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Mr
ammgrrtal
VOL. 131.
firtandat
SATURDAY, NOVEMBER 1 1930.
financial Chronicle
NO. 3410.
compared with a year ago, when profits were of
exceptional extent, but also a shrinkage of about
PUBLISHED WEEKLY
30% as compared with 1928, when earnings were
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos
6 Mos. more nearly normal—all of which serves to furnish
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75 some idea of the extent of the depression under
Other foreign countries, U. S. Possessions and territories-- 13.50
7.75
The following publications are also Issued. For the Bank and Quota- which the steel trade is laboring.
We say it affords
tion Record and the Monthly Earnings Record the subscript
price
66.00 per year; for all the others is $5.00 per year each. AM.ion cents is "some" idea of the extent
50
to
of the depression, since
each for postage outside the United States and Canada.
MIIPMNDIU116—
obviously the steel concerns not so advantageously
MONTHLY PUBLICATIONS—
PUBLIC UTILITY—(seml-annually)
BANK AND QUOTATION RECORD
RAILWAY & INDUBTRIAL—(tour a year)
equipped and operated as the United States Steel
MONTHLY EARNINGS RzcoRD
STATE AND MumarAL--(semi-ann.)
Corp. must plainly enough have fared even worse.
Terms of Advertising
Transient display matter per agate line
The Bethlehem Steel Corp., also a modern and well
45 cents
Contract and Card rates
On request equipp
ed undertaking,suffered in equal degree, with
OR.cAGo OFFICE—In charge of Fred. H. Gray. Western Represent
ative,
209 South Ls Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards dr Smith. 1 Drapers'
Gardens. London. E. 0. income of only $8,943,217 in the September quarter
WILLIAM B. DANA COMPANY, Publishers,
of 1930 against $17,710,173 in the same quarter
William Street, Corner Spruce, New York.
of 1929.
Published every Saturday morning by WILLIAM B. DANA COMPAN
Y.
The result to the U. S. Steel Corp. of the great
President and Editor, Jacob Seibert; Business Manager, William
D. Riggs
Treas., William Dana Seibert: Sec., Herbert D.Seibert. Addresses of
all, Office of Co falling off in income and
profits has been that after
; deducting fixed charges and dividends on the preferred shares the company earned only $2.06 a share
on the 8,677,310 shares of common stock outstandReport of I. B. A. Convention
ing, as against $5.57 a share on the 8,131,071 comWe devote forty-four pages to
-day to an
mon shares outstanding in the third quarter of last
account of the proceedings of the annual
year. And this was the result, after including
Convention of the Investment Bankers
$2,412,857 of special income the present year, which
Association, held at New Orleans, La., on
did not exist in 1929 (representing the quarterly
Oct. 12-15.
portion of the net interest on Federal tax refunds).
This great investment organization is
growing in importance and in influence
As dividends of 7% per annum are paid on the
with each succeeding year. The feature of
common shares, or 13
4% quarterly, a surplus of only
the annual gatherings is always the Com$2,704,950 remained above the 13
4% distribution the
mittee reports, which will be found spread
present year against a surplus of no less than $22,out at length on subsequent pages. The
909,447 in the September quarter of 1929, when, in
Committees are composed of men thoraddition to the 13
4% regular distribution an extra
oughly conversant with their subjects,
and
they devote themselves to their respect
dividend of 1% was paid, making a deduction altoive
tasks with a thoroughness that has
gether of 23
4% for that quarter. The contrast
never
been surpassed anywhere in the same
between the two years in that respect is a reline
of work—in fact, has never before
been
markable one.
equalled. Their studies, therefore,
are of
Disappointment was expressed in some quarters
high value.
at the failure to repeat the extra dividend the present year, but that was obviously out of the question,
with income so seriously curtailed, and the company
must be considered as having done marvelously well
The Financial Situation.
in having earned the regular dividend in full, with
The United States Steel Corp.,in its income statea substantial surplus remaining, in a period of such
ment for the September quarter, made public
after great industrial prostration as that
which now prethe close of business on Tuesday of the present week,
vails. For the nine months ending Sept. 30 1930
furnished evidence anew of the intense depres
sion the Steel Corp. shows $8.44 per
share earned on the
which industry in general and the steel trade in
par- common stock the present year
as against $15.82 in
ticular is suffering in this country at the
present
time. This great corporate undertaking, better the nine months of last year. The Bethlehem Steel
Corp. fell $2,766,575 short of having earned its 1
equipped for the economical manufacture of
/
1
2
%
steel dividend for the quarter agains
t a surplus of
than perhaps any other combination of steel
mills $4,834,720 above the dividend in the
Septemberquarin the world, and managed in accordance with the
ter of 1929.
highest and most approved methods, reports profits
In contemplating the continued falling off in the
of only $37,995,299 in the September quarter of 1930
income and profits of steel properties of the comas against $72,009,666 in the September quarter of
manding importance of the two mentioned, one
is
1929, and $54,049,214 in the September quarter of
tempted to reflect upon the baffling nature of
trade
1928. This shows a shrinkage of almost 50% as
depressions and the difficulty of estimating
even
2734
FINANCIAL CHRONICLE
[vol.. 131.
wage earner and employer alike become
approximately the time of recovery. When submit- i levels where
July 29, the engulfed in general disaster. Such a course is harmting the June quarterly statement on
al, and can only delay ultidirectors of the U. S. Steel Corp. thought they saw ful, rather than benefici
y of a sound and enduring character.
light ahead, as did so many of the rest of us, and mate recover
well that this fact were recognized in the
hence visioned bright prospects in the offing, or It were
to be helpful and speed business
rather prospects of an early recovery. Accordingly, 1 general desire
revival. Nothing is to be gained from misdirected
they adopted the unusual course of publicly giving
r well meant.
expression to their view of the outlook for the efforts, howeve
It is important, too, that in seeking to lessen
immediate future.
of unemployment and to reduce it to
This announcement, printed beforehand, was given the ill effects
m as well as to alleviate possible distress
out simultaneously with the quarterly income re- a minimu
as is now being witnessed on such an extensive
turn of last June. The announcement said that the such
a spirit of mutual concession and sacrifice
Finance Committee had "authorized the following scale,
be cultivated. The admonition is particularly
statement in regard to the business of the United
in the case of Union labor, which insists on
States Steel Corp." The statement read as follows: needed
operat- maintaining old wage scales, in most cases the
"At this date the manufacturing plants are
record, while at the same time asking for
ing at about 63% of capacity. Indications in the highest on
ed full employment. No one likes to see
industry point to an increase in this rate of opera- continu
reduced, if that can be avoided, but it is not
tions during the balance of this quarter, with an wages
t to perceive that lower wages might be
improvement in volume during the last quarter of the difficul
helpful in insuring recovery if the effect is to reduce
has failed of
year." Unfortunately, this promise.
ion, thereby opening up a wider
To-day, three months after, we find the cost of product
realization.
market for the products. It is quite possible, too,
that so far from any improvement having occurred,
thatlow wages,when the cost of living is being simulthe trade papers tell us that the steel plants of the
taneously reduced, as is the case at present, might
U. S. Steel Corp. are operating at only a little
not involve lowering of American standards of livover 55% of capacity, or 8% less than the 63% of
ing in the slightest degree. It should be borne in
capacity which was reported at the end of last
mind that in carrying on construction work, which
July.
is now being urged so insistently upon everyone, or
A spirit of optimism is always to be encouraged
engaging in new enterprises and undertakings of
and is natural in a country of such superb natural in
character and description, a certain amount
resources as the United States, and with such a every
ment. of capital will go much further in giving employphenomenal record of progress and develop
if wage scales are not maintained at inordi.
But the trade setback which the country has now ment
as demanded by so many of the labor
encountered is itself phenomenal, at least in magni- nate levels
tude and its widespread character. In the circum- unions.
At the moment the greatest obstacle in the path
stances past experience naturally fails as a guide
of business recovery is the relentless opposition
to the future. In such a state of things it is a quested to wage concessions on the part of labor,
tion whether it is wise to resort to special expedi- manifes
where imperatively called for by the requireents or devices for maintaining trade, raising the even
of the situation. The consequence is that the
query whether it might not be better to let things ments
of mutual sacrifice, which in periods of stress
take their course in the ordinary way until recovery spirit
so serviceable, is being almost entirely extincomes in the customary normal manner. We are is
among an important portion of the populaprompted to these remarks by the telegrams of guished
The laboring classes are taught to believe that
congratulation and appreciation which the adminis- tion.
high wages are such an absolute essential to prostration authorities at Washington sent on Wednesperity that their part in promoting trade revival
day to the American Institute of Steel Construcpledge to must be to remain resolute in the determination that
tion, in session at Pinehurst, N. C., for its
labor schedules must continue at prevailing levels;
support the President in his battle against unemthat if concessions or sacrifices are required they
ployment. Said Mr. Hoover in his wire message:
must be made by others, not by the labor classes.
"I cordially appreciate the telegram from your conWe see an illustration of this in the present attitude
vention. Thank you indeed for the encouragement
of railroad employees. Dispatches in the daily
it brings." Robert P. Lamont, Secretary of Compapers last week reported that the general chairmen
merce, expressed the Government gratification more
organ- of the seven organizations which have a membership
at length, as follows: "I congratulate your
of practically all the operating employees of the
ization on its active response in carrying out Presids of the United States (and comprisihg the
dent Hoover's plan of increased work adding to in- railroa
hood of Locomotive Firemen and Enginecreased payroll of labor. I understand the struc- Brother
men, the Order of Railway Conductors, the Brothertural steel industries have not discharged men nor
hood of Locomotive Engineers, the Brotherhood of
reduced wages. This is a fine example. Tonnage
Railroad Trainmen, the Switchmen's Union of North
of, over 3,500,000 shipped this year is a record."
an Train Dispatchers and the
To maintain wages, to keep the working force America, the Americ
Order of Railroad Telegraphers) would meet in
unimpaired, and to continue production at full levels
on Nov. 12 to consider unemployment relief
is unquestionably a fine thing.' But whatever may Chicago
and the establishment of a shorter working day in
have been the result in this particular field, the
order to spread work among a greater number of
rule of action suggested is certainly not of unimen. It was stated that no set program of unemversal application. To maintain production unimployment relief had been formulated, except that
paired at a time of restricted consumption can lead
the proposition of substituting a six-hour day for
only to one thing, namely, the piling up of unsold
the present eight-hour day would be discussed.
stocks and rising inventories, which, in turn, sooner
And what is this proposition for a six-hour day?
or later lead to collapse and to destructive price
Nov. 1 1930.]
FINANCIAL CHRONICLE
Associated Press dispatches from Chicago on Oct. 22
furnished the answer by saying that it involved "a
movement of the railway brotherhoods for a six-hour
day without pay redactions." At a time when the
railroads of the country are suffering losses of
traffic and revenues as never before in their entire
history, these railroad employees want eight-hour
pay for six-hour work,and the cost is to fall upon the
railroads and not upon the employees. Working
only six hours a day a greater number of men would
be required to operate the railroads, and these railroad employees fancy they would be doing their part
in relieving the unemployment situation by merely
shortening the hours to themselves. How great
their sacrifice? They graciously consent to work
two hours less a day and demand nothing more
than that they shall receive the same pay for six
hours' work that they have been receiving for an
eight-hour day. How great their magnanimity!
Could anyone conceive of anything nobler than
that?
But how about the ability of the roads to assume
the additional expense involved? We have stated
that the railroads are suffering reductions in earnings as never before in their history. Two illustratioris will suffice for the purpose. For the nine
months ending Sept. 30 the Pennsylvania RR. reports gross operating revenues the present year of
$441,913,776 as against $522,349,625 in the corresponding period of 1929, and net railway operating
income of $71,475,385 against $107,306,293. In like
manner the New York Central reports gross for the
nine months of 1930 of $368,433,392 against $446,509,344 in 1929, and net of $46,639,745 against $81,866,510. Here are two great railroad systems which
alone have suffered a loss together of no less thIn
$158,511,801 in gross in the nine months of 1930,
and a loss of $71,057,673 in their net income. Yet
they are calmly asked to increase their railroad
payroll by 33 1/3%. How are they going to do it
and where is the additional revenue to come from?
This very week, at the time when the magnanimous proposal of the Railroad Brotherhoods is being
broached, there has come the announcement that
the New York Central is seeking permission from
the Inter-State Commerce Commission and the Public Service Commission to increase commutation
fares for the transportation of passengers in and
out of the Grand Central Terminal. This action is
of interest here mainly for the reasons advanced
by the company for taking the step referred to at this
time. These reasons are the most of them applicable
to all other roads. Here is the New York Central's
argument in support of its petition:
"Since 1914 all costs incident to the operation of
railroads and maintenance of railroads have increased. For instance, railroad labor has increased
146%; railroad materials, 70%; the New York Central's tax accruals, which in 1914 were $9,000,000,
were in 1928 $29,000,000, an increase of 222%.
"The expense of providing the commuutation
service is far in excess of the revenue derived from
it. During the last five years, expenditures for
additional track and platform facilities, passenger
station improvements, additions to the electric
transmission and distribution system, and new rolling stock, all directly attributable to the demands of
the commutation service, have been approximately
$20,000,000.
"The Railroad Company is now engaged in increasing the track capacity between Mott Haven
Junction and Grand CentralTerminal, solely because
2735
of the demands of the commutation business—an
added expense of several million dollars in addition
to the $20,000,000 above mentioned.
"Commutation fares on the New York Central in
and out of the Grand Central Terminal have been
increased once since 1910, and that was in 1918, in
which year, under an order of the United States
Railroad Administration, such fares were increased
10%. Although in August 1920 the Inter-State
Commerce Commission authorized an increase in
inter-State commutation fares of 20%, this did not
apply to such fares in and out of the Grand Central
Terminal.
"Increases in commutation fares have been authorized since that time in various parts of the country by State Boards and by the Inter-State Commerce Commission, but such fares of the New York
Central in and out of the Grand Central Terminal
have remained unchanged since 1918. These fares
are materially lower than those in effect on any
other of the railroads entering New York City."
Let the reader well note the fact that one of
the reasons why the road feels itself obliged to raise
commutation fares is that the cost of railroad labor
since 1914 has increased no less than 146%. If this
146% were now increased by another one-third
through the reduction of hours per day from eight
hours to six hours—waving entirely the practicability of such an absurd proposal—the 146% increase would become 194%. Again we ask where
is the money to come from and who is to be burdened with the additional expense? It remains to
be seen if the New York Central receives permission to raise commutation fares in the way proposed,
though this is a proposition that must be judged by
its own particular merits. Increased commutation
fares between New Jersey points and New York
City, which the Delaware Lackawanna & Western
RR. proposed to put into effect on Nov. 1, were this
week suspended by the Commerce Commission for
a period of seven months pending the Commission's
investigation into the matter.
But whatever the outcome in these particular
cases, we are certain that no general increase in
freight and passenger rates such as would be necessary from one end of the country to the other, if the
railroads were obliged to give eight-hour pay for sixhour work, would ever be permitted. Public opinion
would not tolerate the increase, and it would be
most untimely in a period of trade depression. We
grieve to have to say it, but it would be far more
appropriate to urge that wages of railroad employees, increased 146% since 1914, be reduced in
order that the roads might reduce freight rates on
agricultural products for the benefit of the farming
communities who are now suffering such sore distress because of the low market values prevailing for
their products. As matters now stand, lower transportation rates are out of the question, since the
carriers are not earning an adequate return on their
investment even in normal times, not to speak of the
abnormal times now prevailing.
But if labor costs were reduced with a view to
permitting lower rates on the products of the soil,
then the situation would be materially changed for
the better. Lower freight rates would enable farmers more readily to find a market for their products,
and when these products once more begin to move
out of the country on the old-time scale business
depression will quickly become a thing of the past
and the unemployment problem also find quick
relief, since the railroads will have more freight to
2736
FINANCIAL CHRONICLE
[VoL. 131.
move and by the same token the consuming capacity ticularly J. I. Case and International Harvester.
of the farming classes will be raised, with resulting U. S. Steel also developed weakness, and so did
American Can and Westinghouse Elec. and several
gain to the whole population.
other specialties. But in the afternoon the market
Brokers' loans on the security of stock and bond rallied sharply, recovering much of the ground lost
collateral have further continued their downward earlier in the day.
On Tuesday the market took a strong turn upward
course the present week. The Federal Reserve statement shows another decrease during the week, this under the leadership of U. S. Steel, which displayed
time of $101,000,000 in the loans on securities to unusual strength and at one time sold as high as 154.
brokers and dealers by the reporting member banks In other active stocks gains ranged all the way from
in New York City. This follows $139,000,000 de- 1 to 4 points, while Yellow Truck pfd. and Ingersollcrease last week, $153,000,000 decrease the previous Rand soared over 10 points, and even J. I. Case sold
week, *158,000,000 decrease the preceding week, and at an advance of 3 points. In the copper group Ana$159,000,000 decrease the week before, making a conda and American Smelting & Refining both
total contraction for the five weeks of $710,000,000. moved briskly upward, while a favorable report subNo more conclusive evidence than this could be mitted by Radio-Keith-Orpheum led to considerable
furnished of the way liquidation is proceeding on buying in the amusement group, Loew's, Fox Film A
the Stock Exchange, and it also shows why the and Radio-Keith-Orpheum all being in active decourse of stock values continues so persistently mand. On Wednesday the market once more• took a
downward. Confidence in stock values is evidently sharp plunge downward; an especially depressing
at a low ebb, notwithstanding the huge declines influence appeared to be the unfavorable quarterly
which have occurred during the last 12 months. statement submitted the night before by the U. S.
Loans are again lower this week under all the dif- Steel Corp., besides which the trade papers reported
ferent categories of loaning, loans for own account steel ingot capacity for the mills of the country
having I dropped from $1,590,000,000 to $1,510,- engaged to only 49% against 52% the previous two
000,000, loans for account of out-of-town banks from weeks and 55% at the opening of October. A Ill1M011,000,000 to $502,000,000, and loans "for account ber of dividend reductions also aided the downward
of others" from $512,000,000 to $500,000,000. The movement. International Silver declared only $1.2.5
grand total of the loans in the whole of the three on the common stock against $1.50 previously, Packcategories combined is now down to $2,512,000,0-00, ard Motors declared only 15c. a share on the common stock against the previous quarterly payment
or lower than at any time since June 9 1926.
the changes of 25c. per share, while Colorado Fuel & Iron made
• In their own report of condition,
in the figures for the 12 Reserve Banks the present the quarterly dividend on common only 25c. a share,
week appear to have no special significance. Mem- placing the issue on an annual basis of $1 against
ber bank borrowing, after having decreased last $1.50 previously.
On Thursday the market was again weak, with
week, the present week again shows an increase.
In other words, the discount holdings of the 12 Re- bad breaks in specialties like Air Reduction and
serve institutions which last week were reduced from Eastman Kodak, and heavy selling of Coca Cola,
$210,439,000 to $191,984,000, the present week have Canada Dry, and White Rock on the far-fetched
risen again to $201,603,000. As against this in- theory that these stocks would be adversely affected
crease, however, the holdings of acceptances have should success attend the current efforts to legalize
been further reduced from $176,590,000 to *165,- the manufacture and sale of beer. The selling pres658,000. Holdings of United States Government sure also was directed against stocks like American
securities are also slightly lower this week, at $601,- Tel. & Tel., Consolidated Gas, Radio Corp., Amer438,00.0, as against $602,029,000. Altogether, total ican Can, Westinghouse Elec., U. S. Steel, and Genbill and security holdings are only slightly changed, eral Motors, and several other stocks which have
standing at $975,021,000 the present week as against suffered severe breaks during the last 12 months.
$976,900,000 last week. The amount of Federal Re- On Friday the market had to contend with conserve notes in circulation were reduced during the tinued selling pressure, and became utterly demoralweek from $1,368,512,000 to $1,354,881,000, while ized. The statement of Bethlehem Steel for the Sepgold reserves have increased from $3,016,559,000 to tember quarter appeared, and proved even worse
than that of the U. S. Steel Corp., showing only 63c.
$3,037,193,000.
a share earned for the common stock during the
The stock market has again proved a disappoint- quarter in 1930 against $4.05 in the September quarment the present week. It looked rather promising ter of 1929. The steel shares broke badly, and a long
on Monday and Tuesday,but suffered a relapse again list of other stocks tumbled sharply, including Otis
on the remaining days of the week. At the half-day Elevator, Coca Cola, American Can, Westinghouse
session on Saturday last there were some large buy- Electric & Mfg., J. I. Case, American Tank Car,
ing orders at the opening of the market, one instance Sears-Roebuck, Auburn Auto, Corn Products Refinbeing the changing of hands of a block of 10,000 ing, Gillette Safety Razor, Ingersoll-Rand, Allied
shares of Westinghouse Electric & Manufacturing Chemical, &c. New low records for the year were
stock at an overnight advance of 3 points. United established during the week by 183 different stocks.
Trading has been quite light all through the week.
States Steel also was active and higher, while Atchison opened 1% points higher, at 203, but declined At the half-day session on Saturday sales aggreto 199. In the closing hour, however, realizing sales gated 1,152,200 shares; on Monday they were
on a large scale again sent the market down rapidly, 1,812,050 shares; on Tuesday, 2,016,200 shares; on
J. I. Case Threshing Machine and Gillette Safety Wednesday,1,673,030 shares; on Thursday, 1,913,731
Razor being especially weak features. On Monday shares, and on Friday, 2,249,195 shares. On the
the market was again depressed at the opening, the New York Curb Exchange the sales on Saturday
implement shares being a weak feature, more par- were 347,800 shares; on Monday, 470,400 shares; on
Nov. 1 1930.]
FINANCIAL CHRONICL.
2737
Tuesday, 433,100 shares; on Wednesday, 398,300 ber at 13 against
13%, and the preferred at 24%
shares; on Thursday, 355,300 shares, and on Friday, against 23%.
395,900 shares.
The railroad stocks have also displayed weakness.
As compared with Friday of last week, prices are Pennsylvania RR. closed yesterd
ay at 65% ex-div.
sharply lower. General Electric closed yesterday against 66% on Friday
of last week; Erie RR. at 33
at 50% against 54 on Friday of list week; Warner against 341 8; New York
/
Central at 138 against 140;
Bros. Pictures at 191 8 against 21%; Elec. Power & Baltimore & Ohio
/
at 80% against 82; New Haven at
Light at 47% against 5114; United Corp. at
/
213 89 against 91%; Union Pacific at 194
/s
/ against
3
4
against 2278; Brooklyn Union Gas at 108% against 198%; Souther
/
n Pacific at 104% against 104%;
112%; American Water Works at 72% against Missouri-Kansa
s-Texas at 23% against 26; St. Louis.
7678; North American at 84% against 86%; Pacific San Francisco at
/
70 against 73; Southern Railway
Gas & Elec. at 50 against 50; Standard Gas & Elec. at 711 8 against 75%;
/
Rock Island at 71 against
4
at 731 against 77%; Consolidated Gas of N. Y. at 72%; Chesapeake
& Ohio at 42% against 43%;
93% against 9818; Columbia Gas & Elec. at ay Northern Pacific
/
s
at 57% against 60, and Great
against 45%; International Harvester at 60 against Northern at
66% against 65%.
62%; J. I. Case Threshing Machine at 110% against
The oil shares have shown resistance to selling
126; Sears, Roebuck & Co. at 4778 against 5218; pressure, notwith
/
/
standing the cuts in prices of oil.
Montgomery Ward & Co. at 19% against 20%; Standard Oil
of N. J. closed yesterday at 523
/
4
Woolworth at 62 against 6578; Safeway Stores at against 55
/
/ on Friday of last week; Standard Oil
3
4
55 against 551 8; Western Union Telegraph at 137 of Calif. at 51
/
against 51%; Simms Petroleum at
against 139%; American Tel. & Tel. at 19478 against 9% against 10;
/
Skelly Oil at 18 against 18%; At200; Int. Tel. & Tel. at 28% against 31%; American lantic Refinin
g at 22 against 22%; Texas Corp.
Can at 113% ex-div. against 1201 U. S. Industrial at
/s;
/
401/s against 4018; Pan American B at 46%
Alcohol at 63% against 63%; Commercial Solvents against 46
/ Richfield Oil at 6% against 6%; Phil3
4
;
at 17% against 19; Shattuck & Co. at 26 against lips Petrole
um at 22% against 23%; Standard Oil
28%; Corn Products at 74% against 79 , and Co- of N. Y. at 26%
/
3
4
against 26, and Pure Oil at 12%
lumbia Graphophone at 11% against 13%.
against 12 .
/
3
4
Allied Chemical & Dye closed yesterday at 196
/
3
4
The copper stocks have moved higher on the active
against 216% on Friday of last week; E. I. du Pont foreign
demand for the metal. Anaconda Copper
de Nemours at 8914 against 97; National Cash Reg- closed yesterd
/
ay at 35% against 35 on Friday of
ister at 31% against 32%; International Nickel at lad week; Kennec
ott Copper at 2518 against 26%;
/
17% against 18%; A. M. Byers at 47 against 52%; Calume
t & Hecla at 9 against 9; Calumet & Ari/
3
4
Simmons Co. at 151/s against 15%; Timken Roller zona
at 37 against 37; Granby Consolidated Copper
Bearing at 50 against 51 ; Mack Trucks at 45%
/
3
4
at 14% against 13%; American Smelting & Refinagainst 44; Yellow Truck & Coach at 1018 against ing
/
at 53 against 54%, and U. S. Smelting & Refining
11%; Johns-Manville at 68% against 74%; Gillette at
21 against 20%.
Safety Razor at 3114 against 38%; National Dairy
/
Products at 4378 against 44%; National Bellas
/
Price movements on the important European stock
Hess at 51/s against 5 bid; Associated Dry Goods exchanges were confine
d this week within a very
at 28 against 30%; Texas Gulf Sulphur at 52 against narrow range, with dullnes
s the prevailing note
53%;Bolster Radio at 1% against 1%; American & everywhere. There
were no distinct trends at LonForeign Power at 38% against 43%; General Amer- don, Paris or Berlin,
as the small increases of one
ican Tank Car at 66% against 70; Air Reduction session were cancelled
by the declines of the next,
at 100% against 106%; United Gas Improvement at leaving the
markets at the end much where they
30 against 30%, and Columbian Carbon at 88% started
. No change in the industrial position apagainst 93%.
peared in any market, and there was a noticeable
The steel shares showed considerable strength lack
of talk about this matter. Much interest was
early in the week, but moved sharply downwa
rd taken in the discussions of the European steel cartel,
under the leadership of United States Steel
after which reached a temporary agreement this week on
the appearance of the quarterly report of the
latter, production until the end of this year. The convermade public with the close of business on Tuesda
y, sations are to continue with a view to reconstituting
and became further depressed on Friday because
of the cartel on a new basis. In Great Britain some
the poor character of the Bethlehem Steel return.
comment was occasioned by a plan to amalgamate
U. S. Steel sold as high as 154 on Tuesday,
but all the coal mines in Cheshire and Lancashire, which
dropped to 143% on Friday, with the close
yes- produce about 18,000,000 tons of coal annually.
terday at 144 against 15078 on Friday of last
/
week; This was viewed as a long step toward "rationalizaBethlehem Steel closed yesterday at 69%
against tion" of British mining industries. In Germany
7514 on Friday of last week; Vanadium at 48%
/
ex- relief was expressed at the end of the strike of
div. against 52%, and Republic Iron & Steel
at 20 126;000 metal workers in the Berlin area which
against 22. The motor stocks have also
tended began earlier in October. A financial development
lower. General Motors closed yesterday at 341/
8 of note was the greater ease in the money markets of
against 37 on Friday of last week; Chrysle
r at 16 all the European centers. With funds abundant in
against 17%; Nash Motors at 27' 8 against
/
7
29%; London, talk was renewed of a possible lowering of
Auburn Auto at 67 against 75; Packard Motors
at the Bank of England discount rate. High grade
878 against 91 Hudson Motor Car at 19 against new
/
%;
capital issues are reaching the London market
22%, and Hupp Motors at 8% against 8%.
The with regularity and in substantial amounts, with
rubber stocks have been firm on the advance in tire
complete distribution speedily achieved in almost all
prices. Goodyear Tire & Rubber closed yesterday instanc
es. Funds continue to accumulate at Paris,
at 41% against 40% on Friday of last week; B. F. since the gold flow
to that center is unabated. An
Goodrich & Co. at 17 against 16; United States Rub- easier moneta
ry tendency also was reported at
2738
FINANCIAL CHRONICLE
Berlin this week, as there has been no resumption
of the export of capital.
A cheerful note prevailed on the London Stock Exchange at the opening Monday, but prices eased in
most departments as the session progressed. South
American issues proved of great interest, both
Government and railway issues advancing on the
supposed speedy termination of the Brazilian civil
war. British funds were quiet and substantially
unchanged. The industrial list turned irregular,
with most stocks inclined to go lower. In a further
.
quiet session Tuesday, prices remained steady as a
whole. Anglo-American issues improved moderately
on good advices from New York, but foreign bonds
were somewhat softer. British funds gained as discussion of a possible reduction in the bank rate
increased. International stocks lost their earlier
gains in Wednesday's session and British industrials
also declined. The gilt-edged list resumed its advance, as money rates showed added indications of
ease. In Thursday's session prices were softer in
almost all sections of the market, while turnover
fell to very small proportions. Maintenance of the
bank rate at 3% caused no disappointment as a
lower level is not considered immediately in prospect, but gilt-edged securities nevertheless lost some
ground. Anglo-American issues were dull and off a
shade, while British industrials also showed small
declines in most instances. In a further quiet session at London, yesterday, British Funds resumed
their advance, while other sections were sligttly
irregular.
A bright opening also was reported at the Paris
Bourse on Monday morning, but, as in other centers,
prices began to slip in the subsequent dealings and
losses were established all around. Public indifference made the session an exceptionally slow one.
Most of the selling was attributed to foreign sources.
Opening prices Tuesday were lower than those
reached in the previous session, but a harder tone
appeared later on and some of the pessimism was
dissipated. The market remained largely a professional affair. A nervous and erratic session followed on Wednesday, with the list showing sudden
gains and losses that were considered due partly to
professional trading and partly to American liquidation of French stocks. Quotations at the close were
mostly at the lowest figures for the day. The Bourse
was heavy Thursday and prices continued to drop,
with many issues reaching new lows for the current
movement. There was no resistance to the selling
and the market was gloomy throughout. A somewhat better tone prevailed yesterday, but most
issues remained soft.
The Berlin Boerse was dull Monday, with trading
almost completely in the hands of professional operators. Prices were affected by the smallest transactions, reports said, and as selling orders predominated quotations dropped. Some improvement appeared before the close, but not all the losses were
regained. Irregular movements took place Tuesday, with the general tone again extremely dull.
Artificial silk stocks gained on some favorable earnings statements, but most other issues declined.
Deutsche Linoleum was particularly weak, this
issue losing 14 points. The Boerse opened firm
Wednesday on the better prospects in the Berlin
metal industries and speculative issues showed substantial gains. These were lost later, as the market
was unsettled by a further drastic decline in
pro. 1411.
Deutsche Linoleum. Irregular movements on a
small trading volume again developed at Berlin
Thursday, with the main trend downward. Selling
appeared on a large scale in Deutsche Linoleum and
in some artificial silk stocks and this unsettled the
entire list. Further declines developed in yesterday's dealings at Berlin.
Impressive international ceremonies marked the
deposit in London, Monday, of instruments of ratification covering the London naval treaty of 1930.
The documents whereby the governments of Great
Britain, Japan and the United States signified their
full adherence to the terms of the treaty were deposited in London in a short but weighty meeting
in the Foreign Office, attended by a group of distinguished diplomats from all three countries and also
from France and Italy. This ceremony was followed immediatey by a series of radio addresses,
delivered by the heads of the three governments over
the most comprehensive system of broadcasting stations ever linked together. Premier Hamaguchi of
Japan, President Hoover of the United States, und
Prime Minister MacDonald of Britain, in the order
named, praised the agreement in their international
addresses as meaning the end of naval competition
among the three foremost naval powers. Hopes
were expressed in every case for the success of future
efforts at armaments limitation., President Hoover
and Prime Minister MacDonald, moreover, both expressed the hope that France and Italy will be able
to resolve their naval difficulties in further conversations and also become full participants in the
London agreement.
Deposit of the instruments of ratification occurred
in the "Locarno room" of the Foreign Office in
London. Prime Minister MacDonald presided, while
the United States and Japan were represented, respectively, by Ambassadors Dawes and Matsudaira.
The Prime Ministers of all the British Dominions
and the High Commissioner of India also took part
in the ceremony. The High Commissioner for the
Irish Free State was unable to participate, however,
as the Dail in Dublin has not been in session since
the treaty was signed and the approval of the Irish
Parliament is therefore still lacking. Mr. Mac
Donald explained this as a mere technical difficulty,
which will cause a delay of a few weeks in giving
the treaty full force. Ambassador Fleuriau of
France and Ambassador Bordonaro of Italy witnessed the ceremony, but they were unable to take
part with the others in affixing their signatures to
the notable document. The addresses of the three
government heads that followed were delivered in
Tokio, Washington and London, but they were made
available to the peoples of all three nations by means
of the international broadcasting arrangements.
Premier Hamaguchi prefaced his remarks by a
reference to the Washington conference of 1921 and
the competition in cruisers that developed in following years. Renewal of the wasteful competition in
this form was finally averted at the London conference early this year, he added. "The new treaty is
bound to exercise an immense moral influence on
the growing consciousness of mankind," the Japanese
statesman continued. "It is a striking demonstration of mutual confidence and good-will among the
nations and I congratulate the peoples of all the
participating countries on such a signal achievement.
I know that nothing is nearer the heart of every
Nov. 11930.]
INA NCIA I.
thinking Japanese than to enjoy security and to live
in peace with the rest of the world. One cannot but
feel that the moment is favorable for a wide extension of the policy of disarmament embodied in this
treaty."
President Hoover, in the shortest of the three addresses, remarked on the growing association of
peoples indicated by the interchange of radio communications in progress at the moment. Turning to
the naval treaty, he commented on the "significance
of this realization of advancement in the world's
hopes of practical limitation of naval armament."
The three greatest naval powers have relieved their
peoples of excessive naval burdens, he said, and have
definitely turned away from rivalry and armaments.
"If the limitations now established can be maintained," Mr. Hoover continued, "we look forward
with assurance to the fact that further conferences
will find it easier to bring about further steps in
reduction. It is the fervent prayer of right-thinking
men and women of this generation that the international confidence which has been so single-mindedly
achieved may endure, as the agreements which have
been reached will not allow a race for naval supremacy to again develop. France and Italy are not as
yet full partners in the London treaty. They have
been making active efforts within the last few months
to arrive at a complete understanding. The people
of Great Britain, Japan and the United States, and,
indeed, the peoples of the whole world, have watched
these efforts and confidently hope that patience and
good-will may yet lead to a solution."
Prime Minister MacDonald described for the international audience the ceremony at the Foreign Office
wherein the instruments of ratification were deposited. "Although the ceremony was short and simple," he explained, "it represented the culmination
of the second successful effort in naval disarmament.
The first was taken at Washington in 1922, when
the five principal naval powers agreed to the limitation and regulation of their capital ship and aircraftcarrier construction. Now, for the first time in
history, the three principal naval powers will put
into operation a system of limitation and reduction
which will apply to all parts of their respective fleets
up to 1936. Thus for the period named, and we
fondly hope for all time, the evils of naval rivalry
have been eliminated between them. We have passed
another milestone in the long way to peace and
security. The treaty was also signed by France and
Italy, but these two powers are not yet parties to
that section of the treaty which limits naval strength.
It is my most earnest hope that the negotiations
which have recently been proceeding between France
and Italy to enable them to come into this part of
the treaty may before long reach a successful issue.
Some way for removing difficulties must be found.
Ultimate failure is to me unthinkable, for world
hopes for the progress of disarmament are focused
on these efforts, and the good wishes of all of us
must go out to those who are responsible for these
difficult negotiations."
In connection with these international felicitations over the deposit of ratifications by the three
great naval powers, discussion of the positions of
France and Italy was revived on an extensive scale.
France was depicted as uneasy regarding the present
situation, as it is admitted in Paris that no progress
has been made in recent months in the negotiations
with Rome. The deadlock is as complete as ever,
CHRONICLE
2739
a dispatch to the New York "Times" said, and is
likely to remain so, from present appearances, since
France will not admit the justice of Italy's claim
to parity, while Italy shows not the least inclination
to depart from it. In a Paris report to the New
York "Herald Tribune" the suggestion was made that
France may share more fully in the naval treaty
without waiting for settlement of the Franco-Italian
difficulties. French officials were said to fear that
they will be regarded as defenders of naval armaments at the League of Nations Preparatory Disarmament Commission meeting next week. The interest
taken in the matter by Washington was revealed
Wednesday, when it was made known that Hugh S.
Gibson, American Ambassador to Belgium and head
of the American delegation to the Preparatory Disarmament Commission meeting, has been authorized
by President Hoover to take any steps that he might
consider advisable to facilitate a naval accord between France and Italy. Mr. Gibson is now in
Europe and has already engaged in extensive conferences on the subject, it was disclosed. The move
was described in a Washington report to the New
York "Times" as the first step by the United States
in relation to the Franco-Italian differences since
the adjournment of the London conference.
The second session of the British Parliament
under the present Labor Government of Prime
Minister Ramsay MacDonald was opened in London
Tuesday, with all the traditional pageantry associated with these events. King George convoked the
British legislative body and read to it a speech that
had been prepared, as usual, by the government in
power. This address contained no surprises, but it
confirmed several rumors, such as the suggestion
that a practical working alliance has been arranged
by the Labor and Liberal parties. A step that has
long been insisted upon by David Lloyd George, the
Liberal leader, is to be taken in the current session,
the Government promising a "measure of electoral
reform." The Labor Government is a minority
regime, with 288 seats in the House of Commons,
against the Conservative 260 and the Liberal 58.
Introduction of bills for electoral reforms will, it is
thought, secure to Mr. MacDonald the support of
the Liberal members, since the latter ardently desire
a reapportionment of representation more in accordance with the number of ballots cast for each
party.
The Cabinet overturn, which many thought might
develop later in the present session of Parliament,
is thus made a more remote possibility. Of importance in the throne speech were also several indications of the means to be taken by the Labor Government for combating unemployment. Proposals are
to be introduced for increased settlement and employment on the land, while the age for compulsory
school attendance is to be raised. A commission is
to be set up, moreover, to inquire into the question of
unemployment insurance. Of importance also was
a statement that legislation will be introduced to
secure for the community its share in the site value
of land.
Several statements on important controversial
issues were made by Prime Minister MacDonald before the House -of Commons, when that body began
its regular deliberations later in the same day.
When questioned on the developments in the ImpeHal Conference, which is still in session, Mr. Mac-
2740
FINANCIAL CHRONICLE
Donald stated definitely that there would be no
British tariff on foreign wheat for the benefit of the
Dominions. He hastened to add that the Labor
Government conferees have not given up hope of
stimulating Empire trade by means other than
tariffs. The declaration is important from a British
political viewpoint, as well as that of world trade,
since the Conservative party has espoused tariffs
with great definiteness. Mr. MacDonald was next
questioned on the Labor Government's Palestine
policy, as set forth in a recent White Paper. The
Prime Minister denied the charge that the Government was going back on its word, and added that
differences between contradictory parts of certain
declarations were being straightened out strictly in
the spirit of the mandate. "Nothing has amazed me
more," he said, "than the extraordinary intentions
attributed to the Colonial Office and the Government
on account of this White Paper."
Unemployment, which is sure to be the most controversial single subject to come up in the present
session of the Commons, was touched on only once,
when Prime Minister MacDonald said he had been
assured by "a prominent American economist" that
if figures were compiled in the United States in the
same way as in Britain, they "would show from
10,000,000 to 12,000,000 workers without employment there." The importance of the unemployment
question was indicated by the official Conservative
amendment to the King's speech, which will be
moved early next week. Dealing solely with unemployment, the amendment will "regret the failure of
the Government to propose any measures adequate
to deal with the crisis in the industrial, agricultural
and commercial situation or check the continued
growth of unemployment."
In the session of the Commons held Wednesday,
Foreign Secretary Arthur Henderson made an important revelation relating to British relations with
the Soviet Government. Representations have been
made to the Soviet Ambassador in London, he assured the House, that Russia was not fully observing
the agreement under which diplomatic relations
were resumed. Communist propaganda was still
being disseminated in Britain, notwithtstanding the
agreement, he admitted. The Russian diplomat had
assured him, Mr. Henderson added, that the Soviet
Government was doing its best to keep the agreement, but could not control the activities of the Third
International. In subsequent sessions of the Commons it was made clear that the group of independent Labor members with leanings to the far Left
of the House, will take exception to the King's speech
and possibly join the Conservatives in their attack.
James Maxtor' as spokesman for the group announced that he would do his utmost to achieve an
amendment to the speech, since the address "contained not one item in relation to the Socialist
philosophy and the Socialist plan for confronting
national problems." Sessions of the Imperial Conference, which were held concurrently, produced
nothing with the exception of a statement by Prime
Minister Forbes of New Zealand, that the conference
was doomed to be "abortive."
In an official note to the British Foreign Office,
France refused flatly Wednesday to entertain claims
made late in September in behalf of British holders
of four issues of French rentes to which British
subjects subscribed during the World War. Intima-
[VOL. 181.
tions had previously been given that France is preparing to repay these loans in terms of the stabilized
franc valued at slightly less than 4 cents, although
the loans were floated when the franc was at or near
19 cents, or 25 francs to the pound sterling. British
subscribers to the issues would thus suffer a heavy
loss, and representations were accordingly made by
the Foreign Office in London to the Quai d'Orsay.
It was pointed out in a British note that the French
Government, when occupying the status of lender,
had asked to be paid in francs at the old rate of
exchange. The question of repayment to British
holders of rentes should at least be submitted to
arbitration, it was contended. To these representations France replied Wednesday that the position of
British investors is exactly the same as that of
French investors and that France is unable to discriminate between them. It was further held, a
London dispatch to the New York "Times" states,
that the war loans were not of a financial character,
as they had been subscribed to achieve a common
victory. In addition, the depreciation of 80% in
the franc has been partially offset by a rise in the
market value of the rentes, the French note said.
In view of this attitude, it was believed by observers
in London that the question will now be carried by
the British Government before the Permanent Court
of International Justice at The Hague.
A new budget, fashioned along lines of the
strictest economy, was adopted by the German Cabinet late last week, at a meeting presided over by
Chancellor Heinrich Bruening. Under this budget,
which covers the fiscal year beginning April 1 1931,
savings of approximately $270,000,000 will be
effected, as compared with the emergency budget
adopted by the Government under powers conferred
on the Cabinet by Article 48 of the Constitution.
The savings are effected by curtailing the expenditures of various Ministries, and by a decline in social
welfare disbursements and transfers to the Federal
States and municipalities. In this way most of the
measures of economy urged by S. Parker Gilbert
during his term of office as Agent General for Reparations Payments, are at length adopted. Revenues
in the new budget are estimated at 10,420,000,000'
marks ($2,479,960,000), while expenditures are
placed at 10,423,000,000 marks ($2,480,674,000).
The new budget was placed before the Federal
Council this week for consideration by that body.
The Bruening Cabinet also faced this week the
question of a moratorium on reparations, debate
on this matter taking place in the Foreign Relations
Committee of the Reichstag on five motions introduced by anti-Government parties. These motions
demanded immediate cessation of reparations payments and revision of the existing commitments of
the Reich. All the proposals were rejected by the
Committee when they came up for consideration
Wednesday, leaving the Government free to formulate any steps it might regard as advisable in that
regard. At the same meeting, however, a resolution
was adopted expressing dissatisfaction with the
present state of international disarmament, and
urging the Government to demand Allied disarmament in accordance with the pledges made in the
Treaty of Versailles. There were rumors this week
that the German Government has been "sounding
out" Washington on the question of a general moratorium on reparations payments and Allied debt
Nov. 1 1930.]
FINANCIAL CHRONICLE
2741
payments, but these were denied emphatically by Fascist Italy, he declared, is struggli
ng against a
the Foreign Office in Berlin.
declining world, and he predicted that by 1950
Europe would, if present trends continue, be
Foreign policies and aims of Fascist Italy were "wrinkled and decrepit." Important,
also, was a
explained at considerable length by Premier Benito reference in the speech to the Balkan countrie
s east
Mussolini in one of the most important of his recent of Italy. The land of Italy will soon be
insufficient
speeches, delivered at Rome, Monday, on the eve of for the expanding population, Ii Duce
said, and "It
the eighth anniversary of the Fascist march on the is only toward the East that we
are able to direct
capital. Among the most significant of the state- our pacific expansion." The celebrat
ion of the
ments made by the Italian leader was a clear expo- Fascist march on Rome, thus inaugur
ated by Presition of the demand for revision of the peace mier Mussolini, was observe
d throughout Italy,
treaties. In this address Ii Duce was considered to Tuesday. The event took the form
chiefly of the
have aligned Italy definitely with Germany, Aus- inauguration of new public
works. Some 2,000 of
tria, Hungary and the other nations that desire a these, representing an expendi
ture of more than
revision of the Treaty of Verstilles, as opposed to $100,000,000, were started.
the demand of France and her allies for strict maintenance of that instrument. The speech was viewed
In the Brazilian civil war hostilities were, for the
as the most peaceful made by the Italian Premier time
being at least, brought to an end this week,
in recent years, although it contained the usual
when the insurgents from Rio Grande du Sul and
warning that Italy is ready to defend Fascism
the military junta in Rio de Janeiro joined forces
against the attacks of a world that is hostile to and selected Getulio
Vargas as Provisional Presithe Italian system. Much incidental interest was dent of the country
. The dramatic uprising of the
aroused by references in the speech to the bellicose Federal military
forces in the capital on Oct. 24,
addresses at Leghorn, Florence, and Milan, last which put an end
to the administration of WashMay, which caused alarm throughout the world. ington Luis,
occasioned some questions regarding
The statements then made, Signor Mussolini said,
the unanimity of aims of the two rebel groups.
were intended merely to tear the mask from the face These
were definitely resolved, Tuesday, when Dr.
of a hypocritical Europe, which arms for war while
Vargas was chosen to head the new regime at a
talking peace at Geneva. As a further indication
joint meeting in Rio de Janeiro between the souuthof the trend of European relations, Ii Duce referred
ern revolutionary representatives and the military
once more to the "day-by-day military preparations
junta. The revolution, started on Oct. 3, has thus
made against Italy for the last four years." He
taken a turn the outcome of which it remains for
waved before his audience a sheaf of papers which,he
the future to determine. Dr. Vargas at one time
declared, contained a list of batteries constructed
held important Government posts under Dr. Washand forts placed along the Italian frontier. Notington Luis, but he resigned these and was chosen
withstanding this obvious reference to France, the
President of the State of Rio Grande du Sul. In
speech was viewed in Paris with great restraint,
the recent elections he was the Liberal party candialthough it was held to demonstrate the wide gap
date for the Presidency of the country, and he made
which separates the two Latin nations at present.
the usual charges of a defeated candidate against
In Germany the speech was viewed rather coldly,
his opponent, who in this instance was Dr. Julio
as informed opinion in the Reich holds that the dePrestes, of Sao Paulo. Dr. Vargas took the leading
sired goal of treaty revision will be rather retarded
part in the revolt which started Oct. 3, and all the
than advanced by Premier Mussolini's remarks.
revolutionary elements have now joined forces under
The speech of the Italian Premier was delivered
his aegis. The revolt thus takes its place as the
before a gathering of Fascist party secretaries in
fifth movement of its kind in Latin America this
the Palazzo Venetia. Italy, he insisted, never would
year, the governments of the Dominican Republic,
provoke war, but must arm because others are armBolivia, Peru, and the Argentine having previously
ing. "She will disarm when all disarm," he stated.
been overthrown.
"I repeat that as long as there are cannon they will
Delayed reports from Sao Paulo indicated over
always be more beautiful than beautiful, but often
the week-end that a change of government had also
false, words. When words will be sufficient to regulate relations between peoples, then I will say that been effected in that important industrial and coin:
words are divine." The Italian advocacy of peace mercial center, simultaneously with the military
treaty revision, which Premier Mussolini said was uprising in Rio de Janeiro. In connection with the
event, rioting developed in Sao Paulo, and 11 people
first expressed in 1928, also aims at avoiding war,
he were killed while 27 were injured. As in other parts
added. "The revision of the peace treaties is
not of the country, order was declared as having been
prevailingly of Italian interest, but interest
s the quickly restored. The military junta in Rio
de
whole world," he continued. "Revision is
not Janeiro, after deposing Dr. Washington Lula, issued
absurd or impossible, since the possibility
of re- a proclamation setting forth that the chief
idea of
vision is contemplated in the Covenant of the
League the new movement is pure patriotism, the
pretense
Nations. The only absurd thing is to
of
expect always put forth on such occasions. "It
is absotreaties to remain absolutely immobile."
Mainte- lutely necessary to halt the useless spilling of
blood
nance of two categories of States, one armed and
the other unarmed, was held by Ii Duce to render and the useless destruction of property, which on
either side would be Brazilian blood and Brazilian
juridical or moral parity between them
impossible. property," the proclamation said. Federal
and revoHostility to Fascism was described in the
address lutionary troops alike were ordered to
obey only
as a moral war which prepares for a material war.
All of Europe may well be Fascist at some time in the revolutionary leaders. The deposed President
the future, Signor Mussolini said, since "Fascism is was held by the military forces, but assurances were
universal in idea, doctrine and realization." given that he was receiving the treatment due a
former occupant of the Presidential office. One
2742
FINANCIAL CHRONICLE
riroro 131.
two
when this phase of the relations between the
unfortunate incident occurred last Saturday
d by countries.
the German passenger ship Baden was shelle
vessel
the guns of a Rio de Janeiro fortress, as the
There have been no changes this week in the disng
was steaming out of the harbor. The shelli
.
them count rates of any of the European central banks
resulted in the deaths of 27 persons, many of
2
1
/
Spain; at 5 % in Austria,
Rates remain at 6% in
women and children, while 35 others were wounded.
2
1
/
Germany; at 4 %
pending an investi- Hungary, and Italy; at 5% in
The ship returned and was held,
2
1
/
at 4% in Denmark and Ireland; at 3 %
was in Norway;
gation. Satisfaction for the damages caused
n; at 3% in England and Holland, and at
Rio in Swede
promptly demanded by the German Minister to
Belgium, and Switzerland. In the
2
1
/
instructions from the Foreign Office 2 % in France,
de Janeiro, on
sh London open market discounts for short bills yesin Berlin. A protest also was lodged by the Spani
terday were 2 1/16%, the same as on Friday of last
Ambassador, as many of the killed and injured were
8
/@
in week, while three months bills continued at 21
citizens of Spain. Further excitement prevailed
same as on Friday of last week.
2 3/16%, also the
Rio de Janeiro, Monday, when a small force of mili2
1
/
day was 1 %. At
return from the Money on call in London yester
tary police mutinied after their
2
1
/
open market rate continues at 2 %, but
Paris the
front. The incident was due to a misunderstanding,
rland there has been a decline from
in Switze
it is alleged, and order was apparently restored
/
1 5/16% to 114%.
e.
without troubl
In addition to the change in Government at the
The Bank of England statement for the week
capital, new regimes were established over the last
not previ- ended Oct. 29 shows a gain of £541,270 in bullion,
week-end in all Brazilian States that had
attended by an expansion of £1,098,ously joined the revolt. Army officers were ap- but as this was
ls
circulation, reserves fell off £557,000. The
pointed in almost every case, and the new officia 000 in
£160,666,930 gold in comparison
proceeded to select provisional State Cabinets. Bank now holds
the with £132,141,823 a year ago. The proportion of
These changes gave the revolutionists control of
y
liabilities is now 58.24%, as compared
entire country without more ado. The revolutionar reserve to
envisages with 55.80 a week ago and against 30.12% last year.
program, as detailed by Southern leaders,
al Public deposits decreased £696,000, while other
dissolution of the present Congress and the eventu
Congress will be deposits rose £1,091,738. The latter is made up of
call for new elections. The new
and other accounts, and these
asked to enact electoral reforms designed to pre- bankers' accounts
£1,091,738, respectively.
vent a recurrence of the situation which led to the increased £188,943 and
ties fell off £3,970,000
present revolt. The revolutionary Government will Loans on Government securi
ties £1,331,664. Other seremain in power long enough to restore complete and those on other securi
unts and advances" and
order and insure the desired reforms. Provisional curities consist of "disco
made his "securities." The former decreased £729,860 and
President-designate Getulio Vargas slowly
rn the latter £601,804. The rate of discount remains
way northward this week at the head of his southe
d Sao Paulo Wed- at 3%. Below we furnish a comparison of the varirevolutionary army. He entere
nesday. He will go on to Rio de Janeiro when suf- ous items for five years:COMPARATIVE STATEMENT.
BANK OF ENGLAND'S
1920.
1927.
1928.
ficient rolling stock has been assembled to carry
1929.
1930.
Nov. 3.
Nov. 2.
oa. 31.
Oa. 30.
Oct. 29.
it was said. The new leaders dehis entire army,
45 139,537,365
a355,625,000 358,819,000 134,502,000 136,575,9
clared a 30-day moratorium, Tuesday, on business Circulation
8 19,158,212
27,237,000 14.383,000 14,133,000 21,348,32
but Public deposits
103,088,630
obligations. Banks were reopened for business,
90,695,771 96,231,098 103,523,000 100,653,530
Other deposits
55,693,833 58.105,97
restrictions were placed on foreign exchange trans- Bankers' accounts 35,001,938 38,125,126
0
Other accounts
44,610,178
actions, which were placed under the strict super- Governnft securities 37,665,247 68,851,855 42,623,000 60,673,065 35,435,435
71,466,127
28,616,042 26,123,159 42,562,000
State Institu- Other securities
vision of the Banco du Brasil. The
Disct. de advances 4,248,890 5,890,868
22,367,152 20,232.291
tion may furnish to other banks, it was decreed, the Securities St coin 65,040,000 33,321,000 50,187,000 34,425,142 33.019,717
23 164,920,877 151,251,087 152,807,082
care of their customers up Reserve notes
necessary cover to take
Coin and bullion-160,668,930 132,141,8
of 1,000 pounds in sterling for each Proportion of reserve 58.24% 30.12% 42.64% 28.22% 27.01%
to a daily limit
to liabilities
5%
8%
455%
455%
3%
bank, exchange rates for such transactions to be Bank rate
fiduciary currency was amalgamated with Bank of England
a
established by the Banco du Brasil. Messages were noteOn Nov.29 1928 the time £234,199,000 to the amount of Bank of England
issues, adding at that
to all Brazilian diplomatic missions and con- notes outstanding.
sent
sulates that all ports of the country have been reSao
The Bank of France in its statement for the week
opened for navigation. The Stock Exchange in
ended Oct. 25 shows an increase in gold holdings of
Paulo was reopened Wednesday.
immedi- 75,290,936 francs. The total of gold, which is now
The new turn in the Brazilian revolution
face to 50,642,645,103 francs, compares with 39,843,536,328
ately brought the Washington Government
involv- francs last year and 30,785,350,426 francs two years
face with a number of important questions
military ago. An increase is shown in credit balances abroad
ing future relations with that country. The
24 hours of 30,000,000 francs and in bills bought abroad
coup in Rio de Janeiro took place hardly
by President of 3,000,000 francs. Notes in circulation were reafter the issuance of a proclamation
ent duced 434,000,000 francs, bringing the total of notes
Hoover embargoing arms shipments to the insurg
New York outstanding down to 72,867,455,295 francs, as comforces. In a Washington dispatch to the
United pared with 66,145,760,840 francs at the correspond"Times," it was remarked that since the
support to ing week last year. French commercial bills disStates "had definitey thrown its moral
s of the counted and creditor current accounts record large
the Brazilian Government," the succes
tment in Wash- increases, namely 1,460,000,000 francs and 1,856,insurgents struck the State Depar
question of 000 francs, while the item of advances against seington with "stunning force." The
speedily faced, curities declined 85,000,000 francs. Below we furrecognition of the new regime was
declaring "last nish a comparison of the various items for the past
however, Secretary of State Stimson
made into three years:
Saturday that a careful inquiry would be
_ Nov. 1 1930.]
BANK OF FRANCES COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Oct. 25 1930. Oct. 26 1929. Oct. 27 1928.
Francs.
Francs.
Francs.
Francs.
Gold holdings—Inc. 75,290,936 50,642,645,103 39,843,536,328 30,785,350,426
Credit bats. abed_Inc. 30,000,000 6,504,842,420 7,136,830,509 13,983,228,900
French commercial
bills discounted_Inc.1460,000,000 6,332,946,063 9,153.594,291 3,070,236,252
Bills bought abr'd_Inc. 3,000,000 19,099,277,016 18,682,611,769 18,493,447,083
Adv.Mat.securs__Dec. 85,000,000 2,798,498,046 2,434,146,436 2,098.471,422
Note circulation_Dec. 434,000,000 72,867,455,295 66,145,760,840 61,327,166.255
Cred. curr. accts__Inc.1856,000,000 21,948,474,359 20,548,087,274 18,807,379,423
The Bank of Germany in its statement for the
third week of October shows a decline in gold and
bullion of 110,000 marks. The total of bullion now
stands at 2,180,353,000 marks, as compared with
2,218,953,000 marks at the same time last year and
2,510,710,000 marks in 1928. Reserve in foreign
currency, bills of exchange and checks and investments reveal decreases of 11,319,000 marks, 128,268,000 marks and 18,000 marks while deposits
abroad remain unchanged. Notes in circulation
contracted 208,057,000 marks, reducing the total
of the item to 4,466,921,000 marks. Circulation a
year ago aggregated 4,785,007,000 marks and the
year before 4,034,747,000 marks. Increases are
shown in silver and other coin of 15,995,000 marks,
in notes on other German banks of 4,859,000 marks
and in advances of 4,838,000 marks, while the item
of other assets declined 19,055,000 marks. Other
daily maturing obligations and other liabilities
record gains of 64,411,000 marks and 1,862,000 respectively. Below is furnished a comparison of the
various items for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week.
Oct. 231930. Oct. 231929.
Assets—
Retchsmarks.
Reichsmark*. Reichsniarks.
Dec.
Gold and bullion
110,000 2,180,353,000 2,218,953,000
Of which depos.abr'd_
Unchanged
149,738,000 149,788,000
Res've in for'n curr_ Dec. 11,319,000 162,583,000 354,128,000
Bills of exch.& checks Dec. 128,268,000 1,956,555,000 1,987,011,000
Silver and other coin Inc. 15,995,000 183,920,000 126,109,000
Notes on oth.Ger.bks_ Inc. 4,859,000
22,873,000
24,684,000
Inc. 4,838,000
71,250,000
Advances
41,999,000
Investments
Dec.
18,000 102,475,000
92,562,000
Other assets
Dec. 19,055,000 747,851,000 635,702,000
Liabilities—
Notes in circulation Dee.208,057,000 4,466,921,000 4,785,007,000
Oth.dally matur.obliginc. 64,411,000 419,856,000 554,300,000
1,862,000 251,739,000 374,429,000
Other liabilities
Inc.
Oct. 231928.
Reichsmark*.
2,510,710,000
85,626,000
163,189,000
1,964,228,000
102,108,000
15,237,000
110,968,000
93,801,000
552,184,000
4,034,747,000
729,279,000
265.212.000
Funds were offered in the New York money market in exceptionally heavy volume all week, and a
tendency toward lower rates was again apparent.
This tendency found expression yesterday in a lowering of yield rates on the longer maturities of bankers' bills by all dealers. In the local call loan market
funds were available in such abundance that sums
estimated at from $20,000,000 to $50,000,000 were
left unloaned at the close of every session. The
official Stock Exchange rate of 2% for call money
was quoted without deviation, but large amounts
overflowed every day into the unofficial "Street"
market, where transactions were reported in every
session at 1%, or a concession of a full 1% from the
official rate. Quotations for time loans were unchanged from previous levels. A partial explanation
of the heavy offerings of and lack of demand for
call loans is to be found, of course, in the huge
repayments that have been in progress recently.
Brokers' loans against stock and bond collateral,
as reported by the Federal Reserve Bank of New
York for the week ended Wednesday showed the
further large decline of $101,000,000. This was the
fifth successive decline of life proportions, bringing
the aggregate down $710,000,000 in the period of
five weeks. Gold movements reported by the Reserve institution for the week ended Wednesday
account. All the exported metal went to Canada,
night consisted of exports of $7,000,000 and imports
of $15,157,000, with a net increase of $2,000,000 in
the stock of the metal held ear-marked for foreign
2743
FINANCIAL CHRONICLE
and a further shipment of $2,000,000 was reported
Thursday, bringing the total shipments to that
country to $31,500,000 since the movement began in
August. The bulk of the imports was made up of a
single arrival of $15,000,000 from Brazil.
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, all that it is
necessary to say this week, as was the case last
week, and, in fact, during the whole month of October, is that the call loan rate has been at the single
figure of 2% on each and every day, this being the
rate for renewals as well as for new loans. Time
money still remains unchanged. There is absolutely no call for this class of accommodation due
to the fact that there is an abundance of cheaper
money elsewhere. Quotations continue at 13 4@2%
,
/
for 30-day money,21 4% for 60 days,21 2 for 90-day
/%
accommodation, 21 2@2%% for four months, and
/
2/
34@3% for five and six months. Prime commercial
paper in the open market again showed a dearth of
offerings of satisfactory bills, the supply being
entirely inadequate to meet the increasing call.
Rates are unchanged, extra choice names of four to
six months' maturity being quoted at 3%, while
14@3/
names less well known are offered at 3/ 1 2%.
The demand for prime bank acceptances in the
open market showed no diminution during the present week, the amount of business transacted being
limited only by the acute shortage of paper. Rates
were unchanged until Friday, when the quotation
for five and six months' accommodation was re/
duced 18% to 214% bid and 21 8% asked. The 12
/
/
Reserve Banks further reduced their holdings of
acceptances during the week from $176,590,000 to
$165,658,000. Their holdings of acceptances for
foreign correspondents also further decreased, falling from $437,289,000 to $433,259,000. The posted
rates of the American Acceptance Council are now
2% bid and 178% asked for bills running 30 days,
/
and also for 60 and 90 days; 21 8% bid and 2% asked
/
/
for 120 days, and 214% bid and 21 8% asked for 150
/
days and 180 days. The Acceptance Council no
longer gives the rates for call loans secured by
acceptances, the rates varying widely. Open market
rates for acceptances were also marked down for the
longer maturities, leaving quotations as follows t
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days
-Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
24
24
214
24
24
2
—90Days— —60Days— —30Days—
Md. Asked.
Bid. Asked,
Bid. Asked.
Prime eligible bills
2
2
111
2
114
134
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
214 bid
Eligible non-member banks
24 bid
There have been no changes this week in the rediscount rates of any of the Federal Reserve Banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF.ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on Oct. 31.
Dale
Established.
Previous
Rate.
3
2'i
314
34
334
34
3'i
33.4
334
334
34
34
July 3 1930
June 20 1930
July 3 1930
June 7 1930
July 18 1930
July 12 1930
June 21 1930
Aug. 7 1930
Sept.12 1930
Aug. 15 1930
Sept. 9 1930
Aug. 8 1930
34
3
4
4
4
4
4
4
4
4
4
4
2744
FINANCIAL CHRONICLE
fvoL. 131
Sterling exchange is dull, less active than last week, the week ended Oct. 29, as reported by the Federal
and although steady, is ruling a trifle lower. The Reserve Bank of New York, was as follows:
range this week has been from 4.85 9-16 to 4.85 25-32 ,14OLD MOVEMENT AT NEW YORK OCT. 23-OCT. 29 INCLUSIVE.
Exports.
Imports
1
for bankers' sight bills, compared with 4.85 11-16 to $15,000,000 from Brazil
I $7,000,000 to Canada.
157,000 chiefly from other Latin I
cable transfers has
4.86 last week. The range for
American countries. I
been from 4.85 13-16 to 4.85 15-16, compared with
I 37,000,000 total
4.85 27-32 to 4.86 5-32 a week ago. The lower quo- $15,157,000 total.
Net Change in Gold Earmarked for Foreign Account.
tations this week are due to dullness in trading, to
1ncrease $2,000,000.
the hesitancy in business recovery, to the low money
The Federal Reserve Bank's weekly statement of
rates and abundance of funds in London, and to some
England gold movement is as of 3 p. m. on Wednesday. On
uncertainty as to what course the Bank of
Thursday the Federal Reserve Bank reported an
may take respecting a change in its official rate of
additional shipment of $2,000,000 to Canada.
rediscount. Sterling is standing the seasonal strain
On Monday $2,500,000 gold was received at San
against dollars well and there is little likelihood of the
Francisco from Japan and on Wednesday $112,000
rate dropping to a point sufficiently low to cause gold
gold was received from China. On Thursday $2,to move from London to New York. Owing to the
610,000 gold was received at San Francisco of which
low bill rates in London there is a resumption of talk
$2,500,000 came from Japan and $110,000 from
of the probability of the Bank of England reducing
China. On Friday of last week $200,000 gold was
its rate of rediscount, as it has been considerably out
exported to China from San Francisco.
of line with the open market rate ever since
Canadian exchange continues firm, Montreal funds
May 1.
ruling generally throughout the week at 9-64 of 1%
The renewal of rumors of an impending cut in the
premium. The market was not surprised at the
Bank of England rate is attributed in some quarters
shipment of gold to Canada. It is believed that
to recent remarks of Chancellor Snowden promising
further shipments will follow in the coming week.
a conversion of the British War 5s as soon as "conReferring to day-to-day rates, sterling exchange on
banking
ditions are favorable." Well informed
Saturday last was inclined to ease in a dull half-day
circles, however, entertain no strong hope of a lower session. Bankers' sight was 4.85 21-32@4.85 25-32;
bank rate, even while admitting that the actual cable transfers 4.85 29-32@4.85 15-16. On Monday
position of the Bank of England itself might justify the
undertone continued easy. The range was
such a change. The abundance of money in London
4.859.'@4.85% for bankers' sight and 4.85 27-32@
merely reflects the continued stagnation of business
A
4.857 for cable transfers. On Tuesday sterling
and although current discount rates on the open marwas slightly in demand and steady. Bankers' sight
ket are practically 1% below the bank rate, many
was 4.85 9-16@4.85 11-16; cable transfers 4.85 13-16
well informed bankers believe that the Bank of
4
would be @ .853's. On Wednesday the market was dull with
England considers that no useful purpose
juncture, owing to an easier tone. The range was 4.85 9-16@4,85 11-16
served by lowering its rates at this
s for bankers' sight bills and 4.85 13-16@4.85 27-32
the recognized difficulty of gauging the numerou for
cable transfers. On Thursday the market was
international factors which still operate or may operate
is in steady. The range was 4.85 9-16@4.85% for
in the immediate future. The Bank of England
This bankers' sight and 4.85 13-16@4.85% for cable
an exceptionally strong position for this season.
of transfers. On Friday firmness prevailed; the range
week the Bank shows an increase in gold holdings
was 4.85 9-16@4.853 for bankers' sight and
£541,270, the total standing at £160,666,930 on 4.85 13-16@4.85% for cable transfers. Closing
year
Oct. 30, which compares with £132,141,823 a
quotations on Friday were 4.85 11-16 for demand
The Bank expects further large accessions of and 4.85% for cable transfers. Commercial sight
ago.
gold in the immediate weeks from South Africa, bills finished at 4.85 9-16, sixty-day bills at 4.839,
Australia and South America. On Saturday the ninety-day bills at 4.82%, documents for payment
Bank of England sold £139,895 in gold bars and ex- (60 days) at 4.839, seven-day grain bills at 4.853i.
ported £5,000 in sovereigns. On Monday the Bank Cotton and grain for payment closed at 4.85 9-16.
in
sold 028,947 in gold bars and exported £2,000
Tuesday the Bank sold £1,748 in
sovereigns. On
Exchange on the Continental countries is on the
gold
gold bars. There was £770,000 South African
whole steady, though ruling in one or two instances
which
available in the London open market, of
ally lower than last week, owing partly to the
was taken by France and the remainder fraction
£730,000
85s Md. On slightly lower levels of sterling exchange and to
of
by the trade and India at a price
practically the same causes as affect exchange on
Wednesday the Bank of England sold £15,783 in gold
ns. On Thurs- London, namely, the superabundance of idle money
bars and exported £2,000 in sovereig
in foreign gold coin and sold and generally retardation in commercial and indusday the Bank bought a
the Bank bought trial activity. German marks are steady and on the
£5,162 in gold bars. On Friday
gold coin, received whole fractionally firmer than last week owing to a
09 gold bars, and £18 foreign
sold 0,423 gold decided resumption of confidence in the changed
£1,000,000 sovereigns from abroad,
aspect of the German political situation. There is
ns.
bars, and exported 0,000 sovereig
the no longer a flight of German funds to foreign centers,
movement for
At the Port of New York the gold
there has
29, as reported by the Federal Re- but on the contrary for the past two weeks
week ended Oct.
of imports of been every evidence of a return flow of funds to
d
serve Bank of New York, consiste
Berlin, with resultant improvement in the mark. It
of which $15,000,000 came from Brazil
$15,157,000,
Latin-American is even asserted that some of the gold exported by
other
and $157,000 chiefly from
to Canada. the Bank of England this week and last was shipped
countries. Exports totaled $7,000,000
increase of $2,000,000 to Germany. Private dispatches from Berlin state
The Reserve Bank reported an
. In tabular that German bankers confidently expect that the
in gold earmarked for foreign account
New York for Reichsbank will immediately reduce its rediscount
form the gold movement at the Port of
Nov. 11930.]
FINANCIAL CHRONICLE
2745
rate to 4% on account of the improved credit outlook. fluctuate rather widely,
but on balance are much
Apart from the cessation of panic conditions in Berlin, firmer than a week ago.
The high for pesetas on the
the chief causes for the improvement in mark ex- present movement was
reached on Wednesday, when
change are the shortage of mark currency and the free cable transfers were quoted
at 11.24. This compares
purchase of exchange by foreigners who have resumed with the low touche
d on Oct. 15 of 9.523. Rebuying on the Berlin stock exchange. The Reichs- ports are current in
foreign exchange circles that
bank also last week proceeded to punish panic Spain is about to begin
shipment of gold to London.
mongers and bears on mark currency by limiting its In some quarters it is
stated that $15,000,000 is inown purchases of exchange, which had the effect of volved in the initial transac
tion. More recent cables
further depressing foreign exchange quotations on from Madrid state that
at the coming special meeting
other centres in Berlin. The demand for foreign the exchange council of
the Bank of Spain consent
bills, it is understood, is now below normal and will probably be given for
the shipment of £1,000,000
hoarders of exchange continue to sell with con- to London and yesterd
ay cable dispatches stated that
sequent improvement in mark quotations. The the first shipment of
£1,000,000 gold of several inReichsbank's condensed statement for the week ended tended for purchase of
pesetas held abroad had left
Oct. 23 showed an increase in gold reserves of only the Bank of Spain for
the Bank of England. For110,000 marks, the total standing at 2,180,353,000 eign exchange circles
now begin to feel that really
marks, as compared with 2,218,900,009 marks a constructive measures
are under way looking toward
year ago.
the stabilization of the peseta. Bankers are not so
French francs are dull and steady. The Bank of much interested at the momen
t in the exact amount
France continues to accumulate gold. For the week of gold which is to be shipped
as in the fact that Spain
ending Oct. 24 the Bank shows an increase in gold is at last about to take steps
to protect its exchange.
holding of 75,290,000 francs, the total standing at Private estimates have been
made that at least
50,642,000,000 francs, as compared with 39,843,000,- £20,000,000 will be necessary
for the purpose of
000 francs a year ago and with 28,935,000,000 francs stabilization and the Bank of
Spain's metallic position
reported in the first statement of the Bank of France is considered sufficiently
strong to stand the strain.
following stabilization of the franc in June 1928. Spain holds approximatel
y $495,000,000 gold.
According to Paris dispatches financial leaders there
Bankers' sight on Amsterdam finished on Friday
recognize that the French authorities do not desire at 40.26, against
40.263 on Friday of last week;
4
to increase the Bank's holdings. It is understood cable transfe
rs at 40.273 against 40.28, and comthat the Treasury and the Bank of France are greatly mercial
sight bills at 40.24, against 40.24. Swiss
concerned and are discussing the long continuance of
francs closed at 19.403/2 for bankers' sight bills and
the mounting gold reserve and the indirect sort of
at 19.413' for cable transfers, against 19.413/ and
inflation which prevails and which among other things
19.42. Copenhagen checks finished at 26.743' and
has prevented a proper downward adjustment of
cable transfers at 26.753', against 26.743/i and
retail prices. The cause of the influx, it is asserted,
26.753; checks on Sweden closed at 26.83 and cable
is the heavy investment of foreign capital in France.
transfers at 26.84, against 26.84 and 26.85; while
The London check rate on Paris closed at 123.79 on
checks on Norway finished at 26.743,. and cable
Friday of this week, against 123.82 on Friday of last
transfers at 26.753', against 26.743 and 26.753.'.
week. In New York sight bills on the French centre Spanis
h pesetas closed at 11.09 for bankers' sight
finished at 3.923 , against 3.923 on Friday of last bills
4
4
and at 11.10 for cable transfers, which compares
week, cable transfers at 3.923/, against 3.923/, and with
2
2
10.71 and 10.72.
commercial sight bills at 3.923, against 3.923/
.
