
41,522
(less deprec.)
103.172 Preferred stock_ 1,272.200 1,331.500
58,376
Goodwill
150,000
150,000 Common stock__
Surplus
115,995
91,641
Total
$1,562,529 $1,709,659 Total
$1,562,529 $1,709,659
-V. 128, P. 4167.
Lawrence Portland Cement Co.
-Earnings.
Calendar YearsIncome from sales
Other income
1930.
$1.167.703
87.791
1929.
$824.739
141,117
Total income
Deprec., interest, amortization & Fed. taxes, &c
$1,255,494
492,192
$965,856
489.131
Net income
Dividends
$763,302
$476,725
300,000
450,000
Surplus
5463.302
$28,725
Earns, per sh. on 75,000 shs. cap. stock (par $100)
$10.18
$6.35
Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets3
$
Liabilities$
$
Land, buildings,
Deb. 5Si% bonds,
plant & equip__ 9,027,326 9,164,580
1942
1,791,000 2,000,000
Cash & accts. roc_ 841,013
605,161 Serial notes
180,000
240,000
Cement, materials
Current liabilities_ 279.298
240,642
and supplies_ _ _ _ 1,500,172 1,338,856 Capital stock
7,500,000 7.500,000
Investment assets_ 228,300
222,510 Surplus
1.936,119 1,508.848
Bonds in sink.fund
44,021
Deferred charges__
114,362
89,606
Total
11,686,417 11,489,490
Total
11,686,417 11,489,490
Leonhard Tietz Aktien-Gesellschaft, Germany.
-Smaller Dividend:
The company recently declared a dividend of 8% for the year 1930, as
against 10% for 1929.-V. 128. p. 122.
-Sale.
Level Club, Inc., N. Y. City.
The bondholders' committee represented by Charles A. Howard purchased at public auction May 18 the 17
-story home of the club, at 253 to
263 West 73d St. Thomas F. Burchill was the auctioneer. The sale,
under the direction of Judge David L. Weil, as referee, was held to satisfytr
a mortgage judgment of $2,379,510 obtained by Marine Midland Trusc
Co. as trustee. The club, opened in November 1927, occupies a plot 150
by 102. It contains living quarters, gymnasium, swimming pools, Turkish
baths and handball courts. Back taxes amount to 8212,000.-V. 126.
D. 1992.
-Earnings.
Libbey-Owens-Ford Glass Co.
For income statement for three and six months ended March 31 see
"Earnings Department" on a preceding page.
-V. 132, p. 1236: V. 131,
p. 3886, 3871, 3539.
4073
(Marcus) Loew's Theatres, Ltd., Toronto.
-Earnings.
Calendar YearsGross receipts
Other income
1930.
$494.377
71,000
1929.
$572,528
98,573
Total income
Interest,taxes,insurance,&c
Depreciation
Sundry expenses, wages,&c
Provision for Dominion Government taxes
$565.377
97.063
39.453
371,969
4,594
8671,101
106.164
43,366
396,769
5,867
$52.297
22.887
$118.934
45.773
Net profit before taxes
Preferred dividends
Balance
$29,410
$73,183
Balance Sheet Jan. 1 1931.
Assets
Liabilities
Good-will & booking rights-- $750,000 7% preferred stock
51,403,900
Organization expense
30,000 Profit and loss account
396,468
3,822 6% 1st mtge,serial gold bonds
Discount on bonds
172,000
Real estate, leaseholds, bldgs.
Accrued interest
860
& equipment
1,211,573 Dividend on 7% pref.stock-.
22,886
Cash
810 Accts. payable & accrued chgs
10,037
15,523 Res.for Dominion Govt.taxes
Imperial 13k. of Canada-bal.
10,800
5,223
Prepaid insurance & rent....
Total
-V. 131, p. 4224.
82,016,952
Total
52,016,952
-Receiver Named.
Lomas Realty Co., Inc.
Francis J. Smith was appointed receiver May 21 by Supreme Court
Justice Ingraham in a suit by the New York Title & Mortgage Co. against
the company to foreclose a first mortgage for $930,000 on the southwest
corner of 85th St. and West End Ave., and was directed to file a bond for
$40,000 because the property has annual rents of $150,000 out of a possible
$162,000. The suit was brought because of non-payment of an installment
of principal and taxes of $18,387. The property is assessed at $1.225,000,
but it was stated that at a forced sale It will probably bring not more than
3965,000.
-Argument Concluded.
(P.) Lorillard Co.
Argument was concluded on May 28 before the Court of Errors and
Appeals at Trenton, N. J.,on an appeal by P. Lorillard Co. from an injunction issued by the Court of Chancery restraining it from voting at its
annual meeting on a stock distribution bonus plan. The court took
the matter under advisement.
Sixteen minority stockholders, including Scott & Stringfellow of Richmond, Va., obtained the restraining order on the ground there was no
authority for the proceedings proposed to be taken in adoption of the
plan and that it was illegal. It was also contended the vote should not
be permitted until full disclosure was made of the interests of directors in
having the plan adopted.
The minority group, represented by Robert IT. McCarter, also argued
that the notice sent to stockholders of the plan was insufficient to apprise
them of what was proposed.
The annual meeting of the company on March 10, at which a board of
directors and officers was elected, adjourned until June 9.-V. 132. p. 3540.
-Sale.
Lowell(N. C.) Cotton Mills, Inc.
At a receiver's sale of the Lowell Cotton Mills, Inc., and the Peerless
Manufacturing Co., Inc., held at Lowell, N. C., on May 11, the two
properties were bid in by R. N. Aycock. acting for the creditors. The
Lowell Cotton Mills, Inc., was bid in for $81,000, the Peerless for $35,000.
W. L. Balthis was receiver. The probability is that the creditors will
reorganize the mills and dispose of them. Under the above bids, the
creditors of the Lowell mills will receive 50 cents on the dollar, while those
of the Peerless will receive 30 cents. (American Wool & Cotton Reporter.)
-Earnings.
Ludlow Manufacturing Associates.
1928.
1929.
1927.
Calendar Years1930.
Total sales billed
$13,756,121 $22,624,456 819,240,692 817,247,964
Net earnings
2,583,215
2,442,143
2,237,000
x116,977
x In arriving at this figure no allowances have been made for taxes to be
Paid in 1931 on business done in 1930. Taxes were paid, however, during
the past year on business done in 1929, and have been included in expenses
for that period.
Ludlow Mfg. Associates (and Controlled Companies) Balance Sheet Dec. 31.
1928.
1929.
1927.
Assets1930.
Real estate & machinery,
less depreciation
$15,284,412 $15,907,036 $15,668,250 $14,032,683
L. M. A. abs. held for
19,844
18,388
13.892
employees
20,273
232,480
262,258
167,317
Prepaid items
195,763
U. S. Govt. securities
3,291,532
2,494,466
4,949,779 4,814,667
1,731,252
2.380,747
1,625.041
'Cash
2,230,648
1,317.375
932,994
1,111,252
Notes & bills receivable_
690,277
9,481,838 11,059,038 6,918,628
Stock Se mdse. accounts_ 8,155,205
Total
$31,546,896 $33,946,408 $33,243,337 $26,291,233
Liabilities
$111,015
$129,909
$66,148
Accounts payable
$143,098
166,177
165,451
161,822
187,872
Reserve for pensions..._
x Res,for shareholders
31,215,926 33,669,216 32,947,977 26,063,263
$31,546,896 $33,946,408 $33,243,337 $26,291,233
Total
186,400
180,899
186,400
140,000
Liberty Dairy Products Corp.
-Liquidating Dividend.
- x Outst. shs. (no par)
The directors have declared a liquidating dividend of $1.65 per share -V. 130, p. 4063.
on the common stock, payable June 1 to holders of record May 15. This
-Earnings.
McGraw Electric Co.(& Subs.).
company's assets were recently acquired by the Beatrice Creamery Co.
See V. 131, P. 2232, 1266, 1107.
Consolidated Income Account Year Ended Dec. 31 1930.
Net sales after deducting returns, allowances & cash discounts-- $3,990,101
-Earnings.
(C. W.) Lindsay & Co., Ltd.
-2,298.868
Cost of sales
12 Mos.
12 Mos.
Selling expenses
986,813
14 Mos,
Period Ended Feb. 281931.
1930.
341.852
Administrative expenses
Net operating profit
$153,454
$274,179
$ 050
1
. .
Interest and discount
89.506
Net profit from operations
8362.568
90,767
101,261
Net profit on sale of assets
114,770
5,951 Other income
Total profit
Bond interest
Expenses of financing
Reserve for depreciation
Reserve for cancellations
Reserve for Federal income tax
$242,960
66,240
$364,946
67,923
18.161
14,791
15,836
11,088
21,448
$409.962
71,119
6.258
18,276
17,477
23,626
Net profit
Preferred dividends
Common dividends
$143,769
48,056
33.008
$248,651
49,470
32.971
$273,206
71,387
13.042
Balance transferred to surplus___ _
$62,705
$166,211
$188,777
Shs. corn. stk. outstand. (no par)_
33,008
33.008
32,808
Earns. per share
$2.89
$6.03
$6.15
Comparative Balance Sheet Feb. 28.
Assets
LiabUdtes1931.
1930.
1931.
1930.
Cash
$14,237
Bank overdraft...
82,160
Accounts reedy_ _ 2,011,474 $2,072,432 Accounts payable_ 8147,308 $146,815
258,741 Bonds
Inventories
216,651
1,104,000 1,132,000
200 Reserves
620
Investments
54,269
41,314
2,500 Preferred stock _ _ 729,100
Mortgage reedy
2.000
759,600
Fixed assets
1,066,359 1,066,691 Common stock __ _ 829,133
829,133
Accrued interest_ _
33,120
33,960
Accrued dividends
20,099
20,594
Surplus
424,310
354,987
$3,341,341 63,400,566
Total
Total
53,341,341 $3,400,566
-V. 130, p. 3790.
Loblaw Groceterias Co., Ltd.
--Sales Fall Off.
-1930.
Period Ended Map 2- 1931-4 Wks.
1931-48 Wks.
-1930.
Sales
$1.245,511 $1,362,767 $15,724,236 $17.061,601
-V.132, p. 3540, 3160.
Total profit
Development & patent expense written off
Provision for Federal income taxes
$477,338
16.955
55,000
$405.383
Net profit
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
Assets
,coloc es & comm. ace: 8127;1286
pa yabile
16 2 2
Cash
10 :1 8
0 5
Marketable securities
$392153 Wages,
9,384
569,647 State & local taxes accr
Notes & accts. roe
614,700 Prey, for Fed. inc. taxes accr
92.077
Inventories
125,000
31,867 Dividend payable
Prepaid insur., taxes, &c- y2,968.750
30,616 Capital stock
Officers'&em pi. notes& accts.
Surplus-paid in
282181:784078
Cent. West Pub. Ser. Co.
ur
56,350 Earned surplus
pref. stock
40.395
Misc. securities
Land.bldgs, mach.& equip.. z797.122
1,700,224
Goodwill, patents,ea
45,740
Develop. & invest. expense.
Total
$4,379,313
64,379,313
Total
x After depreciation of $405,558. y Represented by 250,000 shares of
-V. 132. p. 2005.
common stock (no par).
-Extra Dividend.
McKeesport (Pa.) Tin Plate Co.
The directors have declared an extra dividend of 50c. a share in addition
to the regular quarterly dividend of $1 a share on the common stock, both
payable July 1 to holders of record June 10. An extra of 50c. a share was
-V.132, p. 1819,2005.
also paid on this issue in the four preceding quarters.
-Dividend-Earnings Improve.
McLellan Stores Co.
The directors have declared the regular quarterly dividend of $1.50 per
share on the pref. stock, payable July 1 1931 to holders of record June 20.
4074
[VOL. 132.
FINANCIAL CHRONICLE
It is reported by the company that the results from operations for this and for common carrier accidents $5,000. Montomgery Ward & Co.
quarter show a very marked improvement over the same period of 1930 makes no profit from the sale of these policies.
The book is being mailed to nearly 9,000.000 customers, as compared
and also show an improvement over the same period in 1929.-V. 132,
with a more restricted list of between 7,000,000 and 8,000,000 customers
p. 3540, 2783.
who receive Montoragery Ward's general catalogue, which list more than
- 40,000 Items, are considerably more expensive to produce, and are therefore
-Stated Capital Reduced.
Mayflower Associates, Inc.
-V. 132.
The stockholders on May 26 approved the proposed reduction of capital sent only to customers who order a certain amount annually.
to 26.236,060, from $15,590,150, and to increase the surplus accordingly. P. 3540.
See also V. 132. P. 3540.
-Earnings.
Mountain Producers Corp.
Maytag Company.
-April Sales.
[Including Wyoming Associated Oil CorP.1
April sales exceeded the average of the first five months of 1930. accord1928.
1929.
Calendar Years1930.
ing to President E. H. Maytag. "The Maytag factory,' he said. "began Net income
$2.737.770 $3.089,355 $3,155,810
on a full-time schedule during the middle of April, working_13 hours some Provision for Federal taxes
256.785
172,866
207,550
-V.132. p.3540.
days with certain departments working the full 24 hours."
Net profit
$2,530,220 $2,916,490 $2.899.025
-Earnings.
Merrimack Manufacturing Co.
4.143,380
2,926.027
Dividends paid
2,549.774
1927.
1928.
1929.
Calendar Years1930.
$9,537 $1,244,355
Balance, deficit
def$19.554
Gross sales
$4,829,113 $9,556,631 $12,254,819 $9,268,244
1,295,831 Previous surplus
1.553,246
8.405,422 12,286.744 16.626,721
603,870
aOperating profit
2,122,775
7,730
20.712
22,048
31,190
Interest
4,381
Total surplus
21,780
Cr3,796
$8,385,868 $12,277,207 $15.382,367
3,641
Bad accounts
3,095,622
2,592,861
172,352 Depletion & adjust, for prior years
203,173
2,436,889
73,937
Income tax
Loss on crude oil storage
478,924
800.000
$511,681 $1,307,581 $1,111.368 Prov,for additional taxes prior years_
Net income
$2,157.607
323,125
398.750
412,500
Dividends
123,750
258,342
473,426
Surplus Dec. 31
$5.948,979 $8,405,422 $12,286,745
Added to inventory res.- xCr516,867
541.818
291,685 Earnings per share on 1,682,182 shares
67,839
Added to coating. res._xCr1.341.225
$1.71
$1.73
Cr20,678
Cr12,419
capital stock (par $10)
$1.50
Cr29,621
Released from reserves
Reserve for investment_
28.697
Balance Sheet Dec. 31 (Incl. Wyoming Associated Oil Crop.).
1929.
1930.
1930.
1929.
$35,551
$129,348
$60,964
Balance,surplus
$451,961
Assets
x Deducted from reserves. a After providing for depreciation, all taxes, Oil lands & leasesx15,964,204 18,317,903 Capital stock
16,821,820 16,821,820
141,264
except Federal taxes, all other charges and expenses, including inventory Field inv.& equip- 760,572
87,204
18,664 Amts. payable
684,759
adjustment.
Stock in other cos. 629,850
624,200 Divs. payable__ _ _ 684,055
84,204
Balance Sheet Dec. 31.
Cash
1.852,874 2,649,727 Deferred credits_
5,948,979 8,405,422
1929.
1930.
U.S. bds.& notes_ 1,281,824 1,281,825 Surplus
1929.
1930.
$
Liabilities$
Accts.& notes rec. 703,564
697.145 Res. for taxes and
Assets$
972,866
215,374
contingencies
Notes payable_ --- 950,000 1,000,000 main crude stoege 3,199,741 3,300,332
Cash
621,753
657.939
384 Deferred assets_ _ _
13,137
55,094
116,959
Accts.receivable-- 252.763
723,191 Accounts payable_
23,238
Deferred charges
10.000 Reserves for: Accts
Notes receivable_ - 132,500
32.046
22,470
9,233
receivableInventories
4,250,882 6.217,188
23,841,636 27,026,130
3,000
31,697
Total
Securities
Total
23,841.636 27.026,130
35,510
Securities
120,510
73,937
15,450 Federal taxes_
Patent rights
-V. 132,
12,359
,
3 Less reserve for depreciation.
x Less
41,250
123,750 P. 1820. reserve for depletion.
Dividends
Plants (Lowell &
775,580 2,116,805
Huntsville)
6,813,387 7,108.616 Inventories
Conting.for plant_ 2,267,181 2,784,048
Mount Diablo Oil, Mining & Development Co.
15,450
12,360
Patent rights
Common stock_ _ _ 2,750,000 2,750,000 Smaller Dividend.
Preferred stock_- 1,650,000 1,650,000
The directors have declared a quarterly dividend of M of 1% on the capita
3,739,902 4,191,864 stock, par $1, payable June 1 to holders of record May 25. This compares
Profit & loss
with a quarterly distribution of 1% made on March 2 1931.
12,240,340 14,731,708
Total
Total
12,240,340 14.731,708
-Report.
Mount Vernon-Woodbury Mills, Inc.
-V. 131, p. 3380.
1927.
1928.
1929.
Calendar Years1930.
-Earnings.
Metro-Goldwyn Pictures Corp.
y$1,197,664 y$797,201 y$1,161.206
Gross income
$320,786
169.315
68,204
For income statement for 28 weeks ended March 13 see "Earnings De- Int. & exp. on deb. notes
11,225
358.665
Other interest
-V. 132, p. 2210.
75,780
29.667
partment" on a preceding page.
372,026
Prey. for depreciation...
395,000
391.000
-Peabody & Co.,
-Notes Offered.
Middle States Corp.
Chicago, recently offered $500,000 collateral trust 1-year
6% gold notes at 9934 and interest.
Net income
losa$99.881
Previous surplus
1,837.664
Capital surplus arising
from purchase of pref.
capital stock
176.812
$726,884
1,474,278
$370,332
1.467,443
$608,640
1.222,301
Dated March 1 1931: due March 1 1932. Principal and int. payable
at First Union Trust & Savings Bank, Chicago, trustee. Interest payable
M. & S. Denoms. $1,000 and $500c*. Red. in whole or in part at any
Gross surplus
31.914,595 $2,201.161 $1.837.775 $1.830,941
time upon 15 days' written notice at 101 and int. Corporation will agree
363,497
363.497
363,497
(5)
363.497
to. pay interest without deduction for normal Federal income tax up to Divs.pd.on pref. stk.
but not to exceed 2% per annum, and to refund certain State taxes as
Surplus Doc.31
41.551.098 $1.837,664 $1.474,278 81,467.444
defined in the trust indenture.
Earn, per sh. on 72,699
Company
.-A Delaware corporation. Is organized for the purpose of
shares of pref.stk.(par
acquiring investments in strong funded obligations of well known com$7.64
$5.09
$9.99
Nil
$100)
panies.
preferred stock, when declared
Security.
-These notes are the direct obligation of the corporation and of x Subject to accumulated dividends on Income taxes.
for
$35.50 per share. y After provision
are specifically secured by deposit with the trustee of high grade investBalance Sheet Dec. 31.
ment securities with a fair value of not less than 110% of the par value of
1929.
1930.
the notes outstanding. These securities pledged as collateral are to be
1929.
1930.
$
AWLS
selected from the issues listed below except that the board of directors of
Preferred 7% stk.- 6,656,748 7,269,948
the Middle States Corp. by unanimous consent may change the list of Property, plants &
good-will
49,621,158 9,937,517 Common stock- -- 4,511,900 4,511,900
eligible securities for the purpose of wider diversification or for the purpose
450,000
482,007 Notes payable- --- 700,000
528,104
of improving the collateral position of the notes. It is provided that not Investments
64,324
67,494
305,793 Accounts payable_
409.259
more than $25,000 of the fair value of any of the pledged securities may Cash
13,970
9,872
28,656 Accrued wages- 922
Notes receivable- the obligation of any one company.
be
776,955 Res. for income
With the unanimous approval of all of the board of directors of the Accts.receivable_ - 934,291
633.438
1,240 taxes & conting. 507,163
452
Middle States Corp., the list of securities available as collateral for these Interest receivable
31,854
18,269
Mscell.reserves...
notes may be changed, but only for the benefit of strengthening the col- Cotton. goods in
1,551,098 1,837,664
Surplus
Process, & finlateral position of the notes.
ished goods_ ___ 2,371,047 3,023,526
Sinking Fund.
-Indenture provides that the company may draw down
189,085
any portion of the collateral deposited as security for these notes upon Mails & supplies_ 126.909
53,747
46,914
payment to the trustee of the fair value of such collateral less the margin Prepaid expenses._
pledge: the funds so deposited with the trustee shall be used by the comof
14,037,057 14,798,585
Total
Total
14,037,057 14,798,585
pany for the retirement of notes at the market price and not to exceed the
call price, and (or) by the process of redemption. It is believed that a
x After depreciation of 36.871,734.-V. 131. P. 1108
notes will be retired in this manner prior
substantial part of this issue of
-Publicity CampaignMoxie Co., Boston.
to maturity, thus assuring a high degree of marketability.
Retirement at Maturity.
-In the event the entire issue of notes has not
-year
Frank M. Archer, Chairman and General Manager, announces a 10
been retired by the sinking fund prior to maturity, Peabody & Co. has plan of publicity, distribution and service for expansion and development
contracted to purchase the remainder of the collateral security at prices of the market for Moxie and Puroxia products in the United States, Canada
balance of the notes, plus accrued interest at maturity. and the export field. Dorrance, Kenyon dr Co. have been appointed
sufficient to retire the
-V. 130, p. 1474.
-V. 132, p. 1821.
advertising counsel.
-Operating at a Profit.
Mohawk Carpet Mills.
At the annual meeting of the stockholders held on May 26, George
McNeil'', Chairman of the board of directors, expressed the feeling of the
management when he stated that, while the business of the country showed
no material improvement from the condition which existed in 1930, the
prospects for 1931 insofar as the Mohawk Carpet Mills was concerned are
considerably better than in 1930. Due to economies effected at the mill
and reduction of expenses, the figures for the year to date show the com-V. 132. P. 1433.
pany to be operating at a profit, Mr. McNeir stated.
-Earnings.
Nashawena Mills.
1928.
1930.
1929.
1927.
Calendar YearsNet prof. after charges
$184,722 loss$154,534
3413,837
incl. depreciation_ _ _lossx$278,502
x Before depreciation, but after inventory writeoff in 1930.
Comparative Balance Sheet Dec. 31.
1929.
1030.
1929.
1930.
$
Liabilities$
Assets7,500,000 7,500.000
Pl.&fixed assets-10,153,430 10.098,416 Capital stock
557,850 Notes payable_
975,000 1,225,000
557,650
-Prices Again Re- Cash receivable
Montgomery Ward & Co., Chicago.
297,955 Accts. payable---56,372
129,427
95,534
Accts.
59,934
1,349.438 1,801,912 Cotton on accepts_ 171,535
duced-Insurance Plan Announced.
Inventories
59,934 Reserve for depreThe company's mid-summer catalogue or sale book shows a weighted Cotton on accepts_ 171,535
ciation
78,571
64,754
3,011,735 3,024,074
reduction of about 15% from the 1931 spring and summer Prepaid accounts_
average price
Surplus
677,699
956,201
general catalogue. Reductions in this comparison range as high as 25%.
Prices,
and brought many prices lower than in 1911. Automobile tire general
12.392.341 12.894.637 Total
Total
12,392,341 12,894,637
from those in the spring and summer
however, remain unchanged
catalogue, in which the company announced sharp reductions in tire -V. 130. p. 4431.
prices and stated its belief that they had hit rock bottom. extent. David
National Dairy Products Corp.
-Offer for Assets of
In explanation of Ward's ability to cut prices to this
Webb,general merchandise manager said:"The power of cash has increased Consolidated Dairy Products Co., Inc. Approved.
-See latter
been
tremendously during the last few months. Manufacturers have cash.
any sacrifice to get
-V. 132, p. 3728.
badly in need of money-ready to make almost totally disregarded manu- corporation above.
-even at priceswhich
sell us
They were eager to
National Surety Co.
-Dividend Rate Decreased.
about 3.000 items of seasonal
The directors have declared a quarterly dividend of 50c. Per share on the
facturingThe catalogue has 164 pages and lists items listed in the 152 pages of
capital stock, par $50. payable July 1 to holders of record June 18. This
merchandise against something over 2,000
Jan. 2 1929 to and
the 1930 midsummer book.
31, the company compares with $1.25 Per share paid each quarter from
During the midsummer sale period which ends Aug.
on easy payment merchandise including April 11931.-V. 132, p. 3355.
has cut in half the usual down payments On orders over $200 the regular
where the order is between $20 and $200.
National Tile Co.
-Earnings.
last July to sell on
terms apply. Reflecting Ward's offer made early
or retail stores excepting
Income Account Year Ended Dec. 311930.
time any merchandise shown in its catalogues
$396,657
3,000,000 customers used this method Gross profit from oper. before providing for depreciation
groceries up to Sept. 15, more than
324.937
payments applies to all of Selling, general & administrative expenses
of buying last year. Current reduction of down
59,618
Depreciation
company's catalogues.
midsummer sale book that It has
The company also announced in the
$12,102
Total
Chicago to offer customers
the Federal Life Inusrance Co. ofPayments range from 4100 Other income
arranged with
9,713
accident insurance policies for $1 a year each circumstances under which
to $5,000, according to nature of injury and maximum payment is $500,
$21,815
Net profit
accidents the
It occurred. For farm vehicle
$0.18
- Earns, per sh. on 120,000 shs. of COM. stk. outstand.(no par)..
for pedestrian accidents $2,000, for pleasure automobile accidents $3.033.
1lAy 30 1931.1
FINANCIAL CHRONICLE
Balance Sheet Dec. 31 1930.
Asses:
Cash
Liabilities
$39,796
U.S. Gov.bonds
179,885 Accts. & wages payable
$37,178
Accounts receivable
183,039 Accrued State & local taxed__
28,022
Traveling advances
5,350 Reserve for replacements_ _ _ _
393,686
Cash surr. val. of life ins. poi.
3,359 Capital stock
x1,200,000
Inventories
448,593 Surplus
888,483
Due from empl. for cap. stk.
pur.& resold to them under
stock pur. agreement
12,163
Capital assets
1,639,622
Patents
I
Deferred charges
33,558
Total
$2,543,371
Total
$2.543,370
x Represented by 120,000 shares of no par value.
-V. 132, p. 8542.
New Jersey Bankers Securities Co.
-Indictments.
--
4075
protection, and for the protection of all other depositing bond and debenture holders.
Bondholders Committee.
-Frederick A. McCord, Chairman; John N.
Mackall, William DeCou, Jr., with A. A. Swartley. Secretary; and Montgomery & McCracken, 1421 Chestnut St., Philadelphia, counsel. Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia, depositary.
Debenture Holders Protective Committee.
-Robert M.Hopkins, Chairman;
John L. Hugg and C. T. Williams, Jr., with Rignal W. Baldwin, Jr.,
Secretary. Baltimore Trust Bldg., Baltimore, Md.. and Semmes, Bowen &
Senunes, Baltimore Trust Bldg. Baltimore, Md., counsel.. The depositary for the debentures is Baltimore Trust Co., Baltimore.
[Corporation failed to meet the installment of interest due Feb. 1 1931 on
Its 15
-year 7% gold debentures, and further failed to make payment of
amounts required to be paid into the sinking funds under the terms of its
first mortgage and debenture indentures.1-V. 132, p. 3730.
North American Trust Shares.
-Largest Fixed Trust
Federal Judge Frank J. Coleman opened May 28 the sealed indictment Files Application With New York Stock Exchange-Act
which the Federal Grand Jury voted last week against Harry H. Weinberger, Dispels Rumors That Leading Investment Trusts Were Antagpromoter and First President of the New Jersey Bankers Security Corp., onistic
to Exchange's Rulings.
and against Frank 0. Campbell. former Federal Reserve Examiner and a
director of the company's executive committee. The indictment charges
Following close on the statement of Richard Whitney, Pres, of the New
mall fraud in 16 counts. Through the fraud, it Is alleged, the corporation York Stock Exchange,that recent Exchange rulings in regard to investment
trusts of the fixed or restricted management ty• had been misunderstood,
took in about $8,000,000 in sale of stocks.
-V. 132, p. 3542.
comes an announcement that North American TruE Shares, largest fixed
New York Transit Co.
-Dividend Rate Decreased-To Investment trust, has filed application with the Exchange under the requirements Issued.
Make Extra Distribution of 10 Cents a Share.
George B. Cortelyou Jr., Pres. of Distributors Group. Inc., sponsors of
The directors have declared an extra dividend of 10 cents per share and North American Trust Shares, declared that he believed this action could
a quarterly dividend of 15 cents per share on the capital stock, par $10, be taken as an answer to rumors that some of the foremost trusts were
both payable July 15 to holders of record June 26. The company on antagonistic to the Exchange's rulings.
April 15 made a quarterly distribution of 25 cents per share, as against
To emphasize his belief that the position of the Exchange was welcome
40 cents previously. During 1930 the company also paid two extra divi- and that whatever rumors had been reported were In fact due to confusion
deats of 10 cents each.
among distrilontors of securities since entirely cleared up by Mr. Whitney's
-V. 132, p. 1822.
statement, Mr. Cortelyou said:
Niagara Arbitrage Corp.
As sponsors of North American Trust Shares we have been questioned
-Initial Dividend.
The directors have declared an intlal semi-annual dividend of 20c. per as to our position concerning a rumor that leading fixed trusts were to some
share on the common stock, par $10. payable Aug. 1 to holders of record degree antagonistic to recent requirements of the New York Stock Exchange
for fixed or restricted amanagement type investment trusts with which
July 25.-V. 130, p. 4432.
member firms are seeking authority for association in connection with their
Nineteen Hundred Corp.
-Earnings.
organization or management or with the distribution of their securities.
For income statement for quarter ended March 31, see "Earnings DeOur first answer Is to report that we have submitted to the Exchange
partment on a preceding page.
an application for North American Trust Shares in accordance with the
The balance sheet as of March 31 1931 shows current assets, including rulings of that body, for determination that the trust meets the require$1 078,905 cash and Government securities of $2,475,631, and current ments for distribution by member firms.
liabilities $414,300.-V. 132. p. 1049.
Our second answer is to say that there are no reservations whatever in
our previously announced position that the action of the Stock Exchange
will have far-reaching influence for good.
Nipissing Mines Co., Ltd.
-Omits Dividend.
It is true that there has been in the minds of security dealers selling
PS The directors have decided to omit the quarterly dividend ordinarily
payable about July 20. The company, from July 20 1927 to and incl. or sponsoring fixed trusts an element of confusion that has arisen, we believe
April 20 1931, paid regular quarterly dividends of 7.14 cents per share on from a failure to appraise the real purpose of the Exchange's action. The
statement issued by Richard Whitney should completely cUspell that
the outstanding $6,000,000 capital stock, par $5.
President E. P. Earl stated that the above action was taken due to the confusion.
Fixed trusts have been such an imloortant and growing movement.
fact that mining operations are unprofitable, owing to the continued low
price of silver. This is the first time since the organization of the company that the Stock Exchange has felt the obligation to take an active interest
in the form in which, and the sponsorship by which, they should be preIn 1906, that a quarterly dividend has been omitted.
PeriodMar. 18'31. Dec. 13 '30. June 14'30. Sept. 28 '29. sented to investors. We believe this interest will result in constructive
refinements. Jun as the activities of the Exchange have materially assisted
Cash in banks, govt. seand are now assisting in bringing about important improvements in other
provincial, incurs
dustrial& RR.bonds_ $2,256,453 $2,675,403 $2,828,884 $2,903.778 fields. Through the supervision of such an important organization as the
New York Stock Exchange, we predict that refinements in construction
Value of bullion & ore on
and administration and a standardization of methods of presentation will
on hand and in process
429.770
278,393
293,363
431,506 produce results in the whole fixed trust field beneficial to investors, dealers.
-V. 132,9. 142,3163.
trustees and sponsors alike.
There should now be little doubt that the rulings of the Stock Exchange
Noma Electric Corp.
-Control Sought.
will provide the very element most necessary to the great
The stockholders have been asked for proxies for the annual meeting to herent in the fixed trust idea-integrity of sponsorship. possibilities inbe held on June 1 to be voted in the names of John R. Hurley, Frank P.
No issue has been taken with the fundamental concepts basic to the idea
Ohlmuller, and Walter C. Shea, all of George H. Burr & Co.
of the fixed trust.
In soliciting the proxies, a letter from George H. Burr & Co. states: force in American These are that growth has been the dominant economic
stock prices over a period of years
"Based upon discussion with a number of the company's largest stockholders, reflect the growth life; that commonprosperity; that periodic depressions
in the
we are of the opinion that the Noma Electric Corp. can be more profitably have always proved to country's
be only temporary interruptions in long-term
operated than has been the case under the present management, and your growth; that diversification of holdings by Investment in the common stocks
proxies will be voted in favor of a board of directors who favor
of many tested companies Is a recognized principle of sound investment."
change. Directors whom it is proposed to elect are either themselvessuch a
among
the largest stockholders or represent such stockholders."
Distributors Open First Service Office.
-V.132, p. 3900,
2979.
Distributors Group, Inc., sponsors and distributors of North American
Trust Shares, announce the opening of its first "service office at 1616
Walnut St., Philadelphia. This office will service dealers of North
Norfolk-Portsmouth Bridge Corp.
-McCord Com- can Trust Shares in that territory in connection with the placing ofAmeriorders
mittee Replies to Bishop Committee.
and prompt confirmation of purchases and sales of the shares. The new
In our issue of May 16, P. 3730, we referred to the
formation of a_isro- office will not engage in the retailing of the trust shares.
teethe committee for the 1st mtge. Oi% gold bonds, headed by
Paul B. Underkofler, formerly associated with the syndicate department
A.
mond Bishop as Chairman and quoted extracts of a letter sent to the Ray- of West & Co.. will be in charge of the new office. Direct wire connecholders by that committee. In reply to that letter, a committee bond- tions with New York and other necessary facilities for supporting the
headed
by Frederick A. McCord, Chairman, has Issued another statement,
-V. 131, p. 125.
in activities of dealers, will be maintained.
Which it says:
This committee and the committee consisting of Robert M. Hopkins,
Ohio Oil Co.
-Earnings.
John L. Ilugg and C. T. Williams, Jr., organized for the protection of
For income statement for 12 months ended March 31 1931 see "Earnings
the holders of the company's 7% debentures, were constituted only
-V. 132, p. 3900.
after
conferences with the company indicated no disposition upon the part of the Department" on a preceding page.
management to co-operate with the bankers who distributed the greater
-Earnings.
-Oil Shares, Inc.
part of the securities, and who are therefore vitally Interested in the speedy
For income statement for 'period ended April 20 1931 see "Earnings
rehabilitation of the situation. Since the organization of the committees,
Department" on a preceding page.
their members have again conferred with the management in an attempt
to work out some amicable arrangement which would accomplish the
Par Value of Pref. Stock Changed.
.
desired ends at a minimum of expense, and, if possible, avoid a long drawnPursuant to the approval of the stockholders on April 7, the charter
out receivership.
amendment was adopted changing the preferred stock to no-par value from
Instead of co-operating with the committees,the management manifested $50 a share. Certificates should be forwarded to Bank of New York &
s
It antagonistic attitude In the following ways:
Trust Co. to be stamped accorallagly.-V. 132. p. 1239.
(1) It consented to the appointment of a receiver for the corporation and
its property, although the corporation had specifically covenanted with the
-Stock to Employees.
Oliver Farm Equipment Co.
bond and debenture holders neither to apply at any time for a receiver,
The company has given the following options to Its officers and employees
nor to consent to the appointment of one. The alleged debt upon which
the petition for receivership was based was the claim of an engineering to purchase new common stock: (a) An option to buy all or any part of
15,000 shares
firm, the New York partner of which is a director of the company;another Jan. 1 1933. of the common stock at $5 share at any time on or before
and (b) an option to purchase all or any part of 5.000 shares
director was appointed receiver.
of common stock at $5 a share at any time prior to Dec. 311932.-V. 132,
(2) The management consistently refused to divulge to the committees
the names and addresses of the various security holders. This information D. 3355,
was finally obtained by Court order, upon petition of the receiver at the
Oneida Community, Ltd.
-Smaller Dividend.
instance of the debenture committee. The lack of this information has
The directors have declared a quarterly dividend of 1234 cents per share
made it impossible to communicate with all security holders heretofore.
on the common stock, payable June 15 to holders of record May 29. In
(3) A hostile protective committee for the first mortgage bonds, consisting of A. Raymond Bishop, Alfred C. Dent (a director of the company) each of the two preceding quarters the company made a quarterly distribuand James B. Dey, Jr.(an officer of the trustee), was organized by interests tion of25 cents per share,as compared with 431.1 cents per share previously.
Identified with the company. This purported protective committee, -V. 131. p. 3381.
having access to the list of bond and debenture holders, circularized them,
Otis Elevator Co.
soliciting deposits, to the manifest disadvantage of the committees Pre-Patent Suit.
The company has filed a patent infringement suit in U. S. District
viously constituted.
(4) In their letter of May 1 to the bondholders, this hostile committee Court at Wilmington against the A. B. See Elevator Co. charging infringemade certain allegations that are not true specifically alleging, among ment of a patent covering control of electrically operated elevators. The
other things, that representatives of the original committees had indicated patent alleged to have been infringed was issued to H. F. Parker, formerly
an intention of expediting the foreclosure and sale of the bridge properties. of New Zealand and now of New York City, in August 1924. The patent
No such statement was made at any time by any member of either com- was assigned in March 1926, to the Otis Elevator Co.
-V. 132, p. 3356.
mittee. On the contrary, each committee advised the management that
Package Machinery Co.
if a plan could be worked out that would avoid the expense of receivership
-Special Vacation Dividend.
The directors have declared an extra dividend of $1 per share on the comand reorganization, and at the same time adequately protect the security
holders, the committees would co-operate in such a plan. The committee mon stock, payable July 1 to holders of record June 20. A similar extra
members even made certain suggestions as to what might be done, all of distribution was made on Dec. 15 last. The current extra dividend has
Which were very coldly received. Instead, the management, in instigating been named "Special Vacation Dividend."
The directors also declared the regular quarterly dividend of $1.50 pa
and consenting to the receivership, actually precipitated what they falsely
share on this issue, payable June 1 to holders of record May 20.-V. 131,
charged the committees with intending to do.
The situation simmers down to just this: Do the bond and debenture P. 3381.
holders desire to be protected by the original committees representing
Pacific Clay Products.
-Earnings.
only the interests of the security holders, or are they disposed to put their
trust in persons identified with the organization and management which
Calendar Years1930.
1929.
have brought the property to its present state? Frederick Peirce & Co. Earnings for year
$383.983
$571.636
and Gillet & Co., the banking houses sponsoring the original committees, Depreciation
119,398
120,906
the first mortgage bonds and 72% of the Reserve for Federal taxes
retailed between them 40% of
32,964
50,867
debentures. It is reasonable to assume that committees constituted under Dividends Paid
237.977
237,978
such circumstances, with no ends to serve except the protection of the
security holders, will better serve the interests of the bond and debenture
Balance to surplus
df$6,357
$161.886
holders than any creature of the management having, at beet, a dividend Profit and loss surplus
603,515
609,872
allegiance. We,therefore, earnestly solicit your co-operation for your own Earns, per sh. on 99,157 ohs. of capital stk.(no par)
$2.33
$4.04
[Vo,. 132.
FINANCIAL CHRONICLE
4076
Condensed Balance Sheet Dec. 31.
1929.
1930.
Ltabtlines-Assets1929.
1930.
$1,587,480 $1,587,480
x$1,276,590 $1,255,507 Capitalstock
Property
226,500
Cash
517.137 1st mtge.7% s.L _ 218,500
460,869
Notes & accts. rec. 121,654
178,384 Accts. pay. Incl.
87,936
62,893
accrd.sal.& int_
Inventories
611,627
621,138
50,867
32,946
Federal income tax
Deterred charges.
609,872
603,515
,ttc
Surplus
25,083
$2,505,335 $2,562,655
Total
Total
$2,505,335 $2,562.655
x Less reserve for depletion & dep etion of $831.083.-V. 131. P. 1726.
Condensed Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
Assets
$44,532
Cash
$254,223 $218,331 Accounts payable_ $27,499
49,826
70,449
Acc'ts & notes ree_ 728,332
525,158 Reserves
7,230
4,811
Inventories
898,569 Accrued pay-roll..
818,597
37.421
30,425
Land, bldg. & eq. 808,589
864,841 U. S. taxes (est.).
Common stock-- 2,194,700 2,194,700
Inv. in MM. and
697,653 1,613,322
sub. cos
402,083
417,427 Surplus
Pats., tr.-marks &
1 1,002,450
good-will
20,255
13,713
Prepaid expenses_
$3,025,538 33,947.031
Total
Total
$3,025,538 $3,947,031
-Acquisitions.
Pacific Car & Foundry Co.
This company, which recently acquired the equipment of the Bacon & -V.130, p. 3730.
Matheson Drop Forge Co., has taken over the Arrow Pump Co., Seattle,
-Certificates Off Exchange List.
Punta Alegre Sugar Co.
-V.131,p. 2707.
Wash.,and will continue its business at the Renton plant.
The New York Stock Exchange has stricken from the list certificates of
deposit for capital stock of the company and the Commercial National
-New Gen. Sales Mgr.
Packard Motor Car Co.
of deposit for
J. W. Loranger has been appoited General Sales Manager succeeding Bank & Trust Co.'s and Chase National Bank's certificates
-year 7% sinking fund convertible debentures, due July 1 1937..-V. 132, 15
R. E. Chamberlain, who was made distributor in Buffalo. N. Y
V. 132, p. 3165, 2406.
D. 3356.
-$750,000 of Eonds Purchased.
Paramount Publix Corp.
The corporation on May 27 delivered to Chase National Bank of the
% sinking fund
-year
City of New York as trustee, $750.000 of its 20
gold bonds, dated Aug. 1 1930, for cancellation in compliance with the
indenture under which these bonds were issued and which provides for
the retirement of $750,000 par value of these bonds on Aug. 1 of each
year under a sinking fund provision.
The bonds were purchased in the open market and are being cancelled
now instead of on Aug. 1 1931, leaving outstanding $14,250,000 par value
of this issue which was originally $15,000,000.-V. 132, p .3730.
-10c. Special Dividend.
Parke, Davis & Co.
The directors have declared a special dividend of 10c. per share and
the regular quarterly dividend of 25c. per share, both payable June 30
to holders of record June 19. Similar dividends were paid on March 31
last.
-V. 132, p. 1823.
-Financial Report.
Quaker City Cold Storage Co.
Horace P. Serrill, Pres., in a letter to Brown Brothers Harriman & Co.
and Spencer Trask It Co.,stated:
In reviewing the operations of the company for the last four years, it has
become increasingly apparent that while the volume of business was maintained on a reasonably satisfactory basis, resulting profits have shown a decling trend. This condition has arisen because of the great expansion of
cold storage facilities and the consequent competitive conditions in the cold
storage industry of the country particularly in the Eastern District. Earnings of the company for the last four calendar years compare as follows:
1927.
1928. •
1929.
1930.
$725.974
$692,804
$735,798
Total inc., incl, other inc $766,693
491,983
552,041
530,597
576,798
Operating & admin.exp.
Balance available for
bond int. & deprecDepreciation
$189,894
50,510
$205,200
53,481
$140,763
48,157
$233,991
41.101
The company on May 22 filed a certificate at Dover. Del., increasing
the authorized common stock, no par value,from 750,000 shares to 1,000.000 shares.
-V. 132. p. 3730.
Balance
Int.on 1st mtge.6s
$139,384
120,000
$151,718
120,000
892.606
120,000
$192,889
120.000
-Record April Replacement Sales and
Perfect Circle Co.
Ring Shipments.-
Balance available for
$72,889
331.718 def$27,393
319,384
debenture interest---97,500
97,500
97,500
97,500
Interest on 6)4% debs
The above statement of earnings shows that the net earnings after decover full interest charges on the
precition were not sufficient in any year to
company's present Indebtedness. Since 1927 the net earnings even before
depreciation have not been sufficient to cover the interest charges.
A study of the company's balance sheets for the last four years shows the
following current position:
1927.
1928.
1929.
1930.
Dec. 31$252.187
$326,665
$298,746
3336.263
Current assets
66.094
• 148,066
208,612
427,230
Current liabilities
-Stock Increased.
Pennsylvania Industries, Inc.
Lothair Teetor, Vice-President in charge of sales, announces that April
replacement sales, through automotive equipment jobbers, established a
new all-time record. Piston ring sales for this period increased 42% over
April 1930, and 61% over same month in 1929.
Replacement sales for the first four months of 1931 also set a new high
record being 42% ahead of the first four months of 1930 and 55% ahead
of the same period in 1929.
Manufacturing facilities at all three plants in Hagerstown, New Castle
and Tipton, Ind., continue to operate at full capacity. In the month of
April the company's foundry produced 5,316.702 rings for a new high
moulding record.
Besides creating a new replacement sales record in the month of April,
a new shipping record was established. A total of 4,244.341 rings were
shipped during the month as compared to the 3.710.596 shipped in April
1930.-V. 132, p. 3901.
-New Director:
Phillips Petroleum Co.
board. He has
Judge Amos L. Beaty has been elected a member of thethe oil industry,
men in
been for the last 20 years one of the outstanding
having been at various times General Counsel, President and Chairman of
the board of The Texas Co. and for many years he has been Treasurer
-V. 132. p. 3731, 3356.
of the American Petroleum Institute.
(& Subs.)
.-Earnings.
Pitney-Bowes Postage Meter Co.
16,500
1929.
$301,177
14,695
27,800
1928.
$150,366
13,313
16,800
$252,225
159,646
$258,682
145,882
$120,253
26,165
Calendar YearsNet profit
Prov. for equal's. of meter val. res.Federal taxes
1930.
$268,725
Balance
Dividends paid
$178,598
$186,093
890.134
Net current assets- - _ def$90,966
It will be noted that at the end of 1930 there was an excess of current
and sinking fund payments upon the
liabilities over current assets. Interest
1st mtge. bonds and interest payments upon the denebtures have thus been
maintained during this period at the expense of the working capital of the
company until a point was reached where further impairment of such cash
resources became impossible. Accordingly the company was unable to meet
the interest payments due May 1 1931, on either issue of bonds. Furthermore, the semi-annual sinking fund payment due March 15 1931, under the
1st mtge. has not been paid and holders of the 1st mtge. bonds have been
asked to waive these sinking fund payments for a period of three years to
May 1 1934.
Balance Sheet Dee. 31, 1930.
Liabilities
$239,750
Cash
$80,360 Notes payable
118,852
243,624 Accounts payable
Notes & accounts receivable_
68,628
8,530 Accrued interest & taxes
Inventories
3,749 Notes payable & loans reMiscellaneous current Habil-706,883
ceivable discounted
Customers' demand coll, loan
760,932 1st mtge.sinking fund 63- _ _ 1,857,500
receivable-disc,or pledged
-year gold debentures 1,500,000
9,462 6)4% 15
Investments
3,952,934 Common stock (20,000 abs.
Fixed assets
654,662
no par value) dr surplus-.
86,683
Other assets
$112,800
$94,088
$92,579
Balance, surplus
177.146
800.660
800.660
Shares cora,stock outstanding (no par)
$0.67
$0.30
$0.32
$5,146,278
Total
Earnings per share
$5,146,276
Total
-V. 132. p. 3732.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Assets
--Earns.
Quincy Market Cold Storage & Wareh. Co.
$84,270 $109,000 Notes payable.... $432,500 $300,000
Cash
1928.
1929.
1930.
1931.
Years End. Mar.31772 Accts. payable, ac585
Notes receivable_ _
32,092,093 32.060.020 82.131.175
77.290 Total income
65,823
int., &c._
$1,941,025
crued
141,053
Accts.receivable.. 273,059
1,802,380
1,678,521
1,577,426
16,500
27,800 Operating expenses
1,525,088
619.803 Fed'l & State taxes
711,857
Inventories
375,062
11,442 10-yr.61 gold note 354,989
1,989
Sundry debtors_ _ 8328.795
$381.499
$514,668
Unearned income. 209,261
$415,937
Gross profit
Postage meters on
55,802
1,337
2,526
Other income
rental service_ _ _ 2,236,017 1,448,752 Meters valuation
884,938
reserve account_
Other equipment on
3517.194
2,000
$382,836
$384,597
2,000
$415,937
Total income
106,560 Contingent reserve
6,148
rental service_ -Salaries (officers and gen312,318 Minor. int. In cap.
Invest, foreign sub 347,461
51,326
52,620
72
56,095
58,260
eral office)
585,615 stock of sub. co
Fixed assets
640,304
80,903
44,187
57,840
x1.353 406 1,353,956 General expenses
81,576
229,542 Capital stock
28,495
Deterred charges-131.355
19,061 Interest paid (net)
98.704
141,875
17,881
113,645
Capital surplus.-46,000
108.083
479,856 Other charges
41,117
26,097
Earned surplus-. 571,537
44,823
Deferr. rental Inc- 1,306,288
$109,967
$199,946
364.606
$136,359
Net profit
92,704
94,207
102,182
$4,330,187 $3,564,857 Preferred dividends--- 84,356
Total
Total
$4,330,187 $3,564,857
x 800,660 shares (no par).
-V. 132. P. 2602.
$17.263 loss337.576
5105,739
Surplus for the year..
$52,003
- Earns, per share on 35,-New Affil. Co. Formed.
Pittsburgh Plate Glass Co.
$3.02
$0.49
Nil
$1.48
000 corn, shares
-V. 132. P. 3357.
See American Cyanamid Co. above.
Consolidated Balance Sheet March 31.
-The Baltimore
Offered.
-Bonds
1931.
1930.
Potomac Mortgage Co.
1930.
1931.
Assets$7,864
payableCo. in April last offered an additional issue of $800,000 1st Cash Treas. bonds $43,811 $333,722 Accountsinterest & $18,295
Accrued
405,500
U. S.
mtge. coll. trust bonds at 100 and int.
599,361
66,048
other expenses..
68,290
Notes mceivable._ 275,964
220,237 Prov. for div. pay.
Bonds bear interest at 6%. The first mortgages pledged as security Accts. rec..storage 186,459
Boston Terminal
for these bonds are unconditionally and irrevocably guaranteed by the Accrued rents, int.
9,631
2,955
Refrig. Co
11,34e
7,525
miseel. accts. rec
Maryland Casualty Co. Bonds are dated March 1 1931 and mature
294,851 Prov.for Fed'l Inc.
303,301
Investments
3100.000. March 1 1936 and $700,000. March 1 1941.
& Mass. exc. tax
26.428
34,200
53.700
These bonds are the direct obligation of the company, and are to be Sinking funds.... 111,286
350,000
x7,006,201 7,132,729 Mtg. on real estate 250,000
at all times secured by deposit with the trustees of first mortgages and (or) Fixed assets
2,638,000 2,715,000
Funded debt
instruments of like legal effect, United States bonds, or United States Unamortized bond
43,872 5% pref.stock.- _ 1,456,300 1,552,600
39,600
discount
certificates of indebtedness and (or) cash in principal amount at least
Common stock _ _ 3,500,000 3.500,000
equal to the principal amount of all bonds outstanding. Fire insurance Unexpir.insur. preBoston Term,Refr.
miums & prepaid
policies accompany each mortgage and provision is made for windstorm
31,085
Co.6% pret_ _ _ _
98,500
179.400
33,715
rent
satisfactory attorney's opinions where title comand title insurance (or
17,614 Surplus
403,442
351,440
17,743
panies are not operating) when, and as required and approved by the Miscell. supplies..
80,110
Leaseholds
36,634
-V.132. p. 671.
Casualty Co.
Maryland
-Dividend Decreased.
Public Investing Co.
on
The directors have declared a quarterly dividend of 20 cents a share25.
the no par common stock, payable June 15 to holders of record Maythis
25 cents a share on
The company paid regular quarterly dividends of
addition
issue from Sept. 16 1929 to and including March 16 1931, and in10c. each
made the following extra distributions: 1214c. on Dec. 16 1929;
15 1930.-V. 132,
on March 15, June 16 and Sept. 15 1930; 20c. on Dec.
p. 506.
-Earnings.
Pyrene Manufacturing Co.
Calendar YearsProfit after taxes
Dividends paid
1930.
$262,352
175,571
1929.
$332,869
175,571
1928.
$218,527
175,571
1927.
x$191,539
175,577
$15,962
$42,956
$157.298
$86,781
Balance, surplus
3,565,207
3,650,723
1,613,322
y697,653
Profit & loss surplus_ _ _ _
219,470
219,470
219,470
219,470
.
Shs.cap.stk.out (par $10)
$0.87
$0.99
$1.52
$1.20
Earns. per sh.on cap.stk.
-down of
from sale of land. y After write
x Including $38,218 derived
patents, trade-marks and good-will from $1,002,450 to $1.
Total
$8,467,741 $8,789,640
Total
$8,467,741 88.789,640
x After depreciation of 32,840,749.-V. 131, p. 3544.
-Earnings.
Raybestos-Manhattan, Inc.
For income statement for month and 12 months ended March 31 1931 see
-V. 132, p. 3902.
"Earnings Department" on a preceding page.
-Subsidiary Changes Name.
Retail Properties, Inc.
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated May 111931, changing the corporate
name of Schulte-United Properties, Ltd., a subsidiary, to that of Retail
-V. 132, p. 2213.
Properties, Ltd.
-Bonds Drawn for Redemption.
Rheinelbe Union.
Dillon, Read & Co. and J. Henry Schroder Banking Corp., as fiscal
agents for the United Steel Works Corp. of Germany, announce that
-year sinking fund mortgage 7% bonds,
$312,000 of Rheinelbe Union 20
have been drawn by lot for redemption. Bonds so designated are payable
at their New York offices in dollars, at J. Henry Schroder & Co.'s London
office in sterling or at the Amsterdam offices of Mendelssohn & Co., Neder-
MAY
30 1931.]
FINANCIAL CHRONICLE
lanclsche Handel-Maatschappij and Pierson & Co. in guilders on Jan. 1
1931 at 100 and interest.
-11. 131, p. 3545.
Richfield Oil Co. (Calif.).
-Files Action Against Former
Director Seeking Note Interest.
William C. McDuffie, equity receiver, has filed suit in the U. S. District Court at Los Angeles against Joseph Toplitzky, real estate operator
and former director, seeking recovery of 5100,000 with interest alleged
due on a note held. The complaint alleges that on Feb. 20 1930, Mr.
Toplitsky, thon a director, was given a loan of $227,000 by company
officials, with 20,900 shares of Richfield common as security. Subsequently, it is alleged, he repaid $127,000 on the loan. The receiver charges
that the loan was made without the knowledge of the Richfield board of
directors, and that the company charter does not permit a loan to officials
with company stock as security. Mr. Toplitsky in a cross complaint asks
return of 106,000 shares of Universal Oil Co. stock, and $52,000 which
he says he expended in the company's account.
-V. 132, p. 3358.
Ritter Dental Mfg. Co., Inc.(& Subs.).-Earnings.
Calendar YearsManufacturing profit
Cost,expenses,royal. &c
1930.
1929.
1928.
51.741,022 52.450,6121
Not
959,195
1,165,928f Available
Operating profit
Other income
$781.827 $1,284.684 $1,347,445
296.087
369,321
151,590
Total income
interest, &c
Federal taxes
Minority interest
Depreciation
$1,077.913 51.654,005 $1,499,035
150,161
141,441
231,636
85,000
140,000
130,000
3,490
4.780
4,155
171,595
Net profit
Preferred dividends
Common dividends
$667.665 51,367,784 51,133,244
175,000
175,000
175.000
460,000
480,000
Surplus
$92,666
$712,784 $ 958.244
Earnings per share on 160,000 shares
common stock(no par)
$3.08
$7.45
$5.99
Consolidated Balance Sheet Dec. 31.
Asses1930.
Liabilities1929.
1930.
1929.
Land, buildings,
7% pref.stock
_$2,500.000 $2,500,000
machinery and
Common stock- y2.544,512 2,544,512
equipment __ __:$2,795,559 $2,809,596 Notes, loans &
Cash
523,601
384,144
accts. payable__ 431,848
742,426
Notes. loans &
Dividends payable 143,750
223,750
& accts. rec
2,888,826 3,152,453 Accrued taxes, &c_ 214,125
333,874
Inventories
2,175,369 2,484,983 Five-year 6% loan
46,612
Investments
74,584
62.078 Miscell. reserve-- 263,908
251,139
Deferred charges
110,002
195,447 Min. stockholders'
liability
56,893
55,777
Earned surplus _ _ _ 2,412,904 2,390,611
$8,567,941 $9,088,701
Total
Total
$8,567,941 $9,088,701
x After depreciation of $1,238,210. y Represented by 166,000 no par
shares.
-V. 132, p. 3732.
Rocky Mountain Motor Co., Denver.
-Defers Div.
--
The directors have voted to defer the regular quarterly dividend of 1%%
due Juno 1 on the 7% cum. pref. stock, par $100. The last quarterly
tribution was made on this issue on March 11931.-V. 131, p. 3545. dis-
4077
This large loss in 1930 was caused by an unprecedented slump in the
volume of sales which necessitated the most drastic curtailment of operations. During tho first four months of the year production was at the
rate of about 50% of capacity.During the last eight months of the year
production averaged about 25% of capacity.
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
6% pref.stock---- 1,250,000 1,250,000
Assets8
$
7% 2d pref. stock_ 2,643,800 2.643,800
Real est., mach. &
equipment
4,773,334 4,940,310 Bal.for com.stock x888,663 1.756,463
Accts. payable-- 50,420
166,739
Ctfs. of deposit_ _ _ 900,000
192,403
109,285
338,371 Accrued items_ - _
Bankers' accept's_
Cash
1,008.568 1,036,752 Reserve for sundry
283,142
Notes & accts. rec. 980.575 2,313,669 contingencies_ _ 157.614
70,854
Inventories
1,190,547 2,092,736 Accrued interest4,102,690 4,908,020
353,445 Notes
Securities
312,374
Dep. with ins. cos..
57.880
56,506
Accrued Inc. rec__
7,900
4,254
Prepaid items_ _ _
39,505
47,169
Total
9,273,327 11,180,568
Total
9,273,327 11,180,568
x As follows: Balance represented by 64.827 shares common stock (no
par), $1,779,003; less net loss for 1930, 5890,340.-V. 130. p. 3896.
-Listing of Add'l Capital Stock.
St. Joseph Lead Co.
The New York Stock Exchange has authorized the listing of 289.409
additional shares of capital stock (par $10) on official notice of issuance and
-year
delivery upon conversion into capital stock of the company's 10
convertible 53.i % gold debenture bonds, due May 1 1941. Bonds are
outstanding in the principal amount of $9,752,300 and are convertible into
capital stock of the company at the price of 533.33 1-3 per share of capital
stock of the par value of $10 per share, making the total number of shares
issuable upon such conversion of bonds if all the bonds shall be converted,
292,569 shares and making the total amount applied for 2,289,409 shares.
-V. 132, p. 3166. 2789.
-Earnings.
St. Paul Union Stock Yards Co.
Calendar YearsGross earnings
Total expenses
Net earnings
Cash dividends
1928.
1929.
1930.
1927.
$2,137,759 $2,262,875 52,305.362 52.324,885
1.648,080
1.629,120
1.464,687
1,503,335
5673,072
900,000
5614.795
650,000
5676,241
650,000
$821,549
x630,000
def$226,928 def$35,205 sur.$26,241 sur$191,549
Balance
y50.000
y50.000
200,000
Shares cap. stk. (no par)
y500,000
$12.29
$13.52
Earnings per share
$3.36
$16.43
x In addition, a stock dividend amounting to $1,000,000 was paid.
y Par $100.
Consolidated Balance Sheet Dec. 31.
Liabilities1930.
1929.
1929.
1930.
Accts. payable___ $465,370 $419,445
Assets$
$
1,354,000 1,354,000
$230,250 Bonds
Cash
$301,353
6.513
6.270
564.645 Deferred credits-.
Accts.receivable._ 296.765
Notes receivable
1,300 Res. for deprec- 1,892,905
413.233 Other reserves.... 510,580
Investments
116,961 Net Worth:
Inventories
124,951
Capital stock-y3,000.000 5.000,000
Prepaid expenses_
34,318
29,686
2,000.000
Cap. surplus
Land.bldgs.,mach.
136,458
363,386
& equip
8,613.071 x5,782.393 Surplus
$9,365,826 $7,143,101
Total
Total
$9,365,826 $7,143,101
Rossia Insurance Co. of America.
-Annual Report.
x After reserve for depreciation. y Represented by 200.000 shares
President C. F. Sturhahn says in part:
(no par).
-V. 131, p. 4227.
Although fire insurance companies in general experienced a decrease in
premium income during the year 1930, company not only maintained its
-Earnings.
Sangamo Electric Co.
premium income but shows a substantial increase in its gross volume of
-1930.
Years Ended Dec. 31
1929.
writings over the previous year, making it possible to increase retrocessions Net sales
83,020.677 $3,545,150
to our treaty connections as follows;
2,468,937
Cost of sales and operating expenses
3,051,241
1929.
1930.
119,819
Depreciation
108,629
Treaty premiums written
$11,811,827 $13,427,114 Experimental expenses
19,562
Retroceded
2,120,173 3,722,139
5412.358
Net profit from operations
5385,279
Not
$9,691,654 $9,704,975 Div. and other income from subs. and other cos-- 35,636
197.475
The severe decline in the securities markets during 1930 caused a decrease
40.552
36.483
in the value of securities owned amounting to $3,595,289, after entering Interest, royalties, discounts earned, &c
all securities in balance sheet at Dec.31 prices in accordance with Insurance
$488.544
$619.238
Total profit
Department requirements. A large amount of this decrease is accounted Other expenses
73,990
for by investment in stock of the Bosnia International Corp.
50.539
34.166
Federal income tax
Income Statement Years Ended Dec. 31.
$364,015
$585.072
1930.
Net profit for year
1929.
Surplus brought forward
497.084
$6,271,293 $5,462.338 Previous surplus
234.211
Premium reserve from previous year
7,813,261
7.274.587
Premiums written
$819,283
$861.099
Total income
9,704,975 9,691,654
Loss reserve from previous year
3,258
1,396.057
1,431,001 Additional assessment, Federal income tax, 1927-Interest and rents earned
70,000
675,425
70.000
692,500 Preferred dividends
Decrease in other reserves
250,000
Common dividends
250,000
50,000
173,000
Surplus paid in
Cr4,503
Cr1,059
1,202,574 Divs,on preferred stock held in sinking fund
Disbursements
Commission
Losses paid
Loss reserve
Premium reserve
Expenses
Dividends (cash)
Dividends (stock)
Loss from investment profit and loss items
$25,911,011 $25.927,655
53,403.708 $3.274,294
5,697.212
4,926.655
1,335,633
1,396,057
7,538,393 7,813,261
756,098
885,980
660,000
582,000
406.000
3,517,278
378.116
Surplus
53,002.688 56,271,293
Comparative Balance Sheet Dec. 31.
1929.
1930.
1930.
1929.
Assets
Liabilities$
$
Cash
841.020 1,306.081 Premium reserve-- 7.538,394
Bonds& mortgages 5.503.194 5,302,772 Reserve for losses- 1,335.633 7,813.261
1,396.057
Stooks
8343.436 11.353,467 Res.for dividends_ 165.000
165.000
Bale, due from cos. 762,711
933.992 All other liabilities
80,000
167,000
Bale, due on inRes.for conting___ 150,000
200.000
stallm't subscr's 106.738
Conflagration loss
Accrued interest-84,787
reserve
86.490
500,000
500,000
Real estate
529.829
529,829 Capital
3,000.000 3.000,000
Surplus
3,002,688 6,271,293
Total
15,771,714 19.512,611
-V. 132. p. 1052.
