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The
ammiztic
financial
RIG
SATURDAY,MAY 311980.
VOL. 130.
financial Throuicte
PUBLISHED WEEKLY
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The Financial Situation.
The United States Treasury on Saturday last gave
preliminary notice of a forthcoming new issue of
Treasury certificates of indebtedness. As the Treasury's quarterly period of financing is due next
month, this preliminary notice of a new issue of
certificates comes in the ordinary course, and would
call for no comment except for the experience which
the financial community had at the time of the
Treasury's last quarterly financing in March. It
will be recalled that the United States Government
then disposed of a nine months' issue of certificates
on which the allotments aggregated $483,841,000,
following the payment for which, with the concurrent collection of the quarterly income taxes, the
money market became so glutted with funds that
money rates completely collapsed, five successive
8
reductions of I/ % each in the rates for bankers'
acceptances being made during the week beginning
Mar. 17, and call money on the Stock Exchange on
Mar. 20 renewing at the extraordinarily low figure
of 2%,being the lowest renewal rate since November
1924. This led to another rampant period of speculation on the Stock Exchange which then waxed
apace until it eventuated at the end of the next
NO. 3388.
month in a new stock market crash only second to
the colossal crash which the stock market sustained
last October and which dealt such a serious blow to
trade and business, from the effects of which no
recovery has since occurred.
Is the experience on this occasion to be the same?
It is safe to say that there is not the least likelihood
of starting a new speculation on the Stock Exchange,
inasmuch as the professional traders on the Exchange after this second crash in less than six
months have become wary, while the growing depression in trade, with the poor income statements
made by the railroads month after month, and by
the industrial corporations in their returns for the
first quarter of the year, render such an undertaking altogether out of the question. But is the money
market, nevertheless, again to be so seriously disturbed as on that occasion? Is it not pertinent to
ask whether there is really any warrant for allowing it to become thus disturbed even if there is now
no probability of the attending harm in starting a
fresh stock speculation which then resulted? Is not
the whole thing the result of faulty management?
It is well enough to explain again how these certificate sales work to cause ease in the money market
when one would suppose the precise opposite would
be the case since those subscribing for the certificates are of course obliged to make payment for
the same and the effect of such payment ordinarily
would be to transfer a corresponding amount of
funds to the custody of the Treasury. All the more
would this be likely to be the case with the huge
income tax collections, in like manner serving to
transfer enormous amounts of funds into the possession of the Treasury. In such circumstances the
money market in the ordinary course ought to
tighten instead of falling into a state of extraordinary ease, as happened in March, causing, at the
same time, the havoc already alluded to in engendering a new speculative debauch.
We indicated in this column in our issues of
Mar. 29 and April 5 how the precisely opposite
result was produced, but before adverting again to
What was then said it may be worth while to note
once more the reasons set forth by the Federal Reserve Bank of New York in its "Monthly Review"
to account for the extraordinary ease which developed at that time. We quoted these comments in
full in our issue of April 5, and need here only
furnish a brief summary of the views then expressed
in the "Monthly Review": 'When the Treasury redeems its maturing obligations on the 15th of March,
June, September and December this operation," we
are told, "usually throws into the money market a
considerable amount of free funds, for these Treasury disbursements precede the collection of income
taxes, and for an interval of a few days the Treasury borrows from the Federal Reserve Banks sums
3768
FINANCIAL CHRONICLE
[vor.,. 130.
ranging from $100,000,000 to over $200,000,000 on weekly statements of the Federal Reserve Board.
special one-day certificates of indebtedness." As to The statement for Mar. 19 showed Government dewhy the extreme ease which developed in March posits on that date with the reporting member banks
did not occur at previous quarterly periods, on that footing up no less than $280,000,000, as compared
point the contention runs as follows: "Under ordi- with no Government deposits whatever either on
nary circumstances the member banks in principal Mar. 12 or on Mar. 5. Moreover, these are the Govcenters are sufficiently in debt at the Reserve Banks ernment deposits only for the reporting member
so that they employ the free funds made available banks, that is, the banks from which the Federal
by the Treasury in the reduction of their indebted- Reserve Board requires returns each week. With
ness for a few days. Thus ordinarily the Treasury the whole body of member banks included, the
operation has no considerable effect on money rates. amount of Government deposits would, of course,
On this recent occasion, however, member banks in have been very much larger, making a close approach
New York, Chicago, and other principal centers were to the whole $483,841,000 of certificates disposed of.
And this large mass of Government deposits came
practically out of debt at the Reserve Banks when
the Treasury put about $200,000,000 into the money suddenly into existence on Mar. 15, when subscripmarket. . . . The extreme ease in money rates tion payments had to be made for the $483,841,000
continued for only a few days, for as the Treasury of certificates put out. As explained in our previcollected income taxes, the excess funds were with- ous discussion of the subject, even if it be assumed
drawn from the money market and on Friday, Mar. that the banks previously held the whole of these
21, the member banks in New York City found it new Government deposits as private deposits, yet
necessary to borrow more than $100,000,000 to ad- the character of these deposits became entirely
changed when they were turned into Government
just their reserve position."
for deposits, since so long as the deposits were merely
We refer to this expression of views here, not
the purpose of questioning its validity, having dealt ordinary deposits the banks were obliged under the
with it at length at the time it was made, but merely law to maintain reserves against the same, whereas
to raise the point whether such temporary borrowing against Government deposits, no reserves are reas is described in the excerpt quoted is really im- quired. The effect thus is to ease the position of
perative, or at least if it could not be avoided if the the member banks in a corresponding degree. The
proceeds of the certificate sales were handled dif- reserves which they previously held against the
ferently. While the statement we have quoted says private deposits are at once released and become
that about $200,000,000 was put into the money mar- available as a basis for a new line of deposits—from
ket by the Treasury, the weekly statement of the all of which it becomes plainly apparent that these
Federal Reserve Banks for Mar. 19 showed that the suddenly created Government deposits were a chief
Treasury at that date was borrowing not $200,- factor in the money slump which developed in March.
000,000 at the Federal Reserve Banks, but only $29,The reason for recalling all these facts now is to
000,000, while it was not until the next day (Thurs- raise the question why a different treatment of the
day, Mar.20) that the call loan rate on the Stock Ex proceeds of the certificates sales should not be
change dropped to the inordinately low figure of adopted. It is urged that the income tax collections
2%. But the argument is chiefly faulty in that it are slow in process of collection, and that tempomakes absolutely no reference to the influence which rary borrowing,for a day or two,is necessary, pendthe enormous Government deposits that were placed ing their receipt. That certainly is not a point that
with the member banks at the time had in creating can be made against the proceeds of the certificate
the condition of ease which had such a disturbing subscriptions. These must be promptly paid for on
the day when the subscriptions are due, which in
effect.
And this brings us to a consideration of the this instance happened to be Mar. 15. Why, then,
method pursued by the Treasury in dealing with not avail of these subscription receipts on new issues
subscription payments for certificates of indebted- of certificates with which to pay old issues of cerness. It is the practice of the Treasury to leave tificates falling due on the same date? Why leave
the proceeds of these certificate sales with the banks the money on deposit with the banks? Why resort
subscribing for them or through which the subscrip- to borrowing at the Reserve Banks, even for a day
tions are received. Thus, the first effect of a new or two, when the Government has an abundance of
issue of certificates is to swell enormously Govern- money on hand which can be utilized for the purpose
ment deposits with the member banks. Such Gov- and thus avoid the disturbing effects arising out of
ernment deposits are the most valuable of all the both lines of practice? The proceeds of these cerdeposits held by the banks, first because the banks tificates sales are drawn down gradually in accord
are net required to hold any reserves against the with Government needs. The proceeds of the March
same, and, secondly, because the banks are obliged sale of certificates have not even yet been entirely
to pay only 2% interest to the Government on such drawn down. This very week—on Thursday—the
deposits, while the certificates bear (or did bear in banks were notified that on June 3 they would have
to repay $32,126,600 more, and even that will not
4
the March instance) 31 % interest.
whatever the immediate influence of tempo- exhaust the whole amount of the deposits.
Thus
It cannot be that adventitious aid of this kind
rary borrowing, by means of one-day certificates
of indebtedness, the direct and enduring cause of is still required to insure the success of these certhe unnatural ease in the money market which came tificate issues. A new privilege was conferred upon
in March was the Treasury method of dealing with them in June of last year. They are now exempt
the proceeds of the new issue of certificates. As from the surtaxes as well as the ordinary income
already stated, $483,841,000 of these certificates taxes, and that ought to be sufficient. Besides, the
were disposed of and the greater part of the proceeds Treasury has now a new means at hand for tempowas left on deposit with the banks. How the plan rarily reinforcing Treasury cash in the authority it
works in creating for the time being an enormous possesses to issue Treasury bills on a discount basis
volume of Government deposits appears from the —authority of which it has recently been availing
MAY 31 1930.]
FINANCIAL CHRONICLE
itself each month. In that way it ought to be able
to adjust income and outgoes so as to bring them
in close correspondence and, indeed, that was one
of the arguments urged in favor of conferring the
authority when the bill was up for consideration by
Congress. It will be a great point gained when
large Government deposits are done away with and
borrowing at the Federal Reserve Banks is reduced
to a minimum.
3769
sustained, the Pennsylvania RR. reports gross operating revenue for April 1930 of only *49,645,59Fr
against $56,029,625 in April 1929, and net railway'
operating incomes of $9,385,703 against $12,103,360 ;the New York Central gross of $41,338,510 against
448,962,592, and net of $5,499,314 against $8,724,353;
the Baltimore & Ohio gross of $18,080,223 against
$19,585,523, and net of $3,132,732 against $3519,290;
the New Haven gross of $10,298,632 against $11,629,988, and net of $2,070,406 against $2,586,855;
No change of any material consequence has the Lack
awanna gross of *5,848,386 against
occurred during the week in the state of trade and
$7,225,952,-and net of $918,923 against $1,753,723;
industry. No assurance can yet be given of early
the Milwaukee & St. Paul gross of $111973,713
improvement. The steel trade lags with all other
against $13,327,486, and net of $881,472 against
trades, notwithstanding activity in the demand for $1,66
9,749; the Northern Pacific gross of $6,394,268
line pipe and brisk orders from utility companies
against $7,779,895, and net of $215,296 against
and some other lines, as the "Iron Age," in its review $1,28
5,433; the Great Northern gross of $7,425,102
the present week puts the matter. The unfortunat
e against $9,245,119, and net of $136,060 against
feature now is the cutting of prices. That, of cours
e, $1,578,298; the Atchison gross of $18,249,852 against
shows keen desire to get orders, and that, in turn,
$19,901,719, and net of $896,794 against $3,472,536;
follows as the natural result of a shrinkage in the
the Southern Pacific gross of $21,136,878 against
demand. During the past week production of steel $25,4
26,524, and net of $2,455,160 against $4,681,501;
has receded from 74% to 73% of capacity, while the
the Union Pacific gross of $14,036,651 against $15,price decline, the "Iron Age" says, has not yet
963,200, and net of $1,20,638 against $1,894,513;
halted. "Heavy melting scrap is off 25c. a ton at
the Southern Railway gross of $11,089,611 against
Pittsburgh, Chicago and St. Louis, and 50c. at $12,7
10,647, and net of $2,020,726 against $3,108,641;
Cleveland and Philadelphia. Recent irregulariti
es the Seaboard Air Line gross of $4,584,171 against
in semi-finished steel have led to general reduc$5,640,810, and net of $550,432 against $1,083,987,
tions." This tells the story well, and there
is and the Atlantic Coast Line gross of $6,148,315
nothing to add to it in the way of further enlightenagainst $8,028,067, and net of $1,019,144 against
ment. Copper is apparently holding its own under
$2,274,171.
the recent reduction in the price of the metal,
but
The shrinkage is so heavy it will be seen in many
the same cannot be said of tin, and from the
National instances as to be positively alarming if
there were
Metal Exchange came the report on Wednesday
that reason to think that the low levels were to
continue
June tin futures had dropped to 30.95, the
lowest indefinitely. In some cases special circu
mstances
price in eight years, later recovering slightly.
have contributed to make the showing worse
than
From another quarter—the National Raw
Silk would otherwise be the case. The Atchi
son Topeka &
Exchange—there came the report on Monday of
new Santa Fe, for example, has been antic
ipating, as
low records—in fact, the statement was that
new was explained a month ago, much work
usually done
record lows had been reached in all positions
traded later in the year; its maintenance sched
ules being
in on the Silk Exchange, declines of from 3
to 7 far in advance of those of previous years
. Another
points from previous low records having been
circumstance must be borne in mind: while the
fallreached during the day. Weakness in raw
silk ing off in tonnage and in revenues
is in the main
futures was attributed to continued unfavorabl
e to be attributed to the industrial setba
ck which the
statistics from Japan, expectations "by some
in- country is suffering, there have been
some other conterests of a bearish consumption report, a
probable tributing causes not related to trade
depression.
increase in stocks here and in Japan, and
rumors
As one instance grain in large volume is
of further stringent curtailment among
being
American held back by Western farmers.
This is particularly
silk manufacturers." On the Rubber Excha
nge, like true with reference to whea
t—in fact, farmers are
wise, futures for the near position on
Thursday being urged most earnestly
to store their wheat—
reached new low levels. Perhaps the most
con- this time not with the primary purpo
clusive indication of the general trade
se of obtaining
relapse is better prices later on, but
because such enormous
furnished by the statistics showing the
loading of supplies are held at terminal
points that it is imrevenue freight by the railroads. The
Car Service possible for them to take
any more. "Beep your
Division of the American Railway
Association re- wheat on the farm to avoid
congestion," is the plea
ports that the loading of revenue freight by
the rail- of the Farm Board, the termi
nal associations, the
roads of the United States for the week
ended on Grain Co-operatives and the
Grain Corporation
May 17 totaled only 930,004 cars, which is
116,590 alike. Unfortunately there is no way
cars less than in the same week of 1929;
of telling how
it is true much longer this state of
things may last. It all
that last year at this time the volume of
trade was depends upon when the Farm Loan
Board means to
of unusual proportions, but the figures
also show dispose of its huge holdings,
thereby making room
a reduction of 73,284 cars as compared
with the at the elevators for new shipments
from the farm.
corresponding week in 1928.
M. W. Thatcher, general manager of the Farmers'
Union Terminal Association of St. Paul, who
Returns of railroad earnings in large
has
number for issued an appeal to members of his organ
ization, is
the month of April have been coming in this
week, quoted as saying that "placing wheat and
and they make a dismal showing as
other
compared with grains on the farm is the best possib
le method to
the same month of last year, quite gener
al and very avoid congestion. This serves as a
warning to the
heavy losses appearing in gross and net
results alike. farmer that there is a surplus and
gives him the best
As a few illustrations of the extent
of the losses possible method to halt
overshipments of grain to
3770
FINANCIAL CHRONICLE
[Vox,. 130.
280,000 to $52,827,000, this suggests that the larger
borrowing is connected with the growth in brokers'
loans for own account by the member banks in this
city. Larger loans mean larger deposits, and this in
turn means the holding of larger reserves, and that in
its turn naturally leads to larger borrowing at the
local Reserve institutions.
Some of the other items in this week's statement
of the Federal Reserve Banks also attract attention.
Holdings of acceptances purchased in the open market by the 12 Reserve institutions have fallen during
the week from $186,884,000 to $175,560,000, offsetting to that extent the increase in the discount holdings. The holdings of United States Government
securities have not greatly changed during the week
as far as the totals are concerned, the amount for
We shall defer until a later occasion detailed analy- May 28 being reported at $529,770,000 as against
insis of the changes which the Reserve Board has
$528,320,000 on May 21. Some very striking
in the presentation of its synopsis of the changes, however, have occurred in the different
augurated
s
weekly returns of the Reserve banks. The change items going to make up the totals. The holding of
tenment of
have been presumably made for the enligh
Certificates of Indebtedness and of Treasury bills,
those called upon to study and interpret the figures which are lumped together, have been reduced durcontained in the weekly returns. How enlightening ing the week from $291,857,000 to $244,868,000,
they are will appear from the following two sentences while the holdings of Treasury notes have been inwhich are a fair sample of the numerous other sen- creased from $194,687,000 to $237,966,000, and the
tences contained in the definitions and explanatory holdings of United States bonds from $41,776,000
remarks with which the Reserve Board undertakes to to $46,936,000. We shall probably learn later what
set out the changes it has inaugurated:
these changes signify.
outstanding amounted to 8978,The final result is that the grand total of the bill
On May 28 total Reserve bank credit
of $23,000,000 for the week. This corresponds with
reflects the amount of
000,000, an increase
on and a decrease of and security holdings, which
an increase of 853,000,000 in money in circulati
000 in member Reserve credit outstanding, shows an increase of
88,000,000 in Treasury currency,less decreases of 827,000, funds, nonbank reserve balances and of 88,000,000 unexpended capital
monetary gold $27,173,000 for the week, the total having risen from
member deposits, &c., and an increase of $2,000,000 in
stock.
$931,603,000 May 21 to $958,776,000 May 28. The
asked if he amount of Federal Reserve notes in circulation inA facetious member of our staff, when
,663,000 to
understood the foregoing, returned it and said: "0, creased during the week from $1,452
ge. Write for the Code $1,465,867,000, while gold reserves are somewhat
this is expressed in code langua
from $3,076,456,000 to
Book." We are afraid, however, that a writer given smaller, having fallen
to the use of such involved technical bookkeeping and $3,057,310,000.
accounting language would find it difficult to formuThe stock market this week has been a tame affair.
late a code which he himself might use, let alone the
The fact that the week has been a short one, with
outsider.
small change Friday a holiday and the Stock Exchange having
The return again shows only a very
the holiday by suspending
in the total of brokers' loans outstanding. The also resolved to continue
28) is given as $4,- business to-day, has naturally contributed to the
aggregate this week (May
the whole have held up
022,000,000 as against $4,015,000,000 last week state of lethargy. Prices on
This shows, it will be observed, an in- well, though with sharp downward dips in special
(May 21).
. The railroad equipcrease of only $7,000,000. Last week also the increase stocks and in special groups
giving ment shares like Pullman and American Car &
was relatively very small, being $8,000,000,
concerns,
therefore an addition of $15,000,000 for the two Foundry, and the agricultural implement
speculation virtually like J. I. Case and International Harvester, have
weeks combined. With stock
have sufdormant, no great change would, of course, be looked been under pressure most of the time, and
0,000 the last two weeks fered heavy declines. The reason is perfectly plain.
for. The increase of $15,00
•so heavily the
g
follows a reduction of $267,000,000 in the two weeks With railroad earnings fallin off
contraction reflecting the liquida- railroads are in no position to give orders for new
preceding, this
Ex- equipment, and with the farmer in a state of penury,
tion which occurred in the crash on the Stock
ing of makers of agricultural machines have no reason to
change at the end of April and the beginn
of their products.
May. The $267,000,000 contraction in the two weeks look for any extensive purchases
followed no Nor do the railroad stocks look tempting even at
referred to, it is well enough to recall,
weeks present low prices, with railroad income so heavily
less than $785,000,000 expansion in the nine
an unbridled speculation reduced, though it must be admitted that the railpreceding, during which
up and road list is holding up well, all things considered,
on the Stock Exchange had again grown
ed to.
and seems to command a larger degree of favor than
which eventuated in the collapse just referr
week en- most other groups of share properties.
The member banks have also the past
The strong feature of the stock market is that
borrowing at the Federal Reserve
larged their
e in- drives against the market do not bring any extensive
Reserv
Banks, the discount holdings of the 12
r, is narrow and
having increased during the week from liquidation. The market, howeve
stitutions
r part limited. If, on the one hand, stocks are not readily
$209,999,000 to $247,046,000. As the greate
e Bank shaken out, on the other hand buying is not being
of the increase occurred at the Federal Reserv
$29,- conducted with any great avidity. In this state of
of New York, where the discounts rose from
terminals." Others call attention to the fact that
the new winter wheat crop will shortly be ready
for market and call upon farmers, as well as grain
men "to make provision for farm storage of crops
and to make every effort to avoid congestion in
terminal elevators before the 1930 crop moves to
market, so that the crops of the Northwest will not
again be thrown into the 'show windows' for the
world and domestic buyers to hammer prices down."
It may be advisable to hold wheat back to avoid congestion, but if the reference to keeping the wheat out
of the "show windows" implies a purpose to conceal
the existence of the crop, the plan is foredoomed to
failure.
MAY 31 1930.]
FINANCIAL CHRONICLE
things very limited orders one way or the other are
apt to make an impression upon prices out of the
ordinary, that is, an order to buy a few hundred
shares will suffice to cause quite an advance, while,
on the other hand, a small selling order will serve
to bring about quite a decline. The trading is
almost entirely professional. The call loan rate on
the Stock Exchange, as was the case last week, has
not on any day deviated from 3%.
Trading on the Stock Exchange has again been
on a diminutive scale. At the half-day session last
Saturday the sales on the New York Stock Exchange were 960,570 shares; on Monday the sales
were 2,246,580 shares; on Tuesday, 2,258,240 shares;
on Wednesday, 2,405,350 shares, and on Thursday,
2,504,060 shares. On Friday the Exchange was
closed, it being Memorial Day. It will also remain
closed to-day. On the New York Curb Exchange
the sales last Saturday were 354,400 shares; on Monday, 642,400 shares; on Tuesday, 671,300 shares; on
Wednesday, 998,800 shares, and on Thursday 756,100
shares.
As compared with Friday of last week, prices are
quite generally higher and in many cases very much
higher, with the farm implement stocks an exception to the rule. Fox Film A closed on Thursday
/
at 541s against 49% on Friday of last week; Warner Bros. Pictures at 64% against 62%; General
Electric at 841 8 against 821
/
%; Electric Power &
Light at 943 against 86%; United Corp. at 4534
4
against 4478; Brooklyn Union Gas at 158 against
/
150
/ North American at 127 against 1183 ; Amer1
4;
/
4
ican Water Works at 115% against 111; Pacific Gas
& Elec. at 6834 against 677 Standard Gas & Elec.
/
8;
at 11878 against 114 ; Consolidated Gas of N. Y.
/
/
1
4
at 13178 against 125; Columbia Gas & Elec. at 8378
/
/
against 83%; International Harvester at 96%
against 101%; Sears, Roebuck & Co. at 87% against
83%; Montgomery Ward & Co. at 443 against 42%;
4
Woolworth at 63% against 6238; Safeway Stores
/
at 99 against 94 ; Western Union Telegraph at 184
/
1
4
against 183%; American Tel. & Tel. at 23178 against
/
22938; Int. Tel. & Tel. at 6414 against 62%; Amer/
/
ican Can at 148% against 142%; United States Industrial Alcohol at 891 8 against 92%; Commercial
/
Solvents at 30% against 30%; Corn Products at
108% against 10578; Shattuck & Co. at 463 against
/
4
47, and Columbia Graphophone at 28 against 2718
/.
Allied Chemical & Dye closed on Thursday at 315
against 305 on Friday of last week; Davison Chemical at 35% against 45%; E. I. du Pont de Nemours
at 130% ex-div. against 130%; National Cash Register at 61 against 59; International Combustion
Engineering at 10 against 9%; International Nickel
at 3318 against 32%; A. M. Byers at 100
/
against
92%; Simmons & Co. at 3714 against 3634;
/
/ Timken
Roller Bearing at 74 against 73; Mack Trucks
at
7178 against 72%; Yellow Truck & Coach at 27%
/
against 28; Johns-Manville at 11114 against
/
107%;
Gillette Safety Razor at 87% against 86; National
Dairy Products at 61 against 58%; National
/
1
4
Bellas Hess at 15% against 15; Associated Dry Goods
at 44% against 43%; Lambert Co. at 96% against
100; Texas Gulf Sulphur at 60% against 60, and
Bolster Radio at 4% against 4%.
The steel shares,except in the case of United States
Steel, which often led the market upward, have
shown a sagging tendency. United States Steel
closed on Thursday at 17358 ex-div. against 1711 8
/
/
on Friday of last week; Bethlehem Steel at 95%
3771
against 95%, and Republic Iron & Steel at 54%
/.
against 5314 The motor stocks have at times
shown a downward trend. General Motors closed
on Thursday at 51 against 51 on Friday of last
week; Nash Motors at 411 against 40%; Chrysler
4
at 36% against 36; Auburn Auto at 168 against 162;
Packard Motors at 17% against 17; Hudson Motor
Car at 43% against 44%, and Hupp Motors at 18%
against 18. The rubber stocks have moved irregularly. Goodyear Rubber & Tire closed on Thursday
at 86 against 83% on Friday of last week; B. F.
Goodrich at 40% against 41; United States Rubber
at 317 against 29%, and the preferred at 56%
8
against 521 4
.
/
The railroad stocks have shown a weakening tendency under the influence of the poor returns of earnings for the month of April. Pennsylvania RR.
closed on Thursday at 78% against 78% on Friday
of last week; New York Central at 175 against 177;
Erie RR. at 4614 against 48%; Del. & Hudson at 173
/
against 173%; Baltimore & Ohio at 113% against
114%; New Haven at 113% against 115
/ Union
1
4;
Pacific at 2261 8 against 227; Southern Pacific at
/
120% against 122 ; Missouri-Kansas-Texas at Si
/
1
4
against 561 2; Missouri Pacific at 80 bid against 82;
/
Southern Railway at 106 against 113; St. Louis-San
Francisco at 11378 against 115 bid; Rock Island at
/
115 bid against 114%; Great Northern at 87 bid
against 92%, and Northern Pacific at 80 bid against
82%.
The oil shares have quite generally shown an improving tendency, with the Standard Oil shares
showing sharp gains. Standard Oil of N. J. closed
on Thursday at 80% against 76% on Friday of last
week; Simms Petroleum at 27% bid against 27%;
Skelly Oil at 36 against 35; Atlantic Refining at
43% against 41%; Texas Corp. at 58% against 58;
Pan American B at 6314 against 62%; Phillips Pe/
troleum at 38 against 38%; Richfield Oil at 225s
/
against 22%; Standard Oil of N. Y. at 37 against
357, and Pure Oil at 2278 against 23.
8
/
The copper stocks show irregular changes, but
on the whole have ruled steady. Anaconda Copper
closed on Thursday at 6034 against 59% on Friday
/
of last week; Kennecott Copper at 481 8 against
/
46%; Calumet & Hecla at 19% ex-div. against 19%;
Andes Copper at 27% bid against 27; Inspiration
Copper at 193 against 19%; Calumet & Arizona at
4
64 against 547 Granby Consolidated Copper at
8;
321 against 30; American Smelting & Refining at
4
72% against 72, and U. S. Smelting & Refining at
27% against 28%. In the following we furnish a
list of stocks which the present week have touched
new low figures for the year, and also those which
have touched new high points:
STOCKS MAKING NEW HIGHS.
Industrial and Miscellaneous—
Indus. .1. Miscell. (COncl.)
Air Reduction
International Business Machines
American Writing Paper ctfs.
Kraft Cheese
Borden Co.
National Biscuit, new
Briggs Manufacturing
National Dairy Products
Cuba Co.
Peoples Gas Light & Coke
Curtis Publishing Co.
Procter & Gamble
Foster-Wheeler
United Biscuit
Hershey Chocolate
Worthington Pump & Machinery
STOCKS MAKING NEW LOWS.
Railroad—
Indus.& Miscell. (Concl.)
Twin City Rapid Transit
Interlake Iron
Industrial and Miscellaneous—
Internat. Paper & Power class A
Alaska Juneau Gold Mines
Kayser (J.) Co.
American Encaustic Tiling
Lambert Co.
American Locomotive
Lehigh Valley Coal
Rolling Mill
American
Long Bell Lumber class A
Anaconda Wire dr, Cable
National Department Stores
Cannon Mills
Pirelli Co. of Italy
Eitingon-Schild
Pullman, Inc.
Gotham Silk Hosiery
Standard Commercial Tobacco
Great Western Sugar
U. S. Distributing Corp.
3772
FINANCIAL CHRONICLE
European stock exchanges were quiet and listless
in virtually all sessions of the week now ending,
complaints of the dullness characterizing most of
the reports of dealings and trends. Small declines
alternated with small recoveries in all markets, and
net changes were accordingly of little importance.
The business depression in the larger industrial
countries remained the subject of greatest interest
at London, Paris and Berlin, with estimates of the
probable duration of the depression lengthening out
constantly. All expectation of a material recovery
before the autumn has now been given up and attempts are being made to estimate the depths that
the depression might reach before a turn for the
better occurs. The London market manifests a
growing concern over the unemployment in England,
which has now reached 1,739,500 out of the total of
close to 12,000,000 registered work-people, the figure
representing an increase of '634,838 over the corresponding date last year. It is estimated that the
total will reach 2,000,000 before the winter. France
reports no unemployment, but business has declined
perceptibly in recent months. The German market
has passed the more acute stages of business depression, according to the official Institute for Studying
Trade Fluctuations,signs of improvement appearing
in important industries. At the end of last month,
however, 20.5% of labor union members were fully
unemployed and 11.7% partly unemployed, these
figures comparing with 11.1% and 6.6% respectively,
a year earlier. Commodity price declines continue
to cause much uncertainty in all markets, with silver
in the forground the present week, as the metal
dropped to new low levels in all time. Money remain easy in all centers, and the ample supply of
funds is the most encouraging single feature of all
markets.
Business on the London Stock Exchange was
started in a small way at the opening Monday, but
the general tone was fairly cheerful. There was
almost universal expectation from the very beginning of a further reduction in the Bank of England
discount rate from the 3% level, and British funds
were strong throughout. Industrials were firm,
with motor stocks attracting some attention, and
the international issues also gained ground. Turnover, however, was small. The gilt-edged list was
the best feature of Tuesday's market, as traders
were convinced of the probability of a bank rate cut.
Most industrial issues reacted, however, and international stocks made the tone additionally uncertain
by pronounced irregularity. In Wednesday's dealings stocks showed a little more firmness on the
London market with gilt-edged securities again in
the van. Shipping stocks improved, but oil shares
were irregular and the copper issues lost ground.
Although over-night reports from New York were
favorable, international issues were uncertain. The
London market sagged Thursday, when the bank
rate was maintained. Gilt-edged securities were
marked off appreciably and the industrial section
also declined.
The Paris Bourse remained very dull in all sessions of the current week, with little response manifested to better reports from other markets.
Transactions were very few in Monday's session and
it was remarked that traders appeared more reluctant than ever to buy stocks. The tone was slightly
improved in the early part of the day, but as the
session progressed sales here and there forced prices
[VOL. 130.
of leading bank stocks, chemical issues and motor
shares downward. A few railroad and electrical
issues managed to retain small gains. Rumors of
foreign political complications upset the Paris
market to a degree Tuesday, the bellicose speeches
of Premier Mussolini and the German-Polish border
incident being discussed with much animation.
Substantial losses occurred in consequence, with
electrical issues and chemical shares receding
swiftly. Some of the losses were regained toward
the close. The familiar reports of "complete stagnation" emanated from Paris Wednesday, both the
public and the professional traders refusing to take
any interest in the proceedings. Small offerings of
stocks appeared, and values declined in all sections
of the list. The apathy was attributed on this occasion in part to the forthcoming annuities bond flotation, of which the Paris market will take a substantial share, and in part to a holiday exodus, the
Bourse closing Thursday, it being Ascension Day.
Stimulating factors were absent on the Berlin
Boerse, Monday, and the market developed a weak
tendency, notwithstanding an exceptional scarcity
of transactions. Some liquidation appeared from
professional sources, and the market lost ground.
A partial recovery occurred toward the close in a
few mining issues, but otherwise stocks were neglected and softer. The opening Tuesday was inactive and uneven, but improvement set in after a
time and prices 'advanced moderately. Active trading took place, however, only in a number of specialties. Deutsche Erdoel and I. C. Farbenindustrie
were the most favored issues. The Boerse executed
another turnabout Wednesday and resumed its general tone of weakness and uncertainty. Trading
was greatly restricted, however, and the losses were
moderate. The artificial silk section was the weakest of the list. Traders did some unloading in anticipation of the holiday Thursday on the German
market.
With all arrangements for the practical application of the Young plan of German reparations payments now completed, efforts were made by the
bankers of nine nations who gathered at Paris last
week to hasten the public offering of the first Young
plan or annuities loan on the international capital
markets. The bankers gathered at the Hotel George
V in Paris on May 23, choosing this hotel because
the Young plan was formulated there in the four
months' of arduous discussions by the Experts'
Committee from February to June of last year.
Intermittent conversations had been in progress for
a month before this meeting, which was planned as
the last before announcement of terms and conditions on the first annuities bond offering. Many
points had already been adjusted with the Treasury
experts of various governments, but further difficulties appeared and the meeting turned out to be an
unexpectedly protracted one. Long meetings were
held on the two final days of last week, and the
bankers again plunged into their work last Sunday,
continuing their endeavors much of the current
week in order to complete arrangements for the
flotation.
The total amount of the bond offering remains
unaltered at $300,000,000, reports indicate, with
200,000,000 of this sum consisting of the annuities
loan proper, while an additional $100,000,000 of
similar bonds will be offered for the benefit of the
Mer 31 1930.]
FINANCIAL CHRONICLE
German railway company and the Reich postal
services. No distinction is apparently to be made
between these separate loans, which will be joined
under the name of the "German Government international 5 % loan of 1930." The loan agreement
/
1
2
fdrawn up by the bankers is to be submitted to the
German Finance Minister at Berlin, who will have
to affix his signature before the bond offering can
be announced formally. In some reports it is indicated that the offering agreement among the bankers
will then be signed at Paris, probably next Monday,
and the bonds will then be offered publicly within
a few days. No announcement of the issue price
is to be made, it is understood, until the time of
offering. It appears, however, that the French portion will be offered at a higher figure than the
American bonds, with others in between. In order
to prevent too free a flow of the obligations from
one market to another, it appears that the French
portion will be made tax free to French holders,
while other methods may be adopted in other markets. It is desired to raise the full V00,000,000,
and as much or all of the loan will be offered at a
price under par value, and as bankers commissions
and other charges have to be deducted, the face value
of the loan is likely to be somewhat in excess of the
figure named. The mixed character of the loan
caused much difficulty in the discussions at Paris,
reports stated. The tentative schedule of allocations to the several markets remained almost unaltered in most reports, France and the United States
to subscribe approximately $85,000,000 each, Britain
$50,000,000 to $60,000,000, Swedish Match interests
$25,000,000, Holland $25,000,000 and the German,
Swiss, Belgian and Italian markets varying amounts
of from $5,000,000 to $15,000,000.
Replacement of the Dawes plan by the Young plan
relieved S. Parker Gilbert of his official duties as
Agent General for Reparations Payments at Berlin,
and Mr. Gilbert took his leave of the German capital
late last week. The functions of his office and those
of the Reparations Commission in Paris have now
been assumed by the Bank for International Settlements, get up for the purpose at Basle. Mr. Gilbert,
in his formal leave taking, called on President von
Hindenburg, Chancellor Bruening, Foreign Minister
Curtius and Finance Minister Moldenhauer. In
Paris this week a reception was arranged in his
honor by Finance Minister Paul Reynaud. Mr.
Gilbert will sail for New York early in June. Gaston
Leverve, commissioner of the German railways under
the Dawes plan, also wound up his office last week,
submitting his final annual report to the Reparations Commission this week. Under the Young plan
the German railways will regain complete independence, the bonds imposed upon them under the
Dawes plan being replaced by a direct tax. The
business of the railways for the year has been far
from satisfactory, M. Leverve indicates, and he
urges an offsetting increase in rates. Falling off
of traffic, however, merely reflects the general business depression, he adds. A summary of the report,
cabled to the New York Times, shows that the company has fully achieved the results estimated at the
time of its institution under the Dawes Plan.
Hearings on the naval armaments treaty which
was signed at London April 22 were terminated in
Washington this week before the Senate committees
on Foreign Relations and on Naval Affairs. State-
3773
ments made before these legislative committees by
the prominent naval officers consulted indicate that
opinion differs widely even among the acknowledged
experts regarding many phases of the pact. Press
correspondents in Washington, in their comments
on the procedure, hold without exception that acceptance of the treaty by the Senate is'assured when
once the treaty comes before that body. In order to
insure early consideration of the agreement, President Hoover announced late last week that he would
call the Senate into special session to ratify the
treaty unless action is taken during the current
session. Following some exchanges between legislative leaders Monday, it appeared that consideration
of the treaty will now be definitely deferred until
the Senate is called together in a special session by
President Hoover immediately after adjournment of
Congress, which is expected to take place in about
two weeks. Ratification of the treaty by the Japanese Privy Council also is considered assured, according to Tokio dispatches, although difficulties
are cropping up there as in London and Washington.
Admiral Kato, Chief of the Japanese Naval Staff, is
understood to have signified his intention of resigning unless the Government modified its attitude
regarding the London naval agreement. Active discussion of the treaty was suspended this week, however, on account of illness, both Admiral Takarabe,
Minister of Marine and one of the stoutest supporters of the treaty, and Admiral Kato, who opposes
the pact, being confined to their homes. In London
little developed on the treaty this week,as discussion
in the House of Commons centered on the problems
of unemployment and India. Action by the Dominion Governments was inaugurated at Ottawa, however, the Canadian House of Commons accepting the
treaty and passing it on to the Senate there for final
ratification.
El
Parliamentary skirmishes in the House of Commons in London occurred this week on the questions
of India and unemployment, with the Labor Government of Prime Minister Ramsay MacDonald victorious in both instances. A debate on India which
developed Monday offered no serious threat to the
Labor Government, as the attitude assumed by the
Socialist regime in the Indian crisis has been sufficiently conservative to gain the support of all
members but the extreme radicals. Criticism offered
by Conservative statesmen was easily met by Captain Wedgwood Benn, Secretary of State for India
in Mr. MacDonald's Cabinet, but the left wing members of the Labor party were less easily stilled, one
member accusing the Cabinet of doing "imperialistic
dirty work." Mr. Benn read a long statement showing the improvement in Indian trade and agriculture
in recent years, and the debate was closed without
a division.
The attack on the Government on the unemployment issue was a more serious one, which finally
resulted in a division. Prime Minister MacDonald
.
won this test of strength by a vote of 270 to 241,
all the Liberal members refraining from voting,while
of the recalcitrant Labor left wing members, only
five refused to support the party. Stanley Baldwin,
the former Conservative Prime Minister, led the
attack on the Laborites by recalling that just a year
had passed since Mr. MacDonald made glowing
promises of Labor party cures for unemployment.
In the meantime, however, unemployment in Eng-
8774
FINANCIAL CHRONICLE
land had increased by more than 500,000, he said,
and he scored the Government as having made an
abject failure of the matter. Mr. Baldwin admitted
readily that world causes of unemployment were
operative, but he pointed out that the Labor party
was scornful of such explanations a year ago. Safeguarding duties, which is another term for higher
tariffs in England, were advocated by the Conservative leader as a remedy for the difficulty. Mr. MacDonald pointed out, in reply, that countries which
have "ultra-protection" to-day are similarly afflicted
by unemployment. "World unemployment," he
said, "is a feature of world capitalism which can
never be cured until conditions have accommodated
themselves to new industrial and economic facts
that have been born in the last quarter of a century."
Sir Oswald Mosley, who recently resigned from the
Labor Cabinet in protest against its unemployment
policies, spoke in this session, urging more radical
measures. Sir Oswald's place as Chancellor of the
Duchy of Lancaster was taken this week by Major
Clement R. Attlee, one of the Labor members of the
Simon India Commission.
Premier Benito Mussolini resumed his nationalistic speechmaking before an enthusiastic audience
of approximately 100,000 Fascisti at Milan last Saturday, and although he tried to minimize somewhat
the previous bellicose remarks made on his tour,
further unfortunate occurrences resulted. In his
earlier speeches at Leghorn and Florence, Signor
Mussolini animadverted on the "stupidity of all
those who beyond our frontier think they can pass
judgment on Fascismo," and stated that "the Italian
people, rather than remain prisoners in a sea that
once belonged to Rome, will be capable of even the
greatest sacrifices." Such statements and their
fervent reception by the Blackshirts were viewed
with marked uneasiness in France and in some other
quarters of Europe as well. In his further address
at Milan Ii Duce strove to soften the effect of his
previous remarks. Such utterances, he said, were
not intended as a challenge to anyone, but merely
to prevent the Italian people from being lulled into
a feeling of false security by "the bleating of foreign
wolves in sheep's clothing." He added a warning,
however, that his previous speeches were no impromptu affairs but had been prepared with great
care. "I make no vague statements," the Premier
continued. "We are sufficiently well informed of
what is being prepared in other countries and the
spirit which animates some of our neighbors." In
a Milan report to the New York "Times" it was
remarked that almost every sentence was punctuated
by fierce shouts of approbation from the crowd,
among which were cries of "Down with France"!
Comment in Paris on this speech were restrained,
according to reports from the French capital.
"There was, however, no concealment of the opinion
that in Europe, speeches like those of Ii Duce may
be extremely dangerous," a dispatch to the "Times"
said.
Relations between Germany and Poland, strained
recently by the tariff controversy between the Governments, were made more delicate this week when
news of a sanguinary frontier clash at Neuhoefen,
near Marienwerder in West Prussia, was given out
in Berlin and Warsaw. Peaceful settlement of the
incident is assured, reports indicate, but already
[Vol,. 130.
it has assumed all the proportions of an international diplomatic dispute. Conflicting reports of
the clash were made by the German and Polish border officials involved, as is usual in such cases. It
appears, however, that Polish officials crossed the
boundary and in a dispute that followed with German officials, one Polish officer was mortally
wounded while a German was seriously injured.
A second Polish official was arrested by the Germans. Roman Knoll, Polish Minister at Berlin,
presented a formal protest on the border trouble
Tuesday, a dispatch to the New York "Herald Tribune" said. The note of protest asked the appointment of a mixed investigating commission, and the
German Government readily acceded to this request,
it is indicated. Although the incident is thus
already on its way to settlement, it has done much
to cloud the German-Polish relations that for a time
seemed likely to reach a friendlier basis, a Berlin
report to the New York "Evening Post" states. The
more radical newspapers on both sides of the frontier, moreover, are using the incident to stir up
anew the feelings between the Polish and German
peoples.
Demonstrations, raids and rioting on an unprecedented scale developed in India this week as leaders
of the civil disobedience campaign urged their followers to ever more active violation of British laws
and regulations. Arrest of Mrs. Sarojini Naidu
occurred last week, the authorities taking her into
custody as the leader of the non-co-operation movement when she led a band in a raid on salt works
near Bombay. The salt monopoly was the first point
of attack in the campaign inaugurated by Mahatma
Gandhi early in April. When 7Mr. Gandhi was
arrested for violation of British laws, his place as
leader of the campaign was taken by Abbas Tyabji,
who in turn was arrested, giving pace to Mrs. Naidu.
V. J. Patel has now followed Mrs. Naidu as the
leader of the movement for complete freedom from
British rule. As the former head of the Indian
Legislative Assembly, Mr. Patel is a figure of much
influence among the Hindus and this influence he
used after the arrest of Mrs. Naidu in pleading for
"revolution and still more revolution." Following
this appeal, a demonstration of 200,000 Gandhi supporters was organized in Bombay, paralyzing the
commercial life of the city as the protest against the
arrest of the civil disobedience leaders was
registered.
By far the largest of the raids on salt works in
adia occurred at Wadala,in Northeastern Bombay
'wand, last Sunday. A small group of Gandhi
disciples descended on the private salt works in
order to violate the laws, a special dispatch to the
New York "Times" said. This group was supported,
however, by a mob of 30,000 to 40,000 volunteers.
More than 100 arrests were made by the 300 native
police and the 30 Europeans who tried to deal with
this situation. This force was quicky overwhelmed,
however, and thousands of the raiders penetrated to
the pyramids of salt from which they carried away
caps or sacks full of the mineral. The police used
their batons freely in resisting the raiders, but the
latter maintained their principles of non-violence
and offered no resistance. Serious injuries, there.
fore, were few in number. Clashes that resulted in
numerous fatalities followed this week in widely
sepPr04
-4 parts of India. The worst disturbance
MAY 31 1930.]
FINANCIAL CHRONICLE
3775
occurred at Rangoon, where a conflict deve
loped difficulties are beginning to embarrass the
Nanking
between striking Burmese dock workers and band
s Government to a greater extent than heret
ofore.
of Hindu laborers imported to replace them. This
T. V. Soong, the Minister of Finance, was said
to
conflict, which had no direct relation to the
civil have telegraphed President Chiang Kaishek that a
disobedience campaign, caused numerous fatal
ities. speedy victory is imperative, as otherwise
gravely
Riots that were directly traceable to the "non
-vio- detrimental developments within the Nank
ing Govlent" campaign of civil disobedience took plac
e in ernment would be likely. The message cited nati
onLucknow, Dacca and Bombay, while in a
further wide Communist and bandit ravages,
depreciated
incident near Peshawur a British police
officer was silver, crop failures and paralyzed busi
ness as comkilled. A tabulation of the casualties, made
in the bining to constitute the gravest menace the
Governmiddle of the week, showed that'82 were kille
d, all ment has yet been called on to face. All
reports
told, in these disorders, while 863 were hurt
.
from China comment on the bandit hordes that
London and Indian reports alike indicate
inthat one fest the countryside and are now beginning to
swarm
of the most serious aspects of the recent rioti
ng has over the important cities. A development
of conbeen the addition of many Moslems to the
ranks of siderable international interest in Chin
a this week
the civil disobedience campaigners. Here
tofore only was the publication by American consuls
in various
the Hindus conducted the movement,
Moslems re- Chinese cities of a statement by the Amer
ican State
fraining on the advice of their leaders.
Since the Department declaring that extraterritoria
l priviMohammedans make up a large part of the
Indian leges of American residents are not consider
ed to
population, this divergence between the
two great have been altered by the Chinese decl
aration of
religious groups was heartening to the Brit
ish au- Dec. 28, which presumably abolished
extraterrithorities. Mobs of thousands of Moslems
are now toriality.
reported, however, to have clashed with the
police,
placing the attitude of this important
religious
The Bank of England statement for the week
group in doubt. Most of the independent
States of ended May 28 revea
ls the third successive loss in
India are ruled by Moslems, and there
have been bullion, amountin
g this time to £326,850. As this
no disorders in these regions as yet. A
statement was attended by an
expansion of £1,437,000 in note
warning Indian Moslems not to participat
e in the circulation, the
decrease in reserves amounted to
civil disobedience movement was issued
Mond
the Nizam of Hyderabad, ruler of the most ay by £1,763,000. The Bank now holds £158,116,699 of
impor- gold, in comparison
tant of the independent States. A
with £163,269,940 a year ago.
further matter Publ
ic deposits fell off £7,936,000 and other depos
of some concern to the authorities is the
its
presence near the Northwestern frontier continued £10,201,076. Other deposits include bankers acof power- counts
and other accounts, which decreased £8,872,ful tribal leaders who threaten the
city of
Reports from Simla, the summer capit Peshawur. 469 and £1,328,607, respectively. The reserve ratio
al of
indicate, moreover, that an increasingly India, is now 57.33% as compared with 54.46% a year ago
baffling and 54.82% last
problem is presented by the boycotting
week. A decrease of £4,210,000 was
activities of shown in
loans on Government securities and of £2;Mahatma Gandhi's followers The
agitation is 159,033
in those on other securities. Other securities
directed against all foreign goods, but
particularly consist
of "discounts and advances" and "securitie
against foreign cloth. In the House of
s,"
Commons which fell
at London, Captain Wedgwood Benn,
off £32,135 and £2,126,898, respectively.
Secretary of
The rate of discount is unchanged at 3%. Belo
State for India, was interpellated Mond
w
ay. While
we show the various items in comparative form
admitting that the present movement is
for
not a mere
five years:
outbreak of lawlessness, but an "insurge
nce of naBANK OF ENGLAND'S COMPARAT
tional and racial aspirations," he decl
IVE STATEMENT.
ared that the
1930.
1929.
1928.
"vast majority of the people of Indi
1927.
1926.
May 28.
a are peacefully
May 29.
May 80.
Jaw L
Joins 2.
pursuing their daily lives in the glad
Circulation
356,130,000 360,106.000 137,984,000 136,34
enjoyment of Public deposits
6,070 140,982,000
13,242,000 25.240.000 22,285,000 14,723
all the blessings of a settled and
,673 11,457.750
84,870,578 91,617
ordered govern- Other deposits
Bankers accounts 48,963.730 56,349,000 89,567,000 111,492,096 118,764.201
,000
ment."
Other accounts
35,906,848 35,268
Fighting between the opposing forc
es in the Chinese civil war is apparently deve
loping to some extent as the advance of spring make
s military operations more readily feasible. The
Northern coalition,
led by Marshal Feng Yu-hsian
g and
Hsi-shan, ehgaged the forces of the General Yen
Nanking Nationalist Government along rail
way lines in Honan
Province, the skirmishes beginnin
g several weeks
ago. Chiang Kai-shek, President
of the Nationalist
Government, proceeded to the scene
and took charge
of the loyal troops. Reports from
Shanghai over the
last week-end stated that the Nati
onalist forces had
gained a great victory at Lanfeng, in
nan Province, where 20,000 rebels Northern Howere alleged to
have been captured. Early this week
a very similar
report was put out by the Northern
leaders, who said
their troops had penetrated the
Nationalist lines
and captured 20,000 prisoners. Each
side claimed
the other was retreating. An
Associated Press dispatch from Shanghai states, however,
that financial
,000
Governm't securities 45,577,909 40,031,855
28,967.000 50,605,975 51,570,328
Other securities
18,321,267 30,573,000
Disct. & advances 6,805,493 8,151,000 53,984,000 57,320,124 68.895,771
Securities
11,515,774 22.422,000
Reserve notes & coin 61,985,000 63,163,000
46,668
Coin and bullion _158,116,699 168,269.940 162,90 ,000 35,979,613 27,539.191
2,473 152,575,683 148,771.191
Proportion of reserve
to liabilities
57.33%
54.46%
41.73%
28.53%
21.141%
Bank rate
3%1
5%
43S%
4M%
5%
a On Nov. 29 1928 the fiduciary currency we amalga
mated with Bank of England
note issues adding at that time £234,199,000 to
the amount of Bank of England
notes outstanding.
The Bank of Germany, in its statement for
the
third week of May, shows a gain of 8,194,00
0 marks
in gold and bullion. The total of gold now stan
ds
at 2,585,859,000 marks, which compares with
1,764,596,000 marks in the correspondin
g week last
year and 2,040,707,000 marks the year befor
e.
Reserve in foreign currency rose 44,859,0
00 marks
during the week, while the item of deposits abro
ad
remains unchanged. An increase appears in
silver
and other coin of 11,653,000 marks, in notes
on
other German banks of 5.201,000 marks
and in
investments of 8,080,000 marks. Notes
in circulation underwent a contraction of 150,506,
000 marks,
reducing the total of the item to
4,045,751,000
3776
FINANCIAL CHRONICLE
marks. The total of notes outstanding a year ago
was 4,006,198,000 marks. A decline is also recorded
in bills of exchange and checks of 65,224,000 marks
and in advances of 15,720,000 marks. Other assets,
other daily maturing obligations and other liabilities
reveal increases of 3,058,000 marks, 124,153,000
marks and 26,454,000 marks, respectively. Below
we furnish a comparison of the various items for
the past three years:
130.
for the week ended Wednesday night, in the return
issued by the Federal Reserve Bank of New York.
The tabulation of gold movements for the period
showed imports of $120,000 with no exports and no
net change in the amount of gold held ear-marked
for foreign account.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day,it is only necessary
to say, as was the case last week and the week
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
day after
May 23 1928. before, that the rate remained unaltered
May 23 1930. May 22 1929.
for Week.
Reichrmarks. Reichsmark:. Reichsmark,. day, at 3%, this including renewals. Time money
Reichantarks.
Assets—.
Inc. 8,194,000 2,685,859,000 1,764.596.000 2.040,707,000
Gold and bullion
85.628,000
has been inactive most of the week, with the rate
149,788,000 163.008.000
Unchanged
Of which depos.abed_
829.458.000
Res've In ken cure...Ina. 44.859,000 242.469,000 147,455,000
4%
/ for 60 days, 314@
2,035.312,000 each day 3% for 30 days,3@31
Bills of each.& checks.Dec. 65,224,000 1,417,662,000 2,521,679,000
91,168,000 3 7 for 90 days and for four months, and 3 (4)
2
1
/
187,766,000 154,164,000
2
1
/0
Silver and other eoln Inc. 11,653,000
19,168.000
30.956.000
23,097,000
Notes on oth.Ger.bks_Inc. 5,201,000
0
27,405,000 3%7 for five months and for six months. The mar97,179,000
43,347;000
Dec. 15,720,000
Advances
94.004,000
92.899.000
Inc. 8,080,000 101.125.000
Investments
ket for prime commercial paper showed no diminu3,058,000 587.887,000 539.214,000 553,730,000
Inc.
Other assets
tion in its activity during the present week. Strictly
LtaMtlates—
3,821,567,000
Notes In circulation__Dee. 150.508.000 4,045,751.000 4,006.198.000
high grade names of four- to six-month maturities
642,199.000 675,111,000
Oth.dally matur.oblig.Inc. 124,153.000 604,970,000
195,707,000
2
1
/
were offered at 3 %, while names of the next highIns. 28,454,000 189,331,000 300,448,000
Other liabilities
est grade were available in fairly generous quan2
1
/
The National Bank of Austria on Saturday last tities at 3 @4%.
6%,the figure in effect
reduced its discount rate from
The National Bank of
The market for prime bank acceptances was fairly
since 'March 21, to
also reduced from 6% to 53'%; active during the early part of the week, and while
Hungary on Thursday
in this case the higher rate had ruled since March 28. acceptances for immediate delivery continued
The National Bank of Jugoslavia on Wednesday also steady, a falling off was apparent in the demand for
marked its rate down from 6% to 532%, being the options on acceptances for future devilery. Rates
first change bythat bank sinceJune23 1922. Rates re- have remained unchanged. The Reserve Banks re2
2
main at 53/%in Italy and Spain; at 43/%in Germany duced their holdings of acceptances during the week
in Denmark and Ireland; at 332% from $186,884,000 to $175,560,000. Their holdings
and Norway;at4%
in Sweden; at 3% in England, Holland, Belgium, and of acceptances for their foreign correspondents inSwitzerland, and at 23i% in France. In the London creased slightly from $461,131,000 to $461,853,000.
open market discounts for short bills on Thursday The posted rates of the American Acceptance Coun/
were 2 3-16% the same as on Friday of last week cil remain at 21 270 bid and 2%70 asked for bills
0
2%7
and also 2 3-16% for long bills the same as on running 30 days, and also for 60 and 90 days;
47
bid and 2 % asked for 120 days, and 23 0 bid and
2
1
/
the previous Friday. Money on call in London
180 days. The Accepton Thursday was 13/8%. At Paris the open market 2%% asked for 150 days and
4
ance Council no longer gives the rates for call loans
nd it is 23 %.
rate continues at 23/2%; at Switzerla
secured by acceptances, the rates varying widely.
ces have also reMoney rates in the New York market have been Open market rates for acceptan
follows:
virtually unchanged in the short pre-holiday busi- mained unchanged, as
SPOT DELIVERY.
ness week. Evidences of further ease appeared in
—120 Days—
—150 Days—
—180 Days—
of
Asked.
Asked.
Bid.
commercial paper, but rates on other classes
Bid.
Asked.
Bid.
234
211
234
254
254
the mar- Prime eligible bills
254
loans were maintained. Some tightening of
—30 Days—
—80 Days-—90 Days—
demands of
ket was expected, owing to the combined
Asked.
Bid
Bid.
Asked.
Asked.
BM.
234
234
234
254
254
254
the holiday for currency and of the usual month-end Prime eligible bills
the official markets no reflecrequirements,'but in
FOR DELIVERY WITHIN THIRTY DAYS.
234 bid
tion of these increased demands appeared. Call Eligible member banks
254 bid
Eligible non-member banks
on the Stock Exchange ruled at 3% in all
loans
sessions, both for renewals and for new loans, while • There have been no changes this week in the redis2
1
/0
on the Curb Exehange a 3 7 charge was maincount rates of the Federal Reserve Banks. The foltained without deviation. In the unofficial "outlowing is the schedule of rates now in effect for the
side" market funds were available in large amounts
various classes of paper at the different Reserve
2
1
/0
at 2 7 Monday, and this figure also was fixed
Banks:
on a few small loans Tuesday, Wednesday and ThursOF FEDERAL RESERVE BANKS ON ALL CLASSES
day. Such offerings at concessions were scarce, how- DiscouxT EATEs MATURITIES OF ELIGIBLE PAPER.
AND
ever, in the last three sessions, this development
Rate in
constituting the only reflection of the looked for
Previous
Date
Effect on
Federal Reserve Bank.
Bate.
May 29.
Established.
pretightening of the money market. The belief
4
May 8 1930
354
sessions Boston
254
May 2 1930
3
vailed in some quarters during the early
New York
434
Mar. 20 1930
4
bank discount Philadelphia
459
Mar. 15 1930
4
Cleveland
that a further lowering of central
459
4
Apr. 11 1930
Richmond
454
Apr. 12 1930
4
Atlanta
rates would take place under the leadership of the Chicago
454
Feb. 8 1930
4
434
Thursday. This impression was 131. Louis
12 1930
Aar.
4
Bank of England,
459
Apr. 15 1930
4
MInnea901111
439
Feb. 15 1930
4
particularly by London reports, but the Kansas City
fostered
459
Apr. 8 1930
4
Dallas
459
Mar.21 1930
4
expectations were not realized. Discount rate cuts San Francisco
however, by the central banks of Yugowere made,
Sterling exchange from Saturday last until Tuesday
slavia and Hungary, illustrating again the worldloans was dull and listless, but from the opening of the
wide downward tendency of rates. Brokers'
London was in
against stock and bond collateral gained $7,000,000 market on Wednesday exchange on
MAY 31 1930.1
FINANCIAL CHRONICLE
3777
better demand and showed firmness. The listless- holdings compare with £163,269,940 a year ago.
ness in the first few days was due to a widespread It appears that the gold movement from London to
expectation that the Bank of England would reduce Paris has definitely ceased, but now the Paris marits rate of rediscount to 23/2%. Dispatches reach- ket is discussing the possibility of a renewal of the
ing New York on Wednesday from London indicated flow. Should this occur, the possibility of a lower
that they were betting on the London Stock Ex- Bank of England rate in the near future would be
change at 2 to 1 that the Bank of England would lessened. The Bank of England continues to keep
reduce its rediscount rates and these cable dispatches out of the open market, and Germany again purwere largely responsible for the brisk upswing in chased the major portion of the South African gold
trading and quotations on Wednesday. A cable available in London, taking'approximately £250,000
from the "Wall Street Journal" London Bureau on of the total £430,000 on sale. On Monday the
Wednesday said that renewed talk of the imminence Bank of England sold £618 gold bars and set aside
of a British conversion loan either before or after £100,000 in sovereigns. On Tuesday the Bank sold
the Young bond issue, coupled with persistent in- £207 in gold bars. As noted, there was £430,000
effectiveness of the Bank of England rate, made the South African gold available in the open market, of
London discount market expect an immediate re- which £250,000 was taken for shipment to Gerduction in the rate. There was no market in New many, £100,000 was purchased by an unknown
York on Friday (Memorial Day). The range this buyer and £80,000 was absorbed by the trade and
1
week has been from 4.85 11-16 to 4.85 29-32 for India. The price of the metal was 84s. 11/0. On
banke:s' sight bills, compared with 4.85 11-16 to 4.86 Wednesday the Bank sold £163 in gold bars, exlast week. The range for cable transfers has been ported £2,000 in sovereigns and set aside £100,000
from 4.85 15-16 to 4.86 3-32 compared with 4.85 15-16 in sovereigns. On Thursday the Bank of England
sold £153 in gold bars.
to 4.86 3-16 a week ago.
At the Port of New York the gold movement for
The firmness apparent in Wednesday's trading was
attributed in part to month-end demand for sterling. the week May 22-May 28, inclusive, as reported by
Hence the market was inclined to believe that regard- the Federal Reserve Bank of New York, consisted
less of any change in the Bank rate there is a likeli- of imports of $120,000, chiefly from Latin America.
hood that sterling will go to slightly lower levels There were no gold exports and no change in gold
after the turn of the month. Seasonal factors, espe- earmarked for foreign account. In tabular form the
cially the increasing tourist demand for exchange, gold movement at the Port of New York for the
should normally give firmness to sterling at this time. week ended May 28, as reported by the Federal ReHowever, adverse factors are seen in a study of Brit- serve Bank of New York, was as follows:
ish foreign trade for the first three months of 1930 GOLD MOVEMENT AT NEW YORK,MAY 22-MAY 28,INCLUSIVE
Exports.
Imports.
I
made by the London "Economist." The study reNone.
8120,000 chiefly from Latin America. I
veals that trade with the United States accounted for
Net Change in Gold Barmarkedior Foreign Account.
the major part of the decline in exports and imports
None.
of Great Britain during that period. The total
There appear to have been no gold importations at
British exports during the first quarter fell to £164,- San Francisco during the week. On Thursday $50,132,000 from £181,168,000 in 1929, while imports 000 gold was taken from the Reserve Bank for shipdeclined to £283,484,000 from £305,963,000. At the ment to Argentina. Canadian exchange has been
same time exports to European counties declined displaying firmness with the improvement in the
only to £55,144,000 from £56,590,000, while imports wheat movement and the lessened attraction at
rose to £107,107,000 from £99,920,000. While im- New York for Canadian funds. On Saturday Monports from Russia, Germany and the Baltic countries treal funds were at a discount of 1-16 of 1%. On
were showing marked increases, imports from the Monday there was a further improvement in Montreal
United States fell off more than £9,750,000. Argen- funds, which were quoted at 1-32 of 1% discount.
tina accounts for most of the remaining decline, her On Tuesday Montreal funds were quoted at 3-64 of
exports to Great Britain falling about £5,700,000. 1% discount. On Wednesday Montreal funds were
Exports from Great Britain to the United States 1-32 and on Thursday 1-16 of 1% discount.
declined to £9,363,000 from £11,145,000, showing the
Referring to day-to-day rates, sterling exchange on
largest decrease of any country outside the Empire, Saturday last was dull and inclined to ease. Bankers'
although there were notable contractions in exports sight was 4.85 11-16@4 85 13-16; cable transfers,
to China, Japan, Brazil and Argentina. There were 4.85 15-16@4.85 31-32. On Monday the market was
also sharp declines in the volume of trade, both steady. Bankers' sight was 4.85 11-16@4.85 25-32;
export and import, with Canada, India, and Aus- cable transfers, 4.85 15-16@4.85 31-32. On Tuesday
tralia.
the market was higher. The range was 4.85 11-16@,
One factor in the comparative weakness of sterling 4.85 13-16 for bankers' sight and 4.85 15-16@
exchange is, as during the past few weeks, the im- 4,86 1-32 for cable transfers. On Wednesday the
mense concentration of funds in Paris and other market firmed up still more. The range was 4.85%
centres as a result of subscriptions to the stock of @4.85 29-32 for bankers' sight and 4.85 15-16@
the Bank for International Settlements, and to the 4.86 3-32 for cable transfers. On Thursday sterling
imminence of the German annuities issue. Trading was easier; the range was 4.85%@4.85 27-32 for
is also unsettled owing to doubts over action on the bankers' sight and 4.85 15-16@4.86 1-32 for cable
Bank rate not only in London but at other points. transfers. Closing quotations on Thursday were
Bankers generally expect Holland to go to 23% and 4.859 for demand and 4.85 15-16 for cable transfers.
the Reichsbank to reduce its rate to 4%. This week Commercial sight bills finished at 4.85%, sixty-day
the Bank of England shows gold holdings of £158,- bills at 4.83%, ninety-day bills at 4.82 11-16, docu/
116,699, a decrease of £326,850 with respect to the ments for payment (60 days) at 4.835s, seven-day
1
previous week's holdings of £158,443,549. Present grain bills at 4.85/s. Cotton and grain for payment,
3778
FINANCIAL CHRONICLE
(VOL. 130.
closed at 4.85/. On Friday, being Memorial Day, agricultural countries of Europe, Czechoslovakia's
and a holiday, there was no market.
exports have been steadily increasing since 1922.
In its trade with the United States the country had
Exchange on the Continental countries has been an import surplus in 1923 of $4,800,000, but in 1929
steady, showing some hesitancy in the early part of it had an export surplus of $11,400,000, due to an
the week, followed by higher quotations on Wednes- almost 300% expansion in value of exports to the
day as the result of month-end requirements. As United States. On Thursday the National Bank
noted above, Germany has again taken gold from the of Hungary reducea its discount rate to 534.7 from
0
London open market. Foreign exchange traders ex- 6%.
The London check rate on Paris closed at 123.93
pect a further reduction in the Reichsbank rate of
on Thursday of this week, against 123.93 on Friday
rediscount from the present 432% to 4%, which was
the rate in effect at the outbreak of the war. The of last week. In New York sight bills on the French
reduction in the rate from 5% to 432% two weeks centre finished at 3.92 1-16, against 3.92 on Friday
ago had no effect whatever on the Berlin money of last week; cable transfers at 3.92 3-16, against
market. Day money, however, fell to a new level 3.923, and commercial sight bills at 3.91%, against
3
8
.
at 2@4% and sound borrowers were able to get it at 3.923/ Antwerp belgas finished at 13.943/ for
13/2%. In the open market the rate on monthly loans checks and at 13.95)/i for cable transfers, against
fell to 5@6% on the bank rate reduction, with prac- 13.953/ and 13.963/2. Final quotations for Berlin
tically no takers.. The private discount rate was at marks were 23.86 for checks and 23.87 for cable
33 % or % of 1% below the official rate. Therefore transfers, in comparison with 23.854 and 23.863 a
4
1
the Reichsbank still remains entirely out of touch week earlier. Italian lire closed at 5.237 for bankers
A
with:the money market and Berlin bankers say that sight bills and at 524 for cable transfers, against
there is no indication whatever of dearer money. In 5.24 and 5.243/i on Friday of last week. Austrian
the years immediately before the war interest rates schillings closed at 143.(, against 143i; exchange on
at Berlin had tended to rise, the lowest Bank rate of Czechoslovakia at 2.963/2, against 2.963%; on Bucharthe period having been 33/2% in 1909. On the out- est at 0.60, against 0.60; on Poland at 11.25, against
break of the war the Reichsbank rate was raised from 11.25, and on Finland at 2.52, against 2.52. Greek
4% to 5%, and shortly afterward to 6%, but it was exchange closed at 1.30 for bankers sight and at
cut to 5% in December 1914 and remained unchanged 1.303( for cable transfers, against 1.30 and 1.303.
at that figure until 1921. After that date the rate
rose continuously until it reached the extraordinary
Exchange on the countries neutral during the war
level of 90% at the end of 1922. After the stabiliza- has been quiet, but steady. Holland
guilders have
tion of the currency at the beginning of 1924, the first been exceptionally steady and inclined
to firmness.
Bank rate was 10%, but it was reduced gradually Bankers seem to be strongly of the
opinion that the
until in February 1927, it reached 5%. Thereafter, Bank of the Netherlands will reduce
its rate of
owing to great trade activity and frantic stock specu- rediscount from the present 3% to 2
and that
lation, the rate again ascended until last winter action in this direction is deferred
only until a
when the gradual cheaping of the international market more definite course is indicated at
London and
began. The Reichsbank statement for the week Berlin. The Scandinavian exchanges
have been
ended May 23 shows gold holdings of 2,585,900,000 steady with exchange on Stockholm slightly firmer.
marks,an increase over the previous week of 8,200,000 Swiss exchanges continue decidedly firm as a result
marks, and over a year ago of 821,300,000 marks. of the large transfers of funds to the Bank for
InterPresent holdings compare with the record high gold national Settlements. Spanish pesetas have
been
reserve on Jan. 7 1929, of 2,729,300,000 marks and exceptionally dull this week, fluctuating
within
are the highest since March 31 1929.
rather narrow limits.
French francs are steady. Money continues in
Bankers' sight on Amsterdam finished on Thumgreat abundance in Paris despite the unusual tie-up day at 40.22, against 40.20 on Friday of last week;
of credit involved in subscriptions to shares of the cable transfers at 40.233, against 40.213', and comBank for International Settlements. About 8,000,- mercial sight bills at 40.183, against 40.163i.
000,000 francs were received by the Bank of France Swiss francs closed at 19.343/i for bankers' sight bills
against such subscriptions, whereas only one-sixtieth and at 19.353/i for cable transfers, in comparison
of the amount• thus applied for could be obtained. with 19.333/ and 19.343. Copenhagen checks finIn order to bring back funds"from abroad for the ished at 26.743/ and cable transfers at 26.76, against
2
purpose of subscriptions, certain French private 26.75 and 26.763/ Checks on Sweden closed at
.
2
banks sold large amounts of foreign exchange, and 26.823/ and cable transfers at 26.84, against 26.81
2
so brought about the imports of gold by the Bank of and 26.823/, while checks on Norway finished at
2
France a few weeks ago. The Caisse d'Amortisse- 26.743/i and cable transfers at 26.76, against 26.75
ment has lowered its rate of interest on two-year and 26.763/ Spanish pesetas closed at 12.20 for
.
2
defense bonds issued by it from 33/2% to 3%, and bankers' sight bills and at 12.21 for cable transfers,
this action has influenced open market rates so which compares with 12.19 and 12.20 a week earlier.
that three-months bills are now easily discounted in
Exchange on the South American countries has
Paris at 23 1%. Czechoslovakian crowns have been
a feature of the foreign exchange list for some time, been steady. Exchange on Rio de Janeiro has
constantly rising to higher levels against the general moved within extremely narrow limits. President
trend. The rate of 2.964 now ruling is the highest Washington Luis in his address at the opening of
3
since stabilization was made law last autumn. The the Federal Congress on May 3 stressed the basically
reason for the strength of the Czech crown against sound foundation of Brazil's financial position. He
the dollar lies largely in trade position of Czecho- pointed out that the credit standing of the country
slovakia. One of the few industrial rather than abroad was gratifying and was reflected in the fact
MAY 31 1930.1
FINANCIAL CHRONICLE
that even during the period of depression in 1929
Brazilian bonds on foreign markets showed a tendency
to rise. To aid in bringing about a complete stabilization of the country's finances, President Luis
urged Federal legislation providing that all States
may contract external loans only after security and
approval of Federal authorities. Argentine paper
pesos closed at 39.3-16 for checks as compared with
38 3-16 on Friday of last week and at 383 for cable
4
transfers against 3831. Brazilian milreis finished
at 11.80 for bankers' sight and at 11.85 for cable
transfers, against 11.80 and 11.85. Chilean exchange closed at 12.10 for checks and at 12.15 for
cable transfers, against 12.10 and 12.15; Peru
at 4.00 for checks and at 4.01 for cable transfers,
against 4.00 and 4.01.
3779
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
May 24.
Monday,
May 26.
,Thursday, Friday.
Tuesday, Wednesdy 1
May 27. May 28. May 29. May 30.
AFOreltats
for Week.
Exchange on the Far Eastern countries continues
$
8
demoralized as the result of the declining prices of 128310,000 123,000,00 157,001,100 148,018.0011 153.01.800 Holiday Cr 711 MIAs
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
silver. Japanese yen are steady, but dull. There to the New York Reserve Bank from all parts of the country In the operation of
par collection
These large credit
have been further declines in silver prices this week the Federal Reserve System's of the Reservescheme. operations with the balances.
however, reflect only a part
Bank's
Clearing
House institutions, as only the Items payable In New York City are represented
to new low records, reported to be due to speculation in the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
on the possibility of increased exports of the metal not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
by China in payment of commodity imports. Temporary support was given to the market a few weeks
The following table indicates the amount of bulago when China placed an import ban on silver coins lion in the principal European
banks:
and an export ban on gold bars, thus preventing
May 29 1930.
May 30 1929.
Indo-China from dumping its coins into China and Banta of
Gold.
Silver.
Total.
Sheer.
Tots.
,
Gold.
putting a stop to speculation in gold bars against
£
£
£
£
£
£
silver. The support was artificial, however, and England _ - 158,116,699
158.116,699163,269.940
163,269,940
(d)
both silver and silver currencies began to weaken France a.....345498568 c994.600345,498.568 292,721,812 (d) 292,721,812
Germany b 121,803,550
122.798,150 80,079.400
994,600 81.074.000
98,803.000 28,505,000 127,308.000 102.4(18,000 28,616,000131,024.000
soon after the placing of the ban, on the realization Spain
Italy
56,279,000
56,279,000 55,434.000
I 55,434,000
Netherl'ds. 35,993.000 2,126,000 38.119,000 36,420,000 1.696.0001 38,116,000
that such action could not permanently cure the Nat. Beig_ 34.179.000
34,179.000 27,491,001 1,270,0001 28,761,000
Switzerrd_ 23,153.000
23,153,000 19.844,111 1,644
21,488,000
situation. Closing quotations for yen checks yester- Sweden..__ 13,515,000
13,515,000 13,O31.000i
13,031.000
Denmark _ 9,567,111
9,567,000 9.595,0001
443,0001 10.037,000
8,144,000 8,156,000
day were 49N@49, against 49%@49. Hong Norway __ 8,144,000
8,156,000
Tot. wk.905,051,817 31.625,600936.677,417808,449,152 34.633.600843,082,752
Kong closed at 33%@33 13-16, against 35%6 Prey. week 904,918,967 31,564,600
936,483,567808,567.439 34.578.600843.146,039
35 13-16; Shanghai at 403'@407 against 44%@, •These are the gold holdings of the Bank of France as reported in the new form
/,
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
of
7
44 9-16; Manila at 49/s, against 49%; Singapore abroad, the amount of which the present year is £7.489.400. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum. .
These figures are from previous
at 56 3-16@56%, against 56 3-16@56%; Bombay week. This week's figures not available.
at 36 3-16, against 363., and Calcutta at 36 3-16,
against 361 4
/
..
British Imperial Problems and the Labor
Government.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
It was virtually a foregone conclusion that the
MAY 24 1930 TO MAY 30 1930, INCLUSIVE.
MacDonald Government would survive without cenNoon Swine Rats for Cable Trott/era On Nola York.
sure the debate in the House of Commons last
Country and Monetary
Value in United States Money.
Una.
Monday on the situation in India, and the fact that
May 24 May 26 Hay 27 May 28. May 29.May
.
30.
the debate ended without a division emphasizes the
EUROPE1
Austria,Belittling
140869 .140869 .140873 .140885 .140880
Belgium, bugs
Government's success. Distressing as it doubtless
.139531 .139537 .139529 .139552 .139547
Bulgaria, ley
.007215 .007217 .007215 .007216 .007215
Czechoslovakia. bros. .029648 .029648 .029651 .029655 .029658
is for a Labor Government, headed by a Prime MinDenmark. krone
267547 .267544 .267541 .287589 .267665
England, pound
ister who has long been a champion of the right of
sterling
4.859266 .859047 4.859353 4.860665 4.859585
Finland, marklut
.025168 .025170 .025170 .025171 .025173
all peoples to self-rule, to be compelled to control
France. franc
039204 .039202 .039205 .039211 .039210
Germany. relebsatar .238586 .238573 .238589 .238644 .238652
by force the Indian movement for independence,
Greece. drachma
012958 .012959 .012959 .012958 .012963
Holland, gullder
402121 .402221 .402209 .402282 .402311
there has never been any reason to suppose that Mr.
Hungary, pease
174764 .174764 .174760 .174757 .174757
Italy, lira
052403 .052394 .052375 ' .052379 .052398
MacDonald, when faced with actual revolt in India,
Norway, krone
.267542 .267565 .267560 .267601 .267597
Poland, zloty
.111990 .111990 .111990 .111990 .111990
would act any differently from what any British
Portugal. escudo
045050 .045045 .045045 .045050 .045083
Rumania.leu
.005951 .005949 .005950 .005950 .005950
Government would act in similar circumstances.
HOLTSpain. peseta
.121711 .121659 .121659 .122097 .122047
DAY
Sweden. krona
.268238 .268380 .268351 .288354
As the Secretary of State for India, Wedgwood
Switzerland, trans__ .193435 .193435 .193480 .193524 .368347
Yugoslavia, dinar- .017664 .017666 .017662 .017656 .193517
.017857
Benn, declared in the debate, India needs England
ASIAChina-Chefoo tael.- .456041 .440833 .440208 .439375
.417708
and England needs India, and while Mr. Benn may
Hankow tael
.454062 .436406 .436250 .435156 .414687
shanghai tail
.441696 .424732 .424285 .422857 .402857
Tientsin Utel
have minimized the seriousness of the Gandhi rebel.462708 .446666 .446041 .44.5208 .424375
Hongkong dollar
.353303 .347321 .344642 .342500
Mexican dollar- .315937 .304062 .304062 .302812 .331785
lion, he made it clear that England was still com.289687
Tientsin ar Peiping
mitted to the grant of dominion status to India,
dollar
.317083 .305000 .304583 .303750 .290833
Yuan dollar
.314166 .302083 .301666 .300833 .287916
India,rupee
and that the plans for the round-table conference
.360385 .360385 .360089 .360089 .360184
Japan, yen
.403956 .493968 .493953 .493858 .493881
Singapore(S.8), do
.559041 .559041 .559041 .559041 .559041
at London in October would be carried out. In
NORTH AMBR..999338 .999344 .999581 .999472 .999653
Quads., dollar
the meantime we shall have, in a few weeks, the
.999781 .999718 .999750 .999937 .929937
Cuba, peso
Mexico. Peso
.475350 .474900 .475075 .475225 .475225
long awaited report of the Simon Commission
Newfoundland, dollar .996743 .996640 .996962 .996914
.996832
SOUTH AMER.which has been studying the India problem, and
Argentina. peso (gold.) .868571 .868491 .868387 .868246
.866849
Brasil, milreis
.117910 .117860 .118040 .117982 .118082
shall then know how, in the opinion of the CommisChUe. peso
.120787 .120772 .120775 .120786 .120776
Uruguay, pose
.919738 .918115 .919127 .918814 .917887
sion, the transition to dominion status may be
Colombia, peso
.966200 .966200 .966200 .968200 .966200
effected and how early the change can be made.
3780
FINANCIAL CHRONICLE
It is not in India alone, however, that the Government finds reason for concern. There is at the moment, in fact, more agitation in various parts of
the Empire than has appeared for a long time. A
serious controversy, involving British relations
with the Vatican, has for some time been going on
in Malta. The trouble began in March, 1929, when
the Italian Superior of the Franciscan order directed a priest who was prominently identified with
the Constitutional party to leave the island and go
to Sicily. The Governor of Malta, Lord Strickland,
himself a supporter of the Constitutionalists, countermanded the order on the ground that an Italian
. subject could not order the deportation of a British
subject. Pending a report from the Vatican, to
which, at the request of the Maltese Parliament, the
matter had been submitted for inquiry, the Archbishop of Malta, in his Lenten pastoral letter, used
language which implied that Lord Strickland, who
is a Catholic, had rendered himself liable to excommunication for disobeying the laws of the church.
Since then the controversy has continued with increasing heat, with the British Foreign Office
guardedly attempting to mediate. The unsuccessful attempt to assassinate Lord Strickland on May
23, while the work of a fanatic, showed how deeply
the passions of the Governor's opponents had been
stirred. Reports that the Mussolini Government
is watching the controversy with special interest
are not, perhaps, to be taken very seriously, but in
view of the flamboyant harangues which Mussolini
has been making in his recent Italian tour, any
controversy involving the alleged rights of Italian
subjects is certain to be one which London will feel
needs a watchful eye.
Some hope has been held out of a renewal of the
negotiations with Egypt which fell through several
weeks ago, and thus far the failure of the negotiations has been taken more quietly in Egypt than was
feared might be the case. There seems little likelihood, however, that the British Government will
abandon its position, especially since the Conservatives, who are only waiting for a favorable chance
to attack the MacDonald Government, make a
strong appeal to British opinion in insisting that
British control of the Suez Canal must on no account
be jeopardized. The point on which the negotiations broke down was not the Suez, but the Sudan;
indeed, Great Britain was represented as willing to
withdraw most of its troops from Egypt proper and
mass them in the Suez area. It declined, however,
to relinquish to the Egyptians the control of the
Sudan, on the ground that the country had not yet
shown sufficient capacity for independent government to justify a belief that the Sudan would be
properly and safely administered. For the present,
then, the British protectorate will continue, to the
obvious satisfaction of those in England who fear
that any marked relaxation of British authority in
Egypt would render insecure the Mediterranean approach to the Canal and endanger the route to India.
Until the troubles in India are settled, the argument
will be a forcible one.
The indisposition to yield all that was asked for
in Egypt was doubtless somewhat increased by the
uncertainties of the situation in Palestine. Ever
since the riots in Jerusalem, last August, the Balfour Declaration and British policy in general have
been bitterly debated by both Jews and Arabs, and
the report of the Shaw Commission, published last
[VOL.130.
March, served to emphasize the very large task
which has still to be carried through in harmonizing
the interests of the two races under the British
mandate. A White Paper issued on Tuesday, embodying a statement to be made by the British representative on the Permanent Mandates Commission
of the League of Nations, admits that the Government "is not in a position to formulate precise, concrete proposals regarding all points" raised in the
Shaw Commission report, and announces that a
further investigation is being made of the immigration and land settlement questions. Meantime
Jewish immigration into Palestine has been temporarily suspended by British order, and the dispossession of Arab landholders by Jewish purchasers or
settlers, which has been one of the sharpest points
of racial controversy, has been halted.
From South Africa, where increasing friction between whites and the native population has been
occasioning much anxiety and some rather serious
disturbances, comes a report of action by the Assembly which raises again the issue of secession. In a
debate in the Assembly on May 20 General Smuts,
former Premier, urged that the secession issue, an
old one in South African politics, had been finally
disposed of by the recommendations of the Imperial
Conference of 1926. General Hertzog, the present
Premier, replying to General Smuts on May 22, insisted that the right of secession was "the very
cornerstone of South Africa's independence and
freedom," and that nothing more than an act of the
Union Parliament was needed to bring it about. A
resolution approving the recommendations of the
Conference, as finally adopted, contained an amendment providing that adoption "must not be taken
as derogating from the right of any member of the
British Commonwealth to withdraw therefrom."
All these rumblings of discontent, significant as
they are when Imperial unity is considered, are
overshadowed by the increasing gravity of the unemployment situation in England. The resignation •
of Sir Oswald Mosley from the office of Chancellor
of the Duchy of Lancaster, on May 20, is not only
the first open breach in the MacDonald Cabinet, but
an action of great political significance because the
issue was unemployment. Sir Oswald is a member
of a Government group which prepared a memorandum for the relief of unemployment whose proposals,
as summarized in a dispatch to the New York
"Times," embraced "flotation of a reconstruction
loan, the immediate raising of the school age, the
pensioning of workers at the age of 60, creation of
an imports board to control wheat supplies and
prices, and national schemes of road construction."
With the exception of the item regarding wheat,
the proposals did not differ greatly, in principle at
least, from those which the Government has been
advocating and in part applying, but the memorandum was unanimously rejected by the Cabinet, and
Sir Oswald thereupon resigned.
At a meeting of the Labor Party members of the
House of Commons, on May 22, a motion censuring
the Government for its unemployment policy and
calling for "the formulation of an alternative policy
more in accordance with the program and pledges
of the party at the last election," was rejected by
the large majority of 210 to 29. To this extent the
withdrawal of Sir Oswald may be said to have been
neutralized. The unemployment problem, however,
remains. The number of unemployed has reached
MAY 81 1030,1
FINANCIAL CHRONICLE
the unprecedented total of about 1,700,000, and seasonal changes, together with those made necessary
by the proposed reorganization of the coal and other
industries, are likely, it is estimated, to bring the
figure to 2,000,000 by the end of the year. The
directly outlay for relief amounts at present to
about 015,000,000 a year, to which must be added
about p,000,oao,000 if the expenditures for education, public health, the care of defectives, and various public works are included. A report from Manchester on May 23 estimated that one-third of the
half-million cotton operatives in the Lancashire district were idle or on short time. The crushing
burden of taxation which relief has piled up would
itself be sufficient ground for grave apprehension,
but the outlook is aggravated by the obvious fact
that unemployment is not diminishing, but increasing, and that the drafts upon the Treasury seem destined to go without end. An additional grievance
to the taxpayers is the patent fact that an appreciable number of unemployed do not seem anxious
to work, but are content to remain idle and receive
a government dole.
Mr. MacDonald has weathered a good many storms,
and it is quite possible that he may succeed in piloting his Cabinet safely through the present one. The
danger of his position lies not only in the fact that
the Labor Party, even at its full strength, does not
command a majority of the House of Commons, but
in the further fact that he has also to face opposition in his own party ranks. The Independent
Labor wing of the Labor Party, with which Sir
Oswald Mosley has now identified himself, is openly
hostile to Mr. MacDonald on the unemployment
issue, and without the Independent Labor votes
the Conservatives, if they could muster their full
vote, could defeat the Government. Mr. MacDonald's strength lies in the obvious reluctance of the
Conservatives to take over the government at this
time, and the unwillingness of either the Liberals
or the Independent Labor following to turn out Mr.
MacDonald and bring the Conservatives in. This
explains the decision of the Liberals to abstain from
voting in the unemployment debate on Wednesday,
and the action of 23 Independent Laborites in giving
their support to the Government notwithstanding
that they had voted against it on May 22. It also
explains why repeated predictions that a general
election is impending have not yet been given much
credence. s long as this party balance continues
Mr. MacDonald, apparently, can go on. The existence of such a balance means,on the other hand, that
Labor is governing only by sufferance, and a crisis
at home or elsewhere in the Empire might easily
create a situation which Mr. MacDonald could not
meet.
Relative Values of Stocks and Bonds. IN
All life is a prospect. Many of us build castles in
Spain. Others, under the whips and scorns of time,
grow restive, morose, gloomy. But if there were
not more optimism than pessimism in the world
progress would fail. In buying stocks and bonds
much depends on the purpose. Buying to have and
hold is quite different in motive from buying to
(rain and sell. A constant stream of articles are
appearing contrasting the relative value of stocks
and bonds. What is the purpose of the purchaser?
The boom and smash in stocks has taught us a
lemon. It is not enough, however, to say buy stocks
3781
for increase and ready markets; bonds for safety
and steady income.
There is much more to be considered. Stocks pay
dividends. They represent going concerns that grow
with the country's growth, and in addition to the
development of the industry they represent, gather
to themselves a part of the increment of the general
advance. Good stocks do. We speak of common
stocks. Those who look upon stocks as the "best
buy" point to the progress of business, commerce,
manufacture and trade. They have coined the
phrase, "Never sell the United States short." They
point to U. S. Steel and General Motors and say:
"Look at the increase in the value of shares in the
last two decades—buy common stocks!"
Well enough, as far as it goes, but they are picking
the most prominent,winners—and after the fact.
Some of the small struggling companies of to-day
will probably repeat this record. But who can certainly pick them out now? Who can foresee the
wants and needs of the people for the next quarter
of a century? General principles teach care and
caution in selecting stocks. The U. S. Steel, with
its multiple factories and products and unexcelled
management, may be expected to go on prosperously,
anticipating needs, discarding the old and obsolete
for the new—a colossal enterprise capable of change
and readjustment. General Motors, in a lesser way,
may be expected to do the same. But will either
duplicate its past rapid advance, coming into an
era of universal speculation at a time of its greatest
strength, and reap, in addition to its normal value,
the fictitious power of a craze to buy for quick sale
and high profit? Pass this. New enterprises may
or may not have an equal prospective field. Those
who pick right, hold on, may reap fortunes in fair
weather. Others may lose. Those in the past who
have withstood the appeal of enormous prices,
bought to keep, took the downs with the ups, to-day
are on solid ground.
Booms are not apt to teach the lesson of holding
on. Booms teach men to sell, to turn over quickly,
to take profits by quick sales, rather than to gain
unexpressed values by accepting dividends. But
with stocks offering the chance of increased (unearned, in a sense) values there is also the attendant
possibility of loss. The "general advance" sometimes wobbles. Wants and needs of the people
change. When the product of the mill is no longer
wanted the mill perforce must close down. The
stock becomes worthless. If one does buy stocks to
hold on, then the best selection lies in the necessities
of life, in the fundamental things of consumption
and use. Even here there is risk as well as safety.
Through all the vicissitudes of the steam railroads
which they have surmounted, few could have predicted 20 years ago the present competition of
motors and airplanes. Yet transportation is an inevitable part of production and trade. And the
railroads will weather this storm, as they have
others, by sticking close to the favorable and indispensable, unsupplantable features of their business.
This much by way of illustrating the motive and
purpose of purchasing stocks.
While good stocks represent the intrinsic values
put into the plant structure, they may legitimately
include a reasonably estimated value of business
momentum and good-will, but no more. Danger
here is that *e issue be "watered." These share
certificates stand for our industrial world when
3782
FINANCIAL CHRONICLE
reduced to corporate form. Issues are surrounded
by certain State safeguards that tend to give them
reliability. Thus, when the buyer is looking forward to constant earnings and consequent dividends,
he may buy stocks expecting an increase in value and
price as well, and thus he makes all things considered a prime investment. But if he buys regardless of intrinsic values as a speculation first and
an investment afterward, he must beware. "Trading" on 'change is another matter. Buying here is
often on margin—an uncertain and dangerous practice. Our Exchanges are necessary, make markets,
examine before listing—but when there is a runaway market legitimate stocks are harmed as well
as helped. The line between investment and speculation in stocks is hard to determine. Picking a
good company and staying with it brings out the
supreme value and •advantage of investments in
stocks.
There is little speculative attraction in buying
bonds They depend for value on the value of stocks
which depend for value on the intrinsic plant worth.
They are loans to the company on which interest
must first be paid before the dividends on preferred
and common stocks. They provide for foreclosure
in or out of courts. They are written in gold dollars.
They run usually for long-time. Overissue of stocks,
bad management of going concerns, may so reduce
intrinsic values and stock values as to impair bond
values. But they are safer, if slower, than stocks
because they come first. Four general classes of
stocks and bonds are railroad, public utility, industrial and municipal. The last instead of stock representation rest on the taxing power of communities
and are considered strongest, few communities
issuing bonds in excess of their ability to tax. The
others are hedged about by commissions and laws.
Looking forward to steady incomes over long-time,
railroad and public utility bonds afford prime investment opportunities, while industrials are subject to rapid changes in popular tastes and superseding inventions. The best of them are desirable.
To return to intent and purpose—bonds are on
the whole better investments for an estate, prospective and (or) actual, than stocks, especially
municipal bonds of States, counties and cities. This
applies also to business men in retirement. But
when the blood is young, and there is yet room to
recover losses, stocks, selected with care, offer
attractions bonds seldom possess—though this does
not necessarily apply to periods like the present
when bonds have become depreciated owing to the
fact that during the wild craze in the stock markets
bonds dropped out of popular favor and were in
effect ostracized, always, of course, excepting _bonds
with convertible features. With the level of interest
rates again normal, or subnormal, it is quite possible that many bonds, if purchased at present
prices, will yield greater profits than stocks subject
to the vicissitudes incident to an era of trade depression such as that through which the country is
now passing. Often men advise a mingling of stocks
and bonds that there be both safety and increase.
Institutions have usually preferred to put their endowments in bonds, and do to-day—though the long
boom in stocks has modified this attitude somewhat—to an end not yet demonstrated.
As a recent writer points out, there is danger
that the "long boom" has forced stoAks into a popular regard they should not really possess. Two
[VoL. 130.
"smashes" have not been sufficient, seemingly, to
undo this. A long period of trade depression, with
falling profits (and it is the weak point in stocks
that they must always be subject to the fluctuations
in trade), may have the effect of changing this
attitude. On the other hand, bonds, as the sober
and safe form of investment, are lagging behind and
are at comparatively low values. There is now, and
there will continue to be, ample opportunity for the
general public to invest savings and profits in both
good stocks and bonds—and there is no reason why
the individual should not first determine his own
intent, then educate himself, and with the aid of
banker and broker safely invest his money in diversified stocks and bonds.
The Golden Jubilee of the Salvation Army.
It has been said of the Christ, in extolling His
work on earth, that 'file went about doing good."
In this sense the organization known as the "Salvation Army" is Christ-like. What it preaches in its
missions and upon the streets we have no purpose
to consider, though it may be said that the cornerstone of its religion is this Nazarene who taught
men to follow Him and gain everlasting life. What
we wish to do, on the contrary, is to record with
praise 50 years' work among the lowly by an organization that though it 'affects a military name,
works in peace for peace and good-will wherever it
plants its standard. It would be critical of the
established denominational churches of America to
say that in their zeal for converts they forgot the
physical needs of the poor. But their work was
more local, almost more incidental, than direct and
purposeful, of "lifting men up" by caring for their
physical wants and needs. At any rate, laying this
aside, there was abundant room for an organization
that, gathering into its folds, though but temporarily, the derelicts and "down-and-outers" of life
sought by physical care to pave the way for moral
Intellectuals who have paused to listen to the
street exhortations of the speakers for the Salvation
Army,crude, emotional, almost fanatical, have often
turned away sadly, in wonder that such work could
save the sinner. But always this "Army" has backed
its words with deeds of kindness and charity. It
has grown into a great and widespread organis4
following always its original purpose of working
among the downcast in the slums, where few others
have gone save in isolated instances. In doing this
it has supplemented its sermons by the actual saving of lives with food, shelter and clothing. Perhaps
its beating of drums and blowing of horns, its songs
of salvation, its marching cohorts in uniform, men
and women rapt with the passion of deliverance
from sin and evil, has been no more than accessory
to its deeper continuous labor of nurturing the physical man that his spiritual nature may be made free.
Of the method not even the orthodox pulpits may
have the right to criticize or condemn.
What is most to be noted, it seems to us (for
Catholic and Protestant churches have always had
their societies for helpfulness and conversion, some
of them secret orders, devotionate and cloistered,
some of them open and endowed by continuous contributions of laymen), is that this Salvation Army
organism, with the simplest of creeds, elected to
follow a path of lowliness and succor, little trod by
the older churches, and sought neither wealth, nor
MAY 31 1930.]
FINANCIAL CHRONICLE
3783
power, nor applause, position, place. It gathered more than it asks the race,
color, or class of those
funds but to give them away. Its meeting houses it helps.
are humble and of little cost. It has never shirked morial. But the Salvation
Army exhorter dates
aid in the crises of disaster and war. Its men and
Street preachers have existed from time immewomen have devoted themselves without stint to the from no college or creed.
He tells what he believes
cause of human helpfulness in its most essential out of his own interpretation
and experience. Call
forms. It feeds the hungry, shelters those who have him ignorant, if you will;
look upon him with comnot where to lay their heads, clothes the beggars miseration, if you must;
but who shall say that he
who ask alms of the passerby. Naturally, its field has not "lifted others up"
though his plane of life
of effort lies in the dense cities where the very weight be lowly and his mission
limited? He has someof population presses hard upon those who have lost thing to show for his crude
convictions. "Experistep with the better elements of civilization.
ence" in a "change of heart" cannot be the same
Its unselfishness is known to the whole world. to all men or for all men.
The very contact with
And having reached a Golden Jubilee it sounds no the gutters must find
the rough diamonds that have
trumpets and sings no laudations. In the World fallen through debauc
hery and crime. And up from
War it performed valiant service, and among the these unholy places
have come some of the noble
soldiers stood perhaps next to the highest in esteem spirits who prefer
to work among the fallen that
among all the helpers behind the lines. Many of they may redeem
in sacrifice their own misspent
the forlorn, weary and rebellious at the pricks of lives. We are
not appointed judges of others by
fate, have been first fed and clothed, and then "con- intellect alone. Who
gives out of his heart, gives
verted"; but we prefer to look upon the organization out of his soul. And when
the last leaf is written
with praise and kindliness for its sacrificial service in the book of fate,
those who live for love will rethat no other relief order, it may not be too much ceive their reward.
to say, has done so well. We except, always, the
It is a pleasure to honor work well done. The
Red Cross. In its official career it has had its Salvation Army
is worthy the praise of mankind.
troubles and schisms, but through it all, united or When creeds are quarrel
ing, when men are quesdivided, its original purpose of real aid to those tioning the existen
ce of God, when the high churches
who are downtrodden and forsaken has never been are losing power and
the pews are becoming empty,
abandoned. In a world given over to speed and when pride
and pelf and pleasure are conquering the
spending it has pursued its motive with fidelity and multitu
de, those who love their fellow-men may
faith in the outcome of its plan. Standing upon pause
to respect 50 years of altruistic work without
the street corner at Christmas-tide its small ringing examin
ing the erudition of those who do it, and
bell has drawn gifts of money from all classes
and without contending for any church or creed—knowprofessions.
ing that the helping hand is the hand of God, and
Practical religion is paramount. It has been said the feeling
heart is the life of One Who suffered
and oft repeated that you "cannot convert a man death that
others might live in the future which is
upon an empty stomach." On the soap boxes orators but an extensi
on of the past and present.
proclaim the evils of governments and exhort men
to revolution and rebellion. Not so the Salvation
Army by its street corner meetings and religious
Oakland Building Figures Correction.
crusades. We may pause and listen, we may find
On page 875 of the Feb. 8 issue of the "Chronicle" the
fault with the faulty English and the superstitious value of the building permits issued by the City of Oakland,
Calif.,were given as$1,136,091 for the year
pleadings. But we know that when the meeting
is for the year 1929. These figures cover 1928 and $485,717
only the month of
.
over the "Army" marches back home where
there December. The
are free lodging and soup kitchens the year around $19,696,240 for figures for the full calendar year were
1928 and $14,511,741 for the year 1929.
.
It is work of self-abnegation. It is duty
performed In the following we show the record of the Oakland building
with precision and without profit. The man
who permits for all the years back to 1917:
gives to the Selvation Army knows that his
BUILDING PERMIT VALUE. OAKLAND, CALIFORNIA.
dollar
is well spent in a good cause. What matters it
Year.
Annual Totals.• Year.
Annual Totals.*
that 1917
$4,442,520 1924
$31.223,435
he has embraced what to him is a higher
1918
5,382.160 1925
39.180.863
creed? 1919
7,134,573 1926
28,075.295
What matters it to him that through patient
1920
9,489.886 1927
20,794.669
investi- 1921
15,791.616 1928
19.696.240
gation he has become an agnostic—here is a
1022
24,468,223 1929
14.511.741
"doing 1923
27,628.175
of good" that asks not of him a technical
support, •According to official reports of Building Department,City ef Oakland.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL
EPITOME.
Friday Night, May 30 1930.
Bad weather explains a further delay in starting the
spring
trade. Ordinarily at this time there would be quite a
demand for holiday or vacation goods. But over large
tracts of the United States during the past week it hasgreat
too cold and wet for seasonable conditions of trade. been
Where
it has not been rainy, it has been cold. Everywhere
temperatures have been abnormally low, not excepti the
ng
ootton belt, where they have been in the 40's and 50'sthe
night and in the early morning, militating against the at
gress of the cotton crop, as well as general trade. It has proso cool in parts of the corn belt as to excite comment, been
a certain extent affect the market. Spring wheat and to
crop con-
ditions are as a rule very favorable. Corn planting is completed but warmer weather is needed. Iron and steel have
been quiet and prices to all appearance have been weak
even with smaller output. There are reports to the effect
that the buying of gas pipe is on a liberal scale, and that in
some quarters the sales of structural steel make no very bad
showing. But taking the iron and steel trade as a whole it
is not in satisfactory condition and the tendency of prices
to all appearance is lower. Such times as these tend to
stimulate competition.
Copper is less active; in fact, rather quiet. Tin is at
the
lowest price in eight years. The output of small
biles has latterly increased to the figures of April. automooutput has been cut to meet the recently reduced Lumber
demand.
3784
FINANCIAL CHRONICLE
[vol.. 130.
the half-hysterical selling which
Car loadings have not been so small for the week or for the more investment and none ofbeginning of the month. The
at times characterized the
year since 1924. Russia is said to be buying heavily in
short side is not so popular as it was. The sales of stocks in
the United States of saw-mill machinery. Cotton goods
May are computed as the smallest for May in the last two
at times have been in somewhat better demand, but actual
years, but this in a way is a hopeful circumstance. At
sales were not at all satisfactory. In fact, they are small
the beginning of the month they were as high approximately
-inch 64x60s, which recently sold at 6 cents, are
and 3834
as 8,300,000 shares in a single day—May 5—but fortunately
now frankly 5% cents. Moderate sales have been made of
the daily totals have recently dwindled to an average of
fine and fancy cotton cloths. There is a steady demand
has
small not very much above 2,000,000 shares and the market
for staple lines of finished cotton goods, but it is for
had a more orderly appearance and a far less disquieting
lots. Yet there was a seasonable demand for wash fabrics,
tone. On Thursday Steel advanced slightly in the end,
especially cotton and rayon voiles. Three-fourths of the
selling ex-dividend, and so also did General Motors, Gencountry's cotton mill capacity has agreed to curtail opera- eral
Electric, American Telephone and American Car.
tions. In the South many of the mills are working only
The public utility
prevailed for light- National Biscuit reached a new high.
every other week. A fair demand has
group after advances on Wednesday simply for the most
weight woolen and worsted goods, and also for the more part held their own on Thursday. Specialties got up to
popular lines of broad silks; there was no real activity in a
higher terrain by 4 to 8 points. They included Worthingany of these goods. Raw silk was dull and lower. Bank
ton Pump, Spang-Chalfant, Byers, Case, Columbian Carclearings this week are smaller than those of a year ago by bon,
Ingersoll Rand and Vanadium. On the other hand,
whole,
223•6%, according to Dun. Taking the country as a
spectacle
is some of the railroad shares declined. The historic
what it needs is clear, warm, seasonable weather. That
continues, the money of China,
in silver
precisely what it has not been getting in recent weeks. The of the great decline
of some 400,000,000 people, showing an almost Lucifer-like
weather is partly reflected in the car loadings.
to the lowest price in modern times.
Wheat advanced a couple of cents on the strength of some and not unpathetic, fall
on the export
the Southwest, statements Of course it has a regrettable repercussion
unfavorable crop reports from
foreign trade of nations which trade with war-stricken China.
that the hessian fly was doing some damage and firm
points on Thursday for the Shangmarkets. It has been too cold on the Continent of Europe. Silver exchange broke 160
Mexiwheat to the Continent hai tad and the Hong Kong dollar nearly a cent. The
Russia and India have been offering
for can dollar fell one cent. For the third time in a week silver
but not on a large enough scale to count against prices
in London to an unprecedentedly
European prices have risen. Corn has been held back by and silver exchange fell
the main has been low level.
good weather and larger receipts, but in
Stock and commodity markets in New York and throughpretty steady, for of late country offerings have been
Memorial Day and
have complained of cool weather. out the United States were closed on
small and parts of the belt
cash basis most of the exchanges will also be closed on Saturday,
May corn has been sold more freely of late, but the
York Stock Exchange, the New York
has been stronger. In oats cash houses have been buying May 31. The New
York
generally a little higher, Curb Exchange, the securities department of the New
near months, leaving final prices
Exchange, the Real Estate Exchange and the
even if May shows a decline. Rye has not been offered freely Produce
Metal, Sugar, Coffee, Cocoa, Hide
and has really shown rather more of a rise in some cases than Cotton, Silk, Rubber,
and
Provisions have and Burlap exchanges closed for two days. The banks
wheat, which it is supposed to follow.
of the Produce Exchange will be open
declined slightly with hogs lower on Thursday. Rubber has the grain department
the Stook Exchange, the Curb
dropped 3,4c. with foreign markets also falling, for supplies on Saturday. In Chicago,
too eager. Exchange and the Live Stock Exchange dosed for both
of rubber are abundant and the demand is none
le
to Vic. on days. The Chicago Board of Trade and the Mercanti
3 tc.,
Cocoa has declined / coffee has dropped
s at Pittsprices have been sharply Exchange will open on Saturday. Stock exchange
futures and it is said that spot
Montreal closed for both days.
out under nominal prices to effect sales. Of the cost and burgh, Detroit and
After a slight recovery on April 15th the general level of
it is declared that bids well under the asking
freight offers
reacted and on May 15th was 3 points
prices have been accepted. Too much coffee and too farm prices again
earlier. At 124% of the pre-war level
little demand is the obvious explanation. Sugar people are lower than a month
paid producers
with the none too edifying delays in in the middle of May, the index of prices
not unnaturally wearied
was 12 points lower than a year ago, and at the lowest level
settling the tariff at Washington and have sold heavily,
1921. As compared to a year ago the
meaning oftentimes Cuban interests; and futures have fallen for the month since index for cotton and cottonseed was
80.
raws have dropped to 1j May 15th farm price
4 to 5 points. Prompt Cuban
29 points lower; farm prices of poultry and poultry products
o. & f. A stabilization point in prices for sugar must sooner
were down 22 points;
But when? A vast industry suffers were 24 points lower; meat animal prices
or later be reached.
seems to be dairy products down 16 points and farm prices of grains were
from overproduction and the only obvious cure
down 8 points. In fact, grain prices were the lowest since
a sharp reduction which, of course,is easier said than done.
ed week,for it shows some October 1922.
Cotton has had a rather unexpect
At Fall River most trade is still slow on cotton goods.
advance on most months despite more favorable weather in
lull in trade.
especially early in the week. The rains Most of New England feels the
much of the belt
The Berkshire Fine Spinning Associates say that their
were none at all.
slackened; in fact on some days there
a 20% increase over the previous week, for
Speculation was dull. Spot cotton was hard to sell. Cotton sales showing
the largest since early
and abroad. Manchester was the second consecutive period were
goods were quiet at home
day after April. While the bulk of this business consisted of spot
still hard hit by the turbulent times in India where
out- and quick goods, there was a sizeable quantity of yardage
day there were riots and bloodshed. There were also
the lowest price placed for regular contract delivery, beginning in June.
breaks in Burmah. In addition silver fell to
Need- This was particularly true of rayon filled crepes and broadin history coincident with grim war news from China.
r trend save in certain
ion of American cotton cloths. Prices show no particula
less to say the world's consumpt
neighbor- standard lawns which have yielded slightly.
suffers. It is estimated on this season at in the
In Greenville, S. C. there was a cut in dividends and
last
hood of 13,700,000 bales or 1,400,000 bales less than
ent
2,000,000 under salaries by the cotton mills. The schedule of curtailm
year, 1,800,000 less than two years ago and
d some time ago is now in full operation, viz.:
announce
three years since.
most 50 to 55 hours weekly every other week, or else running only
Stock market on the 27th inst. was irregular with
them- in the daytime and cutting out the night run. The majority
prices lower. But some gave no bad account of
States of the mills in the Greenville territory have adopted the above
selves. The most noticeable advances were in United
receive about
Arizona, Foster with the result that the operatives now only
Steel, American Power & Light, Calumet &
one-half the wages they have been getting in the past. This
Worthington
Wheeler, Electric Power & Light, Peoples Gas,
trade
the other is felt by all lines of trade there. Wholesale and retail
Pump and American Telephone & Telegraph. On Diamond is off 10% or more from normal. In Greenville, it is stated,
hand there were conspicuous declines in J. I. Case,
down to the Union-Buffalo, Monarch and Aragon-Baldwin groups
Match and a few others. The transactions kept
, have
Money was of cotton mills, three of the largest in South Carolina
the conservative total of 2,258,240 shares.
gone on a curtailment schedule. The Union-Buffalo mills
on time
still 3% on call against 6% a year ago and 3 to 33ic.
week, this
the differ- at Union, S. C. are operating three days each
in striking contrast with 9% at this time last year,
being equivalent to a half time production basis. The
ence in a sense of a whole diameter.
every other week.
stocks Monarch Mills at Union are operating
On Thursday there was an irregular a *vance in
The plans of the Aragon-Baldwin mills are divided, half of
with trading in about 2,504,000 shares. May ends with
MAY 31 1930.1
FINANCIAL CHRONICLE
3785
them operating one week and the other half operating the Federal Reserve Board's Summary of Business Condifollowing week. These mills are located at Whitmire, S. C.,
tions in the United States—Slight Increase in InChester, S. C. and Rock Hill, S. C. Spartanburg, S. C.
dustrial Activity—Seasonal Decline in Factory Emwired that employees of 96 cotton mills in North Carolina
ployment.
were notified last Wednesday that the mills would be closed
The Federal Reserve Board reports that "industrial activduring the first and third weeks in June and the first week ity increased slightly in April from the rate prevailing in
in July. Greenwood Mills, Grendel Nos. 1 and 2, and March. Factory employment declined by the usual seaPanola Mills will also close down during the first and third sonal amount, while factory pay rolls showed a smaller reweeks in June and the first week in July. Notices posted duction than usual. Wholesale prices continued to decline
said suspension of operations was in line with the policy of in April and the first half of May. There was a further
curtailment recently adopted by a majority of the textile easing of open-market money rates," says the Board,in its
manufacturers of the State.
monthly summary of business conditions in the United
Manchester, England, cabled: "Depression in the Lan- States, issued May 23, which further states:
cashire cotton trade was increasing and it was blamed
Production.
chiefly on disturbed conditions in India and the low rate
Production in basic industries in April was slightly larger than in March
of silver exchange in China. More than 40 weaving sheds and the Board's index, which makes allowance for the usual seasonal
changes,
large
are closed at Blackburn where 10 mills have ceased operation. crease inshows an increase of about 2%, offsetting athe part of the deMarch. Output of automobiles showed
unusual seasonal
Twelve mills have been stopped at Burnley and there is o pansion. Steel output declined seasonally in April and the early part of
much unemployment in Oldham. It is estimated that one May. The output of silk textiles was considerably reduced, and woolen
operations, though less than seasonally. Cotton mills
in three of a half million cotton operatives is idle or on mills curtailed April and there was some increase in stocks. In the firstwere
more active in
half
short time. London cabled the New York "Times" that of May. however, a program of curtailment was instituted in the industry.
In comparison with the first four months of 1929, a year of exceptionthe situation in India is now creating increased depression
smaller
alti active business, production
almost all major branches
in the home textile trade, while the low price of silver, at of industry, with the exception was tobacco.inIn comparison with 1928,
of
the year's low record level, is also hampering business. however, output was larger in the automobile, petroleum and silk indusThere is probably less machinery working in Lancashire tries, slietly smaller in steel and coal, and considerably smaller in cotton
ard w ol textiles, flour, meat packing, automobile tires and lumber.
at the present moment than ever before, except when strikes
Building contracts awarded during April, according to the F. W. Dodge
Corporation, were 6% larger than in March, reflecting further expansion in
were in progress.
awards for public works and Ltilities, and some increase.in residential conSears, Roebuck & Co.'s sales for the four weeks ended struction, largely
seasonal in eiaracter. In the first two weeks in
May 21 were $30,685,991, against $32,693,853 in the there was a further increase in building activity. In comparison with May
1929
awards in the first four months of the year were 17% smaller, reflecting
corresponding period of 1929, a decrease of 6.1%. For the
c iefly the continued small volume of residential building, which more than
period from Jan.2to May 21 sales amounted to $140,800,870, offset increases in public works and in utility construction.
compared with $144,179,104 in the corresponding period of
Employment and Pay Solis.
1929, a decrease of 2.3%. Electrical trades were as a rule
Factory employment, which had been decreasing since last September.
quiet, but there were exceptions. The "Electrical World" de lined by about 1% in April, which represents the usual development
said: "Eastern district bookings and inquiries improved for for that month, while the reduction in factory pay rolls from March to
the first time in weeks, with small business off, but a corre- April was smaller than usual. Distribution.
sponding advance noted in the volume of large orders. The
Department store sales increased during the month by an amount estiGeneral Railway Signal Co. has secured a $1,500,000 con- mated to be slightly larger than is accounted for by the late Easter holiday.
The value of foreign trade &creased further in April, and for the first
tract for interlocking control units for a Canadian railway
of the year exports were
20% smaller than a year
electric installation. Commitments from iron and steel mills four months was exceptionally active.aboutpart this decline reflected ago,
when trade
In
the
have been smaller for the past month, but there are indica- lower level of wholesale prices.
tions that demand from paper mills, chemical plants and
Wholesale Prices.
An increase in wholesale prices in the first wee': in April was followed
affiliated industries will show appreciable improvement beby a substantial debllue which continued into May and brought the level
fore the turn of the month.
of prices to the lowest point in a number of years. Prices of important
Chicago wired that trade reports range from slight pes- raw materials, such as w oat, cotton, and silk declined during most of the
simism to increased optimism with prospects for gradual p.riod, but steadied somewhat around the middle of May, while prices
were
improvement for the next two or three months while an of silver, hides, and coffee steel,comparatively stable. There were fairly
ontinuous price declines in
sugar, raw wool and the textiles. Conner
optimistic situation is forecast for the closing months of the prices were reduced further early in May,tut recovered somewhat following
large purchases for domestic and foreign consumption.
year by trade leaders. Detroit advices said that weather
Bank Credit.
conditions are again hindering retail business. Vacation
Loans and investments of member banks increased by about $160,merchandise has not begun to move and buying is confined
000,000 in the latter half of April,
by almost that amount
largely to essentials. St. Louis reports said unseasonable in the first two weeks in May, both but declinedreflecting chiefly fluctuamovements
weather has slowed down retail trade in the eighth Federal tions in loans on securities. Investments increased further, while "all
Reserve district and wholesale houses, particularly those other" loans continued to decline, and on May 14 at $8,560,000,000 were
the smallest since 1927.
dealing in clothing have had a falling off in orders. Reports
The volume of Reserve bank credit declined further by $125,000,000 beto Department of Labor from 285 cities report an increase tween the weeks ending April 19 and May 17, largely as a result of the addition of about $65,000,000 to the stock of monetary gold and of a further
of 11.1% in total building operations in April as compared
substantial reduction in the volume of money in circulation, which reflected
with March. Federal Reserve statistics show industrial ac- chiefly smaller volume of pay mils and declines in retail prices. The
system's holdings of bills declined, while United States securities and distivity increased slightly in April over March. Factory
counts for member banks showed little change.
employment declined by the usual seasonal amount.
Money rates on all classes of paper declined further in May. The disOn the 25th inst. it was cold and a bit blustery with a count rate of the Federal Reserve Bank of New York was reduced from
northwest wind with temperatures 49 to 61 degrees. Bos- 3ji to 3% on May 2 and that at the Federal Reserve Bank of Boston
ton had 52 to 58, Chicago 48 to 52, Cincinnati 44 to 68, from 450 3%% on May 8.
Cleveland 46 to 52, Detroit 44 to 58, Kansas City 60 to
Monthly Indexes of Federal Reserve Board.
76, Milwaukee 42 to 50, St. Paul 46 to 66, Montreal 50 to
The Federal Reserve Board made public as follows, on
52, Omaha 58 to 78, Philadelphia 52 to 66, Phoenix 68 to
100, Portland, Me., 48 to 52, Portland, Ore., 42 to 66, May 24, its monthly indexes of production, factory emSan Francisco 48 to 64, Seattle 42 to 60, St. Louis 56 to 78, ployment and pay rolls for April.
Winnipeg 36 to 62. On the 27th inst. it was 45 to 63 degrees
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES BY GROUPS;
(Without masons! adjustment)
here still being unseasonable cool. That was the case in
some other parts of the United States. The nights over
Perrone
Employmentthe cotton belt were in the 40s and 50s. The country as a
ledashy.
1930.
1929.
1930.
1929.
whole was rainless. Boston had 46 to 56 degrees, Chicago
April. Mar. Apri. April. Mar. April.
48 to 70, Cincinnati 52 to 82, Cleveland 48 to 58, Detroit
93.0
92.8
99.7
97.7
97.1 110.5
46 to 62, Galveston 70 to 80, Kansas City 62 to 86, Mil- Iron and steel
Machinery
106.9 108.5 116.7
113.4 116.1 129.5
90.3
92.9
waukee 42 to 50, St. Paul 54 to 66, Montreal 46 to 60, Textiles, group
99.3
89.3
96.6 103.2
Fabrics
87.7
89.3
98.3
84.1
87.3 102.4
Omaha 64 to 88, Philadelphia 48 to 68, Seattle 50 to 68, Wearing apparel
96.7 101.9 101.6
99.9 115.4 104.7
94.0
Food
95.0
96.2
99.7
99.7 100.4
St. Louis 60 to 86, Winnipeg 44 to 52. On Wednesday the Paper and Printing
102.6 103.7 102.5
113.5 115.0 113.8
74.2
Lumber
75.0
88.2
73.8
74.6 190.
17.
9
8
28th there was a third of an inch of rain here and tempera- 'Transportation equipment
84.0
83.2 101.7
92.0
90.6 117.0
Automobiles
60 degrees. On Thursday it was 47 to 61
93.9
91.0 131.4
tures were 46 to
100.8
97.31! 112..0
1 57 1
Leather
89.8
91.5
90.6
81.6
85.2
degrees here. Overnight at Boston it was 48 to 62, at Cement. clay and glees
81.2
78.4
90.5
77.1
91.
73 0 187..0
.
4
8.
27 9
93
Non-ferrous metals
82.9
84.3 107.7
88.3
Philadelphia 50 to 58, Portland, Me., 48 to 56, Chicago Cbemicals,group
111,7112.5 .119.0
110.9 111.6
Petroleum
116.1 118.5 111.9
52, Cincinnati 50 to 74, Cleveland 46 to 54, Detroit
46 to
122.1 123.1
Rubber products
88.6
87.2 114.8
94.5
90.0 1244,
46 to 52, Milwaukee 42 to 54, Kansas City 52 to 76, St. Paul Tobacco
88.0
89.6
91.8
77.1
81.0 -}iir
42 to 62, St. Louis 48 to 76, San Francisco 52 to 62.
r anima, PratoInarYr
rsrnEx
NUMBERS OF PRODUCTION. FACTORY EMPLOYMENT AND
PAYROLLS,BUILDING °DETRACTS AND FREIGHT CAR LOADINGS.
(1923-1926=100.)
Adjusted for
Seasonal Variations.
Without
Seasonal Adjustment.
1929.
1930.
1929.
1930.
April. Mar. April.
April. Mar.
122
Industrial production, total
1061, 104
123
106D 105
Manufactures
115
1039
Minerals
96
Building, value of eontracts awarded_
Factory employment
Factory payrolls
Ill
95
101
Freight ear loadings(
INDUSTRIAL PRODUCTION: INDEXES BY
(Adjusted for seasonal variation.)
1071, 106
1091' 109
921, 91
111
118
92.1 92.7
96.7 08.0
90
93
GROUPS.
123
127
104
156
101.8
111.3
102
MininO.
Manufactures.
1929.
1930.
1930.
1929.
.Ifat.
Ayr
Apr.
Apr. Mar. Apr.
135 Bltumixotta coal
120 A ntbraelte coal
102 Petroleum
124 csoper
153 Zino
07 Lead
110 Silver
137
165
161
142
81
97
69
73
125D 125
88
90
96
91
108
93
Industry.
Iron and deal
Textiles
Food products
Paper and printing__
Automobiles__ _ __Leather and shoes_-_
Cement
Noa-fetrous metals_
Petroleum refining__
Rubber tires
rebates manufaferes
114
97p
97p
___
109
98;
108
1059
_-122;
136
112
98
90r
12ip
100
97
111
104
168
105
128
industry.
102
95
132
141
116
125
103
Wholesale Trade In April as Reported to Federal
Reserve Board.
Reports to the Federal Reserve system by wholesale firms
indicate that sales in the month of April were smaller than
a year ago for dry goods and hardware, and about the same
for groceries and drugs. For the period Jan. 1 to April 30
sales of dry goods, hardware, and drugs were smaller than
a year ago and those of groceries were unchanged. The
statistics made available by the Board May 27 follow:
PERCENTAGE INCREASE (+) OR DECREASE (-) BY
FEDERAL RESERVE DISTRICTS.
Litw.
[VOL. 130.
FINANCIAL CHRONICLE
3786
District Number.
Sale/. April. 1935, Conipared with April, 1929.
Tot. 1
3
4
6
6
7
9
11
13
-7 4-3 -7
0 --2 +2 -4 +5
- -11 -2 -3 -2
Groceries
-11-18-11
12
13
Dry goods__ -12 ____ -4-16 -13- --19--1818
13
Hardware_ __ -15 ____ -21 -12 -18- --17 --21 - -6 -11 -17 -11
-4 --6 -a
-3-12 -2
0 -6 +2 -1____ +9
Drugs
Sales. Jan. 1-April 30, 1920, Corn ared with Jan. 1-Apr. 35 '29.
01 01 -6 +11 -41 +21 -61 -11 +5
-21 -11 -2
Groceries ____
18
Dry goods____ -17 ____ -18 -12- -11 -15 -22 -17 ____ -11 -23 -17
14
Hardware.._ -11 ____ -15 -7- -12 -10 -15-11 -7 -5 -16 -11
-9 -4 -2 -7-12 ____ -4 -17 -3
Drugs
1 Boston. 2 New York. 3 Philadelphia. 4 Cleveland. 5 Richmond.
6 Atlanta. 7 Chicago. 8 Bt. Louis. 9 Minneapolis. IS Kansas City 11 Dallas. 12 San Pram:Woo.
Monthly Labor Review of U. S. Department of Labor
Results of Study of Employment in Franklin
-Wages and Weekly Hours in Meat
County, Ohio
Packing Industry.
A study of fluctuation of employment among wage earners,
clerical employees, and sales persons in Franklin County,
Ohio, during each of the six years, 1923 to 1928, is published
in the May issue of the "Monthly Labor Review." Employment of males varied 13.3% from the maximum and of
females 14.3% in 1928, while the fluctuation from the maximum in the different years ranged from 6.9 in 1924 to 17.1
in 1923 for males and from 7.1 in 1924 to 14.3 in 1928 for
females. The total population of the county was estimated
to be 350,000 and the maximum number employed in any
year was approximately 70,000. In addition to the actual
unemployment shown,it is probable that there was a certain
amount of part-time employment even in the months of
greatest employment, says the "Bureau of Labor Statistics,"
which also has the following to say regarding the Monthly
Review:
In view of the necessity for better information regarding unemployment
than has been available in the past an analysis is presented in this issue of
the "Review" of the methods adopted in some recent unemployment surveys. Such an analysis of the experience of communities where unemployment studies have been ml.de may be of service to organizations or agencies
undertaking unemployment studies in deciding such important questions
as the principle of selection to be followed, time and money costs, the
appropriate agencies to be utilized, and the degree of completeness of the
data to be secured.
-packing
Average full-time hours per week in the slaughtering and meat
industry were the same in 1929 as in 1927, according to the latest survey of
Wages and hours in that industry by the Bureau of Labor Statistics There
was also, little change in the average earnings per hour and per full-time
week. The average full-time weekly hours In both years were 49.3; hourly
earnings averaged 50.4 cents In 1929 as compared with 50.1 cents in 1927,
and full-time earnings per week averaged $24.85 in 1929 and $24.70 in 1927.
A review of a recent report on the housing of negroes in Washington not
only gives an account of the present situation but shows the conditions which
resulted in the development of alley housing, a problem which is still not
entirely solved. The report also deals with the ways in which the negro
Population spreads out into new localities, discusses the advantages and
disadvantages of segregated districts as compared with mixed residence
districts, the characteristics of negro housing, and the tendency towards
home ownership.
An article dealing with the forcible recruiting of labor for private employers shows the extent to which it is carried on in various countries and the
legislative provisions in force for its regulation. The question is one which
affects mainly the working conditions of subject peoples who are under
the administration of races alien to themselves and affects, therefore,
principally the natives in the colonial possessions of the various countries.
This issue contains also a digest of the labor laws of Argentina, the usual
statistical reports on trend of employment, wages and hours, and wholesale
and retail prices, and various articles on labor and economic subjects.
Guaranty Trust Co. of New York Sees Slight Increased
Activity in Some Lines, But Finds Definite Signs
of Business Revival Absent.
Although some branches of industry and trade have shown
slight increases in activity in the last few weeks, definite
signs of business revival are still absent, states the Guaranty
Trust Company of New York in the current issue of "The
Guaranty Survey," published May 26. The "Survey" continues:
"Almost without exception, the major line of production and distribution
remain at levels far below those that prevailed a year ago. The seasonal
peak of spring activity was passed in March, and the normal influences
making for curtailment are now in evidence. However, the fact that the
early spring expansion was disappointingly small seems to have brought
some compensation in the form of an unusually slight subsequent contraction.
"On the whole, it appears that the general situation and outlook are
substantially what they were a month ago. Business concerns ars following
extremely conservative policies and are holding thenassIves ready to respond
to the first signs of improvement. But it cannot yet be said that such
signs have appeared.
Financial Developments Irregular.
"The financial situation remains favorable to business recovery in certain
respects, while in others it appears that conditions Sr. less encouraging.
Open market money rates in the leading centers are still low, and borrowings
from the Federal Reserve banks are exceedingly small. The outlook for a
continuance of low rates has been strengthened by the importation of a
considerable amount of gold in April, by the further lowering of rates oa
bankers' acceptances, and by reductions in rediscount rates by the Federal
Reserve banks of New York and Boston. The latest reduction in acceptance
rates brought these rates to the lowest level in more than five years.
"On the other hand, business failures are at a record level, and the
decline in commodity prices has continued. Both of these conditions represent strong deterrents to business enterprise, and any genuine improvement
in the outlook for general trade must await their correction. The monthly
index of wholesale prices compiled by the Guaranty Trust Company continued
to move downward both in April and May.
Slight Increase in Construction.
"Moreover, the construction industry has scarcely maintained the advance
that was indicated by the large increase in contracts awarded in March.
It has certainly not fulfilled the optimistic expectations inspired by the
announcements of huge public works and public utility projects in the
closing months of 1929 and the early part of 1930. Contract awards last
month were slightly larger in actual value than in March, but the
increase was smaller than is usual at this season and appears to have
for
been partly due to a higher level of costs. Public works and utilities,
type
the fourth consecutive month, were greater in value than any other
residential
of construction representing 31% of the total, as against 25% for
building."
building, 15% for commercial building, and 8% per industrial
Federal Reserve Board's Survey of Retail Trade in the
United States During April 6% Larger than in
Same Month Last Year.
The Federal Reserve Board reports May 27 that
department store sales for April were 6% larger than in the
corresponding month a year ago according to reports to
the Federal Reserve system from 659 stores in 267 cities.
The Board adds:
The increase reflected in part the fact that the date of Easter, which
was very early last year (March 31), was very late this year (April 20)•
Total sales from Jan. 1 to April 30 were 4% smaller this year than last year.
SALES BY FEDERAL RESERVE DISTRICTS AND FOR SELECTED CITIES.
Pena:Mate Inereme(+) Over or DOCITILISO(-)from a Year Ago.
Jan. 1 No.
of
to
Ayr.30 Stores
District or City.
April.
F. R. District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco- -
+9
+10
+7
+6
+12
+0
+4
+10
+3
+2
+1
+2
Selected City
Akron
Atlanta
Baltimore
Birmingham
Boston
Bridgeport
Butfalo
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Dayton
Denver
Detroit
Duluth-Superior.
Fort Worth
-3 -16
4
+5
+4
+18
12
-4
+9
+3
+7
3
+5 5
+7 -8
+9 -3
+5
-6
+8 -3
-2 -5
+0 -8
-5
-4 -17
+10
-4
-7 -12
+1
+2
5
--6
-9
9
5
6
5
7
--1
District or City.
Selected City
(Concluded)
102
66 Houston
66 Indianapolis
58 Kansas City
35 Loa Angeles
43 Louiss ills
112 Memphis
21 Milwaukee
23 Minneapolis
38 Nashville
26 Newark
69 New Haven
New Orleans
New York
5 Oakland
5 Omaha
8 Philadelphia
4 Pittsburgh
12 Providence
3 Rochester
6 San Francisco- 32 Salt Lake City
9 Seattle
6 Spokane
6 St. Louts
5 St Paul
3 Syracuse
5 Toledo
6 Washington
4
Total(267 cities)
6
April.
Jan. 1 No.
to
of
Apr.30 Stores
+2 -10
+5 5
-4 8
-4
+4
+6
+5
+10
+6
+14
+0
+5
3
- -12
+3
+10
+30 +19
+2
+13
+6
+12
--4
-1
+18
+2
+13
+6 -3
+4
+10
15
9
- -4
+12
-4
4
+2
14
-1 +0
5
6
4
10
5
4
7
4
4
5
4
4
12
4
3
12
7
10
4
6
4
-
659
+6
5
5
4
5
4
4
7
MAY 31 1930.]
FINANCIAL CHRONICLE
DEPARTMENT STORES
-SALES AND STOCKS. BY FEDERAL RESERVE
DISTRICTS.
Index Numbers, Monthly At6711.6 1923-1925=100.
Fechn al RUMPS
Dtstrids.
No. of
Stores.
Adjusted for Seasoned
Variations.
(a)
April
1929.
April
1930.
March
1930
April
1929.
99
115
90
103
107
99
111
102
88
97
115
88
95
103
103r
107r
100
98
95
109
91
102
103
104
111
99
79
104
113
106
120
110
117
107
120
95
112
113
104
119
109
99
97
106
114
88
103
83
88
98
93
96
93
87
89
99
112
97
108
90
105
102
104
113
99
85
99
105
111
496
Stouts
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt, Louis
Minneapolis
Kansas City b
Dallas
San Francisco
March
1930.
22
36
Total
April
1930.
36
60
57
55
28
41
97
19
18
Sales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
106
104
105
112
95
104
95
107
85
92
100
94
113
89r
73
116
82
109r
102
110
90
100
102
103
114
93
78
124
84
107
34
42
45
49
28
49
79
19
14
21
21
32
Total
93
91
99
94
107
105
111
106
81
86
81
85
86
89r
92
93
94
97
97
99
91
91
98
95
109
109
108
114
85
88
87r
90
70
70
72
75
---------115
80
78
80
82
104
102
106
109
413
97
97
99
100
100
103
a Stores for which figura are available since base period 1923-25. b Monthly
norms 1925=100. r Revised.
DEPARTMENT STORE SALES. BY DEPARTMENTS.
Percentage Increase (+1 or Decrease (-)
April 1930 Compared with April 1929.
DIMVIRIP4i.
'auras smarm uutrux.
Total
(a)
Bostax.
Piece Good:BUB & velveds__-- -13 -17
Woolen dress goods +3
+5
Cotton wash goods -14 -11
Linens
-12
-9
Domestics, munlins
-9
am
--I
Ready-to-wear Ac tenor( es
Neckwear.scarfs +18 -10
Millinery
+33 +22
Gloves(women's &
children's)
+54 +52
Corsets, breesteres +13 +12
Hosiery (women's
& children's)._ +13 +12
Knit underwear
-4
-4
Silk, muslin underwear
-1
+5
Infants' wear
+20 +18
Small leather eds. +26 +23
Women's shoes_ _ _ +18 +22
Children's shoes +62
_-Women's WearW'in'n'e co'tssults +10
-3
Women's dresses
-3 -11
Misses' coats, suits +33 +28
Misses'dreases_ _- +5
-9
Juniors',giris' wear +50 +46
Men's, Boys' We or
Men's clothing
+9
+18
Men's furnishings,
hats, caps
+12 +18
Boys' wear
+67 +74
Men's, boys' shoes +26 +33
House Furnish'gs
Furniture
-3 +26
Oriental rugs
-15
Dom,floor cover'gs -15 -14
Draperies, upholstery
-10
___
China. glassware
-6
+1
New Clem- Rich- CMSt.
York. land. mond. cago. Louts
DalSan
las. Pram.
-15 -20 -16
-9 -10
-4
-9
+10 +10 +28 +13
+2 -15 -14
-16 -23 -28 -12 -13
-9 -2
-13 -13
-7 -11 -13 -31 -11
-7 -14
Commodity.
Without Seasonal
Adjustment.
-5 -13
+11
-27
+23
+43
+37
+67
+29
+19
-4
+4
+62
+12
+114 +58 +52
+13 +20 +10
+68
+12
+11
-5
+16
-4
+38
-4
+13
-6
+1
-13
-1
+21
+26
+11
+67
-10
+42
+57
+25
+82
+0
+14
+10
+20
+65
-4
+38
+19
+19
+53
-5
-5
+3
-3
+19
+3
+9
+9
+22
+36
+22
-13
+42
+11
+54
+10
+2
+33
+10
+55
+7
+41
+22 -11
+96 +30
+33 -2
+88 +34
+21 -26
-1
-6
+26 -16
+12 -11
+82 +17
-3
+7
+4
+7
+37
Net
Sales.
Percent of Accaunti
Outstanding
March 31
Collected in
April.
Stock
Had of
Month.
1930.
76.9
36.7
33.8
46.3
47.8
49.3
49.7
76.9
33.1
31.8
47.0
50.7
35.1
48.7
74.0
68.4
127.3
f
713:2
614
125.3
Weighted average
-6.2
____ -10.2
____
53.1
•Quantity not value. Reported by Silk Association of America.
x Reported by the National Machine Tool Builders aesetation.
51.2
Groceries
Men's clothing
Cottou goods
Silk goods
Shoes
Drugs
Hardware
Machine tools-1
Stationery
Paper
Diamonds
Jewelry
-2.7
+0.9 -11.1
-4.2
-33.3
___ -20.1
____
+2.7
-0.5 -12.7
-3.9
-4.9* -4.4*
+6.3* +13.9*
-4.9 -13.9
+8.8
-5.7
+19.5
-7.1
+8.8
+7.4
+4.4
+3.9 -21.3
-9.5
-7.2
-2.9
-14.2
-2.5
____
____
-8.2
-0.1
-6.7
-7.8
-61.5
-30.2
-_-_
___
-39.2
-17.8
Department Store Trade in New York Federal Reserve
District in April This Year 10% Higher Than in
Same Month Last Year-Easter Trade an Influence.
Surveying of department store trade, the Federal Reserve
Bank of New York, in its Monthly Review, dated June 1
says:
The total sales of the reporting department stores in this district showed
an increase of more than 10% over a year ago in April, the largest increase
since Aug. 1926, undoubtedly due In large part to the Easter trade, which
occurred in April this year, but in March last year. However, the total
sales of these stores for March and April combined were 2% larger than in
the corresponding period last year. Unusually large increases in sales were
reported in April by stores in New York City, Rochester, Newark,Central
New York State, the Capital District, and the Westchester District. The
Buffalo and Syracuse reporting department stores also showed increases in
sales, following decreases in each month since August, and moderate
Increases in sales were reported in Bridgeport, southern New York State,
the Hudson River Valley District, and in northern New York State.
Reflecting Easter purchases of clothing, the reporting apparel stores showed
about an 8% increase In their sales compared with last year.
Stocks of merchandise on hand were smaller than a year ago for the
fourth consecutive month. The percentage of outstanding charge accounte
collected during April continued below the corresponding month last year.
-1
-1
-3
+25
+40
+15
+70
Stout
End of
Month
Percentage
Chan...
April 1930
Compared ',WI
April 1929.
1929.
+7
+11
+15
-4
Net
Sales.
-2
+18
+54
+10
Percentage
Change.
April 1930
Compared with
March 1930.
-6
+36
+37
3787
+13
+25
Locality.
+29
+20
+23 +23
+35
-10
+0
+19
+83
+50
+10
+71
+21
+12
+96
+31
+10
+75
+28
+8
+58
+28
-6
-2
-3
+12
+30
+12
+5 -13 -9 -16 -16
+0 -13
--2 -18 -26 -27 -23
+21
-6 -20 -17 -17 -13 -22 -16
4-1 -14 -17
-2 -IS
-9
P. C. of Accounts
Oa/standing
Mar. 31 Collected
in April.
Stock on
Net Sales. Band Had
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
+10.4
+5.4
+12.7
+1.9
+14.1
+6.5
+10.4
+2.5
+11.2
+8.3
+6.4
+13.6
+16.1
+10.4
+7.7
+0.4
-5.0
-9.6
+0.4
-8.1
-4.0
-6.3
-5.4
1929.
1930.
52.7
51.7
42:a
-
3
879
45:5
38.4
40.4
41.8
38.8
38.8
47.8
49.7
41.6
41.5
Sales and stock in major groups of departments are compared with those
of April 1929 in the following table. It will be noted that sales In the
apparel departments showed the largest increases.
Net Sales
Percentage Change
April 1930
Compared with
April 1929.
-9 -17 -21 --11
-6 -22 -18 -is
a Data are for about 200 stores with total annual sales In listed departments
of
8860,000,000 and In all departments of 81,250,000,000. More than 50% of
these
sales are for about 40 stores located in six cities: Boston, New York,
Pittsburgh,
Detroit, Cleveland. and Los Angeles. In individual Federal Reserve
districts
more than half of the reported sales are made by stores In following cities:
Boston,
New York, Pittsburgh, Cleveland, Washington, Detroit. Milwaukee, St.
Louis.
Dallas, Houston, Los Angeles. and San Francisco. The total number of
reporting
stores varies from about 65 for certain items to about 175 for other items: in the
individual Federal Reserve districts corresponding ranges are usually about
as
follows: No. 1, 8-30: No. 2, 8-12: No. 4. 18-64: No. 5, 7-11; No. 7, 8-30:
No. 8,
6-10: No. 11. 6-14; No. 12. 8-20.
Percentage Change
April 1930
Compared with
April 1929.
Men's and Boys' Wear
Toys and sporting goods
Luggage and other leather goods
Shoes
Men's furnishings
Hosiery
Women's ready-to-wear accessories
Women's and Misses' ready-to-wear
Woolen goods
Toilet articles and drugs
Books and stationery
Silverware and jewelry
Furniture
Home furnishings
Musical instruments and radio
Linens and handkerchiefs
Cotton goods
Silks and velvets
Miscellaneous
+51.4
+29.8
+27.5
+24.2
+19.1
+14.7
+14.4
+14.3
+9.8
+9.1
+8.0
+7.1
+5.3
+0.2
-4.5
-4.7
-8.8
-14.9
+8.7
Stock on Hand
Percentage Change
April 30 1930
Compared with
April 30 1929.
-5.5
+2.3
+9.3
-5.1
-18.9
+0.6
+10.6
-3.2
Wholesale Trade in New York Federal Reserve District
+18.2
+7.3
in April 10% Below Last Year.
+13.0
-16.4
The Federal Reserve Bank of New York states that
"wholesale dealers in this district reported April sales 10%
smaller than in 1929. Sales of diamonds showed an even
April Sales of Chain Stores in New York Federal Reserve
greater decrease than in March, but in the sales of jewelry
District 14% Above Sales a Year Ago.
and men's clothing the declines, while substantial were not so
The total April sales of reporting chain stores (in the
large in April as in the month previous." The Bank, in its
New York Federal Reserve District) averaged 14% higher
June 1 Monthly Review goes on to say:
than a year ago, due to the usually large increases in sales
Grocery sales declined slightly following increases from a year
ago in reported by ten-cent, shoe, variety,
and candy chain store
February and March, and decreases of varying size continued to be
reported
in the sales of cotton goods, hardware, stationery and paper. The Machine systems, which no doubt reflected the inclusion of Easter
Tool Builders Association reported machine tool orders far below the
trade this year, whereas it was included in March figures
volume of last year, for the sixth consecutive month. Sales of silk goods,
shoes, and drugs, however, showed increases compared with last year, in 1929. In its Monthly Review, June 1, the Federal Refollowing decreases in recent months.
serve Bank of New York says:
Stocks held by grocery, cotton goods, and hardware dealers remained
smaller than a year ago, but stocks of silk goods and drugs continued to be
larger than in 1929. Wholesale shoe firms reported a decline in stocks from
a year previous for the first time since December. Collections were slower
than in April 1929 in a majority of lines.
Grocery chains also reported a substantial increase in sales compared with
a year previous, but drug store sales continued slightly below last year.
The Eastern trade was reflected also in sales per store, especially in
the
case of candy stores. All lines except drug chains showed at least
slight
increases in sales per unit.
FTNA WIT A T. CHRONICLE
3188
Percentage Change April 1930
Compared with Aprti 1929.
Type of Stem.
Number of
Stores.
Total
Sates.
Sales Per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+3.6
+8.0
+7.4
+9.2
+19.4
-2.8
+15.5
+11.0
-0.8
+22.6
+20.0
+42.9
+11.5
+2.8
-7.6
+12.3
+0.4
+47.1
TotaL
+7.2
+14.1
+6.4
[vol.. 130.
Is the disturbed conditions and diminished purchasing power of foreign
markets. The world-wide and drastic easing of credit at Primal:I' 90OrCeS.
however, is a favorable factor for gradual recovery.
National Fertilizer Association Reports Further Slight
Decline in Commodity Prices.
Commodity prices declined 1-10th of 1% during the week
ended May 24, according to the wholesale price index of the
National Fertilizer Association. Under date of May 26,
the Association says:
This is a much smaller decline than occurred during each ef the two
previous weeks, but the index has reached a new low at 90% or Inc average
Loading of Railroad Revenue Freight Still on the for 1926-1928.
Eight groups declined and only one advanced. Of the items l advanced
Decline.
and 36 declined. The only group that advanced was grains, feeds and live17 stock. The larger declines were in the groups of fats and oils, mixed ferLoading of revenue freight for the week ended on May
totaled 930,004 cars, the Car Service Division of the Ameri- tilizer, fuel, and metals.
Based on
as 100 and on 476 quotations, the index stood at
can Railway Association announced on May 27. This was a 90.0 for the 1926-1928 May 24; 90.1 for May 17; 90.6 for May 10, and
week ended
decrease of 3,927 cars under the preceding week and a 91.0 for May 3.
reduction of 116,590 cars below the same week in 1929. It
also was a reduction of 73,284 cars under the same week in Building Industry Headed for Revival According to
F. T. Ley.
1928. Details follow:
That the building industry is about to experience a great
freigh t loading for the week of May 17 totaled 367,572
Miscellaneous
cars, 43,103 cars under the same week in 1929 and 26,907 cars under the revival, giving work to thousands now unemployed, and
corresponding week in 1928.
laying a sound basis for a national return to activity and
Loading of merchandise less than carload lot freight amounted to 248,135
cars, a decrease of 14,122 cars below the corresponding week last year and prosperity, is the belief of Fred T.Ley, builder, of New York
13,314 cars below the same week two years ago.
City. Mr. Ley, who built the Chrysler Building, 77 stories
Coal loading amounted to 134,604, a decrease of 21.332 cars below the
in height and the tallest in the world, and who has more than
below the same week in 1928.
same weak in 1929 and 18,702 cars
Forest products loading amounted to 52,789 cars, 16,734 cars under the $225,000,000 of construction to his credit, believes that with
same week in 1929 and 15,526 cars under the corresponding week in 1928. the easing of money the slump in the building industry is
Ore loading amounted to 57,113 cars, a decrease of 15,096 cars below the
same week in 1929 but 5,109 cars above the corresponding week two years rapidly being overcome. He says:
ago.
"Building costs are lower to-day than for several years pass, while the
Coke loading amounted to 9,265 cars, a decrease of 3,328 cars below the efficiency of the industry is at the highest peak, I look for a resumption of
corresponding week last year and 875 cars below the same week In 1928.
construction activity in the near future similar to that which lead the nation
Grain and grain products loading for the week totaled 37,457 cars, a back to pros,erity in 1921-1922.
decrease of 95 cars below the corresponding week in 1929 and 907 cars
"There is overbuilding in some districts in certain cities, but conditions
below the same week in 1928. In the western districts alone, grain and seem to be ripe for a general steady improvement and renewed activity."
1,056 cars over
grain products loading amounted to 24,390, an increase of
the same week in 1929.
of CleveLive stock loading totaled 23,069 cars, 2,780 cars under the same week Increased Retail Sales Viewed by Union Trust
In 1929 and 2,162 cars under the corresponding week in 1928. In the western
land as Sign of Approaching Recovery.
districts alone, live stock loading amounted to 18,188 cars, a decrease of
In the face of developments which indicate a generally
2,387 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities slow state of business activity, definite signs of approaching
compared not only with the same week in 1929, but also with the same
recovery are seen in the increasing level of retail trade, says
period in 1928.
revenue freight in 1930 compared with the two previous years the Union Trust Co., Cleveland. Pointing to the reports of
Loading of
follows:
larger chain store and department store sales, the bank says
1928.
1929.
1930.
this means that more people who are unemployed are getting
3,448,895
3,571,455
3.349,424
Four weeks in January
More dollars are finding their way to
3,766,136 3,590,742 back on the payroll.
3,505,962
Four weeks in February
4,752,559 the store counters, and more stocks are being used up. "This
4,815,937
4,414.625
Five weeks In March
3,740,307
3,989,142
3,619,293
Four weeks in April
resumption of public demand," says the bank in its magazine
978.053
1,051,935
942.899
Week ended May 3
sooner or later be reflected
1,002,411 "Trade Winds," "will inevitably
1,048,960
933,931
Week ended May 10
1,016,594 1,003,288 in increased manufacturing schedules and freight movements.
930,004
Week ended May 17
Public purchasing power is the ultimate yardstick of business volume and current figures would seem to point to a
steady return toward better business as the season advances."
Slow and Irregular Improvement in Business Reported Continuing it says:
"Looking at major industries little encouragement is to be found. OperaBy Conference of Statisticians in Industry Operhave shown a morderateiy declining tendency. Steel
of National Industrial Con- tions in iron and steeland quotations on some Important products are at the
ating Under Auspices
prices continue weak
ference Board.
lowest ebb since 1915. The three greatest consumers of steel are railroads.
these lines demand for steel is low.
improving slowly and automobiles and building and in allencouraging to note that actual automoGeneral business activity has been
"In the automobile industry It Is
irregularly during the past two months, but continues below bile sales at retail have been considerably larger in proportion to production
recent years. From a large number of industries
normal, considering the season and the usual year to year than has been the case in slightly higher rate of activity than was the case
come reports indicating a
growth, and far below the levels of a year ago according to earlier In the year but a substantially lower level than was enjoyed in 1929.
"There seems to be general confidence that improvement will continue
the Conference of Statisticians in industry. The latter sees
date of returning to business are now being postponed
but estimates
no reason to expect any vigorous upswing in busines before to the third orof thethe fourth quarter of the year.
even
fall, but, if the recent rate of progress continues, the general
"One reason for this change in view is that a number of new factors have
not prominently
level of business activity should return to normal by that entered the business situation which were unsettle the state In evidence
of industry
during the Winter. These have tended to
time. The survey, issued May 25 by the Conference of and trade and have made it more difficult for the equilibrium of business
Industry, operating under the auspices of the to be once more re-establist ed. Among these factors are commodity price
Statisticians in
in money rates and the tariff situation.
National Industrial Conference Board, Inc., further sum- weakness, the remarkable declinebe interpreted as a favorable factor in the
"While low interest rates can
marizes conditions as follows:
long run the weakness at the moment points to a world-wide falling off in
Tote)
17,696,138
19,290,159
18,516,255
based upon
Steel production is in a period of seasonal decline, and is
prices;
rather weak, shifting and widely scattered demand, with declining
recent years,
but the current level Is holding rather high In comparison with
production, though running
with the exception of 1929. Electric power
above normal.
close to or below last year's level at this season, is somewhat
for unusually
The recent reduction in the price of copper was the occasion
consumers, and problarge purchases of the metal by foreign and domestic
greater activity
ably constitutes a constructive factor in so far as it tends to
Coal production
in the copper fabricating and copper using industries.
basic industrial
and building construction, together with most other lines of normal levels.
activity, are still not only far below last year, but below
by public money
The chief improvement in building so far has been financed
general has as yet
or by security flotations. Industrial employment In
weak.
shown slight improvement,and commodity prices are still
May,but hardly
General trade improved considerably in April and early In
1930 as comenough as yet to offset the slackness In the earlier months of
still lags conpared with last year. Distribution of goods by railroads
reflected In commercial
siderably behind recent years. General business, as
relatively low In value
loans, check payments and currency in circulation, is
lower level of
but not far below normal in volume because of the generally
prices.
years, but crop
Current agricultural purchasing power is lowest in seine
prices is likely
prospects indicate that some improvement in agricultural
present
before fall. The most unfavorable influence On trade prospects at
business activity, it cannot be expected to correct itself within a few weeks
or a few months.
"The tariff problem is aggravated by the threats of retaliation by other
nations against import duties embodied in the latest American tariff bill.
Numerous countries are planning action which ma cause American business to suffer."
S. H. Logan of Canadian Bank of Commerce in International Survey Finds Physical Structure of World's
Business, After Collapse of Stock and Commodity
Prices, on Firmer Basis Than Ever Before.
In the unprecedented economic advance beginning in
1925, the United States, Canada, France and Argentina
swept ahead of all other countries, according to an exhaustive
survey by General Manager S. H. Logan of the Canadian
Bank of Commerce, who establishes his findings on reports
from the bank's 800 branches, its agencies in the United
States and correspondents throughout the world and from
other authoritative sources. The fever of speculation,
AIAy 311930.)
according to Mr.Logan,sapped some of the world's economic
power without burning out its vital elements, so that to-day
with the readjustment of commodity prices, his opinion
is that the physical structure of the world's business rests on
a broader basis than ever before. In the period of intense
economic activity from 1925 to the present time, during
which world production reached a new high level, Canada's
rate of increase is greater than the world rate of increase.
Mr. Logan says:
"Canada has established herselffirmly as the leading factor in international
wheat trade and from all available statistics she seems to have made the
greatest relative advance in mechanical farming. In other forms of industry Canada, despite her population compared with the other great
producing countries of the world, made exceptional progress, having risen
to second in the manufacture of automobiles,to third in paper and aluminum
and to fifth in rubber. In addition, without nearly approaching the limit
of development of her water power resources, she had in 1928 a hydroelectric plant, the second largest in the world, capable of producing 15%
of the world's total of hydro-electric energy. Also Canada's deposits
of nickel and asbestos continue to be the world's'largest source of supply
of these useful minerals. In production of other metals Canada has become
third in gold and silver, fourth in copper and lead and sixth in zinc."
Mr. Logan points out in his analysis that only information
from the most reliable sources was employed, information
from minor countries having been discarded on account of
inadequate statistical data. The result of the survey showing
the world increase of production in agriculture and manufactures from 1925 to 1928 and the proportionate increase
of Canada during that period is as follows:
Canadian
World
World
Canadian
Increase 1928 Increase 1928 Increase 1929 Increase 1929
Over 1928.
Over 1928.
Over 1925.
Over 1925.
Agriculture:
Wheat
Live stock (1927):
Cattle
Swine
Sheep
Coarse grains:
Rye
Oats
Barley
Mining:
Coal
18%
35%
5
4
ESTIMATED COST OF NEW RESIDENTIAL BUILDINGS, NEW NONRESIDENTIAL BUILDINGS, AND TOTAL BUILDING OPERATIONS
IN 285 CITIES OF THE UNITED STATES HAVING A POPULATION
OF 25,000 OR OVER BY GEOGRAPHICAL DIVISIONS.
New Residential Buildings.
Geographic Division,
Total
Per cent of change
Geographic Dirision.
5
21
334 (Dec.)
5
33
6
24
18
11
25
334
88
81
32
70
12
7
6
3
No material
change
__
—
5
27
14
20
7
15
9
15
103
9
8
6 (Dec.)
81
83
66
18
31
125
217
Estimated
Cost.
Families Provided for in
New Dwelling Houses.
Mar. 1930. April 1930. Mar. 1930. April 1930.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
._
$4,247,725 $4,967,425
15,084,395 19,668,372
15,068,379 12,781,887
2,945,970 4,317,314
4,871,505 4,740,335
5,113,623 4,774,946
8,697,695 9,366,621
647
3,355
2,071
593
831
1,424
2,748
691
3,633
2,615
898
881
1,348
2,610
$56,029,292 $60,616,900
+8.2
11,669
12,676
+8.6
No material
change
81
19
3 (Dec.)
11
I
ii
__
__
11
26
--
56
--
17
3
43
26
Total Construction
(Including Alterations
and Repairs).
Estimated Cost.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
Total
Per cent of change
65,259,369
33,747,278
13.697,404
3,362,759
8,726,568
6,782,228
9,198,343
$5,102,387 $12,949,761 $12,153,511
41,547,039 57,422,019 71,846,881
16,160,671 33,030.573 34,235,500
4,913,608 7.469,338 10,772,349
10,073,062 16,610,174 16,731,640
7,822,599 13,347,146 14,563,964
7,179,096 21,081,573 19,587,766
880.773,949 $92,798,462 161,910,584 179,891,611
+14.9
+11.1
__
__
-13M
__
__
21
New Non-Residential
Buildings,
Estimated
Cost.
Mar. 1930. April 1930. Mar. 1930. April 1930,
34 (Dec.)
1
Silver
Asbestos
Pig iron
Steel
Automobile
Wood pulp (1927)
Paper (1927)
Aluminum (1927)
Artificial silk
Cotton consumption (cotton years end. July 31)_
Rubber (purchase of crude
rubber by 31 countries)
Water power developed
(1924-1927)
Foreign trade (value)
Permits were issued in many cities for large public and semi-public
buildings. In Cambridge, Massachusetts, a permit was issued for a dormitory for Harvard University to cost over $700,000,and in Springfield, Macs.,
for a public school to cost nearly 5600.000. In Schenectady, N. Y., permits
were issued for two public buildings to cost over $2,000,000. In Jersey
City a permit was issued for a building under the heading of public works or
utilities to cost $2,200,000. In the Borough of Manhattan permits were
issued for 4 factory buildings to cost over $4.000,000: 10 office buildings to
cost over $4,000,000, and a public building to cost $5,350,000. In Chicago
a public utilities building was to cost over $900.000. In St. Louis permits
were issued for a new school building to cost nearly $1.500,000, and in
Hutchison, Kan., a permit was taken out for a power plant to cost $550,000.
Contracts were let for Government buildings in the city of Washington to
cost over $3,000.000, and a permit was issued in Baltimore for a Scottish
Rite Temple to cost $1,250.000. In Memphis, Tenn., an addition and
alteration was to be made to a post office building to cost over $1.000,000.
Permits were issued for a new office building to cost over $1,000.000 in
Los Angeles, and one such building in Phoenix, Ariz., to cost $150,000.
Detailed figures showing the expenditures for each city separately will be
published in the "Monthly Labor Review" for June.
13% (Dec.) 47% (Dec.)
1
Petroleum
Copper
Lead
Zinc
Gold
3789
FINANCIAL CHRONICLE
—
.._
Mr. Logan says:
"There is to be noted a marked difference in the rate of increase in
production in wheat and the three coarse grains. While barley growing in
1928 was on a much larger scale than in 1925, the production of rye decreased owing to a shift to wheat bread, and that of oats increased slightly
owing to the spread of power farming. A comparison of the rate of increase
in coal production with that in petroleum and in the development of water
power reflects the trend in the use of power sources; the expansion in industrial metals bears out the oft-repeated statement that the world is in a
metal age; the rapid growth in paper production illustrates the advance
in the dissemination of news and knowledge with a consequent effect on
civilization. It is apparent also that cotton consumption has been lagging
far behind that of silk."
Tendencies Toward Improved Business Seen by Northwest Bancorporation of Minneapolis.
Business in the northwest and middlewest states shows
improving tendency, notwithstanding the presence of some
adverse factors, according to the Northwest Bancorporation
May Review, Just issued. Less favorable developments
noted are a slow movement of grain out of the larger centers
and a decline in copper prices with effect on general business
in northern Michigan and Montana. Favorable features are
an improvement in the general employment situation, a crop
outlook throughout Minnesota, the Dakotas, Iowa and
Nebraska that is very promising, and one of the most favorable seasons of record in Montana and the more western
states for lambing and the wool crop.
The summary notes that in the northwest and middlewest
states, for eighteen weeks from January 1st to May 7th, the
volume of cheeks handled by banks in thirty-three of the
moire important centers was $6,179,083,000, compared with
$6,215,223,000 in the corresponding period in 1929. This was
a decrease of less than six-tenths of 1%. In contrast to this,
it is stated 140 of the largest cities of the United States
during the same period, exclusive of New York, showed a
decline of 9%.
Building Operations in Principal Cities of the United
States in April
-11% Increase as Compared With
March.
According to reports received by the Bureau of Labor
Statistics of the U.S. Department of Labor from 285 identical
cities having a population of 25,090 or over, there was an
increase of 11.1% in total building operations in April, as Decline in Manufacturing Activity and Employment
compared with March. The Bureau's advices May 24, add:
During April Reported by Indiana University.
Ki The estimated cost of all building operations in these 285 cities in April
was $179,891,611, compared with $161,910,584 in March. There was an
increase in indicated expenditures for residential building of 8.2% and for
non-residential building of 14.9%.
brAccordin,g to permits issued during April 12,676 families were provided
with dwelling places in new buildings. The permits issued during the month
of March indicated that 11,669 famWes would be provided with dwelling
places in new buildings in theso 285 cities. This is an increase Of 8.6%
over March.
Increases in total building operations were shown in every district except
the New England States and the Mountain and Pacific States. There was
an increase of expenditures for residential building in the New England
States, Middle Atlantic States, West North Central States, and Mountain
and Pacific States.
Decreases in expenditures for residential building were shown in the East
North Central States, the South Atlantic States, and the South Central
States.
Increases for non-residential buildings were shown for every district
oxcept the New England States and the Mountain and Pacific States, and
increases in families provided for were shown in all districts,
except the
South Central and the Mountain and Pacific States.
Manufacturing activity and employment in Indiana declined slightly during April and continued lower than a year
ago, reports Edwin J. Kunst, manager of the Indianapolis
division of the Indiana University Bureau of Business Research, in the current issue of the "Indiana Business Review." The "Review," which is prepared by the I. U.
Bureau, is published each month by the Fletcher American
National Bank of Indianapolis. Mr. Kunst says:
Exceptions in the decline of manufacturing activity were found in flour
milling, meat-packing, oil refining and farm implement manufactures,
while the iron and steel industry in Indiana continued to maintain a
relatively favorable rate of operations. Automobile output and electric
power consumption were comparatively low. Coal and petroleum output was
nearly equal to that of a year ago, and quarry operations were reported
normal. Shipments of building Stone were considerably larger than a
month ago and year ago. Building activity continued slow but made some
improvement in comparison with last year."
[VOL. 130.
FINANCIAL CHRONICLE
3790
"The Review" points out that retail trade, stimulated by
good weather and Easter buying, showed gains over a year
ago, and marketings of grain and livestock made gains over
the previous month. Sales of chain drugs, wholesale groceries, life insurance and postage also were larger than a
year ago. Sales of new and used automobiles were sharply
reduced, the volume of newspaper advertising increased
slightly, and freight car loadings were about equal to those
of the previous month. "Agricultural conditions were
fairly good," according to Mr. Kunst. "The indicated yield
of winter wheat is smaller than a year ago, but plowing and
seeding are progressing earlier than usual in most parts of
the state."
This increase, as well as a gain over March, was due principally to the
fact that the Easter season was about three weeks later this year than
last. Comparison of retail sales in the first four months of this year with
the corresponding period last year, however, showed a decline of about
4%. Only the sales of women's apparel stores in Philadelphia exceeded
the dollar volume in the first four months last year. Sales in various cities
areas were also smaller with the exception of the Johnstown area, which
showed a gain of 1.4% over those in the first four months last year.
Stocks held by retail stores on April 30 were about 1% smaller than
at the end of March and about 5% smaller than at the end of April 1929.
With the exception of women's apparel stores outside of Philadelphia, all
reporting groups of stores had smaller inventories at the end of April
than a year ago. Smaller inventories than a year ago also were noted in
the various city areas of this district.
1611
The rate of turnover was higher in April this year than last, all reporting
lines having a quicker movement of goods. The rate of turnover in the
first four months this year was also slightly higher than in the same period
last year.
The statistics follow:
Little Change in April Business Conditions in San
Francisco Federal Reserve District as Compared
With Previous Month.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent,of the Federal Reserve Bank of San Francisco,
states that "records of business activity in the Twelfth
(San Francisco) Federal Reserve District showed little
fundamental change during April."
"Industrial production," he says "in the aggregate was
practically unchanged from March, some industries failing
to show the expension customary in April and others improving more than seasonally." Mr. Newton adds:
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL RESERVE
DISTRICT FOR THE MONTH OF APRIL 1930.
Net Sales.
March
1930.
April
1930.
Jan. 1 to
April 30
Compared
with Same
Previous Same Mo. Period
Month. Last Year. Last Yew'.
81.3
116.2**
51.8
81.4
95.2**
83.4
62.6
98.8
81.3
117.4*
48.6*
86.4
95.3
81.9
54.8
89.2
-0.0%
-4.2
-6.2
+6.2
+0.1
-1.7
-12.4
-9.7
Index Numbers
(P. Cl. of 1923-1925
Monthly Average).
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
During Month
Compared with
+9.4% -5.6%
-0.1
--15.8
--12.4
--7.1
--14.9
--1.8
-1.7
--12.1
--7.1
--22.8
--24.9
--13.4
--5.8
Trade indicators offered a rather mixed picture during April but, on the
whole,showed some improvement from the low levels of other recent months.
Collections
Accounts Outstanding
Stocks at End
Markets for most farm products were dull and prices were at low levels.
Elm of Month.
During Mona.
of Month.
Beneficial rains were favorable for growing conditions, however, and from a
Compered Compared Compared Compared Compared Compared
production standpoint the agricultural outlook improved. Wholesale
withSame
with
with Same
with
with Same
With
commodity prices averaged slightly lower than in March. There were no
Month
Previous
Month
Previous
Month
Prune=
important changes in the credit situation.
Month. Last Yea?. Month. Last Year.Month. Last year.
Climatic conditions point toward satisfactory yields of most crops in
+2.5% -7.7% +42.4% -2.5%
-1930, although light rainfall in recent years has resulted in a noticeable Boots and shoes----+2.3
-3.2
+2.8
-2.4
lack of sub-soil moisture in some of this District's important agricultural Drugs
-11.8
-3.6
-15.4
-3.4
-6.2
Dry goods
-3.1
areas. Condition reports indicate that deciduous fruit crops will be larger Electrical supplies
-14.4
+11.9
-10.0
-6.4
-18.1
-10.7
--3.5
--0.6
--2.1
--0.5
this year than in 1929 but smaller than in 1928. This year's moderate-sized Groceries
--11.0
---4.6
-5.7
+8.7
+3.6
+0.3
+0.4
+1.4
crop of citrus fruits is being marketed satisfactorily. Declining prices Hardware
-24.5
-8.4
-3.9
-2.6
-14.2
Jewelry
-3.3
for lambs and wool have had an adverse effect on the position of the sheep- Paper
-13.6
+3.4
-5.9,
-2.3
-0.9
-5.8
raising industry, while prices for cattle, although somewhat lower than a
year ago, have been maintained at relatively high levels and cattle markets
•• Revised. •Preliminary.
continue relatively stronger than other livestock markets.
Industrial output during April remained at the low level of March and
was well below the rate of activity in April 1928 or 1929. Lumber produc- RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
FOR THE MONTH OF APRIL 1930.
tion Increased seasonally and the putput of copper rose slightly from the
extremely low rate of production in March. Production of petroleum in
Net Sales.
Index Numbers
California declined by a small amount for the whole of April, but showed a
of Sates
tendency to increase toward the end of the month. The building and conJan. 1,
Per Cent of
April
struction industry was slightly less active than in March whereas it usually
April 30
1923-1925
1930
expands markedly during April.
Monthly Average). Compared Compared
with Same
with
Largely in response to this year's late Easter, retail trade showed an
April
Period a
April.
March
increase over April 1929. Sales of reporting stores during March and
1929, Year Ago.
1930.
1930.
April 1930 were 1% less than in March and April 1929. Wholesale trade
+9.4
102.7
86.1
improved somewhat as compared with recent months but was still well All reporting stores
+6.7
97.6
83.6
below the levels of last year. Most other lines of trade wends33 active than Department stores
-3S
+6.0
In Philadelphia
in the corresponding month of last year.
-6.7
+8.3
Outside Philadelphia
+25.8
Reversing the temporary upward movement of late March and early Apparel stores
156.9
116.7
175
+33.0
106.7
80.8
prices moved downward after the middle of
Men's apparel stores
April, wholesale commodity
+9.8
-4.5
In Philadelphia
April and for the month as a whole average slightly below the level of March.
+55.1
Outside Philadelphia
There were no basic changes in the credit situation between mid-April
176.4
+24.2
130.8
-0.3
Women's apparel stores
+23.1
+0.1
and mid-May. Borrowings of city member banks at the Federal Reserve
In Philadelphia
+32.9
-3.5
small in volume, declined further during
Outside Philadelphia
Bank of San Francisco, already
143.0
105.8
+28.1
the first half of May, although discounts for country member banks con- Shoe stores
89.7
71.2
+6.2
Credit stores
tinued about the same in volume as during recent months. Reports of Stores in:
102.2
87.1
-3.3
+8.6
small declines in average interest rates charged customers by banks in this
Philadehia
84.1
114.0
-8.5
+8.4
Allentown, Bethlehem and Ea8t011
District continued the down trend of interest rates acted since late in 1927.
104.9
+12.3
95.6
-5.2
Altoona
79.5
96.2
+15.5
-4.6
Harrisburg
85.6
65.1
+24.4
+1.4
Johnstown
120.0
117.1
-3.7
+11.3
Lancaster
78.8
118.4
+7.8
-6.9
Reading
72.8
+22.9
101.9
-8.5
Scranton
April Wholesale Trade in Philadelphia Federal Reserve
80.1
97.9
-5.9
+15.3
Trenton
78.0
95.0
+4.5
-6.0
District 2% Below March-Retail Trade Increased
Wilkes-Barre
94.9
101.4
-2.5
+23.4
Wilmington
Compared With
Over 9% in April This Year as
-8.2
+4.1
All other cities
-1
Last Year.
In making public the statistics of wholesale and retail
trade in its district during April, the Federal Reserve Bank
of Philadelphia says:
Stocks at End
of Month,
Compared with
Retail.
April
The dollar volume of retail sales in the district was 9.4% larger in
this year than last, according to figures received from 134 retail stores,
comprising department, apparel, shoe, and credit stores.
Jan. 1 to
Apra 30.
Accounts Colleen*
Receivable During
at End
Month
of Month Compared
with
Compared
year Apo. Year Ago
Month
Ago.
Wholesale.
The dollar volume of business at wholesale in the Philadelphia Federal
Reserve District was about 2% smaller in April than March, the sale of
electrical supplies and groceries alone showing increases, according to
figures compiled by the Department of Statistics and Research of the
Philadelphia Federal Reserve Bank on the basis of reports received from
104 wholesale and jobbing concerns.
In comparison with April 1929 the dollar volume of sales was nearly 7%
which
smaller, all reporting lines showed declines except boots and shoes,
from a
had a noticeable increase. The decline in the amount of sales
year ago may be attributed, at least in part, to lower prices.
April
Inventories held by reporting dealers were smaller at the end of
found
than on the same date last year. An exception to this, however, is
with
in hardware, which showed a slight increase in stocks as compared
paper, and
the previous month and a year before. Collections in shoes,
showed dehardware were larger in April than March, while other lines
supplies
clines. In comparison with a year ago, only drugs and electrical
had larger payments ofaccounts,other laws reporting smaller callection•-
stoas Turnover
All reporting stores.
Department stores_
In Philadelphia__
Outside Phila__
Apparel stores
Men's apparel st's
In Philadelphia
Outside Pinta
Women's apparel
Philadelphia
Outside Phila._
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem es Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington..
All other cities.-
Few
Ago.
-1.1
-0.7
-1.6
+1.0
--_
-__ _---1.1
-6.9
-75
-4.3
-2.0
-2.0
-5.4
-5.5
-5.7
-5 3
.
----------1.6
-3.0
-3-8
+1.0
-3.5
-8.9
-2.0
-5.6
1.39
1.36
----
----
-2.3
-0.6
+1.2
-IS
+1.3
-0.5
+0.1
+3.0
-0.3
+0.5
+3.2
-3.9
-8.8
-18.0
-9.3
-3.6
+4.6
-8.8
-8.2
-6.6
+0.9
+0-9
0.8()
0.95
0.99
1.04
0.92
0.94
1.01
1.05
0.90
0.91
0.83
0.84
0.93
0.88
0.95
0.94
1.01
1.01
1.04
0.91
0.90
0.89
+6.1
1
+17.
+3.8
+10.3
13
-1,,
+**"
-10.2
+0.6
cal
-4.6
5
-I-9.7
+17.8
+5.7
:
--:--9 1
-12.7
.
-5 3
-3.2
-4.4
-5-1
1930.
1929.
1.22
1.20
1.34
0.94
____
____
1.21
1.18
1.31
0.95
-Fa
.......
----
0
- :ii
1.99
2.14
1.30
0.86
0.75
-7.7
____
iiii
+iiii
-iii.o
2.03In
2.20
1.33
0.85
0.74
__+17.0
+3.1
+1.6
-10.2
-5 6
'
-1-- :5
0
.1
MAY 31 1930.1
FINANCIAL CHRONICLE
3791
Merchandising Conditions in Chicago Federal Reserve
-Gains in April in Wholesale and Retail
District
Lines.
Gains in wholesale and retail lines in the Chicago Federal
Reserve District during April are indicated in the following
covering merchandising conditions contained in the May 31
issue of the Monthly Business Conditions Report of the
Federal Reserve Bank of Chicago from which we quote the
following:
than new orders and the heavy cancellations, declined 20%. As compared
with last year, there were registered large recessions of 40, 30. and 58% in
orders booked, shipments, and unfilled orders, respectively, and a comparatively small decrease of 16% in cancellations, April 1929 having been
an unusually good month. The rate of operations sustained this April was
two points lower than the 63% of March, and compares with 74 maintained
a year FL$0.
Automobile Production and Distribution.
Schedules of automobile manufacturers were further increased in April,
output of 374,606 passenger cars in the United States representing a gain of
12% over the preceding month; production was 30% less than the all-time
monthly record oflast April, but totaled 3% more than for the corresponding
Increased sales for April over March were general in all reporting lines of month of 1928. April truck output of 67,459 increased 5% over March and
compared with 84,346 in the same month a year ago.
wholesale trade except drugs, where a decline of 1% was shown in the
Sales of new cars in the Middle West at wholesale and retail, as well as
comparison; gains averaged 3% in groceries, 2% in hardware, 5% in dry
goods, l73% in shoes, and 6% in electrical supplies. As in the two pre- those of used cars, continued to gain in April, although the expansion over
ceding months, groceries continued to be the only line to record an increase March was not so large as between February and March;the increase in the
in sales over the corresponding month of 1929, and was also the only group value of cars sold at retail was considerably greater than that in their
to show heavier sales for the year through April as compared with the first number, owing to heavy sales of a high-priced car. Wholesale distribution
four months of 1929, although the latter gain averaged less than 1%; in In April again showed a decided loss from a year ago, while the decline in
both of these comparisons, however, the majority of grocery firms had retail sales in the year-to-year comparison was noticeably smaller than in
smaller sales. Business in the wholesale hardware trade aggregated 15% March. Stocks of both new and used cars continued to decline and those
less in the four months of 1930 than for the same period a year ago,dry goods of the former averaged smaller than a year ago; the value of used cars on
sales were 22% less, those of drugs 7%,shoes 27%,and electrical supplies hand declined in the comparison, but the number remained somewhat
11 % smaller. Stocks in general trend downward. Prices in most lines heavier. Deferred payment sales constituted 52% of the total retail sales
of 30 dealers in April, which compares with 55%% in the preceding month
are lower.
Easter trade at Seventh District department stores effected an increase and is the same as in April 1929.
of 23% for April over March in the total volume of sales, and because of
MID
-WEST DISTRIBUTION OF AUTOMOBILES.
the later date of the holiday this year,for the first time in 1930 business was
Changes in April 1930 from previous months.)
in excess of the corresponding month of 1929. For the year through April,
however, sales aggregated 9% under the same period last year. In this
Per Cent.
Companies
last comparison, Detroit continued to show the heaviest decline of the
Change From.
Included.
larger cities and was the only one of them to experience a smaller volume of
March
March
April
April
April business than a year ago; sales in Milwaukee for the year to date
1929.
1930.
1930.
1929.
have been less than 1% below the first four months of 1929. Stocks changed
little in the average for the district between the end of March and April 30,
New Carsand were about the same as on the same date last year; the rate of turnover Wholesale
Number sold
+18.3 -49.7
29
29
Increased slightly as compared with April a year ago but for the year
Value
+20.9 -45.4
29
29
through April averaged smaller than for the cumulative period in 1929.
Retail
Number sold
+17.9 -19.3
61
WHOLESALE TRADE IN APRIL 1930.
59
Value
+35.4 -23.7
61
59
On hand April 30
Per Cent Change
Number
--20.3 -20.5
82
60
From Same Month Last Year.
Ratio of
Value
--21.5 --29.2
Go
62
Commodity.
Accts. OutUsed Cars
Net
ColAccts. Outstanding to Number sold
+8.1 --11.4
62
60
Stocks.
Sales.
standing. lections. Net Sales. Salable on hand
Number
62
+5.8
--5.1
60
Groceries
-14.1
-10.0
+2.8
--4.2
87.2
Value
62
--8.9
--1.3
Go
Hardware
-5.8
-20.9
-10.7
--13.8
218.2
5.9
-17.8
12.0
--16.3
Dry goods
323.6
+1.0
-5.7
Drugs
+0.6
--6.3
151.3
Shoes
-17.1
-4.3
-5.1
--20.1
266.1
Industrial Employment Conditions in Chicago Federal
Electrical supplies
-16.5
-6.6
--15.9
138.1
Reserve District-Textiles, Lumber and Paper
Total sales of 26 retail shoe dealers and the shoe sections of 29 departTrades Among Those Failing to Show Increase for
ment stores gained 36M in April over March and exceeded those of the
corresponding month last year by 21%, but the aggregate for the four
Two Months
-Expansion in Construction Work.
months of 1930 showed a decline of 53i% from the same period of 1929.
The Federal Reserve Bank of Chicago states that "the
Increases over the preceding month were common to all firms, and a large
majority reported heavier sales than for last April, while in the comparison number of men employed in reporting lines of industry in
for the cumulative period of each year, only two retail dealers and less than
the Seventh (Chicago) District continued to decline in the
half the department stores sold more shoes. Sales of furniture and house
furnishings by dealers and department stores increased 20% in the aggregate period from March 15 to April 15. An improvement over the
for April over that for March but were 19% under the total for the same preceding month shown in non-manufacturing groups, was
month a year ago; installment sales by dealers gained 41% in the monthoffset by declines in eight of the 10 manufacturing groups
to-month comparison and declined 28% from last April.
In line with other phases of retail distribution. April sales of 22 chains surveyed." The Bank, in its Monthly Business Conditions
operating 2,920 stores during the month, expanded over March. The Report, dated May 31, adds:
aggregate volume sold gained 6M % over the preceding month and was 11%
Six of these-textiles, lumber and wood products, metals, leather, paper
heavier than in April last year, while average sales per unit showed a similar
-have failed to show any increase for two
Increase in the month-to-month comparison but were 1;5% smaller than a and printing, and food products
months, while vehicles and chemical products declined in April after having
Year ago. The number of stores operated, totaled about the same as in
shown betterment a month previous. Manufacturing payrolls followed
March and gained 13% over last April. With the exception of drug chains,
increased sales over the preceding month were general; as compared with the practically the same trend as the number of men employed, recording a
corresponding month of 1029, grocery, drug, five-and-ten-cent, cigar, shoe, decrease for the total of 10 groups. Total earnings of all groups, however,
men's and women's clothing chains had larger sales, and those of musical rose slightly, owing to expansion in public utilities in Illinois and in coninstrument and furniture chains totaled less. All groups, xcept cigars and struction work in Illinois and Wisconsin. In the textiles group, the prowomen's clothing reported average sales per store as smaller than a year ago. duction of men's clothing registered a seasonal decline in employment.
Curtailment In Illinois furniture factories and In saw mills and box factories
in Wisconsin influenced the wood products group. In metals and metal
DEPARTMENT STORE TRADE IN APRIL 1930.
products, makers of finished products lost more than primary producers,
machinery and electrical apparatus continuing to decline. Miscellaneous
Per Cent Change
.Change
Ratio of April
P.0
leather goods decreased considerably, while boots and shoes maintained
April 1930
4 Months
Collections
to Accounts
1930from
from
about the level of the preceding month. The largest expansion in manuApril 1929.
4 Months
Outstanding
facturing employment and payrolls was recorded by the stone, clay, and
Locality.
1929.
March 31.
glass products group. In which gain all industries of the group shared.
Net
Net
Stocks End
In contrast to the continued recession in number employed during the
Sales.
Sales.
of Month.
1930.
1929.
four months of 1929, the ratio of applicants to positions available in cities
having free employment offices has shown improvement in Illinois each
Chicago
+4.9
+7.3
32.5
-8.0
34.8
Detroit
month since January, and in Indiana and Iowa since February. One factor,
-4.2
-16.5
-12.6
39.6
45.4
Indianapolis
+4.7
+10.5
39.0
if not the major one, in this apparent improvement in unemployment is the
41.3
Milwaukee
+5A
-0.6
+6.7
46.9
• 49.7
departure of large numbers of unemployed from the industrial centres to
Other cities
+5.1
-5.6
-7.5
34.9
37.7
regions having more diversified activity and to farms; and, in addition,
Seventh District
-8.9
the more recent engaging of casual labor for outdoor construction since the
+3.8
-0.1
37.1
40.6
advent of good weather. Changes in the ratios during April were:
April 1930. March 1930. April 1929.
Furniture Manufacturing Conditions in Chicago Illinois
209
190
134
119
136
93
Federal Reserve District
-Sales of Automobiles in Indiana
329
300
Iowa
241
Mid-West Increase in April Over March, But are
Below April of Year Ago.
In its survey of sales of automobiles in the mid-west, and California Title Insurance Company Reports Increased
Activity in Real Estate Market in Los Angeles
the bookings of furniture manufacturers the Monthly
County During April.
Business Conditions Report of the Federal Reserve Bank of
The May number of the "Building and Real Estate BulleChicago, May 31, says:
tin" published by the California Title Insurance Company
Furniture.
following to say regarding real estate conditions in
Furniture manufacturers in the Seventh (Chicago) District have ex- has the
perienced so far this season a slower decline than usual in orders booked Los Angeles County:
from the peak month. January, and a retarded movement in shipments.
Continuing this trend. April shipments fell off 17% from March against a
three-year average decline of 14%. although the decline of 11% in orders
booked was average for the month. Partly responsible for the falling
off
in shipments is the large volume of cancellations made this Spring. Those
for March were particularly heavy, and the April figures show only a
10% decrease therefrom. Unfilled orders, because of greater shipments
While the volume of real estate transfers for last month was somewhat
less than that for April 1929 the realty market is on an upward turn. This
is evidenced by the fact that Los Angeles County. as a whole, showed a
gain of over 5% in the volume of realty transfers for April compared with
the preceding month.
Making a comparison of April 1930 activity with that for the correspondmonth in 1929,thirteen of the cities in the county covered by this survey
3792
[Vol,. 130.
FINANCIAL CHRONICLE
showed an exceptionally active market; five were fairly active, while in 23
of the remaining cities the market was rather slow.
Despite the fact that the county, as a whole, showed a slight decrease
in last month's transfers compared with April, 1929 a number of cities
showed exceptional activity, especially Glendora with a gain of 157%;
Signal Hill with 117%; Redondo and Culver City with 40% each; Lynwood,
39%, and La Verne, 33%. All four of the metropolitan cities In the
county, namely, Los Angeles, Long Beach, Pasadena and Glendale,suffered
a slight loss In the volume of realty transfers for April, compared with
April 1929.
A comparison of April real estate transfers with those for the month
preceding disclose that 24 cities throughout the county showed an appreciable
gain last month. La Verne showed the greatest increase with 166%,
followed by Glendora with 157%; Azusa 84%; Vernon 75%;South Pasadena
68% and Lynwood with 64%. The four metropolitan cities also enjoyed
a gain in April activity in comparison with the preceding month. Los
Angeles gained 2%; Long Beach, 5%; Pasadena 7% and Glendale 21%.
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
211 mills report for week ended May 17 1930.
(All mills reporting production, orders and shipments for last week.)
173,155,227 feet (100%)
Production
Orders
176,604,746 feet (1.99% over Production)
166,999,102 feet (3.56% under prdouction
Shipments
DOMESTIC CARGO DISTRIBUTION WEEK END. MAY 10 1930 (108 mills).
Orders on
Hand Berifling Week Orders
May 10'30. Received.
Washington & Oregon
(91 Mills)—
California
Atlantic Coast
Miscellaneous
Cancel!talons.
Ship.
merits.
Unfilled
Orders
Week Ended
May 10 '30.
Feet.
Feet.
Feet.
Feet.
Feet.
72,321,702 23,301.797 1,887,956 16,606,141 77,129,402
376,099 22,595,889 95,104,183
95,942,479 22,133,697
185,750 6,456,095
2.520
5,732,412
911,953
Total Wash.& Oregon 173,996,593 46,347,447 2,266,575 39,387,780 178,689.685
Brit. Col.(17 Mills)—
California
Atlantic Coast
Miscellaneous
1,411,651
750,000
29,550
None
2,132,101
204,931 4,633.248 13,630,103
14,093,282 4,375,000
Southwest Conditions as Viewed by Los Angeles
None 1,409,000 5,758.515
92,188
7,075,327
Chamber of Commerce—Business Irregular—Slight
234,481 6,042,248 21,520,713
Total Brit. Columbia_ 22,580,260 5,217,188
Drop in Employment—Water Commerce Breaks all
Total domestic cargo_ 196,576,853 51.564,635 2,501,056 45.430.028200,210.408
Previous Records.
In reporting, in its "Southwest Business Review," the New York Cotton Exchange Service on World Consumpstatus of local business during April, the Los Angeles Chamtion of Cotton.
ber of Commerce says:
World consumption of American cotton during April
irregular and spotty, statistical records in a
Local business conditions are
number of lines show wholesome improvement while others indicate seasonal totals 1,065,000 bales, the New York Cotton Exchange Servdullness and marking of time.
ice announced May 27, against 1,063,000, revised, during
Building permits were just about equal to the March figure, but about
March, 1,288,000 in April last season, and 1,161,000 in April
Bank clearings were better than March by 2 %,
30% below April 1929.
but fell about 10% below April 1929. Stock exchange transactions were two seasons ago. World consumption of American cotton
greater in value than during preceding months of 1930, but some 6% less during the first nine months of this season, from August 1,
than in April 1929.
11,435,000 in
Postal receipts climbed 5% over the March figure, and 6% higher than to April 30, totaled 10,286,000 bales against
In April 1929. Retail sales show greater activity that should continue the corresponding portion of last season, and 11,966,000
steadily. Wholesale price trends continue downward, being 90.75 as two seasons ago. The maintenance of the world consumpagainst the 1929 average of 96.6.
Employment showed a slight drop during April, due mainly to seasonal tion total for April at around the March total was due
conditions in various industries, which, normally, should be improved wholly to a slight increase in the daily rate of consumption
within a short time. Among the important industries, construction showed in
this country during the later month; abroad, consumpconsiderable activity in the home building and reconstruction field; wearing
apparel and millinery both showed considerable increase in April, due to the tion declined slightly. The Exchange Service continued:
Easter season. Motion pictures are up to normal and are working at about
"Consumption continues to run well below last season both in the
80% of production capacity. Furniture, petroleum and mining were quiet.
Water commerce broke all previous records for value of exports, and
equaled April 1929 in imports. Total of water commerce exceeded last
April by nearly $12,000,000.
Building operations are indicated as follows by the
Chamber:
Building permits held to approximately the same position during the
past month that characterized the activity of March. The number of
permits issued showed a slight increase, while the value remained approximately the same. However, the April 1930 building permit value fell
about 30% behind the same month a year ago. For the four-month period.
1930 is 31% behind 1929 in the value of building permits. The bulk of the
building activity so far this year appears to be centered In home construction. Only a few of the large projects planned for this year have, as yet.
reached the permit or construction stage.
Comparative figures are as follows:
Value.
NO. Of Permits.
$9.843,782
2,940
April 1929
7,026,972
2.792
April 1930
37,534.185
10,895
Four months 1929
27,085,813
9,856
Four months 1930
United States and abroad. In this country, consumption of American
cotton totaled only 4,617,000 bales during this season to the end of
April against 5,077,000 in the corresponding portion of last season, a
decline of 460,000. Abroad, consumption during the first nine months
of this season was only 5,669,000 bales against 6,358,000 in the corresponding period last season, a decrease of 689,000.
"In all the major divisions of the world spinning industry, consumption of American cotton is running below last season. Great
Britain used only 1,140,000 bales of American cotton during the first
nine months of this season, against 1,440,000 in the corresponding portion of last season, the Continent only 3,304,000 against 3,576,000, the
Orient only 1,078,000 against 1,149,000 and the minor consuming countries only 147,000 against 193,000.
"It appears to be definitely established that world consumption of
American cotton this season will be even less than previously indicated.
On the basis of consumption to date and the best available indications
as to the prospective rate of mill activity in the next three months, it
now seems likely that the season total will be in the neighborhood of
13,400,000 to 13,700,000 bales. This prospect is the smallest total since
the season of 1924-25 when the world used 13,311,000 bales. Last
season, in 1928-29, the world consumed 15,169,000 bales; in 1927-28 it
consumed 15,500,000 bales, and in 1926-27 it consumed 15,753,000 bales.
"The prospective reduction of around 1,450,000 to 1,750,000 bales
from last season, and of around 1,800,000 to 2,100,000 bales from the
average consumption in the last three seasons is due in part to the
recession in general business and in part to the substitution of foreign
cottons."
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 211 mills show for the week ended May 17
1930 orders were 1.99% over production, while shipments Annual Report of New York Cotton Exchange—Federal
were 3.56% below output, which amounted to 173,155,227
Farm Board Seen as Important Element in Marketing
feet for that period. The Association's statement follows:
of Cotton Crop.
WEEKLY COMPARISON (IN FEET) FOR 211 IDENTICAL MILL5-1930.
• Activities of the New York Cotton Exchange for the
(All mills whose reports of production, orders and shipments are complete
fiscal year ended April 30 last were reviewed in the report
for the last four weeks.)
May 3.
April 26.
May
May 17.
of the Board of Managers, which was adopted at the
Week Ended—
'
173,155,227 176,160,998 177,212,367 176,885,070
Production
176,604,746 154,268,452 175,218,026 163,714,282 sixtieth annual meeting of the members, held on May 27.
Orders
60,888,272 59,374,806 63,529,087 59,838,258
Rail
President Gardiner H. Miller, cited
54,416,737 54,910,298 53,356,231 53,128,243 The report, signed by
Domestic cargo
41,444,611 27,579,868 38,890.448 37,960,059 among the important constructive developments of the year
Export
19,855,126 12,403,480 19.442,260 12,787,722
Local
166,999,102 154,988,653 179.096,937 159,506,332 the addition of Savannah, Ga., and Mobile, Ala., as deShipments
62,699,380 61,567,322 66,672,950 66,587,179
Rail
57,416,853 49,083,393 56.606,472 48,194,391 livery points on the New York contract, effective on conDomestic cargo
27,027,743 31,934,458 36,375,255 31,937,040 tracts maturing in October, 1930 and thereafter.
Export
The
19,855,126 12,403,480 19,442,260 12,787,722
Local
577,556.037 571,043,367 578,372,631 858.654,434 elimination of the 35
-point differential on cotton delivered
Unfilled orders
146,246,360 150,224,837 153,913,724 159,448.130
Rail
214,013468 216,366,342 214.413,907 220,877,731 at southern delivery points was another forward step taken
Domestic cargo
217,296,209 204,452,188 210.045,000 208,328,573 by
Export
the Exchange, and trading in the new contract under
184 IDENTICAL MILLS.
which cotton is delivered at any delivery point, including
complete for
(All mills whose reports of production, orders and shipments are
New York, at the price at which the contract is sold, was
1929 and 1930 to date.)
Average 20
Average 23
Weeks Ended inaugurated on February 27 last.
Weeks Ended
Week Ended
May 17 1930. May 17 1930. May 18 1929.
The report referred to the creation of the Federal Farm
167,647,616
152,056,525
159,387,030
Production (feet)
injected
175.759,661 Board as "a new and most important element .. .
140,963,496
166,904,513
Orders (feet)
169,417,894
143,181,607
155,290,885
Shipments (feet)
into the process for marketing the cotton crop."
WEEKLY
COMPARISON OF CURRENT AND PAST PRODUCTION AND
Reports were also submitted by T. Laurelle Guild,
OPERATING CAPACITY (303 IDENTICAL MILLS).
Treasurer of the Exchange; the Executive Committee of
(All mills reporting production for 1929 and 1930 to date.)
trustees of
196,566,080 feet which Philip B. Weld is chairman, and by the
Actual production week ended May 17 1930
184,796,262 feet
new members were
Average weekly production 20 weeks ended May 17 1930
206,545,640 feet the Gratuity Fund. During the year 30
Average weekly production during 1929
213,884,075 feet elected to the Exchange'and 53 memberships were transAverage weekly production hut three years
288,178,841 feet
Weekly operating capacity *
ferred. Annual dues for the ensuing year were fixed
capacity Is based on average hourly production for the 12 last at $300, the same as last year.
* Weekly operating
operating hours Per week.
the normal number of
months preceding mill check and
MAY 31 1930.]
.-
FINANCIAL CHRONICLE
3793
• • -.----
New Hampshire Textile Mills Increase Operating
Schedules.
Manchester, N. H. advices May 10 to the New York
"Times" stated:
The Newmarket Manufacturing Co., which has been operating its
Cotton mill four days a week, has resumed a 54
-hour week schedule. The
plant, which employs 2,000, has been crippled for two years by a strike.
Resumption of activity is due to improvement in the textile situation, the
company announced to-day.
The Nashua Mills, large blanket and fabric makers, are to increase
their schedule. The sheeting mills of the Exeter Manufacturing Company
have been able to step up production to capacity. Plant improvements
were made during the recent shutdown.
The Dorr Woolen Mills at Guild have inaugurated a night shift as a
result of a large order for automobile linings received from the Ford Motor
Company.
Several large shoe manufacturers are able to keep at capacity production.
In most cases the shops running full time are selling to chain stores. The
Melville Corporation, which markets the product of the J. F. McElwain
Shoe Co.of Manchester and Nashua,is to increase its storehouse at Worcester to a capacity of 17,000,000 pairs of shoes.
convention, unanimously passed a resolution recommending the adoption
of this policy to cotton mills in the State of Georgia "in order to insure
greater uniformity in running time and regularity in employment." Likewise, the American Cotton Manufacturers Association, representing mills in
all of the cotton textile producing states-in the South, unanimously adopted
a resolution at its annual meeting on May 7 approving this policy.
One of the most encouraging developments in connection with the 55-50
recommendation has been the widespread editorial comment with which it
has met in New England and Southern newspapers and in the trade press
generally. The general tenor of these editorials reflects a growing recognition and appreciation of the efforts being made at this time to promote the
welfare of the cotton textile industry,including its employees.
The fact that such a large proportion of the cotton mills in the United
States has endorsed the 55-50 recommendation is only one of several recent
evidences of constructive action within the industry stimulated to an
appreciable extend by the Conference held with you and other Government officials last January.
Farm Real Estate Values on March 1 Average Slightly
Lower Than Last Year.
Farm real estate values as of March 1 1930 show a decline
More British Mills Shut—Lancashire Depression Laid of about 1% below the preceding year, as a nation-wide
average, the Bureau of Agricultural Economics, U. S. Deto Riots in India and China's Low Silver Rate.
partment of Agriculture, announced on May 22. Maine,
Associated Press advices as follows from Manchester,
Connecticut, Wyoming, Colorado, New Mexico and Oregon
England, May 23, are taken from the New York "Times":
each showed a small increase in values for the year. DeDepression in the Lancashire Cotton trade is increasing and it is blamed
clines are reported for all other States, notably in the Midchiefly on disturbed conditions in India and the low rate of silver
exchange
dle Atlantic, East North Central, West North Central and
in China.
More than 40 weaving sheds are closed at Blackburn, where ten mills South Atlantic groups. The Bureau's advices add:
have
ceased operation.
Twelve mills have been stopped at Burnley, and there is much unemployment at Oldham.
It is estimated that one in three of the half
-million cotton operatives is
idle or on short time.
Alsatian Potash Mines Reduce Fertilizer Price.
From Paris May 26 a cablegram to the New York "Journal
of Commerce" said:
The Alsatian potash industry, allied with the Kalisyndikat of Germany
and in which the French Government is a large stockholder, has been
able
to reduce the price for its prepared fertilizer mixtures.
As a result of the repeal of taxes on sales, the Alsatian producers have
lowered the price on chemical fertilizer preparations containing chloride
of
potash by 2.40 francs, bringing the quotation to 69.60 francs per 100
kilogrammes at the mines.
Cut in Cellophane Prices by du Pont Cellophane Co.
The du Pont Cellophane Co. May 24, according to the
New York "Journal of Commerce" announced a series of
three further substantial reductions in the price of regular
cellophane, effective on May 26, Aug. 1 and Oct. 1. The
item quoted said:
"These reductions are made possible by the increased production facilities available on these dates at new plants now under process of
construction," the company stated. "They are based on anticipated adoption
of
cellophane on certain types of products on which its use was heretofore
impossible at existing higher prices. .
"This makes eleven price reductions on cellophane since its
domestic
manufacture was started by the du Pont organization six years ago. The
new figures reflecting these reductions are only 25% of the original
price."
On moisture-proofcellophane,announcement was also made that
increased
production would be available in the near future and that prices would
be
reduced as rapidly as conditions of manufacture permitted."
73% of Cotton Mills Subscribe to Recommendation of
55-50 in Running Time, According to CottonTextile Institute, Inc.
Announcement that 73% of the cotton mills in the United
States have subscribed to the soundness of the 55-50 recommendation,looking to greater uniformity in running time
and greater regularity of employment, is made in a report
sent on May 27 to Secretary of Commerce Lamont in
Washington by Walker D. Hines, Chairman of the Board,
and George A. Sloan, President, of the Cotton-Textile
Institute. The fact that such a large proportion of the
cotton mills in the United States have endorsed the 55-50
recommendation is only one of the several recent evidences
of constructive action within the cotton textile industry, the
report points out. This has been stimulated to an appreciable extent by the conference held by officials of the
Institute and a group of mill executives with Secretary
Lamont and other government officials last January. The
report follows:
On March 25 we advised you of the response being made by cotton
mills
to the "55-50" recommendation,i.e. 55 hours for the day shift and 50 hours
for the night shift with no overtime beyond these hours. At that time
mills
North and South with 18,494,396 spindles had approved the recommendation.
To-day, 23,623,382 spindles are represented in the total number of mills
that have endorsed this plan. This we regard as highly gratifying inasmuch
as it represents 73% of the spindles in place in going mills In the United
States engaged exclusively in the manufacture of cotton goods.
As evidence of the increasing appreciation of the soundness of this recommendation, the Cotton Manufacturers Association of Georgia, at its recent
The Bureau's index of real estate values is based upon the average of
the pre-war years, 1912-14. It shows that values reached 170% of the
pre-war average in 1920, but that by the year 1925 values were only 27%
above pre-war, and that since then the downward trend has continued,
but values have not declined so rapidly.
The index for March 1 1930 is placed at 115% of the pre-war average,
compared with 116% of pre-war in 1929, 117% in 1928, 119% in 1927
and 124% in 1926. The estimates for 1930 are based upon preliminary
summaries of reports made by the Bureau's correspondents in an annual
survey of conditions in the farm lands market.
FARM REAL ESTATE*: ESTIMATED VALUE PER ACRE, IN TERMS OF
PRE-WAR AVERAGE VALUE, BY STATES, MARCH 1 1930, WITH
COMPARISONS (State average value in 1912-14= 100%).
Geographic Division and Stale.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England
New York
New Jersey
Pennsylvania
Middle Atlantic
Ohio
Indiana
Illinois
Michigan
Wisconsin
East North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
West North Central
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
South Atlantic
Kentucky
Tennessee
Alabama
Mississippi
East South Central
Arkansas
Louisiana
Oklahoma
Texas
West South Central
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
1920 1925 1926 1927 1928 1929 1930
P. Ct. P. Ct.P. Ct. P. Ct.P. Cl. P. Ct.P. Ct.
142 124 126 124 124 122 124
129 111 113 112 112 111 111
150 125 126 125 123 123 123
140 132 134 131 131 131 131
130 128 130 133 134 134 134
137 137 137 138 139 139 140
140
127
128
127
127
126
127
133
130
140
111
124
114
109
129
114
108
128
112
106
127
111
105
127
110
103
125
107
136
114
113
111
110
109
106
159
161
160
154
171
110
102
115
133
130
105
95
109
129
125
99
87
99
127
122
96
84
96
125
120
94
83
95
124
119
90
80
91
121
117
161
116
111
104
101
100
96
213
213
167
145
181
179
151
159
136
112
109
115
123
115
155
130
104
105
107
123
113
145
121
99
100
97
119
113
140
117
96
99
96
117
113
138
116
95
98
95
116
113
133
113
92
95
93
113
113
113
184
126
121
115
112
109
139
166
189
154
223
230
217
178
112
131
154
120
187
138
116
172
114
130
148
116
185
128
112
223
111 111 111
126 124 123
138 137 136
110 109 108
178 al72 (1165
113 110 110
104 102 101
183 176 174
111
123
134
105
158
104
100
172
198
148
149
137
134 a132
128
200
200
177
218
140
137
154
136
139
134
154
134
134
130
145
126
130
127
145
123
127
123
143
122
129
125
143
122
199
141
139
133
130
129
128
222
198
166
174
160
141
131
146
153
143
130
146
150
135
128
141
147
132
127
139
145
132
127
138
141
132
127
138
177
144
144
139
137
136
136
126
172
176
141
144
165
167
135
75
123
100
92
108
121
130
102
72
119
95
89
106
125
129
99
70
117
94
82
108
123
128
99
71
116
95
82
108
122
127
99
72
72
116 116
96
98
82
83
109 110
123 123
127 126
99 99
Mountain
151
105
103
101
101
101
102
Washington
Oregon
California
140
130
167
113
110
164
112
107
163
111
106
162
110
106
161
110
106
160
110
107
160
Pacific
156
146
144
143
142
142
142
United States
170
127
124
119
117
116
115
•All farm lands with improvements.
a Revis on.
Figures for 1930 preliminary, subject to correction.
3794
Petroleum and its Products-Bradford-Alleghany Cur-New Field Looms
tailment Plan Runs to July 1
-National Production Drops-Restorin Texas
ation of Santa Fe Springs Crude Prices Seen.
Producers representing more than 75% of the production
in the Bradford-Allegheny Oil Field have agreed to curtail
their June production to 80% of their average production
in April, it is learned. It is believed that by June 1 practically every operator in the section will have fallen in line
with this program. Output in the Bradford district reached
32,000 barrels daily in April, and 10,000 barrels in the
Allegheny district.
The present curtailment agreement expires July 1, but it
is expected by A. E. Booth, President of the Northwestern
Pennsylvania Oil Producers' Association, and Lewis H.
Thornton, President of the New York State Oil Producers
Association, that it will be renewed from month to month if
further curtailment is considered necessary.
At a meeting in Bradford, Fayette B. Dow, General
Counsel of the National Petroleum Association, laid before
those present a summary of statistics to show the position
of the Pennsylvania refiners. These statistics were taken
from the reports of the U. S. Bureau of Mines and the
American Petroleum Institute. Mr. Dow emphasized the
fact that the economic situation warranted as drastic a
out in production as could be made.
A fourth oil field in the Luling zone of southwest Texas
came into production several days ago and forecast important future developments in a general area where prorating has already been found necessary. The discovery
well of the new field is No. 1 Seligman of the Tidal Oil Co.,
drilled six miles due south of Seguin, Guadalupe County.
The first reports from the field indicated that the well is
good for 2,000 barrels, initial open flow production, but
only a short period gauge had been taken on its yield capabilities.
Production of crude oil in the United States for last week,
ending May 24, fell 28,400 barrels daily, the total daily
output being 2,579,500 barrels. Crude imports fell off also,
being at the rate of 164,430 barrels daily, a drop of 95,430
barrels daily. The total new crude supply was therefore
123,830 barrels less daily than the previous week.
It is generally believed that the next few days will see
the restoration of crude oil prices at Santa Fe Springs to the
levels holding prior to the drastic cut made by Standard Oil
Co. of California, and reported in our last issue. The price
out was brought on by the refusal of several producing factors
at that feild to conform with the generally accepted curtailment plan.
The actual price reduction, however, has served to bring
these factors to the side of those who were willing to abide
by curtailment schedules, and a revised price schedule
is expected daily.
Pending this change, there were no other crude oil price
changes made during this week.
Prices of Typical Crudes per Barrel at Wells
(All treelike where A.P.I. degrees are not shown )
112.30 Smackover. Ark.. 24 and over
Bradford. Pa
1.75 Smackover. Ark. below 2
Corning. Ohio
1.88 Eldorado, Ark.. 84
00011. W. Va
1.45 Urania. La
Ullaole
1.68 Salt Creek, Wyo.. 37
Western Kentucky
1.33 Sunburst, Mont
Mideentinent, Okla., 37
.80 Artoeia. N. M
Corsicana, Texas. heavy
.87 Santa Fe Springs. Calif.. 88
Hutchinson. Texas. 35
1.00 Midway-Sunset. Calif., 22
Luling. Texas
1.20 Huntington. Calif.. 26
Spindletop. Texas, grads A
1.05 Ventura, Calif.. 30
Spindletop. Texas. below 25
.65 Petrone. Canada
Winkler. Texas
ous this week and an unusually heavy gallonage sale was
expected over the three-day weekend,starting with Memorial
Day.
Heavy bookings for June shipment have been reported
here, indicating that jobbers anticipate no drop in the heavy
consumption records reported from all parts of this territory.
Marine fuel oils have been very steady, with the price of
$1.15 per barrel for Grade C bunker and $2 a barrel for
Diesel generally quoted. No sales below these prices have
been noted recently.
Kerosene continues weak and is now being reported offered at 7e. per gallon for 41-43 water white, although posted
4
prices still continue from 73ic. to 73 c. per gallon. The
export demand for kerosene reflects local conditions insofar
as actual buying is concerned.
Price changes of the week follow:
May N.
-Standard Oil Co. of Ohio advances kerosene lc. per gallon
tank wagon throughout territory, making Statewide price 14c. per gallon.
May 29.
-Atlantic Refining Co. advances tank wagon gasoline lc. per
gallon throughout Pennsylvania and Delaware, making new t. w. price
16c. per gallon and service station 18c. per gallon.
Gasoline, U. S. Motor. Tank Car Lots, F.O.B. Refinery.
Loa Angeles, export_ .0734
.09
Beacon 011
N.Y.(Bayo'n)$.090.10
.0934 Gulf Coast.export_ .0834
Carson Pet
Stand Oil. N J--- .09
.09
North Louisiana.- .073(
Crew Levick
Stand 011, N Y___ .10
.0634 North Texas
.0634
West Texas
Tide Water Oil Co .09
.08
0934 Oklahoma
Chicago
Richfield 011 Co__ .10
.093(
.0734 Pennsylvania
New Orleans
Warner-QulanCo .10
.0634
Pan-Am Pet Co... .0934 Arkansas
.0834
California
Shell Eastern Pet. .10
Gasoline. Service Station. Tax included.
Minneapolis
I 182
3.19
New York
3.183 Cincinnati
.16
New Orleans
.195
Denver
Atlanta
.21
.188 Philadelphia
Detroit
.22
Baltimore
251
.18 San Francisco
.20 Houston
Boston
195
24 Spokane
Jacksonville
.15
Buffalo
16
179 St. Louis
Kli113,11 City
Chicago
.15
Kerosene, 41-43 Water White, Tankcar Lots. F.O.B Refinery.
5.074
5.054 New Orleans
NY.(Bayonne)--.070.0734 Ch5gag°
064
North Texas
.0534 Los Angeles. export .0554 TubaV1141 011, 18-72 Degree, F.O.B. Refinery or Terminal.
1.73
Gulf Coast
$ 85
New York(Bayonne)$1.15 Lon Angeles
53
95 Chicago
2.00 New Orleans
Diesel
Gas Oil, 31-34 Degree, F.0. B. Refinery or Terminal.
2.03
8.0317%110a
N. Y.(BaYonne).-5.05 M I Chicago
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute companies
aggregating 3,521,900 barrels, or 95.7% of the 3,678,900
barrel estimated daily potential refining capacity of the plants
operating in the United States during the week ended May 24
1930 report that the crude runs to stills for the week show
that these companies operated to 73.5% of their total
capacity. Figures published last week show that companies
aggregating 3,519,400 barrels, or 95.7% of the 3,678,900
barrel estimated daily potential refining capacity of all
plants operating in the United States during that week,
but which operated to only 75.2% of their total capacity,
contributed to that report. The report for the week ended
May 24 1930 follows:
CRUDE RUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED MAY 24 1930.
(Figures In Barrels of 42 Gallons.)
5.90
.76
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
The feature of the gasoline market during this week was
the advance in tank wagon gasoline prices announced Thursday, May 29, by the Atlantic Refining Co. throughout
Pennsylvania and Delaware. The advance was le. per
gallon, making the new price 16o. tank wagon and 18c.
service station. This action brought forth rumors that
the New Jersey territory is due for a price advance very
shortly. As the situation now stands, New Jersey prices
are below those obtaining in New York, Pennsylvania and
Delaware.
The bulk gasoline market continues to hold very firm.
There is no price shading reported anywhere in the market,
and refiners express themselves as well satisfied with the
volume of business being booked.
Tank car prices at refineries still range from 9c. to 10c.
per gallon Inquiries from jobbers have been more numer-
Gas
and
Fuel
Oil
Stake.
Crude
Runs
to
Stills.
Percent
Oyer.
of Total
CdPaa'S
Report.
100.0
East Coast
91.0
ePPalachlan
Indiana, Illinois, Kent'ky. 99.5
DItla., Kansas. Misaouri__ 89.8
90.8
Texas
96.8
Loulalana-Arkansas
93.6
Rocky Mountain
99.3
Z"alifornia
3,299,000
684,000
2.288.000
2,221,000
4,148,000
1,213,000
414,000
3,845,000
77.8
83.8
86.9
76.4
82.8
66.1
42.4
61.6
9.033,000
1,828,000
8,391,000
4,753,000
7,270.000
2,577,000
2,812,000
15,818,000
95.7
18,112.000
2,587,400
18,520,000
2,645,700
73.5
52,482.000
137,563,000
75.2
53,320.000
187,004,000
District.
-ATLANTIC REFINING ADVANCES TANK
REFINED PRODUCTS
-BULK
WAGON AND SERVICE STATION GASOLINE PRICES
-MARINE FUEL OILS CONGASOLINE MARKET STRONG
-KEROSENE WEAK.
TINUE STEADY
[VOL. 130.
FINANCIAL CHRONICLE
Total week May 24____
Daily average _____ . ---Totslweek May 17____
Dail 'average
Per Can
Potential
Caper's
Reporttno.
95.7
Gasoline
Stocks.
7,348,000
776,000
3,671,000
4,222,000
10,547,000
1,885.000
1,128,000
107,986,000
83.6
7,755,000
3,080,000
100.0
6.105,000
1.000.000
2.182.000
84.3
870.000
100.0
crude runs to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California stocks of heavy crude and all grades of fuel oil
are Included under the heading "Gas and Fuel Oil Stocks." Crude oil rune to
stills Include both foreign and domestic crude.
Texa i Ou(10east
r
,ouislane Go itCoast__
Crude Oil Output in United States Again Declines.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States,
for the week ended May 24 1930, was 2,579,500 barrels, as
compared with 2,607,900 barrels for the preceding week, a
decrease of 28,400 barrels. Compared with the output for
the week ended May 25 1929, of 2,690,350 barrels per day,
the current figure represents a decrease of 110,8.50 barrels
daily. The daily average production east of California
for the week ended May 24 1930 was 1,960,800 barrels, as
compared with 1,975,800 barrels for the preceding week,
a decrease of 15,000 barrels. The following are estimates of
daily average gross production, by districts:
MAY 31 1930.1
FINANCIAL CHRONICLE
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weets Ended
May 24'30. May 17'30. May 10'30. May 25 '29.
Oklahoma
660,150
660,500
653.350
691,150
Kansas
133.150
131,400
127.150
116,850
Panhandle Texas
106,600
103,500
102,850
63,800
North Texas
81,650
80,900
80,100
83,900
West Central Texas
58,000
59,350
59,950
52,800
West Texas
305,950
310,550
317,350
370.200
East Central Texas
36,400
40,050
39,150
19,800
Southwest Texas
69,650
65.400
63,850
79,900
North Louisiana
40,000
41,000
41,150
35.400
Arkansas
44,900
57,600
57,850
71,550
Coastal Texas
180,350
182,600
183,050
127,800
Coastal Louisiana
21,050
21,900
22,100
19,700
Eastern (not incl. Michigan)._
125,200
126,000
127,000
107.500
Michigan
10,900
10,950
11,200
7,500
Wyoming
51,600
52,950
48,000
52,000
Montana
9,350
9,200
9,300
11,450
Colorado
4.500
4,300
4.600
7,600
New Mexico
21,050
17,900
12,450
2,450
California
618.700
632,100
634,800
769,000
Total
2,579,500 2.607,900 2,595,150 2,690.350
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended May 24, was 1,536,800 barrels, as compared with
1,549,900 barrels for the preceding week, a decrease of 13,100 barrels.
The Mid Continent production, excluding Smackover (Arkansas) heavy
heavy oil, was 1,507,650 barrels as compared with 1,509,650 barrels, a
decrease of 2,000 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 EndedEast Central Texas
OklahomaMay 24. May 17. Van Zandt County
21,600 24,700
Bowlegs
,
,
-Week Ended
Bristow-Slick
Southwest Texas15,
900 16,000
May 24. May 17.
Burbank
16,450 16,350 Darst Cre3k
27,000 22,000
Carr City
7,650 11.100 Luling
9,250
•
Millsboro
37,550 44,950 Salt Flat
21,500 21,900
East Earleboro
North Louisiana31,050 34,550
Konawa
19,350 15,800 Sarepta-Carterville
3,250 3,300
Little River
37,800 28,900 Zwolle
3.250 3,800
East Little River
Arkansas
18,500 15,600
Maud
4,850 6,450 Smackover,light
4,400 5.300
Mission
9,350 15,950 Smackover. heavy
29.150 40,250
Oklahoma City
Coastal Texas
114,950 114,800
St. Louis
35,250 45,000 Barbers Hill
20,000 18,050
Searight
11,650 12,300 Raccoon Bend
12,000 12,050
Seminole
22,150 16,500 Refugio County
37,400 39.600
East Seminole
3,300 2,950 Sugarland
12,100 12,200
Coastal Louisiana
Kansas1,900 2,100
Sedgwick County
18.950 19,900 East Hackberry
1,300 1,400
Voshell
23,100 22,150 Old Hackberry
Wyoming
Panhandle Texas
29,450 30,950
Gray County
72,800 70,850 Salt Creek Montana
Hutchinson County.... 23,300 22,900 Kevin-Sunburst
5,600 5,600
North Texas
New Mexico
Archer County
19,300 19.000 Balance of Lea and Eddy
Wilbarger County
24,450 24,200
Counties
17,800 15,250
West Central Texas
California
Young County
17,500 19,200 Elwood-Goleta
47,000 44,900
West Texas
Huntington Beach
28.600 28,300
Crane dr Upton Counties. 42,600 43,200 Inglewood
17,200 17,200
Ector County
13,900 13,400 Kettleman Hills
15,300 15,700
Howard County
35,650 36,100 Long Beach
97,000 99,500
Reagan County
16,300 16,400 Midway-Sunset
65,500 67,000
Winkler County
70,900 75,200 Santa Fe Springs
117,000 129,000
Yates
113,300 113,800 Seal Beach
22,700 23,900
Balance Pecos County
4,000 4,000 Ventura Avenue
49,000 51,200
Anaconda Wage Cut.
From the "Wall Street Journal" of May 24 we take the
following Butte advices:
Anaconda Copper Mining Co. declares: Due to decline in selling price
of copper, wages of all employees on the daily payroll will be cut 50 cents a
shift beginning June 1 and miners' contract prices adjusted accordingly.
This cut is effective at smelters and refineries at Anaconda and Great Falls
and mines in Butte.
This cut has been anticipated for a month and did not come as a surprise
to employees.
Copper Mines Cut Wages
-Reduction Affecting 5,000
in Arizona Laid to Low Prices.
Associated Press advices from Globe, Ariz., May 27, published in the New York "Times," state:
Copper mining companies here and in Bisbee, Ariz., have posted
notices
of a 10% reduction in the wages of miners and a corresponding slash in
the
salaries of officers, effective June 1.
About 3,000 men will be affected here and 2,000 in Bisbee. Prevailing
low prices on copper was given as the reason for the cut.
All companies operating at Globe made the slash.
The cut brings the wages for miners to $4.95 a day and no further
decrease can be made without violating an agreement between workers
and
mine operators.
Steel Output Again Recedes-Prices Unchanged.
Pipe line demand is the conspicuously active feature in
an iron and steel market characterized by sharp contrasts,
reports the "Iron Age" of May 29. One large pipe maker
is now booked for the greater part of the year and, with
others rapidly building up their backlogs, utilities are hastening to enter orders, in some cases placing tentative contracts
before the complete details of projects have been worked out,
adds the "Age," which further says in brief:
Brisk business in reinforcing bars, the prospect of a continuance of the
present rate of automobile production, a fair outlook in structural steel and
and sustained activity among shipbuilders and manufacturers of road
machinery are other encouraging factors.
Aggregate demand for iron and steel, however, continues to sag and ingot
production for the country at large has receded from 74 to 73% of capacity.
The Steel Corporation, because of its diversification, has succeeded in
holding its rate at 80%. Operations among independents vary widely,
basis and with at least one scheduled to shut
with some plants on a 5 ' '
down entirely during the first week in June.
The downward trend of prices has not yet been halted. Heavy melting
crap Is off 25c. a ton at Pittsburgh, Chicago and St. Louis and 50c. at
3795
Cleveland and Philadelphia. Recent irregularities in semi-finished steel
had led to general reductions. Billets, slabs and sheet bars have been
marked down from $33 to $31 a gross ton. Skelp is also down $2 a ton to
1.70c. a lb. Tin mill black plate is more freely available at 2.75c., Pittsburgh, a decline of $1 a ton from late minimum quotations.
Small rivets have been reduced 5%. the new discount being 70, 10 and
5 off.
Light plates and blue annealed sheets are subject to more frequent
shading in certain markets.
The week's pipe line awards include an order for what is said to be the
longest natural gas line ever to be laid, a 1,250
-mile project from the Texas
Panhandle to Indiana. It will be constructed by the Missouri-Kansas
Pipe Line Co., which has placed the steel required with the leading pipe
maker. The Southwestern Natural Gas Co. has awarded 115 miles of 16
and 18
-in, gas pipe, 18,000 tons, to the A. 0. Smith Corp. The Barnsdall
Corp. is reported to have tentatively ordered 800 miles o'6
-in, pipe while
the Phillips Petroleum Co. is understood to have placed a provisional con-in.
tract for 350 tons of 10
Structural steel awards, at 31,000 tons, compare with 51,000 tons a
week ago and are the smallest since the last week of April. Fresh inquiries,
at 37,000 tons. Outstanding among fresh inquiries, which total 37,000 tons,
are municipal projects in Cleveland calling for more than 17.000 tons.
An unusually large public contract, in terms of iron auel steel required,
was the placing of 35,000 tons of cast iron segments and 3,100 tons of struotural steel for a subway section under the East River, New York.
Motor car production is being maintained and the expectation is that
May output will equal that of April. June will show little curtailment,
according to present indications, and may oven register a slight gain, since
larger schedules by manufacturers bringing out new models will tend to
offset possible reductions by the Ford and Chevrolet companies.
The "Iron Age" composite prices are unchanged,finished steel at 2.214c.
a lb. and pig iron at $17.58 a gross ton, as the following table shows:
Pig iron.
Finished Steel
My 27 1930. 2.214c. a Lb.
May 27 1930, 517.58 a Gross Ton.
517 58
One week ago
2.2140. One week. ago
17 67
One month ago
2.242e. One month ago
18.71
One year ago
2.412c. One year ago
Based on steel bars, beams, tank Plates,
Based on average of basic iron at Valley
wire, rails, black pipe and black sheete. furnace and foundry irons at Chicago,
These products make 87% of the United Philadelphla. Buffalo. Valley and BirmStates output of finished steel.
ingham.
Low.
High.
Low.
Moe.
1930_2.362c. Jan. 7 2.214e. May 20 1930-818.21 Jan. 7 317.50 May 18
1929_2.412e. Apr. 2 2.362e. Oct. 29 1929- 18.71 May It
18.2,1 Dee. 17
1928...2.391e. Dec. 11 2.314e. Jan. 3 1928- 18.59 Nov. 27 17.01 July 14
1927_2.453e, Jan. 4 2.293e. Oct. 25 1927... 19.71 Jan. 4 17.54 Nov. 1
1926..2.453e. Jan, 5 2.403e. May 18 1928__. 21.54 Jan. 5 19.48 July 18
1925_2.560c. Jan, 6 2.396e. Aug. 18 1925- 22.50 Jan. 13 18.116 Jul, 7
Shipbuilding requirements in the East, line pipe bookings
in the Middle West, and structural activity in the larger
cities, while not entirely neutralizing the dearth of automotive and railroad buying, are noticeably moderating the
decline in demand for steel, the "Iron Trade Review," of
Cleveland, May 29, says. The "Review" adds:
The steel industry as a whole enters June with lighter order books than
a month ago, but the situation is mixed. Pipe mills at Pittsburgh and
Youngstown have booked close to 300,000 tons recently, and their position
is improved. May structural awards equal those of April. Plate mills
benefit from ship contracts and specifications against first-quarter ear
orders.
Bar, sheet and strip producers, however, lack the support of automotive
buying. Recent improvement in tin plate has not been maintained. The
lag in wire products is distinct. Such basic materials as pig iron, coke and
scrap continue dull. And these listless lines are slightly preponderant.
April and May, normally the best months of the first half if not the
entire year, have passed without lending any encouragement. Since the
farm implement industry approaches inventory time, the railroads cannot
be expected in the equipment market before fall, and the automotive industry
is passing its first half year peak, there are no indications of noteworthy
improvement ahead. Of this the steel industry is cognizant, and prepared.
Steel producers are less disposed to discuss prices, although claiming no
accretion of strength to current low levels. The retreat two weeks ago
to 1.70c, Pittsburgh, on plates and shapes and 1.75c on bars, with continued
weakness in the flat rolled lines and adjustments in semi-finished material,
appear to have shocked the industry into a realization of how unremunemtive and unproductive of business recent concessions are.
In some districts efforts are being made to restrict the lowest quoted
prices to moderate size consumers and to ask at least $1 per ton more from
small buyers. The deterioration in prices, which developed first in finished
products, is slowly working back to basic materials. Pig iron quotations
are soft in many districts, coke is weak and scrap has been tending lower.
Foreign iron ore prices are off 5 to 10%. The tin plate price of $5.25
per base box has been continued for the last half year.
For two liners to be built by the New York Shipbuilding Co. for the
United States Lines upward of 30,000 tons of heavy steel, chiefly plates,
will be required. The three ships for the Eastern Steamship Co. which
the Newport News Shipbuilding & Dry Dock Co. will build take 9000 tons.
Motor Tank Ship Corp. has placed five tankers, requiring 5200 tons each,
with the Sun Shipbuilding Co. Repairs to Roosevelt line ships call for
3500 tons. Upward of 7000 tons of plates will be utilized in the Gulf
Refining Co. project at Staten Island, N. Y.
A tentative award has been made by the Barnsdall Corp. of 40,000 tons
of pipe for a southwestern line. The Phillips Pine Line Co. is reported to
have placed 40,000 tons, or half its requirements, with the Republic Steel
Corp. The Missouri-Kansas Pipe Line Co. has formally released the pipe
for its 1250 mile line, from Amarillo, Tex., to Indianapolis, requiring
upward of 200,000 tons. It is estimated that 3000 miles of gas line is
contemplated by various interests.
Structural steel activity at New York, including subway and elevated
roadway work, is the highest this year. At Chicago 12,000 tons is on
Inquiry. Structural awards this week totaled 38,000 tons, compared with
34,180 tone last week and 83,289 tons a year ago. For the year to date
bookings are 773,000 tons; a year ago 917,138 tons.
Highway programs are developing a broad market for reinforcing bars.
Wire mesh demand in the East is a record. Strip mills at Pittsburgh report
the start of third-quarter inquiry. Ford orders are bars and strip are
noted at Chicago.
Additional shipments of pig iron from Lake Erie are depressing the
Chicago market 50 cents to $1 per ton. Lake furnace prices in northern
Indiana and lower Michigan are off 50 cents, with Cleveland furnaces
going below $18 in competitive territory and Mahoning prices difficult
to maintain. Pig iron consumers are showing slightly more Interest in
third quarter needs.
3796
Although Steel corporation subsidiaries continue to operate at just under
80%, independent operations have declined sufficiently to bring the industry's
rate slightly below 75%. Cleveland mills, at 9% this week, are up 3 points.
Chicago's rate is 88-90%, down 2 points as a steelworks blast furnace is
taken out. Pittsburgh is unchanged at 70-75%. Youngstown mills at
66% are off slightly, Buffalo holds at 73, while Birmingham producers at
83% are off several points.
After declining for 12 consecutive weeks the "Iron Trade Review" composite is unchanged this week at $33.56. This gives May an average of
$33.73, compared with $34.44 for April, $37.10 for May, 1929, and $35.54
for May, 1928.
Rockefeller Mines Drop'High Pay'Plan-Consolidation
-Year Effort to
Coal Co. Temporarily Abandons 2
Stabilize Bituminous Field-To Cut Wages of 2,500.
After a two-year attempt to help stabilize the bituminous
coal industry and to end over-production and wage and price
cutting, the Consolidation Coal Co., the largest soft coal
producer in the world, announced on May 23 a temporary
abandonment of the policy which it still believes would be
of inestimable benefit to the industry if put into effect by
most of the coal producers. We quote from the New York
"Times" of May 23, which likewise said:
According to George J. Anderson, President of the company, in which
John D. Rockefeller Jr. has a large interest, the organization finds itself
for the second time in two years on an Isolated basis in the Fairmont,
(W. Va.) coal field. Competitors, said Mr. Anderson, have made several
wage reductions, and wage scales alleged to be paid in the district have
declined 15 to 25% below the scale established by the Consolidation Co. and
adhered to by that concern since 1928.
Closed Least Efficient Mines.
Two years ago the company announced the closing of its least efficient
mines for an indefinite time in order to give as may miners as possible a
regular work time under a proper wage basis. It was a plan which had been
urged upon the coal industry from time to time, but had never been put
into practice by a large producer. The hope was that other companies
would follow the example of the Consolidation and thereby regularize the
earnings of the miners, stablize conditions and minimize to a great extent
cutthroat competition, which, it was charged, held the industry in an iron
grip and was driving it further along the path of disintegration.
Mr. Anderson's announcement was regarded as of great significance not
only for the coal industry but for many other industries which are considering plans for limiting excess productive capacity, stabilizing employment and thus cutting down cutthroat competition. . . .
Wage Cut to Affect 2.500.
The wage reduction (12 to 14%) will affect 2,500 to 3,000 miners emcompany in the Fairmont field. Mr. Anderson explained
ployed by the
that his company was reluctant to take the step. but that it had been compelled to do so under the pressure of declining price levels and the policies
of "Irresponsible producers." At this time, he added, the constructive
forces in the industry are greatly outnumbered. When announcement of
the company's policy was made several years ago it was described in and
out of the coal industry as "a constructibe contribution to a sick industry."
Mr. Anderson's announcement caused no great surprise in coal circles,
which had been discussing for some time how long the company could
continue keeping wages up in the face of what was described as an "epidemic"
of wage reductions, both in the Fairmont field and in the Pittsburgh district. Coal trade factors said that Mr. Anderson's statement only indicated
but did not fully reveal the distress in the Fairmont field "from overproduction and cutthroat competition." Bituminous coal, it was said, is now
selling for $1 a ton, whereas the Fuel Administration set the price at $2 a
ton 13 years ago.
Reports from the Fairmont field have stated that there has been a steady
disintegration of standards in that territory, with many companies defaulting from a month to three months in wages, while some companies
have been forced into bankruptcy.
Anthracite Operators and Workers Will Meet in Philadelphia June 9 to Consider New Wage Contract.
Associated Press advices from Wilkes Barre (Pa.), May 24
stated:
Representatives of the Anthracite Operators' Association and the United
Mine Workers have tentatively fixed June 9 for the opening of negotiations
for a new wage contract. Present plans call for the conference to be hold
In Philadelphia. The present contract expires Aug. 31.
The negotiations are expected to result in a renewal of the present anthracite wage scale for another five years. The negotiating committee will
consist of six operators and six representatives of the miners.
Representatives of the operators are: W. W. Inglis of the Glen Alden
Coal Co., Richard F. Grant of the Lehigh Valley Coal Co., A. J. Maloney
of the Philadelphia & Reading Coal & Iron Co.,F. W.Leamy of the Hudson
Coal Co., Alvin Markle Jr. of the Jeddo Highland 'Coal Co., and either
Michael Gallagher or J. D. Dryden of the Pittston Coal Co.
Employment in Anthracite Collieries Increased in
April According to Philadelphia Federal Reserve
Bank.
Anthracite employment in April was 84.8% of the 1923-25
monthly average, showing an increase of about 2% from
March and a decrease of 18% from April 1929, according to
figures compiled by the Department of Statistics and Research of the Philadelphia Federal Reserve Bank on the basis
of figures received by the Anthracite Bureau of Information
from 143 collieries employing over 86,000 workers and having
a payroll of about $2,375,000 a week. The Bank's advices
May 26 also state:
of the 1923-25
The index of wage payments stood in April at 63.9%
average. This was a decline of almost 5% as compared with the preceding
month and a drop of 17% in comparison with a year ago.
Comparative indexes for the past throe years are shown below:
[vol.. 130.
FINANCIAL CHRONICLE
EMPLOYMENT AND WAGE PAYMENTS IN PENNSYLVANIA.
Index numbers-1923-25 monthly average=100.
Igage Payments.
Employment.
January
February
March
April
May
June
July
August
September
October
November
December
1928.
115.8
110.6
114.9
116.3
114.0
102.3
100.7
110.9
112.7
135.9
117.7
109.4
1929.
109.8
109.4
101.3
104.1
107.2
95.4
85.6
93.6
105.5
109.8
107.6
110.8
1930.
105.6
107.8
83.3
84.8
1928.
91.9
85.4
83.1
116.8
97.6
60.6
82.5
97.2
112.5
134.7
110.1
92.9
1929,
112.6
107.0
79.5
77.4
85.4
71.0
56.8
68.9
83.4
116.6
87.6
110.3
1930.
92.1
103.7
07.1
63.9
Bituminous Coal and Anthracite Output Lower.
According to the United States Bureau of Mines, Department of Commerce, output of bituminous coal and Pennsylvania anthracite again fell off during the week ended
May 17 1930. In this period there were produced a total
of 8,155,000 net tons of bituminous coal, 1,161,000 tons of
Pennsylvania anthracite and 60,000 tons of beehive coke, as
against 9,058,000 tons of bituminous coal, 1,442,000 tons
of Pennsylvania anthracite and 134,300 tons of beehive coke
in the week ended May 18 1929, and 8,285,000 tons of
bituminous coal, 1,406,000 tons of Pennsylvania anthracite
and 61,400 tons of beehive coke produced in the week ended
May 10 1930.
For the calendar year to May 17 1930, the production of
bituminous coal totaled 181,043,000 net tons as compared
with 199,344,000 tons in the calendar year to May 18 1929.
The Bureau's statement follows:
The total production of soft coal during the week ended May 17 1930,
Including lignite and coal coked at the mines, Is estimated at 8,155,000
net tons. Compared with the output in the preceding week, this shows
a decrease of 130.000 tons, or 1.6%. Production during the week in
1929 corresponding with that of May 17 amounted to 9,058.000 tons.
BITUMINOUS COAL.
Estimated United States Production of Bituminous Coal (Net Tons).
1929
1930-Cal. Year
Cal. Year
to Date.a
Week.
to Date.
Week EndedWeek.
8,898,000 181.022,000
May 3
8.335,000 164.603,000
1,724.000
1,483,000
1.566.000
Daily average
1.389.000
9,264.000 190,286.000
May 10_ b
8,285,000 172.888,000
1,713.000
1,544,000
1.556,000
Daily average
1.381,000
9.058,000 199,344,000
May 17_c
8,155.000 181,043.000
1,704.000
1.510,000
1.546.000
Daily average
1,359,000
a Minus one day's production first week in January to equalize number
of days in the two years. b Revised since last report. c Subject to
revision.
The total production of soft coal during the present calendar year to
May 17 (approximately 117 working days) amounts to 181,043,000 net
tons. Figures for corresponding periods in other recent years are given
below:
221,798,000 net tons
199,344,000 net tons 11927
1929
210,014.000 net tons
1928
184,211.000 net tonst1926
revised figures in the table above, the total
As already indicated by the
Production of soft coal for the country as a whole during the week ended
May 10 is estimated at 8,285,000 net tons. Compared with the output
in the preceding week, this shows a decrease of 50.000 tons, or 0.6%•
The following table apportions the tonnage by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
May 1923
Week Ended
Mats 10'30. May 3'30. May 11'29. May 12'28 Average.a
State398,000
329.000
335,000
313.000
Alabama
289.000
20,000
26,000
11,000
12,000
13,000
Arkansas
129,000
137.000
168.000
80,000
99,000
Colorado
875.000
838.000
637.000 1,292.000
Illinois
754,000
286,000
394,000
254,000
185,000
Indiana
261,000
63,000
49,000
49,00089,000
Iowa
46,000
32,000
75.000
32,000
28,000
26,000
Kansas
Kentucky
679,000
887,000
815,000
898,000
Eastern
775,000
216,000
183,000
218,000
154,000
• Western
155,000
47.000
40,000
43,000
43,000
39,000
Maryland
12,000
14,000
7,000
13,000
Michigan
7,000
56,000
47,000
53,000
56,000
Missouri
47.000
42,000
28,000
41,000
46.000
Montana
35,000
57,000
40.000
27,000
49,000
31.000
New Mexico- - 14.000
18.000
17,000
7.000
North Dakota__:
15,000
393,000
860,000
424,000
232,000
Ohio
425,000
46,000
53,000
36.000
28.000
Oklahoma
24.000
Penna. (bitum.)_ 2,448,000 2,422.000 2,654,000 2,428,000 3,578.000
121,000
103,000
104,000
102,000
Tennessee
126,000
20,000
22,000
8,000
18,000
Texas
8,000
66,000
74,000
41,000
Utah
52,000
57,000
250,000
216,000
211,000
237,000
Virginia
201,000
44,000
27,000
Washinpt, on
46.000
45,000
31.000
West Virginia-Southern_b__ _ 1,648,000 1,644,000 1,886,000 1,871.000 1,380,000
674,000
862,000
628,000
728,000
Northern_ c _ _ 650.000
110.000
Wyoming
97,000
69,000
79,000
74,000
Other States_d
5,000
1,000
2.000
5,000
1,000
Total bltum's_ 8,285,000 8,335,000 9,264,000 8,528.000 10,878,000
Penn.a anthracite 1,406,000 1,726,000 1.253,000 1,856,000 1,932,000
aA
Total all coal__ 9,691,000 10,061.000 10,517,000 10,384.000 12.810.000
Average. & oy rate for entire month. b Includes operations on the
N. sz
weeld virgiiaan ndi
severa yeara.
State, including
'
C comParabR it the
Panhandle. d This group Is t strictly&
c leesn
.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended May 17 is estimated at 1,161.000 net tons. Compared
with the output in the preceding week, this shows a decrease of 245,000
tons, or 17.4,. Production during the week in 1929 corresponding with
that of May 17 amounted to 1.442.000 net tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
j93
Daily Av.
Week.
WeekEndedDaily Av.
Week.
1,633,000
272,200
May 3
287,700
1,726,000
1,253,000
208.800
May 10
234,300
1.406,000
1.442.000
240,300
May 17
193,500
1,161,000
MAY 31 1930.]
FINANCIAL CHRONICLE
3797
BEEHIVE COKE.
a Minus one day's production first week in January to equalize number
The total production of beehive coke during the week ended May 17 of days in the two years. b
Subject to revision. c Revised.
is estimated at 60,000 net tons. This is in comparison with 61,400 tons
in the preceding week and 134,300 tons during the week in 1929 correspondCoke Statistics for April.
ing with that of May 17.
The total output of by-product coke for the 30 days of April amounted
Estimated Production of Beehive Coke (Net Tons.)
to 4,246.436 net tons. This compares with 4,393.696 tons for the 31
Week Ended
1930
1929
days of March. The daily rate of output for April was 141,548 tons, as
May 17 May 10 May 18
to
to
against 141,732 tons in March. Beehive coke production during the month
Region—
1930.1, 1930.c
1929.
Date.
Date.a
Pa., Ohio & W. Virginia 53,400
55,700 122,900 1,184,400 2,003,900 of April is estimated at 301,700 tons, in comparison with 290,700 tons in
Ga., Tenn. &
5,200
4,000
6,500
113,400
130,900 March.
Col., Utah & Wash'
ton_ 1,400
1,700
4,900
488,00
109,400
The total coal consumed in the production of coke during the month of
United States total__ 60,000
61,400 134,300 1,346,200 2,244,200 April is estimated at 6,645,000 net tons, of which 6,173,500 tons was
Daily average
10,000
10,233
22,383
11,408
19,019 consumed at by-product ovens and 471,600 tons at beehive ovens.
Current Events and Discussions
The Week With the Federal Reserve Banks.
For a somewhat more detailed explanation of the above items and their
relationship to Reserve bank credit reference may be had to an article
Attention is called in the return of the Reserve Board this on page 432 of the "Federal Reserve Bulletin" for July 1929.
Changes in Condition Statement.
week to certain changes that have been inaugurated in the
Federal Reserve Notes.—The amount of Federal Reserve notes held at
formulation of the comment which always accompanies the
Federal Reserve banks other than the issuing bank is shown separately:
weekly reports. "Beginning with this week the text accom- heretofore such notes have been included in "uncollected items." The
object of
to make it
the weekly
panying the weekly condition statement of the Federal Re- statementthis change is of Federal possible to determine fromthe Federal
the amount
Reserve notes outside of
Reserve banks, and also the net float carried by the
serve banks," it is stated, "will show the amount of Reserve arises principally from giving credit for checks and Reserve banks which
other cash items, in
bank credit outstanding and certain other items not included accordance with published time schedules, in advance of actual collection.
The amount of Federal Reserve notes received from the Comptroller of the
in the condition statement. These items, of which monetary Currency and of notes held by the Federal Reserve Agents have been omitted
Reserve
gold stock and money in circulation are the most significant, from the Federala view tonote statement and the remaining items have been
rearranged with
bringing out more clearly the difference between
Federal Reserve notes issued to
are explained," we are told, "in the attached statement." lateral of gold or eligible paper the Reserve banks, against which 100% colmust be pledged with the Federal Reserve
"Changes in these items," it is stated,"have a direct bearing Agents, and notes in circulation, against which a reserve of 40% in gold is
required. Gold held as collateral for Federal Reserve notes is also counted
on the demand for credit at the Reserve banks and their as a part of the required reserve against notes in circulation.
publication will help in the interpretation of changes in the
amount of Reserve bank credit outstanding." The report
Returns of Member Banks for New York and Chicago
then goes on as follows:
Federal Reserve Districts—Brokers' Loans.
The daily average volume of Federal Reserve bank credit
outstanding
during the week ending May 28 as reported by the Federal Reserve
Beginning with the returns for June 29 1927, the Federal
banks
was $965,000,000, a decrease of $3,000,000 compared with the preceding
Reserve Board also commenced to give out the figures of the
week and of $300,000,000 compared with the corresponding week of
1929. member
banks in the New York Federal Reserve District,
On May 28 total Reserve bank credit outstanding amounted to
$976,000,000,
an increase of $23,000,000 for the week. This corresponds with an
increase of as well as those in the Chicago Reserve District, on Thurs$53,000,000 In money In circulation and a decrease of 86,000.000 in
Treasury days, simultaneously with the figures for the Reserve banks
currency less decreases of $27,000,000 in member bank reserve
balances and
themselves, and for the same week, instead of waiting until
of $6,000,000 in unexpended capital funds, non-member deposits, &c.,
and
an increase of $2,000,000 in monetary gold stock.
the following Monday,before which time the statistics coverThe principal chances In holdings of discounted bills for the week
were ing the entire body of reporting member banks in the difincreases of $24.000,000 at the Federal Reserve Bank of New York,
and
$3.000,000 each at Cleveland, Atlanta and San Francisco. The System's ferent cities included cannot be got ready.
holdings of bills bought in open market declined $11.000,000 and of Treasury
Below is the statement for the New York member banks
certificates and bills $47.000,000, while holdings of U. S. bonds
increased and that for the Chicago member banks thus issued in ad$5,000,000 and of Treasury notes $43,000,000.
Changes in the amount of Reserve bank credit outstanding and In related vance of the full statement of the member banks, which
Items during the week and the year ending May 28 1930 were as follows:
latter will not be available until the coming Monday. The
Increase (+) or Decrease (--) New York statement,
of course, also includes the brokers'
Cf
Mat/ 28 1930. May 21 1910.
AMU 29 1929,
loans of reporting member banks. The grand aggregate of
247 000.000 +37,000.000 —741,000,090
Bills discounted
Bills bought
176,000,000 —11,000,000
4 *R.000.000 these brokers' loans the present week shows an increase of
United States securities
530,000.000
+ 1,000.000 +311 cAloo
,
Other Reserve bank credit
24,000,000 —4,000,000
—13,000,000 $7,000,000, the total of these loans on May 28 standing at
$4,022,000,000 as compared with $5,288,000,000 on May 29
Total Reserve bank credit
978,000,000 +23,000,000 —311,090.000
Monetary gold stock
+2.000.000 +219,000.000 1929. The loans "for own account" have increased during
4,818,000,000
Treasury currency adjusted
1,766,000,000 —6,000,000
—28,000,000 the week from $1,655,000,00
0 to $1,777,000,000. The loans
Money in circulation
4 491,000,000 +53,000.000 —203.000.000 "for account
of out-of-town banks" have fallen from $1,069,Member hank reserve balances
2 347,000.000 —27,000,000
+61,000,000
Unexpended capital funds, non-mem000,000 to $988,000,000 and the loans "for account of others"
ber deposits. dro
421,000,000 —6,000,000
+20,000,000
have decreased from $1,290,000,000 to $1,257,000,000.
New Items in Text Accompanying Weekly Federal Reserve Bank
Statement.
Reserve Bank Credit.—Reserve Bank credit outstanding comprises, in
addition to the total bill and security holdings of the Federal Reserve banks,
credit given member banks for transit items in advance of their actual
collection and funds &posited In foreign banks.
Monetary Gold Stock.—Monetary gold stock includes al gold coin in
circulation and cold coin and bullion held by the United States
Treasu*v and
the Federal Reserve banks, except gold earmarked for foreign account.
Changes in monetary gold stock, which arise through imports and exports.
through earmarking or releases from earmark, and throne)) domestic production tin excess of Industrial consumption), have an inverse effect on
Reserve Bank credit. Le., increases in the gold stock diminish
for Reserve Bank credit, and decreases in the gold stock increasethe demand
the demand
for such credit.
Treasum Currency—A djusted.—Treasury currency—adjusted
includes all
the currency in the United States, except gold coin and Federal Reserve
notes, less cold and other cash held by the Trea.sury and deposits of
Treasury with the Federal Reserve banks. This item retwItsents the the
net
amount of currency outstanding that is based primarily on Treasury
and chances in this item have the same effect on the demand for credit,
Reserve
Bank credit as changes in the stock of monetary gold.
Money in circulation.—Money in circulation includes all kinds
States money outside of the Treasury and the Federal Reserve of United
banks, and
changes in this item, rather than in Federal Reserve notes alone,
changes In the demand for currency by the public. Changes in the reflect
currency for circulation purposes are the principal cause of demand
for
seasonal
chanstes in the volume of Reserve Bank credit outstanding,
Member Bank Reserve Balances.—Member bank reserve balances
comprise
the entire legsl reserves of member banks, and average changes in
balances, which are subject to substantial day-to-day fluctuations, these
reflect
changes in member bank deposits against which they are held. Member
bank reserve balances is the item in the Federal Reserve Rank statement
that is directly influenced by changes in the volume of member bank credit.
Unexpended Capital Funds,Non-Member Deposits, .—Thls heading
Miles a number of items which do not change greatly from week to corn.
Changes in non-member deposits with the Reserve banks have the week.
effect on the demand for Reserve bank credit as changes in member same
bank
balances. Changes in unexpended capital funds also have the same effect.
This Item measures the extent to which the paying in of capital to the Resubseouent earnings have taken funds out of
serve banks and their
the
market, and comprises capital, surplus, and undistributed earnings less
amounts returned to the market principally through the purchase of bank
premises. Some of the above items are the principal components of "all
other resources" and "all other liabilities" in the weekly statement and
accordingly the amount of unexpended capital funds, &c., is arrived at by
subtracting from "capital," "surplus," and "all other liabilities" the items
"bank premises" and "all other resources."
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 28,1930. may 21,1930. May 29,1929.
$
5
Loans andi nvestments--total
7 903,000,000 7,831,000,000 7,100,000,000
Loans—total
5 928,000,000 5,848,000,000 5,299,000,-00
On securities
All other
3 585,000,000 3,456,000,000 2,585.000.000
2363,000,000 2,391,000,000 2,714,000,000
Investments—total
1,975,000.000 1,984,000,000 1,801.000,000
U.S. Government securities
Other securities
1,078,000,000 1,097,000,000 1,018,000,000
897,000,000 886,000,000 783,000,000
Reserve with Federal Reserve Bank—
Cash in vault
Net demand deposits
Time deposits
Government deposits
780,000,000
57,000,000
765.000.000 *703,000,000
46,000,000
62,000,000
5 508,000,000 5,417,000,000 5,124,000,000
1 388,000,000 1,370,000,000 1,154,000,000
18,000,000
18,000,000
42,000.000
Due from banks
Due to banks
98,000,000
927,000,000
106.000,000
908,000,000
92,000,000
769.000.000
Borrowings from Federal Reserve Bank-
15,000,000
103,000,000
Loans on secur.to brokers & dealers;
For own account
1,777.000,000 1,655,000,000 773,000,000
For account of out-of-town banks_ __ _ 988,000,000 1,069,000,000 1,540,000,000
For account of others
1,257,000,000 1,290,000,000 2,975,000,000
Total
On demand
On time
s Revised.
Loans and investments—total
Loans—total
On securities
All other
4 022,000,000 4,015,000,000 5,288,000,000
3 380,000,000 3,391.000,000 4,946,000,000
642,000,000 624,000,000 342,000,000
Chicago.
1 889,000,000 1,888,000.000 1,884,000,000
1,510,000,000 1,504,000.000 1,502,000,000
912,000,000
598,000,000
899,000,000
605,000,000
828,000,000
674,000,000
[VoL. 130.
FINANCIAL CHRONICLE
,_,.
May 28 1930. May.21 1930. May 29 1929.
.: ;i, _ .
169,000,000
213,000,000
164,000,000
15,000,000
1,264,000,000 1,269,000,000 1,131,000,000
542,000,000 544,000,000 536,000,000
11,000,000
2,000,000
2,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
114,000,000
321,000,000
111,000,000
319,000,000
122,000,000
284,000,000
79,000,000
Borrowings from Federal Reserve Bank.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business May 21:
The Federal Reserve Hoard's condition statement of weekly reporting
member banks in leading cities on May 21 shows increases for the week
of $45,000,000 in loans and investments and $32,000,000 in time deposits,
and decreases of $85,000,000 in net demand deposits and $4,000,000 in
borrowings from Federal Reserve banks.
Loans on securities increased $76,000,000 at all reporting banks,increases
of $56,000,000 in the New York district, $28,000,000 in the Chicago
district, $12.000,000 in the Cleveland district, and $7,000.000 in the San
Francisco district being partly offset by decreases of $8.000,000 In the
St. Louis district and $6,000,000 each in the Philadelphia and Minneapolis
districts. "All other" loans declined $69.000,000 in the New York district, $6,000,000 in the Chicago district and $76,000,000 at all reporting
banks, and increased $8,000,000 in the Boston district.
Holdings of U. S. Government securities increased $22,000,000 In the
St. Louis district and declined $9,000,000 in the Chicago district, all
reporting banks showing a net increase of $11,000,000. Holdings of other
securities increased $8,000,000 each in the New York and Cleveland districts, $6,000,000 in the Chicago district and $33,000,000 at all reporting
banks.
The principal change in borrowings from Federal Reserve banks for the
week was a reduction of $5,000,000 at the Federal Reserve Bank of
Cleveland.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
May 21 1930 follows:
Increase (+) cr Decrease (-)
Since
May 22 1929.
May 211930. May 14 1930.
-total_ _22,661,000,000
Loans and Investments
+45,000,000
+619,000,000
8,322,000,000
8,484,000,000
+78,000,000 +1,178,000.000
-78,000,000 -559.000.000
5,855,000,000
+44,000,000
+37.000.
000
2,842,000,000
3,013,000,000
+11,000,600
+33,000,000
-109,000,000
+146,000,000
Reserve with Federal Res've banks 1,757,000,000
213,000,000
Cash In vault
+2,000,000
-12,000,000
+110,000,000
-22,000,000
13,382,000.000
7,132,000,000
50,000,000
-85,000,000
+32,000,000
-1,000,000
+572,000,000
+343,000,000
-49,000,000
1,187,000,000
2,825,000,000
-50,000,000
-110,000,000
+173,000,000
+382,000,000
43,000,000
-4,000,000
-571,000,000
On securities
All other
-total
Investments
U. S. Government securities__
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
Fedthe moneys held in the United States Treasury and by
that
eral Reserve banks and agents. It is important to note
very
beginning with the statement of Dec. 31 1927, several
follows:
important changes have been made. They are as
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+888,000,000
18,808,000,000
Loans-total
C..1.?7!
not. m
.001
1,738,844,518
186.000,000
13,000,000
Per
CatrUa.
Reserve with Federal Reserve Bank_ 173,000,000
14,000,000
Cash in vault
§§§§§g
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- .. o S 3 °E. gi <7.
2...,-..,4
.-d
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Amount.
163,000,000
220,000,000
4 Lt
1
V"4.-
In Circulation.
158,000,000
221,000,000
U.S. Government securities
Other becurities
0
0
0
t.
0
ci
r
382,000,000
MONEY OUTSIDE OF THE TREASURY.
379,000,000
Investments-total
$
384,000,000
MONEY HELD IN THE TREASURY.
3798
000A,VO
MNN..I,
000000C
el
0.,
(21 1
4Q
0 00
o 0 to' c72 Et."
072
ft. 4; Z
F. o
a Includes United States Paper currency in circulation in foreign countries and the
amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
S Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal Reserve agents. Hold held by Federal
Reserve banks under earmark for foreign account Is excluded, and gold held abroad
for Federal Reserve banks is Included.
c These amounts are not Included In the total since the money held In trust against
gold and silver certificates and Treasury notes 01 1890 is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total includes $20,419,169 of notes in process of redemption. $40,998,273
of gold deposited for redemption of Federal Reserve notes, $28,646,015 deposited
for redemption of National bank notes, $1,900 deposited for retirement of additional circulation (Act of May 30, 1908), and $7,687,490 deposited as a reserve
against postal savings deposits.
!Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Note.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption; United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund
may also be used for the redemption of 'Treasury notes of 1890, which are also
secured dollar for dollar by standard sliver dollars held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the Issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%, Including the gold redemption fund which must be deposited with the United States
Treasurer, against Federal Reserve notes in actual circulation. Lawful money has
been deposited with the Treasurer of the United States for retirement of all outstanding Federal Reserve bank notes. National bank notes are secured by United
States bonds except where lawful money has been deposited with the Treasurer
of the United States for their retirement. A 5% fund is also maintained in lawful
money with the Treasurer of the United States for the redemption of National
bank notes secured by Government bonds.
instead
(1) The statement is dated for the end of the month
Reserve
of for the first of the month;(2) gold held by Federal
excluded.
banks under earmark for foreign account is now
now inand gold held abroad for Federal Reserve banks is
been added.
cluded; (3) minor coin (nickels and cents) has
April 30 Issuance of German Annuities Loan Through Bank for
On this basis the figures this time, which are for
International Settlements Expected Next Week
that date (in1930, show that the money in circulation at
-Price Said to Be 91, at Which Yield Will Be
member
is held in bank vaults of
cluding, of course, what
About 6.15%.
5
$4,476,066,78 ,
banks of the Federal Reserve System) was
7
$4,675,646,77
The German annuities loan will make its appearance
$4,549,188,947 March 31 1930 and
as against
on Oct. in this market Wednesday of next week, according to expecApril 30 1929, and comparing with $5,698,214,612
War, that tations voiced by large bond houses in the financial district, '
Just before the outbreak of the World
31 1920.
"
The it was stated in the New York "Journal of Commerce
is, on June 30 1914, the total was only $3,458,059,755.
of May 29, which further abserved:
following is the statement:
MAY 31 1930.1
FINANCIAL CHRONICLE
Bankers in charge of arrangements indicated yesterday that
final plans
have not been made, but houses taking part in the deal
thought that
Wednesday would be the most likely date in view of last-minu
te delays
which have arisen at the bankers' conference in Paris, where
final arrangements are now being completed.
Preliminary circulars now available to interested houses
in the financial
district do not include data on price and yield, but the understa
nding in
this connection is that the bonds will bear a 5;4% coupon, and
be priced at
91. at which the yield would be about 6.15% in view of the
maturity of
35 years on the bonds.
Huge Syndicate.
The belief in the financial district is that the distribut
ion syndicate
handling the issue will be one of the largest ever formed,
and in fact may
exceed all previous syndicates in the number of participa
nts included. The
largest previous syndicate on record, it was said, was
the one handling the
$500,000,000 Anglo-French 53.6% loan on the eve of our
entry into the
war. This loan was floated in 1915. The present issue
is much smaller, the
American portion amounting to only $82,000,0
00. However, in view of its
Importance in the post-war stabilization of Europe,
in that it is meant to
transform reparations from a political to a commerci
al obligation, special
interest is being exerted to make the loan a success.
Financial houses here state that because of the size
of the syndicate allotments to individual houses, and even to the larger of
them,will be comparatively small. This is expected to result in a rapid
subscription to the issue.
Method of Amortization.
The final yield of the bonds to the investor will
not be known until the
method of amortization has been determined.
The creditor nations have
favored yearly drawings at par, according to
cable dispatches, whereas
Germany has advocated the application of the
sinking fund through purchase of bends in the open market when available
below par. This would
of course permit more rapid repayment at lower cost.
The preliminary circular presents an impressiv
e security for the issue,
pointing out that it has a lien on certain revenues
already pledged for the
Dawes loan, subject to the small prior charge attaching
to that loan.
3799
90. The German portion—which, according to French
financial circles.
will be $l0.000.000—will be absorbed by a group
of German banks and
will probably be withheld from the public for the
time being.
Great Britain's Portion.
The vexed question of the amount to be allotted
to Great Britain is also
understood to have been solved in a novel way.
It is proposed London
shall officially take $50,000,000, or even $60.000.
000, but that French
banking groups shall undertake, by a joint letter, to
handle that portion
of the amount officially allotted to Britian which
British banking opinion
does not feel the market is capable of supportin
g. The French are anxious
to have the British assume as large a share as possible,
but British banking
circles, backed by Philip Snowden, appear just as
reluctant to take anything more than the lowest possible minimum.
It is further suggested that the Germans, who have held
out for
000 allotment, may accept the $10,000,000 share so strongly a $5.000.urged by
the French, on the condition that the same arrangem
ent as is suggested
for Britain be provided for the additional amount.
One of the main problems discussed to-day resulted
from the mixed
character of the loan, $200,000.000 of which come under
the heading of
additional payments of the Young plan, being a direct charge
on the German railways. The other $100,000.000 is earmarked for German
and postal development to be provided for directly from the German railway
budget.
From the cablegram May 26 to the "Times" we take the
following:
Much opposition has developed in British quarters on the ground
that
Germany and France, which are to receive most of the proceeds
of the
$200,000,000 loan, are asking Britain to deplete its capital available
for
British industries by lending money to trade competitors so that
they may
pay what they owe to Britain.
Bankers Draw up Prospectus.
These are also fears that unless special care is taken the loan may serve
further to deplete the British gold reserve. For this reason some
British
financial experts are urging the treasury to surround the
British portion
with restrictions so that it will not be easily negotiable in Britain.
To-day's sessions were devoted to drawing up the prospectus, or
selling
arguments, for the loan. The main feature of this will
be a letter from the
German Finance Minister definitely stating the full extent
of Germany's
responsibility for the interest and principal of the loan. Other impressiv
e
facts will be marshaled together, thereby making a
strong appeal to world
investors.
Representatives of Participating Countries in
Session
at Paris Fix Main Features of German Loan to
Be
Issued Through Bank for International Settlements—Adjourn Session, Leaving Subcommittee
to
Draft Final Texts—June 9 Possible Date of Issue.
Commenting on the difficulty in deciding the question of
Following six days of prolonged discussion, the investm
ent the price of
bankers of nine nations who met at Paris to arrange the
the bonds in the various markets the "Times"
first
reparation loan under the Young plan adjourned on May 28, cablegram from Paris May 24 stated:
Not a little resentment
after turning over many of the complicated problems
a tentative
involved scheme to issue the Frenchhas developed in French circles over little better
portion of the loan at 98, to yield a
to a committee of four, composed of Arthur Anders
on of than 53%. The French Government has already agreed that the bonds
the J. P. Morgan Co., representing the American
net free of
group; will be American all taxation.
The
s, Germans and British, however, are holding out for a
Montagu Norman, Governor of the Bank of
England; lower issue price—some say as low as 90—with a correspondingly higher
Hans Luther, President of the Reichsbank, and M.
Masson, interest yield. To this the French have replied that it would be fatal to
representing the French interests. The New York "Times the whole idea of security against default, which could be given only by an
reported the foregoing from its Paris correspondent, " international loan issued in all markets and in each case retained by the
the subscribers in those markets.
latter's advices adding:
It is obvious, the French exports point out, that the American
share,
A communique, issued after the adjournment of the
full meeting, said
It would be the task of the subcommittee,
within the limits of the decisions
of the plenary committee, to collaborate, in agreemen
t with the various
governments concerned, with the Bank for International
Settlements in
drawing up the final documents which will have to be signed
for the purpose
of issuing the loan.
The subcommittee began its work immediately, but the
bankers were
not able to say when its labors would be completed. It
can be said, however, that if there was any intention of floating the $300,000
,000 issue on
June 4, that date has been abandoned and a more likely
date will be June 9
or June 10.
.Signing Is Likely June 7.
The ceremony of signing the bankers' agreemen
t with the German
Government may be held on June 7, the first anniversa
ry of the signing of
the Young plan. The signing will, in
any event, take place in the same
room in which the Young plan first saw
the light.
In further explanation of to-day's
decision, the communique says:
"The committee of bankers reached
the main features which will have to be to-day unanimous agreement on
Government international 54% loan ncluded in the bond of the 'German
accordance with the provisions of The of 1930,' which is to be issued in
"Having regard to the necessity ofHague agreement of Jan. 1 last.
taking into account both the provisions of the new plan and the customar
where issues of the loan are to be made, y rules on the various markets
the committee considered it desirable to appoint a subcommittee to
draft the final text of the definitive
bond and of the general bond."
The main problem now before the subcommi
ttee is described as "juridical," and it has to do with the complicat
ions involved in the issuance of
the so-called two-in-one loan.
Guaranties Present Difficulty.
It will be remembered that the $300,000
,000 issue is divided into two
parts. The first consists of $200,000
,000, guaranteed by part of the
unconditional annuities under the Young
plan and destined for the various
allied treasuries. The second portion, of
$100,000,000, is, in effect, a
non-reparation loan which the bankers are making
to Germany for the
development of its railways and postal
services.
The problem naturally arises of how best to
draw up the title to the
$100,000,000 portion so that investors will be assured of
the equality of the
general guarantee. In other words, the subcommi
ttee must draw up a
text which will make it perfectly clear that while the
$100,000,000 being
loaned to Germany is not e direct charge upon Germany
under the Young
plan agreements, it is, nevertheless, a direct charge on the
Reich, and, therefore, of equal value as an investment. budget of the
This, together with other matters upon which there
is no agreement
yet, is expected to occupy the subcommittee until the
middle of next
week, thereby making the signing possible on June 7.
It is now indicated that the French portion of the loan
will be largely
oversubscribed.
The previous day (May 27) the Paris cablegram to the
New York "Times" said in part:
The all-important question of what the various banking
groups are to
pay for the bonds, or, in other words, what their commission
will be, and
also what the public will be asked to pay, will remain a
secret until the
Issue is offered.
It is safe to say, however, that the French bonds will be offered
around
98, the German bonds between 92 and 93 and the American
bonds close to
if
Issued at 90 or thereabouts, will be a much more attractiv investme
e
nt than
the French bonds at 98. The Germans, however,
are even more insistent
than the Americans, and assert that their people are
accustomed to 8% on
their money. Anything materially below this yield,
they declare, will cause
the German portion to fall back upon the State banks
for absorption.
Further trouble continues over the question of how much
the British will
take, although this is not as serious an issue as the
price. While the British
are down upon the tentative allotment list
for $50,00,000, the British
bankers, led by Montagu Norman, Governor of the Bank of England,
are
understood to be holding out for a lower share.
Governments Might Step In.
In one quarter it was suggested to-day that the Governments themselv
es
might have to step in and help the business men solve the knotty
problem.
The time is growing short and the loan, according to financial
opinion here.
must be put out in the early part of June.
One solution under consideration is to make the German portion
of the
loan a private affair, in which case the Americans could probably
reach a
compromise on the price which would take into consideration
the peculiar
conditions of the respective markets.
The allotments, according to the latest tentative decision,
will be as
follows: The United States and France. $85.000,000 each; Great Britain,
$50,000,000; Holland and Sweden. $25,000,000 each; Switzerland, $15.000.000. and Belgium, Germany and Italy. $5,000,000 each. The French
are contending for a German portion of $10,000,000. If they
win their
point, against the judgment of the Americans, then the French and American banks will each take $82,500,000.
It was stated by the Paris correspondent of the "Times"
on May 23 that, according to British financial sources,
among the difficulties which have been impeding the progress
of the loan has been the desire of the American banking
group to be free to dispose of their share of the issue in
European markets rather than leaving it in the hands of the
American holders. The cablegram went on to say:
The British contend one of the purposes of the framers of the
Young
plan was that the bonds should remain in the country in which they
were
issued.
American opinion, however, seems to be that it will be difficult, if not
impossible, to keep the bonds in one market. Indeed, their efforts have
been directed toward arranging the loan so that the whole issue should
not, sooner or later, find its way to the American market.
As we stated last week (page 3638) the loan will be known
officially as the German International 5%% loan of 1930.
Redemption of Reparation Bonds to Be on Gold
Basis.
Associated Press advices from Paris May 26 said:
Prospective subscribers for the reparations bonds today
received ossurance from officials of the Dank for International Settlements and
their
co-operating bankers that redemption of the bonds will
always be upon a
gold basis.
1
3800
[vol. 130.
FINANCIAL CHRONICLE
The Treasury officials and bankers of the nine countries in which the
issue will be distributed reached agreement by which the gold basis of
redemption will prevail even if money in the countries involved depreciates,
though further gold import does not seem probable, neither does
anything point to a gold export movement.
The Caisse d'Amortissement has lowered its rate of interest on the
two-year defense bonds issued by it from 44% to 3, and this has
influenced open market rates. Three months' bills are now email
discounted at 254%.
Urges American Aid for Bank for International Settleoffering of stock
The oversubscription in Prance. to the
ment—Sauerwein Appeals for Wider Freedom for of the Bank for International Settlements was noted in
Institution in International Finance.
our issue of May 24, page 3637.
From Paris May 27 a cablegram to the New York "Times"
said:
Berlin Not Favoring New Import of Gold—Movements of
Writing from Basle, where the Bank for International Settlements is
Foreign Exchange May Be Opposed by Reichsbank
beginning operations, Jules Sauerwein, in Le Malin, tomorrow will make
his plea to Americans for wider freedom for the world bank in handling
Action.
its hands,and in facilitating international
the funds which will pass through
May 23 advices from Berlin to the New York "Times"
finances. He points to the fact that the Americans, Gates W. McGarrah
and Leon Fraser, have received distinct control in directing the Bank's state:
With mark exchange still remaining high, the Reichsbank has been
affairs, and urges them to exercise it in a "spirit largely international."
"When the terms of the difficult negotiations now being conducted in compelled to acquire a considerable further quantity of British gold.
Paris for the Young plan bond issue are announced, we shall funds if the In the present dulness of home trade keeping down demands for
*United States sees fit to exercise the duties which it has acquired by the credit, and in view of the fact that the present favorable foreign trade
preponderant position of its representatives in the Basle institution." balance ensures Germany against loss of gold, this new influx of gold
from London is considered highly inconvenient.
M. Sauerwein says.
This is one reason why a further cut in its rate by the Reichsbank
"In looking over the Bank's organization, one is directly struck by the
fact that Americans are its real directors. It is stipulated that either Mr. is expected. The rate would certainly be reduced if the surprising
the Bank, but any other report current this week, that the Bank of England may lower its
McGarrah or Mr. Fraser, by signature, can act for
the own rate to 24%, were to be confirmed. The bank statement of
officer must have his name countersigned by another. It is from
Americans, therefore, that we must hope for harmonizing influences in May 16 shows that the Reichsbank has almost entirely restored its
gold reserve to the high point of last year, which was 2,729 million
overcoming European differences and international difficulties.
that marks. The loss of gold in the Spring of 1929 reduced it to 1,764
"What can justify the American predominance, therefore, would be
reparations settlements, should bring million; it stands now at 2,578 millions.
the country which made separate
to the aid of this new institution a strictly commercial spirit, added to
broadly international views and generous financial participation in its
operations."
According to M. Sauerwein, the world bank, with the funds turned
over from the Dawes organization and its own capital paid up, already
possesses more than 1.000,000,000 francs (about $40,000,000) to invest.
The guaranty fund which France is expected to provide to cover the unconditional payments will not, however, be paid to the world bank in a
lump sum, but will only be advanced in 10% allotments on payments
France itself receives from each Young plan loan. Thus, though the total
amount of the guaranty fund is equivalent to 500.000,000 gold marks
from
(about $120,000,000) and France expects to receive $156,000,000
the first $300,000,000 slice of the bonds, she will only pay into the guaranty fund 10% of the receipts, or $15.600,000 continuing the guaranty
payments as new bond issues are launched.
Gold Redemption Basis for Bonds of Bank for International Settlements Assured.
Subscribers to reparations bonds received assurance on
May 26 from officials of the Bank of International Settlements and their co-operating bankers that redemption of
the bonds always will be upon a gold basis. Associated
Press accounts from Paris May 26, in the New York "Evening Post" reporting this said:
The Treasury officials and bankers of the nine countries in which
the German war settlement issues will be distributed reached an
agreement whereby the gold basis of redemption will prevail even if
money in the countries involved depreciate.
Agreement also was reached upon many points concerning the
Honor S. Parker Gilbert for Reparation Work. issue. It is now thought that the formal offering to the public can
French
exof
S. Parker Gilbert, who is leaving Europe after five years be made next week. The present sessionswhichthe bankers are will
their decisions
pected to continue through tomorrow after
General for Reparations, was guest of honor at be
as Agent
turned over to the committee of jurists who will pass on their
a
Paris on May 27 of the French Ministry of Finance at
legality.
The price of the issue will not officially be made public until the
dinner to which Finance Minister and Mme. Paul Reynaud
of economic, social and end of next week.
invited many leading personalities
political circles of France and America. We quote from a London's Atitude on Reparations Loan—Limitation of•
cablegram to the New York "Times" which further stated:
British Subscription Due to Doubt of Exchange Market
Among the guests were Ambassador Claudel, Gates W. McGarrah,
Results.
of the Bank for International Settlements: Pierre Qumnay, GenPresident
There is no sign of keen interest on this market in the
eral Director of the Bank, and Senator Chapsal, former President of the
Reparations Commksion.
forthcoming reparations loan, according to London cableIn an impromptu speech delivered after the dinner, M. Reynaud paid
York "Times" which said:
to Mr. Gilbert and his method of handling reparations ques- gram May 23 to the New
tribute
a warm
tions, and recalled that the French Government recently had seen fit to
-General to the high position of grand officer of
raise the American Agent
the Legion of Honor.
forget," said M. Reynaud, "that the Americans, who
"We will never
under the leadership of General Pershing, played a deciding role in the war,
under others of their leaders, Messrs. Dawes, Parker Gilbert, Young,
McGarrah and Fraser, played a dominsting part in establishing the peace.
You, Mr. Gilbert, are now leaving us but your compatriots who will replace you will work as you did for the maintenance of civilization, which is
well worth all our efforts."
.
5/
millions sterling out of
Great Britain is logically entitled to only
the total issue of 60 millions, but its ultimate allotment may be increased to 10 million. The strict limit which has been placed by
home authorities on the British issue expresses' the feeling that this
country ought to subscribe only for an amount which shall exceed
Great Britain's share of the proceeds of the total issue.
Its object in refusing to take more than that is principally to avoid
any further pressure of the foreign exchanges. This pressure might
otherwise arise because of the fact that other countries, particularly
France, will receive so much more of the proceeds than Great Britain.
Whatever amount is issued in London will remain here.
,$,Tie-Up of Money in Loan at Paris—Subscriptions to Bank
with Reich Bonds—French Caisse PreFor International Settlements Placed 8 Billion Francs To Retire Rentes
paring for Conversion Program Next Year.
With Bank of France—Closing of Subscription Stopped
The following copyright advices from Paris May 24 are
Imports, but Will Not Result in Gold Exports.
23 are from the New from the New York "Evening Post":
The following Paris advices May
It is expected that a plan will soon be developed to use France's share
York "Times":
of the receipts from the proceeds of the mobilization of German annuities
Gold
The great abundance of money in the Paris market has continued in
spite of the unusual tie-up of credit involved in the subscription to
shares of the Bank for International Settlements. About 8,000,000,000
francs were received by the Bank of France against such subscriptions,
whereas only one-sixtieth of the amount thus applied for will be oh.
tamed.
This 8,000,000,000 partly represents available cash and working
capital which was actually tied up for one or two days. It was
known, however, that the bank would repay on the day following
also had
the subscription 90% of the funds received. Private banksof France
an important recourse in the seven-day loans which the Bank
They
has granted for some time past against bankers' acceptances.
against sehave also had the usual opportunity for ordinary loans
they discurities at the bank, but it is not considered probable that
counted long-term bills to any great extent.
subscription will
The resultant situation is that funds raised for the
of loans. It
disappear rapidly from the market through repayment
that in order to bring back funds from
must be remarked, however,
certain private banks sold rather
abroad for purposes of subscription
the imports of gold by
large amounts of foreign exchange, which caused gold purchases is estiof these recent
the Bank of France. The total The greater proportion of this has
mated at 1,000,000,000 francs.
returns and the balance, representing
already appeared in the Bank's
doubtless figure in next week's statement.
less than 200,000,000, will
represent the real increase of
About 1,000,000,000 francs would
of gold.
supplies, which can only disappear through export the day
market
moved against Paris on
But the foreign exchanges, which had
again. Therefore, alfollowing the subscription, have now receded
to amortize French rentes.
The rate of interest on the defense bonds was reduced yesterday from
34 to 3%. The Caisse d'Amortissement thus progressively is disclosing
its program for the conversion of rentes next year.
After subscriptions to the French share of the stock of the Bank of International Settlements had covered the issue 158 times. the Bank of France
immediately liberated nine-tenths of the sum locked up for the issue.
It is hoped that the surplus will be rapidly invested elsewhere.
German Tax Revenue Disappointing—Results in First
Month of New Fiscal Year Foreshadow Coming
Deficit.
A wireless message from Berlin May 23 to the New York
"Times" says:
Federal tax revenue in Germany during April, the first month of the
fiscal year, was unfavorable. Personal income, corporation income and
the turnover taxes, all of which reflect business conditions, yielded less in
April than in 1929. The bad condition of trade and the large unemployment appear to have vitiated the Financial Ministry's budget estimate
for the current year and the immediate fiscal outlook is bad.
There is reason to believe that the taxes will produce 200,000,000 marks
less than the estimate, whereas unemployment support may cause 700,000,000 marks above the estimate. The full fiscal year's deficit may
reach 1,000,000,000 marks. This would be reduced materially, however,
If the government's alleged plan to increases unemployment insurance
premiums from 3%% of wage bills to 4%% is executed.
MAY 31 1930.]
FINANCIAL CHRONICLE
Darmstadter Bank Expects French Investors To Contribute Largely to German Capital Needs—Bank
Reports 14% Increase in Deposits.
The French Republic is expected to plan an important role
in the financing of German industries, according to the annual
report of the Darmstadter and Nationalbank. It is further
stated in the report that the 10% deduction in respect of
income tax will be abolished as a measure to encourage
foreign investors to purchase German securities. In reference to the progress of Germany toward regaining her foreign
trade position the report says:
The satisfactory development of the balance of trade,
and the fact
that during the past year Germany became'the second largest
exporter
in the world, proves the competitive capacity of the country
in spite of
tariff barriers and shows that it has in general invested the capital
borrowed
from abroad in a satisfactory and productive manner. It is
true that
the export surplus is partly due to the stoppage of the inflow of
capital,
which naturally brought about a reduction of imports.
Great attention
should be paid to the development of the home market. A serious
factor
here is the agricultural crisis.
The balance sheet of the Darmstadter and Nationalbank
shows a further expansion in the volume of business. Turnover increased from 220 billion marks to 245 billions. It is
stated that "creditors," mainly time and demand deposits,
have increased by over 14% to nearly 2.4 billions, while
"debtors" shows a similar development. The increase in
German exports is reflected in the rise in the item "advances
on goods consigned or warehoused," which amounts approximately to 377.6 millions. It is pointed out that the
fact
that, in spite of this expansion, the profits from discount
and interest have only risen slightly and those from commissions show a slight recession as compared with the
previous year, is to be attributed to the high international
rates of interest and to the reduction in stock exchange
business due to the situation on the money and capital
markets. Foreign liabilities account for 34% of the total
creditors. These are covered as to 63Y by liquid assets
A%
in foreign currencies. The principal cover is contained in
the "Nostro" credit balances, 83% of which are in foreign
countries. Out of net profits totalling 11,799,000 reichsmarks, the bank will again pay a dividend of 12% on
its
capital of Rm. 60,000,000. Reserves amount to 100%
of
the share capital, and carry forward is Rm. 3,119,000.
Having brought up its public reserves to the level of its
share
capital by special transfers out of profits on securities and
on syndicate transactions in recent years, the bank has ceased
this year to include the surplus on these accounts in the
calculation of profits.
Canadian House of Commons Passes London Naval
Treaty—Premier King Offers Resolution Sending
Pact to Senate for Prompt Approval.
From the New York "Times" we take the following Canadian Press dispatch from Ottawa May 26:
The House of Commons approved the international treaty for
limitation
and reduction of naval armaments today after J. L. Ralston,
Minister of
National Defense, who was Canada's chief representative at the
London
naval conference, had reviewed the proceedings there and
interpreted the
terms of the treaty.
Prime Minister Mackenzie Ring moved the resolution of
approval, and
when it carried made a further motion that the treaty be passed
an to the
Senate for ratification by that chamber.
The treaty was not approved without criticism, R. B.
Bennett, Opposition
leader, asserting that all parties to the new treaty had signed the
KelloggBriand pact, remarked an apparent inconsistency of the two
treaties. The
Rellogg-Briand pact had outlawed war, he said. Obviously,
if war had
been outlawed, the instruments of war should not be constructed
by nations
which had outlawed it. Why, then, the need for this new
treaty: While the
treaty was only effective for five years, he was pleased
with anything
which would make it more difficult for the taxpayer to
contribute to the
cost of armament.
Mr. Bennett warned that there must always be a "police
force on the
seas," and that Canada should play her part in maintaining
it.
"Whether we like it or not, we cannot afford to sponge on
the big
man all our lives," he said. The "big policeman" had been doing policehis job
for a great many years, he added, and he "fancied that the big
policeman
was a little weary."
Neither J. S. Woodsworth, Labor member for Winnipeg North
William Irvine, member for Wetaskiwin, felt the London naval Centre, tor
had been a great success. Mr. Woodsworth doubted whether conference
the security
of Canada had been increased by the conclusions arrived at.
Mr. Irvine
said that all the conference had succeeded in doing was to
make war a
sort of gentleman's game. One nation said to the other, "I will
not shoot
you with a revolver above a certain calibre, and you, in return,
must pnomise
not to shoot me with a revolver above a certain calibre."