8
Antwerp belgas finished at 13.933 for checks and at
Exchange on the South American countries con13.943.I for cable transfers, against 13.933 and tinues to display an uncertain tone as
a consequence
/
13.9432 Final quotations for Berlin marks were of the difficulties arising out of the
/.
political situation
23.813 for bankers' sight bills and 23.82% for cable in the various republics, especia
4
lly in Argentina,
transfers, in comparison with 23.813 and 23.82%. Brazil, and Peru. An air of
4
decided uncertainty beItalian lire closed at 5.233/2 for bankers' sight
bills clouds the Brazilian situation. Advices received from
and at 5.235 for cable transfers, against 5.23 7-16 Rio de Janeiro on Thursday
%
were to the effect that
and 5.23%. Austrian schillings closed at 14.10, the banks have been closed.
Up to the present writagainst 14.103; exchange on Czechoslovakia
at ing no explanation for the action was available. It
2.96 9-16, against 2.965 8; on Bucharest at 0.59%, is thought in well inform
/
ed quarters that the banks
against 0.59%; on Poland at 11.22, against 11.22, are taking advantage
of the decree issued by the
and on Finland at 2.513 , against 2.513 . Greek Government permitting them
4
4
to close their doors
exchange closed at 1.293 for bankers' sight bills
and summarily at any time that trouble threatens, up
at 1.293/i for cable transfers, against 1.293(
and to Nov. 15. As noted above, the $15,000,000 in
1.29%.
gold which was stated last week to be en route for
New York was received at the Federal Reserve Bank
Exchange on the countries neutral during
the war during the week. According to well informed quarters
shows practically no new features since last
week. Argentina is preparing to send another $12,000,000
The undertone of all units except Spanish pesetas
is gold to New York, should it be necessary to support
slightly easier owing partly to the easier tone
in exchange. The peso shows little change from last
sterling, partly to seasonal pressures, and to
some week, although closing fractionally higher. Closextent to the fact that there is no longer a flight
of ing quotations this week are 34.10 for cable transfers,
German funds to neutral centres, but on the
contrary compared with the low of 32.35 on Oct. 14, just
a reverse trend. This last circumstance affects
par- prior to the announcement of shipment of $5,000,000
ticularly the quotation for Holland guilders and
Swiss gold to the United States. Foreign exchange circles
francs. Exchange on Spain is of outstanding
im- look for strength in the peso in the coming months.
portance this week, Spanish pesetas continue
to The wool clip will be good and harvests are
large.
2746
FINANCIAL CHRONICLE
Shipments of commodities will begin in large volume
in December and it is believed that sufficient bills
will be provided to relieve the Government of the
need of making gold shipments beyond those indicated. Argentine paper pesos closed at 34 946
for checks, as compared with 34 3-16 on Friday
%
of last week, and at 345 for cable transfers,
against 34. Brazilian milreis are nominally quoted
at 10.72 for bankers' sight bills and 10.75 for cable
transfers, against 10.72 and 10.75. Chilean exchange
%
closed at 12 1-16 for checks and at 121 for cable
1
against 12 1-16 and 12%. Peru at 31.50,
transfers,
against 29.90.
[Vol. 131.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is 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.
ioturday,
Oct. 25.
S
127,000.000
Monday,
Oct. 27.
S
106,000,000
Tuesday. Wednesday Thursday
Oct. 30.
Oct. 29.
Oct. 28.
Friday.
Oct. 31.
$
$
S
$
132.000,000 130.000.000 114 000,000 125.000,000
Aggregate
for Week.
$
Cr. 731,000,000
-The foregoing heavy credits reflect the huge mass of cheeks which come
Note.
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balancea'.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on institutions located outside
balances,
of New York are not accounted for in arriving at these with the as such checks
Federal Reserve
do not pass through the Clearing House but are deposited
for collection for the account of the local Clearing House banks.
Bank
Exchange on the Far Eastern countries has been
steady and unchanged in all essential respects from
last week. Japanese yen while receding slightly from
The following table indicates the amount of bulthe high points touched a week ago are nevertheless lion in the principal European banks:
firm, ruling a shade under parity. The yen is more
29 1929.
Oct.
30 1930.
normal than at any time in many years. The Chinese Banks of-.
Total.
Silver.
Gold.
Total. I
Silver.
Gold.
units are steady with a slightly better tone owing to
£
£
132,141.823
180,666.930,132.141,823
the quieting down of the political situation and of England-- 160,666,930 d
318.748.290
d
405,141,160 318,748,290
France a__
994.600104.452,850
operation, which of course improves the Germany b 405,141,160 c994,600 102,522,850 103,458,250 28,083,000130,679,000
warlike
101.528.200
99,037,000 28,042,000127,079,000 102,596.000
55,984.000
57,221.000 55,984.000
57,221,000
business outlook. Japanese yen are strong owing to Spain
Italy
36,893,000
Netherrds, 34,628,000 1,965,000 36,593.000 36.893,000 1,270,000 30,588,000
36,962,000, 29,318,000
strenuous measures taken by Japan to support Nat. Belg.. 36,962,000
the
25,585,030 21,347,000 1,134,000 22,481.000
Bwitzeri'd. 25.585.000
13,425.000
13,441.000 13.425.000
gold exchange and due also to the fact that the Sweden.__ 13,441.000
406,000 9.990,000
9,565,000 9,584,000
9,565.000
8,152,000
8,138,000 8,152,000
balance for Japan. Denmark 8,138.000
Norway-present season is one of export
,534,963
31,001,600982,914,940831,647,363
for yen checks yesterday were Tot. wk 951,913,340 31,033,600980.107.843831.875,930 31,887,600863,776.630
Closing quotations
31.899.800883
Prey. week 949,074,243
against 49.75©50.00. Hong Kong a These are the gold holdings of the Bank of France as reported in the new form
7
49%©494,
the Bank of Germany are exclusive of gild held
7
closed at 314®32 1-16, against 31%@32 3-16; of statement. b Gold holdings ofpresent year Is £4,789,000. c As of Oct. 7 1924.
abroad, the amount of which the
only a trifling sum.
;
8
Shanghai at 39@393', against 38%@393/ Manila at d!MVO'is now reported at
7
49%, against 494; Singapore at 56 7-16, against
The Fascist Anniversary and the Opening
56 9-16@56 11-16; Bombay at 363I, against 363 1,
of the British Parliament.
against 363i.
1
and Calcutta at 364,
The 'speech with which Premier Mussolini ushered
Pursuant to'the requirements of Section 522 of the in on Monday the celebration of the eighth anniRome, and
Tariff Act of 1922, the Federal Reserve Bank is now versary of the famous Fascist march on
session of
certifying daily to the Secretary of the Treasury the the speeches which on Tuesday opened the
striking commentary
buying rate for cable transfers in the different coun- the British Parliament, offer a
engage the attention
tries of the world. We give below a record for the on the political interests which
and British peoples and on the policies
of the Italian
week just past:
CERTIFIED BY FEDERAL RESERVE to which the two governments are committed. Both
FOREIGN EXCHANGE RATES
TARIFF ACT OF 1922.
BANKS TO TREASURY UNDER
Premier Mussolini and Prime Minister MacDonald,
OCT. 25 1930 TO OCT. 31 1930, INCLUSIVE.
as it happens, issued to their hearers what might
Noon Buying Rate for Cab Transfers in New York,
Value in United States Money.
properly be regarded as a challenge, but where the
Monetary
Country and
_
Italian Premier, speaking as much to Europe as to
Oct. 25. Oct. 27. Oct. 28. Oct. 29. Oct. 30. Oct. 31.
S
2
S
$
$
Italy, called sharply in question some of the funda$
EUROPE.141095 .140929 .141076 .141076 .141051 .141053
Austria,schilling
.139111 .139411 .139423 .139414 .139406
139415
mentals of the existing European order and predicted
Belgium, belga
007208 .007200 .007183 .007188 .007200 .007188
Bulgaria, ley
krone 029662 .029657 .029657 .029659 .029655 .029653
radical changes, the British Prime Minister adCzechoslovakia.
267547 .267524 .267486 .267516 .267515 .267504
Denmark, krone
pound
dressed himself particularly to matters which priEngland,
4.858824 4.858199 4.858199 4.858167 4.858318 4.858020
sterling
025179 .025170 .025165 .025166 .025166 .025167
marily concerned either the Empire or the United
Finland, markka
.039238 .039237 .039237 .039234 .039244
France franc
.238238 .238318 .238252 .238245
Germany, relehmark .238290 .238252 .012943 .012958 .012946 .012943
Kingdom, and without conjuring a prospect of revo012960 .012956
Greece. drachma
402719 .402756 .402805 .402781 .402719 .402695
Holland, guilder
lutionary transformation in Europe or in the pres.175048 .175033 .175081 .175079 .175064 .175062
Hungary. pengo
.052353 .052354 .052357 .052362 .052356 .052356
Italy, Pra
tige of Britain itself.
.267511 .267484 .267509 .267513 .267502
.267550
Norway. krone
112211 .112185 .112209 .112181 .112186 .112185
Poland, zloty
Premier Mussolini's speech, while replete with
.044845 .044829 .044862 .044862 .044845
.044895
Portugal, escudo
005950 005950 005949 005950 .005948 .005945
Rurpanla, leu
matter which provokes thought, was considerably
107567 .108497 .108987 .110490 .111290 .110715
Opals. peseta
.288336
.268447 .268413 .268381 .268370 .268376 .194124
3weden. krona
.194121
less belligerent than were the speeches which he
.194126 .194151
Switzerland, franc- - - .194140 .194105 .017721 .017730 .017717 .017716
Yugoslavia, dinar- .017723 .017720
delivered last May at Leghorn, Florence and Milan.
ASIAChinaHe explained those speeches as "intended to tear the
.403125 .402201 .401875 .403125 .403125
.402708
Chetoo tael
.398137 .398437
.398125 .398437 .398125 .397500 .389178 .389285
Hankow tael
.
mask from the face of hypocritical Europe, which
388214 .389107 .388312 .388392 .408333 .408333
Shanghai tael
.407500 .407083
407916 .408333
Tientsin tael
317892 .317857
.318392
stammers of peace at Geneva but prepares for war
Hong Kong dollar.- .318071 .318214 .318035 .280000 .280937 .280625
279687 .280312 .283125
Mexican dollar
.281250 .282083 .282083
Tientsin or Pelyang .281668 .282083 .285416
everywhere." In proof of the contention that war
dollar
.282083 .277916 .278750 .278750
.278333 .278750
Yuan dollar
against Italy was at that time contemplated, he dis.359907 .360021
.359917 .359967 .359860 .359846 .495968 .498156
India, rupee
.497396 .497409 .497334 .497006 .560000 .559791
fapan, yen
played a stout bundle of papers which, he declared,
.560208
Singapore (8.8.) dollar .560833 .560625 .560833
NORTH AMER.contained "the day-to-day military preparations
1.001387 1.001378 1.001364 1.001037
1.001361 1.001445
:lanada. dollar
.099875 1.000062
.999193 .999268 .999362 .999562 .468550 .467266
:Alba Peso
made against Italy for the past four years," includ469325 .470175 .476225 .470050 .998562 .998293
liexico, peso
.928592
gewfoundiand. dollar .998623 .998781 .998623
ing "a list of batteries placed in position, forts conSOUTH A MER..771391 .773272 .779596
irgentina. peso (gold) .771951 .770009 .769295
•
structed, armaments ordered or delivered at our
•
•
Small, miirels
.120664
120670 .120665 .120665 .120665 .120666 .799100
7bile, peso
frontiers." Naturally, under such circumstances,
.779562 .781265 .790050
784037 .780937
'dignity, peso
.965300
965300 .965390 .965300 .965300 .965300
)olombia. peso
Italy must arm, but "let it be clear," he added,"that
• Not quoting.
Nov. 1 1930.]
FINANCIAL CHRONICLE
2747
we are arming ourselves spiritually and materially marked trend toward dictatorship of which Fascist
in order to defend ourselves, not in order to attack. Italy is at the moment the most conspicuous illustraFascist Italy will never take the initiative of war." tion, but which has already been applied, with varyThe demand of Italy for a revision of the peace ing degrees of thoroughness or success, in Spain,
treaties, Mussolini went on to explain, "aims at Poland and Jugoslavia and, under a different form,
avoiding war" by correcting a situation in which, in Russia. Whether or not Mussolini aspires to be
contrary to the Covenant of the League of Nations, the Napoleon of the new order, his speech suggests
the opponents of revision insist upon maintaining the Napoleonic temper.
"two categories of nations—armed ones and defenceVery different, although equally significant in its
less ones. What juridical or moral equality can way, is the atmosphere in which the British Parliaexist between armed and defenceless nations?"
ment resumes its sessions. Not even the most
Having allied himself thus once more with the radical Britisher finds anything incongruous in the
revisionists, to the extent at least of calling for an imposing ceremonial, rich in its indications of a
armament policy applicable equally to all European long historic tradition, with which a session- is
nations, Mussolini went on to picture the future of opened, nor does that ceremonial deflect attention
Italy and of fascism. By 1950, he declared, "Italy in the least from the practical problems of the
will be the only country of young people in Europe, present. The speech from the throne, representing,
while the rest of Europe will be wrinkled and de- of course, the views of the Government rather than
crepit. People will come from beyond the frontier those of the Bing personally, referred hopefully to
to see the phenomenon of this blooming Spring of the forthcoming India conference and outlined a
the Italian people." Italy itself, however, will be considerable list of measures to which the attention
too small to hold its increased population, and a of Parliament would be invited. Proposals are to
"pacific expansion," possible only toward the east, be submitted, it was announced, "for the promotion
must take place. This inevitable expansion, he of increased settlement and employment on the land,
affirmed, "explains our friendships and our alli- and of large-scale farming operations, and for the
ances." Moreover, fascism itself is to expand and acquisition and improvement of agricultural land,
conquer. There is going on a struggle between two land in need of reconditioning, and for the organizaworlds, between two opposing conceptions of gov- tion of producers for marketing purposes." A comernment and the state. "The new cycle which begins mission is to be set up immediately "to inquire into
with the ninth year of the Fascist regime places the the entire question of unemployment insurance,
and
alternative in even greater relief—either we or they, in particular to allegations of abuse
of its provieither their ideas or ours, either our state or theirs. sions," the commission to be asked
to present "inTo-day I affirm that the idea, doctrine and spirit terim reports on the most pressing
questions, and,
of Fascism° are universal. It is Italian in its par- if required, legislation based
upon them will be inticular institutions, but it is universal in spirit . . . troduced." Meantime, a
measure for additional
It is therefore possible to foresee a Fascist Europe financial aid to the unemploye
d is to be submitted.
which will model its institutions on Fascist doctrine Further items of the Governmen
t program include
and practice, a Europe which will solve in the legislation "to secure for the
community its share
Fascist way the problems of the modern state of the in the site value of land,"
"raising the age of corntwentieth century, a state very different from the pulsory school attendance," "amendin
g the laws
states which existed before 1789 or which were relating to trade disputes and trade unions,"
"setting
formed afterwards."
up a consumers' council," and providing for electoral
Premier Mussolini's speech has significance in reform.
more than one direction. It is notice to the League
The principal feature of Prime Minister Maethat as long as Germany, Austria and Hungary are Donald's speech on Tuesday, as
was to be expected,
forcibly disarmed under the peace treaties while was his announcement of
the Government attitude
other nations are free to expand their armaments toward the tariff proposals
which have been agitatas they please, Italy will insist that the League ing the Imperial Conference
and political circles in
Covenant is not being lived up to and that a situation Engand. The Imperial
Conference, Mr. MacDonald
which conduces to war and not to peace is being declared, had shown that
Empire free trade (the polmaintained. It is notice, indirectly, to the arms icy championed by
Lord Beaverbrook and Lord Rahconference which is to meet at Geneva on Nov. 6 ermere) was "an
absolute fraud", while as for the
that unless something is done to bring about actual demand of the Dominions
for a British tax on wheat,
disarmament, Italy will continue its preparations "We cannot
do it," he said. With these words Mr.
for defensive war. It makes clear the interpretation MacDonald made it
.
clear that the Cabinet stood
which Italy puts upon such military preparations with Mr. Snowden,
Chancellor of the Exchequer,
elsewhere as, for example, the French army who has
unwaveringly insisted upon the continuance
manoeuvers of last summer on the Italian border of free trade,
and that it repudiated the compromise
and the elaborate system of modern fortifications proposals of Mr.
Thomas, Secretary for the Dominwhich France is constructing on its northern ions. "We have,"
Mr. MacDonald continued,"cases
frontier from Switzerland to Belgium. It is a clear in this country
of defective production, defective
intimation that Italy has its eye on the Balkans as marketing and defective
competition. Opportunities
a field into which a redundant Italian population given us by the Dominions under
existing conditions
must eventually expand, and that Italian foreign are not adequately seized by our
producers." Repolicy is directed toward a friendly acceptance of ferring to the formation of
cartels between British
such expansion and, presumably, of the political in- and American'industries under
which, as in the tin
fluence that would naturally go with it. And it plate industry, a percentage of
Canadian business
is an undisguised challenge to Western Europe to was allotted to Americans, Mr.
MacDonald said that
show that democratic institutions and parliamentary "if we can get the Imperial
Conference to work out
government can hold their own in the face of the such things as that, and
if the British industries will
2748
FINANCIAL CHRONICLE
take all the Dominion trade offered them now, we
can substantially increase our export trade and
decrease our unemployment."
How the program outlined in the King's speech
will be carried out will, of course, appear as the
session proceeds. The unqualified rejection of protection, on the other hand, is an event of very high
importance. It not only stamps with official disapproval the theory that protective tariffs are a
remedy for business depression and consequent
unemployment, but it will tend to encourage everywhere the movement in favor of a general lowering
of barriers to international trade. Further, Mr.
MacDonald's statement is a reminder to British and
Dominion industry that the opportunities for profitable trade within the Empire under such conditions
of preference as already exist have not been exhausted, and that cartels which divert imperial trade
to foreign producers are to that extent an obstacle
to British prosperity.
On the whole, the odds appear to favor a continuance of the Labor Government in power, at least
until after the results of the India conference are
known. The changes that are contemplated in the
trade disputes and trade union laws should please
the trade unionists, the backbone of the Labor party,
and electoral reform is expected to favor the Liberals,
who have long complained of under representation.
A debate on the Palestine policy is yet to be faced,
and an unemployment commission is certain to be
criticized as a device for postponing positive action.
The Conservatives, however, are not anxious to take
over the task of government while the India problem
remains unsolved, and there is an important section
of the party which declines to support protection.
It is not in Mr. MacDonald's nature to advocate
large designs such as occupy the mind of Mussolini,
nor to concern himself greatly with the possibility
that parliamentary government may fail. His
hands are busy with immediate practical tasks, and
for the moment, at least, he and his party are likely
to be allowed to lead in attending to them. The
emphatic rejection on Friday, by a vote of 156 to 11,
of a motion offered in the House of Commons expressing regret that the address from the throne
contained no proposals of a Socialist reorganization
of industry and other matters, seems to indicate
that the moderate Laborites, and not the extreme
radicals of the Independent Labor group, are firmly
in control.
-o'
Chasing Will -the-Wisps.
affixed to an Associated Press dispatch
Headlines
from New York of Oct. 23, by an optimistic newspaper in the Midwest, read "Trade Revival Sweeps
United States on Stock Crash Anniversary"—
"Thousands of idle workers called back to full-time
employment as plants return to normalcy." In the
body of the dispatch the principal items of resumption read as follows: "From Detroit came announcement the 10 plants of the Fisher Body Corp.
outside Detroit would resume full-time operation
Monday. Between 6,000 and 7,000 men who have
been working only three days a week will benefit.
The plants are situated in every area of the country." . . . "The Yellow Cab Co. of Chicago, reporting a steady increase in business since September, made public plans to add 1,000 men to its present force of 4,000. In San Francisco the Yellow
Cab Co. increased the wages of its 1,000 workers
[voL. 131.
by 25c. a day, at the same time raising its cab rates."
One other item shows the "other side" of the picture,
stating that the Emerson Shoe Co., of Rochester,
N. H., had reduced wages 10 to 20% to its 250 employees. But even this action, similar to that which
other concerns have taken, was explained as being
"to meet an admittedly abnormal situation in a manner calculated to cause the least interruption to
business and to employment."
Now we are glad when 1,000, or 7,000, or any number of idle men are re-employed. But we cannot
whip ourselves into a passion of optimism over a
few straws, although they may show which way the
wind blows. Nor can we find any direct connection
between these items and the date of the "stock
crash" a year ago. We could have written, about
this same date, an inspiring and a laconic item of
far more significance, and it would have read "The
Kaw River Is Rising." This river flows through
Southern Kansas and enters the Missouri River at
Kansas City. When these two rivers rise it is indication of rainfall over a wide and precious agricultural territory. And this is just what has happened. And there is green springing in the fields.
Fall wheat sowers find the soil sufficient for germination. The fall pastures offer sustenance to cattle
—the very landscapes renew the spirits of the toilers. And, by the way, the "poor farmer" is not so
"bad off," after all. Beside the innumerable shocks
there are piles of shucked corn—not as good as they
ought to be, not as large, but, as we read the quotations now, bringing'a "fancy price." Farmers will
burn no corn this year, and, we think, "feed" very
little wheat.
However, coming back to our dispatch, few readers will fail to discern the difference between the
headlines and the facts therein. Going further into
the dispatch we note the following: "At Washington, Col. Arthur Woods tackled the problem of conquering unemployment on a national scale. His
first pronouncement was a call to American industry to co-operate in the alleviation of suffering
among unemployed this winter." . . . "The
request was met immediately by the United States
Shipping Board and the Post Office Department,
which announced their readiness to co-operate fully
with the plans for unemployment remedies." . . .
"The War Department already is taking a part,
seeking the co-operation of contractors along the
Mississippi River and its tributaries to furnish more
general employment. War Department engineers
have been instructed to inquire into all possible
projects which can be pushed ahead so as to bring
unemployment relief in various localities." Now,
all this sounds sweet and good. Co-operation seems
to have become our great Deliverer! We hope that
there may be "something in it." There is no reason
why "War Department engineers" should not cooperate in every good movement as they carry out
our great internal waterway improvements. But
would it not be well, first, to show some more of the
"works" than seem to appear at present? Would
it not be well to settle on the final plan for deepening the Mississippi River and controlling its floods—
for we read now that there is a new plan broached
for straightening the stream from Cairo to New Orleans, an entirely different project from that now
tentatively being proceeded with? Co-operation is
a delightful word—but there is a wide gulf between
its spirit and its work. Again we say we shall be
Nov. 1 1930.]
FINANCIAL CHRONICLE
2749
glad of anything that may come out of this—if it tance
are occurring from time to time all over this
does not impel the Government to work out of time count
ry. One case in a neighboring city affords a
and out of place at the expense of waste of the fair exam
ple of these unfortunate misappropriataxpayers' money t
tions. A young man who had been private secretary
• One other item attracts our attention: "Chair- of a very wealt
hy citizen, upon the death of his
man Legge said the Federal Farm Board would be emplo
yer was appointed trustee of two moderate
glad to make its holdings of approximately 60,- estat
es aggregating in value about $266,000. After
000,000 bushels of wheat available as food for the a few
years of operation it is now disclosed that
unemployed, if Congress would replace the money the trust
ee has embezzled the entire amount of the
used by the Grain Stabilization Corp. for its pur- trust
funds, having confessed to the crime in court.
chase." This, we hope, will not come to pass. Much
The lesson to be drawn from this experience,
as we would like to see the "bread line" abolished which
is simply one of many,is that a greater degree
and every family have sufficient food during what of super
vision should be exercised over all persons
promises to be a strenuous winter, we protest that who are
responsible for the custody of trust funds.
feeding the poor is not the province of government As
it is customary for the beneficiaries to be pro.
We have no doubt the Federal Farm Board
would tected by an indemnity company, they are entirely
be willing to dispose of its "white elephant" of
60 heedless so long as thiy are regularly in receipt of
million bushels of wheat in this way. If the Gov- their
share of the income. They depend entirely
ernment would replace the money the Stabilization upon the
responsibility of the indemnity company
Corp. has spent at the cost-price of the purch
ase of and dismiss the subject from their minds.
this grain, this would save the Board from an enorThe obligation assumed by the indemnity corporamous loss which most probably lies ahead
of it. tion should be something more than commercial. A
But to do so would foreshadow a worse system than greater degre
e of vigilance would not only be profiteven doles. True, Congress has made appro
pria- able to the insurance company accepting the risk,
tions for direct relief from destruction and
disaster but the effect would be to remove temptation from
through "acts of Providence." This is of
doubtful the trustee. If a trustee were educated by experiConstitutional propriety and far different
from ence to know that at any unexpected time a reprecuring its own mistakes by further violations
of law sentative of the indemnity company would call upon
and the taking advantage of suffering.
him to open his strong box and produce the securiNor is there any necessity for doing such
a thing. ties entrusted to his care, he would not be apt to
All our cities have charity funds; at
this very time violate his trust by pledging the trust asset
s to
are collecting their revenues. To equab
ly distribute secure private loans negotiated by himse
lf. Nor
60 millions of bushels of wheat among even
the poor would he be apt to sell such securities and appro
priin a population of 120 millions woul
d be an enor- ate the proceeds for his own use. Super
vision is
mous task. How many of these farm
ers will lack entirely too cursory; otherwise fewer
men would
cornbread, which they often consume by
choice? go astray.
Would it help matters to supplement
the charity
Conditions similar to those outlined exist in
funds of cities, where wages, we are told,
must re- banks, trust companies and insurance compa
nies.
main "high," by distributing actual whea
t from the Officers and directors of corporatio
ns feel that they
bins of the Government filled by purchase
through have done their full duty when they procure
an
the Stabilization Corp.? It begins to look
as if the indemnity bond which protects the institutio
n from
farmer must suffer no matter which way he
turns. financial loss. If some check were kept upon
the
One mistake persisted in is almost sure to
induce personal habits and conduct of the employees
and
others.
investigations made irregularly witho
ut notice,
We say nothing at this time of the
manifest at- temptation would be greatly lessened
and many
tempt to create artificial prosperity. It
is enough young men would be prevented from
taking steps
to examine these suggestions on their
merits. which tend to wreck their whole careers.
Charity giving at best is very diffi
cult to adminEspecially does there seem to be laxity amon
ister. In all this thought of and
g emfor the "unem- ployers who entrust funds for
deposit or for payployed," who are the worthy ones?
Some are not, rolls to employees who are not
properly guarded
we know. If work cannot be furni
shed in every against attacks by bandits. Insur
ance protects the
time of want, must the Government
(a machine for institution, but experience
demonstrates that the
rule established by the people) come
to the relief of employee is often compelled
to take too great a
the worthy and unworthy? All these
attempts are hazard. Either the employer or the insur
ance comcarrying us further along the road
to
pany should afford protection to the men who
In the face of want and need it seems a socialism.
have
hard thing temporary custody of large sums. Reimburs
ement
to say to Government—"Hands off."
But prece- can be made for loss of funds, but not
for loss of
dents established through sympathy
must come life. An indemnity bond shoul carry
d
with it an
home to plague us when there is no
valid excuse. obligation which is something more
than commerAgain, we say, the "farmer," though the
talk of the cial. The lives of trustworthy and
industrious pertime, is not in as bad a condition as
depicted. No sons should not be ruthlessly sacri
ficed. Policies
bread lines can be established around
the farms. might well include provisions for
the supply of
And if wages are to remain "high," those
who earn armored cars and guards adequately
armed.
them can and will voluntarily contribute
to the poor
who ere hungry.
Flogging.
The tentative suggestion, in a recent crim
Broader Indemnity Needed in the
e report,
Case of Those that
the whipping post may yet prove an
Charged with the Custody of Trus
efficient
t Funds.
means of deterring certain criminals
As an aftermath of last year's collapse
from their
of the bull devilish crimes has set many
a man to thinking.
stock market defalcations of more or
less impor- One benefit, at least, appea
rs from the hint. We
4
2750
FINANCIAL CHRONICLE
are brought face to face with the prevalence of
crimes of brutality. It has come to pass that kidnaping for ransom is not an uncommon transaction,
shooting down rival racketeers with machine guns
is a common occurrence. Taking the victim for "a
ride," and dumping the dead body by the roadside,
after a heartless murder, is frequent news of the
day. In fact, shooting first and robbing afterward
has become so reckless a means of overpowering a
victim that we are hardly surprised when we
read of it.
The fearful lack of feeling in the commission of
these crimes leaves us aghast that there is no way
of stopping them. Paved highways and fast autos
add to the celerity with which they are committed
and to the immediate escape. Following the newspaper reports, and without accurate statistics, there
is little doubt that crimes in this class are increasing. And if poverty and hard times add to desperation, excite the evil mind to evil deeds, we may expect this increase to continue. All in all, it is a
severe commentary on our civilization.
But are we ready to say that society must protect
itself from one brutality by another? Of all punishments flogging on the bare back with a cat-o'nine-tails is most fearful in its execution. It draws
blood from the body, and breaks forever the spirit.
The criminal can no longer live in the community
where the whipping is inflicted, becomes a pariah
in the earth, and skulking in the shadows of civilization, turns to other crimes—a prey on society, at
enmity to the world. Whether the fear of this form
of punishment will prove greater than the fear of
death by hanging or the electric chair cannot be
known until it is tried out by re-establishment. It
was once in existence for crimes less flagrant than
those of to-day, but was, generally, abandoned as a
disgrace to the community. The wife-beater who
felt the knotted lash may or may not have renewed
his crime, but in either case could not renew his
broken soul. A society that resorts to cruel and
unusual punishments must answer to the universal
question,"Am I my brother's keeper?"—and cannot
escape its part in producing a fiend who subsequently tries to pay the debt in kind.
We have no expectation that the whipping post
will return. We do not believe it should return.
But, as is so often asked, what are we to do to
preserve liberty and protect life? It is said that
the penitentiary is no longer feared. "Hard labor"
in prison is diminishing all the time, and, save for
solitary confinement, is not very severe punishment.
Prison life itself is becoming opportunity for riot
and escape; and, with crowded prisons, the effluvia
of mental debasement spreads through the cells, producing a state of despairing recklessness hard to
combat. The matter of adequate and effective punishment is not easily answered. Commissions are
studying it. Prison officials are grappling with it.
Theoretical reformers are offering cures. Yet crime
increases; and prisons are becoming more and more
cauldrons of strife and turmoil, while outside the
prison walls there is growing fear in the hearts of
honest men compelled to travel along what should
be safe and secure highways. Something must be
done, but what? Our courts 'and laws are criticized, but their weakness is not specifically
pointed out.
What blame, if any, attaches to society for the
robber, murderer and kidnaper? It seems a specious
question, and in some senses it is. Life and liberty
under our ethics and law allow a man to earn,
accumulate and enjoy, so long as he does not interfere with life and liberty in others. How much,
then, may we criticize that mode of life and labor
that results in great wealth, which seems to gall
the minds of those who have it not? We soon run
into a blind alley when we attempt to follow this
thought. Envy is often a cause of crime. False
teachings of those who prate of "equality" often
sours the soul. Some go so far as to set a limit to
acquisition—that others may have more of so-called
"opportunity." But we gain little by these analyses. Criminals are sometimes born, as well as
made. And there is no reason why those bested in
the race of life should turn against their fellows,
to burn, rob and murder. Too many suffer the whips
and scorns of time and strive but the harder to overcome conditions. We cannot sacrifice one whit of
our personal liberty to get on in the world, to make
life easy for those who too often are willing to take
the easiest way and become highwaymen and "stickups" rather than to work and suffer and abide byour laws.
Yet there is a phase of the subject, which, though.
vague and indeterminate, burdens society with a
duty. These "inequalities" which destroy reason
in the unfortunate are to some extent, however'
loosely we may define it, the result of thoughtless.
living. Ostentation, the parade of wealth; idle
spending in the face of poverty; inordinate accumulation for the mere exercise of power; gifts and bequests while men are starving; huge endowments
for schools, hospitals and research foundations,
which, though ostensible benefactions, are for the.
perpetuation of a name—while the slums welter in.
discomfort and disease; are each and all excitations
to envy and defeat, that, preying on the disordered'
mind of the unfortunate and unworthy eventuate in
impulses to crime. We may dispense with none of
these, yet their very necessity should not deter us
from a study of the best manner of their bestowal
and the proper method of their conduct. Envy, by
its very senselessness and wrong, has no good excuse.
to offer, but the embittered heart is its own,
destroyer.
In this contrast between wealth and poverty we.
find no justification for crime and the criminal.
We can offer no reason that will lessen the sharpness of the division, must less one that will restrict
the honest man in his life of acquisition. But the
infinite waste of the social collective life is worthy
a study in the face of increasing crime. Sober living is not measured by the amount of money and
property one may have. Indictment of rich men for
ownership is beside the mark. And when we come
to the spectacular amusements indulged in, the poor
are as culpable as the rich. But the contrasting
conditions, growing greater all the time, do lead to
distrust and hate which offer a baseless excuse to
the poisoned mind that resorts to crime. Would
the establishment of the whipping post have any
effect in removing this "cause," remote as it is?•
We think not. There would be the old cry that the
rich escape and the poor are caught and su'ffer.
Add to this the wrongs done by the fraudulent rich
who prey on the poor and ignorant, and we would'
only have another "cause."
So that it comes down at last to the possible.
efficacy of curing brutality by brutality. If execu-
Nov. 11930.]
FINANCIAL CHRONICLE
2751
the present crops of cotton and wheat would have come into
a better market price in 1930.
But for the propaganda encouraging the wild stock speculation, the stocks would have been selling on basis of earnings and mass production would have made en orderly
.
decrease in output to meet the law of supply and demand.
Unfortunately the experts and economists kept up their
predictions of returning prosperity. In the face of real
world wide depression from over production, they have
urged that the deplorable conditions were temporary and
result of fear, of fright, born of the psychological effect
of the stock panic in November, 1929. Now they have their
heads against the "wailing wall" begging God to forgive
them for deceiving the public for one year. But no one has
given us, as yet, a constructive plan for pulling ourselves
out of the real "slough of despond."
Brazil restricted planting of coffee trees and burned their
very low grade coffee, but to no appreciable effect. It was
too late. They could not control over production in other
countries.
Our factories have rapidly slowed down; unemployment
increasing every day; mortgaged homes have been foreclosed
upon, taken over by the holder of the liens without prospect
of re-sale. Where one hundred men are let out of a thousand
employed in some factory, fear is thrown into the other
900, and to-day we have a buyers' strike.
The Government has inaugurated a plan for increased road
and bridge building, for enormous expenditures for the construction of public buildings, but all too late to meet the
immediate relief necessary to revive confidence.
It is perfectly plain that our surplus wheat and cotton
Bucking the Inevitable Law of Supply and Demust be sold at the price which is made by the world's
mand Caused the World Wide Depression in trade if we are to have a fair return for the crops of 1931.
We must take our loss and the sooner the better. There
Commodities.
is no use bucking the law of supply and demand.
24, 1930.
New Orleans, La., Oct.
The price at which our exportable surplus can be sold
To the Editor:.
fixes the price for the cotton and wheat consumed in this
When Brazil inaugurated the valorization scheme to sup- country, and until it is out of the way, there is no chance
port the price of coffee, they encouraged every other coffee of improvement in our commodity prices.
We must repeal or amend the 18th amendment. Repeal
growing country to increased production. The inevitable
can be
.
overtook the price of coffee. Supply exceeded the possible is too far away for immediate relief, but the law wines
amended at this session of Congress to permit light
consumption.
and beer.
To keep up mass production of our factories, the partial
We have built a Chinese wall to keep our home market
payment plan was inaugurated. People were tempted to for our own production as against cheap labor of other comover buy;luxuries became necessities; homes were mortgaged petitive producing countries. Yet the Government is losing
to purchase automobiles, musical instruments, frigidaire, the revenue which was surrendered by the enactment of the
millions in
electric washing and cooking machines, jewelry, even cloth- Volstead Law, and in additionawe are spending 10 years
law which after
attempt to enforce
ing on time payment; until their possible income for one or a farcical convinced the most ardent that prohibition is a
of trial has
two years ahead was mortgaged to the partial payment failure. The law was put over as a war measure under
contracts.
conditions entirely different from to-day.
Disraeli, Prime Minister of England, said 50 years ago,
Extravagant habits were cultivated beyond what legitimate business could prudently provide for and the mass that to enforce prohibition would create a race of hypocrites
has done.
of the people were gradually induced to speculate. The and that is what it tried out regulation before jumping
We should have
slogan was "Buy America." "Buy an interest in America's into the enforcement of prohibition for which we were not
prosperity." Buy stocks in America's great inventions; at all prepared. At the end of ten years we are no nearer
picture shows, movies, talkies, radios, airplanes, automo- success than we were the first year.
No one would have the saloons back at any price, but
bile corporations. Bonds with fixed incomes were sold to buy
of the bootlegger, the corruptionist, the hypovolatile common stocks with promised potential profits to let's get rid easy gold makes a farce of our courts of justice
crite whose
result from American enterprises.
and drags down our young men and women.
The steady rise in these volatile stocks from 1924 to 1929
S. A. TRUFANT.
was so tempting that the bootblacks, barbers, stenographers,
the policeman as well as the housekeeper, the bank clerks,
and often the farmers and bankers were speculating in all Baltimore & Ohio Bonds Not Likely to Cease
Being Legal Investments for New York
sorts of volatile common stocks.
Savings Banks.
Unfortunately the Government undertook to stabilize the
price of cotton and wheat in 1929. Bucking the law of supply
THE BALTIMORE & OHIO RAILROAD CO.
and demand held our farm products above the world's
Baltimore, Md., Oct. 23rd, 1930.
trading price—the price at which other growers of cotton To the Editor.
and wheat were ready to sell—thereby left the open market
Dear Sir.—Referring to article appearing in the Oct. 18th
to our competitive growers of wheat and cotton, further issue of the "Commercial and Financial Chronicle," page
thereby encouraging the increased production of these com- 2481, entitled "Bonds of 11 Railroads Face Ban as Legal
modities in other countries. We did exactly what Brazil Investment for New York Savings Banks According to
did for her coffee.
Moody's Investors' Service—Earnings Drop Responsible."
The crash in the stock market one year ago wiped out
Noting that the Baltimore & Ohio Railroad is shown in
paper profits so quickly that our great financial institutions Group B, which are those whose obligations are in doubtful
were obliged to carry over insufficiently margined accounts position, I had the matter looked into by W. D. Owens, our
to weather a panic in stocks which they have since been Assistant Comptroller, and I thought you might be interested
liquidating.
in his findings, as follows.
Had our Federal Farm Board kept hands off and let the
I find the indicated margin of protection in comparison
surplus cotton and wheat in this country find its level with with previous years to be
the competitive market price, the world's trading price,
42.93%
43.86%11927
our surplus in these two great commodities would have 1930 (estimated)
49.84%
50.65% 1926
1929
gone into consumption in competition with other countries, 1928
43.04%
51.87% 1925
and we would not to-day have on hand the heavy carry over
Under the present law that fixed charges must be earned
from 1929 in wheat and cotton. The Government would not less than one and one-half times in at least five of the
not be now standing to lose $50,000,000 to $60,000,000 on last six preceding years to qualify bonds as legal investments,
their purchases of cotton and wheat.
the Baltimore & Ohio Railroad is well within that group, as
The English, German, and French millers and spinners indicated by the following statement showing the number of
who were satisfied to work up American cotton and wheat times that -its fixed charges have been so earned and will be
as long as they could buy our commodities at the world's earned for the current year.
trade price, even to give us preference at competitive prices 1930
1.752 times
1.781 times 1927
2.006 times
or values, were driven to buying in other markets.
2.027 times 1926
1929
1.757 times
times 1925
2.078
We raise only 50% of the world's cotton and to try to peg 1928
Yours very truly,
our cotton at 160. drove every exporter and every speculator
F. X. MILHOLLAND,
out of the market. The same is true of wheat. Had no
attempt been made in 1929 to stabilize cotton and wheat,
Asst. to Senior Vice-President.
tion of murderers does not prevent murder, will the
whipping post stop kidnaping? Will the lash prevent robbery and burglary? In some States the
highwayman is punished by prison and even death.
Yet these crimes continue to increase. And severe
as is the commentary on our social state contained
in this roster of crimes, we can attribute only a
small part of the incentive to the sins of social extravagance and to inordinate acquisition. Money
is at the root of many of these crimes. Yet we
cannot dispense money in doles, with a free hand,
to prevent crime. Some way must be found to make
life and property safe, but what way? Take any
view and there are facts, conditions, and problems
that baffle us. Education does not seem to suffice.
Religion cannot reach far enough to change all the
hearts that are darkened by want and fear, though
it try ever so faithfully. Love and fellowship seem
to fail. But somewhere in the social scheme we fail
to compass prevention and cure.
2752
FINANCIAL CHRONICLE
[VOL. 131.
INDEX OF SPECIAL ADVERTISERS
IN CONJUNCTION WITH THE
19TH ANNUAL CONVENTION
Investment Bankers Association of America
HELD AT NEW ORLEANS, LA., OCTOBER 12 TO 15 1930
ATLANTA, GA.
First National Co.(The)
Hibernia Securities Co., Inc
BALTIMORE, MD.
Baker, Watts & Co
BIRMINGHAM, ALA.
Marx & Co
BOSTON, MASS.
Blake Brothers & Co
Brown Brothers & Co
Burr (George H.) & Co
Burr, Gannett & Co
Byllesby (H. M.) & Co
Conant (A. B.) & Co
Day (R. L.) & Co
Goldman, Sachs 8c Co
Hayden, Stone & Co
Kidder, Peabody & Co
Lee, Higginson & Co
Moseley (F. S.) & Co
Parker (C. D.) & Co
Wood (Arthur W.) & Co
BUFFALO, N. Y.
Baker, Simonds & Co
Baker, Putnam 8c Co.
PisteII, Deans & Co., Inc
Schoellkopf, Hutton & Pomeroy, IncBUTTE, MONT.
First Securities Corp
CHICAGO, ILL.
Bacon, Whipple & Co
Baker, Simonds & Co
Blake Brothers & Co
Brown Brothers & Co
Burr (George H.) & Co.
Byllesby (H. M.) & Co
Carson (Waller) 8c Co
Continental Illinois Co., Inc
Dodge (Paul C.) & Co
Eastman, Dillon & Co
Farnum, Winter & Co
Field, Glore & Co
Foreman-State Corporation
Goldman, Sachs 8c Co
Hallgarten & Co
Hibernia Securities Co., Inc
Lane, Roloson & Co., Inc
Lee, Higginson & Co
Lobdell (Edwin L.) & Co., Inc
McNear (C. W.) & Co
Moseley (F. S.) & Co
Murdock (Leon C.) 8c Co., Inc
Northern Trust Co. (The)
Porter, Fox & Co., Inc
Russell, Brewster & Co
Seasongood & Mayer
Smith, Burris & Co
Stranahan, Harris & Co., Inc
Troy, Graham & Co
Van Ingen (B. J.) & Co
Whiting & Co
Wilsey (R. E.) 8c Co., Inc
Page.
DETROIT, MICH.—(Con.)
11 Fletcher American Co
11 Henrie Hall & Murphy
Huebner (George J.) & Co
Hutton (W. E.) & Co
10 Livingstone (S. R.) & Co
Nicol-Ford & Co
Parcells(Charles A.) & Co
10 Reilly (W. E.) & Co
Shader, Winckler & Co
Smith, Burris & Co
41 Stockard (Joel) & Co
44 Stranahan, Harris & Co,Inc
44
38
DULUTH, MINN.
21 Northern National Corp
38
45
HARTFORD, CONN.
43 Burr (George H.) & Co
45
39
HOUSTON, TEXAS.
38 Hibernia Securities Co., Inc
38
39
INDIANAPOLIS, WIS.
39 Fletcher American Co
NEW YORK, N. Y.—(Con.)
Lee, Higginson & Co
Livingstone (S. R.) & Co
May & Co
McNear (C. W.) & Co
Moseley (F. S.) & Co
Montreal Trust Co
Murfey, Blossom & Co
Nicol-Ford & Co
Pierce (E. A.) & Co
Royal Securities Corp
Schoellkopf, Hutton 8c Pomeroy, Inc
Seasongood & Mayer
Smithers (F. S.) & Co
Speyer & Co
18 Stranahan, Harris 8c Co., Inc
Van Ingen (B. J.) & Co
Willson (James C.) & Co
44
NEW ORLEANS, La.
Hibernia Securities Co., Inc
11 Interstate Trust & Banking Co
Jones (Larz E.)
Whitney Banks (The)
29 Woolfolk, Waters & Co
KANSAS CITY, MO.
29 Burr (George H.) & Co
44
33 Dodge (Paul C.) & Co
21
33 Prescott, Wright, Snider Co
15
33
LOS ANGELES, CAL.
Beason (Ross) & Co., Inc
Back Cover
16 Hibernia Securities Co., Inc
11
21
29
41
44
44
21
18
22
21
26
24
24
23
43
49
11
16
38
24
26
38
25
25
25
26
31
20
32
24
45
• 25
24
CINCINNATI, OHIO
First Investment & Securities Corp
Hutton (W. E.) & Co
Irwin-Ballmann Co. (The)
Mitchell, Herrick & Co
Provident Savings Bank & Trust Co
Seasongood 8c Mayer
Taylor, Wilson & Co., Inc
Title Guarantee Securities Corp
30
31
30
32
31
31
30
30
CLEVELAND, OHIO.
Borton 8c Borton
Finley, Smith & Co
Mitchell, Herrick 8c Co
Munch (Maynard H.) & Co
Murfey, Blossom 8c Co
30
30
32
32
27
DALLAS, TEXAS
Burr (George H.) & Co
Hibernia Securities Co., Inc
44
11
DENVER, COLO.
Boettcher
-Newton & Co
44
DETROIT, MICH.
Baker, Simonds & Co
Eastman, Dillon & Co
Fidelity Trust Co
29
26
27
Page.
29
28
30
31
28
28
28
29
36
20
28
32
LOUISVILLE, KY.
Barney (C. D.) & Co
Fletcher American Co
Hutton (W. E.) & Co
Louisville Trust Co. (The)
Willson (James C.) & Co
MADISON, WIS.
Carson (Waller) & Co
MILWAUKEE, WIS.
Carson (Waller) & Co
Edgar, Ricker & Co
First Wisconsin Co
Milwaukee Co. (The)
Partridge-Patmythes Co., Inc
OMAHA, NEB.
Smith, Burris & Co
Page.
38
28
41
26
38
36
27
28
41
35
33
31
43
48
32
45
29
Page.
11
10
11
11
10
20
PHILADELPHIA, PA.
Barney (Chas. D.) & Co
41
Brown Brothers & Co
44
Burr (George H.) & Co
44
Byllesby (H. M.) & Co
21
Eastman, Dillon & Co
26
Fitch, Crossman 8c Co
10
41 Goldman, Sachs & Co
43
29 Hutton (W. E.) & Co
31
31
15
PITTSBURGH, PA.
29 Baker, Simonds & Co
29
Eastman, Dillon & Co
26
Stout & Co
33
18
ROCHESTER, N. Y.
Schoellkopf, Hutton & Pomeroy, Inc
33
18
SALT LAKE CITY, UTAH.
19
Back Cover
19 Beason (Ross) & Co., Inc
19
SAN FRANCISCO, CALIF.
18
Continental Illinois Co.,Inc
22
Goldman, Sachs & Co
43
MINNEAPOLIS, MINN.
BancNorthwest Company
First Securities Corp
Lane, Piper & Jaffray, Inc
Northwest Bancorporation
Woodard, Brooks & Bondy
17
16
16
17
18
MONTREAL, CANADA.
Aldred & Co., Ltd
Ames (A. E.) & Co
Bongard & Company
Hanson Bros., Inc
Montreal Trust Co
Nesbitt, Thomson & Co
Royal Securities Corp
34
37
36
33
36
34
35
NEW YORK, N. Y.
Aldred & Co
34
Ames (A. E.) & Co
37
Baker, Simonds 8c Co
29
Barney (Chas D.) & Co
41
Beason (Ross) 8c Co., Inc
Back Cover
Blake Brothers & Co
41
Boettcher-Newton & Co
44
Bongard & Co
36
Brown Brothers & Co
44
Burr (George H.) & Co
44
Byllesby (H. M.) & Co
21
Continental Illinois Co,Inc
22
Day (R.L.) & Co
45
Dodge (Paul C.) & Co
21
Doherty (Henry L.) & Co
40
Eastman, Dillon & Co
26
Farnum, Winter & Co
24
Field, Clore & Co
24
Foreman-State Corporation
23
Goldman,Sachs & Co
43
Hallgarten & Co
49
Hayden, Stone & Co
45
Heidelbach, Ickelheimer & Co
42
Hibernia Securities Co., Inc
11
Hutton (W.E.) & Co
31
42
Iselin (A.) & Co
Kidder Peabody & Co
39
Kissel, Kinnicutt & Co
47
ST. LOUIS, MO.
Aid & Co., Inc
Anderson (Oliver J.) & Co
Bitting & Co
Burr (George H.) & Co
Dodge (Paul C.) & Co
Edwards (A. G.) & Sons
First National Co
Goldman, Sachs & Co
Hibernia Securities Co., Inc
Knight, Dysart & Gamble
Mississippi Valley Co
Rassieur, Sweeney & Co
Simon (I. M.) & Co
Smith, Moore 8c Co
Steinberg (Mark C.) & Co
Stix & Co
Thomson, Seddon & Co., Inc
Waldheim, Platt & Co
Walker (G. H.) & Co
13
14
14
15
15
12
14,
12
14
12
ST. PAUL, MINN.
First Securities Corp
Gates (Stanley) 8c Co
Woodard, Brooks & Bundy
16
18
18
TOLEDO, OHIO.
Hutton (W. E.) & Co
Stranahan, Harris & Co.,Inc
31
32
TORONTO, CANADA.
Ames (A. E.) 8c Co
Bell, Gouinlock & Co., Ltd
Bongard 8c Co
Daly (R. A.) & Co
Hanson Bros
Matthews & Co., Ltd
Montreal Trust Co
Nesbitt, Thomson & Co
Royal Securities Corp
37
37
36
36
33
37
36
34
35
WASHINGTON, D. C.
Baker, Watts & Co
Eastman, Dillon & Co
10
26
12
14
15
44
21
13
13
43
Nov. 11930.]
FINANCIAL CHRONICLE
2753
19TH ANNUAL CONVENTION
Investment Bankers Association of America
HELD AT NEW ORLEANS, LA., OCTOBER 12 TO 15 1930
INDEX TO REPORTS AND PROCEEDINGS.
Page.
"Closed Session" of Convention—President Calloway's Statement Viewing "Better Times Close Ahead"
2753
Address of Welcome by George W. Robertson
2753
Annual Address of President of Ass'n, Trowbridge Callaway
2753
Address of E. R. Black, Governor of F. R. Bank of Atlanta
2755
Address by Silas H.Strawn
2757
Report of Real Estate Securities Committee
2759
Report of Sub-Committee on Trends of Investment Business_ __ _2762
Report of Sub-Committee on Distribution
2763
Report of Securities Fraud Prevention Special Committee
2765
Report of Institute of International Finance
2765
Report of Municipal Securities Committee
2766
Report of Public Service Securities Committee
2768
Report of Railroad Securities Committee
2771
Report of Irrigation Securities Committee
2772
Report of Industrial Service Securities Committee
2773
Report of Investment Companies Committee
2773
Report of State and Local Taxation Committee
2774
Report of Federal Taxation Committee
2777
Page.
Report of Legislation Committee
2778
Report of Foreign Securities Committee
2779
Report of Government and Farm Loan Bonds Committee
2781
Report of Industrial Securities Committee
2781
Report of Money and Credit Special Committee
2782
Report of Field Secretary Arthur G. Davis
2783
Report of Commercial Credits Committee
2785
Report of Contract Cancellations Special Committee
2786
Report of Group Chairmen's Committee
2786
Report by Special Committee on Proposed Changes in Bulletin .2787
Report of Publications Committee
2787
Report of Business Conduct Committee
2787
Report of Bond and Note Nomenclature Committee
2788
Report of Education Committee and Educational Director
2788
Report of Cost Accounting Sub-Committee
2790
Report of Membership Committee
2790
Election of Officers
2791
Report of Constitution and By-Laws Committee
2792
Report of Sub-Committee on Salesmen's Compensation
2792
"Closed Session" of Convention—President Callaway's
Statement Viewing "Better Times Close Ahead".
A new procedure marked the program of this year's
annual convention of the Investment Bankers' Association
of America, held at New Orleans, Oct. 12 to 15. The program reduced the traditional six-day convention to four
days, opened the pre-convention committee meetings to all
delegates and departed from the Association's open-house
custom by providing for one closed session of the convention
at which all delegates were urged to express their opinion
in a discussion of the more urgent problems of the investment banking business. Heretofore all sessions of the
Association's convention have been open, and complete verbatim transcripts of the proceedings distributed to the press
and to all members each day. No record of the closed session was distributed, either to the press or to members.
The purpose of this executive session, restricted to accredited delegates and representatives of members, was to encourage a wide participation in the discussions of the
closed session, according to an advance announcement issued
by the Association at Chicago, Sept. 2. The closed session
was held in the afternoon of Monday, Oct. 13. While the
convention did not officially open until Oct. 13, several
meetings of the Board of Governors were held on Saturday,
Oct. 11, further meetings of the Governors taking place on
Sunday, Oct. 12, on which date also there were committee
meetings. On Oct. 12, the eve of the opening of the convention, President Trowbridge Callaway, of Callaway, Fish
& Co., of New York, issued a statement based on reports
presented at various research committees, in which he said:
Address of Welcome by George W. Robertson, of the
Canal Bank & Trust Company.
The annual convention of the Investment Bankers' Association was formally opened on Monday, Oct. 13, with all
address of welcome by George W. Robertson, of the Canal
Bank & Trust CO., a Governor of the Association. Mr. Robertson's address follows:
Mr. Chairman, Ladies and Gentlemen: When the Convention Committee,
"The organized investment banking business of the country is
working
with a very definite conviction that better times are close ahead.
I find
these men from all parts of the nation are calmly optimistic, undisturbed by
In conference at White Sulphur Springs last May, tendered me the honor
of welcoming to New Orleans the Nineteenth Convention of the Investment
Bankers' Association of America—and in justice to the Committee I will
have to state that the tender was made after a delightfully congenial
luncheon—I realized that they had given me a most difficult assignment
In fact, after mature dAiberition I have reached the conclusion that it if
wholly beyond my ability to express to you the welcome with which the
City of New Orleans, the State of Louisiana, and the Southern Group
greet you on this, your second visit to us.
There is an old saw to th: effect that if you want to lose a friend, make
him a loan—and another old saw tells us that every rule has its exception.
I can say without hesitation that the City of New Orleans and the State
of Louisiana are the exceptions which prove the rule that the borrower,
alter effecting the loan, does not want to see the lender. You have made
us loans to pave our streets, build our levees, drain our city, build our
schools. Yes, you have even helped us build our jail. You have financed
the railroads, steamships, and barges that bring commerce to us, and have
helped us build the docks to handle the commerce. But New Orleans and
Louisiana welcome you with open arms. All we have is yours, and if you
do not see what you want, ask and we will find it for you. We hope that
despite the full program of important work which you are to consider
here you will be able to see enough of our city and State to satisfy you
that the proceeds of the loans you made us were used to good effect.
Our well-beloved President, Bill Callaway, has established a record kr)
covering tremendous subjects in a brief space of time and with little loss
of words. Were I gifted with his laconic expression, Tom Dysart's humor,
Alden Little's suavity, and my old pal Eli Watson's charm, it would take
me all day to tell you how glad we native sons are to have you with us.
Many of you here remember that the ardor of our welcome in 1921 was
so warm that it burned down the Country Club. I can only say that your
welcome to New Orleans this year is so hearty that we have taken the
precaution to fire-proof our buildings.
the vague fears that have been so prevalent.
"This convention, the 19th annual meeting of the Investment
Annual Address of President of Association, TrowAssociation of America, while it is smaller than usual, has a fully Bankers'
adequate
bridge Callaway—Business Not in Need of Artificial
representation from all of the Association's different groups in
the United
Respiration—Credit Structure and Leading IndusStates. In common with other lines of business, we have been
going
through a trying experience, nevertheless only a few of our working
tries Sound—Country's Wealth and Natural Reforce
Is absent.
sources Factors on Which to Build New Period of
"Some of our committees, which are really small research organizations
Prosperity—Reference to "Closed Session".
that investigate different problems of finance, report a larger attendance
of
committee members than at previous conventions.
In his address as President of the Investment Bankers'
"The conventions of this Association have always consisted of a
series
of hard-working meetings, including the deliberations of the Board of Association of America, Trowbridge Callaway, of CallaGovernors and the various research committees. There has been no hesitancy way, Fish & Co., of New York, referred to the departures
In getting down to hard work. There is a very evident confidence that is in the
matter of convention procedure this year (alluded
most encouraging, and when the convention formally assemblers Monday I
feel that its sessions will be among the mod productive in the Associa- to at the beginning of our remarks further above) and
tion's history."
stated that he accepted his "full share of the responsibility
2754
FINANCIAL CHRONICLE
for these changes." With reference to the closed executive
session, Mr. Callaway explained that it "does not imply in
the slightest a departure from the Association's fixed custom of full publicity of all its acts and proceedings. It is
in no sense a secret meeting. We have no secrets." At
the outset of his address President Callaway made the
statement that "the orgy of speculation which clouded the
country's vision has passed and clearer thinking is now
the rule rather than the exception." He went on to say
that "while speculation has its proper and important function in our economic life, after all, the backlog of prosperity is the savings and sound investments of the people.
Through constructive financing and prudent savings there
should be built up a renewed buying power and normal
demand for goods and services. With your help and wide
Influence, normal confidence can be more readily restored
sand the fundamental law of supply and demand be brought
into balance." In full, President Callaway's address
follows:
Members of the Investment Bankers' Association of America: The
interesting and comprehensive program before us has been carefully
scheduled to come within the shortened convention period. To do my part
In maintaining this schedule I shall be brief.
This, the Nineteenth Annual Convention of your Association, assembles
under propitious circumstances, because the country needs your constructive thought and co-operation. Since our last convention we have
been experiencing a trying business depression which apparently is still
with us. Without delving into the past year's unpleasant statistics, which
many sources afford in wide variety, or drawing a picture that is too
rosy, let us cast aside the shadow of fear and uncertainty, which so many
of us have perhaps allowed to depress us, and turn squarely to a constructive future. We should now be laying the foundation for a better,
a more even and a sounder era of prosperity than ever before. Conditions
in this country are tending to its development, and I hope, and believe,
That from the deliberations of this gathering a healthier and a fuller
realization of that fact will go out through the entire nation. No organization is more representative of, or effective in, the economic interests and
Welfare of the country than the Investment Bankers' Association of
,America.
The orgy of speculation which clouded the country's vision has passed,
and clearer thinking is now the rule rather than the exception. Oldfashioned standards for judging values are again back in vogue, and as
investment bankers we can do our part to direct the savings of the
country into constructive and dependable lines. While speculation has
Its proper and important function in our economic life, after all the backlog
of prosperity is the savings and sound investments of the people. Through
constructive financing and prudent savings there should be built up a
renewed buying power and normal demand for goods and services. With
your help and wide influence, normal confidence can be more readily
restored and the fundamental law of supply and demand be brought
Into balance.
Business to-day does not need artificial respiration. The wealth-producing power of the country has not been essentially hurt. The equipment
and management of American industry, from both a practical and a
technical viewpoint, have never been more efficient. Never before has so
much ability and constructive thought been given to that very vital
problem, the distribution of industry's products. Commodity prices have
;declined drastically, it is true, but we are now apparently nearing the
final stage of that readjustment. The credit structure is sound, with
low interest rates, and ample funds. Savings are increasing, and prices
for high-grade bonds are improving. Our leading industries are in a
sound financial and operating condition. Manufacturing inventories are
below the average. All these, together with our wealth and natural
resources, and the efficiency and normal energy of our people, are factors
of strength on which to build a new period of prosperity.
The foregoing reference to speculation, in contrast to investment, recalls
a cartoon which was published some years ago. The drawing showed, at
the far end of a long trail, a glorious rainbow impinged on a high hill.
Racing out over the trail was an enormous bull. Following the bull was
a calf, a very young calf, chasing the bull. In the foreground was a
comfortable farmhouse, and, leaning against the open barnyard gate, a
farmer, exhausted by his efforts to catch the calf, shaking his fist at
the young animal and shouting: "Go on, you darn fool; chase the bull
If you want to, but just wait until supper time cornea."
It looks to me as if supper time had come, and that we should gather
around the table to talk things over. Our business is an integral part of
the nation's industry. We can prosper only as the country prospers and
advances the standard of living. In this situation we have our own difficult problems and circumstances to consider, and, to function properly as
an essential part of the country's economic machinery, we have first to
put our own house in order, so let's get to work.
"Closed Seuion."
Your Board of Governors has adopted a unique departure in the convention procedure this year, and, among other innovations, has shortened
the convention period from six to four days. While the program provides ample opportunity for recreation, the Board purposes that this
shall be, more distinctly than ever before, a working convention. In this
connection, if I may digress, I should like to say that I wish to accept
my full share of responsibility for these changes. Many of you have
already attended the pre-convention committee meetings, to all of which
you were invited in order that you might give the benefit of your
opinion and experience in matters of greatest interest to your business
among
and in order that there may be a still more effective co-operation
the entire membership in behalf of better investment banking. For
various
years your Association has followed the sound policy of referring
committees
problems to especially selected men who constitute the various
solutions.
and whose duty it is to investigate those problems and find
we have
It is a very useful and commendable practice, and this year
for all
added to its efficiency, I am convinced, by providing opportunity
highly specialized work of
the members to co-operate more fully in the
the different committees.
give
It is essential that your Board of Governors and your committee
to The problems of our business theft MA in researdt and deliberation,
[VoL. 131.
but it is also equally essential that you give to this effort your active
co-operation, as well as your appreciation. For that reason the program
of this convention specifies an executive session, for delegates and representatives only, this afternoon. At this meeting a number of questions
and problems that are vital to the business will be brought before the
convention and you are invited, nay urged, to give your best thought and
Utterance to their consideration. I should perhaps explain that this
executive session does not imply in the slightest a departure from the
Association's fixed custom of full publicity of all its acts and proceedings. It is in no sense a secret meeting; we have no secrets. Our
convention proceedings are given verbatim and complete to some 1,900
offices of members and to some 400 publications. In the interval between
conventions our interim reports are sent regularly to several hundred
publications and colleges; in fact, to any responsible publication or educational institution that wishes them. At our convention last year a part of
one session was devoted to a round-table meeting of the delegates with
exactly the same purpose as this year's executive session. But we found
that many able thinkers hesitated to enter into a general discussion in
an open meeting. For example: One delegate later made some valuable
suggestions on cost accounting. When asked why he did not speak at the
open forum, he replied that he didn't care to offer public criticism or
to lay himself open to unending questions from those who might read
his remarks in the published reports. That incident illustrates exactly
the reason why we are to have an executive session this afternoon. The
field of investment banking is so broad and the different types of its
business so varied that honest difference of opinion is unavoidable. We
seek in this executive session constructive disagreement in order to reach
agreement, all for the improvement of investment banking. No record
of this session will be available either to the Association's membership
or to the press, other than the former reports of the Business Problems
Committee and its four important sub-committees, which will be the
principal basis for the discussion. Those of us who are shy and diffident
need not hesitate to speak our minds.
In presenting the committee reports to the convention this year the
various chairmen will not read the reports in full, as has been the
general practice, but will refer only to their more important points.
Copies of reports to be presented will be distributed at the beginning of
each session, in &der that delegates may ask questions on points they
wish discussed more fully.
This year's work of your Board of Governose and your committees has
been most fruitful. It is not my purpose to review the program by
referring to each committee, but I am sure you will find subjects of
absorbing interest in many reports. The Legislation Committee has done
very thorough work on the vexing questions related to the use of interim
receipts, in an effort to bring an old problem to a definite understanding.
The committee is to present its findings and to make quite specific
recommendations that are most pertinent to your interest. Reference to
the Legislation Committee brings to mind the fine service of the committee and our Field Secretary, Mr. Arthur G. Davis, in furthering constructive laws for the protection of the public.
One investment banking question that recurs constantly is: "What is
to become of the smaller houses in this day of consolidations and units
of increasing capital and influence?" I shall not burden you with my
conclusions on this subject because it is discussed more ably and fully
in the interesting report of the sub-committee on Trends of the Business.
There is a very considerable difference between the work of the Business Conduct Committee and the Transportation Committee. I suppose
that the reason these two committees have the same able leader as
Chairman is because they demand the same qualities of promptness, a
fine interest in fair dealing, and the welfare of others, and patience
without limit.
The Association's resourceful educational director, Mr. Samuel 0. Rice,
instituted in New York last winter an educational experiment that, I
believe, has already proved the most practical work yet put forward In
training security salesmen. Most of you have seen a part of the results
of the work, namely, the book, "Security Salesmanship." We in New
York sent 150 salesmen to the Education Committee's course; some 500
more applied for admission, but, unfortunately, there wasn't room for
them. It was a most practical and profitable course and was splendidly
conducted by a member of the Education Committee from the Michigan
group. I understand that ether groups plan to give this course, and
that the Education Committee will be glad to discuss the subject with
delegates who are interested. Our experience with the course in New
York heartily recommends it, as a builder of sales ability and morale.
It was particularly gratifying to note the splendid co-operation of the
member houses in this excellent educational effort. One house assigned
an executive to give all his time to the course, while five other houses
sent specialists to give the class the benefit of their experience. Investment banking is, I believe, the most highly competitive business in the
world; certainly, at least there is none where competition is sharper or
more persistent. Yet, when there is an effort for the common good, competitors give their hard-won knowledge and experience, without stint, as
in this salesmanship course.
At the Board of Governors' meeting last May there was approved a plan
for securing the monthly inventory figures of our members and releasing
the total figures to the membership. A special committee has been
developing the details of this plan during the summer. Such a monthly
index figure on our business and some other studies which are in process
will, I believe, be of substantial value to our business as well as to the
investing public. In fact, I often think that this Association, which
represents the organized investment banking business, actually contributes
as much to the economic welfare and stability of the country as to our
own business.
The Industrial Service Securities Committee has finished a schedule of
specifications for circulars on the class of securities within its province.
The extensive studies of the Real Estate and the Municipal Securities Committees will, II am sure, enlist your careful attention this year and, as
usual, the Committees on Utilities, on Railroads, Taxation, Investment
Companies, and Foreign Securities will come before you with reports of
difficult work well done.
Through necessity this Association has become a very large and somewhat complicated organization, with an extensive committee and group
structure. It is not, as many sometimes believe, an automatic machine,
but requires a very capable chief engineer to keep the wheels moving
with a minimum of friction and a maximum of efficiency. Whatever
your successive President may do or leave undone, there is one thing
they invariably attain, and that is a sincere respect and admiration for
your Executive Vice-President, Mr. Alden H. Little.
There Is a very healthy and gratifying significance in the widespread
Interest that surrounds the activities of your Business Problems Committee and It. sub-committees on Distribution, Trends of the Business,
"ea
Nov. 1 1930.1
FINANCTAL CHRONICLE
Salesm,m's Compensation, and Cost Accounting. Organized in 1927 as a
research laboratory, this committee has concentrated the attention of the
thoughtful members of this Association on various practices that should
be corrected. Although the committee's work is still largely in the laboratory stage, it is gradually working into the snore difficult field of
practical application. It has brought such questions as "advance offerings," "concessions," "investment guaranteed trading," and "blind advertisements" into the open. We now have, for the first time, a nationwide list of recognized security dealers. This part of the effort to make
investment banking a one-priced business for all and to conserve to those
to whom they rightfully belong the narrow profits of our trade, is directly
attributable to the Business Problems Committee. I am not unmindful
of the splendid co-operation of the groups and the Group Chairmen's
Committee which are becoming, each year, more and more useful to the
Association. Their work made the recognized dealer's list a practical
reality. This, however, illustrates the committee's progress in carrying its
work from the research laboratory into the so-called field of applied
science. It is not for the committee to say whether we continue to give
away our just and narrowing profits in the form of unearned concessions.
It is a question for all of us to answer, one way of the other, by constructive co-operation or by indifference and neglect.
We are a voluntary Association, and each of us has joined, as stated
in the preamble of our Constitution, for just two purposes: to further the
welfare of the business and to protect the public. And so I say to you,
who are leadm of our business, sound no uncertain note, accept your
responsibilities and justify your leadership, "For if the trumpet give an
uncertain sound, who shall prepare himself to the battle."
Address of E. R. Black, Governor of Federal Reserve
Bank of Atlanta—Industrial and Agricultural Development of South, Its Banking Resources and
Wealth—Decries Extravagant Living—No Permanent Prosperity with Load of Debt Around Our
Necks—Business Courage Needed—Country's Part
in Relieving World Conditions.
Besides discussing before the annual convention of the
Investment Bankers' Association of America the industrial
and agricultural development of the South, its banking resources and wealth, E. R. Black, Governor of the Federal
Reserve Bank of Atlanta included in his address a reference
to present business conditions, and declared that he does
not agree "with those men, who in their optimism, are declaring that prosperity is right around the corner." "I do
not agree with those men," he continued, "who say that in
America there must be no retrogression from the present
high-grade of living. I believe other things are needed in
America and in the world." "We have," said Mr. Black,
"been living in an automobile, a frigidaire, a radio era and
have been sitting in an atmosphere of a Corona-Corona."
We cannot pay our debts and continue in that atmosphere.
Let"us not fool ourselves." "It is not confidence we need
in America," declared Governor Black. "It is certainty we
need in America. It is the knowledge on the part of Americans that business in America has an impregnable courage.
Have that and you won't need any confidence and you will
have abundant certainty. I believe in American business
courage. Confidence is not all that is required. Confidence
bespeaks timidity. And there is not so much timidity in
America as fear in America." • Governor Black went on to
say. "I am talking perfectly plainly to you men. I don't
known whether you agree with me or not. But you go back
home and look into the faces of your business men and read
the shadows in their eyes, and determine for yourself whether
what is the matter with America is timidity or fear. There
is not so much mistrust in America. , There is distrust in
America." The ideal of real business courage, backed by
business courage has to be brought back, declared Governor
Black, who added "that alone will bring back American
business prosperity." Governor Black in alluding to conditions abroad told the gathering that "just as surely as I
am looking in your faces I know that in this day and in this
time America is faced not with American conditions but
with world-wide conditions." "In that situation," he said,
"can America remain independent and alone and work out
her own problems independent of world problems? . • .
It cannot be done. . . . I am not a pessimist. I am an
optimist, but I hope that in my love for the South and in
my love for America I am not blind to what the South must
do and America must do in relieving conditions in the world
to-day." R. S. Hecht, President of the Hibernia Bank &
Trust Co. and the Hibernia Securities Co. of New Orleans,
was called upon by President Callaway of the Association
to introduce Governor Black, and Mr. Hecht in complying
said in part.
I have been asked to perform a very pleasant duty, End that is to introduce your main speaker of the morning.
When the Association first decided to meet in the South, end particularly in New Orleans, the Program Committee IVA 13 asked to arrange to
have as one of the principal speakers one of the outstanding men of the
South, a product of the South, who could talk to you intelligently about
this section of the country. Given these specifications it was a very
simple nritter to furnish the material and the choice of the program comraittee just automatically fell on your speaker of this morning.
2755
I want to say in justice to him that it is only a very short time since he
has degenerated into a banker. He was for many years an eminent lawyer,
a very successful lawyer, but he slipped a little bit and became a banker;
not quite as far down as some of us, a mere commercial banker, or perhaps
even a little higher level, that of investment banker; he has a son who
has slipped that far, but he stepped a little higher up and became just
a sort of boss banker who tells the rest of the bankers what to do, and
his ability has been recognized in this section by his selection as Governor
of the Federal Reserve Bank in Atlanta. I want to say, speaking of him
as a lawyer,I know it was his innate ability that made him a success in that.
Speaking of him as a banker, I know that his long experience has well
qualified him for the position he holds, but as an orator I always suspected
that he came to his well-earned reputation as an orator a good deal through
marriage. Now, do not misunderstand me. I am simply about to inform
you that he married the very charming daughter of one of the South's
greatest orators, Henry W. Grady, who was as well-known in the North
for his constant and enthusiastic pleadings for the South, as he was in
our own section of the country.
If I was not afraid of presuming too much on your time, I would really
like to refer to one of the things that has always impressed me so much
about Henry W. Grady's remarks about the South. When he was speaking at a funeral at Pickens County, I think it was in Georgia, he described
how this funeral was held and how it was a grave that had to be dug in
the marble ground, and yet the marble stone on the grave came from
Vermont, and while in our country there was pine in abundance, yet the
pine coffin which contained the remains of the deceased came from Cincinnati, and the cotton shirt that the poor dead man wore had come from
New York, and on down the line, pointing out how far back the South
was at that time in developing its own resources. And I think Henry
W. Grady had a great deal to do with helping the South to find itself and
to develop, and Eugene R. Black, the Governor of the Federal Reserve
Bank of Atlanta, has not only inherited some of the powers of oratory
of his famous father-in-law, but has contributed a great deal to the upbuilding of the South.
It gives me great pleasure to present Eugene R. Black, Governor of the
Federal Reserve Bank Of Atlanta.