Total
15,771,714 19.512,611
St. Croix Paper Co.
-Annual Statement.
Calendar Years1930.
Net after charges, incl., deprec. and taxes
$272,548
Earnings per share on 25,000 shs. common stock
$9.71
General Balance Sheet Dec. 31 1930.
Assets
Liabilities
$423,159 Accounts payable
Cash and securities
315,988 Dividend pay. Jan. 151931..
Notes and accounts receiv.-280,412 Reserve for deprec.,Insurance
Advances to loggers
563,384
Invest. in other companies
and taxes
• 1,157,152 Surplus
Inventories
Deferred expense
39,550 Preferred stock
Plant, timberlands, &a
6,408.506 Common stock
Treasury stock
3,500
Total
-v. 131. p. 126.
$9.191,651
Total
Saco-Lowell Shops.
-Annual Report.
-
Total
$4,116.216 54338.811
Total
$4,116,216 54.138,811
x After depreciation of $1,182,318.-V. 132. p. 2213.
Saxet Co.
-To Change Name.
A special meeting of the stockholders has been called for June 10 to
approve changing the name of the company to Republic Gas Corp.
-V.132.
P. 3732,
-Stock Increased.
Segal Lock & Hardware Co., Inc.
1929.
$293,951
$10.56
The stockholders on May 25 increased the authorized common stock
(no par value) from 400,000 shares to 750,000 shares.
-V. 132. P. 3902.
3733.
-Acquisition-Status.
Selby Shoe Co., Portsmouth, O.
$74,874
50,000
2,837,276
3,229,501
500,000
2.500,000
$9.191,651
For the year 1930 company showed a loss, after all charges, of
made up as follows: Depreciation on plant and equipment, $890,340,
$290,426;
carrying charges on idle plants vacated by reason of consolidation,
$70,645;
interest charges on funded debt, $275,153; loss on manufacturing
and
selling. $254,116. This compares with a profit of $1,004,034 in 1929.
5545.602
$497,084
Surplus. Dec.31
Earns, per sh. on 125,000 shs. corn.stk.(no par)_ _
$2.35
$4.12
December 31.
Balance Sheet
Liabilities1929.
1930.
Assets-1929.
1930.
Cash
$222,448 $110,110 Notes payable-- $300,000 $250,000
Accts. payable-Notes & accts,rec.,
50,229
125,308
763,911 Accr. exps. & gen.
less reserve
397,044
42,135
33,307
Inventories
1,437,137 1,366,257 taxes
Life insurance_ _ _
52,400
36,921 Fed, income tax
35,000
47,715
378,991 Divs. payable_ __ _
78,651
Inv. In sub. cos.__ 378,991
80,000
Inv. in Mill. cos__ 329,704
56,027
54,283
265,000 Special reserve...
Res, for coating.,
Inv.in sec. of other
48,687 &c
cos. at cost
55,000
48,288
7% pref. stock... 1,000,000 1,000,000
Land. bldgs.. &
967,991 Common (no Par)
& equipment_ _ x958,645
2,000,000 2,000.000
66,102 (25,000 shs.)
Deferred charges__ 136,330
Surplus
545.602
497.084
Spec. res,fund inv.
54,283
& cash
56,027
Sinking fund for
82,558
pref. stock
103,888
President Roger A. Selby, in his remarks to stockholders. stated that the
company has acquired, since the first of the year. a small chain of retail
shoe stores in the South known as the Crittenden Bootery Co. The contract
with the Ground Gripper Shoe Co. for the manufacture of its four lines in
women's misses' and children's shoes, entered into last January, is in full
operation.
'An outstanding feature of the year's operations lies in the fact that during a period of greatly reduced sales, the ratio of net profit to sales has
actually been increased,friinn 5.41% at March 31 1930 to 6.35% at March 31
1931," said Mr. Selby. 'Naturally, to obtain such a result, substantial
economies were effected in the pastyear. Administrative and general expenses were substantially reduced. Your directors feel that the business is
now organized and running largely on a depression proof basis, and that
a return of business to anything approaching normal should result in substantially improved earnings.
"On the other hand, economies have not been carried to the point where
they would be detrimental to the business, but on the contrary, expenditures which your officers felt were justified have been freely made to promote sales and manufacturing efficiency.
[voL. 132.
FINANCIAL CHRONICLE
4078
"Foreign trade has suffered badly within the past year. but the company
has under way plans for meeting the new conditions in the countries in which
we formerly did a nice business, and in sanguine that the new Proposals
will again place Selby shoes on sale in volume in such countries."
The balance sheet as of March 31 last showed current assets of $5,777,300
and current liabilities of $1,424,782, a ratio of slightly better than 4 to 1.
It compared with a ratio of better than 6 to 1 a year previously. Cash
and marketable securities on March 31 1931. totaled 31,740,773, and alone
were $315,000 in excess of total current liabilities. Against March 31 1930,
these assets showed a gain of $312.000. Accounts and notes receivable
amounted to $2,136,794, practically unchanged from a year ago, while
Inventories of $1,649,220 were down $60,417. The company was indebted
to the banks to the extent of $800.000 as of March 31, last, an increase of
-V. 132, p. 3733.
$400,000 as compared with a year earlier.
-Earnings.
Schiff Company.
-Shephard-Niles Crane & Hoist Corp.-Sma//er Div.
The directors have declared the quarterly dividend of 75e. a share on the
common stock, payable June 1 to holders of record May 22. This compares
with $1.25 a share paid on March 1 1931.
-Financing Reported Under Way.
Shubert Theatre Corp.
The corporation in conjunction with its bankers is working on a plan
for meeting the company's financial situation. Interest on the $6.360.000
debentures falls due June 15 and the current price of the bonds around
7-9 indicates doubt that the payment can be made. In addition to the
debentures there are real estate mortgages totaling $10,623,312 outstanding.
In the six months ended Dec. 311930, the company reported an operating
loss of $646,060 before interest charges and in view of the poor theatrical
season, it is probable that the deficit will be increased for the fiscal year
-V. 132, p. 2214.
ended June 30 1931 "Wall Street Journal."
1930.
-1929.
Calendar Years
-Omits Dividends.
Signal Oil & Gas Co.
39.932,983 $9,198.603
Net sales
The directors have voted to omit the quarterly dividends ordinarily
Coat of sales, oper. exps., deprec., amortiz.,
payable about June 10 on the class "A" and class "B" stocks. Quarter];
9,565,752 8,698.980
Federal taxes, Acc
distributions of 25 cents per share were made on both issues on March 10
pec 193 .
$499.623 last,. as compared with dividends of 50 cents each paid in June, Sept. and
$367,231
Net profit
5,917
Preferred dividends on old stock
52.500
70,000
Preferred dividends on new stock
Earnings.
99,000
198,000
Common dividends
For income statement for quarter ended March 31 1931 see "Earnings
-V. 132, p. 3545.
$342,207 Department" on a preceding page.
$99,231
Balance,surplus
438,503
780,710
Previous surplus
-
-Earnings.
Skinner Organ Co.
$780.710
3879,941
Total surplus
$4.45
$2.99
Earns, per sh. on 99,000 shs. corn.stock (no Par)
General Balance Sheet December 31.
1929.
1930.
Liabilities1929.
1930.
ALSMO-$292,507 $173,929 Accounts payable- $118,701 $815,515
Cash
500,000
45,579 Notes pay. to bks- 250,000
30,452
Accounts receivie_
Empl. profit share
Due from empl
19,503
51,545
49,237
bonuses
47,415
Loan receivable_
17,773
52,746
Sund. seer. exps
Treas. stk., purch.
63,669
49,524
Federal taxes
19,843
for employees__
7% pref.stock- 1,000.000 1,000,000
2.199
2,219
fr accts. pay.
Due
Inventories
2,081,851 3,018,949 Corn.stk.(200,000
675.000
107,163 shs. no par).._- 675.000
Investments
107,163
121,188
Capital surplus-- 121,179
Leaseholds, amort.
780,710
174,912 Earned surplus.-- 879,941
144,398
deducted
Furn. & fixtures,
420,498
=oafs. ded't'd 467.098
23,537
13,806
Deferred assets
13,184
Life insurance
17,690
$3,198,328 $4,025,391
Total
Tool •
$3,198,328 $4,025,391
-V. 132, p. 3545.
9928.
1929.
1930.
Calendar Years$242,042
$215.000
Net profit after taxes, deprec. & res_- $176,600
55.000
60,500
60.500
Shares corn, stock outstand.(no Par)
$4.40
$3.55
$2992
Earnings per share
Balance Sheet December 31.
1929.
1930.
Liabilities
1929.
1930.
Assets$15,587
27,264
$81,649 Accounts payable..
Cash
$80,016
5,551
5,825
353,208 Commissions PayNotes receivable_ _ 390,501
217,526 Salaries & wages
229,944
Accounts receiv
8.440
1,021
124,099 accrued
113,597
Inventories
52,715
51,742
10,000Reserves
13,700
Investments
449,692 Capital & surplus_x1,215,912 1,190,545
444,250
Fixed assets
34,663
9,556
Deferred charges_
$1,281,553 $1,270,837
$1,281,583 $1,270,837 Total
Total
.-V. 130, p. 4259.
x Common,60,500 shares (no par value)
-To Offer ParSouthwest Utility Dairy Products Co.
ticipating Debenture Shares.-Hoaglund, Allum & Co., New
York and Chicago, are expected to offer in the near future
an issue of 100,000 interest-bearing participating debenture
- shares.
-Earnings.
Selfridge & Co., Ltd., London, England.
1928.
1929.
financing
1930.
Years End. Jan.31Profit after expenses---Debenture interest
Taxes & deprec., &c_ _ _ _
1931.
£431,097
12.350
169,507
£481.312
12,974
129,002
£476,416
13,293
126,105
£475,191
13,614
117,000
Net profit
Preference dividends_
Pref. ordinary dividends
Staff part share dive__
Ordinary dividends
£248,935
78,000
100,000
10,394
75,000
£339.336
78,000
100,000
10,498
150,000
e337,018
78,000
100,000
11,031
150,000
£344,577
78.000
100.000
11.058
150,000
defe14,459
£838
The offering will introduce what is believed to be a new type of
in the United States, combining the fixed interest bearing features of a
bonded obligation with possibilities for increased income through participation with the common stock.
The interest bearing partic. deb. shares are the direct obligation of the
company to pay $1 annual interest for each share, payable quarterly. As
additional interest the debenture shares will be entitled to receive, share
for share with the common stock, an amount equal to any dividends to be
tp esmm
mon sm erco. on stock. Outstanding common stock will be limited to
d
M
Company and its subsidiaries constitute a major factor in the Southwest
in the production and distribution of dairy products. For the year ended
Dec. 31 1930. net income available was approximately four times the interest requirements of the deb. shares to be outstanding. Larger part of
-No Div.
Selfridge Provincial Stores, Ltd., London. this time- the company's business is in the State of Oklahoma. where it serves the
on
due at
The company recently decided to omit the dividendOn Dec. 5 1930. the majority of the population, extending into Texas and Kansas.
the American depositary receipts for ordinary stock.
Offering price of interest bearing participating debenture shares Is
company paid a dividend of 3A % on the "American shares. -V. 132. expected to be $13.75. The debenture shares rank prior to all stock IMMO
p. 3733.
of the company.
-V. 132. D. 2013. 1632.
Surplus
-V.132, p. 3733.
-Earnings.
Seton Leather Co.
Calendar YearsGross profit, after deducting cost of
goods sold
Admin., selling & other expenses
Net profit
Miscellaneous income
Total income
Deprec. on bldg. & equipment
Misc, deductions from income
Res. for Federal income tax
Net income
Dividends paid
de582,013
£5,519
1929.
1928.
$286,460
191.399
$468,961
206,546
$664,087
238,769
$95,060
5,002
$262,415
36
$425,318
2,864
$100,062
5,996
5,298
11,056
$262,451
5,428
8,951
27,736
$428,182
9,468
2,174
49,029
$77,763
175,000
3220.336
200,000
8367,512
124,000
1930.
$243,512
$20,336
def$97,237
Balance,surplus
Earns, per sh. on 100,000 shs. coin.
$3.68
$2.20
$0.77
stk. (no par)
Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
Assets$50,000
$112,192 $108,452 Notes payable--Cash
$5,407
3,488 Accept. payable.3,688
Notes rec.-cust._
43,856
42,357
209,095 Accts. pay-trade
139,862
Accts. rec.-custHas, for Fed. inc.
Cash val. of life the.
27,736
11,056
18,872 tax
28,088
policies
500,000
7500,000
663,314 Common stock
Mdse. inventory_ 562,573
550,647
461,360
Surplus
1.023
Loans to em preen9,255
11.839
Sundry investmls
161,565
Land,bidg.& equip x160,936
21,020,181 $1,172,039
51,020.181 $1,172,039 Total
Total
shs. (no
x After depreciation of $173,806. y Represented by 100,000
-V. 131, p. 2392.
par).
-New Director.
-Effects Economies
Shell Union Oil Corp.
Pres. J. C. Van Eck stated that
At the annual meeting held on May 21
mean a reduction
the company has effected several economies, which will year. He added
last
In operating expenses of several million dollars fromfunds of $21,000,000,
that on May 8 this year the company had liquid
not including
against $19,000,000 at the close of March and 320.000.000, capital exthat
$5,000,000 with subsidiaries, on Jan. 31. He stated
have not been large and authorization of drilling expenditures
penditures
year ago.
Is considerably below aoperations this year will be several million dollars
"I expect that our
they were in 1930, Pres. Van Eck stated. "The second
cheaper than
the first quarter due to the
quarter will not show nearly as Large a loss as
reduced expenses. Woude has been elected a director to replace U. De B.
H. G. A. Van Der
-V. 132. p. 3734.
Daly, resigned.
-Earnings.
Sherman Clay & Co.
-Earnings.
Spicer Manufacturing Corp.
For income statement for quarter ended March 31 1931 see "Earnings
-V. 132, p. 2791.
Department" on a preceding page.
-German Subs.
Standard Commercial Tobacco CO., Inc.
-V. 132, p. 2791.
See German-American Tobacco Co. above.
-Earnings.
Standard Dredging Co.
Calendar Years
Gross income
Operating expense
Admin. & gen. expense
Depreciation
Bond interest, &c
Federal taxes
1928.
1929.
1930.
$8,082,918 $8,544,742 $8,081,224
7,695,817 6,395,475 4.874,178
757,234
601,278
614,135
308,543
349,055
430,883
32.347
87,871
105,463
161,554
1084745,788 $1,093.470 $1.947,363
Net income
400,020
400.000
404,188
Com,stock outstanding (no par)
$1.98
Nil
$4.11
Earnings per share
Consolidated Balance Sheet Dec. 31.
1929,
1930.
1929.
1930.
8
Liabilities-$
$
$
Assets
793,803 Current liabilities- 3,307.035 1,725,003
320,795
Cash
Funded debt-subs
Contracts earned
160,000
75,000
due and payable 2,249,433 2,687,722 corporation ---Other curr. assets_ 1,235,484 1,058,948 Deferred liability_ 214,292
Plant dc equiptn't_ 8,911,188 8,678,298 Minority interest
59,783
71,581
subs. corr.
Real est. & misc.
1,700,452 1,796,582 Reserve for deprec. 2,849,491 2,689,312
properties
951,419 Reserves for other
Invest.& advances 1,851,722
589,765
837,827
purposes
67,475
53,860
Deferred charges
Capital & surplus.19,215,770 10.582,318
18,322,934 18,034,248
16,322,934 16,034,248 Total
Total
x Represented by 149,930 shares of no par convertible preferred stock and
-V. 132, p. 2409.
404,1871 shares no par common stock.
-Earnings.
Standard Gas Equipment Corp.
(Including Alabama Foundry Co.)
Income Account .for Year Ended Dec. 311930.
Net profit from operations, before depreciation
Interest on bonds and notes, provision for doubtful accounts,
-Net
discounts allowed, &o.
$160,012
65,293
Net income for the year, before depreciation
Provision for depreciation
$94,719
181.760
Net loss for the year
--Sundry adjustments applicable to prior
Profit and loss credit
-Net
periods
$87,041
6,282
$80.758
Profit and loss deficit for the year
1928.
1929.
1930.
1295,203prof$124.849
$408,320
Consolidated Balance Sheet, Dec. 31 1930.
LiabilitkiAssets
Dec. 31 1930.
13alance Sheet
$100,000
$234,053 Notes payable-banks
Cash
Liabilities
66,782
329,725 Accounts payable
Assets
$115,310 Notes & accts. receivable
Accounts payable
$138,989
772,095 Accrued wages, interest, city
64,158 Inventories
Cash
2,578.955 Accrued expenses
24,528
taxes,.to
28,617 & State
Receivables
15.308 Investments-book value
1,117,862 Deposits
325,000
1st mtge.63'ls
8,751 Premium deposits with MuInventories
438.817 Contingent commissions
2,235,800
preferred stock
24,018 7%
50.946
Other receivables
tual Insurance companies
9,197 Due bills payable in mdse.- _ 1,854,200
12,332.882 Common stock (21,578 she. 1,098,395
Investments
Property
631.658 7% prior pref. stock
174,782 no par)
Property and equipment
1,739,000 Patents, trade-marks, &e.
67,929
236,191 6% pref. stock
22,083 Profit & loss surplus
Furniture, fixtures dr autos.1,500.000 Deferred charges
Common stock
93,904
Leasehold im provements$3,918,233
180,313 Capital surplus
$3,918,233 Total
unamortized
60,588
Total
71.004 Operating deficit
Deferred charges
-Accumulated dividends at Dec. 31 1930 amounted to $521,640
Note.
$5,380,989 on the outstanding preferred stock.
$5,380,989 Total
Total
x After depreciation of $940,578.-V. 129, p. 3813.
-V.131, p. 2237.
Calendar Years
Net loss
MAY 30 1931.]
FINANCIAL CHRONICLE
Standard Motor Construction Co.
-Earnings:
Calendar Years1930.
1929.
4079
(B. F.) Sturtevant Co.
-Earnings.
-
Calendar Years1930.
1929.
Loss for year
1928.
x$155.908 profit 349.906 Net sales
38,137,412 $7.913,891 $7.207.592
x After inventory write-down, reserve for doubtful accounts,
Other income
&c.
48.609
64,883
44,690
Balance Sheet December 31.
Total income
$8,186,021 $7,978,774 87.252,282
Assets
1929.
1030.
LtabtlUtes1930.
1929.
Total cost of sales
7,836,995
7,206,615
Cash
6.489.058
$46,252
86,831 Accts. payable_
$75,856
$84,071 Loss on sale of capital assets
97
Cr283
727
Notes & sects rec- 127,667
179,180 Notes payable_-_
23,107
42,957 Depreciation
189,995
180,229
178,273
Int.on mortgage..
714 Salaries & wages
Interest
68,262
88,052
Merchandise
63,975
326,813 accrued
300,736
3,978
4,826
Mortgage rec
21,000 Loans payable_
43,250
Net income
$90,671
3504.160
$520,249
Land, buildings &
Deposits
5,524
2,507 Earnings per share on common
$0.71
$19.51
$20.27
machinery
711,297
858,274 Res.contingent.-11,733
6,735
Investments
1
Consolidated Balance Sheet Dec. 31.
Mtge. payable...
30,250
Patents
1
1 7% cum.prel.stk__
27,030
AssetsLiabilities1929.
1930.
27,030
1930.
1929.
Deferred charges
3,855
2,143 Common stock_ _ _x1,012,330 1,183,581 Cash
$820,260 $757,774 Notes payaLle_ _ _ _61,300,000 $1,400,000
Notes & acceptA count+ payable_ 215,837
276,686
Total
$1,189,810 $1,394,958
Total
$1.189,810 $1,394,958
ances receivable
100.084 Reserve taxes,city,
79,675
a After deducting depreciation of 8513.775. x Common stock
1,447,315 1,797.423
State, & Federal 206.297
issued, Accts.receivable
238,236
327.054 shares (no Par), $1,206.266: surplus from revaluation of plant Inventory
2,055,238 2,186,540 Res, for conting.
100,000
property. $346,917: total, $1.553,182; less deficit from operations.
Res, for deprecla$540,853. Accts. & loans rec.
-V. 131. p. 1579.
not current _ __ _ 211,148
327,764
Von, plant assets 1,855,201 1.683.933
Stocks & bonds..- 124,010
74,010 Capital stock
3,450.000 3,450,000
Standard Oil Co. of New York.
Real estate & plant 1,444,285 1,443,106 Surplus
-New Officers.
1,899,548 2,130.587
Machinery,tools &
Arthur F. Corwin and Frederick Ewing have been elected Vice-Presiden
ts.
Henry Fisher has been elected Secretary, succeeding Mr. Corwin.
equipment
-V. 132, Develop. Ljung- 2,720,232 2,429,068
p. 3359, 1633.
strom turbine.
75,000
Prepaid items_ _
.
49,720
63,671
Standard Oil Export Corp.
-Annual Report.
Corporation owns all of tho outstanding stock of the Anglo-Americ
Total
Total
39,026.883 $9.179,441
$9,026.883 $9,179,441
an
Oil Co., Ltd. (except directors' qualifying shares), most of which
was ac- -V. 130, p. 4260.
quired in 1930 through an exchange of one share of preferred stock
of the
Standard Oil Export Corp. for 5 5-9 shares of Anglo-American Oil Co.,
Sundstrand Machine Tool Co.
Ltd.
-Earnings.
Payment of corporation's preferred dividend of 57 per annum is guaranteed by four of the principal subsidiaries of Standard Oil Co.(N.J.), viz.,
Statement of Operating Results Year Ended Dec. 31 1930.
Net profit before depreciation
Standard Oil Co. of New Jersey, Standard Oil Co. of Louisiana,
$71,500
Humble Provision for depreciation
Oil & Refining Co. and Carter Oil Co., owners of the common
102,148
Export corporation. Its assets consist almost entirely of stock of the
the AngloNet loss for the year
American shares. It is operating exclusively as a service organization
330,648
and
not for profit. The dividends received from the Anglo-American
Balance Sheet Dec. 311930.
Oil Co.,
Ltd., last year wore sufficient to cover the dividend requirements
on the
Liabilities
.preferred stock of the Standard 011 Export Corp.
Cash
$22,521 Accounts payable
$22,521
$6,330
Marketable securities
.50,000 Accruals-p.roll. taxes & 0th.
Income Account for Year 1930.
19,432
Notes receivable-secured...
12,870 Res. for contingencies
Dividends received from Anglo-American OS Co., Ltd
13,075
$4,148,546 Trade accept.-unsecured_ -11,440 Capital stock
Other income
x 1,544,052
388,699 Customers' accts. receivable_
44,660 Surplus
67,120.
Sundry other receivables-- -5,908
Total income
$4,537.245 Inventories
409,592
Operating expense
394,503 Other assets
21,640
Plant properties
1,031,712
Net income
$4,142,742 Patents (less amortization)._
24,952
Dividends paid
3.824,420 Prepaid expenses & supplies
14,714
Balance. surplus
Total8 .
$318.322
$1,656,011
Total
1,
650 011
Balance Sheet rec. 311930.
Note.
-At balance sheet date the company was contingently liable for
Assets
Liabilities
customers' trade acceptances and notes discounted with banks as follows:
Cash
$201.765 Accounts payable
. lim ,sg1Trading Corp., $78,096: (2) others, $3,190: total contingent
l11 bi
19,854 ( ) A tytor8 287
Accounts receivable
9,835 Loans payable
400,000
Corporate stock-Anglo-AmReserve for annuities
x Represented by 86,250 shares (no par)
.-V. 132. p. 1440.
273,200
erican 011Co.,Ltd
77,049.434 Preferred stock
76,488,500
Deferred charges
5,955 Comm on stock
Superior Oil Corp. (8c Subs.).
-Earnings.
100
Surplus
85,335
Calendar Years
1929.
1930.
1028.
1927.
Total
Gross
32,790,628 $44,700,207 81,717.343 32.402,017
$77,266,989 Total
-income
$77.266,989 Oper. expenses, &c
1.290,807
732,883
720.165
-V.131. p.490.
Abandoned leases & unproven acreage written
Stromberg-Carlson Telep. Mfg. Co.(& Subs.).
off
501,327
804,320
95,203
332.948
-Earns. Unusual losses & exps
56,214
Calendar Years1930.
1929.
1928.
Gen.& admin.expenses_ 1,266,833
377,237
239,642
*Net income
188,835
$669,703 $1,070,055
$602,368 Depletion
946,935
872,947
Preferred dividends
457,517
637,001
65,002
65,02
24,376 Depreciation
590.570
1.371,275
798,036
Common dividends
1,068,127
370,330
334,476
300,691 Interest & amortization_
159,621
167,071
Surplus
$234,371
$670.577
$277,301
Net loss
$1,684,369 sur$826,261
$662,153
Previous surplus
$545.059
3,047,429 2,376,852
2,099,550
For income statement for 3 months ended March 31 see -Earnings
Total surplus
$3,281,800 $3,047,429 32,376,8T- Department" on a preceding page.
2
* After provision for Federal taxes and interest.
Consolidated Balance Sheet December 31.
1329.
1930.
1930.
1929.
Consolidated Balance Sheet Dec. 31.
AssetsLiabilities-$
$
$
$
Assets1929.
1930.
Liabilities
1930.
1929. Cash
17,236 Notes pay.: banks
129,887
Cash
8565,802 $316,615 Notes payable____ $850,000
Notes rec.& int__ _
mtge.on
74,825 (sec. by
29,637
$1,100.000
Notes receivable... 105,462
107,705 Accts. pay. & accr.
Accounts receivle_ 265,742
certain Kansas&
962,507
Accts.receivable
1,529.458 2,769,185
nab., incl. Fed.
Crude oil & gas'ive.
Okla. oil leases)_ 118,584
45,729
32,940
575.000
Cash surr. value of
Income taxes_.
565,184
Security
Other notes pay.
9,393
life Ins. policies23,907
Res. for conting- - 200,000 1,151,384 Materialsdeposits_ 418,235
17.847
(unsecured)- - 2,135,529 1,815,615
375,949
& suppl_
200,000
Inventories
3,598,710 3,535,515 Pref.
% oum•
Prepaid expenses.
Accts. & vouchers
31,683
.
2,881
Sundry inv.& adv. 297,251
125,210 stock
1,000,000 1,000,000 Leaseholds, plant
Payable
442,743
495.783
Invest in & adv. to
Common stock- x2,732,800 2,682,800
equip., 40--_x15,303,633 18,865,256 Notes Payable500.000
foreign affil. cos.
98,599
69,697 Surplus
3.781,800 3,547,429 Inv. in atlas. of &
Accr. wages & sale.
8,445
Ld., bldgs., mach.,
adv.for affil.cos. 1,710,483
134,929 Accrued insurance.
145,055
factory, equip.,
Deferred Items.
30,484 int. and taxes-- 168,447
tools., &o
2.847,770 2,696.106
Capital stock ___ y16,676.118 16.676.118
.
Prepaid taxes, ins.,
Deficit
1.647,035 sur331,026
&e
43,628
62,824
Total
Total
17,902,830 20,538.600
17,902,830 20,538,800
Total
$9,129,784 $9,681,613 Total
$9 129,784 $9,681,613
.
x After depreciation and depletion. y Represented by 776,979 1-5 no
x Represented by 273.800 shares (no par).
-V. 132, P. 1440.
Par sharos.-V. 132, p. 2792.
Submarine Signal Co.
-Earnings.
-
Syracuse Washing Machine Corp.
-Earnings.
-
(Including Submarine Signal Corp.)
Consolidated Income Statement Year Ended Dec. 31 1930.
Gross income
$749,062
Direct cost
467,627
Profit
$281,435
Other profits from operations
13,349
Gross profit from operations
•
8294.784
Administrative, selling, engineering, &c
346,722
Net loss from operations
$51,939
Other income, net
51.045
Net loss for current year
$893
Dividend
17.923
Total deficit
*Subject to additional income not yet reported by the German $ 18,816
agency.
Consolidated Balance Sheet Dec. 31 1930.
AssetsLiabilities
Cash
$102,544 Payables
$18,672
U.S.certificate of indebtedness 275,086 Reserves for taxes.&o
11,282
113.591 Capital stock (par $25)
Receivables
1,792,250
Inventories(at cost)
201.711 Deficit
18,816
Fixed assets
42,216
Leased apparatus (book value) 100.000
Patents
1
Investment in Signal Gesellschaft stock
1
Prepaid expenses
9,880
Goodwill
958,357
Total assets
$1,803.388
New Directors.-
Total
$1,803,388
Capt. Eugene E. O'Donnell, President of Eastern Steamship
Lines Inc..
recently was elected a director, succeeding Lewis K.
Thurlow, resigned.
.
-V. 130, p. 1844.
Statement of Profit and Loss Year Ended Dec. 31 1930.
Net sales
36,744.709
Manufacturing cost ofsales
5,006,695
Gross profit
Miscellaneous income
31.738,014
49,231
Total
Selling, general & administrative expenses
$1,787,245
1,822,387
Balance
Interest paid
Reserve for contingencies
Dr.$35,141
4,824
32.000
Loss for year
Balance surplus Dec. 31 1929
Additional taxes in respect of prior years
Balance
Dividends on class A
On class B
$71,966
1,482.767
Dr.14,059
$1,396,742
28,620
225,255
Balance, Dec. 31 1930
$1,142,867
Balance Sheet Dec. 31.
Assets-1929.
1930.
1930.
1929.
Cash
8576.988 $412,661 Accounts payable_ $270,540 8209,684
Accounts reedy.
505,371 Accrued liabilities_
425,615
74,951
93,045
Inventories
19,558
1,075,350 1,319,344 Smut. assessments
Securities deposited
Dividend payable_
125,648
with N.Y.State
Res. for Fed. taxes
54,822
30,382 Res.for condos.-Industrial Comm
30,382
49,000
Capital assets- _ _ - 1,793,731 2,010,083 Res.for workmen's
46,779
Good-will, patents,
compen. exps___
21,985
&c
(no par).:2,413,568
524,150 Cont.stk.
533,305
Deferred charges
82,293 Capital surplus... 500,000k 4.354,305
57,097
Earned surplus_ _ _ 1,142,867
Total
Total
$4,492,470 $4,884,283
84.492,470 $4,884,283
x Represented by 57,240 shares (no par) class A stock and 455.969
Shares (no par) class B stock.
-V. 131. p. 2237, 2081.
[vol.. 132.
FINANCIAL CHRONICLE
4080
Sun Oil Co., Phila.-Expansion in Canada.
The company has taken over the storage plant of Provincial Oil, Ltd., on
Sydney River as a first step to permanent location in Nova Scotia, Canada.
The Sun Oil Co. will establish in Halifax refineries employing nearly 1.000
men. Million gallon tanks now are either under construction or completed
-gallon tank will be located in
at Halifax and Bridgewater, and a 700,000
-V.132. p. 3903.
the Annapolis Valley.
-Extra Dividend.
Thomson Electric Welding Co.
quarterly dividend
An extra dividend of $1 per share and the regular
to holders
of 50 cents per share have been declared, both payable June 1of the nine
of record May 27. An extra of like amount was paid in each
1440.
-V. 132, p.
preceding quarters.
-Earnings.
Tip Top Tailors, Ltd.
Calendar YearsxNet earningsfrom operations
Depreciation
Reserve for income taxes
1930.
$337,480
97,598
21,300
1929.
$692,983
58,691
50,000
1928.
$718,981
58,862
54,362
Net profits
Other income
$218,582
30,459
8584.292
18,615
8605,757
y5.453
Total profit
Preferred dividends
Organization exp. written off & adjust
$249,041
96,481
17,033
$602,907
101,097
10,813
$611,210
76,650
Balance
Previoussurplus
$135,527
1,025,556
$490,997
534,560
$534,560
$1,161,083
35,614
9,896
$1,025,557
$534,560
Total surplus
Investment reserve
zSpecial appropriation
(374,991 shares); 75,009 shares become fully dividend sharing on the basis
of one share participating for each $6 earned beyond $2,249,946 in any one
year. The remainder (225,000 shares) requires $9 earning for each share
-V. 132.
participating after $4,050,000 has been earned in any one year.
P• 3361.
-Earnings.
Tonopah Mining Co. of Nevada.
1928.
1927.
1929.
1930.
Calendar Years$375,683
$252.125
$208,777
$15,981
Net earnings
31.765
13,829
15,743
10.490
Explor. & devel. expense
$343,918
$238.296
$193,033
$5,491
Not income
(15)150,000 (15)150,000 (15)150,000
Dividends
$193,918
$88,296
$43,033
$5.491
Balance, surplus
2,616.291
2,811.542 a2,768,508
62,645,815
Profit and loss surplus
Earnings per share on
1,000,000 shs. capital
$0.23
50.34
$0.19
50.005
stock (par $1)
a After deducting $41,700 loss on sale of 835 shares of Tonopah & Goldfield RR. Co. pref. stock at $50 per share. b After deducting $171,218
loss on sale of 2.546 shares of Tonopah & Goldfield RR. Co. common stock.
Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
Assets$26,270
550,485 Accounts payable. $18,903
313,583
Cash
8,229
1,568
Accrued wages._ _
Nev.
Depos. with
4,991
2,108
709 Accrued taxes__ -197
Indus. Comm
200,000
90,643 Bank loan
35,174
Acels receivable_
4,668
929,671 Unclaimed dlv__
30,975
Indu.s. & RR.stks.
2,279
995,171 Deferred accounts
3,497,422
Other stocks
1,021,615 Federal income tax
Stocks of sub. cos_
19,903
for year
73.526
53,16S
Inventory
1,000,000 1,000,000
6,244 Capital stock
Accr.int. on invest.
2,645,815 2,811,542
861,281 Surplus
L'as & adv.to subs.
2,803
9hapley proems...
548
Deferred accounts
5,663
Mining equipm't_
224
207
Prepaid insurance_
Inv. of salvaged
39,300
37,667
plant & equip__
5534,560
$1,115,573 $1,025.557
Balance carried forward
$4.40
$1.11$4.17
Earnings per share on common
and managex After charging all expenses of manufacturing, distribution vlaue of life
increase in cash surrender
ment. y In 1928 this was excess of
Insurance policies over premiums paid. &c. a To reduce inventory values to
$3,668,393 84,077.882
Total
93.668,393 $4,077,882
Total
basis of new cost and accounting system.
-V. 131. p. 2393
Comparative Balance Sheet.
Jan. 331. Dec. 31 '29
Liabilities-Earnings.
Union Metal Mfg. Co.
Jan. 3'31. Dec. 31 '29.
Assets
9250,000 $394,795
1929.
1930.
916,568 Loans
$40,962
Cash
Calendar Years103,638
211,193
Payables
$249.298
220,451
$260,906
171,336
Investments
Net profit after deprec. & Federal taxes
25,004
$4.64
54.88
74,829 Pref. dlv. payable..
86,534
Cash value 'astir
Earns, per sh. on 49,000 shs. corn.(no par)
51,842
23,228
147,777 Income tax
144,481
Receivable
Balance Sheet Dec. 311930.
7,000
7,000
payable....
61,314 mtge.
8,287
Acct. with employ
Liabilities
Assets
Preferred stock_ _ _ 1,354,700 1,427,000
21,000
Mtge. receivable
$100,000
$35,666 Notes payable
600,000 Cash
x997,055 1,357,618 Common stock... x737,500
Inventories
138,552
370,982 Accts. payable
109,343 Notes & accts. rec
Capital surplus_ _ _
Invest, in sub. co. 137,500
62,670
219,714 Accrued liabilities
1,115,572 1,025,556 Inventory
Surplus
58,721
fund
Empl.sharing
45,275
12,864 Deferred assets
-affil. co
Current acct.
1,975,208 1,822,446
Fixed assets
49,482
Reserves
95,060
Inv. in MM. co
43,176
58,105
Deferred charges
268,360
90.973 8% pref. stock
Other assets
296,500
21,464 Common (49,000 shs, no par)
83,699,193 33,744,180 Pref. div. guarantee fund....
Total
93,699,193 93,744,180
Total
876,110
953,879 Surplus
Perm. assets (less deprec.)
-V.130 p.4070.
x 122,500 shares (no par).
36,286
Deferred assets
-Earnings.
Todd Shipyards Corp.
1928-29,
1929-30.
$1,981,475
581.726
143,370
$1,534,632
461,987
$927,980 $1,256,379
865,152
861,093
$1,072,646
839,405
Year End. Mar. 31- 1930-31.
Net earns, from oper___ $1,508,504
580,525
Reserve for deprecia'n__
Federal income tax
1927-28.
$1,052,890
429.875
Total
-V. 132, p. 1827.
$1,836,889
Total
$1,836,889
-Defers Preferred Div.
United Business Publishers, Inc.
The directors of this corporation have voted to defer the quarterly dividend of $1.75 per share due July 1 on the 7% cum. pref. stock. A stateNet income
ment of the company said:
Dividends
"United Publishers, Inc., declared the regular quarterly dividend of $1.75
$233,241 def$217,207 per share on the preferred stock, but in view of prevailing conditions, de$391,227
$66,887
Balance
210,560 ferred the dividend on the common stock for the current quarter which was
210.560
217,679
217,679
(no par)
Shs.cap.stk.out.
$2.95 in part earned.
$5.09
$5.77
$4.26
Earns.per sh.on cap.stk_
The earnings have, for the current year, approximated the average of
Consolidated Balance Sheet March 31.
the better publishing companies, but in view of sizable purchase money
1930.
1931.
obligations maturing this year and building bond redemption, it was de1930,
1931.
$
5
Liabilitiescided for the present to conserve the cash position in spite of the com8
$
Assetsand
pany's earned surplus of more than $4,000,000, a substantial part of which
Property account x15,297,089 14,021,453 Stated capital
Y20,188,802 20.121,914 Is !roasted in its properties.
equity
1,055,806
1,029,249
Cash
"The United Business Publishers, Inc., is a holding company owning over
Accts.& notes rec_ 2,767,222 3,200,111 Accounts payable, 1,398,591 1.568.886
75% of the outstanding preferred and over 98% of the common stock of
&e
Cap. stk. acquired
142,500
Purch. mon. mtg_
United Publishers, Inc. The preferred dividend of United Business Pubagst. future sublishers, Inc., is dependent to a considerable degree upon receiving both
Reserve for contin142,555
scrip, by empl's_
1.036,123 1,036,123 preferred and common dividends from its chief subsidiary, United Publishers
.
gencles
485 158
Work in progress. 299,731
Inc. Action upon the preferred dividend of United Business Publishers
Material & suppl_ 1,860,173 1,964,038
was, therefore, deferred at this time.
958,659
Marketable seem. 432,482
"The standing of the publications is being kept strong and every reason847,764
798,543
Mtges. receivable_
able economy has been inaugurated. Reductions in salaries have been put
193.933
138,971
Deferred charges__
into effect and many efficiencies have been instituted which will spell greater
22,766,015 22,726,923 profits when the tide of business has turned. The preferred stock is cumuTotal
22,766,015 22,726,923
Total
patterns and lative and the reduction of capital obligations increases earnings and values,"
x Real estate, building, machinery and equipment, patents,
depreciation. y Repre- -V.132, p.3905.
for
drawings, $22,812.828: less $7,515,739 reserve 132, p. 2604.
-V.
-Files Suit for
sented by 217,679 shares of no par stock.
United Cigar Stores Co. of America.
-Earnings.
Trico Products Corp.
Calendar YearsxGross income
Other income
Total income
Royalties
Patent expenses
Seeling expenses
Admin. At gen. expenses
Depreciation
Amortization of patents
Interest
Federal income taxes
$623,015
840,221
$7,000,000 Against Gillette Safety Razor Co.
1929.
1930.
$2,986,845 $3,528,113
235,120
y306,189
$3,293,034 $3,763,233
1,802
1,063
10,923
34,097
271,916
226,984
796,842
725,096
111,327
114.811
40,119
44,202
3,658
2,176
276,695
236,188
Net profits
Previous surplus
Adjustments
$1,908,416
2,953,232
Dr.4,966
52,249.948
1,558,544
Total surplus
Dividends
Miscellaneous deductions
$4,856,681
937,484
$3,808,492
833,532
21,728
$3,919,197 $2,953,232
Total surplus
337.500
374,991
Shares capital stock
$6.65
$5.09
Earnings per share
deducting cost of sales, discounts, returns and allowances. y Inx After
infringment.
cludes $100,146 received in settlement of patent
Comparative Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
Assets
$98,215 5102,970
$1,274,173 $1,100,466 Accounts payable_
Cash
210,939
234.371
60,429 Dividend payable_
82,856
policies_
Life Maur.
294,114
Accrued expenses- 235,085
U.S.Govt. market519,904 Prov. for Federal
1,666,034
able bonds
277,738
Income taxes.-- 238,709
691,349
z576,233
Notes &-aects. rec
35,000
667,793 Mtges. payable_ 708,468
Inventories
20,000
20,000
Sundry opera. res
insurance,
Prepaid
a1,750,000 1,750,000
41,480 Capitalstock
52,658
taxes & oth.exps
3,919,196 2,953,232
14,543 Surplus
14,543
fund deposit
Insur,
521,305
Invest.in corn.stks 158,656
Invest, in adv. to
35,112
25.601
cos_
foreign affil.
1,600,883
Capital assets__ _ _x1,586,182
350,726
y350,172
Patents
$6,495,578 $5,603,991
Total
$6,495,578 $5,603,991
Total
depreciation of $556,296. y Less reserve
x After deducting reserve for Less reserves of $32,858. a Authorized
for amortization of $248.672. z value. Consisting of 374,991 shares,fully
and issued 675,000 shares of no par
not sharing in dividends up to $2.50
sharing in dividends: 300.009 shares,
may equally participate in extra
per year. These latter 300,009 shares
the fully-dividend-sharing stock
dividends paid beyond $2.50 per share on
Company filed suit May 27 against Gillette Safety Razor Co. in the
United States District Court for the District of New Jersey at Newark,
asking for damages in the amount of $7,000.000 with interest for breach of
contract dated July 20 1927. The complaint alleges that the Gillette
company had defaulted with respect to a payment of $312,500 due under
the contract to United Cigar Stores Co. on May 1 1931, for advertising,
displays and services rendered by it to the Gillette company during the
preceding quarter, and that the Gillette company had repudiated its entire
contract with United Cigar Stores under which Gillette is obligated to make
payments to United Cigar Stores aggregating $7,000,000 over the next six
-year contract on Aug. 1 1937.
years until the expiration of the 10
Officials of United Cigar Stores stated that friendly negotiations, which
had been proceeding at the request of Gillette looking to a modification of
the contract between the two companies, had been abruptly broken off by
Gillette because of the refusal of United Cigar Stores to grant Gillette's
request for an extension of time for the making of the payment due May 1.
These officials expressed no great concern about the suit recently started
by Gillette against United and stated that in their opinion this suit had all
the appearance of an attempt to prejudice the claims of United to the
moneys already due it under the contract. United Cigar Stores has taken
proceedings to remove the Gillette suit from the New York State Supreme
Court to the Federal Court for the Southern District of New York.
Meanwhile, the sale of Gillett blades at 59 cents in all United Cigar
Stores and Whelan Drug Stores continues. This is a cut from 79 cents
and while the new price does not represent a large margin of profit to
United Cigar Stores Co., it is said to be attracting large numbers of customers to its stores and materially increasing the sale of other products.
Retirement of 7,990 Shares of Preferred Stock Approved.
The stockholders at the annual meeting held on May 28, approved the
retirement of 7,990 shares of preferred stock. During 1930 the company
purchased preferred stock to the par value of $2,064,300. This stock was
purchased much below par. In addition, the company purchased $1,348,500 of Cigar Realty Holding, Inc., bonds and $1,900,000 of Whalen Drug
Store bonds. The bonds have all been retired.
Regarding the outlook for the company, Vico-President A. C. Allen
said:"Prospects of the company in normal times are most excellent. We
have decreased our capital liabilities, and in the real estate and merchandising fields, we have cut expenses to what is believed to be rock bottom.
I feel that the company under the Frederick K. Morrow management will
again occupy a leading position in the commercial field in the United States."
Cigarette sales now amount to from 40 to 50% of the total sales volume,
Mr. Allen said.
-V. 132, p. 3905. 3330.
-Earnings.
United Electric Coal Cos.
For income statement for 3 and 9 months ended April 30 see "Earnings
-V. 132, p. 1634.
Department" on a preceding page.
-Defers Pref. Div.
United States Distributing Corp.
The directors on May 28 deferred action on the semi-annual dividend of
3%% due July 1 on the 7% cum, cony. pref. stock, par $100. This rate
had been paid regularly since and including July 11924.-V. 132, p.3361.
MAY 30 1931.]
FINANCIAL CHRONICLE
United Verde Extension Mining Co.
-Status, &c.Apr.1 '30.
Apr. 1 '31. Dec. 31 '30
Oct. 1 '30.
Cash on hand
51,865.253 51,839.683
$998,763
Investments
5,009,072
x5,195,745
5,096,897
it Market value $3.349,364.
Copper Production (in Pounds).
Month1929.
1930.
1931.
1928.
January
2,824,696 4,447,540 4,675,640 3,265,898
February
3,221,198 3.737,914 4,047,610 3,247,052
March
3,236,882 3.362.5985.207,9463.397.172
April
3,074.000 4,094.740 5,364,570 3,208.628
May
4,013,796 5.465.350 3,448,222
June
3.580.722 5,020,000 3.340,316
July
3,898.170 4.470,336 3.585,742
4,028,442 4.593,462 4,054,080
August
3.771,274 5.141,356 3.513,882
September
3,404,000 6,038.000 4,129,520
October
3,800,000 4,776,000 4.265.734
November
December
2,473,000 4,742,000 4,688,274
-V.132. p. 2793. 1635
51,426.880
5,636,509
1927.
3.405,972
2.303.758
2,622.908
3.261.292
4.102,776
3,537,228
3,735,848
3
.810.180
3.626,830
3,885,500
3.397.360
3.859,318
Universal Pictures Corp.
-Damage Suit.
The corporation has been named defendant in a 51.350.000 damage
suit filed in U. S. District Court at New York by the American Feature
Films Co., of Boston. The complaint alleges that under the terms of
contracts dated 1919 and 1923. granting the American Feature Films
exclusive right to distribute Universal pictures in Great Britain, certain
overcharges were made to the extent of the sum asked.
-V. 125, p. 1474.
-Earnings.
Utah Metal & Tunnel Co.
-1929.
Calendar Years
Gross income
$181,376
$313,525
Operating expenses
197.177
244,907
Interest of bonds
8,531
18,326
Develop. & int. on money adv. for
71,741
154,810
development
Depreciation and depletion
8,599
21,317
Net loss
$104,672
$125.836
Balance Sheet Dec. 31.
A ssets
1929.
1030.
1930.
3974 Accts. payable_ _ _
Cash
$87,386
$2,846
8.602 Bond int. accrued_
13,021
Accounts reels.
971
7.003 Utah Del. Min.Co.
Supplies on hand
680
current acct-_
6,769
Ore Inventory37.532
Notes payable._ 185
Sinking fund cash_
1,088
551 Cony. prof-t-shaeg
Prepaid accounts_
note
Property & equip_x1,393,798 1,656,121
4,800
Claim of Utah Del.
Mining Co
447,119
Bonded indtdness.
55,500
Capital stock
940,650
Surplus
6.719
J. S. Tritle has been elected Vice-President and General Manager.
-V. 132. p. 3362.
-Defers Dividend.
Wesix National Co.
The directors recently voted to defer the quarterly dividend of 37% cents
per share due April 15 on the $1.50 class A pref. stock, no par value. The
last regular quarterly payment at this rate was made on Jan. 16.-V. 129,
Isl• 2701.
-Earnings.
Weston Electrical Instrument Corp.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 132, p. 3362.
Whittall Can Co., Ltd.-Earnings.PeriodProfits from operations
Dividends received
1928.
5294,054
230,910
18.340
108,379
18.130
$81,696
1929.
$12,661
4.581
12Mos.End. 15 Mos.End.
Feb. 28 31. Feb. 28 30.
$236,723
5175.116
88,866
62,888
Total income
Provision for depreciation
Provision for income tax
$238,003
64.403
9,500
$325,589
76.057
12,500
Net income
Previous balance
Increase in surrender value of life policy
$164,099
404,085
5237.032
257,088
2,590
Total surplus
Preferred dividends
$568,185
123,500
$496.710
92,625
Balance
Universal Pipe & Radiator Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a proceeding page.
Charles Guerenson, Treas. said in connection with the first quarter
statement: "With the exception of a few localities building construction
still remains at a low ebb. The company is obtaining its share of the
business offered and every effort is being made to keep expenses down to
the minimum."
-V. 132, p.3546.
4081
$444,685
5404,085
Balance Sheet, Feb. 28.
Liabilities-1930.
1930.
1929.
1931.
$41,726
$38,252 $121,883 Accounts payable_ $96,099
31,000 Reserve for taxes,
34,300
46,781
guarantee, &o-47,823
149,553 614% pref.stock- 1,900,000 1,900,000
138,164
441,217 Common stock_ _ _x1,086,512 1.086,512
472.889
Profit & loss
444,685
404,085
169,483
1,610,660 1,618,250
4,309
4,571
Assets
Cash
Vat. of life policies
Accounts receivable (less res.)-Inventories
Balances rec. from
affiliated cos_
Inv. In MM. cos
Deferred charges
Property, plant,
mach, ik equip_y1.105,758 1,113,935
Good-will, Patents
1
and trade-marks
1
Total
$3,574,078 $3.480,147
33.574,078 53,480.147
Total
x 130,000 shares (no par). y After deducting depreciation of 5540.355.
-V. 131, p. 2915.
-Earnings.
Wilson Line, Inc.(& Subs.).
1931.
1930.
Years Ended March 31y1929.
Gross income from all sources (Incl.
5922.492
5921,910
$821.778
equity in earnings of sub. co.)
37.881
49.668
55,234
30,106
4.000 Maintenance
70.790
70.578
Traffic and advertising
52.354
320,971
321.613
296.274
7.775 Operation of vessels
x145.316
121,234
114.662
Operation of terminals
35.274
28.746
27.694
363.875 Insurance
62.979
63.725
64,069
261.750 Rents, salaries, taxes, &c
53.340
52.995
54,060
937.675 Interest on funded debt
12.659
9,192
49.824 Interest on unfunded debt
14.100
$198,381
$168.460
Balance avail, for dive. & deprec-- 5171.707
$1,496,138 $1,680,021
Total
Total
81.496,138 51.680,021 Dividends on preferred stock
62.300
53.725
52.500
x After depletion and depreciation of $480,197.-V. 130, P. 4072.
58.002
50.544
Provision for depreciation
50.082
2.900
Provision for Fed'l income taxes
Vesta Battery Corp.
-Merger Approved.
851.405
391.211
Balance, surplus
565.877
The stockholders on May 26 approved plans calling for the formation of
x 1931 results principally arise from acquisition of the Bush Line and
a new corporation to be known as the Vesta-Consolidated Corp., which will
take over the fixed assets. inventories and good-will and patents of their represent temporary increase. Present total monthly expenses are lower
than those for 1930. y 1929 includes earnings of predecessor company
-V. 132, 3906.
company and of the Consolidated Battery Corp.
for comparative purpases.
-Acquisitions.
Vesta-Consolidated Corp.
General Balance Sheet March 31.
Soo Vesta Battery Corp. above.
Liabilities1931.
Assets1930.
1930.
1931.
Floating equip-- __$1,372.637 $1,369,008 Preferred stock-- $890.000 8890,000
-To Retire Pref. Stock.
System, Inc.
Waldorf
Land
569.296 Common stock___ 137.500
37,500
569,296
The directors have authorized the retirement on July 1 of all the out- Terminal
872,500
403,928 Funded debt
905.600
property 442,377
standing pref. stock, consisting of 27,135 shares, at the call price of $11 Investments
732,352 Due to subs. co_ __ 144,000
108.000
720.352
a share plus a final quarterly dividend of 20 cents a share to stock of record Cash
120,000
8,091 Loans pay., banks 120.000
7,262
Juno 13. Retirement leaves the 461.610 common shares the only stock
Accounts & wages
outstanding. The regular quarterly dividend of 3736 cents a share on Notes and accounts
payable
34.223
50,649
57.296
receivable
50,125
the latter issue was declared, payable July 1 to holders of record June 20. Materials and
513.654
417.858
21,774 Depreciation res
surp.
17,221
-V.132, p. 3906.
Surplus
128,258
147,194
Prepaid rents, taxes,
19.080 Surplus wising from
Insurance. &e__
11.629
-Decreases Dividend.
Warner Co.
14.774 appraisal of assets 462.868
505.606
12.102
The directors have declared a quarterly dividend of 25 cents per share Unadi. debit items
on the common stock and the regular quarterly dividends of 13% on both
33.203,003 33.188,954
Total
$3,203,003 33.188.954
Total
the 1st and 2d prof. stocks. The common dividend is payable July 15 to
it Represented by 37.500 no par shares.
holders of record June 30, whole the preferred dividends are payable July 1
Notc.-The above statement does not Include Wilson Line, Inc.. propor-cent quarterly rate had been
to holders of record June 15. The former 50
-V.131. p. 494.
in effect on the common stock from July 15 1929 to and incl. April 15 1931. tion of the undistributed surplus of a subsidiary company.
On Oct. 15 1929 and Jan. 15 1930 an extra of 50 cents per share was also
-Earnings.
Winn & Lovett Grocery Co.
paid, while on July 15 and Oct. 15 last extras of 25 cents each were distributed.
-V. 132. p. 1635.
Dec. 27 30. Dec. 28 29.
Year EndedNet sales
55.415.535 56,092.003
Warner Sugar Corp.-Bondholders Protective Committee.
- Cost of sales
4,410.745 4,998.720
A committee headed by Robert C. Adams as Chairman has been formed General expense
984.532
965,843
for the protection of holders of first ani refunding mortgage 15
-year 7%
series A. The Bank of America National Associasinking fund gold bonds.
Net profit
5127.441
520.258
tion has been designated as depository for bonds which the comtnitiee Is Miscellaneous income(net)
101.183
29,269
urging holders to deposit. The committee states that it has been organized
"In view of the approaching semi-animal interest payment date on the
$121,441
Total income
$156,709
bonds, and the various uncertainties arising from the depressed condition Provision for Federal income tax
14.500
17,500
of the raw sugar producing industry in Cuba."
Serving with Mr. Adams on the committee are Charles F. Bacthelder,
Net income
5106.941
$139,209
V. A. Johnston and Maurice Newton. George Bliss of 44 Wall St. Is Surplus paid
57.171
60,001
secretary of the committee and Chadbourne, Hunt, Jaeckel & Brown are Previous earned surplus
84.209
counsel of the committee.
-V. 132. p. 3188.
Cr262
Federal tax adjustment
-Earnings:
Webster Eisenlohr, Inc.
For income statement for quarter ended March 31 see ''Earnings De-V. 132, p. 2986.
partment" on a preceding page.
(William) Whiteley, Ltd., London, Eng. Earnings.Income Account Years Ended Jan. 31 1931.
Net profit for the year incl. rents receivable. diva. on Inv& &
transfer fees, after deducting deprec. on store & office, &c.,
directors'. auditors' & trustees fees, and full prov.for bad debtsL123.629
Amt. brought forward from previous year
91.070
Total
Int. on 4% debenture stock
Int. on 68 rod. deb. stock
Div. on 5% pref. shares
Interim div. of 10% on the ordinary shares
Proportion of profit due on management shares
Depreciation of leaseholds
Depreciation of plant & machinery
Depreciation of fixtures, carpets. furnishings, &c
Res. for losses on subsidiary companies
Employees' benevolent fund
L214.699
736.000
22.500
22.500
45.000
1.131
5.000
6.500
7.000
9.052
2.000
Balance------------------------------------------------£58.016
-V. 130. It• 1847
.
Westinghouse Electric & Mfg. Co.
-To Receive Large
Order from Pennsylvania RR.
The company will have a $9,000,000 share in the Pennsylvania
RR.'s
order for $16,000.000 worth of electric motive power, it was
on May 28 by Chairman A. W. Robertson. The total order announced
will
electrical equipment for 150 locomotives of high speed and power. be for
(See
also Pennsylvania RR., under "Railroads" above.)
Total surplus
Excess of organization expense over prov. thereforDividends paid on 7% preferred stock
Dividends paid on class A common stock
5248.584
35,000
20.000
Total surplus
5193,584
Earnings per share on 65,000 shares class B stock
$0.79
Consolidated Balance Sheet Dec. 27 1930.
Assets
$74.234 Notes payable
Cash in bank & on hand
74,608 Accounts payable
Accts. receivable, less reserve
Notes receivable
9,170 Accrued liabilities
463,029 Provision for yederal tax
Inventories
10.207 7% preferred stock
Prepaid expenses
Class A shares
Due from Jefferson Creamery
3,075 Class II shares
CO.-Affiliated company_
Due from officers & employees
5,986 Capital surplus
35.000 Earned surplus
Investments (at cost)
Property, plant & equipment,
479,360
Iess reserve
5,237
Deterred charges
1
Goodwill
$199.210
2,830
35.000
20.000
$141.381
$1.29
$98,919
172.286
17.619
14.500
500.000
x100,000
y65.000
57,171
136,412
Total
81.159.909
Total
81.159.909
x10,000 shares (no par). y 65,000 shares (no par).
-V. 132, p. 3736.
-Smaller Dividend.
Wolverine Brass Works.
The directors recent declared a quarterly dividend of $1 a share on the
common stock paid May 15 to holders of record May 15. This compares
with a quarterly dividend of$2a share paid on Feb.151931.-V.100. p.1099
Wright Aeronautical Corp.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 132, p. 3363.
FINANCIAL CHRONICLE
4082
[Vol,. 132.
a1't.5 anti Itomuteu153.
1
4 03
PUBLISHED AS ADVERTISEMENTS
INTERNATIONAL TELEPHONE AND TELEGRAPH CORPORATION.
ANNUAL REPORT-1930.
The International Telephone and Telegraph Corporation
was organized to co-operate and assist technically and
financially in the general, development of electrical communications in a broad international sense, and, with respect to the organization and development of national
communications systems, it is the purpose of the International Telephone and Telegrph Corporation to develop
truly national systems operated by the nationals of each
country in which the International Corporation is or may
become interested. The International Corporation was
not organized with a single profit-making purpose to itself
nor with the desire of imposing American practices in its
foreign activities. There appeared to be a fruitful field
of service to be rendered in bringing together under one
general organization electrical communications systems,
and the extension by the International Corporation to the
associated companies of the technical and financial facilities
and direction that might be needed for their intensive and
efficient development. The best American practices have
been suggested but never imposed. On the contrary, the
International Corporation has always been ready and quick
to adjust American practices to local conditions and to
adopt such local practices as were conducive to the successful
development of the various entities. The combined and
co-ordinated effort of the associated companies of the International System is to-day justifying the plans and purposes
of your Corporation.
The above policy of the International Telephone and Telegraph
Corporation has ali eady been defined in previous Annual
Reports and is repeated here for the information of the large
number who have become Stockholders since the issuance of
the last Annual Report.
May 28, 1931.
To the Stockholders:
The year 1930, the period covered by this Report, marked
the end of the first decade in the life and history of your
Corporation. It was a period of financial and economic
crisis which, originating before the beginning of the year
and extending after its close, spread throughout the world.
It will be recalled that in the latter half of 1929 the first
indications of a severe decline were felt. A second phase
of the decline began in the following summer and continued
with increasing severity throughout the rest of the year.
In January 1930, the executives of your Corporation initiated
a thoroughgoing program of readjustment to meet these
conditions, not overlooking, however, the importance of
conserving existing plant and maintaining positions already
taken. This program of readjustment to the new conditions
was carried on throughout the year 1930 and was intensified
during the first quarter of the present year.
The general, regional and local executives of all our companies were charged with the responsibility of making such
revisions as would effectively meet the altered economic
conditions with which they were confronted.
Put to the test of facing the changed conditions, the employees, from the humblest to the highest, met the situation squarely and responded wholeheartedly. It is therefore felt that a departure should be made from the usual
custom of closing the Annual Report of your Corporation
with a tribute to the employees and that here, in the opening pages, mention should be made of this splendid example
of service and fullest acknowledgment be given for the fine
spirit of each member of our large International family.past
In general it may be said, reviewing the results of the
year, that while the record of communications companies,
engaged in telegraph and cable services, suffered severely
operfrom reduced earnings, the earnings of the telephoneof the
ating companies were only slightly less than thoseshowed
previous year, and the manufacturing companies
increased sales and profits.
As the number of our Stockholders has increased by almost
order
25,000 since the last Annual Report was issued, and in the
that our new Stockholders may be acquainted with ten
progress of their Corporation since its organization
years ago, the following chronological record of the Corporation is repeated:
Corporation was incor-
1920—International Telephone and Telegraph Rico Telephone Company
porated. Majority interest in the Porto
as well as a 50%
and the Cuban Telephone Company acquired,
Telegraph Company,
Interest in the Cuban American Telephone and
providing telephone and telegraph
which operates submarine cables
service between Cuba and the United States. Spanish Government
the
1924—Telephone contract concluded between de Espana, a Spanish corand the Compania Telefonica Nacional
of Spain. Inporation organized to develop the telephone system
(Espana) organternational Telephone and Telegraph Corporation
development of the
ized to assist technically and financially In the
Spanish telephone system.
1925—Your Corporation extended Its position in the field of manufacturing
and supplying telephone, telegraph and other electrical equipment,
through the acquisition from the Western Electric Company, Incorporated, of the International Western Electric Company with
its factories and sales offices located in most of the principal countries of the world outside of the United States, Canada and Newfoundland. The name of this company was changed to International Standard Electric Corporation.
The Mexican Telephone and Telegraph Company added to the
System.
1926—Vereinigte Telephon-und Telegraphenfabriks Aktien-Gesellschaft
Czeija, Nissl & Co., a company manufacturing telephone apparatus
and supplies in Austria, acquired.
1927—Controlling interest acquired in All America Cables. Incorporated,
operating telegraph cables between New York and Central and
South America and the West Indies.
The principal telephone companies in Chile. Uruguay and the State
of Rio Grande do Sul. Brazil, purchased and, in addition, a small
company operating in Buenos Aires, Argentina.
A majority interest acquired in Standard Villamossagi Reszveny
Tarsasag, a telephone apparatus factory in Hungary.
1928—Postal Telegraph and Cable Corporation formed to acquire a controlling interest in The Mackay Companies which own through
subsidiaries the control of a telegraph service extending throughout
the United States and cable services to Europe and Asia.
Radio companies formed in Argentina, Brazil and Chile to operate
radio telephone and telegraph services connecting South America
With North America and Europe.
Controlling interest acquired in Creed & Company, Limited, manufacturers of printer telegraph apparatus in Great Britain.
1929—Ferdinand Schuchhardt Berliner Fernsprech-und Telegraphenwerk
Aktiengesellschaft, a company manufacturing telephone apparatus
and supplies In Germany, acquired.
Laboratory established in New York to carry on development and
research work in connection with telegraph, cable and radio services.
in
Laboratories serving the associated manufacturing companies
extended.
Europe considerably enlarged and the scope of their workTelephone
acquired in the United River Plate
Controlling interest
Company, Limited, which operates a general telephone system in
the Argentine.
International Telephone and Telegraph Corporation. Sud America
organized to assist technically and financially the telephone operating companies in South America.