3801
construction of Germany's second armored battle cruiser. This ends for the
Reich's current fiscal year the strenuous attempts of the "big navy" men
to force the building of the post-war navy allowed Germany under the
Treaty of Versailles, although General Groener, Minister of Defense, annaunced he would present a complete navy building program with next
year's budget.
The battle cruiser funds demanded today were refused by the combined
votes of the Socialists, Democrats, Centrists and Communists, several of the
parties belonging to the present coalition group voting with the Nationalists.
A Worsening in the unemployment situation and a marked falling-off of
the Reich's regular revenues have resulted in fresh confusion being thrown
Into the Federal budget for 1930. Dr. Paul lioldenhauer, Minister of
Finance, now finds himself confronted with a total deficit estimated between
$180,000,000 and $250,000,000. He proposes partial coverage of this
shortage by advancing the unemployment insurance premium 1 per cent,
which is expected to yield $75,000,000, but he has not yet found untapped
sources out of which the remaining deficit can be met.
There is a possibility that the proposed beer tax will again become the
subject of a parliamentary battle, as Dr. Moldenhauer continues to view it
as one of the few available sources which can be drawn on without imposing
hardships on the populace.
Despite the confusion existing in the Reich's finances and his inability
to balance his budget, Dr. Moldenhauer intends to keep the Reichstag members in session until the necessary financial relief measures have been enacted.
Drop in Silver Blamed for Suspension of Four Small
Shanghai Banks.
United Press advices May 29 from Shanghai, China,
published in the New York "Sun," said:
Depressed silver prices were regarded to-day as responsible for the
failure yesterday of four Chinese exchange banks in Shanghai.
The banks had a total capitalization of 2,200,000 Chinese dollars (about
8770,000 United States currency). Other banks were reported sound
despite persistent rumors to the contrary.
The Chinese dollar at par is worth 50 cents United States currency. The
falling silver rate, however, has brought it to a new low, with the average
for several months being about 3 to 1, the Chinese dollar at present being
worth about 35 cents.
New Low Price for Silver—New York and London
Break on Selling by China and by India—Gold
Standard a Factor.
Noting, in its May 29 issue that silver prices in New
York and London again set new record low prices that day,
the New York "Evening Post," said:
At New York silver was quoted at 37k; cents a fine ounce, a break of
1% cents from yesterday's quotation. At London prices broke 9-16 of a
penny to 17 7-16 pence.
Selling by Chinese interests was again, as it has been during silver's long
decline, regarded as the main cause of weakness in prices. In addition, it
was said there was selling from India and the United States on a considerable
scale.
In other commodity markets comment was heard that prices of rubber,
a Far East product, also set new low marks to-day and that silk, another
Far East product, has repeatedly, in the recent past, set new record low
prices.
The decline in the price of silver was notably a factor on the bear side of
cotton to-day.
Associated Press dispatches from London to-day said:
Silver touched a new low record of 17 7-16 pence
market to-day, due to selling by Chinese interests. an ounce in the open
In common with other commodities, silver has been on
grade
for some time, and,since the adoption of the gold standard the downselling
in India,
from that quarter has accelerated the decline.
Occasional offerings also have been made by America, but the chief
source of weakness come from the direction of China.
Foreign countries now using the gold standard have more silver than
they need, and brokers in the bullion market in London say they would not
be surprised to see prices ease still further.
Egyptian Supreme Economic Council Recommends
Establishment of Agricultural Bank with Capital
of $19,000,000.
The New York "Times" reports the following from Cairo
May 28:
The Egyptian Supreme Economic Council has recommended the establishment of an agricultural bank with a capital of E4,000,000 (about
$19.•
000,000), divided into two Portions of £1,000,000 and E.3.000,000.
The Government will supply half or a third of the smaller portion, the
public to subscribe the balance. The Government would lend the bank
the larger portion at a nominal rate of interest and the bank would finance
co-operative societies at a rate of 6% and private individuals at
7%•
This measure, if adopted, will strengthen the Wafdist (Nationalist
Party)
position with the fellaheen, who have been badly hit by the invasion of
locusts and the general depression and whose crops are now threatened by
the pink bollworm.
C. G. Dawes, U. S. Ambassador to Great Britain, Granted
Month's Leave of Absence—To Aid Chicago Fair Plans.
The State Department at Washington has granted a
month's leave of absence to General Charles G. Dawes,
Ambassador to Great Britain, to permit him to return
to the United States and assist in the development of
plans for the Chicago Exposition to be held in 1933.
German Reichstag Refuses New Cruiser Funds—More
General Dawes will sail on June 7 and spend about two
Unemployment and Drop in Revenues Throw
Con- weeks in this country. Washington accounts to the New
fusion into Budget for Year.
York "Times" stating this added:
The following Berlin cablegram May 23 is from the New
Recently Secretary Stimson denied that the Ambassador was
beYork "Times":
ing summoned home in connection with the fight in the Senate for
The Reichstag today by a vote of 270 to 129 rejected a motion of
the
German Nationalists for an appropriation of $700,000 for beginning
the
ratification of the London naval treaty. The application for his
leave
of absence was received today and was said to be in accordance
witb
plans he had had for several months to return at this time.
FINANCIAL CHRONICLE
3802
[Vou 130.
The bonds are in coupon form in denominations of $1,000
and $500, registerable as to principal. Principal and interest
Breaks Ground.
(May 1 and Nov. 1) are payable at the principal office of
A Chicago dispatch May 27 to the New York "Times"
either of the fiscal agents in New York City in U. S. gold
stated:
except in the
today and coin, free of all present or future Chilean taxes
A steam shovel dug its teeth into the clay of Grant Park
case of citizens or residents of Chile. Kissel, Kinnicutt &
thus started work on the Century of Progress Exposition.
To the accompaniment of tractors and movie cameras Rufus Dawes, Co. and Hallgarten & Co. are fiscal agents. Information
president of the World's Fair of 1933, stood at the throttle of an
supplied to the latter by David Hermosillo, Minister of the
excavator and guided the first scoop of muddy soil into a waiting
Interior, and Rodolfo Jaramillo, Minister of Finance, of the
wagon.
It was the breaking of ground for the first structure of the fair, Republic of Chile, says in part:
the Administration Building, which will be completed by November,
Government Regulation.—Under Chilean laws, decrees and regulations,
on the Lake Michigan front, just east of Soldiers Field.
the revenues of the City are collected and disbursed under the direct conWork
Begins on
Chicago
World's
Fair—Rufus Dawes
trol and supervision of the-Ministries of Finance and of the Interior of the
Chilean National Government. The approval of the Chilean National
Government is required for all municipal loans, budgets and accounts, and
the Government is given wide control over the finances and financial
policy of Municipalities. No changes can be made in the approved municipal budget without the Government's consent. In accordance with the
of the past two days. Despite foregoing system, the present issue was arranged through the Ministries
The Bank of India has withstood the run
substantial withdrawals, its credit is unimpaired. The agitation against of the Interior and Finance of Chile and has been officially approved by
Its manager, A. G. Gray, for allegedly assisting in the arrest of Congress the Chilean National Government. The loan agreement and (or) existing
leaders, has died as quickly as it arose, and the bank's business is normal laws and decrees provide in subetance, among other things, that:
again. The Congress "war council" was reconstituted today to fill the
1. The Government will retain and (or) collect from the revenues of the
gaps caused by the arrest of its officers.
municipality funds sufficient to meet the service of this loan.
volunteers were further depleted today by the arrest
2. The Government will cause adequate provision for the service of this
The ranks of the
loan to be included in the budget of the municipality.
of sixty on their way to raid the Wadala salt depot.
3. If actual municipal revenues fall short of budget estimates, precedence
Is to be given to the payment of debt service over all other municipal
Demonstrations Hurt Business in Bombay, India.
payments.
4. The service of the loan is to be transmitted through the Treasury
A Canadian Press dispatch from Bombay May 26 was
General of Chile.
York "Times":
published as follows in the New
5. The municipality shall not contract any loan in the future if thereby
Bombay nowadays is a city of hartals, speeches and processions. The its total debt would exceed its total revenues during the preceding 3 years
business of the city has been seriously affected, but the demonstrators— unless authorized by special law and unless additional revenues are created
followers of Mahatma Gandhl—though boisterous in denouncing the govern- to cover such excess.
Obligation.
ment of India and demanding a boycott of British goods are, in the main,
These bonds constitute the direct obligation of the city and are secured
good humored.
They readily respond to the smiles of Europeans with reciprocal smiles, by its full faith and credit. The city agrees that in case it shall create any
revenues,
though undoubtedly they would be quick to respond to hot language by debt specifically secured by lien or charge on any of its assets or
therewith.
hotter terms or even by action. There have been occasional unpleasant these bonds shall be equally and ratably secured
manifestations against individual Europeans, but the Gandhi volunteers
Purpose.
are usually at pains to keep their more ebullient followers within bounds,
The proceeds of this loan will be used for public improvements and for
although they are not always successful.
the retirement of floating indebtedness.
It may be that Europeans in Bombay, generally speaking, go about their
Finances.
business and pleasure without molestation and without undue consciousness
The present indebtedness of the city, including this loan, is *7,007,372.
of restraint, though undoubtedly the atmosphere of circumspection, as
This figure excludes two items which under the general law are not required
regards speech and action, prevails in the European community.
to be included in computing the borrowing capacity of the city: (1)$728,158
of floating debt, over $650,000 of which is to be retired from the proceeds
of the present loan under Government supervision; and (2) an advance of
France Plans to Cut Taxation on Tourists.
$3.000,000 authorized by special National Law.
Elimination of restaurant cover charges, tipping of ushers
The City of Santiago has never defaulted in the payment of principal or
In theaters and taxes on restaurant and hotel bills are Interest on any of its obligations.
Run on Bank of India Ends.
Under the above head the New York "Times" reported the
following from Bombay May 23:
among the latest objects of the French superior council of
touring in the attempt to make the lot of the tourist easier
this Summer, according to information sent the Department
of Commerce by Trade Commissioner Louis Hall at Paris.
The Departments statement as given in the "United States
Daily" of May 24 follows:
These moves are announced as part of the government's plans for tourist
promotion during 1930.
An autonomous fund will also be established to cover the expenses of an
elaborate propaganda involving an advertising campaign designed to reach
the prospective tourist in foreign countries by all possible means—poster,
circulars, conferences, moving pictures and radio. The funds for this
propaganda will be derived from (1) contributions from the syndicated
touring interests in France, the French watering-places, touring centers,
touring agencies, etc., and (2) frotn the government, in the form of a contribution equal to twice that of the various commercial interests referred
to above.
The expenditure of the fund thus jointly contributed by the state and
private or local touring interests will be in the hands of the Office National
du Tourisme whose offices, incidentally, have recently been transferred from
an obscure address on the Rue de Surene to a prominent excellent location
on the Champs-Elysees.
In developing plans for the advertising campaign in foreign countries,
much prominence will be given to the slogan of "Fifteen days in France for
$100" (or the equivalent sum in other foreign countries), according to the
French information. In this way a special effort will be made to attract
the medium class of tourists
Offering of $2,200,000 7% Bonds of Santiago, Chile—
Issue Reported Sold.
Public offering was made May 28 of a new issue of $2,200,000 City of Santiago, Chile, 7% external sinking fund gold
bonds of 1930, dated May 1 1930 and due May 1 1961, by
Hallgarten & Co. and Kissel, Kinnicutt & Co. at 9634 and
interest, to yield about 7.30%. On the same day it was
announced that the subscription books had been closed, all
it is stated, are
of the bonds having been sold. The bonds,
with the approval of the Chilean National Governissued
sinking fund
ment. Provision is made for a cumulative
Regarding
calculated to retire all the bonds at maturity.
provisions, it is stated:
the sinking fund
annum operating semi-annually
Cumulative sinking fund of 1% Per
principal amount and accrued interest,
through purchase of bonds up to
redemption of bonds by lot on thirty days'
or if not so obtainable through
interest. Not redeemable pienr
notice at principal amount and accrued
Redeemable as a whole or in
to May 1 1935, except for sinking fund.
date thereafter on thirty days'
Dart on May 1 1935, or on any interest
notice i.t principal amount and accrued interest.
Ordinary revenues of the City for the past three years, it
is indicated, have exceeded ordinary expenditures, and in
1929 ordinary revenues were $2,767,925 and ordinary expenditures $2,183,841. Figures presented for 1930 show a
budgetary surplus. The present indebtedness of the City,
including this loan, is $7,007,372.
Conversion of Warsaw (Poland) Loans of 1917 and 1919.
According to the American-Polish Chamber of Commerce and Industry in the United States, Inc., May 24, the
Finance Department of the city of Warsaw published the
following announcement concerning the conversion of the
Warsaw loans of 1917 and 1919:
In accordance with a decision of the Municipal Council of Nov. 7 1929.
approved by the Government's Commissioner on Jan. 4 1930. the administration requests all holders of bonds—the 6% loan of the city of Warsaw,
dated July 1 1917 and the 6% loan, dated Jan. 2 1919, to deposit same for
the purpose of conversion into new bonds issued in zlotys.
The 6% bonds of 1917, dated July 1 1917 will be accepted for conversion
nto the eighth series bonds of the 6% conversion loan of 1926, beginning
With April 25 1930. The rate of conversion is as follows:
71 zlotys and cash payment of 0.40 zlotys for 500 Polish Marks.
142 zlotys and cash payment of 0.80 zlotys for 1000 Polish Marks.
426 zlotys and cash payment of 2.40 zlotys for 3000 Polish Marks.
Simultaneously with the conversion of bonds, the city treasury will pay
to the holders, interest on the difference between the present rate of 14.28
zlotys per 100 Polish marks, and the heretofore applied rate of 7.68 zlotys
per 100 Polish marks,figuring on the basis of 414 years, viz.:
53.46 zlotys for 3000 marks.
17.82 zlotys for 1000 marks.
8.91 zlotys for 500 marks.
-mark denominations will not be con-mark and 250
Bonds of the 100
verted into zloty bonds and the city will refund them in cash, beginnin3
with July 1 1930, at the rate of 14.28 zlotys per 100 Polish marks,and 35.70
zlotys per 250 Polish marks, plus the difference of interests, viz.: 1.80 zlotys
Per 100 marks, and 4.50 zlotys per 250 Polish marks.
Bonds of the 1919 6% loan, dated Jan. 2 1919 will be accepted for conversion into series 9 of the 6% conversion loan of 1926, beginning May 23
1930. The rate of conversion is as follows:
38 zlotys and cash payment of 0.50 zlotys per 500 Polish marks.
76 zlotys and cash payment of 1.00 zlotys per 1000 Polish marks.
228 zlotys and cash payment of 3.00 zlotys per 3000 Polish marks.
-mark denominations will not be conBonds of the 100
-mark and 250
verted into zloty bonds, and the city will refund them in cash, beginning
with July 1 1930 at the rate of 7.70 zlotys per 100 marks, and 19.25 zlotys
per 2.50 Polish marks.
The Chamber says:
Bonds should be deposited with proper applications at the office of the
City's Treasurer, Senatorska 14, Warsaw, Poland. For the convenience of
American holders of the above bonds the city of Warsaw is making arrange-
MAY 31 19301
FINANCIAL CHRONICLE
manta with a New York bank, which will act as agent of the city in all
matters pertaining to the conversion. Upon completion of these arrangements, a proper announcement will be published in the survey.
It must be pointed out that the conversion will be made by drawings.
The American-Polish Chamber of Commerce will receive in the near future
a list of all numbers called at the first drawing, which took place on April 1
1930.
3803
000, which the Soviet claimed had been deposited as a credit for an
Italian named Cibrario.
The court ruled the Italian magistrate had no authority to decide
a case involving a foreign bank, in a transaction abroad. The court
ruled, however, that the magistrate had jurisdiction over Cibrario,
living at San Remo, in which place the appeal originated and whose
court dismissed the Soviet's suit again both the New York bank and
Cibrario.
Increases in Brazilian Coffee Trade Subject to Study
by Max Winkler.
Brisbane (Australia) to Borrow in United States.
Tremendous increases in the Brazilian coffee trade, most
From the New York "Times" we take the following (Assoof which is with this country, following the depression in ciated Press) from
Brisbane (Australia) May 26:
that trade during the war years, 1914-1918, are stressed in a
The Lord Mayor of Brisbane stated today that the city would raise in
study of the Latin American investment situation made for America a loan of $5,000,000.
the World Peace Foundation by Dr. Max Winkler, Vice- In The decision to obtain the money in America was made after inquiries
the London market had revealed that money was not available on
President of Bertrom, Griscom & Co. of New York. Dr. favorable terms.
Winkler's study has been issued by the World Peace Foundation under the title "Investments of United States Capital in
Greece to Get Loan.
Latin America," as one of a series published for the purpose
Athens (Greece) advices published in the "Wall Street
of furnishing facts in an unbiased and undistorted manner Journal" of May 29 said:
with a view of improving international understanding.
Agreement has been reached between Greek Finance Minister and
Brazil ranks first in coffee production, Dr. Winkler states, Rreuger & Toll for a 6% 24-year £1.000,000 loan to be issued privately
having about two-thirds of the world's total export trade at 85, for erection of schools.
in that commodity, of which the people of the United States
South Africans Vote Right to Secede From
are by far the largest consumers.
British Empire.
In 1930, Dr. Winkler shows, the ratio of Brazil's coffee
exports to her total exports was less than one-half, rising
We quote from the New York "Times" the following
to 60% in 1921, to 64% in 1922, and to 76% in 1924. There Associated Press account from Cape Town (South Africa),
was a drop to 72% in 1925 with a rise again to 74% in 1926. May 22:
The South African Assembly to-day passed a motion affirming South
There has been a decline since then but in January last year,
secede from the British
coffee constituted over 70% of Brazil's exports. With a Africa's right to taken following a speechEmpire if it so desires,
The vote was
made by Premier
in reply
population of more than 42,000,000, Brazil consumes only to a speech made by General Smuts Tuesday, when theHertzogsaid the
latter
about 5% of the coffee produced in that country, states recommendations of the imperial conference of 1920 had finally disposed of
the secession issue.
Dr. Winkler.
The Premier to-day said the right of secession was the very cenerstone
Dr. Winkler observes that the United States is not only South Africa's independence and freedom. "If we want to secede there of
is
only one thing necessary. That is for Parliament to peas a law to that
the largest exporter to Brazil, but takes the biggest share of
effect."
Brazilian raw material and foodstuffs. Brazil is the second
The resolution approving the recommendations of the imperial conference
largest producer of both rubber and cocoa, the United States with an amendment to the effect that adoption "must not be taken as
derogating from the right of any member of the British Commonwealth to
consuming about two-thirds of Brazil's rubber production
withdraw therefrom." was passed by 08 to 53 votes.
and about 60% of the cocoa. Dr. Winkler presents figures
show that our imports from Brazil rose in value from
to
$116,912,144 in 1922 to $218,024,567 in 1926, Great Britain's To Consider Wheat Bloc—Little Entente Nations Will Take
Up Hungary Question Next Month.
imports from Brazil in the same period having fallen from
From Belgrade May 22 the New York "Times" reported
$29,769,379 in 1922 to $15,925,296 in 1926. Our exports
to Brazil jumped from $48,956,976 in 1922 to $113,384,802 the following:
An economic approachment between Hungary mid the Little Entente
in 1926. Great Britain's exports to Brazil which exceeded
nations will
subject
ours in 1922, amounting to $55,182,970 increased to only of the Littlebe the principalmonth of discussion at the next meeting
Entente next
in Prague.
$73,148,407 in 1926. In 1913, Dr. Winkler points out, the
It is reported that Dr. Eduard Benes, Foreign Minister of Czechoslovakia and founder of the Little Entente, has withdrawn his oppercentage of the total imports of Brazil originating from this position to
a plan for a wheat
by Yugoslavia, Rumania
country was 15.7%, and in 1927 was 28.7%. Of the total gary since the Paris agreement bloc removed so many points and Hunhas
of friction
exports from Brazil, the United States percentage in 1913 between Czechoslovakia and Hungary.
It is also reported that on Italian initiative diplomatic negotiations
was 32.2%, and in 1927 it was 47%.
have been begun between Italy and Yugoslavia
obtaining
Our financial ties with Brazil, Dr. Winkler states, are favorable transit conditions over Yugoslavian with a view to Hungary,
railways for
of recent date, in 1920 almost none of the Brazilian national which must use those lines to reach the new Hungarian free port
which it
debt having been held in this country except such parts of pensation is understood will be established by Italy at Fiume. As comItaly will take a larger proportion of the Yugoslavian wheat
issues as had found their way here by way of England, crop.
Germany and France. At present the United States holds
almost one-third of the total foreign debt of Brazil.
Cuban Currency— Total in Circulation at End of 1929
Dr. Winkler presents tables showing that in the last
Shows Drop in Year.
15 years, American investments in Brazil have increased over
From Havana the "Wall Street Journal" of May 27 re850%. Our Brazilian investments in 1913 were only about ported the following:
$50,000,000. In 1929 they amounted to more than $476,.. According to a survey completed by
the Bureau of Currency of the Cuban
000,000. British investments in Brazil which were $1,161,- Department of Finance, on Dec. 31 1929, there was in circulation in Cuba
$33,649,450 in national money (gold, silver and nickel) and $102,177,311
500,000 in the pre-war years, had increased to $1,413,589,United States money (gold, silver, nickel,
and
000, an advance of less than 25% in the 15-year period. In $135,826,701,compared with $178,037,909copperend bills), a grand total
of
at the
of 1928.
Reviewing the old Brazilian coffee valorization plan, Dr.
Of the first total, $10.023,490 of Cuban money and $7,947,350 of United
States money was in the Treasury;$2,488,481 and $43,141,304,respectively,
Winkler observes that the objection to that plan in this
country was due to the fact that the loan of $50,000,000 In banks; and $21.137.477 and $45,088.643 in the hands of individuals.
necessary to carry it out was excluded from the United
Venezuela Planning to Pay Entire External Debt.
States market and floated in Europe.
The following dispatch May 27 is from the New York
"Journal of Commerce":
Portugal to Offer Loan June 2.
Payment of the entire external debt of Venezuela during the coming year
A Lisbon (Spain) cablegram May 26 to the New York
Is provided for in legislation just adopted by the Venezuelan Congress,
"Times" says:
according to a report to the Department of' Commerce to-day from its
The Ministry of Finance has set Tune 2 for offering to the public the
first of a series of five internal loans of 100,000,000 escudos (about
$4,520,000) each at interest of 6%. The money will be used for the
consolidation and retirement of the floating external debt. The issue
is
underwritten by leading Portuguese banks. The last internal loan
of 100,090,000 escudos was crversubseribed to the extent of twice the
amount of the loan.
office at Caracas.
The paying of the debt will be done in commemoration of the 100th
anniversary of Simon Bollvar, the Latin American emancipator.
Cornerstone is Laid for American Embassy at Tokio—W. R.
Castle, Ambassador, Officiates at Ceremony for Our
$1,000,000 Building—Ambassador Leaves for America.
Genoa Court Dismisses Suit Against National City Bank
Under date of May 20 a wireless message to the New
For $1,000,000 Claimed By Russian Soviet Government.
York "Times" stated:
New York "Evening Post" we take the followFront the
William R. Castle, the American Ambassador, today laid the corner.
ing (Associated Press) from Genoa May 24:
stone of the $1,000,000 American Embassy at an
The Court of Appeals today threw out othe suit of the Soviet
'Government against the National City Bank of New York for $1,000f
impressive ceremony
attended by the American community and members of the America.
Society.
Japan
3804
FINANCIAL CHRONICLE
It was Mr. Castle's last public appearance here, as he sails for home
tomorrow.
Among the notables present were Prince Tokugawa, President of the
America-Japan Society; Baron Shidehara, the Foreign Minister, and
Viscount Shibusawa, veteran statesman.
The new embassy, already partly constructed, is expected to be completed early next year. It stands on the site of the former embassy,
destroyed by the earthquake and fire in 1923.
In its comments the "Times" said:
The new structure, designed to be the finest diplomatic building in
the Orient and one of the most elaborate owned by the United States
anywhere, is being erected on the crest of a hill across a valley from
another elevation on which the new Parliament building is being built.
Pending the embassy's completion next Spring, Ambassador Castle,
who was sent to Japan as a special envoy during the London Naval
Arms Conference and will return to his old post in the State Department at Washington, has been occupying the Ambassadorial suite in the
Imperial Hotel in Tokyo.
(Vou 130.
this gold dust in payment of his bill and the local company accepted.
Whenthe gold arrives here Bliss, Fabyan & Co. will turn it over to the
mint in exchange for more negotiable specie, they said.
.
Trinidad Rejects Sugar Loan Bill.
The New York "Times" in advices from Pert of Spain,
May 24, said:
The sugar manufacturers have been asked to accept not relief but a loan
as a first charge on their properties," said Frederick Grant at the Trinidad
Legislative Council yesterday, in moving for the rejection of $700,000 on a
fifteen-year loan voted by the finance committee Tuesday. It was agreed
to send the bill back for further consideration and fresh proposals.
The proposed loan was referred to in our issue of May 24,
page 3640.
Portion of External Loan of Republic of Finland Drawn.
Bonds of Mortgage Bank of Chile Drawn for
Redemption.
Kuhn, Loeb & Co. and Guaranty Trust Co. of New York
as fiscal agents have notified holders of Mortgage Bank of
Chile bonds that $128,500 principal amount of the guaranteed
sinking fund 63 % gold bonds, due June 30 1957, and $97,500
4% gold
principal amount of guaranteed sinking fund 63
bonds, due June 30 1961, have been drawn for redemption
at par, out of moneys in the sinking funds, on June 30 1930.
The called bonds will be redeemed upon presentation at the
office of Kuhn,Loeb & Co.or the principal office of Guaranty
Trust Co. on or after June 30, from which date interest on
the drawn bonds will cease.
%
1
/
Holders of Republic of Finland 52 external loan sinking fund gold bonds, dated February 1, 1928 and due February 1, 1958, are being notified by the National City Bank
of New York, as fiscal agent, to the effect that $113,000
aggregate principal amount of these bonds will be redeemed
at par on Aug. 1, 1930. Drawn bonds are required to be
surrendered, together with all interest coupons maturing
subsequently to the redemption date, at the principal office
of the National City Bank, 55 Wall Street, where they will
be paid through operation of the sinking fund. After Aug.
1, next drawn bonds will cease to bear further interest.
Bonds of Hungarian Consolidated 7% Loans of 1926
and 1926 Drawn for Redemption.
Speyer & Co. announce that the seventh drawing for the
sinking fund of the Hungarian Consolidated Municipal 7%
loan of 1926 and the tenth drawing for the sinking fund
of the Hungarian Consolidated Municipal 73- % loan of
1925 have taken place, and that $87,500 of the 7% bonds
and $155,500 of the 75% bonds will be payable on and
after July 1 1930 at par at their offices, 24 and 26 Pine St.,
New York.
Washington Accepts "Istanbul" As Replacing "Constantinople."
The name "Istanbul" has been substituted by the State
Department for "Constantinople" in order to conform to
the new legal name for the city, as directed by the Turkish
Government. In reporting this from Washington May 27
the New York "Times" said:
Officials said today that all government mail sent to the city was
being addressed under the new designation of Istanbul, in accordance
with the policy of always observing the change in legal names of places
in foreign countries.
Drawing For Redemption of Danish Consolidated Municipal
Loan.
The National City Bank of New York, as fiscal agent, is
notifying holders of Danish Consolidated Municipal Loan
twenty-five year 8% sinking fund external loan gold bonds,
series A and B, due Feb. 1, 1946, to the effect that $325,000
aggregate principal amount of these bonds will be re1
/
deemed on Aug. 1, 1930 at 1072 and accrued interest.
Drawn bonds with all interest coupon maturing on and
subsequently to the redemption date, are required to be
surrendered on Aug. 1 at the principal office of the bank, 55
Wall Street, New York, where they will be redeemed and
paid through operation of the sinking fund. After the redemption date, drawn bonds will cease to bear further
Bonds of Republic of Estonia Purchased for Sinking
Fund.
Hallgarten & Co. announce that they have purchased for
the sinking fund $15,000 principal amount of Republic of
Estonia (Banking and Currency Reform) 7% Loan, 1927,
due July 1 1967. These bonds have been retired and there
now remains outstanding $3,923,000 par value of bonds.
C. C. Teague of Federal Farm Board Says Latter Will
Interfere as Little as Possible in Establishing System
of Grower-Owned and Controlled Co-operative Marketing—Comments on Views of U. S. Chamber of Commerce.
In a talk on "The Agricultural Marketing Act—Its Relation to Consumers and Business Organizations," given over
interest.
the National Broadcasting Company's chain of radio staBonds Drawn for tions on May 8, C. C. Teague, member of the Federal Farm
Republic of Chile Railway Refunding
Board said:
Redemption.
There has been a great deal of discussion lately about the need of
The National City Bank of New York, as fiscal agent, a closer understanding and relationship between business and agrihas notified holders of Republic of Chile Railway refunding culture which has been welcomed by agriculture generally. This has
sinking fund 6% gold external bonds, due Jan. 1, 1961, to taken the form of invitation and solicitation by the United States
Chamber of Commerce to agricultural organizations to join the Chamber,
the effect that the Republic of Chile will redeem on July 1, which has been generally accepted where these organizations had any
aggregate principal amount of the bonds at money to join with, but which I will have to admit in a large number
1930, $259,000
par. Bonds which have been drawn for redemption will be of cases.
There was witnessed here in Washington recently a spectacle which
redeemed upon presentation and surrender with unmatured seemed to demonstrate how far commercial business interests will go
office of The National in the support of agriculture whenever the aid extended in any way
coupons attached at the principal
City Bank of New York, 55 Wall Street, on July 1, after interferes with established business. It has been the purpose of the
Federal Farm Board in Making effective the Agricultural Marketing
which date interest on the drawn bonds will cease.
Act to interfere just as little as possible with
business, but
established
it has been impossible to carry out the primary purpose of the Act,
which is to establish a system of grower-owned-and-controlled co-operative marketing for the agriculture of the country, without in some
cases disturbing commercial operators particularly at the point of
production.
The operations of the Board that have bought about the most criticism from certain quarters are those in wheat and cotton. During
October and November there was a stock panic when probably fifty
per cent of the supposed values of industrial stocks was squeezed out.
The country has been suffering from the effect of this ever since;
wheat and cotton were headed in the same downward direction.
In an effort to prevent any further serious decline in these commodity
Honduras. prices the Farm Board offered to loan to co-operatives $1.25 a bushel
Payment of Gold Dust Made by Merchant in
on wheat and 16 cents a pound on cotton with the customary grade,
23: variety and freight
differentials to the various terminal markets. This
The following is from the New York "Times" of May
Bliss, proved effective for several months, but later when there was a sharp
Days of '49 were recalled by a transaction reported yesterday by mills. decline in the price of
Alabama
wheat the Board, under the terms of the AgriFabyan & Co., Inc., of 32 Thanas St., selling agents for the
payment cultural Marketing Act, authorized an emergency stabilization operation
in Honduras gent them a consignment of gold dust in
A merchant
in wheat. The purpose of this stabilization operation was to take off
for a shipment of cotton goods he purchased.
consider- the market whatever quantity of wheat was necessary to prevent any
Honduras is a gold mining country and the merchant takes in a
tendered considerable decline in the price.
able amount of native gold in payment for his commodities. He
State of San Paulo Bonds of 1928 Drawn for Redemption.
Speyer & Co. and J. Henry Schroder Banking Corporation
announce that the fourth drawing for the sinking fund of
the State of San Paulo forty-year 6% sinking fund gold
bonds of 1928 has taken place and that the $51,000 bonds
par
so drawn will be payable on and after July 1, 1930 at
either of their offices.
at
MAY 31 1930.1
FINANCIAL CHRONICLE
In accordance with its announcement last October the Board continued making these loans to the wheat and cotton co-operatives over
a period of more than six months, regardless of the fact that the market
part of this time was below the loan values. The policy of fixed loan
values on cotton and wheat, together with the subsequent stabilization
operation in wheat, undoubtedly saved a panic in these commodities
which would have cost the farmers of the country many millions of
dollars and if this depression had been added to the business depression
caused by industrial stock losses it perhaps might have cost the country
billions of dollars. This action was taken in a national emergency and
in the opinion of the Board was entirely justified and in the interest
of all of the people even if later this action cost the tax-payers some
money.
If these efforts to prevent a serious decline in wheat and cotton
prices have made any important contribution toward the prevention
of a general crisis or panic in this country, it may be that this alone
justifies the Agricultural Marketing Act.
Stabilization operations as contemplated by the Act probably are only
warranted in cases of emergency when the laws of supply and demand
do not normally operate and should be approached with great care.
These operations in wheat and cotton have brought on a most vocifer
,
ous howl, which has reverberated throughout the country until it
reached the halls of the United States Chamber of Commerce in annual session Wednesday, April 30. This was the day set by the Chamber
when the Farm Board was placed on trial and was called upon to
defend itself. Chairman Legge made a splendid statement of the purposes
and activities of the Board and the reasons for its actions, as did
also Secretary Hyde. Congressman Fort, who was a Member of the
Agricultural Committee, which after extended hearings drafted and
sponsored the Act, made a strong statement in support of it as wise
legislation in the interest of the general public and to assist the agriculture of the country, which generally was recognized to be in great
distress and which formed an important part of the social and economic
structure of the country.
Mr. Dan A. Millett, investment banker and stockman of Denver,
Colorado, was selected by the Chamber to lead the attack, the essence
of which was that it would be better to go back to first principles, with
no artificial interference with economic laws; to abolish tariffs and all
artificial aids to business, labor and industry. Mr. Millett's philosophy
seems to be expressed in the following quotation from his address: "Let
no man think that living standards of America can be permanently
maintained at a measurably higher level than those of other civilized
countries.
"We have been measurably successful for over a hundred years in
keeping the living standards of American labor and American farmers
above the peasantry of Europe and the earning power of American
capital above that of Europe and I do not believe that our people are
yet ready to abandon that policy."
Following the statements of the prosecution and defense, discussion
was limited to five minutes per person. It was interesting to note that
all of the speakers who demanded the repeal of the Agricultural Marketing Act represented national organizations of commercial and speculative operators, bonded together for mutual protection, who were
attacking the attempt of the Government to assist the farmers in organizing so as to be in position to in some measure protect themselves.
The Resolutions Committee reported a resolution, which was passed by
the Chamber, pledging it to work for the amendment of the Act so as
to make in ineffective. In my opinion the United States Chamber of
Commerce has made the greatest mistake in its history.
It is quite probable that the same interests responsible for this
reoslution are also responsible for publicity directed toward discrediting
the Agricultural Marketing Act and the activities of the Farm Board,
in suggesting that this legislation will raise price levels to consumers of
agricultural products.
The main purpose of the Act is not to raise prices to the consumers but
to give the producer a larger share of the consumer's dollar. In fact the
Act directly charges the Board not to support co-operative organization
or stabilization operations to a point that brings on any distress to the
consumers. Another reason that consumers need have no fear is that it
and quickness with which producers can get into agricultural production,
•-• not possible to get a monopoly in food proc,ucts because of the ease
the small amount of capital required and because of the always available
land inviting the producer whenever there is an opportunity for profit.
Therefore, any attempt to arbitrarily raise prices to a level where unreasonable profits are given the producer is sure to bring a flood of
production that will defeat the attempt and bring disaster to the producer.
The old speculative system of distribution has been proved aften times
wasteful and inefficient. It has often to pay the producer a living price
for his products and at the same time the consumer has often had to
pay high prices. On the other hand it has been demonstrated that in
many cases where producers are organized into effective co-operative
sales organizations they have been able to prosper and at the same
time not to put a burden on the consumers of the country. That which
makes this seeming inconsistency possible is that through co-operative
organization producers are able to effect many savings and in wastes and
improper charges between the producer and the consurmer which are reflected in a larger percentage of the consumer's dollar being returned
to the producer.
Let us consider for a moment some of the things that may be accomplished through effective co-operative organization of producers. Forst
is the elimination of the element of speculation in the product of the
farmer at the point of production. Until the farmer is organized and
is in position to collectively bargain for the sale of his product he has
to take the best price he can obtain from commercial buyers, who,
of course, are in business to buy as cheaply and sell as dearly as they
can. The result is that the farmer on account of lack of knowledge of
quickly changing markets and inability to protect himself against manipulation of markets does not get the full value of his product.
Most farm products are bought and sold by commercial operators at
the point of production. The number of these operators in most commodities is very large. Each buys, packs and distributes without much
knowledge of the other's operation and the result is a disorderly unscientific distribution, which often results in demoralization of markets,
gluts, and famines, and losses to the wholesale distributing trade as
well as to the farmers. It is not uncommon to have a demoralized wholesale market which is quickly reflected back to the producer and still
not effect appreciably the retail prices to the consumer. In other words
rapidly changing markets due to poor distribution often make losses
to producer, shipper and wholesale dealers that are not reflected back
to the consumer in lower prices. On the contrary, particularly with
3805
annual crops such as fruits and vegetables, the producer following years
of disastrous prices often becomes discouraged and does not plant
sufficiently to take care of the demand the succeeding year and the
result is high consumer prices. To put it in another way it is better
for both the producer and consumer to iron out the peaks and valleys
in prices by a more uniform supply brought about by orderly marketing
and production.
If the producer is organized so that he can control, through co-operative marketing organizations, a large percentage of the product of his
industry he can properly distribute so as to place on the market the
maximum quantity that the market will take and maintain a reasonable
price. Through control of a large volume his cost is low. He can
largely eliminate the losses and sometimes unreasonably large profits
of commercial operators at point of production. He can adopt and enforce standards of grade and quality, which are impossible under other
conditions and which benefit the consumer. He can spread the cost of
national advertising over a large volume at a low per package or unit
cost, thus keeping the consumption of his product in pace with increasing production. He can collectively handle railroad claims and rate
questions and even make proper representation on tariff matters. In
short through co-operative action he can eliminate speculation, distribute
efficiently at low cost and eliminate many of the wastes and unnecessary
costs between the producer and the consumer.
Reference to the criticisms of the operations of the Federal Farm Board at the meeting of the United States Chamber of Commerce appeared in our issue of May 3, pages
3092-3093.
Federal Farm Board Not to Adopt Wheat Price Peg for
1930 Crops—Farmers' National Grain Corporation
to Grant Loans on Basis of Percentage of Value, to
Be Determined by Board.
Loans made by the Farmers' National Grain Corporation to agricultural co-operatives on 1930 crops will be
granted on a percentage-of-value basis to be determined from
time to time by the Federal Farm Board, according to an
announcement just issued by the Grain Corporation. A
statement to this effect from St. Paul May 26 appeared in
the New York "Evening Post", the dispatch also stating:
The Grain Corporation's new loan program for marketing the new crop
makes no mention of loans at "pegged" or "fair minimum prices." such as
were granted in the emergency period of the 1929 crop, when loans were
made on a fixed valuation basis irrespective of market quotations.
The Federal Farm Loan Board will make changes in the valuation basis
for loans on t e new crops as market conditions warrant. As heretofore,
the grain co-operatives are instructed to obtain primary loans from the Intermediate Credit banks and the commercial or private banks, after which
the Grain Corporation will grant supplementary advances.
Rules governing the making of loans for expanding the facilities of the
co-operatives and for the handling and merchandising grain are also defined
I y the Grain Corporation in its new notices, one of which has been received
by the Farmers' Union Terminal Association of this city.
Legislative Panaceas for Farmer Do More Harm Than
Good is View of Union Trust Co. of Cleveland,
Fundamental Solution in Increasing Efficiency and
Economy.
Legislative panaceas for the farmer will do more harm
than good, because agriculture in the United States simply
is caught in the same process of mechanization as manufacturing industry and the farmer, somewhat belatedly, is
faced by the same problems as have confronted the industrialist for the past quarter century. These conclusions are drawn
by the Union Trust Co. of Cleveland in a survey of the farm
implement industry published in the bank's magazine,'
"Trade Winds." In agriculture, the bank asserts, the farm
equipment industry is playing the role played in manufacturing by the machine tool industry. Other opinions expressed by the bank are:
That the growing importance of foreign agriculture is dinainishin the
reliance of the world on the United States for wheat and cotton;
That the fundamental solution of the agricultural problem lies in constantly increasing efficiency and economy, as the manufacturing industry
has done and is doing, and,
That the movement away from the farm and the abandonment of less
fertile land are logical and sound economic adjustments, which undoubtedly wilt not cease until all high-cost farming has been eliminated.
The bank in its comments says:
Th, advent of power farming has been
declared by authoritative observers as analogous to the industrial revolution ushered in by the advent
of the steam engine. 'Whereas the industrial revolution was based on steam
power, the internal combustion engine is the foundation of the agricultural
revolution.
The tractor is the power plant for a multitude of hiely specialized farm
implements which are saving annually close to 1,500,000 man-days of
labor in the production of eight major crops. Since 1920 4,723,552 horses
and mules have been replaced on the farms by 608,906 tractors.
Alert farmers seek to lower production costs by the introduction of improved machinery. As costs are lowered and the productivity of labor
increased, yields tend to increase and prices to fall. This again necessitates
more labor-saving machinery to further lower costs.
However, the growing importance of foreign agriculture is diminishing
the reliance of the world on the United states for wheat and cotton. Our
greatest rival in wheat production is Russia, which in 1929 produced
920,000,000 bushels as against 807,000,000 by the United States. As agricultural machinery from the United States remedies the primitive methods
of growing wheat in other parts of the world, it will become increasingly
more difficult for the United States to dump its surplus production into
the export market.
3806
FINANCIAL CHRONICLE
American farmers often have been advised to curtail acreage sown to
these crops but to no avail. What they have not done voluntarily, the grim
working of economic necessity may force them to do. The so-called marginal
lands—that is, the less fertile farms, are being abandoned, and bankruptcy
Is overtaking many producers. Farm population is dwindling.
The movement away from the farm Is not only a matter for alarm, but
is necessary to a sound National economy. There has been no good,
productive land abandoned, but only land which by reason of lack of
fertility or adverse climatic conditions would under the best conditions
yield a precarious living. Farms are being consolidated, and the high-cost
farmer is in the same plight as the high-cost industrialist.
It is the nature of technological advance, which the new implements are
bringing to agriculture, that its progress is marked by constant acceleration.
If unhindered by political substitutes for economic law, the period of transition in agriculture would doubtless be shorter than that in industry.
As circumstances are, the length of time it will take agriculture to reach
a state of comparative economic stability is unpredictable.
Farmers Urged to Store Wheat—"Keep It on Farms to
Avoid Congestion," Co-operative Advises—Seek to
Curb Price Fall—Terminal Market Congestion.
From St. Paul a special dispatch May 24 to the New York
"Evening Post" said:
[VOL. 130.
President of the Grain Stabilization Corporation and•general manager of the
Farmers' National Grain Corporation.
Mr. Lang, while commending the millers for co-operating with the Farm
Board, said he did not condemn the grain interests for their opposition.
Two particular types of grain men, the country station operator and the
terminal commission man, are imperiled by the Farm Board program,
Mr. Lang said.
Hopes for Adjustment.
"In the former classification," he said, "it is hoped that reimbursement
may be through the purchase of facilities. But a satisfactory answer to the
second situation is not quite clear. The point is that it would be unfair
to blame the men thus threatened if they use every means at their command
to keep back the tide that premises to destroy them."
The Farm Board was compelled to enter upon its program too soon,
Mr. Lang said; the situation would have been quite different had the
Agricultural Marketing Act been effective as of July 1, 1930. Its difficulties were further increased, he argued, by the fact that millers, grain
dealers, flour buyers and speculators lent support to the price through
unfortunate estimates of foreign requirements from official sources. All
this was in the interest of stabilization, the banker explained, but it
served to intensify the situation that developed when it became evident
that Europe was not taking American wheat in the volumes expected.
Mr. Lang said he believed it would not be necessary for the Government
to enter the cash market in the future, and that it could operate effectively
to support the price of grain in normal years by giving support to the
futures market.
Wants Cash Market Support.
Mr. Milnor declared it was the intention of himself and his associates
to operate the Grain Stabilization Corp. and the Farmers' National Grain
Corp. in a way that would work no unnecessary injury to any part of
the grain trade. The Farmers' National Grain Corp. is simply a large
grain company, he said, and, while its activities and those of the Grain
Stabilization Corp. will injure some of the older grain companies, only
such injury as is inevitable will be wrought.
He defended the eoundness of the Agricultural Marketing Act, declaring
that industry bad achieved prosperity through the tariff, labor through
the Immigration Act and through the unions, and the banks through the
enactment of the Federal Reserve Act, and declared that, although those
organized groups had benefited through legislation which did not carry
Government subsidies, relief could not be brought to unorganized farmers
of America without the loan of Government money.
Farmers of the Northwest as well as grain men have been called upon to
make provision for farm storage of crops and to make every effort to avoid
congest! n in terminal elevators before the 1930 crop moves to market so
that the crops of the Northwest will not again be thrown into the "show
windows" for the world and domestic buyers to hammer prices down below
fair levels.
M.W.Thatcher, General Manager of the Farmers Union Terminal Assn.
of St. Paul, who has issued an appeal to members of his organization,
says that "placing wheat and other grains on the farm is the best possible
method to avoid congestion. This serves as a warning to the farmer that
there is a surplus and gives him the best possible method to halt overshipments of grain to terminals. We are building up a program of subterminal grain elevators of a half to a million bushels capacity at strategic
country points and to provide adequate storage space at the terminals. Actual construction work on this program is under way."
The North Dakota Railroad Commission reports that April 30 showed
little or no improvement over April 12 in terminal market congestion, and
describes the situation at this time as even worse than in 1929. "The crop
Other Purchases Ahead.
from the Southwest will begin to move in about six weeks,and it is almost a
certainty that the terminal congestion of last year will be repeated m1930."
In reply to a request from the floor for "a frank statement as to the
says the board.
Farmers' National Grain Corp.'s purchase of the Hall-Baker Grain Co.
"All grain men are familiar with the situation and this warning is issued of Kansas City and its reported purchases in Omaha and other cities," he
so that farmers may know what to expect and to make some provision for said the Corporation had not yet bought any more grain companies, but
farm storage in the event that it is impossible to otherwise dispose of the that it was negotiating with others and that by the time the
new crop
crop."
begins to move it expects to have facilities in Omaha. Minneapolis, and
There is one hopeful development of recent weeks,however. The receipts Duluth, and
possibly in St. Louis and Chicago.
of wheat in the Minnesota terminal markets in the past six or seven weeks
have been only about half of what they w,re in the corresonding period of
1929. This is resulting in an increase in available storage space.
Co-operative Farmer's Northwest Grain Association AcWhat disposition will be made of the 15 or more million bushels of grain
quires Capital Stock of W. C. Mitchell & Co. of
which are stored in the Northwest for the agencies of the Federal Farm
Board is still uncertain. The loans made by the Government on this wheat
Minneapolis-5,0)0,900 Elevator Space to Be Leased.
mature June 30 1929. It has been indicated that these loans will not be re'The Minneapolis "Journal" of May 22 reported that the
newed or extended, but that the wheat will either be delivered through exchange of title to the Farm Board's agencies or ordered delivered. Should Co-operative Farmers Northwest Grain Association has
delivery be ordered of any substantial volume of this grain it would mean a
completed negotiations for acquisition of the capital stock
rush to market, but the Farm Board's agencies are not expected to take any
of the W. C. Mitchell Company of Minneapolis and Duluth,
action that will cause congestion if it can be avoided.
a northwest grain firm. The paper quoted went on to say:
Federal Farm Board Urged by Millers' National Federation to Consider Campaign to Increase Wheat
Consumption—Federation Opposed to Proposal
That United States be Placed on Domestic Basis of
Wheat Production—G. S. Milnor on Operation of
Grain Stabilization Corporation.
The Millers' National Federation, in annual session at
Chicago on May 22, went on record as opposed to the proposal that the United States return to a purely domestic
basis of wheat production. This is leivrned from the
!Chicago "Journal of Commerce," which saki:
In a resolution the Federation pointed out that wheat consumption in
the United States is now nearly 90,000,000 bushels less per annum than
in pre-war years and urged the Federal Farm Board to consider the
propriety of "engaging in a nation-wide campaign to increase the consumption of wheat and wheat products in the country."
The report of the Committee on Export Trade was also adopted, which
asked that the Shipping Board act to remedy the existing disparity in
ocean freight rates between wheat and flour and also declared that proposed
tariff increases "do not tend to strengthen the relationship between our
foreign markets and ourselves, but rather disrupt trade."
Would Not Cut Acreage.
It was further held that placing the nation on a purely domestic basis
of production would not bring the anticipated reduction in acreage.
Another resolution urged the grain futures administration of the Department of Agriculture to prohibit futures trading in any grain market operating under Federal license which does not obligate its members to guarantee
all warehouse receipts delivered in settlement of contracts. Another asked
the Secretary of Commerce to ascertain as a separate item the amount
of whole wheat flour milled monthly and to include it in the monthly
reports of the Department.
Local Case in Point.
The resolution having to do with futures trading was said to have
grown out of a case on the Chicago Board of Trade, in which a Chicago
elevator attempted to force the holders of receipts for No. 2 hard wheat to
accept delivery of inferior and weevil wheat which was unfit for milling.
The measure was offered at the morning session in the report of the
Committee on Futures Trading, and was referred to the Committee on
Resolutions, which recommended its adoption.
In the afternoon the convention was addressed by Bert H. Lang, VicePresident of the First National Bank of St. Louis and a member of the
Farm Board's Advisory Committee on Grain, and by George S. Milner,
In addition, the co-operative will lease from 5,000,000 to 6,000,000
bus'hels of terminal elevator capacity in Minneapolis and Duluth,
through which stored grain of co-operative members will be handled,
according 'to A. F. Nelson, Executive Vice-President.
The W. C. Mitchell Company maintains offices at Duluth, Great
Falls and Spokane and 'has memberships in the Minneapolis and Du"
luth grain exchanges and in the grain exchange at Grand Forks, N. D.
The Co-operative Farmers Northwest Grain Company will take over
in the deal all of the capital stock of the grain corporation, Mr. Nelson
said. It is planned to continue operation of the company under its
present name and with its present officers and personnel.
Takes Larger Quarters
Application for membership in the Farmers National Grain Corporation has been pending for some time. Final official recognition
of the Co-operative Farmers group is expected soon, Barry A. Teltus,
general manager, announced today.
In the meantime, the co-operative will move into larger quarters
adjoining the W. C. Mitchell Company in the Flour Exchange building, Mr. Nelson said.
The Co-operative Farmers Northvrest Grain Corporation, known as
the Breckenridge setup, is organized to line up 'farmers' co-operative
elevators throughout Minnesota, North and South Dakota and Montana. More than 400,000,000 bushels of grain is handled annually
through the 'farmers' elevators of the four states.
300 Elevators Claimed
The co-operative group claims 300 farmers' elevators in its membership at the present time, according to Mr. Feltus.
"Farmers' elevators of the northwest, generally speaking, have long
wanted a terminal marketing organization of their own, but the problem of financing such a program has heretofore been insurmountable,"
Mr. Nelson said.
"Farmers' elevators throughout the entire country, including those
in the northwest, .are nearly unanimous in opposition to any requirement that each elevator must surrender its merchandising activity and
control over the grain handles. The Co-operative Farmers Northwest
Grain Corporation has vigorously opposed such proposed methods of
control and stands squarely, upon the principle that the co-operative
must stand or fall upon the sound foundation of service rendered."
Omaha Grain Exchange Licensed as "Contract Market"
For Grain—Inauguration of Futures 'Dealings 'Scheduled For June 16—Trading on 'New 'Omaha Stock
Exchange to Start June 7.
The Omaha Grain Exchange, of 'Omaha, Nebraska, was
designated as a "contract market" under the Grain Futures
MAY 31 1930.]
FINANCIAL CHRONICLE
3807
Act, in an order signed May 22 by Acting Secretary of Agri- Iowa. The resolution as adopted by the Senate May 23,
culture Dunlap. The Department of Agriculture in its an- as given in the "United States Daily" follows:
Resolved, dc.,that the Secretary of the Treasury is authorized to purchase
nouncement May 23 says:
/This action was taken pursuant to the application of the Exchange
and upon a showing that it had complied with the statutory requirements.
This license permits the Omaha Grain Exchange to trade in wheat,
corn, and oats futures. The Exchange expected to inaugurate futures
trading June 16.
The official designation of the Omaha Exchange reads as follows:
"Pursuant to the authorization and direction contained in an Act
entitled 'An Act for the prevention and removal of obstructions and
burdens upon the interstate commerce in grain, by regulating transactions on grain future exchanges, and for other purposes,' approved
September 21, 1922, (42 Stat. 998-1003', U. S. C. title 7, secs. 1-17),
known by the short title of 'The Grain Futures Act,' I, R. W. Dunlap,
Acting Secretary of Agriculture, do hereby designate the Omaha Grain
Exchange, of Omaha, Nebraska, as a 'Contract Market' for wheat, corn,
and oats under said Act, said Grain Exchange having applied for, and
having otherwise complied with the conditions and requirements of
said Act as a prerequisite to, such designation. Such designation is
subject hereafter to suspension or revocation in accordance with the
provisions of said Act."
From the Omaha "Bee" of May 24 we take the following:
The Omaha futures market was closed during the war at the request of the Government. Its reestablishment was granted by application of the Omaha Exchange, and permits trading in wheat, corn
and oats futures.
Besides improving Omaha's status as a primary grain market,
it will save much in commissions for local grain dealers, who previously have been obliged to do their "hedging" through other exchanges.
The new pit will be on the seventh floor of the grain exchange,
where all other trading is carried on.
Omaha Stock Exchange
On June 7 trading in stocks will begin in Omaha through the recently organized Omaha Stock Exchange, which also will be in the
Grain Exchange building. Frank C. Bell is president.
Organization of South-Wide Co-Operative Marketing
Association for Fruits and Vegetables Endorsed by
Representatives of Agricultural Departments of
Seven Southern States—To Be Formed Through
Co-Operation of Federal Farm Board.
Representatives of Departments of Agriculture of seven
Southern States voted unanimously at a meeting at Atlanta,
Ga., on May 24 to attempt organization of a south-wide
co-operative marketing association for fruits and vegetables,
through co-operation with the Federal Farm Board and the
Federal Bureau of Agricultural Economics. We quote from
the Atlanta "Constitution" from which the following is
also taken:
The representatives were either Commissioners of Agriculture or directors
of marketing bureaus for their States and adopted resolutions that the present system of marketing fruits and vegetables is not satisfactory, due to
"keen competition between districts and States."
"We favor a plan whereby competing States shall co-operate in the distribution and marketing of their commodities," the resolution stated,"and
in order to accomplish this, district and State organizations should be
established that may be federated into regional organizations."
The agricultural experts voted to have Harry D. Wilson, Agricultural
Commissioner of Louisiana and President of the Southern Agricultural
Commissioners Association, and W. A. Graham, North Carolina Agricultural Commissioner, arrange a conference between the Commissioners and
Federal agencies as soon as possible.
The meeting was the suggestion of Commissioner Graham who suggested
that a south-wide association be established. He said in the first talk of
the day that competing associations in several States were injuring the
general work, and urged establishment of one central association for all
fruit and vegetable growers. The suggestion met with eager response.
Commissioners and marketing agents agreed that outlook for the peach
crop In Georgia, South Carolina, North Carolina and Tennessee is "very
good." Thomas Young, co-operative expert of Florence, S. C., said condition of the crop In the four States was better than in many years. Figures
were presented by various Commissioners indicating, they said, the crop
this year would be much smaller than usual. Eugene Talmadge, Georgia
Commissioner, was enthusiastic over the peach situation in this State,
and his optimism for the southeast in general was shared by Commissioner
Graham, J. H. Meeks, Marketing Chief of Virginia, and Nelson Rue,
Chief of the Marketing Bureau of Tennessee.
Talmadge discussed the cotton situation briefly, and said he did not
believe there was overproduction. He urged southern bankers"who finance
every step of cotton growing until the staple is placed on the market" to
give their full co-operation to solution of the cotton production problem,
Commissioner Wilson told the meeting the farmers hope was in the
upon application of the Federal Farm Loan Board, and at his discretion, at
par and accrued interest from the Federal land banks, out of any money
in the Treasury not otherwise appropriated, $100.000.000 of farm loan
bonds issued by such banks, or any portion thereof.
Receiver to Liquidate General Industrial Bancshares Corp.
—Stockholders Owning $307,000 Will Get Approximately 15%.
As a result of a liquidation plan signed Tuesday of this
week, May 27, by Supreme Court Justice Johnston in
Brooklyn, stockholders who purchased about $307,000 of
securities of the General Industrial Bancshares Corp., 67
Wall Street, this city, will reecive about 15 cents on the
dollar, according to the New York "Times" of May 28,
On May 10 the corporation was temporarily enjoined from
the sale of securities on application of Deputy Attorney
General Mackey Rackow of the State Bureau of Securities.
The liquidation plan was presented to Supreme Court
Justice Johnston by Mr. Rackow and Robert P. Levis of
40 East 42nd Street, New York, who was appointed receiver
on the filing of a $100,000 bond. We quote farther from
the paper mentioned as follows:
The General Industrial Bancshares Corporation, according to the
State Bureau of Securities, is one of the first of the so-called investment trusts to be enjoined by the Attorney General's office. It had
on its books about 1,500 customers and the bulk of the funds were
used in the operation of a partial-payment plan, which, according to
Mr. Rackow, "was nothing more than a bucket shop."
Under the liquidation plan the customers who bought stock on the
partial payment plan will be considered first, if they pay their debit
balance, Mr. Rackow said yesterday. He said the stockholders will be
considered afterward.
"If a customer does not care to pay up the debit balance he may be
able to have the account transferred to some broker who will pay it,"
Mr. Rackow said. "The collateral security will be paid to the customer on payment of his debit balance. Only such commission charges
will be made as the receiver actually has to pay.
"If a customer does not want to pay the debit balance he can have
the contract settled at the market price. Checks which were issued to
the company prior to the injunction order signed May 10 will be
honored now by the receiver."
Mr. Rackow said that after the corporation's liabilities were paid,
about $50,000 will remain for distribution among the stockholders. He
said all claims should be filed with Mr. Levis, the receiver,
In reporting the appointment of Mr. Levis as receiver
for the corporation in its issue of May 24 the "Times" said
in part:
Under an agreement reached in the Supreme Court in Brooklyn yesterday, Robert P. Levis, counsel for the General Industrial Bancshares
Corporation of 67 Wall Street and its officers, Julius Reiter, manager,
and Herbert Boyce, treasurer, will be appointed receiver for the
corporation.
• • •
The charge was that the corporation was falsely represented as an
investment trust and by bucketing methods had sold about $307,000 of
stock. Assets of the corporation amounting to $125,000 have been
attached.
The issuance of the temporary injunction against the
General Industrial Bancshares Corp. was noted in our issue
of May 17, page 3474.
Kemp 8c Co., New York, Enjoined by Supreme Court
From Further Sale of Securities.
On May 24 Justice May in the Supreme Court, Brooklyn,
signed an order enjoining William Kemp and Kemp & Co. of
50 Broad St., this city, from the sale of securities, according
to an announcement by Watson Washburn, Assistant
Attorney General in charge of the State Bureau of Securities.
Reporting the matter, the New York -Times" of May 25,
said:
According to Mr. Washburn, Kemp & Co. represented themselves as
dealers in bank and trust company stocks, although investigation disclosed
they were engaged in the brokerage business, selling securities on Margin
and that many of such securities were not purchased but merely entries
but distribution.
made in the book of Kemp & Co.
Other representatives at the meeting were B. B. Etheridge, marketing
Mr. Washburn added that since the investigation began, Kemp & Co.
official, of North Carolina; John Cudd, of the South Carolina Peach liquidated about $100,000 of their business. He said less than $10,000
Association; A. D. Jones, Georgia marketing chief, and B. P.
Growers'
remains to be liquidated.
Livingston, Alabama marketing chief.
The judgment just entered provides that if liquidation is not completed
by June 1 a receiver will be appointed to take charge of the assets of the firm.
Federal Farm Board,"the only organization with money and power enough
to help us." Wilson said the great problem of marketing was not production
Senate Passes Resolution Authorizing Secretary of
Treasury to Purchase $100,000,000 Farm Loan
Bonds Issued by Federal Land Banks.
On May 23 the U. S. Senate passed the resolution (S. J.
Res. 76) authorizing the Secretary of the Treasury to purchase farm loan bonds issued by Federal land banks to the
sum of $100,000,000. In our issue of Jan. 25, page 561,
we published a letter addressed by Secretary Mellon to
Senator Norbeck, Chairman of the Senate Committee on
Banking and Currency in which Mr. Mellon voiced his objection to the proposal, which was contained in a resolution
ntroduced Sept. 30 1929 by Senator Brookhart (Rep.) of
Jackson & Harris, Boston, File Schedules in
Bankruptcy.
On May 22 Malcolm N. Jackson of Brookline, Mass., and
Howard S. Harris of Newton Center, Mass., doing business
under the firm name of Jackson & Harris, brokers, at 201
Devenshire St., Boston, filed schedules in bankruptcy in the
Federal Court, in which liabilities were listed at $775,985,
and the assets at $789,013, according to the Boston "Transscript" of May 22. The failure of this company was referred
to in our issue of Feb. 8 and April 5, pages 911 and 2325,
respectively.
3808
FINANCIAL CHRONICLE
[Wu 120.
with applications
C. Lester Horn & Co. Unable to Accept Orders—Wall a new agreement to list their securities on the New York Stock Exchange
as follows:
Street Firms Form Committee to Examine Books—
Not to purchase or otherwise acquire for its own account, or indirectly
through a subsidiary, shares of its common stock, howsoever designated,
Firm Expects to Pay all Claims.
otherwise than under exceptional and special circumstances. In case any
Committee on Stock List
Charging failure on the part of C. Lester Horn & Co. of such purchase is made, to submit promptly to the that the Committee may
all relevant facts in connection therewith in order
determine whether the number
shares shall be
37 Wall St., this city, to accept delivery of certain stocks it amount so purchased and upon of listed the committee toreduced by the
take such steps
request of
is alleged to have ordered purchased in Philadelphia, a as the committee deems necessary to make such re-acquired shares unavailable for trading without further application.
committee of the firm's creditors, representing 17 New York
The intent of the first sentence is to prevent a corporation from trading
Stock Exchange and New York Curb Exchange houses, has In its own stock, and at the same time to place strongly before management
the suggestion that the purchase by an investment trust of its own stock
been formed to investigate and audit the affairs of the com- is a
transaction which should be entered into only on rare
pany. This was revealed Monday night, May 26, by J. W. then only with the justification of unusual circumstances. occasions, and
The intent of the second sentence is to prevent situations arising where
Peters, a partner in the New York and Cleveland investment banking firm of Otis & Co., who is Chairman of the considerable amounts of the stock of an investment trust may have been
purchased for its own portfolio, leaving investors and the Street generally
Committee. The New York "Herald Tribune" of Tuesday under a misapprehension as to the amount of stock actually outstanding.
May 27,from which the above information is obtained, conReferring to the ruling the New York "Journal of Comtinuing, said in part:
merce" in its May 27 issue, said:
According to Mr. Peters the aggregate of claims by the "big board"
and curb firms which purchased stocks for the account of the Horn company is between $400,000 and $500,000. The committee had been directed
he said, to have an examination made of the Horn company's books and
accounts, and to effect a pro rata adjustment in accordance with the pooled
Interests of the claimants.
C. Lester Horn, head of the firm bearing his name, has been a figure in
Wall Street affairs for some years. In November 1927, he was elected
Treasurer of the Unlisted Security Dealers Association, a post which he
held for some time. Until the last few weeks when he resigned. * * * *
Serving with Mr. Peters on the creditors' committee are a representative of the Stock Exchange house of J. A. Sisto & Co., 68 Wall Street.
and Harry Chater, of Chater & Edey, 30 Broad Street.
The action of the creditors in organizing a committee of inquiry was
taken at a meeting in the offices of Otis & Co., 15 Nassau Street, last
Friday afternoon (May 23), Mr. Peters said.
The meeting, Mr. Peters explained, was called because of the failure of
the Horn company to take delivery of blocks of stock of the Shaffer Stores
Co., purchased at their order by brokerage houses in New York. In all
approximately 32,000 shares of Shaffer Stores stock is involved in the
claims, according to Mr. Peters.
Shaffer Stores, listed on the Philadelphia Stock Exchange and in the
securities section of the New York Produce Exchange, has recently been
active on the former, although rarely traded here. Up to Saturday, when
the price broke to 20 on business of but 100 shares at Philadelphia, it was
quoted around $23 and $24 a share in that market, with daily turnover
running between 7,000 and 10,000 shares. It was the assumption in Wall
Street that most of the stock purchased for the Horn company's account
had been taken at a price between $23 and $24, which would make the
aggregate value of the 32,000 shares for which delivery is said to have been
refused, around $750,000.
On Friday (May 23) according to The Associated Press, the stock list
committee of the Philadelphia Stock Exchange ordered temporary suspension in trading in Shaffer Stores common, a ban which was lifted, however,
the following day when transactions dropped from the thousands to 100
shares at a price of more than $3 a share under the closing level of Friday.
It was indicated in private advices from Philadelphia last night that the
temporary suspension was made on reports of the creditors' meeting being
held in New York Friday afternoon, and in no way reflected on the Shaffer
company. The committee of the Philadelphia Exchange gave no reason
for the suspension.
Among the New York Stock Exchange houses represented by the investigating committee, according to Mr. Peters, are Charles D. Barney &
Co., 65 Broadway; Drayton, Penington & Colket, 111 Broadway; Farr &
Co.,90 Wall Street; Dominick & Dominick, 115 Broadway; Degener & Co..
20 Broad St.; Colvin & Co., 35 Wall St.; Clark, Childs & Co., 120 Broadway; Otis & Co., and J. A. Sisto.
Burrell & Co. and Chater & Edey are other brokerage houses represented
by the committee. * * *
It is understood that the ruling will not apply to trusts in so far as stock
already listed uncles existing agreements is concerned. The ruling says
that the committee voted to add to agreements to be executed by investment trusts "in connection with applications to list their securities." This
was generally interpreted as meaning that trusts whose shares are already
listed would, however, be included under the new agreement should they
undertake to list new shares.
Show Interest in Ruling.
Investment trust managers were keenly interested in the broadness with
which the ruling would be applied. In addition to the fact that a large
number of investment trusts have already listed their securities it is well
known that several others are contemplating making application.
A number of investment trusts have made a practice of supporting the
market for their own shares through affiliated dealers. This has been more
frequent in the counter market than on the listed exchange, and in some
cases is said to have been necessitated by the fact that markets in shares of
some of the trusts are extremely thin,so that without trust or dealer support
fluctuations would be wider than actual conditions of the company might
warrant.
In addition, some of the companies market their shares through affiliated
Companies. Where this is done the affiliated company permits itself to get
into an "oversold" condition in the stock. Whether this would constitute
"exceptional and special circumstances" was of great interest to trust
managers.
Richard Whitney, President of New York Stock
Exchange to Address Boston Association of Stock
Exchange Firms June 10.
Richard Whitney, President of the New York Stock
Exchange, will discuss "The Work of the New York Stock
Exchange in the Panic of 1929" at a dinner to be given in
the Algonquin Club, in Boston, Mass., on Tuesday, June 10.
The address, which will be Mr. Whitney's first as President
of the Exchange, will be before the Boston Association of
Stock Exchange Firms. Mr. Whitney was elected President
of the Exchange on May 12.
Nebraska Banking Law Described as Effective By
State Bank Commissioner.
Before Group I of the Nebraska Bankers' Association,
at Lincoln, Neb., May 18, George W. Woods, Bank Commissioner of the State of Nebraska, is reported in the "United
The New York "Times" of Wednesday, May 28, in re- States Daily" as saying:
ferring to the matter, stated that C. Lester Horn, head of the
Bank supervision to be effective must be timely. It must be preventive
firm, had announced the previous day that his house was instead of curative.
A
temporarily embarrassed by inability to meet commitments theirsupervision which permits banks to operate as going institutions until
accumulated losses exceed their capital stocks by 400 to em,7 can
0,
the stock of the Shaffer Stores Co. "He said he was not be defended. It must be replaced by something better if Nebraska
in
is to maintain a system of State banks.
hopeful that liquidation of the firm's Shaffer stock would be
axiomatic, but when a specific program of
These observations
arranged at a price that would prevent losses to creditors." supervision is worked are obvious,
out in an attempt to achieve such timely and effective
this paper as follows:
We quote further in part from
supervision differences of opinion arise as to details of such program.
Mr. Horn denied that his firm had repudiated its obligations by refusing
to accept delivery of Shaffer stock which it had ordered purchased in
Philadelphia.
"There is a very considerable difference between repudiating an obligation and being temporarily unable to meet one," Mr. Horn said. "Due
to market conditions and other conditions beyond our control, we have
found ourselves temporarily unable to meet all commitments because of
our position in the stock of Shaffer Stores Co. We believe it is unnecessary for any creditor to lose a dollar, and believe that we will be able to
resume our activities within a few days.
"Shaffer Stores Co. is itself in no way involved in our position as that
company is in a sound financial condition and is making an excellent record."
Policy Changed.
The banking department has been charged with suddenly shifting from
one extreme policy of slackness in its supervision, to an opposite extreme of
rigid severity. This charge is not denied but it should also be kept in mind
that the banking department is bound at all times by statutes and that the
banking laws of Nebraska have likewise been changed from excessive slackness to rigid severity.
The Department attempted to restrict the issuance of charters as early
as 1914 and 1915 but its efforts were thwarted by the law as interpreted
by the State Supreme Court.
No one will question but that a sound, well-considered policy of supervision, firmly and unswervingly adhered to, would have given much better
results; but such policy in Nebraska was not possible from 1911 to April,
1929, regardless of what man or
New York Stock Exchange Bars Investment Trusts from ing department. During that men might have been in charge of the bankperiod
was experimenting with
Their Own Stock—Would Permit It banking and Governmental ideas, someNebraskafundamentally conflicting
Trading in
of them
In their nature, and thus rendering impossible a continuous and consistent
Only on Rare Occasions.
supervision of banks.
A ruling by the Committee on Stock List of the New York
Laws Now Effective.
I say this in fairness to my predecessors in office who were forced to work
Stock Exchange, voted May 26, calls for agreement by
under handicaps,
investment trusts in making application to list their securi- recognized and the difficulties of which have not,I think, been sufficiently
understood by our citizens generally. I say this also because
that they will not purchase or otherwise acquire for I do not seek to set up an alibi for myself.
ties,
Since April, 1929, the banking laws of Nebraska, with respect to superor indirectly through a subsidiary, shares
their own account,
vision have been adequate, practicable and effective.
of their stock, "otherwise than under exceptional circumfrankly admitted
Regardless of the risk to me personally it
Announcement of this is made May 26 as follows that the present Bank Commissioner will not should befairly, to shift the
stances."
be able,
faults of his administration to the Legislature or to the Governor.
by the Stock Exchange:
I do not mean to say our banking laws are satisfactory in all their details,
consideration certain quesThe Committee on Stock List has had under
the right of corpo- for they are not, and may never be, but their defects are not of such contions in connection with investment trusts arising out of
their own stock. sequence as to hamper effective supervision.
rations generally to purchase, under certain restrictions,
So that we may come quickly to one conclusion. The quality and effectivevoted to
As a result of this study, the committee at its meeting to-day
ness of State bank supervision in Nebraska under present laws will depend
add to the agreements to be executed by investment trusts in connection
Mir 31 1930.]
FINANCIAL CHRONICLE
more than ever on the energy, the alertness, the ability and the fidelity of
the personnel of the banking department.
Assistance Sought.
And with deep and sober appreciation of the weight of this responsibility,
the Department,as a whole, but more particularly your Bank Commissioner,
solicits your help and advice.
Bank failures in Nebraska with loss to depositors should cease and,given
some time to work out present problems, they can be made to cease. The
record of other States shows this goal to be possible, and Nebraska in this
respect must be second to no other State.
Nearly 24,000 Employed by California Banking Institutions—Annual Payroll Over $50,000,000.
Banking in California gives employment to nearly 24,000
people, 17,669 men and 6,305 women, with an annual payroll of over $50,000,000, according to figures recently compiled by Hy. W.Sanders, Secretary of the California Bankers
Association. Advices from the latter May 23 state:
Questionnaires were sent to all of the 423 banks in the State asking for
the number of their officers, clerical employees and non-clerical employees
(guards, janitors, floormen, &c.), as of April 30. All but 8 of the banks
furnished exact figures.
The totals do not include officers who are not regularly employed by
the banks, nor elevator operators and other employees of buildings where
the bank sublets the upper floors. Each category shows the total divided
into men and women. The figures shown cover 1,278 banking offices
operated by 415 banks, with an average of about 19 officers and employees
to each office. The 8 banks that did not reply are all very small ones,
and a total of 42 officers and employees has been estimated on the basis
of their deposits and added to the other totals.
It may be noted that, although the employment of women has been
Increasing in banking in recent years, there are still twice as many men
employed as women, and, although women form over 50% of the nonofficial clerical employees, only 3% of the officers are women.
The following are the totals:
Officers.
Men.
Clerical.
I Women.
4.240 I
123
Men.
I Women.
11,862 I
5,994
Non-Clerical.
Men.
I Women,
1.567 I
188
Total.
23,974
Bills Amending Federal Reserve Act Enacted Into Law.
In its May "Bulletin" the Federal Reserve Board gives the
text of several measures amending the Federal Reserve Act
which have been passed at the current session of Congress
and were signed by President Hoover in April. We give the
amendments herewith.
Amendment to Law Regarding Notice Required of Banks Withdrawing from
Federal Reserve System.
There is published below the text of an Act of Congress approved April
17 1930, amending section 9 of the Federal Reserve Act so as to authorize
the Federal Reserve Board in its discretion to permit State member banks
of the Federal Reserve System to withdraw from membership without
wiating six months after filing notice of intention to withdraw, as heretofore
required by law.
[Public—No. 134
-71st Congress, H. R.88771
AN ACT to amend section 9 of the Federal Reserve Act, as amended.
Be it enacted by the Senate and House of Representatives of the Unitea States
of America in Congress assembled That the ninth paragraph of section 9
of the Federal Reserve Act (United States Code, title 12 sec. 328). as
amended be further amended by inserting therein, immediately before
the proviso now contained therein, the following: Provided, That the
Federal Reserve Board, in its discretion and suoject to such conditions
as it may prescribe, may waive such six months, notice in individual cases
and may permit any such State bank or trust company to withdraw from
membership in a Federal Reserve bank prior to the expiration of six months
from the date of the written notice of its intention to withdraw."
Approved, April 17, 1930.
Amendment to Law Regarding Rediscount by Federal Reserve Banks of the
Paper of One Borrower.
There is published below the text of an Act of Congress approved April
12 1930, amending the fourth paragraph of section 13 of the Federal Reserve Act so as to amend the limitations upon the rediscount by Federal
Reserve Banks of the paper of one borrower conform more closely to the
limitations on loans to one borrower by a National bank. Under the new
law, a member bank may rediscount with a Federal Reserve Bank the same
amount of paper of a single borrower as a National bank may acquire
from a single borrower under the provisions of section 5,200 of the Revised
Statutes. The new law does not in any way change the character or class
of paper eligible for rediscount.
[Public—No. 120
-71st Congress, H. R. 90461
AN ACT to amend the fourth paragraph of section 13 of the Federal Reserve
Act, as amended.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the fourth paragraph of section
of the Federal Reserve Act, as amendea (United States Code, title 13
12.
section 345), be further amended to read as follows:
The aggregate of notes, drafts, and bills upon which any person, copartnershiP,association,or corporation is liable as maker, acceptor,
inaorser.
drawer, or guarantor, redisdounted for any member bank,
time exceed the amount for which such person, co-partnership,shall at no
association,
or corporation may lawfully become llaole to a National banking association unner the terms of section 5,200 of the Revised Statutes, as amended:
Provided, however, That nothing in this paragraph shall be construed
to
change the character of class of paper now eligible for reaiscount by k ederal
Reserve banks."
Approved. April 12 1930.
Amendment to Law Facilitating the Cancellation of Federal Reserve Bank Stock
of Member Banks Which Have Ceased Banking Operations.
There is published below the text of an Act of Congress approved April
23 1930, amending sections 6 and 9 of the Federal Reserve Act, so as to
facilitate the cancellation of Federal Reserve Bank stock held by a member
bank which has discontinued its banking operations without a receiver or
liquidating agent having been appointed. It is provided that if a National
Bank which has not gone into liquidation and for which a receiver has not
already been appointed for other cause shall discontinue its banking oporations for a period of 60 days, the Comptroller of the Currency may, if he
deems it advisable, appoint a receiver for such bank and the Federal Reserve
Bank stock held by it may thereupon be cancelled. It is also provided
that if a State member bank ceases to exercise banking [unctions without a
receiver or liquidating agent having been appointed therefor the Federal
3809
Reserve Board may, after hearing, forfeit the membership of such bank in
the Federal Reserve System.
[Public—No. 163
-71st Congress H. R. 66041
AN ACT to amend sections 6 and 9 of the federal Reserve Act, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the Unitea States of
America in Congress assembled, That section 6 of the Act of Dec. 23 1913,
known as the Federal Reserve Act (Uniten States Code, title 12, section
288), be amended and re-enacted to read as follows:
Sec. 6. If any memoer oank shall be declared insolvent and a receiver
appointed therefor, the stock helo oy it in said Federal Reserve bank shall
be canceled, without impairment of its liaollity, and all cash-paid subscriptions on said stock, with one-half of 1 per centum per montn from the period
of last dividend, if earned, not to exceed the book value thereof, snail be
first applied to all debts of the insolvent member bank to the feneral
Reserve Bank. and the balance, if any,shall be paid to the receiver of the
Insolvent bank.
If any National bank which has not gone into liquidation as provined
in section 5220 of the Revised Statutes (United States Code, title 12,
section 181) and for whica a receiver has not already been appointed for
other lawful vause, shall discontinue its banking operations for a period
of 60 days the Comptroller of tne Currency may,if he deems it advisable,
appoint a receiver for such bank. The stock held by the said National
bank in the Federal Reserve Bank of its elstrict shall thereupon be canceled
and said National ban,c shall receive in payment therefor, under regulations
to be prescrioed by the Federal Reserve Board,a sum equal to its cash-paid
subscriptions on the shares canceled and one-half of 1 per centum a month
from the period of the last dividend, if earned, not to exceed the book
value thereof,less any liability ofsuch National bank to the Federal Reserve
Bank.
"Whenever the capital stock of a Federal Reserve Bank Is reduceu either
on account of a reduction in capital stock of any member bank or of the
liquidation or insolvency ofsuch bank or on account of the appointment of a
receiver for a National bank following aiscontinuance of its banking operations as provided in this section, the Board of Directors shall cause to
be executed a certificate to the Comptroller of the Currency showing such
reduction of capital stock and the amount repaid to such bank."
Sec. 2. That the eighth paragraph of section 9 of the Federal Reserve
Act as amended (United States Code, title 12, section 327), De amended
and re-enacted to read as follows:
"If at any time it shall appear to the Federal Reserve Board that a member bank has failed to comply with the provisions of this section or the regulations of the Federal Reserve Board made pursuant thereto, or has ceased
to exercise banking functions without a receiver or liquidating agent having
been appointed therefor, it shall be within the power of the board after
hearing to require sum bank to surrender its stock in the Federal Reserve
Bank and to forfeft all rights and privileges of membership. The Federal
Reserve Board may restore membership upon due proof of compliance
with the conditions imposed by this section."
Approved, April 23 1930.
Bank for International Settlements—Made Formal
Correspondent of New York Federal Reserve
Bank—Establish Relationship, Including Deposit,
Bill Buying and Gold Agencies—Credit Grants
Also Possible, Precedent Shows—All Twelve Reserve Banks Automatically Involved Under Act
In its May 24 issue the New York "Journal of Commerce"
stated that correspondent relationships between the Bank
for International Settlements and the Federal Reserve Bank
of New York were formally established during the past
week, it was learned the day before in well informed banking
circles. The paper from which we quote continued:
The establishment of such a relationship has been expected following
earlier indications that approval had been forthcoming from Washington
for such an arrangement.
As correspondent of the new International Bank, the local Reserve Bank
may, with the consent of the Federal Reserve Board, receive deposits from
the Bank for International Settlements, act as its agent in the purchase and
sale of bankers' acceptances and earmark gold for its account. In turn.
the Federal Reserve Bank of New York may open a deposit account of its
own with the Bank of International Settlements, earmark gold in Basel
with it and authorize the bank to buy or sell acceptances for its account.
May Get Credits
In addition, under the interpretation of the Federal Reserve Act as made
in 1925, when a credit was extended to the Bank of England upon the return
f Great Britain to the gold sten 'ard, the Federal Reserve Bank of New
York is able to extend a credit to the B. I. S., if such action should ever
prove desirable.
It is too early as yet to judge of the transactions which have been already
arranged between the two institutions. The B. I. S. received funds for
subscriptions to its stock on Tuesday, while the last weekly statement of the
Federal Reserve Bank appeared for the week ended Wednesday. The
weekly Reserve statements of the next few weeks will be scanned carefully,
however, for evidence of business transactions between the two banks.
There was no indication that any of the transactions permitted between
the Federal Reserve Bank of New York and its foreign correspondents have
thus far been carried out as regards the B. I. S. Foreign bank deposits
with the Federal Reserve Banks declined slightly last week, suggesting
that no account had been opened for the B. I. S. "Due to foreign banks"
also showed a slight decline for the same period, indicating that the Federal
Reserve Banks had not opened a deposit account with the B. I. S. Gold
earnrrked for the account of foreign central banks last week declined
$2,000,000. There was also a decline of $10,500,000 in the Federal Reserve
Banks' contingent liability on bills purchased for foreign correspondents.
However, such bills total $461.131,000 and, according to estimates in
money market circles, mature at the rate offrom $30,000,000 to $35.000,000
weekly, so that it was possible that a purchase had been made for the
account of the B. I. S. Through the sale in United States of approximately
$2.000,000 B. I. S. stock this veek, the International Bank held n merican
funds, a part of which might have entered into the purchase of acceptances.
Although Secretary of State Stimson last May stated that he did not wish
any American official to assist in the collection of German reparations, it
has generally been held, the opening of correspondent relations between the
Federal Reserve Bank and the B. I. S. has the full supp rt of the Administration.
All Twelve Banks Involved
All twelve Federal Reserve banks automatically become correspondents
of the B. I. S. through the opening of this relationship by the Federal Reserve Bank of New York. The Federal Reserve Board, morelver, may
order any of the Banks to carry o t any of the transactions of corres-ondent to the B. I. S. Following a description of the powers of the Reserve
Banks in the carrying out of correspondent relationships, Section 14 of the
Federal Reserve Act says:
"Whenever any such account has been opened or agency or correspondent
has been appointed by the Federal Reserve Bank. with the consent or under
the order and direction of the Federal Reserve Board, any other Federal
Reserve Bank may. with the consent and approval of the Federal Reserve
Board, be permitted to carry on or conduct, through the Federal Reservo
FINANCIAL CHRONICLE
3810
[VoL. 130.
Mr. Greene said that he thought the next step to follow branch banking
in the home county and those contiguous thereto might be State-wide
branch banking, then branches within a trade area, disregarding State
lines, and finally nation-wide branch banking, which he believes is certain
to come within a reasonable time.
He predicted that when the time arrives that branch banking crosses
State lines there will be a natural tendency for all banks to come under
national charter, and that the result may be only one system of banking,
and that supervised by
Government instead of the present
Federal Reserve Bank of Philadelphia Buys Additional dual system of State and the Federal
National banks.
Mr. Fleming spoke for the extension of branches of Washington banks
Property.
rural
to
Maryland and Virginia,
The Federal Reserve Bank of Philadelphia has purchased, to suburban cities in nearby Washington. He referred and the the that
fact
districts within 50 miles of
to
through Albert M. Greenfield & Co., a large plot of ground the District of Columbia is the smallest political unit in the country, and
adjoining the bank to provide for additional building. The that the City qf Washington has no possibility of extending its corporate
as can
many other
purchase price was not announced, but it is understood the limits,listed be done and has been done byVirginia, the cities. of which
He
people
some 19 cities in Maryland and
building was held for $1,000,000. Albert M. Greenfield do their principal business in Washington and which could be served, be
represented the Pennsylvania Co., trustee, and George said, by branches of Washington banks with the same facility of operation
those
the city.
W. Morris, Governor of the Federal Reserve Bank in the as "It is branches now situated in"that a sound system of branch banking
my opinion," he said,
transaction. The site was formerly occupied by a bank and could operate from Washington within an area of some 50 miles."
He recognized that in some cases the trade area of Washington would
business property which was demolished several months ago
to make way for modern improvements. Its purchase by the overlap with those of Baltimore and Richmond.
There has been no group banking development in the District of Columbia,
Federal Reserve rounds out the bank's property, carrying Mr. Fleming said, but it may be necessary for Washington banks to resort
It to the corner of 10th and Chestnut Streets. The building to that method of banking operation for their own protection if group banksuburban territory.
just acquired has a frontage of 93 feet on Chestnut Street ing systems began to acquire banks within the in the District of Columbia
stated, banking
He would prefer to
and 123 feet on 10th Street. It is the fourth property ac- develop under a more see, he branch banking law than be compelled to
liberal
quired by the Federal Reserve Bank for expansion purposes, resort to the new and less known field of group banking.
Mr. Greene expressed conviction that branch banking is superior to
square feet.
its holdings now totaling 36,550
either group or chain banking, as it is superior to unit banking. The day
of the unit bank has passed, he asserted, in response to a question from
York City. Moreover, he added, we
Representative Pratt
Four Banking Bills Reported Favorably by House Com- are coming certainly (Rep.), of New branch banking.
to nation-wide
mittee—One Would Allow National Banks to Meet
Every sound argument for branch banking of any kind, he declared, can
State Laws for Security of Public Funds—Others be used with equal effect for its extension to the entire country as a unit.
When nation-wide branches are permitted, he said, there will nevertheless
Amend Federal Reserve Act.
be many banks, more than there are in Canada, where Dominion-wide branch
The House Banking and Currency Committee voted May banking now exists.
Branch banking within metropolitan areas should be permitted at once,
26 to report favorably to the House four banking measures, Mr.
Greene contended. Group banking is growing so fast, however, he
according to the "United States Daily," which said:
said, that to-day's recommendation is out of date to-morrow.
If the permission to extend branch banking does not come for some years,
A bill (S. 486), which passed the Senate Apr. 1, and which has the
approval of the Treasury Department, was approved by the Committee. It he said, the privilege may need to be on a wider territorial basis. Metropolitan branches—and by that he explained he meant branches in the
would amend section 5153 of the Revised Statutes, to permit national banks
to give security in the form required by State law for State banks to secure county of the parent bank and in contiguous counties—would now be
deposits of public funds of a State or any political subdivision thereof. succeeded in a matter of four or five years by State-wide branches, in
F. C. Await, Deputy Comptroller of the Currency, appeared in support of Mr. Greene's opinion. From that we could step up to the trade or
economic area, and thence to country-wide branches, he added.
the bill.
Mr. Greene stated that the Cleveland Trust Co., which now operates 57
Waives Examination Charges.
in branch
A second bill (S. 485) which passed the Senate Apr. 14, was sponsored branches in Cleveland and surrounding territory, was a pioneer
branch in 1902. They now operate city
before the Committee by Edmund Platt, vice governor of the Federal Reserve banking, having established its first
branches in outlying towns.
Board and Walter Wyatt, General Counsel for the Board. It would give branches, suburban offices, and
The development has met with general approval and confidence of the
discretionary authority to the Federal Reserve Board to waive charges for
no opposition
examinations of State member banks made by direction of the Federal people in the territory served, he said, and there has been
on the part of bankers, many of them being glad to become branches of
Reserve Board or the Federal Reserve Banks.
managers have a good deal of local
Another measure (S. 4079) also approved by the Federal Reserve Board, the city institution. The branch
granting discount, collateral and real estate
would make it possible for an officer, director, or employe of a mutual autonomy in the matter of
loans, Mr. Greene stated.
savings bank to act as a class B director of a Federal Reserve Bank.
Taking care of the small borrowers is the greatest aid to the development
The fourth bill (S. 3627), favored by both the Federal Reserve Board
of the branches, he continued. The Cleveland Trust Co. has 537,232
and the office of the Comptroller of the Currency, would authorize national
8298,000,000. Many of their depositors
banks to voluntarily surrender the right to exercise trust powers and thus depositors and total deposits of
women of modest means, he said.
relieve themselves of the necessity for complying with the laws governing and borrowers are men and
In the development of branches the Cleveland Trust Co. has never
banks exercising such powers.
invaded the territory of a smaller bank, Mr. Greene declared, and has
made it a point not to enter places adequately served by banks. He
asserted that the criticism sometimes heard of branch banking systems
E. B. Greene of Cleveland Trust Co. Advocates Exten- that they accepted the deposits of the outlying places and did not grant
sion of Branch Banking—R. V. Fleming of Riggs them loans is unfounded.
To substantiate his statement he gave figures for the three most remote
National Bank, Washington Urges Inclusion of branches of the Cleveland Trust Co. to show that the loanable funds
Maryland and Virginia in Area Served From furnished them exceeded the deposits. In one case the excess was as
National Capital—Hearing Before House Com- great as 65%.
In response to questions, Mr. Greene stated that he sees no need for
mittee.
liberalizing the rediscount provisions of the Federal Reserve Act. Neither
Legislation to permit National banks and State bank mem- does he think segregation of savings assets is necessary.
in the proposal for a commission, comIle
bers of the Federal Reserve System to establish and operate posed stated that he saw some meritthe Treasury, Governor of the Federal
perhaps of the Secretary of
branches beyond the limits of the city of location of the Reserve Board, and the Comptroller of the Currency, to permit some
parent bank was urged upon the House Banking and Cur- flexibility in the determination of trade areas, if that type of branch
Permission were given.
Bank opening such account or approving such agency or correspondent,
any transaction authorized by this section under rules and regulations to be
prescribed by the Board."
The B. I. S., in virtue of Chapter 3, Article 22 of its charter may buy or
sell gold for the account of foreign banks; may borrow from or snake advances to central banks against gold and bills of exchange and may open
deposit accounts for foreign central banks.
rency Committee, May 27, by E. B. Greene, Chairman, Executive Committee of the Cleveland Trust Co., Cleveland,
Ohio, and Robert V. Fleming, President Riggs National
Bank, Washington, D. C. We quote further as follows from
the "United States Daily," from which the preceding matter
has been taken:
Gradual Widening of Area.
Mr. Greene recommended the immediate authorization of branches within
the county where the parent bank is located and within counties contiguous
thereto. While he considered that the need for this legislation was urgent,
be said, he did not favor as a general principle legislation to meet normal
conditions.
He referred to the fact that we are only six months away from a severe
stock market crash and stated that already conditions are well on the way
back to normal. Wall Street is not now drawing money from the rest of
the country in anything like the volume that it did in recent months, he
declared.
,Self-Regulation Preferred.
Well-managed banks can avoid the dangers of speculative excesses, he
said, and in many ways can sense the approach of abnormal conditions
before they arrive. Self-regulation, he said, is a much better method of
banking control than legislative restriction.
He praised the services of the Stock Exchanges, and stressed the value
of listing stocks and other securities. "The service of a well-managed
Exchange," he declared, "is a service to the entire country."
Better Competition Claini,ed After Branch System.
Following the reading of his prepared statement at the afternoon session
of the Committee, Mr. Fleming was questioned by members. In response
to a query from Representative Goodwin (Rep.), of Minnesota, Mr.
Fleming stated that he considers Washington has a better competition in
banking than before the present system of branches was established. He
believes that credit is more easily obtainable now than before. Moreover,
he added, that in every community where a branch of the Riggs National
Bank has been established, deposits have increased, and the people generally
have welcomed the office, and given it every commendation.
Thre is some necessity for recasting the provisions of the Federal Reserve
Act which define paper eligible for rediscount with Reserve Banks, Mr.
Fleming thinks. There is a dearth of eligible commercial paper, be
declared, which he feels is permanent in character. He suggested that
consideration might be given to making eligible paper secured by bonds
which are acceptable as security for Government deposits.
Mr. Fleming feels that the surplus earnings as Reserve Banks should be
distributed to members or turned back into the Reserve Bank as an
addition to surplus, only a nominal franchise tax being paid to the
Government.
In response to questioning by Representative Busby (Dem.), of Houston,
Miss., Mr. Fleming stated that his position is that branch banking by
Washington banks in the near-by territory would be better than group
banking in that region by outside interests. Mr. Busby expressed the
opinion that there was no necessity for those outlying cities to have
anything other than the successful unit banks operating there now.
MAY 31 1930.]
FINANCIAL CHRONICLE
Representative McFadden Seeks to Subpoena President
Davison of Central Hanover Bank & Trust in
Inquiry by House—Henry M. Dawes Opposed to
Extension of Branch Banking Act Now.
That the House Banking and Currency Committee might
resort to stringent methods to compel George W. Davison,
President of the Central Hanover Bank & Trust Co. of
New York, to appear before the committee in its study of
group, chain and branch banking was indicated on May 28,
when Representative McFadden (Rep., Pennsylvania),
Chairman of the committee, asked permission of the committee to subpoena the witness. The Washington Correspondent of the New York 'Journal of Commerce" in
stating this added:
3811
Nahm appeared as a witness at the hearings which the
Committee is conducting on branch, chain and/group banking. The "United States Daily" in reporting what Mr.
Nahm had to say stated in part:
There should be no experimental changes in banking structure or banking
operations, Mr. Nahm declared.
"The unit banking system has not broken down as a whole, according to
the witness, but only in part, and only in certain areas, and only among the
banks in the smallest places," he said. The shifting of funds from one
section of the country to another, which is urged as an advantage of branch
or group banking, can be accomplished and is being accomplished by the
Federal reserve system, he added.
Scientific revision of banking laws and banking practices in unit banks
will do much to remedy present defects, Mr. Nahm declared.
In response to a question from Representative Luce (Rep.), of Massachusetts, with respect to his attitude toward the proposal of John W.
Pole, Comptroller of the Currency, for branch banking within trade areas,
it under certain restrictions.
In laying the case before the Committee Chairman McFadden pointed Mr. Nahm stated he favors
The restrictions which he would impose are first, that branches be exout that on May 8 a telegram was sent to Mr. Davison asking him to appear,
that banks acto which he replied that he had said all he desired to say on the subject and tended only to cities of 10,000 population or less; second,
well conducted,
that it would "irk" him to repeat to the Committee his statements. Later quiring such branches be of a high type, well officered,
and with a good business of their own; third, that the territory invaded
the Chairman again requested Mr. Davison to appear, but, up to the
be not already completely served by existing banks, and fourth, that no
present time, the Committee has received no response to the request.
branch be established in a town where there is no need for a bank.
Dawes Opposes Change.
Mr. Nahm declared that at first he included among his restrictions one
Mr. McFadden said that Mr. Davison has made some very definite that branches should not be permitted in those States which do not grant the
statements on the subjects of group, chain and branch banking, and he branch privilege to their own State chartered institutions, but had given it
believed that the witness should be made to appear before the Committee up because the States could change their laws, and because even in those
and repeat those statements for the record.
States, group banking was permitted.
Responding to a question from Representative Pratt(Rep.),of New York
Opposition to the extension of branch banking beyond the limits of the
McFadden Act was expressed before the Committee to-day by Henry M. City, Mr. Nahm gave his opinion that with the good roads found everyDawes, brother to the present Ambassador to Great Britain and former where to-day, it is not a great hardship on the people in very small towns
Comptroller of the Currency, who declared that in his opinion Congress which cannot support a profitable bank, to go to the nearest sizeable town
should await upon the demands of the public for a change in our banking to do their banking business.
system before approving the proposals to extend the branch banking laws.
Group banking is new,said Mr. Nahm,and no very definite opinion can
He was also opposed to group and chain banking.
be formed on it yet. He added he is a member of the Economic Policy
"In spite of general claims to the contrary these new syndicates have Commission of the American Bankers Association, and that group is of the
done little, if anything, to solve the difficulties of the unsound small bank opinion that group banking should be allowed to develop further before
whose failure is being enlarged upon as an argument for the inauguration any policy with regard to it is determined upon.
of a new economic era," he said. They cannot solve this question, and it
Part of Mr. Nahm's prepared statement as given in the
never will be met except by the inexorable operation of natural laws, he
added, and just as truly as there is a point at which too great size destroys "United States Daily" follows:
efficiency, there is a point below which the unit cannot survive. "There are
Diversified assets mean a proper secondary reserve and balanced investhundreds of banks of less than $100,000 capital that are sound and strong," ments that all banks should have to render them immune from crop failures
he said, "and have every element of vitality inherent in them, but the meas- or neighborhood collapses. Such a reserve consists of good bonds and marure of such banks' ability to survive is not the size of their capital but the ketable commercial paper.
size of the resources which the community can put into thorn.
Branches and groups do shift funds to locations where they are needed
but so does membership in the Federal Reserve System. The small unit
Blames Unsound Small Banks.
competition
"The responsibility for this rests primarily with Congress and the State bank in any community can maintain its independence in
system.
legislatures in permitting the chartering of too small institutions, and second- with any multiple system of banking by becoming a member of this
arily, with the authorities, both State and National, to the extent that they It can hold its traditional relation with its city correspondent and besides
protection which the
should have exercised discretion in refusing charters where communities secure a guarantee against tight conditions by the
did not require them. The discontinuance of the issuance of further charters Federal Reserve System has afforded for 16 years. With this anchor to
below a reasonable limit would be constructive. The only thing that can windward, it can serve its patrons in comfort under any conditions that
be done for the unsound banks which are now in existence is for the super- may arise in good banking. It is the one guarantee that the unit bank
vising authorities, State and National, to help them to bring about liquida- can continue to exist.
Fixed Capital Required.
tion in a way that will occasion the least loss and to supervise the sound
May we suggest a few preventive laws to afford protection to depositors.
banks as carefully as possible and stop chartering too many small instituNo new bank should be chartered with less than $50,000 capital, 71%
tions for which there is no need. The injection of the branch and the chain
of all such banks have failed in the last 10 years•
system will only exaggerate a bad condition.
No bank should be chartered where the banking needs are supplied and
"When the greatest exponent of branch banking, both in practice and in
theory, states that in his opinion the development of chain and syndicate the field is properly served.
No bank should be chartered unless its personnel includes men trained in
banking is a step toward National and international branch banking, it
bears the weight of logic as well as of his prestige," he said. "Rather banking.
No fees collected from banks by States should be used for any other purthan to temporize and to attempt to compromise a fundamental issue, the
Interests of the public would, in my opinion be better served by determina- pose than to secure highly trained examiners.
Then banks should charge for unprofitable services and recoup their
tion as to whether or not branch banking is desirable.
"Compromise and permissive legislation would have the effect of strength- lost profits by proper service charges on unprofitable accounts, charges
ening the movement to such an extent that when, at some later time, the upon the float that is paid by them, charges for expense incurred by issue
public rebelled against monopolistic tendencies it would bring about a of bad checks. This requires some back-bone in a country banker, but no
other business man suffers so greatly for unpaid services.
convulsion which would hurt everyone."
The human element enters largely into Our problems. The psychology
Although unit banks serve the community better they cannot survive the
competition of chain or branch banks for two reasons, Mr. Dawes said. In of the human being must be considered.
the one case certain clients who are very profitable to a bank are compelled
It takes time to train men to operate the huge aggregations of capital
to patronize the chain or branch institution in all matters because they now gathered into the banking business. It requires health, brains and
can serve them in some. Furthermore entirely outside of the banking rels- experience. Many men in these great financial mills are breaking under
Mena the operators of small commercial and business enterprises are very the strain. They frankly declare that they cannot see through it all, it
much handicapped in meeting their larger competitors if those competitors Is too big.
have the ear and approach to the avenues of credit that can only be reached
Authority Is Cited.
in central cities after the unit system is discarded.
Most country banks are one man banks, men who, from a banking
"This situation cannot be ignored by the assertion that the chain bank can standpoint, though perhaps not in organizing ability, are abler men than
offer facilities that the unit bank cannot," he said, "because there has never the men developing the multiple metropolitan banks.
been a time in the history of this country that through the operation of the
Reduce this man to a managing clerk, take away from him his full author
correspondent system and the use of various methods of syndicating loans ity, and autonomy, give him his daily instructions and a complex set of
In financing it has not been possible for the small banker to accommodate rules to abide by, and you will in time make him a mere cog in a great
his clients who are entitled to credit.
machine, Instead of an individualistic, resourceful American.
"Whatever the fundamental reason, the fact remains," he said, "neverIt is a melancholy experience to be thrown with men whose originality and
theless, that few localities can be shown where unit and chain banks, or initiative have been crushed out of them by the weight of authority. That
branches have existed for a very long period in competition, and it is the is paternalism in its deadliest form.
centralized group that is the survivor. But it is not a case of the survival of
The young man will not seek the branch banking business, nor will those
the fittest, unless the social aspects are disregarded. The issue is one of who are employed be tempted to remain memorizing a set of rules, with
survival and it is hopeless to attempt to compromise."
develop initiative, with no ambition left to become the
IS If the Banking and Currency Committee decides to compel him to appear little opportunity to but only a manager at a smaller salary. The honor
president of a bank,
before it to answer questions with regard to his views on branch and chain and the stability of the job is gone, and local understudies will not be found.
banking, George V. Davison, President of the Central Hanover Bank, will,
Multiple banks naturally seek the best banks in the towns, buy and conof course, respond and go immediately to Washington, it was stated in the trol them. If they retrograde, the one man gone, and fail to pay, as many
offices of the bank recently.
will, the bank will be closed. What then is left? Those banks not so good
Mr. Davison, it was pointed out, had fully expressed his views at the con- are left, and the result may be, if not disasterous, worse than it was before.
ference of the American Bankers' Association last fall and for that reason
The country banker knows men and localities. The manager knows
had not volunteered to appear in Washington.
rules and collaterals. Within his special sphere of activity, the country
man is just as keen as his city brother.
best, the local manager can be only advisory and must refer back
to Unit Banking System Advocated Before to At head office all great problems. Men of high type will leave this
Adherence
the
House Committee by Max B. Nahm of Bowling nature of employment and the substitute may be a robot, bound by rigid
instruction, enforced in a mechanical way.
Green, Kentucky, Before House Committee InUnit System Is Profession.
quiring Into Branch Banking.
The enterprises of a town will interest the unit banker and not appeal to a
I
unit banking was urged upon the House branch of a distant city. The one man has knowledge of the individuals,
Adherence to
Banking and Currency Committee May 21 by Max B. their character and ambitions, and sympathizes with their ideas of developthe city.
Nahm, Vice-President of the Citizens National Bank and of ing other, being under foreign sway, cannot enter that intimate relation
The
the Bowling Green Trust Co., of Bowling Green, Ky. Mr. and would refuse such loans. It takes a high order of talent to estimate
3812
FINANCIAL CHRONICLE
and make such a loan correctly, but on such decisions theLgrowth of the
country commercially has largely been predicated. Destroy the power
and disposition to foster this growth and you have broken the main spring
of American resource. The history of many of our greatest enterprises
began in just such loans.
So, if we find that the unit system of banking has not broken down as a
whole, but only in part, and only in definite sections, in only some small
banks, in some small towns, is it not then worth while to protect, develop
and foster the remaining unit banks?
Let us realize that unit banking is a profession, multiple banking is a
large sized business.
Let us adhere to unit banking and depart from it only so far as developments make it necessary to do so. Let us abandon it only to the extent that
we must, to eliminate its defects, restore it to its former efficiency.
[VOL. 130.
Presumptions Favor State.
In assailing the constitutionality a a State statute the burden rests upon
appellant to establish that it infringes the constitutional guarantee which
he invokes. If the State court has not otherwise construed it and it is susceptible of an interpretation which conforms to constitutional requirements,
doubts must be resolved in favor of, and not against, the State. See No.
454, Corporation Commission of Oklahoma, etc., v. Lowe, etc., decided May
19, 1930; South Utah Mines v. Beaver County, 262 U. S. 325, 331.
Affirmed.
•Section I. Assessment of stockholders.
Whenever the superintendent of banks shall find that the capital stock of any bank
has become impaired or reduced as much as 10% of its par value from losses or any
other causes, the superim endent of banks shall notify and require such bank to
make good its capital stock so impaired or reduced within 60 days, by an assessment
upon the stockholders thereof, and it shall be the duty of the officers and directors
of the bank receiving such notice to immediately call a special meeting of the stockholders for the purpose of making an assessment upon its stockholders sufficient to
cover the impairment of the capital, payable in cash, at which meeting such assessment shall be made, provided that such bank may reduce its capital to the extent of
the impairment if such reduction will not place its capital below the amount required
by this Act. At any such special meeting of the stockholders a majority of the stock
outstanding at the time shall be deemed a quorum,and such assessment may be made
Pon a majority vote of the quorum present.
Georgia Banking Law Upheld by U. S. Supreme Court
—Lack of Specific Provision for Notice of Meeting
to Assess Stockholders No Bar to Act's Validity.
The failure of the Georgia Banking Act to provide expressly for notice to stockholders of special meeting for
Forthcoming Treasury Issue.
assessment does not make the statute void, the Supreme
Advance notice of the June financing of the Treasury
Court of the United States held May 26. The court declared
that in the absence of provisions dispensing with notice, a Department was issued as follows by the Federal Reserve
requirement of reasonable notice would be implied. The Bank of New York on May 23:
FEDERAL RESERVE BANK OF NEW YORK.
foregoing is from the "United States Daily,' which gives the
Fiscal Agent of the United States.
text of the opinion as follows:
NEW TREASURY ISSUE.
Gabriel Toombs v. Citizens Bank of Waynesboro; Supreme Court of the
United States, No. 485.
On appeal from the Georgia Supreme Court.
•
W. A. Slayton submitted brief for the appellant; Carl N. Davie and Earl
Norman submitted briefs for the appellee.
Opinion of the Court
May 26, 1930.
Mr. Justice Stone delivered the opinion of the court.
This is an appeal from a judgment of the Supreme Court of Georgia,
upholding the constitutionality of the provisions of the Georgia statutes
regulating the assessment, by corporate action, of shareholders of State
banking institutions whose capital has become impaired. —Ga.—. Section
1 of Art. VI, Georgia banking law, act of Aug. 26, Ga. Laws, 1925, p. 126,
amending Art. VI, Ga. Laws, 1919, P. 135; Ga. Civil Code, sec. 2386,
(48), (49).
Section 1* provides that when the capital of a State bank is impaired the
Superintendent shall require the bank to make good the impairment by
assessment upon the stockbrokers, and that "It shall be the duty of the
officers and directors of the bank receiving such notice to immediately call
a special meeting of the stockholders for the purpose of snaking an assessment an its stockholders sufficient to cover the impairment." Section 2
authorizes the bank, in addition to other remedies, to bring suit against
stockholders for the amount of the assessment. The Supreme Court of the
State, construing the statute, has held that an assessment under the provisions of section 1 (formerly in sec. 2 of Art. VI of the Georgia banking
law, Ga. Laws 1919, p. 135) is a voluntary act on the part of the stockholders, who may, at their election, by action taken at the stockholders'
meeting, levy the assessment, or decline to levy it and permit the liquidation
of the bank by the Superintendent of Banks, who may levy an assessment
under another provision of the statute not now involved. Smith v. Mobley,
166 Ga. 195. Arts. VI and VII of the Georgia Banking Law, Ga. Laws,
1919, p. 135.
Constitutionality Questioned.
Petitioner is the owner of shares of capital stock of the Citizens Bank of
Waynesboro, chartered under the Georgia statutes Jan. 1, 1920. On Aug.
16, 1926, the bank became insolvent and passed into the control of the
State Superintendent of Banks, who found that the net indebtedness of the
bank exceeded its capital. Certain depositors of the bank having undertaken
to release their claims so that its indebtedness would equal its capital, the
Superintendent of Banks agreed to surrender his control of the bank if
its stockholders would authorize a levy of an assessment of 100% of the par
value of the stock. A stockholders' meeting, held Oct. 22, 1926, at which
a majority of the shares was represented, adopted resolutions assessing the
stock accordingly.
The present suit to recover the assessment upon appellant's shares was
brought in the Superior Court of Wilkes County, and its judgment in favor
of the respondent was affirmed by the State supreme court. Appellant, by
his pleadings, challenged the constitutionality of the statute upon the ground,
relied on here, that section 1, by its failure to provide for notice to stockholders of the special meeting for the purpose of levying the assessment,
denies due process of law guaranteed by the Fourteenth Amendment.
Petitioner thus seeks to raise the question whether one who acquires stock
in a corporation, notice of whose meetings is dispensed with by State law,
can, for that reason alone, invoke the due process clause to set aside
corporate action adversely affecting his interest as a stockholder.
Notice Impliedly Required.
But no such question is presented. Section 1 makes it the duty of the
officers and directors of the bank, in the contingencies named, to "call a
special meeting of the stockholders for the purpose of making an assessment."
The statute does not prescribe that the meeting be called without notice.
Petitioner points to no provision of the Georgia statutes or of the charter
or by-laws of the bank dispensing with notice, nor to any decision of the
supreme court holding that the statutory duty to "call" a stockholders'
meeting can be performed without reasonable notice to stockholders of the
time and place of meeting. Even when there is no provision, in statute or
by-laws, for notice, it has been held that common law principles require
corporate meetings to be called by reasonable notice to stockholders. See
Stow v. Wyse, 7 Conn. 214; Wiggin v. First Freewill Baptist Church, 8
Mete. (Mass.) 301, 312; Stevens v. Eden Meeting House Society, 12 Vt. 588,
589. That we think, in the absence of a controlling decision of the highest
court of Georgia, must be taken to be the implied requirement of section 1.
Notice was in fact given in the present case, as appears by the agreed
statement of facts, by mailing it 15 days before the meeting, addressed to
petitioner at his address last known to the bank. It does not appear
whether he received the notice. In the face of this record, we cannot
assume either that notice was not required by the law of the State or that
that actually given was insufficient.
Preliminary Notice of Offering and Methods of Filing Subscriptions.
Circular No. 980. May 23 1930.
To all Member Banks, State Banks, Trust Companies and Savings Banks 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. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and, therefore,
3. That each subscribing bank, upon receipt of informatiOn as to the
terms of the Treasury offering (either in the press, through the mails 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 mail in advance of
receipt by subscribing bank of subscription blanks furnished for the particular issue should be confirmed immediately by mail, and on the blank
provided, when such blank shall have been received.
4. That 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.
Classification of Subscriptions, ctc.
Bank Customers' Subscriptions.—With regard to issue, subscriptions to
which the Treasury determines for the purpose of allotment shall be considered as on a cash basis irrespective of whether or not payment is to be
made in cash or in securities, the following.classification will be required
of subscriptions made for account of customers, stating the number of
subscriptions in each class.
Class A.—Subscriptions for $1,000 or less for any one subscriber.
Class E.—Subscriptions for over 31,000, but not exceeding
$10,000.
Class C.—Subscriptions for over $10,000, but not exceeding
$50,000.
Class D.—Subscriptions for over $50,000, but not exceeding $100,000.
Class E.—Subscriptions for over 3100,000, but not exceeding $500,000.
Class F.—Subscriptions for over 3500,000, but not exceeding $1,000,000.
Class G.—Subscriptions for over $1,000,000.
Where the maturing securities are not by the instructions accompanying
the offering given a preference they shall be treated as cash and such
subscriptions to be paid for in securities should be included in the classification.
Bank Subscriptions.—A subscription for a bank's own account should
not be included in the above classification of subscriptions for account of
customers, but should be clearly indicated as for the bank's own account
and in addition to subscriptions for customers.
Subscriptions Not Classified.—Where under the terms of an offering
or under instructions accompanying an offering, the Treasury agrees to
allot new securities in full for any of its securities maturing on the date
of the new issue or on any later date, subscriptions to be paid for in such
securities should not be classified.
Applications 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. Should notice and subscription blanks for any
reason be delayed in reaching such institutions this bank will nevertheless
receive subscriptions either by letter or telegraph. It is suggested that
subscriptions be promptly transmitted to this bank.
If it be found necessary to telegraph subscriptions they should be confirmed immediately either by letter or on subscription blank, setting forth
the classifications indicated above and method of payment, and clearly
stating that the confirmation is not an original subscription so that duplication may be avoided.
Subscriptions cannot be received until the terms of the offering are
Publicly announced by the Secretary of the Treasury.
GEORGE L. HARRISON. Governor.
The "Wall Street Journal" in its issue of May 24 published a dispatch from Washington which said in part:
Juno financing of the Treasury will consist in paying $549,707.
800 of
certificates falling due June 16. It does not appear that issues to be offered
around the next tax date will aggregate a volume less than the maturing
obligations, In view of the shrinkage of customs revenues and the appropriation by Congress this session of additional funds.
Among these added appropriations is $100,000,000 for the Federal Farm
Board, making a total for that organization of $250,000,000 authorized.
Customs revenues are likely to fall 40,000,000 below previous year. There
appears no immediate prospect that foreign trade will pick up and with
it customs receipts.
MAY 31 1930.]
FINANCIAL CHRONICLE
3813
Debate on the proposition, as well as the tariff in general is expected to
Certificate issue maturing is Series TJ-1930, bearing interest at 4%%.
There will be no bill issue to redeem, as was the case in March, when start in the Senate Monday.
The only restriction now to be placed on the President which is not in
of that class of borrowings ran out.
$100,000,000
existing law is that he will not change the Commission's findings in proclaiming a rate change.
At present, the President may proclaim a different
New Agreement Reached By Conferees on Flexible Pro- mended by the Committee but he must stay within duty from that recomthe 50% limitation.
vision of Tariff Bill—Compromise Provision PreAnother section eliminated by the conferees to-day to avoid another
viously Decided on in Conference Held as Exceeding point of order would have required the President to appoint Chairmen of
Commission on a rotation basis with no one man serving as
Conferees' Authority in Point of Order Sustained the Tariff more than once during a term. The present law on this point.
Chairman
Vice-President Curtis.
By
permitting the same Chairman to be reappointed every year, was subIt was announced in press dispatches from Washington stituted.
The difference in cost of production between domestic and foreign articles
that the conferees on the tariff bill had agreed May 29 on a Is retained in the new provision as the basic factor to be equalized by the
new flexible provision which would broaden considerably the Commission in determining flexible rate changes.
30 days of
A rate proclaimed by the
powers of the President and restrict the authority of the his affirmative action. The President would take effect within it effective
original proposal would have made
Tariff Commission. The supplemental portion of the Con- in 10 days.
ference report, containing the compromise flexible proThe United Press dispatches from Washington May 29
vision, was returned to conference, after Vice-President to the New York "Evening World" referring to the new flexCurtis on May 27 sustained a point of order made against ible provision said:
this portion of the report by Senator Barkley (Dem.) of
Under the original compromise, the Tariff Commissiom would fix a rate
Kentucky, on the ground that the conferees, in authorizing adjustment and send their recommendation to the White House. The
President would be required to affirm or veto it within 60 days and if he
the Tariff Commission to proclaim tariff rate adjustments, took no action within 70 days the recommendation of the Commission beif the President has not acted upon their recommendations came law.
Now the time limit would be eliminated. The rate recommendation of
within 60 days, inserted new matter which was contained
President
the Tariff Commission
neither in the House nor the Senate bills. The "United if he chooses. He maymay be subjected to a pocket veto by the or file it
indorse the Commisssion rate or reject it,
States Daily" of May 28 in reporting this also said:
and forget about it.
Senator Shortridge (Rep.) of California appealed from the decision of the
Chair, but withdrew his appeal immediately when advised the rules required
a vote on it before other business was transacted.
, Senator Smoot (Rep.)of Utah, Finance Committee Chairman, annonuced
that he would call a meeting for May 29 of the conferees to correct the
supplemental report.
The ruling of the Vice-President automatically returns the bill to conference, and inasmuch as the House conferees have not been discharged by
the House, they have simply to be invited to the meeting.
It was this time limit which the Democrats sought, since President
Coolidge used the old law to pigeon-hole recommendations of the Tariff
Commission on several occasions, once when the Commission recommended
a reduction in the sugar schedule.
We indicated in these columns last week (page 3648) that
the conferees who had previously been deadlocked on the
flexible provision (as well as the farm debenture plan, finally
eliminated), had agreed May 23 to a compromise. The
From the New York "Times" Washington dispatch May language of the compromise was written into the bill May 24,
27 we quote the following:
and the Conference report was submitted to the Senate May
Vice-President Curtis's ruling which threw the bill back into Conference
26; it was called up for consideration by the Senate on May
followed a 2
-hour speech by Senator Smoot and a direct assault upon the
27 by Senator Smoot, whose comparison of its provisions
flexible provision by the coalition.
with existing law are given elsewhere in our issue to-day.
Ruling Takes Smoot by Surprise I
The ruling by the Vice-President came with slash surprise to Senator
Smoot that he apparently was confused, and. i uaed to consent that
the other pending points of order be disposed ofu that all the disputed
sections might be considered by the Conference at one time.
Before filled galleries, the old guard was thrown into obvious disorder
by the ruling. Some Senators so identified privately predicted that
defeat for the bill seemed inevitable Such was not the view, however, of
Senators Smoot and Watson, who, even in the disorder and uncertainty,
insisted that the flexible tariff provision would be adjusted in accordance
with the objections as sustained by the Vice-President. and would be
accepted by the Senate.
Curtis Cites Conference.
Text of Flexible Tariff Provision Adopted by Conferees
—Ruling by Vice-President Curtis Against Insertion of New Matter Resulted in Return of Bill to
Conference.
The compromise flexible provision in the pending tariff
bill, as completed by the conferees on May 24,is given below.
Elsewhere we refer further to the conferees' agreement, but
it may be noted here that the supplemental report of the
conferees containing this compromise flexible provision was
returned to conference on May 27, after a point of order
against the report, on the ground that the conferees had
exceeded their authority in inserting new matter, was sustained by Vice-President Curtis. The provision, thus questioned, as given in a Washington dispatch May 24 to the
New York "Times," follows:
Several times Vice-President Curtis interrupted the heated discussion to
say that he was ready to rule. Finally he pounded the desk and said:
"The Chair is ready to rule. The Chair recalls that many complaints
were made years ago in regard to the conduct or action of conferees putting
legislation in matters which had been submitted to them. The present
occupant of the Chair proposed the following rule to cure the practice then
at times indulged in:
"'Conferees shall not insert in their report matter not committed to them
by either house, nor shall they strike from the bill matter agreed to by
both houses. If new matter is inserted in the report, or if matter which
was agreed to by both houses Is stricken from the Bill, a point of order may
AMENDMENT NUMBER 1140 (FLEXIBLE PROVISIONS).
be made against the report, and if the point of order Is sustained the report
shall be recommitted to the committee ofconference.'
Sec. 336.
"The chair is clearly of the opinion that the following language Is new
Equalization of Costs of Production.
matter:
(A) Change of Classification or Duties.—In order to regulate the foreign
"'In the event the President makes no proclamation of approval or disapproval within such 60-day period, the commission shall Immediately by commerce of the United States and to put into force and effect the policy
order publicly declare such fact and the date of expiration of such period. of Congress by this Act intended, the Commission (1) upon request of the
and the increased or decreased rates of duty and the changes in classification President or (2) upon resolution of either or both Houses of Congress or
or in basis of value recommended in the report of the commission shall, (3) upon its own motion or (4) when in the judgment of the Commission
commencing 10 days after the expiration of such period, take effect with there is good and sufficient reason therefor, upon application of any interested party, shall investigate the differences in the costs of production
respect to the foreign articles when so imported.'
of any domestic article and of any like or similar foreign article produced
"The point of order is sustained."
in the principal competing country or countries.
It became known to-night that President Hoover objected seriously to the
In the course of the investigation the Commission shall hold bearings
section eliminated by Vice-President Curtis's ruling. He was represented
as willing to accept it, if necessary, but expressed to Senators his desire for and give reasonable public notice thereof, and shall afford reasonable
interested to be present, to produce evidence,
the House flexible provision, instead of the compromise giving the commi
s- opportunity for parties
and to be heard ay such hearings. The Commission is authorized to
sion power to promulgate a rate if the Executive failed to act.
such reasonable procedure and rules and regulations as it deems
The text of the eliminated provision is given in another adopt to execute its functions under this section.
necessary
The Commission shall report to the President the results of the invesitem in this issue of our paper.
prorespect to such
its
tigation
Regarding the conferees' action on May 29, when a new duction.and thefindings with finds it is showndifferences in costs of that
Commission
by the investigation
If
provision was agreed on, Associated Press accounts from the duties expressly fixed by statute do not equalize the difference in the
costs of production of the domestic article and the like or similar foreign
Washington stated:
article when produced in the principal competing country, the Commission
The new proposal would authorize the Tariff Commission to recommend shall recommend in its report such increases or decreases in rates of duty
increases or decreases in rates up to 50% and the President could approve expressly fixed by statute (including any necessary change in classification)
them or let them lapse by inaction.
as it finds shown by the investigation to be necessary to equalize such
The Executive would not be required to disapprove a Commission finding, differences. In no case shall the total increase or decrease of such rates
if he saw fit, as was required under the original plan. The 60
-day period of duty exceed 50% of the rates expressly fixed by statute.
given him to act also was stricken out.
(B) Change to American Selling Price.—If the Commission finds upon
Declaring President Hoover was "hungry for more power," Senator Har- any such investigation that such differences cannot be equalized by prorison, Democrat, of Mississippi, attacked the new provision.
ceedings as hereinbefore provided, it shall recommend in its report to the
Coming directly from the Conference room, he said it "demolished" the President a change in the basis of value to the American selling price (as
work of the Senate in restoring the flexible rate-changing power to Congress defined in see. 402 (g) of this Act) of the domestic article and such ad
valorem rate or rates of duty based upon such American selling price as
and represented a victsry for the House.
The Conference also eliminated that section which would have permitted it finds shown by the investigation to be necessary to equalize such difa commission rate to become effective if the President neither approved nor ferences. In no case shall the total decrease of such rates of duty exceed
disapproved it within 60 days.
50% of the rates expressly fixed by statute, and no such rate shall be
The new play follows clleely the existing flexible tariff policy with a few increased.
(C) Proclamation by the President.—Within 60 days from the date any
minor additions taken from the House bill. Republican leaders were
certain it has been made safe against further points of order and planned to report of the Commission is received by thAPresident he is authorized
by proclamation to:
report it to the Senate to-day.
3814
FINANCIAL CHRONICLE
(1) Approve the rates of duty and changes in classification and in basis
of value recommended therein, if he is of the opinion that such rates of
duty and changes are necessary to equalize such differences in costs of
production.
(2) Disapprove such rates of duty and changes if he is not ofsuch opinion.
(D) Effective Date of the Rates.—Commencing ten days after the date
of any Presidential proclamation of approval, the increased or decreased
rates of duty and changes in classification or in basis of value recommended
In the report of the Commission shall take effect with respect to the foreign
articles when imported from any foreign country into the United States
or into any of its possessions except the Philippine Islands, the Virgin
Islands, American Samoa and the Island of Guam.
In the event the President makes no proclamation of approval or disapproval within such 60
-day period, the Commission shall immediately,
by order, publicly declare such fact and the date of the expiration of such
period, and the increased or decreased rates of duty and the changes in
classification or in basis of value recommended in the report of the Commission shall, commencing ten days after the expiration of such period,
take effect with respect to the foreign articles when so imported.
(E) Publication of Commission's Report.—At the time of making any proclamation under this section the President shall make public the report of
the Commission upon which the proclamation is based and transmit a
copy of the proclamation and the report to the Congress.
If no proclamation with respect to a report of the Commission is made
within such 60
-day period, then at the time of the expiration of such period
the Commission shall make the report public and transmit a copy thereof
to the Congress. If the Congress is not in session at such time, the copy
of the report and, or, proclamation shall be transmitted at the commencement of the next session of the Congress.
(F) Ascertainment of Differences in Costs of Production.—In ascertaining
the differences in costs of production under this section, the Commission
shall take into consideration, in so far as it finds it practicable:
(1) In the case of a domestic article: (a) the cost of production as hereinafter in this section defined; (b) transportation costs and other costs incident to delivery to the principal market or markets of the United States
for the article; and (c) other relevant factors that constitute an advantage
or disadvantage in competition.
(2) In the case of an imported article: (a) the cost of production as
hereinafter in this section defined, or, if the Commission finds that such
cost is not readily ascertainable, the Commission may accept as evidence
thereof, or as supplemental thereto, the weighted average of the invoice
prices or values of the foreign articles for a representative period, and, or,
the average wholesale selling price for a representative period, which price
shall be that at which the article is freely offered for sale to all purchasers
in the principal market or markets of the principal competing country or
countries in the ordinary course of trade and in the usual wholesale quantities in such market or markets; (b) transportation costs and other costs
incident to delivery to the principal market or markets of the United States
for the article; (c) other relevant factors that constitute an advantage or
disadvantage in competition, including advantages granted to the foreign
producers by a government, person, partnership, corporation or association, or a foreign country.
(Cl) Modification of Changes in Duty.—The Commission and the President, proceeding as hereinbefore provided for, shall, if it is found that the
difference in costs of production which led to an increase or decrease in
rates of duty or a change in classification or in basis of value under this
section, have changed or no longer exist, modify or terminate such increased
or decreased rate or change in classification or in basis of value in accordance with such finding.
(H) Prohibition Against Transfersfrom the Free List to the Dutiable List.—
Nothing in this section shall be construed to authorize the transfer of an
article from the dutiable list to the free list or from the free list to the dutiable list nor a change in form of duty. Whenever it is provided in any
paragraph of Title 1 of this Act, or in any amendatory Act, that the duty
or duties shall not exceed a specified ad valorem rate upon the articles
provided for in such paragraph, no rate determined under the provisions
of this section upon such articles shall exceed the maximum ad valorem
rate so specified.
Definitions.—For the purposes of this section:
(1)_ The term "domestic article" means an article wholly or in part the
growth or product of the United States, and the term "foreign article"
means an article wholly or in part the growth or product of a foreign country.
(2) The term "United States" means the several States and Territories
and the District of Columbia.
(3) The term "foreign country" means any empire, country, dominion,
colony or protectorate, or any subdivision or subdivisions thereof (other
than the United States and its possessions).
(4) The term "cost of production," when applied with respect to either
a domestic article or a foreign article, includes, for a period which is representative of conditions in the production of the article: (a) the price or cost
of materials, the labor costs and other direct charges incurred in the production of the article and in the processes or methods employed in production; (b) the usual general expenses, including charges for depreciation or
depletion, which are representative of the equipment and property employed in the production of the article and charges for rent or interest,
which are representative of the cost of obtaining capital or instruments of
production; and (c) the cost of containers and coverings of whatsoever
nature and other costs, charges and expenses incident to placing the article in condition packed ready for delivery.
(J) Rules and Regulations of President.—The President is authorized to
make all needful rules and regulations for carrying out his functions under
the provisions of this section.
(K) Rules and Regulations of Secretary of Treasury.—The Secretary of the
Treasury is authorized to make such rules and regulations as he may deem
necessary for the entry and declaration of foreign articles of the class or
kind of articles with respect to which a change in basis of value has been
made under the provisions of subdivision (b) of this section and for the
form of the invoice required at time of entry.
(L) Investigations Prior to Enactment of Ad.—All uncompleted investigations instituted prior to the approval of this Act under the provisions of
Section 315 of the Tariff Act of 1922, including investigations in which the
President has not proclaimed changes in classification or in basis of value
or increases or decreases in rates of duty, shall be dismissed without prejudice; but the information and evidence secured by the Commission in any
such investigation may be given due consideration.
Agreement on a new flexible provision was reached by
the conferees May 29, this being noted in our item elsewhere
in this issue.
[VOL. 130.
Proposed Tariff Rates Compared to Present Duties by
Senator Smoot—Agricultural Products Account
for 68% of Increase, Though Only 33% of Total
Imports, He Says.
The pending tariff bill (H. R. 2667) "was written primarily for agriculture," said Senator Reed Smoot (Rep.),
of Utah, Chairman of the Senate Finance Committee, in
an address, May 27, in the Senate, explaining the nature
and effect of rate changes as compared with the Tariff Act
of 1922. In indicating what he had to say, the "United
States Daily" said:
After analyzing the bill, schedule by schedule, and giving the conclusions
of a study made by the Tariff Commission, Senator Smoot said, "the
bill goes as far as it is possible to go in protecting agriculture in Its
home market and yet not prejudice the industrial payrolls which are
such an important factor in the size and profitableness of that home
market.
"Agriculture," he continued, "has been given the consideration which
was intended in 1922, but which VMS prevented by lack of information,
and by changes in competitive factors since that time."
Senator Smoot's address follows in full text:
Mr. Smoot Explains Nature of Changes.
Changes made in the duties on imports entering the United States, in
the course of the current tariff revision, have aroused so much misinformed
comment that an outline of such changes, their nature, the reasons for
them, and their effect, seems desirable even at this late date for a better
understanding and appreciation of H. R. 2667.
In this statement the comparisons are based on imports for consumption
during the calendar year 1928. Items which are dutiable under the
present law but which have been transferred to the free list in H. R. 2667,
aro included, in order to show the net effect of changes made.
Items on the free list under the Tariff Act of 1922, but which have been
transferred to the dutiable list in H. It. 2667, also are included because
customs revenues will result from imports of them under the new law,
and such changes are factors in the net effect sought. Items now dutiable,
but which appear in R. It. 2667 at the same or at higher or lower rates, of
course, are included.
The result of the foregoing is to show the net effect on customs revenues
of changes made in duties in if. R. 2667, as indicated by the 1928 Imparts
for consumption. Because of changes made in classifications, resulting
from a need for greater clarity in descriptions and more detailed segregations of items for statistical and administrative reasons, not all of the
effect of changes which have been made in the duties can be shown
statistically.
In other words, there ds a group of relatively unimportant noncompamble
items. The value of such imports in 1928 amounted to $40,768,602, as
compared with a total of $1,614,282,138 for both comparable and noncomparable items. The noncamparable items, therefore, account for 2.5%
of the total as compared with $1,573,152,027, or 97.5% of comparable
items.
A statement of the effect of changes made in the duties, therefore, must
deal with this preponderant percentage of comparable items. A careful
study by the best informed body of tariff specialists ever assembled indicates that there is no reason to believe that the results would be changed
appreciably if it were practicable to include in the comparisons the
minute persentage of noncomparable items.
Changes Discussed in Each Schedule.
In this statement of the nature and effect of changes in duties in
H. R. 2667, as compared with the Tariff Act of 1922, the matter is first
taken up, schedule by schedule, for the sake of explicitness. The bill then
is summarized to give the desired bird's-eye view of the entire subject.
In order not to present too much wearisome detail, however, only the
really important changes will be specifically referred to.
Schedule 1—Chemicals: In Schedule 1 there are 535 named items and
basket clauses in the present law, as compared with 556 in the final draft
of H. It. 2667. Twenty-six items have been transferred from the dutiable
to the free list, and 14 have been transferred from the free to the dutiable
list. No change has been made in the rates on 469 items and basket clauses.
Of the rest the duties have been increased on 47 and decreased on 66.
On the basis of imports during 1928, the net result of these changes is to
show customs duties amounting to $29,748,153 under H. R. 2667, as
compared with $27,688,949 under the present law. The respective computed ad valorem equivalents of these duties is 31.40% and 29.22%, or
an increase of 2.18%. This increase in the duties and in the computed
ad valorem rate results almost entirely from:
(1) An increase in the duty on olive oil in the interest of domestic
producers of competitive oils and raw materials therefor;
(2) An increase in the duty on soy bean oil in the interest of the
growing domestic production of soy beans for oil crushing;
(3) An increase in the duty on casein in the interest of domestic
producers of skim milk, the raw material for casein;
(4) Increases in the duties on starches, dextrines, glue, and gelatin,
in the interest of the American farmers who produce competitive raw
materials;
(5) Increases in the duties on oleic acid and stearie acid, joint products
of tallow, in the interest of American farmers and ranchers, the producers
of the raw materials;
(6) Increases in the rates on butyl acetate and amyl acetate, coin.
petitive with the domestic fermentation of corn, in the interest of American
farmers who produce cash corn as a major crop.
Fertilizer Maierials Given Free Entry.
It should be noted, too, that in the interest of the farmers, provision is
made in II. R. 2667 for free entry of 11 materials used chiefly for fertilizers
or for the manufacture of fertilizers, notwithstanding any other provisions
in the bill.
Important agricultural insecticides also were transferred to the free
list. Moreover, important transfers to the free list were made with
respect to noncompetitive raw materials for various manufactured chemicals,
in the purchase of which farmers as well as city dwellers are interested.
Schedule 2—Earthenware, glassware, ticc.: In Schedule 2 there are 296
named items and basket clauses in the present law, as compared with
318 in H. R. 2667. There have been two transfers from the dutiable to
the free list and seven from the free to the dutiable list. Increases in the
MAY 31 1930.]
FINANCIAL CHRONICLE
3815
dairy products; (4) poultry products; (5) feed concentrates (transrates have been made with respect to 122 named items and basket clauses, (3)
ferred from the free list) ; (6) orchard products, mainly cherries, figs and
as compared with three decreases.
peanuts; (8) oil-bearing seeds; (9) field,
Substantial increases were made with respect to commodities imported in citrus fruits; (7) nuts, including
(10) fresh and canned vegetables, includcomparatively large quantities. Most important of these are pottery, grass, garden and flower seeds;
and (11) long-staple cotton.
certain types of glassware, and certain building materials. The rates on ing onions and potatoes,
All of these increases are merited in view of the competitive situation,
other glass are no higher, and on plate glass are lower, however, than those
the farmers, whose post-war prosperity
proclaimed under the present law by the President and effective as from and were granted in the interest of
has been hindered in important domestic areas by world-wide overproducFeb. 6 1929.
for farm products. The transfer of long-staple cotton
The increased rates on the building materials will be effective only in tion and low prices
to the dutiable list is vital to the domestic producers of
a few of the largest seaports and ineffective elsewhere. They will not from the free
add largely to returns from farming in
affect the farmers, except as the market for their products is improved that type of cotton and should
of the South and Southwest.
as a result of greater employment in these seacoast industries. Sub- numerous areas
Schedule 8—Spirits, wines and beverages: In Schedule 8 there are 39
stantially the same is true of the needed increases granted with respect
named items and basket clauses in the present law as compared with 41 in
to pottery.
IT. R. 2667. No change was made in the rates in 37 instances. Four
Pottery Activity Viewed As Aid to Farmers.
increases were made and no decreases.
centers can only react favorably on
Greater employment in the pottery
On the basis of imports in 1928, the net result of the changes is to show
the products of American farms.
the demand for
duties amounting to $680,069 under H. It. 2667, as compared with $523,045
This also is true with respect to glass. On the basis of imports during under the present law, and an advance in the computed ad valorem equiva1928, the net result of the changes in rates is to show duties amounting lent from 36.48% to 47.44%, or an increase of 10.96%.
to $29,995,159 under H. R. 2667 as compared with $25,511,007 under
This results from higher duties provided for on Angostura Bitters, which,
the present law. The computed ad valorem equivalent of the proposed under H. R. 2667 will pay the same duty per proof gallon as spirits,
compared with 45.62% under the present law, or brandies, cordials, etc.
duties is 53.64%, as
an increase of 8.02%.
Cotton Manufactures Raised 6.15%.
In view of the need of the industries for this added protection and of
the fact that the farmers will share in it, farmers need not be concerned,
Schedule 9—Cotton Manufactures: In Schedule 9 there are 91 named
named items and items and basket clauses in the present law as compared with 106 in H. IL
Schedule 3—Metals: In Schedule 3 there are 653
basket clauses as compared with 768 in II. IL 2687. There were four 2667. In 64 instances no changes were made in the rates. Thirty-seven
transfers to and four transfers from the free list. Increases in the rates increases and five decreases have been made, and there is one transfer
were made with respect to 105 items and basket clauses, and there are 69 from the free to the dutiable list.
decreases.
On the basis of imports during 1928, the net effect of the changes is to
On the basis of imports during 1928, the net result of the changes made show duties amounting to $22,422,198 under It. H. 2667 as compared with
R. 2667 as compared $19,451,364 under the Tariff Act of 1922. The respective computed ad
is to show duties amounting to $41,537,266 under H.
with $40,003,772 under the present law.
valorem equivalents are 40.27% and 46.42%, or an increase of 6.15%.
The respective oomputed ad valorem equivalents are 85.01% and 88.71%,
One-half of the increase in duties and in the computed ad valorem
or an increase of 1.30%. In no case is there an increase in duties on equivalent results from the compensatory duty of 10c. per pound imposed
metals or manufactures thereof which will affect the farmer directly, and on certain manufactures of cotton and necessary to offset or compensate
in no case has the farmer more than a very slight, indirect interest in domestic mills for the duty of 7c. per pound imposed on long-staple cotton
the higher rates.
(made dutiable in par. 783, of Schedule 7).
An important decrease, to the advantage of the fanners, occurs in the
Nearly all the rest of these increases result from higher duties needed
and all aluminum utensils. The net effect of all the and provided for on warp knit cotton gloves and jacquard-figured cotton
case of aluminum
changes made in Schedule 3 is merely to perfect it in the light of experi- upholstery cloths. This part of the increases is needed in the interest of
ence under the Tariff Act of 1922.
cotton textile workers.
Schedule 10—Flax, hemp, jute, &c.: In Schedule 10 there are 87
Eighteen Items Increased in Wood Schedule.
named items and basket clauses under the present law, and 89 under
Schedule 4 there are 67 named items and H. It. 2667. No changes in rates were made in 56 instances and increases
Schedule 4—Wood, &c.: In
basket clauses as compared with 52 in H. R. 2667. Fourteen transfers have were made in 33.
been made from the dutiable to the free list, and two from the free to the
On the basis of imports during 1928, the net result of the changes is to
dutiable list. No changes have been made with respect to 86 named items show duties amounting to $25,500,925 under H. R. 2667, as compared
and basket clauses, while rates have been increased in the case of 18 and with $24,191,702 under the Tariff Act of 1922. The respective computed
decreased on 14.
ad valorem equivalents of the duties are 18.16% and 19.14%, or an
On the basis of imports during 1928, the rates under H. R. 2667 show increase of 0.98%.
duties amounting to $5,519,370 as compared with $4,191,866 under the
Raw Materials in Flax Schedule Increased.
present law. The computed ad valorem equivalent of the duties is raised
A considerable part of the increases affect duties on raw materials—flax,
from 7.97% to 10.49%, or an increase of 2.52%. The net effect of the
hemp, and palm leaf fiber. Nearly all of the rest apply to yarns and
changes made is to remove softwood lumber from the free list.
-fiber (manilla) cordage (particularly that less than fi-inch
Schedule 5—Sugar: In Schedule 5 there are 38 named items and basket threads, to hard
manufacturers of linen.
clauses in the present law and 39 in H. It. 2667. Rates have been increased in diameter), and to
These increases were granted because of proven need of the domestic
with respect to 14 items and no changes have been allowed in the rest.
to keep their workers employed. The sum total
On the basis of imports in 1928, the net result of the changes is to show manufacturers, who desire
is too small seriously to concern any interest.
duties amounting to $134,939,588 under FL R. 2667, as compared with of all the increases really
The schedule merely has been perfected in the light of experince under
$118,572,109 under the present law.
The respective computed ad valorem equivalents are 77.21%, and 67.85%, the Tariff Act of 1922.
Schedule 11—Wool and wool manufactures: In Schedule 11 there are 65
or an increase of 9.36%. As is well known to all who have followed
Tariff Act of 1922 and 67 under
of the bill, virtually all of the indicated increases in named items and basket clauses under the
the consideration
made in nine instances. There were
the duties and in their ad valorem equivalent results from the higher H. It. 2667. No changes in rates were
62 increases and seven decreases.
rates provided for on raw sugar.
On the basis of imports during 1928, the net result of the changes is to
These higher rates are primarily in the interest of the sugar-beet growers
all of the beets are grown show duties amounting to $69,609,241 under H. It. 2667, as compared with
of the Middle, Central and Far West. Nearly
valorem
$57,636,641 under the present law. The respective computed ad
on irrigated farms.
equivalents of the duties are 59.83% and 49.54%, or an increase of 10.29%.
to West.
Sugar Beets Called Great Boon
More than one-third of the increase in the duties results from the higher
Sugar beets are a staple crop of high value per acre, marketed close to rates on raw wool, and on wool wastes and rags, i.e., raw materials comthe farms, and constitute the sheet anchor of irrigated agriculture in the petitive with domestic wool. About one-third of the increase results
present development of the United States. Without sugar beets and hay, from the higher compensatory duties placed on wool manufactures to offset
which is grown in part as a "rest" crop, and is marketed chiefly in the the higher rates on raw materials, and thus to protect American woolform of livestock, a great portion of our irrigated acreage would still be growers in their higher duties on wool.
in the natural state.
Western rural development would still be in its infancy, and the sites
Need for Higher Rates on Wool Fabric Cited.
the granting
of hundreds of thousands of happy, contented homes would see little but
The rest of the increase results from a proven need for and
the prowling coyote and the skulking timber wolf stalking wild deer of higher protective rates on the finer wool textiles, especially on wool
game. No one need feel concerned with respect to the increased felt hat bodies and hats, the imports of which have increased tremendously.
and smaller
rags it was
duties on sugar. They are a national blessing.
Owing to the higher duties imposed on wool wastes and
Schedule 6—Tobacco: In Schedule 6 there are 14 named items and necessary to eliminate certain low-value brackets in subsequent paragraphs.
basket clauses, both in the present law and in H. IL 2687. No changes This elimination results in apparent increases in the duties, but such
in the rates have been made in 12 of these and increases have been increases are more apparent than real.
lower than
allowed in two. On the basis of imports during 1928, the effect of these
In the interest of the less well-paid domestic workers, duties
changes is to show duties amounting to $40,371,197 under H. R. 2667, as in the present law are provided for on the coarser wools, relatively few
compared with $39,314,791 under the present law.
of which are grown in the United States.
The respective computed ad valorem equivalents are 64.78% and 63.09%,
Schedule 12—Manufactures of Silk: In Schedule 12 there are 36 named
2667. No
or an increase of 1.69%.
items and basket clauses in the present law, and 38 in H. It.
rate on cigar wrapper
eight, and
This increase results solely from a slightly higher
rate changes were made in 26 of these, increases were made in
domestic farmers who raise cigar leaf of reductions were made in four.
tobacco granted in the interest of
type and grade. The only result of the increase will be to help
net result of these changes is to
that
On the basis of imports in 1928, the
compared with
these farmers.
show duties amounting to $19,181,350 under H. It. 2667, as
Schedule 7—Agricultural products and provisions: In Schedule 7 there $18,348,161 under the Tariff Act of 1922.
are 362 named items and basket clauses, as compared with 43 in H. It. 2667.
The computed ad valorem equivalent of the duties is raised from 56.56%
Twenty-five items have been transferred from the dutiable to the free list, to 59.13%, or an increase of 2.57%.
on ply.
been transferred from the free to the dutiable list.
and 14 have
This increase results almost entirely from slightly higher rates
No changes have been made with respect to 209 items and basket spun silk yarns, narrow silk fabrics and silk-and-cotton umbrella cloths,
clauses as compared with increases in 250 and decreases in 29. Transfers broad silks, and silk velvets. There was a demonstrated need for these
largely spices and spice seeds,
from the dutiable to the free list represent
small increases.
Rayon Duties Raised Only Slightly.
unground, and noncompetitive with domestic raw products.
Agriculture Schedule Shows Big Increase.
Schedule 13-4fanufactures of Rayor: In the rayon schedule there are
the net result of the changes is to 13 named items and basket clauses in the present law and 86 in H. R. 2667.
On the basis of imports during 1028,
in rates were made in 22 of these; increases were made in 12
show duties amounting to $109,740,518 under H. It. 2667, as compared No changes in two.
decreases
with $64,124,404 under the present law. The respective computed ad and
On the basis of imports in 1928, the net effect of the changes is to show
valorem equivalents of the increased duties are 34% and 19.86%, or an
duties amounting to $6,126,964 under H. R. 2667, as compared with
increase of 14.14%. The important increases affect the following items:
under the Tariff Act of 1922. The respective computed ad
(1) Live cattle, beef and veal; (2) canned and other prepared and $6,019,359
equivalents are 26.06% and 24.74%, or an increase of 1.32%.
preserved meats, and fresh meats, n. s. p. 1., chiefly canned corned beef; valorem
3816
FINANCIAL CHRONICLE
Nearly all of the increases affect rayon yarns, duties on which were raised
slightly for the adequate protection of domestic producers of them. These
higher duties necessitated a correspondingly small increase in the compensatory duties on manufactures of rayon.
Schedule 14—Papers and Books: In the paper and book schedule there
are 134 named items in the present law and 141 in H. It. 2667. No rate
changes were made in 122 of these; increases were made in 18 and a decrease
was made in one.
On the basis of imports during 1928, the net result of these changes is to
show duties amounting to $5,385,775 under H. R. 2667 as compared with
$5,113,098 under the Tariff Act of 1922. The respective computed ad
valorem equivalents are 26.06% and 24.74%, or an increase of 1.32%.
The bulk of this increase results from slightly higher duties on pulp
board (which is imported for use in the manufacture of wallboard), and
from needed increases in the duties on papier mache, certain very thin
papers, and decorated or embossed papers.
Large Increase Made in Sundries Schedule.
Schedule 16—Sundries: In the Sundry Schedule there are 410 named
items and basket clauses under the Tariff Act of 1922 and 481 under
H. R. 2667. In 294 of these there are no rate changes—increases have
been made in 156, decreases in 35, four items were transferred to the free
list, and seven were transferred from the free to the dutiable list.
On the basis of imports during 1928, the net result of these changes is
to show duties of $89,698,507 under H. R. 2667 as compared with $71,959,625 under the present law. The respective computed ad valorem
equivalents are 21.97% and 27.39%, or an increase of 5.42%.
The bulk of the increase affects—(1) straw, chip, and grass braids,
bonnets, and hats; (2) buttons; (3) manufactures of cork; (4) fireworks;
(5) matches and match splints and skillets; (6) embroideries, including
handkerchiefs; (7) cattle hides and skins; and (8) leather and leather
manufactures. Cattle hides and skins were transferred from the free list
In the interest of cattle raisers, and nearly one-half of the higher duties on
leather and leather manufactures results from the duties on hides and
skins.
Increases under (7) and (8) account for nearly 90% of the net increases
In the schedule as a whole. Most of the other increases are offset by
lower duties on precious stones, on which the rates were lessened to add
to revenues collected, and to curtail smuggling.
H. R. 2667 as a whole: In the entire list of comparable items in the
Tariff Act of 1922 there are 2,830 named items and basket clauses, as
compared with 3,218 in H. It. 2667. No Tate changes were made in 2,170
of these, or nearly 68% of the total. Increases were made in 888 and
decreases in 235.
Transfers from the dutiable to the free list embraced 75 items and 48
Items were transferred from the free to the dutiable list.
On the basis of imports during 1928, these changes with respect to
comparable items show duties of $630,456,280 under H. R. 2667 as
'compared with $522,649,383 under the present law. The computed ad
valorem equivalents of the duties are 33.22% and 40.08%, or an increase of 6.88%.
Bulk of Raises on Farm Products, Is Claim.
The bulk of the indicated increases in the duties, and in the computed
ad valorem equivalents of them results from higher duties on competitive
agricultural products, and from the compensatory element contained in
Imported manufactured products which are made in part or entirely from
agricultural raw materials.
A careful, item by item analysis has been made by the Tariff Commission
of the changes in rates in order to ascertain the actual protective rates
on agricultural raw materials and the foregoing compensatory elements
contained in the duties on manufactured products which use agricultural
raw materials.
These compensatory elements are protective to agriculture and merely
neutralize for domestic manufactures any effect which the tariff may have
In raising the cost of their raw materials. Obviously, it is the noncompensatory elements in the duties on imported manufactured products
made from agricultural raw materials which constitute the protective rates
intended to equalize the differences between domestic and foreign costs
of conversion.
The results of this study appear in table 1 (page 5) of the Commission's
mimeographed report on Compensatory and Protective Duties (May, 1930).
This report, it should be noted, makes no attempt to separate out the compensatories on agricultural raw materials more than one stage removed
from the raw state.
For instance, no attention is given to the compensatory element inherent
to the linseed crushed for oil used in imported paints, or to that inherent
to the cattle hides and calf skins contained in the leather used in imported
boots, shoes, and other manufactures of leather. The following comparisons, therefore, minimize the real protection afforded to agriculture.
Part I of the table referred to above shows that imports of agricultural
raw materials during 1928 were valued at $512,450,270. The du:ies col
lected amounted to $195,235,834, equivalent to 38.10% ad valorem.
Under the rates provided for H. R. 2667 the duties would amount to
$250,688,224, with an ad valorem equivalent of 48.92%, or an Increase of
10.82%.
Compensatory Duties On Products Raised.
Part II of this table shows that imports in 1928, of manufactured products
made from agricultural raw materials were valued at $183,062,487. The
duties collected amounted to $66,176,607 with an ad valorem equivalent
of 36.15%.
Under the rates in H. h. 2667 the duties would amount to $89,472,920,
with an ad valorem equivalent of 48.87% or an increase of 12.72%. But
the compensatory elements in these duties, offsettting the higher cost to
domestic manufacturers of agricultural raw materials imported as such,
amounted to $23,837,747 under the present law, equivalent to 14.11%
ad valorem.
Under the rates in H. R. 2667 these compensatory duties would amount to
$42,570,671, equivalent to 23.25% ad valorem, or an increase of 9.14%.
The purely protective elements in these duties amounted to $40,338,860
under the tariff act of 1922, as compared with $46,902,249 under the rates
In H. R. 2667, with respective ad valorem equivalents of 22.04 and 25.62%,
or an increase of 3.58%.
The foregoing means that, under the rates in H. R. 2687, agricultural
raw materials imported as such have fared three times as well with respect
to increases in the duties as have protective rates to American processors
of such raw materials. Substantially the same is true with respect to the
compensatory elements contained in the duties on imports of manufactures
made from agricultural raw materials.
These compensatory elements, of course, protect the American farmer in
his duties on competitive raw materials, and are as valuable to him as the
duties levied directly on imports of them.
rirou 130.
Seeks to Uphold Disparity in Farmers' Favor.
The disparity between the increases provided for in the interest of the
farmer as compared with those in the interest of the manufacturers of
agricultural raw materials are fully justified. Under tariff act of 1922
the fawner was less well cared for than was intended when the present law
was enacted.
With respect to industrial products made from other than agricultural
products, with a correction for the change in softwood lumber, Part III
of the table in question shows that the duties collected under the present
law on imports during 1928 amounted to $261,232,942;with an ad valorem
equivalent of 31.02%.
Under the rates in H. R. 2667 these duties would amount to $290,295,136,
with an ad valorem equivalent of 83.08%, or an increase of 106%.
As shown in Part IV of the table and with a similar correction for softwood lumber, the protective rates on all industrial products, irrespective of
the kind of raw materials used, had an average ad valorem equivalent of
29.42% under the present law as compared with 31.79% under H. It. 2667,
or an increase of 2.37%. On the basis of actual experience in 1428, it is
evident that protective rates to agriculture have been increased four times
as much as the protective rates to industry as a whole.
The consideration given to agriculture in H. It. 2667 as compared with
the present law also is shown by a comparison of (1) the increases in all
the duties collected on agricultural raw materials, (2) of the increases in
all of the protective rates to all industrial products, and (3) of the total
increases in the duties on all comparable items, whether agricultural or
industrial.
Thus the duties collected on imports of agricultural products, including
the compensatory elements in Part II of the table above referred to, amounted
to $221,077,581 under the tariff act of 1922, as compared with $293,258,895
under H. R. 2667. The Increase amounts to $72,181,314.
With a correction to allow for the change on lumber, the protective rates
to industry resulted in duties amounting to $301,571,802 under the tariff
act of 1922 as compared with $337,197,385 under H. It. 2667. The Increase amounts to $36,402,057.
With a similar change concerning lumber, the total duties collected on all
comparable items amounted to $522,649,383 under the tariff act of 1922 as
compared with $630,456,280 under H. R. 2667, and shows a total increase
of $107,806,897. Practically 88% of this total increase results from the
higher duties on agricultural raw materials, yet the declared value of these
Items imported as such was only about 33% of the declared value of all
comparable imports in 1928.
The foregoing simply means that H. R. 2667 is written primarily for
agriculture. The bill goes as far as it is possible to go in protecting
agriculture in its home market and yet not prejudice the industrial pay
rolls which are such an important factor in the size and profitableness of
that home market.
Defects which have become apparent in the tariff act of 1922, owing to
changes in competitive conditions during the past eight years, have been
remedied. Agriculture has been given the consideration which was intended
in 1922, but which was prevented by lack of information and by changes
in competitive factors since that time. The bill stands on its merits in
appearing for a final vote.
Without deduction of compensatories on other than agricultural raw
materials.
Senate Adopts Resolution Asking Secretary of State to
Report on Protests Against Tariff By Foreign
Governments.
On May 26 the U. S. Senate adopted a resolution offered
by Senator Thomas (Dem.), of Oklahoma, calling upon the
Secretary of State to supply the Senate with all foreign
protests on the tariff bill. The resolution follows:
Whereas foreign Governments have filed with the Secretary of State
Protests against the enactment of the pending tariff bill: Therefore be it
Resolved, That the Secretary of State be, and he is hereby requested to
transmit such protests and communications to the President!of the Senate
for the information of the CongressingfAki~,gcr.,Raelir,
-30 Nations RepreTariff Protests Reach 160 Total
sented in Memoranda Transmitted to Senate Committee.
The following Associated Press advices from Washington,
May 28, appeared in the New York "Evening Post":
More than 160 protests and observations on the tariff bill have been received by the State Department from over 30 foreign countries and forwarded to the Senate Finance Committee.
A large majority are from foreign trade organizations and individual producers. Some, however, express the views of the Governments.
The communications date back as far as March 1929, but several have
been received this month.
The Senate last week called upon the State Department for the number of
communications received. While this information ITT.s not yet been supplied,
It developed to-day that 103 memoranda had been received up to Sept. 5
and approximately 60 since then.
Swiss Reprisal Felt—American Business Men Say Tariff
Bill Has Hurt Demand for Goods.
From Geneva May 21 the New York "Times" reported
the following:
American business in Switzerland already is beginning to feel the effect
of a strong widespread protest against the American tariff bill, it is learned
from an authentic source. Information showing that important importers
of American products, especially automobiles and typewriters, are curtailing
their normal orders is being sent to Washington.
Although it appears unlikely that the numerous threats to boycott
American goods in Switzerland will be formally carried out. Swiss wholeBalers apparently believe the present popular indignation, if it does not
take the form of a tacit boycott,at least will curtail the demand for American
goods.
European manufacturers are making the most of the situation to push
their goods in the SWI1313 market. The Germans,for instance, are finding it
advantageous for their talking films.
The Swiss indignation over the American tariff bill is due to the belief
it will affect the Swiss watchmaking and other industries to the extent of
throwing 25,000 persons out of work.
Mir 311930.1
FINANCIAL CHRONICLE
3817
Swiss Add Tariff Protest—Rotarians to Appeal to resolution for the Committee of Rules, insisted on action,
International Headquarters at Chicago.
Mr. Ramseyer declared he would demand the presence of a
Geneva advices May 25 to the New York "Times" said: quorum. The dispatch went on to say:
The Swiss section of the American Rotary Club, consisting of 20 clubs
with 700 members, is holding a fourth conference here on the principal
question discussed yesterday— the proposed American tariff. Dr. Willems
of Brussels was the only speaker who upheld the American attitude in the
matter. All the others were against it.
Finally the conference decided to send a message to the Rotary international headquarters at Chicago calling the attention of American Rotarians to the great harm which the American tariff, if passed, would cause
the Swiss export trade to America.
Austria to Raise Tariffs—Washington Notified of
Higher Rates Planned.
A Washington dispatch May 24 to the New York "Times"
states:
The Austrian Government proposes to increase in the near future the
Import duties on numerous agricultural and industrial articles, notably
cotton yarns and fabrics, iron sheets, veneers, aluminum, starch, wheat
and flour, according to a radiogram from Commercial Attache Gardner
Richardson, Vienna, received by the Department of Commerce. It is
added that the establishment of the final rates is dependent upon the present
treaty negotiations with Hungary and Yugoslavia.
Argentinians Protest Tariff—Commerce Confederation
Sends Appeal to United States Chamber at Washington.
The Argentinian Confederation of Commerce, Industry
and Production has cabled to the United States Chamber of
Commerce at Washington a formal protest against the new
tariff says Buenos Aires advices May 23 to the New York
"Times" which added:
Copies of the protest have been sent to the Pan American Union and to
the American Embassy and the American Chamber of Commerce in this
city.
The statement reads:
The Argentinian Confederation of Commerce, Industry and Production,
an association of 45 institutions throughout the republic, feeling certain
that it interprets the economic interests of the entire country, would thank
your chamber if it would make known to your nation the danger which
the projected tariff changes mean for commercial expansion between Argentina and the United States, as well as our hearty wishes for a customs
policy of moderation and reciprocal advantages.
The decision to send a cabled protest was taken at a largely attended
meeting at which the American tariff was the main subject of discussion.
It was emphasized that the American tariff on various products of the
Argentine had been increased frequently in recent years, while the Argentinian duties had remained unchanged.
The local director of General Motors, an American citizen, has also
cabled a protest direct to President Hoover, Senator Copeland and Representative Ruth Pratt.
German Tariff Futile as Price War Sends Liquid Fuel
Market Tumbling.
A Special cablegram to the New York "Journal of Commerce from Bochum (Germany) May 26 said:
The price war in liquid fuels aimed against the so-called outside independents, especially the Texas Co. of the United States and some of the
Belgian concerns, has resulted in the offering of benzol at wholesale in
the Rhineland down to 30.75 reichsmarks per kilogram.
The benzol prices of the Benzol Verband, or carter, were 36.50 reichsmarks recently, so that the tariff rate has now been nearly absorbed.
The tariff, which became effective April 15, imposed duties ranging from
6 to 10 kilograms on both gasoline and benzol, which hitherto had been
admitted free.
Offerings of the Belgian benzol manufacturers, which have been instrumental in bringing down prices in the German market, are viewed in the
industry as temporary measures. They are held to be steps designed for the
purpose of securing the Belgians a trading basis for higher shipment quotas
in probable future agreements.
In the meanwhile the sales volume for benzol has fallen off rather sharply
as prices fall In buyers' favor. Foreign benzol is competing with domestic
fuel despite the tariff. Production of German benzol is not able to offer
strong competition, as the coke plants which produce the fuel as a byproduct have been placed in an unfavorable position through a decline in
coke sales.
President
Hoover
Informed Tariff Bill Alarms
Argentine.
United Press advices May 23 from Buenos Aires published
in the New York "Evening World" says:
The "extent to which the Hawley
-Smoot tariff bill would be likely to
damage Argentine-United States trade," was explained in a message
sent President Hoover to-day by Albert Detonnay, Managing Director of
the General Motors offices in Argentina.
The message said that the Argentine people, who interpreted the President's visit as a gesture of good will, would be disappointed by the bill.
House Passes Resolution Calling for Investigation Into
Communist Propaganda in United States.
On May 23, by a vote of 210 to 18, the House of Representatives agreed to the Snell resolution calling for an investigation by a committee of the House into "Communist
propaganda in the United States, and particularly in our
educational institutions." According to Washington advices
May 23 to the New York "Evening World," Representative
Ramseyer (R., Iowa) led the onslaught on the resolution,
declaring he was unaware that it was to be brought up and
that he had not hatl opportunity to study the matter. If
Representative Michener (R., Mich.), in charge of the
Mr. Mitchener retorted that Mr. Ramseyer might as well make his
point of order that the House lacked a quorum, which he promptly did.
Later when absent members appeared Mr. Ramseyer launched into a denunciation of the proposed investigation. He declared the country is confronted with grave economic problems and widespread unemployment
and the attention of the people should not be diverted by starting an investigation such as proposed.
"With warehouses bursting with surplus foodstuffs and factories and
stores overflowing with clothing," said Mr. Ramseyer, "we have huge
numbers of hungry citizens, poorly clad citizens and millions of unemployed.
"This resolution proposes especially to investigate alleged13t Communistic activities in educational institutions. Why, those institutions are
under supervision of the several States. Surely they are capable of protecting
their people by supervising the teachings in their schools."
The text of the resolution follows:
Resolved, That the Speaker of the House of Representatives is authorized
and directed to appoint a committee of five members of the House of
Representatives to investigate Communist propaganda in the United
States and particularly in our educational institutions; the activities of the
membership of the Communist Party of the United States and all affiliated
organizations and groups thereof; the ramification of the Communist
International in the United States: the Amtorg Trading Corp., the "Daily
Worker," and all entitles, groups or Individuals who are alleged to advise,
teach or advocate the overthrow by force or violence of the Government of
the United States, or attempt to undermine our republican form of government by inciting riots, sabotage or revolutionary disorders.
The committee shall report to the House the results of its investigation,
Including such recommendations for legislation as it deems advisable.
For such purposes the committee, or any sub-committee thereof, Is
authorized to sit and act at such times and places in the District of Columbia
or elsewhere, whether or not the House is in session, to hold such hearings,
to employ such experts,and such clerical,stenographic,and other assistants,
to require the attendance of such witnesses and the production of such
books, papers, and documents, to take such testimony, to have such
printing and binding done, and to make such expenditures as it deems
necessary.
Railroad Brotherhood Upheld by U. S. Supreme Court
In Seeking to Restrain Texas and New Orleans
RR. From Influencing Its Employees in Selection
of Representatives.
The right of a railroad labor organization to maintain Its
existence In the face of an attempt of a railroad to substitute
a "company union" by coercing employees to withdraw from
the genertal labor organization was upheld by the United
States Supreme Court on May 26, in a decision (rendered
by Chief Justice Hughes.
We quote from the New York "World," whose account
of the decision also said:
The decision affirmed an injunction granted the Brotherhood of Railroad
and Steamship Clerks against the Texas & New Orleans RR., one of the
lines of the Southern Pacific system; and a decree to disestablish the
company union with reinstatement of the Brotherhood as the recognized
representative of the employees.
The permanent injunction had been issued after Federal Judge Hutchinson,
of Houston, Texas, had instituted contempt proceedings against the railroad
company and found that it had violated a temporary injunction previously
granted the Brotherhood.
Act of 1926 Upheld.
The case was argued in the Supreme Court several weeks ago, when the
debate an Judge Parker and his' decision on the 'yellow-dog contract" was
at its height. It was referred to by Senator Borah (R., Idaho), who led
the fight against Judge Parker.
The controversy between the road and its employees was based on an
interpretation of the section of the Railway Labor Act of 1926, which
provides that "representatives for the purposes of this Act shall be designated by the respective parties in such manner as may be provided in their
corporate organization or unincorporated association or by any other means
of collective action, without interference, influence, ar coercion exercised
by either party over the self-organization or designation of the representatives by the other."
After pointing out that both the lower courts decided against the railroad
company on the facts, Chief Justice Hughes said the Supreme Court entertained no doubt of the Constitutional authority of Congress to provide a
prohibition against interference or coercion in the organization of one side
or the other in a railroad labor dispute.
No Rights Invaded.
"This prohibition by Congress of interference with the selection of representatives for the purpose of negotiation between employers and employees,"
the Hughes opinion said, "instead of being an invasion of Constitutional
Tight of either, was based on the resognition of both.
"The Railway Labor Act of 1926 does not interfere with the normal
exercise of the right of a carrier to select its employees or to discharge
them. The statute is not aimed at this right of employers but at the
interference with the right of the employees to have representatives of
their own choosing. As the carriers, subject to the Act, have no Constitutional right to interfere with the freedom of the employees In making
their selections, they cannot complain of the statute on Constitutional
grounds."
U. S. Supreme Court Limits Missouri's Taxing Power—
Rules Against Inheritance Tax on Property on
Which Levy Was Imposed In Illinois.
On May 26 the United States Supreme Court, with Justices Brandeis, Stone and Holmes dissenting, ruled that
Missouri is without power to place an inheritance tax on
intangible personal property held in Missouri, but which had
been taxed in Illinois. The New York "World," in reporting
the decision, said:
3818
FINANOIAL CHRONICLE
Denunciations of Judge-made law such as were heard in the Senate during
the stormy debate over the confirmation of Chief Justice Hughes to-day
re-echoed in the cloistered chambers of the Supreme Court itself, the
occasion being the first clear-cut division between the liberal and conservative blocs in the court since Mr. Hughes took office.
Led by the 89-year-old veteran, Oliver Wendell Holmes, with Justices
Brandeis and Stone concurring, the liberal group joined in a dissenting
opinion telling the conservatives that there is "hardly any limit but the
sky" to the whittling down of States' rights under the conservative interpretation of the Fourteenth Amendment.
The provocation for the liberal outburst was a comparatively inconsequential case involving the right of the State of Missouri to levy an
Inheritance tax on bank accounts, promissory notes and Government bonds
held in that State but bequeathed by a resident of Illinois.
The conservative majority of the Supreme Court overruled the Supreme
Court of Missouri and held that the property was not within the jurisdiction of Missouri for taxation purposes and that the levy was a violation
of the due process clause of the Fourteenth Amendment. Justice McReynolds
delivered the opinion, concurred in by Chief Justice Hughes, and Justices
Van Devanter, Sutherland and Butler.
"I have not yet adequately expressed the more than anxiety that I feel
at the ever increasing scope given to the Fourteenth Amendment in cutting
down what I believe to be the constitutional rights of the States," Justice
Holmes said in the dissenting opinion. "As the decisions now stand, I see
hardly any limit but the sky to the invalidating of those rights if they
happen to strike a majority of this court as for any reason undesirable.
"I cannot believe that the amendment was intended to give us carte
blanche to embody our economic or moral beliefs in its prohibitions. Yet
I can think of no narrower reason that seems to me to justify the present
and the earlier decisions to which I have referred."
The dissenting opinion accused the majority of departing from established
precedents of the Supreme Court itself.
"In this case," the Holmes opinion stated, "the bonds, notes and bank
accounts were within the power and received the protection of the State
of Missouri; the notes so far as appears were within the considerations
that I offered in the earlier decisions mentioned, so that logically Missouri
was justified in demanding a quid pro quo; the practice of taxation in
such circumstances I think has been ancient and widespread, and the tax
was warranted by decisions of this court.
"It seems to me to be exceeding our powers to declare such a tax a denial
of due process of law."
Justice Stone, agreeing with Justice Holmes, added a few observations
of his own to which in turn Justice Holmes assented.
"That one must pay a tax in two places reaching the same economic
interest, with respect to which he has sought and secured the benefits of
the law of both," he said, "does not seem to me so oppressive or arbitrary
as to infringe constitutional limitations."
[Vol,. 130.
for beverage purposes was not an offense under Section 6, and that the
purchase Of liquor is not otherwise made an offense by the National Prohibition Act. (V U. S. Daily 183.)
Counsel for the Government had urged the Court to hold otherwise "in
the light of the ultimate aim and purpose of the Act, which is to prevent
the use of intoxicating liquor as a beverage."
The Court was told at the time of argument that "the reports fail to
disclose any other case in which such a charge was brought." The Farrar
case is the first directly involving the purchase issue to be decided by
the Supreme Court.
Mr. Justice Sutherland, in his opinion in the Farrar case, states that
"long before the adoption of the Eighteenth Amendment it has been held
with practical unanimity that, in the absence of an express statutory
provision to the contrary, the purchaser of intoxicating liquor, the sale
of which was prohibited, was guilty of no offense."
Omitted From Statute.
"It is fair to assume that Congress, when it came to pass the Prohibition
Act, knew this history and, acting in the light of it, deliberately and
designedly omitted to impose upon the purchaser of liquor for beverage
purposes any criminal liability," he states.
In the Norris case, the opinion of Mr. Justice Sutherland explains,
Alfred E. Norris and Joel D. Kerper were indicted for the conspiracy
charged. Mr. Kerper pleaded guilty, but Mr. Norris entered a technical
plea of "nobo contendere." By this plea, the Court held, Mr. Norris in
effect pleaded guilty to the indictment, and therefore a stipulation of facts
later filed with the purpose of raising the question of whether a person could
be guilty of the offense with which Mr. Norris was charged was held to be
to import an issue of fact upon the question of guilt or
innocence.
The Court therefore affirmed the judgment of the United States District
Court for the Eastern District of Pennsylvania sentencing Mr. Norris to
pay a fine of $200.
Appellate Court Ruling.
The Circuit Court of Appeals for the Third Circuit had held that a sale
of liquor involving such transportation as is necessary to effect the delivery
to the purchaser, under an agreement between the purchaser and seller,
does not subject the purchaser to an indictment for conspiracy to commit
the Offense of transportation of liquor (IV U. S. Daily 1870). Its
decision overruled that of the District Court.
In the liquor permit cases, it was held that some of the permits, those
granted to use liquor in the manufacture of medicinal products until
permits are "revoked, suspended or renewed as provided by law or regulation," were not void because of indefiniteness as to the time for which
they were granted under Section 6 of the Prohibition Act.
A permit to manufacture denatured alcohol, it was ruled, is not a permit
to manufacture "liquor" within the meaning of the provisions of Section 6.
It was further stated that Section 6 does not, in so far as it provides for
the expiration of permits to manufacture "liquor" apply to permits to use
liquor in the manufacture of medicinal preparations, although such preparaBuyer of Intoxicating Liquor, According to Ruling of
tions, while not immediately fit for use as beverages, can be made potable
U. S. Supreme Court Does Not Violate Federal by a simple process.
Prohibition Statute—Ruling on Question of Conspiracy to Transport Intoxicants Refused.
The purchaser of intoxicating liquor for beverage purposes is not guilty of an offense under the National Prohibition Act, the Supreme Court of the United States ruled
May 26 in the Farrar case, which directly raised this issue.
In noting the Court's findings in this and °their cases involving the Prohibition Act, the "United States Daily" of
May 27 stated:
From the New York "Herald Tribune" of May 27 we take,
as follows, the two Supreme Court rulings handed down
May 26. The first is the decision in the Farrar care, holding
that a buyer of bootleg beverage cannot be prosecuted under
the Volstead Act and the second the decision in the case of
Alfred E. Norris, New York banker, fined for conspiracy
in the transportation of liquor:
"SUPREME COURT OF THE UNITED STATES, No. 782—
"OCTOBER TERM, 1929.
Section 6 of the Act, prohibiting the purchase of liquor without a
"The United States of America, appellant, vs. James E. Farrar.
permit, under which Federal officials sought to indict James E. Farrar
"Appeal from the District Court of the United States for the District
for "unlawfully and knowingly" purchasing intoxicating liquor "fit for
of Massachusetts.
use for beverage purposes," was const,ued by the Court to apply only
"(May 26 1930.)
to that class of persons who are authorized to sell, purchase, or otherwise
"Mr. Justice Sutherland delivered the opinion of the Court.
deal with intoxicating liquors for nonbeverage purposes.
"By indictment returned in the Federal District Cloud for Massachusetts,
The Court, in another decision, declined to pass directly on the question
the defendant (appellee) was charged with unlawfully and knowingly having
of whether the purchaser of intoxicating liquor may be adjudged guilty
purchased intoxicating liquor fit for use for beverage purposes, in violation
of a conspiracy to transport such liquor and to thus violate the National
Prohibition Act. The District Court sustained a motion
Prohibition Act, raised in the case of United States v. Norris, No. 555. of the National
to quash the indictment on the ground that the ordinary purchaser of
(The full text of the opinion is published on page 7 of this issue.)
not come within the purview of the Act. 88 F.
Five other cases involving liquor permits issued under the Prohibition intoxicating liquor does
(2d) 515. The Government appealed under the criminal appeals Act of
Act were decided by two opinions. The Court ruled in one that regulations
Mar. 2, 1907, c. 2564, 34 Stat. 1246; U. S. C. Title 18, paragraph 682,
of the Bureau of Prohibition of the Treasury Department revoking permits
and paragraph 238 of the judicial code, as amended by the Act of Feb. 3
to manufacture denatured alcohol and to use denatured alcohol in the
936, 938; U. S. C., Title 28, paragraph 845.
manufacture of toilet preparations were void, being in conflict with the 1925, c. 229, 43 Stat.
"Section 8 of the Prohibition Act, C. 85, 41 Stat. 305, 808, makes it
provisions of the Prohibition Act.
unlawful for any person to 'manufacture, sell, barter, transport, import,
In the other opinion, both being written by Mr. Justice Brandeis, the
export, deliver, furnish or possess any intoxicating liquor except as authorCourt held that a basic permit for the use of intoxicating liquor in the
ized in this Act' . . . but provides that 'liquor for non•beverage purmanufacture of medicinal preparations issued under Section 4 could not be
poses and wine for sacramental purposes may be manufactured, sold . . .
revoked by the Commissioner of Prohibition subject to renewal only on
but only as herein provided, and the Commissioner may, upon application,
proof that the liquor is an indispensable ingredient of the product being
Issue permits therefor.' . • •
manufactured. This had been attempted under Section 218 of Regulations 2
"Section 6 of the Act, 41 Stat. 810, provides: 'No one shall manuof the Bureau of Prohibition. Such regulation was stated by the Court to facture, sell, purchase, transport, or prescribe any liquor without first
be in conflict with Sections 5 and 9 of the Act, specifying grounds for and obtaining a permit from the Commissioner so to do, except that a person
the manner of revocation.
may, without a permit, purchase and use liquor for medicinal purposes
The Court's conclusions in the Farrar case respecting the liability of a when
prescribed by a physician as herein provided. . .
liquor sustain the policy which the Bureau of Prohibition has
purchaser of
"Following this language, the section regulates with much detail the
according to the Assistant Secretary of the Treasury, Seymour
followed,
Issue, character, and duration of the permit, and the application therefor,
Lowman, in charge of enforcement work. Mr. Lowman said the Bureau which application, among other things, must set forth 'the qualification of
prosecute the
never had believed there was a legal basis upon which to
The form
proposed that the applicant and the purpose for which the liquor is to be used.'
liquor purchaser under the present statutes, nor has it ever
of the permit and application, and the facts to be get forth therein are to
prosecute purchasers under the laws.
atteinpts be made to
be prescribed by the Commissioner of Internal Revenue, who is to require
a bond in such form and amount as he may prescribe to insure compliance
Origin of Cases.
Lowman ex- with the terms of the permit and provisions of the Act. A large part of
"The cases that have been made against purchasers," Mr.
authorized
Bureau has had the Act, including Paragraph 6, Is devoted to the subject of the
plained, "were instituted by prosecuting officers and the
liquor for non.
always have been interested, of course, when any manufacture, sale, transportation, and use of intoxicating
no part in them. We
the prohibited
of testing the statute to see whether the beverage purposes; while Paragraph 3 plainly deals with
case was started with the idea
to traffic in such liquors for beverage purposes.
guilty, but we have :never attempted to construe the law
buyer was
we did not think the language used made
Application of Law at Issue.
make the buyer guilty because
"The Government relies upon the literal terms of Paragraph 6 (of the
buyer subject to prosecution."
the
Volstead Act), that `no one shall . . . purchase . • • any liquor
District Court Upheld.
to do; . . .
sustained the action of the United States without first obtaining a permit from the Commissioner so this language
In the Farrar case, the Court
application of
District of Massachusetts in quashing the indict- but at the same time frankly concedes that the
District Court for the
view is that these
intoxicating liquor to the present case is not free from doubt. The contrary
ment. The lower court had held that the purchase of
MAY 311930.]
FINANCIAL CHRONICLE
words, considered in connection with the other provision of Paragraph 6
and correlated sections, relate only to that class of persons who are authorized to sell, purchase, or otherwise deal with intoxicating liquors for nonbeverage purposes, and who proceed to do so without a permit. That this
defendant does not belong to that class, and could not, under any circumstances, have obtained a permit to snake a purchase of the character here
made, is not in dispute.
"The question thus presented is very nearly the same as that decided in
United States v. Katz, 271 U. S. 354; and in principle is concluded by that
case. There, the defendants were charged with conspiring to sell intoxicating liquors without making a permanent record of the sale, in violation
of Paragraph 10 of the Act. The indictments were quashed in the District
Court on the ground that Paragraph 10, which required a permanent record
to be made of sales, applied only to persons authorized to sell alcoholic
liquor, and that the indictment failed to allege that either of the defendants
held a permit or was otherwise authorized to sell. This Court, in affirming
the judgment, said (pp. 361-362):
"'Of the 39 sections in Title II of the Act, which deals with National
Prohibition, more than half, including the seven sections which precede
Paragraph 10, contain provisions authorizing or regulating the manufacture,
sale, transportation or use of intoxicating liquor for non-beverage purposes.
These provisions, read together, clearly indicate a statutory plan or scheme
to regulate the disposition of alcoholic liquor not prohibited by the
Eighteenth Amendment, in such manner as to minimize the danger of its
diversion from authorized or permitted uses to beverage purposes. These
provisions plainly relate to those persons who are authorized to sell,
transport, use or possess intoxicating liquors under the Eighteenth Amendment and the provision of Paragraph 3 of the Act, already quoted.' (This
refers to the portion of Paragraph 3 relating to the manufacture, etc., of
liquor for non-beverage purposes and wine for sacramental purposes.)
Authorized Persons Affected.
"And it was held (p. 363) that 'the words "no person," In Paragraph 10
refer to persons authorized under other pnovisions of the Act to carry on
traffic in alcoholic liquors,' not to the ordinary violator of a provision
prohibiting transactions in respect of liquors for beverage purposes.
'it is not necessary to repeat the citation of authorities or the pertinent
canons of statutory construction set forth in the opinion to support this
conclusion. We are unable to find any logical ground for holding that the
words 'no person' in Paragraph 10 are used in the restricted sense thus
stated, but that identical words in Paragraph 6, which forms a part of
the same general plan for controlling the authorized traffic in Intoxicating
liquors, may be given an unlimited application.
"Obviously the National Prohibition Act deals with the liquor traffic
from two different points of view. In the case of beverage liquors, except
for sacramental and medicinal purposes, the traffic is prohibited absolutely
and unconditionally; in the case of non-beverage liquors, it is permitted
but carefully regulated. The prohibitions in Paragraph 3 are with respect
to the former, while those in Paragraph 6 are with respect to the latter.
In the former the sale, but not the purchase, is prohibited; in the latter
both are prohibited.
"Since long before the adoption of the Eighteenth Amendment it has been
held with practical unanimity that, in the absence of an express statutory
provision to the contrary, the purchaser of intoxicating liquor, the sale of
which was prohibited, was guilty of no offense. And statutes to the
contrary have been the rare exception. Probably it was thought more
important to preserve the complete freedom of the purchaser to testify
against the seller than to punish him for making the purchase. However
that may be, it is fair to assume that Congress, when it came to pass the
Prohibition Act, knew this history and, acting in the light of it, deliberately
and designedly omitted to impose upon the purchaser of liquor for beverage
purposes any criminal liability.
"If aid were needed to support this view of the matter, it would be found
in the fact, conceded by the Government's brief, that during the entire life
of the National Prohibition Act, a period of 10 years, the executive departments charged with the administration and enforcement of the Act have
uniformly construed it as not including the purchaser In a case like the
present; no prosecution until the present one has ever been undertaken
upon a different theory; and Congress, of course, well aware of this
construction and practice, has significantly left the law in its Original
form. It follows that, since the indictment charges no offense under
Paragraph 6, it was properly quashed.
"Judgment affirmed."
•
•
•
Opinion in Norris Case.
The opinion by Justice Sutherland in the Norris case follows:
"Norris and one Kerper were indicted by the Federal Grand Jury for the
Eastern District of Pennsylvania, charged in two counts with conspiring
unlawfully to transport and cause to be transported, from Philadelphia to
New York, certain shipments of intoxicating liquor, in violation of the
National Prohibition Act. Prohibition Act of Oct. 28, 1919, Q. 85,
Article 3, 41 Stat. 805, 308; U. S. C., Title 27, Article 12.
"The indictment is sufficient in form and substance. Kerper pleaded
guilty and Norris entered a plea of note contenders. When the latter
apeared for sentence, there was filed a stipulation of facts, which it was
agreed should be taken to be true and of record with like effect as if set
forth in the indictment.
"Defendant, Alfred E. Norris, resides at 55 East 72nd Street, New York
City. His business is that of investment banker.
"Joel D. Kerper, the other defendant, for some years prior to the date
of the indictment in the above case, conducted at premises known as 341
Walnut Street, Philadelphia, Pa., a business consisting in major part of
the sale and transportation incidental to sale, of intoxicating liquors, in violation of the National Prohibition Act. Pursuant to said business, the
said Joel D. Kerper supplied a large number of customers in Philadelphia,
New York and other places. In the course of his business conducted as
aforesaid, the said Joel D. Kerper on the dates indicated, made the following
shipments by prepaid express from Philadelphia to the said Alfred E.
Norris, addressed to him at 55 East 72nd Street, New York City. These
shipments were labeled as containing the merchandise indicated in each
case, and purported to be sent by the shippers named:
"(The list is omitted.)
"In all of the above cases, defendant, Joel D. fierper, was the true
shipper, instead of the fictitious shipper named; and in every instance the
package contained an unlawful shipment of intoxicating liquor for beverage
purposes, to-wit: rye whisky. Said shipments were made by defendant,
Joel D. Kerper, to defendant, Alfred E. Norris, to fill orders for rye
whisky given by said Alfred E. Norris to said Joel D. Kerper over the
telephone. Payment for said rye whisky was made from time to time by
Norris to Kerper, either in cash or by check. The said rye whisky was
3819
purchased by defendant, Alfred E. Norris, for hie own consumption or that
of his guests; and he was in no sense a dealer in liquor.
"Thereupon, Norris submitted a motion in arrest of judgment upon the
grounds that upon the face of the record he was not guilty of the crime
charged; that the record disclosed that he merely purchased liquor and
that this did not constitute a crime; and that the record failed to show
such degree of affirmative co-operation on Isis part as would render him
liable as a conspirator in the unlawful transportation. The motion was
denied and judgment rendered against Norris, who was thereupon sentenced
to pay a fine of $200. The District Court treated the stipulation as
'Evidence . . . for the information of the Court in determining what
sentence, if any, ought to be imposed upon the defendant Norris,' which
it 'received and made part of the record for the limited purpose above
stated." 29 F. (2nd) 744.
"The Court of Appeals sustained the sufficiency of the indictment, but,
considering the case upon the stipulation of facts, reached the conclusion
that the transactions, therein disclosed, did not subject the purchaser and
seller of intoxicating liquor to an indictment for conspiracy to transport,
and reversed the judgment of the trial court. 84 F. (2nd) 839.
"In the face of an indictment good in form and substance, and of a plea
thereto of note contenders, which, although it does not create an estoppel,
has all the effect of a plea of guilty for the purposes of the case (Hudson vs.
United States, 272, U. S. 451; United States vs. Lair, 195 Fed. 47 51),
the stipulation was ineffective to import an issue as to the sufficiency of the
indictment, Or an issue of fact upon the question of guilt or innocence.
If the stipulation be regarded as adding particulars to the indictment, it
must fall before the rule that nothing can be added to an indictment without the concurrence of the grand jury by which the bill was found. (Ex
parts Bain, 121, U. S. 1.)
"If filed before plea and given effect, such a stipulation would oust
the jurisdiction of the court."
"Id, P. 13, citing (at PP. 8, 9) commonwealth vs. Maher, 16 Pick 120,
and People vs. Campbell, 4, Parker's CR nes 386 x, 387, holding that the
defendant's consent does not effect the rule.
"After the plea, nothing is left but to render judgment, for the obvious
reason, that in the face of the plea no issue of fact exists, and none can
be made while the plea remains of record.
"Regarded as evidence upon the question of guilt or innocence, the
stipulation came too late, for the plea ef nobo contendre upon that question
and for that case was as conclusive as a plea of guilty would have been.
"And as said by Mr. Justice Shiras in Hollinger vs. Davis, 146 U. S. 814,
318, 'if a recorded confession of every material averment of an indictment
puts the confessor upon the country, the institution of jury trial and the
legal effect and nature of a plea of guilty have been very imperfectly
understood, not only by the authors of the Constitution and their successors
down to the present time, but also by all the generations of men who
have lived under the common law.'
"The court was no longer concerned with the question of guilt, but
only with the character and extent of the punishment. The remedy of
the accused, if he thought he had not violated the law, was to withdraw,
by leave of court, the plea of nobo contenders, enter one of not guilty and
upon the issue thus made submit the facts for determination in the usual
and orderly way.
"As to whether the stipulated facts, if open to consideration, make out
a case of criminal conspiracy, we express no opinion.
"The judgment of the Court of Appeals is reversed and that of the
District Court affirmed."
Bill Transferring Prohibition Unit Signed by President
Hoover—Department of Justice Takes Over Enforcement Division July 1; Creation of Additional Districts
to Aid Operations Considered.
After the signing of the prohibition reorganization act
of 1930 (H. R. 8574) by President Hoover, May 27, the
Attorney General, William D. Mitchell, stated orally that
the Department of Justice has been for some time considering the details of administration, personnel and operation of the new unit, but had not reached any final conclusions. This is quoted from the United States Daily of
May 28 which also had the following to say:
Just what steps will be taken along these lines remains to be officially
settled, he said, and at the present time no director for this division
has been appointed.
The measure, made law with the affixing of the President's signature,
becomes effective July 1. It creates in the Department of Justice a
Bureau of Prohibition, under a director of prohibition.
The work, Mr. Mitchell explained, has resulted in numerous conferences with United States attorneys, both in Washington and in the
field, with the view of coordination between the detection and prosecuting branches of the service. These conferences have been directed
particularly to methods of coordination according to local conditions.
While the Department has been busy reviewing the industrial alcohol
permit regulations, which, under the new bill become jointly subject
to the Department of Justice and the Treasury Department, the Attorney General declared the inquiry has not reached such a stage of completion to permit of comment on the part of those in charge.
Attention has also been given to the question of redistricting the
country, it was noted. Mr. Mitchell stated there would likely be some
changes. At the present time, he explained there are 24 districts within
the continental United States and under the system some districts have
a central office and certain subsidiary offices presided over by deputies. It would not be unlikely that these subsidiary branches would
become districts in themselves, he stated, with perhaps several centralized agencies throughout the country under which they would
operate rather than reporting directly to the Department in Washington. Mr. Mitchell added it is more likely that there would be an
increase in districts rather than that the number would be lessened.
Transfer of Personnel.
The personnel to be changed with the transfer of the prohibition unit
to the Department of Justice on July 1, it was said, has not been finally
decided upon but the details of this consideration are being worked out.
Mr. Mitchell declared he was in favor of giving the proposed law for
summary proceedings in certain liquor cases before a commissioner a
trial. He pointed out there has been much difference of opinion as to
the relative success which might be expected from this plan as rec.
3820
FINANCIAL CHRONICLE
ommended by the President's Commission on Law Observance and
Enforcement.
"It ought to be tried," he declared, adding it would not create new
judges, forces of administration, courts, etc., which, in the event of its
failure, would be left on the hands of the Government.
The Attorney General would venture no opinion on the probable success of such a procedure, but stated it might work beneficially in some
localities and not so well in others.
[VoL.130.
eluded in this legislation which I deem are opposed to the
interest both of war veterans and of the public." His
message follows:
To the Senate:
I am returning this bill (S-476) without approval. The bill establishes a new basis for pension of Spanish War veterans. I am in
favor of proper discharge of the national obligation to men who have
served in war who have become disabled and are in need. But certain
Recommendations Followed.
principles are included in this legislation which I deem are opposed to
The new law conforms in principle to recommendations of the Presi- the interest both
of war veterans and to the public. My major objecdent's National Commission for Law Observance and Enforcement. tions to this bill
are these:
That Commission, in a report, stated it is an anomaly that prohibition
1. In the whole of our pension legislation over past years we have
cases are investigated and prepared by agencies entirely disconnected
excluded from such national award persons whose disabilities arise
with and not answerable to the agencies which prosecute them.
from "vicious habits." This bill breaks down that exclusion and opens
The Secretary of the Treasury, Andrew W. Mellon, told Congress
four months ago that prohibition enforcement is unrelated to the duties the door for claims of disability incurred at any time in the life tzf
of the Government's fiscal department and there is a sound basis for the pensioner arising from venereal diseases, alcoholism, drug habits,
charging the Department of Justice with the law enforcement task. etc. Certainly such claims for public help cannot be fairly based upon
The bill as it finally becomes law provides among other things that sacrifice to the nation in war and must be opposed to national policy.
2. This legislation lowers the minimum service period from 90 days
any vessel or vehicle forfeited to the United States by decree of any
court for violation of the customs laws or the prohibition laws may be to 70 days for non-service connected disability pension. Under other
Department of Justice or provisions of law men who served only one day, and during that day
ordered by the court to be delivered to the
suffered injury or impaired health, became eligible for pensions. This
to the Treasury Department for Government use.
Representative Williamson (Rep.) of Rapid City, S. flak., sponsor law, however, provides that if a man should incur any disability at any
of the new law, said the effect of it would be to (1) hold the Depart- time in his life he may claim pension with only 70 days of service.
ment of justice to a definite responsibility for prohibition enforcement, The 90 day minimum service has been maintained against the Civil
and (2) enable the Government, through that Department, to make in- War veterans all these years because less service than this was not
vestigations by a trained personnel used to preparing evidence from considered to imply personal danger or risk which warranted pension.
the ground up to final preparation of a case. He said it would result If injury or impaired health incident to service is clearly proven, other
in less abandonment of prohibition enforcement prosecutions for lack laws cover such cases.
3. It seems to me that in the interest of justice to the taxpayer and
of properly prepared cases. He said it leaves in the control of the
to maintain the fine body of citizens comprised in our war veterans
Treasury the matter of granting permits for industrial alcohol.
matter of grant- free from the stigma of encroachment upon the public treasury there
Mr. Williamson said the only joint control is in the
ing of permits because the applications would be sent over to the should be a requirement of "need" as well as disability as a basis for
Department of Justice for its approval, but that in all probability only these pensions. It is to meet the height of injustice that citizens who
10 or 15% of these would ever reach the Attorney General, segregated are less well placed should be called upon to support from taxes those
cases where there may be sufficient suspicion to warrant the Depart- whose station in life enables them to support themselves or to live in
ment's consideration. In all the rest of the cases, he said, the granting independent security. The whole spirit of the pension system is that
of a grateful nation rising to the support of those who have served in
of permits for all purposes would be as at present.
war, were injured or who have met with legitimate difficulties in after
life which impose privations upon them. While many veterans may
refuse to accept such pensions when they can get along otherwise,
House Passes Reece Bill for Private Operation of
yet the cases of selfishness are bound to cause a constant irritation of
Muscle Shoals.
feeling against a pension system that permits these unmerited and unThe House of Representatives on May 28. by a vote of necessary payments.
HERBERT HOOVER.
196 to 114 passed the bill embodying the proposal of RepreThe White House, May 28, 1930.
for the private operation of the Muscle
sentative Reece
Shoals (Ala.) nitrate and power properties. Regarding the
House action a dispatch, May 28, to the New York "Herald Henry Ford Urges Quantity Farm Production to Relieve
Tribune," said:
Business Depression—Says Lowering of Wages Deters
The vote in effect placed the House on record as against the bill passed
Better Times—Looks for Higher Wages.
by the Senate under the leadership of Senator George W. Norris, insurgent
The shortest cut to relief from the present business deRepublican, of Nebraska, providing for Government operation, and sent
the bill back to the Senate. It is expected that the Senate, which adopted pression, in the opinion of Henry Ford, is an intensive
the Norris bill by a vote of 42 to 21, will disapprove of the House plan and
development of agriculture and manufacture, looking to
send the bill to conference.
With two such widely divergent opinions before them, it is believed un- quantity production from the soil. Associated Press aclikely that conferees will be able to reach an agreement, killing the bill for counts from Detroit May 28 reporting this added:
of Congress at least, if not, as charged in the House debate
another session
to-day, for "another ten years."
Vote Was on Reece Amendment.
Technically, the action of the House to-day was on an amendment to the
amendment providing that the Norris bill provisions be
Norris bill, the
stricken out and the so-called Reece plan, drawn by a committee of the
House Military Affairs Committee headed by Representative B. Carroll
Reece, Republican, of Tennessee, be substituted.
The final vote taken on the bill as amended included members who
would prefer Government operation, but above all want something done
with the great project. A previous vote, on the amendment itself, showed
187 in favor of private operation and 135 opposed. Another vote, on a
motion to recommit the bill to the Military Affairs Committee for reconsideration. offered by Representative Florelo H. La Guardia, Republican
of New York, resulting 92 to 210 against, was interpreted as a decisive
indication that the House wants no further delay in disposing of the project.
The bill as passed would provide for appointment by the President of a
board of three members, none of whom could be connected with power
Interests, to negotiate leases with one or more companies within 13 years.
With respect to power produced, the bill stipulates that it should be
sold first municipalities, counties or States, then the private corporations.
The lessee also would be required to produce 10,000 tons of nitrogen for
fertilizer within 3M years, and if market demands warranted it to increase
production annually.
Requires Cove Creek Dam.
The bill would require the lessee to construct Cove Creek Dam, near
Knoxville on the headwaters of the Tennessee River, to increase power
Production and to aid navigation and flood control. Another provision
would permit the Government to take back the plant in event of a National
-year leasing period stipulated.
emergency within the 50
Representative La Guardia sponsored the amendment, which was
adopted, to provide that no persons affiliated with power companies could
serve on the leasing board.
An amendment by Representative Homer Hoch, Republican of Kansas,
under which the lessee would not be permitted to capitalize the lease or
the good-will accruing thereunder, for rate-making purposes, also was
adopted without a debate.
The Norris bill, passed by the Senate April 4, was referred
to in our issue of April 12, page 2518.
President Hoover Vetoes Bill Providing New Basis For
Pension For Spanish War Veterans—Holds It Opposed
to Interest of Veterans and Public.
Spanish
A bill establishing a new basis for pension of
carrying a total appropriation of $11,712,000
War Veterans,
was vetoed on May 28 by President Hoover. The President
In his veto message stated that "certain principles are in-
"This is not just a fanciful idea," Mr. Ford told The Associated
Press today. "It is the way out of stagnation."
Coupling with this the statement that "it will take just as long to
get rid of the depression as it took to accumulate it," Mr. Ford added:
"We need to keep up the people's spirit and you cannot do that with
talk; you must do it by action. One expenditure made in faith in the
future is worth all the words any can say.
"Issuing optimistic statements on the one hand and lowering wages
on the other is a sure way to prevent betterment. This is no time to
lower wages.
"Those who are lowering wages now don't know what they're doing.
They are hitting the country when she is down. They %sill see the time
when wages will be higher than they ever have been."
"Can any one man, President Hoover for example, do anything to
hasten the return of business prosperity?" Mr. Ford was asked.
"President Hoover has done everything any one could do to bring
about improvement in business and industry," he replied. "Everything
President Hoover has advised or tried to put into effect has been
sound.
"He asked industry and business to keep wages up. He's right, and
Ile knows what he is talking about. Wages are too low everywhere.
This country exists on the pay envelope. There is where we must
begin."
Reverting to his belief that quantity production from the soil is essential, Mr. Ford said:
•
!'Of course the steady desertion of the farm cannot continue forever.
Too many people have believed that Santa Claus lives in the city.
They were raising $1,000,000 to advertise Detroit and bring more
people here.
"I told them the money would be better spent to educate people bow
to get away from the city. Half the people out of work in Detroit
have farms they could work."
Asked whether quantity production from the soil would not mean
overproduction and waste, Mr. Ford said:
"What we call waste is only surplus, and surplus is always the starting point of new uses. We used to think corn was nothing but food
until we produced too much of it. Now we use more corn industrially
than we ever did for food.
"Everything that is produced from the soil can be used for some
purpose. Chemistry alone is crying for it, and industry not only can
find a use for but has need for everything the soil produces that is not
converted into foodstuffs."
There is too much talk, Mr. Ford said, of conditions as they were a
year ago, compared with today.
"The past is absolutely gone," he said. "The whole world wants to
get to work and not just re-establish conditions of a year ago. We
don't want the old system back. We want a better one."
MAY 3119301
FINANCIAL CHRONICLE
Mr. Ford does not believe the "machine age" threatens the wage
earner's future. Asked what will become of the worker if industry
continues to develop single machines to do the work of many men,
he said:
"The machines have to be built and it takes men to build them. Our
own experience is a very good example of how that works out. Just
before we brought out our new car, we were reported to be 'shut down.'
"We had 70,000 men at work during that 'shut down.' They were
engaged in making and installing the machinery needed for quantity
production of the new car.
"Another thing in this connection: Last month the Ford Motor
Company spent for materials and labor more than $90,000,000. That's
the result of what some people choose to call the 'machine age.'
"Machines were devised, not to do a man out of a job, but to take
the heavy labor from man's back and place it upon the broad shoulders
of the machine."
In connection with last month's outlay, Mr. Ford mentioned incidentally that one company producing materials for the Ford Motor Company received a check for $3,500,000. He explained the Ford work is
distributed among 2,200 manufacturing concerns.
One of the greatest evils that can befall business and industry, Mr.
Ford said, was to have its leaders become too contented.
"When people become too contented," he said, "there's usually
trouble ahead."
The contented business executive, he added, "gets that way by keeping his eyes shut."
Ruling of U. S. Attorney General on Branches of
National Banks Resulting From Consolidation
With State Banks.
The Federal Reserve Bulletin for February contained a
ruling by U. S. Attorney General Mitchell respecting
branches of National banks resulting from consolidation or
conversion of State banks having branches. The Attorney
General holds in effect that a State Bank consolidating with
or converting to a National bank in cities of from 50,000 to
100,000 population may, in addition to retaining branches
established prior to Feb. 25 1927, the date of passage of the
McFadden Act, make application to the comptroller of the
Currency for two new branches. The Attorney General
says "the result of this construction of the statute is that the
converted bank may add two new branches, making four in
all in the city, although a new National bank could establish
and maintain only two." The ruling follows:
Branches of National Bank Resulting From Consolidation or Conversion of
State Banks Having Branches.
There is published below a recent opinion of the Attorney General of the
United States with regard to the branches which may be maintained or
must be relinquished upon the conversion of a State bank into a National
bank or upon the consolidation of a State bank with a National Bank:
Department of Justice.
Washington, Dec. 23 1929.
Sir: I have the honor to reply to your letter of Aug. 6 1929, wherein
you state that the Comptroller of the Currency has before him the application of a State bank, operating in a town of slighity under 100.000 Population, to convert into a National bank, and that said State bank is now
operating three branches, one of which was established subsequent to the
passage of the Act of Feb. 25 1927, known as the McFadden Act. You
request to be advised (a) whether the branch established subsequent to
Feb. 25 1927, must be discontinued upon conversion of the State bank into
a National bank; and (b) whether the Comptroller of the Currency is
authorized, after conversion of the State bank, to grant two new branches
to the National bank established by such conversion, such new branches
being in addition to those retained upon conversion.
Section 7 of the Act of Feb. 25 1927 (Chapter 191, 44 Statutes 1228),
amends Section 5155 of the Revised Statutes (Title 12, Section 36, U.S. C.)
to read in part as follows:
(b) If a State bank is hereafter converted into or consolidated with a
National banking association, or if two or more National banking associations are consolidated, such converted or consolidated association may,
with respect to any of such banks, retain and operate any of their branches
which may have been in lawful operation by any bank at the date of the
approval of the Act.
(c) A National banking association may, after the date of the approval
of this Act, establish and operate new branches within the limits of the city.
town, or village in which said association is situated if such establishment
and operation are at the time permitted to State banks by the law of the
State in question.
(d) No branch shall be established after the date of the approval of this
Act within the limits of any city, town, or village of which the population
by the last decennial census was less than 25.000. No more than one such
branch may be thus established where the population, so determined, of
such municipal unit does not exceed 50.000: and not more than two such
branches where the population does not exceed 100,000. In any such
municipal unit where the population exceeds 100.000 the determination of
the number of branches shall be within the discretion of the Comptroller
of the Currency.
(e) No branch of any National banking association shall be established
or moved from one location to another without first obtaining the consent
and approval of the Comptroller of the Currency.
Paragraph (b) provides in effect that upon the conversion of a State bank
into a National banking association, the banking association resulting from
the conversion may retain any branches which the converted bank may
have had in lawful operation on Feb. 25 1927. This provision is permissive
in character, and the inference is plain that any branch or branches established or acquired subsequent to Feb. 25 1927, by the converting bank must
be relinquished upon conversion.
After conversion into a National banking association the converted bank
comes within the provisions of Paragraphs (c), (d). and (e) of Section 7
of said Act. Paragraph (c) permits National banking associations to
establish branches, subsequent to Feb. 25 1927, within the limits of the
city or town in which the parent bank is located, if the State laws permit
the establishment of such branches by State banks, subject, however, to
the conditions contained in Paragraphs (d) and (e). Such conditions are
that no National banking association shall establish more than two such
branches where the population of the city or town in which the bank is
located exceeds 50,000 and does not exceed 100,000; and that the establish-
3821
ment of the branch or branches is with the consent and approval of the
Comptroller of the Currency.
It follows, therefore, that when a State bank, converting into a National
banking association, has received its charter as a National banking association (it being located within a city the population of which is more than
50.000 and less than 100,000) it may apply for, and, with the consent and
approval of the Comptroller of the Currency, establish not more than two
branches within the limits of the city where said bank is located, provided
that the law of the State permits the establishment of such branches by
State banks.
The branches it may be authorized to establish under Paragraphs (c)
and (d) are in addition to those retained under Paragraph (b). In the case
you submit, the two branches established by the State bank prior to Feb.
25 1927, and which it has the right to retain on the conversion into a
National banking association, are located in the city where the main bank
is situated. The result of this construction of the statute is that this
converted bank may add two new branches, making four in all in the city.
although a new National bank could establish and maintain only two.
Such an inequality is produced, not by the mere conversion, but by action
after conversion, and there may be doubt as to whether the Congress
intended such a result, but the terms of the statute seem to justify this
construction. However, Congress must have had in mind the safeguard
contained in Paragraph (e), which requires the consent and approval of the
Comptroller of the Currency to the establishment of new branches.
Congress has used the word "established" in Paragraph (d) and has
refrained from using the word "maintain." If it intended that old branches
retained upon conversion should be counted in determining the number of
new branches to be allowed under Paragraph (d). appropriate words should
have been added to Paragraph (d). Furthermore, branches in other
cities previously established and retained upon conversion could not be
counted to reduce the number of new branches in the city in which the
parent bank is located, allowed under Paragraph (d), without placing a
converted bank at a disadvantage in respect of the number of branches
allowed in the city of its location. It is apparent that to derive from the
statute an implication that the number of branches retained on conversion
shall restrict the number of new ones allowed under Paragraph (b) would
not remove inequalities in powers between converted banks and new National banking associations. The resulting conclusion is that the statute
should be taken literally.
In the case submitted it may be that the Comptroller of the Currency
would approve an application by the National Bank resulting from the
conversion to establish as one of the new branches permitted by Paragraph
(c) the very branch which the State bank would be required to relinquish
upon conversion. If such be the case, I see no objection to the Comptroller
of the Currency so indicating in advance, in order that an application to
that end might be made by the resulting National bank, and approved.
substantially simultaneously with the conversion. If this were done the
temporary cessation of business at the branch attendant upon its formal
relinquishment would not result in any practical inconvenience.
In the second case submitted you state that there is now pending before
the Comptroller of the Currency the application of a State bank, having
two branches in lawful operation prior to Feb. 25 1927. to consolidate with
a National banking association, having two branches authorized by the
Comptroller of the Currency under the provisions of Paragraph (c)of Section
7 of said Act. You state that both of the banks are located in a city the
population of which is slightly less than 100,000, and that their application for consolidation provides for the retention of all four branches by the
consolidated bank. You request to be advised whether the Comptroller
of the Currency is authorized to approve the retention of the four branches
by the consolidated bank.
Section 1 of the Act of Feb. 25 1927, supra, amended the Act of Nov. 7
1918, by adding thereto a new Section (Section 3) which provides for the
consolidation of State banks with National banking associations, as follows:
Section 3. That any bank incorporated under the laws of any State, or
any bank incorporated in the District of Columbia, may be consolidated
with a National banking association located in the same county, city.
town, or village under the charter of such National banking association on
such terms and conditions as may be lawfully agreed upon by a majority of
the board of directors of each association or bank proposing to consolidate.
Paragraph (b) of Section 7 of the Act of Feb. 25 1927, supra, provides
that if a State bank, having branches established prior to Feb. 25 1927, is
consoli I ted with a Nati nal banking 84180Ci Lion the consolidated association may retain such branches. Paragraph (c) of said Act provides that
a National banking association may, after Feb. 25 1927. establish branches
within the limits of a city or town in which said ssaciation is located.
d (e
permission is subject to the conditions provided in paragraphs (d)
and
It ap ears from the statement of facts that the National banking association with which the State bank purposes to consolidate has availed itself
of the foregoing provision and, with the approval of the Comptroller of the
Currency, has established two branches as provided by the statute. As the
State bank upon consolidation with the National anking association will
cease to exist, its branches, established prior to Feb. 25 1927, wlll become
the branches of the consolidated bank.
The provisions and implied limitation contained in paragraph (b) of
Section 7 of the Act apply to the consolidation of a State bank with a
National banking association to the same extent and with equal force as
they apply to the conversion of a State bank into a National b Liking
association: namely, that "any of their branches which may have been in
lawful operation by any bank at the date of the approval of the Act" may
be retained by the consolidated bank, and any branches established by
either of the consolidating banks subsequent to the date of the approval of
the Act must be relinquished, notwithstanding the branches of the National
banking association were established pursuant to the authority contained
in paragraph (c), and with the consent and approval of the Comptroller
of the Currency. This is the plain import of the language of the statute,
and there is nothing contained in the Act which justified a departure from
its exact terms.
When the proposed consolidation has been consummated, the consolidated bank may apply for and, with the consent and approval of the
Comptroller of the Currency, establish not more than two branches within
the limits of the city where said bank is located, provided, the law of the
State permits the establishment of branches by State banks.
As the National bank involved in the consolidation preserves its corporate
Identity and existence, I see no objection to its filing an applrcation for
leave to establish two new branches simultaneously with the filing of
application for approval of the consolidation, so that if the Comptroller
approveo, there may be avoided the useless formality of first relinquishing
hnd then immediately re-establishing the branches which were subject
to relinquishment under paragraph (b).
Respectfully,
WILLIAM D. MITCHELL, Attorney General
The Honorable the Secretary of the Treasury.
3822
FINANCIAL CHRONICLE
J. G. Lonsdale, President of A. B. A. Before Missouri
Bankers' Association Sees Need of Banker Applying
Microscope to Determine Causes of Success and
Failure—Activities of A. B. A. Toward Betterment
of Banking Conditions.
[Vol.. 130.
clearing house groups and general banking is prepared after exhaustive
Inquiry and distributed for the use of all.
Investigations have resulted in the passage of beneficial legislation,
revision of banking practices and innumerable changes for a stronger and
more efficient banking structure.
In the savings field, for instance, it was revealed that there were 52 ways
of computing interest. By careful selection, these were reduced to four
According to John G. Lonsdale, President of the American approved methods.
In the battle that is being waged for justice and equality in taxation, our
Bankers' Association, and President of the Mercantile Comassociation always
merce Bank & Trust Company of St. Louis, "there is no Realizing the righthas stood at the front where the fighting is heaviest.
of taxation is a sacred one, and comes next to an
question but that general business conditions are improving." individual's liberties, we have been unrelenting in our efforts to equalize
Speaking before the Missouri Bankers' Association at St. excessive burdens and place levies on a fair and impartial basis. Abuse
of the right of taxation, if carried too far,
to confiscation and
Louis May 27 Mr. Lonsdale noted that "banking in the past Interferes with progress through prevention of amountsfinancing and necesneeded
few months has been put to a severe test and Missouri has sary building of surplus for protection.
In addition to safeguarding our taxation rights, our association has
had its share of the problems. Gazing ahead toward the
shown us the best investment policies, instructed us in the analysis of
distant horizon," he added, "I can see the stotrm clouds accounts, helped us to install various service charges, pointed out the way
clearing and when the skies once more are fair, we may feel to better management, and made surveys of group, chain and branch
banking. It has
educational system
beyond
and set
assured that banking will emerge in a stronger condition in our affiliated gone even Institutethis Banking,up an 67,000 ambitious
of
American
where
than ever." In his address Mr. Lonsdale stated that "It young men and women are now availing themselves of the opportunity to
seems to me that we bankers and business men make an advance in the banking field. In this way we benefit through having
more efficient workers.
unpardonable error in not adopting more universally the
These activities are continually going forward that American banking
may continue to progress. Banks singly or in small groups could never
tactics of the scientist." In part he added:
have brought about such reforms as we have obtained. It has been well
When the scientist wishes to fathom the mysteries of the universe, or
said that the American Bankers' Association, exclusive of the Federal
resolve things into their component parts, he calls to his assistance the
Reserve System, has been the greatest single nation-wide source of stability
magnifying power of the microscope. There before him, like an open book,
and improved conditions for banking in the United States. My knowledge
lie the secrets which unaided eyes cannot observe.
of the work that is now going on in the machinery of the Association
The uncanny power of the microscope's all-seeing eye has revealed countenables me to say that it will serve even more efficiently in the future
less secrets for the material and Intellectual progress of humanity.
It has the
functions for which it has become famed in the past.
enabled us to study the processes of growing cells in plant and animal life,
The fact that our problems are thus being placed daily under the
trace the causes of disease and successfully combat the ills of mankind;
microscope by a large Association does not relieve the individual banker
It has aided the engineer in his search for stronger and more serviceable
of his responsibilities. He must apply the formulas and principles Of
materials, giving us taller, lighter and more sanitary structures, and better
these findings to his own institution. This requires a great deal of stedy
highways; it has disclosed the defects in steel rails and brought us a
and thought. From my own observation, you can lead a man to facts,
era of safer railway travel; it has added to the food supply of the nation;
but you can't make him think—he has to do that for himself.
In fart, it has affected favorably nearly every activity of the human race,
•
. •
whether it apply to production, distribution or consumption, in time of
With banking conditions of to-day in a state of great uncertainty, there
peace or in time of war.
needed in
In the business and banking world, economic research and analysis serve never was a time when analysis and deep thinking were more
fallen many
as the microscope through which we are enabled to see basic factors more both country and city. The smaller banker, upon whom have
distinct disadvantage in the making of
clearly and thus determine the causes of success and failure. Only recently difficult burdens, is placed at a
associations should do
have we began to realize the full value of rerearch and analysis and apply analyses, and city correspondent banks and bankers'
all in their power to assist him.
them in such a way as to eliminate the guesswork that was characteristic
To the smaller banker I extend full sympathy and praise, for he has
of industry a few years ago. Eliminate the guess, and you will reach
been the mainstay of agriculture at a time when it has suffered a serious
success, might well be a motto for all of us.
national decline. It has been his responsibility, too, to bear many of the
•
•
The thought has been indelibly impressed upon my mind, that large tribulations that follow in the wake of innovations affecting the serenity of
community life.
corporations need on their staffs someone to act as an official observer—
Although various local conditions, such as droughts, floods, and crop
someone to stand on the sidelines, as it were, and watch the game as it is
being played. To such an observer comes the opportunity to note fumbles failures, have brought many troubles to country bankers, we must look
and errors that go unnoticed by those who are players in the game. Ordi- beyond these seasonal disturbances for the underlying cause of difficulties.
narly, the chief functions of an observer should fall to the president of an Perhaps the chief explanation lies in our 0,hange of social and economic
Institution. If he is unable to act in such capacity, this duty should be life; the one-time independent community has now, through the medium
of better transportation and cccarnunication, become in effect a part of the
delegated to someone else.
Some seem to think that the day of the individual in business has passed. large city; and much of the financing that once came to the smaller
But they are woorg. While the individual may not attract such outstanding banker now seeks support in the larger metropolis.
I have boundless faith in the future of American business and American
attention as he did in the days of old when institutions were conducted on
undeveloped resources, such unlimited possibilities
a smaller scale, he nevertheless is to be found in any large corporation, banking. With such vast
dominating the situation, giving orders here, co-operating there and shoulder- In creative fields, we have only begun to unfold the vision that will be
generations. What the past half century has witing the responsibility of keeping a large group of lieutenants, captains and the heritage of coming
privates working in unison and moving forward under the banner of progress. nessed will in no wise compare with progress 50 years hence. A momentary
And all of these are held accountable to the public because the public has lull in industry, such as we recently have had, gives us added experience
m, we hope, to face the battles of the future.
entered into a partnership agreement with the corporation through purchase and w
of stock.
Even in the gigantic mergers that have taken place within the last two
conomic Policy Commission of A. B. A. Cites Chief
years there remains more than ever the necessity for a leader, an aggressiv
Arguments Against Proposal to Give Member
personality, whose duty it is to see that basic principles are not forgott
that the rights and privileges of the individual workers and the customers
Banks Larger Share in Earnings of Federal Reserve
they serve are as well provided for as in the smaller business units. It is
Banks—Provisions of Glass Bill.
gratifying to note that our corporations, including banks, are giving more
The chief argument against proposals to make membership
and more concern to the welfare of their workers. Numerous benefit organizations have been formed; opportunities offered for advancement of educa- in the Federal Reserve System more popular by giving
tion and position; hospital service established; and insurance and retiremember banks larger shares in the earnings of the Reserve
ment pensions provided. We only recently installed a comprehensive insurBanks than the6% dividends to which they are now restricted
ance and retirement plan at our own institution.
This general humanitarian movement in reality is the outgrowth of "seems to be that there is considerable danger lurking in any
analysis, which has disclosed the need of improving the well-being of our proposition that tends to turn the Federal
Reserve Banks
co-workers, realizing at the same time that our institutions will benefit.
By focusing the illuminating light of analysis on all our business, we bankers into institutions conducted in any sense with the idea of
can soon determine whether we are losing or gaining ground.
profit in view," the Economic Policy Commission of the
• • •
American Bankers Association declares in its report made
At this time, when business and banking are making strenuous efforts to public in
New York on May 26. The report is one which
have a clear vision ahead, it is especially important that the power of
research and analysis be employed to their fullest extent. When these twin was presented at the meeting of the Executive Council of the
brothers of good management have been pressed into service in all fields, American Bankers' Association held at Old Point Comfort,
I am confident we shall see a further lessening of periods of stress. How- Va., May 5-8 and a brief reference to that portion of
the
ever, I believe business in general has learned the valuable lesson that any
prosperity that is not leavened with a little adversity would not seem report bearing on the question of the distribution of excess
earnings of the Reserve Banks appeared in our issue of May
basically safe or sound.
Fortunately for American banking, the application of the microscope to 17, page 3483. According to the advices made available
vital problems is not left entirely to the individual, for there is a powerful by
the Association May 26 the report says:
research laboratory working constantly in his interest. I refer to the
The fundamental value of the Federal Reserve Banks to the nation
American Bankers' Association, which is daily submitting every phase
Is based on their freedom to conduct their operations with no other motive
and every department of banking to searching scrutiny and study. The
than to serve as reserve strength in the banking structure and to employ
findings of these investigations are made available to the 20,000 members
their resources with the single-minded aim of helping to maintain such an
of the organization for their guidance. It is a line tribute to the spirit of adjustment of the
volume of credit to the volume of business that all conco-operatian among bankers that we are able to carry on this work. Bankers structive needs for
credit shall be met and no expansion beyond those needs
from one end of the country to the other are constantly giving freely and shall be facilitated. In that conception there is no place for purely investunselfishly of their skill and experience, in co-operation with our head- ment operations. The provisions of the Federal Reserve Act dealing
quarters staff, so that we may produce the truly great results that are with the earnings are so framed as to make the public welfare the whole
being accomplished.
consideration determining Reserve Bank policy. The provisions for speciIf I had the time, it would please me to parade before you in detail the ally limiting member banks to the fair return of 6% for creating ample
interesting and valuable contributions that our various divisions, commissions surplus funds and for absorbing all amounts above these allocations in
and committees are snaking toward the betterment of banking conditions and payments to the Government were designed for the very Purpose of removthe welfare of the nation at large. Statistical information on National and ing the profit making motive from Federal Reserve policy. If the principle
State banks, savings institutions, trust companies and trust departments, Is now set up of making an attractive rate of return on the stock a lure
MAY 311930.]
FINANCIAL CHRONICLE
for membership we might recede from that high purpose and give room
for the temptation to conduct the banks with their policies conceivably
tinged with motives other than those of pure reserve banking functions.
There is the danger, if member banks had too direct an interest in the
question of earnings, that the public would be more critical than ever
of the entire banking fraternity whenever economic conditions made it
desirable to increase rediscount rates. The Federal Reserve under such
circumstances would be even more reluctant than in the past to increase
rates for fear of being subjected to the charge that extortionate rates were
being made in order to earn greater dividends for the member banks.
On the other hand the member banks themselves might later be dissatisfied if, in times of very easy money, the Federal Reserve Banks should
In an effort to maintain their earnings, become too active in open market
operations and thus further cut interest rates for the entire country.
We are in full sympathy with the thought of making the Federal Reserve
more attractive to member banks but we do not feel that a wise measure
for this end would be one tending to place undue emphasis upon earnings.
We wholly agree with the proposition that has been brought forward that
only 25% of earnings that naturally accrue shall, after provisions for present
dividends and additions to surplus have been taken care of, be paid to the
Government. but as to what should be done with the remainder we find a
great variety of views among the ablest leaders of the banking fraternity.
Some argue that,instead of being applied in the form ofincreased dividends,
it should be employed along lines of greater service and usefulness of the
Federal Reserve Banks to their members and to the public. Others have
suggested that such excess earnings be utilized for the creation of an emergency fund to be used in times of stress to lend assistance to member banks
on a basis which might be considered beyond ordinary banking rules but
which would frequently avoid disaster and thus protect the public interest.
The Commission feels that this question of the disposition of excess earnings
Is an intricate and delicate one that should be subjected to further study
before the .American Bankers Association adopts any definite attitude
on the subject.
In presenting the statistical facts involved in the question
the report points out that since the organization of the
Reserve System aggregate net earnings of the 12 banks have
amounted to $515,215,983, of which $90672,460 has been
paid to member banks as dividends, $277,433,949 has been
passed to surplus of the Federal Reserve Banks and $147,109,574 has been paid to the Government as a franchise tax.
Franchise tax payments come only from Federal Reserve
Banks, it explains, which have surplus equal to subscribed
capital, seven of the banks having attained this, with the
prospects that the others would do so within three or four
years which will mean that payments to the Government
will increase. The report goes on to say:
It is pertinent to keep in mind that the surplus of every one of the 12
Federal Reserve Banks is already considerably more than 100% of paid-in
capital, which is half of subscribed capital. Aggregate paid-in capital
now stands at $172,000.000 for the 12 banks and surplus at $277,000.000.
Various proposals have been made that member banks should participate
more largely in net earnings of their respective Federal Reserve Banks in
some equitable ratio relative to their contributions of funds either as capital
or deposits. The point is made that excessive payments have already
been given to the Government and further excessive sums will be paid after
completion of the surplus. It is argued that there is no equitable fiscal
reason for paying such large amounts to the Government, whereas the banks
whose funds create these earnings have a just claim to a larger participation
In the net profits. It is further held that more generous treatment would
Increase the loyalty of banks now in the system, especially smaller country
banks which have a hard time at best in making adequate earnings on their
capital and would also tend to draw more banks into the system, thereby
serving a sound purpose in strengthening the system.
In this connection it might be well to point out that a proposed increase
in dividends would after all be a very small financial inducement to present
or prospective banks. The Federal Reserve Bank of Richmond has computed on the betas of the past six years a theoretical forecast of additional
earnings that would be disbursed to member banks during the next six
years under two plans introduced in the United States Senate. The Fletcher
bill provides that earnings, after present dividends and completion of 100%
surplus, should be distributed to the stockholder banks. If the earnings of
each Bank were distributed among its own members there would be no extra
dividends in the Boston, New York. Philadelphia, Cleveland, Chicago
and San Francisco districts during the next six years, but the other six
Federal Reserve Banks would pay annual extras at the following rates:
Richmond,6.08%; Atlanta, 4.09%; Si. Louis, 3.50%; Minneapolis,9.51%;
Kansas City, 5.48%; Dallas, 4.53%. If the earnings were pooled and
paid out to all members in all districts each member would receive an average
annual extra dividend of.78%. Under this plan no franchise tax would be
paid.
The Glass bill would provide that, after present dividends, one-half the
remainder should be paid to member banks as an extra dividend with the
residue going to surplus and franchise tax. The average annual extras
would be as follows: Boston, 2.51%; New York,.48%;Philadelphia, 2.05%;
Cleveland, 2.09%; Richmond, 3.26%; Atlanta, 4.67%; Chicago, 3.20%;
St. Louis, 2.02%; Minneapolis, 4.75%; Kansas City, 2.74%; Dallas.
3.31%; San Francisco, 1.87%. If these extra funds were pooled the result
would be an extra average annual dividend of 1.73% for each member.
Under this plan the system would pay an average franchise tax of $1,941,996
each year.
A member bank having capital and surplus of $200.000, therefore holding
Federal Reserve Bank stock amounting to $6,000. on its receiving $360
under the present 6% dividend arrangement, would with the addition of
each 1% to the dividend rate receive an additional income of $60 a year.
If each member bank will figure out for itself the dollar-and-cents gain it
would enjoy we are confident it will be agreed that the gains are small as
against the economic disadvantages which can be pointed out.
The members of the Economic Policy Commission, American Bankers Association, are as follows: R. S. Hecht, New
Orleans, La., Chairman; George E. Roberts, New York City,
Vice-Chairman; Nathan Adams, Dallas, Texas; Leonard P.
Ayres, Cleveland, Ohio; Frank W. Blair, Detroit, Mich.;
Walter W. Head, Chicago; W. D. Longyear, Los Angeles,
Calif.; Walter S. MoLueas, Kansas City, Mo.; Max B.
Nahm, Bowling Green, Ky.; Melvin A. Traylor, Chicago;
Paul M.Warburg, New York City;0.Howard Wolfe, Philadelphia; Gurden Edwards, New York City, Secretary, Aka
3823
Symposium in Law and Corporation Finance at
Summer Session of Columbia University Law
School.
Members of a Summer Faculty who will conduct a symposium in the law and practice of corporation finance are
announced by Dean Young B. Smith of the Columbia University Law School. The speakers are to be Roland L.
Redmond, of Carter, Ledyard and Milburn, Counsel for the
New York Stock Exchange; Waddill Catchings, of Goldman,
Sachs & Co.; Robert T. Swaine, of Cravath, de Gersdorff,
Swaine and Wood; George May, senior partner of Price,
Waterhouse & Co., Accountants; W. Randolph Burgess,
Vice-Governor of the Federal Reserve Bank of New York,
and Judge Learned Hand of the Circuit Court of Appeals.
-Aug. 15) of lectures
The program, covering 6 weeks (July 7
and round tables in the field of public security markets,
follows:
Week of July 7.
Lesture: The function of the New York Stock Exchange. Roland L.
Redmond of Carter, Ledyard and Milburn, counsel for the New York
Stock Exchange.
Round Table: The theory and practice of free markets and open market
values.
Week of July 14.
Lecture: The process of flotation: Setting a price and introducing a
security to the market. Waddill Catching's of Goldman, Sachs tz Co.
Round Table: Obligations of the investment banker in appraising a new
Issue.
Week of July 21.
Lecture: Disclosure of facts bearing on security values at and after
flotation. Robert T. Swaine of Cravath, de Gersdorff, Swaine and Wood.
Round Table: Information and the Market; Liabilities of the management, bankers, and outsiders.
Week of July 28.
Lecture: Standards of accounting practice where open market velum are
affected. George 0. May of Price, Waterhouse and Co., Vice-President of
the American Economic Association.
Round Table: The extent to which law has adopted rules of accounting.
Week of August 4.
Lecture: The Federal Reserve Board and the Market. W. Randolph
Burgess. Ph.D. of the Federal Reserve Bank of New York.
Round Table: The public policy of attempted control, public or private.
of open market values.
Week of August 11.
Lecture: The relation between legal rules and certain business relation,
ships in connection with market operations. Learned Hand. Judge of the
United States Circuit Court of Appeals.
Round Table: The tendency of the law to adopt business standards in
connection with market values.
The symposium will consist of an organization meeting and
12 sessions. Six of these sessions will be devoted to discussions of various phases of the open security markets,
alternating with round table discussions, presided over by
Prof. Adolf A. Berle, Jr., of the Columbia Law School.
Record Breaking Attendance Expected at Annual Con-Oct IL
vention of A. B. A. at Cleveland Sept. 29
of the officials of the American
It is announced that 60%
Bankers' Association and its various Divisions have already
made reservations for the Association convention to be held
at Cleveland, Ohio, Sept. 29 to Oct. 3. Application blanks
have been mailed to 19,500 members of the Association
and early returns give promise of a record-breaking attendance, according to J. C. McHannan, Vice-President of the
Central United Bank, of Cleveland, and Chairman of the
Convention's Housing Committee.
Proceedings of Mid-Winter Trust Conference Issued in
Booklet Form.
The Trust Company Division of the American Bankers'
Association has issued in booklet form the proceedings of
the 11th Mid-Winter Trust Conference held under its
auspices in New York City in February. The following subjects are included:
Trust Service Seta New Record in 1929,
Trust Profits with Honor.
Getting the Right Start in the Trust Field.
Sound Practice and Procedure in Handling the Insurance Trust.
The Proposed Uniform Principal and Income Act.
Organizing an Estate Analysis Service.
The Growing Field for Trust Service.
How the Board of Directors Can Aid In the Development of Trust
Business.
The Scientific Classification of Trust Department Personnel.
Setting up a Special Department to Administer Corporate Receiverships,
The Uniform Trust.
Problems of Investment Management.
Common Stocks in Trust Accounts.
Need for Uniform Trust Nomenclature.
One Hundred Questions and Answers About Business Insurance Trusts.
Symposium on Policy with Respect to the Investment of Trust Funds
In Common Stocks.
Developing and Administering Trust Business in a Branch Banking
System.
Some Illustrations of the Practical Uses of Living Trusts.
3824
FINANCIAL CHRONICLE
Spreading the Trust Idea by an Educational Course within the Trust
Department.
What is Adequate Compensation for Trust Service?
What Earnings the Trust Department Should Show.
Fiduciary Service as Performed by the Trust Corporations in England.
The 1929 Growth of the Community Trust.
Improving the Internal Administration in Acting as Trustee under Mortgage Bond Issues.
This booklet may be procured at a cost of $1 per copy
post paid from the Trust Company Division, American
Bankers' Association, 110 East 42nd Street, New York City.
Directory of Corporate Fiduciary Associations Issued
by Trust Company Division of A. B. A.
There are now 57 corporate fiduciary associations or sections in the United States, 13 new organizations being added
to the list during 1929, it is shown in the 1930 Directory of
Corporate Fiduciary Associations issued by the Trust Company Division, American Bankers' Association. Thirty-one
States and the District of Columbia, and 30 cities are represented in this total, says a statement by the Division. There
are 13 State associations, 14 sections or committees on trust
matters and trust powers of State Bankers' Associations,
five county associations and 25 city associations, including
two committees of Clearing House Associations.
The directory lists the following States as having one or
more organizations as indicated: Arizona, 1; California, 4;
Colorado, 2; Connecticut,3; District of Columbia, 1; Florida,
1; Georgia, 2; Illinois, 1; Indiana, 1; Iowa, 1; Kansas, 1;
Louisiana, 2; Maine, 1; Maryland, 1; Massachusetts, 2;
Michigan, 2; Minnesota, 1; Missouri, 3; Nebraska, 1; New
Jersey, 3; New York, 4; Ohio, 1; Oklahoma, 2; Oregon, 2;
Pennsylvania, 4; Tennessee, 1; Texas, 3; Utah, 1; Virginia,
1; Washington, 2; West Virginia, 1; Wisconsin, 1. This is
a total of 57 organizations.
The States having no organizations are: Alabama, Arkansas, Delaware, Idaho, Kentucky, Mississippi, Montana,
Nevada, New Hampshire, New Mexico, North Carolina,
North Dakota, Rhode Island, South Carolina, South Dakota,
Vermont and Wyoming. The organization and activities of
a corporate fiduciary association are described in detail in
an article by H. F. Pelham, President Georgia Fiduciaries
Association.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the transfer of a New York Stock Exchange seat for $468,000. The
last preceding transaction was for $455,000.
The New York Cotton Ex-change membership of Frank
B. Hayne was reported sold this week to Walter Shess for
$20,250. The last preceding sale was for $20,000.
At a meeting of the Governi- ng Committe of the NewYork
Stock Exchange on May 26, the petition of the members to
close the Exchange on Saturday, May 31, was granted.
There will thus be a three-day session of business on the
Exchange incident to the Decoration Day holiday (May 30)
Other local exchanges will likewise observe a three-day
holiday, these including the New York Curb Exchange, the
Securities Division of the New York Produce Exchange, the
New York Hide Exchange, the National Raw Silk Exchange,
and the National Metal Exchange. The offices of members
of the latter, however, will remain open however to receive
deliveries. The Stoek Exehanges in Chicago, Philadelphia,
Cleveland, Detroit, &c. will close on Saturday, in addition
to Decoration Day tMemorial Day). The Chicago Board
of Trade and the Mercantile Exchange were closed on Friday,
Memorial Day, but will be open to-day. The Chicago Stock
Exchange, the Curb Exchange and the Chicago Live Stock
Exchange decided to close both days. Regarding the last
named Associated Press dispatches from Chicago May 23
said:
[VoL. 130.
The Manhattan group of companies returns to a location
which has been occupied by the parent organization since
it was formed in 1799. The luncheon, which was held in the
club dining room on the 55th floor of the new building,
which is the tallest building in the Wall Street financial
district, was attended by representatives of the Federal,
State and city governments, and prominent banking executives. Those attending the luncheon included Mayor
James J. Walker, J. Herbert Case, Chairman of the Federal
Reserve Bank of New York, Joseph A. Broderick, State
Superintendent of Banking, and others. Officers of The
Manhattan Co. attending the luncheon included, Paul M.
Warburg, Chairman of the Board; P. A. Rowley, President;
J. Stewart Baker, Chairman of the Executive Committee;
Stephen Baker, Chairman of Bank of Manhattan Trust Co.,
and James P. Warburg, President of the International
Manhattan Co. Ezra Winter, New York artist who painted
the huge murals which adorn the main banking quarters, and
Morrell Smith, who designed the interior of the bank, also
were guests of the directors at the luncheon.
Paul M. Warburg addressed the gathering and introduced
the various speakers. Superintendent Broderick said in part:
"While it is a family party, of course, quite a few of you have been
In my family for quite some time, and I feel highly honored
in being
permitted to be drawn into this group today.
"The Bank of Manhattan Company has been one of the favorite children
of the State Banking System for years—started as a water company,
that's
true, but I can see from the records of our Department that all the water
the Manhattan Company has ever had has been kept in the cistern, and
never appeared in the assets at all.
"The Bank of Manhattan Company has had a wonderful career—one of
our oldest banks, one of our best banks, and I am glad to say that, over
a period of years, it is one institution that has never been subject to
material criticism at an in the records. It is what I call a well-balanced
family—every man a worker—every man working for the good of the institution. I congratulate you gentlemen upon this wonderful new edifice here,
and I am confident that if your management continues in the future as it
has in the past, you can rest assured the community here will always have
great respect for the bank affairs. I wish you greater success in the tutors
than you have had in the past."
The removal of the four larger units of the Manhattan
group of companies was accomplished over the week-end
without a mishap. All of the securities and cash, including
the securities and funds hold in trust, were moved smoothly,
by organizations experienced in the handling of such matters.
In the matter of moving the Manhattan Bank and Trust Co.
only the securities and funds were moved from the old
quarters temporarily occupied at 27 Pine St. All of the
furniture and fixtures of the Bank in its present quarters
are new. The removal of the International Acceptance
Bank, Inc., also was carried on successfully, and practically
all of the equipment and fixtures of this organization arc
new. The Bank of Manhattan Safe Deposit Co., is a new
subsidiary of the Manhattan Co. and opened for business
the first time on May 26.
After an absence of a year and 12 days in temporary
quarters the company resumes operations at 40 Wall Street,
the site upon which its first office, a three-story remodelled
residence, was opened in 1799. This site has been continuously occupied by the company's offices for the past 131
years, except in 1839, in 1883-4 and since May 14 1929,
when temporary offices elsewhere were used while new buildings were being erected. It was only 13 months ago that
announcement was made of plans for the proposed building
to be erected on the famous Wall Street block which has
figured so prominently in colonial and national history.
The account of the opening of the new building says in part:
Historic Site.
The now completed 71-story Manhattan Company Building occupies most
of this historic square, bounded by Wall, Pine, William and Nassau
Streets.
At the corner of Wall and Nassau Streets stood old Federal Hall, where
Robert R. Livingston, one of the company's found iv, administered the oath
of office to George Washington as the first President of the United
States.
It was there also that Congress and the Supreme Court of
the United States
met to organize and held their first sessions.
In this historic block, at 40 Wall Street, The Manhattan Comany opened
its office in 1799. From that year until 1842 the company operated both
as a water company and as a banking institution, and from 1842 to 1929
be solely as a bank, the latter being known as Bank of the Manhattan Company.
For the first time in history the Chicago Live Stock Exchange will
Saturday, In 1929 The Manhattan Company was converted into a holding company,
closed for two days on account of a holiday, next Friday and
stock will still continuing to operate under its original charter of 1799, while its
May 30 and 31, because of Memorial Day. Consignments of live
domestic banking business, theretofore conducted under the name of Bank
be cared for as usual until trading reopens on Monday, June 2.
of Manhattan Company, was transferred to the Bank of Manhattan Trust
Hitherto the Exchange has not closed for holidays.
Company, all of the stock of which, except directors qualifying shares, is
owned by The Manhattan Company. The holding company is also the
luncheon given by the bo- ard of directors of The Man- owner of all stock, except directors' qualifying shares, of the International
A
hattan Co., at noon on Monday (May 26) marked the Acceptance Bank, Inc., International Manhattan Company, Incorporated,
and the Bank of Manhattan
official opening of the new banking quarters of the Bank of of the New York Title Safe Deposit Company, and is controlling owner
and
Company and its subsidiaries, the
International Acceptance,Bank,Inc., American Trust Company, the MortgageTrust Company of White Plains and
Manhattan Trust Co.,
County
Bank of Man- the National Mortgage Corporation, and of the Central National Bank.
International Manhattan Co., Inc., and
The Manhattan Company group occupies the two basements, the first six
hattan Safe Deposit Co., in the new Manhattan Co. Buildthe opening of these new quarters, floors and the fifty-fifth floor of the new building. The main banking
ing at 40 Wall Street. With
MAY 31 19301
FINANCIAL CHRONICLE
quarters, together with the offices of the head officers of The Manhattan
Company, the Bank of Manhattan Trust Company and the International
Acceptance Bank, Inc., occupy the entire main floor, which Is entered from
both Wall and Pine Streets. The officers' platform of the two first companies extends the entire width of the Wall Street frontage, while that of
the International Acceptance Bank, Inc. lies across the Pine Street frontage.
Between, separated by a broad plaza, are ranged the receiving, paying and
loan and discount tellers.
Great Main Banking Room.
The main banking room is one of the largest and most beautiful in the
world, with a frontage on Wall Street of 150 feet, a depth of 185 feet and
with two full stories in height. The main entrance is by a broad marble
staircase from Wall Street, while from Pine Street an entrance hall leads in.
Many varieties of stone have been used, with white and black marble predominating. The hugh columns supporting the floor above are of the latter
material and that is used to frame large wall panels in which mural paintings depict scenes in and about Wall Street in 1799, when The Manhattan Company received its present charter. The murals are by Ezra
Winter, a well-known New York artist.
On this floor also are the private offices of P. A. Rowley, President of
The Manhattan Company; of J. Stewart Baker, President of the Bank of
Manhattan Trust Company; of F. Abbot Goodhue, President of the International Acceptance Bank, Inc. and of Raymond E. Jones, First Vice President of the Bank of Manhattan Trust Company.
On the floor below, entered through a foyer on the level of the Wall
Street pavement, and by a few steps down from Pine Street, are the offices
to which bank and brokers' messengers chiefly come for transaction of
business. Here are windows for stock transfers, coupon paying, brokers'
certification and accounts, certain trust departments and other departments
which entail messenger service, thus relieving the main banking floor above
of much traffic. A special interest department is also provided on this floor.
tributed articles to the 13th and 14th editions of the Encyclopedia Brittanica.
Goldman, Sachs & Co. announce the retirement of Waddill
Catchings as a member of the firm, effective June 1. In
view of this retirement, at a meeting of the board of directors
of The Goldman Sachs Trading Corp., held May 27, the
resignation of Mr. Catchings as President and director of
the corporation was accepted. Walter E. Sachs was elected
President of the corporation and Sidney J. Weinberg was
elected a Vice-President. Mr. Sachs has been a member of
the firm of Goldman, Sachs & Co. since 1910, and Mr.
Weinberg has been associated with the firm for many years
and a partner since 1927.
Two Floors of Vaults.
Below this are two floors, together forming one of the most complete
and extensive safe deposit systems in existence. The main vault, for the
funds and securities of the bank, 32 by 86 feet, Is two stories in height and
2
/
entered through a steel door weighing 601 tons. The lower basement also
contains the public's safe deposit vault and is guarded by a door of 85 terse.
Individual safe deposit vaults, reached by special elevators, are also provided for brokers' use, a unique feature.
The Trust Department of the Bank of Manhattan Trust Company occupies
most of the third floor, with the Trust Officers' platform along the Wall
Street side.
Other private offices, including those of Paul M. Warburg, Chairman of
the Board of The Manhattan Company, and Stephen Baker, Chairman of
the Board of the Bank of Manhattan Trust Company, together with executive
offices of the companies, occupy the other floors.
On the sixth floor the International Manhattan Company, Incorporated,
of which James P. Warburg is President, has what is regarded as the most
complete trading facilities in the city, including extensive private wire connections to other cities and brokerage houses. The International Acceptance
Bank, Inc. will also have complete private wire facilities connecting with the
cable companies and other facilities for keeping in close touch with Its
extensive foreign connections. .
Six Beautiful Murals.
The mural paintings in the great panels in the main banking room are
ranged three on each side of the central plaza. On the west wall nearest
Wall Street is a view of that street in 1799, when the first office of The
Manhattan Company was opened, showing Aaron Burr and his daughter
Theodosia, as the central figures, while to the right are shown John Stevens,
the eminent steam engineer who was one of the bank's founders, and Daniel
Ludlow, first President of The Manhattan Company.
The central panel on this wall depicts the reservoir erected on Chambers
Street about 1800 by The Manhattan Company for the city's water supply.
The Tontine Coffee House at the east end of Wall Street, a famous
gathering place /or merchants in the early days, is seen in the third panel
of this side. In the foreground stand two figures, representing John Jay,
whose name as Governor of New York appears on The Manhattan Company
charter, and Robert R. Livingston, one of the founders of the company.
On the steps stands John Broome, another founder, and in the center of
three figures in the distance, on the balcony, is Stephen Baker, also one
of the original organizers of The Manhattan Company and great-grandfather
of the present President of the Bank of Manhattan Trust Company.
On the east wall, at the Pine Street side, John Jacob Astor is shown
conversing with a typical sailor of the period, and to the left, Joshua Sands,
Collector of the Port of New York in 1799. The scene is at the Battery
In that year, with merchant craft in the harbor.
The central panel on this wall depicts the laying of the wooden water
mains for the city water supply which was furnished by The Manhattan
Company. In the background is old Federal Hall and to the extreme right
are seen Alexander Hamilton, one of the organizers in 1804, and Oliver
Wolcott, the first President of the Merchants' Bank, which, as the Merchants Natiosal Bank, was merged with the Bank of the Manhattan Company
In 1020.
The last panel is New York's first Stock Exchange, under the famous
buttonwood tree in Wall Street, about 1792. Five portraits of stock
exchange members of the time appear: Leonard Bleaker, Andrew Barclay,
Charles Mayers, Augustine H. Lawrence and David Reedy.
Sir Josiah Stamp, will be the guest of honor and speaker at
a luncheon of the Bond Club of New York on Thursday,
June 5, at the Bankers Club. Sir Josiah is Chairman of the
London, Midland & Scottish Railways and is a director
of the Bank of England. He was a British representative on
both the Dawes and Young Reparations Committees. He is
Vice-President and Honorary Secretary of the Royal Statistical Society, and Governor of the London School of Economies. He was a member of the court of inquiry in the coal
mining industry dispute in 1925. Honorary degrees have
been conferred upon him by Oxford, Cambridge, London and
Harvard universities. He has written a number of wellknown books on financial and economic subjects, and con-
3825
The National Surety Co. announces that Howard Abrahams, Vice-President, and Vincent Cullen, Vice-President
in charge of the Greater New York department, have been
elected directors of the company. Both Mr. Abrahams
and Mr. Cullen have been associated with the organization
for many years.
The officers and the board of governors of New York
Chapter, Inc., American Institute of Banking, have issued
invitations to the commencement exercises of the class of
1930 at the Brick Church, 5th Ave. and 37th St., this city,
on June 5 at 8 o'clock. The speaker of the evening will be
Dr. William Pierson Merrill.
The American Express Bank & Trust Co. of New York
has announced two additions to its board of directors.
The new members are Harley L. Clarke of Chicago,President
of the Utilities Power & Light Corp., and Sinclair Richardson, President of the Kelsey-Wilson Textile Corp. of New
York. Mr. Clarke, in addition to heading the Utilities
Power & Light Corp., serves as an officer or director of more
than 25 utility corporations, including electric light, gas
and street railway companies. Mr. Richardson is also
Vice-President and Treasurer and a director of the American
Bleached Goods Co. and a director of the Lorraine Manufacturing Co. of Pawtucket, R. I., the Ponemah Mills,
Providence, R. I., and Sayles' Finishing Plants, Saylesville,
R. I. The American Bank & Trust Co. began business
on April 15, as noted in our issue of April 19, page 2711.
The Central Hanover Bank & Trust Co. of New York
has opened a new office at Madison Ave. and 34th St.,
discontinuing its office at 34th St. and Lexington Ave.
The Central Hanover Bank & Trust Co. will open its new
West End office at 27 Regent St., Piccadilly, London, on
Monday, June 2. William Alfred Nichols, officer of the
Coldstream Guards during the war, and for the past 12
years actively engaged in the banking business, will be in
charge of the new office which will supplement the activities
of the bank's City office, located at 1 Gracechurch St. and
in charge of C. Noel Hume.
Application has been made to the New York State Banking Department for a charter for the Colony Trust Co. to be
located at 450 seventh Ave., New York City. The proposed
capital is $2,000,000. The incorporators are: William A.
Loeb, Jos. Z. Beigeleisen, J. Edwin Goldman, Bernard F.
Curry,Samuel Stern, Arthur E.Samek, Charles P.Plunkett,
Lawrence Myers, Frederick E.Allardt, Leon Lazarus, Abner
Lubel, Robert Oppenheim and Charles L. Calhoun.
The newly organized Banco di Napoli Trust Co. of New
York opened for business on May 24. It is located at 528
Broadway. The institution, which is operating under a
State charter, has a capital of $1,000,000 and a surplus of
$700,000. The bank has been granted an exclusive privilege by the Italian Parliament to issue money orders to
Its foreign branches on all Italian post offices. It is the
only financial representative of the Italian Treasury In
New York for the payment of Italian Government bonds.
The officers of the bank are: Philip Torchio, President;
Prof. Antonio Masi, First Executive Vice-President; E. Milton Berry, Vice-President; Guglielmo Zanettini, Treasurer;
Marcell° Girosl, Secretary and Assistant Vice-President;
Philip Sgro and Ildo Marchisio, Assistant Vice-Presidents;
Ettore Nardoni, Assistant Secretary; Angelo Cestari, Assistant Treasurer.
3826
FINANCIAL CHRONICLE
The New York "Times" of May 29 said:
Informal discussions looking toward a merger of the Chelsea Bank &
Trust Co. and the Lefcourt National Bank & Trust Co. have taken place.
according to reports in Wall Street yesterday. Edward S. Rothschild,
President of Chelsea, declined to confirm the reports of negotiations.
Oscar F. Grab, Senior Officer of the Lefoourt, also refused to affirm or
deny the reports in the absence of Mr. Lefeourt.
[VOL. 130.
Bank, both of Philadelphia, under the title of the Central
Penn National Bank. At the conclusion of special meetings
of the respective directors of the institutions, the following
statement was issued by Archie D. Swift, President of the
Central National Bank, and who is slated to head the new
organization growing out of the proposed merger:
"The
The New York agency of the Standard Bank of South National Boards of Directors of the Central National Bank and the Penn
Bank today appointed committees to work out details of a proAfrica, Ltd., at 67 Wall Street, announces receipt of the posed merger to be submitted to stockholders at a meeting to be called
in the near future. Plans contemplate a merger under the name of the
following telegram from the head office in London, regardCentral Penn National Bank.
ing the operations of the bank for the year ended Mar. 31
"All directors of both banks are to be directors of the merged bank.
"The officers and personnel of the merged bank will include the officers
1930:
The Board of Directors have resolved, subject to audit, to tecw mend
to the shareholders a dividend for the half-year ending Mar. 31 last at the
rate of 14% per annum, together with bonus of 3/— (three shillings) per
share, both subject to income tax, making a total distribution of 17%
for the year, to appropriate £100,000 to writing down bank premises, and
to add £125,000 to the officers' pension fund, carrying forward a balance
of about £125,000. The bank's investments stand in our books at less
than market value as at Mar. 31, and all other usual and necessary provisions have been made.
The National Bank of Far Rockaway is increasing its capital from $200,000 to $500,000 and surplus to $340,000. The
stockholders were given the rights to subscribe at $200 per
share in the proportion of 1% new for each share of old stock.
2
Payments are now coming in and the capital increase is
expected to be completed by the middle of June.
and personnel of both banks. The present banking locations of both banks
will be retained.
"This merger, when completed, will unite two of Philadelphia's substantial commercial institutions, giving to the clients of both banks five conveniently located banking offices."
The Centiral National Bank and Penn National Bank, as of
March 27, in response to the last call of the Comptroller of
thte Currency for a statement of condition, showed combined
assets of $71,536,918, of which the Central National Bank
had $47,842,906, and the Penn National Bank $23,694,012.
On the same date combined capital, surplus and undivided
profits of the two banks tdtaled $15,166,527 and their combined deposits $53,971,236. The Central National Bank
opened for business on Feb. 13, 1865. Its main office Is at
Fifth and Chestnut Sts. and it operates three branches at
the following locations: 15th and Sansom Sts.; Broad and
Cambria Sts., and Broad St. and Passyunk Ave. The Penn
National Bank was established in November, 1827. Melville
G. Baker, whose death occurred recently, was President. It
has no brunches.
On May 23 the New York State Banking Department
issued an authorization certificate to the Power City Trust
Co. of Niagara Falls, N. Y., a conversion of the Power City
Bank of that city and on the same date the new institution
which is capitalized at $1,012,00P. was authorized to open
and maintain branch offices at t3376 Buffalo Ave. and 1936
William F. Cushing, Jr., Cashier of the Sixth National
Main St., Niagara Falls, locations at which the former Power Bank
of Philadelphia, on May 27 was appointed a director
City Bank operated branch offices.
of the institution to fill the vacancy caused by the death of
Joseph Judovich, according to the Philadelphia "Ledger"
With reference to the failure of the P. M. D'Esopo Co., a f May 28. Mr. Cushing has been connected with the bank
private bank, of Hartford, Conn., noted in our issue of for 35 years, it was stated.
April 26, page 2905,the Hartford"Courant"of May 24,stated
that according to the preliminary respert of the Hartford
John Flanagan was appointed President of the CosmopolNational Bank & Trust Co., temporary receiver of the failed itan
Bank & Trust Co. of Cincinnati, Ohio, on May 26, to
Institution, which was handed to Judge Carl Foster in the succeed
the late John H. Meiners, whose death occurred last
Superior Court on May 23, second and third mortgage December, according to
the Cincinnati "Enquirer" of May
holders in the bank are likely to lose all or part of their 27.
Mr. Flanagan, who for the past five years has been
investments because of the company's weak cash position,
Assistant to the President of the Bank of Commerce & Trust
the aggravation of its insolvency by the frozen condition of Co.,
Cincinnati, is a former Treasurer of the institution he
its affairs and the fact that the actual value of its assets are will
now head. He will assume his new duties on June 2.
only a small part of the total deposits of $1,152,235.86. The Mr.
Flanagan, who was born in Cincinnati, started his bankreport, signed by Harold Chapman Bailey, associate Trust ing
career, it was stated, in the old First National Bank.
Officer of the Hartford National Bank & Trust Co., was For
more than nine years he was Cashier of the Pearl Market
presented by Attorney Wallace W. Brown of the firm of Bank,
and for six years was Treasurer of the Cosmopolitan
Gross, Hyde & Williams, counsel for the receiver. Judge Bank.
Foster confirmed appointment of the receiver, which was
made on April 24, after State Bank Commissioner Lester E.
Supplementing our item of May 24 (page 3656) with referShippee found the bank to be insolvent.
ence to the proposed merger of the Security Savings Bank &
The receiver's report in full, as printed in the paper Trust
Co. and the Home Bank & Trust Co., both of Toledo,
mentioned, is as follows:
Ohio, Toledo advices on May 27 to tho "Wall Street Journal,"
1. The P. M. D'Esopo Company, capitalized at $500,000, was found by stated that the stockholders of both
banks voted on the
the bank commissioner to be insolvent on April 24, 1930, on which date
consolidation at special meetings to be held on June 5 and
the subscriber was appointed temporary receiver of said company.
2. After making an intensive examination of the affairs of the company, the merger will probably go into effect about June 15. The
the receiver finds that the condition of insolvency is seriously aggravated new organization,
as stated in o r previous item, will be
by the frozen condition of the company's affairs resulting from a lack of
liquid assets and an excess of investments in real estate and second and known as the Security-Home Trust Co. It will be capitalized at $1,500,000 with surplus and undivided profits of
third mortgages.
3. Annual taxes have been suffered to accrue against the real properties, $2,000,000, and will have deposits of more
than $30,000,000
rents receivable have fallen in arrears, mortgage interest payable has been
and total resources of approximately $36,000,000.
defaulted, and several properties are in poor physical condition.
4. It seems to your receiver that the investments in certain of the second
and third mortgages are likely to result in a partial or total loss because of
the company's weak cash position and foreclosure actions already instituted
by prior encumbrances, one of which has already been claimed for judgment.
5. It is apparent to your receiver that the actual value of the company's
assets aggregate but a fractional part of the deposits which total, subject to
audit, the sum of $1,151,235.86. Owing to the confused and involved
situation, it is impossible for your receiver at this date even to estimate
the amount of any ultimate dividend, should liquidation be ordered by
the Court.
On May 21 the First National Bank in Lowell, Ind.,
capitalized at $50,000, went into voluntary liquidation.
The Lowell National Bank absorbed the institution.
The closing on May 19 of the Citizens' State Bank at
La Crosse, Ind., by order of the State Banking Commissioner,
was reported in the Indianapolis "News" of that date. The
institution, it was said', is capitalized at $25,000 and has
The proposed merger of the First National Bank of Wood- deposits of $250,000. "Frozen" assets was given as the
bridge, N. J., and the Woodbridge National Bank, (refer- reason for the bank's embarrassment.
ence to indicated in our issue of March 15, page 1762, was
consummated on May 24. The resulting institution is
That the Granite City National Bank, Granite City,
known as the First National Bank & Trust Co. of Wood- and the First National Bank of Granite City, with combined
bridge and is capitalized at $150,000.
resources of approximately $6,000,000, are about to merge
was announced on May 21 by Joseph G. Boggs and Guy L.
From the Philadelphia "Ledger" of May 27 it is learned Tethrington, the respective Presidents of the institutions,
that plans are under consideration looking towards a consoli- according to the St. Louis "Globe-Democrat" of May 22,
dation of the Central National Bank and the Penn National which continuing said in part:
MAY 31 1930.]
FINANCIAL CHRONICLE
were not made public,
"While the name of the new bank or its officials
in the present
tentative plans call for establishment of the institution
quarters of the First
quarters of the Granite City National Bank. The
National will be abandoned when the merger Is completed.
is the oldest
The Granite City National, with resources of $3,300,000,
however, has been in existence
bank in Granite City. The First National,
almost as long and has resources of $2,500,000.
now
Business men see in the merger a step forward in the movement
City, Madison, Venice
under way to consolidate the tri-cities--Granite
largest in Granite
and Nameoki. The two institutions, as well as being the
City, are the biggest in the four communities.
The Alton National Bank, Alton, Ill., and the Citizens
National Bank of the same place, capitalized at $100,000
and $200,000, respectively, were placed in voluntary liquidation on May 17. Both institutions have been succeeded
by the First National Bank & Trust Co. in Alton. The
new organization has a capital of $500,000. C. A. Caldwell
is President and E. W. Joesting, Cashier.
3827
The Merchants' National Bank of Lawrence, Kans., on
of
May 20 changed its title to the First National Bank
Lawrence.
the
Advices from Oklahoma C- ity, Okla., on May 21 to
Bank
"Wall Street Journal" reported that the First National
of Commerce, both of Frederick,
and the National Bank
be
Okla., have merged. The new institution, which will
National Bank, will be capitalized at
known as the First
$100,000 and will have resources of more than *1,250,000,
it was stated.
-well Exchange Bank, Blackwell, Okla.,
That the Black
has been purchased by the Security State Bank of Blackwell,
giving the enlarged institution resources in excess of $2,000,to
000, was reported in Oklahoma City advices on May 27
Street Journal," which furthermore said:
the "Wall
The Old First National Ban- k of Farmer City, Ill. (capital
$65,000) was placed in voluntary liquidation on May 10.
The institution was taken over by the John Weedman
National Bank of Farmer City.
State having
The transfer leaves two banks in Blackwell, Security
other bank is
merged with States Guaranty Bank last November. The
First National.
The First National Bank of Hamilton, Mo., an institution capitalized at $100,000, went into voluntary liquids,May 20. It has been succeeded by the First Bank &
Kirke A. Neal, Vice-President of the Equitable & Central tion on
of Hamilton.
Trust Co. of Detroit, Mich., recently announced the ap- Trust Co.
pointment of John C. Shaw as Secretary of the institution,
A dispatch from Jefferson City, Mo., to the St. Louis
according to the "Michigan Investor" of May 17, which "Globe-Democrat," May 26, stated that the Citizens' Bank
went on to say:
of Knox City, a small Missouri bank, was closed by its
Mr. Shaw is well known in trust and banking circles in Detroit and
Missouri bank failure
career in 1906 with the Security directors on that day, making the 29th
throughout Michigan. He began his
National Bank of Bay City opened its trust of the year. The institution was closed, according to a teleTrust Co. When the First
department in 1919, Mr. Shaw was made trust officer. He continued that gram to State Finance Commissioner S. L. Cantley, because
connection until 1923 when he returned to Detroit to become Vice-President
of a "slow run that had depleted the reserves." The bank's
of the American Trust Co. in charge of its trust department. Upon the
the Central Trust Co. of last statement, made April 16, showed deposits of $55,890
consolidation of the American Trust Co. with
7,828, the dispatch said.
Detroit, early in 1929, Mr. Shaw was retained as an officer of the new and total resources of
company and remained as part of the staff of the Equitable & Central Trust
Co. when that consolidation was effected last December.
An application to organize the First National Bank of
with capital of 50,000, was authorized by the
Claud M.Beers, who resigned recently as a Vice-President Hickman, Ky.,
Comptroller of the Currency on May 15.
°tithe Bank of Detroit, Detroit, has become identified with
thelbanking department of the Fidelity Trust Co. of Detroit,
Supplementing our item of May 24 (page 3658) with referaccordbag to the "Michigan Investor" of May 17. Mr.
ence to the approaching merger of the First National Bank
Beers has been connected with Detroit banks since 1914.
After the jury which delib-erated his case in the Circuit
Court at Flint, Mich., had been deadlocked for 43 hours,
Grant J. Brown, former President of the Union Industrial
Bank of Flint, on May 25 was found "not guilty" of embezzling $47,000 of the bank's funds, according to Flint advices
on that date appearing in the Detroit "Free Press" of
May 26. The former banker's trial, (which resulted from
a $3,592,000 shortage discovered at the Union Industrial
Bank last fall) consumed two weeks. Mr. Brown, who is
at liberty under $100,000 bonds, still faces three other
charges. We quote further, in part, from the dispatch,
as follows:
The jury swung from an eight to four vote for conviction, that held for
more than 24 hours, to a six to six split and in less than half an hour the
jurors who favored conviction capulated and, to the accompaniment of a
muffled cheer from the locked jury room, reached an unanimous verdict.
Brown was accused of misusing almost $1,000,000 of the bank's funds
over a period of several years in stock transactions in which the bank not
only did not lose any money but made the usual interest rate.
•
•
•
Prosecutor Charles D. Beagle, after the jury's verdict, said that he had
not determined what course of action would be adopted on the other charges
that include embezzlement items of $10,000 and $30,000 and a charge of
making a false report to the state banking department. It is on the false
report charge that the large bond was set after Brown's first arrest last
fall. The embezzlement charges were filed against the 56-year-old banker
after auditors had spent months in auditing the accounts of the bank.
The jury deliberated actually for more than 18 hours taking a poll of
the panel every half hour. From the time the case was given to the jury,
shortly before 6 p. m. Friday, until late Saturday the jury count was eight
to four, according to the jury's formal statement to the court. One of the
jurors today said that the majority favored conviction for more than 24 hours.
The first change in the original lineup of the panel was seven to five
with the majority losing one vote and a little later the count reverted to
eight to four. Presiding Judge James S. Parker ordered the jury locked
up again Saturday night and scheduled a court session for 11 a. m. today
when the jury announced they stood six and six after the morning debate.
Our last reference to the affairs of the Union Industrial
Bank of Flint, Mich., appeared in the "Chronicle" of
Feb. 8, page 921.
According to the "Michiga- n Investor" of May 17, the
United States Savings Bank of Port Huron, Mich., is to
increase its capital from $200,000 to $250,000 by the issuance
of 500 additional shares on July 1. Stockholders of record
May 9, it was said, have been notified that they are entitled
to subscribe to one new share, at $100 a share, for each
four shares held. Warrants must be exercised by June 10
1930, the date on which the rights expire.
of Birmingham, Ala., and the American-Traders National
Bank of that city, it is learned from the Birmingham "AgeHerald" of May 23 that the respective stockholders of the
banks will be asked to ratify the proposed consolidation at
meetings to be held June 23. If approved, the union will
become effective July 1. The new organization, which will
continue the name of the First National Bank, will be capitalized at $5,000,000 with surplus of like amount, and will
have deposits of more than $50,000,000 and total resources
in excess of $70,000,000. The erection of new banking
quarters at Third and North 20th St. on property already
purchased by the First National Bank is contemplated, with
work on the new structure expected to start not later than
the fall of 1931. Meanwhile the consolidated bank will
occupy the present quarters of the First National Bank,
using such space of the American-Traders' quarters as is
found necessary. It is expected that Oscar W. Wells, present Chairman of the Board of the First National Bank, will
be made Chairman of the Board of the consolidated bank;
that W. W. Crawford, now Chairman of the Board of the
American-Traders' National Bank, will be named ViceChairman; that General J. C. Persons, present head of the
American-Traders' National Bank, will be made President,
and that K. W. Berry, now Vice-President of the First National Bank, will be appointed Executive Vice-President.
We quote further in part from the Birmingham paper, as
follows:
All of the stock of the merged company will belong to the shareholders
of the bank in proportion to their holdings therein and it will be used
to carry on the business of dealing in securities now done by both banks
and will hold stock now owned by the American-Traders Securities Corporation in the five banks in the Birmingham district, located at North Birmingham, Fairfield, Leeds, Woodlawn and Tarrant City and known as banks
affiliated with the American-Traders' National Bank.
The par value of the stock in the enlarged bank will be reduced under
wider
the merger proposal from $100 a share to $25 a share to enable a
distribution of ownership among those who may want to invest in the shares.
go to the existing stockholders
Of the 200,000 new shares, 120,000 will
of the present First National Bank and 80,000 shares to the stockholders
of the American-Traders' National Bank.
The First National Bank was organized in 1884 and was Itself really
a merger of the National Bank of Alabama and the City Bank. In 1901
It took into it the Berney National Bank.
The American-Traders' National Bank represents the consolidation in
1926 of the American Trust & Savings Bank and the Traders' National Bank.
The First National Bank of Chatham, Va., an institution
with resources of approximately $366,700, has been merged
3828
FINANCIAL CHRONICLE
[VOL. 130.
with the Chatham Savings Bank of the same place,increasing
The 100th semi-annual statement of the Yokohama Specie
the resources of the latter to about $1,627,000, according to Bank, Ltd.
(head office Yokohama), covering the six months
Richmond, Va., advices on May 29 to the "Wall Street ended
Dec. 31, 1929, and presented to the shareholders at
Journal."
their half-yearling ordinary meeting on Mar. 10 last, has
Advices on May 21 from Decatur, Ala., to the Nashville just come to hand. Net profits for the period, after provid"Banner", stated that a consolidation of the Farmers' & ing for all bad and doubtful debts, rebate on bills, etc.,
Merchants Bank of Hartsells, Ala., with the First National amounted to yen 17,731,848, inclusive of yen 10,420,921
Bank of Hartsells, effective immediately, has been an- brought forward from the preceding half year. Out of this
nounced by the officials of the two institutions. Business sum the directors proposed to pay a dividend at the rate of
of the combined institutions, It was said, is being carried 10% per annum together with a special semi-centenary bonus
on at the First National Bank in its new home at the inter- of yen 3.00 per share, calling for yen 8,000,000; to add yen
3,000,000 to the reserve fund, and to set aside yen 500,000
section of Main St. and the Bee Line Highway.
to take care of a staff bonus in recognition of the semi-cenAccording to a dispatch from West Palm Beach, Fla., on tenary, leaving a balance of yen 6,231,848 to be carried forMay 20 to the "Wall Street Journal" a charter has been ward to the current half-years profit and loss account. The
signed by Governor Carlton for a new bank In that place, bank's total assets are given in the statement as yen
which is being established by Lynn H. Dinkins of New 1.308,185,310, of which cash in hand and at bankers
Orleans, La., and associates, under the title of the Florida amounted to yen 109,346,705, while total deposits are shown
Bank & Trust Co. The institution, which is expected to at yen 664,186,125. The bank's paid-up capital is yen
open shortly, will have a capital of $100,000 and surplus of 100,000,000 and Its reserve fund yen 111,500,000. On Feb.
$50,000, it was said.
28 last, the Yokohama Specie Bank, Ltd., rounded out fifty
•-•—•
years of existence. Kenji Kedama is President of the
A Fort Worth, Tex., dispatch on May 14 to the Dallas institution.
"News" with reference to the affairs of the defunct Texas
National Bank of Fort Worth, contained the following:
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Bond for B. B. Samuels, President of the defunct Texas National Bank,
The New York Stock Market has been more or less
has been signed and is now on file at the Federal Court clerk's office. it is
in the sum of $25,000 and was signed May 7 in New York City by Samuels irregular during the present week, and while there have been
and witnessed by Henry Zweite], his attorney.
occasional upward spurts in which a few of the more active
Samuels and A. L. Baker, Vice-President of the bank, were charged recently with misapplication of $1,285,000 of the bank's funds on the eve of speculative stocks have made moderate gains, there have
its closing, Jan. 31. The bank now is in the hands of B.. L. Van Zandt, also been not a few instances where prices have tended
Federal receiver.
lower. Motor stocks enjoyed a brief period of buoyancy
The failure of the Texas National Bank was referred to on Saturday and public utilities have, on several occasions,
In the "Chronicle' of Feb. 8, Apr. 5 and Apr. 26, pages 922. recorded moderate gains, but most of the other groups
2337 and 2906, respectively.
have moved within a comparatively narrow range. The
weekly statement of the Federal Reserve Bank made public
Effective May 15, the Sanger National Bank, Sanger, at the
close of business on Thursday shows an increase of
Tex., with capital of $30,000 was placed in voluntary $7,000,000 in brokers'
loans. Call money renewed at
liquidation. The institution was absorbed by the First 3%
on Monday and continued unchanged at that rate
National Bank of the same place.
throughout the week.
The short session of the stock market on Saturday was
A press dispatch from Oro-si, Oal., on May 9, printed in
the Los Angeles "Times" of the following day, reported that noteworthy chiefly as one of the dullest two-hour sessions in
William ,Monypeny, former President of the First National nearly two years. Motor shares and accessories were the
Bank of Orosi, had purchased an interest in the National leading attraction and moved briskly upward. The outBank of Orosi and has been made President of the institu- standing features of the group were, General Motors which
moved up over a point to 523/8, Chrysler which did equally
tion.
well, Auburn Auto Co. which closed at 165% with a net
1,
The Bank of Montreal, M-ontreal, Canada, in its state- advance of 33 points, and Mack Truck which gained IN
4
ment for the six months ended April 30, shows that in spite points to 73N. United States Steel advanced about a point
of the business depression prevailing throughout the period and crossed 172, Westinghouse Electric was in good demand
earnings improved and the usual strong cash and liquid and gained about 2 points to 176, American Can was bid up
position was maintained. Profits amounted to $3,543,017, 2 points and closed at 144 and Western Union surged upward
up from $3,491,651. There were also received in the six about 231 points to 16534. Mail order stocks were higher,
months payments of $51,459 as premiums on new stock. particularly Sears-Roebuck which was up about 2 points to
These amounts, when added to the balance carried forward, above 65 and Montgomery Ward which recorded substantial
brought the total available for distribution up to $4,330,059. improvement. Public utility stocks were represented in the
This was appropriated as follows: Dividends and interest on advances by Consolidated Gas Co.of New York which scored
installment payments on new stock $2,167,586; amount an advance of IN points to 1263, Electric Power & Light
credited to rest account $51,459; provision for taxes Domin- which improved about a point and American Power & Light
ion Government $229,979; reservation for bank premises gained a point as it reached 102. Railroad stocks moved
$600,000; leaving the balance of profit and loss to be carried briskly ahead under the guidance of Reading which surged
forward at $1,281,033. In the general statement of assets upward 3 points to 120, followed by such active stocks as
and liabilities, total assets are shown at $822,599,648, com- New York Central, Atchison, Union Pacific, and Wabash,
pared with $915,705,653 a year ago. Of this, liquid assets all of which closed with substantial gains.
The movement of stocks on Monday was more or less
are reported at $373,450,296, equivalent to 51.03% of
liabilities to the public. Included in them are cash holdings irregular with the trend of prices generally upward in the
of $94,421,408, equal to 12.90% of public liabilities. At the early trading, but a sharp setback came late in the session
same time there was an increase in current loans and discounts and most of the morning gains were lost. Public utilities
in Canada and these now are reported at $335,301,194, up moved to the front in the early part of the session. Electric
from $314,464,137. While a portion of this increase may be Light & Power advanced about 3 points to around 90, and
attributed to the wheat situation, it is also known that there American Power & Light closed fractionally higher. Amuseis an increased tendency on the part of large customers to ment stocks were represented in the advances by Loew's
avail themselves of banking accommodation. The most im- with a three point gain to above 92, while Radio-Keithportant variations are in the call loan department. Call Orpheum and Radio Corporation improved about a point
loans in Canada are down to $27,460,856 from $39,359,779, each. Railroad stocks were heavy and there was little or
no activity in the copper issues or the motor shares, and
and call loans in Great Britain and the United States have
$139,974,369. At the accessories. Mail-order stocks were fairly strong, Searsbeen reduced to $68,028,615 from
Roebuck gaining 3 points to 87 and Montgomery Ward
same time, balances due to banks and banking correspondents
was up about a point at 443.'. Irregularity was again in
elsewhere than in Canada—which to a great extent repreevidence during the greater part of tho session on Tuesday,
sented deposits temporarily placed on this side due to higher
and while a number of the more active stocks scored moderate
loan rates—are now down to $9,660,804 from $3.5,597,167.
gains in the early trading many of them were unable to
Total deposits are now $668,067,752. Of this amount deposits bearing interest are $545,856,287 and deposits not maintain their advances during the profit taking, and heaviness was apparent in the final hour. Public utility issues
bearing interest $130,418,937.
were the strong features of the day. The principal ad-
vances were Electric Power & Light 5 points to 94, American
& Foreign Power 2 points to 83, American Power & Light
334 Points to 10534 and Consolidated Gas 134 points to
1303%. United States Steel was in active demand throughout the day and closed at 17334 with a gain of about 1 point.
The specialties were represented in the upward swing by
Foster Wheeler which gained about 8 points on the day,
American Car & Foundry which improved 2 points to 54
and Worthington Pump which forged ahead VA to 154.
Irregularity continued to rule the stock market on Wednesday and while there was a scattering of strong and weak
features throughout the list, most of the changes were confined within a narrow range. Public utilities gain assumed
the market leadership with most of the active issues registering gains ranging from 1 to 3 or more points. United States
Steel was one of the strong stocks of the session and moved
briskly forward to 175 at its top for the day, closing at 174%
with a net gain of about 2 points. Vanadium Steel was up
%
about 3 points as it closed at 1183 . Amusement stocks
attracted considerable speculative attention, particularly
Fox Film, which advanced to 53, with a gain of 2 points, and
%
Radio Corp. which shot ahead 13 points to 5332. The buying in the specialties group continued unusually active and
included many prominent issues such as American Can which
reached 147% with a gain of 23% points. Copper shares displayed moderate improvement, particularly Calumet and
4
Arizona which gained about 23 points to 6234. Oil stocks
improved, one block of 5,100 shares of Standard Oil of New
Jersey selling at 80 with a gain of nearly 2 points. On
Thursday the market was an extremely dull affair, and speculative interest was at a low ebb throughout the day. Railroad stocks were heavy, particularly such issues as Chesapeakp & Ohio and Union Pacific which sustained sharp losses.
The strong stocks of the day were the food shares, National
Biscuit, National Dairy Products, and Borden hitting new
tops for the year. Worthington Pump also showed strong
recuperative ability, as it forged ahead to a new high at 167
with a net gain of about 7 points. Other stocks showing
gains at the close were A. M. Byers, Columbia Carbon,
Vanadium Steel, Air Reduction, Diamond Match, Vulcan
Detinning and International Silver. The final tone was
weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
May 29.
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Total
Bond
Sales.
$1,175,000
1,728,000
2,089,000
2,298,000
1,329,000
HOLIDAY
$86,000 $4,058,000
137,000 6,849,900
553.000 8,447,500
371,000 8,510.000
200,000 7,139,000
10 374 800 $25038400
$8.619.000
$1,347,000 $35.004400
Week Ended May 29.
1929.
1930.
Stocks
-No,of shares_
Bonds.
Government bonds_ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
United
States
Bonds.
Stale,
Municipal &
Porn Bonds.
Railroad,
&c.,
Bonds,
$2,797,000
4,984,900
5,805.500
5,841,000
5,610,000
960,570
2,246,580
2,258,240
2,405,350
2,504,060
Sales at
New York Stock
Exchange.
Jan.1 to May 29.
1930
1929.
10,374,800
16,774,320
416,095,460
468,320,240
$1,347,000
8,619,000
25,038.400
$2,045,000
9,395.500
30,649,500
$47.570.000
286,503,000
902,778,500
$53,930,050
259,149,650
753,515.000
$35,004,400 $42,090,000 $1,236,851,500 $1,066,594,700
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
May 29 1930.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
.18,025
.34,265
.33,905
.30,201
29,736
Total
146,132
876,850
321,814
55,300
165.807
856000
015 664
866.300
Prey, week revised
3829
FINANCIAL CHRONICLE
MAY 31 1930.]
$4,000 a88,124
21,000 a77,377
10,850 a44,898
25,000 a93,236
16,000 a18,179
HOLI DAY
$8,000
26,000
3,300
10,000
8,000
51,015
52,306
51,442
51,030
b1,778
7,571
11
l'IS
813.300
12,500
20,000
28.300
6,000
80,100
enK
Ann
* In addition, sales of rights were: Saturday, 4,123; Monday, 6,200; Tuesday,
7,342; Wednesday, 8,008.
a In addition, sales of rights were: Saturday, 36,500; Monday, 19,300; Tuesday,
9,900; Wednesday, 13,600: Thursday, 1,000.
Sales of warrants were: Saturday, 1,200: Monday, 800; Tuesday, 400; Wednesday, 600.
S In addition sales of rights were: Saturday, 1; Monday, 635; Tuesday, 550;
Wednesday, 175; Thursday, 199.
THE CURB MARKET.
The approaching long holiday was reflected in Curb
Exchange trading this week, business being curtailed to
small proportion, while the movement of prices show few
changes of moment. The utility issues were the most
active issue. American & Foreign Power warrants sold
up from 573% to 623%. Amer. Gas & Elec. Corn.from 140%
advanced to 153, reacted to 147 and closed to-day at 149.