Governor Black's address follows:
Mr.President, and Gentlemen of the Convention I was a little embarrassed
at the task before me before that introduction. Now I am utterly abashed,
but somehow I have got to live through the praise of my good friend
Mr. Hecht,
Your President referred to Mr. Hecht's task as finishing the job. I
dont't know whether he was referring to me as the 'Job" or not. I want to
express at the same time an apology, a regret, and an appreciation. I had
hoped very much that I might be at your meeting on yesterday, in order
that I might get in touch with your deliberations, and learn in a small way
something of your problems. I apologize for not being present. I was at
a Cotton Conference in New Orleans all day, and it was impossible to leave
that conference.
I want to express my very deep appreciation of the honor you have done
me in asking me to address you. I have always envied the man who could
write a speech. All of his suffering was over when his speech was written.
I have never been able to write one, because I have always had the feeling
that if I did write one I would newer have the temerity to deliver it. Now.
that does not mean that I have not prepared an address, because in my way
I have worked on this speech ever since I was honored with your invitation.
When I finished it last night, it was to the strains of music that were
accompanying your dancing feet.
I am glad to meet the Investment Bankers of America. I am glad to
look into their faces and realize that they are human. I am glad for them
to meet a representative of a Reserve Bank and, if posssible, become
persuaded that we are human. When I look into your faces and realize
that the investments of America in our banks, in our trust companies, in
our insurance companies, in our trusts and in our estates are largely dependent upon your conduct of your business, I appreciate in the aggregate
the power of your organization. I realize the width of your opportunity.
and I am just a little startled at your responsibility.
During the past six months I have had the pleasure of meeting from
Louisiana to Virginia with Southern bankers, hearing their problems.
listening to their courageous words, and noting the inquiry of anxiety in
their eyes. They are men who Would build and build well. The first convention I went to was the Florida Bankers Convention. They had a
banquet in the Opera House. On the stage they painted the interior of a
bank, with its cages and its vault. On the side of the wall they had painted
a huge banana, and in another place on the wall they had painted a huge
orange. It opened with a burglary scene. The burglars were not Floridians.
The banana opened, and a beautiful girl, scantily clad, stepped out of the
banana. The orange opened, and a half dozen girls, equally scantily clad.
stepped out of the orange. The burglars blew the vault, and a troupe of
girls scantily clad fled out of the vault. Immediately after that it came
my time to speak. My mind was not entirely on the subject of banking, but
I remember I said that I had appreciated that interior view of a Florida
bank, and that I was certain that while its assets might not be liquid, they
certainly were not frozen.
I made a speech at the Tennessee Bankers Association, and had the
pleasure of running into an economist representing one of the largest banks
in the world. I have always had great respect for an economist, because
he knows snore about my business always than I can possibly know. The
only refuge from the superior knowledge of the economists has lain in the
fact that no two of them agree as to my business. This economist preceded me on the program, and stated that the speculative situation in
America was due to two things.
The peculiar thing about an economist is that he forms his syllogisms, he
makes his own hypotheses, and he announces his conclusion as a fact, not
as a conclusion. He stated that the speculative situation in America was
due to two things. First, to the large imports of gold into this country.
and second to the action of the Reserve banks shortly prior to toe beginning of that era in reducing their rediscount rate; and from those two sale
hypoth.ses he reached the conclusion of our entire responsibility.
I would not have answered him if I had been anywhere except in my ovrn
territory. But he was talking about my people, about my bank, and I
called attention to th, fact that the Reserve system could be in no way responsible for the first hypothesis, based upon the large imports of gold into
this country. And in answer to the second hypothesis. I called attention
to the fact that the Reserve banks for two years had done all within their
power to make money firmer in America. and that in the midst of that era
the Reserve banks had warned their member banks, had cautioned their
member banks, and had declared that Reserve funds should not be used in
speculative channels.
And, in reply to that distinguished gentleman, I wondered what would
have been the result in America if the large financial institutions in America
had responded in spirit and in deed not only to the action of the Reserve
banks in seeking to make money firmer in America, but to the cautions and
the warnings and the pleadings of Reserve banks that Reserve funds should
2756
FINANCIAL CHRONICLE
be segregated and used for commercial, agricultural and industrial purposes,and not engaged in speculative channels. So much far that economist
I have been asked to talk about the South. I do not want to talk about
the South as a Southerner, because we are not in a segregated part of the
nation. I want to talk about the South just as I would talk about the
North, or just as I would talk about the East. or just as I would talk about
the West, as a part of America. I am glad we are meeting in New Orleans,
I am glad we are here at the gateway of the industrial and agricultural
South.
I think we can get something of the spirit of the South here, in a State
that has two centuries back of it, in a State where there is blended the blood
of the grand dames of Spain and the aristocrats of France and the sires of
American independence. and I am certain you have enjoyed with me the
aroma of hospitality thatis founded upon that blood fusion.
Mr. Hecht referred to that story of Mr. Grady about the burial of the
Georgian in Pickens County, Georgia, where, in a cotton field, the cotton
shirt came from New York, and within the shadow of an iron mine the nails
in the coffin came from Pittsburgh, and where, underneath the shadow of a
forest, the coffin came from Michigan. He forgot to tell you that Mr.
Grady said that all that the South furnished for that burial was the corpse.
Well, that was true back in that day. But we have got to go back half a
century and get to the beginning of the present era of southern agriculture
and southern comnierce, because it was 1880 before the carpet bagger's
days were ended in the South and before the southern people were ready
to sit down and consider their own problems. And in discussing just for a
moment those problems,I don't mean to say that the South alone has had
her problems. That is not true. The West has had her great irrigation and
transportation problems and immigration problems. The East has had her
great industrial problems, her labor problems, her capital problems. They
solved those problems just as the South solved her problems, by the assertion
of American manhood.
Just 50 years ago the South was faced with two problems; first, what to
do with her freed nigger and, second, what to do to reestablish her agricultural and industrial era. The first problem has been solved. The second
problem was a large problem and was largely dependent upon the proper
solution of the first one because employment had to be found for her emancipated slaves. There was an entire change in her agricultural conditions.
Her plantations, with free labor, had to be converted into small farms
with paid labor.
But there was a greater problem than her agricultural problem, and that
was her industrial problem. She was without means. impoverished, with
no money to develop her natural resources. The first funds employed
In the solution of that problem were dug out of the ground, were carved
out of the mines or cut out of the forest. Her natural resources attracted
the attention of the rest of America and capital from the North, from the
East and the West found its way into the South. And the South must
always admit its obligation to that capital for the full restoration of her
agricultural and industrial problems.
Fifty years have elapsed since that beginning. What is the situation in
the South to-day? We have been known as a cotton country. We have
been known as an agricultural section. Our industrial development has
been but little known.
Let us start with Louisiana, here in its sunshine, with its flowers, with its
people and with its hospitality. There flows by this great city the greatest
river on the earth and it flows through the second largest port in the United
States, New Orleans On Its bosom there comes from all the central States
of the United States her commerce, going to the different parts of the world,
annually, $321.000.000 worth. And through this port, largely from South
American countries, there come into this country the imports of a valuation
annually of $225,000.000. And if you will travel the length and breadth
of this old French, Spanish, American State, and view her cane fields and
her cotton fields, you will become impressed with the fact that it is largely
an agricultural State. And yet, while she produces agriculture annually of a
value of $225,000,000, the value of her industrial output annually is $638.000,000.
And if you will pass rapidly over thq Mississippi you will find there the
only southern State where the value of her agricultural products are larger
than the value of her industrial products, and you will understand this
when you realize that Mississippi is blessed by her delta country and that
by reason of the toll of the people in that section and the climate in that
section and the fertility of the soil in that section, you are within a few
hours ride of a county in that section that itself has produced 150.000 bales
of cotton a year and within an hour of three agricultural counties in that
section that within a year's time have aggregated a production of 300,000
bales of cotton. And I think that with those figures you can understand
that Mississippi is essentially an agricultural State.
But if you will pass rapidly to Alabama and view the steel and iron mills
of Birmingham and see there what Pittsburgh has not got, her iron mine on
one side of the city and the coal mine on the other side of the city, you will
realize that Birmingham is impinging on the supremacy of Pittsburgh as
an iron and steel center. And it is not necessary to dwell on that longer
than to say that the South to-day produces one-third of all the minerals of
the United States.
Of course, I want you to go to Georgia. I hope your next convention will
be in Atlanta. I would like for you to see the apple orchards of North
Georgia, in their pure whiteness. I would like for you to see the peach
blossoms of middle Georgia. rivalling in their beauty the far famed beauty
of the cherries of Japan. I would like for you to see the yellow petal of the
pecan in South Georgia. I would like for you to enjoy our watermelons.
I would like for you to see our fields, white with cotton and green with corn,
and then I would be willing for you to determine that Georgia was an
agricultural State and yet it is the truth that Georgia produces 250 million
dollars worth of agricultural crops a year and 650 million dollars worth of
Industrial output a year
I would like to go through all of the Southern States but I cannot for
fear of tiring you. I would not do justice to the picture I am trying to paint
of the South and its development, without referring to North Carolina,
because in that State while the agricultural crop is worth $350,000,000, the
industrial output annually is $1,150,000,000. And the furniture from that
State rivals and stands next to the furniture of Grand Rapids. And if you
want the truth about it, a great deal of the furniture of North Carolina is
manufactured in North Carolina, shipped to Grand Rapids. labeled Grand
Rapids and sold from Grand Rapids.
The Internal Revenue that is paid by the State of North Carolina annually
Is larger than that paid by any other State in the American Union except
New York. Last year she paid $250,000,000 Internal Revenue. The
Camel Cigarette Co. and the Chesterfield Cigarette Co. have to haul off
a train load of cigarettes every day to keep from clogging the warehouse.
In that little town where the Chesterfield factory is situated they buy every
morning from the American Government $100,000 worth of postage Stamps,
and it took them 10 years to get from a Republican administration a
$100,000 post office. Now I can say that in the South without raising any
political question, because the South s largely Republican, or supposed
to be.
[vol.. 131.
I went into one cotton factory in North Carolina where they manufactured
75.000 dozen towels a day and where they have to haul off a trainload of
towels every afternoon to make space in the warehouse for the product
of the next day. And in that one factory in North Carolina,in ten months'
time they could give one North Carolina towel to every individual in the
United States, and some of us have more than one towel.
A reference was made Just now by Mr. Ferriss to Florida. Mr. Ferris.,
you have a hard problem with the bonds down in Florida, just like some
Floridians have got a hard problem with some of your securities. But I
think it may interest you gentlemen to know that to-day the South is
producing 42% of the citrus fruit of this country. And those bonds that
you gentlemen have have resulted in a State where the finest highways
in the world are located. You have done that. And it may interest yoU
to know that in spite of the citrus fruit of Florida and the truck of Florida,
the value of the industrial output of Florida is greater than its agricultural
output.
Now, of course, I would like to discuss the boom in Florida just a few
minutes, but I am not going to do it. We are talking about the South
and it is just enough to say that the boom never hurt Florida. The Florida
people came out right where they went in. They had no money when they
started and they had none when it ended. And they were just as happy
at the end as they were at the beginning.
Of course, any picture of the South would not be complete without
referring momentarily to your neighboring State of Texas, because there
you have an empire, an agricultural empire and an industrial empire.
You have got five million acres planted in cotton. That is a kingdom in
Itself. In traveling over the length of that Lone Star State you get impressed with the conviction that here at least is one essentially agricultural
State in the South. And yet, Mr. President, with all that cotton planted
in Texas, the agricultural output of Texas last year was valued at $1,150,000,000. and the industrial output of that agricultural State last
year was valued at $1,250,000,000.
I have tried to demonstrate that the South is rapidly coming into its
own as an industrial section. Let us take the totals, in conclusion. The
agricultural crops of the United States are totaled in value 815,000,000,000.
The agricultural crops of the South total in value $5.000,000.000, or onethird of the total. And that includes all the corn of the Northwest and
all the wheat of the Central West. The value of the industrial output of
the United States equals $62.000,000,000 a year. And that includes
the great industries around Chicago and in the Middle West and it includes all the great industries way up in the East and in New York and in
Pennsylvania and the mineral output'of the West. And the valuation
of the industrial products of the Nation are $62,000,000,000. And the
valuation of the industrial output of the South is $10,600,000,000. or one.
sixth of the industrial output of the Nation.
Let us go one step further. The banking resources of the United State.
In 1928 were $71,000,000,000. The banking resources of the South that
year were 511,000,000,000, or practically one-seventh of the banking
resources of the Nation. And that includes the great banking institutions
of the East and the North.
Let us go one step further. The wealth of the United States, including
all its tangible and intangible property, in 1928, was $400,000,000,000.
And the wealth of the South that year was $80,000,000,000 or one-fifth of
the total wealth of the United States.
Let us take one relative step further. The banking resources of the South
and the wealth of the South, in 1930, were both greater than the banking
-year
resources and the wealth, relatively, of the nation in 1900, or in a 30
Period, the South, in its agricultural and commercial development, had
equaled in valuation and in output the same resources of the nation just
30 years ago.
I haven't time to go into the different classes of development. I was in
New York last year, addressing a meeting of the American Institute of
Banking. I picked up a paper there and I saw where the Deputy Governor
of Massachusetts had announced that the New England cotton mills had
met the challenge of the southern cotton mills. Well, they have met it.
That is, they have been introduced to it. And yet you can travel on this
Journey through North Carolina and South Carolina and not get out of
sight of a cotton mill or its village family. 66% of all the cotton spindles
in the United States are in the South. The spindle hours of North Carolina
are larger than the spindle hours of Massachusetts. And yet the value of
the output of the cotton mills of the South is only one-tenth of the value
of the industrial output of the South.
And it may be interesting, in closing this picture, to call attention of you
gentlemen to the fact of the great public improvements in the South and
emphasize just that situation by stating that the bonds for public improvement in the South in the years 1926 and 1927 total $1,227,000,000.
Now, gentlemen, I have tried fairly to paint that picture of the South;
not as a Southerner painting it, but as an American talking to Americans
about a part of America. In painting that picture I have had to make
comparisons with the nation. And while we have an interesting, we have an
accurate picture of the resources and wealth of the South and of the Nation.
And I might stop here and say that is your investment field. But I have a
feeling that I would not be honest in doing it; that it would not be fair to
you or to me, in these times and in present conditions, to let that picture
stand as a finality.
I am greatly impressed with what you men represent; the capital in your
business; the funds entrusted to you, and I believe we have a right, in
painting that picture, to some discussion as to present conditions in America
and the world under which that return is being made and that wealth is
being here. And from now on in this address I am responsible for it.
I was in a meeting all day yesterday of the cotton merchants of the South.
I saw those men sitting there with tense, drawn faces. I knew they were
fighting for the life of their business. I was in Cuba all last week. I asw
people there that on account of their economic condition are ready to revolt
or fight for the life of the country, the economic life of the country. And I
am wondering whether in any gathering of representative Americans we
ought not to discuss present conditions. What are they?
You men know stock conditions and stock values. You know bond conditions and bond values. You know commodity conditionsand commodity
values. You know inventory conditions and inventory values. You know
that Just as those cotton merchants yesterday were fighting for the life
of their business, the different American interests are to-day concerned
about the life of their business. I don't believe in platitudes. I believe if
we know conditions and face conditions we can solve conditions. I do not
agree with those men who, in their optimism, are declaring that prosperity
is right around the corner. I do not agree with those men who are saying
that all that is needed in America is return of confidence. I do not agree
with those men who say that in America there must be no retrogression from
the present high grade of living. I believe other things are needed in America
and in the world.
I believe first we have got to be just. I believe we have to pay our debts.
To do that I know we have to economize. We have admittedly a 13-menth
recession in business. It is farther back than that. We have been living in
an automobile. a frigidaire, a radio era, and have been sitting in the atmos-
Nov. 1 1930.]
FINANCIAL CHRONICLE
phere of a Corona-Corona. We cannot pay our debts and continue in that
atmosphere. Let us not fool ourselves. If you doubt what I say, go to the
individual merchant in your home town and get an expression from him
as to his individual business. We cannot have any permanent prosperity
when there is a load of debt around our necks. A mortgage on the home
destroys the peace of the fireside. If the mortgages on our farms in America
were paid there would be no farm problem. If American business had a
secondary reserve,as the banks of America have,there would be very little
business problem. I believe we have got to do a second thing. I believe
we have got in America to assert our character. I am afraid, I am afraid
that in the past two years some of us have forgotten that a good name is
rather to be desired than great riches and public favor rather than silver and
Sold. There is nothing in that biblical quotation that decries the value of
great riches or decries the value of silver and gold. Rather they are complimented in being compared with a good name and public favor.
It is not confidence we need in America. It is certainty we need in
America. It is the knowledge on the part of Americans that business in
America has an impregnable courage. Have that and you won't need any
confidence and you will have abundant certainty.
I believe we need in America business courage. Confidence is not all that
Is required. Confidence bespeaks timidity. And there is not so much
timidity in America as fear in America.
I am talking perfectly plainly to you men. I don't know whether you
agree with me or not. But you go back home and look into the faces of your
business men and read th e shadow in the eyes and determine for yourself
whether what is the matter with America is timidity or fear. There is not
so much mistrust in America. There is distrust in America.
Now, just as an illustration only, and without desiring to refer to an
unpleasant topic, let us say that $25.000.009,000 was lost one day on the
New York Stock Exchange. The response readily and glibly comes back
to the lips, "If it was lost by somebody, it was made by somebody else.'
But what is ti e effect on the business men and the homes of those who,
lost? They ;re afraid in America.
That has to be brought back,the ideal of real business courage backed by
business character.
That alone will bring back American business prosperity. I was in
Cuba last week and I saw the distress of those people. I saw them tense.
I saw them ready to fight for the economic life of their nation.
I was in England last summer and I was impressed with the outward
semblance of their stability and thelr strength, and yet in that great country the dole was being paid out to English workmen.
We shot away in the World War hundreds of millions of value, and the
world to-day is recovering from that waste and from the waste of manpower that lies in Flanders Field. And in England to-day they are trying
to save their industries through a rule ofreason. and English industry to-day
is at the point where it is not only because of the economic depression of the
World War, but because there are not enough capable young Englishmen
to handle their business. They are in Flanders Field.
So you can go around to Germany, with her problems;to Italy with hers,
and the world situation in Australia,and the situation in Chile,in the Argentine, and you find them to-day fighting in Brazil because of the economic
situation there.
Just as surely as I am looking in your faces I know that in this day and
In this time America is faced not with American conditions but with
worldwide conditions. That might not have been true a quarter of a century
ago, but science and invention have made great strides in that quarter of
a century. The click of Bobby Jones' putt as he sinks his ball in the
last
hole at St. Andrews is heard in the Country Club at Los Angeles. The
step of a boll weevil on a cotton plant in Texas is heard in the cotton market
in Liverpool. The stirring of a worm in the wheat fields of North Dakota
is heard in the wheat mart of Moscow.
In that situation, can America remain independent and alone and work
our her problems independent of world problems? I am not talking politically. I am talking economically. It cannot be done.
Now, gentlemen, I have talked frankly. I am alone responsible for
what I have said. I believe if we know conditions and do not dodge them,
and put our character back of the solution of them, and have courage in
their solution and recognize our responsibilities to the world, then we will
solve our problems in America.
I am not a pessimist. I am an optimist. but I hope that in my love for
the South and in my love for America I am not blind to what the South
must do and America must do in relieving conditions in the world to-day.
Silas H. Strawn on "Problems of Municipal Finance
in the Future"—Address Before Investment Bankers Association of America—Chicago Experience
in Failure to Assess and Collect Taxes—Increasing
Tax Burdens.
In an address dealing with the "Problems of Municipal
Finance in the Future," delivered before the Investment
Bankers Association of America at its annual convention in
New Orleans on Oct. 15, Silas H.Strewn of Chicago referred
to the financial troubles of that city last winter, arising from
"the failure to assess and collect taxes to meet current
expenses and accumulated deficits." Like the people of
other cities, Mr. Strawn said, "the potential citizens of
Chicago ordinarily give little heed to its municipal affairs,
but when they awakened to the seriousness of this crisis,
they responded with alacrity." Chicago's experience, he
said, "is of no general interest, except insofar as it may be
a warning to other cities." Mr. Strawn commended the
Importance of the service rendered by such organizations
as the Investment Bankers Association and the Chamber
of Commerce of the United States." in awakening the
business men of this country to a relization of the fact
that while they are complaining. . .of too much Government in business they are neglecting the imperative necessity of putting more business in Government." Mr.
Strewn likewise took occasion to call attention to increasing
municipal costs and as an exmple of the rising cost of
municipal Government cited New York. "Its Comptroller,"
he said, "predicts a tax budget for that city for the year 1931
of $615,000,000; $45,000,000 larger than the City Govern-
2757
ment appropriated for the year 1930." "This is more
money than the United States Government spent 25 years
ago," said Mr. Strewn. Referring to the continuing rising
taxes, Mr. Strawn asked, "how much larger can the tax
burden become without confiscation?" The address of
Mr. Strewn came after the induction of the newly elected
officers of the Association, and the new President, Henry
T. Ferriss, in bringing the address before the convention,
said:
Gentlemen, we now come to the principal event of the morning, and here
again we have called upon the able assistance of our veteran friend and
leader, Mr. Roy Osgood, who,it seems, has two very good reasons for being
asked to introduce our speaker of the morning. In the first place, he is
here at this convention renewing his memories of his own term as President
which took place during the last New Orleans convention, in 1921. In the
second place, he was of much help to us in obtaining the consent of the
speaker to be here to-day and through his intimate friendship with this
gentleman is able to present him to us in a mostof fective manner. Mr.
Osgood.
Roy C. Osgood (First Union Trust & Savings Bank,
Chicago) responded as follows:
Mr. President, Gentlemen: For the first time in many years I find myself
before my many friends in this organization in a very serious predicament.
My predicament is how to introduce my boss and still keep my job. The
speaker is my boss,in his capacity as a director and a member of the Executive Committee of the First National Bank of Chicago and of the First
Union Trust & Savings Bank.
You know, the general theory is that when a hired man introduces his
boss that he ought to say all of the fine things he can think about so that
he will consolidate his own job. But my predicament in this case is that the
speaker whom I have learned, over many years, to know very intimately,
is intolerant of what he terms chatter, and I am afriad if I said all of the
good things that I would like to say about him that I would lose my job
on that basis.
There are just one or two things that I do want to say. Mr. Strayer) is
known very strongly and most intimately by us in Chicago as not only a
banker, but as a leading lawyer, of the firm of Winston, Strewn & Shaw,
of which he is senior partner. And as a lawyer he has; been very active.
Many years ago he interested himself in the American Bar Association and
in all of the things he interests himself, he becomes very active. And he
became so active in talking about the education of members of the Bar that
they finally decided that the only way to got rid of him was to make him
President of the organization, which they did. In that capacity he served
most creditably.
Then every time somebody gets into trouble they run to Mr. Strewn.
Along in 1920 and 1921, Montgomery Ward & Co. thought they ought to
get reorganized, so they made Mr. Strewn, Chairman of their Board, and
then the rest of them went out and played golf and said "That's done."
Well, we have been having a little bit of financial trouble in Chicago.
Perhaps some of you who had, for a few minutes, some of our anticipation
tax warrants, that is, until you passed them onto your fine clientele, know
something about it.
I am not going to elaborate any further in this introduction except to
say that we all know in Chicago that Mr. Strewn did a wonderful piece
of work in connection with our municipal financing.
Mr. Strewn.
Before beg.nning his prepared address Mr. Strewn said:
Mr. President, Mr. Osgood. Ladies and Gentlemen:
I do not think that Mr. Osgood need have much apprehension about my
potentiality as a member of the Board of Directors of the First National
Bank. Some five or six years ago, to be exact in the early days of February 1924, I was drafted by the President to come to Washington to become
one of the counsel to cancel the oil leases which they said had been wrongfully obtained by Mr. Sinclair and Mr. Doheny. Among other false information which they had on the subject was that the late Secretary Fall
had obtained some money from the Standard Oil Co. with which to purchase a paper at Albuquerque and that the deal had been cleared through
the First Trust & Savings Bank of Chicago, whereupon they subpoenaed
Mr. Traylor, the then President of the First Trust, to appear before the
Senate Committee to find out what the facts were. He revealed the facts
in a very few minutes; that is, that Mr. Fall had had nothing to do with the
purchase of the paper. But while they had Mr. Traylor on the stand they
asked him what Strewn had to do with the First National Bank and First
Trust, and he said that he was a director, whereupon they asked him what
that meant. "Oh," he said, "it means that he comes like 29 others and
sits and gets his pay."
Well, those of you who are the executives of a bank well know that that
is about the function of the ordinary director. Instead of the directors
telling the executives what they shall do, the contrary is true. I might,
in passing, just relate a little incident as part of that episode. While Mr.
Traylor was on the stand they asked him whether he had any stock in the
First National Bank, and he said yes, he thought he had a few hundred
shares. They asked him what it was selling for. At that time I think It
was selling at about 460 per share.
They called me in before this august committee right after Mr. Traylor.
I might say I had already told them before he came that I was a director
in the First National, and had some other jobs. They asked me how many
shares of stock I had, and I said I thought I had 300, that part of it belonged to Mrs. Strewn, I had not divided °quite equally with her. Whereupon a great statesman took out his pencil, multiplied, and said "My God
a lawyer has $142,000 worth of bank stock?" Well, I was a crook right
off (Laughter). Very fortunately, however, that eliminated me from a
very disagreeable and arduous undertaking, which fell to my friend Mr.
Owen Roberts, and the other day, when he was made one of the Justices
of the Supreme Court of the United States, 1 sent him a letter congratulating him. Ile wrote hack and said I was responsible for that, because,
had I held on to my job, he would not have had this one (Laughter). So
that, in reality, it came out all right. We had a very splendid representative of the bar on the Supreme Court in the person of Mr. Roberts; so
that good always comes if you just pursue the right thought.
Mr. Strawn's address follows:
I understand the invitation to address the Investment Bankers' Association on this occasion was extended to me because of my connection
with the recentl financial troubles of the City of Chicago.
Chicago's troubles can be of little general interest except insofar as that
experience may indicate the possibilities of what may happen in any city
if and when its fiscal machinery gets out of gear.
FINANCIAL CHRONICLE
2758
[Pm. 131.
tilers always provide for the payment of debts at the time of their creation,
but to municipalities whose chief source of reevnue is taxes, Chicago's
acute impecuniosity last winter was experience illustrates what may happen if and when the source of supply
The precipitating cause of Chicago's
the failure to assess and collect taxes to meet current expenses and accumu- is stopped.
lated deficits. When a great city expands more than $250,000,000 a year
The work of the Citizens' Committee necessitated becoming somewhat
in its regular operation, the chief source of supply being taxes, and no taxes familiar with the alarming increase in the cost of government during the
must and did happen.
are collected for two years, something
last 25 years. I realize that I can add nothing to what you already know
Under the laws of the State of Illinois,real estate is valued for the purpose on that subject. All I can do is to commend and emphasize the imporof taxation every four years. The last quadrennial tax valuation year was tance of the splendid service now being rendered by such organizations as
1927. The assessment in Cook County, which includes Chicago, is made Investment Bankers' Association and the Chamber of Commerce of the
by thirty township assessors,a Board of Assessors composed offive members United States, in awakening the business men of this country to a realizaand a Board of Review with three members.
tion of the fact that wane they are complaining, as well they may. of too
The work of the township assessors is reviewed by the Board of Assessors much government in business, they are neglecting the imperative necessity
and the work of the Board of Assessors is, in turn, reviewed by the Board of putting more business into government.
of Review.
May I indulge the hope that our Chicago experience may result in the
The State Tax Commission has supreme and final jurisdiction over all organization of citizens' committee in other cities, not in an emergency to
local assessing bodies.
meet a crisis, but to commence their work early and pursue it with vigilance
The present assessing system has obtained since 1898, when the existing to the end that the holders of municipal securities may confidently rely,
many other States, Illinois attempts to limit not only upon the legality, but upon the soundness of their investments.
law became effective. Like
the debt-creating power of municipalities by prohibiting cities from becoming Such committees are already at work in several cities, among others, the
indebted more than to the extent of5% of the assessed value of the property City of New Orleans.
therein located. This limitation compels the organization of a separate
I know of no organization that has been more constructively helpful in
corporation whenever it is necessary to finance a new improvement. There bringing about reforms in municipal finances than the Investment Bankers
418 different tax creating bodies functioning in Cook County, each Association. Your association has advocated the enactment of legislation
are now
with its organization,its officers and its political coterie. The unwieldiness, requiring municipalities to issue bonds of serial maturity and requiring the
•
inefficiency and extravagance of such a set-up is obvious.
passage of ordinances and laws to levy taxes necessary to meet principal
While this vast horde does not necessarily directly affect the work of the and interest payments.
assessors, the fact is that each group with its political influence, each
I understand one of your committees is now drafting a model special
desirous of getting as much money to spend and as many jobs to offer as assessment law and that the preliminary draft of this law indicates a most
the situation will permit, has a most persuasive and pernicious influence sedulous care for the protection of the public.
upon the assessing machinery.
The principal weakness in the Illinois law is that there are too many
Increasing Municipal Costs.
assessors in Cook County with no dominant head upon whom the spotlight
Let us now discuss the subject of increasing municipal costs, the causes
the leaders of
of responsibility may be focused I may say, in passing, and
and effects. The elements to be considered are:
both the major political parties realize this condition can not longer endure
(1) How much have the expenditures increased?
and are committed to a reform at the next session of the Legislature.
(2) Is the increase out of proportion to the reasonable demands of an
the
The situation became so bad that the courts, in two cases, held
increasing population and our accumulating wealth: and
1927 quadrennial assessment of real estate void because of lack of uni(2) Can the taxpayer bear the burden?
formity and ofsuch gross inequalities as to amount to fraud. Thisresulted
in an order by the State Tax Commission in July, 1928,directing a reassessFacts.
ment. Then followed persistent efforts, by scores of politicians, big and
According to the survey made by the Finance Department of the Chamber
little, to defeat or to delay the execution of the order because it directed
of the United States, the annual cost of Government, Federal,
that taxes must be assessed upon a scientific basis, upon valuations actually of Commerce
local, rose from $3,000,000,000 in 1913 to $12,000,000,000 in
made by appraisers instead of guessed at or estimated on general informa- State and
is that it will reach $13.500,000,000 in 1930. One
tion and adjusted in the discretion of the Assessors and the Board of Review. 1927. The expectation
cost in 1913 was $30.24 and in 1926 $99.23.
These efforts were manifested in court actions and in every way the a per capita basis, the
According to the same survey, expenditures for local governments alone
ingenuity of the politician could devise. The tax "fixer" and petty
billions in 1927 as compared with
"grafter" who had, or dallied to have, some influence with the assessing amounted to more than six and a quarter
of local units
officials, saw that under the order their activities would be cramped and less than 2 billions in 1913. The net bonded indebtedness
1913, to more than $10,300,ultimtely ended. The result was that the assessment for the year 1928, of government rose from $2,000,000,000 in
were running
which should have been completed in the late fall of that year, was not fin- 000,000 in 1927. It was then estimated that new bond issues
at the rate of $800,000,000 per year ahead of retirements.
!sued until May 1 1930.
Governmental expenditures in.
In the fifteen years from 1913 to 1927
Under the law of the State of Illinois, taxes for 1928 were collectible bebut 15%. This
tween February and May of 1929 and became delinquent on May 11929. creased four times over, while the population increased
means a three-fold increase in per capita cost. During that period the
taxes could be paid until they were assessed.
Obviously, no
in the tax
In December 1929 a few citizens of Chicago became conscious of the wealth of the country doubled, meaning a two-fold increase
income doubled,
peril of the situation and organized a Citizens' Committee to see what burden upon it. During the same period the national
the assessment and meaning a two-fold increase in the proportion of taxes devoted to public
could be done to bring about an early completion of
purposes. In other words, the ratio of tax collections, Federal. State and
to provide against a recurrence ofsuch a condition.
Experts were engaged to work out a plan for the better and more prompt local, to national income increased from 6.4% in 1913 to 11.9% in 1928.
In the year 1913 taxes were requiring the contribution of $1 out of every
assessment of real estate and for a general revision of the tax laws.
since 1922 that contribution has
In February 1930 the judges of the courts, the policemen, firemen and $15.50 of the total National income, but
National income. This increase
all other city and county employees had not been paid for more than two risen to the basis of $1 taxes for every $9 of
expenditures of State and local
months. The nurses in the County Hospital had not been paid for a year. is caused by the continuously mounting
Meanwhile, they had financed themselves but could do so no longer. governments.
Statistics of the United States Census Bureau show that the per capitaThere were no funds to maintain the Old People's Home, the Tuberculosis
and maintenance of the general departSanitarium and other charitable institutions. Supply bills totaling a mil- plus-interest cost for the operation
population or more, rose from $15.31 in 1903
lion and a half dollars had been running for more than 18 months. Supply ments of 146 cities of 30,000
increase of 218.8%.
an
men threatened to cut off supplies of food and fuel because they could no to $48.82 in 1927, or
The principal items entering into these increased costs are represented
longer stand the financial strain.
departments, sewers and
of years it had been the custom to issue tax anticipation by general government buildings, police and fire
For a number
charities, school buildings, libraries and parks
warrants against the taxes to be assessed, but neither the county, the city, sewage disposal, highways,
The increases in the cost of general government buildings
the sanitary district nor the Board of Education could sell any more tax and playgrounds.
departments, have been reasonably consistent with the
anticipation warrants because these four major municipalities had out- and police and fire
but the increase in the percentage of the debt during
standing more than $240,000,000 of such warrants, issued against taxes for increasing population
from 1904 to 1927 has been about 12% for sanitation, 20% for
the years 1928 and 1919, a large part of which warrants were past due. the period
and 21% for schools.
The warrants issued against the taxes for the year 1928 were payable in highways
for
The per capita debt of cities having a population of 30,000 or more
the spring and early summer of 1929. Those issued against the taxes
They increased from $63,96 in 1903 to $183.72 in 1927, or 187.24%, or, on the
the year 1929 were payable in the spring and early summer of 1930.
of
"1913" purchasing power of the dollar, 105.22%. During that
could not be paid because the taxes had not been assessed. Consequently, basis the
total gross debt of those municipalities increased 512.91%, or,
while these four municipalities had in their treasuries certain tax anticipa- period the
more warrants failed. on the "1913" dollar basis, 333.43%.
tion warrants, the efforts of their officials to sell
During the 25 years from 1902 to 1927 the per capita assessed value of
Chicago is much less
Thus it was that while the bonded indebtedness Of
to enable the all property in cities of 30,000 or more increased from $723.99 in 1902 to
than that of many other cities, there was no money available
$1,749.47 in 1927, while the per capita debt increased from $50.55 in 1902
city and county to carry on.
In the to $146.67 in 1927.
The situation was desperate. A state of anarchy was imminent.
The gross debt of greater Chicago rose from $68,000,000 in 1906 to
the idea of organizing the
emergency, the Citizens' Committee conceived
the citizens to $364,000,000 in 1927. The per capita debt in 1906 was $33.27 and in
Cook County Taxpayers' Warrant Trust and appealed to
against tax anticipation 1927 it was $117.45. The interest load in Chicago has been constantly
buy certificates of interest issued by the trust
district, Board increasing. In 1909 it was $3,500,000 and in 1927, $13,700,000. In that
warrants, which the trust bought from the county, sanitary
same year interest payments in Jersey City, Norfolk, Camden,Wilmington,
of Education and City of Chicago.
ordinarily Kansas City (Kansas), El Paso, Lawrence (Massachusetts), Bayonne
Like the people of other cities, the potential citizens of Chicago
to the (New Jersey), Charleston (South Carolina), Newport News, Bay City
give little heed to its municipal affairs, but when they awakened
appeals for the (Michigan), Chelsea (Massachusetts), Lima (Ohio) and Muskogee (Oklaseriousness of this crisis they responded with alacrity to
homa) exceeded municipal expenditures for public improvements.
Purchase of these certificates.
As an example of the rising cost of municipal government, I cite the.
Co. of Illinois, and
Mr. Philip It. Clarke, President of the Central Trust
subscriptions total- City of New York. Its Comptroller predicts a tax budget for that city for.
a splendid citizen, headed a campaign which obtained
was considered the year 1931 of $615,000,000: $45,000,000 larger than the City approing over $75,000,000 for these certificates of interest. This
to meet matur- priated for the year 1930. This is more money than the United States
enough to carry on our county and municipal functions and
it was expected taxes for Government spent 25 years ago.
ing bonds and interest until July 1 1930, when
The budget of New York has increased 106% in the last 10 years, while.
joining with the
1928 would be coming in and the Citizens' Committee,
Legislature the necessary the population has increased but 23.8%. The per capita cost of the city
city and county officials, could obtain from the
government in 1920 was $48.69. This year it is $92.15, and next year it
relief.
the committee will be higher.
Without going farther into detail, suffice it to say that
The situation in New York is typical rather than unique.
and this amount.
was obliged to call for but 70% of the subscriptions
The continuously increasing population, the rising prices of materials
interest thereon
some $53,000,000, was repaid to the subscribers plus 43.i%
the Legis- and supplies, the expansion of territory, and administrative inefficiency
session of
within six weeks after the adjournment of the special
temporarily increasing the all have their influence on the increasing cost of municipal government
lature. Bills were passed by the Legislature
but I submit that the pirincipal cause is the ever-growing demand of the
about $63,000,000.
tax rates and authorizing the issuance of bonds totaling
her obligations, bonds public for more and better service. There is a persistent demand for better
This, the credit of Chicago was re-established and
roads, more parks and boulevards, better sanitation, more schools and
sold at any price in
and tax anticipation warrants, which could not be
better education, more complete and expensive social service, more crime
for Chicago.
February last, are now selling at a premium. So much
to the
interest except insofar as it protection and prevention and more of everything that appeals
As I said, her experience is of no general
when debts vanity and makes for the comfort of the people. These luxuries can be had
may be a warning to other cities. Trouble comes to cities, not
of steadily increasing sums.
finan- only by the expenditure
are incurred, but when these debts must be Paid. Good municipal
Chicago.
Nov. 1 1930.]
FINANCIAL CHRONICLE
The higher standard of living, resulting to a large extent from the unprecedented prosperity which we have enjoyed for the five years' period
ending last fall, has influenced public as well as private extravagance.
No municipal government has been or will be able to avoid the duties and
responsibilities which inevitably come with the constantly developing
complexity of society. The problem is, how can these ever-increasing
costs of government be paid?
Taxes.
Whether municipal developments and improvements are to be paid for
from the proceeds of bonds or from current taxes is a question peculiar to
each situation. Ultimately the major part of all municipal expenditures
comes from taxes. The demand of the people for more service and a more
beautiful city, the urge of industries for more and bettor facilities and for
the location of additional industries to increase the wealth and population,
are so persistent that the average citizen is unconscious of the fact that
all developments and improvements cost money.
' I understand that in the State of Florida more than $200,000.000 of
municipal obligations are in default. Taxes upon a vast amount of property in the State have not and probably will not be paid and purchasers
at the sales are difficult to find. While it is true that in Florida the inflating boom subsequently became a deflating boomerang, yet it is a condition which may obtain elsewhere.
During the last five years to a lesser extent than in Florida real estate
has been boomed throughout the whole country. Loans have been placed
on inflated valuations and buildings constructed at high costs. Now that
the depression has come, the owners cannot pay the loans or meet the interest installments. The taxes are delinquent. The result in Chicago is the
failure of several real estate mortgage concerns and the ruin and impoverishment of a large number of small investors.
The average business man is so engrossed in his own affairs he does not
know that our public expenditures absorb 14% of our national income;
that our per capita taxes in 1913 were $22.66 and that in 1928 they were
$77.39. If he is a stockholder in a corporation he probably has not thought
of the fact that 30 cents out of every dollar of its profit goes for taxes.
Even though he owns railroad stock, he may not have heard the splendid
address of the President of the Chicago & North Western Ry. at the last
annual meeting of the Chamber of Commerce of the United States,in which
Mr. Sargent stated that the railroads of the United States pay 646% of
their gross earnings for taxes, while the railroads of Canada pay less than
2%; that for the year 1926 our railroads paid $1,591 per mile for taxes.
while the Canadian roads paid but $267; that if our railroads had paid the
same taxes as the Canadian roads for the period 1923-27 they could have
hauled free all the grain, flour, meat and livestock they moved during that
period and would have had left more than $400,000.000.
How much larger can the tax burden become without confiscation?
Has not the time come when the taxpayer must have more concern
about the manner in which his rapidly increasing tax contribution to the
cost of Government is spent.
What Shall We Do About It? •
Have you ever contemplated the stupidity of our people in permitting
our municipal machinery to tbe run by politicians most of whom have
never made a success of any business enterprise they have undertaken, if,
indeed,they ever undertook a business enterprise? Yet, most of our citizens
avoid their civic duty and "let George do it." They are content to leave
the conduct of the affairs of our great cities to nun who have no fundamental qualifications for the job, frequently men who have no education.
who know nothing about government, finance, economics, sanitation, city
planning or anything else that is vital to the government and financial
soundness of a great city and the welfare of its citizens.
Is there any business that requires of its executive head a higher order
of intelligence, a wider range of experience and a keener sense of responsibility to a public trust than that of a great city? How many mayors of
our cities measure up to the task? How many of them would you select as
the President of a private corporation?
Just so long as we are content to have our cities controlled and officered
by incompetent and inexperienced politicians, even though they be honest,
we shall be menaced by all of the troubles that inevitably come from the
attempts of the incapable to manage any great business.
Too Many Gorernments.
I have referred to the large number of separate units functioning in
Chicago. Within the city there are twenty independent governments
dealing with parks and recreation. There are two mosquito abatement
districts; two operating and six non-operating township organizations; five
separate civil service commissions to hire employees working in the City of
Chicago and nine separate pension boards, administering benefits for
the employees of Chicago. There are few sections in Cook County (which
may be regarded as "Greater Chicago") with less than seven independent
superimposed tax levies and there are many pieces of property in Chicago
on which fourteen separate tax levies are made. There is no attempt to
consolidate or co-ordinate these levies, neither is there co-operation in bond
Issues or other financial plans. Each government independently calculates its requirements and lets the taxpayer foot the bill. This duplication and needless complication of governmental facilities places a tremendous burden upon the taxpayer. The people of Chicago are awakening
to a realization of the imperative necessity of consolidating her many
municipalities.
Chicago is not alone in this affliction. Pittsburgh has 123 and Detroit
145 separate organizations. Several cities have already consolidated their
parts. New York is a conspicuous example of the wisdom and economy of
such action.
Budget.
Obviously, a condition precedent to any sound municipal finance is the
creation of a budget. The preparation of the budget and its adoption is
not so difficult as is the marshalling of public opinion, which will compel
the Inclusion in the budget of all of the necessary expenditures. the elimination of those which are unnecessary and then a strict observance of the
budget as prepared. In the development of cities, frequently there is a
failure to consider the relative merits of new enterprises or functions. There
Is a lack of discrimination between those activities which arc purely ornamental or cultural and those which are necessary, between those which may
be self-maintaining and those which are a burden.
It is difficult to impress upon administrative officials the fact that a
budget is a contract which must be observed and not broken whenever
there is sufficient pressure for supplementary appropriations or for a disregard of the budget as adopted.
Public officials are more often concerned about getting budget increases
than they are in securing budget decreases.
An example of the disregard of budgets or failure to include all items is
the unfunded debt of the City of Chicago, which rose from $2,262.677.19
dn 1915 to $17,261,993.06 in 1929.
From all of which we may conclude that the budget is as strong and no
stronger than the human element which enters into its preparation and
2759
preservation. A budget is useless unless observed by officials with courage
and independence, who must be supported by an enlightened and interested
community. There must be the will to economize and the determination
to say "no" if budgets are to be effective.
Legislation recently enacted by the Legislature of Illinois provides for
more strict observance of budgetary requirements and carries severe penalties for violation of the law by administrative officials.
To work any enduring reforms in our present system of municipal government we must not only select honest and capable officials but we must
lend them a helping hand and give them sympathetic consideration in the
discharge of their official duties. Politicians must learn that good business
methods are the best politics and that their political prosperity is coincident
with the standard of their official conduct.
Is it not our duty as citizens to help shape the policy of administration
rather than to wait until the incompetent have outlined the policy and then
criticize it?
Time given to the administration of public affairs and to the support
of officials in advance of any crisis or scandal is infinitely more constructive than is "coming to the rescue" or urging the prosecution of those who
have been guilty of malfeasance. It is much cheaper for the taxpatyer
to interest himself in how his money is to be spent than to engage in the
hopeless task of trying to recover that which has been squandered and prosecuting the guilty. The amount of money stolen by dishonest officials is
trifling in comparison with that wasted by incompetent ones.
Notwithstanding the weaknesses to which I have referred, I believe that
our form of government is the best yet devised. Being a democracy, the
people must govern themselves. Citizens express their wishes, if not their
judgment, in the election of representatives to occupy the offices and to
function the governmental machine. Inevitably these officials must have
some affinity with the political leaders as a condition precedent to their
selection. We get nowhere by holding aloof from and denounicng our
officials or by indulging in carping criticisms of what they do. If they are
incompetent, we can turn them out at the next election. If they are
crooked, the law provides a remedy. But, assuming they are trying to
do their duty, I believe that the citizens can help to get much better results
by co-operation than by opposition.
Frequently the source of the trouble in our municipal government is
the system. The professional politician accepts the system as it is. He
Is an opportunist. To employ his own language, he believes in "getting
his while the getting is good," and so long as the apathetic, or perhaps
selfish, citizen permits the -getting" to be "good." the politician will
"get his," whether it be in the form of cash or preferment.
These are strenuous days. Vast fortunes represented by paper profits
in stocks have dwindled or disappeared. The trend of the stock market
indicates that to him who still has something left, investments in stocks
do not appeal. His attention is directed to a more stable security. He
wants to be sure of protection against old age. He realizes that, while
one may get rich -quick" by playing the market, he can become poor even
quicker. The yield in municipal securities is daily becoming more nearly
on a parity with that from stocks.
The President, in the interest of the unemployed, has advocated the
construction of public works. Dr. Klein. Assistant Secretary of Commerce, in a recent radio address stated that for the first six months of this
year $1,100,000,000 had been expended in public works and public utilities,
a gain of more than 3400,000,000 over the first six months of 1929
The construction of public works to help the unemployed in these distressed times is commendable and to be encouraged. On the other hand,
the officials of every municipality, before authorizing a public improvement, must very carefully consider the condition of the taxpayer and decide
whether, with the great depreciation in the value of his property, real and
personal, the resulting reduction in his income because of defaults in mortgages he may own, the constantly falling rentals and the suspension of
dividends, the additional burden may not be more than the taxpayer can
bear.
The chief justification for adding to the expellee of government at this
time must be in the expectation that it will yield an adequate return in a
necessary and desirable service.
Now is the opportune moment for every municipality to get its house in
order by consolidating its tax-consuming units, by putting its taxing machinery on a scientific, non-political basis, by carefully preparing and observing its budget, by incurring no unnecessary obligations and by inaugurating and pursuing a plan of the most rigid economy.
The problems of municipal finance in the future are real, not academic.
Their solution cannot be left to the politician, the reformer or the theorist.
They demand the best constructive thought of the experienced business
leaders and the wise financiers.
In the future, more than in the past, I assume that the investment banker
who purchases and distributes municipal securities will be interested as
much in the ability of the issuing municipality to meet the obligation as he
is in the legality of the issue. This imposes upon the banker the task,
If not indeed the responsibility, of taking an active and vigroous part in
the governmental affairs of his city. Someone must do it. Who is more
interested? Who is better qualified? I thank you.
At the conclusion of Mr. Strawn's address President
Ferriss said:
Mr. Stravrn, on behalf of the Association we tender our very sincere
thanks for this clear and valuable paper on a matter so close to our interests. In fact, I think it would be not inappropriate if the Chair were given
permission to appoint Mr. Strawn as an honorary member of our Committee on Municipal Securities.
Report of Real Estate Securities Committee; by Sidney
R. Small, Chairman—Improvement in Industry
Looked for in Advance of General Business Recovery—Lumber Company Securities.
Pointing out that the building depression, "started long
before the stock market depression, and that considerable
headway has been made in catching up with production,"
Sidney R. Small, of Harris, Small & Co. of Detroit, Chairman of the Real Estate Securities Committee, advanced the
opinion that "an improvement in the industry might well
be looked for not with the upturn of general business, but
possibly a little before it." "Home building at a decreased
rate of 72.7%," said Mr. Small, "should not long continue."
"When that upturn will occur," said Mr. Small, "is a
question. . . . The price of building materials themselves is down. Contractors' profits, due to keen compe..
2760
FINANCIAL CHRONICLE
tition and the scarcity of work, have been greatly reduced.
Land on which to build can be bought most advantageously.
So all that will contribute to the return at least to some
extent, of building." Mr. Small's comments on the report
follow:
Mr. President and gentlemen:—If I may,I would like to read parts of this
report, although we are summarizing all the other reports and I will summarize a great deal of this, but there are parts of it I would like to read.
You have the regular report here in your hand, so as I go through some of
these tedious tables that we have had to read from time to time before,
I will simply refer to them and save you that punishment:
[VoL. 131.
some sections of the country it is expected that they will stabilize at about
this figure or go somewhat lower, possibly to 140, while other sections expect
possibly a further reduction.
I think you all realize that no matter whether you sell many lumber
bonds or not, that lumber company securities have been under the Jurisdiction of the Real Estate Securities Committee for some time. There is
about two and one-half pages of comment on the lumber industry and bonds.
The lumber industry for the year 1930 to date has been some 20% belownormal in volume of cut and some 20% below the average of the past five
yeats in prices realized. In spite of the fact that the industry depends on a
great many different allied industries for its business they have had a
fairly good year. Inasmuch as they do not depend on any one industry,
nevertheless all the other industries were off, and therefore, they had a
poor year. However, there are very few defaults in lumber company
securities. This is due mainly to the fact,so far as lumber company securities are concerned, that while they may have had a bad year from the
standpoint of business, they are constantly cutting timber and are in receipt
of cash, and if at all a good operation this cash is sufficient to pay off theirInterest maturities as they come along.
Few bonds have been issued this year, because few companies have cared
about taking on new timber under the present market or increasing the
facilities that they have, but the few securities that have come out have
been well received, and the defaults that have occurred, in the opinion
of those who have checked them up are probably only temporary in nature.
"Bullding construction, as an Industry, has never been watched more closely than
It has during the past year, for its activity and its general good health contribute
largely to the prosperity of the country. Construction figures for the first six
months of thls year, 1030, are considerably lower than they were for the correspondmonths of
ing period last year. Building contracts actually awarded for the first sixamount to
1930. according to figures compiled by the F. W. Dodge Corporation,
past six years and compare with $3,015,200,000
$2,1341,200,000, the lowest In the
for the first six months of 1929, or a decrease of approximately 12.4%."
There is a falling off there, and then there are the tables just below,which
show the figures for the six years just mentioned.
Then there is quoted the paragraph contained in the report of the 1929
committee and that goes on and simply cites the results that last year's
committee found in their report, to the effect that on account of some
The report, which we give herewith, was received and
of these optimistic appraisals and optimistic loans it was thought sound filed in the
ordinary course.
earnings
practice to lend only on land and buildings and not on capitalized
value, as far as construction project was concerned.
BUILDING CONSTRUCTION
This year's committee agrees with the principles outlined by last year's
Building construction, as an industry, has never been watched more
committee. It also stated that in the case of an old building, that is a
past year, for its activity and its general good
building that had been up for some time and had a splendid earning record, closely than it has during the
the prosperity of the country. Construction
that capitalized earnings value there could be used in addition to simply health contribute largely to
figures for the first six months of this year, 1930,are considerably lower than
the physical value.
last year. Building contracts
This year's committee wish to go on record as regards that capitalized they were for the corresponding period
actually awarded for the first six months of 1930. according to figures
earnings value.
Corporation, amount to $2,641,200,000, the
The question of over-building is discussed there, and then the question compiled by the F. W. Dodge
compare with $3,015,900,000 for the first
comes as to the recovery from over-building; "It is apparent that over- lowest in the past six years and
decrease of approximately 12.4%. The comparabuilding was a natural consequence of easy money and business optimism. six months of 1929, or a
are as follows:
Over-building is simply over-production and produces the same results; tive figures for the past five years
namely,a period of inactivity in which the country must catch up with what Building Construction in 37 States—Value of Contracts for First Six Months.
has already been provided. Inasmuch as this building depression has been 1926
$3,015,900,000'
$3,113.200,00011929
running for almost two years, the question that naturally presents itself 1927
2,641,200,000.
3,188,000,000 1930
'
Is,'Are we catching up with production? "
3.446,800,000!
1928
figures for 1929, showing a falling off there
Then there is classified the
OVER-BUILDING AND ITS FINANCING.
In building. Then comes the table showing the construction figures for
the five years past, followed by certain data as to residential construction,
A real business depression must always adversely affect building conshowing the fall-off there.
struction, but poor business alone is not responsible for the low figures that
Then, taking up the first half of 1930, it shows a marked falling off in are reported for the first six months of this year. Over-building is a cause
building of 53.1%. That is not in total building. That is simply in that merits equal consideration. The general optimism that has pervaded
data taken from about 85 cities of population of 100.000 or over, residen- many other businesses in the past few years has not passed building contial building being off 72.7%.
struction by, with the result that new apartment hotels, office buildings,
Then the figures on page 6, I might call attention to, which are simply and stores, as well as houses have been built that have provided floor space
Indicative of the falling off of residential building as compared with other far in excess of the demand. Money for the financing of these ventures was
years
types of building over a five year period. While the falling off in two
easy to obtain. The attractive loans made by the experienced and conwas not particularly marked, it should be noted that as far as the rest of servative investment banker were so readily salable that they quickly
are concerned they were all increasing.
the construction figures
attracted the attention of the less experienced and less careful lender.
The conclusion probably after these figures have been seen is, namely, Loans made by this latter class were made with ever increasing optimism
building depreswe have been in this depression for two years, that is the
until it soon became evident to any experienced person that a great many of
sion, which started long before the stock market depression, and that con- the loans made in this manner could not possibly stand up unless the most
has been made in catching up with production. With ideal conditions were to prevail during their life. Many of these projects were
siderable headway
all the foregoing figures in mind, and remembering that the general building built and financed at peak building cost and on valuations obtaining during
depression started the latter part of 1928, or close to two years ago, an im- the most active kind of a real estate market. Naturally, today, with values
provement in the industry might well be looked for not with the upturn of down, the loans are excessive, and their charges cannot possibly be met
general business but possibly a little bit before it. Home building at a from the income earned, which has, in all probability also materially
decreased rate of 72.7% should not long continue. The population of the decreased. The making of these loans and the resultant over-building was
inlarge cities is rapidly increasing and while it is true that in too many
deplored by all far seeing investment bankers. Your Real Estate Securities
stances the overbuilding of office buildings, apartments, and hotels, will Committee has discussed these practices as carried on, and so familiar to
of this type at a low figure for a time, home building, all of you,ever since their inception and has made definite recommendations
tend to keep building
which probably has not been quite as much over-done, should return first designed to insure more conservative and safer lending. The report of the
to help the upturn of the entire industry.
1929 Committee as adopted by the convention last year at Quebec contained
When that upturn will come is a question. It Is anybody's opinion, the following paragraph:
so far as the building costs are concerned, they
probably. Of course,
"The building project is contemplated, of course, because it is expected tha t I
are attractive. Wages have been going up ever since 1922. Everybody will be profitable but until the building Is actually completed, operating and seasoned
knows that, but the probability is that with the unemployment figure as It cannot be definitely told whether or not it is to be a profitable investment. For
that reason your committee believes, with last year's committee, that in the case
high as it is the per hour efficiency of labor is higher.
in connection with construction loans no added value for
The price of building materials themselves is down. Contractors' profits, of appraisals to be used
capitalized earnings should be given. In the case of an established, improved
due to keen competition and the scarcity of work, have been greatly re- property. it Is sometimes found that it has an added value beyond the physical
duced. Land on which to build can be bought most advantageously. So value because of an attractive earning history and expectancy but in the case of the
a history of earnings
not
all that will contribute to the return, at least to some extent, of building. project under construction the expectancy is For backed up by bond issue your compurposes of a
should receive no added capitalization.
On the question of types of securities; For conservative consgruction and
mittee believes that the loan should be made on the physical value of the property
projects, first mortgage money is available, although second mortgage land and buildings, this value being checked with the capitalized expected earnings
money in general is not. The over-building of the past few years with the value as a check on the coundness of the entire project. Naturally, if the capitalized
consequent collapse of many ventures, has brought severe losses to this earnings value is less than the physical value the project Is unsound."
latter type of lender. It is quite possible that this period Just past may,
Your Committee agrees with the principles outlined by last year's comthrough the lessons that it has taught, produce Just what conservative mittee and wishes to again emphasize the fact that in appraising property
investment bankers have been endeavoring to bring about for several for the purposes of a loan an added value beyond the physical value may
years, that is, more conservative lending.
only sometimes be given to an improved and well established property. TakThe tables and figures on the following page and a half will simply show into consideration the recent steady reduction of rents, your Committee
stocks represented only 4.2% of the financing in 1925. believes that capitalized earnings values even in connection with old and
that real estate
established projects should be checked most carefully to properly reflect
In 1929 they represented 22.5% of the entire financing of real estate.
Now,the question of whether those stocks will again be salable or whether present rentals and their trend.
with equity stocks, or a second mortgage,
Fortunately, the optimistic attitude on the part of many lenders as hereit will be a first mortgage bond,
tofore referred to, did not extend to the majority of the more experienced
Is a question.
has
However, whatever the nature of the offerings, it is believed, as
firms and institutions who were every day making loans on a basis that
building
their experience had taught them was sound and conservative. Real estate
already been stated, that the last two years of depression in the
and optimistic lenders the danger securities, either in the form of the small individual mortgage, a very old
industry have shown the inexperienced
manner that they have heretofore made them. type of security, or in the form of bonds, a comparatively new development,
of making loans in the
then the greatest
have been a popular and sound form of investment for years. Hundreds
If this experience can be the means of curing that practice,
Unsound issues
menace to sound real estate financing has been removed.
of millions of dollars are loaned annually on this type of security and because
grief themselves, but they of this huge total it cannot be expected that all loans will have a perfect
In a great many cases have not only come to
ing, of bringing record; but it is
essential however that those that do get into difficulty,
have been the means, through providing funds for over-build
because of changing conditions, have substantial security behind them on
soundly conceived issues into difficulty.
There are, of
There is nothing wrong with good real estate securities.
which to realize.
certain lines.
Course, sections of the country today not over-built along
RECOVERY FROM OVER-BUILDING.
securities properly issued
It goes without saying, therefore, that real estate
It is apparent that over-building was a natural consequence of easy
purpose of providing facilities for which there is a
at this time for the
money and business optimism. Over-building is simply over-production
demand should be sound and accordingly attractive.
rents will probably and produces the same results: namely, a period of inactivity in which the
Current rents are down, as we all know, and these
country must catch up with what has already been provided. • Inasmuch
remain at the same levels, although possibly a little lower.
has been running for almost two years, the
Department of Labor has prepared a chart showing as this building depression
The United States
shows that from question that naturally presents itself is "are we catching up with productrend, taking 1914 as a base, or 100. The chart
the rent
first part of 1918 tion?" Analyzing this building depression,it can be seen at a glance from
1915 to the end of 1917 rents remained fairly stable. The
part of 1921. the figures in the following table that not only was 1929 construction 13%
shows a distinct rise, however, which continued until the latter
peak Of off from what it was in 1925, but the lowest it had been over a five-year
when the increase is more gradual until 1925, when rents reached a
period. Floor space in buildings represented in the 1929 contracts, amountpresent time they are about 45% over the 1914 rent average. In
168. At the
Nov. 11930.]
FINANCIAL CHRONICLE
2761
ing to 791,569,400 square feet, was about 18% under the 1928 figure and
"COMMERCIAL & FINANCIAL CHRONICLE" BUILDING,
&C.
about 15.4% under 1925, as reported by the July 1930 Survey of Current
TABULATION FOR SIX MONTHS
Business, based upon the F. W. Dodge Corporation compilation. The
comparison follows:
1930.
1929.
L. Term bonds and notes
$92,272,500
$224,459,600
TOTAL CONSTRUCTION
S. Term bonds and notes
-JILL TYPES.
45.222,250
54.589,200
Stocks
Years.
Value in Dollars.
Floor Space. Square Feet
12,265,000
105,077,330
1925
$6,006,426,300
936,227,200
1926
Total
6,380,914,700
883,791,700
$149,759,750
$384,126,130
1927
6,303,055,100
850,576,900
In the last table above, the marked decrease in the amount of stocks
1928
6,628,286,100
966,557,900
issued during the first six months of this year from the amount for the same
1929
5,754,290,500
791,569,400
period in 1929. is only natural and Is in no way surprising when it is realized
that of the total of $118,559,000 of stocks issued during 1929, only
5
-year total $31,072,972,700
613,481.4,428,723,100
670 were issued during the last six months of that year. What type of
6,212,594,540
885,763,620
real estate securities will be the most attractive and therefore popular
The total floor space of residential construction for which contracts were with the return of
building activity is, of course, not easy to foresee at this
let in 37 states was 387,671,300 square feet,for 1929, or about 31.7% under time. The first
mortgage bond issue, with either a second mortgage and
the total for 1928, and nearly 31% under that of 1925. The value of these stocks, or stocks alone,
providing the equity money, may be best suited
contracts in 1929 was $1,915,727,500, compared with $2,788,317,
400 in for the financing of a certain type of project, while preferred and COMMOn
1928; $2,573,316,900 in 1927: $2,671,120,300 in 1926; and $2,747,729,500 in stocks without the mortgage
issue may,in connection with another project,
1925.
be considered more suitable. However, whatever the nature of the offerings
For the first half of 1930 the United States Bureau of Labor Statistics data it is believed, as has
already been stated, that the last two years of depresfor 85 cities, having a population of 100,000 or over, showed that
permits sion in the building industry have shown the inexperienced and optimistic
were issued for building operations to cost $736,591,196, a decrease of
53.1% lenders the danger of making loans in the manner that they have heretofore
compared with the corresponding period of 1929. Residential
building. made them. If this experience can be the means of curing that practice
according to the Bureau, fared far worse than nonresidential building,
the then the greatest menace to sound real estate financing has been removed.
decrease in the former class being 72.7%. During the first half
of 1930, Unsound issues in a great many cases have not only come to grief themselves
52,489 families were provided for, 63.1% less than the 142.066
families but they have been the means, through providing funds for over-building,
provided with dwelling places in the first six months
of 1929. Large of bringing soundly conceived issues into difficulty.
decreases were registered in most of the large cities. It
There is nothing wrong with good real estate securities. The developis significant that
the decrease in residential building which has been going
on during the past ment of the country is dependent upon their issuance and when conservafive years has taken place in the face of an increase the
tively issued they form not only an attractive but a sound investment.
in
total construction
figures for the greater part of the five-year period.
The following five-year The decrease in volume in the number of issues marketed this year is due, as
table shows plainly this steady falling off, except for the
year 1928, of has been said, to the fact that because of the over-built condition of the
residential building as compared to the total value of
construction of all country the normal number of new structures have not been ereoted. There
types.
are, of course, sections of the country today not over-built along certain
lines. It goes without saying, therefore, that real estate securities properly
PERCENTAGE DISTRIBUTION OF TOTAL VALUE OF
CONSTRUCTION Issued
at this time for the purpose of providing facilities for which there is a
FOR VARIOUS TYPES FOR THE YEARS 1925-29*.
demand,should be sound and accordingly attractive.
Type1925.
1926.
1927.
1928.
1929.
Current rents are down due to excess space available and until the demand
Total Construction
100.0
100.0
100.0
100.0
100.0 for this space comes abreast with the supply, or shows indications of so
Industrial
8.2
10.9
7.8
9.5
13.2 doing, these rents will probably remain at the same levels, or go possibly a
Hospital and Inst
1.8
2.1
2.6
2.5
2.7 little lower.
Religious and men
2.5
2.3
2.4
1.9
1.8
The United States Department of Labor has prepared a chart showing
Residential
45.7
41.9
40.8
42.1
33.3 the rent trend over the past fifteen years and takes the figure for 1914 as a
Conunercial
14.5
14.4
14.8
13.4
16.2 base, or 100. The chart shows that from 1915 to the end of 1917 rents
Educational
7.1
5.9
6.1
6.0
6.6 remained fairly stable. The first part of 1918 shows a distinct rise, howPublic
0.9
1.1
1.3
1.2
2.1 ever, which continued until the latter part of 1921, when the increase
Social and reel
4.2
3.9
4.1
3.2
2.4 Is more gradual until 1925, when rents reach a peak of 168. At the present
Public works and utilities
15.1
17.5
20.0
2.2
21.7 time they are about 145, or about 45% over the 1914 rent average. There
*Computed upon F. W. Dodge Corporation figures.
are indications in some sections of the country that they may be expected
It would seem that considerable headway has been
made in catching up to stabilize at about this figure, or go somewhat lower possibly to 140,
with production. With all ofthe foregoing figures in
while other sections expect possibly a further redaction. Their trend,
mind,and remembering
that the general building depression started the
latter part of 1928,or close to however,depends to a large extent on local conditions, but if it were possible
two years ago, an improvement in the industry might
well be looked for at the present time to be reasonably certain that we would not have to connot with the upturn of general business but possibly a little
before it. Home sider the unemployment problem for many months, it might be a fair
building at a decreased rate of72.7% should not long continue.
The popula- guess that rents should soon stabilize somewhere between the two figures
tion of the large cities is rapidly increasing and while it
is true that in too mentioned: namely.40% and 45% above the figure for 1914.
many instances the over-building of office buildings,
From all of this it can be seen that until the demand for additional space
apartments,and hotels,
will tend to keep building of this type at a low figure for
a time, home build- begins to appear there will be very little pick-up in the building of that
ing, which probably has not been quite as much over-d
particular type of project in which vacancies occur. When this demand
one, should return
first to help the upturn of the entire industry. The
building of public does show itself and rents are stabilized on the proper basis, then just as
works and utilities,which actually showed an increase of
about 6232,000,000 surely should new real estate security issues, based on conservative apfor the first six months of 1930 over the coresponding
period of 1929, has praisals of sound projects, be as attractive and sound as similar issues outalready materially helped a bad year, and should continue to help
the gen- standing today. To repeat, there is nothing wrong with good real estate
eral upturn. How soon this upturn will occur is, of course,
only a matter bonds.
of general opinion. The present attractive building costs
Land is as near permanent as any type of security in the world and forms
should help.
True, wages on an average have been steadily rising since
1922, but the with its improvements, if conservatively appraised, the basis of safe credit
probability is that with the unemployment figure as high as it is
even under adverse conditions.
the per
hour efficiency of labor is higher. The price of building
materialsthemselves
LUMBER COMPANY SECURITIES.
is down. Contractors' profits, due to keen competition
and the scarcity of
work, have been greatly reduced. Land on which to build can
The lumber industry for the year 1930 to date has been some 30% below
be bought
most advantageously.
normal in volume of cut and some 20% below the average of the past five
years in prices realized. In the main, these decreases in lumber consumpFUTURE TYPES OF FINANCING.
tion and prices are attributable to the let down in both rural and urban
For conservative construction projects, first mortgage money
Is available, building activities which normally account for
about 70% of saw timber
although second mortgage money in general is not. The
overbuilding of annually cut.
the past few years with the consequent collapse of many
ventures, has
The 53 categories of other manufacturing industries of the United States
brought severe losses to this latter type of lender. It is
quite possible that which depend largely upon wood for their principal
raw material, have also
this period just past may, through the lessons that it has
taught, produce generally been operating below normal,so that in
spite of widely diversified
Just what conservative Investment Bankers have been
endeavoring to markets, the lumber industry has experienced what may be
bring about for several years, i.e., more conservativ
termed a very
e lending. If the first Poor year. This has resulted in
a large number of maverick lumber operamortgage loan is made low enough and based on a
conservative appraisal tions ceasing business, and has furthered
the move which has been taking
the equity financing of a sound project will not only be
attractive to the shape during the past two years, of bringing
Investor but the first mortgage itself will demand a
about consolidations in the
lower
than could otherwise be obtained and be readily salable. interest rate Industry that should, when realized, be highly beneficial. In this connecDuring 1929 tion the National Lumber Manufacturers' Association
equity financing in the form of stocks, preferred and
, of which nearly all
common, showd a of the largest and
most important lumber manufacturers are a part, took
marked increase in volume, as did the marketing of preferred
and
stocks designed to take the place of the senior mortgage securities common official action at their August meeting, definitely empowering their Presias well as a dent to appoint a Special Committee
authorized to make immediately an
portion of the equity financing. Today, due to conditions, it
is
in most sections of the country to sell stocks, either preferred impossible intensive study looking to reducing the number of producing units, either
or common, by consolidation or merger,
on real estate property. This type of security, however,
in order to permit larger economies in producas the
tables, taken from the "Commercial & Financial Chronicle," following tion, conservation of forest resources, extension and enlargement of the uses
of bonds, oflumber,improvement in the methods
notes, and stocks issued over a five-year period will show
of distribution,and wider utilization
represented a sub- of forest and mill
waste, through research and experimental exploitation.
stantial percentage of the real estate financing for last year
and a return
Even without the benefits of the mergers which are now contemplated,
to normal conditions may find this a popular form ofinvestment.
As indi- the various Lumber Manufacture
cated the increase was from $30,189,700 in 1925 to
rs' Associations have been largely re6118,559,000 in 1929, sponsible for bringing
or an increase of 292.7%•
about a reduction in the production of lumber, to
levels in keeping with current consumption. Current estimates
vary as to
LAND AND BUILDINGS COMPILATION,
the reduction in lumber consumptio during
1925-29.•
this period of depression and
n
Classification- 1925.
1928.
subnormal construction activity, but it is probably about equal to
1927.
1928.
1929.
the
Total
$715,484,500 $709,466,900 $630,384,200 $716,305,400
$520,422,200 reduction in output. Consumption and production for the year are likely
L.Term Bonds
to balance at from 25 to 27 billion feet, as compared with a
and notes.. 658.702,300 621,536.000 536,764,500 593,394,000
normal average
328,745:100 of about 35 billion
S.Term Bonds
feet. In spite of these unsatisfactory conditions in the
and notes
26,592,500 26,832,000 38,638,500 37,528,100
industry, there have been few defaults in lumber company
obligations in
Stocks
30,189,700 61.098,900 54,981,200 85,383.200 73,118,100
118.559.000 the hands of the public and it is believed that most of these are only of
'New Capital
temporary character. This record, in spite of unsatisfactory operating
PERCENTAGE DISTRIBUTION OF NEW REAL
ESTATE SECURITY and earning showings, is generally accounted for by the fact that while the
OFFERINGS CLASSIFIED BY TYPE OF
Profit and Loss showing of a large lumber manufacturing company owning
SECURITIES.*
its own timber may,from a Federal income tax standpoint,appear extremely
Classification1925.
1926.
1927.
1928.
1929. discouraging, the
L. Term bonds and notes
facts are that the same lumber company is currently in
92.1
87.6
85.2
82.9
63.2 receipt of a much
S. Term bonds and =tem
larger cash revenue representing the conversion of its
3.7
3.8
6.1
5.2
14.0 timber, which conversion,
Stocks
although chargeable against operating Profits
4.2
8.6
8.7
11.9
22.8 from an income tax standpoint,
is nevertheless available for debt service.
* Based upon "Commercial & Financial Chronicle's" Land
& Building,
Under the conditions existing in the industry, there has been little In&o., compilation.
centive to increase manufacturing facilities or to purchase added
timber
2762
FINANCIAL CHRONICLE
[VOL. 131.
Public utility bond
reserves, with the result that there has been less than a normal volume of of 1929 and is heavily in excess-of preceding years.
1928
new security offerings during the year, although those that have been financing is about 77% above the 1929 figures and about 19% above
and 1927. Even with some shrinkage in stock financing, both railroad
brought out appear to have been generally well received.
well above the totals of
and public utility issues, all types included, are
Respectfully submitted,
recent years.
REAL ESTATE SECURITIES COMMITTEE
Just as high-grade bonds have been increasing in favor, so have highIrving H. Overman grade preferred stocks. It is unsafe to draw from these obvious developSidney R. Small, Chairman,
Arthur H. Richards ments too definite a conclusion as to what typifies the public demand. A
Louis K. Boysen
Otho C. Snider
Rogers Caldwell
year ago a very Important class of buyers (viz., the banks) was "out of the
Lawrence Stern
A. Merrill Colt
market." Another great class, the "private investor," was freely buying
stocks. It was transparently true that banks would not buy bonds during
a period of abnormally high money rates, and we do not now need a Federal
Reserve bulletin to explain why, under current conditions, reporting banks
Report on Trends of Investment Business, by Sub- In the system had by the middle of the current year built their investment
Chairman—New holdings nearly up to the previous high record.
Committee, George N. Lindsay,
The uncertain factor is the real attitude of the private investor who, to a
Financing in First Nine Months This Year Falls
very large extent has for obvious reasons been out of the market during the
Same Period Last Year.