1930—Telephone company operating in Peru acquired.
Compania de Telefonos de Chile formed in accordance with provisions of a concession granted by Chilean Government.
sell
International Marine Radio Company, Limited, organized to airand operate radio equipment for communication with ships,
craft, &c.
Standard Elektrizitats Gesellschaft, A.G. Berlin, organized with
the following subsidiaries, manufacturing telephone apparatus and
supplies in Germany:
Ferdinand Schuchhardt, Berliner Fernsprech-und Tclegraphenwerk.
Aktiengesellschaft, Berlin.
Telephonfabrik Berliner Aktiengesellschaft, Berlin.
Mix cfr Genest Aktiengesellschaft, Berlin,
Suddeutsche Apparate Fabrik, G.m.b.H., Nuremberg.
Controlling interests acquired in C. Lorenz, A.G., Berlin and
Osterreichische Teiephon-Fabrik A.G., Vienna, both of which
manufacture telephone, telegraph and radio apparatus. of Oslo.
Aktieselskabet Skandinaviske ICabel-og Ciuminifabriker acepired.
Norway, engaged in the manufacture of cables and wire, French
the
Franchises granted by the International Council and Settlements
Council to operate the telephone system in the Foreign
In Shanghai and the Shanghai Telephone Company organized to
acquire and develop the existing telephone properties.
Government and a
Telephone contract granted by the Rumanian existing telephone
the
Rumanian corporation organized to acquire this contract.
it under
system and to develop and operate
As has been stated in previous Annual Reports, newly
acquired companies, as a rule, do not immediately show
their true earning power, and as a result, do not contribute
their full share of earnings until after they have gone through
a period of reconstruction and development. While this
period of reconstruction has been passed by the more important of our associated companies, the full benefit in
increased earning power has been retarded in common with
practically all classes of business activity during the past
year.
THE INTERNATIONAL SYSTEM.
The International System offers a highly co-ordinated and
expanding record communications service. All branches of
the service are so interconnected that telegraphic dispatches
filed with any office of the System will be transmitted
immediately by radio, cable, or land line, or any combination of the three to any point in the United States, to other
countries of the world or to ships at sea. The flexibility
of the services is a guarantee of efficient performance under
all conditions.
The All America Cables obtained from the Dutch
Government authorization for the extension of its cable
facilities to connect the Dutch West Indies, and under this
authorization, Aruba, Dutch West Indies, has been connected and an All America office opened at that point. New
cables were laid from Curacao, Dutch West Indies, to
La Guaira, Venezuela, and from Maracaibo, Venezuela, to
Barranquilla, Colombia, thus providing alternate routes by
cable to Colombia via Venezuela, and to Venezuela via
Cristobal,. Canal Zone, and Colombia. The cables of the
Compagme Francaise des Cables Telegraphiques in the
group consisting of Hayti, Santo Domingo, Porto Rico,
Dutch West Indies and Venezuela, which are operated by
All America Cables, were all adapted for duplex working.
In addition to maintaining direct cable service between
North, Central and South America, All America Cables
obtained authorization to erect in certain parts of Central
and South America, radio stations to supplement cable
facilities. Authorization was obtained from the Government of Colombia to erect a radio station at Medellin,
MAY 30 1931.]
FINANCIAL CHRONICLE
Colombia, for the handling of international telegraph and
telephone business. This station is expected to be in operation by August 1, 1931. Radio telegraph service between
Lima, Peru, and the Mackay Radio and Telegraph Company's station at Sayville, Long Island, has been successfully
operated throughout the year.
Commercial Cables continued to render fast and accurate
service over its seven cables across the Atlantic. There
was a large increase in the number of words handled in the
cheaper services but the fast service showed a decrease in
volume. The overall number of words transmitted, however, was 15.5% greater than in 1928 and only 2.8% less
than in 1929, when the company handled the largest volume
of business in its history.
The revenues of the Postal Telegraph System decreased
during the year. The reduction, however, was less proportionately than the decrease in the total telegraph business
of the country, since, as a consequence of the improvement
and extension of its plant and increased efficiency in its
services, Postal Telegraph succeeded in obtaining a greater
proportion of the country's telegraph business than during
the previous year.
Contracts were made with various of the Standard Oil
companies under which Postal Telegraph service is made
available on the highways at these companies' major filling
stations throughout the country. By the end of the year
3,392 of such stations had been equipped for this service
and during the first four months of 1931, 1,071 were added,
making a total of 4,463 stations giving Postal Telegraph
service. It is planned to extend this service to a large number
of additional stations during the remainder of the current
year.
Late in 1930 arrangements were completed for the delivery
by Postal Telegraph offices of tickets for New York theatres.
As a result of these arrangements New York theatre tickets
are delivered through any Postal office for a nominal service
charge. The plan was well accepted by the public and
received widespread favorable publicity.
Arrangements were made to extend the service providing
for the telephoning of telegrams to Postal Telegraph offices,
the charges appearing on the telephone companies' bills to
the customers. This service at present is available throughout most of the territory of the United States.
Mackay Radio and Telegraph Company completed in
August 1930 a new station at Rockland, Maine. This station is located in the most advantageous position to serve
ships of the North Atlantic lanes, and is the fourth radio
station of the International System to be opened on the
Atlantic Coast, the others being located at Sayville, Long
Island, Now York City, and West Palm Beach, Florida.
The first step in the extension of the services of Mackay
Radio to Europe was taken in March 1931, through the completion of an agreement with Radio Austria. By virtue of
this agreement a direct radio telegraph circuit has been established between New York and Vienna. This circuit was
inaugurated on April 22, 1931, by an exchange of messages
between the President of the United States and the President of Austria.
Within the last two years Mackay Radio and Telegraph
Company has added to its original _point to point radio
system between the principal Pacific Coast cities, radio circuits connecting San Francisco with Honolulu and Manila.
Direct radio services were established between New York
and Lima, Peru, and Buenos Aires, Argentina. Several
.
transcontinental radio circuits were also established between
New York and San Francisco. These circuits transmit messages of the Mackay Radio and in addition provide relief for
the circuits of Postal Telegraph.
To consolidate its position in South America, and further
to round out its communications service between that continent and Europe, your Corporation acquired a control ing
interest in Sociedad Anonima Radio Argentina. This company operates a radio telegraph service between Buenos Aires
and Madrid,and accepts messages to and from South America,
Europe and certain parts of North Africa. The Argentine
Government recently granted to Sociedad Anonima Radio
Argentina, authority to extend its services to the United
States.
DISSOLUTION OF ACCORD WITH R. C. A.
In a public announcement jointly issued on March 6, 1931,
by the Chairman of the Board of the Radio Corporation of
America, and the Chairman of your Corporation, the following statement was made:
"The accord made public by the two companies on March 30.
for the consolidation of their respective communication interests 1929,
when
the law permitted, has been dissolved. This decision was
necessitated
by the fact that despite the increasing influence of communication
mergers in foreign countries and the obvious advantage to American
communications interests from consolidation of their services, no legislative action has been taken to eliminate these handicaps or to facilitate
the consolidation. The managements of the two companies have, however, in no way altered their sincere conviction, announced in their public statement of March 30, 1929, that the unification of American record
communication services would be to the interest ofour country and people."
There is nothing to add to the statement as the views of
the managements of the two companies are concisely but
adequately given.
RADIO TELEPHONY.
Greater progress was made during 1930 than during the
previous three years combined in bringing a large number of
bile peoples of the world into close communication with each
4083
other. This was due to the establishment of many new
international radio telephone circuits connecting existing
telephone -systems.
Your Corporation, through the radio stations of its associated companies in Buenos Aires (Argentina), Santiago
(Chile), and Madrid (Spain) provided radio telephone links
connecting the South American countries with Spain and
most of the other important countries of Europe. The
Buenos Aires station through its connection with the radio
stations of the American Telephone and Telegraph Company
affors direct radio telephone communications between the
subscribers of our associated South American companies and
more than twenty million telephones of the North American
network of the Bell System. In less than three years, it
has been made possible for nearly all of the subscribers of
our associated telephone companies to obtain quick and
reliable telephone communication with some thirty million
telephones throughout the world, or approximately 90% of
the world's total telephones.
Additional radio stations are now under construction in
Brazil and Colombia. These stations will be placed in
operation during the current year.
On May 7, 1930, radio telephone service between Great
Britain and Argentine, Chile and Uruguay was officially
inaugurated. This circuit, between South America and
Great Britain via Madrid, typifies the high degree of Co-ordination which has been effected between wire and radio
systems in providing long international telephone connections. This circuit employs a combination of the land telephone lines of the British General Post Office, of the Department of Posts Telegraphs and Telephones of France and of
our associated telephone company in Spain, with the radio
circuit provided by the latter in co-operation with our associated radio company in Argentina. Transmission beyond
Buenos Aires follows the subfluvial cable of the United River
Plate Telephone Co., Ltd. to Uruguay, and the trans..
Andean telephone cable to dhile.
The radio service between Europe and South America was
further extended during 1930 and the current year by the
provision of direct radio telephone circuits between Buenos
Aires and several of the principal European capitals, namely,
Paris, Berlin and London.
A further logical development in the expansion of telephony by means of radio was the installation of radio telephone apparatus on ships. Early in 1930, commercial radio
telephone service was made available to the public on the
trans-Atlantic liners "Majestic" and "Olympic" of the White
Star Line. Facilities offered by this service enabled any
passenger on either of these ships to telephone to any telephone subscriber in the United States or Great Britain at
practically any time during the trans-Atlantic crossing. In
the course of subsequent voyages, the ship to shore service
was extended to the telephones in Canada, Mexico, and
Cuba on the one hand, and practically all of the European
countries on the other. Further extension of the service
has now been made to include the telephone subscribers
in Australia, Argentina, Chile and Uruguay. The equipment installed on these ships for this service is provided and
operated by your Corporation's associated company, International Marine Radio Company,Limited.
A demonstration was given during July 1930, which is of
interest. At that time an American aviator who was taking part in a good-will flight over South America, while flying at a height of 5,000 feet over Buenos Aires, carried on a
telephone conversation from his airplane with a telephone
subscriber in Sydney, Australia. The distance was more
than 14,000 miles. The circuits necessary to effect this
remarkable communication involved a most interesting coordination of three radio links, with intervening land lines.
Subsequent conversations were carried on between the airplane in flight with telephone subscribers in New York and
Madrid, and with the Captain of the "Majestic" in midAtlantic.
The technical success obtained by ship to shore services
in the North Atlantic was followed by the installation of
similar radio equipment on the "Belgenland" of the Red
Star Line, which was proceeding upon an Around-the-WorldCruise. As a result, the ship was in almost constant touch
with the whole of the civilized world throughout her voyage.
It was possible for the first time in history for the passengers
on a ship engaged in a cruise around the world, to converse
with their friends located in the chief countries of the globe.
Professor Einstein, en route to California, broadcast an
address to the people of the United States while the ship was
in the Pacific Ocean off the coast of Panama. On February
14, 1931, passengers, then sailing between Shanghai and
Hong-Kong, carried on a conversation with London. A
successful conversation was held with London while the
"Belgenland" was anchored in the harbor of Colombo,
Ceylon. The first telephone conversation between Egypt
and the United States was effected through the equipment
on this ship then lying at Alexandria, on April 9th, when
States Minister to Egypt, talked from Shepthe United'
heard's Hotel in Cairo to the Secretary of State in Washington, D. C.
TELEPHONE OPERATING COMPANIES.
In 1930 three new telephone companies were acquired:
The Compania Peruana de Telefonos, Limitada (Peruvian
Telephone Company), the Shanghai Telephone Company,
4084
FINANCIAL CHRONICLE
[vol.. 132.
in which they are established to assume the duties of operating their properties. The continued progress of the assocciated telephone operating companies is a tribute to the
energy and zeal as well as to the adaptability of these
employees.
MANUFACTURING COMPANIES.
As has been recited earlier in this Report, the manufac:
fa,cturing companies in the face of adverse economic conditions have concluded a year of increased earnings. The
gross sales of the International Standard Electric Corporation
in 1930 amounted to $60,948,000 as compared with $51,954,000 for the year 1929, an increase of 17%. Orders on
hand at the end of 1930 amounted to $28,600,000. Gross
sales of other manufacturing units amounted to $19,375,000
and orders on hand at December 31, 1930 to $7,642,000.
The total sales of all manufacturing units were 0,323,000
and total orders on hand at December 31, 1930 were $36,242,000.
These manufacturing results are especially gratifying
when it is borne in mind that many government administrations, which serve as an outlet for a large part of our
manufactured products, had adopted a policy of retrenchment and in some instances had deferred the purchase of
equipment for the extension of their systems until such
time as normal economic conditions return. It is interesting
to note that of the total sales effected during the year 1930,
approximately 20% were to our associated telephone,
telegraph, cable and radio companies and the remaining
80% to other companies and government administrations.
Manufacturing units associated or affiliated with your
Corporation are situated in ten of the principal cities of
Europe, as well as in Buenos Aires, Shanghai, Sydney and
Tokyo. In addition, there are sales and distributing organizations located throughout the world. Major items of
manufacture are automatic central office equipment,
manual central office equipment, subscribers station apparatus, private branch exchanges, aerial and underground
cable, carrier and repeater equipment, loading coils, radio
point to point and broadcasting stations, telegraph printers,
as well as practically all accessories utilized in tho telephone,
telegraph and radio field.
During 1930 the manufacturing activities of your Corporation were expanded through the formation of Standard
Elektrizitats Gesellschaft, A. G., in cooperation with
Allgemeine Elektrizitats-Gesellschaft, A. G. and Felton
& Guilleaume, Carlswerk, A. G. This new Company owns a
controlling interest in several important German manufacturing companies.
Your Corporation also acquired
interests in Osterreichische Telephon-Fabrik, A. G. of
Vienna, and in C. Lorenz, A. G. of Berlin, both of which
specialize in the manufacture of telephone, telegraph and
radio apparatus; and in Aktieselskabet Skandinaviske
Kabel-og Gummifabriker of Oslo, a company engaged in the
manufacture of cables and wire.
Other interesting developments in your Corporation's
manufacturing activities during the year are set forth in the
following paragraphs.
Early in the year a long term agreement was entered into
with the Copenhagen Telephone Company, under which
a minimum of 40,000 and a maximum of 80,000 lines of
rotary automatic equipment is to be supplied over a period
of years.
In Australia an important telegraph carrier equipment
order was successfully executed. Through the installation
of this equipment one telephone circuit and eight telegraph
channels wore obtained over a pair of wires on a telephone
trunk route extending for approximately 4,700 miles from
Western Australia to Northern Queensland.
A loaded telephone cable over 200 miles long was installed
for the British Post Office between London and Liverpool by
Standard Telephones and Cables, Limited. This Company
also manufactured and installed short wave equipment for
ship to shore radio telephone service for the British Post
Office at Rugby, England, as well as additional equipment
for the trans-Atlantic service.
C. Lorenz, A. G. installed a 75,000 watt broadcasting
station at Heilsberg, East Prussia. This Company also
manufactured and installed two short wave telegraph transmitters of 20,000 watt power at Nauen, Germany.
Mix & Genest A. G. is engaged at present upon the execution of an order from the French Post Office for the first
sector of the new underground pneumatic tube mailing
system for the City of Paris.
Important orders executed by Creed & Company, Limited,
included the supply and installation of telegraph printers
for the British Post Office, Amsterdam Police, Italian Post
Office, Italian State Railways, Italian Foreign Office,
Vatican City, Reuters News Service in Shanghai, and a
now ticker service for market quotations in Switzerland..
In September 1930, Creed & Company acquired the rights
of the Teletype Corporation relating to start-stop telegraph
2—Wire mileage in service
world, except
Composed of—
441.000 mlles printing equipment for all countries of the
Aerial cable
1,841.000 "
the United States, Canada and Newfoundland.
Exchange Underground cable
290,000 "
Open wire
In Belgium, the Bell Telephone Manufacturing Company
58.000 miles
Aerial cable
16.000 "
(Antwerp) received an order for 10,270 lines of rural autoToll
Underground cable
302.000 "
Open wire
matic equipment of the rotary type for a network of 38
27,949.000
3—Total number of toll messages handled during 1930
exchanges in the Zurich district of Switzerland, which when
3.647.000
4—Increase in toll messages in 1930 over 1929
comprehensive rural
The associated telephone operating companies have completed will constitute the most
of the countries automatic installation in existence.
adhered to the policy of training nationals
and the Societatea Anonima Romana de Telefeane (Roumanian Telephone Company).
. The Peruvian Telephone Company, a controlling interest
in which was acquired January 3, 1930, operates a telephone
system in Lima and other important cities in Peru, and its
acquisition adds over 10,000 stations to the number served
by our associated telephone operating companies.
The Shanghai Telephone Company operates in both the
International and French Settlements, the Company having acquired as of August 1, 1930, with the approval of
the Councils of both Settlements, the properties of The
Shanghai Mutual Telephone Company, Limited. The
population of the International and French Settlements in
Shanghai is more than 1,400,000 and of the Chinese City
approximately 1,700,000, a total of approximately 3,100,000.
On December 31, 1930, this Company had in operation
35,432 telephones which connect with the Chinese Government exchange operating in the native section of Shanghai
and also connect with the lines of the Government Telephone Administration which gives long distance service to
points in the Yangtsze Valley as far as Nanking. Rotary
automatic equipment, similar to that installed by the Corporation in many European capitals and other large cities
of the world, is used.
The Rumanian Government, on July 3, 1930, granted to
your Corporation the exclusive right to operate and develop
the telephone system of that country. The contract covers
the entire telephone and electrical communication field other
than the telegraph, and provides for the establishment and
operation of complete local, long distance and international
telephone service, including auxiliary services by wire, cable
or radio. The contract follows the general lines of that
.
granted in 1924 to your Corporation's associated company
in Spain. The actual transfer of the properties, previously
owned by the State, to the new company was made in
January 1931, and accordingly the consolidated statements
included in this Report do not reflect the investment or
operating results of this property. At present there are
over 80,000 miles of telephone lines connecting more than
50,000 telephones. Of this total, approximately 25% are
in Bucharest, the capital.
.The foregoing acquisitions bring the total number of countries in which associated companies of the International
Telephone and Telegraph Corporation operate telephone
systems to eleven, as follows: Spain and Rumania in Europe;
Argentina, Brazil, Chile, Peru and Uruguay, in South America; Mexico, in North America; Cuba and Porto Rico in the
West Indies, and Shanghai in China.
The Compania de Telefonos de Chile, a Chilean company,
was formed by your Corporation November 18, 1930, in
accordance with the provisions of the concession granted by
the Chilean Government on January 16, 1930; and on February 28, 1931, the new company acquired the assets of The
Chili Telephone Company, Limited, which is now in process
of liquidation.
The United River Plate Telephone Company, Limited,
which operates a telephone system in Buenos Aires and other
principal cities of the Argentine Republic with connecting
long distance lines, served 236,213 telephone stations as of
December 31, 1930. This represents a gain of 20,220 stations
over the preceding year. Improvements were made in the
existing plant, and 52 new central offices were opened to
extend the service to reach new territories and subscribers,
The Spanish Telephone Company (Compania Telefonica
Nacional de Espana) operated 212,360 telephone stations
at the end of the year 1930, an increase of 22% over 1929.
.
Rotary automatic equipment was installed in 4 new cities
and towns, bringing the total number of automatic central
offices up to 24. On January 22, 1931, radio telephone service was inaugurated between Spain and the Canary Islands.
Communication was established by means of the Company's
short wave radio stations at Madrid, and on the Island of
Teneriffe, which island is connected with the Island of Gran
Canaria by means of a submarine cable.
The unfavorable economic conditions prevailing in the
Republic of Cuba, due to the prolonged low prices ofsugar—
the principal product of the island—were reflected in lower
:
earnings for the Cuban Telephone Company During.the
year the policy was adopted of installing public pay stations
(coin boxes) which should prove, in time, to the mutual
advantage of the public and the company.
As of December 31, 1930, the Mexican Telephone and
.
Telegraph Company had 39.526 stations, an increase of
15% over the preceding year. The plant has been efficiently
maintained and with the work being carried on to extend
the Company's facilities, increasing revenues are expected.
Taking into consideration not only the principal operating
companies referred to above, but also the continued deli(lopment of the other properties, the following data as of Dec.31,
1930 with reference to the telephone operating companies,
are of interest.
688,052
1—Total stations in operation
2.948,000 miles
.1••••
MAY 30 1931.]
FINANCIAL CHRONICLE
Very satisfactory progress has been made with the installation of the rotary type of automatic telephone equipment, which is an original development of the International
Standard Electric Corporation. As of December 31, 1930,
there were some 781,360 lines of Standard rotary automatic
equipment in actual operation as compared with approximately 186,515 lines as of December 30, 1925, the year in
which the International Standard Electric Corporation
was acquired by your Corporation. Important contracts
for further installations are held by several of our associated
manufacturing companies. The total number of cities in
which Standard rotary automatic equipment is installed is
83, and the following may be mentioned as among the principal ones which have adopted this system:
4085
other cables of The Commercial Cable Company and All
America Cables, Incorporated when needed to meet traffic,
requirements.
A central office concentration unit, completely automatic,
was developed for the purpose of providing a rapid and
economical means for handling telegraph traffics on printing
telegraph circuits between the central operating department of the telegraph company and telegraph printers
located in either branch offices or subscribers' premises.
This system enables a subscriber or branch office operator
to obtain an almost instantaneous connection with a telegraph printer in either the telegraph, cable or radio operating departments by merely dialing a number corresponding
to the service desired. The first installation of this equipAntwerp
Brussels
Geneva
Madrid
Shanghai
ment was placed in operation in the main operating departAuckland Bucharest
Haarlem
Mexico City
The Hague
Barcelona Budapest
Hull
ment of Postal Telegraph in New York, where it has already
Oslo
Vatican City
Basle
Cairo
Liege
Paris
Wellington
demonstrated important operating economies.
Bergen
Copenhagen Lima
Rio de Janeiro Zurich
Bologna
Dunedin
The laboratories have also developed improved ship radio
The Vatican City State, the newest of States, is essentially telegraph transmitting and receiving equipment, and a
international; and it seemed fitting that the International number of these equipments have been manufactured and
Telephone and Telegraph Corporation should be the medium installed by the Mackay Radio and Telegraph Company
through which a modern telephone system was installed and are giving highly satisfactory service.
in that State. On November 19, 1930, His Holiness, Pope
ORGANIZATION
Pius XI, most graciously lent his presence at the ceremony
The International Telephone and Telegraph Pension and
of inauguration and released the lever which set in action Benefit Plan, adopted by the Corporation in 1928, makes
the rotary automatic telephone service. The central office generous provisicin for sick or retiring employees. The plan
is established in the building until recently occupied by the also provides for pension payments to dependents. It has
Governor of the City of Rome in the Villa Belvedere, which been generally adopted throughout the System and at
was commissioned by Pope Innocent VIII (1484) and which present, twenty-four associated companies have identical
is now the centre of the Vatican Sculpture Gallery.
or very similar plans.
Through your Corporation's Group Insurance Plan an
LABORATORIES.
insurance at a very much lower
The practical results obtained from the research and employee may obtain life
secure on an individual policy.
development work of our laboratories have been note- premium than he could
FINANCIAL
worthy. The commercial application of these developments by our associated manufacturing and operating comIn the year 1930, two major financial operations were
panies will result in important economies and assure the effected by your Corporation. On February 1, 1930, $50,continued recognition of the position of these companies in 000,000 in principal amount of Twenty-Five Year 5% Gold
their respective fields.
Debenture Bonds due February 1, 1955 were issued and the
The following paragraphs outline some of the more proceeds utilized to liquidate indebtedness incurred in
important developments.
financing the associated companies during 1929 and the
In March 1931, the International Telephone and Tele- opening months of 1930. In providing further for the
graph Laboratories of Hendon, England in co-operation financial requirements of your Corporation 733,967 shares of
with the laboratories of Le Materiel Telephonique of France additional capital stock without par value were issued and
gave a successful international demonstration of new ultra sold at $50 per share in the relation of one share for each
short wave radio telephone transmission between Dover, eight registered in the respective names of the Stockholders
England, and Calais, France. The wave length used was at the close of business March 21, 1930.
18 centimeters, or approximately seven inches, with transDuring 1930 the number of Stockholders increased from
mitting and receiving aerials less than one inch long and 53,594 on December 31, 1929 to 77,804 at the end of 1930,
power of one-half of a watt.
or an increase of 24,210. On May 14, 1931, there were
This development, called the Micro-ray, opens to possible 81,617 Stockholders.
commercial uses a new medium for the transmission of
Consolidated operating revenues and gross profit on sales
spoken and written messages and points to a practical method during 1930 totalled $93,075,550.50 as compared with
for the transmission of television signals.
$89,291,335.64 in the previous year, an increase of $3,784,A system of facsimile telegraphy has been designed which 214.86, which increase was due in part to the inclusion of
transmits typewritten and printed messages as well as line revenues and gross profits of properties acquired during
drawings in such form that an exact duplicate is reproduced the year. Consolidated net income for 1930, before deat the receiving terminals. The speed of transmission is at ducting interest on Debenture Bonds, amounted to $19,221,the rate of 90,000 printed words per hour, and the arrange- 271.25 as compared with $20,909,672.39 for 1929,a reduction
ment is such that a continuous flow of messages may be of $1,688,401.14. Interest on Debenture Bonds amounted
automatically passed through the machines without requir- to $5,471,138.39 as compared with $3,177,513.50, resulting
ing the service of expert operators.
in net income available for dividends of $13,750,132.86 in
During the year, long distance automatic dialing was 1930 as compared with $17,732,158.89 in 1929, a reduction
demonstrated before the Comite Consultatif International of $3,982,026.03.
(International Communications Committee) at Dusseldorf
Dividends were distributed quarterly at the rate of $2
and also at the Brussels Conference. From an automatic per year on each share of stock outstanding.
telephone in Brussels, the conference delegates dialed teleAs of December 31, 1930 the Board of Directors approved
phone subscribers in the London area. Considerable a charge to the consolidated earned surplus of the Corinterest has been manifested in the equipment by several poration in the amount of $5,106,757.36 representing the
telephone administrations.
balance as of that date of extraordinary expenditures inEver since the introduction of the dial or automatic curred by the Laboratories for development and research
telephone, efforts have been made to design central office work and by the Postal System during the period of conequipment of lower cost than the equipment now employed. version to automatic operation and in developing new
Our laboratories have succeeded in perfecting an automatic business and extension of service by opening of new offices,
system known as the By-path for use in step by step auto- &a. Of the amount of $3,995,072.66 deferred at December
matic areas, which offers increased flexibility and lower 30, 1929, $970,307.40 was subsequently charged to expense
cost of production.
or to appropriate property or other accounts. The deferred
The development of equipment for one of the largest expenditures charged to surplus were extraordinary and
broadcast transmitting stations in the world, rated at resulted from the intensive development and expansion
120,000 watts, was completed during the year. It is now program through which the Laboratories and the Postal
being installed in Prague, Czechoslovakia.
System have passed during the last few years.
During the year the laboratories completed a number of
Further information of a financial nature will be found
developments, through the use of which the operating in the appended Consolidated Balance Sheet of your Cortelegraph and cable companies will be enabled to render poration and its Associated Companies as of December 31,
improved service and to effect important operating 1930 and the Statement of Consolidated Income and Surplus
economies.
Accounts for the year ended that date.
Among these developments is a carrier telegraph system
HERNAND BEHN, President.
Telegraph lines, through the use of which
for the Postal
printing telegraph channels are provided Approved by the Board of Directors.
twenty two-way
STHENES BERN, Chairman.
on a four-wire telegraph circuit in addition to the eight
two-way printing telegraph channels now operated on such
ARTHUR ANDERSEN dc CO.
circuits, or a total of twenty-eight circuits on four wires.
Accountants and Auditors
Of great importance was the completion of the developMembers American Institute of Accountants
ment of equipment for the improved operation of sub67 Wall Street, New York
marine cables. The installation of this equipment has
AUDITORS' CERTIFICATE
resulted in increasing by more than 30% the westward
We have examined the accounts, for the year ended December 31, 1930,
speed of the fastest trans-Atlantic cable of The Commercial of the International Telephone and Telegraph Corporation and certain of
Its associated
Cable Company. The eastward speed of this cable will be which we havecompanies. For the associated companies consolidated
not audited, we have been furnished with independent
increased correspondingly as soon as the necessary equip- auditors' certificates for the major companies and have reviewed company
reports for the consolidated companies not audited and also for the assoment is install3d. These improvements will be applied to ciated companies not consolidated.
4086
FINANCIAL CHRONICLE
[Vor.. 132.
The balance of extra ordinary expenditures, as determined by the com- Deduct:
Interest on Twenty-five Year 4M%
and
$1,575,000.00
pany, incurred by the laboratories in development and research work
Gold Debenture Bonds
by the Postal Telegraph System during the conversion to automatic operaInterest on Ten Year Convertible 431%
opening of
tion, in developing new business and extension of service by
not Converted
Gold Debenture Bonds
of
new offices, etc., has been charged to earned surplus (see summary
1,694.749.50
into stock *
consolidated earned surplus account and under "Financial" above).
Interest on Twenty-five Year 5% Gold
The consolidated balance sheet at December 31. 1930, and consolidated
2,201,388.89
Debenture Bonds
date have been prepared on the
$5,471,138.39
income account for the year ended that
capital
basis of the company's allocation of general supervision charges to
$13,750,132.86
are also subject to the adequacy of the proaccount and operations and
Net income
vision for depreciation.
opinion, the accompanySubject to the foregoing, we certify that, in our consolidated income and
year,
statement of
ing consolidated balance sheet and
* Exclusive of interest on bonds converted into stock during the
December 31,
surplus accounts fairly present the financial position as of date.
such interest being deducted from surplus below.
of operations for the year ended that
1930, and the results
CONSOLIDATED SURPLUS ACCOUNT.
ATRHUR ANDERSEN & CO.
$28,054,706.93
Earned surplus—January 1, 1930
New York, N. Y.. May 9, 1931.
13,750,132.86
Add—Net income as above
$41,804,839.79
H CORPORATION
INTERNATIONAL TELEPHONE & TELEGRAP
Deduct:
AND ASSOCIATED COMPANIES
Interest on Ten Year Convertible 434%
Gold Debenture Bonds converted into
1930
$223.30
CONSOLIDATED BALANCE SHEET—DECEMBER 31,
stock during the year
12,868,408.44
Dividends
ASSETS.
Balance of extraordinary expenditures
$394,688,272.13
incurred by the laboratories in developPlant, Property, Patents, Licenses, &c
ment and research work and by the
Investments in and Advances to Associated and Allied
Postal Telegraph System during the
Companies:
conversion to automatic operation, in
companies not consoliciated___$58,252.302.55
Associated
developing new business and exten9,387.435.56
Allied companies
sion of service by opening of new
67.639.738.11
offices, &c., of which $3,024,765.26
Special Deposits:
was accumulated prior to January 1
5,106,757.36
$3,427,815.09
1930
For payment of properties
2,531,686.05
Extraordinary expenditures incurred in
Other special deposits
5,959,501.14
repairing cable breaks resulting from
754,425.00
earthquake
Deferred Charges:
429,208.29
Sundry surplus charges—net
19,159,022.39
Bond discount and expense in process of
$9,311,337.20
amortization
$22,645,817.40
Prepaid accounts and other deferred
Earned Surplus—December 31, 1930
6,207,921.15
charges
15,519,258.35 Capital and Paid-in Surplus—January 1, $48,410,869.23
1930
10,523,243.05
Miscellaneous Accounts and Investments
Add—Excess of amount paid in over
amount fixed for capital on common
Advances to Trustees Under Employees' Stock Purchase
subject
stock of International Telephone and
Plans (Against stock subscriptions by employeesPaid in.
Telegraph Corporation issued during 13,271,961.08
to cancellation on which $1,466,219.12 has been
the year
The Trustees are holding 48.028 shares of the Corpora507,701.71
subscriptions)
tion's stock under such
$61.682,830.31
Current Assets:
Deduct—
$21,125,693.42
es
shares
and on hand
Charge for 36,698
Cash in banks
8,982,456.18
stock issued during year
Marketable securities
39.193,714.62
for future employees'
Accounts and notes receivable
39,790,186.91
supplies
stock purchase plans,
Merchandise, materials and
473,455.99
which were re-acquired
Sundry current assets
109,565,507.12
from trustees at issue
price;and paid-in surplus
.61
$604,403,221
applicable to 174,336
shares held by such
$4,562,624.44
trustees
CAPITAL AND LIABILITIES.
Expenses in connection
with the issuance of adCapital Stock:
961,747.03
ditional stock, &c
Common stock of International Tele5,524,371.47
phone and Telegraph Corporation—
56,158,458.84
Authorized-15,0001,000 shares without
Capital and Paid-in Surplus—December 31, 1930
par value.
$78,804,276.24
Issued and outstanding-6,642,508
Total surplus—December 31, 1930
shares (of which 36,698 shares are
EDWIN F. CHINLUND. Comptroller.
$221,416.933.33
held in treasury)
Deduct for shares held by Trusted; and
AND CABLE COMPANIES.
for future Employees' Stock
available
TELEGRAPH
5,811.200.00
New York, N. Y.
-174,336 shares
Purchase Plans
$215,605,733.33 All America Cables Incorporated
New York, N. Y.
38,863.722.15 Cuban All America'Cables, Incorporated, The Company___Havana, Cuba
associated companies
Preferred stock of
Telephone and Telegraph
Cuban American
New York, N. Y.
Stockholders' Equity in Common Stock and
The
Minority
London, England
9.573,979.10 Commercial Cable Company Limited
Surplus of Associated Companies herein Consolidated.—
Commercial Cable Company,
Boston, Mass.
of Massachusetts
Commercial Cable Company
New York, N. Y.
Funded Debt:
Postal Telegraph System
Telegraph
New York, N. Y.
International Telephone and
Postal Telegraph and Cable Corporation
Corporation—
Twenty-five Year 4%% Gold DebenRADIO COMPANIES.
$35,000,000.00
ture Bonds, due July 1, 1952
Rio de Janeiro, Brazil
Companhia Radio Internacional do Brasil
Ten-Year Convertible 45i% Gold De- 37,661,100.00
__Buenos Aires Argentina
Compania Internacional de Radio, Argentina__
Santiago, Chile
benture Benda,due January 1, 1939S. A. (Chile)
Compania Internacional de Radio (Espana)
Twenty-five Year 5% Gold Debenture 50,000,000.00
Madrid, Spain
Compania Internacional de Radio
Calif.
Bonds,due February 1,1955
Company, California_San Francisco, N. Y.
64,937.921.87
Mackay Radio and Telegraph
Associated companies
Delaware__ Now York,
187,599.021.87 Mackay Radio and Telegraph Company,
Aires, Argentina
Buenos
Sociedad Anonima Radio Argentina
Havana, Cuba
Deferred Liabilities:
Radio Corporation of Cuba
$332,340.11
Subscribers* deposits
10,289,403.98
Employees' benefit and pension reservesTELEPHONE COMPANIES.
9
10.621,744.0
Porto Alegre, Brazil
Companhla Telephonica Rio Grandense
Current Liabilities:
Santiago, Chile
$20,902,574.04
Compania de Telefonos de Chile
Lima, Peru
Notes and bills payable
14,111,413.30
Compania Peruana de Telefonos, Limitada
Buenos Aires, Argentina
Accounts and wages payable
Argentina
107,119.56
Compania Telefonica
Madrid, Spain
Notes receivable discounted
Espana
1
Compania Telefonica Nacional de
Havana, Cuba
Interest, taxes and dividends payable--- 11,220,694.8
493.119.36
Cuban Telephone Company
Mexico City, Mexico
Sundry current liabilities
46,834,921.07 Mexican Telephone and Telegraph Company
Montevideo, Uruguay
Montevideo Telephone Company, Limited
San Juan, Porto Rico
Reserves:
Porto Rico Telephone Company
Shanghai, China
For depreciation, replacements and re- $16,347,437.50
Shanghai Telephone Company
Bucharest Rumania
newels
Societatea Anonima Romana tie Telefoane
152.386.26
Montevideo, Uruguay
Nacional
For contingencies, &c
16.499,823.76 Socieded Cooperative Telefonica
nos Aires, Argentina
United River Plate Telephone Company, Limited_Bue
Surplus:
$56,158,458.84
MANUFACTURING OR SALES COMPANIES.
LICENSEE
Capital and paid-in
22,645,817.40
Paris. France
-Houston
Earned
78.804.276.24 Com agnie des Telephones Thomson
Croydon, England
Creed& Company, Limited
Berlin, Germany
Creed Telographenapparate, G.m.b.H
$604,403,221.61
Antwerp, Belgium
Bell Telephone Manufacturing Company
Prague. Czechoslovakia
Standard Electric Dorns a Spolamost
Shanghai, China
CHINLITND, Comptroller.
China Electric Company, Limited
EDWIN F.
Buenos Aires, Argentina
Compania Standard Electric, Argentina
Paris, France
Le Materiel Telephonique
AND SURPLUS
Tokyo, Japan
STATEMENT OF CONSOLIDATED INCOME
Nippon Denki Kabushiki Kaisha
DEC. 31, 1930.
Vienna, Austria
ACCOUNTS FOR THE YEAR ENDED
Osterreichische Telephon-Fabrik Aktiengesellschaft Copenhagen. Denmark
Standard Electric Aktieselskab
Oslo, Norway
CONSOLIDATED INCOME ACCOUNT.
Standard Electric Aktieselskap
Oslo Norway
Aktieselskabet Skandinaviske Kabel-og Gummifabriker
Earnings:
Madrid, Spain
Standard Electrica, S. A
Milan, Italy
Telephone, telegraph, cable and radio
Standard Elettrica Italiana
on
Bucharest, Rumania
operating revenues and gross profit
Standard Electrica Romans S A
$93,075,550.50
London England
sales
Standard Telephones and Cables, Limited
3,002,981.29
Australia
Fees for services
Standard Telephones and Cables (Australasia), Lhnited_Sydney, Hungary
4,233,015.20
Budapest.
Interest
Standard Villamossagi Reszveny Tarsasag
$1,059,031.51 from
DiA idends (including
ereinigte Telephon-und Telegraphenfabriks Aktien2,381,720.61
Vienna, Austria
associated company not consolidated)_
Gesellschaft Czeila, Nisei & Co
1,779,330.67
Warsaw, Poland
Miscellaneous
$104,472,598.27 Standard Electric Company w Polsce Sp. z. 0.0
Berlin, Germany
Lorenz, 0., A.G
Taxes and DeBerlin, Germany
Operating, Selling and General Expenses,
79,115,044.10 Standard Elektrizitats Gesellschaft, A.G
Berlin, Germany
predation
Mix & Genest Aktiengesellschaft
Ferdinand Schuchhardt Berliner Fernsprech-und
replacedepreciation,
Berlin, Germany
earnings (after provision for
Net
Telegraphenwerk Aktiengesellschaft
$25,357,554.17
Nuremberg, Germany
ments and renewals of $7,843,643.17)
Suddeutsche Apparate Fabrik G.m.b.H
Berlin, Germany
Telephonfabrik Berliner Aktiengesellschaft
Deduct—Charges of Associated Companies: $2.857,519.25
Interest charges
2,650,078.20
OTHER COMPANIES.
on preferred stock
Dividends
York, N. Y.
Minority stockholders' equity in net inInternational Communications Laboratories, Inc-___New
628,685.47
London. England
COMB
6,136,282.92 International Marine Radio Company, Limited
New York, N. Y.
International Standard Electric Corporation
Inc_Hendon,England
Bonds $19,221,271.25 International Telephone and Telegraph Laboratories,
Net Income Before Deducing Interest on Debenture
MAY 30 1931.]
FINANCIAL CHRONICLE
4087
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-WOOL--ETC.
-DRY GOODS
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.
to 8.05e. Peaberry 2-3s at 10.05c.; 34s at 9.30e. To-day
Rio exchange was 1-16d. higher at the outset at 3 15-32d.;
the dollar 340 lower at 148250. Spot Rio advanced 200 reis
to 1346475. Santos exchange at the New York opening was
1-16d. higher and the dollar 300 net lower. Brazilian cables
reporting the recommendation by Sir Otto Niemeyer to
President Vargas that a moratorium be declared has had
little influence. To-day special cables received around
11 o'clock reported an advance of 1-32d. in sterling exchange
and a decline of 150 reis at the dollar rate at both Santos and
Rio. To-day cost and freight offers were scarce and unchanged. Rio cabled later exchange on London at 3 15-32d.,
a decline of 1-32d. and the dollar at 14$220, an advance of
120 reis. On the 28th inst. futures ended unchanged to 7
points up; sales 16,000 bags of Rio and 13,000 of Santos.
Santos ended 5 to 7 points up; Rio unchanged to 6 up.
To-day Rio futures closed 2 to 6 points higher with sales
of 10,000 bags and Santos futures 1 to 4 points lower with
sales of 19,000 bags. Final prices show an advance for the
week of 1 point on July Rio, while other months are 1 to 3
points lower.
Rio coffee prices closed as follows:
Friday Night, May 29 1931.
COFFEE on the spot was quiet at 9 to 93/2c. for Santos
4s and 6e. for Rio 7s. Fair to good Cucuta, 123/2 to 123e.;
4
prime to choice, 14 to 15c.; washed, 173'c.; Ocana, 123/2 to
13c.; Bucaramanga, natural, 13% to 133/2c.; washed, 16 to
163/2e.; Honda, Tolima and Giradot, 16% to 17e.; Medellin,
17% to 18e.; Manizales, 16% to 17e.; Mexican, washed,
163/2 to 18e.; Surinam, 12 to 123/20.; East India, Ankola,
233/2 to 34c.; Mandheling, 233/2 to 320.; genuine Java, 23
to 24e.; Robusta, washed, 8% to 83/2c.; Mocha, 153/2 to
16e.; Harrar, 15 to 153/20.; Abyssianian, 11 to 113/2e.;
Salvador, washed, 14% to 163/2c.; Nicaragua, washed, 13
to 133/2c.; Guatemala, prime, 173/2 to 17%c.; good, 15 to
153/2c.; Bourbon, 13 to 133jc.; Hayti, tre-a-la-main, 13 to
133/2e.; Machine, 123/2 to 13c.; San Domingo, washed,15%
to 153/2c. On May 23 Rio exchange opened at declines of
1-32d. at 3 23-64d., with the dollar 100 higher at 14$700.
Spot was unchanged at 128925. Santos exchange was
Spot (unofficial)
1-64d. higher at 3 25-64d. Dollars 50 lower at 14$600. July§nom.December
March
May
6.09 nom.
5.93
On the 23d inst. Rio futures here closed 5 to 7 points net September
Santos coffee prices closed as follows:
higher with sales of 2,000 bags. Santos closed 5 to 7 points
December
Spot
8.84
§ _
higher with sales of 4,000 bags. On the .25th inst. Rio July (unofficial)
8.91 ......._
10 8.81 i March
8.94 nom.
8.82 8.83 May
closed 2 points lower to 1 higher with sales of 3,500 bags. September
Santos closed unchanged to 2 points off with sales of 7,750
COCOA to-day ended 2 to 3 points higher. Final prices
bags. On the 25th inst. Brazilian markets opened about are 16 to 17 points lower for the week, however.
unchanged at the outset, while Havre and Hamburg were
SUGAR.
-Spot Cuban raws were quoted late at 3.12e.
still closed for the Whitsuntide holidays. Rio exchange
duty paid. Late last week the raw market was quiet and
opened at 1-64d. decline at 3%d., with the dollar 20 higher
more or less unsettled by the depression in futures. Offerat 14$620. Santos also 1-64d. lower at 3 25-64d.; dollar ings,
however, were on a very moderate scale and for most
unchanged at 14$600.
of the day holders declined less than 3.16c. delivered.
On May 25, the uncertainty regarding Brazilian exchange Some
4,500 tons of Philippines due June 9th sold at 3.15e.
restricted cost and freight offerings and they were invariably and
4,000 tons of Porto Ricos for prompt shipment to
above the New York parity. Prompt shipment Santos
New Orleans.
The Sugar Institue figures continue to
Bourbon 2-3s at 10.15 to 10.40c.; 3s at 9.30 to 10.10e.; show
declines both in meltings and deliveries. The figures
3-45 at 9% to 9.90c.; 3-5s at 9.15 to 9.40e.; 4-5s at 9.00 to in
long tons raw value for the 14 United States refiners
9.20c.; 58 at 8.80d.; 5-6s at 8.65 to 9.30e.; 6s at 8.90c.;
show: Meltings: Jan. 1 1931 to May 16 1931, 1,500,000;
7-8s at 8.15e.; part Bourbon 3-5s at 9.15 to 9.30e.; Peaberry
Jan. 1 1930 to May 17 1930, 1,780,000; week ended May 16
4s at 9.30e.; Santos 4s good bean, good roast, greenish
and
solid were offered for July, Aug. and Sept. shipment equal 1931, 75,000; week ended May 17 1930, 110,000. Deliveries: Jan. 1 1931 to May 16 1931, 1,414,020; Jan. 1
at 10%c. On May 26, for the first time in many days
cost
and freight offers from Brazil were quite plentiful, and prices 1930 to May 17 1930, 1,688,221; week ended May 16 1931,
averaged 10 to 15 points lower. Trade slow. For prompt 75,271; week ended May 17 1930, 118,283. On the 23rd
shipment, Santos Bourbon 2-3s were here at 9.60 to 103 c.; inst. futures closed 1 point lower to 1 higher with sales of
4
35 at 9.40 to 93/2c.; 3-4s at 93,4 to 9.600.; 3-5s at 9 to 9.20c.; 5,250 tons. Liverpool and European markets were closed
May 23 and May 25 for the Whitsuntide holidays, re4-5s at 9.05 to 9.350.; 55 at 8.45e.; 5-6s at 8.800.; 6s
at
8.35 to 8%c.; 6-7s at 8.15c.; 7s at 8.350.; 7-8s at 7% to opening on May 26.
Sales last week in Liverpool were 4,100 tons, against
8.05e.; Peaberry 3-4s at 9340.; 4s at 9.10c.; 5-6s at 8.80e.;
part Bourbon 7-8s at 7.70c. In New York the demand was 5,700 tons in the previous week. Cuba n advices of
the 24th said: "Danger of a revolt in Cuba is ended.
better and Santos 4s were quoted at 9% to 9%c. and
Rio Ex-President Menocal, leader of the opposition has
78 at 634 to 61 ic. On the 26th inst. Rio futures here
H
were ordered his followers to lay down their arms and trust
10 to 14 points net lower with sales of 14,000 bags.
Santos
futures here were 9 to 11 points off with sales of 11,750 bags. to legal measures for relief." Havana cabled these
figures of the Cuban crop movement for the week
On the 27th inst. futures were irregular closing 3
points ending May 23: Arrivals 30,273 tons; exports 48,617 tons
lower to 3 higher with sales of 21,000 bags. Brazil
and and stock, 1,512,764 tons. Mills grinding 8. Exports inEurope sold at an early decline of 5 to 10 points.
cluded 3,742 for New York; 6,700 for Philadelphia; 3,497
On May 27 cost and freights were in the main
somewhat for Baltimore; 1,863 for New Orleans; 1,922 for Norfolk;
steadier, though they were lowered a little to meet
the quo- 156 for Interior U. S.; 72 for Canada and 30,665 tons for
tations made by other shippers. For prompt
shipment, U. K. Dry weather was reported in some sections. On
Santos Bourbon 2-3s were here at 9.600. to 10%c.; 35
at the 25th inst.futures closed unchanged after being unchanged
9.15 to 93/2c.; 3-4s at 9% to 9.55c.; 3-5s at 9 to 9.3004
4-55 to 1 point lower with sales of 8,350 tons. Refined 4.35e.
at 9 to 9.15e.; 5sat8.80c.; 5-6s at8.64e.;6s at8.45e.to
8%e.; with trade quiet. London advices stated May 25 that the
7-8s at 7.70 to 8.35o. There were no reported offers
from U. K. production for next season will be about 320,000 tons,
Rio or Victoria. On the 28th Rio exchange rate early
was
unchanged at 3 25-64d., with the dollar 10 higher at 14$590. against 450,000 tons last year. The weather there for the
growing beets was perfect . Continental refiners have been
Rio spot 75 reis higher at 13$275. On the 28th cost
and covering some of their shorts on the London Exchange,
freight offers were not numerous, yet prices were from
10 to particularly in August, which accounted for the continued
15 points lower. For prompt shipment, Santos
Bourbon steadiness of London, as compared with New York. Sugar
2-3s were quoted at 93 e.; 3s at 9.20 to 9.25e.; 3-4s
%
at 9% exports from Java during April were 69,000 long tons,
to 9.40c.; 3-5s at 8.90 to 9.40c.; 4-58 at 83/2 to
9.05e.; 5s against 108,000 metric tons in April last year.
Havana
at 8.350.; 5-6s at 8.55c.; Os at 8.30 to 8.80e.; 7-8s
at 73% correspondents say: "Would not be surprised if in
near
§
future Corporation segregates minimum 250,000 tons from
U. S. quota. Others talk 500,000 tons; to be distributed
next year." April shipments, it is estimated suggest that
about 96,000 tons of Philippine raw sugars will be due at
United States ports in June. Some 45,000 tons of this have
already been sold to refiners and 17,000 tons ordered to the
South to be taken care of by Gulf Port refiners which would
leave only about 34,000 tons to be sold for June arrival.
On the 26th inst. futures dropped 2 to 4 points to new
lows and ended 1 to 3 points off with sales of 42,550 tons.
Long liquidation was the outstanding feature for account
of tired interests disappointed at the failure of the adoption
of the Chadbourne plan to have a more bracing effect.
Some 10,000 bags of Porto Ricos for June 8 arrival sold at
3.14, 1,000 tons due on Saturday at 3.13e., some 10,000
tons for late May and early June arrival at the same price
and 950 tons of Philippines for early June arrival at 3.12e.
delivered; 1,000 tons Philippines due Sat., 3.13e. On May 26,
London opened quiet;some accounts said there were buyers at
A
6s. c.i.f. and sellers at 6s. 3 d., the former equivalent to
1.14 to 1.16e. f.o.b. British refined was reduced 3d. Another
London cable said the opening was at unchanged to 134d.
lower from last Friday. Liverpool opened quiet, unchanged
to all
to 34c1. lower. Futures on the 27th inst. fell nearly
time lows, i.e., 3 to 5 points lower, closing 2 to 4 points net
lower with sales of 48,100 tons. Cuba and Europe sold.
Stop orders were caught. On the 28th inst. futures ended
7 to 8 points higher acting oversold. Also raws were firmer.
Higher prices for stocks and other commodities helped
sugar. Cuban and trade interests bought. The sales were
48,250 tons. Spot 96 c.i.f., 1.200.; duty free, delivered up
to 3.17e. Havana cabled that Orestes Ferrara, representative
of Cuba in Japan sent a cable from Japan to President
Machado stating that the sugar manufacturers of Japan
have agreed to reduce production to an average of the last
three crops. One factor in• the trade estimates that the
average crop in the past three years amounts to approximately 900,000 tons. To-day 1,000 tons of Philippines in
port sold at 3.20e.; 4,000 tons, June-July at 3.25e. c.i.f.;
4,000 tons Porto Rico at 3.20e. Futures to-day closed 5 to 7
points higher with sales of 50,200 tons. Final prices show an
advance for the week of 7 to 9 points. To-day Liverpool
cabled: "It is rumored that 4,000 tons raw sugar in New
York warehouses have been shipped to the United Kingdom." London cabled that terminal showed an improved
tone. Of raws for June shipment there were sellers at 6s.,
and for July-Aug. shipment there were buyers at the same
price. Havana advices state that up to May 15, the Cuban
National Export Corp. has allowed permits on 645,225 tons
new and old crop sugars for export to the United States and
188,046 tons to other countries, a total of 833,271 tons. In
addition 21,078 tons have been taken from segregated
Cuban stocks. There was a rumor that President Machado
is to resign.
Prices were as follows:
Spot (unofficial)
July
September
December
- Januarl
1 251
1.22 ---- March
1.29 ____ May
Season's Low and When Made
Season's High and When MadeMay 29 1931
7.22
Sept.22 1930 May
May
11.30
May 29 1931
7.27
July
9.45
Mar.17 1931 July
May 29 1931
7.40
Mar. 17 1931 September
9.60
September
PORK quiet; mess, $22; family, $24.50; fat back, $17.50
to $18. Ribs cash, 7.62e. Beef steady; mess nominally
unchanged; packet, $13 to $14; family, $14.50 to $15.50;
extra India mess, $30 to $32; No. 1 canned corned beef,
$3.25; No. 2, $5.50; six pounds, South America, $16.75;
pickled tongues, $70 to $75. Cut meats quiet and steady;
4
pickled hams, 10 to 16 lbs., 133 to 153e.; pickled bellies,
6 to 12 lbs., 143 to 163/ac.; bellies, clear, dry salted boxed,
18 to 20 lbs., 934e.; 16 to 18 lbs., 103Ie. Butter, 17 to
43(o. Cheese, 15 to 23e. Eggs medium to best, 173/8 to
2
22Me.
OILS.
-Linseed has been quiet with only a light jobbing
trade. Raw oil in carlots co-operage basis is held at 8.60.
Flaxseed has fluctuated within very narrow bounds. Fish
oils have been fairly steady. Newfoundland cod oil is
weaker at 48e. Cocoanut, Manila Coast tanks, 4 to 43/8e.;
spot N. Y. tanks 414 to 43e.; Corn, tanks f. o. b. mills,
534c.; Olive, Den., 82 to 85e.; China wood, N. Y. drums,
carlots spot, 63/8 to 7c.; tanks, 6c. Soya Bean, carlots,
drums, 7.1c.; tanks Edgewater, 6.5e.; domestic tank cars
f. o. b. Middle Western mills, 6e. Edible, Olive, 1.50 to
2.15. Lard, prime, 123/8c.; extra strained winter N. Y.,
83,:s. Cod, Newfoundland, 48e. Turpentine, 55 to 610.
%
includRosin, 84.50 to $9.05. Cottonseed oil sales to-day
ing switches 39 contracts. Crude S. E. nominal. Prices
closed as follows:
6.43(56.47
6.60 ___ October
Spot
June
6.25(56.50
November
1 40
1.45§nom.
1.52 _
-On the 23rd inst. futures declined 13 to 17
LARD.
points to new lows. Hogs were unsettled, the cables off
3d. to 9d. and prime Western 7.95 to 8.05c. On the 25th
inst. futures closed unchanged to 5 points lower. Hogs
were steady; with receipts at Chicago 40,000 against 62,000
last year. At Western points the total was 111,800 against
,
147,800 last year. Cash markets were off. Prime Western
t, 8Mc.; South America, 834c.;
7.90 to 8e.; Refined Continen
Brazil, 93c. Futures on the 27th inst. were 8 to 15 points
lower with hogs off 25c. and stocks and other commodities
down. Prime Western cash was then, 7.75 to 7.85e.;
Refined for the Continent, 834c. On the 28th inst. futures
declined 5 to 10 points with hogs off 25 points. Western
hog receipts were larger than expected reaching 78,500
New York
against 98,500 last year. Exports of lard from
lard fell.
were 1,315,000 lbs. largely to Hamburg. Cash
, 7.65 to 7.75e.; Refined Continent, 73'gc.;
Prime Western
futures ended
South America, 834c.; Brazil, 834c. To-day
on the eve of
8 to 13 points higher with covering of shorts
grain at times showing firmness. Final
the holiday, and
of 25 to 27
prices show a decline, however, for the week
points.
FUTURES IN CHICAGO.
DAILY CLOSING PRIORS OF LARD
Wed. Thurs. Fri.
Mon. Tues.
Sat.
7.30
7.17
7.27
7.35
7.37
7.42
May
7.35
7.25
7.30
7.42
7.45
7.47
July
7.45
7.37
7.40
7.55
7.57
7.57
Sept
[VoL. 132.
FINANCIAL CHRONICLE
4088
July
yust
September
6.60 7.011
6.70 6.75 December
6.70 6.85 January
6.68(56.70
6.25 6.50
6.30 6.49
-Shortly after June 1st California crude
PETROLEUM.
oil will be advanced to the basis of about 90c. a bbl. for
40 degree gravity as against the present price of 35e. California crude 40 degrees at 35c. it is claimed is much below
the level of East Texas considering freight rates and charges.
Refinery products of late have shown little change. Gasoline
has been rather weak owing to apprehension over the offering of East Texas crude at unusually low prices. At the
same time the season is close at hand of the largest consumption of the year. Fuel oils have been in fair demand
C
for this time of the year but with prices weak. Grade
is weaker
bunker is quoted at 95c.; diesel oil 1.65;. Kerosene
being
than usual at this time of the year. Production is
and 41-43 water white is
reduced but stocks are still large
s. Pennfreely offered at 53.c. in tank cars at refinerie
are selling a little more readily. in
sylvania lubricating oils
earlier page
an
be
d lta prod r cts..
anTables of puices 7ually appearing here will an found on
article entitled "Petroleum
our department of "Business Indications," in
ed to
-On the 23rd inst. prices were unchang
RUBBER.
un10 points lower with London closed. Singapore was
No. 1 standard contract closed
changed to Md. higher.
"A" July,
with July 6.80 to 6.85e.; Dec., 7.200.; New
-Oct., 7.05c.; Old "A" June,
Sept.
6.80c.; Aug., 6.88c.;
634
6.60 to 6.700.; Outside prices: Spot, May and June,
pale latex
to 6%c.; Spot first latex thick, 6% to 63/8e.; thin
634 to 634e. On the
4
73i to 73 e.; clean thin brown No. 2,
and
25th inst. prices declined 7 to 20 points with London
with a leaning here to the selling
Singapore closed, but
No 1 standard
side. Tire fabric plants were reported busy.
New "A"
July closed at 6.72e.; March, 7.32e.;
contract
Nov., 7.01c.; Dec., 7.08e.;
Sept., 6.880.; Oct., 6.95c.;
to 6.80e.
Jan. 1932, 7.16c.; Old "A" June, 6.500.; July, 6.60
4
May and June, 63c.; July-Sept., 7c.;
Outside prices: Spot,
-March 1932, 75e.; spot first latex
Oct.
-Dee., 73c.; Jan.
brown No. 2,
thick, 63/8e.; thin pale latex 734e.; clean thin
/
,
643.; No. 2 amber, 63 3c.; No. 3,
63 c.; rolled brown crepe,
8
/
634c.; No. 4, 634o. London and Singapore were closed last
observance
Saturday and Monday, May 23 and May 25, in
They reopened on May 26.
of the Whitsuntide holidays.
On the 27th inst. prices declined 10 to 20 points with lower
old.
cables and sales of 420 tons of No. 1 standard and 35 of
of the
The decline came despite statistics reporting a decline
April to
rubber exports from the Dutch East Indies during
under both March 1931 and
21,637 tons, roughly 3,000
with
April of last year. No. 1 standard contract closed
6.60e.; Dec., 6.81c.; March, 7.02 to
July, 6.46c.; Sept.,
"A" June,
7.08c.; New "A" June, 6.33c.; July, 6.44c.; Old
6.30 to 6.400.; July, 6.30c.; Outside prices: Spot, May and
-Dec.,
June,
6xi t 634
6Mc.; July-Sept., 6% to 663/8c.; Oct.
On May 25 London and Singapore were closed. On
May 26 London closed dull, Md.off; June,3d.;July,3 1-16d.;
MAY 30 1931.]
FINANCIAL CHRONICLE
4089
July-September, 3Md.; Oct.
CHARTERS Included time-trip, 3 to 4 month period, West Indies.
-Dec., 3%d.; Jan.
-March,
388d. Amsterdam cabled: "Netherlands East Indies rub- $1.15; 2 or 3 months, same.$3,200 month; West Indies, round. 85c. Grain
/
booked included a half dozen loads, New York. May to Antwerp and about
ber exports for April were 21,637 tons, compared with 24,307 the same tonnage to Rotterdam at 6.%c. Nitrate, Chile-Bordeaux-Hamtons in April 1930." London's stock May 23 was 85,739 burg, June 1-20. at 22s. 3d.; Chile, June 12-30, to North Spain, 23s. 3d.
Grain
5 loads New York, May, London, Is. 6d.; 2 same, Is. 6d.;
tons, a decrease of 298 tons. Liverpool stocks totaled 2 Newbooked, May, Naples, 11c.; 6 New York-Marseilles,
York.
53,842 tons, a decrease of 328 tons. Singapore closed quiet and 9 Baltimore-Hamburg-Bremen, June, 8c. Tankers, clean, June 11c.,
Black Seal
June-July.
and unchanged to 1-16d. lower; June, 2 8d.; July 3d.; at 8s.. 10%20c.; French Atlantic ports, 7c.; option part cargo, 6,000 tons.
more or less for each.
Oct.
-Dec., 3 1-164.; No.3 amber crepe, 2 11-16d., off 1-16d.
COAL has been in fair demand. At Chicago smokeless
On May 27 London opened 1-16d. lower and at 2:38 p. m.
was quiet unchanged to 1-16d. up; June, 3d.; July, 3 1-16d.; lump and egg were up 25c., some companies asking $2.50.
This offset to some extent the depression in stocks. AnJuly-September, 33'd.; Oct.
-Dec., 33d.; Jan.
-March,
3 7-16d. Singapore closed quiet at % to 3-16d. decline; thracite production in three weeks to May 16 totalled
3,691,000 tons compared with 4,217,000 a year ago. The
June, 2341.; July-Sept., 2 13-16d.; Oct.
%
-Dec., 2 15-16d.;
No. 3 amber crepe, 2 9-16d., off Md. London closed quiet, transhudson movement of hard coal in the April 25 week
unchanged to 1-16d. net higher and 1-16d. to %d.above the was 2,693, cars compared with 2,797 for the preceding week
opening. June closed at 3 1-16d.; July, 3 1-16d.; July- and with only 1,562 ears in the similar week of 1930. Current
Sept., 33'd.; Oct.-Deo., 3 5-16d.; Jan.
-March, 338d. On gains in soft coal output are well distributed East and West,
/
the 27th inst. prices declined, owing to the lower stock North and South, even southern West Virginia recording a
market which offset the steadiness of London and Paris gain for the May 9 week of 27,000 tons. The transhudson
reports that the Franco-Belgian producers will cut produc- movement in the April 25 week totalled 2,036 cars a decrease
tion again, something which might otherwise have had a of 147 cars for one week and a gain of 223 cars over 1930.
Trade here in the East has been slow. Bituminous procertain effect.
On the 28th London cabled that the market was firm on duction last week was 6,650,000 tons, according to the
a reported increase in estimated American consumption during National Coal Association's forecast. In May 16 week,
May to 36,000 to 38,000 tons, against the April consump- it was 6,783,000 tons and in the week before that 6,715,000
tion of 33,000 tons. London closed quiet, and unchanged short tons. There has been a decline of Indiana screenings
to
to 12-16d. higher net; June, 3 1-16d.; July, 33/8d.; July- at 75e. Chicago quoted western Kentucky lump and egg
$1.10 to $1.25.
Sept., 3 3-16d. Singapore closed steady, and unchanged to
1-16d. up; June, 23 d.; July-Sept., 2 13-164.; Oct.
TOBACCO show no striking changes here on a routine
4
-Dec.,
3d.; No. 3 Amber Crepe, 2 11-16d., up %d. On the 28th amount of business. Havana cables to the U. S. Tobacco
inst. prices were unchanged to 10 points higher. The cables Journal state that leaf exports from Cuba for first three
were slightly higher. May consumption is put at 37,000 to months of year show a considerable drop. There is a de38,000 tons. No. 1 standard contract closed with July, cline of $2,497,583 from sale period during 1930. The
6.48 to 6.55e.; Sept., 6.62 to 6.70c.; Dec., 6.83 to 6.85c.; total 17,879,035 lbs. exported, against 18,219,649 last year.