Commonwealth-Edison Co. improved from 312 to 317 and
ends the week at 315. Electric Bond & Share corn. moved
/
.
up from 10034 to 10834 and finished to-day at 10888
Electric Power & Light warrants advanced from 643% to
733%. Nevada-California Electric corn. gained about 20
points to 144. Oils show few features of importance.
4
Vacuum sold up from 8734 to 948 , the close to-day being
3
4
at 94,.. Gulf Oil of Pa. advanced from 1487 to 15234
and reacted finally to 1503%. Industrial and miscellaneous
issues were quiet. American Cigar corn., on few transactions improved from 69 to 72. Deere & Co. dropped
from 132% to 114 and recovered finally to 125. DriverHarris corn. advanced from 8234 to 9434 and finished to-day
at 913%. Technicolor gained 7 points to 6234 and reacted
finally to 5934. Todd Shipyards sold up from 51 to 573%.
A complete record of Curb Exchange transactions for
the week will be found on page 3860.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
May 29.
Stocks
(Number of
Shares).
354,400
642,400
619.270
998,270
756,100
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
3,370,440
Rights.
Foreign
Domestic. Government.
13,200 $1,177,000
80,800 2,349,000
132,900 2,710,000
184,300 2,513,000
175,700 2,134,000
HOLIDAY
Total.
$197,000 $1,374,000
471,000 2,820,000
320,000 3,030.000
312,000 2,825,000
242,000 2,376.000
586,900 $10,883,000 81,542,000 $12,425,000
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
May 24.
Silver, p. oz.d. 1834
Gold, p. fine oz 84.1134
Consols 2158_
British 5s
British 415s._
French Rentes
(in Paris)_fr.
French War L'n
(in Paris)_fr.
Thurs.,
Tues.,
Wed.,
Mon.,
May 26. May 27. May 28. May 29.
17 7-18
18
1811
1834
84.11
84.1134
84.1134
84.1134
563-5
5595
5534
5534
102
10134
102
102
98
9734
9741
9734
88
101.35
87.35
87.10
Holiday
101.05
101.15
Frt.,
May 30.
Holiday
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (cts.):
40
3934
Foreign
3931
3834
373.4
Holiday
COURSE OF BANK CLEARINGS.
Bank clearings this week will 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 31)
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 22.3%
below those for the corresponding week last year. Our
preliminary total stands at $8,673,258,484, against $11,163,580,378 for the same week in 1929. At this centre there
is a loss for the five days ended Friday of 23.5%. Our
comparative summary for the week follows:
1930.
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,101,000,000
350,006,008
309,000.000
272,000.000
"80,000.000
87,200,000
107,935,000
107,100,000
117,179,770
112,838,712
86,800,000
54,267,615
23,810,896
$5,363,000,000
412,625.666
375.000.000
322,000.000
88,385.967
109,700,000
130,096,000
132,056,000
132.763,245
156,781,408
.88,000.000
57,581,617
39,330,435
-23.5
-15.2
-17.6
-15.5
-9.5
-20.5
-17.0
-18.9
-11.8
-28.0
-1.4
-5.8
-39.5
Thirteen cities, 5 days
Other cities, 5 days
85,809,138,001
862.599,295
$7,407,320,338
888,675.825
-21.6
-2.9
Total all cities,5 days
All cities, 1 day
$6,671,737,296
2,001,521,188
$88,295,996.163
2,867.584,215
-19.6
-30.2
SR R7R 254 404 111 100 SRO 270
-222
Clearings-Returns by Telegraph.
Week Ending May 31.
nr,...1 all ...Moo Mr ‘opplc
'Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended May 24. For
that week there is a decrease of 17.6%, the aggregate of
clearings for the whole country being $10,060,932,204, against
$12,218,272,402 in the same week of 1929. Outside of this
city the decrease is 9.0%, while the bank clearings at this
3830
[VoL.130.
FINANCIAL CHRONICLE
Week Ended May 24.
Clearings cd-1930.
I
inc.or
Dec.
1929.
$
-+I
--++1+1ILLIILIILLLILoso
centre record a loss of 22.1%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve District, including this city, the totals show a
loss of 21.9%, in the Boston Reserve District of 3.0% and in
the Philadelphia Reserve District of 5.0%. In the Cleveland Reserve District the totals are smaller by 10.8%, in the
Richmond Reserve District by 4.8% and in the Atlanta Reserve District by 11.9%. In the Chicago Reserve District
the totals show a shrinkage of 19.8%, in the St. Louis Reserve District of 17.7% and in the Minneapolis Reserve
District of 8.4%. In the Kansas City Reserve District the
decrease is 8.8%, in the Dallas Reserve District 19.6% and
in the San Francisco Reserve District 13.0%.
In the following we furnish a summary by Federal Reserve
districts:
$
Seventh Fe ler al Reserve D istrict Chi
MlCb.-Adrlaij
200,237
277,642
Ann Arbor_ --673,303
1,257,912
Detroit _ _ _ _ -- 220.908,369 271,443.329
Grand Raptas_
5,460,214
6,159,217
Lansing_ _ _
3,212,000
4,305,000
Ind.
-Ft. Way ne
3,520,096
3,629,740
Indianapolis __21,501,000
23,076,000
South Bend
2,194,834
3,008,078
Terre Haute--4,670,567
5,014,068
Wis.-Milwautee
28,210,509
30,985,190
Iowa-Ced,R %p_
2,766,999
2,854,888
Des Moines
7,163,218
9,444,459
Sioux City_ _ -5,308,820
6,251,012
Waterloo .-1,310.031
1,415,554
Ill.-13loom'to 2.1,889,098
1,834,714
Chicago __-.._ 559,870,192 604,406,863
Decatur _ -1,191,935
1,108,418
Peoria
5,374,482
5,096,049
Rockford
3,114,107
3,660,899
Springfield_
2,606,571
2,333,365
Total(20 cit 89)
Week End. May 24 1930.
1929.
1930.
3
Federal Reserve Mrs.
481.808,295
let Beaton_ _ _ _12 cities
6,413,552,098
2nd New York_il "
530,087,011
3rd Philadel la_10 "
402,771,174
468 Cleveland__ 8 "
153,267,337
5th Richmond _ 8 "
148,999,788
6th Atlanta____12 "
881,146,582
768 Chicago ___20 "
193,276,800
859 St. Louis-. 8 "
106,764,436
9th Minneapolis 7 "
180,487,850
1059 KansasCitY 10 "
59,967,113
Iltb Dallas
5 "
508,813,720
1269 Ban Fran--17 "
$
496,875,697
8,211,177,043
557,663,095
451,415,569
161,375,444
168,937,147
987,652,397
209,449,799
116,491,925
197,709,202
74,603,998
585,077,791
1928.
%
-3.0
-21.9
-5.0
-10.8
-4.8
-11.9
-19.8
-17.7
-8.4
-8.8
-19.6
-130
3
513,620,148
7,720,496,686
575,122,633
442,192,014
171,781,147
165,331,677
1,005,533,173
201,421,702
112,716,004
184,748,406
67,157,892
622,291,006
126 cities 10,060,932,204 12,218,272,402 -17.6 11,782,412,488
Total
Outside N. Y. City
3,775,236,689 4,149,968,733 -9.0 4,385,787,561
coned&
21 Muss
AU 011)1111%
am 1 0 OM -19 11
,
I.11 00A .577
Week Ended May 24.
Clearings al
1929.
Inc.or
Dec.
$
$
%
First FederalI Reserve Dist rict-Boston549,875
562,808 -2.3
Maine-Bangor._
_
3,331,534
Portland
3,705,959 -10.1
Mass.
-Boston - 433,288,262 439,063,718 -1.3
1,146,914
Fall River__ _
1,197,753 -4.3
945,315
Lowell
1,133,577 -16.6
New Bedford _
912,336
1,203,053 -24.2
Springfield_ _ _
3,908.795
5,683.181 -31.2
Worcester.._ _
3,082.093
3,513,36 -12.3
Conn.-Hartfo 0
12,128,476
16,934,184 -28.4
New Haven_ _
8,829,841
8,538,758 +3.4
R.I.-Providen :e
12,730,200
14,662,200 -13.2
N.H.-Manches
'r
954,654
795,302 +20.0
Total(12 citi 0
481,808,295
496,994,205
Second Fed :r al Reserve D istrict-New
-Albany N. Y.
8,133,363
5.828,556
Binghamton_ _
1,242,922
1,210,082
Buffalo
50,952,717
59,089.255
Elmira
735,145
1,176,083
_
Jamestown...
1,140,227
1,315,483
New York_ _ _ - 6,285,695,515 ,068,303,480
_
9,267,299
13,792,248
Rochester.Syracuse
_
5,290,274
7,883.728
Conn.-Stamford
4,042,866
4,749,511
N. .1.-Montcla r
767,691
952,124
Northern N.J _
46,284,079
48,878,493
-3.0
1928.
$
1927.
$
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
693,346
3,869,223
495,000,000
2,173,327
1,097,058
1,275,209
5,992,095
3,682,151
14,616,848
7.594.598
11,855.600
701,463
513,620,148
548,550,918
York
+39.9
5,152,338
7,721.804
+2.6
1,361,185
1,014.700
-13.8
50,772.643
54,268,580
-37.6
1,113,294
1,011.526
-13.3
1,328,438
1,193,381
-22.1 7,593,624.927 5,895,892,017
-32.9
13,455,203
13,130,347
-32.9
6,929,072
6,364,921
-14.9
3,949.067
3,842,070
-19.4
771,167
900,000
-1.3
38,523,768
36,123,226
Total(11 citi l) 6,413,552,098 8,211,177,043 -21.9 7,720,496,686 6,017,946,630
Third Federa I Reserve Dist rict-Philad elphla1,300,979
Pa.
-Altoona_ _
1,599,270 -18.7
1,785,511
Bethlehem _ _
_
4.308,827
5,176.622 -16.8
5,505,647
1,236,408
Chester
1,316,533 -6.1
1.279,285
1,751,042 +5.2
Lancaster_ _ _
1,842,986
1,873,470
Philadelphia _ 505,000,000 538,000,000 -6.1 543,000,000
3,817,270
3,999,191 -4.6
_
Reading
4,011.784
6,162.029 -31.5
Scranton
_
4,220,506
8,182,261
3.513,436 -17.5
4,357,284
Wilkes-Barre.
.
2,899,335
York
1,828,700
1,963,461 -6.9
1,619,843
4,171,511 -12.9
N.J.
-Trenton_ _
3.632,000
5,507,448
Total(9 cities)
. 530,087,011
557,663,095
-5.0
Fourth Feder al Reserve D istrict-C3 eland
4,461,000
Ohio-Akron. _
7,242,000 -38.4
4,146,754
Canton
Canton
4,816,731 -13.9
Cincinnati__ _.
60,845,229
72,717,411 -16.3
. 130,163,368 148,597,995 -12.4
Cleveland_
14,798,111 -7.4
Columbus.. _.
13,706,400
Mansfield... .
2,214,465
1,914,906 +15.7
4,393,160
Youngstown
Youngstown.
4,097,279 -7.2
Pittsburgh _ _ _
182,840,798 197,231,159 -7.3
575,122,633
1,591,477
4,901.810
1,283.951
1,972,578
525,000,000
3,773,246
5,598,832
4,797,349
1,508,198
5,977,473
550,404,914
987,652,397 -19.8 1,005,533,173
961,775,317
6,815,000
3,804,673
69,386,014
119,131.243
15,158.500
1,815,887
5,094,743
179,945.962
451,415,569 -10.8
442,192,014
401,150,022
Fifth Federal aeserve Dist rict-Richm ond1,045,186
W.Va.-Hunt'g'
1,138,51. -8.2
3,628,306
4.091,997 -11.3
Va.-Norfolk __
41,288,000
39,034.000 +5.8
Richmond.. _
2,185,097
1,924,787 +13.6
B.C.-Charlesto
80,959,094
88,991,325 -9.0
Md.-Baltimore
24,161,654
25,919.132 -8.8
D.C.-Washing'i
1,238,663
5,091,400
40,165,000
2,161,333
97,885,625
25,239,126
1,057,839
5,300,574
42,175,000
3,005,869
107,205,979
26,316,442
Total(6010189).
Sixth Federal
Tenn.-Knoxvill
Nashville
Ga.-Atlanta .._
Augusta
Macon
Fla.-Jack'nville
Miami
Ala.-Birming'm
Mobile
Miss.-Jackson_ _
Vicksburg
La.-NewOrleans
Total(12 cities)
402,771,174
-4.8
171,781,147
185,661,702
Reserve Dist rict-Atlant a2,251,743
3,000,000 -25.0
20,762,717
20,914,622 -0.7
03,136,502 -15.7
44,817,930
1,741,846 -16.3
1,408,643
1,621,647 -27.7
1,172,509
16,757,551 -10.0
14,185,429
2,427,000 -3.2
2,348,000
22,269,328 -10.9
19,839,075
1,605,369 +6.9
1,715.760
1,524,000 +14.4
1,744,315
252,398 -49.0
128,690
44,696,884 -13.7
38,574,972
2.746,745
21,520,228
43,506,922
1,490,19/
1,814,525
15,964,945
2,731,000
22,546,252
1,483,072
2,128,000
249,900
48,149,937
3,000.000
21,671.845
42,746,426
1,864.500
1,741,994
19,226,693
4,328,576
22,659,284
,
1,839,621
1,330,013
345.561
44,160,661 1
168,937,147 -11.9
165,331,677
153,267,337
148,999,788
161,100,231
116,491,925
-8.4
5,830,066
133,900,000
33,834,140
293,882
18,644,414
11,116,601
374,984
1,346,857
205,340,924
6,544,961
66.285,734
25.217,406
1,649,503
985,727
487,884
2,464,000
112,716,004
103,635,305
Tenth Fed cal Reserve Dis trict- Kens as CityNeb.-Fremon1-301,626
277,278 +8.8
385,436
386,641
508,962 -24.0
426,093
Hastings__ - .-3,812,365
Lincoln
3,075,062
3,429,864 -10.3
42,008,243
40,789,444
Omaha
-42,926,298 -2.2
Kan.
-Topeka -3,567,297
2,915,073 -27.6
2,735,373
-6,246,500
7,263,209 -14.0
8,332,021
WichitaMo.-Kan. C1 Y- 116,744,243 131,025,579 -10.9 119,515,941
St. Joseph.,-5.505.682
*6,500,000 -15.3
6,370,000
Colo.
1,178,591
-Col. Spgs•
1,320,584 -10.9
1,086,660
Pueblo
1,473,965
1,539.355 -4.3
1,285,073
399,019
386,865
4,405.153
39,234,005.
2,532,386
7,252,044
127,807,203
6,076,818
1,002,992
1,154,134
Total(10 eities)
106.764,436
-8.8
184,748,406
190,310,619
Eleventh F de =1 Reserve District-DahasTexas
1,345,174 -8.3
1,233,153
-Austin -.
40,500,450
50,583,487 -19.9
Dallas
Fort Worth -_
13,888,395 -23.1
10,663,808
2,390,000
4,158,000 -42.5
Galveston
5,169,702
4,630,942 +11.6
La.-Shrevepo 't _
1,411,282
45,472,074
12,412,926
3,483,000
4,398,610
1,372,072
42,297,906
10,715,094
6,545,000
4,384,672
74,603,998 -19.6
67,157.892
85,314,744
Florid sco-15.9
46,928,487
-12.3
12,033,000
-31.3
1,176,979
-0.4
44,770,292
-9.7
17,469,296
-22.2
3.888,550
-20.3
8,282,921
-11.4 205.529.000
-13.5
20,184,487
-18.8
6.506,585
-3.9
6,062,306
-18.3
4,760,646
-12.4 235,753,000
-15.3
2,491,538
+1.4
1,474,182
-37.8
2,198,537
-30.8
2,781,200
44,362,666
11,233,000
1,198,053
39,387,941
15.653,873
2,759,492
6,911.869
168,449,000
16,057.032
5,719,796
5,922,157
4,258,571
172,433,000
1,912,711
1,025,389
2,023,275
2,105,400
Total(5 tit! 8.
180,487,850
59,957,113
197,709.202
Twelfth Fe Or al Reserve D istrict-San
41,001,341
48,736,505
Wash -Seattle _ _
11,938,000
10,518,000
Spokane.. -1,279,644
Yakima _ _ --879,779
41,551,426
Ore.
41,717,423
-Portland __
18,304,682
Utah-S, L. C ty
16,528,313
3,273,964
Calif.
2,547,957
-Fresno_
8.931,869
Long Beach_
7,115,525
Los Angeles_
181,007.000 204,292,000
20,371,287
17,654,676
Oakland_ _ _ _ _
*6,600,000
5,362,983
Pasadena.
8,256,326
6,015,849
Sacramento _ _ _
5,641,484
San Diego_ _
4,611,783
San Francisc0.. 172,661,235 197,185,160
3,083,215
San Jose_
2,595,401
__
2,011,177
Santa Barbera_
2,039,700
2,902,252
Santa Monlca_
1,775,320
2,741,800
1,896,900
Stockton____ __
Total(17 citi 9) 508,815,720 585,077.791 -13.0 622,291,006 500,107,247
Grand total (1 25
cities)
_ 10060932,204 12218272,402 -17.6 11782412.488 9,901,113.498
Outside N.Y.. 3,775,236,689 4,149,968.733
..
-9.0 4,388,787,561 4,005,241,479
Week Ended May 22.
Clear-fn: at
1930.
6,356,000
3,575,030
73,313,667
129,603,301
14,448,500
1,703,135
4,996,874
208,197.507
Total(8 cities)
Total(7 nit! 9)_
3
224,195
888,477
175,662,966
7,628,684
2,382,799
2,793,651
20,622,000
2,626,307
4,921,492
38,898,748
2,724,626
9,340,723
5,292,700
1,004,807
1,371,664
674,740,379
1,267,100
3,886,675
3,152,933
2,344,281
Eighth Fed ma Reserve Dis trict-St. Louis
1927.
Ind.-Evansvi lie.
4,898,756
5,859,587 -16.4
5,001,765
Mo.-St. Loul5.. 118,100,000 137,000,000 -13.8 130,100,000
$
Y.--LOldsv111e__
41,078,748
33,173,041 +23.8
35,935,762
548,550,918
286,317
Owensboro_
292,726 -9.0
308,785
6,017,946,630 Tenn.-Mem 11
3
16,430,860
18,612,199 -11.7
16,613,797
556,404,914 Ark.
12,715,285 -12.6
-Little It'k_
11,112,241
11,749,685
401,150,022 Ill.-Jacksonv Ile
375,950 -50.3
186,728
284,769
185,661,702
Quincy ____
1,203,150
1,421,011 -15.3
1,427,139
164,915,154
961,775,317
Total(8 eft' 0- 193,276,800 209,449.799 -17.7 201,421,702
205,340,924
103,635,305
Ninth Federal Reserve Dls trict-Minn eapolis190,310,619 Minn.-Dulut 1..
4,067,713
7,391,646 -45.0
8,004,778
65,314,744
77,577,804 -6.1
Minneapolis.-74,367,386
72,016,005
500,107,247
St. Paul_ _ _ .-22,102,781
24,395,305 -9.2
26,000,629
N. D.
-Fargo .-1,956,857 -9.9
1,763,283
1,720,696
9,910.113,496 S.D.
-A berd at_
1,016,989
1,186,841 -14.3
1,269,538
4,005,241,479 Mont -Billing9.
609,161
602,472 +0.9
559,358
2,787,123
3,380,000 -17.5
3,415,000
Helena
non t11d F4'1
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1930.
881,146,582
$
230,581
775,407
202,388,399
8,279,566
2,746,968
3,278,000
21,878,000
2,990.700
4,335,920
38,747,573
2,873,465
9,472,516
6,330,676
1,275,640
1,676,534
685,355,744
1,318,053
6,211,093
3,125,876
2,242,462
SUMMARY OF BANK CLEARINGS.
Inc.or
Dec.
1927.
1928.
1929.
Inc.or
Dec.
1928,
1927.
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
Sarnia
$
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
$
144,869,314
177,800,725
57,612,624
25,322.539
8,018,801
7,712,407
3,858,336
7,068,115
11,747,384
3,450,867
3,062,868
3,929,641
6,774,331
5,999,755
669,290
581.084
2,584,705
1,408,534
1,580,180
1,128,636
930,084
455,060
992,376
1,189,687
1,419,116
6,335,234
489,821
1,096,197
736,172
769,200
762,807
%
+1.7
-28.4
-13.2
-23.4
-0.8
-15.6
-14.0
-16.4
-44.7
-29.8
-17.4
-13.6
-11.9
-17.2
-26.5
+46.5
-17.5
-17.0
-30.7
-14.6
-13.2
-19.6
-8.2
-18.4
-16.0
-6.9
-10.8
-5.8
-3.8
-17.7
+14.5
$
133,851,632
127.554,181
66,370,683
17,625.818
6.826,351
6,615,000
2,712,816
5,179,242
10,598,877
2,495,462
2,055,719
3,368,859
5,877,862
4,326,494
559,023
632,127
2,011,609
996,050
1,087,497
1,032,867
737,160
409,248
880,626
1,026,309
1,107,710
4,640,810
393,993
766,501
705,793
670,988
590,840
$
91,079,603
94,045,114
42,458,522
15,894,359
5,190,858
3,327,002
2,901,872
4,500,000
5,662,188
2,348,252
1,722,393
2,649,327
4,698,823
3,209,332
462,463
363,193
1,540,959
942,042
1,107,344
794,545
748,513
194.199
780,903
600,196
903,296
4,728,558
320,294
779,882
740,999
734,599
589,118
Total(31 cities)
414,930,033
490,155,980 -17.0
413,496,217
296,014,547
164,915.154
Estimated.
3831
FINANCIAL CHRONICLE
MAY 31 1930:1
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 14 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £163,572.470
on the 7th Instant (as compared with £163,341.964 on the previous Wednesday), and represents an increase of £17.612,386 since Jan. 1 last.
In the open market yesterday £434,000 of bar gold from South Africa
was disposed of at 84s. 111.0. per fine ounce. With the French exchange
momentarily more favorable to this country there was no competition from
that quarter, but Germany was again in the market and secured E400,000.
Of the balance India took £16,000 and the Home and Continental trade
£18.000.
Movements of gold at the Bank of England have resulted In a net efflux
of £1,193,501 during the week under review. Receipts totalled £1.504,349
which included E1.000.000 in sovereigns from Australia and £500.000 in
sovereigns from South Africa. Of the withdrawals,amounting to £2,697.850.
about £2.669,000 was in bar gold for France, and £25,000 in sovereigns
taken for export.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 5th instant to mid-day on the 12th instant:
Exports
Imports£4,075.162
£1.136.754 France
British South Africa
222,225
1,050.000 Germany
Australia
22,200
Brazil
45.950 Switmerjand
15,985
11,131 Austria
France
4 82
53;45
British India
5
6
Other countries
£2.243.835
May 24
Prance
BondsFrench Rentes 3% Perpetual
French Rentes 4% 1917
French /Lenten 5% 1915-16
Banks
Banque de France
Banque de Paris et des Pays Bas_
Credit Lyonnais
Union des MinesCantu
Canal Maritime de Sues
Railroad-Chemin de ter du Nord
MinesHellMines de Courrleres
day
Mines de Lens
soc. Miniere et Metallurglque_ _ _
Public Utilities
Cie. Generale d'Electricite
Soc. Lyonnalse des F.aux
Cle. Francaise des Procedes
Thomson-Houston
Union d'Electricite
IndustrialsTrefileries & Laminolra du Havre
Societe Andre Citroen
Ste. Francalse Ford
Coty, S. A
Poch they
l'Air LtquIde
EtablissementsKublmann
Gaieties Lafayette
Oil
Royal Dutch
E4,393.853
The Transvaal gold output for the month of April last amounted to
868,606 fine ounces, as compared with 889,370 fine ounces for March 1930
and 872,123 fine ounces for April 1929.
United Kingdom imports and exports of gold for the month of April
last are appended:
Exports.
Imports.
£2,019,380
Germany
13.283
214,562
France
Switzerland
551.540
17,766
Spain and Canaries
Austria
34,120
80,202
West Africa
58.203
United States of America
47,000
Argentina, Uruguay and Paraguay
49,720
Other South American countries
Union of South Africa (Incl. South-West Territory) 2,386.525
Rhodesia
88,463
British India
186.922
6,050.350
Australia
9,371
Other countries
22.621
£8,783.121
£3.046.911
SILVER.
The tone of tie market has continued easy and price movements have
been gradually downward. The demand from India has been more limited
and as this quarter was the chief cause of the recent steadiness the market
has rather reflected the lack of support. China exchanges have shown weakness and there has. In consequence, been a certain amount of selling by
Chinese operators, besides which America was disposed to sell more freely
during the latter part of the week. Buying has been mostly confined to
bear covering operations by China and the Idian Bazaars.
-day the premium on cash delivery disappeared, prices being quoted
To
even at 19 1-16d.
The following were the United Kingdom imports and exports of !silver
registered from mid-day on the 5th instant to mid-day on the 12th instant:
Imports
Exports
France
£148.026 China (Incl7U3tig Kong)-- £95.340
Switzerland
39.840 British India
308,185
Greece
62.685 Other countries
8.644
Mexico
91.772
Canada
37.243
Other countries
847
£380.413
1412,169
INDIAN CURRENCY RETURNS.
(In lacs of rupees)May 7. Apr. 30. Apr. 22.
Notes in circulation
17342
17390
17332
Silver coin and bullion in India
11012
11060
11003
Silver coin and bullion out of India
---Gold coin and bullion in India
3228
- --3227
3227
Gold coin and bullion out of India
-__ ---Securities (Indian Government)
3058
3073
3072
Securities (British Government)
44
30
30
The stocks in Shanghai on the 10th Instant consisted of about 98.000.000
ounces in sycee 144.000,000 dollars, 15,900.000 Saigon dollars and 12.760
silver bars, as compared with about 97,900,000 ounces in sycee, 144,000.000
dollars. 17.100.000 Saigon dollars and 13.840 silver bars on the 3d instant.
Quotations during the week:
-Bar Silver. Per Oz. Std.
- Bar Gold Per
Cash.
2 Mos.
Oz. Fine,
1934ti.
19 7-16d.
May 8
84s. 1134d.
1934d.
9
195-158,
84s. 1134d.
195-16d.
10
1930.
84s. 113d.
19 3-158.
19Xd.
12
84s. 1134d.
19 3-16d.
13
1934d.
84s. 11'%d.
19 1-158.
19 1-16d.
14
84s. 1l -d.
19.281d.
I9.229d.
Average
84s. 11.358
The sliver quotations to-day for cash and two months delivery are
respectively ;id. and 5-16d. below those fixed a week ago,
3
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
May 28 May 29 May 30
Frantz Francs Frsuun
87.15
102.35
101.15
May 26 May 27
Francs Francs
87.40
88.00
/02 35 102.35
10L35 101.00
23,885 23,750 23.560
2.920 2 955
2,980
3.176
3200.
3.220
1.501
1.502
1,505
18,850
18.545 18,360
2,455
2,450
2,455
1,505
1,231
975
1,505
1,219
979
1,494
1,210
951
3,575
3.295
3,510
3,295
3,485
3,290
995
1,396
980
1,339
967
1.295
2.175
981
315
1,040
3,330
2,005
1,026
178
2,170
965
318
1.025
3,295
2.000
1,015
176
2,170
951
309
1,025
3,275
1,985
1.000
168
4,165
4,085
4,135
Rollday
Rates
not
availWO
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows.
May May
May May May May
30,
29.
28.
27.
26.
24.
Per Cent ofPar115
115
115
116
Allg. Deutsche Credit(Adea)(8)
178
176
175
176
Berlin. HandeLs Ges.(12)
152
152
152
153
C,ommerz-und Privat-Bank (11)
234 233 234 233
Darmstaedter U. Nationalbank (12)
142
141
141
141
Bank U. Disconto Gee.(10)
Deutsche
142
142
142
142
Dresdner Bank (10)
297
296
298
299
Reischsbank (12)
101
104
104
Unle(Aku)(18)---- 105
Algemeene KunstzBde
170
170
169
170
Allg. Elektr. Gee. (A.E.G.) (9)
225 22434 22434
227
Motor Co.. Berlin (10)
Ford
137
138
137
139
Gelsenkirchen Bergwerk (8)
170
167
166
167
Gesfuerel (10)
Rates
113
114
113
112
-American Line(Hapag)(7)
Hamburg
139 -__--- Roll- not
140
Hamburg Electric Co.(10)
day. availHeyden Chemical (5)
able.
125 -__
123
125
Harpener Bergbau (6)
141
141
141
143
Hotelbetrieb (12)
190
191
187
188
Farben-Indus.(Dye Trust)(14)*
1.0.
158
158
157
157
Kali Chemie (7)
134
134
132
134
Karstadt (12)
110
108
107
108
(7)
Mannesmann Tubes
113
115
113
113
North German Lloyd (8)
99
99
99
99
Phoenix Bergbau (634)
295
298
296
297
Polyphonwerke (20)
181
181
180
180
Rhein. Westf. Elekt.(R. W.E.)(10)
117
117
118
117
Sachsenwerke Licht U. Kraft (714)
252
254
251
253
Siemens & Halske (14)
104
104
105
Stoehr & Co. Kammgarn Sphanerel(1O).- 104
161
164
163
164
Leonhard Tletz (10)
97
97
98
Ver. Stahlwerke(United Steel Works)(8)- 97
•Proposed.
Public Debt of the United States-Completed Returns
Showing Net Debt as of Mar. 31, 1930.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Mar.31 1930,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1929:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Mar. 31 1930. Mar. 31 1929
Balance end of month by daily statement, &e
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
368,787,815
427,807,235
-3,642.664
365.125,151
-2,325,991
425,481,244
Deduct outstanding obligations:
22,248.952
Matured Interest obligations
74,530.128
Disbursing officers checks
5,287,150
Savings Certificates
Discount accrued on War
3.055.121
Settlement warrant checks
105.119,349
Total
+280,005,802
Balance. deficit(-) or surplus(+)
-BEARING DEBT OUTSTANDING.
INTEREST
,.' Merest Mar. 31 1930.
paNe.
Tale of Loan-J. 599,724.050
Q.
26 Consols of 1930
48,954.180
-F.
Q.
2s of 1918-1936
25.947,400
-F.
Q.
28 of 1918-1938
49,800.000
-M.
Q.
38 of 1961
28.894,600
-J.
Q.
3.3 conversion bonds of 1946-1947
-J. 1,384,889,000
J.
Certificates of Indebtedness
.1.-3. 1,392.258.250
334s First Liberty Loan, 1932-1947
-D.
5,005.450
4s First Liberty Loan converted, 1932-1947_ _ _ _J.
-D. 532,798.500
454s First Liberty Loan, converted. 1932-1947J.
3,492,150
-D.
-1947_..J.
414s First Liberty Loan, 2d cony., 1932
A.-0. 6,268,251,550
414s Fourth Liberty Loan of 1933-1938
758,984,300
414s Treasury bonds of 1947-1952
1,036.834,500
46 Treasury bonds of 1944-1954
489,087,100
Is Treasury bonds of 1948-1956
493,037,750
314s Treasury bonds of 1943-1947
359,042,950
394s Treasury bonds of 1940-1943
and Thrift Stamps
4s War Savings
19,224.720
234s Postal Savings bonds
2,589,894,500
534s to 534s Treasury bonds
c58,108,000
Treasury bills, series maturing May 19 1930
-bearing debt
Aggregate of Interest
Bearing no interest
Matured. Interest ceased
24.452,689
74,693,516
5.858.690
3,523.156
108,528,051
+316,953,193
Mar. 31 1929.
$
599,724.050
48,954,180
25,947,400
49.800.000
28.894.500
1,840,739,700
1,397.885,200
5,155,450
532,818,600
3,492,150
6,284,034,100
758.984,300
1,036,834,500
489,087,100
493.037,750
359,042,950
33.984,498
18,887,180
2,941.563.800
18,121,826,850 16,948.885,408
236,808,555
230,048.713
53.041,590
37.745,850
108,389,821,413 17,236,515,553
Total debt
Deduct Treasury surplus or add Treasury deficit-- +260,005,802 +318,953,193
616,129,815,611 16,919,562,360
Net debt
a The total gross debt Mar. 31 1930 on the basis of daily Treasury statements
was 116,389.624.566.34 and the net amount of public debt redemption and recedpts
In transit, &O., was 93,153.75.
No reduction Is made on account of obligations of foreign governments or other
Investments.
e Maturity value.
3832
FINANCIAL CHRONICLE
Cominercialiand pinsceltaturatsgeius
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, May 24 to May 29,
both inclusive (Friday, the 30th, being Memorial Day and
a holiday on the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. shares.
Barker Bros corn
•
Boise Chloe Oil A
1
Bway Dept St pf ex-war 100 70
Byron Jackson
'
California Bank
25
Comm'l Discount com__25
Claude Neon Elec
• _41
Douglass.Aireraft Inc._ _ _* 2241
Emsco Derrick & Eq Co..*
Globe Grain & Mill com.25
Home Service 8% pref__25 2941
Internet Re
-Maur Corp__10 4444
Jantzen Knits Mills corn.* 5034
Lincoln Mtge corn
•
Los Ang Gas & Eleo pf_100 10634
Los Ang Investment Co_10 17
Pac Amer Fire Ins Co._ _10
Pac Finance Corp com_ _10 3744
Pacific Gas & Elec 1st pf_25
Pacific Lighting com___.• 98
Pacific Mutual Life 1ns__10
Republic Supply Co
•
Richfield Oil Co com____25 2234
Rio Grande Oil corn
25 2134
El Joaquin L&P 7% or p1100 11544
Sec First Nat Bk of L A..25 1123.4
Signal Oil & Gas A
25 35
So Calif Edison corn_
25
Trans
-America Corp____25 4134
Union 01101 Calif
25 4444
•No par value.
1734 1731
40
300
941 941
70
70
30
15
15
200
115 115
50
20
20
300
38
41
5,400
2034 2234 2,200
100
1734 1734
1834 1644
100
24
2434 1,170
45
600
5034 5034
200
30c 300
751
106 10844
220
17
17
200
52
52
350
37
3734 2,000
2734 2734
135
98
98
200
85
8744
800
30
30
100
2134 2244 6,300
2134 2134 1,700
11534 11744 1,600
11144 11244
950
35
35
500
8434 6634 1,800
4034 44
23,800
4441 4444
1.400
Range Since Jan. l.
Low.
High.
18%
8%
70
1434
113
20
3834
1241
17
13
203.4
41
42
300
101
1834
50
3834
2841
Mar 18% Mar
May 1444 Mar
Jan
May 80
May 233.4 Feb
Jan
Feb 120
May
Apr 25
Feb
May 45
Jan 2234 Apr
Jan
Mar 23
Jan 1844 May
Apr 243.4 May
Jan 4944 Mar
Feb 503.4 May
Jan 320 Mar
Feb 10844 Apr
Jan 2034 Jan
Jan 5744 Apr
Jan
Mar 43
Jan 2741 May
80%
30
2134
1634
1113.4
110
2734
5634
39
4034
Apr
Mar 94
Feb
Jan 32
May 2734 Mar
Feb 2544 Apr
Mar 11834 Mar
Jan 11834 Mar
Feb 3834 Apr
Jan 7134 Apr
May 47% Feb
Feb 4844 Apr
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTER ISSUED.
Capital.
May 19
-Farmers & Merchants National Bank in Ivanhoe. Minn. $25,000
President, H. J. Tillemans; Cashier, L. V. Widmark.
CHANGE OF TITLE.
May 20
-The Merchants National Bank of Lawrence, Ran., to
"The First National Bank of Lawrence."
VOLUNTARY LIQUIDATIONS.
-The Alton National Bank. Alton, III
May 19
100.000
Effective May 17 1930. Liq. Agent. Samuel Wade,care
of the Alton National Bank, Alton, Ill.
Succeeded by First National Bank & Trust Co. in
Alton, No. 13464.
May 19
-The Citizens National Bank of Alton, Ill
Effective May 17 1930. Liq. Agent, L. A. Schlafly, 200.000
Alton, Ill.
Succeeded by First National Bank & Trust Co. in
Alton, No. 13464.
-The First National Bank of Honey Grove, Tex
May 19
125,000
Effective Feb. 20 1930. Liq. Committee, J. B. Hembree, H. M.Smith and W.E. Bratton, Honey Grove,
Texas.
Succeeded by First National Bank in Honey Grove,
No. 13416.
-The First National Bank of Springfield, B. C.
May 19
Effective May 6 1930. Liq. Agent, E. J. Boland, 50,000
Springfield, S. C.
Absorbed by Peoples State Bank of South Carolina,
Charleston, S. C.
-The Sanger National Bank,Sanger, Tex
May 20
30,000
Effective May 15 1930. Liq. Agent, Geo. 0.
Hughes,
Sanger, Tex.
Absorbed by the First Nat. Bank of Sanger, No. 7886.
-The Old First National Bank of Farmer City, Ill
May 21
65.000
Effective May 10 1930. Liq. Agent, E. 0. Murphey,
Farmer City, 111.
Absorbed by the John Weedman National Bank of
Farmer City, No. 3407.
-The First National Bank of Hamilton, Mo
May 23
100.000
Effective May 20 1930. Liq. Agent, First Bank & Trust
Co.. Hamilton, Mo.
Succeeded by the First Bk.& Trust Co., Hamilton, Mo.
-The First National Bank of McVllle, N. Dak
May 23
25,000
Effective May 12 1930. Liq. Agent. A. 0. Moen,
McVille, N. Dak.
Absorbed by Union Bank of McVille, N. Dak.
May 23
-The First National Bank of Greer, S.0
50.000
Effective May 8 1930. Liq. Agent, R. H. Bearden,
Greer, S. C.
Absorbed by Planters Savings Bank of Greer, S. 0.
May 23
-The National Bank of Honea Path, S. C
100.000
Effective April 8 1930. Liq. Agent,P.M. Washington,
Care of the liquidating bank.
Absorbed by Bank of Ware Shoals, Ware Shoals, S. C.
May 24-First National Bank in Lowell. had
50.000
Effective May 21 1930. Liq. Agent, S. A. Brownell,
Lowell. had.
Absorbed by the Lowell Nat.Bk., Lowell,Ind., No.6765.
May 24-The National Bank of New Mexico of Paton, N.
50.000
Effective May 191930. Liq. Agent. N.E. Woodward,
M..-Raton, N. M.
Absorbed by First National Bank in Raton. No, 12924.
May 24-The Central National Bank of the City of N. Y., N. Y..2,500.000
Effective 5 p. m.(daylight saving time). May 23 1930.
Liq. Committee. E. V. Connolly, J. H. Fetherston
and M. E. Angllm, care of the liquidating bank.
Succeeded by the Central Bk. of the City of N.Y.,N.Y.
The liquidating bank has four branches.
CONSOLIDATION.
100.000
-The First National Bank of Woodbridge, N. J
May 24
50,000
The Woodbridge National Bank, Woodbridge, N. J_
Consolidated to-day under the Act of Nov.7 1918, under
the charter of the First National Bank of Woodbridge,
No. 8299, and under the corporate title of the "First
National Bank & Trust Co. of Woodbridge," with
capital stock of 3150.000.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
In New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By A. J. Wright & Co., Buffalo:
Per Cent.
Bonds.
Shares. Stocks
per share.
1.000 Area Mines. par 81
5e. 85,000 Nevada Irrigation Dist. of
ser. No. 6.
Cal. 1st issue, 1s1 dlv.
ThermlodYne Radio Corp. no par24 lot
542 per thousand
July 1 1941
100 Premier Gold Mines, Par 91.-- 900.
82,000 Miles Bldg. (C. 1.1. Mlles
Adams Ave. Corp.) Detroit, 1st
0348 July 1 1930, Ws.of dep.$40
flat per thousand
riTOL.
no.
By Adrian H. Muller & Son. New York:
Shares. Stocks.
$ per Sh. Shares. Stocks.
8 Per Sh
300 Credit Alliance Corp., N. Y.,
50 Estate of Bradleh Johnson, Inc.,
class A. no par
91
Par $75
168 2-3 Copperconda Mines Co.,
83 Chrlsto-Wave Realty Corp
10
no par
$25 lot 2 Amer. Woman's Realty Corp.,
28,820 Lyndoctt Mines, Ltd. (OnN.Y., par 250
83 lot
tario) Dar $1
$55 lot 500 Permanent Ry.-Tie Corp.,
5 000 Hall Lewis & Co., pref., par
(Del.), corn., par 25; 100 South
El
$300 lot
Utah Mines & Smelters (Me.)
52,000 Sucres Banco del Ecuador,
$21 lot
Par $5
par 400 sucres
$1,000 lot
500 units N. J. Claude Neon Corp.,
Bonds.
Per Cent.
consisting of one share 7% cum.
21.000 promissory note of Quarries,
Pref. and one share corn_3125 per unit
Ltd., Montreal, due Mar. 31
100 Kentucky Fuel Gas Corp____2,89 lot
1930
$15 lot
500 warrants Inland Gas Corp.___$30 lot 11.000
Roosevelt Water Conserva3 7 Nevigazione Mere Triestine,
. 00
tion, Dist., Ariz., 8% 1937
7934
par value, 400 lire
$5,800 lot 210.000 Roosevelt Water Conserva20 Amer. Elec. Motor
tion Dist., Ariz., 8% 1942
Co. (N•
793.4
Par $25; 10 Helena Mining J.)
&
$4,000 Roosevelt Water ConservaReduction Co. (Mont.), Par $5;
tion Dist., Ariz., Os 1943
7934
100 Founders Shares Lybeek
$4,000 Interborough Met. Co., coll.
Ocean Harvester Co., Inc.,(Del.)
trust 4448 1956, (option No. 1
par $1
15 lot
elected), certificates of deposIt.21 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
i Per Sh.
20 Boston National Bank
130
10 Boston National Bank
130
1 Warren Nat. Bank, Peabody.... 195
210 Dwight Mfg. Co., par $25
2
40 York Mfg. Co
11
185 Berkshire Fine Spinning A550
dates, common
38 Berkshire Fine Spinning Asso- 1734
ciates, preferred
8734
20 Edwards Mfg. Co
82%
25 Thornelike Co
1
60 New England Southern Corp.,
Prior pref.; 15 common
226 lot
4 York Mfg. Co
11
3 Boston Worcester & New York
Street Ky.Co., prof
10
4 Boston Worcester & New York
Street Ky. Co., common
441
40 Boston RR. Holding Co.. pref._ 8044
5 American Glue Co., common.... 57
1 Collateral Credit Co., common
1
49 H. F. Staples Co., common.... 10
5 Cushing Ranch Drilling Associates; 176 Washington Heights
Corp., pref.: $500 Shaw Propeller
Co. 1st 8s, Mar. 15 1923: coupon
Sept. 15 1917 and sub. on
$2 lot
50 Gardiner Beardsell & Co., Inc..
common; 100 preferred
$1 Ot
Shares. Stocks.
$perSh.
13 Federal Nat. Bank, par $20.._.100
15 Western Real Estate Trustees,
13741 ex-div.
10 New Bedford Gas & Edison Light
Co., par $25
11434
20 Haverhill Gas Lt. Co.. par $25_ 54
26 Saco Lowell Shops, 1st pref
35
8 special units First Peoples Trust_ 3
100 Old Colony Trust Associates
4334
12 Atlantic Gas dc Electric Co.,
class A (old stock)
25
12 Atlantic Gas & Electric Co.,
class A (new stock)
13
25 Mass.Bond.de Ins. Co., par $25_125
BondsPer Cent.
22,000 New Bentley Building Trust
444s, Mar. 1934
9144 & int.
52,000 Springfield Central Realty
Co. 78, Feb. 15 1955
90
$2,000 Mass. Cities Realty Co. 7s,
Jan. 1953
90
Note for $1,000, dated April 27 1927
of the Socold Refrigerating Corp..
due 2 mos. after date: note for
$1,000, dated May 18 1927, of
the Socold Refrigerating Corp,
due June 27 1927: balance due
$30 lot
on above notes, $1,385.87
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
S per Sh. Shares. Stocks.
$ Per Sh.
15 Federal Nat. Bank, par $20____100
40 Employers Group Associates- 2834
15 Boston Nat. Bank
130
40 Vitamin Food Corp., corn
$1 lot
20 Associated Textile Co's
35-3044 10 International Paper & Pow. Co.,
10 Ipswich Mills, pref
7% preferred
434
7934
23 Naumkeag Steam Cotton Co..
25 Great Northern Paper Co., par
8444-88
825
49 ex-div.
587 Intervale Mills, Inc., V. t. o
1
10 U. S. Envelope Co., corn
255
68 Wauregan Co., corn
1834 7 Hobbs Mfg. Co., pref
1
141 Otis Co., corn
4944-4934 72 Beverly Gas & Elec. Co., par $25 7844
53 Nashua Mfg. Co., pref
76-7744 24 Mass. Realty Commercial Co.,
5 Boston & Maine RR., common
class C common
80
(unatemped)
70
Interest of James P. Munroe,late of
788 Suburban Electric Secur, Co.,
Boston, as beneficiary and cestul
2nd preferred
2
que trust, under the will of James
25W. L. Douglas Shoe Co., 7% pt_ 85
S. Munroe,late of Lexington;sub100 United Elastic Corp., corn
32
ject to the rights of Frederick L.
100 Marmite Inc. of Amer.8% cum,
Day, Trustee
$200 lot
pref., par $10
$3 lot
6 Clyde Steamship Co., par $50
50
BondsPer Cent.
10 New Bedford Gas & Edison Light
28,000 Tacoma Ky.& Pow. Co. 55,
Co.. par $25
11434
April 1929 (ctf. of dep.)
15 flat
10 Sterling Tire Co., corn
81 lot $3,000 Wayne Coal Co. lot Os, May
10 Plymouth Cordage Co
8244
1937 (ctfs. of dep.)
$20 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
Per Sh. Shares, Stocks.
Per Sh.
35 Nat'l Bank of Germantown &
4 De Long Hook and Eye Co
24
Trust Co., par $10
600 San Toy Mining Co.. par $1-$9 lot
97
5 Wyoming Bank & Trust, Par
7 Elmira & Williamsport RR.,corn..
$50-170
345 Phila. Sixty-Ninth St. Pool,
par $50
44
Inc
$100 lot 1 Pennsylvania Academy of Fine
32 Central Nat'l Bank, par $10__ 67
Arts
12
7 Central Nat'l Bank, par $10.- OM 1 National Bank of Germantown
&
105 Phila. Nat'l Bank, par 220._ _135
Trust Co
93
48 Adelphia Bank & Trust Co.,
18 Philadelphia & Western RE.
.5100 lot
Par $10
1334 30 Pennsylvania National Bank
71%
5 Interboro Bank & Trust Co.,
Bonds.
Per Cent.
Prospect Park, Pa
110
$3,000 Amer.Commonwealth Pow.,
4 Germantown Trust Co., par $10._ 633.4
deb. 5348, May 1 1953
8144
25 North Phila, Trust Co., par $50_350
$1,000 Chester Co. Light & Power
148 Bankers Trust Co., par $50- 7251
Co., lot 68. set. A, June 1 1954....1025(
25 United Security Life Ins. &
$5,000 St. Petersburg Municipal
Trust Co
250
Impt., 58, Aug. 1 1955
80
10 Broadway Merchants Trust CO.,
11,000 Elizabeth Manor Apart
Camden, N. J., par 820
69
ments, 1st es, 1943, ctfs. of dep. 20
1834 Broadway Merchants Tr. Co.,
$100.000 No. 1437 Spruce St., 25
Camden, N. J., par $20
57
135 ser. A, July 1 1933
21,000 lot
18 Bankers Securities Corp., pref.. 44
$20,000 No. 1708 Chancellor St.,
492 P. N. Degerberg, Inc-210,000 lot
1st 88,set, B, Sept. 1 1932_ _. _2500 lot
6 Philadelphia Bourse, common_ 20
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Atlantic Coast Line Co.
(quer.)
Belgian National Ky., pref
Boston & Albany (quer.)
Chesapeake Corp.. corn,(quer.)
Chesapeake & Ohio, corn.(quer.)
Chicago Burlington & Quincy
Colorado & Southern, 1st pref
Erie RR., 1st and 2nd preferred
First and second preferred
Great Northern
Gulf Mobile & Northern, pref.(qual.)...
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
'$2.50 June 10'Holders of rec. May 31
*2
2)4 June 30 Holders of rec. May 31
4
.750. July 1 *Holders of rec. June 11
*214 July 1 *Holders of rec. June 11
85
June 25 *Holders of rec. June 18
June 30 *Holders of rec. June 18
.2
•2
June 30'Holders of rec. June 14
Dec. 31 *Holders of rec. Dec. 13
*2
2% Aug. 1 Holders of rec. June 25a
•145 July 1 Holders of rec. June 14
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads(Steam) (Concluded)
Sept.30 Holders of rec. Sept. 5
Mo.-Kansas-Texas, pref. A (guar.).
1% Dec. 31 Holders of rec. Dec. 5
Preferred A (guar.)
July 1 *Holders of rec. June 13
Missouri Pacific, pref. (guar.)
*$1.75 July 1 *Holders of rec. June 7
Morris & Essex
s1
July 1 *Holders of rec. June 14
N.Y. Lackawanna & Western (guar.)
N.Y. N H & Hartford, corn.(guar.) - - 4.1% July 1 *Holders of rec. June 7
July 1 *Holders of rec. June 7
Preferred (guar.)
June 30 *Holders of rec. June 9
Pere Marquette, corn. (guar.)
Aug. 1 *Holders of rec. July 5
preferred and pref. (guar.)
Prior
July 31 Holders of rec. July 15
Pittsburgh & West Va.(quar.)
July 1 *Holders of rec. June 15
Rensselaer & Saratoga
June 30 Holders of rec. June 12
St. Louis Southwestern, pref. (quar.) _ _
June 30 *Holders of rec. June 14
Texas & Pacific corn. (guar.)
June 30 *Holders of rec. June 14
Preferred
Aug. 25 *Holders of rec. July 25
Wabash Ry., pref. A (guar.)
13
134
*1%
*13.4
*Ix
Public Utilities.
American Superpower, 1st pref.. (qu.).... $1.50 July 1 Holders of rec. June 14
$1.5( July 1 Holders of rec. June 14
$6 preference (guar.)
Julya 15 *Holders of rec. June 30
*2
Associated Teleg. Utilities (quar.)
July4 15 *Holders of rec. June 23
Bell Telco.of Canada common (quar.)_ _ *2
15c. July, 25 Holders of rec. June 30
Canada Northern Power common (qu.)_
1% July, 15 Holders of rec. June 30
Preferred (quar.)
Central States Pow.& Light, pref.(qu.) *$1.74 JulY1 1 *Holders of rec. June 5
Chade (Compania Hispano-Americana
(aa) June, 5 *Holders of rec. May 29
Electricidad, Am.shs. for E shares
Chicago Rap. Tran., pr. pf. A (Mthly)- •65c. July 1 *Holders of rec. June 17
*65c. Aug. 1 *Holders of rec. July 15
Prior preferred A (monthly)
*65c. Sept. 1 *Holders of rec. Aug. 19
Prior preferred A (monthly)
*60c. July 1 *Holders of rec. June 17
Prior preferred B (monthly)
*60c. Aug. 1 *Holders of rec. July 15
Prior preferred B (monthly)
560c. Sept. 1 *Holders of rec. Aug. 19
Prior preferred B (monthly)
1)4 July 1 Holders of rec. June 14
Columbus Elec.& Pow., prof. B (guar.)
1% July 1 Holders of rec. June 14
Preferred C (guar.)
1( July 1 Holders of rec. June 14
Preferred D (guar.)
1% July 1 Holders of rec. June 14
Second preferred (guar.)
Continental Gas & Elec. common (gu.)- *$1.10 July 1 *Holders of rec. June 12
*51.75 July 1 *Holders of rec. June 12
Prior preference (guar.)
1% July 15 Holders of rec. June 14
Duquesne Light. 1st pref. (guar.)
*51.75 July 1 *Holders of rec. June 12
Electric Power & Light pref.(quar.)
June 30 *Holders of rec. June 28
*2
Illinois Bell Telephone (guar.)
87Sic July 15 Holders of rec. June 30
Internat. Utilities, class A (guar.)
$1.75 Aug. 1 Holders of rec. July 18
$7 preferred (guar.)
*51.75 July 1 *Holders of rec. June 5
Interstate Power, 57 pref.(quar.)
•$1.50 July 1 *Holders of rec. June 5
$6 preferred (guar.)
•1% July 2 *Holders of rec. June 13
Jamaica Public Sore. pref.(guar.)
Kansas City Pr.& Lt., tat pf. B (quar.) *$1.50 July 1 *Holders of rec. June 14
Memphis Power & Light,$7 pref.(qu.)_ _ $1.75 July 1 Holders of rec. June 14
51.50 July 1 Holders of rec. June 14
$13 preferred (quar.)
Minneapolis Gas Light,7% prof.(qu.)_. 1% June 1 Holders of rec. May 20
1M June 1 Holders of rec. May 20
6% preferred (guar.)
*$1.75 Julyl 1 *Holders of rec. June 14
New York Steam Co..$7 prof.(guar.)
*51.50 Julyj 1 *Holders of rec. June 14
$6 Preferred (guar.)
*1.1
% July 15 *Holders of rec. June 20
New York Telephone pref.(guar.)
50c. July 25 Holders of rec. June 31)
Northern Ontario Power common (qu.).
1M July 25 Holders of rec. June 30
Preferred (guar.)
*51.50 July 1 *Holders of rec. June 14
Northwestern Telegraph
Pennsylvania-Ohio Pow.&L.,$6 pf.(qu.) 51.50 Aug. 1 Holders of rec. July 21
134 Aug. 1 Holders of rec. July 21
7% preferred (guar.)
60c. June 2 Holders of rec. May 20
7.2% preferred (monthly)
600. July 1 Holders of rec. June 20
7.2% Preferred (monthly)
60c. Aug. 1 Holders of rec. July 21
7.2% preferred (monthly)
55c. June 2 Holders of rec. May 20
6.6% preferred (monthly)
55c. Julyj 1 Holders of rec. June 20
6.6% preferred (monthly)
55e. Aug. 1 Holders of rec. July 21
6.6% Preferred (monthly)
•51.75 July 1 *Holders of rec. June 14
Penna.Power & Lt. 57 pref. (quar.)_
86 preferred (quar.)
•51.50 July 1 *Holders of rec. June 14
*51.25 July 1 *Holders of roe. June 14
$5 preferred (guar.)
750. July 1 Holders of rec. June 13
Pennsylvania Water & Power (quar.)
July 17 *Holders of rec. July 3
*2
Peoples Gas Light & Coke (guar.)
*600. July 1 *Holders of rec. June 7
Peoples Light & Power, class A (guar.)
July 31 Holders of rec. July 1
$1
Philadelphia Co., common (guar.)
750. July 31 Holders of rec. July 1
Common (extra)
Sept 1 Holders of rec. Aug. 12a
Phila. Suburban. Water Co. Prof.(qu.)
50c. July 15 Holders of rec. June 30
Southern California Edison,' pf.(qu)
one.
3451 July 15 Holders of rec. June 20
preferred series C (guar.)
Southwestern Light & Power Prof.(qu.).•51.50 July 1 *Holders of rec. June 16
United Gas & Electric Corp., pref. (qu.) 1% July 1 Holders of rec. June 16
Utilities Power & Light, corn.(quar.)_ _ 44250. July 1 Holders of rec. June 6
4450c. July 1 Holders of rec. June 5
Class A (guar.)
1425e. July 1 Holders of roe. June 5
Class B (guar.)
July 1 Holders of rec. June 5
7% preferred (guar.)
July 1 *Holders of roe. June 6
Winnipeg Electric, pref. (guar.)
135
535%
134
•1
Banks.
Chase National (guar.)
Chase Securities (guar.)
Public Nat. Bank & Trust (guar.)
Trust Companies
Federation Bank & Trust (guar.)
Irving (guar.)
}si
•81
a
July] 1 Holders Of rec. June 4a
July
1 *Holders of rec. June 20
June 30 Holders of ree. June 30
400 July 1 Holders of rec. June 3
Miscellaneous.
-Union ElektrizitaetsA. E. G.
Holders of coupon No.3
GesselLschaft (Austria)
7
Abitibi Power & Paper 7% pref.(qua?.) •131 July 21 *Holders of rec. July 10
6% preferred (guar.)
eIN July 21 *Holders of rec. July 10
•15c. July 18 *Holders of rec. June 30
Allegheny Steel, corn.(monthly)
Common (extra)
.25e. July 18 *Holders of rec. June 30
Common (monthly)
•15c. Aug. 18 *Holders of rec. July 31
•15c. Sept. 18 *Holders of rec. Aug. 30
Common (monthly)
1% July 1 Holders of rec. June 11
Allied Chemical di Dye, pref.(guar.)
July 1 *Holders of rec. June 16
Allied Motor Industries, pref.(guar.)._ _ .81
*2%
Allied Sumatra Plantations
.75c. June 2 *Holders of rec. May 21
American Arch (guar.)
.500. July 1 *Holders of rec. June 10
American Bank Note common (quar.)
*75c. July 1 *Holders of rec. June 10
Preferred (qua?.)
American Can, pref. (guar.)
1% July 1 Holders of rec. June 16a
•500. July 1 *Holders of rec. June 12
American Chicle (guar.)
*25c. July 1 *Holders of rec. June 12
Extra
1% Aug. 1
Amer. Machine & Fdy., pref. (quar.)_
.51.25 June 30 *Holders of rec. June 10
Amer. Safety Razor (guar.)
12303. July 1 Holders of rec. May Ma
American Thread, preferred
131 July 1 Holders of rec. June 10
American Tobacco pref.(guar.)
.50c. July 1 *Holden) of ree. June 17
Armstrong Cork (guar.)
Associated Dry Goods, corn.(quar.)_....
63c. Aug. 1 Holders of rec. July 12
1% Sept. 1 Holders of rec. Aug. 9
First preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 9
Second preferred (guar.)
June 15 *Holders of rec. June 5
*2
Autocar Co., pref. (guar.)
Auto Strop Safety Razor, class A (guar.) •75c. July 1 *fielders of rec. June 11)
*40c. Aug. 1 •Holders of rec. July 10
Class B (guar.)
.3735c June 30 'Holders of rec. June 20
Baldwin Rubber, class A (guar.)
25c. May 26 Holders of rec. May 15
Bankers Nat. Invest. Corp.,corn. A (qu)
May 26 Holders of rec. May 15
Common A (pay In corn. A stock)._ _ _ 'I
750.
Manufacturing. common
Bates
.50c. July 1 *Holders of roe. June 15
Beatty Brothers (guar.)
300. June 2 Holders of rec. May 20
Bendy Chain Stores, common (quar.)
$1 June 2 Holders of rec. May 20
Preferred (guar.)
Berkshire Fine Spinning Associates
15( June 2 Holders of rec. May 15
Preferred (guar.)
300. July 1 Holders of rec. June 20
Berry Motor (guar.)
•75c. July 1 *Holders of rec. June 13
Bohn Aluminum & Brass (guar.)
.$1.75 July 1 *Holders of rec. June 16
pref. (guar.)
Borg-Warner Corp.,
(guar.)
50c*. June 30 Holders of rec. June 20
Briggs & Stratton Corp.
50c. July 1 Holders of rec. June 16a
Hello Mfg.,class A (guar.)
133(e. June 2 Holders of rec. May 31
British American Royalties, cl. A (qu.)_
1% Aug. 1 *Holders of rec. July 15
Byers (A. M.) Co.. pref. (guar.)
1% Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
•40c. June 30 *Holders of rec. June 18
Bullard Co., common (guar.)
Am.dep. rcts. ord. cog-- -- *r.r20 June 19 *Holders of rec. May 20
13urmah Oil,
550c. July 1 *Fielders of rec. June 21
California Ink, class A & B (guar.)
3833
FINANCIAL CHRONICLE
MAY 31 1930.]
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Ine2uslos.
Miscellaneous (Continued).
1% June 30 Holders of rec. May 31
Canada Cement, pref. (guar.)
44c July 10 Holders of rec. June 28
Canadian Car & Foundry. pref.(guar.).
151 July 4 Holders of rec. June 21
Canadian Cotton, pref. (guar.)
*15
Carreras, Ltd., ord. A & H (Interim).
50c June 2 Holders of rec. May 23
Catelii Macaroni Prod., pref. (guar.)...
25c June 30 Holders of rec. June 10
Commercial Solvents corn. (quar.)._
June 16 Holders of rec. May 31
1
Cooksville Co., Ltd.. Prof. (guar.)
June 30 *Holders of rec. June 14
*V
Congress Cigar, coin.(guar.)
*35c June 30
Corporate Trust Shares
595c June 30
Extra
*87%4 :day 31 *Holders of rec. May 20
Crosse & Blackwell, pref. (guar.)
88c. June 14 Holders of rec. June 5
Cutler-Hammer,Inc., common (quar.)_ _
Del. Lackawanna & Western Coal (qu.)_ *52 June 16 *Holders of rec. June 2
Detroit Gasket & Mfg., common (guar.) *30e. July 1 *Holders of rec. June 20
*50c. June 1 *Holders of rec. May 24
Dinkier Hotels, class A (guar.)
Dominion Envel. Cartons, 1st pref.(qu,) *1.51 June 1 *Holders of rec. May 20
luly 1 *Holders of rec. May 21
*$I
Draper Corp.(guar.)
•13.4 July 1 *Holders of rec. June 20
Driver-Harris Co., pref. (quar,)
*873.., luly 1 *Holders of rec. June 10
,
Eastern Mfg., pref. (guar.)
*51.51 July 1 *Holders of rec. June 14
Electric Auto-Lite Co., corn. (quar.)
•13.4 filly 1 *Holders of rec. June 14
Preferred (guar.)
Electrographic Corn.. cony. (quar.)_ _ *50c June 1 *Holders of rec. May 23
Eitingon-Schild Co.
-Dividend passed.
*60c Aug. 15 *Holders of rec. Aug. 5
Ewa Plantation (guar.)
*20c. July 1 *Holders of rec. June 1
Federal Motor Truck, corn.(guar.)
June 16 *Holders of rec. June 6
*2
Federal Terra Cotta (guar.)
Ferry Cap & Set Screw-Div. passed.
Firstbrook Boxes, Ltd.,Toronto, pf.(qu) 1% June 15 Holders of rec. June 2
50c. July 1 Holders of rec. June 12
Foster Wheeler Corp., corn. (quar,)........
$1.75 July 1 Holders of rec. June 12
Preferred (guar.)
75c. July 1 Holders of rec. June 20
Gardner
-Denver Co., corn.(guar.)
July 1 *Holders of rec. June 13
*51
General Amer. Tank Car (guar.)
81.7 5June 1 6 Holders of rec. June 2
Giant Portland Cement, pref
*51.50 June 30 *Holders of rec. June 17
Gold Dust Corp., pref. (quar.)
*35c. July 1 *Holders of rec. June 16
Great Western Sugar common (quar.)
Preferred (guar.)
*151 July 1 *Holders of rec. June 16
Grief Bros. Cooperage. class A (quar.)_ _ •60c. July 1 *Holders of rec. June 15
$1.25 July 1 Holders of rec. June 10
Helme(Geo. W.) Co., corn.(quar.)
Preferred (guar.)
151 July 1 Holders of rec. June 10
75c. June 25 Holders of rec. June 14
Hercules Powder, corn. (guar.)
5c. June 17 Holders of rec. June 2
Hollinger Consol. Gold Mines (monthly)
*50c. June 16 *Holders of rec. June 6
Honolulu Consolidated Oil (guar.)
50c. July 1 Holders of rec. May 31
Humble 011 & Refining (guar.)
.25c. July 1 *Holders of rec. June 10
Hygrade Lamp, corn.(quar.)
* 51.625 July 1 *Holders of rec. June 10
Preferred (quar.)
*834c June 30 *Iloiders of rec. June 12
Imperial Tobacco of Canada, ord
July 1 *Holders of rec. June 9
*3
Ingersoll-Rand Co., prof
Internat. Business Machines (guar.)... *$1.50 July 10 *Holders of rec. June 21
June 27 *Holders of rec. June 11
*El
Internat. Cement, corn.(guar.)
25c. June 16 Holders of coup. No.25
Internat. Petroleum, Ltd., bearer shares
25c. June 16 June 1 to June 16
Registered shares
65c. June 15 Holders of rec. May 28
International Proprietaries, el. A (qu.)_ _
10c. June 15 Holders of rec. May 28
Class A (participating dividend)
1% July 1 Holders of rec. June 120
International Silver, pref. (guar.)
Interstate Bakeries. prof.(qu.)(No.1)_ * 51.625 July 1 *Holders of rec. June 18
75c, July 1 Holders of rec. June 10
International Textbook
-Div, Omitted.
Isle Royale Copper Co.
Java Rubber-Dividend passed.
37 Mc. June 2 Holders of rec. May 28
Johansen Shoe, corn. (guar.)
Johns-Manville corp., corn.(guar.)._ *750. July 15 *Holders of rec. June 24
•13.4 July 1 *Holders of rec. June 10
Preferred (guar.)
Jones Bros. of Canada, pref.(quar.).._* 51.625 June 2 *Holders of rec. May 28
Jugoslavia (Bank of)
Holders of coup. No.21
(8 Dinar per share of 100 dinar)
July 1
*3
Laurens(' Cotton Mills
*8734c July 1 *Holders of rec. June 15
Leath & Co., preferred (guar.)
35c, June 30 Holders of rec. June 11
Lessing's, Inc. (guar.)
*1.34 July 1 *Holders of rec. June 10
Liggett di Myers Tobacco, pref.(qu.).
51751c June 14 *Holders of rec. June 10
Lindsay Light, pref.(guar.)
251 July 1 Holders of rec. June 170
Lord & Taylor, corn. (guar.)
*750 July 1 *Holders of reo. June 13
Loudon Packing, corn. (guar.)
Mansfield Theatre Co.(Toronto), prof.... 3% July 31 Holders of rec. June 30
75c July 1 Holders of roe. June 13
Mapes Consolidated Co.(quar.)
25c. July 1 Holders of rec. June 13
Extra
50c. July 1 Holders of rec. June 13
Mathieson Alkali Works, corn. (qua?.)...
*151 July 1 *Holders of rec. June 13
Preferred (quar.)
50e. June 16 Holders of rec. June 3
Mayflower Associates, Inc.(guar.)
el
June 15 Holders of rec. June 3
Stock dividend
July 1 Holders of rec. June 14
McKeesport Tin Plate, corn.(quar.).... $1
50c. July 1 Holders of rec. June 14
Common (extra)
McKee(Arthur(3.)& Co.,class B (qu.)_ 8734c. July 1 Holders of rec. June 20
1230. July 1 Holders of rec. June 20
Class B (extra)
July 1 Holders of red. June 14
Metal Package Corp., corn. (guar.)._ $1
Midwood Financial Co.
-Div. deferred.
July 15 Holders of rec. June 30
$1
Moloney Electric, class A (guar.)
313(c July 1 Holders of rec. June 10
Monsanto Chemical (quar.)
134 July 1 Holders of rec. June 10
Stock dividend
Montgomery Ward & Co., cl. A (quar.)_ *51.75 July 1 "'Holders of rec. June 20
Myers(F. E.)& Bros. Co., corn.(guar.) •50c. June 30 *Holders of rec. June 14
. 114 June 30 *Holders of rec. June 14
1,
Preferred (quar.)
National Breweries, common (guar.)._ *400. July 1 *Holders of rec. June 16
*Holders of rec. June 16
July
Preferred (guar.)
1
*44 . Juno 16 Holders of rec. May 31
1. 3
National Brick, preferred (guar.)
*50c. July 1 *Holders of rec. June 16
Nat. Dept. Stores, cont.(quar.)
*50e. June 10 •Holders of reel. May 31
National Steel Corp. (guar.)
81.25 July 1 Holders of rec. June 17a
National Surety (guar.)
*37 Mc July 1 *Holders of rec. June 24
New Haven Clock (guar.)
Northern Paper Mills common (guar.)
- *50c. June 30 *Holders of rec. June 14
Oneida Community, corn. & pref.(qu.).. •43310 June 14 *Holders of rec. May 31
*Holders of rec. June 20
Ontario Mfg.. corn. (guar.)
*82)40 July 1 *Holdert of rec. June 19
Otis Steel, corn.(guar.)
*Holders of rec. June 19
5
*1 3 ..1uly
* ° Ju W
Prior preferred (guar.)
•51.50 Aug. 15 'Holders of rec. Aug. 8
Paepcke Corp., corn. (guar.)
*$1.75 July 1 *Holders of rec. June 23
Preferred (guar.)
75c. June 30 Holders of roe. June 20
Penney (J. C.) Co.,corn.(guar.)
13.4 June 30 Holders of rec. June 20
Preferred (guar.)
Phila. Dairy Products, prior pref.(qu.)* 81.625 July 1 *Holders of rec. June 20
July 1 *Holders of rec. June 23
*51
Pittsburgh Steel. corn.(guar.)
*10c June 16 *Holders of rec. June 6
Radio Secur. Corp.(No.1)
July 1 Holders of rec. June 16
$1
Reliance Mfg. (quar.)
•20c July 1 'Holders of reo. June 10
Reo Motor Car (guar.)
*Holders of rec. July 12
*.511%.24 Aug.
Republic Steel Corp. common
July
'Holders of rec. June 12
Preferred (quar.) (No. 1)
Rocky Mountain Motor, class A (guar.) *50c. June 1 'Holders of rec. May 15
*134 June 1 *Holders of rec. May 15
Preferred (guar.)
Rogers-Majestic Corn
30e June 1 Holders of rec. May 26
A & B (guar.)(No. 1)
50c June 1 Holders of rec. May 26
Class A & B (bonus)
June 14 'Holders of rec. May 31
*El
Ruberoid Co.(guar.)
37e June 2 Holders of rec. May 26
St. Louis Screw & Bolt, corn. (guar.)._
*350. June 30 'Holders of rec. June 16
Scott Paper. common (quar.)
Common (payable In common stock) _ *.f2 June 30 "Holders of rec. June 16
Segal Lock dr Hardware corn.(guar.)... •1234c June 16 *Holders of rec. May 31
Singer Manufacturing. Ltd.
June 13 *Holders of rec. May 23
•tc6
Amer. den. reeelpts ord. reg. abs
Solar Refining-dividend omitted.
*50c June 30 'Holders of rec. June 14
South Penn 011 (guar.)
'1251c June 30 'Holders of rec. June 14
Extra
350 July 1 Holders of rec. June 10
South Porto Rico Sugar, corn (guar.)
July 1 Holders of rec. June 10
2
Preferred (guar.)
Span. Chalfant & Co., pref.(quar.)_ *81.50 July 1 "Holders of ree. June 14
*37 M c July 1 'Holders of rec. June 9
Standard Brands, corn (guar.)
"11.75 July 1 *Holders of roe June 9
Preferred A (guar.)
June 26 Holders of rec. May 26
$1
Standard Chemical, Ltd
234 July 1 Holders of rec. June 13
Standard Oil, common (quar.)
*400 June 30 *Holders of rec. June 16
Standard Oil (Ky.)(guar.)
*20c June 30 *Holders of rec. June 16
Extra
*82.50 June 30 *Holders of rec. June 9
Standard 011 Export Corp.. prof
75c July 1 Holders of rec. June 16
Starrett Corp.. pref. (guar.)
Stearns(Frederick) Co., com.(monthlY)* 102-Sc June 30 *Holders of rec. June 20
Steinberg's Drug Stores. Pref. (guar.).-8734c June 1 Holders of rec. May 20
3834
Name of ComPan11.
[Vol,. 130.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Strawbridge & Clothier, pref. (guar.)... *14 July 1 *Holders of rec. June 15
Tenon Oil & Land, common
25c. July 1 Holders of rec. June 10
Thomson-Houston Co. (Parts)
Amer.dep. receipts A bearer she
(bb) July 21 Holders of rec. July 14
Thompson-Starrett Co., pref.(quari_
*874e July 1 *Holders of rec. June 11
Todd Shipyards Corp.(guar.)
ni
June 20 *Holders of rec. June 5
United Aircraft & Trans. Corp., rdd.(qu) *75e. July 1 *Holders of rec. July 10
United Biscuit, corn.(guar.)
540c.Sept. 1 'Holders of rec. Aug. 16
United Elastic (guar.)
*75c.June 24 *Holders of rec. June 11
United Founders Corp., corn.(guar.)._ _ (cc) July 1 Holders of rec. May 31
U. S. Distributing, preferred
5$3.50 July 1 *Holders of rec. June 11
U.S. Leather, prior pref. (guar.)
14 July 1 Holders of rec. June 10
Vanadium Alloys Steel (guar.)
June 30 "Holders of rec. June 20
.$1
Venezuela 011 Concessions Holding
*20
Vick Chemical
26 1-3c June 7 *Holders of rec. June 4
Vogt Mfg. corn.(guar.)
50c.July 1 Holders of rec. June 14
Waldorf System, Inc., corn. (quar.)
3714c July 1 Holders of rec. June 20
Preferred (guar.)
20c July 1 Holders of rec. June 20
Ward & Dickinson, Inc., pref.-dividen d pass ed
Warner Co., corn. (guar.)
50c.July 15 Holders of rec. June 30
Common (extra)
25c. July 15 Holders of rec. June 30
First and second pref. (guar.)
s$1.75 July 1 *Holders of rec. June 14
Warner-Quinlan (quar.)
*25c. July 3 'Holders of rec. June 12
Warren Foundry & Pipe (guar.)
•50c. July 1 *Holders of rec. June 13
Wesson Oil & Snowdrift, corn. (quar.)
50c. July 1 Holders of rec. June 14
Westinghouse Electric & Mtg.*51.25 July 31 *Holders of rec. July 10
Common and preferred (guar.)
West. Va. Pulp & Paper, corn.(quar.)_ _ *50e. July 1 *Holders of rm. June 21
Worthington Pump & Machy.. pt. A(qu) *134 July 1 'Holders of rec. June 10
"514 July 1 *Holders of rec. June 10
Preferred A (acct. serum, diva.)
*134 July 1 *Holders of rec. June 10
Preferred B (guar.)
'134 July 1 *Holders of rec. June 10
Preferred B (acct. accum. dive.)
"75c. June 16 *Holders of rec. June 5
Corp., N. Y
Yellow Taxi
Youngstown Sheet & Tube,corn.(qu.).. $1.25 July 1 Holders of rec. June 13
134 July 1 Holders of rec. June 13
Preferred (guar.)
Name of Company.
When
Per
Cera. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
131ackstone Valley Gas & Elec..
Holders of rec. May 154
3
June
Boston Elevated, corn.(roar.)
'Holders of rec. June 10
"14 July
First preferred (guar.)
*Holders of rec. June 10
*4
July
Preferred
*34 July
*Holders of rec. June 10
Brazilian Tr., Lt.& Pow.. cora. 0:M4
Holders of rec. Apr. 30
50c. Julie
Brooklyn Edison Co.(guar.)
Holders of reo. May 90
2 June
Brooklyn Union Gas (guar.)
Holders of rec. June 2a
$1.25 July
Canadian Hydro-Electric, 1st pi. (cm.). 134 June
Holders of rec. May 1
Cent. Ark. Pub. Serv., pref. (quar.)__... 1% June
Holders of rec. May 15a
Central Gas & Elec., Pref.(guar.)
$1.625 June
Holders of roe. May 18
2d pref. (guar.)
31.75 July
Holders of rec. June 18
Central Ill. Pub.Serv., $6 pref.(quar.) •$1.50 July 1 *Holders of rec. June 30
Central Indiana Power. pref. (guar.)
14 June
Holdera of rec. May 20
Central Public Service Co., pref. (guar.)_ $1.75 July
Holders of reo. June 16
Central Pub.Serv. Corp.. cl. A (guar.).- 434e June 1 Holders of rec. May 28
$4 preferred (guar.)
July
Holders of reo. June 11
$1
$6 preferred (guar.)
$1.50 July
Holders of rec. June 11
$7 Preferred (guar.)
31.75 July
Holders of rec. June 11
Central & South West Utilities
Common (payable In com.stock) _ _ A% July I
Holders of rec. June 30
Central States Elec. Corp.. corn.(on.)_.
10c. July
Holders of rec. June 5
Common (payable in common stoCk)- f234 July
Holders of reo. June 5
14 July
7 Preferred (quar.)
%
Holders of reo. June 5
6% Preferred (guar.)
134 July
Holders of rec. June 5
Cony. pref. series of 1928 (guar.).
Holders of rec. June 5
- (x) July
Cony, pref. series 01 1929 (guar-)
(x) July
Holders of reo. June 5
Chic. Rapid Transit. pr. pref. A (qu.)... •65o. June
'Holders of reo. May 20
Prior preferred B (guar.)
•60o. June
*Holders of red. May 20
Chicago South Shore & South Bend RR
Preferred clam A (guar.)
1% June
Holders of reo. May 15
Cities Serv.Pow.& Lt.. $6 Pf• (mthlY.). "500. June 1 *Holders of rec. May 31
$7 preferred (monthly)
•58 1-3c June 1 *Holders of rec. May 31
Cleve Elec. Illuminating, pref. (quar.)_
Holders of rec. May 15
134 June
Columbia Gas & Electric, corn
(I) June 3 Holdera of reo. May 24a
Commonwealth ,f, Sou, Corp..corn.(qu.)
Holders of rec. May]50
15c. Juno
Holder, of rec. June 9a
58 preferred (guar.)(No. 1)
51.50 July
Holders of rec. May 20
Community Water Service. 1st pf. (qu.) 51.75 June
Below we give the dividends announced in previous weeks Connecticut Lt. & Pow..64% pf.(gu.) '14 June
'Holders of rec. May 15
*Holders of reo. May 15
.62.4c June
Connecticut Power, corn. (guar.)
and not yet paid. This list does not include dividends an- Connecticut River Power. pref
*3
June
'Holders of rec. May 14
'Holders of rec. June 14
90c. uly
nounced this week, these being given in the preceding table. Consol. Gas, El Lt.& P.. Ball. oom.(gu.) :1;4
*Holders of reo. June 14
5% Preferred Berko A (guar.)
"14 July
*fiolders of reo. June 14
Per
When
Books Ciosed
6% Preferred series D (guar.)
*Holders of rec. June 14
"1.4 July
Days Inclusive.
Name of Company.
Cent. Payable.
54% preferred series E (guar.)
Holders of rm. May 96
June 1
Consolidated Gas of N. Y.corn.(guar.). 51
Holders of reo. May 15
55c. June
Como!. Gas Utilities, class A (guar.)._
Railroads (Steam).
June 28 Holders of reo. May 24
Holders of rec. June 14
81.25 July
$2
Consumers Power, $5 pref.(guar.)
Alabama Great Southern ordinary
Holders of reo. June 14
$1.50 June 28 Holders of rec. May 24
Ordinary (extra)
a% preferred (guard
134 July
Holders of reo. June 14
uly
Aug. 15 Holders of reo. July 11
6.6% preferred (guar.)
1 .65 J aly
15‘
$2
Preferred
Holders of rm. June 14
7% preferred (guar.)
$1.50 Aug. 15 Holders of reo. July 11
Preferred (extra)
Holders of rm. May 15
500. June
Atchison,Topeka & Santa Fe.com.(qu.) 24 June 2 Holders of rec. May 2a
6% preferred (monthly)
Holders of reo. June 14
4
June 30 June 21 to June 30
500. July
6% preferred (monthly)
Atlanta & West Point
34 July 10 Holders of rec. June I2a
Holders of reo. May 15
6 6% preferred (monthly)
550. June
Atlantic Coast Line RR., coin
Holders of rm. June 14
6.6% preferred (monthly)
Common (extra)
134 July 10 Holders of rec. June 12a
560. ut 1
Holders of reo. May 31
Baltimore & Ohio. common (quar.)
134 June 2 Holders of reo. Apr. Ifla East Kootenay Power. pref. (guar.).
- 14 j
1
June 2 Holders of reo. Apr. lfla Empire Gm es Fuel.6% pref.(monthly) .500. June
'Holders of rec. May 15
Preferred (guard
634% preferred (monthly)
87o. July 1 Holders of rec. May 3Ia
"Holders of reo. May 15
• 54 1-6c June
Bangor & Aroostook, corn. (guar.)
14 July 1 Holders of reo. May 31a
'Holders of reo. may 15
7% Preferred (monthly)
• 58 1-30 June
Preferred (Soar.)
8% preferred (monthly)
"24 June 30 *Holders of rec. May 31
'Holder, of rm. May 15
•66 2-3c June
Boston & Albany (guar.)
1
July 1 Holders of rec. June 140 Empire Power Corp.. $6 pref. (guar.)._ $1.50 July
Holders of rm. June 16
Boston & Maine, corn. (guar.)
Holder, of rm. June 16
Prior preference (guar.)
'134 July 1 *Holders of rec. June 14
Participating stock
"14 July 1 'Holders of rec. June 14
6 4j y
. 1111
Engineers Public Service, eom•(quar.)_ $301 . 1 Y
Holders of reo. June 17a
6% preferred (guar.)
*14 July 1 *Holders of rec. June 14
Holder, of rm. June 17s
$1.25 July
$5 preferred (guar.)
First preferred. clam A (quar.)
*2
July 1 "Holders of rm. June 14
Holders of reo. June 17a
31.375 July
$5.50 preferred (guar.)
First preferred. class B (quar.)
Federal Light & Tract.. Corn. (guar.).
•
Holders of rm. June 134
134 July 1 'Holders of rec. June 14
First preferred. class C (quar.)
31
024 July 1 *Holders of rec. June 14
J
Holders of rec. June 13a
Common (payable in common stock). 1 He ju y
First preferred. class D (guar.)
134 May 3 Holders of reo. May 15a
Preferred (guard
First preferred, class E (guard
•134 July 1 *Holders of rec. June 14
Holders of reo. May Sla
Federal Water Service, corn. A ((Mar.).- Miee
Canadian Pacific common (guar.)
234 June 30 Holders of rec. May 29a
Hoiden) of reo. May 31
Juice
Common B (quard
334 July 1 Holders of reo. June 70
Chesapeake & Ohio. Preferred
Gary Railways, pref. A (guar.)
Holders of rm. May 20
$1.80 June
75c. June 4 May 21 to June 3
Chestnut Hill RR. (quar.)
Holders of reo. May 29a
Chicago & North Western, corn. (guar.) 14 June 30 Holders of rec. June 5a General G.& E.corn. A dr B (qu.)(No.1) r74c. July
Holders of rm. May 29a
$1.75 July
$7 preferred A (guar.)
1% June 30 Holders of rec. June 60
Preferred (guar.)
$2
July
$8 preferred A (guar.)
Holders of rm. May 29a
14 June 3() Holders of rec. June 6a
common (guar.)
Chic. R. I. dr P.
Holdenr of reo. May 15a
$1.50 June 1
3
June 30 Holders of rec. June 8a
Convertible pref. A (q11.)
6% preferred
Holders of reo. June 20
51.50 July
34 June 30 Holders of rec. June 60 Gulf Power. met. (guard
7% preferred
Holders of rec. May 16.
75e. June
*4 June 24 *Holders of rec. June 6
Hackensack Water, corn
Ctn. New On. & Tex. Pao.. common
Holders of rm. May 16.
*14 Jane 2 *Holders of rec. May 15
Preferred
Preferred (guar
Holders of rm. May 12
Cleveland dr Pittsburgh gum.(quar.)_ _ 8734c June 2 Holders of rm. May 10a Havana Electric By., pref. (guar.)
87131 j ee
•Holders of rec. May 15
'nn
'
1 34 June
50c. June 2 Holders of rec. May 10a Houston Gulf Gas 7% pref.(guar.)
Special guaranteed (guar.)
Holders of roc. June 16
14 July
Consolidated RRs. of Cuba pref.(guar.) 134 July 1 Holders of reo. June 100 Illinois Power Co.6% pref.(guar.)
Holders of rte. June 16
1% July
$1.20 June 27 Holders of rec. June 27
7% Preferred (guar.)
Cuba RR. common
Holder, of reo. May 31
1% June 1
3
Aug. 1 Holders of rec. July I50 Indiana Hydro-Elec. Power pref.(rm.)._
Preferred
14 July I Holders of rm. June 124
3
Feb2'31 Hold, of rec. Jan.15'31a Indianapolis Water, pref. A (guar.)
Preferred
14 June 2 Holders of reo. May 15
24 June 20 Holders of reo. May 2Sa Indiana Service, 7% pref. (guard
& Hudson Co. (guar.)
Delaware
1 4 Ione 2 holders of reo. May 15
134 June 2 Holders of rec. May 15a
8% Preferred (guar.)
Hudson & Manhattan. common
50c. June 1 Holders of rec. May 1
14 June 2 Holders of rec. May 110 Interconttnents Power, corn. A (guar.)Illinois Central, corn. (guar.)
31.75 June I Holders of rm. May 15
2
July I Holders of rec. June ha
57 preferred (guar.)
Leased lines
June 2 •Holders of rm. May 21
3
June 2 Holders of rec. May 20
Keystone Telephone of Phila.. pf.(g.) *51
Kansas Oklahoma & Gulf, pref. A
234 June 16 Holders of reo. June 2a
3
June 2 Holders of rec. May 20
Laclede Gas Light common (guar.)
Preferred B & C (No. I)
34 Aug. 11 Holders of rec. July I5a
Preferred
234 June 10 Holders of reo. June 2a
Louisville dr Nashville
14 July 1 Holders of rec. June 16
Lexington Water Co.. pref. (gust.).... 14 June 2 Holder, of reo. May 20
Maine Central. corn.(guar.)
Lone Star Gas,corn.(In com.stk.)
Hold of rec. Feb 2 1931
134 June 2 Holden of rec. May 11
(I)
Preferred (quar.)
51.25 June 2 Holders of reo. May 24a Louisville (las & Elec.. corn. A & B (qu.) 434c. June 21 ifoidera of reo. May 3111
Midland Valley, preferred
June 30 Holders of rec. June 5a
Middle Western Telep., corn. A (qu.)__.. "434 June 15 "Holden of rm. June 6
$1
Mo.-Kansas-Texas, corn. (No. 1)
'43340 Sept. 15 *Holders of rm. Sept.
Common A (guar.)
14 June 30 Holders of rec. June 14a
Preferred A Perm )
2
July 1 Holders of rec. June 2a
Contmon A (guard
'4354c Dec. 15 'Holders of reo. Dee. 5
Mobile dr Birmingham, preferred
14 June 2 Holders of reo. May lea Monongahela W. Penn Public Service
New Orleans Texas & Mexico (uuar.).434c July I Holders of reo. June 18
7% Preferred (guar.)
N. Y. Chic. & St. L.. corn. & p1. (qu.)- 14 July 1 Holders of rm. May 15a
24 June 19 Holders of rec. May 31a Montreal Light. Heat & Power Cons.
Norfolk & Western, corn. (guar.)
New no par corn.(quar.)(No. 1).....
38e July 31 Holder' of rec. June 30
51
May 31 Holders of rec. May la
Pennsylvania RR.(guar.)
Nassau & Suffolk Ltg. pref.(guar-)
1% July 1 flolders of rm. June 18
$1.50 June 4 May 21 to June 3
Phila. Germantown & Nor. (guar.)
Nat meal Power & Light. corn. (guar.)
25e. lune 2 Holder. of rec. May 1001
$1.50 June 1 Holders of ree. May 15
pref
Pitts. Beesemer & Lake Erie,
$7 preferred (guar.)
51.75 July 1 Holders of rec. June 14
134 July 1 Holders of rec. June 100
Pittsb. Ft. Wayne & Chic. corn.(qu.)_
40c. June 15 Holders of rec. May 27
134 July 8 Holders of rec. June 10a National Public Service. corn. A (guar.)
Preferred (guar.)
40c. June 1 Holders of reo. May 16
Common 11 (guar.)
June 2 Holders of rec. May 20a
Plod). Youngst. & Ashtabula, pr. (qu.) 134
8740 June 1 Holders of rec. May 15
$3.50 preferred (guar-)
50e June 12 Holders of me. May 220
Heading Co.. first Prof. (guar.)
$3 preferred (guar.)
75c. June 1 Holders of reo May 15
50c. July 10 Holders of rec. June 19a
2nd pref. (guar.)
1% June 2 Holders of reo. May 15
July 1 Holders of rec. June 2a Nebraska Power, 7% pref. ((Mar.)
2
St. Louis-San Francisco common (qu.)__
6% preferred
14 June 2 Holders of rm. May 15
134 Aug. 1 Holders of rec. July is
((Mar-)
Preferred (guar.)
Newark Telephone (guar.)
•51 June 10 *Holden of reo. May 21
14 Nov. 1 Holders of reo. Oct. la
Preferred (guar.)
Quarterly
$1 Sept. 10 *Holders of reo. Aug. 29
134 July 1 Holders of rec. May 26a
Southern Pacific Co.(guar.)
Quarterly
•$1
Dee. 10 Holders of reo. Nov.30
234 July 1 Holders of rm. June 2a New
Union Pacific common (guar.)
England Pub. Sec. $7 pr. pf.(au.). 111.75 .1un u 3 Holders of rec. May 31
rec. June 20
2
3u
June 10
6
United N. J. RR.& Canal COS.(qu.)- *24 July 1 *Holders of
New England Telep. & Teleg.(gust.)...
Holder, of rec. June 10
'24 Oct. 1 *Holders of roe. Sept. 20
Quarterly
I'31 *Holders of reo. Deo.20'30 New Rochelle Water Co.. prof. (guar.). 14 June 2 Holders of roe. May 20
*24 Jan
Quarterly
New York Water Service pref. (gust.).. 51.50 June 15 Holders of rec. June 5
June 30 June 21 to June 30
4
Western Railway Of Ala
Niagara & Hudson Power, com.(gum.).
10c. June 30 Holders of reo. June 5
North American Co., corn. ((mar.)
1724 July 1 Holders of reo. June 54
Public Utilities.
Preferred (guar.)
750. July 1 Holders of rec. June 5a
North American Edison, pref. (gust.).. $1.50 June 2 Holden of rm. May 154
$1.75 July 1 Holders of ree. June 14
Alabama Power $7 Pref.(guar.)
North American L.& P.. prof.(gust.).. 51.50 July 1 Holders of rec. June 20
14
$1.50 July 1 Holders of rec. June
$6 preferred (guar.)
North Amer. Utility &cur.. 1st rdd.(qu.) $11,4.60
12 Holders of reo. May 31
6
$1.25 Aug. 1 Holders of rec. July 15
$5 preferred (guar.)
Northern States Power, pref. (guar.)
June
Holders of reo. May 20
American Commonwealth Power Corp.
Ohio Edison Co.. 6% pref. (guar.)
14 June 2 Holders of reo. May 1.6
ret). June 30
Corn. A dr B (1-40th share corn. A)__ _ f234uly 25 Holders of rm. July 15
6.6% preferred (guar.)
1.65 June 2 Holders of roe. May 15
Aug. 1 Holders of
$1.75
First preferred series A (guar.)
7% preferred (guar.)
July 15
1% June 2 Holders of reo. May 15
:2
21 60 Aug. 1 Holders of rec.
E13
$6.50 1st preferred (guar.)
5% preferred (guar.)
14 June 2 Holder, of rte. May 15
Aug. 1 Holders of roe. July 15
$6 1st preferred (guar.)
6% preferred (monthly)
50o. June 2 Holders of reo. May 15
IIolders of rec. July 15
$1.75 Aug. I
Second preferred series A (guar.)
8.6% preferred (monthly)
55s. June 2 Holders of red. May 15
of rec. June 15
Amer. Community Pow., 1st pref. (1311.). $1.50 July 1 Holders
Ohio Power Co.,6% pref. (guar.)
'134 June 2 "Holders of reo. May 8
July I Holders of reo. June 15
$1.50
Preference (guar.)
Ohio Pub.Serv.,7% 1st of. A (mthly.)• 58 I-3c June I 'Holders of reo. May 15
25c. June 2 Holders of reo. May 150 Ohio River
Amer. Power & Light common (quar.)
Edison. 7% pref.(quar.)_.._
May 15a
July
(I) June 2 Holders of rm. May 210 Ohio Telephone Berrie*. pref.(gust.)... 1% June 1
Common (one-fiftieth sh. corn. stk.)
30
of reo.
14 June 2 Holders
Amer. Telegraph & Cable (guar.)
•1% Sept. 30
Preferred (guar.)
24 July 15 Holders of rec. June 200
American Telep. & Teleg. (guar.)
•1% Dee. 31
Preferred (guar.)
July1 1 Holders of reo. June 12a
Amer. Water Wks. & El. 1,6 pref. (a.) $1.50
Oklahoma Gas & Elec.. pref. (guar.)._
Apr. 30
1% June 16
Amoclated Gas & Mee., $8 Pref. (guar.) $1.60 June 2 Holders of reo.
June 14
Peninsular Telephone. corn.(guar.)
•35e. July 1 'Holders of
81.625 June 2 Holders of rte. API'. 30
$8.50 Preferred (guar.)
Common (guar.)
•35o. Oct. I 'Holders
of real. May Id
$1.25 June 16 Holders
$5 Preferred (guar.)
Dec.
Common (guar.)
*350 Jan i'31
e1.75 July 1 Holders of reo. May 31
$7 preferred (guar.)
Hodero°ay31
1!desofee23gdergofecPt.23
Hodeaoiie.24
:od:aofrae14
Pennsylvania Gas dr El. Corp.. A (g11.). •374c June 1 'Holders of roe. May 20
874e July 1 Holders of rec. May 31
Original series preferred (guar.)
MAY 31 1930:1
Name of Company.
3835
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inanely&
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days leclusim.
Miscellaneous (Continued).
1 Holders of rec. June 134
Amer. Zinc, Lead dt Smelt., pref.(gu.)- $1.50 July 2 "Holders of req. June 14
.25e. July
Arnoskeag Mfg., common (guar.)
•250. Oct. 2 *Holders of rec. Sept. 13
Commonstee
*20c. July 15 *Holders of rec. July 5
g
( uar.)
I Stool )
Angle
134 June 2 Holders of reo. May 16
Anticosti Corp.. Pref. (guar.)
144 July 1 Holders of rec. June 10a
Armour dr Co. of Del., pref.(guar.)..
144 July 1 Holders of rec. June 10a
Armour dr Co.(Illinois) Pref.(guar.)
$1.75 June 1 Holders of rec. May 15e
Artloom Corp.. Pref. (guar.)
141 June 2 Holders of rec. May Hla
Associated Dry Goods, tat pref.(guar.)_
144 June 2 Holders of MC. May 105
Second preferred (guar.)
June 30 Holders of rec. June 20
Associates Investment Co.. corn. (Q113- $1
$1.75 June 30 Holders of rec. June 20
Preferred (guar.)
.300. June 2 Holders of rec. May 22
Coast Fisheries (guar.)
Atlantic
8
6
$1 May 31 Holders of reo. May ha
Atlantic Gulf & W.I. S.8. Lines, corn134 June 30 Holders of rec. June
Preferred (guar.)
134 Sept. 30 Holders of reo. Sept. Ina
Preferred (guar.)
134 Dec. 31 Holders of rec. Deo. 11
Preferred (guar.)
25c. June 16 Holders of rec. May 21a
Atlantic Refining, corn.(guar.)
25e. June 16 Holders of rec. May 21a
Common (extra)
June 2 *Holden of rec. May 15
Atlantic Securities Corp.. reefs (guar.). *75e. June 16 Holders of rec. June 5
Atlantic Terra Colts prior pref.(gUar.)- 114 June 25 Holders of rec. June 5
1
Preferred (guar.)
*500. June 2 *Holders of roe. May 20
Atlas Imp. Diesel Eng., A dr B (gu.).June 10 Holders of ree. May 296
$1
Atlas Powder, corn. (guar.)
25o. June 2 Holders of reo. May Ida
Atlas Stores, corn. (gum.)
2 Holders of rec. May 160
Common (payable in common stock). f144 June 2 Holders of res. Slay 24
750. June
Atlas Utilities pref., series A (quar.)
Austin, Nichols dr Co.
75o. Aug. 1 Holders of reo. July 1.6a
Prior A stock (guar.)(No. 1)
"75e. June 28 *Holders of rec. June 16
Balaban & Eats, corn.(guar.)
*144 June 2e *Holders of rec. June 16
Preferred (guar.)
7a
- 87410 July 1 Holders of rec. June 7a
Baldwin Locomotive Works common
314 July 1 Holders of rec. June
Preferred
of rec. May 144
154 June 2 Holders
Bamberger (L.) & Co., prof.
50o. July 1 Holders of rec. June 14a
Barker Bros., torn.(gum.)
51.625 uly 1 Holders of ree. June 14a
$6.50 preferred (guar.)
*750. June 1 *Holders of i.e. May 15
Co., corn.(guar.)
Bastian Blessing
une 2 Holders of rec. May 15
144
Bawif (N.) Grain Co., pref. (qua?.)._
*25o. June 2 *Holders of rec. May 31
Boston dt Caldwell Mfg.(monthly)
30
*25o. July 1 *Holders of reo. June 25a
Monthly
75o. uly 10 Holders of reo. June 100
Beech-Nut Packing, corn.(oust.)
50c. uly 1 Holders of rec. June 236
Bendix Aviation Corp.(guar.)
50e. une 16 Holders of net. May 186
Beet & Co.(guar.)
51.50 Aug. 1.5 Holders of reo. July (la
Bethlehem Steel. common (guar.)
144 July 1 Holders of rec. June 171
Preferred (guar.)
Holders of net. May
June
27
Blaw-Knox Co.(guar.)
"37440 Aug. 1 'Holders of rec. Aug. 9
Bloch Bros.. common (guar.)
10
*37340 Nov. 15 *Holders of rec. Nov. 25
(qua?.)
*144 June 30 "Holders of rec. June 25
Preferred
*134 Sept. 30 *Holders of reo. Sept.26
Preferred (guar.)
1,134 Dec. 31 *Holders of reo. Dec. 5
Preferred (guar.)
s756. une 1 Holders of rec. May
Blue Ridge Corp.,cony. pref.(au.)
May 20
•5634 June 1 *Holders of rec. July 15
(guar.)
Bobbs-Merrill Co.
July 31 Holders of rec.
$1
Bon Ansi Co., class A (guar.)
July 31 Holders of rec. July 15
31
Class A (extra)
19
50e. July 1 Holders of rec. June 19
Class B (guar.)
50c. uly 1 Holders of rec. June 154
Class B (extra)
750 June 2 Holders of rec. May 2
Borden Company, com.(ellar.)
June
Banks.
334 une 30 Holders of rec. Rine 2
234 June 1 Holders of tee. May 160 Boston Wharf
Prise° State (guar.)
une 18 Holders of rec.
Boston Woven Hose de Rub., oom.(gu.) $1.50 June 18 Holders of rec. June 2
3
Preferred
Trust Companies.
.50o. line 1 *Holders of rec. May 17
Brach (E. J.) dr Sons, corn.(guar.)
62340 July 1 Holders of reo. June 6
Chelsea Bank & Trust Co. (guar.)
uly 2 Holders of rec. June 1
Brandram-Henderson. Ltd.. prof.(qu.). 114 June 2 "Holders of rec. May 19
30o June 15 June 6 to June 15
Continental Bank & Trust (guar.)
*144
Brill Corp., pref. (guar.)
3
30 Holders of coup. No.1 5
British-Amer. Tobacco. ord. (bearer).. (o) June 30 See note (0
Fire Insurance.
(o) June
June 2'Holders of rec. May 20
s$1
Ordinary (registered)
Importers & Exporters (qua?.)
2 Holders of rec. May 1
flo. June
-mthly).
British Type Investors el. A (61
50c. June 14 Holders of rec. June 4
North River Insurance (gum.)
uly 1 'Holders of reo. June 10
.11/
Brockway Motor Truck Corp.. Pf. (111.) 4
50c Sept. 15 Holders of rec. Sept. 5
15
Quarterly
600. May 31 Holders of rec. May 205
Brown Fence & Wire. A and B (guar.)
75e. June 2 Holders of rec. May
Brown Shoe, corn. (guar.)
Miscellaneous.
June 14 Holders of ree. Apr. 28
51
*Holders of ree. June 16
(qua?.)
Buckeye Pipe Line
*62%0 July 1
Abbott Laboratories (guar.)
255 July 1 Holders of roe. May 27e
400. June 30 Holders of reo. June 14a Bucyrus Erie Co., common (quee.)
271
Adams Express, cont.(guar.)
154 July 1 Holders of reo. May 27.
Preferred (guar.)
134 June 30 Holders of rec. June 14a
Preferred (guar.)
62 Ho.July 1 Holders of reo. May 106
of
21
Convertible preferred (qua?.)
Addrrssograph internat. Corp.(guar.).- *3734o July 10 *Holders of rec. June 16
30 Holders of rec. June
260. June
(qua?.).......
reo. June
ed
Budd
144 July 1 Holders
Agnew-Surpass Shoe, pref. (guar.)
154 June 30 Holders of rec. June 10a
Preferred
'62440 June 2 *Holders of rec. May 20
106
Ainsworth Mfg.. corn.(guar.)
75o. June 3)) Holders of MO. June 154
June 2 *Holders of rec. May 20
Preferred (extra)
eel
(payable in stock) Mara
Common
760. June 1 Holders of reo. May
Bulova Watch, oom.(qua?.)......
500 June 2 Holders of rec. May 31
Aldred Invest. Trust, common
*87410 June 1 'Holders of rec. May 15
Preferred (guar.)
150 June 18 Holders of rec. May 310
Allegheny Steel, common (monthly).*I% June 2 *Holders of rec. May 15
22
Bunker Hill & Sullivan Mtn.& Conctr...
Preferred (guar.)
*25e.June 5'Holders of roe. May 22
Monthly
•134 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
*25o.June 5'Holders of rec. May 16
Extra
*154 Deo. 1 *Holders of rec. Nov. 15
(guar.)
*Holders of reo June
Preferred
July 1
2
0
.
rerred .pref
Burger Brosici uivl(guar.)
75o June 1 Holders of rec. May 20
of
Allen Industries, pref.(guar.)
4.2 Oct. 1 "Holders of rec. Sept. 15
Preferred
200 July 1 Holders of rec. June 13
rec. Juned136
Alliance Investment Corp., corn.(gu.)-.
144 July 1 Holders
Burns Bros.. Pref. (guar.)
134 Jute 1 Holders of rec. May 20
May 9
Alliance Realty. Pref. (guar.)
260. June 5 Holders of rem May 158
Sept. 1 Holders of reo. Aug. 20
Burroughs Adding Machine
114
Preferred (guar.)
*250,June 1 *Holders of nsc.
Byron Jackson Pump
114 Deo. 1 Holders of reo. Nov. 20
'Holders of rec. Aug. 15
Preferred (qum.)
1
*a Sept. 16 Holders of rec. May 816
Stock dividend
*300 July 1 'Holders of rec. June 16
Allied Products common (qua?.)
June
$1
California Parking, corn. (guar.)
*87540 July 1 *Holders of req. June 16
66
Class A (guar.)
50c.June 23 Holders of rec. June 31a
Calumet & Arizona Mining (guar.)
.5110 June 30 *Holders of rec. June 14
Aluminum Mfrs., Inc., corn. (guar.)... 4
50c. June 30 Holders of ree. May 151
•500 Sept.30 *Holders of rec. Sept. 15
Calumet dr Recta Cons. Copper Co.(gu.)
Common (gum.)
500. June I Holders of rec. May 31
Fdry.(gu.)
of rec. Dec. 15
Campbell. Wyant & Cannon
•500 Deo. 31 'Holders
Common (guar.)
June 1. Holders of rec. May
Canada Wire &("Aside. class A (qua?.)... $1
*114 June 30 *Holders of rec. June 15
Preferred (guar.)
25c. July 42 Holders of rec. June 14
.144 Sept.30'Holders of rec. Sept. 15
Canadian Canners, Ltd., corn.(quiz.)..
Preferred (guar.)
Holders of nee. June 14
154 July
First preference(guar.)
*134 Deo. 31 Holders of rec. Dee. 15
Preferred (guar.)
25c. July d2 Holders of rec. June 14
Convertib.e preference (guar.)
Amer. British dr Continental, 1st PL(Q11.) $1.50 June 1 Holders of rec. May 15
Holders of rec. May lb
40c. June
*Holders of rec. May 15
*50c June 1
Canadian Vinegars, Ltd
American Capital Corp.. common A
June 2 'Holders of rec. May 15
Carman & Co.. Inc.. class A (Qua?.)_... •500. June 16 Holders of rec. June 10
*50c June 1 *Holders of rec. May 15
Common A (extra)
144
Carter (William) Co., pref. (guar.)
•31.375 June 1 *Holders of rec. May
Preferred (guar.)
141 uly 1 Holders of rec. June 126
134 June 30 Holders of rec. June 250 Case (J. I.) Co.. common (guar.)
12a
American Chain, pref. (guar.)
134 July 1 Holders of rec. June 154
*50c July 1 *Holders of rec. June 12
Preferred (guar.)---------Chicle (guar.)
American
75e. May 31 Holders of rec. May
1 *Holders of net. June 12
*25c July
Caterpillar Tractor (guar.)
Extra
25o. May 31 Holders of ree. May 156
600 June 20 Holders of rec. June 12
Extra
Amer. Colortype Co., corn. (guar.)._
$1.75 June 2 Holders of MO. May 10
144 June 1 Holders of rec. Mar. 14
Celluloid Corp. bat of. Dart10.11411•(go.). 51. June 2 Holders of rec. May 10
Preferred (guar.)
div.)
11.4 Sept. 1 Holders of rec. Aug. 14
let pref.
Preferred (guar.)
$1.75 June 2 Holders of rec. May 10
June 15 *Holders of rec. June 5
$7 preferred (Qum.)
American Fork & Hoe, corn.(guar.)._ *2
*40e June 30 *Holders of ree June 25
75e June 2 Holders of net. May 15
Central Cold Storage, common (quiz.).. $1 June 2 Holders of rec. May 28
Amer.& Can. Securities, $3 1st pf.(au.)
35c June 2 HoMers of rec. May 14e Central National Corp., class B
American Home Products (monthly)...
15e. Aug. 1 Holders of rec. Aug. 5
350 July 1 Holders of roe. June 14a Centrifugal Pipe Corp.(guar.)
Monthly
lbo. Nov. 15 Holders of rec. Nov. 5
Quarterly
American International Corp.
134 June 2 Holders of rec. May 200
Oct. I
Century Ribbon Mills, Pref.
Common (payable in common stock)
(guar.). *51.25 June 2 *Holders of rec. May 1
Chartered Investors, Inc.. pref.
American Laundry Machinery (guar.).- 81 June 1 *Holders of reg. May 20
1 Holders of rec. June 16
June 30 Holders of reo. June 13a Chatham-Phenix Allied Corp.(No. 1).. 50e. July 2 Holders of rec. May 154
$1
Amer. Locomotive. corn.(guar.)
une
154 June 30 Holders of reo. June 13a CheckerCab Mfg. Corp.(monthly).... 35e. July 1 Holders of rec. June 161
Preferred (guar.)
350.
July 1 June 16 to June 30
Monthly
American Manufacturing, tom.(guar.). 1
June 7 Holders of coup. No. 1
12
1
Oct. 1 Sept. 16 to Sept. 30
Chemie (I. G.) (Basle, Switserland)
Common (guar.)
une 7 Holders of coup. No. 1
2
Dec. 31 Dec. 16 to Dee. 30
1
Bonus
Common (gum.)
June 30 Holders of rec. June 94
$1
Cons.(guar.)
144 July 1 June 16 to June 30
Chesebrough Mfg.
Preferred (guar.)
50c. June 80 Holders of rec. June 9a
134 Oct. 1 Bent. 18 to Sept. 30
Extra
Preferred (guar.)
*150. June 1 'Holders of rec. May 15
Chicago Corporation, pref. (guar.)
114 Dec. 31 Dee. 16 to Dee. SO
Preferred (guar.)
*30e. July 1 *Holders of rec. June 20
75c June 2 Holders of rec. May 21a Chicago Flexible Shaft. corn. (guar.)
American Metal. com.(guar.)
Mc.Oct. 1'Holders of rec. Sept. 20
Common (quer.)
134 June 2 Holders of tee. May 21e
Preferred (guar.)
*750. line 1 *Holders of rec. May 20
Investors, Pref. (guar.)
(guar.)
June 1 Holders of ree May 16
62140
Chicago
Amer. Multigraph, men.
25o. June 2 Holders of rec. May 200
Chicago Yellow Cab (monthly)
Amer. Pneumatic Service, 180 pref.(gu.) *8734c June 30 *Holders of rec. June 20
250. July 1 Holders of reg. June 20a
Monthly
*750 June 30 *Holders of rec. June 20
Second preferred (guar.)
250. Aug. 1 Holders of net. July 210
Monthly
Amer. Radiator de Stand. Sanitary Mfg.
250. Sept. 2 Holders of rec. Aug. 20a
Monthly
37440 June 30 Holders of reo. June Ile
(guar.)
Common
60e. June 10 Holders of rec. May 23a
134 May 31 Holders of reo. May 154 Childs Co.. common (quir.)
une 10 Holders of rec. May 23a
Preferred (guar.)
144
50e July 1 Holders of rec. June 30a
Preferred (guar.)
American Rolling Mill (guar.)
75e. June 27 Holders of ree. June 13a
e5
July 30 Holders of rec. July la Chill cooper co.(qua?.)
dividend
. June 30 Holders of rec. June 2a
Stock
Chrysler Corp.(guar.)
*30o June 1 *Holders of rec. May 15
"Holders of rec. May 15
"244c June
American & Scottish Invest.(quer.)
111 June 2 Holders of rec May 2a Cities Service, common(monthly)
Smelt. & Ref., pref.(guar.)
f
• IS June 2 *Holders of roc May 15
Amer.
Common (payable in corn stook)
*500 July 1 *Holders of rec. June 14
une 2 *Holders of reo. May 15
American Stores Co. (guar.)
Preference and pref. BB (monthly)... *50c. June 2 *Holders of rec. May 15
144 July 2 Holders of rec. June 54
'Sc.
Amer. Sugar Bete., 00M.(Var.)
Preference B (monthly)
144 July 2 Holders of reo. June 6a
90o. May 31 Holders of rec. May 154
Preferred (guar.)
$1.50 June 30 Holders of rec. June 14s City Tee& Fuel,oom.(guar.)
15a
American Surety Co.(guar.)
(payable in common stock). f114 Aug. 31 Holders of net. Aug. 15a
Common
Tobacco, corn. & tom.B (au.) $2 June 2 Holders of rec. May 104
une 1 Holders of rec. May
1)4
American
Preferred (guar.)
3234 June
Holders of rec. May 23
75o_ June 18 Holders of reo. May 296
Amer. Utilities & Can. Corp.. cl. A(o.)
Clark Equipment. corn.(guar.)
100 June 4 Holders of rec. May 23
uly 1 *Holders of rec. June 20
Class B (guar.)
Claude Neon Mee.Prod.,corn & Pt.(gU.) 'Mo. July 1 *Holders of rec. Jan. 20
750.June 2 Holders of rec. May 23
•3
Preferred (guar.)
Stook dividends
June 30 Holders of rec. June 20a
31
Amer. Writing Paper, Pref.((ivar.)
Public Utilities (Concluded).
550 June 2 Holders of rec. May 20
Pennsylvania Power. $6.60 prel.(mthly.)
$1.50 June 2 Holders of rm. May 20
$6.60 preferred (guar.)
(guar.).- $1.75 June 2 Holders of reo. May 20
Penna. State Water Co., pref.
July 1 Holders of rec. June 12a
3
Peoples Gas Co.. Preferred
May 31 Holders of ree. May 126
Philadelphia Suburban Water, pf.(nu.). 134 June 30 Holders of reo. May 316
850.
Pub. Serv. Corp. of N.J. corn.(guar.)
June 30 Holders of reo. May 31a
2
8% preferred (Quer.)
154 June 30 Holders of reo. May 31a
7% preferred (guar.)
$1.25 June 30 Holders of rec. May 310
$5 preferred (guar.)
500 May 31 Holders of rec. May la
preferred (monthly)
6%
50o June 30 Holders of rec. May 31a
6% preferred (monthly)
30 Holders of rec. dJune 2
Pub. Serv. Elec. & Gas 7% pre/.(guar.) 134 June 30 Holders of rec. dJune 2
134 June
6% preferred (guar.)
134 June 2 Holders of rec. Apr. 30
(au.)_
Rochester Gas dr Elec. 7% pref. B
134 June 2 Holders of rec. Apr. 30
6% preferred series C (guar.)
134 June 2 Holders of rec. Apr. 30
6% preferred series D (guar.)
$1.50 June 1 Holders of rec. May 15
Seaboard Public Service, pref.(guar.).
1 Holders of reo. June 21
South Carolina Power $6 pref.(guar.)._ $1.50 Ally 15 Holders of rec. May 20
Sou. Calif. Edison, pref. series A (guar.) 4334c June 15 Holders of reo. May 20
3734e June
Preferred series B (guar.)
*25o. May 31 *Holders of reo. Apr. 30
Southern Calif. Gas corn.(guar.)
*134 May 31 *Holders of reo. Apr. 80
$6.50 preferred (guar.)
$1.50 June 2 Holders of rec. May 15
South. Cities CUL $6 Pr. PI.(au.)
50c. May 24 Holders of rec. Apr. 30
Southern Colorado Power corn. A (au.).
134 June 16 Holders of rec. May 31
Preferred (guar.)
July 15 *Holders of reo. June 30
*2
Southern N.E. Telep.(gear.)
134 June 2 Holders of rec. May 15
Southwestern Power dr Light, pt.((In.)._
June 16 Holders of rec. May 31a
- $1
Standard Gas & Elec. $4 pref.(guar.).
(gu.)_ 50e. June 2 Holders of rec. May 10
Stand.Pow.& Lt.corn.& corn. B,
Tennessee Electric Power Co.
144 July 1 Holders of reo. June 14
5% first preferred (guar.)
134 July 1 Holders of reo. June 14
6% first preferred (qua?.)
134 July 1 Holders of reo. June 14
7% first preferred (guar.)
$1.80 July 1 Holders of reo. J une 14
7.2% first preferred (guar.)
50e. June 2 Holders of rap. May lb
6% first preferred (monthly)
500.July 1 Holders of ree. June 14
6% first preferred (monthly)
600. June 2 Holders of res. May 16
7.2% first preferred (monthly)
600. July 1 Holders of rec. June 14
7.2% first preferred (monthly)
*150. June 1 *Holders of rec. May 15
'Fri-State Tel. & Tel.. 6% pref.(qua?.)
*150. Dec.1 *Holders of ree Nov.15
6% pref.(guar.)
July 15 Holders of rec. July la
Twin City Rap.'Tr., Minneapolis, Wm-- g2
134 July 1 Holders of rec. June 12a
Preferred (guar.)
(guar.) •ts400 June 10 "Holders of reo. Apr. 16
Union Natural Gas of Canada
750. July 1 Holders of rec. June 5a
Culled Corp., $3 pref.(guar.)
30e. June 30 Holders of rec. May 31a
United Gas Improvement corn.(guar.)-$1.25 June 30 Holders of rec. May 31a
Preferred (guar.)
July 1 'Holders of rec. June 50
Utilities Power & Light, class A (guar.). *P500. June 20 Holders of net. May 31a
Virginia Elec. & Power,7% pref.(guar.) 154 June 20 Holders of rec. May 31a
134
6% Preferred (guar.)
June 1 *Holders of rec. May 10
Western Continental Mil. corn. A (gu.). *3214c July 15 Holders of rec. June 30
134
Western Power Corp., pref.(guar.)
154 June 2 Holders of reo. May 15
West Ohio Gas. pref. A (guar.)
June 2 Holders of rec. May 20
Williamsport Water Co.. $6 pref.(guar.) $1.50 June 20 Holders of rec. May 31
134
Wisconsin Pub. Serv., 7% pref. (rm.)._
134 June 20 Holders of reo. May 31
% preferred (guar.)
154 June 20 Holders of reo. May 31
6% Preferred (guar.)
3836
FINANCIAL CHRONICLE
[Vin. 130.
Per
When
Books Closed
Name of Company.
When
Books Closed
Cent. Payable.
Days Inclustre.
Name of Company.
Cesd. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Cities Service common (monthly)
255c July 1 Holders of rec. June 14
First Nat. Stores, corn. (guar.)
Common (payable in common stock)._ _
6234c July I Holders
/Si July 1 Holders of roe. June 14
First Trust
-Bank Stock Corp. (guar.)._ •124c June 10 *Holders of rec. June 160
Preference and pref. 13 B (rnonthlY
of rec. Apr. 30
No. July 1 Holders of rec. June 14
)
Preferred (guar.)
Preference B (monthly)
•154 June 10 "Holders of roe. Apr. 80
50. July 1 Holders of rec. June 14
Fits Simons & Connell Dredge & Dock
Cleveland Quarries (guar.)
75e. June 1 Holders of reo. May 15
Common (quar.)
Extra
*50e June 1 *Holders of rec. May 21
25e. June 1 Holders of rec. May 15
Common (payable in common stook)_ "1255 June I
Coca Cola Bottling Sec.(quar.)
•250. July 15
Firestone Tire & Rubber. 6% prof (qu.) 1 Si June 1 *Holders of reo. May 21
Quarterly
Holders of rec. May 150
'250. Oct. 15
Florsheim Shoe, slam A (qu.)(No. I)--Coca-Cola Co., Corn.(quiz.)
75e. June 2 Holders of reo. May 170
$1.50 July 1 Holders of rec. June 120
Class B (guar.)(No. 1)
Class A (semi-annual)
'37340 June 2'Holders of reo. May 17
$1.50 July 1 Holders of rec. June 126
Preferred (quar.)
Coca-Cola Internat.. corn.(quar.)
11.5 July 1 Holders of rec. June 160
$3
July 1 Holders of rec. June 121 Follansbee Bros. Co.common (quar.)_
Class A
75e. June 14 Holders of rec. may 31a
$3
Preferred (guar.)
Colgate-Palmolive-Peet Co., com.(qu.)_ 62550 July 1 Holders of rec. June 126
155 June 14 Holders of ree. May 31
July 15 Holders of reo. June 200 Foote-Burt Co. common
Preferred (quar.)
(Qum.)
650. June 16 fielders of rec. June 5
155 July 1 Holders of rec. June 100 Ford Motor of Canada class
Collins de Alkman Corp., pref. (quar.)_
A &B
$1.20 June 23 Holders of rec. June 2
Class A and B (extra)
Columbia Pictures, corn. (au.) (No. 1). 154 June 2 Holders of rec. May 206
300. June 23 Holders of rec. June 2
3755e
Common (payable In common stock)_ /255 July 2 Holders of rec. June 190 Ford Motor Co. of France
Oct. 2 Holders of rec. Sept. 30
Amer. dep, ras, for bearer shares
Convertible preference (guar.)
(i) June 2'Holders of no. slay 15
75c. June 2 Holders of rec. May 196 Formica Insulation
Columbus Auto Parts. pref. ((Mar.).
(guar.)
.500. Ray 1 *Holders of roe. June 15
- 60e. June 1 Holders of rec. May 17
Quarterly
Commercial Invest. Trust, corn.(quar.)_
*500. Oct. I 'Holders of roe. Sept. 115
400.
Quarterly
Common (payable in common stock)_ _ f155 July 1 Holders of rec. June 56
•500. Jan1'31 *Holders of rm. Dec. 15
July 1 Holders of rec. June 56 Fox (Frances) Laboratories, Inc.
7% first preferred (quar.)
154 July 1 Holders of rec. June 6a
Participating 7% 1st pref. (guar.).
635% first preferred (guar.)
- 1755c June 1 Holders of rec. May 20
13i July 1 Holders of rec. June 56 Frank (A. B.) Co.,
pref. (quar.)
•154 July 1 *Holders of reo. June 15
Convertible preference (guar.)
(z) July
Preferred (quit.)
Community State Corp.. class A (guar.) •12550 June 1 Holders of rec. June 56
•134 Oct. 1 *Holders of reo. Sept. 15
30 *Holders of reo. June 26
French (Fred F.) Investing pref
355 June 16 June I
Class A (guar.)
*1255e Sept. 30 "Holders of reo. Sept 28
French (Fred F.) Security Co. pref.... 355 June 14 Holders to June 16
Class A (quiz.)
•1255c Dec. 31 *Holders of rm. Dec 26
Fuller (Geo. A.) Co.. Pr. prof.(guar.).- $1.50 July 1 Holders of rec. June 4
Class B (guar.)
of rec. June 100
*1255o 131131 *Hold, of reo. Mar. 2631
Participating second pref. (auar.)
$1.60 July 1 Holders of rec. June 10a
Class B (quar.)
*1255e June 30 *Holders of rm. June 26
Gamewell Company common (guar.)
Class B (guar.)
- $1.25 June 16 Holders of reo. June 66
12350 Sept.30 *Holders of reo. Sept. 26
Garlock Packing common (quar.)
30e. July 1 Holders of no Juno 14
Class B (quar.)
*12550 Dec. 31 *Holders of reo. Dec. 26
General Alloys Co., corn.(guar.)
*20e. July 1 *Holders of rec. June 20
Consolidated Cigar Corp.. pref. (quar.)_
13i June 2 Holden of ree. May 15a
Preferred (guar.)
•1755c June 2
Consolidated Dairy Products (quar.)
•500. July 1 *Holders of rec. June 18
General American Investors pref. (on.). 155 July 1 *Holders of rec. May 20
Consolidated Rock Products, pf. (ou.). .4354c June 1 *Holders
Holders of rec. June 200
General Asphalt common (quiz.)
June 16 Holders of ree. June 20
$1
Continental Chicago Corp., pref. (qu.). d75c. June 1 Holders of rec. May 10
General Box Corp.. pref. (amid.)
154 June 1 Holders of rec. May 15
Continental Securities Corp., pf. (au.). *$1.25 June 2 *Holders of rec. May 15
of rec. May 16
General Bronze (quad.)
50c. June 2 Holders of rec. May 200
Continental Shares, Inc., corn.(quar.)
250. July I Holders
81
June 1 Holders of reo. May 13a
Convertible pref. & pref. B (guar.)... 155 June 16 Holders of rec. June 126 General Cable. close A (quiz.)
of rec. June 1
General Cigar Co.. pref. (guar.)
154 June 2 Holders of rec. May 21a
Copper Range Co.(guar.)
'250 July 15 *Holders of rec. June 16
General Development
250. June 30 Holders of roe. June 16
Corno Milts (guar.)
600. June 2 Holders of rec. May 20
General Motors, corn. (guar.)
730. June 12 Holders of zee. May 10a
Corporation Securities Co. of Chicago
7% preferred (quar.)
154 Aug. 1 Holders of reo. July 70
Corn.(3-200ths share corn. ilk.)
(f) June 20 Holders of res. June 2
8% Preferred (quiz.)
154 Aug. I Holders of reo. July 70
Coty, Inc., stock dividend
63
June 30 Holders of rec. June 160
0% debenture stock (quar.)
155 Aug. 1 Holden of rec. July 7a
Crane Co. common (guar.)
43540 June 16 Holders of rec. May 31
General Public Service com.(In stock).. f3
Preferred (guar.)
June 30 Holders of rec. June 2a
154 June 16 Holders
$6 preferred (quar.)
"21.50 Aug. 1 'Holders of rec. July 10
Crowley, Milner de Co., common (quar.) •500. June 30 *Holders of reo. May 31
of rec. June 20
$5.50
Crown Cork International, cl. A (guar.)51.375 Aug. 1 *Holders of rec. July 10
250. July 1 Holders of zee. June 10‘. General preferred (quar.)
Railway Signal, common (au.)._ $1.25 July 1 Holders of rec. June 10
Crown Willamette Paper 1st pref.(qu.)_ $1.75 July 1 Holders
of rec. June 13
Preferred (Qum.)
Second preferred (guar.)
Holders of roe. June 10
$1.50 July) 1 Holders of rec. June 13
Gerrard (S. A.) Co.(guar.)
Crown Zellerbach Corp.,corn.(guar.) "3755c June 1 *Holders of rec. May 15
.
25c. July 16 Holders of rec. June 30
Gibson Art, common (quiz.)
Cony. pref. and pref. A dr B (quar.)
.65c. July I *Holders of rec. June 20
$1.50 June 1 Hoidens of rec. May 13
Common (extra)
Crows Nest Pass Coal (guar.)
•20e. July 1 *Holders of roe. June 20
June 2 °Holders of rec. May 12
Common (quiz.)
Crucible Steel pref.(quar.)
•65o. Sept. 1 *Holders of roe. Aug. 20
154 June 30 Holders of rec. June 160
Common (guar.)
Crum & Forster. pref. (guar.)
•650. Dec. 1 *Holders of rec. Nov. 20
2
June 30 Holders of reo. June 20
Common (quiz,)
Crum & Forster Ins. & Shares Corp.
.650. Aprl'31 "Hold, of ree. Mar. 20'31
Gilbert (A. C.) Co., corn. (guar.)
Common (guar.)
"25c June 30 "Holders of roe. June 18
255 May 31 Holders of reo. May 16
Preferred (quiz.)
Common (payable In class B corn.)
"8755c July I 'Holders of rec. June 20
5
May 31 Holders of reo. May 15
Gillette Safety Razor (guar.)
Preferred (guar.)
$1.25 June 2 Holders of rec. May la
154 May 31 Holders of reo. May 15
Gleaner Combine Harvester corn.(quiz.)
Preferred (guar.)
50c. July I Holders of reo. June 16
154 Aug. 30 Holders of reo. Aug. 20
Glidden Co., corn. (quiz.)
Preferred (guar.)
600. July I Holders of reo. June 18a
154 Nov.29 Holders of reo. Nov. 19
Preferred (guar.)
Cumberland Pipe Line (guar.)
154 July 1 Holders of reo. June 18a
$1 June 16 Holders of rec. May 31
Globe-Democrat Pub. Co., pref. (guar.) 154
Extra
June
314 June 16 Holders of reo. May 31
Holders of rec. May 20
°oilman (H. C.) Co. 1st prof
Cuneo Press. pref. (quar.)
$3
June 1 Holders of reo. May 20
•135 June 15 *Holders of roe. June 1
Second preferred
Curtis Mfg., com.(guar.)
$1.75 June 10 Holders of reo. June 1
6255c July 1 Holders of rec. June 14
Goldberg (S. M.) Stores. corn. (Quiz.)..
Curtis Publishing, corn. (monthly)
250. June 16 Holders of ree. June 2
60e. June 2 Holders of reo. May 200
Preferred (quar.)
Common (monthly)
$1.75 June 16 Holders of rec. June 2
*50e. uly 2 *Holders of rec. June 20
Golden
Preferred (quar.)
400. June 10 Holders of reo .May 81
$1.75 July 1 Holders of rec. June 20. Golden Cycle Corp. (guar.)
State Milk Prod.(in stock)
Cushman's Sons, corn. (quar.)
411
•e2.8 June 30 *Holders of roe. May 15
une 1 *Holders of reo. May 15
7% preferred (quer.)
$1
June 2 Holders of reo. May 196
154 June 1 Holders of reo. May 15a Goodrich (B.F.) Co.common (quiz.)
Preferred
8% preferred (guar.)
154 July 1 Holders of roe. June 144
2
June 1 Holders of rec. May 156 Goodyear (guar.)
Tire & Rubber. Min.(guar.).
David & Frere, Ltd.(Canada), cl. A (qu)
1.25 Aug. 1 Holders of reo. July I
67e. June 16 Holders of rec. May 31
Preferred (quar.)
Decker (Alfred) & Cohn, corn.(guar.)._ *50e. June 14 *Holders
1,‘ July 1 Holders of rm. May 31a
of reo. June 6
Gorham Manufacturing, corn.
Preferred (quiz.)
500. June 2 Holders of reo. May 1
•154 June 2 *Holders of roe. May 20
Olusdi
Corn.(stock
.1-20th sh.oom.stk.)_
Preferred (guar.)
June 2 Holders of reo. May 1
•15( Sept. 2 *Holders of roe. Aug. 20
Gorton Pew Fisheries (guar.)
Deere & Co., new corn.(qu.)(No. 1)_
*75o. July 1 *Holders of roe. June 20
30o July I Holders of reo. June 14
Grand Rapids Stores Equip. pf.(qu.)
Common (payable in common stook)_ f155 July 15
•175ie Aug. 1 *Holders of rec. July 20
Holders of reo. July 14
7% Preferred (quiz.)
Preferred ($100 Par) (quar.)
*17550 Nov. I *Holders of rm. Oct. 21
154 June 2 Holden of reo. May 160 Grand
Rapids Varnish (quar.)
•250. July 1 *Holders of reo. June 20
Preferred ($20 par) (guar.)
36c. June 2 Holders of Teo. May 160 Grand (F.
& W.)-811ver Stores, Inc.
Dennis Brothers, Ltd.
Common (payable In common stock). fl
June 25 Holders of rec. June 2a
Amer. dep. rete, for ord. reg. ebs----• Spence May 31 *Holders
of re*. May 2
Grand Union Co., cony. prof.(quiz.)...
75e. June I Holders of reo. May 15a
Denver Union Steak Yards.cum.(qu.). *al July 1
*Holders of reo. June 20
Granger Trading Corp. (guar.)
Common (Qum.)
"400. June 21 Holders of reo. June 6
*21 Oct. 1 *Holders of re*. Sint
28
250. July 1 Holders of reo.
Common (quiz.)
•81 Jan 1'81 °Hold. of rim. Dee. 20'80. Grant(W. T.) de Co., com.(quiz.)
Great Atlantic & Pao. Tea °rim.(guar.).•$1.25 June 1 Holders of reo. June 12a
Common (mar.)
May 5
'Si Ap.1 81 *Hold. of ree. Mar. 20 '81
•13.‘ June 1 Holders of
Preferred (quiz.)
Detroit & Cleve. Navigation (Quiz.)....
reo. May 5
20c July 1 Holders of reo. June 14
Great Northern Paper (guar.)
*75c. June 2 Holders of rm. May
Detroit Motor Bus
0206 June 14 'Holders of reo. May 29
Greenfield Tap & Die.6% pref.(quiz.). 134 July 1 Holders of reo. June 20
Dexter CO.(guar.)
14
•36o. June 2 *Holders of rec. May 15
8% preferred (Gum.)
2
July 1 Holders of rm. June 14
Diamond Match (guar.)
2
June 16 Holders of reo. May 811 Grier (S. M.) Stores
Dictaphone Corp., corn. (guar.)
common (quiz.)... •250. June 16 Holders of rec. June 2
•730. June 1 *Holders of rms. May 18
$7 Preferred (guar.)
•$1.75 June 16 Holders of rec. June
Preferred (quiz.)
*2
June 1 *Holders of rec. May 16
2
Gruen Watch. common (GUM.)
*50e. June I Holders of rec. may
Di Giorgio Fruit Corp.. pref. (quiz.)... •
1
July 15 *Holders of reo. June 14
20
Common (guar.)
•11,0e. Sept. 1 Holden of rec. Aug. 20
Dome Mines. Ltd. (guar.)
25c. July 21 Holders of rec. June 301
Common (guar.)
•50e. Dec. I Holders of rec. Nov.
Dominion Glass, Ltd., corn. & pf.(au.). 154 July 2
20
Holders of rec. June 16
Common (quad.)
•50c. Marl
Dominion Stores. oom. (guar.)
Hold. of rec. Feb.20,
30c. June 30 Holders of rec. June 170
•1, Aug. 31 *Holders of rm. July 31
4
Preferred (guar.)
Common (payable in corn. stock).
1
12
June 30 Holders of rec. June 170
20
Preferred (guar.)
•154 Nov. I *Holders of rec. Oct.
Dominion Textile. corn.(quar.)
51.25 July 2 Holders of rec. June 14
Preferred (guar.)
•154 Feb 131 *Hold, of roe. Jan. 20 20
Preferred (guar.)
1)4 July 15
Gulf 011 Corp.(Mar.)
'87540 July 1 'Holders of rm. June'31
Dresser (S. R.) Mfg class A (quiz.).... 8755e June 2 Holden of reo. June 30
Holders of rec. May 21
Quarterly
'87341 Oet. 1 "Holden of reo. Seel. 20
Class B (quar.)
60e. June 2 Holders of rec. May 21
Quarterly
'3734.Janl 81 "Hold. of reo. Dee. 29
Drag, Inc. (guar.)
June 2 Holders of reo. MAY
20
4 Gulf States Steel com.(dinar.)
July 1 Holders of reo. June '80
I6
21
Du Pont(E. I.) de Nem.& Co.com.(Qu) $1
June 14 Holders of reo. May 290
lit pref. (ausx.1
134 July 1 Holders of reo. June 16a
Debenture stock (guar.)
155 July 25 Holden of reo. July 100
164
First preferred (quar.)
154 Oct. 1 Holders of roe. Sept. 16a
Eastern Utilities investment
First preferred (quar.)
1)4 Jan2'31 Holders of ree. Dec. 15.
$6 preferred (guar.)
$1.50 June 2 Holders of reo. Apr. SO
25e. July 1 Holders of reo. May
Habirshaw Cable & Wire (guar.)
$7 preferred (guar.)
$1.75 June 2 Holders of rec. Apr.
•25c. June I *Holders of rec. May 3Ia
Hale Bros. Stores (quar.)
95 prior preferred (guar.)
$1.25 July 1 Holders of rec. May 30
Hall (C. M.) Lamp.(guar.)
.37550 June 16 *Holders of reo. June 16
Eastman Kodak common (quar.)
$1.25 July 1 Holders of roe. May 81
310 Hamilton Watch common
300. May 31 Holders of reo. May 2
Common (extra)
750. July 1 Holders of no. May 310
134 June 2 Holden of rec. May 20
Preferred. (guar.)
Preferred (guar.)
155 July 1 Holders of rec. May 310 Hanna
154 June 20 Holders of rec. June 10a
(M. A.) Co., let prof. (guar.)
Edison Brothers Stores, Prof. (Guar.)._
154 June 14 Holders of reo. May
5a
$7 preferred (guar.)
$1.75 June 20 Holders of rec.
31
Eisler Electric Corp
3755c June 14 Holders of rec. May 28
Hines(P. H.) KnItt.. com.& com.B (all.) •15c. June 2 *Holders of rm. June 5.
Elec. Controller & Mfg. corn. (Quar.)
$1.25 July 1 Holders of rec. June 20
May
Preferred (guar.)
'134 July 1 *Holders of rec. June 20
Shareholdings, corn. (guar.)
Elec.
25e. June 1 Holders of rec. May 5
20
Harbauer Co. common (guar.)
450. July 1 Holders of roe.
Common (payable in common ertock)_ 11
June 1 Holden of rec. May 5
Preferred (guar.)
*154 July 1 *Holders of reo. June 24
Pref.($1.50 cash or 1-20th eh.com.stk)
June 1 Holders of rec. May 5
Harbison-Walker Refract.. Oom. (guar.)
50e. June 2 Holders of rec. June 20
Elec. Eller. Batt. corn.& pref.(quar.)... $1.25 July 1
Holders of rec. June 7a
Common (extra)
25c. June 2 Holders of roe. May 23e
1140 Fifth Ave.. Inc., pref
3
May
June 2 May 16 to June 2
Preferred (quiz.)
115 July 19 Holden of rec. July 234
Ely Walker Dry Goods coin.(quar.)._..
50o. June 1 Holders of roe. May 21
go
Hart-Carter Co., corn.(guar.)
*250. June 10 *Holders of rm.
Empire Corp., $3 pref. (guar.)
(b) June 1 Holders of rec. May 20
June 1
Preferred (guar.)
•60e. June 1 *Holders of reo. May
Emporium Capweli Corp (quar)
)
15
60e. June 24 Holders of rec. May 31
Hartman Corp. class A (guar.)
500. June 2 Holders of rec. May
Equitable Invest. Corp. corn. A (quar.)_ 1155 June 16 Holders
Class B (quar.)
of rec. May 29
300. June 2 Holders of reo. May 19a
Equitable Office Bldg. common (guar.).
lga
75e. July 1 Holders of roe. June 146 Hart Schaffner & Marx,com.(quiz.)... .$2
May 31 *Holders of roe. May
Preferred (guar.)
154 July 1 Holders of rec. June 146 Hathaway Bakeries, class A (guar.)
75c June 2 Holders of reo. May 16
Essex Company
15
$3
June 2 Holders of rec. May 10
Preferred (guar.)
134 June 2 Holders of rec. May 15
Fair (The) common (guar.)
130e. Aug. 1 Holders of rec. July 210 Hawaiian Pineapple (guar.)
brio. May 31 Holders of reo. May
154 Aug. 1 Holders of roc. July 210 Hayes Wheels & Forging!. corn.(guar.).
16a
Preferred (guar.)
*50c. July 1 *Holders of rec. June 20
Fairbanks, Morse & Co., corn. (quar.)..
75c. June 30 Holders of rec. June 120 Hazeltine Corp.(guar.)
•50c. May 31 *Holders of reo. May 15
154 June 2 Holders of rec. May 120 Hecht Mining (quar.)
Preferred (guar.)
•250. June 15 *Holders of roe. May 15
500. June 23 Holders of rec. June 9
Famous Players Caned.Corp..com.(au.)
Helena Rubinstein. pref. (guar.)
•75c. June 2 *Holders of rec. May
62550 July 1 Holders of rec. June 16
20
Faultless Rubber, corn. (guar.)
Hibbard, Spencer. Bartlett & Co.(mthly)
350 June 27 Holders of rec. June 20
154 June 16 Holders of rec. May 260 Higbee & Co., first
Federal Mining & Smelt. pref. (Guar.)._
preferred (Quar.)
Aug. 1 *Holders of reo. July 20
•750. July I "Holders of reo. June 15
Federal Screw Works (quar.)
First preferred (quar.)
•154 Nov. 1 *Holders of reo. Oct. 19
$1
June 2 Holders of reo. May 20
Federal TheatreS. 1st pf.(qu.)(No. 1)
Second preferred (quar.)
2
June I May 21 to June 2
20e. May 31 Holders of roe.
Federated Capital Corp. corn. (guar.)._
Second preferred (guar.)
May
Sept. I *Holders of reo. Aug. 20
May 31 Holders of rec. May 15
(payable In corn. stock)._ fl
Common
Second preferred (guar.)
*2
15
Doe. 1 *Holders of reo. Nov. 21
37550 May 31 Holders of rec.
Preferred (guar.)
Hires (Charles E.) Co., corn. A (quiz.)..
May 15
500. June 2 Holders of reo. May 15a
Penman & Curme Shoe. pref.(quiz.)... 154 July 1 Holders of rec. June I
Hobart Mfg. common (quar.)
"62 Sic June 1 *Holders of reo. May 17
3
June 2 May 16 to June 2
Fifteen Park Ave., Inc.. Preferred
Holland Furnace (guar.)
62340 July 1 Holders of reo. June
160. June 30 Holders of reo. June 130
Fifth Ave. Bus Securities (Quar.)
Preferred
•gyi July 1 'Holders of reo. June Itla
16
40c June 1 Holders of rec.
Finance Service. Ball., corn. (quar.)_..
Holt (Henry)& Co., panto. A (au.)
May 15
*450. June 1 *Holders of reo. May 10
17550 June 1 Holders of roe. May 15
Preferred (guar.)
Horn (A C.) Co. 1st pref.(guar.)
•875io June 1 'Holders of ree. May 23
MAY 31 1930.1
FINANCIAL CHRONICLE
3837
Per
When
Cent. Payable.
Books Closed,
Per
Whets
Notes of CompanY.
Books Closed.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (ContisueteD•
Miscellaneous (Continued).
Horn & Hal dart(N. Y.) pref.(guar.).
- lid June 2 Holders of rec. May 12, Matson Navigation (guar.)
'134 Aug. 15
Hudson Motor Car (guar.)
$1.25 July 1 Holders of rec. June Ila
Quarterly
'134 Nov. 15
Hydro-Electric Securities (guar.)
50e. June 14 Holden of rec. May 8
Mayflower Associates (guar.)
•50c. June 15 *Holders of rec. June 3
Illinois Brick (guar.)
.600. July 15 "Holden of reo. July 3
Stock dividend
Yel
June 15 "Holders of rec. June 3
Quarterly
.600. Oct. 15 'Holders of rec.
May Hosiery Mills pref. (guar.)
$1
Illinois Pipe Line(adjustment dividend)- •54.50 June 14 *Holders of reo. Oct. 3
June 1 Holders of rec. May 20
May 22
NicCahan (W. J.) Sugar Refg. de
Imperial Chemical Industries
Molasses Co. pref. (guar.)
194 June 2 Holders of rec. May 15a
American deposit reseelots
ote5
June 7 *Holders of rec. Apr. 15
McColl-Frontenac Oil, com.(guar.)...150. June 15 Holders of roe. May 15
Imperial Oil of Canada reg. stock (guar.) 1234c. June 2 May 16 to
June 1
McCrory Stores Corp.
Bearer stock (guar.)
1254c. June 2 Holders of coup. No. 25
Common and common B (guar.)
50c. June 2 Holders of roe. May 20a
Imperial Royalties pref. A (monthly)
18e. May 31 Holders of roe. May 25
MeIntyre Porcupine Mines (guar.)
25e. June 2 Holders of rec. May 10
Old preferred
1).4c. May 31 Holders of rec. May 25
McKesson dr Robbins, pref. A (quar.)
8734c. June 16 Holders of rec. June 20
Indiana Limestone. pref. (guar.)
134 June 2 Holders of rec. May 20
Medan (Fred.) Mfg., corn.(guar.)
Industrial Finance Corp
June 1 Holder, of rec. May 20
Melchers Distilleries (Canada) A (guar.)
550c.. June 16 Holders of rec. June 2
Gc
Common (payable in common stock)._ f234 Aug. 1 Holders of tee.
Apr. 18
Mengel Co., corn. (guar.)
500. July 1 Holders of tee. May 31a
Common (payable In common stock) f254
Nov. 1 Holders of reo. Apr. 18
Preferred (guar.)
154 June 1 Holders of rest May 15.
Common (payable in common stook) 1234 Febl'31 Hold. of rec.
Merck Corporation, pref. (guar.)
Industrial & Power Securities, core.(qu.) n25c. June 1 Holders of Apr. 18'30
2
July 1 Holders of recs. June 17
rec. May I
Mergenthale
$1.50 June 30 Holders of rec. June 4a
Ingersoll-Rand Co..corn.(guar.)
51 June 2 Holders of reo. May 90 Merrimack r Linotype (guar.)
Mfg. common
'$1.50 May 31 Holders of reo. May 6
Common (extra)
$1 June 2 Holders of reo. May 9a Merritt-Chapman &Scott Corp.,com(q
u)
40e. June 1 Holders of rec. May 15
Inland Steel (guar.)
51 June 2 Holders of rec. May 15a
Preferred (guar.)
Inspiration Con. Copper Co.(quar.)_
154 June 1 Holders of reo. May 15
50e. July 7 Holders of rec.
"40c. July 1 'Holders of rec. June 14
Insull Utility Invest., corn. (In stock)._ '1154 July 15 *Holders of rec. June lea Siesta Machine, common (guar.)
July 1
Common (extra)
.10e. July 1 'Holders of roe. June 14
Common (payable in common stook)_ .1134 Oct. 15 'Holders of
rec. Oct. 1
Preferred (guar.)
*$1.50 July 1 *Holders of rec.
Second series preferred (guar.)
51.50 June 2 Holders of rec. May 15
Metal Textile Corp. partic. pref.(gu.)- 81540June 1 Holders of rec. June 14
Insuranshares Certificates (guar.)
15c. June 15 Holders of reo. May 31
May 20
Metro-Goldwyn Pictures. pref.(qu.)... 474e, June 14 Holders of
Interlake Iron (guar.)
25e. June 25 Holders of reo June 10
rec. May 2
9a
Metropolitan Paving Brick corn. (qu.)...
Internat. Arbitrage, corn.(guar.)
50c. June 1 Holders of reo. May 15
oil
June 2'Holders of reo. May 20
Preferred (guar.)
Internat'l Agile. Corp.. pr. Pref.(qu.)._
154 July 1 June 16 to
June 30
134 June 2 Holders of rec. May 15e Michigan Steel
(extra in stock)
Internat. Carriers, Ltd. (No. 1)
el July 21 Holders of rec. June 30a
25e. July 1 Holders
Internat. Harvester common (guar.)._ 6254e July 15 Holders of roe. July 16a Midland Royalty $2 pref.(guar.)
f•50c. June HS *Holders of rec. June 5
of rec. June 200
Preferred (guar.)
134 June) 2 Holders of rec. May 5a Midland United Co., corn.(In corn.)._-. f154 June 24 Holders of rec. May 31
Pref. class A (guar.)(No.1)
Internat. Match, corn. & pref. (guar.).- $1
k75o. June 24 Holders of rec. May 31
July 15 Holders of rec. June 25a
Midvale Co.(guar.)
Internat. Mtge. & Invest. pref. lquar.)- 134 June 2 Holders
51 July 1 Holders of rec. June 14
of rec. May 20
Stiller & Hart, Inc., cony. pref.(quar.)_ '8754c July 1 'Holders of rec. June 15
Internat. Nickel, com. (guar.)
250. June 30 Holders of rec. June 2a
Miller (I.) dr Sons, Inc., corn.(guar.)...
International Paints, Ltd., Canada
50e July 1 Holders of rec. June 20
Preferred (guar.)
Class A and B
154 June 2 Holders of rec. May 23
750, June 15 Holders of rec. June 2
Internat. Safety Razor, class A (guar.).
60c. June 2 Holders of rec. May 15a Mississippi Val. Utilities Investment
37 preferred (guar.)
Class B (guar.)
$1.75 June 2 Holders of reo. May 15
50o. June 2 Holders of rec. May 15a
International Salt (guar.)
31.50 May 31 Holders of rec. Apr.
2
July I Holders of rec. June 16a Mohawk Mining
Monarch Royalty Corp. of. A (mthly.)_ 1234c June 10 Holders of rec. May 30
Internat. Securities Corp. corn. A (qu.)_
750. June 2 Holders of roe. May 15
31
Preferred (monthly)
Common B (guar.)
1 ide. June 10 Holders of reo. may Si
12340 June 2 Holders of reo. May 15
Monighan Mfg., class A (qual.)
7% preferred (guar.)
*45c. July 1 *Holders of rec. June 20
154 June 2 Holders of rec. May 15
Montreal Loan & Mtge.(guar.)
3
June 16 Holders of rec. May 31a
654% preferred (guar.)
154 June 2 Holders of reo. May 15
Morison Elec. Supply, com.(quar.)
6% preferred (guar.)
.25e. June 1 'Holders of reo.
134 June 2 Holders of rec. May 15
Common (payable In common stock). '1154 June 1 "Holders of reo. May 15
International Shoe, pref. (monthlY)50o. June 1 Holders of reo. May 111
May 15
Morrell (John) & Co., Inc. (guar.)
International Silver. corn. (quar.)
$1.10 June 14 Holders of rec. May 24a
134 June 1 Holders of reo. May 15e
Motor Products Corp. corn. (quar.)
Interstate Bakeries, corn.(au)(No. 1)
50c. July 1 Holders of rec. June 21a
.250. July 1 *Holders of roe. juned18
Motor Wheel Corp. com.(guar.)
Investors Equity (guar.)
75e. June 10 Holders of rec. May 206
50o. July 1 Holders of reo. June 160
Siunsingwear, Inc. (guar.)
Iron Firemen Mfg.(guar.)
750. June 1 Holders of rec. May 16a
•25e, June 1 *Holders of reo. May 15
Murphy (G. C.) Co. common (quar.)
Jaeger Machine, corn. (guar.)
40e. June 2 Holders of roe. May 22
62340 June 1 Holders of reo. May 15
Muskegon Motor Specialties A (guar.)
Jewel Tea, Inc., corn. (guar.)
- '5043. June 1 'Holders of rec. May 20
750. July 15 Holders of reo. July la
Common (extra)
June 14 'Holders of rec. June 4
"54
31
June 16 Holders of reo. June 2a Muskogee Co
National Baking, 7% pref. (guar.)
Johnson-Stephens-Shinkle Shoe (qu.)
'134 May 31 'Holders of roe. May 10
62540 June 2 Holders of rec. May 15
Nat. Bearing Metals, corn. (guar.)
Jones & Laughlin Steel Corp.. com. qu.) '134 June 2 *Holders of rec.
(
75e. June 1 Holders of reo. may 15
May 13
Preferred (guar.)
- 154 June 1 Holders of rec. May 21a
134 July 1 Holders of roe. June 131 Nat. Bellas Hess Co., pref. ((man).
National Biscuit, new corn. (No. 1)Kaufman Department Stores pref.(qu.)_
70e. July 15 Holders of reo. June 20a
134 July 1 Holders of rec. June 10
Preferred (guar.)
Kendall Co. panto. pref. (guar.)
31.50 June 1 Holders of roe. May 10,
134 May 31 Holders of rec. May 150
National Bond dr Share(No.1)
pref.(participating dist.)
370. June 1 Holders
25c. June 16 Holders of rec. June 2
Kidder Participations. Ina., common._ •56340 Aug. 1 *Holders of reo. May 10a National Container Corp. pref.(guar.)._
50e. June 1 Holders of rec. May 15
of rec. July 17
Nat. Dairy Products, corn.(guar.)
Kidder Participations No. 2, prof (extra) .250. Oct. 1
50o. July 1 Holders of rec. June 36
Corn.(payable in corn. stook)(111ar.) 11
Kimberly-Clark Corp., corn.(guar.)
8234c July 1 Holders of reo. June 12a
July I Holders of reo. June 30
Corn.(payable in corn. stook) (guar.). 11
Preferred (guar.)
134 July 1 Holders of roe. June 12
Oct. 1 Holders of roe. Sept. 30
Preferred A & B (guar.)
Kinney (G.It.) Co.,corn.(guar.)
25e. July 1 Holders of rec. June 16.
'134 July 1 'Holden
National Dept. Stores, 2nd pref.(qu.)_ _ '154 June 1 'Holders of roe. June 36
Preferred (guar.)
2
June 2 Holden of rec. May 1641
of rec. May 15
Kirby Lumber (guar.)
YIN June 10 *Holders of ree. May 81. Nat. Family Stores, corn. (guar.)
400. June 1 Holders of roe. May 20
Preferred (guar.)
Quarterly
500. June 1 Holders of rec. May 20
'134 Sept. 10 'Holders of rec. Aug. 80
National Investors Corp., Met
Quarterly
254 July 1 Holders of rec. June 10
'134 Deo. 10 'Holders of reo. Nov. 29
National Lead, common (guar.)
Klein (D.Emil) Co.(guar.)(No. 1)
•250. July 1 *Holders of
134 June 30 Holders of roe. June 13a
Preferred A (guar.)
Kleinert (I. B.) Rubber Co. corn.(qu.) _ 6234c June 2 Holders of ree. June 15
134 June 14 Holders of rec. May 294
reo. May 15
Preferred, class B (guar.)
Knox Hat,corn.(guar.)
134 Aug. 1 Holders of roe. July 1811
•51 June 15 *Holders of rec. May 15
Nat. Manufacture & Stores
Kobacker Stores, Inc., corn
June 1 *Holders of reo. May 15
.51
Class A and pref. stocks (guar.)
Kepler Company, pref. (guar.)
•51.75 July 1 *Holden of reo. June 14
$1.10 June 2 Holders of rec. May 21
Kresge (S. S.) Co., corn. (guar.)
•50o. July 1 "Holders of tee. June 20
40o June 30 Holders of rec. June 106 National Screen Service (guar.)
Preferred (guar.)
50o. July 2 Holders of reo. June 17
134 June 30 Holders of reo. June 10, National Steel Car Corp (guar.)
Nat. Sugar Refining (guar.)
Kreuger & Toll Co., American shares
*$1.60 July 1
50e. July 1 Holders of roe. June 2
Kroger Grocery & Baking, eons.(quar.)_
184 June 30 Holders of rec. June 204
250. June 2 Holders of rec. May 10, Nat. Supply pref. (guar.)
National Transit (guar.)
First preferred (guar.)
.250. June 16 *Holders of rec. May 31
'134 July 1 *Holders of rec. June 20
Nehl Corp. common (guar.)
Second preferred (guar.)
3234c June 2 Holders of reo. May 16
'134 Aug. 1 *Holders of tee. July 21
First preferred (guar.)
Stook dividend
1.3154 July 1 Holders of rec. June 15
el
June 2 Holders of roe. May 10,
Krasner Bros.. the., common (quar.)___
Stock dividend
el
Sept. 1 Holders of reo. Aug. lle
40e. July 1 Holders of tee. June 144
Common (guar.)
Kuppenheimer (B.) ee CO., commonel
40e. Oct. 1 Holders of rec. Sept. 150
July 1 Holders of reo. June 21a
Common (guar.)
Preferred (guar.)
40e. Jan 1'31 Holders of tea. Dee. 15.
134 June 2 Holders of rec. May 24,
Neptune Meter. class A dc B (guar.).Lake of the Woods Milling, corn.(guar.)
80c. June 2 Holders of rec. May 17
*50e. June 16 'Holders
Newberry (J. J.) Co. common (guar.)._ .2754c July 1 'Holders of roe. June 2
Preferred (guar.)
134 June 2 Holders of reo. May 17
of reo. June 16
Preferred (guar.)
Lake Shore Mines, Ltd.(guar.)
30e June 16 Holders of reo. June 2
.154 June 1 *Holders of rec. May 16
New Jersey Zinc (extra)
Landis Machine, common (quer.)
2
June 10 Holders of rec. May 21
•75e Aug. 15 'Holders of rec. Aug. 5
Newport Co.(guar.)
Common (guar.)
•750 Nov. 15 *Holden of roe. Nov. 5
•500. June 2 *Holders of rec. May 23
Class A (guar.)
Langton Monotype Machine (guar.).
750. June 2 Holders of rec. May 23a
- '134 May 31 *Holders of roe. May 21
New York Transit
Extra
•250. May 31 *Holders of rec. May 21
40o. July 15 Holders of roe. June 20
New York Transportation (guar.)
Lawyers Mortgage Co. (guar.)
.50e. June 28 'Holders of reo. June 15
•700 June 30 *Holders of rec. June 18
Nichols Copper Co.,class A (guar.)
Leath & Co., common (quar.)
•250 June 30 'Holders of reo. June 20
-• 434e. July 1 'Holders of rec. June
Niles-Bement
Common (guar.)
-Pond, common (quar.)_-_ •500. June 30 'Holders of reo. June 20
•250 Sept.30 *Holders of reo. Sept.20
20
Lehigh Coal & Navigation
Common (guar.)
•500. Sept.80 "Holders of roe. Sept.20
New no par common (guar.)(No. 1)
Common (guar.)
854s. May 81 Holders of tee. Apr. 30,
•50e. Dee. 31 'Holders
Lehigh Portland Cement, pref. (guar.)NOblitt-Sparks Industries (in stock).... 'e134 July 1 *Holders of tee. Deo. 20
lid July 1 Holders of rec. June 14a
of tee. June 20
Lehigh Valley Coal Corp. (guar.)
Stock dividend
750. July 1 Holders of reo. June 120
'01 14 Oct. 1 *Holders
Lehigh Valley Coal Sales
Northam Warren Corp.,cony. pref.(qu) .750. May 31 'Holders of tee. Sept. 20
90e. June 30 June 13 to June 30
of reo. May 15
Lehn & Fink Products corn (guar.)..._
North Amer. 011 Consol. (monthly)
75c. June 1 Holders Of rec. May 15,
•100. June 28 'Holders of rec. May 20
Leonard Customs Tailors com.(qu.) '
North Central Texas 011 (guar.)
150. June 2 Holders of tee. May 10
4334c June 1 "Holders of tee. May 15
Common (extra)
Preferred (guar.)
134 July 1 Holders of reo.
•250 June 1 *Holders of tee. May 15
Libby, McNeil & Libby, pref
Northern Disc., pref. A (monthly)----' 66 2-3e June 1 'Holders of tee. June 10
314 July 1 Holders of rec. June 13
May 15
Libby-Owens Glass. corn.(guar.)
•662-30 July I "Holders
Preferred A (monthly)
250 June 1 Holders of reo. May 16,
of tee. June 15
Liberty Share Corp.. stock dividend_ _
Preferred A (monthly)
Yel
Dee. 31
662-30 Aug. 1 "Holders of rec. July 15
Liggett & Myers Tob.com.stcom.B.(qu.) $1 June 2 Holders of reo.
Preferred A (monthly)
662-30 Sept. 1 "Holders of roe. Aug. 15
May 15a
Lily-Tulip Cup Corp.. corn. (guar J
Preferred A (monthly)
662-3 Oct. 1 "Holders of tee. Sept. 15
_ nide June 16 Holders of rec. June 8
Preferred (guar.)
Preferred A (monthly)
$1.75 June 30 Holders of reo. June 6
662-30 Nov. 1 *Holders of reo. Oct. 15
Lindsay (C. W.) dr Co.. Corn.(quar.)._
Preferred A (monthly)
862-30 Dee. 1 'Holders of rec. Nov. 15
250. June 1 Holders of Leo. May 15
Preferred (guar.)
Northern Pipe Line
52
154 June 1 Holders of reo. May 15
July 1 Holders of roe. June 13
Lindsay Nunn Publishing pref.(qu.)
O'Connor & Mot., class A (guar.)
.37ido June 2 'Holders of tee.
•50e June 1 *Holders of rec. May 20
May 15
Link Belt Co.. corn.(guar.)
Oggleeby Paper, preferred (guar.)
.$1.50 Aug. 1 *Holders of rec. July 20
65e. June 1 Holders of tee. May 15
Loblaw Groceterlas A & B (guar.)
Preferred (guar.)
"2013 June 2 'Holders of Tea. May 12
•81.50 Nov. 1 "Holders of tee. Oct. 20
Loew's, Inc., common (guar.)
134 June 2 Holders of rec. May 22
75e June 30 Holders of tee. June 140 Ogilvie Flour Mills. Pref• (guar.)
London Canada Investment, pref. (au.) 134 June 2 Holders of
Ohio 011 common (guar.)
•51
June 14 *Holders of tee. May 15
ree. May 15
New preferred (guar.) (No. 1)
Lord & Taylor. let Pref. (guar.)
*51.50 June 14 *Holders of rec. May 22
134 June 2 Holders of rec. May 170
Louisiana 011 Refg. pref. (guar.)
75c, July 1 Holders of rec. June 10
134 Aug. 15 Holders of rec. Aug. la Oliver Farm Equip., partic. stk.(qu.)-Ludlow Mfg. Associates (guar.)
Prior preferred (guar.)
$2.50 June 2 Holders
"51.50 July 1 'Holders of rec. June 10
Lunkenhelrner Co. common (quar.)_ _ '3734c June 14 "Holders of rec. May 10
Omnibus Corp. pref. (guar.)
2
July 1 Holders of rec. June 136
of reo. June
Ontario Mfg.,corn.(guar.)
Preferred (guar.)
'134 July 1 'Holders of reo. June 4
•50e. July 1 *Holders of rec. June 20
21
Preferred (guar.)
Preferred (guar.)
'134 Oct. 1 'Holders of rec. Sept.20
'154 July 1 'Holders of rec. June 20
Oshkosh Overall, pref.(guar.)
Preferred (guar.)
'134 Jan 1'31
*50c. June 1 'Holders of tee. May 22
Otis Elevator. pref.(guar.)
Lynch Glass Machine (guar.)
"500. Aug. 15 *Holders of rec. Aug.
154 July 15 Holders of roe June 50s
Preferred (guar.)
Stock dividend
'el
Aug. 15 *Holders of rec. Aug. 5
154 Oct. 15 Holders of tee. Sept. 300
Preferred (guar.)
Macy (R. H.) & Co.(extra)
154° an15'31 Hold, of ree. Dec.31'304
July 2 Holders of rec. June 5
51
Magnin (I.) CO.. pref. (guar.)
'154 Aug. 15 *Holden of tee. Aug. 13a Outboard Motors Corp., Cl. A (guar.)._ .450. June 2 'Holders of rec. May 19
a
Owens Illinois Glass, pref.(guar.)
Preferred (guar.)
'134 Nov. 15 *Holden of rec.
154 July 1 Holders of rec. June 15
Nov. 5
Mallinson(H.It.) dr Co., Inc., Pf.(qu.)_
•500. June 1 'Holders of rec. May 15
134 July 1 Holders of rec. June 20a Pacific American Fisheries (guar.)
Pacific Commercial Co. (guar.)
.53
Bevel., prof
Mandel (II.)
.70e. June 30 "Holders of rec. June 14
June 1 *Holders of rec. May
20
Packard Motor Car (guar.)
Mtuutel Stores, pref.(guar.)
250. June 12 Holders of rec. May 151
134 June 1 Holders of rec.
00 Paraffine Cos.(guar.)
Manhattan Shirt, corn. (guar.)
50o. June 2 Holders of rec. May 2
$1 June 27 Holders of roe. June 17
Stock dividend
Manischewitz (I)) Co.. con). (guar.)
2 June 27 Holders of roe. June 17
.45e. June 1 "Holders of rec. May 150
Paragon Refining class A (guar.)
75o July 1 June 21 to
Common (pay. In corn. stock) (qual.). .11
June 1 "Holders of roe. May 20
July 1
Paramount Publlx Corp. com. (guar.)._ $1
June 28 Holders
'134 July 1 'Holders of roe. May 20
Preferred (guar.)
Mar. 20
Parmelee Transportation corn.(mthly.) 12340 June 10 Holders of rec. June 6a
•300. June 30 'Holders of roe.
Marine Midland Cont. (qual.)
of rec. May 29a
Patterson-Sargent CO.,corn.(guar.).
- 50c. June 1 Holders of rec. May 15
June 2 Holders of rec. June 2
Marmon Mot.Car,com.(Pals.1n comatk.) 12
May lea render 01.1 Grocery Co.,cl. A (qu.).
87 ide. June 1 Holders. of rec.
6214c June I Holders of
Marshall Field dr Co. (quo) (No. 1)-May
25e. June 17 Holders of roe. June 20
•50e. June 1 'Holders of rec. May 150 Penick & Ford, Ltd., corn.(guar.)
Material Service Corp.(guar.)
6a
reo.
Preferred (guar.)
50c. June 2 Holders of roe. May 15
194 July
May Department Storm, corn.(quar.)_
May 150 Pennsylvania Investing Co., el. A (qu.)_ 6234e. June I Holders of rec. May 28a
2 Holden of tee.
Common (payable in common stook). 114June 2 Holden of rec. May 15a
Clan D
500. June 2 Holders of rec. Apr. 30.
Common (Payable In common stock). 1134 Sept. 2 Holders of reo. Aug.
Apr. 300
0 Peoples Drug Co., Corn.(guar.)
25e. July 1 Holders of
Common (payable in common stock). 1134 Dee. 1 Holden of rec. Nov. 15
150
Preferred (guar.)
lid June 16 Holders of tee. June 9,
rec. June 2e
•
•
•
•
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Contieued).
250. June 1 Holders of rec. May 1.5
Pepper (Dr.) Co
'3734c May 31 *Holders of rec. May 20
Perfection Stove (monthly)
3734c. July 1 Holders of rec. June 10a
Pe t Milk Co.,corn.(guar.)
1% July 1 Holders of rec. June 10
Preferred (gear.)
75c. July 1 Holders of rec. June 60
Phelps Dodge Corp.(guar.)
50c. June 30 Holders of rec. June 10a
Phillips Petroluem Co.. corn.(guar.)
June 1 Holders of reo. May 17a
1
Phoenix Hosiery pref. (guar.)
Pierce-Arrow Motor Car. pref. (quar.).
134 June 1 Holders of rec. May 106
500. June 2 Holders of reo. May 15a
Pillsbury Flour Mills, corn. (guar.)
"250. June 1 'Holders of roe. May 15
Pines Winterfront Co.(guar.)
June 1 "Holders of rec. May 15
•e2
Stock dividend
"500. July I 'Holders of rec. June 10
Pittsburgh Plate Glass (guar.)
194 June 1 Holders of rec. May 106
Pittsburgh Steel pref.(guar.)
50c. June 30 Holders of rec. June 18
Plymouth 011 (guar.)
500. June I Holders of roe. May 150
Poor & Co., class A and B (guar.)
*lit July 1 'Holders of rec. June 15
de Alexander, pref. (guar.)
Powdrell
50e. June 30 Holders of rec. May 31a
Prairie Oil& Gas (quar.)
75e. June 30 Holders of roe. May 31a
Prairie Pipe Line (guar.)
50e. June 30 Holders of rec. May 31a
Extra
July 1 'Holders of rec. June 16
Pratt & Lambert Co. common (qu.)_ _ *21
Prentice-Hall, Inc.$3 panic. pref.(gu.)_ •75c. June 2 "Holders of reo. May 20
.250. July 1 *Holders of rec. June 14
Pressed Metals of Amer. coin. (quar.).
134 Tune 30 Holders of rec. June 2a
Pressed Steel Car pref.(guar.)
250. June 2 Holders of rec. May 15
corn.(No.1)Prince de Whitely Trading,
75e. June 2 Holders of rec. May 20
Preferred (guar.)
lit June 14 Holders of rec. May 240
Procter .1 Gamble 5% pref.(guar.)
25e. June 16 Holders of roe. May 15
Public Investing Co. (guar.)
100. June 16 Holders of reo. May 15
Extra
"51.40 July 15 *Holders of roe. June 30
Public Service Trust Shares
3714c June 1 Holders of rec. May 9a
Pure Oil Co., corn. (guar.)
134 July 1 Holders of rec. June 10
8)4% prof.(guar.)
134 July 1 Holders of rec. June 10
6% preferred (guar.)
July 1 Holders of rec. June 10
2
8% preferred (guar.)
June 1 Holders of roe. May 150
$1
Purity Bakeries Corp., corn. (quar.)July 15 'Holders of reo. July 1
"SI
(guar.)
Quaker Oats Co., corn.
*j34 May 31 "Holders of roe. May 1
Preferred (guar.)
"134 Aug. 30 *Holders of rec. Aug • 1
Preferred (quar.)
(quar.)_.. 8730. July 1 Holders of reo. June 2a
Radio Corp. of Amer., pref. A
$1.28 July 1 Holders of rec. June 20
Preferred 13 (guar.)
12 Si c June 16 Holders of roe. May 19
Railroad Shares Corp.(guar.)
By. de Utilities Investing. 7% pf.(gU3 8734c June 2 Holders of roe. May 15
75e. June 2 Holders of rec. May 15
6% convertible preferred (quar.)
..500. June 1 "Holders of rec. May 10
Ranier Pulp & Paper, class A (quar.)
•25e. June 1 "Holders of reo. May 10
Class B (guar.)
'3734c June 15 "Holders of roe. June 1
Rapid Electrotype, corn.(guar.)
July 15 'Holders of rec. July 1
*05
Stock dividend
650 June 16 Holders of rec. May 31a
Raybestos-Manhattan, Inc.(quar.)__ $1.25 July 1 Holders of rec. June I3a
Real Silk Hosiery, corn.(guar.)
134 July 1 Holders of rec. June 13a
Preferred (guar.)
750. June 2 Holders of reo. May 20
Reliance Internat.$3['ref.(quar)
Rand. Inc.. com.(quar.) . 40c July 1 Holders of rec. June 7a
Remington
13.4 July 1 Holders of reo. June 7a
First preferred (guar.)
July 1 Holders of reo. June 70
2
Second preferred (guar.)
•750 July 15 *Holders of rec. July 1
Republic Supply (guar.)
4,7513 Oct. 15 *Holders of rec. Oct. 1
Quarterly
July 1 Holders of rec. June 105
Revere Copper & Brass, class A (guar.). 51
$1.75 Aug. 1 Holders of rec. July 10a
Preferred (guar.)
600 June 2 Holders of rec. May Ifia
Reynolds Metals (guar.)
45e. June I Holders of rec. May 20
Root Refining oonv. prior pref.
75e June 1 Holders of reo. May 20
(quar.)Cony
cum. pref.(guar.)
• 87)40. May 31 *Holders of roe. May 15
Rosy Theatres. class A (guar.)
•70 lune 2 "Holders of rec. May 20
Management. class A & B (qu.)
Royalties
40e. June 2 Holders of reo. May 26
Russek's Fifth Ave., common (quar.)
"65e tug. 1 "Holders of roe. July 20
Ruud Manufacturing (quar.)
500 June 20 June 10 to June 20
Bt. Joseph Lead Co.(guar.)
250 June 20 June 10 to Jens 20
Extra
50e Sept. 20 Sept. 10 to Sept. 21
Quarterly
25c Sept. 20 Sept. 10 to Sept. 21
Extra
500 Dee. 20 Dec. 10 to Doe. 21
Quarterly
250 Dee. 20 Dec. 10 to Doe. 21
Extra
50e June 2 Holders of roe. May 155
Savage Arms. corn. wow.)
'13.4 Aug. 15 "Holders of ITO. Aug. 1
Second preferred (guar.)
500. June 15 Holders of rec. May 31
(Schiff Co., common (guar.)
13.4 June 15 Holders of roe. May 31
Preferred (guar.)
Aug. 1 Holders of roe. July 154
el
Sears. Roebuck & CO.. stock div.(qu.)
Voir. 1 Holders of ree. Oct. 154
e1
Stock dividend (guar)
Second National Investors. pref. (gear.) $1.25 luly 1 Holders of rec. June Ina
July 1 'Holders of rec. June 14
"SI
Selected Stocks. Inc
July 1 'Holders of roe. June 14
•e4
Stock dividend
Selfridge Provincial Stores. Ltd.
"w334 June 7 "Holders of rec. May 16
American deposit receipts
25e. July 10 Holders of rec. June 20a
Shattuck (Frank G.) Co.(guar.)
Sept. 15 "Holders of roe. Aug. 25
(W.8) Pens, common (guar.). "51
Sheaffer
•51.46
Shell Transport & Trod. Am. shares..
350. June 30 Holders of roe. June 44
Shell Union 011 Corp. cont.(guar.)
134 July 1 Holders of roe. June 10a
Preferred (gear.)
1)4 June 1 Holders of rec. May 15
Sherwin Williams Co., pref. (Quar.)
50e. May 31 Holders of rec. May 16
Shippers Car Line. class A (gear.)
1% May 31 Holders of rec. May 16
Preferred (guar.)
Signal Oil&(las, el. A & B (guar.)---_. - •50c. June 10 'Holders of rec. May 29
•50c. June 15 'Holders of rec. May 29
Signal Royalties (guar.)
Simmons-Bordman Pub. pref.(queer.).- •75e. June 2 'Holders of rec. May 22
40e. lune 14 Holders of rec. May 29a
Simnel Petroleum (quar.)
13.4 June 2 Holders of reo. May 16a
Simon (Franklin) & Co.. pref. (guar.).Simon (H.) it Sons. Ltd , coin.(Gear.)... 823.40.June 1 Holders of roe. May 20
13.4 June 1 Holders of roe. May 211
Preferred (guar.)
500. July 15 Holders of roe. June 14a
Sinclair Cense!. 011 common (quar.)_
June 2 May 16 to June 2
3
10 Park Ave., Inc., pref
500. June 16 Holders of roe. May 15a
Skelly Oil (guar.)
Smith (Howard) Paper Mills. pref. (qu.) 114 June 2 Holders of rec. May 21
•75e. June 15 'Holders of reo. June 10
Southern Acid & Sulphur(quar.)
Jelly 1 Holders of reo. June-16
$1
South West Pa. Pipe Lines (Oust.)
50e. July 15 Holders of rec. June 30a
Spalding (A. G.)& Bros., earn.(quar.)._
lit June 2 Holders of rec. May 17a
First preferred (quar.)
June 2 Holders of rec. May 17
2
Second preferred (guar.)
134 June 2 Holders of rec. May 15a
Spear & Co.. prof. & 2nd pref. (guar.)
"250. June 2 'Holders of roe. May 20
Specialized Shares Corp.. corn.(guar.)
•75c. June 2 'Holders of rec. May 20
Preferred A & B (guar.)
Spencer Track Fund (No. 1) (quar.).__ •250 June 30 'Holders of rec. June 19
750. July 15 Holders of rec. July 2a
Spicer Manufacturing. pref.(quw .)--Square D Co., corn. B (guar.)(No. 1)... *50o. June 30 'Holders of rec. June 20
*2 June 30 'Holders of rec. June 20
CommonB (payable In stock)
•150. June 1 'Holders of reo. May 15
Standard Dredging, corn.(guar.)
Corn. (1-80th of one share of
(1) June 1 Holders of reo. May 15
011 (California)(quar.)
Standard
823.4c June 16 Holders of roe. May 15a
623.4e June 16 'Holders of reo. May 16
'
Standard 011 (Indiana) (guar.)
500. June 16 Holders of reo. May 24a
Standard 011 (Kansas) (quar.)
6234e. June 20 May 25 to June 20
Standard Oil (Nebraska)(guar.)
25e. June 20 May 25 to June 20
Extra
Standard Oil Co.(N. J.) $25 par (guar.) 25e. June 10 Holders of roe. May 17.
25e. June 16 Holders of rec. May 17s
$25 par (extra)
1
June 18 Holders of rec. May 17
$100 Par (guar.)
June 16 Holders of rec. May 17
1
$100 par (extra)
11
40e. June 16 Holders of rec. May 9
Standard Gil (N. Y.)(guar.)
lit June 2 Holders of rec. May 9
Standard 011 (Ohio). pref.(guar.)
25e. June 1 Holders of reo. May 20
Standard Utilities, Common (No. 1)
lie. June 1 Holders of reo. May 20
Common (extra)
•1 6 2-3e. May 31 'Holders of tea. May 21
Stearns (Fred.) Corp.(monthly)
75e. June 2 Holders of roe May /5a
Sterling Securities. cony. 1st pref.(guar.)
30e. June 2 Holders of rect. May 15.
Preferred (guar.)
(enar.)
37%c June 2 Holders of rim. May 15
8th. Baer & Fuller, common
'3734c Sept. 1 "Holders of reo. Aug. 15
Common (guar.)
•3734o Dee. I *Holders of reo. Nov. 15
Common (guar.)
Stone(H.0.)& Co.
July 1 *Holders of reo. June 16
•15
(In Gem.stk.)
Common
July 15 Holders of rec. June 170
$1
Stone & Webster, Inc.(guar.) (qu.)._. •250. June 2 'Holders of reo. May 19
Stromberg-Carlson TelelL Mfg.
'12340 June 2 'Holders of roe. May 19
Extra
750. July 1 Holders of rec. June 20
Stroock (S.) & Co. (guar.)
51 June 2 Holders of roe. May 10a
Studebaker Corp.. corn.(guar.)
June 2 Holders of roe. May 104
Preferred (guar.)
[VOL. 130.
FINANCIAL CHRONICLE
3838
134
Name of Company.
When
Per
Cent. Potable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Holders of rec. May 286
25c. June 1
Sun 011 Co., corn. (guar.)
Holders of rec. May 106
1)4 June
Preferred (guar.)
'fielders of roe. May 23
2734e June
'
Superior Portland Cement (guar.)
"Holders of rec. May 15
•43%c June
Swan-Finch 011 Corp.. pref.(qu.)
'holders of roe. May 20
•200. June
Telephone Corporation (monthly)
'Holders of reo. June 20
•211e. July
Monthly
'holders of reo. July 20
•200. Aug.
Monthly
"Holders of rec. Aug. 20
•200. Sept.
Monthly
•Holdere of roe. Sept. 20
•200. Oct.
Monthly
"Holders of refs. Oct. 20
•200. Nov.
Monthly
'Holders of ree. Nov. 20
•200. Dee.
Monthly
Holders of rec. May 316
250. June I
Tennessee Copper ,k Chem.(guar.)
Holders of rec. June 6a
75c. July
Texas Corporation (guar.)
Holders of rec. June 20
y 1
Texas Gulf Sulphur (guar.)
31
51
Holders of rec. June 100
Third National Investors Corp., com
July
May 16 to June 2
June
3
39 Broadway, Inc., preferred
Holders of rec. June 20
600. July
Thompson Products, corn. (luav.)..Holders of roe. May 20
134 June
Preferred (queer.)
Holders of reo. July 314
30.3. Aug. 1
Tide Water Associated 011, semi-annual..
Holders of rec. May 20a
Timken-Detroit Axle, pref. (queer)..... I% June
Holders of rec. May 204
75e. June
Timken Roller Bearing (guar.)
er3 July 2 "Holders of rec. July 5
Transamerica Corp. stock dividend
Traung Label & Lithograph. el. A (ge.)- O37340 June 1 'Holders of reo. June 1
'37t40 Sept. 1 *Holders of ree. Sept. 1
Claes A (guar.)
"3734c Dee. 1 "Holders of rec. Dee. 1
Class A (guar.)
Holders of rec. June 264
30c. July 1
Truscon Steel, corn. (guar.)
Holders of rec. May 21
144 June
Preferred (guar.)
June 16
3 June 1 June 1 to
Tudor City Eighth Unit, Inc.; pref.
Underwood-Elllott-F1sher Co.
$1.25 June 3 Holders of reo. June 12a
Common (guar.)
154 June 3 Holders of reo. June 12a
Preferred (guar.)
'Holders of rec. May 15
Underwrit's & Participat'ns. Cl. A (cm.) _ *75e. June
"Holders of rec. May 20
•134 June
Unexcelled Manufacturing (quar.)__.
Holders of rec. June 20
650. July
Union Carbide & Carbon (guar.)- - -•
'Holders of reo. May 15
•50e. June
Union Mills common (guar.)
"Holders of rec. May 15
•lti June
Preferred (guar.)
*62 tie Aug. 1 'Holders of rim. Aug. 1
Union Storage Co. (guar.)
'62140 Nov. 1 'Holders of reo. Nov. 1
Quarterly
Holders of roe. May 2 1
40e. June
0
Union Tank Car (near.)
United Amer. Utilities, Inc.
Holders of rec. may 15
June 1
Corn.(1-40th share coin. stk.)(No. 1)
- --- m 21 2-3c June I Holders of MO. May 9
Class A. first series (No. 1)
United Amusement,Ltd., cl. A & 13(gu.) •500. June 15 *Holders of rec. May 31
400. June 1 Holders of roe. May 170
t
preferred ( uar ).
UnitedBisouig. cors (queer.)
4 Aug. I Holders of reo. July 170
11
•334 July 1 "Holders of rec. June 13
United Carbon, preferred
•15o. June 2 'Holders of rec. May 20
United-Carr Fastener (guar.)
•750. June 1 'Holders of reo. May 15
United Chemicals, Inc., prof. (ouar.)
July 1 Holders of rec. June 26
$1
United Fruit (guar.)
Shares, Inc.
United Hellenic Bank
10o. July 1 Holders of roe. May 31
Corn. di pref.(guar.)(No. 1)
*50c. June 1 'Holders of roe. May 15
United Milk Crate. CIA (guar.)
rilie Aug. 1 Holders of roe. July 151
United Mery Dye Works. corn.(guar.).500. Nov. 1 Holders of rec. Oct. 156
Common (guar.)
134 July 1 Holders of roe. June 200
Preferred (guar.)
134 Oct. I Holders of rec. Sept. 200
Preferred (goal.)
134 Jan2'31 Holders of reo. Dee. 20a
Preferred (guar.)
(quiz.)... $1.25 June 2 Holders of roe. May 10
U. H. Dairy Products COM. A
$1.75 June 2 Holders of rec. May 20
First preferred (guar.)
June 2 Holders of reo. May 10
$2
Second preferred (guar.)
25c. July 1 Holders of rec. June 144
U.S. Foil, corn. A at B (guar.)
1% July 1 Holders of rec. June 14a
Preferred (guar.)
750. June 10 Holders of roe. May 296
U. EL Freight (guar.)
•4(le. June 30 "Holders of rec. June 14
U. S. Gypsum common (guar.)
'134 June 30 "Holders of rec. June 14
Preferred (guar.)
50c. June I Holders of rec. May Ea
U.8 Hoffman Machinery (guar.)
234 July 20 Holders of fee. June 300
U. S. Pipe dt Foundry..7 .(quar.)
7
olear .
.
234 Oct. 21 Holders of roe. Sept. 200
Common (gust.)
2% Ja20'3 Holders of reo. Dee. 810
Common (tpier.: i.x.)
c
300. July 21 Holders of reo. June 300
preferred
300. Oct. 2( Holders of fee. Sept. 300
First
30e. .1820'3 Holders of rec. Dee. 310
First preferred (guar.)
1300. July 2i Holders of reo. June 30a
Second preferred (quar.)
130e Oct. 21 Holders of res. Sept. 804
Second preferred (guar.)
(300. Ja20'3 Holders of roe. Dee. lila
Second preferred (quiz.)
"Holders of reo. June 20
July
"51
U. B. Playing Card (guar.)
•Holders of reo. June 20
corn.(qu.).. •50e. July
U. S. Print. & Lithograph.,
Miolders of rec. June 20
"75e July
Preferred (guar.)
21.25 June 16 Holders of roe. May 160
8 Realty et Impt.(gear.)
134 June 28 Holders of re*. May 290
Li. S. Steel Corp.. corn.(quar.)
31 75 June I Holder, of roe. May 190
U. ft. Stores Corp. 1st pref.(quar.)
May 15
Utility Equities Corp. priority stk.(qu.) $2.75 June 2 Holders of roe. May 31
June 20 Holders of reo.
Si
Vacuum On (guar.)
1)4 Jelly 10 Holders of rec. July 5
Valvoline 011, corn.(guar.)------July 1 "Holders of rec. June 13
2
.
Preferred (quar.)
•154 June 10 'Holders of roe. June 1
Vapor
.
ar.)
HettJ nit Pref. (gnat.)
•131 Sept 10 "Holders of rec. Sept. 1
(queer.)
•134 Rec. 10 *Holders of rm. Dee. 1
Preferred (guar.)
'134 June 1 'Holders of rec. May 21
Vesta Battery, pref. (guar.)
134 June 1 'Holders of reo. May 20
'
Co.,corn.(guar.)
Victor Monaghan
"600. June 15 'Holders of rec. May 31
Viking Pump, pref.(guar.)
134 June 2 Holders of rec. May 264
Virginia-Carolina Chem. pr. pref.(qu.)
; •50e. July 1 "Holders of rec. June 20
---Vortex Cup Co.. corn.(guar.)6234c. July 1 "Holders of rec. June 20
Class A (guar.)
July 21 Holders of rec. July 54
I
Vulcan DetinnIng. corn. & nom. A (qu.)
lid July 21 Holders of ma July 50
Preferred end preferred A (gust.)...373.40 June 1 Holders of req. May 15
Wagner Electric common (guar.)
"500. June 2 *Holders of reo. May 15
:
ed
pr " (q cla
WaIt:: Bond,,,al. A (guar.)._
vyoru (Ltd.) 0thar
Walk er (Hiram)-(1nodftutm &
250. June 16 Holders of roe. May 23
'114 July 1 *Holders of roe June 21
Waltham Watch. pref. (guar.)
4 Oct I •1101ders of reo. Sept.20
•1 1
50c June 16 Holders of roe. June Se
Walworth Co. common (guar.)
•75e June 30 "Holders of rec. June 20
Preferred (Gear.)
lit July 1 Holders of roe. June lie
Ward Baking. prof.(guar.)
June 2 Holders of rec. May 120
Warner Bros. Pictures, con).(quar.)... $1
55c. June 2 Holders of rec. May 124
Preferred (guar.)
Jelly
'
,
Holder of roe. June 160
Warren Bros., new coin.(qu.)(No. 1)..
.Z
7
2
y
Holders of .eo. June 168
New first pref.(guar.)(140. I)
29 e 1 ul e
87 %s c . 1lny
18
Hn
floid ecs of
l r
June 20
New second pref.(guar.)(No. 1)
roe.
Wayne Pump Co.. Prof.(guar.)
25e. May 3 Holders of reo. May 15
Welch Grape Juice corn. (guar.)
$2.25 May 3 Holders of reo. May 15
Common (extra)
134 May 3 Holders of roe. May 15
.
Preferred (guar.)
'Sc. June 15 'Holders of roc. May 31
Wellington Oil (guar.)
'50. June 15 "Holders of reo. May 31
Extra
(go.).. _
June 1 Holders of reo. May 1.511
51
Wession Oil & Snowdrift Co.,I.
75e. June 1 Holders of roe. May 20
Western Auto Supply. corn. A & B (1111.)
Western Dairy Products. ol. A (CLL.... $I June 1 Holders of rec. May 12a
West. Maryland Dairy Prod. rd. Owl_ .51.50 July 1 'Holders of roe. June 20
Prior preferred (gear.)
'8734c Sept. I "Holders of reo. Aug. 20
.500. June 5 "Holders of rec. May 20
Western Pipe & Steel (guar.)
-t
,
W& ern Reserve Investing 8% pf.(gu.)_
134 July 1 Holders of rec. June 13
6% partie. pref. (guar.)
134 July I Holden of rec. June 134
COM.(qu.) "50e. Aug. 1 *Holders of rec. July 21
Western Tablet de Stationery,
*1 It July 1 'Holders of rec. June 20
dInc.(quar.)
ni)
e ferred <
•300. Jelly 1 "Holders of rec. June 20
WPZm nrelan ar (quar.)_
Westvaco Chlorine Products, corn.(QUO
50c. June 1 Holders of rec. May 154
'
West Va. Pulp & Paper pref.(quar.)--- 134 Aug. 15 'Holders of rec. Aug. 5
1
Preferred (guar.)
%Nov. 15 *Holders of roe, Nov. 5
7250. u
*Holders of rec. June 20
July
Wheatsworth. Inc.(guar.)
June 2 *Holders of rec. May 12
Wheeling Steel, corn.(guar.)
White(J. G.)& Co. Inc., pref.(guar.).
60c. June 1 Holders of rec. May 15
e 2
White (J. G.) Engineering, pref.(qu.).- 134 June 3 Holders of rec. May 15
White Motor Co.. corn.(guar.)
% June 30 Holders en reo. June 12
July 1 Holders of rec. June 12
White Motor Securities, pref. (queer.)
July 1 Holders of rec. June 18
White Rock Mineral SPML. COm.(go.)..
Holders of rec. June 18
First preferred (guar.)
4
8113.
July 1 Holders of res. June 18
5
Second preferred (guar.)
July 1 Holders of rec. June 2
Will & Baumer Candle. pref. (goat'.).. 2
154 July 1 Holders of ma. June 18a
Willys-Overland Co., pref.(guar
MAY 31 1930.]
FINANCIAL CHRONICLE
Name of Company.
Miscellaneous (Concluded).
Wilson-Jones Co.. coin.(quar.)
Windsor Hotel(Canada) pref. (guar.).Winsted Hosiery (quar.)
Extra
Quarterly
Extra
Winton Engine, corn.(quar.)
Preferred (quar.)
Wolverine Tube. pref.(guar.)
Woolworth (F. W.) Co.(quar.)
Wrigley (Wm.)Jr. Co.(monthly)
Monthly
Young(L. A.) Spring & Wire, corn.(cm)
When
Per
Cent. Payable.
*75c. June
June
Aug.
Aug.
Nov.
Nov.
June
June
June
June
June
July
July
*2it
*50c
*2)4
*50c
$1
75c
si
60c
50c
25c
75c
Books Closed.
Days Inclusive.
2 *Holders of rec. May 26
2 Holders of rec. May 15
1 *Holders of rec. July 15
1 *Holders of rec. July 15
1 *Holders of rec. Oct. 15
1 *Holders of rec. Oct. 15
1 Holders of rec. May 31)
1 Holders of rec. May 30
2 *Holders of rec. May 15
2 Holders of rec. Apr. 21a
2 Holders of rec. May 20a
1 Holders of rec. June 20a
1 Holders of rec. June 12
•From unofficial sources. 7 The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
X The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
Peones Light & Power dividend Optional,60c,cash or 1-50th ah. class A stock.
a Transfer books not closed for this dividend.
S Empire Corp. pref. dividend is payable in common stink at rate of 1-16th
share common, or at the option of holder, The, cash.
d Correction. e Payable in stock.
I Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. I Payable in preferred stock.
Ford Motor of France dIv. is 7.5993 francs per all. less expenses of depositary
k Midland United pref. A dividend is payable in cash, or at option of holder,
1-40th share of common stock.
1 One share Columbia Oil dc Gasoline, com. v. t. c., for each five shares Columbia Gas & Electric, common.
m United American Utilities class A dividend unless notified on or before May 9 to
the contrary, will be paid in class A stock.
n Industrial dr Power Securities env. is payable in cash or stock at option of holder.
o Holders of Federal Water Service class A stock may apply 60c. per share of
this dividend to the purchase of additional class A stock at $27 per share.
P Utilities Power & Light class A dividend will be paid 1-40th share in class A
Stock unless holders request cash.
g North American Co. common stock dividend is payable In common stock at
rate of one-fourth share for each share held.
r General Gas & Electric common A dr B dividends are payable in class A stock
and scrip certificates at rate of 15 per share unless written notice of election to take
cash is received by June 20.
a Blue Ridge Corp. pref. stock dvidend payable In common stock at rate of 1-32d
share common for each share preferred, unless stockholder notifies company on or
before May 15 of his desire to take cash.
Payments on 2nd pref. stock of U.S. Pipe & Foundry Co. subject to discontinuance in the event of the redemption of that stock before all dividends are paid.
a Union Natural Gas of Canada dividend payable either 40c. cash or 2% stock.
British American Tobacco dividend is 10d. per share. On registered stock all
transfers received in London on or before June 7 will be in time for payment of
dividend to transferees.
is Less deduction for expenses of depositary.
z Central State; Electric cony. pref. stock dividends will be payable in common
stock at rate of 3-32nds common for each share optional series 01 1928 and 3-64ths
common for each share optional series 1929, unless holders notify company of their
desire to take cash, $1.50 per share.
y Lone Star Gas stock dividend Is one share for each seven held.
a Commercial Investment Trust conv, preference dividend is payable in common
stock at rate of 1-52d share common stock for each share of preferred. Holders desiring cash ($1.50 per share) must notify company to that effect on or before June 16.
aa "Chade dividend is 10 gold pesetas per share, less deduction for expenses of
depositary.
bb Thomson-Houston Co. dividend Is 22.49 francs less deduction for expenses
of depositary.
ex United Founders dividend is 1-70th share common stock.
((Unless notified by the nose of business June 16 that holder desires cash, Utilities
Power & Light Mass A & 13 dim will be paid as follows: Class A stock, 1-40th share
class A stock; class B stock, 1-40th share common stock; common stock, 1-40th
share common stock.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. May 24 1930.
Clearing House
Members.
*Capital.
Bank of N.Y.& Tr. Co-13k. of Manhattan Tr. Co_
Bank of A mer.,N at.Assn.
National City Bank
Chemical Bk. & Tr. Co
Guaranty Trust Co
Chat. Phen.N.B.&Tr.Co.
Cent. Hanover B.&Tr.Co.
Corn Exch. Bank Tr. Co_
First National Bank
Irving Trust Co
Continental Bk.& Tr. Co.
Chase National Bank
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar.& Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Com'l Nat. Bk.& Tr. Co_
Harriman N.B. & Tr.Co.
$
6,000,000
22.250,000
36,775.300
110.000.000
15,000,000
90,000.000
16,200.000
21,000.000
12.100.000
10,000.000
50.000,000
6.000,000
105.000.000
500,000
50,000.000
25.000.000
10,000.000
6,000.000
3.000,000
12,500.000
7.000,000
2,000,000
Clearing Non-Members
City Bank Farmers Tr.Co
Mech. Tr. Co., Bayonne-
10,000,000
500,000
*SIM/NS and Net Demand
Undivided
Deposits
Profits.
Average.
$
$
14,512,400
60.455.000
43,707.300 191,092,000
41,293.100 165.786,000
130,559,400 a1028 355.000
22.348.600 203,146.000
205.035,100 5848,110.000
19.492,800 185,593.000
84,128,000 331.106,000
23.115.300 180.844,000
105,614,3*' 215,194,00
84,197.900 354,791.000
11.345,700
11,869,000
138,568,700 /755.341.000
3.793,600
24.147.000
63.916.300 d464.024.000
84.295,800 (398,574,000
24,671.90'
37,369,00
5,695,100
45,267,000
4,694.30*
22,830.00
34,851,101 162,534.000
9,105,300
51,042,000
2,395,700
32,886,00
13,014,601
893,911
4.950.0
3,343,
626.825.300 1.171.246.20i .15.7713 44g nnn
Time
Deposits
Average.
$
12,789.000
43,055.000
64.741,000
235,331,000
21,953.000
106.613.000
41.742.000
45,044.000
33,010.000
22,206.000
62,314,000
236,000
95.823.000
1,321,000
81,181.000
61.597,000
1,502.000
5,445.000
2,400,000
28,717.000
8.177,000
7,399.000
1,833.000
5,424,000
me, we* nnn
• As per official reports. National, March 27 1930; State, March 27 1930: trust
Companies. March 27 1930.
325 28
Includes deposits In foreign branches as follows: (a) $ , 7.000:(5) 9148,959.
000:(/) 514,959,000;(4) $126,474.000: (4) $73,077,000.
3839
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ended May 23:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 23 1930.
NATIONAL AND STATE BANKS—Average Figures.
OtherCash Res. Dep., Dep. Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Loans,
$
Manhattan—
Bank of U. S____ 225,218,000
Bryant Park Bk. 2,592.200
Grace National__ 20,687,559
3,426,300
Port Morris
Public National_ 153,913,000
Brooklyn—
9,193,800
Brooklyn Nat'l
Pannl.s National 7.500_000
$
$
$
$
$
14,000 3,388,000 33,915,000 2,232,000 221,963.000
____ 157,600
315,800
2,228.600
3,500
82,775 1,887,810 1,669,316 18,846,032
19,700
91,700
166,500
3,015,100
29,000 1.770,000 9,441,000 28,750,000 162,404,000
19,100
5.000
95,200
104.000
605,400
558.000
601,000
132.000
6,682,100
7.500.000
TRUST COMPANIES—Average Figures.
Loans,
Disc. and
Invest.
American
Bk. of Europe dr Tr_
Bronx County
Chelsea
Empire
Federation
Fulton
Manufacturers
United States
Brooklyn—
Brooklyn
Kings County
Bayonne, N.J.111renhanlme
Cash.
Res. Dep., Dep. Other
N. Y,and Banks and
Elsewhere. Trust Cos.
$
$
$
$
47,650,600 9,187,700
830,800
15,893,700
805,908
162,500
25,183,070
661,341
1,685,053
21,686,000 1,200,000 2,027,000
85,383,600 *5,614,200 7,363,700
19,230,296
100,373 1,599,178
19,442.000 *2,233,400
228,000
370,733,000 2,774,000 47,315,000
77,333,268 3,666,666 10,212.669
122,910,000
29,713.577
$
20.400 46,313,000
15,063,428
24,995,443
20,179,000
3,087.600 85,454,200
120,708 19,550,213
16,475,700
2,353,000 344,879,000
62,302,443
2,182,000 23,214,000
2,300,457 1.906.053
9 060 266
223.089
875.266
Gross
Deposits.
126.122.000
27.138,484
360.196
9.127.147
* Includes amount with Federal Reserve Dank, as follows: Empire, $3,812,600:
Fulton, $2,116,600.
Boston Clearing House Weekly Returns.—In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Changesfrom
Previous Week
May 28
1930.
$
95,825,000
Capital
102,431.000
Surplus and profits
Loans, disets & Investls. 1,071,849,000
658,090,000
Individual deposits
136,582,000
Due to banks
273.177,000
Time deposits
4,337.000
United States deposits_ _ _
Exchanges for Clg. House
21,836,000
Due from other banks
88,287.000
79,701,000
Res've in legal depositles
7,047,000
Cash in bank
RPN VP in excess in F.R.13k
.
260.000
May 21
1930.
May 14
1930.
$
$
$
Unchanged
95,825,000
95,825,000
Unchanged
102.431.000 102.431.000
+16,421,000 1.055.428.000 1.053.958,000
+10,129,000 647,961,000 649,212.000
—5.642.000 142,224.000 144.300.000
+11,313,000 261,864.000 251.463.000
—2,000
4,339.000
4.341.000
—491,000
22,326,000
22.900.000
87,526,000
84,106,000
+761,000
80.085.000
—102,000
79.803.000
7,233,000
6,987,000
+60.000
—876.000
636.000
1.133.000
Philadelphia Banks.
--The Philadelphia Clearing House
return for the week ending May 24, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with tho Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Phdadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended May 24 1930.
Two Ciphers (00)
omitted.
Members of
Trust
F.R.Systent. Companies.
60,470,0
Capital_
Surplus and Profits-- 220,285,0
Loans. assts. di invest. 1,085,039,0
35,199,0
Exch. for Clear. House
96,833,0
Due from haulm
146,425.0
Bank deposits
Individual deposits— 608,254,0
253.139,0
Time deposits
1,007.818,0
Total deposits
71,739,0
Res, with legal depos_ _
Res. with F. R. Bank_
10,064,0
Cash in vault*
81.803,0
Total res. dr cash held_
Reserve required
Excess reserve and cash
In vault
May 17
1930.
May 10
1930.
Total.
$
7,500,0
67,970.0
67,970,0
67,970.0
16,714,0 236,999,0 236,999,0 236,999,0
64,390,0 1,149,429,0 1,151,446,0 1,156,151,0
239.0
35,438,0
39,512,0
36,545,0
13.0
96,646.0 100,337,0
90.139,0
2,586.0 149,011.0 151.294,0 147.371.0
28,076.0 636.330,0 469,153.0 643.647.0
16,148.0 269,287.0 265,450,0 262.902,0
46.810,0 1,054,628,0 1,065,897,0 1,053,920,0
71,739,0
72.331,0
72,262,0
4,250,0
4.250,0
4,265,0
4.034.0
1,535.0
11,599,0
11,755,0
11,439.0
5.785.0
87,588,0
88 351,0
87 735.0
*Ca& In vault not counted as reserve for Federal Reserve members.
[VOL. 130.
FINANCIAL CHRONICLE
3840
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday atternoon, May 29,and showing she condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
os 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 3797, 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 28 1930
May 28 1930. May 21 1930. May 14 1930. May. 7 1930. Apt. 301930. Apr. 231930. Apr. 16 1930. Aprft 9 1930. May 29 1929.
$
RESOURCES.
1,596,714,000 1,621.714,000 1,610,814,000 1.659.814,000 1,642,214.000 1.654,164,000 1.688,084.000 1,703,584,000 1,315,181,000
Gold with Federal Reserve agents
66,969,000
40.722.000
41,097.000
41,245,000
42,245.000
41,142.000
41.097,000
39.483,000
37,857,000
Gold redemption fund with U. S. Treas.
Gold held exclusively ages. F. R. notes 1,634,571,000 1.661.197.000 1.681,536.000 1,700,911.000 1,683,311,000 1,695,306,000 1 729,329.000 1.745,829,000 1,382,150,000
635,513.000 614.457.000 597.931.000 598.889,000 634.847,000 615,295.000 592,097,000 587.240,000 663,795,000
Gold settlement fund with F. R. Board
Gold and gold certificates held by banks_ 787.226.000 800.802,000 794,565.000 768.369,000 754,502.000 735,799.000 710,065,000 704,212,000 777,836.000
Total gold reserves
Reserves other than gold
3,057,310,000 3,076,456,000 3,074,082,000 3,068.169,000 3,072,660,000 3,048400 000 3,031.491,000 3.037.281,000 2,823,781,000
163,519,000 171,595,000 174,177.000 173,955.000 178.937,000 178,376,000 177,413,000 184.069,000 146,177,000
3,220.829,000 3,248.051,000 3,248,259,000 3,242,124,000 3,251,597,000 3,224,770,000 3,208,904.000 3,221,350,000 2,969,958,000
Total reserves
82,473,000
66,349,000
65,027.000
67,460.000
63,890,000
66,357,000
62.607.000
69,096,000
67,21.0,000
Non-reeerve cash
031I1e discounted:
83,543,000 106,620,000 105,979,008
96,649,000 105,035,000 536,177,000
93,129.000
76,379,000
Secured by U. S. Govt. obligations.-- 101,743.000
145,303.000 133.620,000 126.943.000 130,828.000 127.473,000 118,362,000 117,155,000 121,129.000 452,017,000
Other bills discounted
247,046,000
175,560.000
209,999.000
186.884,000
210.486.000
171,035.000
237.448,000
175,203,000
233,452,000
209,564.000
211,491,000
256,869,000
213,804,000
302,414,000
226.164.000
267,002.000
988,194,000
117,919,000
46,936,000
237,966,000
244,868,000
41,776,000
194.687.000
291.857,000
52,431.000
193,816,000
281,655,000
55,145,000
186.749,000
285,950,000
66.136.000
175,491,000
287.882,000
66,184,000
176,525,000
284,679,000
68,478,000
177.583,000
289,332.000
58,226,000
184,404,000
284.666.000
50,384,000
84,965,000
9,223,000
Total 17. S. Government securitiee
Other securities (see note)
Foreign loans on gold
529,770,000
6,400,000
528.320,000
6,400,000
527.902,000
10.600,000
527,844,000
10,600.000
529.509.000
9,700,000
527,388.000
9,215,000
535,393,000
9,865,060
527.296,000
8,780,000
144,572,000
7,817,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Federal Reserve notes of other banks_ _
Hank premises
All other resources
958,776,000
931,603,000
920,023,000
951,095,000
982,225,000 1,004,963,000 1,061,476,000 1,029,242.000 1,258,502,000
709,000
564,916,000
19,054,000
58.671.000
12,194,000
710,000
610.080.000
20,958,000
58.646,000
12,201,000
712.000
724,146.000
711.000
607,416,000
711,000
606,619,000
711.000
649,170.000
711,000
736.580,000
711,000
588,014,000
58.580.000
12.369,000
58,580,000
12,202,000
58,580.000
11,542.000
58,580.000
11,499,000
58,509.000
11,006,000
58,507.000
12.304,000
Total bills discounted
13111s bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
727,000
639.044,000
16,884,000
58,761.000
8,543,000
4,902,359,000 4.951.348,000 5.030,438.0004,930.018,000 4,973,881,000 5,016,056,000 5,142.213,000 4,977,588,000 5,034,892,000
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
-reserve account
Member banks
Government
Foreign banks (see nots)
Other deposits
2,346,798,000 2,374,166.000 2,379.360.000 .2349 446,000 2,384,721,000 2,363,314.000 2.380,128,000 2,344.643,000 2,285,870,000
15,366,000
25,683,000
12,837,000
36.736.000
37.088,000
35,200,000
49,771,000
33,794,000
22,674.000
8.085,000
5,526,000
6.371.000
5,497.000
5330,000
5,775.000
5,387,000
5,337,000
5.365,000
21.873,000
23,107.000
18.779.000
22,160,000
20,538,000
17,897.000
18,893,000
24,432,000
21.173,000
Total deposits
Deferred availability items
Capital paid in
Isrplus
All other liabilities
2,420,849,000 2,438,911,000 2,420,830.000 .2413 009.000 2.433,933.000
548,376,000 588,896.000 674 399.000 *559,800,000 562,769.000
170.515,000 174,240.000 174,154,0001 174.185.000 174,209,000
276,936,000 276.936,000 276,936.000 276,936.000 276,936,000
19,222.000
19,702,000
19.816,000
19,094,000
18.766,000
4
1,465,867.000 1,452,663,000 1.464.897.000 1, 92,994,000 1,507,268,000 1,518,344,000 1,547,869.000 1,558,305,000 1,653,685,000
2.422.186 2,443,132,000 2,395,476,000 2,331,194,000
605,006,000 681,164,000 553,971.000 611,242.000
174,243.000 174.153.000 174.217.000 156,446.000
276,936,000 276.936.000 276,936,000 254,398,000
27,927.000
18,683,000
18.959,000
19,341.000
4,902,359,000 4.951,348.000 5,030.438.000 4,936,018,000 4,973,881.000 5,016,056,003 5,142,213.000 4,977,588,000 5,034,892,000
Total liabilities
Ratio of gold reserves to deposits and
70.8%
79.1%
75.9%
76.8%
79.0%
77.6%
78.5%
78.6%
77.9%
F. R. note liabilities combined
Ratio of total reserve; to depoelts and
74.5%
81.5%
80.4%
83.6%
81.8%
83.5%
82.9%
83.0%
82.5%
R. note liabilities combined
F.
Contingent liability on bills purchased
461,853.000 401,131,000 471,648.000 468,574,000 465,458,000 459,983,000 459,446.000 469,571,000 385,754,000
for foreign correspondents
Distribiaion bp Matt:Mats1-15 day bills bought in open market.._ 103,869,000
152,044,000
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
days municipal warrante
1-15
29,089,000
10-30 days bills bought In open market
20,736,000
-30 days bills discounted
16
13,474,000
18-30 days U. S. certif. of Indebtedness_
18-30 days municipal warrants
32,573,000
81-60 days bills bought in open market_
33,329,000
81-60 days bills discounted
40,000,000
81-60 days U. S. certif. of Indebtednees_
days municipal warrants
31-450
9,177,000
61-90 days bills bought In open market
18,431,000
61-90 days bills discounted
63,213,000
61-90 days U. S. certif. of indebtedness_
81-90 days municipal warrants
872,000
Over 90 days bills bought In open market
22,506,000
Over 90 days bills discounted
- 128,181,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
I.R. notes received from Comptroller__
F.R.notes held by F.R. Agent
103,146.000
120,809.000
86.374,000
124.065.000
26.000,000
99,090.000
153,260,000
26,000.000
110.370,000
149,986.000
1,580,000
36,754,000
19.815,000
47,188,000
38,448,000
19,154.000
1,000
32.293.000
18,888.000
44,260.
17,292,
26.000.000
37,118.000
31,074,000
48,350.000
36.375.000
30.082.000
49,642,000
29,864,000
29,991,000
54,973.000
9,212,000
17,202,000
52,363.000
9,417.000
16.254,000
48,355,000
654.000
21.099,000
143,956,000
421,000
20,931.000
157,657,000
171,421,000
151.547.000
54,291,000
762,915.000
495,000
39,178.000
18,725,000
31,848,000
52,052,000
293,000
102,000
19,506,000
84,852,000
15,000
54,041,000
18,305.000
190.529.030
141,044.000
1.640.000
15.000
47,760.000
17.888.000
39.864.000
29.723.600
50,802.000
35,084,000
27,417.000
45,198,000
48,709.000
24,958,000
1,000
30.000
47,492.000
27.125,000
32,400,000
12,082.000
16.483,000
48.350,000
11,913,000
18,878,000
39,500,000
16,158.000
17.351,000
62,500.000
12.370.000
16.693.000
92,385.000
8.690.000
16,534.000
57,037.000
10,080,000
57,418,000
1,874,000
18.826,000
156,627,000
3.157,000
17,573,000
170,000,000
4.002.000
15,068.000
176,981,000
3.046.000
13,221,000
195.306,000
221,000
12.233.000
195,229.000
2.194,000
30,957.000
8,435.000
300,000
147.584,000
133,350.000
3,054,437,000 3.071.092.000 3,090,606,000 3.100,743,000 3,112,259.000 3,140,246.000 3.146.693.000 3,432,180,000
1.260.620,000 1,271.117,000 1,275,416,000 1,273,756.000 1.265.917.000 1.275,751.000 1.252.741.000 1,358,362.000
Issued to Federal Reserve Banks
1,786,049,000 1.793.817.000 1,800,875,000 1.815,190.000 1,826,987,000 1,848,342.000 1,864.495.000 1,893,953,000 2,073,818,000
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board _ _
By eligible paper
402,008.000 402.008,000 402.108,000 402.108,000 402,108,000 402,108,000 402,028,000 4,02,028.000 372.895,000
100.092,000
1.194,706,000 1.219,706.000 1,238.706,000 1.257.706,000 1,240.106,000 1,252.056,000 1.286.056.000 1,301,556,000 842,194,000
412.143.000 386,821,000 367,661.000 405,287.000 430.807,000 460,096.000 494.433.000 4119,807.000 1.057,853,000
2,008,882,000 2,008.535.000 2.008.475.000 2,065.081.0002,073,021.000 2.114,260.000 2.182.517.000 2.173,391.000 2,373,034,000
Total
• Revised Mares.
the statement of Oct. 7 1925, two new Items were added In order to show separate y the amount of balances held abroad and amounts due
-Beginning with
NOTE.
made up of Foreign intermedlate Credit Bank debentures, was changed to
So foreign correspondents. In addition, the caption. "All other earning assets. Previously The
"Total bills and securities."
latter item was adopted as a more accurate description of the total of
"Other securities," and the caption. "Total earning assets" to
under the provision of Secs. 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included frisrein.
ths discounts. acceptances and securities acautrea
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 28 19311
RESOURCES
WEEKLY STATEMENT OF
Two ciphers (00) emitted,
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Winneap. ICan.City. Dallas. San Frail
Total.
Federal Reserve Rant of
$
3
$
II
$
S
$
$
$
$
$
$
$
RESOURCES
i 1,596,714,0 164,917,0 258,594.0 140,000,0 185,550,0 73,000,0 109,000.0 249,000,0 69.245,0 53,845,0 75,000,0 28,800,0 189,763,0
Gold with Federal Reserve Agent,
903,0 1,592,0 • 899,0 6,281,0
15,006,0 2.693,0 2,205,0 1,333,0 2,378.0 1,594,0 1,817,0
37,857,0 1,156,0
Geld red'n fund with U.S. Trees
1,634.571,0 166,073,0 273,600,0 142,693,0 187,755,0 74,333,0 1 11,378,0 250,594,0 71,062,0
Gold held excl.agst.F.R. note
635,513,0 31,175,0 214,517,0 40,185,0 79,302,0 15,197,0 12,641,0 116,450,0 28,564,0
Gold settle't fund with F.R.Boa
787.226.0 35,575,0 477,101.0 30,285,0 54,317,0 9,067,0 6,080,0 115.420,0 8,241.0
banks
Gold and gold ctfs.teld by
3,057,310,0 232,823.0 965.218,0 213,163,0 321,374,0 98,697,0 130.099,0 482,464,0 107,867.0
Total gold reserves
53,779,0 6,988,0 11,085,0 7,039,0 14,401,0 15,634,0 12,214,0
163.519,0 12,076,0
Reserve other than gold
3,220,829,0 244,899,0 1,018,997,0 220,151,0 332,459,0 105.636,0 144,500,0 498,098,0 120,081,0
Total reserves
16,528,0 3,483,0 3,726,0 3,815,0 5,080,0 9,211,0 4,699,0
67.210,0 7,289,0
Non-reserve cash
37,262,0 15,586,0 13,907,0 2,770,0 1,838,0 8,036,0 5,227,0
Bills dlscounted:
101,743,0 8,143,0
15,565,0 15,910,0 7,624,0 13,751,0 26,876,0 9,329,0 14,031.0
Sec. by U. S. Govt. obligatio
145,303,0 11,569,0
Other bills discounted
52,827,0 31,496,0 21,531.0 16,521,0 28,714,0 17,365,0 19,258,0
19.712,0
247,046,0
Total bills discounted
47,325,0 4,093,0 11,132,0 7,572.0 13,291,0 19.354,0 7,351,0
175,560,0 16,858,0
Bills bought in open market
4,357,0 1,311,0 1,096,0 1,422,0
U. 8. Government securities:
759,0
415,0 21.104,0
46,936,0 1,614,0
Bonds
84,539,0 20,444,0 26,695,0 4,814,0 5,130,0 21,243,0 12,580.0
237,966,0 16,624,0
Treasury notes
90,152,0 24,370,0 22,205,0 6,404,0 3,485,0 28,357,0 5,929,0
22,085,0
244,868,0
Certificates and bills
020 770.0 40.323.0 179,048,0 46,125.0 49,996,0 12,640,0 9,030,0 70,704,0 19,268,0
Total U. S. Gov't securities
54,748,0 76,592,0 29,699,0 196,044,0
15,305,0 28,250,0 15,671,0 38,256,0
4.686,0 9.799,0 9.207,0 27,448,0
74.739,0 114,641,0 54,577.0 261.748,0
4,194.0 8.468,0 7.056,0 10,585,0
78,933,0 123,109,0 61.633,0 272.333,0
1,973,0 1,976,0 4,297,0 5.133,0
576,0 2,729,0
2,985,0 13,405,0
1,009,0
7,587.0
4,660,0
6,671,0
3,561,0 16,134,0 8,596,0 11,331.0
5,807.0 29.868,0
6,648.0 6,261,0 .
4,979.0
9,707,0
9,293,0
778.0
6,673,0
8,874,0
8,446,0
655,0
8,550,0 20,967,0
8,641,0 15,037,0
23,979,0 16.325,0 25,637.0 36,695,0
MAY 31 1930.]
a:SOURCES Wonattzed)Two Ciphers oaf)) suswed
Diner securities
foreign loans on gold
Total bills and securities
Gee from foreign banks
Uncollected Items
F'. R. notes on other banks
Sank premises
III other resources
New York.
Boston.
Total
$
4.400,0
$
1,000,0
$
0,400,0
Total resources
LIABILITIES.
3841
FINANCIAL CHRONICLE
958.776.0 77,893,0
709.0
53,0
564.916.0 60.286,0
237,0
19.054,0
58.671,0 3,580,0
45,0
12,194,0
Me, Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Cfry
$
1.000,0
$
$
i
s
$
$
Dallas. Saarrait.
$
$
$
283.600,0 82,714,0 82,659,0 36,733,0 51,035,0 107,423,0 45,877,0 34.188,0 38,720.0 40,040,0 77,894.0
30,0
232.0
95.0
26.0
26,0
49,0
71,0
16.0
69.0
21.0
21,0
154.873.0 50,867,0 57,657,0 40,955.0 15,170,0 74,869,0 24,859,0 10,127.0 29,325.0 18,386,0 27.542,0
1,770,0 1,295.0 2,372,0 1,060,0 1,276,0 1,570.0
5,610.0
906,0
391.0
548,0 2,019.0
15,664,0 1,787.0 7,059,0 3.204.0 2,658,0 8,295,0 3,811.0 2,018.0 3,972,0 1,876,0 4,747,0
4,299,0
614,0 3,455,0
429.0
204.0 1,185.0
301.0
512,0
443,0
291.0
416.0
4,902,359.0 394,282,0 1,499,803,0 359,666,0 485,722.0 192,757,0 223,219,0 770,792,0 200,714,0 128,974,0 198,984.0 127,217.0 390,229,0
V. R. notes in actual circulation_
1.465,867,0 155,748,0
Deposits:
Member bank-reserve awl
Government
Foreign bank
Other deposits
184,330,0 137,367,0 187,083,0 66,552,0 123,746,0 226,056,0 74,912.0 55,283.0 71,139,0 30,460,0 153.191,0
2,346,798,0 138,690,0
49,771,0 5,541,0
397,0
5,387,0
56,0
18.893,0
990.889,0 127,145,0 191,523,0 61,170,0 61,038,0 333,579,0 78,845.0 50,664.0 84,990,0 61,232,0 167,033,0
15,225,0 3,039.0 2,269,0 4,681,0 3,202,0 6,385,0 1,492,0 2,040,0 1,840,0
1,625,0 2,432,0
1,787.0
193,0
193,0
225,0
719,0
123,0
521,0
161,0
370,0
537,0
161.0
9,050.0
58,0
363,0
95.0
574,0
176.0
93,0 1,340,0
55.0
28.0 7.005,0
Total deposits
Deferred availability items
)apital paid la
larPlus
kli other liabilities
2,420,849.0
548,376,0
170.515,0
276,936,0
19,816,0
144,684.0 1,016,951,0 130,798,0 195.669,0 66,171,0 64,491,0 341,257,0 80,893.0 53,003,0 87,046.0 63,046,0 176.840,0
59,920.0 145,614,0 46,998,0 56,292,0 40,688,0 16.530,0 70,372,0 27,180,0 9.547,0 26,924.0 19,619,0 28,702.0
11.822,0
66,202,0 16,745,0 15,899.0 5.874,0 5.374,0 20,208,0 5,285.0 3,098,0 4,330,0 4,352,0 11,326,0
21,751,0
80,001,0 26,965,0 29,141,0 12,496,0 10,857.0 40,094,0 10,877,0 7.143,0 9,162.0 8.935,0 19.514.0
357,0
6,705,0
803,0 1,638,0
976,0 2,221,0 2,805.0 1,567,0
656,0
900.0
383,0
805,0
Total liabilities
4,902,359,0 394,282,0 1,499,803,0 359,666,0 485,722,0 192,757,0 223,219,0 700,792,0 200.714,0 128,974,0 198,984,0 127,217,0 390,229,0
Memoranda.
3exerve ratio (per oent)
81.6
82.9
84.8
76.8
65.9
82.1
79.6
87.8
82.6
72.9
77.1
77.8
86.9
DontIngent liability on bills purchased for foreign oorregoondla 461.853.0 33.325.0 159.677.0 43.6830 45 034 n 18.914.0 16.212.0 60.345.0 16.212.0 10.358.0 13,510.0 13,510,0 15,073,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston.
-
New York.
Phila.
S
a
Two Ciphers (00) omitted3
$
Federal Reserve notes:
Issued to F.R. bk. by F.R. Agt 1.786,049,0 184.146,0
Held by Federal Reserve bank_ 320,182,0 28,398,0
5
$
$
Dallas. San Pray.
$
$
$
$
$
241,693,0 156,930,0 215,079,0 88,659,0 150,581,0 260,724.0 89,411,0 62,163,0 81,571,0 40,204,0 214,888,0
57,363,0 19,563,0 27,996.0 22,107,0 26,835,0 34,668,0 14,499,0 6,880,0 10,432,0 9,744,0 61,697.0
In actual circulation
1,465,867,0 155,748,0
Collateral held by Agt. as security
for notes issued to bank:
Gold and gold certificates
402,008,0 35,300,0
Gold redemption fund
1,194,706,0 129.617,0
Gold fund-F. It. Board
412,148,0 36,492,0
Eligible paper
Total collateral
Cleveland Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.Ctly
184,330,0 137,367,0 187.083,0 66,552,0 123,746,0 226,056,0 74,912,0 55,283,0 71,139,0 30,460,0 153,191,0
229,968,0 39,900.0 15,550,0
6,000,0
6,000,0
14,300,0 35,000.0
9.145,0 11,845.0
28,626,0 100,100,0 170,000,0 68,000,0 103,000.0 249.000,0 60.100,0 42.000.0 75.000,0 14,500,0 154,763,0
94,928.0 32,776,0 32,068,0 24,010,0 41,701,0 36,541,0 25,947.0 10.099,0 22,279,0 14.290,0 41,017,0
2.008.862.0 201.409.0
353.522.0 172.7700 217 010 n 07 01n n 150.701,0 osic ,- 41 n cic 109 n 02 044 n 07 9700 4200002Rn 780.0
,
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 tatest week appears in our department of "Current Events and Discussions," on page 3798. immediately preceding which we also give the figures of New 'York and Chicago reporting member banks for a weekt ater.
9 1929.
Beginning with the statement of Jan.
the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement. and include all real estate mortgages and mortgage loans held by the bank. Previously
acceptances of other banks and bills sold with
endorsement were Included with loans, and some of the banks included mortgages in Investments. Loans
secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing
at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper,
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,only beginning Oct.
but
even this has been omitted.
The figures have also been revised to exclude a bank to the San Francisco district with loans and investments
of
which recently
merged with a non-member bank, The figures are now given in round millions instead of in thousands. $135.000.000 on Jan.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
DISTRICT AS AT CLOSE OF
BUSINESS MAY 19 1930 (In millions of dollars).
9 1929
Federal Eusros District
-
Total.
Boston. New York
Pkfla.
2
Omitted. Richmond Atlanta. *Chicago. St. Louts. Minneap. Kan. City
Loans and Investmente--total----
$
22,661
$
$
1,502
9,139
$
1,207
$
2.184
Loans-total
16,806
1.153
6,802
904
8,322
8,484
518
636
3,943
2,859
472
432
5.855
349
2,337
2,842
3,013
158
190
1.216
1,121
1.757
213
96
15
13,382
7,132
50
Dallas. San Fran.
U. S. Government securities _
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand depoeita
Time deposits
Government deposits
Dtie from bank,
Due to banks
Borrowings from F. R. Bank
1,529
480
470
2,592
456
240
441
347
1,352
744
786
193
287
152
319
1,284
1,308
220
276
88
152
142
299
117
230
451
901
303
655
162
131
675
182
118
218
110
615
77
226
314
341
75
88
62
68
311
364
61
121
65
53
94
125
66
44
343
272
828
58
78
13
138
27
42
11
39
9
271
34
44
6
25
5
56
10
35
7
105
17
887
492
4
6,050
1,947
19
701
304
3
1,070
068
4
335
250
3
318
243
5
1,940
1,207
2
366
232
1
215
129
485
180
1
2S9
149
3
726
1,032
5
51
115
149
972
66
163
114
252
63
95
70
98
196
445
55
113
50
71
120
181
75
88
177
232
43
lovestments-kotal
601
1,187
2,825
On securities
All other
642
$
3,267
5
2
4
0
5
5
4
1
44
S
$
678
358
659
456
S
1,967
$
5
$
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank
York at the close of business May 28 1930
In comparison with the previous week and the corresponding date lastof New
year:
May 28 1930. May 211930. May 29 1929.
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
258,594.000
15,006,000
258.594.000
15.076,000
265,927,000
9,694,000
Gold held exclusively agst. F. II. notes
Gold settlement fund with P. R. Board_
Gold and gold oertificates held by bank_
273.600.000
214.517.000
477,101,000
273.670,000
204,146,000
482,249,000
275,621,000
247,192,000
479,859,000
Total gold reserves
RedefTee other than gold
965,218,000
53,779,000
960,065,000 1,002,672.000
58,065,000
41,484,000
Total reserves
1,018,997,000 1,018,130.000 1,044,156,000
Non-reserve cash
16,528,000
16,943,000
39,350,000
BEL discountedSecured by U. S. Govt. obligations_
37,262,000
14.762,000 130,658,000
Other bills discounted
15.565.000
14,518.000
63,768,000
Total bills discounted
52,827.000
29,280.000 194.426,000
13111s bought In open market
47,325,000
50,550,000
11,649,000
U. H. Government securities
Bonds
4,357,000
2,278.000
155,000
84,539,000
Treasury notes
63.643.000
12,799,000
Certificates and bills
90,152,000 112,137,000
495.000
Total U.S. Government securities
179.048,000 178,058.000
13,449,000
Other securities (see safe)
4,400,000
4.400,000
1,915,000
Foreign loans on gold
Total hills and securities (See Vote
283.600.000
282 286 000
221,439,000
May 28 1930. May 21 1930. May 29 1929.
Ressossrcu (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Federal Reserve notes of other banks_
Bank premises
All other resources
Total resources
Liabilities-Fedi Reserve notes in actual circulation_
Deposits-kfember bank, reserve AM
Government
Foreign bank (Sc. NOB)
Other depoelta
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fod'I Ree've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
232.000
154,873.000
5,610.000
15,664.000
4,299,000
233.000
159.880.000
6,463.000
15.664.000
4,114,000
221.000
175,803,000
4.955,000
16.087,000
1,349,000
1,459,803.000 1,483.720.000 1.503.360.000
184,330,000
174.226,000
274,542,000
990,889.000
15,225,000
1,787,000
9,050.000
971,586.000
17.615.000
1,897.000
11 087.000
917,034,000
1,749,000
3,358.000
9,101,000
1,016.951.000 1,002.185,000
145,614.000 150.804.000
66.202,000
69,766.000
80,001,000
80.001.000
6,705.000
6,678.000
931,242,000
162,795,000
56,264,000
71,282,000
7.235,000
1,499,803,000 1.483.720.000 1,503,360,000
84.8%
86.5%
86.6%
159,677,000
158,955.000
119,673.000
NDTE.-Beglunitg with the statement of Oct. 7 1926, two new items
were added in order to show separately the amount of balances held abroad and amounts due to
foreign eorrespondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit
bank debentures, was changed to
VOthersecuritiee.- and the caption "Total earning assets" to "Total bills and semreee,' Pas latter term Was AriOnDed 2e 010
,
+cents,. description of the total of
discount acceptances and securities acquired antler the provisions of Sections 13 and 14 of the Federal Reserve Act, which. It was stated,
the
are the Only items included therein,
VOL.120.
FINANCIAL CHRONICLE
3842
New York City Banks and Trust Companies.
glauhrrs' Gazette.
Wall Street, Thursday Night, May 29 1930.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 3828.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for
Week.
STOCKS.
Week Ended May 29.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
Lowest
Highest.
per share.
Per share.S per share.
Par. Shares 8 per share.
RailroadsFeb 89% May
Buffalo & Susq ctfs____ 1,300 89 May 26 8934 May 26 77
May
Jan 90
100
80 89 May 26 90 May 26 75
Preferred
Apr 89% May
Preferred certificates_
70 89%May 24 8956May 26 84
May 52% May
Canadian Pac new _ _25 11,400 514May 28 52 May 24 51
Mar
Jan 101
20 10034 May 29 100%May 29 96
Caro CI&0ctfs std _100
Feb
May 315
200274 May 26 275 May 26 265
Central RR of N J_ _100
Jan 10536 May
27 10556May 27 98
10 10556May
CC C& St L pref_ _100
Mar
100
10 70 May 24 70 May 24 5734 Mar 70
Cuba RR pref
Feb
90 26 May 28 26 May 28 23% May 29
Int By.of Cent Am ctfs
Minn St P & SS Marie
Mar 5556 Mar
100 6134May 26 5134May 26 50
100
Preferred
3% Feb
M
30 2 May 27 2 May 27 2
NY State Rya pref_ 100
Indus. &
Albany pf wrap pap rts_
Amalg Leather pref..100
Amer Beet Sugar pf _100
American Chain
Am Mach & Fdy pf_100
Amer Piano pref_ _ _100
Am Bad & St San p1.100
Am Rolling Mill rts_--Am Shipbuild new _100
Am Tel & Cable_ _ -100
•
Atlas Stores
Austin Nichols pr cl.A_•
Beech-Nut Packing__20
•
Blaw-Knox Co
Brown Shoe pref .100
Celotex Co pref____100
100
City Investing
•
City Stores Cl. A
*
-Palm-Peet
Colgate
100
Preferred
Colonial Beacon 011-*
Columb G& E pf B..100
Commonw & South pf-•
Corned Cigar pref(7)100
Cr WIlliamette 1st isf--•
•
Cuban Dom Sugar----
56kfay
200
100 21 May
600 25 May
1,100 563iMay
50 11556May
160 4 May
40 143 May
31,600 1-64May
190 4734May
20 233415lay
8,500 3.534May
100 29 May
200 5934May
1,800 3734May
10 118 May
600 60 May
50 165 May
120 38 May
6,600 59304aY
200 99 May
300 16 May
_ 9834May
4,200 103% May
10 88 May
15 94 May
200 134May
%May
26
24 21 May
24 28 May
29 58 May
26 115%May
26 434May
29 14334May
28 5-32May
24 5134May
27 24 May
29 36 May
26 29 May
27 595IMay
24 3934May
27 118 May
27 71 May
24 165 May
29 40 May
26 6234May
26 99 May
28 1634May
24 9834May
24 103%May
26 88 May
26 94 May
29 134May
%
26
24 20
26 25
24 54
26 112
26 3
27 12634
24 1-64
29 4616
27 23
26 3134
26 27
27 58
28 3434
27 113%
29 60
24 165
26 3734
29 59
26 97
24 16
24 91
28 99
26 7634
26 93
29 1
;I
May
Jan 2634
May 45
May 6934
Jan 11934
May 934
Jan 144
May 2
May 5134
Mar 2734
Mar 37
May 30
May 7034
May 4134
Jan 119
May 8434
Ap 165
Feb 42
May 6476
Ma 100
May 2034
Jan 9834
Feb 10434
Jan 9374
Fe 9834
236
Ap
Jan 120
105
10 105 May 2 105 May
Cushman's Sons pf8%•
May 2436
Deere & Co pref new_20 1,200 24 May 27 2434May 24 24
Feb 102%
10 101 May 27 101 May 27 97
Duplan Silk pref_ _100
Dupont de Nem rights_ 103,400 l'isMay 24 154May 26 134 May 151
301 1934May 24 1934klay 24 1734 Jan 2034
Emporium Capwell___•
50 1275.6May 26 127%May 2612034 Feb 12734
Eastman Kodak pref100
Jan 100%
3001100 May 26 100 May 26 98
Fed Min & Smelt PL1
•
Fourth Nat Investors.. 35,600 42 May 26 4234May 26 38 May 50
ioI 9534May 27 96 May 26 9434 May 99
Simon pref 100
Franklin
3001 39 May 28 39%MaY 24 39
May 4454
Gen Italian Edison--•
200 9574May
95%May 29 9574 May 9534
Gen Motors pref (5)__•
100 3974May 26 3934May 2 3834 May 4234
•
Gen Printing Ink
1
300 8734 May2i 9034May 26 8734 Ap 9034
Preferred
• 6,900 1534May 24 1634May 29 1334 May 1934
Gen Real MUtIlitles-400 933'4May 28 9334May 26 91
May 100
Preferred
May 101
•
100 99 May 24 99 May 24 99
Gen Steel Castings pt..
Jan 109
300 10734May 27 108 May 29 100
Gold Dust prof
Jan 79
140 7234May 27 74 May 27 65
Gotham Hos pf x-war100
10 133 May 27 133 May 2710034 Jan 133
Hanna 1st pref_100
20 135 May 29 135 May 2912334 Jan 135
Helme(OW) pref
Jan 121
10 121 May 24 121 May 24 117
Hercules Powder p1_100
1474May 26 1552May 24 1334 May 1934
Internal Carriers Ltd..• 1,9
200 60 May 24 60 May 24 53
Ap 62
Int Comb Eng pref ctfs
Feb 123
25 S 120 May 24 120 May 24.116
Internal Nickel pref 100
60 11251May 29 11316MaY 28 108
5
Ja 115
K C P & L 1st pf ser B_.
9
600 85.1May 28 8%May 28 734 Ap
Kresge Dent Stores....II 4534May 28 4534May 28 45
May 82
100
Preferred
27 112%May 2910834 May 114
90 111%May
Kresge (S 5) Co pf_100
155 35 May 28 35 May 28 3234 Fe 35
Kuppenheimer & Co_-5
* 6,600 87 May 2 905alay 29 8034 May 9751
Lehman Corp
2is 98 May 26 98 May 26 9234 Jan 99
Lorillard Co pref__ 100
ill 734May 29 734May 29 534 Jan 1034
•
Maracaibo Oil
May 4854
Marshall Field & Co--• 2,300 4334May 28 4334May 26 43
Jan 9234
25 90 May 24 90 May 24 83
Mengel Co pref___100
100 26%May 28 2634May 28 2334 Ja 26%
Metro GoldwynPla p127
Feb 110
700 96 May 29 98 May 27 90
Mid St Prod let pf_ _100
Jan 110
2 10534May 24 105%May 24 103
Milw E Ry & Lt pf_100
10014534May 27 145%May 2714234 Jan 148
Nat Biscuit pref _ _ _ -100
10 115%May 27 116%May 27,11334 M 11556
Nat Supply pref____100
May 32
• 2,100 27%May 27 28%May 27 22
N Y Investors
• 22.111 11 May 24 12 May 26 934 May 14%
No Amer Aviation
74;6
15 7474May 29 7434May 29 53
•
Outlet Co corn
M 110 1
10 10734May 24 10734May 24 102
100
Preferred
• 8,100 2634May 27 30%May 28 2034 Ma 35%
Park & Tilford
200 934May 2 10 May 28 834 Jan 1236
Penn Coal & Coke.-, i
May 6034
100 53 May 29 53 May 29 53
Peoples Drug St com •
100 107%May 26 107%May 2610734 May 10734
•
Preferred
7,400 2534May 29 2634May 29 2534 May 2634
Petroleum Corp
Jan 50
120 48 May 24 50 May 28 47
. _50
Phila Co 5%
prefPhillips Petroleumrts-- 77,690 134May 24 13jMay 24 134 May 1%
201 9834May 24 99 May 28 9834 May 103
100
Pitts Steel pref
Ma 1554
3001 11 May 28 1134May 28 8
Pitts Terminal Coal.10
M
45
120 42 May 24 42 May 24 36
1
Preferred
Jan 103
500100%May 27 101 May 28 97
Postal Tel&Cable pf 100
Jan 40
4601 35 May 26 38 May 26 31
Prod & Ref Corp pt. 50
5001 98 May 26 98 May 26 9234 Jan 9834
Pub Ser of NJ pf (5)_*
Revere Copper & Brass
Ap 104
11 100 May 27 100%MaY 27 100
100
Preferred
• 2,90 31 May 28 3334 May 24 2836 May 3454
Reynolds Metal
Ma 5534
7001 51 May 24 51 May 24 45
Scott Paper
2,0001 9936May 24 99%May 24 9934 May 99%
1
Skelly Oil Pre
Jan 1034
4601 734May 27 756May 26 6
Spear a, Co
Jan 81
1
101 79 May 29 79 May 29 71
Preferred
3001100 May 24 100 May 24 100 May 100
Std Gas& El pref(6%)•
80011056May 26 11034May 2611034 May 11034
•
Preferred (7%)- - -4134May 28 3734 Ma 49
Stand 011 of Kansas_25 3,80ol 4034May 27 112 May 27 112
May 121
50 112 May 27
So Porto Rico Sug pf 100
*i,000l 2334May 29 2574May 24 2336 May 2674
Thermoid Co
37%May 26 3756May 27 36% May 46%
4
Third Nat Invta
May 3956
26 30
Thompson Products • 1,100 313483ay 28 33 May 27 11
Ma 18%
24 1656May
Thompson-Starrett-• 12,6001 1534klay
Jan 49%
27 44%May 29 40
• 1,6001 4334May
Preferred
1001 534 May 26 5%May 26 2% Jan 5%
Prod div ctis C
Tobacco
May 20%
1534May 24 16 May 29 14
•
TM-Continental Corp..
100 1,4001 93 May 27 9356May 26 89% May 93%
Preferred
%
1st May
1nMay 24
lukfay 27
Truax Truer Coal rights
2254May 26 223jMay 26 2254 May 30
United Business Pub....•
Jan 114
300100 May 26 102 May 27 97
Dyew p1.100
Unit Piece
20 1634May 28 1634May 28 1634 May 22
Van Raalte
May 5434
20 48 May 28 48 May 28 48
100
Preferred
150 104 May 27 10534May 27 10034 Jan 10534
Va El & Pow pf (6)_100
70 May 27 5154 Jan 70
50 70 May 27
WebsterElsenlohr Pi 100
May 2434
700 243-4May 27 2434May 27 22
Wilcox-Rich B ctfs _ _ __
Ap 73
• 2,600 7134May 27 72%May 29 6734
Wrigley Co
• No par value.
May
Feb
Mar
Apr
Apr
May
May
Feb
May
Feb
May
May
Jan
Apr
Mar
Apr
Apr
May
May
Mar
Apr
May
May
May
Apr
Jan
(AN prica dollars per share.)
Trust Companies.
Banks.
New York (Conci.)- Par Bid Ask
New YorkPar Did Ask
72
20 67
America
25 130 132 Bronx Co Trust
American Union"
100 115 125 Cent Hanover Bk & Tr__ _ 20 389 392
55
51
Broadway Nat Bk & Tr_100 115 125 Chelsea Bank de Trust.
52 Chemical Bank & Trust 10 74% 7514
20 45
Bryant Park*
39
Chase
20 16712 16812 Continental Bk &'rr10 36
Corn Exch Bk & Trust _20 22212 223%
141
Chat Phenix Nat Bk & Tr 20 138
23% 23%
Rights
Commercial Nat Bk & Tr 100 515 525
100 235 245
Fifth Avenue"
100 3250 3450 County
20 8812 9112
First
100 5950 6000 Empire
20 13212 13512
Equitable
Grace
100 600
50
100 620
Harriman Nat Bk & Tr_100 1515 1615 Fulton
69
100 767
100 185 200 Guaranty
Industrial
88
100 178
Lefcourt Nat Bk & Tr_ 100 120 130 Hibernia
20 6312 55
Liberty Nat Elk & Tr-100 122 132 International
National City
20 19612 19912 Internat. Mad Bk & Tr__ _25 43 48
2
53 6312
Penn Exchange•
100 100 110 Interstate
10 60 6012
Port Morris.
10 45 55 Irving
100
Public Nat Bk & Tr
25 135 138 Lawyers
20 133% 13412
Manhattan
Seward Nat Bank 12 '17_100 108 118
25 130 132
65 Manufacturers
Sterling Nat Bk & 'Fr__ _25 48
Straus Nat Bk & Tr100 270 290 Mutual (Westchester)_ _100 400 425
25 297 300
25 6112 6212 N Y Trust
United States*
100 185 205
180 PacIfic
100
Yorkville
100 106 118
200 Plaza
100
Yorktown*
68
Times Square
100 64
Brooklyn
20 162 165
50 115 120 Title Guar & Trust
Brooklyn
100 4350 1550
Peoples
100 450 525 United States
100 1000 1100
Westchester
Trust Companies.
Brooklyn
Par
New York100 808 825
Brooklyn
100
American
Banes Commerciale Ital_100 353 358 Globe Bank & Trust.„ 100 190 210
100 3200 3400
Bank of NY dc Trust_100 745 760 Kings Co
100 200 225
10 16212 16314 Midwood
Bankers
•State banks. t New stock. s Ex-dividend. o Er-stock div. y Ex-rights.
New York City Realty and Surety Companies.
(All prices dollars per share.)
Parl
Par Bid i Ask
Bond & Mtge Guar
20 106 109 ILawyers Title & Guar_ _ _ 100
Lawyers Weetchest M&T100
69
Home Title Insurance ......25 64
20 5012 5212 iWestchester Title & Tr____
Lawyers Mortgage
Bid
278
200
140
I Ask
284
250
155
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Int.
Rate.
Maturity.
Bid.
Asked.
June 16 1930... 434% 100 n 100 tt Sept 151930-32 334% 10012n 100Itn
(
(
Sept.15 1930-- 814% 1001si 100on Mar, 151930-32 334% 100un 100un
'n 1001in
Dee. 15 1930.- 334% 100un 1001In Dec. 15 1980-82 351% 1001
Apr
United States Liberty Loan Bonds and Treasury
may Certificates on the New York Stock Exchange.
Mar
May
Mar
may
Mar
Apr
Mar
Feb
May
Mar
May
Apr
Apr
Mar
May
May
May
Apr
May
Mar
May
Apr
Mar
Mar
Jan
Apr
Apr
Apr
May
Mar
Apr
Feb
May
Feb
Jan
Mar
May
Apr
Apr
May
Apr
Apr
Mar
Apr
May
May
May
May
Jan
Jan
Jan
Jan
Mar
May
Mar
Apr
Apr
May
Feb
May
May
May
Apr
Jan
May
Apr
Apr
Mar
Mar
May
Apr
May
May
Jan
Mar
Jan
Jan
May
May
May
Apr
Daily Record of U. S. Bond Prices. May 24 May 26 May 27 May 28 May 29 Afay 30
First Liberty Loan
High
334% bonds of 192347._ LowCloes
(First 334)
Total sates in 81.000 units__
(
Converted 4% bonds of High
1932.47 (FIrst di)
Close
Total soles to 31,000 unitsConverted 4%% bondsHigi
Of 1932-47 (Mutt 430) Low(Close
Total sales in 31.000 unitsSecond converted (First{Dit
454%
bonds of 1932-47
LawClose
Second
Total sales in 31,00ti snits._
Fourth Liberty Loan
(High
4%% bonds of 1933-38_. LowClose
(Fourth 4340
Total sales in 81.000 uniU___
HI413
Treasury
Low_
434s. 1947-52
Close
Total sates la $1,000 snits_ .
.
{H lilt
I.ow.
ea. 1944-1954
Clot*
Total sales st 81.000 units-_ illigh
Low.
8%s. 1946-1956
Close
Total sales in $LOW) wells......
(High
Low_
334s. 1943-1947
Clow
Total sales to $1.000 =in--ia..High
1.01,334s. 1940-1943
Close
...
•
ord• Sae 01 'inn.
,
100 22 10012ss 100*(s 100un 100uts
,
100Pti 100 ss 100en 100un 1001212
,
(
100 31 100 is 100ht 100un 100un
7
17
1
30
28
....
----------- - - ;" 101 ;,1
an 101,
-,
10;2 10i(n 101".2
n
1019 1011131 1011
101"11 101un 1011.12 101.312
10
45
7
1
------------------------....
-7
-1
-1.22 102 :22
--1in 102
1028u 102
102.as 102.as 1021:2 102.ss
0n
1023n 102.11 102'n 102.
319
15
33
8
1121012 112in 112uss 112..ss
112..ss 112.s: 112.ss 112"ss
112on 112.ss 112..” 112..ss
55
46
2
25
--__ 1081•22 108% 108.12
-_ 1081st 108(81 108.ss
---- 108..ss 108.12 108'n
52
71
37
------- 10511%2 1051112
1051122
105",,---- 105",, 105us:
---- 105..ss 105"ss
105un
50
50
25
,
-___ 101in 10111s
------- 1019
---8 101 33
,
---- 101.ss 1011122
---1
------012 101",, 101'22
---- 101.
---- 1014,1 101,111 101 n
,
.2 1011%2 101122
---- 1011
t1
•
-1101 4,
101",,
1012.ss
2
-------102an Holt
102 n
day
,
102.ss
112
102uss
102"ss
112un
53
,
108 st
,
108 n
108.n
26
.....
--__
--__
_.--------..
.
-
•
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 1st 4345
3 4th 4144_
1011021 to 101ort
102'n to 102'2:
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.85M @
4.85 27-32 for checks and 4.85 15-1644.86 1-32 for cables. Commercial
on banks, sight, 4.8534 @4.85 : sixty days, 4.8334 44
.83%; ninety days.
4.82%44.82 11-16. and documents for payment,4.836)4.83 11-16. Cotton
for payment, 4.853, and grain for payment, 4.8556.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.924
3.9234 for short. Amsterdam bankers' guilders were 40.21%440.23
for short.
Exchange for Paris on London, 123.93; week's range, 123.94 francs high
franca low.
123.9and
The week's range for exchange rates follows:
Sterling, Actual
Cables.
Checks.
High or the week
4.86 3-32
4.85 29-32
Low for the week
4.85 15-16
4.85 11-16
Paris Bankers' Francs
High for the week
3.923-16
3.9234
Low for the week
3.92 1-32
3.91 13-16
Germany Bankers Marks
23.87
High for the week
23.86%
23.86
Low for the week
23.84
Amsterdam Bankers' Guilders
40.23%
High for the week
40.23
40.21%
Low for the week
40.19%
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 3829.
A complete record of Curb Exchange transactions for the
week will be found on page 3860.
Report of Stock Sales---New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales Suring the week of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE: NOT PER CENT.
Saturday.
May 24.
Monday.
May 28.
Tuesday.
May 27.
Wednesday. Thursday.
May 28.
May 29.
Friday.
May 30.
STOCKS
NEW YORK STOCK
EXCHANGE.
Saks
for
the
Weel.
PERSHARE
Range Since Jan. 1.
On basis of 100
-share Sets
Lowest.
Highest.
PER PHARR
Rau.for Preeioss
Year 19211.
Lowest.
HisStun.
$ per share $ per share $ per share $ per share 9 per share $ per share Shares
,
Railroads
Par $ Per share $ Per shore $ Pee share $ Per share
227 22914 22612 227 4 2274 2274 22112 22714 222 2223
3
4
5,200 AMA Topeka & Santa Fe_-100 216 May 2 24212 Mar 29 19518 Mar 2983 Aug
8
13106 10614 106 106 *106 10612 106 106
10618 1061
/
4
100 1021, Jan 3 107 May 7
600 Preferred
99 May 104 De0
/
1
4
0157 170
168 168 *167 168 168 168 167 170
14
600 Atlantic Coast Line RR
100 16112May 1 17512 Mar 18 161 Nov 20912 July
11312 11378 11334 1143 114 11414 11238 112 1134 11312
4
/
1
4
100 11018May 5 12282 Mar 31 1054 Nov 14518 Sept
7.200 Baltimore & Ohio
83 83 •83 8314 *83 834 83 83 •824 834
100 784 Feb 10 8412May 14
400 Preferred
75 June 81 Dee
763 763
4
4 783 7834 79
4
79h 794 8114 179 8012
4,700 Bangor de Aroostook
50 63 Jan 3 8412 Mar 29
55 Oct 9033 Sept
1311212 114 *11214 114
11213 112h 11113 11412 11113 11412
20 Preferred
100 109 Feb 28 11412May 14 it10314 Oct 115 Sept
*97 101
*97 10012 98 98
1197 100
*9712 101
100 Beaton & Maine
100 95 Apr 29 112 Feb li
85 Apr 145 July
14
14
1314 1412 *1412 1478 14
15
13% 133
8
1,200 Brooklyn de Queens Tr_Ne par 10 Jan 11 1578May 22
7 Nov 15 Dee
661 6612
*61
6514 1161
62
61 61
60 61
800 Preferred
44 Nov 85 Sent
No par 53 May 3 8613May 29
7014 6973 703
1189
8 6913 70
/ 70 703
1
4
8 70
4,200 Bklyn-Manh'Fran v t o_No par 83 Jan 2 78 8 Mar 18
704
40 Oct 814 Feb
/
1
3
*9214 9234 923 93 *93
4
94
9312 93h 94 94
/
1
4
600 Preferred v t o
7612 Nov 92 Feb
No par 847 Jan 8 94 May 29
a
2012 2012 214 2214 22 22
/
1
21
211 20 20
/
4
44 Oct 444 Jan
1.700 Brunswick Term & Ry Seo_100 1412 Feb 17 3324 Apr 23
205 20814 2074 2083 205 206
/
1
4
205 20678 2202 2033
4
3,900 Canadian Pacific
100 187 Jan 3 22634 Feb 10 185 Dm 26978 Feb
/
1
4
22112 22112 *222 224 22211 22212 218 222 20912 215
6,800 Chesapeake & Ohio
100 20112May 5 2413 Mar 28 160 Nov 27934 Sept
4
*7
714 *7
*614 612
712
7
7
*61 61
/
4
400 Chicago & Alton
4 Nov 19114 Feb
100
44 Jan 8 10 Apr 2
*7
7
/ *7
1
4
74
7
7
*612 7
*612 7
31 Nov 25114 Feb
100
100 Preferred
634 Jan 20 1038 Apr 11
*1814 213 *1814 2134 *1814 2134 *1814 2124 •184 213
4
Chic& East Illinois RB,____100 1414 Jan 7 28 Mar 26
15 Dec 43 Feb
*41
42
4134 4134 *414 42
41
41
•4114 413
4
600 Preferred
100 38 Jan 2 5272Mar 26
7
363 Dec 86 s Feb
4
1412 1413 143 1434 1414 14
1438
4
/ 1414 1434 14
1
4
6,100 Chicago Great Weetern_-.100 11hMay 5 17h1VIer 31
7 Nov 2378 Feb
4912 504 49
/ 5014 493 49
1
4
8
8 4813 493
/ 484 493
1
4
/
1
8
13,300 Preferred
100 34 Feb 25 5238klay 16
1712 Nov 6338 Jan
*2034 2114 2018 2034 1812 1978 1814 1914 19
1918
9,300 Chicago MIlw St Paul & Pao_
18 May 3 2638 Feb 7
16 Nov 447 Aug
8
34
34
3314 34
2
314 32
/ 3114 3213 313 32
1
4
18,300 Preferred new
2812 Nov 6818, Aug
3114May 28 4614 Feb 10
83 83
8113 82
823 833
4
813 814
4 813 83
4
4
3.500 Chicago & North Weetern_100 7913May 1 897 Feb 8
lay
76 Nov 10312 semi
8
•139 1403 *139 1403 *139 1403 *139 1403 11139 1403
4
4
4
4
4
Preferred
100 13614May 2 14012May 14 134 Apr 145 Feb
11318 11318 115 11624 116 11612 116 117 *115 11612
1,700 Chicago Rock 181& Pacino_100 109 May 1 1254 Feb 14 101 Nov 14312 Sept
108 108 *1084 109 *1084 109 •10813 109 *1084 109
100 7% preferred
100 107 Jan 2 11032Mar 20 100 Nov 109 OM
*103 10612 *103 10412 103h 10318 11103 105 131034 105
100 8% preferred
100 9934 Jan 6 108 Feb 7
947 Nov 10314 Nov
8
1178 82 *78 82
78
80 •784 82 *774 82
200 Colorado & Southern
864 Dec 135 July
100 7618May 20 95 Feb13
78 *77 78 *77
78
*77
77
7
*77 78
200 First preferred
100 68 Jan 3 78 May 20
6512 Oct 80 Jan
/
1
4
1118814 69
6814 6814 69 69
*6812 69
*684 69
20 Second preferred
100 65 J1113 23 75 Apr 23
64 Apr 7212 Mar
*60
61
62 *6014 62
62
60 60
*60 62
1,100 Consal RR of Cuba pref
100 49 Jan 2 62 Apr 10
45 Nov 70 Jan
/
1
4
172 173 174 174
4
17434 1764 21713 173 173 173
2,100 Delaware & Hudson
100 16112 Jan 3 181 Feb 8 14112 Oct 226 July
126 128 4 12714 12812 126 127 126 126 1254 126
8
4,400 Delaware Lack & Weatern-100 121 May 5 153 Feb 8 12014 June 1693 Sept
4
694 6912 69
*6212 721
70
68 69 •674 68
300 Deny.& Rio Or West pref_100 60 Jan 2 80 Mar 28
49 Oct 774 Feb
4738 4834 484 483
4718 46 461
8 461s 474 46
/
4
12,900 Erie
4113 Nov 9312 Sept
100 4312May 5 63 4 Feb 14
3
*63 637 *6312 63 --- --- 6313 634 *633 64
/
1
4
4
300 First preferred
100 61 May 3 6724 Feb 19
5512 Nov 664 July
0
57
59
*58
59
583
6314 - 4. 5818 5812 115814 59
Stock
400 Second preferred
100 5612May 23 6212 Feb 19
52 Nov 63 Jul,
/
1
4
9118 92
9134 92
90
9012 88 88
*87
88
2,800 Great Northern preferred_100 87 May 5 102 Mar 29
8514 Nov 12814 July
87
87 s 87
87
7
/ 87
1
4
7
87
/ 86
*84 87 IL:change
1
4
87
2,900 Pref certificates
100 8312May 5 994 Feb 21
12
85 Nov 12214 July
*374 381 *3712 3812 *37
8 *3613 38
373
37h 3712
100 Gulf Mobile & Northern 100 32 Apr 29 4613 Feb 17
18 Nov 59 Feb
1196 97 *96
96h 9612 964 *96
974 *26
9712 Closed
100 Preferred
100 94 Jan 14 9814 Mar 10
70 Nov 103 Jan
*4
6
*4
6
4
4
*378 6
*3 a 6
7
100 Havana Electrie Ily___No par
612 Dec 1112 Apr
ViNfay 10
3 Jan 17
/
1
4
*5824 - *59 -- *59 -- *58 _-_- *58 -_ _ Memorial
Preferred
100 58 May 9 72 Jan 2
55 Feb 7334 Dee
*492 500 492 500 500 500 *470 505 • 475 505
10 Hocking Valley
100 450 Jan 25 525 Mar 29 370 Nov 600 Oct
48
/ 48s 4814 484 484 483
1
4
Day
8 484 4812 *4818 4812
1,000 Hudson dr Manhattan
100 4824 Jan 16 53 Mar 25
/
1
4
341s May 58s Jan
127 128 12834 1288 *12712 129
12814 12934 12812 1283
4
3,400 Illinois Central
100 126 May 8 1363 Apr 22 116 Nov 15.312 July
4
*76
77
*76
77 *76
77
Holiday
77
*76
76 76
50 RR See Stock certificates.-- 70 Jan 2 77 May 13
70 Nov 8018 Feb
30
304 804 30
/ 30
1
4
30
/ 2978 307
1
4
8 3014 304
4,200 Interboro Rapid Trap v t 0_100 2038 Jan
15 Oct 5832 Feb
3912 Mar 18
*27h 30 *---- 30 *--- 30 *28
30
30 *28
Int Rye of Cent America-100 273811lay 2
32 Jan 16
/
1
4
25 Nov 59 Jan
•7118 73h *734 7312 7018 73
704 704 *7015 7112
20 Preferred
100 6114 Jan
6114 Dec 8014 Jan
733
4May 7
*74
75
*72
75
•72
75
7238 73
*73
/
1
4
76
100 Kansas City Southern....-100 7112May
60 Oct 10872 July
853 Mar 29
8
*69
69 69
7018 1169
704 *69
7018 69 69
400 Preferred
100 6718 Jan
63 Nov 7012 Jan
70 Apr 16
1176
78
*75
74
74
78
75
75
7512 76
900 Lehigh Valley- -----50 704 Jan 2
65 Nov 10214 Feb
84 Mar 31
/
1
4
136 135
135 135 11134 135
13412 1341
13414 135
1,400 Louisville & Meshylie
100 128 Jan
13812 Apr 4 110 Oct15434 Sept
103012 31h 30
31h
301 *3012 3112 30
/
4
3014 30
3,800 Manhat Eley modified guar 100 2914May 2
4012 Mar 18
24 Oct5712 Jan
*23 2412 *23
23
23
2412 *23
23
2412 23
400 Market St Ry prior pref-100 17 Jan 1
1412 Nov 391 Jan
2512 Feb 13
•113 lh
lh 112 *112 134 *112 13
*112 lh
200 Minneapolis & SE Lonis_100
113 Feb 2
3114 Jan
114 Nov
24 Apr 5
1126
28
1125
28
28
*25
28
.
27
/ 2734 *23
1
4
100 Minn St Paul & 513 Marie 100 27121Ylay 1
35 May 6112 Sept
35 Feb 7
*56
5812 1155
5812
581 •55
5812 *55
581 *55
Leased lines
100 64 Jan
51 Dec 66 Jan
5912 Feb 21
5$32 564 5412 5612 5438 55
50
53
5212 55
40,300 Mo-Kan-Texas RR----No par 4872 Jan
271a Nov 65 4 July
3
66 Apr 14
/
1
4
107 107
10618 1073 1064 107 10612 10634 108 10612
8
/
1
3,100 Preferred
100 103 Jan
9378 Nov 107h Apr
1083 Mar 27
8
84 844 *83 84 4 *80 85 •82 84 *80 845
3
4
200 Missouri Pacific
100 70 May
46 Nov 101h Jut,
9812 Mar 6
122 133 131334 134 •1334 134
132 1331 131% 1313
3
3,900 Preferred
100 125 May
14512Mar 6 105 Nov 149 Oct
•823 8412 *1323 841 *823 841 *823 841 *823 841
4
4
4
4
4
Morris & Essex
50 813 3a02
4
84 Apr 11
2
75 Oct 863 Jan
/
1
4
11119 4 122 *11934 122 *11934 122 *119 122 120 4 1203
3
1
4
30 Nash Chatt & St Loula__100 118 May
132 Mar 25 173 Nov 240 Aug
*2
4 1
*34 1
*1 1
/
4
*3
4 1
r34 1
Nat Rye of Mexico 2d pref_100
338 Jan
Oct
34 Feb
1
14 Jan 11
176 178
/
1
4
177 17838 176 177
/
4
174 17711 17414 176
10,300 New York Central
100 167 Jan
19234 Feb 14 160 Nov 25612 Aug
*11412 1164 *11412 11612 11412 115
/
1
4
115 117
115 115
900 NY Chic & St Louis Co__.i00 11212May
/
1
4
144 Feb 10 110 Nov 192 Aug
*10812 109 4 *10812 1094 10914 10938 109 109
3
109 4 109 4
3
3
900 Preferred
100 108 May
110 4klay 14 100 May 110 Des
3
11241 255 *2454 255 245 245 24012 2401 •245 255
1
30 N Y & Harlem......._____50 180 Jan
324 Feb 3 155 Oct 379 Jan
116 11734 116h 1174 115 115141 114 115 113138 1137
0
6,10011 Y N H & Hartford
100 105 Jan 20 128% Mar 29
80 Jan 132h Oct
/
1
4
/
1
4
12272 12278 1223 123 *1211 12212 *121h 122 122 12214
8
/
4
14
800 Preferred
unit mar 21 114 Jan 13434 Aug
/
1
4
119 May
•111
14
1318 1318 *1213 131*1 1212 1212 1214 13
400N Y Ontario & Weatern_100 10
8 Nov 32 Feb
174 Mar 31
/
1
4May
3
214 234 323
4 23
4 *23
8 234
238 23a
238
238
200'14 Y Railways pref____No par
112 Dec
2 Jan
9 Feb
/
1
4
44 Jan 16
*14 114 •118 114 *14 114 rile 114 *pa 114
NY State Rye
212 Feb 6
1 Oct 144 riff
lls Jan 1
100
2334 1119
*31
2112 •20
2078 *20 201 •20 2012
Norfolk Southern
3313 Feb 14
100 16341 Jan
144 Dec 4.3h Feb
•227 239 237 238 •2364 240 2394 241 *23612 240
900 Norfolk & Western
Jan 290 Sept
265 Feb 18 191
100 226 Jan
*8612 8812 •8612 8812 1187
881 I *874 88's 8814 8814
10 Preferred
100 83 Feb
82 Nov 8714 May
8814May 29
/ 8218 83
1
4
8218 82
811 82 I 81
/
4
8178
*80
82
4,600 Northern Pacific
751a Nov 11878 July
100 78 May
97 Feb 21
/
1
117938 8178 794 80
80
81
80
794 803
80
100 7710,0ey
2,500 Certificates
9838 Feb 21
75 Nov 11438 July
*16
1634 *15
163 •15
4
1634
163 •15
163 *15
Pacific Coast
1978 Apr 9
4 Dec 43 Feb
/
1
4
7 Jan
100
/ 7812 7918 7838 783
1
4
784 78
784 78s 784 784
/
1
11,800 Pennsylvania
7212 Mar 110 Aug
50 7218 Jan
863 Mar 31
8
*15
*15
20
20
•15
20 *15
20
20 *15
Peoria & Eastern
17 Dec 35 July
2412 Mar 3i
100 1714 Feb 2
11140 150 150 150 *140 150 *140 150 *140 150
200 Pere Marquette
100 14114May
16412 Apr 10 140 Nov 260 Aug
•100 101
100 100
10018 10018 10012 101
1004 1004
220 Prior preferred
100 94 4 Jan II 101 May 17
94 Nov 101 Mar
3
*974 9734 3
9618 973
4 91318 9014 49534 973 305 4 273
3
4
300 Preferred
100 95 Jan
90 Nov 97 Jan
99 Apr 15
1195 101
*95 101
*95 101 1 *95 101
*95 101
4May
100 983
12154 Feb 11
Pittsburgh & West Va
90 Nov 14814 Jan
117 12012 1193 1201 *118 119
/
4
117 117 11614 116
/
1
4
_3 144410r:ill Y 1
r
0
Feb
1011 M r 14734 sept
411 Aty 50 Sep
Janaiir
49h 504 *48
50
*48
50
1148
50
50 *48
4 4b° Re dingpreferred
1:4 0 hrst preferred
2 0
0
1453Ve
eepd
21
*50
51
54
51
*49
54
4914 491 *49 54
57 Feb 6
43 May 60 4 Sept
/
1
4
3
*524 5518 3521s 5518 *524 551 *524 541
5218 5218
/
4
100 5018May
200
f
67'4M' 5
4978 Oct 7414 Sept
1144 115 *11434 115
114 11434 11414 1147 1137 113%
8
Lino St Louis
-San Francisco-.100 10738 Jan
1187 Mar 27 101 Nov 13334 Aug
8
8 99
/
4
*99 991 9918 993
9912 99
99
991a 294
100 92 Jan
1,900 litt pref Paid
101 Apr 2 87 Nov 9612 Feb
4
7212 723 73 *72
70
73
723 7313 *72 73
4
2,300 St. Louis Southwestern---100 58 May 5 768
4May 16
50 Nov
15114 Feb
*90
9312 9018 9018 1186
93 *86
1186
92
92
iool 85 May 7 9014May 21
84 Oct 94 Apr
958 Ps
94 94
3
3
9 4 93
3
4
958
93
5 94
3
9
/
1
4May 6 1213 Feb 15
3,500 Seaboard Mr Line
1001 8
91a Dec 2134 Mar
22
21
2134 2134 *21
21
21
21
*1912 20 4
3
3
400 Preferred
1614June 41la Oct
1001 20 4May 12 28 Feb 7
12014 1204 1204 121
1224 12212 212134 122
120 121
3,700 Southern Pearl° Co
lOOi 116 May 1 127 Feb 10 105 Nov 15712 Sent
11212 11334 112 11312 10918 11034 10618 10912 106 10712
100 10118May 1 18634 Jan 13 109 Nov 1824 Sept
9,400 Southern Railway
9812 99
*9814 99
*9814 99
98
984 *98 9812
100 9712May 1 101 Mar 20
500 Preferred
93 Jun. 100 Dee
*133 140 *133 140 *133 140 *133 140
133 133
200 Texas & Pacific
1001 117 Jan 6 145 Apr 24 115 Nov 181 May
11
1110
11
1112 *10
10
10
*10
1012 11
100
812May 5 1512 Mar 20
800 Third Avenue
613 Nov 39 Feo
*18
4
*1734 1834 183 19
19 •1724 18
17
17
2014 Dec 584 Jan
900 Twin City Rapid Transit_100 17 May 29 3113 Jan 29
*67
69
6934 693 70 *67 69
4
70
70 70
1001 643 Apr 17 79 Feb 3
75 Dec 100 Jan
4
160 Preferred
3
22814 229 4 228 229 228 230 2261s 227
8
2277 22934
1001 215 Jan 8 242h Mar 29 200 Nov 297 Aug
2.500 Union Pacific'
/
1
4
85 4 86
3
3
86
*85 4 86
86
*8534 86
86 86
100 8214 Jan 17 8612 Mar 29
80 Nov 854 Sept
1,200 Preferred
5212 *50 53
4
350 52
5114 52h 523 53 *51
1001 47 May 5 6738 Apr 1
40 Nov 8138 Jan
900 Wabash
85
1183
87
383 85
85 *83 87 *83
MA
82 Nov 1044 Jan
Preferred A
/
1
1001 83 Jan 7 894 Apr 8
/ 3038 32
1
4
8 3113 32
/ 307 314
1
4
8
/
1
8212 3272 3218 333
100 2114May 5 36 Mar 29
10 Oct 54 Pen
16,400 Western Maryland
31
31
*30
33 *31
3412 3312 331
3412
*32
100 2312May 3 38 Mar 28
143 Nov 5312 Feb
8
200 Second Preferred
2413 *23
244 *2212 2412
2412 241 *24
•234 25
100 2014May 8 3012 Mar 29
15 Oct 417 Mar
300 Western Pacific
8
4812 4812 *48 49
*48 49
4714 4818 *4712 49
37 Nov 6724 July
12
1001 4013 Jan 2 534Mar 19
400 Preferred
R
Industrial & Miscellaneous
1131
32 *31
32
321 *31
3212 *31
32
No par
Abitibi Pow & Pap
824 82 8214 82 824 *82 83
8212 *82
100
600 Preferred
•Bid and asked prices; no 1194•11.101Z Mb delft
.60 0took dividend paid.
z Ex-dividend
84-r111110.
1131
*82
22 Jan 18
6478 Jan 17
4218 Apr 9
8612 Apr 8
3414 Dec
69 Nov
574 Anil
83 Jan
1
4
3844
New York Stock Record-Continued-Page 2
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 24.
Monday.
May 26.
Tuesday.
May 27.
Wednesday. Thursday.
May 29.
May 28.
Friday.
May 30.
$ Per share S per share $ per share $ per share 5 per share i per share
•524 55
*53
65
*53 I 65
*55
55
65
55
*1094 ---- *10913 .-- *1094 ---- •10912 __-- •10912 ---3012 303
4 31
32% 3114 317
8 3118 3112 3112 313
4
*91
9314 '
391
9334 *91
9314 *91
9314 *91
9314
•30
31
*30
31
*30
31
.30
3012 *3113 32
1713 1712 •18
1712 1638 1812 17
1814 17
1712
*32
34
4130
33
30
30
30
32
3312 *30
3
4
4
*3
4
7
3
3
4
%
%
3
4
3
4
3
4
1413 1448 144 1453 144 146
4
4
146 153
1454 146
2518 2512 2512 257
8 264 274 28
29
2914 293
4
112 18
112 13
8
13
8 13
8
112 11s
113 13*
6% 6%
63
8 63
4
612 63
8
612 67
612 68
•1038 11
103 103
4
11
4 103 103 .104 11
11
8
4
4
2634 2714 2714 2818 27
273
4 263 274 2614 267
*
8
*10014 101
1003 1003 •1003 101
8
10012 1003
8
10033 101
4
7 957
95
95
954 95
95
9518 9518 9518 9518
*93
9312 934 9312 •9214 934 9314 9314 *234 9312
305 308
308 316
310 313
312 3164 315 31712
1243 12512 *1243 126
4
4
1243 126 *1243 126 *1243 126
4
4
4
8314 63 4 63
644 6018 634 6014 62
6113 6238
•3018 32
*304 32
*31
32
8
*304 317 *304 317
2614 263
8 2614 2612 2513 2618 2511 278 2712 28%
*7
712
7
7 14 *7
714
63
4 7
7
7
30 30
30
31
3012 3012 3012 *3014 31
31
4184
86
85
87
*8512 86
8614 884 8812 8812
*64
643
*6418 644 6412 6412 *6412 65
4 64 64
*7
.612 8
8
7
7
•64 7
74 *6
•38
*3712 3812 377 3918 *377 38
8
392 •3712 38
451 4514 4518 454 *441 4512 4438 443
8 454 4512
4
1223 1223 121 124 •121 124 '
4
3121 124 *121 124
184 183
8 2018 21
4 19
207
20
203
4
2033 20
•75
80 80
791
794 804 794 80
7614 78
143 1443* 14412 1464 14514 14714 14614 1484 1475 14812
8
1464 14618 146 146 .14578 14618 1457 1457
•1455 146
,
52
573 58
54
4
5312 54
524 54
5312 54
4
10012 1013 100 100
*10134 105
100 10012 994 993
4
*96
4
4 9818 984 98
9712 973 973
98
9814 9833
7 *43
443 44
4414 4412 45
4
444 4412 443* 45
.
31812 1914 183 1912 1812 1914 18
4
183
8 1712 18
2412 24
*23
253
4 243 247
4
21
23
2118 2114
*47
4712 4712 4712 4713 48
49
*483 49
49
4
8012 8212 81% 8312 8414 863
8014 81
87
* 85
*111 11112 111 111
1103* 1103* 11018 111
98
98 '
98
3974 98
98
9814 983
4 9812 119
24
24
23
•2312 24
24
23
23
233* 238
5
'
3
44 5
5
44 44
*414 43
4
414 414
24
24
25
2514 4
*2314 24
.234 25
*23
26
3
62
•6112 63 '
6214 6412
6212 624 6212 62 62
4
377
375* 3733 3711 3712 3733 374 37
373* 373
7 443
4514 443 45
4 44
8
447 45
4 4 4333 43
23
27
27
233 233
8
212 25
*
2% 211
23* 23
*30
3014 30
3014 *30
30
3014 •25
*25
30
6018 6118 553* 6018 5412 56
57
56
59
58
10412 1043 10333 10412 10318 1033 10312 1031/
4
4
*1043 105
4
258 2633 *256 28112
Stock
257 26012 .258 265 •258 265
4212 4012 41
42
41
41
*404 41
41% 42
•111 115 *111 115 *111 115 *112 115 *112 115 Exchange
8912 8912 *8912 89% 8912 894 89% 91
*894 90
118
1
1
118
1
1
1%
118
1
1% Closed
102 102% 10214 10378 10238 1073 10818 1083 10714 10914
s
4
105 105
*1043 10512 105 105
4
10514 1054 10518 10514 Memorial
85
8412 8412 *8314 85
. 8312 85 •8312 85 .84
3
8714 8714 8714 8714 8714
•863 8714 874 8714 *87
8
Day
4
8 32% 3312 33
333
3314 333
8 323 33% 327 3314
2612 Holiday
253 *2412 2612 2614 2614 *25
4
24
•23
26
75
74
6814 704
754 724 747
67% 721
75
653 655* 65
65 •65
8
66
*65
653* *65
6533
16
*153 16
16
4
3115 4 16
3
*15
17
*15
16
2
*2
2
214
2
2
2
2
*2
214
72
7214 7112 73
72
723
8 7133 7214 7118 723
4
139 139 •139 139% 139 139
13814 139
1383 139
4
424 4218 *4214 43
*424 43
4212 42% 4212 4212
*102 108 *102 107 *102 107 *102 107 *102 107
12
*1218 1312 12
1218 12
1218 *12
12
1212
26
*26
2718 274 25
0
2718 2812 *2714 28
2612
424 4212 421 4213 014212 4312 4212 434
42
42
114 114
113 113
*113 1141z 113 113 *113 114
*4711 50
349
*4712 50
52
*4712 50
49 '
49
*613 6212 *613 6212
4
4
4
4 613 62
6112 6112 613 613
4
10833 1085, 108 10818 10812 10812 .10833 10912 104112 1094
1612 *1414 1614 1512 1512 145* 154
1612 1612 *15
2294 232 I 229 23214 22914 23112 23018 23112 231 23214
2138
8
8 207 213
8
8 20% 2114 207 2114 21
20 4 213
3
260 260
25812 262
25612 258
263 263 ' 259 261
3
4
266 2687 264 2884 26318 265 4 26311 26533 26412 2683
8
8
8
4
4
3
1233 123 4 1233 1233 1234 1233 124 12418 1237 1237
4
4
ism 134 *130 134 *130 131 •130 134 *130 134
*113 11312 11312 11312 11312 11312 *113 11312 *113 113%
8
111 11114 11112 1137 1114 1144 1134 115% 114 11638
8
•105 1054 1054 10514 10514 1054 *1054 105% *10514 1057
15
15 .14
144 1412 •14
15
*14
15
'14
38
374 3612 384 *37
3612 3612 364 374 37
73
88* 9
73
4 83
712 8%
812
814
8
*394 42
43
*37
40
40
40
•39
39
39
vp
v
s
10
11
912 912
9% 934 *9% 10
85
65
65
*82
65
6218 6212 *62
65
•62
4
593 61
59% 61
5912 60
5211 8018 597 61
35
35
8
8 343 3514 341 347
3612 363
*37
40
494 497
49
8
4 49
4834 4814 493
474 4712 48
11014 11014
11318 11318 *110 113
011012 116 *11012 116
294 *2712 2812
2714 2714 2718 2718 .2712 2912 29
234 2314 2314 2312 244
•23
24
24
*23
•23
78
*76
7512 76
*754 76
*75
76
76
*75
64 64
64 64
633 65
68* 6%
*
434 64
35
5 34
314 312
312 312
4
312 33
3
3% 3 4
3
61
61
61
6112 61
6112 61
61
6112 62
912 9% *9
912
912
*9
10
*9
*8 4 10
3
20
*14
20
*14
20
*14
15
*14
20
1314
404 4112
393 41
4
393
4 394 40
8 39
394 397
434 444
443
4 4318 44
44
•434 4312 435* 45
50
50
49
49% 49
46
*424 46
48
•44
6312
*62
62
62
62
62
65
*62
64
*62
6012 *60
6012
60 .60
6012 60
6112 *60
1360
4
4214 433
8 421 4312 423 44
427
*
413* 4214 42
8
86
z807 81
•82
86
*82
84
*82
83
83
103 105 *103 105
1044 10412 *103 104 *103 105
614
614 *6
64 *6
*6
614
614 *6
*6
165 165% 16612 1674
4
3
16012 165 4 1654 1713 16112 170
61, 6% .6
6 4 *6
61
614
614 614 *6
39
*33
*3318 39
39
*33
39
3712 *33
*35
8
2
*UPI 573 *5612 573* •5612 573 *5612 573 *564 573
4 614
54 1314 *53
64 •
'
3
6
6
6
612
6
21
*18
20
20
20
2012 20
20
*20
20
531 531
8
54% 543* 533 544 531 537
54
54
74 712
74 74
74
7
7
7
74
74
8
4 273 2712 27% 2713
283
8 2712 273
273* 2814 28
11112 11112 11118 1114
113% 113% 1103 113
4
311214 114
108 108 *108 10812 *108 108%
010812 109 *10812 109
*164 17
4
4
*1634 17
*163 174 *163 174 *163 17
4
84
*80
84
*80
84
*80
84 '
3723* 8712 *80
5
*3
5
*3
5
5
5
*3
*3
*3
,
2734
4 27
2634 27
2712 268 278
264 271s 27
•BM and asked prices; no sales on this day. z Ex-div. p Ex-righta.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
I
Shores
Far $ per share $ per sharp $ per share'S per share
Railroads (Con.)