Below
period in which the husks have been reinstating their investment position.
a
That we are undergoing in 1930 "the sharpest comparative Your Committee sees no sufficient indication of If trend in the current
the experience of the
attitude of private investors to justify emphasis.
drop in new business volume in many years' experience" past has any bearing, there is reason to expect that for some time to come
was the statement made in the Report on Trends of the the growth of the investment volume will reflect, on the part of the private
of issues and
a reasonable
Business, by Sub-Committee of the Investment Bankers investor, concentration diversification between types special type ofissuers
issuer
on one type of issue and one
than the
Association. The report indicated that the volume of new which was the outstanding feature of the great public buying wave of 1929.
It is generally accepted theory that a real bond market is the first step
and refunding financing for the first nine months of 1930
money
"reflects a decrease of approximately 33% as compared In investment and business rehabilitation. The condition of themarket.
market is apparently favorable to the development of such a bond
with the same period in 1929, and is actually below the Our current experiences would indicate that favorable money market
corresponding totals for the same period in any year since conditions and an excellent institutional demand are, without the aid of a
private investor,
to develop the
demand from
1926." The Chairman of the Sub-Committee, George N. substantial of bond marketthe past experienceinsufficient accompany a
tells us must
which
broad type
Lindsay of Bancamerica-Blair Corp., New York, submitted general business recovery.
An important, although not a conscious factor in the preferences of the
the report as follows.
will be the part played by the variable value of the dollar. The
Your sub-committee has had in mind your instructions that we address investor
diminishing purchasing power of the dollar during and for a brief period
ourselves to the trends of"The Business," meaning our own business in so
after the war made fixed income unattractive and at the same time gave
far as it is possible to distinguish from the trend of business in general, of
promise of increasing returns in units of dollars from an investment in
which our business is a vital part. Consideration of the trends of our
equities. We cannot go into the matter of the trend in the purchasing power
business logically leads to some comment on (a) the supply of securities, of the dollar except to say that it is by no means certain that the trend is
(b) the demand for securities, and (c) the machinery of distribution. Many inevitably downward. According to press reports, Professor E. F. Gay of
problems which fall under these headings are the subject of organized and Harvard, addressing the Institute of Politics at Williamstown on Aug. 9
specialized studies by other committees; we must, therefore. limit ourselves stated: "The world is faced with a long downward movement of comto a few outstanding tendencies and to the extent that we may invade the modity prices." If Professor Gay is correct in this forecast, the purchasing
field of any other committee or sub-committee, we offer our apologies.
power of the dollar may be due for a long rise.
Supply of Securities.
Machinery of Distribution.
During the post-war period the volume of new and refunding financing
It is surely needless to call attention to mergers as the outstanding
-1920 and 1923
Two years
in our markets has shown a satisfying increase.
alignment of investment houses and institutions.
—showed decreases, but from 1919 to 1929 inclusive, the average annual current trend in the
-1929 and 1927—Increases of While the effect of this movement is evident in our own membership
rate of increase was 1O3. %. In two years
these and statistics, its real importance transcends a mere numerical computation.
16% and 25% respectively were abnormally large. Omitting
their security affiliates of an era of mergers
taking the seven years preceding, the average annual increase was 8.17%. This is due partly to reflection in
which is perhaps, indicative of a normal ratio. At this rate the volume of banks. But we have also, in several important markets, the fact of
should double every 8.8 years. Taking the panic of fall 1929 as the dividing merger.(or acquisition of control) of National or interstate private disline, the volime of new financing has shown a sharp decline, so that the tributing organizations, with security affiliates of large banking instivolume for the first nine months of 1930 reflects a decrease of approximately tutions. The movement is quite in line with the contemporary grouping
does it portend? In the nar33% as compared with the same period in 1929. and is actually below the of banks in chain holding companies. What
corresponding totals for the same period in any year since 1926. No changes rower sense, it is one way of trying to reduce costs, meet competition, and
enlist public capital as in other lines of big business. From a broader viewwhich can be made by comparative results in the last three months of the
for
year will alter the fact that we are undergoing in 1930 the sharpest com- point, is it not typical of the constant effort in this country to prepare
But then, we are
parative drop in new business volume in many years experience. The future growth with greater capital end organization?
what ought he to do?
shrinkages of 1920 and 1923 are mild in comparison. After being geared asked, what of the smaller distributor or dealer,
nonetheless true, though seemingly tiresomely reup to handle a peak volume of new business of $11,600,000.000 in 1929, The obvious answer,
enterprise, intelligently directed and organized,
we are forced to be content with let us say 88400,000,000 in the current year. peated, is that individual
operated with constant attention to
Nothing could more completely illustrate how closely our business is tied hard working from top to bottom,
and does win. Merger? Yes, if it really means elimination
In with general business conditions of the country. Our members, large costs, can win
of dead wood and needless overhead and more adequate ratio of available
and small, cannot be surprised in finding lean profits unavoidable during
capital.
such a period.
Those who are diligently applying those prosaic substitutes for some
So much is being said and written regarding the condition of general
non-existent panacea may well find encouragement from some
business at this moment, signs of improvement or lack of it, &c., that we magical and
situations in other lines of activity.
do not wish to add our own conjectures as to the immediate future. The
It developed that out of the formation of what was then called the "steel
experience of the past shows how certain it is that our business does not
there emerged a greater stabilizer of the steel industry to the benefit
depend upon the vicissitudes of this or that industry, but upon the business trust,"
lesser organizations.
of the country as a whole. We cannot tell how long we shall continue with a of
In at least one of our major industries the larger units have been the
new business volume shrunk 33% from our last big year,but the experience of
in aggressive work to promote co-operation which should benefit
the past would indicate that our present shrunken volume of say $8,500,000 leaders
small as well as the large units.
may well, with reasonable and not abnormal growth, increase to twice that the
With the development,some 25 years ago, of the great department stores,
figure, or say upwards of $17,000.000.000 within the next ten years.
it was freely predicted that the day of the small shop was ended. This
(For those who are interested, we have appended tabulations of annual
prophecy has hardly been justified.
volume statistics, together with further observations on the tendencies
Concentration in large national organizations reaches its maximum
which they reveal.)
intensity and severest competition for the small independent units in lines
Demand for Securities.
of business in which buying, selling and management can most easily be
Changes In the type of issues and of issuers resulting from an adjustment standardized—such as large chains of small stores. Such sweeping dominaradical tion becomes increasingly difficult in lines which require types of skill,
In the public demand following the 1929 panic are in part equally
good judgment and superior salesmanship which do not readily lend themand reflect trends quite as important as the fluctuations of gross volume.
trend shown by a comparison of types of securities, viz.: selves to standardization. There is probably no large field of activity in
First, is the
obligation and stock financing. Based on the figures published by which these qualities are more vital, or more of a determining factor than
Fixed
referred, in the investment securities business.
the "Commercial & Financial Chronicle" to which we have freely
represented
The problems of combatting mounting overhead costs and narrow spreads
we find that in the first nine months of 1930 fixed obligations
corporate financing and stocks 29.4%, a startling re- are not the exclusive property of the smaller organizations. In many cases,
70.6% of the total
showed the main advantage of the larger organizations lies probably not so much in
versal of the corresponding figures in the same period of 1929, which
trend in superior efficiency as in a more adequate ratio of capital to overhead and
only 33% in fixed obligations and 67% in stocks. Certainly the
record of eleven volume.
the current year is much nearer normal than in 1929. The
stock
The needs of the investor are what they always have been: Safety of
years suggests the ratios of 62.4% in fixed obligations and 37.6% in
principal, Income and a varying amount of marketability; also hope for a
financing as an average expectation.
important chance for profit. Superior service in meeting those requirements of the
Second, the swing back to fixed obligations is accompanied by
We wish investor is not, as in manufacturing industries, an advantage logically
changes in the types of issuers as well as in the types of issues.
in two sections.
arising out of quantity production.
to call attention first to extreme changes
some recent
The comparison between the large profits of a peak volume era (in which
Foreign government financing, while still below the total of
first nine months of 1930 reached a total of about seven "equity" financing was abnormally easy for large and small organizations),
years, has in the
with the scantier spreads of an abnormally low volume largely made up of
times that of the entire year 1929.
trading companies' issues purely "Institutional business" is at the moment so sharp that it too
In the same period investment financing and
This almost perpendicular drop in the issuance greatly obscures a rational view of the possibilities of future normal growth.
showed a decline of 90%.
reached an unIn concluding these observations, we venture the throught that the
of investment company securities (which in the year 1929
dollars) is the most present movement towards concentration of large capital and of large
precedented total of over two and one-quarter billion
issuers now absorbing invest- organizations in our business is through result of problems more or less
significant change to be noted in the types of
there is some common to all, large and small, and that there is precedent for the throught
ment capital. It is necessary to mention, however, that
available, in the current that out of this movement may emerge an era of greater stability in which
offset, regarding which we have no specific figures
exclusively those who are properly equipped will continue to operate successfully.
output of so-called fixed trusts. As this form of financing
plays no direct part
Respectfully submitted,
represents investment in securities now outstanding, it
obviously now an important channel
in the distribution of new issues, but is
George N. Lindsay, Chairman George W. Robertson
being invested in existing equities.
through which private funds are
Charles L. Stacy
Harry H. Bemis
less fluctuation
State and municipal issues are steadier in volume with
Arnold G. Stifel
Charles F. Glore
doubling the totals
than any other category. Railroad bond financing is
-COMMITTEE ON TRENDS OF
APPENDIX TO REPORT OF SUB
THE BUSINESS.
-All tables and computations are summarized from or based on
Note.
tables published by the "Commercial and Financial Chronicle."
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
New Capital.
$3,588,403,198
3,664,834,192
3.576,738,412
4,304,362,798
4,304,425,893
5,593,179,972
6,220,169,333
6,344,133,929
7,791,129,548
8,114,398,681
10,194,864.317
5,433,620,748
4.882.748.674
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
-June 1929
Jan.
-June 1930
Jan.
Refunding.
Together.
2697,785,662
375,213,992
627,054,673
931,499,496
685,319,706
759,300,015
905,854,350
1,086,140,755
2,142,589,485
1,877,421,537
1,409,310,618
880,203,704
332.902.412
$4,286,188,860
4,010,048,184
4,203,793,085
5.235,862,294
4,989,745,599
6,352,479,987
7,126,023,683
7,430,274,684
9,933,719,033
9,991,845,818
11,604,174,935
6,313,824.452
5.185.651,086
Refunding.
The above table shows that the curve for the volume of refunding reverses its direction more frequently than that for new capital. This is to
be expected, since refunding reflects influences which are themselves
variable and which sometimes work in opposition. But beneath the
fluctuations there is a definite trend upward in the volume of refunding.
The average annual rate of increase for the years 1919 to 1929 was slightly
over 7!4%; for the seven years 1919 to 1926 it was slightly over 63%.
The refundings, therefore, do not grow as fast as the total volume of'financing. This is due in part to the fart that some of the new capital Issued each
year is in the form of stock and does not require repayment and in part to
the extinguishment of bonded debt through the operation of sinking funds
or otherwise without recourse to refunding. Furthermore, there is a lag
between the issuance of bonds and their refunding. How long the average
lag is we will not attempt to estimate, but if there is a stable ratio between
the volume of a year's new issues and the volume of the same issues ultimately refunded, we would expect to find the curve of refundings following
the curve of new capital at a distance equalto the average lag in refunding.
The ratio of the volume of refunding to the volume of new capital issues
of the same year shows a cyclical trend which is interesting:
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929
Year19.6 10.3 17.5 21.6 15.9 13.8 14.5 17.1 27.3 23.1 11.8
Ref. % New
For the first half of 1929 the ratio was 16.2% and for the first half of
1930 it was 6.8%.
At the present time refunding is below normal in volume by any standard
and it seems safe to predict that the 1931 volume will be very much greater
than that of 1930.
The new capital issues, as distinguished from refundings in the above
table, increased at the average annual rate of 11% for the years 1919 to
;
1929 and at the average annual rate of 8.6, for the seven years 1919 to
1926.
Corporate Financing.
The increasing relative importance of corporate financing (as distinguished from public obligations) is illustrated by the following computation of percentages:
NEW CORPORATE ISSUES PER CENT OF AGGREGATE VOLUME OF
ISSUES.
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929
Year--•
84 74 57 59 65 61 66 71 73 78 86
Per cent
The percentage for the first half of 1929 is 88; for the first half of 1930
It is 76.
The following table presents the main subdivisions of this financing:
VOLUME (NEW CAPITAL AND REFUNDING) OF NEW CORPORATE
ISSUES
(Including Issues of foreign corporations in the United S ates).
Short Term
Long Term
Bonds & Notes Bonds & Notes
Total.
8
2,739,653,646
1919
2,968,304.697
1920
2,390,907,811
1921
3,073,282.447
1922
3.212.840,097
1923
3,888,571,064
1924
4.7.93.109,691
1925
5,299,553,720
1926
7,319.295.804
1927
7.787,877,031
1928
10.036,361,129
1929
-June 1929._ 5,563,083.697
Jan.
3.964.471,707
-June 1930
Jan.
$
633,658.800
1.234,446,600
1,896,211,500
2,304.335,650
2,316,393,600
2,569,256,500
3,040,202,800
3,647,971,500
5,190,409,700
3,916,592,950
2.842,313,939
1,882,199,100
2,339,089.410
$
540,190.700
660.774,990
215,431.366
144,957,000
180,487,500
403,028,800
386,936,250
333,810,695
355,498,500
274,118,600
262,638,150
147,549,200
369,062,250
Stocks,
$
1,565.804,148
1,071,083.107
279,264,945
623,991,797
735,958,997
866,285,764
1.310,970,641
1,317.771,525
1.773,287,604
3,627,165,481
6,931,409,040
3,533,335,397
1.258,320,047
VOLUME OF STOCK ISSUES BY MONTHS.
1930.
January
February
March
April
May
June
July
August
September_
October
November
December
January-July
2763
FINANCIAL CHRONICLE
Nov..1 1930.]
,
1929.
8126,813,054
156,143,092
123.388,363
261.380,121
433,640,468
154,954,949
70,430.000
$633,336,138
673,022,550
565,389,145
433,306,642
869,271,406
359,009,516
650.603.996
658.089.540
1,265,387,014
471,165,597
126,732,970
203,594,526
4,183,939,393
1,326,750,047
1928.
$151,756,052
139,425.348
266.390,952
317,404,250
345.654:775
410.110,875
208.211,869
73,892,078
172,046.685
390,610,228
447,080,487
694,080.982
1.838 oss nat
-PER CENT OF TOTAL VOLUME OF
VOLUME OF STOCK ISSUES
CORPORATE FINANCING.
Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oa. Nov. Dec.
1929 - 65.0 68.0 59.9 69.8 65.8 55.9 75.5 86.0 84.0 62.4 62.8 59.0
1930 __ 18.1 31.5 19.1 38.5 46.6 30.2 16.4
INVESTMENT TRUST, ETC.
Total.
1st half of 1926
2nd " 1926
1st " 1927
2nd " 1927
1st " 1928
2nd " 1928
1st " 1929
2nd " 1929
1st " 1930
Bonds and
Notes.
Bonds & Notes,
% of Total.
851.050,000
20.050.000
100,073.228
74,833.750
286,512,018
804.158.652
929,466,562
1,224,264,336
149,237,079
89.500,000
6,000,000
52.500,000
33,000,000
81,800,000
19,200,000
93,000,000
24,250,000
76,250,000
18.6
29.8
52.5
44.2
28.8
38.1
10.0
2.0
51.1
£2930 r.46 825
1205 MO (inn
ii a
(
VOLUME OF STOCK AND BOND ISSUES NEW CAPITAL AND REFUNDING) IN FOUR IMPORTANT FIELDS OF FINANCING.
Foreign
Government.
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
-June 1929
Jan.
-June 1930
Jan.
Municipal,
State,&c.
Railroad.
Public
Utilities.
$
439,679,000
291,000,000
379,270,000
431,305,000
242,845,000
778,005,000
645.381,000
514,124,000
777,125,300
651,120,000
68,250,000
41,750,000
374.706.000
$
691,518,914
683,188,255
1,208,548,274
1,100,717,313
1,063,119,823
1,398,953,158
1,399,637,992
1,365,057,464
1,509,582.929
1,414,784,637
1,432,661,806
670,383,755
754.998,379
8
208,117,000
377.879.500
655.288,500
651,531.350
518,249,450
940,296,969
514,708,730
422,583,000
962,805.687
727,741,350
817,195,885
451,248,700
819.284,600
$
462.271,650
496,822,550
671,085,220
980,433,795
1,138,396,158
1,529,639,827
1,709,963,504
1,967,951,346
2,977,378,428
2,562,288,332
2,442,768,535
1,354,128,483
1,800,200,011
Report of Sub-Committee on Distribution by Rollin A.
Wilbur, Chairman-Attitude Toward Other Than
Members of a Selling Syndicate.
The report of the Sub-Committee on Distribution of the
Investment Bankers' Association of America noted that
since the spring meeting of the Board of Governors of the
Association "several issuing houses on bringing out important issues have inserted provisions in their selling'syndicate agreements allowing no concession to anyone other
than members of the selling syndicate." The report went
on to say: "We are in the curious situation of practically
unanimous agreement as to the desirability of doing away
with all concessions, or at least limiting to dealers only
. . . and yet the market hazards of a departure from
accustomed methods seem to be insurmountable except in a
few special cases." The Committee's report (Chairman
Rollin A. Wilbur, of Mitchell, Herrick & Co., Cleveland)
follows:
At the spring meeting of the Board of Governors this Committee discussed the subjects of the "put-back clause," "concessions," and "investment guaranteed trading." With respect to the two first named subjects,
definite recommendations were made by your Committee and approved at
such time by the Board of Governors. Your Committee has not changed
its opinion on these two subjects and further discussion is therefore
unnecessary.
We do wish to observe, however, with respect to the subject of concessions that since the spring meeting several issuing houses, on bringing
out important issues, have inserted provisions in their selling syndicate
agreements allowing no concession to anyone other than members of the
selling syndicate; and that such houses have reported the successful
marketing of such issues and no real complaints on the part of any buyers.
While this may be considered as a forward step, it should nevertheless
be borne in mind that these issues were of the fast-moving type, and in
some instances at least of no especial appeal to banks or institutions.
Where the success of the issue is not amply assured and/or where bank
and institutional buying is deemed essential, houses of issue are still
reluctant to, and do not, take the risk of eliminating concessions.
We are in the curious situation of practically unanimous agreement as
to the desirability of doing away with all concessions or at least limiting
to dealers only-that has passed the debatable stage-and yet the market
hazards of a departure from accustomed methods seem to be insurmountable
except in a few special cases.
Perham; better market conditions or a better consciousness of the
evils of the present practice or a better realization of the risk of inviting
legislative interference of an unsound character (which we regard as real)
may bring a more or less early solution. Otherwise we cannot be optimistic with respect to the early realization of our goal.
In any event, our efforts should be unremitting to accomplish that
which we all agree should be accomplished.
Investment Guaranteed Trading,
At the spring meeting of the Board of Governors this Committee was
instructed to ascertain the sentiment of members regarding the doing
away with the practice of investment guarnteed trading. Communications
with which members are familiar were accordingly sent by the Committee
to every main office member. Members were requested to state whether
or not they would be willing to declare it to be their policy not to
purchase or sell on an investment guaranteed basis at less than authorized
syndicate prices during the life of the syndicate agreement, irrespective
of whether or not they were a member of the pertinent syndicate Or
selling group. The result of the communication is briefly as follows:
Number. Per Cent.
Total members (main offices) to whom communications were sent__ 615
57%
352
Favorable replies
14%
87
Unfavorable replies
29%
176
No replies
the
Out of 43 houses, each doing a substantial originating business,
percentage of acceptances was 86%, with 84% either not replying or
not in favor.
The result obviously is that the Association as a whole has not affirmatively supported the policy declaration. The reasons too far as can be
ascertained by your Committee are set forth In letters of some 112 members which may be broadly classified as follows:
First-General dissatisfaction with present syndicating methods.
Second-Objections to "declaring policy" on any subject.
Third-Obligation of member to his customer to purchase in the cheapest
market.
Fourth-Dealing between members of syndicate or selling group at less
than authorized price justifiable where offering price to public is
maintained.
It is the opinion of this Committee that none of •these reasons are
responsive to the main issue as to whether or not trading investment guaranteed is either good ethics or good business; and your Committee reaffirms its belief that nothing can justify price cutting on
the part of a syndicate member who has formally agreed not to do so
and further that no house should be a party to a transaction involving
a violation of contract.
2764
FINANCIAL CHRONICLE
[VoL. 131
A number of the members of the Committee believe that if all syndi- cutting to the public and published market quotations of such cut prices,
cate agreements provide that members may trade among themselves less neither of which occur in this method of dealing between members.
It is difficult to say to what extent this opinion is responsible for
any part of the selling commissions that the problem of securing policy
declarations will be practically solved. However, we are convinced that refusals to sign the policy declaration. However, we believe that this
the correction of many existing abuses in the wholesale and retail distribu- is the real basis of the greater part of the opposition. In from 60 to 70%
tion of investment securities can be remedied by a closer co-operation of the letters received, the writers stress the desirability of syndicating
with the syndicate manager on the part of syndicate members, especially agreements permitting this sort of trading on a basis of selling price
with respect to scrupulous observance of syndicate agreements and frankly less all or part of the selling commission, and discussions within many
furnishing such information as may be required by the syndicate manager groups have further developed this desire on the part of distributors
in order to act most advantageously for the benefit of the syndicate as a generally.
It is contended that such trading is and has been for some time the
whole.
Despite this conclusion there is, however, no disposition on the part established practice of several important originating houses; that it is
of your Committee to ignore the criticisms of existing distributing methods not a new principle since all issuing houses permit trading at the usual
quarter, the only point of controversy therefore being the amount of
which have developed in the consideration of the question at issue.
We, therefore, proceed to consider briefly the criticisms—not with the trading profit; that such trading is an efficient aid to both primary
the purpose of attempting to finally settle all of the various problems but and secondary distribution, in that efficient distributors are in almost
rather to clarify the issues somewhat as a basis for discussion at this all offerings either long or short on bonds for reasons beyond their control,
and the success of an issue and the maintenance of the offering price
convention and for further consideration by successor committees.
First—General dissatisfaction with present syndicating methods. after distributbon depends upon quick distribution while the intensive
selling campaign is on; that dealers are in better touch with the process
Broadly speaking, th espeficic complaints are as follows:
of actual distribution within their respective territories than the syndicate
(a) Keeping syndicates open too long;
managers and better able by trading among themselves to accomplish
(b) Over-pricing of issues;
quick distribution; that dealers are not and cannot be expected to be
(c) Improper selection of syndicate participants;
satisfied with the customary quarter point.
(d) Inequitable allotment of amount of syndicate participations;
The contentions on the part of many originators are that if such trading
(e) Improper discrimination between retail department of houses of
between members were generally permitted at more than the customary
issue and other syndicate participants.
quarter, distributors would feel a lessened responsibility toward placing
With respect to the first criticism:
bonds with investors; that it is essential for the syndicate managers to
(a) Keeping syndicates open too long.
know at all times during the syndicate where the undistributed bonds are
and to themselves straighten out long and short positions and that while
It is pointed out that the effect on the distributor with respect to
Issues which he cannot move is to freeze him into a situation during the they are often misled by want of frankness on the part of syndicate
life of the syndicate which, if unduly prolonged, has its especial market members, they still possess better information than they could obtain if
hazards. If this were due to his lack of ability or aggressiveness as a such trading were allowed between members. Furthermore, they contend
distributor or to his lack of judgment in acceptang participations not that it is necessary to gauge the distributing ability of members; that the
suitable for his market or beyond his distributing ability, he has only test of performance, while difficult under the present system, would be
himself to blame. Where, however, as frequently happens, the main nearly impossible if trading on the proposed basis be allowed; that the
trouble is that his market is not receptive or he is faced with a rapidly competition of a multitude of syndicate member traders would seriously
declining general market, it is a real hardship to him. Further, it is affect the syndicate market. Doubt is expressed that members would
pointed out that undue delay in closing syndicates usually results in restrict their trading to syndicate members, thus further complicating the
accentuating difficulties in the secondary markets, unduly depressing the problems of distribution.
In order to meet some of the objections of originators, it was suggested
price. Your Committee believes the criticisms well taken, and while
realizing the impossibility of fixing a specific time for the closing of in committee that trading be allowed between syndicate members at
selling syndicates which is always a matter of judgment more or leas the sale price less the selling commission or some substantial part thereof,
based on varying conditions in each case, recommends that originators subject to prompt notice to the syndicate managers of such transactions;
that is requiring the member seller or purchaser or both to promptly
materially shorten selling syndicates.
report such sales and purchases between themselves. The argument in
(b) Over-pricing of issues.
opposition to this was that dealers wishing to sell would not sell if, as a
The proper pricing of an issue Is obviously a matter of judgment on consequence, their names
would be reported to the syndicate managers.
the part of the originating house and so important to the success of The suggestion was then
made that the rule could be modified so as to
any issue as to preclude any suggestion of pricing other than ion a basis require purchasers
only to report their purchases without specifying the
of honest judgment which naturally is sometimes at fault. The originator names of the
sellers, the originators in such cases thereby deriving the
contends that the distributor may refuse participations whenever in his advantage of
learning for future allotment purposes the names of those
judgment the issue is over-priced. The distributor replies that if he does who were
usually or frequently over-selling their allotment. All of the
so, nis position in future syndicate offerings of the house of issue is arguments
pro and con and these suggestions were carefully considered
prejudiced. The Committee believes that in practically all cases this in
committee.
position of the distributor is not sound and that good business on his
No unanimous conclusion was reached.
part requires his rejection of syndicate participations wherever in his
It would not be reasonable to assume that the result could be otherwise
judgment the issue is over-priced.
in view of the substantial nature of the contentions made on both sides,
(c) Improper selection of syndicate participants.
the importance of the subject and the limited time your Committee has
Distributors contend that selling syndicate participations are not limited had to consider it.
to dealers but include banks with no retail outlets, speculators and traders
However, your Committee feels that real progress has been made. Critiwho do not place for investment. It is clear to your Committee that cisms and arguments of member distributors from every section of the
selling syndicate participations should be limited to those whose business country frankly communicated to this Committee, have been by it comit is to sell; name/y, dealers.
municated to the originating houses. Following this discussions were
had with certain important houses of issue.
(d) Inequitable allotment of amount of syndicate participations.
Distributors contend that allotments should mainly be made in accordBased on such discussions, it is our opinion that while many—perhaps
ance with distributing ability; that originators generally have inadequate a majority—of the important houses are not now satisfied that the
knowledge on this point and do not use reasonable effort to obtain such change would be for the benefit of either the distributor or the orelginator,
knowledge. Originators contend that there is concealment and lack of there are some of those, however, who will try it out in forthcoming issues
frankness on the part of distributors with respect to the subject of their in deference to the wishes and arguments of the distributors. In any
distributing ability. The Committee believes that more frankness on event, the ground work is laid for our suceessor committee.
the part of distributors and more efftrt on the part of originators to
Recommendation As to Future Policy Regarding Investment Guaranteed
properly appraise distributing ability are desirable.
Policy Declarations.
(e) Improper discrimination between retail department of houses of
Your Committee, on general principles and in fairness to those who have
issue and other syndicate participants.
Much complaint from all over the country is directed toward the house,' replied, feels that members who have not replied to the policy declaration
of issue with retail departments who offer their bonds either formally should do so. And that the future disposition of the policy declaration
or informally in advance of the formation of the selling syndicate or in program should be determined only after sufficient replies have been
advance of allotments to other members of the selling synidate. It is leceived from those who have not replied to justify conclusions as to the
unquestionable that the removal of offering dates from many offerings sentiment of the membership as a whole on this important subject,
which practice has had the sanction of the Association, and the early and we so recommend.
Your Committee further feels that unless substantially all members reply
newspaper reports which are so common with important offerings, have
led to aggressive efforts to be first in getting offerings before the public. those who have replied should be released from their policy declarations.
Conclusion: The object of this Association, as we all know, is to
While houses of issue have some advantage in this respect, it is, nevertheless, a fact that the practice is general with both houses of issue and further the interests of its members. Our past experience has shown
how well this can be done by a constant study of the problems of the
distributing houses. The Committee recommends that every effort be
made by both houses of issue and by distributing dealers to place compe- business and the development of a spirit of broad-minded consideration
of the welfare of all. Naturally there are and will be diverging opinions
tition on the most equitable basis possible.
Our comment thus far has been directed to criticism of our present between the originators and distributors. Patience, study and a sincere
syndicating methods offered by members in reply to our investment guaran- effort on the part of each to understand the problems of the other and to
teed communication. We now consider members' more specific objections harmonize their apparent misunderstanding will in time salve all
problems.
to signing the policy declaration.
This Committee has striven to do its bit by outlining frankly and in a
Second—Objection to d.,claring policy on any subject.
This is comparatively uunimportant, based on letters received, four broad way whet some of the important problems are, some of the contentions on each bide and conclusions wherever it has felt justified in so doing.
members only having declined to sign for this reason.
Third—Obligation of member to his customer to purchase in the cheapest Especial thanks are due to those members who have not only seriously
and ably considered the difficult points but have given frank expression
mark:t.
It is the opinion of this Committee that there is no such obligation to their views to this Committee. We express the hope that this spirit
where the cheapest market is founded on violation of contrasts and with- of frank oonstructive criticism will continue and grow stronger until all
members will do their part in aiding the successors of this Committee
out whirl) viohttion such market could not exist.
Fourth—Dealing between mcsnhers of syndicate or selling group at less in the carrying on of their important work, tor in the last analysis the
than the authorized price justifiable where offering price to public is active Interest and support of the membership is the keystone to the
continued usefulness of this Committee.
maintained.
Respeething ,
The distinction is here taken between dealing in the open Investment
'
Omitted,
cutting to the public, and
C. Prevost Royce
guarntees1 market. the result of which is prier
ITornee S. SearsItt
T. J Bryce
syndicate or selling group on the basis
Sidney It Small
dealing between members of the
William Ti. Eddy
F. kennoth Stephenson
of always maintaining the selling price to the public. This last, of course,
Bernard W. Ford
Josef* R. Swan
is nevertheless a plain violation of the syndicate contract on the part of the
Pliny Jewell
73. A. Tompkins
Devoreus C. Jostitho
Carroll J. Waddell
seller with full knowledge of that fact on the part of ths buyer.
Ceortm N.'Sumps
lii r Wntson
It is contended, however, that the violation is technical only And not
Fsank McNair
RarrOtt Wenoell Jr.
harmful since the real evils of trading investment guaranteed are price
Philip C. Rider
Rollin A. Wilbu^, C1161711101.
Nov. 1 1930.]
FINANCIAL CHRONICLE
Report of Securities Fraud Prevention Special Committee, Henry R. Hayes, Chairman—Work of Post
Office Department in Giving Increased Protection
Against Mail Fraud Cases.
Henry It. Hayes, of Stone & Webster & Blodget, Inc., of
New York, Chairman of the Securities Fraud Prevention
Special Committee, indicated that the committee has "continued to press before the Post Office Department the
recommendations of this Association to the effect that the
appropriation for the inspection force of the Post Office
Department should be substantially enlarged in order to
intensify the fraud enforcement work of that Department."
The Committee also expressed itself as "glad to note that
the Post Office Department has been encouraged to itself
rearrange certain of its practices in connection with the investigation of mail fraud cases with the idea of increasing
the protection which it can give to the public with the use
of its existing forces." Mr. Hayes had the following to
say regarding the work of the Committee:
Mr. President and Gentlemen: The work of the Securities Fraud Prevention Special Committee was completed in this administrative year, in
May, shortly after the adjournment of our meeting at White Sulphur
Springs. We had at Washington, in May, the second annual conference on
Prevention of Fraudulent Transactions in Securities. At that conference
we developed the round table method. Around the table sat private agencies,
representatives of Chambers of Commerce, and the United States Chamber
of Commerce, State and Federal officials, Better Business Bureaus, this
Association, organizations representing real estate securities, and savings
banks. It was a very successful conference. As a result, the Executive
Committee of that Conference has appointed five committees to bring
in reports. These reports will cover the general field of securities fraudfighting work, except educational work, which I will refer to later. I will
not cover the points that are in the report, because this report has been
distributed to you.
We believe these committee reports that will come to us next month will
prove the need for a regular annual round table discussion by all the
fraud-fighting agencies in this country. Should that be the case, then
we will want to take up the educational end of fraud-fighting, which is
our most valuable unit, or can be made so. We are very much pleased
to note that the Post Office has changed its inspector service in securities
fraud-fighting work. The new organization is young in experience, but
It gives great promise. What we really need to-day is more prompt
service under the broad powers in the Postal Act, so that we will have
more frequent use of fraud orders. The power in that Postal Act is very
strong, and will be very helpful. That's all, Mr. President.
A motion to receive and file the report was seconded and
carried. The report follows:
The prior report of this Committee, submitted at the Quebec convention, contained a statement with regard to the initial steps taken in
connection with the organization of the National Conference on Prevention
of Fraudulent Transactions in Securities (1929 Proceedings; page 143).
A second meeting of the conference was held in Washington, D. 0.,
May 22 and 23 1930. A statement covering this second meeting was
published in the I. B. A. of A. "Bulletin" of June 24 1930 (Vol. XVIII,
No. 6, page 173).
The several committees authorized by the conference are now at work
and reports are expected to be submitted in definite form before the close
of this year, when the need for a third conference can be determined.
The full value of the conference remains yet to be definitely established, but your Committee believes that this organization is now well
started and should prove to be of benefit provided the committee work
Is well handled and gives further confirmation of the need for co-operative
effort on the part of private agencies and Federal and State officials.
The conference method, as your Committee believes, has demonstrated
that it affords the desired opportunity for the reconciliation of views of
public and voluntary agencies. Its findings should result in economy in
the expenditure of money and make clear to the country at large that the
better element of business is strongly in support of constructive activities
to give better protection to the public against fraud.
Your Committee has also continued to press before the Post Office
Department the recommendations of this Association to the effect that the
appropriation for the Inspection force of the Post Office Department should
be substantially enlarged in order to intensify the fraud enforcement work
of that Department. In order to carry out this work effectively as recommended by this Association, a large staff of inspectors would be needed.
This affords a difficulty because of the cost involved. However, your
Committee is glad to report that during the past year there has been
some reason to feel that the Post Office Department is giving very aerieus
heed to our mecommendations along this line, and your Committee is
encouraged to believe that a fair start at least is being made with this
program. It will require considerable time and work to carry this
program to a completion. In the opinion of your Committee it will be
necessary that a determined effort be made to stimulate public interest
In this program in order to persuade Congress to make the increaRe in
this appropriation that is recommendmd by our Association. In thin connection the National Conference on Prevention of Fraudulent Trazemactions
In Securities should be of valuable assistance, and one of the Committees
of that Conference is now engaged in preparation of a report on this
subject.
Your Committee is also glad to note that the Poet Office Department
has been encouraged to Itself rearrange certain of its practices in connection with the investigation of mail fraud cases with the idea of Increasing
the protection which it can give to the public with the use of its existing
forms. The office of the Solicitor of the Post Office Department has
been charged with the definite responsibility of reviewing time evidence
In each case investigated by an inspector of the Department before the
case is presented by arch inspector to the United States Attorney for
prenecution. Such a elose working co-operation between the Solieitor and
the inspectors of the Department in the investigation and preparation of
mail fraud eases should prove to be of benefit by developing an experienced centralized direction insuring the most effective methods of investigation, and the better preparation of cases for successful prosecution. This
2765
new system has but recently been inaugurated, and as yet there has not
been sufficient experience with it to definitely determine the full extent
of the improvement which it is hoped it will produce, but it has already
given indications of proving that it will be of substantial value.
Respectfully submitted,
SECURITIES FRAUD PREVENT/ON SPECIAL COMMITTEE,
HENRY It. HAYES, Chairmas,
FRANCIS A. BONNER,
ROY C. OSGOOD,
BARRETT WENDELL, JIL
Report of Institute of International Finance by Director, John T. Madden.
Along with the report of the Foreign Securities Committee
of the Investment Bankers' Association there was presented
the following report of the Director (John T. Madden) of
the Institute of International Finance for the year ended
Aug. 31 1930.
To the Executive Committee:
The following is a report of the activities of the Institute for the year Nat
closed:
Publications.
The research and publication activities have been carried on under the
continuing able direction of Dr. Marcus Nadler, assisted by Profensor
Rodgers, Meseers Carson. Sauvain and Ilorniker, and a group of graduate
students. The research has at all times been under the close supervision of
the director who assumes full responsibility for the results accomplished.
Twelve bulletins were issued aggregating 316 pages of printed material.
Each year marks some new development in the service and program
of the Institute. This year has been no exception. Following a suggestion
from Colonel Pope, the research staff prepared a preliminary statistical
bulletin which contained a mass of valuable material of interest to subscribers. The draft was approved by the Committee and ordered published.
This bulletin has received unii,ersal approval and endorsement both from
subscribers in this country as well as abroad. Encouraged by this reception the research staff will improve future issues by the addition of
new statistical tables. In the issue of March 151931, a further supplement
will contain the comparative closed budgets of a number of countries and
the issue of . uly 15 1931. will Include a supplement containing comparative
statements of the public debt of as many countries as possible.
The Association and the University may take pride in the character of
the published work of the Institute. The total budget of the Institute does
not equal the amount that would be paid to one good statistician and his
assistant and yet the volume and quality of production is the wonder of
those who know the circumstances. Some inconsequential errors creep
in from time to time in the footnotes but no material error has been discovered and the bulletins have been masterpieces of exposition in portraying
correctly the economic and financial condition of the countries concerned.
I take this opportunity of paying a well-deserved tribute to Dr. Nadler
and his associates who have accomplished this most satisfactory task.
It is. needless to say that the work could not have been done if the usual
working hours of business had been the rule at the Institute. The production represents a great deal of overtime work on the part of the small staff.
I know thatin this tribute lam expressing the views ofthose who have served
on the Executive Committee and who are therefore in most intimate toucb
with the work of the Institute. The bulletins continue to be of great practical value and measure up to the best traditions of scholarship.
•
Acknowledgments.
During the year the Institute has enjoyed an increasing measure of
co-operation from members of the Executive Committee and from the staff
of investment banking houses. If acknowledgment was to be made in full
the report would attain undue length. We are grateful to the gentlemen
who have given generously of their time in reading our preliminary drafts
and in furnishing constructive suggestions and criticism. Particular
acknowledgment is due to Raleigh S. Rife of the Guaranty Co. of New York.
A. W. Sholten of the First National Old Colony Corp., W. W.Rom of
Harris, Forbes & Co., Dr. Max Winkler of Bertron. Griscom & Co , P. F.
Schucker of Speyer & Co.
Inquiry Service.
The severe economic depression which prevailed during the year in many
countries which had floated loans in this country, coupled with the general
political unrest, greatly Increased our volume of work. Hundreds of
Inquiries were received by telephone, telegraph and letter and replies were
not easy in many cases. Some of our subscribers forget that the Institute
Is obligated to furnish only data from official sources and as a result many
request expressions of personal opinion. The members of the staff have from
time to time complied with these urgent requests from subscribers, always.
however, with a very distinct and positive emphasis on the fact that it Is
unofficial and wholly personal. That this courtesy is appreciated is evidenced by the replies which come from our subscribers. There is no doubt
of the fact that in many instances, the Institute has acted as a stabilizing
Influence. It has put th subscribers in possession of the latest economic
and budgetary information which they in turn could pass on to their clients
but in addition it has amplified its service for good by explaining events and
movements inadequately reported or explained in the press. Special
reports to subscribers covering 16 typewritten pages or more have been
prepared on Brazil, Australia, Germany. Argentina and Jugoslavia.
Public Relations.
The fact that the Institute is associated with a great University is responsible for much of its opportunity to render a distinct service to foreign
Investors. The Institute has definitely established itself as a scientific
research organization both in thls country and abroad. It has widened its
contacts and sources of information. A continuous stream of Information
now flows in, much of which is confidential and may not be published but
which can be employed under proper safeguards in preparing the publications of the Institute and the replies to subscribers on personal inquiries.
During the year, both the Director and Assistant Director were in Europe
without any expense to the Institute, for the purpose of gathering material
and to gain a broader view on the economic situation. Advantage was
taken of this opportunity to increase the goodwill and friendly relations
with the foreign protective associations and with foreign economists,
bankers and editors.
Program of Work.
During the pant year, new bulletins were prepared on Denmark. frisk
Free State, Turkey, Uruguay and Estonia. Revisions of earlier bulletin
were completed, as follows: Argentina, Hungary, Peru, Chile, Italy and
Japan.
2766
FINANCIAL CHRONICLE
During the coming year, a new bulletin will be issued on Bolivia and
revisions undertaken on Poland, Germany, Brazil and Jugoslavia. Shorter
revisions will be issued on Colombia, Australia. Argentina and Greece.
In addition three issues of the statistical bulletin will appear.
The Executive Committee has accepted the offer of the Director and
Assistant Director for the privilege of the first printing ofchapters from their
forthcoming volume on International Money Markets. These studies will
be issued in the form of bulletins and will deal with the money markets of
Berlin, Amsterdam, Paris and London. The authors confidently hope
that they will prove as interesting as the earlier Special Studies issued
on the Gold Clause, Secured and Unsecured Loans and Mortgage Banks.
Very little is known in this country about the mechanics and methods
of these markets with the exception of London. And yet these markets
play an important part in the movements of our own market and have
their significant influence on foreign securities. Then, too,in a period when
the operations of our own money market are coming in for review and possible legislative action, it Is desirable that our own investors and bankers
shall have a clear understanding of these matters. There may be something
to be learned from abroad. In any event, a knowledge of the Institutions,
the practice of the markets, the methods of financing, the relations of the
central banks to the marketa and the technique of long-term financing
Will all be valuable material.
Library and Files.
The working library and files of the Institute are in excellent condition.
During the year the University, at considerable expense, furnished additional facilities for housing our increasing collection of materials. The
Institute staff catalogues and (or) clips over 175 publications each month.
The Institute is fortunate in having access to the two great branches of the
School of Commerce libraries at Washington Square and Wall Street in
addition to the libraries and files of local investment bankers. We acknowledge with deep appreciation the many courtesies received from the
statisticians and librarians of banking houses.
A large volume of valuable material is received from abroad. In some
cases graduates of New York University located in foreign centers have
co-operated In furnishing material which we needed. Books and documents from South America and Continental Europe which could otherwise
have been secured only with great difficulty, if at all, have come into our
possession in this manner. Hence, the Institute is required to purchase
only a small amount of published materials out of its own funds and these
consist principally of publications of an extremely technical character.
specifically of use to the research staff.
(Vol.. 131.
dealt with in Mr. Ferriss' report, who also alluded to the
Florida situation, commenting in part as follows:
"Our study of the matter has given us this conviction: that the recovery of municipal credit in Florida depends in the final analysis upon the
attitude and the action of the responsible citizens and public officials of
Florida itself; that definite policies and programs must be developed by
such citizens and officials and not by outside organizations or groups."
Reviewing briefly the matters dealt with in his report
Mr. Ferris said:
Mr. President and members of the convention: Summarizing the annual
report of our Committee, in our opening section we speak briefly of the
market conditions during the past year, calling attention to the gradual
Increase in price of the average of the standard 20 large cities of the country
which are usually used as a basis of comparison, indicating that the average
yield has decreased during the last 12 months a full 34 of 1%,from about
4.49 to 3.97. We speak briefly of the fact that this is due to the very
substantial deflation in stock prices and general business activity which
has occurred, resulting in a large amount of funds available for investment.
The table of prices over the last three and a half years is given for the sake
of comparison by those who are interested, also some tables showing the
volume of all reported municipal financing during the same period.
The feature that we call attention to particularly in that connection is
that the monthly volume seems to average out about the same over the
last four years; I think many of us have been under the impression that,
on the whole, the total volume of municipal financing had greatly increased.
There have been perhaps a larger number of very large individual issues.
but these have been offset by a reduction in the number of small issues, and
the Committee coments "We believe it is a tendency which should be
encouraged." In other words, the tendency is toward less local financing
by small road districts, townships, counties, and special improvement
districts.
We then speak briefly of some unfinished business that Came over from
last year's report, and I might say here, generally speaking, our Committee
has applied itself to tackling particular problems that arose in the municipal
bond business. One of them that is still with us is litigation over the Road
District Law of the State of Mississippi, under which many millions of bonds
are outstanding. Favorable decisions have been rendered in the State
Supreme Court, but the matter is still pending in the United States Supreme
Court.
Also we call attention to our continued interest in the problems arising
from the Government's program for Mississippi River flood control. This
Additional Funds from the University.
I am happy to report that in addition to the contributions in space. has resulted in a number of very perplexing questions involving bonds of
staff, scholarships and library material provided by the University. the road districts, drainage districts and levee districts within the areas to be
Chancellor and Council of the University have granted us the sum of affected by the proposed floodways.
Under the head of "Circular Specifications," and this has been, I believe.
$1.700 for the services of a statistical research assistant. Without this
assistance the program of work planned for next year could not be carried one of the constructive pieces of work of the Committee during the past
year, we have examined a very large number of circulars that have been
out.
sent in by members to the Association's office in Chicago, and by it sent
Finances.
to the Chairman of the Committee. The Board has imposed upon certain
In no year since its organization has the Institute drawn upon the In- of
the Committee Chairmen the duty of examining circulars that come to
vestment Bankers Association for the full amount of the underwriting.
them, in that way, for the purpose of seeing whether the members are
This year the Institute has drawn the sum of $9,000 and the budget for the
making a genuine effort to comply with the various codes of specifications
next year contemplates the use of the full amount of $10.000.
that have been drawn up and approved for the different classes of securities.
Our subscription income for the current year Is approximately the same as
I would say, as a rough guess, that we have examined between 250 and 300
for last year. The audited accounts will be presented as usual in November.
Some subscriptions were lost due to mergers and consolidations and others circulars in that manner during the past year. and where thore has appeared
any apparent failure to conform to the specifications, the circular is sent
were cancelled due to the program of economy which was adopted by subback to the Association's office with a standard form of report, and that
scribers. On the other hand, we have added subscriptions from public
circular then goes back finally to the issuing house from the Association's
libraries and our bulletin sales to students will probably increase.
office.
While it was confidently expected that the number of non-members
In the great majority of cases we have found that the members have
subscriptions would be increased. Income from this source has not materialized. In part, this may be attributed to the fact that the Institute does not welcomed that friendly comment and suggestion. It has proven the most
rate securities or give advice. A non-member would normally expect this effective way of calling their attention to the circular specifications which
have been drawn up,and, with very few exceptions we have found the memservice in part at least. If furnished to him, he would more readily be
bers really anxious to conform their practice to those specifications. Of
Influenced to subscribe. The Association wisely limited th publications
course, there isn't 100% agreement about what these specifications should
of the Institute to official sources. It is easy to visualize the difficulties be,
and we have received back several letters of friendly criticism of that.
that would ensue if an organization connected with the Association should
which is all right.
attempt to rate issues or give investment advice.
We have then added here what Is perhaps superfluous. I will admit it
On the other hand. the Association is unselfishly rendering a public
Is just a piece of propaganda. We put in this report a copy of those specificaservice of the highest character In furnishing the funds necessary to enable
tions, so that perhaps more people would have them called to their attenthe investing public to secure unbiased information concerning the foreign tion.
Issues held In this country. True it is that the members of the Association
During the year we received an Inquiry from the United States Chamber
also profit individually by reason of their ability to secure this information of
Commerce asking the Association, or this Committee, to help their
for the benefit of their clients at the nominal cost of the present rate of finance
division in an effort, or an inquiry they are making, to try to cut
subscriptions. But the larger aspect of the work of the Institute reflects down
the rising tide of local taxation throughout the country. This particu
general credit upon the Association New York University has been the tar
inquiry related to the questions of municipal borrowing. Of course, every
pioneer in the field of internationsi financial ethication For many years municipal
budget includes a substantial amount for interest and amortizait has conducted a forum in the Board of Governors Room of the New York tion of
bonded debt.
Stock Exchange relating to international finance and in Its regular curricuThe Chamber of Commerce was apparently unable to tell, at least they
lum it has offered courses in international banking and finance as well as wanted
us to tell them why it was that certain communities were not able
trade. The Association and the University have joined therefore in an to borrow
as advantageously as others, and what were the fundamental
organized attempt to educate the American public with the idea of increasing points that a
community ought to consider and observe in planning Its
the general interest in foreign investment, emphasizing its economic im- Program
of borrowing. Our Committee has taken this as an opportunity
portance and strengthening public confidence In this type of financing and to put outs statement that might be of
some constructive help,not only in
under conditions which safeguard both the University and Association answer to this inquiry, but generally speaking. In
that connection we
from any charge of ulterior, selfish or improper motives While the In- received a great deal of valuable help from Mr. Sam
Rico, who has just
stitute has not attained its financial objective yet and will probably require been on this platform. He
very kindly consented to prepare the first
contmMng assistance during toe necessary period of public education, on draft of the statement which
we wanted to put out, and it has been passed
the other hand it has a record of performance through its studies and pub- on and approved in substance by our Committee, but just now is in the
lications and in the confiden e which has been engendered in its work hands of the special Sub-Committee
that was appointed to make some
both here and abroad, which reflect credit both upon the Association and the final changes in that statement.
University each of which has contributed unselfishly to a useful public
We wanted to make it as nearly complete and perfe-t as we could do,
service.
because the United States Chamber expects to distribute that to the various
Respectfully submitted.
local Chambers of Commerce throughout the country. It is rather simple
A B C stuff from a municipal man's standpoint, and is designed to set
ar0. T. MADDEN.
forth the fundamental points to be observed in setting up a good municipal
bond issue which will sell on the most favorable terms.
The next statement Is a rather general statement about municipal securities, on the whole, which enjoys a very favorable position In certain sections,
but there are certain weaknesses which have developed in bond and tax
laws, and it speaks in favor of the tendency which is now taking concrete
Henry T. Ferris, of the First National Bank of St. Louis, form in some States, notably in West Virginia where the local borrowings,
small sub-divisions are supervised
one single body. That has resulted
In his report as Chairman of the Municipal Securities Com- In those small communities gettingby
better prices for their bonds, and has
mittee referred, among other things, to the litigation over resulted in more satisfactory payment of principal and Interest and in a
administration
the Road District Law of Mississippi, under which, he better have attached throughout. brief annual report from our Legal
We
to our report a
noted, many millions of bonds are outstanding. "Favorable Opinion Depositary, the M. & T. Trust Co. of Buffalo. This company
decisions" he said, "have been rendered in the State Supreme very kindly took over some three years ago the job of preserving, cataloging
and furnishing
Court, but the matter is still pending in the United States outstanding. on request to members the best legal opinion on issues now
GovernSupreme Court." The problems arising from the
That report will explain itself. The Committee states: "We are exceedment's program for Mississippi flood control were likewise ingly anxious to have this depositary continue, and if the new catalog which
Report of Municipal Securities Committee by H. T.
Ferries, Chairman—Status of Litigation over Mississippi Road District Law—Florida Situation,
FINANCIAL CHRONICLE
Nov. 1 1930.]
they are about to issue does not result In stimulating greater patronage, we
will attempt to find other ways and means of establishing the depositary
on a self-sustaining basis."
This brings us down to the most difficult problem which has confronted us
during the past year, and that is the Florida situation. The report of the
Committee on that subject may seem perhaps quite brief in comparison with
the importance of this problem. lilt does seem that way,I can only say it
was put in that form quite designedly. A great deal of bitter controversy
has developed over this Florida situation, and anything which any respnsible group may put out in black and white and generally published is
going to be seized upon and used, attacked by one or another group that
may be interested in that situation.
I would like to read here a few paragraphs and then make a further
statement:
"During the past year the developments In the Florida Municipal situation have been increasingly unfavorable and have received a large amount
of attention from this Committee, as well as from two special Committees
appointed to consider different phases of the problem. The situation remains too complicated and difficult to be remedied by any simple formula
which this Committee or the Investment Bankers' Association can prescribe.
"Our study of the matter has given us this conviction: that the recovery
of municipal credit in Florida depends in the final analysis upon the attitude.
and the action of the responsible citizens and public officials of Florida
itself; that definite policies and programs must be developed by such citizens
and officials and not by outside organizations or groups.
"The interest of many members of our Association in this Florida problem
is direct and genuine, but as an Association we have no desire or intention
to volunteer advice, criticism or suggestions or to urge any particular
measures upon Florida. Yet, if its assistance should be requested, we feel
certain that the Investment Bankers' Association should and will lend the
eTrence of its members and the prestige of its name In the manner best
cauiated to give helpful co-operation to the efforts of Florida citizens
themselves.
"It is under the stress of adversity such as now prevails in Florida that
fundamental reforms win the attention and support of the voters. Florida
should emerge from the rigorous lessons of municipal default with the most
advanced tax and bond laws in the country. Yet any movement toward
this end must arise within the State itself, and we feel gratified in adding
that already considerable evidence exists that such a movement is under
way and that the attitude of the public officials and the coons of Florida
Is developing along sound and constructive lines.
"Our Committee will continue its sympatnetic interest in the municipal
Problems of Florida and is hopeful that opportunity may arise to enable it
to be ofsome real service, both to the members of our Association and to the
citizens of Florida."
We referred there to special committees that worked on this situation.
One of those was a special Sub-Committee of our Committee which devoted
Itself to looking into an organization which has been set up under the name of
the "Municipal Securities Association," consisting of some 50 or 60 dealers
in this country, of whom a very substantial majority are members of our
Association. Some of them are not.
That group was organized less than a year ago and has devoted its time
primarily to developing the real facts in the various communities in Florida.
It prepares and distributes to its members,and membership involves a contributing fee, those reports, and the members of the Association have undoubtedly found it a very valuable medium of getting that information.
Primarily the members are those who have been most active in originating
and handling Florida bonds, but many other houses which have had very
little to do with the origination of Florida bonds have nevertheless seen fit
to join that Association, or to get those reports and that up-to-date information, because I suppose it is conceded that almost every member house
must have among its customers people who have bought Florida bonds and
would like to have that information.
This Sub-Committee of ours has not felt justified as yet in recommending
that our Association give any financial contribution to that Municipal
Securities Association, but we do feel justified in calling attention to what
we believe is the good work it is doing and recommending it to the consideration of any of our member houses who may feel a special interest in the
Florida situation.
Another special committee has attamepted to formulate some statement
of the fundamental principles which it believes should be followed in any
revision of Florida laws. It has not given thought to any such statement
or volunteered any advice or criticism about Florida, but we believe in due
time and through some proper channel we may receive a request for some
helpful co-operation along that line, and we want to be ready to do it when
the time comes.
At our Committee meeting here Sunday morning, one of the members
made this statement, and he was one who had given particular attention to
the Florida situation. He said that he thought this constituted one of the
most unique and stupendous problems in municipal financing that has ever
confronted our country, which does not seem to us to be an extreme statement of that situation, and if our report to-day may seem to be lacking in
any direct or startling program, and reform, It is not, gentlemen, because
we have failed to give it serious and thoughtful attention.
We have been confronted down there with many political competitions,
questions of controversy between one section and another, and It is exceed
[ugly difficult to determine the most practical and tactful way of making
progress. The point we have tried to emphasize in this report is that the
initiative and the impulse must come out of Florida itself, and all we Cali
do is to be helpful when we are called upon.
A motion to receive and file the report was seconded and
carried.
Market Conditions.
Since our last report a very substantial deflation in stock prices has occurred, accompanied by a curtailment in general business activity. An
enormous amount of money not employed in business has been seeking
a medium of investment, and the general investing public is turning to
fixed interest-bearing securities. In addition, there has been a limited
amount of now financing by public borrowers during the last few months.
The supply of new issues has barely kept pace with demand, creating a
scarcity of desirable high-grade bonds. These are among the reasons why
municipal bonds have shown a decided improvement in price during the
last 12 months.
One year ago the average price yield of bonds of the 20 large cities was
4.49%. On Oct. 1 1930 this figure was 3.97%, a decrease of one-half of
1% in yield. This reduction in basis has continued steadily during the
past year, and a trend toward higher prices is still in evidence. At least,
it may be said,there are no visible indications ofany reaction.
On Jan. 1 1927 the municipal bond market started a rise which carried
it on March 1 1928 to a peak of 3.87% yield for bonds of the 20 large cities.
Thereafter a recession took place, which carried this yield up to 4.49%
Oct. 1 1929, as already stated.
-Volume of Municipal Financing.
Tables of Prizes
For purposes of comparison we give below a table showing the average
basis prices of bonds of the 20 large claw as of each month for the years1927.
1928, 1929 and the first nine months of 1930: also a table showing the
volume of municipal financing covering the same period. United States
Territories, Insular Possessions and municipalities therein are included.
2767
Table I.
Average Retail Prices Basis 20 Large Cities.
1929.
1930.
1928.
1927.
Jan. 1_--4.13% _ -Jan. L_-3.87% Jan. 1...4.17% Jan. L-_4.23%
Feb. 1_ _ A.08% Feb. 1---3.87% Feb. 1_--4.19% Feb. 1-4.29%
Mar, 1---4.08% Mar. 1_ -3.87%--Mar. 1_ --4.22% Mar. 1-4.27%
April 1_ --3.98% April 1_ - _3.91% April 1_ -4.34% April L--4.15%
May 1_...3.95% May 1__ _3.93% May 1_....4.25% May 1---4.17%
June 1---3.95% June 1--4.01% June 1_ -4.30% June 1---4.18%
July 1.--4.01% July 1-4.06% July 1-.4.33% July 1-.4.14%
Aug. 1_ -4.06% Aug. 1--4.13% Aug. 1-4.41% Aug. 1-4.08%
Sept. 1_....4.02% Sept. 1___4.18% Sept. 1..--4.41% Sept. 1-.-4.01%
Oct. 1-3.96% Oct. 1---4.16% Oct. 1___4.49% Oct. 1-3.97%
Nov. 1_ _ _3.95% Nov. 1---4.18% Nov. 1....4.37%
Dec. 1--..8.93% Dec. 1..-..4.14% Dec. 1.....4.29%
Table II.
Volume of all Reported Municipal Financing. Long Term.
1930.
1929.
, 1928.
1927.
$73,350,985 $103,851,189
January--- $174.675,400 $103,138,601
78,739,823
88,752,895
132,724,920
72,681,294
February--109,055,775
127.028.127
132,897,209
92,068,518
March
148,955,997
87,343,450
129,860,983
124,807,889
Anril
142,448,384
179,454,918
141,285,015
210.050,710
May
153,699,089
162.168,393
137,213,105
164,298,662
June
111.657,098
86.745.310
75,885,799
86,268,248
July
98,513,949
80.415,394
78,444.748
88,878,059
August -- 68,350,956
100,257,083
70,170,409
September. 116,311,420
122,346,113
98,233.298
124,759,386
October 65,974,063
173,824,090
November-- 105,067,010
286,517,056
116,140,540
December... 117,903,228
Total- -- -31.477,769,824 $1,389,818,717 $1,442,381,438 $1,033,244,612
The average annual volume of municipal financing from 1921 to 1929,
inclusive, was $1,369,065,353. This represents about $114,088.779 Per
month. Up to Sept. 27 the volume for the year 1930 was $1,033,244,612.
This is at the rate of approximately 5114.804,957 per month.
The volume of municipal financing has thus been surprisingly uniform
during the last decade. While the annual volume in recent years does not
exceed to any extent the total annual amounts issued five to ten years
ago, there seems to be a tendency toward larger and fewer individual issues.
For instance, in 1922 bonds were issued in the amount of $1,279.553,134
composed of 9,029 issues. In 1929 only 6,184 issues of municipal bonds
totaled $1,442,381,438. This would seem to indicate a tendency toward
less local financing by road districts, townships, counties and special
-a tendency which,we believe,should be encouraged.
improvement districts
whom we
These figures were compiled by the "Daily Bond Buyer," to
are indebted for same.
UNFINISHED BUSINESS FROM LAST YEAR'S REPORT.
Mississippi Road District Litigation.
It was stated in last year's report that while a final and favorable decision
had been secured in the Mississippi Supreme Court on the question of the
validity of the Road District Law of that State, the defendant railroad company had taken an appeal to the United States Supreme Court. Early
in 1930 the cage was argued in the United States Supreme Court. with
special counsel employed by the I. B. A participating in the argument.
Later in the spring, the court, apparently unable to make a satisfactory
decision, set the case down for re-argument and we are advised that the
case will again be argued in October of this year. While disappointed in
our failure to obtain a favorable decision from the United States Supreme
Court before this, we are yet hopeful that the validity of the Road District
Law will be upheld as was done in the State Supreme Court. The validity
of several million dollars of outstanding bonds may possibly be questioned,
in event of an adverse decision.
Mississippi River Flood Control.
Since our last report the Government has proceeded with its plans to
-way for new levees and flood ways in the Mississippi
condemn rights-of
Valley incident to its plan for flood control of this river. Our Committee
has continued its interest in this matter in an endeavor to protect the
rights of bondholders by securing recognition of the prior rights of bonds
issued by districts within said areas. In certain condemnation proceedings
In Federal Court in Southeast Missouri substantial damages have been
awarded and the question in which bondholders are primarily interested
is just being reached. In some cases It will be possible to reach amicable
settlements whereby the damages awarded for the lands taken or injured
will be divided among the landowners, the bondholders and other creditors
on some agreed basis. Where an agreement is not possible. it will be
necessary to carry on litigation to reach a final determination of the legal
rights of bondholders in such cases.
Circular Specifications.
Following certain changes authorized at the 1929 Quebec Convention,
our code of Municipal Securities Specifications has reached its third revision.
and in accordance with established practice large numbers of circulars are
reaching the Chairman of this Committee and a continued effort is being
made to induce member houses to become familiar with these specifications
and prepare their circulars accordingly. We are glad to say that, on the
whole, excellent co-operation is received from member houses who seem
anxious to follow the circular code when fully understood by them. For
the sake of ready reference these circular specifications In their present
approved form are set out herein as part of this report:
Circulars should contain information on the following points:
A. On bonds of State, city, county, town, village or similar regularly
constituted municipalities.
1. Full name of political subdivision issuing bonds and type of bonds
If other than direct obligation.
2. Dates, maturities, callable dates and prices, form of bonds, I. e.,
coupon, fully registerable or as to principal only, interchangeable. Denomination, place and medium of payment, price and (or) yield (lowest,
whether to maturity or call date).
3. Tax exemption Status. (Optional.)
4. Legal investment status. (Optional.)
5. Latest obtainable financial statement, with date of statement and
source of information clearly stated:
a. Assessed valuation and, if possible, the basis of assessment in relation
to market value, for both real and personal property. Actual valuation
may also be stated at dealers' option if an official estimate of such valuation is obtainable: in such cases date and source of such statement should
be given.
b. Total bonded debt ultimately payable from general taxes.
c. Less self-supporting debt and leas sinking funds for other than selfsupporting debt. Bonds payable primarily from special assessments, but
2768
FINANCIAL CHRONICLE
ultimately from general taxation should be included in the total bonded
debt, but may be shown by appropriate footnote as representing only
contingent liability of the municipality. The amount of such indebtedness,
however,should not be deducted in thestatement in arriving at the net debt.
d. Net bonded debt.
e. Population, last official census figures should be given when available.
and if later estimate is used, give date and source of same.
6. Description, location, population and characteristics.
7. Purpose of issue.
8. Name of approving attorney; whether or not issue already approved
or to be approved.
9. Kind of bond—direct, indirect, guaranteed obligation, general tax
or assessment bond, special revenue or special fund bond.
10. Explanation of proposed method of repayment.
a. Special tax or fund.
1. Not necessarily included if bonds are ultimately general obligations
payable from full taxing power.
b. If payable from limited property taxes, the following sentence should
be used; "These bonds are payable from ad valorem taxes levied upon all
property within the limits imposed by law."
C. If bonds are payable solely from special taxes or special revenues,
this should be stated specifically.
B. District bonds.
1. Of first importance in a circular is an honest description of the municipality—exactly what it includes and what its special powers and purpoges
are—and a full definition of the available revenue producing powers.
These are comparatively easy to give in offering securities of regularly
constituted municipalities, descriptions of which are available in any atlas;
but in offering bonds of a municipality, such as a special district newly
formed or for some reason not definitely described in standard references.
the dealer has a much greater obligation to give a full account of the territory included and the taxing of revenue producing powers.
C. Special revenue bonds.
1. In addition to plain indications of the special status, in the title and
the definition of taxing power, a circular offering bonds payable solely
from special revenues should include information such as is usually presented
in a corporation circular regarding expected earnings, valuations or tax
yields.
Inquiry From United States Chamber of Commerce.
In the Spring of 1930 an inquiry was received by our Association from
the United States Chamber of Commerce and was referred to the Municipal
Securities Committee. This inquiry stated that the Finance Division of the
United States Chamber felt no little concern over the rising volume of local
taxation throughout the country and desired an authoritative statement
from our Association as to the reasons for the varying ability of different
municipalities to borrow money at favorable terms and, if possible, for
suggestions as to ways and means of enabling municipalities to borrow on
the most favorable terms.
With the approval of the Board of Governors, the Committee has undertaken to prepare a statement in answer to this inquiry and will forward
same when completed to the U. S. C. of C. Copy of same will also appear
as Exhibit"A"to this report. (Exhibit"A" will appear in the Year Book).
General Municipal Credit.
As indicated in the first section of this report, the credit of municipal
bonds as a whole continues to enjoy a very favorable position. However.
under the stress of economic changes, certain weaknesses have developed
in the laws of some States governing the incurring of public debt and point
to the need of revision in the direction of greater restrictions on debt limits
and closer supervision of the finances of the smaller municipalities. Some
States have already established a central body to check and diauct the borrowings of the various counties and other political subdivisions and a
marked improvement in credit position has already resulted in such States.
We commend the tendency in this direction and in the statement to the
H. S. C. of C. already referred to—we have mentioned in some detail—
other features calculated to strengthen the laws and practical administration of municipal indebtedness.
Legal Opinion Depositary.
The attached report (Exhibit B) from our official Depositary of Legal
Opinions, the M.& T. Trust Co. of Buffalo, deserves the careful attention
of all municipal dealers. The Committee recognizes the necessity of maintaining such a depositary for the convenience of dealers and believes that
the new catalogue to be issued shortly will stimulate patronage. If not,
the Committee will endeavor to find ways and means of establishing this
depositary on a self-sustaining basis.
Florida.
During the past year the developments in the Florida municipal situation
have been increasingly unfavorable and have received a large amount of
attention from this Committee, as well as from two special committees
appointed to consider different phases of the problem. The situation remains too complicated and difficult to be remedied by any simple formula
which this Committee or the I. B. A. can prescribe.
Our study of the matter has given us this conviction: That the recovery
of municipal credit in Florida depends in the final analysis upon the attitude,
and the action of the responsible citizens and public officials of Florida
itself; that definite policies and programs must be developed by such citizens
and officials and not by outside organizations or groups.
The interest of many members of our Association in this Florida problem
is direct and genuine, but as an Association we have no desire or intention
to volunteer advice, criticism or suggestions or to urge any particular
measures upon Florida. Yet, if its assistance should be requested, we
feel certain that the I. B. A. should and will lend the experience of its
members and the prestige of its name in the manner best calculated to give
helpful co-operation to the efforts of Florida citizens themselves.
It is under the stress of adversity such as now prevails in Florida that
fUndamental reforms win the attention and support of the voters. Florida
should emerge from the rigorous lessons of municipal default with the
most advanced tax and bond laws in the country. Yet any movement
toward this end must arise within the State itself, and we feel gratified in
adding that already considerable evidence exists that such a movement is
under way and that the attitude of the public officials and the courts of
Florida is developing along sound and constructive lines.
Our Committee will continue Its sympathetic interest in the municipal
Problems of Florida and is hopeful that opportunity may arise to enable
it to be of some real service, both to the members of our Association and
to the citizens of Florida.
EXHIBIT B.
OFFICIAL DEPOSITARY OF OPINIONS FOR THE
INVESTMENT BANKERS' ASSOCIATION OF AMERICA.
As we stated in former reports the M. & T. Trust Co. took over the
work of the Depositary of Opinions for the Investment Bankers' Association
of America January 1928. Files, cards and opinions were received from
rvoL. 131.
the United States Mortgage & Trust Co., N. Y. City, during that month,
and are now on file in fire and burglar proof vaults in our new building in
Buffalo.
Booklet.
After taking over the files we commenced to compile a list of these
opinions for a booklet; it being advisable, as we thought at that time, not
to give a complete description of each opinion on hand, as we found that
a number of smaller bond houses would use the list and finding the opinion
they were seeking would show their customer that the opinion was on file
and in this way save purchasing an opinion. We completed said booklet
and sent to all of the list of bond houses, banks and Approving Attorneys.
November 1928 and July 1929 supplements were sent out to the bond
houses and banks requesting them—about 800 of the issues being sent.
Much to our regret we found considerable opposition to this booklet
and decided to issue a new booklet giving a complete description of the
opinions on file.
We have had since Jan. 1 of this year several typists and clerks working
on the copy for this booklet. In fact, we found it an enormous task due
to the number of opinions on hand, numbering in the neighborhood of
42,000. This booklet will be completed and mailed sometime in December
of this year and will give the name of the municipality, state amount of
Issue, Purpose, rate of interest, date of issue, date of maturity, and the
names of the Approving Attorneys. We hope this will meet with general
approval and be of assistance to the bond fraternity, banks, &c. The
opinions are all listed and copy is in the hands of the printer and when
completed will be a book of about 1,100 pages containing a list of upwards
of 42,000 opinions. This has been a harder task than we anticipated as
it was impossible to realize the amount of labor involved.
Opinions Sold.
As reported previously, there were sent out in
1928
1929
229 opinions amounting to
217 opinions amounting to
$695.50
649.50
and the first nine months of 1930 there were sold 159 opinions as follows:
January
22 opinions amounting to
$64.00
February
13 opinions amounting to37.50
March
24 opinions amounting to
68.00
Aprll
15 opinions amounting to
45.50
May
11 opinions amounting to
35.50
June
19 opinions amounting to
54.50
July
19 opinions amounting to
54.00
August
9 opinions amounting to
23,50
September
27 opinions amounting to
75.50
Making a total of 159 opinions amounting to
$458.00
for 1930, or a total of 605 opinions sold from Jan. 1'1928, the time we took
over the work, to Oct. 1 1930, or a total amount received of $1,803.00 from
the sale of these opinions.
Aside from this there have been a number of opinions located and sent
out which have been returned by the persons requesting them. The
reasons given for returning them have been that they either found the
opinion which had been mislaid by them—they had obtained the opinion
from another source before we could locate it and send it—had sold the
bonds without one, or they were no longer Interested in the bonds.
Requests for opinions are taken care of immediately upon receipt of same.
Where requested opinions are sent Air Mail. In every instance the opinion
is mailed from this office the same day we receive the request. If the file
does not contain the opinion, we advise the house requesting it and proceed
to locate same. If we are successful in locating it a certified copy is for
warded at once. With the exception of a very few cases, we have been
able to locate the opinion asked for, which was not on file at the time the
inquiry was received. In some cases we have found that opinions had not
been rendered; this we learned through the officials of the municipality.
Whatever information is received is transmitted promptly to the person
or persons requesting the opinion. For a certified copy of an opinion we
charge members of the Association $2.50 and non-members pay $3.50.
The charge is the same whether the opinion is on file or we have to locate it.
We have also received a number of inquiries as to whether there is an
opinion on file covering different issues and if it covers certain numbers of
bonds and by whom was the opinion rendered. All this information is
given promptly and cheerfully and without any charge for the service.
The Approving Attorneys and Bond Houses have been most prompt in
complying with our requests for opinions not on file and have been of
great assistance to us and their unfailing courtesy and promptness is very
much appreciated by us.
We are very much disappointed this year to note that the demand for
opinions has decreased slightly from last year. Taking the average for
the first nine months of this year, and providing the demand continues
about the same for the next three months, we will furnish about 20 opinions
less than the year 1929.
You will note by referring to the "Bond Buyer" that we have secured
uuder the list of attorney's names a liner reading, "M. & T. Trust Co..
Buffalo, Official Depositary of Approving Opinions for the Investment
Bankers' Association of America." We have also advertised in the "Bond
Buyer" off and on during the past year, and, while we are not discouraged
with this work, we do wish the Investment Bankers' Association in some
way could assist in stimulating business and a demand for opinions and
are in hopes with the aid of the Investment Bankers' Association when the
new booklet is completed that we will break even. Please do not misconstrue the meaning of this portion of this report, as we are very glad to do
the work and feel that we can make a 100% job of it and will appreciate
any suggestions and criticisms of the Municipal Securities Committee.
Respectfully submitted,
M. & T. TRUST CO..
By Joseph E. Chambers, Vice-President.
Report of Public Service Securities Committee by F. E.
Frothingham, Chairman—Opposed to Extension of
Federal Control over Electric Light and Power
Industry—Would Have Government Lease Muscle
Shoals to Highest Bidder.
While expressing the belief that the bill passed by Congress,
setting up a Federal Water Power Commission is "sound
legislation and in the direction of more effective and dependable administration," the report of the Public Service
Securities Commission of the Investment Bankers' Association notes that "the effort continues, in a bill now pending
Nov. 11930.1
FINANCIAL CHRONICLE
before the Senate, to extend greatly the authority of this
Commission to include, among other important determinations, the regulations of the price of all electric current in
inter-State traffic." The report adds:
The bill, we understand, provides that a joint board be set up by the States
Concerned which will regulate such inter-State transactiods and, in case of
disagreement in the board or exceptions taken to its findines, the Federal
Commilsion shall assume jurisdiction, appeal to the courts being allowed
only after the Federal Commission has taken Jurisdiction. Your Committee not only feels that no public need demands such regulation, but that
the passage of such a law would be altogether premature, all the fact stands
to-day. This would inject Federal authority into State affairs with the
of
inevitable result, however much such an intention may be disclaimed,
ultimately creating centsalized Federal control.