March, 7.05 to 7.08c.; sales 280 tons. New "A" July,6.460.; The Partagas factory has renewed trade with French Regie.
Sept., 6.60c. Old "A" July, 6.40 to 6.50c.; August, 6.50e.; Mayfield, Ky., to the Journal: Markets in the Western
Sept., 6.60e.; Dec., 6.80 to 6.90e.; sales 82 tons. Outside fired dark district closed for the season last Friday. There
prices; spot, May and'June 634c.; July-Sept., 6% to 670.; remains in the hands of the farmers tributary to this market,
/
Spot, first latex thick, 65 to 63ie.; thin pale latex, 73/i according to the most conservative estimates, from 750,000
%
% to 6%c. To-day to 1,250,000 lbs., a part of which will be sold privately,
7
to 7%o.; clean thin brown No. 2, 5
London opened quiet and unchanged and at 2:40 p. in. was and a part will be carried over until next season. Sales
quiet at 1-16d. advance; June, 3%d.; July, 3 3-164.; July- for the past week were as follows: At Mayfield: 512,560 lbs.,
Sept., 33d.; Oct.
-Dec., 33 d. Singapore closed quiet at at an average of $4.06, or 220. lower than at the preceding
%
1-164. to %d. advance; June, 21:1.; July-Sept., 2 15-16d.; week. At Paducah: 126,945 lbs., average of $4.09, or $1.25
4
-Dec., 3 1-164.; No. 3 Amber Crepe Spot
Oct.
lower than the week before. At Murray: 206,600 lbs.,
2 d., up 1-16d. Unofficial estimate of Rubberquoted at averaging $3.46, a drop of 23c. At Hopkinsville: 416,610
%
8
stocks in
Great Britain point to a decrease for the week ending May lbs. dark, average of $5.69, or lc. lower. At Clarksville:
30 of 600 tons in London and 300 tons in Liverpool. To- 946,235 lbs., an average of $7.49, or 3e. lower. At Springday Colombo advices to the Rubber Exchange state
field:416,820lbs., average of $11.26,or 35c. higher. Oxford,
export duty on rubber from Ceylon has been reduced the N. C., Monday: Seasonable rains have fallen for several
by
13 Ceylon cents per pound. Shipments which have been days during the past week, quite a bit of tobacco being set
.
held in anticipation of a reduction were only moderate. out in this section. The weather is.warming up, and conTo-day London closed dull, net 1-16d. higher; June, 3%d.; siderable planting will be done beginning to-day. Plants
July, 3 3-16d.; July-Sept., 35j43.; Oct.
-Dee., 33
/ed.; Jan. are plentiful, are showing good growth and with the conMarch, 33-d. To-day No. 1 standard contract closed un- tinued favorable weather, the bulk of the crop will be set
changed to 3 points higher with sales of 49 lots; New "A" by the end of the week. Some reports from the Carolina
unchanged to 3 higher; Old "A" unchanged. Final prices indicate that "downy mildew or tobacco blue mold," has
show a decline for the week on No. 1 standard of 35 to 42 done much damage to plant beds there. Hailstorms, it is
points.
also reported, have destroyed thousands of plants in eastern
North Carolina.
HIDES.
-On the 23rd inst. prices were 5 to 11 points
COPPER has dropped to 8%e. in the domestic market
lower with sales of 880,000 lbs. In Chicago 3,000 extreme
light native steers, May take-off sold at 8%e. River Plate the lowest price on record. Export sales on the 28th inst.
continued fairly active. Both the Continent and United were 535 tons and the day before 4,500 tons. The weakness
States bought. Last Saturday sales were reported of 13,000 in the market has tended to cheek business. The American
May frigorifico steers at 103 to 10%e. and 1,000 May Brass Co. announced a reduction of X°. in all copper brass
%
frigorifico cows at 10 5-16e. Futures closed on the 23rd and bronze finished product. Of course in such times as
inst. with Sept., 10.30 to 10.350.• Dec., 11.70e.; March, these lower prices are predicted. With the domestic quota12.80 to 12.85e. On the 25th inst. prices declined 10 to tion 8%o. the foreign has been of late 9.02e. In London on
20 points with sales of 1,000,000 lbs. The trade bought. the 28th inst. standard declined 7s. 6d. to £36 16s. 3d. for
The statistical position was better. In three weeks here and spot and £37 10s. for futures; sales 50 tons spot and 1,250
in Chicago 600,000 hides were sold. On the 25th inst. futures. The bid price of electrolytic is down £1 at £39
12,000 May frigorifico steers sold at 10% to 10 11-16c. 10s.; the asking price is off to £41 which is a decline of 108.;
On the Pacific Coast some 35,000 April hides were also sold. at the second session standard copper declined 5s with
The supply of city packer hides is well cleaned up after sales sales of 75 tons spot and 200 futures. New low prices were
at 8%c. for native steers and 7%c. for Colorados. Country made at the Exchange when 100 tons of June sold at 7.25e.
hides were in rather more demand and a shade firmer. Sales Members of the National Metal Exchange which is now
reported in the Argentine during the past week included organized for trading in tin and copper futures voted on
19,900 frigorifico steers at 10% to 10%c. Common dry May 25th unanimously in favor of amendments to By-Laws
Ormocos, 113c.; Maracaibo, 86c., 10c. Puerto Cabello, to provide for trading in silver futures. Actual trading in
10e.; Packer, native and butt brands, 83o.; Colorados, silver futures will commence on the floor of the Exchange
27 William St., N. Y. City on June 15 1931. The establish73o.; Chicago light native cows, 8c. On the 27th
prices advanced 19 to 20 points with sales of 3,280,000inst. ment of this Exchange in New York City will create the first
lbs. and only market in the world trading in silver futures.
July closed at 9.50e.• Sept. at 10.21 to 10.256.; Dec
11.75c ;
March at 12.90c. '
Chicago packer hides were % to Mo To-day futures on the exchange here closed unchanged to
.
.
higher. The sale of light native cows included 6 950 May 10 points lower with sales of 50 tons. June, 7.15c.; July,
7.20 to 7.30c.; Dec., 7.45 to 7.55o.; Jan., 7.50 to 7.60c.
takeoff at 9c. and 4,000 June takeoff at 93c., and
of %c. New York City calfskins 5-7s, 1.05 toadvance
TIN has sold down to 224c. the lowest price in the
1.150.;
7.9s, 1.55 to 1.656.; 9-12s, 2.45 to 2.550. On the 28th
inst. present century, with trading dull and liquidation the order
prices declined 5 to 6 points with sales of 680,000 lbs.
of the day. Spot Straits sold on a small scale at 22%e.
Plate frigorifico were very quiet. Chicago trading was River: Tin is at the lowest price since 1899 when it was 1918c.
/
small•
but 1,800 June light native cows were sold there at 9%c.
an London early on the 28th inst. declined £1 2s. 6d.; at the
advance of %c.; also 1,000 April
-May heavy native
second session standard fell 5s. more. The sales for the
at 83 to 9c. Futures on the 28th inst. closed with steers day were 750 tons. Trading at the National Metal Exchange
%
Sept.,
10.15 to 10.20c.; Dec., 11.70c.; March, 12.85c. To
-day was small where there was any and the close was 25 to 30
prices closed 5 points lower with sales of 17 lots. September points lower for the day. June, 22.45o.; July, 22.556.;
ended at 10.10 to 10.150.; July,9.40c.; Dec., 11.65 to
Sept., 22.75e. Standard in London closed at £101 7s. 64.
March, 12.80 to 12.90c. Final prices show a decline11.70c.; for spot and £102 17s. 6d. for futures; sales 100 spot and
for the
week of 30 points on September.
550 futures; Spot Straits closed at .£103 5s.; Eastern c.i.f.
London
at £105
OCEAN FREIGHTS.
-Trade was very quiet for a time. futures closed exchange10s. on sales of 225 tons. To-day
here closed 10 to 15 points higher
on the
[VoL. 132.
FINANCIAL CHRONICLE
4090
The following table shows the week's total receipts, the
with sales of 160 tons. June ended at 22.50 to 22.600.;
total since Aug. 1 1930 and the stocks to-night, compared
July, 22.706.; Sept., 23c.; and Dec., 23.20e.
LEAD has been very quiet at 3.75c. for New York and with last year:
3.60e. East St. Louis. In London on the 28th inst. prices
Stock.
1929-1930.
1930-1931.
fell 6s. 3d. to £11;futures off 7s. 6d. to £11 5s.; sales 50 tons
Receipts to
Since Aug
prices
This Since Aug This
May 29.
spot and 100 futures. At the second London session
1930.
1931.
Week. 1 1930. Week. 1 1929.
fell 5s. more with sales of 100 tons futures.
2,740 1.391,310 5.773 1.734,534 512,656 228,448
St. Louis for Galveston
4,405
20,218
379 137,581
ZINC has been very quiet at 3.25c. East
401 111,548
Texas City
2,395 2,823,932 4,856 2.600,504 922.716 659.006
shipment through July. Lower prices as usual have tended Houston_
7,258
33,863
22 387,177
29 573,417
zinc ore operators Corpus ()haat
15.119
to cheek trade rather than stimulate it. Yet
25,064
664.934 429.558
per ton regardless Beaumont
New Orleans
5,833 1,403,162 11.798 1,632,164
in the tri-State district continue to ask $20
on the
15,338
of the break in prime Western slab zinc. In London 3s. 9d. Gulfport
2,rm 590,901 1,471 402,020 254,407
Mobile
off
32,405
35
63.382
Pensacola
28th spot dropped 2s. 6d. to £10 6s. 3d.; futures
867
1.348
493384
le
Jacksonvil
62,253
to £10 10s. with sales of 575 tons futures.
,
2,918 706.759 47156 482.166 357,521
Savannah
7,094
49.050
off some 3%. It is Brunswick
39,260
-The output has fallen
STEEL.
75 291,288 2,096 215,843 151,211
weeks Charleston
11.808
242
59,969
60
now about 41 to 44% and shows a reduction in two Prices Lake Charles
13.068
11,720
91.918
79
63,640
239
Wilmington
has not increased.
of some 6%. Trade as a whole
54.868
70.944
236 158.365
583 154,279
tested. Norfolk
here and there have declined, where they werebusiness Newport News-53,264 226,558 210,405
1.175 4.541
New York
The sales of pipe and bars are the largest. Some
7,034
3,786
2.084
---6.187
993
Boston
1,534
1,083
32,704
---is being done with builders and automobile concerns, but Baltimore
24.195
470
5,216
5,213
753
---is said that in the West Philadelphia
12
there is no real life and snap. It
in the East. Chicago
steel prices are better sustained than
18.911 8.339.763 36.228 7.997.887 3.238.178 1.738,518
Totals
adviees say that bars, shapes and plates have been fairly
East competition has been
In order that comparison may be made with other years,
steady in the West, while in the
unusually keen, and therefore cutting has occurred, though we give below the totals at leading ports for six seasons:
much of it is declared unnecessary. If anybody wants
supplies, he wants them badly enough presumably to pay Receipts at- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
15,495
old quotations.
9.167
15,821
9.486
5,773
2,740
Galveston____
32,054
7,456
7.491
4,054
4,856
2,395
PIG IRON has remained quiet. A sign of the times is Houston
19,097
19.358
17,181
7,826
11,798
5,833
New Orleans..
1,721
5.672
2,245
1.109
that competition for business is very keen in New England, Mobile
1,471
2,175
13,583
15.226
5,902
1,730
4.700
are lowered from time to time Savannah._.,_
2,918
and it is intimated that prices
3,121
3.361
1.616
3,330
to effect sales. Basic iron is said to be $1 lower in the Valley Brunswick. -2,096
75
Charleston439
2,995
442
254
79
239
Wilmington- District, which would make the quotation $16.
2.894
2,418
2,210
674
236
583
Norfolk
265
in moderate demand for half blood. NewportNews
WOOL has been
1.403
2.611
1,010
1,966
5.219
1.953
Sales of woolen grades were slow. In the West there is a All others..__Consignments have been made in Wyo- Total this wk_ '18,911 36,228 30.429 54,183 68,261 89.807
steady demand.
11c.
ming on the basis of advances by dealers from 7M to wool Since Aug.I__ R 220 70:1 7 007 RR7 R.R77.942 8.076.966 12361 118 9,222,753
the
About 60,000,000 lbs. of wool have been taken byhas been
a total
trade to date. Nearly half the domestic clip ent. In
The exports for the week ending this evening reach Britain
moved from first hands either on sale or consignm
18,766 were to Great
13 to 150., according to the wool, of 83,313 bales, of which Germany, 1,561 to Italy, nil to
the bright wool States
to 1,732 to France, 19,960 to
is being paid in the best sections for medium clips and 15
China and 4,484 to other
is the usual order in Ohio and Pennsyl- Russia, 36,810 to Japan and nding week last year total
17c. for fine clips
g upon the wool. Ohio & Penn. fine destinations. In the correspo season to date aggreagate
vania dependin
blood 21c.; Wi exports were 19,263 bales. For the
delaine 24 to 26c.; A blood 24 to 25e.;
against 6,282,784 bales
y clean basis, fine staple 61 to 63e.; exports have been 6,178,607 bales, season. Below are the
blood 200.; Territor
combing 53 to 58c.; fine medium, in the same period of the previous
fine medium, French
3
clothing 50 to 53c.; M blood staple 55 to 57c.• 4 blood 45 to exports for the week.
'
blood 40 to 43e.; Texas, clean basis fine 12 months
48c.•
Exported to
pulled,
58 to 60c.; fine 8 months 55 to 570.; fall 50 to 53e.;to 45c.;
Week Ended
Japan&
GerGreat
May 29 1931.
58 to 630.- B 45 to 480.; C 4()
Other. Total.
scoured basis A super
many. Italy. Russia
- Britain.
Texas 25 to 26e. Australian clean Exports from
domestic mohair original
477 14,260
7,872
5,461
450
64-70s combing super 47 to 48c.; 64-70s clothing 42 to 44e. Galveston
5.247 1.384 23,862
4,501
11,058
61 2,358
1,358
on May 28 from Boston said: "Graded Houston
941
A government report
100
moving in Texas City
100
strictly combing 58-60s, territory wools areprices in the Corpus Christi-- 5,909
14:55 2:iii 26,229
1,161
1,679
New Orleans---200
Bulk of the sales are at
200
moderate quantities.
Savannah
41 2,422
2.381
5.337
range of 55 to 58c., scoured basis. Some houses are refusing Charleston
4,100
1,237
147
100
bids on the low side of this range. Occasional sales are being Norfolk
47
8,338
to 50c., New York
7,378
850
112
closed on strictly combing 56s territory wools at 45territory Los Angeles- -60
Lake Charles-- scoured basis. The market is quiet on 48-50s,
36,810 4,484 83,313
1,561
wools."
18,768 1.732 19,960
Total
450 -- 7,200 1.446 19,283
The fourth series of London Colonial wool auctions will Total 1930
5,188 1,336 3,643
16,460 12,660 5,882 68,303
on
and
11,271 4,745 9,614 7,731
open on July 7th, the fifth on Sept. 15th Yorkthe sixthEx- Total 1929
Cotton
Wool top prices at the New
Nov. 24th.
Exported to
change closed to-day 40 points lower to 10 points higher than Aug From to
1 1930
Japan&
GerSept., 71.10; Oct., 71.20; Nov., 71.30; May 29 1931. Great
yesterday as follows:
many. 1 Italy. I Russia. China. Other. Total.
Dec., 71.40; Jan., 71.40; Feb., 71.50; March, 71.60; April, Exportsfrom- Britain.1Franee.!
____ 264,511 221,978 1,105.010
145,532167.345 209,6511 95,9931 3,435 460,518276,172 2,016,781
71.60.
200,345 441,885; 482,489,171,9571
1
6,81
6.107 411
5
5
: 8 1 1 214 1 42
:8
chriti 65 187164 89 106:159 25;068 : :.
15 48 10 42
City
SILK to-day ended unchanged to 1 point lower with sales
ub:
.
:
: 121 317
p
bales. July ended at 2.20 to 2.22c.; Sept. 2.20 to TexasMCo b
of 70
9.892.
4,6311 6,084
Beaumont. _ _
944,563
2.22e.; Dec. 2.20 to 2.21c. Final prices show an advance New Orleans.. 199,823 95,272 169,594 101,998' 25:iii255,951 98,081 230,309
---- 14,015 3,892
111,793 7,4401 91,125i 2,244
Mobile
202 63,513
5,287
week of 1 to 2 points.
for the
.
---1 43,
6511 1 272
13,2211
.
Pensacola_
HoustonOalvestoa--.
COTTON
29 1931.
CROP, as indicated by
THE MOVEMENT OF THE
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
18,911 bales, against 20,516 bales last week and 27,481
since
bales the previous week, making the total receipts for
Aug. 1 1930, 8,339,763 bales, against 7,997,887 bales
since Aug.
the same period of 1929-30,showing an increase
of 341,876 bales.
1 1930
Friday Night, May
. Receipts atGalveston
Texas City
Houston
Corpus Christi_ _
New Orleans_ Mobile
Savannah
Charleston
Lake
Wilmington
Norfolk
Boston
Baltimore
Totals this week_
Sat.
126
523
__71
380
206
14
Mon.
Tues.
Wed.
779
1,307
243
18
-„=
727
3
970
----
i
-, i
-5ii
==,
2.331
321
827
36
1
273
49
89
25
2,746
5,515
1.079
134,177,
Savannah
7,793;
Brunswick.,.
Noarllkton
Chrfoes
sums
7,845.
Wilmington,48,060
BostonGulf port
50;
New York _ _ _
2,640
3,274
Baltimore._
Philadelphia
Los Angeles_ _
14.898
San Diego_
San Francisco
7,1691
Seattle
1
Te al
LakotCharles_
2.450
34,709
2:028 227,040 10,907
____I 41,257 -----------313, 117.818 -----------563
__-1 13,776 24600, --__ : 5
6911 ---- 1,360
2:649 38,862
-----1
-_-_____ 2 ii
1,76
2,76
6,002
245
-59
300
------. -2051
3,595
..--
13,067
24,37
3.68
26.451
56/
5:OH)
1,529
-WS!
14,2271
400,
--:- 45,644, 1,6771
283;
13,000
2.388
,
----
"iiii ::::191,iii
9,80ii;
9,868 418,527
----- -49,050
92,561
1,34-:
50,285
3,501
1,291
90 9 0
22,45013
9
5,943
205
85
249,042
400
58,225
13,283
60,069
29,2791423409 709.2756,178.607
,
6,282,782
1,685,261 637,8491 78,0401170215687,112 7,438,061
Total 1929-301,234,736803,569
232,5181402095744,889
Total. Total 1928-29 1,804,164 774,12111,842.368637,910
Thurs. Fri.
practice to Include In the above
4 2,740
NOTE.
281
-Exports to Canada -It has never been our
being that virtually all the
_
401
401 table reports of cotton shipments to Canada, the reasonIs impossible to give returns
overland and it
900 2,395 cotton destined to the Dominion comes
i5o
from the customs districts on
29 concerning the same from week to week, while reports to hand. In view, however.
18
10
218 2.213 5,833 the Canadian border are always very slow in coming matter, we will say that for
this
252 2,175 of the numerous inquiries we are receiving regarding present season have been 18.224
1,170
102 2,918 the month of April the exports to the Dominion the season the exports were 18.399
724
the preceding
--------75 bales. In the corresponding month of
173,157 bales exported,
60 bales. For the nine months ended April 30 1931 there were 1930.
60
April 30
239 as against 165,781 bales for the nine months ended
47
69
4
86
5
6
.
0
93
73
71
88
107
151
100
---110
78
---705
--------------------470
2,236
53115
58
2,675
583
993
470
4,660 18.911
1,045,808 922,065 1,600,298448,478
In addition to above exports, our telegrams to-night also
d,
give us the following amounts of cotton on shipboar not
cleared, at the ports named:
MAY 30 1931.]
FINANCIAL CHRONICLE
Staple
Premiums
60% of average of
iris markets quoting
for deliveries on
June 5 1931.
On Shipboard Not Cleared for
May 29 at-
Great
GerOther CoastBritain. France. many. Foreign wise.
Leaving
Stock.
Total.
Galveston
1,700 2,000 2,500 8,300 1,500 16,000 496,656
New Or1eans
1,892
880 4,916 5,254 1,200 14,142 650,792
Savannah
755
---- 1,500
400
300 2,955 354,566
Charleston_
---24
---24 151,187
--------------5.196
Mobile
2,196
---- 7,365 247,042
Norfolk70,944
Other ports *
2
,865 1,500 4,000 26,000 1,000 35,000 1.191,505
Total 1931_ _
9,043 4,380 12,916 45,123
Total 1930 8,297 6.701 10,976 45,649
Total 1929.... 13,237 10,944 12,563 49,440
•Estimated.
4,024 75,486 3,162,692
1,125 72,748 1,665,770
6,122 92,306 995.483
15-16
inch.
1-inch &
longer.
4091
Differences between grades established
for delivery on contract June 5 1931.
Figured from the May 28 1931 average
quotations of the ten markets designated
by the Secretary of Agriculture.
Middling Fair
White
88 on
Strict Good Middling_
do
70
Good Middling
do
.52
Strict Middling
do
31
Middling
do
Basis
Strict Low Middling_
do
.50 off
Low Middling
do
1 03
*Strict Good Ordinary-- do
1.76
*Good Ordinary
do
2.38
Good Middling
Extra White
.52 on
Strict Middling
do do
.31
do do
Mitld'ing
Even
Strict Low Middling-- do do
.50 off
Low Middling
do do
1.03
.25
Good Middling
.54
Spotted
24 on
.25
Strict Middling
.54
do
Even
.44
do
.23
Middling
.50 off
*Strict Low Middling- do
1.03
do
*Low Middling
1.76
.23
Strict Good Middling---Yellow Tinged
.42
Even
23
Good Middling
.42
do do
.49
23
Strict Middling
do do
.42
.72
*Middling
do do
1.22
*Strict Low Middling.-- do do
1.77
do do
*Low Middling
2.42
.22
Light Yellow Stalned_l 03 off
Good Middling
.42
do do
*Strict Middling
do
1.50
*Middling
do do
do
1.95
.22
Yellow Stained
Good Middling
.42
1.28 off
do do
*Strict Middling
1.78
do do
*Middling
2.43
23
Good Middling
.48
Gray
.65 off
.23
do
Strict Middling
.42
.90
do
*Middling
1.15
Blue Stained
*Good Middling
1.28 off
do do
*Strict Middling
1.73
do do
*Middling
2.38
*Not deliverable on future contracts.
.25
.25
.25
.25
.25
.23
.22
.54
.64
54
.54
.54
.44
.42
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Speculation in cotton for future delivery has been on a
very moderate scale at declining prices, largely in sympathy
with a fall in the stock market and also in part because
of better weather and belated liquidation. Some good-sized
blocks have been sold out, supposedly for Liverpool and
East India, as well as the West. Wall Street and some other
interests have covered freely. The nights are too cold and
the crop seems a bit backward. The feature of late has
been greater independence of the stock market, in which
some other commodities have shared. After all, the weather
and crop news will have most to do in the end with making
cotton prices. On the 23rd inst. prices declined 25 points,
with home and foreign selling, as the weather was better
and stocks declined. Conditions in the belt were fair and
warmer. The price fell below 9c. It was 8.95c. for July.
The nights in the belt are still too cold, but not so cold as
they had been. And day temperatures were higher. The
forecast pointed to still warmer weather. On the 25th inst.
prices declined 26 to 28 points to new lows, on heavy liquidation, with stocks lower, the weather clear, and everybody
FUTURES.
-The highest, lowest and closing prices at
bearish. On the 26th inst. prices declined 13 to 15 points, New
York for the past Week have been as follows:
with a partial recovery later.
On the 27th inst. prices advanced early, but fell 30 points
Saturday, Monday, Tuesday, Wednesday, Thursday,
Friday,
May 27.
May 23.
May 26.
May 28.
May 25.
May 29.
or more from the early high, which marked an advance for
the time being of 15 to 18 points. The weekly report was May
Range-considered bullish. Foreign interests bought. But the net
Closing
change for the day was a decline of 3 to 8 points. Stocks June
Range
declined. Liquidation was under way. Two more Alsatian
Closing. 8.87- 8.61-8.50- 8.47- 8.47- 8.59mills wish to effect a settlement with creditors. A Vienna July
Range.. 8.96- 9.17 8.73- 8.89 8.60- 8.81 8.48- 8.79 8.45- 8.61 8.58- 8.76
banking house was said to be in trouble, with liabilities of
Closing. 8.99- 9.01 8.73- 9.75 8.62- 8.59- 8.59- 8.61 8.71- 8.73
some $4,500,000 to $5,000,000. On the 28th inst. prices closed Aug.
Range
practically unchanged after volatile fluctuations. The
tone
Closing. 9.11- 8.85 --- 8.74- 8.70- 8.70- 8.82was better, with stocks and grain higher, and with some .Sept.
Range
otter commodities up, such as silk, rubber, coffee
and
Closing. 9.23- 8.95- 8.86- 8.80- 9.80- 9.93sugar. Pre-holiday covering counted. Wall Street covered Oct.
Range.. 9.33- 9.53 9.08- 9.25 8.95- 9.16 8.83- 9.15 8.79- 8.93 8.93- 9.10
heavily, supposedly about 25,000 bales. The weather, it is
Closing. 9.35- 9.08 --- 8.99- 9.00 8.91- 8.92 8.91- 8.92 9.04 -true, was clear and warmer. Early prices were lower. Liv- Nor.Range
erpool was lower than due. And Bremen and Alexandria
Closing. 9.45- 9.19- 9.08- 9.02- 9.02- 9.15were weak. The sentiment here was generally bearish for Dec
Range-- 9.54- 973 9.28- 9.44 9.15- 9.36 9.03- 9.35 9.00- 9.14 9.14- 9.34
ultimate results, owing to dullness of trade, largeness
Closing_ 9.55- 9.57 9.30- 9.18 -- 9.13- 9.13- 9.14 9.26- 9.27
of supplies, uncertainties of the stock market, and Jan.
Range.. 9.68- 9.85 9.41- 9.55 9.28- 9.46 9.15- 9.48 9.13- 9.25 9.28- 9.45
the fact that hardly anybody believes that the acreage
Closing. 9.68- 9,42- 9.30- 9.32 9.25- 9.26 9.24- 9.38will be reduced sufficiently. Some estimates are 8 to 11.9%. Feb.
Range
The daily temperatures have risen sharply and to-day 104
.
Closing- 9.77- 9,31- 9.39- 9 35 ____ 9.34- 9.48 degrees were reported to Texas. Northwest has been dull March
Range.. 9.87-10.03 9.60- 9.75 9.46- 9.68 9.35- 9.67 9.33- 9.46 9.46- 9.61
and lower at 4%c. for 38%-inch 64x60 print cloth.
Closing_ 9.87- 9.88 9.60- 9.61 9.49- 9.50 9.46- 9.45- 9.46 9.59To-day prices advanced 20 points on home and foreign Aprft.
Range
covering on the eve of two holidays and fears of unsettled
Closing.
weather over Saturday and Sunday. The market acted
Range of future prices at New York for week ending
sold out, if not oversold. Exports for the week, according
May 29 1931 and since trading began on each option:
to one reckoning, were larger than in the same week
last
year, and the deficit for the season was stated in one case Option for
Range Since Beginning of Option.
Range for Week.
as less than 100,000 bales. But spinners' takings
were May
8.92 May 19 1931 15.00 June 2 1930
smaller than expected. Spot cotton was 10 points higher. June 193110.10 Apr. 28 1931 10.76 Jan. 23 1931
3
9
3
Bremen cabled that textiles showed some improvement. Aug.July 1931-- 8.45 May 28 9.17 May 23 8.45 May 28 1931 13.82 Aug. 7 1930
9.77 May 2 1931 12.15 Oct. 28 1930
Final prices are 50 to 55 points lower for the week.
9.59 May 22 1931 12.57 Oct. 28 1930
Spot Seov1 1931.Oct.: 93
N9
1
9. 9 Ma 21 193 2 3 Nov 13 9 0
75
3
1
1
cotton ended at 8.75c. for middling, a decline for the
.5
.
8.79 May 28 9.53 May 23 9.7 51ay 28 1931 19 71 NIay 21 19 1
.
3
3
week
of 50 points.
Dee. 1931-- 9.00 May 28 9.73---- 23 9.00 Mar. 28 1931 12.32 Feb. 25 1931
'
1932
932
2 9.13 May 28 9.85 May 23 9.13 May 28 1931 12.42 Feb. 25 1931
The official quotations for middling upland cotton in
Feb.
New York market each day for the past week has been: the Mar. 1932-- 9.33 May 28 10.03 May 23 9.33 May 28 1931 11.59 Apr. 6 1931
May 23 to May 29Sat. Mon. Tues. Wed. Thurs.
Fri.
THE VISIBLE SUPPLY OF COTTON to-night, as made
Middling upland
9.00
8.75
8.65
8.65
8.65
8.75 up by cable and telegraph, is as follows. Foreign
stocks as
NEW YORK QUOTATIONS FOR 32 YEARS:
well as afloat are this week's returns, and consequently
1931
8.75c. 1923
28.60c. 1915
9.60c. 1907
12.50c. all foreign figures are brought down to Thursday evening.
1930
16.30c. 1922
21.50c. 1914
13.75c. 1906
11.70c. But to make the total the complete figures for to-night
1929
18.70c. 1921
13.15c. 1913
11.80c. 1905
8.70c.
1928
21.054. 1920
40.00c. 1912
11.50c. 1904
13.20c. (Friday) we add the item of exports from the United States,
1927
16.75c. 1919
33.15c. 1911
15.80c. 1903
1926
mitfuy 2ng
cla di9-in it the exports of Friday only.
18.90c. 1918
30.11k. 1910
15.30c. 1902
9.50c.
1925
1924
23.75c. 1917
32.654. 1916
21.85c. 1909
12.90c. 1908
11.40c. 1901
11.41k. 1900
8.25c.
9.12c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day
during the
week at New York are indicated in the following
statement.
For the convenience of the reader, we also add
columns
which show at a glance how the market for spot and
futures
closed on same days.
Spot Market
Closed.
Futures.
Market
Closed.
Saturday_ -- ulet, 25 pts. dec- _ Barely steady_ _
.
Monday --- ulet 25 pts. decBarely steady_ _
Tuesday --- Wet,10 pts. dec... _ Barely steady_ _
Wednesday- Wet, unchanged_ _ Steady
Thursday __ uiet, unchanged_ _ Very steady - - _
Friday
teadY. 10 Ins. adv. Steady
Total week_
Since Aug. 1
SALES.
Spot.
200
118
100
624
Contr'i
1.866
-866
2,200
Total.
200
1,618
600
2,824
1,042 4,200 5,242
42,530 546,000 588,530
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1931.
bales 855,000
204,000
1,059,000
468,000
365,000
8,000
119,000
61,000
1930.
757.000
1929.
926,000
127.000
1928.
804.000
109.000
90,000
884.000 1.035.000
894.000
412,000
248.000
13.000
96.000
46.000
458.000
242,000
11,000
118,000
18,000
388,000
212,000
10,000
67,000
41,000
Total Continental stocks
1.021,000 815,000 718.000 847.000
Total European stocks
2,080,000 1,699,000 1,753,000 1.741,000
India cotton afloat for Europe._- 127,000 148.000 142,000 135,000
American cotton afloat for Europe 120.000
75.000 201.000 338.000
ERYpt,Braz11,,kc.,afloattorEurope 85,000
86.000 115.000 102,000
Stock in Alexandria. Egypt
642,000 524.000 349,000 336.000
Stock in Bombay. India
976,000 1.286.000 1,202,000 1.205.000
Stock in U. S. ports
3,238,178 1,738,518 1,087,789 1,213.876
Stock in U. S. interior towns
1.037,599 778.788 418.598 558.886
11. S. exports to-day
40,481
Total visible supply
8,346,258 6.335.306 5.268,387 5.629,762
follows:
Of the above, totals of American and other descriptions are as 1928
1929
1930
1931
American426,000 313.000 583,000 576.000
Liverpool stock
60.000
72,000
60,000
88,000
Manchester stock
911,000 723,000 638,000 786.000
Continental stock
75,000 201.000 338.000
120,000
afloat for Europe
American
3,238,178 1.7.38,518 1,087,789 1,213,876
U. S. port stocks
1,037,599 778,788 418.598 558,886
U. S. interior stocks
40.481
U. S. exports to-day
5.861,258 3,688.306 3,000,387 3.532,762
Total American
East Indian, Brazil, ac.
429,000 444,000 343,000 228,000
Liverpool stock
London stock
30,000
37.000
67.000
116,000
Manchester stock
61,000
80.000
92,000
110,000
Continental stock
127,000 148,000 142,000 135,000
Indian afloat for Europe
86.000 115,000 102,000
85,000
Egypt, Brazil, &c., afloat
642,000 524.000 349.000 336,000
Stock in Alexandria, Egypt
976.000 1,286,000 1,202.000 1,205.000
Stock in Bombay, India
2,097,000
2 485,000 2,647,000 2.268,000 3,532,762
Total East India, Stc
5,861,258 3.688.306 3.000,387
Total American
8,346.258 6,335.306 5,268 387 5.629.762
Total visible supply
8.588. 10.0d. 11.47d.
4.80d.
Middling uplands, Liverpool
21.05c.
18.50c.
16.30c.
8.75c.
New York_
Middling uplands.
14.60d. 18.458. 23.108.
9.00d.
Egypt, good Sakel, Liverpool_ __ _
14.508. 14.00d.
Peurvian, rough good, Liverpool_
8.558. 10.058.
6.30(1.
3.91d.
Broach,fine, Liverpool
9.708. 10.958.
7.658.
4.56d.
Tinnevelly, good, Liverpool
-----1930-31
In Sight and Spinners'
Takings.
Receipts at ports to May 29
Net overland to May 29
South'n consumption to May 29
Receipts.
371
3,491
13,162
21,247 1,006,595
Total gross overland
Deduct Shipments
31,569
&c_ _ _ 1,463
Overland to N.Y., Boston,
13,627
335
Between interior towns
7,266 280,090
&c.,from South
Inland.
9,064 325,286
Total to be deducted
12,183
Leaving total net overland*
* Including movement by rail to Canada.
681.309
-1929-
Since
Aug. 1.
306,850
66,661
3,707
32,223
219,112
596,301
24,294 1,224,854
4,541
449
4,361
93,787
17.143
407.028
9,351
517,958
14,943
706,896
movement
The foregoing shows the week's net overland bales for
this year has been 12,183 bales, against 14,943 date the
the week last year, and that for the season to year ago
aggregate net overland exhibits a decrease from a
of 25,587 bales.
14.383,351
1,117,952
Bales.
15.118,344
13,612,117
15.799.862
Since Aug. 1Bales.
131,903 1928-29
119,524 1927-28
132,058 1926-27
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Shirt Stocks
meats. May
Week. 30.
Week.
5.468
192
___
1.602-497
17,571
7,541
161.593
10,596
531,052
5,245
Movement into sight in previous years:
311
-1930-31Since
Week. Aug. 1.
239,768
3,278
55,009
945
979,687
Week1929
-June 2
1928-June 3
1927
-June 4
stocks have
The above totals show that the interior are to-night
and
decreased during the week 23,147 bales last year. The
258,811 bales more than at the same time more than the
receipts at all towns have been 351 bales
same week last year.
WEEK AND
OVERLAND MOVEMENT FOR THE nt showing the
-We give below a stateme
SINCE AUG. 1.
Aug. 1, as made
overland movement for the week and since The results for
up from telegraphic reports Friday night.
as follows:
the week and since Aug. 1 in the last two years are
30-May 29ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
584,690
• Decrease.
442 8,150
181 111,156,
444 33,968
101,061.
9
1 5,199
19,968
2
94 9,122
28,7151
6
75 20,330
82,865
1111
336 58,151
70,706
9
462 17,084
72,658
968 39,318
228 100,030
4 127,880 1,518 17,333
517, 15,486
78,808I
7
299 0,803
30.860
13
406 3.380
15,739
331
26
65 10,478
81,700
724 11.386
41,769
2
899
341
56,476
117
504
105
32,52g
52 1,686
39,764
30
24 1,526
3 20,41
121 128,274 1,082 11,854
206 102,029 1,250 23,642
107 1,417
51,397
9
113 3.039
27,959
167 188,763 1,265 19,682
796 12,283
87,704
3
3,183
55,900
2
1,770
23,998
73
2,494
8,482
_
--- 3,733
7,404
675 16,271
43,110,
78
25,238
100
45,197
2
4,12g 58,207
2,820170.365 1,395 175,415, 1,83 61,414
2,68
1,381 311,59
89 332,054 3,733 71,342
4
9 1,548
100 25,57
49,630 1,300 6,700
696 9,340
77,101
244
707, 29,142
93,039
13
7
59 14,398
23.358
9,802
300
20,886
-iii 145,855 1,517 44,303
121 107,888 1,907 60,881
965 20,250
297 192,242
44 112,966 1,040 21,087
348 5,281
29,08
11
638' 5,508
25.187
328 232,695 1,059 49,957
138.128 1,384' 32,216
SI
117 4,409
53,141I
36
896 21,453
86,255
4
512
44
3,
.
20 25,6041
__.
194 5,999
12,648
43 5,892
33.1651
651! 8,280
161 35,087
86
3 41,806,759
450
2 32.892
5
,r9
4,238 306,510 5,468 8
3,381 231,851 3,278 6,085
487 8,779
21,813
169
377, 36,090
3.2961 50,022
I
237 750,120 1,971 36,070
532,881 1,462 28,668 2,061 184,153 2.990 37,402
1
141,144 2,1271 47,484
1,71
10,036 1.933,579 21,999230,831
9,47 1,338,108 15,565106,050
325
28,957_- __
.--124
22
27,096
28
651
_11,477
--__
343
____I
24,872
2,715
7
11,191
.
43
112 4,200
19,464
9
534 12,392
3841 115,602
809 7,414
101 145,374
383 1,903
291, 75,592
484
16,
63.558
11
0
779
____ 1,10
--I 32,702
.....1 9,487
54,783
.___
,
-I
12: 2,954
27,800
58 3,259
153' 60,939
54 3,128
34,670
6,731
16
1151 106,246
183i 4,181
61,678
61
52,394 778.788
22,694 8.088,481
Total, 56 towns 23.0454,7%2,372 45,394 10375991
Oklahoma.
•Includes the combined totals of 15 towns in
Ala., Btrm'harn
Eufaula
Montgomery
Selma
Ark.,Blytheville
Forest City_ _
Helena
Hope
Jonesboro_ -.
Little Rock._
Newport___ _
Pine Bluff_
Walnut Ridge
Ga.. Albany...
Athens
Atlanta
Augusta
Columbus__
Macon
Rome
La., Shreveport
Miss., CYksdale
Columbus_
Greenwood_ Aferldian
Natchez
VicksburgYazoo City
Mo., St. Louis_
N.C.,Greensb'o
Oklahoma
15 towns*
S.D., Greenville
Tenn.,Memphie
Texas, Abilene_
Austin
Brenham
Dallas
Paris
Robstown_
San Antonio.
Texarkana
Waco
156.171 13,229,783
568,878
*30,861
125,310
North.spinn's'takings to May 29- 19.413
Movement to May 30 1931.
Week. Season.
-----1929-30----Since
Aug. 1.
Week.
7.997.887
36,228
706,896
14,943
105,000 4,525,000
Came into sight during week.._-109,947
13,476,435
_
Total Insight May 29
bales.
Continental imports for past week have been 86,000 last
from
The above figures for 1931 show a decrease over 1930,
week of 128,880 bales, a gain of 2,010,952 bales
an increase of 3,077,871 bales over 1929, and a gain of 2,716,496 bales over 1928.
-that is,
AT THE INTERIOR TOWNS the movement
ts for
the receipts for the week and since Aug. 1, the shipmen the
for
the week and the stocks to-night, and the same items out in
is set
corresponding period of the previous year,
detail below:
Movement to May 291931.
Ship- Stocks
Receipts.
meats. May
29.
Week. Season. Week.
Since
Aug. 1.
Week.
18.911 8.339,763
681,309
12,183
102,000 3.716.000
133,094 12,737,072
Total marketed
513,970
*23.147
Interior stocks in excess
of South'n mill takings over
Excess
225,393
consumption to May 1
• Estimated.
Towns.
[Vol,. 132.
FINANCIAL CHRONICLE
4092
Week Ended
May 29.
Closing Quotations for Middling Cotton on
Wed'day. Thursd'y. Friday.
Saturday. Monday. Tuesday.
Galveston
New Orleans _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock - -_ Dallas
Fort Worth ___ _
8.95
8.71
8.10
8.41
8.88
9.20
8.50
7.95
8.80
7.90
8.25
8.75
8.52
7.85
8.24
8.56
9.00
8.25
7.75
8.55
7.65
7.95
7.95
8.65
8.34
7.70
8.09
8.44
8.75
8.06
7.60
8.45
7.50
7.80
7.80
8.65
8.39
7.75
8.12
8.50
8.75
8.13
7.60
8.45
7.50
7.85
7.85
8.65
8.34
7.70
8.10
8.44
8.55
8.13
7.70
8.45
7.50
7.85
7.85
8.75
8.45
7.80
8.23
8.56
8.65
8.25
7.80
8.60
7.65
7.95
7.95
-The closing
NEW ORLEANS CONTRACT MARKET.
cotton
quotations for leading contracts in the New Orleans
market for the past week have been as follows:
Saturday,
May 23.
May
June
July
AugustSeptember
October November
December_
Jan.(1932)
February.
March
April
May
Tone
Spot
Options.._
Monday,
May 25.
Tuesday, Wednesday, Thursday,
May 28.
May 27.
May 26.
Friday,
May 29.
8.86- 8.87
8.82 8.70- 8.71
8.96- 8.97 8.77- 8.78 8.63- 8.84 8.58- 8.59 8.598.93 9.01- 9.03
9.32- 9.33 9.11- 9.12 9.00- 9.02 8.91- 8.92 8.929.22 9.12- 9.13 9.12- 9.13 9.22- 9.23
9.53- 9.54 9.33- 9.219.34 bid
9.83 Md. 9.44 Bid. 9.32 Bid. 9.23 Bid. 9.23 Bld.
9.57
9.87 Bid. 9.65 Bid. 9.52- 9.47 Bid. 9.45-
Steady.
Steady.
Quiet.
Steady.
Quiet.
Steady.
Steady.
Steady.
Quiet.
Steady.
bid
Steady
Steady
FAIRCHILD COTTON ACREAGE ESTIMATE.-Fairchild Cotton Service estimate the 1931 cotton acreage at
00
40,983,000 acres, a decrease of 11.1% from the 46,078,0
acres in cultivation on July 1 1930. It is estimated 86%
of the crop has been planted and 69% of the planted area
is up to a stand.
CHARLES B. VOSE ELECTED MEMBER OF NEW
-Charles B. Vose of
YORK COTTON EXCHANGE.
22
Harriss & Vose of New York City was elected on May
to membership in the New York Cotton Exchange.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
telegraph this evening denote that although the early
us by
part of the week nights were too cool the remainder of the
week conditions were favorable and the cotton crop made
good progress. Field work has made good headway.
Tezas.-Tho weather has been favorable for cotton, good
progress has been made with field work.
-Last three days of the week have been most
Mobile, Ala.
favorable to the growth of cotton plants. There have been
numerous reports of boll weevil appearance but plants aro
too small for any harm at present.
-The weather has been favorable and
Memphis, Tenn.
cotton has made good progress.
Galveston, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas. Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio. Tex
Taylor, Tex
Weatherford, Tex
Ardmore, Okla
Altus, Okla
Muskogee, Okla
Oklahoma City, Okla
Brinkley, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Greenwood, Miss
Rain. Rainfall.
dry
1 day 0.10 In.
dry
1 day 0.14 in.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.01 in.
dry
dry
dry
dry
1 day 0.30 in.
dry
1.13 in.
1 day
1 day
0.10 in.
2 days 0.69 in.
1 day 0.11 in.
dry
1 day 0.71 in.
dry
dry
dry
dry
Thernwmetc
high 81 low 69 mean 75
high 92 low 56 mean 74
high 86 low 60 mean 73
high 86 low 70 mean 78
high 82 low 68 mean 75
high 88 low 56 mean 72
high 90 low 46 mean 68
high 84 low 54 mean 69
high 90 low 51 mean 72
high 90 low 48 mean 69
high 90 low 66 mean 78
high 84 low 52 mean 68
high 86 low 56 moan 71
high 88 low 52 mean 70
high 88 low 62 mean 75
high 88 low 58 mean 73
high 86 low 48 mean 67
high 89 low 48 mean 69
high 95 low 47 mean 71
high 90 low 44 mean 67
high 92 low 50 moan 71
high 91 low 43 mean 67
high 90 low 49 mean 70
high 87 low 50 mean 69
high 89 low 50 mean 70
high 90 low 52 mean 71
high 89 low 49 mean 69
high __ low - - mean 74
high 90 low 54 mean 72
high 96 low 48 mean 72
high 96 low 46 mean 71
MAT
30 1931.]
FINANCIAL CHRONICLE
Rain. Rainfall,
dry
dry
1 day 0.36 In.
dry
1 day 0.31 in.
2 days 0.32 in.
2 days 1.06 in.
dry
1 day 0.01 in.
2 days 0.28 in.
1 day 0.05 in.
dry
2 days 0.86 In.
2 days 1.22 in.
1 day 1.30 in.
2 days 1.10 in.
1 day 0.53 In.
2 days 0.60 In.
1 day 0.10 in.
4093
Thermometer
- new land cleared than in several years. Cotton Is
high 92 low 52 mean 72 to a good stand and mostly chopped out. The plant all planted and up
is small, but otherhigh 91 low 54 mean 72
high 93 low 46 mean 70 wise looks good. A good rain is needed.
high 90 low 50 mean 70
Victoria.
-We have had slow rains and cloudy weather greater part
high 90 low 50 mean 70 of the past week. Crop 90% to 95% planted with 80% to 85% up to
high 91 low 52 mean 72 good stands. About
50% chopped, cultivation fair, moisture ample.
high 96 low 53 mean 75
high 90 low 52 mean 71 Plant ranges from just up to six inches high. No complaints yet of insect
high 92 low 42 mean 67 damage. Crop as a whole 15 to 20 days late. About 10% redhction
high 91 low 48 mean 70
high 92 low 48 mean 70 in acreage. Clear weather needed.
high 82 low 53 mean 68
EAST TEXAS.
high 90 low 42 mean 66
Jefferson.
-Weather more favorable past week. Nights too cold.
high 88 low 52 mean 70
high 90 low 43 mean 67 Fair progress made in cultivation. We need 10 days of dry warm weather
high 87 low 43 mean 68
grass. Poor stands, the plant is small and
high 88 low 43 mean 66 to finish planting and killing
high 85 low 38 mean 62 looks sickly.
Palestine.
-Crop 98% planted, 50% up, 40% chopped to an average
high 91 low 57 mean 71
The following statement we have also received by tele- stand. Weather was more favorable during past week with the exception
graph, showing the height of rivers at the points named at of cool night. Beneficial rains fell during first half of week. Farmers
are catching up with their work and cleaning out grassy fields. Plant
8 a. m. of the dates given:
May 29 1931. May 30 1930. looks well considering cool weather it has been subjected to. Crop will
make good progress if weather remains warm. Clear and hot to-day.
Feet.
Feet.
New Orleans
Above zero of gauge_
2.7
10.5
OKLAHOMA.
Memphis
Above zero of gauge_
14.5
19.8
Nashville
Above zero of gauge9.2
9.9
Durant.
-Cotton had not done any good this week. It has been too
Shreveport
Above zero of gauge_
7.1
35.1
cool, and it is getting awfully dry. What we need Is a good, slow warm
Vicksburg
Above zero of gauge18.5
34.9
rain.
Dallas Cotton Exchange Weekly Crop Report.
Frederick.
-Too much rain and very much too cool, nearly all cotton
The Dallas Cotton Exchange each week publishes a very must be replanted. Very small percentage cotton up. Crop 10 days
late and getting
must have some warm dry weather before
elaborate and comprehensive report covering cotton crop we can start. later. We
Hugo.
conditions in the different sections of Texas and also in
-The crop has made poor progress owing to continued low temOklahoma and Arkansas. We reprint this week's report, peratures. Very little chopping. Plants dying stands irregular. Soil
becoming dry. Cultivation fair. 95% planted.
which is of date May 25, in full below:
Mangum.
-Ideal cotton weather past three days. 80% planted sad
coming up to fair stand. Need continued warm weather.
TEXAS.
Marieua.-Weather past week too cold for planted cotton to make
WEST TEXAS.
any headway. Crop in heavy cotton district washed out early part of
Haskel.-Had rain over this county Friday and considerable hall. week. Very little cotton up to good stand and about 65% of that planted
50% of cotton planted, 40% of which will be planted over. Still too cold will have to be replanted. Need dry warm weather for cotton. Plenty
for germination. Fair and warmer.
of labor and fields not too grassy.
Quanah.-Cotton 75% planted, 15% will have to be replanted account
ARKANSAS.
cool weather. Moisture adequate and weather conditions favorable
past two days.
Ashdown.
-Planting about complete,60% up very poor to good stands,
Snyder.
-Acreage reduction 8%. Weather dry and windy with cold small per cent chopped. The plant continues to die and will possibly
nights. Need rain and warm weather. 95% planted, 60% up to fair cause considerable replanting. Too dry and cold for proper germination
stands, to be replanted 20%. Only fair amount of moisture. Sufficient and growth. As a whole conditions are very gloomy.
labor.
Blytheville.
-Crops clean, stands good, 10% chopped, growth retarded
-75% of cotton planted, 10% up to stand, some coming up. by cool weather, rain about as needed. Some complaint of cut worms.
Turkey.
High north winds drying out ground,light shower past week with some
Conway.
-Cotton 85% planted but there's much of it to be replanted
hail. Entirely too cold for cotton. Good underground season, top soil and seed none too plentiful. Temperature 44 degrees last night. Conbeing dried out by high winds. Need warm weather and light rain. ditions grow worse.
Apparently weather is warming up.
Fort Smith.
-95% planted stands irregular. Progress very poor early
part last week account cold weather. Chopping starting this week.
NORTH TEXAS.
Crop averages about 2 weeks late.
Gainesvilie.-Weather still too cold, and plant seems stunted. 90%
Little Rock.
-Past week temperatures below normal retarding growth
planted, 65% up to an irregular stand. Very little replanting, need rain of cotton
already up and germination of seed recently planted. About
and warmer weather.
90% planting and replanting completed, balance should be finished next
Paris.
-On a general average the past week has been favorable though week. Good rains fairly general past week and warm dry weather now
a portion of the time the temperature has been too low, and we have had needed for best
results.
high winds some days. I estimate amount planted 90%, about ground
Magnolia.
-Weather too cool. Plants dying causing poor stands.
80%, to be replanted 35%. The late planting will doubtless soon catch Quite a lot of
third time, outlook poor. Season about ten
up with the early planting, as the young cotton at this date should days late, someplanting
complaint of damage by cut worms.
grow rapidly, while the older plants in many cases have been pretty
Markedtree.-10% acreage reduction. Stands good,chopping progressbadly stunted. Apparently the replanting has been done in most cases ing nicely.
Sufficient rainfall to date, warm weather needed badly.
with seed that were as good as the first planting, which is unusual.
Pine Bluff.
-May has been a cool month. In many places too wet
This is accounted for in money furnished by the Government to buy and cold.
Frost
exposed places forecast for last Saturday. Corn,
better seed. Indications are that the stands will be fair to good;fields well alfalfa, and oats in
are fine. Cotton small and two weeks late, but Indicacultivated generally, but little chopping yet, labor more than plentiful, tions are for more of than we need. We had 1.04 rain the 19th..
it
understand farmers are paying 10c. per hour for chopping.
Tezarkana.-The past week favorable for cultivation and develop-The folRECEIPTS FROM THE PLANTATIONS.
ment. The nights a bit cool but the plant is healthy and vigorous. lowing table indicates the actual movement each week from
Chopping made good progress. Stands are good and fields are clean.
the plantations. The figures do not include overland reWeatherford.
-Cotton about 75% planted, about 25% up. Cotton
coming up spotted, irregular stand account cold windy weather. Plenty ceipts nor Southern consumption; they are simply a statemoisture, need sunshine. Last estimate reduction in acreage 20%. ment of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
Farmers planting more food and feed than ever before.
the outports.
CENTRAL TEXAS.
I
Austin.
--Weather favorable but cotton not growing this week. Maybe
Week] Receipts at Ports. 1 Stocks at Interior Towns. ISecetigsfromPlaslitaloaS.
temperature still too cool.
Brenham.
-Cotton making very slow progress account continued cool
1931. I 1930. 1 1929. 1931. I 1930. I 1929. 1 1931. 1 1930. I 1929.
nights and mornings. Farmers busy chopping and plowing crops.
,
I
a good rain several days ago but more will be needed this week. Had
13._ 106,106 53.506 81.57 ,1,588.762 1,328,0781 966.412 87.552 23.9721 40,069
Crop
two to three weeks later than last year.
20-- 113.043: 65.886, 80.8661.556,99711.306.632 938.027 81.873 46,440 50.481
Cameron.
27-- 119,368 56,748 91.438 1.514.682 1,288.139i 906.387 77.017 37,2551 61.798
-Condition past week not so favorable account cold and wet
Mar.
1
,
weather. Stands fair to poor, hard to get cotton up. Some
replanting
118.6711 60,312 88.94111.461.83611.258.0751 849.195 65.725 18,2481 29,749
to do yet, about 20% chopped.
111__ 93.4771 44,919 108.35011,420.75311.228.668, 814.522 41.083 17.516 71.677
Hillaboro.-Had rain first part of the week which was beneficial to
20-- 68.139 46.415 97.08&1.879.876 781.8871.202.943I 26.762 20.6921 64.230
cotton planted last week but continued rains through the week
27-. 61,736 46.906 78,041 1,349.018/1.163.170, 752.959. 31.378 7.133 49.333
were
mental as it was urgent that farmers get in their crop to clean it. detri- Apr.
A foul
53,101 49,3.51 59.88 1.312.856,1.113.592I 711.349 18.939
Nil 18.274
crop would prove disastrous due to shortage of money to clean
it. Nee'd
Nil
10.. 40,426 47.498' 48.659 1,264.84511,086.544. 879.2051
450, 18.515
open hot weather. Crop 85% planted with 70% up to a stand.
17.- 52,119 46.693 53,351 1,213,99011.024,125j 646.8811 1.284 4.274, 25.027
No chopping done to date.
33.372 50.2391 66.917 1,175,730 980.2791 695.322
Nil 6.393 25.358
MayTaylor.
-Cotton not making much progress. Cool north winds
the
37,729 50,024, 51.241,1,136.591 940.995 564.846. 37,1951 10.740
765
last few days are making the plant look sick. Cotton about
31,266 49,161 40.133,1.112,593, 893,425 512,890 6,7311 1.591
95% planted
Nil
and about 85% up to fair and good stands. Stand very
15-- 27,481 74,760 27,000,1.091,370, 843,575, 481,152 6,258, 24,910
Nil
small
2 weeks late. Chopping and cultivation going forward. and about
809.649, 446.203
Nil 30.716
22-- 20,516, 64.642 31,1291,060,746,
Nil
Fields look
29.. 18,911! 36,228 30,4291,037,599 778.788 418,598
Nil• 5,367. 2.319
clean about 25% to 20% chopped.
Temple.
-Weather this week mostly favorable. Showers early
in week
The above statement shows: (1) That the total receipts
were beneficial. Last few nights have been too cool for
25% of cotton had to be replanted. About 90% cotton cotton. About from the plantations since Aug. 1 1930 are 8,857,662 bales;
planted,
the replanting. Stands are fair, and fields generally clean. including in11929-30 were 8,547,177 bales, and in 1928-29 were 8,973,199
Dry and
warm weather needed now. Crop two to three weeks late.
Acreage de- bales. (2) That although the receipts at the outports the
crease 10%.
past week were 18,911 bales, the actual movement from
Waxahachie.
-We have had 2.8 Inches of rain the past week.
plantations was nil bales, stock at interior towns havwe had a big rain with strong wind. This wind damaged the Thursday
grain con- ing deorAased 23,147 bales during the week. Last year
siderably, but some think grain will straighten up. Most of the
had plowed over their cotton. The cool weather has slowed thefarmers receipts from the plantations for the week were 5,367
growth ' bales and for 1929 they were 2,319 bales.
of the plant but stands are looking good. Chopping will
start as soon I
as the farmers can get in the fields.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
SOUTH TEXAS.
The following brief but comprehensive statement indicates
Gonzales.
-Condition of all crops very much improved
since last at a glance the world's supply of cotton for the week and
week due to showers. Cotton about 20 days later than last year.
since Aug. 1 for the last two seasons from all sources from
Kenedy.-There is a small increase in cotton acreage in the
section this year. On account of cheap labor last winter, there Kenedy which statistics are obtainable; also the takings or amounts
was more gone out of sight for the like period:
Vicksburg, Miss
Mobile, Ala
Decatur, Ala
Montgomery, Ala
Selma. Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, B. 0
Greenwood, 8. 0
Columbia, S. 0
Conway, S.0
Charlotte. N.0
Newbern N.0
Weldon N.C
Memphis, Tenn
1929-1930.
1930-31.
Cotton Takings
Week and Season.
Week.
Visible supply May 22
Visible supply Aug. 1
American in sight to May 29--Bombay receipts to May 28- -°then India Ship ts to May 28-Alexandria receipts to May 27.
Othersupply to May 27 * b_ ---
Season.
Week.
Season.
6,431.504
8,475,138
3,735,957
125,310 14.383,351
55,000 3,2351,000
718,000
15.000
12,000 1.660,200
661,000
7.000
5,302.014
109,947 13,476,435
49,000 3.054.000
556,000
21,000
9,000 1,359,100
557,000
7.000
_ 8,671,085 24.304,549 6,645,814 24.396,508
8,346,258 8,346,258 6,335,306 6,335,306
Total supply
Deduct
Visible supply May 29
324.827 15,958,291 310,508 18,061,202
Total takings to May 29 a
202,827 11,022,191 206,508 12,459,002
Of which American
122.000 4.936,100 104.000 5.602.200
Of which other
West Indies, etc.
Embraces receipts in Europe from Brazil, Smyrna,
cons' mption by
a This total embraces since Aug. 1 the total estimated
-4,525.000 bales in 1920-30
Southern mills. 3,716.000 bales in 1930-31 and
taken by Northern
takings not being available-and the aggregate amounts13,536,202 bales in
bales in 1930-31 and
and foreign spinners. 12.242.291
American.
1929-30, of which 7,306,191 bales and 7,931,002 bales
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1930-31.
1929-30.
1928-29.
Since
Week.!Aug. 1.
May IS.
Receipts at
Since
Week.' Aug. 1.
Since
IVeek.I Aug. I.
49,000 3,054.000 55,000.3,238,000 59.000 2.975,000
Bombay
Since Aug. 1.
For the Week.
Exports
from-
[VOL. 132.
FINANCIAL CHRONICLE
4094
Great
Great Conti, Japan&
Britain. nerd. China. Total. Britain
Bombay
.
1930-31_ - 2
,
1929-30_ _ 2
,
1928-28.. 2
OtherInd]
1930-31_ _ 17,000
1929-30_ 1928-29_ _
Total all
-31_
1930
1929-30- 1928-29..
Conti- 1Janay
neat. I China. I Total.
43.000 118.
75,
52,00
56,
45.00
621.0001,592.0002,334,000
716,0001,380,0002,171,000
697,0001.469,0002,222,000
21,111
15,
1,000
418,000,
568,000
484,000;
556,000
718,000
687.000
2,0002,390
• • 31,111 64,000 256.0001,042,0001,590,0002.889,000
.000
ii 29,1,1 67,000 225.0001,284,0001,38
III32,111 46.000 159,0001,181,0001,469,0002,809.000
Bales.
-May 21-Ferndale, 1,554_--May 26GALVESTON-To Japan
6,742
Tatsuha Maru,5,188
1,130
-May 21-Ferndale, 1,130
To China
-West Tacook, 3,716---May 26To Bremen-May 25
5,461
Luetzow, 1,745
17
-West Tacook, 17
-May 25
To Ghent
460
-West Tacook, 460
To Rotterdam-May 25
53
-Colorado Springs. 53
26
To Liverpool
-May
397
-Colorado Springs. 397
-May 26
To Manchester
100
-May 28-Monrosa,100
-To Naples
CORPUS CHRISTI
100
-May 21-Ester Thorden, 100
en
-To Copenhag
NEW ORLEANS
200
-May 27-Tergestea, 200
To Venice
1,529
-Minden, 1,529
To Bremen
-May 16
100
To Trieste
-May 27-Tergestea, 100
150
-Minden. 150
To Hamburg
-May 16
1.440
-Edam, 1,440
22
To Rotterdam-May
200
-Edam, 200
To Antwerp
-May 22
To Japan
-May 22-Tatsuha Meru, 4,059--Mai 26- 11,759
Sneetad, 500_May 27-Lossiebank, 7.200
3.882
-Discoverer, 3,882
To Liverpool
-May 22
2,027
-Discoverer. 2,027
-May 22
To Manchester
125
To Gothemburg-May 23-Mexicano, 125
861
To Genoa
-May 23-Monrosa,861
56
Prince, 56
-May 24-Nosa
To Guayaquil
-Mar CantaTo Barcelona
-May 25-Prusa, 400- May 26
500
brico, 100
100
To Lapaz-May 22-Iriona, 100
To China
-May 26-Snestad, 100--May 27-Lossiebank, 3,200
3,G100
112
-Atlantic City, 112
-May 15
LOS ANELES-To Liverpool
-May
-President Johnson, 2,300_ _Van o 23To Japan-May 16
Buren,
-President
25
-May
G lden Dragon, 300
6,096
2,000; Chichibu Meru, 1,496
To ChIna-May 16-President Johnson. 800- .May 23
1,280
Golden Dragon,480
850
-Este.850
To Bremen May 22
941
-West Tacook,941
ay 25
-To Bremen-M
TEXAS CITY
61
-West Tacook,61
To Ghent
-May 25
1,077
-Ferndale,1,077
To Japan
-May 20
279
279
-Ferndale,
To China
-May 20
100
-Conte Grande, 100
-May 21
NEW YORK
-To Naples
47
-Berlin-47
To Bremen
-May 27
200
-Chester Valley
SAVANNAH To Genoa May 25
-May 25-Luetzow, 1,S09 ,May 27
HOUSTON-To Bremen
4,501
West Tacook, 2,692
11,058
To Liverpool
-May 28-Custodian, 11,058
1,191
27-0akman,1,191
To Havre
-May
63
To Aalborg
-Ma 28-Mexicano_,63
140
-West Tacook, 140
To Rotterdam- ay 27
176
27-0akman.76_ _ -May 28-Mexicano, 100 305
To Dunkirk-May
To Bordeaux-May 27-0akman,305 -.May 28-0akman,
-West Tacook. 172
To Ghent
-May 27
272
100
9
-Mexican°,9
To Norrkoping May 28
900
To Warberg-May 28--Mexlc,ano,900
5,247
Maru,5,247
To japan May 28-Tatsuha
1,237
-May 27-Bellhaven, 1,237
-To Manchester
NORFOLK
4,100
To Bremen-May 29-Natirar, 4,100
2,200
a,2,200
27-Tafu
181
CHARLESTON-To Bremen-May181
To Hamburg--May 27-Tafutt.