100 Abraham & Straust___No par 45 Jan 2 68 Apr 21
43 Dec 15912 Jan
Preferred
100 104 Jan 11 110 Feb 11 10012 Nov 11212 Oct
12,600 Adams Exprees
No par 2318 Jan 20 373 Mar 31
34 Nov
20 Nov
8
Preferred
100 8514 Feb 4 92 Mar 27
84 Nov 96 Jan
Adams Millis
No par 23 Jan 23 32 Mar 31
7
19 Nov 35 s Jan
1,100 Advance 'lamely
7 MaY
100 1111 Jan 6 2314 Jan 24
7 Oct 104,
600 Preferred
100 22 Jan 4 4114 Jan 29
15 Oct 119 May
1.400 Ahumada Lead
es Feb
1
13 Mar 28
8
12 Jan 4
3 Dec
28.800 Air Reduction.Inc
No par 118 Jan 22 153 May 29
77 Nov 223 8 Oct
3
5,700 Alr-Way Eleo ApplianceNo par 21 Jan 13 36 Mar 24
8
1818 Dec 487 Ma,
1.900 Ajax Rubber. Inc
No par
14 Jan 2
1 Dec 1114 Jan
21 Jan 9
14,100 Alaska Juneau Gold Min_ _10
63
8May 24
1014 Jan
44 Nov
918 Jan 7
400 Albany Pert Wrap Pap_No par
84 Jan 21 1512 Feb 17
5 Oct 25 Jan
46,300 Allegheny Corp
No par 23 Jan 8 3,514 Mar 31
17 Nov 5612 Sept
1,100 Prof A with $30 warr____100 9512 Jan 3 10712 Feb 11
4
90 Nov 1183 July
600 Pref A with 840 warr____100 95 May 8i 993 Apr 11
4
300 Pref A without warr____100 89% Jan 271 9614 Feb 24
___--- ---- -7,400 Allied Chemical & Dye_No par 2554 Jan 3 343 Apr 17 197 Nov 354 4 Aug
3
Preferred
100 121 Jan 2 12614 Apr 1 11812 Nov 125 Apr
25.200'Allia-Chalmers Mfg new No par 4914 Jan 3 68 Mar 11
3518 Nov 7512 Sept
Alpha Portland CementNe par 281s Mar 7 4214 Mar 27
23 Nov 23 Nov
19,500 Amerada Corp
293 Mar 28
4
1712 Oct 42% Jan
No Par
18 Jan 16
900 Amer Agricultural Chem_100
4 Oct 2338 Jan
1038 Mar 31
514May 5
1.000 Preferred
100 26 Feb 20 39 Apr 1
7334 Jan
18 Nov
1,400 Amer Bank Note
8
10 77 Jan 2 973 Mar 27
65 Nov 157
Oct
30 Preferred
3
50 61 Feb 3 6634 Jan 31
57 July 65 4 June
200 Amerloan Beet Sugar_No par
514 Dec 2012 Jan
7 Jan 4
12 Jan 16
400 Amer Bosch Magneto_No par 34 May 5 547 Feb 14
27 Nov 7612 Sept
800 Am Brake Shoe & le____No par 4414May 19 545 Mar 20
4012 Nov 62 Feb
110 Preferred
100 11814 Jan 14 128 Feb 13 113 Nov 12612 Mar
29,200 Amer Brown BoveriEl_No par
44 Oct 34 4 June
8
3
83 Jan 16 21% Apr 25
570 Preferred
4
4May 26
100 604 Jan 3 803
493 Jan 104 June
76,600 American Can
86 Nov 18412 Aug
25 11714 Jan 2 15612 Apr 16
600 Preferred
100 14014 Jan 27 14614May 15 13318 Nov 145 Dec
2,300 American Car & Ittly__No par 52 May 8 8212 Feb 6
75 Nov 10612 Jan
1,100 Preferred
4May 29 116 Jan 4 11012 Oct 120 Jan
100 993
500 American Chain pre
7014 May 9518 Oct
100 75% Jan 3 101 Mar 28
3,700 American Chicle
,
27 Nov 815, Sept
No par 361 Jan 2 514 Apr 3
3,500 Am Comm'l Alcohol- _No par
20 Oct 65 May
1614May 5 33 Jan 16
2.400 Amer Encaustic TIling_No par 21 May 28 30% Mar 31
4
1814 Nov 473 Feb
1.100 Amer European Seo's No par 35 Jan 8 5912 Mar 31
23 Nov 9812 Sep
172,90 Amer & For'n Power-No par 65 May 5 1013 Apr 16
50 Oct 19914 IMP
4
900 Preferred
No par 107 Jan 8 11112 Apr 29 10112 Nov 108% Feb
800 2d preferred
8614 Oct 103 Feb
No Par 95 Mar 12 9912 Feb 19
1,400 Am Hawaiian el 8 Co
10 19 8 Jan 2 8313 Mar 19
1712 Dec 42 Apr
7
300 American Hide & Leather-I00
38 Dec 10 Jan
418 J11.13 30
7 Apr 10
600 Preferred
2314 Nov 5214 Aug
100 2218May 16 347 Apr 11
1,400 Amer Home Producta-No par 56% Jan 11 693 Mar 20
40 Nov 85% Jan
4
2,800 American Ice
29 Oct 5312 Aug
8
No par 3514 Feb 7 417 Mar 27
15,600 Amer Internal Corp-No par 3$ 8 Jan 20 553 Apr 2
4
2912 Nov 963 Sept
3
900 Amer La France A FoamIte_10
8 s Jan
7
24 Oct
4 Apr 2
2 Jan 20
190 Preferred
100 30 Jan 9 35 Feb 14
2712 Nov 75 Feb
18,800 American L000motive_No par 541/May 27 105 Jan 6
90 Nov 138 July
800 Preferred
100 103 Mar 5 11812 Mar 1 11114 Nov 120 Dee
600 Amer Machine & Fdy __No par 210 Jan 10 2841 Apr 30 142 Nov 27934 Oct
4
2,200 Amer Metal Co Ltd___No par 3914May 8 5112 Feb 7
8118 Feb
3113 Nov
Preferred (6%)
100 110 Feb 6 116 Feb 18 106 Nov 136 Feb
470I Amer Nat Gas pref____No par 65 Jan 23 95 Mar 27
14
58 Nov98 Jan
28.200 American Piano
,
8
No par
177 Jan
3 Dec
27 Mar 31
4
4 Feb 7
23,500 Am Power & LIght
6414 Nov 1753 Sept
No par
4
77 Jan 2 1193, Apr 1
900 Preferred
9214 Oct 105 Feb
No par 100 Jan 28 107 Mar 24
300 Preferred A
70 May 80 Feb
No par
75 Jan 8 85 Mar 20
700 Pref A stamped
727 Nov 844 Feb
8
4
No par 80 Jan 6 883 Mar 21
16.500 Am Bad & Stand San'ry No par 304 Jan 3 393 Apr 7
28
4
Oct 553* Sept
1,200 American RepublIca
1212 Nov 6434 Jan
No par 2012 Jan 21 37 Mar 25
42,500 Amer Roiling Min
8
25 6712May 28 1007 Feb 17
60 Nov 144% Sep
6001Amertcan Safety Razor_No par 59 Jan IS 674 Apr 26
14
44 Nov 74 Jan*
100 Amer Seating•t o
*
17 Dec 417 Mar
No par 16 May 10 264 Flit 18
$ Oct
3001
300Amer Ship & Comm_ _No par
z
7 Feb
14 Feb 25
34MaY 6
American Shipbullding____100 8212May 5 95 Feb 14
70 Oct 1124 Aug
5,800 Am Smelting Is Reflning_100 6514May 5 7912 Apr 2
62 Nov 13014 Sept
1,300 Preferred
Jan
100 1334 Feb II 141 Apr 8 12318 Nov 138
300 American Snuff
38
Oct 49 July
8
25 41 May 3 437 Jan 27
Jan
99 Nov 112
4
Preferred
100 10014 Jan 3 1073 Apr 22
800 Amer Solvents & ChemNo per
8May 20 2211 Mar 7-117
700 Preferred
4May 5 334 Mar I
No par 241
1,300 Amer Steel Foundriee_No par 4014May 5 1214 Mar 20
35 4 Oct 797s Feb
3
30 Preferred
100 11013 Jan 7 116 Feb 25 110 June 114 Mar
200 American Stores
40 Oct 145
Apr
No par 4614May 5 554 Apr 16
600 Amer Sugar Refining
94 4 Jan
3
66 Nov
8
100 60 May 5 697 Mar 26
600 Preferred
99 Nov 111
Feb
100 104 Jan 6 110 Apr 24
1.100 Am Sumatra Tob
18 Nov 60
Jan
No par 1218May 3 264 Feb 10
42.400 Amer Telep & Teleg
100 214 Jan 2 27414 Apr 17 1934 Jan 3104 Sept
200.700 Rights (expire Aug I)
81Vfay 5 223* Apr 171
193
3.100 American Tobacco cont____50 197 Jan 8 26414May 23 160 Mar 23212 Oct
15,800 Common clam B
Oct
50 197 Jan 8 26912May 23 160 Oct 235
800 Preferred
100 120 Fob 3 124123,1ay 221 1145, Nov 12114 Jan
American Type Founders__100 125 Jan 22 1411 Apr ii 115 Nov 181 Sept
4
20 Preferred
8
100 106 Feb 5 1143 Apr 4 103 Nov 112 Apr
29,900 Am Wet Wk,& El____No par
50 Nov 199 Sept
8812 Jan 2 124% Apr 23
500 let preferred
97 Jan 104
Jan
9918 Jan 4 1064 Apr 15
57 Oct27 8 Jan
200 American Woolen
100
7
74 Jan 2 204 Feb 17
1,500 Preferred
1512 Nov 58 s Jan
3
4
193 Jan 2 44,2 Feb 18
100
8,000 Am Writing Paper otfe_No par
9 May 29
4 Nov
164 July
5 Jan 20
200 Preferred eertificate
4
28 Nov 46 Mar
2912 Jan 17 443 Feb 27
100
900 Amer Zinc, Lead & Smell-25
7 Nov 4914 Mar
8 May 3 1778 Feb 3
200 Preferred
493 Nov 11114 Mar
4
56 Jan 6 797/ Jan 2(
25
40.000 Anaconda Copper Mln new_50
6714 Dec 140 Mar
5218Maf 6 3112 Apr 2
1,500 Anaconda Wire & Cable No Par
46 Dec 893 Sept
3433MaY 27
Feb It
4
534
1,800 Anchor Cato
25
4
35 Jan 2 513 Apr 21
Oct80 Oct
No par
200 Preferred
96 Nov 1544 Oct
No par 105 Jan 2 11518 Apr 14
1,000 Andes Copper Mining_No par
30 Oct 683 Mar
4May 6 3714 Apr 2
213
8
1.600 Archer. Hanle, Mid'Id_No par
1812 Nov 494 Mar
2212 Mar 6 2914 Apr 5
200 Armour & Co (Del) prof___100
75 Oct 95 Jan
7414 Mar 14 813, Jan 3
3,900 Armour of Illinois clam A-__25
518 Oct 1818 Jan
818 Mar 26
14
5 Jan 18
4,400 Class B
23 Nov
41 Mel' 26
4
1
104 Jan
2% Jan 20
25
1.300 Preferred
57 Nov 86 Jan
55 May 5 64 Jan 9
100
100 Arnold Constable Corp.No par
614 Dec 407 Jan
4
ids Feb 8 133 Apr 21
Artloorn Corp
164 Nov 30 Feb
1312May 15 204 Apr 28
No par
15,300 Associated Apparel Ind No par
34 Nov 583 June
8May 8 4618 Mar 10
333
4
4,2001Assoc Dry Good,
25 Nov 70 4 Jan
28 Jan 4 5012 Apr 15
3
No par
650 associated 011
3412 Dec 4714 Ap
26 32% Feb 27 5014 Apr 9
200 All0& W I El B Lizie--No par 597
3218 Feb 8612 Oct
sMaY 9 80% Jan 30
100 Preferred
45 4 Feb 627 Sept
3
8
100 59 Jan 7 6514 Feb 26
22.700 Atlantic Refining
30
s
Oct 777 July
8
25 3614 Jan 17 513 Apr 7
500 Atlas Powder
4
87 Nov 140 Sept
78 May 5 1043 Mar 21
No par
90 Nov 10612 Jan
70 Preferred
100 101 Jan 20 106 Mar 22
7
Atlas Tack
17 July
5 Nov
84 Mar 5
NO par
6 May 8
8,800 Auburn Autornoblie
No par 150 May 20 2634 Apr 1 120 Oct 814 Sent
300 Austin. Nichols new. No par
6 Apr 3
0
7 May 14
Preferred non-votIng____100 24 Jan 2 3512 Apr 23
18 Nov 424 Jan
Austrian Credit Anstalt
4912 Nov 65
Jan
56 Jan 10 60 Jan 13
4 Dec 3512 Aug
600 Autoeales Corp
No par
412 Jan 20 104 Mar 3
7
13 Dec 45 s Aug
900 Preferred
50 15 Jan 11 25 Mar 4
34 Nov 50 Jan
1,000 Autostr Sat Razor A___No par 37 Jan 2 583 Apr 28
8
97 Apr 15
411 Dec 20 Aug
21.500 Aviation Corp
411 Jan 20
4
No par
15 Oct 668* Aug
5,400 Baldwin Loco Wks new No par 24 8May 5 38 Feb 18
3
760 Preferred
100 109 May 14 116 Jan 21 1024 Nov 125 Apr
934 Nov 11013 Feb
10 Bamberger(L)& Co pref-100 107 Jan 3 11012 Feb 4
Barker Brothers
3
10 Dec 33 4 Jan
3
No par
1633 Jan 15 20 4 Mar 5
97 Jan
Preferred
70 Nov
100 7312 P b 11 91 Mar 31
Barnett Leather
2 Dec 294 Jan
12
No par
71s Apr 11
2% Feb 18
20 Oct 4918 May
10,800 Barnsdall Corp clam A
25 2012 Feb 15 34 Mar 28
New York Stock Record-Continued-Page 3
3845
For sales during the week of stocks not recorded here, see third
page Preceding.
HIGH AND Lull' SALE PRICES
-PER SHQRE, NOT PER CENT.
Saturday.
May 24.
Monday.
May 26.
Tuesday.
May 27.
Wednesday. Thursday.
May 28.
May 29.
Friday.
May 30.
Bates
for
IDA
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE!
Range Since Jan. 1.
On basis of 100-sharelots.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest
Shares Indus. & Morel. (Con.) Par $ per Mare
per share
Per share $ per shays
I3ayuk Cigars, Inc
No par 5914May 5 68 Feb 4
55 Nov 1133 Jan
4
First preferred
100 97 Mar 3 99 4 Feb 21
3
95
Oct 1063 Jan
4
Beacon 011
No par
13 Feb 18 205 Apr 9
8
'86
87 - "WC 87
1212 Dec 327 July
8
id7- 87 87 -81
8
700 Beatrice Creamery
50 67 Jan 18 92 Apr 14
13
*106
69 Dec 131
____ '108•106 _
- - *106
Oct
•106
_
Preferred
100 10114 Mar 20 106 May 15 100 Dec 10612 Aug
47
43
8
8 478
4 47
478 •412
47
8 *412 5
2,500 Belding Flem'way Co__No par
43 Jan 3
2
Oa Jan 17
8
412 Dec
847 8478 *813 85
3
1734 Apr
8414 843 *8418 85
8'
8414 8414
500 Belgian Nat Rye part pref.. ___
80 Jan 3 8512 Mar ID
413 4212 4212 4414 4234 43 4 42521 4312 423 433
4
75 Nov 841 Jan
/
4
3
8
8
18.800 Bandit Aviation
No par 327 Jan IS 57 Apr 7
3
/
1
4
505 517
495 50
8
25 Nov 1044 July
8
8 51
/
1
5112 5113 5278 53
535
8
15,300 Best & Co
No par 3113 Jan 8 5614 Apr 25
953 961 96
4
25 Nov 12312 Sept
/
4
9133
4 95111 9618 9412 955
/
1
8 944 953
4
19,100 Bethlehem Steel Corp
100 915
8Nlay 5 11014 Apr 1
*1303 131
4
131 131
7814 Nov 140 4
13034 1303 131 13118 131 13118
3
4,
1,000 Beth Steel Corp Pl(7%)- --100 12214 Jan 13 134 Mar 22 1164 May 128 Aug
"2312 30 "22
/
1
2612 •22
2612! *233 261 *233 2612
Sept
4
4
Bloomingdale Bros_ ___No par 23 Jan 4 297 Apr 24
*98 100
8
2234 Dec 617 Apr
*98 100
2
*98 100 "98 100
*98 100
Preferred
100 99 May 12 103 Mar 8 100
*80
84
Oct 111
*80
84
Jan
*80
84
*80
83
•80
83
Blumenthal A Co pref
100 74 Feb 7 90 Apr 7
5412 5412 553 56
4
7018 Dec 118
Jan
*54
553
4 5512 577
8 56
563
8
2,500 Bohn Aluminum &Br__No par 477 Jan 22 69 Apr 7
2
*71
75
*71
37 Nov 1383 Man
75
4
*71
75
.
171
75
•71
75
*314 33
Bon Ami class A
No par 70 Mar 7 78 Apr 5
4 *31 3 4
Oct 8912 Jan
70
/
4
314 314
3
314 314
314 3
/
1
4
600 Booth Fisheries
No par
318May 20
*18
25
5 Star 26
•18
3 Dec
1134 Jan
25
*20
25
•20
25
24
243
8
400 Ist preferred
100 20 May 20 3314 Jan 3
8814 883
18 Dec 633 Jay
4 88
89
4
8812 8914 8818 891 89
903
/
4
8
51,000 Borden Co
25 6018 Jan 8 903
8May 29
53 Oct 10012 July
357 38
8
3714 38'8 363 375
4
8 3612 37
365 367
3
8
6.800 Borg-Warner Corp
10 327 Jan 2 5012 Mar 27
*314 37
2
28 Nov 1438a may
8 *312 3 8 *312 37
7
8 *312 37
8
8 *312 37
Botany Cons Mills class A __50
3 Jan 14
213 2418 23
4
5 Mar 27
212 Dec
1518 Feb
2418 2212 2312 221 2234 2212 221
/
4
/
4
119,900 Briggs ManufacturIng_No par
1313 Mar 6 2418May 24
*2812 30
*28
30
*273 31)
812 Nov 6318 Jan
4
*2734 30
*2734 30
Briggs & Stretton
• 2114 Jan 2 3512 Apr 4
8
*214 25
1733 Dec 4313 July
218 218 *2
2
/ •2
1
4
212
214 *2
100 British Empire Steel
*5
100
53
14 Jan 30
/
1
4 *5
4 Apr 8
112 Dec
6
/ Jan
1
4
5
/ *5
1
4
53
4 *43
4 53
4 53
4 *43
4
20 preferred
37 Nov
2134 22
100
8
418 Mar 10
814 Apr 10
2134 213
1312 Jan
4 2118 215
8 205 21
8
2018 201
/
4
1,800 Brockway Slot Tr
No par
*83
85
13 Jan 3 2214May 19
14 Nov 73 Jan
*83
/
1
4
85 •83
85 .83
85
*83
85
Preferred 7%
100 68 Jan 11 85 Apr 24
151 153
152 15612 15412 156
7114 Dec 145
Jan
155 157
1563 15812
4
5,500 Bklyn Union Gas
No par 131 Jan 8 17814 Mar 3
*40
41
41
99 Nov 24812 Aug
4112 *41
41'z 40
4118 *40
4012
800 Brown Shoe Co
No par 40 Jan 30 42 Feb 18
*20
21
*21
36
2112 2018 2073 2018 201
Oct 5112 Sept
20
2018
1,100 Bruns-Balke-Collender_No par
265 263
8
1318 Jan 15 305 Mar 31
4 2612 2718 22514 261 *2514 26
1614 Nov 5514 Jan
8
/
4
*2513 26
700 Bucyrus
-Erie Co
*39
10 221 Jan 24 3173 Mar 24
4038
/
4
14
40
9
Oct 4234 Jan
4019 *39
39
40
*39
40
Preferred
11418 114, *1141 115 *11312 115 *11312 115 *11312 115
10 3318 Jan 7 43 Mar 25
8
/
4
2612 Oct 50 Feb
10 Preferred (7)
12
100 1073 Jan 3 115 Apr 15 1073 Dec 117 Apr
4
12,
4 117 1214 117 12
8
4
8
1178 121
12
12
10,300 Budd (E G) Mfg
No par
13
/ 14
1
4
81 Jan 3 163 Apr 15
/
4
14
8
14
812 Dec 227 Oct
14
3
141
137 14
8
14
1418
12,903 Budd Wheel
No par
33
818 Jan 2 145 Feb 6
33
8
7 Dec 1212 Don
/
1
4
325 335
8
8 3314 317
3214 331
3214
32
5,300 Bulova Watch
No par 2618 Jan 17 43 Mar 31
384 3914 39
/
1
/ 4412 4212 4413 44
1
4
34 Deo
2114 Nov
50
4953 5214
31,400 Bullard Co
No par 294 Jan 16 74 Apr 2
*100 105
/
1
100 100
25 Nov
3453 July
*9913 100
*9913 100
*9912 100
300 Burns Bros now cl AcomNo par 99 May 3 11018 Apr 2
*2312 2412 2312 2312 23
88 Nov 127
Jan
241 .23
231 .23
2412
100 New class B corn_
No par
17 May 5 35 Apr 2
*904 984 •9634 983 *9612 083
4
22 Jun
/
1
4
/
1
39
Jan
4 97
983
9612 9612
10 Preferred
100 93 Feb 1 100 Feb 19
41
424 415 4312; 42
/
1
8
88 Nov 10514 Jan
434 4214 427
/
1
413 42
4
7,600 Burroughs Add Mach_No par 37 Slay 3 5( Mar 1
.4012 42
*4012 42 I *4012 42
/
1
4
29
Oct 329 4May
3
*397 401
8
40
42
600 Bush Terminal
No par 36 Jan 4 4812 Mar 5
3114 Nov 8918 Feb
•103 106 *10514 106
105 1051 *105 106 •105 106
30 Debentere
10 100 Jan 2 110 Mar 15
*1133 116 *1133 116
4
/
1
4
4
9118 Nov 11012 Mar
114 114 *1133 115 •1133 115
4
4
30 Bush Term Bldge pref
100 10118 Feb 10 118 Apr 7 1053 Nov 11512 Feb
23
4 23
*25
4
8 23
4
4 *258 23
4 *25
8 23
4 *25
3 23
4
100 Butte & Superior Mining___1
25
8Slay 5
*23
8 3
4 27
43 Dec
8
8 •27
1238 Jan
514 Jan 6
*27
8 3
27
8 272
24 278
/
1
200 Butte Copper & Zinc
*20
27
8May 12
2012 *17
4 Feb 20
/
1
4
2 Oct
2012 197 197 *20
913 Jan
8
8
2014 2014 2014
300 Butterick Co
100 1812 Jan 17 293 Feb 24
927 93
8
9314 973
1713 Dec 41
3
4 953 9712 9512 977
Jan
4
8 9718 1007
8
41,700 Byers & Co(AM)
No par 70 May 5 1123 Apr 26
.111 112 •111 112
8
50 Nov 1927 Jan
,
11112 11112 *112
*112
80 Preferred
100 109 Jan 27 114 Jan 25 105 Apr 12114 Jan
*6813 693
4 68 68
68 68
68 1912 268
68
California Packing___ -NO Par 655
1. 00
5
*28
8May 6 7712 Mar 5
*28
29
6312 Oct 84 Aug
30
*28
/
1
4
30
*28
30
*28
30
California Petroleum
25 28 Jan 22 295
118
118
118
8May 6
25 June 3413 Aug
118 *1.18
114
11 11
/
4
114
/
4
114
700 Callahan Zinc-Lead
53
10
/ 55
1
4
1 Jan 2
541 56
/
4
1
218 Feb 3
Oct
4
Jan
5614 60
6012 633
8 6212 641
/
4
10.400 Calumet & Arizona Mlning_20 5018Nlay 22 89 Jan 9
1914 1914 193 197
8
/
1
4
7312 Nov 13634 Aug
8 193 20
4
1958 20
21012 195
8
2,000 Calumet & Hecht
*2214 23
25 1618May 5 333 Jan 7
23
25 Oct 611 Mar
8
23
/
4
24
25
247 26
8
2512 261
Stock
11,900 Campbell W & C Fdry_No par
66
19 Jan 2 30 ?Oar 25
663
8 663 673
4
19 Dec 4912 Aug
4 67
68
68
,
3
703
8 697 701
19,600 Canada Dry Ginger Ale No par 57121May 7 7533 Mar 10
27
271 2614 27
/
4
45 Oct 983 July
263 267
4
8
8 263 263
8
4 2612 2612 Exchange
2,200 Cannon Mills
.2212 2312 *2212 23
No par 2614May 26 3414 Mar 18
27 Dec 4834 Sept
*2212 23
23
23 .2213 233
4
100 Capital Adminia cl A_No par 184 Jan 18 2834 Apr 4
*37
39
/
1
*37
17 Nov 654 Oct
38 .37
/
1
38
*37
*37
38
38
Closed
Preferred A
306 311
50 31 Jan 2 42 ?Mar 19
302 317
29 Nov 304 Oct
285 306
282 291
28712 295
79,500 Case Thresh Machine cifs_100 192 Jan 2 3524 Apr 23 130 Nov 467 Sept
*130 1313 *130 13113 130 130
4
/
1
4
/
1
129 129 •129 130
Memorial
180 Preferred certificates_ -__100 115 Jan 18 132 Mar 25 113 Nov 12312
7513 7518 7514 757
8 733 7518 7414 747
Dec
4
4
8
8 743 753
6,200 Caterpillar Tractor.. __ No par 54 Jan
•712 812 *712 9
793 Apr 28
4
6014 Dec 61 Deo
*712 9
*812 9
•812 9
Day
Cavannagh-Dobbs Inc_No par
*65
68
8 May
13 Jan 11
/
1
4
*65
614 Dec 4218 Feb
68
*65
68
*65
•65
68
68
Preferred.
100 62 Jan
311 31 2 313 323
/
4
,
75 Jan 18
8
58 Dec 10312 Mar
4 30
33
305 33
8
3118 3353 Holiday
18,800 Celotex Corp
No par 20 May 7 60 Mar 10
31
Oct 7938 Feb
27
2718 026
27
26
2612 *26
27
•26
27
500 Central Aguirre Asso_No par 2312 Feb 19 3012 Mar 31
21
Oct 483 Jan
4
Central Alloy Steel____No pa
30 Jan 2 35 Apr 16
/
1
4
2618 Nov 59
14 Oct
_
*414 --51-4
Preferred
100 10514 Feb 7 110 Apr 10 1053 Apr 11212 Jan
44 45
/
1
/
1
4
4
8 •45
8 478 •412 - 8
473-44
100 Century Ribbon Mills_No Pa
•58
3 Feb 4
/
1
4
814 Mar 27
60
*58
3 Oct 2018 Jan
60
*58
60
60
•59
60
60
20 Preferred
100 61 Feb 27 6212 Apr 7
543 543
4
5414 55
5014 Dec 82
*5414 55
Jan
5312 55
5434 55
1,300 ,
:erro de Pasco Copper_No pa
*913 10
5114May 8 65 8 Jan 0
3
95
8 95
5214 Nov 120 Mar
8
912 91
•912 10
912 912
500 Certain-Teed Producta.No pa
•43
812May 16 1578 Feb 6
45
*43
1078 Dec 32 July
4412 4314 4314 •43
*43
44
44
100 City Ice & Fuel
No pa
401 Jan 3 49 Feb 4
•96
/
4
961
9614 9614 *96
3913 Dec 623 Jan
4
961
116
961
954 951
/
1
/
4
100 Preferred
100 9518Nlay 20 9834 Feb 11
4434 455
8 4514 4614 45
451
96 Sept 10514 Jan
46
454 4612
45
/
1
10.300 Checker Cab
No pa
36 Jan 2 677 Mar 27
7012 7012 70
8
18
704 7014 701
/
1
Oct 80 4 Sept
3
6713 6834
6712 70
6,900 Chesapeake Corp
No pa
21
2178 21
6313 Jan 8 8213 Mr 29
4218 Nov 112 July
227g 2118 22
2018 215
/ 2118
1
4
8 20
6,300 Chicago Pneumat Tool_No pa
*48
1712Nlay 5 37 Mar 31
4912 483 497 .49
4
217 Oct 471 SePt
3
8
.
50
.4914 50
*4914 50
200 Preferred
No pa
27
483
4May 26 557s Mar 14
27
.27
47 Nov 61 Sept
2813 *27
281
263 2634 *263 2812
4
4
40 Chicago Yellow Cab__ No pa
*2214 24
181 Feb 1 32 ME 20
4
2212 223
.
217 Oct 36 Jan
s
4 2258 231
2214
2212 2212 22
2.100 Chickasha Cotton 011
*131
1
641 13438 643
2138May 20 3212 Apr 10
/
4
4 6458 6458 631 6412 643 6518
25 Dec 50
Jan
/
4
8
3,600 Childs Co
No pa
*50
70
53 May 5 6712 Mar 3
00
70
4412 Nov 75 2 Sept
*50
7
70
•50
•50
70
70
Chile Copper
35
/ 37
1
4
2
363 377
51 Apr 30 65 Feb 6
4
8 363 371
53 Nov 12713 Mar
8
3614 37
3614 37
130,300 Chrysler Corn
No pa
912 912
3012Slay 5 43 Apr 11
94 938
/
1
26 Nov 135
Jan
913 91
914 95
9
8
9 12
4,800 City Stores New
38
No pa
38
38
74 Mar 21
/
1
38
1314 Apr 25
714 Oct 27 Feb
*37
38
238
•37
38
38
300 Clark Equipment
.43
48
No pa
*43
33 Jan 20 4412 Apr 21
46
.43
25 Nov 611 Oct
/
48
4
*43
•43
48
Cluett Peabody & Co__No pa
095.2 993 *963 993 *953 993 •953 48
4
8
30 Feb 1 60 Apr 5
4
3412 Dec 7234 Jan
8
8 993 *953 9934
4
8
Preferred
185 1863 18418 187
100 9114 Jan 2 105 Apr 8
8
/ 184 1863 18312 18573 18358 18553
1
4
9012 Dec 119
Jan
6,400 Coca Cola Co
No pa 13314 Jan 8 1877 Apr 2 101 Nov 15413 Aug
s
*513 52
3
*513 5112 5112 5112 513 52
3
4
4
513 52
1,200 Class A
2914 297
3 29
No pa
2914 287 287
4812 Jan 8 53 Mar 21
44 Oct 50 Feb
/
1
4
8
8 2818 2812 •2818 29
2,900 Collins .5 Aikman
92 92
*9014 95
No pa
1482 Jan 2 35 Feb 13
/
1
4
10 Nov
*9014 95
7214 Mar
•9014 96
•9014 95
100 Preferred non-voting._.i00 73 Jan 3 92 May 24
*61
62
6114 6213 61
65 Dec 10312 Fet
6234 62
633
62
6453
18.500 Colorado Fuel & Iron
15214 15214 15212 167 154 15613 154 155 8 15634 162/
100 3612 Jan 2 77 Apr 8
/
1
4
27 Nov
7812
1
4
11,100 Columbian Carbon•t oNo pa 12912May 5 199 Mar 11 105 Nov 344 Mai
8214 82as 8212 8418 8338 8434 8353 843 8312 84
Oct
181,600 Colum Gas & Elea
•19913 110 110 110 10913 10934 *10834 110 8 10934 10934
No pa
69 May 5 87 Apr 10
600 Preferred
2715 287
8 2814 2914 28, 283
9913 Nov
100 104 4 Jan 31 110 Apr 11
,
3
100 July
4 2734 2812 2734 284
/
1
81,700 Columbia GraPhoPhone
30
3014 303 3134 3114 3114 3012 31
3
2314Nlay 5 3783 Apr 28
1618 Nov
8834 Jan
304 313
/
1
4
4,700 Commercial Credit--No Par 2338 Jan 2 40 4 Apr 1
*381 39
/
4
•39
40
3
0373 40
IR Nov 623 Jan
4
8
4
100 Class A
*2514 2512 2514 2514 2514 2514 3734 373 *3813 33s8
50 3172 Jan 2 4433 Apr 1
28 Nov 511 Sept
/
4
.2514 2512 *2514 251 3
30 Preferred B
91
91
*90
25 22 Jan 6 28 Apr 29
91
*90
20 3 Nov
3
28 June
9034 90
9084 •90
/ 901
1
4
/
4
60 tat preferred (8A %)._ -100 7614 Jan 18 95 Mar 29
*4113 42
413 423
4
4 4214 4214 411 4314 42
70
Oct 105
/ Jan
1
4
/
4
4313
3,500 Coin Invest Trust
*8212 833 *83
8
No par 3618 Jan 20 55 Mar 6
8312 5312 8312 85
2818 Nov
79
Oct
85
87
85
•11
500 Cony pref
12
•11
No par 8212May 7 87 Mar 28
12
*11
16
•11
*11
20
15
3018 307
Warrants
3 307 31314 304 3112 3012 3114 3014 31
100 11 Jan 3 2314 Mar 5
8
/
1
9 Dec 69'l Sept
27,500 Comm Solvents
17 8 1813 1753 18
7
No par 2513Nlay 5 38 Apr 11
2018 Oct 63 Oct
1713 18
173 1814 173 18
4
4
88,200 Commonwealth&Sou'n3No par
*47
473 *47
123 Jan 2 2014 Apr 7
4
4
4912 *47
10 let 24 4 Oct
4912
3
4812 .47
48 3
,
Conde Nast Publics. _ _No par 44 Mar 8 57 Mar 27
1512 1513 154 154 1484 1514 •47
/
1
/
1
35 Nov 93 Jan
1453 143
4 141 147
/
4
8
7,100 Congoleum-Nairn Ine_No par
.42
44
4214 4214 42
1313May 3 194 Mar 24
/
1
11
Oct 35 4 J&D
42
0
.40
417 *40
8
4178
200 Congreea Cigar
No par 35 May 5 564 Mar 11
*3
5
8
8
"a
/
1
82 .
43 Nov
3
2
9252 Feb
53
•3
5
/
4
8
3
*1
3
3
•44
Comley Tin Foil stpd_No par
46
44
4412 *43
a, Jan 16
I Mar 24
4413 *43
112 Fet
14 Nov
44
43
43
400 Consolidated Cigar_ ___No par 405
73
73
8May 2
074
593 Mar 17
8
744 *74
/
1
40
7478 ,74
Oct 9514 J30
*74
74
744
/
1
30 Prior preferred
100 67 Jan 22 80 Mitr 25
83 Nov 96 Jan
*2313 233
2 2312 2412! 24
24
*2312 24
24
24
1,400 Consol Film Indus____No par
*23
2334 2312 243
1513 Jan 3 2712 Mar 11
8 233 2418 2314 233
8
10 Oct 26 2 Sept
1
4 2312 233
4
3,200 Consol Film Ind pref__No par
8
12412 1267 12714 129141 128 13014 12912 131
18 Jan 8 2814 Jan 10
1518 Oct 304 Apr
1297 1311
/
4
$
114,500 Consolidated Gaa(N Y)No per 98 Jan 2 1367 Apr 26
•103 10312 103 10312 103 10373 1023 10312 103 103
/
1
4
8
8013 Nov 1834 Sett
4
2,400 Preferred
jig
No par 9912 Jan 28 1037
118
114
1,
4
8May 37
9212 Nov 10012 Dec
113
114
118
118
118
114
2.600 Consolidated Textile
No par
1 Jan 2
1553 15
/ 1534 1618 1614 1614 153 1534 15
1
4
2 Jan 27
52 Dee
63 Jan
8
4
16
800 Container Corp A vot No par
12 Jan 2 2212 Feb 24
•5 4 6
*5 4 6
3
3
12 May
2312 Jan
534 51 *53
4 6
/
4
•53
4 6
No par
100 Class 13 voting
414 Jan 2
812 Feb 20
3238 33
3012 3153 3214 34
/ 32
1
4
111 Jan
311 Nov
/
4
32
3113 3178
11,000 Continental Baking cl ANo par 2712May 5 5212 Feb 17
43
45
4 518
8 43
4
2514 Oct 90 July
47
8 4
/
1
4
41 47
/
4
434 43
4
8
No par
6,900 Claw B
4 Slay 5
7 Feb 17
*8012 82
4
/ Oct
8114 8212 8013 8112 80
1
4
1514 July
80
/ 79
1
4
80
100 7812 Apr 24 947 Feb 17
4,100 Preferred
2
/
4
7912 Nov 100 June
6413 6413 641 66
6512 65
65
68
665 68
3
24,100 Continental Can Ine___No par 5013 Jan 2 711 Mar 31
/
4
2518 2514 23 4 263
3
8 2512 2
4012 Oct 92 Sept
612 25
253
8 241$ 2518
4,900 Cont'l Diamond Fibre_No par 233
8May 20 374 Apr 21
/
1
20 4 Nov 33 Den
3
63 4 047
6413 64
64
3
/
1
4
8 6418 65
643
4 64
641
10 58 Slay 5 77 Mar 31
2,500 '.'.vontinental Ins
/
1
4
4611 Nov 11014 Sept
512
514
51 5 4
/
4
514
53
/
1
4
,
8 5
513
54
,
34
,
43
4May 5
4,400 3ontInental Motors__.No par
814 Feb 19
emg Dee
2734 2634 2738 2714 273
2618 284 2612 2713 27
281 Jan
2
/
1
Vo par
1912 Feb 4 3013 Apr 24
29,500 Continental 011
18 Nov 871 Aug
2958 29
293
28
4 29
2912 29
4
29
29
291
No par 273 Jan 21 4078 Apr 1
6,700 Continental Sharee
8
2812 Dec 457 Deo
1047 1063 1055, 10712 1053 10712 1057 10812 10753 10.838
4
8
3
8
4
Reflning____25 87 Jan 3 11138 Apr 23
28,900 Corn Products
13
70 Nov 1261 Oei
0145 147
145 14612 145 145 •145 147
/
4
145 145
100 140 Feb 10 14712May 20 137 Nov
90 Preferred
27
2613 27
/ 27
1
4
27
2653 27
27
144.4
263 27,
3
4
No par 2414 Jan 2 33 Feb 3
23,500 Coty Inc
18 Dec 8214 Jan
32
3112 32 .31
32
3213 32
3214 3212 321
1,100 Cream of Wheat
No par 2513 Jan 6 351 Mar 20
/
4
24 Nov
015
*1512 18
*1512 18
•1512 18
18
31 NOT
•I512 18
100
Crex Carnet
9 Jan 22 2918 Mar 5
15 Dec
173 173
3
575 Apr
s
3 1738 1712 1712 1914 1712 18,
4 1713 18
8,700 Croaky Radio Corp___No par
1014 Jan 17 22 Jan 2
15 Dec 126 Feb
• Bid and asked prices no sales on this day.
a Ex-Dividend.
Ex-dividend andlEx-rights.
per share 3 per share 3 per share $ per share $ per share
$ per share
•59
6312 *59
60
*59
60
*59
60
*59
60
*98
99
*98
99
*98
99
*98
99
*98
99
3846
New York Stock Record-Continued-Page 4
.
For sales during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 24.
Monday.
May 26.
Tuesday.
May 27.
Wednesday. Thursday.
May 29.
May 28.
Friday.
May 30.
Sales
for
the
Went.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots
On baste of 100
Lowest.
Highest.
PER SHARE
Range for Previews
Year 1921/.
Highest.
Lowest.
Shares Indus. & Miscel.(Con.) Par $ Per share $ Per share $ per
g
are
37l Itov $ fir tri
300 Crown Cork & Seal----No Par 43 Jan 2 595 Apr 7
8
3
17 Oct 25 4 Jan
1,000 Crown Zellerbach
NO par 15 May 5 1812 Feb 19
200 Crucible Steel of America_100 7514May 8 935* Mar 25
71 Nov 1215* Aug
4
30 Preferred
100 1093 Feb 7 117 Mar 13 103 Nov 1168 Feb
4
23,100 Cuba Co
5 Nov 2412 Jan
No par
9 Jan 2 1912May 29
300 Cuba Cane Products
7 Mar 3
No par
34 Mar 26
5l 7111Y
-1
Cuba Cane Sugar
5* Aug
3 Jan 2
4
l's Feb 2
No Par
2
122 Dec 187 Jan
Preferred
4 Mar 3
100
2 Jan 7
17 Jan
6 Dec
/
1
4
300 Cuban-American Sugar---10
612May 10
684
9 Feb 4
68; "
-;612 -- -;43f2 634 612 - 111C 4
Preferred
56 Dec 95 Jan
100 49 May 2 655* Feb 11
*4912 50
*4912 50
*4912 49% *4912 495 *4912 495*
8
1,600 Cudahy Packing
36 Nov 677 Jan
50 4112May 8 48 Jan 2
4414 4414 43% 44
2 433 433
4
4
434 4312 4314 437
Oet
2,100 Curtis Publishing Co___No par 118 Jan 27 12618May 29 100 Nov 132
*122 12312 *1224 12312 *12212 12312 *12212 1227 12272 12612
/
1
4
8
1,100 Preferred
No par 1147 Jan 29 1214 Mar 19 1121s Nov 121'4 May
s
*11912 1193 11912 1193 •1193 120
4
4
4
4
1193 1193 120 120
4
97
65,900 Curtiss-Wright
65* Dec 301s Aug
No par
612 Jan 31 147 Apr 7
s
912 10
958
9% 1012
1038 10%
9% 101s
13 Dec 377 Aug
/
1
4
13,600 Class A
100 1235May 28 193 Apr 2
8
14
1418 134 14
13
1314 1238 1314 127 13
600 Cutler-Hammer Mtg___No par 64 Jan 25 9012 Mar 31
*74
7514 7514 7514
75
75
•73
76
•
74
76
2114 Oct 69's "iin
3,700 Davison Chemical
8
No Par 28% Jan 2 435 Mar 31
3512 3512
3614 3528 36
*3412 3512 3514 36% 36
20 Dec 46% Jan
900 Debenham Securities
22 Mar 25 30 Apr 14
6
2
253
25
•
24
255 25% *2512 2618 25
8
27
25
Jan
Deere & Co pref
100 117 Jan 4 1274 Fce 13 109 Nov 128
*121 1214 *121 12112
Aug
300 Detroit Edison
100 195% Jan 3 255% Apr 23 151 Nov 385
233 233
*234 236 *233 235
23114 23114 236 236
Feb
7
24 Nov 84 8
4
200 Devoe de Raynolds A__No par 307 Jan 24 423 Mar 4
8
38
*38
*36
38
39
.
36
39
383 387 *36
4
s
20 lst preferred
4
100 1063 Jan 14 11412May 13 102 Dec 1154 Jan
4
4
*112 114% *112 1143 112 112 *11214 1143 *11214 1143
4
2,000 Diamond Match
100 139 Jan 13 237 Apr 24 117 Nov 16412 Jan
215 220 *218 225 x21512 21512
225 229% 226 230
1114 Aug
6 Nov
9% Jan 18
1,100 Dome Mines, Ltd
No par
6% Jan 3
83
4 9
88 8s
4
8% 83
8% 8%
8% 8%
Oct 5414 July
12
2.300 Dominion Stores
No par 20 Mar 28 305s Apr 5
4 24
24
243
2412
2378 24
23% 23% 23% 24
69 Nov 1261s Feb
36,700 Drug Inc
No par 76 Jan 2 87% Mar 10
8312
8 82
81
81
4 8114 817
8212 8114 823
81
Jan
25 Oct 92
4315 Apr 7
4May
1,100 Dunhill International_No par 273
8
343 347
8
2
2 3514 353 *3414 35
3518 3514 3414 353
,
10 Nov 287 Jai
184 Apr 4
/
1
Dupan Silk
No par 15 Jan
1518 1712 •1518 1712
1518 1612 .
•
15
1712 •1512 1712 •
s
4911 Jan 1007 Mar
10312May 26
700 Duquesne Light 1s1 pref-100 100 Jan
*1023 10312 10312 10312 10312 10312 *103-- *103
4
19
Oct 3912 Sept
17 May 5 2512 Jan 31
Eastern Rol,ing Mel..-No par
•17 16
*1712 I0
21
*17
*17% 21
*17
21
3
25514 Apr 25 150 Nov 264 4 Oct
16,100 Eastman Kodak Co__No Par 175 4 Jan
3
23912 240%
2397 242
8
23812 2403 239% 242% 23812 243
4
5
18 Nov 76 Feb
371 Feb 20
/
4
6,600 Eaton Axle az Spring-No Par 2418May
2912 2918 2912
29
2812 2812 2834 29% 2918 30
211 Szpt
139
% og
20,400 El du Pont de Nem
20 11218 Jan 1 1454 Apr 10
4
1303 13212 x13012 131
1313 133
8
131 134
1305 133
8
87
121 May 15 10012 Nov
100 6% non-vot deb
100 1141z Feb
3
*12012 1203 •12012 1204 •12012 1204 *12012 120 4 12012 12012
4
8
4 Dec 393 Jan
s
300 Eitingon Schild
6 May 29 107 Feb 6
No par
74 .6
/
1
6
.6
6
718
718 *6
74 *6
39 Dec 113 Jan
4012
500 Preferred 6.14%
100 40 Apr 30 62 Feb 5
4312 40
•
4018 4312 *4018 4312 *4018 4312 *4012
Oct174 July
50
1147 Mar 29
8
25,200 Electric Autolite
No par 81 Jan
9014 915
903 937
4
8
91
90
9212 90% 93 4 90
3
110 4 Jan 7 102% Nov 115 Apr
3
Preferred
100 10614 Jan
4
4
4
*108 1093 *108 109% *10814 1093 *10812 1093 *10812 1093
4
314 Oct 188k Mar
914 Mar 31
1,400 Electric Boat
55
612
412 Jan
No pa
618
53
4 6
612 612 *6
6% 65s
8
2918 Nov 865 Sept
103 Apr 23
298,200 Electric Power & Lt
4914 Jan
No pa
927 953
8
4 9312 968
94
86% 8712 8818 89% 90
98 Nov 10914 Feb
112 Apr 25
1,500 Preferred
No pa 10612 Jan
11072 111
4
2
11018 1104 11014 1107 1103 111
11018 1104
/
1
153 Apr 4 106 Nov 14012 June
12614 Jan
Certificates 60% paid
- 64 Nov 10412 Oat
1,900 Elec Storage Battery--Na Far 66 May 16 7914 Feb 10
711
71
7114
70
70
,
69
7012 703 7118 -,,•70
12
3 June 10 Oct
/
1
4
512 Mar 24
Elk Horn Coal Corp___No par
2%May 9
*212 312 *215 312
*212 4 t *312 4
*212 4
3 Oct 224 Feb
/
1
4
312 Apr 21
2
Emerson-Brant class A_Ne Par
*312 37
7% Jan 24
*312 37g
*312 37
2 4
*44 415 *37
/
1
4914 Nov 83% Jan
Endicott-Johnson Corp____50 50 May 12 59% Jan 22
•48
50
51
*48
50
*4814 50 f•48
* 48 .5; 50
100 10712 Jan 7 113 Apr 23 10814 Sept 12414 Feb
Preferred
/
4
12 116 *1121 116 *11214 113 *11214 116 *11214 116
5
Oct 79 8 Aug
31
1,800 Engineers Public ServNo per 8914 Jan 2 6712 Apr 7
633 6418
4
63
12 6315 6312 64
64
*6212 64
63
/
1
4
80 Nov 123 Aug
No par 94% Jan 8 10718May 26
600 Preferred $5
8
10718 10718 1065 1068 10618 10612 *105 107
07 107
Oct
843 Oct 109
4
s
400 Preferred (53i)
No par 9412 Jan 2 1047 Apr 21
*1023 10312
8
310238 104 . 103 103
103 104 '
0314 104
3114 Jan 41 May
sMay 15
300 Equitable Office Bldg_ _No par 39 4 Jan 3 495
3
47% 47%
2
*4818 4814 *477 48
48
48
8
•477 48
/
1
364 Dec 54 Feb
8
400 Eureka Vacuum Clean_No par 21 May 5 435 Mar 5
2312 25
2312 2312 *2312 2412 *2312 25 '
2312 2312
3
15 Nov 73 4 Mar
300 Evans Auto Loading
5 1314May 9 30% Feb 18
*143 1514
4
15
15
153* 147 147
1512 1512 *15
2214 Jan 2712 July
50 Exchange Buffet Corp-Ne Dar 22 Jan 2 26% Mar 3
/
1
244 2412 244 2414 *2414 2412 2414 2414 *2414 24%
/
1
3
3 4 Nov 13 4 Dee
3
3%May 22
9% Jan 6
100 Fairbanks Co
25
Stock
*4
5
*4
37
8 *4
5
3 4 33
3
4 *312
11 Apr 35 Jan
20 Preferred
100 12 May 6 39% Jan 20
•1314 14
*1318 14
14
1612 14
1412 *14
•14
2954 Oct 54% Sept
No par 3412 Jam 6 5012May 17
47
483
4 4712 485* 4714 4818 4712 48% :Exchange 10,100 Fairbanks Morse
48
47
60 Preferred
100 102 Jan 7 11112May 16 10112 Dec 11078 Jan
*10814 10912
108 108 *10 8 10912 108 10814
*108 110
22 Dee 72% Mar
Fashion Park Assoo__No par 141sMay 5 27 Feb 27
14
153
4 Closed
153 *14
4
4
154 *14
*14 4 153 ' 4 153 *14
3
4 3143
6012 Nov 109 June
/
1
4
15 59% Feb 6 90 Mar 18
500 Federal Light & TO
*703 72
8
*703 72
8
8
*703 72
7038 72
70% 70% •
4
90 Nov 104 Feb
No par 91 Jan 13 983 Apr 22
70 Preferred
Memorial
9612 goy 97
*goy 97 '9614 97
97
*9614 97
5 Oct 22% Feb
7 4 Jan 17 1214 Feb 26
3
600 Federal Motor Truck_No par
*10
1012 1012 1012
10
10
10
1012 10
*10
/
1
4
28 Nov 56 Sept
1,800 Fedi Water Service A_No par 32% Jan 3 43 Mar 19
Day
37
3618 36% 37
3614 364 36
3614
*3612 37
2512 Dec 33 Dec
200 Federated Dept Stores_No par 29 Jan 4 38 Apr 16
34
34
*33
343 *33
347 *33
*3114 34% 34
474 Nov 123 Sept
800 Fidel Phan Fire Ins N Y-10 6512 Jan 2 89% Mar 31
77
7712 Holiday
*7514 76
77
*7512 78
76
76, 76
6 Oct 133 Mar
4
7 Feb 11 1012 Apr 4
Fifth Ave Bus
912 *9
012 *6
912 .59
No par
912 *6
49
912
30 Dec 9812 Feb
No par 33 Apr 3 4012 Jan 22
Filene's Sons
*31
38
38
*31
38
.31
38
*31
38
*31
84 Dec 107 Jan
Preferred
100 92 Mar 15 98 May 3
97
•96
*9614 97
97 '
396
97
*96
97
*
96
2412 Dec 37 Des
2,000 Firestone Tire & Rubber___10 2158May 5 3318 Jan 7
2332
23
24
8 2415 2418 23
241g 243
24
24
83% Dec 89% Dee
8
8May 28 877 Mar 24
2,000 Preferred
100 783
*783 79
4
80
793 8018 78% 80
4
797 797
8
s 80
4412 Nov 90 Sept
8
10,500 First National Stores-No par 505 Jan 2 61% Jan 30
4
537
8 5312 563
8 53
5314 53 4 524 533
3
53
53
212 Dec 2018 Jan
54 Apr 2
8 Jan 2
3,400 Fisk Rubber
No par
33
8 32
7
3% 33
4
7
33
4 3%
3 4 38
3
34 3
3
%
8 Dec 7212 Jan
230 1st preferred
100 13 Jan 2 21 Apr 2
8
'13% 1512 1414 1414 *134 1614 *134 154 1338 133
12
8 Dec 82 Jan
120 1st pref convertible
100 1212May 3 2134 Apr 11
*16
1612
16
16
16
15
*15
15
14 4 143
3
4
38 Nov 54 Jan
300 Florsheim Shoe class A_No par 4212 Jan 4 5272 Mar 21
4512 45%
45
45
*45
48
48
*45
45
46
*
201s Oct 10218 Jan
100 9512 Apr 12 100 Feb 3
Preferred 6%
*9812 99
*9812 99
•9812 99
*9812 99
*9812 99
3
321 Nov 82 4 Aug
/
4
s
300 Follansbee Bros
No par 3114May 6 507 Mar 25
3614 *3414 353
•3518 37
4
/ 3512 *36
1
4
3512 3512 35
33 Nov 95 Sept
56.500 Foster-Wheeler
No par 6012 Jan 3 10118May 28
983 10112 9812 100%
4
99
90
9028 925* 92
90
123 Nov 69% Apr
4
100 Foundation Co
No par 15% Jan 6 28% Apr 14
21
21
*20
*20
21
21
*21
22
22
•19
5
1918 Dec 105 1 Sept
8
106,300 Fox Film class A
No par 1618 Jan 3 573 Apr 25
50% 533
511
8 5212 54%
491 50% 5014 51% 50
/
4
23% Nov 54% Jan
/
1
4
7.100 Freeport Texas Co
No par 3818 Feb 25 55 Apr 11
4
4 473 484
4
48% 473 484 4714 473
4814 48% 48
8212 Nov 1074 May
Fuller Co prior pref_--No Par 85 Feb 14 9512 Mar 6
913
4
913'
4 90
913 *90
4
913 *90
4
4
*
90
913 *90
5 Oct 3378 Feb
4
5% Jan 2 113 Apr 9
300 Gabriel Snubber A_--NO Par
81s 81s
/
1
818 84 *818 84
8
8
*8
812
654 Nov 8312 July
Ciamewell Co
No par 69 May 20 80 Mar 28
139
80
*69
80 •
80
*69
80
69
*69
80
*
3 Dec 25 Jan
73 Feb 18
4
3 Jan 16
/
1
4
700 Gardner Motor
6
44 418
43
8
44 44 •44
44 414
•44 414
1,800 Gen Amer Investors___No par 12 Jan 23 1612 Feb 18
8
8
4 1214 1214 123 127
*1214 1212 1214 1212 *1214 123
100 90 Jan 23 105 Apr 25
Preferred
4
993
4
993 *98
9912 *98
993 *98
4
4 98
993 •
'98
12815 0.1
42,900 Gen Amer Tank car-No Par 99% Jan 2 111% Apr 4 "fi"
102% 1043
4
105% 105% 1044 105% 1044 1053 10118 105
42 Nov 94% Aug
/
1
4
9,000 General Asphalt
100 4918 Jan 7 7112 Apr 7
58
603
4
8 574 58
/ 5754 5714 577
1
4
*57 )' 5712 57
30 Gen Baking pref
No par 105 Mar 4 125 Jan 15 121 Nov 140 Feb
118 , 118 *118 120 *118 120 •118 120 *118 120
4
24 Nov 695 June
10.100 General Bronze
No Par 254 Jan 7 884 Feb 15
3112 324 31% 32
33
8
3012 305 3112 31
30
23 Nov 61 Feb
No par 1712May 5 3412 Mar 7
400 General Cable
23
2312 *22
•22
24
22
22 •
22
22
22
634 Dec 12012 Feb
4
No par 51 May 7 743 Feb 5
500 Class A
59
•58
*5812 59
59
59
*58
5812 5812 59
42
Oct 74 Feb
No par 5014May 21 61 Mar 7
1,100 General Cigar Inc
52
*51
5112 52
5115 52
53
*52
53
*51
No par 645* Jan 29 953 Apr 10 16818 Nov 403 Aug
162.000 General Electric
82
83% 8112 8234 8314 84%
84
81% 83% 82
113 Feb
4
11
Jan
s
10 115 Jan 2 117 Apr 5
3,600 Special
s
113 1178
4
4
4 1134 113
4
11% 11% 115 11% 11% 113
7
Oct 77 4 July
85
No par 464 Jan 17 8114May 1
28.600 Gen Foods
58% 58% 591s
s 58
5812 58% 5818 587
58% 59
17,400 Gen'l Gas dr Else A new NO Dar 134May 5 1838 Apr 10
13% 1414 1334 1418 51334 14
1414
14
1414 14
3
1,200 Cony pref ser A
No Par 85 4May 5 10612 Apr 16
9112 9214 96
4 91
93 4 904 903
3
*91
*9014 93
Preferred A (8)
No par 115 Mar 19 122 Apr 2 11113 5Tii; 135 Feb
4
4
4
3
4
4
*120 124% •120 1243 •120 1243 •1203 1243 *1203 1243
99 Oct 11612 Jan
170 Preferred A (7%) No par 104 Feb 19 111 Apr 9
111 *11012 11112
111
110 110
110 110
*108 110
Oct 8918 Jan
50
No par 4518May 5 59% Apr 12
1,400 General Mills
49
49% *4812 4912 *4812 4912
47
49
•47
48
87% Dec 100 Jan
100 Preferred
100 90 Mar 29 95 Mar 22
91% 913 *90% 921 .90% 9212 •90% 9212
4
• 8 91%
907
3312 Oct 91% Max
12
400,800 General Motors Corp
10 37 Jan 16 5414 Apr 10
5114
8
52
504 5114 503
/
1
50 4 5218 5112 52% 50
3
15.000 7% Preferred
100 1174 Jan 24 13112May 8 112 Nov 12612 Jan
4
129 12914 129 1294 1283 12912
8
1287 129
12812 129
30 Oct 52 Jan
2,700 Gan Outdoor Adv A_-_No Far 32 May 26 4118 Apr 14
34
33
32
34
324 3214 32
*3314 33% 32
2,200 Common
No par 1318May 6 212 Apr 3
14
14
1412 14
14% 14% 1412 14% 1412 141
ii" Nov 98 Aug
k
3.800 Gen Public Servloe
No Dar 323 Jan 2 52% Apr 7 461 47
/
4
454 453
4 45% 47
44% 45
44
44
70 Oct 12612 Aug
4.100 Gen Ry Signal
No par 8512May 5 1063* Mar 28
94
94
94
95
94
95% *9312 94
93% 94
Ne par 67 Jan 1 90 Mar 28
54 Oct 8811 Aug
9,500 General Refractories
83% 8314 8518
82
827
g 82
82% 83
*
83
*82
4
14,100 Gen Theatres Equip_No Par 395 Jan 31 514 Apr 10
46
47
453 47
4
45 455
4
4512 46
45% 46
Oe
80 Nov 148
33.800 gillette Safety Razor No par 804 Apr 24 10618 Jan 16
8818
8712 86
8 85
85
/ 865
1
4
86% 8614 88
86
1012 Nov gas Jan
6,400 babel Bros
1112 JIM 20 2075 Apr 14
No par
4 1712 1812
1814 1738 173
/
4
17
/ 1712 171 18% 18
1
4
56 Dec 04 Oct
300 Preferred
5
100 667 Jan 30 8215 Apr 25
*7818 80
7838 80
*78
8014 .
784 7814 *7818 80
/
1
Oct 6418 July
26
3,900 Glidden Co
No par 2312May 14 38 Mar 20
2412 2412 24% 24%
/
1
2414 24% 2414 24% 2412 25
05 Nov 1064 Arr
130 Prior preferred
100 95 May 14 1054 Mar 27
9814 9814 9814 9814 9814 •9814 99
98
9 Nov 66 Feb
/
1
4
98
98
3,400 Gabel(Adolf)
No par 13 Jan 16 19 Feb 7
13% 13% 1312 14
14
1412 13% 1438 13%
14
314 Oct 82 Jan
/
1
26,100 Gold Dust Corp•t c No par 87% Jan 2 47% Apr 28
2
8 4412 453
/
4
441 445
4418 45
3
4418 4412 4418 45
384 Dec 105 4 Jan
/
1
No par 36 May 5 5812 Mar 25
5,500 Goodrich Co (B 1r)
8
4 4012 417
403 403
s
41
9312 Dec 11518 Feb
8
Preferred
407 4112 40% 424 40%
100 95% Jan 7 10412 Mar 28
95
*92
95
*92
95
*92
95
*92
60 Oct 1544 Mar
95
Goodyear T & Rub____No par 62 Jan 2 96% Mar 31
90
12.500
*
8 844 8518 84% 8512 8414 87
8312 853
87 Nov 104% Feb
83
1,800 let preferred
83
No par 90 Jan 3 10214 Apr 30
59918 99%
8
100 10012 1()058 1005 100 100
14 Nov 60 Apr
*100 101
4May 29 287 Mar 8
2
8.700 Gotham Sil Hos new No par 113
4
113 1212
13% 14% 1318 13% 1218 1314
68 Dec 10114 Jan
15 ; 1512
250 Preferred new
100 70 Jan 10 8212 Apr 4
73
7412
4
743 75
72 4 75
3
74
4 Oct 14 May
70
300 Gould Coupler A
+wiz 11
No par
*7012 79
7 Jan 2 15% Apr 23
13
735 Oct 54 Jan
*1012 11 '1014 1012
8
1.800 Graham-Palge Motors_No par
10% 10% *1012 11
84May 5 133 Apr 1
8 9
87
8% 9
9
9
7 Nov 49% Jan
9
9
8% 9
No par
400 Certificates
7 May 28 10% Apr 1
812
•13
8%
7
•712 8
4614 Nov 102% Mar
*712 8
1,200 Granby Cons M Sm & Pr-100 27 May 6 59% Apr 2
8
8
3214
4 32
323
311 3112 32
/
4
s
3212 Dec 447 Dec
32
*3012
900 Grand Silver Stores_ _No par 324 Jan 22 52 Apr 2
*3012 32
/
1
433 4414
4
43
43
33 Dec 9612 Mar
4212 44
4312 *
Grand Stores
43
*
42
43
100 3315 Feb 6 4512 Mar I
1s
9 Nov 32% Jan
Grand Union Co
No par 13% Jan 18 20% Feb 18
4,700
s
i If
17
Oct 54% Jan
-1
/
4
30
No par 37 Jan 2 4312 Apr 10
4
200 Preferred
15 4 165 "iiTs 164 ;jai, 17 . ;This 4012 4014 4014
3
32 Nov 63% Sept
4 4012
5038 Apr 3
4012 413 *
4 4012 413
42 •
*40
800 Granite City Steel
No par 37 an
4014 41 4014 41
4014 41 .
4014 4014 *
•4014 4012
held.
-dividend. S lex-41v1de..0 ex-rights. y 3 additional shares for earth snare
Fs
• Bid and asked prioes; no aides on Ibis flay
per share $ per share $ per share $ per share $ per share
*45
4612 *46
4
4612 4612 4612 4612 463
*1514 ..12 1514 1512 1512 1512 1512 1512 1512 16
77% 775
'7612 78
773
4
8 773 773 *7612 773 *77
4
4
4
*11312 114 *11312 114 *11312 1137 •11312 113s 114 114
8
17
1612 17
8
1814 1714 1712 1718 1718 173 1912
412
4% 4% *4
*312 4
312 34 •34 4
$ per share
--ai, -6.1; --6i4
New York Stock Record-Continued-Page 5
3847
For sales daring the week of stocks not recorded here, see fifth
page preceding
HIGH AND LOW SALE PRICES
-PER STARE. NOT PER CENT.
Saturday.
May 24.
Monday.
May 26.
Tuesday.
May 27.
Wednesday. Thursday.
May 28.
May 29.
Friday.
May 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ Per share $ per share $ per share $ per share Shama
Indus. & MIscel.(Con.) Par $ per share $ per share 3 per share
3 3718 36
3618 36% 35
4 per shoed
37
353 36% 353 363
4
4
4
28,500 Grant(W T)
No par 32I4May 5 43 Jan 9
3212 Dec 1443 Feb
2112 2112 2114 2112 2112 2112 2112 2134 2112 2112
1,900 Gt Nor Iron Ore Prop No par
197 Jan 8 25 8 Mar 25
8
3
19
•25I4 253
4 25
Oct 3914 Feb
254 25
251s 23
54 25
22
23
8,800 Great Western Sugar-NO ear 22 May 29 344 Jan 16
111 111
28 Nov 44
*11012 113
1105 11112 112 11218 112 11212
8
Jan
270 Preferred
100 1105
8May 27 120 Mar 14 105 Nov 11912 Feb
223 23% 2312 254 2414 25
4
2412 2518 25
2612
158,600 Grigsby-Grunow
No par 1212 Jan 18 273 Apr 28
114 *1
4
*1
1414 Nov 70 Sept
118 *I
114 *1
118 *1
118
Guantanamo Sugar........No par
12 Mar 7
4 Feb 4
544 *54
1 Nov
*54
54 Jan
55
5812 *54
*54
56
*54
56
Gulf State! Steel
100 517 Jan 2 80 Feb 19
42 Nov 79 Mar
*10514 106 *10514 106 *10514 106 •10514 106 *10514 106
Preferred
100 984 Jan 17 109 Apr 30
30 8 30% 308 305 *30
99$4 Dec 109 Feb
3
8
31
303 303
4
4 303 303
4
4
140 Hackensack Water
25 20 Jan 4 32 May 9
2612 2612 265 27
2312 Nov
8
35 Aug
265 27
8
2712 28
*2712 28
160 Preferred A
25 26 Jan 6 29 Apr 17
1812 183
4 19
28
Jan 30 Aug
195
8 1918 1912 183 19
4
1853 1912
9,900 Hahn Dept Stores
No Pa
125 Jan 2 234 Apr 17
8
*823 84
*8234 84
12
4
Oct 563 Jan
*823 833 *823 84
4
4
4
4
823 86
4
500 Preferred
100 714 Jan 8 8612 Apr 17
*2512 2612 *2512 2612 *2512 26
713 Dec 115 Jan
4
*2512 2614 2518 2512
500 Hall Printing
10 24 Mar 17 313 Mar 25
4
1110312 104% 1043 10 4 *10312 1043 *10312 104% •10312 1043
27 Dec 29 8 Dee
7
4 43
4
4
10 Hamilton Watch pre'
100 99 Jan 7 1043
4May 21
*93
954 *95
99 Nov 105 8 Jan
96
•95
5
96
*95
9512 94
95
20 Hanna pref new
No pa
85 Jan 16 98 Apr 14
*63 6312 6212 64
6312 634 6212 733 *624 63
8
700 Harbison-Walk Refrao-No Pa
55 Mar 12 724 Apr 21 "ii- Jan 877 Oct
1514 153
4 155 155
8
8 1518 16
153 15% 153 16
8
8
3,700 Hartman Corp class B_No pa
183 Jan 15 20 Feb 5
4
2314 2314 *2212 2312 *2212 2312 •2218 2312 *2212
13 Oct 417 Aug
100 Class A
No pa
g
2012 Jan 17 2314May 24
*5512 593 *5512 564 *5512 5954 *5512 593 *5512 2312
167 Oct 31 Snot
4
4
4
593
Hawaiian Pineapple
20 54 Jan 14 61 Feb 13
55 Dec 7318 Aug
1014 1112 105 1118 103 107
8
8
8
953 1014
98 10
9,9001 Hayes Body Corp
614 Feb 24
No Par
*83
85
513 Nov 683 May
173 Apr 4
4
843 843 *83
4
8
4
85
*83
85
*83
85
100 Mame(0 W)
25 81 May 3 92 Feb 19
5
27
27
84 Nov 1184 Jan
27
27
*2612 27
27
27
*2612 27
400 Hercules Motors
No par 22 Jan 3 31 Apr 11
105 105
214 Dec 334 Oct
10412 10614 1053 10712 107 109
8
1075 10812
8
33,800 Hershey Chocolate
No par 70 Jan 2 109 May 28
105 105
45 Nov 1437g Oct
10518 10618 10512 107
10712 10818 107 10818
3,300 Preferred
No par 83 Jan 2 10818May 28
12
*107 10714 *107 1071 107 107
6053 Nov 14314 Oct
/
2
10718 10718 *1074 10818
400 Prior preferred
100 10414 Feb 21 107%May 28 104
*15
17
Jan 1003 Oct
*16
18
*16
18
*154 18
*1512 18
Hoe (R) & Co
No par 15 Jan 15 354 Feb 27
39
39
12% Dec 33 Aug
3914 3912 3914 39% 3912 3912 39
39%
1,800 Holland Furnace
No par 284 Jan 14 4114 Mar 38
•814
21 Nov 51 Mar
*8
818 818 *812 94 *812 914
812
100 Hollander dr Sons (A) No pa
*76
612 Feb 27 12 Jan 29
134 May 245* Aug
8
793 *76
4
793 *76
4
793
4 7612 763 *77
4
78
200 Homestake Mining
100 7412May 5 80 Feb 1
20
205
4 2014 213
65 Nov 93 Aug
s 1912 20% 182 197
/
1
1813 18%
15,800 Houdaille-HersheY clR'No Da
1712May 5 29 Feb 5
5513 55% *543 56
13 Nov
4
523 May
4
557 56
8
553 5612 56
4
5612
1,100 Household Finance part pf _50 49 Mar 5 5612May 28
45 Aug 524 Sept
Household Prod Inc___No pa
5212 Jan 25 614 Mar 10
95'8 97l
40 Oct 794 Jan
fa; -EWE - -3- -;iEs 161 2 100½ 16222
-144
- 7
38,600 Houston Oil of Tex tem etfs 100 524 Jan 17 116% Apr 25
30% 31
26 Oct 109
313 313
Apr
4
33
4 32
*3212 33
3218 33
3.200 Howe Sound
No pa
26I2May 5 417 Feb 7
4414 4514 4414 45% 44
8
34 4 Nov 824 Mar
3
443
4 433 44% 4312 44
6,400 Hudson Motor Car
No pa
4118May 5 627 Jan 6
183 187
8
8
38 Nov 93 Mar
2 183 19
12
4
183 18% 1814 1812 1814 1818
4
5,400 Hupp Motor Car Corp
1
1718May 5 265* Apr 11
247 25
8
18 Nov 82
254 25% 2512 27
Jan
257 2614 253 26
8
4
9,100 Independent 011 & Gas_No pa
2014 Feb 19 32 Apr 7
8
8
173 Oct 393g May
4
8
8
7% 8
7
8
718 712
4,700 Indian Motocycle_____No par
43
5 Jan 3 17 Mar 4
4312 *32
3 Oct 8212 Jan
12
43
*32
44
•32
44
•32
44
30 Preferred
100 30 Jan 6 874 Mar 3
173 18
4
25 Nov 95 4 Feb
18
1
18% 18
1812 1818 1918 184 183
4
27,500 Indian Refining
1
16 May 3 283 Mar 22
17
1714 1714 1818 1712 1712 1712 18
8
134 Oct 53 Aug
1712 18
8,100 Certificates
1
1518May 5 273 Mar 22
*101 10112 103 103 *101 109
4
1112 Oct 5114 Aug
101 101
102 102
600 Industrial Rayon
No pa
90 Feb 11 124 Jan 10
6812 Nov 135 Jan
214 21434 215 215 215 216 *218 220
219 22312
900 Ingersoll Rand
No par 15414 Jan 8 239 Apr 24 120 Jan 22312 Oct
853 853
4
4 85% 853
8 854 85% *8558 853
4 853 853
4
4
500 Inland Steel
Na par 70 8 Jan 6 98 Mar 11
197 20
5
8
20
71 Dec 113 Aug
20
193 20
4
193 20
4
193 2014
4
2,500 I...titration Cons Copper-- 20 16I8May 6 3078 Feb 7
*14
1412 14
22 Oct664 Mar
14% 14
14
1312 137
13
131
800 Insuranshares Corp.. No pa
13 May 29 17 8 Mar 10
•5
53
4 *5
3
12 Dec 18 Nov
512 *43
4 512
5
5
5
5%
500 intercont'l Rubber
No par
414 Jan 2
•23
712 Apr 1
233
4 23 8 2314 23 23
,
2 NOv
1414 Jan
2212 23
*223 23
4
700 Interlake Iron
No par 221zMay 28 287 Apr 2
*512 57
8
312 552
8 *53
5% 5 8
672 61
4 57
5
8
2,800 Internal Agrioul
No par
412 Jan 2
61
61
•61
84 Apr 7
63
4 Oct I7; Jan
*61
7
63 .61
62
62
623
600 Prior preferred
100 5412 Mar 8 6714 Apr 9
186 186
18612 188
40
188 191% 192 19712 195 1951
5,600 Int Business Machines_No pa 15212 Jan 18 19712May 28 109 Nov 884 Jan
67
67
67 67
Nov 255
6612 6612 6612 68
Oct
*6612 67
900 International Cement__No pa
10
10
553 Mar 6 753 Apr 2
10
4
103
4 1018 1012
48 Nov 1023 Feb
4
958 lOis
95 10
8
13,100 Inter Comb Eng Corp__No pa
64
65
5 Jan 2 1412 Mar 26
66
6814 68
414 Dec 10312 Feb
683 •68
4
6814 *67
671
2,500 Preferred
100 30 Jan 2 78 Apr 1
100 1021
97% 102
184 Dec 121 Feb
934 9814 9414 975
8 965g 977
Stock
93.600 Internat Harveeter----No pa
0143% 1441 1433 1433 111437 14414 1437 1437 144 144
783 Jan 7 11534 Apr 16
g
4
8
65 Nov 142 Aug
2
8
300 Preferred
100 14012 Feb 10 1441 Mar 14 137 Aug 145 Jan
464 463
4614 467
:
4512 4718 465 48
8
47
478 Exchange 23.400 Int Hydro-El Sys el A_No pa
3112 Jan 3 54 Apr
84
847
8312 84% 82
23 Nov 5914 Sept
833
83 83
8212 845
8
3,400 International Match pref___35 654 Jan 3 92 Apr 11
*26
27
26
267
26
47 Nov 1024 Jan
26
2512 26
26
2712 Closed
2.40 Int Mercantile Marine ctfs_100 2412May 5 33 Apr 24
325 331
8
33% 341
17
1818 Nov 394 Oct
33
34
334 335
8 334 338
74.50 Int Nickel of Canada__No pa
3014May 5 44% Apr 4
5 Jan
25 Nov 72
International Paper-No pa
;io- W- *7912 1658 Jan 6 05 Mar 21
57 Dec 112
1;&" ;ii- 85 *81 85 Memorial
Oct
Preferred (7%)
100 80 Jan 23 86 Apr 29
26 261s 2618 264 26 26 2518 26 254 26
77 Nov 9412 Jan
Day
2,600 Inter Pap & Pow ol A--No pa
*18% 19
2518May 28 314 Mar 22
*18
19
•18
20 Nov 444 Oct
19
1814 1814 184 1818
600 Class B
No pa
•133 1412 14
1514 Jan 6 22 4 Apr 14
4
7
14
3
•14
12 Nov 33 Oct
1414 1418 1412 1414 1414 Holiday
2,100
Class C
No pa
124 Jan 7 18 Apr 14
9 Nov 2618 Oct
*793 80
4
8
79% 793
4 73 8 7972 7912 7912
4 795 798
1,000 Preferred
100 79 May 6 86 Mar 26
4712 4712 4712 4712 *4758 48
77 Nov 95 Oct
*46
48
*46
48
500 Int Printing Ink Corp-.No par 464 Jan 17 583 Apr
9412 9412 94
4
96
6
40 Nov 68% Oct
96
96
*95
9672 947 947
3
2
190 Preferred
100 934 Feb 7 101 Apr 12
15012 15112 150 151
917 Nov 106 Mar
150 15112 14912 15012 146 1498
4
14,500 International Salt
100 69 Jan 30 153
5812 1156
*56
5512 Jan 90 4 Feb
5812 5618 5618 *5618 58
8
5612 5612
200 International Shoe_ ---No Par 56 May 17 62 May 23
*89
95
*89
Jan 15
95
54 Oct774 Sent
*89
95 .89
95
*89
95
International Silver
100 95 May 8 119 Feb 1
*108 110 *109 110 *109 110 *10918 110
95 Nov 15912 Aug
110 110
10 Preferred
100 105 Feb 28 11214 Feb 17 103 Oct 119 Jan
6218 6318 62% 64
14
6253 63 4 6253 6358 6214 6434
3
60.600 Internet Telep & Teleg_No par 5814May 5
*253 265
4
8 255 26
2
53 Nov 14914 Sept
773*
*26
2614 2614 2614 2614 27
1,100 Interstate Dept Stores-No Par 24 May 5 40 Apr 24
•70
75
*70
Feb 4
75
254 Oct93 Jan
*70
12
75
*70
75 .70
75
Preferred ex-warrants._ _100 70 May 9 754 Feb 6
*25
26% 25
74 Dec 97 May
25
*25
26 8 *2514 2658 *2514 263
3
8
100 Intertype Corp
No par 23 Jan 2 32 Apr 9
*20 4 2112 203 2114 21
3
4
17 Nov 38% July
2112 *208 21
21
211
1,200 Investors Equity
No par
May 5 29 Feb 19
*36
3612 38
17
1212 Nov 724 Aug
3612 357 36
8
8 3512 351
3512 357
1,400 Island Creek Coal
1 84 4May 7 43 Mar 19
3
*577 58
3
58
39 Oct69 Mar
58
57
5712 5712 577
61
8 59
1.800 Jewel Tea Inc
No pa
43 Jan 20 6612 Apr 30
106% 10812 1083 11214 10852 1117 109 11114 11014 1113
4
39 Nov 16214 Feb
g
41,400'Johns-Manville
No per 08 May 5 148 8 Feb 5
*1205 ---- *1205 _ _ -- *12018
8
8
3
90 Nov 242 Feb
5
•12053
•120%
-Preferred
100 1182 Feb 24 123
122% 123
/
1
122 123
122% 12212 122 122
122 112
130 Jones & Laugh Steel pref 100 11812 Jan 6 12312 Mar 21 118 Nov 123 May
2% 2%
27
8 3
Apr 11 117 June 126
27
278 27
2 27
2
Oct
23
8
4 23
1.600 Jordan Motor Car
No par
*1212 127 •1212 1278 •1212 13
8
2 Jan 22
512 Apr 9
112 Oct 1612 Jan
1258 1212 1212 121
600 Karstadt (Rudolph)
•18% 19
1112 Mar
*1812 183
Jan
107 Nov13% Nev
4
4 1858 1858 •1814 1812 184 184
200 Kaufmann Dept Stores-312.50 18 Jan 17 134 Mar 16
28% 28% 2812 283
7 2012
174 Dec 3718 Feb
7
8 243 2818 257 277
8
27
2758
23,400 Kayser (J) Co v t c____No par 243
*____ 493 *41
4
8May 27 4112 Jan 2
493 *41
4
30 Nov
584 July
493 *42
4
493 *42
4
493
4
Keith-Albee-Orpheum .No par 21 Jan 8 45 Apr 23
13125 149 *126 149 •126 149 •127 1402 *127
15 Nov48 Jan
12
/
1
14014
Preferred 7%
100 85 Jan 7 150 Apr 24
70 Nov138
Jan
*414 412
414 414
414 4%
414 412
4% 4%
1,300 Kelly-Springfield Tire--No par
*2912 30
30
30
34 Jan 2
618 Apr 10
*28% 30
3 Dec 23 8 Jan
7
*283 30
4
30
30
•34
50 8% Preferred
40
100 204 Jan 3 42 Jan 24
•35
40
•35
16 Dec 947 Jan
40 .35
8
40
354 36
140 6% preferred
32% 34
100 29 Jan 2 55 Jan
345 35% 35% 36% 3512 35% 354 35%
8
26 Dec 100 Feb
10,300 XelseyHayeeWheel_-__ No par 224 Jan 3 3912 Apr 25
24
24
2414 25% 2412 2514 2438 25
k
11
18% Nov 593 May
244 25
37.800 KelvInator Corp
*825 85
N. par
8
825 8258 825 825 •825 85
8
74 Jan 2 265 Apr 25
*
5 Oct 194 Feb
8
8
8
*825 85
40 Kendall Co prof
4614 4712 4612 4812 45% 4712 465 47% 4738 48%
No par 8212 Jan 4 89 Mar 21
75 Nov 96 Feb
8
8
39.200 Kennecott Copper
1554
56
No par 415
5512 mi2 •55
5
56
8May 6 82 4' Feb 7
56
1
49 Nov 1047 Mar
,
56
5512 561
500 Kimberley-Clark
No par 49 Jan 7 59 Mar 31
39% 395s *3912 395
8 3912 391 •394 39% 3958 40
4514 May 578* Oct
2,000 Kinney Co
90
No per 20 Jan 29 40 8May 17
•88
3
88
88
2112 Nov 4412 July
90
90 .90
92
90
9112
70 Preferred
412 4%
100 8618 Feb 26 97 Apr 17
412 5
30 Oct 109% Mar
43
4 43
4% 47
45
8 43
4
4,300 Holster Radio Corp___No par
53% 531
812 Apr 14
13 Jan 18
53% 53 2 5312 54
4
7
812 Dec 7853 Jan
53% 54
54
54%
10,400 Kraft Cheerio
No par 384 Jan 6 547gMay 29
110% 1105 *11053 11118 1103 1103 110% 1103 110 4 110%
8
27 Nov 7614 Oct
4
3
1,000 Preferred
307 307
8
100 98 Feb 6 1107
307 31
8
8May 23
95 Apr 105 8 Oct
307 31
8
7
30% 31
31
3114
2,400 Kresge(8 8) Co
10 293
4May 6 We Jan 2
*5614 60
56% 56% 584 581 *57% 591 *57% 60
28 Nov 574 Mar
200 Kress Co
32% 325
N.par 55 May 5 70 Jan 24
8 32% 325
8 3214 321
534 Nov 114
32
Jan
321
32
32%
29,900 Kreuger dr Toll
33
331
23 4 Jan 2 3534 Apr 10
3312 341 3312 333
3
/
2
224 Nov 1814 Mar
334 3353 33
33%
7.300 Kroger Grocery & Hkg-No Dar 3018 Apr 30 484 Jan 23
251
24% 247 •24
•24
251 •25
3814 Nov 12212 Jan
251 •25
2512
100 Lago 011 & Transport__No par 2114 Jan 11 2612 Apr 7
•995 100
8
100 101
973 100
4
1612 Nov 38 2 June
3
93
991
9612 97%
36,900 Lambert Co
No par 93 May 28 113 Apr 1
•7
8
*7
8
8018 Nov 1574 Mar
712 712
•7
8
*74 8
200 Lee Rubber & Tire......-No Par
*364 39
64 Jan 2 11 Mar 25
•36
38
*3612 40
5 Oct 25 Jan
*3612 40
*3612 40
Lehigh Portland Cement-50 84 Jan 4 42 Apr t
•10812 1081 *1075 1081 10812 1081 10812 1081 10812 10812
8
30 Nov 65 Feb
90 Preferred 7%
100 105 Jan 2 10812May 24 100 Nov 11034 May
*12
12% 12
1214 113 117
4
1114 111
10
11
3,500 Lehigh Valley Coal----No Par 10 May 29 174 Mar 17
10 Oct 32
Oct
•3012 3hz 3014 301
2914 30'4 284 29
*29
2912
1,400 Preferred
50 2814May 28 37 Mar 19
298 297 *294 297
2918 297
12
31 Dec 44 4 July
29
291
1
29
294
700 Lehn & Fink
No par 28 May 5 86 Apr 14
22's 228 23
2212
231 231 •2212 23
/
2
28 Nov 6812 Feb
23
23
4
900 LIbby-Owens Glass..
.NoPar 19 4 Jan 4 3112 Mar 29
1
*10612 1071 *10612 107'2 1054 10512 105 105
17 Oct 48 Aug
105 105
400 Liggett dr Myers Tobacco...
.25 g9112 Feb 13 1133 Apr 1
4
4
1073 108½ 10712 108'2 107 10818 10612 1077 107 1074
8014 Nov 106
Oct
8
16,100 Series B
*3353 34
25 09112 Feb 10 1143 Apr 1
*335 35
8
8
n3358 35
80 Nov 10614 Oct
*335 3412 335 333
8
8
4
200 Lima Locomot Works-No Par 3318may 5 4914 Feb 15
4214 4214 *41
*42
43
423 *41
30 Nov
473 Jul
4
42
417 4212
8
300 Link Belt Co
No par 39 Jan 14 4514 Feb 21
375 Nov 61 Feb
8
7312 7353 7312 754 74
7412 737 7441 74
745
2
8
6.100 Liquid Carbonic
5
No par 52 Jan 8 817 Mar 28
8312 8912 9258 9018 917
8
40
Oct 1137 Jan
89
*
8 00
9158 90
9114
58,000 Loew's Incorporated_No par 4218 Jan 2 953
4May 14
112 11214 112 11214 1115 112
11012 112
32
Oct 8412 Feb
110 110
8
1,700 Preferred
No par 8553 Jan 17 11214May 27
80
Oct 110 4 Jan
1
4
9612 943 9633 954 9512 95
96
9512 954 9558
1,900 Preferred ex-warrantallo Dar 7858May 5 9612May 24
434 43
413 45
80 4 Nov 95 Mar
11
8
45
8 45*
44 458
44 453
2,200 Loft Incorporated
812 Jan 27
No Par
Vs Feb 19
34 Dec 1112 Apr
10
*9
*9
10
9
*9
10
9
*8
9
.No par
100 Long Bell Lumber A..
9 May 28 153 Mar 22
4
12 Dec 3212 Jan
6312 6378 64
65
6412 65 4 653 667
3
4
8 6512 671
18,100 Loose-Wiles Biscuit
25 5012 Jan 4 704 Apr 2
394 Nov 87% Sept
4
4 243 2558 243 25
255 253
4
8
4 25% 253
243 2518
4
13,500 Lorillard
25 1618 Jae 2 2818 Mar 3
497 10
2
1414 Oct 3112 May
7
93 10
4
*93 10
98 9
95 10
*
1.100 Louisiana 011
No par
8 Feb 28 12 Apr 28
7 Oct 18
*828 00
*823 90
Jan
8
•823 90
*823 90
8
8
•823 90
8
100 84 Jan 7 8912 Feb 6
Preferred
80 Nov 1004 Feb
*433 443
4 4433 45% 445 457 x443 45
8
4
4412 447
8
4
8.600 Louisville 0& El A___-No par 3814 Jan 18 5114 Apr 25
28
Oct 723* Sept
3718 3512 37
354 36
35
3514 367
353 368
4
No par 28 May 5 4478 Mar 12
44,300 Ludlum Steel
22 Nov 1087 July
*85
90
*85
85
'861; 90
90
8
85
*85
90
No par 85 May 19 993 Mar 18
100 Preferred
4
76 Nov
*2812 29
•2812 29
29
18 June
29
•2812 29
*287 29
8
100,MacAndrews & Forbes_No par 28 Feb 28 393 Apr 3
3014 Oct 48
7112 737
74
7014 7312 7114 717
73
745* 73
Jan
5,000,Mack Trucks Inc
No par 6512MaY 8 884 Mar 27
13410 134
554 Nov
1333 139
138 139
137 142
1
1391 14214
/
2
4,900 Macy Co
No par 125 May 5 15914 Feb 3 110 Nov 114 4 Feb
2554 Sept
• Bid and asked prices; no sales on this 6574 V Ex-divrEx-rIghtal
3848
New York Stock Record-Continued-Page 6
For sales daring the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 24.
Monday.
May 26.
Tuesday.
May 27.
Wednesday. Thursday.
May 29.
May 28.
Friday.
May 30.
Sales
for
816
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SNARE
Range Since Jan. 1.
On basis of 100
-share tots
Lowest.
Highort.
PER SHARE
Range tor Presions
Year 1929.
Highest.
Lowest.
per share $ per share 3 per share Sharer Indus. & Miami.(Con.) Par $ Per share 5 per share $ par share 5 per 824ire
per share $ per share
$ per share
300 Madison Sq Oarden___No par 103
*1114 12
*1114 12
24 Feb
*1112 12
103 113 *111 12
/
4
4
8
1112 Nov
4May 8 1418 Feb 14
*35
800 Magma Copper
3512 3512 3513 35
85 Nov 8213 Mar
No par 3214May 7 523 Jan 7
3518 3414 35
353 *34
4
4
10
17,800 MaIllson (H R) & Co No par
1012 10
3958 Jan
4
6 Nov
612May 6 123 Mar 18
10
104 1014 103
/
1
10% 104 103
4
4
5
Manatl Sugar
*4
*412 5
*41 5
/
4
*4
5
*414 5
3 Dec 26 Jan
3 Jan 29
3 4May 12
3
100
160 Preferred
*204 25
25
25
25
25
12 Jan
197 Dec 50
3
8
8
*2018 257
8 257 257
100 1514May 7 50 Jan 2S
4113
Mandel Bros
*10
15
15
*12
15
*12
15
*10
14 Oct 3858 Mar
No par 134 Apr 12 15 Jan 14
15
8,100 Manb Elec Supply--No par
4
153 17% 1712 18% 17
4
373 Jan
197 Nov
8
16
177
8
14 May 9 5518May 1
1718 1512 16
400 Manhattan Shirt
131812 19
/ Jan
1
4
1812 1812 1812 1812 *1712 1812 183 •18
1914 Dec 35
5
25 17 May 5 24 8 Jan 10
8
/
1
4
700 Marlin-Rockwell
41% 413 *4112 45
8
8
*411 4312 4014 415 *40
/
4
8
30 Oct 897 May
No par 397 Jan 2 55 Feb 28
43
2,300 Marmon Motor Car.. No par
20
21
21
20
197 201 20
8
/
4
2118 20
19 Nov 104 May
7
1714May 6 30,Apr 9
20
*5
614 *43
Martin-Parry Corp..__No par
18 Jan
6 May 19
212 Nov
4 51 *43
4 514 *43
3 Jan 6
4 514
/
4
4 514 *43
3,400 Mathleson Alkali WorksNo par 3712 Jan 2 518 Mar 28
43
/ 44
1
4
29 Oct 218 Feb
8
4412 4612 453 48% 45
457
8 4512 46
4
Jan
Preferred
*12614 ---- *12614 - - - - *12614 - --- *12614 ____ *12614
100 115 Jan 24 127 Apr 24 120 Jan 125
2,500 May Dept Stores
51
52
5212 52
5314 52
4512 Dec 10812 Jan
25 49 Jan 15 814 Jan 31
5112 5112 5112 -.
52
600 Maytag Co
*165 1714 16
8
153 Oct 2912 Aug
8
1618 Jan 2 23 Mar 26
No par
/ 163
1
4
4 174 1718 1718 1718 1718 1718
400 Preferred
*304 31
/
1
2814 Dec 4914 July
3412 *3118 3412
8 3012 30
No par 2914 Jan 2 4012 Apr 7
3012 305
/ *31
1
4
Prior preferred
8018
*75
7512 Nov 9018 Jan
No par 76 Jan 7 8412 Mar 28
8018 *75
804 *75
804 *75
8018 *75
300 McCall Corp
Oct
*42
44
3914 Dec 108
No par 403* Jan 14 50 Apr 1
44
44
4414 *423 4414 *423 4414 44
4
4
McCrory Stores class A No par 60 May 19 74 Jan 2
3
*5912 6214 *5912 824 *5912 824 *5912 6214 55912 8214
74 Dec 113 4 Feb
/
1
Class B
/
1
4
par 60 Apr 10 70 Jan 16
70 Dec 115 Feb
*5712 67
--_- 87
No
/
4
/
4
*571 87 •571 611
/
4
135712 87
8613 Nov 120 Feb
Preferred
9412
*23
9412 *93
9514 *93
100 8912klay 7 97 Mar 24
9412 *93
9514 *93
200 McGraw-Hill PublIca's No par 35 Jan 15 44 Apr 7
30 Oct 48 Feb
3912 3912
*3612 40
*3612 40
3912 3912 *361 40
/
4
1,600 McIntyre Porcupine Mines -5 14% Jan 2 1912 Apr 23
1212 Nov
2313 Jan
19
19
19
*183 19
4
19
1914 1914 193
3 19
6,000 McKeesport Tin Plate_No par 61 Jan 2 863 Apr 23
54 Nov 82 Jan
4
8
8012 80 4 80
4
4 8118 8212 8212 827
3
81% 813 823
2,300 McKesson & Robbins__No par 25 May 5 3788 Apr 12
2118 Oct 59 Mar
265 2714
8
27
•2718 273
4 2714 2714 2618 2714 27
400 Preferred
Oct 63 July
40
*42
50 414 Mar 8 4914 Apr 8
4312 *4212 4312 4212 4314 4312 4312 43 43
1812 Dec $94 Aug
500 McLellan Stores
No par 14 May 5 2014 Jan 7
*1412 15
15
*1412 15
*1414 15
*1414 15
15
400 Melville Shoe
2818 Dec 72 Jan
No par 2814 Feb 8 42 Apr 16
39
391
391
*39
*3812 39
39
3812 3812 39
400 Mengel Co (The)
8
9 Oct 347 Jan
4
16
1612 •16
No par 1518 Jan 15 233 Mar 10
8
1612 1812 1612 1612 *155 1812 *16
51,200 Mexican Seaboard Oil_ _No par
914 Oct 8958 Jan
1618 Jan 18 37 Apr 7
293 307s 3018 307
4
28
301
284 2814 2914 29
1,600 Miami Copper
20 Oct 5412 Mar
3
22
2112 2t's 22
2112 211
5 17 May 7 337 Feb 6
2114 2114 2114 211
1,900 Michigan Steel
44 Dec 1227 July
3
8
No par 53 Jan 6 77 May 13
753 75%
74
75
75
7512 7512 74
7512 751
k
3,300 Mid-Cont Petrol
397 Jan
224 Nov
No par 2312 Feb 24 33 Apr 7
8
2814 2812
2712 2814 277 281
2718 2718 2714 273
114
114
114
11
3 July
53
212 Mar 17
3,500 3
% Nov
7 Mar 4
8
vIlddle States 011 Corp °Us
112
112
13
8 11
13
8 1%
1,800 Midland Steel Prod__ No par 3218May 5 53 Feb 23
.36
37
36
36
3714 3814 371
3612 36'2 37
37 Jan 23
314 Dec -22117 '8 Kta;
;Miller Rubber
A Apr 2
No par
59 Nov 12314 Sept
4
8734 ;6" 6734
611* 64l *611 641, ;Li" W45;M:nn-Honeywell Regu_No par 61 Jan 10 763 Mar 19
2
10
Oct 4358 July
8
17,800;Minn-Moline Pow Im pl No par 124 Jan 10 287 Apr 17
23
8
4
2314 2214 237
/3 2118 2314 2158 2214 215 223
65 Nov 102 July
8001 Preferred
92
9214 .91
No par 72 Jan 7 9214 May 28
914 91
*91
9118 91
91
91
35 Nov 8014 Mar
8,100 Mohawk Carpet MIlls_No par Igismay 22 40 Jan 27
22
2214
22
/
1
4 2212 2212 22
2018 2212 224 223
13 Oct
4,200 Monsanto Chem Wks .No par 4853 Mar 15 83 4 Apr 21
47 Nov 80
3
543 5558 5514 5614
4
4
54
53
53
543
4 543 55
8
42 Dec 1567 Jan
/
1
4
99,900 Mont Ward &CoII1Corp No par 3514 Mar 28 497 Jan 2
44
42
/ 43
1
4
4312 443
4 4312 441
43
45
4558
112 Oct
2
5 Oct
3 4 Jan 22 1612 Apr
8
8
1,300!Moon Motor Car new _No par
103 11
8
1012 1118 *1012 1034 1012 1012 1012 105
42 Oct81% Oct
700 Morrell (J) & Co
No par 5818 Jan 7 72 Feb 5
6212 8212
63
64
84
85
64
63
84
*83
/
1
4
112 Oct6 Mar
112May 5
3,600 Mother Lode CoalltIon-No Pa
112 112
112 15
8
2 Jan 2
112 112
113 15
8
14 11
/
1
/
4
4
34 Oct 313 Aug
5,100 Moto Meter Gauge &EgNo pa
6
818
418 Jan 10 1153 Apr 10
8
8
6
6
812
814
6
6
36 Nov 206 Mar
700 Motor Products Corp No pa
58
58
81
50 Feb 15 81 Apr 7
*57
*5818 61
58
60
58
68
21 Nov 55 Aug
/
1
4
700 Motor Wheel
264 Jan 2 34 Mar 19
Na pa
283 283
4
4
*2814 29
28% 28 4 2818 284 *2814 29
3
*
10
Oct317 Jan
3,900 Mullins Mfg Co
127 Jan 2 204 Feb 14
,
No pa
1714
/
4
16% 16% 16
17
17
17% 161 1718 17
55 Dec 1024 Jan
50 Preferred
59
No pa
59
57 May 12 64% Jan 31
584 5814
/
1
5712 5712 *____ 59
38 Nov 814 May
*48
49
48 Jan 3 5312 Feb 10
Munsingwear me
*48
49
*4812 49
*4712 49
No Pa
*4712 49
8
147 Nov 1007 June
8
30,9001 Murray Body
23
/ 22
1
4
2212
2212 22
18 Jan 17 2514 April
22% 2312 22
No pa
211 23
/
4
13
2,200 Myers F ,f4 E Bros
30 Oct67 Oct
3553 Jan 2 4912 Mar 25
No pa
48
464
454 4518 46
4414 44% 45
42 8 43
7
40 Oct 11878 Jan
14,400Nash Motors Co
12
413
8 404 411
3812May 5 63 Jan 6
No pa
405 4112 4188 4214 4112 4112 40
8
4may 5 2614 Feb 14
1,000 National Acme stamped_ _ __10 167
1458 Nov 417 July
Stock
/
4
8
4
*1814 1812 1812 183 *175 1814 1818 1812 181 181
2,600 Nat Air Transport
10 Dec 4814May
8
11 Jan 13 393 Apr 14
8
8 253 2618 25% 28
2412 2412 243 2514 2512 255
4
NO Pa
913 Dec 71 Mar
3,400 Nat Bellas Rem
9 8 Jan 13 20 Apr 7
5
No pa
8
s
8 145 157 Exchange
1412 145
8 1412 147
8
4 145 15
14 8 143
5
4
National Biscuit
25 177 Jan 2 2253 Mar 21 140 Nov 2365 Oct
6514 Dec 73 Dee
-89r2 6
10 71 Jan 2 93 May 29
9i 4
.
5;893s 9012 894 11-3- 91 - 1- 914 93 Closed 58,900 New
4
59 Nov 1483 Mar
12,600 Nat Cash Register A w I No pa
5313May 5 834 Feb 2
/
4
8012 5958 6012 6014 611
58
5912 60
61% 60
Oct8612 Aug
38
4514 Jan 20 6138May 29
8
No pa
613 Memorial 84,100 Nat Dairy Prod
4 80
/ 584 593
1
4
5812 .588
4 58
/ 5914 58% 59
1
4
1,100 Nat Department Stores No pa
20 Dec 374 Mar
19 May 26 2413 Feb 27
4119
20
19
19
4119
20
19
3119
1912 19
20 1st preferred
89 Dec 96 June
Day
100 88 Feb 4 90 Jan 27
9012 89 89
9012 *89
9012 *89
1389
9012 *89
6,900 Nat Distill Prod ctts_ __No Pa
15 Oct58 June
29 Jan 2 3912 Feb 6
3412 3658
34
*3312 333
4 33
33
34
*3212 33
Holiday
/
1
4
Nat Emus & Stamping
2512 Dec 6214 Jan
100 25 May 20 83 Mar 1
*243 28
4
*243 26
4
132412 26
4
3124
2618 *248 28
100 National Lead
100 187 Jan 2 13912 Feb 7 12914 Nov 210 Oct
149 149 *146 14914 *14612 150
*14812 148 *14812 148
/
1
20 Preferred A
/
1
100 1884 Jan 8 143 May 13 138 Nov 1414 Feb
141 141
141 141 *141 14112
*141
60 Preferred B
100 116 Jan 17 119 Apr 2 115 Oct1238, Apr
*118 11812 *118 11812 118 118 *118 11812 *118 11812
23 Nov 713 Aug
4
4
32 Jan 2 583 Apr 24
117,100 National Pr & Lt
497
No pa
/
4
8
5 491 5014 49
4714 41314 473 493
461 475
/
4
Jan
17
112 Dec
413 Jan 15
1% Jan 7
No pa
500 National Radiator
2
2
8 *214 258
214 214
*214 2% •214 23
Jan
112 Dec 41
614
4 Jan 2 11 Jan 15
400 Preferred
No pa
*5
514
5
5
5
5
513 514 *6
Jan
984 Nov 144
/
1
3
50 101 May 18 124 4 Apr 7
1,600 National SUPIlly
4
11612 11714 1173 119 *118 119
11512 117
114 114
8012 Jan 7 984 Mar 22
7014 Dec 155 Feb
1,600 National Surety
5
88
88
88
8712 8712 88
88
90
*87
89
314 Nov 913 Mar
3
30 May 5 417 Fab 4
1,900 National Tea Co
No pa
8
*3012 311 307 317
/
4
4
8
*3014 311 303 31
/
4
*304 31
7
2314 Nov 62 8 Mar
3
17 May 6 82 1 Jan 7
13,200 Nevada Consol Copper_No pa
8
8
8
4 205 2114 205 2112 205 2118
2012 2114 2118 213
43 Mar 103 Sept
Newport Co class A
50 51 Jan 9 85 Max 25
697 1385
8
697 •65
8
89% 1385
697s
69% *65
*65
35 Dec 113 July
1,709 Newton Steel
40 Jan 2 58 Apr 14
No Pa
5014 5012 5118
/ 511 50
1
4
/
4
513 514 5014 504 *50
4
/
1
3512 Oct 4958 Mar
4118May 20 47 Feb 19
600 N Y Air Brake
No pa
8
4118 4114 418 417
417 417 *4114 42
8
*4114 42
8
33 Nov 583 Feb
New York Dock
100 85 Jan 9 48 Apr 25
*38
42
1338
42
*38
42
42
*38
42
*38
824 July 90 Apr
Preferred
100 80 Feb 8 884 Apr 24
•85
89
89
89 •85
*85
89
8912 •85
•84
9312 Nov 103
Jan
250 NY Steam pref (6)----No Pa 100 Jan 2 104 May 13
4
1028 1023 1023 103
4
4
1023 102
4
/ 103 103
1
4
*102 4 103
8
90 181 preferred (7)
No Pa 110 Feb 5 11612 Mar 18 107 Nov 115 Aug
8
4
4
4
*1133 113% *1123 113% 1123 1123 •11234 1144 11314 1137
4
13
y
18
6612 Nov 1863 Sept
98% Jan 13 1327 Ar 11
61
41,300 North American Co.. No pa
118s 119 11912 1217 121 122% 123 1257s 12434 127
Jan
66 2m
29
48 Nov 544 Jan
50
1,100 Preferred
*55
5518 5518 5514 554 5512
55
3155
5518 55
98 Nov 1034 Jan
4
500 No Amer Edison pref.-No Da 1003 Jan 23 105 May 22
8
*104 104% 104% 104% 10418 10418 10438 1043 10418 10414
4113 Dec 6414 Jan
Jan 7 55 May 14
45
North German Lloyd
/
1
*54% 5514 *5312 544 *5312 5418
8
/
1
*533 544 *533 54
8
4012 Dec 50 Mar
90 Northwestern TelegraDb---50 42 Jan 2 504 Mar 14
4712 4712 134712 48
/ 48
1
4
*474 4712 4712 4812 •47
4 Mar 211
7 Jan 9
1
3 Oct614 Feb
4
300 Norwalk Tire & Rubber..
-10
13
4 13
4
13
4 13
4
*13
4 2
3113
4 24 *14 2
8 Feb
2 Dec
3 May 14
2 Feb 3
Nunnally Co (The)__._No Par
*3
6
6
*3
6
133
6
6
4
778 Dec 32 Jan
94 Jan 3 151 Mar 21
25
200 011 Well Supply
1012 1012 1012 *104 11
1012 *10
1012 1310
*10
883 Dec 10813 Jan
4
10 Preferred
100 88 Mar 10 93 Apr 4
*911 9212 •9112 9212
/
4
*9112 9212 319112 9212 9212 9212
8
8 Oct64 Apr
/
1
4
7
14,600 Myer Farm Equip._..No par 13 8 Jan 2 347 Apr 17
3014 31% 3012 3112 2818 3012 2814 2914 2914 2912
17 Oct695* Apr
2,600 Cony participatIng_No Par 314 Jan 8 41318 Apr 17
384 384 40
/
1
40
3712 41
41
4112 4112 41
4May 13
0413 Dec 994 May
1,500 Preferred A
No par 70 Jan 2 903
88
83
8918 8712 8712
8912 8912 8912 8912 88
7
83 Mar 31
8
213 Oct113 3 Feb
24 Jan 3
No par
1,300 Omnibus Corp
614
*57
6
8
5% 5 8
7
6
6
4157
8 6
3
504 Oct95 4 Jan
3
100 Orpheum Circuit, Inc pref_100 63 Jan 6 997 Apr 24
98
9712
•9414 98
95
95
96
9418 9413 96
3
5,800 Otis Elevator new
No par 6712May 5 80 8 Mar 13
7512
4 7514 7512 75
758
75
75 8 754 76
3
75
40 Preferred
100 1184 Jan 23 126 Mar 24 1187* Octiii" "JIG
_ •12612 -_- 128 128 *1281/4
126 126 *128
2214 Nov 56 Oct
8
8May 19 387 Mar 31
400 Otis Steel
3012
No Par 293
3113 30
3
3
3112 30 4 30 4 304 30 4 133012 -- 8
*31
8934 Nov 108. Feb
Prior preferred
100 91 Jan 10 99 Apr 29
97 *____ 97
9718
9718
9713
43 Nov 8912 Sept
8
200 Owens-IllInois Glass Co.
-25 5014May 8 607 Feb 7
54
*52
52
54
52
53
-5214 5214 *52
42 Nov 984 Sept
8,800 Pacific GM de Eleo
25 5218 Jan 2 747 Mar 31
4
88 3 673 6884
3
3 68
677 8814 6712 6812 6753 687
8
68181 Nov 13
171
7
4
7 Sept
4,600 Pacific Ltg Corp
No Par 72 Jan 2 107 8 Mar 23
977 98
3
9812 97% 974 977
983 97
3
96
96
Nov
Apr
130 Pacific Mills
100 21 Jan 7
25
•24
24
24
25
3125
2514 25
25
25
Jan
14 Jan 22
1 Jan 2
PacIflo 011
No Par
115 July
'8 O t
10 131 Nov
160 Pacific Telep & Teleg
100 141 Mar 17 178 Feb 31 1163 Jan 138 Oct
gi" •iii" iii" iii" iii"
'la"
4
Preferred
100 11613 Jan 6 145 Feb
3
1- 1
1 4iff
4
130
4
3
*125 4 130 31125 4 128 311253 127 *lir% 11 •l 3
3
2
3213 Sept
13 Nov
55,700 Packard Motor Car___No Par 15 Jan 18 23% Mar 18
8
4
8 1718 1712 183 1718 167 1714
1713 17% 1714 177
404 Feb 69 Aug
400 Pan-Amer Pete & Trans__50 51% Feb 21 6414May 14
*5912 6014
60
60
315918 60
61
61
61
*60
40 Feb 694 Aug
/
1
4
601, Jan 25 6712May 14
6,000 Class B
50
64
7
62% 63 4 6213 63 8 83
3
63
12 63% 65
*63
1512 Dec 21 Dee
1,800 Parmelee TransPorta'n-NO Par 1218May 5 Ws Mar 10
8
/
4
1512 1512 154 15% 1512 1512 151 1518 2147 1514
1514 Jan
3 Nov
44 Feb 14 1234May 14
4,400 Panhandle Prod & ref-NO Par
3
113
4 107 1118
8
5
1012 10 8 107
11
11
*10 4 11
3
47 Feb 78 Jan
12
Jan 14 80 May 14
Preferred
100 4712
7412
741 •72
1372
7412 4172
80
*72
80
•72
/
1
4
Oct 75 Oct
38
82,400 Paramount Publlx
3
No par 48 8 Jan 2 774 Mar 31
4
693
4 6914 693
8 69
6818 695
45 Apr 7
68% 67% 6712 68%
137 Feb
8
3 Dec
2 Jan 31
/
1
4
600 Park Utah CM
1
23
4 23
4
24 24
24 234
7
234 2 4 *234 2 8
3
147 Jan
212 Dec
3
9 Apr 25
50,400 Pathe Exchange
2% Jan 3
NO Par
514
5
4
412 53
512 614
612 614
64 612
413 Dec 30 Jan
8
38,100 Class A
5 Jan 2 195 Apr 25
No par
1012 11
912 12i
1212 1414
1514
1312 134 14
24% Oct 47% Mar
3
1 827 Feb 5
2,400.Patino Mines & Enterpr__20 1814May
214 224
20
20
22
8
•19
/ 2014 2013 207 *2012
1
4
3 Oct 2213 Jan
5,500 Peerless Motor Car
ao 618 Jan 7 143 Feb 8 2215 Nov 8078 Sept
84 81
858 8%
812 A
818 8 3
7
812 9
14,900 Penick & Ford
No Par 2618 Jan 7 55 8 Apr 10
533
4
8
8 5012 51% 505 52's 52
528
51% 62
51
613 Nov 1054 Oct
2,000 Penney (J C)
No Par 6258 Jan 22 80 Jan 3
4
6712 6812 663k 683 87
6812 8712 *67
1
*8714 67
83 Oct 97 Deo
/
1
4
140 Preferred
100 93 Jan 7 100 Apr 28
100 *100 1001 *100 10012
Jan
64 Jan 4 12 Mar 8
3 Nov 27
12
10012 10012 100 10012 100
500 Penn-DU% Cement____No par
gip 91
*9
93
4
912 912
,
912 9 8
912 912
2018 Nov 94 Jan
13
200 Preferred
45
100 3013 Jan 2 55 Mar 18
45
45
45
49
*45
*45
49
79%
49
*45
4,600 People's GI L &0(Chic)_100 230 Jan 17 325 May 27 208 Jan 404
*320 322
324 3241
320 325
30812 321
/
1
4
1813 Dec 45 Jan
4
*306 310
500 Pet Milk
7
No par 17 8 Apr 3 313 Apr 30
8
8
197 197 *194 197
20
2012 20
May
31 Nov
204 *20
/
1
3
2,200 Phelpe-Dodge Corp
•20
25 3414May 6 44 8 Apr 7
3714 3714
3614 37
36
363 374 36
s
Philadelpbla Co (PIttab)....._50 22158 Jan 10 248 Apr 15 15711 Apr 285 Oct
3612 38%
*220 250 •225 245
54
*225 245 •225 245 *225 245
1,100 6% preferred
1
4
5o 50/ Jan 15 557 Mar 31 474 Nov 84 Mar
54
/
1
4
*54
55
54
4
94 Nov
Jan
50,800 Mina & Read 0& I___ _No par
*54% 54% 6412 6412 5412 543
113 Jan 17 25 8Ma7 23
8
23% 245
8
55 Oct 23 4 Feb
2514 2418 24% 244 244 •113 1258
1
244 25 8 24
100 Phillip Morris & Co., Ltd
3
84 Jan 8 154 Mar 11
10
8
4
1112 1112 *1112 1233 •113 123
1912 Nov 73 May
*1112 13
.500 Phillip' Jones Corp___No par 20 May 2 271s Feb 111
20
*19
20
2018 20
*16
1812 *19
65 Nov 96 May
Phillips Jones prof
*1812 19
100 70 Feb 4 75 Feb 11
7312
731 *70
7312 •70
7312 *70
7312 •70
•70
Ex-dividend and em-righti. x Ex-dividend.
•Bid and asked prices; no sales on this day. b
v Ex-rights.
New York Stock Record-Continued-Page 7
3849
Pot salon during the week of stocks not recorded here, see seventh
page precedlng
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Salurday.
May 24.
Monday.
May 26.
$ per share
3813 383
8
.1812 20
2712 2712
13
8 13
4
*3812 40
578 618
3212 33
.4412 443
8
62
6212
97
96
*2012 2118
.22
2212
273 28
4
.6414 6712
19
19
457 46
8
8
517 52
.93
8 912
.57
58
5713 7214
4
.8
812
3 per hsare
377 3812
8
•1712 20
27
27
1 8 13
,
4
40
4118
57
3 6
323 323
4
4
*4414 44 8
,
6312 6418
98
98
*2012 21,
2
2218 2218
28
283
3
6714 67 4
,
1912 20
46
46
52
52 4
,
912 93
4
57
57
14 73
72
812 812
Tuesday.
May 27.
1Vednesday. Thursday.
May 28.
May 29.
Friday.
May 30.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
per share $ per share $ per share
per share
373 3812 37 8 3812 377 387
4
,
8
8
1812 1812 15
1712 1512 1512
.27
28
27
27
•263 27
4
13
8 13
1 13 13
,
4
4
13
4
13
4
3912 407 *3914 40 2 3812 3914
s
,
6
618
6
6 1s
6
6
3212 323
4 3214 3214 *3214 3212
44
44
4334 433 .4334 4414
4
.60
63 4 5912 633
,
8 63
6314
.90
95
•91
94
•90
98
20: 2118 2112 2112 .203 22
13
4
22
223
8 22
22 .22
2214
27 8 2718 275 28
,
8
2712 271
*6414 67
6412 64 2 .65
671
,
1913 20
1912 1912 1918 1918
457 461s 457 46
8
8
x46
4612
52
521s 517 52
8
2503 51
4
9 4 914
,
918 914
918 9 13
,
*56
58 .56
5712 •57
59
7238 7312 727 737
8
8 74
77
9
912
918 1114 1012 1118
PER SHARE
Ranye Since Jan. 1.
On trists of 100
-share lots.
Lowest.
Highest.
Shares Indus.& Miceli.(Con.) Par 8 per share 8 per Mars
22,800 Phillips Petroleum___ _No par
2918 Feb 17 448 Apr 30
500 Phoenix Hosiery
5 1034 Mar 4 2018 Apr 30
800 Pierce-Arrow Class A__No par 2113 Jan 13 33 Apr 3
3,500 Pierce 011 Corporation
25
1 Jan 4
212Mar 17
1,300 Preferred
100 2012 Jan 10 52 May 1
14,600 Pierce Petram
No pa
214 Jan 8
7114 Apr 24
700 Pillabury Flour Mills
No par 31 May 5 8784 Apr 11
400 Plrell Co of Italy
433
4May 28 50% Feb 27
6,400 Pittsburgh Coal of Pa____100 54 Apr 28 7813 Jan 7
400 Preferred
100 86 Apr 29 110 Jan 7
40011Pittab Screw & Bolt_ __No par 1753 Jan 22 227 Feb 18
8
3,2001Pittston Co
No par 2018 Feb 28 2274 Apr 8
2,300 Poor & Co class B
No par 25 May 3 343 Mar 18
8
500 Porto Rican-Am Tob Cl A_100 59 4 Jan 14 7614 Mar 18
3
1.400 Class If
No par
12 Jan 10 2714 Mar 10
2,300 Prairie 011 OZ Gas
25 45 Mar 6 54 Apr 1
5,400 Pralrle Pipe ik Line
25 5014May 8 6011 Feb 7
3,000 Pressed Steel Car
No par
77 Jan 2 165 Feb 18
4
8
100 Preferred
100 52 Jan 2 781s Feb 14
19,100 Procter & Gamble
No par 5253 Jan
77 Slay 29
4,100 Producers dr Refmere Corp_50 612 Feb 17 11% Mar 17
Pro-phy-lao-tio Brush_No par 46 Jan
55 Feb 27
11285 11314 113 111 4 1134 11512 1.143 1161- x114T4 1 - 8
34
4
-15773,300 Pub Ser Corp of N J.-No Par 8113 Jan
123% April
11214 11214 112 11218 112 112
11214 112'4z111 111
1,900 6% preferred
100 10612 Jan
1123 Mar 21
3
*12914 13014 *130 13018 130 13012 *1293 13014 x12812 1283
4
8
400 7% preferred
100 121 Jan 1
13012Nlay 23
15514 15514 156 156
156 2 15612 .156
,
•156 158
310 8% preferred
100 143 Jan
15612May 27
1103 1103 *1103 11114 .110 8 111 .11012 111 .11012 111
4
4
4
,
100 Pub Serv Elea & Gas pref_100 107 4 Feb
,
112 May 21
7618 76 8 76
,
7612 7514 76,
4 7414 7512 75
76
22,500 Pullman. Inc
No par 7414May 2
893 Jan 3
3
212 212
23
8 212
214 212
218 23
8
2
2'4
10,700 Punta Alegre Sugar
50
2 May
812 Jan 17
2234 23
23
2314 223 231s 227 23
4
8
223 23,
4
2
16,900 Pure Oil (The)
25 211s Feb 25 2714 Apr 7
114 114 *11214 114
1123 1137 11314 114 .11312 114
4
8
70 8% preferred
100 11012Nlay
11414 Apr 8
73
73
73 1s 74
723 73 8 7312 7412 7312 74
4
,
6,400 Purity Bakeries
66 May 5 887 Feb 15
1
5018 507
a 503 517
8
8 51
5218 5178 5312 5314 5518
617,700 Radio Corp of Amer___No par 343 Jan 2
3
693 Apr 24
8
•553 5012 5612 5612 .5612 563
4
4 5612 5612 .5512 57
400 Preferred
50 53 Feb
57 Apr 21
*81
82
8118 82
81
82
82
82
81
82
1,700 Preferred B
No par 68 Jan 24 85 Apr 2
413 42
8
413 4314 42
4
43
417 4238 4218 43
1
157,400 Radio Keltb-Orp Cl A_ _No par
19 Jan
50 Apr 24
393 4038 3938 4038 393 4038 393 4018 x3912 40
4
4
4
6,000 Raybeetos Manhattan_No par 33 Jan
587 Apr 17
8
5038 513
4 5038 51
5238
5138 5138 5038 5112 51
3,000 Real Silk Hosiery
10 43181May
847 Mar 26
s
.883 96
4
96
96
•90
96
96
9612 96,2
96
60 Preferred
100 38 Jan 1
100 Mar 29
*318 312 .318 33
8
31s 318 •314 37
8 *314 33
100 Reis(Robt) & Co
8
No par
318May 2
Vs Feb 3
*15
2712 •15
2712 *15
27
2712 30
*28
31
700 First preferred
100 2712May 2
37 Jan 28
3518 3514 36
367
8 3614 3712 36
377g 347 3614
g
68,400 Remington-Rand
No par 255 Jan
3
4613 Apr 14
*9814 09
*9814 99
.9918 9914 9914 993
100 100
4
400 First preferred
10
92 Jan 3 10078 Mar 28
*10112 105
101 11 10112 •10118 105 *1013 103 *1013 103
4
4
10 Second preferred
10
95 Jan 4 102 Mar 10
1118 113
8 1118 113
8 11'8 1114 1118 1114 11
Ills
5,400 Reo Motor Car
1
1018May 5 14% Mar 34
5212 53
4
523 5312 5238 5314 5214 533
8 533 547
4
8
8.500 Republic Steel Corp_ __No pa
5014MaY 5 7912 Apr 10
95
95
9518 9518 95
95
95
95
95
95
2,800 Preferred cons 6%
10
95 tpr 22 9512May 5
23
2514 .2212 2514 *23
2412 .23
2412 *23
2412
Revere Copper & Bra No pa
Brass
22 May 5 30 Jan 3
414 41
4 8 43
,
43
8
8 43
8
412 412
4 2 4'2
,
1,600 Reynolds Spring
712 Jan 3g
No pa
4 Jan 10
8 5238 523
4 52
5138 527
523
8 5134 5238 513 523
4
8
15,600 Reynolds (It J) Top class B10 49 May 5 58% Mar 11
•7112 737 •711z 7312 7112 7112 .7112 7312
8
*7111 7312
50 Class A
1
7112 Apr 25 80 Jan 2
.4234 4338 •4234 4312 .4234 4334 .424 4378 *421 437
4
8
Rhine Westphalia Mee Pow__
41 Jan 7 45% Jan 21
213 22
8
2178 2212 22
2212 22
2318 2214 225
8
20,800 Richfield Oil of California_ _25 203
8May 5 2814 Mar 14
.20 4 21
1
2134 2112 217
21
8 2112 217
8 215s 213
3,300 Rio Grande 011
No par
1612 Feb 111
25% Apr 7
.45
47
47
47
*45
47 I 4678 467
8 467 467s
8
Stock
300 Ritter Dental Mfg
No par 44345lay 22 504 Feb 5
387 387
8 3812 393 *3812 3914j 3838 393
8
4
8 39
3912
3.800 Rossi& Insurance Co
10 33 May 5 4834 Mar 3
533 53 4 5312 537
4
3
8 533 5312 5314 533
8
4 53
5312 Exchange
4,300 Royal Dutch Co (N Y shares) 49% Feb 20 5618 Apr
.4412 45
45
45
7
44
4412 44
44
44
4412
1.800 St. Joseph Lead
10 4012May 3 5714 Feb 6
*9414 95
943 96
4
933 953
4
4 9412 953
8 9512 99
Closed
14,200 Safeway Stores
No par 88 May 2 1221 Jan 23
3
*9512 9534 9512 96
06
96
9512 96
9512 9512
290 Preferred (6)
100 94 Mar 28 997 Feb 7
•10812 109
8
10812 109 *10812 109
1081z 10812 109 109
Memorial
260 Preferred (7)
100 10513 Jan 14 1097 Mar 26
,
•253 257s 243 257 *257 26
4
4
8
8
*2512 2578 2512 2512
500 Savage Arms Corp____No par 24% Jan 17 3134 Apr 2
9
9
938 912
93
8
914
914
Day
83
8 914
2,700 Schulte Retail Stores_No par
414 Jan 2 1312 Jan 23
*6018 65 .60
65
60 60
.60
643 .60 65
4
10 Preferred
100 35 Jan 2 75 Jan 21
.10
101 *10
1038
10
10 I .10
1012 .10
1012 Holiday
100 Seagrave Corp
No par
914 Jaa 24
1414 Mar 11
84
853
8 84721 867
8 85
857
8 85
86181 857 883
8
8
21,500 Sears. Roebuck & Co No pa
79 May 5 10053 Jan 31
.14
15
1438 1478 1414 143
4 1312 1414 133 133
4
4
1,500 Second Nat Investors_ _No pa
912 Jan 2 23 Feb 17
.73
7338 73 73
*7018 757 .701s 757 *7018 757
8
8
8
100 Preferred
No pa
58% Jan 3 823 Mar 18
4
*2
218
218 218
2
2
2
2
2
2
700 Seneca Copper
No pa
153Nlay 6
11
11
11
31t Jan 39
113
8 1114 1134 1034 1138 103 107
8
8
34,500 Serve! Ina
No pa
7 8 Jan l3 1312 Apr 25
7
4714 4714 4612 4812 47
48
4612 47
4612 47,
8
13,700 Shattuck (F G)
No pa
4
861 Jan 2 62 Apr 21
24
24
*21
2438 •22
2438 24
2212 2212
24
300 Sharon Steel Hoop
No Pa
2214 Jan 13 33% Feb 13
.19
20
•19
2012 *1914 1912 19
19
19
19
200 Sharp & Dotime
No pa
17 Jan 2 2734 Mar 10
.59 4 00 .5914 60 I 5914 5914 .5812 60
,
•5812 60
100. Preferred
No pa
54 Jan 2 633 Mar 10
4
203 207s 203 21 I 207 2118 207s 2118 203 21
4
4
8
4
11.200 Shell Union 011
No pa
2018May 5 2512 Apr 7
*10012 1013 *10012 10llz •10038 101
4
10012 101
10012 101
4001 Preferred
10
913
4May 19 10614 Apr 21
25
2538 2478 2538 2438 25Is 25
253
8 241s 2518
3,800 Shubert Theatre Corp_No pa
8% Jan 2 3.5 A pr 25
36 4 37
,
38781 373 39
37
8
357 38
8
36
3714
47,000 Simmons Co
No pa
3513Nlay 7 94% Jan 2
2814 2812 283 29
4
28
29
*2712 283
2838 28
8
1,500 Simma Petroleum
1
227 Jan 23 37 Mar 24
8
273 28
4
28
2814 273 283
4
8 2712 28
2738 28
21,600 Sinclair Cons 011 Corp_No pa
21% Feb 17 32 Apr 7
•10814 110 *10814 110 1.109 110 .109 110 .109 110
Preferred
100 109 Jan 18 11214 Apr 24
35
3438 35
36
347 4618 3518 363
8
4 36
367
8
9,0001Skelly 011 Co
25 28% Feb 18 42 Apr 9
.614 612
612 612 •612 63
4
612 612 *612 7
200 Snider Packing
No pa
J.26
512 Jan 2
32
no
8 Jan 9
32
*26
32
.26
32
32
•26
Preferred
No pa
23% Jan 2 36% Feb 24
11612 11612 117 117
117 117
11712 11712 •11512 117
1,100 Solvay Am by Trust pref_100 9513 Jan 6 121% Apr 3
2212 2212 22
227
8 21
2112 21
2214 21 12 22
3.200 So Porto Rico Sug _ _No Pa
203
8May 17 30 Jan 16
6418 6418 6518 66 I 6518 6614 657 66 8 657 6018
14
8
,
8
5,700 Southern Calif Edison
25 5618 Jan 2 72 Apr 14
6
6 1 *512 6 I .512 7
*618 7 J
67
8 678
300 Southern Dairies Cl 13__No par
Vs Jan 4
9 Mar 3
.381s 40 .3818 40 I .3818 40
.3815 40
•3818 40
Spalding Bras
No pa
•10914 11114 .1103 11 114 1 1 1 14 11114 .11014 11212 .11014 11212
33 Jan
4
45 Mar 17
40 Spalding Bros Ist pref___100 108 Jan 1
•28
291s 2918 293
8 283 29
113 Mar 15
4
2914 303
3 303 3512
8
24,300,Spang Chalfant &Co IncNo Pa
*9412 9514 *9412 9514 *9412 9514 9412 9412 .94,
197 Jan
8
3612 Af ar 31
2 08
10 Preferred
2618 2612 2612 27 I 2634 2712 27
100 92 Jan 2
96 Jan 2
27121 267 27
8
9,203 Sparks 1Althington____No pa
.2112 22 8 2112 2112 *2112 23 .2112 22 8I .2112
,
1318 Jan 1
30% Apr 10
,
8
200 Spencer Kellogg & Sons No pa
237 23711 2318 2318 2318 233 *2318 233 .2312 223
8
207 Feb
8
25 Apr 15
8
233
4
400 Spicer Mfg Co
No pa
*41
4212 *41
42
21% Jan
41
3611 Feb 4
41
.4011 4118 •4012 4118
100 Preferred A
No pa
32 .31
32
3914 Jan IS 4518 Mar 31
32
*3014 32
*3014 32
31
331
1,700 Spiegel May-Stern Co_No pa
2214 227
21) 4Nlay
3
8 2212 24
2318 2414 233 24
52 Feb 3
4
233 24
8
58.500 Standard Brands
2112Nlay 2
No pa
*121 128 .121 128 •121 128 1.121 128 .121 128
2914 Feb 8
I Preferred
•47
8 5
No pa 11713 Feb
47
3 47
8 .47
120 Apr 21
8 5
4721 478 •434 47
200 Stand Comm Tobacco_No pa
47 May 2
8
4
8
115 1153 1143 1163 1161 4 11734 117 11914 11778 119
8
714 Feb 11
22,200 Standard Oas & El Co-No Da 1023
4Nlay
6612 6612 667 67
8
12911 Apr 15
667s 667
8 663 6634 6612 667
4
3,100 Preferred
.1014 11
*1012 11
50 64 Feb
67 May 26
.1012 107
8 1012 1012 *1012 11
200 Stand Investing Corp No pa
8
*103 1033 103 1033 103 103
10 Jan
8
115'• Mar 27
103 103
103 103
1.800 Standard Oil Export pref_ _100 98 Feb
70
,
69 2 70
703
8 6912 7014 (1914 7012 7038 71
10312May 17
12,800 Standard 011 of Cal_. _ No pa
763 7714 77
5512 Feb 21
4
'8 793
75 Apr 25
8 783 79 8 783 803
8
,
4
4 7978 807
210,400 Standard Oil of New Jersey _25 58 Feb 20 847 Apr 30
36
4
353 36
Ws 3614 3712 3612 3714 363 37'
8
4
28.500 Standard 011 of New York_ _25 3114 Feb 1
114 *114
*114
138
40% Apr 28
114
114
Ps
114
11
2,100 Stand Plate Glass Co_ _No Pa
418 418
087.253'
4
414
4
3 Feb 19
4
4
4
*4
41
•6012 73
590 Preferred
35 Apr 30 1012 Mar 10
.6018 73
100
8
*6018 73 .6018 73
*6018 73
Stanley Co of America_No pa
25 Jan
8 4412 45
4
*453 457
7312 API 23
4412 443
4 44
447
14 4412 443
2,200 Starrett Co (The L 8)__No pa
33 Jan 2
47% Apr 23
1634 163
17
17
4 16,2
1612 17
1718 1714
18 1338 133 167s
2,100 Sterling Securities cl A_No par
•133 14
2
1018 Jan
13
2012Mar 31
8 1338 13311 133
8 14
14
900j Preferred
4133 4418 43 4 44
4
20 12 Jan
3
143 Mar 31
4
4334 44
*4312 4378 .4334 437
8
400 Convertible preferred
50 36% Jan
27 8 2912 283 2938 283 2914 29
,
48 Mar 1
277 28
8
4
4
2978
13,300 Stewart-'.'. am n Sp Corn._ 10 253 Apr 2
8
963
96
4 963 983
4
8 9612 9812 9712 987
47 Apr
8 98
991 2
15,100 Stone dr Webster
No par 77 Jan 22 1133 Apr
37
373
367 37
8
4
8 36
37
3614 3614 3614 3638
4,000 Studeb'r Corp (The) No par 3514 Apr 30 47'4 Feb
122 122 •122 1223s •122 1223 122 122 .122 12212
8
'I38
50 Preferred
100 116 Inn 21 125 Mar 1
*52
3
4
3
4
5
8
5
3 .
53
3
4
*5
8
3
4
No par
200 Submarine Boat
Is Jan 4
133 Mar 3
,
.64 8 6512 •64 1t 6538 *1345fl 65 8 •6438 653 .6458 0538
,
,
8
No par 53 Feb 20 70 Apr
'Sun 011
,
4
8
1043 1043 1045 104 8 1043 1043 1043 10438 10412 1043
4
4
4
4
4
450 Preferred
100 10212 Jan 13 1053 Feb
4
712 73
718 734
4
714
7,
2
714 712
7 2 73
,
4
2,900 Superior 011
No par
51 Feb 17
.
938May
23
.2212 2318 2314 2314 23
*2212 232238 223fl
I
100 20 Jan 2 293 Mar 2
600 Superior Steel
8
*11
13
13 .11
.12
13 .11
13
.11
13
Sweets Co of America
60
812 Jan 24
1578 Ma. 2
*4
*4
5
414 414 *4
434
5
418 418
300 Symington
No par
2% Jan 3
7 Apr 2
4
133 .123 1314 127 13
4
4
13 8 133
,
4
4 133 133 •13
8
No par
800 Class A
8% Jan 3 173 Apr 2
4
2018 •193 2018 20Ig 2018 20
4
20
20
*1914
20 8
,
1,400 Telautograph Corp__No par
165 Jan 25 2614 Apr
8
4 143 143
8
4
s 1412 1412 x1412 14,2
•133 14,
4
2 143 143
Chem_No par
500 Tenn Copp &
13 Jan 3 17 A or 1
8 573 5818 5738 5814 577 581s
4
57% 577
1( 5734 583
8
19.300 Texas Corporation
25 50% Feb 24 6012May 1
,
4 5912 6014 60
6012 6012 6018 6012 59 8 603
6 4
03
8.000 Texas Gulf SulphurNo; or 54% Jan 2 873 Star 24
8
,
10 8 103
,
8
,
4 1038 10 8 103 1034 1058 103
4 10 2 103
8
2,600 Texas Pacific Coal /t 011_10
878 Mar 3 1412 Mar 18
8 263 2712 265 273
4
277
2612 2718 27
8
8 2612 27
1
38,500 Texas Pao Land Trust
1 13% Jan 2 323 Mar 22
3
1
I
•
Bld and asked pikes: no Salea.011 this day.
a Ex-dividends. y Ex-rights.
PER SHARE
Range for Preston'
Year 1929.
Lowest.
Highest.
$ per share $ per share
2414 Nov
47
Jan
105 Oct 3753 Jan
1
18 Nov
377 Jan
8
1
Oct
338 Mar
20
Oct 5113 Mar
12 Oct
57 Jan
8
30
Oct 6378 Jan
43% Oct 68 Aug
54 Nov 83 Jan
34
8313 June 110
Oct
17 Dec 27 Aug
12
16- Nov
51 Nov
8 Nov
4012 Oct
45
Oct
614 Nov
50 Dec
43 Nov
4
Oct
35
Oct
54 Nov
98 Nov
105 Nov
13913 Nov
10413 Nov
73 Nov
6 Dec
20 Nov
108 Nov
Oct
55
26
Oct
56 Nov
62 Nov
12
Oct
28 NOv
3614 Nov
8614 Dec
3 Dec
53
40 Dec
20 8 Nov
3
81 Nov
93 Mar
1014 Oct
437k Aug
95 4 Mat
1
60 4 Jan
3
65 8 Jan
5
65 Aug
25 8 Mar
3
81 Mar
98 Aug
257 Jan
8
823 Jan
4
13734 Sent
10818 Feb
12478 Jan
161 Sent
1095 Jan
8
9914 Sent
2112 July
3034 May
116 Feb
148% Aug
11434 Sept
Jag
67
8211 Apr
4678 2a.
58% Sept
84 3 Mar
3
10212 Feb
1614 Feb
10812 Feb
573 Oct
4
9613 Oct
101
Apr
31% Jag
- T1(;/E-
if1- Nov
2
1214 Jan
66
Jan
3912 Oct
64
Jan
49 8 Jan
,
4212 Mar
70 June
96 May
64 Sept
94 Jan
19514 Jan
101 Sept
10913 Dec
517 Jan
3
4112 Jan
11212 Jar.
2214 AP'
80 No
181
Jar
9 Dec 1513 Nov
45 No
6314 Nov
2 No
1012 Mar
7% No
21Is Aug
2518 Oct 194 Aug
20 Nov
533 July
4
187 No
4
22 Nov
50 No
65% Aug
19
Oct 313 AM'
4
3%
39
70
42%
22%
15
40
28
4318
3812
90%
85
100
201/
313
ao
10
Nov
Nov
Apr
Be,
Dec
Oct
Nov
Nov
Oct'
Nov
Nov
Oct
Oct
Nov
Dec
Dec
Dec
8 Der
5913 Nov
15 Nov
21 Nov
103
Oct
28
Oct
3% Nov
14 Nnv
85 Nov
225 Dee
s
4514 Nev
213 Nov
30 Nov
107 Nov
15
Oct
89 Mar
1318 Nov
20 Nov
201 Dee
,
38 Nov
34 Dec
20
Oct
11414 Nov
313 Dec
7312 Nov
58% Nov
Dec
7412 Jan
188 ElePt
40% Aug
45
Jan
111
Jan
4612 May
1614 Feb
64'j July
111 Sept
45 May
9314 Sepl
154 Jas
6312 MSS
117 Feb
52% 4,11
98
Oct
73 Aug
45 Aug
663 Mar
4
5574 Mar
1177 Fsb
8
44% Sept
1183 Sept
4
4353 Jan
24334 Sept
67 Feb
48 Sent
Oct
Feb
Nov
Nov
Dec
Nov
817 May
k
83 bent
4813 Sept
65 Jan
8
31
Jan
45 May
47% Oct
ill1
48
31%
114
312
20
301s
Oct
814 No, 38 Sept
8'2 Noa
15% July
31
Oct 5512 Sept
30
Oc
77 May
64 No% 20112 Aug
3814 No, 95
Jan
115 Nov 126 June
413 Mar
% Oct
55 Der 863 Oct
3
100
Jan 10512 Jan
24 Aug
514 Nov
15 Nov
733 Apr
4
5% Nov
2214 Apr
2, Dec
2
9 May
614 Nov
1938 Me.y
1478 Dec 2513 Mar
207 Apt
811 Nov
2
5012 Nov 517 Sept
8
4212 Nov 8514 Apr
812 Nov
23 3 MR
7
014 Oct 2432 Jan
3850
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here, see eighth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 24.
Monday.
May 26.
Tuesday.
May 27.
Wednesday
May 28.
Thursday.
May 29.
$ per share $ Per share $ per share $ per share $ Per share
2218 2214 2212 2314 22 8 2258 *22% 23
5
8
2214 225
*43
45
*43
45
*43
45
*43
45
*43
45
27
27
*267 293
8
4 27
27
27
2712 *2712 29%
*104 10612 104 104 *104 10612 *105 10612 *105 10612
41
41
4112 413 *4112 42
4
*4112 42
*4112 42
153 153
4
4 1534 16
16
175
8 1718 1712 173 173
8
4
*8712 88
88
883
8 88
885
8 88
8
88% 883 8812
*27
30
*26
30
*27
30
*28
*29
30
30
93
93
9212 93
*93
/
1
9412 935 93% *934 9414
8
*17
1718 *1712 18
1712 1712 *1712 1814 1712 1712
73 73
7314 7414 7312 743
7414
8 74
4 7314 737
4
/ 4
1
4
/
1
4
414 43
4
3
4
*4
438
418 414
1114 1.13
8 1118 1114 11
1058 11
111s 107 107
8
8
1912 197
8 197 2014 19% 2018 195 2018 195 197
8
8
8
8
1918 1714 18% 18
19
18
1714 1712
*1712 18
4
353 3534 *363 3618 353 35% 35
4
8
353
3513 *35
4
16
16
1512 153
4 1514 1512 153 1512 1514 1518
8
*315 32
8
*313 33
8
*310 32
8•
*3012 32
*3012 32
111 111
111 1133 112 113
4
109 11312 109 1093
4
*125
_ *125
*125 ____ *125
*125
*1414 147 *1414 18
412 1412 16
11 11-1512 17
79
8
4 8214 843
4 835 853
8
4 851s 8638
8114 813 833
45
4518 453
45
8 4518 457
8 4518 4512 4514 4512
34
34
35
34
33
33
33
33
*32
*32
/
1
7314 7412 7412 7612 7518 7712 753 773
/
1
4
4
8 764 78
71
73
73
*72
73
70
70
72
73
71
5 543
53
8 543 583
/ 583
1
4
5314 5312 535 54
8
8
4
4 57
142 142 *142 14912
*131 142 *135 142 *135 142
643
8 63 4 657g 6518 678 667 687
8
61
62 8 62
5
3
8
74 8
/
1
67
8 714
714 8
714 8
65* 7
55
55
55
5518 60
5812 583
4 55
4 5518 583
/ 45%
1
4
8
8 4518 4658 4512 4614 45
445 4514 447 457
8
8
5114 5114 5118 5112 5114 5153 5114 5153 513 52
8 1014 1014 1018 1014
1014 10'4 1014 1012 1014 105
92
9212
917
8 91
923
3 92
93
91
9114 91
4414 453
8 443 4514 x4412 441
2
4413 443
4
4 4414 45
1013 1013 1013 1004 *10012 10112
8
4
4
4
10112 101% *1015 102
*712 712
*7
8
714 714 *718 8
8 305 307 *29
8
/ 30
1
4
31
313
4 30
307
8 3014 307
8
912 10
918 93
8
9
9 14
88 9
7
9
93
4
343 3512 35
4
36
36
37
/ 391s
1
4
355 3712 36
8
8
8
8
8
8
*337 3412 3412 3412 343 343 *337 3412 343 343
8
*7112 75
72
*71
72
*711z 75
*71
*71
75
*614 6
65
8
/
1
4
614 614
*613 63
1
814 612
33 8 333 3412 34
7
4
8
3414
327 3278 33
3414 34
4 2034 21
21
21
21.
21
2012 2053 2012 203
4 21
21
21
21
*205 21
8
203 2054 2034 203
4
10
10
10
93 10
4
*1012 1112
12
10
*10
*278 3
2 314 *278 3
*24 3
/
1
*27
.2 314 *27
7412 77
76
76
7514 7814 *76
78
*76
78
24
2378 2378 2312 2312
24
2334 2434 24
24
96
9618 9612
*9513 9614 *9512 9614 *9512 9614 96
2314 2314 *2318 233 *2314 24
*2314 24
4
*2314 24
9212 9212 9212 91
9218 8618 90
92 9214 91
/
1
4
1212 *1112 121s 1112 1112
111 1258 *12
/
4
*1118 12
21
20
/ 21
1
4
*204 2112 *205 2112
/
1
21
8
21
21
39012 9212 *9012 9212 90
9012
92
911 92
/
4
*90
66% 6514 67
6513 663
4 66
66
6514 64
65
4
4
3012 313
29
297
3 293 3012 293 31
8
2
4 317 321
5512 564
56
/
1
*51
5112 5112 5212 5218 5312 54
28
283
4 28
28
2812 2812 283 29
4
2712 2712
*49
5018 *4912 6012 *4912 5018 *4912 5018 *4912 5018
/
4
173 17414
171 17214 172 17414 17258 17412 1721 175
145 145
145 145
145 145
145 14518 145 145
2
2
/ 6414 6412
1
4
63
53 63% *647 6514 65 6514 653 65
40% 40
40
403
3912 40
4 4012 4114 40
/ 41
1
4
4
414
4
414
4
418
4
4
412
418
114 11612 1143 120
1133 117
4
2
1194 124
112 114
/
1
4
/
4
/
4
453 45 8 4534 46% 4612 4712 461 4612 461 4712
3
3
*6
612
6
6
6
6
6
6
*6
614
*273 29
4
*27
/ 30
1
4
*2734 29
*273 29
4
28
29
*7814 85
*7814 85
85
*784 85
/
1
85
*80
*80
11412 11412 11214 11214
*114
_- *114-- *114 117
393 *38
4
38
*38
3918 38
38
3
.38
397
2 38
99 10112 10012 102
100 103
1033 10912
4
*9812 102
97 97
97
97
97
97
97
97
*95 101
*97 101
*98 101
jars 16318
*9012 101
8
8
4 293 295
8 29
/ 2912
1
4
2912
287 29% 293 293
8
3214 32
32
/ 32
1
4
3213 3214 33
32% 32
32
*381 40
8
38
38
*3912 40
38
*37
*3912 40
2 10% 11
11
111
/
4
1114 1114 113
/ 11
1
4
104 10
/
1
65
*63
65
65
*65
66
8
645 645 *6412 65
8
4 6312 6412 63
/ 64
1
4
5
/ 6414 64
1
4
/
1
4
623 6312 63 8 643
4
*55
/ 583 *557 583 *5512 583
1
4
4
8
55
55
4
4
58
*54
2 1818 183
2 1814 183
2
1814 183
4 1818 1812 184 183
5814 57% 57%
573 5712 5712 58% 5712 57% 57
3
'
2012 *1914 2012 *1914 2012 •1912 2012 *1912 2012
*20
4112 413
42 423
8
4 4112 42
4
423 43
4212 43
71, 714
*63
4 712 *63
4 712 *63
6
/ 712
1
4
4 712
2818 2734 28
27
/ 283
1
4
8
28
2814 28
2814 2712
*58
5812 57% 58
5812 58 58
5812 *58
*58
18112 184
18112 185
18314 18514 185 1863 183 187
4
/
1
4
4314 43 4 4318 4318 4318 43
4314 44
3
*4313 44
1765 189% 179 18212
8
4i
1723 1763 17612 17914 17712 180
4
176 176
174 175
/
4
/
1
*172 1741 *17214 1744 171 177
/
1
4
4218 42
42
/ 43 4 4212 43
1
4
3
40
/ 41
1
4
*40
427
*33
36
36
*33
36
.33
36
35
36
*33
*10514 108 *10514 108 *10514 108 *10514 108 •10514 108
10912 10912 110 11018 1104 1104
/
1
*10912 110
109 110
/
1
4
/
1
4
8
/ 10014 10014 10012 100
1
4
10012 1001_ 10012 10012 1003 100
8
/
4
11612 11712 *116 11712 11614 11614 11632 1171 1161 11712
108 108
108 108 *108 109
108 108
109
*108
*47
48
*463 48
4
464 463 *4634 48
/
1
48
4
*46
2112
20
193 19
8
/ 20
1
4
2014 20
2012 20
20
*4412 46
*4512 465
45
8 45
4712 4712 *4512 47
4
/
1
2 113 111
/
4
11% 104 1014 *104 111
*1012 118 *10
Friday.
May 30.
$ per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscall.(Con.) Par
1,100 Thatcher Mfg
No par
Preferred
No par
400 The Fair
No par
10 Preferred 7%
100
300 Thompson (J R) Co
25
82.100 Tidewater Assoc 011___No par
2.900 Preferred
100
Tide Water 011
100
600 Preferred
100
400 Timken Detroit Axle
10
5,100 Timken Roller Bearing_No par
1,900 Tobacco Products Corp
20
2,100 Class A
20
15,200 Transcont'l 011 Co_ _ __ No par
2,300 Transue A Williams 811 No par
700 Trico Products Corp.
-No Par
2,100 Truax Truer Coal
No par
Truscon Steel
10
7,100 Under Elliott Fisher Co No par
Preferred
I
5,300 Union Bag 04 Paper Corp 100
79,700 Union Carbide & Carb_No par
2,800 Union 011 California
25
400 Union Tank Car
No par
168,900 United Aircraft & Tran_Ne par
1,000 Preferred
50
17,500 United Biscuit
No par
100 Preferred
100
28,600 United Carbon
No par
24,600 United Cigar Stores
10
1,800 Preferred
100
398.300 United Corp
No par
8,400 Preferred
No par
1,400 United Electric Coal
No Par
10,500 United Fruit
No par
41,700 United Gas di Improve_No par
800 Preferred
No par
100 United Paperboard
100
7,300 United Piece Dye Wks_No par
7,100 United Stores el A
No Par
3,200 Preferred class A___ _NoPar
500 Universal Leaf Tobacoo No par
Universal Pictures 15t pfd _100
1,400 Universal Pipe & Rad_ _No par
8.800 US Cast Iron Pipe dr Fdy__20
18,600 1st preferred
No par
3,100 2d preferred
No per
1,400 U S DLstrib Corp
No Par
U El Express
100
1,700 U S Freight
No par
1,500 U S & Foreign Seour..-No Par
400 Preferred
No par
300 U S Hoff Mach Corp.._ _NO par
7,900 U 81 Industrial Alcohol__ __100
Stock
800 U 8 Leather
No par
500 Class A
No par
Exchange
600 Prior preferred
100
7,400 US Realty dr Inapt_ ___Ne par
Closed
24,000 United States Rubber
10
8,600 let preferred
100
Memorial
1.800 US Smelting Ref & Min--50
Preferred
50
Day
149,600 United States Steel Corp__100
2,100 Preferred
100
II S Tobacco new
Holiday
1.300
No par
12,200 Utilities Pow & Lt A__ NO pa
10,800 Vadsco Sale*
No pa
141,900 Vanadium Corp
No pa
15,900 Vick Chemical
No par
800 Virginia-Caro Chem
No par
200 6% preferred
100
20 7% preferred
100
30 Virginia El & Pow pf (7) 100
30 Virg Iron Coal & Coke pf 100
650 Vulcan Detbaning
100
330 Preferred
100
90 Class A
100
6,400 Waldorf System
No par
3.100 Walworth Co
No par
10 Ward Bakeries class A-No pat
4,200 Class B
No Par
300 Preferred
100
118,400 Warner Bros Pictures new-200 Preferred
No per
5,500 Warner Quinlan
No Par
2,800 Warren Bros new
No par
Preferred new
No par
7,900 Warren Fay & Pipe
No par
1,000 Webster Eisenlohr
25
5.800 Wesson Oil& Snowdrift No par
300 Preferred
No Par
11.400 Western Union Telegraph-10
0
2,600 Westingh'se Air Brake_No par
88.80 Westinghouse El & Mfg____50
290 let preferred
50
8,600 Weston Elec Instruml_No Par
Class A
No par
West Penn Eleo class A _No par
100 Preferred
100
140 Preferred (6)
100
110 West Penn Power prof_-100
210 6% preferred
100
300 West Dairy Prod el A__No pa
1,800 Clam B
No par
300 Westvaco Chlorine ProdNo pa
300 Wextark Radio Storee_No Pa
White Eagle Oil& Refg No Par
2,200 White Motor
s
51 37 35 1(C';
No Par
37
38's -56i 38
3.400 White Rock Min Spring (31_50
48
48
49
/
1
4
481 503 *49
/
4
48
8
48
47
47
800 White Sewing Machine_Na Dar
812
7
/ 8
1
4
*812 812
*8
8
8
812 *8
300 Preferred
*2718 31
28
28
No Par
*2714 28
28
28
*2718 28
900 Wilcox Oil & Oas
4
No par
18
18
1814 1812 183 19
4
*Ws 18 I *163 18
Wilcox-Rich class A___No par
*2914 31
*2914 31
*2914 31.
*2914 31
*2914 31
2,400 Class B
No par
1
2414 2412 2414 2412 2412 24%
7 2 712
2314 2318 24
*23
712 75
8
3,400 willys-Overland (The)
5
7
/ 74
1
4
/
1
3
7 4 754
3
7531 7 4
Preferred
/
4
/
4
100
/
1
*7558 77 *754 7612 *751 77 *751 77
3
*753 '7'7
700 Wilson de Co Inc
*434 518
5
5
5
No par
5
*5
514 *5
514
500 Class A
No par
*101 113
2
4
11
113 *10% 12
4
8
1178 107 11
.1.11
300 Preferred
5012 501 5012
/
4
100
5012 5012 *49
*5012 52
52
*50
9,700 Woolworth (F W) Co
10
/ 63
1
4
/ 631s 631
1
4
63 4 62
3
3
8
8 625 63 4 63
3
62% 63
54,600 Worthington P & M
15512 1613 16012 169
4
100
15012 155
15012 15 5
40
14712 151
1,800 Preferred A
101 101
100
*10114 10212 10212 103 10114 10114 *101 102
1,200 Preferred B
93
93
91.
100
913
4 9012 9212 91
91
Ms 91
Wright Aeronautical_NO Dar
*4312 54
/
1
*434 54
*4312 54
*4312 .5212 *4312 54
*5112 55
200 Yale & Towne
25
*5112 55
52
54
*511 54
/
4
54
*51
34,800 Yellow Truck & Coach ol B-10
/
1
2712 2812 2712 2814 274 28
8
2738 2814 277 29
Preferred
*93
94
100
*93
94
94
*93
94
*93
94
*93
900 Young Spring & Wire__No par
40
*39
3912 39
4
8 383 39
8
395 39% *385 397
Youngstown Sheet & T_No par
*117 125 *115 125
/
1
4
11612 125 *115 125 *115 125
26,200 Zenith Radio Corp____No par
1318 1312 13% 1510
14
1412 13
4 138
3
13 4 133
-au,
Kx-d1vidOnds
•Bid and asked prices, no sales on this day. a
p Ex-righta.
PER SHARE
Range Since Jan. 1
On basis of 100-ehare 1,ts
Lowest.
$ Per Oars
18 May 5
4014 Jan 2
26 Mar 20
102 Jan 21
364 Jan 21
/
1
104 Feb 15
/
1
78 Feb 13
19 Jan 31
/
1
4
8612 Feb 13
1412 Jan 17
3May 22
693
2 Jan 3
/
1
4
7 Jan 2
/
1
4
1614 Mar 10
1412May 3
30 Jan 2
/
1
4
15 Jan 2
314May 14
/
1
97 Jan 2
14
121 Feb 4
10 Jan 8
78 Jan 2
4118 Feb 20
31 May 5
43 Jan 31
/
1
4
56 Jan 31
36 Jan 7
118 Feb 6
44 Jan 2
/
1
4
4 Jan 4
26 Jan 2
30 Jan 2
/
1
4
463 Jan 6
8
912May 5
8612 Feb 24
/
4
311 Jan 2
97 Jan 13
714May 23
25 Jan 20
412 Jan 2
1512 Jan 2
31 May 8
30 Jan 3
24 Jan 9
/
1
Ms Jan 2
15 Jan 7
/
1
4
1812 Jan 3
4May 28
93
2 Mar 24
/
1
4
72
/
1
4May 23
1814 Jan 3
8512 Jan 8
19 Jan 2
8412May 2
718 Jan 2
16 Feb 26
7712 Mar 17
60 Jan 3
211 Jan 17
/
4
47 May 5
27 May 7
48 Apr 30
16534May 8
141 Jan 4
604 Jan 6
311 Jan 4
/
4
4 Jan 7
49 Jan 2
/
1
4
3712 Jan 18
5 Jan 2
/
1
4
264 Jan 17
/
1
78 Jan 2
105 Jan 8
/
1
4
38 May 1
65 Jan 7
85 Jan 24
68 Jan 22
241 Jan 8
4
26 Jan 3
2112 Jan 7
4 Jan 2
/
1
4
58 Jan 2
3862 Jan 2
3612 jan 2
164 Jan 23
/
1
4814MaY 5
183 Apr 29
4
231 Jan 2
4
5 Jan 2
14
2212 Jan 23
8012 Jan 15
168',May 5
40 8May 5
3
140 Jan 2
133 Jan 2
29 Jan 18
/
1
4
3312 Jan 27
98 Jan 3
1053 Jan 2
4
97 Jan 2
14
11312 Jan 3
104 Jan 23
/
1
4
44 Jan 11
1312 Jan 3
37 Jan 2
9 May 5
26 Jan 17
31 Jan 2
3612 Jan 21
712 Jan 14
271sMay 14
1112 Feb 26
27 Jan 3
1918May 5
73
8MaY 5
6714 Jan 2
3 Jan 14
/
1
4
7 Jan 13
/
1
4
42 Jan 13
58 Mar 22
/
1
4
6714 Jan 17
88 Jan 17
78 Jan 3
35 8 Jan 23
3
46 May 14
12 Jan 16
/
1
4
72 Jan 27
3612 Jan 17
108 Jan 11
5 Jan 17
/
1
4
Mohan
PER SHARE
Range for PT8010118
Year 1929.
Highest.
Lowest.
per share
per share $ Per share
16 Mar 35 Sept
/
1
4
36 Apr 4
/
1
4
3
35 Mar 497 Sept
48 Mar 31
8
2512 Dec 511 Jan
32 Jan 18
/ Oct
1
4
110 Feb 13 102 Nov 110
Jan
4712 Mar 12
30 Oct 62
10 Nov 23 June
/
1
4
173 Apr 7
4
901 Aug
8
7418 Nov
8911 Mar 25
/
4
14 Nov 40 June
31 Apr 23
941 Apr 16
8
85 Nov 9712 Jan
/
1
4
/
1
4
2114 Apr 11
1112 Oct 34 Sept
8914 Apr 11
5812 Nov 150 Jan
I
Oct 2218 Mar
612 Jan 23
12 Apr 2
8
5 Nov 223 Mar
/
1
4
24 Apr 24
1538 Dec 533k Apr
,
283 Jan 31
2
413 Mar 1
4
30 Dec 63 July
22 Mar 13
1312 Dec 317 Jan,
2
304 Nov 814 Jan
/
1
37 Mar 25
/
1
4
/
1
133 Mar 21
82 Nov 1814 Oct
/
1
12518 Apr 29 120 De 125 Jan
1718May 8
7 Nov 43 Jan
1063 Mar 31
2
59 Nov 140 Sept
50 Apr 7
4212 Nov 57 Sept
384 Apr 10
/
1
99 Apr 8
31 Nov Teri May
77 4 Apr 7
3
44% Nov 10912 May
4May 28
583
33 Dec 60
/
1
4
Oct
142 May 28 11412 June 136
Oct
84 Apr 24
40 Nov 1118 Sept
/
1
4
2
3 Dec 27
9 Jan 22
/ Jan
1
4
60 May 29
197 Dec 104
4
Jan
52 Apr 28
19 Nov 7512 May
5312 Apr 23
42 Nov 4912 July
/
1
4
191 Feb 10
5
6 Dec 8118 Feb
99 Oct 15812 Jan
105 Jan 13
22 Oct 59 July
493
/
1
4
3MAY 1
102% Apr 25
9014 Oct 9814 Dec
14 Mar 14
7 Nov
2638 Jan
321 Apr 7
8
1514 Nov 481 Aug
2
12 Jan 23
31s Dec 14
Oct
3912May 29
144 Dec 40% Oct
/
1
2512 Nov 851 May
39 Mar 15
2
28 Dec 93 Jan
76 May 9
2 Dec 2214 Jan
/
1
4
9 Apr 10
12 Oct 551 Mar
8
3814 Apr 10
21 May 27
15 Oct 19 Jan
18 Nov
/
1
4
20 June
21 May 28
9 Oct 23 Sept
20 Jan 17
/
1
4
10 Apr
2 Jan
4 Apr 14
/
1
4
103 Apr 7
8614 Nov 1341/ Sept
3218 Mar 30
17 Nov 72 Aug
/
1
4
82 Nov 927 Aug
2
101 Mar 21
17 Dec 497 Jan
/
1
4
3038 Mar 12
2
/
1
4
95 Nov 243 Oet
139 Jan 2
/
1
4
3512 Jan
1512 Apr 21
5 Nov
1414 Dec 6178 Jan
26 Apr 21
8114 Dec 107 Feb
92 May 26
5612 Nov 11912 Feb
7512 Mar 25
15 Oct 65 Mar
35 Apr 10
631 Apr 4
8
4018 Nov 9212 Jan
291 Oct 72 Mar
2
/
1
4
3612 Jan 6
48 Nov
Jan
58
5312 Jan 7
/
1
4
1983 Apt 7 150 Nov 281 Sept
4
146 Mar 21 137 Nov 14414 Mar
5512 Nov 714 Nov
/
1
68 Feb 10
/
1
4
45 4 Apr 10
3
24 Nov 5812 Aug
3 Nov
1312 Jan
718 Mar 12
/
1
4
14314 Apr 26
3712 Nov 116 Feb
33 Oct 109 May
471salaY 1
318 Oct 24 Jan
/
1
4
81 Apr 1
/
4
16
3414 Apr 1
Oct 6512 Jan
69 Nov 9712 Feb
8238 Apr 9
11412May 28 102 Nov 110 Sept
89 Dec 48 Jan
40 Apr 21
2
38 Nov 1497 Aug
156 Mar 24
100 Mar 24
81 Nov 110 Apr
8
40
Jai 142 Sept
1491 Mar 24
20 Nov 3612 Oct
314 Apr 11
/
1
22 Nov 49
/ Oct
1
4
42 Apr 2
/
1
4
/ Jan
1
4
54 Mar 24
20 Dec 84
15 Apr 1
/
1
4
1
/ Oct 211 Jan
1
4
/
4
50 Nov 8712 Jan
771 Apr 3
/
4
801 Mar 28
/
4
30 Nov 6412 Aug
25 Oct 5914 Jan
/
1
4
7014 Mar 23
27 Apr 12
15 Oct 427 Jan
2
634 Apr 11
/
1
2012May 22
4312May 19 -51- Mar 34I Jan
8
4 Oct 11382 Feb
912 Mar 81
291 Mar 27
8
20 Oct 48 Mar
591 Apr 7
/
4
4918 Nov 7212 Mar
219 Feb 19 160 Nov 27214 Oct
/
1
4
52 Feb 27
3612 Oct 87 Aug
/
1
4
2011 Apr 15 100 Oct 292 Aug
/
4
/
1
4
1972 Apr 15 103 Nev 284 Aug
4
48 Mar 31
/
1
4
1912 Nov 6482 Sept
36 Jan 28
3212 Aug 3612 Apr
110 Apr 16
90 Nov 110 Feb
11078May 29
97 Nov 11114 Jan
101 Apr 15
8812 Nov 102
Jan
11712 Mar 22 110 Nov 117 Mar
110 Apr 2 102 Sept 11012 Jan
50 Mar 10
3612 Nov 60 Bent
241 Apr 11
/
4
7 Nov 40 Sent
5912 Feb 17
30 Oct 9412 May
21 Jan 7
19 Oct 75 Sept
2912 Mar 17
25 Oct 38 Feb
43 Apr 4
2714 Nov 53 Mar
12
54 Mar 20
/
1
4
271 Nov 55 4 Sept
2
2
13 8 Mar
7
I Oct 68 Jan
397 Apr 3
2
27 Dec 577 Jan
2
21 Apr 25
12 Nov 29 Feb
/
1
4
/
1
4
3414 Jan 29
19 Oct 6114 May
273 Mar 31
4
12
/ Oct 82 May
1
4
5 Oct 35 Jam
/
1
4
111 Feb 6
8
85 Apr 3
65 Dec 103 Jam
754 Mar 27
3 Dec 1312 Jan
13 Mar 27
6 Nov 27 Jan
/
1
4
35 Nov 79 Jan
/
1
4
5412 Mar 31
5214 Nov 112 Sept
723 Jan 2
8
/
1
4
43 Mar 137 Sept
189 Apr 29
75 Nov 10012 Sept
107 Apr 25
66 Apr 9012 Sept
93 Mar 29
30 Nev 299 Feb
5912 Mar 6
6184 Feb 88 Aug
77 Mar 1
7 Nov 6114 Apr
/
1
4
323 Apr 23
4
/
1
80 Mar 964 May
105 Apr 2
3312 Oct 59as Aug
47 Mar 7
91 Nov 175 Sept
152 Apr 7
Dec 32 4 J911
3
15 Apr 10
/
1
4
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Ian. 1 1909 be &sausage method of quoted bonds was changed and mites are ION I'and intsreas"-escep
t for Warns and defaulted bongo
BONDS
N. Y. STOCK EXCHANGE. 11
Week Ended May 30.
Price
Thursday,
May 29.
U. S. G00000merit.
Bid
Ask
First Liberty Loan
J D 10014, Sale
834% of 1932-1947
Cony4% of 1932-47
J D
Cony 441% of 1932-47
J D 101i4g, gale
2d cony
% of 1932-47
J D
Fourth Liberty Loan
AO
434% of 1933-1938
Treasury 448s
1947-1952 AO
Tres/nay 4a
1944-1954 J o
Treasury 345s
1946-1956 MS
Treasury 334s
1943-1947 J D
Treasury 334s June 15 1940-1943 J D
Week's
Range or
Last Sale.
Range
Since
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 30.
11
It
Price
Thursday,
May 29.
Week's
Range or
Last Sale.
3851
caQ
Range
Since
Jan. 1.
Mph No. Low
Low
Htgh
Bid
Ask Low
Eliolt No Lois
High
Cundinamarea(Dept)Colombia
1004, 100113, 73 98..3,10011n
External, I 11448
4
1959 MN 783 Sale 774
8
78%
65 84
100',,May'30
98.43100.3, Czechoslovakia (Rep of) 8a_1951 AG 11012 Sale 110
2 1091 111
11012
4
10116331011.3, 56 10014,10114,
Sinking fund 8e ser B
1952 AO 11012 Sale 110
3 109 11112
11012
99113,Feb'30 -- 9811489911u Danish Cone Munielp 88 A_1946 F
11014 Sale 1094
11014
7 108 5 111
1
1 88 &Mee B
1946 FA 109 110 109
110
11 10810112
102.3, 102103, 487 10014,1021
.n Denmark 20
-year extl es_ _.1942'.3 105 Sale 105
105333 10 10311 105 1
1
112.,112113, 181 109.431131
3
External g 544e
.n
1955 J A 101 Sale 1005
8 101
41
9912 1914
1081,, 108103, 186 10514,109.n
External g 4 As__Apr 15 1962 AO 924 Sale 9214
94
93
904 93 4
1051
1
.331051.3, 100 103 10611,3 Deutsche Bk Am part at 60.1932 M S 90
90% 10018
10014 67
97 1004
101.3, 101.3,
1 9941 10111n Dominican Rep Cust Ad 544a '42 MS 963 9812 97
8
97% 10
93
12 98
10153, 101114i 12 98.41101143
1st ser 5448 of 1926
1940 A0 90% 9212 913 May'30
4
894 964
2d series sinking fund 534,1940 AC 934 Sale 9212
9318 21
00000 and City Securities.
96
90
Dresden (City) external 78_1945 MN 100 101 100
N Y C 334% Corp st Nov 1954 M N
5 9634 102
10112
855 Oct'29 -8
Dutch East Indies en' 681_1947'.3 102 Sale 10158 10214 29
344% CorporatestMay 1954 MN
101/8 103
---- 8814 Aug'29
40
-year external 6.
1013 103 102
4
1962 M
La registered
102% 15 10112 1034
1936 MN ---9934 Mar'28
30
-year external 5 As_
4
8 1015
dm registered
1953 MS 102 1023 1015
5 1014 1021,
8
1956 MN
94 Feb'30
-5i- 94
30
-year external 5448._ 1953 MN 1017
8
10212 May'30
4% corporate stock
1957 MN
1014 1023
4
95 Nov'29
El Salvador (Republic) 88..1948 ▪ 1 10718 Sale 10718 10712
7 1033,1081
434% corporate stock_ _1957 MN
,
104 Mar'30
10214 104
Estonia (Republic of) 714_1967.3, 79
8214 82
8214
3
• % corporate etock
88
75
1057 MN
105 May'30
103 105
Finland (Republic) extl 68_1945 M S 96 Sale 96
4% corporate stock
5
9612
913 971
1958 MN
4
s
9414 Nov'29
External sinking fund 78_1950 MS 10012 Sale 100
---4% corporate stock
10012 20
974 1011
N
4
1959
95 4 June'29
3
---External sinkingfund 034,1956 hi S 9714 Sale 974
434% corporate stoek
9818 44
1931 AO
9112 954
Oct'29
96
External sinking fund 544s 1958 FA 8812 Bale 8814
21
89
434% corporate stock
844 92
1960 MS
95 Jan'30
Finnish Mun Loan 644. A 1954 A0
99 May'30
434% corporate stock ___ _1964 M
927 99
8
99 Mar'29
External 640 series B
434% corporate
1954 A0 98 Bale 97%
98
2
923 984
AO
4
101 Mar'29
Frankfort (City of),1634.._1953 MN 94 Bale 94
9438 14
434% corporate stock,.._ _1972 AO
93
.
3
9912 Oct'29
French Republic ext1 7As_ _1941 J D 12214 Sale 12218 122 8 217 1171 94
• % corporate stock_ __ _1971 ID
5
8 126
10034 Sept'29
External 78 01 1924
11712 Sale 11712 1173 167 112186118 8
1949
4
634% corporate stock _
1
1963 MS
105 May'30
f(I5
-12 German Republic eat] 72_1949 AC 108 Sale 108
4 A % corporate stock
1083 163 10614 1097
4
.
1966 J D
106 Mar'30
108 106 Gras (Municipality) 8,
7
4
4 A % corporateetock July 1967.3,
1954 MN 99% Sale 993
99%
94 610012
1013 Nov'29
4
Gt Brit & Irel(UK of) 540_1937 FA 10412 Bale 104%
10412 62 10212 10511
New York State Canal 48_ _1960
10114 Mar'29
Registered
FA
45 Canal
104 Apr'30
104 104
Mar 1958 MS
10114 July'29
04% fund loan
MN
Canal impt 48
8718
90
1961 J J
99 May'30
-55- 1664 65% War Loan2opt 1960-1990.31) e87 88 08718 May'30 3 8823s 99
.
e98
4446
opt 1929_1947
e98
e974
1984 J J
109
Jan'30
109 109
Greater Prague (City) 73441_1952 MN 105 Sale 105
6 1023 10711
1055
8
4
Greek Government,f sec 7,1964 MN 100 102 10112 102
Foreign Govt. & Municipals.
12
97 162
Sinking fund sec 65
•grie Mtge Bank s I 68
19
1968 FA 8512 Sale 8512
87
1947 F A 74 Sale 74
884
Si
7414
9
6312 86
Haiti (Republic) I Os
97
Sinking Iund 68 A Apr 18 1948 A 0 74% 75
9312
1952 AO 93
94
12
9212 1001
7412
7413
4
1
6312 8012 Hamburg (State) 68
•kershus(Dept) ext1 58.-1903 MN 9212 Sale 9212
1946 A0 9514 Sale 95
95 3
4 23
91
9712
93
14
87
95
Heidelberg(Germany)ext17 A s'50.3, 103 Sale 10212 103
Antic:40441a (Dept) col 75 A _1945
11 10012 1044
851 83
J 83
83
71
873 Hungarian Mimic Loan 734. 1945.3' 9412 Sale 9412
4
External a f 7e !ler B
95
1
81
9034 69814
1945
.1 80
80
80
7018 8712
External s I 78
Sept 1 1946 J J 89% Bale 884
External a I 7s eer C
90
24
84
1945 J J 78
94
7812
86
7812
2
70
8712 Hungarian Land M Inat 734.'61 MN 9312 984 9318
External f 7s ser D
5
9318
7912
19451 J 7913 Sale 784
91 190
3
70
88
Sinking fund 734. ser B _ _ mai MN 93% 94
Externals 78 1st ser_ __ _1957 A 0 78
94
11
934
80
904 9812
2
78
79
70
8712 Hungary (Kingd of) a f 734. 1944 FA 1005 101 1005
8
External see
8 10114 16 100 104 5
7s 2d ser..1957 A 0 78
783 78
14
3
78
67
89
Irish Free State extls s f 53_1960 MN 98
External sec 81 Ts 3d ser_1957 A 0 78
9812 98
98
21
80
981
96
4
78%
1
783a
67
Italy (Kingdom of) extl 75....1951 J O 98% Bale 9814
88
Antwerp (City) external 58.19581 D 9513 Sale 9512
123
99
9414 101
22
96
9214 98
Italian Cred Consortium 7.A1937
•S 97
Argentine Govt Pub Wks 68_1960 A 0 983 Sale 98
974 973
1
4
973
4
4
984
93
98% 20
9518 100
External see f 7s ser B_ _1947 MS 97 Sale 97
Argentine Nation (Govt of)
97% 35
92 4 984
1
Italian Public Utility(MI 7s 1952 3.3 96 Sale 955
Sink fund (Is of June 1925-1959
8
9612 17
D 98 4 Sale 9818
3
92 9275
983
4 78
95 100
Japanese Govt 2 loan 48_1931'.3 9714 Sale 9718
Extl s f (la of Oct 1925_ _1959 A 0 98A Sale 98
9712 39
943 9214
4
983
4 36
9512 997
8
30
-year a I 634.
Sink fund Os series A
105 16112 105
1954 FA 10312 Sale 10314 104
1957 M S 99 Sale 98%
9914 53
945813100
Extl sinking fund 534._...1965 MN 907 Sale 904
9112 471
External 6s series B_ _Dee 1958 J
8
98% Sale 9818
911
98% 16
90
e
95 100
Jugoslavia (State Mtge 13ank1Esti sf6.of May 1926_1960 M N 99 Bale 9818
99
54
955 10018
8
Secured a f g 70
External el 6s(State Ry)_1960 M S 9812 Sale 9818
41
84
1957 AO 8312 84
83
7714 854
98% 37
95
993 Leipzig (Germany) s f 7s. 1947 FA 100 Sale 100
4
Extles Sanitary Works_ 1961 F A 9814 Sale 98
3
100
941 1011
4
s
9812 22
95
9914 Lower Austria (Prow) 7445_1950 J o 9918 Sale 99
Extl pub wks(May'27)_1961 MN 983 Bale 9814
994
4
9318 100
9312 16
944 1003 Lyons(City of) 15
8
Public Works()MI 534s_ 1962 F A 9312 Sale 93
-year 68_1034 MN 10312 Sale 10312 10312
7 1021211247
e9412 27
s
89 c97
argentine Treasury 58
_1945 M S 875 881 8712 May'30
8
854 89 2 Marseilles (City of) 15-yr 65 1934 MN 103% Bale 10312 1033
,
Australia 30-yr 58__July 15 1958.3 J 887 Sale 88
4
8
102120105
8912 71
8714 9414 Medellin (Colombia) 6 As_.1954 J O 76 Sale 76
External 5s of 1927- _Sept 1957 M S 8814 Sale 884
771s
65
80
8912 22
87
9414 Mexican Irrigat Asstng 4 As 1943
External g 444s of 1928 1956 MN 81 Sale 81
---10 8 May'30
3
103 1512
8
811
27
80
853 Mexico(U B) extl 5e of 1899 E'45 Z1 -5
4
Auetrlan(Govt) s f 78
26 Apr'30
1043 J D 10514 Sale 104% 1051
26
26
15 1023 108
4
Assenting 5. 03 1899
Bavaria (Free State) 64.0_1945 F A 943 Sale 94%
161, 17
1945
163
17
4
4
9514 17
16
204
91
9812
Assenting Si large
Belgium 25-yr ext a f 734a g_1945 J D 1147 Sale 1143
175 Apr'30
8
8
4 1151
1612 171
16 1143
4
48118
Assenting 4s of 1904
20
-years 18.
1114 14
11 May'30
1941 F A 1092 Sale 1095
4
8 1101
64 10912 11112
11
131a
Assenting 4a 01 1910 large
25
-year external 6 As__1949 M $ 108% Sale 1073
1212 May'30
4 1085
8 79 105% 1093
1111 1412
Assenting 4s of 1910 small__ _ _
4
External s f 68
-lois 1112 1012 May'30
1955 J
103% Sale 103
10353 64 10118 1033
1012 14
Trees (Is of'13 assent(large)'33
4
External 30
-year e I 7s
2015 Apr'30
1955 J D 113 Sale 1123
4 1131
85 10914 11312
25
18
Small
Stabilization loan 78
18 May'30
1956 M N 10814 Bale 108
108% 113 107 11014 Milan (City,
18
2514
Bergen (Norway). I 88
Italy) 11.1 6348 '52 AG 9114 Sale 91
92
47
1945 M N 11112 Sale 11112 1111
3 110 11213 Minna Geraes (State)
85
96
15
Brazil
-year sinking fund 68
1949 A 0 1003 10214
4
May'30
99 1025
8
External s f 634.
Berlin (Germany) at 6)0_1950 A 0 955 Sale 1025,
1958 MB 77 Sale 76%
77
8
95%
961
15
65
83
9212 49915
Eat] see 634s 'Fedex A_.._1959
External oink fund Os._,1958 .1 D 9112 Sale 90
S 77 Sale 77
77
0918 8212
911
13
853 943 Montevideo (City of) 75_1952 3D 10218 Bale 10112 1024
8
4
Bogota (City) eat) s f 138._ _1945 A 0 98
983 98
98
4
983 103
4
9212 99 2
External s f 6s aeries A _ _ _1959 MN 96
,
Bolivia (Republic of)extl 88_1947 M N 9514 Sale 9514
961 9612
961
951
20
9671
91
88 100
Netherlands 013 (flat fine/A.1972 MS 10334 1041 103% 1033
Externalsecurities
5 103 107
8012 82 82
82
1958 J
1
7212 853 New So Wales(State)inn 5s 1957 FA 853 Bale 853
4
Extenaals f 7s
4
791
861
17
4
1969 m S 79 Sale 7812
22
843 90
4
72
34
External of fis
Bordeaux (City of) 15-yr 68_1934 M N 1033 Sale 1035, 104
A0 8514 86
Apr 1958
8618
873
8 11
4
28 102146105
84
90
Norway 20
-year exti 68__1943 FA 103 Sale 102% 103
Brazil (17 S of) external 88_ _1941 J D 1007 Sale 10014 1007
14 1021e 1002
8
8 15
94 102
20
-year external 8s
External 16346 of 1936...1957 A 0 8414 Sale 8378
1944 FA 103 1031 1024 1035
8 61 10214 104
85
51
724 884
30
-year external (la
Ext1 f 6 As of 1927
1952 AC 10212 Sale 102
1021
18 10112 104
84% 33
1957 A 0 84% Sale 83
12
7214 (8812
40
-year I 544e
To(Central Railway)
1965 3D 10118 Sale 101
1011
24 1004 1617
1952 J D 90 Bale 89
90
23
8
80
9312
External f 58._ __Mar 161963
73441(coffee secur) (flat) 1952 A 0 102 Bale 102
•S 99 Sale 983
99
4
138
102
1
961 994
4
95 105 s
Municipal Bank WIIt 56 1967 ID 953 Bale 953
Bremen (State of) extl 78._1935 M S 10212 Sale 10214 10212 32
,
4
95
4
7
15
943 98
4
9812 103
Nuremburg (City) extl 68_1952 FA 872 881 8814
Brisbane (City) if 5
82%
4
89
7
1957 m 13 83 8 Bale
3
1
844 12
84
9211
22 90
Oalo (City) 30
Sinking fund gold 5s
-year at 6s.--1955 MN 1017 Bale 101%
8
1021
25 100 102 4
8312
1968 F A 8312 84
84
7
1
80, 90
s
Sinking fund 530
Budapest(City) extl f Os. _1962 J D 81% 8312 82
4
1946 FA 993 100 1004 10014
1
82 12
934 1(11
73
3512 Panama (Rep) extl 5 As___ _1953 J D 1017 1025 1017 May'30
Buenos Aires(City)63452 B 19581 J 973 98 973 May'30 --33
8
8
8
_
4
4
10018 103
9612 10012
External. f Os ser C-2__ _ _1960 A 0 94
Extl s f 5s ser A __May 15 1963 M N 9312 Sale
93
7
46
941 9312
9312
1
8912 954
91
9812 Pernambuco (State of) eat)75'47 IN 8 804 801 93
External a f 66 ser C-3__ _.1960 A
8012
1
94 Sale
801
94
1
7112 90
90
Buenos Aires (Prey) extl 68_1961 m 0 8612 Sale 94
984 Peru (Rep of) external 7s_ -1959 M S 97 Sale 96
97
13
8612
8712 28
91 810112
84
91
Bulgaria (Kingdom) 0 f 78_1907 J
Nat Loan extl.1 6s 1st ser 1960 J D 77 Sale 764
77
32
.1 8014 83 80 May'30
69
114
764 85
Stabil'n l'n f 734. Nov 15'68
Nat Loan extist 6s2d ser 1961 A 0 76 Sale 76
76% 18
873 Bale 87
4
873
4
8
84 4
69
1
32 9014 Poland (Rep of) gold Os._._)940 A 0 7618 Sale 7618
Caldaa Dept ol(Colombla)7 As'46
773
7
87
89
88
873
4 10
81
74
81
Canada (Dominion of) 54_1931 A 0 1014 Sale 100% 1003
9312
Stabilization loan a I 72_1947 A 0 85% Sale 8418
85% 209
4 28
79
88 e
3
9934 10114
SI
External sink fund g 86_1950
943 Sale 9414
4
95
3
J
39
1952 M N 104% Sale 104% 104% 43 10214
93 98
12
Porto Alegre (City Of) 8e
106
444e
1961 J D 984 Sale 9812
9812
1936 F A 9912 Sale 99% 100
1
99
91 103
,
97 4 10014
3
Carlsbad (City) 5 8s
Exti guar sink fund 7 345,1966.3 J 85% Sale 853
4
861a
1954 J J 106 10814 10812 May'30
5
83
12 9412
103 1097 Queensland (State)ext1.175 1941 A 0 106% Sale 106
Cauca Val(Dept) Colom 734s '46 A 0 89
s
106%
7 1047 110
9314 934
1
9318
s
834 95
Central Aerie Bank (Germany)
25
-year external 68
1947 F A 101 Sale 100% 101
11
994 1041
4
Rio Grande do Sul extl sf81 1946 A 0 9811 994 9612 May'30
Farm Loan e I 7. Sept 16 1950 M S 964 Sale 9614
_
97
23
90 103
924 9812
Farm Loan at as July 15 1960.3 J 854 Sale 854
External sinking fund 68-1968 J D 7212 Sale 7212
74
12
86% 34
644 80
.
1
Farm Loan e f 6s Oct 15 1960 A 0 854 Sale
77
4 90 s
3
Externals f 7. of 1926-1966 MN 8312 Sale 8312
844
8
8514
8612 74
76
934
7734 90
Farm Loan 68 ler A Apr 15 1938 A 0 8914 Sale
D 82
External el 72 munie loan 1967
8212 8212 May'30
887
8
9012 62
73
894
Chile (Republic of)
Itlo2e Jaa esro 25
Edtern nl i f -year.1 88-1940 A 0 994 100
8412 94
99
9918
9
924 10514
-year external s f 7s.
20
53
2
195 F A 7812 Sale 7814
-1942 M N 10114 1011 10114 1015
79
58
8 18
701 NI
4
991 10314 Rome (City) exit 634.
External sinking fund 68_1960 A 0 8914 Sale
A 0 913 Sale 91
8
92
94
8914
914 58
37
94 4
3
88
Externals
94
12 Rotterdam (City) extl 6s-1964 M N 102 10312 103 May'30
1961 F A 9012 Sale 8914
91% 26
103 1954
38 c9411 Roumania(Monopolies) 7s_1959 F A 85 Sale 8312
Ry ref intl s f 68
1961 .1 J 89 Sale 89
8412 15
91
83
19
844
88
Ext1 sinking fund 68
94 Saarbruecken (City) (24-1953 J J 88
884 8612 May'30
1961 M S 8912 901 90
_
913
4 27
30 8 907
1
1
88
Ext1 sinking fund 68
94
Sao Paulo(City) If 81i_Mar 1952 MN 103 104 10312 10312
1962 m
90 90
89
5
9078 30
95 107
Extl sinking fund fa
88
9414
External of 034. of 1927_1957 MN 7712 Sale 77¼
1963 M N 8912 Sale 8914
80
12
91
124
84
70
8914 914 Ban Paulo (State) extlsf 88.19363 J 100 1003 10012 10012
Chile Mtge Bk 634. June 30 1957 J D 95 Sale 94%
4
2
95
96 10214
11
9214 99
S 1 6418 of 1926_ _June 30 1961 J D 982 Bale 983
External sec s f 811
19503 J 971 Sale 9718
4
9812 11
9918 40
4
90 101
94 100 4
Guar f 6a
External s 1 7s Water L'n _1966 M
3
87
Apr 30 1961 A 0 8812 Sale 8812
9014 8712
89
4
90
794 93
12
31
8613 94
Guar s f 68
External at 68
1968 I J 74 Bale 74
1962 M N 88% Sale 8858
74
3
89
21
65
14
8812 91
Mean Cons Munk 7.
1940 A 0 9618 Bale 96
Secured s f 76
1960 M
943 Sale 9438
9613 121
4
95
96
964
38
9318 698
Santa Fe (Troy Arg Rep) 714 1942 M S 9312 Sale 9312
Chinese (Hukuang Ity) 244-1951 J D 275 Bale 27%
9312
8
6
28
87
95 4
3
3
234e 20
Christiania (Oslo) 80-yr 5 f 138 '34 M S 10112 1023 10214 10214
Saxon State Mtge last 711_1945 J D 9814 Sale 9712
9914 19
4
93 100
1 100 10214
Cologne(city)Germany6 As 1950 M 8 94 Sale 94
Sinking fund g 6 As_ _Dee 19461 D 94 Sale 9312
9412 19
9412
26
97
2
901s 08 4 Seine,Dept of(France)ext178'42 J
107% Sale 10714 1073
Colombia (Republic) 68
3
1961 J J 773 Sale 763
4
4 76 1063
4
7743 31
281094
667/ e83
Serbs, Croats & Slovenes 88 '62 m N 9614 97
Externals 16s of 1928
9614
1961 A 0 764 Sale 76
97
58
98
76% 44
37
68
1962 M N 85% Sale 8412
817
External see 75 ser B
8
Colombia Mtg Bank 634s of 1947 A 0 72 Sale 71
85 4 65
3
72
7514 264
6
654 8214 Sneed& (Prey of) extl 75
1952 J D 762 773 77
4
Sinking fund Is of 1926_1946 MN 77 Sale 77
4
773
4 13
22
70
77
4
71
86
Silesian Landowners Assn 68 1947 F A 8014 Sale 804
Sinking fund 78 of 19271947 F A 7814 80
8014
8
77
841s
72
78
7
70
Soisecm,(City of) ext1 68_1936 M N 10312 1033 10312 10312
86
4
Copenhagen (City) 51
1952 J
983 Bale 96
8 10144195
8
987
8 52
96
987 Styria (Prey) external 7s-1946 F A 9114 Sale 91
s
1953 MN 92
25
9212 9214
9114
-year g 4348
7
93 8
92% 56
26
1
8812 9312 Sweden external loan 6 As-1954 M N 10412 Sale 104
105
Cordoba (City) extl s f 76-1957 F A 85
12 16314 1064
86 87 May'30
7614 93 Swiss Coafed'n 20-yr e f 8s-1940 J
1073 Sale 107% 108
4
External s f 7e-__Nov 15 1937 M N 91% 92 92 May'30
23 10712810912
82 98 6 Switzerland Govt extl 5)0_1946 A 0 10514 Sale 1044 105% 37 10212 10538
1
Cordoba(Prov) Argentina 781942 J J 9618 9714 97
9714 14
93 100
Tokyo City fie loan ol 1912_1952 M S 7912 Sale 7912
8012 15
Costa Rica (Repub) tat! 78.1951 MN 87% Sale 87%
741 82
a
88
3 86
91
54 O 9014 Sale 90
A N
Toux ternal ps
Ei. mes f
Cuba(Republic) fie of 1904_1944 M S 993 9978 9914 May'30
90% 21
4
8714 93
4
98 101
754 78
of) egigu
gi% tl
80 May'30
External 15a of 1914 ser A_1949 F A 10012 10112 1007 May'30
8
6712 27
Trondhjeta (City) lit 544s-1957 N N 97 Sale 97
1003 102
4
97
External loan 4 As ler C_ -1949 F A 90
9312 93 May'30
5
93 98
12
93 953 Upper Austria (Prey) 714-1945 J D 96
4
97
9612
Sinking fund 6448.Jan 15 1953 3
10014 Sale 10018
96
2
10014 Ei
921 9714
4
9914 10144
Externals I 634e..7une 15 19573 D 89
8912
90
8912 10
811 91
I Cash aide,
4
e On the basis of $600 the f staling.
3852
N
WORDS
Y. STOCK EXCHANGE
Week Ended May 30.
New York Bond Record-Continued-Page 2
13 a
Price
Thursday,
May 29.
Week'.
Range or
Last Sale.
•
Rases
Since
Jas. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 30.
g.
Price
Thursday,
May 29.
•
Week's
Range or
Last Sale.
aid
Ask Low
Hig1
Ask Low
High No. Low
Bid
High
7h1c Ind & Loa:iv-Ref 68..1947 22 112
Foreign Govt. & Municipals.
1123 Jan'30
4
Refunding gold Is
1043 108
4
s
Uruguay (Republic) exti 86_1946 F A 10514 1063 105 May'30
1947 22 10214 104 10212 Apr'30
9312 0912
Refunding 46 series C._ 1947 2J 913
89 Dee'29
External e 61
4
9814 59
1960 M N 98 Sale 98
let & gen fer series A
9814
Extl a f 68
98
May 1 1984 M N 98 Sale 98
984 17
1966 MN 10212 Sale 10212 1033
4 25
29
let & gen 6s ser B_ __May 1966 J J 10712 108 108 May'30
c98
97
Venetian Pro, Mtge Bank 78 •52 AO 97 Sale 9614
33
inic 100 & Sou 50
914 May'30
82 c95
88
-year 48_1956 22 9012
Vienna (City of) ant if 6e._ 1952 MN 8718 Sale 87
4
73
833 ;Mc L S A East let 434s...1969 ID 9718 984 97 May'30
Warsaw (City) external 75 _ _1958 FA 7712 7912 80
8012 14
8
95
9814 Ch M & SIP gen 4e A_May 1989 JJ 85 4 Sale 8514
86
3
963
4
975
8 35
Yokohama (City) ext1 6s___1961 ID 9612 97
85 Mar'30
Registered
j 733 74
5
Gen g 334s ser B__May 1986
74
8
Railroad
74
.1 9318 943 923
10312
_ 0312 May'30
Gen 434s series C___May 1989
1003 10311
4
8
Ala Gt Sou let cons A 5e____1943 J
9512 25
4
9312
j 927 95
Gen 4 jis series E_ _May 1989
92
9434 16
8
927
8
11
lat eons 4e aer B
1943 JO 9312 - 12 9312 May'30
833 88
8
Chic Milw St P & Pao 5s___.1975 FA
8812 Sale 87
8812 8518 May'30
9114 263
Alb & Susq let guar 3;is_ _1946 AO 86
Cony adj 5e
85
87
8
4
4
4
Aileg & West 1.8S gu 4s._ 1998 AO 853 Sale 853
633 1464
4
853
4
Jan 1 2000 A0 593 Sale 565
MN 7814 79
9212 953 Chic & Wriest gen g 33431--2
4
3
9512 94 4 May'30
klieg Val gen guar g 4.
7814
1942 MS 95
7814
1987 Q F
75
76
894
83
8112 May'30
81
Jan'30
Registered
Ann Arbor let g &L.__ _July 1995 Q
76
915 9612
MN -903 Sale 903
1
8
4
4
95
4
General 4s
4
903
Atoll Top & S Fe
4
1987
-Gen g 48_1995 AO 933 Sale 933
1
90
92 4
3
10
90
Stpd 4s non-p Fed in tax '87 MN
924
90
AO 924 Sale 9218
Registered
104 May'30
Gen 434s stpd Fed Inc tax.1987 MN
871e 93
4
90 4 16
,
Adjustment gold 4a_ _July 1995 Nov 903 9114 9014
23
4
1087
Gen 55 stpd Fed Inc tax 1987 MN
877 93
8
8
9014
1087
8
Stamped
July 1995 MN 9018 Sale 9018
MN
105 Mar'30
8514 8814
8518 Feb'30
MN
Registered
Registered
9212
101 May'30
Sinking fund deb Is
87
4
3
90 4
3
Cony gold 4s of 1900
1933 MN
1955 JD 90 4 Sale 903
MN
94
99 Feb'30
88
9014 May'30
Registered
Cony 4. of 1905
1955 JD 9012 92
10
1
100
-year secured g 7s
8914 91
9214 91 May'30
Cony g 4s issue of 1910_1960 JD 91
1930 212 100 10012 100
123 128 1411?
15
3
4
-year secured g 6
c136
_ _ _1936 MS 10812 1093 10812 109
Cony deb 445
1948 JD 13312 Sale 133
_
10614 13
let ref g Se
88
9214
91 May'30
Rocky Mtn Div tat 48._ _1965 J J 9014 91
May 2037 JD 10614 108 10614
2
6
9814
1st & ref 434s
9012 924
984
9112
Trans
May 2037 JD 9712 98
-Con Short L 1st 45_1958 J J 9112 Sale 9112
6
8
1013 174
4
Cony 444s series A
97 10114
9912
Cal-Aria let & ref 4)0 A_ 1962 MS 9912 Sale 9912
1949 MN 1013 Sale 101
5
Chic R I& P Railway gen 48_1988 J J 914 Sale 914
1035 Apr'30
8
9114
10214 104
All Knoxv & Nor let g 5e
1946 JO
J J
89 Apr'30
95
974
964 993
4
Registered
AU& Cheri A L let 4Iis A _ _1944 J J 1034- _-- 9514 Apr'30
9712 172
1004 104
104 May'30
J 10278
Refunding gold 4s
1944
1934 AO 9753 gife" 9714
let 30
-year 5e series B
95
_
AO
Jan'30
87
87
87
Jan'30
Registered
Atlantic City 1st cons 4s_ _ _1951 J J 87
14
90
95
94
9512 29
Secured 4 34s series A
933
4
1952 MS 954 Sale 9518
All Coast Line let cons 4e July'52 MS 94 16
13 1037 ---- 104 Apr'30
8
9212 9212 Ch St L & N 05s-June 15 1951
9212 May'30
MS
Registered
JD ---- -- 102 Mar'30
964 100
9812 15
983 9818
4
Registered
1964 JD 98
General unified 4
14
81 July'29
-_
Gold 314.
8812 9318
91 18
June 15 1961 JD 841
L & N coil gold 4s___ Oct 1952 MN 9114 9112 91
2Memphis Div 1st g 4.9___1951 JD 9012 9114 9012 May'30
58
73 4
3
61
617
8 10
62
1948 J J 60
•ti & Dan 1st g 4a
9
10014 May'30
53
L & P lat con/g 5/252 8 6212 Ch
3
525
8
57
1948 J J 53
2dle
1932 A0 10012
8
A0
8218 85
8612 84 May'30
- 1015 June'29
Registered
1949 A0 85
All & Yad 1st guar 48
Chlo St P M & 0cons 6a _ _ __1930 232 100 1664 100 May'30
99 101
Austin & NW 1st gu g 50-1941 ii 9912 10214 101 May'30
9814 Dec'29
Cons68 reduced to 3
_ _ _ 1930 212 9912 997 Feb'30
8
65
94
8
9112 95
Balt &Ohio 1st g 48- __July 1948 A0 935 Sale 9312
Debenture 158
1930 MS
10018 Dee'29
M
9912 Mar'30
90
9911
Stamped
Registered
July 1948 Q J
96
974 22
10012 46
983 10012 chic T H & So East let 5e...1960 J
8
20
1933 MS iooTs gife 1004
-year cony 4348
9012 48
98' 99
8
99 Mar'30
Inc gu Is
MS
Registered
Dec 1 1960 MS 88 Sale 88
1
8
9914
4
8 1043
4 ;hie Un elta'n let gu 4Hs A _1963 J J 993 993 994
4 55 101 1043
JO ioi" gale" 1037
Refund & gen 5e series A _1995
10412
3
102 May'30
102 102
1st 55 series B
JD
Registered
1963 J J 10412 Sale 10412
4 10514 35 101, 106
4
8
lat gold 5a
July 1948 AO 1043 EiZe" 1043
1944 JO 10312 105 104 May'30
Guaranteed g be
11512 10
115 Sale 115
1st guar 634s series C_ _ _ _1963 .2
10912 15 10812011
Ref & gen 65 series C
1995 JO 10914 19912 10914
4
Chic & WtInd gen 6e_Deo 1932 QM 1013 --- 102 May'30
4
4
95
943
4 20
91
PLEA W Va f3ye ref 43_1941 MN 933 9512 933
4
893
4 33
J J 893 Sale 894
1033
8 16 10012 10453
103 Sale 103
Conaol 50
Southw Div let Is
1950 j
-year 4.
1952
4
16
87
8612 Sale 8012
84
8714
1st ref 534.series A
To!& Cln Div 1st ref 41 A_1959 j
. 1962 M S 10412 Sale 10412 105
20 10114 10412 'hoc Okla & Gulf cons 5e___1952 MN 1007
Apr'30
104
S 10318 Sale 10318
Ref dr gen Is series D_ _ _2000
8- 101
8
8 1033 449 10018 1043 Ch2 H & D 2d gold 4(48. _1937 22 963 116 9614 May'30
8
4
1960 FA 103 Sale 1027
Cony 430
1 10134 105 (if St L & C Ist g 4s.Aug 2 1936 Q F 96
Apr'30
9612 95
104
10318 1047 104
8
Bangor & Arocetook let 5s _ _ 1943 2
11
94 Feb'30
90
88
84
1951
J 88 Sale 88
Con ref 4s
Registered
Aug 2 1936 Q F
62 Apr'30
62
Cin Lob & Nor let con gu 48_1942 MN 904 ---- 944 May'30
62
Battle Crk & Slur let ffU 38._1989 JO 6214 64
9614 ____ 95 Mar'30
9512 96
Beech Creek let gu g 4e_ _ _1936 j
944 _
100 July'28
95 Aug'29
JJ
Clearfield M Mah Ist gu 58_ _1943 J
Registered
9114
10
91
Jan'30
100 166 Cleve Cin Ch & St L gen 4(1-.1993 JD 904 - - 91
3
1936 J J 99 4 ---- 100
2d guar g 542
10018 20
30
78 Feb'30
78
78
-year deb 434s
Beech Crk Ext let g 3lis
1951 AO
1931 .1 „I 10018 Sale 100
General 88 eeriee B
Belvidere Del cone gu 330_1943 J J 85
1993 212 108 ___ 108 Apr'30
-------- -105
105
105
4 93 92 Mar'30
Ref & Impt 68 ser C
-1
3V2 92
1944 JD 923 Big Sandy 1st 4e guar
1941 j
4 8 10412 33
Ref & impt 6.eer D
1927 J J
Bolivia Ry 1st Is
1963 J .1 1033 10412 1035
97,
8
8
974 85
96 1017
Ref & impt 434s ser E_ _ _ _1977 32 9712 98
Balton & Maine 1st 55 A C _ _1967 MS 1330 Sale 994 10012 "ioo
4
4
95,
8
6
8
81
87
Cairo Div 1st gold 43
Boston ANY Air Line 1st 4. 1955 FA 8412 8512 857 May'30
1939 J J 943 Sale 943
/
867 8412 May'30
8
8
8
Cin W & M Div 1st g 421_1991 J J 84
937 943
2
s
Bruns & West 1st gu g 4._ _1938 J J 943 _ 945 Mar'30
1003
8712
4 1003
3
993 103
4
St L Div 1st coll tr g 4.-- _1990 MN 8712 Sale 874
4
Buff Roch & PItte gen g 58_ _1937 MS 100 4 gale
95
93 Apr'30
95
Spr & Col Div 1st g Ia.-1940 MS 93
937
90
8 23
1957 MN 93 Sale 93
Consol 4lie
9214 ____ 93 Jan'30
6
W W Val Div let g 4a__ _1940 J
10112
9912 10112
Burl C R Nor lst & m1158.1934 AO 101 102 101
10414
10414
CCC& gen cons g 60_ _1934 ii
14 10212 105 4 Cleo Lor & W con 1st g 50--.1933 A0 j0012 ___ 10078 Apr'30
104
3
Canada Sou cons gu Is A _ _1962 AO 10314 10512 104
9912 Apr'30
8
4
957
8 41
9318 9711 Cleve & Mahon Val g Is.. _1938 J2 100
Canadian Nat 4 Sia_Sept 15 1964 MS 953 Sale 955
22
8
96
957 Sale 955
8
9214 97 (71 & Mar 1st gu g 4 tia_ _ _ _1935 MN 100 ____ 100 May'30
1967 j
30
-year gold 434s
8
4
4
9512 48
953 943
4
9214 97
cleve & P gen gu 4 ha see 0_1942 A0 987 ____ 1003 Mar'28
1968 JO 95
Gold 4 i4s
___.
9914 103 4
8 1023
4 66
&dee B 314a
Guaranteed g Se_ _ _July 1969
3
J 1024 Sale 1017
1942 A0 87 s---_ 87 Mar'29
954 Nov'28
1025
8 53 10114 10318
Series A 434e
Guaranteed g 511.--Oct 1969 AO 10218 Sale 102
1942 ii 987
90
86 May'30
7 10914 112
Series C' 3t
-4s
Canadian North debit 74_1340 JO 11018 Sale 11018 11012
1948 MN 86
4 11478 13 113 1184
1946 J J 11412 11514 1143
Series D 3lie
25
1950 FA 86- 8618 May'30
-year. f deb 634.
- 0
10
100
11314 Jan'30
11314 11314 Cleve Sher Line 151 gu 4343_1961 AO 100 1 1 100
Registered
10814
7
- 1 9912 May'30
918
8
9818 1003 Cleve Union Term let 5 Aa 1972 AO 107 108 108
10-yr gold 4 Jis_ _ _ _Feb 15 1935 FA
107
Oct'28
AO
8
8714 13
$3! 894
.1 87 Sale 865
Canadian Pac Ry 4% deb stock..
Registered
8 10458
- 4
AO 1.04E8 1043 1045
993
4 15
966 1001$
$
1st a f
1946 MS 9918 9912 994
Col tr 434s
1973
series B
8
4
985
8 59
1024 20 100 4 1033
3
let if guar 4)4s ser C
1944
4
J 102 Sale 102
58 equip tr temp etfe
1977 A0 985 Sale 98,
9812
_ 9818 May'29
Carbondale & Shaw let g 4e.1932 M
917 May'30 ____
8
- 83
1
83
83 14
1512 Coal River Ry 1st gy 4s---1943 JD 9118 93
74
1949 JJ
Caro Cent let 00Dei g 46
1
9912 10212 Colo & South ref & ext 4Yie_1935 MN 100 Sale 994 1(.014 41
Caro Clinch &0 1st 30-yr 58_1938 JO 02 10212 102 May'30
91
Apr 30 ____
1 107 11012 Col & H V 1st ext g 4a
D 10818 Sale 1084 10818
1948 A0 9358
1.1k con g 6s ser ADeo 15 '62
853 Feb'30
4
853 MN Col .1. Tol let ext 4e
4
1981 JO 8538 -1955 FA 8612 ____ 8418 Dec 29:_ _ _ _
Cart & Ad let gu g 4a
_-- 8612 Fele30.____
82
8512 85 May'30
8512 Conn & Paasum Rly bet 48..1943 AO 85
Cent Branch U P let g 41__ _1948 JD 8414 7514
5
Consol Ry non-oonv 45
1954 J J 73 Sale 73
7418 May'30
10214 105
Non-cony deb 4s
Central of Ga let g 58...Nov 1945 FA 10312 -- 104 Apr'30
1955 J‘k 3 7418 79
-8
1955 A 0 74.... 69 Dee'29
Non-cony deb 48
1007 104
s
1945 MN 10112 1017 10112 10112
Consol gold 58
7318 75
75 Apr'30 __ -100 Feb'30
100 100
Non-cony debenture 48-1956
MN
Registered
"
8
2 104 1(153 Cuba Nor Ry 1st
04
105
4
1942 J D 64 Sale 625
series B_ _ _1959 AO 10433 &Ye" 10412 105
Ref & gen 5
534e
7712 7912 7712
787
8 39
10114 15
8
983 1027 Cuba RR let 50
8
8
1959 A0 101 18 1013 10114
5eg.....1952 J .
1
Ref & gen 3.series C
-year
4
80
8512
8
8412 89
1st ref 734s series A
1936 J 13 853 86
Chatt Div pur moneys 4e_1951 ID 864 _- 89 Mar'30
8218 80
80
4
100 101 12
let lien dr ref 6s ser B
8
1936 J 31 78
:
Mack Nor Div 1st g 58._ _1946 .1 .1 1003 ---- 100 Feb'30
10112 Apr'30
98 103
Mid Oa & AU Div pur m 58'47 j
9912 -__ 100 May'30 ____
100 103
92
Day & Mich let eons 430..1931 J j
4
J 108 -- 10212 May'30
1946
Mobile Div let a 58
10
9314 74
85
811s 853 Del & Hudson 1st &ref 4e.--1943 MN 93 Sale 93
5
Cent New Eng 1st gu M._ 1961 J2 8412 igs 85
9912 100
993 Apr'30
4
30-year cony 53
1935 A0 101 10112 101 May'30
_1930 MS
Central Ohio rears 1st 4
4
9612 102
10'
8
I5
99:
18
-year 514s
1937 MN 1043 Sale 1043
Cent RR & Bkg of Ga coil 3. 1937 MN 104 16i 10114 May'30
8
4
10
-year secured 7s
1105 Sale 1104 11212 34 107% 11212
s
1930 -ID 997 1003 994 May'30 ____
Central of N J gen gold 518...._1987
9614 Aug'28
D RR & Bridge let gu g 4s 1936 FA 954
1 107 III
8
1075
8 1075
1987 Q 1
Registered
9518 Sale 954
9512 42
.1
903 93
4
Den & R
let cons g 4s1987 J J 9212 94 2 93 Apr'30
General 4e
1936
8
8
94
7
97 1
5
91, 9512
4
94
Consol gold 434s
1936 ii 953 983 97
95
Cent Pao let ref gu g 45___ _1949 FA 94
9734 105
Den & RU Weet gen te_Aug 1955 MN 9714 Sale 9612
90 90
90 Mar'30
FA
Registered
914 Sale 9114
913
4 18
9038 r9314
92 May'30
Ref & Impt laser B-Alw 1918 MN
9234 93
Through Short Lilt au 4a_1954 AO
_
29
30
Apr'30
8 12 1003 104'2 Des M dr Ft D 1st gu 4a--No° 2 2 25
4
8
1960 FA 1035 Sale 10312 1035
Guaranteed g 58
25
293 30
4
Apr'30
Certificates of deposit
___ 97 May'30
Des Plaines Val 1st Rea 44
MS
108 Dee'29
Charleston & Bay% 1st 712_1936 2 J 108% 3-1947
634 743
Det & Mac let lien g 4e
4 19 161 104
1033
1955 212 97- 8 7412 Apr'30,__
Cites & Ohio 1st con g 56.._ -1939 MN 103% Sale 1034
584 60
Gold 48
1013* 10212
D
10112 Jan'30
1995
1939 M N
Registered
9914 99 hIay'30,
42
974 102
Detroit River Tunnel 4Iis..1961 MN 99
100
994 994 994
3General gold 434.
1992 M
4
104 May'30:__ __
96
9812 Dul Missabe & Nor gen 58_1941 J J 1003
9812 May'30
M S
Registered
56
98 ? Dui & Iron Range let 5s.--1937 A0 10118 103 10012 Apr'30 __
94
98
"
1993 A 0 978 iife 9712
Ref Is Impt 4 34e
97
Oet'29
A0
Registered
90 4 Sept'29
3
F A
Registered
843
4 14
DM Sou Shore & AtI g 59_-1937 22 84 Sale 83
98
82
4
Ref & Impt 4lie ser B.---1995 J J 973 Sale 9712
____ 9212 Feb'30
8612 192,2 East Ry Minn Nor Div let 4s '48 AO 9
9653 0 1
Apr'30
Craig Valley let 52). May I '40 J J 10014 102 101
8
Eaat T Yak Ga Div g 5a--1930 J J 997 10014 994
997
8
6132 May'30
let 48.1946 J J 8818
Potts Creek Branch
11:
851: :780 224
6681
:9029
1
Consol let gold Es
1956 MN 10518 1054 105 May'30 ____
911g 90 May'30
-1989 J J 90
51&A Div let conic
4
Elgin Joliet & East 1st g 5s-1941 MN 10314 1033 10314 May'30 ____
8
1989 J J 875 8914 88 May'30
Dl Consol gold 4s
8
9
8 101 18 El Paso & W 1st 53
7
1965 AO 1013 1034.10l33 May'30 _100 May'30
Warm Spring V let g 58..1941 M 8 10018 10073
4
1003 138
Chomp Corp cony 5e_ May 15'47 MN 10012 Sale 100
1
5
Erie 1st consol gold 75(30_1930 MS 100.8 100%11004
100%
6,
8
6753
Chick Alton RR ref g 3e._1949 A 0 6712 887s 675
8
873
4 43
let cons g 45 prior
637 694
8
1996 ii 874 877 871
675
8 48
675 Sale 674
8
Ctf dep stpd Apr 19:10 Int_ _
May'30
4
Registered
59
7
,02
83,
1996 .1 .1
6914
6912
71
67
Railway first lien 3 ._ _ _ 1950.1
-811 4 litil;
e1st Consol wen lien g 4s._._1996 .1
704 May'30
71
65
Certificates of deposit......
1
1
8518 8814
Reglatereu
1996 .1 .1 --_- __- 1 34 May'30 287 May'30
8712 88
13
-Chlo Burl & LI-11113W 3Iie_1949
101
01% 84%
84',,
9
Penn coll trust gold 45__ _ _1951 FA 183 Sale 101
864
84
8418 Feb'30
J
Registered
8414 37
84
50
-year Cony 4s series A _ _ _1953 AO
92s
11
9312
933
4
4
1949 J J -933 Sale
Illinois Division 48
8414 23
Series B
95
5
80 1,0
1953 AO 8414 Sale 8418
9412 12
953 9418
4
1958 M 13 94
General 44
8312 May'30 __ __
Gen cony 4e eerier; D
96
9
1953 AO 8012 84
4
994
70
1977 F A 9918 Sale 983
95
1st & ref 4 tie ser B
9412 Sale 94
Ref & Impt 5a
8
10412 1077
N
1967
6
148
1971 F A 10714 10712 10714 10714
95
let & ref 5.series A
8
943 Sale 94
Ref & impt 5s of 1930
;010
5
1975
11 1005
10318
1031s
6
4
1123
Chicago& East III let 65_ _ 1934 A 0 10318
4
4
84
Erie & Jersey 1st s f 6s
72
1955 J .1 1123 Sale 1123
82
761z
78
C & E III By (new co) con 58_1951 M N 7612 Sale
Genotsee River let a f 58_1967 J J 112 11314 11314 Apr'30
5 102 105
10314
1982 M N 10318 -- 103
Chic & Erie let gold 5a
7212
64
7212 517
71
Chicago Great West let 48 1959 M S 7218 Sale
--
Cash sale,
Sean
Since
Jan. 1.
Low
High
1123 113
4
3
1013 102 4
4
"99
1041.
105 1091s
92
89
93 4 99
3
7
841s 87 8
4
813 85
72 8 74 4
1
3
923 97
2
923
8
87
96 4
3
565 7812
8
7712 8014
75
75
87 8 9214
7
831s 93
100 1043
4
107 112
105 105
1992 10112
8
99
90
997 10114
8
1075 10918
4
1043 107
4
95
99
9814 10514
92
88
8512 89
9512 9814
95 95
923 98
8
10318 10418
102 102
-8814 92
99% 1004
iol 1164
16658E8 foil;
89
9414
97 100
103 10514
1013 104
4
114 11878
2
1008 1023
8
8512 92
103 1051a
ova 101
9512 RN
9514 96
94
9413
883 9414
8
88's 92
9914 10014
105 108
10211 1063
8
100 10412
9312 93
92 97
8412 8713
841 891
/
4
4
93 94
90
93
103 1043.
995s 100 s
7
981
1
100 1C0
864 864
974 101
1061s 109
96
11:154
- 99
88
91%
97 1031
4
8818 94
-Biro 881,
76
70
70
76
70
mot
78
80
80
75
75
84
9914
92
9912 100
9114 94
97 107
100 8 105
7
997 101
8
9258
95%
9212
8712
2314
25
96
63
60
6654
101
100 4
,
16;
1
99
994
93
30
81
97
7412
61
9914
1041s
103
84
72
9213 9218
97 100
100 1051z
102 10314
10114 10314
1003 10114
4
84 c89
8218 84
84
79
761s 79
101 101
82 8 8612
7
82 8 867
7
s
84
84
98
94
94
953
s
110 4 1141s
3
109 11314
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 30.
2•n.
93
A.
Price
Thursday,
May 29.
Week's
Range or
Last Sale.
311.
High No.
BO
Ask Low
855 Apr'30
8
Erie & Pitts gu g 3148 ser B_1940 S i
857 Oct'29
8
19405,
Series C 332e
8
8 21
1954 MN 10512 1057 10512 1055
Est RR extl 6 f 78
987
8
9812 May'30
Fla Cent& Pen let cons g 5131943 J J
96
89 May'30
Florida East Coast let 436_1959 S D 89
54 12 13
1974 MS 5412 Sale 54
let & ref be Belies A
_
30
28 May'30
Feuds Johns & Glee let 43461952 MN 29
9418 Apr'30
98
D Co 1st g 4348_1941 is 96
Fort St U
4
107
Ft W & Den C lst g 5%9_1961 J O 107 Sale 107
4
Frem Elk & Mo Val let 6s_1933 AO 104 1043 104 May'30
N 10014 Sale 10014 10014
1
1931
OH&S A M &P 1st 56
6
8
8 100%
1931 S i 1003 Sale 1003
2d extent' 68 guar
2
98
Gal,Moos & Hend let be_ 1933 AO 98 Sale 98
' 84
S
84 May'30
85
Oa at Ala Ry let cons be Oct 1945
Ga Caro & Nor let gu g 59_1929 J J
4
Extended at6% to July 1_1934 J J 100 1003 10012 10012
Georgia Midland let 3s
1948 AO 7012 7414 75 Mar'30
983 Feb'24
4
Gouv & Oswego let ba
1942 SD
8
975
8
975s
Gr R & I eat 1st go g 4%a_ _1941 ii 975
8
1105
8 45
Grand Trunk of Can deb 78_1940 AO 1103 11012 110
10512
9
8
15
-year a f lis
1936 MS 10518 1053 105
8
8
Grays Point Term 1st bs_ _1947 J O 953 _ -- 973 Apr'30
11114 Sale 111
1113 151
8
'
Great Nor gen 76 series A _ _ _1936 J
J O
97 May'30
Registered
965 Sale 9612
8
8
965
8
1st & ref 44e series A _ _ _1961 j
8
8 17
General 514s series B____1952 is 1103 11114 11033 1107
5
8
8
General 56 series C
1973 is 1055 Sale 10514 1055
9712 97 May'30
General 4148 series D
1976• j 97
9714 11
9718 97
General 434s series H_.1077 S i 97
97
9714 40
General 4.14s ser E temp_ _1977 J J
Oct'29
Green Bay & West deb etre A_ — Feb -SF 85 86
29
15
'Feb 29 Sale 29
Debentures etfe 13
- 9314 Mar'30
Greenbrier Ry 1st gu 4s_ _ __1940 MN 9414
10412 Apr'30
Gulf Mob & Nor let 5 As_ _ _1950 AO 10218
1
100
let M ba series C
1950 AO 9912 1001 100
Gulf & S I 1st ref & ter bs_b _1952 J S 105 10618 105 May'30
4
4
Hocking Val 1st cons g 43(9_1999 5, 983 --__ 983 May'30
9712 Apr'30
Registered
1999 ii
99 May'30
Housatonic Ry eons g bo___ _1937 MN 983 103
_
H & T C let g 58 lot guar_ _ _1937 S i 10012 101 102 Apr'30
4
1003
4
Houston Belt & Term 1st 56_1937 ii 100 Salo 100
8
_ 10012 Apr'30
N 993
Houston E & W Tex 1st g 59_1933
3
100
let guar be redeemable _.1933 MN 100 101 100
9914 85
99 Sale 9812
Hod & Mantua let be ser A _1967 FA
8214 47
AO 81 Sale 8012
Adjustmentincome be Feb 1957
2
4
95
95 Sale 943
Illinois Central lst gold 49__ _1951
1
8
845
845 Sale 845
8
8
let gold 3348
1951 _
923 Feb'30
4
Registered
-2
3
Extended 1st gold 3
;0_ _ _1951 AO -8l31 16 85 Jan'30
73 Mar'30
let gold 3s sterling
1951 MS 7012
917 May'30
8
93
Collateral trust gold 46... _1952 AO 92
8712 Mar'30
MN
Registered
SSE8 Sale 9258 9234 9
1st refunding 48
1955 MN
8412 83 May'30
Purchased lines 334e
1952• J 83
90
3
90
90
Collateral trust gold is _ _ _1953 MN 89
_ 8712 Jan'30
MN
Registered
Refunding Ss
1955 MN 10614 107 106 May'30
110
16-year secured 6340 g _ _1936 ii 110 Sale 109
16
26
40-year 4%s
Aug 1 1966 FA 101 Sale 10012 101
91 Mar'30
Cairo Bridge gold 48
J O
1950
8
4
Litchfield Div 1st gold 38_1961 is 765 7818 763 May'30
8
_ 8412 May'30
Louis,Div az Term g 33.29 1953 S i 837
77 May'30
8
Omaha Div let gold 3s
1051 P A 765 78
7514 Mar'30
78
St Louis Div & Term g 39_1961 J J 76
Gold 310
83 4 ---- 8312 May'30
,
1951
72 Sept'29
Springfield Div 1st g 3148 1951 is
Western Lines let IC 4s---1951 P A 9212 9312 9112 Apr'30
9212 Apr'30
P A
Registered
III Cent and Chic St L& N 0—
1
8 1053
8
8
Joint 1st ref be series A ___1963 J O 1053 10618 1053
98
17
8
let & ref 414s series C____I963 J O 975 973 98
4
91 Nov'29
Ind Bloom & West let ext 4.9 1940 AO
8
Ind III& Iowa 1st g 48
1960 J J 915 93 9112 May'30
1
8612
Ind & Louisville let gu 4s.._ _1956 iS 8412 __.- 8612
8
4
Ind Union Ry gen bs ser A...1961)iS 1003 ---- 1003 Mar'30
4
Gen & ref be series B
1965 ii 1003 -- 10014 Feb'30
7
lot & Ort Nor let 136 ser A _ _ _1952 J J 10214 10312 10158 102
8312 44
8214 Sale 82
Adjustment 68 ser A July 1952
9312 17
4
let 59 serieeB
1956 Si 923 Sale 9212
6
9412
1st g bs aeries C
1956 S i 94 Sale 94
30
79
tat Rye Cent Amer let. 6s_.,1972 MN 79 Sale 76
94
6
95 94
1st roll tr 8% notes. _Aim MN 94
5
96
9.5
95
1st lien & ref 6348
1947 FA 94
8
Iowa Central 1st gold bs.... _1938 in 2914 317 32 May'30
25
3412 3412 May'30
Certificates of deposit
8 May'30
8
9
Refunding gold 48
1951 MS
92 May'30
tames Frank & Clear 1st 46_1951 J D
1 5
9
10114 Apr'28
Kan A & G R 161 gu g 59
5, 9712
1938
5
88
88
Kan & M lst gu g 4s
8618 89
9612 27
ECItS&MIty ref g 48_193 A0 9612 Sale 9638
999 A 0
6
7612 35
Han City Sou 1st gold 3s_....1950 A 0 76
7612 7618
10114 16
Ref & impt 66
Apr 1950 J J 10114 Sale 101
9112 32
Kansas City Term 1st 46_1960 J J 9114 9112 91
1
Kentucky Central gold 49_1987 J J 8512 88 8953
89 8
,
8512 Mar'30
Kentucky & Ind Term 4348_1961 J
91 May'30
Stamped
1961 J J 9012 91
89 Apr'30
Plain
1961 J J 90
4
Lake Erie & West 1st g be_ _1937 J J 10112 10212 1013 May'30
2d gold be
J 100 103 101 May'30
18415
8012
Lake Sh & Mich So g 314s_ _1997 J D 8018 Sale 8012
4
8112 783 Feb'30
Registered
1997 J D 78
10014 25
8
100 Sale_ 997
28
-year gold es
1931 M N
9912 May'30
Registered
MN
Leh Val Harbor Term gu 59_1964 F A 10514 10i 10514 10514
- 14
9912
Leh Val N Y lst gu g 4%6_1940 J J 9912 Sale 9911
8
8918 25
8
Lehigh Val(Pa) cons g 49_2003 M N 887 8912 887
, 8212 Apr'30
Registered
MN
General cone 434s
99
99
2
4
..2003 M N 983 99
Lehi Valley RR gen 58 serlee 2003 M N 10812 1083 10812 10812
4
10218 10218 11
Leh V Term Ry lstgllgSe_1941 A 0 102
Leb & N Y 1st guargold 45_1945 M S 9014 _ -- 91 May'30
_
Lex & East 1st 50-yr Is gu_ _1965 A 0 10712 10812 10718 10718
1
88 Jan'30
Little Miami gen 4e series A _1962 61 N 8614 91
Long Dock cense! g Os
1935 A 0 10314 - - 104 Mar'30
10014
2
Long Iald lot con gold 5s July1931 Q J 100 1003 100
4
9858 Mar'30
let consol gold 48_ __ _July 1931 Q J
_
9314
General gold 48
1
1938 J D 9314 9518 9314
8
8
Gold 48
1932 .1 D 973 99 965 Dec'29
8818
Unified gold 45
1949 M S 8818 Sale 8818
4
Debenture gold 59
1934 J D 993 10012 10012 10012
100
2
20
-year p m deb 56
1937 M N 100 10012 100
893
4
893
4 16
Guar ref gold 4s
1949 M S 9018 91
10012 May'30
Nor Sh B 1st con gu bs Oct'32 Q J 100
9114
913
8
5
I oula &Jeff ridge Coed g 49_1945 M S 9112 92
1025 Apr'30
8
8
I onisvlile & Nashville 59_1937 M N 1023
963
8 10
1940 J J 9512 Sale 9512
Voltled gold 4
8
9412 Mar'30
J J
Registered
1003g May'30
Collateral trust gold bs— 1931 MN 100
106
1
1st refund 5tie series A__2003 A 0 10511 106 106
9
2003 A 0 10312 1057 106 Mar'30
1st & ref ba series B
4
99
2003 A 0 983 Sale 9814
104
1st & ref 4348 series C
96 Mar'30
A 0
When issued
93
94
9312 Apr'30
Paducah & Mem Div 4s__1946 F A
673 6812 May'30 _
4
St Louts Div 2d gold 3s___1980 111 8 67
_ _ 973 Mar'30
8
Mob & Montg 1st g 4348._1945 M S 97%
921 92
91
92
2
South Ry joint Monon 48_1952
4
4
923
4
3
Atl Knox,& Cln Div 4s....1955 MN 923 9312 923
1./ 1001s 10014 10018 May'30
_
Louis,Cinb T.Px DIV g 414s'Si
_-_-
____
C Cash sale. S DIA 990.
.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended,May 30.
t
t
3853
Price
Thursday,
May 29.
Wows
Range or
Las Sale.
111
6
Low
Bia
High
Ask Low
Mob No.
1934 S i 102
86 s 86% Mahon Coal RR 1st be
3
10018 Apr'30
Manila RR (South Lines)49_1939 MN
7618 78
753 May'30
4
14
lat ext 49
4
10-17 e1064
1959 MN 653 73 69 May'30
Manitoba SW Coloniza'n be 1934 J D 99, -- -- 9914 Apr'30
97
99
2
' 87
S
Man GBANW 1st 3%s_ _1941
7912 90
90
87 May'30
Mex Internal let 48 asstd_ _1977 M S
4
6
50
61
5 Apr'30
Mich Cent Bet& Bay City be_ '31 MS 100
2512 35
100
100
QM
Registered
9418 9418
100
Jan'30
'
S
Mich Air Line 4s
105% 107
95 Feb'30
1940
Jack Lane & Bag 334s__ _1951 Mb
10218 1043
79 Mar'26
s
1st gold 3349
99 100 4
1952 MN 86,
3
88
4
-- 88
965 95
8
9938 1003 Mid of N J let ext bs
95
1940 A0 95
3
J D 98541 104
Mil & Nor 1st ext 4349(1880)1934
94 4 99
3
9712 Mar'30
_
8118 85
9818
Cons ext 414s (1884) 1934 J D 9818 99
2
9818
Mil Spar & N W let gu 48..1947 M
917 9314 917 May'30
8
8
99 10214 Milw & State Line let 3149._1941 J S 8512
_ _ 90
Apr'28
38 Sale 38
Minn & St Louis 1st cons 59_1934 M N
6512 73
2
38
Temp ctfe of deposit_ _1934 MN 361s 37
9
37
37
let & refunding gold 49_ 1949
•S 14 Sale 14
9611 8759
1
14
10911 11214 Ref & ext 60-yr be ser A _ _1962 Q F 1234 14 1112 Apr'30
104 1067
Certificates of deposit
14 Feb'30
8
3
893 Sale 893
8
973 973 3681 P & SS M con g 49 lot gu'38
8
8
s
893
8
1st cons 5s
1093 113
2
4
4
3
9412
1938 S i 933 95 93 4
97
1st cons be gu as to Int__ 1938 5, 9712 983 973
25
97
99
4
8
9418 98
10
-year con trust 6148
10114 42
1931 MS 10114 Sale 101
1st & ref Os series A
_
108 11114
94 May'30
1946 5, 9612 98
15
25
10314 107 4
87
873 867
4
-year 5149
8
,
1949 MS 87
let Chicago Term s f 49_1941 MN 5514
95
99
92 Feb'30
OS
9814
97
1
9518
9714 Mississippi Central let be__ _1949 S i 9512 99
9518
Mo Kan & Tex let gold 4s 1990 S D 875 877 8778
8
8
883
4 21
-H
. 3234 Mo-K-T RR pr lien Ss ser A _1962 is 10312 Sale 1023
s 10319 33
9184 9314
40
-year 4s series B
8
5
8
873
8
1962 is 873 Sale 873
Prior lien 414e ser D
10
98 10512
9612 96
96
1978 ii 95
96 100
Cum adjust 58 ser A Jan 1967 AO 10512 Sale 10512 106
42
103 1051s Mo Pac 1st & ref be ser A__,.1965 FA 1003 Sale 1003
8
8 10012 12
981.4 9912
General 4s
785 223
8
1975 MS 78 Sale 78
1st dc ref bs series F
931 9712
8
10012 111
1977 MS 10012 Sale 100
1st & ref g be ser G
9714 99
10019 49
1978 MN 10014 Sale 100
993 102
4
Cony gold 534s
192
1949 MN 110 Sale 10912 110
953 100 4 Mo Pac 3d 7s ext at 4% July 1938
4
5
N 935 ____ 9334
3
933
4
10012 10012 Mob & Bir prior lien g be_ _1945 .1 J 9718 ____ 100 Mar'30
993 100
___ 95 Feb'30
Small
4
is 961
93 100
let M gold 46
9314 91 May'30
1946• J 88 27614 843
87
81
Small
Apr'30
s
1945 S i 82
Mobile & Ohio gen gold 4s 1938 M S 9414 ____ 9412 May'30
91
96
___ 100 May'30
Montgomery Div 1st g 58_1947 FA
81
97
Ref & impt 4148
863
8
98 97 May'30
1977 36 S 100823 823 Mob & Mal let tot gold 49..1991 M S 82 ___- 883 Mar'30
4
4
4
83
Mont C 1st gu 68
86
1
10518
1937 5, 10518 Sale 10518
68
let guar gold bs
73
- 1003 May'30
4
1937 S i
895 9412 Morris & Essex lst gu 3%9_2000 J
8
7918 7918
10034--- 785 May'30
8
8712 9712
1
Caner M ba Her A w I_ _ _1955 MN 10512 Sale 10512 10512
90
Constr M 4349 ser B w _1955 MN 9812 Sale 9814
95
9812 24
82
85
Nash Chatt at St L 4s ser A 1978 FA 9012 95
8738 92
91 Apr'30
8712 8712 N Fla & S 1st gu g ba
8
8 1003
8
1937 FA 1003 Sale 1003
Nat Ry of Mex pr lien 4149_1957 S i
10415 107
---- 18 July'28
_ _ 8 72146% July'28
67
J J
10712 11014
6%
July 1914 coupon on
97 c102
Assent cash war rot No 3 on
8812 91
Guar 70
-year e I 49
1977 AO
7I
741 763
9712 Aay 2
974 M u9:3
1
8
0
9
Assent cash war rct No 3 on
4
8212 8614 Nat RR Mex pr lien 4%s Oct'26 ii
_ 3512 July'28
7412 77
1414 . 8 1414 May'30
.
143
Assent cash war re No 3 on
75 4 7514
,
— 22 Apr'28
1st consol 4s
1951 AO
612 gale 614 612
823 85
8
Assent cash war ret No 3 on
8
Naugatuck RR let g 49_
_1954 MN 8214-__ 86 Mar'30
89
New England RR Cons 58_1945 ii 99 105
92
9912 May'30
9212 9212
Consol guar 48
1945 J J 8812 92 91 May'30
NJ June RR guar 1st 4s...._1986 FA 90
91
88
Jan'30
N O&NE let ref & imp 4148 A '52 J J 95--- 95 May'30
10214 107
95
9812 New Orleans Term let 4s,.,,19535, 89
9
90
90
1
NO Texas & Mex n-c Inc 5s 1935 AO 9718 987 99 May'30
-8
90
9212
1st bs series B
7
96%
1954 AO 9614 Sale 9614
84
88
97
1st tei series C
9638
11
98
1956 FA
100 101%
181 4348 series D
923 923 May'30
4
4
1956 P A
100 101
1st 5348 series A
8 37
1954 AO 10112 Sale 10112 1017
101 100
N & C Bdge gen guar 414e 1945
9714 985 973 May'30
8
4
82
9212 NYB&MBletcong59_1935 A0 993 ---- 100 May'30
4
91
N Y Cent RR cony deb 69_1935 MN 106 Sale 106
97
10612 13
91 100
8
Consol 48 series A
8
9214 34
1998 FA 917 9214 917
70 4 8118
3
Ref az imp 4149 series A2013 A0 99 Sale 99
10014 46
9012 9412
Ref & inept 5s series C___ _2013 AO 10714 Sale 107
19714 39
93
9812
30
NY Cent&Hud Riv M 3348 1997 J
35
8012 Sale 7978
8012
3
3014 3412
7818 May'30
_
Registered
1997 S i
8
10
2
Debenture gold 48
98 4 35
,
1934 MN 981. gale 9812
871 92
8
30
-year debenture 4s
- 9512 May'30
1942 is
Lake Shore coil gold 334e_ _1998 FA 9518-- - 79
79
7912
79
3
-§5C4
8
Registered1998 FA 765 7712 7712 May'30 -9412 9714
Mich Cent coil gold 3Me 1998 F A
79
8018 79
79
1
7412 SO
8
Regi te ed
__
1998 F A 775 ____ 7812 Apr'30
99 10212 NY Chic & St L lst g 4a
8
8
97
16
AO 963 Sale 963
1937
881s 92
-- 9314 Mar'30
Registered
1937 A0
87
17 9014
25
4 997
-year debenture 48
1931 MN -563 -- 8 97 May'30
8914 8612
2d Os series A BC
1931 MN 10112 Sale 10112 10112 13
88
92
6% gold notes
8
8
15
1932 A0 1023 10212 10214 1023
89
89
10714 39
Refunding btis series A.._1974 AO 10712 Sale 10714
100 102
7
Refunding 5148 series B19755, 10714 10712 10714 10714
09 103
Ref 4346 series
967 100
8
1978 36 S 9612 Sale 9612
794 5211 NY Connect lat C
9812
985
8 20
gu 4He A_ _1953 FA 9812 99
773 78 4
4
3
1st guar be series B
10314 11
1953 FA 10318 104 103
9878 1004 N Y & Erie 1st ext gold 4e
_ 9218 May'30 _
N
1947
9912 9912
96 100 100 May'30 -3d ext gold 41411
1933 MN 92-103 10634
4th ext gold bs
1930 A 0 9912 ---- 10018 Apr'30
963 100
4
Ms 913 N Y & Greenw L gu 8s_ _1946 MN 9612 98
8
9612 May'30
86
8712 NY & Harlem gold 3Me.._ 2000 MN 8012 84
8012 May'30
9612 100
9718 Oct'29
N Y Lack & W 1st de ref gu 58'73 MN
9911
106 1091
4
9912 Apr'30
lat & ref gu 4149 ser B _ _1973 MN
1013 10312 NYLE&Wlet 7s ext1930 MS 100_ 10058 Dec'29
8
8638 91
8 N Y & Jersey let 5s
8
1
1932 FA 1005 16g 10058 1005
10414 109
NY & Long Branch 49._ _ _1941 MS
87 Sept'29
88 88
7512 July'28
NY&NE Bost Term 4s_ 1939 AO
104 107
_ _ _ 883
S 881
8
NY NH & H n-c deb 4s__ _1947
1
883
3
9914 101
8214 83 82 May'30
2Non-cony debenture 3346_1947 M
985 985
8
8
Non-cony debenture 3349_1954 AO 7918 8114 7912 May'30
8812 c3312
853 May'30
4
Non-cony debenture 49_ 1955 S i 8554 87
8512 13
Non-cony debenture 4s
1956 MN 8514 Sale 8514
871 91
8
7812 15
Cony debenture 3546
1956 is 775 7812 7812
0914 10912
126
119
Cony debenture 6s
1948 J J 125 Sale 125
9712 10012
12212 May'30
J J
Registered
87
911
4
Collateral trust 69
1940 A0 10614 Sale 10512 10614 29
9914 10012
Debenture 45
1957 MN 80 Sale 7912
8012 17
8912 9212
9312 94
1st & ref 4349 ser of 1927_1967 J O 9314 Sale 9258
8
1017 10314
,
90 May'30
Harlem R & Pt Ches let 491954 MN 903
9414 9612
5612 26
923 9412 NYO&W ref let g 4s_June 1992 MS 55 Sale 55
4
4712 May'30
1955 .1 D 4712 49
993 101
4
General 48
10312 107 4 NY Providence & Boston 481942 A 0 8912 9012 9012 July'29
,
8
9912 10612 N Y & Putnam lst COD gu 45 1933 A 0 885 _ 89
89
Si 80
80
95 100
N Y Susi) & West let re 55 1937 J J so 73
80
75 Mar'30
1937 F A
94 4 96
3
26 gold 4348
7312
7312
7312 77
1940 F A
9118 93
12
General gold be
3
99
_ _ -- 975 May'30
8
1943 M N
66
Terminal let gold be
6812
4
4
973 973 N Y W-cbes & B 1st ser I 4%a'46 J J 883 Sale 883
s
895
8 17
4
8
89
9312 Nord Ry ext'l sink fund fitis 1950 A 0 1043 10412 10418
1043
4 14
70
9114 9312 Norfolk South 1st & ref A 56_1961 F A 67
68
69
15
983 10014 Norfolk at Smith 1st gold 56_1941 M N 96
8
98
961 May'30
,
----
---
Refill
Mom
Jan. 1.
Low
Mob
993 10018
8
7312 76
69
60
9812 99%
87 89
412 512
100 101
100 700
9415 95
95
9614
6.63
4
90
88 963
4
98
9814
923
s
-Sif. a;
36
4114
12
16
11% 11518
14
15
881s 9112
93 4 973
3
8
97
9912
99 10112
97 100
81
91
92 92
95
99
8512 883
4
9912 104
8512 8912
9212 9612
10312 108
12
991 10214
4
741 817
4
8
97 102
963 102
4
10712 1133
4
94
91
100 100
95
95
8718 91
80
811s
92% 9412
961s 99
9414 9868
8614 883
4
105 10518
9918 1004
82
77
103 1068
14
4
963 9912
s
90
100
9112
1003
s
_-_-
___
--ar2
7
14
912
_-_-
15 2
-1-
___
--
-
-
53
4 8
86
86
9614 9912
8614 91
85
88
92 8 96
7
87
14 90
12
1
9,53 997
8
92 s 99
7
96 100 4
3
9012 94
101 10512
95
973
4
98% 100
105 1075
4
881s 9212
97 101
105 107
12
7814 82 s
5
81
76
47
99
93
9512
7514 8114
7518 78
7612 8112
8012
78
94
9712
9314 9314
97 10018
100 102%
1011 102 4
4
1
10512 1071
4
10512 10738
93 s 98 4
3
3
9614 1001s
100 1034
89
921s
100 100
1004 10014
837 8838
s
78
83
1s
7338 80
8112 87
79
8614
74% 80
121 135
122 131
10414 mos
77
811
4
90
9612
87 s 90
3
55
45
6514
54
8511 /9 2
7
13612
80
75
75
7312 79
9414 99
.
11
8612 9212
10212 10512
5812 79
• 89
99
3854
N
BONDS
Y. STOCK EXCHANGE
Week Ended May 30.
New York Bond Record—Continued—Page 4
Price
Week's
May 29.
Range or
Lcut Sale.
tt Thursday,
•
Is.
Range
Since
Jan, 1.
11 BONDS
N. Y. STOCK EXCHANGE
Week Ended May 30.
I
Price
ii Thursday,
,a, May 29.
Week's
Range or
Last Salo.
Ask Low
High No. Low
Bid
High
Bid
Ask Low
High
2 1005 1017 Sav Fla & West 1st g 6s__1934 A 0 10334 ___ 10318 Mar'30
8 1013
3
8
8
4
2
N 1013 1015 1013
let gold bs
1043 Mar'30
8
A 10412
10314 1044
1934 A 0 10038 ____ 9954 Jan'30
10212 Mar'30
0 10134
10214 10258 Scioto V & N E 1st gu g 40_1989 M N 914 94
92 Apr'30
14
94
9012 9412 Seaboard Air Line 151 g 48-1950 A 0 66
8
0 9312 Sale 925
80
683 Apr'30
4
91
91 May'30
93
Gold 4s stamped
0 90
90
6512
1950 A 0 6618 67
6512
4
943 May'30
4
J 9418
913 95
Adjustment 58
A 55 Sale 55
Oct 1949
553
8
0 ss sale 5514
s
9458
945
8
8
D 943 95
Refunding 40
923 9518
4
1959 A
5558
10214 Apr'30
103
1st de cons es series A
10112 10238
1945 M S 69 Sale 69
7012
Atl at Biren 30-yr let g 48-61933 M S 8412 8612 86 May'30
99
99
98 - 96- 99
98
8
0 94
93
98
953 945 May'30
4
Seaboard All Fla let gu 6s A_1935 F A 61 Sale 61
6212
8812 9212
4
Series B
91 1s 55
J 903 Sale 9012
- 60
64 May'30
1935 F A
873 May'30
8
4
1 883 90
Seaboard & Roan let 56 extd 1931 • J 99
865 90
8
9812 Mar'30
F 6512 Sale 6512
63 s 7014 S&NAleconsgug58
7
663
8 26
10158 May'30
1936 F A 10112
64
__ _ 64 May'30
Gen cons guar 50-yr bs
F 64
62
4
1963 A 0 1073 10812 10712 May'30
9212 92
8
983
8
5
9512 9911 So Paccoll 40(Cent Par coil) 1949 J D 92
J 975 9812 983
9212
48 11112 11512
ist 4154 (Oregon Lines) A.11177 15I
114
8
J 1135 Sale 11318
9712 Sale 971s
975
8
20
4 1057
-year cony 58
8 26 10312 10614
J 16534--- 1053
10212
1934 J D 102 106 102
4
Gold 414s
10312 1053
4
4
.1 1043 10512 1043 May'30
1968 M S 9612 Sale 9612
97
MN
10512 Jan'30
Gold 434s with warr
10512 105,2
J 103
4
9914
1969 A 0 99 8 Sale 983
913 9212 913
101 May'30
San Fran Term 1st 45
101 101
0 100
8
913
8
1950
AO
87 Feb'30
Registered
5
81
82
So Pac of Cal 1st con gu g 56_1937 MN 103 ---- 103 Mar'30
8112
Og&LCham1stgug4B.._i948J I 81
77
83
9218 92, So Pac Coast 1st gu g 4s___1937 J J 9512 ____ 96
9218 Mar'30
s
unto Connecting Ry let 45__1943 M S
Jan'30
102 May'30
8
So Pee RR 1st ref 43
1936 .1 D 1003
100 102
Ohio River RR let g Be
9314
1955 1 3 93 Sale 92
J
s
1937 A 0 1003 -- 100 Apr'30
99 100
91
General gold 60
Registered
Jan'30
2
4
91
923
4
9312
9212 May'30
Stamped (Federal ta3t).1955
Oregon RR & Nay con g 45.19461 D 923 Sale 9214
8
1044 1057 Southern Sty let cons a 50-1994• J 109 Sale 109
8
1093
Ore Short Line let court g 56_1946 J J 10412 10512 1057 May'30
s
4 1037 105 4
J J
10514
10514
1946 J J 10512
1
_ 107 May'30
8
Floglstered
Guar stpd cons be
9112 23
9114
8812 9314
Devel & gen 40 series A-1956 A 0 9012 Sale 90
Oregon-Wasb let & ref 4s-1961 J J 91 Sale 91
117
/
3
4
6012 May'30
,
60 2 62
60
6212
Devel & gen Os
Pacific Coast Co let g 58-1946 J
1956 A 0 117 Sale 117
1
9214 9512
95,
s
Develop & gen 634s
1956 A 0 1234 Sale 12312 12414
Par RR of Mo 1st ext g la-1938 F A 9518 9512 9518
_ 10012 May'30
1938 J J 10012
Mem Div let g 5s
9714 10012
107
1996 j J 107 109 107
2d extended gold Ss
St Louis Div let g 45
9818 9914
9212
1951 I J 9212 Sale 9212
Paducah & Ills lets f 445-1955 J J 98 99 9818 May'30
East Tenn reorg lien g 50._1938 M S 1003
Paris-Lyons-Med RR ext1 fls 19.58 F A 10312 Sale 10318 1033
8
100 Mar'30
4 41 102 10412
47 10314 107
8 105
1047 Sale 1045
8
8
9458
Mob & Ohio coil tr 40
Sinking fund external 7s 1958 M
1938 51 S 945 Sale 9412
4
6924 10214 Spokane Internet let g 58_1955 J 1 64 Sale 63
4 10214 18
64
Paris-Orleans RR met 54a-1988 Al 8 1013 Sale 1013
82 ____ 85 Feb'30
Staten Island Ry let 44s-1943 J
95 101
Paul's% Ry let & ref a f 78-1942 Al 8 10014 101 10018 May'30
1
___ 947
8
9478
923 95 4 Sunbury & Lewiston lot 48_1936 J J 92 ____ 95 Apr'28
4
3
Pennsylvania RR cons g 40-1943 rd N 947
2
94
94
95
1948 M N 94 88
Superior Short Line let 56._4930 M S 997
924 97
997 Apr'30
8
Consol gold 45
9318 May'30
95
N 94
Ten,, Cent let Sc A or B
98
97
9214 96
1947 AO 97
as sterl stpd dollar_May 1 1948
9314 May'30
9212 9312 Term Assn of St L lets 446_1939 A 0 99
997 9918 May'30
8
Registered
4
100 Sale 100
1007
8
let eons gold bs
983 1023
4
4
Consol sink fund 4184-1900 F A
1844 s A 10218 10312 103 May'30
44
9712 101
,
90
Gen refunds f g 49
General 4,4s series A____1965 J D 9912 Sale 9912 100
1953• J 8918 9012 89 8
10512
4 106 10918 Texarkana & Ft El 1st 54s A 1950 FA 105 Sale 105
100
1968 3 D 10814 109 10814
General 58series B
35 108 110
1936 F A 10912 ---- 10912 110
10012 ____ 985 May'30
8
Tex & N 0com gold 56
-year secured 6.45
16
1943 .1
1083 May'30
8
F A
2
Registered
10814 1083 Texas & Pac lit gold 5s
10914
2000 ID 10914 Sale 10914
18 10214 10484
4 104
_
95 Mar'29
26 Inc5s(Mar'28cp on)Dec2000 Mar
40
-year secured gold 58_1964 M N 153i4 gale 1033
957 386
8
1970 A 0 9512 Sale 9512
.18 10212
Gen & ref 58 series B
9414 £968
Deb g 44s
1
1977 AO 102 12 2 1023
91 May'30
905
8
90
91
Gen & ref 5s series C
Pa Co gu 345 coil tr A reg 1937 M
1979 A0 10212 Sale 10212 10212
8 8912 8714 May'30
La Div B L 1st g 513
88
8
87
8
Guar 345 coil trust ser B_1941 F A 875 1931 • J 10018 1003 100,
10012
8
Tex Pac-Mo Pac Ter 548_1964 M
4
- 835 Sept'28
10514 1067 10514
8
Guar 348 trust Ws C.-1942 I D 84,
1067
8
8
-13 88 May'30
1944 I D 855 19
Tol & Ohio Cent 1st gu 50..1935 3, 10012 ____ 10012 10012
Guar 334e trust Ws D
100
10018
,
-25
Guar 15 -year gold 40_ _1931 A 0 99 4
Waste'n Div let g 55
987 10018
a
1935 AO 10018 10012 100 Mar'30
_
8 0117
4
1952 M N 897 - g 893 May'30
8
Gen gold 55
Guar 48 Ber E trust ctfa
8914 917
1935 II 9714 10014 99 Mar'30
4
1963 M N 1003 Sale 10012 1007
8 41
97 51013 Toledo Peoria & West let 40_1917 31
4
12 Sept'29
Secured gold 448
8
Tol St L & W 50-yr g 4s
91
9412 99
91
1950 AO 91
Pa Ohio & Det 1st & ref 404 A'77 A 0 9714 9712 975 May'30
15
8
88
4
84
8812 Tol W V de 0 gu 440 A
Peoria & Eastern let eons 4s_1940 A 0 8778 883 865
1931 • J 9912 ____ 9812 Jan'30
317 31
8
1
31
April 1990 Apr. 31
1st guar 44s series B
31
Income 4.6
377
2
8
1933 31 9914 997 9914 Mar'30
__ 10314
10314 15 101 10412
let guar 40 series C
Peoria & Pekin Un let 540_1974 F A 1025
9212 Mar'30
1942 M S 93
s
6 1025 10514 Toronto Ilam &Buff lot g 451948 ID 8918 893 893
8- 8
8 1045
8
4
4
8
Pere Marquette 151 ser A 58_1956 J J 1045 1047 1045
893
8
_
91 May'30
1956 J J 91
9212
90
1st 45 series B
71
19808! 5 9712 Sale 9712
98
957 997 Ulster & Del 1st cons g 56_1928 ID 81
s
9018 Mar'30
90
s
let g 446 series C
94 May'30
95
Stpd as to Dec '28 &J'ne '291nt
& Wash 1st g ds_1943 M N 94
9312 94
7718
7718 Sale 7718
Phila Bait
1974 F A 10714 110 10918 May'30
let cony 5s ctfs of dep
General Ea series B
1063 10918
4
74 Nov'29
let refunding g 40
4518
1952 A0 4518 Sale 4518
3014 28
2
2814
let 30-yr s f Se '37 J J 28
32
Union Pac 1st RR &Id gr 48-1947 J J 95 Sale 95
phIllippine Ry
28
953
4
_ 1023 Mar'30
1932 3 D 10214
_ 102 1023
8
• J 923 95
8
933 May'30
4
8
Pine Creek reg let 6s
Registered
1
93 93
93
8
9212 97
91
9112
let lien & ref 45____June 2008 MS 905 91
Pitts & W Va 1st 4345 err A_1958 J D 92
92
1959 A 0
5
93
9312 9212
Gold 44s
4
9218 96
9812
09
1st M 44s series B
1967 31 983 99
_ 987 May'30
1940 A 0 984
8
let lien & ref 5e
974 100
June 2008 NI 5 10914 11012 10014 Mar'30
▪ o & St L gu 445 A
1
1942 A 0 100 gile 100
100
40
8
9612 100
9014
-year gold 4s
Series B 4345 guar
1968 ID 90 903 9018
_ 9712 Dec'29
1942 M N 98
U N J RR & Can gen
9312 Apr'30
96
Series C 445 guar
1944 MS 94
-9414 9611 Utah & Nor 1st ext 4e 4s 1933I, 9758
1945 M N 97 9712 9611 Mar'30
96 Nov'29
Series D 40 guar
1941 F A 9514
J
FA 944
95 Mar'30
guar gold
93 Mar'30
Series E 345
934 95
Vandalla cons g ge series A1955
1953 j D 963 -- 963 May'29
4
4
8
Series F 4s guar gold
Cons s f 4s series B
1957 MN 937 ____ 8212 May'28
714 8
1957 M N 963
7 May'30
Vera Cruz & P assent 446_1934
4
- 04 Nov'29
Series G 4s guar
8 9912 945 Feb'30
8
Series H cons guar 4a-__ _1960 F A 965 94 8 9452 Virginia Mid Sseeriesp
1
1931 MS 1004 -- 100 Apr'30
101
97 101
Series I cons guar 4413-1963 F A 9914 -- 101
General ba
1936 MN 1004 10112 10118 May'30
8
Ye & Southw'n let gu Se.. ..2003 J J 99 100 10112 10112
9912 100
Series J cons guar 4584......1964 M N 995 foo 100 May'30
4
1970 J D 1083 109 10812 1083
4
General M 50 series A
87
10614 11011
let eons 50
1958 A0 87 Sale 87
-year 5
1
1073 Mar'30
4
J D
1053
Registered
1073 1073 Virginian Ry 1st 56 series A_1962 MN 10514 Sale 105
4
s
4
109
7 104 10914 Wabash RR let gold 58
10914
8
10238
8
Gen mtge guar Is ser B__1975 A 0
1939 MN 1023 Sale 1017
10218 Apr'30
102
10112 1021s
26 gold 50
1939 FA 101 10112 102
Pills McK & Y lat gu 68___1932 J .1
10412 10412
5 10412 10412
19343 J
4 105
Ref &gene f 5408er A _1975 MS 10514 Sale 1043
2d guar 68
1 100 8 10114
10114 10114
1940 A 0
9818 May'29
5
Pitts Sh & L E 1st g 59
Debenture B 86 registered.1939 J J
19433 J 10114 ---- 10014 Aug'29
let lien 50-yr g term 45
85
85
1st cons 1 gold 56
1954 .1 J
1943 MN 88 4
023 Mar'30
4
-9211 9234 Det & Chic ext let 56
102 May'30
8
Pitts Vs A Char 1e148
1941 3, 1015
4
4
4
Des Moines Div let g 4s 1939 J J 883 923 100 Feb'28
9112 93
Pitts Y & Ash 1st 40 ser A-11/48 J D 933 ____ 33 Apr'30
8
1962 F A 1035 ____ 104 May'30
AO
1024 105
8612 Apr'30
Omaha Div let g 34
let gen to series 13
0
1941 MS 8414 86
____
8
1974.1 D 1035
907
8
_ 903 Apr'30
4
Tol & Chic Div g 43
1941
let gen be series C
8
75 Feb'30
1957 M N 777 80
75
75
Wabash Ry ref & gen 68 B 1976 AO 10018 101 10012 1003
Providence Secur deb 4s
4
8618 ____ 86 Mar'30
86 86
Ref de gen 434e series C
94
Providence Term 1st 48___ _1956 M
1978 FA 9318 Sale 9318
923
90
4 13
934 Warren let ref gu g 3;48.- _2000 FA 7412 7712 7712 May'30
Reading Co Jersey Con coil 4'51 A 0 9214 Sale 9214
27
100
Wash Cent 1st gold ts
87 Mar'30
9714 101
1948 QM 9512
Gen & ref 445 series A-1997 J J 9912 Sale 9914
____ 10018 Mar'21
Wash Term let gu 345
1945 FA 8618 8612 8612 May'30
Rensselaer & Saratoga 66-1941 M N 106
7818 May'28
79
1948 SI N
let 40
8412 Mar'30
-year guar 48
1945 P A 9218
Rich & Meek let g 48
Apr'30
___ 101
101 101
W Min WAN W let gu 58_1930 FA 99 4 -- 993 Apr'30
4
,
Richm Term Ry let gu 56-1952 J J 102
94
1952 AO 8318 Sale 8214
974 W Maryland let g 45
8312
Ilto Grande June let int 56-1939 J D 9714 10114 97 May'30
8
6 May'28
let de ref 54s series A
Rio Grande Sou let gold 46_1940 J J
9912
1977 3, 9912 Sale 9912
_
712 Apr'28
West NY & Pa let e 58
4
Guar 4s (Jan 1922 coupon)'40 J J
1937 Ii 10134 102 1013 May'30
s
91
WI; Gen gold le
4
1943 AO 913 Sale 913
4
917
8
Rio Grande West let gold 4e-1939 3 J -63; 94 - 923 May'30
2
,
8112 883 Western Pac let ser A 55-1940 MS 96 Sale 96
843
4
8
977
8
let eon & coil treqt 46 A 1949 A 0 8412 85 84 4
16
99
4
95 4 9912
983 Sale 983
4
1
MS
97 Feb'30
Registered
• Ark & Louis 14 4 As_ —1934 M
75 May'30
75
78
West Shore let 40 guar
8
2361 13 883 Sale 883
g 48-1949 J J 7514 78
8
8812
Rut-Canada let
8812 May'30
1941 3
86
9112
8714 88
4
2361 13 863 Sale 863
Registered
4
8714
Rutland let con g 445
Wheel & L E ref 432s ser A 1966 MS
92
9212
1
87
87
85
88
88
101
Refunding 523 series B
10012 Mar'30
1966 M
EN Jos & Grand Isl let 46_1947 J J 87
4
RR 1st consol 40
963 Nov'29
100
1949 MS 8712 8912 89
8918
St Lawr & Adir lat g fe—.1996 j j
101 161-1- Wilk & Emit let gu g 58
- 1
10112 Feb'30
1996 A 0
26 gold Oa
1942 ID 6514 6914 67 May'30
98% 100 Will de 8 F let gold Be
993 Mar'30
4
4
1931 1 J 993 100
1938• D 10112
102 May'30
L & Cairo guar g 40
964 101
8 10051 22
8
4
Winston-Salem s B 1st 40_1960 J J 853
8614 Apr'30
St L Ir Mt & E3 gen °On g 56.1931 A 0 1005 Sale 1003
4
Wis Cent 50-yr 1st gen 46
1013 Dec'29
1949 II 7814 80 80
1931 A 0
Stamped guar 68
9814 17 —
614 1)811 Sup & Duldlv & term 1st 44'36 MN 8712 Sale 8712 80
Sale 96
Rlv&ODiV lat g 40—.1933 M N 98
8712
994 1001a Wor & Conn East let 434
994 Mar'30
85
4
937 903 Apr'30
8
4
, 1943 J
141 L M Bridge Ter gu g 68_1930 A 0 993 101
54
8712 9278
01
-San Fran pr lien 48 A-1950 M 5 9012 Sale 9012
Bt L
142
884 954
933
4
4
1978M S 9314 Sale 923
INDUSTRIALS
Con M 4344 serlea A
46 100 104
103
Abitibi Pow & Pap let 56—.1953 ID 85 Sale 85
1024 Sale 102
1950.9
853
Prior lien be series B
4
1 1004 102
Abraham de Straus deb 64
4
4 1003
10114 10112 1003
1-1943
Bt Louis & San Fr AT gen 621_1931 3
With warrants
5 100 10112
3
4 100 4
AO 10012 10112 10112 May'30
4
19313
1003 101 1003
General gokl 56
10214 104
Adriatic Eleo Co esti 7s
4
8
1952 A0 983 Sale 9838
0912
8
5tLPeor&NW1SIgUSS....l9483 J 1027 __-- 1023 May'30
Adams Express coll tr g 45 _ _1948 M
944 99
98 Apr'30
86 Sale 86
1931 MS 9812
86
St Louis Sou ist gu g 40
8912 Ajax Rubber let 15-yr f 86_1936 J O 60
1
85
864
4
65
60
60
SW let g 4e bond ctf5.1989 MN 8718 8712 863
St L
2
767 82
Alaska Gold M deb tia A._...1925 RI
514 712 514
54
,
2d g 40 Inc bond ctfs Nov 19891 J 8014 8114 8112 May'30
9714 110
25
Cony deb Os aeries B
99
1926 IVI
1932 J D 99 Sale 99
514 May'30
514
Consol gold 45
96 101
11
Albany Peter Wrap Pallas
101
943
4
9412
-1948 AO 94 - - 94
lat terminal & unifying 58-1952 J J 10012 Sale 10014
10
941a £98
Alleghany Corp col tr
8
_1944 FA 1015 Sale 10114
9714
102
St Paul & K C Sh L 1st 449_1941 F A 9714 Sale 9714
Coll & cony 56
1001a 1004
8
1949 ID 1005 Sale 10012 10112
s
1931 F A 1003 -- 10018 Feb'30
St Paul & Duluth let 5e
Coll & cony 50
9112 9112
9718
4
1950 AO 963 Sale 0612
8
14
168 J D 897 9212 9112 Mar'30
let consol gold 45
Allis-Chalmers Mfg deb 50_1937 M
102 Sale 10112 10212
8718 Jan'29
St Paul E Or Trk 1st 442_1947 J J
98
98
2
tinkle-Montan Steel let 7a _ _1955 M
98
07
97 Sale 967
8
con 40_1933 J J 974 9812 98
8t Paul MIMI it Man
4
1 103 1053 im Aerie Claem 1st ref of 748'41 FA 1035 Sale 1035
8 105
8
19833
10412 1053 10512 10512
s
let consol g 60
tmer Beet Sue conv deb 60_ _ 1935 FA 75
974 101)
3
9912
80 May'30
85
9912 Sale 9912
Ss reduced to gold 448-1933 J
kmerican Chain deb 6154_ 1933 AO 10112 102 1016
98
98
1013
4
8
98 Feb'30
J J
Registered
92
m Cot Oil debenture 58_ _ _ _1931 MN 10014 101 100,
954
4 10014
9/- 9518 May'30
1937 J D
Mont ext 1st gold 40
ra Cynamid deb 5a
4
891 92
9914
1942 AO 98
9012 May'30
997 98
8
9012
_
Pacific ext guar 4e (sterling)'40
a
7 1047 1064 triter Ices f deb 56
873
4
106
1953 ID 87 Sale 87
8
St Paul Un Pep let & ref 50_1972 J J 106 Sale 1055
905 9412 tmer IC Chera cony 5 Me_ _1949 MN 10618 Sale 106
0
1063
s
3
933
4
9212 933 93
4
1943 J
BA dr Ar Pass let gu g 4m
994 10114 imer Internet Corp cony 534s'49• .1 993 Sale 9912 100
4
10114 Mar'30
Santa Fe Free & Phen 1st 50_1942 M S 10018 ---s Cub sale. if Due May It Due Amine'. •Due 311191..
Norfolk & West gen gold 68_1931 M
Improvement & ext 6a___1934 F
New River let gold 6s___1932 A
N & W Ry let cons g 40_1996 A
1996 A
Registered
DWI let lien & gen g 48-1944 J
C Joint 40_ 194I J
Pocah C
North Cent gen de ref 58 A 1974 M
Gen & ref 448 ser A god _1974 M
North Ohio 1st guar g 50_ _ _1945 A
North Pacific prior lien 46_ _1997 Q
Q
Registered
Gen lien ry de Id g 38.Jan 2047 @
Jan 2047 (;)
Registered
Ref 04 lmpt 44s series A__2047 J
Ref & kuPt 68 series B—__2047 J
R41 & ImPt 56 series C___2047 J
Ref & kept 55 series D___2047 I
Nor Pee Term Co let g 60_1933 J
Nor Ry of Calif gtuw g 56-1938 A
Range
Since
Jan, 1.
No
1
15
7
56
26
10
190
4
19
138
1
14
48
39
21
23
2
10
12
14
4
11
31
5
3
10
23
6
1
HOB
Low
103 lows
993 9914
4
8814 94
604 704
71
65
54
60 4
1
52
804
79
65
844 89
72
61
72
62
9812
94
1
100 4 10158
1054 10712
894 93
94 8 101
1
100 10212
93 4 99
1
9618 101
89
93 8
1
87
87
100 103
96
96
91
94
91
91
9211 100
10614 111
106 10814
8812 93
11414 120
120 12612
10612 1074
874 927
8
100 10018
gots 9612
63
72
8212 8612
997 997
k
97
994
97
9918
5991 104
4
8714 9112
1037 10612
8
9913 995
4
10812 111
-9884 104
987 1041s
e
994 1013
4
104 1064
994 103
98 1004
9718 100
1
2
2
1
32
30
27
25
-9 4
5 4
8
6
984
9212
88
79
901a
7712 87
14
-, hrs
T
93 8
5
9114
884
96
10612
8714
9315
93
2
5
17
23
24
23
1
16
42
52
15
4
41
21
21
16
6
6
5
46
27
7
1
5
7
56
57
99
22
4
9
12
5
11
4
111
35
-8
i4
92-3-4
9914
9212
90
55
955
8
93 4
1
93
100
110
91
94
93
7
9
984 101
100 10112
95 10112
8
847 9212
1024 107
101 10314
994 1024
1011 10512
4
84
100
881i
103
8114 161
.
4
8814 904
975 1024
8
885 9512
4
7212 7712
83 8 90
5
8414 8812
834 90
9914 994
4
81
841
4
94 2 100 s
5
5
98 102
8812 9212
96
99
97
97
4
855 91
8552 89
90
941
4
984 101
4
8814 895
6214 71
102 102
8614 8614
14
79
83
8
8514 915
5
904 90 4
8214 884
97 10312
96 100
89
82
4512 80
514 9
514 514
85
9614
99 10414
99 10412
9812 tigis
991 10212
4
91 100
10212 10512
75
871
2
97 10218
99 1001
4
96 10013
4
861 90
100 10812
93 10112
New York Bond Record-Continued-Page 5
BONDS
N Y STOCK EXcHANGE
Week Ended May 30.
k
Pries
t Thursday,
,
e. May 29.
Week's
Range OT
Last Sale,
•
a1,
2
Range
Sines
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 30.
3855
Price
lit Thursday,
May 29.
4t.
West's
Range or
Last Sate
"•
1"-:.
(
.vo
,_
Range
Jan. 1.
"
_Cow
High
8912 97
12
8718 94
82
98
13512 75
993 1001s
4
MA
Ask tow
High No Low
Mg
Ask Low
High
Htoh N.
1939 A0 10512 Sale 10512 10512
5 1033 1057 Elec Pow Corp(Germany)610•50 NI 13 9478 Sale 94
Am Maeli &Fdys 1 fie
85
4
8
24
1934 A0 98 Sale 9718
Amer Metal &Hs
9912 288
9718 993
1953 A 0 90
1st s f °Hs
94
4
871g
8718
5
8
90
Am Nat Gas 6345(with war)1942 40 89 Sale 89
8
70
923 Elk Horn Coal 1st & ref 610 1931 J D 913 93
8
913
8
9212
7
Am Sm & R let 30-yr 58 ser A '47 A0 10114 sale 101
10112 49
9918 10218
(Deb 7% notes(with warr)1931 J D , 65
75
6512 May'30 --- ' 104 Sale 10312 104
3
1937
14 103 105s Eqult Gas Light let con 5e...1932 M El 10018 ____ 10018 May'30
Amer Sugar Ref I 5-yr 6s
---S 995
_
8- 98 May'30
Am Telep & Toles cony 48_ _ _1936
Ernesto Breda Co 1st m 73._1954
945 98
8
10058 10i 10012 1017
1933 M
-year cony 4 Hs
6
30
8
F A 8178 Sale 8178
With stk purch warrants
991 105
8314 17
758 84
4
D 10478 Sale 10434
1946
-year colitr 5e
10514 42 103 10512 Federal Light & Tr let 5s___1942 M 33 953 Sale 953
30
4
4
96
J O
Registered
10312 May'30
8
let lien e f 56 stamped ____1942 M 8 957 Sale 958
103 10312
7
9
614
'3 15:1i2
10418
1960
35-yr e 1 deb EA
1047
8 55 1008 105
1942 M S 104 10412 104
let lien 68 stamped
10
412 31
1
005 19979'4
9944'2 05
8
1943 MN 10734 Sale 10712 1073
20
-year s f 510
4 55 1043 10S
-year deb 6s series B
4
_1954 J D 97 Sale 97
30
97
5
9218 10018
1939 J J 178 Sale 168
Cony deb 434e
263 13714 19312 Federated Metals a f 7s
179
100
2
99
1939 3 D 95 100
99 102
FA 10412 Sale 1043
1965
8 1047 202 10018 105
85- r deb 56
8
Flat deb 7e (with warr)
1946 J .1 102 10312 103
7 10212 107
104
Am Type Found deb 8s
1940 40 10512 106 10512 106
6 103 107
93 Sale 93
Without stock purch warrants_
94
78
21
19
942
89 1
8
Am Wat Wks & El col tr Ess_ _1934 A0 1013 Sale 101
1013
8 19
9912 103
Fisk Rubber 1st sf88
1941 Si-S 76 Sale 76
Deb g 60 aeries A
1975 MN 10512 l068 10512 106,
9 104 108
e
Framerican Ind Dev 20-yr 710'42 .1 J 108 Sale 108
10818 15 10312 109
'3 8112 821 8112
Am Writ Pap let g 811
1947
823
8 16
69
9312 931
84
Francisco Sugar 1st 51710_ _1942 M N 93
9312
1
82
97
Anglo-Chilean a f deb 7s _ _1945 MN 97 Sale 9614
9714 62
8312 9812 French Nat Mall SS Lines 781949 .1 D 10312 Sale 10314
8 31 1024 10414
1035
4
Antilla(Comp Antic) 73.4s
2
1930 .1 3 50 Sale 497
8
50
49
55
Ark & Mem Bridge & Ter 5e _ 1964 M
100 1003 100
2
100
2
8812
98 4 101
,
8814 88
Gannett Co deb (111 _____ _ _ _1943 F A 88
86
92 s
7
Armour & Co 1st 4 He
1939 3D 9012 Sale 90
30
901
8712 9112 Gas& El of Berg Co cons gas 1949 .1 D 102129978 Feb'30 ---gar 987
s
3
Armour & Cool Del 5345_ _ _ 1943
84 Sale 835
8
8438 45
15
85
85
8114 85
86
/ Geni Amer Investors deb Se _1952 F A 85
1
4
Associated 0116% gold notes 1935 MS 103 10312 103
6 102 10312 Gen Cable 1st s f 5 He A__ _ _ 1947 .1 J 10018 10114 10018
103
10012
9
e13 1033
92 8
Atlanta Gas L let 58
1947 JD 1027
103 Apr'30
8
___ 94,8 May'30 ---101H 103
Gen Electric deb g 3;0
1942 F A 95
94
96
Atlantic Fruit 75 We deo _1934 3D
125 May'28
8
104
5
Gen Elec(Gcrmany)78 Jan 15'45 J J 10312 Sale 103H
991 105
4
D
Stamped Wsof deposit
___ 125 May'29 - _
8
n
_
S f deb 6 He with warr- _1940 J D 111 11212 113 May'30Atl Gulf & WI SS L col tr 5e 1959 JJ 753 7612 75H
9 "riga iti"
14
76
Without warete attach'd_1940 J D 100 Sale 993
10012 . 1012
Atlantic Retg deb 5a
10112 102 10112 1013
6 100 103
1937
1948 M N 9414 Sale 9414
9512 69
20
-year,f deb 851
9218 9714
10338 7
Gen Mot Accept deb 6s
1937 F A 10212 Sale 102
6 10012 104 8
3
Baldw Loco Works let 5s_ __1940
N 107 10712 107 May'3
8
105 1071 Gent Petrol 1st s f 5e1940 F A 1015 Sale 10112 102
:
.
17
_
997a 10212
Baragua(Comp As) 7Hs_ __1937 .1.1 76
78
7614 May'30 -5
Gen Pub Serv deb 5348
1939 .1 J 10114 Sale 10012 1013
4 15
9312 103
Batavian Pete gen deb 4 34 _1942
' 94H Sale 93
3
941 113
9814 9512 Gen'i Steel Cast 5 Ha with war '49 .1 .1 104 Sale 1027
72
1
8 10412 4_4 101 10614
' 75
3
78
75
DeldIng-Hemingway6a
75
1
1938
67
4
Genl Theatre(' Equip 613._1044 J 3 1343 Sale 132
137
_
11 12712 152
Bell Telep of Pa Is series B _ _ 1948
1045 105 1043
8
4 105
9 102 106 4
Cony deb as
1940 A 0 99 Sale 983
4
91,
991 359
.
98H 10014
1st & ref 5e aeries C
1960 40 107H Sale 10718 10718 11
Good Hope Steel & I sec 7e .1941, A 0 10012 Sale 100
10012 10
9211e103
Berlin City Elec Co deb 6101951 J o 92 Sale 9112
92
45 193 197 2 Goodrich(B 1') Co lst(110._194 .1 J 107 Sale 106
53 105 1077
8852 9 83'4
107
a
Deb sink fund 604s
8
913
4 12
1959 FA 915 Sale 9112
9
6
00
844 96
.9414 162
Goodyear Tire 4k Rub 1st Is.1957 MN 94 Sale 933
Berlin Elec El& Undg 6 34e.1956 40 917 9214 913
3
8
4
913
4
86
96
Gotham Silk Hosiery deb 6s 1936 J D 92 Sale 92
9512 27
87
9712
Beth Steel let & ref Is guar A '42
N 10318 1037 103
8
1037
8
3 101125105
793 80
4
79 May'30 ---Gould Coupler lets f(113
69
847
8
1940 F A
8
30-yr P m & imP 11 be_ _ _1936 3' 102 Sale 10112 102
18
993 104
100
4
Gt Cons El Power (Japan) 7sl944 F A 100 Sale 997
9714 10112
Bing & Bing deb 610
90
90 May'30
1950 IN S 86
9334 26
8614 91
1st &genet6 He
1960.0 .1 9314 Sale 93
011 418
/
4
Botany Cons Mills610
1
3812
1934 A 0 3812 Sale 3812
9913 9914
3512 47
Gulf States Steel deb 5 Ms- _1942 J D 99
994 26
/
1
97 1007
2
1 100 105
Bowman-Bilt Hotels is
99 102 10014 10014
1934 M
Hackensack Water 1st 48_1952 J .1 8814 90 8814 May'30 ---U
90
4
B'way dr 7th Av 1st cons 5s..1943 J D 183 Sale 16
25
60
16
4412 Harpin Mining 6s with stk purch
8
87
Brooklyn City RR 1st 5s _ _ _1941 .1 J 84
84
84
8212 87
9112 Sale 9112
war for com stock or
91H
3
87
/ 94
1
4
Bklyn Edison Inc gen 55 A_ _ _1949 J
1043 1047 10412 May'30 -- 10312 1058 Hansa SS Linea Gs withAm she'49 1 0 8812 90 8812
8
8
88124_ .7..5_ _ 2
__
.
879.4
4
8
warr_1939 A
985 Sale 9814
8
Bklyn-Man R T sec Os
99H 113
9412 101
Hartford St Hy let 46
NI S 9612
9612 Aug'29 - --7412 77
Bklyn Qu Co tk Bub con gtd 5e941 M N 69
77
1
1'88i j
70
77
Havana Elec consol g 5a
_ _ -ii1-8 75 May'30
11995392 F A
7512 89
1st 58 stamped
8312 Dec'29 Deb 510 series of 1926.
56
5514 May'30 -- -_1951 Ni S 54
52 4 6612
3
Brooklyn R Tr let cony g 48_2001 j
9212 June'29 -1942 J
_
Hoe(R)& Co 1st 6 Heger A _1934 A 0 7912 81
80
80
0
78
90
105
3-yr 7%s'soured notes
10614 Nov'29
1921 .1
Holland-Amer Line Os(fiat) _1947 M N 8514 Sale 8514
8514
1 1(4,114 110411
8 12 5
0
92
:
1950 F A
8212 Sale 82
Bklyn
22
85
Ellst g 4-5a
82
652, 73
883 Hudson Coal 1st a f 5s ser A _1962 J D 68 Sale 68
4
6812 23
Stamped guar 4-5e
833 May'30 -4
1950 F A
83 4 8912 Hudson Co Gas 1st g 513
3
4
1940 M N 1023 103 1023 May'30 --- 4
Bklyn Vu Gas bacons g 5e_ _1945 MN 1055 Sale 1055
8
20 10418 107
8 107
Humble 011 & Refining 530_1932 J J 102 Sale 1017
8 10218 41
lat lien & ref 6seeriee A _ _1947 MN 1143 1153 11534 May'30
4
4
- 114 117
Deb gold 5a
10158 29
8
1937 A 0 1015 Sale 10138
250
Cony deb g 510
306
306
2 308 306
Illinois Bell Telephone 55_ _1958 .1 D 10514 Sale 105
10514 13 103 10511
,
Buff dt Susq Iron lat s f5a_ _ 1932
941
__
96
8
93
Jan'30
96
52
96
Illinois Steel deb 410
1940 A 0 100 Sale 9934 100
97 102
Bush Terminal 1st 4e
4- 4
1952 A 0 873a 893 8714 May'30 - 8714 90
Ilseder Steel Corp mtge65_1948 F A
88 Sale 88
88 7
8 11
82 92
Consol Se
9712 Sale 97
1955 J
9712
5
94
Indiana Limestone Ist a t 65_1941 MN 84 Sale 84
99
84
6
68
8512
Bush Term Bldge 58 gu tax-ex '60 A 0 10012 10114 101 May'30 -99 1021 Ind Nat
4
1936 MN 100 ___ 100 Apr'30 --- - lop 101
By-Prod Coke let 514s A - - -1945 MN 1025 Sale 1025
8
8 10234
5 10014 10418 Inland Gas & 0115a
Steel let 410
0 9412 Sale 9414
1978 A
9412 6,,
91
95
12
10114
4
Cal & E Corp unit& ref 5a..1937 MN 10214 Sale 1015
8 10214
8 100 8 1027 Inspiration Con Copper 6Hs 1931 MS 10114 Sale 10114
91 Feb'30 --- - 100's 10111
3
912 20
8 Interboro Metrop 434e
1956 A 0
912 912
Cal Petroleum cony deb 81581939 F A
997 100
8
995
8
997
8 12
94 10012 Interboro Rap Tran let 58_ _1966 .1 J 6812 Sale 8814
687
8 83
6112 7412
Cony deb s f g 530
1023
1938 MN 10214 Bale 102
8 25
9812 10212
Stamped
3 3 683 Sale 683
4
102
8
69
6212 7412
Camaguey Bug let a f g 78 _1942 A 0 47
48
47
1
47
47
60
Registered
13e- 65 Mar'30 --- _
602 65
4
Canada SS L lst & gen 8s._ _1941 A 0 9514 98
9612 May'30
947 97
2
10-year
60
97
1932 A 0 0612 Sale 59861122
10098038:2 371
669
N
531 1996
99,4 !
113 631
Cent Dist Tel 1st 30-yr 5s_ _ 1943 J D 104 Sale 104
064
104,
8
6 102H 10414
10
-year cony 7% notes_ _1932 NI S 89 Sale 87
Cep t Foundry let a f 6s May 1931 F A 8014 9412 81 May'30
7914 8112 Int Agile Corp let 20-yr 55_ _1932 MN
Cent Hud G & E 5e
1033 - - 10312 Apr'30
Jan 1957 M
4
10214 10312
Stamped extended to 1942_ __ _ MN 77
80
77 May'30 - - - 7214 73
Central Steel let gel 8s____1941 MN 125 Sale 125
13 121 125
125
Int Cement cone deb EA _
_
_1948 M N 1003 Sale 100
s
Certain-teed Prod 530 A _ 1948 M S 465 Sale 46
8
472 44
4412 81
Internet Hydro El deb 13s... _1944 A 0 1033 Sale 10212 104
4
67 10212 104
Cespedes Sugar Co let et 710'39 51
6018 70
70 May'30
.