In urging that the Government lease Muscle Shoals to the
highest bidder, the report says,that "the need of Federal
regulation in this (power) industry does not exist." The
Chairman of the Public Service Securities Committee,
Francis E. Frothingham of Coffin & Burr,Inc., Boston, made
the following statement in presenting the report:
Mr.President and Gentlemen; It is late and we are all tired,so I won't read
even sections ofour report. Let mesay,though,that the point of view from
which we went at the problems was that the underlying conditions which
surround the public services in the long run determine the market level of
their securities and the availability of the securities for legalized purchasing
of one sort and another. Therefore, we have discussed those problems.
The universality of the services, the essentially permanent character of
them, their public nature, and the fact that they can only be carried on
under public grants of one sort or another, put them in a very special
category in the business of the country. As a result, they are especially
concerned with public and legislative discussion of the problems of the
business, the nature of the regulation under which they shall operate, and
the stand regarding the problem of the adjustment between public and
private operation and ownership. The committee feels strongly that the
weight of the argument is in the direction of private operation as now,
and having in mind what Governor Black said this morning. I would like
to express the thought that a proper solution of the public utility problem,
so that the brains and the ability that is in the business can be put to
the use of all of us—for there is not an individual in the country who from
the time he wakes until he goes to bed, is not using some form of public
service--will do as much as anything that can be done to re-establish the
forward progress of the country.
We spoke about the way in which the utility securities have stood the
hammering of the business conditions we are going through. We have
referred to the advantages to be gained by simplification of corporate and
financial structures. Those are very real, and the banker can play a
real part in helping in that direction.
In the electric light and power business we have called special attention
to the proposed Federal regulation of the kilowatt hours that crossed state
lines. We find on analysis that not more than 16% of the kilowatt hours
of the country crossed state lines, and that of those, probably between
34 of 1% and 1% only effectively escaped state regulation. So that it
seems at least premature to inject the Federal Government into any regulative regulation to this business at the present time.
In the street railway business we point out the troubles it is experiencing, and a need of a realization on the part of the public and the legislators
that transportation is essentially a social problem. The manner of growth
of our cities, the extent of the growth, is absolutely determined by transportation facilities. With a proper recognition of this condition, it ought
to be possible to bring the street railways back so that their securities will
have something of the favor that they used to have.
In the gas business we analyze the influence on the manufactured gas
business of the availability of natural gas. There is no city within the
United States today that is not potentially within the reach of natural
gas. Many are already receiving it. and it is rather interesting that
some 85% of all of the gas sold in the country today is natural gas rather
than manufactured gas.
The committee details the expansion of the natural gas business. We
have said nothing about telephones or about the water service, because
those are following the even tenor of their way. The report concludes
with an appeal to the membership, which I would like very much to emphasize, that the contact of the Investment bank is very largely with its
public, and its customers, through the circulars and advertising, and that
they should conform to the very highest standards of proper exposition of
all the securities offered either in circular or advertisement.
they sometimes seem to be—and that they are the basis on which a new
prosperity must be built. It should be pointed out, too, that the wise
business foresight that raised immense amounts of capital on junior securities when the markets for them were favorable has established the soundest possible basis for senior financing, now that the junior markets are
less available.
There was a sharp recession of new offerings in these fields after the
panic of last year—November of that year showing almost nothing new,
December coming back to a normal low month total, January and May of
this year, however, showing higher peaks than for a long time. The
change in classification is, however, noteworthy. The total of new capital
(exclusive of refunding) is reported for 1928 (in round figures) as $1.710,term
000,000, for 1929 as $1,932,000,000; but it is to be noted that long
bonds and notes for 1928 were $940,000,000 against $654.000,000 for
for the same years $114,000.1929, that short term bonds and notes were
from $757,000 and $48,000,000 respectively, whereas stocks increased
000,000 in 1928 to $1,230,000,000 in 1929. The effect of the market
paralysis of busibreak in the latter part of 1929, and the accompanying
and
ness, is shown in a comparison of the first seven months of this year
note
last. These months showed $444.000,000 of long term bond and
financing in 1929, increased to $1,106,713,000 in 1930, and $26,000,000
of short term bonds and notes increased to 5179,000,000, whereas stocks
predecreased from $880,000.000 to 5655,000.000. This reversal of the
vious trend is the more notable if it be recalled that the 1930 stock figure
includes some $215,000,000 of American Telephone & Telegraph Co.
stock as against none for the earlier period.
One of the ablest utility operators in the country has recently remarked
that what the public utility companies need now is sanity of operation
based on the knowledge that the business is regulated and profits limited;
that financial structures of the big holding company groups should be
simplified; that full and complete information of all intercompany transactions should be given. The "sanity" of these observations is so patent
that your committee wishes to call special attention to them and you stress
of
them. While there is a definite tendency toward the simplification
infinancial structure, many of the groupings are still complicated and
volved beyond any apparent reason or need. Your Committee has heretodirection.
fore pointed out the advantages to flow from simplicity in this
of
Complication is not a necessary corollary of size; in fact the virtues
size and should be constantly
simplicity of financial structure increase with
values,
sought for as one of the greatest aids to fair market judgments of
too in the
and in the raising of cheap money. There is a lurking feeling
process not to its
public mind that there is something in the pyramiding
this, and we
best interests. Bankers as well as operators are at fault in
correction
would particularly urge the influence of the bankers toward the
Committee has also
of the existing confusion of capital structures. Your
of interreferred in the past to the dangers that lurk in the concealment
is a growing
company transactions. Here again we are glad to say there
should be on
recognition that these necessary and beneficial relationships
the category
the frankest basis to the end that they may be removed from
these matters
of public suspicion. Your Committee refers here again to
values back of
because they seem so fundamental in developing sound
public utility securities as a class.
A motion to receive and file the report carried. The report
follows:
General.
A year ago, at the time of our last convention at Quebec, the financial
ship had all sail on, and the crowding passengers could see near at hand
the promised land of easy and large profits. To-day the passengers are
re-rigging a dismasted ship, and all the able-bodied have taken their turn
at the pumps. The promised land for most was but a mirage after all.
This country, the world, Is now in the throes of an aftermath. It is
a world situation that is now in the mending, and it is as inevitable as
time that the needs and energies of men will in due course resurge into an
era of general prosperity, stabilized, let us hope, by the remembrance of
recent experiences.
With the collapse of the speculative markets, utility equities, more
particularly the holding company equities, suffered a large market shrinkage in values, along with all other equities, and bond prices also suffered
a decline. Demonstrations of intrinsic values are, however, made by
adversity. The utilities have stood the test in remarkable fashion, the
Inherent nature of the electric light and power, the telephone, the street
railway, the gas and water services being such that they are affected more
by their own peculiar problems than by the factors that general depression
brings to bear on industry as a whole. People need and use, in good times
and bad,light, heat, water, telephone communication,local transportation.
These are the services last given up and the least curtailed. Adversity
-repeated truth. The value of
has at least again demonstrated this oft
well issued securities on these properties (the peculiar present situation of
railways should perhaps exclude them as a whole from this
the street
general classification) have proven their soundness.
Stockmindedness has been giving place to a more conservative viewpoint.
The demand for utility bonds has, since midsummer, markedly improved,
and investors have seen their confidence justified in buying senior securities when a lethargy possessed the market and all classes of securities
went without buyers. Again, adversity in the speculative field, which
sooner or later ignores sound principles of value, but demonstrated anew
that these principles are perennial—old-fashioned and in the discard as
2769
Electric Light and Power.
ability
The electric light and power industry has again shown its peculiar
electric
to withstand the shocks of business depression. In the diversity of
peneuse, the wide-flung availability of electric service and the persistent
In
tration of electricity into almost all of our needs, lies the explanation.
own,
this industry earnings have in some cases fallen off, in some held their
than formerly. The
in most cases have increased, though at a lesser rate
cause of
very large industrial load of many ofthe companies is the primary
and
such decreases as have occurred. Inherently, the business is sound,
the
operating company securities remain in an enviable position. With
light and power
recovery of general business, it may be anticipated that the
belittle anything it has shown in the
industry will see an expansion that will
it is
past, extraordinary as that past has been. The industry as we know
not yet 30 years old, but its position and stability are such that senior
the premier
securities on its operating properties in many cases rank with
rail bonds.
It does no harm to recall public statements from authoritative sources.
In the fifteen years from 1912 to 1927 the amount of electricity generated
increased 626%, the number of customers 465%, the number of people
living in wired houses 520%—increases scarcely influenced by the 24%
growth of population for the period. In 1902 gross receipts were $85,000,000, in 1929 they exceeded *2.000,000,000, and during this same period
investment increased from *500.000.000 to $11,000,000,000. Some sharp
gentlemen with a sharp pencil may prove these figures wrong in certain
amounts, for data is notoriously hard to gather correctly; but egregioeS
errors must needs be disclosed to belie the substatial accuracy of the
ratios. In 1929 the kilowatt-hour output in this country was over 97,000,000,000, and this year will run over 100,000.000,000. continuing to be more
than is produced in all the rest of the world. And this result has been
accomplished, in the face of an increasing system cost per kilowatt of
installed capacity, with a reduction in kilowatt-hour charge to the customer, till his payment for this indispensable service is ridiculously small
when compared with his daily costs for food, shelter and clothing. The
feat accomplished and the service rendered are each extraordinary and
merit recognition as such. But such a general statement is better reduced
to the specific. Mr. W. A. Jones, President of the National Electric Light
Association, points out that the average rate for electricity at the end of
1929 was but 30% of the 1890 price, and that since 1913 against a 70%
Increase in the cost of living there has been a 30% decrease in the average
rate for domestic electric service. The multiplication of the use of appliances has increased the average annual kilowatt-hour sales per domestic
customer from 268 in 1914 to 502 in 1929—by far the larger than anywhere
else in the world. Consider what it means to general well-being that 94%
of domestic customers own flat irons, 44% vacuum cleaners, 33% washing
machines, and for the future of domestic sales that only 4.5% have electric
ranges and 9.4% electric refrigerators. 30% of the homes are still without
electricity, though of these many are yet beyond the reach of transmission
lines. Mr. E. Gruhl of the North American Co. makes the interesting
per capita comparison of yearly expenditures for the entire country of $6
for residential electric service against $16.50 for tobacco. $8.50 for candy.
$8 for ice cream, $9.50 for reading, $182 fur food. These figures would
have no place here except as they bear on the character and cost of domestic
electric service, and so in turn on the nature of important values that
support the billions invested in the industry.
But the size and success of the industry have inevitably invited attack,
some of which point to shortcomings that need correction, but the great
part of which is either based on misconceived facts or has no foundation
other than the inability of those who do not appraise justly the work 'of
those who have built up a great and useful service, and who therefore feel
they are performing a public duty if they can somehow drag down and
hamper large effort. Customer complaint is conspicuous by its absence.
Such rapid growth could not well be free from mistakes of commission and
2770
FINANCIAL CHRONICLE
[VOL. 131.
omission where a new financial and physical structure is being reared to
Street Rattrap.
feed an insatiable public demand. Your committee believes these are
This great industry continues to suffer from the difficulties pointed out
susceptible of correction by well-balanced criticism and constructive sug- in
our last report, I. e., a continued decrease in the riding habit and a lack
gestion. The interim report of this committee addressed itself to some of of
understanding of its problems by the public, which makes it so difficult
these questions, and the committee would like to have that report con- for
the efforts of the industry itself to be productive of early results. Neversidered a part of this report as though written into it.
theless, through a slight reduction in operating costs and in taxes, and of
Since that report was written, Congress has passed a bill setting up a
fixed charges, the aggregate balance for 1929 has shown a slight increase
Federal Water Power Commission of five men, to be appointed by the over
that for 1928. Reduced cost of materials and increased speeds were
President with the advice and consent of the Senate, who are to give their able
to a little more than offset slightly higher wages. But it is a struggle.
entire time to the work, in lieu of the commission consisting of the SecreFallacies of principles and ideas accepted by the industry years ago,
taries of War. Interior and Agriculture. This your committee believes to
and unrecognized as such because hidden by the gracious years of non
be sound legislation and in the direction of more effective and dependable competition
and abundant income, are now at the surface for what they are,
administration. But effort continues, in a bill now pending before the like
rocks at low tide. The whole industry needs a new appraisement and a
Senate, to extend greatly the authority of this commission to include, public recognition
of the social importance and the equities of the transamong other important determinations, the regulation of the price of all portation problems.
Unless there develops a public recognition that the
inter-State flow of electric current. The bill, we understand, provides time has come
for it to bear its appropriate share of the costs involved in
that a joint board, to be set up by the States concerned, shall regulate the creation
of high grade transit facilities, it is difficult to see how electric
such inter-State transactions and in case of disagreement in the Board or railway securities
as a class can recover the ranking to which they are
of exceptions taken to its findings the Federal Commission shall assume entitled, how refunding
can be handled, how new money can be raised in
jurisdiction, appeal to the courts being allowed only after the Federal the quantities
required. The satisfactory balance between the centripetal
Commission has taken jurisdiction. Your committee not only feels that tendencies of city business
and the centrifugal tendency of residence can
no public need demands such regulation, but that the passage of such a only be effected by
adequate and dependable transportation. Put tersely,
law would be altogether premature as the facts stand to-day. This would rapid transit is
the limiting factor in urban growth;and so put,it becomes at
inject Federal authority into State affairs with the inevitable result, how- once a social problem,
the importance of which cannot be overemphasized.
ever much such an intention may be disclaimed, of ultimately creating
The fact remains beyond dispute that no method of transportation
another centralized Federal control. Joint Federal and State authorities yet devised or now
foreseeable can meet the mass demands of large comdo not make good bedfellows. If an injustice exists and Federal authority munities as can the
trolley car or subway or elevated train. Buses and
alone can protect the public in the premises, then and only then should taxis are incompetent
by comparison. They must be recognized as colIt be invoked. Political expediency may overbalance the facts and the lateral, co-ordinating
agencies. And yet we sit and watch our downtown
principles involved, as expediency so often does. But should it?
streets become so increasingly crowded that all methods of surface transA great principle was recently enunciated by Chief Justice Hughes. and portation are so slowed
down that the old horse car brings memories of
we venture to apply it to such an issue as is here involved. He said in refreshing speed. Something
must be done. But what? It is not a case
his address to the American Bar Association:
of palliatives being sufficient. The troubles are deep-seated and funda"However difficult it may be. in constitutional interpretation, to main- mental, and must have active public recognition if transportation securities
tain perfectly and to the satisfaction of all this balance between State and as a class are again to be recognized
as having Investment worth.
Nation, it is of the essence of American institutions that it should be preFortunately, there are hopeful signs. The new Chicago unifying franserved so far as human wisdom makes this possible,and that encroachments
chise has apparently recognized the principle of special assessments against
upon State authority, however contrived, should be resisted with the same
Intelligent determination as that which demands that the national authotity the beneficiaries of improvements instead of piling all their cost on the
should be fully exercised to meet national needs."
car rider. Youngstown, Ohio, through the co-operation of public spirited
Let us inquire into the facts regarding the inter-State flow of electricity. citizens, has passed a street railway ordinance of an encouraging kind.
The other day the Board of Transportation in New York, where political
Not including electricity imported from Canada, the best obtainable figures
show that of the kilowatt hours generated in the United States 8.99% expediency is so controlling, said in its seventh report;
crossed State lines in 1926, 10.73% in 1928, 11.84% in 1929 and the esti"The omnibus corporations which are not affiliated with existing stree„
mate for 1930 is some 14%. Supposing that Federal authority could railroad corporations are unable to offer as comprehensive a service e
reach all this (which it cannot), it is difficult to conceive that any equitable those which can offer transfers to intersecting car lines at a reduced rate
change in the price range of existing inter-State transactions could materially . . . and it appears that only by a combination of omnibus lines with
street-car lines can a really comprehensive street surface transportation
affect the market price of the total. But it is pointed out that, in the case system be worked out."
of individual States, current exported amounts to large percentages of
And the New York "Times," in commenting on the proposed substituthe total generated, as in the case of Vermont 64.6%, Idaho 62.2%, West
Virginia 54% and others to lesser amounts; and that importation per- tion of buses for certain track routes says:
centages are often high, as in the case of Mississippi 76.7%, Nevada 59.4%.
"The big thing is that this particular problem is now being attacked
Utah 53% and other States in different amounts. These figures sound constructively for the first time in many years."
impressive until one reflects that percentages give no suggestions of absolute
In various places are interesting signs of a growing public recognition
amounts, having to do only with ratios. Again, here we would point out of
what the transportation problem is. But it is as yet largely superthat though exception may be taken to detailed figures the essential corficial and has not acquired the long vision and far-sightedness to cut free
rectness of the facts brought out cannot well be questioned. In the entire
from precedent and accepted practices and to recognize a new era that
United States in 1928 fifteen plants (or group of plants), six of which are
requires a new method. In the meantime, the Industry is exhausting
steam and nine water power, accounted for 64% of the 10.73% of interitself, within
State kilowatt hours reported-22% being steam and 42% water power. equipment, the limitations imposed, to develop new types of rolling
of paving, of buses, of trolley buses (comparatively new in
The corresponding figures for 1929 are 61% of the total inter-State flow of
this country but of real possibilities). But in the end,speed, frequency of
11.84%-25.5% steam and 35.5% water power. (These are records of service,
quiet operation,attractive and comfortable vehicles and reasonable
the National Electric Light Association.) In other words, it is a set of fares
alone will shift the riding habit to public conveyances. And reasonparticular situations, and that few in number, and not a country-wide
able fares are only possible if expensive burdens now put wholly on the
condition, in connection with which it is proposed to invoke Federal author- car
rider are equitably distributed among all the beneficiaries—and every
ity. Still it may be said that these individual situations are of such im- individual
in a city, whether or not he ever uses a trolley car, is a beneportance that a public injustice is done if the Federal authority does not ficiary
of its presence.
step in. Is this so? Apparently not. In several instances there is
As an indication of the efforts of the industry to make improvement
effective State regulation, without the State being legally invested with in
service, a committee is being formed, made up of operators, car builders.
direct authority, as in cases where the plants in another State are either electrical
and other equipment manufacturers, with $500.000 subscribed,
directly owned property of the distributing company or wholly owned to
be expended over a period of three years, for the purpose of developing
subsidiaries. The cases where Federal authority seems to have sole juris- a
suitable passenger car for use on rails. The significance of such an
diction are, as reported by the N.E.L.A., only some 4% of the total inter- effort
is self-evident. Fare schedules are also the subject of searching
State transmission or but slightly more than 56 of 1% of the estimated study in the hope of increasing
,
income by a more scientific and equitable
total of 100,000,000,000 kilowatt hours in 1930. In some States there is charge according to zones
or distances traveled. The average fare in
no commission to regulate rates, and if the population of such States do 1929 was
8.74 cents, the highest in the history of the industry.
not choose to exercise their legal rights in this respect, why should a cenThe reason for speaking at this length and in these general terms is that
tral government exercise paternal interference?
by and large the problem is generic, however specific it may be In particular
A further word about the character of these major inter-State trans- cases, and it is
hoped that the members of this Association will rcognize
actions is of interest. Great centres of distribution are insatiable consumers the broad need
and bend their efforts and energies to winning vital public
of current. It can either be made locally or imported. If it can be made support to a change of front toward
the transportation problem. This
cheaper locally it will never be imported. Baltimore gets peak power from committee believes this course will
as much as anything result in a revival
the Holtwood water power plant on the Susquehanna River in Pennsyl- of the industry.
vania; Philadelphia turns to the Conowingo plant on the same river in
In the interurban field several roads have discontinued operation,
Maryland; 8t. Louis builds a steam plant on the Mississippi River across particularly where they have been
more or less isolated properties. Others
from the city but In Illinois, and gets power also from the Keokuk dam will also be shut down. In western Ohio
a unification of lines has been
between Iowa and Illinois; Utah gets power from the Bear and Snake Rivers effected, making a continuous service
between the Ohio River and Lake
In Idaho; industrialized Ohio and Pennsylvania get power from the great Erie. This has made it possible to
build up a freight business, particularly
Windsor steam plant in West Virginia; Mississippi, without coal, oil or gas in less-than-carload lots, of a most
encouraging kind. Within the last
until recently, gets power from a steam plant in Louisiana where is natural few months this system has inaugurated a de
luxe, high speed, long distance
gas; Massachusetts, likewise without coal, oil or gas, gets power from water passenger service which, in spite of the
economic situation, has achieved
power plants in Vermont, and is soon to draw on a new water power plant most encouraging results. It may be that
similar co-ordinations elsewhere
on the upper Connecticut River in New Hampshire. All these are natural will turn failure into success. In Indiana similar
efforts are being made.
economic developments, based on geographic considerations, unfortunately
An interesting evolution in the street railway business Is to be noted in
involved in the legal barriers of State lines. They are all logical economic the entire abandonment of surface tracks In favor
of buses in cities of
units, and in each case the public has received benefits. This committee substantial size. This has occurred in Danbury,
Connecticut, in Everett.
is not blind to the fact that there are a great many inter-State lines other Washington, and in Newburgh, New York—each
a town of some 30,000
than those involved in the citations made, and that increasing amounts of population. Many smaller places formerly with street
cars now have buses
current (accommodations rather than mass in character) will ebb and flow only. Bus service has also supplanted street cars in
Paterson, New Jersey,
back and forth over them; but it does not believe that such interchange is a city of perhaps 145.000. This tendency, however, has
its limits, as with
now, or is likely soon to be, of proportions or subject to abuses that the increasing size of urban centers mass transportation
in some form, however
States cannot handle, and that to invoke now the Federal authority of it may be supplemented by buses, is essential.
Washington, with a remote ard indifferent interest in essentially local
By way of current statistics in the street railway field,
the following
questions, is not the most hoteful kind of constructive effort. Federal figures are believed to be approximately correct; Out
of a total of $26.
authority, too, has the reputation of being costly, cumbersome, dilatory 688,000 of electric railway securities maturing in
1929, $18,342,000 were
and ultimately dominating. And once invoked it cannot easily be dis- retired and $6,707.000 were refunded or extended.
$7,141.000 bonds with
charged. Your committee fears the effects of Federal regulation on the maturity dates between 1951 and 1963 were called at
prices ranging from
business if this course is pursued.
101 to 105. The amount of securities was the smallest of any recent year
Your Committee also regrets the disposition to create the so-called with the exception of 1926, which was about half a million dollars leas.
"power issue" in national politics. Let us harness private wealth and energy New securities to the amount of $18,310.000, mostly in short term notes,
to our needs, not kill it by epithet and innuendo. Let the Government were floated in 1929 by companies engaging exclusively in the business of
lease Muscle Shoals to the highest bidder; let it keep out of business; but operating street railways, at yields of 6.84% to 7.06%. Two groups of
let it always regulate adequately, through the States if possible, otherwise long term securities, one for $1.500,000 and one for $1,000,000 maturing in
fearlessly through Federal authority. The need of Federal regulation in 1949 and 1957, were sold to yield 8.35% and 8.36%,respectively. Informathis industry we believe does not now exist.
tion on combined properties is not available.
Nov. 1 1930.]
FINANCIAL CHRONICLE
With a funded debt well over $3,000.000,000, defaults of interest reported
during the year involved $27,284,000 of securities. Five companies went
into the hands of receivers. These companies operated 425 miles of track
and had outstanding at the time ofreceivership $35,138.400 offunded securities and $39,035,000 capital stock. The number of companies was the
smallest in the last 20 years; but the amount of the securities was larger
than the average in recent years due to the receivership of the New York
State Railways and the United Traction Co. of Albany.
Manufactured Gas.
Your committee is of the opinion that the manufactured gas business can
no longer be properly considered apart from the use and potentialities of
natural gas, in order that the business of supplying gas for public consumption be considered as a whole. Natural gas has already been substituted for
manufactured gas in 32 cities with a population of nearly 6,000.000 and
with over 1.000.000 customers, and this substitution is taking place or
is proposed in 26 cities with a population of nearly 12,000,000 and with
over 2,500,000 gas cuitomers. In fact. it may fairly be said that but few
Important communities in the country are beyond the reach of natural
gas, and potentially perhaps none. Natural gas is now in San Francisco,
Denver, El Paso, Dallas, Oklahoma City, Kansas City, New Orleans,
Memphis,Birmingham, Atlanta, St. Louis, Cincinnati,Pittsburgh,Buffalo,
to name only a few of the more important places. Almost all of these places
at one time or another had manufactured gas. Natural gas pipe lines are
spreading and interconnecting and co-ordinating sources of supply as are
the transmission lines of the electric service. Some 85% of all the gas consumed in the country during the past year was natural gas.
It is worth while to visualize what this business is. Some of the important pipe lines already in existence are:
1. 200-mile line from Monroe fields in Louisiana to Baton Rouge and
New Orleans.
2. 340
-mile line from the Amarillo fields in Texas to Denver.
3. 300-mile line from Wyoming to Salt Lake City and Ogden. Utah.
4. 526
-mile line from Monroe, Louisiana to St. Louis.
5. 909-mile line from Monroe to Birmingham, Atlanta, with extensions
to Mobile and several other cities in Georgia, Alabama and Miss.
6. Two lines 250 miles in length from the Buttonwillow and Kettleman
fields in California to San Francisco.
7. 400
-mile line from Texas to Wichita, Kans., and Kansas City, Mo,
8. 210
-mile line from Louisiana to Memphis.
-mile line from Southwest Texas to San Antonio and Austin.
9. 230
10. 220
-mile line from New Mexico to El Paso.
11. 175
-mile line from Montana to Rapid City, So. Dak.
12. 140-mile line from Texas to Monterrey, Mexico.
13. Two lines 250 miles in length from North East Louisiana to Houston
and Beaumont, Texas.
And the expansion continues. A 1,000-mile line is under construction
from the Texas Panhandle to Chicago; a line from Southwestern Kansas
to Omaha and Des Moines,to Lincoln and to several other cities in Nebraska
and Iowa; a 1,250-mile line is projected from Kansas to Southern Illinois
and Indianapolis; a 200-mile line from San Juan Basin to Albuquerque;
a 175
-mile line from Montana to Bismarck, No. Dak.
It is noteworthy, also, that some of the ablest brains in the country
and the largest financial resources are interesting themselves in the business.
When natural gas was first used it was largely locally consumed and
was accordingly very cheap; but with the increasing cost for pipe lines,
pumping stations and all of the equipment required for an efficient service
far from the source of supply, the cost haa gone up quite analagously to
the increase in cost of delivering electricity at a distance from the point of
production. So it is becoming a question of economics, as with electric
" transmission, whether or not delivery of natural gas at a given point and
in estimated amounts will be profitable. At present, at any rate, the
delivery of natural gas to some of our cities most distant from the gas
fields would involve excessive costs, and this may permanently continue
individual, exclusive manufactured gas properties. But natural gas has
certain advantages that, coupled with its usual lower cost, will constantly
Increase its public use and extend the tentacles of its pipe lines further
and further afield.
Natural gas is, however, a wasting natural asset; and an important question arises as to the length of time It will last.
Estimates vary as to this. The Bureau of Mines at Washington estimates
that the major gas fields in the Panhandle of Texas, the Monroe and Richland fields in Louisiana and the Lea County fields in New Mexico have
supplies which at present rate of withdrawals should last from 17 years or
more to as long as 90 years. The gas fields in Ohio,Pennsylvania and West
Virginia have been drawn upon already for a good many years, and while
the pressures have gone down the supplies yet seem very large. In other
words, this natural resource will for an indefinite period be a competitive
source of heat supply with coal and oil.
An intelligent consideration, therefore, of the securities outstanding
or to be issued on manufactured gas properties must take into account this
new source of supply. The nature of the transition period through which
the manufactured gas business is thus forced to pass perhaps should be
touched upon, a phase of the business quite apart from the transition
period which it is experiencing in connection with the constant effort to
develop more and more closely refined and economical processes of making
gas from coal and oil. A few years ago it was almost universal to manufacture gas in the old-fashioned, closed,fire-clay retort, which is now more and
more giving way to continuous processes and to low temperature distillations of coal which tend increasingly to make gas the by-product and the
various other distillates and residuals in the breaking down of the coal the
profitable merchandising products. Also, the t3ndency to high pressure
distribution and transmission through Pipe lines of manufactured gas to
regional groups of communities, stabilizing the business and improving
its load factor, has been constantly taking place quite apart from any considerations of natural gas. Recently, too, the Philfuels Co. has developed
a process of gas generation from certain grades of oils that holds apparently
great possibilities, both as equalizing adjuncts of existing manufactured
gas plants and as an independent source of supply for small communities
where the ordinary coal or water gas plant would not be profitable. This
is known as Butane gas, and has in it the possibilities of being a serious
competitor with the smaller manufactured gas operations.
But when natural gas knocks at the door of the manufactured gas property
it is confronted with important problems, most of them, to be sure, of a
transitory nature. But when this period, which may last for a shorter
or longer time, according to circumstances, is over, the gas property is
almost sure to find itself in a better position than it was originally.
For instance, with an equal volume of gas containing about twice the heat
value of the manufactured gas, the existing system of street mains is in
practice increased in comparative capacity some 70 to 80%. While the
pressure of this high heat value gas immediately cuts domestic consumption
materially, the increased availability of this fuel for industrial uses and
for house heating usually results in a rapid increase in business on these
scores, particularly in the colder dllmates where house heating is a necessity.
2771
On the other hand, the dry natural gas absorbs the oil film in the gas mains
and elsewhere deposited by manufactured gas, which if not prevented would
result in large loss through leakage. Before this trouble was realized
leakage almost aslarge as the amount of gas sold has been recorded. Natural
gas too Is odorless, making leakage doubly dangerous. Ways to overcome
these difficulties have been developed, but the manufactured gas company
thus has an expense to forestall and overcome them, as well as to make adjustments in connection with burners, outlets, meters, &c., which it is not
pertinent to detail here. The manufactured gas property is also confronted
with the shutting down of an existing manufacturing plant which must
probably be amortized. And the transition period must be lived through.
It is one which results usually in an immediate decrease of gross and of net
earnings and involves a period of recovery, sometimes so short as to be Ignored where conditions are favorable, but which may last under adverse
conditions for several years. So new is this use of natural gas by the larger
manufactured gas companies that there are few situations as yet susceptible
of direct comparison between a wholly manufactured and a wholly natural
gas basis such as to make figures meaningful. Among such are, for instance,
Denver and New Orleans. The next few years should produce a large volume of comparative figures that will give more positive indications than are
now available of the results that will flow from the change-over, whether
partial or complete,from manufactured to natural gas. All indications are,
however, that it will result profitably and to the advantage of the manufactured gas properties.
It will ultimately be desirable, also in connection with this increased
use of natural gas, to adjust the public mind to a new system of charging
for the service. This will be on the therm or heating unit basis (a therm
being 100,000 B.t.u.) instead of the accustomed cubic foot basis. Meters
will still be used recording the cubic feet consumed, but these will be donvetted to the thermal basis of charge according to the heating value per
cubic foot consumed. In Chicago, in anticipation of the coming of natural
gas, the new system of charging is being worked out on a scientific basis.
But enough has been said to give a general idea of the situation in which
the manufactured gas business finds itself. The new developments will
undoubtedly result in greatly stimulating the use of gas, in improving
the load factors of the business (or with natural gas in making a poor load
factor profitable) and in increasing gross and net incomes from it. There
can be no doubt that the gas business is destined to see h very great increase,
for gas is one of the most fundamental requirements of our modern civilization.
Telephone and Water.
Your committee has not thought it needful to make comment on either
telephone or water service.
Circulars.
Your committee is charged with the duty of reporting on circulars submitted to it by the Association. These have been studied carefully. Your
committee recognizes that there is some criticism among thoughtful investors that circulars and advertising are too often inadequate or misleading. This feeling is unfortunate and should be counteracted.
Investment bankers should meet this criticism with not a higher standard
of performance, but with the highest standard of performance. Utopia is
not involved; merely downright good business practice. We therefore
want to reiterate still again what we have said in former reports and to—
"Urge that offering circulars conform increasingly to the highest standards
of frank exposition of the security offered, not only in the correctness and
fullness of facts and information given, but even more important, in the
Implications to be drawn from their relative prominence.'
Respectfully submitted.
FRANK E. FROTHINGHAM, Chairman.
Report of Railroad Securities Committee, by George C.
Clark, Chairman—Present Year's Per Cent Return
on Railway Property of Class I Roads at Approximately 3.61% Lowest Figure Since 1921—Little
Progress Toward Railroad Consolidation.
The Chairman of the Railroad Securities Committee of
the Investment Bankers Convention, George C. Clark of
Clark, Dodge & Co., not being present, Roy C. Osgood of
the First Union Trust & Savings Bank, Chicago, was asked
by President Callaway to summarize the report. Mr.
Osgood's summary follows:
Mr. President and Gentlemen: This report is very short, but very important, in my judgment. I can say that, not being a member of the committee. Of course, since the last report of the committee in October 1929
the country has entered upon and is passing through a period of business
depression which is seriously affecting railroad earnings. There is then
shown in the report a table indicating the operating results of class I roads
since the year 1920, and the percentage return on railroad properties of
those same roads for the same period.
If you will glance at the report, you will see the interesting return of
3 1-3% in 1921, jumping to a high figure of 5.13 in 1926. going to a figure
of 4.9% in 1929. Of course, 1929 cannot be compared with 1930, because
1930 is incomplete; but I understand from this report that seasonal adjustments have been made, so that a return shown for the six months ending
June 30 in 1929 indicates a return on the investment of5% and for the
six months ended June 30 1930 of 3.6.
It will be seen that in the five years ended 1929, a period marked by
unusual national prosperity and greatly increased railroad efficiency and
economy in operation, total operating revenue and net railway operating
income have remained practically unchanged at about 6.2 and 1.2 billion
dollars, respectively. On the present basis of operation they will be decidedly leas in 1930. Capital expenditures of nearly $4,000,000.000 in
the last five years have resulted in practically no increase in total operating
revenue or net railway operating income.
The per cent returned on railway property of the class I roads reached
its high point of 5.13 in 1926 and was 4.95 in 1929. Based on the results
of the first six months of 1930, the return for the current year will approximate 3.61%, the lowest figure since 1921."
It seems to me the next paragraph touches upon one of the most serious
situations involved in the railroad picture:
(Reading paragraphs 2. 3. 4, 5 and 6 on page 2 of said report.)
The President: "Thank you, Mr. Osgood. You have
heard the report of the Railroad Securities Committee summarized. Is there any comment? I shall be glad to hear
a motion to receive and file the report. There is a little
difference here between 'receive and file' and 'adopt.'
'Adopt' is one thing, 'receive and file' is another."
2772
FINANCIAL CHRONICLE
(Vet. l:11
IThe motion to receive and file the report was seconded Vice-President of the Association, was called upon to sumand carried.1 We give the report herewith:
marize the report. His summary follows:
Since the last report of this committee on Oct. 18 1929 this country has
entered upon and is passing through a period of business depression which
Is seriously affecting railroad earnings. The problem of adequate railroad
railroad revenues has again assumed great importance. The following
table shows the operating results of class I roads since 1920 and per cent
returned on railroad properties of the class I roads for the same period:
OPERATING RESULTS AND PER CENT RETURN ON PROPERTY
INVESTMENT OF ALL CLASS I RAILWAYS.
(Including Large Switching and Terminal Companies.)
Total
Net Railway P.C.Return
Operating
Operating
Operating on Property
Revenues.
Calendar Years—
Expenses.
Income. Investml.*
1921
$5,573,000,000 $4,604,000,000 6616,000,000 3.33%
1922
5,620,000,000 4.458,000.000
777,000,000 4.14%
1923
6,360,000,000 4.945,000,000
984,000,000 4.48%
1924
5.988.000,000 4,560,000,000
987,000,000 4.33%
1925
6,187,000,000 4,582,000,000 1,139,000,000 4.85%
1926
6.465,000,000 4,729,000,000 1,233,000,000 5.13%
6.210,000,000 4.629,000,000 1,085,000,000 4.38%
1927
1928
6,190,000,000 4.482,000.000 1,194,000,000 4.72%
1929
a6.352,000,000 4.554,000,000 a1,275,000,000 4.95%
1929 (6 mos. June 30)— 3,068,000,000 2,249,000,000
563,000,000 15.52%
1930 (6 mos. June 30)__ 2,691,000,000 2,073,000,000
376,000,000 93.61%
•Per cent return on tentative valuation 1921 22: subsequent years based on
-property investment of the carriers as shown by their books at beginning of each
year, including also material and supplies and cash (Bureau of Ry. E0000n)1es)4(1
a Including back mail, which In 1929 amounted to $37,585,320.
b Annual rate of return computed so as to reflect seasonal fluctuations in traffic
and earnings.
It will be seen that in the five years ended 1929 a period marked by
unusual national prosperity and greatly increased railroad efficiency and
economy in operation, total operating revenue and net railway operating
Income have remained practically unchanged at about 6.2 and 1.2 billion
dollars. respectively. Ott the present basis of operation they will be decidedly less in 1930. Capital expenditures of nearly 84,000,000,000 in
the last five years have resulted in practically no increase in total operating
revenue or net railway operating income.
•
The per cent returned on railway property of the class I roads reached
Its high point of 5.13 in 1926, and was 4.95 in 1929. Based on the results
of the first six months of 1930,the return for the current year will approximate 3.61%, the lowest figure since 1921.
During the period under review railroads have had to meet severe competition from motor busses, motor trucks and pipe lines. As a consequence
of automotive competition, the number of revenue passengers carried one
mile has fallen steadily from 37.338,959,000 in 1921 to 31,078,008,000 in
1929, a decrease of about 17%. While revenue tons of freight carried one
mile increased from 309,997,353,000 in 1921 to 444,097,166,000 in 1926,
an increase of 43%,there was a falling off in 1927 and 1928 and only a slight
advance to 447,260.229,000 in 1929. For the first five months of 1930
revenue freight tonnage and revenue passenger miles have shown decreases
of 10% and 8.6%. respectively, as compared with the corresponding period
of the previous year.
A great amount of freight formerly carried by the railroads is now being
transported over the public highways and inland waterways, and the railroads are being heavily taxed to construct and support rights of way for
competing transportation services.
Freight and passenger rates have declined steadily since 1921. The
highest level of freight and passenger rates in recent years was reached in
1921. In that year the average amount received by the class I railroads
for hauling one ton of freight one mile was 1.275 cents, as compared with
1.077 cents in 1929. The average amount received by the same railroads
for hauling one passenger one mile was 3.086 cents in 1921. as compared
with 2.808 cents in 1929.
Improvements in operation cannot be carried beyond certain limits.
Continued expenditures of such great amounts by the railroads can only
be justified by increased earnings sufficient to yield an adequate return on
the investment. It is difficult to escape the conclusion that if the railroads
of the United States are to continue to offer an attractive field for investment and to be able to raise sufficient amounts of new capital, the constant
drain on their net operating income from declining rates and increased
taxation must be checked.
In December 1929 the Inter-State Commerce Commission adopted and
published a plan for consolidation of railroads in Continental United States
of America into 21 systems. While the plan is not necessarily final, this
action is of outstanding importance because it opens the way to railroad
consolidations. At the time the Transportation Act was passed in 1920,
it was generally believed that a system of public regulation under a policy
of competition could be more satisfactorily applied if the railroads were
consolidated Into a few systems of equal earning power and traffic opportunities. During the nine years which have elapsed since the Inter-State
Commerce Commission published its tentative consolidation plan on Aug.3
1921 little progress has been made in consolidations such as were contemplated by the framers of the Act, but now that the Inter-State Commerce
Commission's final plan has been filed some progress may be expected.
Respectfully submitted.
George C. Clark, Chairman; Robert K. Cassatt, Jerome J. Hanauer,
John A. Clark,
Henry S. Sturgis,
Arthur M.Anderson,
Lewis B. William.
Myles F. Connors.
Earle Bailie,
September 23 1930.
Report of Irrigation Securities Committee, by G.
Parker Toms, Chairman—Past Year One of Inactivity in Financing Projects—Amendments to
Laws for Proper Protection of Investors Urged—
Creation of California Commission.
That the past year was one of inactivity, so far as the
financing of irrigation projects is concerned, was indicated
by G. Parker Toms (of Tucker, Hunter, Dulin & Co. of
Los Angeles) in his report as Chairman of the Irrigation
Securities Committee. The report contained the recommendation that "investment bankers make more thorough
investigations of economic soundness of districts offering
securities for sale," and it was further urged that "a concerted effort be made by all members of the Association
to secure the enactment of corrective legislation in their
respective States," where defects in legislation existed
governing the organization and financing of new districts.
Since Mr. Toms was not present, Alden H. Little, Executive
Mr. Little: Mr. President and Gentlemen: You all have a copy of this
report before you. It contains much of interest to those of you who happen
to be interested in irrigation securities. It will only take me a moment to
summarize it.
The first sentence in the report indicates the situation, in some respects,
as far as irrigation securities are concerned. It states that the past year
has been another period of inactivity in the financing of irrigation projects
and it is unlikely that we shall witness any further financing of consequence.
The report then goes on to discuss previous recommendations of preceding committees and then discusses a Special Commission on Irrigation
and Reclamation Legislation which is being undertaken, and then comes
down to an operation conducted by the chairman of the committee this
past year, which I want to briefly emphasize to you. It is in reference to
assembling data for the benfit of members of this Association and in connection with irrigation securities. "Acting upon'a request of last year's
committee, that the office of the Association lend itself to the assembling
and classifying of data bearing upon the various reorganization plans of
defaulted irrigation districts,' we are pleased to report that this work is
still under way."
Mr. Toms then goes on to say that he has assembled this data through
the issuance of questionnaires to some 459 districts. He followed that up
with follow-up letters and has had a fairly high percentage of replies. The
files contain the replies and materials received from each State, together
with the summary of the committee on the various files, and will be made
available to the Association in due course. The information which has been
compiled is quite comprehensive and covers virtually the entire history of
the irrigation situation, including the creation of districts,form of organization, bonded debt, number of settlers, crops raised, marketing facilities,
and reorganization plans, if any.
You can see, gentlemen, the information on file in our office in Chicago
should be very helpful to any members of the Association who wish to
answer inquiries of customers. I simply emphasize the fact, that that
information will shortly be available.
It was moved, seconded and carried that the report be
received and filed. We give the report herewith:
Present Situation.
The past year has been another period of inactivity in the financing of
irrigation projects, and it is unlikely that we shall witness any further
financing of consequence of this type until the laws of those States which
have lands subject to irrigation within their boundaries have been so
amended as to provide the safeguards which experience has shown to be
necessary for proper protection of investors.
This will require co-ordination of thought and action on the part of legislators, engineers, local bankers,farm-land bankers and investment bankers,
and this co-ordination can be developed only through a process of evolution.
It must be remembered that many of our lawmakers come from the rural
districts, and naturally uphold what they believe to be the interests of
the farmers. To them some of the amendments advocated by engineers
and bankers may seem incompatible with the interests they represent.
Thus it is apparent that time, patience, diplomacy and persistent effort
will be required to make clear to all parties concerned that their best inter.'
eats will be served by co-operative action toward accomplishing the desired
reforms. Your committee believes that this mutual effort towards the
reconstruction of irrigation laws is the essence of the problem and should
receive primary consideration.
Previous Recommendations.
Reports of the Irrigation Securities Committees of the past several years
have so fully covered the problem Inherent in the purchase, sale, ownership
and—in cases of default—salvage of irrigation securities that it is perhaps
needless to make any repetition in this report. Information in this connection has been given in sufficient detail, we believe, for the guidance of
any members of Our Association who may be concerned with the problems
in question.
The last of these reports, namely, that of 1929, after reviewing the
unsatisfactory situation surrounding irrigation securities as a class, proceeds to place the responsibility, first, upon the failure of investment
bankers and State commissions to investigate properly the economic soundness of the districts to be financed; second, the defects in legislation governing the organization and financing of new districts; and, third, the lack of
the necessary legal machinery for refinancing districts in default.
As solutions, the reports recommend that investment bankers make more
thorough investigations of economic soundness of districts offering securities
for sale, and a concerted effort by all members of the Association to secure
the enactment of corrective legislation in their respective States.
We believe these conclusions to be correct, and we further believe that
the warnings conveyed in the preceding reports have been sufficiently comprehensive and definite to place the first mentioned responsibility squarely
upon the individual members of the Association. The second and third
citations are so involved with agricultural - interests, local and general
politics, as well as other intangible factors, that your committee considers
it would be unwise to suggest that the Investment Hankers Association
commit itself to any program directed towards legislative action at this time.
Special Commission on Irrigation and Reclamation Legislation.
Fortunately, the seriousness of the situation in California has resulted
in the creating, by legislative authority, of a commission to investigate and
study the legal phases of the irrigation and reclamation situation and to
make recommendations for corrective laws to the next session of the Legislature. This commission has been appointed by the Governor and is now
at work.
The Irrigation Securities Committee of the California Group of the
Investment Bankers Association is closely following this work and cooperating in every possible way. If the work of this commission should
result in sound recommendations which are then acted upon by the legislature, a real forward step will have been taken,and it then may be possible
and wise for the Investment Bankers Association to attempt to initiate
similar programs in the other States. In the meantime, however, it would
seem inadvisable for the Association to take any action in the matter except
through the committee of the California Group.
Assembling Datafor Association Members.
Acting upon a request of last year's committee "that the office of the
Association lend itself to the assembling and classifying of data bearing
upon the various reorganization plans of defaulted irrigation districts,"
presented by Mr. Frank C. Paine at the convention last October, we are
pleased to report that this work is well under way.
It Is further suggested that all obtainable data concerning defaulted issues
and the surrounding conditions in the respective districts be assembled and
made available to the members of the Association. In harmony with these
Nov. 1 1930.]
FINANCIAL CHRONICLE
suggestions, the Chairman of this committeelhas utilized the statistical
facilities at his command in gathering information concerning irrigation
districts and methods throughout the United States.
A list of States having legal provisions for irrigation districts was first
obtained from the United States Department of Agriculture, Bureau of
Public Roads. From the same source was also obtained addresses of the
various State bureaus. Letters were then written to these State bureaus
which were all willing to co-operate, furnishing lists and addresses of irrigation districts within their respective States, and such published material
as was available in connection with the said districts and water laws.
Questionnaires were sent to all districts whose addresses were obtainable.
These districts totaled 459. Questionnaires to California and Oregon districts were modified for the reason that State publications on subjects in
question are fairly comprehensive. Follow-up letters were sent to districts which failed to comply with our first requests and at this time replies
have been received from a fairly high percentage of the total number of
districts covered.
The flies containing the replies and materials received from each State,
together with a summary of the contents of the various files, will be made
available by the Association in due course. The information which has
been compiled is quite comprehensive and covers virtually the entire
history of the irrigation situation, including the creation of districts, form
of organization, bonded debt, number of settlers, crops raised, marketing
facilities and reorganization plans, if any.
It is our hope and belief that this information will prove of real value to
the members of the Association, both in the solution of their existing problems,ifany,and their future operations in the field ofirrigation and reclamation finance.
Respectfully submitted,
G. Parker Toms, Chairman.
Thomas W.Banks
James K. Lochead
Frank C. Paine
William Cavalier
Connor Mallet
James Shelton Riley
September 8 1930.
Report of Industrial Service Securities Committee by
Ralph Hornblower,Chairman—Committee Becomes
Sub-Committee of Industrial Securities Committee.
In presenting his report as Chairman of the Industrial
Service Securities Committee, Ralph Homblower, of Hornblower & Weeks, Boston, explained that "the duties of the
Industrial Service Securities Committee have in part been
allocated to the Industrial Securities Committee and in part
to the Public Service Securities Committee, and a new committee formed to deal with natural gas and oil securities."
"The present Industrial Service Securities Committee has
been discharged by the action of this convention," said Mr.
Hornblower, whose report, regularly received and filed,
follows:
At the Board meeting at Absecon last January the Industrial Service
Securities Committee became a Sub-Committee of the Industrial Securities
Committee and this has just been affirmed in the acceptance of Mr.
Schwaloacher's report.
Your Committee is not making any formal report at this time and has
contented itself with the accomplishments of its assigned task, the preparation of circular specifications for securities of oil, natural gas, toll bridges,
warehouses and ice companies, and the analysis of such circulars that have
been presented for its consideration.
During the year a total of 20 circulars were submitted to the Committee.
Of these, 13 were On oil companies, five on natural gas companies, and two
on toll bridges. There were none submitted on warehouses or ice companies.
In all instances where comprehensive information as suggested in the
circular specifications was not included, the omission was called to the
attention of the issuing house through the office of the Executive VicePresident.
Your Committee would like to take this opportunity to state its belief,
that in financing an oil or natural gas company adequate provision should be
made for the retirement of any bonds or preferred stock issued well within
the estimated life of the properties. Depreciation and depletion charges
should be clearly stated, also the authority for the estimate of length of
life. In consolidations every effort should be made to simplify the capital
structure and there should be no possibility of misinterpretation of intercompany accounting figures.
In financing warehouses and toll bridges, securities are usually issued in
advance of completion and their sale based entirely on estimates. The
authority for these estimates, both of cost and of earnings should be clearly
stated. In the case of toll bridge securities the franchise, political and
recapture conditions are important.
Because of the wasting features of the business of natural gas and oil
companies, which differentiate them from either the public utilities or
ordinary industrial companies, it is the opinion of your Committee that an
entirely new committee of the I. B. A. should be formed to handle the
problems of oil and natural gas company securities. Your Committee also
recommends that toll bridge securities be assigned to the Committee on
Public Service Securities and that warehouse and ice company securities
be assigned to the Committee on Industrial Securities. All these recommendations have the approval of the Chairman of the Public Service Committee, Mr. Frothingham, and of the Chairman of the Industrial Securities
Committee, Mr. Barnard.
I, therefore, move that the Committee on Industrial Service Securities
be discharged, that warehouse and ice company securities be assigned to
the Committee on Industrial Securities, that toll bridge securities be
assigned to the Public Service Securities Committee, and a new committee
formed to handle oil and natural gas securities.
Respectfully submitted,
RALPH HORNBLOWER, Chairman,
Industrial Service Securities Committee
Report of Investment Companies Committee by Charles
Dickey—Decline in Price of Shares—Questionnaire
of Assistant Attorney-General of New York.
Summarizing the report of the Investment Companies
Committee of the Investment Bankers' Association, the
Committee's Chairman, Charles Dickey, of Brown Bros. &
Co., of Philadelphia, had the following to say:
2773
It is difficult to summarize a report of this kind. I do not want to take
any more of your time than necessary, so I think the best thing to do is
to read what our Committee considers the most important paragraphs
and to skip the other ones.
A year ago, in its report to the Quebec Convention, your Committee
took occasion to point out that the outstanding weakness in the Investment
Companies' situation at that time was the inflation which then existed in
the prices of their shares, and went on to make this statement: "If
this continues, there will unquestionably be many instances where purchasers will receive severe losses and, as a result, Investment Companies
as a class will be hurt." If there has been an outstanding development
In the Investment Companies field during the last 12 months, it has
probably been the realization of this prediction, to a greater extent perhaps than was in mind at the time it was made. It is probably natural
that this new type of security, with the unprecedented popularity which
it had gained in a bull market in the short space of about two years,
should sink into disfavor with even greater suddenness when the turn
came. Probably never has there been as outstanding an example of the
natural tendency of the American public to rush from one extreme to
the other. Investment management, which at that time was commanding
a premium of from 30% to 100% over book value, is to-day being offered
at a discount averaging perhaps 25%.
The remainder of the paragraph deals with the present market situation,
and ends by calling your attention to the following:
"In considering the present unpopularity of the general management Investment
Companies, it is Interesting to note the similarity between this and that obtaining
In England in 1894 following the Baring crisis, the chief difference being that In
that case the disfavor was even greater, as to a large extent their portfolios were
frozen and their solvency doubtful."
We next take up the Responsibility of Management for their performance during the last 12 months' period, and the query is, to what extent
are they to blame, and what should be expected of them in the future?
In regard to the latter, it must be obvious that in order to Justify
Its existence an Investment Company's management must be expected to
obtain a good average return at all times, and secondly to make more
money in good markets and to lose quite a lot less money in bad markets
than the average individual investor. That is the point your Committee
would like to stress and from which, it feels, the problem should be
approached. That is what the leading English companies have prided
themselves on being able to do over a period of years, and it seems as
If that is what we might reasonably expect. As to the culpability of the
managements for the enormous losses which the American public have
suffered in the last year due to the shrinkage in value of Investment Companies' shares, there can be no question but that the liquidating values
of the large Investment Companies did not suffer nearly as great a
decline as the market value of their shares, and in most cases we find
that this decline in liquidating value was less than the general avenge
of the market. This may be small comfort for the individual, but let us
analyze a typical case. Take the shares of an Investment Company which
were offered to the public shortly before the break at $104 a share, it
being stated that the asset value at the time was $100 per share. The
public took the stock of that company and, it is believed, contrary to
the wishes of its sponsors, pushed the market value of it to about $186
per share. During the break the market value declined to about $63 a
share. In the meantime, what has the management done? As has been
stated, at the beginning there was originally $100 asset value behind
each share. At the end of the break the actual liquidating value was $91.
In other words, the management was responsible for a 9% loss, but the
individuals who bought the stock at $136 and found it selling at $83
had a 50% loss and were only too willing to blame the management for
that. This is the kind of thing which many who have written articles
on the failure of Investment Management Companies do not seem to take
into consideration.
Skipping down to the next paragraph, we call your attention to the
questionnaire sent to 270 leading companies by Assistant Attorney-General
Watson Washburn through the State of New York Bureau of Securities,
and it is interesting to note that in rendering his preliminary report he
states that no irregularities were :found in reports submitted by any of
the larger or better-known companies. He also comments on the anal
amount of borrowings and states that up to the time of his preliminary
report investigation of three suspected companies had been completed,
resulting in injunctions in each case.
We then comment on the co-operation of these management companies
and - others with the Attorney-General, and the increasing tendency for
publicity is along the line suggested in previous reports.
The next paragraph deals with the change in conditions, and suggests
that perhaps the most important thing is that if they are to justify
their existence they must emphasize analysis and study of the securities
they hold. They cannot rely on diversification alone. It must be combined with careful analysis.
Another distinct change from a year ago results from the decline in
interest rates. At that time, when rates were high, they could purchase
securities for enhancement of principal, leaving a part of their funds on
call at 8% or 10% to take care of fixed charges.
The last paragraph is important and deals with accounting:
"We have mentioned from time to time the excellent work that has been done
by the New York Stock Exchange in setting forth certain sound guiding Principles
which must be followed by all Investment Companies. • • This would enable a true
comparison of their results to be tabulated, thereby simplifying the problem of the
investor in appraising the ability of various managements. Without going into
any of the technical phases of this accounting problem, it Is the feeling of your Committee that the requirements of the New York Stock Exchange Listing Committee
regarding the form of the earnings statement and balance sheets are fundamentally
sound and, if complied with, will make available the information necessary for the
above purposes."
The next paragraph is important. It is in connection with Fixed
Trusts:
"The past year has seen a tremendous increase In the popularity of what have
come to be known as Fixed Trusts. This is, no doubt, largely due, partly, to the
present disfavor of management companies and, also, to the fact that their market
value can vary only with liquidating value. Your Committee will not attempt to
compare the merits of Investment Companies of the general management type with
Fixed Trusts. Each serves its own purpose, and they are probably suited to different types of Investors. But it should be pointed out that there are good and bad
of each type. Just as In previous reports there has been emphasized the importance
Of both dealers and investors satisfying themselves as to the honesty and ability of
management where there is management,so it should be pointed out here that In the
case of Fixed Trusts an equally careful examination is necessary. These can be set
up in a variety of ways to entice the prospective purchaser. As in all types of
securities, the Fixed Trust is sound to the extent to which is is fully 'understood;
It is unsound to the extent to which the investor Is misled. Circulars should state
the facts fully and clearly, and where provision is made for the return of Principal
it should be so stated and In a way which will not confuse these payments with income
In the investor's mind. Furthermore, these Trusts, as In the case of Management
Companies, are justified only in cases where they are set up and operated for the
benefit of the investor, with a fair charge for services rendered and out-of-pocket
expenses. They are distinctly untustified when the sponsors, througn depositor
companies or otherwise take advantage of the investor through unreasonable corn-
2774
FINANCIAL CHRONICLE
missions, interest differentials, or any other charges against funds which properly
belong to the investor."
Another new development that has come into prominence is known as
Uniform Trusts. This application of the Investment Trust form of
supervision to the management of trust estates mingled by specific authority
Is in our opinion fundamentally sound and capable of tremendous growth.
In conclusion, generally speaking, we feel that Investment Companies,
especially of the management type, are at present passing through a
period which will test them severely. The probability is that the history
of the experience of the early days of the British companies will again
repeat itself and that out of this period will emerge leaders in this field
who, having re-acquired public confidence by their proven ability, will
grow to a position in our financial community comparable to that occupied
to-day by the leading Investment Companies in England.
A motion to receive and file the report was seconded and
carried. We give the report herewith:
Developments of Past Year.
A year ago in its report to the Quebec Convention your Committee took
occasion to point out that the outstanding weakness in the Investment
Companies situation at that time was the inflation which then existed
in the prices of their shares, and went on to make this statement: "If
this continues, there will unquestionably be many instances where purchasers will receive severe lessee, and, as a result, Investment Companies
as a class will be hurt." If there has been an outstanding development
In the Investment Companies field during the last 12 months, it has
probably been the realization of this prediction, to a greater extent
perhaps than was in mind at the time it was made. It is probably natural
that this new type of security, with the unprecedented popularity which
It had gained in a bull market in the short space of about two years,
should sink into disfavor with even greater suddenness when the turn came.
Probably never has there been as outstanding an example of the natural
tendency of the American public to rush from one extreme to the other.
Investment management, which at that time was commanding a premium
of from 30% to 100% over book value, is to-day being offered at a
discount averaging perhaps 25%. Of course there are certain factors
which must be rocognized in considering this sudden change of heart,
primarily perhaps the vast amount of these securities which had been
distributed in a very short space of time, with no opportunity to effect
proper secondary distribution before the general market reaction came.
It is interesting in studying this to note that generally speaking the greatest
recession in the market prices of shares of other types of companies
occurred in those which had issued common stock in large volume Just
prior to the break last fall. In the case of Investment Companies, it is
probably true that in many cases their shares were speculatively held by
Individuals who expected large profits in a short time and who had little
or no interest in retaining their shares for gradual growth which sound
management might produce over a period of years along the lines of the
remits achieved by the successful British companies. In considering the
present unpopularity of the general management Investment Companies,
It is interesting to note the similarity between this and that obtaining
In England in 1894 following the Baring crisis, the chief difference being
that in that case the disfavor was even greater, as to a large extent their
portfolios were frozen and their solvency doubtful.
Responsibility of Management.
One question which naturally presents itself in looking back over the
wreckage of the last 12 months is the performance of the managements
here during this period. To what extent are they to blame and what
should be expected of them in the future? In regard to the latter, it
must be obvious that in order to justify its existence an Investment Company's management must be expected to obtain a good average return at
all times, and secondly to make more money in good markets and to
lose quite a lot less money in bad markets than the average individual
Investor. That is the point your Committee would like to stress and from
which, it feels, the problem should be approached. That is what the
leading English companies have prided themselves on being able to do
over a period of years, and it seems as if that is what we might reasonably
expect. As to the culpability of the managements for the enormous losses
which the American public have suffered in the last year due to the shrink.
age in value of Investment Companies' shares, there can be no question
but that the liquidating values of the large Investment Companies did not
suffer nearly as great a decline as the market value of their shares, and
In meet cases we find that this decline in liquidating value was lea. than
the general average of the market. This may be small comfort for the
Individual, but let us analyze a typical case. Take the shares of an
Investment Company which were offered to the public shortly before the
break at $104 a share, it being stated that the asset value at the time
was $100 per share. The public took the stock of that company, and,
it is believed, contrary to the wishes of Its sponsors, pushed the market
value of it to about $136 per share. During the break the market value
declined to about $63 a share. In the meantime, what has the management done? As has been stated, at the beginning there was originally $100
asset value behind each share. At the end of the break the actual liquidating value was $91. In other words, the management was responsible for
a 9% loss, but the individuals who bought the stock at $136 and found it
selling at $63 had a 50% loss and were only too willing to blame the
management for that This is the kind of thing which many who have
written articles on the failure of Investment Management Companies do
not seem to take into consideration. It is not the purpose of this Committee to attempt to vindicate in every case the management of Investment
Companies, but as a result of a careful study it is believed that at the
present time there are some outstanding examples of managements who
have come through this period with amazing success and whose companies are destined to be appreciated by the investing public as time
goes on. To date, the good have suffered market-wise with the bad, and,
while it is possible to find among the records of American Investment
Companies examples of various types of abuses, it is, nevertheless, surprising
that these abuses, compared with the history of English companies in the
early '908, have been so few and that the record in our country appears
as clean as it does.
Present Situation.
Assistant Attorney-General Watson Washburn, through the State of New
York Bureau of Securities, has recently completed a study by an official
questionnaire of 270 leading companies ,with total resources of over
$4,500,000,000, and it is interesting to note that in rendering his preliminary report he states that no irregularities were found in reports submitted
by any of the larger or better-known companies. He also comments on the
small amount of borrowings and states that up to the time of his preliminary report investigation of three suspected companies had been completed. resulting in injunctiosui in each case. As far an can be ascer.
tained, the larger companies were entirely willing to co-operate with the
Attorney-General throughout this report and to furnish full and accurate
information. All of this confirms the view held by your Committee since
its inception and expressed in previous reports, to the effect that the best
way for State authorities to deal with Investment Company managements
is by broad powers of investigation properly administered. It is also
encouraging to your Committee to note the progress made by Investment
Company managements in giving full information at regular intervals
to the public. As had been hoped, the information required by the New
York Stock Exchange in their listing requirements has set an example
along these lines which is being followed more and more universally as
time goes on. It is the strong belief of your Committee that this
tendency will continue and that it will be a most important factor in
restoring to public favor many deserving Investment Companies whose
shares are now selling below their liquidating value.
There can be no question but that the managements in many eases
have learned a great deal during their experience of the last 12 months,
perhaps the most important thing being that if they are to justify
their existence they must emphasize analysis and study of the securiThey cannot rely on diversification alone; it
ties they hold.
Another distinct change
must be combined with careful analysis.
from a year ago results from the decline in interest rates. At that
time, when rates were high, they could purchase securities for enhancement of principal, leaving a part of their funds on call at 8% or 10% to
take care of fixed charges. This is now entirely changed, and the
problem of the managements, like that of many individuals, is to buy
largely for income.
We have mentioned from time to time the excellent work that has
been done by the New York Stock Exchange in setting forth certain sound
guiding principles which must be followed by all Investment Companies
desiring to list their shares on that Exchange. Among other important
matters in which they are showing the way is the question of accounting.
Much has been said on this subject and it seems to your Committee highly
desirable that a uniform system be adopted and followed as far as
possible by all the leading Investment Companies. This would enable
a true comparison of their results to be tabulated, thereby simplifying
the problem of the investor in appraising the ability of various managements. Without going into any of the technical phases of this accounting
problem, it is the feeling of your Committee that the requirements of
the New York Stock Exchange Listing Committee regarding the form
of the earnings statement and balance sheets are fundamentally sound
and, if complied with, will make available the information necessary
for the above purposes.
Fixed Trusts.
The past year hal seen a tremendous increase in the popularity of
what have come to be known as Fixed Trusts. This is, no doubt, largely
due, partly, to the present disfavor of management companies, and also
to the fact that their market value can vary only with liquidating value.
Your Committee will not attempt to compare the merits of Investment
Companies of the general management type with Fixed Trusts. Each
serves its own purpose, and they are probably suited to different types
of investors. But it should be pointed out that there are good and bad
of each type. Just as in previous reports there has been emphasized the
importance of both dealers and investors satisfying themselves as to the
honesty and ability of management where there is management, so it
should be pointed out here that in the case of Fixed Trusts an equally
careful examination is necessary. These can be set up In a variety of
ways to entice the prospective purchaser. As in all types of securities,
the Fixed Trust is sound to the extent to which it Is fully underatood;
it is unsound to the extent to which the investor is misled. Ctrculars
should state the facts fully and clearly, and where provision is made for
the return of principal it should be co stated and in a way which will not
confuse these payments with income in the investor's mind. Furthermore,
these Trusts, as in the case of Management Companies, are justified only
in cases where they are set up and operated for the benefit of the
investor, with a fair charge for services rendered and out-of-pocket
expenses. They are distinctly unjustified when the sponsors, through
depositor companies or othenvise, take advantage of the investor through
unreasonable commissions, interest differentials, or any other charges
against funds which properly belong to the investor.
Uniform Triggs.
Another new development which has come into prominence in the past
year is that known as the Uniform Trust. This application of the Investment Trust form of supervision to the management of trust estates mingled
by specific authority is in our opinion fundamentally sound and capable
of tremendous growth. It is interesting to note that it has been advocated
by some of our very largest banks and trust companies and it is reasonable
to expect that as it is more thoroughly understood it will grow rapidly.
Conclusion.
Generally speaking, we feel that Investment Companies, especially of
the management type, are at present passing through a period which will
test them severely. The probability is that the history of the experience
of the early days of the British Companies will again repeat itself and
that out of this period will emerge leaders in this field who, having
re-acquired public confidence by their proven ability, will grow to a
position in our financial community comparable to that occupied to-day
by the leading Investment Companies in England.
Respectfully submitted,
CHARLES D. DICKEY, Chairnum.
Report of State and Local Taxation Committee, by
Edward Hopkinson Jr., Chairman—Alarming Tendency in Increasing Burden of Real Estate Taxation—Right of States to Tax National Banks-Reciprocity Inheritance Taxes in Thirty-seven
States.
With respect to his report as Chairman of the State and
Local Taxation Committee of the Investment Bankers
Association, Edward Hopkinson Jr. of Drexel & Co.,
Philadelphia, stated that "there is no action requested in
the report of our Committee to be taken by the Association
and the high spots can be briefly summarized." Mr.
Hopkinson added "the thing that received the most attention
on the part of the Committee is the alarming tendency,
Nov. 1 1930.]
FINANCIAL CHRONICLE
and the effect of that tendency in the increasing burden
of taxation which real estate throughout the country has
been bearing. During the period of increasing real estate
values that was not such a problem, but with the stabilizing
and deflation of those values an alarming situation exists
in almost every section of the country in the increasing
foreclosures under mortgages and the increasing burden of
taxes." Mr. Hopkinson went on to say:
In spite of the decreasing burden of Federal taxation, State and local
taxation has been going rapidly in the other direction, having trebled in the
last 10 years, and while no authentic figure on local taxes is available it
has kept pace in the same direction. We are clear that a remedy must be
found to more equitably distribute the burden of taxation.
The system of personal property taxes on intangibles, where In existence
has almost broken down. It is not filling the purpose for which intended.
It was simple enough in the community of 50 or a 100 years ago, but with
the liquid form represented by wealth to-day the system is proving totally
inadequate. As the result of that many States have turned to income taxes,
some on individuals and some on individual corporations, as a possible
solution. Our committee makes no recommendation as to any adoption of
policy on the part of the Association with respect to income tax as a source
of State revenue, but we are all clear that that question is becoming of
increasing importance.
We think our efforts should be directed toward simplicity and uniformity
in the matter of income tax, where it is going to be adopted: perhaps also
having reference to other systems of taxation which do not produce a
substantial amount of revenue, since that form of taxation has proved
unsatisfactory in its operation. Wherever the system of State income tax
Is to be adopted, we are of the opinion that wherever possible they should
adopt the form and figures of the Federal Government which simplifies the
problem to the taxpayer in making his report.
Without any approval the question of a State taxing National banks,
which has had a very important part in taxation problems over the past few
years, where so many of the State statutes are probably unconstitutional.
in view of the Supreme Court decision recently which held that they violated
the provisions of the Federal Constitution, and we are making no specific
recommendation on that, it is hoped a plan may be worked out at the next
session of Congress for a revision of the statutes dealing with the right of
the States to tax National banks. A tentative agreement has been reached
between the committee of the House and the representatives of the American
Bankers Association in that regard. The others may be referred to in our
report.
As to inheritance taxes, in 37 States there are provisions relieving from
all tax in foreign States property of residents decedent in another State.
There have been two important decisions of the United States Supreme
Court extending this principal to States that did not have reciprocity
provisions, and it has been finally decided that one State cannot tax the
bonds o a resident decedent of another simply because those bonds were
in that State physically or secured by property in it. And the extension of
that decision went further than the case decided last May with regard to
intangible personal property, such as notes, bank deposits and evidences
of debt.
The tax commissioners in most of the States that did not have reciprocity provisions refused to take one step further and apply the principle
to shares of stock. There was the case of where the corporation was in
Kentucky and the shares held by decedent in New York. and the question
before the Court was being litigated, and the lower Court in Kentucky
decided in favor of the New York decendent's estate and found that the two
decisions of the Supreme Court I referred to in principle ruled in the case
of shares of stock.
Now,that is extremely important, and if that decision is finally sustained
we have accomplished without reciprocity legislation the final result,
although I feel those suits were important in crystalizing the Court's views.
Whenever that is finally decided we think every effort should be made by
our Association to have legislation appropriately passed in those States.
There are attached to the report a list of shares more or less traded in.
Until that final decision there Is a possibility of double taxation on the
securities of those companies owned by non-resident decedents.
A motion to receive and file the report was carried. The
report follows:
One of the most important fiscal questions presented to the American
people, is the proper method of financing State and local government.
While Federal taxes have notably decreased during recent years, and
Federal finances have been brought under complete budgetary control, yet
in the field of State and local government there has been a continuous
increase in program, increase in expenditures and consequent increase in
tax burden. In most of the States of the Union the tax on realty (land and
improvements) bears the larger portion of this burden. Consequently, the
cry of the land-owner for relief is strong throughout the country.
A recent bulletin of the United States Department of Commerce directs
attention to the fact that the payments of the States have increased 356
,
times in 11 years, or from $517,000,000 in 1917 to $1,889,000,000 in 1928.
This has been paralleled by a similar increase in the tax demands of local
government: City, county, borough, township, school district. poor
district,assessment district, &c. In any comparison of the costs of government in the period before the War with the present period, it should be
remembered that the change in the purchasing power of the dollar has
added materially to apparent cost. Moreover, there has been a notable
movement toward improving the character of governmental services, and
this is reflected in higher costs for public schools, highways and welfare.
In addition, the program of government has also expanded with great leaps
and bounds, so that in many of the modern cities local government is performing functions that were not even contemplated in earlier years. All
of these factors have united in adding to the burden of the taxpayer, and
there is now a nationwide protest on the part of those who own land that
realty is paying more than its Just share of the expense oflocal government.
Many excellent public bodies are devoting attention to this condition, and
In various cities and municipalities special commissions are at work endeavoring to work out plans for the relief of the tax burden of realty. In
some States realty bears 75 to 80% of the cost of State and local government. Certainly in such States, this heavy tax burden upon realty merits
special attention.
In view of this serious condition, we desire to direct attention to the
following:
(a) In each community in which the burden of taxation has been increasing, special attention should be given by the citizen body to the
expenses of government. This means not only a study of budgetary principles and methods, but also an endeavor to work out modern and economic
methods of transacting the business of government in place of extravagant
and provincial methods. In most of our communities, local government
2775
Is still organized as it was in Colonial days. In the meantime, the country
has expanded tremendously, modern methods of doing business have been
devoloped, and in private business concentrations of authority have resulted
in marked economics. All of these principles should be applied to the business
of government. It has recently been suggested that while private business
is In the electrical age, local government is still in the "horse and buggy"
age, and that by concentrating offices and working out a modernized
demarcation offunctions, much could be done to stop unnecessary expense.
These changes must be worked out in each community in accordance with
its traditions and the guilding principles of its citizen body. No more can
be suggested for the whole country, but there is no reason why each community should not bring into the organization of its government the same
.business principles as would prevail in the employment of private capital.
(b) In the proper fiscal organization of local government, the State
would unquestionably play an important part. In some States, such as
Indiana. the State maintains a supervision over local budgets and also local
borrowings. A recent decision of the Indiana Supreme Court has upheld
the power of the State Tax Board to reduce a tax levy in a particular
community on the ground that it was excessive under the particular circumstances of the case. In other States, such as Pennsylvania, the State
government maintains a supervision over the technical methods of local
borrowings. In other States. State engineers and architects will be made
available for the service of local government in order to insure that a needed
local Improvement Is properly planned and supervised. We are gradually
developing a conception of government as unified rather than three-fold,
and there is no reason why the local government should not make use of
the facilities of the State government, and similarly why the State government should not make use of the facilities of the Federal government, where
opportunity can be afforded.
(c) There is a widespread desire to find some method of taxation to
supplement the local government tax upon realty. New York State has
taken the lead in this matter, and New York City receives from the State
upwards of $50.000,000 per year as its proportion of various taxes assessed
and collected by the State, but used either wholly or in part, for the relief
of local government. In several of the States where the Income tax is being
used, a proportion of the tax is returned to local government in relief of the
general property tax. Some of these methods may be adopted to the needs
of the committees represented at this Convention. The existing real estate
deflation has brought this problem acutely to the fore. The success of the
Federal income tax has caused many of the States to turn to this form of
taxation as a solution of their problem.