41
To Rotterdam-May 27-Tafua.41 -San Diego,60
61)
-May 24
-To Dunkirk
LAKE CHARLES
83,313
Total
show a
According to the foregoing, Bombay appears to
of
the
decrease compared with last year in portsweek's receipts
a decrease
6,000 bales. Exports from all India since record 1 show an
Aug.
-Current rates for cotton from
of 3,000 bales during the week, and
COTTON FREIGHTS.
increase of 1,000 bales.
by Lambert & Burrowes, Inc., are
New York, as furnished
-We as follows, quotations being in cents per pound:
ALEXANDRIA RECEIPTS AND SHIPMENTS.
High StandHigh StandHigh StandDensity. ord.
now receive weekly a cable of the movements of cotton at
Density. ard.
and.
.60o.
g are the receipts and LIA erpoce Density. .600. Stockholm .600. .750. Shanghai .45c. .550.
.45c.
Alexandria, Egypt. The followin
.50o. .650. Bombay .400. .60c.
Trieste
.45c. ,60o,
.450.
500. .650. Bremen
ts for the past week and for the corresponding week Manchester .450. .600. Fiume
shipmen
Antwerp
.60c.
.450. .60o. Hamburg .450. .90o.
Lisbon
.31c. .46c.
Havre
.730.
.600. .750. Piraeus
of the previous two years:
Oporto
Rote dam .45c.
Salonloa .750. .900.
1930-31.
Alexandria, Egypt,
May 27.
Receipts (cantarsThis week
Since Aug. 1
45.000
6,639.901
.500.
.59o.
.650.
.650.
Bared na .400.
.400.
Japan
.550.
.550.
.500.
.650.
1928-29.
60.000
8,291,093
Genoa
Oslo
15,000
8,040,273
1929-30.
we have the folLIVERPOOL.-By cable from Liverpool
sales, stocks, &c.,at that port:
lowing statement of the week's
May 29.
This Since
This Since
This Since
Aug. 1.
Week. Aug. 1. Week. Aug. 1. Week.
Exports (bales)
3,000 138.963 8,000 171,008
3,000 115,370
To Liverpool _ _
143.329 7.000 161,150
108.236
To Manchester, Arc
417.894 7,000 435,095
To Continent and India 12.666 492,962 4:666 101,808 4,000 171,220
1.000 19.980
ToAmerica
16,000 736,548 7,000 801,991 26.000 938,473
Total exports
weigh about 750 lbs.
-A canter is 99 lbs. Egyptian bales week ended May 27 were
Note.
the
This statement shows that the receipts for
16.000 bales.
45.000 canters and the foreign shipments
Venice
May 8. May 15. May 22.
14,000
39,000
38,000
23,000
7,000
15,000
12.000
11,000
1.0001,000
1.000
1.000
40,000
38,000
39,000
41,000
855,000
877,000 863,000 858,000 426.000
437,000 432,000 432,000
18,000
52,000
21.000
38,000
5,000
20,000
16,000
22,000
85,000 117.000
112,000
93,000
32,000
19,000
30,000
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 which American
spots and futures
The tone of the Liverpool market for
closing prices of
each day of the past week and the daily
-Our report, received by spot cotton have been as follows:
ESTER MARKET.
MANCH
the market in
cable to-night from Manchester, states that
1Vednesday. Thursday. Friday.
both yarn and
Spot.
Saturday. Monday. Tuesday.
both yarns and in cloths is quiet. Demand for
A fair
improving. We give prices to-day Market, {
cloth is poor, trade is
business
Qulet.
Quiet.
this and last
12:18
doing.
below and leave those of previous weeks of
P.M.
4.80d.
4.83d.
year for comparison:
4.82d.
Mid.I.Tprds
1930
1931.
Lbs. Shirt- Cotton
ings, Common Mkkfro
pi'ds.
to Finest.
sg
32s Cop
Tenet.
Feb.-
d.
d.
9 010
955010M
91401014
Mar.934@i034
9 010
9 010
9 01055
Lbs. Shirt Cotton
Ines, Comma Midas 321 Cop
Cords. Twist.
to Finest.
d. B. d. s. d.
d.
s. d.
s. d.
5.85 125i0135i 110 011
4 •9 0
6.04 124 0135i 106 @112
4 •0 0
6.18 12 013M 104 Olt 0
4 0 90
6.09 11%4813 10 2 010 6
4 0 90
6.97 113401234 10 2 6510 6
4 0 90
6.96 11%013 10 4 4511 0
4 0 90
6.83 12 @13 10 4 @110
4 @90
9 .0105S
8350 915
8550105g
8%010 M
4
4
4
4
090
090
090
@ 90
5.78
5.59
5.55
5.82
834 @1034
4
4
4
4
2
090
@ 90
090
090
@86
15.46
6.39
5.26
5.12
4.80
8550105i
IS__ 853010
8550 934
2
s 28 •9)4
d.
8.69
8 47
8.49
8.18
8.03
8.64
8.64
12M01354 10 4 OH 0
125-5013M 10 4 @II 0
1134012% 10 1 (410
0 1 010
12 013
8.86
8.76
8.61
8.74
010 6
010 4
@10 4
010 3
010 3
6.08
8.63
8.64
8.67
8.6.4
2 013
1%012M
1
1,5012%
13401255
13401234
10 I
00
00
97
97
-As shown on a previous page, the
[SHIPPING NEWS.
States the past week have
exports of cotton from the United
shipments in detail, as made
reached 83,313 bales. The
are as follows:
up from mail and telegraphic reports,
Futures.
{
Market
opened
6.000
5,000
15.000
Quiet but
Quiet,
Quiet but
t'dy, 22 to 2104 pts. st'dy, 9 to
25 pts. deo. decline. 12 Pt.. dec.
Market, f
4
P.M. I
HOLIDAY.
Steady. Quiet but
Steady.
27 to 31 phi 6108 pts. st'cly. 9 to
advance. 15 pts. dec.
decline.
Sales
ssi
HOLIDAY.
HOLI-DAY.
Prices'of futures at Liverpool for each day are
given below:
Fri.
Wed. I Thum.
4.0012.1 4.00
4.0012.1 4.0012.16 p.m.p. m.p. m.
12.1512.30i2.151 4.0012.15 m.:p. m.0. m.'p. m.
p.m. p. m D. us.lp. m.'p. to. p.
.
. d
d. d. d. d. d
New Contract. d. d.l a. d. d. d. 1 4
4.73 4.8 4.6
4.67 4.87
May
4.68 4.7 4.75 4.68 4.67
4.69
June
4.72 4.70 4.7 4.71 4.7 4.7
July
4.76 4.74 4.76 4.811 4.73 4.7
August
4.84 4.76 4.76 HOLIHOLI- 4.80 4.77 4.7 4.87 4.79 4.97 DAY.
September.--- HOLI4.84 4.811 4.8
DAY.
DAY.
October
4.87 4.84 4.8 4.90 4.88 4.82
November_ -4.91 4.87 4. I 4.94 4.871 4.86
December - -4.89
4.95 4.911 4.93 4.98 4.991 4.93
January (1932)
4.99 4.95 4.97 6.02 4.94 4.95
February
5.06 4.97
6.03 4.991 6.01
March
5.05 6.021 5.04 6.09 5.00 4.98
April
6.08 6.05 5.08 3.13 6.03 5.01
May
Sat.
May 23
to
May 29.
Mon.
Tues. I
MAY 30 1931.]
FINANCIAL CHRONICLE
4095
BREADSTUFFS
work. On the 23rd inst. prices declined 1 to 1%c., partly
in sympathy with the lower prices for wheat and
Friday Night, May 29 1931.
partly
because of general liquidation. Most months went to
Flour was quiet, and at one time rather weak. Late
new
last
week New York exported 17,000 barrels, and New
Orleans lows. The weather, too, was better. Shipping demand was
30,000. On the 25th inst. feed declined 75c., but flour
slow. The caslo basis was % to %c. lower compared with
was
May. On the 25th inst. prices fell to new lows, the
steady. Exports of flour from New York were
net loss
only 3,000
barrels and 2,000 barrels from Baltimore. The
being % to %c. Rains had been beneficial. The United
total was
5,000 barrels. Receipts were 46,000 barrels at the seaboa
States visible supply decreased last week 1,624,000 bushels
rd.
against 2,222,000 last year; total now 13,744,000 agains
Interior receipts were 90,000 barrels and shipments
t
86,000.
11,762,000 a year ago.
Exports last week from New York were 402 barrel
s and
92,000 sacks against 100 barrels and 50,000 sacks the
On the 27th inst. prices ended unchanged to lc. lower,
previous week. Feed on the 28th inst. dropped 50 to
1.75c., but with wheat declining in the end and the weekly report
flour was steady.
bearish. On the 28th inst. prices advanced 23'c. on July
2
Wheat declined noticeably on May and fractio
nally on from the early low, which was tightly held. The close was
other months. The West has had beneficial rains,
but the at a net rise of % to 1%c. July was at a premium of 3%c.
distant months have shown the effects of dry
weather in over September. The weather was good. To-day May broke
parts of the Northwest at times, and also dry
conditions in 2 to 2%c. New May reached a new low. Other months
Canada, with big dust storms. The American
crop looks ended %c. lower to %c. higher. Liquidation of the nearby
better apparently than the Canadian. On the
23rd inst. deliveries caused the break. Covering halted the decline.
prices declined 1% to 1%c., with needed rains
forecast for Country offerings were light. Receipts were fair. Cash
the American Northwest, warmer weather in the
Southwest demand was disappointing. Final prices were 2%c. lower
dispelling fears of further frosts, little or no
damage from to Ye. higher for the week.
recent frost in Kansas, and export business of
DAILY CLOSING PRICES OF CORN IN NEW YORK.
course dull
Sat, Mon. Tues. Wed. Thurs. Fri.
on account of the holidays in Europe.
No.2 yellow
6854 68
6934 6831 7054 70
On the 25th inst. prices ended unchanged to 1%c.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICA
lower,
Sat. Mon. Tues. Wed. Thurs.GO,
with good crop reports from the Southwest, if it
Fri.
was dry in May
55
543i 553i 55$ 56% 5411
July
the Northwest, and Canada also needing more rain.
5531 54% 56% 55
5734 56
There September
53% 5234 5334 52
5354 53
were scattered rains in Canada. With European
Season's High and When Made—
Season's Low and When Made—
markets May
closed, export business was slow. In Kansas two
Aug. 7 1930 May
10.334
crop ex- July
Oct. 9 1930 July
8754
553
id
perts--reported-that some damage had occurr
7334
Jan, 15 19301September
52
May 26 1931
ed, though September
nothing serious. General rains checked the crop loss
Oats have declined on light trading, with the fluctuations
there,
though there was need for further moisture. The
forecast reflecting those in corn. On the 23rd inst. prices declined
called for showers in the Northwest. Cutting of
wheat will % to %c., paying little attention to other grain. They were
be under way in Texas, according to Kansas City
advices, not under pressure. On the 25th inst. prices declined % to
by the end of this week. Wheat will move from
southern %c. In sympathy with other grain. The United States visible
Kansas and Montana around June 20th. The
United States supply decreased last week 1,068,000 bushels against 873,000
visible supply decreased last week 275,000 bushel
s against a year ago; total, 9,832,000 bushels against 12,139,000 last
4,069,000 a year ago; total now 191,408,000 agains
t 118,177 year. On the 27th inst. prices declined %c., with other
a year ago. On the 27th inst. May advanced lc.,
while other grain weak. On the 28th inst. prices closed %c. lower to
months declined 11
4c. Crop news from the Northwest
1
/
was 4c.. higher. Cast houses bought. The firmness of corn
generally favorable. Rains occurred in the
Northwest. A braced prices for oats after they had sold at new lows for
cloudburst measuring six inches of rain fell near
Waterloo, the season. To-day prices ended unchanged to %c. higher
on the distant months. New May was unchanged; old
South Dakota. Export business was small. Winnip
1Y
4c.
eg relower, touching a new low for the season. Prices
ported a fair export demand at below the market.
followed
Livercorn. Final prices show a decline for the week of % to
pool closed % to %d. higher.
13c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
On the 28th inst. prices advanced % to 1%c. on
the
Sat. Mon. Tues. Wed. Thurs. Fri.
strength of corn, dry weather, and dust storms in the
No.2 white
40
3934 4034 39
39
39
CanaDAILY CLOSING PRICES OF OATS FUTURES IN CHICA
dian Northwest. Offerings were small. May is high
GO.
and
Sat. Mon. Tues. Wed. Thurs. Fri.
the Farm Board controls the old grain, and hedges
May
---- 2634 26H 26%
against July
2731 2654 26% 263 26
it have been cleaned up for the first time in years
%
265'
September
26% 2634 2634 2634 26
without
2654
transferring them to distant months. Early prices
Season's High and When Made—
Season's Low and When Made—
were May
MBi
Aug. 7 1930 May
2554
April 27 1931
off %c. on some months owing to heavy rains in
July
parts of Septemb 3734 Nov. 24-Dec. 4-5 1930 July
2634
Apr. 27 1931
er
Feb. 20 1931 September
3334
the Dakotas, Minnesota and Montana, but when
2654
May 25 1931
profes- DAILY CLOSING PRICES OF OATS FUTUR
ES IN WINNI
sionals tried to cover the price snapped upward.
Sat. Mon. Tues. Wed. Thurs. PEG.
Paris May
Fri.
cabled that the failure of the London wheat confer
2734 ---- 2834 2734 2714 28H
July
ence has
28
____ 2834 2834 2856 28%
October
led to the prediction in European grain markets
that the
Rye has been without striking features either in the
approaching months will witness a free-for-all strugg
tradle for ing
or the net change in prices for the week, which shows
orders on the part of the great wheat exporting
a
nations of
fractional decline. On the 23rd inst. prices fell lc. in symthe world.
pathy with those for wheat. On the 25th inst. prices
To-day prices closed %c. lower to lc. higher. Commis
were
sion 14c.
/ lower to i
ific. higher. The United States visible supply
houses were good buyers. Shorts covered freely.
Canada last
week declined 236,000 bushels against an increase in
weather was still dry. Dust storms were reported. Export
the same week last year of 677,030 bushels; total,
sales were moderate. Profit-taking later on caused
10,107,000
some agains
t 12,038,000 a year ago. On the 27th inst. prices
reaction. Final prices show a decline of % to 2c.
for the
declined % to 1%c., with wheat lower In the end.
week.
On the
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW
28th inst. prices advanced % to %c.,in sympathy with
YORK.
wheat,
Sat. Ilion.: Tues. Wed,Thurs.
Fri. with some buying supposed to be by Winnipeg.
May
July
To-day prices closed %c. lower to %c. higher on
6334 63
October
64346
small
65
4
6434 64% 85%
trading. Final prices show a decline of % to %c.
DAILY CLOSING PRICES OF WHEAT IN NEW
YORK.
for the
Sat. Mon. Tues. Wed. Thurs.
Fri. week.
No.2 Red
9354 9034 9054
Lltri FAT
E UN q 24
90% 9034
DAILY CLOSING PRICES OP WHEAT FUTURES IN
CHICA
Sat. Mon. Tues. Wed,Thurs. GO.
Fri.
May
sog 85
85
85
85
843
July
58
5834 6034 5951 59% 60
September
58
58
5955 5854 5954
5954
Season's High and When Made— I Season's Low and When
Made—
May
Aug. 7 1930 May
114
73
Nov. 15 1930
July
Oct. 28 1930 .uly
92
May 25 1931
September
Dec. 18 1930 September
76
fiti
Apr. 2 1931
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed.WINNIPEG.
Fri.
May
58
---- 59% 58% Thurs. go
5834
July
5934 --.- 6014 59
60
6034
October
WN
WM SOM 6154 62%
Indian corn, in a general way, has followed wheat,
with
May the weak feature, touching new lows on the
old contracts to-day. The weather has been favorable for
field
DAILY CLOSING PRICES OF RYE FUTURES IN CHICA
GO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
3744
July
3854 37$ 39t4ii 38
12
September
38
38
3934 3854 39
3854
Season's High and When Made—
Season's Low and When Made—
May
74
Aug. 25 1930 May
3034
May 2 1931
July
5534
Oct. 16 1930 July
3334
May 2 1931
September
4534
Feb. 20 1931 September
3534
May 2 1931
Closing quotations were as follows:
Wheat, New York—
No. 2 red, f.o.b., new
Manitoba No.1.f.o.b. N.Y_
Corn. New York—
No. 2 yellow, lake and rail__
No.3 yellow, lake and rail--
GRAIN.
Oats. New York—
No. 2 white
39
No. 3 white
37
Rye—No.2,f.o.b. N.Y
44%
Chicago, No. 1
70
Barley—
68
No.2 c.i.f. N. Y.,
domeetic--5654
Chicago. cash
37@59
9154
70
4096
VOL.132.
FINANCIAL CHRONICLE[
FLOUR.
$3.401$3.75
Spring pat, high protein $4.90@t5.25 Rye flour patentsNo. 3. 2%
2%
4.90 Seminola. med..
4.60
Spring patents
2.00
1.95
4.50 Oats goods
4.10
Clears.first spring
1.90
1.85
4.35 Corn flour
_ - 4.00
Soft winter straights_
goods
4.50 Barley
Hard winter straights__ 4.30
3.25@ --Coarse
5.00
winter patents_ __ 4.60
Hard
Fancy pearl, Nos. 1.
4.15
3.80
Hard winter clears
6.15@ 6.50
2.3 and 4
6.60
Fancy Minn. patents... 6.00
7.05
6.20
City mills
movement of grain
All the statements below regarding the
-are prepared by us
s, visible supply, &c.
-receipts, export
York Produce Exchange.
from figures collected by the New
rn lake and river ports
we give the receipts at Weste
First
Aug. 1 for
last Saturday and since
for the week ending
U..-Condoded.
St. Louis
Kansas CRY
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
07711.
Wheat,
bush.
bush.
620,000
6,308,000
916,000
24,844,000
30.000
1,337,000
41,000
5,409,000
4346,000 1,234,000
9,000
709,000 1,767.000
13,853,000 1.859,000
238,000
Oats,
bush.
273,000
5,000
Rye.
bush.
9.000
131,000
Barley,
bush.
34.000
84,000
264,000
16,000
236,000
199,000
14,000
48.0e0
37,000
00 10,107,000 4,817,000
Total May 23 1931_191,408,000 13,749,000 9,832,0 10,343,000 5,106,000
000
Total May 16 1931_191,683.000 15,373,000 10,900,000 12,038.000 5,637.000
118,177,000 11,762,000 12,139,
Total May 24 193(___
-New York, 32,000 bushels:
Note.
-Bonded grain not Included above: Oats
182,000: Buffalo afloat, 137.0001
Philadelphia, 10,000; Baltimore, 81,000; Buffalo, in 1930. Barley-New York
total, 442,000 bushels, against 284,000 bushels
afloat, 90,000; Duluth,
37,000 bushels; Boston, 21,000; Buffalo, 803,000: Buffalo
in 1930.
bushels, against 2,450,000 bushels 110,000:
62,000; Canal, 661,000: total. 1,674,000
12,001): Baltimore,
-New York, 533,000 bushels; Philadelphia, 99,000; on Lakes, 1,003,0001
each of the last three years:
Wheat
Buffalo„3,459,000; Buffalo afloat, 1,707,000: Duluth,
14,854,000 bushels In 1930.
Rye.
Barley.
Canal. 1,538,000: total, 8,471,000 bushels, against
Oats.
Corn.
- Flour, I Wheat.
Receipts at
Canadian
1,108,000 1,074,000 1,038,000
.
Ms tnuh.481bs bush.561ar. Montreal
.
5,055,090
.lbush.60 lbs bush.56 lb: bush.32
Is.1961bs
5,000
2,352,000 8,632,000 9,239,000
47.
188,000
39.164.000
719.00
187,000 1,057,000
34.000 Ft. William &Pt. Arthur_ 6,002,000
Chicago
1,532,000 1,185,000 1.157.000
150.000
.
154...
60.0001
I 1,203,000
8,000 Other Canadian
Minneapolis_
23,000
22.000'
808,0001
Duluth
10,000
4,992,000 10,891,000 11,434,000
11',000" 210.000
Total May 23 1931.......50,221,000
794,000
13,000
Milwaukee_ 5,614.000 10.684,000 13,783,000
1,000
84,000
21
Total May le 1931....51,955,000
39,0001
4,000
Toledo
5,365.000 6.280,000 15.467,000
6,000
8
May 24 1930._ ,.i12,528,000
Total
15,0001
Detroit
136,000
222,
,
42,000
Summary
Indianapolis_
7,000
10,107,000 4,817,000
280,000
440,
191,408,000 13.749.000 9,832,000 10,891,000 11,434,000
544.0001
118.000
St. Louts___.
55.000 American
41,000
65,000
4,992,000
128,
27,000
50,221,000
50,009
Canadian
Peoria
56,000
481.
2,122,000
Kansas City.
000 20,998,000 16,251,000
26,000
153,
941-,0001
Total May 23 1931-241,629,000 13,749,000 14,824,000 21.027,000 18.889.000
Omaha
105,000,
16.514,
148.
107,000
Total May 16 1931...243,638,000 15,373,000 17,504,000 18,318,000 21,104,000
St. Joseph_
5,000
27,
353,000
Total May 24 1930_170.705.000 11.762,000
Wichita
12,000
15,
3,000
Sioux Cityand corn, as furnished by
The world's shipment of wheat
1,137,111, 484,000 116,000
ce Exchange,for the week
368, ii 8,055,000 2.491,
Total week '31
2,524,000' 486.000 396,000 Broomhall to the New York Produ
1929,
4,715,074 3,122,
372,
Same week'
2,292,000, 616,000 367,000 ending Friday, May 22, and since July 1 1930 and
4,i63,000 2,297.
495,
Same week '2
are shown in the following:
Since Aug.197,681,00044,292,00019,714,000
17,689,000378,597,000175,834.
1930
Corn.
120,941,00060,196,000 22,111,000
IVheat.
18,134,000 327,170,000223,010.
1929
126:045,00087.217,000 24.485.000
20,519,000435,551.000234,176,
1928
Since
Since
Week
Sines
Sines
Week
July 1
July 1
May 22
at the seaboard ports for
July 1 , July 1
May 22
1929.
ExportsTotal receipts of flour and grain
1930.
1931.
1929.
1930.
1931.
23 follow:
the week ending Saturday, May
Bushels,
Bushels.
Bushels.
Bushels,
Bushels.
Bushels.
20,000 1,502,000 3,349,000
I Rye.
Oats. I Barley.
North Amer_ 10,025 000330,134 000287,711,000 289,000 31,901.000 25,238,000
Corn. I
Receipts at- Flour. I Wheat.
Black Sea_ 1,592,000103,822,000 23,771,000 6,700,000 223,068,000161.285,000
56 lbs.Ibush.32lbs.ibush.481bs.bush.Mbs. Argentina... 5,360,000 96,885,000150,282,000
bls.leelbs.bush.60lbs. bush.29,0001
131,000 295,000
2,728,000115,736,000 58,437,000
Australia
New York._. 253,000 2,315,
320,000
12,000
9,008.000
000
India
37.00139.00011.0001
1
'
1.000 0th. countr'01 648,000 37,456,000 40,332,000 468,000 39.898,000 28,308,
Philadelphia__
47.000
16,000
i
82.000
19.000
Baltimore.
Baltimore__
4,000
15.000
84,0001
296,369,000 218,180,000
63.000
New Orleans.
'
00 560,853,000 7,477,
I
Total _120,353.000693,841,0
41,000
Galveston.378,000, 1,889,000 283,000
56661 3,567, '
--0ED
Montreal ....
4,000
THE WEEK END
29,00d
Boston
WEATHER REPORT FOR
1,152
er bulletin
Quebec
l summary of the weath
-The genera
576,000 2,184,000 284.000 MAY 26.
61.000
indicating the in7,380,
Total week '31
00 7,222,000 579,000 issued by the Department of
50,509,000 1,458,000 2.999.0
Since Jan.1'31
26, follows:
Agriculture'
3,000 fluence of the weather for the week ended May
74.000,
111,000
4.801.000
821
Northwest, there was a sharp
Week 1930._
162,000
Following the warmth of last week in the
000 2,007,000 2,059,000 313,000
33,630,
r over mrge
Since Jan.1'3 10,147
, with freezing weathe
through New Orleans for foreign ports reaction to much lower temperatures
over the central and
• Receipts do not Include grain passing
cool weather was general
was a widespread
bill, of lading.
areas. Later is the week
on tIvough
close there
s of the country, but near its
l and
seaboard ports for the week eastern portion
t general rains to Centra
The exports from the several
warming up. The first few days brough
s ocin the annexed
of the week extensive shower
shown
Eastern States, and about the middle
May 23 1931, are
Ocean. The
ending Saturday,
eastward to the Atlantic
curred from the lower Great Plains
In central and southin
for rains
statement:
had mostly fair weather, except
etter part a d s
Barley.
Rye.
Pacific
below
Oats.
Flour.
for the week averaged much
I Corn.
Wheal.
Expertsfrom
Chart I shows that the temperature
rd, the greatest
Bushels. Bushels. Bushels. normal in nearly all sections from the Great Plains eastwa
Bushels. Bushels. Barrels.
means were 8 deg.
24,000 115.000
64,000
241,890
valleys where the weekly
1,830,000
States,
161,000 deficiencies being in the interior
New York
7,000
continued in the more western
to 11 deg.subnormal. Warm weather
Boston
5.000
temperature averaged somewhat
392,000
Baltimore
extreme Northeast the
h
623,000
Sorel
6,000
13,000
6,000
above normal..
the west122,000
New Orleans
9,000
upper Lake region, while to
240,000
Freezing weather occurred in the
Galveston
50,000 378,000 283,000 1,889,000
lower were reported as far south as
3,567.000
Montreal
ward minimum temperatures of 32 deg,or
g
3,000
Kansas, with 10 deg. below freezin
Houston
northern IOWA and northern and western Dak., on the 20th. In the Ohio
529,000
Quebec
Bismarck. N.
2.155,000 at Cheyenne, Wyo., and
ranged from 40 deg.
temperatures
6,000 328,890 448.000 807,000
Total week 1931._ 7,303,000
and middle Mississippi Valleys minimum
high as 70
15,000
2.000 255,306
sections from 55 deg, to as
Same week 1930._ 4.623,000
to about 45 deg., and In Gulf coast
and since
exports for the week
deg. In some more southern localities.
in the AtThe destination of these
substantial to rather heavy
Chart II shows that rainfall was
d,
Carolina northward to New Englan
July 1 1930 is as below:
lantic States from northern South
to eastern Texas. Good
a
Gulf arms from Alabam
Corn.
and also in central
region, and
Wheat.
Ohio Valley, the Lake
Flour.
showers occurred also In most of the
;
westward over Missouri and Kansas
Since
Week
Exportsfor Wee*
Since
Week
from the central MLssissippi Valley
as much as 3.0
Since
Week
July 1
May 23
Glut Since
reported from 1.5 to
July 1
May 23
In southwestern Kansas most places
1930.
May 231 July 1
1931.
My 1 tohowever, the week was
1930.
1931.
and Missouri.
1930.
1931 I
while
Inches of rain. North of Kansas
s in the northern Plains,
Bushels.
Bushels. Bushels
s, except for light shower
and the
Barrels Barrels. Bushels. 42,992,000
00,000 almost rainles
from much of the Southeast
only small amounts were reported
rainfall,
3,506,842 1,497,000 127,137,000
114,000
United Kingdom_ 75,2701
Mountains there was very little
5,806,000
4.000 Southwest. West of the Rocky
64,0201 4,058,310
Continent
1,886,000
s.
79,090 except in central and southern Pacific coast section
6,000
So.& Cent. Amer_ 83.0001 1,218,910
84.000
of the week
the first and middle parts
108,0001 1372,050
2,000
West Indies
Unseasonably low temperaturesStates were unfavorable for germination
21,800
estern
No.Am.Col. 3,0001
Brit.
cool
3,161,000
in the Central and Northw
and a little later abnormally tem410,299
Other countries.._ 15,0001
and growth of warm-weather crops,
record low
287,000 weather checked advance of vegetation in the East; some In the Atlantic
6,000
00 175,262,000
were reported locally
328,890J 10,388,211 7,303,000 131,196.000
2,000
365,000 peratures for so late in the season
Total 1931
more sea4,623,0
week, however, warmer and
255,306i 9,530,055
Total 1930
coast area. At the close of the
same time, it was rather generstocks in sonable weather was general, and, at theseasonal farm work. Earlier in
grain, comprising the
ted
facilita
The visible supply of
and ally clear and sunny, whichwere considerably delayed by frequent rains
of accumulation at lake
the week outdoor activities
Atlantic area.
granary at principal points
In much of the South and the middlethe northern portions of the Ohio Val23, were as follows:
seaboard ports Saturday, May
Widespread frosts occurred from
northward, as well
northern and western Kansas or less damage reley. central Iowa, and
s. More
GRAIN STOCKS.
Barley,
as in many central Rocky Mountain district it was mostly confined to
Rye.
Oats,
but
Corn,
Wheal,
apparent to
bush.
bush.
sulted rather generally over these areas,
bush.
widespread harm is
bush.
bush,
44,000 truck and garden crops. No serious, in a good many places. Warm,
11,000
United States17,000
d
1,06,000
1,000
grain, though local damage was reporte valleys, the South, and tho more
New York
2,000
weathe
6,000
sunny weather is needed in the interior
Boston
52,000
47,000
helpful in
367,000
66,000
States.
1,000
23,000
Philadelphia
substantial character, was
27,000
4,823,000
Additional rainfall, largely of a in the Central-Southern States, the
Baltimore
more
377,000
118,000 maintaining sufficient soil moisture
51,000
Newport News
valleys, the Lake region and
50,000
3,722,000
southwestern Great Plains, the interiorfor present needs rather generally
New Orleans
3,448,000
17,000 eastern areas, and there is sufficient heavy enough to be locally dam3,000
65,000
Galveston
117,000
were
s.
5,883,000
642,000 over these sections. The falls
515,000
1,277.000
Forth Worth
especially in the western portion
11,933.000 2,870,000
aging in North Carolina, and Virginia.
Buffalo
139,000
for moisture is becoming increas
388,000
2,000
Rainfall is still deficient, and the need from Iowa and Nebraska north2,000
" afloat
190.000
ing
13,000
2,505,000
26,000 ingly pressing over a large area, extend most sections of the central and
7,000
23.000
Toledo
20.000
163,000
467,000 ward and northwestward, as well as in Pacific Northwest.
00 2,637,000
Detroit
the
25,726,000 2,452,000 1,133,0
277,000 northern Rocky Mountain States and the persistent coolness, the week was
774.000
Chicago
-In general, because of
80,000
COTTON.
217,000
afloat
close brought warmer and
660,000
728,000
00
for the cotton crop. While the period averaged from 6 deg.
4,108,0
235,000 unfavorable
00
Milwaukee
for the
667,000 3.347,000 2,288,0
32,994,000
more favorable weather, the temperaturemuch of the belt,and the soil is unDuluth
626,000
00 to as much as 10 deg, below normal over
" afloat
northwestern portions.
37,000 1,760,000 3,491,000 2,630,0
35,939,000
12,000 favorably wet in the northeastern and
Minneapolis
100,000
245,000
488,000
Sioux City
MAY 30 1931.]
FINANCIAL CHRONICLE
In Texas field work made good progress, but cool nights during most
of the week were unfavorable, while in Oklahoma the soil is decidedly too
wet and cold for good results. In the central States of the belt progress
of cotton was mostly poor to only fair, though somewhat better in
sections. Advance was mostly good in Florida. while favorablesouthern
weather
for field work rirevailed in Georgia, though with slow growth and stands
still poor to only fair in many places.
In central and southern South Carolina cotton made good progress, but
from the northern portion of the State northward it was too wet, and the
latter part of the week much too cool; some record low temperatures for
so late in the season were reported from parts of the northeastern Cotton
Belt.
4097
place all their business with one mill, and in some cases
to contract into the future. This illustrates a growing preference for risking price declines rather than such factors
as delayed delivery and varying quality.
DOMESTIC COTTON GOODS.—With raw cotton now
definitely below the 9c. level, the immediate result has been
to 'aggravate the unconfident attitude of buyers, thus checkThe Weather Bureau furnishes the following resume of ing such acceleration of business for mills as might have
been forthcoming, and tending to further weaken values
the conditions in the different States:
in gray goods markets. Affected by the adverse psychology
Virginia.—Richmond: Moderate temperatures, heavy precipitation
and of the time, which applies throughout
inadequate sunshine. Generally unfavorable for farm work as too
the country's commuch
rain in some localities for wheat, oats and peanuts. Heavy rain, wind
hail locally in central and west; considerable minor damage. Truck, and mercial and industrial structure, there is much less of that
pastures and cotton mostly good. Wheat and barley heading. Cultivating willingness to take advantage of bargain prices on the raw
corn. Warmth, with ample sunshine, now needed.
North Carolina.—Raleigh: Heavy, washing rains middle of week in product which might have been expected under different
Piedmont and western half of Coastal Plain; many streams and
lowlands, circumstances. Producers of goods are generally of the
flooded. Very cool near end of week:lowest of record on Sunday for so
late opinion that the raw market has sought unwarrantedly low
a date at Raleigh and Charlotte. Little plowing and cultivation
account
wet soil. Progress of cotton poor. Growth of corn, tobacco
and tender levels, but in these days of irrational market declines few
truck slow. Wheat and oats good to excellent and heading.
are prepared to contend that the bottom has been reached
South Carolina.—Columbia: Over-abundant rainfall in north,
night temperatures at week-end, unfavorable for young cotton and with low just because the price happens to have dropped already to
considerable replanting necessary, with some complaints of grass; elsewhere
growth an abnormally low level. Thus mills are not showing any
and cultivation good; chopping general and planting nearing
Corn, tobacco and lesser crops show some advance. Oat and completion. disposition to cover their requirements with undue haste,
progressing and wheat ripening, with heads well filled. Potato rye harvests
harvest pro- and are uniformly unwilling to buy what they need for the
ding. Sweet potato transplanting continues, with favorable
soil conditions.
future at current levels. While considerable business in
Georgia.—Atlanta: Scattered showers favorable, but coolness Saturday
gray goods continues to be refused by certain sellers who
and Sunday brought mean temperature again below normal, causing
slow
growth of crops. Fine week for farm work. Planting cotton practically com- decline to do business at the profitless levels which buyers
pleted, except considerable replanting in north; stands mostly poor to fair,
are persistently trying to impose on the market, there remain
with progress poor; chopping completed, except in north. Much
land intended for corn not yet seeded; progress generally poor andbottom those who are willing to accede to pressure and further sales
plants
small. Wheat and oat harvests proceeding under excellent conditions.
of print cloths have been made at further concessions,
Florida.—Jacksonville: Progress of cotton good and condition
proved by local rain and more seasonable temperatures. All crops fair; lip. though quantities were mostly small. Meanwhile the
improved,
exOut more rain needed, especially in northwest and extreme west. Harvesting
oats and potatoes continued and completed in many localities. Setting tremely low level of values on sheetings and other gray
sweet potatoes, but delayed in some sections of extreme west by dry
soil. goods remains practically unchanged, with demand very
Truck holding well.
restricted. The caution which has so long characterized
Alabama.—Montgomery: Cool latter part unfavorable for best growth
of
crops; general and locally heavy rains first two days interrupted farm work. buying of unfinished goods is just as true of finished goods
Corn growing slowly: condition mostly fair to good: stands irregular
and
Planting continuss; some being cultivated. Oats, pastures and fruit mostly at present. Recent raids on list prices from some buying
fair to excellent. Growth of cotton rather slow account coolness; condition quarters, though strongly resisted by some sellers, resulted
and stands range from rather poor to good; much replanting in north
and
some dying reported locally in northwest; chopping progressing in north in considerable unsettlement in other quarters, and at the
arid finished locally in south.
moment buyers, being under no necessity to fill their orders
Mississippi.—Vicksburg: Heavy rains at beginning of week; none thereafter. Prevalence of cool nights made cotton progress rather poor to only quickly in most instances, are holding off in the belief that
fair in north and central, with moderate replanting, but progress fair to even lOwer prices may presently be seen. Fine goods
are
fairly good in extreme south. Progress of corn fair, except poor In numerous
reported to be in a somewhat better condition. Relatively
northern localities. Progress of pastures mostly good; truck fair.
Louisiana.—New Orleans: Continued cool unfavorable, but rain at begin- healthy stocks, with production' continuing to be
kept well
ning of week beneficial; sunshine ample. Coolness decidedly
unfavorable in hand, have enabled producers to maintain prices fairly
for cotton and condition and progress poor; some deterioration in
north
where replanting continues. Corn needs warmth, but progress fair
and well, though business is as slow as in other divisions. The
condition very good. Favorable for truck crops and heavy
shipments. belief is voiced in many places that demand generally will
Sugar cane fair, but backward. Oats good; harvest
progressing. Rice
fair, while minor crops and pastures are good.
register a decided pick-up in June. It is known that stocks
Texas
.—Houston: Fore part of week cool, with near-freezing
tempera- in distributers' and retailers' hands are not large, and
tures in northern Panhandle, but latter part much warmer, especially
that
in
west; light to moderate rains at nearly all stations. Progress and
condition good business has been transpiring at retail. It is therefore
of pastures, wheat and oats continued fair to very good; oat harvest making
reasoned that buyers will have to undertake substantial
good progress and yields satisfactory. Cool nights until near close of
week
unfavorable for spring crops, and progress of corn, cotton, truck and minor replenishment fairly soon, should the public demand
concrops rather poor; condition only fair and season generally 10 days to
two
weeks late. Cotton planting, replanting, cultivation and chopping made tinue to hold up. Preparations for "National Cotton Week"
good progress.
appear to have enlisted a very general participation in the
Oklahoma.—Oklahoma City: Very cool week; moderate to heavy rain
beginning of week interrupted planting and cultivation. Soil still cold at trade. Special shows are scheduled to be held in departwet in most sections. Progress and condition of winter wheat and oats and ment stores throughout the country in rural
good
districts and
to excellent; heading in extreme northwest and ripening in extreme south.
Progress of corn poor as too cold; crop late and stands irregular; cultivating; minor centers as well as in the great cities, and "the Press"
condition poor to fair. Progress of cotton generally poor as too cold and is combining with manufacturers and storekeepers to
make
wet; still planting and replanting in north and west.
the general public turn an attentive eye and ear toward
Arkansas.—Little Rock: Progress of cotton poor first of week,
coolness, but fair last two days, due to warmth;some replanting and due to cotton.
Print cloths 27-inch 63x60's constructions are
stands
poor in west and southwest; chopping in west, central and south. Progress
2c., and 28-inch 64x60's at 3%c. Gray goods
of corn slow, due to low temperatures and high winds; crop late generally; quoted at 3Y
cutworms damaging in east. Beneficial rains, except in south where light. 39-inch 68x72's constructions are quoted at 5 c., and 39-inch
/
1
2
and soil dry.
Tennessee.—Nashville: Rapid progress in planting and cultivation, but 80x80's at GY
2c.
growth of most crop; slow, because of coolness, until last few days. Warm
WOOLEN GOODS.—There is moderate activity in
rain needed. Condition of corn fair. Cotton fared poorly, although improving at end of week; much replanting necessary. Setting of tobacco woolens and worsteds markets. In the men's
wear division
and sweet potato plants continued. Progress and condition of truck
and flannels, gabardines, and some lines of sports
fruits good; some alfalfa and clover harvested.
woolens are
Kenn/ay.—Louisville: Unseasonably cool. Moderate to heavy showers being bought for spot or nearby delivery, and
worsted mills
beneficial, but more needed locally. Condition of corn excellent, but progress
Poor; germination better than expected because soil unsaturated; cultivation have a considerable amount of business already on their
excellent. Tobacco plants improved slowly; setting commenced in north
and advancing in south. Condition of winter wheat excellent; progress very books for the fall season, delivery dates extending as far
good; much yet to head in north, as delayed by cool weather. Oats grow- as until the end of July. Boys' wear fabrics have also been
ing slowly.
booked at a good pace, notably cassimeres, which some
mills have sold up for the season, though at decidedly unTHE DRY GOODS TRADE
satisfactory prices. Overcoatings are being freely sampled,
New York, Friday Night, Map 29 1931.
and such business as has already materialized on such fabWith business at retail somewhat less active at the mo- rics, while not heavy, is still some 25% above the volume
of
ment, in the aggregate, the volume of reordering for the the corresponding period last year, it is reported. Women's
current season is similarly less full, though it is size rather wear napped coatings have continued in active
demand for
than the number of individual orders which has diminished. Immediate or nearby delivery. White goods
are said to be
On the whole, a fairly steady stream of business has
con- moving into distribution at a slow but steady pace. Events
tinued to be done in textiles, though it is scarcely more
than of considerable importance to the future of the industry
a persistent trickle in some places and a quiet
undulating are seen in the entrance of certain well-known manufacturstream in others. A large volume both of silks and
ers, notably the Goodall Worsted Mill, and S. Stroock & Co.
have been moved in recent weeks, it is reported, rayons into
garment manufacturing. While the idea of a mill
though
prices are by no means a source of encourageme
nt to pro- making its own garments from its own fabrics has been
ducers, particularly in the former division, and
tried before in the industry, such well-known organizations
cotton
similarly unsettled in primary quarters, principally goods,
by de- have not previously been inclined to attempt it. Now,should
clines in the raw product, have nevertheless
continued to the above units make a success of the practice it is conexperience a wide and fairly heavy distribution
ceivable that it might gradually become universal in the
Summer reorderings of floor coverings amount, inat retail. industry. Moderate upward revisions
in price on several
total to
only a moderate volume this year, it is reported,
with buyers lines of popular priced worsteds constitute another feature
pursuing a hand-to-mouth policy, and retailers
displaying of considerable potential importance. It is hoped that the
rather pronounced caution as a result of a declining
price example thus set will soon be followed by other mills.
scale. Much is heard in all textile divisions
about the
FOREIGN DRY GOODS.—There is no important change
absurdity of continuing to do business without
profit, but in conditions in local linen markets. Dress linens continue
nothing very effective is as yet being done
to solve the in good demand, and there is fair buying of other lines,
problem. One encouraging development now
being cited notably heavy linens. Burlaps are firmer, reflecting the
Is the increasing tendency on the part of
buyers who have possibility of a further 25% curtailment of production
at
sustained losses as a result of deferred
ordering (and a Calcutta. Light weights are quoted at 4.25c., and heavies
resultant inability to secure deliveries of goods
in time), to 'at 5.60c.
FINANCIAL CHRONICLE
4098
ffitate anti Txtg prpartutent
MUNICIPAL BOND SALES IN APRIL.
We present herewith our detailed list of the municipal
bond issues put out during the month of April, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 3576
of the "Chronicle" of May 9. Since then several belated
April returns have been received, changing the total for
the month to $105,122,805. The number of municipalities
issuing bonds in April was 298 and the number of separate
issues 409.
Rate, Maturity. Amount. Price. Basis.
Name.
Page.
31,500 100.10 5.97
1932-1937
6
3579--Abbeville,La
100.90
3382__Albany County, Wyo_4A 1941-1951 d225,000 100.95 4.38
4.05
1936-1945 300,000
3201-Allamakee County,Iowa_434,
83,000 103.46 3.79
434 1932-1941
3007__Allen County, Ind
3.78
1932-1951 260,000 106.07
4
2630__Allen County, Ind
4.19
24,500 100.51
1932-1950
4
3007-Altoona, Iowa
40,000 101.10 4.02
3383-_Appanoose County, Iowa4 4 1936-1946
3.99
20,700 100.05
1-10 yrs.
4
3007-_Arkansas City, Kan
3.33
60.000 100.86
34 1932-1941
3383__Arlington, Mass
7.500
1934-1948
3753-.Asher, Okla
r9,000
3007__Athens, Tenn
4.1
1936-1947 r300,000 102.60 73383__Baker, Ore
20,589
1 year
4
2815__Barberton, Ohio
3.0
39,000 104.17
3383__Bedford Sch. Dist., Pa 4 4 1932-1961
3383__Bell Co. R. D. No. 9 A.
5.00
625.000 100
5
Texas
39.437 100.10 4.49
3008__Bellaire, Ohio (2 issues)_4 A 1932-1955
6.800 103.34 3.81
3383__Benton County, Ind--- _4 A 1932-1942
334 1932-1960 2,600,000 102.36 3.57
3202-_Berks County,Pa
3.97
25,000 100.26
1934-1950
4
3753__Boone, Iowa
3.99
434; 1936-1944 180,000 101.19
-Boone County. rowa
32023.99
1942-1951 250.000 100.07
4
2631__Brattleboro, Vt
1932-1961 150,000 104.35 3.85
4
3202-Bridgeport, Conn
1932-1958 550,000 100.39 4.21
4
2815__Bridgeton, N.J
6.00
r55.000 100
1931-1941
3202__Brigantine, N.J6
3008- _Brookline, Mass.(4 iss.)_334 1932-1941 585,000 101.13 3.26
15,000
.Brunswick Township, Mo.
3202.
35,000 101.29
4A
3383__Brunswick, Md
3.84
1954-1989 750,000 103.10
4
3008_ _California, State of
434 1935-1940 1.147,000 103.83 3.57
3383_ _ California. State of
500.000
2815__Cameron County, Tex 5
4748
23.565 100.17 2815__Campbell, Ohio (4 iss.) 4A 1932-1941
r15,000 104
5
3202_ _Carroll County, Va
5.15i8
2,000 96
sville S. D.,Mo_4
3580__Caruther
4.01
1945
3008- _Carroll County,Iowa_-_4 4 1936-1945 300,000 101.06
.Charles City Ind. School
3580.
250,000 101.04
4
District, Iowa
4.26
3008__Charlotte, N. C. (6 iss.)_434 1934-1979 2.200,000 100.41
3202__Chelan Co.S. D.No.100,
33,000 100.06
5
Wash
i:f&
4 A 1938-1947 r340,000 100
3754__Cheyenne, Wyo
96.21
1,000.000
3009_ _ Chicago So.Park Dist.,Ill.4
96.13
1,000,000
3009-Chicago So.Park D94.,111.4
96.15
500,000
3009__Chicago So.Park Dist.,I11.4
3.42
1932-1946 180,000 100.51
3A
2815__Chicopee, Mass
65,000
3009__Christian County, Ky.._4A 1936-1951
3009„Ciallam Co. S. D. No. 7,
4.49
71,000 100.11
2-23 yrs.
Wash
4.00
L
1P 1936-1945 d200,000 101.14
3202_Clay County, Iowa
66,000
.Cleburne. Texas
3009.
3.88
97,160 103.75
3383-Cleveland Sch.Twp.,Ind.4 A 1932-1946
5.38
3009__Cocke County, Terna____5 A 1936-1950 110,000 101.09 ---30,000 100.50
53
3754__Collierville, Tenn
5,400
1932-1936
5
2815__Columbiana, Ohio
--4?!
:
09
4 .010
1933-1947 104. 07 100.61 !
4
2815__Columbus, Ohio
3384-Columbus, Miss. (2 1ss.)-53
3384-Concho Co. R. D. No. 1.
5.36
101.57
534 1932-1961 285.000 101.19
Texas
3.84
19321951 188,000
3202_-Cortland, N.Y.(2 iss.)_ _4
30,000 101.55 4.17
434 1-10 years
Grove, Kan
2815__Council
101.56 4.36
2816._ Cranston, R. I. (3 iss.) 4A 1932-1972 440,500 100.37
4.95
30,000
1932-1951
5
3009__Cuero, Texas
4.17
1932.1941 1,478,000 100.36
3009__Cuyahoga Co., 0.(2 iss.)43
785.789 100.62 4.58
(4
3009__Cuyahoga Falls, O. iss.)434 1932-1941
40,000
__
3202_ _Danube S. D. Minn_
102.83 4.18
2631__Danville, Va.(4 issues)__4 A 1932-1956 189,000 101.66 3.41
50,000
3% 1932-1946
3203__Dartmouth, Mass
4.50
15,000 100
Twp.S.D.,Pa.434 1931-1955
3384_ _ Daugherty
1932-1946 465,000 101.23 3.82
2816__Dayton City S. D., Ohio_4
101.63
434 1946-51-56 890,000 101.49 4.37
3203__Dearborn, Mich
4.19
57,000
434 1932-1941
3384__DeKalb Co.,Ind
3.86
434 1932-1941 100,000 103.20 4.17
3203__DeKalb Co., Ind
6,500 101
434 1932-1942
_DeKalb Co., Ind
3203_
32,000 106.08 4.73
1933-1940
6
2631- _Delaware, Ohio
101.10 4.05
3203_ _Delaware County,Iowa _ _4A 1936-1945 315,000 100.76 4.42
96,000
434 1932-1955
3203_ _Delta. Ohio
268.000 101.49 3.87
1943-1950
4
3203__Des Moines, Iowa
40.000 100.01 4.29
2816__DeWitt S.D.No.10, N.Y-4.30 1932-1956
3580_ _Dixon Co. Sch. Dist. No.
20,000 100.00 4.00
1951
4
82, Neb
60,000 99.75 4.80
434 1932-1941
3203_ -Dodge City, Kan
26,150 100.57 5.38
2816- _Dover, Ohio (2issues)_ _ _5A 1932-1941
80,000 100.58 3.39
334 1932-1943
_Dover, Mass
3384_
2816__East Grand Rapids,Mich.
4.31
88.169 101.21
434 1932-1941
(2 issues)
15,450 100.50 4.30
1932-1936
33&1_ _East Liverpool, Ohio_
41,500 101.50 3.70
1932-1941
4
3384_ _Elkhart Co., Ind
434 1933-1971 245,000 102.75 4.05
2632__blizabeth, N. J
80,000 100.10 3.99
1932-1946
4
2632_ _Elizabeth, N. J
25,000 104.14 3.84
1946-1951
2816_ _Emsworth, Pa
1935-1936 100.000 100.007 4.24
Fells, N. J
3009-Essex
5.50
24.000 100
1932-1955
534
3581_ _E xeter, Calif
3384_ _Faulliton Ind. S. D.,
48,000 100.13 4.47
434 1936-1951
S. Dak
20,000 104.97 4.05
434 1932-1946
3581__1'leetwood, Pa
____
26,000
1932-1941
6
3384_ _Foard Co., Tex
33£34_ _Fort Stockton Ind. S. D.,
5.00
100,000 100
5
Tex
38,000 101.53 3.50
3A 1932-1944
3010__Franklin, Mass
80.000 101.03 4.10
4Y4 1932-1947
3203_ _Freehold, N. J
3.80
263,000 100
3384__Freeport, N. Y.(3 iss.) 3.80 1932-1951
42.000 100.95 4.09
434 1936-1945
3204__Fremont Co.,Iowa
97.26 5.55
42.000
1932-1941
5
, Ala
2816_ _ Gadsden
24,000
4A 1932-1943
3010__Galena Sch. Twp.,Ind
---1933-1959 150,000
5
3010__Galveston, Tex
25,000 101.50
D.,Iowa-431
3204_ _ Garner Ind.S.
27.000 100
3-12 yrs.
6
3010_ _Garber, Okla
3.81
115,000 102.61
20 years
3010_ _Gary School City,Ind_ -4
4.21
1933-1968 214,000 100.40
3010_ -Gastonia. N.C.(2iss.)---5A 1932-1939
14.696 100.37 4.90
_Garrettsville, Ohio(2iss.)5
33£34_
185,000 100.56 3.91
1-15 Yrs.
4
2816__Geary Co., Kan
25,857 100.92 4.32
434 1932-1941
3010-Geauga Co.. Ohio
33,230 100.06 4.74
3384__Georgetown,0116)(2 iss.)-4 A 1932-1941
80,000 100.79 3.32
1932-1941
5.40
3204_ _Gloucester, Mass.(2 iss.)-3 A 1945-1946
90.000 101
534
3010__Grainger Co.,Tenn
1931-1933 200,000 100.26 2.82
3384__Grand Rapids, Mich.__ _3
3.84
li) 103.51
434 1932-1942
3204__Grant Co., Ind
98.36 4.37
1953
5
3204__Greeley, Colo
"af
1.456
[VOL. 132.
Rate. Maturity. Amount.
Name.
Page.
5
1931-1946 350,000
3204__Greene Co.. N. C
2817_ _Greenwich, Conn.(2 iss.)3 A 1932-1936 275.000
1932-1941 165.000
Greenwich, Conn
2817__
8,000
1931-1938
3581__Greenwood, Miss
3385._ Grennison Co. H. S. D.
434 1932-1949 r100,000
Colo
1933-1953 157.000
2817_ _Haddon Township, N. J_5
2817__Haddon Township, N. J_534 1932-1936 125,000
40,000
3010__Hamblen County, Tenn_5
3385__Hanilltonban Twp. S. D.,
7.000
1938-1951
5
Pa
3385__Hampton Bays Water
1936-1971 130,000
5
District. N. Y
100.000
2817_ _Haskell County,Tex_
25.000
334 1932-1936
3010„Haverhill, Mass
434 1932-1941 204.800
.Henry County, Ind
3385.
18,000
1932-1934
2817_ _IIickory Grove Twp.,Wis.5
60.000
3204__Ilighline S. D. Wash---4 A 1932-1954
28,
3011__Hill Co. S. D. No.
35,500
Mont
3756__Holland First Fire Dist.,
8,000
1932-1941
5
N.Y
7.000
2817__Howard County, Ind_ -- _4 A 1932-1942
45,000
434
3385 Humboldt, Tenn
96.000
1936-1971
4
3385__Huntington, N. Y
40,000
434 1936-1971
2817__Huntington, N. Y
35,000
4 A 1932-1942
3011_ _Iluntington Co., Ind
1932-1951 300.000
4
3011__Islip, N. Y
2,000
434 1932-1942
3385_ _Jasper County. Ind
4,100
4 A 1932-1942
3385_ _Jasper County, Ind_
10,097
434 1932-1942
3205__Jay County, Ind
4 A 1934-1943 500.000
3582_ _Jefferson County, Ala
161 600
2817.
(2
.Jefferson Co.,Tenn. iss.)5
r50.000
1932-1941
3205_ _Johnson County, Tenn__5
1942-1945 173.000
3385_ _Johnson County, Iowa__4
1941-1951 500,000
3011_ _Kansas City S. D., Mo.-4
50,000
1932-1951
4
3011_ Keene, N. H
2.285,000
1945
4
3385_ Kentucky (State of)
1941-1943 300,000
5
3011_ Kewaunee Co., Wis
45,500
2817__Keyport, N. J. (2 iss.) 434 1932-1942
1-12 yrs. 840,250
3205_ _King County. Wash_ _ _ _434
3205__Klamath Co. H. S. Dist.
1933-1952 100.000
No. 2, Ore
39.900
n 1932-1942
3757--Kosciusko Co.,Ind
1932-1961 1,000.000
4
3205_ Lancaster, Pa
1933-1942 650.000
3582__Lansing, Mich. (2 iss.) 334
3205__Le Fiore Co. Sch. Dist.
5,000
534 1938-1947
No. 23, Okla
3205__Le Fiore Co. Sch. Dist.
1.000
534 1936-1947
No. 23, Okla
1931-1960 200.000
5
3345_ Lebanon, Tenn
3386.-Lemmon Ind. Sch. Dist.,
50,000
1932-1951
5
S. Dak
r70,000
431 1932-1951
.Lexington, Neb
3042.
40,000
434 1932-1951
3012__Liberty, N. Y
r130,000
2818__Limestone County, Ala 5 A
1936-1945 275,000
4
3205_ _Linn County, Iowa
3757__Ltpscomb Co. Precinct
1932-1961 100,000
5
No. 4, Texas
60,000
1941-1952
6
3012_ _Livingston, Tenn
75.000
1933-1951
3205_ _Logan Ind. S. 1). Iowa 4
75,000
1940-1941
5
3205_ _Long Beach, Calif
1941-1953 725,000
4
3205__Long Beach, Calif
434 1939-1942 2,000,000
of
3386_ _Louisiana, State
5.000
1931-1940
6
3206_ _Luverne, N. Dak
3386_ _Lyndhurst Twp., N. J._ 53( 1932-1937 100,000
3012__McKenzie S. D. No. 47,
39.000
5
Mo
18,000
5
1932-1946
3012__Macedonia, Ohio
1932-1951 800,000
2634__Madison, Wis.(2 iss.) 4
5
1931-1955 r84,000
3386__Madison Co., Miss
34.100
1932-1942
3206__Madison Co.,Ind.(4 iss.)4
15,000
1932-1941
4
3386__Mamaroneck, N Y
r80.000
1932-1951
4S
3582__Mandan, No, Dak
30,000
434 1933-1962
3582_ _Mannsville, N. Y
92,200
434 1932-1936
3386__Mansfield, Ohio
20.000
20 years
3583__Manson S. D., Wash__ --5
434 1945-1946 367.000
2634_ _Marathon Co.. Win
5,300
434 19321941
3206_ Marietta, Ohio
110,000
1935
3386__Marinette Co., Wis
85.000
1M 1936-1945
3386__Marion Co., Iowa
71.300
1932-1941
4
3206_ Marion Co., Ind
4,500
434 1932-1942
2206_ _Marion Co., Ind
9,380
3386__Martin Co.. Ind.(3 iss.)_4 A 1932-1942
70,000
1932-1951
6
2818__Mattoon, III
65 000
334 1932-1946
3012_ Medford, Mass
3012_ _Memphis, Tenn.(2 iss.)_4 A 1934-1958 450.000
434.1935-1964 250.000
3206_ Memphis, Tenn
1936-1971 1,000.000
4
3012__ Memphis, Tenn
1932-1936 290.000
5
3012_ _Memphis, Tenn
1932-1944 r 12.000
2818_ _Mitchell School City,Ind.4
3013__Mitche111. S. D.,So.Dak.4 4 1931-1951 200,000
434 1932-1941 153,900
3386_ _Monroe Co., Mich
3012__Methuen, Mass
334 1932-1940 100,000
r91,000
2818_ _Monte Vistas. D..Cobo_434
334 1932-1951 974.326
3386_ _Minneapolis, Minn
1936-1951d1,000,000
5
3386__Mississippi, State of
43,870
1932-1941
3387__ Montgomery Co.. Nan._4
1.800
434
3387_ _Moorefield.Neb
40,000
1932-1941
5
3759_ _Morristown, Tenn
90,461
1932-1941
44
3387__Mount Vernon, Ohio_
55,000
1936-1961
3583__Narberth Sch. Dist., Pa 4
3207_ _Newberry Co., So. Caro.534 1934-1960 r148,500
85,000
1932-1948
4
3207__New Canaan, Conn
.New Castle U. D. No. 1
3207.
85.000
1936-1952
4
N. Y
28,613
1932-1948
(3
3387_ _New Lexington,0. iss.)4
60,000
19321943
3387__Newport, R.I.(2 iss.)__ -4
31325,000
1932-1981
2818_.New York,State of(3 iss)3
2818_ _New York, State of(2 iss)3 4 1932-1981 3,650.000
86.872
3387__North College Hill, Ohio-434 1932-1941
3207__North Hempstead S. D.
20,000
3.90 1932-1935
No. 2. N.Y
.North flungtington Twp.
3387.
1933-1944 250.000
4
S. 13., Pa •
3207.
.Northville & Novi Twp.
S. D., No. 2, Mich_ _ _ _4 A 1932-1946 /45,000
3584_ _North NIsknabotna D.D.,
1936-1951 100,000
,
(3
Mn
434 1-2o yrs.40.000
3760_ _Oakfield Win
1932-1958 319.000
5
3207__Ocean City, N. J
73,000
1932-1941
5
0000„Onekla Co., Win
3207__Onondaga Co.,N.Y.(2 is.)3.70 1932-1951 520,000
r36.000
1951
2819_ _Ontario, Orwon
18,000
5
1932-1941
2819__Orange Co., Ind
5,800
1932-1942
4
2819__Orange Co., Ind
8.800
1932-1942
4
2819__ Orange Co., Ind
6,500
434 1932-1942
2819__Orange Co., Ind
2819_ _ Ossining, N. Y.(2 iss.) 3.90 1932-1951 152.000
70,000
1941
4
3760_0tis S. D., Kan
97,500
1945-1950
4
3207...Ottumwa, Iowa
2819_ _Ozaukee Co., Win
434 1934-1937 100,000
1,095,000
3387_ _Parkersburg, W.Va.(3 iss.) 414 1932-1957 1,956,000
2819_ _Paterson, N. J
43( 1932-1960 589,000
2819__Paterson, N. .T
105.000
25-yrs.
3387--Pawnee C1ty S. D., Neb_4 si
3585--Peekskill, N.Y.(2 iss.)_ -3.80 1932-1951 351.599
72,000
3760-Pennsauken Twp., N. J..534 1932-1941
3014-Pennsauken Twp. & Bor.
of Merchantsville,N.J_434 1931-1970 199,000
40,000
534
3014__Pennsboro, W. Va
2819-Perrysburg Vii. S. D.
9,009
932-1940
1
Ohio
14,000
:1;1 1932-1942
3388-Pike Co., Ind
Price. Basis.
100.37 4.95
100.05 3.61
100.06 3.61
5.25
100
100
100
100
100.38
4.50
5.00
5.00
100
5.00
111.27
4.21
100.52
3.31
100.81
101.27
4.57
4.61
102.50
103.14
4.49
3.84
100.07
101.58
106.85
100.85
100.25
103.13
103.27
100.88
100
100
101.34
102.09
102.00
3.99
4.14
3.12
3.90
4.45
3.84
3.88
4.35
5.00
5.00
3.87
3.82
4.01
108.76
4.03
100
4.25
101.60
101.35
103.95
100.06
4.57
4.22
3.69
3.49
100
5.00
100.60
100
101.72
4.92
4.75
4.29
100.42
3.91
98.75
100
100.46
5.31
6.00
3.95
100.72
100
100.01
4.41
6.00
5.74
100.75
103.55
100
103.30
100.56
100
100.58
100.27
100
106.63
100.56
100
101.17
101.30
102.02
4.90
3.81
5.25
3.82
4.13
4.50
4.45
4.13
5.00
3.90
4.37
4.50
4.00
3.74
4.09
100.43
100.05
101.03
100.05
100.05
103.47
100.30
100.53
100.51
3.43
4.14
4.16
4.14
4.14
3.96
4.21
4.39
3.38
100.86
100.42
100.78
3.59
4.90
3.40
100.77
100.13
103.14
100.01
101.07
5.33
4.23
3.75
5.49
3.83
100.08
100.41
102.19
100.08
100.08
100.29
3.99
4.42
3.85
3.46
3.48
4.44
100.01
3.89
101.72
3.75
100.74
4.37
100.78
102.82
100.34
100
105.17
102.86
103.08
102.92
100.03
98,41
100
102.79
4.92
4.44
3.66
6.00
3.95
3.92
3.84
3.90
3.89
4.70
4.50
3.82
100.22
100.22
102.22
100.09
100.10
4.22
4.22
4.02
3.79
5.33
100.58
100
4.71
5.50
100.29
103.62
4.43
3.72
MAY 30 1931.]