70
7814 Internet Match s 1 deb 5e-1947 MN 10014 Sale 100
10038 60
Chic City & Conn Rye 5aJan 1927 A 0
97 10012
_ 75
5312 Mar'30
5312 5312 Inter Mercan Marine a f 6e_ _194 I A 0 101 Sale 10018 10138 17
Ch0L & Coke latgu g 5s_ _ _1937 J
96 1014
/
1
4
/
1
jai sale 10112 10212 13 100 104
Internet Paper Is set A & B_1947 J J 8812 Sale 893
8
9078 18
83 9212
Chicago Rye let be stamped
Ref a 1 tis aeries A
92
63
86 9254
1955 IN S 9112 Sale 9012
Aug 1 1929int 10% paid _ _1927 F A 82 Sale 82
823
4 16
69
8312 Int Teiep & Teleg deb g 4 He 1952.1 J 9114 Sale 9114
92
23
893 94
8
Chile Copper Co deb Se
9612 105
1947 J J 9614 Sale 96
9412 9814
Cony deb 410
169
4 123
19393 3 123 Sale 1213
1298
4
89
20
cInG&Elet314sA
1968 A 0 89 Sale 8812
8618 907
8
Deb 5a
973 181 116
4
1955 F A 9712 Sale 973
8
ws 99H
74
74
Clearfield Blt Coal let 4e
3
1940 3 .1 7012 74
63
74
7614 Sale 7614
Colon 011 cony deb fle
78
18
1938 F A
71
8914 Kansas City Pow & Lt 56_1952 M S 105 Sale 10412 105
1 163 10 4
0012 83 2
51
100
3
ColoF&ICogenef 5a
.0 10018 101 100
1943
95 100
1957 3 J 99
Ist gold 4 Hsseries B
___
9512 Feb'30 -9512 9512
Col Indus let & coll Se gu.._1934 F A 957 Sale 957
8
8
963
4 18
9212 9712 Kansas Gas & Electric (3a_ _1952 M 13 10614 Sale 10614 10614
7 104, 10612
4
4 1021
Columbia0& E deb EA May 1952 MN 1013 Sale 1013
: 75
98% 102,2 Karstadt(Rudolph)65
1943 M N 76 Sale 76
1013
4 10238 20 983 1023 Keith
8
Debentures 58_ _ _ _Apr 15 1952 A 0 1023
8
4
(B F)Corp 1st 65
8
1946 M 5 867 8712 88
87'2 21
78
9 144
8
7
1 92
Columbus Gas lat gold Ss _ _ _1932 J .1 97 10- 97 May'30
- 11
_
95
98
Kendall Co 534s with warr 1948 NI 5 87 Sale 87
88
3
943 9412
Columbus By P & L let 410 1957 .1
5
94
9412
90
96
Keystone Telep Co let 5e,.._1935 J .1 84
85 May'30 ---87
75
90
Commercial Credits(613_ _ _1934 MN 995 100 992 May'30
8
933 100
4
Kings County El & P g 5a
1937 A 0 10218 ____ 10112 Apr'30 ____ 1001410414
Col tr 1 5He[lotto
98 97
97
1
97
19353
85 99
Purchase money(10
12812 12812
1997 A 0 12512
5 125 3281z
Comm'lInvtet Tr deb 6s __ 1948 M
44
98
972 Sale 964
88 10014 Kings County Eiev 1st g 4a 1949 F A 8018 81 80 May'30 ::::
1,4
Cony deb 534e
7 42 84
7
5
8
811s
95
56
1949 F A 95 Sale 9412
83
971s
ta
Smped guar 43
1949
ComputIng-Tab-Rec 51 8s 1941 J
10512 106 10512 106
7 10312 10618
Kings County Lighting 5a
1i8 -- - _ - 1047 m_ Apr'30 ____ 10014 105
8
1954 J 3 i07
Conn Ry & L let & ref g 4301951 J
_
9812 100
9814 May'30
9512 98,
4
First & ref6 Hs
4
1954.1 3 116 120 1153 May'30 - -11412 117
Stamped guar4 He
983 99
8
6
9814
1951 .1
9814
9312 9814 Kinney(GR)& Co711% notes'38 .1 D 1023 105 1023
g
4
1023
4
Coneol Agricul Loan 810_1958 J D 87 Sale 8618
3 101 107
14
871
43
76H 90
Kresge Found'n coil Cr 6s_ 1936 J D 104 Sale 103H 104
56 102H 105
Consolidated Hydro-Elec Works
Kreuger & Toll 5s with war 1959 NI S 9714 Sale 97H
102
98
of Upper Wuertemberg 70_1956 J
Sale 92H
3
9212
923
4
89 c9531 Lackawanna Steel let 56 A_ _1950 NI 8 10218 - _ 101 May'30 _ _ _ _
Cons Coal of Md Ist&ref 512_1950 .1 D 48 Sale 48
4914 28
31,
103 10r2
42
63
Lacl Gas of St L ref&ext EA _1934 A 0 101 101-14 1007
24
8
101
Cone& Gas
(N Y)deb 530._1945 F A 106 Sale 1053
4 10618 67 105
10131
:
Col & ref 5 Ha series C __ _ _1953 F A 1023 10312 10312 1032
4
2 1904 102 4
4
0 8 2105
9
Consumers Gas of Chic gu 52 1938.1 D 10112 10212 10112 May'30
9812 10112
10212 1027 1023
Coll & ref 5)0 serf
8
4 10234 27 102 10
1960 F A
Consumers Power let 5s_ _1952 M N 10378 Sale 1037
1037
8 10 10214 10418
Lautaro Nitrate Co cony 611_1954
Container Corp let Cs
9412 98 94 May'30
1946 .1 D
8918 953
j J 8314 Sale 8214
4
Without warrants
8312 26
74
8712
15-yr deb Se with warr_ __ _1943 J D 813 Sale 78
82
66
4
77
85
983 9814 May'30 ---4
Lehigh C & Navel 410 A__1954 J J 97
9418 ON
Copenhagen Telep 5e Feb 15 1954 F A 95 Sale 9412
95
12
915 973 Lehigh ValleyCoal lst g 55_ _1933 .1 3 100 100_14 19712 Mly:30____ __ __
4
4
.
00 Nu y 3
0
Cern Prod Bela 18t 25-yr s f to'34 MN 102
9934127128
_ 993
4 100
4
9712 102
lst 40-yr gu int red to 4% _1933 3 J 973
4
Crown Cork &Seal s f 65. _ _ _1947 J D 100 Sale 997
8 100
6
94 100
let & ref a f 56
9971934 F A -___ - 8 101 Dec'29 ___
.
Crown-WIlllamette Pap 611_1951 3 .1 10214 Sale 102
10214 18
9912 10212
8218
1944 F A
1st & ref it f 5s
8218
1 -31154
Cuba Cane Sugar cony 7s._ _1930 J J 30
11 Mar'30
3512 411s
1954 F A ---- 7212 721
1st & ref a f 5e
7212
25
Cony deben stamped 8% 1930_
2
7212 74
41 Mar'30
3
3618 4312
let & ref e I Se
1964 F A 6912 7131) 70 May'30 ____
70
762
4
Cuban Am Sugar 1st coil 8,3_1931 M B -65 Sale 99
991
65
99 10014
71 Sale 71
1974 F A
1st & ref s f 5,3
71
2
Cuban Cane Prod deb Be__ -1950 J .1 2412 253 2412
90 17
704 05
253
4 37
4
2412 3e5 Liggett& Myers Tobacco 7s _1944 A 0 12012 120 4 120
8
3
121
10 11712 122
347 3514 May'30
Cuban Dom Sus let 7Hs
1944 MN -- _
25
8
47
1951 F A 1037 104 10378 1037
5a
8
2
Stpd with purch war attached_
351
5. Sale 35
i4
6
4018 Loew's Inc deb 66 with warr_ 1941 A 0 12714 8 e 19 14 12972 1167
3.5
9, Sale 2712
8
99
18 9
Cumb T & T 1st & gen 58._ 1937 .1 3 102 Sale 102
19114 10112
01
2
9
102
10 10014c105
Without stocks purch warrant')
CuyamelFruit lst f 6e A
10312 104 10312 104
24 10214 10.04
1940 A 0
Lombard Elec let is with war '52 J D 97 Sale 97
97
4
93
9912
97 Sale 97
Without warrants
973
J 13
4
5
DenverCone Tramw lat 56 1933 A 0
76 Dec'2
4 10912 13
Lorilliard (P) Co 7s
1944 A 0 10912 Sale 1073
Den Gas & E L let & ref e f gife'51 MN 09 102 1013
4 1013
7
99 10312
1951 F A 8712 Sale 8714
8712 15
Stamped as to Pa tax
4
4 1013
1951 MN 1013 Sale 1013
2
1937 y J 935 Sale 935
9812 103
8
8
82 530
94
Deb
20 179 1 189151412
81 900
9
Dory Corp(DO) let if 7'1_1942 M S
61
Oct'2
4
Louisville GS9 .fc El(KY)55_1952 MN 1023 Sale 1023
4 10318
Second stamped _
18
100 10312
19
18
18
2
17 If" Louisville Ry 1st cone 5s_ - _ _1930 3 J 91
971 91
91
180
87
95
Detroit Edison let coil tr 5e.1933 .1 J 1013 Bale 1013
4
4 102
9 10014 10314 Lower Austria Hydro El Pow
let & tel 5e series A_July 1940 M S 10314 Sale 10314 1033
8
8 101 103%
1944 F A 8712 Sale 87
871
late!'810
10
80
91
Oen & ref 5e series A
1949 A 0 10414 Bale 103H
1041
14 1013 104 4 NIeCrory Stores Corp deb 5146'41 .1 D 997 Sale 997
8
4
8 10014
,
2
9612 1001
:
1st & ref (is series B_ _July 1940 M S 108 Sale 10712 108
8 10512 10812 Mane'Sugar 1st s f 730_ _ _1942 A 0 64
86
64
65
16
00
86
104 10412 104
settee B
19553 D
Oen & ref tia
1041
23 102 1047 Manhat Hy(N T)eons g 48_1990 A 0 5012 Sale 50
53
s
58
50
60
1962 F A 105 10614 10618 May'30
SerlesC
2013 J D 4612 54
50
50
1023 10618
8
2d 4s
3
57
54
Dot United lat cone g 4%8.-1932 J J 9814 Sale 9814
981
1
9914 May'30 ____
96
99
Manila Elea Hy & 1451 EA 1953 51 8 9912 103
F
7
41
983144
8
8
4
1940 MN 95 Sale 943
951
Dodge Bros deb 66
43
921 987 m
84
83H May'31 __ __
8 merlon steam Shovel a f 68_1947 A 0 80
1942 MN 7018 Sale 7018
71
fold(Jacob)Pack let6e
4
07
75
Mfr* Tr Co ctts of pectic in
101
Iron & Steel 511_1939 M S
Dominion
Apr'30
mot 101
:
A I Namm & Son let 65_1943 J 13 98 100 100 May'30 ___- 19012 107033:
96112 9
6
06
77
0
1942.1 .1 103 104 104
Donner Steel 1st ref 7e
104
1 10112 104
93
Market St Sty 75 ser A _April 1940 0 J 9314 94
9312
7
8
Duke-Price Pow let()seer A.1966 MN 1045 Sale 10412 105
25 10318 10612 Weridlonale Elec 1st 7s_ __ .19574 0 101 Sale 100
101
6
9714 102
100 Sale 9912 1001
Duquesne Light Ist 4Ht A_ _1967 A 0
35
9614 1001 Metr Ed let & ref 5a ser C 1953 .1 .1 103 10314 103
2
103
1
701
Fast Cuba Sus 15-yr s g 730'37 M S 70 Bale 70
18
196854 S 98
9814 9734
973
4
8
lst g 4)1s serf
66
87
973 98
4
8
/
1
4
8
Ed El III Skin let con g 0.-1939 .1 .1 957 _ _ _ 957
957
2
4
941 963 Metr West Side El(Chic)45_1938 F A 743 Sale 74
2
/
1
4
4
74
/
1
4
1
8
Ed Elec(NY)let cone g 5s_ 1995.1 .1 109, 110 11012 Mar3
97 Apr'30 ____
klieg Mill Mach is with war_1956 .1 13 ---- 94
109 111
81
97
Edith Rockefeller McCormick
91
Without warrants
8814
J D 88
8814
3
1015 102 10114
8
80
Mit
90
Trust coil Cr 6% notee__ _1934 J
/
1
4
100 10218
n
---
Igt
e Cash sale.
3856
BONDS
N. Y STOCK EXCHANGE
Week Ended May 30.
New York Bond Record-Concluded-Page 6
Pries
Thursday,
May 29.
"•
Week's
Range or
Last Bale.
Bid
Ask Low
High Na
Midvale St&0cony if 58._1936 MS 101 Sale 101
1013
8 31
Milw El Ry & Lt ref & ext 4;0'31 .15 100 10012 100
6
10018
1
General dr ref Si series A __1951 JO 101 10112 10112 10112
1st dz ref be series B
8 1007
1961 in 100% Sale 1005
8 21
let & ref baser B temp__1961 ID
100 May'30
8
Montana Power let 58 A .._ _1943 ii 1023 10314 10214 103
8
Deb 5$ series A
7
4 1013
4
1962 in 10214 Sale 1013
Montee.atini MM & Agric1
Deb 75 with warrants_ _ _ _1937 J J 1053 106 10512 10512
4
9
J J 9814 991 99
without warrants
99 12
/
4
3
Montreal Tram 1st & ref 58_1941 ii 9812 993 9812
9812
4
5
Gen dr ref sf5s series A __I955 AO 94 Sale 94
95
/
1
4
Gen & ref a I 58 ser B
9178 Jan'30
1955 AO 9312 94
Gen & ref a I 4 Ms ser C_1955 AO 8614 8712 867 May'30 - 8
Gen & ref s f 5s ser D
/
1
9334 May'30
1955 AO 934 95
9
Morris & Co 1st sf 40s__1939 Si 82 Sale 82
83
7314 Jan'30
Mortgage-Bond Co 4s ser 2_1966 AO 7314 75
10 -year 58 series 3._ _ _1932 J J 975 9812 9714
6
8
-25
975
8
14
Murray Body 15t 6 Ms
95
1934 JO 95 Sale 94
Mutual Fuel Gas 1st go g 58.1947 MN 1035
8
10314 May'30 Mut Un Tel gtd (18 ext at 5% 1941 MN 100
985 Jan'30
8
Namm (A I) & Son_ _See Mfrs Tr
7
8
Neaten Elec guar gold 4e _ _1951 J J 5258 Sale 525
523
4
1
Nat Acme let sf 6s
1942 JD 10212 10312 10212 10212
993 320
8
Nat Dairy Prod deb 5348_ _ _1948 FA
9812 Sale 9812
PA 2212 Sale 2212
2412 42
Nat Radiator deb 634s
1947
9938 Apr'30
Nat Starch 20
-year deb da _1930 Si 9934
103
2
Newark Consol Gas cons 5s.1948 JO 103 104 103
8
10614 11
New Eng] Tel dr Tel 58 A __ _ 1952 SD 1057 107 106
N 993 10014 993
4
4 10014 20
lit g 43s series 13
1961
21
90
New Orl Pub Serv 1st 58 A ._1952 AO 8914 Sale 894
4
883
4
89
5
First & ref 58 series B.... _ _1955 in 883 90
2
8
8312
4
NY Dock 50
-year let g 4s _ _1951 PA 835 853 8312
7614
7712
Serial 5% notes
1938 AO 7712 79
15
/
1
N Y Edison let & ref 6 Ms.4_1941 AO 11312 Sale 1134 114
/
1
8 17
1st lien & ref 59 series B.1944 AO 1044 Sale 10412 1047
5
N Y Gas El Lt II & Pr g 5e1948 JO 10618 107 10618 10618
9438 12
Purchase money gold 4s. _1949 FA 94 Sale 94
4
NYLE&WCoal&RR 5345'42 MN 101 1013 101 Mar'30
__
_ _ 9712 Sept'29
N YLE&W Dock & Imp 5s '43 Si
/
1
4
9734- N Y & Q El L & P lst g 6s 1930 PA 99 1004 100 May'30
4318 54
4318 Mar'30 N Y Rye 1st R E & ref 4s_1942
4318
_ 5614 Mar'29
Certificates of deposit
0
__
1 Aug'29
30
-year adj inc 58. __Jan 1942 A-_
1 July'29
Certificates of deposit
0
2
5
7
NY Rys Corp Mc 68._Jan 1965 Apr -1 - 1- 5
67
23
Prior lien 6s series A
1965 J J 64 Sale 64
8
7
N Y & Riehm Gas 1st 68 A.1951 MN 1053 10612 1053
8 1053
8
1214
2
1014 1012 1214
N Y State Rys 1st,cons 4;0_1962 MN
MN
Jan'30
17
Registered
14
14
14
3
Certificates of deposit
15
16 May'30
_
50-yr Ist cons 634s series B1962 Is 13
N Y Steam 1st 25-yr 65 ser A 1947 MN 10714 Sale 10714 10714
6
10014
NY Telep 1st & gen if 430.1930 MN 1004 Sale 100
7
8
4 1107
8
9
30
-year deben if (is_ _Feb 1949 FA 1107 Sale 1103
8
8 107
37
4
30
-year ref gold 65
1941 AO 1065 1063 1065
8
NY Trap Rock lit(is
1946 SD 101 Sale 10012 101
4
4 102
5
Niagara Falls Power 151 58_ _1932 ii 1013 Sale 1013
4 10314
Ref & gen lis
Jan 1932 AO 10314 - -- 1013
7
8
104
3
Niag Lock &0Pr 1st 5s A __1955 AO 104 1043 104
/
1
37
8
92
Norddeutsche Lloyd 20-yrs tea'47 MN 914 Sale 915
4
623
4
Nor Amer Cem deb 6345 A.._1940 MS 6212 623 6212
5
8 17
No Am Edison deb 5s ser A _1957 MS 10338 Sale 10314 1035
4 10312 49
Deb 5 Ms ser B_ _ __Aug 15 1963 FA 103 Sale 1023
/
1
9734 160
Deb 5e series C
1969 MN 9712 Sale 974
10212 11
Nor Ohio Tree & Light 60_ _1947 MS 10212 Sale 102
/
4
Nor States Pow 25-yr be A 1941 AO 1021 Sale 10114 10218 56
/
1
4
8 1055
8
2
1st & ref 5-yr 6s ser B_ _ _ _1941 AO 105 106 1055
9812 May'30 - - _ _
North W T 1st fd g 4348 gtd.1934 ii 9812 100
92
101
Norweg Hydro-El Nit 5 Ms.1957 MN 9112 Sale 91
Ohio Public Service 7 Ms A 1946 AO
let & ref 7s series B
1947 FA
Ohio River Edison lit Cs....1948 Ji
Old Ben Coal 1st 6s
1944 FA
Ontario Power N F 1st 5s
1943 FA
Ontario Transmission let 56_1945 MN
Oriental Devel guar 6$
1953 MS
EMI deb 534s
1958 MN
Oslo Gas de El Wks extl 5s 1963 MS
Otis Steel let 51 (is ser A... _1941 MS
Pacific Gas & El gen de ref 58.1942 JJ
Pie Pow dr Lt 1st de ref 20-yr 5s'30 FA
Pacific Tel & Tel 1st 5s
1937 J J
N
Ref mtge 5s series A
1952
Pan-Amer P & T cony if 68_1934 MN
1st lien cony 10-yr 7s_ _ .1930 FA
Pan-Am Pet Co(of Cal)conv 6340 SD
Paramount-B'way lat 5 Ms _ _1951 J J
Paramount-Fam'a-Lasky 60_1947 JD
Park-Lex 1st leasehold 6 Ms_1953 s
Parraelee Trans deb (Ss
1944 AO
Pat & Passaic G &El cons 5s 1949 MS
Pathe Each deb 7s with warr 1937 MN
Pean-Dixle Cement 60 A _ _ _1941 MS
Peop Gas & C let cons I 6s_ _1943 AO
Refunding gem 68
1947 M S
MS
Registered
Phi% Co me as ser A
1967 JO
Phi% Elec Co 1st 434s
1087 MN
PIMA &Reading C & I ref 68_1973 J J
Cony deb 6s
1949 MS
Phillips Petrol deb 53is _ _ _ _1939 J D
Pierce Oil debit 8s _ _Dec 15 1931 JO
Pillsbury Fl Mills 20-yr 8s_ _1943 AO
Pirelli Co (Italy) cony 7s
1952 MN
'Mesh Con Collieries 1st s 5s '57ii
Port Arthur Can & Dk Cs A _1953 FA
1953 FA
lst M 63series B
Portland Elm Pow 1st Ss B_1947 MN
Portland Gen Rice 1st 5s _ _1935 ii
Portland Sty lit dr ref 58_ _.1930 51 N
Portland Ry L & P 1st ref 58_1942 FA
1st lien & ref Os series B _ _1047 MN
lit lien dr ref 730 ser A._1946 MN
Porto Rican Am TOO cony 68 1942 J J
Postal Teleg & Cable coil 58_1953 JJ
Pressed Steel Car cony if 58-1933
Pub Serv Corp NJ deb 430.1048 FA
D
Pub Serv El & Gas 1st& ref 5s'85
1967 JD
lst & ref 4 Ms1970 FA
4
let Jr ref 41 2
Punta Alegre Sugar deb 7s_ _1937 JJ
Certificates of deposit
Pure Oils 534% notes_ _ _1937 FA
Purity Bakeries s f deb 58-1948 J J
1937 MN
Remington Arms Cs
N
Rem Rand deb 5345 with war '47
Repub I & S 10-30-yr beef _ 1940 AO
Ref & gen 5345 series A...1953 J J
Revere Coll & Br 65---5111S 1948 MS
Reinelbe Union Ts with war.1946 J
Without elk purch warr _ _1948 Si
Rhine-Main-Danube 7e A.1950 MS
MN
Rhine-Westphalia El Pow Te
1952 MN
Direct mtge 6s
Cons M Os of 129 with war.1953 FA
PA
Without warrants
Con m 6s of 1930 with warr1955 A0
e Casn sales.
1115 11178 11114
8
1113
4
111 112 11118
11118
1053 Sale 1053
8
8 1053
8
74 Sale 74
7412
102 10212 1011 102
/
4
102_ 10214 May'30
97 dile 9614
97
9014 Sale 895
8
9018
9378 Sale 9212
937
8
103 Sale 103
10314
10214 Sale 102
10238
100 Sale 100
100
10218 Sale 102
10212
1043 10512 1043
4
4 1043
4
105 Sale 10412 106
993 1007 9912 May'30
4
8
98 Sale 95
/
1
4
983
8
102 10212 103
103
102 Sale 10112 102
80 Sale 80
8014
75 Sale 75
75
103 __ _ _ 1014 Feb'30
/
1
65 Sale 595
8
747
8
8312 Sale 8312
8312
1123 116 11238 1123
8
8
1025 105 102
8
/ 103
1
4
8
1007 Mar'30
997 Sale 9978 1003
8
8
9912 Sale 9912
997
8
8634
87
863 87
4
10818 Sale 108
1093
4
9612
9612 Sale 96
10614 1073 0512 May'30
8
1045
8
104 Sale 104
1037 10712 04 May'30
8
9412 Sale 9412
9412
103 105
03 May'30
10214
0314
10314
_
4 10014
100 11012 993
103 __ -- 0112 May'30
100
100 Sale 100
100 1015 100
100
4
4
993 Sale 993
4
993
4
10514
105 Sale 105
9012 Sale 9012
9118
957
8
95 Sale 95
8512
8712
86
87
Jan'30
100
10384
1033
4 1033
4
9812
9812 Sale 9812
9814 Sale 981s
983
4
3412
37
3412 37
3412 Sale 3412
37
1003
10018 Sale 100
8
95
94 Sale 94
9714 96
97
96
9814 Sale 98
983
3
4 10314
-- 1023
.
10312 10412 10312 10418
1023410458
10418 10514 10418
107
106 Sale 106
4
97
963 Sale 963
4
/
1
4
8 10238
8
1015 1023 1023
4
1001 Sale 10012 10012
/
4
907
8
89 Sale 89
9114
4
903 Sale 90
8812 91
903 May'30
4
9138
9012 Sale 9012
.
9
1
2
6
2
14
250
20
16
34
3
11
20
14
11
7
31
3
1
232
3
1
13
93
6
33
744
57
2
1
2
25
1
6
15
83
34
1
10
95
14
11
40
4
6
63
5
20
5
6
19
5
1
52
9
48 I
Range
Since
Jan, 1.
High
Low
4
993 102
9712 1004
/
1
997 10214
8
963 10114
4
97 10012
/
1
4
100 10412
981a 1023
4
10112 10812
95 102
95 1007
s
91% 96
911 917
/
4
2
8412 8812
3
4
933 93 4
81
8514
7314 7314
964 98
/
1
89 100
99 10314
/
1
4
985 98
8
/
1
4
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 30.
tg
Price
Thursday,
May 29.
Week's
Range or
Last Sale.
Santo
Since
Jan. I.
iett
BM
Ask Low
HOD No. Low
High
RhIne-Ruhr Wet Set Cs
/ 87
1
4
1953 J J 85
8612
87
13
8512 89
Richfield 011 of Calif fla
96 Sale 9434
96
12
1944 141 N
94 981
4
Rime Steel 1st s f 75
96
2
1955 F A 96 Sale 9578
8812 9714
Rochester Gas & El 7s ser B_1940 M S 107 10718 107
107
5 1053 1085
4
8
Gen natge 5345 series C....1948 M S 10614 108 10584 10614
9 1895 1"997,
0
57
0
8
Gen mtge 4 34s series D
8
973 May'30 - 4
1977 M S 977 99
Roch & Pitts CdrIpm 58_1946
N 85
92 85 May'30
Royal Dutch 48 with warr
1945 A 0 8918 Sale 89%
8938 161
88% c89%
St Jos Ry Lt H & Pr let 58_1937 MN
St L Rock Mt & P 58 stmpd _1955 J J
St Paul City Cable cons 55.._ 1937
San Antonio Pub Serv 1st 613_1952 j j
J J
Saxon Pub Wks(Germany) 7e'45 F A
Gen ref guar 634s
1951 MN
Schulco Co guar 6 Ms
1946 J J
Guar s I 634s series B___ _1946
Sharon Steel Hoops:5;0
8_1948 A 0
Shell Pine Line s f deb 5s_ _ _1952 MN
MN
Shell Union 011 s f deb 5s
1947 114 N
Deb 5s with wart
1949 A 0
Shinyetsu El Pow 1st 6 hs_ _ 1952 J D
Shubert Thtre 6s _June 15 1942
ea
Siemens & Halske 5 1 7s ___ _1935 •1 D
j 5
Debit 6 Ms
1951
Sierra & San Fran Power 55.1040 F A
MS
Silesia Elec Corps f 6 Ms
MO F A
Silesian-Am Rap coll tr 7s _ _1941
Sinclair Cons 011 15
-year 78_1937 F A
1st lien coil Cs series D...1930 M 5
M S
1st lien 6hs series 13
D
Sinclair Crude 011534s ser A _11993388
J
Sinclair Pipe Lines f 5s_ _ _ _1942 A 0
Skelly 011 deb 5hs
1939
_
solvay A m)Corp 6, 6 Ms_ _1933 M N
Smit ( 0In ves4 18t
Ms
99
98 MaY.30 62 607
Cl
6
90
86 May'30 --- 186'10712 1061 1063
/
4
4
6
97 Sale 97
9912 17
934 Sale 93
/
1
9312 13
651 75
/
4
74
9
70
76
72
73
9
9912
3
704 Sale 9914
48
96
914
906 Sale 9578
9614 Sale 961
/
4
96% 34
100
112
9912 Sale 9914
8912
1
891 Sale 8912
/
4
61
61
3
10912 109 03
5214 94
10314
8
1
10
Sale 043
20
8 105
10112 102
0112 10134 11
5
48
861 88
/
4
86
87
7
93
/ 14
1
4
Sale 92
1033 Sale 03
8
103
/ 56
1
4
821'
1003 Sale 003
8
8 10012 13
10214 Sale 014
/ 10238 83
1
1003 Sale 993
4
/ 154
1 8
4
4 100
9712 Sale 9714
9712
964 Sale 953
/
1
9638 31
4
10
1025 Sale 1024 103
8
/
1
987 971 97
8
/
4
97% 14
10412 Sale 104%
10412
42
1
104 Sale 10312 104
105 Sale 10458 105
18
1034 12
/
1
103 Sale 103
997 102 1003 May'30 --8
4
10012 16
1003 ____ 10038
8
/
1
4
6
1034 Sale 10318 103
/
1
1037 Sale 10314
10418 71
97 Sale 9714
/
1
4
974 44
/
1
6
82 Sale 8114
82
42
41 Sale 41
6
106 108 10518 May'30 -- -93
60
5012 57
1013 1023
8
4
974c10112
2212 40
993s 100
102 10312
19312c108
98% 10012
93
82
83
93
/
1
4
8014 853
4
86
70
11112 11412
4
1023 105
South Porto Rico Sugar 7s.._1942 I" D
1043 109
4
19 1 J 8
South Bell Tel & Tel let e f 58 '41 J J
923 97
4
S'west Bell Tel 1st &ref 5s._1954 F A
99 101
Southern Colo Power Os A. 1930 m N
.1947 J J
0984 lOO'4 Spring Val Water 1st g
43is 4318 Standard Milling 1st M 5a._ _1943 MN
lit .4 ref 5 hs
1945 m S
Stand Oil of NJ deb 5s Dec 15'46 F A
Stand 011 of N Y deb 434s_ _1951 5 0
4
9
Stevens Hotel 1st Cs ser A _ _1945 5 J
7214 Sugar Estates (Oriente) 7s._ 1942 M S
64
104 1053 Syracuse Lighting let g 53- -1951 J D
4
1214 c25
/ ____ 10258 Apr'30 -1
4
Tenn Coal Iron &RR gen 58_1951 Si 102
17
17
Tenn Cop & Chem deb (3s B.1944 MS 1005 Sale 10012 1004 12
8
/
1
14
20
4
16 c2414 Tenn Elec Power 1st(is
10634 30
1947 S D 1063 Sale 10614
81
4
10514 332
Texas Corp cony deb 5s_ _ _1944 AO 10514 Sale 1043
10518 108
52
98% 100 4 Third Ave let ref 4s
3
1960 J J 52 Sale 4878
AdjInc Is tax-ex N Y Jan 1960 AO 273 Sale 26
4
273 150
4
1104 112
105% 10812 Third Ave Ry 1st g 51(
1937 S i
-0
9914 961 9
Toho Elec Power 1st 7s
'
0
10 31° 13
94 101
1955 MS 100 Sa1e4 0618 81970 4 --8.6% gold notes
4
10014 103
997
3
1932 J J 993 Sale 9914
100% 10314 Tokyo Elec Light Co, Ltd
1st 13s dollar series
/
1
8712 53
101% 104%
1953 S D 8714 Sale 864
25
100
88% 9212 Toledo Tr L & P 5M% notes 1930 S i 100 1004 100
102
39
5012 70
Transeont0116 Ms with war.1938 J J 10114 Sale 10114
97 Sale 95
/
1
4
97
5
9918 1037
Without warrants
8
____ 103 May'30 ---997 1033 Trenton 0& El 1st g M----104 IN-15 103
8
4
9
8
94
95 8 c983 Truax-Traer Coal cony 6 348_1943 MN 9312 Sale 92
3
4
/
1
4
/
4
98 104
Trumbull Steel let if 6s.. _ _1940 MN 102 103 1021 10314 25
30
36 May'30
993 10238 Twenty-third St Ry ref Se_ _1982 ii 23
4
/
1
4
9912
8
1025 11014 Tyrol Hydro-Elec Pow 730_1955 MN 9912 Sale 99
/
1
4
/
1
4
95
13
08
Guar sec s f is
9912
1952 FA 93 Sale 93
885 9412
8
10014 12
Ujigawa Elec Pow s f 7s._ 1945 MS 10014 10012 10018
/
4
110 11212 Union Mee Lt& Pr (51o) 55_1932 51 S 1001 10112 101 May'30
8
8
Ref de ext Ss
10114
110 113
1933 MN 1005 Sale 1005
1
8
4 10
Un EL & P(111)1st g 5345 A_1954 ii 1025 103 1023
4 1023
105 c109
767 753
8
4
75
/
1
4
805 Union Elev AY (Chic) Si.._1945 AO 75
8
71
4
9914 10414 Union 011 1st lien s f Ss_ .._ _1931 • J 10218 ____ 1013 May'30 ---7
108
30-yr 6s series A ____May 1942 P A 1077 Sale 10778
s
98 10214
10014 23
1st llen s f bs ser C__ _Feb 1935 AO 100 Sale 100
95 100
2
4 9314 United Biscuit of Am deb Cs.1942 MN 10214 103 1024 10214
860
52
/
1
97
S 964 Sale 96
90 9432 United Drug 25-yr 58
1953
6712 68
68
5
United Rys St List g 4s
10014 104
1934 s
1
00
/
1
United SS Co 15-yr Cs
10053 103
1937 MN 16114 Dm 1004 19112 43
99 4 1011 Un Steel Works Corp 6 Ms A _1951 ▪ D 91 Sale 9014
3
/
4
10
8
91
Sec s f 034s series C
100 103
/
1
4
1951 • D 9012 Sale 903
1011 10512 United Steel Wks of Burbach
/
4
/
1
4
105
1
Esch-Dudelange s 1 7e_ _ _1951 AO 10112 105 105
10214 107
/
1
4
86
31
9912 1043 US Rubber lat & ref bs ser A 1947 J J 55 Sale 8414
4
/
4
4 24
9812
10-yr
89
% secured notes _1930 P A 1001 Sale 10012 1003
99 10318 Universal Pipe & Rad deb Cs 1936 S D 6214 6914 Cl May'30
/
1
4
843
4 13
98 10314 Unterelbe Pew & Lt 65
1953*0 8418 Sale 83
/
1
7912 8618 Utah Lt & Trac 1st & ref 58_1944 AO 954 Sale 953
8
9614 73
4
1004 55
/
1
74
013 Utah Power & Lt 1st &L....1944 FA 1003 Sale 10034
4
10318 Feb 30
.
101 1013 Utica Elm L & P 1st s 1 g 58-1950 ii
4
10458 Apr'30 _
7738 Utica Gas & Ebm ref & ext be 1957• J
36
Utll Power & Light 5 hs_ _1947 S D 92 Sale 91
7312 85
16
Deb 5s with or without war1959 P A 8718 Sale 8718
11114 1123
9212 29
87
4
101 c10512
/
1
/
1
55
1007 1007 Verttentes Sugar 1st ref 75.. _1942• D 544 Sale 544
8
8
17
45
25 Mar'30 96 10078 Victor Fuel let ef 58
1953 S i 30
90
72
1
97 10012 Va Iron Coal dc Coke 1st g 5s 1949 MS 72
72
Va Sty & Pow let de ref be .. _1034 S i 101 Sale 100
88
/ 101
1
4
11
84
4
91 1093 Walworth deb Ohs with war 1935 AO 10514 108 10412 105
4
• 95
97
95 May'30 -90
97
Without warrants
1st sink fund 6s series A__1945 A 92
9
104 107
- 15 92 Sale 91
4 1063 747
10212 105 4 Warner Bros Piet deb 68_1939 MS 10614 Sale 1053
4
,
4
104 113% Warner Co 1st (is with warr_1944 AO 993 Sale 9934
993
4
6
/
1
9411 943
AO 964 Sale 964
/
1
963
4
4
6
Without warrants
90 May'30 - -10211 10512 Warner Sugar Refin let 78..1941 J O 104 105
50
48
10014 1043 Warner Sugar Corp 1st 7s._1930 J J 45
48
4
9614 100%
48 Sale 45
48
15
1
Stamped...................
9114 90 May'30
9814 103
Warner-Quinian deb (is
1939 MS 90
____ 9612 May'30 -- _
97 1001 Wash Water Power s I M._.1939 S i 105
/
4
4
96 10134 Weatchest Ltg g 58 stp0 gtd_1950 S D 1043 Sale 1043
4 1043
4
/
1
4
West Penn Power ger A 55_1946 MS 103 1043 10312 104
4
9618 101
12
1043 10512 105 May'30
let be series E
4
10412 107
1963 M
let 530 series F
98
4
90
105
6
1953 AO 1043 105 105
1st sec 5s series G
9312 9612
10
1956 S D 10412 10512 10412 105
4
Western Electric deb 55_
7712 94
104
36
1944 A0 1033 Sale 10314
194
Western Union coil trust be _ _ 1938 J J 1013 10212 10112 10112
181
8
2
Fund & real est g 434s.....1050 MN 9614 983 974
4
10218 105
/
1
971
/
4
7
15
-year 6 Ms
4
9512 100
4
2
4 1083
1936 P A 1083 10912 1083
25
9512 994
-year gold 55
031 8 34
6
4 103
/ 23
1
4
1951 S D 1851 Sa1e 1023
3412 bb
86
8718 54
Westphalia Un El Pow 68
1953 ii
3412 55
Wheeling Steel Corp lit 534s 1948 55 103 Sale 10214
103
15
let & ref 4 he series B
98 10012
91
99
/
1
4
1953 A0 91 Sale 90
93
/ 9712 White Eagle Oil & Ref deb 540'
1
4
37
With stock porch warrants--- - M
2
1054 106 103
10518
93 4 9
,
7
ells 101
81
White Sew Mach Cs with wart'38 J J 81 Sale 81
2
2
10114 103%
7614
Without warrants
4
764 793 7614
6
Panic S f deb 6s _____ ___1940 MN 7414 78
100% 1047
75
8
74
3
102 105% Wickwire Spen
32
lit 7s__1935• J 32 Sale 32
995 107%
Ctf dep Chase Nat Bank
4
26
30
34 May'30
923 09
4
Wickwire Sp St'l Co 78_Jan 1935 MN 25
30
25
331/4
6
100 103
Ct1 dep Chase Nat Bank.....
26
254
/
1
254 28
8
WIllys-Overland 5!634s.. _ _1933 24-. 100 Sale 100
100 104
1003
4
9
86
9512 Wilson & Co let 25-yr 8168_1941 A0 10012 Sale 100
1003
4 15
16
Winchester Repeat Arms 7348 41 AO 103 Sale 103
103
83 94
'
70
9412 Youngstown Sheet & Tube Is'78 is 102 Sale 102
103
85
90 4 933
3
s
94
00
9812
64
19932 10
0 :2 :
82
0
97
900
9
0
8 '
45
6
7
9
9
5
45
7514
951z 10°14
2 c9
7
871 194
9:° 4
5
1
2
41
6912
100 104
0 % 022.
6
10112 108
8014 95
10 1884 197
9 1z c000414
000
0
99% 102%
94% 1007
s
9412 99
19112 104
01
97
93% 9712
103 107
101% 10414
10288c10 /
0 106
0
0
1
4
10112 105
997 100%
s
100 10412
100 4 104%
3
95
98
74
90
103 105%
3 % 48
6
1021s 104
9712 102
1134% 108
145 1°512
°°34 M
25
35
92 963
4.
98% 100%
96% 100
86
92
12
997 100%
s
96 1033
4
8712 98
102 103
79% 9412
13
02 149
3
03%4
94
85
993
4
95
9712 10012
100 1011
/
4
191 173
0
7
0 °2
9 0%
9
9912 1013
4
106 109
98 10012
99 103
9212 99
68
74
9612 1003
4
8514 9112
851 91
4
102 10512
82I
100 1014
88
61
63
81
91
92% 97
9711 10112
3
19214 1°44
0
9 0%
85
862 9112
95
54
0112
5
230 193214
801:44 0
2
3
73
0018 10t,,,
7
87
95
104 113
95 1001s
98
89
10212 107
48
5612
45
5112
108°°33 4 11104000615:14
11011131142
102 105%
10412 105%
101% 105%
10112 104
10011 10314
95
108 110 4
°
83
1001s 104%
91
10014 103
76
87
93
9 34
8
01
10214 100
935 c1493
2 :1: 83 3:
2779
5
0
8
0
2
25
41
99
25
1014
393
100 103
5a
10012 103
3857
FINANCIAL CHRONICLE
MAY 31 19301
Outside Stock Exchanges
of transactions at
the Boston Stock Exchange, May 24 to May 29, both inclusive (Friday, the 30th, being Memorial Day and a
holiday on the Exchange) compiled from official sales lists:
Boston
Stocks-
Stock
Exchange. Record
-
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Railroad
100 x180
Boston & Albany
100 83
Boston Elevated
100
Preferred
100 1094
1st preferred
100 95
2nd preferred
Boston dr Maine
Prior preferred stpd _ _100
Series A let pfd stud_100
Ser B let pfd atpd_ _100
Chic Jet Ry & USY pfd 100 110
East Mass St Sly Co_ _ _100
East Maas St Sly adjust100
100
Preferred B
100 30
1st preferred
100
Maine Central
100
NY NH & Hartford
Old Colony
100 138
Pennsylvania RR
60 7834
1784 182
93
82
93
93
109 1094
95
96
494 175
Feb 1884 Apr
Jan 8434 Mar
735 67
5 85
Jan 94
Apr
76 10534 Ian 110
Feb
62 89
Jan 9934 Mar
110 110
8034 8134
12534 126
110 0110
634 614
164
16
34
29
30
30
8334 834
1144 117
138 138
78
79
11
175
55
107
110
175
436
310
5
166
8
806
104
77
125
101
6
15
29
30
82
10734
125
72
Jan
Jan
Jan
Jan
May
May
May
May
Feb
May
Jan
Jan
1114
84
130
1114
10
284
47
48
86
1274
140
964
Apr
Mar
Mar
May
Feb
Mar
Apr
Jan
Jan
Apr
Apr
Apr
Bonds (Concluded)-
Thurs.
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
East Mass St Ry Co
1948
Series A 4148
1948
Series 13 58
1936
Hood Rubber 7s
K C Mem & B Sly 4S.1934
Miss River Pow Co 55_1951
New Engl Tel & Tel as 1932
PC Pocahontas deb 78 1935 110
Ruhr Botts Corp 630_1958
1944
Swift & Co 5s
Low.
42
42% $7,000 40
44
44
1,850 44
95
3,000 9014
95
954 95% 1,000 9534
10134 10134
1,000 9814
101 101
5,000 9914
7,000 100
107 110
95
1,000 95
95
1014 101% 9,000 100%
High.
May
May
Feb
May
Jan
Jan
Jan
May
Jan
48
55
97
96
10134
10134
110
95
1024
Mar
Mar
Apr
Jan
May
May
Feb
May
Apr
* No par value. z Ex-d vidend
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange, May 24 to May 29, both inclusive,
(Friday, the 30th, being Memorial Day and a holiday on the
Exchange), compiled from official sales lists:
Stocks-
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Abbott Laboratories com_•
Adams GI DI Mfg corn..._• 35
Addressogr Int Corp com_•
Ainsworth Mfg Corp com10
All-Amer Mohawk Corp A5
Miscellaneous
500
34 Feb
6
6
9
Apr Allied Motor Ind Inc corn.• 14
Air Investors, Inc
10
534 May 2134 Mar Altorfer Bros cony pref. _•
American Equities Co_ _ _ _
534
54 535
•
Am Founders Corp COM 8th
1934
1734 194 3,352 1734 May 3234 Jan Amer Colortype com
Amer Commonw Power
Amer Pneumatic gory
• 26%
Common A
15
54 Jan
25
514 54
9
Jan
Common
195 1834 May 244 Jan
Warrants
25 19
19
194
Preferred
10 43
May 52
Mar Amer Equities Co corn__ _• 19
50
45
45
First preferred
100 231
229 2324 1,739 21634 Jan 2744 Apr Amer Pub Serv prat __100 99
Amer Tel & Tel
3
Amer Radio dr Tel St Corp.
Rights
2014 214 7 542 1934 May 2234 Apr
May 314 Apr Amer Service Co corn____• 114
2,005 18
294 2634 30
Amer & Conti Corp
17
50 1234 Jan
•
Amoskeag Mfg Co
134 134
1834 Feb Am States Pub Ser
1,566 574 May 80
Jan Am Util & Gen Corp B vte* 12%
574 64
Bigelow-Sanford Carpet _ _• 60
113 99
May 103
Mar Appalach Gas Corp com..• 13
100
99 10034
Preferred
Jan 28
140 22
Apr Art Metal Wks Inc corn_ _• 1714
Boston Personal Prop Trust 234 234 254
161 80
824
Feb 85
Jan Assoc Appar lnd Inc corn * 41
82
82
Brown Co preferred
•
May 374 Apr Assoc Investment Co_
570 24
2734 294
Columbia Graphaphone__
•
Jan 63
50 48
Mar Assoc Tel & Tel el A
56
56
Continental Secur Corp-- ..
•
930 10
May 20
$6 preferred (w w)
Apr
1034 114
Credit Alliance Corp el A... 1114
Crown Cork & Intl Corp1134 1134 1,150 104 Mar 1234 Mar Assoc Tel URI Co com_• 27
10
44 44
100
334 Feb434 Apr Atlas Stores Corp com___• 3514
East Boston Land
427 26
Jan 41
37
36
Apr Auburn Auto Co cora_• 170
East Gas & Fuel Assn cora. 37
461 76
Jan 83
80
81
100 80
Jan Automat Washer con pf__*
44% Prior prat
Jan 99
100 96
96
964
372 92
6% cum pref
May Backstay Welt Co corn_ *
3014 3314
920 254 Jan 36
Eastern 55 Lines Inc new. 33
Apr Balaban & Katz pref_ _100
138 2634 May 40
33
31
33
Eoonomy Grocery Stores__
Bancoky Co (The) com_10 234
Feb
100 273% 270 274
1,031 237
Jan 276
Edison Elec Ilium
Mar Bastian-Blessing corn_ ___• 38%
6
Empl Group Asami
2734 254 274 3,684 2134 Feb2734 Apr Baxter Laundries Inc A...•
15
Galv-Houston Elec_ _ _ _100
5
434 Feb9
5
5
Jan Beatrice Cream'y Co com50
1334 1534
40 12
Mar 24
Galveston Bons El pf _ _100
Jan Bendix Aviation corn__ _• 43
60
834 Feb1434 May Binks Mfg CIA cony pref.._• 30
General Alloys Co
1034 1134
745 43
General Capital Corp
52
Jan 80
5115 50
Apr Borg-Warner Corp com _10 364
100
German Credit Invest Corp
7% preferred
50 11
18
18
18
Jan
1st preferred
1934 May Bright Star Elea Co
May
3
•
Gilchrist Co
•
11
124
435 10
19
Jan
Class A
139 804 Apr 10534 Jan
Gillette Safety Razor Co •
8434 8734
Class B
50 294 Mar 404 Jan Brown Fence & Wire cl A _• 25
Hathaway's Bakeries cl A_
39
39
•
685 18
Mar 2334 May
234 20
2314
Hathaways Bakeries el B__
Class 13
Mar 34
5 27
HYgrade Lamp Co
324 324 33
Apr Bruce Co(E L) corn
5
834 Feb 154 Apr Burnham Trad Corp
Intl Buttonhole Mach_10
13
13
1314
54 Jan
360
1434 Mar
1014
International Corn
10
Common
419 394 May 53
30
Inter Hydro El Sys el A
______ 46% 4774
Apr
Preferred
392
2% Jan
20 1094
94 Apr Butler Brothers
Jenkins Television com
5% 614
60 88
Jan
91
Apr
Kidder Peabody A pfd_100 89
89
89
31 16
May 26% Apr Camp Wyan dr Can Fdry_* 2514
Libby McNeill & Libby..10
17
18
.• 134
145
714 Jan
1234 Apr CeCo Mfg Co Inc corn..
Loew's Theatres
25 10
10
10
909
8
634 Jan
814
12
Mar Cent Illinois See Co etre- 2834
Mass Utilities Alan
834
190 100
• 95
May 1084 Feb Central Ill P S pref
Mergenthaler Linotype 100 10034 100 102
50
14 Jan
24 May Central Ind Pow pfd. _ _100 90
National Leather
10
14
135
134
4
Mar
414 1,372
8
4
Jan Cent Pub Serv class A_ _ _• 39
National Service Co
434
20 2434 May 30
• 40
244 2434
Mar
Common new
Nelson (Henry) Corp_ __5
• 27
95 2734 Mar 374 Jan Cent S W URI corn new . 102
New Eng Equity Corp_
2814 2834
New Eng Gas & El Assoc
Prior lien prat
40 92
May 92
92
• 9734
92
Preferred
May
534% preferred
156 143
New Engl Tel & Tel.. A00 151
151 152
Feb 160% Apr Chain Belt Co common •
46
Nor Amer Aviation, Incl.__ ..
114 1134
534 Jan 154 Apr Cherry Burwell Corp corn _* 33
577 204 Jan 30
Pacific Mills
100 234 2314 254
Feb Chic City & Cons its'
•
807 174 Jan 2734 Apr
Public Utility Hold cam_ _ _
234 234 24
Common
500 7234 Jan 904 Apr
Railway Light & Ser Co_ _ ...... 93
85
• 1314
Part preferred
155 15
Jan
Reece But Hole Mach Col0
• 1414
1614
16
1634 May Chicago Corp corn
494 Jan
Second Inc Equity corn elk
322
83.5
514 534
6
Feb
Convertible preferred...• 414
Sbawlinit Alken cora stk. 19
1,795 16
Jan 2134 Mar Chic Investors Corp corn.
1874 1934
Jan 15
may
Southern Ice Co
20
5
15
15
Preferred
• 3714
May 70
Preferred
20 65
100
65
85
Jan Chic No Sh & Milw
Jan 11314 Apr
Stone dr Webster Inc
814 82
100
Prior lien pref
9631 934
463 294 May
Swift & Co new
3034 30
304
3434 Jan Chic Rap Tr pr pref A_100
220 58
Torrington Co
58
May 67
56
Jan Chicago Rys50
I
JIM
3
mar
Tower Mfg
134
134
Part etfs series 2...„100
Tri-Conti Corp common
__ __ _
15% 15%
206 1234 Jan 2014 Apr
Part certifs ser 4_ ___100
205 26
Union Twist Drill
2614
5 26% 26
May 51
Jan Chic Towel Co cony pfd__. 8914
United Founders Corp __ 3134 294 32
2,940 27
May 4434 mar Cities Service Co corn. _• 3334
United Shoe Mach Corp.25 6734 67
6834 1,194 6934 Jan 6814 May
34
Rights
Preferred
279 30
4
•
25
314 3134
Jan 32
Mar Club Alum Uten Co
U 8 Elee Power Corp
3,605 144 May
1834
17% 19
23
Jan CommonwealthEellson.100 316
U S & Int See Corp pref.__ __ ___ 41% 42
20 41
May 52
Mar Comly Water Serv eom-• 164
U S & Oversews Corp corn_
2,125 16
22%
23
Jan 23
19
May Construction Material_ •
Utility Equities Corp prat 824 824 84
233 71
Jan 9114 Apr
• 41
Preferred
Venezuela Holding Corp
____
270
1
Feb
am may Cont Chicago Corp4
5
Venezuela-Mexico 011
Mar 7834 Jan
19
10
11
70
7
Com mon
Waldorf System lac
*
50 2514 Feb 3174 Apr
294 2934
• 464
Preferred
Walworth Co
45 3134 May 4134 Apr Continental Steel
3234 324
Westfield Mfg Co corn ___
175 22
24
24
Feb274 Jan
Common v t
Whittelsey Mfg Co A
134
300
5 1014
14 114
114 May
24 Feb Cord Corp
• 69%
Corp Sec of Chic allot at
Mining
• 2534
Common
Arcadian Cons Min Co .25
300 250 May
25 43
35c 35e
80a
Jan Crane Co corn
Arizona Commercial
8
300
134 Jan
1% 1%
14 Jan Curtis Lighting Inc com__* 17
25
510 16
Calumet & Hecht
1914 20
May 324 Jan
25
25
Cliff Mining
5
10
5
Apr 10
Apr Davis Industries Inc A.._
21
12
12
99 11
Copper Range Co
May
1674 Jan Dexter Co (The) corn____5
1.1 4
1
13is
124
East Butte Copper Mln_10
1
May
134 Jan Duquesne Gas Corp corn _• 1834
194 May
Hancock Consolidated_ _25
134
215
134
El Household URI Corp_10 5234
334 Feb
14
1
25 344 May 43
354 3534
Island Creek Coal
Elec Research Lab Inc__ •
Jan
25
74 715
Emp G & Fuel Co 7% pf100
me Royal Copper
124 Jan
74 May
35
100
25
14
134
114
968 90c
634% preferred
Lake Copper Co
Jan
1% May
100
35e 350
165 30e
Mayflower &Old Colony 25
8% preferred
Feb 600 Mar
100 854
25
3414 3414
15 3034 May 52
6% preferred
Mohawk
Feb
15
2
2
214
3,055
2
Empire Pub Serv Corp A..* 2135
Butte
May
54 Jan
North
25
6
20
6
Fabrics Finish Corp com_•
634
May
10
Jan
Old Dominion Co
• 154
1414 1534
595 10
Jan
17
Mat Fits Simmons & Connell
P C Pocahontas CO
•
25 2414 234 2534 2.067 1534 Jan 4494 Ain
D & D common
Quincy
1814
3c
20 15c 19,074
2c May 60o
Rights
Apt Foote Bros & M Co...
19
19
20 17
Gardner-Denver Co corn-5 5935
May
28
Jan
St Mary's Mineral Land.26
150 150
25 10c
10
Gen Candy Corp cl A...5
Jan 20c
Shannon
Feb
214 24
870
5
234 May
Gen Theatre Equip v t e.• 464
3% Mar
Utah Apex Mining
510 55c
600 500 Mar 90e
Wan Metal & Tunnel__ _1 51c
Apt Gen Water sum Corp el A• 31
• 92
$7 preferred
meaner Corn Ear com • 32
Bonds80
Goldblatt Bros, Inc, corn_•
611_1946 80
336,000 7934 May 84
8034
Amositeag Mfg Co
Feb
102 102
814
5,000 9874 Jan 102
Chic Jet Sly & US Y 58'40
May Great Lakes Aircraft A.
10
Range Since Jan. 1.
40
3414
3514
27%
214
14
40
314
4034
3534
3634
27%
24
1434
40
314
550
600
450
100
250
1,100
20
100
Range Since Jan. 1.
Low.
35
29
2234
21
1
14
34%
21
High.
Jan
Feb
Jan
Jan
Jan
Slay
Feb
Jan
450 2314
264 2714
3
50
3
3
54
1,300
19
194
110 96
99
99
14
2,150
24 3
5
1034 1114 2,850
500 164
1634 17%
400 11
12% 134
2,150 11
1214 13
2,150 16
16
19
450 34
40
41
100 5834
594 5934
73 68
634 64
130 90
96
96
4,450 2114
25% 27
1,450 174
35
36
163 1714 2,800 150
15 12
124 12%
32 2834
2834 2834
32 90
97
97
2331 3,250 19
23
37
384 2,000 35
6
160
6
634
100 70
87
87
12,510 33
4134 44
450 24
28
30
364 3814 16,400 3234
50 97
100 100
Apr
Apr
Mar
Apr
Apr
Slay
Feb
Apr
May
Feb
Mar
Mar
May
May
Feb
May
AM
Jan
Jan
Jan
Mar
tor
Jan
Apr
AM
mar
Mar
AM'
4
114
2834
31
594
Apr
Apr
mar
Apr
Apr
Feb
Feb
Jan
Jan
Feb
100
250
750
50
550
12% 13%
29
30
10% 104
1,250
1,250
1,250
May
12
2834 Slay
10
Mat
1,174
3,400
1,050
302
78
4,900
2,475
9,450
250
250
50
60
19
1234
26
92
8634
35
22
2114
98
934
43
324
14
13
1314
40
734
3734
26
13%
2815
9534
90
40
4034
27
102
974
43
33%
30
114
75
1414
1414 55,75
41% 4,55
80
714
55
37%
874 90
99
96
34
36
34
94
17%
94
40
4,750
4,400
17% Apr
36% Apr
17% Jan
Jan 30
Slay 204
Jan 33
May 97
Apr 95
Jan 4234
Feb 4034
Jan 31
Jan 105
May 100
May 48%
May 40
1
Jan
9% Feb
1234 Jan
Jar.
38
Jan
6
324 Jar
874 May
Feb
96
114
300
414 414
14
200
4
4
35 84
89% 89%
3314 3534 34,200 2634
34
21,550
34
1
334
1,450
5
4
1,000 23554
309 320
292 124
164 1614
500 14
18% 1914
41
414 1.100 3894
184 191.4
46
4634
Mar
May
May
Apr
Apr
Feb
Mar
Apr
Feb 32
434
May
Jan 22
Jan 100
3
Jan
12
Jan
May 26
Apr 15%
May 14%
May 27%
May 45%
Jan 83%
Jan 64%
Apr 97
May 29%
36%
Jan
May 2844
15
Jan
May 324
Jan 100
Jan 25
May 46%
Solar
12
Jan 9134
Jan 5794
Slay 30%
5054
Jan
Jan 101
3
3
1
1
25
254
224 224
41
4634
23
12%
28
93%
88%
3814
3934
2634
10234
97%
43
33
46%
37
38
3334
414
1954
45
34
Mar
2
20
Mar
17% APT
mar
45
10% Apr
41
AIR
98
100
Feb
44
4
Ma
Feb
89%
444
Jan
134
May
7
Jan
Jan 338
19
Jan
24
Jan
49
Jail
18% May
46
Apr
Mar
Jan
Feb
Mat
Jan
Ave
May
Mar
AP1'
Mar
AM
Jan
Jan
Jan
May
May
May
Apr
May
Apr
Apr
Apr
AM
Aix
Apr
25
4734 Apr
50
21
1014 15,600
1,900
70
17,650
26
522
43
192
18
184
10
54
244
42
16%
May
May
Jan
May
Apr
May
2534
1734
7234
28%
4434
22
Apr
Mar
Apr
Apr
Mar
Feb
50
2
2
60
144 15
184 1614 1,850
494 5214 13,750
14 14 1,750
50
90
90
50
894 8934
100
102 102
50
854 85%
400
21
2135
100
44 434
14
14
1634
41
4
854
804
9814
76
20
24
34
Feb
Apr 18
16%
May
Feb 57%
Jan
23.4
Mar 97%
Apr 194
Jan 106
Mar 864
Mar 2234
Jan
934
Jan
Jan
May
Apr
Ape
Apr
May
Apr
May
May
May
250
58
1835 18,450
95
5934
50
7
3,200
47
1,100
31
250
92
32% 2,350
25
194
774 14,330
47
154
5834
4
314
20
80
1914
1934
4
Mar
May
Jan
Mar
Jan
Jaa
Jan
Jan
May
Feb
Mar
Apr
Feb
May
Apr
May
Apr
Apr
Jan
Feb
21
104
674
2434
42
16%
55
164
5934
7
4514
29
91
3014
194
631
64%
22
64%
7
51%
31
92%
3634
28%
834
3858
FINANCIAL CHRONICLE
Thurs.
Bales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Prke. Low. High Shares.
Range Sinee Jan. 1.
Low.
High.
[VOL. 130.
1BUTS.
i'AUes
Last Week's Range for
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Week.
Shares.
Swift & Co otts
25 3034 30
3074
Tenn Prod Corp, com__*
1474 1434 1434
Thomson Co (J R) oom_25 42
41
42
Time-O-Stat Controls A-_• 2641 26
2834
12th St Store stk our warr_
34
Twin States Nat Gas trt A.. 1534 1534
1534
Rights
34
%
%
Unit Corp of Amer pref_ -•
19
2034
United Am Util Inc corn_* 17
15
174
Class A
• 2034 20
20%
United Dry Docks cora. _ _.
.5
5
United Gas Co corn
• 40
373-4 4034
United Ptg & LithoCumul pref A
24
22
24
U S Gypsum
20 4814 4734 4834
U S Lines Inc pref
• 1634 16
1634
US Radio & Telev com • 2611 1734
2934
Utah Radio Prod com
• 10%
934 10%
UPI & Ind Corp corn_ _ _ _• 18
1734 1834
Convertible preferred...' 2434
24
25
UPI Pow & Li Corp A • 4034 40
41
Common non-voting ' 2334 223-4 2334
Viking Pump Co pref
* 29
2734 29
Vortex Mfg
• 26
2534 26
Class A
• 3034 3031 303.4
Wahl Co common
•
611 7
Waukesha Motor Co com_• 110
110 110
Wayne Pump Co cony prof*
3434
32
Common
•
1334 1334
West Con UM Inc CIA.... • 263-4 2534 263-4
Western Grocer Co com_25 1334 1334 1434
Western Pr Lt At Tel A__ _• 2534 2534 2634
Wextark Radio Stores com* 1074
10
1134
Williams 011-0-Matic corn *
8
8
Winton Engine Co com__• 67
68
8951
Wisconsin Bank Sirs corn 10 1134 1034 1135
Woodruff & Ed Inc part A *
1334 14
Yates
-Am Mach part Pf--•
83.4
8
834
Yellow Cab Co Inc(Chic).• 28
28
2834
Zenith Radio Corp corn....' 1434 1334 14341
Range Since Jan. 1.
2P18899.. 13SP
8
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X
XX
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XXX
- -
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- -
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01
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).
High.
Low.
Great Lakes D & D_ _160 280
26434 290
1,930 150
Jan 290
May
Greyhound Corp(The)com*
1234 1214
2974 May 3334 Feb
100 11% May II
Fen
Grigeby-Grunow Co cona_• 26
13
2234 2634 143,900 12% Jan 27% Apr
Jan
163.4 Apr
Hall Printing Co com...._10
36
25% 25%
Jan 4734 Mar
50 24% Mar 31% Mar
Harnischfeger Corp tem.28
28
24
Feb 3234 APr
29
150 27% Jan 30% Apr
Hart-Carter Co cony pfd' 2074 2034 2034
34 Feb
% Feb
500 20
Jan 27% Feb
Honda!lle-Hershey Corp A• 24
14
2334 25
May
1834 May
5,150 21
Jan 31
Feb
Class 13
% may
•
34 May
18
2134 7,100 17
May 2834 Apr
Hussman-Ligonier Co cm* 1834
1034 Jan
14
14
10 12
2334 Apr
Mar 23% Jan
Illinois Brick Co
25
14
20
Mar 1934 Mar
2131
578 19% May 27
Jan
Illinois Nor UM pref_ _100
20
Apr 225
100 100
2,100 95
Jan 100% May
% Apr
Indep Pcum Tool v t c
54
5 Slay
40 49
734 Mar
Feb 55
Mar
Ind Ter Ilium 011 n-v A__• 3534 35% 54
1934 Jan 4534 Mar
36
500 353-4 May 4741 Apr
Inland Mil Inc class A---• 32
32
3234 9,300 24
Jan
34% Apr
Instill I:311 Invest Inc___' 65
22
May 24
May
64
6534 16,350 53% Jan 70% Feb
2d preferred
•
3941 Jan 58
93
Apr
93%
250 61
Jan 99% Mar
Invest Co of Amer com_.• 55
14
Jan 2034 Mar
49
55
2,200 46
May 55
May
Iron Fireman Mfg Co v t e• 2734 25
8
Jan
2914 May
2734 5,400 22
Jan 27% may
Jefferson Elea Co com---• 4434 4334 46
434 Jan
10% May
8,700 30
Jan 58% Apr
Kalamasoo Stove corn -• 7234 71
1634 May 23% Feb
7234 1,050 58
Apr
J, n
Katz Drug Co cam
2254 May 29
1 3534 35
37%
Feb
650 34
Apr 48244
Kellogg Bwitchb'd com__10
Apr
3134 Jan
1,150
634
4153-4
634
4% Jar
8% Mar
Ken Radio Tube & Li
1434 Jan 28
mar
Common A
•
25
Jan 2934 Apr
9
10
1,850
5% Mar
15% Apr
Kentucky Util Jr cum pf _51
2034 Jan 2934 APr
50
50
10 50
Jan
Feb
51
Keystone St & Wire cote -•
2814 Jan 34
Apr
1434 1455
50 13% Mar 22
Jan
Preferred
100
8
Jan
14
85
85
Feb
10 85
Apr 85
Apr
Kirsch Co cony prof
9934 Mar 140
1734 173-4
Apr
150 16% Feb
Jan
18
Kupplaelmer .3, Co (B) Inc
28
Jan 35
May
Common
5 35
9
35
35
Jan
14
Feb
100 35
Apr 35
Apr
La Salle Ext Univ com10
2*4
1234 Jan 28
234 2%
May
1
234 Apr
3% Feb
LIIH4 Drug corn•
II% Jan 15
-•
234 3
Apr
650
6
Jan
251 Mar
Cumulative preferred_ _*
4
4
4
2434 Jan 28
5
Feb
Jan
May 15
4
Lawb'k Corp(The)al ctfs_*
10
Jan 24
92
92
Jan
35
May 92
92
May
Libby McNeill & Libby_10 16
May
7
16
834 Apr
1734 7,150 15% May 27% Apr
Lincoln Printing corn-..-• 25% 2511 27
4534 Jan 6934 May
1,800 19
Jar
2931 Apr
7% Preferred
10
50 42% 4234 4234
May 1134 Jan
55
41% May 44% Apr
Warrants
12
Jan
16
Mar
34
1% 9,50
Si
% May
5% Apr
Lindsay Nunn Pub E2 Pf.
8
May 1734 Feb
• 24% 24% 24%
12
24% May 29
Apr
Llon 011 Ref Co com__ __• 2634
2634 Feb 31
26
Max
2734 1,90
18% Jan 29% Apr
Lynch Glass Mach com-• 271.1
554 Jan
163.1 Apr
2534 2734 5,500 14
Jan 81% Apr
BondsMcCord Radiator Mfg A.*
33
33%
130 31
May 37
Mar Albuquerq Nat Gas 634s'46
McCiraw Elea Co corn_ _• 2334 2334 24%
100 100
100
May 100
May
600
Jan
27% Feb Chic City Rys 5s
Majestic Househ Util corn • 6834 56% 70 110,550 23
1927
83
83
70
Feb 8334 May
Apr Chicago Rys35
May 74
Mapes Cons Mt Co cap stk*
38% 38%
13 38
Jan 45
Apr
let mine 5s ars dep.1927 81
Marshall Field dr Co min.'. 433.1 43% 43% 1,600
81
81
70
Feb 8234 May
May 5334 Feb
43
Adjustment Income 4s__
Manhattan-Dearborn corn' 3534 35
32
32
22
Apr 32
May
3514
800 33
Jar
40% Max Com'wealth Elec 5*.... _1943
Meadow Mfg Co com--•
104 104
May
2% 233
10234 Jan 104
250
Jan
2
4)4 Feb Instill Util Inv 65
1941 10534 105 105%
Memphis Nat Gas corn... 19
0934 Jar, 11251 MB/
1834 19
700 1811
May Northwest Elev 5s
1941
Mer & MA's See Co A cam • 3534 3434 35% 4,300 17% May 21% Slay
83
83
77
Jan 8414 Mat
Jan 36
Pub Serv 1st ref g 5s.._1956
Mid-Coot Laundries A--•
101% 1013-4
9834 Feb 101% May
9
9
450
Slay
9
Jan Sou Nat Gas Corp 68_1944
12
Middle West Utilities new • 3414 33% 34% 77.450 29
97
May 100
97
9734
May
May 38% Apr South Union
Gas
$8 cum preferred
Mar 103
• 10511 103% 105%
May
96
1,300 98
Jan 108% Mar Swift & Co 1s1 a 834e..1939 10234 10234 10234
f g 52_1944
Warrants A
102 102
100% Feb 10234 Ain
3% 3%
1,600
5% Apr United Amer UPI 6s_ _1940
104 Jan
Warrants B
983498
9834
9734 May 9834 Mal
5
1,450
534
3
Jan
Feb ....---_-_ .....
8
Midland Nat Gas part A-• 1734 17% 17% 5,550 17% May
18% May
Midland United Co corn • 28
27
28
4,300 21% Jar
• No par value. x Ex-d Arland. y Ex-rights.
29% Feb
Preferred
• 45
4434 45
2,450 43 May 46
Apr
Warrants
•
Philadelphia Stock Exchange.
4
3% 4
1.650
5
-Record of transactions
3% Apr
May
Rights
1
14
5,550
134
% May
1% May at Philadelphia Stock Exchange, May 24 to May 29, both
Midland UM 6% Pr l'n_100 98
95
98
311 81
Jar 10151 Mar
7% prior lien
100
109% 111%
169 94% Jar. 113
Mar inclusive (Friday, the 30th, being Memorial Day and a
8% preferred A
100
94% 97
125 84% Jan 100
Mar holiday on the Exchange), compiled from official sales lists:
7% preferred A
100
102% 105
01 91
Jan 105
Apr
Miss val CHI Inv 7% pf A •
96% 97
260
Thurs.
98% Slay
Sales
Mo-Ran Pipe 'Ana corn-5 35% 34% 35% 27,850 954 AM
Last Week's Range for
18% Jar
35% May
Range Since Jan. 1.
Rights
1
1
Sale
of Prices.
134 11,950
1
Week.
May
1% May
&Iodine Mfg corn
• 63
Stocks61% 65% 4,258 48
Par. Price. Low. High. Shares.
Jar
Low.
7234 Apr
Mohawk Rubber Co nom.. 16
15
16
700
8
May
16
May
Monighan Mfg Corp A__ •
19% 19%
•
4
4
67 10
Jan 2134 Mar Almar Stores
3
Jan
Monroe Chem Co corn......• 10
American Stores
9
10%
600
40
* 4834 48
45
Jan
8% May
15
Jan
Morgan lithograph oona-* 15
14
15
950 10
50 4334 433.4 44
36
Jan 22
Jan
Apr Bankers Scour, pref
Muncie Gear corn
•
3%
314 4%
350
2
Mar
11334 Jan
7% Apr Bell Tel Co of Pa pref__100 1173.4 11734 117%
Muskeg Mot Spec cony A •
20% 20%
* 113.4 11% 1234
100 16
Jan 24% AP! Budd (E G) Mfg Co
934 Jan
Nachman Springf'd corn..'
17
Preferred
17
300 1634 May 28% Jan
60
Jan
Nat Battery Co prat---• 25
25
25
1331 1434
14
70 25
May 31
834 Jan
Jan Budd Wheel Co
Nat Elec Power A Oct......' 31
30% 31
Preferred
250 16
90
Feb
9636 9674 9634
Jan
3834 Feb
Nat Family Stores com..--• 1711 17% 17%
4134 4134
450 11311 May 20
50
383.4 Jan
Apr Cambria Iron
National Leather corn_ _lb
13-4
1% 1%
300
22% Jan
13-4 mar
311 Apr Camden Fire Insurance__ ----- 25% 2534
National Pub Serv Corp
Central Airport
5
53.6
33-4 Feb
3334 cony prof
•
4611 4735
177 46
7034 7034
Mar Electric Storage Battery100
May 50
6714 May
Nat'l Republic Inv Trust.... 45
45
45
15
814
8
May
45
May 52
8
1034
Jan Empire Corp
Nat Scour Invest Co com-• 1954 1714 19%
750 13% Jan 26% Mar Exide Securities
16
1514 16
15
Apr
•
Certificates
92
93
200 75
10 3834
373-6 3834
Jan 101% Mar Fire Association
36
May
Nat Shareholders, corn..
22
22
100 22
37
37
May 25% Feb Fishman & Sons A
37
May
Nat'l Standard coin
• 363.4 35% 36%
600 31% Jan 44
145
17034 17034
Jan
Ayr Horn & Hard(PhIla) corm.°
Nat Term Corp part pfd..' 1334 13
14%
500 11
423.4 423-4
Apr
40
Jan
Jan Horn & Hard (N Y) com-•
16
Nat Un Radio Corp corn'
6% 8% 1,800
855
34 Jan
.
7934
61)
Apr Insurance Co of N A _ _ _10 7934 78
10
Jan
Nobblitt-Sparks Ind corn.'
50% 52%
850 40% Jan 59
1034 1134
Mar Lake Superior Corp_ __100 1034
10% May
North American Car com_• 4934 473.1 55% 5,850 35
Jan 55% Apr Leh Coal.4 Nav newW I__
4336 42% 43%
39
Jan
North Amer G & El cl A-• 23
23
23%
600 19% Jan 28% Apr Manufact Ca* Insur
35
35
353-4
3234 May
No Am Lt & Pr Co com--• 7634 74% 77% 7,780 o734 Jan 84% Apr Midland Valley pre
35
35%
33
Mar
N & S Am Corp A com-_• 2334 19% 23% 6.800 10
Jan 25% Apr Slinehill & Schulk Hay_ _50
5536 5534
54
Feb
Northwest Bancorp com-50 5034 50% 5034
850 484 Mar 55% Jan Mitten Bank Sec Corp.._.... 173-4
17
17 34
16
Jan
Northwest Eng Co corn- -• 2634
200 21
25
26%
Preferred
Jan 81
1734 1734
Mar
17
Jan
Northwest UPI
7% preferred
100
94
50 91
Mar 98% Jan Penn Cent L & P cum pfd *
94
7836 7834
7536 Jan
Prior lien preferred-100
99
10 9534 Feb 101
99
123-4 1334
Mar Pennroad Corp
12
May
Ontario Mfg Co corn
•
26
200 26
28
May 36
50
783.4 7934
Feb Pennsylvania RR
7234 Jan
Oslakoah Overall Co
Pennsylvania Salt Mfg_ _50 95
95
95
94
Jan
Common
Jan
•
10
5
5
5
92%
6
Jan Phila Dairy Prod prat__
92
8634 Jan
Convertible. pref
Jan 20
•
10 18
19% 19%
Feb Phila Elec of Pa $5 pref..103 10334
9834 Feb
Pacific Pub Serv CIA corn'
32
100 2734 Feb 38% Feb Phila Elea Pow pref_ __25 3334 33
32
3134 Jan
3334
Penn Gas & Elec A com_ *
14% 15
100 14% May 19% Mar Phila Insulated Wire
60
60
54
Mar
Perfect Circle (The) CO....'
Jan 4434 Apr Phila Inquirer pref w l_
300 30
37% 38
5034 503-4
Jan
49
Pln09 Winterfront com-.5 34
May 45
34
150 32
Jan Phila Rapid Transit____50
35
34
34
34
May
Poiymet Mfg Corp corn....' 1334
9% Jan
7% preferred
1134 13%
18% Apr
950
50 3334 3336 3334
3231 May
Potter Co (The) corn__ _•
Phila & Read Coal & Iron.
Jan 20% Mar
500 12
15% 17
24
253.4
1434 Feb
Process Corp common_ •
100
10
Apr Phila 4t Western Ry_ _50
10
534 Feb 15
234 23-4
1
Jan
Pub Sere of Nor 111 cora_ •
Apr Railroad Shares Corp
305 318
291 213
Jan 336
73
7% 737% May
Common
160
32 21534 Jan 332% Apr Reading RR
310 310
120 120
120
May
100
Apr Seaboard Utilities Corp
7% preferred
20 120
138% 138%
Jan 140
7%
7
7%
May
7
8% preferred
100 129
Jan 135% Apr Scott Paper
23 115
129 129
51
5034 51
,
80
Feb
Q-R-S De Vry corn
7%A
Feb
• 15
700 1434 May 22
14% 15
107 107
10334 Feb
Quaker Oats Co pref__100 115
May Shreve El Dorado Pipe L 25 12
Feb 122
56 110
1034 12
115 115
Jan
9
Common
Feb , Sentry Safety Control _.May 293
75 205
217 218
554 5%
4 71 Feb
Railroad Shares Corp com •
9% Jan I Tacony-Palmyra Bridge--•
7
50
834 May
50
7
7% 2,700
34
Jan
Raytheon Mfg Co
Apr TonoBelmont Devel_ __I
Jan 35
_• 25
23
A
%
25% 1,500 17
Si
3-1 Mar
Reliance Internat Corp A-' 14% 14% 15
com_1
950 13% May 16% Apr Tonopah Mining
%
% 1
74 May
May 1934 Apr Union Traction
Reliance Mfg Co com___10
50 3034 3034 3031
550 11
11% 12%
2534 Jan
4
Jan Un Gas Improv corn new..' 4434 43
10
Richards(Elmer) Co pref.*
May
60
4
4534
6.15
3154 Jan
Preferred new
Rollins Hoe Mills cony Pf-* 3854 3734 38%
• 101% 10134 101%
100 37% May 45% Mar
9634 Jan
U S Dairy Prod class A *
Jan
3794 Feb
Roes Gear & Tool corn-- • 33
600 29
6834 69
32% 33
Jan
52
Common class B
31
JEW
364 Jan
Ryerson & 810n
23
coin. * 3334 32% 33% 2.75
* 24
243-6
Jan
14
1st preferred
Mar 17% May
Sally Frocks Inc corn...._..* 1734
10034 101
250 13
Mar
17
17%
93
Feb Victory Park Land Imp
Jan 40
4% 4%
Bertram° Electric Co tom..' 39
__ __ _
434 Mar
35% 3934 3,050 30
May West Jer & Seashore RR 50 5534 5.534 5514
Preferred
May 99
100
250 96
96
99
5534 May
16% May Westmoreland Coal
50 1134
Sextet Co corn
6,100 15% May
10
* 10
113.4 1134
Mar
15% 16
Apr Insurance Co of No Amer__
6
10
Jan
4
May
Seaboard UM Shares Cort•
4
4
43.4
7
734 3,550
734
gi MAY
% May
Sheffield Steel Co rights _
34
36 2,350
34
BondsJan 993.4 May
Bp'west Gas& El 7% Pf 100
66 93
99
09
Apr Elec & Peoples tr Ws 4.1'45 4134 40
Jan
Jan 93
34
Southwest L & P pref........' 93
2,150 82
93
41%
90
May
I 96
97
May 3314 Mar Elmira & Williamsport 5s_
96
Standard Dredge cony pl_• 25
250 23
25
25%
I 8736 AM
May 32% Mar Plana Elec (Pa) lot s f 4$613
90
90
21%
Common
500 18
• 2134 21
1st lien & ref 5s____1960 104
15
Jan
Jan
I 10234 Feb
104 104
Standard Pub Service A • 15
150 11
14% 15
1st 5s
341 Apr
1966 106
I 10334 Jar
105 10634
1% Feb
Steinite Radio Co
1% 2% 7.400
•
2
I 10431 Feb
Stone & Co(H 0)corn......' 17
900 10
18
May 3341 Mar Philo, Elec Pow Co 53.4* '72 1063.4 10811 106%
16
Jan Strawbridge & Cloth 55 '48
18
I 953-i Jar
Studebaker Mail Order A.*
May
9734 9734
6
250
6
6
6
Mar United Rys 48 tr cas_ _1949
46
Jar
60
60
Saner Maid Corp corn.. •
May 54
200 36
36
37
1034.
Ina
Feb TT a Ilnint 111.4a
Inn
9% Apr 14
Sutherland Paper Co com10 10
) 9934 API
210
10
10
Swift International
3854 12,450 30% Jan 88% May
15 3734 37
• No par value.
MAY 31 1930.]
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, May 24 to May 29, both inclusive (Friday, the 30th, being Memorial Day and a holiday on the Exchange), compiled from official sales lists:
Stocks—
Sates
Thurs.
Last Week's Range for
Week.
Sale
of Prises.
Par. Price. Low. High. Shares.
Appalachian Corp
*
Arundel Corporation
Atlantic Coast L(Conn)_50
10
Baltimore Trust Co
Baltimore Tube pref-__100
*
Black & Decker corn
Ches&Po Tel of Bait Pf 100
Commercial Credit pre:_25
Consol Gas E Lt & Pow__*
6% preferred ser D__100
514% pref w I ser E__100
100
5% preferred
Drover & Mech Nat Bk_10
Emerson Bromo Sett A w I_
Fidel & Guar Fire Corp_ _10
50
Fidelity & Deposit
Finance Cool America A.*
First Nat Bank w i
Houston 011 pi v t ctfs_100
Mfrs Finance let pref___25
25
2d preferred
Maryland Casualty CO--25
New w 1
Maryland Casualty rights_
Mercantile Trust
50
Mach dr Miners Transp--*
Monon W Penn PS IA —25
Morris Plan Bank
10
Mort Bond & Title w I__
Mt Ner-Woodb Mills v t100
Preferred
100
New Amsterdam Cas Ins...
Second So Bankers com__1Tn Porto Rican Bug corn_*
Union Trust Co
50
United Rys & Electric_ --50
U El Fidelity & Guar new_10
Wash Bait & Annapolls_50
50
Preferred
Watt Md Dairy Inc pr pf.50
Bonds—
Baltimore City Bonds—
1958
Conduit
Consol Gas Gen 415s._1954
Elk Horn Corp 634s._ 1931
Finance Co of Amer 6118'34
Hone Nat Gas 6 w w_ _1943
Md Elea Ry 1st 5s_ _1931
Milwaukee Ref 414% _1931
Nixon Nitration 610-1937
Santee Timber Co 6s_ _1941
United Ry St E 1st 48_1949
Income 4s
1949
Funding 5a
1936
1949
1st 6s
Wash Balt & Annan 5.v 1941
434 434
4434 44
4434
166 166
40
40
41
55
55
40
3834 40
11734 11734
24
24
24
130
12934 132
111
111 111
10934 10934
10334 10314 10334
4034 4034
32
3134 32
42
4234
185
185 186
12
12
aosi 50 5034
86
86
86
18
90
4034
734
45
25
1434
4134
2434
1234
4234
18
18
15
15
89
90
4034 41
714 8
450 450
45
45
2434 25
12
12
15% 1534
1434 1414
80
SO
41
42
36
36
2414 2434
6734 6734
1234 1234
4234 433.4
7
7
7
7
5334 5314
97
9914
9314
98
100
9714 9734
gm
9914
91
58
5734
4234
5934
71
71
07
07
25
895
8
495
50
1,554
31
40
207
1
20
36
5
125
36
137
8
173
10
Low.
4
4034
1653.4
363.4
5
034
37
11334
2214
93
93
10534
9914
4034
30
39
168
10
49
77
9614
9714
9334
97
95
94
9934
97
91
5534
34
4934
67
RA
5
4714
175
4434
55
56
11734
2514
136
129
10914
10334
4234
3314
49
190
13
5114
92
Jan
Mar
Mar
Apr
Apr
Mar
May
Apr
May
Apr
May
May
Feb
Feb
Feb
Apr
Apr
May
Apr
Jan 20
Jan 18
Jan 112
May 46
May 1014
Feb 450
Jan 47
Jan 26
Apr 14
Apr 20
Jan
17
Feb 88
Jan 43
May 36
May 40
Feb 7414
Jan 1334
Feb 49
Jan
7
Feb
8
Jan 5414
Apr
Apr
Apr
May
May
Feb
Jan
Feb
Feb
Jan
Mar
Mar
Apr
may
Feb
Jan
Feb
Apr
Jan
Jan
May
Feb 98
Jan 9914
May 9734
Feb 99
Mar 10034
Jan 9714
May 9934
Feb 100
Mar 9334
Jan 65
Jan 4914
Jan 65
Jan 84
Apr
Apr
May
Mar
May
May
May
Apt
Feb
Apt
Pet
Apt
Jar
A ....
'PP
AA
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, May 24 to May 29, both inclusive (Friday, the 30th, being Memorial Day and a holiday on the Exchange), compiled from official sales lists:
Range Since Jan. 1.
WOWM0....MWWWW00
1N2Mpol.W...WOW 4
sO
WOOMOIPOW1-.0O10.0..01 ,
X
X
X
X X
India The & Rubber com •
20
2134
Interlake Steamship corn_* 7634 7634 77
•
Jaeger Machine corn
2534 26
Kaynee common
10
29
29
Kelley Island L & T com •
40
40
Lorain Street Bank
•
373 373
McKee(A G)& Co B__ _ _* 58
56
58
Medusa Cement
*
96
96
Metrop Paving Brick corn• 26
26
26
Miller Wholesale Drug com* 2814 2834 30
Mohawk Rubber corn_ __ _* 16
13
1534
Rights
14
%
14
*
National Refining corn. _25 3
034 3034 3034
National Tile corn
* 18
18
18
*
4
4
4
Nestle-Le Mur coin
. . 334
3% 434
North American Secs_ .*
• 25
1900 Washer corn
2434 25
•
Ohio Brass B
7234 7214
187.4 183.4
Packard Electric corn.....°
Paragon Refining cam_ _ -• 1434 1334 15%
•
14
Voting trust certificates*14
•
2734 2714
Patterson-Sargent
• 48
46
48
Reliance Manfg corn
Richman Brothers corn...*83% 8334 84
*
5% 534
R & M Series No 1
•
1114 1134
Preferred
8
734 8
Seiberling Rubber com___•
83
Sherwin-Williams, com_25 8234 81
107 107
100
Preferred
234 3
Stand Textile Prod corn 100
32
32
Thompson Products corn-*
106 108
Trumbull-Cliffs Fur pf_100
Union Metal Manfg nom.* 4314 4334 433.4
90
90
Union Trust
25 90
155
94
40
85
10
10
132
50
80
290
1.135
2,650
10
160
50
106
110
75
10
2,74
10
195
845
534
1
10
405
163
56
197
100
20
25
450
<444,
14
415
10
210
15
323
13
25
206
35
81
151
738
49
131
20
422
75
100
119
20
25
85
20
300
55
14
24
10
°
-,`;'E.F< E n4N4P,44.42,,,<'4gag4n47,fig,.4.<42'411
9
°
,g44'114,44'44444.`< .
t4614'n'4"6gggil84,
7
7
39
39
14
1414
61
61
76
76
76
104 104
4334 4314 4334
1334 1334
34
34
34
11234 11234 11234
89
89
89
234 234
67
67
475
475 480
314 314
334
90
98
98
71
71
71
2
934 2915
8034 8034
27
27
140 140
88
87
1534 1534
4134 4134
85
85
85
40
39% 40
395 395
100 100
Aetna Rubber common_ *
Amer Multigraph com_ •
Apex Elec Mfg
*
Bulkley Building pref..100
Central United Nat Bank_*
Chase Brass & Copper Pref*
City Ice & Fuel
*
Cleveland Builders Realty•
Cleve. Bldrs Sup & Bra om•
Cleve Elea Illum 6% pf_100
Cleveland Ry certifs
*
Cleve Securities p1 pref_10
Cleveland Stone com_
•
Cleveland Trust
100
Cleve & Sandusky Brew_ _*
Dow Chemical common.
.e
Elec Controller & Mfg com•
Fed Knitting Mills com *
Firestone T & R 6% pf_ioo
•
Foote-Burt common
General Tire & Rub nom 25
Preferred
100
Geometric Stamping
•
Goodrich Tire
•
Goodyear Tire & Rub com •
Greif Bros. Coop'ge nom_ *
Guardian Trust
11)0
Halle Bros Pref
100
I
Low.
NWO10.-44...WW-4
.W
../WW
MWOW
OM
C.WOMMOM
WW,WWWOOOMMOW.4..4M04.W1POO..MWOW ,
,
XX
XX
XXX XX XXX
XX
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
Van Dorn Jr WOrlul COM- •
Vlcheck Tool
17
Youngstown S & Tube pf• 100
7% 814
16% 17%
100 100
Bonds—
Steel AZ Tube Cs
High.
Jan
Jan
May
Feb
Jan
May
Jan
Jan
Jan
Jan
Jan
Feb
May
Jan
Jan
Feb
Jan
Jan
Mar
5 1734
3 13
184 8734
700 40
1,560
714
5 450
23 44
195 2334
200 1134
5 13
36 1134
78 73
162 38
70 35
10 24
22 61
777
834
1,086 4034
10
7
4
614
115 48
98
8600
9934 3,000
9334 1,000
98
2,000
10014 9,000
9734 5,000
1,000
9934
9914 6.000
91
1,000
58
7.000
4334 27,000
61
7,500
71
3,000
07
7000
Thurs.
Sates
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. LAW. High. Shares.
101
200
160
35
Range Since Jan. 1.
Low.
7% Jan 11
Apr
15
Apr 20% Jan
99% Apr 103% Feb
Ranee Since Jan. 1.
•No par value.
Stocks—
3859
FINANCIAL CHRONICLE
High.
814
41
1634
6334
86
104
47
17
35
11334
9334
334
69
5
01
314
100
83
3
8
8634
3334
163
91
25
4134
9
034
43
43234
100
Feb
mat
Feb
Mar
Jan
Apr
Apr
Feb
Mar
Apr
Feb
Feb
Jan
Jan
Mar
Apr
Feb
Mar
Mar
25
87
2934
33
4434
373
59
105
32
3234
16
3(
34
29
10
434
25
7634
25
1534
14
29
50
99
734
1434
1834
85
109
334
39
106
4534
on
Apr
Mar
Feb
Jan
mac
May
Mar
Mar
Feb
Apr
May
May
Jan
Pet
Feb
May
Jar
Apt
Api
May
May
Mai
Apt
Fet
Pet
Pet
Pet
Jar
Apt
Jar
Apt
Apt
Apt
Jan
Apr
mat
Jan
Jan
may
Apr
Feb
Feb
May
101
8118 000
9514
Jan 101
Apr
•No par value.
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, May 24 to May 29, both inclusive (Friday, the 30th, being Memorial Day and a holiday on the Exchange), compiled from official sales lists:
Stocks—
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
*
-Fox A
Ahrens
Aluminum Industries, Inc• 2214
Amer Laund Mach,com_20 64
*
Amer Products, pref
Amer Rolling Mill com_ _25 70
Amer Thermos Bottle pf_50 52
*
Amrad Corp
100
Baldwin,new pref
100 108
Champ Fibre, pref
* 18
Churngold Corp
* 55
CLUJ Adv Products
*
Cincinnati Car B
134
20
Preferred
100
CNO&TP
.
Cin Gas & Elec. pref _ _100 10014
C N & C Lt & Tree pf__100
Cincinnati Street Ry_--50 4234
Cincinnati & Sub Tel_ - _50 95
*
Cm n Union Stock Yds
*
City Ice & Fuel
100
Cooper Corp. prof
* 1734
Crosby Radio A
.
Dow Drug, COM
Eagle-Pleher Lead corn_ _20 1034
Fifth-Third-Union Tr__100 304
•
Formica Insulation
French-Bauer (undep)_ _ _* 18
• 1734
Gerrard BA
• 44
Gibson Art corn
* 3814
Gruen Watch, corn
• 43%
Hobart Mfg
•
Inter Print Ink
100 943.4
Preferred
*
Julian & Kokenge
100 8934
Kahn 1st pref
Kemper-Thomas, com 20
*
7
Kodel Elec & Mfg A
*
Kroger, corn
100
Lincoln National
•
Lunkenhelmer
* 40
Manischewitz corn
Nat Recording Pump....* 2934
100
Ohio Bell Tel prof
* 15
Paragon Refining B
Voting trust Ws
Procter & Gamble com new* 7434
100
5% preferred
100 9814
Pure Oil 6% pre:
16
Randall A
B
*
Rapid Electrotype
10 8214
U 8 Playing Card
US Print & Litho pref_100
*
Waco Aircraft
Worntr.er 711 °ref
100
10
1014
2234 223.4
6334 6534
19
19
6834 7534
52
52
27
2714
60
60
108 108
18
18
55
5534
134
134
234
21.4
335 335
9934100
8634 8614
4234 4334
95
99
25
26
44
43
15
15
17
1834
1314 1334
1034 1034
304 304
37
38
18
18
1734 1734
41
45
38
3834
4314 44
49
49
9414 96
1715 1734
8914 8914
45
45
7
7
MX
33
410 410
36
39
3814 40
29
29%
113 114
13
1534
1414 1434
7134 76
107 108
9734 9814
16
17
8
8
59
59%
8214 8214
48
49
634 694
90
90
35
10
963
10
97
2
364
12
4
10
81
169
100
3
560
8
370
879
679
52
8
330
135
620
3
127
24
150
279
124
80
5
250
20
10
10
30
128
13
130
260
17
15
1,930
1,187
3,452
45
363
103
35
90
1.982
196
25
8
Range Since Jan. 1.
Low.
High.
10
Apr
2234 May
6334 May
18
Jan
6834 May
4834 Feb
Jan
12
Mar
60
104
Feb
Mar
15
Feb
50
14 Jan
134 Jan
Jan
325
95
Jan
Mar
81
42
Feb
May
95
2234 Jan
Jan
42
Mar
10
1114 Jan
13
May
May
10
Jan
300
37 May
15
Feb
1734 May
Jan
38
38
May
Mar
42
45
Jan
94
Feb
1734 Apr
Apr
89
45
Mar
534 Jan
3014 Apr
May
410
May
36
3734 May
29
May
1103,4 Feb
734 Feb
734 Feb
5234 Jan
10434 Jan
9634 May
1334 Jan
5
Jan
3914 Jan
80
May
47
Feb
6
May
MAY
90
15
Jan
3034 Feb
75
Jan
21
Jan
10014 Feb
52
May
32
Apr
60
Mar
1083.4 Apr
Apr
23
6234 Feb
2
Mar
334 Mar
350
Mar
10034 May
90
Apr
4534 Apr
119
Jan
Jan
30
Feb
49
Jan
20
22
Apr
18
Jan
15
Apr
Apr
320
53
Jan
18
May
24
Jan
58
Jan
4234 Jan
Mar
50
Apr
57
101
Apr
21
Jan
8934 May
45
Mar
814 Max
47
Jan
Jan
420
4434 Jan
Mar
45
Jan
36
115
Alm
1534 May
1434 Apr
76
Apr
110
Mat
10034 Fet
19
Mat
Mat
11
60
Ars
91
Jar
5234 Jar
1034 Mal
Jar
100
* No par value.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, May 24 to May 29, both inclusive (Friday, the 30th, being Memorial Day and a holiday on the Exchange), compiled from official sales lists:
Stocks—
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
*
Allegheny Steel
..
Aluminum Goods Mfg. 5
6
American Austin Car__ _ _*
Amer Fruit Growers pref__ 95
Arkansas Nat Gas Corp...* 12
10
8
Preferred
* 54
Armstrong Cork Co
Blaw-Knox Co
* 3934
Clark(D L) Candy
• 17
50
6
Consolidated Ice
50 2834
Preferred
10
Devonian 011
Follansbee Bros pref___100
Independent Brewing- -50
50
Preferred
Jones & Laughl SU IA __100
Koppers Gas Coke pref_100 102
Liberty Dairy Prod
•
. 49
Lone Star Gas
•
4
McKinney Mfg
5
Mesta Machine
National Fireproofing- -50
5
Ohio Oil & Gas
Penn Federal Corp pref_100
Peoples Say Fs Trust__ _20
25c
Phoenix 011
Pittsburgh Brewing pf_ _50
* 24
Pittsburgh Forging
Pittsburgh Plate Glass-25 52
Pittsburgh Screw & Bolt_ _• 2134
5
Plymouth 011 Co
*
Pruett Schaffer Chem_
*
Ruud Manufacturing_
1
San Toy Mining
• 24
Shamrock Oil & Gas
Standard Steel Springs- •
.
Union National Bank _100
United Engine & Fdy___ -5 42
25
United States Glass
Unlisted—
Copper Welding Steel
2
Internat'l Rustless Iron__
234
Leonard 011 Development_
Mayflower Drug Stores_
Penna Industries CAM
2731
Western Pub Serv v t c
Rights—
Lone Star Gas
Bonds-iThAmenek 011,4 Gas6s 1939
436
1
Range Since Jan. 1.111i
High.
Low.
63
63
21
21
534 614
90
95
12
12%
8
8
54
52
38
3934
1514 17
6
6
2894 2834
1034 113.4
93
93
214 234
314 334
122 122
10114 102
2674 27
48% 5214
4
4
2714 28
41
42
1
1
86
86
166 166
65c 70e
10
10
2134 25
53
52
2114 22
22
2..
16
1634
32
32
3c
3c
25
2234
44
46
515 515
42
43
5
5
60
100
1,220
30
420
235
90
1.570
260
40
70
295
10
100
50
40
190
113
6,061
55
200
210
125
10
23
4,500
100
5,405
261
2,455
20
125
15
1.650
8.423
70
17
470
390
58
20
534
530
9
734
52
2134
13
5
2434
9
9134
1
114
11814
9934
22
3434
4
k25
33
1
86
155
k30c
514
12
52
18
2134
15
31
3c
53734
38
500
3834
33.4
Jan
Apr
Jan
Jan
Jan
Jan
May
Jan
Jan
Feb
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Mar
Jan
May
Jan
Jan
May
May
Jan
Mar
Jan
Jan
May
Jan
May
May
Jan
Jan
Jan
Jan
Jan
Jan
May
72
24
734
95
1634
8
62
4134
1934
534
2
834
1434
93
434
5
123
102
3234
5634
614
3314
453,4
134
88
175
800
1034
25
5974
23
2714
23
38
hs
2714
58
515
4914
514
Apr
Jan
Jan
May
Mar
Feb
Jan
Apr
Apr
Mar
May
Apr
Feb
Feb
Feb
Apr
Mar
Apr
Apr
Jan
Apr
Apr
May
Feb
Max
Apr
May
May
Jan
Jan
Feb
Feb
Max
Feb
Apr
Apr
May
Apr
Feb
44
43
2
214
2% 3
4
4
13
13
273.4 2834
165
4.360
475
200
50
1,055
42
134
214
334
12
2336
Mar
Jan
May
May
Apr
Jan
50
3
414
5
1414
33
Apr
Feb
Apr
Apr
May
Apr
9,385
4
May
89.000
9534
414
414
10134 103
4% Aim
Jan 111R
Am
* No par value. k Includes also re ord for period when in Unlisted Department.
3860
FINANCIAL CHRONICLE
[VoL. 130.
St. Louis Stock Exchange.
Los Angeles Stock Exchange.
-Record of transactions at
-For this week's record of
St. Louis Stock Exchange, May 24 to May 29, both inclusive transactions on the Los Angeles Exchange see page 3832.
(Friday, the 30th, being Memorial Day and a holiday on
the Exchange), compiled from official sales lists:
San Francisco Stock Exchange.
-Record of transacTAM.
Sales
tions at San Francisco Stock Exchange, May 24 to May 29
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
both inclusive (Friday, the 30th, being Memorial Day and
StocksPos. Price. Low. High. Shares.
High.
Low.
a holiday on the Exchange), compiled from official sales lists:
Bank
Boatmen's Nat Bank _100 200
200
First National Bank_ 20 8434 84
Mere-Commerce
100 273
273
200
85
275
Trust Company
Franklin-Amer Trust 100 265
265
Mississippi Valley Trust100 27734 277
St Louis Union Trust 100 550
550
265
280
550
Miscellaneous
Bentley Chain Stores corn •
Boyd-Wash Shoe
•
Brown Shoe corn
100
Preferred
100
Bruce(EL) pref
100
Burkart Mfg corn
"
Preferred
•
Century Electric Co__ _100
Coca-Cola Bottling sec_ _ _1
Corno Mills Co
•
Dr Pepper corn
•
Elder Mfg A
100
Emerson Electric pref. _100
Fulton Iron Works corn..•
100
Preferred
Hamilton-Brown Shoe_ _25
Hussmann Refr corn
•
Hydr Press Brick pref_100
Income Leasehold corn_ 25
International Shoe com_ •
100
Preferred
"
Johnson S dr S Shoe
•
Key Boiler Equipt
Knapp Monarch com_ ___•
20
Laclede Steel Co
LandLs Machine corn __ __25
•
Michigan-Davis
•
Moloney Electric A
Mo Portland Cement_ _ _25
Nat Bearing Metals Pf-100
•
Nat Candy corn
Rice-Stix Dry Goods corn..•
Scrug-V-B D G corn_ __25
•
Scullin Steel pref
Securities Invest com.-_-•
100
Preferred
Sou Acid & Sulphur com--•
100
Southw Bell Tel pref
St L Cotton Compress_100
Wagner Electric corn_ __ _15
100
Preferred
Street Ry. Bonds
United Railways 4s_ __1934
Miscallanelus Bonds
Moloney Electric 5348_1943
Scruggs
-V-B 7s serial
1941
Scullin Steel 6s
38
40
544
4954
90
134
18
434
13
1064
39
40
2134
334
2434
13
32%
1064
48
120
9
9
38
38
40
42
119 119
93
93
54 54
1434 1454
105 110
5434 55
264 27
50
45
70
70
894 90
134 134
18
18
434 5
13
13
33
33
20
20
564 57
108 107
42% 4334
38
38
39
40%
4234 43
40
42
21% 2134
59
59
3334 34
100 100
244 25
13
13)4
12
12
23
24
32
3234
106 34 1064
48
48
120 12034
85
85
27% 2834
108 108
5 200
May 2394 Jan
Apr
472 83)4 May 90
Jan
130 273
May 301
90 259
13 277
5 525
15
50
504
5
15
10
50
50
290
19
798
6
55
100
15
525
80
10
50
105
81
170
85
310
90
55
364
210
460
5
160
810
375
60
35
285
225
146
28
100
50
9
374
40
114
93
2
114
104
3854
25
2734
70
894
134
18
3634
9
31
20
56
104%
42
30
39
38
40
18%
52
30
100
2234
13
12
23
31
105
48
1164
60
2534
10334
Jan 29734 Feb
Jan
May 300
May
Jan 565
May
May
May
Jan
May
Mar
Mar
Jan
Jan
Mar
Apr
May
May
May
May
May
Mar
May
May
May
Jan
May
Mar
May
Mar
May
Mar
Jan
May
May
Feb
May
May
May
Jan
May
Mar
Jan
Feb
Jan
Jan
68
944
9834
6834 $16,000
68
94
98
90
9434 7,000
98% 16,000
90
6.000
92
Jan
954 Jan
89
Feb
May
13
4034
42
119
98
54
16
115
6054
294
50
75
95
234
20
11
23
384
20
63
107%
55
40
40
46
64
25
66
3534
101
274
16
14%
314
33%
109
48
12034
95
364
108
74
Feb
Jan
May
May
Apr
May
may
Mar
Mar
Jan
May
Jan
Apr
mar
Mar
Mar
Jan
Feb
May
Jan
Mar
Jan
Apr
Apr
Apr
Jan
Mar
Mar
Mar
Apr
Mar
Feb
Jan
Jan
Apr
Apr
May
May
Mar
Apr
May
Jan
95% Max
99
May
95
Mar
•No par value.
., IlUril
Stocks-
OW.
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Assoc Insur Fund Inc_ 10
Associated 011 Co
25
Atlas Imp Diesel En A..__
Bond & Share Co Ltd
Borden Co (The)
25
Byron Jackson Co
634
25
14%
90
154
634
48
25
14
8834
15
64
48
25
14%
904
1534
Calamba Sugar 7% pref_20
1634 1634
California Copper
10
154
14
134
Calif Ore Power 7% pf _100
111 111
Calif Packing Corp
6714 6834
Calif Water Service pf_100
90
90
Caterpillar Tractor
74 34 734 7534
Clorox Chemical Co A
______
254 254
Coast Counties Gas Se Elec
6% 1st preferred__100 99
99
10034
Cons Chem Indus A
2734 28
Crown Zeller Corp pref- 80% 804 8034
Voting trust Ws
164
1534 15
785
100
255
1,113
864
1,680
6
•
Kolster Radio Corp corn
Langendorf Utd Bak A_ _ _ _
B
Leighton had A
Leslie Calif Salt Co
1
Magnavox Co
Magnin & Co 6% pref_100
Marchant Cal MO com_10
4%
254
21 34
6
2354
10134
105
19
56
56
100
100
3934 39%
4034
50% 4934
1934
434
964
1934
Union Oil Associates_ _ _ _25 4434
Union Oil Co of Calif__ _25 45%
534
Union Sugar Co corn_ __ _25
West Coast Bancorp
Western Pipe & Steel Co 10
Ye! Checker Cab en
50
6
24
101%
105%
19
5634
100
40
40)4
504
Low.
6
3434
25
11%
64
144
20 154
500
14
10 106
1,700 674
20 90
6,610 5334
135 25
27
260
213
3,419
Douglas Aircraft Corp_ _ -- 22
22
200
22
Emporium Capwell Corp
194 1934
______
150
Fageol Motors corn
430
10
234 3
7% preferred
74 7/4
633
10
Fireman's Fund Insur_..25 101
660
10034 10454
Food Mach Corp corn
919
30
3054
Foster St Klelser corn. _..10
200
7
7
Fireman's Fund rights_... 250
20c 250 31,906
Gen Paint Corp B com ___ _
Golden State Milk Prod_25
Grt West Pow 6% pref 100
7% preferred
100
Haiku Pine Co Ltd pref 25
Hawaiian Pineapple-_20
Home Fire rights
Honolulu Oil Corp Ltd_ _-Investors ASSOC(The)
Jantzen Knitting Mills
Range Since Jan. 1.
May
Feb
May
Jan
Jan
May
High.
734
48
34
154
00%
234
Apr
May
Feb
Apr
May
Feb
Mar 1634 mar
Apr
334 Mar
Jan 11234 Mar
May 77
Mar
May 9634 Apr
Apr
Jan 79
May 384 Feb
98
Feb 10014 May
254 Jan 3334 Feb
7834 Feb 85
Mar
1434 May 1834 Feb
134
1734
234
64
98
30
7
200
Feb 224 Apr
Jan 204 Feb
May
434 Feb
Mar
754 May
Jan 116
Apr
May 4434 Feb
May 10
Mar
May
55c Apr
185
6
Jan
May 14
365 2334 May 314 Jan
25 99
Jan 104
Apr
35 10434 Jan 1064 Feb
25 19
Jan 19
Jan
265 52% Jan 5634 May
4,871
200 Apr
10cMay
May 404 Apr
2,505 37
135 3734 Jan 424 Feb
Jan 5054 May
680 40
431
2534
214
9
22
434
97
194
333
100
100
100
285
975
105
481
2
25
21%
9
1734
234
964
18
Jan
Feb
May
May
Mar
Jan
May
May
7%
29
25%
12
234
8
994
25
Apr
Mar
Jan
Mar
May
Apr
May
Jan
4454 4434
454 4534
5
534
1534 .164
2
334 24
1734 1754
1,256
1,868
800
200
630
145
4034
41%
434
1514
2234
16
Feb
Feb
Apr
Apr
May
Apr
48)4
50
8%
244
29
35
Apr
Apr
Jan
Max
May
Jan
434
2534
2134
9
22
4
9651
194
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 24 1930) and ending the present Thursday (May 29) (Friday, the 30th, being
Memorial Day, and a holiday on the Exchange). 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.
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
ll'eek.
Par. Price. Low. High. Shares.
1Veek Ended May 30.
Stocks-
Range Since Jan. 1.
Low.
High.
ndus. & Miscellaneous
•
834 94
300
kcetol Prods cony A
734 Mar 13
Lddressograph Inter corn.* 3534 3534 36
400 334 May 38
1300
334
334
3
34
134 Jan
keronautical Indust warr.934 934
Feb 1354
100 18
kero Supply Mfg class B.*
134 1,300 11
11
May 2334
kero Underwriters Corp-. 12
10
26
27
kinsworth Mfg corn_
500 2154 Jan 3334
5
6
800
34 Jan
934
kir Investors corn vi a-- •
234
234 234
214 Apr
Warrants
900
234
2%
2% 2%
•
Lismander Industries
200
1% Feb
4%
2
900 16
Jan 2334
ill Amer General Corp-20
054 2134
Wiled Aviation Industries134 174
With stock perch warr.
200
•
34 Jan
3
• 10
2,800
9
10
9
May 1554
Lilted Mills Inc
34
34
400
94 Jan
Lillson Drug Stores cl A..'
134
•
4
4
34 Jan
200
34
Class B
•
295 303
1,500 275
Jan 856
Uuminum Co corn
100 10934 10854 10934
700 10554 Feb 1094
Preferred
•
Jan 232
198 198
200 108
kluminum Ltd
Liner Brit & Cant Corp..*
634 64
634
400
A% Jan
834
kmer Brown Boyer! Elec.11
• 11
1134
600
Founders shares
13
754 Jan
954 114 2,900
734 Mar 1354
Liner Capital Corp com B " 1134
3334
May 40
300 32
• 3334 33
$3 preferred
72
Jan 904
600 68
69
kmer Cigar Co, corn.._100 72
kmer Cyanamid corn B • 2634 2834 2676 9,600 24% May 37
414 44
900
3
Jan
Liner Dept.Stores Corp_ _•
6
454
1934
19
unarlcan Equities corn...
1934 4,800 1534 Jan 22
Jan 1894
1234 134 4,200 10
Lmer Investors ol B corn.' 13
04
500
04 5%
434 Max
warranta
734
May 5434
5234
500 52
52
Liner Mach dr Fdy new_ •
100 494 4854 52
Jan 60%
450 45
Mar Mtg. corn
68
225 62
62
100 62
May 72
Preferred
•
69
68
75 68
may 7734
1merican Meter Co
57.4
y%
100
53.4 Jan
834
,
Pneumatic San com.25
an
59
594
30 5814 May 86
,merIcan Stove Co- __100'
334 334
5
00
334
3 May
9
Lmer Thread pref
25 17
Apr 20
1734 1754
imer Transformer com_ •
1234 1334 7,100 1014 Apr 1534
Lm MU & Gen B v t o__--• 13
234 May
334 3,800
3
734
336
Liner Yvette Co corn- _iii
300 1734 Jan 3254
2854 284
anrad Corp common-- •
914 May 1494
500
1034 1134
Lnehor Post Fence corn- •
Laglo-Chlle Nitrate CorP.• 4034 3034 414 3,200 154 Jan 4334
100 17
May 27%
17
17
at Metal Works corn__ •
700
134 May
34
134 134 154
issociated Dyeing & Print.
Lazo° Eleo Industries400
8
894 Mar
64 654
631
Amer dep rats ord shs_ £1
500
2
814 Feb
134
13.4
136
esoelated Laundries__ -..•
ssoc300 3)4 May
64
3
4 3%
3%
•
-f•ted Rayon corn....
i
1,400 8934 Jan 60
4834 48% 50
100
6% preferred
May 2834
700 16
18
16
Mantic Coast Fish, C0111-• 16 34
94
94
200
the
34 Feb
*
Al Fruit & Sugar
600 1534 Jan 28
204 21
ISLuttlo Beeur Corp COM •
1434
alas Utilities Corp com__• 13% 134 1331 3,100 12% May
-__
A AA
Au su
5
454 May
1.400
Apr
may
Mar
Apr
Mar
Apr
Apr
May
Apr
May
Apr
Feb
Apr
Apr
Apr
May
Apr
Mar
Apr
Apr
Mar
Mar
Mar
Feb
Mar
Apr
Mar
May
Mar
Mar
Apr
Jan
Mar
Feb
Apr
Apt
Jan
Apr
Feb
May
Feb
Mar
Apr
Jan
Mar
Apr
Feb
Arir
Apr
May
May
Thus,.
Last Week's Range for
Week.
of Prices.
Sale
Stocks(Coratnurd) Par. Price. Low. High. Shares.
Range Ms e Jan. 1.
Low.
High.
8%
Automat Music Instru A•
5
Automatic Voting Mach...•
Cony prior partic stk..._• 114
aviation Corp of the Amer* 44
Aviation Credit Corp.- •
Aviation Securities Corp.
*
•
434
Bahia Corp corn
Bellanca Aircraft com v t c• 1454
Benson & Hedges corn_ •
Bickford's Inc pref
*
Blauner's Inc common__ •
Bliss(E NV) Co con)
• 20
Blue Ridge Corp corn--• 1034
Opt 6% cony pref.-50 424
Bohaek(H C)& Co oom__• 8374
•
Bourjois Inc
754
5
1134
40
15
164
4
14
531
32
30
20
1054
3934
8335
734
894
534
124
44
1534
164
434
1434
554
32
30
2034
11
424
85
74
4,500
300
600
2,700
2,400
100
1,000
1,000
100
200
100
500
6,600
9,100
600
200
6%
434
94
2434
12%
74
234
534
314
28
30
20
8%
334
63
6
Apt
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Apr
Jan
May
May
Jan
Jan
Feb
Mar
1554
854
1714
55
18
19
8%
18%
6%
33
38
80%
1534
44%
85
8%
Apr
May
Apr
Bowm-Bil Hotels let P1•100
•
Bridgeport Machine corn..
Brill Corp class A
•
Brit Am Oil coupon stk. •
British-American Tobacco
Am deprctsfor ord bear £1
British Celanese LtdAm dep rots ord reg..--Brown Fence & W pref A..•
Bulova Watch 834 pref. •
Bureo Inc warrants
Burma Corp Amer dep rots
Cab% Radio Tube,8 o. •
Campe (The) Corp corn_ •
Carnation Co common__ _•
Celanese Corp of Am com •
7% 1st partio prat_ __100
7% prior preferred-100
Celluloid Corp corn
•
Centrifugal Pipe Corp.- •
Chain Stores Devel com-•
Chain Stores Stocks Ins,
30
30
334 334
1034 104
204 20%
10
300
200
300
30
234
1034
204
Mar
Jan
May
May
40
5
14%
21
Mar
Mar
Feb
Apr
Charls Corp common__ •
Chatham & Phenix Allied*
Chemical Nat Associater.*
Chicago (The) Corp com_•
Cities Service oommon-•
Preferred
•
Preferred B
•
Clark (D L) Co
•
Cleveland Tractor oom_ •
Club Alum Utensil com-_•
Colombia Syndicate
Colts Pat Fire Arms Mfg 25
Columbia Pictures com___•
Corn vot trust Mfg
•
Consolidated Aircraft....'
Feb
Feb
Feb
Apr
Apr
Apr
Mar
May
Apr
Feb
Jan
Feb
mar
2674 2714
34
254
354
3
33
2134
80
54
1454
2234
2034
1434
34
92%
454
34
434
4394
1,000
2634 Mar
28% Jan
334
25
373.4
34
3
454
124
30
2134
7234
794
15
6
434
1454
334
2534
384
394
3
454
124
33
21%
724
80
15
634
554
16
1,200
200
300
1,200
1,000
300
100
1,100
300
100
150
200
1,800
1,200
1,100
2%
1734
3234
3
234
3
1234
264
20
7231
7935
1334
4%
254
12
Mar
Feb
Jan
Jan
Mar
Feb
May
Jan
May
May
May
Feb
Jan
Mar
May
5%
27%
48
c334
354
934
15
33
35
9034
90
20
834
834
17
Apr
Apr
Mar
Apr
Jan
Mar
May
29%
2154
20
14
3334
924
834
16
22%
434
4
26
42
43
2054
29%
100
2234 6,800
20% 4,400
144
700
354 18,100
93% 2,400
834
loo
100
16
600
2334
300
44
500
34
300
26
300
4334
800
4534
100
2034
2211 Jan
1974 May
1974 May
1254 May
2634 Jan
88
Jan
ssi Mar
Jan
10
Jan
18
334 Jan
sr@ Feb
Mar
24
Jan
24
4234 Apr
Jan
15
32%
25
24%
174
4434
9334
9
193.4
8534
634
34
32
55%
54%
27%
Mar
May
Jan
Apr
Apr
Feb
Mar
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Mar
Apr
Apr
Apr
Sates
Thurs.
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Como! Automatic
/I
% 2,400
a$
31
Merchandising COM
1%
4
4
300
$3.50 preferred
100 13%
15% 15%
Consol Dairy Products_ •
Consolidated Gas Utilities See Pu bile Utilities
4
1,100
4
8
Consol Instrument cora •
13% 1,800 10
Consol Laundries com____. 13% 13
400
7%
9% 934
Cons Retail St's Inc cam._•
3
100
3
3
3
Consol Theatres v t c_
3,000 28
Coop-Bessemer Corp corn • 5534 52% 57
500 38
4834 49
$3 cum pref with war r_ _* 49
Copeland Products 01 A...*
200
5
11% 1134 11%
Without warrants
5 10% 10% 10% 8,500 10
Cord Corp
600 24%
24% 25
Corporation Sec of Chic_ •
200 124
15
15
Corroon & Reynolds corn.' 15
COLS' Societe Anonyme400 39%
Amer dep rcts bear shs-- 40% 4034 40%
26% 4,900 1834
26% 24
Crocker Wheeler corn__
SOO
11
Crown Cork Internat clA• 11% 11% 12%
125 30
Crown Cork & Seal pref__* z323.4 z3234 z3234
400
he
Cuban Cane Products warr
34
4534 2,800 34
4534 40
Cuneo Press corn
2% 2% 5,600
2%
Curtiss-Wright Coro warr_
134
300 16
1634 17
Davenport Boa Mills corn * 17
3
6% 7% 2,500
Dayton Airplane Eng crn
'
114 13234 28,000 113
Deere& Co new corn w I...' 125
434 5% 5,000
24
De Forest Radio corn......'
535
De Haviland Aircraft
300
64
7% 836
Amer dap rats ord reg_El
Diesel-Wemmer-Gilbert__* 22% 2236 22% 1,500 19
6
734 834 35,500
Detroit Aircraft Corp-.
834
200
9%
11%
Distillers Corp-Seagrams_* 11% 11
700 16
16
Doehler Die-Casting cam _•
16%
• 21%
2134 22% 5,500 12%
Douglas Aircraft Inc
400 71
9634
Dow Chemical common * 9634 95
2,900 81
Dresser(SR) Mfg Co CIA' 5034 5034 51%
• 44% 41% 4434 6,500 38%
Class B
Driver-Harris Co corn _10 91% 82% 94% 3,800 41
6
634 1,200
6
Dubther Condenser Corp'
6
3%
3,100
•
3%
Durant Motors Inc
391 4
500
7%
• 12% 12% 13
East 1JUI Invest corn A
• 14% 14% 15% 3,500 13%
Eisler Electric corn
2,700 24%
36
33
Elea Power Associates Com. 35
• 3134 29% 31% 4,900 22%
Class A
Elea Shareholdings corn..' 2534 2436 2534 1,900 154
82
80
Cony pref with warr_ * 100
98 100
100 15
Electrographic Corp corn.
1934 1935
13%
700 13
Empire Fire Insurance __10 13%
13
6
50
634 634
Empire Steel Corp
6%
22%
29
29
80
Employers Reinsur Corp 10 29
600 17%
Etvop El Corp Ltd el A.10 17% 174 19
6
7% 2,100
Warrants
6
6
Fabrics Finishing cora__ •
43.6
10
Fageol Motors
Fairchild Aviation corn. •
100 50
Fajardo Sugar
Fandango Corp corn
§Fanny Farmer Can Shops
Fansteel Products Inc....*
Federal Bake Shops corn.'
7
•
Federal Screw Works_
Federated Metals Corp__ -• 21%
Fiat. Amer den receipts__
Film Inspect Mach
---334
Financial Investing Corp10
10
Fire Assoc of Phila
Fokker Alrcr Corp of Am _• 25%
•
Folds-Fisher Inc corn
Foote Bros Ge&Mach corn* 16%
Ford Motor Co Ltd
Amer dep rats ord reg_El 18
Ford Motor of Can cl A _ _• 36
Class B
Ford of France Am dep rcts 1134
Foremost Dairy Prod corn *
5
Preferred
Foundation Co
534
Foreign shares class A..*
Fox Theatres class A cora _• 13%
Franklin (II II) Mfg corn_*
Oarlock Packing coin_._.' 26
General Alloys Co
Gen Baking Corp com ___•
234
Preferred
3534
Gen Cable Corp warrants.:
Gen'l Capital Corp corn_ _* --5134
Gen Else Co of Gt. Britain
American deposit rate_ El 12
Gen'l Empire Corp
25%
fGen'i Fireproofing corn *
Gen Laund Mach,corn. .•
534
Gen Motors5% pf w 1_100
Gerrard (S Al Co
1734
Gilbert (A C) Co corn.._.*
Gleaner Comb Harvester •
• 100
Glen Alden Coal
Globe Underwrit Etch__ • 12
'33
Goldman-Sachs Trading
•
Gold Seal Electrical Co_..
3%
Gorham Inc 53 p1 with w_. 3994
Gotham Knitbaa Mach..'
13i
GIS All & Pee Tea 15t 01 100
• 24034
Non vot corn stook
lit Lakes Dred & Dock_100
Greif(L)& Bros prof X.100
Grocery Stores Prod v t a_• 1336
Guenther(Stud) Rau Law5 2
894
Hambleton Corp, corn...•
lIanley-Page Ltd
Amer den rcts for prof__
Happiness Candy St corn.'
1%
Hazeltine Corp
Helena Rubinstein Inc_ _ _•
535
,
Hoyden Chemical Corp..
1934
Hires (Chas E) class A_ •
Holt (Henry) partic el A 20
Houdallle-liersh Corp pfA* 23%
• 4934
Hydro-Elea Sec corn
Hygrade Food Prod eom_ _• 12%
Imperial Tob of Canada._5
Indio Finance coin v t e_10 2536
100 68%
7% oum pref
Insull Utility Inveatin ---• 6434
Insur Cool North Amer-10 79
Insurance Securities----10 1934
20
Intercoast Trading
Internat Cigar Mach__ *
5%,
Internat Holding & Invest
Internat'l Salt new when Ns 4935
. 11%
Interstate Equities corn-4
Convertible Preferred_ • 42
Interstate Hosiery Mill_..'
Irving Air Chute corn.....' 2134
7%
Warrants
Jantzen Knitting Mills-- - - -----Johnson Motor Co corn_ •
Klein(H Ll dr Co pref _ _ _2U 15
Kleinert (I B) Rubber_ *
Kolster-Brandes. Ltd
11
American shares
3861
FINANCIAL CHRONICLE
MAY 31 1930.]
334
234
6%
50
54
17%
9%
7
35%
21%
19%
3%
2
37
24%
6
16%
4%
3
sq
5034
17%
97
%
8
35%
21%
19%
334
2
37
2736
6
18
Jan
Jan
Jan
Jan
Jan
May
Mar
Jan
Jan
Jan
May
May
Jan
Feb
Feb
May
Feb
Mar
Mar
Jan
May
Jan
Feb
Jan
Feb
Feb
Jan
Mar
May
Jan
Feb
Jan
May
Jan
May
May
Jan
May
Jan
Jan
Jan
Jan
May
May
Apr
Jan
May
May
2,700
2,600
100
70
1,400
10
100
1,200
500
100
100
10
400
10
7,400
20
60
2
2%
8
48
34
15
7
6
32
1934
17%
34
2
37
18%
5
16
104 Jan
Feb
28
36
Jan
8% Jan
4
Apr
1234 May
234
214
14%
20
6%
2%
34%
8
50
1734
35%
47
11%
5
12%
18%
36%
51%
12%
1234
8,20
8,20
22
2,10
1,30
20
534
12%
187
%
23%
10
2%
35%
834
50%
534
13%
18%
26
1036
316
36
9
52%
500
9,900
100
2,300
200
9,200
1,500
30
1,00
6
High.
Jan
Apr
Jan
Feb
Mar
Jan
Jan
Apr
Mar
May
Jan
Mar
May
May
Jan
Mar
May
Jan
Jan
Jan
Jan
Mar
Mar
May
May
May
10% May
1,60
1134 1236
Jan
700 21
23% 25%
100 3134 May
3134 3134
5
May
700
5
57
%
96% 2,200 9534 May
96
100 17% May
1734 1734
100 14% Apr
17% 17%
Jan
900 21
3134 32
May
1,300 98
100 100
1,200 11% Jan
12
1234
3034 3414 95,200 3034 May
2% Feb
3% 3% 1,400
Jan
100 30
3
954 304
l4 Jan
400
136 1%
230 11534 Jan
117% 119%
190 220% Mar
239 24334
90 150
Jan
275 288
Feb
25 90
97
97
700 11% Apr
134 1334
600 2734 May
2736 2834
100 18
Slay
18
18
334
134
2934
534
19%
28
15
23%
46
1234
10
25
68
64%
78%
1934
20
115
534
49
11%
42
734
2134
734
5034
3534
15
1534
1
3%
134
2934
5%
19%
29
18%
24
493,6
1434
10
25%
69
65%
7934
2036
20
115
504
1134
42%
734
22%
8
5034
35%
15%
1634
134
100
23,4 Feb
Jar•
1,200
100 1834 Jan
5
600
Jan
100 19
May
400 24% Feb
300 15
May
460 22% Jan
4,700 374 Jan
10
3,800
Feb
500 10
Apr
900 17
Jan
100 60
Fel.
1,700 543.4 Jaz,
900 89% Jan
3,700 17
Feb
600 20
Slay
100 100
Jan
400
4% Feb
11,500 49
May
1,400
104 Jan
200 42
May
200
736 May
1,100
1234 Jan
2,300
8
May
100 50% May
100 28% Jan
1,100 13% Apr
200 15% May
900
4
Jan
Sates
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Koppers Gas & Coke Pf 100
Mar Lackawanna Securities___' 41%
1
5
Mar Lake Superior Corp
19
Jail Lakey Fdy & Mach corn •
Landay Bros Inc class A.
6% Apr Letcourt Realty Corp corn. 23
Preferred
• 3574
16
Mar
•
13
Feb Lehigh Coal & Nay
3% Jan Libby. McNeil & Libby_10
57
May Liberty Dairy Products...*
Lily-Tulip Cup Corp corn.* 2834
53
Apr
Loew's Inc stock purchwarr 1794
335
12% May Louisiana Land & Explor.•
MsoMarr Stores com----• 1934
1736 Apr
27% May Mangel Stores Corp
20% Apr
634% prof with warr_100
Scanning Brown & Co CI A 0
Manufac Finance v t zi-z5
42% Apr
* 46
34
Apr Mapes Cons Mfg
12% May
Marine Midland Corp---10 3 -4
93
35% Apr Marine Union Invest Inc 10
Marion Steam Shovel corn•
Apr
934
1
.•
234
45% May
Mavis Bottling Cool Am
• 6934
Mayflower Associates Inc.
4% Apr
2234 Feb
Mead Johnson & Co cm.* 71
8% Feb Mercantile Stores com_ •
162% Apr Merch & Mfrs Sec corn
-Chapman & Scott
Merritt
8% Apr
•
Common
8% Slay
634% pref series A..100 8834
0
174
22% May Mesabi Iron Co
6
8% Slay
Mesta Machine
1134 Feb
Metal & Min Shares corn.* 14
Apr
23
Metropol Chain Storee___• 1836
23% Apr
Midland Royalty $2 prof.' 2394
100
Apr Midland Steel Prod 2c1 Pf.
-*
Midland United Co com_ •
56% Apr
44% May
Cony preferred A
Warrants
108% Apr
18)4 Jan Miller (I) dr Sons corn....' 324
1934
Miss Rly Fuel Coro warr
Jan
7
18% Apr Modlne Manufacturing..'
23
Mar Monroe Chemical
134
Monteeatini M & Agr war
39% Apr
43
Apr Moody's Invest partic pf.
37
32% Mar Morrison Elea Supply_ _ _• 4234
108
Apr Mtge Bank of Col Am she. 2934
*
21% May Nachmann-Spgf Corp_
9
15% Feb Na; American Co In.....'
• 18%
13% Jan Nat Aviation Corp
30 Slay Nat Baking corn
100
23
Preferred
Mar
9
Mar Nat Bond & Share Corp..' 45
Nat Dairy Prod prat A_100 107
934 May
Nat Family Stores corn---• 1734
534 Feb
$2 pref with warrants_25
11% May Nat Food Prod class A. •
68% Mar Nat'l Grocer Co com_ _10
•
234 Apr Nat Investors corn
1934 Apr National Leather Co_ _10
13
Feb
Nat Rubber Mach'y cora_•
• 32
9
Apr
Nat Screen Service
42% Apr
Nat Short Term Sec A.... 1454
24% Feb
Nat Steel without warr • 6736
25
22% Apr
Warrants
• 34
5% Apr Nat Sugar Refg
6
Jan Nat'l Trade Journal
8
42
Apr
Nat Union Radio awn....
2
34% Mar Nauheim Pharmacies corn *
934 Apr
Nebel (Oscar) Inc Ste_ •
21% Apr
Heel Inc class A
•
Neill Corp, corn
19% Mar
Neisner Bros, 7% pref _100 115
88% Apr
Nelson (Herman) Corp_ _6
58
Jan
Newberry (J J) Co corn_ *
• 3354
12% May
Newport Co corn
44
10% Mar New Me:& Aria Land __.1
18
Jan
N Y Hamburg Corp....50 3634
N Y Rio Buenos Aires AL.' 15
7.4 Jan
Niagarn Share of Mary1and 1994
17% Apr
Nilee-Beml-Pond corn_ _• 34
24
•
Jan
Noma Elec Corp corn
33% Apr No Amer Aviation warr A.
394
1436 Slay
.°
No Amer Cement Corp.
4% Jan North &Son Am Corp A__• 23%
IA% Jan Norwich Pharmaceutical _•
14% Jan
Novadel Agene Common •
•
59
Apr 011stocks Ltd al A
•
Orange-Crush Co
14
Apr Outboard MotCora nom R•
8%
*29% Mar
Cony pref class A
• 1534
3734 Apr Overseas Securities
10% Jan Pacific Coast Biscuit Colo..:
9734 May
Preferred
53
107%
e2334 Jan Paramount Cab Mfg coin •
634
21
Par Kr Davta & C0.
•
Jan
Apr Patterson Sargent Co corn*
30
121% Jan Pennroad Corp corn•t (3_• 13
1636 Feb Pennsylvania Salt Mfg_ _50 9334
46% Apr Pepperell Mfg
100 9634
Apr Perryman Elea Co Inc.
6
•--734
39% Slay Pet Milk 77 pre(
100
Feb Phil Morrie bon Inc corn.'
3
122
Jan Phillippe (Louis) corn B..*
260
Mar Pie Bakeries of Amer cl A_ 10
288
Slay Pierce Governor Co
97
Mar Pilot Radio & Tube el A..'
93,4
1436 Feb Pitney Bowes Peonage
•
Jan
20
Meter Co
la% Slay
Pittsburgh Forging, Co..
Pittab & L E RR com__50
334 Apr PolYmet Mfg
• 1336
fll4
Feb Pratt & Lambert Co
35
May Pressed Metals of Amer. •
7% Mar Prinoe &Whitely Trad corn* 1356
23
• 404
Jan
113 cony prof A
32% May Propper McCallum Hosiery
21
Feb
Mills common
30
Mar Prudential Investors corn.' 1834
65
Apr Public Utility Holding Corp
• 2434
15
corn with warrants
May
834
10% Mar
Warrants
834
10
29% Apr Parene Mfg corn
7334 Aar Radio Prod Corp com____• 15
734
71
Feb Railroad • Shares Corp._ _ _•
8536 Mar Ry & 13r11 I a veat corn A_10 1434
23
Mar RababowLuminCRIS Rada• 1034
434
•
Common elms 13
234 Feb
•
z120
Apr Reliable Stores Corp
8% Apr Reliance Internat corn A.* 1434
Common B
51
May
14% Mar Reliance Management_ •
5
46
Apr Repeal Inc
73,4
10% Mar Reynolds Investing com__.
•
254 Apr Rike-Kumler Co corn_
•
94 Apr Roosevelt Field Inc
5034 May Rossia International w I..'
44
Mar Safety Car & Htg & Ltg 100
2036 Mar Safeway Stores 2d ser warr
254 Jan St Lawr Pap Mills pref_100
as Reels Paper Co corn _ _10 3034
..100
7% cum preferred.
Apr
2
Range Since Jan. 1.
Low.
High.
102
41%
11
5%
434
19%
32
42%
17
23
28%
16%
3;4
1934
102
41%
11
54
4%
23
357
%
43
17%
23
29%
17%
3%
19%
25
400
200
200
100
1,100
BOO
300
2,200
100
3,700
1,400
1,600
700
97
854
1034
5%
24
14%
29
38%
15%
23
17%
8%
3
18
Mar n102% Slay
Jan 434 Jan
Jan 14% Mar
Feb
May 12
4% May
Jan
Jan 25% Mar
Jan 37% Mar
Jan 50% Mar
Apr
May 27
Slay 32% .Apr
Feb 3036 May
Jan 204 May
Jan
Feb
5
Feb 24% Jan
63
15
2234
4334
39
20
934
2%
68
71
4934
35
64
15
22A
46
40
22
9%
2%
6934
73
4931
35%
200
100
100
1,500
4,500
500
200
5,700
800
1,000
200
600
62
14%
22
37
32%
20
9%
1
48
65%
40
15%
Slay
Apr
Mar
Feb
Jan
Slay
May
Jan
Jan
Feb
Slay
Jan
1834 19
8834
87
1% 1%
2734 27%
13% 14%
1734 20
23%
23
19% 19%
28
28
43% 44%
3% 4
27% 32%
19% 19%
60%
60
9% 10
134 1%
38% 43%
3934 42%
29% 294
17% 17%
94
9
17% 18%
556
5
60
60
44% 45
106 108
17% 17%
23
23
11
11
434 434
21%
20
2
2
1734 18
27% 32
14% 144
65% 68
24% 25
33% 34%
2% 2%
7
8
2
2
10% 11
21
21
23
23
115 115
25
25%
39% 39%
33
334
3% 4%
35
3694
14
15%
19
20%
33
34
13% 13%
33% 37
%
5
5
20
24
84
84%
2934 29%
934
9
36% 3634
734 9
14% 1534
15
17%
51% 53
103 10734
5% 6%
34
34
26% 26%
12% 13%
9334 9334
95
9935
734 734
103 103
%
uns
19
20%
31%
28
9
9
9% 10
15%
2234
121%
11%
50%
16%
13
4034
200
300
400
200
4,200
800
600
100
100
400
600
2,400
300
200
200
800
1,000
800
100
100
2,800
1,300
700
25
200
700
2,900
100
200
100
600
100
500
5,400
3,400
4,900
400
3,400
400
900
200
500
200
100
100
300
100
300
1,100
400
3,900
4,900
900
300
4,500
200
6,100
100
300
800
100
1,000
600
200
2,700
2,800
3,400
100
200
9,500
100
160
200
10
1,800
400
1,500
200
900
17% Jan
83% Mar
1% Jan
26% Mar
8% Jan
Mar
16
13% Jan
18
Mar
Jan
22
43% May
3% May
Mar
27
13
Jan
May
60
9% Slay
1% Jan
37
May
37% Feb
24 34 Jan
16
May
7)4 Jan
134 Jan
4
Jan
59% Jan
May
42
May
104
Apr
16
20 May
104 May
33,4 May
1231 Jan
13‘ Mar
May
17
15% Jan
May
12
Jan
50
19% Feb
Jan
29
2% May
May
3
1% Jan
8% Apr
13% Feb
16% Jan
112% Apr
21
May
36
Ma
la
24
33.4 Jan
15% Jan
Jan
8
Jan
12
274 Jan
12% Jan
Mar
2
3
Jan
18
May
Apr
81
22% Jan
8% Feb
29
Jan
314 Jan
10% Jan
15
May
26
Jan
49
Jan
May
5
3334 May
z2254 Jan
May
12
9331 May
Jan
92
631 Jan
9634 Jan
34 Jan
1334 Jan
2034 Jan
9 Slay
9% May
7734
17
27%
47
47%
26
1734
334
714
73
59
35%
Feb
20
8836 May
2% Jan
334 Apr
16% May
Jan
80
24% May
Mar
22
2911 Feb
444 May
4 Slay
33% Mar
27;i Mar
6034 May
Mar
15
2% Feb
4334 Jan
49% Apr
Feb
32
Jan
27
12% Jan
2134 Apr
5% May
Feb
65
5134 Apr
May
108
20
Mar
Jan
26
Jan
20
5
May
Feb
30
2% Apr
27% Apr
May
32
14% May
7634 APT
Apr
30
May
35
04 Jan
104 API*
2% May
14% Apr
26% Apr
Apr
26
125% Apr
31% Feb
Mar
49
Mar
42
7% Feb
36% May
May
18
2134 Apr
45% Mar
21% Mar
Apr
5
5% Mar
May
24
84% Apr
344 Apr
11% Apr
38% Apr
Mar
13
1834 Mar
19% Apr
53
may
1074 May
1334 Jan
Apr
41
2994 Apr
1634 Feb
May
98
Feb
105
Mar
12
May
103
2
Apr
213,4 May
354 Jan
1234 Mar
15% Apr
Jan 20%
1534 1,400 10
Jan 25
5,100 13
25
Jan 130
100 111
121%
31
1,100
Jan
13%
184
50%
200 50% May 5794
,
300 16% May 23%
18
1334 10,000
836 Jan 15%
40% 1,100 85% Jan 44
834 9
1734 1831
400
3,100
8% May
Jan
14
Feb
Jan
Apr
Apr
Apr
Apr
Apr
Slay
May
May
Jan
May
20
23
8234 2434 17,600 1731 Jan 27%
9%
7
831 4,100
64 May
300
10
8% 834
734 Jan
700 15
Slay 27
15
1534
934
300
734 7%
7
May
Feb 16%
14
14%
200
8
14%
9% 1034
200
834 Jan
7%
434 4% 1,000
3% Jan
100 17
Feb 20%
17% 1734
May 16
1434 14%
700 14
3%
100
May
34 3%
3
500 1634 Jan 26%
1834 20
23,4
134
1%
200
34 Jan
7% May
874
7% 8% 2,600
200 26% Mar 30%
2834 28%
200
2
Jan
5%
3% 3%
11%
200
7% May
834 8%
135 136
50 120% Feb 147
10 110
120 120
Apr 210
71
300 66% Jan 71%
71
30
30% 20,100 194 Jan
34
10934 109%
50 106
Jan 110
Apr
May
Apr
Apr
Jan
Jan
Apr
Apr
Mar
Mar
Apr
Alar
Arm
Mar
Apr
Apr
Feb
Feb
May
Apr
May
Apr
Apr
May
Feb
Mar
Apr
Apr
Jan
Mar
Apr
Mar
3862
FINANCIAL CHRONICLE
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
•
Soul Co, corn
29
Mar
29
100 27% Jan 34
Schulte Real Estate
•
9
100
9
631 Jan 14% Mar
Schulte-United fro to 81 St•
3% 44 1,700
331
2% Jan
4% Apr
Seaboard Util Snares_•
7
7
700
74
7 May 10% Apr
Securities Corp Gen'l new
54% 55% 1,100 51
May 75% Apr
Seeman Bros common. •
40
40
100 36% Feb 42% Jan
Segal Lock & Hardware-'
8%
May
54 May
6% 734 1,200
9
•
Selberling Rubber
64 May 17% Feb
300
734 7%
Selected Industries com • 84
8% 8% 4,000
7% Jan 12% Apr
Allot ctfa lot & 2nd paid
Jan 8434 Mar
76
74
1,700 66
Prior preferred
•
87%
66
Jan 71% Aim
500 59
Sentry Safety Control- •
5% 5%
4% Feb
9% Mar
300
Shenandoah Corp com--• 14% 14% 1534 3,800
Apr
8% Jan 20
0% cony pref
50 46% 43% 46% 7,800 83
Jan 48% Apr
Silica Gel Corp oom•t e__. 24% 22% 244 1,000 18
Jan 3414 Mar
Silver (Isaac) Bros pref_100
May
96
96
50 88% Apr 96
Singer Mfg Ltd Am dep rots
534 Apr e611 Apr
10
5% 574
Mato Financial Corp
20% 21%
300 1634 Jan 25% Max
• 21
Smith (A 0) Corp corn...* 215% 215 21534
Apr
50 18731 Jim 2.50
South Coast Cocain
7% 8
400
Jan 17% Apr
• 7%
5
•
6%
Southern Corp corn
634 634
4)4 Jan
600
8% Feb
Southwest Dairy Prod- •
Mar
6 May 13
400
37
734
B.ranish & Gen Corp Ltd
Amer dep rots ord reg El
Jan
1% 1% 2,000
I
231 Apr
Stand Mat Construct-100
31 Jan
134 234 4,800
134
3% Apr
Starrett Corp corn
2634 27
Jan 37% Mar
500 20
•
0% cum preferred__ -50 42
39% 42
Jan 48% Mar
1,100 34
Stein Cosmetics corn
• 214 2034 224 49,700 10
Jan 23% Apr
Stein(A)& Co pref._ _100
Feb 86
Apr
85
50 81
85
Stelnite Radio Co
24 234
1
300
•
Feb
33.4 Apr
Starch! Bros Stores corn. •
11
500 10
May 1834 Jan
10
Stinnes (lingo) Corp-. 7
7 May 10
Jan
100
7
7
Stromberg-Carts Tel Mfg_'
30
Apr
30
100 26% Mar 30
Stub Motor Car
234 234
234
500
•
4% Jan
1M Jan
Sun Investing $3 prat__ • 46
46
Jan 51
Apr
46
100 39
• 4534 4534 46
Superheater Co
200 38
Feb 63
Apr
Swift & Co
25 3055 294 3034 1,800 2934 May 8434 Jan
Swift International
15 3734 37
Mar 3814 May
37% 7,500 31
Byrne Wash Mach B corn.'
6% May
Mar
400
6% 6%
9
[VOL. 130.
Thurs.
Saks
Last Week's Range for
Public Utilities(Coma
Sale
of Prices.
Week.
Pat. Price. Low. High. Shares,
Amer L & Tr com new w 125 75
&mar Nat Gas corn v t o • 17
Amer Superpower Corp
Cons, new
• 34%
First preferred
• 10131
88 cum pref
• 9634
Appalachian Gas corn
• 13%
Arkansas PA L 57 pref_ •
Assoc Gas & El corn
• 424
Class A
38
$8 Int bear allot ens
13534
Assoc Telep Utilities....' 2631
Bell Telep of Canada__100
Brasillian'Tr Lt& Pow ord' 4831
Buff Nlag & East Pr 0-25 2634
Cables & Wireless
Am
rots A ord abs .£1.
Am dep rots B ord Ills.41
Am dep rots prof ErnsCent Stud G & E vtc new
Common
• 31
Cent Pub Sera arm
• 39
Class A
• 40
Cent States Eleo corp....* 3434
6% prof without warr100
Cent Atl Sts Serv corn vto•
431
Cleveland Elea III corn...' 63%
Com'velth Edison C.-100 315
Comm'wealth & Sou Corp
Warrants
5
Community Water Serv--• 1634
Conn Eleo Say common.*
Conga0 El & P Balt corn.' 13134
Consol Gas UM cl A
• 2834
• 1234
ClassB v t c
1
Dine Gas & Utli corn....' 17
Duke Power Co
100 18531
Ducrnense Gas Corp corn... 16%
Eastern Gas & Fuel ALSO.' 36%
Taggart Corp
Jan 29% Apr East States Pow B oora_._• 384
800 19
•
27% 28%
Taylor Milling Corp com-• 32% 31
33
500 21
Jan 33 May East Util Assoc corn
•
• 59% 5534 6234 8,700 51
Technicolor Inc corn
May 8611 Mar
Convertible stock
• 18%
Tennessee Prod Corp corn• 15
15
100 14
15
Jan 16% Apr Elea Bond & Sh Co com-• 10834
Thatcher Securities
1
4
334 4
1,800
5% Apr
Preferred
3% may
• 108
Thermold Co prof
100 80
8234
225 76
80
May 87
Apr
Elea Pow & Lt 2nd pf- •
Tobacco & Allied Stocks_ •
300 24
42
4234
Jan 43 May
Option warrants
7334
Tobacco Prod Exports_ •
500
Apr Empire0& F8% pref.100
31 Jan
131 134
23(
Todd Shipyards Corp_._.' 5734 51
57%
700 4434 Jan 57% May Empire Pow Corp part stk.
Transamerica Corp
25 41
24,300 38% May 47% Feb Empire Pub Sera corn CIA'
40% 44
Transoont Air TransP----•
3,400
Jan 10% Apr Gen G & E $8 prof B....* 8534
934 10
6
94
Trans-Lux Pict Screen
Gen Pub Serv 56 prof....'
•
Class A common
11
1154 4,400
431 Jan 13% Apr Gen Water Wks & El A-• 30
Tri-Continental Corp wan'
6V
500
634 6%
4
Jan
9
Apr Hartford Elea Light____25 95
•
Corp
49
49
200 40
Jan 58% Apr Intercontinents Pow Cl A *
$3 preferred
48% 48%
100 45
Mar 5814 Mar Internal Superpower
• 39%
Triplex Safety Glass
Internal Utilities class A •
Am
rats reg shares 81
1031 11
534 Apr 11
600
May
ClaRS B
• 18%
Trans Pork Stores
400 2334 May 24
• 24% 2434 24%
Participating prof
Jan
*
Tubize-Cbatilion Corp
Warrant,
2
Common Bata
• 13
124 14
2,000 124 May 224 Apr
New sub warrants
10
Lamp Wks corn.*
Tung Sol
22
22
100 20
Jan 28% Mar Italian Super Power el A-• 1234
• 27
234 27
Ulan & Co corn
1,100 17% Jan 27 May
Warrants
Ungerleider Milan Corp..
28
28
200 2634 Jan 3631 Feb Kansas Gas dc Elea prof 100
28
Union Amer Investing- •
36
38
100 2734 Jan 42
Apr Marconi Internat Marine
Union Metal Mfg
4334 444
200 4334 May 4434 May
Commun Am dep rots...
934
•
Union Tobacco corn
34
34
Jan MarconiWire!T of Can-1
1
34 5,200
14 Jan
7
United Amer Utilities corn•
1534 17
1,000 1514 May 20
Apr Mass Util Assoc V t o
834
United Carbon pref___100 110
110 110
• 19
100 101
Jan 110 May Memphis Nat Gal
United-Carr Fastner corn.'
10
1034
84 May 16% Jan Middle West Util com
600
* 34
United Chemicals pref....* 3534 3534 3534
200 32
Feb
Jan 44
$6 cony prof series A..'
United Corp warrants
2734 2735 1,300 14% Jan 80% Apr
A warrants
United Dry Docks cotn-534 554
534 May
200
•
831 Jan
B warrants
534
United Founders com___ • 3154 294 32% 42,800 27 May 44
Mar Mid-West States Utll Cl A • 2634
United Profit Shar corn_ •
131 134
400
134 May
2% Jan Minn Pow & Lt 7% p1.100
Un Retail Chemists A v t a*
54 Mar
Feb Mohawk & Stud Pr let rd-•
100
1
34
34
34
Preferred
934
934 '074
•
74 Jan
100
2d preferred
9% May
United Stores Corp cam....
33(
331 34
334 Jan
200
6% Jan Monongahela West Penn
U B Dairy Prod claws A-_.• 684 684 6834
100 52
Jan 7234 Apr
Pub Service 7% Pf---25
•
Claris B
23
24%
600 1315 Jan 26% Apr Mtn States Pow 7% Pi-100
B Foil clam B
• 26
23
2654 4,600 17% Jan 2634 May Municipal Service
•
..20 47
US Gypsum common.
47
48
200 42
Jan 58
Apr Nat Pow & Lt $7 Pref- •
BA Intern Sec Corti •
434
U
434 44
500
8
2% Jan
Apr
$6 preferred
•
First prat with warr_.• 66% 68% 6734 1,200 60% Feb 75
Mar Nat Pub Serv cam olass A.*
U 8 Linea pref
• 16% 15% 174 7,800 le
Jan 20% Mar Nevada Calif Elee
100 144
U B & Overseas with warr• 2234 18% 23
36,900 1734 May 23 May New Eng Pow Assn pf_100 9234
U S Playing Card
10
8234 83
300 824 May 84 May New Eng Tel & Tel__ 100 150
U B Radiator common__ •
50
50
200 42% Jan 53
Ape N Y Pow & Lt 7% pf_ _100
US Shares Financial CornNY Telep 631% prat-100 11634
•
With warrants
600
834 0
7
Jan 134 Apr Nlag & Stud Pr (new corp)
17% 1,100 1054 Jan 22
Equines Corp...-. 17% 17
Utility
Apr
Common
10 2234
Utility & Ind Corp com__• 18
17% 1834 4,000 1734 Jan 234 Feb
Class A opt warrants....
6
• 24% 23% 2434 1,300 22 May 2914 Feb
Preferred
ClassB opt warrants.... 14
Van Camp Packing corn..'
8
600
84
6
834
May 16
May NorAmer Lt & Pow- •
Preferred
25 12
12
100
12
7% May 16
May Nor States P Corp oom _100 167
Vick Financial "orp.....10
8
8% 3,900
831,
8
Jan
Jan
20
100 15
Wain & Bond class A__ •
20
Jan 21
Mar Oklahoma G & E 7% p1100
45
300 4234 May 61
45
walgreen Co common-- •
Jan Pacific Ga.dr El let Pref-26
Walker(Hiraru) Gooderbam
Pacific Pub Sera CIA own• 3234
•
84 Mar 1334 Apr Penn
114 114 1,400
& Worts common
dr E class A
•
3
354 1,300
Watson (John W)Co
8
Mar Pa Pow & Lt $6 prof
1% Jan
•
*
800
Wayne Pump common...' 144 13% 14%
834 Jan 14% Mar Penn Water &Power
• 87
43%
900 1814 Jan 46% Apr Peoples Lt & Pow corn A.*
42
Western Air Express- -10
Feb 125
140 90
Western Md tat prof _100
Mar Power Secur corn
1194 120
•
34
1,300 3034 Mar 3731 Apr Power (*.cur 2d prat
34
West Tablet & Stat v t c--•
• 73
Westfield Mfg Co com_ •
24
May Puget Sd Pr & It 6% p1100 9931
24
100 2334 Apr 24
Williams (R C) & Co
Jan Railway & Light Sec Win.°
100 144 May 20
144 1434
•
6% Mat 154 May Rockland Light & Power 10
Wil-low Cafeterias
• 12% 114 12% 4,800
Wilson-Jones Co
Jan So Calif Edison 6% pf B_25
100 45% May 55
•
48% 4811
64 Feb
334 Jan
100
Winter (Ben)) Inc com__•
334
7% pref A
3% 334
25
Mar 67% Mar Southern Natural Gas.... 20
67
100 58
• 67
67
Winton Engine corn
UnitsProducts Corp oom• 164 164 16% 1,300 1434 May 21
Air SonWest Gas Utll corn- •
Stand Pub Sera A
•
Swiss Amer Elea prof
Rights
1,400
Associated & El deb rte.9
634 May 11% Mar Tampa Electric Co
6/4 0
•
May 2474 May Twin States Nat Gas
22
24% 5,700 21
21
Ches & Ohio RR w 1
15%
;4 1 416,000
May Union Nat Gas of Can-- •
134 May
11-16
Cities Service
Cleve Eleo Illuminating._. 2235 20% n224 17,345 19% May 2334 Apr United Elec Sera Am she231 2%
400
3% Feb
134 Jan
Purchase warrants
11/0
1-16 May United Gas com
1-16
800 1-16 May
1-16 1-16
Fireman's Fund Ins w 1_ _
• 39%
134 May
200
134 May
Hackensack Water
1% 131
Certificates of deposit.. 39%
5-16 % 10,900 5-16 May
New corn
34 May
Hudson Bay Min & Smelt_
24
434 May
4
4%
4 May
44 2,500
Pre/ non-voting
15sur Co of No America.• 9834
334 May
354 May
Warrants
334 3% 1,200
Internat Salt w 1
9%
6434 May United Lt & Pow corn A.-• 53%
60
200 124 Jan
60
Loew's Inc deb rights
4 May
434 May
Common series B
434 431 8,200
411
Lone Star Gas w 1
• 92
fk May
54 17.4 26,500
2% May
6% 09m 1st pref
• 116%
Mo Kansas Pipe Line
% 5-16 4,300
S Elea Pow with warn
Ire May
5re May
Newport Co w
'19%
400
• 2331
7jMay QUIPow &Lt corn
MaY
34
%
34
Twin Sts Nat Gas w 1
•
ClaaaBvto
West Continental um A.. -----Public Utilities-Mar 10434 Mar WesternPower pref__100
150 103
103% 103%
Alabama Pow $6 pref-_ •
600
Jan
4
934 Mar
6
64
6
Allegheny Gas Corp corn.'
Mar
Former Standard Oil
41%
400 3734 Jan 49
41
AmCltlesPW&LCIIA..6O
Jan 2834 Apr
224 MOO 14
• 22% 21
Subsidiaries
Class 13
Jan 2854 Mar
50
Am Com'w'Ith P corn A.-• 2734 26% 27% 16.600 2334 Jan 5034 May Buckeye Pipe Line
Chesebrough Mfg
50% 4,900 1434
•
48
25
Common B
534 Feb Contin Oil(Me)v t a._ _10 164
2,900
23.4 May
234 3
254
Warrants
25 11034 Jan 11234 Apr Cumberland Pipe Line. 50
111 111
Amer Dist Tel N .7 Pf-100
5,300 48 May 76% Feb Galena 011 Corp w
64
Amer & Foreign Pow wan. 62% 5734 624
Apr Humble Oil& Minting-28 104
32.400 11834 Jan 157
140% 153
AmerGas& Eleo oom----• 149
300 10531 Jan 10931 Mar Imperial011(Canada)....' 2534
•
108% 108%
Preferred
7231 75
1634 1834
7,600
2,400
3334 3434
101 10134
9634 97
1234 13%
108 108
43%
42
37
3934
13134 13534
26
26%
150 152
49
5034
2631 2634
70,800
700
1,000
17,700
40
1,800
10,100
800
400
125
15,300
300
1
134
434
31
38%
3834
32%
82
62
311
24
134
431
1,300
300
400
Range Since Jan. 1.
Low.
6734 May
Tie Jan
23%
94%
87%
10%
102
414
3534
125
2434
147
3534
24%
Jan
Jan
Jan
May
Jan
May
May
May
May
May
Feb
Jan
1
Mar
114 May
434 Mar
31
100 30
4034 4,700 25%
40
11,800 33%
3434 10,900 19
82%
500 70
431
334
700
6334 1,600 61
319
1,040 234
High.
--KM Apr
1931 Are
3934
1014
97
14%
109
514
4631
1474
2834
157%
55%
2631
Apr
May
May
May
Mar
Mar
Jan
Apr
Mar
Feb
Apr
May
34 Jan
Jan
2
434 Jan
Mar 36%
Feb 40%
May 43%
Jan 394
Feb 83%
634
Mar
May 03
Jan 33534
Apr
Mya
Apr
Apr
Apr
Jan
Apr
Apr
3% 27,900
5
1534 1634 2,400
954 9534
200
129% 13235 1,500
700
2734 2835
124 124
200
831
1214
8534
9034
2134
1034
1631 17
1,100
1854 190
25
1634 16% 13,900
500
3634 36%
38% 4031 6,900
400
4235 43
1534 1734 5,200
1004 108% 261,600
107% 108% 1,700
10334 10435
300
6434 7334 4,400
103 103
100
50
300
50
1,400
19% 21
84% 8631 2,000
9231 9234
50
1,800
30
29
150
93% 95
300
2434
24
700
3934 4014
4434 4411
100
1814 21,700
16
95
50
95
154 234 4,600
200
934 10
12% 1334 3,200
5% 634 1,600
107 108
200
104
145
1631
2514
18%
3934
1431
804
1034
9934
2834
99
40
1934
80
80
20
88
2234
22%
8414
634
7931
131
911
9%
5
106
Jan
Jan
May
Jan
Jan
May
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Slay
Jan
Feb
Mar
May
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
2334
209
17
42
44
4334
174
117%
109%
107
7834
104
60
25
97%
92%
30
98%
25%
4614
50%
19%
99%
411
10
18
934
108
Mar
Apr
May
Apr
Apr
Apr
Mar
Apr
May
Mar
Apr
Apr
Feb
Feb
Apr
May
May
Mar
Apr
Mar
Air
Apr
Mar
Mar
May
Apr
Feb
May
9
84
934
200
14,800
634 7
83.4
8% 534
8
200
6,900 10%
1834 19
3334 3434 11,500 254
10334 105
300 97
154
300
334 335
334
534 5%
300
27% 2,600 25
26
108 109
350 108
75 104
10731 10731
50 10334
1074 10735
May
Jan
May
Jan
Jan
Jan
Jan
Jan
Apr
May
Jan
Jan
13
934
1031
22%
38
109%
534
8
2714
109
108%
110
Feb
Apr
Am
Apr
Apr
API
Apr
Feb
May •
May
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jab
2534
100
164
11131
1034
2614
144
9534
160%
112
1164
Feb
Feb
Apr
May
Mar
Mar
May
Apr
Apr
May
May
May 24%
May
611
May 15%
Jan 86
May 18834
Apr
May
Apr
Apr
Feb
50 1084 Jan 114%
700 2834 Feb 2714
600 2714 Jan 39%
100 15 May 1834
25 101
Jan 106
300 76
Jan 9534
1,200 32
Feb 48
200 144 Jan 32
200 38
Jan 75
Jan 10134
10 99
25 69
Jan 00%
1,000 19% Jan 2914
400 244 Jan 2734
100 2834 Jan 30
1,000 20 May 21
3,400
731 Jan 2634
200 10 May 14%
100 90
Jan 9834
1,700 5411 Jan 98
300 15 May 15%
100 25
Jan 35
May
Apr
Apr
Mar
May
Mar
Mar
Feb
Feb
Apr
Ayr
Ayr
Mar
May
May
Apr
Apr
May
Mar
May
May
2434 2434
100 100
1234 1234
111 111
10134 10134
2434 24%
124% 144
9131 92%
150 150
112 112
1163( 11671
100
10
100
750
200
200
1,160
190
200
25
175
2254
9634
654
10834
10034
2214
60
88%
144
10534
114.
2234 23% 75,000 1934
534 6% 15,200
431
1434 1,200 11%
14
400 67
77
75
160 167
1,700 158
11434 11434
274 27%
3234
32
15
15
1054 105%
8634 87
3634 3834
29% • 30
73
70
9934 9935
8331 8334
2534 25%
2634 2631
294 29%
20
2034
164 1731
1334 14
9834 9835
8234 87
15
1511
3331 33%
Jan
634 Apr
Jan 1934 Ape
Jan 954 May
Jan In% may
Jan 44% Apr
Apr 1434 Mar
31
400
54
3754 404 4,900 19%
3734 40
23,700 29%
2234 2414 112,200 17%
9654 9831 7,500 9434
931 10
17,900
64
52% 53% 45,400 2734
89% 92
1.700 83
115% 116% 2,300 9734
1731 1911 39,600 14%
22% 23% 23,100 143.4
55
55
100 .84
2534 26
300 2531
107 10734
100 100%
Feb
1
Jan
Jan 45% Mar
May 4234 Apr
Islay 28% Mar
Apr 984 May
Mar 11% Mar
May
Jan 58
May 99% Mar
Jan 119% Ape
May 22% Feb
Mar
Jan 28
Jan 68% Apr
May 2854 May
Jan 10734 May
300 57
200 155
1234
20
4034
16
234
1,700
3,700 78
2,200 2234
May
Apr 61
Jan 184% Apr
Feb 1734 Apr
Apr 654 Apr
7
Jan
May
Jan 119
Apr
Feb 30
Apr
61
59
17134 17131
1634 1634
60
57
64 634
101% 1044
2434 25%
MAY 31 19301
FINANCIAL CHRONICLE
Thurs.
Sales
Last Week's Range for
Former Standard Oil
of Prices.
Week.
Sale
Subsidiaries
(Concluded)
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
200 37
May 61
3715 3
10
7%
Indiana Pipe Line
18% 19
200 18% May 2234
National Transit......12.50
21% 1,400 14
Apr 21%
10 2031 20
New York Transit
1,400 6634 Feb 743,
71% 73
25 73
Ohio 011
1,400 103
104 105
Feb 108
6% cum pref new_100 105
100 1934 Jan 32
2234 2234
25
Penn Mex Fuel
200 21
21
May 33
2134
21
Solar Refining
10
100 13
Jan 20%
1614 1634
Southern Pipe Line
41
4334 8,100 3734 Feb 4514
25 42
South Penn 011
25
100 44% Jan 4834
4831 4834
Standard Oil(Neb)
Standard 011 (Indiana)__25 53% 53% 5431 12,800 4934 Feb 59%
10,600 33% Jan 403,
37
10 36% 35
Standard 011(Ky)
25
100 81
924 92%
Jan 10834
Standard Oil(0)com
118 11835
100
30 117% Jan 122
Preferred
25 84% 8735 9431 12,500 85% May 97%
Vacuum 011
Other Oil Stocks
Amer Contr 011Fields_ __I 3-18
5
34
Amer Maracaibo Co
Arkans Nat Gag Corp corn * 11%
• 1135
Class A
Atlantic Lobos 011 corn
31
1%
Carib Syndicate corn
*
5
Colon Oil Corp, corn
Colum 011 & Gasol v t o • 13
Consol Royalty 011
1
Carden Oil common
•
Creole Syndicate
•
7
Darby Petroleum Corp_ _•
934
Derby Oil& Ref corn
•
Gen Petroleum, new
34
Gulf Oil Cora of Penna_25 150%
Homaokla 011 Co
•
Roust 011(Tex) new corn 25 2335
Indian Ter 111 011 el A
35%
Class B
Intercontinental Petrol_10
1%
Internet Petroleum
• 204
Kirby Petroleum
2
Leonard Oil Developm3-25
Lion Oil Refining
• 27
Lone Star Gas Corp
•
Magdalena Syndloate--1
31
Margay 011 Corp
•
Mexico-Ohio 011 Co
*
334
Middle States Petl A v t 0*
831
Clam B v t o
•
4
Mo Kansas Pipe Line..
5 35%
Cl B, vot trust ctfs
1
2
Mountain & Gulf Oil--1
34
Mountain Prod Coro-10 10%
Nat Fuel Gag
• 39
New Bradford Oil Co- -6
New England Fuel OIL....
4%
NorthEuropean 011
Pacific Western 011
•
•
184
Panden Oil Corp
Petroleum Corp of Amer.*
Warrants
534
Plymouth Oil Co
5 2231
Pure 011 Co 6% pref__100 9734
Red Bank 011
•
Reiter Foster 011 Coro
3%
-•
Richfield 011, pref
2'5
Root Refining, corn
•
Prior preferred
22
Ryan Consul Petrol
•
835
Salt Creek Consol 011_10
1,,
Belt Creek Producers
-10
Southland Royalty Co-* 143,
Sunray 011 corn
5
734
Taxon 011 & Land
• 1434
234
Venezuela Petroleum----5
"Y" Oil & Gas Co
13,
•
Bonds (Continued)-
High.
Jan
Jan
May
Mat
May
Apr
Jan
May
Mar
Apr
Apr
Apr
Mar
Mar
Ant
% Jan
31 3,700
36
% May
334 334 17,100
1% Jan
414 May
1134 124 6,200
834 Jan itIM Apr
8% Jan 16% Apr
1134 1234 21,200
34 Mar
100
1 Mar
%
134 2
1,500
if Jan
2% Apr
5
534
5
May
800
831 Feb
13
14
12,500 11 34 May 21
Apr
4
4
200
33, Apr
5% Jan
56% 5734 1,100 45
May 7454 Jan
6
7
11,300
5% Feb
734 Mar
93, 10
600
73( Feb 12% Apr
7% 8
600
434 Mar 11
Apr
34
34
300 32
Feb 373( Apr
1487 15234 3,500 131% Feb 18674 Apr
%
2% May
200
4
Apr
336 331
224 2334 15,600 1934 May 27% Apr
3534 36
3,200 35
May 47% Apr
600 3534 May 5334 Apr
3531 36
1% 1% 8,300
% Mar
134 Mar
4,000 17% Feb
2034 21
24
Apr
13, Jan
2
234 1,400
3
Mar
1,500
1
Feb
234 231
44 Apr
800 18% Jan 28% Apr
26% '27
5134 5235 4,800 34% Jan 55% Apr
34 Jan
34 5-16 3,900
;i Apr
Apr 16
1234 1234
100 12
Apr
2
Feb
334 334
200
734 Apr
774 May 11% Apr
4,200
834 9
4
May
4
43, 2,200
6
Apr
344 35% 32,200 18% Jan
354 May
2 May
2
234 13,200
8
May
% May
1,400
34 Mar
34
36
1034 104 1,000
Jan 12% Apr
8
39
4031 9,500 2534 Jan 41% May
24 234
23, May
700
334 Mar
234 234
23, May
200
33, Jan
334 44 10,000
33, May
43, May
164 1631
400 1234 Jan
1934 Apr
1
134 24,300
1
Jan
2% Mar
25% 26% 10,500 19
Jan 29
Apr
54 514 4,800
434 May
514 Apr
2034 2231
1,500 2034 May 2734 Feb
9631 9734
50 964 May 9834 May
934 10
400
9
Feb 10 34 May
331 331
234 Mar
400
5% Apr
204 22
300 20% May 2334 Jan
18
22
Feb 22
3,000 10
May
14
4,200 14
May 1834 Apr
25
634 6%
900
8% Jan
834 May
134 134
13, May
500
234 Mar
123, 12% 1,200 10
Feb 144 Apr
1334 143, 16,800
9
Mar 17
Apr
7
534 Feb 10
731 4,500
Am
834 Feb 15
113, 15
8,600
May
234 Jan
2% 3
1,300
434 Mat
34 Jan
13, 1% 1,100
234 Apr
Mining Stocks
Jan
Arizona Globe Copper._ _1 1-16
1-16
1-16 1,500 1-16
14 Jan
Bwana M'Kubwa Coy Mln
200
314 May
431 431
American shares
8% Mar
700
Jan
534
53, 53,
5
Como!Copper MInes_-__5
814 Feb
300
Its May
Consul Nay Utah Corp-3
1-16
1-16
14 May
200
% Jan
Cresson Consul 0 M & Ml
5-16
34 Jan
94
Mar
Cuel Mexicans Mining._1
134
13, 1% 2,300
2
Feb
1-16
Jan
Dolores Esperanza Corp...2 1-16 1-16
100 1-16
31 Apr
% Jai
1
500
Engineer Gold Min Ltd_5
1
2% Feb
13.4
Evans Wallower Lead corn*
231
500
24 May
23.1 234
6
Mar
34 Jan
Falcon Lead Mines
1
he Jan
%
14 1,000
Gold Coln Minos
34 Jan
3-16
3-16 2,000
3-16
34 Jan
Golden Centre Mines...--5
Jan
3
4
43, 4,300
434
7
Feb
Goldfield Consol M1nes_l
Ise Jan
7-16
34 Jan
7-16 1,800
Hollinger Consol G M _ _5
Jan
500
5
63, 63,
614
7
Apr
Bud Bay Min &
8% Jan
2,900
936
9% 10
14% Feb
Newmont Mining Corp_10 11934 118 1193, 1,500 10534 Jan 14134 Apr
New Jersey Zinc
25 75
400 664 Jan 91% Mar
7431 75
N Y Honduras Rosario 10
100 1034 May 16
1034 10%
Jan
!Claiming Mines
% May
5
135
1% 1%
200
134 Mar
Noranda Mines Ltd
• 285
4 28% 29% 2,200 2554 May 4534 Mar
Ohio Copper
1
34 May
6,000
31
1% Jan
Premier Gold Mining
-1 15-16 15-16
g Mar
1
400
1% Jan
Red Warrior Mining
1
1-16 1,000 1-16 Mar
1-16
34 Apr
Roan Antal Cop Min Ltd__
2534 2534
100 2434 May 33
Jan
ehattuck Dean Mining. •
514
400
534 May
534 6
9% Jan
South Amer Gold & Plat_l
134
131 Mar
14 134
500
234 Feb
Standard Silver-Lead__ -1-16
500
II, Feb
34
SI{ May
1
4% Jar)
Tick Hughes
634
6% 634 1,600
834 May
Tonopah Belmont Dev
1
1-16
1-16
100 1-16 May
34 Jan
Tonopah Mining
1 13-16 13-16
1
May
131
1,300
2
Jan
United Verde Extension 50c 1134 1134 1131 2,100 11
Jan
1
6% Mar
Unity Gold Mines
1
34 May 11-16 Jan
100
31
Walker Mining
1
2% May
23, 234
200
4% Jan
Woollen Copper Mining_ _1
3( May
34 Jan
% 1,300
Wright-Hargreaves mines*
134 May
13, 2
300
2
Jan
Yukon Gold Co
5 7-16
5-16
7-16
600
'is May
fi Feb
Benda
Alabama Power 410-1967
Si
1968
5s
1956
Aluminum Co S I deb 58'52
Aluminum Ltd 5a
1948
Amer Com'Ith Pr Os_ _1940
Amer & For Power 55.2030
Amer0& El deb 5a---2028
Amer Gas & Power 65_1939
American Power & Light
68, without warr-2018
AmerRadlator deb 4%51947
Amer Roll Mil deb 58.1948
Ameilean Seating 68-1936
Appalachian El Pr 58.1956
Appalachian Gas 65_1945
1945
Cony deb 6s B
Arkansas Pr & Lt 55-1958
Associated Elec 4348..1953
Associated Gas& Electric
Cony deb 434s w war1948
Cony deb 434s without
1948
warrants
1949
436a series C
1088
86
1938
5348
1977
514.
96% 964 96% 44,000 93
10234 10234 102% 8,000 99
102
102 102
1,000 100
102
10131 102
51,000 101%
984 9834 9834 39.000 97%
98
98
9834 47,000 9734
88
88% 159,000 87%
98% 973, 98% 86,000 039
933, 93
933, 5,000 92%
Feb 9734
Jan 103%
Jan 10334
Feb e1023(
Feb 100
May 993(
Apr 91%
Jan n 9934
May 9634
Mar
May
Apr
Mar
Mar
Mar
Mar
May
Jan
107% 10734 108
66,000 105
9634 9634 9634 4,000 983,
99
99
99% 141,000 96%
72
72
1,000 8734
9934 9934 993( 43,000 953,
130
128 1313, 655,000 994
100
100 10034 179.000 100
983( 983( 9834 43,000 913%
87
86
88 145,000 84
Jan
May
Jan
Jan
Jan
Mar
May
Jan
Apr
Mar
Apr
Mar
Feb
Mar
May
May
Apr
May
101
83
80
80
843, s833,
8334 s83
08
10334
109
99
101
81
101
145
101
0834
90
3,000 10
034 May 124
83
1,000
813, 82,000
85
90,000
84% 27,000
99% 5.000
80
80
7834
82
98
Jan
May 94% Jan
May 87
Mar
Mar 88
Jan
Apr 87
Mar
May 105
Mar
3863
Thurs.
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Went.
Range Since Jan. 1.
Low.
High.
Mar 8634 Feb
Feb
May 108
May 86
Mar
Armored Sim Hard 6345 1933
Assoc Telep DUI 5348_1944
1943
Atlas Plywood 534s
Bates Valve Bag Corp
6s with warrants. 1942
Bell Tel of Canada 513_1957
1st 25 58 series A-1955
Berlin City Elec f3s__.1955
Boston Consol Gas 5s_1947
Beaton & Maine RR 651933
1955
1st 5s series 2
Bklyn Un Gas 5s w i 1950
Burmeister & Wain(Copem
1940
15-year Os
Canadian Nati Ry 75.1935
1955
Can Nat SS 55
Capital Admin deb 5sA1953
Without warrants
Carolina Pr & Lt 58_ _1956
Caterpillar Tractor 58_1935
Cent States Elec 55_1948
Deb 510--Sept. 15 1954
86
86
18,000
100% 8994 10034 192,000
75
75
1,000
Cent States P & Lt 534s'53
C Mil & St P4945 F_ 1989
Chic Pneu Tool 5 As_ _1942
Chic RAI Si ctfs dep-I927
Chic RI & Pao By 4%5'60
1943
Childs Co deb Is
Cigar Stores Realty
1949
534s series A
Cincinnati St By Os B 1955
1986
Cities Service 55
1950
Cone deb 55
Cities Service Gas 534a 1942
Cities Sera Gas Pipe L 60'43
Cities Serv P & L 53451952
Cleve Elec Ilium deb 7s '41
Gen Is series A,.......1954
Gen 5s series B.....1961
Commerz und Private
1937
Bank 5345
Com'wealth Edison 414 '57
Consul Publishers 6310936
1941
Consol Textile 8s
Consumers Power 4345-'58
CongoIGEL &P (Balt)
1965
5s series F
1958
Cont'l0& El 5e
Continental 011 5340-1937
Crown Zellerbach 68-1940
With warrants
Crucible Steel Is
1940
Cuban Telep 734s_.1941
Cudahy Pack deb 57451937
1946
50
25,000 88
8834 90
u99 u100% 589,000 n99
8,000 97
97
98
8134 814 21,000 68
1014 101 102 425,000 98%
88
88
1,000 82%
88
Apr 91
Feb
May 100% Mar
Jan 102
Feb
Feb 82% May
Mar 104
Mar
Jan 91% Mar
8834 85% 8834 69.000
9934 9934 9934 16,000
84% s8454 85
35,000
1164 113 12434 902,000
8734 8734 874 25.000
9231 9334 6,000
8834 87
88% 33,000
10734 107 107% 6,000
104% 1043( 4,000
10534 10534 2,000
Jan
Apr
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
s109 109
2,000
102% 10234 1024 24.000
102% 10231 10234 28,000
90% 9034 9034 24,000
10131 10131
1,000
102 102
2,000
99
9854 9934 113,000
10234 10231 29,000
Hamburg Electric 7s_ _1935
Hamburg El& Cod 534a 38
Hanover Credit Inst 0*193I
Hood Rubber 530----1938
1936
78
Houston Gulf Gas 834s '43
Certificates of deposit...
18i5
Se
Certificates of deposit..
1940
Houston Oil 5348
Hungarian Ital Bk 734s '63
1949
HYgrade Food 88 A
1949
Os series B
III Pow & Lt 5345 ger B '5
4
1957
Deb 5345
Indep 011 de Gas deb (is 1939
Ind'poIle P & L 5s ear A '57
Inland Utilities 65- --1934
Insult Utility Investment
6s ear B without warr '40
Interoontinents Power Co
Deb (is with warr-194R
108 Pow Sec 75 ear E-1957
102
100
100
9034
1004
10034
983(
102%
Jan
Feb
Jan
Apr
Feb
Jan
May
May
110
103,4
10234
91
101%
103
1004
1024
Apr
Mar
Mar
Apr
May
Mar
Mar
May
9931 994 3,000 98
Jan 101
Jan
Apr 108% Mar
10834 10731 10834 33,000 107
10134 10131 2,000 9974 Mar 10134 Mar
1,000
78
78
10234 10234 10,000
10314 s10331 10434 192,000
8131 25.000
80
80
58,000
8194 8134 83
74
Jan 8234
98% Jan 103
9934 Apr 10534
71
Jan 84
7234 Jan 8934
89
97
8831
99
69
884
961(
88%
98
99
69
897%
8934 51,000
983, 4,000
6.000
99
69
2,000
47,000
98
6234
9934
824
113
834
90
81
106
101
100
81%
934
9694
65
914
Apr
May
May
Mar
Mar
89
9934
88%
128
8894
95
94)4
108
1044
10534
Mar
Apr
Mar
May
Mar
Apr
Mar
Jan
May
May
Jan 91
Feb 983,
Feb 101
May 72
Feb 9934
Mar
Apr
May
Jan
Mar
103% 103% 3,000 10194 Feb 105
94
883( 90
48,000 84% Fe
Feb 98
96
9634 24,000 94
9814 98
9914 99
10714 10734
98
100%
Del & End 1st & ref 4s 1943
Deny & Salt L By 68..1960
Det City Gaa 6s eer A 1947
1st 5s ser B
1950
Detroit Bit Bdge 8%5.1952
1952 58
25-yr f deb 7a
Dixie Gulf Gas 63411-1937
97
With warrants
Ctrs of deposit
96
Duquesne Gas 65
1945 100
634% notes Mar 15 1935
East Utilities Inv be
1954 80%
With warrants
Edison El(Boston)50_1933
Elec Power & Light 5s-2030 91%
El Paso Natural Gas
1943 1103,
834)3 Series A
1938 11434
654s
Empire 011 & Halt 6346'42 87
1.7cole Marelli El Mfg
634s with warrants_1953 84
European Elea 645 _1965 9734
Eur Mtge de Inv 7s C_1967 89
Fairbanks Morse Co 541942
Federal Sugar Ref Os_ _1933
Federal Water Sera 514.'54
Finland Residential Mtge
Bank Os
1961
Firestone Cot Mills 511_1948
Firestone T & R Cal 5a1942
First Bohemian GI Works
75 without warr...._...1957
Flak Rubber 53411
1931
Florida Power & Lt 58-1954
Gatineau Power 55_1956
(35
1941
Gelsenkirchen Min 68.1934
Gen Baking 5348W 1_1940
Gen Bronx Corp cony Os'40
Gen Indus Alcohol 634s '44
Gen Pub Utilities 6s._1931
Gen Rayon Co Ltd
Os series A
1948
General Vending Corp
Os with warr Aug 15 1937
Gen Water Wks Gas& El1944
ea series B
Georgia & Fla RR 6s A 1946
Georgia Power ref 5s__1967
1953
Gesfuerel deb Os
If With warrants
Without warrants
Gobel(Adolf) Inc 630 1935
With warrants
Grand (F&W) Properties
Cony deb 6sDeo 15.1948
Grand Trunk By 634s-1936
1037
Gulf011of Pa 58
Sinking fund deb 55_1947
Gulf Stabs Mil 45a---1956
86
96
75
9831 117,000 97% May 99
May 9934
9934 101,000 99
10776 4,000 10734 Jan 109
/
98% 9,000 95% Jan 99
10034 3,000 98% Jan 10134
May
Mar
Mar
Mar
May
Mar
Mar
may
93
May 9314 Apr
93
48,000 93
Feb
2,000 6814 May 85
70
70
10634 107% 15,000 10434 Feb 10754 May
100% 101% 6,000 9734 Feb 10134 May
Mar
75
7834 2,000 78% Feb 89
Mar
Jan 75
55
5815 8,000 68
93% 97 112.000 68
96
96
3,000 95
99 103 114,000 9734
397 1003, 20,000 s97
Jan 97
Apr
May
May 96
AD 10934 May
May 10534 May
37931 81% 51,000
10131 10134 13,000
9134 62,000
91
Mar
79% Apr 87
99% Jan 101% Mar
90% May 94% Mar
11034 11134 22,000
1144 115
8,000
86% 8731 33,000
98
98
8331
Jan 116
Jan 120
Jan 89
May
May
Mar
Apr
Feb 87
May 10134 Mar
Apr
Jan 91
84
84
3,000
62,000
974 98
89
89% 6,000
78
95
83
9636
9631 9
734 22,000
7531 78
9,000
9535 9634 11,000
93
Jan
7534 May
9031 Jan
9734 Apr
9334 Jan
97
Apr
89
9334
85
8531 5.000
42,000
8834 89
9331 9434 40,000
754 Jan
883.4 May
9231 Jan
88
mar
96
AN
9634 Mar
90%
94%
99%
95
9631
99
82
82
54% 55
904. 91
9431 94%
99
9931
944 9534
96
9631
99
9934
73% 733,
97
98
80
44
8234
91
9494
90
96
99
6934
97
73
73
96%
82
75
2034 20%
95
100
2,000
2,000
63,000
37,000
25,000
18,000
64,000
17.000
3,000
9,000
Feb 84
Jan 7234
Jan 92
Feb 073.1
Jan 101
Jan 98%
May 974
May 9931
Apr 90
May 9834
Jan
Feb
Mar
Mar
Mar
Apr
Mar
May
Jan
May
6,000
57
Jan
80
1,000
20
May
84
Feb
9194 Feb e96
1834 Jan 26
9594 Jan 101
May
Mar
Mar
45,000
95
u96
19
19
1,000
993, 1003( 80,000
9434
923, 9434 22,000
12,000
9134 92
99
99
9934 20,000
Mar
92
May
9134 May
9434 May
92
May
99
9934 May
May
9134 8,000 90
May
90
Mar 92
10634 107
28,000 105
Apr 10834 Mar
101 10131 25,000 99% Jan 103
Apr
1014 10134 3,000 100
Jan 103% May
14,000 92% Jan 98
May
96% 96% 97
91
107
101
99%
95
97
9634
97
97
86%
67%
64%
100%
9315
100
122
1013, 102
19,000 100
86
8634 10,000 8434
9931 9931 15,000 96%
86
87
2,000 80
394
96
15,000 8834
s933( 97 211,000 64
93
96% 19,000 93
s933( 97 179,000 674
9334 953, 7,000 9234
97
97
1,000 97
869, 87
2,000 76
68% 70% 36,000 5834
643, 64%
1,000 59
10034 101
16,000 973(
93% 9431 52,000 8834
104% 1053( 18,000 100
99% 100
17,000 9631
117% 1243, 722,000 9834
105% 10434 10535 15(3,000
93
9914
9431 36,000
93
9834 100
40,000
99
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
May
May
Jan
Jan
Feb
Fe
Feb
Feb
Jan
Jan
102
96
100
91
98
07
98%
97
9534
973,
92
7134
6634
1013,
95
110%
10034
120
Jan
Mar
Apr
Apr
Mar
May
May
Apr
May
May
Mar
Apr
Apr
May
May
Apr
Mar
Apr
Jan 11234 Mar
92
May 96
9336 Jan 301
May
Apr
3864
FINANCIAL CHRONICLE
Thurs.
Last Week's Range Saki
Sale
of Prices.
for
Price. Low. High. Week.
Bonds (Contfnued)Internal Securities 58_1947
Interstate Power 5s---1957
Deb (is
1952
Invest Cool Am 59 A-1947
Without warrants
Investors Equity 5s__1947
without warrants
Iowa-Neb L & P 58-.1957
Iowa Sou Utilities 6s A '50
Immo Hydro Elec 7s__1952
Isotta Fraschini 7s___1942
With warrants
Italian Superpower of DelDeba Ca without warr '63
Kansas Gas & El 6s2022
1st 435s___ _June 1 1980
Heivinator Co Ca
1936
Without warrants
Koppers G & C deb 58_1947
555s
1950
Laclede Ga85 Me
1935
Lehigh Pow %cur 66-2026
Leonard Tietz 7558_1946
Without warrants
MeN & Libby 5842
Lone Star Gas Corp 55 1942
Long Island Ltg (3s___1945
Los Angeles G & E 5s_1961
La & Ark Ry 5s A____1969
Louisiana Pow & Lt 58 1957
Manitoba Power 550_1951
Mansfield Min & Sm 78 '41
With warrants
Without warrants
Mass Gas Cos 5548-1946
1955
55
McCord Rad Mfg 60_1943
Mead Corp 6s with warr'45
Memphis Nat Gas 6-1943
With privilege
Without privilege
Mid States Petrol 635s 1945
Mliw Gas Lt 434s...1967
Minn Pow & Lt 4854-1978
Miss River Fuel 68Aug15'44
With warrants
Without warrants
Mo Pat RR 56 ear H-_1980
Montreal L H & P col 158 '51
1970
58 series B
1930
Morris & Co 750
Narragansett Elea 58 A '57
2026
Nat Pow & Lt Os A
2030
(*series B
Nat Public Service 58_1978
Nebraska Power 68 A.2022
Nelsner Bros cony 6s....1948
Newberry 1.1 J)5358 w 1.'40
NE Gas & El Assn 58-1947
1948
Be
N Y & Foreign Invest
1948
535s A with warr
NYP&LCorp 10435867
Niagara Fails Pow 68_1950
Niagara Shares Corp (Md)
20 yr deb 5355 May 1 '50
Nippon Elms Pow 6548 1953
North Ind Pub Sem 58 1968
1969
as series D
No fits Pow 654% notes'33
Northern Texas Util 7s '35
Northwest Power 68 A 1960
Ohio Power 434. ser D_'56
1952
58 series B
Ohio River Edison 58_1951
1941
Oswego Falls Co 6s
Oswego Riv Pow 68-1931
Pao Gas& El let 4346_1941
Pacific Invest deb 5s__1948
Pacific Western 011 650'43
Penn-Ohio Edison 68_1950
Without warrants
1959
534.
Penn Dock & W 68 w w '49
Penn P & L 1st & ref D '53
1st ref 58 series B___1952
Peoples Lt & Pow 5a-1979
Phil* Elee Pow 5558-1972
Phila & Suburn Co G & E
1957
1st & ref 434s
Piedmont Hydro-Elec1960
634s class A
Pittsburgh Coal Cs__ _1949
Pittab Scr & Bolt 534s_1947
1948
Pitts Steel fie
Pitts & W Vs Ry 4348_1980
Poor & Co 6s
1939
Potomac Edison 58-1956
Pow Corp of Can 434s '59
Power Corp(N V) 5345 '47
PugetSound P & L 5558'49
1950
1st & ref 55 C
1940
,-ure ull 555e
Queens Borough G & E1952
5548 series A
Reliance Management 5s
1954
With warrants
Remington Arms 5545 1930
Roche/Mar Cent Pow 55 '53
1953
Ruhr Gas 634e
Ruhr Housing corn 634458
Ryerson (Jos T)& Sons Inc
1943
15-yr deb 58
St L Gas & Coke 69_1947
• •ntonlo Pub Serv58'58
SchnIte Real Estate Cs 1935
With warrants
Without warrants
Scripps(E W)534__l943
1940
Segal Lock 6548
Shawinigan W & P 4/48 67
1968
43513 series B
181 55 ser C when issued_
Shawebeen Mills 78_ __1931
Sheffield steel 548-1948
Silica Gel Col P 634s._1932
With warrants
Snider Pack 68S -5•tes_1933
Southeast - & L 68-2025
Without warrants
Edison 50-1951
sou
1944
Gen & ref 58
1952
Refunding 55
1937
Sou Cal Gas 58
Sou Gas6555 with war 1935
Southern Natural Gas 6s'44
With privilege
Without privilege
So New Engl Tel 5s__1970
84
91
89
101
80
83% 84
91
91%
89
89
100 101
90
79
77
9334
97%
91%
94
80
83
80;5
8635
7634
Jan 8834
Feb 9355
Jan 9254
Jan 103 34
Jan 82
Jan
70
9154 Mar
9734 May
Jan
83
3,000
Jan
80
80
95
98
9434
Jan
Mar
Mar
Apr
Mar
Mar
Mar
May
Mar
92% May
Mar
7334 75% 44,000 69
Jan 80
105% 106
9,000 10054 Jan 106% Mar
May
23,000 9335 May 94
9335 94
8835 87
9935
100
103
102%
100%
105
104%
99%
9334
9734
105
97
87
92
97
9654
9915 9934
89
86
102
98
75
97
11835 118
10275 102%
7035
98% 98%
92%
89%
100
103
101
1053(
51,000 6934
22,000 9554
61,000 99)4
7,000 9754
32,000 102%
Jan 91
Jan 10034
Jan 103
Jan 10314
Jan 10755
AM
May
Mar
Mar
Mar
99%
94%
98
105
97
92
9734
100
1,000 93
Feb 100
18,000 91
Jan 95
14,000 9654 Mar 99%
2,000 10334 Jan 106
1,000 97
May 100
23,000 87
May 92
41,000 92
Jan 9754
7,000 96% Feb 10054
Mar
AM
Mar
Feb
May
May
Mar
May
2,000 87
89
May 98
8715 13,000 86
May 95
8,000 10115 Jan 105
103
9831 64,000 98
May 9854
1,000 87454 May 8714
75
97
8,000 97 May 9754
99;4
9315
97;4
103
98
High.
Law.
6,000
77
94% 14,000
98
4,000
92
21,000
9034 9034
75%
19,000
23,000
4,000
13,000
11,000
Rang. Since Jan. la
Jan
May
Apr
May
Mar
May
Jan 11931 May
11934 161,000 95
10235
1,000 102% May 10274 May
71
8,000 67
May 76% May
99
4,000 95
Jan 9934 Apr
9235 36,000 89% Jan 94
Mar
11534 11534 11535
96
9535 96
99% 9934 10034
101
10034 101
100% 100%
10034 s10035 10031
11,000 102
Jan 122
59,000 92% Feb 98%
120,000 99% May 102
5,000 98% Jan 10134
8,000 100% May loon
12,000 99% Jan 101
Mar
Mar
Mar
Mal
May
Feb
11,000 97
10034 10034 101
10534 10534 10534 7,000 104
9134 49,000 91
9134 91
7934 7934 7974 24,000 74
108% 108% 2,000 104
94
93
94
2,000 DO
99
21,000 99
99
99
91
91
91
17,000 85
91
91
91
24,000 85
Jan 10154 Mar
Jan 108% Mar
May
May 92
Jan 8654 Mar
Apr
Jan 109
Mar
Jan 95
Apr 99% Apr
May
Jan 98
Feb 9434 May
85% 85
86
36,000 79
9435 94% 95
64,000 91
106
10535 106% 9,000 105
Apr
Jan 90
May
Feb 96
Jan 10034 Feb
105% 103 105%
91
91%
101
101 101
10134 101 101%
10335 10335
3101
101
9935 99% 9934
9435 94% 95
101
101 101
101% 101% 101%
80
80
10034 100% 100%
9631
9935
9734
106
686,000 9955 Apr 105% May
13,000 88% Feb 94
Mar
12,000 97% Jan 102;5 Mar
9,000 9754 Jan 10234 Mar
4,000 100% Feb 10355 May
2,000 97
Apr
Feb 105
20,000 98% Jan 100
Mar
21,000 91
Jan 9534 May
6,000 9854 Jan 10254 Apr
8,000 98% Feb 10154 May
8,000 7834 Apr 80
Jan
4,000 99
May
Jan 101
96% 96% 38,000
s82
83
6,000
92% 93
8,000
102%
9935
97
10234
102
8415
106
9334 Feb
79
Feb
81
Jan
102% 1,000 99
Jan
100
26,000 90
Jan
97% 4,000 9335 Jan
1,000 99% Feb
102%
10235 17,000 9935 Feb
84% 5,000 374% Feb
10635 9,000 104 54 Fab
9735 97% 10,000
9635 Mar
Mar
97
8534 Apr
9555 Apr
10534
10154
9354
103
10274
9314
106%
Apr
Mar
Mat
May
Jan
Mar
Max
854 Mar
9135 92
100 100
100
99
9734 99
10234 10235 103
9234 93
105 105%
9934 9935 100%
8835 88%
99
9735 99
10134 102
96%
9634 96
98
9835
6,000 91;5 May 92
May
12,000 9934 Jan 10234 Mar
6,000 9751 May 99
May
3,000 10134 Jan 104
May
6,000 92
Apr 95
Apr
69,000 1104
Jan 11034 Feb
9,000 9434 Jan 100% May
11,000 81
Mar
Feb 90
8,000 95% Jan 99
May
42,000 0934 Jan 103
Apr
90,000 95% May 96% May
86,000 9734 Apr 99
May
102% 10234 103
11,000 10034
85
85
8634
8835
9735
77
86%
88
1,000
9735
27,000
79
8731 30,000
28,000
89
94
74
96%
5,000
94
94
72
7434 10,000
96% 96% 17,000
1,000
81% 81%
81
81%
90
90
91% 9935
95
95;5 95
94% 95%
10134 10155 10155
100% 310054 101
100
9934 100
12,000
8,000
4,000
13,000
13,000
6,000
14,000
9,000
16,000
101
72%
2,000
3,000
81
90
101
105%
103
102%
102%
9334
93
77
101
72
1053; 105%
10235 103
102% 103
10234 102%
9334 9335
105
s105
77
Jan 103;4 Apr
Jan
Apr
97
76;5 Apr
Jan
80
Apr
86
95
Mar
9934 Feb
84
Mar
891 Mar
4
89% Apr
2
70
91
Jan
Feb
Jan
94
83
98
Feb
Mar
Mar
51
53
85
9934
9055
90
98
96%
97%
Jan
Jan
Jan
Apr
Feb
Feb
Feb
Jan
Feb
83
8154
91
10315
95
95%
102
101
10034
May
May
Apr
May
Mar
May
May
Mar
May
97
59
Jan 107
Jan 75
Mar
Apr
55,000 103
Feb 108
Mar
10,000 99% Jan 10355 Mar
6,000 100% Jan 103
Apr
12,000 99% Feb u10334 Apr
11,000 x91
Jan 9415 Apr
May
2,000 97
Jan 106
Jan 105
Apr
99% 166,000 87
s96
May 7734 May
7534 7734 3,700 75
103% 10395 5,000 103;1 May 103% Ma
Bonds (Concluded)-
[VOL. 130.
TOUTS.
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.
El'west 0& E Ile A_1957 96
9531 96
So'vrest Lt & Pow 58 A 1957 95
9454 96
A'west Pow & Lt 68-2022 105% 105% 106
Staley Mtg Co 1st 6s..1942
.
983-5 9835
Standard Invest 5548_1039
9154 9135
5a without warr____1937
85
85
Stand Pow & Lt 6s-- __1957 9954
9954 9954
Stinnes(Hugo)Corp
7s 1948 without warrants 82
8154 8234
78 Oct 1 '36 without warr 88
8634 8834
Strauss (Nathan) Inc 6s '38
70
70
Strawbridge & Cloth 5s_'48
9634 9634
Sun 011 5358
1939
10234 10215
Swift & Co 55 Oct 15 1932 10054 10034 10074
Tern' Hydro-Elec 635s '53 86
86
87
Texas Cities Gas 58_,..1948 82
82
81
Texas Gas Util Os... .1945 993-4 9835 10034
Texas Power & Lt 58_1956 99% 993.4 9934
6s series A
2022 106
106 10634
Thermold Co 6a w w 1934 94
93% 94
Tri Utilities Corp deb 56'79 8934 89
8974
Ulan Co 65
1944
Union Amer Inv 5s.__1948
Union 011 53
1945
Un El L & P 55 B
1967
United El Service 76...1956
With warrants
Without warrants
United Indus Corp 6345 '41
United Lt & Ry8 5548-1952
es series A
1952
United Rys (Hay) 735s '36
United Steel Wks 6548 1947
With warrants
U S Radiator 5s A___ _1938
U El Rubber-.
Serial 634% notes_1931
Serial 615% notes_.1933
Serial 615% notes__1936
Serial 654% notes_1937
Serial 68 w 1
1933
VaLoar Corp cony 68_1940
Valvoline 01178
1937
Van Sweringen Corp 68.35
Virginia Elea Pow 58_1955
Virginian Ry 4345 B1962
Wabash Ry 58 ear D1980
Waldorf-Astoria Corn
1st 75 with warr___1954
Wash Wat Pow 5s w 1_1960
Webster Mills 6348-1933
West Penn Elms deb 58.1930
West Texas Util 58 A.1957
Western Newspaper Union
Cony deb 13s
1944
WesternUntonTeleg 58 1960
Westvaco ChloiIna 5345'37
Range Since Jas. 1.
Low.
High.
3,000 91
10,000 9055
2,000 103
4,000 9735
1,000 8134
1,000 84
49,000 97%
Mar
Jan 97
Feb 9734 Apr
Jan 10714 Mar
Van 99% Apr
Jan 9335 Apr
Apr 587
May
Jan 10034 Mar
14,000 75
19,000 8234
5,000 70
2,000 9635
5,000 100
23,000 7915
18,000 85
9,000 80
42,000 98
34,000 95
48,000 106
15,000 8254
41,000 78
Feb
Jan
Feb
May
Jai,
Jan
Apr
Jan
May
Jan
May
Jan
Jan
9054 91
13,000
95
95
4,000
s9935 100
65,000
103 10334 12,000
83
90
81
97
10254
10154
87
8634
10734
100
10634
0834
100
Mar
Apr
Mar
Apr
Mar
Mar
May
Apr
Apr
Mar
May
Mar
Mar
83
84
99
9954
Jan 9454 Mar
Jan 98
Apr
Apr 10034 Mal
Jan 10334 May
10234 10255 1,000 9834
95
95
1,000 8914
9134 9135 8,000 84
9034 90
9034 36,000 8334
1023.4 10234 102% 1,000 100%
10335 104
4,000 10035
Jan 10355 Apr
Jan 9754 Apr
Jan 9234 Apr
Jan 9434 Mar
Jan 104
Mar
Jan 104
May
100
103
9135
8814
1003.4
96
95
99
10254
97%
9834
10055
9154 91% 18,000
88
8834 8,000
87
8234
Jan
Jan
93
Apr
8834 May
s100 10034 14,000 9654 Jan 101
Mar
9854 9855 1,000 94
Feb 100
Apr
96
15,000 93
96
Feb 97
May
3,000 92
Jan 9855 May
9334 95
10,000 99
99
May 100
99
may
9814 9835 5,000 9814 Mar 100
Apr
10254 103
2.000 10234 Jan 10334 Mar
97% 9854 273.000 9754 May 10034 Apr
101 10155 19,000 9754 Jan 10134 Apr
9795 983.4 17,000 9634 AM 100
Mar
9954 10034 53,000 9954 May 10234 Mar
93
93
93
10234 10254 103%
9754 9751
923.4 91% 933.4
913.4 9154 9134
12,000
17,000
7,000
41,000
23,000
86
9834
11534
9134
8934
Jan 103% Jan
Jan 10354 May
Jan 9754 Apr
May 9334 Mar
Feb 9334 Mar
8754 8754 1,000 88
Jan 9234 Mar
s103 10351 97,000 10054 Feb 10454 Mar
10254 10254 10234
Feb 10334 Jan
5,000 101
Foreign Government
and Municipalities48rIcul Mtge Bk Rep of Col
78 J & J
1947
8735 8735
1,000 7234 Jan 893.4 Mar
20
-year 7s____A&O 1946 8735 8634 8754 6,000 82
Mar 9454 Jan
Buenas Alre8(ProV) 734847 10054 100 10134 11,000 9734 Jan 102
Apr
Is
1952 97
6.000 9434 Jan 1003.4 Apr
9654 97
1961 92
634s when issued
89155 39554 302,000 n9154 May 96
May
Cauca Valley (Dept) Rep of
Columbia,extl. 51 78248 78
3,000 88
75
78
Feb 89
Apr
Cent Bk of German State &
Prey Banks 135 B
1951 84
85
10.000 7634 Jan 8654 Mar
84
1st (3s series A
1952 85
2,000 7755 Jan 8614 Mar
85
85
Cuba (Rep.) 5Hs w 1.1945 98
Feb u993( May
9774 u9954 120,000 98
Danish Cons Munto 5548'55
1,000 9735 Jan 101
May
10034 10051
58
1953
96
98% 17,000 9035 Jan 96% May
Disney P & Waterway BO
1952 82
82
83
Exti 8 1 6558
19,000 7854 Jan 8534 Mar
96% 96% 4,000 91
German COBH Munic 75 '47
Jan 9874 Mar
6.
89% 54,000 7934 Jan 91
1947 89
89
Mar
Hanover (City) 75w 1 1939 97
13,000 9554 Jan 9834 Mar
96
97
Hanover (P,ov) 6348_1949 9334 9235 9334 2,000 8634 Jan 95
Apr
Helsingfors (City) 634e '60 94
s9351 9434 37,000 90
Mar
AM 96
Indus Mtge of Finland
1st nitge coll a f 7s-1944 9934 9935 9935
1,000 97
Jan 10054 Mar
Lima (City) Peru 6545 1958
12,000 73
82
82
Feb
Jan 83
Maranhao(State) 78...1958
Medellin (Colombia) 78 '51
Mendoza (Prov) Argentine
Eat' 735e sink fund g '51
Mtge Bank of Chile 63_1931
Mtge Bk of Denmark 5s'72
Parana(State)Brnall 781958
Prussia (Fee State) 68.1952
Exti 6345(of'26)Sep 15'51
Rio de Janeiro 654a__.1959
Russian Govt
6%a etre
1919
1921
634s
5 h s certificates_ _ _ _1921
Saar Basin 7s
1935
Saarbruecken 78
1935
Santiago (Chile) 78_1949
Sydney (City of) New
South Wales 5148_1955
7454 7454
89% 89%
3,000
1,000
92
100
98
75
9034
943.4
7855
66
75
Jan
Jan
1,000
36,000
24,000
25,000
122,000
40,000
13,000
85
9654
9534
65
81%
8654
67
Jan 04%
Jan 100
Jan 9834
Jan 8235
Jan
9235
Jan 9754
Jan 85
455 434 19,000
4
43-4 56,000
415 2,000
43-4
99
9935 8,000
101
101
1,000
9654 96
9614 42,000
454
4
434
93
91
/
9054
Jan
Mar
7
May
a
Jan
Feb
May ta
Jar 101
AM
Feb 10254 May
Mar
Jan 899
89
May
92
92
/ 99%
3
4
99
9654 96%
75
75
9035 90
94% 9455
78
455
89
89
89% 44.000
Apr
85
9254 May
Mar
Mar
Jan
Mar
Mar
Mar
AM
9051 Mar
tIn week ending April 4, General Empire Corp. should have read 2754 low,
283-4 high. There were no sales at 3315.
:Sales of General Fireproofing week ending April 4, 100 at 333.4, not reported.
§1n last week's record, through typographical error, sales of Fandango Corp.
were made to read Fanny Farmer Candy Shops. There were no sales of Fanny
Farmer Candy Shops. The record should have read Fandango Corp.: Friday close,
1; week's range 110w, 1 high; sales for week, 700; range since Jan. 1, low 55 March,
2% April.
¶Sales of Gesfuerd Amer. dep. rights, reported last week should have been, deb. 68.
1953, with warrants.
• No par value. 1 Correction. m Listed on the Stock Exchange this week, when
additional transactions will be found. a Sold under the rule. s Sold for cash,
s Option sales. I Ex-rights and bonus. w When Issued. s Ex-div. y Hz
-rights.
e "Under the rule" sales as follows:
Aluminum Co. of Amer. 5e, 1952, Jan. 30, 81.000 at 10354.
Amer. Commonwealth 66. 1949, Jan. 22, 33,000 at 108@)107.
Blaw-Knox Co., Jan. 2, 58 shares at 31.
Bureo Co., Jan. 20, 50 warrants at 414.
Central States Elec., Feb. 6. 3,300 shares 6% pref. at 70.
Donner Steel Feb. 27, 60 shares common at 33.
General Water Works & Elem. 6e, 1944, Jan. 29, 81,000 at 9834.
Gerrard (S. A.) Co., Jan. 2. 105 shares emu. at 24.
Gorham Mfg. com v.1 c. April 23, 1 at 4351.
Houston Gulf Gas, Mar. 3. 2 shares at 19.
Mohawk & Hudson Power. Feb. 6, 75 shares 26 pref. at 112.
Nebular Bros. Realty fle. 1948, Feb. 6. 811.000 at 9355•
Neve Drug Stores, May 16, 20 shares at 2
Russian Govt. 534s, 1921 etre.. Feb. 7,86,000 at 7.
Singer Mfg., Ltd., Feb. 18, 100 shares at 8.
"Optional" sale as follows:
Del. Elec. Pow. 5348, 1959, Feb. 19. 81,000 at 9234.
Montreal Lt.. Ht. & Pow. COWL. Feb. 10, 100 /Mares at 138.
Patterson-Sargent Corn., col., Jan. 6, 25 at 2535 •
Sou. Calif. Gas 58. 1937. Feb. 15, 31.000 at 9035.
MAY 31 1330.]
3865
FINANCIAL CHRONICLE
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked "1".
8 4. 2 1
1
Railroad Equip.
(Conad.)
Chain Store Stocks Par .2624 A91.1 Investment Trust Stocks
'
Public Utilities
Bid
Purl Md. Ask.
Ask Schiff Co corn
and Bonds (Cond.) Par Bid. Alt.
93
Mann St P & SS M 434s & 58 5.20 4.80
General Trustee common__ ---Cum cony pref 7%---100 n80
Amer Public Iltil core-100' 77
50
Equipment 614s & 7e..__ 5.60 5.15 Silver (Isaac) & Bros oom -1 35
New units
7% prior preferred____100 92 95
5.15 4.55 7% cum cony pref__ _..100 90
94
94
MissouriPacific 6345
100 90
0% bonds
Pardo preferred
5.05 4.80 Southern Stores6 units
45
Equipment es
Greenway Corp coin
Appalachian El Pr pref 100 109 110
4.75 4.50 U S Stores
514 612
Mobile & Ohio 58
Preferred without MUT.-- ---2
2 15
Aesociated Gm & Else
*9512 0612 New York Central 4146 & ba 4.65 4.50
60
Warrants
First preferred 7%--_100 55
55 Preferred
63
5.00 4.70 Young(EdwIn H)Drug unite 100 105
2812
Equipment 13e
(1) 62
Guardian Investment
Cleve Elec Ill corn
4.75 4.60
100 111 114
Equipment 7$
22
26
preferred
Preferred
6%
4.60 4.45
100 117 120
Norfolk & Western 4 Ms_ .4312 4334 Guardla tsInvestors
se unin
Standard 011 Stocks
Col El & Pow 7% rd
5.70 4.70 Atlantic Ref corn
65
25
75
Eastern Util Assoc com---t *421 4312 Northern Pacific 7s
*161 17
24
25
Pacific Fruit Express 7s__... 4.80 4.60 Borne Scryrnser Co
35
25 *20
53 units
Convertible stock
0
4.60 4.45 Buckeye Pipe Line Co
.58 6
16
90
PennsylvaniaRR equip 58
50 • 5 172
t *861 89
Gen Public Cal 57 pref
4.85 4.60 Chesebrough Mfg Cons_ _25
3012 35
Inoorpomt r Equities
57 Prefer r
Pittsb & Lake Erie 8345
Mississippi Rlv Pow of _100 107
e
102 idi
4.60 4.40 Continental 011(Me)v t cl 10 *1618 1712 Incorporated Investors
59
Reading Co 4335 & Is
6112
First mtge be 1951___J&J
*2712 273 Industrial Collateral Assn
Mdr.N 9612 971, St Louie & Elan Francisco Es 4.70 4.50 Continental Oil (Del)
4
Deb be 1947
s 7
Seaboard A& Line 5348 & 6s 5.25 5.70 Creole Petroleum
National Pow & Lt $7 pref.t *109 111
Industrial & Pow Sec Co
(t) '67
*101 102
14
4.60 4.50 Cumberland Pipe Line-100 *240
50
Southern Pacific Co 4348_
Insuraoshares COI Inc
$6 Preferred
4.80 4.60 Eureka Pipe Line Co_ _100 43
48
53
a
Equipment 7s
Inter Germanic Trust
North States Pow.7% Pref- 107 110
*612 63 Int Sec Corp of Am corn A
4.85 4.50 Galena Oil new common____
58
_
4
Ohio Pub Serv 7% pref-100 10712 10812 Southern Ry 4148 & Se
98
97
*3414 3612
33
5.00 4.70 General Petroleum wi
28
Equipment es
Common B
6% preferred
5.00 4.75 Humble 011 & Refining-_25 *2104 1043
4
Toledo & Ohio Central es
Pacific Gas& El 1st pref__25 *2618 28
Allotment certificatee_
7% preferred
4.80 4.60 Illinois Pipe Line
Union Pacific 7s
100 305 315
Puget Sound Pr & Lt 56 Pf-t *99 101
- - _
91
•89
25
_
2512
94
614% preferred
Imperial 011
t •
55 Preferred
89
*3712 3812
& ref 5345 1949-J&D 10112 10212 Aeronautical Securities
6% preferred
let
Indiana Pipe Line Co----10
Bay El & Pow 6% PL-100 91
Interstate Share Corp
I International Petroleum
t *2058 21
6 ---- National Transit Co--12.50 *21814 19
47
50
AeronauticalInd without war
Sierra Pas El Co 6% pf-100 91
Invest Co of Amer corn
7% preferred
3
21
93
Warrants
Stand Gas es El $7 pr pf_100 11058 11114
318 New York Transit Co -100 19
5
74
3
43
612 Northern Pipe Line Co-_100 40
'Fenn Elec Pow let Prof 7% - 10912 11012 Air Investors common
Invest Fund of N J
1188 123
8
100 102
7212 Investment Trust of N Y
Airstocks Inc
25 *72
6% preferred
OhIo Oil
95
27
93
37
3
Alexander Indus corn
100 10414 105
Toledo Edison 5% pref____
t 24
Invest Trust Associates...... 33
Preferred
105 10612
44
8% participating pref._
25 *23
2412 Joint Investors class A
0% Preferred
80
Penn Mex Fuel Co
100 100 111
100 DM'
American Airports Corp.__
25 *24618 47
7% Preferred
Convertible preferred 112 Prairie Oil& Gas
4
n8
11
Utilitlee Pow & L 7% Df_100 993 10012Aviation Corp of Calif
25 *x500 51
*213 22
4
Keylass e Inv Corp clam A.
cstonB
Prairie Pipe Line
Avhtion Sec Co of N E
25
Solar Refining
"1104 1211
14
Salience Aircraft Corp
Short Term Securities
17
Leaders of Industry
Southern Pipe Line CO
5
0
0414 612 South Penn 011
Central Airport
8
43
25 •42
Massachusetts Investors--- 473 5036
1
4
8
7014 7314
Alibi Chal Mfg 5s May 1937 9912 995 Cessna Aircraft new corn._.
Pipe Llne-50
Southwest Pa
MMouhtuaawlkInInvesvestt Corp
2014 2212 Standard Oil (California)_.t • 012 71
*7°
5
912 1114
Consolidated Aircraft
55
Alum Co of Amer Si May '52 10158 102
3
133 1514
4
Am Metal 511s '34_ _ _A&O 97 9712 Consolidated Instrument-t
25 .53 4 54
Nat Re-Inv Corp
Standard 011(Indlana)
378 4
6
8 3
Curtiss Flying Service
6
10
Amer Bad deb 434s May 4
'7 9712 98
Standard Oil (Kansas) 25 *405 41.84 North Amer ULU Sec
s
n2
5
Am Roll Mill deb 5s-Jan '48 0918 993 Curtiss Reid tom
Standard 011(Kentucky)_10 *36
93 1014
4
10112 Curtiss-Robertson corn
30
Amer Wat Wks 58'32_ _ A&O
40
Standard 011 (Nebraska)_25 .4712 4812 North AmerTr Shares
4
80 4
4
7
Bell Tel of Can bs A_Mar'55 10212 1023 Dayton Airpl Engine
25 . 3 81
t
North & South Am B corn_
Standard Oil of N. J
6
7
5711 63
8
Baldwin Loco 5345'33 hi&S 101 1013 Detroit Aircraft
3714 Oil Shares units
25 *37
83
8 812 Standard 011 of N Y
9814 Fairchild Aviation class A
92
1212 1412
6
Cud Pkg deb 5148.0ct 1937 98
67 Standard Oil (Ohio)
8
25 *91
Old Colony Invest Tr corn
88
n4
85
Federal Aviation
Edison El III Boston
19
4)4% bonds
100 *118
Preferred
24
21
4312
0312 Old Colony Tr Associatee- 41
434% notee____Nov 1930 100 - - - - Fokker Aircraft
Standard Oil Export pref.-- 103
Kinner Aire) & Motor
10
3
4 114 Swan & Finch
Flak Rubber 5M s_ _Jan 1931 5112 55
25 *8
Overseas is
1948
f1212 512 Union Tank Car Co
.z,
3
4 3412 Pacific Invest Corp
2
Lockheed Aircraft
9
5
General Motors Accept
8
12
5% ear notes -Mar 1931 10014 1005 Maddox Air Lines com
25
Vacuum Oil
8
4
1882 183
5% ear notes, Mar 1932 100 1003 National Aviation
Power & Light Secs Trust... 62 "cii"
s
10
5% ear notes-Mar 1932 997s 1003 New Standard Aircraft__
Investment Trust Stocks
PublicUtility Holding
Specialties
13
5% ear notes___Mar 1934 9912 _663-4
and Bonds
Common with warrants-- - 983
4
Southern Air Transport._ 55
ern
5% ear notes___Mar 1935
10
"if"
2
1212 iteseerch ta v Corp com____
10
5% ear notes_-Mar 1938 9814 9914 Swallow Airplane
412 Admetr &Research A
WarranIn
_ _ ---82
n4
Warner Aircraft Engine
Gulf Oil Corp of Pa
6
Corp_
Amer Common Stocks
Units
8
Debenture 5s-Deo 1937 1011s 1013 Whittelem Mfg
712 1011
3
1
Amer de Continental
Royalties Management-Debenture 5e _Feb1947 10118 10112
Amer & For Sh Corp units- ---- - - - - Seaboard Cont Corp units-Water Bonds.
Koppers Gas & Coke
Common
---Common
4
Debenture be_June 1947 993 100
1938
534% cony debs
- - - - Second Financial Invest
921
16
.
Ark Wat let Is A 156__A&O 93 95
Mag Pet 4344..Feb 15'30-'35 95 100
43
Amer ounders Corp corn- -- .2 2012 Second Internal See Corp-- 38
co9
10112
100
Birm WW lit 5142A'54 A&O
Mar Oil 5% noted J'n3 1530
21
17
Founderspreferred
40 -50
-Common B
3
lit M bs 1954 set B__J&D 95
Serial5% notes Yoe 1531 100 1003
44
6% preferred
6% preferred
4
50
54
Serial 5% notes J'ne 15'32 993 10014 City W (Chat)5101.'54 J&D 10014
seoo itsTru 4Investors
l3e,le cI Ntt
f
rs
JAB 93
Miss Gas Coe 5346 Jan 1948 10212 103
481c _34_04:
26 2c
0
1st M & 1954
7% ths
1-40 preferred
Pacific Mills 5M a_ _Feb 1931 - - - - - - - - City of New Castle Water
31 "
29
1-70ths
Shawmut Bank Inv TrustJ&D 92
bs Dec 2 1041
Peoples Gas L & Coke
Warrants
1942 82 87
Dec 1930 0912 - - - - Clinton WW lit 54'39..F&A 93
4345
90
Amer & General Sec 6% pref 43
be
1952 85
8
117
178 3192738
Proo & Gamb 4145 July '47 975 9984 Com'w'th Wet lit 534BA'47 9012 for
28
_
Class A
as
Con'llsv W Is Oct2'39 A&O 92
Swift de Co
Class B
Southern Bond & Share
A
177
4
95
E St L & lot Wat Is'42 J&J 94
5% notee____Oct 15 1932 1003 101
Amer Insurance Stock Corp_
Common
100 10012
J&J 100 101
Union Oil 5s I935___F&A
lit M Os 1942
Amer Jr Overseas pref
-Common B
Huntington lit 6s '54_M&8 102 ---- Amer By Tr Shares
994 101
United Drug Is 1932A&O
---Preferred
58
9914 101
1954 93
Debenture 5s 1933 ,A&O
1433 ii3i
Astor Financial
Standard Collateral Trust
Monm Con W istbs'56 J&D 8912 91
227 2412
8
Atlantic Securities corn
5 - Standard Corporation
1
Mourn Val W 514.'50_J&J 96 ---Pa
Tobacco Stocks
Warrants
Standard Investing Corp.
Muncie WW 5sOct2'39 A&O 93
44
47
80
Preferred
% pref with wart....
6212
Amerfoan Cigar prat--- 100 80
88
St Jos Wat 55 1941-A&O 9112 - . Bankers Financial Trust
12
- - - - Standard Oil Trust Shs _
26
2712 Shenango Val W 5s'56..A&O 88
British-Amer Tobac ord__ E
90
_
Bankers Investmt Am
- - Standard Utilities
.2513 2712 Bo Pitte Wat lit 55 1960 J&I 93
Bearer
Bankers Sec Tr of Am corn
1012
Trustee Fi
Stand Oil Shs A.
22
24
ist m 55 1955
FAA 9713 - 1 BankInstocks Holding Corp_
Imperial Tob of G B & Irel'd
913 2
113
4
11
Int Cigar Machinery-.100 107 120
Terre H WW Si '49 A...I&D 9913 -Bankshares Corp of U S CIA
93 101s
s
- - - - Trustee Transportation_ Johnson Tin Foil & Met-100 55
1st M 58 1956 per B_F&D 92 -65
Bankstocks Corp of Md CIA ---_ - - - - United F!xed Sits set Y.
8
97 103
8
Union Cigar
he
14 Wichita Wat 1st Os'49_M&S 9912
Class B
United Founders Corp corn
4
Union Tobacco Co Class A - *2
1956 ear B_F&A 94
let M as
43c 470
Preferred
Young (IS) Co com____100 98 _ _ _ _
9
Basic Industry Shares---(0
93 United TrustShares A 2...
4
Chain Store Stocks.
Preferred
100 102 ____
1312 143 17S Elee Pow Coro
4
British Type Investors
Berland Stores units new__ n8) 90
Cent Nat Corp A
37
9
41
7
Warrants
Indus. & Miscellaneous
Bohaok(H C) Inc corn____t 81
85
Class B
16
133
8
100 101 105
7% 1st preferred
26
125 14
8
27
2
1
Colonial Investor Shares_
U ClassA
i3 8hareB
' mcla A
prof
35
45
Aeolian Co
Butler (James) common_
n1
3
1112 1234
Corp____
-8
13
Aeolian Weber P & P-100
ioo 10 3 Commonwealth Share Corp..684 -10 - CUlasela83 cA
Preferred
0Continent'l Metropol
275 - - - 8
American Hardware
25 *59
61
Diamond Shoe common__-- 37
3
9
Continental Shares com
2858 - - - 1811
CIasa D 2
Dl .
s C
Babcock & Wilcox
100 •130 135
Preferred with warr
96 100
83
86
Cony pref
213 2412
4
Class C 3
*20
Bliss (E W) Co
21
12
Edison Bros Stores com
15
Continental Securities Corp_ 52
16,8
Preferred
50 *50
Preferred
n90 95
72
Preferred
173 "fisi
4
100 •109 ifi" Fan Farmer Candy Sit pf _t *3112 34
Childs Corp pref
1914 75
1158 1218
2114
Corporate Cap Corp units_
eias
Cla
Class
:
Dixon (Jos) Crucible__ _100 165 175
Fishman (H M) Stores corn
16
20
17
Deferred stock
(t)
U P & BridInternat class B. 13
131referret
130 140
Safety Car Ht & Ltg
100
preferred
95 103
33
29
Credit Alliance A
Class A
Singer Manufacturing
100 500 520
01 All & Pao Tea pref-100 116 119
42
-Corporate Trust Shares
93 1018
2
Singer Mfg Ltd
El *5
614 Howorth-Snyder Co A
13
CruM & Forster InsurU 8 Elea Light & Power--- 4114 4314
Knox Hat
n_
65
73
70
ante shares core
U 13 Overseas Corp corn
Railroad Equipments
Kobacker Stores corn
25
103
101
Cum pref 7%
,-100
90
35
133
4
Depos larefshred set N Y-. 13
7% B'ker ares
Sugar Stocks
Atlantic Coast Line 641
5.00 4.70 Kress (13 H)6% pref
11
1212 Fajardo Sugar
914 1012
55
Series B-1
100 53
Equipment 814s
4.80 4.60 Lerner Stores 034% Pf w w. 96
2512
99
25
Diversified Trustee 86s A
Godchaux Sugars Inc
t •23
Baltimore de Ohio 6s
5.00 4.70 Lord & Taylor
100 /4325 400
211s 2178
85
Shares B
Preferred
100 75
Equipment 4145 et
4.65 4.50
.5
First preferred 6%
100 1195
9
9 2 Haitian Corp Amer
,
8
Series C
Buff Roth & Pitts equip 611_ 5.00 4.60
preferred 8%_100 5100
Second
2
4
Domestic & Overseas
30
Holly Sugar Corp corn__i •26
Canadian Pacific 4145 & 6s_ 4.80 4.60 MaoMarr Stores 7% pf w w 97 fileT
78
Eastern Bankers Corp corn. ---- - - - Preferred
100 72
Central RR of N J 68
6.00 4.60 Melville Shoe Corp
3413
Units
National Sugar Ref
100 3
4
Chesapeake & Ohio 68
5.00 4.70
ist prat 0% with warr_100, 90
95
25
16
Equit Investing Corp units- 23
100 12
New Niquero Sugar_
4.90 4.60 Metropolitan Chain Stores
Equipment6 Ms
-1
35
88
Savannah Sugar corn
t *84
Equity InvestCorp com-__. 31
Equipment be
4.70 4.50
New preferred
100n _ 80
76
80
96
Preferred100 92
North West Os.. 5.00 4.70 Miller (I) & Sons com____t 81
Chicago &
17
33
14
Federated Capital Corp.... 13
9
Sugar Estates Oriente PLIO0
Equipment 6345
4.85 4.65
Preferred 634%
100 80 87New unite
45
Vertientes Sugar pref.-100 35
4.65 4.50 Mock Judson & Veeringer pf 590
Chic RI &Pao 4345 de 55
First Holding & Trad
94
Equipment 68
5.00 4.80 Murphy (G C) Co com---t .55
93 1014 Rubber Stocks (Cleveland)
4
65
Fixed Trust Oil shares - 5.25 5.00
Colorado & Southern es
8% cum prof
100 102 104
6
711
Fixed Trust Shares ci A_-(t) 213 ciam H
4
Aetna Rubber corn
t 86
5.00 4.70 Nat Family Stores Inc wart fil
Delaware & nucleon Os
4
(t) 19
Falls Rubber corn
t•
4.90 4.65 Nat Shirt Shops corn
Erie 41.45 & is
912
100 n t
1 •hl
17
Foundation See oom
Preferred
25 •
5.10 4.80
Equipment (is
Preferred 8%
37
91
Preferred
Faultless Rubber
t *35
5.00 4.70 Nedick's Inc oom
Great Northern &
t *8
Gen'l Tire & Rub oom-25 *140 142
912 Founders See Tr prof
4.65 4.50 Nelsner Bros Inc Pref 7%100 115 120
Equipment be
90
Founders Snares
Preferred
100 *87
4.65 4.50 Newberry (J) Co 7% pf 100 97 102
Hocking Valley 55
103 1212 Goody'r T 4c II of Can pf.100 r105 106
4
General Equities A
5.00 4.70 NY Merchandise oom- - -1 •19
Equipment fis
93
22
India Tire & Rubber
Gen Pub Sere 6% pref
t *2012 22
4.05 4.50
First preferred 7%___100 90
Illinois Central 4345 ek 5e
Miller Rubber pref
100
5.00 4.70 Piggly-Wiggly Corp
Equipment Oa
100 810
t:
17
5
Mohawk Rubber
100 15
4.70 4.60
Preferred 8%
Equipment 75 & 634S
50
Preferred
100
5.00 4.80 Reeves (Daniel)preferred WO 94
Michigan 6s..
Kanawha&
Selberling Tire & Rubber--1 *712 73
98
4
KansasCity Southern 534$. 5.50 5.00 Rogers Peet CO ocom
100 0120 135
35
Preferred
100 31
5.00 4.70
Louisville& Nashville 6s_
4.70 4.55
Equipment63411
4.60 4.40
Michigan Central be
4.70 4.50
EgalDment 68
----
----
• Pershare
t No par value.
S Basis. 4 Puroh. else Days acer. diy
k Last sale.
n Nom1s
z Ex-dive
F Es
-rights
r Canadian geolsUone
S Sale price.
3866
Investnunt anti Saikaati Intelligente.
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
--Grossfrom Railway- -Net from Railway- -Net after Taxes
1930.
1929.
1929.
1930.
1930.
1929.
$
Chicago River & Indiana
April
Current
Previous Inc.(+)or
528,084
199,215
568,459
208,383
167,737
235,163
From Jan 1_ 2,128,938 2,303,619
Pertod
Year.
Dec.(-).
Year,
822,934
692,515
856,390
985,941
Name
Covered.
Chicago St Paul Minn de Omaha
Canadian National
2d wk of May
4,297.729 5,135,279 -837,550
April
Canadian Pacific
1,962,692 2,000,520
*92,992 *173,924
2d wk of May
3,129,000 3,935.000 --806,000
From Jan 1_ 8,103,331 8,137,077
Georgia & Florida
*631,134 *495,529
3d wk of May
--2,250
23,450
25,700
Minneapolis & St Louis
3d wk of may
-17,433 Clinchfield248,667
266,100
Mobile & Ohio
April
3d wk of May
559,000
621.000
*161,000 *205,000
-59,797
330,130
270.333
Southern
From Jan 1_ 2.203,000 2,421,000
3d wk of May
*788,000 *1,029,000
-729,380
3,715,211 2,985.831
St Louts Southwestern
3d wk of May
-11,070 Colorado & Southern
411,700
422,770
Western Maryland
3d wk of May
April
-13,160
343,619
330,459
*82,911
790,969
946,781
*43.956
From Jan
*449,451 *552,988
We also give the following comparisons of the monthly Columbus &1_ 3,494,622 3,763,699
Greens
April
totals of railroad earnings, both gross and net (the net before
143,241
21,842
141,473
21,594
16.975
23,059
From
95,838
95,838
112,829
the deduction of taxes), both being very comprehensive. Del& Jan 1_ 587,398 596.151 112,829
Hudson
They include all the Class 1 roads in the country.
April
2,911,308 3,418.510
437,325
776,908
314,003
687,706
From Jan 1_12,378,191 12,966,299 1,911,067 2,249,831 1.418,688 1,893,174
Del Lack & Western
Gross Earnings.
Length of Road.
April
5.848,386 7,225,952 1.423,668 2,382,205
940,407 1,746,128
Month
From Jan 1_22,964,492 26,530.270 4,816,281 19,237,286 2,950,860 5,083,629
Inc. (-I-) or
Denver & Salt Lake
1929.
Dec.(-).
1929.
1928.
1928.
April
133,111
208,513 -24,453
44,455 --38,502
34,455
From Jan 1_ 970,967 1,238,281
328,240
546,551
272,183
506,532
Miles.
Miles.
$
February
Del & Mackinac
474.780,516 456.387,931 4-18.292,585 242.884 242,668
March
5_8.134.027 505,249,550 4-10.884.477 241,185 240,427
April
95,967
133,043
17,228
35.618
25,175
7.661
Apri
513,076 026 474.784.902 4-38.291,124 240,956 240.816
From Jan 1_ 324,956
447,185
8,478
61,092 -29,610
19,248
May
536,723.030 510.543.213 4-26,120,817 241,280 240.798
Detroit Toledo & Ironton
June
531.033.198 502,455.883 4-28,577,315 241,608 241,243
April
1,248,546 1,241,493
*510,075 *406,900
July
556.706.135 512.821.937 4-43,884,198 241,450 241.183
From Jan 1_ 4,508,310 5,118,624
*1,797,808 *1,881,101
August
685.638.740 557,803,468 4-27,835.272 241,026 241,253
Det & Tol Shore Line
September
565.816,654 556.003.668
4-9,812,986 241,704 241,447
April
144,292
163,833
124,798
339,098
127,936
420,380
October
607.584.997 617.475.011
--9 890 014 241.822 241,451
From Jan 1_ 1,562,046 1,951,170
844,136 1,096,934
911,207
942,648
November
498.316.925 531.122,999 --32,806,074 241,659 241,326
Dui Winnipeg & Pacific
468,182,822 495.950,821 -27,767,999 241,864 240,773
December
-7,174
4,562 -13,828
April
-5,513
133,084
192,195
1930.
1929.
1930.
1929.
January
From Jan 1_ 696,897
71,703
182,914
35,825
141,560
820,239
450,526.039 486.628,286 -36,102,247 242.350 242,175
February
427,231.361 475,265,483 ---48,034,122 242,348 242,113
Elgin Joliet & Eastern
Match
452,024,463 516.620.359 -64.505.796 242,325 241.964
900,314
565,577
April
690,764
771,276
2,161,918 2,309,264
From Jan 1_ 8,202,884 8,744,712 2,439,688 3,118,910 1,947,574 2,620,136
Net Earnings.
Inc.(+)or Dec.(-).
Erie Railroad
Month.
986,882 1,569,630
April
7,970,705 9,226,984 1,385,380 1.982.919
1929.
1928.
Amount.
Per Cent.
From Jan 1_31,691,307 36,211,176 5,457.313 7,814.991 3,880.720 6,108,288
Chicago & Erie
$
$
$
625,519
682,338
362,198
420,363
April
1,118,830 1.367,692
February
126,368,848
108,987.455
+17,381,398
+15.95
From Jan 1_ 4,627,765 5.221,282 1,882.801 2,437,225 1,650,053 2,212,067
March
139.639,086
132,122.686
+7.516.400
+5.68
NJ&NYREApril
136,821,660
110,884.575
+25,937,085
+23.39
14,980
10,837
10.863
134,689
14,970
120,775
April
May
148,798,792
129,017.791
+17,754.091
+12.09
23,420
25,686
40,799
42,107
From Jan 1_ 470,123
498,278
June
150,174,332
127,514.775
+22.659.557
+17.77
July
168,428.748
137,825.387
+30,793.381
+22.37 Florida East Coast
517,873
August
379,310
659,311
April
1,320.215 1,475,328
499,552
190,957.504
174.198,544
+16.758,860
+9.62
September
181.413.185
From Jan 1_ 6,048,153 6,715,716 2,600.780 3,232,754 2.079,734 2,661,606
178,800.939
+2,612,246
+1.46
October
204,335.941
216,519.313
-12,183.372
-5.83 Ft Smith & Western
November
127.163,307
157,192.289
-30,028,982
-19.11
4,728
9,451
April
-3,976
253
91,911
104,068
December
106,315,167
138,501,238
-32,186,071
-23.12
57,192
47,010
65,422
76,117
From Jan 1_ 484,574
495,721
1930.
1929.
Georgia Railroad
January
94,759.894
117.784,570
-23.005.178
-19.55
121,168
69.249
105,059
77,388
April
434,855
502,865
February
97,448,899
125,577,866
-28.128,967
-22.40
286,313
183,933
219,837
308.850
From Jan 1_ 1,607,339 1,769,557
klarch
130.736.1101
-58 909 004
-97 48
101,494.027
Great Northern System
176,549 1,539,658
909,231 2,233,476
April
7,425,102 9,245,119
997,818 5,273,931
From Jan L27,847,938 34,150,090 3,718,995 8,017,027
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes Gulf Mobile & Northern 843,934
*73.068 *114,018
April
539,881
for STEAM railroads reported this week to the Inter-State
*178,701 *384,840
From Jan 1_ 2,093,792 2,419,518
Commerce Commission:
Hocking Valley
548,249
587,019
423,270
456,691
April
1,529,335 1,654,585
-Grossfrom Railway- -Net from Railway- -Net after Tares
From Jan 1_ 5.575,984 6,320,718 1,683,036 2,216.670 1,183,189 1,695,219
1930.
1929.
1930.
1929.
1929.
1930.
Illinois Terminal Co.
$
$
$
190,630
170,689
599,678
186.553
149,407
April
590,334
Akron Canton & Youngstown
574.589
588,015
670,666
673,187
From Jan 1_ 2,271,906 2,383,240
April
262,557
331,770
94,733
148,410
76,349
129,378
Hans City SouthernFrom Jan 1_ 1,007,554 1,277,838
345,850
572,037
272,294
492.345
Texark & Ft Smith
Atlanta Birm & Coast
81,380
147,936
65,895
131,030
274,366
April
230,329
April
343,055
409,945
33,158
9,391 -48,158
-7,430
289,476
550,776
226,702
474,885
From Jan 1_ 822,536 1,047,292
From Jan 1_ 1,391,303 1,525,518 -115,206
-5,801 -175,602 -73,229 Kansas Okla & Gulf
105,729
132,251
Atlantic City
84,999
112,364
276.975
April
256,583
499,771
April
540,535
416,335
460,110
220.683
229,403 -32,838 -29,571 -72,842 -69,871
From Jan 1- 1,059,091 1,168,755
From Jan 1_ 810,610
846,168 -231,860 -211,803 -391,884 -373,017 Lake Terminal
--8,316
--1,291 --14,741
Atl Coast Line
79.382
--8,318
April
71,680
April
6,148,325 8,028,067 1,770,251 3,257,026 1,214,707 2,503,073
292,354 --22,075 --10,222 --47,775 --30,324
From Jan 1_ 235,276
From Jan 1_26,336,943 30,274,335 8,251,511 11,578,878 5,967.849 8,918,322
Lehigh & Hud River
53.742
220,220
74.682
Balti & Ohio
58,674
40,803
April
190,769
169,043
846,412
238,255
April
18,080,223 19,585,523 4,281,871 4,842,687 3,409,936 3,800.862
122,749
183,316
From Jan 1_ 743,661
From Jan 1_69,311,404 76,256,392 14,529,241 17,710.880 10,744,803 13,589,315 Lehigh & New England
121,907
427.249
B & 0 Chic Term
114,942
431,694
98,845
April
106,089
323,248
355,875
388,839
272,864
April
73,886
90,273
28,247
From Jan 1.. 1,527,992 1,477,257
276,594
7,084
230,084
From Jan 1_ 1,286,303 1,371,884
116.660
174,492 -135,029 -59,356 Lehigh Valley
728,337 1,621,950
Bangor & Aroostook
April
4,887,573 6,059,176
462.829 1,288,853
From Jan 1_19,908,588 22,653,835 3,412,619 5,188,427 2,314,830 3,982,764
April
893,386
700,239
*384,840 *700,239
From Jan 1_ 3,742,780 3,100,001
*1,724.993 *1,328,772 Los Angeles & Salt Lake
383,245
Belt Ry of Chicago
April
600.606
1,877,004 2,298,559
228,134
480,058
114,640
119.459
From Jan 1_ 7,855,848 8,837,188 1.685,459 2,327,293 1,019,529 1,764,049
April
603,308
636,325
170,254
181.337
510,181 Maine Central
From Jan 1_ 2,380.411 2,653,543
663,885
722,891
441,680
409,130
April
1,614,339 1,472,772
326,238
Bessemer & Lake Erie
311,613
239,846
282,099
140,188
From Jan 1_ 6,663,617 6,103,017 1,738,825 1,363,770 1,353,402 1,027,765
April
965.241 1,093,842
173,154
224,759
483,145 -124,699
From Jan 1_ 2,875,275 3,320,519
-9,676
352,819 Midland Valley
292,240
112,478
April
118,091
270,959
102,312
Boston & Maine
97,872
From Jan 1_ 985,554 1,144,732
398,771
April
5,810,589 6,543,220 1,412,129 1,561,742 1,140,789 1,252,201
479,865
338,751
414,675
From Jan 1_23,243,393 24,701,942 5,658,325 6,144,582 4,807,935 4,914,082 Minneapolis & St Louis
174,665
April
45,702
Brooklyn E D Term
1,021,477 1,079,082
113,965 -18,736
310,256
34,628
From Jan 1_ 3,925,607 4,517,712
531,469
108,317
123.608
41,649
46,029
39,187
April
65,088
280.856
157,142
166,247 Minn St P & SS M
185,256
198,354
From Jan 1_ 452,706
476,490
441,819 1,114,211
April
3,164,686 3,938,456
Buff Rochester & P1128
213,762
874,999
142,788
213,292
From Jan 1_11,817,755 13,768,515 1,202,419 2,495,730
182,769
243,339
1,231,387 1,370,916
308,725 1,571,825
April
610,955
890,018 Mississippi Central771,021 1,050,299
From Jan 1- 5,161,815 5,588,181
Buff & Susquehanna
Mo-Kansas-TexasApril
4,979
31,299
2.879
160,714
137,070
33,374
3,617,166 4.345.295
April
*216,008 *352,811
98,632
57,830
From Jan 1_14,451,697 17,679,428
622,420
54,270
87,939
*618,678 *1,885,303
From Jan 1_ 591,419
Missouri viv North Arkansas
National Rye
Canadian
162,984
47.760
*2,190,693 *4,650,944
April
30,808
18,310,024 23,210,729
167.126
45,316
26,648
April
From Jan 1_ 803,101
603,124
127,359
60,572
*6,755,214'15,833,205
117,584
48,917
From Jan 1_70,892,654 84,515,476
Missouri Pacific
Central of Georgia
459,013
April
305,010
430,039
596,641
1,956,738 2,320,546
*1,474,586 *1,392,512
10,144,940 10,825,182
April
From Jan 1_40,694,684 43,952,857
*6.434,521 *6,585,804
From Jan 1_ 7,859,452 8,494,623 1,824,075 2,087,809 1,306,291 1,562,661
Mobile & Ohio
Charles & W Caro
100,264
April
349,380
443,295
126,769
46,449
63,980
260,739
1,362,993 1,580,520
346,670
359,606
290,100
April
86,800
222,410
From Jan 1_ 5,045,301 5,714,006 1,031.475 1,289,109
160,841
313,419
684,349
942,778
From Jan 1_ 1,003,372 1,169,256
Monongahela Connecting
Chicago & Alton
385,334
April
500,710
238,627
235,345
230,822
217.362
352,651
542,348
313,527
539,998
2,021,499 2,243,717
April
From Jan 1_ 2,138,594 2,449,540
981,052 1,729,741
903,210 1,142,568
837,075 1,049,304
From Jan 1_ 8,143,414 9,255,301 1,436,037 2,161,982
Monongahela Connecting
Chicago & East Illinois
198,429
112,586
April
327,424
74,918
40,985
242,875
51,474
61,816
185,186
226,151
1,681,820 1,930,353
April
390,256 1,128,792
From Jan 1_ 720,769
249,177
136,437
882,923 1,622,715
171,999
847,465
205,305
From Jan 1_ 7,009,220 8,148,620
Nash Chatt & St Louis
Chic Great Western
252,841
April
335,440
*281,193 *681,927
330,628
418,997
1,873,481 2,229,768
1,910,411 1,995,220
April
From Jan 1_ 6,971,531 7,889,076
*891,818 *1,721,083
From Jan 1_ 7,327,094 7,876,250 1,687,411 1,368,069 1,341,539 1,039,835
Newburg & South Shore
-Pao
Chic Milw St Paul
April
83,430
202,503
135,374
218,523
45,851
181,905
11,973,713 13,327,486 2,028,570 2,811,322 1,223,859 2,020,786
April
From Jan 1_ 464,387
229,790
135,620
165,707
592,977
65,304
From Jan 1_48,027,522 52,034,971 8,231,097 11,891,167 5,037,827 8.675,883
New Orleans Terminal
Chicago & North Western
April
130,722
29,037
95,377
17,780
*729,099 *1,496,296
188,090
84,370
10,586,279 11,945,789
April
From Jan 1_ 537,812
185,545
282,657
638,147
*2,987.328 *4.526,679
140,515
242,716
From Jan L41,180,068 43,367,305
MAY 31 1930.1
FINANCIAL CHRONICLE
3867
-Grossfrom Railway- -Net from Railway-- -Net after Taxes
Other Monthly Steam Railroad Reports.
1929.
1930.
-In the-fol1930.
1929.
1930.
1929.
$
6
S
$
$
$
lowing we show the monthly reports of STEAM railroad
New York Chic & St L
4,289,041 4,557,680 1,117,485 1,462,629
898,554 1,174,451 companies received this week as issued by the companies
April
From Jan L.16,434,923 18,259,698 3,935,487 5,538,426 3,157,279 4,481,535 themselves, where they embrace more facts than are reNew York Connecting
208,747
244,032
139,910
April
168,032
101,910
130,032 quired in the reports to the Inter-State Commerce Com981,930
632,272
545,549
480.272
From Jan 1_ 881,525
393,549 mission, such as fixed charges, &c., or where they differ in
N Y N H di Hartford
some other respect from the reports to the Commission.
10,298,632 11,629,988 3.301,884 3,815,431 2,616,029 3,175,149
April
From Jan 1_40,108,752 43,497,616 12,654,266 13,729,006 9,904,076 10,887,703
Ann Arbor RR.
N Y Ontario & Western
-Month of Aril
- 4 Mos. End. April 30.
778,072
938,987
59,732
April
151,336
16,988
106,356
1930.
929.
1930.
From Jan 1_ 3,243,993 3,447,763
321,407
336,094
1929.
151.036
156,065
3
N Y Susq & Western
Operating revenues
411.706
511,388 1,675.505 2.076,732
April
390,616
437,066
124,389
103,799
72.249
93,294
Operating expenses
331.227
377,793 1,318.364 1,509,111
From Jan 1_ 1,516,716 1,682,384
369,049
433,971
242,824
309,215 Net railway operating inc_ _ _
35,031
72,763
141,266
343,750
Norfolk Southern
Gross income
37,890
77,847
154,279
356,869
April
639,289
819,975
163,748
258,399
111,838
206,416 Net corporate income
7.558
40.189
17,859
206,061
From Jan 1_ 2,340,287 2.784,650
481,354
710,479
271,225
506,006
Norfolk di Western
Atchison, Topeka & Santa Fe
April
8,167,623 9,016,229
*2,258,849 *2,832,456
-Month of April
- 4 Mos. End. April 30
From Jan 1_34,335,468 35,943,296
*10207,739 *11446,530
1930.
1929.
1930.
1929.
Northern Pacific
$
April
6,394,268 7,779,895
582,591 1,547,579 -99,304
890,090 Railway oper.
revenues
18,249,852 19,901,719 71.416,438 78.334,217
From Jan L24,332,255 28.364,722 2,734,156 2,671,528
41.089 3.054,234
Railway oper. expenses
15,898,922 14,882,586 59.267.960 56,113.333
Oklahoma City-Ada-Atoka fly
Railway tax accruals
1.174,735 1,474,828 5.018,114 6,146,112
April
86,351
21,454
120,713
41,236
17,261
38,046 Otlier debits
279.400
71,766 1,348.712
352.059
From Jan L 338,366
515,535
59,228
74,743
42,008
58,406
Pennsylvania System
Net railway oper. income_ 896.794 3,472,536 5,781,650 15,722.712
Pennsylvania Co
Average miles operated
13,134
12,352
13,134
12.351
April
59,645,598 56,029,625
*9,385,703 *12103,360
From Jan 1_191707193 212769,658
*28792,424 *39624,842
Bangor & Arcmstocic RR.
Monongahela
-Month of April- 4 Mos. End. April 30
April
539,998
235,345
230,822
217,362
542,348
213.527
1930.
1930.
1929.
1929.
From Jan 1_ 2,136,594 2,449,540
903,210 1,142,568
837,075 1,049,304
Pere Marquette
Gross operating revenues__ -- 893,386
700,239 3,742,780 3,100,001
April
3,358.075 3,998,243
*401,514 *890,886 Oper. expenses (incl. mainteFrom Jan 1_12,945,677 14,856,906
*1,365,283 *3,372,504
nance and depreciation)--- 508,746
450,758 2,017.787 1,771.229
Pittsburgh & Lake Erie
April
317.967
2,437,425 2.917,449
481.486
550,700
369,598
Net revenue from oper--- 384,640
249.481 1,724,993 1,328,772
From Jan 1_ 9,321,695 10,978.093 1,643,821 1,583,856 1,018,599
933,298 Tax accruals
81,360
54,491
304,723
251.209
Pittsburgh & ShawmutOperating income
303,280
194.990 1.420,270 1,077,563
AprIl
27,025
28,341
15,541
14,290
108,988
116.639
-8,206
13.199 -29.320
From Jan L 437,374
158,810
102,939
152,492 Other income
577,758
108,152
23,505
Pittsburgh Shawmut & North
Gross income
208.189 1,390,950 1.101.068
25,437
April
143,965
28,477
41,534
38,550 Deduct-Int. on fund. debt. 295,074
156,616
72,683
78.027
299,371
312.454
143,185
131,629
157,288
From Jan L 566,738
619,819
169,095
Other deductions
549
59
3,535
5,040
Pittsburgh & West Virginia
181.247
232.889
*169,391 *223,063
April
Total deductions
73,282
78,576
302.906
317,494
*486,235 *876,433
From Jan 1_ 539,886
909,355
Reading Co
Net income
221.792
129.613 1,088,044
783.574
7,194,156 8,335,215 1,032.358 1,948,846
April
787,209 1,622.084
From Jan L29,650,226 31,875,305 4,698,584 7.050,585 3,594,511 5,599,686
Boston & Maine RR.
Rlehm'd Fred'k'b'g & Pot
-Month of April- 4 Mos. Ended April.
1,009.498 1.210,496
223,211
446.447
April
177,101
375,086
1930.
1929.
1930.
1929.
From Jan I.. 4,162,397 4,504,072 1.187.596 1,666,218
975,203 1,388,891
$
$
$
- 3
Rutland
Operating revenues
5.810.589 6,543.219 23.243.393 24,701.942
442,729
April
540,817
84,869
120,569
58,984
90.420 Operating expenses
4,398,460 4,981.477 17.585.069 18.557,379
From Jan L 1.739,233 1,940,504
200,331
296,547
118,839
197,819
St Louis Southwestern
Net operating revenue---- 1,412,129 1,561,742 5,658,324 6,144,563
April
2.107,878 2,180.957
416,115
555,802
458,677
333,343 Taxes
271.223
311,434 1,047,126 1,226,671
From Jan 1_ 7,922,601 8,575,226 1,723,068 1.686,671 1,366,547 1,305,164 Uncollect. ry. revenues
137
807
3,264
3.810
-Dr
Equipment rents
198,395
180,417
805.005
San Diego di Arizona
742,280
-Dr
15,219
21,863
April
102,480
78,707
115,420
29,075
34,988
23,703
105.229
29.099 Joint facility rents
From Jan 1.. 414.465
145,539
471.729
114,854
93,363
121.989
Net ry. oper. income
927,153 1,047,219 3,724.222 4,066.572
Seaboard Air Line
oper. income......
1,803
Dr.625
13.878
12,674
April
4,584,171 5,640,810 1,005,791 1,660,635
653,790 1,309,397 Net mi.scell.
Other income
91.198
95.346
400,276
434.730
From Jan L19,362,062 22,044,409 4,779,415 6,295,863 3,397,684 4,917,252
(Southern Pacific SS Lines)
Gross income
1,020.154 1,141,940 4,138,376 4,513,976
92,272 --77,969
April
665,940
967,265 --76,561
88,966 Deduct.(rentals, list., &c.)
639,403
679.213 2.579,073 2.720,168
131,311 --289,417
From Jan L 2,699,663 3,634,989 --283,780
123,134
Net income
Southern fly Co
380,751
462,727 1.559,303 1.793.808
11,089,611 12,710,448 2,988,958 4,050,459 2.198,804 3,274,562
April
Canadian Pacific Ry.
From Jan L42.300.815 47,254.411 9,457,464 12,974,396 6,365,969 9.929,667
-Month of April
-4 Mos. End. April 30.
Cln N 0 & T V
544,842
286,784
1930.
1,608,735 1.978,368
383.042
1929.
April
459,675
1930.
1929.
821,135 1,252,936
From Jan 1.. 6,592,054 7.294.485 1,621,049
538,521
Gross earnings
13,977,550 17,529,372 52,908.293 65,391,802
New Orleans & Northeast
12,303.693 14.338.805 47.548,589 54,557.655
161,149
58,150
101.703
April
381,788
458,951
112,653 Working expenses
220,943
655,512
From Jan 1_ 1,537,190 1,871,086
396,867
462,579
Net profits
1,673,856 3,190,566 5,359.704 10.834,146
Southern Railway System
Ala Great Southern
Chicago Great Western Railroad.
April
103,418
740,572
164,755
294,000
917,478
223,566
From Jan 1- 2.892,702 3,379,475
969.275
379,895
591,056
713,268
-Month of April
- 3 Mos. End. April 30
Georgia So & Florida
1930.
1929.
1930.
1929.
April
325,252
21,048
72,694
357,506
49,038
49,445
$
From Jan 1_ 1.427,500 1.539,330
216,216
193,892
295,111
121,868 Operating revenues
1,910.411 1,995,220 7,327,094 7.876,250
Operating expenses
1,491,414 1,664,592 5.639.683 6.508.181
New Orleans Terminal
Operating ratio
North Alabama
78.07%
83.43%
76.97%
82.83%
April
105,854
50,114
112,101
42,466
48,000
42,028
Net rev,from railway oper. 418,997
From Jan L 394,878
330.628 1,687,411 1,368,069
184,616
122,759
431,557
145,377
154,060
Net railway oper. income-- 174.358
69.150
701,848
342.666
Staten Island R 'F
Net income
49.115
59.290
192,642
177.053
April
198,184
218,841
45,029
28,492
45,522
28,026
From Jan 1_ 762,095
907,371
221,977
91,642
162,714
149,966
Denver 6k Rio Grande Western RR.
-Term Hy Assn of St Louis
912,148 1,022,775
310,426
Mail
227,055
124.015
--Month of April- -Jan. 1 to April 30193,409
From Jan 1_ 3,592,033 4,204.067
794,196 1,252,316
472,817
851,121
1930.
1029.
1930.
1929.
$
Texas & PaciflO$
2,561
2,547
April
3,398,390 3,807,600
2,561
*788,918 *688,739 Average miles operated
2,547
2,071,704 2.428,279 9,136.172 10.169,301
From Jan 1 A3,039,300 15,207,552
*2,286,745 *2,628,240 Total revenues
Total expenses
1,578,150 1,828,431 6.850,494 7,373,116
Toledo Terminal
107,445
April
133,994
27,331
17,171
1,863
10,830
Net revenues
493,554
599,847 2,285,677 2,796,185
From Jan 1_ 429,322
548,729
107,809
187,792
46.001
122,745 Railway tax accruals
165,000
165,000
715.000
700,000
Ulster & Delaware
90
tincollectible railway revs.-104
975
264
81,544
April
97,881
19,765
12,960
7,160
14,665 Hire of equipment (net) Cr
4.072
54,554
1,638
198.373
From Jan 1_ 252,221
278,925
-3,460 --26,118 --18.860 Joint facility rents (net) Cr
-9,518
25,483
29,898
102,728
98,003
Union Pacific Co
7,721,908 8,508,046 1,915,523 2,116,195 1,258,473 1,391,520
April
Net railway oper. Income- 349,874
519,196 1.674.069 2,392,297
From Jan 1_30,092,742 35.011,986 7,840,099 10,690,271 5,064,427 7,791,385 Other income (net)
5,356
32,386
36.827
102,913
Oregon Short Line
Available for interest
551.583 1.710.897 2,495,210
2,550,978 2,948,882
498,077
742,320
April
183,193
460,495 Interest and sinking fund__- 355,230
542,522
526,319 2.170,094 1,959,945
From Jan L10,449,799 12,062,281 2,925,274 3,916,238 1,722.379 2,780,159
Ore-Wash fly & Nay Co-187.292
Net income
25,264
459,197
535,265
1,886,760 2.207,712
207,696
203,009
April
16,571
1,572
From Jan 1_ 7,666,083 8,723,139 1,002,155 1,090,035
25.5,089
298,016
Erie Railroad.
St Jos & Gd Island
277,481
284,779
78,820
67,371
April
61,423
(Including Chicago & Erie RR.)
50,748
379,705
405,773
From Jan L 1,140,836 1,230,968
301.472
303,094
-Month of April- 4 Mos.Ended Apr.30.
Union RR (Penn)
1930.
1929.
1930.
1929.
709,140
831,849
82,802
184,823
45,505
April
154,823
$
$
$
$
322,879
505,592
175,079
From Jan 1_ 2,638,048 2,951,895
385,592 Operating revenues
9,089.535 10,594,677 36,319,072 41,432,458
Virginia
7,740,476 8,399,528 30,808,299 33.112,103
Oper. en's. and taxes
670,039
630.864
1,445,474 1,400,755
515,040
April
480,863
From Jan 1_ 6,205,448 6,426,255 2,968,731 3,164,429 2,306,731 2,484,423
1,349,059 2,195,148 5,510,773 8,320.354
Operating income
Wabash
equip. and Joint facil.
982,906
1,052,737
4107.867 *810,146 Hire of Net debit
April
351,505
365,606 1,388,959 1.503,030
rents
*2.324,180 *4,027,609
From Jan 1_ 3,018,452 4,618,271
Western Maryland
997,554 1,829,542 4,121.813 6,817,324
Net ry. oper. income
499,715
409,919
1,460.816 1,442,419
409,715
329,819 Non-operating income
April
301,529
258,878 1,214,734 1,079.649
From Jan L 6,054,495 5,943,960 2,066,506 1,819,275 1,716,506 1,498,875
Wheeling & Lake Erie
1.299,084 2,088,420 5,336,547 7.896,974
Gross income
369,720
573,024
1,479,222 1,811,137
246,217
April
436,796 Interest. rentals. Ac
1,287,107 1,202,314 5,010,699 4.868,028
923,277 1,549,516
From Jan L 5,525.708 6,726.466 1,418.705 2,088,267
*Net after rents.
Net income
11,976
886,106
325,848
$__
$
3,028.945
3868
(Vol,. 130.
FINANCIAL CHRONICLE
The Pittsburgh & West Virginia Ry.
Georgia & Florida RR.
-Month of April- -4 Mos.End. Apr.301929.
1929.
1930.
1930.
522.002
506,528
13 ,708
3
1
124,664
478,932
123,476
478,459
120,471
Railway oper. revenue
Railway oper. expenses
Net rev,from ry. oper_ _ _ _
Railway tax accruals
Uncollectible ry. revenue_
4.193
8.700
8,232
9,700
1
28,068
37,834
15
43.070
38,800
45
Railway oper. income- -Equipment rents, net bal
Joint fedi, rents, net bal..-
-4,506
Cr3,485
Dr2,545
-1,468
Cr6,865
Dr885
-9,782
Cr8,330
Dr10,575
4,225
Cr18.926
Dr3,802
Net ry. oper. income
Non-oper.income
-3,566
1,804
4,511
1,930
-12,026
6,405
19,349
6,844
Gross income
Deductions from income....
--1,761
1,161
6,442
1,116
--5,621
4.546
-Month of April- 4 Mos.Ended Apr.30.
1929.
1930.
1930.
1929.
361,716
425.679 1,268,001 1,717,361
888,634
220.552
217,960
846,507
Railway oper. revenues
Railway oper. expenses
Net rev,from ry. oper._
Netry.oper.inc.after rentals
Non-oper. income
141.164
169,390
11,856
207.718
223,063
9,826
421,493
486,235
53,651
828,726
876,433
32,921
Gross income
Deduct, from gross income
181,247
20,970
232,889
22,988
539.886
85,956
909,355
94,442
160,276
209,901
453.930
814,912
26,193
4,493
Net income
Southern Pacific Lines.
-Month of April-- 4 Mos.Ended Apr.30.
1930.
1929.
1929.
1930.
Aver. miles of road operated..
13,839
13,613
13,614
13,841
21,700
Surplus applic. to interest_ -2,922
5,325 -10,168
Revenues,
66,092 Freight
134,015
Totalinterest charges
16,582
33,521
15,823,732 18.976,348 62,630,605 72,205,547
Passenger
3.445.732 3,894,599 15,026,623 16,121,666
Net income
403,421
413,928 1,625,590 1,679,041
-36,444 -11,256 -144,183 -44,391 Mail
57,017 Express
*Int. chargeable to constr.
15,946
600,659
815,648 1,913,578 2,351,227
417,992
803,735 1,721,487 3,005,864
•Note.
-Interest chargeable to construction on funds for Greenwood All other transportation
532,342
617,195 2,274,804 2,545,186
Extension (interest on securities issued for construction of Greenwood Ex- Incidental
26,323
27,141
104.772
120,486
tension included in "fixed interest charges"from June 1 1929 to April 30'30.) Joint facility-Cr
Joint facility
-Dr
113,325
122.073
471,161
467,304
Maine Central RR.
-Month of April- 4 Mos. End. April 30
1929.
1930.
1930.
1929.
$
$
$
1,279,593 1,085.433
Freight revenue
238,084
Passenger revenue_ _ _ ------ 190.502
Railway operating revenues- 1.614,339 1,472,772 6,663,617 6,103,017
218.905
50.156
446.325
74,454
Surplus after chargzs
s
Operating revenues
21,136,878 25,426,524 84,826,302 97,561,715
ExpensesMaint. of way & structures 3,163.453 3,404,767 12,046,444 12,816,655
4,052,208 4,668,561 16,744,823 17,965,510
Maintenance of equipment
Traffic
647,513
622,318 2,535,136 2,491,220
Transportation
7,460,332 8,354,040 30,248,394 33,512,539
Miscellaneous
393,166
435,648 1,646,428 1,762,352
General
1,039,362
996.999 3,986,085 3,809,961
Transp.for invest-Cr
114,736
138.417
558,235
438,792
Operating expenses
16,641,301 18,343,918 66,649,077 71.919,446
Income
-Month of April- 4 Mos.Ended Apr.30. Net rev.from ry. operations_ 4,495,577 7,082.605 18,177,225 25,642,269
1929.
1929.
1930.
1930.
Railway tax accruals
1,427,272 1,835.261 6,222.180 7,068,861
$
$
$
12,191
3,296
22,323
33,477
Uncollectible ry. revenues
3,243,993 3,447.762 Equipment rents (net)
Operating revenues
778,071
-Dr
572,571
551.217 2,333,060 2.393,597
787,650 2,922,585 3,111,668 Joint facility rents( net)
Operating expenses
718,339
2,434
13.760 Cr.9,713
-Dr37,277
Net rev,from ry. oper
59,732
151,335
321,407
336.094
Net ry. oper. income
2,455,160 4,681,501 9,585,899 16,156,046
Railway tax accruals
42,500
45,000
170,000
180,000
371
29
Uncollectible ry. revenues.__
244
-19
New York, Ontario & Western Ry.
93t,986
Total ry.oper.income
16.987
Equip.&joint facil. rents(net) -44.608
Net operating income.... -27,620
32,111
Other income
Total income
Deductions
4,491
128,327
Net income
-Loss or deficit.
--123,836
106,355
151,036
156,064
--67.489 --163,122 --200,374
38,865
30,760
-12,086
128,960
-44.310
122.803
69,625
123.006
116,874
509,687
78,493
487,918
Texas & Pacific RR.
-Month of April- 4 Mos. End. April 30.
1929.
1929.
1930.
1930.
$
$
$
$
Operating revenues
3,398,390 3,807,600 13,039.300 15,207,552
Operating expenses
2,210,128 2,643,686 9,203,482 10,670,658
Net railway operating income 788,918
688.739 2,286,745 2,628,240
Gross income
827,822
784,022 2,459,860 2,869,375
Net corporate income
489,586
477.476 1,093,454 1,762,211
--53,380 --392,813 --409,425
Virginia Railway.
Pere Marquette Ry.
-Month of April- 4 Mos. End. April 30.
1929.
1930.
1929.
1930.
$
$
$
$
3,358
.075 3,998.242 12,945,676 14.856,905
2,569,785 2,676.267 10,394,414 10,046,479
Railway operating rev
Railway oper. expenses
Net revenue from ry. operNet railway open income....
Other income, net
788,289 1,321,974 2,551,262 4,810,426
401,513
890,887 1,365,282 3,372,504
18,072
329,311
64.877
178,296
Bal.before deduct,ofint-Total interest accruals
419,586
223,799
955,764 1,543,579 3,701.816
866,914
228,005
851,498
195,786
727,758
Balance
692,081 2,834,901
Rock Island Lines.
-Month of April
1930.
1929.
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other revenue
8,303,650 8,823,621
1,220.000 1,573,115
265,231
266,255
273,562
303,872
468,897
555,456
Totalrailway operating revenue-
10,531,340 11,622,319
Railway operating expenses
7,650,986 8,930.702
Net revenue from railway operations
2,880,354 2,591,617
Railway tax accruals
Uncollectible railway revenue
658,000
4,482
Total railway operating income
700,000
3,097
2,217,872 1,888,520
471,026
100,002
Equipment rents-debit balance
Joint facility rents-debits balance
Net railway operating income
Non-operating income-
416,518
105,774
1,646,844 1,366.228
81,499
90,281
1,728,343 1,456,509
Gross income
Rent for leased roads
Interest
Other deductions
12,941
1,073.126
20.002
Total deductions
12,946
974,568
21,924
1,070,069 1.009.438
Balance of income
658.274
447.071
Seaboard Air Line
- 12 Mos.End. Apr.30.
-Month of April
1930.
1929.
1930.
1929.
Total operating revenues- _ - 4,584,271 5,640,809
Total operating expenses....- _ 3,578,480 3,980,174
1,005,790 1.660,634
Net revenue
351,237
352.000
Taxes & uncollect. ry. revs
19,362.062 22,044,408
14,582,647 15,748,546
4,779,414 6.295,862
1,381,730 1,378,610
653.790 1.309,397 3,397.684 4,917,252
Operating income
Equip. & joint facility rents,
net decrease
Net railway operating- _ Income
550,432 1,083,987 2,911,665 4,095,140
74,073
352,004
386,768
55,996
Grossincome
Int. & other fixed charges
(excl. of int. on adj. bds.)
952,400
Balance
103,357
225,410
486,019
822,112
606,428 1,158,061 3,263,669 4,481,908
-345.972
926,730 3,822,737 3,714,326
231,330 -559.067
767.582
Operating revenues
Operating expensesRailway oper. incomeGross income
Net income
-Month of April- 4
1929.
1930.
$
$
1,445.473 1,400,754
775,434
769,890
515.040
480,863
658,446
612,213
284,058
317,913
Mos. End.
1930.
$
6,205,447
3,236,716
2,306,731
2,843,469
1,533,181
April 30.
1929.
$
6.426,254
3,261,826
2,484,422
2,996,282
1.677,758
Wabash Railway.
-Month of April- 4 Mos. End. April 30.
1929.
1930.
1930.
1929.
$
$
$
$
Operating revenues
5,724,728 6,021,322 21,853,190 24,365,724
Operating expenses4,368,920 4,551,807 17,087,199 17,838,754
Net rallway oper.income_ _ _ _ 707,867
810,146 2,324,180 4,027,679
Gross income
1,052,737
982,906 3,018,451 4,618,230
Netcorporate income469.286
361,244
685,771 2,166,104
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
-Month of April- -12 Months Ended April 30
Net Oper.
Net Oper.
Surplus
Revenue.
Gross.
Revenue, Aft. Ghges.
Gross,
8
$
$
8
$
Baton Rouge Electric Co
45,952 1,310,761
1930
113,300
464,782
353,313
35,015 1,164,195
1929
97,337
453,311
374,491
East Texas Elea Co(Del)& Sub Cos
1930
769,629
303,234 9,993,977 4,198,841 2,247,655
1929
748,029
301,641 8,592,180 3,573,263 1,891,836
El Paso Eleo Co(Del)& Sub Cos
1930
297,603
134,357 3,592,533 1,556,859 1,275,804
1929
282,291
124,127 3,290,517 1,350,498 1,131,781
Puget Sd Pr & Lt Co & Sub Cos
1930
1,374,126
614,782 16,791,355 7,105,721 4,507,255
1929
1,312,353
541,814 15,505,676 6,426,418 3,918,907
Savannah El & Power Co
1930
188,895
86,891 2,205,059 1,024,399
585,269
1929
92,992 2,221,587 1,003,500
191,283
555,933
Va Else & Power Co & Sub Cos
1930
1,435,850
650,759 17,142,115 7,772,508 6,012,281
1929
1,423,177
866,106 16,539,503 7,305,797 5,411,456
Cape Breton El Co, Ltd
1930
16,570
60,461
83,705
890,497
152,615
1929
59,033
17,428
675,713
154,013
85.193
Eastern Utilities Associates
1930
764,950
298,483 9,382,699 3,781,914 2,918,321
1929
781,391
320,704 8,844,171 3,434,879 2,748,063
Fall River Gas Works Co
1930
89,928
28,003 1,035,110
309,611
283.381
1929
205,439
86,205
22,309 1,010,266
227,103
Galv-Houston Elec Co & Sub Cos
1930
803,056
391,359
111.567 5,132,693 1,633,719
1929
836,796
429,707
137,362 5,256,439 1,711,453
Haverhill Gas Light Co
176,420
1930
181,598
60,789
16,169
749,182
1929
142,500
149,757
59,051
11,795
701,864
Jacksonville Traction Co
1930
91,163
10,416 1,115,768
1929
97,395
10,269 1,183,310
Northern Texas Else Co & Sub Cos
367,089
807,599
1930
204,772
55,762 2,621,404
850,391
400,860
1929
229,298
67,540 2,808,874
Sierra Pacific Else Co & Sub Cos
602,435
540,788
1930
56,198 1,419,112
112,373
640,781
581,272
1929
116,005
53,443 1,425,752
Tampa Else Co & Sub Cos
1,507,388 1,459,906
1930
154,085 4,588,882
405,781
1929
395,588
146.921 4,636,421 1,493,311 1,442,138
INN :=2,3:181
3869
FINANCIAL CHRONICLE
MAY 31 19301
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of March- 3 Mos. End March 31
1929.
1930.
1929.
1930.
s
$
$
2,695,141 3,352.914 8,474,511 9,755,213
Operating revenues
704,633 1,411,128 1,806.942
Net rev,from op.(incl.depr.) 378,612
803,240 1,663.450 2,069.500
458.685
Gross income
626,934
646.156
213,925
Interest, rents and taxes__ _ _ 202,042
256,642
Net income
589,315 1.036,515 1,423,344
Barcelona Traction, Light &.Power Co. Ltd.
Gross earnings from oper
Operating expenses
-Month of April- 4 Mos. End. April 30
1930.
1929.
1929.
1930.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
8,804,838 8,234,601 37.581.110 34.963,704
2,684,551 2,578,233 12,075,549 10.316,791
Mississippi Power & Light Co.
(Electric Power & Light Corporation Subsidiary)
-Month of April- 12 Mos. End. April 30
1929.
1930.
1,12.
1930.
$
$
$
$
286.740 4.641.186 3.458,175
Gross earnings from oper-- 394,375
198.734 2.972.971 2.287.698
Oper. expenses and taxes_-- 268,143
Net earnings from oper___
Other income
126,232
16,060
88,006 1,668.215 1,170.477
148.841
16.646
260.793
Total income
Interest on bonds
Other interest and deduct'ns
142.292
38,337
38,991
104.652 1,929,008 1,319.318
450.000
37,500
458,104
440,263
180.223
24,584
Balance
Dividenas on preferred stock
64,964
865,641
New
-Month of April- 4 Mos. End. Apr. 30.
1929.
1930.
1929.
1930.
214.672
116.322
203,585
127,360
824.224
463.478
767.041
505,413
Net oper.revenue
Taxes
98.350
25,061
76,224
23.350
360,746
98.917
261,628
81.655
Operating income
Non-operating income
73.289
563
52.874
683
261,828
2,831
179.973
2,734
73,852
38.213
88.533
106,052
53,558
24.521
86.463
103,089
264,659
137,746
354.132
427,504
182.707
80.220
346,871
415.850
Railway oper.revenue
Railway oper. expenses
6,093,509 6,180,258 75,344,026 71.563,982
42,255,747 41.961.497
Gross income
Fixed charges (see note)
33,088.278 29,602,484
8,961,041 8.763,143
Net income
Provision for retirement reserve
539,095
York Westchester & Boston Ry.
The Commonwealth & Southern Corp. & Sub. Cos.
-Month of April- -12 Mos. End. Apr. 301930.
1929.
1929.
1930.
$
$
$
$
12,174,074 12.272,681 147.383.425 140,960,397
Gross earnings
Oper. expenses, incl. taxes
6,080.565 6.092,423 72,039,399 69.396,415
and maintenance
689.095
150,000
Balance
6,120,287 5,656,368 25,505,561 24.646.913
Net earnings
42,568 1.030.641
165.000
24.127,236 20,839,341
Balance
-Including interest, amortization of debt discount and expense,
Note.
subsidiary companies not owned by the
and earnings accruing on stock of
Commonwealth & Southern Corp.
Detroit Street Rys.
-Month of April- 12 Mos. End. Apr. 30
1929.
1930.
1929.
1930.
Operating Revenues
1,631,652 1,939.980 20.633.066 22,107,989
Railway oper. revenues
402,069 4,492,848 3.737.196
Coach operating revenues- 363,208
1.994,861 2,342,050 25,125.914 25.845.185
Total oper. revenues
Operating Expenses
1,341,103 1,524,327 15.609,874 16,799.910
Railway oper. expenses
387,314 4,473,130 3,661.716
Coach operating expenses..... 321.781
Total operating expenses_ - 1,662,884 1,911.641 20,083,004 20,461.626
Gross income
-Rent
Deductions
Bond & eq. tr. ctf. interest
Other deductions
842,944
919,383
214.074
232,799
Total deductions
660,232
654,723
160,516
158,947
Net loss
Orange & Rockland Electric Co.
i E 12 ligs..End. Apr. 30.
9
-Month of Argt
$
55,444
Operating revenues
Oper. expenses. incl. taxes,
but excluding deprec'n
$
57,966
$
691,690
$
734,252
32,468
33,505
397,461
412.244
Balance
Depreciation
22.976
6.162
24,461
6.862
294,229
68,523
322.008
76.741
Operating income
Other Income
16.814
3,502
17.599
950
225.706
11,410
245,267
14,467
20,316
5,208
18,549
5.208
237.146
62,500
259,734
62,500
Net operating revenue
Taxes assignable to opera_ _ _
331,977
65,090
Gross income
430,408 5,042,910 5,383,559
763.748 Interest on funded debt
761,208
62,504
Operating income
Non-operating income
266,886
14.770
367,903 4,281,701 4,619.810
114,065
206.623
8,689
Balance
Other interest
15.108
183
13,341
203
174,646
945
197,234
4,036
Gross income
Deductions
Interest on funded debt:
Construction bonds
Purchase bonds
Add'ns & betterments bdsParch. contract (D.U.R.)_
Loan (City of Detroit)
281,656
376.592 4,395,767 4,826,434
Balance
Amortization deductions
14,925
1,033
13,138
1.052
173,701
14,965
193,198
12.702
Balance
Other deductions
13,892
333
12,086
333
158,736
6.033
180,496
4,277
Balance
Divs, accrued on pref. stock_
13.559
5,833
11.753
5,688
152.703
70,000
176.219
69,424
Total interest
Other deductions
113,765
29,296
7,726
1.910
6,065
1,500
82,703
22,442
106,795
22,801
Total deductions
143,061
126,452 1,725,622 1.776,216
Net income
138,595
Disposition of NetIncome
Sinking funds:
42,715
Construction bonds
10,931
' Purchase bonds
13,150
Add'ns & betterm'ts bds
Purch. contract (D.U.R.). 146,919
41.666
Loan (City of Detroit)
250,140 2,670,144 3,050.218
64,592
10,720
15,941
20,636
1,875
64,592
11.185
16,532
,18,273
785,875
130,912
197,246
250,530
18,750
785,875
136.565
198.178
553.131
110,583 1,383.314 1.673,750
342,308
15,868
102,465
503,095
503,122
42,715
133,000
10.931
133,000
160,000
13.150
155,479
146,919 1,787,518 1,787,518
416.666
213,717 5 n00280 2,579,119
36,422 dek330.135
471,098
138.595
250.140 2,670,144 3.050.218
Total
Idaho Power Co.
(Electric Power & Light Corp. Subsidiary)
-Month of April- 12 Mos. End. Apr. 30.
1930.
1929.
1929.
1930.
$
$
$
$
291.828 3,964.762 3,591.998
Gross earnings from oper
316,233
147,259 1,937,454 1,696.473
Operating expenses and taxes 161,104
Total income
Interest on bonds
Other int, and deductions
Balance
Dividends on preferred stock
155.129
19,259
144,569 2,027,308 1,895.525
84,797
77,138
15,112
174,388
54.167
6,777
Net earnings from oper _ _
Other income
159.681 2,104,446 1,980,322
650,000
54.167
650.000
83,570
5,534
69,534
113,444
99,980 1,370.876 1,260,788
360,906
330,934
1,009,970
Balance
929,854
The Niagara Falls Power Co.
-Month of March- 3 Mos. End. Mar. 31.
1929.
1930.
1930.
1929.
Operating Revenues
Electric
Railway
Motor bus
1,019,558
35,876
2,392
Total operating revenues-- 1,057.827
Operating Expenses
Electric
216.575
Railway
19,769
2,812
Motor bus
Total operating expenses.._
Retirement expense
Taxes
Total open rev. deductions
Operating income
Non-operating income (net)-
Total income deductions
Net corporate income
959.023 3,087,027 2,783,677
100,462
36,018
94.132
2,856
7,723
8,454
997.898 3,195.213 2,886,264
218.559
18.112
2,426
731.228
63,293
7.349
629.337
57,630
7,446
239,156
61,140
150.997
239.098
89,137
157,153
801.872
178,369
478.595
694,413
260,787
445,518
451,294
606,533
36.779
485.389 1,458.836 1,400.719
512,508 1.736,376 1,485,544
15,250
87,024
49,206
527.758 1,823,401 1.534.751
643,313
Gross income
Deductions from Gross Income
debt--- 164.501
Interest on funded
98,016
Interest on unfunded debt__ Amortization of debt discount
8,672
and expense
227
Miscellaneous
269,418
373.895
St. Louis Southwestern Ry. Lines.
-Month of April- 4 Mos. End. Apr. 30.
1929.
1930.
1929.
1930.
1,74
1,816
1,746
1.816
$
8
$
$
Railway operating revenues_ 2,107,877 2,155.851 7,922,601 8,481,659
1.552.076 1,746.821 6.199,533 8,800.766
Railway oper. expenses
Ratio of op. exp. to op. revs_ (73.63%) (81.03%) (78.25%) (80.18%)
409,029 1,723,067 1.680.893
Net rev,from ry. oper _ _ _ _ 555,801
By. tax accruals & uncollec376,257
356,520
97,124
81,459
tible ry. revenues
Operated mileage
255,384
def116.788
Totalsinking funds
Residue
Balance
Fed, taxes incl. in op. exps
167,229
99,837
495.514
284.153
501.730
284.474
6,672
450
20.018
3.817
20,018
3,595
274,190
803,503
253.567 1,019.897
809,819
724,932
Railway oper, income........