State Income Taxes.
While State income taxes in one form or another can be traced back to
early days, their existence as an important source of State revenue is a
development almost of the last decade. Income tax laws are now in effect
in 20 States, which are widely distributed geographically and vary greatly
in the nature of their industries. Thirteen of these States have enacted
laws affecting both individuals and corporations, three States tax individuals
only, and four States confine their tax to the incomes of corporations only.
Three States, Delaware, Georgia and North Dakota base their personal
income taxes upon the entire net income of their residents only. Nine other
States, Arkansas, Mississippi, Missouri, New York, North Carolina,
Oklahoma, Oregon, South Carolina and California, impose a tax upon the
net income of residents and that portion of the net income of non-residents
which is derived from sources within the taxing State. Massachusetts
imposes a tax on certain forms of net income received by residents from all
sources, but does not tax income derived from within the State by nonresidents. In New Hampshire the tax is imposed on interest received
(except from savings bank deposits) and dividends on stock received by
residents. Tennessee also imposes a tax on interest and dividends received
by residents. In Wisconsin residents are taxed on their entire net income
except that residents doing business both within and without the State are
not taxed on income derived from without the State. Non-residents are
taxed on net income from property or a business within the State.
The States differ in the phrases employed in the laws imposing income
taxes on corporations. In ten of the States the tax is imposed directly on
the net income of manufacturing and mercantile corporations, while six
States reach the same result by imposing the tax nominally on the right to
do business, often spoken of as a franchise or excise tax, providing that the
amount of the tax should be determined by net income.
The right of States to tax corporations is still further complicated by
the commerce clause of the Federal Constitution, preventing a State from
taxing in any manner the act of engaging in inter-State commerce within
its limits.
During the past year, both in those States which have income taxes and
those which have not yet adopted them, many commissions, some under
legislative authority, have been studying the problem of State revenues,
and in nearly all of these instances great emphasis has been laid upon the
income tax, either having regard to revision or extension of existing law.
or the adoption of the income tax as a new feature. In Massachusetts
a special commission was appointed and has been working for about five
years for the revision of the present Massachusetts State income tax.
Pursuant to the study of this commission, a carefully thought out bill was
Introduced in the Massachusetts Legislature, but was never enacted into
law. In the State of Washington a tax commission has been appointed by
the Governor under legislative authority to study and recommend a program of tax reform. In Pennsylvania and New Jersey also commissions
under authority are holding hearings and studying the problem.
One of the most serious handicaps in the use of the income tax by the
States is the economic conflicts which arise because of overlapping jurisdiction. As the number of States adpoting income taxes increases, these
conflicts will multiply and a situation comparable to that when the inheritance tax spread throughout the States will ensue, unless remedial measures
are introduced. The only method of escape from these difficulties for
which there is any precedent lies in the direction of State reciprocity.
While each State has its own peculiar income problem to solve, nevertheless
It will find it necessary to co-operate with other States in arriving at some
arrangement to avoid the most serious conflicts. The experience of the
States in reciprocity agreements with respect to State inheritance tax points
to this method of dealing with State income taxes.
In the taxation of corporations the inequality of burden arises principally
out of the variety of methods of allocation of income in effect in the different States. It is vital to the success of the corporation income tax that's
uniform method of allocation or accounting be worked out and agreed upon
by the income tax States if the ideal of only one tax upon each dollar is
ever to be realized.
The studies of your Committee are such as to reasonably satisfy it that
the income tax is coming to the more important financial and industrial
States as one of the chief sources of income. Whlle certain prejudices exist
against State income taxes In some localities, we do not believe that a
successful fight could be carried on to restrict the use of the income tax by
States. It Is our judgment rather that the efforts of the Association primarily through its local groups should be directed to shaping such legislation
along sound lines and towards uniformity among the States. The whole
2776
problem is being carefully studied by a number of more or less independent
agencies including the National Tax Association. Experience with the
different types of State law has not yet progressed to the point of forecasting which is the ideal type to be adopted. It may be many years before
opinion can be crystallized along the lines toward which uniformity should
tend, but, in any event, our aim should be to secure wherever possible
simplicity and uniformity. In many of the States it may be possible to
secure the repeal or abandonment of existing types of taxation which have
not proved particularly profitable to the State nor satisfactory in their
operation. Wherever this can be brought about, a distinct gain will have
been affected. This is particularly true with reference to State taxation on
personal property. The breakdown of such taxing systems in most States
is undoubtedly one of the prime causes for the trend towards State income
taxation. Notoriously by far the greater amount of personal property has
escaped the assessors. In an attempt to produce the required revenues, the
tax rates on intangibles have been in many cases so high as to be almost
confiscatory, encouraging widespread evasion. Many of the States which
have resorted to the income tax did so because of the inefficiency of a system
of taxation which was suitable to the simple economic organization of
pioneer communities but wholly inadequate when applied to the modern
economic organization with its elaborate differentiation of wealth and
conflicting methods of computation.
Within the past year two most valuable volumes regarding State income
taxes have been published by the National Industrial Conference Board.
Inc., 247 Park Ave., New York. and anyone desirous of further information
as to the existing situation may obtain it from these volumes.
State Taxation of National Banks.
There is no specific tax problem attracting more thoughtful attention
to-day than that of taxation of National banks by the States. As a result
of recent decisions of the Supreme Court of the United States, many of the
present State statutes taxing National banks are probably unconstitutional
with the result that in some States there is probably no legislation now in
existence under which any taxes whatever could be legally collected from
National banks. To the credit of the National banks it shodid be said that
In many States where the statutes are probably technically unconstitutional
but are not grossly unfair, the National banks have continued to voluntarily pay State taxes.
The right of the States to tax National banks at all exists under Section
5219 of the United States Revised Statutes. Under this act national bank
shares must not be taxed higher than the rate upon other competing
moneyed capital, with an alternative that the State may. instead of taxing
the shares. tax National banks upon or measured by their net income at a
rate not higher than upon financial corporations, nor than the highest rate
upon manufacturing, mercantile and business corporations.
There are, broadly speaking, three classes of states: (1) those imposing
the general uniform property rate upon all property, including bank shares;
(2) those applying the general property rate to bank shares but taxing
intangibles (bonds, notes and evidences of indebtedness) at a low millage
rate; (3) those taxing banks on their income (Wisconsin) or according to
or measured by their net income (Massachusetts, New York, California,
Oregon and Washington). In a series of decisions the United States
Supreme Court has held that the low millage late on competing intangibles invalidated the bank share tax at a higher rate.
The most recent United States Supreme Court decision (the Macallen
decision) has thrown doubt upon the State statutes adopting the income
basis for the tax by rendesing doubtful whether income from tax exempt
securities can be included as part of the measure for the tax.
On May 8 and 9 1930 there was an important conference be Washington
before the House Committee on Banking and Currency by the Committee
representing the American Bankers Association, and also inc Committee
representing the Association of States on Bank Taxation, as a result of
which a tentative form of agreement was reached for the amendment of
Section 5219 of the Statutes of the United States by giving to the states two
additional options for the taxation of National banks or their stocks, as
follows:
(a) An additional method of taxing bank shares on the ad valorem basis.
(b) Specific tax on shares.
The new option of taring shares on the ad valorem basis is found in
Section 1 (b) Proviso (2) and is intended to apply to states having low
fixed statutory rates upon intangibles and permits the ad valorem tax on
shares to be higher than the intangible rate but not higher than the tax
upon the share of other financial corporations; nor higher than the tax on
the net assets of private bankers or persons engaged in the loan or investment business, nor higher than the rate upon mercantile, manufacturing
and business corporations. The rate upon the corporations last named
Is found by relating the aggregate taxes paid by such corporations to the
aggregate of their net profits and bank shares cannot be taxed at a higher
percentage of the net profits of the bank than the rate so found.
The other new matter found in the bill applicable to this ad valorem
option is found is Sections 4 and 5, which are intended to furnish the
machinery for ascertaining the rate of taxation upon financial, mercantile, manufacturing and business corporations.
The specific tax is one which did not interest the so-called intangible
States, but more especially interests the States using the income or excise
method of taxing banks. We understand that it is the intention of this
proviso to enable the taxing State to Include the added value of bank
shares each year, even though a part thereof is the result of and represents
Income from tax exempt securities.
It is not possible to predict whether the proposed amendment will eventually be found to be a satisfactory compromise or whether it will pass
the scrutiny of Congress; but it represents a sincere attempt to work out
a satisfactory and harmonious solution.
Reciprocity in Inheritance Taxation.
Reciprocity In inheritance taxation was started in 1925, and was early
endorsed by the Investment Bankers Association. As a result of the
Interest of a large number of public bodies, such as this Association, the
Chamber of Commerce of the United States, the National Tax Association
and others, the reciprocity movement has had abundant success. To
date it Includes 37 States of the American Union, the District of Columbia,
of Canada.
the Territory of Hawaii and several Provinces of the Dominion
During the past six months the Province of Manitoba has joined in the
reaction in other parts of the Dominion.
movement,and there is a favorable
are the
The 11 States which have not as yet enacted reciprocity legislation
Kentucky,
following; Arizona, Kansas, Montana, Louisiana, Minnesota.
and Utah. In some
Nebraska, North Dakota, Oklahoma, South Dakota
in the
of these States, such as Lonieiana and NebrasKa,a very slight change
situation.
existing law would be sufficient to meet the requirements of the
the intangibles
as these States have never followed the practice of taxing
States
of non-resident decedents. In practically all of the non-reciprocal
1931. It is strongly hoped
the Legislatures will be in session in the year
principle. It this
that at this time these States will accept the reciprocity
result can be obtained in six years, it will give strong encouragement to
other movements for uniformity and simplicity in State taxing legislation.
[Vol.. 131.
FINANCIAL CHRONICLE
In the meantime, however, there is abundant Indication that the Supreme Court of the United States has taken cognizance of the grave dissatisfaction with the duplicate taxation of intangibles, and it is possible
that a further decision of this Court may give permanent and judicial
sanction to the principles for which the advocates of reciprocity have been
contending.
The decision of the United States Supreme Court in Taylor Estate vs.
the State of Minnesota was of the greatest importance. In this case the
decedent, who was a resident of New York, died possessed of $300,000 of
bonds of the State of Minnesota, and its political subdivisions. These
bonds were, ot course, included in the assessment for inheritance taxes in
New York State, but in addition the State of Minnesota, which is not yet
in the reciprocity movement, also assessed a tax upon the transfer of the
bonds. When the payment of this tax was resisted by the executors, the
case was carried to the Supreme Court of the United States, which in its
opinion definitely overrules Blackstone vs. Miller, the decision which since
1902 has been quoted as the basis of the duplicate taxation by States of
Intangible personal property of decedents, and held that the State of Minnesota had no taxable jurisdiction over these assets. In the Supreme Court's
opinion reference is made to the movement between the States to eliminate
duplicate taxation of intangibles of decedents as a basis for holding that
such taxation was repugnant to sound policy. This means that the duplicate taxation of the bonds of non-resident decedents has been ended by
the decision of our highest tribunal.
This decision was followed in May 1930 by the case of Baldwin vs. Missouri, in which the Supreme Court of the United States reversed the Supreme Court of Missouri, which had sustained a tax by the State of Missouri upon intangible personal property located in Missouri belonging to
an Illinois decedent. This property consisted of cash deposited with two
or more Missouri banks,certain coupon bonds issued by the United States,
and certain promissory notes then physically within Missouri, most of
which were executed by citizens of Missouri and the larger part secured by
liens upon Missouri land.
In at least fifteen States, however, taxing administrative authorities
have held that these decisions do not cover stocks. Steps are already
under way to secure a final legal adjudication upon this point and the
decision of the lower court in Kentucky following the reasoning of Taylor
Estate vs. Minnesota denies the right of Kentucky to tax shares of stock
in a Kentucky corporation belonging to a New York decedent (Chase
National Bank as successor to The Equitable Trust Co. of N. Y.,executor
of George Zahn vs. Kentucky State Tax Commission). The Tax Commission has announced its intention of prosecuting an appeal to a final
decision. If the lower court is sustained it will mean that the whole question of the duplicate taxation of the intangibles of decedents will be ended.
Until such a decision is rendered, however, it is important to make every
effort to urge the enactment of reciporcity legislation in the eleven states
to which reference is made above.
For the information of the members of the Association, we append
hereto a list of some of the principal corporations of the non-reciporcal
states as holders of the stocks of these companies may be subjected to
duplicate taxation.
Principal Corporations of Non-Reciprocal States.
Anaconda Copper Mining Co
Arizona Edison Co
AtchInson Topeka & Santa Fe By. CO
Axton-Fisher Tobaceo Co
Butte & Superior Mining Co
Butte Copper Consolidated Mines
Callahan Zinc-Lead Co
Central Arizona Light & Power Co
Claude Neon Electric Products, Inc
Covington & Cincinnati Bridge Co
East Butte Copper Mining Co
Empire District Electric Co
First National Dank of Louisville
Great Northern Iron Ore Properties
Great Northern Railway Co
Greene Cananea Copper Co
Helvetia Copper Co
Inter Mountain Electric Co
Kansas City Gas Co
Kansas Electric Power
Kansas Power Co
Kentucky Utilities Co
Lexington Utilities Co
Louisville & Nashville RR. Co
Louisville Gas & Electric Co. of Kentucky
Louisville Railway Co
Merchants Ice & Cold Storage Co
Minneapolis Knitting Works
Minneapolis Real Estate Associates
Minneapolis St. Paul & Sault Ste. Marie By. Co
Minneapolis Steel & Machinery Co
Minnesota Power & Light Co
Munsingwear Corp. (not listed)
North Butte Mining Co
Prairie 011 & Gas Co
Prairie Pipe Line Co
Public Utilities Consolidated Corp
Rogers Lumber Co
St. Paul Business Real Estate Associate Trust
St. Paul Central Associates Trust
St. Paul Fire & Marine Insurance Co
Salt Lake Stock & Mining Exchange
Second Duluth Real Estate Associate Trust
Southern Pacific Co
Standard 011 Co. of Kansas
Standard 011 Co
Superior & Boston Copper Co
Union Pacific RR. Co
Utah-Idaho Sugar Co
Wyandotte County Gas Co
Incorporated In
Montana
Arizona
Kansas
Knetucky
Arizona
South Dakota
Arizona
Arizona
Arizona
Ohio,Kentucky
Arizona
Kansas
Kentucky
Minnesota
Minnesota
Minnesota
Arizona
Utah
Kansas
Kansas
Kansas
Kentucky
Kentucky
Kentucky
Kentucky
Kentucky
Kentucky
Minnesota
Minnesota
IN. Dak., Minn.,
Wisc., Mich,
I
Minnesota
Minnesota
Minnesota
Minnesota
Kansas
Kansas
Arizona
Minnesota
Minnesota
Minnesota
Minnesota
Utah
Minnesota
Kentucky
Kansas
Kentucky
Arizona
Utah
Utah
Kansas
Respectfully submitted,
Edward Hopkinson Jr., Chairman.
Nov. 1 1930.]
FINANCIAL CHRONICLE
Report of Federal Taxation Committee by Paul V.
Keyser—Study of Elimination of Taxation of Foreign Holders of Bonds of American Companies—
Association's Stand Respecting Elimination of
Capital Gains and Losses for Income Tax Purposes.
In the absence of William H. Eddy, Chairman of the
Investment Bankers' Association's Federal Taxation Committee (called away on business), President Callaway
called upon Paul V. Keyser, the Committee Counsel, to
render the report. Before iresenting the report Mr. Keyser
said:
Mr. President and Members of the Convention: The report of the Committee on Federal Taxation Is one report which lends itself quite readily
to summarization. There has been no legislation during the past year
by Congress, and that is the report, as far as summaries go. In the
absence of legislation, the chief activity of the Committee has been the
further study of the question of the possibility of eliminating American
taxation of foreign holders of bonds issued by American companies. Substantially, all of that tax is collected through deduction at source, and if
that system of collection could be eliminated it would be substantially
a step forward toward the complete accomplishment of no taxation in
such cases. Unfortunately, however, that system cannot be abolished
without affecting the situation as regards American holders of tax-free
covenant bonds, the benefit of which clause can be realized only through
the system of collection at source.
The Committee issued a questionnaire to the membership of the Association for the purpose of ascertaining the sentiment of the Association as
to whether the Association should actively undertake the campaign for the
abolishment of all collection at source. The report gives the details of
the results of the questionnaire and you will find on pages 2 and 3 of the
report the figures with regard to the character of replies.
There were 270 replies received. The first question asked by the questionnaire was: "Is your organization in favor of an amendment to the
Federal Income Tax Law that would eliminate all withholding at the
source in the case of tax-free covenant bonds?"
Of the replies received, 187 were in favor of the complete elimination
of the system, as against 81 replies not in favor. Many of those who
replied as not being in favor indicated that they felt that it would be
unfair to the Association to actively undertake the repeal of those provisions of the law or the reason that members of our Association had
sold these tax-free covenant bonds to investors under a situation where
the benefit of the tax clause can be realized only through the continuation
of a system of collection at source.
Question No. 2 of the questionnaire was: "In your opinion would the
absence of a tax-free covenant clause affect in any substantial degree the
salability of new corporation bond issues?"
Two hundred and dive of the replies received Indicated the feeling that
there would be no effect whatever. Sixty-three replies indicated the
thought that there might be some effect.
The third question was: "Do you belitve that the removal of the
benefits of the tax-free covenant clause from outstanding bond issues would
affect their market value or marketability?"
On this question 190 of the replies indicated that they thought there
would be no -effect. Seventy-eight replies thought that the marketability
of all outstanding issues would be affected.
It is altogether unlikely that the session of Congress which is to he
held during this winter, which will be a very short session, will enact
any tax legislation, so that the Committee has further time to study
this question, and it presents at this time no final conclusions as to the
views that ought to be drawn from the replies received to the questionnaire
and adopts the course of simply reporting the facts developed and leaves
open for further study and consideration the question of what ought to be
the position of the Association on thie whole subject.
If a solution could be devised that would involve less delay it would
be of advantage at least so far as concerns the immediate problem of
eliminating the American taxation of foreign holders of bonds issued
by American companies. During the past year your Committee has,
therefore, been giving consideration to another approach to this problem.
The proposal considered by the Committee is the complete elimination of
withholding at the source. Inasmuch as the principal part of the United
States income taxes on foreign-held bonds are collected through withholding at the source, discontinuance of such system of collection would
undoubtedly be a substantial step toward accomplishing elimination of
taxation by this country of foreign-held bonds, but withholding at the
source cannot be abolished without affecting the situation with reference
to tax-free covenant bonds owned by citizens and residents of the United
States. For this reason your Committee was not altogether sure that this
Association should support the repeal of the provisions in the law that
provide for collection at the source, and in order to canvass the sentiment
of the Association upon this point the Committee prepared and sent out
to the membership of the Association a brief questionnaire together with
an accompanying letter explanatory of the situation and of the purposes
of the questionnaire.
Down to the present time the Committee has received 270 replies to
this questionnaire, and an analysis of these replies shows the following
results:
The first question asked was as follows:
Is your organization in favor of an amendment to the Federal Income Tax Law
that would eliminate all withholding at the source in the case of Tax Free Covenant
Bonds?
Out of the 270 replies received 187 answered in favor of elimination,
while 81 members voted no, and two were non-committal. Many members
voting in the negative accompanied their replies with letters setting forth
the reasons for their attitude, and for the most part their position was
based on the feeling that in the past the membership of the Association
has sold many bonds carrying the benefits of the tax-free covenant clause,
and that, in their opinion, it would therefore be a breach of good faith
on the part of the Association to take an active part in an endeavor to
effect the elimination of those benefits for the purpose of improving its
own position as to foreign distribution.
Question No. 2 of the questionnaire was as follows:
in your opinion would the absence of a Tax Free Covenant Clause affect in any
substantial degree the salability of new corporation bonds issues?
Sixty-three members answered in the affirmative, of which number four
indicated that they thought the effect would be unimportant. Two
hundred and five members answered in the negative. Such letters as
referred to this question gave no indication of any strong feeling that the
salability of new issues would be affected by the absence of a tax-free
covenant clause.
Question No. 3 of the questionnaire:
Do you believe that the removal of the benefits of the Tax Free Covenant Clause
from outstanding bond issues would affect their market value or marketability?
Seventy-eight members replied that they felt the market would be
affected, although of this number 14 indicated their belief that it would
not be material. One hundred and ninety answered in the negative, of
which 16 thought there might be a very small effect.
Since the receipt of the replies to this questionnaire It has not been
possible to have a meeting of the Committee, and inasmuch as it is not
considered likely that there will be any tax resolution undertaken at
the session of Congress to be held this winter, your Committee adopts
the course of reporting at this time as to the results of the questionnaire,
leaving open for future consideration the question of what position our
Association ought to adopt with reference to this whole subject.
The following is the report, which was duly received and
filed:
A meeting of the Committee was held at White Sulphur Springs, West
Virginia, on May 12 1930, and otherwise the work of the Committee
in the past year has been carried on by correspondence.
Because of the lack of any internal revenue legislation by Congress,
other than the 1% reduction in the normal income tax rates, there have
been no special activities in the tax field during the past year, and the
attention of the Ocsnmittee has been chiefly engaged with certain proposals
for changes in the tax status.
Foreign Held Bonds.
The last annual report of the Committee on Federal Taxation (1929 Year
Book, pages 225 and 226) commented on the efforts made to clarify the
situation with reference to eliminating United States income taxes upon
foreign-held bonds.
Under the sponsorship of the Treasury Department a bill (II. R. 10165)
to reduce international double taxation was introduced in Congress in
February of this year. The basic idea of this bill is the principle of
reciprocal exemptions by the United States and concurring foreign countries as to certain items of income, and bond interest is one of the items
of income covered by this principle.
The principle of reciprocal international exemptions has been recommended by several of the earlier committees of this Association. It is
also the principle that has been used by most of the European countries
that have entered into international arrangements amongst themselves for
the relief of double taxation of this kind.
There was no action on this bill during the last session of Congress,
and in view of the Congressional attitude against piecemeal tax legislation it is improbable that this bill or any other bill along these lines
will be seriously considered until Congress again undertakes a general
revision of the tax laws. However, the introduction of the bill with
the approval of the Treasury Department is evidence of the fact that the
movement to prevent international double taxation and to remove this
barrier to the expansion of foreign trade and investments is gradually
gaining ground with a growing realization that double taxation in such
cases is unecientific and unsound.
It is not improbable that in due time it may be possible to accomplish
international arrangements along broad lines of this kind which will
relieve bond interest and certain other items of income from double
'taxation of this character, but necessarily a considerable time will be
required to accomplish such results.
2777
Capital Gains and Losses.
During the past year the Congressional Joint Committee on Internal
Revenue Taxation made public a further report prepared by its staff on
the subject of capital gains and losses. The report recommends continuing the present inclusion of capital items for income tax purposes,
but in place of the existing 12ii% tax it proposes a new method based
on the theory that the tax on a capital gain should approximate the tax
which would have been paid if the gain had been realized in equal annual
amounts over the period for which the asset was held. The proposed
method is a rather complicated calculation, but, briefly stated, the plan
is to include in or deduct from income subject to both normal and surtax
certain stated percentages of the gain or loss realized from the sale of an
asset. These percentages are graduated and vary according to the time
the asset has been held, the percentages ranging from 100% if the time
is lees than two years to naught if the time is more than 15 years. Under
this proposed new capital gain and loss method any capital gain or loss
in the case of a sale of assets held 15 years or more will be disregarded
for tax purposes.
This Association has gone on record as favoring the entire elimination
of both capital gains and capital losses for income tax purposes, and
from that viewpoint this report of the staff of the Joint Congressional
Committee cannot be considered satisfactory. As it is uncertain bow far
these staff reports may be considered in future revisions of the revenue
laws it does not seem necessary at this time to comment on the report
except to notice the character of the conclusions recommended in it.
Federal Stock Transfer Tax.
to
In connection with the interim report of the Committee submitted
Board
the Board of Governors at White Sulphur Springs in May the
the
requested the Committee to prepare a statement for publication in
"Bulletin" relative to the Federal tax on stock transfers and the possiparticipations
bilities of double taxation in certain cases involving stock
that
in the syndication of new issues where the syndicate member asks
nominee. There has been no change
the stock be issued in the name of a
in
in this situation since the publication of the statement that appeared
recomthe "Bulletin" (Vol. XVIII, No. 6, p, 172), but the Committee
undermends that when the next general revision of the tax laws shall be
the
taken by Congress this Association make a determined effort to have
as to specifically protect against double
law upon this point clarified so
taxation in these cases which is so obviously against the spirit and
purpose of the law.
Further Tax Revision.
there will be further
It is not possible at this time to foretell whether
meet
revision of the tax laws at the next session of Congress, which will
there will be
next December, but if such revision shall be undertaken
a continuing field of usefulness for the Committee on Federal Taxation
in the way of co-operating with the Congressional Committees and with
the Treasury Department along the same lines as have been followed in
FINANCIAL CHRONICLE
the past by the Committees of this Association in connection with the
previous revisions of the tax laws.
Respectfully submitted,
WM. H. EDDY,
Committee Chairman.
Report of Legislation Committee by Francis A. Bonner
—Classification and Clarification of Various Types
of Temporary Investments Including "Trust" and
"Interim" Certificates.
In presenting his report as Chairman of the Legislation
Committee, Francis A. Bonner, of Lee, Higginson & Co.,
indicated as follows its purport:
[VOL.. 121.
was ssigned to this Committee by Mr. Wilbur,then President, In the midsummer of that year. A preliminary report on the subject was made at
the 1929 Convention at Quebec. The Committee was there instructed
to continue in its study of the subject with the view of submitting recommendations thereon. Again at its meeting in January of this year. at
Absecon, your Board of Governors, directed this Committee to give specific
consideration to the subject of "Interim Certificates" or "Interim Receipts"
and to bring some definite recommendations before the Board of Governors
at the White Sulphur Springs meeting in May.
Interims or Other Temporary Instruments.
At the May meeting of the Board this Committee accordingly submitted
a "Progress Report on the Subject of So-called Interim Receipts," which
report was unanimously approved by the Board, with instructions that the
Committee proceed with its further study along the lines laid out, with a
view to submitting a final report and recommendations at this time.
Following the White Sulphur meeting of the Board the progress report
was published in the I. B. A. of A. "Bulletin," copies of which have been
distributed to the entire membership. Attention of the members was called
to the fact that the report was not final, that the conclusions of this Committee were still in a formative stage, and members were invited to present
any criticisms or recommendations which they might have to make.
In its progress report your Committee went rather exhaustively into the
reasoning surrounding the formation of its conclusions, reviewing briefly
the historical aspects of this question, discussion of which has been nearly
continuous since May 1921; endeavoring to describe the present confusion
and lack of uniformity surrounding the use of temporary paper and the
dangers arising therefrom; discussing the necessity of temporary paper
in some form and attempting to analyze the proper and the improper use
thereof, and in general aiming to bring out what might be called the argumentative phases of the subject leading necessarily in the Committee's
view to the recommendations indicated in the report.
To any one interested in reviewing the considerations upon which the
Committee's deductions are based, reference therefore is made to the
text of the progress report appearing in the I. B. A.of A."Bulletin," Volume
XVIII, No. 5, dated June 13 1930.
We do, however, wish to reiterate the necessity of reaching some constructive disposition of this problem at once. As pointed out in the progress report, whether from the standpoint of the serious confusion existing
within our own ranks in this important field, or from the standpoint of
public interest in the matter, a solution must be found and hitherto endless
discussion must be terminated by an affirmative stand on the part of this
Association. If we do not so decide, it will be decided for us.
Since submission of that progress report your Committee has pursued
Its study further and now presents its recommendations, as requested by
the Board of Governors, for adoption by this Association:
Mr. President and Gentlemen of the Convention:
The report before you, which deals primarily with the topic of interim
or other temporary instruments represents the result of one and one-half
years of intensive work on the part of the Legislation Committee. The
Committee prsents what it prays may be substantially a solution of this
Important problem. It is interesting that the first Committee report on
this subject was made at New Orleans at the Convention held here in 1921.
We hope, therefore, that New Orleans may proudly claim to have supplied
the Alpha and Omega of this subject, which has had its interim wanderings
to White Sulphur and from coast to coast.
The subject is one which is of vital interest to all of us because at one
time or another practically the entire financing of the country is in the form
of temporary paper. We have tried, in our study and recommendation,
to be practical, to go as far as possible toward the theorectic ideal and still
remain within the bonds of the necessities of practical investment banking
operations. We feel we have done this. We have carefully checked the
work with as many members of the Association as we could, from the
practical standpoint, with lawyers from the legal standpoint and we have
approached some of the States so that we have good grounds for hoping
that we might find their co-operation.
I should like to read one paragraph from the report on page 2:
"We do, however, wish to reiterate the necessity of reaching some constructive disposition of this problem at once. As pointed out in the progress
report, whether from the standpoint of the serious confusion existing within
our own ranks in this important field, or from the standpoint of public
Interest in the matter, a solution must be found and hitherto endless discussion must be teriminated by an affirmative stand on the part of this
Association. If we do not so decide. It will be decided for us."
Summarizing briefly the recommendations of the report, it attempts
first to clarify and classify the various types of temporary instruments.
First,there are"temporary securities," which are limited to the temporary
Nomenclature.
form of the securities being offered. They are to be outstanding pending
Your Committee recommends that this Association adopt and promulgate
preparation of the definitive form. And the Committee recommends that a standard
terminology to designate the various types of temporary instruthis form of instrument be used whenever temporary securities can be ments necessary
to the investment banking business and that it exert its
obtained in time for delivery.
influence so far as practicable to stamp the use or misuse of these terms
Second, there are "trust certificates" which are limited to the certificates as the
dividing line between ethical and unethical practice.
of independent corporate trustees holding temporary securities, cash proWe recommend the following as standard terminology:
ceeds, or other securities for the benefit of the holders of the certificates.
1. "Temporary Securities"—to be designated, as the case may be, "temsuch trust certificates to be executed by such Independent trustees as their porary bonds,"
"temporary notes," "temporary debentures," "temporary
obligation to carry out the trust.
stock certificates," &c., and limited to the temporary form of the securities
Third, we come to "interim certificates" or "interim receipts" which are then
being offered, to be outstanding pending preparation of the definitive
limited to the advertised interim of the original underwriting bankers or form.
syndicate who have contracted with the issuer of the definitive securities
Your Committee recommends that this form of instrument be used
called for by such interims for a definite amount of such securities and for whenever
temporary securities can be obtained in time for delivery.
the payment therefor to the issuer. There are two classifications under the
2. "Trust Certificates"—to be limited to certificates of independent
"interim" heading. One, interim certificates, which are limited to cases corporate
trustees holding temporary securities, cash proceeds, or other
where a temporary security of the definitive Issuer, of a nature indentical securities
for the benefit of the holders of the certificates, such trust cerwith that of the definitive, has been delivered to the issuer of the interims. tificates
to be executed by such independent trustees as their obligation
Second, interim receipts, which are limited to cases where such identical to carry out
the trust.
temporary security of the definitive issuer has not been delivered, In which
Your Committee recommends that this procedure be adopted in all cases
event the undertaking of the issuer of interims shall be either to deliver of construction bond issues,
where permanents have not been delivered
the definitive security or return the money. That you will recognize is and cash is drawn down as construction progresses.
when the transaction is on a when, as, and if issued basis.
3 "Interim Certificates" or "Interim Receipts"—to be limited to the
Fourth, we come to the classification "dealers' receipts." which include advertised interim of
the original underwriting bankers or syndicate who
all receipts and all evidences of prepayment given for cash in advance of have contracted with the issuer of the definitive
securities called for by
delivery of temporary securities, trust certificates, Interim certificates or such interim certificates or receipts for a definite
amount of such securities
receipts, or definitive securities.
and for the payment therefor to the issuer.
There is an underlying principle in this which may not come out on the
A. Interim Certificates—to be limited to cases where a temporary security
face, in the term of interim certificates or interim receipts. There is set of the definitive issuer, of a nature identical
with that of the definitive,
up in the provisions hereof a trust relationship, whereas in the case of has been delivered to the issuer of the interims.
In such event the temdealers receipts the relationship between the dealer and the customer is porary security should be held segregated
from other assets and earmarked
one of debtor and creditor, the theory of that being that the dealers receipts for the benefit of the holders of the interim
certificates outstanding.
should remain outstanding only for a short while and only until the final
B. Interim Receipts
--to be limited to cases where such identiacl temtemporary paper can be obtained, either to be delivered or to be held under porary security of the definitive
issuer has not been delivered to the issuer
the dealers' receipts.
of the interims. In this event the undertaking of the issuer of the interims
The report then goes on to set up the essential provisions which should shall be either to deliver the definitive
security or return the money rebe contained in each type of instrument. I do not think it necessary to go celpted for to the holder of the interim within
a limited time.
all through those now, but I wish to point out the particular matters upon
In the case of interim receipts, steps should be taken toward
obtaining
which our Committee was instructed to proceed, with the provision, If the temporary security as speedily as possible
and cash received on delivery
possible, of a uniform type of instrument for each classification, which we of interim receipts should be
earmarked for the benefit of holders of the
attempt.
shall proceed to
Interims until delivery to the issuer of the interim receipts of the temFrom page 6 on the report deals with the public phase of this question, porary or definitive securities.
which goes into the question of legislation and the legal status of these
It will be observed that "Interim Certificates" are to be used where the
temporary securities, which raises certain perplexing problems and will security represented actually has been
issued in temporary form, so that
entail a great deal of work on the part of the Legislative Committee on there can be no question as to ultimate
delivery of the definitives. "Inattempting to obtain amendments to various laws throughout the country. terim Receipts." on the other hand, are to
be used when the situation is
In only a few States is the matter nov satisfactorily disposed of.
still on a "when, as, and if issued" basis.
I should like only then to read from page 7:
4. "Dealers' Receipts"—to include all receipts and all evidences of pre"Your Committee respectively submits the recommendations herein con- payment given for cash in advance of delivery of
temporary securities,trust
tained in the belief that if adopted by this Association and applied by its certificates, interim certificates
or receipts, or definitive securities.
members, they will clarify and have a remedial effect on the internal aspects
In cases where the dealer holds nothing but cash pending acquisition
of our business, eliminate practices which have been open to objection,
remove in great part such distrust as there may be In the public mind and, by such dealer of the temporary or definitive instrument to
be purchased,
satisfy complaints that have been raised by some State authorities."
steps should be taken toward obtaining delivery of such temporary
or
The report, which was formally adopted by the Associa- definitive instrument as speedily as possible and exchanging in retirement
of such outstanding dealer's receipts.
tion, follows:
If for justifiable reasons of economies in transportation,
insurance.
The year 1930 is what is generally termed an "off-year" in the matter clerical labor of exchanges, &c., such dealer leaves
outstanding the dealer's
of legislation. Only nine State Legislatures have been in regular session. receipts until definitives are ready,the official temporary
instrument should
Other State Legislatures were called into extra session but for the purpose be held segregated from such dealer's other assets and earmakred
for the
of considering specific subjects not'related to securities legislation or in benefit of holders of his outstanding dealer's receipts for
that particular
any other way directly affecting the business of dealing in securities. The issue.
Use of dealer's receipts In your Committee's opinion Is
report of the Field Secretary, which follows, will review generally the
necessary, especilegislative activities in the several States and in the National Congress ally at points where the factor of long distance is Involved,
if we are to avoid
Accordingly, your Committee deems it unnecessary undue violation of established practices which
during the past year.
experience has proved
sound. It is permissible since, with use of proper forms later
to cover any of those items in this report.
provided for,
Since the 1929 Convention of this Association at Quebec, the Legislation the customer would be on notice as to exactly what he is getting—that
Committee has directed the major portion of its attention to the subject is, a mere receipt for money—and would be in position to raise objection
of so-called "Interim Certificates" or "Interim Receipts." The subject 11 he so desired and demand the official instrument.
Nov. 1 1930.]
FINANCIAL CHRONICLE
All circulars, advertisements,syndicate letters, and syndicate agreements
should designate clearly what type of instrument is to be delivered and
who is the maker thereof.
Text of Instruments.
Your Committee believes that the essential nature and true purport of
each type of instrument should be set forth therein in the plainest form and
simplest language possible. Therefore we recommend that this Association
adopt and promulgate as standard practice the inclusion in each type of
Instrument of the folowing essentials:
1. Temporary Securities.
(a) Clear designation as the temporary stock certificate, bond, note,
debenture, &c., as the case may be, of the issuer, exchangeable
for the definitive.
(b) In other respects substantially the same text as the definitive security,
including provisions If any for certification by trustees, or countersignature by transfer agents and registrars, with necessary variations as in the case of interest-bearing instruments, where coupons
may not be attached. In the case of temporary stock certificates
we recommend that all the stock provisions appear on the reverse
side since such temporary securities sometimes are outstanding
for a long time.
(e) Assignment form unless issued to bearer.
2. Trust Certificates.
(a) Clear designation as a "Trust Certificate."
(b) Title, in prominent type, of the security represented.
(6) Amount of such security to which holder is entitled on surrender
and designation of place or places where exchangeable.
(d) Security, whether of definitive issuer or others, or cash, held for
benefit of holders of certificates pending exchange for definitivee
or in event securities represented cannot be delivered.
(e) Limit of time for delivery of securities represented.
(f) Redemption or repayment provision.
(o) Interest provision.
(h) Negotiability or transferability or registration provisions.
Execution by trustee.
(1) Assignment form, unless issued to bearer.
3A. Interim Certificates.
• (a) Clear designation as an "Interim Certificate."
(b) Title, in prominent type, of the security represented.
(e) Amount of security represented which is held for the benefit of
holders of interim certificates pending exchange for definitives.
(d) Interest provision.
(e) Negotiability, transferability, or registration provisions.
(f) Name of issuer of interim, with designation whether syndicate manager, underwriter, &c.
(g) Assignment form, unless issued to bearer.
B. interim Receipts:
(a) Clear designation as an "Interim Receipt."
(b) Title, in prominent type, of the security represented.
(a) Designation and amount of security, if any, or cash held for benefit
of holders of interim receipts, pending exchange for definitive@ or
in event securities represented cannot be delivered.
(d) Limit of time for delivery of securities represented.
(e) Redemption or repayment provisions.
(f) Interest provision.
(g) Negotiability, transferability, or registration provisions,
(1)Name of issuer of Interim, With designation whether syndicate man1
ager, underwriter, Sze.
(I) Assignment form, unless issued to bearer.
4. Dealer's Receipts.—We cannot anticipate the form which this type of
instrument may take, since practices may vary with different houses,
nevertheless we recommend the following as essentials:
(a) Clear designation as a "Dealer's Receipt."
(b) The text should clearly indicate that the instrument constitutes the
dealers' acknowledgment of money received.
(c) Instrument should be limited in form to little if anything more than
a plain invoice or bill, bearing a "paid" stamp, with addition, if
necessary,ofstamped notation respecting interest to be allowed and
securities to be delivered, with proper provisions that the money
will be refunded if the securities for payment of which such money
Is deposited with the dealer are not delivered by a specified date.
(d) In no event, however,should this instrument be dressed up in appearance so as to resemble a security.
(e) Instrument should be made specifically non-negotiable, since in any
other event it would be subject to construction as a security.
(f) In no event should anything in the text be conducive of construing
the instrument as a security, since In such case delivery :night constitute a violation of the securities laws.
Your Committee presents the foregoing recommendations as to nomenclature and text of instruments as its conclusions after a careful study of this
subject. We feel, however, that we shall never achieve real standardization
until standrad forms of instruments have been determined upon and receive
the approval od an authoritative body such as the Board of Governors of
the Investment Bankers' Association. Such forms would not necessarily
have to be promulgated as compulsory, but rather would be recommended
to the membership of this Association for their use as representing the best
efforts of men qualified in banking experience aided by counsel familiar
with banking practice.
If the Association adopts the conclusions of this report, your Committee
will be glad to be advised of the Board's opinion as to whether such
forms
should be prepared for later submission to the Board.
2779
simplest type, designed to establish exemption of trust certificates executed
by a bank or trust company under State or National supervision,
As to interim certificates and interim receipts, your Committee believes
that adoption of and adherence to the definititions recommended herein
would so control their use that the probabilities of misuse or abuse would be
greatly lessened and the legislative problem should be correspondingly
simplified.
Your Committee recommends as a reasonable and satisfactory method of
dealing with the legal status of this type of instrument, the inclusion in laws
of the regulatory type of a provision for exemption of interim certificates
and interim receipts provided the security to be delivered therefor is exempt
or is the subject matter of an exempt transaction or has been qualified or
registered. It would follow that the same provision necessarily would
include a definition of interim certificates and interim receipts corresponding
to the definition herein recommended, whicli in turn would add to the assurance of general and uniform application of the terms and use of the instruments.
As to the status of the dealer's receipt, since It would be a simple receipt
for money accepted in advance of delivery of the securities sold, it should
not be classed as a security. For this reason, as already pointed out, it is
important that there should be excluded from its terms any provisions such
as would put it in any category different from that of other ordinary recelpta for moneys in every-day commercial transactions.
Responsibllty of the Issuer.—As to temporary securities, trust certificates,
or interim certificates, obviously there need be no concern in this regard.
As to interim receipts, there should be greatly lessened concern. Under
restrictions placed about their use resulting from adoption of the recommendations contained herein, they would be issued for the most part only
by the larger and stronger originating houses. To our knowledge instruments of this character have given rise to little if any of the difficulties
encountered in the past with temporary paper.
Should, however,future experience seem to require some further showing
of financial responsibility, your Committee believes that this should be
eliminated even then in the case of members of such stock exchanges as
require periodic statements from their members. Such requirement
assures sufficient responsibility, since these statements, while highly confidential and very carefully guarded, are thoroughly checked and any member house found to be on the border-line is called to account and required to
restore its position.
As to other issuers of interim., it is our belieft hat a sworn statement by
some officer or member of the issuer of the interims having knowledge of the
facts, stating that such issuer has surplus assets over and above liabilities
in an amount not less than a given sum,should suffice.
Your Committee respectfully submits the recommendations herein contained in the belief that if adopted by this Association and applied by its
members, they will clarify and have a remedial effect on the internal
aspects of our business, eliminate practices which have been open to objection, remove in great part such distrust as there may be in the public
mind and,satisfy complaints that have been raised by some state authorities.
From its investigation the Committee has become convinced that this
subject has reached the point where it is necessary that the Association
and its member houses take definite and effective action. What form
such action should take, whether or not in the direction of developing
some authority bordering on disciplinary power on the part of the Association and its component groups, is not for this Committee to suggest.
The alternative is imminent. Organized investment banking must take
appropriate action to protect the interest of its membership and of the
public against unsound practices referred to herein and In the preceding
Progress Report, if it wishes to obviate the demand for regulation from
Outside sources.
We must remember that not all dealers with whom the states must
cope are members of this Association. If the Association will publicly
take a strong position with respect to business practices of this character,
there should be created a resulting premium upon membership not only
In the estimation of the general public of the communities in which each
member operates, but also before public authorities.
This report is submitted with full realization that it may prove not to
be the final word. We therefore believe that the subject should not be
dismissed with the idea that it is solved, but that the Association remain
watchful for any difficulties not now apparent or corrected hereby so that
any necessary modifications may be effected.
Respectfully submitted.
Francis A. Bonner,
Chairman.
Report of Foreign Securities Committee—Foreign
Loans in U. S. in First Half of 1930 Exceed Volume
in Twelve Months of 1929—Sees Nothing in Germany's Political Situation to Jeopardize Safety of
Germany's Dollar Obligations—Latin American
Financing—Institute of International Finance.
With the Chairman of the Foreign Securities Committee (H. M. Addinsell, of Harris, Forbes & Co., of New York)
unable to be present at the convention, Robert E. Christie,
Jr., of Dillon, Read & Co., was asked by President Callaway to summarize and present the report. The summary
was supplied as follows by Mr. Christie:
Mr. President and Member* of the Convmaion: Inasmuch as this is not
my report, and furthermore, that I am not even on the Committee on
Foreign Securities, I would prefer to read what seems to rae to be the high
The public phase has two aspects;
spots in this report, rather than to interpret their opinions in my own
I. The legal status of the definitive security to be delivered ultimately in words. The report starts out with an analysis of the volume of foreign
exchange for the temporary. Under this head must also be considered
the loans in the United States in 1929 and 1930, and points out that during
legal status of the temporary instrument initially delivered.
1929 they amounted to about $708,000,000, which is less than half of the
2. The responsiblity of the issuer of the temporary instrument.
1928 total of $1,428,000,000. During the first six months of 1930 foreign
Status of the Security.—The status of the definitive security already is financing
ran up a volume of $804,000,000, thus exceeding that of the
adequately provided for in the exemption and qualification or registration entire
year of 1929 by about $100,000,000.
provisions of the existing securities laws of the regulatory type and in general
The Committee has this to say on the foreign European bond situation:
provisions of the securities laws of the fraud tYPe•
"Your Committee considers the occasion opportune to emphasize that in its
The status of the temporary security of the definitive Issuer is identical,
Opinion the
since it is recognized by securities laws to.be on a parity with the permanent existed two restoration of the American foreign loan market to the conditions which
or three years ago, when foreign nations in reasonably sound
or definitive security. Therefore no recommendation need be made with financial conditions could obtain long-term loans at a fair rate of interest,economic
is one of
the fundamental and most Influential factors on which this country's future prosrespect to this type of temporary instrument.
Similarly no recommendation ki needed covering trust certificates, if perity will be based. A study of the United States balance of payments, of our
foreign trade and foreign investment figures—prepared every year by the DepartIssued as the unqualified obligation of a bank or trust cOmpany, since be- ment of Commerce, Washington, D. C.—is Indeed highly
commendable literature
cause of such issuance they would be exempt under most of the securities for the American business man and investor at this time. These comprehensive and
laws. If any case this were not true or in cases where they are not such accurate compilations clearly demonstrate that the slrgan "Foreign investments and
fact.'.
Unqualified obligation, the situation could be remdied by legislation of the foreign trade grow hand in hand" is not only a slogan but an Indisputable economic,
The Public Phase.
2780
On the Foreign public utility bands, the Committee has this comment
to make:
"It is common knowledge that, from a statistical standpoint, a large number of
them are better than many of our domestic issues, as they have much larger factors
of safety in physical property, earnings, &c."
Regarding the Young plan, the Committee says:
"The ratification of the Young Plan and the establishment of the Bank for International Settlements at Basle. Switzerland, in the early part of this year, which made
the commercialization of reparations possible, are sufficient evidence of the fact that
public opinion in Europe strongly prefers to have the practical solution of this delicate
matter worked out by economic and financial experts and business men in a businesslike manner rather than leave this solution to remain an object of political controversy."
"Recent German elections have caused some uneasiness on the part of holders of
German Dollar securities. An analysis of the election results and the numerous
comments of American bankers' representatives and correspondents abroad have
satisfied your Committee that there is nothing in the political situation which Jeopardizes the safety of German External Dollar obligations."
Then the Committee's report goes on to Latin American financing, and
points out that during this last year, with the exception of Chile, these
countries have had an abrupt halt put on the economic progress on account
of the severe decline in commodity prices and particularly staple goods
such as wheat, sugar, coffee, cotton, &c., and for this reason it is obvious
that foreign loans to Latin America so far this year have been devoted
to giving relief to some of the pressing problems due to the overproduction of these staples.
The report then speaks of recent revolutions in the Argentine, Bolivia,
and Peru. On the most recent one, in Brazil, the Committee says that
these are of such a recent date that it does not feel capable of interpreting
them, but they do say that in most of these cases there has been no such
degree of violence or disorder as is usually associated with revolutions.
Nevertheless, the news in each case has been sensational and the effect
on the bonds has been a greater drop in prices than such movetnnts have
probably justified.
Where changes in government have actually taken place, Argentina,
Bolivia, and Peru, the report says that it appears to be very generally
conceded that at least in the majority of cases the new administrations
should prove beneficial both from a poltlical and financial standpoint.
These new governments apparently have done everything possible up to
the present to avoid permanent damage to'their external credit.
And then, in conclusion, your Committee believes that the world-wide
depression, which has brought about many changes in the economic, financial and political conditions of numerous countries, calls for an expansion
of the informative and educational facilities of the Investment Bankers'
Association.
While the Institute of International Finance fills a definite need through
the issuance of numerous pamphlets giving detailed statistical information
on foreign countries, it is felt that the American investing public is in
need also of interpretations of the statistics and facts. Your Committee
believes that the hi-monthly pamphlets of the Foreign Policy Association
containing authoritative articles on international problems constitute an
excellent supplement to the bulletins of the Institute and recommends these
bulletins for the coreideration of the members.
In addition to 'that report, which you have, I am told that there will
be attached to that report and mailed to the members of the I. B. A. the
Foreign Securities Committee's report to the Executive Committee on the
Institute of International Finance and also a report of the Director of the
Institute.
A motion to receive and file the report was seconded and
carried. We give the Committee's report herewith:
Probably the most noteworthy feature of American foreign financing
during 1929-30 seas the broad fluctuation in the volume of foreign security
offerings. More specifically, foreign securities issued in the United States
during 1929 amounted to about $706,000,000, which is less than half
the 1928 total ($1,426,000,000), while during the first six months of 1930
American foreign financing ran up a volume of $804,000,000, thus exceeding that of the entirc year 1929 by almost $100,000,000.
It is obvious that the abnormal conditions of the American money market
In 1929 discouraged many countries from seeking foreign loans. Taking
into consideration, furthermore, the fact that the Atnerican investing
public was engaged principally in the purchase of equity securities during
that period we have the main reasons as to why the volume of trading
and of new offerings in fixed-income-bearing securities took a decided dip.
Having gained by this time a certain perspective of the eventful year
of 1929, the fact stands out that the violent setback in American foreign
lending during that year has unquestionably accentuated some of the
foreign exchange difficulties of several foreign nations, and there can be
little doubt but that this decrease in foreign loans has, with other important factors, including the tariff, contributed to the reduction of the
United States exports. Your Committee, therefore, is gratified to note
that the first half of 1930 witnessed a considerable improvement in American foreign loan offerings in spite of the fact that the recovery of our
foreign bond market has been disappointing.
Your Committee considers the occasion opportune to emphasize that in
its opinion the restoration of the American foreign loan market to the
conditions which existed two or three years ago, when foreign nations in
reasonably sound economic and financial conditions could obtain long-term
loans at a fair rate of interest, is one of the fundamental and most
infltv /dial factors on which this country's future prosperity will be based.
A study of the United States balance of payments, of our foreign trade
and foreign investment figures—prepared every year by the Department
literature
of Commerce, Washington, D. C.—is indeed highly commendable
comprefor the American business man and investor at this time. These
slogan,
hensive and accurate compilations clearly demonstrate that the
only a
"Foreign investments and foreign trade grow hand in hand" is not
slogan but an indisputable economic fact.
something
The past 10 years, during which the United States acquired
American investlike $15,000,000,000 of foreign securities, have enabled
thoroughly with the various problems
ment bankers to acquaint themselves
examine physical
confronting the borrowing nations, and also to minutely
properties, earnings, &c., of numerous foreign corporations.
concerned, it is common
In so far as foreign public utility bonds are
number of them
knowledge that, from a statistical standpoint, a large
they have much larger
are better than many of our domestic issues, as
While it is true that
factors of safety in physical property, earnings, Sic.
American investor lies in a
the principal attraction of foreign bonds to the
prevailing price levels
higher yield, the interesting fact remains that at
utility securities allow
many high-grade foreign government and public
is obtainable from comthe investor from 30 to 50% more income than
type of security
parable home investments, and yet the market on this
than was the case
has been sluggish and declining, to a greater degree
[Vol- 131.
FINANCIAL CHRONICLE
with even our second-grade domestic issues. This situation illustrates
clearly that the American investing public, partly because of Its predominant interest in the domestic security field, and partly because of its lack
of appreciation of conditions abroad, has failed to place a proper value
on many high-grade foreign bonds. In justice, mention should be made,
however, of the fact that the lack of success this year in distributing
portions of some of the most important international loans in London
and other European centers has undoubtedly adversely affected the sale
in this country of the American participations. With a return to more
normal conditions in our securities markets it is hoped that investors in
all lending countries will take advantage of the current prices in the
foreign security field, and thus contribute to the recovery from the present
international dilemma.
Europe.
Of the 88 different foreign loans issued during the first half of this
% German Government loan ($98,250,000) for the com2
/
year, the 51
mercialization of the reparations payments undoubtedly attracted more
interest than any other unit of foreign financing. The path of the
reparations preblom has, as you know, not been without serious difficulties
in the past; earnest efforts and full co-operation between the several
nations interested in this matter are now and will in the future continue
to be necessary if payments and transfers of the very large reparations
amounts are to be effected without disturbing or interfering with the
development and prosperity of these countries. The ratification of the
Young plan and the establishment of the Bank for International Settlements at Basle, Switzerland, in the early part of this year, which made
the commercialization of reparations possible, are sufficient evidence of
the fact that public opinion in Europe strongly prefers to have the practical solution of this delicate matter worked out by economic and financial
experts and business men in a business-like manner rather than leave this
solution to remain an object of political controversy.
Recent German elections have caused some uneasiness on the part of
holders of German Dollar securities. An analysis of the election results
and the numerous comments of American bankers' representatives and
correspondents abroad have satisfied your Committee that there is nothing
in the political satiation which jeopardizes the safety of German External
Dollar obligations.
Latin America.
With the exception of Chile, Latin America?' countries saw during
1929-30 a rather abrupt halt in their rapid economic and financial development of recent years. Overproduction in staple goods such as wheat,
coffee, sugar, cotton, &e., leading to drastic decline in prices of these
commodities considerably reduced not only export values but also severely
cut into the more important revenues (customs duties) of the 'serious
governments. Under the circumstances it is obvious that foreign loans
to Latin America so far this year were primarily devoted to give relief
to some of the most pressing problems, such as financing the surplus
stock of Brazilian coffee ($35,000,000 loan of Sao Paulo), and easing the
strain on the Argentine Exchange by a short-term Treasury note issue of
$50,000,000 of the Argentine Government.
The public in this country recently has been stirred and mystified by
actual so-called "revolutions" in Argentina, Bolivia, and Peru. At the
writing of this report it has become known that political disturbances
also have occurred in Brazil. The information available so far, however,
does not yet permit of an interpretation of the significance of the new
development in this important South American republic.
In most of these cases there has been no such degree of violence or
disorder as is usually associated with "revolutions." Nevertheless, the
news in each ease has been sensational, and the effect on the bonds has
been a greater drop in prices than such movements have probably
justified.
As changes of government in Argentina, Bolivia, and Peru occurred
only very recently, your Committee is as yet unable to report comprehensively on the developments. The new government of each of the three
countries named has been recognized by the United Stales and by most of
the foreign powers. It appears to be very generally conceded that at least
in the majority of eases the new administrations should prove beneficial
both from a political and financial standpoint. These new governments
apparently have done everything possible up to the present to avoid
permanent damage to their external credit. It is known, for instance,
that in some cases they have remitted interest and sinking fund payments on their American loans a number of days in advance of the
time called for by the loan agreements. The fact that the new
Argentine administration was recently able to obtain a $50,000,000 credit
in New York at rates substantially lower than those which the former
government secured six months previously would appear to indicate that
international bankers see in these changes of Latin American governments a constructive development which may well tend to overcome the
existing economic problems of these countries.
The Par East.
The slump In commodity prices also was keenly felt in the Far East,
notably by Australia, whose principal exports consist of wheat and wool,
and to a lesser degree by Japan, the world's largest producer and exporter
of raw silk. While the return of the Japanese currency to a gold basis
in the early part of this year is accepted as a further proof of the sound
financial position of the country, Japan's business conditions in general
were, nevertheless, further depressed by the deflation process which usually
follows currency stabilization. Australia, on the other hand, had to face
large budget deficits and the renewal of several hundred million dollars
%
2
/
of maturities which became due during this year. A $50,000,1)00 61
issue of the Japanese Government, which was brought out in the United
States, contemporaneously with $12,500,000 in London, was the major
piece of American financing in the Far East during the period under
review.
In conclusion, your Committee believes that the world-wide depression,
which has brought about many changes in the economic, financial and
political conditions of numerous countries, calls for an expansion of the
informative and educational facilities of the Investment Bankers'
Association.
While the Institution of International Finance fills a definite need
through the issuance of numerous pamphlets giving detailed statistical
information on foreign countries, it is felt that the American investing
public is in need also of interpretations of the statistics and facts, Your
Committee believes that the hi-monthly pamphlets of the Foreign Policy
Association containing authoritative articles on international problems
constitute an excellent supplement to the bulletins of the Institute and
recommends these bulletins for the consideration of the members.
Respectfully submitted,
HARRY M. ADDINSELL, Chairman.
Nov. 1 1930.]
FINANCIAL CHRONICLE
Report of Government and Farm Loan Bonds Committee, B. Howell Griswold Jr., Chairman—Review
of Federal Land Bank Financing—Status of Joint
Stock Land Banks, &c.
Government financing during the year, Federal land bank
and joint stock land bank financing, as well as the progress
made in adjusting the affairs of the three joint stock land
banks in receivership were dealt with in the report of the
Government and Farm Loan Bond Committee of the Investment Bankers' Association. B. Howell Griswold Jr., of
Alex. Brown &Sons, Baltimore, Chairman of the Committee,
was not able to be present and Alden H. Little, Executive
Vice-President was called upon to present the report. In
summarizing it, Mr. Little said in part:
2781
Secretary Mellon's Statement.
In commenting on the effect of the drouth and other matters, Secretary
of the Treasury Mellon, in the letter referred to dated Aug. 27 1930,stated,
among other things, the following;
"It should be borne in mind that the drouth situation at the present
time is temporary and is confined to certain circumscribed areas. The
diversity of conditions that exist in the great expanse of the country's
territory is an element of strength to the Federal land banks.
"The Federal land banks are permanent institutions, designed to function
in good times and bad. They constitute a great mutual and co-operative
organization that covers the entire country and each bank, in addition
to being primarily liable for its own bonds, is liable, under the conditions
stated in the law,for the principal of, and interest on, the farm loan bonds
issued by all the other Federal land banks.
"The bonds issued by the Federal land banks constitute a sound tax-free
security, and investors should not be disturbed by false or misleading information. The achievements and service of the system have demonstrated its fundamental soundness and usefulness."
Condition of Federal Land Banks.
Analysis of condition of the Federal land banks as at June 30 1930,
reveals a sound condition. At that date total assets were approximately
Mr. President and Gentlemen: The first section of this report covers a $1,292,000,000. Total outstanding loans were $1,194,000,000. The
statement of Government financing during the past year. Then a dis- principal amount of loans on which delay in payment of interest or principal
cussion regarding public debt. Then the report gets down to Federal had existed for 90 days or over, was about 3% of assets: amounts due,
delayed in payment 901days or over, and against which full reserves had
land bank financing, and I will read portions of that. . . .
Then a further discussion of that phase of the situation, and then a been set up, were about 1-5th of 1% of assets. The amount of payments on
quotation from a letter from Mr. Mellon, Secretary of the Treasury. which there had been delay of less than 90 days (against which reserves had
not been set up) was less than 1-5th of 1% of assets. It is perhaps unThis letter is issued under date of Aug. 27 last.
The report then goes on to discuss the conditioa of the Federal land necessary to add that notwithstanding these small percentages, delayed
banks. You all have these reports before you. There are some very payments are not necessarily losses.
Furthermore, as at June 30. 1930, the real estate taken over under foreinteresting figures, indicating that a very small percentage of the assets
closure, &c., after deducting reserves set up against possible losses, stood
of the Federal land banks are involved in any difficulties.
The report then goes on to discuss joint stock land banks financing on the books of the banks at less than 1% of assets; and the total amount of
and states that it was extremely small during the past year, the year sheriffs' certificates, judgments, &c., which were subject to redemption.
ended Aug. 31. Bond issues by the joint stock land banks for the year were about % of 1% of assets.
Again we might add that these figures, small as they are, do not represent
ended Aug. 31 1930, totaled $1.325.000. $50,000 of which bore interest
at 43% and the balance at 5%. Of this, $600.000 mature 40 years from losses, since the real estate above referred to stood on the banks' books at
date and they are optional ten years from date, and the remainder mature considerably less than the original appraised value, and the banks have,
in the past two years, been selling farm lands In increasing volume.
30 years from date and are optional in ten years.
The report then goes on to discuss the general situation in regard to
Joint Stock Land Bank Financing.
Milt stock land banks. The report then goes on and the final paragraph
Bond issues by the Joint Stock Land Banks since the last report, have
of the report discusses the present status of three joint stock land banks
Aug. 31 1930. bonds issued by
which are in receivership. You can read that all in the report itself. been extremely small. For the year ended
totaled $1,325.000, of which $50.000 bore
It is not long. It is very interesting and it is a subject, of course, of great all the joint stock land banks
remainder 5% interest. Of the total
% and the
Interest at the rate of
Interest to many of our members.
$600,000 mature 40 years from date of issue and are callable on or after
The following is the report, a motion to receive and file 10 years from such date. The remainder mature 30 years from date of
issue and are callable on or after 10 years from such date.
which was duly carried:
Joint Stock Land Banks.
Government Financing.
Developments during the past year have further justified the statement
The Government.since the last annual report of the Investment Bankers
Association, has issued Treasury certificates of Indebtedness aggregating so frequently made in the reports of this committee to the effect that joint
a total of $1,598,565,500. They were issued in approximately one-quarter stock land bank bonds should not be judged as a class, but rather upon the
amounts in December 1929, March, June and September 1930. The ma- basis of the financial standing and quality of management of each issuing
turities were nine months or one year. The highest rate of interest was bank.
Financial statements of the banks as at June 30 1930, give indication that
paid on the March 1930 certificates, namely. 3Ji%. the lowest Septemthe condition of not a few is excellent. Unfortunately publicity in connecber 1930, 2%.
Shorter term issues of Treasury bills at various rates of interest have also tion with the unsatisfactory condition of certain joint stock land banks
been issued aggregating $482,944,000. Certain miscellaneous securities has doubtless affected adversely the credit of better banks.
During the past year some progress has been made in adjusting the
were also issued.
The issues were for Treasury purposes and to meet large amounts of affairs of the three joint stock land banks in receivership. In the c age
certificates of indebtedness maturing during the year. It will be noted that of the Kansas City Joint Stock Land Bank, a plan of reorganization which
such certificates ofindebtedness were largely replaced with short term issues, has the approval of the Bondholders and Stockholders Protective Committees, was recently submitted to the bondholders of the bank for acceptthe Government taking advantage of a favorable short term market.
No other refunding was undertaken by the Government during the year. ance. The Bondholders Protective Committee of the Bankers Joint Stock
Treasury notes outstanding in the amount of$1,149.380,050 Land Bank of Milwaukee is developing a plan for bringing the receivership
On Sept.9 1930
of that Bank to an end by the sale of its assets as a whole. Considerable
on Sept. I were called for redemption on March 15 1931.
progress has been made by the receivers of these banks, as well as the Ohio
Reduction of Public Debt.
Joint Stock Land Bank, in liquidating the assets of the banks, dividends
The Treasury has wisely maintained its policy of reducing the public having been paid in the case of the Milwaukee and Ohio banks, and a large
debt. The reduction of about $746.000,000 during the fiscal year ended amount accumulated and invested in Government securities in the case of
June 30 was somewhat less than that for other fiscal years since the 1919 the Kansas City Bank.
Respectfully submitted,
peak, with the exception of 1921, 1923, 1925 and 1929, when reductions
B. Howell Griswold, Jr., Chairman
were less. In the remaining six years of this period reductions averaged
Clarence H. Clark,
approximately $1,000.000,000 annually.
H.F. Clippinger,
At June 30 1930 total gross debt was $16,185.308,299, or about 61%
Halstead G. Freeman,
of the peak in 1919.
Douglas V. MacPherson,
Federal Land Bank Financing.
T. Raymond Pierce.
The Federal land banks, which had been accustomed to offer from two
October 11 1930.
to four issues a year, have not offered to the public any bonds for nearly
two years poet. The last public issue was on Nov. 1 1928.
The reasons are;
Report of Industrial Securities Committee by J.
First. The banks in the earlier days of the system were obliged to most
Augustus Barnard, Chairman—Issuance of Equity
demands from all quarters for a long term mortgage with the low rate of
interest offered under the system. Not only was there a demand for loans
Stocks with Condition of Market Last Year Refor the purpose of improving farms, but also for replacing mortgages exist,.
stricting Issuance of Industrial Bonds—Discussion
Mg at a higher rate of interest. The banks have now been in existence
of Preferred Stocks.
thirteen years. The demands upon them,greatly accentuated in the earlier
days, have naturally lessened as the years have gone by and now approxiIncident to presenting his report as Chairman of the
mate what might be called annually recurring needs.
Second. Every mortgage loan requires periodical payment on an amorti- Industrial Securities Committee, J. Augustus Barnard, of
zation basis, and these amortization and other principal payments to the Dominick & Dominick, New York, commented upon it in
banks now amount to about $50,000,000 a year, which provides funds
part as follows:
sufficient to take care of most of the loans now being closed.
Third. During a depressed bond market, it was not deemed advisable
Mr. President and Members of the Association: I would just like to state
to offer for public sale bonds which would require a higher rate of interest in this report there is no reference whatever to the question of the examination of circulars issued on Industrial Securities, and I think as perhaps
than the banks were willing to pay on a long term basis.
To take care of current needs in excess of receipts,including the refunding does everyone else, that that is a very important function of the committee.
I would just like to explain that I came into the Chairmanship of this
of short term bonds, the banks during the year ended Aug. 31 1930 issued
$26.150,000 bonds. With the exception of $650,000, all of these were committee at the last minute, and that is why no reference is made to that
short term maturing six months from date. Of this total, $9,500,000 bore subject.
This is very brief, and while I am supposed to summarize it. I would just
Interest at the rate of 5%; the remainder 434 %.
During the course of the year inaccurate and misleading statements were read one or two clauses, which Is really a summary.
made concerning the banks, showing again a confusion in the minds of
Last year's report dwelt at length on equity stocks, particularly stressing
supposedly well-informed writers between Federal land bank issues and the importance and significance of stock dividends. At the time of making
banks. This is not helpful to either type this year's report, unfortunately, the matter of stock dividends is not of
those of the joint stock land
such widespread interest. Therefore, we shall simply divide our sjubect
of bank.
Inaccurate statements were also published concerning the Federal land into three heads, bonds, preferred stocks and equity stocks.
Now, as to bonds.
banks themselves. This, and the drouth were probably chief factors
There is a perfectly natural demand on the part of the Investment Bankers
in depressing the market. There was a sharp decline in prices of the
bonds from April to September.
to issue a security that the market seeks. The law of supply and demand
Following the publication of a recent letter from the Secretary of the largely regulates that. However, sometimes it might occur that it would
Treasury and the distribution of accurate information regarding the con- be better for the issuing company to sell some other type of security than
dition of Federal land banks, aided by an improved general market for the one popular at the time.
During the year 1928 and most of 1929 the condition of the money
bonds, the prices for Federal land bank bonds have recovered, and there
market almost precluded or greatly restricted the issuance of industrial
Is at present an active market in and demand for the bonds.
2782
FINANCIAL CHRONICLE
oonds; the public was hungry for equity stocks, and so they were easily
marketed. What happened? Bankers and the public eagerly sought such
issues; capitalization was greatly increased and extended, and now the per
share earnings are suffering by this expansion of capital in addition to the
normal decrease in business. On the other hand corporations fortified
themselves with much needed capital without Increasing their indebtedness, and doubtless a certain number of embarrassing situations thus were
and will be averted.
Then we touch upon preferred stocks. That is a very much discussed
subject. We had a great deal of discussion on that subject in the Committee, and we more or less divided preferred stock into three classes;
first, gilt edge, old established stocks, or those which could be issued as
such. For example, Standard of Ohio 5s, or General Motors 5% preferred.
which stand on their own basis and which need no trimming.
Then we take on what we might call second grade preferred stock, which
stand on their own basis but which we think should have some provision
for trouble in the future. And that is why we thought in this report that
a preferred stock should have some provision whereby the holder obtains
some, even though a small share in the equity, under adverse conditions
that might arise subsequent to the issuance of the stock.
Then we come to the third grade of preferred stocks. I mean the issuance
of new preferred stock. This, we thought should have certain trimmings
attached to them at the very outset, such as convertability or warrants
attached, not losing sight of the fact that a preferred stock is being put up
and therefore careful investigation should be given as to whether it can
stand on its own basis, at least for the time being.
Then we come to common stocks. The matter of common stocks is
stressed more emphatically than ever.
Following Mr. Barnard's remarks, President Callaway,
said:
You have heard the summarized report of the Industrial Securities
Committee. Are there any questions? Is there any discussion? Mr.
Barnard very courteously came in after the middle of the year to do this
work, owing to the previous Chairman having resigned, retired from
business. Mr. Barnard had previously been Chairman of this Committee,
but had not been in close touch with the work this last year up to that time,
so we appreciate very much his effort and the good work he has done.
I shall be glad to receive a motion to receive and file the report of the
Industrial Securities Committee.
The motion was seconded and carried. The report follows:
In preparing this report your committee feels that it should be brief
and to the point, merely emphasizing again certain features and safeguards that should be carefully considered in the consideration of industrial financing. Such a subject or such a matter as the financing of industrial enterprises is vast and presents many difficulties. Previous reports
of the Association have stressed practically all the points to be considered:
and, as has been repeatedly suggested, a perusal of these will be of considerable benefit to any member contemplating the flotation of a so-called
industrial security.
Last year's report dwelt at length on equity stocks, particularly stressing the importance and significance of stock dividends. At the time of
making this year's report, unfortunately, the matter of stock dividends
is not of such widespread interest. Therefore, we shall simply divide our
subject into three heads,—bonds, preferred stocks and equity stocks.
Bonds.
There is a perfectly natural demand on the part of the Investment
Bankers to issue a security that the market seeks. The law of supply
and demand largely regulates that. However, sometimes it might occur
that it would be better for the issuing company to sell some other type of
security than the one popular at the time.
During the year 1928 and most of 1929 the condition of the money
market almost precluded or greatly restricted the Issuance of industrial
bonds; the public was hungry for equity stocks, and so they were easily
marketed. What happened? Bankers and the public eagerly sought
such issues; capitalization was greatly increased and extended, and now
the per share earnings are suffering by this expansion of capital in addition
to the normal decrease in business. On the other hand corporations
fortified themselves with much needed capital without increasing their
indebtedness, and doubtless a certain number of embarrassing situations
thus were and will be averted.
It might have been possible, in some instances, to issue some other
security than common stock, for example bonds or preferred stock with
a conversion feature, which might have been marketed without prohibitive
cost. But any such security was distinctly unpopular at the time, and
the investment banker cannot be blamed for aiding in, or advising the sale
of common stocks. It would have been foolhardy to attempt thesales el
fixed income bearing securities when it was so easy to market an equity
stock and at unusually good prices. The pursuit of this policy by our
large industrial concerns has left them in a pretty strong position and
not hampered,—to put it mildly, as they were in 1921. It is merely the
following out of the theory this association has always advocated of reserving a bond issue as a last resort.
Yet this very act of increasing the capitalization as was done in so many
cases to an enormous extent created such a volume of common stock that
the public was unable to absorb them or the money market to take care
of them. This, in our opinion, was a large contributing factor to the
market smash of last autumn. While the above statement may be considered as a common platitude, the conclusion to be deducted is that the
investment banker must use extra diligence at such times to restrain the
excessive issues of stock and examine more carefully than ever the condition
of the company in which he is interested. It might happen that at a time
of easy salability for a common stock a company might be tempted to market such stock to an extent beyond its needs. Hence the banker should be
fully informed as to the use to which the money is to be put and convinced
that the projects contemplatimi are justified by the present situation and
reasonable expectations for the future. However, the province of this
committee is not so much to advise our members what to do as to discuss
and point out certain features to be regarded and pitfalls to be avoided in
the construction of or considerations of a security, always having in mind
the good of the issuing company.
So much has been written on the various details necessary for the safeguarding of a bond that it would be beyond the province of this committee
to dwell upon that feature; suffice it to state that absolute safety must be
the primary consideration, and too often considerations of salability have
overruled those of stability.
One suggestion has been made in committee to the effect that in setting
up income available for interest it should be shown in its relation to the
entire interest charges and not as applied to a junior issue after merely
deducting the exact charges on prior issues. This suggestion, however,
may be more properly the function of the Committee on Circulars.
FroL. 131.
Preferred Stocks.
The safeguards necessary to secure a bond and the lengthy discourses
on common stocks are as nothing compared to the discussions that are
current in regard to preferred stocks. Some individuals will maintain that
It is such an anomalous type of security that there is no excuse for its existence, others taking the opposite view. We believe that the latter's opinion
is sustained by the action of the great life insurance companies of New
York State by which they approved legislation permitting them to invest
in certain preferred stocks.
Countless suggestions have been presented in previous reports of this
committee as to the structure of a preferred stock and volumes could be
written as to certain "trimmings" that should go with such a security
similar to those attached to bonds issued at a time of tight money rates,
and therefore difficult to market on "rate basis" alone. We will simply
state that the summary of our opinion is that, in most cases, a preferred
stock should have some provision whereby the holder obtains some—even
though a small—share in the equity under adverse conditions that might
arise subsequent to the issuance of the stock.