FINANCIAL CHRONICLE
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
3208_ _Pike Co., Ky
5;6 1935-1951 157,000
3388-_Poland, N. Y
5
1931-1939
4,500 101.60
4.46
3014__Portage Co., Ohio
431 1932-1956
75,000 100.38
3.98
3014__Portage Co., Ohio
4
1932-1936
47,605 100.38
3.98
3014_ _Port Clinton, Ohio
434 1932-1940
13,554 100.46
4.39
3585__Portland, Ore
43,867 105.45
3208__Portland. Ore.(16 issues)
116,318
---3014- _Pueblo Co.,S. D.,No.20,
4
Colo
1946-1956 250,000
99.99
4.01
3014_ _Pulaski Co., Ark
431
r325,500
__-3014__Raritan Twp., N. J
1932-1934 130,000
53
3208__Reading, Ohio
43
1931-1940
25,000 100.65
4.43
3208__Reading, Mass
334 1932-1951
90,000 100.84
3.40
431 1932-1951 235,000 100.53
3388__Ridgewood, N. J.
4.19
3388„Ridgewood, N. J
431 1932-1968 199.000 100.52
4.21
5
3208__Rio Twp., Ill
1933-1942
37.000 100
5.00
3388__Ridgewood, N. J.
431 1932-1940 174.000 100.57
4.12
3388__Ripley, Tenn
534
r25,000
3761__Ritenour, Con. S.D., Mo 431 1950-1951
75,000 100.15
4
3388--Rockport, Mass
1932-1937
12,000 101.61
3.50
3014-Rome, N. Y.(2 issues)-3.70 1932-1942
99,000 100.16
3.65
3014__Roxboro. N. C.(2 issues)
5% 1933-1947
87,500 100.18
5.72
3388-_Rupert,Ind.. S.D.No.1,
Idaho43/ 1933-1943
r87.000 100
4.75
2820__Rutherford, N. J
431 1932-1953 153,000 102.88
4.18
3388__St. Paris, Ohio
436 1932-1952
63,000 100.46
4.44
2636__St. Paul, Minn
4
1932-1961 1,000.000 102.63
3.78
3015__St. Joseph, Mo
431 20 yrs.
136,000 105.33
3.87
3015_ _ St. Louis, Mo
4
1936-1951 8,200,000 102.53
3.74
2829-Salamanca, N.Y.(3 lss.)-4.20 1932-1961
93,950 100.14
4.18
3208 Salina, Kan.
4
1932-1941
r20,000 100.50
3.90
3015__ Salisbury, Md
434 1941-1957
75,000 106.24
4.03
3208.._Salt Lake City, Utah _
434 1932-1941 1,300,000
3586__Salt River Valley Water
1956
r1,800,000
Users' Assoc., Ariz____6
93
6.58
4
1946
3015.._Scott Co., Iowa
93.000 101.82
3.84
434 6-30 yrs. 1,000,000
3208_ _Seattle. Wash
95.47
4.88
11.840 103.52
3389-Shelby Co., Ind
436 1932-1942
3.78
3209__Smith Co. S. D. No. 67,
Tex.
5
35,000
_
434 1932-1950
30,000 104.73
3.03
2636_ _Snyder Co., Pa
1941-1961 150,000 103.84
4
3389_ _Sanderton S.D.. Pa
3.74
2-12 yrs. 828,000 100.00
531
3209..-South Bend, Wash
5.25
3209__Spencerport, N. Y
43" 1935-1965 114,000 100.57
4.20
3015__Springfield City S. D.,
1933-1956 403,000 100.90
4
Ohio
3.91
61,500 102.02
2820.. Stamford, Conn
431 1933-1944
3.80
3% 1932-1951
100.000 102.75
3586-Stoughton Mass
3.42
95,000 101.78
431 1938-1946
3586-Sturgeonflay, Wis
4.08
435 1936-1950 r15,000 100
3586-Suffolk. Va
4.50
1932-1945
22,000 100
5
3015--Sullivan, Mo
5.00
3015__Sunfield Twp. S. D. No.
1932-1961
30,000
2, Mich
1932-1946
75,000 106.17
5
3389--Sunset S. D., Calif
4.07
200,000
536 3-25 yrs.
95.12
2821_ _Tampa, Fla
6.01
1932-1956 100,000 100.21
3016_ -Toledo City S. D., Ohio _4
3.98
431 1939-1961
46,000 101.59
3209__Tonawanda, N. Y
4.6.3
35,000 100.25
435 1945
3389.._Trenton, Mo
4.48
75,900 100.58 ---3016__Trunebull Co., Ohio
r8.000
3389- _Tunica Co., Miss
44 1933-1934
3586__Tuscola Co., Mich
22,000 100
4.75
6
1941
11,500
3587_ _Umatilla, Fla
95.00
6.70
4
1933-1956 793,000 100.44
3016_ _Union County, N. J
3.91
3209_ _Union Twp. S. D. No. 2,
434 1933-1961
Mich
95,000 100.53 4.46
3209_ _Uvalde County R. D.No.
531 1933-1961 175,000 101.37
1, Tex
5.39
4
1946-1972 104,000 100
3587-Valparaiso, Ind
4.00
282L-Valparaiso Sch. City,Ind.43i 1932-1941
80,000 101.14
County,Ind.(3 iss.) 434 1932-1942
2821- _Vigo
28,600 103.08 3.84
73,600 103.27
2821_ _Vigo County, Ind
434 1932-1942
3.88
1932-1941
2821_ -Warren, Ohio (2 issues)_ -4
53,739 100.19
4.21
431 1932-1941 r78,700 100.03
2637_ _Washington, Ohio
4.24
3209_ _Washington S.D., N. J_..434 1932-1961 158.000 101.83 4.33
1932-1942
10,600 105.75
3389_ _Washington Co.,Ind_ _ _ _5
3.86
3.85 1932-1956 125,000 100.05 3.84
3016_ _Watertown.N.Y
3209__Waycross, Ga
436 1936-1960 175,000 101
4.41
1-10 years r40,000
3209-Weld Co.S.D.No. 8..Colo4
22
1932-1942
2821__Wells Co.,Ind.(2 issues) _4
12,415 103.72
7
3-.21
2821__West Linn. Ore
6
1-10 years 813,340 103.13
5.59
3016__West Conshohocken, Pa434 1933-1946
10,000 104.7e1
3.88
3587__Weymout1l, Mass
334 1932-1946
7,500 100.07
3.49
59,000 100
2821_ _White Twp.S.D.,N..1 4341932-1961
4.75
1933-1940 150.000 100
2821_ _Wildwood Crest, N. J__ _6
6.00
5
.
1933-1946 127,000 100
3209_ Wilkes Co., N.Caro
5.00
43.1 1933-1949
12,000 100.05
3209.. _Wellsburg.Iowa _ _
4.24
3016__Winnebago Co., Iowa_ --431 1936-1945 300,000 100.90
4.09
_Woburn, Mass
334 1932-1953 110,000 100.67
3210_
3.43
3210_ _Woodb'y 1Tgts.,N.J.(31ss)_
45,000
3210__Wright Co..Iowa
431
300,000 100.09 ---Kan.
3587_ _Wyandotte County,
431 1932-1946 148,900 102.09
3.93
(3 issues)
3587„Wyandotte County, Kan.
431 1932-1946
91,900 102.16
(2 issues)
3.92
3390- _Yonkers, N.Y.(3 issues)_ 334 1932-1937 2,035,000 100.01
3.39
•
331 1932-1946 525.000 100.01
3390- _Yonkers, N.Y
3.39
Total bonds sales for April (298) municipalties
covering 409separate issues)
k 1105,122,805
d Subject to call In and during the earlier years and to mature In the later
year. k Not including $117,323,000 temporary loans. r Refunding bonds.
a:§i
Paoe.
Name.
Rate.
2819__Porter Co.,Ind
434
2636_ -Randolph Twp. S. D.,
Ohio
434
2820„Ross Twp. Agric. S. D.
No. 1, Mich
434
3015__Sanford Water Dist., Me-431
2820--Snohomish Co. S. D. No.
325, Wash
431
2637__Sweetwater Co. S. D.
No. 4, Wyo
434
2821_ _Towanda, Kan
5
2637_ _Wantagh Fire Dist., N.Y435
2637--Wappingers Falls, N. Y.
(Feb.)
4099
Maturity. Amount. Price. Basis.
1932-1942
9,000 103.25
3.82
1932-1943
12,000
100.41
4.42
1932-1951
1956
21,000
534,000
100
4.50
-.-
5-20 years
875,500
100.07
4.73
1936-1950
1932-1951
1932-1935
350,000
21,000
16,000
100.89
96.10
100.30
4.40
5.38
4.37
1932-1941
12,500
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 $278,943,181.
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.
Page.
Name.
Rate. Maturity. Amount.
2631-_Coffee Co., Tenn.(Mar.)
20,000
3009- _El Nido Irrig. Dist..Callf.
110,000
(March)
3203- _Farmington, N. Mex.
53.000
(March)
2635.._No.College 11111,0. (Feb.)
86,872
3388__Pueblo Pub. Water Wks.
700,000
Dist. No.2, Colo.(Feb)
2820_ _Springfield. Mo.
(Mar.)_
700.000
Price. Basis.
------ ----
BONDS SOLD BY CANADIAN MUNICIPALITIES IN APRIL.
Rate. Maturity. Amount. Price. Basis.
Page.
Name.
2822__Alberta, Prov. of(2 iss.)_43j 19344985 3,943,000
5
20 inst.
2638__Bracebridge, Ont
46,805 101.15 :fa
5
20-30 years 168,000
3617__Chicoutimi,Quo
97.35
6
20 years
3390__Edson, Alta
65,000 98
6725
10-30 years 262,787 101.96 4.78
3617__Etobicoke Twp.,Out.. _ _ _5
3390_ _Forest Hills. Out
5
5-20 years 347.438 102.27 4.68
43415-25 years
3017__Fort William,Out
171,430
97.04 ---5
10 years
3210_ _Georgetown, Ont
22,800 101.01
4.79
1-20 years
3017_ Goderich,Ont
5
43.983 102.28
4.71
5
3017_ Hull, Quo
Hull.
1-20 years 100.000 100.58 4.93
5
1-20 years
2822_ _Joliette, Que
25.000 100.12
2822_ _Joliette, ue
5
1-40 years
50,000 100.64
1931-1946 278,100 99.80 1:65
5
3210_ _ auzon, Que
4
1933
3390_ _Manitoba.Prov.of
2.040,000 100.06 3.97
3210_ _Markham Tvrp., Out___ _534 1-5 years
25,000 102.15 4.73
436 20 years
3210__Moncton,N.B
25,000 98.83 4.53
1971
3017__Montreal,Quo
435
2.500,000
98.86
4.56
2822_ New Brunswick, Prov. of
434
1961
(3 issues)
5.215.000
99.43 4.53
1961
4H
2,100,000
99.27
3588__Nova Scotia,Prov.of_
4.54
5
10-20 years 185,761 100.47
3017_ _New Toronto, Out
4.94
3210 ..Northumberland & Durham (Counties of),Ont _ 5
1-15 Years 138.772 101.50
4.77
3017 Ontario Co.,Out
1-20 years
40.000 102.31
5
4.73
3390.. Ontario (Hydro-Electric
Power C,ommission of) _5 1943,'45-'46 2,416.205 103.67
4.54
3390-Ontario (Hydra-Electric
1960
50,000 103.67
Powerommissionof)..434
4.54
3390_Parish of St. Marc, Mon5
1-40 years 350,000
98.06
5.14
treal
10-20 years 11,565
99.76
5.02
3017--Pt. Dalhousie, Out. lss.)5
(2
1961
1,457,000
99.56
3017- _Quebec, Que
4H
4.53
1961
7,500,000
3390- _Quebec(Province of)_ _ _ _4H
98.06
4.37
5
1-15 years
65,000 101.88
3211_ _Renfrew,Ont
4.74
years 137,006 101.90
1-20
3211_ -St. Catherines, Ont
4.68
5
3211_ _St.John,N.B.(6 issues) _436 1946-1971 655.000 98.89 4.57
1-20 years 414.000
3211- _St.Lambert,Quo
5
99.58
5.08
92,000 100.76
3211_ _St Thomas,Ont
.
4.56
431 1-15 years
10-30 years 857.200 98.57
28 _ _ Saskatoon, Sask.(10 iss.)5
5.01
2822__Saskatoon, Sask. (2 iss.)_436 30 Years
1-20 years 307,500 103.09 4.5
3211 __Shawinigan Falls, Que _5
4.64
3211__Sherbrooke, Quo. (2 iss.) _ 434 1932-1961 490,000 98.68
20 years
50.000 102.07
5
4.75
2822__Stamford Twp.,Ont
4.45
3017_Toronto,Ont.(7issues) _ _434 1-30 years 10,084.080 100.35
30 years
43,000 104
4.75
5
3588__Truro, N.S
1940-1970 3.667,733 104.70
3018__Vancouver,B. C.(9 iss.)_ 5
1-40 years 376,000 102.07 3.82
5
3018__Verdun, Que__ __
10-20 years 197.000 102.08
2822_ _Welland,Ont.(2issues)_ _ 5
435 19314970 300.000 99.64 4.53
3211_ _Westmount,Que
97.78
434 19384961 3,300,000
4.64
2822__Winnineg, Man
1-20 years 365,000 103.46
5
4.50
2822_ _York Co.,Ont
during April $50,978,285.
Total amount of Canadian bonds sold
CANADIAN BOND SALES FOR PREVIOUS MONTHS.
Rate. Afaturity. Amount. Price. Basis.
Pane.
Name.
2638_ _Sarnia, Ont.(March)_ _..5-534 5-20 years 123,852 102.39 4.72
30 years
32.500 101.19
4.83
2638_ -Weston, Ont.(March)_ _ _5
NEWS ITEMS
-Protective
Buncombe County (P. 0. Asheville), N. C.
We have also learned of the following additional sales for
-The following
previous months:
Committee Formed on Defaulted Obligations.
Rate. Maturity. Amount. Price. Basis, announcement was recently issued to the holders of deName.
Page.
4
1952
000 103.05
3607-Albany S. D., Calif
faulted obligations of the city, the county and their various
4
2630__Ansonia, Conn
1-15 years
75,000
_Beavercreek Twp. S. D.,
subdivisions:
3008_
434 1932-1956
Ohio
2631- _Burley Ind.S.D.No. 1,Ida431 1941-1951
1-3 years
6
2631- _Coffee Co., Tenn
431 1936-1941
2631_ _Coplay, Pa.(Jan.)
4341932-1937
3384__East Liverpool, Ohio..
1932-1943
3000__Ecorse T.S.D.No. 3,Mich5
2816-Elkton S.D.,Mich.(Jan.)431 30 years
1934-1951
30014_ _El Nido Irrig. Dist., Calif6
434 1939-1953
2816.. Etna,Pa
3203__Farmington,N.Mex.
3204__Frultport S. D., Mich_ -535 1932-1951
1938
5
2632__Green Lake Co., Wis
1930-1948
2832__Gree0 Lk.Co.,Wis.(2 iss.)4
1933-1940
4
2633__Indiana, State of
431 1932-1941
2633__Kent, Ohio
2633__Knox Co.. Ind
434 1932-1942
434 1932-1942
2633__Knox Co.,Ind
2817_ _Lawton Gray. D. D. No.
1934-1947
6
11, La
3012-Lexington Co. S. D. No. 1934-1951
6
29, S. Caro
1932-1941
5
3012.._Loveland,Ohio
2634„Lower Pottagrove Twp.
4H 1941-1961
431 1936-1945
,
3012--Mahaska Co. Iowa
2634_Manasquan, N. J.(2 iss.)431 1933-1958
2 years
3012- _Mandan S. S. D.,It. Dak6
1932-1950
4
2818-Mar on Co., md
1932-1946
4
2818_ _Marion Co..Ind
1932-1941
_Marshall Co.,Ind
2834_
434 1932-1941
2818-Massillon Ohio
1932-1941
6
2818-Morocco, nd
2819--Omega Twp. Ind. S. D.
'43.1 1-10 years
Iowa
2635--Perryton Ind.S.D., Tex...
1932-1951
5
(.2 issues)
180.000
r160.800
8.000
10,500
12,198
36,000
60,000
135.000
60,000
33,000
20,000
44,000
183,000
225.000
22,271
7,800
1,600
100.60
4.44
100
100
100.71
100
100.50
100.88
106.34
100
6.66
4.25
4.30
5.00
4.71
5.89
3.92
_-
105.06
105.06
4.65
4.03
100.74
103.09
101.25
1.55
3.84
4.24
9.000 100
100,000
7,000
6.00
100.28
Z65
35.000
885,000
158,500
35,000
47,800
15,000
5.330
40,000
7,500
108.30
100.30
100.20
3.95
4.18
4.72
102.17
101.54
100
100.93
100.50
3175
3.77
6.00
4.32
5.89
17,000
100.29
4.19
45,000
98.03
5.38
A Protective Committee has been formed for the bonds of City of Asheville and school districts, towns recently annexed to Asheville, Buncombe
County, Buncombe County Board of Education, Buncombe County Water
and sewer districts.
01'The personnel consists of: Henry W. George, Treasurer of the Metropolitan Life Ins. Co., Chairman: Fred P. Hayward. Treasurer of the John
Hancock Mutual Life Ins. Co., Boston; Henry Hart, Vice-President of the
First Detroit Co., Detroit: John S. Harris. President of Stranahan, Harris
& Co., Toledo: W. Kelvin Gray, Seasongood & Mayer, Cincinnati: Meade
H. Willis, Vice-President of the Wachovia Bank & Trust Co.. WinstonSalem, N. C.
The committee expects to meet shortly with the City and County officials
to discuss a course of procedure.
-City Council Cuts Realty Values 10%.
Detroit, Mich.
The City Council, sitting as a board of review on assessments
of property for taxation purposes, on May 14 ordered a
blanket reduction of 10% on realty valuation despite the
protests of Mayor Murphy and City Comptroller Roosevelt
that such an action would have an unfavorable effect on the
credit of the city. The total valuation of the city with the
10% reduction effective is given as approximately $3,392,000,000, reducing borrowing capacity under the city's bonded
of the assessed valuation. A special
debt limit of 4
report from Detroit to the New York "Times" of May 17
commented in part as follows:
--. public improvements up tO
-ByThrrarrter, Detroit can issue bend
434% of the assessed valuation, and according to Comptroller Roosevelt,
bonds must be sold within the next few months which will reach this limit
after the 10% reduction in valuation is made. Indeed,if the total reduction
4100
FINANCIAL CHRONICLE
Is in excess of $350.000,000 the limit will be overreached. In that case.
says Mr. Roosevelt, the bonds sold will be valid, but they would cease to
be legal investments for savings banks, trust companies and other institutions in many States, including New York, where most of Detroit's
bonds find a market. The holders would thus have to sell the bonds, to
the great impairment of Detroit's credit.
Mr. Nagel, on the other hand, argues that if the blanket decrease in
valuation were not made, aggrieved taxpayers would attack the city in
the courts, claiming that their property was assessed at more than its
actual value, and since the law specified that actual value must be the basis
of assessment, he believes the courts would hold the assessment illegal
and prevent the collection of the taxes. He insists that even a 10% reduction in assessments will not bring valuations down to actuality, but he
argues that there may be an improvement this year in business and in
real estate values, and that the courts would hold that the city has made
an earnest and honest effort to arrive at a true valuation.
It cannot be truly said that Detroit's financial condition is due to extravagance. Rather it is due to the city's enormous growth in population
and territory in the past decade, and to the low limit which the charter
puts on general public improvement bonds. Population has grown nearly
600,000. By the annexation of many square miles of surrounding villages
and townships the city incurred the expenditure of vast sums for sewers,
street openings and the extension of the fire and police facilities. In
water bonds, public lighting, street railway and other bonds, the city is
well within the limits set by the charter, having issued only about $90,000.000 out of an authorization of nearly $200,000,000. The Council has several
times proposed that the limit of public improvement bonds be raised to
it
534% of the city's valuation, but the people have been unwilling, and to
was only after much argument that they were induced last November
from 4 to 44%.
Increase the total
Rise in Tax Rate Ctrtain.
Reduction of 10% in the assessed valuation means an Increase of about
it the highest in
$2.50 per $1,000 of valuation in the tax rate, making this increase will
Detroit's history. Some political wiseacres assert that
in his campaign for re-election next fall. But
react against Mayor Murphy
the Mayor can claim that it was his expert cutting of an enormous budget
that kept the actual amount to be raised by taxes to approximately last
year's figures, in spite of a large deficit due in great measure to the expenditures for unemployment relief.
Newfoundland-Government Reported in Financial Difficulties.
-Having failed to receive a bid on a ,000,000 5%
-reported from
loan offered on May 22-V. 132, P. 3938
St. John's since that date have stated that much anxiety is
evidenced in local quarters over the financial situation of the
colony's government. The Canadian Press dispatches on
May 26, however, quotes various officials, as having issued
reassuring statements. The Premier of Newfoundland denied
the reports then current that negotiations had been undertaken to sell Labrador in order to avert a default on interest
due June 30. The Finance Minister is said to have issued a
statement saving that the Government was negotiating for
a new loan with the co-operation of the Bank of Montreal
and a11 current checks and obligations would be honored.
-Bondholders' Protective Committee
St. Petersburg, Fla.
-In a statement issued on May 28
Issues New Statement.
the Bondholders' Protective Committee asserts that the
present status of the city's financial problem is very complicated and demands more than an ordinary refunding
operation. The committee is therefore urging all the holders
of the city's bonds to forward their securities for deposit
in order that unified and concerted action may be taken.
(The official advertisement Of this Statement appears on
page ix of this issue.)
BOND PROPOSALS AND NEGOTIATIONS.
-Sealed bids
-BOND OFFERING.
ADA COUNTY (P. 0. Boise) Ida.
were received until 11 a.m. on May 29, by Stephen Utter, Clerk of the
purchase of a $525,000 issue
Board of County Commissioners, for the
of general refunding bonds. Dated July 1 1931. Due in 20 years on the
amortization plan. A certified check for 5% of the bid is required. Assessed
The following information is furnished with the offering notice: sinking
valuation, $37,800,000; population, 37,000. After applying bond
funds now on hand this issue being offered will be the only outstanding
bond obligation.
-The $100,000
-BOND SALE.
AIKEN COUNTY (P. 0. Aiken), S. C.
on May
issue of 4,i% semi-annually debt refunding bonds offered for sale Atlanta.
-was awarded to the First National Bank of
25-V. 132, p. 3753
-The
-BOND SALE.
ANN HARBOR, Washtenaw County, Mich.
-were
$325,000 water works bonds offered on May 25-V. 132, p. 3753
awarded as 3;t; and 34s to the Harris Trust & Savings Bank, of Chicago,
at 100.057, an interest cost basis of about 3.66%. The Bank bid for $176,1936,
000 bonds as 334s, due as follows: $6,000, 1934 and 1935: $8,000.
and $12,000 from 1937 to 1949, incl., and $149.000 bonds as 331s, due as
$14,000 in 1956 and 1957;$15,000,
follows: $12,000 from 1950 to 1955,incl.;
1958: 816,000, 1959, and $18,000 in 1960. All of the bonds are dated
June 1 1931.
prices to
Public offering of the $149,000 3Y4 % bonds is being made at
obligations are
yield 3.60% for all maturities, while the $176,000 334
3.25 o: 1936, 3.30%;
Priced to yield 3.00% for the 1934 maturity; 1935. for the securities due
1937, 3.40%; 1938 to 1940 incl., 3.50%, and 3.55%
from 1941 to 1949 incl. The bonds, in the opinion of counsel, according to
the bankers, are general obligations of the entire city and are payable from
taxes levied against all the taxable property therein.
The following is an official Ilst of the bids submitted at the sale:
Premium.
Int. Rate.
Bidder*$315,152.50
334'7
Guardian Detroit Co.. Detroit
Bonds maturing 1934-1945, inclusive
78.00
g% 1
Bonds maturing 1946-1960, inclusive
5,525.00
Chatham Phenix Corp., Chicago
1,043.00
Braun, Bosworth & Co., Toledo
1
334
Bonds maturing 1934-1941, inclusive
108.00
I
33i
Bonds maturing 1942-1960, inclusive
33j574,153.00
a Harris Trust & Savings Bank, Chicago
1
334
Bonds maturing 1934-1049, inclusive
187.00
I
3(
Bonds maturing 1950-1960, Inclusive
1,907.00
.
3U
First Detroit Co., Detroit
334 es, 1
Bonds maturing 1934-1943, inclusive
126.00
3g A 1
Bonds maturing 1944-1960, inclusive
2,587.00
4%
The Northern Trust Co.. Chicago
5,090.00
47
Stuart & Co.. Chicago
Halsey,
* Amount offered for total issue. a Successful bidder.
Financial Statement (as Officially Reported).
$53,577,300
Assessed valuation for taxation
1,974,774
Total debt(this issue Included)
3794,000
Less water debt
1,180,774
Net debt
26,944
Population, 1930 census
19,516
Population, 1920 census
-BOND ORDINANCE ADOPTED
ASHLAND,Ashland County,Ohio. ordinance was adopted providing
council an
-Ata recent meeting of the city city's portion improvement bonds. To be
$46,000 5%
for the issuance of
1 as follows: $4,000, 1932;
dated not later than July 1 1931. Due Oct.
$4,000, 1936; 85.000, 1937:
85,000, 1933; 84.000, 1934; 55,000. 1935;
$5,000 in 1940 and 1941. Principal and
$4,000. 1938; 85,000. 1939, and
office of the Director of
interest (April and Oct.) will be payable at the
Finance.
'0
Fin. 132.
BARTON TOWNSHIP (P. 0. Mackey), Gibson County, Ind.
BOND SALE.
-The $40,000 434% coupon school building construction
awarded to the Fletcher
-were
bonds offered on May 23-V. 132, p. 3579
Savings St Trust Co., of Indianapolis, at par plus a premium of $1,138,
equal to 102.84, a basis of about 3.82%. The bonds are dated April 15
1931 and mature in from 1 to 15 years. Bids submitted at the sale were
as follows:
Premium.
Bidder$1,138.00
Fletcher Savings & Trust Co.(purchaser)
626.25
Mackey State Bank
601.50
Somerville State Bank
821.45
Union Trust Co.(Indlananolls)
960.40
Peoples American National Bank (Princeton)
-The $75,798.08
-BOND SALE.
BATAVIA, Genesee County, N. Y.
registered street improvement bonds offered on May 26-V. 132, p. 3927Gibbons St Co., of New York, at a
were awarded as 3.80s to George B.
Price of 100.089, a basis of about 3.78%. The award, comprised the following issues:
$39,189.21 series A bonds. Due June 1 as follows: $3,189.21 in 1932, and
$4.000 from 1933 to 1941, incl.
36,608.87 series B bonds. Due June 1 as follows: $3,608.87 in 1932:
34,000 from 1933 to 1938, incl., and $3,000 from 1939 to 1941.
inclusive.
Each issue is dated June 1 1931. Bids submitted at the sale were as
follows:
Rate Bid.
Int. Rate.
Bidder100.089
3.80%
George B. Gibbons & Co. (purchaser)
100.297
3.90,
Marine Trust Co
100.239
3.90
Hayes & Collins
100.071
4.10 o
Batchelder & Co
-BOND
BESSEMER SCHOOL DISTRICT, Gogebic County, Mich.
SALE.
-The $110.000 5% high school building construction bonds offered
on May 20-V. 132, p. 3753
-were awarded to the Hanchett Bond Co., of
of
Chicago, at par plus a premium of $2,101. equal to 101.91, a basis on
about 4.69%. The bonds are dated May 15 1931 and mature $11,000
May 15 from 1934 to 1943 incl.
-The
-TEMPORARY LOAN.
BOSTON, Suffolk County, Mass.
Shawmut Corp., of Boston, was the successful bidder on May 29 for an
issue of $1,000,000 temporary loan notes, dated June 1 1931 and due Oct.2
1931. bidding an interest rate basis of 1.11%. Three bids were received at
the sale, as follows:
Int. Rate.
Bidder
1.11
Shawmut Corp.(purchaser)
1.24
Salomon Bros. & Hutzler (plus $11)
1.29 o
First National Old Colony Corp
-BONDS DEFEATED -We
BRAWLEY, Imperial County, Calif.
-the
are informed that at the election held on May 21-V. 132, p. 3753
voters rejected the proposal to issue $285,000 in power plant bonds.
The total issue was divided as follows: $150,000 in power and light plant
bonds, and $135,000 in other improvement bonds. The vote on the proposals was as follows:
City Hall bonds, $35,000: Yes,589; no,345. Fire station bonds,$20,000:
Yes, 500; no, 397. Water system improvement, $30,000: Yes. 588; no,
tank
335; sewer system improvement. $30,000: Yes, 607; no, 313. Water
bonds, $20,000: Yes, 552; no, 361.
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
F. S. Moseley & Co..of Boston, purchased on May 21 a 8400.000 temporary
loan at 1.599' discount basis. The loan matures Dec. 15 1931 and was bid
for by the following:
Discount Basis.
Bidder
1.59
F. S.Moseley & Co. (purchaser)
1.61
Brockton National Co.(plus $2)
1.61
Plymouth County Trust Co
1.62
Home National Bank
1.63
Merchants National Bank of Boston
1.65
Faxon, Gade & Co
1.66
Bank of Commerce & Trust Co
1.70 o
S. N. Bond & Co.(plus $7)
-BONDS REGISTERED.
BROWN COUNTY(P.0.Brownwood),Tex.
E bonds that was sold recently
-The $177,000 issue of 5% road, series
-was ra^i.tared by the State Comptroller on May 20.
V. 132, p. 3928
S1.000. Due serially.
Denom.
-BOND OFFERING.
CALIFORNIA, State of (P. 0. Sacramento).
until
Sealed bids will be received by Charles (3. Johnson, State Treasurer, Park
of 4% State
10 a. m. on June 11, for the purchase of a $202,000 issue Jan. 2 as follaws:
bonds. Denom. $1,000. Dated Jan. 2 1929. Due on
(J. & J.)
$149,000 in 1940 and $53,000 in 1941. Principal and interest
Treasurer, or at the fiscal agency
payable in gold at the office of the State bonds are issued pursuant to the
These
of the State in New York City.
at the
California State Park Bond Act of 1927. approved by the electors
check for a sum equal to
general election on Nov. 6 1928. A certifiedthe bonds bid for, payable
of
one-tenth of the amount of the par value
to the State Treasurer, is required.
will offer for sale
At 11 a. m.on the same day the above named Treasurer
Denom.
welfare
at public auction,a $4,000,000 issue of4% veterans follows: bonds.
$150,000, 1935:
Dated June 1 1931. Due on Feb. 1 as
$1.000.
$163,000. 1938: $164,000, 1939; $165.000,
$161,000, 1936; $162,000, 1937;
3209,000, 1944:
1940; $171,000, 1941: $207,000, 1942; 3208,000, 1943:
1949;
1948;
8260,000, 1945 and 1946; $270,000. 1947; $280,000, 1952. $290,000, and
Principal
$310,000, 1950; $315,000. 1951, and $255,000 in
Treasurer's office
Interest F. & A.) payable in gold at the State State in New York or at
City.
the option of the holder at the fiscal agency of the
Bond Act of
These bonds are issued pursuant to the Veterans Welfare principal and
approved June 3 1929. Bonds are registerable as to
1929,
interest jointly and are not exchangeable for coupon bonds. No legal
opinions furnished.
Bond Statement.
$167,105,000
Total authorized
138,258,000
Total sold
28,847,000
Total unsold
17,286,500
Total redeemed
120,071,500
Total outstanding
-0. L.
County, Md.-BOND OFFERING.
CAMBRIDGE, Dorchester
receiving sealed bids
Dail, Clerk of the Board of County Commissioners, is
purchase of $50,000 434% improvement bonds,
until June 23 for the
according to report. The securities will be issued in denoms. of $1.000
each.
-Collin
-BOND OFFERING.
CAMBRIDGE,Guernsey County, Ohio.
m. on Juno 10,
Monroe, City Auditor, will receive sealed bids until 12 recently through
bonds, authorized
for the purchase of $41,000 5% city hall
-V. 132. p. 3753. The bonds are dated May 1
passage of an ordinance.
follows:
Nov. 1
1931. One bond for $1,000. others for $2,000. Due Interest as payable
is
$1,000 in 1932, and $2,000 from 1933 to 1952, incl. to bear interest at a
in May and Nov. Bids for the bonds
semi-annually
rate other than 5%, expressed in a multiple of 34 of 1%, will also be considered. A certified check for $425, payable to the order of the City,
must accompany each proposal.
-It Is re-BOND OFFERING.
CAMDEN, Ouachita County, Ark.
ported that sealed bids will be received until July 6, by the City Clerk,
for the purchase of a 326,000 issue of paving bonds.
-BOND SALE.
CAMERON COUNTY (P. 0. Brownsville) Tex.
It is reported that the remaining $1,000,000 of the entire issue of 36,000,000
C. W.
county road bonds has been purchased by a syndicate composed of
and Stranahan
McNear & Co..and A.C.Allyn & Co., Inc.. both of Chicago,bonds was said
Harris & Co. of Toledo, at a price of 90. An option on these
the
to have been given to the above syndicate at the time they purchased
-V. 132, p. 2815.
fifth $1,000,000 portion of these bonds
-The
-BOND SALE.
CANNON COUNTY (P. 0. Woodbury), Tenn. 26-V.
2042
$15,000 issue of impt. bonds offered for sale on March Webster132d,
& ibson of
by Robinson.
L9 reported to have been purchased
Nashville.
-The
SALE.
CAROLINE COUNTY (P. 0. Denton) Md.-BOND p. 3753
-were
132,
$75,000 434% refunding bonds offered on May 19-V. 104.612. a basis et
a price of
awarded to the Baltimore Co.,of Baltimore, at and mature $5,000 annually
about 3.86%. The bonds are dated May 1 1931 bidders are re-offering the
on May 1 from 1940 to 1954 incl. The successful
of Cook & Markell,
bonds for general investment, subject to the approval
at prices to yield 3.75%.
MAY 30 1931.]
FINANCIAL CHRONICLE
CECIL COUNTY (P. 0. Elkton) Md.-PETITION FOR VOTE ON
$1,000,000 BOND ISSUE.
-Seventy-eight petitions bearing the signatures
of 2,966 voters in the county have been filed with the Secretary of State
asking for a referendum on the $1,000,000 road bond bill passed at the
recent session of the State Legislature. The State Constitution provides
that any bond bill passed by the Legislature may be submitted to the
voters of the municipality affected, provided 10% of the voters petition the
Secretary of State for such action before June 1 of the year in which the
bill was passed.
CENTER SCHOOL TOWNSHIP(P.O.Plymouth), Marshall County,
Ind.
-BOND SALE.
-The $15,000 434% coupon school building construction bonds offered on May 23-V. 132, p. 3580
-were awarded, to the
First National Bank of Marshall County, of Plymouth, at par plus a
premium of $500, equal to 103.33, a basis of about 3.80%. The bonds
are dated July 2 1931 and mature $750 semi-annually on Jan. and July
2 from 1932 to 1941, incl. Bids submitted at the sale were as follows:
BidderPremium.
First National Bank of Marshall County (purchaser)
$500
Fletcher Savings Bank & Trust Co
388
Union Trust Co.(Indianapolis)
203
CENTRAL FALLS, Providence County, R. I.
-BOND SALE.
Joseph T. Curran, City Treasurer, informs us that the issue of $500,000
coupon refunding bonds for which all bids received on April 15 were rejected
-V. 132, p. 3008
-were subsequently purchased on May 12 at a price of
par by the Industrial Trust Co., of Providence. The bonds are dated April
1 1931 and mature $50,000 annually on April 1 from 1932 to 1941 inclusive.
CENTREVILLE, Queen Annes County, Md.-BOND SALE.
-The
$70,000 5% coupon electric light plant impt. bonds offered on May 22V.132, p.3580
-were awarded to the Mercantile Trust Co.and Stein Bros.
& Boyce, both of Baltimore, jointly, at a price of 101.899, a basis of about
4.49% The bonds are dated July 1 1931 and mature July 1 as follows:
$5,000. 1932: $7,000, 1933; $10,000, 1934; $17,000, 1935; $18,000. 1936:
$6,000 in 1937, and $7,000 in 1938. Bids submitted at the sale were as
follows:
BidderRate Bid.
Mercantile Trust Co., and Stein Bros. & Boyce (purchasers)
101.899
C.T.Williams & Co
100.854
John P.Baer & Co
101.55
CHARITON, Lucas County, Iowa.
-MATURITY.
-The $35,000
issue of city hall bonds that was purchased by the National Bank & Trust
Co. of Chariton, as 4s, at a price of 100.07-V. 132, p. 3928
-is due as
follows: $1,000, 1933 and
$2,000, 1935;$1,000, 1936;$2,000 1937 and
1938; $1,000, 1939; 52,000, 1940 to 1943; $3,000, 1944: $2,000, 1945 and
1934*'
1946: $3,000, 1947 and 1948. and $2,000 in 1949 and 1950, giving a basis of
about 3.99%.
CHEEKTOWAGA COMMON SCHOOL DISTRICT NO. 11 (P. 0.
Buffalo), Erie County, N. Y.-bOND OFFERIA G.
-Kathryn Long
;
District Clerk, will receive sealed bids until 8p. m.(daylight saving time)
on June 9 for the purchase of $185,000 not to exceed 6% interest coupon
or registered school bonds. Dated May 1 1931. Denom. $1.000. Due
May 1 as follows: $5,000 from 1935 to 1939, incl.: $6,000 from 1940 to
1944, incl.; $7,000 from 1945 to 1949,incl.; $8,000 from 1950 to 1954,incl.;
$9,000 from 1955 to 1959, incl.; and $10,000 in 1960. Rate of interest
to be expressed in a multiple of X of 1-10th of 1% and must be the same
for all the bonds. Principal and semi-annual interest(M.& N.)are payable
at the M. & T. Trust Co. Buffalo. or at the Bankers Company of New
York, New York. A certified check for $4,000, payable to William Perigo,
Treasurer, must accompany each proposal. The approving opinion of
Clay, Dillon & Vandewater, of New York, will be furnished the purchaser.
The Clerk willreceive the bids at Public School No.11,1635 East Delevan
Ave., Cheektowaga.
CHEYENNE, Laramie County, Wyo.-BOND SALE.
-The
Issues of bonds aggregating $100,000, offered for sale on May 25-V. two
132
-were purchased by a syndicate composed of the American National
p.3753
Bank, and the Stock Growers National Bank, both of Cheyenne, and
Geo. W. Vallery & Co. of Denver, as 430, at a price of 100.432, a basis of
about 4.45%. The issues are as follows: $85,000 fire department, and
$15,000 airport bonds. Dated June 1 1931. Due in 30 years, optional
after 10 years.
CHICAGO, Lincoln Park District, Cook County, 111.
-BOND
SALE.
-The $3,000,000 434% series B coupon park improvement bonds
-were awarded to a syndicate comoffered on May 26-V. 132, p. 3754
posed of the Harris Trust & Savings Bank,the First Union Trust & Savings
Bank, and the Northern Trust Co., all of Chicago, on its bid of 98.579, a
basis of about 4.68%. The issue is dated May 1 1931 and matures $150,000
annually on May 1 from 1932 to 1951 incl. The only other bid submitted
came from the Chatham Phenix Corp., of New York, and Ames, Emerich
& Co.,of Chicago,jointly. They bid a price of par plus a premium of $5
for a block of $500.000 bonds, and also offered a price of 100.50 for an
-day option on the ba ance of the issue.
initial $500,000 bonds, with a 30
The issue met with a favorable response from investors and prior to the
close of the business on the day of the award the bankers had succeeded
in marketing two-thirds of the bonds, according to the Chicago "Journal
of Commerce."
CHICAGO RIVER PARK DISTRICT, Cook County, III.
-BOND
-C. W. McNear & Co. of Chicago, recently purchased an issue of
SALE.
$110,000 434% park impt. bonds, according to report. The bonds are
dated April 1 1931 and mature $11,000 annually on April 1 from 1942 to
1951 incl. Denom.$1,000. Prin. and semi-ann. int. (J. & J.) are payable
at the Continental Illinois Bank & Trust Co., Chicago. Legality approved
by Chapman & Cutler of Chicago.
CLARK COUNTY (P. 0. Arkadelphia), Ark.
-MATURITY
.-The
$50,000 issue of 5% coupon (M. & S.) jail bonds that was purchased by
J. D. Brock of Hot Springs, at par-V. 132. P. 3928
-is due on Sept. 1 as
follows: $2,000, 1931 and 1932: $2,500, 1933 to 1935; $3,000. 1936 to 1939;
$3,500. 1940 to 1942 and $4,000, 1943 to 1946, all inclusive.
CLARKE COUNTY SCHOOL DISTRICT NO.59(P.O. Vancouver),
-The $39,000 issue of 534% school bonds that
Wash.
-PRICE PAID.
was Purchased by the State of Washington-V.132, p. 3754
-was awarded
at par. Due in 20 years.
-BOND SALE.
CLAY COUNTY (P. 0. Brazil), Ind.
-The $13,444
434% coupon bonds offered on May 23-V. 132, p. 3754
-were awarded
as follows:
Samuel T. Butts et al. Sugar Ridge Twp. road impt. bonds pur$7,200
chased by the Brazil TAM Co., of Brazil, at par plus a premium of
$328, equal to 104.56, a basis of about 3.82%. Dated Nov. 11930.
Due $240 July 15 1932; $240 Jan. and July 15 from 1933 to 1946,
incl., and $240 Jan. 151947.
6,244 John L. Leachem et at.. Posey Twp. road impt. bonds purchased
by the Citizens National Bank, of Brazil, at par plus a premium
0. 5258.50, equal to 104.10, a basis of about 3.85%. Dated June
1 1931. Due $223 July 15 1932; $223 Jan. and July 15 from 1933
to 1945, incl.. and $223 Jan. 15 1946.
The following is a list of the bids submitted at the sale:
$7.200
$6,244
Bidder
Premium
Brazil Trust Co.
8328.00
Citizens National Bank
x$25.850
Fletcher Savings & Trust Co.
327.00
257.00
Merchants National Bank (Muncie)
222.22
182.82
x Successful bids.
CLEVELAND, Cuyahoga County, Ohlo.-BOND OFFERING
.-The
$600,000 434% coupon public hall annex bonds previously advertised for
award on May 8, but withdrawn from the market prior to the date of
sale
-V.132. p. 3383-are being re-offered for award at 12 m. on June 19.
Sealed bids for the issue will be received by S. G. Rusk, Director of Finance..
The bonds are dated April 1 1931 and mature $24.000 annually on Sept. 1
from 1932 to 1956, incl. Denom. $1,000. Principal and semi-annual
interest (March & Sept.) payable at the Irving Trust Co., New York.
Bids for the bonds to bear interest at a rate other than 434%, expressed
of 1%, will also be considered. Split interest rate bids
In a multiple of
will not be considered. A certified check for 3% of the amount of bonds
bid for, payable to the order of the City Treasurer, must accompany each
proposal. Bid to be on blank form furnished upon application to the
Director of Finance. The favorable opinion of Squire. Sanders & Dempsey
of Cleveland, with a full transcript of the proceedings, will be furnished
to the successful bidder.
(On May 8 an issue of $500,000 1- to 25-year St. impt. bonds was sold
as 334s at 100.389, a basis of about 3.71%. V. 132, p. 3754.)
-
X
4101
COLD SPRING, Putnam County, N. Y.
-BONDS VOTED.
-The
Village Clerk informs us that at an election held on May 28 the voters
approved of the issuance of $10,000 in bonds for street repair purposes.
The measure passed by a vote of 85 to 56. Matters pertaining to the actual
sale of the issue will be handled by Joseph P. Shea, Village Counsel.
COLMAR MANOR, Prince George's County, Md.-BOND OFFERING.
-The Town Clerk will receive sealed bids until 8 p. m. on June 2
for the purchase of $80,000 street impt. bonds to be dated July 1 1931.
A certified check for $500 must accompany each proposal.
Further details regarding the issue may be obtained from Bird H. Dolby,
Town Solicitor, 3405 Perry St., Mount Rainier, Md.
-BOND SALES.
-The following
COLORADO,
State of (P.O. Denver).
issues of bonds are reported to have recently been purchased: Joseph D.
Grigsby & Co. of Pueblo bought $8,000 Baca County Sch. Dist. No. 67
bonds subject to an election; $2,600 Baca County Sch. Dist. No. 39 bonds
the same way; $100.000 5% Yuma electric light revenue bonds, due in
from 1 to 20 years; $21,000 4 % Kit Carson County School District No. 1
refunding bonds at 100.26, prior to an election, and $21,000 Mesa County
School District No. 19 refunding bonds, also subject to a pending election.
Bosworth, Chanute, Loughridge & Co. of Denver, have purchased these
Issues: $27,000 Montrose County School District No. 15: $13.400 Montrose
County School District No. 16, and $12,000 Montrose County School
District No. 25. All of the issues were refunding bonds. Henry Wilcox
& Son of Denver purchased $11,000 431% Weld County refunding bonds
at 101.30, subject to an election, also $18,000 Weld County School District
No. 81 4 % refunding bonds at 100.46. Boettcher, Newton & Co. of
Denver purchased $13,000 534% semi-ann.serial San Miguel County School
District No. 1 funding bonds, prior to an election that was held and approved on May 4. Due $1,000 from 1936 to 1948 incl. Heath, Larson
& Co. of Denver were the purchasers of $15,000 534% Crowley County
School District No. 1 semi-ann. refunding bonds, and $25,000 434%
Adams and Arapahoe Counties Joint School District No.29 building bonds.
X
X
-TEMPORARY LOAN.
-The
CONCORD, Merrimack County, N. H.
First National Old Colony Corp., of Boston, purchased on May 26 a
$200,000 temporary loan at 1.58% discount basis. The loan is dated
May 28 1931 and matures Dec. 24 1931.
The following is a list of the bids submitted at the sale:
Discount Basis.
Bidder
1.58%
First National Old Colony Corp.(purchaser)
1.61%
Shawmut Corp
1.627
0
Salomon Bros. & Hutzler
S. N. Bond & Co
1.74%
-BOND SALE.
-The $25,000
CORVALLIS Benton County, Ore.
Issue of 5% semi-annual public library bonds offered for sale on May 25V. 132. p. 3929
-was awarded to the State of Oregon, paying a premium of
$1,477.50, equa. to 105.91, a basis of about 4.36%. Dated _June 1 1931.
Due $1,000 from June 1 1932 to 1956.
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.--ROND OFFERING
-F. J. Husak, Clerk of the Board of County Commissioners, will receive
sealed bids until 11 a. m.(Eastern standard time) on June 12 for the purchase of $3,000,000 434% coupon or registered Lorain-Central bridge construction bonds. Dated June 1 1931. Denom. $1,000. Due $60,000
April and Oct. 1 from 1932 to 1956 incl. Prin. and semi-ann.int.(A. & 0.)
are payable at the offiee of the County Treasurer. Bids for the bonds to
bear int, at a rate other than 434%, expressed in a multiple of X of 1%.
will also be considered. The bonds were authorized at the general election
on Nov.27 and, according to report, are payable from a tax unlimited as to
rate or amount. Bids must be for all of the bonds and must state a single
rate of int. therefor. A certified check for $30,000, payable to the order
of the County Treasurer, is required. The approving opinion of Squire,
Sanders & Dempsey of Cleveland may be procured by the purchaser at
his own expense.
-BOND SALE.
-The $16,000 coupon
CYGNET, Wood County, Ohio.
-were awarded as
water works bonds offered on May 22-V. 132, p. 3754
5s to Ryan, Sutherland & Co. of Toledo at par plus a premium of $73,
equal to 100.45, a bvis of about 4.935". The bonds are dated April 1
1931 and mature 51,000 on Oct. 1 from 1932 to 1947 incl. Bids submitted
at the sale were as follows:
Int. Rate. Premium.
Bidder5%
573.00
Ryan,Sutherland & Co.(purchasers)
41.60
534 V
BancOhio Securities Co
17.00
534%
Spitzer, Rorick & Co.
-BOND SALE.
-The $10,000
DELOIT, Crawford County, Iowa.
issue of water works bonds offered for sale on May 26-V. 132, p. 3929
was awarded to the State Savings Bank. as 5s, at par. Due $1,000 from
Nov. 1 1941 to 1950 incl. Optional after 1941. The only other bid received
was an offer of par on 68 by the White-Phillips Co. of Davenport.
-CHARTER AMENDMENT
DENVER (City and County) Colo.
-the
VOTED.
-At the special election held on May 19-V. 132, p. 3929
voters approved an amendment to the city charter by a vote of 40,829
"for" to 21,988 "against" whereby the city is permitted to invest various
sinking funds in the general obligation bonds of the city.
The $2,500,000 issue of not to exceed 434% court house completion
bonds voted on that day, is reported to have been approved by a count of
25,393 to 19,603. Due $400,000 from 1941 to 1945 and $500,000 in 1946.
-BOND OFFERING.
-Sealed
DES MOINES, Polk County, Iowa.
bids will be received by Emmett Cl. Powers, City Treasurer, until 10 a. m.
on June 1, for the purchase of an issue of $198,000 4% funding bonds.
Dated J1.1.110 1 1931. Due on May 1 as follows: 55.000, 1932; $6,000, 1934;
$7,000, 1935; $10,000, 1937 and 1938; $15,000, 1939 to 1942, and $20,000,
1943 and 1945 to 1948. Prin. and int.(M. & N.) payable at the office of
the City Treasurer. Each bond will be registered as to principal. Open
bids will also be received. The approving opinion of Chapman & Cutler
of Chicago will be furnished. A certified check for $5,000 must accompany
the bid.
DONEGAL TOWNSHIP SCHOOL DISTRICT (P.O. Butler), Butler
-The $29,700 school construction and equipCounty, Pa.
-BOND SALE.
-were awarded as 4348,
ment bonds offered on Feb. 24-V. 132. p. 1457
at a price of par to Glover, MacGregor & Cunningham of Pittsburgh.
Sturgeon Bay) Wis.-BOND SALE -The
DOOR COUNTY (P. 0.
$630,000 issue of 434% semi-ann. highway bonds offered fur sale on May 27
-V. 132. p. 3754
-was awarded to the Northern Trust Co. of Chicago,
paying a premium of $31,770.90, equal to 105.043, a basis of about
3.83%. Due as follows: $25,000 in 1937: $125.000. 1938 to 1941. and
$105,000 In 1942.
DUNN COUNTY (P.O. Manning), N. Dak.-BIDS.-The following is
an official list of the other bids received for the $35,000 issue of registered
road building bonds that was purchased by the First National Bank of
Dickinson, as 434s at a price of 101.28, a basis of about 4.59%.-V. 132,
P. 3929:
Rate Bid. Premium.
Bidder4X T
$443.00
BancNorthwest Co.of Minneapolis
4X 0
175.00
Drake
-Jon. Minneapolis
es Co of
135.00
434%
Paine-Webber Co.of Minneapolis
112.00
454%
H.M.Byllesby & Co.of Minneapolis
75.00
4X 70
Seasongood & Mayer of Cincinnati
108.50
5%
Hanchett Bond Co.of Chicago
-The
-BOND SALE.
DURHAM COUNTY (P. 0. Durham), N. C.
two issues of coupon or registered bonds aggregating $468,000, offered for
-were jointly purchased by Harris,
sale on May 28-V. 132. p. 3929
Forbes & Co.of New York,and the Wachovia Bank & Trust Co of WinstonSalem, as 434s, paying a premium of $5,962.44, equal to 101.274. a basis of
about 4.60%. The issues are divided as follows:
$380,000 school funding bonds. Due from June 1 1933 to 1951 incl.
88,000 funding bonds. Due from June 1 1933 to 1944 inclusive.
-The above bonds were imBONDS OFFERED FOR SUBSCRIPTION.
mediately re-offered by the purchasers for general investment at prices
to yield from 3.75% to 4.40%, according to maturity. They are reported
to be direct general obligations of the entire county, payable from unlimited ad valorem taxes on all the taxable property therein.
EAU CLAIRE, Eau Claire County, Wis.-BOND OFFERING.
Sealed bids will be received until 10 a.m. on June 10, by 0. E. Oien, City
Clerk,for the purchase of an $80,000 issue of 434% Dewey St. bridge bonds.
Denom.$1,000. Dated May 1 1931. Due 54,000 from May 1 1932 to 1951
incl. Prin. and int. (M. & N.) payable at the Union National Bank of
Eau Claire. Principal only of bonds may be registered. Authority for
issuance: Chap. 67. Wisconsin Stat. 1929. Purchaser will be required to
4102
FINANCIAL CHRONICLE
furnish legal opinion covering this issue, also furnish blank forms and print
bonds for the following: $80,000, Dewey St. bridge bonds; $25,000, Grand
Ave. bridge bonds and $32,000 school bonds. The Grand Ave. and school
bond issues are being held for investment of city trust funds. A certified
check for 2% must accompany the bid.
Official Financial Statement.
True value (estimated) of all taxable prop.in municipality--..840,252,600.00
Assessed val. of real & personal prop., equalized for 1930_ _ 26,566,722.00
Total bonded debt, incl. this issue of $80,000.00. also Grand
Ave. bridge bonds, $25,000.00, and school bonds, $32,032,800.00
000.00
Amount of bonds outstanding issued by municipality for
176,000.00
water works,included in above
65,550.00
Sinking fund (general)
None
_
Sinkingfund for water works bonds(not included above)_
1,500,000.00
Value of property owned by municipality
Population, State or U. S. Census 1930, 26,337; present
27,000,
estimate
EDNA INDEPENDENT SCHOOL DISTRICT (P. 0. Edna), Jackson
-The $65,000 issue of 5% serial
County, Tex.
-BONDS REGISTERED.
-was registered
school bonds scheduled for sale on May 11-V. 132, p. 3755
on May 21 by the State Comptroller.
-BOND OFFERING.
ELMWOOD PLACE, Hamilton County, Ohio.
R. J. Quinn, Village Clerk, will receive sealed bids until 12 m. on June 17
for the purchase of $20,000 43 % incinerator bonds. Dated July 1 1931.
Denom. $1,000. Due $1,000 Oct. 1 from 1932 to 1951, incl. Interest is
payable semi-annually in April and Oct. Bids for the bonds to bear interest
at a rate other than 4 X %,expressed in a multiple of X of 1%, will also
be considered. A certified check for $2,000 payable to the order of the
Village, must accompany each proposal.
EL PASO COUNTY SCHOOL DISTRICT NO. 54 (P. 0. Tacony),
Colo.
-A $47,000 issue of 5% refunding bonds has been
-BOND SALE.
purchased recently by Causey, Brown & Co. of Denver. Dated Oct. 1
1931. Due from 1932 to 1941.
A $13,500 issue of 4X 7 refunding bonds of School District No.29 was
0
also purchased by Peck, Brown & Co. of Denver. Dated Jan. 1 1932.
Due in from 1 to 13 years.
ERIE, Erie County, Pa.
-BOND SALE NOT CONSUMMATED
ISSUES RE
-The award on May 1 of three issues of 4X%
-OFFERED.
bonds aggregating $257.000 to the Erie Trust Co. of Erie, at 103.35, a
basis of about 3.67%-V. 132, p. 3581-apparently was not consummated
as the issues are being re,advertised for sale on June 9. Sealed bids for the
issue will be received until 10 a.m.(Eastern standard time) on that date by
M. J. Henry, Acting City Clerk. The offering comprises the following
issues:
$142,000 (1931) paving impt. bonds. Due May 15 as follows: $22,000 in
1932, and $20,000 from 1933 to 1938 incl.
100,000 (1931) municipal impt. bonds. Duo $5,000 May 15 from 1934 to
1953 incl.
15,000 (1931) series A sanitary sewer bonds. Due $3,000 May 15 from
1932 to 1936 incl.
Each issue is dated May 15 1931. Prin. and semi-annual int. (May and
Nov. 15) are payable at the office of the City Treasurer. Coupon bonds,
registerable as to principal only. A certified check for $2,570, pa,yable to the
order of the City Treasurer, must accompany each proposal. Bonds to be
paid for and delivered at the office of the City Treasurer.
-Carl E.
-BOND OFFERING.
ESCANABA, Delta County, Mich.
Anderson, City Clerk, will receive sealed bids until 4 p. m.(Central standard time) on June 18 for the purchase of $180,000 4X% sewage treatment
plant bonds. Dated July 1 1931. Denoms. $1,000 and $500. Due
$10,000 July 1 from 1933 to 1950 incl.; optional after July 1 1938. Prin.
and semi-ann. hit. (J. & J.) payable at a place designated by the purchaser.
A certified check for 2% of the amount of the bid must accompany each
proposal. These bonds were authorized at an election held on May 4.
-V. 132. p. 3581.
FALLON COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Baker),
Mont.
-BOND OFFERING.
-It is reported that sealed bids will be received
until 8 p. m.on June 15 by Evelyn B. Hitch, District Clerk for the purchase
of a $10.000 issue ofschool bonds.
FAYETTE COUNTY (P. 0. West Union), lowa.-BOND SALE.
The $9,000 issue of annual primary road bonds offered for sale on April 16
-V.132, p. 3010
-was purchased by the White-Phillips Co. of Davenport,
88 4 Xs, paying a premium of $82, equal to 100.91, a basis of about 4.06% •
(To optional date.) Dated May 11931. Due on May 11944. optional after
May 1 1936.
-BONDS NOT
FENTRESS COUNTY (P. 0. Jamestown), Tenn.
-It is reported that the $100,000 issue of 6% semi-ann. warrant
SOLD.
-was not sold. Dated
-V.132, p. 1845
funding bonds offered on March I2
March 1 1931. Due in 40 years, optional in 20 years.
-The $8,000
FLAXTON, Burke County, N. Dak.-BOND SALE.
Issue of 5% semi-annual impt. bonds offered for sale on May 16-V. 132,
-was purchased by an undisclosed purchaser. Dated. May 1 1931.
p. 3755
Due 81,000 from May 1 1034 to 1941, incl.
-BOND OFFERING.
FLORHAM PARK, Morris County, N. J.
Joseph W. Abrahamson, Borough Clerk, will receive sealed bids until
8 p.m. (daylight saving time) on June 9 for the purchase of $50,000, 4,
43.(, 4.5i or 4.S1% coupon or registered street improvement bonds. Dated
June 1 1931. Denom. $1,000. Due June 1 as follows: $5,000 from 1932 to
1935 incl., and $6,000 from 1936 to 1940 incl. Principal and semi-annual
Interest (June and December) are payable at the First National Bank of
Madison,of Madison. No more bonds are to be awarded than will produce a
premium of $1,000 over $50,000. A certified check for 2% of the amount
of bonds bid for, payable to the order of the Borough, must accompany
each proposal. The approving opinion of Hawkins, Delafield & Longfellow
of New York, will be furnished the successful bidder.
-An
FLOYD COUNTY (P. 0. Prestonsburg), Ky.-BOND SALE.
$80,000 issue of 6% road and bridge funding bonds has been purchased
by C. W.McNear & Co. of Chicago. Denom.$1,000. Dated May 1 1931.
Prin. and in (M. & N.) payable at the Central Hanover Bank & Trust
Co. In New York. Legality approved by Squire, Sanders & Dempsey
of Cleveland.
-The $75,000
-BOND SALE.
FORSYTH, Rosebud County, Mont.
issue of water plant construction bonds offered on May 11-V. 132. p.3203
--V188 purchased by the First Securities Corp. of St. Paul and Minneapolis,
%
as 53 s, paving a premium of $100, equal to 100.13, a basis of about 5.73%•
Due from Jan. 1 1932 to 1950, and optional after 5 Years.
FRASER SCHOOL DISTRICT (P. 0. Hot Sulphur Springs),
-The $15,000 issue of
-BOND DESCRIPTION.
Grand County, Colo.
-was pur4).% school bonds that was reported sold-V. 132,ap. 3765 of $933,
chased by the U. S. National Co. of Denver, paying premium
106.22, a basis of about 3.75% (to optional date). Due in 20
equal to
years and optional after 10 years.
FREDERICK COUNTY (P. 0. Frederick), Md.-BOND SALE.
offered on
The following issues of coupon bonds aggregating $510,000 Securities
awarded to the First National
May 23-V. 132. p. 3581-were
Co., of Baltimore, at par plus a premium of $21,965.32, equal to 104.306.
a basis of about 3.71%
1931. Due Oct. 1 as follows: $18,000 from
$186,000 4,p refunding bonds of $6,000 in 1956.
1 46 to 1955 incl., and
Oct. 1 as follows: $12,000 from
124,000 4 % school bonds of 1931. Due 1950.
1941 to 1949 incl., and $16,000 in
1931. Due $10,000 Oct. 1 from 1932 to 1941
100,000 434% road bonds of
inclusive.
on Oct. 1 from 1941 to 1945
100.000 4% serial bonds of 1931. Due $20,000
inclusive.
Co.. of Baltimore,
is dated April 1 1931. Baker, Watts & bids were also subEach issue
other
bid par plus a premium of $19,170.54. Several
mitted at the sale.
DEFEATED.
FULTON COUNTY (P. 0. Atlanta), Ga.-BONDS-the voters are
2816
At the special election held on May 23-V. 132, p. $500,000 in school
reported to have defeated the proposed issuance of
building bonds.
-BOND OFFERING.
GARY SCHOOL CITY, Lake County, Ind. until 4 p. m.on June 9
The Board of School Trustees will receive sealed bids Dated June 1 1931.
% school bonds.
for the purchase of $30,000
be payable
Denom.$1,000. Due in 20 years. Prin. and semi-ann. int. willbidder may
at any bank in Gary, Chicago or New York that the successful
(Vou 132.
designate in his bid. A certified check for $1,000 must accompany each
proposal. Printed bonds and legal opinion will be furnished by the District.
GENESEO UNION FREE SCHOOL DISTRICT NO.5(P.0.Geneseo)
-Harold A. Doty. DisLivingston County, N. Y.
-BOND OFFERING.
trict Clerk will receive sealed bids until 7:30 p. m. (Eastern Standard
Time) on June 20, for the purchase of 8275,000 not to be exceed 6% interest coupon or registered school bonds. Dated July 1 1931. Denom.
$1,000. Duo July 1 as follows: $5,000 in 1932, and $10,000 from 1933 to
1959, incl. Rate of interest to be expressed in a multiple of 34 of 1% and
must be the same for all of the bonds. Principal and semi-annual interest
(Juno and Dec.) are payable at the Geneseo Valley National Bank & Trust
Co., Geneseo. A certified check for $5,500, payable to the order of the
Board of Education, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished
the purchaser.
GLEN COVE, Nassau County, N. T.
-The $170,000
-BOND SALE.
coupon or registered (series A) street improvement bonds offered on May
22-V. 132, p. 3755
-were awarded as 334s to the First National Bank, of
Glen Cove, at par plus a plremium of $85, equal to 100.05, a basis of about
5.49%. The bonds are dated May 1 1931 and mature May 1 as follows:
$10,000 in 1933 and 1934, and $15,000 from 1935 to 1944, incl.
The following is an official list of tha bids submitted at the sale:
BidderInt. Rate. Premium.
First National Bank, Glen Cove (purchaser)
$85.00
3.50%
M. M. Freeman & Co., Inc
319.60
3.607
257.00
Stephens & Co
3.60%
181.90
Wallace, Sanderson & Co
3.60%
136.00
Emanuel & Co
3.60%
933.47
First Detroit Co
0
3.707
493.00
Phelps, Fenn & Co
3.70%
355.30
Nassau Union Bank, Glen Cove
3.70%
335.60
3,70%
Roosevelt & Son
59.50
3.70%
Harris, Forbes & Co
154.70
Glen Cove Trust Co
3.70%
423.31
3.75
Bankers Co. of New York
321.30
(
3.80 i
Lehman Bros
431.00
3.90%
A. M. Lamport & Co
510.00
4.00%
Batchelder & Co
Financial Statement.