Otherry. oper. income
458,676
35.371
327,570 1,366,546 1,304,635
140.115
139,416
34,111
Total ry. oper.income_ _
Ded'ns fr. ry. oper.income_ _
494,048
207.540
361,681 1,505,962 1,444.751
532,581
655,488
152,063
Net ry. oper. income
Non-oper.income
286,508
11.376
209,618
31.737
850.474
42.789
Gross income
Ded'ns from gross income- _
297,884
225,714
241.355
216,490
893,264 1,015,250
874,338
903.091
72.170
24.865
Net income
-9,827
912.169
103,081
140,912
Third Avenue Railway System.
Operating Revenue
Transportation
Advertising
Rents
Sale of power
-Month of April- 10 Mos. End. Apr.30,
1930.
1929.
1930.
1929.
$
$
$
$
1.197,427 1.278,979 12,177,381 12,536,111
12,500
124,893
12.478
125.000
25,594
246,323
26,154
222,026
• 494
5,292
566
5,510
Total operating revenue-- 1.236.554 1.317,640 12,553.690 12,888,649
Operating Expenses
160,065
Maintenance of way
Maintenance of equipment-- 131.668
7,839
Depreciation
79,071
Power supply
406.113
Operation of cars
95,794
Injuries to persons & prop
- 51,824
Gen. & miscell. expenses
165,668 2,036.177 2,020,807
115,691 1,265.996 1.180,564
38,500 -43,418 -65,898
82,061
833,011
848,848
435,405 4.305,222 4,394,900
102,318
762.888 1,039,571
53,885
511,810
511.144
932.377
993,551 9,670.687 9,929.938
304,177
94,071
324.088 2,883,202 2,958.710
83,031
894,454
899.763
210.105
17,780
241,057 1,988.748 2,958,947
138,298
19.166
192,198
227,886
260.523 2,180,946 2,247.246
Total oper. expenses
Net operating revenue
Taxes
Operating income
Interest revenue
lto
Gross income
DeductionsInt. on 1st mtge. bonds
Int. on 1st refg. mtge. bondsInt. on adj. mtge. bonds_ -- Track & terminal privileges_
Miscell. rent deductions
Amort. of debt disc. & exp.Sinking fund accruals
Miscellaneous
Int. on series C bonds
Total deductions
Net income
42,756
73,301
93,900
1,375
Cr1,451
1.647
2,790
Cr1.254
2,164
215.228
12.657
42,756
73,301
93,900
1,365
717
1,474
2,790
41.243
2.164
427,566
733,016
939,000
13,866
4,523
16,474
27,900
299,634
21,640
427.566
733,016
939,000
13,877
7.027
14,743
27,900
375,645
21.640
259,712 2,483,622 2,560,416
811 --302,676 --313.170
3870
FINANCIAL CHRONICLE
Utah Power & Light Co.
(Including the Western Colorado Power Co.)
-Month of April- 12 Mos. End. Apr. 30.
1930.
1929.
1929.
1930.
$
$
Gross earnings from oper_ _ 904,196
934,558 11,759.016 11,291,114
Oper. expenses and taxes_ ___ 445,312
478.730 6,006,280 5,502,097
Not earnings from oper_
458.884
455,828 5,752,736 5,789,017
Other income
46,030
34,232
431,482
401,730
Total income
504.914
490,060 6.184.218 6,190.747
Interest on bonds
178.321
161,654 1,974.851 1,939.850
Other interest & deductions_
15.488
16,902
249.103
181,755
Balance
311,105
311.504 3,960,264 4,069,142
Dividends on preferred stock
1,661.761 1.628,722
Balance
2,298,503 2.440,420
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
May 3. The next will appear in that of June 7.
Northern Pacific Railway Co.
(33d Annual Report
-Year Ended Dec. 31 1929.)
The remarks of President Charles Donnelly, together with
the comparative income account and balance sheet, will be
found under "Reports and Documents" on subsequent pages.
[Vol.. 130.
The Pittsburgh & West Virginia Railway Co.
(13th Annual Report-Year Ended Dec. 31 1929.)
COMBINED INCOME ACCOUNTS OF PITTSBURGH & WEST VIRGINIA AND WEST SIDE BELT RR. FOR CALENDAR YEARS.
1929.
1928.
1926.
1927.
Railway oper. revenue__ $4,729,605 $4,473,023 $4,011,616 $5,156,484
Railway oper. expenses.. 2,929,924 2,554,354 2,413,546 2,902,850
Net revenue
$1,799.680 51,918.669 51,598,069 52.253,634
Railway tax accruals
468.007
705.922
592,726
605,778
Uncollec. ry. revenues
89
19
149
64
Ry. oper. income-- 51,331,584 $1,312,873 51.005,279 $1,547,563
Hire & rent of eq. (net).
936,076
905.844
900.942 1,165.477
Int. from secs. & acc'ts_
71,033
80,259 a1,160,F86 1.185,339
Miscellaneousincome.2,425
33,561
21,868
41.096
Gross income
$2,361,119 $2,332,538 53.108.203 $3.920.246
Deduct-Interest, &c
257,156
273.137
178,074
288.752
Rent for leased road270.727
505,439
Miscellaneous charges
20,614
21.929
23,780
25.539
Net income
52.083,348 52.037,471 52.524.943 $3,211,192
Common divs.(6%)
1,814,106 1,814,106
1.814.106
1,814,106
Balance, surplus---- 5269,242
$223,365
5710,837
a Includes $1,086.544 received from West Side Belt RR. as 51.397,086
interest on
advances.
GENERAL BALANCE SHEET DEC.31.
1929.
1928.
1929.
1928.
Assets$
Liabilities-$
$
$
Invest. In road &
Common stock-30,235,100 30,235,100
equipment
47,556,704 42,054,254 Funded debt
9,099,000 6,539,000
Misc, phys. prop_ 172,558
179,189 Trat..arc.,bals.pag
55,108
09,370
Sinking fund
1,000
7,000 Loans & bills pay. 1,700,000 1,700,000
Stocks P. & C. C.
Accts.&wages pay. 664,659
236,063
RR
1
1 Misc. accts. pay-11,073
14,317
Other investments 4,332,450 3,948,713 Divs. mat'd unpd.
1,379
972
Mall & supplies
314,440
118,519 Int. mat'd unpd_
69.053
1.260
Bal.fr. agts., &c._
8,949
6,164 Unmat'd dly.deci_ 453,526
453,526
Cash & call loans. 1,400,384 3,860,978 Unmat'd int. accr_ 122,987
93,346
Special deposits70.833
2,633 Unred. pref. stock
Traffic, &c., baLs. 182.992
281,096 (par & prem.)..
735
735
Misc. acc'ts rec.__ 119,307
224,758 Def'd liabilities...
62
142
Adv. In transit
2,471
2,718 Other liabilities__
12,400
9,659
Deferred assets
87
167 Tax liabilities__ 527,229
538.519
Unadjusted debits 589,553
386,854 Accr. depr. equip. 2,055,149 1,674,930
Unadjusted credits
79,507
65,509
Add'ns to property
thru. Inc. & sur. 150,184
150,184
Total (ea. side)54,751,726 51,073,050 Prof. & loss bal.. 9,514,574 9,260,414
-V.130, p. 3706.
PASSENGER AND FREIGHT STATISTICS.
1929.
1928.
1927.
1926.
No. of pass. carried._._ 1,923,710 2,203,569 2,680,721
No. pass. carried 1 mile_322.096,719 348.613,851 379.991,181 2,806,861
Avxate per pass.per mile 3.049 cts. 3.084 cts. 3.998 cts. 406.628,388
3.108 cts.
No.tonsrev.freight carr_ 23,157.702 24,089,259 23,102,319 22.984,526
No. tons rev. 1 mile__ 6594488825 7052,061971 6571,474798 6639,159517
Average receipts per ton
per mile rev. freight._ 1.166 cis. 1.159 cts. 1.148 cts. 1.148 eta.
Revenue per mile of road
(average mileage).-$13,829
$14,667
New York Chicago & St. Louis RR.
$13,990
$14.226
RESULTS FOR CALENDAR YEARS.
(7th Annual Report
-Year Ended Dec. 31 1929.)
Operating Revenue1929.
1928.
1927.
1926.
GENERAL STATISTICS FOR CALENDAR YEARS.
Freight revenue
$76,862,142 $81,724,976 $75,462,955 $76,226,065
Passenger revenue
9.820.918 10,732,830 11.773,283
465,666
472.335
Other transportation rev 7,210,293 6,247.579 6.079.564 12,639,990 Passengers carried
529,233
574.495
Incidental &joint facility 2,628,996 2,567,354 2.259,015 6,196,923 Pass,carried one mile..... 70,070,156 63,983.714 61.356.661 64,512.434
2,288.064 Rate per pass. per mile
2.84 eta.
2.84 eta.
2.96 cts.
2.99
Revenue freight (tons) 25.680,411 23.610,766 22.343,038 23.198 cts.
Total oper. revenue_ -$96,522,348$101,272,739 595,574,816 $97,351,042
434
Rev. frt. (tons) 1 mile-5291371000 4,989228000 4,832344000 5,043026000
Operating Expenses
0.99 eta.
0.99 cts. 1.035 cis. 1.014 cts.
Way and structures_ _--$12,203,551 512.596,853 $11.965,278 512,297.403 Rate per ton per mile
Equipment
18.755,105 18,700.310 17.865.172 17,414.638
RESULTS FOR CALENDAR YEARS.
Traffic
2,702,015 2,537,259 2,336,114 2,411,689
Operating Income1929.
1928.
1927.
1926.
Transportation
32,342.737 32.825,515 31,902,292 32,291.965 Freight
552.250.806 $49,346,205 $50,031.353 $51,149,009
Miscell. operations
1,612,970 1,529,152 1.566,461
1.594.536 Passenger
1,983.431
1,815,134
1.817.642 1,934,837
General
3,127.989 3.067,887 3,034.993 2,910,820 Mail and express
z985.071
732.995
236,912
729,733
Transp. for investment_ Cr 192,702 Cr455.011 Cr815,573 Cr660.105 Other transportation..
.752,379
655.348
1,179.114
713.451
413.769
326,837
354.579
Total oper.expenses. _570,551.665 $70.801.966 567,854.739 $68,260.944 Incidental
411,460
Total ry. oper. rev..
Net operating revenues_ 25,970.684 30,470,757
.556,385,457 552,876,520 553,619,600 $54.938,491
Operating ExpensesTaxes & uncollec. revs__ 9,231,677 9,708,855 27,720.078 29,090,098
8.927,134 9,171,819 Maint. of way & struct__ 7.015,494
6.615.575 6,683.234 '7,057,603
Ry. oper. income_ __ _$16,739.006 $20,761.903 518.792,944 519.918,278 Maint. of equipment.... 10,688.774 9,829,183 10,137,157 10,717,935
Traffic expenses
Equipment rents, net ___ 2,297.563
1,355.865 1,510,300
1,486,003 1,487,245
1,985.491
1,728.209 2.300.954 Transportation expenses 19.466.457
Joint facility rents,net__ 2,373,775 2.341,178 2.071,683 1,994,468
18,505.413 18.587,977 18.952,053
Miscell. operat ons
142,240
99.453
92.656
87.703
General expenses
1.596,024 1.595,971
Net ry. oper. income_521,410.344 $25,088,572
1,873,962 1,964,791
Non-operating income__ 15,484.669 11.320.518 522,592,837 $24,213,700 Transport,for invest_ _Cr
367,969
289,360
286,495
276.935
11,435,064 12.093.575
Total ry. oper. exps_ -$39,e9o.eo5 $3i.566,036 $38,5'44.494
Gross income
536.895.013 536.409.090 $34,027,901 $36,307.276 Net rev,from ry. oper- _ 16.488.571 15.009.984 15,045,106 $39,990,395
Int. on funded debt
14,569,074 14.646,255 14,714.082 14.774,879 Railway tax accruals... 3.055.400 2,981.124 2,719.955 14.948.096
2,998,864
Other deduc.from income
517,631
629,625
5.025
8.305
775.395
4.163
529,665 Uncoil, railway rev
10,177
Railway oper.income.$13.428.146 $12,020,554 $12,320,987 $11,939,055
Net income
521.803.303521.133,210 518,538,424 $21,002,732
Non-Operating Income
Div. approp'ns (5%).-- 12.400.000 12,400,000 12.400,000 12,400,000
Rent from locomotives.85,549
63,434
64,159
75,564
Rent
31,316
25,458
Balance
25,018
$9.408,308 58.733.210 $6.138.424 $8,602.732 Rent from pass. tr. carsfrom work equip.70.860
3232..743569
Vas. outst'd'g (par $100) 2,480,000 2,480.000 2,480.000 2,480.000
35.646
Joint facility rent income
307.282
307.2 0
74,05
0
5
421:27
22 174
2
Earned per share
314,878
$8.79
$8.52
$7.48
58.47 Inc.from lease of road_
3,727
Miscell,rent income_ _ _ _
GENERAL BALANCE SHEET DECEMBER 31.
125,587
113, 12
99 4
1
129,416
Dividend -nm ph ys. prop
Mlsc noni op.me
.
42,713
26,656
31,340
1928.
1929.
.
0
242
1929.
1928.
2,070.115
Assets1,723:774 1.32 :354 2,8952..011
23 3 0
9
Liabilities16 42
6 0
214 61
s
$
$
Inc. from fund. secure106,755
Inv. in road and
Capital stock_ -248,000,000 248,000,000
28,075
Inc. from unfund. secur.
equipment-- -604,017,618 596,644,245 Grants In aid of
and accounts
858.070
851,036
Deposits in lieu
1,012,996
construction 607,137
474,733
485,236
Income from sinking &
340,524 Funded debt---315,424,500 316,759,500
of Entgd. Prop.
657,680
other reserve funds.-425
MIsc.phys.prop- 10,936,249 11,271,177 Trat. & car.serv.
425
425
8,443
10,297
Invin afni. cos.:
42
5
8,585
bats, payable.
6,193
724,898
885,328 Miscellaneous income-Stocks
144,087,485 144,035,285 Vouch.& wages. 6,260,286 5,547.064
Total non-oper. Inc..... $3,710,842 $3.230,706 $3,089,345 $4,027.249
Bonds
33,695.748 30,198,048 Misc.accts. pay. 619,836
701,312
17,138,988 15,251,261 15.410,333 15,966.305
Notes
2,472,761 2,264.761 Int. mat.unpaid 5,278,929 5,290,319 Gross income
Deductfrom Gross Income-.
Advances_
3,823,775 3,665,322 Unmatured diva.
Hire
2,436,080 2,305,107 1,724,778
Other investm't:
declared
3,100,000 3,100,000 Rentoffrt. cars, deb. bal. 2,778,487
for locomotives_ _ _
10,254
6.140
Stock
18,922
29,982
8,631
301 Unmatured Int.
Rent for pass. tr. cars.98.588
38.306
Bonds
45,294
1,871.552 2,430,587 accrued
45,623
361,351
375.967 Rent for work equip
7.858
3,570
U.S.Tr. Notes 2,387,069 1,970,962 Unmatured rents
6,560
6,427
Joint facility rents
555.967
449,661
Contr. for sale
491,647
425,549
7.451
accrued
7,457 Rent for leased
3.904
roads
1,457
of land get
4,202
5.411
72,975
110,122 Miscellaneous rents..
Other curr.liabll.
100.562
- -100,488
101,263
lands
100,192
5,051,620 4,616,762 Other def.liablis.
131,233
166,682 Miscell.
9,529
5,640
Cash
13,484
4.209
15,434,626 14,300,068 Tax liability --- 9,969,784 9,326,782 Int. on tax accruals....
funded debt_ _
5,919,507 5,284,222 5,325,125 5,398.861
Special deposits_ 5,275,991 5,287,381 Accrued deprec.
Int. on unfunded debt
171,178
496.210
Loans & bills rec.
399,511
9s,833
1920,
9,954 of equipment_ 52,526,285 49,472,390 Miscall. income charges_
93,111
50,775
Traf.& car.serv.
60,130
59.738
Other unadjustbats. recely'le 1,419,850 1,725,017 ed credlts
15,791,644 14,664,373
Total deductions
$9,748,945 $8,872.550 $8,770,856 $7,899,997
Fr. agts.& con
745,060
855,494 Add'ns to prop.
Net income
7,390,042 6,378t710 6,639,477 8,066,308
Misc. accts. ree_ 3,157,118 3,452,078 thru. Income
Disposition
Material & supp. 10,933,802 11,353,490 and surplus...
774,413 Inc. applied of Net Income
949,524
to sink.fund
98,558
98,935
98,686
98,224
tat,
. and
Fund. dl. ret'res
6% mser dive
2,162,872 2,112,076 1,961,430
1,549,616
rents reedy._
106,974
87,557 thru. income
2,022,422
1,971,969 y2 579,408 x3 337,623
Other curr.assets
79,959
17,500,396 17,321,396 Common dividends
86,672 and surplus
Rate
(6%)
(6%)
41%)
Wkg.fund advs.
327,479
271,621
44,341
44,344 MIsc.fund res've
Other def. assets
101,057
73,822 Profit and loss
Total sink, fund and
Other unadj.dts. 20,136,139 18,918,063
188,981,582 180,366,097
balance
dividend approp_ -- $4,283,852 $4,182,980 $44,639,064 $4,985,925
Inc. bal, transferred to
866,447.033 853,681.917
Total
866,447,033 853,681,917
Total
profit & loss account__ 3,106,191
2.195,729 2,000,413 3,080,383
-V.130. p. 3155.
Shares of co
t
standing (par $100)...
337,087
303,477
303,477
337,061
Earns. per sh. on coin _ _
New England Power Association.
$2laid
$15.50
2 % p.l5
$12.65
x Includes5% paid from non-operating income. y It
Includes
(Annual Report
-Year Ended Dec. 31 1929.)
from non-operating income. z Includes $108.611 mail pay applicable to
The remarks of President Frank D. Comerford, together prior period.
Note.
-There was also
on 304,065
from
on
with the income account and balance sheet, will be found shares capcoitalized astock paid sharessurplus par May 31 1927 Chesapeake
of common tsck1
o 16:66768
stock of the
1.7
of no
mm
under "Reports and Documents" on subsequent pages. Corp..
(Ax%)
Our usual comparative balance sheet was given in V. 130,
Our usual comparative tables were given V. 130, p. 3153.V. 130, p. 3711.
p. 3155.
MAY 31 19301
FINANCIAL CHRONICLE
3871
ANCE SHEET FEB. 28.
CONSOLIDATED BAL.
1929.
1928.
1929.
1930.
8
8
$
$
Assets8,932,199 4,824,523 Preferred stack...10,597,475 10,596,225
Real estate
1,491,681 1,536.082 Common stock_..,.58.239,726 58,239,726
Machinery
400,000 Accounts payable_ 1,937,015 1,643,066
400,000
Patent rights
Fed.tax & contIng.
Securities other cos
3,866,808 3,588,777
& leased mach'y63.318,901 65,106,410 reserve
3,119,306 3,397,978
Cash & recely_ _10,841,492 11,910,299 Other reserves
investment in properties, plant and equipment ,as of Inventories
-Total
Properties.
16,430,583 15,546,756
8,865,424 9,094.471 Surplus
Dec.31 1929 was$320,445,353,a net increase during the year of522.114,805. Miscellaneous_..._ 341,217
140,743
The major portion of this increase represents expenditures on the company's
new refineries at Aruba, D. W. I. and Hamburg, Germany, and in the
94,190,915 93,012.528
Total
94,190,914 93,012,528
Total
continued development of the producing properties.
Reserves for depletion, depreciation and intangible development costs -V. 129, P. 1760.
totaled *133,110.728,leaving a net book value of properties, plant and equipment of 3187,334.625.
American & Foreign Power Co., Inc.
-Through the operation of sinking funds and
Bonded and Mortgage Debt.
-Year Ended Dec. 31 1929.)
(Annual Report
mortgage debt of company and its subother payments the bonded and
sidiaries was reducced by $2,962,159 during the year.
S. Z. Mitchell, Chairman, and C. E. Calder, President,
-Earnings were adversely affected by a further decline in
Profit and Less.
substance:
prices of fuel oil, asphalt and other products; but these influences were report in
-The gross earnings for 1929 of subsidiaries controlled at the
Earnings.
largely offset by increased production and sales and reduction in cost of
end of 1929 including for companies acquired within the year earnings only
products attributable to operation of the Aruba refinery.
of the calendar year during which they were actually con-No dividends were declared by Pan American Petroleum & for the portions
Dividends.
were 563.709,207 and the net earnings were $32.181,556. These
Transport Co. or Lego Oil & Transport Corp. during the year. Mexican trolled,
earnings are before the deduction of appropriations for renewals and
net
Petroleum Co., Ltd. of Del. paid the regular dividends on its preferred and replacements (depreciation).
common stocks and an extra dividend of $40 per share on its common stock.
As to some companies which were still in process of reorganization as a
Pan American Petroleum & Transport Co. received its porportionate share part of the acquisition program, even through technically controlled, the
of these dividends.
gross and net earnings have not been included, but dividends actually
-Net production of crude from Mexican, Venezuelan and received and interest received or accrued have been included in "other inProduction.
United States fields for the year was 50.611.783 barrels as compared with come" in the statement of earnings.
The balance of the earnings of company and subsidiaries applicable lie
46,631.774 barrels in 1928; an increase of 3,980,009 barrels.
The potential value of producing properties in Venezuela has been further company's common stock, after the deduction of all expenses. interest,
enhanced during the past year by extension of proven productive areas. appropriations for renewals and replacements (depreciation). provision for
minority interests, and all preferred stock dividends, including therein
dividends on company's second preferred stock. series A ($7). applicable
Income Account for Calendar Years.
to the period whether paid or unpaid, was 56.510,015. as compared with
$1,528.009 for the previous year.
1927.
1926.
1928.
1929.
The reported gross earnings for the entire 12 months ended Dec.31 1929,
Profitfrom operation_ _ 327,712.744 $26,982,743 523,437.761 546,911,989
251.866
476.569 of all companies controlled by company,including companies acquired since
623.874
Int. & amort. chgs.(net)
1930, were In excess of $80,000,000.
Deprec.& depletion-- - - 16.576,752 15,624,991 11,393.432 11.825.434 Jan. 1 dividends on preferred stock ($7) and $6 preferred stock have been
The
1,575,000 4,600,000
1,008,865
386,066
Federal taxes
regularly paid quarterly since issuance. As of Dec. 311020, the dividends
202,175
277,310
483.636
300,060
Appl. to minor. interests
on all the second preferred stock, series A ($7). had been paid to July 1
Company's proportion of
1929. An additional quarterly dividend was paid March 11930, on this
profit of Lago Oil &
Cr7.558.867 Cr2,060,617 stock,so that dividend's on this issue now accrue only from Oct. 11929.
Transport Corp--The investment account of company increased during
New Acquisitions.
Intercompany profit exthe year from 5285.565,840 to $378.553,813. an increase of $92,987.973.
cluded from inventories
The contractual obligations shown on the balance sheet were created is
Dr665,113 Dr306,959
ofLago Oil Co
connection with various property acquisitions and represent deferred
for the most
$9.825.992 $10,071,576 $16,909,040 531,280,008 portions of purchase price which areproperties of part non interest-bearing.
Net income
Atlas Light & Power Co.,
The acquisition of the Argentina
27.166.967 29.018,502 28.256.925 15.358.481
Previous surplus
Ltd., and control of Northern Mexico Power & Development Co., Ltd..
178.270
Adj.applic. to prior yrsPower Co., Ltd. both controlling properties in Mexico,
and North State
light property of
$37.171,230 539.090,078 545.165.965 $46,638,489 as well as the acquisition of the electric power and as mentioned in the
Total surplus
the
international Settlement in Shanghai. China, all
Co.'s proper. of net profit
annual report for 1928, were completed during 1929.
of Lago Oil & Transp.
The purchase price of the Shanghai property was payable in Shanghai
Cr197,693
for Dec
for
13.447.338 17.456,876 taeis (equal to 62)lc. United States currency at the date when the bidand
Common dividends-_
the purchase of the property was made to the International Settlement
(10%)
(12%)
Rate
to 51.875c. United States currency at Dec. 31 1929), and the International
xDr11923111 Dr2.897.816
924,688
Investment,&c.,adjSettlement of Shanghai agreed to accept payment over a period of about
Profit & loss surplus_ _$37,171,230 527.166,967 529,018.502 $28,256,925 5 years so that the receipt of the proceeds from the sale of the property
would coincide with the S'ettlement's own financial requirements and the
Earns, per share on avge.
$5.03
$3.00
$10.75 maturity of certain of its obligations. The deferred payments bear interest
$2.92
stock outstanding.. _ __
at the average rate of approximately 5.75% per annum, and 9.000,000
x Adjustments applicable to prior years in respect of development costs taels had been paid on the purchase price of 81,000,000 taels at Dec. 31
and reserves for depreciation and depletion due to company's changed 1929. Shanghai Power Co. was organized to take over the property and
policy, which now provides for depletion based on estimated oil reserves assumed the obligation to pay therefor. The purchase of the property was
and for writing off currently intangible development costs and abandoned made in association with Chinese, English, Japanese and American assowells, &c.
ciates, and Far East Power Corp. (Del.) was organized in 1930 by company for the purpose of apportioning the interests of these associates and to
CONSOLIDATED BALANCE SHEET DECEMBER 31.
finance further requirements as needed. Through the ownership of a
substantial majority interest in Far East Power Corp., company will
1029.
1928.
1928.
1929.
control Shanghai Power Co.
$
Liabilities$
$
$
AssetsIn Sept. 1929, company acquired control of Compania Anonima Luz y
Properties-____:187.334,625 183,853,765 Common stock- 49,997,912 49.997.750 Fuerza Nlectrica de Los Teques, supplying power and light service in Los
Investments-- 2,686.037 13,065,481 Corn, stock B-.118,037,027 118.034,739 Teques, Venezuela.
12,595,981 10-yr.conv.s.f.68 6,033.000 7.487.500
Accts. reedy- 10,918,600
Company acquired control of Empresa Luz y Fuerza de Mendoza in
635.500 1,683.500
Marine eq't bds_
Notes recelv-___ 1,252,174
supplies electric power and
Argentina during Dec.
73.300
Sub. cos.' bonds647.000 light and transportation 1929. This company
Cash In ha Ids of
service in Mendoza, Godoy Cruz Guaymallen and
291,015
Misc. mortgages
176.975 Las
trusteis under
items, and electric power and light service in Lujan de Cuyo and
inortme
,__
245.
308
303,080 Note; payable-. 1,487,846 3.850 000
Maipu, and serves a population reported at approximately 216,000. Other
Readl. claims-._ 9,253,906 9,253,906 Accts. payable- 7.385.157 9,631.701 smaller properties were acquired by operating subsidiaries in Argentina
28.379
Divs. payable- 26.317
Deposited with
the year.
Res. for tax.,&e. 6,518,544 6,857,865 during principal acquisitions by Brazilian subsidiaries during 1929 were the
Mexican GovThe
Cap.& surp.mln.
to
ernment
4,610,168 5,855,555 electric power and light and street railway properties serving Bello IloriInterest
protect minorbought from the
ity Interest..__ 1,307,643 1,307.643 Capital surplus- 24,774,112 24,884,106 zonte, capital of the State of Minas Geraes, which were
which owns
37,171,230 27,166,967 State; the control of Southern Brazil Electric Co., Ltd., other utility
Surplus
Invest. In secur.
companies supplying electric power and light and
operating
(temporary).. 3,234,572 3,410.726
service in Campinas, Amparo, Piracicaba, Itapira and 35 other towns in
14,994,881 6,050,196
Cash
the State of Sao Paulo; the control of Companhia Traccao Luz e Force de
Inventories__ _ 24,370.865 24,240,808
257,043,191 256.299,976 Florianopolls. supplying electric power and light service in Florianopolis
TotalDeter.charges_ 1,444,581 2,217,496
(the capital of the State), Sao Jose and Biguassu, in the State of Santa
a Oil lands, leases and development, steamships, refineries, marketing Catharina; Empreza Melhoramentos Urbanos de Paranagua, supplying
stations and facilities, &c., 5320.445,354. leas reserve for depreciation and electric power and light service in Paranagua, in the State of Paranaand
depletion, 5133.110 729.-V. 130, p. 2041.
the Government
-owned electric power and light and street railway properties
supplying service to Natal, capital of the State of Rio Grande do Norte.
Numerous smaller properties in the State of Sao Paulo were also acquired
to consolidate the territory served by other subsidiaries in that State.
United Shoe Machinery Corporation(& Sub. Cos.).
Company in 1929 contracted to acquire the securities of Rio Grandense
Light & Power Syndicate. Ltd.,supplying electric power and light and street
Ended Feb. 28 1930.)
(Annuat Report
-Year
railway service in the City of Pelotas, State of Rio Grande do Sul, Brazil,
and in March 1930, these securities were purchased.
In Nov. 1929, company acquired a one-half interest (the other one-half
Chairman E. P. Brown says in part:
being owned by prominent citizens of India) in the Tata Hydro-Electric
In nearly every month of the year the volume of business exceeded that Agencies, Ltd. of Bombay, India, a company supervising the operations of
of the corresponding month of the preceding year, with a net increase of a group of hydro-electric companies. This group produces and transmits
about 10% for the period. The sate of many producers to a diversity of power and sells this power to the local electric power and light and street
industries was an important factor.
railway company in Bombay and to numerous cotton mills and other large
The Littleway process, rights to which were acquired by the corporation Power users there. The total electric generating station capacity of the
some 5 years ago, is being used to a substantial extent.
supervised companies is 183.500 kilowatts.
A method of attaching the sole of the shoe by a cement instead of threads,
Company during 1929 disposed of its minority interests in Spain and at
pegs, or nails has recently achieved some prominence. This method is not the end of the year owned minority interests in companies with interests
new. It has been more or less active exploited in one country or another In utility properties in Canada, Japan, Italy, France, Germany and India.
-Company issued 4,101 shares of its pref.
during a period of over 40 years. Notwithstanding that the number of
Capital Changes During 1929.
shoes manufactured by this method in the United States during the past stock ($7) during 1929 against payments on preferred stock (67) allotment
year was less than 2-3 of I% of the total production, the corporation has certificates. Calls aggregating 95% have been made on these allotment
developed and is furnishing the very best machines and accessories for certificates, including one of 10% for payment March 1 1930, and the
manufacturing this type of footwear. This is in line with the fundamental final call will be made as soon as permissible. The total amount unpaid on
policy of the corporation to be prepared to supply its customers any equip- such allotment certificates at Dec. 31 1929, exclusive of accrued dividends,
meat desired by them for manufacturing purposes and to broaden its was $85,531, and the unpaid amount at March 31 1930. was $25.526.
service to them to the fullest extent.
There were issued 100,132 75-100 shares of company's $6 preferred stock
and scrip certificates for fractions of such stock. Of the amount so issued.
100,000 shares were sold for $9,600,000 cash, and 132 75-100 shares and
INCOME ACCOUNT FOR FISCAL YEARS ENDING FEB. 1929.
scrip certificates were issued in the acquisition of securities of Mexican
1928-29.
1929-30.
Utilities Co.
1927-28.
1926-27.
There were offered at $100 per unit and taken by security holders of
Combined earnings of
company in March and April 1929, $100,827.200 (exclusive of accrued
United Shoe M. Corp.
each unit
(of N. J. and Maine)_$10,470,923 $9,119.082 $9,234,964 $8,810,040 dividends) of subscriptions for units of securities of company, company,
725,000
800,000
780,000
Reserve for taxes
825,000 consisting of (a) 1 share of second preferred stock, series A, of
entitled to cumulative dividends at the rate of $7 per share per annum
$9,670,923 $8,394,082 $8,454,964 $7,985.040 from July 1 1928, and (b) 4-10tha of an option warrant (in form and tenor
Net income
635,773
635,773
635,685 heretofore issued by company) to purchase common stock of company.
Preferred dividends (6%) 636,375
8,150.721
During 1929 there were issued 1.116.660 shares of company's 2d pref.
7,035,096
6.793,235
Corn. diva. cash--(14%)8,150.721
stock, series A ($7), against payments made upon 2d pref. stock, series A
$784,095
$556,121 ($7), allotment certificates subscribed for as above, and those subscribed
Balance, sur. for year $883,827 def$392.412
15,546,756 15.939,168 24,859.908 24,303,786 under the offering made in Dec. 1927. Many of the subscribers to this
Previous surplus
latter offering have paid their subscriptions in full, so that the balance due
2
( 0)9,704.835
Com. diva. (stock)
(when called) as of Dec. 31 1929, was $36,672.480. In March 1930,
$16,430,583 $15,546,756 $15,939,168 $24,859 907 Electric Bond & Share Co. anticipated in full the payment of its subscription
Total surplus
$3.87
$3.33
$3.79 to these allotment certificates, and at March 31 1930, the total balance
$3.36
Earns, per sh. on corn._
Pan American Petroleum & Transport Company.
-Year Ended Dec. 31 1929.)
(Annual Report
R. G. Stewart, New York, May 20, wrote in
President
substance:
3872
FINANCIAL CHRONICLE
[Vor.. 130.
due when called on all such subscriptions was $512,470. This balance is
International Settlement, Shanghai, China.
-The electric power and light
being called in due course.
property in the International Settlement of Shanghai was acquired during
During the year 66,398 shares of company's 2d preferred stock, series A 1929
from
($7), were surrendered with option warrants in payment for common stock contract, the International Settlement and at the same time a concession
or franchise, unlimited as to time, was granted to company's
of company, and hence the net increase in company's 2d preferred stock,
series A ($7), outstanding at the close of the year amounted to 1,050,262 subsidiary by the Governmental authorities of the International Settlement.
There was in process of construction at the time of acquisition 40,000
shares.
Company's outstanding common stock was increased 375,427 shares kilowatts additional steam-electric generating capacity and this has since
been
during 1929 by reason of holders of option warrants exercising their right the completed. Shanghai Power Co., which was organized to take over
property
to buy common stock at $25 per share for each option warrant surrendered. generating acquired from the International Settlement, now has a modern
Holders of 109.835 of these option warrants paid cash, and holders of the generating plant with 161,000 kilowatts installed generating capacity. The
station output for the year 1929 was 584.815,000 kilowatt-hours,
remaining 265,592 option warrants in making payment turned in 66,398
shares of 2d preferred stock, series A ($7) in lieu of cash, in accordance with which indicates an unusually good load development.
Company arranged for Electric Bond & Share Co. specialists in power
the terms of the agreement whereby this stock in accepted at $100 per share plant
efficiency, distribution development, rate schedules, commercial
in payment for 4 shares of common stock when accompanied by 4 option sales,and
general operating efficiency, to study the property and co-operate
warrants.
with the local officers in the introduction of improved methods. An eviOption warrants to purchase 552,472 8-10 shares of common stock were dence of the
results obtained is an improvement in operating efficiency of
issued by company during the year to holders completing payment under the power
plant in March 1930, over March 1929, exceeding 8%.
2d preferred stock,series A ($7),allotment certificates. The option warrants
Cuba.
-In general, business has been depressed in Cuba during the year
outstanding were reduced, on the other hand, during the year by the due primarily to the
unsatisfactory market for its principal crop-sugar.
exercise of 375,427. as above stated. Accordingly the net increase in option In spite of this adverse
economic condition Cuban subsidiary increased
warrants outstanding at the close of the year was 177,045 8-10.
the
In March 1930. company sold to bankers $50,000.000 gold debentures, the number of its electric customers by 6,227 to a total of 170,018. During
year additional power loads aggregating in excess of 9.000 horsepower
5% series due 2030, of American & Foreign Power Co., Inc., and out of were connected to the
system.
its investments in subsidiary companies,sold to Electric Bond & Share Co..
Mexico.
-The operating subsidiary serving Parral and Chihuahua and
at principal amount and accrued interest, $20,000,000 of 20 year 6% vicinity owns a large artificial
lake, created
debenture bonds, series A,of Conmania Cubans. de Electricidad. The pro- approximately 27 miles long and 2% miles by damming the Conchos River,
wide. The run-off of this river
ceeds of these two transactions were used in paying indebtedness of the in 1929 was the lowest in the past 18
years and followed 2 previous dry
company shown on the balance sheet at Dec. 31 1929, and for additional Years, thus curtailing the output of the hydro-electric
plants of the company
working capital.
on this river. At the same time
Successful customer-ownership preferred stock campaigns were conducted developed with mining projects in a steadily increasing power load was
during 1929 by company's subsidiaries in Panama and Cuba. During the also disclosed the possibility of the territory. Studies by the company
serving
year there were sold to or subscribed for by employees,customers and others stations,cotton mills, cotton gins,cottonseednumerous irrigation pumping
oil presses and other industries
in Cuba in excess of 21,000 shares of$6 preferred stock of Compania Cubana in the Laguna district in the vicinity of Torreon.
de Electricidad. More than 95% of all of the employees of the company to supplement the capacity of the existing hydro Accordingly, in order
-electric plants on the
subscribed for the stock. At the close of the year 13.352 shares had Deep Conchos River, construction of a 27,000
-kilowatt steam-electric station at
paid for in full and delivered, the balance being deliverable as final pay- a point near Torreon was commenced, as well as 190 miles of high
ments are made by subscribers. It is the plan of company to carry on transmission line to interconnect this plant with the transmission tension
system
similar campaigns in other countries served by subsidiaries as rapidly as of the Conchos River plants.
conditions will permit.
The transmission line was completed Jan. 1 1930, and approximately
Operation and Development.
-The development of any new situation one-half of the power plant capacity in the same month. It had been
necessary previously to curtail electric service to the large power customers
divides itself broadly into the following:
of the company in the Parral and Chihuahua (Conchos River) mining
1. Investigation and acquisition of the property.
districts because of the water shortage. The completion of the steam
2. Rearrangement when necessary of the contractual relations with the
governing authorities in such a manner as to permit, with safety to the Power plant has relieved this condition and at the same time has provided
power
investors, the investment of amounts necessary to provide ample power The to serve the prospective new business in the vicinity of Torreon.
capacity and build or rebuild transmission and distribution systems so that mumtransmission line connection makes available, on the basis of maxithey will be of sufficient capacity to care for larger sales volume. (In some plant possible use, both the hydro-electric capacity and the steam-electric
capacity for customers in both territories.
cases concessions exist which contain provisions that the property shall
An important long-term power contract was consummated with the
revert to the Government at some definite future date without adequate
if any-compensation, and we have found almost universally that where American Smelting & Refining Co. for power in the State of San Luis
such concessions exist, the property operated thereunder has not been Potosi for mining and smelting operations. This will require the construction
developed to give maximum service to the public and to develop maximum on of additional hydro-electric power plant capacity of 16,000 kilowatts
the Naranjos River in that State, and the construction of 225 mlles of
volume. Frequently these old concessions also contain specific rates for high
-voltage transmission line to connect with the transmission lines of the
all classes of service which seriously curtail the ability of the company to
Central
introduce modern rate schedules which are constantly found desirable for serve Mexico Light and Power Co. (a subsidiary of the company) and to
this business.
conditions and for new classes of business.)
new
Puebla
3. Financial reorganization of the operating company in order to permit contract Tramway Light & Power Co. (a subsidiary) has consummated a
with the Atoyac Textile Co., one of the largest cotton spinning
continuing financing of improvements and plant additions at the lowest and
weaving enterprises in Mexico,under which the Textile company, which
practicable cost.
has heretofore produced its own power requirements, contracted to take
4. The preparation of plans on a broad, comprehensive basis for the all its
power requirements from the Puebla company, and turned over its
development and construction of ample power plant capacity and modern
transmission and distribution systems, which not only will care for the own hydro-electric plants on the Atoyac River.
Other Countries.
-Subsidiaries in Guatemala, Colombia, Costa Rica,
present needs but make reasonable provision for future development, and Ecuador,
Panama and Venezuela are in varying states of development, but
thereafter the carrying out of the program.
all have
5. Application of the latest and most modern commercial development to earnings shown at least normal improvement in gross earnings and In net
from operation.
the property by the introduction of new uses for electrical energy and the
General.
sale of first-class electrical merchandise in well-lighted attractive stores, aggregate -Subsidiaries at the end of 1929 were serving territories with an
population of 12,067,000 in 12 foreign countries. They had
and coincident with this a thorough study and introduction of so-called 878,494
customers of whom 815,964 were electric power and light customers.
inducement rates which servo to reduce the increment cost of electricity The
electric
to the customer and make the acquisition of additional electrical appliances amounts of generating station output (including in some cases small
power purchased) for the 12 months ended Dec. 31 1929. was
by the customer more attractive with corresponding benefit to the comkilowatt-hours.
pany through the more complete use of its electric facilities during more 2,098,538,000companies have
Subsidiary
over 47,000 employees, of whom approxihours of the day.
mately
served and 15% are nationals of
6. Introduction of modern operating and accounting methods with studies other 85% are nationals of the countriesare citizens of
countries. Of the latter only 1h%
the United States.
of plant efficiency and modern methods generally looking to the improvement of service and reduction of operating expenses.
PROPERTY AND SERVICE OF OPERATING COMPANIES AS OF
Establishment of closer relations between the operating company and
7.
DECEMBER 31.
its customers, employees and the general public in the territory served by
1929.
1928.
1927.
the offering and sale of preferred stock of the operating company.
Population served
12,067,000
8,217,000 3,069,000
The general result which it is aimed to obtain from this development is: Number of communities served
643
780
215
(a) a betterment of service and the making of the same more dependable Number of customers served
626,320
878,494
258,139
and a gradually Increasing use of the service by the public; (b) a decreasing Passengers carried during 12 months,493,260,452 375,971,237 90.117.626
cost to the public of the service supplied: and (c) an increasing profit to the
generating station
company as a result of the increased volume and use during more hours of Kilowatt-hours power purchased for
output (incl.
the day of service supplied.
12 months
2098538,0001088,232,000 387,717,00
.
0
Company's subsdidiaries in 3 of the countries served have gone through Total miles of electric lines In service
all of these steps. In other countries the work in is varying stages of
18.366
(all voltages)
12,117
4,518
progress.
Gas works capacity (1.000 cu.ft.) per
Argentina.
-Company, through subsidiaries, has acquired in Argentina
14,246
day
13,596
13,500
interests in properties serving 130 communities, with a total population of Gas sendout (1,000 cu. ft.) for 12
the territory served estimated at 1,906.000.
1,546,550
months
1,481,478
1.510,955
In order to permit a proper and orderly development of power generation Mlles of gas mains
372
288
256
and transmission by zones, company has assisted the officers and directors Miles of electric railway (single track
of these properties to work out a complete corporate reorganization of such
446
713
98
equivalent)
Argentina Interests, as a result of which company's ;principal interests in Miles of water malias
172
125
78
Argentina are now represented in securities in the following 5 operating Ice plant capacity (tons) per day---370
221
290
companies: Northern Argentine Electric Co.. Southern ArgentineKlectric
CONSOLIDATED STATEMENT OF INCOME
Co., Eastern Argentine Electric Co.. Central Argentine Electric Co., and COMPARATIVE
CALENDAR YEARS (INTER
-COMPANY
Andes Electric Co.
ITEMS ELIMINATED).
These companies operate in the respective sections in Argentina indicated
by their names.
1929.
1928.
1927.
Subsidiary Companies:
1926.
This reorganization has been a long and tedious process and was only Gross earnings
$63,709,207 $30.112,578 $19,976,172 $10,183,775
completed in the early part of 1930. In the meantime plans and studies Oper. exp., maintenance
have been actively pursued as a basis for the commencement of centralize
31,527,651 14,518,263
and taxes
5,444,534
9,445,646
power generation and transmission line connections in each of the districts
$32,181,556 $15,594,315 $10,530,526 $4,739,241
Net
served. The construction budget for the Argentina companies for the year Other earnings
3,846,716
2,183,313
440.713
income
831.757
1930 contemplates the expediture of approximately $7,500,000 in improveGross corporate income$36,028,272 $17,777,628 $11,362,283 $5,179,954
ments and extensions.
Brazil.
-New concession contracts have been negotiated in Bahia, Int. to public and other
3.877,213
879,207
2,536,953
602,158
deductions
Curityba, Porto Alegre and numerous smaller places.
1.602.600
129,581
1,569,774
Work is in progress upon the construction of a concrete dam 1,500 feet Pref. divs. to public_ .. _ _ '2,071.049
long and 110 feet high on the Paraguassu River for creating a large reservoir
$30.080,010 $15,295,821 $7,255,566 $4,448,215
Balance
-electric power plant, which Renewal & replacement
and increasing the head at the Bananelras hydro
supplies the City of Bahia with energy. This will greatly increase the
1.720,519
343,244
(depreciation) approp. 3,397,773
1,637,337
continuous capacity of the power plant and will permit its enlargement at Proportion applicable to
relatively small cost as required by increasing load.
406,671
42,019
5,029
minority interest
12,883
The City of Bahia is built upon 2 different levels and transportation
Amer.& Foreign Pow.
between the upper and lower city is largely conducted by means of electric
Co., Inc.:
a new
elevators. To supplement the existing facilities of the company
Balance of subs. cos.
double-shaft, large-capacity, high-speed electric elevator has recently
earnings applic. to
been placed in service. The total lift is 190 feet and the new elevator is
Amer. & Foreign
carrying approximately 25,000 passengers per day.
Power Co., Inc_ ___$26,275,566 $13,533,283 $5,605.336 $4,099,942
The City of Nictheroy, which lies across the bay from Rio de Janeiro. is Other
1.558,834
392.811
63.391
68,763
income
been comsupplied by hydro-electric plants. A substation has also just
$27,834.400 $13,926,094 $5,674,099 $4,163,333
Total income
pleted to Interconnect the transmission line of the Nictheroy system with
Power Co.,supplying Exp. & int. of Amer. &
the power system of the Brazilian Traction, Light &
613.109
834,887
Foreign Pow.Co..Inc. 3,078.095
733.915
Rio de Janeiro. It is anticipated that this interconnection will be as
advantageous as similar interconnections have proven to be in the United
$24.756,305 $13,091,207 $4,940,184 $3,550,224
Balance
States.
Divs. on $7 pref, stock
Operating subsidiaries of company serve many of the cities, towns and
of Amer. & Foreign
rural districts of the rich agricultural area of the State of Sao Paulo. The
4,147.343
2,617,270 2,536,510
Power Co., Inc
3,317,638
a
area served in this State is approximately 300 miles long and 250 miles wide. Divs.of $7 2d pref.stock,
In this area the power plants and lines which formerly belonged to
series A, of Amer &
co-ordinated. The work
number of companies are lowing interconnected and
Foreign Power Co.
consists of the construction of new high-voltage trunk lines and the improveapplic. to respective
ment and enlargement of secondary transmission and distribution lines,
calendar years whether
798.133
together with increases in generating capacity. An interconnection is also
1,466,550
14,098,947
8,245,560
paid or unpaid
being made with the power system of the Brazilian Traction, Light &
Power Co., operating in the City of Sao Paulo and vicinity.
Balance applic. to Am.
Chile.
-Negotiations are in progress for rearrangement of the concession
& Foreign Pow. Co.
$215,581
contracts covering the company's business in Chile. The physical condition
$856,364
$6,510,015 $1,528,009
common stock
of most of the properties purchased in Chile is good and with the favorable
above statement includes earnings only for the periods
Note.
business conditions obtaining there, subsidiary companies have shown during -Thethe respective properties have been owned.
which
normal growth.
MAY 31 1930.]
FINANCIAL CHRONICLE
3873
GENERAL INVESTMENT NEWS
CO., INC.) DEC. 31.
BALANCE SHEET (AMER. & FOREIGN POWER
1928.
1929.
1928.
1929.
Mai/SaesAssets
-378,553,813 285,565,840 aCapital stock_333,862,438 209,443,592
Investments
STEAM RAILROADS.
8,882,732 4,348,167 Cont. to deliver.
Cash
9,600,000
86 Pref.stock_
-Organized labor won an important
Loans&accts.rec.
Rail Labor Wins High Court Decision.
13,569,157 Contractual liab 11,653,452 35,988019 victory, the U. S. Supreme Court upheld the right of the Brotherhood of
--subsidiaries_ 46,659,008
Contracts pay__ 25,597,775 57,622,836 Railway and Steamship Clerks to designate its own representatives to deal
Loans&accts.rec.
884,378
York
6,152,976 20,114,317 Divs.declared__ 1,042,195
-others
with the Texas & New Orleans RR., a Southern Pacific line. New
479,107 Loans & accts.
85,531
Subsc.$7 pf.stk.
31,412 "Times" May 27, p. 47.
55,952,305
payable
-The railroads of this country
Subs.$726 pfstk 36,672,480 47,504,830 Accrued accts._ 1,840,335 1,117,225
Locomotives on Order.
Freight Cars and
of the
Accr. dive.$72d
on May 1 had 33,723 freight cars on order, the car service division were
pf.stk.(contra) 1,283,936 2,494.942 bSubscr.$7 pref.
the same day last year, there
479,136 American Railway Assn. announced. On on May 1 1928. Despite the fact
85,440
stock
sec. in tr.
on order
Treas.
44,429 cars on order and 22,242
9,567,200 bSubscr. $7 2d
order on May 1 this year was 10,706 below
for subs.(Cont) 9,179,000
Pref. stock__ _ 38,683,900 47,522,700 the number of freight cars onnumber of new freight cars installed in service
Stk. subs. rights
the number one year ago, the
475,006 Accr. diva.87 2d
583,802
34.725 compared with 15,927
(contra)
1,283,937 2,494,942 during the first four months this year totaledof 18,798 cars. Installations
Pref. stock _ _
19,002
Deferred debits.
for the same period in 1929, or an increase increase of 19.090 cars above
Subscr. to pref.
this year were also an
690
2,060 for the first four months
stock of subs.
on order on May 1
those for the same period in 1928. Of the freight cars
Treas, sec. held
compared with
9,179,000 9,567,200 1930, reports showed 18,434 were box cars, a decrease of1.145 been placed
for subscrfor which orders have
475,005 the same date last year. Coal cars
583,802
Stock subscr- _
the number of such
72,486 numbered 11,838, a reduction of 8.202 compared withorder totaled 1,886,
Reserves
cars on
10,307,011 8,816,972 cars on order on May 1 1929. Refrigerator
ous freight cars. 100.
Tot.(ea. side)488,072,282 384,118,565 Surplus
flat cars 1,225. stock cars 240 and other miscellane on May 1 1930. than
Dec. 31 '29. Dec. 31 '28.
The railroads also had more locomotives on order day this year having
Shares.
Shares.
the number on that
a Securities Outstandingon any similar date since 1926,
36,866 been 362. On May 1, last year, there were 346 locomotives on order. Lo137,007
$6 preferred stock
17.90 comotives placed in service in the first four months this year totaled 283 com9.65
$6 preferred stock scrip certificates
474,009 pared with 166 in the same period in 1929 and 531 in 1928.
478,110
17 preferred stock
are not included
1.293,939
2,344.201
Freight cars or locomotives leased or otherwise acquired
7 2d preferred stock, series A
1,248,930 In the above figures.
1,624,357
Common stock
of this country on May 1
Locomotives in Need of Repair.-Class I railroads of the number on line.
Option warrants for common stock equivalent to.- 3,433,9993,256,954
had 8.222 locomotives in need of repair or 14.7%
division
b Securities to be Issued upon Payment of Subscriptions
4,991 according to reports just filed by the carriers with the car service746 cars
890
87 preferred stock
of
475.227 of the American Railway Association. This was a decrease time there
366,839
$7 second preferred stock, series A
number in need of repair on April 15, at whicn on May 1
3,816.540 compared with the
Option warrants for common stock equivalent to... 3,667.376
classified repairs
were 8.968 or 16%. Locomotives in need of
-Holders of option warrants are entitled to purchase one share of totaled 4.563 or 8.2%. a decrease of 259 compared with April 15, while
Note.
common stock, without limitation as to time, at $25 per share for each 3.659 or 6.5% were in need of running repairs, a decrease of 487 below
Class I railroads on May
option warrant held, and each share of the company's $7 2d preferred
number in need of such repairs on April 15. compared with 7,311 on
stock. series A, when accompanied by 4 option warrants, will be accepted the
1 had 7,294 serviceable locomotives in storage
$100 in payment for such common stock in lieu of cash.
at
April 15.
cars in need of repair,
Class I railroads on May 1 had 129,865 freight service division of the
Comparative Consolidated Balance Sheet Dec. 31.
car
or 5.9% of the number on line, according to the727 cars under the number
-Company Accounts Eliminated]
[Inter
American Railway Assn. This was a decrease of
1928.
1929.
1928.
there were 130,592 or 5.9%.
1929.
in need of repair on April 15, at which time 1 totaled 89.994 or 4.1%. an
$
LiabilitiesAssets
heavy repair on May
e Capital stock_393,696,775 268,502,448 Freight cars in need of
April 15, while freight cars
Plant
560.544,585 292,359,445
increase of 1,591 compared with the number on decrease of 2,318 compared
*Invest.(secur.) 81,895.657 133,828,110 Fund,debt,subs.75,827,127 35,759,800 in need of light repairs totaled 39,871, or 1.8% a
companies...
11,814,962
Cash & call loans 15,669,182
15.
198.009 Contr. liabilities 14,174.952 37.736.270 with April Covered in the "Chronicle" of May 24.-(a) Capital expenditures
Notes & lemur rec 6,554,866
Matters
-increase of
Accounts receiv. 21,958,869 30,545,826 Divs.declared__ 1,494,610 1,284,336 of Class I railroads in first quarter of 1930 reach $223,772,000
Contracts pay- 28,765,092 54,891,655
last year-Higher costs follow
Material&supp. 14,428,830 7,810,577
696,653.000 as compared with same period in furthering business progress,
321,385 Notes dr loans
537.539
Prepaid accounts
with President Hoover
76,296,754
1,133,190 efforts to co-operate
payable
designed to delay railroad
Trust funds and
p. 3653. (b) Senate passes Couzens resolution check acquisition of roads
special deposits 217,439 2,470,601 Accounts payable 8,462,459 2,858,138 consolidations until March 4 next
-Would also
Cost. & employ.
Subscrip.-pref.
3652. (e) Senate passes bill to protect rail men
3,652,605 2,567,145 by holding companies, p.
deposits
stock (87) allot
of employees in mergers, p. 3653.
479,107 Accrued accounts 6,775,259 3,560,104 -Would safeguard interests
685,531
certificates
Office.
e Subscrip., pref.
Subscrip.-2d pf.
& Pittsburgh Ry.-New the company,
Buffalo Rochester
stock ($7)allot
stock, series A
received notice from
The New York Stock Exchange has Wall St. N. Y. City, for the pay479,136
85,440
certificates _ _
($7)allot.ctfs. c38,672,480 47,504,830
established at 2
that an office will be
e Subscrip., 26
Accr. divs.-2d
'
stock of the company and its
ment of interest coupons and transfer of the
pref.stock,ser.
preferred stk.,
and the Clearfield & Mahoning
subsidiaries, the Allegheny & Western Ry.,
A ($7) allot.
ser. A (57).... 1,283,937 2,494,942
p. 3704.
36,683,000 47,522.700 By.. effective June 2 1930.-V. 130.
certificates
Treas. secur. in
have
Accrued dive., 2d
trust for subChesapeake & Ohio Ry.-Rights.-The directors
pref.stock,ser.
9,179,000 9.567,200
scribers
at
1,283,937 2,494,942 authorized the issuance of $38,305,600 common stock
A ($7)
stock subscrip475,006 Subscrip.to pref.
583,802
tion rights._
common stockholders of record June 11 in the ratio
par to
stocks of subs.
350,000
603,306
Reacquired secur
Rights
690
68,070 of one share of new stock for each 4 shares held.
companies...
dUnamort. disc,
728,334 Treas. sec., held
260,512
and expense._
23.
for subscr-- 9,170,000 9,567,200 expire July 6ji% cony. pref. series A to receive the rights must convert
2,493,833
Deferred debits_ 5,556,342
Holders of the
583,802
475,006
Stock subscrip.
11.
their stock into common stock on or before June convert their stock int*
Contr.to deliver
The stockholders of Hocking Valley By. must receive the rights.
9,600,000
86 pref.stock.
C. & 0 .common on or before June 11 in order to
Matured int. &
14.129
8,482
diva. unpaid_
.
New DirectorsCo., Cleveland, and
Bonds of subs.
Wilbur M. Baldwin. President of Union Trust been elected directors.
co. called for
Fitzpatrick, Vice-Pres.& Gen. Counsel,have
2,197,752 Herbert
redemption
Accrued int. on
Commission Authorizes Stock Issue.
company to issue
bonds of subs,
The I.-8. C. Commission May 22 authorized the
0
stock and to sell in addition thereto, $20,142,20
cos. called for
$18,152,400 common
the stock to be of69,102 common stock, a total of 382,946 shares (par $100);
redemption
308,678 fered for subscription pro rata at par for cash to the common stockholders,
Deferred credits 1,799,829
General and reand the proceeds used for capital purposes.
newal and reThe report of the Commission says in part:
among other things.
Place. reserves 50,670,440 35,782,997
Our order of April 2 1930 authorized the applicant,
with the
Other reserves.. 14,662,179 4,805,326 to issue not to exceed $24,748,875 common stock, in connectionBy. The
Hocking Valley
Surplus date of
acquisition of the railroad and properties of the
of
acquired._ 7,738,485 6,287,515 order provided that the stock should be delivered to or upon the order at
cos
stockholders
Tot.(ea.side)756,031,877 543,440.168 Earned surplus. 24.184,411 15,702 176 the Hocking Valley for distribution to that company's
stock held by
companies and other the rate of 23( shares for each share of the Hocking Valley stock authora Investments include securities of non-subsidiary
for authority to issue the
properties. b All except $24.125 of this amount had been received from them. At the time the application
consideration the applicant owned 89.060 of
that
subscribers prior to May 20 1930. c All except $381,280 of this amount ized by that order was under
Hocicing Valley stock then outstanding, so
had been received from subscribers prior to May 20 1930. d Discount and the 109,995 shares of the
to the stockholders of the Hocking
expense amortized monthly over lives of issues. a For details of stock, &c. a distribution of the applicant's stock would result in the acquisition by
in accordance with that order
Valley
-V. 130, p. 1652.
see other balance sheet above.
stock. The order pro.
of its
the applicant of a substantial amount shouldown without our authority,
not,
provided, therefore, that the applicant
received
Car Co.
otherwise dispose of any of its own stock
Marmon Motor
sell, pledge, repledge, or
Hocldng Valley, except that
In exchange for its holdings of stock of the
under its first lien and
(Annual Report-Year Ended Feb. 28 1930.)
stock might, to the extent required, be pledged
the
Hocking Valley then pledged
Improvement mortgage in lieu of stock of the
shares of its own stock
INCOME ACCOUNT FOR 12 MONTHS ENDED
thereunder. The applicant will acquire 201,422.75
seeks author28 '29. June 30'28. June 30'27. in acquiring the properties of the Hocking Valley, and it now
Feb. 28 '30. Feb.
stockholders.
330.462,261 $23,933,230 821,924.065 $18.891,023 ity to sell this stock at par to its
Total sales
wishes to sell 110 shares of
The applicant has in its treasury and also effective date of section 20-a
Cost, selling, general &
29,207,041 22,105,280 21,431,637 17.264.018 common stock which were issued prior to the
admin. espouses
issued without restrictions, it
and later reacquired. Since this stock was
$492,428 $1,627,004 Is unnecessary to secure authority from us for its resale.
81.255,219 $1,827,950
Balance
common stock, which the applicant also desires
162.679
105,967
The 181,524 shares of
Other income
and upon cancellation of $18.n
to sell, are to be issued in substitutio for
-year
$655,098 $1,732,971 152,400 of the applicant's first lien and improvement mortgage 20
$1.255,219 $1,827,950
Operating profit
which will mature Dec. 1 1930, and which
86,211
66,025 5% mortgage bonds, series A,
96,150
46,919
Interest
the date
243,567
226,563 are held unpledged in its treasury. The applicant states that atshares of
283,880
on
272,050
Depreciati
44,953
200,852 of its application, April 19 1930, it had outstanding 1,483,003 series A.
176.254
103.361
Prov. for Fed'I taxes.. _
cony, pref. stock,
common stock and 3,157 shares of its 6%%
April 2 1930, it
$1,271,665
$280,366 $1,239,531 or a total of 1,486,160 shares. Pursuant to our order of 46.066 shares
$832,889
Net profit
shares of common stock, of which
70,000
70.000
70,000 has issued 247.488.75
70.000
Prof. diva, for period...
Valley other than
860,000
800,000
600.000 will be distributed to the stockholders of the Hocking
910,000
diva. (cash)_
Common
date for the offering to the applithe applicant, so that as of the record
there will be outstand$341,665 def$589,634
$569,531 cant's common stockholders of the proposed stock, stock. The proposed
def$147,111
Balance, surplus
1,532,226 shares of common and cony. pref. stockholders for cash
stock outing
Shares common
for sale pro rata to the common
260,000
200,000
200.000 stock will be offered
260,000
standing (no par)- -- four shares thereof
$4.62
$1.05
$5.85 at par, at the rate of one share of common stock for each
$2.93
Earnings per share
the date set for distribution of the appliheld as of such record date, after Hocking Valley pursuant to our order
s of the
DATED BALANCE SHEET FEB. 28.
COMPARATIVE CONSOLI
cant's stock to shareholder of directors or the executive committee thereof
1929.
1930.
1929.
1930.
of April 2 1930, as the board not so subscribed for will be sold at the best
LiabilfBes$
$
$
shall determine. Any sharesless than par. To the extent that the cony.
Ands1,068,325 2,172,787 Notes Payable.-- 600,00
price obtainable, but at not
0
such record date,
Cash
Accounts payable- 1,533.173 1,968,302 pref. stock is not converted into common stock prior to
common stockMotor car drafts
871,952 Corn,diva. payable 130,000
260,000 the shares of common stock to be offered to the applicant's
530,919
notdiscounted
reduced.
433,784 Accrued items_ -- _
658,150 holders will be correspondingly
the applicant
Notes & accts. rec. 616.342 4,815,486 Dealers contr. dep. 443,725
the necessity for selling its stock as proposed,
92,658
148,668
4,671,933
To show
showing that it has authorized
Inventories
6% tier. gold notes
250,000 has filed as part of the record statements
charges to
that of the Hocking Valley,
Deferred
780,844 Preferred stock-- 1,00(1(100 1,000,000 specific expenditures on its own property and
1,343,431
to the amount
operation
Common stock._ -a7,000;000 7,000,000 and advances to affiliated companies for capital purposes,
that of this amount approxiLand, bldg., mach•
1,206,984 1,354,094 of approximately $51,330,630. It appears
3.831,599 3.508,370 Surplus
or advanced during the
and equip
837.488,_905 has been or will 'be expended
mately
as a part of the record a stateTotal
12,062,549 12,583,205 current year. The applicant has also filed and cash requirements from
12,062,549 12,583,205
Total
ment showing its estimated cash resources
-V. 130, p. 3727.
a 260,000 shares (no par value).
3874
FINANCIAL CHRONICLE
April 1 to Dec. 31 1930.
proceeds from the sale of The estimated cash resources, including the
shares of
and the cash balance as of383,05631 1930, common stock, as proposed,
March
total $182,315,807. The cash
requirements, including operating expenses,
interest on funded debt,
dividends, and prospective capital
expenditures to the lines of the applicant and certain affiliated companies
, total $167,823,069, leaving an
estimated cash balance of $14,492,738 as of
Dec. :31 1930. The applicant
states that the proceeds from the sale
stock, together with current income in of the 383,056 shares of common
for operating expenses taxes, interest, excess of necessary requirements
equipment trust principal obligations, dividends and similar
cash requirements for 1930. disbursements will be sufficient to meet its
No contracts, underwritings or other
arrangements, to which the aPP11cant is a party, have been or are
the issue and sale of the stock. proposed to be made in connection with
Commissioner Eastman, concurring in part, says:
In my judgment the amount of
necessary and appropriate for" thestock authorized is not "reasonably
purposes in contemplation, for the
same amount of money could easily be
secured by issuing a lesser number
of shares at a price above par.—V.
130, p. 3704.
[Vor,. 130.
rotted at the ground and are falling over,
need to be replaced by new ones.
Equipment consists of one freight
are badly in need of repairs. Thecar and two passenger cars all of which
record
dition of the line had deteriorated to such indicates that the physical conan extent
commission, after receiving a report of inspection that the public service
made by one of its engineers, issued an order on June
certain repairs reconunended by 5, 1929, directing the applicant to make
the engineer or discontinue operation of
the line. The applicant,
tion on or about June 171929 and the latter alternative, suspended operathere has been no resumption of operation since that date.
down a number of the Since operations ceased certain persons have cut
trolley poles and pilfered much of the overhead
trolley wire. About 4,700 pounds of
stolen. The applicant urges that the copper feed wire have also been
junk value of the line is rapidly
diminishing and is anxious for its stockholde
rs to salvage as much as possible
from their investment.
Minneapolis & St. Louis RR.—Rece
iver's Certificates.—
The I.
-S. C. Commission May 29 authorized
the company to issue
$250,000 of receiver's certificates to renew
principal amount which will mature June 3 or extend certificates of like
and
The report of the Commission says in part: Aug. 5 1930.
Chicago Indianapolis & Louisville Ry.—Bonds Offered.
All the certificates which will
—An additional issue of $1,000,000 1st & gen. mtge.
to our order of Oct. 16 1929. be extended or renewed were issued pursuant
gold bonds, series A, is being offered by Harris Forbes 5% and holders of these certificateThe amounts, interest rates, maturity dates
s are as follows:
and Potter & Co. at 102k. Bonds are dated May 1& Co.
Maturity Int.
Holder—
1916, Merchants
Date 1930. Rate %. Amount.
are non-redeemable and are due May 1 1966.
dr Illinois National Bank,Peoria, Ill. June
3 6
$50,000
First National Bank, Minneapolis, Minn
Listing.—Previous issues of these bonds are
Aug. 5 5%
150,000
Exchange and company has agreed to make listed on the New York Stock Oskaloosa National Bank, Oskaloosa, Iowa_ - Aug. 5 6
15,000
application to list these bonds. Fidelity Savings Bank, Marshalltown, Iowa
Aug. 5 534
Company.—Operates a direct main short line from Chicago
35,000
The applicant proposes to issue the new
to Indianapolis and to Louisville with another main
certificates direct to the banks
a rich agricultural territory and reaches line to Michigan City. It serves which made the loans, or upon their order, or,if the holders of the maturing
over its own
fields and large areas of high grade Indiana limestone lines extensive coal certificates are unwilling to refund them, to issue the new certificates to
from
a heavy tonnage. It enjoys a larger passenger business which it receives others and apply the proceeds thereof in satisfaction of the ,ndebtedness
between Chicago evidenced by the outstanding certificates.—V. 130, p.
and Indianapolis than all competing lines and
3699.
does a profitable business
between Chicago and French Lick Springs.
Missouri Pacific RR.—Elects Officers, &c.—
The Louisville & Nashville RR. and the Southern Ry.
have 13111Ce 1902
At the organization meeting of the board of
jointly controlled the company through ownership of
directors held on May 26,
a substantial majority the following officers were
of its capital stock. The company furnishes these roads
elected: 0. P. Van Sweringen, Chairman of the
with a direct con- Board, L. W.
nection to Chicago and exchanges a valuable tonnage
with these companies. H. R. Safford Baldwin. President, E. M. Durham, Senior Vice-President,
and E. P. P. Johnson, Vice-Presidents, E. J. White,
Security.—Bonds are secured on the entire
Vicesubject to $16,903,000 closed prior lien bonds. property of the company President and General Solicitor, J. Cannon, Vice-President and General
This property, in addition Manager, C. E. Perkins, Vice-President in charge
to 618 miles of main track, includes valuable ownership
of Traffic,
interests in ter- Vice-President, William Wyer, Secretary and Treasurer. 0. J. S. Drew,
minal facilities in Chicago, Louisville and Indianapol
B. Huntsman,
Indiana double track bridge over the Ohio, and the is, the Kentucky and Assistant Secretary and Assistant Treasurer, E. G. Wagner, Assistant
equipment owned by Secretary and Assistant Treasurer, F. W. Ireland, Assistant
the company.
Secretary and
W. J. Wright, Local Treasurer.
Earnings for Calendar Years.
An executive committee was elected to include the following:
Gross Oper.
Applte. to
Int. on
Sweringen, L. W. Baldwin, G. A. Tomlinson, Alva Bradley, D. 0. P. Van
Revenue.
S. Barrett
Int. Charges. Funded Debt.
Jr., John Sherwin Jr., and L. P. Ayres.—V. 130, 3534.
Surplus.
1925
p.
$17,686,040
$2,930,128
$1,300,691
$1,629.437
1926
18,598,066
3,051.772
New York Central RR.—Buys Into Delaware Lackawanna
1,350,266
1,701,506
1927
18,542,197
2.951.719
1,374,584
1,577.135 & Western—Its Holdings, With
1928
18.381.006
Those of Baker, Vanderbilt
2,769.3251,374,033
1,394.368
1929
18,078,393
2,688.551
1,369,050
1,318.236 Interests, Carry Working Control.—
Bonds—The authorized issue of 1st & gen.
The following Is from the "Wall Street Journal" of May 23:
mtge. bonds is $40,000,000.
Including series B there will be $9,911,000 bonds
New York Central RR., through its subsidiary, the
outstanding in the hands
Securities Corp. of
of the public. Of the unissued bonds
the New York Central
$16,172,0
underlying liens and the balance may be issued 00 are reserved to retire Lackawanna & Western RR., has purchased 77,225 shares of Delaware,
RR.
for
cost of additions, improvements and acquisitions. only 90% of the cash lent to roundly $140 a share. capital stock at a cost of $10,794.150, equivaStock.—The bonds are followed by $5,000,00
While these holdings constitute only 4.6% of the 1,688.822
0 pref. stock and $10,500.- outstanding
of
000 common stock on which regular dividends are
Lackawanna stock, working control rests in the shares of
being paid at the rates interests friendly
hands
of 4% and 5% per annum respectively. In
to the Central. Among the largest stockholders of Lackaaddition 29 extra has been wanna stock
paid on the common in each year since 1926.
are George F. Baker and his son,
pref.stock have been paid without interruption Regular dividends on the other interests close to the First National Bank. the Vanderbilt family and
since 1901.—V.130, p.2571.
New York Central has long contended that it
route through Central Pennsylvania to New Yorkis in need of an interior
Chicago Rock Island & Gulf Ry.—Bonds.—
City to relieve its main
line via Buffalo. Central now has a line from
The I.
-S. C. Commission May 20 authorized the
Astabula, 0., terminating at
company to issue Williamsport, Pa., and desires a carrier that in
$5,622,000 of extension 1st mtge. gold bonds to
be delivered to the Chicago nection between the latter point and New York addition to affording a conRock Island & Pacific Ry. at par in payment
City, would be an originatindebtedness to Rock Island for construction of a like amount of the Gulf's ing anthracite road. Such a route would also shorten the distance on
advances.—V. 129, p. 4136. traffic moving between Atlantic seaboard and
the West and give Central
control of routing of anthracite moving to points on its line.
Chicago Rock Island & Pacific Ry.—Certificates
The
.— York Reading, with its Central RR. of New Jersey. in which the New
First National Bank and Salomon Bros. & Hutzler,
years ago,
have route.Central acquired a stock interestallocated would supply such a
But Reading has been definitely
purchased from the company, subject to approval
to the Baltimore & Ohio
of the in the I.-S. C.
ion plan, and with Baltimore
I.
-S. C. Commission, an issue of $14,040,000 equipment Ohio reported asCommission's consolidatof Reading stock, Central's &
controlling over 40%
25%
holdings in the latter no longer offer the
trust 436% certificates, dated June 1 1930, maturin
,
g $468,000 Part of the Central system. Moreover,thepossibility of making Reading a
New York Central has conceded
each Dec. 1 and June 1 from Dec. 1 1930 to June
the logic of
1 1945, continuationBaltimore & Ohio's claim to the Reading-Jersey Central as a
inclusive.—V. 130, p. 3704.
of its main stem into New York City.
At the time of the eastern trunk line consolidat
York Central took the position that it wanted the ion conferences, New
Denver & Rio Grande Western RR.—Notes.—
Lehigh
Reading was to go to the Baltimore & Ohio, and to that Valley if the
The I.
-S. C. Commission May 20 authorized
the company to issue 100,000 shares of Lehigh stock. L. F. Loree, when he wasend purchased
$893,400 notes, to be disposed of at not less
than their face amount, in create his fifth trunk line through the Delaware & Hudson, attempting to
connection with the procurement of 10
obtained 304,539
locomotives.
shares of Lehigh. When his plan fell through, the Delaware
The report of the Commission:
& Hudson
holdings were sold to Pennsylvania Co., which has since
The applicant represents that in order
increased its
public it is in need of 10 Mallet freightto render sufficient service to the Lehigh holdings to 365,039 shares, and the Pennroad Corp. has acquired
locomotives of the 2-8-8-2 type. 10,01)0 shares, the total representing 30.99% of the
After having obtained competitive bids
1.210,034 shares of
arranged to procure the locomotives from from 3 manufacturers it has Lehigh outstanding. These holdings in addition to the 231,329 shares of
the
which was the lowest bidder, at a unit price of American Locomotive Co.. Lehigh held by the Wabash,amount to more than 50% of the stock.
$134,010, or a total cost of
In view of this situation, the only move that was left for
$1,340,100.
Central was to buy into Delaware, Lackawanna & Western, New York
The locomotives will be acquired pursuant to a conditiona
a connection
l-sale agree- with which is possible through trackage rights between
ment, to be entered into between the applicant and
Willlamsport and
the locomotive com- Northumberland.
pany, under which the applicant will agree to pay one-third
of the purchase
Just how Central hopes to overcome the I.
-S. C. Commission's allocation
price, or $446.700, in cash on or before the shipment of the
and the remaining $893,400 in 10 semi-annual installments 6th locomotive of Lackawanna to the Van Sweringen's Chesapeake & Ohio-Nickel Plate
of $89,340 each system remains to be seen. There is a possibility that
beginning Jan. 1 1931, and ending July 1 1935, each
a joint ownership
installment to be would satisfy both interests.
evidenced by the applicant's promissory note for an
equal amount. Each
It is entirely possible that the proposed Wabash fifth
note will be one of a series payable to bearer, will be dated
eastern trunk line
will bear interest at the rate of 5% per annum, payable July 1 1930, which included Lehigh Valley may never materialize. In such an event,
semi-annua
and will mature on the same date that the installment evidenced lly, and should the Pennsylvania be forced to dispose of its Lehigh holdings,
by it both the Lackawanna and the Lehigh would be available
becomes due, but may be paid on any date before maturity. After
and the Vans
delivery needs as well as those of Central could be satisfied
of the locomotives to it, the applicant is to have the possession
without difficulty.—
and use of V. 130. P. 3706.
them, but title thereto is to remain in the locomotive company
She applicant's obligations under the agreement have been fulfilled until all
and the
Pennsylvania RR.—Stock Issue Approved.—
entire purchase price paid, whereupon the title will pass to
and vest In the
The I.
-S. C. Commission May 17 authorized the company
applicant.—V. 130, p. 3705.
to issue
$18,000,000 capital stock (par $50) said stock to be offered
at par for cash to officers and employees of the company for subscription
Kaydeross Railroad Corp.—Abandonment.—
and of certain of
its subsidiary companies, the proceeds from the sale
The I.
-S. C. Commission May 14 issued a certificate authorizin
thereof to be used for
g the corporate purposes.
corporation to abandon, as to interstate and foreign commerce
The report of the Commission says in part:
railroad extending from Ballston Spa. to Middle Grove, a ,its line of
distance of
The proposed stock will be offered at par for cash to
approximately 12 miles, all in Saratoga County, N. Y.
such
employees of the applicant and of certain of its subsid ary officers and
The report of the commission says in part:
will have an aggregate service of 6 months or more on May companies as
The applicant owns and operates, by means of electric motive power,
15 1930. Suba scription for from
single-track line of railroad extending from a connection with the
1 to 20 shares for each officer or employee will be received
Delware
& Hudson RR. at Ballston Spa., northwesterly along Kaydeross Creek, to and including June 16 1930 but no subscription will be accepted for a
total
number of shares which requires a monthly payment
through or near the villages of West Milton and Rock City Falls, to the
therefor exceeding
village of Middle Grove, approximately 12 miles. with about 3 nines of side 20% of the monthly basic pay of the officer or employee, and in
tracks. It was constructed in 1895-96 primarily for the purpose of fur- oversubscription the larger subscriptions will be reduced so that thecase of
aggrenishing transportation facilities to a number of small Industries, mostly gate amount subscribed will not exceed 360,000 shares. Payment for
the
paper mills, then situated along the route. Originally operated under the stock is to be made in monthly installments to be deducted or collected
from the wages or salary of the subscriber beginning with the
name of the Ballston Terminal Railroad Company, the railroad properties
second half
have since undergone several changes in ownership. The properties were of July 1930 at the rate of $2 35,or $10 a share according to the preference
placed in receivership in 1904 and reorganization followed. They were of the subscriber. Payments in full will not be accepted and subscribers
again placed in receivership in 1918 and afterwards sold under foreclosure will not be permitted to anticipate final payments, except that the board
proceedings. Reorganization again followed and the stock was then issued of directors in its discretion may permit the payment of unpaid balances
principally to mill owners and other persons directly interested in the at any time after Dec. 311930. Interest at the rate of 6% per annum will
operation of the line. Upon the latter reorganization, all of the applicant's be allowed on installments as collected and will be credited quarterly to the
outstanding bonds were redeemed or canceled and it now has no funded subscriber's account and applied in final payment, but dividends will not
indebtedness. Capital stock in the amount of 860,000 was issued and is be allowed until the stock is paid in full. Any stock not so subscri ed for
will be sold
now outstanding, the majority of which has been owned by the Ballston Spa conditions on the best terms obtainable but at not less than par, on such
as may be prescribed by the board of directors. No contracts
National Bank for the past eight years.
It is represented that the line has not been on a paying basis for many for underwriting or otherwise have been made or are proposed to be made in
connection with the issue of the stock.—V.130, p.
Years and its finances have gradually depleted until at the present time there
3534.
are not sufficient funds in the applicant's treasury to pay current operating
Pittsburgh Cincinnati Chicago & St. Louis RR.—
expenses. For several years tho applicant has had no funds with which to
pay for needed repairs and as a result the roadbed is in a dangerous con- Acquisition.—
dition. requiring the replacement of several thousand ties. Steep grades
The I.
-S. C. Commission May 15 issued a certificate authorizing
and sharp curves are prevalent. Rails for the greater part need bonding, company to acquire,
the
and the Pennsylvania RR. to operate, the St. Louis
bridges are in a dilapidated condition, and line poles, many of which have Connecting RR.'s line
of railroad in Madhr-• County, Ill.
MAY 311930.]
FINANCIAL CHRONICLE
3875
of
operate its own trains over the line
upon reasonable notice, the right to ald and Bridge Junction upon a user
en McDon
the Missouri Pacific betwe enance and operation, with a minimum of 25%
basis of interest, taxes, maint taxes. The Cotton Belt owns one-third of the •
st and
of the amount of interenal Co. and now operates over the line of that comof the Bridge & Termi its operation over the line of the Rock Island, The
d car
in connection with
pany
es an average charge of $2.62 per loade
Bridge & Terminal Co. assess of the fact that the Cotton Belt now operates
moving over its line. In view
n for such operation in the
r authorizatio
handle
over the line in question, furthe
ary. While the Missouri Pacific will & Tere
present proceeding is not necess
Memphis over the line of the BridgBridge &
ed by the
the Cotton Belt's traffic into
pay the charge assess
minal Co., the Cotton Belt will also has a 10
-year contract with the
Belt
Terminal Co. The Cotton
ete use of that carrier's Memphis facilities
Illinois Central RR.for the compl
under a charge of$9 a car. of the Frisco, intervener, undertakes to show
The testimony on behalf
served that the traffic is generally
Connecting RR.—Construction,
St. LouisCommission May 15 modified its certificate and order so as that the entire area is now adequatelycarload;freight traffic are decreasing
of the St.
the passenger and less than
-S. C.
The I.
RR. to sell $100,000 common stock St. Louis light; that operation of busses and trucks.
ia
due to the
to permit the Pennsylvan the Pittsburgh, Cincinnati. Chicago &
ng of the applications of the Cotton
Intervener Meyer objects to the granti construct a line from Caraway to
Louis Connecting RR. to ny above.—V. 122, p. 2944.
seek authority to
Belt in so far as theythe Arkansas Short Line, and to operate over the
RR. See also latter compa
Truman, to acquire support of this objection it is alleged that there is no
Ry.—Construction.—
Pacific. In
St. Louis-San Francisco15 issued a certificate authorizing the Missourithat the timber traffic will continue for an extended period; that
at
-S. C. Commission May of a branch line of railroad in Creek showing
I.
The
the Poinsett Co. to retain its mill
an extension
definite undertaking is made byr has been cut; that the agricultural
no
company to construct2.95 miles.—V. 130, p. 3706.
sas timbe
Truman after the Arkangradual; that existing competition of railroads and
County, Okla., about
t will be very
se in tonnage which
Acquisition & Operation.— developmen
b a substantial portion of any increa
sed
St. Louis Southwestern Ry.— a certificate authorizing (a) the highways will absor future agricultural development of the area traverthe
may flow from the
estimates of revenue from
May 15 issued
-S. C. Commission of an extension of its line from a point at or by the Short Line; that the Cotton Belt's
The I.
construction by the company with the line of the Arkansas Short Line at Short Line appear to be excessive. that the present and future public confind
ion
near Caraway to a connection the company of the line of railroad of the
Upon the facts presented we
by
construction, acquisition, and operat
Truman;(b) the acquisition
an to McDonald; and (c) the venience and necessity require the Belt in Craighead, Poinsett, Cross and
Line extending from Trum
the Mis- of lines of railroad by the Cotton
Finance
Arkansas Short company, under trackage rights, over the line of
described in the application in
operation by the
Crittenden Counties, Ark., as
Fair Oaks and Bridge Junction, in Craighead
souri Pacific RR. between
Docket No. 7684. an & Southern extends from Truman southerly to
Counties. Ark.
Poinsett, Cross, and Crittenden for a certificate of public conveneince and
The Cairo, Trum
The line parallels the Arkansas
ny
The application of the compa ition of a portion of the property of the Arthur, Ark., approximately 17.65 miles. ximately 3.5 miles for its entire
appro
acquis
tt County, Ark, was Short Line at distances not exceeding the Short Line at Engman. About
necessity authorizing the
ting with
ern RR. at Truman, Poinse
connec
Cairo, Truman & South
length,crossing but not C. T.& S. is owned by stockholders of the Tschudy
the
north
dismissed.
a certificate permitting abandonment by the 95% of the stock of
its mills at Weona, about 2.5 miles
The commission also issued of portions of its line of railroad in Poinsett Lumber Co., which company hasally constructed as a logelng road for the
RR.
origin
Cairo, Truman & Southern
icate was issued permitting abandon- of Engman. The line was ortation facilities for the Tschudy Lumber Co..
a certif
and Cross Counties. Ark. andforeign commerce, by the Manila & South- purpose of furnishing transp all of its traffic consisted of forest products.
cally
ment, as to inter-State and ad in Craighead County. Ark.
and until recently practi November, inclusive, 1929, the carrier handled a
western By. of its line of railro
or approximately 16%.
For the period January to
ssion says in part:
emental report of the Commi Walter E. Meyer to the proposed total of 931 carloads of traffic, of which 146 cars,
The suppl
intervener
products traffic.
Exceptions were filed by
agricultural development
Request for oral argument, made in constituted other than forest
examiner.
there has been some
the Short Line is
supplemental report of thely was withdrawn.
The record shows that
carrier contends that ifS. cannot possibly
the exceptions, subsequenticate of Nov. 12 1929, we authorized the company along the C. T. & S., but that
n Belt, the C. T. &
By our report and certifand operate the railroad properties of the Gideon acquired and operated by the Cotto
development along its own
t of any
the Blytheville, compete with it and would lose the benefi
Belt under
Cotton Belt), to acquire
ng Southwestern By., and
d into a contract with the Cottonon or before
& North Island RR., the Deeri RR.,and deferred for further consideration line. It has therefore entere
es that the Cotton Belt shall.
ille & Arkansas Southernrelating to the construction of an extension date of June 29 1929, which provid ity to acquire all of the property of the
Leachv
author
that portion of the application Arkansas Southern, the acquisition of the July 31 1929, apply to us for limits of Truman embracing approximately
&
age C. T. & B. within the city
of the Blytheville, Leach Alio
of way for one mile south thereof, and
Short Line, and the operation under track
on its line at
of the Arkansas Missouri Pacific RR.and the Arkansas & Mem- 18.55 acres, together with the right
properties
and tracks serving all industries
rights, over the lines of the Co.
including the rights of waythereto is in the C. T. & S. or not; that within
By. Bridge & Terminal prior to the hearing in the cases mentioned Truman, whether the title granting such application the Cotton Belt shall
phis
On Sept. 113 1929, the day application under section 1 (18) of the act 12 months after our action of 8200,000 in cash,or if we decline to approve
filed an
The 0. T. & S.
above, the Cotton Belt convenience and necessity authorizing the acqui- pay to the C.T.& S. the sum
maximum price fixed by us. discharged except
for a certificate of public the line of the Cairo, Truman & Southern RR.in such price then to pay the
ties have been
portion of
all obligations and liabili
& Southern
nify the Cotton
Trum
sition by it of a
on the same date the Cairo,for a an icate per- will certify that by it from the Frisco, and agrees to indemthe properties at
certif
Poinsett County, Ark.,and
the lease of rail
section of the act
&c. In addition to
application un •er the same line ofrailroad between a point 1 mile Belt against all obligations, liabilities, ct, the C. T.& S. also will convey
filed an
contra
ns of its
and between Engman Truman to be conveyed under the and to a portion of the right of way of
mitting abandonment of portio
st in
.approximately 10 miles,
dings either from the
south of Truman and Weona4.65 miles, all in Poinsett and Cross Counties, all of its right, title, and intere
acquired by condemnation procee iary, approximately 7
approximtaely
and Arthur.
conditioned upon the granting of the applica- the Short Line Tschudy Lumber Co., or its subsid
Ark.,such abandonment to be
C. T. & S., the
to file an application with us, con. The C. T. & S. agrees Cotton Belt, eeking authority to
tion of the Cotton Belt,
ation was filed by the Manila & Southwestern miles in length
by the
On Oct. 14 1929, an applic abandonment of its line of railroad extending temporaneously with that filed portion to be acquired by the Cotton Belt
t the
By.for a certificate permitting
an northeasterly to Lunsford, abandon all its line excep Weona and Engman. The latter portion would
at Herm
tion with the Frisco head County Ark.. such abandonment and the portion between
from a connec
rce.
Craig
operation in Inter-State comme in question, the Cotton Belt wid
n
approximately 6 miles, all in
granting of the application of the Cotto Belt. continue
the property
to be conditioned upon the involve the consummation of the plan of the
Following acquisition of ver allowance on freight that may lawfully be
applications
& S. whate
operated as a
The present
the C. T.
route between St. Louis and Memphis, but allow tted, whether the line between Weona and Engman beioned upon the
Cotton Belt to secure a short
the Blythevills, Leachville & Ar- Permi
contract is condit
constructing an extension of to construct an extension of that plant facility or as a common carrier. The n Belt and the C.T.& S.,and
instead of
it proposes
ations of the Cotto
kansas Southern from Rivervale acquire the Arkansas Short Line extending approval by us of the applic directors of the Cotton Belt.
n,
line from Caraway to Trumaand operate between McDonald and Memphis the approval of the board of at Truman is estimated to be worth between
McDonald,
C. T.& S.
This
Co.
purchase price
from Truman to
The land of the
Pacific and the Bridge & Terminal
The remainder of the proposed
over the lines of the Missouri miles shorter than the present route through $20,000 and $25,000. the franchise of the C. T.& S., the va ue of the connued in use..
will result in a route about 65
represents the value of oned above, the elimination of C. T.& S. opposition
latter route will also be conti
Brinkley, although the ally submitted in the present proceeding the proposed demnation rights menti and the business which the Cotton Belt will receive
ng the St. Francis to the Cotton Belt plan,
Under the plan origin
Cotton Belt proposes to capitalize
westerly from Caraway,crossi
the line from the Weona mill at Engman. The about $25.000.and the remainder
construction would proceed
miles east of Lunsford. Ark., where
ty at Truman,
River, to a point about 2.75 the total distance being approximately 14.5 only the value of the proper charged to profit and loss.
an,
would turn south to Trum
of the purchase price will be Docket Nos. 7828 and 7829 the Frisco offered
that
y
At the hearing in Finance
miles.
ention, which amendment states
extends from Lunsford southwesterl to a
The Manila & Southwestern line at Herman, approximately 6 miles. an amendment to its petition of interv ads, 1591. C.C. 522. we assigned the
the Frisco main
- in our report in Consolidation of Railro
a &
, able.
connection with
o system; that the Frisco is ready
northwest of Truman. The ManilBelt South
n
on the C. T.& B. to the Rock Island-Frisc
& S.; that the
Herman is about 3 miles
sed construction by the Cotto
fair value the line of the C. T.
western objected to the propo Lunsford area and render the protestant's and willing to purchase at itstook on June 24 1929, to open negotiations for
Frisco under
ground that it would serve the
reached between the Manila & South- president of the the line, which action was met with an inconclusive reply;
was
n
line useless. An agreement under which, if the applications of the latter the purchase of
by the Cotton Belt for the portio
ably
western and the Cotton Belt abandon its line, and the Cotton Belt will that the consideration proposed to be paid
y $200,000. in unconscion
r will
are granted, the formeline through Lunsford and purchase about 2 miles of of the line to be acquired at Truman, namel is approximately $82,000;and
of the entire line
if such
construct the proposed
& Southwestern. This route would add excessive and that the value
property at its fair value; but
the right of w y of the Manila uman line, but would furnish a better and that the Frisco is willing to buy the
ations it is willing that we
about one mile to the Caraway-Tr around Lunsford is fertile and in an ad- fair N alue cannot be determined through negoti rejected on the grounds
was
area
more profitable route, as the Because of the saving in construction coats shall determine the same. This amendment ted in the applications and
presen
vanced state of cultivation. no substantial increase in the total cost of con- that it would unduly broaden the issues r procedure for acquisition of the
be
duce
via Lunsford there wouldated at $611,580. This amount does not include that the Frisco had not followed the prope
Frisco further sought to intro
struction, which is estim the cost of which is estimated at from $10,000 line under our consolidation plan. The and value of the properties of the
ion
an interlocker at Truman, the type installed.
vant and immaterial in
testimony to show the actual condit
as irrele
upon
to $25,000. dependingorder Nov. '7 1923, we denied a certificate of public C. T. & S., which testimony was rejected
ber 1926, the
The record shows that in Decem but was not
By our report and
ing its line
Arkansas Short Line to construct a line of the present proceedings.
convenience and necessity to theroads, one extending southerly from Tru- C. T. & S. tried to interest the Frisco in acquir
two logging
abandonrailroad to connect 9 miles. and the other extending northerly from McDon- successful.
mony was submitted to show that
s
man approximately
On behalf of the Frisco testi
the connecting segment to be approximately
hip to persons and communitie
ald approximately 3.5 miles, entire line between Truman and McDonald. ment by the C. T. & S. would work hards not retard, development of the
19.6 miles, and to operate the stock of the Short Line, excepting 10 shares, along the line, and would interfere with, if that none of the persons or
er,
The report shows that all of the r & Mfg. Co., a subsidiary of the Singer area traversed. It is si nificant, howev tion to the proposed abandonis owned by the Poinsett Lumbe ding, however, counsel for the Short Line communities served have voiced any opposi
t No. 7828.
Mfg. Co. In the present procee
ing that there is no corporate ownership of the Short ment.
by its application in Finance Docke
stated as his understandCo., although there is a close family relationship
While the Cotton Belt,a portion of the line of the C. T.& S., the record
,
acquire
and the
Line by the Poinsett
is between the Singer Mfg. Co.eded to Poinsett seeks authority to ion is merely to purchase land. As previously stated
en
between the two as there
construct shows that its intent
from the Frisco, and the contract betwe
application the Short Line proce
Co. Upon denial of its it as an intra-State carrier. At the time of con- the rail on the C. T.& S.is leasedBelt shows that it is the intention of the
Cotton
operate
the
the line and to
logging roads at each end were recon- the C. T. & S. and the latter its lease of the rails occupying the land at
struction of the connecting link, the
former to assign to
entative of the C. T.& S. was
structed.
At the hearing, however,the repres
miles in length and has 0.115 mile of spurs and Truman. say whether such assignment could be accomplished legally.
The Short Line Is 32.1
the present apn Is known as Monterey, 21 unable to
statio
Cotton Belt shows that ifrehabilitated for
sidings. The principal intermediate
The testimony on behalf of the
at Truman will not be
miles from Truman. the Short Lino is estimated at approximately 3885,000 plications are granted the property industrial purposes; that no estimate
Belt except for
or
The Investment in
to purchase the property for $600.000,ary use by the Cotton litation has been made because it veil` firs be necessary
and the Cotton Belt proposes
of cost ofsuch rehabi
It is estimated that it will be necess
rty, and that no industries have
approximately 318,700 per mile. on, maintenance, and the construction of to know what use is to be made of the prope
ate connection at been located as yet.
spend $256,400 for rehabilitati
to
t to the
wye at McDonald to furnish an adequ
provides that no carrier by railroad subjec
the east leg of the Missouri Pacific, such expenditure to be made over the
Section 1 (18) of the act
without first obtaining
that point with the 1934. Of this amount, $47,670 represents capital ex- act shall "acquire or operate any line of railroad" public convenience and
period 1930- would be charged to operating expenses, and there from us a certificate that the present and future is clear from the facts
-year
5
ition or operation. It
penditures, $208,562 e. It is estimated that the cost of reproduction new
ity require such acquis
propose to acquire or operate
in
would be $168 ofsalvag be from $30,000 to $40,000 per mile. The testi- necess ted that the Cotton Belt does not & fact Under the circumstances the
presen
Line would
of the C. T. S.
ad
cf the Short
time the Cotton Belt was negotiating for the purchase any portion of the railro
be dismissed for lack of juriswill
mony is that at the Leachville & Arkansas Southern it sought to open application in Finance Docket No. 7828in proper manner for authority to
of the Blytheville, for the purchase of the Short Line, but the Singer Mfg. diction. The C. T. Sr S. should apply the lands which the Cotton Belt
that company ad- abandon its line of railroad located on
similar negotiations
sted. In May 1929, however, be
intere
Co. was not then Belt that an offer for the line would
considered, and proposes to purchase.
sed
n
are without jurisdiction over the propo
vised the Cottoations the above price was fixed.
& S. invo•ving the purDespite our finding that we
&lowing negoti
ated a trackage contract with the Missouri transaction between the Cotton Belt and the C. T.
negoti
l
deem it proper to express our disapprova
The Cotton Belt has was in course of preparation at the time of the
acct
of land at Truman. we
Pacific, which contrathe Missouri Pacific will handle for the account of the chase f. It is admitted on the record that the value of the land to be t
hearing, under which c between McDonald and Memphis at $15 per loaded thereo probably does not exceed $25,000, and approximately that amoun
n Belt, the remainder to be
Cotton Belt all traffi tree, and between McDonald and Fair Oaks at $10 quired
ed to capital account by the Cotto
car, empties up to 20% this contract the Cotton Belt will have at any time, will be charg
per loaded car. Under
St. Louis RR.
burgh, Cincinnati, Chicago &
The acquisition by the Pitts cting RR. by purchase of its capitalstock
Louis Conne
of control of the St.and authorized.
was also approved
ring says:
Commissioner Eastman concur the acquisition of the property of the St.
as to
The conclusions reached rted by the decision of the Commission in
cting are suppo
-S. C. C. 81, a decision
Louis Conne
W. Va. By. Co., 150 I. that when construction
Acquisition by Pittsburgh &
er,I point out
which I did not agree. Howev
disapproved the use of a
which
cting was authored IC. 0. 147, 149. Now the
-S.
by the St. Louis Conne that purpose, 111 I.
dummy corporationafor
then regarded as controlling, has
y, which was
legal need for such dumm the dummy is to be eliminated. All of which
apparently disappeared and peculiarities.—V. 129, p. 2224.
show that law has its
goes to
3876
FINANCIAL CHRONICLE
charged to profit and loss. While it is contended that there is included in
the price of $200,000 the reversionary right to
way
of the Short Line held by the C. T. & S., thea portion of the right of or a
Tschudy Lumber Co.,
subsidiary, such right appears to be of doubtful value. It appears, therefore, that the sum of approximately $175,000 is to be paid.to the C. T.& S.
in consideration of its failure to oppose the plan of the Cotton Belt and for
the traffic of the Tschudy Lumber Co. to be received by the Cotton Belt at
Engamn. We have heretofore expressed our disapproval of contracts
involving the purchase of traffic, Operation by Mississippi Eastern By.,
145 I. C. C. 158, and we condemn with equal force the making of contracts
by carriers based upon such doubtful considerations as failure
oppose an
application. The main point presented in this proceeding is to
public convenience and necessity require the consummation ofwhether the
the Cotton
Belt's plan. The situation as regards the Short Line is substantially different now than it was at the time it sought a certificate, but in any event the
Cotton Belt should have submitted its application upon the grounds of
public convenience and necessity and without regard to the intangible
ements of value of the C. T. & S. mentioned.
-V.130, p. 2958.
Associated Telephone Utilities Co.
[VoL. 130.
Div.
-2% Stock
The directors have declared a quarterly
July 15 to holders of record June 30, placingstock dividend of 2%, payable
the common stock on an 8%
stock dividend basis annually. In each of the
two preceding quarters the
company paid a dividend of 1 j in stock on the common shares.
%
-V.130,
P. 3157.
Broadway & Seventh Avenue RR.
-Protective Comm.
The holders of the 151 consol. mtge.
Dec. 1 1943
have been advised that a committee has 5% gold bonds due protection
been formed for the
of
the interests of the holders of the bonds.
A statement issued by the committee says:
New York Rys. Corp., which operates the
property of the Broadway
and Seventh Avenue RR, has given notice that,
losses from the operation of the properties of in view of the continued
Avenue RR. it will not furnish the Broadwaythe Broadway & Seventh
&
with funds to pay the interest due on the bonds Seventh Avenue RR.
on
Broadway & Seventh Avenue RR. has no funds to pay June 1 1930. The
interest and accordSeaboard Air Line Ry.-Equipment Trusts Offered.
-Free- IngIY a default will occur on June 1 1930.
Holders of the bonds are requested to deposit the same (accompanied
man & Co. and E. Lowber Stokes & Co. are offering $3,510,- by the
coupon due June 1
0005% 1st lien equipment trust gold certificates series"DD" with Bank of America, N.1930, and with all subsequent coupons attached)
A. the depositary, 44 Wall
Because it is of real irnport.;.nce in this situation thatSt., New York.
at prices to yield from 4.25% to 5.20%, according to maconcerted action be
promptly taken on behalf of the bondholders, the committee strongly
urges
turity. Issued under the Philadelphia plan.
that substantially all of the bonds be deposited with it at
the earliest possible
Dated June 15 1930. payable semi-annually in serial installments of date.
$117,000 each from Dec. 15 1930 to June 15 1945, both in
Committee Edward C. Delafield (Pres. The Bank of
Denom.
America, N. A.),
$1,000 c*. At the option of company certificates are red, in whole but not William Carnegie Ewen, Roger H.
in part on any div. date at 105 and dive. Certificates and dividends A. M. Massie, Sec. and Patterson, Williams and Frank Coenen with
Eagle, Greenough & Day, Counsel,
warrants (I. & D.) payable at principal office of Chase National Bank, 72 Wall St., N.Y. City.
New York, trustees.
In a statement accompanying the announcement, the
These certificates are to be secured through assignment of the trustee of
title to the following new standard railroad equipment: 2,000 50
-ton steel committee said:
underframe and steel upperframe single sheeted box cars and 8 Decapod
"Holders of the bonds are confronted with a serious situation as the
freight locomotives.
result of
The total cost of this equipment will be not less than $4,681,000, or in tion and the continued falling off in gross revenues due to traffic congesother causes. Substitution of motor buses for electric surface
excess of 133% of the face amount of the first lien certificates to be issued. cars has for
some time past been under consideration by the City authoriPending transfer of title to this equipment, cash to the full face amount ties
of the first lien certificates will be deposited with the trustee to be with- The and by New York Railways Corp. and other operating companies.
committee will attempt to co-operate with the City and New York
drawn as the equipment is delivered. Title to the equipment is to be vested Railways Corp.
in the trustee under lease to the company at a rental sufficient to pay these unsatisfactory in any effort to find a practical solution of the present
situation, upon a basis affording fair and proper treatment
certificates, dividend warrants and other charges as they come due.
-V. to the bondholders.
130, p. 2575.
"The agreement under which the New York Railways Corp. operates
the property of the Broadway & Seventh Avenue RR. does not obligate
the corporation to pay the interest on the company's bonds, but it
proPUBLIC UTILITIES.
vides that any operating deficit arising while the operating agreement is
Matters Covered in "Chronicle" of May 24.-(a) April industrial activity in effect shall be subordinated to the lien of the mortgage securing the
bonds. This agreement may be terminated by either party upon three
based on consumption of electricity on par with March-11.9% below
April 1929, p. 3621. (b) Nearly $26,500,000,000 invested in public utility months' notice but no notice of termination has yet been given.
"Pending the development of some constructive plan, the bondholders'
business by 3,000,000 security holders-Additional capital funds of $3,800,000,000 expected to be raised for power and light industry in next five committee will endeavor to effect an arrangement with New York Railyears, according to Bonbright & Co., p. 3643. U. S. Attorney-General ways Corp. providing, first, for the continued operation of the property
Mitchell, following test suit against Radio Corp. of America, denies reports for the time being at the exipense of New York Railways Corp. and,second,
for the purchase by New York Railways Corp. from depositing bondholdof "trust-busting" campaign, p. 3648.
ers of the interest coupon due June 1.
"William Carnegie Ewen, Roger H. Williams and Frank Coenen, memAlbuquerque Natural Gas Co.
-Listed.
bers of the bondholders' committee, and William Greenough of counsel
The Chicago Stock Exchange has authorized the listing of $1,000,000 for the committee,
are directors of the company, having been named by
10
-year 63 % convertible debentures (authorized and issued).
,
6
Mr.
Company was incorporated in Delaware May 13 1930 with an authorized trust Williams and Mr. Greenough, as voting trustees, under the voting
agreement of 1925, which provided that two of the five voting trustees
capitalization of 1,000.000 shares (no par) with authority to deal in natural should
represent the bondholders and have the right
and artificial gas and their by-products.
of the board. Upon the lapse of 90 days after noticeto name a minority
of default, the
voting trustees representing the bondholders have the right to elect two
Allegheny Gas Corp.
the
-Listing.
entire board of
The Chicago Stock Exchange has authorized the listing of $1,789,000 the corporation directors of the company and thereby assume control of
until the default is cured.
% 1st mtge. and coll, gold bonds (with non-detachable common stock
"Under the consolidated mortgage, a majority in interest of the holders
purchase warrants).
-V. 130, p. 3347.
of the bonds has the right to give directions to the trustees as to proceedings to enforce the mortgage in case of default.
American Cities Power & Light Corp.
-Earnings.
- "The situation confronting the bondholders is serious and the committee
believes it imperative that all the bonds be deposited without delay. Earnings for 12 Mos. Ended March 31 1930.
V. 126, p. 1807.
Stock dividends (valued as stated below)
a$3,111,177
Cash dividends & interest received
1,035,108
Profits realized on sale of securities (net)
5,487,838
Brooklyn Union Gas Co.
-Bonds Sold.
-The National
Total income
$9,634,123 City Co. and Guaranty Co. of New York have sold at
Expenses, taxes and interest
977,569 1023. and int., to yield 4.80%, $18,000,000 20
-year 5%
debenture bonds.
Net income for period
$8.656,554
Dividends paid on class A stock (net)
Dated as of June 1 1930; due June 11950. Int. payable (J. & D.) at
b
508,729
City Bank Farmers Trust Co., New York, trustee, without deduction of
Balance applicable to class B stock
$8.147,825 the normal Federal income tax up to 2%. Denom. $1,000 c*. Red. all
a Stock dividends received during the 9 months ended Dec. 31 1929 are or part, at any time, upon 30 days notice and on or prior to Jan. 1 1935 at
reflected in income at Dec. 31 1929 market prices and those received during 105; thereafter and on or prior to Jan. 1 1940 at 1033; thereafter and on or
prior to Jan. 1 1945 at 102; and thereafter prior to maturity at 101; plus
1930 at market prices following record dates.
b Represent dividends on class A stock paid in cash and (or) class B stock. interest in each case.
The maximum net cash option requirement would have amounted to $954,Issuance.-Authorized by the New York P.
-S. Commission.
516.
Data from Letter of James H. Jourdan, Pres. of the company.
In addition to net income reallzed and carried to surplus during the quarter ended March 31 1930, the corporation has benefited during such quarter
Company.-Incorp.in 1985 in New York. Is one of the largest companies
from appreciation of over $12,600,000 in the value of its net assets, based in the world supplying manufactured gas. It serves an estimated
populaon market quotations on March 31 1930.
tion of 2.800,000 in 30 of the 32 wards of the Borough of Brooklyn, and 2 of
As of March 31 1930, the capitalization of the corporation consisted of the 5 wards of the Borough of Queens, all In the City of New
York.
273.368 shares of convertible class A (preferred) stock, optional dividend
Company owns six gas manufacturing plants having a daily capacity of
series, and 2,500,166 shares of class B stock.
--V. 130, p. 2203.
140.000,000 cu, ft., including the new Greenpoint works, and Owns 29 gas
distributing holders having a capacity of 79.700,000 cu. ft. The works and
American Telephone & Telegraph Co.
-All But Ap- holder stations are all interconnected which provides maximum continuity
of service. The properties of the company, exclusive of working capital,
proximately $13,850,000 of $218,952,200 43-s Converted.
excess of twice the
Of the original V18,952,200 convertible 4% bonds issued represent an investment largely in issue of debentureprincipal amount of
all obligations, incl. the present
bonds. The large
in 1929 approximately $13,850,000 remained unconverted equity therefor is represented by capital stock with a present market value
of
at the close of business May 23 which was the last day for at over $110.000,000.$5Dividends are paid on the common stock at present
the annual rate of
per share.
conversion into stock entitled to rights.
Earnings for Calendar Years.
It was on April 30 1929, the company sold the $218,952,200 convertible
% bonds, but it was only on Jan. 1 of this year that the conversion
1929.
1928.
1297.
privilege became exercisable at $180 a share. More than half of the bonds Gross earns.,incl.other income
$25,939,679 $25,915,106 $25,714.665
converted have been surrendered since the company announced the new Oper. exp.,maint.,retire.exp. & taxes 17,623.784 19,817,159 19,854,272
stock issue on April 16 1930.
Net earnings
When the stock issue was made it was announced that the convertible
$8,315,895 $6,097,947 $5,860,393
bonds did not participate in the subscription rights. The price of $180 for
Annual int. charges would amount to $2,336,369 on funded debt. incl.
the stock issued in conversion will be reduced in accordance with the terms $18,000,000 new debenture bonds, and on unfunded debt
estimated
of the bonds by approximately $12 a share on account of the additional remain outstanding after application of the proceeds of this financing. to
stock now to be issued on stock rights.
Net earnings as above for 1929 were over 3;-6 times such annual int.
The company has already received approximately $145,000,000 for charges, and the average net earnings for the three years were approximately
the $150,000,000 5% bonds sold in March. A total of about $164,000,000 three times such annual int. charges.
will be received from bond conversion and the sale of new stock will bring
Listing.
-Application will be made to list these bonds on the New York
in some $250,000,000. Thus, the company will have received a grand total Stock Exchange.
of new funds this year aggregating some $560,000,000.
CapitalizationAuthorized.
Outstanding.
Including the conversion stock and the new stock issue, A. T. &
will Citizens Gas Lt.
Closed
$264,000
have approximately 18,500,000 shares outstanding out of a total authoriza- 1st consol. mtge.Co.consol. 1st mtge.5s 1940
5s1945
Closed
14,736,000
tion of20,000,000.-V. 130,p.3707.
lien & ref. mtge. 6s, series A.19476,000,
1st
000
20
-year 5% deb. bonds,1950
$18,000,000
Appalachian Gas Corp.
18,000,000
-Acquisition.
-10
-year 7% and 5,)5% cony. debs., due 1932
& 1936
The corporation announces the completion of plans for the acquisition
Closed
476,000
of a 75% stock interest in Southwestern Natural Gas Co. This acquisition Capitalstock (no-par value)
1,000,000 she. y36.899.400
x Further bonds may be issued only subject to the conservation restricgives the Appalachian corporation further diversification in sources of
supply and markets by the gaining of access to the Quinton fields of Okla- tions provided in the 1st lien ez refunding mtge. y 737.988 shares,
at
homa, the largest gas reserve of any exclusive natural gas producing field stated value of $50 per share.
Purpose.
in the State. It follows the recent acquisition of a substantial stock interest
-Proceeds will be used for partial retirement of floating indebtIn Memphis Natural Gas Co., and the purchase of Texas Gas Utilities Co. edness of the company incurred for capital expenditures.
-V. 130. P. 3707.
and is a further indication of an aggressive policy of expansion which is
broadening Appalachian Gas Corp's position In the natural gas industry.
Canadian Hydro-Electric Corp., Ltd.
-April Output.
Formed as the result of a merger of several companies located in the
This corporation produced 214,330.000 k.w.h.
Appalachian gas fields, Appalachian Gas Corp. holds a number of valuable a new high record for a single month, and 2% of electric energy in April,
greater
long term contracts. including those to supply natural gas to Standard Oil high record for a month, established in November of lastthan the previous
year. The
Co. of New Jersey and Columbia Gas & Electric Corp., through the latter's output was 30% over April last year, and over double that of April April
subsidiaries, Hope Natural Gas Co. and United Fuel Gas Co., respectively.
In the first four months of this year the output was 789,469,000 1928.
The Southwestern Natural Gas Co. will sell natural gas under long term 19% over the output in the first four months of 1929, and double its k.w.h.
output
contracts to distributing companies for domestic and industrial purposes in the first four months of 1928.
in Muskogee, Sapulpa and Boynton, Okla., and will also furnish natural
The output In the 12 months ended April
2,225,236,000 k.w.h.,
consumers in Tulsa, Okla. The company's new an increase of 38% over the output in the 12 30 was ended
gas directly to industrial
months
April 30 1929.
-V. 130. P. 3707.
pipeline, when completed, will be 112 miles long.
-V. 130, p. 3157.
MAY 31 1930.]
FINANCIAL CHRONICLE
3877
und
Disconto Gesellschaft, Berlin, and other German cities; Deutsche Bank
-a-M.: Credit Suisse,
Disconto Gesellschaft Filiale Frankfurt, Frankfurt
1927, have Zurich, and other Swiss cities; Mendelssohn & Co., Amsterdam: Neder-year 535% gold
,
An of the outstanding 3
the Central landsche Handel-Maatschappij, N. V.•, Deutsche Bank und Disconto Gebeen called for payment July 1 next at 100)( and interest at
130, sellschaft Finale, Amsterdam; Handel-Maatschappij H. Albert de Bary &
Trust Co. of Illinois, trustee, 208 So. La Salle St., Chicago,
Bank, Ltd.,
Co., New York, Amsterdam; Midland Bank, Ltd., Barclays and offices
13• 2960.
J. Henry Schroder & Co., Baring Brothers & Co., London;
-Converting Service.
Service Corp.
Central Public
of the company, Buenos Aires.
as repreThe dividend payable on "E" shares of the above companyTrust Co.
The corporation's subsidiaries are taking advantage of every opportunity*
issued by Guaranty
to convert service from artificial to natural gas in the various territories, sented by "American shares" certificates agreement dated Sept. 21 1928.
time, he adds that arrange- of New York as depositary under deposit
President Albert E. Peirce, states. At the same gas to
Mobile. Ala., and will be paid on June 5 1930 by checks mailed to holders of record May 29
ments had just been completed to supply natural
Hattiesburg, Miss. Gas is to be delivered to Mobile some time next fall 1930.-V. 130, p. 3348.
line from fields at
by the Southern Natural Gas Co., which is running a
which
Consolidated Gas Electric Light & Power Co. of
Monroe, La., across the State of Mississippi. The Mobile Gas Co., of the
Service Co. a subsidiary
is owned by the Southern Cities Public as the local distributor. Several Baltimore.
-Listing.
'
Central Public Service Corp., will serve
listing of $1,000.000
The Baltimore Stock Exchange has authorized tho
new natural gas developments in Central Public Service subsidiary areas
-V.130, D.3348.
The parent organization and its (par $100) additional 5% cumulative pref. stock, series A.
may be made shortly, Mr. Peirce said.
lesser companies perform none of the actual natural gas field operation
Stock Called.
Hackensack (N. J.) Water Co.-Pref. called for redemption
purchase reserve supplies already established, thus reducing
work, but
been
All the outstanding 7% pref. stock has deposited at the New 'York
the cost of distribution to a minimum.
be
The Bluefield (W. Va.) Gas & Power Co. of Bluefield, W. Va., a sub- June 1 at $27.50 per share. Stock mayor at the Hudson Trust Co., 51
N. Y. City,
sidiary, has just begun the construction of a new artificial gas line to Trust Co., 100 Broadway, -V. 130, p. 3537.
Bluefield. Va. across the State line, Mr. Peirce announced. The line is Newark St., Hoboken, N. J.
'
.
being constructed with high pressure pipe in order to accommodate more
-Merger Plan Abandoned.• Indiana Electric Corp. readjustment of securities consolidating
readily a change to natural gas service in the future. Labor on the BlueThe plan and agreement for the
field project is being performed by the gas company's own crew of ditchers,
Haute, Indianapolis
welders and other artisans. It will take practically 60 days, Central Indiana Power Co. and subsidiaries, and Terre
head and back
into Indiana Electric Corp.,
including the building of a compressor station annex, to complete the & Eastern Traction Co. and certain subsidiaries l'ub. Serv. Commission of
has been abandoned because of the order of the
work. The new line will cost in excess of $50,000.
-V. 127, p. 1252.
Comptroller of the Central Public Indiana denying the petition of merger as presented.
R. A. Gallagher has been appointed
Service Corp.
-E.H.
-Debentures Offered.
Intercontinents Power Co.
for the first four months
Total net merchandise sales of the corporation
Graham, Parsons &
of 1930 were $1,239,033 compared with $1,126,487 in the first four months Rollins & Sons, Stroud & Co. Inc. and
of 1929, E. L Callahan, General Commercial Manager, reported. Net Co. are offering at 97 and int. to yield 63i $3,000,000 con'
merchandise sales are gross sales less returns and allowances.
Sales of electric appliances during this period increased 8% from $410,942 vertible 6% debentures, series due 1948.
J. & D. in
midwestern States of Illinois,
in 1929 to $443,537 in 1930. The three
Dated June 1 1930; due Dec. 1 1948. Interest payable
New York or
Michigan and Indiana showed the greatest increases.
U. S. gold coin at offices of E. H. Rollins & Sons, Boston,
Gas appliances sales in 1930 were $795,496 for the first four months, Philadelphia,or at offices of Stroud & Co.,Inc., Philadelphia or New York.
compared with $715,545 in 1929, for the like period. Seattle, Washington Red. all or part ga any time on 30 days' notice at 105 and int. if red.
of 1% each
and Atlanta. Georgia were two of the districts to show the heaviest gains. prior to Dec. 1 1932; reducing 1% on Dec. 1 1932 and
Trust Co.
Atlanta sales increased from $67,363 in 1929 to $133,155 in 1930.
Dec. 1 thereafter. Denom. $1,000 and 6500 c*. Provident
"Results of our merchandising operations are gratifying, particularly In of Philadelphia, trustee. Company agrees to pay interest without deducview of the fact they were made during a period of considerable general tion for any normal Federal income tax not exceeding 2%,and to reimburse
within 60 days after
-V. 130, p. 3707.
business depression," Mr. Callahan said.
the resident holders of these debentures, if requested on each dollar of the
payment,for the personal property tax not exceeding
-Bulletin.
Chicago Surface Lines.
-mills per annum;in Maryland 4;§
Calif. 4
value thereof in Conn., Pa. and
Farnham-Kuhn Co. of Chicago have issued an analysis of the proposed mills per annum, and in the Dist. of Col. 5 mills per annum, and also for
ordinance for merging the surface lines and elevated lines, with particular the income tax not exceeding 6% on the interest thereon in Mass.
Railways, Chicago City
reference to the first mortgage bonds of Chicago
Convertible at the option of holder into class A common stock at following
31
1 1931 to
By.and Calumet & South Chicago Ry.-V. 130, p. 3708.
rates for each $1,000 debenture: During period from Jan.37 shares Dec. A
class
1932 (or in case of redemption prior to Jan. 1 1931).
-Bonds Sold.
Coast Counties Gas & Electric Co.
common stock; thereafter to and incl. Dec. 31 1934, 334 shares class A
comto and incl. Dec. 31 1936, 30 shares
Under sponsorship of Dean, Witter & Co., nglo London common stock; thereafterwith adjustment for int. and diva. class Aevent
In the
mon stock, in
Paris Co., Tucker Hunter Dulin & Co., and i\Tational Bank- of redemption each casedebentures, such conversion privilege may be exof these
the redemption date,
italy Co. a new issue of $4,000,000 1st mtge.5% gold bonds, ercised up to and incl. the 10th day prior tosupplemental thereto. all as
any indenture
in the indenture
'
series A, has been sold at 9934 and int., to yield over 5%. providedA common stock andentitled to non-cumulative dividends of $2
is
Class
on class B common
Dated May 1 1930. due May 1 1960. Principal and int. (M. & N.)
share per annum before any dividends are paid entitled to
payable at Anglo & London Paris National Bank of San Francisco, trustee. Per after which class B common stock as a class ispaid or set dividends
stock,
apart for
Company agrees to pay interest without deduction for normal Federal to the extent of the aggregate amount of dividends
Income Tax up to 24. Denom. $1,000 c*. Red. at company's option, the class A common stock as a class but not exceeding $2 per share per
In whole or in part, on any int. date on 60 days' notice at 105 and interest annum on the then outstanding class B common stock. Thereafter the
through May 1 1940, thereafter premium decreases (% per annum. class A common stock and class B common stock participate equally as
Exempt from personal property taxes in California.
as classes in all further dividends in any year.
Company.
Data from Letter of Theodore E. Seelye, President of the
Issuance.
-Authorized by the Railroad Commission of California.
Company.-Incorp. in Delaware. Was organized to acquire, operate
Authorized. Outstanding.
Capitalizationpublic
and participate in the ownership, directly or through subsidiaries, of
44,000.000
84,000,000
1st mtge. 5% gld bonds, series A
elsewhere.
3,745,700 utility properties in South America and capital stock, except qualifying
5.000.000
1st pref. stock,6% cumulative
Company owns the entire outstanding
1,000,000
y1,000,000
2nd pref. stock, $6 cumulative
Argentine
Publicos
1,000,000
yi,000,000 shares, of S. A. Cia Suda Americana de Servicios the same (an
Common stock
name. These
also of Chilean corporation of
issuable only under corporation) and
x Additional 1st mtge. bonds of subsequent series
have under concompanies, directly or through subsidiaries, now own and power and other
restrictions provided in the indenture.
tract public utility properties rendering electric light and
y All owned by Pacific Public Service Co.
services in 112 cities and districts in Argentina, Brazil and Chile, having
-Supplies electric light and power as well as manufactured a population of 855,000.
Company.
and natural gas in the counties of Santa Clara, Santa Cruz, Monterey,
Substantially all the properties purchased or contracted for to date are
San Benito, and natural gas in the county of Contra Costa. In this terri- either key locations at important railroad junction points or lend themselves
tory are located Santa Cruz, Watsonville, Gilroy, Hollister. San Juan, advantageously to the principles of central station operation. The comMorgan Hill, Pittsburg, Martinex, Antioch, Concord, Crockett. Pinole, pany proposes to continue the acquisition of additional properties after
Bay Point and Walnut Creek. Natural gas sales are being rapidly aug- thorough investigation.
Outstanding.
Authorized.
mented by the addition of large industrial gas consumers throughout this
Capitalizationterritory.
Convertible 6% debs., series due 1948 (this
83,000.000
x
fixed properties, rights and
Security.
-Secured by 1st mtge. on all the
issue)
7,500,000
x
franchises of the company. Net depreciated value of these properties as 6% debentures,series A.due 1948
y30,000 shs.
200,000 shs.
shown by the company's balance sheet as at March 311930. plus additions Cumulative preferred stock (no par)
121,857 shs.
x1,000,000 shs.
to be made during the remainder of 1930 from a portion of the proceeds Class A common stock (no par)
327,664 shs,
y1,000,000 shs.
of this financing, is substantially in excess of $8,000,000.
Class B common stock (no par)
12 Mos.End
x Limited by restrictive conditions but not to any specific amount.
Calendar Years
exercise
1929. Mar.31 '30. y First series, $7 div. z Of which 355,000 shares are reserved for
Earnings1928.
1927.
of this issue of convertible 6%
Gross earnings
$1,817.937 $1,941,154 $2,155,011 $2,160,271 of warrants and 111.000 shs. for conversion
debentures, series due 1948.
Oper, exps., maint. and
taxes (except Federal) 1.147,965
1,279.143
1,224,759 '1,287,830
-Secured ratably with the 6% debentures, series A, due 1948.
Security.
well
The S. A. Cia Sud Americana de Servicios Publicos (Argentina). as outNet avail,for bond int.,
as the Chilean subsidiary of the same name, will have no securities
their entire issued common capital
& Fed. taxes $669.972
$867.181
deprec.
$881,128 standing in the hands of the public and
$716,395
Anoint.requir. on 1st M
$200,000 stocks (except qualifying shares) aro pledged with the trustee as security
Net earnings for 12 months ended March 31 1930 were more than 4 times for the debentures.
annual interest requirements on these bonds and more than 3 times sucn
The cost of the properties owned and under contract, together with
excess
requirements after depreciation.
additions and betterments, upon completion of this financing, is in
Purpose.
-Proceeds will be used to retire all bonds of subsidiary com- of $16,400,000.
owned or under
-The combined earnings of the propertiesof Intercontinents
Earnings.
panies, to provide for apprxoimately 81,250.000 of capital extensions during the remainder of 1930, to reimburse the company for additions and contract of purhcase at May 14 1930 by the subsidiaries
by Price,
Power Co. for the 12 months ended Jan. 31 1930, as preparedinterest at
Improvements already completed, and for other corporate purposes.
adjusted to include
-All of the common stock is owned by Pacific Public Service Waterhouse, Faller & Co., Buenos Aires.
Control.
cost of properties owned or under contract the earnCo.. which Is controlled by Standard Oil Co. of Calif., through ownership the rate of 6% on the
ended Jan. 31 1930, and to
of 00% of the outstanding class B common stock, the remainder of which ings of which are not available for the year
deduct provision for depreciation in accordance with the terms of the inis owned by Pacific Lighting Corp.
were as follows:
denture covering the debentures,
Listing.
-Application will be made to list these bonds on the San Fran
$3,183,486
Gross earnings,including other income
-V. 130. p. 3348.
cisco Stock Exchange.
Oper. exps., incl. maint., local taxes, minority interests and
provision for deprec. in accordance with the terms of the 1,881,514
Columbia Gas 8c Electric Corp.
-Further Acquisitions.
- indenture
The corporation has applied to the New York I' S. Commission for
authority to purchase all a the stock of the Empire Gas & Fuel Co., Ltd.,
$1.301,972
Net earnings
and all of the stock and bonds of the Hornell Gas Light Co. and all of the Annual interest requirements on 6% debentures (incl. this issue)
630,000
bonds of the Canisteo Gas Co., consisting of 10,000 shares of Empire Gas &
Fuel Co., Ltd. of the par value of $100. 750 shares Hornell Gas Light Co.
$671,972
Balance available for Federal taxes, dividends,&c
par value $100, bonds of the latter company, aggregating $109,000 and
The above net earnings are equivalent to 2.06 times annual interest
bonds of the Canisteo Gas Co., aggregating $22,000.-V. 130, p. 3708.
requirements on outstanding debentures, including this issue. light and
Over 97% of
Compania Hispano-Americana De Electricidad, S. A. power business.gross operating revenues are derived from electric
("Chade").-Extra Dividend.
The foregoing earnings are based upon conversion of the moneys of the
At the ordinary general meeting it was decided to distribute to the share- respective countries into U. S. currency on the basis of the average monthly
holders an additional dividend for the year 1929, free of Spanish taxes, at rate of exchange which prevailed during the year ended Jan. 31 1930.
the rate of 50 gold pesetas on series A,B and C shares and 10 gold pesetas Results of operations of Compania Electrica de Curia),operating in Curia°,
Chile, of which Intercontinents Power Co. owns a majority of the capital
on series D and E shares.
In accordance with the resolution adopted at the general meeting, the stock, are not included.
-Class B common stock of company was purpaid in pesetas at the rate of exchange of gold on the date
Management and Control.
dividend will be
International Co.; American
of payment to the Spanish holders. Foreign holders may choose to receive chased for cash by Westinghouse Electric& Sons); W. Winans Freeman
of their dividends in gold as indicated above in other equivalent Equities Co. (affiliated with E. H. RollinsInc.; and Gannett, Seely° and
payment
the board); Stroud & Co.,
currencies. In order to calculate the equivalent amount of gold pesetas, (Chairman of
-V. 129, p. 2857.
there will be taken as a basis the parity of 5.18 gold pesetas per dollar Fleming. Inc.
and the rate of exchange which in the relation to the dollar may prevail on
-April Output.
International Hydro-Electric System.
the date of the payment for the currency in which the dividend is to be
This system produced 347,174.000 k.w.hrs. of electric energy in April,
paid. In order to collect the above dividend shareholders should on or
and surrender coupon No. 18 at the coupon an increase of 13 4 over the output of the present plants in April 1929.
after May 31 1930 present
output in April 1928. The output for each of the first
0
department of Guaranty Trust Co. of New York, 140 Broadway, N. Y. and 60 / over their year showed progressively higher percentages of increase
four months of this
City, or on or after May 30 1930 at any of the banks indicated below:
corresponding months of last year.
- over the
Banco Central; Banco Urquijo; Banco de Vizcaya, Madrid; S. A. Arms
The output in the first four months of this year was 1.357.362.000
Gad, Barcelona; Banco de Vizcaya, Bilbao; Banque de Bruxelles; Cassel &
Co., Brussels; Banque Central, Anversoise, Antwerp; Deutsche Bank und k.w.hrs., 10% greater than in the first four months of last year. and 51%
-Notes
Central Gas & Electric Co. notes,Called. 1
dated Dec.
3878
'FINANCIAL CHRONICLE
greater than the output of the present plants of the
in the
four months of 1928. In the 12 months ended April system outout first
was
30 the
3,967,711,000 k.w.hrs., 21%, greater than the output of the same plants
in the 12 months ended April 30 1929.-V. 130, p. 3710.
Iowa Southern Utilities Co.
-Debentures Offered.
Hoagland, AIlum & Co., Inc.; W. C. Langley & Co. and
Halsey, Stuart & Co., Inc., are offering $2,500,006 6%
gold debentures, series A, at market (to yield about 6%).
Dated May 1 1930, due May 1 1950. For description and
further data see V. 130, P. 3349.
Kansas Gas & Electric Co.
-Bonds Offered.
-Dillon,
Read & Co.; the National City Co.; Lee, Higginson & Co.;
Harris, Forbes & Co. Chase Securities Corp.; Bonbright &
Co., Inc.; The First dational Old Colony Corp. and Tucker,
Anthony & Co. are offering at 93M and int, to yield about
4.85%, 816,000,000 1st mtge. gold bonds, 4Y% series,
due 1980.
V.01..
130.
wires, &c. The reproduction cost new, less
Properties of the system was estimated by accrued depreciation, of the
Day & Zimmermann, Inc.,
engineers, to be substantially in excess of $19,000,000 as of Aug. 1 1926
Additional plant and equipment of $1,725.000 have since been added to
the company, as of March 31 1930.-V. 130, P. 3538.
Lone Star Gas Corp.
-Stock Dividend.
-
The directors have declared a dividend of one share of stock for each
seven shares held, payable to common stockholders of record Feb. 2 1931.
See also V. 130, p. 3350.
Louisville Gas & Electric Co.(Del.).
-Board of Directors.
At the annual meeting of the stockholders, the following directors were
elected: J. J. O'Brien, R.J. Graf, Halford Erickson, T. B. Wilson, James B.
Brown, H. C. Cummins, John H. Roemer,II. W.Fuller. John W. Barr Jr.,
Donald McDonald Jr., Arthur Peter, L. S. Streng,
Trumble, Victor
Emanuel, Louis H. Seagrave.-V. 130, p. 3710. R. M.
Massachusetts Lighting Cos.
-Rights.
-
The preferred and common stockholders of record May 21 have been
glyan the right to subscribe for 34,882 additional shares of common stock
(no par value) at $50 per share, to the extent of 25% of their holders.
The proceeds will be used to retire notes and provide for new construction
for subsidiaries. As of Dec. 31, last, notes payable amounted
to
Dated June 11930; due June 1 1980. Principal and int. payable in U. S. $1,043,000
gold coin at the office or agency of the company in N. Y. City. Interest
The Massachusetts Utilities Associates owns about 80% of the capital
payable J. & D. Denom. $1,000 c* and $1.000 r* and $5,000. Red. all stock.
-V. 130. p. 3710.
or part by lot, at any time on at least 30 days' notice, to and incl. June 1
1936 at 102%, with successive reductions in the redemption price of
Michigan Bell Telephone Co.
-Acquisition.
-of 1% during each 6 year period thereafter to and including June 1 1978,
The I.
-S. C. Commission May 17 approved the acquisition by the
and thereafter until maturity at 100%,in each case plus interest. Guaranty
company of the properties of the Livingston County Mutual Telephone Co.
Trust Co. of New York, trustee.
Legal investment for life insurance companies in New York, Pennsylvania -V.130. p. 2207.
and Massachusetts.
Montana-Dakota Power Co.
-Bonds Offered.
Listing.
-Company has agreed to make application in due course to list
-Bancthese bonds on the New York Stock Exchange.
Northwest Co., Minneapolis' Continental Illinois Co., ChiData from Letter of Frank SiInman, Jr. Vice-Pres. of Company.
cago, and First Wisconsin Co., Milwaukee, announce the
Company.
-Supplies electric power and light service at retail to 50 communities in Kansas, including Wichita, Pittsburg, Arkansas City, Inde- sales of an additional issue of $1,500,000 1st mtge. 534%
pendence, Newton and El Dorado. Electricity Is also supplied at wholesale gold bonds, series of 1929 at 100 and int. Dated Jan. 2 1929;
to 30 additional communities in Kansas, for retail distribution by others. due Jan. 1 1934 (see
original offering and description in
Franchises in the cities served by the company at retail extend in all
cases until at least 1944, and in a substantial number ofsuch cities,including V. 128, p. 726).
Wichita'Dec.til
Issuance.
-Approved by the Board of RR. Commissioners of No. flak.
As of
31 1929, the population of the territory served was estimated
1956.D
Business and Property.
-Company owns and operates without competition
at 241,000, and for the year ended on that date the company's output electric light
power
(including power purchased) was 284,354,000 kilowatt-hours, compared customers in andtowns. and natural gas utility properties supplying 16,000
91
The properties of the
with 249,717,000 kilowatt-hours in 1928 and 221.118.000 kilowatt-hours in and well developed territory in eastern Montana company embrace a large
and western North Dakota,
1927. Properties include electric generating stations with an installed having a population estimated in excess
of 60,000.
capacity 0(72.160 kilowatts, 1,040 miles of high voltage transmission lines,
Security.-Secured by a direct mnrtgage on all fixed assets owned, suband 893 miles (including 179 miles of leased lines)
system. Since the sale in 1925 of the company'sof electric distribution ject to a $38,000 bleu mbrance on a mall portion ofthe property amortleable
gas properties, gross only upon an annual basis. Based
an appraisal of Day & Zimmerearnings from operation have been derived entirely from the electric power mann, Inc., as of Dec. 31 1929, plusuponcapital
net
expenditures to March 31
and light business.
1930, the mortgaged property has a present
Purpose.
-Proceeds are to be used in connection with the redemption, on of the bonds to be presently outstanding. sound value largely in excess
Sept. 1 1930, of all of the company's 1st mtge.sinking fund 6% gold bonds,
Earnines.-Earnings for the
series A, $14,000,000 now outstanding: upon receipt by the company of for interest and depreciation, 12 months ended March 31 1930, available
were as follows*
such proceeds, funds sufficient to effect such redemption will be deposited
Gross earnings
$1,508,252
with the trustee for the series A bonds.
Operating expenses, maintenance, taxes
619,927
Capitalization of Company, Adjusted to Give Effect to This Financing.
Net earnings (72% derivedfrom sale of electric light & power $888,325
Ist.mortgage gold bonds, 4;4% series, due 1980 (this issue)--x$16,000,000
Annual interest requirements first mortgage bonds
6% gold debenture bonds, series A, due 2022
440.000
3,000,000
Preferred stock, 7% (par $100)
Net earnings as above are in excess of two times the maximum annual
6,650,000
Common stock (no par value)
600,000 abs. interest charges on all first mortgage bonds outstanding, but do not, howx Indenture, under which this series of bonds is to be issued, is to permit ever, reflect increased revenues to be derived from expenditures to be made
from the proceeds of these bonds for the construction of a power plant at
the issuance of additional bonds (of which $4,400,000
subject only to the provision as to earnings summarizedare to be issuable Williston, N.D., and a gas trunk line extension from Glendive to Williston,
below), in one or
more series, with such variations as to rates of interest, maturities, redemp- together with distribution systems in the towns to be traversed by this line.
tion and other provisions as the board of directors may determine, subject -V. 129. p. 2536.
to the restrictions of the indenture.
Results of Operations.
Montreal Light, Heat & Power Consolidated-Rights.
-Gross revenues (including other
income before interest and appropriations for renewals income), and net
The stockholders of record May 23 will be given the right to subscribe
replacements,
for the period of 6 years ended Dec. 31 1929, and for theandmonths'
12
period on or before July 2 for additional capital stock no par value, at $50 per
ended April 30 1930, were as follows:
share on the basis of one new share for each 10 shares held. Subscriptions
Gross Revenues NetIncome are payable at the Montreal Trust Co.. 511 Place d'Arines, Montreal,
(Incl. Other (As Stated Canada, or 2 Princes St., London, E. C. 2, England, either in full or in
Cal. Yearsfour installments of $12.50 per share, viz: on or before July 3, Nov. 1 1930,
Income.)
Above.)
1924a
$6,026,900 $2,058,908 Feb. 2 1931 and May 11931.-V. 130p. 3351, 2962.
1925a
c5,469,354
2,156,384
1926a
Municipal Service Co.
c4,887,519
-Earnings.
3,218,548
1927a
5,310,971
2.392.160
Calendar Years1929.
1928.
1927.
1928a
5,831,589
2.863.716 Gross revenue
$9,282,496 $10,120,261 $10,245,718
1929a
6 133,743
3.043.948 Operating expenses and taxes
5,643,945 6,337,216 6,659,997
1930b
6,210,136
.
a Calendar years. b 12 months ended April 30. c Decline3045 011
in gross
Operating income
$3,638,551 $3,783,045 $3,585,721
revenues reflects the sale of the company's gas properties.
244,700
23,261
Net income before interest and appropriations for renewals and replace- (Mau.income
ments, for the 12 months'period ended April 30 1930 as above, was equivTotal income
$3,883,251 $3,806,306 $3,585,721
alent to approximately 4.2 times the annual interest of $720,000 on these
479,839
493,366
452.534
$16,000,000 bonds, and more than 3.3 times the sum of such interest and Depreciation
1.256,579
1.522,933
1,687,155
annual interest on the company's outstanding $3,000,000 gold debenture Interest, charges, &c
Amortization
166,455
126,870
105,970
bonds: for such 12 months period the appropriations for renewals and Provision
for Federal taxes
136.279
121.0971
X
replacements amounted to $600,000.
86,224
98,510j
Security -Secured by a first mortgage lien on all of the plants and other Subsid. divs. & minority int
physical properties now owned by the company, except certain transmission
Net income
$1,757,875 $1,443,530 $1,340,062
lineq located outside of Kansas with an estimated value of approximately
Preferred dividends
285,364
252,139
198.123
$100,000.
1,842,077
841,500
Control tt Supervision.
-Entire common stock is owned by American Common dividends
Power & Light Co. The operations of the latter company and its subBalance
def$369,566
$349,890 $1,141,939
sidiaries are supervised (under the direction and control of the boards of
x Included in interest charges, &c.
-V. 129, p. 811.
directors of the respective companies) by Electric Bond & Share Co.
To Purchase Bonds Due Sept. 1 1930.
The company has agreed that, after receipt by it of the proceeds of the
above bonds, it will purchase at its office or agency in N. Y. City any of Its
outstanding first mortgage sinking fund 6% gold bonds. series "A." presented to it prior to Sept. 1930 at the current redemption price of 108%
and int. to that date, discounted at the rate of4% per annum from the date
of presentation to Sept. 1 1930.-V. 130. 9. 3710.
Keystone Telephone Co. of Philadelphia.
-Rights, ctc.
The directors on April 29 resolved to issue 20,000 shares of $3 preference
stock (without par value) to be offered first to stockholders of record on
May 1 1930 at $40 a share.
Although the stockholders authorized increasing the indebtedness of the
company through issuing debentures up to an amount of $5,000,000, It is
not anticipated that this medium of financing will be used as the proceeds
from the sale of preference stock should be sufficient to meet the present
requirements, it is announced.
Dividends on the new $3 _preference stock will be cumulative at the
rate of 75 cents per share on May 1, Aug. 1, Nov. 1 and Feb. 1.
Provision has also been made for this new stock to be paid for on three
different plans, viz.:
-The stock allotment warrant may be presented either to the securi1.
ties department of the company or to the Real Estate-Land Title & Trust
Co., together with payment of $40 per share, on or before June 6 1930.
-This plan calls for payment of $20 per share on or before June 6
2.
1930,and $10 per share on July 1 and July 15, making a total of $40 per sh.
-This is an extended payment plan for those of the stockholders who
3.
find it more convenient than the other plans. Payments under this plan
will be due as follows: On or before June 6 1930, $15 per share and $5 per
share on the following dates: July 1. Aug. 1, Sept. 1, Oct. 1 and Oct. 15
1930, making a total of $40 per share.
The Keystone Telephone System owns or leases 24 modern telephone
exchange buildings, 6 in Philadelphia, and 18 in nearby cities and towns.
Subscribers are now able to reach over 300,000 telephones through the
Keystone System and its connecting companies. The conduits extend
for 346.4 miles under the streets of Philadelphia and the other communities served and contain more than 13,172,723 duct feet. The company
ow
4,106.372 feet of cable, 310 MUM of pole lines and 6,403 miles of
aerial wire. The company has profitable contracts under which part of
its conduit system is leased on annual rentals by the Philadelphia Electric
Co. and the telegraph companies. The company makes its own P. B.X.
switchboards and does a large business on special equipment for private
National Light & Power Co., Ltd.
-Bonds Offered.MoLeod, Young,. Weir & Co., Ltd., are offering at 99h
and interest, to yield about 6.05%,$2,000,0006% 1st mtge.
sinking fund gold bonds, series A.
Dated May 1 1930, due Nov. 1 1949. Principal and interest (M.& N.)
payable in gold coin of Dominion of Canada of present standard of weight
and fineness at any branch in Canada of the Bank of Montreal (Yukon
excepted). Red, all or part at any time on 60 days' notice at 105 up to
and incl. May 1 1931, and thereafter at prices decreasing
J of 1% Per
annum up to and incl. May 1 1947. and thereafter prior to maturity at
101, in each case with accrued interest to date of redemption. Annual
sinking fund of $20,000 per annum, or 1% of the amount of series A bonds,
whichever is greater, the first payment to be made on or before May 1 1932.
Denom. $1,000 and $500 c*. Trustee, National Trust Co., Ltd.
Legal Investment for Canadian life insurance companies.
Business.-Oompany will own and operate, without competition, the
electric light and joower system of the city of Moose Jaw, under an exclusive 20
-year franchise, and will also sell electricity at wholesale to Montreal
Engineering Co. for distribution at retail in various neighboring villages
and contiguous rural territory to the east. Negotiations are now in progress
by the company for the sale of power at wholesale to the Power Commission
of Saskatchewan for distribution in the surrounding territory. In 1929
the company generated 20,363,890 kilowatt-hours of electrical energy and
as at Feb. 28 1930, served 5.719 customers in the city.
Company's property includes a steam electric power plant of 10,500
kilowatts rated capacity in 4 condensing turbo-generator units and
overhead electric distribution system covering the city. The main buildings which house the plant are of substantial, fireproof construction and
are centrally located on a site 3.6 acres in area on the Moose Jaw river
adjoining the main line of the Canadian Pacific Ry. The plant is in
advantageous proximity to the bituminous and lignite coal fields of Alberta
and Southern Saskatchewan. The present peak load is 6.200 kilowatts
but additional contracts signed will increase this to 7,500 kilowatts, all of
which can be adequately taken care of by present plant capacity.
To provide for expansion of business the company is ordering a new
10.000
-kilowatt turbo-generator estimated to cost $290.000 and is proceeding with the installation of a second boiler unit using pulverized coal,
and other improvements estimated to cost $121,500. T8conomies to be
effected by these last-mentioned plant additions are estimated by Messrs.
Day & Zimmermann, Inc., engineers, at $45,020 per year, on the basis
of the reported generation for the year 1929.
MAY 31 1930.]
FINANCIAL CHRONICLE
Issued.
Authorized.
Capitalization1st mortgage bondsb$2,000,000
200,000
$200,000
-year notes
6% 10
1,100,000
10,000,000
7% cum. pref. stock (par $100)
100,000 shs.
100,000 shs.
Common stock (no par value)
a Limited by the restrictions of the trust deed. b 6% 1st mtge. sinking fund gold bonds, series A (this issue).
Valuation.-Day & Zimmermann. Inc., engineers, of Philadelphia, have
made a detailed investigation of the system and as at March 1 1930. estimate the total value of the property and business, including the plant,
water rights and franchise, as substantially $3,200,000. This gives a
valuation of substantially $1,600 for each $1,000 bond of series A to be
presently outstanding.
The price payable for the system to the city of Moose Jaw by the company under an agreement dated Feb. 11 1930, is $2,875,500. In addition,
the company will be obligated to expend $250,000 on extensions and improvements within 18 months of the date of acquisition and to provide
fund of $150,000 for the encouraging and establishment of new industries.
Earnings.
-Price, Waterhouse & Co.have reported earnings and expenses
under municipal operation as follows:
1928.
1929.
$533,340 $467,895
Operating revenues
255,304
286,644
Expenses and taxes
3879
Available generating capacity of the Niagara Hudson System is now
1.882,000 h.p., of which 1,335,000 h.p. is hydro-electric and 547,000 is fuel
burning.
Sells Pulp
This corporation, which recently acquired all the stock of the Union
Bag & Paper Power Corp., announces that the pulp mill of that company
at Tacoma. Wash., having a capacity of 45.000 tons of kraft pulp annually,
has been sold to the Pacific Pulp Mill Corp. a newly organized subsidiary
'
of St. Regis Paper Co. The output of the mill will be shipped via the
Panama Canal to the mills of the St. Regis company in the eastern United
States for the manufacture of paper for use in multi-wall bags.
The three hydro-electric plants of 10,000 h.p. capacity owned by the
Union Bag & Paper Power Corp. on the upper Hudson River are now
-V. 130, p. 3711.
being utilized by Niagara Hudson Power Corp.
-Acquires Properties.
Pacific Gas & Electric Co.
The California RR. Commission recently granted the application of this
company to acquire controlling interests in the California subsidiaries of
the Western Power Corp., a public utility holding company controlled by
the Northern American Co., by the exchange of 1,825,000 shares of Pacific
Gas & Electric stock.
Authority was granted by the Commission to acquire on or before June 30
1930 the following capital stocks: 300,000 shares of Great Western Power
Co. common,897 shares of prior pref. stock of San Joaquin Light & Power
Co., 1,462 shares of prior pref.stock,series A,of the San Joaquin company,
45,159 shares of pref. stock, series A. and 128,867 shares of common stock
of the same company, 5 shares of preferred of Midland Counties Corp..
10,000 common shares of the Midland Counties Corp. and one share of pref.
stock of the California Electric Generating Co.
The Commission pointed out that securing control of these companies
by this stock transfer is the first step toward acquiring properties themselves, which probably will follow in course of time.
The Commission also gave the Pacific Gas & Electric Co. permission
to cancel floating indebtedness of the Great Western, San Joaquin and
Midland Counties companies as of Jan. 31 1930 amounting to $19,180,776.
For the purpose of acquiring stocks of the California companies, the Pacific
Gas & Electric Co. was authorized to issue and deliver to the Western
Power Corp. 1,825,000 shares of common stock of an aggregate par value
of $45,625,000 in conformity with an agreement entered into with that
company March 29 1930 for the acquisitilon of the controlling interest in
the acquired companies.
Through the transaction the Pacific Gas & Electric Co. will acquire
about 62% of the outstanding stock of the Great Western company, 52%
of the San Joaquin company and all of the stock of the Midland Counties
Corp.
The Commission dismissed without prejudice the request of the Pacific
Gas & Electric Co.for permission to acquire additional stock and to acquire
the properties and business of the Great Western Power Co. of California,
San Joaquin Light & Power and subsidiaries, and also the further request
that it be permitted to charge to its capital account and current assets the
cost which it may pay for such properties.
The authority granted by the Commission to acquire stocks referred to
was conditioned upon the provision that the consideration paid for such
stocks shall not be urged before the Commission as fixing the cost or value
of the properties of any of the companies mentioned for rate fixing,transfer
or accounting purposes or for further security issues.
$246,696 $212,591
Net revs, before deprec.& int. on borrowed money
Net revenue for the year 1929 as above described is equivalent to 2.05
times bond interest requirements.
Basing their figures on the earnings reported by Price, Waterhouse &
Co. for 1929 under municipal management, on new business since acquired
and likely to be acquired and on the economies to be effected with improved
,
plant facilities, Day & Zimmermann, Inc., estimate annual revenues and
expenses under private management and in accordance with the terms of
the franchise granted to the company by the city, as follows:
Operating revenues: (a)from present business and from contracts
$618,375
signed or ready for signature
(b) from existing unconnected business for which contracts
74.000
have not yet been signed
$692,375
Total
369,629
Expenses and taxes
Net revenue available for depreciation* and bond interest__ _ _ $322.746
* Allowance for depreciation is placed at $34,618.
The above net revenue available for depreciation and payment of hit.
on these bonds is equivalent to 2.68 times bond interest requirements.
-year
Franchise.
-Company has obtained from the city an exclusive 20
franchise to construct, maintain and operate the electric light and power
system within the corporate limits of Moose Jaw as now or hereafter constituted, subject to the supervision and approval of the City Engineer,
such consent not at any time to be unreasonably refused.
On the termination of the franchise the city may, on giving prior notice,
recapture the property at actual replacement value, not to include any
value for franchise, less due allowance for depreciation and obsolescene.
The bonds of series A mature prior to the expiration date of the franchise, and, in the opinion of counsel, the franchise has been duly validated
by special act of the Legislature of Saskatchewan. From an operating
Rehearing Denied.
standpoint, the franchise, in the opinion of Day & Zimmermann, Inc., is
The California RR. Commission has denied the joint petition of the
satisfactory and free from burdensome restrictions.
The city has granted the company fixed taxation of $25,000 per annum cities of Oakland and Sacramento for rehearing of the Commission's order
on the basis of the present value of the physical property. The company authorizing the Pacific Gas & Electric Co. to acquire a controlling interest
will be entitled to the standard allowance for depreciation, replacements In the stocks of the Great Western Power Co., the San Joaquin Light &
and obsolescence both in regard to the existing plant and system, as well Power Corp. and the Midland Counties Public Service Corp. The Comas in regard to betterments and extensions, on which last-named taxes will mission was of the opinion that no good cause for granting the rehearing
be payable at the regular rate.
-V.130, p. 3711.
Was shown.
Purpose.
-Proceeds of this issue of bonds will be used to reimburse the
-Earnings.
company in part for the price paid to the city of Moose Jaw for the purPenn Central Light & Power Co.
chase of the system. Iowa Southern Utilities Co. of Delaware and asso1928.
1929.
Calendar Yearsciated interests are making a substantial investment in the stock and Operating revenues
$5,679,846 $4.999.809
notes of the company, which will be used to pay the balance of the pur- Operating expenses
2,475.504 2,155,954
chase price of the system, to improve the plant and equipment, to provide
the fund to encourage the location of new industries above referred to
$3,204,341 $2,843,854
Operating income
and for other corporate purposes.
3,719
Rent accr.from lease oflines & plants net84,095
103,056
Non-operating income
---Earnings.
Nevada-California Electric Corp.
12 Months Ended April 30-Gross operating earnings
Operating & general expenses & taxes
1930.
1929.
g$,737,551 $5.521,104
2,765,670 2,538,599
Operating profits
Non-operating earnings (net)
$2,971,881 $2,981,505
184,087
141,815
$3,311,116 $2.927,950
Total income
1.084.305
Bond and other interest charges paid or accrued--- 1,144,013
79,887
80,248
Amortization ofdebt discount and expenses
12.629
Miscellaneous amortization chargeable to income256.426
242.208
appropriation
Retirement
4.000
156,795
Provision for Federal income tax
Total inconle
Interest
Depreciation
Other deductions
$3.155,968 $3,124,321
1,486.667
1,473,030
630,129
621.176
Cr.21.332
40,014
Net income for year
$5 preferred dividends
$2.80 preferred dividends
Common dividends
Surplus earned
-V.130,p. 1115.
$1,060,503
Balance surplus
-V.130. p. 3160.
$990,101
North American Co.(& Subs.).-Bal. Sheet March 31.-
$1.687,852 $1,490,700
632,859
632.915
68,725
142,086
764,400
749,250
$163.601
$24,717
-Acquisition.
Pennsylvania State Water Corp.
This corporation, a subsidiary of Community Water Service Co.. has
1929.1929.
LiabilitiesAssessacquired the Bangor (Pa.) Water Co., and Mt. Jewett (Pa.) Water Co.
Proply & plant_790.106,711 733,331,774 6% cum. pf. stk 30,333,900 30,333,900 These acquisitions bring the total assets of the Pennsylvania corporation
Common stock- 57,302.470 51,257,100 up to approximately $13,000,000.-V. 130, p. 974.
Cash & securities
135,770
with trustees_ 3,316,964 2,922,382 Common scrip _
112,520
Investments __ 65,438,972 45,211,173 Purch. ars. for
-New Comptroller.
Peoples Gas, Light & Coke Co.
39,950
common stock
Cash
22,506,696 32,720,423
Comptroller, has been elected Comptroller
Pr•stks. of subs_172,625,065 166,862,856 to Moses F. Reeder, Assistant
Bankers accept.
-V. 130, p. 2962.
succeed the late Walter I. Coble.
Mtn. int. In cap.
& Ws.of dep_ 5,373,529
& sur. of subs.. 12,924,461 14,206,621
U.S. Govt.secu-Class A Dividends.
Peoples Light & Power Corp.
4,003,702 3,001,834 Div. pay.In corn 1,432,474 1,281,328
Mies
The directors have declared a quarterly dividend of 60c. per share on
Rd. debt of subs.388,086,907 357,503,404
Notes & bills rethe class A common stock for the period ending June 30 1930. payable
113,500
1,995,214
619,225
929,381 Notes & bills pay
cetvable
A similar distribution was made in
Accts. receivable 16,217,024 14,168,319 Accts. payable__ 5,181,299 5,503,275 July 1 to holders of record June 7.
Materials & sups 12,689,363 11,761,773 Sund. curr. Bab_ 5,316,455 5,305,664 January and April last.
Holders of class A common stock may apply this dividend to the purchase
Prepaid accts___ 2,019,611 2,124,551 Taxes accrued_ _ 12,070.145 10,457,223
stock at the rate of 1-50th of a share
Bond & note disc 16,786,135 15,245,344 Interest accrued 4,640,201 4,196,462 of additional shares of class A common
-V. 130, p. 2028.
Divs. accrued__ 1,723,825 1,571,790 for each share held.
Sued.accr. Bab_
172,900
127,645
-Extra Dividends.
Philadelphia Co.
116.627,194 108,581,727
Reserves
The directors have declared an extra dividend of 75c. a share and the
xCapital surplus 28,868,991 23,815,453
of $1 a share on the common stock, both payable
102,858,414 79,680,763 regular quarterly dividend July 1. Like amounts were paid in each of the
Tot.(ea. side)940,453,922 861,416,956 Surplus
July 31 to holders of record
Hearings Postponed.
seven preceding quarters -V.130. p.3711.
Postponement of the hearings as to the affairs of this company,scheduled
-Preferred Stock
Public Service Corp. of New Jersey.
for May 27. as part of the public utilities investigation now Being conducted by the Federal Trade Commission, pursuant to a resolution of Sold.
-Drexel & Co. and Bonbright & Co., Inc., have sold
the United States Senate, has been announced by the Commission. This
at $97.50 per
action is due to the necessity ilCominisslon examiners and accountants 150,000 shares $5 cumulative preferred stock
revising reports and exhibits and rearranging material obtained from share (ex-dividend payable June 30).
books and records of the company ,which has co-operated fully in facilitating
Guaranty Trust Co. of New York and Office of the comTransfer agents:
and
-V. 130. p. 3711.
the inquiry.
pany, Newark, N. J. Registrars: Bankers Trust Co., New York div.
Fidelity-Union Trust Co., Newark, N. J. Divs. payable Q-M.FIrstcum.
-Increases Capacity.
Niagara Hudson Power Corp.
Preferred as to, and limited to,$5 per annum
payment Sept. 30 1930.
Generating capacity of the Niagara Hudson System has been increased diva. and as to assets up to $100 per share over common stock. Nonoutstanding
with
by 10,000 h.p. through the completion of a hydro-electric station on the callable. Ranks equally one other series of pref. stock
vote for each share. Divs, exempt from the
Salmon River at Lighthouse Hill, In Oswego County, N. Y. The new sta- Preferred stock entitled to
put into service a few days ago and is now sending power out on the Present normal Federal income tax.
tion was
lines. The plant has been under construction for about one year. It
Capitalization Outstanding with Public Wiring effect to present financing.)
includes two hydro-electric generators of 5,000 h.p. each, driven by turbines Bonds & stocks & other obligations of operating subs. &
$274,419,255
after it has passed through the system's 35,000 horsepower
lessor companies
which use water
24.624,308
plant only a short distance upstream. A concrete dam, 600 feet long and Funded debt of Public Service Corp
high has been built to provide the necessary head of water. It re- Capital stock of Public Service Corp.: 8% cum. pref. 21,531,200
60 feet
2.8,908.000
7% cumulative preferred (par $100)
quired about 16,000 cubic yards of concrete. Just ahead of this dam,
58.731,200
of 175,000,000 cubic feet capacity was constructed
6% cumulative preferred (par $100)
a regulating reservoir of water into the power plant.
228,937 ohs.
flow
cumulative preferred (no par) (incl. this issue)
$5
to secure an even
5,386.068 shs.
Common (no Par)
Generators in the new station are controlled from a substation nearby,
is also connected with the Bennett's Bridge plant. High tension
which
Data from Letter of Thomas N. McCarter, Pres. of the Corporation.
mein lines
110,000-volt transmission lines carry the electric energy to the
-Corporation controls through stock ownership
Business and Territory.
at Syracuse and Watertown, N. Y. River varies from
season to season,a subsidiary companies which provide the electric power and light, gas, street
flow of the Salmon
Although the
motor bus service in the larger cities and more populous secand
capacity of
large reservoir at Stillwater, with a most of the 3,000.000,000 cubic feet, railway New Jersey. excepting the shore resorts, the gas service in Elizabeth
year. This dam and reser- tions of
permits a steady flow of water during
and the street railway in Trenton. The territory served extends from the
voir were built several years ago for the Bennett's Bridge plant.
3880
FINANCIAL CHRONICLE
Hudson River, opposite N. Y. City, southwest
to the
Delaware River, opposite Philadelphia, and has a across the Statepopulagrowing
tion estimated at over 3,000,000, or more than 80%rapidlypopulation of the
of the
State.
The properties of the corporation's subsidiaries include
ing stations with aggregate rated capacity of 616,276 kv. 5 electric generata.. approximately
1,368 miles of transmission lines and 41.000 miles of transmission wire,
serving over 890,000 electric customers. Its gas system includes 11 generating plants with an aggregate capacity of 114,000,000 Cu.ft. daily, and over
4,900 miles of mains, serving over 750,000 gas customers. In addition,
gas
and electricity are purchased under advantageous contracts. The transportation properties carried over 655,000,000 passengers during 1929 and
include over 830 miles of street railway track, 1.822 street railway cars
and 2,325 buses.
The corporation's electric properties are interconnected with the electric
systems of Philadelphia Electric Co., Pennsylvania Power & Light Co. and
other systems.
Purpose.
-Proceeds will be used to reimburse the corporation for advances previously made to its subsidiaries for additions and betterments,
and for other corporate purposes.
Consolidated Statement of Earnings of Corporation and its Subsidiaries,
inter-company items eliminated.
12 Months Ended April 301930.
1929.
Gross revenues (incl. non-operating)
$130,858,446$142314
.516
Oper. exps. and all taxes (incl. deprec. & maint.)_ 90.378,498 96.014,012
Gross income
$40,479.948 $46,100,504
Income deductions & pref. dive. of sub. companies
& income deductions of Public Service Corp_ _ _ _ 15,015.433 15.335.893
Net income applicable to dividends
$24.564,515 $30,761,611
Annual div. requirements on pref. stock outstanding (incl.
this Issue)
8,414,613
Balance
$22,346,998
Net income applicable to dividends for 12 months ended April 30 1930,
over 3.6 times the above annual pref. dividend requirements.
Listed.
-All of the outstanding shares of pref.stock listed on the New York
Stock Exchange and these additional 150,000 shares of $5 cum. pref. stock
have been authorized for such listing.
-V. 130, p. 3712.
[VOL. 130.
871 to the company's gross, according to the certificate of Barrow, Wade,
Guthrie & Co., and $469,956 to the company's net before depreciation or
$351,957 after depreciation.
As funds covering these contracts will be made
from present
resources of the United American Utilities, Inc., the available
position
already
of the company's bonds and stocks will be substantially strong
improved, secording to President A. E. Fitkin.-V. 130, p. 3162.
United Corp.
-New Corporation Formed.
-
A new corporation, called the Securities Union Corp.. has been formed in
Delaware to facilitate the exchange of not exceeding 25% of the common
stock of the Columbia Gas & Electric Corp. for common and $3 preference
shares of the United Corp. under offer recently made by the latter company. George W. Crawford, Philip G. Gossler and Edward Reynolds Jr.
have been formed as a committee to represent the depositors of Columbia
Gas stock.
Unless the committee determines to terminate
agreement of
May 16, it will transfer to the Securities Union the deposit the stock of
Corp. all of
Columbia deposited under the agreement. In exchange for the transfer
to the Securities corporation so made, the Securities corporation will
issue its entire capital stock to the committee as representative of the depositors.
Subsequently, at a time determined upon by the committee, one of two
reorganization plans for Securities Union Corp. will be carried out whereby
the United Corp. wi I receive the Columbia shares acquired by the Securities corporation in exchange for shares of United Corp. on the basis of onethird of a share of $3 preference stock and 114 shares of common stock of
United Corp. for each share of the Columbia Gas & Electric Corp., which
shares of United Corp. will be distributed to depositors of Columbia stock.
The newly formed Securities corporation will be used only as a vehicle to
facilitate the exchange of shares.
-V. 130. 1)• 3713.
United Securities, Ltd.
-Earnings.
-
Southwest Gas Utilities Corp.
-New Director.-
Years Ended March 31-1930.
Interest on loans
$19,622
Interest on bonds
145.144
Dividendsfrom investments
287,520
Miscellaneous income
4,930
Income received on account of sale of Q. N. E. H.
E Corp
400,000
Trustee-Sinking fund for pref. stock redemp.,
dividends, &c
Dr379,044
Southwestern Light & Power Co.
-Bonds.
The
Total income
Expenses
Interest on loans
Interest on bonds
. V. Jaeger of Hornblower & Weeks has been elected a director.
V. 129, p. 1123.
issue of $700.000,5% bonds, noted in our issue of May 3 1930, under
the name "Southwestern Power & Light Co." should have appeared under
this company's name.
-V. 130, p. 2030.
Southwestern Power & Light Co.
-Correction.
-
The item in our issue of May 3 1930, relating to an offering of $700,000,
5% bonds should have appeared under the heading "Southwestern Light
A Power Co."
-V. 130. p. 3162.
Standard Gas & Electric Co.
-Board of Directors.
-
At the annual stockholders meeting, the following directors were elected:
Arthur C. Allyn, Joseph H. Briggs. H. C. Cummins, Victor Emanuel,
Belford Erickson, C. L. Fisher, H. W.Fuller, Robert J. Graf, E. Carleton
Granbery, William 0. Langley of W. C. Langley & Co., Bernard W.
Lynch, M. A. Morrison, John J. O'Brien, Royal E. T. Riggs, and Louis H.
Seagrave.
Pro Forma Balance Sheet Dec. 31 1929 (Company Only).
[Giving effect as of that date to the exchange of seurities with Standard
Power & Light Corp. and to the retirement of 1,000,000 shares 6% noncumulative stock as consummated Jan. 7 1930: to the cash proceeds from
the subsequent sale of 29,270 shares of $4 corn. pref. stock and 100,000
shares of prior preference stock, $6 cumulative and the acquisition of
13,000 shares of Philadelphia Co. common stock.]
AssetsLiabilities
Securities owned
$280,818,082 Funded debt
1:464,000,000
Reacquired securities
a1,189,693 Accounts payable
303,724
Cash
13,111,956 Accrued liabilities
1,335,478
Accounts receivable:
Accrued dividends
Subsid. ,k affiliated cos__ 14,260,150 Miscellaneous unadj. credits 1,974,093
75,000
Sundry debtors
467,430 Miscellaneous reserves
1,504,545
Interest on bonds owned__
33,942 Preferred stock
c93,195,350
Divs. on stocks owned- 4,504,341 Common stock
d136,609,722
Office furniture & fixtures-1 Surplus
16,431,201
Prepaid insurance
1,546
Unamort.debt.dint.& exp. 1,641,970 Total (each side)
$315,429,113
a Prior preference stock, $7 cumulative, 10.452 shares, no par
b Standard Power & Light Corp. 6% gold debentures, due Feb. 1 value.
1957:
assumed, $24,000,000: 20
-year 6% gold notes. due Oct. 1 1935, 515,000,000; 6% gold debentures, series A, due Feb. 1 1951, $15,000,000:
6% gold debentures, series B, due Dec. 1 1966, $10.000,000. c Prior
preference* $7 cumulative. 430,000 sharrs (no par value). $43.000.000:
S6 cumulative, 100,000 shares (no par value), $9,400,000: $4 cum. pref.,
756.850 shares, (no par value), $40,795.349. d Represented by 2,162.607
shares (no par value).
Note.
-Standard Gas & Electric Co. was contingently liable at
1929 on account of a note of a subsidiary company discountedDec. 31
in the
amount of $100,000, and for unpaid obligation of $100.000 of subsidiary
company withheld in the purchase of various securities pending settlement
of suit.
Pro Forma Condensed Consolidated Balance Sheet, Dec. 311929.
[Giving effect as of that date to transactions outlined above.]
1929.
$7,878
302,307
9,971
400,000
Dr378,891
$478,173
23,381
128
281,281
$341.264
14,176
4,951
206,446
Balance to surplus account
$173,383
$115.691
Balance Sheet March 31.
1929.
1930.
1930.
1929.
Assets
Liabilities
$
.
$
$
Invest. & contract
6% cum. pfd. stk.
4,655,372
agreern't Mont'l
Common stock- 5,126,173 5,126,172
Lt., Ht. & Pow.
5,099,000 5,161,500
Funded debt
Consol
9,407.128 14,842,114 Due to sub. corps.
25,106
Lns.to subs.corps.
95,485 Accounts payable_
6,012
23,589
Deferred Charges....6,500 Accr. Mt.on bonds 116,852
118,284
Prepaid charges.._
1,144 Surplus
1,145
1,722
41,090
Call loans
445,000
A cols receivable
24
Cash in bank
401,854
14,818
Trustees accounts..
23,168
69
Accrued interest
112,115
150,309 Total
10,367,335 15,133,538
-V.130, p. 1655.
Wayne United Gas Co.
-Brings in Large Well.
-
This company, controlling 42,737 acres of gas producing lands in West
Virginia, Ohio and Kentucky, last week brought in a new natural gas well
with an open flow of 3,000,000 cubic feet daily, according to advices received by Appalachian Gas Corp., the parent company. The new well,
located in the Wilsondale fields in Wayne County, W. Va., is one of the
largest of the company's 46 wells.
-V. 129, p.2683.
Western Continental Utilities, Inc.
-New ContrOr:
-
It has now been definitely determined that through the Central Illinois
Co., the controlling interest in this corporation will shortly be acquired
by H. M. Byliesby & Co. and associated interests, including Central
Illinois Securities Corp.
There will be no change in the operations of the company, which remain
In the hands of President Chester H. Loveland. The board of directors,
however, will include Philip R. Clark (President of Central•Trust Co. of
Illinois), J. H. Briggs (Vice-President of H. M. Ilyllesby & Co.), and
Carroll E. Gray Jr. (Executive Vice-President of Central Illinois Co.).
It is expected that an expansion program for the development and inclusion of properties in various parts of the United States will be shortly undertaken by Western Continental Utilities, Inc., and associated interests.
The corporation was organized in Delaware in February 1929, and
through subsidiaries controls properties having a net sound value in excess
of 522.000,000. The consolidated gross revenues of the properties now
owned, for the year ended Dec. 31 1929, equal 62,750,000 and the consolidated net revenues for the same period equal $1,598,000.
Properties of the corporation furnish public utility services in four states
to a combined estimated population in excess of 730,000. Its principal
subsidiary, the Western Utilities Corp., operates entirely in California,
furnishing water and telephone services.
-V. 129, P. 985.
-Control of California
Western Power Corp.
Sub-
-See
Funded debt-Company.. 1164,060,000 sidiaries to Be Acquired by Pacific Gas & Electric Co.
Subsidiary & affiliated
latter company above.
-V. 130, p. 3714.
cos.
-held by public_ 410,577,271
Purchase obligations
1,900,000
Notes payable
4,300,524
INDUSTRIAL AND MISCELLANEOUS.
Accounts payable
9,048,209
Divs. payable and accrued
Copper Mines Cut Wages.
-Copper mining companies in Bisbee, Ariz.,
5,671,633
Accrued taxes
11,407,537 effective June 1, will reduce wages of miners 10%. New York "Times"
Accrued interest
6,636,236 May 28.p. 7.
Other accruals
Matters Covered in "Chronicle" of May 24.-(a) Wholesale prices in April
478,703
Deferred liabilities
3,152,703 slightly lower than in March, p. 3619. (b) Slight increase in retail food
Miscell. unadjusted credits
2,495,196 prices from March 15 to April 15, P.
(c) Sales of life insurance in
United States increased 4% in April. p. 3620. (d) Sales of life insurance
Retirement (deprec.) and
3619.
depletion reserves
75,712,135 in Canada show slight decrease in April. p. 3620. (e) Slight decrease in
Other reserves
20,470.818 Industrial employment in April reported by U. S. Department of Labor,
-Company....
Pref. stocks
92,150,150 P. 3620. (f) Decline in factory employment and wages in Pennsylvania
during April, p. 3622. (g) Offering of $48,000 collateral trust bonds of
Subsidiary & affiliated
cos.
-Held by public_ 217,147,800 Industrial Bards of Richmond, p. 3611. (h) Offering of $1.000.000 41.5%
Common stocks
-Co
136,609,722 bonds of New York State Land Bank, p. 3641. (i) $60.000,000 90
-day
Subsidiary & affiliated
Treasury bills publicly offered, p. 3648. (i) Sale at auction of 34,980.80
cos.
-Held by public_
62,342,154 shares of stock of Chase National Bank of New York yields $5,975,140.
$1,166,246,103 Surplus
Total (each side)
42,145,311 ip. 3655. (k) American Newspaper Publishers' Association opposed to
-Certain subsidiary and affiliated companies were contingently five-day week, p. 3628. (I) Chicago printers adopt five-day week for a
Note.
liable at Dec. 31 1929 for notes receivable discounted at banks and ac- limited period-Typographical Union acts to give work to unemployed.
commodation endorsements, aggregating $186,000. This balance sheet p. 3628. (m) New York State Banking Department takes over 14 credit
does not include operated lessor companies with outstanding capital stocks unions in process of liquidation, p. 3642. (n) Maryland grocers fight chain
-Will ask law similar to that of Kentucky creating tax on volume
of $16,779,000 and bonds of $5,085,000, certain of which are guaranteed stores
of sales, p. 3642. (0) State Senator E.D. Rivers before Wholesale Grocers'
-V. 130. p. 3713.
as to dividends, principal and interest.
Convention, urges broader basis for fight on chains, p. 3642. (P) R. W.
-Offering of Notes.
Standard Public Service Corp.
- Lyons of National Chain Store Association, replies to critics of chain
3642. (q)
In connection with the offering of $1,250,000 1 year 6% stores-Do 15% of all retailing, p.State-List New Hampshire lists investments qualified for sale within
also issued for investment
secured gold notes, mentioned in our issue of May 24, in trust issues suspended for sale in State, p.3642. (r) Reported move by
August Belmont & Co. to form Western Pennsylvania Bancorporation,
addition to the names of Central-Illinois Co., Inc., and E. H. P• 3653• (s) Organize 6100,000,000
Oregon banking group, p. 3655.
Plant, property, rights,
franchises, Sic
$1,031,377,035
Inv. in other companies,
associations, &c
25,210,084
Sinking fund,&c.,dopes-1,374,252
Cash and call loans
28,702,298
Cash on deposit for bond
and note interest. &c_.._
1.171,465
Marketable securities __ .
4,319.014
Accounts and notes rec.
(less reserve)
20,390,005
Inventories
15.497,442
Prepd.accts.& unexp.ins.
1,379,691
Deferred exps. & charges_
4,494,874
Unamort debt disc.& exp.
32,329,942
Rollins & Sons of the firm of G. V. Grace & Co., Inc.,
Albany Perforated Wrapping Paper Co.
-To Increase
should have been included. See V. 130, p. 3713.
Stock-Rights, tfcc.The stockholders will vote June 6
-Buys Five Additional
United American Utilities, Inc.
increasing the authorized common
stock, no par value, from 156,000 on
shares (all outstanding) to 236,000
Freight Lines.
shares.
The corporation announces that it has signed contracts covering the
purchase of five additional freight lines operating in California which will
substantially increase its business. Freight service will be immediately
extended through additional important cities. There will be added $1,380,-
The common stockholders of record May 23 will be offered the right
to subscribe on or before June 14 at $10 a share for class A partic. shares
(par $10) of American PubllcWelfare Trust to the extent ofone class A share
for each share of common stock held. Subscriptions are payable at the
MAY
31 1930.1
•
Chase National Bank, Pine and Nassau Ste., N. Y. City. It is expected
that dividends will be inaugurated on the class A shares at5% Dec.1 1930.
This Trust Is capitalized as follows:
Now Authorized.
156,000 shs.
a Class A common stock, par $10
None
Class B common stock, no par value
b
10,000 shs
.
c Class C common stock, no par value
These class A shares are entitled to a preferential dividend at the rate
a
of 5% per annum, plus an interest in the additional earnings as described
below. b These class B shares are entitled to a preferential dividend of
50c. per share after 5% is paid on class A shares, plus an interest in the
additional earnings as described below. c These class C shares are entitled
to a preferential dividend of 50c. per share after 5% is paid on class A
shares, and 50c. per share on class B shares, plus an interest in the additional
earnings as described below.
' After 5% has been paid on class A annually, and 50c. per share has been
paid on class B annually, and 50c. per share has been paid on class C
annually, the balance, which the trustees may appropriate as a dividend.
shall be divided into 2 equal parts: One-half to be distributed amongst
class A and B shareholders, considered for this purpose jointly as one class:
then the other half to be distributed amongst class C shareholders.
The trustees are as follows: Dwight G. W. Hollister, F. Gardiner Perry,
Winslow L. Webber, Austin H. Fittz, and Edward L. Werner.
The Wellesley Trust Co., Wellesley, Mass., depositary and registrar.
President Seth Wheeler May 12 says in substance:
The American Public Welfare Trust has this day purchased a substantial
interest in your company. The directors have thereupon been able to
execute a management contract with this trust which we believe will
greatly strengthen our merchandising organization as well as help us in
many other ways.
The above Trust has been organized by Roger W. Babson.
The company now has a long and cumbersome name although it has for
sometime solicited trade under the name of A. P. W.Paper Co. We would
like to change the legal title to agree with the above shorter name, by
which we are known to the trade. To do this, requires a two-thirds vote
of all stockholders.
-V. 130, p. 3542.
Allegheny Steel Co.
-Extra Dividend.
The directors have declared an extra dividend of 25c. a share and 3
regular monthly dividends of 15c. a share. The extra dividend will be
paid with a regular monthly dividend on July 18 to holders of record
June 30. The other regular dividends are payable Aug. 18 and Sept. 18
to holders of record July 31 and Aug. 31. respectively. An extra of 25c.
a share was also paid on April 18, July 18, Oct. 18, Nov. 30 and Dec. 18
1929 and on April 18 1930.-V. 130, p. 2583.
Amalgamated Sugar Co.(& Subs.).
-Earnings.
-Earnings for Year Ended March 31 1930.
Income from sugar sales
Interest, discount, &c.(net)
Depreciation applicable to sugar operations
$427,596
222,274
472,803
Net loss from sugar operations
Other net income,&c.,after depreciation
$267,481
7.907
Net loss for year
$259,574
Summary of Consolidated Surplus for 13 Mos. End. March 31 1930.
Surplus, March 1 1929
$15,920
Loss for March 1929, charged to surplus on account of change in
fiscal year
123,108
Adjustment to incl. subsidiaries at beginning of year
24,583
Deficit April 1 1929 (consolidated)
$131,772
Net loss for year
259,574
Provision for reductions in property assets, &c
422,329
Loss on property & equipment,sundry prior period adjustments.&c 75,528
Deficit. March 31 1930
-V.129, p.3637.
3881
FINANCIAL CHRONICLE
$889,204
Aluminium Limited.
-Preferred Stock Sold.
-The Union
Trust Co. of Pittsburgh, Guaranty Co. of New York, Bankers Co. of New York and Lee, Higginson & Co. have sold
at $99.25 per share and div. $13,000,000 6% cumulative
preferred stock (par $100).
financing. For the year ended Dec. 31 1929 such earnings were more than
3.35 times these requirements.
-Company intends during the current year to offer to its
To Give Rights.
common shareholders the right to subscribe to approximately 72,000 shares
of additional common stock at not less than $30 per share.
Pro Forma Consolidated Condensed Balance Sheet Dec. 31 1929.
LiaHlatesAssets
Plants ek Equip.(less deprec.)$31,749,433 6% cumulative preferred_ _ _513,000,000
Inv.in & adv.to other cos-__ 5,887,064 Common stock (outstanding,
572,678 shs. no par)
25,033,889
Prepd exp.& def. chgs to oper 2,811,916
1,000
133,290 Pref,stock of subs
Indemnity & surety deposits17,500 5% sinking fund debentures- 20,000,000
Sinking funds for bonds(sub.)
1,866.462
15,508,404 Bonds of subsidiary cosInventories
913,650
5,696,540 Deferred credits St accruals
Bills and accts. receivable
841,179 Accounts Payable
2,938,546
Marketable securities
321,417
4,116,802 Reserve for taxes,etc
Cash
Surplus
2,687,163
Total
-V. 127, p. 547.
$66,762,128
Total
$66,762,128
American Beet Sugar Co.-Earnings.1928.
1929.
Yrs. Ended March 31- 1930.
Net inc.from sugar oper. $526,546 $1,080,317 $1,207,965
986,464
592,472
514.851
Other income
1927.
$454,485
252,502
Gross income
$1,513,010 31,672,789 31.722,816
Fed.& corporate taxes_
224,263
Interest on notes payable
243,924
Int.& disc,on debent_
473,585
418,595
Rent.(East Grand Forks
124,212
plant)
Carry. chgs. on idle pl'ts
81,870
Sundry expenses
Depreciation
773,760
670,975
584.691
$706,987
12.994
191.332
258,089
54,506
27,284
11.209
607,081
Netincome
Preferred dividends-
$320.654
$528,228
$463,857 def$455.509
87,500
Balance,surplus
Shs. corn. stk. outstanding (no par)
Earns, per share
$320,654
$528,228
$463,857 loss$543,009
150.000
150.000
362,882
303.000
Nil
Nil
$0.76
$0.59
Balance Sheet March 31.
1930.
1929.
1930.
1929.
AssetsLiabilities$
$
$
$
Factories, lands,
Common stock_x14,703,530 15,674.849
equipment, dre_19,196,537 19,259,757 Preferred stock__ 5,000,000 5,000,000
Cash
1,022,064
802,914 Notes payable__ 4,62.5,000 1,175,000
Treasury debent_ _ 2,849,365
88,523 Accts. payable---- 269,977
195,608
Stks., bonds, land
Accr. local taxes,
28,910
34,524
sale conting., dto
interest, &o_ _. _ 272,712
345,617
Unsold sugar(cost) 7,284,499 4,739,394 Deferred liabilities
28,138
Accts. receivable
694.318
710,720 6% debentures___ 3,027,000 3,121,000
Comm'llive stock
. 46,013
74,195 15 yr.6% gold bds. 1,090,000 1,150,000
Material & suppl's 701,416
105,322
539,589 Res. for coating's_ 168,206
Freight prepaid
42,827
Burp.res. for workCash in hands of
lag capital
3,187,973
sink.fund trustee
433
Advanced farm &
111,130
137,452
land expense_ _ _
406,649
Deferred expenses_ 368,701
Tot.(each side)_32,372,538 26,767,397
x Authorized 425,000 shares of no-par value; outstanding 362,882 shares.
-V. 129, P. 3637.
American Capital Corp.
-Financial Position.
Position at March 31 1930.
Cash and call loans
Stocks and bonds at market prices
Accrued interest and dividends receivable
62,579,174
14,015,303
67,957
Total
616,662.434
Accrued divs, and taxes other than United States income taxes120,413
Balance of net worth before prov. for U. S.income tax
$16,542,021
This balance of net worth reveals an increase in the asset protection of
outstanding securities since organization amounting to more than 22%
on the 60,000 shares of prior pref. stock at $100 per share or on the 120,000
Amount of cumulative preferred stock to be authorized $25,000.000, of shares of pref. stock at $50 per share, or over 11% on the combined issues
which $13,000,000 is presently to be issued. Dividends cumulative, and of preferred stocks. It represents an increase of over 40% in the equity
payable Q
-M. in United States funds. Initial dividend payable Sept. 1 for class A and class B common stocks. This increase is after payment of
1930. Upon any voluntary liquidation or dissolution entitled to $107.50 31,439.461 in cash dividends, as follows:
per share and dive., payable at the option of the shareholder in United
Dividends onAmount.
States funds. Red.on 60 days'notice,either in whole or in part,at $107.50 Prior preferred stock at rate of $5.50 per share per annum
$593,539
per share and div. payable at the option of shareholder in United States Preferred stock at rate of $3 per share per annum
646,500
funds. Pittsburgh transfer agent: Union Trust Co. of Pittsburgh. Pittsburgh registrar: Fidelity Trust Co., Pittsburgh.
Total dividends on preferred stocks
$1,240,039
Class A common stock ($1 regular and $1 extra)
199.422
Data from Letter of Edward K. Davis, Pres, of the Company.
Company.-Incorp. May 1928 under the Companies Act, Dominion of
Total dividends to March 31 1930
$1,439,461
Canada, to acquire from Aluminum Co. of America certain properties outHenry S. McKee, President, further states:
side of the United States engaged in the mining of the ore of aluminium,
"The dividend and interest income of
corporation alone during this
the smelting of the metal therefrom, and in the manufacture and sale of period amounted to $1,444,145. This isthe
without taking into account the
aluminium and a diversified line of aluminium products. Operations are value of stock dividends or rights received or profits realized from sales
conducted in Canada, Norway. England, Switzerland, Germany, Italy, of securities. This cash income from investments, it will be seen, amounted
India and other countries.
to over 234 times the requirements on the prior preferred stock and
The company through its subsidiary and affiliated companies owns excess of dividends paid on preferred stock and prior preferred stock.was in
extensive reserves of raw material (bauxite), which are sufficient to supply
"The holdings of
the middle of
requirements for many years. Smelting plants are located in Canada, April and in so doing common stocks were reduced around
additions were made to the profits account. Through
Norway and Italy and are so situated as to offer facilities for economical such action and by reason of the selective character of stocks owned it is
water transportation of both raw and finished products and to utilize
the net
end of April
hydro-electric power obtained under long-term leases at such rates as to estimated that the end worth of your corporation at the for stocks on was
higher than at
the
of March in spite of lower levels
make these leases very valuable. Fabricating plants are advantageously average.
located in Canada, England, Germany, Switzerland and India.
"With lower quotations prevailing at the end of April and the first part
The properties are thoroughly integrated and the plants are of modern of May for many classes of securities, your corporation has recently added
design representing the latest developments of the industry. The increasing to its common stock investments, principally in the public utility,
demand for certain of the company's products requires further additions cultural implement, chemical, electrical equipment, food and dairy,agriand
to manufacturing facilities.
tobacco industries."
-V. 130. P. 3355.
Capitalization Outstanding After Giving Effect to This Financing.
American Depositor Corp.
-Extra Dividend.
Subsidiary companies
-Funded debt
$1,866,462
shares will receive on June 30a cash distribution
Preferred stock
1.000 ofHolders of corporate trust
$1.30 per share, representing the regular cash payment of 35c. and an
Aluminium Limited-Funded debt
$20,000,000 extra of 95c. For the year 1929 corporate trust shares paid 31.96.-V.
6% cumulative preferred stock ($100 par)
13.000
Common stock (no par value)
572.678 .
shs. 130, p. 2965.
Purpose.
-Proceeds will be used to pay current indebtedness incurred
American Encaustic Tiling Co., Ltd.
-Earnings.
through additions to the properties heretofore made, to further increase
1929.
Calendar Years1928.
manufacturing facilities and for other corporate Purposes.
1927.
1926.
$4.779,927 $5,
150.775 $4.772,104 35,310.930
Provisions of Issue.
-The company's charter as amended will provide Net sales
1,138,827
897,763
939,129
1,255,058
among other things, substantially, that the company will not issue any Net earnings
355
2,756
88
preferred stock having preference or priority over this authorized issue of Interest
4,431
107.956
136,582
137,288
cumulative preferred stock. Additional preferred stock having equality Depreciation
164,408
87.253
121,255
110,894
141,544
with this authorized Issue of $25,000,000 may be authorized only with the Federal taxes
6.633
6.633
6,633
6,642
consent of the holders of 75% of the preferred stock then issued and out- Amortiz. & good-will- standing.
3695.665
Net income
$871,600
$684,225
$938,033
The 6% cumulative preferred stock is not to have voting rights unless
455,340
343,874
323,723
259.545
4 quarterly dividends shall be in default,in which event the preferred stock Dividends paid
then issued and outstanding shall be entitled, during the existence of such
$240,325
Surplus
$527,726
3360.502
1678,488
to elect 2 members of the board of directors. The holders of the
default,
Shares corn, stock outpreferred stock have no right to subscribe to any authorized or increased or
227,670
113,835
standing (no par)- 107,970
107,970
additional capital stock of the company.
$3.06
$7.52
$6.05
$7.94
-The consolidated earnings of the company and its subsidiaries, Earnings per share
Earnings.
together with Aluminium Ltd's proportionate share of earnings of affiliated - 130, p. 2211.
allied companies on the basis of present ownership, adjusted to give
and
American Ice Co.(& Subs.).
-Earnings.
effect to present capitalization have been as follows:
-Month-1929.
1930-4 Mos.-1929.
Period End. April 30- 1930
1929.
1928.
Calendar Years1927.
Net earnings after int.
Earns, as above before deprec.,
but before Fed. taxes
$5,549,912 $3,908,117 $3,957,281
deple.,int. & inc.taxes
3220,135
3341,764
& depreciation
$450,384
$679,771
Net after deprec., depl., present int.,
V.
- 130, p.3163, 2395.
2,618.219
chgs.& inc. taxes
1,202,558
1,577,977
American Maracaibo Co.
-Transfer Agent.
Net earnings for the 3 years ended Dec.31 1929 have averaged $1,789,584
or more than 2.30 times the annual dividend requirements on the $13,000,000
The Bank of America N. A. has been appointed transfer agent of
-V. 127. p. 3093.
6% cumulative preferred stock, to be outstanding upon completion of this 4,000,000 shares of common stock.
3882
FINANCIAL CHRONICLE
American Machine & Foundry Co.
--Redemption of Preferred Stock.
-
dividend of 25 cents per share. Like amounts were paid three months ago.
V. 130, p. 1463.
At a meeting of the directors held on May 21, the option to redeem all
of the outstanding preferred stock was by resolution duly exercised, said
redemption to take place on Aug. 1 1930 at the office of the Bankers Trust
Co- transfer agent. 10 Wall St., N. Y. city, and that the redemption
price of said pref. stock is 115 and divs. to the date set for redemption.
The directors have declared the final quarterly dividend of
share on the outstanding pref. stock, payable on Aug. 1. This$1.75 Per
dividend
will be paid only on presentation of pref. stock certificates for redemption.
-V. 130, p. 3715.
Aviation Corp. of the Americas(& Subs.).
-Earnings.
-Earnings for Year Ended Dec. 31 1929.
Income from operations
Operating expenses,incl.salaries, maint.,deprec.& taxes
Aviation Corp. of California.
-To Dissolve.
-
The Bank of America, N. A., has been appointed registrar of 500,000
shares of $3 cum. cony, preference and 1,250,000 shares of common stock.
See also V. 130, p. 3544.
American Toll Bridge Co.
-Earnings.
Calendar Years
-1927.
G
$1,255,319 $1,123,333
$933.265
Operation and maintenance
173,966
122,412
201.078
Publicity and traffic
50,518
Taxes, insurance & S. F. office
166,990
162,787
166,900
Interest and bond discount
349,444
475,154
488,921
Total
-V.129, p. 2075.
$469,655
8270.447
$243,991
American Utilities & General Corp.
-Increases Holdings
The corporation has acquired to date voting trust certificates that represent 247,606 shares of class B stock of the Consolidated Gas Utilities Co.,
as a result of its offer made April 26 to exchange its own class B voting
trust certificates for shares for those of the latter company. This gives
American Utilities & General Corp. approximately 42% of the outstanding
590,920 class B certificates of the Consolidated Gas Utilities Co. The
United Gas Co.(MILS certificates representing 300,000 class B shares of this
stock.
-V. 130. P. 3716.
Anglo-Chilean Consol. Nitrate Corp.
-Orders.
The corporation has placed several substantial orders for electrical
equipment for the new nitrate plant of the Lautaro Nitrate Co. a subsidiary, it was announced on May 26. Chief among these contracts was one
with the International General Electric Co. for 26 combination trolley
and storage battery locomotives for use in the haulage of nitrate ore from
the pampas to the reduction plant. Included also was one with the same
company for three industrial combination gas, electric and trolley locomotives, and two with Westinghouse Electric & Mfg. Co.for motors and starting equipment required in connection with driving the conveyors and
screening equipment of the rock crushing plant of the new °Heine. A
schedule of distribution transformers and other electrical parts for use in
the power and light lines of the new Lautaro plant was also ordered from
Westinghouse.
-V. 130, p. 3716.
$317,413
29,659.
Consolidated deficitfrom operations
$347,072
surpl.of Compania Mexicans,de Aviacion,S.A.,at acquis-59.235
Deficit. Dec. 31 1929
8287,837
Consolidated Balance Sheet Dec. 31 1929.
AssetsLiabilities
Cash
$750,515 Accounts payable
$ 246,084
Accounts receivable
592,567 Capital stock
66,704,183
Dep.as sec. for pert. of contr.._ 201,616 Deficit
287,837
Materials & supplies300,671
Prepaid & deferred charges_ __ 184,032
Invest,in assoc. companies_ _ _ 500,001
Construction materials49,139
Airports, bldga.& equipment-_ n3,379,618
Adv.on acct, of addle. equip__
85,200
Good will, organization, extension & development
619,051
Total
$6,662,410
a After reserve for depredation of $898,801. b Represented by 321,027
no par shares.
-V. 129, p. 478.
American Solvents & Chemical Corp.
-Registrar.
---
$243,991
$291,419
25,994
Net loss for year ended Dec. 31 1929
Deficit
-Dec.31 1928
Total
$756,918
Balance Sheet Dec. 31 1929.
AssetsLiabilities
Investments
$7,918,304 Workmen's comp,and liability
Mtge,loans on real estate__
$2,712,424
60,000
legal loss reserve
Cash
292,102 Ree've for losses and claims
Premiums not over 90 days
other than workmen's corndue(net)
57.441
35,628
pensation and liability
Aocrued interest
62,358 Unearned premium reserve_ _ 788,572
Reserve for taxes, reins.. &c__ 220.000
Voluntary catastrophe reserve 500.000
1,000,000
Capital stock
Total (each side)
$8,368,392 Surplus
3,089,956
-V. 130. p. 1118.
$270,447
$418,017
126,598
Net loss
Other charges,incl. amort.ofdevelopment expenses
American Re-Insurance Co.
-Earnings.
-
$439,209
30.446
The stockholders have been notified of a special meeting to be held on
June 3 to vote on the advisability of dissolving the company. On May 5,
the stockholders accepted the offer of North American Aviation, Inc. to
exchange 100.000 shares of its capital stock for all the property, assets and
good will of Aviation Corp. of California. The exchange is to be made on a
share for share basis. Upon dissolution of Aviation Corp. of California, its
stockholders will be entitled to receive one share of the common capital
stock of North American Aviation, Inc. for each share of the capital stock
of the California company.
See also North American Aviation, Inc., below.
Balance Sheet April 7 1930.
Liabilities
Assets
Accounts payable
$3,666
Investments at cost (market
$1,857,776 Accrued taxes payable
1,479
value$1,407,778.50)
Treasury stock at cost(700 abs.)
6,072 Capital stock (100,000 shs.)-- 500,000
1,618,078
Demand loans
243,051 Initial surplus
Cash
4,914
19,458 Earned surplus
Accrued and prepaid taxes_ 1,780
Total
12.128,137
$2,128,137 Total
Investments in Stocks at Market Value May 10 1930.
Shares.
Name of Stock.
Market Value.
500 Airport Development & Construction Co., common_ --$2,500
3,4998 Aviation Corp. of Delaware, common
27,123
500 Aviation Corp. of the Americas, common
20,937
2,500 Aviation Credit Corp
38,437
1.100 Aviation Securities Corp. of Illinois. common
16,775 ,
1,980 Benciix Aviation Corp
81,180
600 Claude Neon Electrical Products Corp., common
24,600
1,000 Curtiss-Reid Aircraft Co.. Ltd., preferred w. w
7.000
2,500 Curtiss-Wright Corp."A"
37,500
17.400 Curtiss-Wright Corp., common
200.100
6.004 Douglas Aircraft Co., common
117.078
5,000 Fairey Aviation, Ltd., American deposit receipts
17.300
500 Fokker Aircraft Corp
13,438
5.000 Intercontinent Aviation, Inc., common
50,000
1,100 Irving Air Chute Co., Inc., common
23,100
1,000 St. Louis Aviation Corp., common
10.000
45,000
4,500 Transcontinental Air Transport. Inc., common
337,500
15.000 Varney Air Lines common
84,000
3.500 National Air Transport, Inc., common
13.900
200 United Aircraft & Transport Corp
Anglo-Oriental Mining Corp., Ltd.
-Final Dividend.
The corporation has declared a final dividend of 5% for the year ended
Feb. 28, as compared with a 15% dividend last year.
-V.130. P. 3718.
-Earnings.
Art Metal Works, Inc.
Calendar YearsOperating income
Other income
1929.
1928.
x$1,046,051 x$1,239.957
60,213
31,801
1927.
$459,180
24,415
1926.
$140.860
43,399
Totalincome
Depreciation
Federal taxes
Miscell. deductions
$1,106,264 $1,262,758
See x.-107,409
139.496
72.486
83,020
$483,595
34,435
54,179
35,332
$184,259
33,965
13.206
25,769
8926,368 $1.040,241
$111,319
$359,649
Net income
After depredation.
is equivalent to $4.10 per share on 225,000 shares
Net income of $926,368
common stock outstanding compared with $4.62 per share in the same
period in 1928.-V. 130, p. 291.
-Earnings.
Arundel Corp.
-Month-1929.
Period End. April 30- 1930
Net income after chgs..
$234,308
8123,239
deprec.& Fed.taxes
-V.130, p. 2775.
1930-4 Mos.-1929.
$629,822
$444.405
-Earnings.
Associated Quality Canners Ltd.
1930.
$261,382
51,387
16.632
Years Ended Feb. 28Profitfrom operations for year
Provision for deprec. of bldgs., plant & equipm%
Provision for Dominion income tax
Net profit from operation
Dividends paid
Proportion of organization expenses written off_
Balance ofoperating surplus
Capital stock
Previous operating surplus
Capital and surplus Feb. 28
Shares capital stock outstanding (no par)
Earnings per share
-V.128. p. 3687.
_
1929.
$298,637
50,939
19.656
5193,364
120,675
7,247
8228,042
60.000
7,247
$65,442
1,813,500
160,795
$160,795
1,800.000
82,039,736 $1,960,795
80,000
80,600
$2.40
82.85
-New Control.
Atlantic & Pacific International Corp.
Corp. below.
-V. 130. p. 3716.
See United States Shares Financial
-Transfer Agent.
Atlantic Terra Cotta Co.
$3,907.540
4.325,557
Loss from operations
Interest & other income
The premiums written by the company for 1929 amounted to $1,747.459.
as compared with $1,351,702 for 1928. The surplus as of Dec. 31 1929
shows an increase for the year of $1,498,849, of which 81,250,000 was contributed by stockholders on Nov. 19 1929 and $248,849 represents an increase in earned surplus after dividends and the following additions to
reserves and adjustment of securities to market value have been made:
Workmen's compensation and liability legal loss reserve and
reserve for all other losses and claims
$253,363
Unearned premium reserve
240,124
Adjustment of securities to market value
263,430
Balance before depreciation
Barnings Martinez Benicia Ferry_ _ _ _
[VOL. 130.
81,167,469
See also V. 130, p. 3717
.
-1
Bankers National Investing Corp. % Stock Dividend.
The directors have declared the regular quarterly dividend of 25 cents
Per share and 1% in stock on the class A common stock, payable May 25
to holders of record May 15. A like amount was paid on Nov. 25 1929
and on Feb. 25 last.
-V. 130. p. 1280.
-Mite Pipe Line Authorized.-Anoffi-800
Barnsdall Corp.
cial statement says:
The 800
-mile gasoline pipe line which this corporation has had under
contemplation to transport gasoline from its refineries at Okmulgee and
Barnsdall, Okla., to Mikwaukee, Wis., has now been authorized by the
directors for construction. The program involves an expenditure of $8,000.000.
The line will have bulk stations every 58 miles. Gasoline will be drawn
off the line at these points for distribution by trucks and trailers to service
stations, with a radius of 50 mil s on both sides of the line. Capacity of
the line will be 15.000 barrels of gasoline daily, and it will have 19 pumping
stations. Capacity of the line can be increased through construction of
additional pumping stations. Line will be constructed of 6- and 8
-inch
pipe, and besides being one of the first gasoline lines, it will be the longest
line of its kind in the world.
A wholly owned subsidiary will be formed to construct and operate the
line. Funds in the treasury of the Barsndall Corp. will be used for the
-V. 130, p. 3356.
preliminary financing.
-Earnings.La
eas_
rundries, Inc.(& Subs.).
Calendar Yearsy1928.
Net sales
S5 201:4 2 $4:15 :311
3 171 47
:
6 2 279 335
8
0
Operating costs
2,138,415
1,478,089
Collecting,selling & administrative expenses
Operating profit
Other income,less other deductions
$731,533
23,268
8592,927
Total profit
Interest paid
Provision for depreciation
Federal income tax
Divs. on pref. stock of 14th & Illinois Realty Co
Other deductions
$754.800
$242,544
260,102
24,067
4,530
8592,927
8143,213
168,327
30,500
Net profit
Preferred dividends
Class A dividends
$223,558
103,144
163.242
$233,944
102,671
137,782
16.942
Deficit after dividends
842,828
86.509
x Does not include netlearnings of the constitent properties forming Fame
Laundries, Inc., for the period prior to acquisition thereof (Jan. 1 1929 to
April 20 1929), which amounted to $44,696,after adjustment of depreciation
in accordance with the policy of Baxter Laundries, Inc., elimination of
-Listing.
Atlas Stores Corp.
has authorized the listing of 3,894 shares certain non-recurring income, provision for interest on indebtedness inThe New York Stock Exchange official notice of issue( n payment of a curred in the acqution thereof and adjustment of Federal income tax.
on
of common stock (no par value)
- y This does not include net earnings of approximately 832,000 of the
listing applied for 365,741 shares.
stock dividend, making the total
Hennepin Laundry Co., Minneapolis, for a period from Jan. 1 to June 9
V. 130. P. 3543
.
1928, the date
by Baxter Laundries. Inc.
- Consolidated acquired Account.-Surplus: Dec. 30 1928. 319.060; surplus
-Extra Div.
Instrument Co., Ltd.
Surplus
Automatic Musical
of record May 5, arising from the acquisition of Fame Laundries, Inc., based upon appraised
company on May 15 paid to class "A"stockholdersregular quarterly values of the properties,and ofthe laundry trade routes acquired,less financThe
addition to the
an extra dividend of 5 cents per share in
been appointed depositary and transfer
The Chase National Bank has
agent for voting trust certificates for deposited common and preferred stock.
MAY 31 19331
3883
FINANCIAL CHRONICLE
"The rate of dividend is one which the directors believe is conservative
ing costs incidental thereto ($243,510, less expenditures incident to acquisition, $29,029). $214,481. Portion of subscription price of Class B stock and one that can be maintained under existing conditions without disappropriated to surplus, $37.800, total $271,341, less: Deficit as above. turbing the strong financial position of the corporation.
"Our earnings have increased steadily each month of the year thus far.
$42,828, additional Federal taxes paid on Hennepin Laundry appllcable to
the period prior to the acquisition thereof. $341. surplus Dec. 28 1929, For the first four months, the corporation earned the rate of dividend
voted today by an, ample margin. Net profit for this period amounted
$228,171.-V. 130, p. 2033.
to $1,625.748 after all charges including Federal taxes, equal after deducting preferred dividends. to $1.25 a share on the 1,230,721 shares of corn.
Bellanca Aircraft Corp.
-Earnings.
stock outstanding. Our April earnings after all charges amounted to
Earnings for Calendar Year 1929.
$530,719 or 41 cents a share on the outstanding common stock, after
$564,168 deducting preferred dividends.
Net sales of planes
Cost of sales
"The corporation is in, an excellent financial condition with current
x531,141
assets as of April 30 1930, amounting to $19,450,223 of which amount
Gross profit on sales of planes
$33,027 17,016,144 was cash and marketable securities. Current liabilities at
Revenuesfrom passenger transportation (net)
759 April 30 totaled $4,515,865.
"Due to the addition of new customers in the automotive industry and
Total profit
$33,786 to the expansion of its business into other lines, the corporation is enjoying
Selling, administrative & general expense
230,504 relatively, a much larger amount of the total business available in its fields
than during 1929."-V. 130. p. 3546.
Loss before other income, &c.
$196,718
Bridgeport Brass Co.
-Change in Personnel.
Other income
114,815
The resignation of Charles E. Beardsley as President and also director
Net loss
$81,„903 of the company was presented May 27, to the board of directors and was
Allowance for anticipated loss in finished product
27,245 accepted. Ralph E. Day was elected to fill the vacancy in the office of
President and will also retain his title and functions of General Manager.
Loss for year
$109,149 Mr. Day is a director of the company and had held the office of Vicex Includes $20,920 for adjustment to physical inventory values at Dec. President. Prior to joining the company in the early part of 1928 Mr. Day
31 1929.-V. 129, p. 4143.
had been with the American Brags Co. for 22 years, first in Waterbury.
Conn.and later as Manager of their plant at Hastings-on-the-Hudson, N.Y.
Berkshire Fine Spinning Associates, Inc.
-No Div.
- The Bridgeport Brass Co. has shown excellent earnings in the past 2.q
No action was taken on the common dividend due at this time. For years, and in the opinion of the board this showing has been very largely
due to the efforts of Mr. Day.
four quarters, dividends of 75 cents per share had been paid.
William R. Webster, Vice-President, was elected as Chairman of the
The directors have declared the regular quarterly dividend of $1.75 per
share on the preferred stock, payable June 2 to holders of record May 15 board of directors and will retain his title as Vice-President.
The vacancy in the board of directors of the company was filled by the
1930. (Boston "News Bureau")
-V. 130. p. 2776.
election of D. Swing Starring, President of the Wheeler Insulated Wire
Co. of Bridgeport.
B-G Sandwich Shops, Inc.
-Earnings.
The board in addition to Mr. Starring and Mr. Day consists of William
Calendar Years1929.
1928.
R. Webster. Herman W. Steinkraus, Waldo 0. Bryant, Edmund S. Wolfe,
Sales
$3,404.523 $3,192,626 F. Donald Coster of Bridgeport; Burgoyne Hamilton of Southport, F. J.
Expenses
2,949.204 2,795,630 Kingsbury, Jr. of New Haven; Paul D. Hamilton and Rowley W. Phillips
Depreciation, amortization and replacements
170,152
147,788 of Waterbury; F. Kingsbury Bull of Litchfield, George T. Wigmore of
-V. 130, P. 3717.
Net operating profit
$285,167
$249,208 Naugatuck.
General expense
147,308
185,376
-Earnings.
--Brown Co.
Consolidated Earnings Year Ended November 30 1929.
Net income
$137.859
$63,832
Other income
21,412
16,909 Consolidated net earnings after maintenance and renewals, Federal and Dominion income taxes, but before depreciation and
Total income
$159,271
$80,741
depletion and interest
$4,089,300
Interest, taxes. &e
25.984
11,328 Depreciation and depletion
1,594,471
Interest charges
1.178,377
Surplus
$133,287
$69,413
Preferred dividends
41,034
41,034
Net profit
81.316,451
Balance Sheet Nov. 30 1929.
Earnings on common stock (79,484 shares)
$92,253
$28,379
Assets
Liabilities
-V. 130, P. 3357.
$45,190,052 Preferred stock
Plants
$10,000,000
Timberlands
15,746,021 Common stock
20,000,000
Bing & Bing, Inc.
-Earnings.
-Securities of affiliated cos_
295,258 Long-term obligations
863,759
Earnings for Year Ended Dec. 31 1929.
Cash
1,273,528 Bonds
19,160,500
Bing & Bing,Inc.
Accounts and notes receivable 2,868,661 Accounts payable and payroll 1,137,409
& Wholly Owned Partly Owned Inventories
899,819
12,198,599 Accrued interest, taxes, &e
Subs.
Subsidiaries. Prepayments, pulpwood....
69.621
1,030,475 Contingency loans
Profit from operations of prop., manageOther securities
89,202 Reserves
22,588,357
ment & construction fees, etc
$2,533,528
$545,977 Duefrom affiliated companies
3,765 Surplus
8,684,773
Profit from sale of properties & stocks
1,010,614
870,019 Prepayments,insurance,taxes
and interest
428,017
Total profit
$3.544,142
$1,415,996 Suspense
$81,404,239
2,280,660 Total
Deprec. of prop. & amortiz. of leaseholds
982,035
269,346 -V.130. P. 1833.
Prov. for Fed, income taxes pay, by sub.
that may not make a consolidated return
140,661
BrownShoe Co., Inc.
-Semi
-Annual Report.
Proportionate share of earns, of partly
6 Mos. End. Apr. 30- 1930.
1929.
1928.
1927.
owned sub, apportioned to outside stock
Net sales
$14,045,976 $15,830,887 $15,554,899 $14,483.789
interests
440,772 Exp.., deprec.,int., &c- 13,378,705 15,188,218 14,892,002 13,776,996
Federal taxes
69,000
82,000
106,000
105.000
Net income
$2,562,108
$565.217
Total income including sub, and affil. cos
Expenses of Bing & Bing, Inc.:
Salaries & general expenses
Interest, other than interest on deb. bonds
$3,127,325
468,707
356,958
Net proft avail, for bond interest, amortiz. of bond disc. & Fed.
inc. taxes, pay. by Bing & Bing, Inc. and wholly owned subs-$2,301,659
Int. on deb. bonds,incl. amortiz. of bond discount
361,554
Prov. for Fed,income taxes, pay. by Bing & Bing,Inc.,& wholly
owned subs
170,809
Net profit for year 1929
$1.769,297
Earnings for 3 Months Ended larch 31.
[Including Subsidiary and Affiliated Companies.]
1928.
1929.
1930.
1927.
Gross income
$725,847
$739,220 $1,042,459
$635,382
Salaries &office expenses} 402,269 J
108,333
140.424
95,219
Res.for deprec.&amort.
277.079
1 286,119
199,861
Int.& Fed.taxes
111,636
106,928
178,549
Net income
1230,023
$228,799
$437,367
x Before bond interest and Federal taxes.
-V. 130, p. 470.
x$340,302
Bird & Son Inc.
-Earnings.In 1929, earnings on the preferred stock publicly held were $52.06 per
share and $3.10 per share on the common, as compared with $41.16 and
$4.05, respectively in 1928.
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets5
$
Liabilitiess
s
Real estate, mach.
7% lot pref. stock 2,930,600 4,898,700
and equipment-. 7,289,698 7,315,340 Corn.stk.--surp_x13,323,974 12,676,565
Cash, U.S. cert.,
Accounts payable
notes and bonds- 4,197,020 5,618,728
taxes, &o
1,042,600 1,209,666
Notes & accts. rec.. 1,690,152 1,732,017 Reserve for allow_
73,057
30,540
Inventories2,311,289 2,385,955
Invest. in affil.cos. 368,483
299,222
Deferred charges_ 133,591
64,211
Goodwill1,400,000 1,400,000 Total(each side) 17,370,231 18,815,472
X Represented by 400,000 no par shares.
-V. 128, p. 4008.
Earnings for Year Ended Jan. 251930.
Profit and income from all sources
Interest on borrowed money
Depreciation
Provision for Federal income tax
$384.944
77,331
64,849
28,348
Net profit
Prior year's adjustments
Dividends paid on preferred stock
$214.417
1,202
71,734
Balance available for common stock
Earned surplus Jan. 26 1929
$141.481
318.708
Earned surplus Jan. 25 1930
Earnings per share on 100,000 shares common stock (no par)
-V. 128, p. 3803.
$460,188
$1.42
The directors on May 23 declared a quarterly dividend of 75 cents a
share on the common stock placing the issue on an annual dividend basis
of $3 a share as compared with the previous $4 annual rate. There was
also declared the regular quarterly dividend of $1.75 per share on the pref.
stock. Both dividends are payable July 1 to holders of record June 16.
President 0. S. Davis explained the action of the directors in the following statement issued after the meeting:
$598,271
137,630
378,000
$560,668
143,334
315,000
$556.897
148,127
315,000
$601,793
156,086
252,000
Surplus
Earns, per oh.on 252,000
ohs. com.stk.(no par)
$82,641
$102,334
193.770
1193,707
$1.83
$1.65
$1.77
$1.62
Balance Sheet April 30.
1930.
1929.
1930.
1929.
Assets-$
LiabilfliesS
s
$
Land, bldgs., &c._a2,878,011 2,696,602 Pref.stock
3,873,100 4,041,200
Lasts,less deprec-_
1
1 Common stock-_ _ _13,433,635
1119 .licenses, &c__
.
1
1 Com.stk.& surp10,416,075
Good-will, trade
Notes payable__ 1,450,000 1,200,000
1
1 Accts. pay.& ac-_ 1,246,316 1,640,843
name, &c
Other assets745,661
711,468 Res. for taxes &
Cash
723,887
678,362
contingencies__
69,000
797,000
Accts.receivable 6,949,459 7,186,690 Earned eurplus_ _ _ 8,087,061
Prepaid charges-. _
31,618
39,958
Inventories6,830,473 6,782,033
Tot.(ea.side)- -18,159,112 18,095,118
a After allowance for depreciation. x Common stock and surplus
represented by 252,000 shares, without par value.
-V. 129. p. 3796.
Brunswick Terminal & Railway Securities Co.
Balance Sheet March 31.
AssetsLiabilities1930.
1930.
1929.
1929.
Real estate, Impts.
Notes payable_ ___ $300,000
&c
$1.471,640 51,488,822 Capital stock
13,334,003194,204,205
512,072f
2,451,476 1,140,515 Surplus
Investments
Cash
730.487
104,355
844,381
Tot.(each side)_$4,146,075 $4,204,205
Accts. & notes rec. 108,604
x Represented by 131.951 no par shares.
-V.130, p.3717.
Bunker Hill & Sullivan Mining & Concentrating Co.
-Usual Extra Dividend.
The directors have declared the usual extra dividend of 25c. a share,
and the regular monthly dividend of 25c. a share, both payable June 5
to holders of record May 22. Like amounts were paid on May 5.-V.130.
P. 3546.
-Earnings.
-Bunte Bros., Chicago.
Blum's Inc.
-Earnings.
-
-Dividend Decreased.
Borg-Warner Corp.
Net income
Preferred dividends----Common dividends
Calendar YearsNet sales
Other income
1929.
1928.
1927.
1926.
$6.924,202 $6,803,486 56.361,233 $6,872,602
35.671
35,200
30,110
30.186
Total income
Cost of goods sold, &c
Federal taxes
$6,959,873 $6,838.686 16,391,343 $6,902,788
6.398,900 6,231.681
5,962,762 6,470.953
60,278
72,860
59,218
58,830
Net income
Preferred dividends
Common dividends
Balance, surplus
Prey. surP. (adjusted)
$500,694
37.245
150,000
$534,145
50,563
100,000
$369,363
54,525
50,000
$373,005
61,020
$313.449
3,982,231
$383,582
3,598,649
$264,838
3,315,828
$311,985
3,001,903
$4,295,680 $3,982,231 43,580.666 $3,313,887
P. & L. surplus
100,000
100,000
100,000
100,000
Shs.com.outst (par$10) _
$4.63
$4.83
$3.15
$3.11
Earns. per sh. on com
x Of which $138,900 appropriated for retirement of preferred capital
stock.
-V. 129, P. 479.
-New Store.
Butler Brothers, Chicago.
Plans for one of the largest and finest unit in the entire chain of Scott
Stores, a subsidiary, were made known on May 24 in the closing of a 20
year lease for the building at 9118-9120 Commercial Ave., Chicago, located
in the heart of the busy Calumet shopping district.
3884
[VOL. 130.
FINANCIAL CHRONICLE
"This store will surpass considerably any of our other stores in Chicago
Consol. Earnings for Year Ended March 31 1930.
for size," said H. J. Shaffer, operating manager of Scott Stores. "We also Gross profit from operations
$1,062,968
believe that when all the new fixtures have been installed and the decora- Selling, general and administrative expenses
594,376
tions completed, it will be one of the finest stores of this type in Chicago." Advertising expenses
205,519
The property to be used for this latest Scott Store has been occupied by Extraordinary expenses
366,609
F. W. 1Voolworth & Co.
Complete alterations estimated to cost $40,000 are being started at
Net loss for year
$97,535
once, and the new store will be opened about Sept. 1, it was announced. -V. 130, p. 3358.
The total rental over the 20
-year period will be $390,000.-V. 130, P. 2213.
Offered.-Huszagh,
Burmeister & Wain, Ltd.
-Earnings.
1929.
10,466,075
3,453,109
1928.
9,822,574
3,733,115
Net income
Previous surplus
7,012,966
x124,706
6,089,459
75,804
Total surplus
Reserve and renewal account
Dividends
Other expenses
7,137,672
4,000,000
2,500,000
202,136
6,165,263
3,700,000
1,840,000
192,000
Calendar Years (In Kroner)Total income
Total expenses
Profit and loss surplus
435,533
x After deducting taxes of 308,555 Kronen.
-V. 129, p. 2861.
433,263
-Acquisition.
(H. M.) Byllesby & Co.
See Western Continental Utilities, Inc. under "Public Utilities" above.
-V.130, p.3166.
-Earnings.
Canada Paving & Supply Corp.
Earnings for 14 Months Ended Jan. 31 1930.
Profit from operations for year ended Jan. 31
Provision for depreciation
$511,379
200,000
Profit for year ended Jan. 31 before taxes
Excess of expenses over income for months Dec. 1928 and
Jan. 1929
Loss on sale of equipment
Option deposit written-off
Provision for Dominion tax
$311.379
Net profit for period
7% preferred dividends
$207,717
140,000
Balance, Jan. 31
-V. 129, p. 2232.
46,882
16,780
20,000
20,000
$67,716
Canadian Canners, Ltd.
-Larger Dividends.
The directors have declared a quarterly dividend of 25c. per share on
the convertible pref. stock (no par value), compared with 20c. in previous quarters, and a quarterly dividenda 25c. per share on the no par
common stock compared with 123ic. previously, both payable July 1 to
holders of record June 15. (See also "Scheme of Arrangement" given in the
"Chronicle" of Nov.26 1927, page 2941).
-Earnings.
Canadian Cottons, Ltd.
Years End.Mar.31- 1929-30.
1928-29.
1927-28.
1926-27.
$7,819,163 $9,129.943 $9,071,970 $9,015,580
Sales
Inventory of cloth (net)_ Dr285,077 Cr132,104 Cr540,479 deb635,697
$7,534,086 $9,262,047 $9,612,449 $8,379,883
Total
Mfg.coet.,depr.,ta.xes,&c. 7,458.511
9,006,101
9.185,569 7,850,645
Net profits
Other income
Total income
Bond interest
Bad debts, &c
$75,574
135,570
$255,946
142.809
$426,879
174,240
$529,238
92,468
$211,144
139.472
13,958
$398.755
143.716
14.130
$601,119
145,651
6,155
$621,706
148,325
8,681
Chicago Realty Shares, Inc.
-Stock
Musson & Co., Chicago, are offering 30,000 units, each
unit consisting of one share $2.40 cony. pref. stock, and one
share common stock.
Convertible Preferred Stock.-Preferrd as to assets in liquidation up to $40
per share if such liquidation be involuntary and $45 per share if such
liquidation be voluntary; entitled to annual dive, at the rate of $2.40 per
share, cum. from date of issuance and payable Q.
-J. Red, all or part at
$45 per share on 30 days' notice. Transfer agent, Foreman-State Trust &
Savings Bank, Chicago. Registrar, Central -Trus.t Co. of Illinois,Chicago
Convertible.
-Each share of convertible preferred stock will be convertible
into one share of com, stock with adjustment of cash dive. The certificate
of incorporation contains provisions relating to the protection of the conversion privilege against dllution. The conversion privilege on pref. s ock
called for redemption will remain in force up to and including the fifth day
before the date set for redemption. The convertible pref. stock will have
voting power only when, during a period of two years, the corporation shall
be in default in the payment in the aggregate of two quarterly dividends,in
which event they will have equal voting power with the common stock,
namely, one vote per share until all dividends in arrears have been paid.
Neither class of stock will have any pre-emptive rights to subscribe to
future issues of stocks or other securities.
Authorized. Outstanding.
Capitalization120,000 shs. 30,000 shs.
Convertible preferred stock (no par)
*480,000 she.
Common stock (no par)
93.800 shs.
* 30,000 shares reserved for conversion of the convertible pref. stock to be
presently outstanding; the remaining 356.200 shares to be issued for such
purposes and on such terms as the board of directors may determine.
The directors have subscribed for 33,800 shares of the common stock for
$202,800. There are no management contracts of any kind and no options
outstanding to purchase additional shares of stock of the corporation.
-Organized in Delaware. Is empowered by its charter to buy,
Business.
sell, and trade in securities of any kind, to participate in underwritings and
syndicates, and to engage in such other investment activities as its board of
directors may determine.
The corporation will receive from the sale of the convertible pref. and
corn, stock to be outstanding upon completion of this financing, after
deducting all underwriting expenses, $1.462,800 net in cash.
The assets of the corporation,as reflected in the initial balance sheet of the
company, consists of stock subscriptions in the amount of $202,800. Company has no liabilities other than 33,800 shares of corn, stock subscribed
for by the board of directors.
Management.
-The following board of directors will supervise the investment policies and business of the corporation.
Milton S. Plotke, Pres.; R. Le Roy Huszagh, Chairman; A. D. Plarnondon, Pres., Plamondon, Gabriel Co.; William E. Cooper, Treas.; Elbert
Gary Sutcliffe, Dawes & Co.,Inc.; J. R.Cardwell,Pres., Cardwell Westinghouse Co.; Jerome P. Bowes Jr., Pres., Bowes & Co., Inc.; Geo. W. Bay,
Vice-Pres.; J. H. Musson, Partner, Huszagh, Musson & Co.; Charles B.
Fletcher, Dawes & Co., Inc.; William G. Lodwick, Schuyler, Weinfeld &
Parker.
Balance Sheet(Upon Completion of this Financing).
Liabilities$1,200,000
$1,462,800 Preferred stock
Cash
502,800
Def,chgs.(undervrr. chgs.) 240,000 Common stock
Total
$1.702,800
Total
$1,702,800
-Affiliation.
Cleveland-Cliffs Iron Co.
An affiliation of this company and Ogle ay Norton & Co., both among
Net income
S57.714
$240,909
$449,313
$464.701 the largest owners and operators of iron ore mines in the Great Lakes region,
Preferred div. (6%)
219,690
219,690
219,690
219.690 has been arranged by interests associated with the Cliffs Corp. The
Common dividend--(6%)162.930(8%)217,240(8%)217,240(8%)217.240 initiative in this concentration was taken by W. G. Mather President of
interlocking of interests brings the Republic Steel Corp.
the
Surplus
$27,770 intolatter. Their thus giving a wider base in raw materials to the third
def$324,906 def$196,021
$12,383
this grouping,
Profit & loss surplus
$2,229,019 $2,553,925 *2,749,946 $2,737.563 largest steel company in the United States.
Shs,corn. out,(par $100)
27,155
27,155
27.155
27,155
The activities of Cleveland-Cliffs and Oglebay, Norton & Co. suppleEarns, per share on corn..
Nil
$9.02 ment each other because the former is predominantly a mine owning com$0.78
$8.46
-V.130, p. 2033.
pany while the latter has gone in more for mine management and supervision. Together they make one of the three largest ore mining and
Cannon Mills Co.(& Subs.).
-Earnings.
Operating groups in the country. The Oglebay, Norton fleet of 10 ore
Earnings for Year Ended December 31 1929.
boats will be added to the 24 operated by Cleveland-Cliffs, together making
$29,395,381 the third largest ore-carrying fleet on the Great Lakes.
Net sales
23.702,872
Cost of goods sold
Each of the two companies has invested in the securities of the other
through an exchange of shares. The companies concerned explain that
$5,692,509 the transaction is an affiliation rather than a merger. No change has
Gross profit from sales
1.068,712 been made in officers or directors.
Income from commissions
The Cliffs Corp., which ()WM virtually all of the equity of the Cleveland$6.761,221 Cliffs Iron Co., a short time ago acquired control of the Corrigan McKinney
Gross profit from operations
2,344,771 Steel Co. The Ogiebay, Norton transaction further extends the control
Selling, administrative & general expenses
953,574 by this Middle Western group of their home basic industries.
Provision for depreciation
-V.130.
p.2214.
$3.462,877
Net profitfrom operations
-Extra Disbursement,
Quarries Co.
2.146,216
Cleveland
Other income credits
The directors have declared the regular quarterly dividend of 750. a
$5.609,094 share and an extra dividend of 25c. a share on the common stock, payable
Gross income
1,449,027 June 1 to holders of record May 15. Like amounts were paid on Dec. 1
Income charges
1929, anti on March 1, last.
$4,160,067
Net income for year
Previously the company paid regular quarterly dividends of 50c. Per
-V. 129, p. 3172.
2.799,614 share with an extra of 25c, in each quarter.
Dividends
Net income added to surplus
Surplus at beginning of year
$1,360,453
7,106,365
Gross surplus
Deductions
$8,466,818
17,773
$8,449,045
Surplus at end of year
$4.16
Darns. per share on 1,000,000 shares common stock (no par)_ _ _ _
-V. 129, p. 1916.
-Earnings.
-Carman & Co., Inc.(& Subs.).
-Earnings.
Cleveland Worsted Mills Co.
Earnings for Calendar Year 1929.
Gross income from sales
Interest earned and other income
$560,388
34,391
Total income
Selling, gn.& adminis. expenses & other charge against income_
Interest charges
Maintenance and repairs
Allowance for depreciation
$594.779
519,897
148,289
141,661
463,278
Calendar YearsNet sales
Cost of sales
1929.
1928.
Net loss
$5,181,105 $4,993,350
3,922,060 3,829,786 -V. 129, p. 1446.
Gross profits on sales
Commissions on soap sales.&c
$1,259,044 $1,163,564
76,600
67.694
Gross profits on sales and commissions
Selling,general and administrative expenses
Int. paid and miscell.Inc.and deduc.(net)
Provision for Federalincome taxes
Net prof.ofsub cos. prior to acquisition
$1,335,644 $1,231,258
939,645
867,899
27,805
14,715
42,263
40,409
96,990
fr Net profits
Previous surplus
$325,931
93,905
$211,243
215,477
Total surplus
Divs,of parent co. pr.to recap.on May 31 1928..
Cl. A & cl. B diva
Exp.in connections with recapitalization,&c transBal. in surp . acct, as of date of recapital.
ferred to cl. A & B cap.stock acct
Direct surplus items
$419,836
$426.721
57,211
64,633
20.937
-Dec.31
Earned surplus
Earnings per share on 72,500 shs. class B stock--130, p. 139.
-V.
$168 210
$.03
251,156
190,035
469
$93 905
$.09
-Capitalization Increased.
Manufacturing Co.
CeCo
The stockholders on May 10 increased the authorized capital stock to
150,000 shares from 100.000 shares.
E. T. Mahris, M. F. Mautner, and F. W. Tillinghast have been elected
directors.
$678,347
-New Co. Formed.
Columbia Oil & Gasoline Corp.
The Columbia Gas Corp. has been incorporated in Delaware by the Standard 011 Co. of New Jersey interests for the purpose of acquiring on a share
exchange basis voting trust certificates for common stock of the Columbia
011 & Gasoline Corp. The latter was formed recently by the Columbia
Gas & Electric Corp (V. 130. p. 2577) as part of the segregation of its oil
and public utility interest, it is understood. Formation of the company
was to facilitate the acquisition of its properties by the Standard Oil Co.
of New Jersey. which is expected to make its offer shortly. The United
Corp. recently acquired a substantial minority interest in the Columbia
Gas & Electric Corp., which, after severance of its oil properties, will be
exclusively an electric power and gas concern.
The exchange offer by the Standard Oil Co. of New Jersey will be made
before the distribution of voting trust certificates to the Columbia Gas &
Electric Corp. holders on June 30. Holders of record May 23 are eligible
to receive the certificates. The Columbia Gas & Electric Corp. announced
the formation of the Columbia Oil & Gasoline Corp. on April 4. Stock
and indebtedness held by the Columbia Gas & Electrical Corp. in its
petroleum subsidiaries was transferred to the new company. It was decided that the common stock of the new company should 130 placed in a
voting trust of 10 years' duration, certificates for which are being distributed to present common stockholders of the Columbia Gas & Electric
In the ratio of one voting trust certificate for each five common shares held.
-V. 130, D. 2587.
-Stock Increased.
Continental
-Diamond Fibre Co.
The stockholders on May 12 approved an increase in the authorized
-V.130,
capital stock (no par value)from 480.000 shares to 700,000 shares.
p. 3360.
MAT 811930.]
FINANCIAL CHRONICLE
-Notes Called:
Consolidated Publishers, Inc.
redemption 2320,000 of
have
Lehman Bros., as fiscal agents,notes called forand int., the remaining
10114
3885
-Reduces Prices.
Du Pont Cellophane Co., Inc.
The company on May 23 announced a series of three further substantial
reductions in the price of regular Cellophane, effective on May 26, Aug. 1
at
-year gold
by the Increased produc4
63 % sinking fund 10
fund requirements for 1930 having and Oct. 1. These reductions are made possible
150,000 of notes to complete sinking
tion facilities available on these dates at new plants now under process of
-V. 128. p. 3519.
been purchased in the open market.
anticipated adoption of Cellophane on
construction. They are based on
certain types of products on which its use was heretofore impossible,at
-Receivership.
Cornstalks Products Co., Inc.
existing higher prices.
17,
Federal Judge Walter 0. Lindley at Danville, Ill.. May this appointed
This makes 11 price reductions on Cellophane since its domestic manucompany.
Clint0.Tilton of Danville as receivers for
F. E. Butcher and
facture was started by the du Pont organization six years ago. The new
and the
The appointments were made with the consent of the company conserve figures reflecting these reductions are only 25% of the original prim
action is described as a friendly receivership in equity designed to
On Moisture proof Cellophane, announcement was also made that hi-V. 129. p. 628.
the assets for a short period pending a reorganization.
creased production would be available in the near future and that prices
would be reduced as rapidly as conditions of manufacture Derntitied.-New Director.
Crosley Radio Corp.
V. 130, p. 3168.
J. A. Barnard of Dominick & Dominick, has been elected a director,
succeeding F. Wilder Bellamy.-V. 129. p. 4144.
-New Directors, &e.
Eaton Axle & Spring Co.
-V. 130, P• 3548.
See Wilcox-Rich Corp. below.
-Earnings.
Curtiss-Wright Corp.
The company reports for the quarter ended March 31 1930, a net loss
Edison Brothers Stores, Inc.(& Subs.).-Eavnings.of $1,620,920 after deduction of $641.758 for depreciation and various
Earnings for Year Ended Jan. 31 1930.
reserve accounts.
The major part of the loss is attributable to flying activities during the Net profit for year for deprec. to the basis established by the 1230.223
at a very low ebb. Adjust, of reserves
time of the year at which such activities are normally
1,926
department of Internal revenue
A substantial part is due to the marking down of the sale price of airplanes.
-V. 130, P. 3168.
*232,149
Net income
258.905
-Reduces Capital Stock.
Consolidated surplus, Jan. 31 1929
Darby Petroleum Corp.
The stockholders on May 26 voted to change the authorized capital stock
2491,054
Total surplus
from 1.250.000 shares to 750,000 shares of no par value and approved the
36.196
Issuance of the new stock at the rate of one share of new for each two shares Preferred dividends
52,010
of old stock outstanding. This will provide approximately 240,000 of Common dividends
treasury stock which will be available to use in further expansion. At Provision for pref. stock dividends from Dec. 15 1929 to
Jan. 311930$.503
present the company has outstanding 1,019,392 shares of which approxl-V. 130, p. 3361, Common stock div. declared Sept. 6 1929, payable during Aprfi
matley one-third is owned by the Tide Water Oil Co.
55,000
and July 1930
3719.
3340.986
-Notes
Consolidated surplus, Jan. 31 1930
Daughters of Charity of St. Vincent De Paul.
shares common stock outOffered.-Meroanee-Commerce Co., St. Louis, is offering Earnings per share on 110.000
$1.70
standing (no par)
$800,000 1st mtge. real estate 5% serial gold notes at par -V. 130, p. 3362.
and interest.
Notes are dated Orb. 2,5 1929 and mature serially to Nov. 1939. Mercantile-Commerce Bank & Trust Co., St. Louis, Mo., trustee.
These
tes are the direct obligation of the Daughters of Charity of
St. Vincent de Paul, a religious corporation, of St. Louis. Mo., and are
secured by a ,kat deed of trust on the new De Paul Hospital and hospital
grounds situated in the 0 ty of St. Louts, Mo. The land consists of a
tract of approximately 4;4 acres with a froutage along the Boulevard of
312 feet by a depth of approximately 520 feet along both Wabada and
Highland Ayes. The hospital buildings are reinforced concrete construction, designed In brick, stone and tile. The main building is 7 and 8
stories in height, with the set-back feature of the present-day type of
-story and basement employees'
-story chapel, a 3
architecture. A 2
quarters, and Convent of 4 stories and basement accommodating 50
Sisters, kitchen and service building and a separate 2-story laundry and
power room comprise the remainder of the hospital group. Land and
buildings are valued In excess of $2,500,000. The maximum bed capacity
Is 350, the present accommodations being for about 250 patients, most of
whom will be cared for in private rooms.
De Paul Hospital is one of the 23 general hospitals conducted by the
Community of Sisters known as Daughters of Charity of St. Vincent de Paul
In the Western Province. These hospitals rendered service during the year
1929 to 116,832 patients, and are located, besides the other institutions
under their care,in the Archdioceses of Chicago, Milwaukee, New Orleans,
St. Louis and San Francisco and in 18 other Dioceses in the 'United States.
-New Officer-NetSales.Detroit Aircraft Corp.
-Earnings.
Edwards Manufacturing Co.
Earnings for Year Ended Dec. 28 1929.
Gross income
Maintenance charges
Depreciation
$228,413
55,337
51,926
$121,183
Balance Sheet December 28.
1928.
1929.
LttOtittles1928.
1929.
Assets$89,198 Notes payable- - _ _ $900.000 3900.000
$128,416
Cash
2.5,992
579,556 Accounts payable_ 198,511
Accounts receivle_ 531,268
3,100
10.817
987,841 Accrued expenses_
1,251,041
Inventories
28,935
6,000
2,325 Res. Federal taxes
2,825
Investments
1,513,473 1.392.290
1,788,853 1,718,281 Surplus
Plant
71,318 Capital stock
1,100,000 1 100.000
.
57,398
Prepaid expensesTotal
$3.737.801 $3,449,317
$3,737,801 93,448,317
Total
. 1 6.
Net income
-Defers Pref Dividend.
Eitingon-Schild Co., Inc.
The directors on May 28 decided to defer the current quarterly dividend
because of
on the 634% cum. cony. 1st pref. stock. This action was taken so far this
the present uncertain condition of business although earnings 1st pref.
year have been in excess of the dividend requirements on the
stock.
-V. 130, p. 2588.
-Earnings.
Electric Ferries, Inc.
Preklent Edward S. Evans, announces the election by the board of
1927.
1928.
1929.
Calendar Yearsdirectors of A. D. Madge as Secretary and Treasurer. Mr. Madge was
1,230,730
1,037,724
1,346,730
formerly with Arthur Henderson & Co., New York. and prior to that Total vehicles
$595.068
$674,228
$513.894
was Auditor of Montgomery Ward & Co.. Secretary-Treasurer of Motor Gross income
393,455
387,052
405,002
Rim & Wheel Corp., and has been identified with companies controlled Operating expense
by the General Motors Corp.
3201,603
$269,226
$126.842
income
Manager, has announced the sale of 30
Net
Karl S. Betts, General Sales
101,228
93,892
85,489
airplanes, of all types, in the 30 day period from April 15 to May 15. Bond interest
The net sales amounted to $195,048 and gross sales to 2249,800.
Lockheeds,4 Parks. 2 East*100.375
232,940
$183,736
Balance to surplus account
"The report includes the sale of 10 Ryans, 5
man Boats, and 9 Gliders" Mr. Betts stated. "Only orders actually taken -V.129, p.2393.
In this period are listed and not deliveries made on orders placed previous
--Earnings.
Electric Shareholdings Corp.
to April 15. All but 9 of the ships have been delivered. It has been necessary to establish greatly increased production schedules in both Detroit
Earnings for 12 Months Ended March 31 1930.
-V.130, p. 2588.
and Lockheed plants to meet delivery dates."
42.391.427
Stock dividends (valued as stated below)
1,171.556
Cash dividends and interest received
-Last Tube Sunk.
Detroit & Canada Tunnel Co.
123,183,605
Tunnel was sunk and Profits realized on sale ofsecurities(net)
The ninth and last tube of the Detroit and Canada
connected on May 21, according to Eugene Klapp of Parsons, Klapp.
$6.746,587
Total income
Brinckerhoff & Douglas of New York, tunnel engineers. Pouring of con875,n8
and interest
crete on the outside and around the two remaining joints began on May 22. Expenses, taxes
The Canadian shield apparatus Is now 200 feet from the last tube. Junc$5,871,299
Net income for period
in about five weeks. It is
tion of the shield and tube should be made
c564,055
-V.129, p. 2689. Dividends paid on preferred stock (net)
planned to have the tunnel open for traffic late in the fall.
$5.307,244
Balance applicable to common stock
-Record Sales.
Detroit Electric Co.
a Stock dividends received during the nine months ended Dec. 31 1929,
Total sales in 1929 were the greatest in the company's history, amounting
to $3,514.708 compared with 22,416,133 in 1928 and $1,178.618 in 1927. are reflected in income at Dec. 31 1929, market prices and those received
during 1930 at market prices following record dates.
V. 130. p. 3548.
b A reserve of $1,916,204 applied toward the reduction of book value of
-Merger.
Dewey & Almy Chemical Co.
investments to market prices as of Dec. 31 1929, was deducted from inThe stockholders have voted to increase the authorized class A stock come realized in 1929.
c Represents dividends on preferred stock paid in cash and for) corn.
from 37,600 shares to 40.156 shares and the class A preferred stock from
9.000 to 17,200 shares. The proceeds will be used to acquire the Multi- stock. The maximum net cash option requirement would have amounted to
31158,013.
bestos Co.
In addition to net income realized and carried to surplus during the
The plan provides that Multlbestos stockholders will receive one share
of the class A pref. stock of Dewey & Almy and 187 in cash, phut an adjust- quarter ended March 31, last, the corporation has benefited during such
ment dividend of $2.35 for each two preferred shares of Multibeetos held. quarter from appreciation of over $12,800,000 In the value of its net assets,
Multibestos common stockholders will receive $20 in cash for each common based on market quotations on March 31 1930. As of March 31 1930, the
capitalization of the corporation consisted of 195,500 shares of $6 pref.
-V. 129. p. 1130.
share held.
-17. 130.
stock optional div. series and 1,499,456 shares of corn. stock.
-Earnings.
Dictaphone Corp.(& Subs.).
p. 2589.
1927.
1926.
1928.
Calendar Years1929.
Empire Fire Insurance Co.-Bal. Sheet March 31.$656,387
$753,244
$643,633
$876.389
Profit for year
Ltabtltae,2-1930.
1929.
65,964
1930.
Assets59,315
55,146
Depreciation
63,071
78,322
82,452
81,973
81,849 U.S.Govt.bonds_ 5110,500 9102,312 Res. for unearned
Reserve for Income tax.premiums
$390,011 $192,336
99,500
N. Y. City bonds_ 105.875
594,220 Res. for losses in
$506,638 Other bds. & stks_ 802.258
$512,101
$611,475
Net Income
$728,345
89.725
18,508
54,000
process of adjust
54,000
109,664
106,406
101,290
112,000 1st mtges.(guar.)_
Cash div. on pref.stock_
3,000
42,574
183.504 Res. for taxes, &c_
88,592
187.696
249,742
338,262
93,533 Cash
Cash div. on corn,stock.
144,401 Capital paid up_ _ 400.000
400.000
All other assets...- 124,737
401,228
508,320
Surplus
$214,741
$255.327
Balance,surplus
$288,793
$301.105
464.357
644,262
862,449
200,554
Previous surplus
Total
$1,263,081 $1,157,938
31,263,981 51.157,938
Dr.18,596
Total
exp. written off...
Dr.18,59
Organ.
Approp.for stock ret m 1 Dr.38,031 Dr.49,948 Dr.37,539
Dr.18,707 -V.130, p.294.
Ely & Walker Dry Goods Co., St. Louis.-Aoguis.-$464,357
$622,962
$849,641
31,113.211
Surplus, Dec.31
Acquisition by this company of the Walton N. Moore Dry Goods Co.
Skis. corn. stk. outstand93.533
103,750
114,861
93,533 of San Francisco and the Watts-Ritter Co. of Huntington, W. Va., giving
(no par)
ing
was
annual sales
$4.30
$4.87
$4.29 the combined units anHeadquartersvolume of more than $57,000,000.
Earning.' per share
will remain in St. Louis, it was stated.
announced recently.
-V. 130, p. 1283.
It is generally known the merger is the first step in a plan to develop a
-Balance Sheet Dec. 31.-nation-wide system of wholesale and manufacturing houses with an annual
(Jos.) Dixon Crucible Co.
turnover in excess of *100.000.000.
1928.
1929
1929.
1928.
The assets both of the Walton N. Moore unit and the Watts-Ritter Co.
Ltablittles8
$
Assetstaken over by exchange of common stock of the Ely & Walker
384,248
234,787 Capital stk. outat'g 5,000,000 5,000,000 are being after the outstanding pref. stock of the two aforementioned conCash
company
480,000 Surplus & reserves 3,921,094 3,712,340
380,000
Securities
retired. Transfer of all assets is expected to be consummated
898,428 Reserve for depreo 1,673,128 1,537,387 cerns Is
721,481
Investments
by June 1. Sufficient common stock is held in the trasury of Ely & Walker
888,232
1,044,707
Accts.& bills me
for this purpose.
2,248,855 2.158,855
Real estate
The capital structure of the Ely & Walker company will remain the same
Machy. & equip_ _ 2,209,558 2,143,288
360,000 shares of common stock
amount
Tot.(each side)_10.594,220 10,249,707 except that the full as wellof the present $1,500,000 of 7% authorized
as
Prods. & materials 3,807,570 3,508,181
pref. and
will be outstanding
-V.129. p. 2081.
21,500,000 of 6% pref. stock.
Each of the three companies will continue to be operated under its
-See Viok Chemical present management as heretofore, retaining also the same trade names.
-Consolidation Approved.
Drug, Inc.
All three are non-competing, having trade territories in different sections.
-V. 130, p. 3168.
Co. below.
3886
FINANCIAL CHRONICLE
According to C. M. Lawson, President of the Ely & Walker company,
the San Francisco and Huntington houses have consistent records of
earnings over a long period of years.
-V. 130, p. 472.
Emsco Derrick & Equipment Co.
-Earnings.
-
Calendar YearsEarnings for year
Reserve for Federal taxes
Reserve for contingencies
Interest on funded debt
Depreciation
1928.
1929.
x$1,411,493 $1,772,659
204,932
98,297
64,892
281,747
Netincome
Stock dividends
Cash dividends
$1,129,746 $1,404,538
1,125,000
269,243
580,000
Balance,surplus
Surplus paid in
Previoussurplus
$549,746
1,183,007
Totalsurplus
Adjustments
$10,295
250,000
1,177,407
31,732,753 $1,437,702
Dr.6,078
Profit and loss surplus
She, of corn. stock (no par) outstanding
Earnings per share
x After deducting Federal income tax.
$1,732,753 $1,431,624
y50,000
400,000
$28.09
$2.82
y Par 5100.-V. 129, p.3641.
Enamel & Heating Products, Ltd.
-Earnings.
Earnings for 21 Months Ended Dec. 311929.
Profitfrom operations
Depreciation ofinvestments & fixed assets
Dividends paid
Surplus subject to 1929 income tax
-V. 129, p. 4145.
$139,210
27.000
87.000
$25,210
Eskimo Pie Corp.
-Extends Time of Warrants.
-
By a resolution of the board of directors, the time for exercising warrants
to subscribe to the class "B" common stock has been extended from 5:00
p.m. May 31 1930, to 12 noon of June 14 1930. See also V. 130, p. 3549.
Ex-Cell-0 Aircraft & Tool Corp.
-Earnings.
Earnings for the Year Ended December 311929.
Gross profit
Selling & administrative expenses
Miscellaneous expenses (net)
Provision for Federal income tax
$764,545
254,780
4.395
55,700
Net income
Surplus Dec. 31 1928
$449,670
217,714
Total surplus
Dividends paid
Excess of cost over cap, value of 4,667 shs. of cap. stk, held in
treasury
Surplus Dec. 31 1929
Earns, per share on 195,233 she, cap. stock (no par)
-V. 130, p. 3720.
667,384
118,585
152,160
$396.639
52.30
For... 130.
Foote Bros. Gear & Machine Co.
-Earnings.
-
Calendar YearsNet income after deprec.
& taxes
Preferred dividends_ __ _
Common dividends
Balance, surplus
Earns, per share
Shs, corn. stk. outst.
ar $5)
-V. 130, p. 2781.
1929.
1928.
$612,618
51,392
286,587
5274,639
$2.34
$308,997
52,372
144.000
5112,625
52.14
$252,843
53,594
108,000
591,249
51.66
$224,926
55,125
80,000
$89,801
$1.41
240,000
120,000
120,000
120,000
1927.
1926.
(Edward) Ford Plate Glass Co.
-Consolidation.
-
The stockholders have ratified the merger of the Libbey-Owens Glass Co.
with the Edward Ford Plate Glass Co., and. effective May 28 the company
was known as the Libbey-Owens-Ford Glass Co -V. 130. p. 3363.
Foremost Industries Trustee Shares Corp.
-Offering.
G. McCann Co. are offering Foremost Industries Trustee
Shares, series A, a definitely fixed type investment trust,
each share representing proportionate ownership in the common stocks of the 40 companies listed below.
Dividend coupons payable June 30 and Dec. 31. Foremost Industries
Trust Shares Corp., depositor. Underwriters Trust Co. of New York,
trustee. 2,000 Foremost Industries Trustee Shares are issued by the trustee
against the deposit by depositor of each separate unit or Foremost Group
consisting of 256 shares of corn, stock in the following 40 companies:
She,
Railroads
She.
Industries
4 Atch. Top. & Santa Fe By.(The) 4 American Tobacco Co.
4 Balt.& Ohio RR.Co.(The.)
8 Borden Co. (The)
4 Canadian Pacific Ry. Co.
8 California Packing Corp.
4 Illinois Central RR, Co.
4 E. I. duPont de Nemours
4 N.Y.Cent, RR. Co.(The)
Co., Inc.
4 Northern Pacific By. Co.
4 Eastman Kodak Co.
8 Pennsylvania RR. Co.(The)
8 General Electric Co.
4 Southern Pacific Co.
4 International Harvester Co.
4 Southern Ry. Co.
8 National Biscuit Co.
4 Union Pacific RR. Co.
16 Otis Elevator Co.
Public Utilities
4 United Fruit Co.
4 Amer. Telep. & Teleg. Co.
4 United States Steel Corp.
4 Columbia Gas & Electric Corp.
8 Woolworth (F. W.) Co.
16 Com'wealth & Southern Corp.
Oils and Miscellaneous
4 Consol. Gas Co. of New York
4 Amer. Smelt. & Refining Co.
4 Detroit Edison Co.(The)
8 Atlantic Refining Co.(The)
4 North American Co.(The)
8 Kennecott Copper Corp.
8 Pacific Gas & Electric Co.
8 Prairie Pipe Line Co.(The)
8 Southern California Edison Co.
8 Standard 011 Co.of California
12 United Gas Improvement Co.
8 Standard 011 Co.(New Jersey)
(The)
12 Standard Oil Co.of New York
4 Western Union Teleg. Co.(The) 8 Texas Corp. (The)
Each "Foremost Group" deposited with the trustee is held by the trustee
for the exclusive account and benef t of the respective holders of 2,000
Foremost Industries Trustee, shares. Ownership of the stocks composing
the group is vested solely in the respective holders of Foremost Industries
Trustee Shares in the proportion of their holdings.
Certificates for Foremost Industries Trustee Shares are issued by the
trustee, in denominations of 5-10-25-50-100'500-1000 shares.
Fox Film Corp.
-$30,000,000 Production if Plant Budget.
Federal Discount Corp., Los Angeles.
-Dissolved.
C. Ahlswede
President H. L. Clarke, announced: "Tho corporation will spend about
$25,000,000 on next season's productions and about $5,000,000 in capital
account for additions and improvement to its plant structures. The
laboratories of both the General Theatres Equipment, Inc., and the Fox
Film Corp. are working full blast and in co-operation with ethers on many
devices and processes for better projection. sound, lighting and color. It
is my belief that the industry is entering a now epoch, and one in which
great heights will be attained in quality and in the economic value of its
pictures.'-V. 130. p. 3550.
Federal Theatres Co.
-Initial Preferred Dividend.
directors
Earnings for Year Ended Dec. 31 1929.
Gross profit
Provision for depreciation
$2.371,798
1.089,369
Ferry Cap & Set Screw Co.
-Omits Dividend.
-
Net profit
Preferred dividends
Common dividends
51,282,429
386,364
596.968
Famous Players Canadian Corp., Ltd.
-Plan Operative.
Paramount
See
Publix Corp. below.
-V. 130. p. 2973.
President A.
states that this corporation has been dissolved
and that it is proposed to distribute to preferred shareholders its total
assets, consisting of stock of the Pacific Finance Corp. In 1927 the Federal Discount Corp. Interests were merged with the Merchants Finance
Corp.. which was subsequently acquired by the Pacific Finance Corp.
through an exchange of stock. The stockholders will receive approximately $8 a share for each $10 par value of pref. stock held.
have declared an initial quarterly dividend of $1 per share
The
on the $4 cum. 1st pref. stock, payable June 2 to holders of record May 20.
-V. 130, p. 2400.
The directors have voted to omit the quarterly dividend which ordinarily
would have been payable about July 1. Previously, the company paid
quarterly dividends of 50 cents per share.
-V. 129, p. 482.
(Marshall) Field & Co.
-Initial Common Dividend.
-
The directors have declared an initial quarterly dividend of 623.-i cents
per share on the common stock, no par value, payable June 1 to holders
ofrecord May 15 (see V. 130. P. 1284).-V. 130, p. 3169.
Firemen's Fund Insurance Co.
-Rights.
-
The stockholders of record May 10 are to be offered the right to subscribe on or before June 25 to stock of a new company, Firemen's Fund
Indemnity Co., at $40 a share in the ratio of one share of the Indemnity
company stock for each 73.i shares of Insurance company stock held.
V. 130, p. 3169.
Firestone Tire & Rubber Co. (8c Subs.).
-Earnings.
H. S. Firestone, Pres., makes the following announcement:
Net profit of the company and all subsidiaries for tne six months ending
April 30 1930. after deducting depreciation, interest, Federal taxes and all
other deductions, incl. Liberia development expenaitures, was $2,320,118.
Stt,Mr. Firestone stated that the rubber business is just entering the summer
buying season and that their dealers expect heavy tire buying by the public
which makes the outlook very favorable for the company for next 6 months.
Dealers are placing large orders for the new line of Firestone heavy duty
tires for high-powered and fast cars and the complete new lino of FirestoneAnchor double breaker tires and tubes which will shortly be announced
-V. 129, p. 3972.
to the buying public at low prices.
(H. H.) Franklin Mfg. Co.
-Earnings.
-
Balance surplus
$299,097
Earnings per share on 300.549 she, COM. stock (no par)
$2.46
Consolidated net profit before dividends of company and subsidiaries
amounted to $1,125,828 in 1929, compared with 5555.021 in 1928.
Balance Sheet December 311929.
Liabilities
AssetsLand, buildings. Ace
z$7,673,805 Preferred stock
$5,513,300
Cash
1,265,284 Common stock
x6,112,595
342,207 Loans payable
Marketable securities
3,500,000
Accounts payable
Sight drafts against bills of
2,382,174
2,713,463 Reserve for Federal taxes__
lading
165,000
750,347 Reserve for contingenclea_-_
Accounts and notes reedy32.006
4,622,100 Other liabilities
Inventories
81,081
21,598
Investments
1,361
Stamp, ,tc
3
Patents and good-will
400,988
Total (each side)
Deferred charges
$17,791,156
x Represented by 300,549 no-par shares. z After reserves for depreciation of 56,393,288.-V. 130, p. 1123.
Freeport Texas (Sulphur) Co.
-Board Increased.
-
The directors have been increased to 15 members from 10, by the election of William L. Moody 3rd, P. G. Maercky, Herbert B. Flowers, Lindley C. Morton and E. N. Chilson, as directors,.
-V. 130, P. 2781.
-Earnings.
-Gannett Co. Inc.
(Including Wholly Owned Subsidiaries.]
1929.
Calendar Years1928.
1927.
1926.
Gross revenues
$7,631,747 $4,946,330 $4,795,820 $4,609.044
The directors have declared a quarterly dividend of 50 cents per share, Commissions,rebates, alof record May 21. Previously, the company
payable June 2 to holders
368,971
lowances & discounts_
301,867
323,757
292,018
-V. 128. p. 4164; V. 124, P. 3503.
paid quarterly dividend of $1 per share.
5,766,209 3,755,706 3,894,742
Expenses
3,547,774
105,445
203,532
Depreciation
71,799
70,142
Aircraft Corp. of America.
-To Become HoldFokker
Net
ing Company-To Change Name and Increase Capitalization. Other operating revenue $1,293,035 $783,312 $505.522 $698,211
D r.288
67.725
income
82,204
77.055
At a special meeting of the board of directors, a plan of reorganization
280,310
402,631
301,910
229,240
was approved providing for a change of the name of the corporation to Divs,rec.from contr. cos
General Aviation Corp. and increasing the authorized common stock from
Net profits
$1,763,391 51,063,335
$889,636 51.004,506
1,000,000 shares to 5.000,000 shares, without par value. A stockholders' Interest
x760,604
and amortiz_
x252.432
82,817
87,750
meeting has been called June 18, to take action on the proposal.
N.Y.State franchise tax
48,000
33,918
33,779
31,420
The purpose of the change of name and increase of capital stock is to Federal income
60,900
65,000
tax
79,666
95,930
enable the directors to carry out an expansion program which will make
Fokker primarily a holding company owning stock in subsidiary manufacNet profits
5716,083
3889,786
$693,371
5789,404
turing and operating companues, whose management and activities will Equity of Gannett
Co..
be unified through the control maintained by the parent corporation.
Inc., in
stockholders approve the proposed changes it is expected that the profits of undistributed
If the
3196,678
$363.569
controll. cos
$145,938
$188,425
manufacture and sale of Fokker airplanes will be carried on by a subsidiary
x Includes amortization on bonds.
corporation which will be wholly owned by the General Aviation Corp.
Gannett Co., Inc., acquired as of Jan. 1 1929, 100% of the common
with the General Motors Corp.. which owns 40% of
In conjunction
stock of each of the following corporations: The B. D. E. Corp.. a holding
the issued common stock of the present Fokker corporation, arrangements company owning 100%
of the capital stock of Brooklyn Publishing Co.,
have been made for acquisition of the right to manufacture and sell Dornier which owns
elsewhere.
76.47% of the capital stock of the Brooklyn Daily Eagle, The
Flying Boats in the United States and Co.
Press Co., Inc.,
Albany Evening News and the Knickerof
A now corporation called the Dornter this America was recently organ- bocker Press, Thepublishing the
Ithaca Journal-News, Inc., and Olean Herald, Inc. In
company will also become a
ized in Delaware and it is probable that
new subsidiary addition,
Inc., acquired as of Jan. 1 1929, 51%
wholly owned subsidiary of General Aviation Corp. The Dornier Flying stock of Gannett Co.,Publishing Co., Inc., publishing theof the caiptal
Ogdensburg
Ogdensburg
will employ the services of Mr. Derider, inventor of the
Republican-Journal, and
53% of the common stock of
Boat, and will engage in the manufacture of new types of Dornier Flying Malone Telegram, Inc. on May 23 1929,
Boats, adapted for use in this country.
In connection with the acquisition of the above-mentioned companies
The carrying out of the plan does not involve any exchange of the existing
involved, which was provided
cash expenditure of 52,654,655
shares for new securities. The 4.000.000 additional shares will be issued a earnings and through the sale waspreferred stock to employees. out
of
of
NO
additional properties for which negotiations are now Increase in the
for the acquisition of
funded debt of Gannett Co., Inc., was necessary in this
going on.
-V.130, p. 3721.
-Smaller Dividend.
Florence Stove Co.
-
MAY 31 1930.]
FINANCIAL CHRONICLE
3887
onnection, the outstanding principal amount of its debentures having
;men reduced by $164,000 during the year through the operation of the
-V. 129, p. 1291.
inking fund.
It is also alleged that cancellation of Gainsman's original patent and its
reissue were illegal; that the reissue patent is not for the same alleged invention as the original patent but represents an unlawful expansion of the
original patent in an attempt to cover and embrace similar devices made,
-New Name, &c.
General Aviation Corp.
sold and used by others which, in the meantime, had gone into extensive
See Fokker Aircraft Corp. of America above.
public use. It is also alleged the reissue patent is invalid because there was
undue and unreasonable delay in filing the reissue
answer
General Electric Co.(Allgemeine Elektricitats Gesell- sets forth that AutoStrop can have no valid cause application. TheGillette
of action against
under the reissue patent because of the intervening rights acquired by the
-To Acquire Interest in Utility Co.
schaft), Germany.
between the date of issuance of the
defendant by reason of
Agreement has been concluded between this company and Sachsenwerk original patent and thethe fact that
date of application for the reissue patent, the
Saxon Light & Power Co.), the largest industrial enterprise in Saxony, defendant expended large sums of money in manufacturing safety razors
whereby Poege Electricity Works will be merged with Sachsenwerk and and blades now alleged to infringe on the reissue patent.
A.. E. G. win become a large stockholder in the consolidated company.
The answer closes with a statement that the claims of the reissue patent
rhis will mean a valuable increase in the high-voltage business of A. E. G., are of such limited scope that they are not infringed by any article or
,hereby restoring its supremacy in this line in Germany, according to device which has been made, used or sold by the defendant. Dismissal of
Espatches received from Berlin by W. L. Schoenheimer, New York repro- the bill of complaint is asked.
lentative of Gebrucke Arnold who controls the Sachsenwerk company.
It was indicated that the suit may not come up for trial until early next
It is expected that after the agreement, representatives of the Arnold fall because of the fact that the defendant has 110 days to take deposition.
Troup will join the board of directors of A. E. G. and representatives of ("Wall Street Journal")
-V. 130. p. 2781.
-V.130. p. 1837.
A. E.G. the board of the Sachsenwerk company.
Glidden Co., Cleveland.
-To Vote on Notes.
-Receiver.
General Industrial Bancshares Corp.
The stockholders will vote June 2 on a proposal to issue $8.000,000 of
Robert P. Levis, attorney for the corporation, and for its two officers 5
-year 5 AA % gold notes. See offering in V. 130. p. 3722.
snjoined May 10 from further stock dealings, has been appointed receiver
accordance with an agreement reached in Supreme Court, Brooklyn,
-Earnings.
-Godchaux Sugars Inc.
with Deputy Attorney-General Rackow of State Bureau of Securities.
Years End. June38Year Ended
1929.
Jan. 31 '30.
Stockholders 1Viel Get About 15%.
Period1928.
1927.
$735.102 4875,563
Profit from operations__ $1,617,877 $1.509,552
The following is from the New York "Times," May 28:
y193.050
y303.887
285,729
y202.295
Stockholders who purchased about $307,000 of securities in the General Interest, &c
200,000
200.000
200.000
Industrial Bancshares Corp., 67 Wall St., will receive about 15 cents on Depreciation
he dollar, as the result of a liquidation plan signed May 27 by Supreme Loss on agric. operations
before depreciation..
427.211
ourt Justice Johnston in Brooklyn. The corporation was enjoined May 10
rom the sale of securities on application of Deputy Attorney-General
$1,132.148 $1,005.665
$342.052
Net income
$248.057
Mackey Rackow of the State Bureau of Securities. The liquidation plan
4,191,020 3,619.827 4.010,053 3.833.089
as presented to Justice Johnston by Mr. Rackow and Robert P. Levis, Corn,stock & surplus
eceiver.
$5,323,168 84,625,492 $4.352.105 $4.079.126
Total
The corporation, according to the State Bureau of Securities, is one of
he first of the so-called investment trusts to be enjoined by the Attorney- Add'i res. & sundry surp.
adjust. (prior years)
100,000
73.757
102,509
69,073
eneral's office. It had on its books about 1.500 customers and the bulk
443.584
f the funds were used in the operation of a partial-payment plan, which, Claim agt., U.S. Govt
Lesson prop. abandon_
214,939
ccording to Mr. Rackow, "was nothing more than a bucket shop.'
158.300
Under the liquidation plan the customers who bought stock on the partial Dividends paid
ayment plan will be considered first, if they pay their debit balance, Mr.
Bal. corn, stock & sur. $5,064,868 $4,522.983 $3,619,827 $4,010,053
ockow said yesterday. He said the stockholders will be considered afterward.
x Current year's earnings (other than agricultural in 1927 and 1926),
"It' a customer does not care to pay up the debit balance he may be able after deducting all operating and administrative expenses, general taxes
•o have the account transferred to some broker who will pay it," Mr. and current interest but before depreciation. y Including amortization of
ackow said. "The collateral security will be paid to the customer on bond discount and expense.
ayment of his debit balance, Only such commission charges will be made
Comparative Consolidated Balance Sheet.
is the receiver actually has to Pay.
"If a customer does not want to pay the debit balance he can have the
Jan, 3130. June 30 '29.
Liabliftles- Jan. 31 '30. Juste 10 29.
ASSal-4ntract settled at the market price. Checks which were issued to the Real est., bldgs..
$7 pref. stock-- $3,050,000 11.050.000
equip., &c___a$8,817,345 $8,790,250 Corn. stk. es sur_ 35.064,888 4,522,983
ompany prior to the injunction order signed May 10 will be honored now
1
y the receiver."
Good-will, &c_ 1 First mtge. bds- 2,150,000
2,198,500
354,754
Mr. Rackow said that after the corporation's liabilities were paid. about Cash
386,607 6% notes pay-- 1.300.000 1,500.000
50,000 will remain for distribution among the stockholders. Ile said all Accts.¬es rec 1/993,104 1,477,212 Accts. payable-_
161,539
363,302
!aims should be filed with Mr. Levis, the receiver.
-V. 130, p. 3722.
Sugar & molasses 2,037,146 1,289,693 Drafts & notes
194,955
777,070
Materials & SUM) 223.572
1,070,000
pay
Plant. & grow.
Other notes &
General Laundry Machinery Corp.
-Earnings.
57,902
291,375
crops
accts. pay-__
26.064
Earnings for Year Ended Dec. 31 1929.
2,500
Mtge. notes rec.
3.000 Res.for cording_
73,789
128,321
Irons profit
$1.076,458 Prop.held fr.aide
106,512
9,391
106,512 Accrued accts._
1,233
expenses
elllng
707.797 Utopia. accts. rec
40,000 Antic. Paymt• on
50,000
Administrative expenses
162.821 Investments---27,815
27,815
fund, debt ma
216,872
242,637
Deferred charges
Luring Jan. 2
Operating income
$205.840
300.000
1933
)ther income & profit & loss credits
70.833
$12,897,524 $12,850,067
Total
Total
$12,897,524 $12,850,067
Total income
$276.673
a Includes real estate. $2.100.692, buildings, machinery and equivalent.
)ther charges
67,145
'rovision for depreciation
64,650 less depreciation, $7,906,245, live stock, $138.878, lens reserve for de*rev. for int. on 6h % sinking fund gold debentures
124.080 predation of $1,328.470. b Less reserve for doubtful accounts and discounts. x Represented by 58.000 shares of class A and 70,000 shares of
-V.130, p. 142.
Net profit
$20,798 class B stocks, no par value.
tarns. per shr. on 131,060 shs.cap.stk.(no par)
$0.16
Goldman Sachs Trading Corp.
-New President.
-V. 130, p. 1469.
Walter E. Sachs, of Goldman Sachs & Co., has been elected President to
General Motors Acceptance Corp.
-Debentures Called. succeed Waddill Catchings, effective June 1. The resignation of Mr.
J. P. Morgan & Co., as sinking fund trustees, has notified holders of Catchings as a director has also been accepted.
Sidney J. Weinberg has been elected a Vice-President.
0
-year sinking fund 6% gold debentures, due Feb. 1 1937. that $310,000
-V. 130. p. 2975.
f debentures have been called for redemption August 1 next, at 103%, in
(B. F.) Goodrich Co.
-Operations for 1st Quarter.
rder to complete sinking fund requirements.
President J. D. Tow has issued the following statement regarding the
Holders of such debentures are required to present them for payment at
he office of J. P. Morgan & Co., on August 1, as the interest on the de- company's operations:
"After giving effect to the acquisitions of the Hood and Miller Rubber
>entures so called ceases on and after August 1.-V. 130, p. 1837, 1820.
companies, Goodrich's dollar sales for the first quarter of 1930 exceeded the
General Motors Corp.
-New $5 Series Preferred Stock same period in 1929 in all lines except tires Total domestic sales including
Approved.
-At a special meeting held on May 26, the stock- tires for the first quarter of 1930 exceeded sales for the same period In 1929
by approximately 6%. Foreign sales, without giving any effect to the
iolders authorized the amendment to the certificate of acquisition of the Hood and Miller companies, for the first quarter of 1930,
ncorporation to provide for an issue of preferred stock with- exceeded the same period in 1929 by approximately 4%. Combined sales
of druggust sundries and mechanical goods for the first quarter of 1930
nit par value.
exceeded the same period in 1929 by approximately 16%. Footwear is
The corporation proposes to offer 1,875,366 shares of the 230% in excess of the first quarter of 1929 these including output from the
Hood plant since acquisition.
low pref. stock without par value, $5 series, in exchange for
"Total combined sales, domestic and foreign, for the first quarter of
he outstanding 7% pref. stock, 6% debenture stock, and 1930 were approximately 6% over first quarter of 1929. Current position
the first 17
in May showed dollar sales to
3% _pref. stock, on the basis of 1.35 shares of the new pref. same perioddays1929. Dollar sales in exports,dealers on tires in excess for
including tires, mechanical
in
tock for each share of the outstanding 7% pref. stock; rubber goods, footwear, &c. showed an increase in the first 17 days in May
last year,
1.10 shares of the new pref. stock for each share of the out- this year over the same periodas footwearwhile the dollar sales in mechanical
goods, sundries, &c., as well
for the first 17 days in May 1930
tanding 6% pref. stock; and 1.15 shares of the new prof. approximately equal the same period in 1929."-V. 130, p. 3723
tock for each share of the outstanding 6% debenture stock.
Graton & Knight Co.
-Earnings.
It is expected that exchanges will be made on and after
31-1928.
Years Ended Dec.
1929.
charges$8,941,922 $8.738,970
fune 7. (See also V. 130, p. 3550 and 3171).-V. 130, p.3722. Net sales
Net profit after
226.101
440.845
General Spring Bumper Corp.
$3.56
-New Line Produced.
- Earns per sh. on 83,144 shs.corn.stock (no par)_ _ _
This corporation, a division of the Houdallie-Ilershey Corp., has obtained -V.128, p. 2818.
Ldditional bumper business in a new line which it has not heretofore en-Annual Report.$0.98
Great Lakes Dredge & Dock Co.
eyed and which should increase this company's volume by about 1.000.000.
-1927.
Calendar Years
1926.
inits during the next 12 months, according to President Claire L. Barnes.
,178
.
5
4
,58 ;908 $1192 ;080 $2,847,082 $1,165.264
'reduction has begun on an initial order for this now accessory which has xNet operating profit___ $11929
62,792
117.407
158,588
182.783
men developed by engineers of the General Spring Bumper Corp. and which Other income
an be manufactured on a large scale with the present mechanical equip$1.647.700 $1,292,488 $3,005.671 $1,348,047
Gross income
nent of this division of Houdaille-Hershey Corp.
-V. 130. P. 475.
148.000
161.000
Federal taxes
420.000
185,000
Gerlach-Barklow Co.
Sundry deductions
116,888
630
-Earnings.
Earnings for Year Ended Feb. 28 1930.
$1,499,700 $1,131,487 $2,468,783 $1,162,418
Net income
get earnings
$823,409 Dividends
0690.150 (10)690.150(18)1242.270 (10)690,150
(10 /
nterest on debentures
140,035
?ther interest and Federal taxes
106,586
$809,550
$441,337 $1,226.513
Net income
$472,268
Shares of capital stock
Net available for dividends
69.015
69,015
69,015
outst'd'g (par $100)
69.015
?Janis. per sh. on 150,000 shs. corn.stk.(no par) after pref. divs_ _ _ $576,789 Earns.per sh.on cap.stk.
$2.75
$16.39
$21.73
$37.47
$16.84
--V. 130, p. 3722.
a Net profit after depreciation of physical property of $573,150 in 1929,
and $330,922 in 1926.
$502,044 In 1928, $401,394 in 1927.
Gillette Safety Razor Co.
-Files Answer to Suit.
Balance Sheet December 31.
The company has filed, in the U. S. District Court at Wilmington, Del.
answer to the patent infringement suit filed against it by AutoStroP
1928.
1929.
:9.
1928.
19
Liabilities
afety Razor Co., Inc. It alleges that letters patents, reissue No. 17.567,
$
3
Assetshich AutoStrop alleges the Gillette company has infringed, are invalid Plant, tools,equipCapital stock
6,01,500 6,901.500
8,397,625 Accts. payable &c. 586.421
nd void. The latter alleges in its answer that Henry G. Gaisman to whom
8,847.905
643,740
ment, do::
70,319 Due sub-contetors 347,987
e reissued patent was granted on Jan. 14 of this year was not the original Investment secure.
45.300
799,183 Reserve for Fed'I
nd first inventor of any material or substantial part of the safety razor U. S. securities
blade improvements patented, but the same were known Cash
&c,tax
nd safety razor
697,752 surpius es
200,135
1,191,753
193,807
nd used by others in this country before his alleged invention or discovery Notes rec. & accr.
6311,675 5,109,616
10,000
48,337
hereof. The reissue patent also is invalid and void, the Gillette company's
interest
nswer declares, because the alleged improvements described and claimed Awls receivable- 3,595,386 2,395.097
290,440
187,672
herein do not constitute a patentable invention within the meaning of the Inventories
96,510
atent laws in view of the state of the art and in view of what was common Other curr. assets_ 124,152
91,735
Tot.(each M80).14,147,718 12,848,663
nowledge on the part of those skilled in the art, all prior to the date of Deferred assets__. 107,203
aisman's alleged invention.
-V. 130, p. 809.
3888
rYOL. 130.
FINANCIAL CHRONICLE
Good Humor Corp.
-Transfer Agent.
-
The Central Hanover Bank & Trust Co. has been appointed transfer
agent for 350,000 shares of capital stock.
Great Lakes Engineering Works.
-Earnings.
Earnings for Calendar Year 1929.
Profits from operations, after deducting costs, selling and
general expense
Other income, net
Profit on sale of land
$535,609
58,303
347,482
Total income
Provision for FederalIncome tax
$941,394
73.570
Netincomeadded to Burping
Surplus, Jan. 1 1929
$867,824
968,212
Total surplus
Dividends paid and payable, cash
Common stock dividend declared payable in 1930
Premium on retirement of preferred stock
$1.836,036
357,500
1,062.500
59,790
Surplus, Dec. 31 1929
Earnings per share on 106,250 shs. common stock (par $10)----V. 130. P. 1470.
$356.246
$7.80
and manage the increasing amount of real estate which has been mad
necessary by the expansion of the A. J. Harwi Hardware Co. These rea
estate holdings have been leased to the Hardware company at an annu
rental that is more than sufficient to cover all interest and principal r
quirements upon this loan and all insurance and taxes upon the propert
and the lease has been assigned to the trustee as further security to th
issue.
The A. J. Harwi Hardware Co. Is one of the oldest and largest wholesal
distributors of hardware in the Middle West. The firm was founded 5
years ago. Since that time the company's business has grown steadll
irons a volume of 214,000 to well over a million and a half.
Hercules Motors Corp.
-Earnings.
-
Calendar YearsManufacturing profit
Selling, general and administrative expense
1929.
$1,823,193
418,852
1928.
$916,58
294,4
Operating income
Other income
81,404.346
$622.1
9,14
Totalincome
Depreciation
Federal income taxes
Other deductions
$1,404.
3
150,0090.4
$631,29
58,34
70.01
9,99
28,698
Netincome
$1,139,769
Earned per,sh. on.312,500 shs. com.;stock (no par)_
$364
Great Lakes Steel Corp.
-Improvements.
. Earnings for Quarter Ended March 31.
This corporation has completed the construction of the water-intake
1930.
system for its new mill at Detroit. It was announced on May 26. Three
$288,527
pumps, with capacity for 20,000 gallons of water per minute each, have Net profit after charges and taxes
$092
been installed to supply the initial requirements of the new plant, which Earns per share on 312,500 shs. corn, stock (no par)
-V. 129, P. 2693.
will go into operation next fall.
-V.130. p. 3723.
-Annual Report.
Great Western Electro Chemical Co.
1926.
Calendar Years1928.
1929.
1927.
Gross revenue from sake,
less returns & allow_-- $2,765,500 $2,329,613 $1,927,125 $1,961,233
1,509,024
Cost of goods sold
1.886,793
1,505,390
1.347,457
$492,94
$1.5
1929.
$283 45
OM
Hillcrest Collieries, Ltd.
-Earnings.
Calendar YearsNet profit. after all exp-Miscellaneous revenue- -
1929.
$99.107
28,302
1928.
$102,529
34,170
1927.
$63,711
54,105
1926.
$107,695
37,647
$878,706
4.238
$824,223
5,726
$579,668
5,326
$452,209
2,382
Total income
Interest on bonds
Reserve for contingencies
$127.409
16,250
$136.699
16,250
$117.816
16,250
$145,342
16,250
10,000
Total
Expenses,int.,taxes,&o.
Depreciation
882,944
301,416
143,998
$829,949
218,779
125,005
$584,994
170,632
109,158
$454.591
142,934
Net income
Preferred diva.(7%)-.._
Common diva.(6%)_... _
$111,159
49,399
60,000
$120,449
49,399
60,000
$101,51
49,39
60,00
$119,0
49,399
60,000
Net profit
Other profit & loss Items
2437,530
Cr11,394
$486,165
Cr19,874
$305.203
0'11,514
$1,760
$11,050
def$7.833
*9,693
$6.18
$7.11
$5.22
$6.97
Total profit
-V. 128, p. 1232.
$448,924'
$506,039
$316,718
Balance, surplus
Earns, per sh. on 10,000
shs.com.stk.
(par $100)
$321,102 -V.128, p.3694.
Gross proflt
Other revenue
$311.657
Cr9,445
Great Western Sugar Co.
-Dividend Decreased.
The directors have declared a quarterly dividend of 35 cents per share on
the outstamllng 1,800,000 shares of common stock, no par value, payable
July 1 to holders of record June 16. Previously quarterly dividends of
70 cents per share were paid.
-V. 130, p. 3723.
Hamburg-American Line.
-Earnings.
-
Home Fire & Marine Insurance Co.
-Rights.
-
The stockholders of record May 10 are to be offered the right to subscribe on or before Juno 25 to stock of a new company, Fireman's Fund
indemnit) Co. at $40 a share, in the ratio of one share of Fireman's Fund
Indemnity stock for each 15 shares of Home Fire held.
-V. 130, p. 3173.
Hudson Bay Mining & Smelting Co., Ltd.
-Plans
Financing.
-
A special meeting of stockholders has been called for June 6 next for
Cal. Years (in German Reichsmark)
1929.
1927.
1928.
the purpose of increasing the authorized capital stock from 2,500,000
Gross revenue
59,587.789 59,696,620 49,462.109 shares to 3,000,000 shares without par value, and to approve the action
Overhead expenses, taxes 8: welfare
of the directors in authorizing the creation and issue of $5,000,000 5
-year
liabilities
24.879,200 22,165.135 13.862,331 6% convertible debentures. The entire issue of debentures will be underLoan interest
2.585,848 2,848.852
2.956,947 written by J. P. Morgan & Co.
The directors have authorized, subject to stockholders' approval, the
Net revenue
32,122,742 34,682.632 32,642.831 issue of $5,000,000 debentures and the offering of such debentures to shareSuggested Distribution
holders for subscription in proportion to their holdings on June 7 1930.