In certain other cases, particularly in smaller companies, it may be desirable to attach a warrant or convertible feature to the preferred stock
at the outset. But in that event, as well as all others, the preferred issue
should be amply represented by assets and the earnings position sufficiently
strong to reasonably assure the dividend. To attempt to define this in
any detail would take time and space far beyond the privilege of this
committee.
Common Stocks.
"Management"—that one word, succinct and epigrammatic, expresses
what is really the foundation of a common stock. Brief reference to equity
stocks has already been made above, and last year's report goes into considerable detail regarding that security. However, it is futile to take the
position at a time of depression such as the present that common stocks
have permanently lost their popularity. In this great country of industrial
enterprises it is the ownership, or a share in it, of those institutions that
the public has eagerly sought in recent years and will be eager to acquire
again in the future, if not in the immediate present. Therefore it behooves
the members of this Association to exercise ever increasing care and vigilance
in the issuance of such securities.
Close contact and association with the management, or even a participation in it in a close advisory capacity is essential; "eternal vigilance"
must be exercised by the bankers as well as the managers of the industry
being financed, and each must have complete confidence in the other. That
is what makes a flotation of industrial securities above criticism irrespective
of whatever happens to the market.
A closing word of caution might be added to the effect that it often
happens that a company having sold its common stock to the public is too
anxious to pay increasing dividends. In a case where good earnings are
being shown there is a natural desire to pass them on to the stockholders,
when such resources could be better employed—if only in the building up of
a good surplus. The use of this surplus fund, year after year, by an able
management in retiring underlying bonds and preferred stocks, or in the
acquisition of other properties, can be best illustrated by such companies
as the United States Steel Corporation.
In conclusion we might quote a few words from that standard financial
paper, the "Wall Street Journal." A while ago in referring to the I.B.A.
it Bud:"Few organizations of its kind can be credited with the energy or the
wholehearted devotion to high purposes of the Investment Bankers Associat:on of America. To appreciate this fact one must read the candid and
vigorous reports of its standing committees." In referring to a specific
report the "Journal" then goes on to recommend "that all investors as
well as investment bankers might read the entire report, &c." The paper
adds that:"The Association and its committees are steadily and successfully
working for the establishment of higher standards and uniform practices
among its members."
Such words of commendation from an unbiased and leading financial
paper are well merited in the opinion of your committee; but let us exercise
that "eternal vigilance" in our security creating and marketing so that such
critics will never regret their praise but be glad to continue their approval
and further commendation.
J. AUGUSTUS BARNARD, Chairman.
Report of Progress of Money and Credit Special Committee by Henry R. Hayes, Chairman—Advisability
of Making Collateral Loans Subject to Rediscount
Under Federal Reserve System—Classification of
Brokers' Loans.
Called upon for his report as Chairman of the Money and
Credit Special Committee, Henry R. Hayes, of Stone &
Webster and Blodget, Inc. of New York, said.
Mr. President and Members of the Convention' In the words of our President, the work of this Committee is in the the laboratory stage, and we are
making just a report of progress. I have not even a written report to make.
The scope of the work carries three sections. One has to do with consideration of the advisability of making collateral loans subject to'rediscount
under the Federal Reserve System. As to that, we are still studying the
problem. As stated at the May meeting of the Board of Governors, your
Committee feels that that problem is a business problem, and not a legislative problem, until our trade and the commercial banking business of this
country feels that something need be done along those lines.
The second section of it has to do with a study, a factual study of the
money market policy of this country, and the effects thereof on investment
banking, and what, if any effect the investment banking business has on
the money market policies of this country. We are studying conditions
from the period of 1920 to 1930. That study is well advanced, but is being
revised now.
The third study has to do with the need for monthly inventories o
securities which we carry on our shelves for sale. Broadly, so far as the
work of the Committee has gone to date, we can say this, that the members
of the Committee have been led to appreciate more fully the close relations
which have been developed between commercial and investment banking.
The increasing proportion of credit placed by commercial banks in investments through direct ownership and through loans on securities has wrought
deep changes in the nature of the American Banking System,
As I have said, this Committee is a fact finding body. It is bringing
together data on these tendencies, and will present that information when
completed for the purpose of considering the development of policies of
interest, not only to the investment banking profession, but also to the
investing public.
I would like to take up now the question of the monthly inventories, and,
by way of preface, to make one or two remarks as to the purpose of the
studies. Can anything be done to develop better relations between demand
Nov. 1 1930.]
FINANCIAL CHRONICLE
and supply of new issues. Will such data as proposed be informative, and
thus assist us all in the buying end of the business. I want to point out in
that connection that brokers loans as now issued by the Federal Reserve
and the New York Stock Exchange are not complete. There is no classification between stocks and bonds. Perhaps a system such as we have now
under consideration may clear the gap. I would appreciate it if every
member who has these copies, the instruction sheet, and the inventory
statement would be good enough to mark them as a draft. We should
have done that. There is nothing official whatever about them yet. And,
Mr. President, your Committee would like to make the suggestion that all
members who are interested in this problem be good enough to communicate
their ideas and suggestions to the Committee. That's all, sir. I will try
to answer some questions, if there are any.
President Callaway: Here is a committee that is trying to be of practical
use to the membership,and in order to do so,it has to have the co-operation
of the members. I think we all realize that a figure giving us the monthly
inventories of securities on our shelves available to the membership would
be of value to us all, and there is only one way to get that figure, and that
is for the members of this Association to co-operate, when they are called
upon, by answering the questions that are put to them by the Committee.
We are not attempting to bring pressure on houses to give figures that
they do not care to give. Some of them do not understand exactly what
we are after in this monthly inventory figure. Mr. Hayes has very kindly
offered to answer any questions that you may have. He welcomes the
suggestions that you have. On this form yesterday, in the Board of
Governors' meetings, some interesting questions were asked as to the
sections that it provides, and there will come to the mind of all of you, in
your different business, questions of that type. We would like very much
to have them asked. If you don't care to ask them now. Mr. Hayes will
be delighted to sit down with you and hear from your point of view what
the difficulty is with such a system, or with the charts that have been
drawn up. We will be glad to have any questions asked now.
2783
Statement on the form and in the addressed stamped envelope supplied to
you.
2. Simultaneously or on the same day, please sign and mail the Notification Postal Card supplied to you.
3. Members having branch offices which carry inventories should arrange to have such branches report direct to theAssociation's office unless
the main office is able to report for its entire organization not later than
the 5th day of each month.
4. Reports for any one month from any one office or organization may
be made on several different blanks. In some instances this may be considered desirable in order to maintain complete anonymity. Only one
Notification Postal should be mailed.
5. Uniformity in method of reporting is most important and each member
is requested to report on the following basis:
(a) All figures reported should be as of the close of business on the last
business day in each calendar month.
(b) Except as herein provided, the figures should include all securities
owned, paid for and for sale (excluding securities held for temporary or
permanent Investment) by the reporting member; also unsold amounts of
all securities definitely contracted but not yet paid for by the reporting
member and which have been released for public offering; provided that a
manager of an undivided municipal syndicate or Joint account (including
State issues of any political subdivision thereof and Canadian issues of
like character) should, if issue has been released for public offering, report
the position of the account so as to include the total liability of all members
thereof. If a participant in such an account takes down a portion of such
issue, such participant should include its unsold portion thereof in its own
report.
(c) The terms "bonds" and "obligations" used in the Inventory Statement are intended to include notes, debentures, municipal corporate or any
form of funded debt. They should be reported at their par value.
(d) the term "preferred stocks" is intended to include all stocks which
have any preferences over other issues of stock of the same corporation as
to assets.
(e) All stocks should be reported in dollars figured at their market price
if they are listed on a stock exchange; otherwise at their list offering price.
Additional Inventory Statements, Notification Postal and stamped envelopes may be had on application to the Investment Bankers Association
of America, 33 South Clark St., Chicago.
Please mail your Inventory Statement Promptly.
The following discussion ensued.
Mr. Moore (First National Bank of Montgomery, Montgomery, Ala.):
I should like to ask Mr. Hayes if his Committee has considered the pos- Report of Field Secretary Arthur G. Davis—Norris Bill
sibility of having these reports issued more frequently than once a month.
Removing Jurisdiction of Federal Courts in Certain
Also, there is one angle we might think about, as to whether or not these
Civil Cases—Legislation Respecting Taxation of
reports will show at what rate the new issues are being absorbed, or,
more properly, what issues are being left on the shelf. In the course of a
Utility Securities—Blue Sky Law and Other
month, new issues may come out.
State and National Legislation.
Mr. Hayes: I can answer that question, not quite directly. But I
want to point out that the Committee has under consideration the adArthur G. Davis, Field Secretary of the Investment
visability of getting a little further report than is indicated an the inventory
presenting his annual report to the
statement, and I refer to the question of whether or not we should, in Bankers' Association, in
addition to that information, report by classifications, as indicated, the Convention, outlined its chief features, and called particular
amount of securities for sale that are still in syndicate account. Under our attention to the Norris bill, introduced in Congress by Senareporting system here as established by the Federal Reserve and Stock
Exchange, I doubt very much the advisability of making a report more tor Norris, and having for its purpose, said Mr. Davis, the
than once a month. We are all bothered to death with questionnaires any- removal of the jurisdiction of the Federal Courts, in all the
way,and we want to make it as simple as possible.
several States where jurisdiction depends largely or almost
If you will read Section 5(b), the opening sentence "except as herein
provided, the figures should include all securities owned, paid for and for wholly upon the diversity of citizenship. Mr. Davis stated
sale," I want to emphasize the parenthetical clause, "excluding securities that "effort has been made by Mr. Paul Keyser, the Comheld for temporary or permanent investment," which might be voluntary
mittee Counsel, to have the Senate and the National Congress
or involuntary.
The President: Are there any further questions?
see fit to defeat this bill. The bill, however, is still pending
Mr. E. C. Wampler (Lawrence Stern & Co., Chicago): I would like to
and deserves the careful consideration and the active effort
ask Mr. Hayes what his plan is with regard to dissemination of this informaand energy of this organization in opposition to that bill."
tion once obtained.
Mr. Hayes: The Committee has not considered that specifically yet. Mr. Davis' remarks regarding his report are given herewith.
Probably the wisest thing would seem to be to have this information go to
The order of the day, I believe, is to summarize. The fact is that in
the executive office and distributed solely, for perhaps a year, until we can preparing my report this year I condensed it as much as I could, intending
get comprehensive data, to the members only. We are still in the laborato include only the high points of the activities of this department during the
tory on that problem.
year. In attempting to summarize, therefore, I will only touch the high
The President: Questions are helpful to clear up the points that you have points of the high points.
Are there any further questions? Please do not hesitate to get
in mind.
Let me, in passing, say that it is not possible to put into a report of this
up and ask questions. They are very helpful. If not, I shall be glad to kind the myriad of detail that comes to the desk of the Field Secretary
hear a motion to adopt the report.
during the year. Each detail within itself would be trivial, but when taken
Mr. Carl J. Easterberg (Dillon, Read & Co., Chicago): I will so move. as a mass, or together, they form that activity which is intended to keep the
(Babcock, Rushton & Co., Chicago): I second boat from rocking in legislative matters.
Mr. Joseph A. Rushton
the motion.
During the year 16 State legislatures have been in session—nine in regular
The President: All in favor will please signify by saying Aye. Con- session and seven in extra or call session. The National Congress has had
trary minded. It is carried. Thank you Mr. Hayes.
before it bills which,if enacted, would have a material bearing on the business
of dealing in securities both in the District of Columbia and in the Nation
The following are the forms referred to by Mr. Hayes.
at large. In Canada seven provinces enacted securities prevention laws
practically uniform in fundamental provisions—repealing former laws where
(Kindly mail on same day that your Inventory Statement is mailed)
necessary.
INVESTMENT BANKERS ASSOCIATION OF AMERICA
It is in Canada this year where we have had the greatest success in arriving
Chicago, Illinois.
at practical uniformity. Of the seven provinces which enacted laws,
We have forwarded you to-day our Inventory Statement for the last through a meeting of the attorneys general of those provinces they arrived
at the same conclusion to present to their legislative bodies, and as a result
day of
, 193
the laws of those seven provinces are uniform in all material fundamentals.
(Month)
The remainder of the report undertakes to point out the high points or
(Member)
important matters of legislation which were considered this year, including
193-......
Date
a few items of legislation which were considered and were not adopted by
(City)
the legislative bodies.
For the
These maters were included, that the members of this organization might
see at first hand some of the things we have to contend with, and some of the
INVESTMENT BANKERS ASSOCIATION OF AMERICA.
things that the Legislative Committee of the respective groups through coInventory Statement.
At close of last business day of
193____ ordination of their efforts prevent from happening. Sometimes it is the
Preferred
Corn, or Cap. things which are prevented which are of equal service or perhaps greater
Group.
Bonds.
Stocks.
Stocks.
service than those things which are advocated and put in force.
I will omit the detailed recitation of the things which have happened and
Foreign securities
$
Industrial securities
touch now on one or two important items, and conclude my summary.
Investment co's. or trusts
I
On page 8 of the report toward the bottom mention is made of the Norris
Municipal securities:
Bill. The Norris Bill was introduced in the National Congress by Senator
.) State bonds
8
Norris, and has for its purpose the removal of the jurisdiction of the Federal
$
b) Direct obligations
c) Special assessments
$
courts, in all the several States where jurisdiction depends largely or almost
Public service securities
$
wholly upon the basis of diversity of citizenship. As the laws now stand
Railroad securities
$
Federal Courts have exclusive jurisdiction of civil cases where there is a
Real estate securities
$
diversity of citizenship, and where the amount involved is in excess of 83,000.
U.S. Govt. & Farm Loan securities:
a) U. S. Govt obligations
$
The purpose of this bill is to remove that jurisdictional feature to a place
b) Obligations of U.S. posens $
of original Jurisdiction of all civil statutes, of whatsoever character, in the
C) Federal Land Bank
State courts.
I
d) Joint Stock Land Bank
$
This would have a very material effect upon the issuers of securities,
Totals
$
particularly utilities, and would materially affect the owners of securities.
(Kindly mail promptly to I. B. A. of A., Chicago, in the addressed
in many instances.
Effort has been made by Mr. Paul Keyser, the Committee Counsel, to
stamped envelope supplied.)
have the Senate and the National Congress see fit to defeat this bill. The
INVESTMENT BANKERS ASSOCIATION OF AMERICA.
bill, however, is still pending and deserves the careful consideration, and
Instructions re The Monthly Inventory Statements.
the active effort and energy of this organization in opposition to that bill.
The success of this plan is entirely dependent upon the continued coThe report covers not only legislation on the sale of securities, usually
operation of all members of the Association.
Securities Law, but touches upon'legislation
1. As early as possible in each month and not later than the 5th day spoken of as the Blue Sky
mail to office el the Association in Chicago your Inventory dealing with taxation, dealing with utilities and the issuance of utility
thereof, please
1
i
2784
FINANCIAL CHRONICLE
securities, and particularly upon securities legal for investment by trust
Companies. insurance companies, fiduciaries, and so forth.
In conclusion, let me read the last paragraph:
"The year 1931 will be a so-called legislative year. Some 42 State
Legislatures will be in session. It is quite certain that three or more of the
State will seek a complete revision of their present securities laws, while
bills for amending the laws of other States may be expected. Although a
splendid spirit of good will toward the Investment Bankers' Association
exists throughout the country and although we have every reason to expect
co-operation by State authorities in these matters, it is essential that we
keep in close touch and be prepared to lend out assistance and co-operation
promptly as these problems arise."
[Vol.. 131.
relating to the proposed legislation, the Legislature adjourned without
enacting any new laws.
New Jersey.—Early in the session a bill was introduced in the New
Jersey Legislature providing for a registration (amounting to a licensing),
of all brokers and dealers in securities and of their agents or salesmen.
This bill failed to receive favorable consideration by the Committee to
which it was referred and was there held at the close of the session.
Two other bills providing important amendments to the existing securities law and advocated by the Attorney General were adopted. These
amendments, in substance, provide a method by which the Attorney
General can obtain service of process and of notice upon non-residents and
The motion to receive and file the report was seconded and others on whom he is unable to effect personal service, in proceedings and
investigations instituted by him under the Securities Fraud Act; give power
carried. The report follows.
to the Court of Chancery to issue writs of ne exeat in certain cases arising
The report of your Field Secretary,for the most part,relates to legislation under the law; provide that permits and other papers issued by those in
proposed to or enacted by the legislative bodies of the several States of the charge of enforcing the Securities Laws of other States may be received
Union,the Congress ofthe United States,and the provinces ofthe Dominion as evidence in the Courts of New Jersey when properly certified; extend
of Canada to the extent that such legislation is of interest to investment and broaden the definition of the term "fraud" and "fraudulent"; provide
bankers or does or would affect the business of investment banking. This for the impounding of the books, papers and records necessary to an inreport dwells primarily upon that character of legislation, proposed or vestigation by the Attorney General; and makes it illegal to sell securities
enacted, which comes within the general jurisdiction of the Legislation from the State by methods which would be unlawful if sale was within the
Committee. Subjects of more specific importance are covered by the State. This latter amendment especially Is worthy of note si co it is the
Legislation Committee report. Likewise, subjects which have been con- first instance of a State enacting a provision of this kind. Undoubtedly
sidered at length by other committees and which are to be covered by their the provision will be attacked as interfering with Inter-State Commerce.
reports are here mentioned only casually, if at all.
It is equally certain the provision will be supported as coming within proper
During the year 16 State legislatures have been in session—nine in regular police powers which are delegated exclusively to the State. If sustained
session and seven in extra or call session. The National Congress has had and properly enforced and confined to fraudulent situations alone, a probefore bills which, if enacted, would have a material bearing on the business vision of this character would go far toward eradicating the evil of Inter
of dealing in securities both in the District of Columbia and in the Nation State fraud in the sale of securities now so complained of by the adminisat large. In Canada seven provinces enacted securities prevention laws trators of State Securities Laws. It has far-reaching possibilities. It is
practically uniform in fundamental provisions—repealing former laws where deserving of thoughtful atention.
necessary.
Other bills of some import and interest were introduced but failed of
Summarizing the points of major importance, your Field Secretary reports enactment. Of these were the bills which sought to provide some degree
as follows:
of supervision and regulation of investment trusts and securities companies
Illinois.—At a call session of the Illinois Legislature a proposition for and a bill relating to the negotiability of securities receipts and equipment
amending the Constitution with respect to taxation was passed and ordered trust certificates along the same lines that has been adopted in the State
submitted to popular vote at the November election. If adopted by the of New York.
electorate this amendment will permit of the classification of property for
New York.—Numerous bills directly relating to the sale and distribution
taxation purposes instead of requiring a uniform ad valorem tax on all of securities, to the conduct of brokers when dealing in securities, or otherclasses of property alike. The amendment also would authorize the enact- wise of general interest to investment bankers were introduced in the
ment of an income tax law.
New York Legislature. Among those approved by the Legislature and
Kansas.—A short call session of the Kansas Legislature was held during enacted into law are;
the year at which only matters relating to taxation were considered. The
(1) A bill designed to assure the validity of bonds and other obligations
intangible tax law was repealed. In addition to this the Legislature re- of municipalities governed by an improvement commission or by a board
municipals free of commissioners for the construction of an electric railway or for the
enacted a former law, repealed in 1925, making all Kansas
from taxation. In effect this law is retroactive. The law does not directly acquisition of lands for such purpose and the construction of any structure,
declare municipals free from taxation but does relieve the holder of such stations, tunnels, Stc., necessary for the operation of such railway. It
bonds from any obligation to list the same for taxation.
provides for the publication of a notice in one or more newspaper as desigMassachusetis.—In Masachusetts the existing securities (blue sky) law nated in the Act, describing such bonds and the purpose for which issued;
was amended in two particulars, as follows:
and that unless an action is brought to contest the validity of such bonds
(1) Paragraph (d) of Section 3 was amended so as to bring securities of within 20 days after the publication of such notice their validity cannot
holding companies within the purview of the act. Heretofore securities thereafter be questioned in any court.
Issued by holding corporation, owning or holding solely securities within the
(2) A bill which confers upon corporate bonds, as defined by the bill.
exempted classes and issuing its own securities against the securities so held, the same degree of negotiability which is conferred upon security receipts
not exceeding in par value the par value of the securities owned or held by it, and equipment trust certificates by Article 8 of the Personal Property Law
have always come within the exempted class of securities. By Chap. 376, of that State. In substance this means that in the State of New York
Acts. of 1930 this exemption was removed.
bearer corporate bonds may be transferred by delivery by any person in
(2) Paragraph (g) of Section 3 was amended so as to withdraw from the possession of the same, howsoever such possession may have been acquired;
exempted class of securities those securities issued by a corporation licensed or if the bond is subject to endorsement and is endorsed to a specified
to make small loans.(Chap.289, Acts of 1930.)
person, delivery made to such person constitutes valid transfer. When it
A joint resolution of the Legislature was adopted which provides for a J.9 shown that the title of any person who has negotiated such an instrument
study and survey by the Department of Public Utilities of the laws of the is defective, the burden is on the holder to prove that he or some person
Commonwealth relating to the promotion and sale of securities. The De- under whom he claimed acquired the title as a holder for value and without
partment is reported to include in its reportitsfindings and recommendations notice.
relating to this subject, together with drafts of legislation necessary to carry
(3) Numerous bills were introduced as a result of the investigation conits recommendations into effect. This action by the Legislature appears ducted by the Commission on revision of the Public Service Commission
to have been inspired by publicity concerning purported frauds in the dis- Laws of New York. A report on the provisions of these bills is left for such
tribution of a certain security in that Connhonwealth shortly before the attention as the Public Service Securities Committee may deem approLegislature adjourned. (Resolves of 1930. Chap. 56.)
priate.
At the 1929 session of the Massachusetts Legislature a Special ComA joint resolution was adopted extending the life of the Joint Legislative
mission was appointed to investigate the control and conduct of public Committee on Banking and Investment Trusts. Also, a Commission was
utilities. This Commission made its report to the Legislature in 1930, created which is directed to make a revision of the Tax Laws of the State.
recommending the enactment of a number of bills. These bills,in substance,
Departing from the usual rule, it may be of interest here to mention
are as follows:
briefly some of the bills which did not pass. They were;
(1) A bill to enlarge the power of the Department of Public Utilities and
(1) A bill to amend the Penal Law by including in the definition of the
enable it to examine the books and papers of holding companies and organ- term "common gambler" any broker who purchases and carries any security
izations affiliated with them. (Enacted, See Chap. 383, Acts of 1930.) upon a margin for a customer;
(2) A bill to require certain additional information to be included in the
(2) A bill which would make a sale of stock of any bank or trust company
annual returns filed with the Department of Public Utilities by gas and to other than a natural person invalid unless first approved by the Superinelectric companies. (Not enacted.)
tendent of Banks;
(3) A bill providing for the approval by the Department of Public
(3) A bill to provide for supervision by the Superintendent of Banks of
Utilities of contracts of gas companies and of electric companies for the pur- corporations investing their assets in the stocks, bonds and other securities
chase of gas or electricity. (Enacted. See Chap. 342, Acts of 1930.)
of other corporations (investment trusts);
(4) A bill requiring all contracts running for more than one year under
(4) The creation of a Commission to investigate business methods and
which gas and electric companies are to pay for services, either to be ap- practices of investment companies;
proved by the Department of Public Utilities or to contain a provision by
(5) Two separate bills providing for a license system for all dealers and
which they are subject to termination by the Department in a subsequent brokers, their agents and salesmen;
rate case. (Enacted. See Chap. 396, Acts of 1930-)
(6) A bill seeking to amend the Penal Laws by making any broker guilty
(5) A bill amending the law to make it clear that the Department of of a felony, if he should loan or hypothecate a customer's securities with
Public Utilities can compel a company dealing in gas and electricity in or without the customer's consent.
bulk to supply at reasonable rates any operating company or municipality
Vtreinia.—In Virginia the situation is worthy of comment, not because
which may desire to purchase. (Enacted. See Chap. 383, Acts of 1930.) of what was accomplished but rather because of what was not accomplished.
Virginia in 1928 adopted a Securities Law containing a number of sound
(6) A bill amending the law so that companies whose sole business is the
supplying of electricity in bulk, shall be required to file schedules of rates. and workable features. With these, however, were included certain unsound and unworkable features, at least from the standpoint of the invest(Not enacted.)
(7) A bill amending the law relating to the purchase of property required ment banking fraternity as a whole. The most noteworthy of these latter
by a city or town proposing to establish a municipal plant. This bill features is that whereby a discrimination exists as between dealers domiciled
would place the final determination of questions of property. &c., in the within the State of Virginia and dealers who are non-residents and maintain no office or place of business within the State. This discrimination
hands of the Department of Public Utilities. (Not enacted.)
(8) A bill amending the law so as to require approval by the Department exists by reason of an indirect provision of the law to the effect that licensed
of Public Utilities before any municipal plant is sold. (Enacted. See dealers may quality securities under the Securities Law for sale within
the State by notice and the payment of a nominal fee. Non-licensed
Chap. 369, Acts of 1930.)
In the matter of taxation a Special Commission was likewise appointed dealers can qualify securities only through the most painstaking and
at the 1929 session of the Legislature to continue the investigation of the tedious process. There is no provision for a tentative or preliminary apentire subject of State, County and local taxation, and revenues from proval. In turn, the law further provides that dealers may be licensed
fees and other sources. This Commission reported at the 1930 session only when and if they have maintained a regular place of business in the
and recommended some far-reaching changes in the taxation system of the State of Virginia for a period of one year or more prior to application for
Commonwealth. None of these recommendations were adopted. The license. In other words a dealer in securities, howsoever financially responLegislature, however, passed a resolve (Chapter 57) under which a special sible, or whatsoever his reputation for honesty and integrity, or whatsoever
commission is to continue the study of taxation and report in December the high quality of securities offered by him, cannot become licensed and
avail himself of the preferred position accorded to licensed dealers unless
1930.
New Hampshire.—A Special Session of the New Hampshire Legislature he has maintained a place of business within the State and actually has been
was called February 1930 to go into the whole question of taxation. After in business within the State for one year or more.
This situation was the object of a resolution by this Board of Governors
considering the report of the Recess Tax Commission on the subject, together with the answers rendered by the Supreme Court to certain questions at its meeting in October 1928. Efforts, too voluminous to include in
Nov. 1 1930.]
FINANCIAL CHRONICLE
2785
detail in this report were made to effect some revision of this law and particularly a modification of the discriminatory section at the 1930 session
of the Legislature. These efforts, however, were unsuccessful.
This situation should be given specific and careful consideration: First,
toward directing the attention of the investment bankers, bankers and
owners of business and industrial enterprises, as well as of the investing
public of the State to the situation. Those who operate business and industrial enterprises within the State are interested in sound financing from
whatsoever source it may come and the investing public is interested in a
broad field from which to select sound securities for their Investment
without regard to State boundary lines. Secondly, that situation should
be brought to the attention of the Governor and other State officials of
influential position to the end that a proper bill may be introduced at the
next session of the Legislature calculated to remove this discrimination.
The substantial citizenry of sound discretion and integrity and influence
should be interested to endorse legislation such as will afford opportunity
of investing In the best grade of securities of one's own selection, regardless
of the source from whence they may originate, as well as to afford sound
protection to the investing public.
West Virginia—The West Virginia Legislature, in extra or call session,
had before it certain proposed legislation relating to the sale and distribution of securities by way of a proposed modification of the existing Securities
Law. Had these amendments or modifications been enacted they would
have prevented the payment of any compensation,commission or remuneration whatever or in any form, if or in connection with the sale of corporate
securities excepting those corporations having an established business
and which during each of two preceding years had earned a sum, over and
above all fixed charges, available for dividends equal to at least 5%. These
amendments received active attention by the Legislation Committee of
the Southeastern Group, the National Association, by Mr. Keyser, Committee counsel, and by this department. They were not adopted.
Utah.—At a special session of the Utah Legislature, called early in the
year. certain joint resolutions were adopted which provide for amendments
to the State Constitution with reference to revenue and taxation. An
important provision of these proposed amendments will permit intangible
property to be exempted from taxation as property, or to be taxed in such
manner and to such extent as the Legislature might provide. When
exempted from taxation as property, the income therefrom might be
taxed under any tax based on income but when taxed as property the
income therefrom shall not also be taxed.
Kentucky,Louisiana, Mississippi, Oklahoma,Rhode Island,South Carolina.
Texas
.—Although the Legislatures of these States were in session this
year (regular or call session) no legislation of importance to investment
bankers was proposed to or enacted by any one of these States.
Since these measures were looked after to the extent of the interest of the
Investment Bankers Association for the most part by other committees
or by Mr. Paul Keyser, Committee Counsel, mention thereof will be made
by others and are mentioned here as a matter of general information only.
It might be well, however, to say more specifically that The Norris Bill
received the very careful and active consideration of the Legislation Committee and of this Department, in addition to the efficient attention given
to it by Mr. Keyser.
Under the present Federal law, the District Courts of the United States
have jurisdictions of civil suits where the matter in controversy exceeds
$3,000 and arises between citizens of different States. This BM, would
remove entirely this ground of jurisdiction and if the bill should be enacted
into law the effect would be to give to the courts of the respective States
exclusive original jurisdiction in all suits of a civil nature between citizens
of different States, including corporations organized under the laws of
different States. The measure is still pending and is of very great importance to investment bankers and to the business interests of the country.
generally.
Canada.—In the Dominion of Canada the year 1930 is notable in he
point of legislation respecting the sale of securities. Seven of the Canadian
provinces, viz; British Columbia, Alberta, Saskatchewwan, Ontario,
Quebec, Nova Scotia and Prince Edward Islands, each enacted a law,
substantially uniform in their respective provisions, and entitled "An
Act for the Prevention of Fraud in Connection with the Sale of Securities."
In certain instances, as in Ontario, it was necessary to repeal a former act
of like character. These splendid results toward uniformity of provision
in the several provincial acts were brought about through a conference of
the Attorneys General of the respective provinces at Toronto in the latter
part of February of this year.
Fundamentally, each of these provincial laws Is a modified form of
the so-called fraud laws of New York and New Jersey. In addition to the
general provisions of the laws of these States, however, the provincial
law Includes provisions for the registration of dealers in securities and
their salesmen or agents. In those provinces where stock exchanges exist
certain regulatory provisions are also included providing for a limited
degree of audit supervision over stock exchange firms or those firms dealing
through the stock exchange or exchange member firms. A definite system
is provided for periodical examination of the books of account of such firms
by recognized accountants with provision for keeping the results of such
examination and the records of such accountants confidential and inviolate.
Every broker not subject to audit under the above provision is required to
file with the registrar (administrative officer of the law) annually and at
such other times as the registrar may require a certificate satisfactory tO
the registrar as to the financial position of such broker, signed by the
broker or by two of the partners or officials thereof, and by an independent
National Legislation.
accountant, and in addition thereto the registrar may at any time require
a financial statement in any form, from a broker, certified as aforesaid.
No new laws relating to the sale or disposition of securities have been
these provisions or
enacted by the National Congress this year. Legislation was proposed, and failure, without reasonable excuse, to comply with
the requirements of the registrar constitutes an offense.
however, as follows;
(1) S. 1332, introduced in the 70th Congress. first session, by Senator
Capper, and providing for a modified form of fraud act as applied to the
sale of securities in the District of Columbia. This bill has been before a
c,ommIttee of the Senate but no final or definite reports were made by the
committee.
(2) 8. 3491. This bill likewise provides for a supervision of the sale
and distribution of securities within the District of Columbia. It is patterened after the securities laws of the regulatory type of the central and
middle west States. The presentation of this bill apparently grew out of
the consideration given to S. 1332 (by Senator Capper) by a sub-committee
of the committee to which the latter bill had been referred. The two
measures clearly present the issue as to whether any legislation which may
be provided for the District of Columbia is to be of the fraud type or of
the regulatory type of law.
(3) H. R. 5060, introduced by Congressman Edwards in November
1929, providing for registration at the Treasury Department of securities
before they can enter inter-state trade or be advertised through or carried
In the United States mail. The bill was referred to the Judiciary Committee of the House.
(4) H. It. 5412, introduced by Congressman La Guardia, Nov. 21 1929.
might be called a national anti-bucket-shop bill. It would make it unlawful to use the instrumentalities of inter-state commerce in offering to
make or to execute any contract respecting the purchase or sale of securities
and other commodities with the intent that such contract be terminated,
closed, or settled according to or upon the basis of public market quotations,
or with the intent that such contract be deemed terminated, closed and
settled when market quotations shall reach a certain figure, and without
intending a bona fide purchase or sale of such security or commodity and
a bona fide receipt or delivery thereof.
(5) A bill appeared in the National Congress on May 5, introduced by
Congressman Sabath of Illinois which provides, in substance, that it
shall be unlawful for any person to deliver for transmission through instrumentalities of inter-state commerce any offer or sale of any shares of
stock unless the person so offering such shares of stock shall have the
actual or constructive ownership or possession of such shares of stock;
that it shall be unlawful for any person to execute any orders for the sale
of any shares of stock which orders have been transmitted through the
Instrumentalities of inter-state commerce unless such person shall first
ascertain that the person communicating such offer of sale had at the time
thereof the actual or constructive ownership or possession of such shares of
stock. Violation of these provisions would be punishable by fine of not
more than $10,000 for each offense.
In the latter part of 1927 the Federal Trade Commission instituted a
survey of the several State "Blue Sky" laws, their administration, the
effect thereof on the ready financing of business enterprises and the results
toward suppressing fraud in the sale of securities. This survey was conducted by means of questionnaires sent out from the Commission and
through interviews by representatives or agents of the Commission.
Although no report has ever been made by the Commission as to its findings
and (or) recommendations, Mr. Keyser informs your field secretary that
the Commission has a report in the course of preparation but has not as
yet completed it.
Other legislation which came on for consideration in the National ConCongress during the past year and of interest to investment bankers were
as follows;
(1) The Howell Railroad Bill,
(2) The Couzens Communications Bill,
(3) The Bills to Reorganize the Water Power Commission,
(4) The Bills of Senator Wagner and others on the Subject of United
States Courts and State Regulatory Commissions,
(5) The Hawley Tax BM,
(6) The Denison Bridge Bill,
(7) The Glass Banking Bill,
(8) The National Drainage Loan Bills, and
(9) The Norris Bill to Limit the Jurisdiction of the United States Courts.
"Legal Investments."
Numerous bills affecting "Legal Investments" have been introduced in
the various State Legislatures during the year. In fact this important
phase of legislation appears to be in a constant State of flux. In nearly
every State in which the Legislature was in regular session this year, some
changes were made in the laws relating to securities legal for investments
by savings banks, trust companies, insurance companies or fiduciaries.
In a number of other States where this matter is controlled through regulation by an administrative official, similar modifications have been made.
A cursory survey of this subject discloses that, as among the several States.
ther ,exists but little or no uniformity of fundamental principles in this
character of legislation or regulation. Space does not permit any extended
discussion of this subject or any detailed recitation of the various modifications of these laws. A pointed out in previous reports considerable work
has been done toward summarizing the several State laws on this subject.
Time, stress of other matters and the constant changes in the laws have
prevented a completion of this work.
Taxation.
In a number of jurisdictions efforts are now in progress toward a complete revision of existing tax laws. In some of the States such movement takes the form of an authorized commission to study and report
on the subject. In other States proposed amendments to the State Constitution are now before the electorate. In nearly every instance the
question of the classification of property for tax purposes, and the Placing
of Intangibles (securities) in a class for more equitable taxation, is involved
Looking Forward.
The year 1931 will be a so-called legislative year. Some 42 State Legislatures will be In session. It is quite certain that three or more of the
States will seek a complete revision of their present securities laws, while
bills for amending the laws of other States may be expected. Although
splendid spirit of good will toward the Investment Bankers Association
exists throughout the country and although we have every reason to expect
co-operation by State authorities in these matters, it is essential,that we
keep in close touch and be prepared to lend our assistance and co-operation
promptly as these problems arise.
Respectfully submitted,
ARTHUR G. DAVIS. Field Secretary
Report of Commercial Credits Committee, by H. F.
Boynton, Chairman—Increase in Outstanding
Commercial Paper in Past Year.
The report of the Commercial Credits Committee of the
Investment Bankers Association brought out ,that during
the past year commercial paper brokers experienced a
material increase in business—an aftermath of "the crash
in the stock market and the resulting reduction in brokers'
loans and money rates." The report, presented by the
Chairman of the Committee, Herbert F. Boynton of F. S.
Moseley & Co. of New York, was duly received and filed
by the Association on Oct. 14. We give the report herewith:
Since the Convention of last year the Commercial Paper Brokers have
experienced a material increase in business.
With the crash in the stock market and the resulting reduction in brokers'
loans and money rates, came a growing demand for commercial borrowers.
Coincident with this demand arose a desire from banks throughout the
country for commercial paper of the best grade.
Although In general the borrowing corporations had experienced no
especial hardships during the period of heavy borrowings on collateral by
2786
FINANCIAL CHRONICLE
speculators and brokers, beyond unusually high rates, and in this regard
discrimination in their favor was usual with the banks, there was prevalent
a distinct desire to be again in the independent position resulting when
wide distribution of borrowings is obtained through brokers.
On the other hand, we found the banks, especially the so-called country
banks, anxious again to build up a secondary reserve of bought paper
rediscountable at the Federal Reserve banks, maturing at definite dates
and sure to be paid when due. Lines of credit extended by such banks
to their customers on collateral security became after last November
to an unfortunate degree "frozen," very difficult to collect and very
awkward to handle without affront to the borrowing depositor. The degree
of liquidity essential for commercial banks was, under these circumstances,
In many cases, hard to maintain.
The result of these two situations was a distinct increase in the amount
of commercial paper distributed by brokers. Toe Bulletin of the Federal
Reserve Bank of New York reports total outstanding commercial paper
as of July 31 this year at approximately $525,000,000, nearly twice the
amount outstanding the same date in 1929. This total is only about 5%
below the peak in April of this year, and indicates a volume substantially
larger at the height of borrowing this autumn. From $800,000,000 to
$900,000,000 has been in past years the normal volume of paper outstanding.
and it now looks as though we should soon!Inca this figure.
This trend is naturally very gratifying to the members of the Association
engaged in this type of business, bearing out as it does the constant. belief
held by all such houses, that the distribution of commercial paper, as
handled in this country, is a valid, important and well-nigh essential part
of our banking system and of equal importance to all borrowing corporations.
During the last two years certain of our members, formerly engaged in
the distribution of commercial paper, have gone out of this line of business
and have turned their attention to other lines of banking, with the result
that those houses still continuing have reaped some proportionate benefit.
Your Committee finds a continuance of the high standard of business
ethics and practice, and is happy to state that during the year there have
been practically no infractions of the "agreed upon" customs.
Respectfully submitted,
Herbert F. Boynton, Chairman
C. Palmer Jaffray
Robert M. Roloson
Samuel C. McCluney
Walter B. Sachs
Howell W. Murray
E. C. King
Sent. 9 1930.
Report of Contract Cancellations Special Committee,
Allan M. Pope, Chairman.
In the absence of Allan M.Pope,Chairman of the Contract
Cancellations Special Committee of the Investment Bankers'
Association (who was obliged to cancel his reservations
shortly before the departure of the New York delegation for
the New Orleans Convention), Alden H. Little, Executive
Vice-President of the Association, read Mr. Pope's report.
Mr. Pope is associated with the First National Old Colony
Corporation of New York. His report follows:
Your Committee believes that it will ultimately be recognized as good
business practice for every investment house to have a record of every
transaction sufficiently complete to be substantiated in a Court of Law.
To be complete, a transaction requires a written confirmation by the customer.
After consultation with numerous houses,it is felt that in order to awaken
sufficient interest in this subject, and in order to have the practice of asking
for written confirmations become general, it would take a good deal more
time than has elapsed since the report of this Committee made at the May
1930 meeting of the Board of Governors. This Committee, therefore,
recommends that no further report be made at this time, but that the subject
be kept alive through the continuance of this Committee, with the object
of its making a further study of the subject.
Respectfully submitted,
Allan M. Pope, Chairman,
James H. Daggett,
Edward N.Jesup,
Frank McNair.
September 16, 1930.
Following the reading of the above, Mr. Little said:
This is perhaps in explanation of the report of the Committee which was
published in one of the bulletins last June, which stated that it was planned
to test, through a questionnaire, the sense of the membership with reference
to a plan for securing written confirmation of all sales of securities. The
Committee feels that we are not far enough along at this time to undertake
a full recommendation of that particular plan. I am making that explanation to those of you who happen to remember the report which was published In the bulletin last June.
A motion to file and receive the report carried.
Report of Group Chairmen's Committee by Canton
O'Donnell, Chairman—Services to Customers—
Credit Reference Bureaus.
Canton O'Donnell, Chairman, of the O'Donnell-Owen &
Co., Denver, in indicating the features of his report as
Chairman of the Group Chairmen's Committee of the Investment Bankers' Association, said:
Mr. President and Members of the Convention: I am not going to
attempt to summarize this report, which is very short and is in your
hands.
My only purpose in taking a moment of your time is to show to you
the kind of questions that are discussed by the groups through medium
of this Committee, and brought up for discussion in the Board of Governors' meeting and ultimately to the convention.
During the past year, through this Committee, which acts as a clearing
house between the Association and the Executive Committees of the several
groups, we discussed quite a few questions, and one question was Service
to Customers. That question was brought up by one of our groups, that is,
whether It was proper to &Ice charges for transfer of securities, clipping
coupons, and so forth.
Another question was is relation to the establishment by the groups
or by the national organkatioaa of Credit Reference Bureaus.
[VOL. 131.
Another question that was brought up was the "put-back" clause,
covered in other Committees' reports, but we felt the advice and counsel
of the Groups and their Executive Committees brought into the Association a general fund of knowledge through the action of this Committee.
Blind Ads, received the same sort of discussion and consideration.
Perhaps through some of our efforts and activities of Group Chairmen and
the Group Executive Committees, they were a little more active in suppressing this very serious hazard in our business.
I cannot refrain from using just a moment of your time to impress
upon you the opportunities that lie or are available to every member
of the Association, through your Executive Committees and through its
Group Chairman, who are ex-officio members of this Committee, to bring
your problems up to the Board.
I cannot comment on all the things that present problems to our
business, but it is through this Committee that that liaison between members and the Board we hope will be maintained and constantly increased.
The report, regularly received and filed, follows:
Your Committee has really had only two general questions submitted to
it throughout the year between the annual conventions. Both of these
questions were submitted under direct authority of the Board of Governors
at their January meeting, and in each case the Chairman propounded the
questions to the several Group Chairmen comprising the Committee in a
questionnaire letter. As a result of the replies received and the subsequent
meeting of your Committee at White Sulphur Springs last May, your
Committee came to the following conclusions in reference to the two
general questions submitted:
Services to Customers.
1. Shall investment houses adopt the policy of charging for services
now generally rendered without charge and at considerable expense to the
bond dealer in connection with:
(a) Transfer of securities for estates;
(b) Appraisal of securities for estates;
(c) Holding customers' securities for safe-keeping, including cutting
coupons;
(d) Compiling reports and data on clients' holdings?
Composite Answer.
It is recognized that investment dealers do a great deal of work for
nothing for which they should be paid and that the goal to strive for is
the elimination of the above enumerated and other free services which
now impose an unneceesztry burden upon the bond dealer. It is felt, however, that this problem can best be met by group action and that on
account of the competition offered by banks, trust companies and dealers
not members of the Association it will be impossible to totally eliminate
the giving of these free services at the present time.
A
Conclusion.
Your Committee feels that all that can be done has been done by this
Committee in this connection and requests that upon the receipt and
filing of this report the Committee be discharged from further action in
this matter.
Establishment of Credit Reference Bureaus,
2. It is desirable that either the National Association or Local Groups
establish and maintain credit reference bureaus, either directly or through
the medium of an outside agencsy, the purpose of such bureaus to be
the compilation of data pertaining to customers whose business transactions with investment bankers has been unsatisfactory in that such customers enter orders and later cancel them, thereby entailing a financial
loss upon the securities dealer?
Composite Answer.
The desirability of compiling and making available information pertaining to customers as described in the above question is universally recognized. Because most customers confine their transactions to a comparatively small territory, it seems to be the opinion of all that such bureaus,
It maintained, should be by Group, or, perhaps, in the more populous
areas, by city or State. As to whether this should be an activity of the
Group or of an outside agency employed by the Group or its member*
for that purpose, seems to be a matter which can best be decided in the
Group.
Conclusion.
Inasmuch as, pursuant to the action of the Board in directing that
this matter be brought to the attention of all Group Chairmen, information concerning the facilities available and the legal aspects involved has
been brought to the attention of the Group Chairmen, and through them
to the Executive Committees of the several groups, it is the feeling of
your Committee that all has been done that may be done by the National
organization and that the matter may now be left with the groups.
Wherefore, your Committee begs that it be discharged from further
action in this connection.
The Chairman of your Committee desires to take this opportunity to
thank Mr. Frank L. Scheffey, Secretary of the New York Group, Investment Bankers' Association, for the assistance rendered him and the Group
Chairmen in general in its consideration of this matter and particularly is
furnishing the Committee with the data pertaining to this service as
rendered to the New York Group by the New York Credit Men's
Association.
Other Activities of the Committee—Put-Back Clause.
In the period covered by this report the Group Chairmen were written
directly by Mr. Rollin A. Wilbur, Chairman Distribution Sub-Committee,
for an expression of their views concerning the put-back clause in Syndicate Agreements, and we are contenting ourselves with a reference to this
matter here because it is felt that it will be covered in the report of the
Distribution Sub-Committee.
Blind Ads.
Your Committee has been acquainted with the evils following the
promiscuous and unnwarranted use of blind ads, through which an effort
is tinide to secure salesmen from other security dealers. It is a pleasure
to be able to state that this practice has been universally condemned
by all Group Chairmen and their Executive Committees and a real effort
is being made to eliminate such ads., at least in part, by mailing he
such advertisers the reply form or the so-called "blind ad. slip" approved
by the Board of Governors at its January meeting.
Your Committee further recommends that a copy of this resoluticti
condemning the practice of blind ads, be mailed to each advertising agency
signing their names to such advertisements, with the advice that seek
practice is unsound and at variance with the accepted principles of the
Association, and is not conducive to continued amiable relations betweea
such agencies and members of the Association.
Nov. 1 1930.1
FINANCIAL CHRONICLE
Based upon the figures compiled by the office of the Association, our
17 Groups, in the aggregate, have noted and replied to the two types of
blind ads, as follows:
(a)) Ads, which carry a newspapet or magazine address
150
(b) Ads, which carry the signature of an advertising agency
53
Your Committee recommends that the plan be continued and that to
some one individual in each Group be delegated the responsibility of
answering blind ads, appearing in important newspapers or magazines of
general circulation therein.
2787
Report of Business Conduct Committee by Kelton E.
White, Chairman—Resolution of Board of Governors as to Ownership Certificates.
Kelton E. White, of G. H. Walker & Company,St. Louis,
Chairman of the Business Conduct Committee had the following to say in presenting his report.
Mr. President and Gentlemen of the Convention. The report of the Business
Conduct Committee will be brief, if nothing else. Much of the work that
was formerly done by this committee has now been taken over by the BusiThere exists among the Group Chairmen a well-established conviction ness Problems Committee, the Group Chairmen's Committee, and several
that by their getting together, at least at White Sulphur Springs, and special committees that are appointed from year to year. However, there
again in connection with the annual convention, that they can discuss, are a number of matters that are presented to us. There have been 14 cases
and from time to time present to the Board, many matters of value and come before this committee this year, all of which have been disposed of
interest to those engaged in our business. Or, to put it somewhat differ- except two, which will be passed on to the 1930-1931 committee.
ently, they feel that through the medium of this Committee many suggesI would like to make this statement: While it is not possible nor approtions can come to the Board for consideration from the rank and file
priate to present the various matters that come before this committee to
the investment dealers, and that such opportunity to present matters to this Convention, nevertheless the officers and Board of Governors are
the Board increases the interest of all in the work of the Association familiar with everything of a controversial nature, and the committee has
and many times is more to be desired than that matters should always nothing of a serious nature pending before it at the present time.
There is, I think, only one special point in the report, and that is the
originate with the Board and then be referred to the membership.
resolution by the Board of Governors in connection with ownership cerRespectfully submitted,
tificates.
CANTON O'DONNELL, Chairman.
I want to thank, on behalf of the committee, Mr. Roy Osgood, for some
very helpful advice he has given us during the year, and before closing, Mr.
President, I would indeed be remiss if I did not thank you and express the
our committee,and say it has been
and a privilege
Bulletin of Investment Bankers Association of America appreciation ofyou this past year. In our opinion ita pleasureone of the most
to serve under
has been
To Be Changed to Monthly Magazine—Report by efficient administrations this Association has ever enjoyed. The President
has been ready and willing at all times to give his advice. He has been
J. H. Daggett.
ready and has taken a position on everything, and still, with all of that,
Plans to change the Bulletin of the Investment Bankers he has been most considerate, in my opinion, of everyone's feeling, and I
Association of America to a monthly magazine were made thank you.
Further Activities—Group Chairmen.
known at the annual convention in New Orleans; the subject was brought before the convention by President Callaway as follows:
President Calloway in acknowledgment of the above said.
Thank you, Mr. White. It is rather embarrassing to me to present a
motion to pass the report after what Mr. White has said. I,in turn,should
like to say here is a very difficult piece of work. The Business Conduct
Committee is composed of our members throughout the country, a committee that is not large and necessarily has to be distributed, and yet has to
cover cases that come before it efficiently, quickly, with great patience and
great fairness. And as Mr. White has said, it has been my pleasure to be in
close contact with that committee. They have important problems to
decide and I want to congratulate and thank him,as well as the committee,
for the way they have done their work. It has been a pleasure to work
with them.
I want to make an informal remark to the members here. There has
been some thought given to the changes in the form of the Bulletin that
Is sent to you, and so in May at White Sulphur, after the Board talked it
over, a Committee was appointed to give very careful attention and thought
to the question: Should we change the form of our Bulletin, and if so, what
form it should take. We asked Mr. James H. Daggett, of the Marshall
& Haley Bank of Milwaukee to take the Charimanship of that Committee.
We asked Mr. William T. Bacon, of Bacon, Whipple & Co., Chicago; Mr.
Arthur H. Gilbert, of Spencer Trask & Co., Chicago; Mr. Little and Mr.
RIM of our own office, and Mr. William .1. Wardall, Bonbright & Co..
A motion order to receive and file the report was carried.
Chicago, to go on that Committee, and I think the membership should The report follows:
know the opinion of that Committee. I think you are all entitled to the
During the past few years a great deal of the work that formerly fell
information that is going on in these special things, and I would like for
Mr. Daggett, although unprepared, to make a few remarks to you and within the jurisdiction of the Business Conduct Committee has been taken
over and handled by the Business Problems Committee with its sub-comlet you know where we stand on that work.
mittees on salesmen's compensation, cost accounting, distribution and
Mr. Daggett responded as follows:
trends of the business, also by the Group Chairmen's Committee and
several special committees that have been appointed from time to time.
Mr. President and Gentlemen:
The Committee which President Callaway appointed at White Sulphur This is a perfectly natural development and is as it should be, for the
last spring had a great many meetings during the summer. We gave Business Conduct Committee now has sufficient time to perform the
very careful consideration to this question of changing the Bulletin into a particular duties for which it exists and can handle such other matters as
monthly magazine which might be representative of our business. The the Board of Governors may wish to direct to its attention. Therefore.
Committee considered publication, costs, magazine forms and possible during the past year, instead of presenting new subjects and phases of
material that we might have available for such a magazine, and after giving business conduct for discussion we have confined our activities to those
it a great deal of consideration the Committee voted unanimously that matters that have been brought to our attention and have endeavored to
the form of the Bulletin should be changed to a monthly magazine. They inculcate in our membership the standards of "Better Business Practice"
so reported to the Board of Governors, and a Committee is to be appointed as already defined by the Association. Your committee is pleased to report
to make the change at some time during the next six months. We esti- what we believe to have been a year of normal activity and progress.
mate that it probably will be about April or May of next year before this
CASES.
new magazine comes out. We are convinced, however, that it will be an
Fourteen cases or matters involving business conduct have been presented
improvement and that it will be a benefit to our business to have this
magazine, and we hope you will feel the same way about it when you see it. to the National Committee during the past year, all of which have been
disposed of except two which will be referred to the 1930-1931 Committee.
It is worthy of note that in spite of the large increase in the volume of busiPresident Callaway:
Thank you, Mr. Daggett. Are there any questions? Here is a sub- ness handled by our membership during the past few years that there has
ject that interests every one of us. We should read the Bulletin. I been a decrease rather than an increase in the number of complaints filed
am frank to say it has been discouraging many times in talking to mem- in reference to breaches of ethical standards or violations of "Better Pracbers, after we have sent out carefully prepared reports of interesting things tice" as defined by our Association. The 1927 Committee had 25 cases
in the Bulletin to find out they have not been read. What we would like Involving business conduct presented to it. the 1928 Committee 23 cases,
to know is how we can make our Bulletin so interesting to you that you toe 1929 Committee 11 eases and the 1930 Committee 14 cases. It is neither
possible nor appropriate to present to this Convention the specific matters
are going to read it. That is our problem.
Everybody in the administration, the committees that are working on that have been brought to the attention of your Committee during the past
it, want your help, and if you don't care to rise here, if you will write, or year. However, the Officers and Board of Governors are familiar with
if you will talk to Mr. Daggett about our Bulletin and our magazine, it everything of a controversial nature that has been under discussion and
would be very helpful. If there are any questions here, we would be glad your Committee is glad to advise that there are no serious cases pending.
and there is only one matter that we wish to bring to the Board's attention
to try and answer them. Thank you, Mr. Daggett.
at the present time.
Publications Committee of Investment Bankers Association (Ralph Fordon, Chairman) Passes Out of
Existence—Duties Undertaken by Education Committee.
Ralph Fordon of the Guardian Detroit Co., Inc., Detroit,
called upon to present his report as Chairman of the Publications Committee of the Investment Bankers Association of
America, said.
Mr. Chairman and Gentlemen: The Publications Committee passes out
of existence this year, and its duties will be undertaken by the Education
Committee. The only job the Publications Committee has done has been
the sending of book notices to the "Bulletin." During the past several
months book notices went to the "Bulletin" in reference to these books:
"The Transfer of Stock," by Christy; "Investment Trusts in America,"
by Williams; "American Investment Trusts." by Fowler; "Analysis of
Railroad Securities," by Bogen;"Investment Banking," by Willis & Bogen:
"American Underwriting Houses and Their Issues—Fourteen Years of
European Investments," by Stern. That is a meritorious book, by the
way, and we recommend it highly. "America Looks Abroad," by Mazur;
"If You Must Speculate, Learn the Rules," by Williams: "History of
Economics," by Spann. He is an Austrian professor of economics in
Vienna, a very good work. And Keane's "Manual of Investment Trusts."
The above report was regularly received and filed.
OWNERSHIP CERTIFICATES.
While the number of complaints against the misuse of ownership certifi
elites has decreased materially during the past few years, nevertheless,
both members and non-members periodically come to your Committee
for a ruling on this practice. At times and under certain circumstances
there seems to be a difference of opinion in reference to the use of ownership
certificates and we therefore deemed the matter of sufficient importance
to bring it to the Board of Governors' attention.
The Code of Ethics which was drafted and presented by a Special Committee to the Fourteenth Annual Convention at St. Petersburg, Florida
(see pages 290.293, 1925 Year Book) included a paragraph which in our
opinion covered the subject of ownership certificates without specifically
mentioning the same. This Code has been the basis of the various opinions
expressed by your Committee. but we have been unable to use it as the basis
of rulings for it was never adopted by the Association but was simply referred
to the various Groups for their consideration and individual action
The paragraph in the Code of Ethics referred to reads:
"Dealers, whether institutional or otherwise, having otner departments
with the functions of paying agent, transfer agent, trustee or otherwise,
should insure the absolute confidence of information obtained in fiduciary
capacity, and under no circumstances allow it to reach the security sales
department."
In order that the views of the Association In reference to misuse of ownership certificates might be clearly understood by all, we offered the following
resolution which was adopted by the Board of Governors:
Whereas,from time to time and under certain circumstances, there seems
to be a difference of opinion as to the proper use of ownership certificates
which is evidenced by the complaints filed with the Business Conduct
Committee, therefore:
2788
FINANCIAL CHRONICLE
Be It Resolved, that dealers, whether institutional or otherwise, having
other departments with the functions of paying agent, transfer agent,
trustee or otherwise, should insure the absolute confidence of ownership
certificates and all other information obtained in a fiduciary capacity
and under no circumstances allow it to be used for the purpose of promoting
sales.
CONCLUSION.
In closing this report we would indeed be remiss if we did not express our
thanks and appreciation not only to the Officers of the Association but to
to the membership at large for their ready response and hearty co-operation
during the past year. Reforms in business practices do not happen over
night but we believe that the conduct of our membership in their dealings
with the public and with each other is on a higher plane today than at any
time in the history of our Association and we look forward to 1931 with the
greatest confidence. The Committee has no further definite recommendations or suggestions to make to the Convention at this time and we therefore
move the adoption of this report.
Respectfully submitted,
KELTON E. WHITE, Chairman,
Geo. G. Applegate Geo. H. Nusloch
Canton O'Donnell
*Jas. A.Eccles
*Bernard W. Ford
Gerald Parker
J. A. W. Iglehart *Clarkson Potter
Dietrich Schmitz
*Bowman C. Lingle
*John R.Longmire
P. T.White
*Orrin G. Wood
G. M.Mosier
Stanley L.Yonce
*Frank D. Nicol
*Unable to attend meeting of Committee in New Orleans and did not
sign this report.
Report of Bond and Note Nomenclature Committee by
H. H. Bemis, Chairman—Opposed to Appointment
of Permanent Committee to Advise Members as to
Propriety of Titles for Bonds and Notes.
Opposition to the appointment by the Investment Bankers
Association of America "of a committee of permanent
character to advise members upon request as to the propriety
of titles" which would be acceptable for use on bonds and
notes was expressed by the Bond and Note Nomenclature
Special Committee. Harry H. Bemis, of Curtis & Sanger,
Chairman of the Committee had the following to say regarding the report:
Serveral years ago it was brought to the attention of this Board that there
were titles used for bonds and notes which were misleading,and a Committee
was appointed to examine into the subject.
Briefly, they tried to report a list of titles which would be acceptable to
all, but found that they could not do it. We referred the matter also to the
American Bar Association and the American Bankers Association and asked
for their co-operation. The American Bar Association,through their appropriate committee went through practically the same motions that we did,
and came to the same conclusion, namely, that any list was totally impossible which would cover all situations in this country, and was further complicated by the situations that might arise abroad.
We, therefore, this Committee, came into office with the subject still in
the laboratory stage, and we were asked to analyze and give our conclusions,
and this is about where we got off. We came to the conclusion that no list
was practical. Furthermore that it was impossible to ask for legislation
which would definitely aid; that would have to be based on action which
would be uniform and that would not only be impossible between states
but also would be impossible in dealing with securities throughout countries
where the laws were different.
Then we had the question of the absolute necessity of action, but we
learned there was a great library of legal matter on the subject, which would
make It impossible for anybody to err very much unless they did so on purpose.
We also learned that the prominent lawyers of New York and the Stock
Exchanges all used a great deal of care. and we also found no actual instance
of misuse of titles called to our attention. We therefore concluded that we
were opposed to the appointment by the I. B. A. of a Committee of perms
meat character to advise members, upon request, as to the propriety of
titles, the use of which Is contemplated.
[VoL. 131.
Practicability.
As we have stated above, your committee reported in 1928 that it seemed
impracticable to prepare a list of titles which would be generally accepted.
The American Bar Association in tair first report worked on the basis
that such a list was possible, but their later report states that further study
has convinced them that at best rigidity in nomenclature, based on past
experience alone, would hamper future development; therefore they abandoned the attempt to make up any such list.
Your present Committee did not accept their conclusions without careful study, but it is willing to state now that it considers an arbitrary list
of titles and definitions entirely impracticable. Would legislation aid?
It has never been thought by this Committee that it would. To be effective, a uniform law would be indispensable. Legislation would have to
provide for the use of titles which would be uniform in the various states,
and agreement between states would probably be impossible. This leaves
out of consideration the complication of foreign securities, which are issued
and their titles given under laws quite different from our own. It would
seem as if the principles of commercial law at present existing have as general
an application to this question as we could hope to attain.
Necessity.
Trustworthy financiers, economists and experts have completely and
reliably covered the subject of bond and note nomenclature in a great
library of financial works, so that inaccuracy and ambiguity need exist
only with those who hope to profit by their own ignorance and take advantage by unscrupulous cleverness. Apparently it is only a question of commercial morality, and experience has taught that attempts to produce
morality by legislation or dictation have failed. Whether or not the I.B.A.
would assume legal responsibility if we attempted to define titles, it seems
unnecessary for us to discuss.
The report of the Bar Association questions the necessity for specific action
and states that careful investigation has shown that the committees of the
New York Stock Exchange, the New York Curb and prominent legal firms
in New York are already using great care in demanding that descriptive
titles be accurate and fair;furthermore,that investment bankers and dealers
consider their reputations at stake and it is a matter of business necessity
to exercise similar care. Obviously it is of such commercial disadvantage
for them to employ erroneous or misleading descriptive titles and the
penalties therefore are so onerous that it is inconceivable that they should
adopt any such course except with willful intent, in which Case the legal
remedies of redress are ample and practical consequences sufficiently
serious to discourage. In fact, no actual instances of misuse of titles by
members have been brought to the attention of this present Committee.
Conclusion.
In view of the above we are opposed to the appointment by the I.B.A. of
a committee of permanent character to advise members, upon request, as
to the propriety of titles the use of which is contemplated. We consider
this a legal responsibility which we should not ask any committee to assume.
Neither do we think that any committee of the I.B.A. should be expected
to analyze the titles of various new securities as they are issued.
However, we do not wish to suggest that the question of proper nomenclature is not important or that efforts toward securing proper titles for
securities should cease, but we consider that it is a question of business
ethics, as well as of good business, and that no definite action likely to be
constructive is possible by this committee. We believe that the committee
has completed, insofar as it can,the task assigned to it, and that it should be
discharged.
We recommend that future violations of what seems to be ethical practice
be referred to the committee on Business Conduct, without however,
expecting that Committee to assume the burden of analyzing all titles.
but only such as may be questioned.
We therefore offer the following resolution, confirming the resolution
passed at White Sulphur in 1928:
Be It Resolved that this Association is and hereby declares itself to be
determinedly opposed to the use of any form of title for an issue of bonds or
notes which carries any misleading inference or suggestion as to the character, lien or priority of the issue involved.
Be it Further Resolved, that copies of this report be sent to the proper
officials of the American Bar Association, the American Bankers Association and the Association of Securities Commissioners, with the request
that their members be properly notified that the Investment Bankers
Association of America has passed the foregoing resolution and asks for
their co-operation.
Respectfully submitted,
HARRY H. BEMIS, Chairman.
Report of Education Committee, James H. Daggett,
Chairman, and Educational Director Samuel 0.
Rice—Development of an Adequate Course in SeA motion to receive and adopt the report carried. We
curity Salesmanship.
give the report herewith:
At meetings of the Investment Bankers Association held during the past
Two related reports, which we are giving herewith, are
few years it has been brought to the attention of members that for lack of
those of the Education Committee and the Educational
a common agreement or understanding as to the correct use of descriptive
titles of investment securities, considerable opportunity for confusion and Director. James H. Daggett of Marshall & Ilsley Bank,
fraud existed, and that misleading titles were sometimes used. A committee Milwaukee, Chairman of the Education Committee, in exwas appointed to study the question.
.
planation of his report said.
Committee on Nomenclature of Bond and Note Issues made its
The
first report at White Sulphur in 1928. With the report was submitted a
list of titles of bonds with an explanation of their meaning and the comment
that an attempt to prepare a list of titles to cover all cases, which would be
generally accepted, had proved impracticable and that the effective and
most promising method would be continuing and public insistence by the
Investment Bankers Association of America upon the use of titles which
fairly represent the issues to which they apply. Furthermore, a resolution
was offered and passed declaring that the Association was op-osed to the
use of any form of title which carried any misleading inference or suggestion
as to the character, lien or priority of the issue involved. At the convention
in Atlantic City in 1928 this report with its resolutions was adopted.
The value and necessity of the co-operation of the American Bar Association and of the American Bankers Association was recognized and at our
request the Ameican Bar Association instructed their Committee on
Commerce to co-operate with the I.B.A. in this matter. The American
Bankers Association has taken similar action. The Committee on Commerce
of the American Bar Association furthermore endeavored to clarify the
situation by stating the objects of the committee and defining what the
terms "mortgage," "lien," etc., should mean, but the Bar Association
did not adopt this report.
When your present committee came into office the matter stood as above
outlined. We have had prepared for us a painstaking analysis of the reports
already referred to. We have also conferred with the committee of the
American Bar Association having the matter in charge, and its report this
last spring has amplified and clarified the situation.
The practicability and necessity of action within the power of your committee seem to present the following conclusions:
Mr. Chairman and Gentlemen:—The report of the Education Committee
states that we consider probably our most important work this year the
development for the use in the investment banking business of an adequate
course in security salesmanship. That was done through what you might
call the laboratory method, through conducting the class in New York,
taking the results and putting them into book form. The book "Security
Salesmanship" has been sent out to all member houses and branch offices.
That takes about 1.900 copies and about 500 copies have been sold.
The committee is of the opinion that this is a real contribution to the
business to have this Security salesmanship course. The problem now before the committee, as stated in our report, is how to get this course in
salesmanship to your men who can benefit by it. Two groups, the Philadelphia and the Baltimore groups, are making arrangements now for the
course, and will put it into operation this fall. Naturally, our committee
cannot furnish every city or every group in the Association with instructors. We will, however, be glad to conduct a school for instructors on this
security salesmanship course, and the thing that you can do is to take back
word to your group or to the houses in your city that, if they select the
instructors, we will arrange to give them a course, so that they can conduct
this course in your city. We think it is very much worth while. We are
just waiting for the opportunity to help you do it.
During this convention Mr. Rice or Mr. L. A. Morgan, who conducted
the New York class, or myself, will be glad to have any one who is at all
interested in discussing the possibilities of this class talk with any of us.
and we will tell you what arrangements can be made.
Another thing mentioned in the report is an arrangement which has been
made to supply material on investment banking to the American Institute
Nov. 11930.]
FINANCIAL CHRONICLE
of Banking, which is the educational section of the American Bankers
Association.
One of the former Presidents of our Association brought this to the attention of the Committee last fall, feeling that there should be some effort made
to educate or give information along educational lines to school children.
The American Institute of Banking delivers thousands of talks each year
to school children and we will supply the material along investment banking lines for those talks.
Our "Source Book of Investment Information" has been revised and
brought down to date. You can get copies at the library exhibit downstairs.
By the way,I wish that every man who is at this convention would stop
and see that exhibit, which is In charge of Miss Virginia Savage of Chicago.
It is very much worth while, and it is just off the lobby at the Convention
Headquarters there.
The committee has been working on a revision of its "Fundamentals
of Investment," which we hope to publish to the membership early this
fall. We also hope to complete the work on "Secondary Reserves" for
the American Banking Association. That has been held up due to our
having so many other things on the file.
I am leaving out much of the work of our committee, which is done in
the office in Chicago, whiich will be taken up by Mr. Rice, the Educational
Director, who will follow my report.
2789
branch offices and to publications, educational institutions and libraries
that wish copies.
Fundamentals of Investment.
While the technical literature of investment banking has grown enormously in volume, the committee finds that there is still a dearth of dependable books to meet the popular need in a comprehensive, authoritative
and attractive way. As one step in this situation the committee directed
last May that the Association's "Fundamentals of Investment" be thoroughly revised. This revised work, which contains three new chapters.
has been almost finished and the book will be Issued by one of the larger
publishing houses early in the winter. The committee, however, has not
been able, because of other numerous activities, to finish its study of secondary reserves, but that effort is now in the stage where the committee expects it to be finished in the very near future. In the educational articles
that are constantly being supplied, the committee has noted a timely and
commendable foresight in the quality. While, in common with other industries, this business is experiencing an uncomfortable feeling of uncertainty, it is definitely apparent that investment banking is still in its infancy and your committee's efforts are being directed to give its most practical aid to a constructive upbuilding and a better appreciation of the essential usefulness of investment banking.
William H. Burg,
Stanley G. Miller,
William T. Bacon,
L. A. Morgan,
Edward W. Ellis,
George 0. Riley,
President Callaway.
Almon A. Greenman,
Frank L. Scheffey,
How easy It seems for Mr. Daggett to summarize the work of that comHenry R. Hayes.
Stanley L. Yonce,
mittee. Yet I think very few of you appreciate the tremendous amount of
John W.MacGregor,
James H. Daggett. Chairman.
work that has been done by that committee and its great value to this Association. We are sincerely indebted to Mr. Daggett and his committee
The report of the Educational Director, as presented by
for the work that they have done this year. It is a fine job.
Samuel0.Rice,follows:
Are there any questions that you would like to ask? If there is anybody
Mr. President, Members of the Association:—This is not so formidable
who would like to ask Mr. Daggett questions about the work of his committee we will be very glad to have you do it. If not, I shall be glad to as it seems, all this material. I am not going to try to read quite all of it.
Necessarily, the committee report covers a great deal of those things I
have a motion to receive and file the report of the Education Committee.
would like to talk about and I will try to avoid duplication, but take it
A motion to receive and file the report of the committee up where Mr. Daggett left off.
Mr. Daggett spoke about "Security Salesmanship" courses, particularly
was seconded and carried. The following is the report.
the group courses. In addition to this group course we find that a number
To the Board of Governors:
of the houses are conducting salesmanship training classes in their own
Among the many activities of your Education Committee the one that houses. For example, coming down on the train the other day, and this is
Is of most immediate interest to member houses is perhaps the salesmanship typical all over the country, a partner in one house told a star salesman that
courses. Since the last meeting of the Board the committee has published he would have to do something more around that place besides drawing
"Security Salesmanship." which reproduces the course given last winter in commissions. They had a copy of "Security Salesmanship" and they
New York. Thus far 904 complimentary copies have been sent to main of- wanted him to organize a class. They have been running that class now
fices and to larger branch offices of member houses and 500 copies have been for quite a few weeks, following this book, all of which you have seen, and
sold to member houses or their personnel. The committee has made which is a manual, and while his statement was a very, very broad stateinquiry as to the practicability of the book and is gratified to report that ment, and we thought it was very, very flattering, he said that they had
a number of houses are using it quite successfully in training salesmen. had about 100% improvement in their salesmen. This is simply a reflecOn request, a brief outline or manual of the course, suggesting its practical tion largely on the work of Mr. Morgan, which was put down in this book
application in training work in individual houses and reciting experiences after the class in New York.
of sales managers who have used or are using the book in courses, has been
Now, we have had requests from a number of sales executives, saying,
prepared and is attached hereto. While a number of sales executives have "Show us specifically how to run these classes in our own houses in addition
found the book sufficient to their needs, a few have asked more specific to the work you are doing in the group courses." So we have prepared a
directions on methods of giving the course. The committee will be glad little outline, a little manual on the manual. It does not express anybody's
to prepare suggestions for such individual sales training problems, on re- opinions but it shows how the partner in this house has taken up this little
quest to the Educational Director.
book, "Security Salesmanship," and instituted a class, and how the whole
sales force is very interested and that the interest has even extended over
Group Courses.
to the cage,and three of the stenographers in the office are taking the course.
At the time the complimentary distribution of the book was made the This man said that for years he was trying to do salesmanship training
committee advised all group chairmen that it would be glad to offer its with his force and that this was the first time that he had been able to hold
services in repeating the New York course in the various groups that might their interest and that they were all very much interested.
The manual, a little typewritten stuff, gives experiences such as this,
desire it.
The committee cannot provide instructors for these different iiimrses, how men are using it in their different houses, and the result, and just the
as was done in New York, and therefore it proposed to the group chairmen steps they are taking to make the thing go over in a very practical manner.
We have quite a few copies of these here and if they will be of any use
a sales instructors' conference. The proposal was that groups select instructors and send them to the Association's office at an arranged time for to any of you, if you will ask for it we will be very glad to give them to you
now or to send them to you later.
a two or three-day drill on conducting the course, under Mr. L. A. Morgan,
There was mailed to your offices, I believe last Thursday or Friday, the
who conducted the New York course.
Although a number of the groups expressed interest in the course, only main offices—we suggested that perhaps the main offices would be the
two made definite and prompt response that would enable the committee only ones interested in it—from the Financial Advertisers' Association,
to give its immediate service. Tentative plans for courses in these two • these advertisements, which the Investment Research Committee of the
groups are being prepared to give the course early this winter. The com- Financial Advertisers' Association prepared and which they are giving to
mittee would like to announce at this time that it will be glad to confer one newspaper in about 60 cities. There is a whole set of them. The
with sales executives and group officers who are interested in giving sales- object is to urge the public to realize the investment opportunities to-day.
manship courses in their respective houses or groups. If those interested The papers have taken these and running the advertisement as
will so advise the Educational Director or the Chairman of the committee though It was their own enterprise, and along with that very enterprise I
would like to suggest that to those houses to whom advertising is particuwe will arrange for these conferences during the convention, if so desired.
larly applicable at this time, that they consider a little more liberal use of
Public Schools.
white paper in the newspapers and magazines, because those industries,
At the suggestion of a former President, the committee has again con- the newspapers and the magazines, are doing very notable work to bring
sidered the feasibility of adapting its educational work to the public schools. us out ofthis period ofrecession.