Indebtedness
$1,693,904.00
Gross debt: Bonds (outstanding
67,500.00 $1,761.404.00
Floating debt(incl. temporary bonds outst.)
None
Deductions: Water debt
None
Sinking funds, other than for water bonds
81,761,404.00
Net debt
Bonds to be issued: Street improvement bonds,
$170,000.00
series A, 1931
102,500.00
67,500.00
Floating debt to be funded by such bonds- Net debt, incl. bonds to be issued
Assessed Valuations
Real property including improvements 1930
Personal property 1930
Special franchises 1930
$1,863,904.00
$28,380,282.00
369,650.00
337,922.00
$29,087,854.00
Population: Census of 1930, 11,430. Tax rate: Fiscal year 1930, local
rate $26.10 per 1,000.
GRAFTON, Ozaukee County, Wis.-ADDITIONAL INFORMATION.
-The $56,000 Issue of sewer and water bonds that was reported sold
-V. 132, p. 3930
-was purchased by H. M. Byllesby & Co. of Chicago, as
4Xs, paying a premium of $1,596, equal to 102.85, a basis of about 4.43%.
Due from 1933 to 1951.
GRAHAM COUNTY (P. 0. Robbinsville), N. C.-I30ND OFFERING.
It is reported that sealed bids will be received until 11 a. m. on June 2. by
Chas. NI. Johnson, Secretary of the Local Government Commission, at
his office in Raleigh, for the purchase of a $25,000 issue of 6% semi-ann.
county bonds. Due from 1933 to 1947.
-BOND OFFERINO.-Claude
GRANT COUNTY (P.O. Marion), Ind.
Hamilton, County Treasurer, will receive sealed bids until 10 a. m. on
June 5 for the purchase of $22,000 4 X% Van Buren Twp. road improvement bonds. Dated May 15 1931. Denom. $1,100. Due $1,000 July 15
1932: $1,100 Jan. and July 15 from 1933 to 1941 incl., and $1,100 Jan. 15
1942. Interest is payable semi-annually on Jan. and July 15.
-BOND OFFERING.
GREENCASTLE, Franklin County, Pa.
W. W. McKinnie, Secretary, will receive sealed bids until 8 p.m. on June 1,
for the purchase of $16,000 4 X% bonds. Dated June 1 1931. Denom.
$500. Due $2,000 on Juno 1 from 1942 to 1949, incl. Interest Is payable
semi-annually in June and December. A certified check for 2% of the
par value of the bonds, payable to the order of the Borough Treasurer,
must accompany each proposal.
-A $14,000 issue
-BOND SALE.
GRENADA, Grenada County, Miss.
of city bonds is reported to have been purchased by an undisclosed investor.
-Sealed bids
-BOND OFFERING.
Parish, La.
GRETNA, Jefferson
will be received until 7:30 p. m. on June 2, by A. Pierce, City Clerk, for
the purchase of an issue of $150,000 sewerage bonds. Interest rate is not
to exceed 6%, payable semi-annually. Denom. $1,000. Due as follows:
$1,000 in 1932: $2,000, 1933 to 1940; $3,000, 1941 to 1044; $4,000, 1945
to 1949: 85,000, 1950 to 1955: $6,000, 1956 to 1961, and $7,000, 1962 to
1966, all incl. Principal and interest payable at any bank designated by
the purchaser. No additional bonds will be issued during the coming year.
These bonds were voted at an election held on April 21. A $3,500 certified
check must accompa
3930.)ny the bid. (This report supplements that given
in V. 132, p.
GRIFFIN SPECIAL TAX SCHOOL DISTRICT NO. 24 (P. 0. Bar-Sealed bids will be re-BOND OFFERING.
tow), Polk County, Fla.
ceived until 11 a. m. on Juno 3 by T. T. Hatton, Secretary of the Board of
of a $12,500 issue of 6% school bonds.
Public Instruction, for the purchase
Donom. $500. Dated March 1 1931. Due $500 from March 1 1934 to
1958 incl. Prin. and int.(M.& S.) payable at the Florida National Bank
of Lakeland. These bonds have been validated by the Circuit Court of the
Tenth Judicial Circuit of Florida, and by a special act of the State Legislature of the 1931 session. A certified check for 10% of the bid, payable to
the Board of Public Instruction, is required.
(The preliminary report of this offering appeared in V. 132, p. 3581.)
HAMILTON CITY SCHOOL DISTRICT, Butler County, Ohio.
BOND OFFERING -Charles F. Iloldefer, Clerk-Treasurer of the Board
of Education, will receive sealed bids until 12 in. (Eastern Standard Time)
on June 16, for the purchase of $515,000 5% school building construction
bonds. Dated July 1 1931. Denom. $1,000. Due Sept. 1 as follows:
$22.000 from 1932 to 1945, incl., and $23,000 from 1946 to 1954, incl.
Principal and semi-annual interest (March and Sept.) are payable at the
First National Bank & Trust Co., Hamilton. Bids for the bonds to bear
interest at a rate other than 5%, expressed in a multiple of Y4 of 1%. will
also be considered. Split rate bids, however, will not be considered. These
bonds were authorized at the general election in November 1927 and are
payable from a tax levied outside of tax limitations. A certified check for
$10,000, payable to the order of the above-mentioned official, must accompany each proposal. The favorable opinion of Squire, Sanders &
Dempsey, of Cleveland, with the full transcript of proceedings will be
furnished the successful bidder without charge. Bids otherwise conditioned will not be considered.
-BOND OFFERHAMILTON COUNTY (P. 0. Cincinnati), Ohio.
ING.
-E.J. Dreihs,Clerk of the Board of Commissioners, will receive sealed
bids until 12 m. on June 16, for the purchase of $131,434.30 434% road
improvement bonds. Dated June 1 1931. One bond for $434.30, others
for $1,000. Due Dec. 1 as follows: $13434.30 in 1932; $14.000, 1933, and
$13,000 from 1934 to 1941, incl. Principal and semi-annual interest (June
and December) are payable at the office of the County Treasurer. Bids for
the bonds to bear interest at a rate other than 414%. expressed in a
multiple of X of 1%, will also be considered. A certified check for $1,315,
payable to the order of the County Treasurer, must accompany each
proposal. Bid to be on blank form furnished by the County Commissioners.
HAMPTON TOWNSHIP SCHOOL DISTRICT (P. 0. Allison
-BIDS FOR $10,000 BONDSRETURNED
Park) Allegheny County, Pa.
UNOPENLD.-The Secretary of the Board of School Directors informs
es that all of the bids received in response to the request for offers for the
purchase of $10,000 434 and 4X% school bonds offered for sale on May 25
MAr 30 1931.]
FINANCIAL CHRONICLE
--V. 132, p. 3756
-were returned unopened. The funds desired are to be
obtained through temporary financing.
HANCOCK COUNTY(P.O. Sneedville), Tenn.
-BONDS NOT SOLD.
The $45,000 issue of court house construction bonds offered on May 20V. 132, p.3756
-was not sold as there were no bids received. reports W.W.
Chambers, Chairman of the Board.
HARDIN COUNTY (P. 0. Savannah), Tenn.
-ADDITIONAL DETAILS.
-The warrants and notes aggregating $64,000, that were reported
sold-V. 132, p. 3756
-were purchased by the Third National Bank of
Nashville and mature in six months.
HARTFORD COUNTY, Metropolitan District Commission (P. 0.
Hartford), Conn.
-BOND SALE.
-The $200,000 4% coupon or registered
water main pipe extension and additional water supply bonds offered on
May 25-V. 132, p. 3756
-were awarded to Estabrook & Co., of Boston,
and Putnam & Co. of Hartford, jointly, at a twice of 104.209, a basis of
'
about 3.49%. The bonds are dated June 1 1931 and mature $10,000 on
June 1 from 1932 to 1951. incl.
The following is an official list of the bids submitted at the sale:
BidderRate Bid.
Estabrook & Co., and Putnam & Co.(purchasers)
104.209
Paine, Webber St Co
103.634
Eldredge & Co
10.3.537
H. L. Allen & Co
101.678
F. L. Putnam & Co
101.106
Travelers Bank & Trust Co
101.55
H. M.Byllesby & Co
103.433
R. L. Day & Co.; Conning & Co.,and P. R. Cooley & Co
103.259
Stevenson, Gregory & Co
103.218
First National Old Colony Corp
102.483
HARTFORD NORTHEAST SCHOOL DISTRICT,Hartford County,
Conn.
-BOND SALE.
-The $140,000 4% coupon school bonds offered
on May 28-V. 132, p. 3930
-were awarded to Eldredge & Co., of Boston,
at a price of 103.81., a basis of about 3.58%. The bonds are dated June 1
1931 and mature $7,000 June 1 from 1933 to 1952, incl.
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT NO.8
(P.0. Marshall), Minn.
-ADDITIONAL DETAILS.
-The $85,000 issue
of school building bonds that was reported sold
-V. 132, p. 3930
-was
purchased by the State of Minnesota, as 43s. Due in 20 years.
HETTICK COMMUNITY HIGH SCHOOL DISTRICT NO. 194
Macoupin County, III.
-BONDS VOTED-SEALED BIDS IN
Hemphill, Attorney of Carlinville, informs us that at a special
election held on May 23 the voters authorized the issuance of $15,000 5%
bonds for school building construction purposes. The measure passed by a
vote of 255 to 220. Sealed bids for the issue will be received until June 5.
The bonds are to be dated July 1 1931 and mature $1,000 annually on July 1
from 1934 to 1948 inclusive. Denom. $1,000. Interest is payable semiannually.
-BOND OFFERING.
HIGHTSTOWN, Mercer County, N. J.
-George
P. Dennis, Borough Clerk, will receive sealed bids until 8 p. m.(daylight
saving time) on June 16 for the purchase of $63,000 4%,4%, 5, 5%,5%,
5% or 6% coupon or registered general improvement bonds. Dated July 1
1931. Denom. $1,000. Due July 1 as follows: $3,000 from 1932 to 1948,
incl., and $4,000 from 1949 to 1951, incl. Principal and semi-annual
interest(Jan.and July) are payable at the First National Bank, Hightstown
No more bonds are to be awarded than will produce a premium of $1,000
over $63.000. A certified check for 2% of the amount of bonds bid for,
payable to the order of the Borough, must accompany each proposal.
approving opinion of Hawkins, Delafield & Longfellow, of New York,The
will
be furnished the purchaser.
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICTS
(P. 0. Tampa), Fla.
-BOND OFFERING.
-Sealed bids will be received
until 11 a. m. on June 25, by W. D. F. Snipes, Secretary of the Board of
Public Instruction, for the purchase of two issues of 6% bonds aggregating
$8,000, divided as follows:
$5,000 Special Tax School District No. 43 bonds. Denom. $500. Due
$500 from April 1 1933 to 1942, incl.
3,000 Special Tax School District No. 54 bonds. Denom. $300. Due
$300 from April 1 1933 to 1942, incl.
Dated April 1 1931. Principal and interest (A. & 0.) payable at the
Exchange National Bank of Tampa. Bonds wili be va.idated by the
decree of the Court before tendered to purchaser. A certified check for
2% of the par value of the bonds is required. (These are the bonds that
were offered for sale on May 7.-V. 132, p. 2817.)
HOHOKUS TOWNSHIP SCHOOL DISTRICT (P. 0. Mahwah),
Bergen County, N. J.
-BOND OFFERING.
-Edwin T. Bennett,
Clerk, will receive sealed bids until8 p.m.(Dalightsaving time)on District
June 11
for the purchase of $75,000 4%, 44,
4% or 5 0 coupon or registered school
bonds. Dated July 1 1931. Denom. $1,000. Due $3,000, July 1 from
1932 to 1956 incl. Prin. and semi-ann. in (J. & J.) are payable at the
First National Bank, Ramsey. No more bonds are to be awarded than will
produce a premium of $1,000 over $75,000. A certified check for 2% of the
amount of bonds bid for, payable to the order of the Board of Education,
must accompany each proposal. The approving opinion of Hawkins,
Delafield & Longfellow of New York, will be furnished the purchaser.
HOWARD COUNTY (P. 0. Kokomo), Ind.
-BOND OFFERING.George W.Studebaker, County Auditor, will receive sealed bids until 9 a.m.
on June 1 for the purchase of $2,500 44% Monroe Township road impt.
bonds. Dated June 1 1931. Denom. $125. Due $125 Ally 15 1932; $125
Jan. and July 15 from 1933 to 1941 incl., and $125 Jan. 15 1942.
-BOND OFFERING.
IDAHO,State of (P.0. Boise).
-Sealed bids will
be received until 10.30 a. m.(Mountain time) on June 3 by George G. Barrett, State Treasurer, for the purchase of two issues of refunding bonds
aggregating $305,000 as follows:$70,000 Lava Hot Springs impt,refunding,
and $235,000 State institutions impt. bonds. Denoms. to be $1,000 or
multiples thereof to suit purchaser. Int. rate to be specified by bidder,
payable J. & J. Dated July 1 1931. Due from the sixth to the tenth year
incl. Bids will be received for the purchase of either one or both of the
above issues. Bids below par are not acceptable.
Printed and engraved bonds will be furnished by the State of Idaho at
Li& actual cost thereof, which expense shall be paid by the purchaser. The
refunding bonds shall be payable to bearer, but holders shall have the right
to registration and to payment at the Chase National Bank, N. Y. City.
The purchaser will be furnished upon request and without cost with
opinion of the Attorney-General of the State of Idaho, certifying to the
the
legality of said refunding bonds and to the regularity of the proceedings
connected with their issuance and sale. The refunding bonds will be sold
subject to the approving opinion as to their legality of any reputable firm
of bond attorneys, but such opinion shall be strictly at the instance
and expense of the purchaser. A certified check for 5% of the bid, payable to the State Treasurer, is required.
Official Financial Statement.
As of May 9 1931.
Cash in treasury
Cash invested in registered warrants
Sinking fund, cash
Due from counties, 1930 levy
$446,195
$1,256,406
695,744
1,339,776
$3.291.926
Invest'ts of the various endowm't & oth.fds. of the State.
School district bonds
$7,174,230
United States bonds
200,000
State bonds
1.143,342
State Treasury notes
450,000
Farm mortgages
2,443,047
Sales certificates
Insurance fund
115.121,151
?In IN
$18 413 077
$4,109,300
1.023,900
695,744
250,000
$6,078,944
Assessed valuation of State, 1930, $482,790,645. Estimated actual wealth,
$1,500,000,000. Levy for 1931, 12,250,000.
IDAGROVE, Ida County, lowa.-BOND SALE.
-The $11,500
of 5% coupon ann.impt. bonds offered for sale on May 18-V. 132. issue
-was awarded to two local investors for a premium of$597.eaual to p. 3930
105.19
Bonded indebtedness of Idaho
Treasury notes due April 16 1932 and interest
Registered warrants (held in treas. as cash)
Bonds sold and to be delivered
4103
a basis of about 3.90%. Due from May 1 1933 to 1944 incl. The other
bids received were as follows:
Premium.' BidderPremium.
Bidder$596 White-Phillips Co
Carleton D.Beh Co
-BOND SALE.
INMAN, McPherson County, Kan.
-The $8,000 issue
S 5
of 43-1% coupon semi-ann. water works bonds offered for sale on May 19V. 132, p. 3756
-was purchased by the Farmers State Bank of Inman,
at a price of 98.70, a basis of about 4.50%. Dated April 1 1931. Due
l
serlally i from 1 to 10 years. The other bids were as follows:
Bidder
Price Bid,
98.55
Central Trust Co. of Topeka
98.53
Fidelity National Corp.of Kansas City
-At the
KANSAS CITY, Jackson County, Mo.-BONDS VOTED.
-the voters of the city
special election held on May 26-V. 132, p. 2246
and county approved the proposals to issue $39,575,000 in bonds for
various improvement projects in the city and county by a majority of
about 4 to 1. The results of the balloting on the measures was reported
In the Kansas City "Times of May 27 as follows:
City Proposals.
-Yes, 71,535; no, 17,338.
No. 1. City Hall, $4,000,000
-Yes,70,786; no, 18,371.
No. 2. Parks and Playgrounds, $2,750,000
-Yes,72,447; no, 16,961.
No. 3. Hospitals, $2,000,000
-Yes,70,109; no, 19,086.
No. 4. Markets, $500,000
-Yes,69,669; no,19.273.
No.5. Stadium and Outdoor Theatre,$375,000
-Yes,72,331; no, 17,072.
No. 6. Fire Stations, $375,000
-Yes, 71,782; no, 17,439.
No. 7. Police Stations, $125,000
-Yes,70,692; no. 18,727.
No. 8. Trafficways. $8,300,000
-Yes,70,205; no, 18,723.
No. 9. Blue River Improvement, $1,000,000
No.10. Water Softener and Extensions,$.3,500,000-Yes,71,295;no,17,784.
-Yes,71,468; no, 18,567.
No. 11. Public Auditorium, $4 500,000
No. 12. Sewers. $1,500,000- es. 71.277; no. 17.991.
-Yes. 69,766; no. 19.097.
No. 13. Airport. $500,000
-Yes,72,011; no, 17,263.
No. 14. Safety Plans for Highways, $200.000
-Yes, 70.744; no. 18,477.
No, 15. Brush Creek, $1,000,000
-Yes. 70,137; no. 17,889.
No. 16. Incinerating Plant, $1,000,000
County Proposals.
-Yes, 73,082; no. 17,627.
No. 1. Roads, 13,500,000
-Yes,78,230; no, 20,635.
No. 2. Kansas City Courthouse, $4,000,000
-Yes, 77,297; no, 21,496.
No,3. Independence Courthouse, $200,000
-Yes.80.442; no, 19,498.
No.4. Detention House, $250.000
-BOND SALE.
-It is reKENDALL COUNTY (P.O. Boerne), Tex.
ported that an $85,000 issue of road bonds has been purchased by Van H.
Howard & Co. of an Antonio.
-BOND OFFERING.
KINGS MOUNTAIN, Cleveland County, N. C.
-It is reported that sealed bids will be received until 11 a. m. on June 2.
by Chas. M. Johnson, Secretary of the Local Government Commission,
at his office in Raleigh,for the purchase of a $58,000 issue offunding bonds.
Due from 1936 to 1955 incl.
-BOND SALE.
KNOX COUNTY (P. 0. Mount Vernon), Ohio.
The $28,000 county's portion grade crossing elimination bonds offered on
May 25-V. 132, p. 3931-were awarded as 4s to the Well. Roth & Irving
Co., of Cincinnati, at par plus a premium of $19, equal to 100.06, a basis
of about 3.98%. The bonds are dated Oct. 1 1929 and mature Oct. 1 as
follows: $4,000 in 1931, and $3,000 from 1932 to 1939, incl.
The following Is an official list of the bids submitted at the sale:
Int. Rate. Premium.
4
Weil,
th & Irving Co. (purchaser)
$ 12.
4
359 00
"
Davies-Bertram Co., Cincinnati
305.00
Provident Savings Bank & Trust Co., Cincinnati_ _
Assel, Goetz & Moerlein, Inc., Cincinnati
3 8..00
12 00
30
Seasongood & Mayer, Cincinnati
4
153.00
Guardian Trust Co., Cleveland
151..20
5 00
6
4
Banc
-Ohio Securities Co., Columbus
261.00
4
Ryan. Sutherland & Co., Toledo
er
4%
Blanchet, Bowman & Wood, Toledo
-BOND SALE.
-We are
KNOX COUNTY (P. 0. Knoxville), Tenn.
now informed that the option granted to Joseph, Hutton & Estes of Nashville, and Little, Wooten & Co. of Jackson, on the $500,000 issue of 43-i%
-was
semi-annual school bonds, offered on May 11-V. 132, p. 3757
exercised by them and they were awarded at par. Dated May 1 1931.
Due on May 1 1951.
-BOND SALE.
-Edward
LANCASTER, Lancaster County, Pa.
Lowber Stokes & Co., and E. H. Rollins & Sons, both of Philadelphia,
jointly, purchased on May 25 an issue of $126,000 land purchase bonds at
par plus a premium of $5,707.08, equal to 104.53. Proceeds of the issue
vrill be
to purchase the local post office structure from the Federal
Government, which is to be converted into a new city hall building.
-BOND OFFERING.
-William
LAWRENCE, Essex County, Mass.
A. Kelleher, City Treasurer, will receive sealed bids until 11 a. m.(daylight
saving time) on June 4 for the purchase of $510,000 34% coupon bonds,
divided as follows:
$350,000 macadam paving bonds. Dated June 1 1931. Due $70,000 June
1 from 1932 to 1936 incl.
160,000 bridge bonds. Dated May 1 1931. Due $8,000 May 1 from
1932 to 1951 inclusive.
Denom. $1,000. The bonds will be issued with privilege of full registration. Principal and interest are payable at the First National Bank, of
Boston. This Bank will supervise the engraving of the bonds and rill
certify as to their genuineness. Legality to be approved by Ropes, Gray.
Boyden & Perkins, of Boston, whose opinion will be furnished the purchaser without charge.
Financial Statement May 12 1931.
$123,417,935.48
Assessed valuation for year 1930
4,729,750.00
Total debt(above issues included)
197.689.00
Water debt (included in total debt)
None
Sinking funds other than water
Population, 84,949.
LIPSCOMB COUNTY PRECINCT NO. 4 (P. 0. Lipscomb), Tex.
-The $100,000 issue of 5% semi-ann road bonds
BONDS REGISTERED.
-was registered by the State
that was sold on April 13-V. 132. p. 3757
Comptroller on May 20. Due from Jan.31 1932 to 1961.
-OTHER BIDS.
-The
LONG BEACH, Los Angeles County, Calif.
following is a list of the other bids received for the $700.000 issue of coupon
public park and playground bonds that was awarded to the Harris Trust &
Savings Bank of Chicago, as 4s, at a price of 101.324, a basis of about
3.93%-V. 132, p. 3931:
Premium.
$2,170
Anglo-London-Paris Co. and the Bankamerica Co
2,115
R.H.Moulton & Co.and the Security First National Co
2,057
National City Co.and Weeden Sc Co
915
Dean Witter & Co.and associates
American Securities Co.,Continental Illinois Co.and First Detroit Co. 658
BONDS OFFERED FOR INVESMIENT.-The above coupon bonds are
being offered by the successful bidder for public subscription at prices to
Yield investor 34% on all maturities. Dated June 1 1928. Due from June 1
1959 to 1968 incl. These bonds are offered subject to the opinion of counsel
that they will be direct general obligations of the entire city payable from
taxes levied against all the taxable property therein. They are reported
to be eligible as security for Postal Savings Deposits.
-The $25,000
LORAIN, Lorain County, °Mo.-BOND SALE.
coupon general improvement garbage construction bonds offered on May 7
-were awarded as 43 to Seasongood & Mayer, of Cin-Is
-V. 132, p. 3205
cinnati, at par plus a premium of $134. equal to 100.53. a basis of about
4.15%. The bonds are dated March 15 1931 and mature $2,500 on Sept.
15 from 1932 to 1941, incl.
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. 0.
-The $588,000 Wale of 5% semi-BOND SALE.
Los Angeles), Calif.
ann. flood control bonds offered for sale on May 25-V. 132, p. 3756
was purchased by the Banckamerica Co. of San Francisco, for a premium
of $2,117, equal to 100.37, a basis of about 3.50%. Dated July 2 1924.
Due on July 2 1931.
-BOND OFFERING.
LUCAS COUNTY (P. 0. Toledo), Ohio.
Adelaide E. Schmitt, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m. on June 11, for the purchase of $64,280
follows:
divided asrovemen
t
ima
1 9 Oh
5 bonds8 highway improvement bonds. Due Dec. 15 as follows: $4,980-in
from 1933 to 1940. incl., and $3,000 in 1941.
4104
FINANCIAL CHRONICLE
20,500 highway improvement bonds. Due Dec. 15 as follows: $3,500 in
1932; $3,000 in 1933, and $2,000 from 1934 to 1940. incl.
3,800 highway improvement bonds. Due Dec. 15 as follows: $800 in
1932, and $1,000 from 1933 to 1935, incl.
Each issue is dated June 15 1931. Principal and semi-annual interest
(June and Dec. 15) are payable at the office of the County Treasurer. A
certified check for 1% or the amount of bonds to be sold must accompany
each proposal. Conditional bids will not be considered. A complete
certified transcript of all proceedings, evidencing the regularity and validity
of the issuance of said bonds, will be furnished the successful bidder in
accordance with the provisions of Section 2293-30 of The General Code of
Ohio. A complete transcript of all proceedings relative to the issuance of
said bonds, up to the date of the sale thereof, is now on file in the office
of the County Commissioners for inspection by all persons interested.
Statistics.
Assessed valuation of property for taxation on 1930 duplicate_$691,350,730
Property is assessed at its true value:
$27.00
Tax rate per $1.000 for 1930
347,709
Population, 1930
$15,166,280
Total bonded debt of County, foregoing issues not included
Of the bonded debt of the County the sum of $7,100,572.77 is paid by
a levy on the County, and the sum of $507,819.33 is paid by a levy on
Twps., and the sum of $7,557.887.90 is paid by special assessments against
real estate.
-The Security
LYNN, Essex County, Mass.
-TEMPORARY LOAN.
Trust Co. purchased on May 27 a $300,000 temporary loan at 1.44%
discount basis. The loan matures Nov. 4 1931 and was bid for by the
following:
Disc!. Basis.
Bidder1.44%
Security Trust Co.(purchaser)
1.45%
First National Old Colony Corp. (plus $1.50)
1.47%
F. S. Moseley & Co.(plus $5)
1.48%
Salomon Bros. & Hutzler
1.4857
Grafton Co
1.575
Bank of Commerce & Trust Co
1.60
Shawmut Corp
1.61%
Faxon, Gade & Co
S. N. Bond & Co
1.80%
-At the
McDONOUGH, Henry County, Ga.-BONDS VOTED.
-the voters approved the
special election held on May 12-V. 132, p. 3386
Issuance of the $335,000 in 5% semi-ann. paving bonds. Due from Jan.
1 1937 to 1961, incl.
MALVERNE, Nassau County, N.Y.
-BONDS PUBLICLY OFFERED.
-The $150.000 4.10% general improvement bonds awarded on May 20
to Batchelder & Co., of New York, at 100.22, a basis of about 4.07%-V.
132. p. 3932
-are being reoffered by the bankers for general investment
priced to yield from 2.50 to 4%. The securities are said to be legal investment for savings banks and trust funds in New York State and are a direct
obligation of the Village, which reports an assessed valuation of $9.169,015
and a total bonded debt, including the present issue, of $437.000.
MANISTIQUE SCHOOL DISTRICT, Schoolcraft County, Mich.,
ADDITIONAL INFORMATION.
-The $170,000 435% coupon or registered school bonds purchased during Feb. at a price of par by John Nuveen
& Co., of Chicago
-are more fully described as follows.
-V. 132, p. 1665
Dated Feb. 1 1931. Denom. $1.000. Due Feb. 1 as follows. $5,000, 1932
and 1933; $6,000. 1934 and 1935; $7,000 from 1936 to 1939 incl.; 58,000
from 1940 to 1942 incl.; $9.000. 1943 and 1944: 510,000, 1945;$11,000 from
1946 to 1949 incl., and $12,000 in 1950 and 1951. Principal and semiannual interest (Feb. and Aug.) are payable at the First National Bank,
of Chicago. Legality approved by Miller, Canfield, Paddock & Stone.
of Detroit. Public offering of the bonds is being made at prices to yield
3.75% for the 1932 maturity; 1933, 4.00%: 1934, 4.25%, and 4.40% for
the bonds due from 1935 to 1951 incl.
Financial Statement.
$7,000,000
True value of property
4,381,000
Assessed valuation, 1930
170,000
Bonded debt (less than 4%)
Population 1930, 5.150.
MARCY COMMON SCHOOL DISTRICT NO. 11 (P. 0. Stittville),
Oneida County, N. Y.
-The $35,000 coupon or regis-BOND SALE.
-were
tered school building bonds offered on May 26-V. 132, p. 3932
awarded as 4.90s to Edmund Seymour & Co., of New York, at a price of
100.03, a basis of about 4.89%. The bonds are dated June 1 1931 and
mature June 1 as follows: $1,000 from 1933 to 1949, inclusive, and $2,000
from 1950 to 1958, inclusive.
-BOND OFFERING.
MARION COUNTY (P. 0. Indianapolis), Ind.
-C. E. Robinson, County Treasurer, will receive sealed bids until 10
a. m.on June 5,for the purchase of $7,400 431% bonds, divided as follows:
$3.200 Washington Twp bonds. Denom. $160. Due $160 July 15 1932;
$160 Jan. and July 15 from 1933 to 1941, incl., and $160 Jan. 15
15 1942.
2,400 Wayne Twp. bonds. Denom. $120. Due $120 July 15 1932; $120
Jan. and July 15 from 1933 to 1941, incl., and $120 Jan. 15 1942.
1,800 Wayne Twp. bonds. Denom. $90. Due $90 July 15 1932; $90
Jan. and July 15 from 1933 to 1941, incl., and $90 Jan. 15 1942.
Each issue is dated May 15 1931. Principal and semi-annual interest
(Jan. and July 15) are payable at the office of the County Treasurer.
-BOND SALE.
-The $100.MARYSVILLE, St. Clair County, Mich.
-were awarded
000 5% school bonds offered on May 22-V. 132, p. 3758
to Stranahan, Harris & Co., Inc., of Toledo. The bonds are dated Juno
1 1931 and mature $5,000 annually on June 1 from 1932 to 1951. Incl.
MAVERICK COUNTY WATER CONTROL AND IMPROVEMENT
.-A $4,000,-BOND SALE
DISTRICT NO. 1 (P. 0. Eagle Pass), Tex.
000 issue of 6% improvement bonds has been purchased by Cray, McFawn
& Co. of Detroit. Due from July 1 1933 to 1968.
-Sealed
MAXTON, Robeson County, N. C.
-BOND OFFERING.
bids will be received by Chas. M. Johnson, Secretary of the Local Government Commission, at his office in Raleigh, until 11 a. m. on June 12. for
the purchase of a $25,000 issue of 6% semi-ann. funding bonds. Dated
June 1 1931. Due $1.000 from 1936 to 1944, and $2,000. 1945 to 1952,
all incl.
MAXWELL CONSOLIDATED SCHOOL DISTRICT(P.O. Maxwell),
Story County, lowa.-BOND SALE.
-The $60,000 issue of coupon •
-was purchased
school bonds offered for sale on May 19-V. 132, p. 3758
by the Carleton D. Beh Co. of Des Moines, as 45, for a premium of $855,
equal to 101.425. a basis of about 3.81%. Dated May 1 1931. Due as
follows: $2,000. 1933 to 1938; $3,000, 1939 to 1941; $4,000, 1942 to 1947,
and 55,000, 1948 to 1950, all incl.
-A special
MEMPHIS, Shelby County, Tenn.
-BOND ELECTION.
election has been called for July 7 in order to have the voters pass on the
proposed issuance of $1,300,000 in bonds divided as follows: $850,000 for
streets, highways and viaducts. and $450,000 for sewers and drains.
-BOND OFFERING.
MINNEAPOLIS, Hennepin County, Minn.
Sealed bids will be received lay Chas. E. Doell, Secretary of the Board of
Park Commissioners, until 2.30 p. m. on Juno 16, for the purchase of two
Issues of coupon special park and parkway improvement bonds aggregating
$224,100, as follows:
$143,000 Lake Hiawatha impt. bonds. Due $14,300 from June 1 1932
to 1941, incl.
81,100 Pershing Field impt. bonds. Due $8,100 from June 1932 to
1941, incl.
Denom. $1,000 each as nearly as practicable as desired by the purchaser. Dated June 1 1931. Prin. and int. (J. & D.) payable at the fiscal
agency of the City in New York, or at the office of the City Treasurer.
Int. rate is not to exceed 5%. The approving opinion of Thomson, Wood
& Hoffman, of New York, will be furnished. A certified check for 2%
of the par value of the bonds bid for, payable to C. A. Bloomquist, City
Treasurer, is required.
-BOND SALE.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
The Board of Sinking Fund Trustees is reported to have purchased reimprovement bonds.
cently an issue of $30,000 6%
-The
MITCHELL, Davison County, S. Dak.-LIST OF BIDS.
following is a complete official list of the bids received for the $175,000
auditorium refunding bonds that was
issues of coupon water works and
jointly awarded to the Harris Trust & Savings Bank of Chicago, and the
Mitchell Trust Co., as 434s, at 100.48, a basis of about 4.20%-V. 132,
p• 3933:
[Vol,. 132.
BidderRate. Premium.
aWells-Dickey Co., Minneapolis
511:23523
4 Yi
Carleton D.Beh Co., Des Moin.Iowa
es
48%%
First National Bank& Trust, Slops Falls. S. Dak.; Central
Illinois Co
434%
0771
First Securities Corp. of Minnesota, Bancnorthwest Co.,
Minneapolis, Minn.; Commercial Trust & Savings Bank,
Mitchell, S. Dak
405
4 %
White-Phillips
nc., Davenport, Iowa
2.028
*Harris Trust & Savings Bank, Chicago, Ill; Mitchell Trust
Co.,,
4h%
Trust Co., Mitchell, S. Dak
854
434%
* Successful bid. a Contained a fiscal agency provision.
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND SALE.
The $248,000
% coupon bonds offered on May 26-V. 132, P. 3759
were awarded to a syndicate composed of John P. Baer & Co.
Co.,theBaltimore
'
Robert Garrett & Sons, and Jenkins, Whedbee & Poe, all of
Baltimore, the only bidders, as follows:
$170,000 road construction funding bonds sold at a price of 104.312, a
basis of about 4.04%. Due annually as follows: 33,000 in 1932
and 1933: $44,000 from 1934 to 1938, incl., and $12,000 from 1939
to 1950, incl.
78,000 school refunding bonds sold at a price of 105.31, a basis of about
4.04%. Due $3,000 annually from 1934 to 1959, incl.
Each issue is dated June 15 1931.
MORRIS COUNTY (P. 0. Morristown), N. J.
-A
-BOND SALE.
syndicate composed of the First National Bank, Stone & Webster and
Blodget, Inc.. and B. J. Van Ingen & Co., all of New York, bidding for
51,086,000 bonds of the $1.087,000 coupon or registered public improvement issue offered on May 27-V. 132, p. 3933
-was awarded the former
amount of securities as 38%s, at a price of 100.13, a basis of about 3.74%•
The bonds are dated June 15 1931. Due June 16 as follows: $40,000 from
1933 to 1948. inclusive; $50,000 from 1949 to 1956, inclusive, and $46.000
in 1957. The bankers are reoffering the bonds for general investment
priced to yield from 2.40 to 3.75%, according to maturity.
-BOND
MORRISTOWN SCHOOL DISTRICT Morris County, N. J.
SALE.
-J. S. Rippel & Co., of Newark. bidding for 5308,0100 bonds of the
$314,000 coupon or registered school issue offered on May 27-V. 132, p.
3933
-were awarded the former amount of securities as 4s, paying $314,355.93, equal to 102.06, a basis of about 3.85%. The bonds are dated June
1 1931 and mature June 1 as follows: $7,000 from 1933 to 1957 incl.; $10,000
from 1958 to 1970 incl., and $3,000 in 1971.
-BONDS OFFERED.MOUNT AUBURN, Benton County, Iowa.
Sealed bids were received until 7.30 p. m. on May 28, by Al Wiese, Town
Treasurer, for the purchase of a $1,000 issue of 5% semi-annual fire dePartment equipment bonds. Denom. $100. Dated April 1 1931. Due
on Nov. 1 as follows: 5100, 1933 to 1940, and $200 in 1941.
-BOND SALE.
-The
MUSKEGON, Muskegon County, Mich.
$165,000 welfare relief bonds offered on May 20 were awarded as 331s to
the Harris Trust & Savings Bank, of Chicago, at par plus a premium of
$547, equal to 100.33, a basis of about 3.11%. The bonds are dated
June 1 1931 and mature June 1 as follows: $82,000 in 1933, and $83,(600
in 1934. A list of the offers received at the sale appeared in V.132,9.3933.
MUSKEGON SCHOOL DISTRICT, Muskegon County, Mich.
BOND SALE.
-The $420,000 school bonds offered on May 26-V. 132,
-were awarded as 3'%s to the First Detroit Co., of Detroit, at a
IY• 3759
Price of 100.06, a basis of about 3.74%. The bonds are dated June 1
1931 and mature June 1 as follows: $9,000 from 1934 to 1942, inclusive:
$10,000, 1943: $17,000, 1944; 520,000, 1945; 522,000, 1946, and 527.000
from 1947 to 1956, inclusive.
The following is an official list of the bids submitted at the sale:
For 4%
BidderAlternate Proposal.
Bonds.
Ames, Emerick & Co
351% +5138
Braun, Bosworth & Co
46,808 $204,000@4% and
216,000 3 % +5304
$3l2.000@4%and
Chatham-Phenix Corp
108,000 3 % +5175
b Continental Illinois Co
$270,000 4 0 and
150,000461% +512
(0
First Detroit Co
410,647
% +5252
Guaranty Co. of New York
Halsey, Stuart & Co
43,822 $285.000t344% and
135,000 335% +5265
4
$258,000 38 %-1934Harris Trust & Savings Bank
c$5,937 1950 and 5162,000 @
1951-1956 +$27
4%2
a Acceptoefdpbriemd. mbaMso bid a premium of $8,5 0 for the issue as 46,1s.
n bid.
Amount
The bonds, according to the successful bidder, are legal investment for
savings banks in Michigan and are payable as to both principal and semiannual interest (June and December) at the office of the Board of Education in Muskegon, or will be collected by the First Detroit Co. Public
offering of the issue is being made as follows:
Maturities and Prices.
$9,000, due 1934, yield 3.00%: 59,000, due 1935, yield 3.25%; $9,000,
due 1936-37, yield 3.50%; 59.000, due 1938-40, yield 3.60%; $9,000, due
1941-42, yield 3.70%; $10,000, due 1943, ydeld 3.70%; $17.000, due 1944,
yield 3.70%; $20,000, due 1945, yield 3.'70%; 522,000, due 1946, yield
3.70%; $27,000, due 1947-56, yield 3.70%.
•
Financial Statement (as Officially Reported May 1931).
Actual valuation (estimated)
$80,000,000
66,190.559
Assessed valuation (1930)
Total bonded debt
2,505,000
41,390
Population (1930 census)
Muskegon School District is co-extensive with the city of Muskegon.
-TEMPORARY LOAN.
NASHUA, Hillsboro County, N. H.
-The
First National Old Colony Corp., of Boston, purchased on May 27, a
$100,000 temporary loan at 1.66% discount basis. The loan matures
Dec. 30 1931. S. N. Bond & Co., of New York, the only other bidders,
•
offered to discount the loan at 1.98%.
-BOND SALE.
NASSAU COUNTY (P. 0. Mineola), N. Y.
-The
following issues of coupon or registered bonds, aggregating $5,000,000
-were awarded as 334s to a syndicate
offered on May 27-V. 132, p. 3933
composed of the Chase Securities Corp., Harris, Forbes & Co., Kissel,
Kinnicutt & Co., E. H. Rollins SE Sons, Inc., L. F. Rothschild & Co.,
Wallace, Sanderson & Co., and Darby & Co. all of New York, at par
'
plus a premium of $173,551, equal to 103.471, a basis of about 3.51%:
53,000,000 land purchase bonds. Due July 1 as follows: $300,000, 1948;
5200,000, 1949; $150,000. 1950; $250,000, 1951; $200,000 from
1952 to 1959, incl., and $250,000 in 1960 and 1961.
1,500,000 series AA county road bonds. Due July 1 as follows: $100,000
in 1944 and 1945; $600,000 in 1946 and $700,000 in 1947.
500,000 series B tuberculosis hospital bonds. Due July 1 as follows:
$10,000 in 1948 and 1949; $30,000 in 1950 and 1951: $70,000
from 1952 to 1955, incl., and $40,000 in 1956 and 1957.
Each issue is dated June 15 1931. The bonds, according to the bankers,
are legal investment for savings banks and trust funds in New York State,
and are being reoffered for public investment as follows:
Amounts, Maturities and Prices.
(Accrued interest to be added)
5100.000 1944 3.40%
$240,000 1956 3.45%
$180,000 1950 3.40%
100.000 1945 3.40
240,000 1957 3.45
280,000 1951 3.45
600,000 1946 3.40
200,000 1958 3.45
270,000 1952 3.45
200,000 1959 3.45
700,000 1947 3.40
270,000 1953 3.45
250,000 1960 3.45
340,000 1948 3.40
270,000 1954 3.45'
0
240.000 1949 3.40
270,000 1955 3.45
The following is a list of the bids submitted at the sale;
2
Premium.
Bidder$1163:550501:0020
73
Chase Securities Corp. syndicate (successful bidders)
Dillon, Read & Co. et al
166,950.00
First National Bank, Freeport (for account of others)
161,050.00
Bancamerica-Blair Corp. et al
158,950.00
Chemical Securities Corp., et al
141,900.00
Roosevelt & Son et al
110,000.00
Estabrook & Co. et al
107,25(1.00
Lehman Brothers et al
103,950.00
Guaranty Co. of New York et al
MAY
30 1931.]
FINANCIAL CHRONICLE
SUPERVISORS OPPOSE $5.000,000 PARK PLAN.
-The New York
"Times" of May 21 reports that the County Board of Supervisors has
voiced opposition to the plan of Robert L. Moses, Chairman of the Long
Island State Park Commission, to convert an estate near Farmingdale,
L. I., into a $5,000,000 public park. The Supervisors at a future meeting
are expected to reject the request of Mr. Moses that an option be secured
on the property through the payment of a sum of $30,000. The Park
Commission Chairman believes that provision can be made in next year's
State budget to obtain funds to finance the entire cost of the project.
The opposition of the Supervisors, it is stated, is based on the assumption
that should the funds be not forthcoming for the project the "county
will have deliberately squandered $30,000 of the taxpayers money."
NATCHITOCHES, Natchitoches Parish, La.
-BONDS VOTED.
At the special election held on May 21-V. 132, p. 3387
-the voters approved the issuance of the $50,000 water and light bonds by a vote reported to have been 111 "for" to 21 "against." It is said that these bonds
will be offered for sale as soon as possible.
NEW BRITAIN, Hartford County, Conn.
-BOND SALE.
-The
3150,000 4% coupon sewer bonds offered on May 27-V. 132, p 3934
were awarded to a group composed of H. M. Byllesby & Co., and M. F.
Schlater &Co., both of New York, and Eddy Bros. .S: Co., of Inartford, at
a price of 104.145, a basis of about 3.62%. The bonds are dated Feb. 1
1931 and mature $5,000 annually on Aug. 1 from 1932 to 1961, incl. Bids
submitted at the sale were as follows:
BidderRate Bid.
H. M. Byllesby & Co., M. F. Schlater & Co., and Eddy Bros.
& Co. (purchasers)
104.145
Eldredgo & Co
103.839
Estabrook & Co., and Putnam & Co
103.401
R. L. Day & Co., Conning & Co., and F. R. Cooley & Co
103.399
II. L. Allen & Co.,and Darby & Co
102.088
NEW BRITAIN, Hartford County, Conn.
-TEMPORARY LOAN.
Salomon Bros. & Hutzler, of Boston, purchased on May 22 a $200,000
temporary loan at 1.52% discount basis. The loan matures Aug. 4 1931
and was bid for by the following:
Bidder
Discount Basis.
Salomon Bros. & Hutzler (Purchaser)
1.52
First National Old Colony Corp
1.55
Putnam & Co
1.65
S. N. Bond & Co
1.93 0
NEW CASTLE FIRE DISTRICT NO. 1 (P.O. Chappaqua), West
cheater County, N. Y.
-BOND OFFERING,
-The Board of Fire Commissioners will receive sealed bids until 8 p. m. (Daylight saving time)
on June 9, for the purchase of $40,000 not to exceed 6% interest coupon
or registered bonds. Dated June 1 1931. Denom. $1,000. Due $2,000
June 1 from 1932 to 1951, incl. Principal and semi-annual interest (June
and Dec.) are payable at the Chappaqua National Bank, Chappaqua, or
at the Chase National Bank, New York, at the option of the holder. Rate
of interest to be expressed in a multiple of X or 1-10th of 1% and must be
the same for all of the bonds. A certified check for $1,000, payable to the
order of the Fire District, must accompany each Proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished to
the purchaser without charge.
Fire District No. 1 New Castle.
Financial Statement.
Valuations-Real estate and special franchise
$9.644,680
Actual valuation, 1931 (estimated)
11,500.000
Debt
-Total bonded indebtedness, including this issue
49,000
Population estimated, 2,000.
* The bonded debt will be about 3i of 1% of the assessed valuation
upon tae issuance of these bonds.
NEW CASTLE WATER DISTRICT NO. 1 (P. 0. Chappaqua)
Westchester County, N. Y.
-BOND OFFERING.-Leory Potter. Town
Clerk, will receive sealed bids until 8 p. m. (Daylight saving time) on
June 3 for the purchase of $210,000 coupon or registered not to exceed
6% interest Millwood Enlargement bonds. Dated June 1 1931. Denom.
$1,000. Due 36,000 June 1 from 1936 to 1970, inclusive. Principal and
semi-annual interest (June and Dec.) are payable at the Mount Pleasant
Bank & Trust Co., Pleasantville, or at the Chase National Bank, New
York, at the option of the holder. Rate of interest to be expressed in a
multiple of X of 1-10th of 1% and must be the same for all a the bonds.
A certified check for $5,000, payable to the order of the Town of New
Castle, must accompany each proposal. The approving opinion of Clay,
Dillon 8: Vandewater, of New York, will be furnished to the purchaser
without charge.
Financial Statement (Town of New Castle).
Valuations:
Real estate and special franchise, 1930-1931
$27,681,367
Actual valuation, 1931 (estimated)
35,000.000
Debt:
Total bonded indebtedness, including this issue
1,659,550
Water district bonds, included above
710,250
Street improvement (special assessment) bonds,incl. above....
42.000
The net bonded indebtedness will be about 33i% of the assessed valuabonds.
tion under the issuance of these
Population, 1920 Federal census, 3,639; 1930 Federal census. 6,792.
NEW CONCORD, Muskingum County, Ohio.
-BOND OFFERING.H. W. Bay, Village Clerk, will receive sealed bids until 12 m. on June 8
for the purchase of $5,275 53i% water works bonds. Dated May 15 1931.
One bond for $275, others for $250. Due Nov. 15 as follows: $275 in 1932,
and $250 from 1933 to 1952. incl. Interest is payable semi-annually in
May and Nov. Bids for the bonds to bear interest at a rate other than
535%, expressed in a multiple of X of 1%, will also be considered. A
certified check for $100 payable to the order of the Village must accompany each proposal.
NEW JERSEY, State of (P. 0. Trenton).
-BOND OFFERING......
Harry B. Salter, Secretary of the Issuing Officials, will receive sealed bids
until 10 a. m. (eastern standard time) on June 16 fof the purchase of $23.000,000 33i% bonds, comprising a $20,000,000 highway issue and a
$33,000,000 institution construction issue. Due serially from 1933 to 1966
lad.
NEW ORLEANS, Orleans Parish, La.
-CERTIFICATES OFFERED
TO PUBLIC.
-The two issues of 43i% coupon semi-annual certificates
aggregating $526,000 that were purchased by a syndicate headed by the
Bank at 99.40, a basis of about 4.62%
Whitney Central Trust 8c Savings
V. 132, p. 3934
-are now being offered for general investment by the
successful bidders priced at 100.75 on all maturities. Dated Jan. 1 1931.
Due from Jan. 1 1933 to 1942 incl. Prin. and int. (J. & J.) payable at
the office of the Commissioner of Public Finance in New Orleans, or upon
request payment will be arranged in New York City. Legality to be
approvedi by Thomson, Wood & Hoffman of New York City.
Financial Statement (as Officially Reported.
Assessed valuation, 1930---------------------------------$626,209,977
Total bonded debt------- _ _ - -- - - ---- -- --------- 55,668,000
Water,sewer and drainage bonds included in the shove
-27,402,000
Paving certificates (including this issue)
11,633,820
Population, 1930 census, 458,769.
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-The
Aquidneck National Exchange Bank & Savings Co. of Newport,
purchased
on May 22 a $100,000 temporary loan at 1.49% discount basis.
The
loan matures Sept. 4 1931 and was bid for by the following:
BidderDiscountBasis.
Aquidneck National Exchange Bank & Savings Co. (purchased--1.49%
F. S. Moseley & Co
1.49
Salomon Bros.8: Hutzler
1.51%
S. N. Bond & Co.(plus $4)
1.64%
Boston Safe Deposit & Trust Co.(plus $1)
1.70%
NEWTON COUNTY (p. o. Kentland), Ind.
-BONDS RE
-OFFERED.
-The $25.000 5% jail construction bonds previously offered on May 9
-Ir. 132, p. 3207
-are being re-advertised for award at I P. m.on June 13.
Sealed bids for the issue should be addressed to Charles H.Adamson,County
Auditor. Dated May 11931. Denom. $1,000. Due as follows: $1,000
Jan. 1 from 1933 to 1947 incl.. and 31.000, Jan. 1 and July 1 from 1948
to 1952 incl. A certified check for 3% of the par value of the bonds,
payable to the order of the County Commissioners, must accompany each
proposal.
BOND OFFERING.-Conda H. Stucker, County Treasurer, will receive
sealed bids until 2 p. m. on June 20 for the purchase of 556,014 6% ditch
improvement bends. Dated June 1 1931. Denom. $800.20. Due
4105
$5,601.40 June 1 from 1932 to 1941 incl. Interest is payable semi-annually
in June and December.
NEWTON (P. 0. West Newton), Middlesex County, Mass.
-TEMPORARY LOAN.-Frands Newhall, City Treasurer, informs us that the
Shawmut Corp. of Boston purchased on May 26 a $150,000 temporary loan
at 1.36% discount basis. The loan is dated May 27 1931 and matures
Oct. 29 1931. Bids submitted at the sale were as follows:
Discount
Discount
BidderBasis.
BidderBasis.
Shawmut Corp. (purchaser)-1.36% Bank of Commerce & Tr. Co .1.45%
F. S. Moseley & Co
First Nat. Old Colony Corp--1.39
1.45%
Webster & Atlas Corp (plus
Day Trust Co
1.39
Salomon Bros. 8: Hutzler----1.42
$5.50)
1 47
Faxon, Gade & Co
Grafton Co
1.51
1.43
Goldman, Sachs & Co
1.54
Boston Safe Deposit & Trust
1.44% S. N.Bond & Co
Co. (plus $1)
-OFFERING OF APPROXIMATELY $40,NEW YORK (State of).
-Morris S. Tremaine, State Comptroller.
000.000 BONDS EXPECTED.
is expected to make public soon details regarding a new offering of approximately 340,000.000 bonds, according to reports appearing in the
newspapers during the past week. Mr. Tremaine is said to have consulted
several of the leading investment houses in the city concerning the matter.
Twenty days advance notification must be given prior to the sale of bonds
of the State.
NORMANDY CONSOLIDATED SCHOOL DISTRICT (P. 0. Nor..
mandy), St. Louis County, Mo.-BOND DETAILS.
-The $50,000
issue of 4X% semi-ann. school bonds that was purchased by the Prescott,
-was awarded for a
-V. 132, p. 3934
Wright, Snider Co. of Kansas City
premium of $100,equal to 100.20,a basis of about 4.24%. Due as follows:
32,000, 1932 to 1941 and 53,000. 1942 to 1951, all incl.
-TEMPORARY LOAN.
NORTH ADAMS, Berkshire County, Mass.
-H. J. Coughlin, City Treasurer, on May 26 awarded a $100,000 temporary loan to the First National Old Colony Corp., of Boston. at 1.46%
discount basis. The loan is dated May 26 1931 and matures Nov. 2 1931.
Legality approved by Storey, Thorndlke, Palmer & Dodge, of Boston.
The following is a list of the bids submitted at the sale:
Discount Basis.
Bidder1.46%
First National Old Colony Corp.(purchaser)
F. S. Moseley & Co
1.47%
1.48'7
Merchants National Bank of Boston
1.480
Salomon Bros. Sr Hutzler
S. N. Bond & Co
1.70%
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 7
-BOND OFFERING.(P. 0. Great Neck), Nassau County, N. Y.
William G. Conner, District Clerk, will receive sealed bids until 8.15 p. m.
on June 4 for the purchase of $125,000 not to exceed 434% int. coupon or
r stered school bonds. Dated June 15 1931. Denom. 31.000. Due
3 .000 on June 15 from 1932 to 1956 incl. Rate of int. to be expressed
in a multiple of 31 or 1-10th of 1%. Prin. and semi-ann. int. (J. & D.
are payable at the Chase National Bank, New York. A certified check for
2% of the bonds bid for, payable to the order of the Board of Education.
must accompany each proposal. The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the purchaser.
Financial Statement of North Hempstead Union Free School District No. 7.
Indebtedness
Gross debt as of May 15 1931:
$2,041,800
Bonds
None
Floating debt
$2,041,800
Deductions:
None
Sinking fund
Net debt
Bonds to be issued
52,041.800
125,000
$2,166,800
Assessed Valuation-1930Real property
Franchise
Personal
351.479,380
969,647
228,000
352,677.027
Total
81
Rate of assessment
12,Oal
Population (estimated 1930)
$10.70 per 1,000
Tax rate-Fiscal year 1930
NORTH UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Nurem-BONDS VOTED.
-The Secretary of
burg), Schuylkill County, Pa.
the Board of School Directors informs us that at an election held on May 11
the voters approved of the issuance of 337,000 in bonds for school building
construction purposes. The measure passed by a vote of 229 to 106.
-The $7,000 issue
O'NEILL, Holt County, Neb.-BOND DETAILS.
-was purof fire station bonds that was reported sold-V. 132, p. 3934
chased by the First National Bank of O'Neill as 43is at par. Due on
June 1 1938.
OAK PARK SCHOOL DISTRICT NO. 97 (P. 0. Oak Park), Cook
-The $250,000 school bonds offered on
County, Ill.
-BOND SALE.
-were awarded as 43,1s to the Harris Trust &
May 22-V. 132, p. 3584
Savings Bank of Chicago, at par plus a premium of $1,592. equal to 100.63,
a basis of about 4.20%. The bonds are dated June 1 1931 and mature
J95e 1 as follows: $5,000 from 1935 to 1918 incl., and $90,000 in 1949 and
1un .
0
The successful bidders are reoffering the bonds for general investment
priced to yield 3.90% for the 1935 maturity; 1936 and 1937, 4%; 1938 and
1939,4.05%, and 4.10% for the securities due from 1940 to 1950. inclusive.
The bonds, in the opinion of the bankers, are eligible as security for postal
savings deposits.
Financial Statement (As Officially Reported).
$72 062 482
:164000
:
Assessed valuation for taxation
2,164,000
Total debt (this issue included)
Population, 1930 census, 63.982; 1920 census, 39.858.
-BOND OFFERING.OCEAN BEACH, Suffolk County, N. Y.
Roland W. Macurdy, Village Clerk, win receive sealed bids until 12 m.
(Daylight Saving Time) on June 9, for the purchase of $14,000 not to
exceed 6% interest coupon or registered street improvement bonds. Dated
June 1 1931. Denom. $1,000. Due $1,000 June 1 from 1932 to 1945,incl.
Rate of interest to be expressed in a multiple of g of 1% and must be the
same for all of the bonds. Principal and semi-annual interest (June and
Dec.) are payable at the First National Bank & Trust Co. Bay Shore.
A certified check for $500, payable to the order of the Village. must accompany each proposal. The approving opinion of Clay, Dillon & Vande-menwater. of New York. will be furnished the purchaser. The above
tioned Clerk will receive the bids at the office of Le Roy B. Iserman,
Village Attorney, 115 Broadway, New York City.
-An election
OMAHA, Douglas County, Neb.-BOND ELECTION.
is reported to have been called for June 16 in order to have the voters pass
on the proposed issuance of 52,000,000 in bridge bonds. Interest rate
is not to exceed 6%. Due in 20 years.
ONTARIO SCHOOL DISTRICT (P. 0. San Bernardino) San
-LIST OF BIDS.
-The following is a list of
Bernardino County, Calif.
the other bids received for the $85,000 issue of 434% coupon semi-ann.
school bonds that was awarded to the American Securities Co. of San
Francisco, at 104.33, a basis of about 4.10%-V. 132, p.3934:
Premium.
Bidder$3,688.00
* American Securities CO
3.324.00
Weeden & Co
3.272.00
Harris Trust & Savings Bank
3,044.09
William R. Stasis Co
2,879.00
R. H. Moulton & Co
2,839.00
Bankamerica Co
2,779.00
First Detroit Co
Anglo-London-Paris Co
2,584.00
American National Bank
2,469.00
Dean Witter & Co
2,022.50
* Successful bid.
ONEIDA COUNTY (P.O. Rhinelander) Wis.-BOND OFFERING.Sealed bids will be received until 4 p. m. on June 5. by Anna Moe Gruper,
County Treasurer, for the purchase of a $73,000 issue of 5% annual funding
4106
FINANCIAL CHRONICLE
bonds. Denom.$1,000. Dated March 1 1931. Due on March 1 as follows:
$7,000, 1932 to 1940, and $10,000 in 1941. All proceedings authorizing
the issue of said bonds are on file with the County Clerk, for inspection,
including the approval of the Attorney General. A certified check for 5%
of the amount bid, payable to the County Treasurer, is required.
(A similar amount of bonds was purchased by Ames, Emerich & Co. of
-Chicago on April 30-V. 132. p. 3585.)
ORANGE COUNTY WATERWORKS DISTRICT NO.5(P.O. Santa
Ana) Calif.-al:1ND OFFERING.
-Sealed bids will be received until
11 a.m. on June 9, by J. M. Backs, County Clerk, for the purchase of a
$31,650 issue of 6% waterworks construction bonds. Denom. 31,000, one
for $650. Dated July 1 1931. Due on Jan. 1 as follows: $650 in 1934:
$1,000, 1935 to 1945, and $2.000, 1946 to 1955, all incl. Prin. and semiannual int, payable at the office of the County Treasurer. The bonds will
be sold at not less than par and accrued interest. A certified check for 3%
of the bid, payable to the Chairman of the Board of Supervisors, is required.
ORANGE TOWNSHIP (P. 0. Warrensville), Cuyahoga County,
Ohlo.-BOND .SALE.
-The $18,400 road impt. bonds offered on Feb.7V. 132, p. 1076
-were awarded as 43s to Ryan. Sutherland & Co. of
'Toledo at par plus a premium of $2, equal to 100.01, a basis of about
4.747.. The bonds are dated Oct. 1 1930 and mature Oct. 1 as follows:
12,000 from 1931 to 1938 incl., and $2,400 in 1939.
-A $28,000 issue
-BOND SALE.
OROVILLE, Butte Counry, Calif.
of improvement bonds was awarded recently to the American Securities
Co. of San Francisco, as 431s, paying a premium of $28, equal to 100.10,
a basis of about 4.235%. Due from 1932 to 1946. The other bids (all
for ilia) were:
Premium.
Bidder$431
Anglo-London-Paris Co
130
Dean, Witter & Co
119
Bankamerica Co
-A call is
-BONDS CALLED.
OSAGE CITY, Osage County, Kan.
being issued by E. C. Umbenstock Clerk of the Board of Education, for
the purchase of 5% bonds Nos. 1 to 30 of the issue of July 1 1913. Payable
'
in full with all accrued interest at the office of the State Treasurer at Topeka,
as of July 11931,on which date interest shall cease.
-T. 0. Hart,
-BOND OFFERING.
PALATINE, Cook County, 111.
Village Clerk, will receive sealed bids until 8 p.m. (daylight saving time)
on June 1, for the purchase of $5,500 5% water works improvement bonds.
Dated May 1 1931. Denom. $500. Due May 1 as follows: $500 from
1933 to 1941. incl., and 31,000 in 1942. Interest is payable semi-annualy
hi May and November.
PAULSBORO SCHOOL DISTRICT, Gloucester County, N. J.
BOND SALE.
-The Farmers & Mechanics Bank of Woodbury, bidding
for $188,000 bonds of the 8190,000 coupon or registered school issue offered
on May 22-V. 132. p. 3760
-was awarded the former amount of securities
as 5s, paying $190,111, equal to 101.12, a basis of about 4.86%. The
bonds are dated June 15 1931 and mature Jan. 15 as follows: $10,000
from 1933 to 1950, incl., and 38,000 in 1951.
PEMBERVILLE, Wood County, Ohlo.-BOND OFFERING.
M.A. Wigman, Village Clerk, will receive sealed bids until 12 m.on June 15
for the purchase of $28,500 5% Judgment payment bonds. To be dated
not later than June 15 1931. Due semi-annually as follows: $2,700 March 1
and $3,000 Sept. 1 from 1932 to 1936 incl. Interest is payable semi-annually.
Bids for the bonds to bear interest at a rate other than 5%, expressed in a
multiple of 3Z of 1%, will also be considered. A certified check for $1,000,
payable to the order of the Village. must accompany each proposal. The
bonds are subject to call and redemption at not more than par at any
interest period at the option of the Village.
A report dealing with the institution of a suit to enjoin the sale of these
bonds appeared in V. 132, p.3935.
-The $30,000 issue
PERRY, Dallas County, lowa.-BOND SALE.
of 5% semi-annual funding bonds offered for sale on May 25-V. 132, p.
-was awarded as follows: $15,000 to the Perry State Bank, and $15,3935
000 to the First National Bank of Perry. Due $3,000 from May 25 1932
to 1941. incl. No other bids were received.
-BOND SALE.
-The
PERTH AMBOY, Middlesex County, N. J.
3470,000 coupon or registered tax revenue bonds offered on May 26V. 132, p. 3935
-were awarded as 2.74s to the Perth Amboy National
Bank, at par plus a premium of $48. The bonds are dated June 5 1931
and mature Dec. 5 1931.
-At a
-BONDS VOTED.
PETERSBURG, Monroe County, Mich.
al election held on May 21 the voters approved of a proposal to issue
000 in bonds to finance the construction of a new high school building.
The measure passed by a vote of 161 to 149. At a previous election on April
-V. 132, p. 3388.
29 the proposal was defeated.
PIMA COUNTY SCHOOL DISTRICT NO.1(P. 0.Tucson), Ariz.
BOND SALE.
-The $200,000 issue of semi-annually school bonds offered
-was purchased by the Harris Trust
for sale on May 25-V. 132. p. 3585
& Savings Bank of Chicago, as 430, paying a premium of $3,387, equal
to 101.69.
PIMA COUNTY SCHOOL DISTRICT NO.1(P.O. Tucson), Ariz.
BOND SALE.
-The $200,000 issue of school bonds offered for sale on
May 25-V. 132, p. 3585
-was purchased by the Harris Trust & Savings
Bank of Chicago, as 4Ms, at a price of 101.41, a basis of about 4.33%.
Due from 1932 to 1951, inclusive. The second highest bid was an offer
of 101.03 on 4S-is tendered by the Northern Trust Co. of Chicago.
-BOND OFFERING.-James
PITTSBURGH,Allegheny County,Pa.
P. Item City Controller, will receive sealed bids until 10 a. m. (Eastern
Standard Time) on June 9, for the purchase of $175,000 coupon bonds,
divided as follows:
general improvement bonds of 1931. Dated April 11931.
$100,000 4
Due $10,000 annually on April 1 from 1 to 10 years. April and
Oct. interest.
75,0004% bridge bonds of 1931. Dated May 1 1931. Due $5,000 annually on May 1 from 1 to 15 years. May and Nov. interest.