Res. for deprec. of seagoing vessels &
Each holder of record on that date will receive warrants entitling him to
auxiliary craft
19,903,197 22,056,328 19.944.121 subscribe for the convertible debentures at par ($100) in the ratio of $100
Res,for realty, bides., plants, &c_ __ _
624.776 of debentures for each 50 shares of common stock held. holders of less
658,240
1,065,000
Transfer to real estate tax res. acc't _
30,000 than 50 shares or of odd amounts in excess of 50 shares or multiples thereof
Bonus to members of board of superwill receive fractional subscription warrants entitling the bearer upon
visors
361,291
361,291
443,918 surrender thereof with other fractional warrants aggregating one or more
Dividend on RM160,000,200
11,200,014 11.200,014 11,600,016 full warrants to subscribe to debentures on the above mentioned terms.
-V./28. p. 3522.
The debentures will be dated July 15 next, will be payable July 15 1935
and will be convertible into stock on the following basis: (a). One share
Hamilton Brown Shoe Co.
-Receivership.
of stock for each $10 of debentures during the period from and after July
William R. Gentry, St. Louis, has been appointed receiver by United 15 1930, to and incl. July 15 1933; (b) one share of stock for each $12.50
States District Judge Davis at St. Louis.
of debentures during the period from and after July 15 1933, to and incl.
Balance Sheet Dec. 31.
July 15 1934, and (c) one share of stock for each $15 of debentures during
the period from and after July 15 1934, to and incl. July 15 1935.
1928.
1929.
1028.
1929.
Subject to the approval of the stockholders of the issuance of the debenAssetsLfabilittea$
$
tures, it is planned to send out warrants evidencing the right to subscribe
Capital stock-,_ __ 4,937,400 5,000,000
Real est., Wm 4.
969,349 Notes payable__ 2,000,000 2,452,500 to the debentures about July 14 1930 and subscriptions may be made
machinery
s1,32.5,996
483,724 between that date and July 15 1930, after which date al unexercised rights
1 Accounts payable_ 660,050
1
Lasts &dies
881,344
20,596
41,631 will be void.
522,086 Due to off.dr emplCash
President Frank L. Crocker, in his letter to the stockholders, outlines
52,032
60.924
89,111
Due to depositorsNotes receivable
824,998 1,620,869 the reason for the proposed increase of 500,000 shares in authorized stock
Due from cust's_ _ _ 2,463,581 2,962,601 Surplus
as follows:"It was ori flatly estimated by our engineers that the $17.500.000
133,465
Accts.St notes roe_ 102,629
cash in the company a treasury, with interest on the unexpended balances
29,550
Co.stk.for empl_
thereof, would be sufficient to complete to the point of operation the entire
3,224,809 4,624.758
InventoriesProgram of hydro-electrical, mining and metallurgical construction and
304,004
y90,003
Inv.in sub.oos_ _
development. During the course of the construction work, however, cer28.051
14,891
Securities owned__
tain enlargements and extensions of the original plans were recommended
44,183
11,553
Improv.to lease-...
Total(ea.side)- 8,503,968 9,687,836 by the company's engineers and approved by your directors.
71.787
57,327
Deferred charges,.
"The Island Falls hydro-electric development was enlarged to provide
x Real estate, Incl. buildings, $1,745,931. less depreciation, $160,488, for the future installation of three additional 14,000 h.p. units and the headmachinery and fixtures. $950,276, ess depreciation, $709,723. y Com- works for these were constructed. The copper smelter was redesigned and
and affiliated companies
prising investment in and advances to subsidiary
additional equipment installed so that the copper concentrates of Sherritt-V.130. p. 3724.
Gordon Mines, Ltd.,and additional tonnage of custom ores could be treated
as well as the company's own concentrates. It was decided to sink No. 3
-Transfer Agent.
Hamilton Watch Co.
shaft during the progress of construction instead of later as was originally
The Bankers Trust Co. has been appointed transfer agent for the no-par- planned, and other changes and improvements were made in the plant
-V.130,p. 2037.
value common stock.
property.
to
"it is expected that the increased cost
will be
-Newly Formed Subsidairy Takes the company in amortization as part of of the smeltercharge, returned in(M. A.) Hanna Co.
the smelting
and the
creased potential capacity of the power plant and of the improvements
Over Bituminous Business.
Effective May 1 1930 all the bituminous coal business of the M. A. and betterments at the mine will ultimately be returned in the Increased
Hanna Co., became consolidated in the Hanna Coal Co., a newly formed earnings therefrom.
"The estimated amount required to complete these improvements and
subsidiary. This company will carry on all the bituminous coal mining
operations formerly conducted by the parent company through the Wheeling enlargements and to provide working capital is $5,000,000."-V. 130, 13•
Mining Co., the I'Vlassillon Coal Mining Co. and the 3552.
& Lake Erie Coal
Jefferson Coal Co.
-Merger.
Imperial Tobacco Co. of Canada, Ltd.
In addition to conducting a general business by rail and lake in high
The company has offered to stockholders of the Tuckett Tobacco Co
grade coal, the Hanna Coal Co. will be exclusive sales agent for the mines it
operates. It has affiliated with it dock facilities on both the upper and Ltd . 30 ordinary shares of Imperial stock in exchange for each common
share of the Tuckett company.
-V. 129, p. 3482.
lower lakes.
Officers of the new company are: William Collins, President; R. L.
Independence Shares Corp.
-Trust Shares Offered.
Ireland, Jr., and P. C. Sprague, Vice-Presidents; W. C. Scott, Secretary,
Announcement is made of the organization of Independence Trust Shares
-V. 130, p. 3552.
and C. W. Brown, Treasurer.
a fixed investment trust which will soon offer to the public participating
-Installations.
non-voting trust certificates representing ownership and right to net earnings
Harrison's Orange Huts, Inc.
Heart
The Walgreen Co. will immediately begin installing Harrison's it was and distributions from a group of common stocks of 50 leading corporations
stores,
companies.
0' Orange fountains throughout its nation-wide trade of drug Co. operates covering utilities, industrials, banks, oils, rails, and insurance part of a
Each Independence trust certificates will represent 1-1,000th
announced by the Harrison management. The Walgreen3364.
deposit unit composed of one share of each of 50 common stocks, deposited
-V.130, p.
400 stores in cities extending from coast to coast.
with the trustee, The Pennsylvania Co.for insurances on lives and granting
-An issue of annuities.
-Bonds Offered.
(The) Harwi Properties.
Robert
of Philadelphia is President of Independence Shares
offered by The Wheeler Corp., theF. Holdendirectors of which includes the following men: Robert
$200,0006% 1st mtge. bonds is being
board of
F. Holden, Jacob S. Masten, Jr., Theodore E. Brown, Eckley B. Coxe,
Kelly Hagny Trust Co., Wichita, Kan.
Denom. $1,000, $500 and 3rd. Emil H. Molthan, Charles Conrad is General Sales Manager. banks
Dated April 1 1930; due April 1 1931-40. Wheeler Kelly Hagny Trust
Independence Trust Shares, by including in its portfolio stocks of
of
$100. Interest payable A. & 0. at officeswhole or in part upon 60 days' and insurance companies, is said to offer 33% more diversification than
trustee. Callable in
Co., Wichita, Kan.,
most existing fixed trusts of this type. Assuming that the company has
in Kansas.
notice at 101 and int. Exempt from all taxation J. Harwi Hardware Co. been in existence over the past 10 years, the distribution record is shown to
-To provide funds with which the A.
Purpose.
22% on the average
$2.79
of the Simmons Hardware Co.'s equalof 11 per year from 1920 to 1929, inclusive, or
price
will be able to complete their purchase purposes.
per share for the period.
It has been considered unnecessary to set up a reserve fund to stabilize a
plant in Wichita and for other corporate
Harwi Building &
Securitu.-These bonds are a direct obligation of the
cities of Atchison and minimum distribution as statistics indicate that the lowest annual distribuLand Co., which owns the land and buildings in the closed first mortgage tion per Independence Trust Share during the past 10 years would have
the A. J. Harwi Hardware Co. A
Wichita used by
company has been given as been 70 cents, and the average annual distribution during the same period
upon the entire real estate holdings of this
would have been over $2.50 per share.
further security for this loan.
Semi-annual distribution of cash and extra cash dividends of ths trust
appraised at $426,794.
The property pledged to secure this Issue has beenbeen organized to own will be made. The trust terminates Oct. 1 1950.
Co. has
Borrows?.-'!no Harwi Building & Land
MAY 31 1930.1
FINANCIAL CHRONICLE
3689
about
the next meeting of the board for dividend action, which will be held023.6c.
-Record April.
the declaration of a regular quarterly dividend of
Indiana Limestone Co.
company, July 2, through stock at present pays $4 annually.
per share. The
Last month was the second best April in the history of the
stated
H.
President Henry L. Van Praag, in making the announcement,
hewing only a slight difference from April 1927. Chairman Lawrence
• iting just announced. "In addition, April rounded out the best first that the action was taken after careful consideration of present conditions,
the future. He
same
of any fiscal year. being $360,360 ahead of the winterperiod a the earnings for the year now current and the outlook for 30 will be someye months
months also stated that "earnings for the fiscal year ending June
the
ear ago," he said. "This is in spite of the fact that 130, p. 1838.
current
-V.
what in excess of $3 a share on the capital stock and that the of May
nally are dull throughout the building industry."
sales for the month
business has been gradually improving, tne for this month last year."
those
-Plans Financing.
to date being approximately equal to
Indian Refining Co.
the creation of a new issue of
The company has completed plans fordated June 2 1930. and maturing V. 130. p. 1290.
be
$3.500,000 23i year 53 % gold notes to by a group of bankers.
-Earnings.
Kemper Radio Corp., Ltd.
Dec. 1 1922, which will be underwritten
1928.
1929.
Years Ended Dec. 31$29,359
$33.234
tion.
income after all charges
To Increase Capitaliza
50.23
$0.25
Exchange of a proposed Net
The company has notified the New York Stockto 2,000,000 shares. par Earns,per sh.on average of 130.000 shs. outstand'g
Earnings for Quarter End:d Mardi 31 1930.
Increase In common stock from 1.300,000 shares
$260,000
510.-V. 130. p. 3364.
Gross sales
145,234
Gross operating profit
-Listing.
47,595
Insuranshares Certificates Inc.
of 893.591 Net operating profit
9,076
The New York Stock Exchange has authorized the listing issuance in Balance to surplus after write-offs, Ac
of common stock (no par value) on official notice of
shares
-V. 129. p. 4147.
and
exchange for present outstanding temporary certificates; stockpermanent
on official
-Earnings.
engraved certificates for 1.523 additional shares of common
Kendall Company.
61928.
1929.
notice of issuance in exchange for 1,179 Insuranshares Trust Certificates
Calendar Yearsstock applied for
$1.818.829 $1,624.266
still outstanding, making the total amount of common shares).
Profit before depreciation. interest and taxes
-V. 130.
663.625
671.852
895.114 shares (of a total authorized issue of 1,180,000
Depreciation
p. 2038.
81.146.978 $1.060.641
profit
Operating
-Additional Deposits Interest received
55,737
International Printing Ink Corp.
Needed to Consummate Merger.
$1.202.715 $1,060.641
Totalincome
Although substantial amounts of securities have been deposited under
243.706
837,142
68,714
the plan for consolidation of this corporation with the dyestuffs and chemical Bond interest charges
108,644
division of the Newport Co., additional deposits are essential for the con- Other interest bond discount
38,558
13,007
summation of the plan, the corporation's proxy committee announced. Amortization of
6,982
al corporation are urged to deposit their Loss on disposition of fixed assets
Stockholders of the Internation
60,000
67.612
taxes
declared opershares and warrants before June 30 so that the plan may beconsider it ad- Provision for Federal
ative as of that date should the reorganization committee
$677.213
8644.776
Net profit fo^ year
visable.
886.432
641.709
Certificates of deposit representing common shares and pref. shares, Previous surplus
attached, have been listed on the New York Stock Exchange
with warrants
61,286.485 21,563,646
surplus
Total,
and the Cincinnati Stock Exchange.
281,048
ion disc, on mtge. bonds
new
If the merger is consummated as origianlly outlined, stock of theOhio Premium and unamortizats
264,376
-will be exempt from
Miscellaneous adjustment
company-the Consolidated Chemical Corp.
87.473
87.361.
stock of subs,in hands of public
Dividends on pref.
personal property taxes at least until Dec. 31 1935.
Members of the International proxy committee are John M. Tuttle Kendall Co. dividendses A
98,248
204.357
stock, ser
(Vice-President), A.Wallace
Preferred
(President of the corporation). Jesse B.'Hawley
50,793
06,574
Common stock
Chauncey (Vice-President and Treasurer), John J. Rowe, (a director)
40,000
Ault (Vice-President of the corporation and President of Pref. divs, del. out of 1929 profits
and Bromwell
the Ault & Wiborg Varnish Works,Inc.).
$641,709
$898.193
Earned surplus
Consolidated Income Account for Calendar Years,
285,353
386.551
Shares common stock outstanding (no par)
y1928.
$1.28
1929.
$0.90
Calendar Yearsshare
$20.071,002 $18.565,809 Earnings •er operations of Bauer & Black only after Sept. 18 1928.
Sales, less returns and allowances
x Includes
612.045,760 11.062,396
Cost of goods sold
1920.
5,908,025 5,021.126
Profit and Loss Statement for the 12 Weeks Ended March 21
Selling, administrative and general expenses
(Company operates on basis of 13 four-week periodsj5336.061
$2,117.217 $2,482,288 Profit on operation
Net earnings
149,001
190,821 Net before charges
231.938
Other income
79.691
Bond interest
9,419
$2,349,154 $2,873,109 Arnort.of be ,d discount
income
Total
6.511
Cash discounts on sales, loss on exchange,:nterest
taxes
441.168 Fedora
paid, &c
153.380
177,153
bonuses
Provision for employees
Net profit
20,306
225,000 Preferred diva,ofsubs,in hands of public
230,000
Provision for Federal income tax
53,963
for regular pref. diva
$2,119,154 $1,829.788 Provision
Combined profits for year
$20,889
Profits prior to acquisitions of property and
Deficit after pref. diva
750.407 -V.130, p. 3175.
businesses acquired during year
355.018
Previous surplus
-Consolidated Earnings.
(B. B. & R.) Knight Corp.
1927.
$2,474,172 $1.079,381
1928.
Net profits
1929
Calendar Years280.000
415,950
$274.743
Preferred dividends
R. Knight Corp -dfx$402,164 df$199,155
B.&
444.363 Net loss of B. Knight Finance Corp715.168
66,052 loos 56.474 1386144,253
Common dividends
Net profit of
Mills,
$355,018 Net loss of Fruit of the Loom
$1,243,054
y801,774
Earned surplus
Inc
270,173
273,163
Shares of common stock outstanding (no par)_
$5.22
$6.23
$255.629 sur$130.490
$1,137,886
Earnings per share
Balance, deficit
Cr.30,858
Cr.5.224
results of predecessor companies to May 31. z Includes Capital surplus adjusts. for year
Cr.4,655
y includes
depreciation amounting to $259.228 1929 and $268,331 in 1928.-V. 130. Previous capital stk. & capital surplus 7,979,680 8.230,085 8.068,737
p.3725.
$8,230,085
Capital stk. & capital surplus Dec.31 $6.846.449 $7.979,680 plant assets
-Initial Dividends.
Interstate Bakeries Corp.
x Including depreciation of $205,387 and loss on disposal of
of $1.621 per
have declared the first quarterly dividend share on corn. $139,847. y Including settlement of Kelsey Wilton Textile Corp. suit of
The directors
share on the $6.50 cum. pref. stock, and of 25 cents per 130.P. 2402.
$725,000 in addition to legal expenses.
stock, both payanle July 1,to holders of record June 18.-V.
Consolidated Balance Sheet Dec. 31.
1928.
1929.
Liabilities-Earnings.
1928.
Iron Cap Copper Co.
1929.
Assetsx$4,633.042 $5,153,708 Capital stock_ _ _ _s$8,061,314 58,061,314
Ended March 31 1930.
Plant
Earnings for 3 Months
1284,737
payable_ _ _ _ 1,365,000
178,285 Notes
$288,199 Cash
513,159
Metal sales
59,934 Notes & accts. rec_ 7909,248 1,150,854 Accts. payable and
Net charges for freight, smelting, refining and selling
149,009
. 103,426
accrued exps_ _
2,407,209
183.576 Inventories
2,129,250
Mining, milling and overhead expense
30,037
27.679
Reserves for texts_
7.981 Patent rights
20,000
Depreci .tion. estimated
4,750
12,054 Res.for advertising
79,140
Sundry stks.& bds.
2,467
1,783
for commitml
Res.
$36.709 Stocks pledged OA
Net profit
30.000
207,663 Res.for conting.
coll. on bonds_
-V. 130, p. 2977.
248,064
70,906 Capital surplus_ _. 252,716
60,497
Deferred charges_ _
--Earnings.
Italo Petroleum Corp. of America.
Good-will, trade
1
1
marks, Am
Earnings for 3 Mos. Ended March 311930.
329,698 Total(each side)_$9,811.921 39.510,378
1,467,564
$470,432 Deficit
Sales of crude oil, casinghead gasoline & dry was
After deducting
it After deducting $706,877 reserve for depreciation. y shares of no par
Cost of production,general & administrative expense
57,173
196:873 $26,053 reserve for bad debts. z Represented byclass A common stock.
Depletion & depreciation
50 value pref. stock, 23.748 shares of no par value 5,000 shares of no par
Abandonments at cost
24.691 26,974 shares of no par value class B common stock,
Interest expense
-V.128, p. 3363.
20,513 value class C common stock.
Other income charges, less credits
s interests in
Proport. of net income appllc. to minority stockholder
-Larger Dividend.
38
Leasing's, Inc.
subsidiary conpanies
The directors have declared a quarterly dividend of 35c. per share, Pay$84,045 able June 30 to holders of record June 11. In previous quarters, the comNet income
-V. 130, p. 3366.
793,186 pany paid 25c. regular and Sc. extra.
Earned surplus at Jan. 1 1930
2877,231
Surplus at Match 31 1930
-V. 130. p. 3725.
-Earnings.
Journal of Commerce Corp.
1928.
1929.
Calendar Yearsinc.from advertising & circulation_ - _ $1,287.621 $1,215.954
952..317
Production and operating expenses- _ _ 1,025.442
1927.
21,366,505
1,059,040
Operating profit
Miscellaneous income
226 .179
6,914
$263.637
5,221
$307,465
11,956
Total income
Prov.for bad debts
Depreciation
Amortiz. of school improvements_ _ _ _
-year gold notes
Interest on 10
Other interest
Amortiz.of not disc. & expenses
Fed.Inc. taxes & State franchise tax_ _
Extraord.exp. appllc. to prey. yrs-. _ _
$269.093
12,000
15.530
3,820
50,640
2,043
19,613
23.546
2,011
$268,858
13,.'00
15.088
3,820
51.216
531
17,083
23,445
$319,422
15,917
18.234
Profit for the year
Firs. pref. dividends
Common dividends
2139,890
29,750
50.310
$141,174
29.750
50,310
$174,885
$59,830
$61,114
$174,665
$1.08
$1.10
$1.43
Balance
Karim per shr. on 100.620 abs. com.
stk. (par $I)
-V. 120.9. 1923.
5 ,706
2.231
23,451
28,218
-Dividend to be Reduced.
-(Julius) Kayser & Co.
The executive committee has recommended to the directors at a meeting
f toe board that the capital stock be placed on a $2.50 annual basis. The
ecommendation was approved and the lower rate will be inaugurated at
-Earnings.
(Fred T.) Ley & Co. Inc.
Earnings Period March 18 1929 to Feb. 28 1935. $626.429
Net income from all contracting operations
214,959
Real estate rentals (net)
50,146
Gain from real estate and other transactions
145.351
dividends received
Interest and
11.038.885
Total income
42,226
Interest paid
85,000
Reserve for Federal income taxes
$909,659
Net profit for year
336.675
Dividends paid ($2.25)
$572,984
Balance earned, surplus
7,873.811
Capital stock and paid-in surplus March 18 1929
Dr51.386
Organization expenses
$8395409
Total capital stock and surplus capital stock (no par). _
$6.11
Earnings per share on 150.000 shares
Fred T. Ley, President. says in part:
the summer of
since
In general the building business has been depressedcontracts on hand is
1929. Despite this condition, volume of unfinished actual figures are as
The
practically as large as at this time a year ago.
follows:
$11.118.945
Unfinished business Feb. 28 1929
18,745,928
New business secured during year
Total
Business executed during year
Unfinished business Feb. 28 1930
-v. 128, p. 1742.
$29,864,871
19,314,471
510,550,400
3890
FINANCIAL CHRONICLE
Libbey-Owens-Ford Glass Co.
-Listing.
The New York
Stock
shares of common stock Exchange has authorized the listing of 1.775,252
(voting) without par value on official notice of
issuance of such certificates bearing the
corporate title of Libbey-OwensFord Glass Co.. in exchange for
certificates for common stock bearing
the name Libbey-Owens
standing In the hands of Glass Co.. which have been issued and are outthe puolic: and
of official notice of issuance and payment 116,800 shares of common stock
in full under an employees' stock
plan previously adopted by
shares to be listed in lieu of athe company, making a total of 1,892,052
like number of shares previously authorized
to be listed under the corporate title
Libbey-Owens Glass Co.: and with
authority to add 475.000 additional shares
of common stock on official
notice of issuance, in part payment
for the assets of The Edward Ford
Plate Glass Co., making the total amount
now applied for 2,367.052 shares
of common stock.
Income Account Six Months Ended March 31
1930.
[Includes operations of Libbey-Owens Glass Co.
only.)
Mfg. profit after deduct, materials
used, labor & mfg. exps_ _ _ _ $2,809.369
Depreciation
676.187
Net manufacturing profit
$2,133,182
Other income
120,724
Total income
$2,253,906
Admin.. sell., patent, experimental & developm
ent expense.
provision for doubtful accounts, contingen
776.387
Provision for estimated Federal income tax cies, &c
178.000
Net profit
$1,299,519
Balance, Sept. 30 1929
$10,315.184
Gas department income
172.072
Total income
$11,786.776
Common aividende (net)
886.826
Balance, March 31 1930
310.899,949
No. of eharft outstanding (adjusted to present no par
sh. basis) *1.854.352
Earnings per share
$0.70
* Includes shs.subscribed under employees'stock plan.
-V. 130, p. 3366.
(C. W.) Lindsay & Co., Ltd.
-Earnings.
-
Period Ended Feb. 28-
12 Mos.
1930.
$274.179
90.767
Total profit
Bond interest
Expenses of financing
Reserve for depreciation
Reserve for cancellations
Reserve for Federal income tax
Net profit
Preferred dividends
Common dividends
Balance transferred to surplus
Shs,corn.stk.outstand.(no par)
Earns. per share
-V.128, p. 3841.
14 Mos.
1929.
$302,750
101,261
5,951
$364,946
67,923
Net operating profit
Interest & discount
Net profit on sale ofassets
$409,962
71,119
6,258
18,276
17,477
23.626
15,836
11,088
21.448
$248,651
49,470
32,971
$166,211
33,008
$6.03
Loft, Inc.
-Earnings for Calendar Years.
-
[VOL. 130.
McKeesport (Pa.) Tin Plate Co.
-Extra Dividen
d.
The directors have declared an extra
dividend of 50 cents a share in
addition to the regular quarterly dividend
of $1 a share on the common
stock, both payable July 1 to holders
of
cents a share was also paid on this issue record June 14. An extra of 50
on Jan. 2 of this year.
-V. 130.
P. 1473.
MacAndrews & Forbes Co.
-Earnings.
--
Calendar YearsSales
xCost of goods sold
1929.
1928.
1926.
1927.
$7,303,997 57.239,483 $12.659,373 $11,695,471
5,687,523 x5,558.389
8,949,132 8,267,435
Gross profit
31,616,474 51,681.094 33,710,241 $3,428,036
Other income
y285,795
y214,219
314,452
401,871
Totalincome
$1,902,270 $.,895,314 $4,024,693 $3,829,907
Selling,admin.& gen.exp
536,630
565,598
2,285,436
2,012,548
Reserve for income tax
132,000
105,530
244.272
164,325
Net income
31,233,639 31,224,186 31,494,985 31,653.034
Prior surplus
2,491,915 2,415,502
2,770,478
2,645,260
Surplus of bus. applic.
to holdings therein__ _
56.951
Total surplus
53.725.554 $3,696,640 $4,265,463 $4,298,294
Dividend minority stockholders
289,311
76,392
Preferred dividends..126,000
126,000
126,060
137,190
Common dividends
1.055.701
1,078,725
1,324,750
1.314.234
Adjustments
Dr.21,852
Diff. between cost & paid
in value on common
treas.stock
330,406
Profit & loss surplus__ 52.213.447 $2.491,915
*2,503,490 32,770,478
Shs.com stk out.
(no par)
342,000
378,500
378,500
376,748
Earned per share
$3.24
32.90
$2.85
$3.82
x Includes 3156.664 depreciation. y Includes
results of operation of
subsidiary companies.
Earnings for 3 Months Ended March 31.
1930.
1929.
1928.
1927.
Net income after exPe•
& Federal taxes
4255,763
3316,626
5308,980
5297.957
Proport. of subs. loss_
See x
26,741
40,583
Preferred dividends..
31.500
31.500
31,500
31,530
Common dividends
220,740
249,300
246,025
246,025 •
39,085
def$9,128
$20,402
Shs.com .stk.out.
Surplus5 50
(no par)
3.20
6
339. 3
383.539
378,500
378,500
Earns. per share
$0.66
$0.70
x Includes operations of subsidiary companies -V. 129,.63
5°p. 3975.
Mac Marr Stores, Inc.
-Earnings for First Quarter
.
L. A. Warren, a director, stated that notwithstanding business condition
which at the best may be considered only fair, the company's profits s
for
the first quarter are officially estimated at not less than $415.000
pared with 3429.000 last year. Mr. Warren said, "This slight as comdecline in
earnings is entirely due to the extra expense incidental to handling
more
$188,777 merchandise in order to sell the same volume that was sold in the same period
32,808 last year, as there has been a decline in commodity prices of approximately
$6.15 9%. Sales for the first four months of 1930 were $28.680,688, an increase
of $2,000,000 over the corresponding period of last year.
available as to the sales of the general grocery trade butNo figures are
comparatively speaking, that the multiple-store grocers, at it is believed,
any
substantially improved their relative position in the territoryrate, have
in which
1926.
NlacMarr operates."
-Y. 130, p. 3554.
$8,397,521
$273,206
71,387
13,042
1929.
1928.
1927.
Net sales
$7.001,326 $7,266,382 $7,873,223
Raw motels, labor, Src..
expenses
7,089,736
7,149,707
7,633,250
8,267,083
Depreciation
287,724
272,453
105,561
249,862
Operating income...-del$376.134 def$155,
778
$134,412 defS119,424
Miscellaneous income-.
425,443
374.836
203,993
157,480
Profit for year
$49,308
$219,058
$338.405
338,057
Federal taxes
26,287
25,748
5,138
Other deductions
200,482
Balance,surplus
1064151.174
$192,771
5312,657
$32,919
Previous surplus (adj.)- 2,731.304 2,538,532
2,224,992
2,318,875
Miscell. adjustments_
Dr.228.618
Profit & loss surplus- $2,351,513
No. of abs. outstanding.. 1,022,862 32.731,303 52,537.649 52,351.794
650,000
650,000
650.000
Earnings per share
Nil
$0.29
$0.41
$0.05
Balance Sheet as of Dec. 31.
1929.
1928.
1929.
1928.
Assets
Liabilities
Plant, equip.. 6.4.4,289.671 6,264,910 Capital stock
b9,850.881 6,600,000
,850,881
Leaseholds aequir.
Notes payable__
300.000
and improrts.. 405,141
340,461 A cc'ts payable_ __ _ 340,770
227,163
Cash & call loans. 1,074,386
237,266 Mortgages
250,000
375,000
Notes reCelvable__ 132,098
Mtge.Installment_ 125,000
125,000
Accts.revivable__ 248,323
160,872 A ccr. liabilities_ _
.
84,993
70,857
Inventories
654,379
879,870 Employ, subs, to
Prepaid accounts_
62,100
capital stock__
6,009
Investments
725,861
2,716 Conting. reserves_
26,599
26,578
other assets
634,193
Prov.for Fed. tax _
26,287
Deterred charges... 235,065
78,319 Cash security dep.
15,404
30,277
Officers'& employ.
Surplus
2,351,513 2,731,304
balances
1,917
Stk. held in tress_ 190,132
Good-will, &c____ 2,459,982 2,394,952
Total
13,051,149 10,421,469
a After depreciation of $2.553.546. b Represented
shares in 1929 and 650,000 no-par shares in 1928.-V. by 1,022,862 no-par
130. p. 1840.
Louisiana Oil Refining Corp.-Bal. Sheet Mar. 311930.
Mapes Consolidated Mfg. Co.
-Extra Dividend.
-
The directors have declared an extra div.
per share in
to the regular quarterly dividend of 75c. perof 25c. both payableaddition
share,
Julygl.
to holders of record June 13.-V. 130, p. 2980.
Marmon Motor Car Co.
-Listing.
-
The Now York Stock Exchange has authorized the listing on
Juno 2 of 5,200 additional shares of common stock (no par value) or after
on official
notice of issuance as a2% stock dividend, making the total amount applied
for 265,200 shares.
-V. 130. p. 3727.
Merchants and Manufacturers Securities Co.
-To
Increase Stock.
The stockholders will vote June 2 on increasing the total authorized class
A
common stock, without par value, from 300,000 to 600.000 shares. The
directors wish to provide the company with additional shares of class A
common stock so that when the same can be sold on favorable terms. or
be
exchanged for other assets, the acquisition of which may
such stock will be available for such sale or acquisitibe found desiraole.
on. The
will only sell or exchange for other properties such additional directors
class A when by so doing such sales or exchanges, in the belief of shares of
the board
will materially increase the profits of the company -V. 130.
p. 3555.
Merrimack Manufacturing Co.
-Earnings.-
Calendar Years1927.
1926.
sales
56
195 .
$9, 29 ,631 $1225 .
1, 25,810 $9,268,244 $10,846,045
24
Operating profit
603.870
1,553,246
1,295.831
466,974
Interest
22,048
20,712
32.603
Bad accounts
Cr.3.796
21.780
42.373801
1:1,345
Income tax
73.937
203,173
172,352
55,596
Not income
$511.681 $1,307,581 31,111,368
$365,430
Dividends
412.500
398.750
323.125
275,000
Added to inventory res..
258,342
473.426
Added to canting. res__ 67,839
541,818
291,685
Released from reserves-. Cr.29.621
Cr.20.678
Cr.12,419
Balance, surplus
360.964
$129,348
$35,551
$90,430
*After provi ling for depreciation. all taxes, except Federal
taxes, all
other charges and expenses, including inventory
adjustment.
-V. 130,
P. 3367.
Gross
AssetsLiabilities
Cash
$690,061 Accounts payable
$1,283,250
Acc'ts & notes receivable__ 1,477,309 Notes payable
42,379
Merritt
-Chapman & Scott Corp.
Inventories
3,028,198 Accrued wages
-Earnings.
-50,897
Calendar YearsInvestments
450,104 Accrued interest
1929.
33,264 Net operating income
1928.
Trustee for fractional shares_ _
100 Accrued taxes and Insurance_
$967,669
3990.280
255,377 Provision for Federal taxes
Paid-up cracking process royMiscell. purchase obligations_ 1,252,488
68,000
53.505
Amount accruing to minority int. in subs
alty
518,500 Res.for Fed,taxes, prior yrs.
104.640
34,386
277.375
Fixed assets
18,528,875 Reserve for uninsured losses_
3,000
Net profit before int., bond exp. & other extraPrepaid and deferred charges_
118,227 Suspense-Royalty income._
130,717
ordinary charges
Common stock (1,100,063shs.) 5,619,095
3795.029
3902,389
Dividend paid
Preferred stock
593,690
4,000,000
473,608
Surplus (earned)
8,574,067
Balance, surplus
Total__(each elde)
$24,811,373 Capital surplus
$201.339
3,289,460 Previous surplus
$428,781
-V.130, p. 3726.
750.412
514,349
Su plus charges (net)
Dr.117.921 Dr.192,719
Lynch Corp. (Ind.).
-New Name, &c.-
See Lynch Glass Machine Co. below.
Lynch Glass Machine Co.
-Changes Name, &c.-
Balance, surplus, Dec. 31Earns, per shr on corn.stock (no par)
-V. 129, p. 3810.
$833,829
32.34
$750,412
$3.23
Metropolitan Industries Co.
-Earnings. &c.
At a special meeting ofstockholders held May 20,it was voted to reorganize
At
This holding company, organized in 1928. primarily to the company under the new Indiana Corporation Act which became effecacquire substantive July 1 1929. The name of the company was changed to Lynch Corp. tial interests in promising American business concerns, reports net earnAuthorized capital stock was increased to 150,000 shares-75,000 shares ings of $554,712 for the fiscal period ended April 30 1930. This is after
all expenses, including provision for a reserve
now outstanding.
to adjust the value of marketAfter the above stockholders' meeting the directors declared the usual able securities held to the lower of cost or market. The earnings amount
quarterly dividend of 50c. in cash payable Aug. 15 to holders of record to 20% of the net worth of the company at the beginning of the fiscal year.
After
Aug. 5. Also the directors declared 1% in stock to be paid at the same and dividends on the 6% preferred stock, which were earned 4.6 times,
time. it being the present intention of the directors to continue this policy the on the corn', pref. A stock, they are equivalent to $5.13 a share on
80,000 shares of common stock outstanding. This
in future quarterly payments.
-V. 130. P. 3727.
$2.88 a share on the common for the previous fiscal period compares with
of slightly less
than a year.
(Arthur G.) McKee & Co.
-Extra Dividend.One of
The directors have declared an extra dividend of 1234 cents per share est in the the principal original investments of the company, a large interMetropolitan Coal Co. of Boston, was sold during the year
and the regular quarterly dividend of 8754 cents per share on the class D substantial profit.
at a
A sizeable investment has been made in the Harbor
stock, both payable July 1 to holders of record June 20.-V. 130. P. 297.
Plywood Co.
At the close of the fiscal year. the company had marketable securities
valued at the lower ofcost or market, at $1,050,125. More than $900,000
of this amount was represented by holdings of the common stock of Union
Carbide & Carbon Corp., Electric Bond & Share Co., Sears Roebuck &
Co., Radio Corp. of America, Johns Manville Corp. and Columbia Gas
& Electric Corp. The balance was invested in the securities of six other
companies.
The outstanding capitalization of the company consists of 40,000 shares
of 6% cum. pref. stock (50% Paid). 4.000 shares of $6 cony. pref. A stock
and 80,000 shares of common stock. Allotment certificates representing
-paid) share of 6% pref. and one share of common are listed on
one (half
-V. 126, p. 3462.
the Chicago Stock Exchange.
-Earnings.
Mexican Seaboard Oil Co.
3 Mos. End. Mar. 31- 1930.
Gross operating revenue_ $948,721
467,682
Operating expenses
1929.
$669,247
265,723
Balance
Other income
$481,039
20,668
$403.524 loss$70,533
10,097
22,895
$386,223
15,746
Total income
Deprec. & depletion_ _
Debenture interest
Drilling expenses
$501.707
41,879
4,316
163,973
$413,621 loss$47,638
$401,969
96,827
290,849
1928.
1927.
$416,112 $1,044,556
486,645
'658,333
103,658
275,958
77,042
842,835
Net profit
$291,539
425.945kcloss$427,254loss3517,908
z Before providing for sepreciation. y Includes Cia Internacional de
Petroleo y Oleoductos S. A. the pipe line subsidiary of Mexican Seaboard
Oil Co. in 1930 but not for preceding quarters. z Includes depreciation.
-V.130, p. 3555.
Mid-Continent Petroleum Corp.
-Stock to Employees.
The stockholders will vote June 4 on approving a stock acquisition plan
for the employees of this corporation and its subsidiaries. The purpose of
the plan is to enable employees of the company and those actively engaged
in the conduct of its business to become stockholders therein on favorable
terms and to assist them in paying for their stock.
President Jacob France, May 15, says:
The plan has been received most enthusiastically by the employees and,
although it was not put in operation until March, over 50% of eligible
employees have already subscribed. In the opinion of the directors, the
plan will be a most important factor in enhancing the employees' interest
In and loyalty to the company.
As it is deemed desirable by the board that the company shall be authorized to sell a limited amount (not exceeding 150,000 shares) of its unissued
stock to the trustees who are charged with the administration of the plan,
It is recommended that article 4 of the certificate of incorporation of the
company be amended to permit such issue and sale.
Members of the board of directors are not eligible to share in the benefits
of this stock acquisition plan.
Digest of Stock Acquisition Plan.
Purposes.
-To enable employees of the company and those actively
engaged in the conduct of its business to become stockholders therein on
favorable terms, and to assist them in paying for their stock. Included in
the plan are the employees of such of the company's subsidiaries as shall
become qualified in the manner hereafter stated and those actively engaged
in the conduct of the business of such subsidiaries.
Term of the Plan.
-The plan shall be in operation for a term of two years
from Feb. 1 1930 unless sooner terminated in the manner hereinafter
provided.
Eligibility.
-The term "employee" as used herein means any person who
on Feb. 1 1930. or thereafter during the existence of the plan, shall have
been in the regular and continuous employ of the company or any of its
subsidiaries, or who has been actively engaged in the conduct of its or their
business, for a term of not leas than one year, but does not include any
director of the company. All employees, as thus defined, shall be eligible
to share in the benefits of the _plan; provided, however, that the employing
company, if a saisldiary, shall qualify hereunder. No employee may become a participant for the first time after July 311931. The trustees shall
be the sole judges as to the eligibility of an employee and their decision
shall be final.
The Company's Deposits.
-When any deposit shall be made by or on
behalf of an employee, the company or the subsidiary by which he is
employed shall, out of its own moneys, pay into the fund to the further
credit of such employee a sum equal to 33 1-3% of his deposit. No employee shall be permitted to increase the amount of his deposits after
July 31 1931.
Investment of Fund.
-So far as practicable, the trustees shall, from time
to time, apply the moneys remaining in the fund to the purchase of the stock
of the company.
The price shall be fixed by the board as of Aug. 1 1930 and quarterly
thereafter during the period covered by the plan. Such price shall not be
above nor more than 10% below the average market price of the stock for
the previous three months, taking into consideration any dividends paid
or rights issued during such period. The price so fixed shall govern as to
all such purchases during the succeeding three months.
Amendment or Abolition of Plan.
-This plan may be recalled, abolished,
revised, amended, altered or changed from time to time in such manner as
may be provided by the directors.
-V. 130. D. 3176.
Miller & Lux, Inc.(& Subs.).-Bal. Sheet Dec. 31.1929.
1928.
1928.
1929.
Assets$
Land, machinery,
equipment,dm_ .16,034,197
Sinking fund cash. 271,986
Investments
2,944,423
Adv. to stockh'rs. 3,284,160
Land sales contracts receivable 9,882,178
Inventories
1,526,408
Notes & accts. reo.
(less reserve)._
92,415
301,062
Deposits
Call loans
2,294,170
Cash
154,325
Deferred charges._ 903,573
-V.130, p.2224.
3891
FINANCIAL CHRONICLE
MAY 31 1930.]
Liabilities$
$
Capital stock
15,000,000
19,487,270 1st mtge. 6% gold
9,528,500
1,348
bonds
2,338,667 Secured 7% gold
6,540,000
3,012,994
notes
103,693
.Accts. payable_
7,682,799 Acced int., taxes,
2,610,117
537,204
expenses
29,115
Deferred rental Inc
260,772 Surplus
5,950,385
677,226
2,700,000
255,109
1,144,068
Tot.(each side) 37,688,897
$
15,000,000
10,982,500
7,367,000
174,305
684,832
34,408
6,027,325
40,170,371
Mining Corp. of Canada, Ltd.
-To Omit Dividend.
-
The corporation has decided to omit its semi-annual dividend, it is announced. The directors took this step because of the uncertainty as to the
metal market.
In 1929 (June 13 and Dec. 19), dividend.; of 123ic. each were paid.
-V.128. P. 3696.
Missouri-Kansas Pipe Line Co.
-New Pipe Line.
-
-'-Annual Report.
Mohawk Carpet Mills, Inc.'
Calendar YearsNet sales
Costa,exp.,deprec.& Federal tax
1929.
1928.
$22,966,514 $18.507.316
20,947,027 16.647,128
Net earnings
Other income
$2,019,487 $1,860,188
31,944
21.371
Totalincome
Interest
Miscellaneous charges
$2,040,858 $1,892,132
28.927
228,717
Net income
Dividends paid
$1.812,140 $1.863.205
1,725,000
1.350.000
Balance
$8'7,140
$513 205
0.02
0.10
Earns. per sh.on 600,000 sha. capital stk.(no par)
Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
$
$
Liabilities$
Assets$
Capital stock_ _ __ y15,000,000 15,000,000
Land, bldg.,equip76,000
265,000
x12,707,618 12,205,893 Conting. reserve__
ment, &c
2,820,000
265,687 Notes payable__
266,043
Prepayments
227,157
Cash & call money 738,522 1,496,357 Accounts payable_ 371,977
327,344
25,000 Accruals
33,000
Market.securities_
230,224
385,025
Acc'ts receivable 4,073,838 2,461,719 Tax reserve
7,792,964 8.105,823
8,625,944 7,700,892 Surplus
Inventories
26,444,966 24,155,53.3
Total
26,444,966 24,155,548
Total
x After depreciation. y Represented by 600,000 no par shares.
The Bank of Manhattan Trust Co. will use Mohawk Chenille'and Wilton
carpets exclusively in their new 71-story building located at 40 Wall St.,
N. Y. City. This will be one of the finest carpet installations in the
country and many of the carpets have taken weeks in the making. More
than 3.000 square yards of Mohawk Brocade Chenilles were specified for
this building.
B. Altman & Co. of N. Y. City were the sole contractors on this fine
-V. 130, p. 3728.
Mohawk installation.
Mohawk Rubber Co., Akron, 0.-Earnings.ancludes Mohawk Rubber Co. of New York, Inc.]
1927.
1928.
1929.
Calendar Years$5.633.070 $6,590,646 $5,702.373
Net sales
5,258.707
5,671,024 4,898.472
Manufacturing & operating cost
Net profit from operations
Other income
$374.363
22,531
$919,622
25,817
$803,901
16,102
Total income
Interest
Depreciation
Federal income tax
$396,894
51.469
106,411
22,686
$945,439
73,407
105.991
78.130
$820,003
87,524
101,307
Net profit from all sources
Sha. coin.stock outstanding (no par)Earns per share
-V.129, p. 1755.
$216.327
115,486
$0.56
087,910
113,212
$4.73
$631,172
20.790
$23.75
Monsanto Chemical Works.
-1M% Stock Dividend.
The directors have declared the regular quarterly dividends of 31)(c.
in cash and 1Y4% in stock, payable July 1 to holders of record June 10.
Like amounts were paid on Oct. 1 1929 and on Jan. 2 and Aprll 1 last.
-V. 130. P. 3177.
Morris 5 & 10 Cent to $1 Stores, Inc.-Pref. Stk. Offered.
An issue of $250,000 7% cum. sinking fund pref. stock is being offered
at 100 and div. by City Securities Corp., Indianapolis.
Dated as issued; matures July 1 1940. This stock is exempt from the
Indiana personal property tax. Dividends are exempt from normal
-J. First
Federal income tax. Dividends cumulative and payable Q.
dividend will be due and payable July 1 1930. Callable, all or part, on
any -div. date prior to Jan. 1 1935 at 105 and div., and thereafter at 103
and div. upon 30 days' notice. City Trust Co., Indianapolis. registrar,
trangfenagent and sinking fund trustee.
Outstanding.
Authorized.
Capitalization100.000 shs.
Common stock (no par)
100,000 shs.
2,500 abs.
Preferred stock ($100 par value)
2,500 shs.
-Company was organized June 30 1928 in Indiana to acquire
Business.
the business and assets of the Morris 5 & 10 Cent Stores, which was started
by John A. Morris at Bluffton, Ind., Nov. 14 1903. Starting with a
small capital and in one store, most of the profits of the business have been
used in building one of the outstanding groups of 5 and 10 cent stores in the
Central West. This company successfuly operates 41 retail 5 and 10 cent.
stores.
Purpose.
-The entire proceeds of this issue are to be used by the corporation to reimburse the treasury for expenditures during the year 1929, for
remodeling and enlarging a few of their present locations.
Earnings.
-The following are the consolidated net earnings and volume
of business of the company for the years ended Dec. 31:
1929.
1928.
1927.
1926.
Volume of business_ _ _ _ $1,368,896 $1,480,317 $1,635.828 $2,010,854
88,223
70,635
Net earnings
57,670
64.574
17,500
Preferred stock dividend requirements (this issue)
35
Earnings per share of preferred stock (1929)
Assets.
-According to the balance sheet of Dec. 31 1929. giving effect
pref. stock
to present financing, net tangible assets applicable to the
amounted to $673,222, or over $269 per share of this issue of pref. stock.
Sinking Fund Provisions.
-Company covenants that beginning March 15
1932 it will each year deposit with the City Trust Co., trustee. 25% of its
annual net earnings computed as of Dec. 31, which amount shall be used
in the redemption of the outstanding pref. stock at or below the call rate.
-Application will be made to list this issue on the Indianapolis
Listing.
Stock Exchange.
-Earnings.
Mother Lode Coalition Mines Co.
Calendar YearsOperating revenue
Operating costs
Other income
Taxes
Interest,&c
Balance,surplus
Previous surplus
1926.
1927.
1929.
1928.
$1,565,634 $2,710,519 $3,012,639 $4,224,838
1.596,282 2.038,274
778,893
1.465,416
Cr.9,813
Cr.624
Cr.7,181
Cr.1,158
241,255
211.256
101,323
196,152
Cr.13,177
Dr.13,260 Dr.22.788
$692.599 $1,036,849 $1,182,935 $1,968.100
204,856dal.763.244
2,424.640
1.387,791
$204,856
Total surplus Dec.31_ 33.117,239 32,424,640 31,387.791
Announcement was made by the company on May 27 that contracts
2,500.000 2.500,000
2,500,000
have been released for immediate construction of a 340,000.000 natural She. com. out. (no par)-- 2,500,000
$0.27
$0.79
$0.41
$0.47
gas pipe line, 1.250 miles long, running from the Panhandle field in Texas Earns. per sh.on corn_ -to Indiana, via Kansas City; Springfield, Illinois; Terre Haute and In- -V.129, p. 1455.
dianapolis, and connecting with the company's Kentucky pipe line system
-Earnings.
Mountain Producers Corp.
at a point near Evansville, Ind. This will constitute the largest supergas system in the United States, bringing natural gas to important industrial
[Including Wyoming Associated Oil Corp.]
communities in Kansas. Missouri, Illinois, Indiana and Kentucky.
1928.
Years1929.
Calendar
President Prank P. Parish made the following statement in connection Net income
33.089.355 $3,155.810
with the building of the line:
256.785
172.866
Provision for Federal taxes
"The Illinois Power & Light Corp. and the Missouri Power & Light Co..
subsidiaries of the North American Light & Power Co., have already con$2,916,490 $2,899,025
Net profit
tracted with the Panhandle Eastern Co., a subsidiary of the Missouri
4,143,380
2,926.027
- Dividends paid
Kansas Pipe Line Co., for the purchase of natural gas for all the cities in
Illinois and Missouri which they now are serving with artificial gas."
$9,537 $1,244,355
Balance, deficit
12,286,744 16,626,721
Mr. Parish added that all the necessary financing has been arranged for, Previous surplus
and construction already has been started at two points on the line in
$12,277,207 $15,382,367
Texas and Missouri. Additional gangs are being put to work at several
Total surplus
2,592,861
3.095.622
other points, assuring completion by Dec. 1. of this year.
Depletion and adjustment for prior years
478,924
Approximately 325.000,000 worth of pipe and other material has been Loss on crude oil storage
800,000
ordered from the National Supply Co. of Toledo, Ohio. Construction con- Provision for additional taxes prior years
tracts for this project will provide work for several thousand men.
The Chaim National Bank has been appointed registrar for voting trust
$8,405,422 02,286,745
Surplus Dec. 31
certificates representing 5,000,000 shares of the class B stock-V 130. Earnings per share on 1,682,182 shares capital
p. 3728.
stock (par $10)
$1.73
$1.71
3892
FINANCIAL CHRONICLE
Balance Sheet Dec. 31 (Ina. Wyoming Associated Oil Corp.)
1928.
1929.
Assets
Liabilities
011lands & leases 118,317,903 20,907,447 Capital stock
16,821,820 16,821,820
Field my.& equip_
y16,664
66,001 Accts. payable
245,513
141,264
Stook in other co's_ 624.200
232,200 Divs. payable_
684,759 1,102,631
Cash
52,967
2,649,72T 2,390,949 Deferred liab
U.S. bds.& notes_ 1.281,825 1,182,825 Surplus
8,405,422 12,286,744
Co.& muffle. bds_
99.000 Res. for taxes and
Accts.& notes rec. 697,145
243,416
549,210
contingencies__ - 972,866
Ins.In crudestor'ge 3,360,332 5,244,423
Deferred assets_
55,094
58.404
Deferred charges
23.238
22.632 Total(each side)_27,026,130 30,753,093
z Less reserve for depletion. y Less reserve for depreciation.
-V. 128,
P. 4016.
Mount Vernon-Woodbury Mills, Inc.
-Report.-
_ _Calendar Years1929.
Gross income
y$1.197,664
Int.& exp.on deb. notes
Other Interest75,780
Prov, for depreciation
395.000
Pro-p-. for Fed. & State
taxes
See y
1926.
1928.
1927.
y$797,201 y$1,161,206 $1,090.840
169,315
137.258
68.204
27.775
11,225
358,665
363,296
372,026
Net income
Previous surplus
$370,332
1,467,443
$726,884
1,474,278
Gross surplus
$2.201.161
Divs. pd.on pref.stk (5)
363,497
See y
See y
$608,640
1,222,301
75,000
$487.511
1.098.287
$1,837,775 21.830,941 $1,585,798
363,497
363,497
363.497
Surplus Dec. 31
x$1,837,664 x$1,474.278 $1,467,444 $1,222,301
Earn, per sh. on 72.699
shares ofpref. stk.(Par
2100)
$9.99
$6.62
$5.09
$7.64
xSubject to accumulated dividends on preferred stock, when declared
of $35.50 per share. y After provision for income taxes.
-V. 129. 13•
3646.
Mullins Mfg. Corp.
-Acquires Plant.
The corporation has acquired the plant of the American Steel & Wire
Co. at Salem, 0., which was vacated two years ago. The factory will be
used for the production of boats and other products.
-V. 130, p. 3368.
Nathan Hale Investing Co., Inc.
-Initial Dividend.
The company on May 10 paid to pref. stockholders of record May 1 an
sitial quarterly dividend of 1,t% '(35 cents per share)
.-V. 128, p. 903.
National Biscuit Co.
-Acquisition.
--See Pacific Coast Biscuit Co. below.
-V. 130. p. 3556.
[VoL. 130.
the aggregate 100,000 shares of the capital stock of the corporation on or
before Dec. 31 1931. at the rate of $25 per share if exercised on or before
Dec. 31 1930 and $30 per share if exercised after Dec. 31 1930 and on or
before Dec. 31 1931.
The 100,000 shares of capital stock and the option warrants (series B) of
the corporation to be issued are the entire consideration to be given for the
property and assets of Aviation Corp. of California. The 100,000 shares
of capital stock will be capitalized on the corporation's books at $12.50
Per share, and there will be no surplus or deficit set up in connection with
this transaction.
Aviation Corp. of California was organized in Del. in the early part of
1929 for the purposes of dealing in aviation securities acquiring holdings in
aviation companies as a more or less permanent investment, developing
new aviation products and generally furthering the development of aviation.
Investments in Stocks at Market Value May 10 1930.
Name of StockMarket Value.
64,247 she. Curtiss-Wright "A"
$963,705
*446.751 she. Curtiss-Wright common
5,137,637
12.500 sib. Aviation Credit Corp
192,188
3,000 she. Bendix Aviation Corp
123,000
3.000 shs. Curtiss
-Weld preferred
21,000
32.375 shs. Douglas Aircraft
631,313
44,462 shs. Fairey Aviation, ordinary
153,961
18,900 she. Fairey Aviation, ordinary (Amer. shares)
65,394
5.000 shs. Irving Air Chute Co
105,000
74,100 shs. Transcontinental Air Transport, voting tr. ctfs
741,000
1,100 she United Aircraft & Transport
76,450
28,210,646
* Options held on 70,000 shares Curtiss Airport Corp. capital stock at
$12.50 to $20 per share.
-V. 130, p. 2598.
North American Creameries, Inc.
-Earnings.
Earnings for Year Ended Dec. 31 1929 (Including Predecessor Company's
Earnings for 3 Months).
Total income from operations, after deducting all expenses,
incl. those for ordinary repairs and maintenance
2225,881
Other income
14,332
Total income from all sources
Depreciation reserved for year
Provision for Federal income taxes
$240,213
57.514
20,250
Net income
Cash dividends paid on class A stock
1162.449
42,000
Earned surplus, Dec. 31 1929
Earnings per share on 60,000 shares class B stock (no par)
-V.128. p. 2477.
$120 449
0.00
-Rights.
--North American Investment Corp.
National Harris Wire Co.,Inc.
-Acquisition.
The stockholders will be offered the privilege of subscribing for addiThe company has acquired the Earl Manufacturing Co. of Chicago. tional 5)i% pref. stock at a price yielding 6g%.
which will manufacture and distribute their products throughout the
Subject to the consent of the California Commissioner of Corporations,
Middle West. A. J. Benson has been appointed plant supervisor.
- the offering will be mdae to all preferred stockholders of record June 18 in
T. 130. P. 3556.
the ratio of one share of 634% preferred stock at $88 per share for each five
shares of6% or 5ji% pref. stock held. No fractional shares will be issued,
New Bedford (Mass.) Storage Warehouse Co.
-Div.
-- but the company will allow all stockholders who would be entitled to fracThe company recently decided to omit the quarterly dividend of $1 per tional shares to subscribe to one whole share in place thereof. Subscription
share ordinarily payable May 1 on the capital stock. A quarterly dis- rights will expire on July 16 1930. Payment for the additional stock may
tribution at this rate was made on Feb. 1 last.
be made in full or on a monthly installment basis.
-V. 130,P. 3178.
-V. 124, p. 1079.
New Haven Clock Co.
-Earnings.
Calendar Years1929.
1928.
Net sales
24.067,406 $4,270.240
Net earnings after taxes & depreciation
295,431
327.957
Earns, per sh.on 72,000 she. corn.stock (no par).._
$4.08
23.42
Balance Sheet December 31.
1929.
Awls-1928.
Liabilities1928.
1929.
Real estate, ate...131,300,302 $1,314,991 Preferred stock _ __ $750,000 $334,725
Notes & accts.rec. 949,888
964,461 Common st,ock__ _ y899,500
899,500
Inventories
1,757,678 1,562,814 Notes and accounts
Call loan
100,000
payable
72,118
184,743
Cash
218,744
150.791 Custom.cred. bal_
6,961
6,341
Prepaid insur., &c.
14,915
11,119 Accrued liabilities_
49,207
47,717
CUs.of deposit
50,000
Div. declared__ _
28,985
17,990
Bonds owned
10,000
10,150 Reserve for taxes_
50,000
50,250
Other curt. assets_
44,621
27,125 Surplus
2,593,596 2,499.565
Adv, to salesmen.
1,600
Total
14,447.748 $4,041,451
Total
$4,447,748 $4,041,451
x After depreciation of 11,651.639. y Represented by 71,960 no par
-V. 129. p. 3023.
shares.
Newport Co.
-Rights.
-The stockholders of record May 23 are offered the right to subscribe on
or before June 20 at $20 a share for additional common stock in the ratio
of one new share for each 40 shares held.
This company, which recently announced the formation of Newport
Chemical Corp. to take over its chemical and dyestuffs business and merge
with the International Printing Ink Corp. reports net profit of $426,017
available for dividends in the first quarter this year. This is equal to 82
cents a share on the common, and compares with 2355.930 or 72 cents a
share on the common in the 1929 quarter.
-V. 130, p. 3557.
New River Co.(& Subs.).
-Earnings.
Calendar Years1929.
Production (net tons)_..- 3,158,369
b$588,426
Net profit for year
1,858,042
Previous surplus
121,232
Net refund of tax. & int_
Transfer of reserves for
47,120
coating. & deprecia'n_
Miscell.surplus adjust- 1.563
Net prof. on sale of purchase contract
Surplus of minor, stockholders acquired
1928.
3,041,844
$390.108
1.854,537
1927.
2.569,766
$340.877
2,073,963
1926.
2.572.858
$642.298
1,334.554
North Central Texas Oil Co., Inc.
-Earnings.
-3 Mos. End.Mar.31Income from all sources_
Operating & gen. exp_ _
Depletion
Federal tax
Surplus adjust. credit-
1930.
$97,471
21.576
24,397
5.543
1929.
$216,292
25.632
94,333
20,311
1928.
$99,399
27,130
21,747
6.542
1927.
$137,155
27,944
24,765
9,881
Cr.630
Net inc. avail,for dive
Preferred dividends_ Common dividends
145.955
16,250
40,477
276.015
16,250
40,477
143.979
275,205
40,477
37.327
Balance ofinc.to surp.loss$10.772
Previoussurplus
348,480
Surp. arising from perch.
7,111
of cos. own stock
$19.288
342,030
23,502
308.159
$37,878
273,316
2344,819
$361.318
2311,661
2311.194
270,000
269.846
270.000
269,846
$0.22
$0.16
$0.29
$0.11
Balance Sheet March 31.
1929.
Liabilities-1930.
1929.
Assets1930.
Preferred stock_ __ $900,000 $1,000,000
Mineral rights &
Common stock_x 2,017,152 2,031,440
leases (less res.
for depletion).-.32,076,880 $2,100,805 Accts. payable_ _ _ _
600
Fed. Income tax__
Lease equip. (less
38,597
22,848
23,382 Dividends payable
res. for deprec.)_
13,028
18,250
16,250
Fern., fixt. & auto
Reserves
95,311
Deferred credits_
(less res.for dep.)
4,530
17,349
14,158
842,997 Surplus
Cash & time dep..
90,422
344,819
361,318
381,245
Securities owned_. 979,306
3,239
2,732
Accts.receivable_
189,656
(each side)_33,334,766 $3,541,327
Tot.
167,867
Deferred assets_ _ _
x Represented by 270.000 shares of no-par value.
-V.130, p. 2405.
Balance,surplus
She.com.stk.out.
(no par)
Earnings per share
Occidental Insurance Co. (Calif.).
-Rights.
The stockholders of record May 10 are to be offered the right to subscribe on or before June 25 to stock of a new company. Fireman's Fund
Indemnity Co., at $40 a share in the ratio of one share of the new com-V. 130, p. 1127.
pany for each 30 shares of Occidental stock held.
Oliver United Filters, Inc.
-Earnings.
110,000
8,701
Total surplus
$2,616,384 12,363.347 $2,414,840 $1,976,852
(14.50)324,552 (23)217,704
Preferred dive
(3%)217,896
a Gt. Kanawha Coll.Co_
Cr97,314
Clutnge in minority int _
Cr1,047
Dr203
287,601
343.453
Net add. Fed. tax, &c_
Profit and loss surplus 12,291,832 $1,858,041 $1.854,537 $2,073,964
a Deficit of Great Kanawha Colliery Co. charged upon dissolution to
reserve for amortization. b Includes $39.494, net income arising from
-V. 130, p. 2405.
encroachment on coal lands owned.
-Earnings.
Noma Electric Corp. (& Sub.).
The statement for the year ended Feb. 28 1930, shows consolidated net
earnings of $470,018 after giving effect to the voluntary refund of officers
salaries and expenses incidental to acquisition of the subsidiary amounting
to $88,666, but before special legal expenses and after Federal taxes. The
-V. 130, p. 3178.
capital stock amounts to 225.000 no-par common shares.
Calendar YearsEarnings from operations
Depreciation of plant, equipment, &c
Amortization of patents
Provision for Federal income tax
1929.
1936.466
95.784
47,178
91.550
1928.
$891,337
75,656
57,372
94,798
Net profit for year
Net prof. of predecessor cos. fr. Jan. 1 1928 to May
17 1928. trans. to capital
Class A dividends
Class B dividends
$701,954
2663,511
120,001
276.250
217.288
72,100
127,500
Balance, surplus
Earns, per share on 170,000 shares class B stocks_ _
-V. 129, p. 3485.
2305,704
$3.42
$246,623
$3.20
-Earnings.
Pacific Clay Products.
Condensed Income Account for Calendar Year 1929.
Earnings for the year
Depreciation
Reserve for Federal taxes
2571,636
120,906
50.867
Net earnings
2399.864
-Listing.
North American Aviation, Inc.
Dividends paid
237.978
The New York Stock Exchange has authorized the listing of 100.000
Balance to surplus
additional shares of capital stock (no par value) on official notice ofissuance
2161,886
property and assets, including goodwill, of Aviation Profit and loss surplus
609,872
in exchange for all the
Earns. per eh. on 09,157 she. cap. stk. (no par)
$4.04
Corp. of Calif., making the total amount applied for 4.100,000 shares.
The corporation has entered into an agreement to acquire all of the -V,129. p. 811
Aviation Corp. of Calif. (Del.)
property and assets, including goodwill of
Pacific Coast Biscuit Co.
-Proposed Consolidation.
subject to its liabilities, in exchange for 100.000 shares of the capital stock.
The stockholders will vote June 9 on aproving the sale of the business
There is an outstanding option upon 100,000 shares of stock of Aviation
Oorp. of Calif., which option expires Dec. 31 1931, and is exercisable at and assets of this company to the Nationla Biscuit Co. The latter proposes
to issue 140,000 shares of its stock to the Pacific company. Computed on
the rate of$25 per share during 1930 and 230 Per share during 1931.
In connection with the acquisition of the property and assets of Aviation the amount of Pacific stock outstanding and assuming that the convertible
has agreed upon the preferred stock is equivalent to two shares of common tide 140.000 shares
Corp. of Calif., North
ce
cancellation of said option on 100,000 share; of Aviation Corp. of Calif.'s of National Biscuit will give nolders of stock in the Pacific company 7-12
stock to Issue to the holders of said option, option warrants (series B) of shares of the National Biscuit Co. for each share of common and 1 1-6
North American Aviation, Inc. entitling the holders thereof to purchase in shares for each share of preferred stock.
MAY 31
1930.]
3893
FINANCIAL CHRONICLE
Balance before provision for Federal income tax
Debentures outstanding at par
$15,160,454
5,000,000
Richard A. Rowland, Robert W. Daniel, W. V. A. Waterman, and
Frederick R. Ryan, the authors of the circular letter, are pot holders of
record of any of the stock for which they ask proxies. There is no Indication as to whom they wish to substitute for the present experienced management. The holders of a large majority of the 8% preferred stock of this
corporation have already indicated their confidence in the present management by delivering to it proxies to be voted at the annual meeting, which
was adjourned for lack of a quorum of the other classes of stock. It may
fairly be assured that a change in management, especially where the personnel of the proposed new management is not disclosed, cannot be relied
upon as an assurance that the earning power of the corporation will be
increased.
In addition to certain officials of the corporation, the board of directors
includes executives of financial institutions and others prominent in their
respective fields of endeavor. This board is best qualified to determine the
advisability and extent of the corporation's financial requirements. The
annual statement for 1929 shows that for the first time in the past three
years the corporation operated at a profit. Arrangements for the production of 20 feature pictures and 350 short subjects and comedies are in
course of completion by the present management.
In the opinion of the directors the corporation's Interests, and the interests of its stockholders will be best served by continuing the preseLt management.
Earns. YearsEnded- Dec. 28 '29. Dec. 29 '28. Dec. 31 '27. Dec. 25 '26.
Gross sales and rentals_ _218.166,877 217,265,321 217.553.528 $16,828,590
Cost ofsales,rentals,&c.a17,591,720 17,006.582 18,353.154 15.938.132
Balance
Plrst preferred stock at $100
$10,160,454
5,876,500
Operating income_ -- Other income
Stockholders who vote. acceptance of the proposal to sell will receive a
egular quarterly dividend of 70 cents per share on each share of stock
cquired in National Biscuit Co.
1926.
1927.
1928.
Earns.for Calendar Yrs.- 1929.
get profit after deprec.
$425,770
$414,556
$471.002
$522,676
'
4
& 1 ed. taxes
120,000
120.000
120,000
121,570
hs. coin.stk.(no par)._
$1.70
$1.71
$2.17
$2.59
arnings per share
-v. 130. P. 2983
.
-Federal Discount Corp. to Be
Pacific Finance Corp.
-See latter company alsove.-V. 130, p. 2983.
Dissolved.
-Financial Position.
Pacific Investing Corp.
Position at March 31 1930.
...ash and call loans
nvestment securities at market
iccrued interest and dividends receivable
'repaid expenses and discts. on debentures and capital stock
21.245,266
13,372.837
65.518
673,013
215,358,634
Total
196.179
Accrued int. and divs. and taxes other than Federal income tax
, Balance
Second preferred stock at $100
24,283,954
2,677.400
$1,606,554
Balance
The ratios of asset rirotection shown in the above table are over 25%
#eater for each class of security than those prevailing at the time of original
Issue.
Henry B. McKee, President, further states:
During the month of April substantial profits were realized in the process
f reduction of holdings of common stocks around the middle of the month.
It is estimated that gross income for the current year to April 19 was in
xcess of 2450,000 and that after deducting expenses and taxes other than
Federal Income tax the balance was equivalent to over five times interest
requirements on the debentures for this period. The balance after deducting interest charges and making provision for Federal income tax was
ver 2Ti times dividend requirements for the period on the 1st pref. stock
and, after allowing for such dividends, the balance amounted to over 2%
Imes dividend requirements on the 2d pref. stock.
With lower quotations prevailing at the end of April and the first part of
May for many classes of securities, your corporation has recently added
to its common stock investments, principally in the public utility, agricultural implement, chemical, electrical equipment, food and dairy, and
---V. 130. p. 814.
tobacco industries.
-Dividend Reduced.
Pacolet (S. C.) Mfg. Co.
Deering-Milliken interests announce that the regular semi-annual dividend of 5% on the 2,000.000 shares of common stock of the Pacolet Manufacturing Co. will be reduced to4% with the payment ofthe July 1 dividend.
The preferred stock which regularly pays 33.i% semi-annually, was not
istrubed.-V. 116. p. 2265.
$575,157
446,126
$258,739 def$799,628
386,463
489,348
$890,458
310,735
$1,021,283
Total income
452.361
Bond int. & discount
66,929
Depreciation
Federal taxes
Special reserve for adv.
to outside producers_
Develop. exp., &c.(net)
$748,087 def$413,163 $1,201,193
109.977
329,412
479.136
105.109
132,474
81,516
86,430
$501,993
Net income
805.447
Previous surplus (adj.)
Adjust, of amortization_
Proceeds fr. sale of corn.
stk. in excess of $1 per
1.150,833
share
Credit arising from red.
of el. A pf.& corn.stk.
$187,435df$2,151.882
876,704 4.086,342
1,150.000
126,833
$899.677
3,972,181
189,174
2,741.306
$2,458,273 $3,805,445 $1,934.480 $5,061,032
Total
66.496
64.828
Dividends on pref. stk_
438.580
803.024
Common divs. (cash)443,445
Common diva. (stock)_
541,597
bTransf.to cr. of P.& L.
Reserve for pers'l prop.
50,000
dam. & legal fees_ _ _ _
Exp. & prem. in connection with red. of 8%
163.733
bonds
Prov. for sp. res. against
3,000,000
adv. to outside prod
9,155
Miscell. adjust. (net)..--
2902,874 $4,112,511
$805,445
-Plan Operative.
Profit & loss surplus__ $1,857,521
Paramount Publix Corp.
The corporation on May 27 announced tnat stockholders owning a sub- No. of shares of capital
199,660
1,002,630
1.077,780
stk. outstand.(no par) 1.202,780
tantial number in excess of the minimum of 250.000 shares and (or) voting
trust certificates of Famous Players Canadian Corp. had deposited their Earns, per sh. on out$4.17
Nil
$0.11
capital$0.36
the depositary, pursuant to the
standing
certificates with the Montreal Trust Co.,
offer whereby Paramount Publix Corp. is to issue four shares of its common
a After deducting $2,542,128 transferred from special reserve in 1928
stock for five shares or voting trust certificates of Famous Players Canadian and $457.872 transferred from special reserve and 2541.597 transferred
Corp.
from surplus in 1929 to absorb excess costs of sales over normal costs.
The Paramount Publix Corp. has, therefore, declared the plan operative
b Amount transferred to credit of profit and loss as authorized by direcand has requested the Montreal Trust Co., tne Canadian transfer agent of tors to absorb excess costs over normal costs as estimated by management
its common stock and also the depositary, to issue to the Canadian stock- in excess of amount provided through the special reserve authorized as of
elders, as fast as feasible, stock in exchange for their shares or voting trust Jan. 1 1928 (as under a above).
certificates, pursuant to the plan. The time for the deposit of shares expired
Comparative Balance Sheet.
-V.130. p.3730.
n May 26 and will not be extended.
Dec. 2S'29. Des. 2928.
Dec. 28'29. Dec. 29'28.
3
Liabilities5
$
2
Assets-Depositary.
Paterson Mutual Hosiery Mills, Inc.
804,300
320,251 Preferred stock_ 804,300
615,441
agent and depositary Cash
The Chase National Bank has been appointed
16,942 Common stock ___z1,202,779 1,080,029
Notes receivablender a voting trust agreement dated May 91930 with respect to an author- Accts.receivable_ _ 1,187,655
200,000
912,000 Pfd.stk.of sub.cos. 200,000
zed issue of 25,000 shares preferred stock and 25.000 shares common stock. Y Adv. to outside
Owing to outside
391,385
214,812
producers
383,392 1,174,980
Producers
-Preferred Stockholders Seek Con- Advs.to Multicolor
Pathe Exchange, Inc.
Notes payable...._ 637,071 1.291,635
986
252
Unciaim.divs. pay.
77.396
Inc
trol of Board.
410,000
4,755,511 5,456,590 Mortgage payable 410,000
II'
A committee has been formed to protect the interests of the 8% preferred Invert: ca
Accts. payable and
stockholders. The Committee consists of: Richard A. Rowland (Chairman) Acne receivable &
643,267
accrued expense 590.725
120,735
Inv.of sub. co
Robert W. Daniel (Chairman of the Board of Liberty National Bank &
60,000
Trust Co.). Frederick R. Ryan (Secretary) and W. V. A. Waterman, with Plant equip., are._x2,393,389 2,016,321 Porch. mon.oblig_
5,695 Spec. res. against
Inv. in Assoc. Co_ 106,951
& Ballantine as Counsel.
Root, Clark, Buckner
adv. to outside
16,173
Cash value ilfe ins
457,872
50,000
producers
642,327
652,089
The statement issued by the protective committee follows: Deferred charges
65,270
59,643
Accrued bond int_
Residual value of
At the annual meeting of the stockholders, called for April 29 1930. R films written off
1 Adv. payments on
1
(which meeting has been adjourned to June 9 1930) Joseph P Kennedy, Rights & contracts
192,641
183,784
film rentals _
the then president, described the condition and prospects of the company
Pathex Inc____ 200,000
200,000 10-year 7% bonds- 5,339,000 5.678,772
as highly unsatisfactory, and stated that unless the board of directors pro805,447
1,857,521
100,000 Surplus
stare_
cured sufficient funds to carry out adequate production and distribution Contr. with patent 100,000
Good-will,
programs immediately, he would promptly resign as the president of the
rights, scenarios
corporation. Shortly thereafter the resignations of Mr. Kennedy as presi11,549,888 12,079.606
and stories
1,087,825 1,087.825 Total
dent of the corporation, and of John J. Murdock, chairman of the board of
z Including $2.975,916 for land, buildings and factory equipment at
directors, were announced.
It is a the utmost importance to the corporation and all its stockholders appraised value, plus advances at cost, $1,304,523. for equipment at home
that immediate action be taken to provide new and able leadership of the office and branches and $159,093 for theatre, leasehold, remodeling and
corporation, and to obtain the management and financing necessary to the equipment, total $4,439,533; less $2.046.144 for reserves for depreciation;
successful operation of the corporation, to reestablish its position as one of balance. $2,393,389. y Secured by negative and positive film.
p Ron shares.-v251.853 no-par class A pref. shares and 950,920 no-Par
com mepresented by
the leading producers and distributors of the motion picture industry.
. 130, p. 2786.
Under the amended certificate of incorporation of the company, the
holders of the 8% pref. stock are entitled to elect a majority (8) of the
-Earnings.
Pet Milk Co.
board of directors, in event that the corporation falls to pay eight successive
1926.
quarterly dividends of 2% on such preferred stock. The corporation has
1927.
1928.
1929.
Calendar Yearsdefaulted in the payment of at least eight successive quarterly dividends Net sales
$26,896.786 823.161.307 S25,020.255 $20.912.000
on such stock. The holders of the 8% preferred stock are now, therefore, Cost of goods sold
22,310,128 18.641,433 19.706,199 16.175.101
entitled, at the adjourned annual meeting above mentioned, on June 9 1930, Sell.,gen.& adm.exp-_ - 3.147.580 3,082,890 2.870.844 2,343.250
379,483
430,106
583,126
to elect eight directors, constituting a majority of the entire board of directors Depreciation
473,373
166,078
32,946
of the company.
67,390
Miscell. exp. & losses_
The above-named have organized a "Preferred Stockholders Protective
Committee" at the request of certain stockholders, with the object of
$963,609 $1,980,159 $1.848,290
-- - $788.561
Operating income48,826
obtaining united action of the holders of such 8% preferred stock, in order Other income
65.268
57.651
to elect a majority of the board of directors who may provide the required
financing, management and leadership.
2788,561 81,021.260 $2,045,427 $1,897,116
Total income
22.887
64.756
68.920
The Committee, therefore, requests proxies of the holders of the 8% Interest paid
106,111
283.033
284,181
preferred stock In order that the above program may be carried out.
133,370
52,236
Federal taxes
Lewis Innerarity, Secretary of the corporation, in a letter Prop. applic.to min.int.
19,610
24,225
2,756
21,592
In stem
to holders of the 8% pref. stock, replying to the communication sent out by the Protective Committee, says in part:
On May 23 1930, a voluntary committee designating itself as a Protective
Committee of the 8% preferred stockholders of this corporation mailed a
circular letter to holders of said stock stating erroneously that Joseph P.
Kennedy had resigned as President of the corporation, and that J. .1.
Murdock had announced his resignation as Chairman of the board of
directors, and further stated that it would be to the advantage of the
holders of the 8% preferred stock to give that committee proxies to be voted
at the adjourned annual meeting of the stockholders of the corporation to
be held on June 9 1930.
The authors of the circular letter in question apparently did not avail
themselves of the opportunity to become correctly advised as to certain
statements contained in their circular letter. While Mr. Kennedy's
retirement from the active management of the corporation has been announced, he remains as Chairman of the board. At no time has Mr.
Kennedy been President of the corporation. Mr. Murdock Is not Chairman of the board and has not been since 1928; he is President of the corporation. The executive staff which has been acting under Mr. Kennedy's
direction remains unchanged.
*2627,458
Net profits
Premium on redemp. of
5.055
pref. stock
95,550
Divs.on pref.stock-__ - _
672,952
Divs.on corn.stk.(cash)
do Stock
$797,378
98.700
611,863
195,494
21.672.264 $1,571.605
101.062
590,877
105,
590,4
$876,205
980,325
def$148,099 def$108,679
Balance,surplus
She. corn. stk. outstdg.
196,800
197,012
450.000
450.000
(no par)
28.48
$.798
$1.55
$1.18
Earnings per share
•In addition the company has an equity estimated at 270.000 in the
undistributed net earns. of American Milk Products Corp.
Earnings for Quarter Ended March 31.
1929.
1928
1930.
288,849
$114,790
$17,581
charges
Net profits after
Earnings per share on 450,000 shares
$0.14
$0.20
Ni
common stock (no par)
-V. 129. p. 3337.
3894
FINANCIAL CHRONICLE
Penn Mex Fuel Co.
--$1 Dividend.
-
The company on May 20 paid a dividend of $1 a share to holders of
record May 12. On Sept. 30 and on Dec. 14 last a dividend of the same
amount was paid.
-V. 130. I) 3558.
Pennsylvania Co. for Ins. on Lives & Granting
Annuities.
-Balance Sheet March 29 1930.Assess
Cash & amount on deposit
with Fed. Reserve Bank__ $11,815,595
Clearing house exchange_ _ _
3.573.203
Due from banks & items in
process of collection
33,585,419
Loans upon collateral
110,652,405
Investment securities
27,187,339
Commercial paper
33,377,743
Reserve fund for the prcr.,ction of "cash balances in
trust accounts"
6,190,133
Furniture,fixtures & vaults_
1,162,940
Miscellaneous Resets
1,719,225
Interest accrued
1,104,631
Bank buildings
2,773,604
Customers' liability acct.
letters of credit Issued &
acceptances executed_
2,869,649
-V.130. p.2406.
the dividend upon the class A common stock, earnings were at the ra
of $2.50 per share on the 85,000 shares of class B common stock outstandi
and compares with $1.60 per share earned in 1928.
During 1929, 7,200 shares of class A common stock were purchased in th
open market and cancelled.
-V. 130, P. 3730.
Philadelphia Insulated Wire Co.-Bal. Sheet Dec. 31.-
A
Liabilities
$805,468
$8,232,400 Plant & property- $819,163
Capital
Cash
283,502
181,943
Surplus
37,000,000 Notes &
accts. rec_ 144,733
188,767
Undivided profits
2,000,000
336,407
307,223
Reserved for dividends
497,250 Inventories
U. S. Govt. secur. 324,656
175,218
Reserved for building
661,366
5,400
681
549,217 Securities
Reserved for taxes & expo--Demand loans_ _ _ _
150,000
Treasurer's checks & clearing
2,672
1,796
1,014,853 Accrued interest
house due bills outstancPg
5,623
5,718
698,109 Prepaid insurance_
Interest payable depoeitors_
206,747
Miscellaneous liabilities_
Total
$1,922,156 $1,816,817
Letters of credit & accepts.
executed for customers_ -- 2,872,303 -V. 129. p. 4150.
182,279,643
Deposits
Total(each side)
$236,011,887
Petroleum Corp. of America.
-Listing.
-
The New York Stock Exchange has authorized the listing of 2,916.100
shares capital stock (no par value), a I of which are issued and outstanding,
with authority to admit to the list 3 5,100 shares on official notice of issuance in exchange for shares now he d in the treasury of the corporation.
18.800 additional shares, now part-paid, upon official notice and payment
in full, the final installment of the purchase price thereof having been called
for payment on Oct. 1 1929: with authority to admit to the list 1,625,000
additional shares upon official notice of issuance against the exercise of
purchase warrants and of satisfactory distribution, making the total
amount applied for 4,875,000 shares of capital stock.
Securities in Portfolio at April 30 1930.
Security.
Shares.
Market Value.
13.125 Columbia Gas & Electric Corp., common
$1,082,812
10.000 Humble 011 & Refining Co., common
1.140,000
10,000 Imperial Oil, Ltd., common
267,500
77.600 Mid-Continent Petroleum Corp., common
2,463,800
45,000 Ohio Oil Co., common
3,352,500
572.700 Prairie Oil & Gas Co.. common
27,847,537
564.900 The Prairie Pipe Line Co., common
30,787,050
20,000 Shell Union Oil Co., common
477,500
79,800 Sinclair Consolidated Oil Corp., common
2,364,075
51,000 Standard Oil Co. of California, common
3,780,375
15,266 4-6 Standard 011 Co. (Indiana). common
864.475
8,300 Standard Oil Co.(Now Jersey), common
693,050
13,000 Standard Oil Co. of New York, common
516,750
12,751 Union Oil Co. of California, common
602,484
36.800 Vacuum Oil Co., common
3,551,200
Miscellaneous
990,081
$80.781,191
85,171,366
Aggregate cost
Unrealized depreciation
$4,390,175
Income Account from Jan. 1 1930 to April 30 1930.
Cash dividends
$1,308.665
Interest on call loans, bonds, &c
127,808
Total
Interest paid
$1,436,473
4,319
Balance
Profit on sale of securities
-net
$1,432,154
40,642
Total
Fees and expenses of registrars and transfer agents
Original issue tax
Other operating expenses
$1,472,797
16,758
712
40.805
Net income for the period
Balance Dec. 31 1929
$1.414,521
2,646,880
Total
Dividend paid in cash Marth 31 1930
(VoL. 130.
1928.
1929.
LiabilitiesCapital acct. (25,
$1,393,641 $1,393,641
000 shares)
20,905
Res,inc.& prof.tax
29,605
75,000
37,500
Dividends payable
5,357
Accrued wages__
Accounts payable_
1,175
5,914
Bonus payable___
4,690
315,999
Surplus account__ 405,544
Total
31.922,156 $1,816,817
Pierce Petroleum Corp.
--Proposed Sale.
-The stockholders will vote June 12 on approving the sale of all the
property, assets, business and good-will of the corporation
upon the terms and conditions set forth in the agreement
dated May 15 1930, between this corporation, on the one
hand, and Bancamerica-Blair Corp. on the other hand.
Chairman William H. Coverdale, May 27, says:
If the sale contemplated by the agreement is consummated, the corporation will receive for all its property, assets, business and good-will 645,834
shares of common stock of Sinclair Consolidated 011 Corp., besides an
amount in cash sufficient to redeem the outstanding preferred stock. In
addition, 20,833 shares of common stock of the Sinclair corporation are
to be delivered upon the order of the Pierce corporation, in satisfaction of all
obligations of the latter corporation for commissions payable by it in connection with the negotiation of the sale and in satisfaction of all obligations
of the corporation for legal services in connection with the sale (in which
last-mentioned delivery the law firm in which two of the directors of the
corporation are partners is interested).
The 645,834 shares of Sinclair stock to be received by the corporation will
participate after May 15 1930 in all dividends and rights, as though actually
issued and outstanding on that date.
As a condition of the sale the Sinclair corporation will assume: (a) all
current liabilities of the corporation; (b) all contract obligations of the
corporation, with certain exceptions; (c) all liabilities of the corporation
in respect to litigations, with certain exceptions: and (d) all liabilities of
the corporation for U. S. Federal income taxes for the year 1929 and prior
years, up to 8500,000.
For the year 1929 regular dividends of 50c. per share per quarter were
paid on Sinclair stock, besides two extra dividends-each for 25c. per
share. If on July 15 1930 (the next dividend date for Sinclair stock) a
regular dividend of 50c. per share (only) is paid on the 645,834 shares of
Sinclair stock to be received by the corporation. this dividend will, in the
opinion of the board of directors, be sufficient in amount to enable the
corporation to discharge all its liabilities (other than thee() that are to be
assumed by the Sincliar corporation); and subsequent dividend distributions (if at the same rate) will, in the opinion of the board, make possible
dividend distributions aggregating not less than 50c. per year on each share
of Pierce Petroleum stock. Any extra or increased dividends on Sinclair
stock will, of course, permit of the payment of additional dividends on
Pierce Petroleum stock.
If and when the 645,834 shares of Sinclair stock should, in the future, be
distributed among the holders of the 2,500,000 shares of outstanding Pierce
Petroleum stock, the holder of each four shares of Pierce Petroleum stock
should receive instead somewhat more than one share of Sinclair stock.
The directors unanimously recommend that the stockholders authorize
the proposed sale.
Since its organization, approximately six years ago, the corporation has
been unable to secure any appreciable amount of crude oil production, due
largely to insufficient financial resources for that purpose. Moreover, in
recent years the tendency in the oil industry has been decidedly in favor of
large units
-more especially units covering all branches of the industry
from production to distribution, and covering the entire United States as
a field for operations. Against competition such as this the prospect for
the payment of dividends on the stock of the corporation (except as a result
of a sale such as is now proposed) are far from bright, and while the property and business of the corporation are of undoubted worth, they are of
far greater value to a large, completely rounded unit such as the Sinclair
Corporation than to a small company such as Pierce Petroleum.
To consummate the ;proposed sale the vote of two-thirds in amount of
the outstanding stock of the corporation is required.
Earnings Quarter Ended March 31.
1930.
1927.
1928.
1929.
Gross profit
$2,156,688 $2,217.298 22,058,377 $1,936,749
1,733.929
1,838,205
1.961,801
1,737,867
Expenses
50,154
61.550
75,809
75,208
Interest, &c
252,569
Depreciation
286,420
318.705
283,505
$4,061,401
1,100.587
Earned surplus to date
82,960,813
Note.
-The income being so largely in the form of dividends, no provision for Federal income tax liability is necessary.
The net Increase during the period in unrealized depreciation in value of
the corporation's investment In securities of other companies was $1,864,234.
Balance Sheet as of ApriI30 1930.
AMU
$173,973 prof$31,122
Net loss
$129,496
Liabilities-$34,266
Cash
$2,786,478 Acc'ta pay. di acced expenses
$4,000 -V. 130, p. 3558. 2984.
Funds loaned on call
7,900,000 Capital stock (3,250,000 abs.) 55,250,000
Divs. receivable & int. accr'd
88,648 Paid-in surplus
Pirelli Co. of Italy (Societa Italiana Pirelli Milano).
45,500.000
Amounts due on capital stock
230,675 Earned surplus
2,960,814
Earnings for Year Ended Dec. 31 1929.
Securities owned, at cost 5
(All figures in Italian Lire.)
Securities of other cos
85,171,366
82,910.114
Gross profit on sales
Stock of corp.,re-purchased 7,537,647
6,497,008
Dividend and interest on securities
Sundry income
1,704,515
$103,714,814
Total
Total
$103,714,814
* Including 315,100 shares of capital stock repurchased at below net
asset value.
The market value of the corporation's investments in other companies,
based on quoted closing prices April 30 1930, was less than cost by $4.390,175. The market value of the corporation's holdings of its own shares
repurchased. based on quoted closing prices at April 30 1930, was greater
than the cost of repurchasing them by 81,285,152.-V. 130, p.3370.
Philadelphia Dairy Products Co., Inc.
-Earnings.
-
Calendar Years.928.
1929.
1927.
Net sales
$14,498,144 $13,786,099 $11,193,984
Cost of sales and operating expenses_ 11,769,212 11,639,314
9,457,848
Miscellaneous charges (net)
41,740
78,636
167,928
Federal income tax (estimated)
162,700
129,000
101,408
Appropriation for depreciation
738,328
761,441
607,208
Rentals on leased plant & equipment
48.791
108,077
Net income to surplus
-V.129. P. 3811.
$1,654,975 $1,152,029
3859,591
(Louis) Philippe, Inc.
-Earnings.
Calendar Years
Gross profit from operations
Selling expenses
Administrative and general expenses
1929.
8481.142
-21,251
57,839
1928.
$357.495
50,349
x85,792
Net profit from operations
Other income
$302,052
8,255
$221,353
4,831
Net profit
Federal income taxes
$310,307
33,495
$226,184
x26,786
$276,812 4199.398
Net income
Earnings per share on 85,000 shares class B
$2.50
$1.60
common stock
x After giving effect to a reduction in the predecessor corporations
executive salaries of 819,148 and adjusting Federal income in accordance
therewith.
Earnings for 1929 as above stated were equivalent to $6.92 per share upon
the class A common stock, or 4.3 times the regular dividend requirement of
$1.60 per annum. This compares with 1928 earnings equivalent to about
$5 per share on class A common stock. After providing for the payment of
Total income
Selling and administrative expenses
Taxes
Interest and allowances
Depreciation
91,111,637
34,819,830
9,687,826
12,099,508
6.958,328
Net income
-V. 130. p. 2227.
27,546.144
Plymouth Oil Co.(& Subs.).
-Earnings.-
Calendar Years1929.
1926.
1928.
1927.
Gross earnings
$6,312,469 87,993,120 88,450,183 $14,716,323
Admin.& gen.expenses_ 1,828,797
3,286.799
2,943,672 4.027,089
320,474
Depletion
213,643
246,385
311,985
548,998
Depreciation
635,620
639.993
768,055
Abandoned wells, drill
costs,&c
490,722
889,434
764,015
Federal taxes
894,481
150,092
280.364
113,505
Net profit
$2,993,593 $2,817,003 $3,382,092 $8,925,281
Previous surplus
4,057,714
4,585,735 2.384,079
4,222.642
Adj. prior years deprec•
on gas plant
24,663
Total surplus
$7,075,970 $7,039,645 $7,967,827 $11,309,360
Add'I dept. & depr.on Big
Lake Oil Co. applic. to
the year 1926
120.186
Doprec, on well equip.
prior years
6,931
11,126
Organization expenses-Extraord. or non-recurr.
capital losses
214,669
Divs. paid to min. int. of
1.725,000
1,000,000
Big -Lake on Co
875,000
825,000
Divs.said by Plymouth
Oil o
2,625,000 4,987,500
2,100,000 2,100.000
Earns er losso ureus - 83.936.300 $4,057.714 $4.222.642 $4,585,735
Profit ‘ic
sn o5 .
6,
per
000shs.cap.stk (par $5)
26.8$
$2.27
.
$1.98
$2.13
-V. 130. p. 1295.
3895
FINANCIAL CHRONICLE
MAY 31 1930.1
Dated June 11930;due June 1 1935. Principal and int.(J. & D.) payable
of California, National Association. San Francisco,trustee, without
of 25c. a at Bank
as lawful, not exceeding
directors have declared the regular 1 to holders of record May 15. deduction for normal Federal income tax, insofar upon proper and timely
The
stock, payable June
Company will agree to reimburse holders
2%.
are in cash and 2% in
application for payment of Calif. personal proprety taxes not exceeding 2
C amounts were paid on March I last -V. 129. p. 980.
mills per dollar of par value, as provided in the trust indenture. Denom.
-New President.
Red. all or part at any time on 45 days' notice at 105 and Int. on
Pittsburgh Terminal Coal Corp.
President by Samuel $1.000. June 11931; thereafter at 104% and int, to and incl. June 1 1932;
or before
Effective May 15, H. T Wilson was succeeded as
3730.
thereafter at 104 and int. to and incl. June 1 1933; thereafter at 10314 and
love -V. 130, P.
int. to and incl. June 1 1934; and thereafter at 103 and int, up to maturity,
-Earnings.
but maturity at 100 and int.
Poor & Co. (and Subsidiaries).
x1928.
1929.
.-A Delaware corporation, formed to take over the assets and
Company
Calendar Years$14,020,612 $13,264,793 business of Ray Burner Co., successor to W. S. Ray Manufacturing Co.,
et sales
established in 1872, is one of the largest manufacturers of fuel oil burners
of'product incl. purrchase and production cost
for domestic and industrial uses. Since the inception ef its oil burner
chased product, labor, material and production 10,463,693
9,614,496 business 16 years ago, it has made constant material improvements in
expenses. but not incl. provision for depreciation
comm.,
design until to-day Ray Oil Burners are recognized as among the most
elling and admin. exp., incl. salaries, not incl.
field. Company also
efficient, economical and durable devices in the sets and appurtenant
traveling expense, rent, taxes, &c.. but
manufactures oil-burning steel ranges, oil pump
int., patent acquirement and exgan. exp.,
1,335,636 apparatus. The company's factory, located in San Francisco, covers the
1,409,582
penses, royalties, &c
90,511 block bounded by Bernal Ave., Bosworth, Milton and Rousseau Sts.
107,075
oyalties paid
-The proceeds of this issue of notes and $100,000 to be received
Purpose.
$2,224,150 from the sale of additional capital stock subscribed for by present stock$2.040,263
Profit from operations
178,884 holders, will be used to retire current bank indebtedness and to provide
224,807
and commissions received
oyalties
additional working capital.
$2,265,070 $2,403,034
-During the last eight calendar years cash dividends amounting
Earnings.
Total income
$183,698. The
to $411.511 have been paid and net worth has increasedearning capacity
incident to the acquirement and proxponditures
combination of these figures evidences an average annual 1929 increased
tection of patents and patent rights, provision
While sales for
in excess of $74,000 available for dividends.
for amortization of patents of Rail Joint Co.and
194.846 33% over the previous year. operations resulted in a loss of $89.169. It
$200,015
provision for depreciation on bldga. & equip
due to inventory
should be explained, however, that this loss was largely expenses aggreand accounts receivable adjustments, and other unusual
Profit before deducting Federal tax and int., but
and
income received
approximately $80,000 (properly allocable to previous years)
gating
not incl. int. and investment
work in the interests
and profit and loss from sale or disposal ofinv_ $2,065,054 $2,208,188 to large expenditures for organization and research
of more rapid future development.
and income from investments, less
t. received
into capital
115.824
125,709
Conversion -Notes will be convertible at the holder's option redemption,
int. paid, except int, on funded debt
for
stock the company at any time during their life, or if called
$2,190,764 $2,324,012 up to 10 days prior to the date of such redemption, with adjustment for
Total
stock
accrued interest and dividends, on the basis of 10 shares of capital
oyalties and commission paid on patents and
239.790 for each $1,000 nate.
rights acquired and now owned
of the company,in addition to these notes, will consist
retirem t_ $123,046
The capitalization
ond int., expense & premiums paid on
Cr.14.150 of 40,000 authorized shares of capital stock (no par value), of which 15,330
12,309
from sale of securities
reserved to
2,243
shares will be presently outstanding and 4,000 shares will be
4:ms from disposition of fixed assets
232,144 provide for conversion of these notes.
225.757
°vision for Federal income tax
-2% Stock Dividend.
Pines Winterfront Co.
quarterly dividends
$1,827,406 $1,866.228
Net profit
x Including Rail Joint Co.
and common stocks outstandDividends of $1,121.913 on the preference
during 1929 were paid and the balance of profits, $705,493, was carried
surplus. Dividends are now being paid quarterly at the annual rate
f $2 per share on both classes of stock.
During the year 99.8% of the outstanding capital stock of Rail Joint Co.
the
as acquired in order to expand the line of products and strengthen now
ition of the company. [Company states that 100% ownership has
eon acquired.]
Sinking fund convertible gold notes in amount $3,500.000 were issued
nd sold to obtain the additional funds required for the purchase of Rail
olnt Co. The outstanding notes have been reduced through sinking fund
urchases and the conversion of notes into common stock. An amount
f $1,123,000 was thus cancelled or retired prior to the close of the year,
ving the balance outstanding at Dec. 31 1929 of $2,377,000.
Comparative Balance Sheet Dec. 31.
1928.
1929.
Liabilities1928.
1929.
Assets12,164.812 $1,082,161 Capital stock- - -x$6,725,000 $4,000,000
lied assets
Meats & goodwill 5.993,263 4,786,206 Accounts payable
184,060
and accruals_ _ _ 404,777
273,274
vestments
368,400
53,974 Federal income,
32,647
us from ftii. cos.
170,299
231,570
&c.,taxes
ccts. rec. from
29,713
Interest on notesemployees
18,715
6% sinking fund
ash surr. value
2,377,000
notes
36,982
of life insurance.
Minority interest
Pedal funds (cash
3,900
in subsidiaries4,037
and securities) _ _
12,860 Paid in, contrib80,405
eferred chargesuted & cap. sur.. 1,601.230 3,360.489
ash and market317,359
465,518
able securities__ 1,388,033 1,046,594 Earned surplus
351,626
ccts. & notes rec. 1,075,037
3,459
corned int. recalv.
421.276 Total(each side)_$11,838,709 $8,032.207
672,916
ventories
x Represented by 160.000 shares of "A" and 362.750 shares of "B"
-V. 130, p. 2984.
ck of no par.
-Earnings.
(Daniel) Reeves, Inc.
Years EndedNet sales
Net profit after taxes
Preferred dividends
Balance available for common
Earned per share on 300.000 shares common stock
outstanding (no par)
-V. 130, p. 3559.
-Earns.
Quincy Market Cold Storage & Wareh. Co.
Net profit
eferred dividends_
Surplus for the year__
V. 129, p. 2871.
$384,597
$246,034
52,620
57,840
98,704
108,083
51,326
44,187
131,355
46.000
56,096
80,903
141,875
41,117
65.216
89,977
157.794
$199,946
94,207
$109,967
92.704
$105,739
$64,606 loss$66,954
81,381
102,182
$17,263 loss$37,576 loss1148,335
-Acquisitions.
Radio-Keith-Orpheum Corp.
$2.20
Net loss
-V.128, p.4018.
1927.
1928.
1929.
1930.
Years End. Mar.31$2,092,093 $2,060,020 $2,131.175 $2,111,443
otal income
1.935,223
1,802,380
1,678,521
1,577,426
perating expenses
$176,221
$328.795
$381,409
$514,668
Gross profit
69,813
55,802
1,337
2,526
ther income
$382.836
$662,316
$3.12
-Earnings.
Regent Knitting Mills, Ltd.
-New Plant Opened.
Purity Bakeries Corp.
$517,194
6936,128
Calendar YearsGross profit from sales
Selling, delivery, admin. & other expenses
Bond interest
Bond discount amortized
Depreciation
President M. L. Molan, announces the opening this week of a new,
odern,$500,000 baking plant in Chicago -V. 130, p. 3180.
Total income
lexica (officers & general office)
eneral expenses
terest paid (net)
her charges
Dec. 31 '29. Dec. 29 '28.
$33,766.924 $31,569.318
857,316
1.128.349
195,000
192,221
President Hiram S. Brown announces the purchase by the company of
he theatrical holdings throughout Now Jersey, Connecticut and New York
tate of Samuel Bratter and Samuel Pollak, known as the Bratter-Pollak
ircuit. The theatres acquired in the transaction include the Rahway
nd Empire Theatres, Rahway, N. J., Rex. Irvington, N. J.. the Lincoln,
lington, N. J., the Ritz, Lyndhurst, N. J., the Embassy, Dobbs Ferry,
.V., and the Pickwick and Playhouse, Greenwich, Conn.
These theatres will bo taken over actively by the RICO company on July 5,
which
ext. The average seating capacity is over 2,000,circuit, adds an addiwhich already
onal seating capacity of over 20,000 to the RICO
oasts of over 1,000,000 attendants. This is the third circuit of theatres
over by RKO in the past few months. With this acquisition a total
aken
f 62 theatres have been added to the RICO circuit of theatres in the United
tates and Canada during the past 14 months.
1929.
$226,080
233,815
33.646
6,480
50.422
1928.
$505.297
310,494
35.359
6,480
75.000
$98,285 sur$77,963
-Stock Ctrs. to Be DisReliance International Corp.
tributed.of allotment certificates will be entitled
On and after July 1 1930, holders
Central
to receive upon surrender of their allotment certificates at the
number of
Hanover Bank & Trust Co., N. Y. City, certificates for the
stock, $3 cony, series, and class A common stock
shares of cum. pref.
-V.130. p.2407.
represented by the allotment certificates so surrendered.
--Earnings.
Remington Rand, Inc.
Earnings for 9 Mos. Ended Dec. 31 1929.
Net sales
Operating profit
Net income
Earned per share on common stock
-V. 130. p. 1478.
$48,392,706
6,783,909
4,496,059
$2.60
Remington Typewriter Co.-Pref. Stocks Off List.
The New York Stock Exchange has stricken from the list the 7% emu.
1st preferred stock and 8% cum. 2nd preferred stock -V. 128, p. 1070.
-Earnings.
Republic Supply Co.
6 Months Ended April 30Net profit after chan., deprec. & taxes
Earns, per shr. on 200,000 shn com.stk.(no par)
-V. 130. p. 1478.
1930.
$325.456
$1.63
1929.
$485.675
$2.42
-Earnings.
Revere Copper & Brass, Inc.
Earnings for Year Ended Dec. 311929.
Operating profit
Depreciation
Cash discount on sales, int. paid,&c.(net)
Interest on bonded indebtedness
Provision for Federal income tax
Net income
Appropriation for inventory reserve
Balance,surplus
Preferred dividends
Class A dividends
$6.457,428
1,071,388
72,353
598,007
516,000
14.199,680
820,000
$3.379,680
692,870
1,002,856
11.683,954
Balance, surplus
$4.92
Earns per sh. on 509,247 slis. corn. stk. (no par)
311929.
Balance Sheet Dec.
Liabilities
.
AMIS
$1,641,987 Accounts payable and seemed
Cash
$1,214,615
expenses
5,000,000
Call loans
417,991 Accrued interest on bonds &
U.S. Govt.securities
1166,491
dividends payable
Customers notes & accts. rec. 2,828,498 Reserve for Fed'I income tax_
604,444
47,375
Miscall. accounts receivable.
7,285,767
10,395,430 Reserves
Inventories
10,000,009
214,898 1st mtge.series A 63
Prepaid expenses
10,000,000
24,956 7% cum. pref. stock
Cash In sinking fund
x9,979,601
Class A and common stock
Stocks and bonds of Corp. re6,411,351
829,012 Surplus
treas'y
Contract.
Purchased & held In
551,184
consummated Nfiscell. Invest.& advances._
The R. K.0. corp. and the Columbia Pictures Corp. have entire
1930-31 Prop., plant & equipment--- 23,910,936
agreement by which the former has contracted for the
n
$45,862,268
Total (each side)
1
lumbia product of 20 sound film productions to be exhibited in all the Goodwill
A stock and 509,247 shares common
eatres of the RKO Circuit. The transaction also involves Columbia's
a Represented by 251,022 shares class
involving a total of $5.000,000 in bookings.
. 130, p.3539,
ort subjects,
stock, both of no-par value.-V
According to the agreement, the Columbia company is assured an outlet
-Quarterly Report.
every key city in the United States. It also gives the Columbia company
Richfield Oil Co. of California. 27 submitted a report of
Broadway in the Globe Theatre and in the dew
May
production house on
Y.
The directors' meeting in Los Angeles
HO Theatre being erected on Broadway and 47th St.. N.Y City -V.130. operations for the quarter ended March 31 1930. which affords the following:
providing for depletion,
. 3730.
-Company earned $3,189,810 before and Federal income tax,
Earnings.
interest.
depreciatMn, intangiole drilling expense,depletion, depreciation, intangible
-Report.
Railroad Shares Corp.
providing for
net earnings after
income tax was S936,740 representCorporation reports net gain from July 3 1929 to date of $363,646 after The final
drilling expense, interest and Federal
educting Federal taxes and expenses and net gain of $127,202 for 3 months ing after preferred dividends 37 cents per share on the 2,043,514 shares
to May 17, after deducting March 15 dividend and
1930.
Lod from Feb. 8
common stock outstanding March 31
xes. Liquidating value per share as of May 17 $9.44.-V. 130, Is. 3371, of The earnings for the quarter reflected the company's participation in
of production and the lowered prices received
-An issue of $400,000 the California curtailment
-Notes Offered.
prevailed on the Pacific Coast
Ray Burner Co.
during the gasoline price disturbance that Gasoline
were restored
quarter.
year 6% convertible gold notes is being offered by Peirce, during the greater part of thebelieves that a stableprices structure may
price
April 23, and the management
air & Co., San Francisco.
3896
FINANCIAL CHRONICLE
reasonably be expected for the remainder of the year, which should result
In earnings per share consistent with or better than those of last year.
Producing Division.
-The company's daily production of crude oil and
casinghead gasoline Is slightly under 30,000 barrels per day with more
than 15,000 barrels per day of crude production closed-in in compliance
with the State curtailment or conservation program.
For the first 3 months of 1930 the production of crude oil and casinghead gasoline amounted to 2,649.000 barrels. The recent discovery at
Potrero, adjacent to Inglewood, where company has valuable and welllocated holdings; discovery of a deep-sand in the Be'ridge area, on which
company has large holdings in fee, and the discovery at Point Concepcion.
establish Richfield's crude oil reserves as much greater than ever oefore
reported.
Marketing Division -Due to the consistently increasing consumer demand for Richfield products, domestic sales of gasoline, lubricating and
fuel oils exceeded those of any quarter in the history of the company.
Price improvement of fuel on both the Atlantic seaboard and throughout
the area of Western distribution indicates largely increased earnings during
the remainder of the year.
Conclusion.
-Management feels that greater strides have been made in
the petroleum industry during the past 6 months than during any Period
for several years previous. Shut-in of production and a corresponding
curtailment of refining throughout have greatly improved economic conditions within the industry. Inventories of $20,142.000 as of Dec 31 1929
were reduced approximately $1,000,000 during the first quarter of 1930
and seasonal demands will very sunstantially reduce inventories during
the next few months.
1928.
Earningsfor Quer. Ended Mar.31- 1930.
1929.
Netsales
x$14.634.662 $10,147,643
7,569.199
11,243,694
Cost ofsales,oper.,gen.& admin.exp
Net operating income
$3,189,810 $3,390,968 $2,578,444
Deprec., depl., prov. for abandonments, in tanginle drill. expenses.. _ 1.510.637
1,238,784
953.948
233,979
702,433
74,922
Interest charges
75,000
150,000
Provision Federal income tax
40,000
Net income avail, for diva
$936,740 $1,927,262 $1,315,518
1,917,386
1,174,060
Shs. corn. stk. outatand. (par $25).... 2,043.514
$1.02
Earnings per
other income credits of $89,381 0 V
x Includesshare3. 130, p. 3569.
3 7
.
0
Rike-Kumler Co., Dayton, Ohio.
-Sales, &c.
Sales showed a slight increase last year. according to the company's
report, gaining from $7,542,480 to $7.617,553. Actual earnings from
operations also gained, although the presence in the 1928 earnings of a
non-recurring profit from sale of an investment, made the total net income
of that year slightly higher. The respective figures were $505,106 in 1929
and $516,757 in 1928. Current assets were approximately seven times
current liabilities, cash items being greater than the total of current habilities.-V. 129. p. 3337.
Roan Antelope Copper Mines, Ltd.
-Plans Debenture
Financing.
-
[VOL. 130.
management corporation acts without salaries, commissions, managemen
fee or profit from the trust fund other than its right to receive all of th
class "B"snares when and as issued.
The capitalization upon completion of financing will consist of 10.00
class "A" prior preference and participating shares, $10 par value an
10,000 class "B"subordinate participating shares, no par value. Class"A
shareholders are entitled to receive back their entire investment at the fix
retail price of$11 per share with interest,. after which the profits are(livid..
equally between both classes of stock. Stockholders have no voting righ
other than to terminate the trust at any time. Stock selling expense
limited to 9%. Depletion and deferred charge reserves are Provided
reimburse the trust fund for depletion of producing royalties, organizatio
and stock selling expense.
Offering of 10,000 class 'A" prior preference and participating shares
priced at $11 per share is being made for dealer distribution.
Saco-Lowell Shops.
-Earnings.
Calendar Years1928.
1929.
Net income after charges
$1,004,034 loss$892,86
On the 12,500 shares of 6% first pref. there are back dividends accru
of 27%. or $337.500, and on the 26,438 shares of 7% second preferred
dividends accrued of 33.25%. or $879,064, a total for the two issues o
$1,216,563. Last year's earnings were equal to $80.32 per share of f
preferred stock.
Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
LiabilitiesAssets
$
$
Real est., mach. &
8% pref.stock._ _ 1,250,000 1,250,00
equipment
4,940,310 5,140,713 7% 2d pref. stock_ 2,643,800 2,643,8
707,44
Bankers' accept's_ 338,371 1,188,030 Bal.for corn,stock x1,756,463
Cash
150,26
993,495 Acc'ts payable-_-_ 166,739
1,036,752
Notes & accts. rec_ 2,313,669 1,918,024 Accrued items_ _ __ 192,403
119,26
Inventories
2,092,736 1,658,233 Reserve for sundry
88,52
contingencies_ __ 263,142
Securities
353,445
605,951
587,13
Dep. with ins. cos_
Res. for Fed. taxes
57,880
Accrued int. rec
4,908,020 6,067,57
7,900
Notes
Other assets
47,450
Total (ea. side) 11,180,568 11,614,00
Prepaid items_ _
62,108
39,505
x As follows: Balance represented by 62,573 shares common stock (n
par). $707,449; stock issued for conversion of notes, &c., $44,980; net in
come for 1929. $1.004,034.-V. 129, p. 3180.
-Subsidiary Buys Pulp Mill.
St. Regis Paper Co.
See Niagara Hudson Power Corp. under "Public Utilities" above.
V. 130. p. 3150.
Savannah Sugar Refining Corp.-Batance Sheet Dec.31
1929,
Liabilities1928.
Assets1929.
1928.
Capital stock_ ___x$3,578,400 $3,578,4
Refin'g plant, incl.
81,41
machinery, 4,0_33,978,380 83,936,138 Acc'ts payable_ __ 165,253
1,100,000
Cash
650,948 1,065,543 Bills payable
235,41
387,291 Sundry reserves_ _ _ 255,487
Accts. rec., less res. 857,937
Mdse.and supplies 2,389,186 1,038,108 Reserve for depre1,707,616 1,563,87
ciation
Charges deferred to
1,352,986 1,200,31
21,457
10,138 Surplus
future opera
222,190
261,814
Investments
A special stockholder's meeting has been called for June 10 in London
to approve issuance of £1,500,000 of 7% 15
-year debenture stock together
with options on 750,000 ordinary shares at £2 per share to June 30 1935.
The Irving Trust Co., as depositary under an agreement dated July 10
1928. between Chas. D. Barnery & Co.. Irving Trust Co. and holders of
$8,159,722 $6,659,41
Total
$8,159.722 86,659,411
Total
certificates issued thereunder, have notified holders of "American share"
x Represented by 33,444 shares of pref. stock, par $100, and 28,27
certificates in regard to the special meeting.
-V. 129. 13• 3979.
Stockholders are asked to approve authorization of £1,000,000 of de- shares of common stock, no par value.
benture stock in addition to that to be presently issued. and creation of an
Schlage Lock Co.
-Earnings.
additional 1,000,000 new ordinary shares of 5s each, thus providing stock
1926.
1927.
Calendar Years1928.
1929.
to take care of the shares to be optioned. Approval will also be asked to Net earnings before inc.
alter the company's regulations permitting option holders to enjoy the same
$84,157 loss$85,58
$108,331
tax deductions
$47,570
pre-emptive rights as stockholders. Outstanding capitalization as of June
30 1929 consisted of 4,558,241 ordinary shares, 5s par, of an authorized -V. 129, p. 2552.
Issue of 5,000,000 shares. "American shares" are equivalent to 4 ordinary
-Earnings.
Schulco Co., Inc.
shares.
1929.
1930.
Quarter Ended
Under the terms of the deposit agreement, registered holders of certifi- Rentals earned March 31
$263,75
$264.097
cates for "American shares" are asked to advise Irving Trust Co. in writing Expenses, &c139,58
144,011
of their desires In the matter and the latter will endeavor to vote the deposited stock of Roan in accordance therewith, or, as to stock concerning
$124,16
$120.087
Net income
which no preference is expressed, in accordance with the instructions of the Other income from operations2,0
23.398
depositors.
-V. 129. p. 3487.
$126,2
$143.485
Total income
Rogers-Majestic Corp., Ltd.
-Extra Dividends, &c.
117.58
115,236
Interest accrued on bonds
The corporation has declared an extra dividend of 50 cents per share on
$28.249
$8.65
Net income before taxes
the class A and B stock, in addition to an initial dividend of 30 cents per
share on each of the classes of stock, all payable June 1 to holders of record -V. 130, p. 2787.
May 26. See also V. 129, p. 2972.
-2% Stock Dividend.
Scott Paper Co.
The directors have declared a semi-annual dividend of 2% in commo
Rolls-Royce of America, Inc.-Ecenings.stock in addition to the regular quarterly dividend of 35c. per share o
Calendar Years1929.
1926.
1928.
1927.
the common stock, both payable Jnne 30 to holders of record June 16.
Gross profits after deprec $257,476
$246,646
$737,886 2% stock aistribution was also made on the common stock on June 29 an
$496.705
106,056
119,583
126,000
131,250 on Dec. 31 1929.-V. 130, p.3731.
Bond interestProvision for Fed. taxes.
16,656
82.000
46,00016,287
Net income
Preferred dividends_
$134,764
$331.122
Balance, surplus
Adjustments
Bal.sur. Dec.31
$134,764
$331,122 def$140,641
Cr.14,487
98.878
225,032 def238,354
Profit & loss Bur
Earn, per eh. on 35.000
shs.pref.stk.(par $100)
$564,763
430,000
$430.000
$104,359
245,000
$524,636
61,250
-Sales Decline.
Sears Roebuck 8c Co.
-1929, 1930-20 Wks.
-1929.
Period Ended May 21- 1930-4 Wks.
$30,685,991 $32.693,853 8140800,870 8144179.1
Sales
-V. 130, p. 2986.
$463,386
$98,878 def$225,032
Seay-Linz.-Notes Offered.--Republic National Co. an
Republic National Bank & Trust Co., Dallas, Tex., ar
-year collateral trus
offering at 100 and int. $1,000,000 5
6% gold notes.
$9.46
$2.98
$14.98
$3.85
Dated May 10 1930; due May 10 1935. Denom. $1,000 c*. Interco
Balance Sheet Dec. 31.
payable M.& N.
Liabilities1929.
1928.
1928.
1929.
Assets-These collateral notes are secured by the pledge of shares of the capita
7% pref.stock _ _ --$3,500,000 $3,500,000
Ld., bldgs., mach.
redemptio
of the Southland Life Insurance
and are
equipment-_ y$1,183,570 $1,371,388 Common stock-_ _ - 175,000 x175,000 stock4 weeks'notice,on any int. date atCo.,and int. subject to and interes
Principal
after
101
Accts.& notes, incl.
Tr. name, designs,
is payable at the Republic National Bank & Trust Co. Dallas Tex.,trustee
accr.,wages.,inc.
good-will. &a_ _ 1,393,052 1,414,928
These $1,000,000 collateral trust gold notes are a direct, joint and sever
583,874
&c., payable--__ 1,229,378
Cash,notes& accts.
L. Seay, Clarence E. Linz, and H. B. Seay, whos
of
reedy.(trade)__ 870,921 1,088.984 Sk.id.7% bonds-. 1,500,000 1.825,000 obligation net Harry according to their signed statements on file with th
worth,
combined
3,372,488 2,327,127 Res. for Fed. tax.
Inventories89,888 trustee, is in (=CBS of $7,000,000. The notes are secured by a pledge o
84,580
10,850
89,475 & contingencies_
Co. bds. In treas'yof the Southland Life Insurance Co. o
of the capital
surplus_ _ _1 564,764
283,478 Capital surplus.._) 155,954 25.500 shares deposited withstockRepublic
Inv. In other cos-. 352,489
the
National Bank Sr Trust Co.
430,000 Dallas, Tex.,
44,140 Earned
50,353
Frond.exp. Maur-.
trustee. These 25,500 shares constitute 51% of the 30,000 shares of th
Southland Life Insurance Co. outstanding, or a majority of the outstandin
87,033,722 $6,559,497
Total$7,033,722 $6,559,497
Totalstock. The 51% of the capital stock of the company would, according
4 Common stock. 35.000 shares of no par value. y After depreciation of valuation, provide $3,060,000 or $3,060 for each $1,000 collateral not
$1,893,372.-V. 128. p. 3204.
issued against the pledged stock.
-Earnings.
Roosevelt Field, Inc.(& Subs.).
Seneca Copper Mining Co.
-Earnings.
-
Earnings for Year Ended March 311930.
Earnings for Period March 13 1929 (Organization), to Dec. 31 1929.
$158,56
$132,747 Total receipts
Rents, concessions, admissions and gasoline and oil profits
206,85
Expenses
119.971
Flight revenue
25,94
88,385 Bond interest
School revenue
3,0
4,456 Depreciation
Miscellaneous revenue
36,56
Depletion
115,913
Interest and discount
$113,80
Net loss
$461,473
Total revenue
412,746 -V. 130, p. 3560.
Operating, maintenance, general and administrative expenses
43,251
Depreciation
Signal Oil & Gas Co.
-Increases Dividend.
The directors have declared a quarterly dividend of 50c. a share on ho
$5.476
Net income for period
the class A and B stocks, payable June 10 to holders of record May 2
The company reported as of Dec. 31 cash and call loans totaling $786,106 Formerly the company paid quarterly dividends of 43 c. a share in cas
and marketable securities totaling $423,053. Total current assets were and on Dec. 10 1929 paid an extra of 2% in stock.
$1,296,833 and current liabilities $182,953.-V. 128. p.4018.
The stockholders on May 27 approved changes in the certificate
incorporation whereby they waive
-1st Pantie. Royalty Trust Formed. subscribe to new shares issued or any preferential or preemptive rights
Royal Managers, Inc.
any obligations convertible into stoc
Organization of the First Participating Royalty Trust is announced by This is in line with indicated plans for financing, presumably throng
of a
Maurice B. Dean, investment banker of New York. This is the first
designed for invest- debentures convertible into stock.
type
series of similar trusts of the general management royalties. It is intended
President Mosher said: "This amendment has been authorized becaus
the directors feel that now is the mostadvantagsous time to provide lo
ment in non-producing and producing oil and gas
the trust term
to invest principally In non-producing royalties. Management of
financing to take care of further expansion. -V.130, p. 2043.
whose
fund is vested in Royalty Managers, Inc., an Oklahoma corporation Corp..
-Proposed Acquisitio
officers and directors are Paul S. Ache, Pres. of Reiter-Foster Oil
Sinclair Consolidated Oil Corp.
Tulsa and Maurice
B. M.Hays of R.M.Hays & Co., petroleum engineers of Is trustee. The -See Pierce Petroleum Corp. above.
-V. 130, p. 3732.
B. Dean. The Producers National Bank of Tulsa, Okla,
MAY 31 1930.1
FINANCIAL CHRONICLE
-Building New Line.
Sinclair Pipe Line Co.
Line Co. is building between
The 10-Inch pipe line which the Sinclair Pipe
and the
its Payson pumping station on its main north and south pipe line
Oklahoma City field, a distance of approximately 36 miles, will be completed
cost of about $600.000.
about June 1 at a
-inch
The company already has in operation between these two points an 8
line. Alter the completion of the new line the company will have a capacity
-V.
barrels a day out of the Oklahoma City pool
of 55,000 to 60,000
130, p. 2409.
--Earnings.
Sin-Mac Lines Ltd.
Earnings for Calendar Year 1929.
Net oPer• Profit after deducting all exps. & prov. for deprec
Interest paid and accrued on funded debt
Net income
Dividends declared on preferred stock
Net profit for year (subject to income tax)
Earnings per share on 53,120 shares cont. stock (no par)
-V.128, p. 3204.
$153,571
62,322
0 2
9 39
$41..241
$50 928
$6.96
3897
In accordance with letter sent you by the reorganization committee I
have become President and General Manager of the Southwestern Stores
Corp. which has purchased the assets of your company, in accordance
the
with ' plan of reorganization.
Creditors representing in excess of 96% of the claims allowed in the
receivership, many of whom are closely in touch with the situation, have
elected to accept a preferred stock in the corporation for their claims,
including companies whose claims are among the largest, such as Swift &
Co.. Armour & Co., Central Trust Co. of Illinois, National City Bank of
New York and Dominion Stores Ltd. of Canada.
Our present operating nucleus is. I believe, an efficient one and capable
of expansion at a minimum of cost. When the operations of this nucleus
have reached their proper degree of effectiveness, I propose to open new
stores utilizing the great amount of extra equipment we have on hand
and to continue to open new stores as long as it is profitable to do so.
Furthermore by taking advantage of the local situation we may be able to
increase our business materially without additional coat to ourselves.
You may participate in the projected development by exercising the
rights extended to you, which will permit you to purchase units consisting
of one share of cumulative $1.80 preferred stock, class A, together with 2
shares of common stock, for $18 per unit. (Compare also Southwestern
Stores, Inc., in V. 130. p. 3561.)-V. 130, p. 3733.
-Earnings.
Spang Chalfant & Co.
-New Sales Office.
Skelly Oil Co.
The company on May 23 announced the opening of a new divisional sales
office of its oil and gas division in Chicago with jurisdiction over all of
Illinois; southeast and southwest Wisconsin, and a part of Indiana. Other
division sales offices of the company are located at Minneapolis. Des
Moines, St. Louis, Omaha, Kansas City and Tulsa -V.130, p.3732.
1926.
1927.
1928.
1929.
Calendar YearsGross prof. before deprec $7,055,704 $5,549,139 $4,931,063 $7,387.146
547,841
640,909
720,214
767.645
Depreciation
$6,288,059 $4,828,925 $4,290.154 $6.839,305
Gross profit
359.020
418.363
253.879
300,405
Miscellaneousincome-
"Snia Viscosa" (Societa Nazionale Industria Applica-Earnings.
zioni Viscosa), Turin, Italy.
(All Figures Given in Lire.)
1927.
1926.
1928.
1929.
Calendar YearsProfits on mdse.,divs.on
stock & bonds, &c___ 47,666,133 99,680,812 84,101,034 119,576,113
Int., allowances & bank
37,879,490 39,616,339
commissions
12,658,471 27,451,914 17,843,415 26,308,942
Taxes and rates
Salaries, bonuses. gen.
8,278.730 7,957,147
expenses, &c
$6,588,464 $5.082,804 $4.708,517 $7,198,325
Gross income
992.772
851,703
816,891
Gen.,admin.& sell. exp_ 1,279,743
18,370
18.574
501.079
455,189
Interest
925,481
480,184
427,972
459.113
taxes__
Federal income
Loss on equip.,dismantle
83,341
122.232
110,672
163,161
and scrapped
109.293
Fire loss
$4,231,257 $3,226,188 $3.126,532 $5,178,360
Net income
Add-Profit on sale of
798,213
Dr.6,729
secur.(non-recurr.)
Net profit to surp. acct $4,231,257 $3,226.188 $3,119.803 $5,976,573
35.007,662 72,228,898 20,099,399 45,693 686 Preferred
Net income
814,572
719,000
2,284,684
Ordinary reserves
434,090
To directors
$3,416,685 $2.507,188 $3,119,803 $5.976,573
Balance, surplus
35,228,898
To plant depreciation
-V 130, p. 2409.
37,000,000
To deprec.ofshs and inv.
Various amortizations__ 33,883,389
-Annual Report.
Spear & Co.(& Sub. Co.).
1926.
1927.
1928.
1929.
Calendar Years20,099,399 42,974,912
1,124,273
Profit
$15,114,225 $14.721,281 $14.939,511 $13,451.578
Net sales
x Cost of mdse.,sell., gen.
Consolidated Balance Sheet Dec. 31.
admin.exp.& local tax 13,954,253 13.822.935 13.412,559 12,287,930
1926.
1927.
1928.
Assets (Lire)1929.
Factories, bldgs., mach.,
$898,346 $1,526,952 $1.163,648
$1,159,972
Balance
Pats., right processes_641,761.692 655,585.704 1004912,383 542,469,172 Other income
5.013
5,392
12,743
9,682
50,429,770 50,429,769 76,748,779 71,396,544
Workmen's-houses
Real estate, furniture &
$911.089 $1,532.344 $1,168,661
21,169,654
Total income
8,997,287 9,097,799 8,342,643 8,918,941 Deprec.& lease.amort
fixtures
96,865
86,640
86,703
96,589
1,221,968
1.592,920
3,190,537
6,868,720
Cash
66.031
116,475
95,642
75,416
Credits with banks---202.733,163 152,629,371 39,877,487 148,585,214 Interest Fed. taxes_ _ _
135,778
179.437
87,547
109,819
.
Pros',for
249,791,890
Credits with shareholders
21,675,219 25.177,623 11,057,678 3,119,829
Bills receivable
$869,987
$641,260 11,149.728
1887.830
Netincome
Sundry debtors
61,900,797 111.718,527 131,789,177 164,295.558 Disc, on pref.stk. purch.
45.620
19.005
36,680
108,956
Raw materials, mdse. &
1.601,482
2,106,572
2,632,502
2,925,354
Previous balance
miscellaneous stocks 106,811,980 130,386,489 192,815,233 203,110,057
116,184,190 125,502,928 277.182,599 239.682,653
Stocks and bonds
$3,922,140 $3,310.442 $3,275,305 $2,517,089
Total surplus
155,838,577
Due from subs. cos
100.000
200,000
Reserves
900,720
950,760
Guarantees
12.841
48.090
Adjustments, &c
297,675
289,712
280,087
262,570
7% pref. diva
Total
1218313,579 1264619,468 1744318,901 1788430,405
2nd pref diva:
Liabilities
105,000
105,000
Current year (7%)...105,000
100000,000 1000000,000 1000000,000 1000000,000
Capital stock
183,750
Prior year (12j%)
Reserves
39,891,915 39,557,828 200,000,000 20,000,000
100,000,000 75.000,000
Extraordinary reservesProfit and loss surplus $3,370,820 $2,925,355 12,632,502 52,106,572
Results of industry
Earns, per sh. 225,000
35,228,898
To plant depreciation
$2.08
$1.13
$3.35
$2.31
corn.shs.(no par)_ _ _ _
To depreciation of shs.
x Including bad and doubtful accounts receivable charged off, less
37.000,000
and investments._
recoveries.
Various amortizations-- 33,883,389
Consolidated Balance Sheet Dec. 31.
250,000,000
Special reserves
1929.
1928.
1928,
1929.
124,834,970 129,776,500 129,451,000 151.102,000
Debentures
5
268.558,156 194,399,286
Assets17,628,271 22,155,521
Sundry creditors
dtc....a1,764,894 1,761,072 7% eum. pret.stk- 3,450.000 3,900,000
46,309,744 97,929,118 Land,
1,124,272
Surplus
1,465,924 1,783,394 7% cum.2d pt.stk. 1,500.000 1,500,000
Inventories
900,720
950,760
Guarantees
Accts. receivable b10,647,833 10,815,755 Common stock -c3,000.000 3,000,000
310.000
Mortgage payable 295,000
1218313,579 1264619,468 1744318,9011788430,405 Surrender value InTotal
121,620 Notes payable__ 1,000,000 1,500.000
surance policies_ 141,858
-V. 128, p. 3531.
886,407
219,983
249,645 Accounts payable- 963,700
Cash
99,630 Federal tax & con128,328
-Omits Dividend.
Solar Refining Co.
Deterred charges
809,355
tingent reserve_ 789.300
The directors have voted to omit the semi-annual dividend of $1.25 a
3,370.820 2,925,354
Total(ea.side).14,368,820 14,831,116 Surplus
share due at this time. On June 20 and Dec. 20 1929, semi-annual disa After deducting depreciation reserve of $244.216 and amortization of
tributors of 5% each were made on the $4,000,000 outstanding capital
leasehold $91,122. 13 After deducting $800,000 for doubtful, &c., accounts.
stock, par $25.-V. 130. p. 2409.
-V. 129, p. 814.
c Represented by 225,000 shares of no par value.
Southern Ice Co.-Earning8.-
12 Mos. Ended March 31Gross sales & earnings
Ice sales
Coalsales
1930.
1929.
$1,328.539 $1,302,092
738.272
740,915
75.637
71.278
Total net sales
Delivery, soiling & general expenses
Taxes
$813,908
459,301
65,417
$812.194
436.261
64,297
Operating Income
Non-operating income-net
$289,191
7,092
$311.635
9.028
Gross income
Interest charges
$296.283
67.747
3320,663
63.937
Balance
Prior earned surplus
$228.536
191,002
$256,726
101,289
Totalsurplus
Retirement reserve
$419,538
105.000
$358,016
95.000
Balance
Net direct credits
5314.538
18,643
$263.015
8,473
Total
Preferred dividends
$333,181
72,912
$271,488
80,486
Earned surplus
-V.129.P. 3813.
$260.269
$191,002
-Extra Dividend.
South Penn Oil Co.
An extra dividend of 12)i cents per share and the regular quarterly
dividend of 50 cents per share nave 13een declared, both _payaole June 30
to holders of record June 14. Like amounts were pale on Dec. 31 1:42s and
on Marco 31, last, an extra cash distribution of 25 cents per share was made
on Sept. 29 and Dec. 31 1928, while on Feb. 1 1929 a 50% stock c.ivicend
-V. 130. p. 1843.
was paid.
-Smaller Dividend.
South Porto Rico Sugar Co.
The directors have declared a quarterly dividend of 35c. a share on the
common stock and the regular quarterly dividend of $2 a stiare on the pref,
stock, both payable July I to holders of record June 10. Previously, the
company paid quarterly dividends of 50c. a share on the common stock.
-V.129. P. 3003
.
Southwestern Stores Corp., Tulsa, Okla.
-Ash Old
Stockholders to Subscribe.
0. V. Cox in a letter to the stockholders of Southwestern Stores, Inc..
says in substance:
-Earnings.
Square D Co.
The net profit for 1929, after all charges including depreciation, interest
and Federal taxes, amounted to $503,896. This figure includes the profit
of the Industrial Controller division at Milwaukee from the first of the
year and also company's equity In the undivided profits of the Square D
Co., Canada, Ltd., an affiliated corporation, in the amount of $26.327.
Net income of the Square D Co.and the Industrial Controller Co.. allowing
for debenture interest and for non-recurring charges, for the year 1928 was
$428.097.
Such net earnings for 1929 are equivalent to $5.72 a share on the 87,975
shares of class "A" pref. stock outstanding at the end of the year and, after
deduction of class "A" diva., to $6.28 a share on the 49.371 shares of class
"B" common stock. Earnings in the preceding year were equal to $4.70 a
share on 90.975 shares of class "A" stock outstanding after the merger with
the Industrial Controller Co. and to $5.01 a share on the 45,488 shares of
class "B" stock then outstanding.
Income Account for Calendar year 1929.
iCovering operations of Square D Co. for 1929 and including Industrial
Controller Co.for Jan. 1 1929 to date of purchase, Feb. 15 1929.1
$585.235
Net profits from operations
33,398
Pther income
Total
Interest on debentures.loans,&C
Federal income taxes_
Wisconsin income taxes
$618.633
170.098
60,857
10.108
Net profits
Class "A" dividends
$477.569
198.495
1279,074
Balance,surplus
-Depreciation allowance charged against operations in 1929 was
Note.
1148,425.-V. 130. p. 3182.
-Extra Dividend.
Standard Oil Co. of Kentucky.
The directors have declared an extra dividend of 20e. per
share and the regular quarterly of 40e. per share, payable
June 30 to holders of record June 16. On Dec. 31 1929, an
-V. 130, p. 2409.
extra dividend of 40e. per share was paid.
-Report.
Standard Motor Construction Co.
Benjamin 0. Smith, President. sass in part:
Company enjoyed an increase in net sales of approximately 48% for 1929
greater than l928. Also company showed a profit of $49,906 for the first
time since it changed Its business from the manufacture of gasoline engines
to the manufacture of Diesel engines, which was made necessary by the
continually increasing price of gasoline.
3898
FINANCIAL CHRONICLE
[VOL. 130.
Balance Sheet December 311929.
Assets
Superior Oil Corp.
--Earnings.
Liabilities
3 Mos. End.
Cask
$6,831 Accounts payable
1929.
$84,071 Gross income Mar. 31- 1930.
1928.
1927.
Aocounts receivable
127,625 Bills payable
$822,270 $1,049,850
42,967 Expenses, int.,
$284,114 $1,053,65(
Bills receivable
&c
51,655 Salaries ds wages accrued
444,729
495,850
4,826 Depreciation
243,162
264,10
Interest ou mortgage
714 Loans payable
93,500
134,940
195,498
295,25
43,250 Depletion
Merchandise inventory
326,813 Deposits
163,000
248,185
2,507 Expired leases, dry
119,868
109,91
Mortgage resolvable
holes,
21,000 Reserves contingent
6,735
Land, buildings, machinery is
&c
82,769
7% cum, pref. stock
158,360
27,030
equipment,.ke
868,274 Common stock (225,891 shs.
Net profit
Investments
1
$38,273
no par)
1,183,581 -V. 130,
$12,525 def$274,415
$324,881
Patents
p. 3562.
1
Deferred charges
2,143 Total(each side)
$1,394,958
Texon Oil & Land Co.
-V.130 p.3561.
-25c. Dividend.
The directors have declared a dividend of
254. per share on the commok
Standard Oil Export Corp.
stock, payable July 1 to holders of record June
-Initial Dividend.
10. This is the first dividend
The directors have declared an initial regular semi-annual dividend of since 1928.-V. 130. p. 2410.
$2.50 a share on the preferred stock, payable June 30 to holders of record
June 9.
Tonopah Corp.
-Proposed Acquisition.
See Tonopah Mining Co. below.
To Increase Capital Stock.
With a view to acquiring additional stock of the Anglo-American 011 Co.,
Tonopah (Nev.) Mining Co.
Ltd., the Standard Oil Export Corp. of New York, will increase its capital
-To Reorganize.
A special meeting of the stockholders has
from $75.000,000 to $77.000,000.
been
23 to act
The Standard Oil Export Co. already owns 947,, of the stock of the upon a plan of reorganization and readjustment called for Junestructure
of the capital
Anglo-American Co.. which it acquired under an offer to give its own 5% including reduction of the capital stock to $500,000 from $1,000.000, par
value being $1, proposed sale and transfer
preferred stock in exchange for Anglo-American shares en the basis of one
of all
Co. to Tonopah Corp. and offering of 100,000 assets of Tonopah Mining
preferred for each 5 5
-9th shares of Anglo-American stock.
shares of stock
now is to acquire the remaining shares. Terms of the offer willThe purpose Corp. to Tonopah Mining stockholders at $5 per share and of Tonopah,
be the same proceeds to pay stockholders
to use the
as those of ths original offer, made last November, it is stated.
50 cents per share in reduction of the capital
-V. 130, stock.
p. 1844.
In a letter to the stockholders outlining the
proposal of the directors,
President W. L. Haehnlen says: "It has
Standard Screw Co.
-Earnings.
that a reorganization and reconstruction been at various times suggested,
of the capital structure of the
Calendar Years1929.
1928.
1927.
Tonopah Mining Co. of Nevada, be made to
1926.
conform more fully to the,
Net profit after deprec-- $1,403,480 $1,042,449
$577.759
$669,913 present status of its affairs.
Pref. div."A"(6%) -49,548
-49,548
49,548
"The severe decline
49,548
price of silver, necessitating the closing of the
Common dividend
(9%)535,500 (9)535,500 (8)476.000 (10)595,000 Tonopah mine, brings in the a realization
us to
that the
about come to an end. Certain stockholders life of the old mine has
Balance,surplus
feel strongly that they
$818,432
$457.401
$52.211
$25,365 should participate in the cash assets
Previous surplus
3,113,931
2,756,530
2,704,319 2.678,954 might be disbursed in development of of the company, fearing that they
mining properties, which would not
Approp. as add. reserve_ Dx100,000 Dr100,000
turn out profitable.
"To
Profit & loss surplus_ - $3,832,363 $3,113,931 $2,756,530 $2.704,320 capital meet this condition we suggest the cash reduction of $500,000 in
assets, and the option to participate in the speculative
She, of corn. outstdg.
mining and
other ventures of the Tonopah Corp.
(par $100)
59,500
59,500
59,500
"To effect this purpose the Tonopah Corp. will purchase
59,500
Barns, per share on corn.
certain assets,
$22.75
$16.70
$8.89
$10.43 and assume certain liabilities of the Tonopah Mining Co. and
-V. 128, p. 4337.
become
holding company, the Tonopah Mining Co. will own and
and mill at Tonopah, together with certain miscellaneous operate the mine
Sterchi Bros. Stores Co.
items, until that
-Omits Dividend.
property becomes exhausted of its commercial ores.
The directors have voted to omit the quarterly dividend which ordinarily
"The Tonopah Corp. has an authorized capital of $1,000,000
would have been paid May 15 on the common stock. From May 15
of which
to and incl. Feb. 15 1930. quarterly dividends of 30 cents per share 1929 $200,000 is issued (20,000 shares, par $10), and all of the issued stock is
Were now owned by the Tonopah Mining Co. The directors and
paid.
-V. 129, p. 2874.
officers of
the Tonopah Corp. are the same as those of Tonopah Mining
Co.
"With this object in view, the board has called a special meeting
of the
(S. W.) Straus Investing Corp.
-Earnings.
stockholders. It is contemplated that
Gross income for 11 months ended Dec. 31 1929 amounted to $962,862. of the capital structure of the Tonopah a reorganization and readjustment
Mining Co. be effected in practically
Deducting expenses of $145,366 leaves a net income of $817,495. From the following manner:
this sum should be deducted $81,087, the provision for Federal income
-(1) The Tonopah Mining Co. to sell
taxes, leaving a total of $736,408 available for preferred stock dividends. assets, with the exception of the Tonopahto the Tonopah Corp. all of its
mine and mill, the stocks of the
Deducting preferred stock dividend of $344,699 and the management fee Tonopah & Goldfield RR. Co., Tonopah
Crystal Water Co., Tonopah
of 873,563 (or 20% of the net profits after preferred stock dividends) leaves United Water Co., Tonopah Mines Hospital
Association, Tonopah Divide
a net of V318.145 earned on the common stock. This balance is equal to Mercantile Co., certain miscellaneou
approximately 53 cents per share on the 600,000 shares of common stock in cash, for a consideration of 80,000 s items, and approximately $50,000
shares, par $10 ($800.000 par value)
outstanding or at the rate of approximately 58 cents per share per year. of Tonopah Corp. stock..
In addition, the corporation has collected and set up in a reserve for
(2) To call a special meeting of the stockholders
of
unearned commissions, the sum of $350,850.
Co.to authorize a reduction of the capital stock from the Tonopah Mining
$1,000,000 to $500,000
Company was organized in the latter part of Jan. 1929, for the principal and to issue warrants to purchase the stock
of
purpose of making short term loans to finance building construction pending share. This would produce for the Tonopah the Tonopah Corp. at $5 per
the placing of permanent loans. It began business on Feb. 1. with a capital Which would be used for the reduction of the Mining Co. $500,000 in cash,
capital
outstanding of 100.000 shares of 6% cumulative preferred stock, series A
"(:1) With this authority granted, each stockholderstock. have: (a)
Cash
would
($50 par) and 250.000 shares of common stock (no par). Towards the end distribution of 50 cents per share, (b) warrants
to purchase Tonopah Corp.
of Sept. 1929, company's common stock was split on a 2 for 1 basis and stock, which could be exercised or sold, and
the warrants to expire on Aug. 1
its working capital practically doubled by the offering through S. W. 1930,(c) continuing proportioned equity in the
Tonopah mine, mill,railroad
Straus & Co.. Inc. and Love, Macomber & Co., of 100,000 additional and certain miscellaneous assets, (d)
shares of 6% cumulative preferred stock and 100,000 shares of common the part of present stockholders ofno cash outlay would be necessary on
Tonopah Mining Co.
stock, in the form of unit certificates.
receive an amount of cash equal to the amount of subscriptionThey would
to Tonopah
During the 11 months ended Dec. 31 1929 the corporation made loans Corp. stock, if they desired to participate.
on real estate aggregating $25,710,000 of which $6,650,000 has been rapid
"The outline of this plan has been submitted to counsel, and its
prior to maturity.
approved. Such a reorganization would entail no Federal income legality
tax.",01
It has been the policy of the corporation to concentrate its activities on
Rights or warrants to purchase one share of
such construction loans. Shortly after its organization, however, the for each 10 shares of Tonopah Mining stock Tonopah Corp.shall be issued
held. Fractional warrants will
corporation temporarily invested small iichweresokbe
i mg giacemos gsac
proportion ofi ssalusreoureg7 be issued, but must be bought or sold to make even shares, as no fractional
theenc
shares of Tonopah Corp. will be issued.
-V.130. P. 2231.
August at a profit of $81,910.-V. 129. p. 2092.
Transue & Williams Steel Forging Corp.
-Earnings..-
Stutz Motor Car Co. of America.
-Shipments.
.
Qttar. End. Mar,31charges1928.
1930.
1929.
Car shipments are showing a pronounced and impressive upward trend Net income after taxes
es
since the first of the year, announces President E. S. Gorrell. This steadily
and
$29,318
$150,676
$63,547 def$87,207
increasing shipment curve is consistent with an increasing production sched- Earns. per sh.on 100,000
ule, and a healthy, vigorous sales activity among Stutz distributors.
shs. cap. stk. (no par)
$0.29
$0.64
Ni]
"These increases are perfectly normal, and show the public's faith and
Comparative Balance Sheet.
appreciation of Stutz and Blackhawk cars," Col. Gorrell points out.
$
Assets"March shipments this year showed an increase of 33 1-3% over February
Mar.3130.Dec.3129. Liabilities-- Mar. 31'30. Dec. 3129.
Real estate and
shipments," states Mr. Gorrell. "April shipments show an increase o
Capital stock
equipment _ .._x$2,183,290 $2,175,671 Accounts payable_ y$550,000 $550,000
.
300% over the March shipments, and for the first half of May, the Mar
143,724
99,749
Cash
shipments already are equal to 125% of the April shipments."
57,957
161,849 Notes & loans pay.
-V. 130, Notes &
400,000
accts. rec_ 478,329
p. 3562.
282.354 Accrued taxes, &c_
59,104
123,352
Securities
503,616 Federal tax reserve
21,102
Inventory
785,008
857,693 Contingent reserve
Sun Investing Co., Inc.
-Position Stated.
7,500
Capital surplus__ 2,450,000 2,450,000.
Rollin A. Wilbur, President, has sent the following letter to stockholders' Miscee accts. rec.
(not current)_ .
5,458
.
"Corporation on April 24 completed its first full year of operation. DurP. & L. surplus___ 337,756
399,953
Deterred charges_
59,144
41,871
ing this period we have witnessed in security markets at home and abroad
a series of extraordinary disturbances with far-reaching effects that have
Total
$3,569,186 $4,023,054
severely tested the soundness of the management policies of investment
Total
$3,569,186 $4,023,054
x After depreciation. y Represented by
companies. Directors have soughtto pursue a conservative policy.
100.000 no par shares.
-V.
-The results of the year may be briefly outlined as follows: Despite the 130, P. 2790.
severe depression in the general price levels of securities over this period,
the net asset value of the common stock, calculating investments at market
Tuckett Tobacco Co., Ltd.
-Exchange
value, and after allowing the full liquidating preference of $50 a share for
See Imperial Tobacco Co. of Canada. Ltd., above. Offer.
-V. 130, p. 150.
the preferred stock, was at no time less than $19.45 a share, and on April
30 1930 such value was $24.52 a share. This net asset value includes unTung-Sol Lamp Works, Inc.
-Earnings, etc.
amortized organization expense, one-third of which has been written
Calendar Years1929.
during the year. Eliminating this item entirely, liquidating value off Net
1928.
:927.
'926.
on
operating profit-- __ $1.249.660 $1,018,707
April 30 1930 was $23.05.
$993,t/26
$979,507
96.628
"Preferred stock dividends, after payment of all expenses, including Other income
65,38792
34,261
amortization charges, have been consistently met from ordinary income,
Gross income
$1,346,288 $1,084,094 $1,045,218 $1,013.767
viz., interest, dividends and arbitrage transactions.
Deduct., Incl. disc. &
"The company's total investment in common stocks, both domestic and
amortization
210,676
foreign, has fluctuated between 39% and 60% of the total capital fund. Federal
250,996
234,244
186,355
tax provisions..
129,907
On April 30 this year the company had 39% of its funds in domestic com88,417
117,784
113,213
mon stocks and 14% in foreign stocks, for a combined total of 53%.
Net income
81.005,705
"In the selection of these stocks, the management has had in mind a Dividends
$744,681
$709.628
$697,762
on class A stkNigh degree of safety and marketability, together with expectation o
300,000
270.000
Dividends on corn. stock
capital enhancement over a period of time,
150,000
120,000
"It wiil be the policy of the company to publish two detailed reports
Balance
$1,005,705
$744,681
during each calendar year, one as of June 30, covering results for the first -V.129, p.
$247.762
$319.628
3183.
six months, and the other as of Dec. 31, for the full year. Stockholders
should also feel that responsible inquiries concerning the position of the
Unit Corp. of America.
company, or its policies. are welcomed by the management.
-Earnings.
Quarter Ended March 31"I am pleased to announce the election to our board of directors of John Net
1930.
1929.
earnings after taxes
Murray Mitchell, Vice-President of New York Trust Co., and Edwin A. Earnings
$99,632
per share on i-0,000 shares common stock $101,460
-V. 130. p. 1844.
Fish of C. D. Barney & Co."
outstanding
$0.29
$0.27
-V. 130. P. 3734.
-Earnings.
Super Maid Corp.
Quarter Ended March 311930.
1929.
United Cigar Stores of America.
-Par Changed.
$97.495
Net profit after charges & taxes
$266,949
The stockholders on
Earns, per share on 150,000 she, corn.stk.(no par)_
$0.65
$1.74 value of the common May 29 approved a proposal to reduce the par
stock to $1 from $10 and subsequently to no par.
-V. 130, p. 2230.
President George K. Niorrow, in reply to question, said that the avera
age net sales in the first
four months of 1930 were up 15% over the same
Sweets Co. of America, Inc.-Earnings.period of 1929. The average
April 1930 was
increase in customers
1929.
1930.
Qunr. End. Mar. 311928.
.
1927.
19)% over April 1929. For the first four months thein
increase was 18%.
Net profit after deprec.,
The company has retired $1,900,000
of an original issue of $2,000,000
$24,613
$20,902
reserve,&c
x$26,520
410,798 of Whelan Drug Store bonds
and
has retired 8495,000 of its
-V. 130, p. 1845.
x Before deducting depreciation.
The United Cigar Stores Co. nowalso $4,500,000 cash on hand, bonds.
has
of which
MAT 31 19301
FINANCIAL CHRONICLE
2,000,000 is on call. Mr. Morrow pointed out that by the prompt sale
f securities when the new management took control, $5,000,000 more
as realised than if the sale of securities had been delayed until the break.
During April the United Cigar Stores Co. made approximately 21,000,0 individual sales, compared with 16,000,000 each in July and August
ast year.
Asked about the prospects for an advance in the retail price of cigarettes,
-cent price is bringing customers in
r. Morrow said that the present 12
or other merchandise. He said United Cigar Stores is protected against
fly loss in the suit of the Auto Strop Safety Razor Co. with regard to
ales of Gillette blades.
Mr. Morrow said that April operations of the United Cigar Stores Co.
bowed a profit. Store operations in 1929 were conducted at a loss of
1,424,000. V. 130, p 3734.
-
3899
appreciation over a period of years in the larger equity holdings which in
several cases represent actual control.
On Nov. 30 1929 there were 58,978 registered holders of common stock
of this corporation. On April 15 1930 there were 81.140 registered holders
of whom 61,048 were the owners of 50 shares or fewer and another 17,969
held between 50 and 500 shares.
Principal Stock Holdings of United Founders Corp. and Subsidiaries in the
Five Distinct Fields of Investment in Which United Founders Corp. Specialises:
This list comprises all investments of $100,000 or more in these fields.
Common or ordinary stocks unless otherwise desginated.
insuranee Companies (Concluded.)
(1) Public Utilities.
Shares.
(a) Domenic.
2,982 American Alliance Ins. Co.
Shares.
4,200 Continental Insurance Ce.
6,000 Am. Tel. & Tel. Co.
-Series H Dividend.
3,500 Fidelity Phoenix Fire Ins. Co.
4,300 American Power & Light Co.
United States Shares Corp.
20,000 Insuransharee & Gen. Manage14,000 Bell Tel. Co. of Can.
Holders of Key Industry Trust shares, series H, of record, April 30,
ment Corp.
2,000 Consol. Gm Co. of N. Y.
930, will receive from the bank of America National Association, trustee,
222,000 Insuranshares Corp. of Del.
5,507 El. Bond & Share Co.
distribution of 45 cents per trust share, payable June 2 1930 (compare
867 Life Insurance Co. of Va.
2,100 El. Power & Light Corp.
129, p. 3339).-V. 130, p. 2989.
4,495 Lincoln National Life Ins. Co.
5,500 El. Shareholdings Corp. 6%
7,752 Maryland Casualty Co.
cony. pref. w-w.
United States Shares Financial Corp.
-Acquires
565 Maryland Cos. Co., new w.l.
4,800 General Gas & El. Corp. A pfd.
ontrol of Atlantic & Pacific International Corp.
3,000 Missouri State Life Ins. Co.
6% cum. cony.
203 Natl. Life & Accident Ins, Co.
159,540 Hydro-Electric Securities Corp.
The corporation announces the acquisition of control of the Atlantic &
93 Travelers Insurance Co.
(tneorp. in Can.).
acific International Corp. through the purchase of a substantial majority
(4) General Invesoneni Companies.
19,775 Internatl Tel. & Tel. Corp.
vestment in the class B common stock. The latter controls the Standard
(a) Domestic.
2,000 Pacific Gas & Electric Co.
ternational Securities Corp. Combined assets of both companies are
196,067 American & Continental Corp.
935,936 Pub. Util. Holding Corp. of
lose to $5.000,000.
corn. & cl. A w-w.
Am.com,and CIA w-w.
Both corporations have a well diversified investment list, although the
10,000 American International Corp.
594,287 Pub. Util. Holding Corp. denagements have given considerable study to the leading utility equities,
49,200 American Investors, the. B.
tached warrants.
nd as a result have built up a strong portfolio of theses stocks.
10,000 Chemical Natl. Associates, the.
25,000 Seaboard Investment Trust.
At a meeting following completion of negotiations for acquisition of
3,000 Chicago Corp. $3 cony. pH.
29,150 Standard Gas & Electric Co.
tlantic & Pacific toe following were elected to the directorate of the
9,000 Chicago, Corp.
9,800 Standard Power & Light Corp.
mpany: John Scott Lanai!' (Pres. U. S. Shares Corp.), E. E. Embree
2,000 Commonwealth Securities, Ina.
6,800 Standard Power & Light Ser.B
:Pres. of U. S. Shares Corp.), M.L. Tooker (of Tooker & Co., members
(Del.) 8 % cum. cony. pfd.
4,000 United Gas Improvement Co.
ew York Stock Exchange), Travis Whitney (Chairman of U. S. Shares
12,000 Continental Shares, the.
8,000 United Corporation.
rp.), Robert 8. Binkerd (Pres. of U. S. Shares Financial Corp.), Robert
12,000 General Capital Corp.
10,000 U. S. El. Pow. Corp. $6 cum.
an Iderstine (Pres. of Guardian Fire Insurance Co.), Douglas Kent (of
70,000 International General Corp.
cony. pfd.
usick, Kent & Co.), C. R. Berrien (Vice-Pres. of Central Hanover).
5,000 Manhattan Dearborn Corp.
hur H. Titus (Vice-Pres. of Bank of Manhattan) Donald Hardenbrook 3,129,020 U.S. El. Pow. Corp. corn. and
25,385 North ds South American Corp.
Cl. A w-w.
Pres. of Atlantic & Pacific International Corp.), Ger°
Von S. Gaevernitz
cl. A.
682,250 U. S. El. Pow. Corp. detached
ice-Pres. of Atlantic & Pacific International), Dr. Max Winkler (Vice318,333 North&South American Corp.
warrants.
es., of Bertron, Griscom & Co.)
-V. 130, p. 3565.
3,000 Western Union Telegraph Co.
4,200 Selected Industries Inc. 115.50
(b) Foreign.
-To Manage
Utilities Hydro & Rails Shares Corp.
Shares,
prior old.
New Trust.
25,500 'Fri-Continental Corp.
lee Societe Financiere de 'TransThe company has accepted supervision of management of Utilities
ports et d'Entreprises In- 136,625 United Nati Corp. part Pref.
blic Service Shares,formation of which was announced May 24. Utilities
10,754 United National Corp.
dustrielles, "Sofia"(Belgium)
blic Service Shares tnus has available for its use tile corporation's system
5,000 Societe d'Electricite de la
75,000 United States & Overseas Corp
.f determining the leading utili.7 and railroad securities for inclusion in its
Region de Maimedy, "Berms"
75,000 U.S.& Overseas Corp. A.
securities based on applica(Belgium).
..rtfollo. This system embodies the selection of
139,776 U.S.& Overseas Corp. w-v.
ton by tile statistical department of important factors to determine relative
7,900 Brazilian Traction, Light &
2,500 Winslow Lanier Internal'Corp.
erit considering past record, present conditions, and future trend of each
Power Co.
(b) British.
ecurity.-V. 130. p. 3565.
56,000 Clyde Valley Electrical Power,
bPoututs.
24,400 English & New York Trost.
Ltd. (Great Britain).
-Company Makes Public Its
21,000 County of London Electric
United Founders Corp.
16,000 1929 Investment Trust.
Supply Co. (Great Britain).
24,000 1929 Invest. Tr.5% oum. Pfd.
ortfolio.-President Louis IL Seagrave in a letter to stock8,18144 A. G.fur Elektrische & Ver60,000 British dr German Inv. Trust
olders gives a list of securities of companies in its portfolio.
kehrs Unt., "Trust" (Hun534% sec. DM.
20,000 British dr German Inv. Trust
gary).
esident Seagrave also said:
Reichsinarks.
10,000 Continental & Indus. Tr. Ltd.,
this calendar year there were several substantial
During the first quarter of
520,000 Charlottenburger Wasser &
25,000 English & Internet!. Tr., Ltd.
solve affecting United Founders Corp. which are important to shareIndustriewerke (Germany).
10,000 English & Internatl Tr., Ltd.
elders. Some mention of these changes has been made in the public press,
402,600 Electric Light & Power Co.
514% cum. pfd.
nd this letter is sent by way of confirmation and to supply direct informs(Germany).
210,972 Trans-Oceanic Trust. Ltd.
ion.
446,100 Silesian Electric Works (GerShares.
The offer to exchange United Founders Corp.common stock for American
many).
66,500 Internatl Holding & Inv. Co.
°under* Corp. common stock has resulted in our ownership of a total of 1,052,500 Gesellschaft fur Elektrische
(5) Banks.
,767,349 common shares of American Founders Corp., representing 77.5%
Unternehmungen, ''Gesfurel"
(a) Domestic.
f the total number outstanding
United Founders Corp. We)owns 467,165
(Germany).
13,232 The Manhattan Co.
mmon shares of Investment Trust Associates, which is 77.86% of the total
572,000 Hamburg Electric Works (Ger12,500 First Nail Bank of Bootee.
umber outstanding.
many).
60 First Nail Bank of New York.
As stated at the annual meeting March 10 1930 the acquisition of the
525,600 Rhine Westphalia Electric
9,880 Northwest Bancorporation.
ditional shares of subsidiaries will result in United Founders Corp.
Works (Germany).
(b) Foreign.
ereafter publishing its financial statements on a consolidated basis. InShares.
5,402 Lower Austrian Discount Co.
luded in such consolidated statements will be the accounts of United
10,000 Italian Gas Co. (Italy).
62,475 Austrian
Credit
Anstalt,
ounders Corp. American Founders Corp., International Securities Corp.
8.925 Daido Electric Power Co.
Austria.
f America, SecOnd International Securities Corp., United States & British
(Japan).
4,600 Banque de Bruxelles, Belgium.
nternational Co. Ltd., American & General Securities Corp. and Invest8,420 Nippon Electric Power Co.,
375 Societe Generale de Belgique,
ent Trust Alma:nee.
Ltd. (Japan).
Belgium.
After the acquisition of the controlling interest in American Founders
.000 Tolle Electric Power Co., Ltd.
3,141 Banco de Bogota. Colombia.
7
IT, the following directors of American Founders Corp. were added to
(Japan).
5.000 Banco Hipotecario de Colomhe board of directors of this corporation: G. E Devendorf, E. Stanley
7,460 Tokyo El. Light Co., Ltd.
bia (Mtge. Bk. of Colombia.).
lines, Jahn H. Goss, Lewis G. Harriman, Charles D. Makepeace, Andrew
(Japan).
7,184 Banco Hipotecarlo de Bogota
. Smith and Norman S Taber.
(2) Railroads.
(Mtge. Bk.of Bogota), ColomA list of the principal aggregate stock holdings of United Founders Corp.
(a) Domestic.
bia.
nd subsidiaries in the five principal investment fields in which United
30,000 Allegheny Corp.
12,375 Bohemian Discount & Ex°under' specializes is appended to this letter, showing the total number
5,800 Atchison Topeka & Santa Fe.
change Bank,Czecho-Sloyakia.
fshares of each owned. In addition to this list, which comprises holdings of
2,600 Atlantic Coast Line.
600 Banque de France, France.
100,000 or more in those fields, the groups has investments in 540 bond
8,600 Baltimore & Ohio.
3,339 Compteir Lyon Alemand,
ues and in 341 other stocks, both domestic and foreign.
9,300 Chicago, Mil., St. Paul & Pac.
France.
Approximately $70,000,000 of the combined resources as of Nov.30 1929
5% old.
Reichsmark,
as in bonds and preferred stocks, and the investments in these two classes
7,700 Chicago de North Western.
a329,500 Barmer Bank Verein,German7.
f securities have remained not far below that amount. More than $80,4,400 Chicago, Rock Island & Pao. 179,900 Berliner Handel(' Gesellschaft,
00,000 as of Nov. 30 was in securities originating in foreign countries, and
5,100 Delaware & Hudson Co.
Germany.
bout the same proportion remains in foreign investments now.
3,300 Erie RR.
520,000 Commers- und Privatbank,
The appraisal at market values of the portfolios of United Founders
3,500 Great Northern Ry.5% pill.
Germany.
orp. and its subsidiaries has been completed as of March 31 1930 and it is
2,400 Lehigh Valley RR.
252,000 Darmstaedter und National
elleved that stockholders will be interested in the increase in the value of
8,562 New York Central.
Bank, Germany.
he underlying securities during the first four months of the current fiscal
7,300 N. Y., Chicago & St. Louis.
2,144.400 Deutsche Bank und Disconto
ear.
4,300 Northern Pacific.
Gesellschaft, Germany.
Between Nov.30 1929 the date of the annual report, and March 31 1930
9,100 Northern Pao. ctfs. of deposit. 421,000 Deutsche Ueberseelsche Bank
he consolidated portfolios of United Founders Corp and its subsidiaries
7,439 Pennsylvania RR.
(German Overseas Bank), Gerappreciation in market value of securities held exclusive of interest
howed
20,000 Pennroad Corp.
many.
nd dividends received and profits taken, amounting to approximately
2,600 Pittsburgh & Lake Erie RR.Co. 1,020,000 Reichsbank, Germany.
6.8%, for the four months, on the market value of the consolidated port2,700 St. Louis Southwestern.
folios as of Nov. 30 1929.
5,400 Southern Pacific Co.
Shares.
The total market value of the investments owned by the corporation
9,400 Southern Ry.
12,000 British & Hungarian Bank
nd its subsidiary companies on March 31 1930 (on a consolidated basis, all
7.200 Union Pacific RR.
Hungary.
ues of stock of subsidiaries held by the corporation or its subsidiaries
6,500 Western Pacific RR. Corp.6%
4,537 First National Savings Bank
eing excluded) taken at then current market quotations, was substantially
pfd. non-cum.
Hungary.
of book value (cost less investment reserves).
n excess
(b) Foreign.
8,170 Hungarian Commercial Bank,
The corporation and subsidiaries have been in a position to take advantage
b561,700 Midland Ry. Co.
Hungary.
of recent market opportunities, and have during recent weeks invested
10,000 Hungarian General Credit Bk.
(3) Insurance Companies.
approximately $25,000.000 in domestic securities at prices considered favor3,040 First Bank, Japan.
(a) Domestic.
ble. This additional investment has materially improved their investment
14,770 Aetna Insurance Co.
11.761 Bank of Poland.
position.
a Represents par value in reichsmarks. b Represents sterling par value.
The policies governing the management of the portfolios of its subsidiaries,
Note.
-In additima'to this list of the principal stocks held, which comprises
distinguished from permanent equity holdings of United Founders Corp..
operating methods of old line British investment trusts. The holdings of $100,000 or more, in the five fields specified, the group has
esemble the
esult for any given four or six-month period during the year is not indicative investments in 540 bond issues and in 341 other stocks, both domestic and
foreign.
f results over a two- or three-year period because of the long-term investApproximately $70,000,000 of the combined resources as of Nov. 30
ent policy pursued by United Founders Corp. Resources invested in
oreign securities provide an element of diversity which is essential and 1929 was in bonds and preferred stocks, and the investments in these two
relatively high rate of income. Experience indicates that over classes of securities have remained not far below that amount. More than
reduce a
$50,000,000 as of Nov. 30 was in securities originating in foreign countries,
a period of years they should increase materially in value.
same proportion remains in foreign investments now.
'United Founders Corp. Is a holding company and with a major portion and about the
the policy of buying and holding for long-term investf its funds follows
Common Dividend No. 2.ent substantial blocks of equity stocks in important investment fields,
of a share on each share of common stock has
A dividend of 1-70th July 1
rimarily with the belief that over a period of years such equities will en- been declared, payable
to holders of record May 31. An initial
ance substantially in value.
distribution of like amount was paid on Jan. 2 last, folio ring by a similar
United Founders Corp. has acquired substantial interests in equity stocks Payment on April 1.-V. 130, P. 3564.
companies, railroads, public utilities, banks and insurance
n investment
-Contracts Being Let.
mpanies, which equity stocks may show comparatively small cash income
Van Sweringen Corp.
n any given year, but which considered over a longer period of time should
It has Just been announced by the corporation that contracts are being
how considerably more appreciation per year on the average than can be let for the construction of the new department store building adjacent
btained by investment in the more active and popular securities. Ex- to the Terminal Tower Building In its extensive Terminal development in
mples of this type of investment are United Founders Corp.'s holdings in Cleveland. At the same time it was announced that the Higbee Co.,
nited States Electric Power Corp. and The Public Utility Holding Corp. operating one of the leading department stores in that city, will occupy
f America, each of which shows promise of material enhancement in value the building. The cost of constructing this building was provided for in
uring the next five Years
the recent offering of the Van Sweringen Corp. notes by a syndic
-ate headed
In brief, the investment policies of United Founders Corp. are in the by the Guaranty Co.of New York. (See V. 130. p. 2990.)-V. 130,P.3185.
uterests o 1(1) moderate but stable annual income dependent upon no one
rise 11 on industry and no one class of security, and (2) substantial
For other Investment News, see page 3907.
3900
[VOL. 130.
FINANCIAL CHRONICLE
tievort5 anti illinuments
NORTHERN PACIFIC RAILWAY COMPANY.
-FOR THE YEAR ENDING DECEMBER 31, 1929.
THIRTY-THIRD ANNUAL REPORT
Office of the
NORTHERN PACIFIC RAILWAY COMPANY,
St. Paul, Minnesota. April 25, 1930.
Sleeping car, parlor and chair car, excess baggage a
miscellaneous passenger revenue was $938,679.07, a decre
of $32,852.15, or 3.38 per cent.
Total revenue from persons and property carried on p
To the Holders:of the
senger and special trains was $15,463,993.23, an mere
of $34,888.63, or .23 per cent.
Northern Pacific Railway Company:
The number of passengers carried was 1,932,710, a d
The following, being the thirty-third annual report, shows crease of 270,859, or 12.29 per cent. The number of p
the result of the operation of your property for the year sengers carried one mile was 322,096,719, a decrease
ending December 31, 1929.
25,917,132, or 7.45 per cent.
The average revenue per passenger mile decreased fro
INCOME ACCOUNT.
Increase (+). 3.084 to 3.049 cents.
(-).
1929.
1928.
Decrease
6,789.52
+59.68
6.729.84
Average mileage operated__ _
$
Operating Imam-$
8
96,522,348.22 101.272.723.78 -4.750.375.56
Operating revenues
70,551,664.61 70.801.966.02 -250.301.41
Operating expenses
Net operating revenue_ - 25,970.683.61 30.470,757.76 ---4,500.074.15
9,210.938.51
Railway tax accruals
9.688.173.23 -477.234.72
20,739.09
collectible railway revenues
20,681.25
+57.84
Railway operating Income_16,739,006.01 20.761,903.28 -1,022,897.27
-net
2,297,562.79
quipment rents
1.985.490.66
+312.072.13
2,373,775.29
oint facility rent
-net
2,341,177.85
+32.597.44
Net railway open Lncome_ -21,410,344.09 25,088.571.79 -3,678,227.70
Non-Operating Income
333,349.58
Income from lease of road
558,358.94
Miscellaneous rent income_ _ _
Miscellaneous non-operating
229,616.24
physical property
12,833.745.15
Dividend income
Income from funded securities 808,502.25
Income from unfunded securi710,081.05
ties and accounts
Miscellaneous income
11,015.90
Total non-operating income 15.484,669.11
Gross income
333,342.35
502.743.19
+417,393.39
-3.374.60
11,320.518.45 +4.164.150.66
36,895.013.20 36.409,090.24
Deductionsfrom Gross Income
(exclusive of fixed charges)
Miscellaneous tax accruals_
128,908.33
Miscellaneous income charges 209,410.05
+485.922.96
132,904.17
206,779.36
-3,995.84
+2,630.69
339,683.53
--1,365.15
Amount available for fixed
charges and other corporate
36,556,694.82 36.069,406.71
purposes
+487.288.11
Total of above deductions..
338,318.38
Total fixed charges
Balance for the year
14.748.386.34
14,936,196.52
-187,810.18
21.808,308.48 21,133,210.19
12,400.000.00 12.400.000.00
+675,098.29
9,408,308.48
8,733,210.19
+675,098.29
EARNINGS.
FREIGHT BUSINESS.
Freight revenue was $76,862,142.23, a decrease of $4,862,834.25, or 5.95 per cent.
The number of tons of revenue freight carried was 23,157,702, a decrease of 931,5-7, or 3.87 per cent.
6,594,488,825 tons of revenue freight were moved one mile,
a decrease of 457,573,146 tons one mile or 6.49 per cent.
The average revenue per ton mile increased, by reason of
changes in traffic movement,from 1.159 cents to 1.166 cents.
The revenue train load decreased from 695.87 to 670.85
tons. The total train load, including company freight,
decreased from 807.43 to 783.78 tons.
The number of miles run by revenue freight trains, including proportion of mixed, was 9,829,996, a decrease of
304,184, or 3.00 per cent.
PASSENGER BUSINESS.
1926.
1925.
1927.
1928.
1929.
Net operating 5.354.98 4,166.96 4,353.27 4,155.97 4,527.71 3,825.
Taxes per mile 1,059.52 1,396.39 1,369.45 1,335.41 1,439.59 1.356.1
Net after taxes 4,295.46 2,770.57 2,983.82 2,820.56 3,088.12 2,468.
RATIOS.
1917.
1925.
1926.
1927.
1928.
1929
Oper. exps. to oper. revs. 60.41% 71.50% 70.12% 71.00% 69.91% 73.09
Transp. exps. to oper.revs 32.34% 34.27% 33.17% 33.38% 32.41% 33.51
Taxes to oper. revenues__ 7.83% 9.55% 9.40% 9.32% 9.57% 9.54
MAINTENANCE OF EQUIPMENT.
charges for maintenance of equipment were $18,755
The
104.86, an increase of $54,794.19, or .29 per cent. Of t
total charges $4,249,398.60 represents depreciation, accrue
at the rate of 4 per cent.
LOCOMOTIVES.
Fixed Charges
51.470.65
51,470.65
Rent for leased roads
Miscellaneous rents
84.441.02
74.849.29
+9.591,73
14,569,073.55 14,646,254.70
-77.181.15
Interest on funded debt
13,680.75
Interest on unfunded debt_ _ _
131,682.09 -118,001.34
Amortization of discount on
29,720.37
-2,219.42
31,939.79
funded debt
Net income
Dividend requirements
1917.
Oper. rev. per
$
$
$
$
$
$
13,526.37 14,620.55 14.568.38 14,329.17 15,048.31 14,216.
mile
Oper.expenses
per mile_ _ _ 8.171.39 10,453.59 10,215.11 10,173,20 10,520.60 10.391.•
+7.23
+55,615.75
244,131.18
-14,514.94
9,333,797.05 +3.499,948.10
599,426.52
4-209,075.73
292,687.66
14.390.50
EARNINGS AND EXPENSES PER MILE OPERATE
Total number of locomotives on active list Dec. 31 1928
Additions:
Locomotives purchased
1,1
1,1
Deductions:
Locomotives sold
Locomotives withdrawn from service, to be dismantled
Locomotives transferred to work equipment
Total locomotives on active list. Dec.31 1929
In addition to locomotives on active list there were:
Withdrawn from service and on hand Dec. 31 1928
Withdrawn from service during the year
5
40
10
24
40
-Dismantled
Less
Leaving on hand locomotives withdrawn from service which may be
sold or dismantled
PASSENGER EQUIPMENT.
Comparative Number and Seating Capacity of Passenger Cars.
Dec. 31 1929.Dec. 311928. Increase (
Decrease (
Num- Seat'g Num- Seat • g Num- Seat
her. Capac. her. Capac. her. Capa
Coaches-first class
Coaches-second class
Cafe coaches
Combination passenger cars_ _ _ _
Gasoline rail cars
Tourist ears
Buffet sect observation cars___.
Parlor cars
Sportsmen's car
218 17,372
101 7.102
6
384
66 1.994
20
855
312
6
34 1.272
15
589
1
17
218 17,372
158 10,400 --57 -3,2
6
384
67 2,020
14
627
+6 +2
6
312
45 1,647 -11
15
589
1
17
Total passenger carrying cars.
Dining cars
Express refrigerator cars
Postal cars
Baggage and express cars
Baggage and dormitory cars_ _ _ _
Mail and express cars
Gasoline rail cars
467 29,897
42
151
530 33.368 --63 -3.4
45
--3
151
3
164
--7
94
+3
2
164
Passenger revenue was $9,820,918.24, a decrease of
7
97
8.50 per cent.
$911,912.01, or
2
Mail revenue was $2,765,576.71, an increase of $964,9S9 33.368 -56 -3.4
933 29.597
Total passenger train cara.._.
565.90, or 53.56 per cent. There was included in 1929 mail
of increased payment for
year there were added 8 gasoline rail ea
During the
revenue, $813,169.60, account
carrying mail, during period of May 9, 1925, to July 31, 1928. and 10 mail and express cars. Eight second class coache
Express revenue was $1,938,819.21, an increase of $15,- 2 gasoline rail cars, 2 buffet and observation cars were sol
8 second class coaches, and 1 baggage and smoker elf
086.89, or .78 per cent.
• antled. The following conversions from one class to anther were made: 18 second class coaches, 9 buffet and obtrvation, and 3 dining cars converted to work equipment,
3 second class coaches to freight equipment, and 7 mail and
• I ress to baggage and dormitory cars.
On December 31, 1929, of the 933 passenger cars owned,
02 were not dug in shops for two months or more.
Two gas-electric ears were delivered early in 1930. The
urehase of nine dining cars has been authorized for delivery
n or before May 1, 1930.
FREIGHT EQUIPMENT.
Comparative Number and Capacity of Freight Cars.
Dec. 31 1929.
Dec. 31 1928.
Increase(+).
Decrease (—).
Num- Capacity Num- Capacity Num- Capacity
ber. (Tons)
ber. (Tons)
ber. (Tons)
24,286 971,440 24.322 972,880 —36— 1,440
3,435 160,290 2,941 137,580 +494 +22,710
—985
4,811 160,535 4,850 161.520 —39
1,994
62,920 2,100
65.320 —106 —2,400
7,234 265,330 7,009 252,985 +225 +12,345
7,287 374.240 6,923 345,990 +364 +28.250
71.750 --76 --3,160
1,345
68,590 1,421
:ox
utomoblle
'efrigerator
took
lat
oal
allast and ore
50.392 2,063,345 49,566 2,008,025 +826 +55,320
Total
1.67
ercentage
verage capacity per ca
3901
FINANCIAL CHRONICLE
MAY 31 1930.]
An OA
40 51
2.75
-I-fl AA
The purchase of 250 stock cars has been authorized.
FREIGHT CAR SITUATION ON DECEMBER 31.
1929.
Inc. +
1928. Dec. —
40,940 38,932 1-2.008
orthern Pacific cars on line
'oreign cars on line
5,981 8,322 -2.341
46,921 47,254 otal cars on line
-333
9,452 10,634 orthern Pacific cars on foreign lines
-1.182
3,305 3,183 1-122
umber of cars unserviceable
7.04
'ercentage of unserviceable to total cars on line_ _
6.73 1-.31
1.994 1,741 1-253
umber of cars requiring heavy repairs
4.25
'ercentage of above to total cars on line
3.68 1-.57
1,311 1,442 umber of cars requiring light repairs
-131
2.79
ercentage of above to total cars on line
3.05
'
.26
VALUATION WORK.
In October, 1929, the Interstate Commerce Commission
made public its report of final value of your company's
properties as of June 30, 1917.
The value of property used for transportation purposes
was found to be $418,551,760, and of properties not used
for transportation purposes, $65,556,187. The Commission
also found that on the date named your company had
invested in securities $183,401,044 but did not undertake
to value these securities.
It should be understood that in making its report of final
value as of June 30, 1917, the Commission used the unit
prices for labor and material prevailing in 1914 and the
years immediately preceding, and gave no weight to the
higher level of prices which now prevails. In May, 1929,
the Supreme Court of the United States rendered its decision
in a case involving the recapture of earnings of the St.
Louis & O'Fallon Railway Company, holding that in finding
the value of railroad properties the Commission must give
consideration to present-day costs of reproduction. The
Commission has not yet indicated what steps it will take to
give effect to the decision in the O'Fallon case.
Based on the Commission's finding of value as of June 30,
1917, the following table shows a comparison between the
property owned by your company on 'December 31, 1929,
and the outstanding capitalization on that date:
Capitalization.
Property.
$248.000.000
Capital stock
Property used for transFunded debt in hands
purposesvalPortation
315,424,500
of public
ued by the Commission as of June 30 1917 $418,551.760 Excess of property over
218.819.556
capitalization
Additions and betterfrom June 30 1917 to
December 31 1929--- 110,913,210
Other property valued
by the Commission
not used for transportation purposes_ _ _ 59,380,446
Investmentsin affiliated
companies and other
193,368.640
investments
Total
$782,244,056
Total
$782,244,056
LAND DEPARTMENT.
MAINTENANCE OF WAY AND STRUCTURES.
The charges for maintenance of way and structures were
.12,203,551.18, a decrease of $393,302.07, or 3.12 per cent.
The table on page 28 shows the distribution of this decrease
nder the respective accounts.
GENERAL.
FINANCIAL RESULTS OF OPERATION.
The Net Railway Operating Income of the Company in
929 was $21,410,344.09, a decrease of $3,678,227.70, or
4.66% under 1928. The Net Income of the Company in
929, after paying all charges, was $21,808,308.48, an
crease of $675,098.29, or 3.19% over 1928.
The Operating Revenues of the Company decreased
,750,375.56, or 4.69%, compared with 1928,. due to a
-hort grain crop and to the general depression in business
• uring the latter part of the year. Operating Expenses
•ecreased $250,301.41, or .35%, notwithstanding unusual
eharges aggregating $1,500,000, made up principally of
"age increases, repairs in washout territory in Eastern
ontana, additional passenger train mileage, and accounting
djustments. If it had not been for these unusual charges
o perating Expenses would have decreased $1,750,301.41,
sr 2.47%.
RETURN ON PROPERTY INVESTMENT.
Railway Property Investment,incl. Material
and Supplies and
Net Railway
Return on
Working Cash
ear Ending
Operating
Investment
at End of Year.
December 31—
Income.
Per Cent.
1916
$519.390.340
$33.446.012
6.439
1917
524.278,065
30.491.140
5.816
1918
531,518,194
24,217,342
4.556
I 919
532,312,282
14,368,479
2.699
• 920
547,614,271
7,949,458
1.452
921
559,236,547
•10,843,826
1.939
922
557,966,448
19,450,515
3.486
923
581.455,528
17,100,557
2.941
924
586,395,122
19,861,077
3.387
925
596,316,581
22,227,319
3.727
926
608.490,106
24,213,700
3.979
927
617.172,925
22,592,837
3.661
928
624,378,240
25,088,572
4.018
632,230.551
929
21,410,344
3.386
In previous reports mention was made of the investigation
•y the Interstate Commerce Commission of the class rates
'n western trunk line territory, which, as defined by the
Commission, includes the territory served by the Northern
i•acific in Wisconsin, Minnesota and North Dakota. During
the year examiners of the Commission issued a proposed
eport, in which they found that the carriers concerned were
need of additional revenues and that the class rate structure in western trunk line territory was generally too low and
should be revised. The basis proposed by the examiners
ould in general increase the local rates but would substantially reduce the overhead rates between the east and
the middle west. Exceptions to the proposed report were
iled and the case was orally argued before the Commission
uring the latter part of October. The proceeding has been
under advisement by the Commission since that time.
The results of the operations of the Land Department
for the year, as summarized on pages 45 and 46, of pamphlet
report, are not as good as those of the preceding year.
There was a marked decrease in the sale of timber and timber
lands. There was also a decrease in the sale of agricultural
lands of the higher quality.
During the year 249,492.31 acres were sold as compared
with 233,891.28 acres sold in 1928, an increase of 6.67%.
The total of land, town lot, timber and miscellaneous sales,
in 1929 amounted to $2,246,935.32 as compared with
$3,226,477.35 in 1928, a decrease of 30.36%. This is accounted for by fewer timber sales and a larger acreage of
low priced land sold in 1929. Contracts covering 49,016.98
acres, representing $211,026.90, were cancelled, as compared
with cancellations in 1928 of 51,341.70 acres, representing
$428,647.27.
The net cash receipts for the year were $621,017.86 as
compared with $962,490.93 in 1928, a decrease of 35.48%.
This is accounted for by smaller down payments, extensions
of deferred payments and interest, and smaller receipts from
timber sales, but on the other hand there were larger receipts
from gas and iron ore leases. The outstanding deferred
payments on land contracts on December 31, 1929,amounted
to $5,051,620.02 as compared with $4,616,762.23 on December 31, 1928, an increase of 9.42%.
Until it became apparent that there would not be a full
crop, the land colonization movement into the Redwater
Valley in Eastern Montana, served by your company's
branch line from Glendive to Circle and Brockway, was
very active,. and many families who had purchased land
in the previous year moved into the district, established
their homes and started farming operations. A very large
area was broken up and seeded to flax and other crops.
During the period from July 1, 1927, to December 31, 1929,
106,313.74 acres of railroad lands were sold for $1,350,849.15, and there were short-time options outstanding on
3,054.88 acres, for a consideration of $32,074.05. One
hundred forty-four families have located in the territory and,
notwithstanding the short crop in 1929, the outlook for
successful colonization work in 1930 is hopeful.
One of the interesting developments of the year has been
the extension of the use of natural gas referred to in the
previous year's report. Plans are now under way to extend
the gas pipe lines from Glendive, Montana, to Williston,
North Dakota, and from the Cabin Creek field, south of
Glendive, eastwardly to Bismarck, North Dakota. It
appears likely that both of these lines will be constructed
during 1930. Elsewhere In Montana in the territory served
by your company, plans for further utilization of natural
gas are under discussion, and the situation contains many
possibilities.
An Act of Congress providing for the submission to the
Federal Courts of the controversy concerning the erroneous
inclusion of Northern Pacific indemnity lands in the National
Forest Reserves was approved June 25, 1929. The suit in
equity which this Act provides for will doubtless be commenced in the near future.
3902
FINANCIAL CHRONICLE
[VOL. 130.
TAXES.
ington, extending from Moelips to a point on the Hoh Rive
The following statement shows taxes accrued each year near Spruce, a distance of approximately sixty miles, h
been authorized by the Interstate Commerce Commissio
during the past four years:
The line is to be jointly owned and operated by the Norther
1926.
1929.
1928.
1927.
Pacific Railway Company and the Oregon-Washington Re'
State taxes
$7,627,522.69 $7,657,980.10 $8,199,054.42 $8,189,577.39
Federal taxes__ _ 1,484,402.25 1,207,638.23 1,449,562.01
980,722.06 road and Navigation Company.
Canadian &
miscellaneous taxes
39,222.05
41,505.33
39,556.80
40,639.06
SUBSIDIARY COMPANIES.
The operating results of the Spokane, Portland & Seattl
Railway Company, together with its subsidiaries, th
COMPARATIVE STATEMENT OF PAYROLLS AND EMPLOYEES. Oregon Trunk, Oregon Electric and United Railways,
A comparison of payrolls and number of employees for a be found on page 47 [pamphlet report], and those of th
Minnesota & International Railway Company on page 4
period of years ending December 31, follows:
[pamphlet report].
No. of
No. of
By order of the Board of Directors,
Payrolls. Employees.
Payrolls. Employees.
1916
$28,204,669
31,344
28,899 1923
$51,921.572
1917
35,877,879
27,133
31.887 1924
45,950,886
CHARLES DONNELLY, President.
Total
1918
1919
1920
1921
1922
$9,151,146.99 $8,907,123.66 $9,688,173.23 $9,210.938.51
49.632,127
52,605,396
66,503,794
50,643,526
49,041,401
32,228
33.700
35,553
28,911
27,899
1925
1926
1927
1928
1929
46,188,348
44,938,046
44,952,702
46,261,766
45,962,423
26,831
26,111
25,728
25,841
25,403
SECURITY OWNERS.
There are now 37,480 owners of stock and about 30,000
owners of bonds of the Company.
As showing the diversity of holdings, the following figures
arergiven:
19,061 hold from 1 to 19 shares;
12,642 hold from 20 to 99 shares:
31.703 or 84.59% hold less than 100 shares each;
5.777 hold 100 or more shares.
Total 37,480
Of the above stockholders 15,895 are women;
2,949 are savings banks, insurance companies,
trustees, guardians, colleges and charitable institutions.
IMPROVEMENT IN EQUIPMENT.
On December 31, 1929, the Company had 50,392 freight
cars with a total capacity of 2,063,345 tons, and an average
capacity of 40.95 tons. The following tabulation shows a
comparison of freight car construction:
Cars new or rebuilt since March 1 1920
Cars with steel center sills
Cars with steel underframes
Cars-allsteelconstruction
Cars with metalroofs
Cars with steel ends
March 1 1920. Dec. 31 1929.
40.611
18:865
23.121
3,773
14,564
3,795
4,681
19,094
31,352
6,475
All classes of equipment, including locomotives, have been
adequately maintained and are in good condition. Eight
hundred and nineteen locomotives are equipped with superheaters, and two hundred and eighty-two are equipped with
mechanical stokers. The total tractive power of locomotives on December 31, 1929, was 46,984,160 pounds, an
average of 43,224 pounds.
FINANCIAL CONDITION.
During the past year outstanding securities amounting to
$1,335,000 have been retired, reducing the funded debt
from $316,759,500 to $315,424,500. The net expenditures
for additions and betterments amounted to $7,351,829.
Since December 31, 1915, $120,109,959 have been expended
on additions and betterments to the property. In the same
period, not considering the increase in debt due to the refunding of the Northern Pacific-Great Northern (C. B.& Q.
.
Collateral) Joint 4's in 1921, the total debt outstanding in
,808,400. Excepting
the hands of the public decreased
certain Equipment Trust Certificates and Branch Line
$7,304,000, which mature from time to
Bonds, totaling
time between now and the year 1968, none of the Company's
funded debt will mature before 1996, and the larger part
of it will not mature until 2047.
CHARGES TO CAPITAL ACCOUNT.
FOR YEAR ENDING DECEMBER 31 1929.
Engineering
$110,729.77
Land for transportation purposes
8,932.72
Grading
656,210.27
Tunnels and subways
13,726.99
Bridges, trestles, and culverts
493,779.48
Ties
290,891.45
Rails
370,515.51
Other track material
655,190.23
Ballast
305,802.58
Track laying and surfacing
173,677.40
Right of way fences
2,930.23
Snow and sand fences and snow sheds
8.555.48
Crossing and signs
143,295.13
83,680.61
Station and office buildings
17,441.30
Roadway buildings
111,294.65
Water stations
10,933.12
Fuel stations
111,884.03
Shops and enginehouses
1,154.85
Wharves and docks
4,105.70
Coal and ore wharves
126.48
Gas producing plants
124.139.70
Telegraph and to ephone lines
130,562.02
'
Signals and interlockers
16,273.00
Power plant buildings
2.207.73
Power transmission systems
13,979.82
Power distribution systems
Power line poles and fixtures
19 746..71
5 123 8
;
Miscellaneous structures
2,626.97
Paving
49,262.47
Roadway machines
2,545.31
Roadway small tools
93,143.71
Assessments for public improvements
Revenue and operating expenses during con2,868.59
structions
2,427.14
-Road
Other expenditures
89,102.32
Shop machinery
19,561.65
Power plant machinery
529,235.04
Unapplied construction material and supplies_
$3,089,270.1
Total expenditures for road
Expenditures. Retirements.
Steam locomotives. $332,627.21 $608,438.90 $275,611.69
959,889.95 3,573.090.84
Freight train cars 4,532.980.79
201,030.47 439,686.90
Pass. train cars- - 640,717.37
115,612.01 140,493.65
Work equipment- - 256,105.66
454.50
5,562.24
6,016.74
Mind'. equipment
$5,768,447.77 $1,1185,425.83
$3,883,021.9
Total expenditures for equipment
60.22
Law
2,687.42
Stationery and printing
3,583.86
Taxes
377,391.66
Interest during construction
-General
1,188.73
Other expenditures
379,537.0
Total general expenditures
$7,351,829.1
Net charges to capital for the year
-adjusting value of
Adjustment of road, prior to July 1 1907,
estimated land grant acreage transferred to account 705 in
21,543.
1920, to value of actual acreage
Netincrease in cap'tal account this year
COMPARATIVE STATEMENT OF EQUIPMENT
DECEMBER 31, 1917, 1928 AND 1929.
Locomotives
Passenger Train Cars:
Dining cars
Buffet and observation cars
On December 31, 1929, there were on the retired list 773 Chair cars
$53.19. Parlor cars
average monthly allowance was.
employees, whose
First class coaches
During the year 124 employees were added to the list, and Second class coaches
Cafe coaches
71 died. The total amount disbursed during the year was Tourist sleepers
$470,820.57.
Combination cars
Baggage and express cars
UNIFICATION OF NORTHERN PACIFIC RAILWAY COMPANY Baggage and dormitory
Mail and express cars
AND GREAT NORTHERN RAILWAY COMPANY.
Postal cars
notice from the Deposit Express refrigerator cars
As you were informed in the
Gasoline rail cars
Committee dated March 21, 1930, the Interstate Commerce
Tots passenger train cars
the Northern
Commission has authorized the unification of
Freight
Pacific and Great Northern lines on the conditions stated Box cars Train Cars:
in that notice. A study is now being made to determine Automobile cars
Refrigerator cars
whether those conditions can be met.
Stock cars
Flat cars
ON OUYUNA RANGE. Oil cars
JOINT OPERATION WITH SOO LINE
Coal cars
A long term contract with the Soo Line has been entered Ballast and ore cars
PENSION DEPARTMENT.
from
into providing for the pooling of iron ore traffic joint the
use
Cuyuna Range in northern Minnesota and theWisconsin.
Superior,
of the Northern Pacific ore dock at substantial economies
This joint arrangement will result in
in operation for both companies.
PENINSULA.
NEW CONSTRUCTION ON OLYMPIC
The construction by the Northern Pacific of a branch line
of railway on the Olympic Peninsula in the State of Wash-
$7,373,372.6
Inc.
19
1917. 1928. 1929.
wComith
1,361 1,132 1,087
54
39
6'
26
224
223
45
46
42
34
15
218
158
6
6
67
164
105
15
87
94
3
151
16
15
218
101
' 6
6
67
164
7
97
3
151
22
1,029
989
25,709 24,322
772 2,941
4,354 4,850
2,361 2,100
8.144 7,009
62
5,130 6,923
1,548 1,421
24.286
3.435
4,811
1,994
7,234
45
3
12
933
16
69
165
Dec
7
3
6
56
36
494
225
7,287
1,345
364
48,080 49,566 50,392
Total freight train caret
Miscellaneous Equipment:
545
551
555
Cabooses
23
Drovers' cars
28
25
44
Business and instruction cars
40
43
74
Boarding cars
Pile drivers, steam shovels, wrecking
3,187 2,850 2,856
cranes and other equipment
-and,push, motor and velocipede cars 3,568 3.750 3,602
39
106
826
Total miscellaneous equipment
7.428 7,219 7.094
78
23
3
148
125
3903
FINANCIAL CHRONICLE
MAY 311930.1
GENERAL BALANCE SHEET, DECEMBER 31, 1929.
ASSETS.
INVESTMENTS:
ROAD AND EQUIPMENT—
Road
Equipment
General
1929.
$476.684,814.68
123,237,077.33
4,095,726.43
1928.
$473,574,001.00
119,354,055.39
3,716,189.38
Increase.
$3,110,813.68
3,883.021.94
379,537.05
$604,017,618.44
DEPOSITS IN LIEU OF MORTGAGED PROPERTY SOLD (Net
657.679.93
moneys in hands of Trustees from sale of land grants, etc.)
10,936,249.01
MISCELLANEOUS PHYSICAL PROPERTY
COMPANIES—
INVESTMENTS IN AFFILIATED
144,087,485.01
Stocks
33,695.747.75
Bonds
2,472,761.17
Note,s
3,823,774.88
Advances
$184,079,768.81
OTHER INVESTMENTS—
$8,631.00
Stocks
1,871,551.54
Bonds
2,387,068.76
U. S. Treasury notes and certificates
5,051,620.02
Contracts for sale of land grant lands
$596,644,245.77
$7,373,372.67
340,524.89
11,271,177.76
317,155.04
144.085.285.01
30.198,047.75
2.264,761.17
3,665,322.51
2,200.00
3.497.700.00
208,000.00
158,452.37
$180,213,416.44
$3.866.352.37
$301.00
2,430.587.17
1,970.962.50
4,616,762.23
Decrease.
416,106.26
434,857.79
$334,928.75
$8,330.00
559.035.63
$9,318,871.32
$11,522,209.75
$14,300,067.65
5,287,381.00
9,954.34
1,725,017.80
855,494.39
3,452,075.62
11,353,490.37
87,556.85
86,671.55
$1,134,557.96
$37,155.308.53
$37.157,709.57
$44.341.34
101,056.74
$44.344.23
73,821.94
27,234.80
$145.398.08
$118,166.17
$27,231.91
$2,315,916.59
17,820,222.37
Total Deferred Assets
UNADJUSTED DEBITS—
Discount on funded debt
Other unadjusted debits
$300,258.42
$797,487,977.76
$15,434,625.61
5,275,991.00
1,920.35
1,419,849.59
745,067.79
3,157,118.39
10,933,802.13
106,974.25
79.959.42
Total Current Assets
DEFERRED ASSETS—
Working fund advances
Other deferred assets
$9,018,612.90
$809,010,187.51
Total Capital Assets
CURRENT ASSETS—
Cash
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Not balances receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest, dividends and rents receivable
Other current assets
$2,345,586.91
16.572,476.55
$1.247,745.82
$11.390.00
8,033.99
305.168.21
110.426.60
294.957.23
419,688.24
19,417.40
$2.89
$29,670.32
$20,136,138.96
Grand Total
$18,918,063.46
$1,218,075.50
$866,447,033.08
Total Unadjusted Debits
6,712.13
$2,401.04
$853,681,916.96
$12,765,116.12
LIABILITIES,
STOCK—
Capital stock—Common
GOVERNMENTAL GRANTS—
Grants in aid of construction
LONG-TERM DEBT—
Funded debt (see page 22. pamphlet report)
Less—Held by or for the Company
$248,000,000.00
$248,000,000.00
$474,733.34
$1,335,000.00
$316,759.500.00
$1,335.000.00
$563,899,233.34
$565,244,736.10
$1,345,502.76
$724,898,47
6,260,285.75
619,835.77
5,278,929.00
3,100,000.00
361,351.04
7,456.59
72,974.50
$885,327.62
5,547.063.83
701.312.77
5,290,319.00
3,100,000.00
375,966.66
7,456.57
110,122.12
$16,425,731.12
$16,017,568.57
$131.232.55
Total Current Liabilities
DEFERRED LIABILITIES—
Other deferred liabilities
$10,502.76
333,935,000.00
17.175,500.00
$315,424,500.00
Total Capital Liabilities
CURRENT LIABILITIES—
Traffic and car service balances payable
Audited vouchers and wages payable
Miscellaneous accounts payable
Interest matured unpaid.
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
$485,236.10
332,600,000.00
17,175,500.00
$166,682.00
$160,429.15
713,221.92
14,615.62
.02
$35,499.45
$35,449.45
Grand Total
$643,002.11
3,053,895.00
1,127,271.41
$73,463,544.70
$4,824,168.52
$949,524.66
17,500,395.79
271,620.87
$774,413.46
17,321,395.79
327,479.26
$175,111.20
179,000.00
$18,423,288.51
180,366,097.08
$298,252.81
8,615,484.45
$198,789,385.59
$8,913,737.26
$866,447,033.08
Total Corporate Surplus
$166,682.00
$9,326,781.79
49.472.390.28
14,664,372.63
$207.703,122.85
Total Appropriated Surplus
Profit and loss balance
$131,232.55
$9,969,783.90
52,526.285.28
15,791,644.04
$18,721,541.32
188,981,581.53
Total Unadjusted Credits
CORPORATE SURPLUS—
Additions to property through income and surplus
Funded debt retired through income and surplus
Miscellaneous fund reserves
37,147.62
$408,162.55
$78,287,713.22
Total Deferred Liabilities
UNADJUSTED CREDITS—
Taz liability ---------------------------------------------------Accrued depreciation of equipment
Other unadjusted credits
81,477.00
11.390.00
$853,681,916.96
$12,765,116.12
CAPITAL STOCK.
There was no change in the amount of capital stock outstanding during th year, viz
55,858.39
$248,000,000
FUNDED DEBT.
Funded debt has been reduced as follows:
$200,000
Prior Lien bonds purchased and canceled under Article eight, Election 2 of mortgage
Equipment Trust of 1920, certificates redeemed -------------------------------------------------------------------- 450,000
Trust of 1922, certificates redeemed ----------------------------------------------------- 450,000
Equipment
Equipment Trust of 1925. certificates redeemed --------------------------------------------------------------------- 235,000
Decrease in funded debt-------------------------------------------------------------------------------------------------- $1,335.000
FUNDED DEBT, DECEMBER 31, 1929.
NAME.
INTEREST.
Amount Held
Date
Amount
by or for
Amount
When
Maof
Actually
Northern
Nominally
Outstanding. Issue. lures. Rate. Payable.
Pacific
Outstanding.
Railway Co.
Amount.
Charged
Income for
Year Ending
Dec. 31 1929.
Issued.
$4,303,630.67
4 0 Qr. Jan.
$107.552.100 1897 1997
$107,552,100
Northern Pacific By.Co. prior lien mortgage
1,636.545.00
o Qr. Feb.
Northern Pacific Ry.Co. general lien mortgage
60,000,000 $5.448,500 54,551,500 1897 2047
14,200.00
4% June, Dec.
355.000 1900 1996
.
-Duluth Division mortgage_ _
355,000•
Northern Pacific By.Co. St. Paul
900,000.00
20,000,000 1914 2047 4 7 Jan., July
Nor.Pacific Ry.Co.refunding and improve. mtge.,Ser. A
20,000,000
6,417.576.00
69 Jan., July
refunding and improve. mtge.,Ser. B
336,000 106,959,600 1921 2047
107,295,600
Nor.Pacific Ry.Co.
435.115.00
5 Jan., July
8,702,300 1922 2047
8,702,300
Nor.Pacific Ry.Co.refunding and improve. mtge., Ser. C
500,000.00
5 Jan., July
7,837,000 10,000,000 1923 2047
17,837,000
Nor.Pacific Ry.Co.refunding and improve. mtge.,Ser. D
43,312.50
7% May, Nov.
450,000 1920 1930
450,000
Northern Padfic By.Co.equipment trust 1920,certificates- _ -73.406.25
Feb., Aug.
1.350,000 1922 1932 434
1,350,000
North6rn Pacific By.Co.equipment trust 1922,certificates__ _ _
118.528.13
2,585,000 1925 1940 434% Mar., Sept.
By.Co.equipment trust 1925,certificates-.-- 2.585.000
Northern Pacific
Assumed.
5% Feb., Aug.
50.000.00
1,000.000 1881 1931
1,000,000
land Duluth RR.first mortgage
4 June, Dec.
40,000.00
1,000,000 1898 1968
1.000.000
St. Paul and Duluth RR.first consolidated mortgage
4 Jan., July
5,600.00
1895 1935
140,000
2.480,000
2.620,000
The Washington and Columbia River By. first mortgage
4% Qr. Mar.
31,160.00
779,000 1898 1948
1,074.000
*I,853,000
The Washington Central By. first mortgage
lid
$14,569,073,55
$332.600,000 $17.175.500 $315,424,500
Total
Pal
subject to these b( nds.
* Railway and property, formerly of the Washington Central Railway Company, deeded to this Company
.l
I!
"904
•
FINANCIAL CHRONICLE
[VoL. 130.
FREIGHT AND PASSENGER STATISTICS.
Year 1929.
Mileage
skaisttes.
Year 1928.
Amount,
Rate, &c.
Mileage
Statistics.
Increase.
Amount.
Rate, &c.
Decrease
Per
Cent.
Per
Amount.
Amount. Cent.
Average mileage of road operated
6,789.52
6,729.84
Average mileage of road operated in freight service
59.68 .89
6,744.66
6,705.91
Average mileage of road operated in passenger service
38.75 .58
6,222.50
6,176.60
Freight Traffic.
45.90 .74
Freight revenue
$76.862,142.23
Other freight train revenue
$81.724,976.48
- - $4,862,834.25 5.95
1,567,217.29
1,551,287.51 fig,4W.ig 1.63
Total freight train revenue
$78,429.359.52
Tons of revenue freight carried
$83,276,263.99
$4,846,904.47 5.82
23.157,702
24,089,259
Tons of revenue freight carried one mile
931,557 3.87
6,594,488,825
7.052,061,971
Average receipts from each ton of freight
457,573,146 6.49
3.32
Average receipts per ton per mile revenue freight 3.39
5.07 2.06
.01166
Average distance haul of one revenue ton
.01159
1.00007 .60
284.76
292.75
Freight train rev, per mile of road in freight service
7.99 2.73
11.628.36
12.418.34
Passenger Traffic.
$789.98 6.36
Passenger revenue
9,820,918.24
10.732.830.25 ----Other passenger train revenue
--- - $911,912.01 8.50
5,643,074.99
4.696,274.35 $946,800.64 20.16
Total passenger train revenue
$15,463,993.23
$15,429,104.60
Passengers carried-revenue
$34.888.63 .23
1,932,710
2,203,569
Passengers carried one mile-revenue
$270,859 12.29
322,096,719
348,013,851
Average amount paid by each passenger
25,917.132 7.45
5.08
4.87
Average rate per passenger per mile
5.21 4.31
.03049
.03084
average miles traveled by each passenger
.00035 1.13
166.66
157.93
Pass. train rev, per mile ofroad in passenger service_
8.73 5.53
2,485.17
2,497.99
Total Train Traffic.
12.82 .51
Revenue from freight and passenger trains
93,893.352.75
98,705.368.59
Revenue per mile of road operated
4,812,015.84 4.88
13,829.16
14,666.82
Revenue per train mile
837.66 5.71
4.89
5.14
Expenses per train mile (excluding miscell. operations)
.25 t.86
3.59
3.61
get traffic revenue per train mile
.02 .55
1.30
1.53
92 1A IT1
LAND DEPARTMENT.
The transactions for the year ending Dec. 31 1929, were
as follows:
Cash
Contracts for
deferred
Net sales
249, r . 51132,141.98 $1114eV.3.34 $2,2 ,45.32
1c g.31 2
4
6 3
.
7
, .
7
.46a
Cancellation of prior
sales
49.016.98
25,138.34
185,888.56
211.026.90
Net sales
200,475.33 $1,007.033.64 $1,028,874.78 $2,035,908.42
The cash transactions of the Department were as follows:
Received from sales as above
Received from payments on contracts
Interest collected on deferred payments
Total
Less for expenses
Less for taxes
$1.007,033.64
594,016.99
162,736.47
$500,571.89
642,197.35
$1,763,787.10
1,142,769.24
Net cash receipts for the year
$621,017.86
The net proceeds credited to property and profit and loss
accounts were made up as follows:
CURRENT
Total net sales as above
Interest collected
$2,035,908.42
162,736.47
$2,198,644.89
1,142,769.24
Surplus
$1,055,875.65
Credited to-Miscellaneous Physical property -5305,521.44
Profit and loss
750,354.21
Expenses and taxes
BALANCE OF LAND DEPARTMENT CURRENT
ASSETS.
Contracts for sale of lands
Bills receivable
Accounts receivable
Increase
1929.
1928.
Decrease
$5,051,620.02 $4,616,762.23 +$343.857.7
15.00
15.00
98,513.38
46,531.57 +51,981.81
$5,150,148.40 $4,663,308.80 +5486.839.60
Less, accounts payable
$133,384.75 $210,619.32 -$77,234.57
Leas, suspense account (collections not taken to account by
land agents)
30,361.58
49,272.36 -18,910.78
$163,746.33 $259,891.68 -$96,145.35
Balance Land Department
current assets
$4,986,402.07 $4.403,417.12 +5582,984.95
-Statistical Press, Inc., of 161 Maiden Lane are distributing a new
interest unit chart. This chart is in clear form, but is condensed into one
Page. From it the interest on any amount for any length of time at any
-The Municipal bond house of M. M. Freeman & Co. of Philadelphia interest
rate from
% to 9% may be read without the necessity of any
has formed an affiliate company in Newark under the name of M. M.Free- multiplication.
man & Co., Inc., Newark. Offices of the new company are in the Kinney
-.Announcement is made of the formation of Winslow, Little & Co., with
Building, at Broad and Market streets, Newark. This is the second affiliated company formed by the firm. In October of last rear a New York membership on the New York Produce Exchange, for the purpose of conducting a general brokerage business. They will maintain offices at 30
company was formed under the name of M. M. Freeman & Co., Inc., with
Broad St., New York.
offices at 2 Wall Street. The Newark company will operate independently
- A. Pierce & Co., members of the New York Stock Exchange,
E.
of the New York and Philadelphia establishments, but the affiliation of the
three will afford a broader field of operation for all. Officers of the new announce the removal of their 11 Wall St. and 120 Broadway offices to
the new Bank of Manhattan Building, 40 Wall St.
company are Jay Frank Parmly, President; Homer B. Hand, Vice-Presi-A circular on Standard Oil Co. of New Jersey, included in which is
dent and Treasurer, and Kenneth Spear, Vice-President and Secretary.
The company will deal in State and municipal bonds and corporation se- shown the market value of its holdings, has been issued by Jenks, Gwynne
curities suitable for institutions, estates and conservative investors. It & Co., members of the New York Stock Exchange.
will be under the management of the Vice-Presidents.
-James Cooper Swann. formerly of the advertising staff of Henry L.
-Pask & Walbridge, New York, have issued a comprehensive booklet Doherty & Co., has been appointed advertising manager of C. M. Cryan
giving a survey of the rapidly developing industries of Texas and the South- & Co., Inc., 52 Wall Street, New York.
west. together with specific analyses of several Southwestern companies,
-Merrill, Lynch & Co. announce the removal of their offices from
the securities of which the firm considers attractive for investment. Com- 120 Broadway, New York, to 40 Wall St. and a change in their telephone
panies analyzed in this connection include: Missouri Pacific, Missouri number to Andrews 3451.
Kansas-Texas, St. Louis and Southwestern and Southern Pacific railroads,
-L.F. Rothschild & Co. have opened an uptown office in the new Squibb
Electric Power & Light, Pure Oil, Gulf Oil of Pennsylvania, Prairie 011, Building, 745 Fifth Ave., under the management of
J. W. Sidenburg
Humble Oil, Texas Corp., Houston 011, Lone Star Gas Co. and Texas and Alfred G. Levy.
Gulf Sulphur Co.
-Homer C. Holland, formerly Assistant Secretary of the Irving Trust
-At the Annual Convention of the Public Utilities Advertising Assn. Co., has become associated with Smith, Graham & Rockwell, 50 Broadheld in Washington, D. C., last week (May 19-20-21) the following officers way, New York.
were elected: President, Irving M. Tuteur, McJunkin Advertising Co.,
-James Talcott, Inc.. has been appointed factor for the Strickland
Chicago,Ill.; Vice-President, R. S. McCarty,Philadelphia Co.,Pittsburgh, Cotton Mills, Valdosta, Ga., manufacturers of sheetings.
Pa.: Vice-President,R.E. Haas, Columbia Gas 8c Electric Corp., New York
-Hemphill,IN
announce the opening of an office in Dunkirk.
City; Vice-President, E. Frank Gardner, Midland United Corp., Chicago, N.Y., which willoyes & Co.
be in the charge of Harold J. Nichols.
Ill.; Secretary, J. R.Pershall, Public Service Company of Northern Illinois,
-William Starr Bullock has resigned as a director and as manager of
Chicago, Ill.; Treasurer, Howard F. Weeks, Consolidated Gas Co., New
publicity of Managers' & Trustees' Investors Corp.
York City.
James Talcott, Inc., has been appointed Factor for the Flagstaff
-Announcement is made of the formation of G. U. Pope & Co., Inc., Silk Co., Manufacturers
of Mauch Chunk. Penna.
with offices at 79 Wall St., New York, as investment bankers to specialize
-Laird, Bissell & Meeds, 120 Broadway. New York, have issued an
in the distribution of shares of investment trusts. Charles Rosenbaum, analysis of the
Childs Company real estate holdings.
until recently Vice-President and General Manager of Bonded Securities,
-Arthur A.Somers,formerly with Seligsberg & Co.has become associated
Corp., New York, is President. and George U. Pope, formerly resident
with the New York office of Stein Bros. & Boyce.
Vice-President of Royal Indemnity Co., New York, is Vice-President and
-Paul Elliott has become associated with the Boston office of Chatham
Treasurer.
Phenix Corporation in the sales department.
--George C. Shallenberger, formerly President of the Kansas Osage Gas
Harold B. Smith & Co., 42 Broadway, New York, have issued an
Co. and Vice-President of the Mariand Refining Co., has become asso- analysis
of National Harris Wire Co., Inc.
ciated with the Foreman-State Corp. He will be in the underwriting de-Curtis & Sanger, 49 Wall St., New York, have issued an analisis of
partment, specialllzng in the natural gas industry. Mr. Shallenberger is
a member of the American Petroleum Institute. American Society of Me- Mapes Consolidated Manufacturing Co.
-Tooker & Co., 120 Broadway, New York, have prepared a supplechanical Engineers and the American Gas Association.
mentary circular on St. Regis Paper Co.
-A further extension of the industrial intelligence service of Campbell,
James Talcott, Inc., has been appointed Factor for the Philadelphia
Peterson & Co., Inc., has been announced as a sequel to the formation of
an affiliated company with headquarters at Paris. Arrangements have Worsted Mills of Philadelphia.
-Stephens & Co. announce the removal of their offices to 115 Broadnow been made under the terms of which 84 correspondent patent attorneys
way, New York City.
and engineers will represent the company in 25 foreign countries.
NOTICES.
MAY 31 1930.]
FINANCIAL CHRONICLE
3905
NEW ENGLAND POWER ASSOCIATION.
ANNUAL REPORT—FOR THE YEAR 1929.
To the Shareholders:
The Board of Directors submits the following report for
the year ending December 31, 1929.
The year 1929 was one of further growth and expansion
for New England Power Association. Earnings of the
constituent light and power companies were uniformly greater.
Consolidated earnings have been further increased by those
of new properties added to the System during the year.
Gross earnings were $40,408,008.76 compared with $31,835,604.74 for the year 1928, an increase of 26.93%. Total
assets at December 31 were $297,138,731.00 compared with
$237,373,767.60 at the close of the previous year, an increase of 25.18%.
Additions to plant and equipment have been numerous,
including several projects of large size and importance. A
steadily growing demand for power requires constant attention to facilities for production and distribution, not
only for to-day but for months and even years ahead.
About $20,000,000 was expended on new construction during
the year and this figure will be exceeded in 1930.
provide more electricity or gas for the consumer's dollar and
to encourage additional use of our products. Electric rate
revisions were made in 1929 by
Fall Mountain Electric Company.
Grafton County Electric Light & Power Company.
*Lawrence Gas & Electric Company.
The Lowell Electric Light Corporation.
*South County Public Service Company.
*The Mystic Power Company.
*The Narragansett Electric Company.
Quincy Electric Light & Power Company.
Seekonk Electric Company.
*Webster & Southbridge Gas & Electric Company.
The Worcester Electric Light Company.
*These companies also revised gas schedules.
CONSTRUCTION.
The past year has been very active for the construction
department of the Association. Construction expenditures
have been greater than during any similar period in the past,
more projects were undertaken and completed and more
men employed. The work accomplished has included many
new facilities as well as betterments and enlargements of
numerous existing properties for the improvement of service
PRODUCTION AND SALES.
and better co-ordination In operation of the System.
Total electric production for the Association Companies,
More than $20,000,000 was spent for such purposes, inas constituted at December 31, 1929, was 1,751,529,000 volving about 125 construction jobs and employing at the
kw-hrs. whereas the same companies in 1928 produced peak of activity about 3,700 men. Space does not permit
1,581,212,000 kw-hrs. The increase of 10.8% was slightly detailed account of the many and varied undertakings carried
greater than that reported by the entire industry in the on but reference will be made to some of the more important
United States. The Association plants produced 1,402,- ones. Some idea of the volume of additions to plant and
446,000 kw-hrs. or 80.1% of the total and the remainder property may be obtained in the miles of line and transformer
was purchased. The maximum kilowatt peak for the year capacity included in the new work.
in primary production was 347,000 and including surplus
There were 114 circuit miles of 220,000-volt transmission
power was 381,000.
lines completed, 138 additional miles under construction, and
Association hydro plants generated 573,459,000 kw-hrs. 83 miles of 110,000-volt lines built and put into operation
against 693,900,000 kw-hrs. during the previous year, the besides numerous lines of lesser voltage. Transformer indecrease being the result of the dry conditions existing stallations completed or in progress were many and the rated
during most of the year. It was therefore necessary for our capacity of these totalled 429,000 kv-a, in our own substeam plants to produce a greater amount of energy than stations and plants. Our construction forces placed transunder normal conditions and this was accomplished without formers with an aggregate capacity of 23,000 kv-a, at cusdifficulty although at increased cost. Less hydro power was tomers' plants, including only those of 500 kv-a, or larger.
purchased but more steam power was obtained from outside
The outstanding construction work engaged in during the
sources than in 1928.
year, both in amount involved and in its ultimate influence
Among the larger power users there was increased con- on the System's future, is the 200,000 horsepower hydro
sumption by all industries except cotton textiles. Public electric development (so-called Lower Development) at
utility customers also continue to require more power. The Fifteen Mile Falls near Littleton, New Hampshire, and St.
recent slackening in industrial activity has made itself felt in Johnsbury, Vermont. This most important addition to our
power requirements.
generating capacity was referred to in last year's report,
work having been started in the summer of 1928. Progress
INCREASE IN CUSTOMERS.
has been satisfactory and construction is proceeding on
At December 31, 1929, there were 326,447 electric cusschedule. It is expected that this station will be tied into the
tomers supplied by the Association as compared with 220,390
System's lines on October 1, 1930. Ultimately there will be
at the close of 1928. If the four companies acquired during
three plants on the Connecticut River in this vicinity, deduring the year are included in both periods the gain was
horsepower and producing 500,000,000
power customers veloping 340,000
10,171. Dining the year nearly 500 new
kw-hrs. annually.
were obtained, adding a wide variety of industrial consumers
Power from Fifteen Mile Falls will be delivered locally in
to our lines and attesting to the growing recognition of the
New Hampshire and Vermont and to the System at Tewksadvantages of purchased power. These represent additional
bury, Mass., over a double-circuit, steel-tower transmission
load of over 25,000 kilowatts using more than 50,000,000 line
126 miles long and operating at 220,000 volts, the first
kw-hirs. annually. The work of securing additional power
line to employ voltage above 110,000 in New England.
load has been vigorously undertaken and in this connection
Tewksbury substation is being made ready to receive the
attention is directed to comprehensive reports made by the
new power through 161,000 kv-a, auto transformers which
Grafton Power Company, part of the Association, on induswill step down to 110,000 volts for delivery to Boston and
trial conditions in the States of New Hampshire and Vermont.
points on the Association's lines.
volume of sales in electric and gas appliances is of to other
The
Double-circuit 110,000-volt steel-tower lines were cominterest. Approximately $2,000,000 worth of such merMillbury and Tewksbury, thus forming an
chandise was sold in 1929 thereby materially adding to the pleted between
effective service ring around the Boston territory from Weyrevenue derived from sale of electricity and gas.
mouth to Woburn via Millbury, Pratts Junction and
Five of the subsidiary companies distribute gas in addition
Tewksbury.
to electricity. There were 41,973 customers at December 31,
Other important work completed includes new substations
a gain of 473 during the year, and for their use 1,112,485,000
at Worcester, Quincy and Millbury, Mass., Providence,
cubic feet of gas was manufactured and purchased, repre- Wakefield, and Westerly, R. I., 22 miles of transmission line
senting an increase of 1.6%.
from Westerly, R. I., to Wakefield, R. I., 10,000 kv-a, synThe number of revenue passengers carried by railway and chronous condenser at Providence, R. I,, office additions in
bus declined 2.1% to 92,885,000. Busses alone carried over Attleboro and Fall River, Mass., and substation changes in
16,000,000 passengers or more than double the number Providence, R. I.
carried in 1928.
ACQUISITIONS.
RATE REDUCTIONS.
the following retail electric companies was
Control of
Rate reductions have been put into effect during the year
by most of the retail companies. The effect has been to acquired during the year:
3906
FINANCIAL CHRONICLE
[VOL. 130.
The Worcester Electric Light Company, Worcester, Mass.—This company
NEW ENGLAND POWER ASSOCIATION.
serves electricity to 55,391 customers in the City of Worcester and the Town
of Leicester. It also supplies the requirements of the municipal plants in CONSOLIDATED STATEMENT OF
EARNINGS—YEAR ENDED
the Towns of Shrewsbury and Paxton. The population of the territory
DECEMBER 31, 1929.
served is about 200,000. The company operates a 76.400 h.p. steam Gross Operating Revenue (after elimination of
Inter-company Sales)
generating plant at Worcester. Its distribution system includes 1.816 miles
$38,196,784.29
2,211,224.47
of overhead wire and 1,190 miles of underground cable. This Company is Other Income
now and for some time prior to its acquisition had been purchasing large
Total Income
$40,408,008.76
quantities of power from other properties of New England Power Association. Operating Expenses
$14.720,913.18
Maintenance
3,271.935.34
Fall River Electric Light Company,Fall River, Mass.—This company serves Taxes (including Federal
income taxes)
3,631.021.72
electricity to 32,756 customers in the City of Fall River and the Towns of
21.623.870.24
Somerset, Westport, Swansea and Dighton. The population of this terri$18,784,138.52
tory is about 145,000. It owns a 19,000 h.p. steam generating plant at Fall
Deduct—
River. It also has a 37% interest in the Montaup Electric Company Interest Charges and Amortization
of disgenerating plant at Somerset, Mass., which has an installed capacity of
counts
$5,088,435.99
96,000 h.p. and electricity is purchased at cost from that company. Elec- Minority Interest in Earnings of Subsidiaries
(including net earnings of Attleboro Steam
trical energy is also purchased from New England Power Company. The
& Electric Company, Tiverton Electric
Company has 1.437 miles of overhead wire and 218 miles of underground
Light Company, and the Worcester Electrict Light Company for the months in 1929
cable in its distribution system.
prior to acquisition dates)
Auleboro Steam & Electric Company. Attleboro. Mass.—This company Preferred and Class A Dividends ofsubsidiaries 1,207.428.91
1,520,042.17
serves 6,393 customers in the City of Attleboro with a population of approxi
7,815,907.07
mately 21,000. The company owns 82 miles of distribution system with
Consolidated Net Earnings before Depreciation
510.968.231.45
494 miles of overhead wire and 9 miles of underground cables. Power is Depreciation
2.965.777.98
Purchased from The Narragansett Electric Company, part of New England
Consolidated Net Earnings
Power Association.
$8.002,453.47
Preferred Dividends of New England Power Association
3,487,578.34
Tiverton Electric Light Company, Tiverton, R. L—This company serves
1,500 customers in the Towns of Tiverton and Little Compton having a
Net Earnings applicable to Common Shares of New
England Power Association
Population of about 4,600. Power is purchased from the Fall River Electric
$4,514,875.13
Note.—Income, expenses and depredation in the above statement are on
Light Company.
a twelve month basis for Attleboro Steam & Electric Company, Tiverton
Electric Light Company and the Worcester Electric Light Company, but a
deduction has been made, as noted above, for the net earnings of these
SECURITIES ISSUED IN 1929.
companies accrued during the months prior to the dates of acquisition.
New England Power Association in February, 1929, sold
$20,000,000 of cumulative 6% $100 par value Preferred
Shares and applied the proceeds to retirement of short term
loans and for financing part of the construction program at
Fifteen Mile Falls Development and for other company purposes. There were also issued $10,648,800 of 6% Preferred
Shares in exchange for a portion of the Capital Stocks of The
Worcester Electric Light Company,Fall River Electric Light
Company and Attleboro Steam and Electric Company. In
addition 57,742 no par Common Shares were issued to com
plete the acquisition of lands and water rights necessary for
development of the hydro power projects at Fifteen Mile Falls.
On December 30, 1929, the Association sold to its bankers
$15,000,000 principal amount of Debentures. These Debentures were not immediately offered to the public but represented a part of an authorized issue of $25,000,000
% Gold
Debentures due 1954, all of which have now been sold and
distributed to the public by the banking syndicate. The
proceeds of this issue were used for the retirement of short
term loans, for part of the construction program at Fifteen
Mile Falls Development, additions and extensions, and for
other company purposes.
EARNINGS AND PRODUCTION.
Owing to acquisitions during the past year, actual earnings
and production for 1929 are not strictly comparable with
figures issued in previous years. To make such comparison
the following data has been compiled, based on all companies
controlled at December 31, 1929.
Year—
1923
1924
1925
1926
1927
1928
1929
Year—
1923
1924
1925
1926
1927
1928
1929
Earnings
-Customers.
Gross.
Net*ecric.
Gas.
531,032.000
$9,966,000
202,293
43,369
31,463,000
10,556,000
228,538
44,729
33,546,000
12,679,000
251.373
44,848
35.254,000
13,463.000
273.156
45.367
36,611,000
15.453,000
301.781
43.962
16.756,000
37,264.000
316,276
41,500
18,784.000
40,408.000
326,447
41,973
Gas
Kw.-hrs.
Kw.-hrs.
Kw.-hrs.
Production
Purchased.
Total.
Generated.
Cubic Peet.
93,639,000 1.017,696.000 1,123,730,000
924.057.000
98,718,000 1.005,918,000 1,089,169,000
907,200,000
1.012,305,000 162,034,000 1.174.339,000 1.098.839.000
1,043,898,000 210.539,000 1.254,437,000 1.120,644,000
1,084,329.000 225,422.000 1.309,751,000 1.142,611.000
1,315.664.000 265,548.000 1.581.212,000 1.095.162,000
1,402,446,000 349,083,000 1,751,529,000 1,112,485,000
* Before depreciation, minority common stock interest in subsidiaries'
earnings, interest and dividends.
Our security holders are cordially invited to avail themselves of the opportunity to visit and inspect the various
properties of the System. Great changes and improvements
have been wrought in the physical development of the Association in recent years and it is our earnest desire that the
shareholders become well acquainted with the progress being
made. A trip to the Fifteen Mile Falls Development on the
upper Connecticut River should be of particular interest.
Appropriate directions for inspection of properties and
passes, when necessary, may be obtained from any officer
at the Boston office of the Association.
The Board of Directors wishes to express recognition of the
loyal and efficient service contributed by the officers and
employees of the Association and subsidiary companies.
For the Board of Directors,
FRANK D. COMERFORD, President
Boston, Mass., April 1, 1930.
NEW ENGLAND POWER ASSOCIATION.
CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 1929.
ASSETS.
Current—
Cash in banks and on hand
$6,768,879.81
Notes Receivable
279,832.88
Accounts Receivable—Customers (less reserve)
3,534,023.81
Accounts Receivable—Other
1,366.990.14
Dividends and Interest Accrued
55,877.38
Materials and Supplies
2,667,403.46
Prepaid Charges
559,163.97
Total Current Assets
$15,232,171.45
Accounts Receivable from employees and customers under savings and stock subscription plans
$900,454.21
Shares held for employees'subscriptions_ _
451,151.00
Restricted Deposits and Cash in sinking funds
376,711.01
Accounts and Notes Receivable not currently
due
1,128,847.59
Securities Owned
11,940,914.51
14,798,078.32
Capital Assets
243,393,978.91
Construction Work Orders in Progress
18,027.404.94
Unamortized Bond Discount and other unadjusted debits__
5,687,097.38
$297.138,731.00
LIABILITIES.
Current—
Accounts Payable and Accruals (Including
provision for 1929 Income tax)
$7,550,758.12
Dividend on common shares payable January
15, 1930
455,240.50
Preferred Dividends of subsidiaries accrued
but not declared
174,393.33
Total Current Liabilities
Purchase Obligations—Notes Payable duo
serially September 1, 1930 to 1934
Funded Dent of New England Power Association
5% gold debentures
525.000.000.00
goldt inqsa udebentures
e
15,000,000.00
assumed
51,100.00
Funded debt of subsidiary companies—outstanding
$69,988,700.00
Deduct—
Held in sinking funds uncancelled
51,554.000.00
Held in companies'treasuries—
unpledged
2,610,187.03
4,164,187.03
Reserves for depreciation
Reserves for casualties
Other operating reserves
Suspense Credits—
Of United Electric Railways Company
Of other companies
526,380.770.32
723,953.27
256,036.79
$8,180,391.95
379,999.00
40,051,100.00
65,824,512.97
27,360,760.38
$3,183,870.41
281,034.98
Stock Subscriptions of Employees and Customers
Minority Interests in common stock & surplus ofsubsidiaries
Preferred and Class A Stocks of subsidiaries..$31.104.150.55
Less shares held in companies' treasuries__ 9.487,925.55
3,464.905.39
1,559,694.00
7,381,159.90
$21,616,225.00
Share Capital of New England Power Association—
Preferred (656,110 shares of $100.00 par
value each) less $1,625,942.00 discount
thereon
63,985,058.00
Common (910,481 shares without par value) 49,398,595.00
Surplus Paid in
1,500,000.00
Surplus Earned
6,436,329.41
142,936.207.41
$297,138,731.00
Lybrand, Ross Bros. & Montgomery.
80 Federal Street, Boston.
We have examined the accounts for the
1929
of New England Power Association and of year ended December 31,other
its subsidiary companies
than Attleboro Steam and Electric Company, Fall River Electric Light
Company and Tiverton Electric Light Company and have been furnished
with reports by independent auditors on the accounts of the three companies
last named for that year.
In the annexed consolidated statement of earnings the depreciation
allowance of $2,965,777.98 for the year ended December 31, 1929 has been
determined by the management on the basis of percentages of sales, less
maintenance.
Subject to the foregoing, we certify that, in our opinion, the accompany.ing balance sheet properly sets forth the financial position of Now England
Power Association and subsidiaries as at December 31, 1929, and that the
annexed consolidated statement of earnings fairly represents the result of
operations of those companies for the year 1929.
LYBRAND, ROSS BROS. & MONTGOMERY.
Boston, Massachusetts, February 14, 1930.
MAY
FINANCIAL CHRONICLE
31 1930.1
Capitalization of
NEW ENGLAND POWER ASSOCIATION.
BONDS AND PREFERRED CAPITAL OF NEW ENGLAND POWER
ASSOCIATION AND SUBSIDIARY COMPANIES OUTSTANDING WITH THE PUBLIC AT DEC. 31 1929.
Funded Debt of Subsidiary Companies
New England Power Company-First Mortgage 5s-1951_$11,654,000
-First MortThe Connecticut River Power Company of N. H.
1,393.000
gage 5s-1937
Bellows Falls Hydro-Electric Corporation-First Mortgage 569.000.000
1958
Fall River Electric Light Company-First Mortgage 5s-1945-- 2,000,000
-First Mortgage
Grafton County Electric Light & Power Co.
5s-1942
345,000
Hartford Water Company-First Mortgage 6s-1933
43,500
Lawrence Gas Company-First Mortgage 430-1940
1,500,000
Quincy Electric Light & Power Company-First Mortgage 551927
250,000
The Narragansett Electric Company-First Mortgage 5s-1957 27,354,813
United Electric Rys. Company-Prior Lien Mortgage Bonds:
Series A-6s--1946
950,000
Series B-48-1946
1.902.300
-General & Refinding Mtge. Bonds'
United Electric Rys. Co.
Series A-5s-1951
6,957.400
Series B-48-1951
2,156,500
South County Public Service Company (Assumed):
-First MortNarragansett Pier Electric Light & Power Co.
gage 5s-1939
12,500
Westerly Light & Power Co.
-First Mortgage 5s-1937305,500
Total Funded Debt of Subsidiary Companies
$65,824,513
New England Power Association
5% Gold Debentures
53.6% Gold Debentures
$25,000,000
15,000,000
Total Gold Debentures of New England Power Association
$40,000,000
Bonds Assumed by New England Power Association
New England Company-First and Refunding 5s-1954
Massachusetts Company-Collateral Trust 5s-1937
$18.100
33,000
Total Bonds Assumed by New England Power Association_ -
$51.100
Preferred and Class A Stocks of Subsidiary Companies
New England Power Company-Cumulative 6% ($100 par
value) January 1 and Quarterly
$6.814,000
The Connecticut River Power Company of New Hampshire
Cumulative 6% ($100 par value) June and December 1....-..
706,000
The Rhode Island Public Service Company (Preferred) Cumulative $2.00 (no par value) February 1 and Quarterly
13,551.890
The Rhode Island Public Service Company (Class A) Cumulative $4.00 (no par value) February 1 and Quarterly
544,335
Total Preferred and Class A Stocks of Subsidiary Companies-$21.616,225
Preferred Shares of New England Power Association
Cumulative 6% ($100 par value) January 1 and Quarterly
(656,110 Shares)
$65.611.000
Vice-Presidents.
Arthur E. Pope
Treasurer.
Carl S. Herrmann
The directors have appointed Bankers Trust Co., 16 Wall St., N.Y.City,
as agent of the company to distribute to the stockholders the shares of the
capital stock of Drug Inc. to which they will be entitled as above stated.
The stockholders will be notified when such distribution is to be made and
will be requested to send, or deliver, the certificates for their shares of Vick
Chemical Co. to such agent as evidence of the right of the owners of the
stock represented by such certificates to receive the shares of Drug Inc.
to which they shall be entitled on such distribution. The certificates
for Vick stock will then be permanently retained by Bankers Trust Co.Aali
Such agent will also undertake to sell or purchase scrip certificates to
round out fractional shares of Drug Inc. stock to which stockholders will
be entitled on the distribution. Stockholders will be notified later of the
plans fog this undertaking.
-V. 130. p. 3374.
Warner Co.
-Extra Dividend.
The directors have declared an extra dividend of 25 cents a share and
the regular quarterly dividend of 50 cents a share on the common stock,
both payable July 15 to holders of record June 30. The regular quay. div.
of $1.75 a share on the 1st and 2nd pref. stock also were declared, both
payable July 1 to holders of record June 14.
This is the third extra payment declared on the common since incorporation of the company a little over a year ago to effect consolidation of
the Charles Warner Co. and the Van Sciver Corp. First of these extra
payments was of 50 cents a share in October and the second was of 50
cents a share in January. Three months ago the company declared the
regular quarterly of 50 cents.
-V. 130. p. 3374.
Warner-Quinlan Co.
-Increases Stock.
The stockholders on May 5 increased the authorized capital stock (no
-V. 130, p. 2991.
par value)from 1.000,000 shares to 1.500.000 shares.
Weirton Steel Co.
-Awards Contracts.
This company, a unit of the National Steel Corp.,on May 22 announced
that it had awarded contracts for the motor equipment for its new rail and
structural mill at Weirton. W.Va.,to the General Electric Co.and Westinghouse. The contracts just let involve approximately $600,000. The entire
mill, which is an addition to the company's Weirton plant, involves an
expenditure of $3,500,000 and will be completed and in operation late
this year.
-V. 130 p 2791_
-- 7
--
Wilcox-Rich Corp.
-85% of "B" Stock Deposited-Time
Extended.
-
Approximately 85% of the consolidated B stock has been deposited
under the plan of consolidation with the Eaton Axle & Spring Co., it was
announced by J. 0. Eaton, Chairman of the latter. The time limit for
deposits has been extended to June 5 in order to give all stockholders an
opportunity to deposit their shares.
Two officials of the Wilcox-Rich Corp. Carlton M. Higbie (Chairman
of the Board) and C. H. L. Sleipermann (President and General Manager),
have been elected directors ofthe Eaton company.
It Is understood that application will be made to withdraw Wilcox-Rich
B stock from listing on the New York and Detroit Stock Exchanges.
The directors of the Eaton company named a finance committee to
consist of Mr. Higbie, Mr. Eaton and E. B. Greene.
-V.130, p.3737.
Wil-Low Cafeterias, Inc.
-Sales Increase.-
Sales for April 1930 of 21 cafeterias were $337,507. as compared with
$290,968 for the same 21 cafeterias for April 1929, an increase of $46,539
or over 15%.-V. 130, P. 3737.
-Earnings.
Winn & Lovett Grocery Co.
Earnings for the Year Ended December 28 1929
Net Sales
Cost of sales
General expense
OFFICERS.
President.
Frank D. Comerford.
Samuel C. Moore
3907
$6,092.003
4,998.720
965,843
Net profit
Miscellaneous income (net)
William C. Bell
Secretary.
Richard S. Pattee
$127,441
29.269
Total income
Provision for Federal income tax
$156,709
17.500
$139.209
Net income
60,001
Surplus paid in upon organization of Co. Dec. 29 1928
Directors
Edward B. Aldrich, Providence
Louis C. Gerry, Providence
9199,210
Total surplus
Charles L. Ayling, Boston
R. Graustein, Chairman Excess oforganization expense over prov.therefor at Dec.29 1928
*Archibald
2.830
George B. Baker, Boston
Executive Committee, New York
35,000
Dividends paid on 7% preferred stock
Walter C. Baylies, Boston
*Henry I. Harriman, Vice-Chairman, Dividends paid on class A com. stock
20,000
Joseph J. Bodell, Providence
Boston
Walter R. Callender, Providence
John Johnston, Pawtucket
$141.381
Surplus, at December 28 1929
*John R. Macomber, Boston
Jonathan Chace, Boston
$1.29
Earnings per share on 65,000 shares class B stock
Samuel C. Moore, Boston
Malcolm G. Chace, Providence
V. 130, p. 2605.
Rudolf Pagenstecher, New York
*Frank D. Comerford, Boston
Phelan, Boston
James J.
*Charles L. Edgar, Chairman,
-Back Divs.Worthington Pump & Machinery Co.
Boston
*Charles H. Tenney. Boston
The directors have declared dividends of 1,Yi % on the preferred A and of
Samuel Ferguson, Hartford
*Philip Young, Boston
1 3i% on the preferred B stocks, on account of arrears, together with the
regular quarterly dividends of 1%% and 1M % on the preferred A and B
* Executive Committee.
stocks, respectively, all payable July 1 to holders of record June 10. Like
amounts were paid on these stocks on April 1.
Trustee
Upon payment of the dividends Just declared there will remain acThe First National Bank of Boston
cumulated dividends of 5 X% on the preferred A stock and 434% on the
preferred B stocks.
-V.130, p. 3566.
Transfer Agents of Association Shares
Old Colony Trust Company, Boston (1)
Wright Aeronautical Corp.-Earnings.Harris Trust & Savings Bank, Chicago (2)
1927.
1928.
1929.
Quar. End. Mar. 311930.
$133,670
Registrars of Association Shares
$470,898
Net earns, after taxes_ _loss$384,857
$533.925
The First National Bank of Boston (2)
Shares cap, stock out250,000
250.000
The Northern Trust Company, Chicago (2)
300,000
standing (no Par)---300,000
$0.53
$1.88
$1.78
Earnings per share
Nil
Dividend Disbursing Agent.
-V. 130, p. 3566.
Old Colony Trust Company, Boston.
(1) For Preferred and Common Shares. (2) For Preferred Shares.
Van Sicklen Corp.(& Subs.).
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Gross operating income
Selling, general and administrative expenses
$571.359
342.296
Net operating income
Additions to income
$229,063
23.749
Total income
Deductions from income
Non-recurring expenses
Provision for Federal income taxes (estimated)
$252,812
12.128
34.083
23,300
Consolidated net income for year ended Dec. 31 1929
-Ir. 130, p. 1846.
$183.301
Vick Chemical Co.
-Approves Merger-To Dissolve.
meeting of the
-Annual Report.
(J. S.) Young Co., Baltimore.
1926.
Calendar Years
x Net profit
Preferred diva.(7%)_ - Common diva (10%)- _ -
1929.
$244,970
61.857
149,960
1928.
$293.106
62.034
149,960
1927.
$245,310
62.734
149.960
$254,556
70.000
149,960
Balance, surplus
Transfer from res. for
Conting
Previous surplus
$33.152
$81.113
$32,616
$34.596
50,000
996.102
914,989
877.013
842,417
$877,013
$909,629
$996,102
P.& L.Burp. Dec.31_ -- $1,079,254
15,000
15,000
15,000
15.000
Shs.com.out.(par $100)
$12.30
$12.17
$15.40
$12.20
Earns.per sh.on corn_ --V.128, p. 1578.
x After deducting estimated Federal taxes.
-Earns.
(L. A.) Young Spring & Wire Corp.
President L. A. Young stated that the earnings of the corporation for
the 4 months ending April 30 were in excess of the dividend requirements
for the first 6 month-which includes the dividend Just declared payable
July 1.
May already has shown an improvement over April, with unfilled orders
indicating splendid business for June. Mr. Young said, that based on
present indications the dividend requirements of $1.50 per share for the
first 6 months should be less than 60% of the earnings for the same period.
-V. 130, p. 3185.
At a special
stockholders on May 26,the plan of reorganization with Drug Inc.. (as outlined in V. 130. p. 3374), was practically
unanimously approved.
The directors have declared a dividend of 26 1-3 cents per share on the
capital stock, payable on June 7,to holders of record June 4. This dividend
-Earnings.
Yukon Gold Co.
represents the difference between the present dividend rates of Drug Inc.
1926.
1927.
1928.
and this company until Sept. 1 1930, the remainder of this company's
Years End. Dec. 31- 1929$825,180
$364.560
$795,856
$705,620
Checks to over this dividend will be mailed by Bankers Operating profit
dividend year.
144,361
118,653
166.810
397,971
Trust Co. on June 7 1930.
Other income
Pursuant to the plan, all of the assets, property, business and good will
$943,833
$508,921
$962,666
$1,103,591
Total income
of the company will be transferred to Drug Inc., in consideration of Drug
324.408
345,830
284,817
283.509
Inc. assuming all the liabilities of this company and issuing to this company Taxes, interest, &c
53,460
58,962
92,247
40,025
456,000 fully paid and non-assessable shares of Drug Inc. stock. Stock- Depletion
208.135
155,018
285.859
224,818
holders of this company will then be entitled to receive stock certificates Depreciation
6,192
22,960
22,069
and (or) scrip certificates for 57-100ths of one share of Drug stock for each Miscellaneous
x517,749
one share of Vick stock held. and the company will be dissolved. (Sub- Loss on sale assets..- -sequently a new Vick Chemical Co. will be formed by Drug Inc.) The
$440,668
$389,185
$334,870 def$571,771
Net profit
stock transfer books of the company will be permanently closed on June
12 1930.
-V. 128, p. 3853.
Loss on sale of Dawson assets.
3908
[VOL. 130.
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-DRY GOODS
-WOOL
PETROLEUM-RUBBER-HIRES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, May 30 1930.
COFFEE.
-Brazil on the spot was dull and reported
weak; Santos 4s nominally 133 to 134c. but rumors of
sales at much under these prices. Reo 7s, 9c.; Victoria 7-8s,
834e.; mild in fair demand only. Fair to good Cucuta,
1434 to 1504 prime to choice, 153. to 163o.; washed, 17
to 17340.; Ocana, 1434 to 15c.; Bucaramanga, natural, 1434
to 1534c.; washed, 174 to 18c.; Honda, Tolima, Giradot
and Medellin,17X to 18c.; Manizales, 173 to 18c.; Mexican,
%
washed, 1734 to 18340.; Surinam, 1234 to 1334c.; Ankola,
24 to 30c.; Mandolin, 26 to 35c.; Genuine Java, 27 to 28e.;
Robusta, washed, 1234 to 13c.; natural, 1034 to lie.; Mocha,
2234 to 238 e.; Harrar, 19% to 2040.; Abysinnian, 1634 to
4
%
17c.; Guatemala, prime, 174 to 180.; good, 16 to 17o.;
Bourbon, 15 to 15%c; Medellin, 184 to 193c. Later spot
was dull and weak; Santos 48, 133 to 134c.; Rio 7s, 9 to
/
93o.; Victoria 7-8s, 83.4 to 858c. It was said that spot
Santos 4s sold on a parity with July Santos. One firm said:
"The future course of the market, we are inclined to believe,
will depend upon what the Defense Committee does with or
without the consent of the underwriting bankers in the
recent $100,000,000 loan. At present Brazil seems to be
anxious generally speaking to sell coffee. The pressure of
Santos grades from that quarter, appears to be principally
on 48 to 5s. The lower grades, owing probably to government purchases and substitutions have become scarce and
are well held in spite of the depression in the higher grades.
On the other hand, Rios and Victoitias have been showing
an easier tendency almost daily." Spot trade later was dull
with Santos 4s nominally 133 to 134c.; Rio 7s, 9 to 93o.
Victoria 7-8s, 834 to 834c., but in the case of Santos 4s, it
is said, that sales have been made at least Xo. under the
inside quotation.
On the 26th inst. cost and freight offers from Brazil included for prompt shipment, Santos Bourbon 2-s at 14.40
1
at 12
to 14.850.; 3s at 1434c.; Xs at 13% to 14.10c.;
to 133/gc.; 4-5s at 123/2 to 13c.; 5s at 121%c.; 5-6s at 1034
%
to 11.80c.; 6s at 103 to 11.70o.; 6-7s at 10 to 103/gc.; 7-8s
at 8.70 to 8.90c.; part Bourbon 2s at 14.70c.; 3s at 14.05c.;
3-5s at 1234e.; 6s at 111%c.; Rain-damaged 7-8s at 84c.;
Peaberry 4s at 124c.; 6s at 113'2c.; Rio 7-8s at 8.200. On
the 27th inst. cost and freight offers from Brazil were generally unchanged but it was understood that bids much
under prices asked were in some cases aceepted. The offers
included: Santos Bourbon 2-3s for prompt shipment at 14
to 144o.; 3s at 13.35 to 141%c.; 3-4s at 13 to 14.10c.; 3-5s
at 12.70 to 131%o.; 4-5s at 123.4 to 12.55c.; 5s at 11.40 to
124c.; 6s at 104 to 11.70c.; 6-7s at 101% to 103/gc.; 7s
at 934c.; 7-8s at 8.70 to 9.45c.; part Bourbon 2-3s at 14.70c.;
Ss at 14.05c.; 3-4s at 13.45c.; 3-5s at 1234c.; 6s at i13.4'.;
Peaberry 3s at 13.35c.; 4s at 12.200.; 5s at 11.7%4 6-7s at
10.55c.; Santos rain-damaged 7-8s at 8.40c.; Rio 3s were here
at 9.450.; 3-5s at 9.20c.; 7s at 8.450.; 7-8s at 8.30c.; Victoria
7-8s at 7.90 to 7.950. On the 28th inst. cost and freight
offers in circulation were scarce. They reflected increasing
weakness in Brazil. They included for prompt shipment:
Those reported consisted of Santos Bourbon 2-3s for prompt
shipment at 13%o.; 3s at 13.20 to 13.35c.; 3-4s at 12.65 to
13.40e.; 3-5s at 13o.; 4-5s at 1234c.; 5s at 11.950.; 5-50 at
111% to 121%o.; 6s at 103.4 to 10.650.; 6-7s at 103%c.; 7s at
10e.; 7-8s at R.60 to 9.450.; part Bourbon 7-8s at 7.70c.;
Peaberry 3s at 131%0.; 4s at 12.20 to 1240.; Rio Peaberry
5s at 10.40c.; Santos rain-damaged 7-8s at 8.40c.; Rio 3-5s
were here at 934c: 7s at 8.550.; 7-8s at 8.35o.; Victoria
7-8s at 7.70c.
An official cable to the Exchange on the 27th inst. said
that Santos receipts of coffee until further notice will be at
the rate of 31,000 bags daily, a decrease of 7,000 bags. On
the 24th inst. futures closed 4 to 15 points up on Rio and
10 to 18 higher on Santos on smaller offerings and covering
of shorts. On the 26th inst. futures ended 7 to 15 points off
with Europe and Brazil selling. Rio cables were lower.
Santos here ended 10 to 15 points off and Rio 7 to 12 lower.
The sales were 14,000 bags Santos and 8,500 Rio. On the
26th inst. Brazil bought moderately and Europe sold. There
were reported sales of spot Santos 4s at the July price for
Santos. On the 27th inst. in a dull speculation prices fell
2 to 15 points. No buying orders of consequence came from
Brazil or Europe. It was if anything the other way about.
One comment was "As of April 30 the world visible supply
was 5,263,682 bags the interior stocks in Sao Paulo and
Minas were 22,367,000 bags and the interior stocks in Rio
1,643,000 bags or a record total of 29,273,682 bags. To
this must be added the minimum estimate for the 1930-31
crop of 20.000.000 bags for a grand total of say 49,275,000
onsumption of about 26,000,000 bags. In
bags to meet
other words, indications are for a surplus on July 1 1931
of 23,275,000 bags or almost a year's supply to which must
again be added the 1931-32 crops, which following this
year's smaller crops, will probably be larger. Of course,
of this surplus, by the terms of the new loan to the State
of Sao Paulo, 16,500,000 bags will be marketed in equal
quantities over a period of 10 years along with current
crops, but we hardly see how this marketing can be done
successfully at present prices." On the 28th inst. futures
declined slightly on light trading in evening up for the
holidays unchanged to 4 points higher. On Thursday
futures were quiet with Santos closed and little disposition
to trade here on the eve of the holidays in this country.
Brazil sold a little. The ending was unchanged to 10 points
lower on Rio with sales of 16,000 bags and unchanged to
5 points lower on Santos with sales of 8,000 bags. Final
prices show a decline since last Friday of 9 to 10 points on
Santos and 12 to 24 points on Rio.
Rio coffee prices closed as follows:
Spot unofficial
7.93@July
93.i'Sept
I Dec
7.70@ 7.71 March_
7.51© nom I May
- 7.36 ®
7.25 ®
Santos coffee prices closed as follows:
Spot unofficial
July
12.22
'Sept
I Dec
11.62 -___ I March_ _ _11.05 ©11.07
10.92®
ii.27@ nom May
COCOA closed on Thursday 26 to 30 points higher with
July 8.550.; Sept. 8.7804 Dec., 8.75c.• Jan., 8.850. Final
'
prices show an advance for the week of 70 to 73 points.
-Prompt Cuban was lower at 1%o. c. & f. On
SUGAR.
the 24th inst. futures ended 1 to 2 points higher. July
allowed the least firmness. It was at one time 1 point lower.
Prompt Cuban was firmer but quiet. Resistance to lower
prices was plain at this supposedly unprofitable level for the
planter. Amsterdam cabled that on Saturday last the Java
Syndicate refused a bid of nine guilders on 3,000 tons of
white sugars. Early in the week there was no aggressiveness on the part of either buyers or sellers. September was
more active than any other month. Trade and Cuban sold.
At times prices were heavy with large offerings. On the
26th inst. futures were dull and at one time 1 point lower
with the speculation very small. Only 155 lots were traded
in. September showed more life than any other month but
it ended at a point lower while January and later months
ended unchanged to 1 point higher. Uncertainty about the
tariff makes for a small and uninteresting market. Receipts
at Cuban ports for the week were 67,424 tons against 74,564
in the same week last year; exports 73,026 tons against
110,729 last year; stock (consumption deducted), 1,698,582
tons against 1,487,652 last year; centrals grinding 30 against
8 in the same week last year. Of the exports 25,523 tons
went to Atlantic ports, 7,505 to New Orleans, 11,570 to
U. S. interior; 2,176 to Galveston; 11,244 to Savannah;
14,899 to Europe and 109 to Australia.
Louisiana produced 399,217,475 lbs. of sugar equivalent
to 199,609 short tons from the cane crop of 1929, according
to a report released by Lionel L. Janes, Agricultural Statistician, Bureau of Argicultural Economics, U. S. Department of Agriculture. This compares with a production of
264,106,804 lbs. or 132,053 short tons in 1928; 141,587,137
lbs. or 70,792 short tons in 1927; and 94,331,743 lbs. or
47,166 short tons in 1926. The 10 year average of production
is 162,816 short tons. On the 27th inst. futures fell 1 to 3
points with Cuban interests said to be the chief sellers of
September and prompt sugar lower and dull. Fifty per cent
of the business in September and May was said to have been
/
done by Cuban interests. The drop to 1880. o. & f. was
rather -unexpected. Some think the Porto Rican crop will
be 5% above the estimate recently issued by the Department
of Agriculture. The Department of Agriculture's figure was
747,000 tons. The local broker believes that it will range
between 785,000 and 790,000 tons. London was still dull.
Refined there was very quiet. Cargoes of Cuba were offered
on the basis of 7s. Of duty free sugar 10,000 bags Porto
Ricos due June 3rd sold on the 27th inst. at 3.1234c. delivered
or about 1-16c. under 13sc. c.&f. basis. Rumors that Philip/
pines in port or nearby had sold at 3.11c. delivered
(1 11-32c.) c. & f. were not confirmed and were generally
doubted. On the 27th inst. 15,000 bags of Cuba loading
Tuesday sold at 134c. c. & f. Offerings at firm prices were
limited. Late private advices from Porto Rico indicated
that owing to increased production this month the crop of
that Island promises to outturn at least 5% more than the
Department of Agriculture estimate of 747,000 tons issued
early in June. In London there were sellers of June and
July eentrifugals at 7s c.i.f., equal to 1.390. f.o.b. with
buyers at 6s. 9d. c.i.f. The trade demand was reported
better. European beet fields look well.
On the 27th inst. 1,200 tons of Philippines late May arrival at New Orleans were sold at 3.140. delivered or 14o.
c. & f. Later Cuban raws were dull at 134 to 3.14c. with
1 11-32o. to 3.11c., it is said, bid. Refined was 4.704L and
MAY 31 1930.1
FINANCIAL CHRONICLE
quiet resales competing with refiners at 4.623e. to 4.6730.
One comment was:"The steady buying by Europe, which is
estimated at 150,000 to 200,000 tons in the last two weeks,
gave the market a better tone for a time and checked the
decline temporarily, but with an easier market in Europe
today, prices declined further. There is no apparent cause
for much advance, and it can only be expected if the tariffs
should be left unchanged, as Cuba will not then have to
contend with anxious duty-free sellers sacrificing part of
their tariff preferential."
On the 28th inst. futures fell on persistent Cuban selling.
The closing was at a decline of 2 to 4 points. Delay in
settling the tariff discouraged many. It is believed to have
accounted for much of the selling. On the 28th inst. refined
was dull at 4.70c. with the weather unseasonably cool;
resale still 4.62% to 4.6730. London on the 28th inst.
reported an easier prices with sales of two cargoes, presumably of Cuba for June or July shipment at6s 10%d.c. i.f.
equal to 1.35c. f. o. b. Cuba. In Liverpool there were reported sales of July shipment Cubes at 6s 10Y
2d., but details were lacking. Havana cabled that at a meeting of
railroad laborer on the United and Consolidated Railways
on the 27th inst. it was agreed if the railroad companies
reduce salaries that a strike will be declared. No date for
the walkout has yet been set. Amsterdam advices stated
that 20,000 tons of Dutch white sugars were sold to Russia
but no price was mentioned. Other reports are that the
quantity sold was small. On Thursday prices fell with a
renewal of liquidation and selling by Cuba. The ending was
unchanged to 2 points lower with sales of 71,800 tons.
Private cables from London reported sales of parcels for
July shipment at 6s 9d. and for August at 6s 91/cl. with
4
sellers over. Final prices here show a decline since last
Friday of 4 to 5 points.
Closing quotations were as follows:
Spot unofficial
1.57@
1 H!Dec
July
_ Jan
1.40@
1.59 ,
(4
Sept
1.47@ ---- March _ __- 1.65(4
I May
1.72(g) nom
--
LARD on the spot was steady at one time at 10.75 to
10.85e. for prime Western; refined Continent, 103 c.; South
%
America, lie.; Brazil, 12e. Later prime Western was 10.75
to 10.85e.; refined Continent, 103 0.; South America, lie.;
/
Brazil in kegs, 12e. On the 24th inst. futures were firmer
with September closing 5 points higher. Futures on the
26th inst. ended unchanged to 2 points higher a rise in
grain offsetting a drop in hogs of 15e. Total Western receipts were 148,000, against 164,000 on the same day last
year. Exports from New York last week were 4,335,000
lbs., against 8,274,000 in the previous week. Liverpool
lard was unchanged to 3d. higher. Futures on the 27th
inst. declined 7 to 10 points with hogs off 5 to 100. Hog
receipts at the West were 112,600 against 122,600 a year ago.
On the 28th inst. futures rose 2 to 5 points with hogs up 10
to 15e. May deliveries in Chicago were 1,000,000 lbs. of
bellies. In Liverpool lard fell 3 to 6d. Exports were
693,000 lbs. to France and Holland. Prime Western on
the spot was 10.70 to 10.80c. On Thursday futures closed
unchanged to 2 points lower with hog markets down. Final
prices show a decline for the week of 3 points.
DAILY CLOSING PRICES
Sat.
May
10.15
July
10.22
September
10.45
December
OF LARD FUTURES
Mon.
Tues. Wed.
10.12
10.10
10.17
10.20
10.15
10.22
10.35
10.40
10.45
IN CHICAGO.
Fri.
Thurs.
10.12
10.17
10.37
PORK steady; Mess,$32; family, $34.50; fat back, $22.50
to $26. Ribs, 14e. Beef quiet but steady; Mess, $25;
packet, $25 to $26; family, $26 to $27; extra India Mess,
$42 to $44; No. 1 canned corned beef, $3.10; No. 2, $5.50;
six pounds, South America, $16.75; pickled tongues, $70 to
$75. Cut meats steady but quiet; pickled hams, 10 to 20
lbs.1 19 to 200.; pickled bellies 6 to 12 lbs., 193j to 203c.;
%
bellies, clear, dry salted, boxed, 18 to 20 lbs., 15%c:; 14
to 16 lbs., 163/I0. Butter, lower grades to high scoring 26
to 333/Ic.; Cheese, flats, 173/i to 26c:; daisies, 19 to 25e.;
Eggs, medium to extra firsts, 20 to 25c.; closely selected
heavy, 253/I to 263/c.; extra white, 1 to 23c. premium.
I
OILS.
-Linseed was in only fair demand at best. Buying
is considerably lighter than it was at this time last year.
Crushers were asking 14e. for raw oil in carlots but it was
intimated at 13.8e. could be done on a firm bid. Cocoanut,
Manila coast tanks, 63p to 6%e.; spot N. Y. tanks, 6%c.
Chinawood, N. Y. drums, carlots, spot, 9% to 10c.; Pacific
Coast tanks, spot, Dec., 8%0. Soya bean, tanks coast,
9%0.; domestic tank cars, f.o.b. Middle Western, 83 to 9e.
Edible, olive, 2 to 2.25. Lard, prime, 13%e.; extra strained
winter, N. Y., 113c. Cod, Newfoundland, 60c. Turpentine, 48 to 54c. Rosin, $6.30 to $8.50. Cottonseed oil
sales on Thursday, including switches, old, 1,600 bbls.;
new, four contracts. Crude S. E., 73g to 73c. Prices
closed as follows:
Old.
Spot
July
September
October
8.70
8.72
8.93
8.93
bid November
bid December
January
8.94 February
March
April
New.
8.35
8.38
8.40
8.42
8.56
8.55
845
840
8.45
5.50
9.59
8.65
PETROLEUM.
-The gasoline tank wagon price was
raised lc. early in the week by the Standard Oil of Ohio.
Its Red Crown gasoline is now 21c. There was a better
demand despite the cool weather of late. Generally 9 to 10c.
was quoted for bulk gasoline in tank cars nearby refineries.
The petroleum industry is in better shape than it has been
3909
for some time past. Efforts to curtail flush production
seem to have been very successful despite the stubborn resistance of a few independent operators. The outlook is
much brighter than it has been at any time in several years.
Domestic heating oils were in good demand and steady.
Marine fuel oils were steady with Grade C bunker oil $1.14
local refineries. Diesel oil was moving in a fair way at $2.
Kerosene was rather easier. Some refiners were asking
73% for 41-43 water white in tank cars refineries, but 7c.,
it was intimated, would be accepted in a few instances.
Generally 73.je. was quoted but there was very little business even at that level. The recent cool weather stimulated
the demand to some extent, but on the whole very little
new buying was noted. Pennsylvania lubricating oils were
quiet and easier. Later on the Atlantio Refining Co. advanced the tank wagon price of gasoline lc. throughout
Pennsylvania and Delaware to 16c. in tank wagons and 18e.
at service stations. Later on kerosene was reported freely
offered at 7c. with very little business being done. The
American Petroleum Institute estimated the daily average
gross crude oil production in the United States for the week
ended May 24 1930 at 2,579,500 bbls., as compared with
2,607,900 bbls. for the preceding week, a decrease of 28,400
bbls. The daily average production east of California was
1,960,800 bbls. against 1,975,000,a decrease of 15,000 bls.
Tables of prices usually appearing here will be found on an earlier page in
Products..
our department of "Business Indications,' in an article entitled "Petroleum
'
and Its
RUBBER on the 24th inst. ended quiet and unchanged
on old contracts and 5 to 12 points higher on the new with
sales of 50 tons of new and 77 of old. New closed on that
day with Sept. 14.75c.; Dec., 15.15e.; Old May, 14.10 to
14.20c.; July, 14.20 to 14.30e.; Sept., 14.50 to 14.600.; Dec.,
14.90 to 150. London cabled the Exchange here: "The R.
G. A. communique to the press that they had made representation to F. M. S. Government for revision of the present
rate of export duty on rubber. Cablegram has been received from the Association's local branch in Malaya outlining the following new scale ad valorem export duty be
operative in the F.M.S. commencing June 1. Price under
30, 32, 33, 34, 35, 50, 60, 80 cents respectively 1,13, 1 1-3,
2, 23j, 23, 3, 4% over 80 cents 5% latest et cetera equivalent to same as before. Matters to be considered by the
council at their next meeting." Rubber invoiced for shipment to the United States for the week ended May 24 according to vise figures of the Department of Commerce
totalled 8,554 tons a decrease of 2,469 tons compared with
the previous week. One idea is that the Anglo-Dutch Rubber tapping holiday current month will do little toward
ameliorating present depressed price situation. It is estimated tapping holiday during current month will at the best
keep less than 40,000 tons of crude rubber off the market.
At the end of April, based on stocks in the United States
and Great Britain rubber afloat and destined for the United
States and Great Britain, dealer stooks in Straits settlements,
'
Port stocks.in Penang and Singapore and stocks on estates
of over 100 acres in Malaya; total visible world stocks of
crude rubber were estimated at a tot:I of 420,000 tons,
the greatest on record.
On the 26th inst. futures closed 10 to 28 points lower on
the old contract and 17 to 25 lower on the new. Uptown
manufacturers bought December. Large operators sold.
Stock and cotton houses sold. There was some covering
of hedges. Outside trade was small. London was lower.
New contracts closed on the 26th inst. with May 14, 14.08e.;
July, 14.18 to 14.25d.; Sept., 14.50c.• January, 15.100.
Old contract closed with May 14.10c.;'
June, 13.900.; July,
14e.; Sept., 14.30c.; October, 14.50c.; March, 15 to 15.10c.;
sales of new contract, 70 tons; old, 295 tons. Outside prices:
Ribbed, smoked spot and June, 143/I to 14343.; July, 143
to 143/Ic.; July-Sept., 149/8 to 1458c.; Oct.
/
-Dee., 141 2 to
/
143e.; Jan.-March 15 to 15%0.; spot, first latex, thin,
14% to 14%c.; thin, pale latex, 14% to 149/c.; clean, thin
4
'
brown No. 2, 133 to 133ic.; specky crepe, 123/I to 133/Ic.;
rolled, brown crepe, 9% to 99/Ic.; No. 2 amber, 133/I to
133/Ic.; No. 3 amber, 13% to 13%e.• No. 4 amber, 13 to
13%0.; Paras, upriver, fine spot, le% to 153/Ic.; coarse,
/
732 to 7840.; Acre, fine spot, 15% to 16e.; Caueho Ball/
Upper, 73. to 73/Ic. London fell 1-16d.; spot, May and
June, 16 15-16d.; July-Sept., 7 1-16d.; Oct.
-Dee., 7 5-16d.
Stocks in London increased 21 tons; total is 76,953 tons. In
Liverpool the stock increased 274 tons, making it 24,722'
tons. Singapore ended with June 6 13-16d.; July-Sept.,
7 1-16d.• Oct.-Dec., 7%d.
On the 27th inst. old contract ended unchanged to 10
'
points off with sales of 357 tons in all. London was 1-16d.
lower. Cotton interests sold. No striking incidents relieved
the monotony of a dull day. New contract closed on that
day with May, 14.13e.; July, 14.23c.; Sept., 14.52e.; Jan.,
15.05 to 15.10c._; March, 15.25 to 15.29c. Old contract
June, 13.80 to 14c.; July, 14 to 14.100.; Sept., 14.30 to
14.400.; Dec., 14.70 to 14.800.; Jan., 14.80 to 14.900.;
March, 15 to 15.10e. Outside prices: Ribbed smoked spot
and June, 133/I to 143/c.; July, 14 to 143jc.; July-Sept.,
-Dec., 143/I to 147
,/Ic.• spot first latex
143 to 143/Ic.; Oct.
/
%
thin, 143/s to 1488c.; thin pale latex, 143 ; to 145 c. clean
%
/
thin brown No. 2, 133/s to 135sc.; spooky crepe, 13 to 133(e.;
/
rolled brown crepe, 99/I to 968c.; No. 2 amber, 133/I to 1443.;
/
No. 3, 133/I to 1358c.; No. 4, 13 to 139/8e. In London spot
and June 63/Id. Singapore June, 69/8(1.; July-Sept.,6 15-16d.
to 3-16d.
a decline of
3910
FINANCIAL CHRONICLE
[you 130.
with June, 12.500.; July 12.50c.; August 12.60c.; September
and later 12.7043.
TIN was still dull and none too steady. On the 27th inst.
.
spot Straits tin was unchanged at 31%c. Shipments of
Straits tin in May are expected to be somewhat under
10,000 tons. Futures on the Exchange on the 27th inst.
closed 5 to 10 points lower with sales of 30 tons. June ended
at 31.400. and Oct. at 31.85c. In London prices advanced
El 7s. 6d. to £143 5s. for spot standard and £145 5s. for
futures; sales, 50 tons spot and 300 futures. Spot Straits
ended at £145 5s.; Eastern 43. i. f. London closed at £147 2s.
6d. on sales of 300 tons. At the second session in London
standard tin fell 5s. on sales of 20 tons of futures. On the
28th inst. prices broke to new lows. They are the lowest
/
since 1922, when Straits tin sold at 283 0. The open price
was 313c. with rumors of sale of June at slightly under
that figure. At the first session in London on the 28th inst.
all descriptions declined £2 2s. 6d. or more, while at the
second session standard advanced 2s. 6d. Futures ended
20 to 35 points lower on that day to the lowest prices in
the history of the National Metal Exchange; June sold at
30.95c. On Thursday futures closed with June 31.10c.;
July, 31.2043.; Sept., 31.50e.; Dec., 31.95c.; sales, 100 tons.
LEAD was in rather better demand at unchanged prices.
New York, 5.50c.; East St. Louis, 5.400. In London on
the 27th inst. spot declined 2s. 6d. to £18 and futures fell
is. 3d. to £18 is. 3d.; sales 50 tons futures. Late in the week
the demand here fell off a little but prices were unchanged.
London during the week has been unusually quiet. In
London on the 28th inst. prices declined is. 3d.; sales 400
tons of futures.
ZINC was quiet but steady at 4.623 to 4.65c. for East
St. Louis. In London on the 27th inst. spot fell 3s. 9d. to
£16 18s. 9d.;futures up 2s.6d. to £17 12s. 6d.; sales 250 tons
futures. The falling off in steel operators was not very
encouraging for the consumption of zinc in the steel industry.
London on the 28th inst. declined 2s. 6d. on the spot while
futures dropped 3s. 9d.
-There was some increase in the business in
STEEL.
structual steel though no real activity was reported. Pittsburgh reported that specifications for semi-finished steel had
lost some of their recent activity, while new business was
poor. Small lots for prompt shipment represented the only
new byuing at $33. for moiling billets, sheet bars and slabs.
Forging billets continued to have a $5 differential over rerolling material. The demand for wire rods fell off at $36.
Skelp was dull. Beehive furnace coke demand has failed to
respond to the stimulus of lower prices. Birmingham wired
that soil pipe production improved slightly. Back logs were
to keep structural fabrication rather active. Plate
CHARTERS INCLUDED grain, 30,000 quarters, more or less, Mon- sufficient
weak.
treal, second half June; heavy grain to Greece, 2s. 7hd.. with Continent demand was fair while lighter shapes of steel were
St.
and United Kingdom options. Time, early June trip up, redelivery
-A fair business in moderate size lots was
PIG IRON.
Lawrence-Galveston, $1.15: New Orleans, $1.05 Tankers, June Gulf
'
dirty, to north of Hatteras. 35c.: June Tampico to Philadelphia:crude reported in some quarters. In general trade was small.
'
Gulf, 32c.• Tampico, 35c. Sugar.
35c.: June, dirty, to north of Hatteras'
July, 13s. 6d. basis; one port The market as a matter of fact has lacked interesting features.
small cargo, Santo Domingo. late June
of loading, United Kingdom-Continent Coal, prompt, Chesapeake Bay- Nobody cares to buy freely at this season. That is atruism.
servola, $2; Hampton Roads prompt, Montreal, 95c.
The machine tool business has been quiet by comparison
-There was perhaps a little better business with that of a few weeks ago. Foundries which keep an
TOBACCO.
unchanged prices. eye on this source of trade are not at all active; quite the
in nickel cigar wrappers at generally
'
The acreage is likely to be larger in this country. Mayfield, reverse. According to government estimates, orders for
Ky. to the U. S. Tobacco Journal: "Sales for the week end- iron, malleable and steel castings declined quite sharply in
ing Friday in the Hopkinsville Dark Fired market amounted April. Birmingham wired that 17 blast furnaces producing
to 59,830 lbs. at an average of $9.41, bringing the sales for iron and nineteen open-hearth furnaces making steel ingot
the season to 28,013,005 at a market average of $11.16. were operating at a little under 90%. Shipment of pig iron
There were 401,635 lbs. sold in the Springfield loose leaf is still larger of the make so far as foundry iron is concerned.
market at an average of $12.66, making the sales for the Later Birmingham reported the deliveries as not so large as
season so far 24,079,140 lbs. at an average of $14.64:"
they had been; $14 was quoted for home business. At
steel were reported slightly
COAL as usual at this time is in moderate demand. Pittsburgh specification on stripwas dull. Operations of hot
Steam and gas coal has sold on a fair scale. Hard coal larger on hot rolled. Cold strip
mined during three weeks ended May 17th totalled 4,293,000 mills are at 65 to 70%. Improved specifications are coming
they
producers, but
net tons against 4,158,000 tons a year ago. The trans- from a few leading automobleremained steadyas a rule strip
on hot
Prices
hudson movement of anthracite coal in the May 10th week are not satisfactory. narrow material and
1.70 to 1.800. for
was 2,907 cars a gain of almost 800 cars over the same week at 1.80 to 1.900. for
nominally but something under
of 1929. But there have thus far been 5,000 fewer cars of wide. Cold strip 2.250. now and then.
anthracite so moved since Jan. 1930 than a year ago. There this is said to be accepted
-Boston wired a government report as follows:
WOOL.
has been a return in some cases to the wholesale discount
system. It is understood the first discount was 25c. a ton "A fairly large volume o5 original bag Ms and finer wools
covering domestic sizes of anthracite. are being sold. These wools comprise the greater portion of
for cash in 15 days,
The discounts announced as operative from May 26th are the movement, although demand continues to broaden to
for 10 days 13/%,for 30 days 1%,for 60 days % of 1% and include other grades. Topmakers are becoming much keener
Retail
for 90 days net on both coal and prepaid freight. of soft for original bag wools and are taking the moderate quantities
of the new wools is being sold." Boston wired on May 28th
prices are unchanged. The retail Brooklyn price
coal is $7.25, on coke $12.75, of stove coal, $14,egg and nut, a government report saying: "A fairly strong demand is
being received on several lines of domestic wools. Among
$13.50 and grate, $13.25.
wools
COPPER was quiet at 130. for domestic and 13.3043. for these are strictly combing 64s or finer and 48-50s fleece
%c. and original bag territory 64s and finer bulk French combing
export. Some resale metal was reported offered at
strictly combing wools also are quite
expected wools.
under these prices. A long period of dullness is27th inst. active. Territory 48-50s
Prices are inclined to strengthen on all these lines."
after the recent record sales. In London on thefutures off
In London on May 23rd
6,250 bales about equally
spot standard dropped 7s. 6d. to £53 17s. 6d.;Electrolytic distributed to Yorkshire offerings Continent. Last week
and the
5s. to £53 17s. 6d.; sales, 300 tons futures. asked. At closed with average prices 10% above those of March.
10s.
was unchanged at £60 10s. bid against £61
tons of spot Medium and coarse greasy crossbreds were frequently 15%
the second session in London on that day 50 business was above March. Details:
sold at unchanged prices. Later on a better were 2,400
Sydney, 1,617 bales; merinos greasy, 10h to 21d. Victoria, 340 bales:
reported for export. Sales on the 28th inst.business was scoured merinos, 17 to 22d.: greasy, 15h to 20d.; scoured crossbreds,
123 to 18d. West Australia. 23 bales; greasy merinos, 15 to 1534d.:
Domestic
tons, with England the chief buyer.
continue to scoured crossbreds, 12h to 18d.toNew Zealand, 4,202 bales; scoured
merinos, 19 to 263d.; greasy, 10
i33d.; scoured crossbreds, 18h to
still light, however. Reports of shading prices
the part of a few 24 hd.; greasy, 9h to 13d. Cape, 23 bales; scoured merinos, 1634 to 18d.
be received but apparently it is only on
Standard copper in New Zealand slipe ranged 8h to 14d.: latter halfbred lambs.
dealers and in very limited tonnages.
In London on May 26th offerings 8,000 bales. Yorkshires
of futures;
London on the 28th inst. fell 2s. 6d.; sales 350 tons
closed and the Continent bought freely. Prices firm; large selection
electrolytic unchanged. On Thursday futures here
On the 28th inst. prices declined 22 to 33 points on the
new contract and 10 to 20 on the old. Sales were 180 tons
of new and 247 of old. London declined %c. with spot
8
and June 63d., July-Sept.63/d. Singapore declined 1-16d.
on June, which was 6 9-16d.; others unchanged. The
closing on the 28th was with old contract July 13.90c.;
Sept., 14.200.; Oct., 14.30c.• and Dec., 14.50c. New contract July, 14c.; Sept., 14.303.; Dec., 14.73c.; March, 15.05
to 15.10o. Outside prices: Smoked ribbed spot and June,
133 to 14c.; July-Sept., 143 to 14%c.; spot first latex thin,
%
133/i to 1434c.; thin pale, 143( to 143'c. On Thursday
prices early were lower. London was dull and unchanged;
-Dec., 73'd.
spot
%
/
-June, 6301.; July-Sept., 67 d.; Oct.
-March, 73cl. Singapore closed steady unchanged
Jan.
%
to 1-16d. lower; No. 3 amber crepe spot, 1-16d. lower at 6d.
Old contract here ended unchanged to 30 points higher with
sales of 135 lots; new contract, 10 to 17 points higher with
sales of 9 lots; spot, 1443.; Sept., 14.400.; Dec., 14.870.
Final prices are 20 to 30 points lower than last Friday.
HIDES on the 24th inst. closed about 10 points lower with
Sept. 14.95 to 150. after selling at 14.990. On the 26th inst.
prices were irregular. Early in the day they were 30 points
lower to 15 higher closing 5 points net lower generally. The
sales were 480,000 lbs. June ended on that day at 13.900.;
Sept., 14.90 to 14.94c.; Dec., 15.85 to 15.8843.; Jan., 15.95c.;
Feb. 16.10 to 16.15434 March, 16.25c.• April, 16.40o. Re'
cent sales of River Plate included 16,006 Argentine frigorifico
/
steers at 14 3-16 to 147s3. of which 3,000 Uruguayan steers
sold at 14 15-16 to 150. Packer quite. One local packer
sold May hides at 14Mc. for native steers and butt brands
and 14c. for Colorados. Country hides were quiet. Common dry were slow of sale. Cucutas, 14c.• Orinoeos, 133,c.;
Maracaibo, La Guayra, Ecuador and Puerto Cabello, 123c.;
Central America and Savanillas, 12c.• New York City calfskins 5-7s 1.60 to 1.70c.; 7-9s 1.95 to 2.05c.; 9-12s 2.6543.
On the 27th inst. prices suddenly ran up 20 to 24 points
with a jump in sales to 1,280,000 lbs. Early prices were
irregular but later the market gave a good account of itself.
June, 14c.; July, 14.30434 August, 14.6043.. Sept., 15.14c.;
Oct., 15.250.; Nov., 15.5543.; Dec., 16.05 io 16.080.; Jan.,
16.10c.; Feb., 16.300.; March, 16.4043.; April, 16.500. On
the 28th inst. prices ended 10 to 19 points lower with sales
of 440,000 lbs. June ended at 13.900.; August at 14.600.;
Sept., 14.95 to 15c.; Dec., 15.91c.; Feb., 16.20e. On Thursday prices closed unchanged to 5 points lower; sales 20 lots.
June ended at 13.9043.; Sept., 14.90 to 14.95c.; Dec., 15.900.;
Feb., 16.15c.
-Trading in time charters was on
OCEAN FREIGHTS.
a fair scale. Otherwise it was rather small.
3911
FINANCIAL CHRONICLE
MAY 31 1930.]
of Puntas, mostly greasy crossbred was offered; mostly
bought by France and Germany.
New Zealand greasy crossbred super 58s realized 1494d.; 56s, 1214(1.;
50s, 12d.; 46-48s, 1190.; 46s, 1034(1. Details, Sydney, 189 bales; greasy
merinos, 1334 to 1534d. Queensland, 84 baleef scoured merinos, 14 to
1534d. Victoria, 44 bales; greasy merinos, 14 to 1696d. Tasmania, 631
bales; greasy merinos, 15 to 24d.; greasy crossbreds, 11 to 16d. New
Zealand, 1,942 bales: scoured merinos, 2034 to 2690.; scoured crossbreds,
1494 to 24d. Cape, 24 bales: scoured merinos. 15 to 1590. Puntas,
5,000 bales; greasy merinos, 734 to 10d.; greasy crossbreds, 7 to 13.14d.
New Zealand greasy Penaankag Uraejv slipe ranged 814 to 1394d.; latter
halfbred lambs and also halfbred combing wools.
In London on May 27 offerings,9,600 bales, were promptly
taken by home and Continent. Fair amount by America,
chiefly greasy slipe crossbreds. Prices firm on all descriptions. Details:
1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
Receipts atGalveston.-Houston*_-_
New Orleans_
Mobile
Savannah_
Brunswick _
Charleston_
Wilmington_ Norfolk
N'port N., &c
All others___-
5,773
4,856
11,798
1,471
4,700
9,486
4,054
7,826
1,109
1,730
15.821
7.491
17.181
2,245
5,902
9,167
7,456
19,358
5,672
15,226
15,495
32,054
19,097
1,721
13,583
3,129
16,653
4.668
192
636
2,096
79
236
3,330
254
674
3,361
2,995
2,418
3,121
439
2,894
4,365
66
1,256
5,219
1,966
1,616
442
2,210
265
1.010
2,611
1,403
1.032
Total this wk_
36,228
30,429
54.183
68.261
89,807
31,997
(linen AM, 1
.
7 QQ7 RR7R R77 0,19R n7A OAR 19/11111R 0 999
7CIR ORI 709
*Beginning with the season of 1926. Houston figures include movement o
cotton previously reported by Houston as an interior town.The distinction
Sydney, 696 bales; scoured merinos, 16 to 26d.: greasy, 834 to 16d. between port and town has been abandoned.
Queensland, 1,605 bales; scoured merinos, 2234 to 26d.: greasy, 7 to 15d.