Denom. $1,000. A certified check for 2% of the amount of bonds bid
for, payable to the order of the City, must accompany each proposal.
The successful bidder will be furnished with the opinion of Reed, 8:mith,
Shaw & McClay, of Pittsburgh, that the bonds are binding and legal
obligations of the City.
-TEMPORARY LOAN.
PITTSFIELD, Berkshire County, Mass.
Frank C. Robinson, City Treasurer, informs us that a $400,000 temporary
loan was awarded on May 27 to tho First National Old Colony Corp., of
Boston, at 1.34% discount basis. The loan is dated May 27 1931 and is
payable Nov. 201931 at the First National Bank, of Boston. The notes
will be authenticated as to genuineness and validity by the aforementioned
bank, under advice of Ropes, Gray, Boyden & Perkins, of Boston. Bids
submitted for the loan were as follows:
Disci. Basis.
Bidder
1.34
First National Old Colony Corp. (purchaser)
1.36
Salomon Bros. & Hutzler
1.46
F.S. Moseley & Co.(plus $7)
1.90
S. N. Bond & Co
PLEASANT HILL CONSOLIDATED SCHOOL DISTRICT (P. 0.
-The $10,000
-BOND DETAILS.
County, Miss.
Hernando), De Soto
issue of 6% school building bonds that was reported sold-V. 132, p.
-was awarded to two local investors, at par. Dated June 1 1931.
3761
Due from 1932 to 1947.
-The $18.000
-BOND SALE.
PLYMOUTH, Richland County, Ohio.
p.
6% coupon water supply bonds offered on May 23-V. 132, par3761 a
at
were awarded to the Peoples National Bank, of Plymouth, 4.60%.plus
The
$2,006.82. equal to 111.14, a basis of about
premium of
bonds are dated April 1 1931 and mature $1,000 on April 1 from 1933 to
1950. inclusive. Bids were also submitted by the State Teachers Retire-Bertram Co., and
ment Board, Well, Roth & Irving Co., the Davies
Ryan, Sutherland & Co.
.-The
-BOND
POLK COUNTY (P. 0. Benton), Tenn. Joseph, DETAILS Estes,
Hutton &
$9,000 issue of refunding bonds purchased by fully described as follows:
-is more
-V. 132, p. 3585
Inc., of Nashville
par, county to pay expenses.
$4,000 as 5s and $5,000 as 530, awarded at 34,000 on April 1 1941 and
Denom. $1,000. Dated April 1 1931. Due
$5,000 on April 11951. Interest payable A. & O.
-BOND OFFERING.
PORTER COUNTY (P. 0. Valparaiso), Ind.
until 10 a. m.
W. E. Seymour, County Treasurer, will receive sealed bids
F1
[VoL. 132.
(standard time) on June 2 for the purchase of $127,900 434% bonds,
divided as follows:
$ 7, 00 Pine TwIl. bonds. Dated May 16 1931. Denom. $2,425. Due
9 0
$4.850 May and Nov. 15 from 1932 to 1941, incl. Interest Is
payable semi-annually on May and Nov. 15.
20,600 Jackson Twp. bonds. Dated May 16 1931. Denom. $1,030.
Due 51,030 July 15 1932; 31,030 Jan. and July 15 from 1933 to
1941, incl.. and 51.030 Jan. 15 1942. Interest is payable semiannually on Jan. and July 15.
10,300 Liberty Twp. bonds. Dated May 16 1931. Denom. $515.
Due $515 July 15 1932; $515 Jan. and July 15 from 1933 to 1941,
incl., and $515 Jan. 15 1942. Interest is payable semi-annually
on Jan. and July 15.
-Thomas
-BOND SALE.
PORT HURON, St. Clair County, Mich.
H. Molloy, Commissioner of Finance, informs us that the First Detroit
Co., of Detroit, purchased at public sale on May 20 an issue of $18,438.83
coupon street repair bonds as 430, at par plus a premium of 3101, equal
to 100.54, a basis of about 4.39%. The amount sold includes $13,888.83
Is
special assessment portion
si
1111 :i1
b9
1
Juneassesls
l
l ci
o
U
atngi y gfutiras io :16 2701rO go
1934 to 1937, incl.; •1,550 in 1930; $1,000 from 1939 to 1941, incl.; $2,000
In 1942 and 1943, and $1,888.83 in 1044. Principal and Interest on special
assessment bonds payable at the City Treasurer's office and on city portion
bonds at the Central Hanover Bank & Trust Co., New York. Successful
bidder to furnish bonds and legal opinion. The securities are said to be
direct
of the Dity. Bids submitted at the sale were as follows:
Premium.
Int. Role.
7
0
$171
4M 7
First Detroit Co. (purchaser)
434
Stranahan, Harris & Co
Par
United States Savings Bank (Port Huron)
5
50/
First National Trust & Savings Bank (Port Huron).
-John
-BOND OFFERING.
PORT JERVIS, Orange County, N. Y.
L. Cleary, City Clerk, will receive sealed bids until 8 p.m. on June 12,
for the purchase of $112.000
% street improvement bonds. Dated
July 11931. Denom. $1,000. Due July 1 as follows: $10,000 from 1934
to 1938, incl.; $12,000, 1939; 521,000, 1940; 523,000 in 1941, and $6,000
In 1942. Interest is payable semi-annually in January and July. A
certified check for 2% of the amount of the bid must accompany each
proposal. The approving opinion of Hawkins, Delafleld & Longfellow,
of New York, will be furnished the purchaser.
-TEMPORARY LOAN.
PORT OF NEW YORK AUTHORITY, N. Y.
-The National City Bank has extended a credit of 35,000,000 to the
Port Authority to finance this year's work on the Midtown Hudson Tunnel
project, the total cost of which will be $96,000,000.
-TEMPORARY
PORTSMOUTH, Rockingham County, N. H.
LOAN.
-The Merchants National Bank, of Boston, purchased on May 21
discount basis. The loan matures
a $65,000 temporary loan at 1.68%
Dec. 8 1931 and was bid for by the following:
Discount Basis.
er
.68
Merchants National Bank (purchaser)
1.75
First National Old Colony Corp
1.80
Boston Safe Deposit & Trust Co. (plus $1)
2.11
W.0. Gay & Co
2.20
S. N. Bond Sr Co.
-The City
-BOND SALE.
PORTSMOUTH, Scioto County, Ohio.
Fund Commission has purchased for
Auditor reports that the Sinking
investment an Issue of $35,000 5% poor relief bonds, dated June 1 1931 and
due $3,500 on April and Oct. 1 from 1932 to 1936, incl.
-BOND OFFERING.PROVIDENCE, Providence County, R. I.
Walter F.Titzpatrick, City Treasurer, will receive sealed bids until 2 P. m.
whole
(Daylight saving time) on June 19 for the purchase of thefollows:or any
part of an issue of $2,000,000 47. serial bonds, divided as
annually on July 1 from 1932 to
31.500,000 school bonds. Due $50.000
1961. incl.
h9gh w
500,000 1141, aiLib.onds. Due $50,000 annually on July 1 from 1932 to
Each issue is dated July 1 1931. Either coupon bonds of $1,000 each.
or registered bonds in sums of $20.000, $10.000 $5,000 and $1,000 each,
any time be converted
as desired, will be issued, and coupon bonds may
holder.
Into registered bonds of the above denoms. at the option of the agency
& J.) will be paid at the fiscal
Principal and semi-annual interest (J.
of the City in the City of New York. A certified check for 2% of the
amount of bonds bid for, payable to the order of the City Treasurer, must
opinion.
accompany each proposzl. Successful bidder to furnish own legal
In
ted e the following information regarding
l revidith the
etionw euee is proposed
the City
Assessor's Valuation.
1930.
$426 483 448
Real_
------------------------------------- 97,881,800
Intagigi -Ifetrs
Tan ntr - o
167,490,680
onal
$691,855,928
Total-----------------------a Yncitiiie, il551):1131.
o d l 1930 (rate 323.50 per M on real and tangible personal.
eTa o 0
Franmxasf.0
including State tax) 12,992.546
O0 Per lgues
ther se ort intangible personal,
1,977.000
314.969.546
Valuation of Properly Owned by the City. 1930.
------------------------------------------ $40008565
Real estate -2,,245,,080
Personal property
$42,253,645
__
Total ___________________________________
Water Works. 1929-1930.
_
Receipts ____
205.000
from Water Depreciation and Extension Fund
Transfer
$1,808,139
754,959
811,398
150,000
Cost of Managing
Interest on water debt
Depreciation and extension fund
$1,716,357
91,782
Indebtedness
:
Bonded
E3rplug ____________________________
111
: ____________________ ______ ___ ___________________________
Floating ___________
50,889,000
7,515.986
Total debt
Sinking funds -
$58,404,986
14,867,311
Net debt
$43,537.675
Total water debt included In above
Sinking funds for water debt
$19,517,226
5.041,009
514.476,_ _217
Net water debt
Population, 1910 census (Federal). 224.326; 1920, 237,595; 1930, 252,000.
* The tax rate for 1931 assessment will be $24.50 per M.
-Sealed bids
-BONDS OFFERED.
PRYOR, Mayes County, Okla.
were received until 1 p. m. on May 27, by Sam F. Campbell, City Clerk,
for the purchase of a $35,000 issue of public park bonds. Int. rate specified.
by bidder. Due $2,000 from 1936 to 1952 and $1,000 in 1953.
PUEBLO PUBLIC WATER WORKS DISTRICT NO. 2 (P. 0.
-Sealed bids will
Pueblo), Pueblo County, Colo.
-BOND OFFERING.
be received at any time up to June 2 by C. P. Williams, Clerk of the
Board of District Commissioners, for the purchase of a $700,000 issue
of 45-6 7. refunding municipal water bonds Denom. $1,000. Dated
July 1 1931. Due on July 1 as follows: $10,000, 1932 to 1935; $15,000,
1936 to 1940; 520,000, 1941 to 1947; 325,000, 1948 to 1951; $30,000,
1952 to 1955; $35.000. 1956 to 1958. and $40,000, 1959 to 1961, all incl.
Int. rate is not to exceed 434%. The acceptance of any offer is to be
subject to the auhtrization of the issue at the election to eb held June 9.
The District will furnish the approving opinion of Thomson, Wood &
Hoffman of N. Y. City.
Official Financial Statement.
211.548,551.00
Assessed valuation of real estate in district
Assessed valuation of personal property in district, exact
5,000,000.00
figures not available out estimated to be over
Total
$16,548,551.00
MAY 30 1931.]
FINANCIAL CHRONICLE
The indebtedness of the district consists of434% bonds to be
refunded by this issue
700,000.00
Bonded debt 5% issue dated Dec. 1 1923, optional 1933. due
1948, voted by the taxpayers for betterments and extensions to the system
•
250,000.00
Net earnings after payment of all interest and charges:
1925
$37,414.04
1926
48,052.72
1927
54,118.92
1928
60,695.59
1929
48,889.43
1930
51,384.36
Bonds paid prior to 1925
116,000.00
Bonds paid subsequent to 1925
184,000.00
Estimated valuation of plant
2,000.000.00
Railroad mileage in the district
$ 692 miles
2 ..
21 3
Totalrevenue of the district for the year 1929
Totalrevenue of the district for the year 1930
220,012.71
Operating and miscellaneous expenses, 1929
117,323,43
Operating and miscellaneous expenses,1930
119,782.24
Available for permanent improvements, interest and payment of bonds,1929
101,895.56
Available for permanent improvements, interest and payment of bonds 1930
100,230.47
New reservoirs and settling basin were completed July 1930, at a cost of
$80.000 which will effect a saving in operating costa of $10,000 a year,
which reservoirs were paid for out of earnings of the plant.
The general funded debt of the City of Pueblo, not including water
bonds,is $734,000.00. Assessed valuation ofthe City of Pueblo for the year
1930, $39,735,405.00.
4107
Financial Statement.
Assessed Valuation
Assessed val. of taxable real prop. & special franchise__331,341,982.00
Total bonded indebtedness, including this issue
3,290,000.00
Water debt,included above
463,000.00
Net bonded debt
2.827.000.00
Population: 1920 Federal census, 6,262; 1930 Federal census, 13,672:
1931, estimated, 15,000.
ST. ALBANS (Town of) Franklin County, Vt.-BOND SALE.
The $40,000 434% coupon refunding bonds offered on May 25-V. 132.
p. 3761-were awarded to E. H. Rollins & Sons, of Boston, at a price of
101.06, a basis of about 4.12%. The bonds are dated June 1 1931 and
mature $2,000 June 1, from 1932 to 1951 incl.
ST. HELENA UNION SCHOOL DISTRICT (P. 0. Napa), Napa
-BOND SALE.
County, Calif.
-The $85,000 issue of 434% semi-ann.
-was awarded
school bonds offered for sale on May 21 -V. 132. p. 3762
to the American Securities Co. of San Francisco, paying a premium of
$2,678, equal to 103.15,a basis of about 4.20%. Dated June 1 1931. Due
from June 1 1932 to 1960 incl.
The following bids were also received:
Premium.
Bidder$2,871
Heller, Bruce & Co
1,775
Anglo-London-Paris Co
1,754
Bankamerica Co
1,540
Dean, Witter & Co
-BOND SALE.
ST. JOSEPH COUNTY (P. 0. South Bend) Ind.
The $.350,000 coupon poor relief purpose bonds offered on May 25-V. 132,
P. 3936-were awarded as 3s to the Harris Trust & Savings Bank, of
RALEIGH, Wake County, N. C.
-NOTE OFFERING.
-Sealed bids
will be received by Chas. M. Johnson, Director of Local Government, at Chicago, at par plus a premium of $153, equal to 100.04, a basis of about
his office in Raleigh, until 10 a.m. on June 2, for the purchase of an issue 2.99%. The bonds are dated May 15 1931 and mature 1175.00000 May 15
The Union Trust Co., of Indianapolis, bidding
of $100,000 bond anticipation notes.. Denomination or denominations to and $175.000 Nov. 15 1932. par plus a premium of $181 for the issue.
suit purchaser if specified at time bid is made. Dated June 4 1931. Due for the bonds as 4s, offered
on Sept.
2 1931. Prin. and int, payable in New York City. Interest
SANDOVAL COUNTY SCHOOL DISTRICTS (P. 0. Bernalillo),
payable at maturity. The notes will be awarded at the lowest interest N. Mex.-BOND OFFERING.
-Sealed bids will be received until 10 a. m.
rate for which a bid of par and accrued interest is made. The approving on June 29 by P. F. Armijo, County Treasurer, for the purchase of four
Opinion of Reed, Hoyt & Washburn, of New York City, will be furnished issues
of school bonds aggregating 320,300, as follows:
the purchaser. A $500 certified check, payable to the State Treasurer,
$8,000 School District No. 21 bonds. Denom. $1,000.
must accompany the bid.
6,300 School District No. 31 bonds. Denoms. $1,000 and $300.
4,000 School District No. 53 bonds. Denom. $1,000.
RALEIGH TOWNSHIP SCHOOL DISTRICT(P.O. Raleigh), Wake
2,000 School District No. 52 bonds. Denom. $1.000.
County, N. C.
-NOTE OFFERING.
-Sealed bids will be
Interest rate is not to exceed 6%,payable semi-annually. Dated July 1
10 a. m. on June 1 by Chas. M. Johnson, Director of Localreceived until
Government, 1931. Each issue due serially in equal annual instalments beginning the
at his office in Raleigh, for the purchase of a $50,000 issue of revenue anticiPrincipal
pation notes. Dated June 2 1931. Due in 90 days from date without third year from date. Central and interest payable at the State Treas-Hanover Bank & 'trust Co. in N. Y. Ctiy.
Option of prior payment. Notes will be awarded at the lowest interest urer's office, or at the
Bidders will be required to submit bids specifying:
rate, for which a bid of par and accrued interest is made. Principal and
(a) The lowest rate of interest and premium, if any, above part at
interest payable in New York City. Interest payable at maturity. Notes
or
will be in denominations to suit purchaser if specified at time bid is made. which such bidder will purchase said bonds:the bidder will purchase said
(b) The lowest rate of interest at which
The approving opinion of local attorneys will be furnished the purchaser.
bonds at par.
Bonds will be sold at not less than par and accrued interest to the date
REEDER, Adams County, N. Dak.-BOND OFFERING.
-It is re- of delivery to the purchaser, and no discount or commission will be allowed
ported that sealed bids will be received until 10 a. m. on June 1, by the or paid on the sale of such bonds. A certified check for 5%,on each issue.
Village Clerk, at the County Auditor's office in Hettinger, for the pur- Payable to the County Treasurer, is required.
chase of a $7,000 issue of refunding bonds. Interest rate is not to exceed
-The
-BOND SALE.
6%. payable J. & J. Denom. $1,000. A certified check for 2% must
SAN FRANCISCO (City and County), Calif.
accompany the bid.
two issues of4, % bonds aggregating $450,000,offered for sale on May 25!
5
V. 132, p. 3936-were purchased by a syndicate composed of the First
RICHMOND, Wayne County, Ind.
National Bank, Eldredge & Co.,and the First Detroit Co., all of New York,
-BOND
4% storm sewer construction bonds offered on May SALE -The $95.000 the Anglo-London-Paris Co. and the Bankamerica Co.. both of San Fran27-V. 132, p. 3935
were awarded, to the Second National Bank, of Richmond,
premium of $22,275, equal to 104.95, a basis of about 4.08%.
at par plus a cisco. for aare
premium of $1,889.30, equal to 101.98. a basis of
as follows:
The issues
0.
are dated Jan. 1 1931 and mature semi-annuallyabout 3.687 The bonds $150,000 public parks and squares bonds. Due $6.000 from 1936 to Me
as follows: $4,000 July 1
1932:$4,000 Jan.and July 1 from 1933 to 1943,incl., and $3,000 Jan.1 1944.
incl.
300,000 boulevards and roads bonds. Due 312.000 from 1936 to 1980 incl.
The following is an official list of the bids submitted at the sale:
idder-BOND SALE.
Premium.
SANILAC COUNTY (P. 0. Sandusky) Mich.
Second National Bank (purchaser)
$1,889.30 Bert R. Walker, County Drain Commissioner, informs Us that the $55,000
Fletcher American Co., Indianapolis
all bids received on May 12 were re1,738.50 drain construction bonds for which
Harris Trust & Savings Bank, Chicago
-were subsequently sold at a price of par to Slier,
1,536.00 jected-V. 132. p. 3762
Fletcher Favings Bank & Trust Co., Indianapolis
1.506.66 Carpenter & Reese, of Toledo. The bonds mature serially from 1932 to
First National Bank, Richmond
1,505.00 1941 incl.
Dickinson Trust Co., Richmond
1,454.00
-At a
SANTA FE, Sante Fe County, N. Mex.-BONDS
RICHMOND,Henrico County, Va.-BOND OFFERING -Sealed bids special election held on May 22, the voters approved the issuance of $125.Will be received until 5 p. m.(Eastern standard time) on June 8, by Landon 000 in school bonds by a count of 1,017 "for" to 448"against".
B. Edwards, City Comptroller, for the purchase of four issues of 4H
SANTA FE MUNICIPAL SCHOOL DISTRICT (P. 0. Santa Fe)
coupon or registered bonds aggregating $1000,000, divided as follows; %
-Sealed bids will be reSanta Fe County, N. Mex.-BOND OFFERING.
$100,000 street pang bonds. D
Due on July 1 1941.
vi
ceived until 2 p. m. on June 12 by Benjamin J. Ortega, County Treasurer,
350,000 sewer bonds. Due on July 1 1965.
for the purchase of an issue of 3125.000 coupon school bonds. Int. rate is
300,000 James River !rapt. bonds. Due on July 1 1965.
not to exceed 6%. payable semi-annually. Denom. $1,000. Dated July
250,000 curb and gutter bonds. Due on July 11965.
payable
Denom. $1,000. Dated July 1 1931. Prin. and int. (J. & .J.) payable 1 1931. Due from July 1 1934 to 1951. Principal and interest Kountze
at the office of the State Treasurer, or at the banking house of
at the office of the City Comptroller or (unless the bonds be
at the office of the fiscal agent of the city in New York. Theregistered) Bros. in New York City. The approving opinion of Pershing, Nye, Tallapproving
legal opinion of Reed, Hoyt & Washburn of N. Y. City will be furnished madge, Bosworth & Dick, of Denver, will be furnished, as well as the
to purchaser. The bonds will be prepared under the supervision of the form of bonds. A certified check for 5% of the bid, payable to the County
Liberty National Bank & Trust Co. in N. Y. City. A certified check for Treasurer, is required.
134% of the face amount of the bonds bid for is required.
SEATTLE, King County, Wash.-EOND SALE -The $500,000 issue
extension, 1927, Series W Y-3
-BOND SALE.
RITTMAN, Wayne County, Ohio.
-The following of coupon or registered water-was awarded to a syndicate bonds offered
composed of
on May 2-V. 132. p. 3388
issues of coupon bonds aggregating $6,600 offered on May 23-V. 132,
P. 3761-were awarded as 5s to Ryan, Sutherland & Co., of Toledo, at Eldredge & Co.of New York, Ferris & Hardgrove,and the Spokane Eastern
Trust Co.. both of Spokane, as Otis, at a price of 97.94, a basis of about
purchase bonds. Dated April 1 1931. Due $530 April 1 4.47%. Dated July 1 1931. Due in from 6 to 20 years from date.
1 PgglanNar
5,
of
from 1932 to 1941, inclusive.
-BOND SALE.
-A $45,000 Issue
SENATOBIA, Tate County, Miss.
1,300 uncial assessment street improvement bonds. Dated Sept. 1 1930. of street impt. bonds is reported to have been purchased by the Peoples
Due $230 Sept. 1 from 1931 to 1935, inclusive.
Bank of Senatobia.
Only ono bid was submitted at the sale.
-BOND SALE.
-The $75,000
SEYMOUR, Jackson County, Ind.
-were
RIVERSIDE COUNTY SCHOOL DISTRICTS (P. 0. Riverside), 431% improvement bonds offered on May 25-V. 132, p. 3936
Calif.
-BOND SALE.
-The two issues of 5% coupon bonds aggregating awarded to Hill,Joiner & Co.,of Chicago,at par plus a premium of$4,019.50
$85,000, offered for sale on May 25-V. 132. p. 3935
-were awarded to the equal to 105.35, a basis of about 3.73%. The bonds mature semi-annually
American Securities Co. of San Francisco, as follows:
as follows: 31.500, July 1 1932: $1,500, Jan. and July 1 from 1933 to 1956
$55,000 Corona High School District bonds for a premium of $3,008. incl., and 31,500. Jan. 1 1957. Bids submitted at the sale were as follows:
Premium.
equal to 105.46, a basis of about 4.09%. Due from June 1 1933
Bidderto 1943.
$4,019.50
Hill. Joiner & Co. (purchasers)
30,000 Corona School District bonds for a premium of $2,768, equal to First National Bank. Seymour
3,058.80
3,414.00
109.22, a basis of about 4.20%. Due from June 1 1944 to 1949. Fletcher Savings & Trust Co., Indianapolis
3,242.00
Union Trust Co., Indianapolis
-BOND SALE.
ROCHESTER,Olmsted County, Minn.
-The 850,000
-BOND SALE.
-The
SHELBY COUNTY (P. 0. Memphis), Tenn.
issue of4H% semi-ann. city hall bonds offered for sale on May 25-V. 132,
P. 3761-was Jointly purchased by the Drake-Jones Co. and Justus F. $60,000 issue of 434% semi-ann. refunding series of 1931 bonds offered for
-was awarded to Saunders & Thomas of
Lowe & Co., both of Minneapolis, paying a premium of $2,125. equal to sale on May 25-V. 132, p. 3936
104.25, a basis of about 3.60% (to optional date). Dated May 1 1931. Memphis, paying a premium of $1,542.28, equal to 102.58. a basis of about
4.10%. Dated June 1 1931. Due $4,000 from June 1 1932 to 1946 incl.
Due from Dec. 1 1932 to 1951 incl.
-The
The other bids received were as follows:
SOUTH BEND, Pacific County, Wash.-LONDS NOT SOLD.
semi-annually special water system
BidderPremium, $100,000 issue of not to exceed 6% 3389
-was not sold as there were no
First Securities Corp
bonds offered on May 11-V. 132, p.
First Nat. Bank of Winona, and the Winona Nat.& Sava. Bank $1.800
bids received. Due in from 2 to 22 years.
1.502
Wells-Dickey Co
1,386
SPRINGDALE SCHOOL DISTRICT, Allegheny County, Pa.
Central Illinois Co
BOND OFFERING -B. D. Ramaley, Secretary of the Board of School
1,325
Directors, will receive sealed bids until 7:30 p.m. (Eastern standard time)
RUTLAND, Rutland County, Vt.-BOND SALE.
-The
on June 16 for the purchase of 1150.0004 or 434% school bonds. Dated
coupon trunk sewer bonds offered on May 27-V. 132, p. 350.000 4% July 1 1931. Denom. $1,000. Due July 1 as follows: $5,000 from 1938 to
3936
-were
awarded to the Sinking Fund Commissioners of the City, at a price of 1949 incl.• $15,000 in 1951. 1953 1955 and 1957. and 330.000 in 1960.
102.423, a basis of about 3.51%. The bonds are dated June 1 1932 and Intert is payable semi-annually in Jan. and July. A certified check for
es .
mature $5,000 on June 1 from 1932 to 1941, inclusive. Bids submitted $1,000 must accompany each proposal. Purchaser to pay for the printing
at the sale were as follows:
of the bonds. All bids submitted are subject to the approval of the sale
Bidder
Rate Bid. of the bonds by the Department of Internal Affairs. These bonds were
Sinking Fund Commissioners (awarded bonds)
102.423 authorized at a special election held recently-V.132, p. 3937.
Clement National Bank (Rutland)
100.625
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Spring.
Stone & Webster and Blodget, Inc
100.11
-Arthur L. Reese, Solicitor,
-BOND SALE.
Delaware County,Pa.
E. H. Rollins & Sons
100.641 field), that an issue of 3170.000 4% school bonds was purchased at public
reports
First National Old Colony Corp
101.35
auction recently by M. M. Freeman & Co. of Philadelphia. at par plus a
National Life Insurance Co.(Montpelier)
100.00
Premium of $8,245, equal to 104.85, a basis of about 3.73%. The bonds
Harris, Forbes fic Co
100.54
mature May 1 1961.
Brown Bros., Harriman & Co
100.30
-BOND SALE.
STAMFORD (City), Fairfield County, Conn.
-The
ROCKVILLE CENTRE, Nassau County, N. Y.
-were awarded
$140,000 coupon bonds offered on May 29-V. 132, p.3937
-In connection with the proposed sale on June 3 of $36,000 to R. L. Day & Co.. of Boston, at 100.039 for $88,000 3345, due from 1932
STATEMENT.
coupon or registered water bonds, notice and description of which appeared to 1951, incl., and $52,000 331s, due from 1932 to 1944, incl. The offering
-we are in receipt of the following:
in -V. 132, p. 3935
comprised the following issues:
VOTED.
-FINANCIAL
4108
FINANCIAL CHRONICLE
$80,000 public impt. bonds. Due $4,000 May 1 from 1932 to 1951, incl.
60,000 public impt. bonds. Due $3,000 May 1 from 1932 to 1951. incl.
Each Wane is dated May 1 1931. The following is a list of the bids submitted at the sale:
BidderRate Bid.
Int. Rate.
R. L. Day & Co. (purchasers)
$88,000, 1932-1951 3%1 100.039
52,000, 1932-1944 3%f
H. M.Byllesby & Co
100.224
$63,000, 1932-1940 43
77,000. 1941-1951 3%
H.M.Byllesby & Co.(alternate bid)
100.309
V
All bonds at
101.64
FL L. Allen & Co
3
All bonds at
Estabrook & Co
All bonds at
3% o 101.219
STERLING (P.0. Viroqua), Vernon County, Wis.-BOND SALE.
The $40,000 issue of 5% semi-annual highway improvement bonds that
was scheduled for sale on June 12-V. 132. p. 3389
-was purchased on
May 12 by H. M. Byllesby & Co. of Chicago, for a premium of $1,450,
equal to 103.62. a basis of about 4.25%. Dated April 1 1931. Due
34.000 from April 1 1932 to 1941, inclusive.
STEUBEN COUNTY (P. 0. Angola), Incl.-BOND OFFERING.
Frank 0. Watkins, County Treasurer, will receive sealed bids until 1 P. m•
on June 3, for the purchase of $6,400 43. % York Twp. road improvement
bonds. Dated March 2 1931. Denom. $320. Due semi-annually as follows: $3320 July 15 1932; $320 Jan. and July 15 from 1933 to 1941, incl.,
and $3,320 Jan. 15 1942.
STILLWATER COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Columbus), Mont.
-BOND OFFERING.
-It is reported that sealed bids will
be received until 8 p. m. on June 15 by G. B. Iverson, District Clerk, for
the purchase of a $25,000 issue of 6% semi-ann. refunding bonds. Dated
July 1 1931. Due on July 1 1941. A certified check for $1.000 must
accompany the bid.
-BOND OFFERING.-A. G
STRUTHERS,Mahoning County, Ohio.
Jones, City Auditor, will receive sealed bids until 12 m. on June 8 for the
purchase of an issue of $8,065.60 6% special assessment impt. bonds.
Dated June 15 1931. One bond for $65.60, others for $1,000. Due annually as follows: $1,000 from 1932 to 1935 incl.;$65.60 in 1936,and $1,000
from 1937 to 1940 incl. Interest is payable semi-annually on April and
Oct. 15. Bids for the bonds to bear interest at a rate other than 6%,expressed in a multiple of y, of 1%,will also be considered. A certified check
for $500, payable to the order of the City Treasurer, must accompany each
proposal.
.-The $5,000
STUART, Patrick County, Va.-BONDS NOT SOLD
Issue of 6% coupon water bonds scheduled to be sold on May 25-V. 132.
-was not awarded as the sale was called off and the bonds will
P. 3762
be sold to the sinking fund. Denom. $1,000. Dated July 1 1931. Due
on July 1 1941. Interest payable J. & J.
-BOND SALE.
SULLIVAN COUNTY (P. 0. Blountville), Tenn.
The $112,000 issue of 5% semi-annually coupon school bonds offered for
sale on May 8-V. 132. p. 3209
-was purchased by Robinson. Webster &
Gibson, of Nashville, paying a premium of $5.488, equal to 104.90, a basis
of about 4.61%. Dated April 1 1930. Due on April 1 1950.
(This report corrects that given in V. 132. P. 3937.)
-Sealed
SUPERIOR, Douglas County, Wis.-BOND OFFERING.
R.E.McKeague,City Clerk,
bids will be received until 12 noon on June 8,p',
for the purchase of a $70,000 issue of 4% coupon vocational school
y 1 1931. Due $10,000 from
building bonds. Denom. 31,000. Dated
July 1 1945 to 1951. incl. Principal and interest (J. & J.) payable at the
City Treasurer's office. Bonds can be registered as to principal. They
are issued pursuant to Chapter 67, Wis. Statutes 1929. Bidder to furnish
printed bonds and attorney's opinion. Bonds cannot be legally sold below
par. Authority: Chapter 67, Wis. Statutes 1929. A certified check for
2% of the bonds, must accompany the bid.
Official Financial Statement.
Assessed valuation of all taxable property for State and County
$48,411,867
purposes for year 1930, was and is
2,186,000
Total bonded debt including this issue is
116.000
Sinking fund on hand for payment of principal is
City has no water works,electric light or gas bonded indebtedness.
Population in 1930,36.000. Rate of taxation in 1930, $37.50 per $1,000.
-BOND SALE.
-M. M.
SUSSEX COUNTY (P. 0. Newton), N. J.
Freeman & Co., of Philadelphia, bidding for $222,000 bonds of the $224,000 coupon or registered improvement issue offered on May 22-V. 132,
p. 3762
-were awarded the former amount of securities as 45, paying
$224,400, equal to 101.081, a basis of about 3.89%. The bonds are dated
May 1 1931 and mature May 1 as follows: $8.000 from 1932 to 1939, incl.;
$10,000 from 1940 to 1954. incl., and $8,000 in 1955.
-The $460,000 issue
-BOND SALE.
TACOMA,Pierce County, Wash.
-was jointly
of water bonds offered for sale on May 27-V. 132, p. 3937
purchased by Eldredge & Co. of New York, and Ferris & Hardgrove of
Spokane, as 41s, at a price of 97.95.
-The
-TEMPORARY LOAN.
TAUNTON, Bristol County, Mass.
-were awarded
$300,000 temporary loan offered on May 25-V.132. p.3937
Boston, at 1.60% discount basis.
to the First National Old Colony Corp. of
The loan is dated May 27 1931 and matures Nov.25 1931.. Bids submitted
at the sale were as follows;
Discount Bas's.
er1.60
First National Old Colony Corp.(purchaser)
1.64
Webster Atlas Corp
1.875%
Bank of Commerce & Trust Co
TAUNTON, Bristol County, Mass.
-BOND OFFERING -Lewis A.
Hodges, City Treasurer, will receive sealed bids until 5 p.m. (daylight
saving time) on June 2 for the purchase of $180,000 3 % coupon or registered bonds, divided as follows:
$140,000 macadam bonds. Dated June 1 1931. Due June 1 as follows'
$40,000, 1932; $30,000, 1933 and 1934, and $20,000 in 1935 and
1936.
20,000 sewer bonds. Dated June 1 1931. Due $1,000 June 1 from 1932 to
1951, inclusive.
20,000 water mains and water departmental equipment bonds. Dated
Jan. 1 1931. Due $4,000 Jan. 1 from 1932 to 1936, inclusive.
Principal and semi-annual interest are payable in Boston. The bonds
will be engraved under the supervision of and authenticated as to their
genuineness by the First National Bank of Boston. The favorable opinion
of Ropes, Gray, Boyden & Perkins of Boston as to the validity of the issues
will be furnished without charge to the purchaser.
Financtal Statement June 1 1931.
Valuation for year 1930
$41,198,113
Total debt (present loans included)
2,991,800
Water debt (included in gross debt)
560,000
Electric light debt (included in total debt)
680,000
Sinking funds (other than water)
354,496
Population, 37.288.
TEXAS, State of (P. 0. Austin).
-The
-BONDS REGISTERED.
following minor issues of bonds were registered by the State Comptroller
during the week ended May 23:
$900 Cherokee County Consolidated School District No. 82, 5% serial
bonds. Denom. $50.
1,425 Bowie County Consolidated School District No. 5, 5% serial bonds.
Denom. 75.
2,250 Bowie County Consolidated School District No. 11, 5% serial bonds.
Denom. $75.
TIPPECANOE (P. 0. Tippecanoe City), Miami County, Ohio.
-S. 0. Mitchell, Village Clerk, will receive sealed
BOND OFFERING.
until 12 m. on June 8 for the purchase of $59,500 414% water works
bids
system impt. bonds. Dated April I 1931. One bond for $500. others for
$1,000. Due Oct. 1 as follows: $2,500 in 1932. and $3,000 from 1933 to
1951 incl. Int. is payable semi-annually in April and Oct. Bids will
also be considered for the bonds to bear int. at a rate other than 4(%,
provided, however, that where a fractional rate is bid such fraction shall
be 3 of 1% or a multiple thereof. A certified check for $1.000, payable
to the order of the above-mentioned Clerk, must accompany each proposal.
Only wholly unconditional bids will be considered.
-BOND OFFERING.
-Ed
TIPTON COUNTY (P. 0. Tipton), Ind.
Trimble, County Auditor, will receive sealed bids until 2 p. m. on June 11
ditch improvement bonds. Dated
0_
for the purchase of 35,688.66 67
June 1 1931. Denom. $948.11. Due $948.11 June 11 from 1932 to
1937, inclusive. Principal and semi-annual interest (June and Dec. 11)
are payable at the office of the County Treasurer. A certified check for
$100 must accompany each proposal.
[VoL. 132.
TOLEDO, Lucas County, Ohio.
-BOND ISSUE AUTHORIZED.
At a meeting of the city council on May 18 an ordinance was adopted
providing for the issuance of $219,500 in bonds to finance the city's portion
of the cost of grade elimination work. The municipality will pay 35%
of the cost and the remaining 65% will be borne by the railroads.
TOOLE COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Sunburst),
Mont.
-BOND OFFERING.-Sealed bids will be received until 8 P.m.
on June 2 by Emma D. Cunningham, District Clerk, for the purchase of
a $20,000 issue of school bonds. Interest rate is not to exceed 6%. payable
J. & J. Dated July 1 1931. Amortization bonds will be the first choice
and serial bonds will be the second choice of the School Board. Ifamortization bonds are sold and issued, the entire issue, it is stated, may be put
Into one single bond or divided into several bonds, as the said Board of
Trustees may determine upon at the time of sale, both principal and interest
to be payable in semi-annual installments during a period of five years
from the date of issue. If serial bonds are issued and sold they will be in
the amount of $4,000 each, the sum of $4,000 of the said serial bonds will
become payable on the first day of July, 1932. and a like amount on the
same day each year thereafter until all of such bonds are paid. A $500
certified check, payable to the Clerk, must accompany the bid.
UTAH, State of (P. 0. Salt Lake City.)
-BOND SALE -It is reported from Denver that a $460,000 issue of 4% State building bonds
was sold on May 20 to a syndicate composed of the First Securities Corp.,
the Walker Bank & Trust Co., and Edward L. Burton & Co., all of Salt
Lake City. Due as follows: $200,000 in 1940 and 1941, and $30,000.
1942 and 1943.
VERNON COUNTY (P. 0. Viroqua), Wis.-BOND SALE CORRECTION.
-The $100,000 issue of 4%% coupon semi-ann. highway bonds
that was reported sold was purchased by John Nuveen & Co. of Chicago,
not the Harris Trust & Savings Bank of Chicago, as stated in V. 132, n•
3937. The bonds were awarded for a premium of $250, equal to 100.25,
a basis of about 4.18%. Due on May 1 1935.
-The
-BOND SALE.
VIGO COUNTY (P. 0. Terre Haute), Ind.
$8,500 43 % coupon Harrison Twp. road improvement bonds offered on
May 22 (V. 132, p. 3763) were awarded to the Fletcher-American Co. of
Indianapolis at par plus a premium of $317.05, equal to 103.73, a basis of
about 3.78%. The bonds are dated May 1 1931 and mature semi-annually
as follows: $425, July 15 1932; $425, Jan. and July 15 from 1933 to 1941,
incl., and $425 Jan. 1.5 1942. Bids submitted at the sale were as follows.
Premium.
Bidder17.05
Fletcher American Co. (purchaser)
295.88
Brazil Trust Co
302.00
City Securities Corp
279.00
Fletcher Savings & Trust Co
265.50
Pfaff & Hughel
-The
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
Bank of Commerce & Trust Co. of'Boston purchased on May 25 a $100.000
temporary loan at 1.45% discount basis. The loan is dated May 25 1931
and is due Dec. 29 1931. Bids submitted at the sale were as follows:
Discount Basis.
Bidder
Discount Basis. Bidder1.53%
Salomon Bros.& Hutzler
Bank of Commerce & Trust
National Old Colony
irst
Co. (purchaser)
145%
1.53%
Corp
Faxon, Gade & Co
1.48%
Wellesley Trust Co
1.49% Boston Safe Deposit & Trust
1.54%
F. S. Moseley & Co
Co.(plus $1)
1.50%
1.56%
Shawmut Corp
1.51% Grafton Co
Wellesley National Bank_ -1.515% I
_1.515%
.-LOAN OFFERING
WESTFIELD, Hampton County, Mass.
R. P. McCarthy, City 'Treasurer, will receive sealed bids until 11 a.m.
(daylight saving time) on June 3 for the purchase at discount basis of
a $3300,000 temporary loan dated June 3 1931 and due $200,000 on Oct. 6
1931. and 3100.000 on Dec. 7 1931. Denom.$25,000. $10,000 and $5.000.
The First National Bank of Boston will guarantee the signatures and will
certify that the notes evidencing the existence ofthe debt are issued by virtue
and in pursuance of an order of the City Council,the validity of which order
has been approved by Ropes, Gray, Boyden & Perkins of Boston.
WEST ORANGE SCHOOL DISTRICT, Essex County, N. J.
-W. R. Reinhart, Secretary of the Board of Education,
BONDS VOTED.
reports that at an election held on May 25 the voters authorized the issuance
of $550,000 school bonds. The measure passed by a count of 597 to 54.
-BOND OFFERING.
WEST VIRGINIA, State of(P.O. Charleston).
-Sealed bids will be received by Governor William G. Conley, until
1 p. m.(Eastern standard time) on June 3,for the purchase of a $5,000,000
issue of 4%% coupon or registered road bonds. Coupon bonds in $1,000
denoms. convertible into fully registered bonds of $1,000 and $5,000
denoms. Dated June 1 1931. Due on June 1 as follows: $100,000, 1932
and 1933: $125,000. 1934 to 1936; 3150,000. 1937 to 1939; $175,000, 1940
to 1943; 8200,000. 1944 to 1946: $225,000, 1947 and 1948: $250,000. 1949
to 1951; $275,000. 1952 and 1953; $300,000, 1954 and 1955, and $3325,000
In 1956. Prin. and int. (J. & D.) payable in gold at the State Treasurer's
office, or at the Chase National Bank in New *York. The bonds will bear
int. at the rate of 43 % per ann., or in any lesser rate which is a multiple
of % of 1%, which may be named, the rates to be named by the bidder.
A part of the issue may bear one rate and a part a different rate. Not
more than two rates will be considered in any one bid. The purchaser or
purchasers will be furnished with the final approving opinion of Caldwell &
Raymond of New York, but will be required to pay the fee for approving
said bonds. These bonds are issued under authority of an Act of the
Legislature passed on April 14 1930, and are part of an authorized issue of
$15.000,000. The bonds cannot be sold at less than par and accrued
interest. Purchasers will be required to pay accrued int. to date of delivery. Delivery will be made in N. Y. City. A certificate check for 2%
of the face value of the bonds bid for, payable to the State, is required.
Official Financial Statement.
32.010,263.902.00
1930 assessed valuation
5,301,500.00
Bonded indebtedness-1919 Virginia debt bonds
aro
(Original issue $13.500,000.00)
-including this offer
81,875,000.00
State road bonds
$87,176,500.00
Total bonded indebtedness-including this offer
$675,000.00 required to be retired annually, beginning in 1919.
Issued pursuant to the Good Roads Amendments to the Constitution and
payable serially, last maturity June 11956.
The Constitution of West Virginia provides that the aggregate amount of
bonds outstanding for roads shall at no time exceed $85,000,000.00.
The Constitution of West Virginia does not authorize the issuing of general
obligation bonds for any other purpose.
Population (1920 census), 1,463.701.(1930 census), 1,728,510.
-BOND SALE.
-The
WILMINGTON, New Castle County, Del.
following issues of 4% sinking fund gold bonds of 1931 (coupon or registered
-were awarded
of aggregating $500,000 offered on May 25-V. 132, p. 3937
to Edward B. Smith & Co. of Philadelphia. and R. W. Pressprich & Co..
of New York, jointly, at par plus a premium of $15,335, equal to 103.067. a
basis of about 3.65%:
$250.000 park bonds. Due semi-annually as follows: $10,000 April and
Oct. I from 1936 to 1946 incl.; $8,000 April 1 and $7,000 Oct. 1
in 1947 and 1948.
250,000 street and sewer bonds. Due semi-annually as follows: $10,000
April and Oct. 1 from 1936 to 1946 incl.; $8,000 April 1 and
$7,000 Oct. 1 in 1947 and 1948.
Each issue is dated June 1 1931. The bonds, according to the successful
bidders, are legal investment for savings banks and trust funds in New
York and Massachusetts, and are being re-offered for general investment
to yield 3.15% for the 1936 maturity; 1937, 3.25%; 1938, 3.4O$;1939 to
1941 incl.. 3.50%; 1942 to 1944 incl., 3.60%, and 3.65% for the bonds due
from 1945 to 1948 incl.
The following is an official list of the bids submitted at the sale:
Premium.
BidderEdward B.Smith & Co.,and R.W.Pressprich & Co.(purchasers)$15,335.00
15,160.00
Darby & Co
14,295.00
Eldredge & Co
13,127.00
Stephens & Co
12,695.00
First Detroit Co. Inc
11,635.00
H. M.Byllesby & Co.,and M. F. Schlater & Co., Inc
11,140.00
M. M.Freeman & Co.,and Phelps, Fenn & Co
10,845.00
Bankers Co. of New York and the Guaranty Co. of New York
8,995.00
Laird, Bissell & Meeds, and Harris, Forbes & Co
6,049.50
National City Co
MAY 30 1931.]
FINANCIAL CHRONICLE
WILTON INDEPENDENT SCHOOL DISTRICT (P. 0. Wilton
Junction) Muscatine County, lowa.-BOND SALE.
-The $70,000
issue of coupon school bonds offered for sale on May 21-V. 132, p. 3210
was awarded to the Carleton D. Belt Co. of Des Moines, as 4s, paying
premium of $1.485, equal to 102.12, a basis of about 3.78%. Dated June a
1
1931. Due from Nov. 1 1933 to 1950. The other bids were as follows:
BidderPremium.
Geo. M. Bechtel & Co
$1,481
White-Phillips Co
1.225
Muscatine State Bank
775
Central Illinois Securities Co
550
WINFIELD, Cowley County, Kan.
-BOND OFFERING.
-Sealed
bids will be received by H. H.
Hanlem City Clerk, until 730 p.m.on June 2,
for the purchase of a $14,564.76 issue of special impt. bonds, series No.
106.
Bids will be considered on 4
,4% and 334'7o. Dated June 1
serially in 10 years from date. The successful bidder will pay for 1931. Due
printing of
bonds,registration and legal fees.
WINFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. West Winfield), Butler County, Pa.
-BOND SALE.
-The 927.000 434% coupon
school bonds offered on May 26-V. 132, p.3763
-were
MacGregor & Cunningham, of Pittsburgh, at par plus awarded to Glover,
a premium of $77,
equal to 100.28, a basis of about 4.41%. The bonds are dated April
1
1931 and mature April 1 as follows: $4,000 in 1932 and 1933; $5,000 from
1934 to 1936, inclusive, and $4,000 in 1937.
WORCESTER, Worcester County, Mass.
-BOND SALE.
-The
following issues of 334% coupon or registered bonds aggregating 82,030,000
offered on May 25-V. 13, p. 3938
-were awarded to Edward Lowber
Stokes & Co.. of New York, and H. C. Wainwright & Co., of Boston,
Jointly, at a price of 102.548, a basis of about 2.96%:
$1,000,000 municipal memorial auditorium bonds. Dated April 1 1931.
Due $100,000 April 1 from 1932 to 1941,incl. Interest is payable
in April and October.
810,000 trunk sewer bonds. Dated April 1 1931. Due $81,000 April
1
from 1932 to 1941, incl. Interest is payable in April and Oct.
100,000 sidewalk bonds. Due $20,000 April 1 from 1932 to 1936. incl.
Dated April 1 1931. Interest is payable in April and October.
80,000 street widening bonds. Dated Jan. 1 1931. Due $8,000 Jan. 1
from 1932 to 1941, incl. Interest is payable in Jan. and
40,000 street bonds. Dated April 1 1931. Due $4,000 April 1 July.
from
1932 to 1941, incl. Interest is payable in April and
The successful bidders are re-offering the bonds for generalOctober.
investment
as follows: Dated April 1 1931, due April 1 1932, 1.50%; 1933,
2.00%;
1934 2.25%; 1935. 2.50%; 1936, 2.75%; 1937, 2.90%; 1938, 3.00%;
1939:
3.05
1940. 3.05%; 1941, 3.05. Dated Jan. 1 1931, due Jan. 1: 1932.
1.50
1933, 2.00%; 1934, 2.25%; 1935. 2.50%; 1936. 2.75%; 1937,
2.90 o 1938, 3.00%; 1939, 3.05%; 1940, 3.05%; 1941, 3.05%.
The following is an official list of the bids submitted at the sale:
BidderRate Bid.
Edward Lowber Stokes & Co., and H. C. Wainwright & Co
Stone & Webster and Blodget, Inc.; F. S. Moseley & Co.; Eldredge102.548
& Co., and E. H. Rollins & Sons
102.41
Atlantic Corp. of Boston
102.222
Guaranty Co. of New York and the National City Co
102.161
Harris, Forbes & Co., and the First National Old Colony Corp 102.146
R. L. Day & Co., and Estabrook & Co
102.039
Bankers Co. of New York and the Chase Securities Corp
101.931
Shawmut Corp. of Boston
101.581
WORTHINGTON SCHOOL DISTRICT (P.O. Worthington) Nobles
County, Minn.
-BOND OFFERING.
-Sealed bids will be
1 p. m. on June 15, by L. A. Hone, Clerk of the Board of received until
the purchase of a $200,000 issue of 434% semi-annual Education, for
school bonds.
Dated June 1 1931. Due in 1916.
(These are the bonds that were voted at a recent election.
-V. 132,
p.3938.)
YEADON, Delaware County, Pa.
-BOND OFFERING.
-Thomas H.
Dann, Borough Secretary, will receive sealed bids until 7 p. m.
(Eastern
standard time) on June 19 for the purchase of $150,000 4% coupon
(registerable as to principal) series A to E bonds. Dated July 1 1931.
Denom.
$1,000. Due $30,000 on July 1 in 1936; 1941; 1946; 1951, and
Interest is payable semi-annually. A certified check for 2% of the 1956.
amount
of the bid, poayable to the order of the Borough, must accompany
each
proposal. The legality of the issue is subject to the approval
Ewing, Remick and Saul, of Philadelphia, and Lutz, Ervin, of Saul,
Reeser &
Fronefield, of Media. The opinion will be furnished the successful bidder
without charge.
CANADA,its Provinces and Municipalities.
ALBERTA (Province of).
-BOND SALE.
-A syndicate composed
Wood, Gundy & Co., the Dominion Securities Corp., A. E. Ames & of
Co.,
and the Imperial Bank of Canada, all of Toronto, purchased recently
at
private sale an issue of $3,000,000 434% coupon (registerable as to
principal) gold bonds, dated April 1 1931 and due April 1 1961. Price paid
not
disclosed. Denom. $1,000. Principal and semi-annual interest
payable
in United States gold coin at the Bank of Manhattan Trust Co.,
New
York, or in Canadian gold coin at the Imperial Bank of Canada, Toronto,
Montreal, Edmonton, Winnipeg, Calgary or Vancouver. Legal opinion
of E. G. Long, of Toronto. The bankers are reoffering the
bonds
general investment at a price of 97.98 and interest. yielding 4.625%. for
CANADA (Dominion of).
-BONDS SURRENDERED IN CONVERSION LOAN PLAN AGGREGATE $600.000.000.
-In response to our
inquiry regarding the result of the offer of the Dominion to
exchange 15
to 25 year bonds for securities becoming due during the next
four years.
NEW LOANS
4109
full details of which ap?eared in
l
-V. 132, D. 3763
-the Assistant Deputy
Minister under date of May 27 advises us as follows:
"The subscription books closed on May 23, but due to the broad area of
Canada, and as the Conversion campaign was planned to give all citizens.
wherever located, an equal opportunity to convert, the Department undertook to accept appllcations if post
-marked not later than May 23. For
that reason it is not known what the exact total is. However, bonds actually
in our possession, which have been surrendered for conversion, total over
$600,000,000."
CAP DE LA MADELEINE, Que.-BOND SALE.
-The $40,000 5%
Improvement bonds offered on May 26-V. 132, p. 3588
-were awarded
to the Banque Canadienne Nationale, of Quebec,at a price of 98.53, a basis
of about 5.135%. The bonds are dated Feb. 2 1931 and mature serially
from 1932 to 1961 incl. Dube, Lebond & Co., of Quebec, bid a price of
97.98 for the issue.
NEWFOUNDLAND (Government of).
-NO BIDS RECEIVED FOR
ISSUE OF $8,000,000 BONDS.
-The issue of $8,000,000 5% 25
-year bonds
for which sealed bids were invited until May 22-V. 132, IL 3938
-was
not sold as no tenders were received at the sale.
ONTARIO (Province of).
-BOND OFFERING.
-E. A. Dunlop,
Provincial Treasurer, will receive sealed bids until 2 p.m. (Daylight savg
time) on June 4 for the purchase of $30,000,000 4% coupon bonds. Dated
June 11931. Interest payable semi-annually in June and December. Due
June 1 as follows:
Year.
Amount. Year.
Amount. Year.
Amount. Year.
Amount.
1932_ -.4316,000 1942----$468,000 1952----$692.000 1962 --$1.024,000
1933_
328,000 1943- _ _ - 486,000 1953-- 719.000 1963 _- 1,065,000
1934_ _ 341,000 1944 _ _ _ - 505,000 1954- _ - 748.000 1964 -- 1,107,000
1935____ 355,000 1945-- 526,000 1955_ --- 778,000 1965... 1,152,000
1936____ 370,000 1946_--- 547,000 1956-- 810,000 i966.._ 1,198.000
1937....... 384,000 1947-- 568,000 1957-- 842,000 1967.._ 1,246,000
1938-- 399,000 1948-- 592,000 1958---- 875,000 1968__ 1.295,000
1939_-__ 416,000 1949-- 615,000 1959---- 910,000 1969.... 1,347.000
1940___ 432,000 i950..___ 639,000 1960-- 947,000 1970.. 1,401,000
1941
449,000 1951......665,000 1961____ 985,000 1971 -- 1.458.000
Principal and interest payable at holder's option in gold coin of lawful
money of Canada at the office of the Treasurer of Ontario, Toronto; or at
the agents of the Treasurer of Ontario in the cities of Montreal, Winnipeg,
Vancouver, Regina, Halifax, Calgary and St. John. Canada;or in gold coin
of the United States of America of the present standard of weight and
fineness at the agents of the Treasurer of Ontario in the city of New York,
U. S. A.; or at tne agents of the Treasurer of Ontario in London, England.
at the fixed rate of $4.86 2-3 to the pound sterling.
Bonds will be issued in denoms.of $1,000 each and may be registered as to
principal only. Bids must be for the whole amount offered and must be
accompanied by a certified cneck for $300,000, to be applied in case of the
successful bidder, as part payment for the bonds. The bonds will be issued
under authority of R. S. O. 1927, Chapters 23 and 20 George V (Ontario),
Chapter 2.
Delivery of and full payment for bonds with accrued interest to date
of payment to be made in New York funds at the office of the agents of
the Treasurer of Ontario in New York on June 23 1931. Interim bonds,
exchangeable for definitive bonds on completion of same by the engravers,
will be issued against payment.
SHERBROOKE, Que.-BOND OFFERING.
-A Deslauriers. Clerk,
will receive sealed bids until June 8 for the purchase of an issueof $80,000
434% improvement bonds,to mature serially in from 1 to 22 years.
TERREBONNE, Que.-BOND OFFERING.
-0. Vezina, SecretaryTreasurer, will receive sealed bids until June 10 for the purchase of an issue
of 520,00C,5% improvement bonds, to mature serially in from 1 to 20 years.
VERDUN,Que.-BOND ELECTION.
-At an election to be held shortly
the rate-payers will pass upon proposal calling for the issuance of $400,000
in bonds for water works improvement purposes, according to report.
WINDSOR, Ont.-BIDS FOR $775,000 BONDS RETURNED UNOPENED.
-We are informed that all of the bids received on May 23 in
response to a request for offers for the purchase of 5775.233.82 bonds were
returned unopened, with the statement that "the finance committee decided
that it would not be advisable to open tenders at this time." Tenders
were invited for the following issues:
$365,667.22 434% local improvement bonds. Dated Dec. 1 1930. Due in
20 annual instalments.
209,615.02 434% local improvement bonds. Dated Dec. 1 1930. Due in
10 annual instalments.
87,686.49 5% local improvement bonds. Dated Dec. I 1929. Due in
21) annual instalments.
67,136.66 5% local improvement bonds. Dated Dec. 1 1929. Due in
21) annual instalments.
18,500.00 434% public school bonds. Dated Dec. 1 1930. Due in 10
annual instalments.
13,951.39 4%% local improvement bonds. Dated Dec. 1 1930. Due in
15 annual instalments.
12,677.04 5% suburban area bonds. Dated Dec. 1 1930. Due in 5
annual instalments.
Bids were also invited for the following 5% city bonds, totaling $52.000.
Pu rrhased by the municipality with special account funds:
yia c oe
urpk ste.
Purpose.
Maturity. Purpose.
Amount.
Amount.
Maturity.
Dec.
$1,000 Dec. 1 1934
9 3 Loca1Ins
33
.
6,000 Dec. 1 1933
Local Impt. $ : 9
9
6 90
4 0 0 Dec 1 193 e°11. ImPt.
Local Impt.
4,000 Dec. 1 1934 Local Impt. 31,000 Dec. 1 1935
FINANCIAL
$95,000
Town of Wallingford
Connecticut
REFUNDING BONDS
The First Selectman and Treasurer of the
Town of Wallingford. Connecticut. will receive
sealed bids until 300 o'clock P. M., D. S. T.,
JUNE 8TH, 1991,
for the purchase of $95.000 4% bonds of said
Town, issued for the purpose of Refunding present outstanding indebtedness. Bonds will be
In coupon form of 51,000 denominations, dated
June 1. 1931. interest payable semi-annually on
June and December 1st, principal and interest
payable at the First National Bank of Wzllingford, Connecticut, or the Chase National Bank,
New York City, at the option of the holder.
Said bonds will be in serial form, numbered
1 to 95, inclusive, maturing five on the first day
of June 1932 to 1950. inclusive. Bonds will be
certified by the First National Bank of Wallingford, and legal opinion furnished by Ropes,
Gray. Boyden and Perkins, of Boston. Mass.
Bonds will be sold at not less than par and
accrued interest. Bids should be addressed to
William J. Lum, Town Treasurer, Selectmen's
Office, Town Hall, Wallingford. Conn., and
marked Proposal for Bonds.
The right to reject any or all bids is reserved.
D. W. IVES, First Selectman.
WILLIAM J. LUM, Town Treasurer,
Consistent Advertising
is an economy and cuts the cost of selling, making
lower prices or better services possible without
sacrifice of seller's profits.
The CHRONICLE can carry your message to
the World's most influential class of people at a
moderate cost.
Let us help you solve your publicity problems in
a consistent manner.
[VOL. 132.
FINANCIAL CHRONICLE
4110
,Iforeign
Telephone
NATIONAL BANK OF INDIA, LIMITED
•
How telephone plant
investment splits up
'tankers to the Government in Kenya Colony
and Uganda
Head Office: 26, Bishopsgate, London, E. C.
Branches in India, Burma. Ceylon, Kenya
Colony and Aden and Zanzibar
34,000,000
Subscribed Capital
£2,000,000
Paid-up Capital
£3,000,000
Reserve Fund
The Bank conducts every description of banking
business.
and exchange
Trusteeships and Executorship' also
undertaken.
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 (3ongkong Currency) 11550,000,000
Paid Up Capital (Hongkong Currency)__11g20,000.000
£8,500,000
Received Fund in Sterling
ittrerve Fund In Silver (Hongkong CurH310,000,000
rency)
Reserve Liability of Proprietors (Hong11520,000,000
kong Currency)
C. DE C. HUGHES. Agent
YORK
72 WALL STREET, NEW
There are 4 billions of these
dollars. Altogether they go to
make up the Bell System plant
investment — a sum more than
twenty times what it was in 1900.
Vast quantities of equipment
and many kinds of property are
represented. Aerial plant (cable,
.
poles, wires, etc.) heads the list
with 28% of the total money
invested. Central office equipment comes next with 26%.
Underground plant (cable, conduit and the like) is 22%, sub-
scribers' equipment 12%, and
land and building 12%.
This division of the investment is the result of careful
planning to serve most effectively
the nation's growing needs for
telephone service. From one
Bell or Bell connecting telephone
for every 90 people in the United
States in 1900, the number has
increased to one telephone for
every six people.
May we send you a copy of our
booklet Some Financial Facts"?
English; Scottish and Australian Bank, Ltd.
Ilead Office, 5 Gracechurch St., London,E. C.
and 459 Branches & Agencies in Australia.
£5,000,000
Subscribed Capital
£3,000,000
Paid-up Capital
£2,000.000
Further Liability of Proprietors
£3,160,000
Reserve Fund
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection
Banking and Exchange business of every de
scription transacted with Australia.
E. M. JANION Manager
BELL TELEPHONE
SECURITIES CO. Inc.
195 Broadway, New York City
The Mercantile Bank of India, Ltd.
Head Office
15 Gracochurch St., London, E. C. 3
£3,000,000
Capital Authorized
£1,050,000
Capital Paid Up
Reserve Fund & Undivided Profits-31.646,508
Branches in India. Burmah, Ceylon, Straits Settlements, Federated Malay States. Siam. China and
Mauritius and Dutch East Indies. New York
Correspondents, Bank of Montreal. 64 Wall St.
NATIONALBAN K
of EGYPT
Cairo
Head Office
'MOM
41112FIRIBMIP
FULLY PAID CAPITAL
RESERVE FUND . .
ussmissmossmoss,
£3,000,000
3,000,000
LONDON AGENCY
6 and 7, King William Street, E. C. 4
Truot Componteti
Branches in all the
principal Towns in
EGYPT and the SUDAN
••••••,/,.........••••••••••••••..
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
•
ed Profits,
Surplus and Undiv:d
1931
Capita',
$2,000,000.00
$27,503,497.28
January 1,
Administrator, Trustee, Guardian, Corn.
This Company acts as Executor,
other recognized trust capacities.
mIttee, Court Depositary and in all
Chairman of the.Board
EDWARD W. SHELDON
CARL 0. SAYWARD, Asst. Vice-President
, Pre•ident
WILLIAM M. KINGSLEY
STUART L. HOLLISTER, Asst. Comptroller
LLOYD A. WAUGH, Asst. Comptroller
WILLIAMSON PELL, 1st Vice-President
Comp. HENRY L. SMITHERS, A•st. Secretary
FREDERIC W. ROBBERT, V.-Pres. &
R, V.-Pres. & Secy. ELBERT B. KNOWLES, Asst. Secretary
WILFRED J. WORCESTE
ALBERT G. AT WELL, Asst. Secretary
THOMAS ti. WILSON, Vice-Presid•nt
HENRY E. SCHAPER, Asst. Secretary
ALTON S. KEELER, Vice-President
ent HARRY M. MANSELL, Asst Se
ROBERT S. OSBORNE, Asst. Vice-Pr•sid
GEORGE F. LEE, Asst. Secretary
Vice-President
WILLIAM C. LEE, Asst.
GEORGE MERRITT, Asst. Secretary
HENRY B. HENZE, Asst. Vice-President
TRUSTEES
WILLIAMSON PELL
WILLIAM M. KINGSLEY
FRANK LYMAN
LEWIS CASS LEDYARD, JR.
CORNELIUS N. BLISS
JOHN J. PHELPS
VINCENT ASTOR GEORGE F. BAKER, JR.
WILLIAM
LEWIS CASS LEDYARD
WILSON M. POWELL
JOHN SLOANE
EDWARD W. SHELDON
JOHN P. WILSON
POLK
ARTHUR CURTISS JAMES FRANK L. M. BROWN
THATCHER
NATIONAL BANK OF NEW ZEALAND Ltd.
Head Office: 8 Nfoorgate. London, E.C. 2, Eng.
Authorized and Subscribed
36,000,000
Capital
Paid-up Capital
amoono
Funds and
Undivided Profits___ £2,174,171
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.
Cotton Facts
Carry your message to
these readers at a moderate
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