The exports for the week ending this evening reach a total
Victoria. 1,278 bales; scoured merinos, 22 to 26d.; greasy, 1334 to 23d.
South Australia, 1,451 bales; scoured merinos, 16 to 2494d.; greasy, 10 to
West Australia, 1,225 bales; greasy merinos, 11114 to 1694d. of 19,263 bales, of which 5,188 were to Great Britain, 1,336
1194d.
New Zealand, 2,545 bales; scoured merinos, 22 to 26.96d.; scoured crossFrance, 3,643 to Germany, 450 to Italy, 7,200 to Japan
breds, 14 to 1896c1.: greasy. 991 to 1390. Cape, 712 bales; scoured cross-e to
rinos, 16 to 194.; greasy, 10 to 1294d. New Zealand slipe ranged 834 to and China and 1,446 to other destinations. In the corre149id.: latter halfbred combing and halfbred lambs.
In London on May 28 offerings 8,750 bales, mostly New
Zealand and Puntas crossbreds. New Zealand bought by
Yorhshire and Puntas by the Continent at recent firm price.
Australian merinos mainly consisted of fine greasy qualities,
the bulk going to the Continent. The best marked "Uralia"
from the New Zealand district realized 20d.; combing, 21d.
Details:
Sydney, 932 bales; scoured merinos, 20 to 2394d.; greasy, 9 to 12d.
Queensland, 223 bales; scoured merinos, 20 to 29d. Victoria, 762 bales;
scoured merinos, 1634 to 22d.; greasy, 11 to 19d.; scoured crossbreds,
1394 to 17d. West Australia, 139 bales; greasy merinos, 934 to 1494d.
Tasmania, 168 bales; greasy merinos, 18 to 21d. New Zealand, 3.023
bales; greasy crossbreds, 894 to 13d. Puntas, 3.428 bales: greasy crossbreds, 734 to 1434d. New Zealand slipe ranged 8 to 15d.; latter halfbred
lambs. Puntas slipe ranged sy, to 1394d.; latter halfbred lambs. The
Cape offerings of (10 bales were withdrawn.
At Sydney on May 28 the ninth series of wool sales were
concluded. An average selection met with a good demand,
chiefly from the Continent and Japan. A feature of the
strong demand was fine greasy merinos, which were 5 to
higher compared with opening rates on April 28.
7
The tenth and final series in the regular selling season will
be held from June 16 to July 2. Estimated offerings total
10,300 bales.
SILK was 6 to 10 points lower on Thursday with June
3.61 to 3.65; July, 3.52 to 3.56; Sept., 3.53; Dec., 3.53.
COTTON
Friday Night, May 30 1930.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
36,228 bales, against 64,642 bales last week and 74,760 bales
the previous week, making the total receipts since Aug. 1
1929 7,997,887 bales, against 8,877,942 bales for the same
period of 1928-29, showing a decrease since Aug. 1 of 880,055
bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
New Orleans__ _ _
Mobile
Pensacola
Savannah
Charleston
Lake Charles-_ _
Wilmington_ _
Norfolk
New York
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
Total.
877 5,773
464 1,616 1,471 1.139
379
379
889
875
430 456
689 1,503
-- 22
-----------10
____
324
762 11,798
1,944 2,333 4557
40
375
20
264
676
71
-------------------- ----35
1,0321
1,
i34,700
112
119
12
315 1,331
207
096
-------- --242
_ _ __
__
_ ___
242
___ _
28
32
6
i5
79
29
15
16
114
65
---236
1.182 1,164
--_- 2,195
------- 4,541
5,254 6.833 7.571 10.230 3.298 3.042 IA 990
206
470
12
1,878
96
sponding week last year total exports were 68,363 bales.
For the season to date aggregate exports have been 6,282,784
bales, against 7,438,061 bales in the same period of the
previous season. Below are the exports for the week:
Exported to
'Peek Ended
Japan&
Great
GerMay 30 1930.
Russia. China. Other. Total.
- Britain. France. many. It
Exports from
55 3.423
2,900
468
Galveston
3,044
1,800
744
-L(56
Houston
861
861
Corpus Christi
2;Zoo "iLo 7,609
-350
475 1:708
New Orleans_ _ _ _ 2.128
277
227
Mobile
35
35
Pensacola
997
-166
418
479
Savannah
434 1.851
661
756
Charleston
974
-5$56
674
Los Angeles- - _ _
242
207
35
Lake Charles_
Total
. 5,188
11,271
Total 1929
Total 1928... 11,649
1,336
3,643
450
7,200
1,446 19,263
4,745 9,614 7,731 16,460 12.660 5.882 68.363
6,641 30,355 18.699 11,100 28,535 14,535 121,514
Exported to
From
/tug. 1 1929 to
'Japan&
bray 30 1930. Great IGetBrUain. France. many. I Italy. Russia. China. Other. Total.
Exportsfr,
Galveston.... 194,860 265,890 338,675 177,205 8,123,289,502 268,858 1,543,113
218,476 339,396 447,037 177,345 12,521 333.787 207,906 1,736,468
Houston
____ 3,151 12,068 95,379
26,737 15,338 35,552 2,533
Texas City
53,680 36,517 41,521 27,731 30,257 363.750
Corpus Christi 102,113 71,931
15,119
1,014 --------3191
3,905
3,677i
3,332
.
Beaumont
9.868
4,885 3,645 -------657
318
363
Lake Charles_
253 101,638 1.047,399
875205.
Orleans_ 256,453 80.476 214,841 172,863 15,
New
____ 21,487 6,510 310,546
91,021 8,287 174,251 8.990
Mobile
141
____
141
Jacksonville
55 32,805
____ 1,000
200
5,691
---- 25,859
Pensacola
___ 12,500 5,793 379.652
146,651 1,058 208,120 .5,530
Savannah.
7,094
7,094 Brunswick...
420
____ 40,405 13,6i9 173.170
115 62,316
Charleston... 56,845
12,2711 44,910 --------2,000 72,168
12,987 ---Wilmington
349 82,873
t 1i
___
-- --. 30.235
51,689
Norfolk
3,696 9-,080 23,613 5:117 -____ 2,497 8,714 52,717
New York__ _
4,545
100
570
332 --------50 3.493
Boston
1,135
Baltimore_
229
,.
72
157, ---Philadelphia
---.
____ 154 A2 2 2ii 253,744
:
42,732 6 040 46,438 1,360
Los Angeles
8,150
1
2,900 --5,250
San Diego...
262 64,113
51,988
200
3,200
500
7,963
San Francisco
24,245 ---- 24,245
---Seattle
4,237
4,237 ---Portland, Ore.
I
1.234.736803.569 1,685,261 637.849 78,040 1176215667.1126,282,782
Total
Total 1928-291.804,164 774,121 1,842,368 637.010232,516 1402095 744.5887,458.001
Total 1927-28 1,335.456837,460 2,013.550612,545 275,288 935,817804,2326,814.348
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It is impossible to
customs
give returns concerning the same from week to week, while reports from the In view.
districts on the Canadian border are always very slow In coming to band. we will
however, of the numerous inquiries we are receiving regarding the matter, season
say that for the month of April the exports to the Dominion the present
have been 16.399 bales. In the corresponding month of the preceding season the
there were
exports were 27,920 balm. For the nine months ended April 30 1930 1928-29.
165,761 bales exported, as against 222,316 bales for the eight months of
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
The following table shows the week's total receipts, the
at the ports named:
total since Aug. 1 1929 and the stocks to-night, compared cleared,
with last year:
On Shipboard Not Cleared for
Totals this week_
Receipts to
May 30.
1929-30.
1928-29.
This Since Aug This Since Attil
Week. 11929. Week. 11928.
Galveston
5,773 1,734.534
Texas City
379 137,581
4,856 2,600,501
Houston- - -- - Corpus Christi
22 387,177
15,119
Beaumont-.
11..1)8 1,632,164
New Orleans
Gulfport---1,471 402,020
Mobile
35
Pensacola
32,405
384
Jacksonville
4,700 482.166
Savannah
7,094
2,8§6 215.843
BrunswickCharleston
242
11,808
Lake Charles- _ - 79
91,918
Wilmington
236 158,365
Norfolk
---N'port News, dtc53,264
4.541
New York
2,084
Boston
---____
32,704
Baltimore
753
---Philadelphia
-.
9,486 2,759,721
____ 177,192
4,054 2,832,666
---- 258,123
17.026
7.826 1,550,539
598
1,109 270.459
12,956
---186
-_-1,730 358.470
May 30 at-
Stock.
1930.
1929.
-228,448 218,564
4,405
8,800
659,006 339.576
7.258
429,558
205,509
15,338
25,352
867
62,253
674
14,717
39,260
16,602
Galveston
New Orleans
Savannah
Other CoastGetGreat
Britain. France. many. Foreign wise.
4,000
1,297
4,000
1,701
4,200 17,300
3,276 7,349
Total.
1,000 30,500
100 13,723
Leasing
Stock.
197,948
415,835
11,813
____
____
25 3.525
2,000
- 1,800
Mobile
Norfolk54,868
1,866 1,000 3,500 19,000 ____ 25,000 883,793
Other ports s
Total 1930.. 8,297 6,701 10,976 45.649
Total 1929._ 13,237 10,944 12.563 49,440
17 cc7 0 014 in 77 AC /IR
m-.....1 1050
1,125 72.748 1,665,770
6,122 92.306 995,483
00 016 1 11/ owl
I qqn
* Estimated.
Speculation in cotton for future delivery has been very
small, but the offerings on the othor hand have also been
13,068
18,008
the week except
54,868
60,206 small and prices show a trifling advance for
on July, which is moderately lower. The belt has been
91
210,405 172,793
56
7,034
1,519 too wet and cold. That is the story of the week in a nut1.819
1,534
1,122
-_-5,216
4,347 shell, not forgetting the scarcity of contracts. On the 24th
36.228 7.997,887 30.429 8.877.942 1.728 ci Q 1 no., ',on Inst. prices declined 10 to 20 points, owing to predictions
Totals
In order that comparison may be made with other years, of fair weather all over the belt and selling by local Southwe give below the totals at leading ports for six seasons:
ern, New Orleans, and other interests. This offset the
3,330
_--254
674
169,472
5,505
125,523
228,638
127
51,078
3,336
56,316
11
•
•
effects of unwanted rains in a considerable area of Texas
and some parts of Arkansas and the Central belt. Some
reports stated that the condition of the crop was about an
average for this time of the year. Others said it was late
in the Western belt or parts of it. The agents here of
the Farm Board announced that deliveries on May contracts
had totaled 575,000 bales, the largest amount ever delivered
on an Exchange, and that of this about 375,000 bales were
tendered by one spot firm, 100,000 by two other firms, and
the remaining 100,000 by interests throughout •the world.
All this was taken by co-operative associations. Some Carolina mills announced a reduction in working time. Cotton
goods were quiet at home and abroad. Spot markets declined 10 to 15 points. Exports were almost negligible.
The total deficit up to the 24th inst. was figured in one
tabulation as 1,160,000 bales.
On the 26th inst. prices ended 5 points lower to 2 points
higher, the latter on new October. The weather was very
favorable. The belt was almost rainless. Texas had some
at a couple of points on the Coast, and North Carolina and
South Carolina had moderate rains. Georgia also had
rains of somewhat doubtful value. But for the most part
the weather was favorable save for cool temperatures at
night. Also Liverpool was •more or less depressed. Yet
New York prices showed no marked decline, for offerings
were small. The price is low. Bear points had been for
the time being discounted. Cotton goods and spot cotton
were still dull at home and abroad. On the 27th inst. prices
ended 6 to 13 points higher on most months, with July one
point lower. The rise was due to a scarcity of contracts
in the face of generally favorable weather, low estimates
of the world's consumption, and continued dullness of spot
cotton and goods in the United States and Great Britain.
Some Japanese yarn mills announced that they would
reduce Production another 10%. Riots and bloodshed continue to be daily incidents in some parts of India. In four
cities on the 27th inst. 82 were killed and 863 wounded.
Hindus and Moslems clashed, and the police fired on mobs
In Bombay and Lucknow. All this makes bad worse so far
as Manchester's business is concerned. Low silver exchange
rates continued to be a bar to trade with China.
The New York Cotton Exchange Service estimated the
world's consumption of American cotton this season as
13,400,000 to 13,700,000 bales, against 15,169,000 last season,
15,500,000 In 1927-28, and 15,753,000 in 1926-27. This Is
a decrease of 1,400,000 bales from last season's total,
1,800,000 from that of two years ago, and 2,000,000 from
that of three years since. It is the smallest since 1924-25,
when it was 13,311,000. The decrease is due in part to
the reaction in business, and the use of East Indian and
other cotton as a substitute for American. The carryover
is no less tentatively estimated on the basis of world's consumption of American of 13,700,000 bales at 5,500,000 bales
on July 31 1930 against 4,474,000 on July 31 last year, and
an average of 5,254,000 bales for five years past.
On the 28th inst. prices advanced 5 to 14 points on a
wet forecast and a weekly report less favorable than had
been expected. Moreover, contracts were scarce. The
weekly summary said: "While temperatures were mostly
too low, the rainfall was generally light over the central
areas of the belt, where it was excessive last week, which
made conditions in general more favorable. In Texas progress was good in the Southern third, though the nights were
too cool the latter part of the week. Elsewhere it was
rather poor because of previous rains and coolness in large
areas. The soil is too wet to work, and fields are becoming
grassy, with some lowlands still flooded. In Oklahoma
conditions were mostly favorable, aside from the coolness.
But in both Texas and Oklahoma the bulk of the crop is
late. In the central portions of the belt the weather was
generally favorable for drying out the soil, and some cultivation was accomplished the latter part in favored localities.
But in general the ground continued too wet, hindering
needed cultivation. In the eastern portion of the belt
additional showers were helpful, but some sections are still
too dry, especially the Atlantic Coastal Plains." On Thursday prices advanced 7 to 12 points, on rains in Texas, Oklahoma and elsewhere, and a forecast for showers over Texas,
Oklahoma, Arkansas and Alabama and occasional rains
in the Carolinas and Georgia. Contracts were scarce. Final
prices show a decline of 13 points on July for the week,
while other months are 1 to 8 points higher. Spot cotton
closed at 10.30c. for middling, a decline for the week of
10 points.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 30 for each of the past 32 years have been as follows:
1930
1
1928
1927
1926
1925
1924
1923
16.30c.
18.70c.
21.05c.
16.75c.
18.900.
23.75c.
32.65c.
28.90c.
[VoL. 130.
FINANCIAL CHRONICLE
3912
1922
1921
1920
1919
1918
1917
1916
1915
21.50c.
13.15c.
40.00c.
33.150.
30.10c.
21.85c.
12.900.
9.60c.
1914
1913
1912
1911
1910
1909
1908
1907
13.75c.
11.80c.
11.500.
15.80c.
15.30c.
11.40c.
11.400.
12.50c.
1906
1905
1904
1903
1902
1901
1900
1899
11.70c
8.70c.
13.20c.
11.70c.
9.50c.
8.25c.
9.12c.
6.25c.
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.
Futures
Market
Closed.
Spot Market
Closed.
Saturday.- _ Quiet, 10 pts. dec._ _ Barely steady.._
Monday ___ Quiet, 10 pts. dec_ __ Steady
Tuesday ___ Quiet, unchanged.._ Firm
Wednesday_ Quiet, unchanged_ _ Steady
Thursday -- steady. 10 pts. adv.. Steady
Friday
HOU DAY
Total week..
Since Aug. I
Contr'c
Total.
17,100
15,600
15.000
62,400
17,D55
15.600
15,000
62,400
110,100 110,100
156,465 755,000 911,865
Staple Premiums
60% of average of
six markets quoting
for deliveries on
June 6 1930
15-16
Inch.
1-inch &
longer.
.28
.28
.28
.27
.26
.23
.69
.69
.69
.67
.65
.58
.53
.25
.23
.22
.63
.60
.53
.22
.22
.22
.50
.80
.50
.21
.50
.21
.50
.22
.22
.53
.51
.2s
SALES.
Spot.
Differences between grades established
for delivery on contract June 6 1930.
Figured from the May 28 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
Middling Fair
White
1.01 on Mid.
Strict Good Middling_
do
.86
do
Good Middling
do
.71
do
Strict Middling
do
.49
do
do
Middling
Basis
Strict Low Middling
do
.72 off Mid.
Low Middling
do
1.75
do
*Strict Good Ordinary. do
2.93
do
do
*Good Ordinary
3.95
do
Extra White
71 on do
Good Middling
do do
.49
Strict Middling
do
do do
Even
do
Middling
Strict Low Middling.... do do
.72 off do
Low Middling
do do
1.75
do
Spotted
.28 on do
Good Middling
do
.05 off do
Strict Middling
.72 off do
do
Middling
1.70
do
*Strict Low Middling- do
do
2.83
*Low Middling
do
.08 off do
Strict Good Middling-Yellow Tinged
.55
do do
do
Good Middling
1.05
do do
do
Strict Middling
do do
1.68
*Middling
do
2.40
do do
do
*Strict Low Middling.do do
3.30do
*Low Middling
Light Yellow Stalned.1.30 off do
Good Middling
do
do
1.88
do do
*Strict Middling
2.55
do
do do do
*54161111a8
1.55 off do
Yellow Stained
Good Middling
2.40
do
do do
*Strict Middling
3.23
do
do do
*middling
.85 Off do
Good Middling
Gray
1.20
do
do
Strict Middling
1.68
do
do
*Middling
1.75 Off do
Blue Stained
*Good Middling
2.50
do
*Strict Middling
do do
3.28
00
*Middling
do do
*Not deliverable on future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 24 to May 30Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
16.30 16.20 16.20 16.20 16.30 Hol.
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
May 24.
Tuesday, Wednesday, Thursday,
May 29.
May 27.
May 28.
Monday,
May 28.
Friday,
May 30.
June
Range _
Closing.. 16.0415.98 _ 15.98 _ 16.0215.97July
Range,, 16.16-16.27 16.10-16.23 16.01-16.11 16.07-16.17 16.03-16.20
Closing_ 16.15-16.17 16.11-16.13 16.10-16.11 16.10-16.11 16.1646.19
August
Range _
Closing.. 15.7515.61 15.7015.5515.80September
Range _
15.15- 15.25
15.10Closing. 15,1015.10October
Range.. 14.95-15.10 14.89-15.04 14.91-15.03 15.04-15.12 15.07-15.22
14.9415.02-15.03 15.10-15.11 15.19-15.20
Closing- 14.95 Oct.(new)
Range._ 14.65-14.79 14.8044.76 14.62-14.73 14.75-14.87 14.78-14.92
Closing.. 14.65-14.67 14.6714.7314.82-14.83 14.90-14.91
November
Range _
Closing.. 15.0015.1215.0514.9815.20
Nov. (new)
HOLIDAY
Range...
Closhig_ 14.70 ---- 14.68 ---- 14.75 -14.82 ---- 14.90December
Range. _ 5.04-15.16 14.99-15.11 14.9645.11 15.11-15.15 15.11-15.26
Closing_ 15.06-15.07 15.0215.0945.11 15.1415.24Dec.(new)
Range__ 4.75-14.85 14.79-14.8114.69-14.82 14.85-14.93 14.8745.00
Closing_ 4.75-14.78 14.73-14.74 14.81-14.82 14.88-14.90 14.98-14.99
January
Range.... 5.05-15.12 5.01-15.07 14.99-15.10 15.12-15.16 15.09-15.24
Closing.. 15.0715.10
15.02- 15.17 -15.13Jan.(new)
Range.. 14,7644.83 4.71-14.77 14.70-14.8114.85-14.92 14.89-14.97
Closing.. 4.76-14.77 14.7214.81 14.9014.97February
Range- _
Closing.. 14,8414.9114.9814.8015.04March
Range.. 4.93-15.04 4.87-14.98 14.88-15.01 15.02-15.09 15.03-15.14
Closing_ 14.9314.8844.90 15.01 15.0715.11-15.12
April
Range....
Closing
Range of future prices at New York for week ending
May 1930 and since trading began on each option:
Option forMay 1930
June 1930
July 1930.... 16.01
Aug. 1930
Sept.1930
Oct. 1930__ 14.89
Oct. new '30 1460
Nov. 1930
Nov.new'30
Dee. 1930__ 14.98
Dec.new '30 14.69
Jan. 1931__ 14.99
Jan. new '31 14.70
Feb. 1931
Mar. 1931._ 14.88
Range for Week.
May 27 16.27
May 27 15.22
May 27 14.92
May
May
May
May
27 15.26
27 15.00
27 15.24
27 14.97
May 27 15.14
Range Since Beginning of Option.
14.03
15.28
May 26 14.22
15.63
14.60
May 29 14.29
May 29 14.00
14.47
14.69
May 29 14.40
May 29 14.11
May 29 14.50
May 29 14.19
16.09
Ma y29 14.30
Mar. 10 1930 20.18
Feb. 8 1930 18.87
Mar. 8 1930 20.00
Feb. 8 1930 18.34
May 1 1930 16.20
May 5 1930 18.56
May 5 1930 15.87
May 5 1930 17.78
Mayi 8 1930 14.90
May 5 1930 18.06
May 5 1930 16.28
May 5 1930 17.18
May 5 1930 16.03
Feb. 20 1930 16.65
May 6 1930 16.20
Sept. 3 1929
Oct. 24 1929
Sept. 3 1929
Nov. 22 1929
Apr. 2 1930
Nov. 20 1929
Apr. 4 1930
Dee. 18 1929
Apr. 15 1930
Jan. 13 1930
Apr. 4 1930
Feb. 1 1930
Apr. 4 1930
Feb. 15 1930
Apr. 1 1930
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
bales
1930.
757,000
1929.
926,000
127,000
May 30Stock at Liverpool
Stock at London
Stock at Manchester
109,000
884,000 1,035,000
Total Great Britain
Stocktat Hamburg
Stock at Bremen
StocM at Havre
Stock,at Rotterdam
Stock at Barcelona
Stockist Genoa
Stock at Ghent
Stock at Antwerp
412.000
248.000
13,000
96,000
46,000
Total Continental stocks
388,000
212.000
10,000
67,000
41.000
815,000
718,000
1928.
1927.
804,000 1,349,000
90,000
165,000
American
-
847,000 1.150.000
313,000 583.000 576,000 1,015,000
72,000
60,000
60,000 144,000
723,000 638.000 786,000 1,095,000
75,000 201.000 338,000 377.000
al.738,518a1,087.789a1,213,876a1.568.509
a778,788 a418,598 a558,886 0613.917
1,710
3,688,306 3,000.387 3,532,762 4,815,136
Total American
Bast Indian, Brazil, etc.-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
228,000
334,000
37.000
30,000
67.000
80.000
61.000
92.000
148,000 142.000 135,000
86,000 115,000 102.000
524.000 349,000 336,000
1,286,000 1,202,000 1,205,000
21,000
55,000
58,000
130,000
416,000
678.000
444,000
343,000
-1929-30----Since
Week. Aug. 1.
5,468 306.850
66.661
192
3,707
32,223
497
7,541 219.112
10,596 596,301
May 30Shipped
Via St. Louis
458.000 682,000
Mounds, &c
Via
242.000 277,000
Via Rock Island
11,000 22.000
Via Louisville
118,000 126,000
Via Virginia points
18,000
43.000
Via other routes, &c
6,335,306 5,268,387 5,629,762 6,507,136
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U.S. ports stocks
U. S. interior stocks
U.S. exports to-day
The above total shows that the interior stocks have
decreased during the week 30,861 bales and are to-night
340,190 bales more than at the same time last year. The
receipts at all towns have been 2,913 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
894,000 1,514,000
1,699,000 1.753,000 1,741.000 2,664,000
Total European stocks
148,000 142.000 135.000
58,000
Indian cotton afloat for Europe
American cotton afloat for Europe 75,000 201,000 338.000 377.000
EgyptBrazil,&c.,afloat for Europe 86,000 115.000 102,000 130,000
Stock in Alexandria, Egypt524,000 349,000,416,000
1.286,000 1,202,000 1.205,000 678.000
Stock in Bombay,India
a1,738,518a1.087,78901,213,876a1,568,509
Stock in U. S. ports
a778,788 a418,598 a558,886 0613,917
Stock in U. S.interior towns
1,710
U.S. exports to-day
•
3913
FINANCIAL CHRONICLE
MAY 31 1930.1
2,647,000 2.268.000 2,097.000 1,692.000
3.688,306 3,000,387 3,532,762 4,815.136
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
Continental imports for past week have been 108,000 bales.
The above figures for 1930 show a decrease from last
week of 96,198 bales, a gain of 1,066,919 over 1929, an
increase of 705,544 bales over 1928, and a falling off of
171,830 bales from 1927.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
•detail below:
Leaving total net overland *
Receipts.
Week. Season,
Ala., Birm'ham
Eufaula
Montgomery.
Selma
Ark.,Blythevill
Forest City._
Helena
Hope
Jonesboro__.
Little RockNewport_ _ -Pine Bluff
Walnut Ridg
Ga.. Albany
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., ShrevePo
Miss.,ClIcsdal
Columbus
Greenwood-Meridian....
Natchez
Vicksburg
Yazoo City
Ship- Stocks
moats May
30.
Week.
111,156
19,966
62,665
72,656
127,880
30,860
61,700
56,476
39,764
128,274
51,397
188,763
55,900
6,482
43,110
175,415
311,594
25.577
77,101
23,356
145,855
192,242
29,082
232.695
53,141
25,604
33,165
Mo., St. Louis_
N.C.,Greensb'o
Oklahoma237 750,120 1,971 36.070
15 towns*_
S.C. Greenville 2.061 184.153 2,990 37,402
TeruLMemphis 10,0361,933,579 21,999230,831
325
28,957
____
---Texas, Abilene_
651
____
11,477
__
Austin
70 2,715
43 11,191
Brenham
534 12,392
384 115,602
Dallas
1,903
38
75.592
291
Paris
709
32,702 ---Robstown.„ .--_ 1,170
Antonio- ---- 23,928
San
58 3,259
153 60.930
Texarkana 160 6,731
115 106,246
Waco
Receipts.
Week. Season.
54,633
15.055
57,283
57,608
87,992
28.611
57,038
57,627
33,271
118,459
47.798
142.657
39,076
3,712
29.392
130.739
244,168
51.660
52,678
35,921
145,087
146.568
31,218
189,362
49,630
32,261
24,915
39.333
460,211
25,540
Ship- Stocks
meats May
Week. 31.
480
147
377
1,996
940
104
185
148
97
695
11.
34
119
____
350
3,171
1,723
800
290
1,800
2,268
1,243
176
829
198
122
722
335
5,059
301
1.578
2,936
9,375
8,519
6,925
2,567
4.072
411
1,011
7,249
921
5,712
745
1,663
5,617
53.'032
9034
'
18 530
'
14 839
'
8 965
'
'
517
14.678
1151
4 643
.
'471
2,068
15,214
11.753
171 772,28
2,203 7,748
4,259 213,132 4,202 35,416
9,3681,770,088 17,420 12568
2
283 54,498
418
875
11 48,549
158
335
23 35,507
79 2,596
1,362 143,000 2,348 4 092
433 90,998
574 '
322
---. 14,921
____
176
--__
43,113 -_-_ 1,932
198
65.634
348 1,173
52 145.989
334 3.369
'Total ,56 towns 22,6946,086,481 52,394778.788 25,6075,887,199 53.219 418,598
Includes the combined totals of 15 towns in Oklahoma
113.069
19.718
636.667
93,787
17.143
407.028
1,966
437
14.532
517.958
16.935
769,454
14,943
706,896
4,579
601,782
The foregoing shows the week's net overland movement
this year has been 14,943 bales, against 4,579 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 105,114 bales.
-1929-30-- -1928-29-:Since
Since
/n Sight and Spinners'
Week.
Aug.1.
Week. Aug. 1.
Takings.
36,228 7,997.887 30.429 8,877.942
Receipts at ports to May 30
706.896.601,782
14.943
Net overland to May 30
Southern consumption to May 30_105.000 4,525,000 125.000 4,896,000
156,171 13.229,783 160.008 14,375,724
Total marketed
164.247
*30.861
568,878 *28,105
Interior stocks in excess
Excess of Southern mill takings
584,690
578,373
______
over consumption to May 1
131.903
Came into sight during week- _ -125,310
15.118,344
14,383.351
Total in sight May 30
North.spinns' takings to May 30- 5,245 1,117.952 18,873 1.299.431
• Decrease.
Movement into sight in previous years:
Bales.
13,612.117
15.799.862
14.549,332
Bales.
Since Aug.1119.524 1927-28
132.058 1926-27
109,249 1925-26
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:
Closing Quotations for Middling Cotton on
Week Ended
May SO.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
15.50
Galveston
New Orleans-..- 15.48
14.75
Mobile
15.16
Savannah
15.56
Norfolk..
15.90
Baltimore
14.69
Augusta
14.45
Memphis
15.35
Houston
Little Rock_ _ _ 14.56
15.35
Dallas
15.45
15.40
14.75
15.22
15.50
15.80
14.63
14.40
15.35
14.56
15.30
1520
15.45
15.40
14.75
15.20
15.44
15.70
14.63
14.40
15.35
14.50
15.30
15.20
15.45
15.40
14.75
15.21
15.44
15.70
14.88
14.40
15.35
14.50
15.30
15.30
15.55
15.45
14.80
15.27
15.50
15.70
14.94
14.55
15.45
14.50
15.35
Holiday
15.45
14.80
15.27
Holiday
Holiday
14.94
14.55
Holiday
15.35
Holiday
Holiday
Holiday
Movement to May 31 1929.
883
442 8,150
7
1 5,199
194
75 20,330
169
462 17,084
11
1,518 17,333
13
299 6,803
-__
65 10,476
5
899
341
1
52 1.686
156
1,082 11,864
___
107 1,417
59
1,265 19,682
---_
310 3,183
---____2,494
46
67 16,271
605
4,125 58,207
1,830 61,414 1,318
40 1,548100
124
696 9,340
750 14.396
11
1,517 44,303
2
965 20,250
23
348 5.281
32
1,059 49,957
5.
117 4,409
43
44 3,512
____
43 5,892
3
86 5,688
3 41,805
4,238 306,510 5,468 8,789 4,516
169 21,813
467 8,779 1,049
181
2
111
27
4
13
33
117
30
121
9
167
2
---78
1,395
1,361
100
244
--277
297
11
328
36
20
----
21,514 1.371,236
4,541
449
4.361
* Including movement by rail to Canada.
70,...,1. W•-•••44.
Movement to May 30 1930.
24,294 1,224.854
9,351
Total to be deducted
6,335,306 5,268,387 5,629,762 6,507,136
Total visible supply
Week8.58d. 10.20d. 11.47d.
Middling upland, Liverpool
9.23d. 1928--June 3
16.30c. 18.50c. 21.05c.
Middling uplands, New York
16.85c.
-June 4
Egypt, good Sake!, Liverpool_ __ _ 14.60d. 18.45d.
23.10d. 18.05d. 1927
-June 5
14.50d. 14.00d. 11.00d. 1926
Peruvian, rough good, Liverpool_
8.55d. 10.058.
6.30d.
Broach, fine, Liverpool
8.458.
QUOTATIONS
9.70d. 10.958.
7.658.
"Tinnevelly, good, Liverpool
8.90d.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
* Estimated.
-1928-29-Since
Week. Aug. 1.
5,059 444,653
750
82,369
5,573
1,615 42,791
5,966 207,740
8,720 588,110
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
May 24.
Monday,
May 26.
Tuesday, Wednesday, Thursday,
May 29.
May 28.
May27.
Fridail,
May 30.
15.67-15.70
Way
rune
15.70-15.80 15.8515.83 -15.7815.88-15.89 15.80fuly
ifugust _
..
leptember
Dctober..„ 14.67-14.68 14.68-14.70 14.72-14.73 14.81-14.82 14.88-14.89 14.83-14.85
govember
14.89-14.90 14.96-14.97 14,91 Bid
14.8014.78December_ 14.7614.88 Bid 14.96 Bid 14.91 Bid
Fanuary _.14.77-14.79 14.79 Bid 14.80February 14.94 Bid 14.91 Bid 14.99-15.00 15.05 Bld 15.11 Bid 15.06 Bid
Warch
4pril
Tone
Quiet.
Quiet.
(Quiet.
Quiet.
Quiet.
Quiet.
;pot
Steady.
Steady.
Steady.
Steady.
'infinite
Steady.
SteddV.
NEW YORK COTTON EXCHANGE RESCINDS
-The
APPROVAL OF A PROPOSED AMENDMENT.
Board of Managers of the New York Cotton Exchange at a
special meeting Monday rescinded its approval of a proposed
amendment to the by-laws providing for the allowance of
increased premium for staple on cotton in excess of seveneighths (%ths) of an inch in length. At the same time a
special meeting of the members of the exchange which had
been set for Tuesday afternoon to consider the proposed
amendment was called off.
The entire matter of increased staple premiums now goes back to the
Special Staple Premium Committee of the Exchange for reconsideration.
To-day's action by the board was taken to give the cotton trade as a
whole and the members of the exchange a longer opportunity to analyze
and discuss the staple premiums situation before any proposal come before
the Board of Managers for approval and before the membership of the
Exchange for a vote.
The proposed amendment allowed a premium for 15-16ths of an inch,
1 1-32d inch and 1 1-16th inch cotton. At present a premium is allowed
-16th of an inch and one inch cotton, and all cotton exceeding one
for 15
inch in length receives the same premium as one inch cotton.
3914
NEW YORK COTTON EXCHANGE REVIEWS
-Activities of the New York
ACTIVITIES OF YEAR.
Cotton Exchange for the fiscal year ended April 30 last were
reviewed in the report of the Board of Managers, which
was adopted at the sixtieth annual meeting of the members,
held at noon Tuesday, May 27. The report, signed by
President Gardiner H. Miller, cited among the important
constructive developments of the year the addition of
Savannah, Ga., and Mobile, Ala., as delivery points on the
New York contract, effective on contracts maturing in
October 1930 and thereafter.
-point differential on cotton delivered at
The elimination of the 35
southern delivery points was anotner forward step taken by the Exchange.
and trading in the now contract under which cotton is delivered at any
delivery point, including New York, at the price at which the contract is
sold, was inaugurated on Fen. 27 last.
The report referred to the creation of the Federal Farm Board as -a
new and most important element * * * injected into the process for
marketing the cotton crop."
Reports were also submitted oy T. Laurelle Guild, Treasurer of the Exchange: the Executive Committee of whicn Prdlip B. Weld is chairman,
and by the trustees of the Gratuity Fund.
During the year 30 new members were elected to the Exchange and 53
memberships were transferred.
Annual dues for the ensuing year were fixed at $300, the same as last year
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that generally conditions
throughout the cotton belt during the week have been more
favorable. Rainfall has been as a rule light, but temperatures have been somewhat too low. Chopping is more active
but this work has been hindered by wet soil. There have
been some complaints of grassy fields from those sections
that have had excessive rains. In the eastern section
additional showers would be very helpful.
-Progress of cotton has been good in the south,
Texas.
but nights continue too cool. Elsewhere the progress of
cotton has been rather poor because of the cool weather
and previous rains, which have made the soil too wet to
work in many localities.
-The weather has been dry all week except
Mobile, Ala.
for a few light showers the early part of the week. It has
been cool with a slight frost on the northern border. Condition is generally satisfactory.
-It has been dry, but weather has been
Memphis, Tenn.
too cool for rapid growth of cotton.
Rain. Rainfall.
0.03 in.
1 day
dry
2 days 0 92 in.
4 days 2.38 in.
2 days 0.58 in.
0.01 in.
1 day
dry
0.02 in.
1 day
0.10 in.
1 day
2 days 0.04 in.
0.78 in.
1 day
dry
dry
dry
dry
0.09 in.
1 day
dry
dry
0.01 in.
1 day
dry
2 days 0.40 in.
1 day
0.50 in.
0.01 in.
1 day
2 days 0.04 in.
dry
0.11 in.
1 day
2 days 0.81 in.
dry
1.66 in.
1 day
dry
0.37 in.
1 day
3 days 1.21 in.
2 days 0.50 in.
0.04 in.
1 day
0.40 in.
1 day
0.13 in.
1 day
2 days 0.34 in.
0.28 in.
1 day
0.62 in.
1 day
0.12 in.
1 day
0.02 in.
1 day
0.38 in.
1 day
dry
dry
Galveston, Texas
Abilene, Texas
Brenham, Texas
Brownsville, Texas
Corpus Christi. Texas
Dallas. Texas
Nacogdoches, Texas
Palestine, Texas
Paris, Texas
San Antonio, Texas
Taylor, Texas
Weatherford, Texas
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
Vicksburg. Miss
Mobile, Ala
Decatur, Ala
Montgomery, Ala
Selma, Ala
Gainesville, Fla
Madison, Fla
Athens, Ga
Augusta, Ga
Columbus. Ga
Charleston, S. C
Greenwood, S. C
Columbia, S. C
Conway, S. C
Charlotte, N. C
Newbern N. C
Weldon, N. C
Memphis Tenn,
Thermometer
high 84 low 65 mean 75
high 88 low 48 mean 68
high 84 low 58 mean 71
high 88 low 66 mean 77
high 84 low 66 mean 75
high 82 low 56 mean 69
high 82 low 52 mean 67
high 84 low 56 mean 70
high 84 low 54 mean 69
high 84 low 58 mean 71
high 82 low 54 mean 68
high 84 low 40 mean 62
high 83 low 47 mean 65
high 84 low 45 mean 65
high 83 low 47 mean 65
high 87 low 52 mean 70
high 89 low 45 mean 67
high 86 low 51 mean 69
high 85 low 56 mean 72
high 85 low 52 mean 69
high 90 low 55 mean 73
high 86 low 53 mean 70
high __ low __ mean 78
high 86 low 58 mean 72
high 92 low 52 mean 72
high 92 low 52 mean 72
high 87 low 56 mean 72
high 86 low 58 mean 74
high 90 low 51 mean 71
high 89 low 56 moan 73
high 93 low 56 mean 75
high 90 low 60 mean 75
high 94 low 60 mean 77
high 90 low 52 mean 71
high 92 low 56 mean 74
high 93 low 55 mean 74
high 89 low 62 mean 76
high 89 low 55 mean 72
high 92 low 56 mean 74
high 91 low 50 mean 71
high 90 low 52 mean 71
high 90 low 53 mean 72
high 91 low 42 mean 67
high 85 low 55 mean 71
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
May 30 1930.
Feet.
10.5
19.8
9.9
35.1
34.9
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Now Orleans
Memphis
Nashville
Shreveport
Vicksburg
May 31 1929.
Feet.
19.2
40.8
10.8
25.8
54.7
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 8,547,177 bales;
in 1928 were 8,973,199 bales, and in 1927 were 8,254,317
bales. (2) That, although the receipts at the outports the
past week were 36,228 bales, the actual movement from
plantations was 5,367 bales, stocks at interior towns
having decreased 50,861 bales during the week. Last year
receipts from the plantations for the week were 2,319
bales and for 1928 they were 25,309 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for tho week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings.
Week and Season.
Receipts at Ports.
1930.
1929.
1928.
Stocks at Interior Towns.
1930.
1929.
1928.
1929.
Total supply
Deduct
Visible supply May 30
18.248
17,510
20,692
7.133
29.749
71.677
64.230
49,333
24.436
48.435
47.567
65,091
Nil
450
4.274
6.393
18,274
16,515
25,027
25.358
51,805
40,861
43.060
59.006
10,740
1,591
24,910
30.716
3,3671
765
---___
____
2,319
64,089
68,977
55,354
27,199
25,309
Season.
6,335,306 6,335,306 5,268,387 5,268,387
Total takings to May 30 a
310,508 18,061,202 504,936 19,741,037
Of which American
206,508 12,459,002 336,936 14,259,437
Of which other
104,000 5,602,200 168,000 5,481,600
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,525.000 bales in 1929-30 and 4.896,000 bales in 1928 --29
-and the aggregate amounts taken by Northern
takings not being available
and foreign spinners, 13,536,202 bales in 1929-30 and 14,845,037 bales in
1928-29, of which 7,934,002 bales and 9,363,437 bales American.
b Estimated.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
1929-30.
1928-29.
1927-28.
60,000
8.291.093
15.000
8.040.273
10,000
6.039.039
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
3.000 138,963
____ 143,329
4,000 417,894
____ 101,805
8,000 171,008
7,000 161,150
7,000 435,095
4,000 171,220
6.250142,044
____ 149,643
4,500 364.943
2.000 108,070
Alexandria, Egypt,
May 28.
Receipts (contars)This week
Since Aug. 1
Exports (bales)To Liverpool
To Manchester, esc
To Continent and Indla
To America
7,000 801.991 26,000 938,473 11.750 764,700
Total exports
Note.
-A cantar is 99 lbs. Egyptian bales weight about 750 lb*.
This statement shows that the receipts for the week ending May 28 were
60,000 cantars and the foreign shipments 7.000 bales.
-Our report, received by
MANCHESTER MARKET.
cable to-night from Manchester, states that the market in
yarns is active and in cloths is quiet. Production is being
curtailed. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
1929.
1930.
32s Cop
Twist.
211 Lbs. 3/Wi- Cotton
lms. COMMOS msaarg
lipids.
to Vitoria.
d. s. cl.
d.
12%@13% 11 0
21... 12%013% 10 8
12 013A 10 4
Mar 11%013 10 2
11%012% 10 2
11%013 10 4
12 013 10 4
Apr.
12%013% 10 4
1214 @1334 10 4
11%012% 10 I
12 013 10 1
M ay
12 013 10 1
11%40121S 100
11%012% 10 0
11%012% 97
11%012% 97
328 COP
Twist.
811 Lbs. airl- Cotton
ines, Common Middro
to Finest.
Updds.
s.d.
@II
011
011 0
d.
d.
d. s. d.
8.41.
8.69 15%016A 13 8 013 8
8.47 1538431634 13 8 0)13 0
8.49 1638431834 13 4 013 7
d.
10.43
10.49
10.76
610 6
010
011 0
011 0
8.18
8.05
8.54
8.44
15%016%
15 016%
15 h 9.6183.4
1534 431638
13 4
13 6
13 4
13 4
013 7
013 7
9613 7
013 7
11.19
10.77
11.10
10.98
@II 0
g511 0
010 5
010 5
Feb.
8.85 1334431534
8.76 1538431834
8.61 15% OM Yy
8.74 16 9618
13 3
13 2
13 2
13 0
013 6
013 4
013 4
013 2
10.73
10.89
10.69
10.23
144015%
14694315X
1469 015$9
14%015%
1434 015%
12 7
12 7
12 7
12 7
12 7
@In 1
013 1
013 1
4013 1
013 1
10.0
10.08
10.26
10.11
10.20
@l0 5
@104
(00 4
010 3
010 3
8.85
8.83
8.64
8.87
8.58
INDIA COTTON MOVEMENT FROM ALL PORTS.
May 29.
Receipts at
Week.
1928.
23,972 40.069 68,945
46.440 50.481 49,263
01.798 61,798 28.541
Week.
6.645,814 24.396,508 5.773,323 25,009,424
Since
Aug. 1.
1928-29.
Week.
Bmnbay
1929-30_
1928-29_
1927-28._
Other India:
1929-30-1928-29__
1927
-28-Total all
1929-30..
1928-29_
1927-28..
1927-28.
Since
Week. I Aug. 1.
Since August 1.
For the Week.
Exports
from-
Since
Aug. I.
55,000 3,238,000 59.000 2,975.000 63,000 3.117,000
Bombay May 29
Feb
1.326.078 966.412 1.049,180
14-- 53,506 81,570 107.419 1.306.632 936.037 1,023,120
75,323
21-- 65,8861 80.866 62.281 906.387 906.387 987,384
28-- 91,438, 91.438
Mar.
849.195 941,043
50.312 88.941 70.755 1,256.075 814.522 918,246
1,228.666
14-- 44,9191136.350 73,234 781.6671.202,943 887.170
97.085 76,637
21__ 46,415
1.183.17 752.959 883,788
28__ 46,906 78,041 88.473
Apr.
80,232 1.113,592 711,349 835,361
49,351 59.884
1.088,544 679,205 803,203
11- 47,495 48,659 73,019 1,024.125 646.881 773,381
18__ 46,693 57,351 72,822 980,279 695.322 737,026
25.. 50.239 56,917 92,378
May
564,846 691,224
50.024 51.241 109,891 940.995 512,890 649,289
49.1611 40.133 110,912 893,425 481,152 620,320
27.000 84,323 843.575 446,703 587,760
16_ 74.760
23.. 64,642 31,129 59.759 809,649 418,598 558,886
30-- 36,228 30.429 54.183 778,7881
1928-29.
Season.
Visible supply May 23
6,431,504
5,570,420
Visible supply Aug. 1
3,735,957
4,175,480
American in sight to May 30..__
125,310 14,383,351 131,903 15,118,344
Bombay receipts to May 29 -__
55,000 3,238,000
59,000 2,975,000
Other India ship'ts to May 29.
15.000
718,000
1.000
587,000
Alexandria receipts to May 28__
12,000 1.660,200
3,000 1,592,600
Other supply to May 28 *18
7,000
661,000
8,000
561.000
1929-30.
Receiptsfrom Plantations
1930.
1929-30.
Week.
RECEIPTS FROM THE PLANTATIONS.
Week
Ende
LVoL. 130.
FINANCIAL CHRONICLE
Great
Great I CO7ai- Japan&
Britain. nest. China. Total. Britain.
29,000 52,000
2,0001 21,
32,000 45.000
2,000 11,
3,000 15,000 44.000 62,000
15,000
1.000
2,000
__-- 15,000
____ 1,000
Conti- Japan et
China.
nent.
Toted.
75,000 716,0001,380.0002,171.000
56.000 697.0001,469,0002,222,000
78,000 570,0001,098,0001.744,000
150,000 568,000
103,000 484,000
97,500 463,000
718,000
587,000
560.500
2,000 36,000 29.000 67,000 225.0001,284,00011,380,000 2,889,000
2,000 12.000 32,000 46,000 159,0001,181.0001,469,000 2,809,000
3,000 17.000 44,000 64,000 175,50011,033,0001,098,000 2,300,500
MAY 31 1930.]
FINANCIAL CHRONICLE
3915
the foregoing, Bombay appears to show a
BR EADSTUFFS
decrease compared with last year in the week's receipts of
4,000 bales. Exports from all India ports record an .nerease
Friday Night, May 30 1930.
of 21,000 bales during the week, and since Aug. 1 show an
bales.
increase of 80,000
Flour unchanged, with a moderate business. Feed
-As shown on a previous page, the dropped 60c. Later prices of flour fell 10c. Feed was still
SHIPPING NEWS.
exports of cotton from the United States the past week have dull and apparently in generally bad shape as regards the
reached 19,263 bales. The shipments in detail, as made condition of trade. To make matters worse, German feed
up from mail and telegraphic reports, are as follows:
was said to have been offered here rather freely, and,
Bales.
55 supposedly, South American has been selling here. Flour
GALVESTON To Rotterdam-May 22-Edgemoor, 55
-May 26-Nevisian, 380
380
To Liverpool
-May 26-Moko Maru, 2,900
2,900 exports on the 27th inst. were reported at 42,550 sacks to
To Japan
88
-May 26-Nevisian, 88
To Manchester
-May 22-Pru8a, 100
100 Europe and North Africa. Still later prices had an upward
-To Oporto
NEW ORLEANS
1,700 tendency, partly owing to the rise in wheat. Feed was
To Japan
-May 22-Scottsburg, 1,700
500
To China-May 22-Scottsburg, 500
650 unsettled. Export business in flour was quiet. On the
-May 23-Lafcomo,650
To Barcelona
1,432
-May 23-Wiegand, 1,432
To Bremen
barrels, all from New York.
274 26th inst. clearances were 20,000
To Hamburg
-May 23-Wiegand, 274
1,583 Total clearances from New York last week were 106,000
-May 24
-Duquesne, 1,583
To Liverpool
545
To Manchester
-May 24
-Duquesne, 545
250 bags, against 128,000 the week previously.
To Dunkirk-May 26
-Nevada,250
225
To Havre
-Nevada,225
-May 26
Wheat shows some advance for the week because of
350
To Venice
-May 27
-Anna 0,350
227 unfavorable crop reports from the Southwest, and reports
-Hastings, 227
MOBILE-To Hamburg
-May 17
369
-May 24-Magmeric,369
SAVANNAH-To Bremen
110 of cold weather on the Continent. In spite of reports that
To Hamburg
-May 24-Magmeric, 110
368
To Liverpool
-May 26-Delillan, 368
Russia was offering steadily to Continental Europe the tone
50
To Manchester
-May 26-DeMan,50
100 on this side has been in the main good, even if export trade
To Genoa
-May 28-Monrosa, 100
35
-May 23
-Hastings, 35
PENSACOLA-To Bremen
have
1,650 has been only moderate. Foreign markets latterly
HOUSTON-To Japan
-May 24-Moko Maru, 1,650
500 been inclined to be strong; not excepting Buenos Aires. On
To Bremen
-May 29-Eldena, 500
150
To China
-May 24-Moko Maru, 150
4c. net lower, after rather
237 the 24th inst. prices closed 1
To Liverpool
-May 26-NevisIan, 237
507
To Manchester-May 26-Nevisian, 507
frequent fluctuations within a range of one cent. Expert
661
CHARLESTON-To Hamburg
-May 24-Grantley Hall, 661
657 sales were only 400,000 bushels, mostly hard winter and
To Manchester
-May 29-DeIllian, 756
434
Antwerp
-May 24-Grantley Hall, 434
To
861 Manitoba afloat. Winnipeg was closed for Victoria Day.
-Western Queen, 861CORPUS CHRISTI
-To Harve-May 24
35 Liverpool fell 1 to 11
-To Bremen-April 27-0akman, 35
LAKE CHARLES
hd. Crop reports, as a rule, were
207
To Ghent
-May 27-0akman, 207
50 favorable, though in the Northwest there Was some talk of
-May 26
-Pacific Pioneer, 50
-To Liverpool
LOS ANGELES
624
-Pacific Pioneer, 624
To Manchester
-May 26
300 Hessian fly. Oklahoma reports pointed to larger crop in
To Japan
-May 26-0sana Maru, 300
19,263 that State and Kansas than the Government totals of May 1.
cotton from As to world crops, the Department of Agriculture had rather
-Current rates for
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrowes, Inc., are bullish reports, which caused some buying. It was said,
too, in some quarters that the total available for export
as follows, quotations being in cents per pound:
StandHigh
High
StandHigh
StandIn the Southern Hemisphere for the rest of the year is only
and.
Density.
ard.
ant.
Density.
Density.
open open
Shanghai
Liverpool .450. .60e.
Stockholm .600. .750.
110,000,000 bushels. Canada, it is said, will raise 425,000,000
.42c. .570.
Bombay
.45o. .60e. Trieste
.650.
Manchester
.50o.
.450. .600.
Bremen
Antwerp
.450. .600.
Flume
.500. .650.
to 450,000,000 bushels, against 300,000.000 bushels last year
Hamburg .450. .60c.
Havre
.31c. .46e. Lisbon
.45c. .60c.
.750. .900.
Piraeus
Rotterdam .45c. .600.
.600. .76e.
Oporto
and a five-year avdrage of 430,000,000 bushels. Since July 1
.75c. .900.
Salonica
Genoa
50c. .650
Barcelona .30c. .45c.
.500. 65e.
Venice
Oslo
500 .600.
open open
Japan
North America exported 287,167,000 bushels of wheat against
LIVERPOOL.
-By cable from Liverpool we have the fol- 495,113,000 last year. World's exports for the week were
lowing statement of the week's sales, stocks, &c.,at that port:
13,333,000 bushels: since July 1 1920 they were 554.861,000
May 9. May 16. May 23. May 30.
13,000
15,000
27.000 bushels against 831,226,000 in the same time last year.
Sales of the week
22,000
5.000
1,000
2,000
Of which American
12,000
1,000
5,000 North America exported 9,136,000 bushels for the week.
Sales for export
3,000
2,000
48,000
48,000
43.000
Forwarded
58.000
On the 26th inst. prices advanced 1% to 2%c. on unfavorTotal stocks
788,000 768.000 750.000 757.000
Of which American
350,000 333.000 320.000 313.000 able crop reports from the Southwest, and a better demand
27.000
Total imports
48,000
47.000
51.000
for export. The United States visible supply decreased last
Of which American
6.000
9,000
13,000
18.000
Amount afloat
129,000 109,000 126,000 111,000 week 4,069,000 bushels against 5,035,000 last year. The
Of which American
36.000
30,000
29,000
29,000
total is now 118,177,000 bushels against 98,271,000 a year
The tone of the Liverpool market for spots and futures
ago. It is true that there was an Increase in the world's
each day of the past week and the daily closing prices of
shipments for the week, the total being 13,333,000 bushels,
spot cotton have been as follows:
snd the quantity on passage was 34,664,000 bushels, a gain
Saturday. Monday. Tuesday, Wednesday. Thursday.
Spot.
Friday.
of about 1,500,000 bushels for the week. Russia was said
Market,Adair
to have offered two cargoes of wheat to Italy. Harvesting
Dull.
More
Dull.
12:15 I
Dull.
. business
Quiet.
P.M.
Demand.
doing.
of wheat started in the counties of Dallas and Denton,
8.63d.
Mid.Upl'ds
8.49d,
8.54d.
8.59d.
8.49d.
8.58d.
Texas, and the combines will be working freely In about
2,000
2,000
Sales
4,000
2,000
2,000
5,000
10 to 15 days. An estimate placed the drop of Texas at
Quiet,
Futures.
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Market j 5 to 6 pta. 7 to 8 pta. 2 to 3 pta. unch'g'd to unch'g'd to 1 to 2 pta. 35,000,000 bushels, and Oklahoma 35,000,000 to 40,000,000
opened I decline, advance. decline. 1 pt. adv. 1 pt. dec. advance.
bushels, But there were unfavorable crop ad;71ces from the
Market. { Quiet,
Steady, Q't but st'y Steady, Q't but st'y Quiet,
3 to 5 pts. 6 to 8 pta. 3 pt.adv.to 5 to 8 pts. 2 pt.dec. to 1 to 2 Du. winter wheat section. as well as from Europe. The Hessian
400
decline.
decline. 1 pt. dec. advance. 2 pta. adv. advance.
P. M.
fly was said to be doing damage in Nebraska. In parts of
Prices of futures at Liverpool for each day are given below: ,southwest Kansas farmers are plowing up wheat, as It
would not pay to harvest it. This wheat was in a section
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
that was severely damaged by drought in March and the
May 24
12.15 12.30 12.15 4.0012.15 4.0012.15 4.0012.15 4.00 12.15 4.00
to
p. m.p. m p. flip. m p. in. p. m.p. M.p. M.D. m p. P. M D. In. early part of April, and the plant seems to have been slow
May 30.
in responding to the rains late in April and May. Over a
d.
d. d.
d.
d.
d.
d.
d. d.
d.
New Contract d.
d.
8.19 8.09 8.11 8.09 8.12 8.14 8.20 8.19 8.18 8.18 8.20 very large acreage in Texas, Oklahoma and Kansas permaMay
8.11 7.99 8.03 8.01 8.06 8.06 8.12 8.10 8.10 8.09 8.11
June
8.06 7.95 7.99 7.97 8.01 8.01 8.07 8.06 8.07 8.06 8.07 nent damage was done it seems. The wheat is heading
July
7.97 7.86 7.90 7.88 7.92 7.92 7.98 7.98 7.99 7.98 7.99
August
7,92 7.81 7.85 7.83 7.87 7.87 7.93 7.93 7.94 7.93 7.94 short and the yields it is feared will be very light, even
September_ --7.87 7.76 7.81 7.79 7.82 7.82 7.88 7.88 7.89 7.89 7.89 with the best of weather from now until maturity.
October
7.87 7.76 7.81 7.79 7.81 7.80 7.8 7.87 7.87 7.88 7.88
November -7.89 7.78 7.82 7.80 7.82 7.82 7.88 7.88 7.89 7.90 7.90
On the 27th inst. prices closed % to 1%c. lower, with
December
7.90 7.79 7.83 7.81 7.83 7.83 7.89 7.89 7.90 7.91 7.91
January
7.92 7.81 7.85 7.84 7.85 7.84 7.9 7.91 7.92 7.93 7.93 Liverpool prices digappointing, Russia said to be selling
February
7.95 7.84 7.88 7.87 7.87 7.88 7.91 7.93 7.9 7.98 7.97
March
7.96 7.86 7.90 7.88 7.89 7.89 7.95 7.95 7.97 7.98 7.99 freely to Rotterdam at equal to $1.12 c.i.f. and crop advices
April
79.8 7.88 7.92 7.90 7.91 7.91 7.97 7.97 7.99 8.00 8.00 from Germany and Italy were rather better. In
May
the North.
Ft According to
3916
[VOL. 130.
FINANCIAL CHRONICLE
west favorable conditions prevailed. Canadian advices said
that 85% of the crop was above ground, and the condition
averaged 92 to 101%. No damage had been done by recent
frost. The world's visible supply for the week showed a
decrease of 12,018,000 bushels, and the total now in sight
was 324,000,000 bushels. There was an estimate of crop
prospects in Oklahoma, Texas, Nebraska and Kansas which
averaged 80,000,000 to 100,000,000 bushels less than the crop
of a year ago. Export business was very quiet. Chairman
Legge was quoted as saying that among other things that
the wheat crisis had passed and that the Farm Board would
not attempt to handle existing surplus. On the 28th inst.
prices advanced 2c. on unfavorable crop news from the
Southwest and rumors of a large export business. It was
not confirmed. The total was only 400,000 bushels. Russia
and East Indian wheat was offered to Europe. But it has
been too cold in Europe. Buenos Aires, too, was % to lc.
higher. Liverpool closed % to 14cl. higher. On this side
crop news calls attention to thin stands and short heads.
Northwestern Kansas is complaining of this condition at
present, while reports from Nebraska indicate further damage from the Hessian fly. Somewhat unfavorable reports
came from western Canada.
On Thursday prices ended 11
4c. lower to ye. higher.
Winnipeg ended %c. higher. Prices were irregular. Deliveries on May were 1,500,000 bushels. Pre-holiday liquidation was a feature. Export trade was slow owing to a
holiday on the Continent. The outlook was for better
weather on the Continent Some further reports of Hessian
fly damage came from Nebraska and of root rot from the
Texas Panhandle, and parts of Oklahoma. The Kansas
weekly report was favorable except as regards the Southwestern counties. There it was dry and windy. Liverpool
closed % to %d. higher. Buenos Aires was closed for a
holiday. On the whole, the market gave a pretty good
account of itself. Final prices show an advance for the
week of 2 to 2%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
No. 2 hard
111% 114% 112% 113% 11331
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Frt.
May
10431 107% 10631 107% 106%
July
105% 108% 106% 107% 10731
September
10831 110% 109% 110% 110%
December
11231 114% 113% 11451 114%
On Thursday prices ended %c. lower to %c. higher.
Evening up in May caused more or less depression. Country offerings were small. But Eastern cash demand was
poor. In parts of the belt, however, it was too cool. Cash
corn was unchanged, but the basis was rather stronger.
In Canada 70 to 85% of the coarse grains have been planted
and are stooling well. Final prices show a decline for the
week of lc. on May with July unchanged and September and
December 1 to lc. higher.
4
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
9431 9631 96
95% 9531
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri
May
77% 79
7831 77% 7731
July
79% 80% 80% 80% 80%
September
80% 82
81% 81% 8135
December
7431 7531 7531 75% 7631
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
5434 5431 5434 5431 5431 ----
Oats have taken their tone from other grain and end
slightly higher, except for May, which was moderately
lower. Cash houses have latterly been buying the near
deliveries. That naturally helped to sustain prices. On
/
the 24th inst. prices ended % to 134c. lower in sympathy
at times with a decline in other grain. May was the
weakest month. In near months there was evident liquidation. On the 26th inst. prices advanced % to %c. The
United States visible supply last week decreased 873,000
bushels against an increase of 34,000 last year. Total,
12,139,000 bushels, against 9,427,000 bushels a year ago.
On the 27th inst. prices were %c. lower to %c. higher net,
in a market more or less under the influence of the decline
In other grain. Since July 1 North America exported
4,066,000 bushels; world's exports for the week, 1,064,000
bushels; world's exports since July 1 1929, 50,000. On the
28th inst. prices advanced %c. In some cases and declined
%c. net in others, on moderate trading.
On Thursday prices closed unchanged to %c. higher, after
a moderate business. Cash houses bought near months.
On the whole, the market acted very well. Cash oats,
however, if steady, were quiet. But Illinois complained
that the weather was too dry for oats. Final prices showed
a decline of %c. on May, while other months were % to %c.
higher.
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
DAILY CLOSING PRICES OF OATS FUTURES
May
109% mg no% 111
111%
Sat. Mon. Tues.
July
110% 112% 111% 112% 11231
41
41% 4131
May
October
112% 11431 113% 114% 115
July
3931 40
4031
38% 3951 3931
September
Indian corn, with the exception of May, shows some ad- December
4131 4231 42
vance, for latterly the offerings from the country have been
small and the cash basis has been firmer. In some parts
of the belt the weather has been too cool. On the whole,
there has been no pressure to sell. On the 24th inst. prices
wound up % to lc. lower. May went to a new low on the
drop. About the only buying was by shorts and the holders
of bids. Spot basis was steady. The weakness in wheat
.as usual affected corn. Since Nov. 1 North America exported 1,723,000 bushels against 30,271,000 in the same time
last year; world's exports for the week were 3,914,000
bushels.
4
On the 26th inst. prices ended 11 to 1%c. higher, with
wheat up, shorts covering, and shipping demand better.
• Country offerings of cash corn were practically absent.
Evidently farmers are either not satisfied with present
prices or are too busy cultivatingltheir new crop to market
their supplies of old. Visible supplies showed a decrease
of 2,222,000 bushels. The weather was favorable, although
some replanting is reported following recent cool weather.
The decrease in the United States visible supply left the
total 11,762,000 bushels against 16,596,000 a year ago. On
2
the 27th inst. prices ended Y to %c. lower, on liquidation
due to favorable weather and satisfactory progress of the
crop. Yet country offerings were small and the cash demand
was good both from shippers and the local industries. The
trend of prices hinges on the weather and the receipts.
On the 28-th inst. prices declined % to %c. except December,
to
which was 14c. higher. Early in the day prices were
11
4c. higher, with wheat up and receipts small. But favorable weather and later selling caused a reaction.
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
May
4931 50% 50
July
50% 51
50%
46% 4734 4734
October
IN CHICAGO.
Wed. Thurs. Fri.
4131 4131 ---40% 40% -39% 39% -42% 4234 ---IN WINNIPEG.
Wed. Thurs. Fri.
5051 50% ---5154 5034 ---4731 4734
Rye has shown fully as much firmness as wheat, for
there has been no pressure to sell It, although, on the other
hand, speculation has been on a very moderate scale, to
say the least. On the 24th inst. prices closed V2c. lower to
%c. higher, with trading light. European drop reports were
favorable. The lack of any export outlet for American rye
is, of course, a big drawback. On the 26th inst. prices advanced 1y to 2%c. In response to the rise in wheat. The
2
United States visible supply last week increased 677,000
bushels against 88,000 last year. Total, 12,038,000 bushels
against 6,492,000 a year ago. Since July 1 North America
exported 2,233,000 bushels. On the 27th inst. prices declined 14 to %c., with wheat off, the weather betteir, and
liquidation of fair volume. On the 28th inst, prices advanced
% to 1%c., in answer to a rise in wheat and covering of
shorts. On Thursday prices closed unchanged to
C.
higher. The speculation was rather quiet. Cash demand
was poor. But, on the other hand, there was no particular
pressure to selL Final prices show a rise for the week of
1% to 2%c.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
May
5831 ___- 6856
July
62
6334 62%
September
6734 6731 6651
December
7131
69% 72
IN CHICAGO.
Wed. Thurs. Frt.
6031 6034
6334 6331 ---67% 67% ---71% 72% __.-
MAY 31 1930.1
FINANCIAL CHRONICLE
Closing quotations follow:
GRAIN.
Wheat, New YorkOats, New York
No. 2 white
No. 2 red, f.o.b new
1.243
54%
No.3 white
No.2 hard winter,f.o.b____1.13%
51%052
Rye, New York
Corn, New York95%
No. 2 yellow, all rail
No. 2 f.o.b
73%
943 Barley. New York
No.3 yellow, all rail
Chicago cash
50 058
FLOUR.
Spring pat. high proteln.66.30 66.80 Rye flour, patents
§
$4.90085.25
5.85
6.25 Seminola, No. 2. pound
Spring patents
3%
5.50
Clears, first spring
5.75 Oats goods
2.550 2.60
5.50 Corn flour_
Soft winter straights.-- 5.15
2.500 2.55
Hard winter straights__ 5.4048 5.75 Barley goods
Hard winter patents- 5.7548
Coarse
3.25
Hard winter clears_--- 5.0048 5.30
Fancy pearl, Nos. I.
Fancy Minn. patents__ 7.3048 8.00
2, 3 and 4
6.000 6.50
7.550 8.25
City Innis
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Receipts at-
Flour.
Wheat.
Oats.
Corn.
Barley.
Rye.
bbls.196lbs.bush. 60 lbs. bush. 56 lbs bush.32 lbs bus. 48 lbs.bus.56 lbs.
Chicago
204,000
984,000
746,000
169,001
40,000
8,000
Minneapolis_
1,236,000
81,000
208,000
139,000
94,000
Duluth
633,000
19,000
26,000
290,000
Milwaukee
26,000
53,000
55,000
76,000
200,000
Toledo
26,000
967,000
84,000
2,000
Detroit
20,000
10,000
6,000
2,000
Indianapolis_
234.000
368,000
125,000
St. Louis_ __ _
111,000
467,000
651,000
309,000
4,000
Peoria
31 III
503,000
23,000
76,000
112,000
Kansas City_
138,000
449,000
601,000
Omaha
227,000
85,000
238,000
St. Joseph_
113,000
30,000
36,000
Wichita
48,000
100,000
29,000
Sioux City_
III
33,000
22,000
47,000
Total wk.1930
Same wk.1929
Same wk.1928
372,0001 4,715,000
495,0001 4,163,000
441,0001__4,828,000
3,122,000
2,297,000
3,671,000
2,524.000
2,292,000
2,834,000
486,000
616,000
722.000
396,000
367,000
469,000
Since Aug.118,134,
1929
327,170,000 223,010,000 120,941,00060.196,00022,111,000
1928
1 0,519,000435,551,000 234,176,000126,045,00087,217,000 24,485,000
1027
20 458 000 415 720 000270 752 000138 003 00066.384.00034.202 one
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
Bt. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
Flour.
Wheat.
Oats.
Corn.
Barley.
Rye.
bbls.198lbs.bush,60 lbs. bush.56 lbs.bush. 32 Os.bus.48 lbs bus, 56 lbs.
New York___
355,000 1,926,000
56,000
40,000
2,000
Philadelphia__
1,000
49,000
4,000
3,000
Baltimore_ _ _ _
15,000
64,000
15,000
6,000
1,000
Newport New
2,000
524,000
Norfolk
20,000
New Orleans*
,III
48,010
63,001
36,000
Galveston__
Montreal
Boston
130,000
22,000
38,000
2,165,000
Total wk.1930
621,000 4,801,000
Since Jan.1'3010,147,000 33,630,000
10,000
6,000
111,000
74,000
2,007,000
2,059,11 1
3,000
313,010
162,000
Week 1929..
514,000 5,521,000
109,000 1,284,000 1,123,t II
68,000
Since Jan.1'29 11.081.000 67.795.000 14.279.000 8.633.000 12,353.005 2,270.000
'N Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 24 1930, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,341,000
75,306
28,000
225,000
40.000
20,000
524,000
2,000
5,000
30,000
140,000
2,000
18,000
2,165.000
10,000
130,000
140,000
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Pensacola
New Orleans
Galveston
Montreal
Houston
Total week 1930- 4,623,000
Same week 1929_ _ _ _ 6,411,000
2,000
63.000
15,000
490.000
255,306
204.229
305.000
The destination of these exports for the week and since
July 1 1929 is as below:
Flour
Exports for 1Week
Week
and Since
Since
May 24 July 1
July 1 to1930.
1929.
Wheat
Week
May 24
1930.
Corn.
Since
July 1
1929.
Week
May 24
1930.
Since
July 1
1929,
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 104.855 3,383,486 1,061,000 49,591,000
34,000
Continent
101,466 3,746,821 3,394,000 79,783,000
6,000
80.& Cent. Amer_ 21,000
870,300
53,000
731.100
51,000
14,000
West Indies
901,900
44,000
2,000
2,000
274,000
Brit. No.Am.Col.
---39,100
13,985
588,448
Other countries_
113,000 1,047,000
Total 1930
Total 1929
255,306 9,530,055 4,623,000 131,196,000
204,299 10,097,741 6.411,000 257,578.418
2,000
365,000
63,000 28,666.322
.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 24 1930, were as follows:
GRAIN STOCKS.
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
!neat,
bush,
842,000
Corn,
bush,
75,000
Oat,
bush,
45,000
6,000
30,000
100,000
48,000
25,000
21,000
1,000
124,000
91,000
63,000
4,000
202,000
48,000
142,000
372,000
901,000
468,000
1,126,000
549,000
4,000
Rye.
bush.
18,000
1,000
Barley,
bush.
28,000
Wheat,
2,251,000
7,651,000
142,000
1,629,000
118,000
15,565,000
593,000
25,899,000
25,987,000
232,000
2,666,000
19,865,000
1,759.000
1,436,000
2,631,000
2,000
640,000
3,907,000
804,000
Corn,
104,000
2,547,000
Oats,
105,000
881,000
Rye,
5,000
982,000
Barley,
96,000
377,000
14,000
245,000
3,000
2,000
22,000
34,000
10,000
3,000
2,350,000 2,426,000 6,413,000
188,000
457.000
836,000
238,000
108,000
4,000 1,859,000 3,375,000
903,000
127,000 4,318,000
884,000 3,274,000
266,000
157,000
13,000
536,000
206,000
31,000
12,000
1,517,000
8,000
23,000
58,000
42,000
26,000
1,179,000
96,000
29,000
18,000
72,000
35,000
1,203,000
145,000
14,000
1,148,000
190,000
5,000
124,000
381,000
Total May 24 1930_118,177,000 11,762,000 12,139,000 12,038,000 5,637,000
Total May 17 1930.. _ _122,246,000 13,984,000 13,012,000 11,361,000 6,006,000
Total May 25 1929_ _ _ 98,291,000 16,596,000 9,427,000 6,492,000 6,125,000
-Bonded grain not included above: Oats
Note.
-New York, 168,000 bushels:
Baltimore, 5,000: Buffalo, 106,000; Duluth, 5,000; total, 284,000 bushels, against
601,000 bushels in 1929. Barley
-New York, 454,000 bushels; Buffalo, 1,921,000:
Duluth,75,000:total, 2,450,000 bushels, against 3,153,000 bushels in 1929. Wheat
New York, 309,000 bushels: Boston, 1,365,000; Philadelphia, 3,068,000; Baltimore,
3,204,000; Buffalo, 4,783,000; Buffalo afloat, 1.014,000; Duluth, 37,000: Canal,
1,074,000: total, 14,854,000 bushels, against 26,890,000 bushels in 1929.
Canadian
6,093,000
Montreal
936,000
525,000
465,000
Ft William & Pt. Arthur_ 43,192,000
2,002,000 4,598,000 13,965,000
Other Canadian
13,233,000
2,427,000 1,157,000 1,037,000
Total May 24 1930_
62,528,000
5,365,000
Total May 17 1930_ _ 66,306,000
5,372,000
Total May 25 1929_ _ 32,431,000
10,163,000
Summary
American
118,177,000 11,762,000 12,139,000
Canadian
62,528,000
5,365,000
6,280,000 15,467,000
6,159,000 15,443,000
2,837,000 8,065,000
12,038,000 5,637,000
6,280,000 15,467,000
Total May 24 1930_ _ -170,705,000 11,762,000 17,504,000 18,318,000 21,104,000
Total May 7 1930_ _ _188,552,000 13,984,000 13,012,000 11,361,000 7,006,000
Total May 25 1929_ _ _130,722,000 16,596,000 19,590,000 9,329,000 14,190,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, May 23, and since July 1 1929 and 1928,
are shown in the following:
Wheat.
Week
May 23.
1930.
Corn.
North Amer_
Black Sea_Argentina--Australia __India
0th, countr's
Total
Since
July 1,
1929.
Since
July 1.
1928.
Week
May 23.
1930.
Since
July 1.
1929.
Since
July 1.
1928.
Bushels. I Bushes.
Exports
-
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday May 24, 1930, follow:
Receipts at-
3917
Bushels.
Bushea.
Bushels.
Bushels.
9,138,000287,711,000495.113,000
56,000 3,349.000 33,183,000
l44.00 23,771,000 2,600,000 1,335,000 25,238,000 1,827,000
1,717.0001150,282,000 187,675,000 1,964,000 161,285,000219,720,000
1,200.0001 58,581,000103,857,000
320,000 1,112,000
1,136,000 40,332,000 41,164,000
559,000 28,308,000 27.531:655
13,333,000560,861,000831,521,000 3,914,000 217,180,000282,284,000
'
WEATHER REPORT FOR THE WEEK ENDED
MAY 27.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended May 20 follows:
While temperatures continued rather too low for good germination and
growth of spring crops, they were more favorable than last week in most
interior sections of the country, but somewhat less so in the Southern
States. There was no extensive heavy rain, and at the same time sunshine was abundant in most sections, which made a generally favorable
week for seasonal work on farms. Corn planting, especially, made good
progress, while grain harvest is progressing in the more southern sections
of the country. The growth of vegetation, however, was rather generally
slow because of the cool weather.
About the middle of the week unusually low temperatures for the season
prevailed over much of the country, with heavy to killing frosts rather
general in the northern tier of States from the Lake region westward;
also in much of the Rocky Mountain area and in the East as far south as
the central Appalachian Mountain sections. More or less damage was
reported from many places in these areas, but it was largely confined to
early gardens and truck Crops, though fruit suffered in a few places.
Less rainfall in the south-central portion of the country, especially in
the lower Mississippi Valley, was favorable, but over a rather extensive
area the soil is still too wet to work and fields are becoming grassy; some
lowlands are still under water, with considerable crop damage. Rain is
rather generally needed in most sections from the Ohio Valley eastward.
in south Atlantic coast districts, more locally in the east Gulf States, and
in parts of the Southwest. Higher temperatures would be very helpful
practically everywhere east of the Rocky Mountains.
SMALL GRAINS.
-Winter wheat made generally fair advance in tte
Ohio Valley, but reports on condition vary widely, ranging from poor to
very good; the crop is generally heading on short straw in this section,
although there are some indications of filling well. In northwestern portions of the belt wheat is still doing well, with color improved locally and
jointing noted generally north to Nebraska and some heading. In Kansea conditions were generally favorable, with wheat practically all headed
in the south-central and southeast and much headed elsewhere. Harvest
Is under way In Texas, while the crop is fair, but still heading on short
straw in the Panhandle; wheat is headed generally in Oklahoma. and is
ripening in the south. Satisfactory advance was made in most far northwestern districts, with the crop beginning to head in Washington.
Conditions were still largely favorable throughout the Spring Wheat
Belt, with the crop generally well rooted and fine color. Growth of oats
ranged from poor to good, but there were many reports of short straw,
especially in the Ohio Valley. Some slight frost injury to flax was noted,
but this crop was doing well generally. Other small grains are making
satisfactory advance.
CORN.
-In the principal corn producing sections of the country the
weather was favorable for field work and late planting made good progress.
Corn has been mostly pinated earlier than usual; some is up as far north
as southern Michigan and southern North Dakota, while farther south
considerable cultivation was accomplished. Germination of lato-planted
and growth of corn that is up have been rather slow, however, because
of the persistently cool weather, but fields are mostly clean. In Iowa
pinating is nearing completion, about a week earlier than usual, but there
Is considerable complaint of weediness because of recent rains.
The present situation with regard to corn in the central and eastern
portions of the Corn Belt is far better than at this time last year, when
planting had barely begun in many areas because of continued wetness,
especially in the central Mississippi Valley and in the lower Ohio Valley
sections.
-While temperatures were mostly too low,especially at night,
COTTON.
f good growth or eaten, rainfall was generally light over the central
or
areas of the belt where it was excessive last week, which made conditions
in general more favorable.
In Texas, the progress of cotton was good in the south third, though
the nights were too cool the latter part of the week; elsewhere it was rather
poor because of previous rains and coolness. In large areas the soil is
too wet to work and fields are becoming grassy, with some lowlands still
flooded. In Oklahoma conditions were mostly favorable, aside from the
coolness, and progress of cotton was generally very good: planting advanced
rapidly in the west and north. In both Texas and Oklahoma the bulk
of the cotton crop is late.
FINANCIAL CHRONICLE
3918
In the central portions of the belt the weather of the week was generally
favorable for drying out the soil and some cultivation was accomplished
the latter part in favored localities, but, in general, the ground continued
too wet, hindering needed cultivation. In the eastern portion of the belt
additional showers were helpful, butsome sections are still too dry,especially
the Atlantic Coastal Plains. Chopping LS becoming more active, but
field work was hindered by rainfall in some interior sections of the Southeast. Fair and warmer weather is needed over the western two-thirds
of the belt, while warmer, with additional showers, would be helpful in
eastern sections.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Seasonaole temperatures until latter part of week
when much cooler, with frost in extreme southwest; no damage reported.
Favoraole for cultivation, but crops retarded by subnormal temperatures.
Showers middle of week favoracle for setting out tobacco plants and that
work about finished. Corn and tobacco fair to good. 'Wheat heading,
but straw snort.
North Carolina.—Raleign: Weather favoraole for crops in west; too
dry in east, though beneficial showers.P rogress of cotton good in west.
but poor to only fair in east. Advance of tobacco poor to fair; needs more
rain. Some improvement of corn, wheat, truck, and potatoes. emits
doing well.
South Carohna.—Columuta: Short rainy period, with moderate temperatures and abundant sunshine, improved all crops, except on Coastal
Plain where staple products need more moisture. Cotton stands generally
excellent, except fair in soutn, and chopping increasingly active in nortn,
with fields generally clean. Corn planting continues. Soil conoitions favorable for tobacco and sweet po.ato transplanting. Oat and rye harvests
continue.
Georoia.—Atlanta: Drought broken in numerous additional counties,
though rain still needed in parts of southeast, while frequent showers
in extreme north detrimental and interfering with cultivation. Week
rather cool and growth slow. Some late-planted cotton not yet up in extreme north, but elsewhere stands and condition now generally fair to
good, though growth slow; chopping continues over northern half. Condition and progress of corn fair. Tobacco excellent.
Florida.—Jacksonville: Progress and condition of cotton very good;
rain needed in west. Showers general, but more needed in west and south;
moisture benefited corn, cane, peanuts, truck, and tobacco. Local hail
on 22d in Suwanee River Valley caused much damage to corn and tobacco.
Alabama.—Montgomery: Averaged cool; beneficial showers quite general, but good rains needed in southeast. Fields grassy locally in central
and north where rain interrupted farm work. Progress and condition of
corn mostly fair to good; planting continues. Cotton planting and replanting continued in central and north; coolness unfavorable for beet
growth and stands irregular, ranging from poor to goo; chopping progressed slowly; some cotton drying locally in central.
Mississippi.—Vicksburg: Scattered showers in central; otherwise abundant sunshine, with no rain. Nights somewhat cool. Progress of cotton
fairly good in southern fourth, but mostly rather poor to only fair elsewhere where wet soil retarded cultivation. Corn made fairly good advance
In south, but poor elsewhere where wet soil made cultivation difficult.
Louisiana—New Orleans: Moderate rains over most of State, followed
by dry, cool weather, generally favorable for growth of corn, cane, and
rice, but not so favorable for cotton, which generally needs warmth.
Considerable cotton in north flooded out and lost and some abandoned;
crop generally behind season; chopping and cultivation resumed on uplands. Rice practically completed. Some early corn laid by in south.
Texas.—Houston: Cloudy and warm fore part; clear and cool latter
part; light to heavy rain, except in Panhandle. Progress and condition
of pastures, rice, truck, and corn mostly good to very good, except some
damage to corn by flooding on lowlands. Oat and winter wheat harvests
under way; crops only fair and still heading short in Panhandle. Condition of cotton good in southern third, but nights too cool latter part
for best growth; elsewhere progress and condition rather poor account
previous rains and cool nights; planting progressing in portions of west
and northwest; elsewhere fields mostly too wet to work, with crops grassy
and some lowlands still flooded; moisture still needed in portions of extreme
west and in Panhandle.
Oklahoma.—Oklahoma City: Rather cool, with clear skies, except
thunderstorms on one day. Very favorable for field work and much
planting and cultivation done. Winter wheat and oats improved; headed
in extreme north and ripening in south; condition ranges from poor to
.
o
good. Progress of corn generallyvery good, but needs cultivation; plantess
very
in
rapilir west
n
very good, though nights tootcooh planting advrncedn
alrya
andnorth; cultivation of early-planted generally good; bulk of crop late.
Arkansas.—Little Rock: Progress and condition of cotton poor to fairly
good in south due to continued wet soil and overflows; fair to good in
central and very good in north; large areas overflowed in south and crop
destroyed; MUCh grass elsewhere, but shopping and cultivating where
soil dry enough. Progress and condition of corn very good, except on
southern lowlands where poor. Very favorable for all other crops, except
where overflowed.
Tennessee.—Nashville: Dry most of week and abundant sunshine favorable, despite coolness. Too wet first half, causing grassy fields; great
improvement latter half. Cotton mostly planted and some chopping;
crop needs warmth. Corn improved considerably; early being cultivated;
not all planted. Progress of winter wheat excellent and condition fair.
Oats improved. Tobacco and sweet potatoes mostly transplanted and
starting well.
KenSuckg.—Loulsville: Light, local showers and moderate temperatures. Pastures improved in central and south. Tobacco plants good
growth, but supply still limited; transplanting proceeding slowly by machine; more rain needed for hand setting. Corn planting nearly finished;
germination somewhat slow due to cool nights; condition and stands of
earliest generally very good; otherwise irregular; crop being worked and
fields clean. Condition of winter wheat on uplands and hills poor to only
fair, while on lowlands fair to very good; crop improving, but in full head
on short straw. Oats improving, but late.
THE DRY GOODS TRADE
New York, Friday Night, May 30 1930.
Further unfavorable weather and holiday atmosphere are
cited as main causes of the continued let-up in reOrdering
during the current week. Anticipations far next week in
retail channels, however, are optimistic, and advocates of
the view that the worst has been experienced in general
trade recession are not lacking, some of these maintaining
that retail sales may be expected to show up fairly well
during the coming months. In any case, public buying of
summer fabrics has been satisfactory in many directions,
and it is in manufacturing quarters where quietness Is most
pronounced. Most primary divisions have been benefited
by regulation of output, and, accordingly, have been enabled
But
to tide over current inactivity in relatively good style.
have displayed no strengthening of confidence, and
buyers
sales for May in most textile producing centers are expected
to total comparatively small figures, and considerably under
what were earlier forecasted. Until signs of recovery in
trade at large begin to manifest themselves, it is now being
generally acknowledged, the only safe course for textiles
is the maintenance of production somewhere in the neighbor-
[vol.. 130.
hood of actual demand. That large inventories are far less
evident in various directions than was the case in previous
periods of business depression is given as a reason for the
expectation that !recovery will be steady and without unsettling fluctuation when once it gets under way. If this
is so, and it is taken as good sense by numbers of authorities, it follows that textiles will be in a far better position
to take advantage of the general recovery when it comes,
If they enter the new period unencumbered.
DOMESTIC COTTON GOODS.—Continuance of a more
active demand for fine goods featured cotton goods markets
during the week, with the general tenor of business remaining quiet. Finer constructions of gray goods have sold in
measurably better volume, last week's considerable movement of crepes being supplemented in the current one by
substantial sales of lawns and broadcloths, among others.
More stability is reported in a number of directions as a
result of the improvement noted, and with the effects of
curtailment beginning to be visible in reduced primary
stocks In some quarters, the tendency of values throughout
the market is somewhat firmer. It is the expressed hope
of factors who have been most enthusiastic in their efforts
to restrict production and prepare the way for restoration
of normal conditions that the market is now working into a
better position for combatting adverse fluctuations which
may be expected to develop between now and the fall. It is
hoped that larger listings of unfilled orders due to the
spurt of buying referred to above, together with an improving statistical situation, will enable the market to successfully negotiate the occasional periods of dullness which
trade indices foreshadow between now and autumn. Some
slight improvement was also noticed in sheetings and drills
sales, with a larger number of orders forthcoming from
mare diversified soulrees, though the volume of individual
orders continued small in the majority of instances. Unfavorable features, which emphasize the need for continuance of constructive effort, are statistics which Indicate a
larger carry-over from the present crop than was expected
earlier in the year and lessened world consumption of the
raw product. It is pointed out that protracted curtailment
along the present lines is called for if the current business
depression is to be 'weathered without further accumulation
of mill inventories. Print cloths 27-inch 64x60's construc-inch 64x60's at 4 c. Gray
2
1
/
tion are quoted at 4%c., and 28
-inch 68x72's construction are quoted at 6%c., and
goods 39
39
-inch 80x80's at 8%c.
WOOLEN GOODS.—With woolens and worsteds business
continuing quiet, and no indications in sight of any material
improvement, most factors are apparently resigning themselves to the belief that no general decided upturn in sales
volume can be expected till fall. However, although there
are signs that some manufacturers are rather urgently in
need of business, it is unlikely, if prevailing market opinion
is accurate in its diagnosis of the situation, that any serious
weakening of prices is foreshadowed. At present the market is slightly firmer, if anything. The easiness which has
developed from time to time in other textile divisions responsive to fluctuating conditions during the current depression is being emphasized as showing the folly of endeavoring to attract business by offering concessions. While
it remains true, of course, that a buyer will naturally purchase at the most attractive price obtainable, woolen manufacturers are pointing out that declining quotations in cotton goods, for instance, even when such quotations weakened
practically to a cost basis, failed to attract more than a
temporarily quickened demand. A somewhat better demand
for worsted yarns constitutes a favorable item in an extremely short list of noteworthy developments for the week.
FOREIGN DRY GOODS.—Nothing of any moment has
happened in linen markets during the week, business continuing to be placed in small volume in various quarters,
with some houses doing a steady and moderately profitable
business. Current low prices, which under ordinary circumstances should have resulted in an eager response from
the buying fraternity, have served to strengthen confidence
somewhat. However, the prevalent unwillingness on the
part of buyers throughout the dry goods trade, and, indeed,
in all commercial and industrial lines at the present time,
to take more than an extremely cautious view of the future,
continues to limit orders to immediate necessity in most
cases. Individual lines of household linens, which have
proved popular at retail, are being moved out of primary
channels in fair volume, while dress goods and suitings
continue to sell moderately well, with some department
stores featuring the latter two. Burlaps are quiet. IAght
weights are quoted at 5.05c., and heavies at 6.65c.
MAY 31 19301
FINANCIAL CHRONICLE
Vatt anti Titg Roartment
NEWS ITEMS
Florida.—Legal Opinion Rendered on Special Tax Obligations.—We are in receipt of a copy of an opinion given on
March 7 by Thomson, Wood & Hoffman, attorn ys of New
York City, to an investment house in New York in which
there appears a concise summary of the legislation affecting
special tax school districts in Florida and the obligations
issued by said districts. Dealing with a specific case in
point, that of a $2,500,000 issue of Duval County Special
Tax School District No. 1 bonds, the attorneys undertake
to show that not only the securities in question, but all the
bonds of such districts in the State issued after 1924 are
payable from taxes levied on all the taxable real and personal
property in the District. The text of the letter reads as
follows:
THOMSON. WOOD & HOFFMAN.
March 7 1930.
Messrs. Emanuel & Co., New York City:
Dear Sirs:—
Duval County, Fla., Special Tax School District No. 1 Bonds, 82,500,000.
You have inquired whether in our opinion the above bonds, which were
approved by the late John C. Thomson on July 2 1925, are payable from
unlimited taxes. In order to understand this matter clearly, it is necessary
to review the history of the legislation under which special tax school districts in Florida are created and authorized to issue bonds.
Prior to the year 1912 the Constitution of Florida authorized the creation
of special tax school districts (Art. 12, Sec. 10). In 1912, Section 17 was
added to that article mithorizing such special tax school districts to issue
bonds payable from a tax not exceeding five mills on the dollar. To carry
this amendment into effect, the Legislature enacted Chapter 6542 of the
Acts of 1913, which prescribed the manner in which the bonds might be
Issued, and provided for the levy of a tax not to exceed five mills, for the
payment of the principal and interest thereof.
The Legislature of 123 proposed an amendment to Section 17 of Article
12 of the Constitution, which amendment was ratified by the electors at the
general election held in November 1924. The purpose of the amendment
was to eliminate the limitation upon the rate of taxation for the payment of
bonds of a special tax school district, and to substitute for the tax limit, a
limitation upon the amount of bonds which might be issued. No legislation
was ever passed making a similar change in the statutes above referred to,
which carried into effect the amendment of 1912.
The question almost immediately arose, therefore, whether the effect of
the Constitutional amendment of 1924 was to supersede the statutory
limitation upon the rate of taxation in the Act of 1913. or whether that
statutory limit remained in existence until the Legislature saw fit to repeal
the limit under the power conferred upon it by the Amendment of 1924.
Within less than six months the Supreme Court of Florida was obliged to
pass upon this question. In the case of Perry vs. Consolidated Special Tax
School District No. 4, 103 So. 639, it was contended that, by reason of the
ratification of the Constitutional Amendment of 1924, all special tax school
districts in the State were invested with the right to levy unlimited taxes
for the payment of their bonded debts. In this litigation the lower court
had held that "it is the duty of said District to cause to be levied such special
tax upon all the taxable property within said District as necessary to pay the
interest on said bonds and the principal thereof, as the same become due
and payable, and that no limit is imposed by the Constitution or laws of the
State of Florida upon the amount of such tax, and that no further act of the
Legislature of the State of Florida is necessary to authroize the issuance of
said bonds or the levy of such special tax upon all taxable property within
said District, as necessary to pay the interest on said bonds, and the principal thereof, as the same shall become due and payable."
An appeal was taken from this decree of the Circuit Court to the Supreme
Court of the State, and the decision of the lower court was affirmed, the
Supreme Court stating that the amendment of 1924 "operates to supersede
the limitation of such levy to five mills contained in the Organic Section
before its amendment and in the statute (Sec. 593, Revised General
."
Statutes)
Under the circumstances there can be no question that since November
1924 the special tax school districts of the State of Florida have possessed
the power to levy unlimited taxes for the payment of their bonded debts.
As to all bonds issued since that time, this power entered into and became a
part of the contract made with the holders of the securities. The S2.500,000
of bonds, dated April 1 1925, issued by Special Tax School District No. 1 of
Duval County, were voted after the Constitutional Amendment of 1924
was in effect. Under the circumstances there is no limitation, in rate or
amount, upon the taxes which may be levied for the payment of the principal and interest of such bonds, and such taxation may be levied upon all
taxable real and personal property in the District, in an amount sufficient
to pay such principal and interest at maturity.
We trust that this fully covers your inquiry, and remain,
Very truly yours,
(Signed) THOMSON. WOOD & HOFFMAN.
3919
"The committee explained that the tax for judgments against the city,
and working cash funds for the City, County and Board of Education are
exempted from the scaling process.
May Submit Amendments.
"It is expected that the Strawn Committee may submit some amendments
to perfect technical details as need therefore may appear.
"A. bill sponsored by Gotthard A. Dahlberg, Attorney for the Board of
Local Improvements of Chicago, was introduced to-day. It provides that
the 1% commission received by the County Treasurer for collecting delinquent special assessments for the city would hereafter oe charged against
the delinquent taxpayer."
Massachusetts.—Legislature Defeats Property Taxation
Measure.—On May 26 both houses of the State Legislature
in joint session rejected a proposed amendment to the State
Constitution which would give the State the power to
classify tangible personal property for taxation at a flat rate
throughout the State. The following is taken from a Boston
dispatch to the "United States Daily" of May 29:
The proposal (S. 402) to amend the State constitution to permit the
classification of tangible personal property for taxation at a flat rate through
out the State was rejected May 26 by the two branches of the MassachusettLegislature sitting jointly. The vote on the amendment was 130 to 114,
but the number of members voting in favor of the amendment was less
than a majority of all members elected.
If the authority to collect these taxes were taken from the cities and towns
and centralized in the State House, it would mean lobbies from the mil
cities, farmers, and every other group seeking reductions, Senator John
P. Buckley declared. It would mean higher taxes on real estate and therefore higher rents, he asserted.
Cities and towns are better able to assess such taxes than the State Board,
Senator Haley argued, pointing out that there is now a resolution before
the Legislature providing for a further study of the tax laws.
The proposed amendment is not a statute, but a broad grant of power,
Representative Perry argued in favor of the amendment. The listing and
valuation of tangible property must always be left with the local assessors.
he declared, pointing out that the amendment would enable the Legislature to relieve local competitors of chain stores.
Mississippi.—State Official Acquitted by Impeachment
Court.—On May 22 the State Senate, sitting as a High Court
of Impeachment, cleared Lester C. Franklin, Chairman of
the State Tax Commission, of six charges which had been
brought against him of high crimes and misdemeanors. We
quote as follows from a Jackson dispatch to the New York
"Times" of May 23.
"Lester C. Franklin, Chairman of the State Tax Commission, was found
not guilty of high crimes and misdemeanors late to-day when the Mississippi Senate. sitting as a High Court of Impeachment, sustained by
a vote of more than one-third a motion for peremptory instructions.
"The vote was 22 for the motion and 26 against. Under an agreement
entered prior to argument of counsel on the motion, if more than onethird voted to sustain, the prosecution was to drop the charges and the
Senate declare Franklin not guilty.
"Impeachment proceedings were based on six charges which grew out
of a house commission investigation of an alleged clandestine settlement
of a proposed $10,000,000 anti-trust suit by the State against Warren
Brothers Co. of Boston, Mass."
Santiago (City of), Republic of Chile.—$2,200,000 7%
Bonds Sold.—Hallgarten & Co. and Kissel, Kinnicutt & Co.,
both of New York, jointly,on May 28 offered and disposed of
$2,200,000 7% external sinking fund gold bonds of 1930
of the City of Santiago at 96.50 and int., to yield about
7.30%. The bonds are dated May 1 1930 and mature on
May 1 1961. Coupon bonds in denoms. of $1,000 and $500,
registerable as to principal. Prin. and semi-ann. int.(M.&
N.) payable at the principal office of either Hallgarten & Co.,
and Kissell, Kinnicutt & Co., fiscal agents, in N. Y. City
in U. S. gold coin, free of all present or future Chilean taxes
except in the case of citizens or residents of Chile. The
following dealing with the provisions for the retirement of
the bonds is taken from the offering circular:
Cumul. sink fd. of 1% per ann., operating semi-annually through purchase of bonds up to principal amount and accrued int., or if not so obtainable through redemp. of bonds by lot on 30 days' notice at principal amount
and accrued int. Not red, prior to May 1 1935 except for sinking fund.
Red. as a whole or in part on May 1 1935 or on any int. date thereafter on
30 days' notice at principal amount and accrued int.
A detailed description of the bonds and the purpose for
which they are issued will be ofund
"Department of
Illinois.—Tax Relief Bills Introduced in Legislature.— Current Events and Discussions" onin our
a preceding page.
Among the major recommendations affecting the financial
situation in Chicago and Cook County, measures for dealing
with which are now pending before the special session of the
BOND PROPOSALS AND NEGOTIATIONS.
State Legislation that convened on May 12—V. 130, p. 3577
AKRON, Summit
—are included the legalization of existing tax anticipation Cleveland. on May 26 County, Ohio.—NOTE SALE.—Otis & Co., of
purchased an issue of
warrants, measures for temporary financial relief, and pre- notes at par plus a premium of $105, equal$470,000 431% improvement
to 100.02, a basis of about
vention of a recurrence of a crisis. We quote as follows 4.24%. The notes are dated June 1 1930 and mature on June 1 1932
from a Springfield dispatch to the Chicago "Journal of
ALAMEDA COUNTY WATER DISTRICT(P.O. Centerville), Calif.
-OFFER BONDS.—The $250,000 issue of 5% water bonds
—BANKERS RE
Commerce" of May 27:
that was purchased by Weeden & Co. of San Francisco, at 103.11. a basis
'Seven more bills drawn by the Strewn Citizens' Committee for the
relief of Chicago and Cook County taxing municipalities were presented in
the House of Representatives to-day,completing the Committees program.
"There now are 32 Strawn Committee bills pending in the special
session
of the Legislature.
"The new bills are intended to aid the South Park Board, Chicago
of Education and Lincoln Park and West Park Boards. One of them Board
would
amend the School Playgrounds Act to subject the school playground tax
to the budget regulations.
Give Out Surrey To
-day.
"Attorney William H. Sexton brought the bills to Springfield and
stated
that to-morrow he would give out a complete survey of the 32 measures.
'The first of the new tax measures were offered on May 12 for
Relief Plan. Last Wednesday 13 bills were introduced for the Chicago
the benefit
of Cook County and other municipal groups.
"The bill relating to the South Park Board, as offered to-day, would
authorize a bond issue of $2,250,000 without referendum to compensate
In part for reduced valuations.
$2,000,000 Bonds for West Parks,
"Another measure would authorize the Board of Education to issue
$5,700,000 in bonds without referendum to provide cash for operation of the
schools.
"The third bill would provide for budgetary regulation of the school
playgrounds' tax.
''Two bills would aid the Lincoln Park Board, one permitting a bond
issue for $750,000 to make up for reduced revenue for 1928 and 1929.
caused by reduced property valuations, and the other would provide for
a bond issue of $1,000,000, subject to a referendum to repair damage to
the lake shore and outer drive during the winter storms.
Could Issue $2,000,000 Bonds.
"The sixth bill would authorize the West Park Board to issue $2,000,000
in bonds without a referendum. The seventh would amend section 2
of the Juul Law, which provided for the scaling of taxes.
of about 4.72%—V. 130, p. 3753—is now being re-offered for public subscription by the successful bidder at prices to yield from 4.50 to 4.55%,
according to maturity. Due from 1935 to 1959 incl. Legality approved
by Orrick, Palmer & Dahiquist of San Francisco. Prin. and int. (A. & 0.)
payable at the Central National Bank in Oakland. These bonds are offered
subject to certification as legal investment for savings banks and trust funds
in California.
ALAMOSA,Alamosa County,Calif.—BOND OFFERING.—Sealed bids
will be received until 8 p. m. on June 6, oy Richard Davis, City Clerk, for
the purchase of an issue of $140,000 paving district No. 1 bonds. Int.
rate is not to exceed 6%, payable semi-annually. Dated Aug. 1 1930.
Due on or before 1950. A certified check for $1,000 must accompany
the bid.
ALBERT LEA SCHOOL DISTRICT (P. 0. Albert Lea) Freeborn
County, Minn.—BOND SALE.—An $85,500 issue of school bonds is
reported to have recently been purchased by the State of Minnesota.
(At a special election held on May 22 the voters approved an issue of
gymnasium bonds to the above amount.)
ALBION, Calhoun County, Mich.—BIDS REJECTED—BONDS REOFFERED.—Ail of the bids received on May 26 for the purchase of the
$75.0004 % paving bonds offered for sale—V. 130. p. 2753—were rejected.
BONDS REOFFERED.—Sealed bids will be received by Paul P. Nagle,
City Clerk, until June 9 for the purchase of the above issue of bonds, particulars of which follow: Dated June 1 1930. Int. rate 43-S %. Due $7,500
on June 1 from 1931 to 1940 incl. Int. is payable semi-annually in June
and Dec. Successful bidder will be required to furnish printed bonds and
legal opinion. A certified check for $3,750 must accompany each proposal.
A list of the bids rejected, all of which were for the bonds as 43s.follows:
Bidder—
Premium:
Halsey. Stuart & Co., Chicago
176
The Industrial Co., Grand Rapids
58
First Detroit Co., Detroit
Par
FINANCIAL CHRONICLE
[Vol,. 130.
ALBUQUERQUE, Bernalillo County, N. Mex.-BOND OFFERING.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-ADDISealed bids will be received until 2 p. m. on June 25, by Ida V. Malone, TIONAL INFORMATION.
-In
award on
City Clerk, for the purchase of six Issues of 6% coupon bonds aggregating May 8 of $5,000 township road connection with the report of the American
Construction bonds to the Fletcher
$768,000, as follows:
Co.of Indianapolis,for a premium of$45,equal to 100.90-V. 130,P.3578
$55,000 public park bonds. Due from July 1 1933 to 1950, incl.
we learn that the Issue bears 434% int, and is dated May 8 1930. Denom.
155,000 storm sewer bonds. Due from July 1 1933 to 1950, incl.
$250. Due $250 on July 15 1931; $250 on Jan. and July 15 from 1932 to
315,000 sanitary sewer bonds. Due from July 1 1933 to 1950, incl.
1940 incl., and $250 on Jan. 15 1941. Int. Is payable semi-annualy on
185,000 water works bonds. Due from July 1 1933 to 1950, incl.
Jan. and July 15.
39,000 fire protection bonds. Due from July 1 1933 to 1950, incl.
BARTOW, Polk County, Fla.
19,000 street and alleys bonds. Due from July 1 1933 to 1950, incl.
-BONDS NOT SOLD.
-The $31,000
Issue of6% coupon refunding bonds offered on May 6-V.130,p.3223
Denom. $1,000. Dated July 1 1930. Principal and interest (r. & J.),
-was
payable at the office of the City Treasurer, or at Harris, Forbes & Co., in not sold. Dated July 15 1929. Due on July 15, as follows: $3,000, 1932
New York City. Bidders are required to submit a bid specifying the interest to 1940, and $4,000 in 1941.
rate at which they will pay par or over. The bonds will be prepared and
BATH TOWNSHIP SCHOOL DISTRICT (P. 0. Mixerville) Ind.printed by the City and the purchaser will be furnished with the approving BOND
-Albert Cox, Trustee, will receive sealed bids until
opinion of Thomson, Wood & Hoffman, of New York. These bonds are 1.30 p.OFFERING. 7
m.
for the purchase a $30,000 434% school bonds.
not registerable as to principal and interest. A certified check for 5% of Dated May on June
15 1930. Denom. $500. Due $1,000 on June and Dec. 15
the bid, payable to the City, is required.
from 1931 to 1943 incl., and $2,000 on June and Dec. 15 in 1944. Int, is
ALCORN COUNTY (P. 0. Corinth), Miss.
-The payable semi-annually on June and Dec. 15.
-MATURITY.
$200,000 issue of 5% semi-ann. road bonds that was purchased by Caldwell
BEACHWOOD, Cuyahoga County, Ohio.
-BOND OFFERING.& Co. of Nashville, and associates, at a price of 100.55-V. 130, p. 3577
-is Frank C. Manaus, Village
due on May 1 as follows: $4,000. 1931 to 1935: $8,000, 1936 to 1945, and June 10 for the purchase Clerk, will receive sealed olds until 12 rr. on
of the following issues of 535% bonds aggregat$10.000, 1946 to 1955, all incl., giving a basis of about 4.94%.
ing $246,325:
ALPENA SCHOOL DISTRICT (P. 0. Alpena), Jerauld County, $185,575 property owners' portion street improvement bonds. One bond
for $575, all others for $1,000. Due on Oct. 1 as follows: $17.575
S. Dak.-BOND SALE.
-The $25,000 issue of school bonds offered for sale
1931; $19,000 in 1932; $18,000 in 1933; $19,000 In 1934; $18,000
on May 26-V. 130, p. 3753
-was purchased by the Banc Northwest Co.
1935: $19,000 in 1936; $18,000 in 1937; $1J,000 in 1938; 1939
of Minneapolis, as 5s, for a premium of $150, equal to 100.60, a basis of
and 1940.
about 4.91%. Dated June 1 1930. Due from 1933 to 1944 incl.
54,000 property owners' portion street improvement bonds. Denom.
AMHERST CENTRAL HIGH SCHOOL DISTRICT NO. 1 (P. 0.
$1,000. Due on Oct. 1 as follows: $5,000 in 1931 and 1932;
Egertsville), Erie County, N. Y.
-BOND SALE.
-The $370,000 series
$6,000 in 1933; $5,000 in 1934; $6,000 in 1935; $5.000 in 1936
B coupon or registered school bonds offered on May 26-V. 130, p. 3402
and 1937; $6,000 in 1938; $5,000 in 1939. and $6,000 in 1940.
were awarded as 4.60s to Edmund Seymour & Co., A. C. Allyn & Co., and
6.750 property owners' portion street improvement bonds. One bond
Rapp & Lockwood, all of New York, at 100.42, a basis of about 4.56%.
for $750. all others for $600. Due on Oct. 1 as follows: $750 in
The bonds are dated June 1 1930 and mature on June 1 as follows: $5,000
1931; $600 from 1932 to 1937 inclusive; $1,200 in 1938; $600 in
from 1935 to 1944 incl.; $35,000 in 1945 and 1946;$40,000 from 1947 to 1951
1939 and 1940.
incl., and 50,000 in 1952.
All of the aoove bonds are dated June 15 1930. Principal and semiAMITY TOWNSHIP SCHOOL DISTRICT_ (P. 0. Athol), Barks annual interest (April and October) payaele at the Guardian Trust Co,
-BOND OFFERING.
County, Pa.
-Henry G. Moser, Secretary of the Cleveland. Bids for the ponds to bear interest at a rate other than 534%
Board of Directors, will receive sealed bids until 2 p. m. (standard time) will also be considered, provided, however, that where a fractional rate is
on June 13 for the purchase of$55,0004ji% coupon school bonds. Denorns. bid such fraction shall be K of 1% or a multiple thereof. Separate bide
$1,000, and $500 and $100. Due on June 1 as follows: $2,000 from 1932 to must be made for each issue. A certified check for 5% of the amount of
1936, incl., $2,500 in 1937 and 1938. $3,000 from 1939 to 1942, incl. and bonds bid for is required.
$4,000 from 1943 to 1949,incl. The bonds may be registered as to principal
BEATRICE, Gage County, Neb.-BOND SALE.
-Two issues of bonds
only and will be issued and sold subject to the approval of the Department aggregating $14,500 are reported to have been
of Internal Affairs of Pennsylvania and also subject to the favorable opinion Bender & Co. of Omaha. The issues are dividedpurchased by Wachob,
as follows: $11,000 reof Townsend, Elliott & Munson, of Philadelphia, as to the their validity. funding and $3,500 paving bonds.
A certified check for $2,500, payable to the order of the School District,
BELL COUNTY (P. 0. Belton), Tex.
-BONDS REGISTERED.
-A
must accompany each proposal.
826,500 Issue of 5% road refunding bonds was registered on May 23 by the
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
- State Comptroller. Due serially.
-BOND SALE.
The $19,850 coupon road improvement bonds offered on May 26-V. 130,
BELLEVUE SCHOOL DISTRICT, Allegheny County, Pa.
-BONDS
-were awarded as 4s to Taylor, Wilson & Co. of Cincinnati, for VOTED.
P• 3402
-A proposition calling
a premium of $1,equal to 100.005, a basis of about 4.49%.. The bonds are school building construction andfor the issuance of $450,000 in bonds for
equipment purposes was approved at an
dated May 1 1930 and mature as follows: $850 on April 1 and $1,000 on election held on May 20 by a vote of 1,725 to 727.
Oct. 1 in 1931, $1,000 on April and Oct. 1 from 1932 to 1940, incl. Bids
BOGOTA, Bergen County, N. J.
-M. M. Freeman
for the issue were as follows:
-BOND SALE.
BidderInt. Rate. Premium. & Co., of Philadelphia, bidding for $111.000 bonds of the $112.000 coupon
Taylor, Wilson & Co.(purchasers)
4%%
3$1.0 or registered public improvement issue offered on May 22-V. 130, P.
-were awarded the obligations as 43is, at par plus a premium of
Banc Ohio Securities Co.,Columbus
211.86 3578
Guardian Trust Co., Cleveland
144.00 ;1,164.80, equal to 101.04, a basis of about 4.66%. The bonds are dated
4
Seasongood & Mayer, Cincinnati
121.00 May 1 1930 and mature on May 1 as follows: $3.000 from 1932 to 1943
4K
Provident Savings Bank & Trust Co., Cincinnati
81.39 Inclusive, $4,000 from 1944 to 1961 incl., and $3,000 in 1962. Bids for the
4
Hanchett Bond Co., Chicago
76.00 Issue were as follows:
Mitchell, Herrick & Co., Cleveland
56.00
Amount
Interest No.Bonds
4
BidderRate.
Well, Roth & Irving Co.. Cincinnati
13.00
Bid.
Bid For.
4
3
Title Guarantee Securities Corp., Cincinnati
$112,164.80
6.00 M.M.Freeman Sr Co.(purchasers)
111
4/%
4K%
Batchelder & Co
112,287.60
111
5
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
- C. A.
-BOND SALE.
Preim & Co
112,700.00
112
5
The following issues of coupon or reg. bonds aggregating $247,000 offered Rapp &
Lockwood
112,260.96
112
5%
-were awarded as 3.90s to the Equitable Trust
on May 26-V. 130, p.3578
of Atlantic City at par plus a premium of $25, equal to 100.01, a basis
Co.,
BENTON COUNTY SCHOOL DISTRICT NO. 29 (P. 0. Prosser)
of about 3.89%:
Wash.
-BOND SALE.
-The $13.000 issue of coupon school ponds offered
$130,000 tax revenue bonds. Dated May 15 1930. Due May 15 1931. for sale on May 24-V. 130, p. 3754
-was purchased by tne State of
117,000 tax revenue bonds. Dated May 15 1930. Due May 15 1931.
Washington, as 5345. at par. Dated July 1 1930. Due from 1932 to 1949.
inclusive.
The following bids were submitted for the bonds:
BidderPremium.
Int. Rate.
-The following issues of coupon bonds
BEXLEY, Ohio.
-BOND SALE.
Equitable Trust Co. of Atlantic City (Purchaser) - 3.90%
$25.00
-were awarded as
aggregating $45,900 offered on May 27-V. 130, P. 3578
Chelsea National Bank, Atlantic City
4.10
Par
4fis to the BancOhio Securities Co. of Columbus, for a premium of $188,
Bankers Trust Co., Atlantic City
Par
4.20
equal to 100.40, a basis of about 4.68%:
Boardwalk National Bank, Atlantic City
51.00
4.10%
$25,200 special assessment street improvement bonds. Denom.$1,000 and
Atlantic County Trust Co., Atlantic City
11.00
3.95
$400. Due on Oct. 1, as follows: $3,000, 1931 to 1937. incl.;
C. A. Preim & Co., New York
4.38
4.00%
$2,400, 1938, and $1,800 in 1939.
10.300 special assessment street improvement bonds. Denom. $1,000,
A'TTALA COUNTY SEPARATE ROAD DISTRICT(P.0.Koscuisko),
-The $250,000 issue of road bonds that was
-BOND DETAILS.
$500 and $300. Due on Oct. 1, as follows: $1,000, 1931 to 1936.
Miss.
incl.; $1,300, 1937, $1,500. 1938, and $1,500 in 1939.
reported sold on May 5 as 5)is-V. 130, p. 3753
-was jointly purchased
f Nashville and Saunders & Thomas, of Memphis.
6,900 special assessment street improvement bonds. Denoms. $900 and
by Caldwell &
$750. Due on Oct. 1,as follows:$750, 1931 to 1938,incl., and $900
Denom. $1,000.Co.,Vated May 1 1930. Due on May 1, as follows: $5.000,
In 1939.
1931 to 1935; $10,000, 1936 to 1945; $12,000, 1946 to 1954, and $17,000 in
3,500 special assessment street lighting system bonds. Denom. $700.
1955. Prin. and hit. (M. & N. 1) payable at the Merchants & Farmers
Due $700 on Oct. 1 from 1931 to 1935, incl.
Bank in Koscuisko. Legality approved by Chapman & Cutler of Chicago.
All of the above bonds are dated May 1 1930. Bids submitted were as
-BOND OFFERING.-Willls E.
ATTICA, Wyoming Coanty, N. Y.
Hopkins, Village Clerk, •tll receive sealed bids until 8 p. m. (Eastern follows:
BidderInt,Rate. Premium.
standard time) on June 9 for the purchase of $125.000 not to exceed 5% BancOhio
Securities Co.(Purchaser)
434%
$188.00
interest coupon or registered water bonds. Dated July 1 1930. Denom.
5
286.00
$1,000. Due $5,000 on July 1 from 1935 to 1959 inclusive. Rate of Seasongood & Mayer,Cincinnati
Mitchell,
5
181.00
be stated in a multiple of .4 or 1-10th of 1%
0. Principal and Davies Herrick & Co., Cleveland
interest to
434%
116.85
semi-annual interest payaole in gold at the office of the Village Treasurer. Ryan,-Bertram Co., Cincinnati
Sutherland & Co.,Toledo
4 %
96.00
A certified caeck for 2% of the par value of the oonds bid for must accompany each proposal. The approving opinion of Caldwell & Raymon.i, of
BOYCEVILLE,Dunn County,Wis.-BOND OFFERING.
-Sealed bids
New York City, will be furnished to the successful bidder.
will be received by C. W.Dubisar, Village Clerk, until 8 P• m• on May 31.
-BOND OFFERING.
- for the purchase of a $12,500 issue of 534% semi-ann. community building
AUBURN, Androscoggin County, Me.
Willis P. Atwood. City Treasurer, will receive sealed bids until 6.30 p.m. bonds. Denom. $500. Dated May 1 1930. Due on May 1, as follows:
(Eastern Standard time) on June 2 for the purchase of $50,000 4% coupon $500 in 1931, and $1,000. 1932 to 1943 hid. A certified check for 2% must
ref. and school bonds. Dated July 1 1930. Denom. $1,000. Due on accompany the bid.
July 1 as follows: $5,000 from 1931 to 1940, hid. Prin. and semi-ann. int.
BRENTWOOD, St. Louis County, Mo.-BONDS VOTED.
-At a
(J. Sr J. 1) payable at the First National Bank of Boston. The bonds are special election held on May 24 the voters approved the issuance of $18.000
engraved under the supervision of and certified as to genuineness by the in bonds for school building additions by a majority reported to have been
aforementioned bank; their legality will be approeed by Ropes, Gray, more than 5 to 1.
Boyden & Perkins of Boston.
-BOND OFFERING.BRIDGEPORT, Fairfield County, Conn.
Financial Statement, May 1 1930.
$19.655,450.00 William Chew City Comptroller, will receive sealed bids until 11 a.m.
Last assessed valuation
677,600.00 (Daylight Saving time) qn June 2 for the purchase of $150,000 4).X %
bonded debt, not including this issue
Total
42,628.95 coupon or registered sewer construction bonds. Dated July 1 1930.
Sinking fund
Denom.$1,000. Due $5,000 on July 1 from 1931 to 1960,incl. Prin. and
Population, estimated, 18,200.
semi-ann. int. (J. & J. 1) payable in gold at the office of
-BOND SALE. The bonds will be prepared under the supervision of the City Treasurer.
BAINBRIDGE TOWNSHIP, Geauga County, Ohio.
the
offered on Bank of Boston, which will certify as to the genuineness ofFirst National
-The following issues of 5%% bonds aggregating $12,374.27
the signatures
-were awarded to the Chagrin Falls Banking of the officials and the seal impressed thereon. A certified check for 2%
May 22-V. 130, p. 3578
Falls, at par and accrued interest:
of the face value of the bonds bid for, payable to the order of the City
Co.. Chagrin
$9,443.80 special assessment road construction bonds. Due on Oct. 1 as Treasurer, must accompany each proposal. The purchaser will be furfollows: $443.80 in 1931 and $1,000 from 1932 to 1940, incl.
nished with the favorable opinion of Ropes, Gray, Boyden & Perkins of
2,930.47 special assessment road construction bonds. Due on Oct. 1 Boston.
as follows: $560.47 in 1931, and $500 from 1932 to 1940, incl.
-FINANCIAL STATEBRIDGETON, Cumberland County, N. J.
Both issues are dated May 22 1930.
MENT.
-In connection with the report a the scheduled sale on June 3 of
-Augustus M. Denhard, City $350,000 not to exceed 5% int, coupon or registered sewer bonds
-V. 130.
BALTIMORE, Md.-BOND OFFERING.
-Michael Steinbrook, City Comptroller,sends us the following:
Registrar, will receive sealed bids until 12 m. (Eastern standard time) on p. 3578
aggreStatistics.
June 16 for the purchase of the following issues of 4% coupon bonds
Total bonded debt (The current offering of $350,000 issue of
88o
. 2ti.000:
Sewer
$1,347,700.00
ty bonds. Dated April 1 1930. Due $400,000 on Oct. 1 from Water bonds Is Includedfigure
176,000.00
bonds,included in above total bonded debt
1946 to 1952 incl.
217,200.00
bonds. Dated Feb. 11930. Due $171,000 on Aug. 1 from School bonds,included in above total bonded debt
2,052,000 City
Sinking funds on hand for redemption of bonded debt
212,317.15
1934 to 1945 inclusive.
from Total floating debt
265,685.00
2.002,000 city bonds. Dated April 1 1930. Due $286,000 on Oct. 1
Totalfloating debt for school purposes included above
200,210.00
1942 to 1948 inclusive.
on Oct. 1from Total assessed valuation for 1330
14,826,029.00
684,000 City bonds. Dated April 1 1930. Due $114,000
Total actual valuation (estimated)
20,000,000.00
incl.
1933 to 1938
from Tax rate per $1,000 for 1930
47.081
430,000 City bonds. Dated April 1 1930. Due $86,000 on Oct. 1
The legality of the $350,000 issue of sewer bonds has been approved by
1942 to 1946 incl.
1930. Due on Oct. 1 as follows: Hawkins, Delafield & Longfellow of N.Y.City.
317,000 City bonds. Dated April 1
The City of Bridgeton has never defaulted in the payment of any of its
$29,000 from 1944 to 1952 incl., and $28,000 in 1953 and 1954. obligations-either principal or interest.
Prin. and semi-ann. hit, payable in Baltimore. A certified check for 2%
City of Bridgeton was incorporated 1864. Population 1920 census,
City Council, must acof the amount bid for, payable to the Mayor and
14.387. Estimated present population, 17,000.
company each proposal.
MAY 31 1930.]
FINANCIAL CHRONICLE
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.
The Brockton National Bank recently purchased a $300,000 temporary
loan at 2.685% discount, plus a premium of $5. Dated May 28 1930.
Payable on Nov. 26 1930. The following bids were received:
BidderDiscount
Brockton National Bank, Plus $5 (Purchaser)2.685
Plymouth County Trust Co
2.685%
Salomon Bros. & Hutzler
2 72%
Home National Bank
2.75%
BURLINGTON, Chittenden County, Vt.-BOND SALE.
-The
$50,000 434% coupon or registered road construction bonds offered on
-were awarded to R. L. Day & Co. of Boston,
May 23-V. 130, P. 3578
at $49,755, equal to 99.51, a basis of about 4.53%. The bonds are dated
June 1 1930 and mature on Dec. 1 1957. Bids for the issue were as follows:
BidderRate Bid.
It. L. Day & Co.(purchasers)
99.51
Stone & Webster and Blodget,Inc
98.64
E. H. Rollins & Sons
98.611
Harris, Forbes & Co
98.18
The successful bidders are re-offering the bonds for public investment
priced at 101.63 and int., yielding 4.15%. The securities are stated to be
legal investment for savings banks and trust funds in New York, Connecticut,IVermont, and other States.
CADDO PARISH SCHOOL DISTRICT NO. 3 (P. 0. Shreveport),
La.
-BOND OFFERING.
-Sealed bids will be received until 1:30 p. m. on
June 25, by E. W. Jones, Superintendent of the Parish School Board, for
the purchase of an issue of $150,000 5, 5h or 5h % school improvement
bonds. Bids will be received on all three interest rates. Denoms. $1,000.
Dated July 1 1930. Due on June 1, as follows: $7,000, 1931 and 1932;
$8,000, 1933 and 1934; $9.000, 1935 to 1937; $10,000, 1938 and 1939;
$11.000, 1940 and 1941;$12,000. 1942 and 1943; $13,000, 1944 and $14,000,
In 1945. Principal and semi-annual interest payable at the City Savings
Bank & Trust Co., of Shreveport. The bonds will be printed by the above
School Board. The legal opinion of Chapman & Cutler, of New York,
will be furnished. Bids are to be for cash without restrictions as to depositary. A $500 certified check must accompany the bid. (A similar issue
of bonds was offered for sale on May 7-V. 130, p. 3224.)
CALDWELL PARISH ROAD DISTRICT NO. 1 (P. 0. Columbia),
La.
-BOND OFFERING -Sealed bids will be received until June 10.
by R. R. Redditt, Secretary of the Police Jury,for the purchase ofa $45,000
Issue of road bonds. Int. rate is not to exceed 6%,payable semi-annually.
(These are the bonds that were unsuccessfully offered on Feb. 11-V.130,
li• 1315.)
CALIFORNIA,State of(P.O.Sacramento)
-BONDS AUTHORIZED.
-Newspaper dispatches from the Coast report that the State Bond Certificates Committee has recently authorized the sale of $1,250.000 434% State
bonds on August 7 to finance the construction of Los Angeles State Building.
BOND OFFERING.
-We are informed that sealed bids will be received
until June 19 by Charles G. Johnston, State Treasurer, for the purchase
of a $900,000 issue of 434% State Olympiad bonds. Due $25,000 from
1936 to 1971 inclusive.
-BIDS REJECTED.
CAMPBELL, Mahoning County, Ohio.
-Joseph
T. Moore, City Auditor, states that all of the bids received on April 24 for
the purchase of the following issues of 534% bonds aggregating $39,000
-V. 130, p. 2623
offered for sale
-were rejected:
$35,000 water works system kept. bonds. Due $3,500 on Oct. 1 from
1931 to 1940, incl.
4,000 police and fire dept. alarm systems repair bonds. Due $800 on
Oct. 1 from 1931 to 1935. incl.
Both issues are dated May 1 1930.
CANISTOTA, McCook County, S. Dak.-BONDS NOT SOLD.
The $18,000 issue of 5% semi-annual water extension bonds offered on
May 19-V. 130, p. 3579
-was not sold. Dated Oct. 1 1929. Due from
Oct. 1 1932 to 1948.
•
CANTON,Stark County, Ohio.
-LIST OF BIDS.
-The following is an
official list of the bids received on May 8 for the purchase of the two issues
of bonds aggregating $59,819.04 awarded as 43is to the BancOhlo Securities
Co., of Columbus, for a premium of $53.82, equal to 100.08, a basis of
about 4.48%.-V. 130. P. 3579.
Int. Rate. Premium,
BancOhio Securities Co.(purchaser)
434%
$53.82
W. L. Slayton & Co., Toledo (both issues)
4h %
708.00
Seasongood & Mayer, Cincinnati (both issues)
4h%
10.00
Otis & Co., Cleveland
$34,316.42
4Z4%423.00
434
25,502.62
314.00
Provident Savings Bk.& Trust Co.,Cln.j$34,316.42
44
367.17
25.502.62
431%
2.50
CARTERSVILLE, Bartow County, Ga.-BONDS OFFERED FOR
INVESTMENT.
-The $100,000 issue of 5% coupon or registered school
bonds that was purchased by the Robinson-Humphrey Co., of Atlanta,
at 106.56, a basis of about 4.32%-V. 130. p. 3754
-is now being offered
for public subscription by the successful bidder at prices to yield 4.15%
on all maturities. Due $4,000 from Jan. 1 1932 to 1956, incl. Bonds
offered subject to the approval of legality by Storey, Thorndike, Palmer &
Dodge of Boston.
Financial Statement.
(As Officially Reported.)
Actual value of property estimated$8,000,000
Assessed value 1929
3,910,000
Total bonded debt (incl. this issue)
230.000
Population: 1920 census, 4.350; 1930 census, 5,265. (Percentage increase 21%.)
Ratio of debt to assessed value,5.9%. Per capita debt, $43.68.
There are no overlapping debts of any nature on the City of Cartersville,
as Bartow County has no bonded debt.
CASTLE SHANNON, Allegheny County, Pa.
-BONDS VOTED.
At an election held on May 20 the voters authorized the issuance of $42,000
In bonds to pay off the floating indebtedness incurred in street and sewer
work by a favorable vote of 319 to 187.
CHADRON, Dawes County, Web.
-An issue of
-BOND SALE.
500 4(% coupon ref. bonds has recently been purchased at par by$129,Ware
Hall &Co., of Omaha. Denom. $1,000. Dated May 1 1930. Due in
30 years and optional after 5 years. Int. payable on May and Nov. 1.
CHATTANOOGA, Hamilton County, Tenn.
-BOND OFFERING._
Sealed oids will be received until 11 a.m. on June 12, by E.D. Bass.
for the purchase of a $717.000 issue of 44% suburban improvementMayor,
nonds.
Denom. $1,000. Dated June 2 1930. Due in 30 Years. Prin. anti
annual int. payable in lawful money at the National City Bank in semiYork. The legal approval of Caldwell & Raymond, of New York, New
furnished. No old will be considered at less than par ana accrued will be
interest.
Authority for issuance: Chapter 793, Private Acts of
Tennessee, 1929.
A certified check for 2% par of the bonds, payable to P. K. Rosamond,
City Treasurer, must accompany the bid.
CHERRYHILL TOWNSHIP SCHOOL DISTRICT (P.O.Penn
Run,
R. D. No. 2), Indiana County,Pa.
-ADDITIONAL INFORMATION
.The $25,000 school bonds sold to S. M. Vockel & Co., of
premium of $459.25. equal to 101.83-V. 130, p. 3579 Pittsburgh, for a
-bear 434% int.
and are coupon in $1.000 denorns. Dated May 1 1930. Due in 16
Issued to refund floating indebtedness and to pay part of the cost years.
school building. Int. is payable semi-annually in May and Nov. of new
CHICOPEE, Hampden County, Mass.-TEM,PORARY
-The
$200,000 temporary loan offered on May 26-V. 130; P.3755 LOAN.
-was awarded
to the Western Massachusetts Bank & Trust Co., of Springfield, at
discount, plus a prem. of $1.75. The loan is dated May 26 1930 2.70%
and is
Payable on Nov. 14 1930.
Bids for the loan were as follows:
Bidder
Discount.
Western Massachusetts Bank & Trust Co., Plus $1.75
2.70
National Shawmut Corp., Boston
2.73
Third National Bank & Trust Co., Plus $4
2.74 0
CLAYTON SCHOOL DISTRICT (P. 0. Clayton) St. Louis County,
Mo.-BONDS OFFERED TO PLBLIC.-The $245.000 issue of scnool
bonds that was jointly purchased by the Mercantile Commerce Co., and
&Liz & Co., both of St. Louis, as 434s, at a price of 101.13, a basis of about
-Is now being re-offered for general Investment
4.37%-V. 130. P. 3755
by
3921
the successful oidders at prices to yield from 4.00% to 4.25%, according
to maturity. Due from May 1 1931 to 1950. incl. Legality approved by
B. H. Charles, of St. Louis.
Financial Statement (as Officially Reported.)
$22,962,039
Total bonded aebt,including this issue
799.000
Sinking funds
58.000
Net bonded debt
741.000
Population (officially estimated)
10.000
Net oonded debt less than 334% of assessed valuation. The stove statement does not include obligations of other municipal corporations which
have taxing power against property within the school district.
CLEVELAND Gradley County, Tenn.
-BOND SALE.
-A $55,600
issue of 6% semi-annual paving bonds is reported to have recently been
purchased by Little, Wooten & Co. of Jackson.
CLEVELAND HEIGHTS,Cuyahoga County,Ohio.
-BOND SALE.
The $10,000 5% police department motor equipment bonds offered on
-were awarded to the Banc Ohio Securities Co..
April 7-V. 130, p. 2072
of Columbus,at par plus a premium of $38, equal to 100.38.a bash; of about
4.88%. The bonds are dated April 1 1930 and mature $2,000 on Oct. 1
from 1931 to 1935 incl.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-LIST OF
-The following is an official list of the bids received on May 19 for
BIDS.
the purchase of the three bond issues, aggregating $143,443, awarded as
434s to the First Detroit Co. of Detroit, for a premium of $176, equal to
100.l2,abaais of about 4.48% (V. 130, p.3755):
Bidder
Int. Rate.
Premium.
First Detroit Co
$176.00
BancOhlo Securities
171.60
Halsey, Stuart & Co
75.00
R.E.Herczel & Co
57.37
Mitchell, Herrick Co
45.00
Provident Savings Bank 8; Trust Co
4
28.68
Braun, Bosworth & Co
4
1.313.00
Otis & Co
1,119.00
Seasongood & Mayer Co
4
1,000.00
Merrill, Hawley & Co
44
951.50
W. L. Slayton & Co
44
302.00
CLIFTON, Passaic County, N. J.
-FINANCIAL STATEMENT.
The financial statement below IS published in connection with the scheduled
sale on June 3 of two issues of not to exceed 5% interest coupon or registered bonds aggregating $724,000, description of which was given lay.e
lltr.
p. 3755:
Indebtedness.
-Bonds (outstanding)
Gross debt
$4,631,400.00
Floating debt (incl. temporary bonds outst'g) 4,935,886.32
$9.567.286.32
Deductions
-Water debt
$2,543,269.48
Passaic Valley trunk sewer debt
189,000.00
Sinking funds, other than for water bonds or
trunk sewer bonds
127.284.55
2,859,554.03
Net debt
$6,707,732.29
Bonds to be issued-Improvement bonds of 1930 $415,000.00
School bonds of 1930
309.000.00
Floating debt to be funded by such bonds
$724,000.00
413,113.03
310,886.97
Net debt,including bonds to be issued
$7,018,619.26
Assessed Valuations.
Real property, including improvements. 1930
$43,305,729.00
Personal property, 1930
4,210,700.00
Real property, 1928
38,346.199.00
1929
42,045,362.00
1930
43,305,729.00
Population, Census of 1920, 26,470; estimated. 1930, 45,673.
Tax rate, fiscal year 1930, $45.30 per thousand.
CLINTON SCHOOL TOWNSHIP(P.O. Wanatah)La Porte County,
Incl.-BOND OFFERING.
-George A. Koontz. Trustee, will receive sealed
bids until 10 a.m. (Central Standard time) on June 17 for the purchase of
$10,000 5% school building improvement bonds. Dated June 17 1930.
Due as follows: $500 on July 15 1936; $500 on Jan. and July 15 from 1937
to 1945 incl., and $500 on Jan. 15 1946. Principal and semi-annual interest
(Jan. and July 15) payable at the First National Bank & Trust Co.. La
Porte. A certified check for 3% of the amount of bonds bid for, payable to
the order of the Truste5e, must accompany each proposal.
CLIO, Genesee County, Mich.
-LIST OF BIDS.
-The following is a
list of the bids received on May 14 for the purchase of two issues of 5%
bonds aggregating $45,000 awarded to the First Detroit Co., of Detroit,
for a premium of $275, equal to 100.61, a basis of about 4.86%-V. 130.
p. 3579.
BidderPremium.
First Detroit Co., Detroit (Purchaser)
$275.00
Slier, Carpenter & Roose, Toledo
260.00
Stranahan, Harris & Oatis, Inc.. Toledo
185.00
Braun,Bosworth & Co.,Toledo
182.00
COLUMBIA COUNTY SCHOOL DISTRICT NO.4(P.O. St. Helens)
Ore.
-BONDS NOT SOLD.
-The $5,000 issue of 6% semi-annual school
bonds offered on May 12-V. 130, P. 3403
-was not sold as no bids were
received. Dated May 2 1930. Due $500 from 1931 to 1940. incl.
COLUMBUS, Franklin County, Ohio.
-Samuel
-NOTE OFFERING.
J. Willis, City Clerk, will receive sealed bids until 7 p. m.(Eastern standard
time)on June 2for the purchase of $70,000
% promissory notes. Dated
June 15 1930. Denom. 85.000. Due Dec. 15 1931. Interest payable
semi-annually on Dec. 15 1930, June 15 1931, and Dec. 15 1931. Principal
and semi-annual interest payable at the office of the agency of the City of
Columbus in New York City. Bids for the notes to bear interest at a rate
other than 434% will also be considered, provided, however, that where a
fractional rate is bid such fraction shall be h of 1% or a multiple thereof.
A certified check for 1% of the amount of notes bid for, payable to the
order of the City Treasurer, must accompany each proposal. Notes are to
be delivered at the office of the City Clerk. Transcripts of proceedings
will be furnished successful bidders and sufficient time allowed within ten
days from the time of said award for the examination of such transcript
by bidder's attorney, and bids may be made subject to approval of same.
COON RAPIDS, Carroll County, lowa.-BOND DESCRIPTION.
The two issues of bonds aggregating $6.600, that were , urchased by the
-V. 130. p. 3579
-are more fully
Iowa Savings Bank of Coon Rapids
described as follows: $4,000 5% street impt. and $2,600 5% grading bonds.
Denom. $100. Dated Dec. 16 1929. Due from Dec. 16 1930 to 1948.
Int. payable on Dec. 1.
-BONDS REGISTERED.
CROCKETT COUNTY (P. 0. Ozone), Tex.
-A $375,000 issue of 5% public road bonds was registered by the State
Comptroller on May 20.
-We are informed that sealed bids will be received
BOND OFFERING.
for the purchase of the above bonds until June 30. Denom. $1,000. Due
in 1960 and optional in five years. Prin. and semi-ann. int. payable at the
Central Hanover Bank & Trust Co. in New York. A certified check for
2% is required.
CROMWELL CONSOLIDATED SCHOOL DISTRICT (P. 0. Crom-ADDITIONAL INFORMATION.
-The
well) Union County, Iowa.
$50_,000 issue ofschool bonds that was purchased by the White-Phillips Co.,
-bears interest at 434 V. payable on May
-V. 130, P. 3224
of Davenport
and Nov. 1. Denom. $1,000. Dated May 1 1930. Due on May 1, as
follows: $2,000, 1933 to 1936; $3,000, 1937 to 1950, all incl. Awarded for a
premium of $549,equal to 101.098, a basis of about 4.35%.
CUMBERLAND (P. 0. Valley Falls), Providence County, R. I.-Thomas S. Dwan, Town Treasurer, failed to receive a bid on
NO BIDS.
May 22 for the purchase of the following issues of 434% coupon bonds
aggregating $170,000, offered for sale:
$100,000 school bonds. Due $5,000 on May 1 from 1931 to 1950, incl.
70.000 water bonds. Due on May 1 as follows: $4,000 from 1931 to
1940, inclusive. and $3,000 from 1941 to 1950, inclusive.
Both issues are dated May 1 1930. Principal and semi-ann. int. (May
and Nov.) payable at the First National Bank of Boston. Legality to be
approved by Ropes. Gray, Boyden & Perkins of Boston.
3922
FINANCIAL CHRONICLE
Financial Statement.
Assessed valuation, 1929
$12,971,785
Total bonded debt, including these issues
314,000
Water debt, included in total debt
70,000
Population, estimated, 12,000.
CUSTER, Custer County, S. Dak.-BOND OFFERING.
-Sealed bids
will be received by John C. Gates, City Auditor, until 1.30 p.m. on June 5
for the purchase of a $35,000 issue of 5% semi-ann. sewer bonds. Denomination $1,000. Dated June 1 1930. A certified check for 57, must
accompany the bid. (These bonds were unsuccesssfully offered for sale
on May 1-V. 130, P. 3403.)
DAVENPORT, Scott County, lowa.-BONDS OFFERED.
-We are
informed that both open and sealed bids were received up to 10 am. on
May_ 29, by Charles E. Robinson, City Treasurer, for the purchase of an
$8,000 issue offlood control bonds.
DAWSON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glendive)
Mont.
-BOND OFFERING.
-We are informed that sealed bids will be
received until June 10, at 7:30 p.m., by John L. Jones, District Clerk,
for the purchase of a $60,000 issue of school bonds. Int. rate is not to exceed
6%. payable semi-annually. Dated June 1 1930. Due either on the serial
or amortization plan, with the latter being the first choice. Bids under par
will not be acceptable. A $1,000 certified check, payable to the above
Clerk, must accompany the bid.
DAWSON SPRINGS SCHOOL DISTRICT (P. 0. Dawson Springs),
Hopkins County, Ky.-BOND SALE.
-A $20,000 issue of school bonds
is reported to have recently been purchased by Magnus & Co.of Cincinnati.
-The
DAYTON, Montgomery County, Ohio.
-LIST OF BIDS.
following is a complete list of the bids received on May 22for the purchase of
the $300,000 waterworks extension and improvement bonds awarded as
. 431s to the First Detroit Co. of Detroit, at par plus a premium of 6181,
equal to 100.06, a basis of about 4.24%-V. 130, p.3755.
BidderInt. Rate. Premium.
$181.00
First Detroit Co
43,17
Halsey, Stuart & Co
102.00
431
5.750.00
Continental Illinois Co
436 0
,
5,520.00
BancOhio Securities Co.; Daviss-Bertram Co.,jointly 436%
,
E.H. Rollins & Son; Northern Trust Co..jointly_
4,896.00
4347
Gran & Co.; M. M.Freeman & Co., jointly
4,788.00
th 4
,
Hayden Miller & Co.; Harris, Forbes & Co.; National
4,347.00
City Co., jointly
436%
,
6%
Lehman Brothers; The Title Guar. Sec. Corp.. jointly 43
3,936.00
3,844.00
Mitchell, Herrick & Co.;Foreman State Corp.,Jointly 436%
Seasongood & Mayer;Stephens & Co.,jointly
3,783.00
43. %
DETROIT, Wayne County, Mich.
-FINANCIAL STATFIENT.In connection with the report of the award on May 12 of various issues of
Improvement bonds aggregating $20.350.000, comprising $11,000,000 43•68
and 89,350,000 43.6s, to a syndicate headed by the Guaranty Company of
New York, N. Y.. at 100.11, a net interest cost basis to the city of about
4.415% (V. 130, p. 3580). we are in receipt of the following:
Statement of Bonded Debt April 1 1930.
Assessed valuation of taxable property, 1929
63,681,781,130.00
AU Bonds Outstanding (Purposes)
Public sewer
$71.048,000.00
Public building
4.0 1,000.00
Public lighting
18,426.000.00
Park improvements
123,000.00
Park and playground
8.420,000.00
Park and boulevard
9,129.000.00
Recreation system
180.000.00
Grade separation
3,735,000.00
Hospital
5,615.000.00
Museum of Art
4,333,000.00
Boulevard improvement
130,000.00
Public improvement
15.189,000.00
69,601,600.00
Public school
Public library
3,630.000.00
Water
45,291,914.40
Belle Isle bridge
3.000,000.00
Street railway
22,379.000.00
Annexed districts, general_
933,667.19
8285,175.181.59
Deduct Shaine Fund and Exemptions
Sinking Fund=
-Light.._ - $524,800.73
City of Detroit
g
10,412,561.13
Street railway
4,960,663.35
Water
2,591,765.85
School and library
9,692,193.94
Uncollected tax
1,016,003.73
$29,197,988.73
Exemptions:
Water debt (net)
$42.700.148.55
$71.898.137.28
Net general debt
Special Assessment Debt
Bonds outstanding
Sinking fund
$213.277,044.31
$23,012,515.96
1,942,227.39
[Vol.. 130.
Financial Statement of The City of East Orange.
Indebtedness-Gross Debt.
Bonds(oustanding)
89,155.745.00
Floating debt (incl, temporary bonds outst's) 4,384,603.12
613.540,348.12
Deductions
Water debt
81,666.000.00
Sinking funds,other than for water bonds_ _ _
938,066.14
Amount included in 1930 budget to meet
maturing bonds, to make sinking fund
payments or otherwise to be applied in
2,968,200.46
reduction of above debt
364,134.32
$10,572,147.66
Net debt
Bonds to be issued: Gen.impt. bds.series 13_81,068,000.00
School bonds series 00
900.000.00
Water bonds series 9
200,000.00
$2,168,000.00
Floating debt to be funded by such bonds--- 1,516,293.06
Net debt, incl. bonds to be issued
Assessed Valuations
Real property incl.improvements(1930)
Personal property (1930)
651,706.94
$11,223,854.60
$121,029,444.00
13,434,660.00
$134,464,104.00
Real property (1928)
$109.492,082.00
Real property (1929)
117,240,513.00
Real property (1930)
121,029,444.00
Population: census of 1920, 50,710; estimated, 1930, 70.888. Tax rate,
fiscal year, 1930,635 per thousand.
-FINANCIAL STATEMENT.
EDGEWATER, Bergen County, N. J.
-The statement below showing the bonded indebtedness, assessed valuations and &c. of the Borough is issued in connection with the proposed
sale on June 3 of $255,000 not to exceed 434% interest coupon or registered
improvement bonds, description of which appeared in V. 130, p. 3756.
Indebtedness
Gross debt-Bonds(outstanding)
$793,000.00
Floating debt (including temporary bonds and
291,952.27
notes outstanding
$1,084.952.27
None
Deductions
-Water debt
$47,387.55
Sinking funda,other than for water bonds
$47.387.55
81,037.564.72
Net debt
-Bonds to be issued:
1930 Borough improvement bonds
Floating debt to befunded by such bonds
$255,000.00
250,000.00
$5,000.00
81,042.564.72
Net debt,including bonds to be issued
The amount of said debt payable out of special assessments is
29,400.84
estimated at
$1,013.163.88
Therefore,the net debt payable from general taxation is
Assessed Valuations
$18.160,009
Real property including improvements,1930
3,494,209
Personal property. 1930
17,868.070
Real property, including improvements, 1929
17,498.116
Real property, including improvements, 1928
Population
Census of 1920. 3.530. census of 1930
4,167
Taz Rate
Fiscal year, 1930
$38.80 per thousand
-BOND SALE.ELKHART SCHOOL CITY, Elkhart County, Ind.
The $60,000 434°! school building construction bonds offered on May 22
-V. 130, p. 3581-were awarded to the Fletcher Savings & Trust Co.,
of Indianapolis, at par plus a premium of 62,727, equal to 104.54, a basis
of about 4.12%. The bonds are dated July 1 1930 and mature on July 1
1947. Bids for the bonds were as follows:
Premium.
$2.727
Fletcher Savings & Trust Co. (purchaser)
2,331
First National Bank, Elkhart
1,985
Ames, Emerich & Co., Chicago
2,537
Fletcher American Co., Indianapolis
2,084
Harris Trust & Savings Bank Chicago
ERIN AND WARREN TOWNSHIPS FRACTIONAL SCHOOL DIS-At an election to be held
TRICT NO. 2, Mich.
-BOND ELECTION.
on June 9 the voters will pass on a proposition to issue of $50,000 in bonds
for school building construction purposes. This will be the third time the
measure has been submitted for favorable consideration, two previous
elections having resulted in disapproval of the issue. At the first election
held on April 29 the voters rejected the proposal by a vote of 185 to 101.
On May 10 the count was 140 "for" to 158 'against."
-MATURITY
.-The 810,000 isFAIRMONT, Martin County, Minn.
sue of 43,1% semi-ann. ref. water and light bonds that was purchased by the
First Securities Corp. of St. Paul, at a price of 100.90-V. 130 p. 2073is due $1,000 from March 1 1933 to 1942, incl., giving a basis of about
21.070,288.57
Total
$234,347,332.88
-BONDS REGISTERED.
DE WITT COUNTY (P. 0. Cuero), Tex.
On May 24 the State Comptroller roistered a $27,610 issue of 531% bridge
repair bonds. Due in 10 years.
-BONDS VOTED.
-At an
DRAVOSBURG, Allegheny County, Pa.
election held on May 20 the voters authorized the issuance of $50,000 in
impt. purposes. The measure received a favorable vote
bonds for street
of 297 to 257.
EL DORADO IRRIGATION DISTRICT (P. 0. El Dorado), El
-Sealed bids will be re-BOND OFFERING.
Dorado County, Calif.
ceived until 10 a. m.on June 12, by the Secretary of the Board of Directors,
for the purchase of a $350,000 issue of 6% semi-annual irrigation bonds.
-BOND SALE.
-The
ELKHART COUNTY (P. 0. Goshen), Ind.
69,000 436% coupon Harry Goodman et al., township road construction
bonds offered on May 22-V. 130, p. 3403-were awarded to the Inland
Investment Co., of Indianapolis, at par plus a premium of $216, equal to
102.40, a basis of about 4.21%. The bonds are dated May 15 1930 and
mature as follows: $225 on July 15 1931; $225 on Jan. and July 15 from
1932 to 1950 inclusive, and $225 on Jan. 15 in 1951. Bids for the bonds
were as follows:
Premium.
Bidder$216.00
Inland Investment Co.(purchaser)
190.75
City National Bank, Goshen
184.00
Salem Bank & Trust Co., Salem
128.00
American Co., Indianapolis
Fletcher
105.09
J. F. Wild Investment Co.. Indianapolis
167.70
Fletcher Savings & Trust Co.. Indianapolis
-BOND SALE.
-The three issues
EAST ORANGE,Essex County, N.J.
bonds offered on May
of 4;6% coupon or registeredcomposed of the First 26-V. 130, p. 3580 J.
National Bank, B.
were awarded to a syndicate
Freeman & Co.,
Van Ingen & Co., Eldredge & Co. ,M. M.City, as follows: Inc., and
Schaumburg, Rebham & Osborne, al lot N.Y.
31,o40,000 series No. 13 general inapt. bonds ($1,068,000 offered) sold for a
premium of $28,881.58, equal to 102.77, a basis of about 4.28%.
Due on June 1 a follows: $25,000 from 1931 to 1949 incl.,
635,000from 1950 to 19651 cl., and $7,000 in 1966.
sold for a premium of
875,000 series"00"school bonds(8900,000 offered) 4.43%. The bonds
$25,618.62,equal to 100.92,a basis of about
mature on June 1 as follows: 820.000 from 1931 to 1950 incl.,
and $25,000 from 1951 to 1969 incl.
offered) sold for a p•emium of
195.000 series "A" water bonds ($200,000 of about 4.28%. Due $5,000
65,422.18.equal to 102.78. a basis
incl.
on June 1 from 1931 to 1969
are being reoffered by
All of the bove bonds are dated June 1 1930 and
yield from 3.50%,
the successful group for public investment at prices to
stated to be legal into 4.20%. according to maturity. The securities are
savings banks and trust funds in New York and New Jersey.
vestment for
FERGUS COUNTY SCHOOL DISTRICT NO.84(P.O. Lewistown),
Mont.
-BOND SALE.
-The $6,659.45 issue of serial school bonds offered
for sale on May 20-V. 130, p. 3225
-was purchased by the State Land
Board, as 6s, at par. No other bids were received.
-DISCOUNT BA SIS.-In
FITCHBURG, Worcester County, Mass.
connection with the report of the award of a $300,000 temporary loan to
Salomon Bros. & Hutzler, of Boston
-V. 130. p. 3756
-we learn that the
successful bidders agreed to discount the loan at 2.72% (not 3.72% as
previously reported) plus a premium of ill. The loan is dated May 23
1930 and is payable on Nov. 21 1930. Bids received were as follows:
Discount.
Bidder•
Salomon Bros. & Hutzler, Plus $11
2.72%
2.74
Worcester County National Bank
Safety Fund National Bank, Plus $10
2.78
Shavrmut Corp
2.82
S. N. Bond & Co
2.96
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND OFFERING.
W. A. Beach, County Treasurer, will receive sealed bids until 10 am. on
June 7 for the purchase of $42.750 5% George Ernstberger et al., highway
improvement bonds. Dated June 14 1930. Five bonds mature on each
May 15 from 1931 to 1945. incl. Prin. and semi-ann. int. (M. & N. 15)
payable at the office of the County Treasurer.
FORT MILL SCHOOL DISTRICT NO. 28 (P. 0. Fort Mill), York
County, S. C.
-The $75.000 issue of coupon school bonds
-BOND SALE.
offered for sale on May 22-V. 130, p. 3581
-was purchased by the Peoples
State Bank, of South Carolina, as 5s, for a premium of $376.25. equal to
100.5016, a basis of about 4.94%. Dated April 1 1930. Due from April
1 1933 to 1950 inclusive.
FORT PLAIN, Montgomery County, N. Y.
-BOND OFFERING.John E. Barker, Village Clerk, will receive sealed bids until 7.30 p.m. on
June 3 for the purchase of $16,500 5% coupon or reg. water shed bonds.
Dated June 1 1930. Denom $500. Due on June 1 as follows: 81,000 from
1932 to 1947, incl.. and $500 in 1948. Prin. and semi-ann. int. J. & D.)
Payable at the Fort Plain National Bank, Fort Plain. A certified check
for $1,500, payable to the order of the Village, must accompany each
proposal.
FORT WORTH, Tarrant County, Tex.
-The four
-BOND SOLE.
issues of 434% bonds aggregating 81,450.000, offered for sale on May 27V. 130, P. 3756
-were purchased by a syndicate composed of the ChathamPhenix Corp. of New York. the First National Old Colony Corp. of New
York, A. B. Leach St Co. of Chicago. and Stranahan, Harris & Oatis, Inc.
of Toledo. for a premium of $4.973.50. equal to 100.343, a basis of about
4.48%. The issues are described as follows:
$250,000 fire protection bonds. Due on June 1 as follows: 85,000„_ 1935
to 1949. 87,000. 1950 to 1963, and $11,000, 1964 to 1970, all incl.
300,000 main arterial thoroughfare bonds. Due en June 1 as follows:
86,000, 1935 to 1949, $9,000. 1950 to 1963, and $12,000. 1964 to
1970, all inclusive.
MAY 31 1930.]
FINANCIAL CHRONICLE
250,000 municipal airport bonds. Due on June 1,same as above $250.000
Issue.
650,000 street improvement bonds. Due on June 1 as follows: $13,000.
1935 to 1949. $20,000. 1950 to 1963, and $25,000. 1964 to 1970.
all inclusive.
-The above bonds are now
BONDS OFFERED FOR INVESTMENT.
being re-offered for public subscription by the successful group at prices to
yield 4.40% on all maturities. They are reported to be legal investments in
New York and Massachusetts.
-BOND SALE.
FOSTORIA, Seneca County, Ohio.
-The $44.000
special assessment street improvement bonds offered on May 26-V. 130,
-were awarded as 451s to the Banc Ohio Securities Co., of Colump. 3404
bus,at par plus a premium of $352, equal to 100.80.a basis of about 4.57%.
The bonds are dated May 1 1930 and mature as follows: $2,000 on Sept. 1
from 1931 to 1934, incl., and $2,000 on March and Sept. 1 from 1935 to
1940, inclusive.
An official list of the bids submitted, all of which were for 4%% bonds,
follows:
BidderPremium.
BancOhio Securities Co.(Purchaser)
$352.00
Slier, Carpenter & Roose, Toledo
92.40
Davies-Bertram Co., Cincinnati
246.40
Well, Roth & Irving Co., Cincinnati
89.00
Seasongood & Mayer Cincinnati
33.00
Provident Savings Bank & Trust Co., Cincinnati
4.40
Taylor, Wilson & Co., Cincinnati
69.00
Otis & Co.. Cleveland
124.00
Mitchell, Herrick & Co., Cleveland
231.00
First Detroit Co., Detroit
66.00
Braun, Bosworth & Co., Toledo
156.50
Spitzer, Rorick & Co., Toledo
77.00
FIrst National Bank, Fostoria
172.60
Ryan, Sutherland & Co., Toledo
127.00
Slier, Carpenter & Roose, Toledo (agreed to furnish blank bonds) 200.00
FRANKLIN, Williamson County, Tenn.
-PROPOSED ELECTION.
-The town board has recently passed an ordinance calling for an election
to be held soon on a proposal to issue $75,000 in 5% coupon waterworks
bonds, to be divided as follows: Denom. $1,000. Due on May 1 as follows;
$5,000, 1934, 1935. 1936, 1941 and 1944, and $50,000 in 1960. 'Prin. and
int. (M. & N.) to be payable at the Chemical Bank & Trust Co. in New
York.
GHENT AND CHATHAM UNION FREE SCHOOL DISTRICT
NO. 1 (P. O. Chatham), Columbia County, N. Y.
-BOND SALE.
The $115,000 43 % coupon or reg.school bonds offered on May 26-V. 130.
p. 3757
-were awarded to Barr Bros. & Co. of New York, at 100.57. a
Toasts of about 4.46%. The bonds are dated July 1 1930 and mature on
July 1 as follows: $1,000 from 1931 to 1934,incl.; $2,000 from 1935 to 1943,
incl.; $3,000 from 1944 to 1949, incl.; $4.000 from 1950 to 1954. incl.;
$8,000 in 1955: $9.000 from 1956 to 1958, incl., and $10,000 in 1959 and
1960.
GIRARD, Trumbull County, Ohio.
-BOND OFFERING.
-R. L.
Evans, City Auditor, will receive sealed bids until 12 M. on June 18 for
the purchase of the following issues of 554% bonds aggregating $20,176;
$13,088 property owners' portion paving bonds. Denom. $2,608 and
$1,304. Due as follows: $2,608 in 1931 and $2,600 from 1932 to
1935. incl. A certified check for $400 must accompany each
proposal.
7,088 property owners' portion paving bonds. Denom. $700 and $744.
Due as follows: $1,488 in 1931. and $1,400 from 1932 to 1935,incl.
A certified check for $200 must accompany each proposal. Both %MOS
are dated June 1 1930. Principal and semi-annual interest (A. & 0. I)
payable at the First National Bank, Girard. Bids for the bonds to bear
Interest at a rate other than 554% will also be considered, provided, however, that where a fractional rate is bid such fraction shall be 51, of 1% or a
multiple thereof. Checks should be made payable to the order of the
City Treasurer.
GOODHUE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 11
(P. 0. Cannon Falls), Minn.
-ADDITIONAL DETAILS.
-The $35.000
Issue of school bonds that was purchased by the State of Minnesota-V.130,
p. 3404
-was awarded as 45.1s at par.
GRAPELAND, Houston
Tex.-BONDS OFFERED.
-Sealed
bids were received until 9 a.m. on My 28, by J. C. Kennedy, Mayor, for
County.
the purchase of a $45,000 issue of serial waterworks bonds. The offering
notice reports as follows:
These bonds are offered for delivery when, as and if issued and approved
by the Attorney-General and Messrs. Chapman & Cutler and subject to the
usual right of prior purchase of the State Board of Education, the city to
furnish the printed bonds and attorney's opinion. Certified check in the
amount of $2,000, payable to Hon. J. C. Kennedy. Mayor, without recourse, required with each bid. Usual rights reserved. Further information may be had by addressing Hon. J. C. Kennedy, Mayor, Graceland,
Tex., or Municipal Engineering Co., Athletic Club Bldg., Dallas, Tex.
GREAT NECK SEWER DISTRICT (North Hempstead), P. O. Man.
-Rapp &
hasset, Nassau County, N. Y.
-OFFER $561000 BONDS.
Lockwood, of New York City, are offering an issue of $561,000 4% %
coupon or registered sewer bonds for public investment at prices to yield
4.00% for the 1931 maturity, 4.10% for the 1932 maturity, and 4.15% for
the bonds due from 1933 to 1950, incl. The obligations are stated to be
legal investment for savings banks and trust funds in New York State and
were awarded on May 20 at 102.809, a basis of about 4.40%-V. 130.
p. 3757. The offering notice states that the full faith and credit of the
Town of North Hempstead are pledged for the payment of principal and
interest of the bonds.
GREENWICH TOWNSHIP (P.0. Gibbstown), Gloucester County,
N. J.
-BOND SALE.
-The $110,000 5% water bonds offered On May 26V. 130, p. 3404
-were awarded to the First National Bank & Trust Co., of
Paulsboro,for a premium of $726,equal to 100.66, a basis of about 4.94%.
The bonds are dated Jan. 1 1930 and mature on Jan. 1 as follows: $2,000
from 1931 to 1934,incl.,and $3.000from 1935 to 1968,Incl.
GUADALUPE COUNTY (.0.Seguin), Tex.
-BONDS REGISTERED.
-On May 21 the State Comptroller registered a $52,000 issue of5% special
road refunding. series D bonds. Due serially.
GUILFORD TOWNSHIP SCHOOL DISTRICT (P. 0. Chambers..
burg, R. R.), Franklin County, Pa.
-Jacob B.
-BOND OFFERING.
Keller, Secretary of the District, will receive sealed bids until 1.30 p. m.
on June 7 for the purchase of $36000 454% school bonds. Dated June 1
1930. Denom. $1,000. Due serially. No bids for less than par value
will be considered. These bonds are offered subject to the approval of
the Department of Internal Affairs of Pennsylvania.
HAMILTON, Butler County, Ohio.
-Harry U.
-BOND OFFERING.
Schuster, Director of Finance, will receive sealed bids until 1 p. m. (Eastern standard time) on June 25 for the purchase of $19,000 554% improvement bonds. Due $2,000 on Nov. 1 from 1931 to 1939 inclusive, and
$1,000 on Nov. 1 1940; $4,000 554% improvement bonds, due $400 on
Nov. 1 from 1931 to 1940 inclusive, and $3,050 5;4% improvement bonds,
due $305 on Nov. 1 from 1931 to 1940 inclusive. The three issues aggregate $26,050 and are dated May 1 1930. Principal and semi-annual interest (May and Nov.) Payable at the office of the Director of Finance.
Bids for the bonds to bear interest at a rate other than 5 % will also be
considered, provided, however, that where a fractional rate is bid such
fraction shall be g of 1% or a multiple thereof. A certified check for 5%
of the amount of bonds bid for, payable to the order of the above-mentioned
official, must accompany each proposal.
Financial Statement as of May 22 1930.
Actual value of property (estimated)
$103,000,000.00
valuation for taxes, year 1930
Assessed
. . .
Total bonded debt not including this issue
3.396,235.23
Less water works bonds
411,000.00
Less sinkin fund
648,338.59
Less specia assessment included
543,072.45
Total debt--------------------------1,793,824.19
sifnio./6 census) 52,108.
,tion
census), 39,675; joioula
,
Population
Tax rate per $1,000
$21.25
Tax collected, December and June. Date incorporated, 1854.
HAMILTON COUNTY CON OLIDATED SCHOOL DISTRICT NO.
-BONDS REGISTERED.
-A $10,700 issue of
12 (P. 0. Hamilton), Tex.
5% serial school bonds was registered on May 21 by the State Comptroller.
3923
HARDIN COUNTY (P. 0. Savannah), Tenn.
-BONDS NOT SOLD.
-The $200,000 issue of 5% semi-annual highway bonds offered on May 27
-V. 130, p. 3035
-was not sold. Dated Jan. 1 1929. Due in from 1 to
30 years.
HARTFORD WEST MIDDLE SCHOOL DISTRICT, Hartford
County, Conn.
-BOND SALE.
-The $350,000 4%% coupon school build
ng construction and equipment bonds offered on May 26-V.130, p.3582
were awarded to a syndicate composed of R. L. Day & Co.. of Boston.
Francis R. Cooley & Co., and Conning & Co., both of Hartford. at 101.54,
a basis of about 4.12%. The bonds are dated June 2 1930 and mature
$10,000 on June 1 from 1932 to 1966, incl. The purchasers are reoffering
the bonds for public investment priced to yield 4.00% and 4.05%.
The following is a list of the bids submitted for the bonds:
BidderRate Bid.
R. L. Day & Co., Boston, Francis R. Cooley & Co., and Conning
& Co. both of Hartford
101.549
Eldredge & Co., Boston
100.93
100.864
Estabrook & Co., Hartford
100.67
H. L. Allen & Co., New York
-BONDS REGISTERED.
HASKELL COUNTY (P.O. Haskell), Tex.
A $66,926.57 issue of 5%% road and bridge refunding bonds was registered
by the State Comptroller on May 22. Due serially.
HELLERTOWN SCHOOL DISTRICT Northampton County, Pa.
-A. C. Dimmick, Secretary of the Board of School
-BIDS REJECTED
Directors, states that all of the bids received on May 26 for the purchase of
-V.130, p.3582
the $100,000 454% coupon school bonds offered for sale
were rejected. The bonds are dated June 1 1930. Due on June 1 1955.
but optional on or after June 1 1931.
HEMPSTEAD AND NORTH HEMPSTEAD CENTRAL HIGH
SCHOOL DISTRICT NO.2(P. O. Franklin Square), Nassau County,
-BOND OFFERING.-Loulse Hinkel, District Clerk, will receive
N. Y.
sealed bids until 8.30 p. m. (Daylight saving time) on June 2 for the purchase of$175,000 454% or 4%% coupon or registered school bonds. Dated
June 1 1930. Denom.$1,000. Due on June 1 as follows:$5,000 from 1933
to 1943 incl., and $10,000 from 1944 to 1955 incl. Prin. and semi-ann. hit.
(J. & D.) payable at the Bank of New Hyde Park, New Hyde Park. or at
the option of the holder at the Chase National Bank, N. Y. City. 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 N.Y. City, will be furnished
to the successful bidder. Proposals should be addressed to the District
Clerk,64 Savoy Ave., Elmont, N. Y.
HOLLIDAYS COVE, Hancock County W. Va.-BOND SALE.A $48,000 issue of 5% street improvement tionds has recently been purchased by the State of West Virginia. Due in 10 years.
HOPATCONG, Sussex County, N. J.
-Peter P.
-BOND OFFERING.
Wahlstad, Borough Clerk, will receive sealed bids until 4 p. m. (daylight
saving time) on June 9 for the purchase of $42,000 4%,5,5%,5% or 551%
coupon or registered improvement bonds. Dated June 1 1930. Denom.
$1,000. Due on June 1 as follows: $2,000 from 1931 to 1942 inclusive.
and $3,000 from 1943 to 1948 inclusive. Principal and semi-annual int.
(June and Dec.) payable in gold at the Newton Trust Co., Newton, or at
the Chase National Bank, New York City. No more bonds are to be
awarded than will produce a premium of $1,000 over $42,000. 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 City, will be furnished
to the successful bidder.
-BONDS REGISHOPKINS COUNTY (P.O. Sulphur Springs), Tex.
TERED.
-The $150,000 issue of 5% road,series K bonds that was recently
-was registered on May 19 by the State
-V. 130, p. 3582
sold at par
Comptroller.
-The
-BONDS NOT SOLD.
HOUSTON, Chickasaw County, Miss.
$125,000 issue of 6% semi-annual general obligation bonds offered on
-was not sold. Due in from 1 to 10 years.
May 23-V. 130, P. 3512
-BOND SALE.
-The following
HUDSON Middlesex County, Mass.
issues of 45i% coupon bonds aggregating $73,000 offered on may 27-were awarded to Harris, Forbes & Co., of Boston, at
V. 130. p. 757
7
101.73, a basis of about 3.90,o.
$25,000 water mains bonds. Due on May 1 as follows: $2,000 from 1931
to 1940 inclusive, and $1,000 from 1941 to 1945 inclusive.
24,000 bridge and road bonds. Due on May 1 as follows: $3,000 from
1931 to 1936 inclusive; $2,000 in 1937 and 1838, and $1,000 in
1939 and 1940.
13,000 public library addition bonds. Due $1,000 on May 1 from 1931
to 1943 inclusive.
11.000 sewer bonds. Due $1,000 on May 1 from 1931 to 1941 inclusive.
All of the above bonds are dated May 1 1930. Bids for the bonds were
as follows:
Rate Bid
BidderHarris, Forbes & Co. (purchasers)
101.73
First National Old Colony Corp
101.64
F. S. Moseley & Co
101.616
Wise, Hobbs & Arnold
101.562
R. L. Day & Co
101.459
Estabrook &•Co
101.284
Curtis & Sanger
101.02
Eldredge & Co
100.93
Chase Securities Corp
100.79
IRVING, Dallas County, Tex.
-BONDS VOTED.
-At a special
election held on May 24, the qualified electors authorized the issuance of
$40,000 in bonds for school building purposes by a count reported to have
been 126 "for" and 58 "against".
JEFFERSON CITY, Jefferson County, Tenn.
-BOND SALE.
A $79,000 issue of coupon street improvement bonds was purchased on
April 28 by Joseph. Hutton & Estes, of Nashville, as 5s, at par. Denom.
$1,000. Dated April 1 1930. Due serially. Int, payable on April and
Oct. 1.
JEFFERSON COUNTY (P.0. Madison), Ind.
-BOND OFFERING.
William E. Carr, County Treasurer, will receive sealed bids until 2 p. m.on
June 2 for the purchase of the following issues of 4%% bonds aggregating
$25400:
818..600 Herbert Lichlyter et al., road constrcution bonds. Denom. $465.
Due $930 on May and Nov. 15from 1931 to 1940 incl.
6.800 Albert Wilhelm et al., road construction bonds. Denom. $340.
Due $340 on July 15 1931, $340 on Jan. and July 15 from 1932
to 1940 incl.. and $340 on Jan. 151941.
Both issues are dated May 31 1930. Int. is payable semi-annually on
Jan. and July 15.
JEFFERSON COUNTY (P. 0. Watertown), N. Y.
-BOND SALE.
The $150,000
% coupon county hospital bonds offered on May 23V. 130. P. 3583
-were awarded to the Jefferson Securities Corp., Watertown, at par plus a premium of $514.05, equal to 100.34, a basis of about
4.20%. The bonds are dated April I 1930 and mature $10,000 on April 1
from 1931 to 1945 incl..
JEFFERSON TOWNSHIP (P. 0. Jefferson), Greene County, Pa.
BOND SALE.
-The $75,000 451% coupon or registered refunding bonds
refunding,
offered on May 10-V. 130, p. 3035
-were awarded to Edward
Stokes & Co. of Philadelphia, at par plus a premium of $3,195, equal to
104.26, a basis of about 4.29%. The bonds are dated April 1 1930 and
mature $5,000 on Oct. 1 from 1935 to 1949, incl.
JOHNSON CITY, Washington County,Tenn.
-BOND OFFERING.
-Rids will be received until 11 a. m. on June 10. by J. Allan Artz, City
Recorder, for the purchase of a $75,000 issue of refunding bonds. Int.
rate is not to exceed 554%, payable semi-annually. Dated June 15 1930.
KARNES COUNTY,(P. 0.Karnes City), Tex.
-BOND OFFERING.
Sealed bids will be received until 10.30 a. m. on July 14. by Thos. B.
Smiley, County Judge,for the purchase of two issues of 5% semi-annual
road bonds aggregating $107,000, as follows: $47,000 road district No. 1,
and $60,000 road district No. 4 bonds. Denom. $1,000. Dated July 1
1930. Due serially in 30 years. The Commissioners Court reserves the
right to reject any and all bids, and also reserves the right'to sell each iSall
separately or together and to sell them at public auction. A certified
check for 5% of the issue bid upon is required.
3924
FINANCIAL CHRONICLE
KEARNY, Hudson County, N. J.
-William B.
-BOND OFFERING.
Ross, Town Clerk, will receive sealed bids until 8 p. m. (daylight saving
-time) on June 11 for the purchase of $2,000,000 4;4%,454% or 5% coupon
-or registered water supply bonds. Dated Jan. 15 .930. Denom. $1,000.
Due on June 15 as follows: $40,000 from 1932 to 1948, incl., and $60,000
from 1949 to 1970, inclusive. Principal and semi-annual interest (June
and Dec. 15) ayable at the Kearny National Bank, Kearny, or at the
Irving Trust Cew York City. No more bonds are be awarded than
Co.,
will produce a premium of $1,000 over the amount of bonds offered. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the town, must accompany each proposal. The approving opinion of
Hawkins, Delafield & Longfellow, of New York City, will be furnished to
the successful bidder.
KING COUNTY (P. 0. Seattle), Wash.
-The two
-BOND SALE.
Issues of coupon bonds, aggregating $2,310,000, offered for sale on May
27-V. 130, p. 3406
-were awarded to a syndicate composed of the Continental Illinois Co. the Harris Trust & Savings Bank, the First Detroit
Co. and the First Union
Trust & Savings Bank. all of Chicago, the First
Seattle Dexter-Horton Securities Co., and the Marine National Co., both
of Seat.le, as follows.
$1,310,000 County-city building bonds, as 434s, for a premium of $131.
equal to 100.01, a basis of about 4.49%. Due in from 2 to 30
years from date of issuance.
1,000,000 King County Hospital bonds, as 4s.for a premium of $1,159.
equal to 100.11, a basis of about 4.49%. Due in from 2 to 20
years from date of issuance.
Dated June 1 1930. Authority for issuance: Resolution Nos. 3642 and
3644 of the Board of County Commissioners, passed April 22 1930.
Official Financial Statement
-as of March 31 1930.
Bond indebtedness, outstanding,
authorized by a 3-5 vote of the
qualified electors of King County--$5,440,000
Less cash and uncoll.taxes for red--.. 855,000
$4.585,000.00
Net
Bond indebtedness, not yet issued, authorized
by a 3-5 vote of the qualified electors of King
County, Harbor View Hospital
2,250,000.00
[VoL. 130.
bonds. Dated June 1 1930. Due on June 1 as follows: $5,000 in 1931 and
1932; $6,000 in 1933: $5,000 in 1934: $6,000 in 1935; $5,000 in 1936; $6,000
in 1937; $5,000 in 1938; 16.000 in 1939 $5,000 in 1940 and 1941; $6,000 in
1942; $5,000 in 1943; $6,000 in 1944, and $11,600 in 1945. Int. is payable
semi-annually. A certified check for 5% of the amount of bonds bids for,
Payable to the order of the Village Treasurer, must accompany each propmal. The village reserves the right to purchasei for its sinking fund
il5,000 bonds of the last maturities of the issue at the price bid.
LOGANSPORT SCHOOL DISTRICT (P. 0. Mansfield) De Soto
Parish, La.
-BOND SALE.
-The $35,000 issue of coupon school bonds
offered for sale on May 27-V. 130, P. 3036
-was purchased by Prudden
& Co. of Toledo, as 5;4s, for a premium of $643, equal to 101.83. a basis
of about 5.30%. Dated May 27 1930. Due from Jan. 15 1931 to 1950. incl.
LONG BEACH, Los Angeles County, Calif.
-The
-BOND SALE.
$500,000 issue of semi-ann. -harbor improve, bonds offered for sale on
May 23-V. 130, p. 3759
-was jointly purchased by the National City Co.
of New York, and Weeden & Co., of San Francisco, for a premium of $48.
equal to 100.009, a basis of about 4.36% on the bonds divided as follows:
$280,000 as 4)O, and $220,000 as 4s. Dated June 1 1928. Due on
June 1 as follows:$22,500in 1955;167.500, 1956 to 1962,and $5,000 in 1963.
Newspaper reports from the Coast gave the bids as follows:
Dean, Witter & Co. group, $2,885 prem. for $225,000 48 and $275,000
43 s, or $5,540 for all the bonds as 4)4s.
American Securities Co.,$228 for $422,500 43.4s and $72,500 4s.
*National City Co. and Weeden & Co., $48 for 3280,000 43s and
$220,000 4s.
Harris Trust & Savings Bank, $27 for $324,000 434s and $176,000 43(s.
Anglo London Paris Co., $1,525 for all 4;4s.
*Successful bid.
LORENA, McLennan County, Tex.
-BONDS REGISTERED.
-The
State Comptroller on May 21 registered a $35,000 issue of 5% Independent
School District, series 1930 bonds. Due serially.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-BOND
OFFERING.
-Sealed bids will be received until 2 p. m.on June 9, by L. E.
Lampton, County Clerk, for the purchase of three issues of bonds aggregating $119,435.46, as follows:
$75,000.00 5% San Marino City School District bonds. Denom. $1,000.
Dated June 1 1930. Due 33 000 from June 1 1931 to 1935,
Total net bond Indebtedness authorized by 3-5 vote of electors $6,835,000
and 84,000, 1936 to 1950. all inclusive.
Mond indebtedness authorized by
26,127.94 Acquisition and Improvement District No. 17 bonds. Denom.
County Commissioners
$2,482,350
$1,000 and $500, one for $627.94. Dated May 19 1930. Due
Less cash & uncoil,taxes for red
191,000
from May 19 1932 to 1941,inclusive.
18,307.52 Acquisition and Improvement District No. 100 bonds. Denom.
Net
$2,291,350.00
$1,000, $500 and one for 807.52. Dated May 19 1930. Due
Donohue road bonds,contingent nab $109,000
from May 19 1932 to 1944, inclusive.
Leas cash & uncoil. taxes for red
41,500
The interest rate on the Improvement District issues is not to exceed 7%.
Principal and semi-annual interest payable at the County Treasury. No
Net
$67,500.00
bids for less than par can be accepted. A certified check for 5% in the
•Port of Seattle bonds assumed
$168,000
case of Improvement District No. 100 and for 3% in the other two cases,
Less cash & uncoil,taxes for red
4,000
must accompany the bid.
$164.000.00
LOS ANGELES, Los Angeles County, Calif.
-ADDITIONAL INFORMATION.
Net bond Indebtedness, outstanding, author-We now learn that at the special election held on May 20,
at which the voters approved the Issuance of $38,800,000 in bonds to
ized by County Commissioners
$2,522,850.00
provide additional water and water distribution facilities
-V. 130. p.
Bond indebtedness, not yet issued.
3759
-the count was unofficially reported to have been 162,773 "favorable"
authorized by County Commisto 18,727 "opposed."
sioners, county-city building, incl.
this proposed Issue
$1,810,000
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-LIST OF
Airport
260,000
BIDDERS.
-The following is a complete official Ilst of the bids submitted
$2,070,000.00
for the $90.000 issue of5% coupon San Dimas School District bonds awarded
to the Anglo-London-Paris Co., of San Francisco, at 103.32, a basis of
Net bond Indebtedness authorized by County Commissioners,
about 4.54%:
incl. bonds outstanding, bonds authorized, not yet issued,
BidderPremium.
and contigent liabilities
$4,592,850 *Anglo-London-Paris Co
$2,988
American Securities Co
ecurities
2,733
Total net bond indebtedness incl. bonds authorized, not
Bank of Italy
issued and contigent liabilities
111,427.850 Harris Trust & Savings Bank
1,255
Assessed valuation year 1929
1370,212,581.00
Dean Witter & Co
2,519
5% of assessed valuation
18,510,629.05
Weeden & Co
2,414
Net bond indebtedness authorized by a 3-5 vote
R. H. Moulton & Co
2,012
of the electros incl. bonds authorized, not
Wm,R. Staats Co
1,855
yet issued
6,835,000.00
* Successful bid.
Margin between net debt and debt limit by vote
McDONALD COUNTY (P.O. Pineville), Mo.-BOND SALE.
-We are
ofelectors
informed that a $12.000 issue of highway bonds has been purchased at par
$11,675,629.05
% ofassessed valuation
by an undisclosed investor.
5,553.188.72
Net bond indebtedness authorized by County
McINTOSH, Carson County, S. Dak.-BOND OFFERING.
-It is
Commissioners, incl. bonds authorized, not
reported that sealed bids will be received until June 2 by T. A. Finnegan,
yet issued, incl. this issue and contingent
City Auditor,for the purchase of a 35,000 issue of5% semi-ann. city bonds.
liabilities
4,592,850.00
A certified check for $100 must accompany the bid.
Margin oetween net debt and debt limit by
-BOND OFFERING.MADISON COUNTY (P. 0. Anderson), Ind.
County Commissioners
Marcia H. Barton, County Treasurer, will receive sealed bids until 10
$960.338.72
a. pm. on June 16, for the purchase of the following issues of 454% bonds
LASETTE COUNTY (P. 0. Oswego), Kan.
-BOND OFFERING.
Sealed bids will be received until 1.30 p. m. on June 4 by W. B. Berlin, aggregating $96,200:
et al., Fall Creek Twp.road construction bonds.
County Clerk,for the purchase of a $50,000 issue of3g% county road impt. $50,200 Richard J. Wrightsemi-annually
from July 15 1931 to Jan. 15 1941.
The bonds mature
bonds. Denom. $1,000. Dated May 1 1930. Due $5,000 from Aug. 1
21,200 J. F. Murray et al., Pipecreek Twp.road construction bonds. The
1931 to 1940 incl. These bonds have been rejected by the State School
bonds mature semi-annually from July 15 1931 to Jan. 15 1941.
Fund Commission. A certified check for 2% of the bid is required.
13,500 William T.Richards et al.,Anderson Twp.road construction bonds.
The bonds mature semi-annually from July 15 1931 to Jan. 15 1941.
LAKE COUNTY (P. 0. Painesville), Ohio.
-OFFERING DATE IS
11,300 L. D. Kinnard et al., Fall Creek Twp. road construction bonds.
-L.J.Spaulding,Clerk of the Board of County Commissioners,
CHANGED.
The bonds mature semi-annually from July 15 1931 to Jan. 15 1941.
the date of the proposed sale of 3119,274.60 bonds,comprisInforms us that
The offering notice states that to enable the immediate delivery of bonds
ing two issues, has been changed from June 9 to June 16. Sealed bids
will be received until 11 a.m. A detailed description of the Issues scheduled on day ofsale, the transcript will have attached to it a written opinion of the
to be sold in addition to a statement of the financial condition of the County examining attorney, cost of same to be paid by the successful bidder.
appeared in
-V.130. p. 3758.
MADISON COUNTY (P. 0.113Madisonville), Tex.
-BONDS REGIS-An issue of $175,000 5% road. series H bonds was registered
LAKE FOREST,Lake County,Ill.
-ADDITIONAL INFORMATION. TERED.
by the State Comptroller on May 19. Due serially.
-In connection with the report of the sale of $70.000 4g% coupon library
site bonds to the First Detroit Co., of Detroit, at 103.70, a basis of about
-LOAN
MALDEN, Middlesex County, Mass.
-Walter E.
-we learn that the bonds are dated May 1 1930. Milliken, City Treasurer, will receive sealed bidsOFFERING. (Daylight
4.38%-V. 130. p. 3758
until 8 p.m.
Denom. $1,000. Due $5,000 on May 1 from 1937 to 1950, inclusive. Saving time) on June 4 for the purchase at discount of a $500.000 temporary
Interest payable in May and November.
loan. Dated June 5 1930. Denoms.$50,000, $25,000,$10,000and $5,000.
LARIMER COUNTY SCHOOL DISTRICT NO.10(P.0.Wellington), Payable on Dec. 5 1930 at the First National Bank of Boston. The notes
-ELECTION SALE.
-A $5,500 issue of 5% school building will be certified as to genuineness and validity by the aforementioned bank,
Colo.
-PRE
bonds has been purchased by Bosworth, Chanute, Loughridge & Co. of under advice of Ropes, Gray, Boyden & Perkins of Boston.
Denver, subject to an election to be held in the near future. Dated July 1
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), Essex County, N.
J.
-Edward R. Arcularius, Township Clerk, will re1930. Due $500 in 1936 and $1,000, 1937 to 1941 incl.
-BOND OFFERING.
ceive sealed bids until 8:30 p. m.(daylight saving time) on June 17,for the
LEBANON SCHOOL CITY,Boone County,Ind.
-BIDS REJECTED. purchase of
-All of the bids received on May 23 for the purchase of $89,000 4 % Dated June $320,000 4g, 454 or 4g% coupon or registered sewer bonds.
15 1930. Denom. $1,000. Due on June 15 as follows: 37.000
school construction and equipment bonds offered for sale
-V.130. P.3583
- from 1931 to
were rejected. The bonds are dated May 1 1930 and mature on July 1 as 1961 to 1970,1955.Ind.; 19,000 from 1956 to 1960, incl. and $10,000 from
incl. Principal and semi-annual interest (June and Dec. 15).
follows: $10,000 from 1936 to 1943 incl., and $9,000 In 1944.
payable at the Chemical Bank & Trust Co.. New York. No more bonds are
LEE COUNTY (P. 0. Sanford), N. C.
-OFFERING DETAILS.
-In to be awarded than will produce a premium of $1,000 over $320.000. A
-connection with the offering scheduled for June 3, of the $62,500 issue of certified check for 2% of the amount of bonds bid for, payable to the order
hospital bonds
-we are now informed that the bonds are of the Township, must accompany each proposal. The approving opinion
-V. 130, p. 3758
dated May 1 1930. Denom. 31,000, one for $500. Prin. and int.(M.& N.) of Reed, Hoyt & Washburn, of New York City, will be furnished to the
payable in gold or its equivalent at the Chemical Bank & Trust Co. in successful bidder.
New York. The approving opinion of Thomson, Wood & Hoffman of
MARION, Grant County, Ind.
-BOND OFFERING.
-Ray B. Nor
New York, will be furnished. The int. rate is to be stated in multiples of man, City Clerk, will receive sealed bids until 10 a.m. on June 10 for the
g of 1% and must be the same for all of the bonds. These bonds are purchase of $39,000 4% %civic hall remodeling bonds. Dated June 1 1930.
issued pursuant to the County Finance Act. A certified check for $1,250. Denom. $500. Due $1,000 on June and Dec. 1 from 1931 to 1949, incl.,
payable to the County, is required.
and $1,000 on June 1 1940. Prin. and semi-ann. int. (J. & D.) Payable
-Sealed bids at the office of the Treasurer of Grant County. A certified chock for 1%
LEEDS, Benson County, N. Dak.-BOND OFFERING.
of the amount of bonds bid for must accompany each proposal.
will be received until 2 p. m. on June 2 by J. H. Huseby, City Auditor,
the
MARION COUNTY SCHOOL DISTRICT NO.103(P.O. Woodburn),
at the County Auditor's office in Minnewaukan foras f Purchase of two
ollows:
bonds aggregating $29,000, divided
Ore.
Issues of coupon
-MATURITY.
-The $25,000 issue of 5% coupon school building
$11,000 water works bonds. Denoms. 31,000 and $500. Due on Dec. 1 bonds that was purchased by the State of Oregon,at a price of 100.21 (plus
as follows: $500, 1931; $1,000, 1932 to 1937, and $1,500, 1938 to bonds and legal opinion)
-V. 130, P. 3760
-is dated July 1 1930 and due
on July 1 as follows: $1.000 1935 and 1936; 31.500. 1937 and 1938; $2,500,
1940.
18.000 funding bonds. Denom. $1,000 and $500. Due on Dec. 1 as 1939 and 1940, and 33,000, 1941 to 1945, all incl., giving a basis of about
1932 to 1940, and $1,500, 1941 to 1949, all incl. 4.97%. Int. payable on Jan. and July 1.
follows: $500 from
Int. rate is not to exceed 6%. payable semi-annually. Prin. and int.
-The
MARSHALLTOWN, Marshall County, lowa.-BOND SALE.
(J. & D.) payable at any bank designated by the purchaser. Junell, $33,500 issue ofsemi-ann.funding bonds offered for sale on May 19(V. 130,
Oakley, Driscoll & Fletcher of Minneapolis will furnish the legal approval. p.
)
elbyuatihtoe White-phll ps Co. of Davenport as 450
wo.83
ll
a 4 was purch2 d
58
Separate bids will be received for both issues. A certified check for 5% for3 premium of t a8e,
80
the bid, payable to the city, is required.
-TEMPORARY LOAN.
-A
MARLBORO, Middlesex County, Mass.
-Philip $50,000 temporary loan, due on Dec. 10 1930. was recently purchased by
-BOND OFFERING.
LOCHMOOR, Wayne County, Mich.
F. Allard, Village Clerk, will receive sealed bids until 8 p.m. on June 3 the First National Old Colony Corp., of Boston, at 2.725% discount
or the purchase of $86,600 not to exceed 6% int. special assessment paving Bids submitted for the loan were as follows:
a
MAY 31 1930.]
FINANCIAL CHRONICLE
BidderDiscount.
First National Old Colony Corp.(purchaser)
2.725%
Shawmut Corp
2.75
Merchants National Bank of Boston
2.79
F. S. Moseley & Co
2.79
Faxon. Gado & Co
2.97
Curtis & Sanger
3.00%
MARSHALLTOWN, Marshall County, lowa.-BOND OFFERING.
informed that sealed bids will be received by the City Clerk until
We are
June 3 for the purchase of a $24,500 issue of bridge bonds.
MASON INDEPENDENT SCHOOL DISTRICT (P. 0. Mason),
-BONDS REGISTERED.
-On May 21 the State
Mason County, Tex.
Comptroller registered a $20,000 issue of 5% serial school bonds.
MASSACHUSETTS, State of (P. 0. Boston).
-NOTE SALE.
-State
Treasurer John W. Hal& on May 24 sold an issue of $382,500 notes to
bear interest at 2.58%, payable at maturity, to the Shawmut Corp. of
Boston. The notes are dated May 29 1930 and are payable on Nov. 21
1930. Bids received were as follows:
BidderRate of Interest.
Shawmut Corp.(purchaser)
2.58
First National Old Colony Corp.(plus$7) 2.74
Salomon Bros. & Hutzler
2.79
F. S. Moseley & Co
2.84
MEEKER, Rio Blanco County, Colo.
-BOND SALE.
-An issue of
$115,000
% water extension bonds has been jointly purchased by Sidle.,
Simons, Day & Co., and Kramlich, Reed & Co., both of Denver, at a price
of 95.11, a basis of about 5.78%. Due in 20 years and optional in 10 years.
(This report corrects that given in V. 130, p. 3584.)
MELVIN CONSOLIDATED SCHOOL DISTRICT (P. 0. Melvin),
Osceola County, lowa.-BOND SALE.
-A $50,000 issue of school refunding bonds has been purchased by Geo. M.Bechtel & Co.of Davenport
MENANDS, N. Y.
-BOND OFFERING.
-John J. Mooney, Village
Clerk, will receive sealed bid until 8 p.m.(Daylight Saving time) on June 3
for the purchase of the following issues of not to exceed 6% interest coupon
or registered bonds aggregating $192,000:
$142,000 street improvement bonds. Dated April 1 1930. Due on
April 1 as follows: $7,000 from 1931 to 1949, incl., and $9,000 in
1950.
50,000 water supply extension bonds. Dated May 1 1930. Due $2,000
on May 1 from 1935 to 1959, incl.
Both issues are in denorns. of $1,000. Rate of int. to be stated in a
multiple of
of 1% and must be the same for all of the bonds. Prin. and
semi-ann. int. payable in gold at the National Commercial Bank & Trust
Co., Albany. Certified checks for $3,000, covering both issues, payable
to the order of the Village, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of N. Y. City, will be furnished to
the successful bidder.
MENDHAM, Morris County, N. J.
-BOND SALE.
-The $33,000 5%
coupon or registered improvement bonds offered on May 27-V. 130,
-were awarded to the Morris County Savings Bank,of Morristown,
13• 3760
at 100.90.a basis of about 4.82%. The bonds mature on June 15 as follows:
$3,000 from 1931 to 1939, inclusive, and $6,000 in 1940. The accepted
bid was the only one received.
MERCED, Merced County, Calif.
-BOND OFFERING.
-We are informed that the City Clerk will receive sealed bids until 8 p. m.on June 9,
for the purchase of a $5.000 issue of lighting bonds.
MERCEDES INDEPENDENT SCHOOL DISTRICT(P.O. Mercedes),
Hidalgo County, Tex.
-BONDS NOT SOLD.
-The $250.000 issue of 5%
school bondsoffered on May 27-V. 130, p. 3407
-was not sold as all the
bids were rejected. Due from 1931 to 1970 incl.
METHUEN, Essex County, Mass.
-BOND OFFERING.
-George G.
Frederick, Town Treasurer, will receive sealed bids until 12 m. (Daylight
Saving time) on June 3 for the purchase of the following issues of 4%
coupon bonds aggregating $91,900:
$32.000 water bonds. Due on June 1 as follows: $33,000 in 1931 and 1932,
and $2,000 from 1933 to 1945, incl.
20,000 Town Hall bonds. Due $4,000 on June 1 from 1931 to 1935. incl.
18,900 sewer oonds. Due on June 1 as follows: $1,000 from 1931 to 1948,
incl., and $900 in 1949.
15,000 macadam bonds. Due $3,000 on June 1 from 1931 to 1935. incl.
6,000 street widening bonds. Due $1,000 on June 1 from 1931 to 1936,
incl.
All of the above bonds are dated June 1 1930. One bond for $900, all
others for $1,000. Prin. and semi-ann. int. (J. & D.) payable at the First
National Bank of Boston. The bonds are engraved under the supervision
of and certified as to genuineness by the aforementioned bank; their legality
will be approved by Ropes, Gray, Boyden & Perkins of Boston.
Financial Statement, May 19 1930.
Net valuation for year 1929
$19,160,237.00
Debt limit
604,438.56
Total gross debt including these Issues
932,900.00
Exempted Debt
Water bonds
$191,000.00
School bonds
297,750.00
County Tuberculosis Hospital
73,000.00
Sinking funds for debts inside debt limit
25,000.00
586.750.00
Net debt
$346,150.00
Borrowing capacity, May 19 1930
258,288.56
Sinking funds for debts outside debt limit
24,175.32
MIAMISBURG, Montgomery County, Ohio.
-BOND SALE.
-The
following issues of5X % bonds aggregating $5,100 offered on May 3-V.130,
p. 3037
-were awarded to the First National Bank, of Miamisburg, at
par plus a premium of $5, equal to 100.09, a basis of about 5.47%.:
$2,700 special assessment street improvement bonds. Due $540 on Oct. 1
from 1931 to 1935, incl.
1,800 special assessment sidewalk construction bonds. Due $360 on
Oct. 1 from 1931 to 1935, incl.
600 village portion sidewalk constructioh bonds. Due $120 on Oct. 1
from 1931 to 1935, incl.
All of the above bonds are dated Dec. 18 1929.
MIDDLETOWN, Butler County, Ohio.
-BOND OFFERING.
-C. H.
Campbell, City Auditor, will receive sealed bids until 12 m. (Eastern
standard time) on June 12 for the purchase of $15,000 6% city hall construction bonds. Dated June 1 1930. Denoms. $1,000 and $500. Due
$1,500 on Sept. 1 from 1931 to 1940 inclusive. Principal and semi-annual
interest (March and Sept.) payable at the Chase National Bank, New
York City. Bids for the bonds to bear interest at a rate other than 6%
will also be considered, provided, however, that where a fractional rate is
bid such fraction shall be X of 1% or a multiple thereof. A certified
check for $300, Payable to the order of the City Treasurer, must accompany each proposal. The proceedings leading up to the issuing of these
bonds have been under the supervision of Peck, Shaffer and
Williams.
Cincinnati, 0., whose opinion as to the validity will be furnished to the
purchaser without charge. Purchasers are required to satisfy themselves
as to the validity of these bonds prior to the bidding therefor, and only
unconditional bids shall be considered. Purchaser shall pay the entire
expense for the delivery of said bonds.
MONROE COUNTY (P. 0. Albia), Iowa.
-BOND OFFERING......
Sealed bids will be received until 2 p.m. on June 26, by I. Hope, County
Auditor, for the purchase of a $227,000 issue of road bonds. Denom.
$1,000. Dated July 1 1930. Due as follows:
22,000.1936to 1944,and $29,000in 1945. Optional in 1936. Prin. and
int, payable at the office of the County Treasurer. Legality approved by
Chapman & Cutler of Chicago. A certified check for 3% must
accompany
the bid.
MONTVILLE TOWNSHIP,Geauga County, Ohio.
-BOND SALE.
% special assessment street improvement bonds offered
The $15,984.61
-were awarded to filler, Carpenter & Roose,
on May 23-V. 130, p. 3407
Plus a premium of $12. equal to 100.07, a basis of about
of Toledo, at par
5.48%. The successful bidders agreed to furnish printed bonds. Dated_
April 1 1930. Due on Oct. 1 as follows: $1,984.61 in 1930,and $2,000 from
1932 to 1937 incl.
MOORESTOWN TOWNSHIP (P. O. Moorestown), Burlington
County, N. J.
-The $48,000 5% coupon or registered
-BOND SALE.
assessment bonds offered on May 26-V. 130. p. 3584
-were awarded to
X
3925
C. C. Collings & Co., of Philadelphia, at par plus a premium of $273.60_,
equal to 100.57, a basis of about 4.79%. The bonds are dated May lb
1930 and mature on May 15 as follows: $8,000 in 1931, and $10,000 from
1932 to 1935,incl.
Bids for the issues were as follows:
BidderAmount Bid.
0.0. Collings & Co.(purchasers)
848,273.60
J. S. Rippel & Co., Newark
48,144.00
Burlington County Trust Co., Moorestown
48.148.80
Moorestown Trust Co., Moorestown
48,033.33
MOREHOUSE PARISH ROAD AND BRIDGE DISTRICT NO. 4
(P. 0. Bastrop), La.
-BOND OFFERING.
-Sealed bids will be received
until 2 p. m. on June 24, by J. W. Brodnax, President of the Police Jury,
for the purchase of an issue of $165,000 road and bridge bonds. Interest
rate is not to exceed 5%,payable semi-annually. Denom.$1,000. Dated
April 1 1930. Due on April 1 as follows: $5,000, 1931 to 1933 $6,000.
1934 to 1936; $7,000, 1937 to 1939; $8,000, 1940 and 1941; $9,000. 1942
and 1943: $10,000, 1944 and 1945; $11,000, 1946 to 1948, and $12,000.
1949 and 1950. A. $3,300 certified check, payable to the President of the
Police Jury, must accompany the bid.
MORGAN COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Fort Morin Colo.-BOND SALEreenypuicE7g00 :ygothianutiu
A
e fAi %sevi-anrl;ghdk
par
Loughhas
ridge & Co. of Denver. Due in 20 years and optional in 10 years.
MOUNTAIN LAKES,Morris County, N.J.
-NO BIDS
-FINANCIAL
STATEMENT.
-Myrtle L. Hillman, Borough Clerk, states that no bids
were received on May 22 for the purchase of the $75,000 not to exceed 5%
hat. coupon or registered water bonds offered for sale.
-V. 130. p. 340.7.
The bonds are dated June 1 1930 and mature on June 1 as follows: $2.000
from 1932 to 1967 incl., and $1,000from 1968 to 1970 incl.
Financial Statement.
;Borough of Mountain Lakes.]
(As of May 131930.)
Indebtedness.
TressDebt
.-Water bonds
$250.000
Temporary street impt. bonds
351,500
Tax revenue
15,000
Tax anticipation note
10,000
1626,500
Water bonds,to be issued
*75,000
$701.500
*$50,000 included in item of $250,000.
Assessed Valuation.
Real property, incl. improvements, 1930
Personal property 1930
Real property 1929
Real property 1928
Real property 1927
Tax rate 1930, per thousand. $52.61.
Indebtedness of School District.
Bonds outstanding
Amount to be issued
$3,863.046
276,050
3,734,781
3,393,617
2,729,997
$95,001
25,000
Debt,incl. bonds to be issued
$120,001
MOUNT LEBANON SCHOOL DISTRICT, Allegheny County,_Pa.BONDS VOTED.
-School district voters at an election beld on May 20
approved a measure calling for the issuance of $440,000 in bonds for school
building enlargement and equipment bonds. The issue was passed by a vote
of 1,334 to 805.
MOUNT OLIVER, Allegheny County, Pa.
-A
-BONDS VOTED.
bond issue for $35,000, the proceeds of which wlll be used to pay the
Borough's pro rata share in the construction of the Becks Run sewer, was
authorized to be sold at an election held on May 20. Approval of the issue
was obtained by a vote of 805 to 460.
NASSAU COUNTY (P. O. Mineola), N. Y.
-BOND OFFERING.
Philip F. Wiedersum, County Comptroller, will receive sealed bids until
12:30 p.m. (daylight saving time) June 11 for the purchase of $1,700,000
434% coupon or registered series "Z" highway, jail and hospital bonds.
Dated July 1 1930. Denom. $1000. Due on July 1 as follows: $72,000 in
1942,$32,000 in 1943,$408,000 in 1944,$435,000 in 1945,$505,000 in 1946,
$150,000 in 1949 and $98,000 in 1950. Prin. and semi-ann. int. (J. & J.)
payable in gold at the office of the County Treasurer. The bonds will be
prepared under the supervision of the Nassau County Trust Co., Mineola.
A certified check for 2% of the face value of tne amount of bonds bid for.
payable to the order of the County Treasurer, must accompany each proposal. The approving opinion of Reed, Hoyt & Washburn of N. Y. City,
will be furnished to the successful bidder.
NEDROW WATER DISTRICT (P. 0. Nedrow), Onondaga County,
N. Y.
-LIST OF BIDS.
-The following is a complete list of the bids received on May 19 for the purchase of the $98,000 coupon or registered
water bonds awarded as 43j8 to Batchelder & Co., of New York, at 100.66,
a basis of about 4.43%.-V. 130, p. 3760.
BidderInt. Rate. Rate Bid.
Batchelder & Co.(purchaser)
4
100.66
Lincoln Equities, Syracuse
100.2883
4
Manufacturers & Traders Trust Co., Buffalo
100.1649
4
Dewey, Bacon & Co., New York
100.11
George B. Gibbons & Co., New York
101.581
First Trust & Deposit Co., Syracuse
101.432
4
Marine Trust Co. Buffalo
100.869
•
434
Edmund Seymour & Co., New York
100.3899
4
NEWBERN SPECIAL HIGH SCHOOL DISTRICT (P.O. Newbern),
Dyer County, Tenn.
-Sealed bids were received
-BONDS OFFERED.
until 2 p.m. on May 29, by the Secretary of the Board of Directors,for the
purchase of a $35,000 issue of 6% semi-annual school bonds. Due in 20
Years.
(These bonds were voted at the special election on May 14-V. 130,
P. 3761.)
-BOND SALE.
NEWCASTLE SCHOOL CITY Henry County, Ind.
-The $65,000
% school building addition construction bonds offered
on April 16-V. 130, p. 2274
-were awarded to the Citizens State Bank,
of Newcastle, at par plus a premium of $2,000, equal to 103.07, a basis of
about 4.29%. The bonds are dated April 1 1930 and mature as follows:
$5,000 on June and Dec. 1 from 1935 to 1940, inclusive, and $5,000 on
June 1 1941.
-BOND OFFERING.
NEW JERSEY, State of (P. 0. Trenton).
Sealed bids addressed to the issuing officials. Harry B. Salter, Secretary,
will be received until 10 a. m.(Standard time)on June 10 for the purchase of
$20.000,000 4% series "B" road bonds, issue of 1927. Dated July 1 1930.
Coupon in $1,000 denom. Due July 1 1950. The bonds may be registered
as to prin. and int. or may be converted into registered bonds at option, in
denoms. of multiples of $1,000 up to $50,000. Prin. and semi-ann. int.
(J. & J.) payable at the Trenton Trust Co., Trenton. These bonds are
issued under the provisions of Chapter 181,P. L.1927,which act was submitted to the people at the general election held in the State, Nov.8 1927,
and received the sanction of a majority of votes cast for and against it at
said election. No bids will be considered containing any conditions whatever other than those specified in the official offering notice. Proposals
must be accompanied by a certified check for 3% of the face value of the
amount of bonds bid for, payable to Albert C. Middleton, State Treasurer.
Legal opinion will be furnished by the Attorney General of the State.
-TEMPORARY LOAN.-Salamon
NEWPORT,Newport County,R.I.
Bros. & Hutzler, of Boston. recently purchased a $100,000 temporary loan
at 2.82% discount. The loan is due on Sept. 10 1930. Bids received were
as follows:
Discount.
Bidder2.82%
Salomon Bros. & Hutzler (purchaser)
2.825
Aquidneck National Exchange Bank
2.98
faxon, Gade & Co
3.25%
S. N. on
-BOND OFFERING.
-Sealed bids will be
NICHOLS HILLS, Okla.
received until 3 p. m.on June 3, by T. A. Montague. Town Clerk, for the
purchase of four issues of bonds aggregating $575,000, divided as follows:
$125,000 storm sewer; $150,000 sanitary sewer; $250,000 water works and
$50,000 Dark bonds. Interest rate in not to exceed 6%. Dated June 1
1930.Due beginning in not less than 3 nor more than 5 years from their
date and ending within 25 years from date. A certified check for 2% must
accompany the bid. (These bonds were voted at a special election held
on April 23-V. 130, p. 3229.)
3926
FINANCIAL CHRONICLE
[Vor.,. 130.
PARMA (P.O. Berea), Cuyahoga County, Ohio.
-OFFERING DATE
-The
NEWTON, Middlesex County, Mass.
-TEMPORARY LOAN.
Shawmut Corp., of Boston, recently purchased a $100,000 temporary loan IS CHANOED.-We now learn that John H. Thompson. Village Clerk,
at 2.65% discount. The loan is payable on Oct. 24 1930. Bids received will receive sealed bids until 12 m. on June 9 for the purchase of $200,000
6% special assessment street improvement bonds instead of at 12 in. on
were as follows:
Discount. June 4 as previously scheduled (V. 130, p. 3761). The bonds are dated
BidderJuly 1 1930 Denom. $1,000. Due $20,000 on Oct. 1 from 1931 to 1940.
Shawmut Corp. (purchaser)
2.65
incl. Int. Payable semi-ann. in April and cOt. Bidders are privilege.°
Day Trust Co
2.69%
First National Bank of Newton
2.715% to submit offers for the bonds to bear interest at a rate other than 6%.
A certified cheek for 2% of the amount of bonds bid for, payable to the
F. S. Moseley & Co
2.73%
order of the Village Treasurer, must accompany each proposal. Squire,
Salomon Bros. & Hutzler
2.73%
Sanders & Dempsey of Cleveland will furnish opinion as to legality of bonds.
Bank of Commerce & Trust Co
2.75
Faxon. Gade & Co
2.94 o
Financial Exhibit.
$40,000,000.0(1
• NOBLE COUNTY (P. 0. Albion), Ind.
-The follow- Actual value of taxable property (estimated)
-BOND SALE.
29.610,230.00
24-V. 130. Assessed valuation for taxation (last appr. 1929)
ing issues of 5% bonds aggregating $7,720 offered on May
168,981.66
General bonded
p. 3585
-were awarded to the American State Bank, of Ligonier, as stated Special bonded debt
3.873,824.20
debt (including the above issue)
herewith:
43.18
Floating debt
$4,680 Alexander Larson et al., Sparta Twp. highway improvement bonds
Cash
13,86011743.39
46,0
sold at par plus a premium of $222, equal to 104.74. a basis of Tax value of sinking fund held for redemption
$23.10
rate (p $1,000).all purposes
(per
about
$117 on Jan. and July
Due $117 on July 15 1931;
Population, 1920 census, 2.345; population, 1930 census,
15 from i93 to 1950 inclusive, and $117 on Jan. 15 1951.
4.43%.
Village incorporated. Jan. 1 1925.
3.040 Albert S. Bordner et al. Perry Twp. highway improvement bonds
sold at par plus a premium of $180, equal to 105.92, a basis of about
-The
PEEKSKILL, Westchester County, N. Y.
-BOND SALE.
4.29%. Due $76 on July 15 1931; $76 on Jan. and July 15 from
$38,000 registered water system extension bonds offered on May 26-V.
1932 to 1950 inclusive, and $76 on Jan. 15 1951.
-were awarded as 4.40s to Barr Bros. Sr Co., of New York, at
Both issues are dated June 15 1930. Bids submitted were as follows: 130, p. 3585
-Premiums-- 100.139, a basis of about 4.38%. The bonds are dated July 1 1930 and
$3,040 mature on July 1 as follows: $2,000 in 1935, and $3.000 from 1936 to 1947
$4,680
Issue. inclusive. Bids for the bonds were as follows:
Issue.
BidderRate Bid.
BidderInt. Rate.
$180
$222
American State Bank, Ligonier (purchaser)
Barr Bros. & Co.(Purchasers)
4.40%
100.139
28
37
Fletcher American Co., Indianapolis
4.60
100.4159
Manufacturers & Traders Trust Co., Buffalo
35
J. F. Wild Investment Co., Indianapolis
55
Stephens & Co., New York
4.70
100.358
165
Inland Investment Co., Indianapolis
220
George B. Gibbons & Co., New York
100.15
179
Farmers & Merchants Trust, Ligonier
100.297
Batchelder & Co.. New York
221
Isaac Rose, Ligonier
100.343
Parson, Son & Co., New York
4:0%°
44 7
.
670
NOCKAMIXON TOWNSHIP SCHOOL DISTRICT (P. 0. Doyles- Marine Trust Co.. Buffalo
100.167
5.00%
town), Bucks County,Pa.
-BOND OFFERING-F. H. Grim, Secretary
PERRYSBURG, Wood County, Ohio.
-BOND SALE.
-The $46,800
of School Board, will receive sealed bids until 9 a.m. (Standard time) on
June 10 for the purchase of $31,000 43 % coupon school bonds. Bids coupon special assessment street improvement bonds offered on May 23
will be received at the Doylestown Trust Co., Doylestown. The bonds are (V. 130, p. 3585) were awarded as 45.1s to Ryan. Sutherland ic Co. of
dated July 1 1930. Denom. $1,000. Due on July 1 as follows: $1,000 Toledo at par plus a premium of $163, equal to 100.34, a basis of about
from 1931 to 1959, incl., and $2.000 in 1960. Prin. and semi-ann. int. 4.68%. The bonds are dated June 1 1931) and mature uo Oct. 1 as folpayable at the Doylestown Trust Co., Doylestown. A certified check for lows: $4,000 from 1931 to 1933, incl., $4,800 in 1934, and 65.000 from 1935
lid 0 incl. Bids for the bonds were as follows:
4 ,
59' of the par value of the bonds bid for must accompany each proposal. toB9 derInt. Rate,
Premium.
Sale of the bonds is subject to the approving opinion of Townsend,Elliott Sr
451%
Munson, of Philadelphia, as to their validity. Issue has already been Ryan,Sutherland & Co.(purchasers)
4. '%
5
/
approved by the Department of Internal Affairs of Pennsylvania.
Securities Co., Columbus
BancOhio
5
$118
46 .
3
:
:
- Davies-Bertram Co., Cincinnati
NORTH ANDOVER, Essex County, Mass.
-BONDS OFFERED.
5
Braun, Bosworth & Co., Toledo
Gordon Currier, Town Treasurer,receive sealed bids until 11 a. m.(daylight
5
os
& Roe,Toledo
saving time) on May 29 for the purchase of $20,000 4517 coupon garage Slier, Carpenter Mayer, Cincinnati
&
23793 0
1495 020
5
8
sheds and police station bonds. Dated June 1 1930. Denom. $1,000. Peasongood Sr & Co., Toledo
5%
131.00
Spitzer, Rorick
Due $4,000 on June 1 from 1931 to 1935. inclusive. Prin. and semi-ann.
-BOND OFFERING.
int.(June and Dec.) payable at the First National Bank of Boston. LegalPERSON COUNTY (P. 0. Roxboro), N. C.
ity to be approved by Ropes, Gray, Boyden & Perkins of Boston.
Sealed bids will be received by W. T. Kirby. Clerk of the Board of County
Financial Statement May 21 1930.
Commissioners, until 2 p. m. on June 11, for the purchase of an issue of
Net valuation for year 1929
$8,821,339.00 $150,000 coupon court house and jail bonds. Interest rate is not to exceed
Debt limit, 3% of average valuation
256,553.89 6% and the rate must be the same for all of the bonds. Dated Jane 1 1930.
185,000.00 Due $5,000 from June 1 1932 to 1961,incl. Principal and interest (J.& D.)
Total gross debt, including this issue
Exempted debt
-Water bonds
$15,000.00
payable at the National City Bank in New York City. Preparation of the
Other bonds
bonds by McDaniel Lewis, of Greensboro. The bonds and the legal ap35,000.00
50.000.00 proval of Caldwell Sr Raymond, of New York, will be furnished. These
bonds are issued pursuant to the N. C. County Finance Act. Purchaser
$135,000.00 will pay delivery charges. Bidding form with additional information will
Net debt
121,553.89 be furnished upon application to the above Clerk. A certified check for
Borrowing capacity
required.
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 6 2% par of the bonds bid for, payable to the County, is
(P.0.Manhasset), Nassau County, N. Y.
-The $80.000
PICO COUNTY WATER DISTRICT (P. 0. Pico), Los Angeles
-BOND SALE.
-The $10,000 issue of coupon
- County,Calif.
-ADDITIONAL DETAILS.
coupon or registered school bonds offered on May 27-V. 130, P. 3585
were awarded as 4 Ms to Batchelder & Co., of New York, at 100.48.8 basis water bonds that was purchased by Dean Witter & Co., of Los Angeles,
-is dated Jan. 1 1927. Denom.$1,000.
of about 4.44%. The bonds are dated June 1 1930 and mature $5,000 as 5548,at 101.09-V. 130, p.3408
Due $5,000 on Jan. 1 1938 and 1940. Basis of about 5.36%. Int, payable
on June 1 from 1932 to 1947, inclusive.
NORTH OLMSTEAD SCHOOL DISTRICT, Cuyahoga County, on Jan. and July 1.
-TEMPORARY LOAN.
Ohio.
-BOND SALE.
PITTSFIELD, Berkshire County, Mass.
-The State Teachers' Retirement System, of
Columbus, on March 3 purchased an issue of $295,000 5% coupon school F. M. Platt, City Treasurer, on May 21 awarded a $300,000 temporary
building construction bonds at a price of par. Dated April 1 1930. Denoms. loan at 2.72% discount to Salomon Bros. Sr Hutzler, of Boston. The
'
$7.000 and $6,000. Due serially from 1930 to 1953, incl. Int. payable loan is dated May 21 1930. Denominations $50.000, *25,000. $10,000
semi-annually in April and October.
and $5,000. Payable on Nov. 21 1930 at the First National Bank of
Boston, in Boston. Legality approved by Ropes, Gray, Boyden & PerNORTHAMPTON, Hampshire County,
-TEMPORARY kins, of Boston.
Mass.
LOAN.
-The $175.990 temporary loan offered on May 26-V. 130, n•
PONTOTOC COUNTY CONSOLIDATED SCHOOL DISTRICT
-was awarded to the Shawmut Corp., of Boston, to bear interest at
3761
-The $6,000 issue of school
-BOND SALE.
2.74%, payable at maturity. Loan is dated May 28 1930 and is payable NO, 4, (P. 0. Ada), Okla.
-was awarded to the
on November 26 1930. Bids received were as follows:
bonds offered for sale on May 14-V. 130, p. 3586
Int...1 4 Taylor-White Co.. of Oklahoma City, as 450, at par. Due $500 from
2 847
:1 0
.
BidderShawmut Corp. (Purchaser)
2.74% 1935 to 1946, incl.
First National Old Colony Corp
2.79%
-TEMPORARY LOAN.
PORTLAND, Cumberland County, Me.
Salomon Bros. & Hutzler, Plus $1
Treasurer, awarded a $250,000 temoprary loan
John R.
Merchants National Bank of Boston
2.89% on May Gilmartin, CityBros. & Hutzler of Boston at 2.77% discount.
23 to Salomon
- The loan is dated May 26 1930. Denom. to suit purchaser. Payable on
NORTH TONAWANDA, Niagara County, N. Y.
-NO BIDS.
J. M.Zimmerman, City Clerk, states that no bids were receive° on May Oct. 7 1930 at the First National Bank of Boston. Legality approved
Biddpe
26 for the purchase of the $66.500 454% coupon street improvement bonds by Ro er s, Gray, Boyden & Perkins of Boston.
-The bonds are dated July 1 1930.
-V. 130. p. 3761.
offered for sale.
Bids for the loan were as follows:
Discount.
27
.7
The City Clerk states that in the near future the amount of bonds to
be sold will be augmented by other issues and that the rate of interest will Salomon Bros. & Hutzler (purchaser)
2.78
First National Old Colony Corp., plus $2
probably be increased.
2.89
Casco Mercantile Trust Co
-BOND SALE.
-The $4 00 issue S. N. Bond & Co
NORTON, Norton County, Kan.
2.95 •
of 456% semi-ann. airport bonds offered for sale on March 4 (V. 130. P•
$
SCHOOL DISTRICT, PA.
-BONDS DEFEATED.
PORT VUE
1513) was purcahsed by a local investor. Dated Jan. 1 1930. Due on
Voters of the school district at an election held on May 20 defeated a plan
Jan. 1 as follows: $500 in 1942 and $1,000 in 1943, 1945, 1946 and 1947.
to increase its bonded indebtedness by $60,000 through the issuance of the
-BOND SALE.
-The following issues bonds to that amount for school building construction purposes. The
NUTLEY, Essex County, N. J.
- proposal was defeated by a vote of 167 to 314. On the same day a proposiof bonds aggregating $325,0150 offered on May 27-V. 130, 13• 3585
were awarded as 3.658 to S. N. Bond & Co., of New York,for a premium tion to issue $25,000 in bonds to build a combination auditorium-gymnasium
of $20, equal to 100.006, a basis of about 3.63%:
Ina local school building was voted down by a count of 196 to 263.
1930. Due Nov. 15 1930.
$175,000 temporary loan bonds. Dated May
PREBLE, TRUXTON, TULLY, LAFAYETTE, FABIUS, OTISCO
150,000 tax revenue bonds. Dated June 13 1930. Due Dec. 12 1930.
AND SPAFFORD CENTRAL SCHOOL DISTRICT NO.2(P.O.Tully),
-OFFER $213,000 454% BONDS.
- Onondaga County, N. Y.
OAK PARK, Cook County, 111.
-BOND OFFERING-Michael J. Dempsey.
The First Detroit Co., of Detroit, and the Boatmen's National Co. of Clerk of the Board of Education, will receive sealed bids until 10 a.m.
St. Louis,jointly, are offering $213,000 454% coupon incinerator and police
(Eastern Standard time) on June 2 for the purchase of $275,000 not to
investment at prices to yield exceed 5% int. coupon or reg. school bonds. Dated July 1 1930. Denom.
and fire de . equipment bonds for public
bonds are dated $1,000. Rate of int. to be stated in a multiple of 5( or 1-10th of 1%•
from 4.00% to 4.30%, according to maturity. The bon
May 1 1930, mature annually on May 1 from 1931 to 1949, incl., and were Due on Jan. 1 as follows: $4,000 from 1933 to 1937. incl.; $5,000 from 1938
awarded on May 14 at 100.45, a basis of about 4.45%-V. 130, p. 3761.
to 1941, incl.; $6,000 from 1942 to 1945. incl.; 87,000 from 1946 to 1948.
Official Financial Statement.
incl.;$8,000 from 1949 to 1951,tad.;$9,000 in 1952 and
810,000from
$46,371,639 1954 to 1956, incl.; $11,000 in 1957 and 1958; *12.000 1953;
Assessed valuation (1927
in 1959 and 1960;
773,250 $13,000 in 1961; 314,000 in 1962 and 1963; $15,000 in 1964, and $16,000 in
Total bonded debt (this sue included)
Population, 1930 census, 63,819.
1965. Prin.and semi-ann.int.(J.& J.) payable in gold at the First National
OASIS SCHOOL DISTRICT (P. 0. Riverside), Riverside County, Bank, Tully. A certified check for $500, payable to H. H. Hurlbut,
Treasurer, must accompany each proposal. The approving opinion of
,
-A $7,500 issue of 556% semi-annual school bonds Cl:
-BO
-ND SALE.
Calif.
sf Dildder
.
has recently been purchased at par by the County Board of Supervisors. ce yal bilon Sr Vandewater, of N.?. City, will be furnished to the sucincl.
Denom. $500. Dated May 1 1930. Due $500 from 1933 to 1947.
PULASKI, Giles County, Tenn.
-PRICE PAID.
-The $15,000 issue
-BOND SALE.
-The
OCEAN COUNTY,(P. 0. Toms River), N. J.
of 5% coupon semi-ann. right of way bonds that was purchased by Caldwell
Peoples National Bank, of Lakewood, is reported to have purchased on t al ,0f1 66.
C 0
sh
-was awarded for a premium of $40.
temporary improvement bonds at par e u o.t 10 .2 viile-V. 130. p. 3586
May 13 an issue of $550,000 53.1%
plus a premium of $1,655. equal to 101.21, a basis of about 4.73%. The
PURSELY TOWNSHIP (P. 0. Bradley), Grady County, Okla.
bonds are dated June 1 1930. Denom. $5,000. Due on Dec. 31 1932.
BOND SALE.
Interest is payable semi-annually.
-The $12,000 issue of coupon road impt. bonds offered
or sale on May 14-V. 130, p. 3586
by the Piersol Bond
-was purchased
-BONDS NOT AWARDED.
OKOLONA, Chickasaw County, Miss.
Co. of Oklahoma City at par as follows: $10,000 as 55is and the reWe are informed that the $60,000 issue of city hall bonds offered for sale maining $2,000 as 5s. No other bids were received.
on May 23-V. 130. p. 3761-are being held until validation on June 4.
-James M.
REVERE, Suffolk County, Mass.
-BOND OFFERING.
-The $225,000
-BOND SALE.
OLYMPIA, Thurston County, Wash.
O'Brien, City Treasurer, will receive sealed bids until 11 a. m. (daylight
Issue ofsemi-annual water utility bonds offered for sale on May 20-V. 130. saving time) on June 4 for the purchase of the following issues of 43.1%
later
-the award of which was postponed-V. 130. P. 3761-was
P. 3230
coupon bonds aggregating $218,500:
purchased by the First Seattle Dexter Horton Securities Co. of Seattle as $79,500 macadam and sidewalk bonds. Due on June 1 as follows: $16,000
5s, at a price of 93.00, a basis of about 5.75%. Due in from 7 to 20 years.
1931 to 1934. inclusive, and $15,000 in 1935.
50,000 water mains bonds. Due on June 1 as follows: $4,000 from 1931
Phoenix), Maricopa County,
OSBORNE SCHOOL DISTRICT(P.O.
to 1935, inclusive, and $3,000 from 1936 to 1945, inclusive.
-The $55,000 issue of 5% school bonds that was
Ariz.
-BOND DETAILS.
49,500 original road construction bonds. Due on June 1 as follows:
100.54-V.130
Purchased by the Valley Bank of Phoenix, at a price of denoms. Due
39.500
Of
l93y,inclusive, and 4,500 in 1940.
Duem1931to on
-is dated April 15 1930. Coupon bonds in $1,000 Basis of about
p. 3408
sewer bonds.
June 1 as follows: $8,000 from 1931 to
1935.
payable on Apr. and Oct. 1.
from 1940 to 1949. Int,
1934, inclusive, and $7,500 in
5.44%.
29
MAY 31 1930.1
FINANCIAL CHRONICLE
3927
All of the above bonds are dated June 1930. Denom $1,000 and $500. $51,000 Frank Gordon et al., road construction bonds. Denom. $1,275.
Due $5,100 on May 15 from 1931 to 1940, incl.
Principal and semi-annual interest (June and Dec. 1) Payable at the First
36,000 A. Wright et al., road construction bonds. Denom. $900. Due
National Bank of Boston. The bonds are engraved under the supervision
$1,800 on July 15 1931; $1,800 on Jan. and July 15 from 1932 to
of and certified as to genuineness by the aforementioned Bank; their legality
1940, incl., and $1,800 on Jan. 15 1941.
will be approved by Ropes, Gray, Boyden & Perkins, of Boston.
Both issues are dated June 1 1930. Interest is payable semi-annually
Financial Statement, April 10 1930.
on January and July 15.
$40,927,633.00
Net valuation for year 1929
-The
SAGINAW COUNTY (P. 0. Saginaw) Mich.
-BOND SALE.
1,024,792.05
Debt limit
No. 136 bonds offered
2,062,750.00 $230,000 coupon Road Assessment 'District 41423 to Stranahan, Harrison
Total gross debt, including these issues
&
-were awarded as
May 23-V. 130, p. 3586
Exempted Debt:
Otitis, Inc. of Toledo, at par plus a premium of $92, equal to 100.04. The
$262,000.00
Water bonds
bonds are dated June 1 1930. Denom.$1.000. Due on May 1 from 1932 to
601,974.92
School bonds
1935 inclusive. Interest payable semi-annually in May and November.
61,000.00
Sewer bonds
Highway bonds
195,000.00
-BOND SALE.
-The following
SALEM, Columbiana County, Ohio.
45,000.00
Other bonds
issues of bonds aggregating $35,638.17 offered on May 23-V. 130. P.
1,164,974.92 3409, 3587
-were awarded as 411s to Ryan, Sutherland & Co., of Toledo,
2
at par plus a premium of $75, equal to 100.21. a basis of about 4.71%:
Net debt
$897,775.08 $21,482.17 special assessment street improvement bonds. Due on Oct. 1
Borrowing capacity
$168.500.00
as follows: $2,482.17 in 1931; $2,000 from 1932 to 1934. incl.:
$2,500 in 1935; $2,000 from 1936 to 1939, incl., and $2.500
RICHBURG, Allegheny County, N. Y.
-BOND OFFERING.
-Prank
in 1940.
W. Owens, Village Clerk, will receive sealed bids until 8 p. to. (Eastern
10,056.00 judgment bonds. Due on Oct. 1 as follows: $2,056 in 1931, and
standard time) on June 17 for the purchase of $108,000 coupon or regis$2,000 from 1932 to 1935, incl.
tered bonds, described as follows:
4,100.00 fire apparatus purchase bonds. Due on Oct. 1 as follows: $900
$99,000 street improvement bonds. Due on July 1 as follows: $10,000
in 1931, and $800 from 1932 to 1935, incl.
from 1931 to 1939 inclusive, and $9.000 in 1940.
The three issues are dated June 1 1930. Bids submitted for the bonds
9,000 water bonds. Due $1,000 on July 1 from 1931 to 1939 inclusive.
Both issues are dated July 1 1930. Denom. $1.000. Rate of interest is were as follows:
Int. Rate. Premium.
Biddernot to exceed 5% and must be stated in a multiple of 11 of 1%. Principal
$75.00
4(%
and semi-annual interest (Jan. and July) payable at the State Bank of Ryan, Sutherland & Co.(purchasers)
62.00
44%
Seasongood & Mayer
Bolivar, Bolivar. A certified check for $2,000. payable to the order of
32.05
A%
the Village, must accompany each proposal. The approving opinion of BancOhio Securities Co., Columbus
51.56
($21,482.17
4%%
Clay, Dillon & Vanciewater. of New York City, will be furnished with- Provident Savings Bank & Trust Co.,
39.22
5%
Cincinnati
4 10,056.00
out cost.
.82
4,100.00
511%
RICHLAND PARISH SCHOOL DISTRICTS NOS. 13 AND 20
-BONDS NOT SOLD.-Tke $50,000
SALEM, Marion County, Ore.
(P. 0. Rayville), La.
-OFFERING DETAILS.
-In connection with the Issue of 414% semi-annual bridge bonds offered for sale on May 19offering scheduled for 10:30 a. m.on June 24 of the $245,000 issue of coupon
-was not sold as no bids were received. Dated May 15
school 'bonds
-V. 130, P. 3762- we are now informed that the interest V. 130,_p. 3587
rates to be bid upon are 5, 511,5511 or 6%,payable June land Dec. 1. 1930. Due from May 15 1931 to 1950 inclusive.
The legal approval of Thomson, Wood & Hoffman of New York will be
-la connec-OFFERING DETAILS.
SANFORD, Lee County, N. C.
furnished.
tion with the offering scheduled for June 3, of the $50,000 issue of street,
-we are now informed that the
water and sewer bonds
3763
-V. 130, p.
RIDGEFIELD PARK, Bergen County, N. J.
-BOND SALE -The
two issues of coupon or registered bonds offered on May 27-V. 130. interest rate is not to exceed 6%,stated in multiples of 11 or 1-10 of 1%.
-were awarded jointly to H. L. Allen & Co., and E. J. Coulon Denom. $1,000. Dated June 1 1930. Due on June 1, as follows: $4,000,
p. 3586
1933 to 1944 and $2,000 in 1945. Principal and interest (J. & D.), payable
& Co., both of New York, as 414's as follows:
$199.1111111 improvement bonds ($200,000 offered) sold for a premium of at the Chase National Bank in New York. All of the bonds are to bear
the same rate of interest. The approving opinion of Clay, Dillon & Venda$1.353.20. equal to 100.68, a basis of allout 4.67%. The bonds
mature on June 1 as follows: $7,000 in 031 and 1932. $8.000 in water, of New York, will be furnished. A certified check for $1,000.
1933 and 1934, $10,000 from 1935 to 1950 inclusive, and $9,000 payable to the Town, must accompany the bid.
in 1951.
-At
-BONDS VOTED AND DEFEATED.
SCOTT TOWNSHIP, Pa.
102.000 assessment bonds sold at par plus a premium of $257.04, equal
225,000
to 100.25, a basis of about 4.69%. The bonds mature on June an election held on May 20 the voters sanctioned a proposal to issuesad disbonds for street impt. purposes by a favorable vote of 528 to 440
1 as follows: $10,000 from 1931 to 1933 inclusive, $12,000 from in
n
gnmreasdetet b
appfrcofaragrealling r the dispoonof $tp,00piebrsdsoln
ne
nf g
1934 to 1939 inclusive.
anrnngnating
Both issues are dated June 1 1930.
vote of 425 to 486.
RIVERHEAD FIRE DISTRICT (P.0. Riverhead), Suffolk County,
-NO BID,9-BONDS
SEASIDE HEIGHTS, Ocean County, N. J.
N. Y.
-BOND OFFERING.
-George W. Hildreth, Chairman of Board of
-Mary A. Tindall,
Fire Commissioners, will receive sealed bids until 12m. (Daylight Saving EXPECTED TO BE SOLD AT PRIVATE .SALE.
time) on June 16 for the purchase of $50,000 414% coupon building con- Borough Clerk, reports that no bids were received on May 26 fir the purstruction bonds. Dated June 16 1930. Denom. $500. Due $2,500 chase of the $360,000 6% coupon or registered assessment bonds offered for
-V. 130. p. 3587. The issue is expected to be disposed of at private
on June 15 from 1931 to 1950, incl. Prin. and semi-ann. in (J. & D. 15) sale.
payable at the Suffolk County National Bank, Riverhead. A certified sale. The bonds are dated July 1 1930 and mature $36,000 on July 1 from
check for 2% of the par value of the bonds bid for, payable to the order of 1931 to 1940 incl.
the District Treasurer, must accompany each proposal.
SHELBYVILLE, Bedford County, Tenn.
-BOND OFFERING.
ROCKVILLE CENTRE SCHOOL DISTRICT (P. 0. Rockville
C. Smith.
to. on June
Centre), Nassau County, N. Y.
-BOND ELECTION.
-At a special Sealed bids will be received until 7:30 p. issues of 5%3, by C.
o bonds aggregating
the purchase of two
meeting of the taxpayers to be held on June 3 a proposition to issue $225,000 City Secretary, for $10,000 sewer, and $50,000 street improvement bonds.
as follows:
in bonds to finance the construction of a new 8
-room grammar school build- $60,000,$1,000. Dated June 1 1930. Due on June 1 1950. Principal and
Denom.
ing will be voted on.
interest (J. St D.), payable at the Chemical Bank & Trust Co.in New York.
RUNNEMEDE SCHOOL DISTRICT, Camden County, N. J,_ Purchaser to pay for printing of bonds and legal approval. No bid will be
BONE) SALE.
-The $78,000 coupon or registered school bonds offered on considered for less than par and interest. A certified check for 5% of the
May 22-V. 130, p. 3762
-were awarded as 511s to Prudden & Co.. of amount bid is required.
New York, at par plus a premium of $677, equal to 100.86 a basis of about
5.17%
0 The bonds are dat June 1 1930 and mature on June 1 as follows:
dated
SIERRA COUNTY SCHOOL DISTRICT NO.6(P.O. Hot Springs),
.
$2,000 from 1932 to 1937 inclusive, and $3,000 from 1938 to 1959, inclusive. N. Mex.-BOND OFFERING.-Sealed bids will be received until 10 a.m.
Bids for the issue were as follows:
on June 18, by Abran Garcia, County Treasurer, for the purchase of a
Int. Rate. Premium. $21,500 issue of school bonds. Int, rate is not to exceed 6%, payable
BidderPrudden & Co.(purchasers)
5
$677.00 semi-annually. Denorns. $1,000 and $500. Dated June 1 1930. Due on
M. M.
511
Freeman & Co
555.55 June 1, as follows: $1,000, 1933 to 1943. and $1,500, 1944 to 1950, all incl.
53 lo
A. V. O'Brien & Co
410.00 Prin. and int.(J.& D.) payable at the State Treasurer's office or at Kountze
Bros. in New York. Bidders are required to submit a bid specifying the
Statement of Indebtedness of the Borough of Runnemede.
Paid
Issued
int. rate at which they will pay par or over. A certified check for 5% of
Outstanding Jan. 1 to Jan. 1 to Outstanding the bid, payable to the County Treasurer, is required. (This offering is
Jan. 1 1930. May 1 '30. May 1 '30. Ma Y 0390 subject to an election to be held on June 16.)
3490 0 0
.1
' .
Assessment bonds
$
$349,000.00 $
-BOND OFFERING.
SOMERSET COUNTY (P. 0. Somerville) N. Y.
1,000.00
General bonds15,567.67
14,567.67
School bonds110,350.00
650.00
109.700.00 -Chester Van Tine, Clerk of the Board of Chosen Freeholders, will receive
sealed bids until 11 a.m.(Daylight Saving time) on June 10 for the purchase
$1,650.00 $473,267.67 of 5831.000 coupon or registered public improvement bonds. Dated July 1
$474,917.67 $
1930. Denom. $1,000. Due on July 1 as follows: $30,000 from 1931 to
Less:
1935 inclusive; $35.000 from 1936 to 1940 incl.' $40,000 from 1941 to 1946
Outstanding assessments
$231,183.40
'
incl.: $45,000 from 1947 to 1951 incl., and $41,000 in 1952. Rate of interest
Sinking funds
142,658.13
is not to exceed 414% and must be stated in a multiple of 11 of 1%. Prin.
and semi-annual interest (January and July) payable in gold at the Second
373,841.53
National Bank, Somerville, or at the Cnase National Bank, New York
Net bonded debt
$99,426.14 City. No more bonds are to be awarded than will produce a premium of
Improvement notes
$1,000 over the amount offered. A certified check for 2% of the amount of
56,827.58
Tax revenue notes
32,087.68 bonds bid for, payable to the order of the County, must accompany each
Tax anticipation notes
9,675.62 proposal. .he approving opinion of Clay, Dillon & Vandewater, of New
York City. will be furnished to the successful bidder.
Total
$198,017.02
-The
-BOND SALE.
Bonds to be Issued-School bonds
SOUTH RIVER, Middlesex County, N. .I.
78,000.00
following issues of 5% coupon or registered bonds aggregating $177,000
-were awarded to the South River
Net debt including bonds to be issued
$276,017.02 offered on May 26-V. 130. p. 3410
Assessed valuation taxable-Real and Personal:
Trust
as stated herewith:
1930
$2,144,052.00
$101,000 street assessment bonds sold for a premium of $727, equal to
Co..
1929
2,094,303.00
101.71. a oasis of about 4.85%. Due on June 1 as follown: $10,000
1928
1,893.180.00
from 1931 to 1939 inclusive, and $11,000 in 1940.
1927
1,515,602.00
39,000 street improvement bonds sold for a premium of $395, equal to
101.01, a basis of about 4.87%. Due on June 1 as follows: $2,000
Assessed valuation taxable-Real property:
from 1931 to 1948 in. lusive. and $3,000 in 1949.
1930
$2,006.202.00
37,000 water bonds sold for a premium of $375,equal to 101.01, a basis of
1929
1,959,103.00
about 4.87%. Due on June 1 as follows: 62.000 from 1931 to
1928
1,780,815.00
1948 inclusive and $1,000 in 1949.
1927
1,411,134.00
All of the above bonds are dated June 1 1930.
Assessed valuation taxable-Real property:
Average
$1,789 063.5
(Statement as of May 1 1930 by Griffith, Rockey & Co., Certified Public
Accountants, Philadelphia.)
Population, 1930 U. S. census, 2.437.
RUSSELLVILLE SCHOOL DISTRICT (P. 0. Russellville) Pope
County, Ark.
-BONDS OFFERED.
-We are informed that sealed bids
were received until May 28, by Charles M. Howell, Secretary of the Board
of Education,for the purchase of an issue of $100,000 school bonds.
RYE UNION FREE SCHOOL DISTRICT NO. I (P.0 Rye), West.
-BOND SALE
.-The $497,000 coupon or registered
chester County, N.Y.
-were awarded as 4.40s
school bonds offered on May 22-V. 130, p. 3586
Kinnicutt & Co.,of New York,at par plus a premium of$2,827.66,
to Kissel.
equal to 100.56, a basis of about 4.35%. The bonds are dated June 1 1930
and mature on June 1, as follows: $12,000 in 1931: $15,000 from 1932 to
1950 incl., and $20,000 from 1951 to 1960, incl. The purchasers are reoffering the bonds for public investment at prices to yield 4.00% for the 1931
maturity; 4.10% for the 1932 and 1933 maturities: 4.20% for the 1934 and
1935 maturities, and 4.25% for the bonds due from 1936 to 1960. incl.
They are stated to be legal investment for savings banks and trust funds
in New York State. A statement of the financial condition of the District
appeared in-V. 130, P. 3586.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFERING.
-George A. Swintz, County Treasurer, will receive sealed bids until
10 a. to. on June 2, for the purchase of the following issues of 414% bonds
aggregating $87,000:
SOUTH STRABANE TOWNSHIP SCHOOL DISTRICT(P.O. Wash-BOND SALE.
-The $35,ington, R. D. 2), Washington County, Pa.
-were
000 411% coupon school bonds offered on May 24-V.130, p.3410
awarded to the First Bank & Trust Co., Washington,at par plus a premium
of $1,420.65. equal to 104.05, a basis of about 4.29%. The bonds are
dated July 1 1930 and mature on Jan. 1 as follows:$10,000 in 1936 and 1941
and $15,000 in 1946. Bids for the issue were as follows:
Bidder
$1,420.65
First Bank & Trust Co.,Washington (Purchaser)
1,338.00
A. B. Leach & Co., Inc., Philadelphia
1,211.00
Glover, MacGregor & Cunningham,Pittsburgh
1,177.75
Prescott Lyon & Co., Pittsburgh
914.45
E. H. Rollins & Sons, Philadelphia
747.46
Mellon National Bank,Pittsburgh
607.95
S. M. Vockel & Co., Pittsburgh
-At an
STURGIS, St. Joseph County Mich.-BONDS VOTED.
election held on May 12 a proposition to issue $100,000 in bonds to
finance the construction of a new school auditorium-gymnasium was
approved by a favorable vote of 849 to 478. Sealed bids for the issue will
be opened on June 2.
-BOND SALE.
SUGARCREEK, Tuscarawas County, Ohio.
-The
$15,178.61 improvement bonds offered on May 10-V. 130, p. 3231-were
awarded as 5115 to the Banc Ohio Securities Co., of Columbus, at par plus
0. The bonds
a premium of $12, equal to 100.07, a basis of about 5.23%
are dated April 15 1930 and mature on Oct. 1 as follows: $1,678.61 in 1931,
and $1,500 from 1932 to 1940 ,incl.
3928
FINANCIAL CHRONICLE
SUMMIT COUNTY (P. 0. Akron) Ohlo.-BOND OFFERING.
3. P. Riddle, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p.m.(Eastern Standard time) on June 11 for the purchase
of the following Issues of5% bonds aggregating $46,000:
$26,000 road construction bonds. Due on Oct. 1 as follows: $5,000 in 1930;
$4,000 In 1931:$5,000 in 1932, and $4,000 from 1933 to 1935 Incl.
20,000 road construction bonds. Due on Oct. 1 as follows: $4,000 in
1930: $3,000 in 1931; $4,000 in 1932, and $3,000 from 1933 to
1935 inclusive.
Both issues are dated June 1 1930. Denom. $1,000. Principal and semiannual interest (April and Oct.) payable at the office of the County Treasurer. Bids for the bonds to bear interest at a rate other than 5% will also
be considered, provided, however that where a fractional rate is bid such
fraction shall be 3i of 1%. A certified check for 5% of the amount of bonds
bid for, payable to the order of the Board of County Commissioners, must
accompany each proposal.
TANGIPAHOA PARISH SCHOOL DISTRICT NO. 104 (P. 0.
Amite), La,
-BOND SALE.
-The $25,000 issue of coupon or registered
school building bonds offered for sale on May 23-V. 130, _p. 3410
-was
purchased by the Continental Bank & Trust Co. of New Orleans as 6s,
for a premium of $501, equal to 102.004, a basis of about 5.74%. Denom.
$500. Due on June 1 as follows: $500, 1931 to 1933,$1,000. 1934 to 1940,
$1,500, 1941 to 1947, and $2,000, 1948 to 1950, all incl. Int payable on
June and Dec. 1.
Official Financial Statement.
Assessed value oftaxation (latest appraisement)
$729,150.00
Estimated actual value oftaxable property
729,150.00
Total debt including this issue
25,000.00
Tax rate.4634 mills.
TARRYTOWN, Westchester County, N. Y.
-The
-BOND SALE.
154,000 coupon or registered grade elimination bonds offered on May 26V. 130, lp. 3588
-were awarded as 4.405 to Barr Bros. & Co. of New York,
at 100.039, a basis of about 4.39%. The bonds are dated June 1 1930 and
mature $3,000 on June 1 from 1931 to 1948 incl. The following is a complete list of the bids submitted for the issue:
BidderRate Bid.
Int. Rate.
Barr Bros. & Co.(Purchasers)
100.039
4.40%
Batchelder & Co., New York
100.377
4.60%
Manufacturers & Traders Trust Co., Buffalo
100.259
4.50%
Marine Trust Co.,Buffalo
100.269
4.80%
Roosevelt Sr Son, New York
100.199
4.60%
Stephens & Co., New York
100.318
4.70
Parson, Son & Co.,New York
100.222
4.70%
Edmund Seymour Sr Co., New York
100.3899
4.70%
Sherwood & Merrifield, Inc., New York
100.44
4.50%
George B.Gibbons & Co., New York
100.2743
4.60%
Rutter & Co.. New York
100.14
4.50%
SCHOOL DISTRICT (P. 0. Tecumseh) Johnson
TECUMSEH
County, Neb.-BOND SALE.
-An issue of $100,000 43.4% semi-annual
school bonds is reported to have recently been purchased by the Omaha
National Co. of Omaha.
THOMASVILLE, Davidson County, N. C.
-BOND OFFERING.
Sealed bids will be received by B. H. Harris, City Clerk, until 2 p. m. on
June 12, for the purchase of a $95,000 issue of public improvement bonds.
Int. rate is not to exceed 6%,stated in a multiple of ki of 1%. Denom.
$1,000. Dated Feb. 1 1929. Due on Feb. 1, as follows: $4,000, 1931 to
1940; $6,000, 1941 to 1948, and $7,000 in 1949. Principal and interest
(F. & A.), payable in gold at the Central Hanover Bank & Trust Co. in
New York City. The preparation of the bonds by McDaniel Lewis, of
Greensboro. These bonds cannot be sold below par. The bonds and the
legal approval of Storey, Thorndike, Palmer Sr Dodge, of Boston, will
be furnished. A certified check for 2% par of the bonds bid for, payable
to the City, is required. (These bonds were unsuccessfully offered on
May 28 1929.-V. 128. p. 3725.)
TICKFAW AND ANTIOCH SCHOOL DISTRICTS (P. 0. Amite),
Tangipahoa Parish, La.
-BOND OFFERING.
-Sealed bids will be received until July 1, by W. J. Dunn Superintendent of the Parish School
Board,for the purchase of a $20,000 Issue of 6% semi-annual school bonds.
TIPPECANOE COUNTY(P.O.Lafayette),Ind.
-BOND OFFERING.
-Edgar H. Andress, County Treasurer, will receive sealed bids until 2P.m.
on June 16 for the purchase of $58,000 5% Franz S. Brown et al., Fairfield
Township road construction bonds. Dated May 19 1930. Four bonds
will mature semi-annually from July 15 1931 to Jan. 15 1941. Int. is
payable semi-annually on Jan. and July 15.
TONAWANDA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Kenmore), Erie County, N. Y.
-BOND OFFERING.
-Kenneth 0. Irvin,
District Clerk, will receive sealed bids until 8 p.m.(Daylight Saving time)
on June 2 for the purchase of the following issues of coupon or reg. bonds
aggregating $100,000, to bear int. at a rate not to exceed 5%,stated in a
multiple of ;II of 1-10th of 1%:
$70,000 Lindbergh School bonds. Due $7,000 on June 1 from 1931 to
1940, incl.
30,000 Lincoln School bonds. Due $3,000 on June 1 from 1931 to 1940,
incl.
Both issues are dated June 1 1930. Denom. $1,000. Prin. and semiann. Int. (J. dr D.) payable in gold in New York Exchange. A certified
check for $2,000, payable to the order of the School District, must accompany each proposal. The approving opinion of Clay. Dillon & Vandewater
of /sr. Y. City will be furnished to the successful bidder.
TULSA, Tulsa County, Okla.
-BONDS NOT SOLD.
-Eight issues of
various improvement bonds aggregating $1,820,000, were offered without
success on May 27 as all the bids were rejected. We are informed that the
bonds will again be offered for sale on June 13.
[Vol,. 180.
1930 and is payable on Nov.22 1930. The Ware Trust Co., the only other
bidder, offered to discount the loan at 2.82%.
WASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND SALE.
The following issue of 5% bonds aggregating $35,000 offered on IMay 24V. 130, p. 3588
-were awarded to the Fletcher American Co.. of Indianapolis, at par plus a premium of $651,equal to 101.86. a basis of about 4.61%.
$22,000 John F. Bishop et al.highway improvement bonds. Due $1,100
on July 15 1930; $1,100 on Jan. and July 15 from 1932 to 1939,
.
incl., and $1.100 on Jan. 15 1940.
13,000 William J. Oliver at al., highway improvement bonds. Due $650
on July 15 1930;$650 on Jan. and July 15 from 1932 to 1939. Incl..
and $650 on Jan. 15 1940.
WATERLOO SCHOOL DISTRICT (P. 0. Waterloo), Black Hawk
County, Iowa.
-BONDS OFFERED.
-We are informed that sealed bids
were received until 7.30 p.m. on May 28, by the Secretary of the Board of
Directors, for the purchase of a $400,000 issue of ref. bonds. Denom.
$1,000. Dated July 1 1930.
WEBSTER COUNTY (P. 0. Walthall), Miss.
-BONDS OFFERED
FOR INVESTMENT.
-The $350.000 issue of road district A bonds that
was purchased by Saunders & Thomas, of Memphis as 6s, at 100.878. a
basis of about 5.91%-V. 130. p. 2838
-is now being offered for public
subscription by a group composed of C. W. McNeal. & Co., of Chicago.
the Whitney Central Trust & Savings Bank, and the Hibernia Securities
Co., Inc., both of New Orleans, at prices to yield from 5.10% to 5.30%
according to maturity. Dated May 1 1930. Due on May 1 as follows:
$7.000, 1931 to 1935;$14,000, 1936 to 1945:$17,000. 1946 to 1950, and $18,000. 1951 to 1955, all incl. Prin. and int. (M. & N. 1) payable at the
Chase National Bank in N. Y. City. Legality to be approved by Thomson,
Wood & Hoffman, of N. Y. City.
Financial Statement.
(As officially reported April 15 1930.)
Estimated actual valuation on taxable property
$6.000,000
Assessed valuation of all taxable property, 1929
2.749,463
Total bonded debt (this issue only)
350,000
Population, officially estimated, 15,000.
WEED UNION GRAMMAR SCHOOL DISTRICT (P. 0. Yreka),
Calif.
-BOND OFFERING.
-Sealed bids will be received by the County
Clerk. until 10 a. m. on June 3, for the purchase of a $15,000 issue of 6%
school bonds. Dated May 6 1930. Due $1,000 from May 6 1931 to
1945 Inclusive.
-BOND CALL.
WELLINGTON, Sumner County, Kan.
-We are
informed that Hubert A. Richards, City Treasurer, has called for payment
40 bonds of the $240,000 waterworks bond issue of July 1 1914 as of July 1
1930. The bonds to be redeemed are numbered 141 to 180 incl., and are
payable at the office of the State Treasurer.
-BOND SALE.
WELLS COUNTY (P. 0. Bluffton), Ind.
-The
$5,500 5% coupon S. B. Slane et al., Union Twp. highway improvement
bonds offered on May 27-V. 130. p. 3588
-were awarded to the Fletcher
Savings & Trust Co., of Indianapolis, at par plus a premium of $181, equal
to 103.29, a basis of about 4.32%. The bonds are dated March 3 1930
anBim erure $275 on May and Nov. 15 from 1931 to 1940 inclusive. Bids
d ddat
for the issue were as follows.
Savings & Trust Co. (purchaser)
Premiu.Fltch
Fletcher American Co., Indianapolis
A. Kunkel
136 0W8
58 G.
.
First National Bank, Bluffton
112.90
WEST CALDWELL (P. 0. Caldwell), Essex County, N. J.
-BOND
SALE.
-The two issues of 5% coupon or registered bonds offered on May 12
-V.130, p. 3233
-were awarded as follows:
$111,868.28 general impt. bonds ($113,868.28 offered) sold to J. S. Rippel
& Co. of Newark, paying $114,618.38, equal to 102.45, a basis
of about 4.63%. The bonds mature on May 1 as follows:
$7,868.28 in 1931:$7.000 from 1932 to 1939 incl.; $10,000 from
1940 to 1943 incl., and $8,000 in 1944. The successful bidders
are reoffering these bonds for public investment priced to yield
4.40%. They are stated to be legal investment for savings
banks and trust funds in New Jersey.
51,270.39 assessment bonds sold to Charles P. Dunning of Newark, at
Par Plus a premium of $359.73, equal to 100.70, a basis of about
4.70%. Due on May 1 as follows: $11,270.39 in 1931: $10,000
in 1932,and $15,000 in 1933 and 1934.
Both issues are dated May 1 1930.
WEST CARROLL PARISH SCHOOL DISTRICT NO. 3 (P. 0. Oak
-Sealed bids will be received until 11
Grove), La.
-BOND OFFERING.
a. m.on June 18 by 0.E. Huey,Superintendent of the Parish School Board,
for the purchase of a $38,000 issue of coupon school bonds. Denom.$1,000.
Dated Aug. 1 1930. Int. rate is not to exceed 6%. Due from Aug. 1
1931 to 1940 incl. Prin. and int. (F. & A.) payable in New York. Legal
approval by Chapman & Cutler of Chicago. A certified check for $1,000
must accompany the bid.
-BOND OFFERWILKINSON COUNTY (P. 0. Woodville), Miss.
ING.
-Sealed bids will be received by the Clerk of the Chancery Court until
2_p. m. on June 2 for the purchase of a $30,000 issue of bridge bonds.
(These bonds were recently voted.)
-BOND OFFERING.-Sealed
WILLIAMSTON, Martin County, N. C.
bids will be received by G. H. Harrison, Clerk of the Board of Commissioners, until 8 p. m.on June 6 for the purchase of a $75,000 issue of coupon
street impt. bonds. Int. rate is not to exceed 6V, payable semi-annually.
Denom. $1,000. Dated June 1 1930. Due on June 1 as follows: $2.000,
1933 to 1936: $4,000, 1937 to 1939, and $5,000, 1940 to 1950, all incl.
Prin. and int. (J. & D.) payable In N. Y. City. The blank bonds and the
approving opinion of Storey, Thorndike, Palmer & Dodge of Boston, will
VALENCIA COUNTY‘SCHOOL DISTRICTS (P. 0. Los Lunas), be furnished, also the legal approval of Peel & Coburn of Williamston. A
urer, la reci eired
-Sealed bids will be received until 10 a.m. on certified chuck for 2%-par of the bonds bid for, payable to the Town TreesN. Mex.-BOND OFFERING.
June 26, by Perfecto Gabaldon, Comity Treasurer, for the purchase of
three issues of school bonds aggregating $25,250, divided as follows:
WOBURN, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
$10,000 School District No. 33 bonds. Denom. $500. Due $1,000 from $200,000 temporary loan offered on May 20-V.130, p.
-was awarded
3765
June 1 1933 to 1942.
to the Shawmut Corp., of Boston, at a 2.71% discount. The loan is dated
8,500 School District No. 28 bonds. Denom. $500. Due $500 from May 26 1930, and is payable as follows: $100.000 on Nov.
21 and $100.000
June 1 1933 to 1949.
on Dec. 10, both maturities in 1930. Bids for the loan were as follows:
6,750 School District No.3 bonds. Denom.$500,one for $250. Due on
Discount.
June 1 as follows: $250 in 1923 and $500, 1934 to 1946.
2.71
Dated June 1 1930. Int. rate is not to exceed 6%,payable semi-annually. Shawrnut Corp. (purchaser)
F. S. Moseley
Prin. and int. payable at the State Treasurer's office, or at Joseph D. Salomon Bros.& Co
& Hutzler
2.79
Grigsby & Co. of Pueblo. Each bidder shall specify (a) the lowest rate of FaxonofoCo e m oo & Trust Co
B nk
adm Iterce
t
2.91
int. and prem., if any, above par at which such bidder will purchase said
2..93
27 %
2
bonds; or (b) the lowest rate of interest at which bidder will purchase said
bonds at par. Pershing, Nye, Tallmadge & Bosworth of Denver will
YAKIMA COUNTY SCHOOL DISTRICT NO. 99 (P. O. Yakima),
-BOND OFFERING.
furnish the legal approval A certified check for 5% of the bid is required. Wash.
-It Is reported that sealed bids will be received until 1
in. on June 14 by Still White, County Treasurer, for the
VALLEY STREAM, Nassau County, N. Y.
-The purchase of a $10,000 issue of school bonds. Interest rate Is not to exceed
-BOND SALE.
p.
$261.000 coupon or registered public impt. bonds offered on May 26- 6%, Payable semi-annually. Dated July 11930. Due from July 1 1932
-were awarded as 4.40s to Phelps, Fenn & Co.of New York, to 1950, inclusive. Principal and interest payable at the office of the
V. 130, p.3764
at 100.33, a basis of about 4.46%. The bonds are dated June 1 1930 and County Treasurer. A certified check for 5% must accompany the bid.
mature on June 1 as follows $20,000 from 1931 to 1935 incl.; $10.000 from
YAZOO COUNTY ROAD DISTRICT NO. 3 (P. 0. 'Yazoo City),
1936 to 1941 incl.: $12.000 in 1942 and 1943. and $11,000 from 1944 to 1950 Miss.
-BOND OFFERING.
-Sealed bids will be received until noon on
incl. The purchasers are reoffering the bonds for public investment at June 2. by F. J. Love, Clerk of the Board of Supervisors, for the purchase
yield from 4.00% to 4.25% according to maturity. The securities of a $60,000 issue of road bonds. Int. rate is not to exceed 6%. Denom.
prices to
are stated to be legal investment for savings banks and trust funds in New 3500. Dated June 2 1930. Due $2,000 from 1931 to 1935. and $2.500.
York State.
1936 to 1955, all incl. Prin. and int. (J. & D.) payable in Yazoo City.
-BONDS REGISTERED. or at the National City Bank In N. Y. City. A. $250 certified check,
VAN ZANDT COUNTY (P.O. Canton),Tex.
-A $200,000 issue of 5% road, series GI bonds was registered on May 20 payable to the Clerk, must accompany the bid.
by the State Comptroller. Due serially.
YUMA COUNTY SCHOOL DISTRICT NO.22(P.O. Yuma), Ariz.
-The $4,000 Issue of coupon school building bonds offered
-BONDS NOT SOLD.
- BOND SALE.
WALKER COUNTY (P.O. Huntsville), Tex.
for sale on
-was purchased by the County TreesThe $50,000 issue of 5% semi-ann. county road bonds offered on May 12- Iner.ess p May 20-V. 130, p. 3233
urter at loyabt epar Anrnaccr septnterest. Denom. $500. Due serially.
, a l on apd andued i l.
.
V. 130 i3041-was not sold as all the bids received were rejected. Dated
Jan. 1 1 0. Due $25,000 In 1959 and 1960.
ZANESVILLE, Muskingum County, Ohio.
-BOND OFFERING.
WALNUT SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles Henry F.
Stemm, City Auditor will receive sealed bids until 12 m. on
-The $14,000 issue of 534% semi-ann. June
-BOND SALE.
County, Calif.
12 for the purchase of $3,500
% city portion sewer construction
19-V. 130, p. 3411-was purchased
school bonds offered for sale on May
bonds. Dated May
May 1 from
by the Freeman, Smith & Camp Co., of San Francisco, for a premium of 1932 to 1941, incl. 1 1930. Denom. $350. Due $350 on
semi-annually In May and Nov
$352.10. equal to 102.51, a basis of about 5.11%. Dated May 1 1930. Bids for the bonds toInterest Is payablerate other than 434% will also be
bear interest at a
Due from May 1 1935 to 1941.
considered, provided, however, that where a fractional rate is bid such
-TEMPORARY LOAN.
-A $100,- fraction shall be Si a 1% or a multiple thereof. A certified check for 1%
WARE Hampshire County, Mass.
000 tempOrary loan was recently purchased by the First National Old of the amount of bonds bid for:payable to the order of the City Treasurer,
Colony Corp., of Boston, at 2.72% discount. The loan is dated May 27 must accompany each proposal.
MAY
31 1930.]
FINANCIAL CHRONICLE
CANADA,its Provinces and Municipalities.
ALBERTA, Province of (P. 0. Edmonton).—PRICE PAID.—We
learn that the group headed by Wood, Gundy & Co., of Toronto, which
recently purchased $5,000,000 4% Treasury bills—V. 130, P. 3589—paid
99.66 for the issue, a basis of about 4.70%. The bills are dated May 1
1930 and are payable in New York on Nov. 1 1930.
CANADA (Dominion of).—DISCUSS NECESSITY OF REFUNDING
OUTSTANDING BONDS AGGREGATING OVER $1,000,000.000.—The
May 24 issue of the Montreal "Gazette" had the following to say in reference to the necessity of refinancing over $1,000.000.000 Dominion loans,
— which mature during the next four years'
"Several of the bond brokers are discussing the position of Dominion
of Canada loans at the present time. There is only one maturing loan
during the current year, which consists of4% Treasury notes to the amount
of $45,000,000. The most important refinancing, however, to be done
by the Dominion Government of recent years will be in connection with the
1933 and 1934 loans totalling $982,000,000. In the course of his budget
speech early this month, the Minister of Finance expressed the hope that
the Dominion may secure the lowest possible interest charges and at the
same time re-finance without restricting the money credits necessary for
the development of Canada.
"Mr. Dunning pointed out that in recent years it has been possible to
redeem maturing loans out of surplus revenues. The large maturities of
1933 and 1934 cannot be met out of surplus revenues. Careful consideration is now being given to the best method of spreading maturity dates of
refunding loans and also to the desirability of broadening the application
of the sinking fund principle, so that when these major re-financing operations are undertaken the requirements of this decade, as well as the possible problems of the future, will be met in a sound and comprehensive
manner."
3929
20,000.00 5% park land purchase bonds. Dated Aug. 1 1930. Due in 20
years.
12,673.16 531% pavement and sidewalk bonds. Dated July 1 1930.
Due in 10 years.
Prin.and semi-ann. hit. payable at the office of the City Treasurer. The
legal opinion of Long & Daly of Toronto, will be furnished to the successful
bidder.
ONTARIO, Province of (P. 0. Toronto).—SYNDICATE OFFERS
BONDS.—OTHER BIDS.—The syndicate headed by the
$30,000,000 43
First National Bank, of New York, which was awarded on May 21 an
issue of $30,000.000 4 % coupon ref. and public improvement bonds at
94.41, a basis of about 4.91%—V. 130. p. 3766—is re-offering the bonds
for public investment at prices to yield from 4.15% for the 1931 maturity
to 4.80% for the 1970 maturity. The securities are stated to be legal
investment for savings banks and trust funds in Connecticut, New Hampshire and Vermont. Other tenders submitted for the bonds were as follows,
according to the May 23 issue of the "Monetary Times" of Toronto:
Syndicate—
Rate Bid.
Bancamerica-Blair Corp., New York; Chase Securities Corp., New
York; Continental Illinois Co., Chicago: First Union Trust &
Savings Bank,Chicago' Royal Bank ofCanada; Canadian Bank
of Commerce; R. A. Daly & Co.; Marine Trust Co., Buffalo;
Guardian Detroit Co., Inc., Detroit; Greenshields & Co., Shawmut Corporation,Boston; Royal Secctuities Corp.; F. S. Moseley
& Co., New York; the Atlantic Corporation, Boston; E .Lowber
Stokes & Co., Philadelphia; Wells. Dickey & Co., Minneapolis;
Banc Northwest Corp., Minneapolis; Kalman & Co., St. Paul,
and First St.Paul Co.,St.Paul
94.2199
The National City Co.; Dillon, Read & Co.; Harris, Forbes & Co.;
Guaranty Co. of New York; Wood, Gundy & Co.; Dominion
Securities Corp.,and A.E.Ames & Co.,Ltd
93.42899
PORTAGE LA PRAIRIE, Man.—NO BIDS.—The City Treasurer inApril 21 for the purchase of the
forms us that no bids were received on
DRUMMONDVILLE,Que.—BOND OFFERING.—J.Marier, Secretary- $10,000 Ws bonds of the Portage Industrial Exhibition Commission offered
Treasurer, will receive sealed bids until 8 p.m. on June 2 for the purchase for sale (V. 130, p. 2278). The bonds are dated Aug. 31 1929 and mature
of $74,400 5% bonds. Dated July 2 1930. Denoms. to suit purchaser. $802.43 (which includes prin. and bit.) annually on Aug. 31 from 1930 to
Due serialli in from 1 to 30 years. Int. is payable semi-annually. Bonds 1949,inclusive.
are payable at Drummondville and Montreal.
PRINCE EDWARD ISLAND, Province of (P. 0. Charlottetown).—
FOREST HILL, Ont.—BONDS OFFERED.—L. W. Archer, Village BONDS OFFERED.—W. M. Lea, Provincial Treasurer, received sealed
Clerk, received sealed bids until 5 p.m. on May 28 for the purchase of bids until 4 p.m.on May 28 for the purchase of $200,000 5% bonds. Dated
various issues of 5% local improvement bonds aggregating &MAN. May 15 1930. Due in 20 years. Int. Is payable semi-annually.
Due in 10. 15 and 20 years. Int. is payable semi-annually.
RIMOUSKI, Que.—BOND OFFERING.—G, D'Auteull, SecretaryGRAND MERE, Que.—BOND OFFERING.—J. E. Deziel, Secretary- Treasurer, will receive sealed bids until 4 p.m. on June 2 for the purchase of
Treasurer, will receive sealed bids until 4 p.m. on June 4 for the purchase $80.000 5% bonds. Dated July 1 1929. Denoms. $1,000, $500 and $100.
of $81,300 57,, bonds. Dated May 1 1930. Due serially from 1931 to Due serially in from 1 to 10 years. Payable at Rimouski, Quebec and
1944, incl. Int. Is payable semi-annually. The bonds are payable at Montreal.
Grand Mere, Montreal, Quebec and Toronto.
SASKATCHEWAN
SCHOOL
DISTRICTS, Sask.—BONDS
HALIFAX, N. S.—FORTHCOMING BOND ISSUE.—City officials AUTHORIZED.—The following school districts have been authorized
shortly are expected to issue a call for sealed bids for the purchase of $518,- by the Local Government Board to issue bonds in the amount shown accord, 300 6% refunding bonds, dated July 1 1930 and due serially in 22 years. ing to the May 23 issue of the "Monetary Times" of Toronto:
-years; Glenhill, $3.000.
School Districts: Shaunavon, $23.000. 6%, 20
-instalments; Swarthmore, $5,000, not exceeding 7%.
HAMILTON, Ont.—BOND SALE.—Wood, Gundy & Co. of Toronto not exceeding 7%,15
-years; Harmony. $4.500, not ex-years; Sreasbourg, $22.000, 6%. 20
and Royal Bank of Canada, Jointly, were awarded on May 26 a total of 15
-years;
-years; Nixonville, $1,500, not exceeding 7%, 10
$4,318,6
,04 improvement bonds, comprising a $3,996,104 5% issue, a ceeding 7%, 10
$198,500 534% issue, and a $124,000 434% issue, at a price of 99.27, a Redleaf, $700, not exceeding 7%,7 years; McMillan,$4,000, not exceeding
basis of about 5.08%. The bonds mature serially from 1935 to 1960, incl 7%, 15 years; Superb. $6,000, not exceeding 7%, 15 years; Bird's Hlll,
$9,500, not exceeding 6 %,20 years; Antelope Lake,$4,300, not exceeding
NIAGARA FALLS, Ont.—BOND OFFERING.—H. E. Goddard, City
Clerk, will receive sealed bids until 7 p. m.on June 2,for the purchase of the
OFFERING.—A. J. Meunier,
S1-1WNI
7%.15Y rs GAN FALLS, Que.—BOND—
A 7
following issues of bonds aggregating $250,382.40:
Secretary-Treasurer, will receive scaled bids until 5 p. m. on June 4 for the
$79,190.36 5% sewer, sidewalk and pavement bonds. Dated July 1 1930. purchase of $250,000 5% bonds. Dated May 1 1930. Denominations
Due in 15 years.
$1,000 and $500. Due serially in from 1 to 30 years. Interest is payable
50,200.00 5% 'water works system bonds. Dated July 1 1930. Due in semi-annually. Bonds are payable at Shawinigan Falls, Montreal and
15 years.
Wo
38,318.88 53 % sidewalk construction bonds. Dated July 1 1930. Due Quebec.
Ont.—BOND SALE.—Dyment, Anderson & Co., of
in 10 years.
30,000.005% general hospital bonds. Dated Aug.11930. Due in 15 yrs. Toronto, are reported to have recently purchased an issue of $25,000 5%
20,000.00 5% police telegraph system bonds. Dated Aug. 1 1930. Due bonds at a price of 97.131, an interest cost basis of about 5.34%. The
In 10 years.
bonds mature in 20 instalments.
NEW LOANS
FINANCIAL
NOTICE OF WATER BOND ISSUE
AND SALE
BY THE
Town of Mountainair
TORRANCE COUNTY,
NEW MEXICO.
PUBLIC) NOTICE IS HEREBY GIVEN
that the Board of Trustees of the Town of Mountainair, in the County of Torrance and State of
New Mexico, intends to Issue, negotiate and sell
the negotiable coupon water bonds of said town
In the amount of $38.000.00, for the purpose of
securing funds for the construction of a system
for supplying water for the said Town of Mountainair, and for necessary appurtenances in connection therewith, said bonds to bear date
June 1 1930.
Said bonds will be payable serially, $2,000.00
on June 1st in the years 1932 to 1950, inclusive.
Said bonds will bear interest at a rate not exceeding six per centum per annum, payable semiannually, on the first days of December and
June in each year, and consist of thirty-eight
bonds in the denomination of $1.000.00 each,
numbered consecutively from 1 to 38, inclusive;
maid bonds, principal and interest, being payable
at the banking house of Hountze Brothers, in the
City of New York, U. S. A.
Sealed bids shall be sent to the Clerk of the said
town. at Mountainair, New Mexico, on or before
the 2nd day of June, A. D. 1930, at the hour of
8:00 o'clock P.M.. at which time any bids for
said bonds will be publicly opened. Bidders
are requested to submit bids specifying (a) the
lowest rate of interest and premium, if any,
above par, at which such bidder will purchase
said bonds; or (b) the lowest rate of interest at
which the bidder will purchase said bonds at par.
Each bid is to be accompanied by an unconditional certified check for five per cent, of the
amount bid for said bond Issue, the amount
thereof to be retained by the town as liquidated
damages in case the successful bidder shall fail or
neglect to complete the purchase of said bonds
within thirty days following the acceptance of
his bid.
The bonds will be sold for cash to the highest
and best bidder, in no case for lees than par and
accrued interest to date of delivery. The said
board reserves the right to reject any and all
bids offered.
The approving opinion of Pershing, Nye,
Tallmadge & Bosworth, attorneys of Tbenver,
Colorado. will be furnished with the bonds.
THE TOWN OF MOITNTAINAIR,
NEW MEXICO.
By P. B. LAWSON.
Attqt:
Mayor.
ELMER E. 8'HAW. IN
Town Clerk.
Cotton—
Friendship—
Advertising—
A large part of the cotton business is done
through personal friendship—the same sort
of mutual faith which is necessary to every
business.
BUT—did you ever stop to think of the large
part played by consistent publicity in developing the initial introduction?
An advertisement in the"Chronicle" will help
you form new friendships among the people
constituting the "backbone" of the World's
Cotton Industry.
3930
FINANCIAL CHRONICLE
[VoL. 130.
financial
foreign
CHARTERED 1853
OTTOMAN
United States Trust Company of New York
45-47 WALL STREET
January 1, 1930
. $2,000,000.00
Capital,
.
Surplus and Undivided Profits, . $24,709,141.01
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON, Chairman of the Board
CARL 0 SAYWARD, Asst. Vice-President
STUARY L. HOLLISTER, Asst, Comptroller
LLOYD A. WAUGH, Asst. Comptroller
HENRY L SMITHERS, Asst. Secretary
L.
ELBERT
NOWLES, Asst. Secretary
ALBERT G. ATWELL, Asst. Secretary
HENRY E. SCHAPER, Asst. Secretary
HARRY M. MANSELL, Asst. Secretary
GEORGE F. LEE, Asst. Secretary
GEORGE MERRITT, Asst. Secretary
WILLIAM M. KINGSLEY, President
WILLIAMSON PELL, 1st Vice-President
FREDERIC W. ROBBERT, V.-Pres. & Comp.
WILFRED -I. WORCESTER, V.-Pres. & Sec y
THOMAS H. WILSON, Vice-President
ALTON S. KEELER, Vice-President
ROBERT S. OSBORNE, Asst. Vice-President
WILLIAM C. LEE, Asst. Vice-President
HENRY B. HENZE, Asst. Vice-President
BANK
CAPITAL . . . .
£10 000 660
PAID-UP CAPITAL. . £5,000001)
,
,
RESERVE . . . . .
£1250,004
N AR EAST: Constantinople, Egypt, PalesE
tine, Cyprus, Persia, Syria, Salonika,
Smyrna, Tunis, Mesopotamia tin ell
about 80 Branches).
LONDON: 26 Throgmorton Street, E.C. 2
PARIS: 7 Rue Meyerbeer.
MANCHESTER: 56-80 Cross Street.
MARSEILLES: 41-43 Rue Grignan.
Banque Nationale de Credit
Capital
Surplus
Deposits
frs.
318,750,000
frs.
200,000,002
frs. 5,129,431,000
Head Office
PARIS
723 Branches in France
TRUSTEES
FRANK LYI%4AN
JOIN J. PHELPS
1.45 10 OASS LEDYARD
10DWARD W. SHELDON
ARTHUR GURTISIS JAMES
WILLIAM M. KINGSLEY
CORNELIUS N. BLISS
WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L. POLK
THATCHER M. BROWN
WILLIAMSON PELL
LEWIS OASS LEDYARD, JR.
GEORGE F. BAKER. JR.
WILSON M. POWELL
foreign
Australia and New Zealand
NATIONAL BANK OF INDIA, LIMITED
Bawdiers to the Government in Kenya Colony
and Uganda
Head Office: 26, Bishopsgate, London, E.C.
Deanolies in India, Burma, Ceylon. Kenya
Colony and Aden and Zanzibar
$nbscribed Capital
£4,000,000
Paid-up Capital
£2,000,000
Reserve Fund
£3,000,000
The Rank conducts every description of banking
and exchange business.
Trusteeships and Executorships also
undertaken.
NATIONAL BANK OF NEW ZEALAND, Ltd.
Head ()Moe. 8 Aisorgate. London, E.C. 2, Eng.
Authorized and Subscribed
16,000,000
Capital
Paid-up Capital
£2,000,000
Reserve Funds and
Undivided Profits_
2,155,154
f4,155.154
The Bank receives Deposits at rates which
may be ascertained on application and conducts every description of Banking business
connected with Now Zealand.
Arthur Willis, Manager.
Hong Kong & Shanghai
BANKING CORPORATION
Inomperated In the Colony of Hongkong. The
liability ef members La limited to the extent and
Ingenanner pm-scribed by Ordinance No.6 of 1929
of the Celany.
Authorized Ountal(Hongkong Currency)_11850,000.008
paid up Capital (Hongkong Curreney)....11$20,0011,000
Reserve iruad is Sterling
£1,500.000
Reserve Fund la Silver (Hongkong Cur1129,500,000
renew)
Reserve Lktblitty of Proprietors (Hong11320,000,000
ketta Carrency)
C. DE C. HUGHES, Agent
72 WALL STREET, NEW YORK
THE
LINCOLN MENNY OPPENHEIMER
535 BRANCHES and AGENCIES in the
Australian States. New Zealand, Fiji, Papua
(Mandated Territory of New Guinea), and London. The Bank transacts every description of
Australasian Banking Business. Wool and other
Produce Credits arranged.
Head Office,
London Office
George Street,
29 THREADNEEDLE
SYDNEY.
STREET, E. C. 2.
Agents:Standard Bank of South Africa, Ltd.
New York
Head Office:
Execute orders for purchase
and sale of Stocks and Bonds
Foreign Exchange
Letters of Credit
NATIONAL BANK
of EGYPT
Head Office
Cairo
allaNIMSWInralliglaWM
FULLY PAID CAPITAL - £3,000,000
RESERVE FUND
- . • /2,950,000
New York Agents
Irving Trust Company
55
WALL Sr.. New
YORE, U.S
A.
Capital, Surplus and Undivided Profits
5242,400.000
Deposits, March 3
1,471,500,000
Resources Over
2,000,000,000
BRANCHES
CUBA
LONDON
PORTO RICO
AROENTINA DOMINICAN REPUBLIC OF
BELGIUM
REPUBLIC
PANAMA
BRAZIL
INDIA
STRAITS
CHILE
ITALY
SETTLEMENTS
CHINA
JAPAN
URUGUAY
COLOMBIA
MEXICO
VENEZUELA
PERU
PHILIPPINE ISLANDS
The International Banking Corporation
Head Office
-55 Wall St., New York. U. S. A
BRANCHES
LONDON
MADRID
SAN FRANCISCO
BARCELONA
And Representatives in Chinese Brandies
LONDON AGENCY
C. and 7, King William Street, E, C. 4
English, Scottish and Australian Bank, Ltd.
Branches in all the
principal Towns in
Head Office, 5 Gracechurch St., London, E.C.
and 467 Branches & Agencies in Australia.
£5,000,000
Subscribed Capital
£3.000000
Paid-op Capital
£2,000,000
Further Liability of Proprietors
£3,080,000
Reserve Fund
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every description transacted with Australia.
E. M. JANION, Manager.
EGYPT and the SUDAN
ginanciat
ic
C' 4.-- t..-..onenCs•Ct....m....,0"Yn
4
,
SECURITIES ENGRAVED
For Listing on All Stock Exchanges
CoLUMBIAN
BANK NOTE COMPANY
£3,000,000
Capital Authorized
£1,050,000
Capital Paid Up
500 5. ASHLAND BLVD.
02 WALL STREET
Reserve Fund & Undivided Profits- £1,612.047
CHICAGO
NEW YORK
Ceylon, Straits SettleBranches in India, Bur mah ,
BRANCHES IN PRINCIPAL CITIES
ments, Federated Malay States, Siam, China and Ia
Dutch East Indies. New York
Mauritius and
CdX..4
00-1c
-N...2.42
0Correspondents. Bank of Montreal, 54 Wall St. tteett..4 "te-
(35-=£1)
$37,500,000
29,500.000
37,500.000
5104,500,000
Aggregate Assets 30th Sept., 1928_$444,912,920
A. C. DAVIDSON, General Manager.
The National City Bank of New York
Cable Address "Openhyrn•
Glasgow, Chief Office, 113 Buchanan Street
Princes St. Office. 118 Princes St., Edinburgh
337 Branches tt Sub-Offices throughout Scotland
Bxecutry and Trust business undertaken.
Head
15 Gracechurch St., London, E.C. 3
(ESTABLISHED 1817)
Paid-up Capital
Reserve Fund
Reserve Liability of Proprietors
Frankfort o. M., Germany
London City Office, 62 Lombard St., E. C. 3
Kingsway Branch, Imperial House, Kingsway
The Mercantile Bank of India, Ltd.
Office
BANK OF
NEW SOUTH WALES
Bankers
COMMERCIAL BANK OF SCOTLAND Ltd.
Established 1810.
£7,500,000
Subscribed Capital
2,250,000
Paid Up Capital
2,800,000
Reserve Fund
35,228,897
Oct. 1929)
Deposits (31st
Heed Office: 14 George Street, Edinburgh
Alex. Robb, Gm. Mgr.; Magnus Irvine, Secretary
GENERAL BANKING BUSINESS
Royal Bank of Scotland
Incorporated by Royal Charter 1727
$ 12,600,001
13,978,931
2223,370,721
Capital (fully paid)
Reserve Fund
Deposits
(25 to El)
Over
200 Years of Commercial flanking
Terms for the opening of Accounts furnished on
Application
CHIEF FOREIGN DEPARTMENT
Bishopsgat•, London. England
HEAD OFFICE - EDINBURGH
General Manager,Sir. A.K. Wright. K.B.E.D.D.
Total number of offices. 2
@FedFRASER