We publish and we frequently find that a great many members come to
This is a subject that has been constantly t efore the committee and the
educational department has regularly supplied material to public schools us and ask us questions,"Why don't you do so and so?" We say, "Why,
that have evinced an interest in the investment phase of economic educa- we have done that. Have you seen so and so?" "No,I have never seen it."
tion. Much of this effort has been for high schools, as the committee has So if any of you are interested in investment advertising, the Bible for
never been convinced that it is wholly practical to offer its services in a Investment Advertising, if I may use that term figuratively, was prepared
comprehensive way to grammar schools. The American Institute of in the Association's office. Those who are not familiar with it and who are
Banking has, however, done quite widespread work in this field, and the interested in a little more advertising, I would suggest that you get it.
committee is gratified to report that it has arranged to co-operate with the The title is "Advertising Investment Securities," prepared by the InvestInstitute by supplying the material on investments, which, with other ment Securities Committee of the F. A. A., and It was edited In the Edumatter, the Institute supplies to a large number of schools. The com- cational Director's office.
In speaking on this salesmanship course, we have prepared, about a year
mittee believes that this is perhaps the most practical way to co-operate in
this field of education, because of the complex matter of the subject ago, a job analysis of investment banking for young men who might be
and because of the number of different activities that endeavor to partici- thinking of going into it. We used that book in connection with the New
York course. We gave it to those veteran salesmen and every one of them
pate in this field.
was glad to get it. We had in the New York course not only veteran
Source Book and Library.
salesmen but four sales managers and one assistant salesmanager, and all
The "Source Book," which was first Issued a year ago, has met such a of those men found something in that little booklet which was very, very
substantial demand from educational institutions, libraries, publications effective.
and investors, as well as from investment houses, that the committee beI find that, though that booklet was sent to every member house, still
lieves its annual revision is amply justified. Copies of the revised edition a lot of men don't know about it, particularly sales managers. We will
may be obtained at the exhibit library which will be maintained at conven- be glad to supply it to you, for use in your training of salesmen or just to
tion headquarters during the convention. The exhibit library, which was give it to them. They will find it very valuable. It is free to our member
assembled by and is in charge of Miss Virginia Savage, is partly from the houses. The same is true of the "Source Book," that is, this year's edition.
permanent exhibit library that the Association now maintains in its office. You will find copies down at the exhibit library. It is very useful if you
The many requests for data, for papers, speeches and other material that will give it to your men in your training classes.
members were preparing has made the library a necessity to the educational
Before the Board meeting the other day, one of the Presidents, one of
department, In addition to thc fact that it is a useful exhibit. Most of the the former Presidents, said,"I wish you would talks little more about some
library has been contributed by publishers of services and books. The of the other work you do; your newspaper and magazine work; your difmost notable contribution has been that of Mr. Walter H. Brewster, who ferent talks." It is very difficult to do that. We consider it all in the
gave the library a set of manuals dating from 1868 and volumes of periodi- day's work. They asked us to tell about the nature of our work. I can
cals that are excellent reference works. The committee will be glad to best reply to that by saying that twice within recent months I have been
receive other reference data from members who have older reference libra- asked to talk before meetings of Securities Commissioners or other protecles and perhaps little need for it. Following the convention, copies of the tive organizations on the "Education of the Public." It all boils down into
new "Source Book" will be mailed to all member houses and registered four little things. Everything we put out we try to make just as sincere
2790
as we can, impartial, dependable, helpful and interesting. That is the
whole essence of the educational work of the I. B. A.
We are now trying to emphasize, and we have always emphasized in our
publicity material, the constructive side of it. We, of course, have given
lots of warnings. We have exposed a great deal of fraud. When we are
doing those things, which are entirely necessary, we are not telling about
our business. Our business is the distribution of investment securites.
It is a somewhat difficult situation to handle but I am glad to say that
since we first began this thing that has become rather the fashion. There
are half a dozen series of constructive articles being printed in different
newspapers at this time. There were none when we first started on this
constructive thing. Now, we would like to go a little further with that in
our publicity and make the theme not only constructive, not only interesting, dependable and helpful, but also emphasize the necessity in this country of people realizing that they must look at economic questions and study
investment and business problems through economic eyes and not through
emotional eyes or political glasses.
Our library, which we have on exhibit downstairs, Mr. Daggett suggested that you see it, and I believe you will find it very interesting. It is
supplied almost entirely by the publishers of the different services. We
do not take everything that Is offered us, but those things that are helpful
we take. Before we got the library we had an awfully hard thing replying
to questions of members. There are frequent times such as this. A member wrote in from a group last summer and said, "I have to make a speech
on average medium sized business."
Well, of course, that is the toughest problem in budgeting. The huge
business goes along on its own momentum, so the budget problem is not
quite so acute. The little business can turn in its own tracks, so it is not
so acute there. But you get into a medium sized business, and it is very
tough. I am glad to say that by using our library we are able to put the
material in the hands of the men, and it does good. We can help a whole
lot on things like that, and we will be very glad to do so.
There are 41 newspaper men registered here. That is about half what
we had last year, but I think we are getting a great deal of material. The
men seem very well pleased. Some of them have asked for interviews from
different members, and if any of them approach you, we would be very
grateful if you would give them your best thought, because they are a very
hard-working and sincere lot of men. I might say at the Seattle convention
we had about 9,000 column inches. At the previous convention before
Seattle, Quebec, we had about 9,000 column inches. At the Atlantic City
convention we had about 15,000 column inches, and at Quebec last year
18,000 column inches.
I don't believe there is anything more, Mr. Chairman. Thank you all
very much for listening to me.
President Calloway.
I am sure that all of you that follow the work of Mr. Rice appreciate the
difficulty of it, and with my years of experience with Mr. Rice, and especially this last year, I never yet have found him off the job. He is, Saturdays, Sundays, night and day, always working for the I. B. A. If there
is anything you would like to talk to Mr. Rice about here, or at his leisure
outside, I know he will be delighted to talk to you. There is no one who is
more interested in this I. B. A. of ours than Mr. Rice. Is there any question? If not, I shall be glad to hear a motion to receive and file the report
of the Educational Director,
It was moved, seconded and carried to receive and file
the report.
Report of Cost Accounting Sub-Committee by V. S
Buchanan, Chairman—No Definite Report Made.
The statement that "at the present moment the work
of the sub-committee on cost accounting (of the Investment
Bankers' Assn.) is in a position where no definite report can
be made" was made in the report of the sub-committee,
presented by the Chairman, V. S. Buchanan, of Ames,
Emerich & Co. of Chicago. The report follows:
At the White Sulphur meeting in May 1930 a proposed uniform method
of analysis prepared by David Himmelblau, Professor of Accounting,
Northwestern University, was presented to the Board of Governors. This
proposed method was not presented as an answer to the cost accounting
problem, but was to be used as a work sheet through which we hope to arrive
at constructive conclusions.
Early this summer we had a meeting in Chicago at which seventeen members of representative investment banking houses were in attendance.
This meeting was held in an endeavor to enlist the support of the men who
actually had to do the accounting work in these various houses. One of our
greatest problems is to establish a common denominator through which
we may talk to one another intelligently. At the present time it may almost
be said that no two houses or accountants in this business mean the same
thing when they are using an identical phrase.
We were very pleased with the spirit of the meeting and all the men
promised for their various houses to work along the line we suggested,
but for many u•nd sundry reasons at the present time we have received
analyses from only two of the houses from whom we have requested this
work. It is obvious no practical deductions can be drawn from only two
reports, so at the present moment the work of the Sub-Committee on
Cost Accounting is in a position where no definite report may be made.
In addition to the houses personally solicited for their co-operation in
the Chicago district, letters were directed to 12 other houses explaining the
constructive efforts in which we were engaged, and requesting their cooperation. At the present time we have received no completed report
from any of the 12 houses.
I should like to add to this report a plea for all the support and influence
you gentlemen present at the convention can possibly give. We have gone
far enough in the work of the Cost Accounting Committee to appreciate the
great value that may be derived for the business as a whole if this work can
be carried to its logical conclusion, but—and there is always a but—we
have also reached the point where we must have the active and unstinted
co-operation of a large number of houses in this work.
Respectfully submitted,
V. S. Buchanan,Chairman,
Robert E. Christie, Jr.
Edwin J. Wuensch.
Report of Membership Committee, by William J.
Wardall, Chairman.
William J. Wardall of Bonbright & Co. of Chicago, in
his report as Chairman of the Membership Committee of
(Vou 131.
FINANCIAL CHRONICLE
the Investment!Bankers Association, stated that as of the
date of the report (Oct. 11930) the members number 615.
Registered branch offices stand at 1,231. The report, received and filed at the Oct. 14 session of the Convention,
follows:
The Membership Committee has handled 72 applications for membership
during the past fiscal year, which ended Aug. 311930. The following table
shows the manner in which these applications were treated:
Applications approved
40
Applications not approved
6
Applications pending
26
72
Applications for membership continue to be given the most careful
consideration, and the committee wishes to emphasize again its great
dependence upon the Executive Committees of the various Groups.
New Members.
The following is a complete list of applications for membership which
have been approved by the Board of Governors at its three meetings held
during the past fiscal year:
First National Securities Corp.. Baltimore
Chlttenden, Phelps & Co., Inc.,
Childs, Jeffries & Co., Inc., Boston
Binghamton, N. Y.
Lyman & Co., Inc.. Boston
Faxon, Gade dr Co., Inc., Boston
Cleversley, Rounds, Mundie&Gowatur, Buffalo Hamilton Securities Corp., Chattanooga
Porter Fox & Co., Inc., Chicago
Patterson. Copeland & Kendall,
McGowen. Cassady & White, Inc., Chicago
Inc., Chicago
Albert E. Peirce & Co., Chicago
O'Donnell-Owen dr Co., Denver
Midland Corp.. Cleveland
Crouse & Co., Detroit
Iowa-Des Moines Co., Des Moines
Baum, Bernheimer Co., Kan. City
Link-Ford Co., Houston
Jones, Hubbard & Donnell, Inc., Los Angeles Pacific Co.. Los Angeles
First Nat. Bank of Miami, Miami
Milwaukee Co., Milwaukee
Colvin & Co., New York
Chemical National Co.. New York
Internat. Manhattan Co., Inc., N.Y
Emanuel & Co., New York
Yeager, Young & Pierson, Inc.(now
E. A. Pierce & Co., New York
H. C. Yeager & Co., Inc.), N.Y.
United States National Co.. Omaha
S. M. Vockel & Co., Pittsburgh
Philadelphia National Co., Philadelphia
First Securities Corp. of Minnesota,
I. M.Simon & Co., St. Louis
St. Paul
Alamo National Co., San Antonio
Gorman, Kayser & Co., San Fran.
Crocker First Co., San Francisco
Chester Harvey-Van Court & Co.,
Peoples Securities Co., Seattle
Inc.. Spokane
Paine
-Rice & Co., Spokane
Waggaman, Brawner & Co., Inc.,
Townsend & Co., Tacoma
Washington
Membership Transfers.
The following table sets forth the various types of transfers of membership allowed:
20
(a) Changes in partnership or corporate names
(b) Banks or trust companies organizing securities companies
5
(c) Banks or trust companies changing names
4
(d) Securities companies changing names
4
(e) Changes from partnerships to corporations
4
(I) Changes from corporations to partnerships
45
There follows a complete list of the foregoing requests for transfers:
(a) Changes in partnership or corporate names:
City.
New.
Old.
Buffalo
Baker,Putnam&Co.,Ine. Baker, Trubee & Putnam, Inc.
Philadelphia
Biddle, Costa & Co.
Biddle & Henry
Bt. Louis
Daly & Co.
Daly, Seddon Co.
New York
A. W. Dixon & Co.
Naumburg, Dixon dr Co.
Los Angeles
Milton E. Giles & Co.
Ingoldsby, Giles & Co.
Philadelphia
Holman, Rapp & Co.
Holman, Watson & Rain)
New Orleans
Larz E. Jones
Eustis & Jones
New York
Sutro & Kimbley
Kimbley & Co.
Detroit
S. It. 1.40ot/stone & Co. Livingstone, Crouse & Co.
New York
A. W. Dixon & Co.
Loeb. Alsberg & Co.
Cleveland
Murray. Blossom & Co. Murfey, Blossom, Morris & Co.
Portland, Ore.
Freeman, Smith & Camp Co.
Smith. Camp & Co.
Hartford
Stevenson, Gregory & Co. Thomson, Fenn & Co.
St. Louis
Thomson,Seddon&Co.,Ine.Lewis W.Thomson & Co., Inc.
Cleveland
E.G.Tillotson & Co.,Inc.Tillotson & Wolcott Co.
New York
Arthur Sinclair, Wallace & Co.
Wallace & Co.
New York
Wallace,Sanderson & Co. Wallace & Co.
Aurora
G. R. Wortman Co.
G. R. Wortman & Co.
New York
H. C. Yeager & Co., Inc. Yeager, Young & Pierson. Inc.
(b) Banks or trust companies organizing securities companies:
City,
Old.
New.
Baltimore
Baltimore Trust Co.
Baltimore Co.
Sacramento
California National Co. California National Bank
New York
Equitable Corp. of N.Y. Equitable Trust Co. of N. Y.
First Nat. Corp. of Vicks. National City Savings Bk. & Trust Co. Vicksburg
Grand Rapids
Michigan Trust Co.
First Securities Corp.
Denver
Internat. Co. of Denver International Trust Co.
Cleveland
Engineers National Bank
Standard Corporation
Cleveland
Union Trust Co.
Union Cleveland Corp.
(c) Banks or trust companies changing names:
City.
Old.
New.
Columbus
City Nat. Bank & Tr. Co. City National Bank of Commerce
New York
CornExch.BankTrustCo. Corn Exchange Bank
Portland, Ore.
First Nat. Bank of PortI'd Security Savings dz Trust Co.
Manufacturers & Traders-Peoples Tr. Co. Buffalo
M & T Trust Co.
Pittsburgh
Peoples-Pittsburgh Tr. Co.Peoples Savings & Trust Co.
(d) Securities companies changing names:
City.
Old.
New.
San Francisco
American Securities Co. American National Co.
Minneapolis
Minnesota Co.
BancNorthwes1 Co.
Kansas City
Fidelity National Corp. Fidelity National Co.
St. Paul
Merchants National Co.
First Saint Paul Co.
(e) Changes from partnerships to corporations:
Old.
New.
Blyth & Co.
Blyth & Co.. Inc.
Kalman & Co.
Kalman dz Co.
Kelley,Converse&Co.,Ine. Kelley, Converse & Co.
Arthur Perry & Co., Inc. Arthur Perry & Co.
(f) Changes from corporations to partnerships:
New.
Bacon, Whipple & Co.
Wm. L. Davis & Co.
Love, Bryan & Co.
Shields & Co.
Old.
Bacon, Whipple & Co., Inc.
Wm. L. Davis & Co.
Love, Bryan & Co., Inc.
Shields dr Co., Inc.
City.
New York
St. Paul
New York
Boston
City.
Chicago
Detroit
St. Louis
New York
Membership 1.03303.
As of Aug. 31 1930, the Association had a total membership of 626,
which is a net loss of 39 members during the past fiscal year. This loss
was occasioned by:
44
(a) Resignations
13
(b) Consolidation of two or more members
(c) Member organizations absorbed by other members
10
(d) Transfers not allowed
9
2
(e) Former main offices now operating as branches
1
(0 Dropped for non-payment of dues
79
Nov. 1 1930.]
FINANCIAL CHRONICLE
There follows a complete list of the former members referred to in the
foregoing table:
(a) Resignations:
John D. Howard & Co., Baltimore
W. S. Award & Co., Chicago
Bard & Co., Chicago
Carman. Snider & Co., Chicago
Fidelity Trust & Savings Bank. Chicago
Lewis-Cewes & Co., Chicago
Wm.IL. Ross & Co., Inc., Chicago
Wyant & Co., Chicago
T. H. Saunders Co., Cleveland
Claude Meeker, Columbus,0.
American Agency & Invest. Co., Denver
Benwell & Co., Denver
Backus, Fordon & Co., Detroit
Hayden, Van Atter & Co.. Detroit
Bankers Securities Corp.. Durham, N. C. Edward F. Perkins Co.. Grand Rapids
A. K.ilgrett & Co.. Memphis
Nat. Bank of Commerce, Milwaukee
R. N. Williams Co.. Milwaukee
S. A. Trufant, New Orleans
Corn Exchange Bank Trust Co.. New York Foster, McConnell & Co., New York
Huntington Jackson & Co., New York
Lege & Co., New York
Loeb. Alsberg & Co., New York
Love, Macomber & Co., New York
E. Naumburg & Co., New York
Peabody.Smith & Co..Inc., New York
Charles D. Robbins & Co.. New York
Arthur Rosenthal & Co., New York
Seasongood & Haas, New York
Stanley & Bissell, Inc., New York
Sutro Bros. & Co., New York
Throckmorton & Co., New York
W. W.
Townsend & Co., New York
Peters Trust Co., Omaha
Daniel & Co., Philadelphia
Harrison, Smith & Co., Philadelphia
Potter Title & Trust Co., Pittsburgh
A. G. Edwards & Sons, St. Louis
Strassburger & Co., San Francisco
A. T. Bell & Co., Toledo
Stevenson & Marshall. Inc., Wheeling
Ch.Harvey-Van Court & Co.,Spokane
(b) Consolidation of two or more members:
Central United Co..
Formed from Central National Co. and United Banking
p• Cleveland
& Trust Co.
First Detroit Co.,
Formed from Detroit & Security Trust Co., Detroit Co.,
Inc., Detroit
First National Co. of Detroit, Bank of Michigan and
Peoples Wayne County Bank
Filet National Old Col- Formed from First National Corp. of Boston and Old
ony Corp., Boston
Colony Corp.
FirstSeattleDexterHor- Formed from Seattle National Bank, First Securities Co. of
Mien &cur. Co.. Seattle Seattle and Dexter Horton National Bank
Foreman-State Corp., Formed from Foreman National Corp. and State Bank
Chicago
of Chicago
Franklin-American Co., Formed from Franklin-American Trust Co.and Real Estate
St. Louis
Mortgage Trust Co.
Mitchell, Herrick & Formed from Herrick Co., Cleveland. and R. V. Mitchell
Co.. Cleveland
& Co., Canton
Seattle Co., Seattle
Formed from Balllargeon, Winslow & Co. and Seattle Title
Trust Co.
Tucker, Hunter, Dalin Formed from Bond & Goodwin & Tucker, Inc., San Fran& Co., San Francisco cisco, and Hunter, Dulin & Co., Los Angeles
(c) Members organizations absorbed by other members:
Bancdetroit Corp., Detroit. by Guardian Detroit Co., Inc., Detroit
L. R. Ballinger Co., Cincinnati, by Fifth-Third Union Co., Cincinnati
Century Trust Co., Baltimore, by Baltimore Trust Co., Baltimore
William R. Compton Co., St. Louis, by Chatham Phenix Corp., New York
Equitable Corp. of New York, by Chase Securities Corp., New York
Highland Park State Bank, Detroit, by Guardian Detroit Co., Inc., Detroit
National Bank of Commerce In N, Y., by Guaranty Co. of New York, New York
Quarles Co., Milwaukee, by Milwaukee Co., Milwaukee
Parkbanc Corp., New York, by Chase Securities Corp., New York
Union Trust Co.. Detroit, by Guardian Detroit Co., Inc., Detroit
(d) Transfers not allowed:
DuBosque, DeWitt & Co.. New York
First Minneapolis Co., Minneapolis
First National Bank. Sharon
First Saint Paul Co., St. Paul
Gerard Trust Co., Chicago
Jackson, Storer dr Schwab. Boston
Old Nat. Bank & Union Trust Co., Spokane Trust Co. of Georgia, Atlanta
United States Mortgage & Trust Co.. New York
(e) Former main offices now operating as branches:
Howe, Quiaenberry & Co. Now Chicago oMce of Blake Brothers & Co.
Watson. Williams & Co. Now part of New Orleans onto° of E. A. Pierce A co.
(f) Dropped for non-payment of dues:
Moaser, Willaman & Co., Chicago
2791
Angeles; Philip T. White, Cleveland Trust Co., Cleveland; John R.Chapin.
Kidder, Peabody & Co., Boston; Albert E. Schwabacher, Schwabacher &
Co., San Francisco; Kenelm ;Winslow Jr., Seattle Company, Seattle;
Almon A. Greenman, First Securities Corp. of Minnesota. St. Paul.
For President.—Henry T. Ferriss, First National Co., St. Louis.
A motion for the election of the ticket was seconded and
carried. Following his induction into office, Mr. Ferriss,
the newly-elected President, said:
Mr. Callaway and ladies and gentlemen of the Convention:
First may I assure you of my very sincere and hearty appreciation of
this honor which you have conferred upon me. No one who has been
familiar with the work of the Association in recent years can fail to realize
the development which has taken place in the multitude of the phases of
the work. No one can enter upon this office without a keen realization
that he has quite a job on his hands and must be prepared to give a substantial amount of time to it.
It is quite a difficult job to succeed Mr. Callaway in this office. During
the past year I feel safe in saying that the work of the Association has been
carried on most actively and ably and with very tangible results to the
membership, especially in connection with their own internal problems.
Added to this, I might say that the modesty and charm of Mr. Callaway,
in carrying out his duties, has made us all greatly indebted to him. For
that reason, he is a typical predecessor. However, I feel that with the
help of our strong group of Vice-Presidents and the Board of Governors,
that we are going to be able to carry on the work with measurable success.
You may realize that we have quite a group of Vice-Presidents, like a
modern chain system or group banking, extending across the continent.
We have Eddy in New York; Dickey, in Philadelphia; Small, in Detroit
and Wardall in Chicago and Bernard Ford on the Pacific Coast. So that
we will be ready to throw our heavy artillery into action whenever the
need may arise and in whatever location it may develop.
No doubt it has been part of Mr. Callaway' unusual burden that he
was resident in New York City and has been so easily available and accessible to all members visiting that financial center. I am sorry that in
my location, in St. Louis, I may not have the opportunity of seeing as
many of you as I would if located in New York, but we have a little slogan
at home, that St. Louis is the city surrounded by the United States, and
it ie physically more available than possibly any other point in the country, and I am therefore hoping that many of you will find it convenient,
In your travels, to stop over in St. Louis and either drop in for a personal
and friendly chat or discuss any matter of Association business that may
Interest you.
In thinking over the results of this convention, it seems to me that we
have really made very substantial progress in what has been referred to
as our own internal problems. We must remember, if we get impatient
at times over not obtaining immediate results, that we are not here as a
Legislature to pass laws or lay down definite rules of conduct and action.
We are simply adopting policies and trying to work out, in a friendly and
co-operative manner, what shall be the best policies in our business. That
Is the traditional method of our organization. It is a method which we
must pursue in the future, I believe, to continue the character and success
of the organization. And I have an abiding confidence that if these informal discussions produce a fairly united sentiment or feeling and if that
result is right, that it is going to make its impress on every organization
that is a part of our business. It will do so sooner or later.
May I speak at this time of one point that has always seemed to me
There have been a number of additional resignations since the close of importance, something to keep recalling; that the organization is conof the past fiscal year. As of the date of this report the members number stantly in need of new men to be developed within its organization, to
assume places of responsibility as the older leaders complete their terms
615. Registered branch offices stand at 1,231.
of office and retire into private life. That is particularly needed at this
time, as it has been always in the past.
Members Suspended.
There are many men undoubtedly right now, among the younger men
Two members were placed in the hands of receivers during the past fiscal
in this organization, whom we need in the active work, first of their local
year. Their memberships were accordingly suspended, in accordance with
groups and then to be promoted to the work in the National group. At
Article 14 of the By-Laws. The members and dates of suspension are:
J. E. Jarratt Co., San Antonio
April 10 1930 all times, I know from my observation and contact in recent years, that the
DeWolf & Co., Inc., Chicago
April 10 1930 Governors and officers are looking with interest upon the development of
the men here and there in the business and in the work of our Association.
Additional details as to the changes in the number of members and
And I hope no one will feel that there is any closed road to his assuming
registered branch offices appear in the Auditor's report set forth as Exhibit C
greater responsibility, If he is interested in the work of this Association.
of the report of the Finance Committee.
I might add, too, that the Governors are always anxious to receive
Respectfully submitted.
suggestions from the groups. They are at all times accessible and open
MEMBERSHIP COMMITTEE,
minded and ready to take up and give serious consideration to any suggesWm ..1. Wardell, Ckstrman,
Robert.E.Christie Jr. Edwi n
tions or complaints or ideas that any member or group may desire to present.
John R. Chapin
Harry F. Stix
I thank you again, ladies and gentlemen, for this honor, and I assure
Oct. 1 1930.
you I shall devote my best energies and ability to the performance of its
duties.
Election of Officers—Henry T. Ferriss Elected PresiJust before adjournment President Ferriss made the foldent of I. B. A.—Remarks of Incoming President— lowing announcement
regarding the committee chairmen.
Committee Chairmen.
, Gentlemen. It has been customary for the Chair at this time to announce
At the request of President Callaway of the Investment as many of the new Committee Chairmen for the coming year as have
Bankers Association of America, the regular ticket in behalf been appointed. I might say we have nineteen standing committees, and
the
I
of the board was presented as follows at the closing session beentotal membership ishas think 189. Considerable work has already
done and progress
already been made in completing these apat New Orleans Oct. 15, of the annual convention of the pointments. At the present time, out of the 19 committees, the Chairmen
of 16 have been agreed on, and three remain to be filled.
Association by Rollin A. Wilbur, of Mitchell, Herrick &
Generally speaking, it has been customary in the interest of rotation,
Co. of Cleveland.
securing new members, new interests, to change perhaps half of the
Committee Chairmen, retaining the other half in the interest of the continuity
Mr. President and Members of the Convention:
of the work which we have been doing. With your indulgence. I will read
The Board of Governors presents to the convention the regular
ticket
to be voted on at this time. This ticket is presented under the authority simply the name of the Committee Chairman of these committees:
Business Conduct.—K. E. White, of G. H. Walker & Co., St. Louis.
granted the Board under Article Six. Section 5 of the Constitution.
In
Constitution and By-Laws.—Albert E. Schwabacher, of Schwabacher &
accordance with the provisions thereof all members of the
Association Co.. San Francisco,
were advised of the regular ticket in the Bulletin issued under date
of
Education.—James H. Daggett, of Marshall & Tisley Bank. Milwaukee.
Aug. 30 1930. The ticket presented is:
Federal Taxation—William H. Eddy, now of the Chase Securities, N. Y.
For Executive Vice-President.—Alden H. Little, 33 So. Clark St., Chicago.
Finance—Robert A. Gardner, Mitchell, Hutchins & Co.. Chicago.
For Vice-Presidents.—Charies D. Dickey, Brown Brothers & Co.. PhilaForeign Securities—Allan M. Pope, First National Old Colony Corp.,
delphia; William H. Eddy, Chase Securities Corp., N. Y. City;
Bernard New York office.
W. Ford, Tucker Hunter Dulin & Co.. San Francisco; Sidney R. Small,
Government and Farm Loan Bonds--Syemour Barr, of Barr Brothers,
Harris, Small & Co., Detroit; William J. Wardall. Bonbright & Co.. Chicago.
New York.
For Treasurer.—William T. Bacon, Bacon, Whipple & Co., Chicago.
Group Chairmen's.—Sidney R. Small, of Harris, Small & Co., Detroit,
For Secretary.—e, Longford Felske, 33 So. Clark St., Chicago,
Industrial Securities—J, Augustus Barnard, Dominick & Dominick, N.Y.
For Governors (Term expiring 1931).—Canton O'Donnell, O'DonnellCommittee on Investment Companies.—Robert 0. Lord Jr., Guardian
Owen & Co., Denver. (To succeed himself for his own unexpired
term Detroit Co., Detroit.
ending in 1931.)
Legislation—Francis A. Bonner, Lee, Higginson & Co., Chicago.
Term expiring 1932.—Ralph Fordon, Guardian Detroit Co., Inc.,Detroit.
Membership.—William J. Wardell, Bonbright & Co., Chicago,
(To succeed himself for his own unexpired term ending in 1932.)
Municipal SeCurities.—Henry Hart. First Detroit Co.. Detroit,
Terms expiring 1933.—George W. I3ovenizer, Kuhn, Loeb & Co., N.
Y.
Railroad Securities.—George C. Clark, of Clark Dodge Co., New York.
City; Robert E. Christie Jr., Dillon, Read & Co., N. Y. City; Robert A.
Real Estate Securities.—Louis K. Boysen,of First Union Trust,Chicago.
Gardner. Mitchell, Hutchins & Co.. Chicago; Samuel W. White,
National
State and Local Taxation.—Edward Hopkinson Jr., of Drexel & Co..
Republic Co., Chicago; Donald O'Melveny. E. H. Rollins gr,Sons, Los
Philadelphia.
2792
FINANCIAL CHRONICLE
Report of Constitution and By-Laws Committee by
Albert E. Schawabacher, Chairman—Changes in
Several Standing Committees.
Incident to the report of the Constitution and By-Laws
Committee of the Investment Bankers' Association of America (Albert E. Schwabacher on San Francisco, Chairman),
the President of the Association, Trowbridge Callaway, had
the following to say ftt the morning session of the Convention, Oct. 14:
Gentlemen, through an oversight there was not distributed to you this
morning, with the printed reports, a brief statement and report of the
Constitution and By-Laws Committee, in reference to what might be termed
a strictly minor and technical amendment to the by-laws, which will be
presented this afternoon. It merely has to do with a change in one or
two standing committees set out in the By-laws. The details are fully
explained in this brief statement here, and as you go out of the hall It
will be appreciated if you will pick these up and glance over them so
that you may know the exact nature of this minor amendment to be
offered on the floor of the convention this afternoon.
The report was adopted on Oct. 13. In indicating, on
Oct. 14, the action taken the previous day, President Callaway said:
• You will recall that yesterday afternoon we passed on the report of
the Constitution and By-Laws Committee. In order to get this into the
proceedings of our convention which are being mailed to our member', if
there is no objection, I will have quoted here the report of that portion
of yesterday afternoon's meeting:
The President: Mr. Albert E. Schwabacher, Chairman of the Constitution and By-Laws Committee, are you ready with your report?
Mr. Albert E. Schwabacher (Schwabacher & Co., San Francisco). Yes,
Mr. President.
(Mr. Schwabacher then read the report of the Constitution and By-Laws
Committee.)
Mr. Schwabacher: I would like to offer the resolution contained in
this report, Mr. President.
The President: I would be glad to hear a motion to adopt the report
that you just heard read.
: I move we
Mr. Canton O'Donnell (O'Donnell-Owen & Co., Denver)
adopt the report.
Mr. J. Augustus Barnard (Dominick & Dominick, New York): I support it.
The President: It is moved and seconded that we adopt the report.
Any discussion?
All in favor please signify by saying "Aye." Contrary minded.
It is carried. Thank you, Mr. Schwabacher.
The report follows:
A proposed minor amendment to the By-Laws to be submitted at the
Second Session of the Convention, on Monday afternoon, Oct. 13 1930, by
Albert E. Schwabacher, Chairman Constitution and By-Laws Committee:
The Board of Governors has authorized the following changes in the
present standing committees, the annual appointment of which is provided
for in Article 6 of the By-Laws:
I. That the Industrial Service Securities Committee be discontinued and its
functions be allocated as follows:
(a) Warehouse and lee Company Securities, to the Committee on Industrial
Securities:
(b) Toll Bridge Securities, to the Committee on Publ.c Serv'ee Seem'ties:
(e) 0.1 and Natural Gas Secur't es to a new stand.ng committee to be called Oil
and Nat 'eat Gas Sews tee Comm ttee.
2. That the In'cation Securities Committee be ersoontinued and its operations be as umed by the Municipal Securities Committee.
3. That the Publications Committee be discontinued and its operations be
assumed by the Education Committee.
A resolution authorizing the discontinuance of these three Committees
as "standing committees" and the addition of an Oil and Natural Gas
Securities Committee Is now presented to the Convention in the following
form:
"Resolved, That Section 1, Article 6 of the By-Laws be amended
by striking out the names of the following three standing committees now listed in said section, to wit:
Industrial Service Securities.
Irrigation Securities,
Pub' cations.
and adding the name of the Oil and Natural Gas Securities Committee so that the said section, as amended, shall read as follows:
"Each President, as soon as may be practicable after election
to office, shall appoint the following standing committees:
Investment Companies
Business Conduct
Legislation
Business Problems
Membership
Commercial Credits
Municipal Securities
Constitution and By-Laws
Public Service Securities
Educat on
Railroad Securities
Federal Taxation
Real Estate Securities
Finance
State and Local Taxation
Foreign Securitim
011 and Natural Gas Securities
Government and ralln Loan Bonds
Industrial Securities
"Be it further
this
"Resolved, That the amendment takes effect as of the adjournment of
Convention."
ALBERT E. SCHWABACHER, Chairman,
Constitution and By-Laws Committee.
[Voi... 131.
economics of the present situation warrant." "The 'spread'
in securities available to member houses is narrowing to such
an extent," he added, "that the amount remaining after
overhead and distribution costs are deducted probably does
not constitute a reasonable profit to the house." Mr.
Loughridge commented as follows.
Mr President, Gentlemen,—The principal purpose of the report of the
Sub-Committee on Salesmen's Compensation is to disseminate information.
The data presented Is based upon figures supplied by more than 25% of the
main office members of the Investment Bankers Association. Accordingly,
the report should represent a comprehensive cross-section of investment
banking experience throughout the country.
The 24
-page document which contains the complete report is divided into
three parts. Part 1 Is a survey of the various methods that are now used
in compensating salesmen. Certain plans are described In detail and we
call particular attention to the so-called "sliding scale" method that is
based upon both gross profit and volume.
Eighty-one per cent of the houses reporting to your committee use either
salary and commission or drawing account and commission in compensating their salesmen. However, there are numerous applications of this general principle and it is impressive to note the large number of individual
plans that are in use by members of the Association.
In general, it may be said that many houses do not thoroughly approve
the compensation plan now in use by them. Most of our members seem to
be groping for a better method and it is hoped that the detailed report of
this committee will aid member houses in improving their present compensation plans.
Tim second part of the report has, to do with the division of gross profit
between the house and the salesmen—a matter which possibly has not received from many of the Association members the proper study. In
most cases the percentage of gross profit paid salesmen is determined by
rule-of
-thumb rather than by sound cost accounting. The figures submitted to your committee Indicate that, on the average, member houses
intend to pay their salesmen 26.86% of the gross profit produced by them
However, the amount at tually paid salesmen varies greatly from tilt. percentage and ranges from well over 30% paid to the small producer to less
than 25% paid to the large producer.
Apparently the salesmen who are responsible for large gross profits receive a smaller percentage of such profits than the salesmen who are responsible for smaller gross profits. Likewise, many houses apparently
are not obtaining the proper profit from much of their sales volume. As a
naattcr of fact, some houses have little knowledge as to the profits earned
by their salesmen for the house.
In most cgses it may be said that gross profits do not increase proportionately as volume increases. Tile condition can, in our opinion, be
remedied to a considerable extent by the use of a compensation plan that
provides a better incentive for the Ices ping up of gross profit in some reosonablc proportion to the increase in volume. The details of a compensation plan that has merit in this connection are set forth In our complete re.
port.
Part three of the report has to do with miscellaneous matters that have a
bearing upon all plans for compensating salesmen. Among the subjects
discussed are (A) Rewards for making new customers; (B) Allocation of
traveling expenses; (C) Compensation for inexperienced salesmen:(D) Participation of salesmen in origination and banking group profits,
Your committee realizes that, as a practical matter. It is imposisble to
devise a compensation plan for salesmen that does not have short-comings.
Also, no one plan can meet the requirements of all houses. Therefore, no
Plan is suggested as standard, although the need for some standardization
is, we believe, quite evident.
Consider in this connection our study of the records of six different salesmen representing six different houses, with each salesman selling approximately the same volume—$1,100,000 of securities per annum. The gross
profits produced by these salesmen differed surprisingly little, the range
being from 522,500 as a minimum to 525.000 as a maximum. However,
the amounts paid these salesmen ranged from a low figure of $5,400 to a
high figure of $10.000. while the amounts retained by the houses ranged
from 513.500 to 518.600.
This is a striking example of the variety of results that come from the
application of different compensation plans, and surely variations such as
these must exert a disturbing influence upon salesmen engaged in the securities business.
It would seem that there should be more consistency in the salesman's
compensation plant; of member houses. Bear in mind that most of us work
from approximately the same base. In general. we handle about the same
types of securities and these securities are sold in much the same way to
approximately the same types of customers. Is It not probable that our
individual problems are more similar than is ordinarily admitted?
In any event, your committee is quite sure that many of us are paying
our salesmen a much larger percentage of our gross profit than the economics
of the present situation warrant. The "spread" in securities available to
member houses is narrowing to such an extent that the amount remaining
after overhead and distribution costs are deducted probably does not constitute a reasonable profit to the house. In fact, the statistics submirted
to your committee furnish many reasons for suspecting that the average
dealer is not making any profit whatsoever through the retail distribution
of securities.
We desire to thank the member houses who so generously supplied information regarding their compensation plans and the application of them.
Unfortunately, our appreciation cannot be expressed individually, as the
names of the reporting houses are not known to the commit.ee.
Another source of great assistance that must be gratefully acknowledged
is the Bureau of Statistical Research of the University of Denver. School
of Commerce, Accounts and Finance Committee. This organization
studied the material supplied by member houses, summarized the returns
and assisted IA compiling the voluminous report which has been mimeographed and distributed to you.
After you have read this report we hope that you will submit criticisms
and suggestions te your committee.
Report of Sub-Committee on Salesmen's Compensation,
by Paul S. Loughridge, Chairman—Member Houses
Pay Salesmen 26.86% of Gross Profits.
The membership of the committee is as follows.
Paul Loughridge, Chairman, Bosworth. Chanute, Loughridge & Co.
In presenting the report of the Sub-Committee on SalesAlbert S. Cummins, H. M. Syne:shy & Co.
Charles E. Driver, Blyth & Co.
Compensation of the Investment Bankers Association
men's
Morris F. Fox, Morris F. Fox & Co.
Paul Loughridge of Bosworth,
of America, the Chairman,
Francis F. Patton, A. G. Becker & Co.
that figures
Charles B. Stuart, Halsey. Stuart & Co., Ins.
Chanute, Loughridge & Co. of Denver stated
E. C. Wampier, Lawrence Stern & Co.
Harvey Willson, University of Denver
committee "indicate that, on the average
submitted to the
Peter nonnems, University of Denver
the
member houses intend to pay their salesmen 26.86% of
The report dealing with "The General Principles of Salesfurther
gross pn-fits produced by them." Mr. Loughridge
the Sub-Committee
quite sure that many of us are men's Compensation" was prepared by
said. "Your committee is
than the on Salesmen's Compensation and a committee of the Bureau
paying our salesmen a much larger percentage
Nov. 1 1930.1
FINANCIAL CHRONICLE
of Statistical Research of the University of Denver, School
of Commerce, Accounts and Finance Committee; the report
follows.
•
INTRODUCTION.
The principal purpose of this report is to disseminate information regarding the matter of compensating salesmen in the investment banking business.
Early last spring questionnaires were sent to 50 investment banking
houses for the purpose of determining how much interest existed in the subject of salesmen's compensation. The replies convinced your committee
that a widespread interest does exist. Accordingly, information regarding
various aspects of the salesmen's compensation problem was sought from a
large number of the members of the Investment Bankers Association.
Over 25% of the member houses rendered reports and these have been studied and summarized for your benefit. It is believed that the data presented
herein represents an excellent cross-section ofinvestment banking experience
throughout the country. The names of the houses from whom information
was requested were supplied by the chairman of the carious groups of the
Investment Bankers Association. These houses are located in 45 cities
throughout the United States and Canada and the reports submitted by
them dealt with the volume, gross profit and compensation of approximately 500 representative salesmen.
Your committee desires to thank the member houses that co-operated
in supplying the material upon which this report is based. Unfortunately,
our appreciation cannot be expressed individually as the names of the reporting houses are not known to the committee members.
Another source of great assistance was the Bureau of Statistical Research
of the University of Denver, School of Commerce. Accounts and Finance
Committee. This organization studied the material supplied by member
houses, summarized the returns, and assisted in compiling this report.
This work was splendidly done and we hope that they can be induced to
continue their co-operation with the committee.
Your committee is impressed by the large number of compensation plans
that are in use by members of the Association. Also, it has been interesting
to learn that very few houses thoroughly approve the compensation plan
now in use by them. Most of the houses seem to be grouping for a better
plan of salesmen's compensation and in general a plan of compensation
is sought that will serve four purposes, as follows:
1. Permit the house to make a reasonable profit.
2. Induce the salesman to sell the proper securities in the proper places.
3. Satisfy the financial requirements of the salesman.
4. Provide an incentive for greater production by the salesman.
Some of these points are surely elementary. However, they are set
forth here so that attention may be focused upon them. Also, your committee ventures the opinion that certain compensation plans now in use tend
to prevent the house from making a reasonable profit..
A compensation plan that will accomplish all four of the above mentioned
alms is perhaps impossible to devise and obviously no one plan can meet
the requirements of all houses. Realizing this your committee suggests
no plan as standard.
In fact, your committee has aas yet very few specific recommendations
to make. Thus far our chief aim has been to collect information and pass
this along to member houses. Later on, however, it may be possible to
make constructive recommendations, or at least to suggest methods for
Improving existing compensation plans.
The data presented in this report reveals two definite trends which may be
summarized as follows:
1. Distribution costs are increasing and salesmen's compensation Is one
of the largest items of the cost of distribution.
2. The "spread" in securities available to member houses are narrowing
to such an extent that the amount remaining, after overhead and distribution costs are deducted, probably does not constitute a reasonable profit
to the house.
This report is made, as completely as possible, from the standpoint
of the average retail house which depends upon the merchandising of
securities for its profits, receiving no income from other sources. Originating and other special forms of profit have been ignored. In order thate ach
house may have information applicable to its side, consideration has been
given to three general types of houses:
I. The A house that employs less than 15 salesmen; 2. the B house that
employs 15 to 40 salesmen;3. the C house that employs 40 or more salesmen.
The figures contained in the examples presented in the first part of the
report should not be regarded as standard for any one method. These
examples have been chosen merely to illustrate principles. It should also
be noted that thtoughout this report all averages are weighted.
PART I OF THE REPORT.
Methods of Compensating Salesmen.
There are four generating methods of compensating salesmen:(1)straight
salary; 2. salary and commission; 3. drawing account and commission:
and 4. straight commission.
An analysis of the questionnaires indicated that a majority of the houses
guaranteed the drawing accounts, so that practically the only distinction
between account and commission, and salary and commission, is that in
the first case a deficit at the end of a period may be carried forward; while in
the case of salary and commission, such is not the case. The method of
arriving at the amount of the compensation in each case is very similar.
For the reason, these two plans are treated as one in giving the principles
of compensation methods.
The following table shows the percentage of houses in each classification
using each method:
Stratgh/
Straight
Salary and Drawatca. & Last Two
Salary. Commission. Commission. Commission. Combined.
11%
"A" houses
20%
30%
39%
69%
"B" houses
11%
38%
48%
88%
4%
"C" houses
0%
48%
48%
98%
Total
10%
9%
55%
45%
81%
Because of the more general use of the salary-commission and drawingcommission system, the discussion of this method occurs
account
first.
Salary-Commission—Drawing Account-Commission.
Eighty-one per cent (weighted average figure) of the reporting houses
use either the salary and commission or drawing account and commission
plan. The larger the house, the greater the tendency toward one of these
methods of payment. Further comparisons can be made from the table
given above.
The salary and commission method of paying salesmen is practised in
two ways:1. by allowing the salesman a large salary and small commimions;
2. by allowing the salesman a modest salary and large comznissions. The
general opinion seems to be that the first method mentioned Ims little
advantage over the straight salary plan. Because of the large salary, the
commissions must be wall and small commissions do not stImullate production. The use of a small or medium salary with large Comntivaions was
declared the most practical. Since any salary atxt commission plan which
pays a high salary and only nominal commissions is practically a straight
2793
salary method, it will not be included in further discussions of salary and
commission.
The General Plan.
Under the general plan, the salesman is allowed a relatively small salary
or drawing account (usually $150 to $300 per month). He is also paid a
commission based upon gross profits which is large enough to act as an incentive for larger production.
In some firms the salesman's salary and (or) expenses are deducted from
the gross profits before figuring the commissions to be paid him.
The following is a typical example of the salary and commission method
(*see note): A salesman produces sales for the house amounting to $1.025,600
for the year, yielding $20,755 gross profit The salesman's salary amounts
to 21,800, which is subtracted from the gross profit. leaving $18,955, on
which the salesman is paid 20%, or $3,791. This brings the salesman's
entire compensation up to $5,591 for the year. If he were allowed a drawing
account instead of a salary he probably would be paid 25% of the total
gross profit. Therefore, of the $20.755 gross profit, he would receive 25%
or 35,189, which would represent his total compensation for the year.
His drawing account of $1,800 would be subtracted before the final settlement is made. If his commissions do not equal his drawing account, the
deficit is usually carried forward and affects the succeeding period.
The outstanding advantages claimed for the salary-commission method
are: (1) it helps instill in the salesman an institutional attitude toward the
house—the man feels there is a closer tie between the firm and himself
than if he were working on a straight commission basis;(2)there is a considerable amount ofroutine work that a salesman must do for which he receives
no direct compensation; working under this plan,the salesman is much more
amendable to such routine work; (3)a bad period does not so easily destroy
the morale of a salesman who has a definite salary to depend upon; (4) production is stimulated through the use of commissions. Several objections
to the plan were as follows:(1) overhead is not reduced in proportion to the
loss of business in dull periods;(2) a large commission may influence unduly
the sale of long profit securities; (3) if a small commission is used, it may
not furnish sufficient incentive to increase volume. Modifying factors,
such as the use of a sliding scale, credit points, Szc., are often combined
with the general method of salary-commission or drawing account
-commission by many of the houses. The firms using these various supplemental methods feel that they tend to overcome some of the disadvantages
mentioned above.
(11 The figures in this report are from actual sales plan.)
.
The &Mini/ Scale
The sliding scale is based on one or more of four factors: (1) volume produced by salesman; (2) gross profit produced by salesman; (3) salesman's
length of service with the house; (4) the type of territory covered by the
salesman. The sliding scale based on volume is of two types. The first
plan intends merely to give an increasing commission as the volume increessa.
thus:
$2.75 per $1,000 sale on the 1st 3100.003 of sales
3.00
do
do
do 2nd 100,000 do
9.25
do
do
do 3rd 100.000 do
do
3.50
do 4th 100.000 do
do
do
do
3.75
do 5th 100,000 do
4.00
do
do
do remainder
The second plan is used usually as a method of giving compensation in
addition to the regular commission, as a premium for a large volume of
business Example:extra compensation for volume is allowed by increasing
the percentage Of gross profit paid the salesman, providing gross profit is
In excess of four and one-half times the salesman's salary, as follows:
Salesman's Volume
Additional Per Cent of Gross Profit that
per Annum.
Is to Be Paid According to Volume:
11.000.000 to $1,750,000
2%
1,750.000 to 2,500,000
334%
2,500.000 to 3,250.000
5%
3,250,000 to 4,000,000
634%
4,750,000 and over
8%
Under this plan the salesman has an additional incentive to produce a
larger volume and presumably more profit to the house. It also tends to
eliminate a defect brought out in the study of this subject presented at
White Sulphur Springs. last May. This defect as stated in that study was:
"On the average, the small-volume salesman receives a very much larger
percentage of gross profit than the large-volume salesman." By use of the
sliding scale based on volume this inequality is avoided to some extent at
least.
Another basis generally used for the sliding scale is that cf gross profit.
The gross profit figure 18 used in three different ways to establish a scale:
(1) sliding scale of commissions based on gross profit in each individual
Issue: (2) sliding scale of commissions based on gross profit made by salesman for a certain period; (3) sliding scale of both salary and commissions
based on gross profits made by salesman for a certain period. Probably
the best explanation of these three different ways is an example of each.
Sliding Scale of Commissions Based on Gross Profit in Each Individual Issue
Points Profit—
Communion, Points Profit—
Commission.
1 point or lcss
5 to 6 points
28%
1 to 2 Milne
21%
°
6007 Points
30%
2 to 3 points
24%
7008 points
30%
3 to 4 points
25%
8009 points or more
30%
4 to 5 Points
28%
Sliding Scale of Commissions Based on Gross Profit Made by Salesman for Me
Entire Year
Gross Profit—
Commission. Gross ProfU.
Commission.
Up to $12,000
10%
$313,000 to $42,000
24%
112.000 to 118,000
42.00000 48.000
12%
18.000 to 21,000
15%
48,000 to 60.000
28
26t
21,000 to 24,000
60.000 to 72.000
1734%
29%
24,000 to 30,000
20%
72.000 to 90,000
30%
30.00000 313,000
22%
90.000 up
33%
Sliding Scale of Both Salary and Commissions Based on Gross Profits Made by
Salesman for the Entire Year
Gross ProfU.
Salary. Commission. Gross Pro(U.
Salary. Commission,
$1 to 59.600
$1,800
None 515,600 to 921,600 82,400
11%
9,600 to 10.800
1,800
8%
21.600 to 36.000 2,400
12%
10,800 to 12,000
1,800
9%
36,000 to 60.000 2.700
13%
12,000 to 14,400
2,100
9%60.000 to 90,000 3.000
14%
14,400 to 15,600
10%
2.100
90,000 up
3.000
15%
The gross profit for one year forms the basis for the salary this succeeding
year. That is, Ifs man produces a gross profit of 317.000 this year, his
salary for the coming year will be $2.400. Likewise, if the gross profit
was $90,000 for the previous year, the salary next year would be $3,000.
Some houses use a three-month period for determining the salary.
One outstanding objection to the sliding scale based on gross profit 'ill
that the salestr.en, working under this system, concentrate almost entirely
on the long profit securities, regardless of the requirements of the customer or the needs of the house.
The sliding scale is also used in connection with the length of time a
salesman has served the house. Natnrally, the salary or drawing account
would increase with the lexigth of service, but there in no general practice
2794
FINANCIAL CHRONICLE
increase the percentage of commissions also. A few houses, however
employ a system somewhat as follows:
Commissions.
Length of ServiceNone
First year
Start at $1.25 per bond let $100,000
Second year
Start at $1.50 per bond 1st 5100,000
Third year
Start at $2.50 per bond 1st 8100,000
Fourth year
Start at $2.75 per bond let $100,000
Fifth year and thereafter
The final 'tee made of the sliding scale by a few of the houses has to do
with various territories covered by the salesmen. This practice is in general
as follows: the territory of the firm is separated into two, three or more
classes according to the difficulty of making sales in that territory. The
various degrees of difficulty result from such factors as competition, density
of population, &c. Below is a typical example:
Territory,
Territory.
Territory.
A
Gross Profit per Annum11%
11%
10%
$10,000 to $20,000
17%
16%
15%
20,000 to 25,000
20%
19%
25,000 to 30,000
23%
22%
20%
30,000 to 37,500
26%
25%
23%
37.500 to 45,000
29%
28%
26%
45,000 to 50,000
32%
29%
31%
50,000 to 60,000
34%
33%
31%
60,000 to 80,000
36%
35%
33%
80,000 up
This plan has the advantage of being more fair to the salesmen covering
difficult territories.
The main objective of all these sliding scale plans is to reward the largevolume salesman with a larger part of the gross profit made than the small
volume salesman. This is not the average practice throughout the membership of the Association.
Credit Points.
Another variation from the general salary-commission and drawingaccount-commission plan of compensation is one in which the commission
received by the salesman is based upon credit points. The objective of
this method may be different from that of the sliding scale mentioned above
in that the commission is sometimes based upon factors other than gross
profit or volume. To accomplish this, credit points are assigned to each
issue as it is added to the list. The number of credit points assigned to
any issue is usually based upon the following factors: (1) the marketability
of the security or the sales resistance to be encountered: (2) the firm's
desire to sell that particular security at that particular time; (3) general
state of the market prevailing;(4) actual profit in the issue;(5) any unusual
circumstances surrounding the issue. The general plan is to substitute the
credit-points figure in place of the gross profit figure in determining commissions. An example taken from a returned questionnaire shows:
1. Ordinary method:
Compensation,
Commission Rate.
Gross Profit.
$8,027.
25%
$32.108
2. If a salesman sells only issues on which the five factors mentioned
above are all favorable from his standpoint:
Compensation.
Commission Rate.
Credit Points.
38.351
25%
825,404
salesman sells issues on which the five factors mentioned above
3. If a
are unfavorable from his standpoint:
Compensation.
Commission Rate.
Credit Points.
$9,802
25%
839,208
A study of the factors involved in establishing the credit points brings
out the fact that this plan does make for flexibility.
[vox. 131.
quirementa, because he receives the same commission on each issue. On
the other hand, there are serious objections to this flat rate plan. Since
the salesman receives the same commission on all issues, he will probably
concentrate upon the easiest sellers. Another objection mentioned by
many, is that too large commissions on small profit issues are often paid
under this plan.
Combinations of Plans.
This completes the description of various individual methods of figuring
commissions under the salary-commission, and drawing-account commission
systems. However, it should be kept in mind that a house may be using
a combination of these plans. Most of the firms studied in the preparation
of this report use a combination of two or even three of these methods.
Below are typical examples:
The formula method, requiring that the salary be covered e certain
number of times, combined with the sliding scale method based on gross
profit and volume. To illustrate:
Sliding Scale Based on Gross Profit
$4,000
Up to $18,000 gross profit (4 times salary) he receives his salary only
Up to $20,000 gross profit (5 times salary) he receives an additional 10%
400
of salary
800
When his gross Is $24,000 he gets an additional 15% of Baler,
800
If $28,000 he gets an additional 20% of salary
1.000
If $32,000 he gets an additional 25% of salarY
1,200
If 636,000 he gets an additional 30% of salary
1,400
If $40,000 begets an additional 35% of salary
more than $40,000, then 35% additional: so for reaching $45,000
When
1.750
gross profit he would get
811,150
gross profit
Total compensation for $45.000
Sliding Scale Based on Volume
When gross profit exceeds six times salary, additional compensation is paid at end
of year on such excess on following basis:
2% for $1,000,000 volume 3% for $1,500,000 volume 4% for $2,000,000 volume
5% for $2,500,000 volume 6% for 83,000,000 volume If three-million volume
brought gross profit of $45,000, then $45,000 minus 824,000 (6 times
$21,000
salary) equals
.06
From above
91.260
11.150
$12,410
Total compensation for year
A combination of the sliding scale based on volume, gross profit, and
length of service, has many advantages It is as follows:
Schedule of Salaries and Commissions
let Year salary. $1258175 a month; no commission.
2d year salary, same; commissions: $1.25 per bond for 1st $125,000. $1.50 per bond
for 2d $125.000. $1.75 per bond for 3d 3125,000. $2 per bond for 4th $125,000.
$2.25 per bond for 5th $125,000, 52.50 per bond on the remainder.
3d year salary, 5175-52.50 a month: commission start at $1.75 per bond on schedule.
4th year salary,$2001300 a month;commissions start at $2.25 per bond on schedule.
5th year salary 5225-$300 a month;commission start at $2.50 per bond on schedule
In addition, if the salesman has gross profits amounting to $32,500 or
more, he I. paid the following commissions:
Commission.
Commission. Gross Profit
Gross Profit24%
862,500
20%
$32,500
25%
70,000
21%
.000
40
28%
77,500 and up
22%
47,500
23%
55.000
Amother combination of these various methods of compensating salesmen
is the flat rate per bond, credit points, and sliding scale Credit Points are
assigned to each issue The value of the points to the salesmen are indicated in the following scale:
Commission.
Commission. Credit PointsCredtt PointsCommission Based on Formula.
$5.00
6 points
$2.50
1 point
5.50
7 points
Another form of variation from the general plan is the use of a formula, 2 points
3.00
6.00
8 points
3.50
3 points
which is illustrated by the following:
6.50
9 points
4.00
4 points
(Gross profit- (N x salary + expenses)) multiplied by a per cent
7.00
4.60
10 points
5 points
(usually 25% to 30%) equals the commission. "N" equals the number of
On sales of over $600.000 to $1.500,000, an additional compensation of
times the salary must be earned. Expressed in words, this formula simply
additional commeans that a salesman must produce so many times his salary or drawing $250 per $1.000 sale is paid On sales over $1,500.000, an
pensation of $3 75 Per $1.000 sale is paid (but this last $3 75 includes the
account plus expenses before he receives any commission, for example:
smaller volume).
$980 first $2 50 for the
$400 Gross profit produced
Twice salary equals
500
100 Less the deduction
Expenses
Bonuses
$480
Remainder
$500
deduction
Total
In this study three general types of bonuses were found to be in use.
$120 The first one, most widely used, is somewhat as follows:
Commission equals 25% of $480
200
At the end of the year the salary and commission, or drawing account
Salary
that year are tot led. If this total
$320 and commission, paid the salesman for
Total compensation equals
is not equal to what would be due him under a reasonable straight perOne surprising result of an analysis of the questionnaires on this point centage of gross profit plan, the difference is paid in the form ot a bonus.
was the lack of uniformity in the number of times a salesman had to earn
Anothet type of bonus is one used in the case of slow-moving Issues.
his salary or drawing account before any commissions were paid. Some Several times a year. or whenever the occasion warrants it, a special bonus
salesmen had to earn their salary or drawing account only once before re- Is added to the regular commission to clean up the hard sellers.
ceiving commissions: others had to earn their salary six times. The average
An unusual use of the bonus is in connection with dealer sales and Is
number of times is apparently three. The analysis also showed that several employed by a few of the houses. These houses pay no commissions on
to earn their salary only once received 22M % of the regular dealer sales, but a record is kept of all such sales for each salesman.
salesmen who needed
remaining gross profit; while the group who had to produce five or six At the end of the settlement period, these dealer sales are scrutinized as to
times as much gross profit in order to receive commissions were paid only their value to the house. If it is felt that the sales warrant recognition, a
the remaining
bonus is paid the salesman.
20% of the remainder. The average percentage paid on
gross profit was 22%. In this type of plan the question of deficit naturally
Straight Salary.
especially when the salesman is required to earn hissalary or drawing
arises,
The use of a straight salary method of salesmen's compensation is appardid
account five or six times. A majority of the houses reporting this plan
did, however, ently confined almost entirely to small houses and bond departments of
not carry over the deficit into the next period. Several
to be deducted from the banks. In most cases the so-called straight salary method amounts in
in which cases the deficit is added to the amount
combination is made of practice to a commission plan, as at the end of the years bonus is paid and
gross profit for that period. 'unless the proper
the amount of this bonus is ordinarily based upon the gross profit or net
number of times the salary or drawing account should be earned and the profit showing of the salesman.
the
poorer salesman
percentage of gross profit to be paid, the plan rewards the
It would seem that the use of the straight salary method must be conFor example, the average
unduly and does not recognize the producer.
profit up to three times fined to those houses where individual initiative is not so important. On
figure shows that a salesman is paid 33% of gross
that he receives only 22%.although the other hand, it may be possible to stimulate the salesman who operates
his salary or drawing account, but after
percentage instead of a decreasing on a straight salary basis by appealing to his pride, by having sales contests
he should be entitled to an increasing
to considerable criticism. with some regularity and by intensive sales manacement work.
one. When this condition exists the plan is open
The majority of houses using a straight salary plan seem to be entirely
Flat Role Plan.
satisfied with the results obtained. However, they were unable to supply
paying commissions is the flat rate statistics that would prove or disprove a case in favor of the straight salary
The last variation in the manner of
two ways of employing the flat method.
plan per issue method. Study revealed
Obviously, the straight salary plan has one great advantage in that salesis placed on different types of
rate plan. The first is where a flat rate
men operating under it are more inclined to sell the proper securities in the
securities, regardless of the profit in them.
paid by a reporting house on proper places. Most commission plans inspire salesmen to specialize in
For example, the following flat rates were
of two years from date of sale: (1) on securities that carry larger gross profit credits, and this may mean that the
all bonds with maturities In excess
all municipals of own origination, clients of the houses are not served as well as they should be.
all national syndicate issues. $2.50;(2) on
except municipals, $5.00.
Straight Commission.
$3.25: (3) on all of own origination
is one in which the flat rate is
The second method of applying this plan
The straight conunission method of paying salesmen is the least used of
the issue, such as gross profit,
them
based on the circumstances surrounding
minimum under these conditions any. The medium-sized house makes the most use of it-l5% of
sales resistance, &c. Apparently, the
general practice is to pay a straight percentage
maximum about $8.00. This method seems to employing this system. The
amount of
Is about $1.25 and the
to the credit point system of the gross profit to the salesmen regardless of volume, total
have a sound basis. It has some resemblance
profits. or type of issue.
previously mentioned.
and to gross
A few houses, however, employ a sliding scale to volume
is that, under it, the salesman
points
The main advantage of the first method
customer's investment re- profits, although such is not the general practice. The use of credit
will probably sell the securities that meet the
Nov. 1 1930.]
FINANCIAL CHBONICLB
2795
man who produces $100,000 of gross profit per annum is entitled to a larger
percentage of this gross profit than is the man who produces $30,000 of
gross profit per annum. Nevertheless, the average house in the Investment
Bankers Association is rewarding the larger producer with a smaller percentage of the gross profit for which he is responsible, and this may very
Group Z-35%
Group Y-30%
Group X-25%
possibly result In dissatisfaction on the part of the better omen.
In this connection it may be suspected that the cause of this condition
The straight commission plan has certain advantages and disadvantages
is that most houses choose to make a liberal investment in new salesmen
and these may be summarized as follows:
their drawing accounts from
(1) The salemen's compensation is directly dependent upon his actual and that the failure of these new men to make
time to time is the cause of the above condition. However, the data subproduction and he naturally puts forth his greatest efforts.
for himself, mitted to your committee does not warrant such a suspicion. Later on in
(2) The salesman tries to sell bonds with greatest profit
this report tables will be submitted which throw some light upon this
which are also the ones with the greatest profit for the house.
(3) Under this method the salesman is not a burden on the house in dull situation.
An analysis of the division of profit between the house and the salesman
times.
table:
However, under the straight commission plan the house is unable to according to the size of house results in the following
P.C. of Gross Profit P.C. of Volume
Gross Profit
obtain the fullest spirit of co-operation from the salesman in many respects.
Salesman.
to Salesman.
to
in Points.
He is apt to be slothful about matters for which he receives no direct com- A house
.65%
30.02%
2.17%
.58%
29.04%
pensation, such as the making out of reports, &c. He usually works for B house
2.00%
.60%
26.21%
2.29%
immediate profit regardless of the needs of the customer or the good will of C house
plan, the salesman often runs
the house. Also, under such a compensation
.60%
28.32%
2.13%
Average
and the result is that he seeks advances from the house.
short of money
Or, expressed in terms of dollars per $1,000 sales:
PART II OF THE REPORT.
$21.70
A house-The salesman produces a gross of
6.50
Receives a profit of
The Division of Gross Profits Between the House and the Salesmen.
$15.20
of
Produces a profit for the house
The percentage of the gross profit paid salesmen at the present time is
$20.00
B house-The salesman produces a gross of
based upon past experience or rule of thumb rather than upon a cost analysis Receives a profit of
5.80
of the amount which is fair to both the salesman and the house. It is
$14.20
Produces a profit for the house of
$22.90
at are sound because past experience C house-The salesman produces a gross of
possible that the percentages arrived
6.00
Is an excellent teacher, but, at present, no careful cost accounting Justifies Receives a profit of
$16.90
Produces a profit for the house of
them. In fact, whether an actual profit is made from the retail distribution of securities is really debatable.
Your Committee expresses the opinion that these figures are among the
Throughout this discussion, the term "gross profit" means the "spread" most significant in the report. It will be noted that the house in Class B
a security. In most cases, houses figure gross profit in this manner. has, apparently, the most serious problem.
in
However, there are variations from this rule and these, as far as possible,
There is a difference in the amount paid city salesmen and out-of-town
have been eliminated. Eighty-nine per cent, of the houses reporting make salesmen. The following table covers this point and again we see that the
figure upon which sales- intended payment to salesmen does not check with actual results. The
no deductions from gross profits in arriving at the
men's compensation is based, the gross profit being considered as the total actual percentage paid is more in every case than planned.
Division of Proft
Per Cent of P.C. of
Gross
"spread" in an issue. The Committee believes the figures as given are
per $1,000 Sale.
Volume
Gross
Profit
approximately correct. Better cost accounting will bring more accurate
to
Profit to
in
figures than are obtainable to-day.
Points. Salesman. Salesman. House. Salesman.
$6.00
14.80
.60%
28.71%
Let us now consider:
2.08%
City salesmen
6.10
$15.90
• .61%
27.75%
2.20%
Oat-of-Iowa salesmen
(1) How much the house intends to pay the salesmen;
6.00
$15.30
.60%
28.32%
2.13%
AU salesmen
(2) How much the salesmen actually receive:
(3) The problem of decreasing profits with increasing volume.
percentage paid vary according to the
While the gross profits made and
type of salesmen, the net result to the salesman is approximately the same.
How Much the House Intends to Pay Salesmen.
salesmen.
figures were determined by analyzing the per- Yet the house seems to earn more per $1,000 sale of out-of-town
The following average
of houses assume
centages which the houses reported as being those which they plan to pay This, no doubt, is the proper balancing, as the majority
all traveling expenses.
their salesmen:
27.36% of the gross profit.
A house (1-15 salesmen)
The Problem of Profits Decreasing As Volume Increases.
26.69% of the gross profit.
B house (15-40 salesmen)
24.98% of the gross profit.
Various tables in this report indicate that one of the most serious aspects
C house (40 or more salesmen)
that profits resulting from the work
Each house was given an average list of securities and asked to apply of the investment banking business is
as volume increases.
their salesmen's compensation plan. The amount of the commissions in- of salesmen decrease proportionately
results of a plan using salary plus commission
To illustrate this point, the
dicated varied from from 20% to 45%. Regardless of the method by which
as follows:
the salesman was paid, the house intended him to receive only a certain without a ending scale are tabulated
Profit for
P.C. of Gross
Paid
Gross Profit
25% or 30% gross profit) which, In most cases,
percentage, (ordinarily
Salesmen. Paid Salesmen. House.
Made.
Sales VolumeAnnual
varied greatly from what the salesman was actually paid. The average
80.400
$2.600
29%
$300,000
3%
16.400
4,600
22%
intended commission of all houses was 26.68%. The percentage varied
8.5%
600.000
24%
19,000
6,000
900,000
2.8%
surprisingly little according to the type of security, as indicated in the
20.000
6,000
23%
2.6%
1,000,000
following table:
19,400
5,600
22%
2.1%
1,200,000
Gross Profit or-Type ofHouse and Percentage
A
Spread.
Note the slowness of profit to increase for the house and the salesman
Type of security29.06%
28.67%
28.20% as volume rises from $600.000 and $1,200,000. a 100% increase. The
131%
Well-known public utility 5% bond
27.83%
26.40%
High-grade commonstock27.30%
31.80% Injection of a sliding scale into the compensation plan of this house might
30.80%
29.20%
4%
Canadian municipal
24.25%
22.85% tend to correct this weakness. The principles of the sliding scale based
26.35%
6%
Own corporation bond
28.90%
26.10% on increasing volume or gross profits or both are given in Part I of this
28.80%
1%
Eastern city
Large
27.90%
23.85% report.
28.35%
2%
Local municipal
It is probable that a sliding scale based upon volume alone will not
26.69%
27.38%
24.98%
Average
26.68%
correct the tendency of gross profit to decrease as volume increases and that
Average of all houses
a sliding scale based on gross profit alone will tend to make the salesmen
How Much the Salesmen Actually Receive.
neglect volume. A combination of both, then, causes the salesmen not
The figures given below indicate the actual division of the gross profit only to work primarily for gross profit but also to hold up volume for his
conbetween the salesmen and the house. It will be noted that there is
own profit. The benefits to the house are apparent.
siderable variation in the percentage of gross profit received by salesmen
The principal feature of a sliding scale compensation plan based on gross
according to their annual sales volume.
profit and volume is that, as a salesman increases his gross profit and
Percentage Percentage
Percentage
Gross
a larger and larger percentage of the gross
of Volume of Volume volume, be is entitled to receive
of Gross
Profit
profit. The application of the plan is that when a new issue is offered for
to
to
Expressed Profit Paid
Salesman.
House.
Salesman.
Points.
sale each salesman is informed as to the "profit credit" in that issue. Ordiin
Annual Sales Volume1.04%
31.33%
2.28%
3.32%
Up to $500,000
narily, this "profit credit" is the actual"spread" in the issue. As securities
.78%
1.78%
2 567
30.53%
$500,000 to $1,000,000
are sold, the total profit credit increases and at the end of a certain period
28.45%
.60%
1.49%
2.09%
$1,000,000 to 82,000,000
the salesman is paid a percentage of the total profit credit. This percentage
1.25%
.41%
24.84%
1.66%
82.000,000 and up
is larger,and the larger percentage is retroactive;
These figures are general averages of all different methods of compensa- Is larger as the profit credit
that is, the larger percentage affects the profit credit obtained earlier JO
tion. A break-up of these figures will be given later. It will be seen that
the period as well as that obtained in the latter part of the period. For
the actual results are far different from those intended. (Refer to preceding
example, in a certain month a salesman may be entitled to 25% of $2,000
pages.)
this $2,000 is raised in that same month to $5,000,
The following table breaks up the above figures to show the division of of gross profits, but if
the salesmen will be entitled to 30% of the entire $5,000. Likewise, he
profit between the house and the salesman:
is paid a small additional percentage of groan profit, increasing as volume
Division of Profit per $1,000 Sale.
increases, for increased volume.
$33.20
The $500.000 volume or lees salesman produces gross of
The compensation method outlined above is in little use to-day, according
10.40
Receives compensation of
to reports received from member houses. However, the few houses using
$22.80 this plan seem to be exceedingly well pleased with its results.
produces profit for the house of
$25.60
The $500.000 to $1,000,000 volume salesman produces gross of
The compensation plan most generally used by member houses appears
7.80
Receives compensation of
to be the granting of a fixed share in the gross profits resulting from the
$17.80 work of the salesman. Under this plan there is some incentive to increase
Produces profit for the house of
$20.90 the gross profit showing, but the incentive is not as great as it is under
The 81.000,000 to 82,000,000 volume salesman produces gross of
of
6.00 the plan that permits a salesman to obtain a retroactive larger share of his
Receives compensation
$14.90 gross profit as such gross profit and volume increase.
Produces profit for the house of
produces gross of
The following table illustrates the experience of a house that is using a
$16.60
The $2,000,000 volume or more salesman
4.10 sliding scale plan based upon gross profit and volume, as above outlined.
Receives compensation of
Percentage of Salesmen's
$12.50
Produces for the house profit of
-Division of Profit
Gross Prp115 Comp. P. C.
Salesman.
House.
of Gross
Profit to
Gross
The decreasing percentage of payment to salesmen is apparent and al$31,000
864.000
1.40%
32.39%
$95,700
total profit to the house usually increases with volume, $6,800,000
though the actual
14,250
30.300
1.12%
31.99%
44,500
3,959,000
It does not increase proportionately.
11,000
34,000
24.19%
1.35%
45,500
3,357,000
7.600
24.77%
23.000
1.29%
30,700
It is perhaps inevitable that as the volume of a salesman increases the
2,363,700
4,700
14,000
25.08%
1.63%
18,700
1,147,000
average gross profit per $1,000 sale will become smaller. Many salesmen
3,000
6,400
1.52%
31.72%
9,500
610,000
brackets are selling large amounts of municipal
who operate in large volume
A study of this table illustrates how much more consistent the results
bonds, and it goes without saying that the profit in these is narrow. Nevertheless, all houses engaged in the retail distribution of securities should are with the plan's intention than the general average. The house's profit
make an attempt to get their better salesmen to operate along the lines of and salesmen's earnings increase in excellent proportion to the volume and
gross profit, especially in the higher brackets. The small volume salesman
keeping up the average gross profit.
of his gross profit for obvious reasons. In fact,
A sliding scale compensation plan has merit for this purpose and does is paid a larger proportion
will probably always get more than his share
it not seem sound to reward a producer of larger and larger total gross the small volume salesman
of his duction. and,
profits with a larger and larger percentage of such profits? Surely, a sales- of the gross profit because of the proerratic character
in the figuring of commissions is seldom used. One plan in use divides the
Issues into three general groups. The grouping is on the basis of gross
profit and other factors such as the sales resistance et cetera. This plan
gives each group its own percentage of commission,for example:
2796
FINANCIAL CHRONICLE
[vm. 131.
of course, the salesman gains and the house loses—proportionately—in
There is a division of opinion as to the wisdom of deducting from his gross
lean periods.
profit the concession given by the salesman. Most firms have their own
Another plan involving a sliding scale based on the principle of giving rule governing this point—no general rule can be laid down. Many firms
the salesman a larger percentage of gross profits as his gross profits increase give a smaller amount of credit for wholesale sales, sales to insurance comproduces the following results:
panies, banks, &c. As a general rule, however, little distinction is made
Gross
P. C. of
SalesGross
between the type of sales.
P.C. of
Volume
Gross
man's
Profit
Profit
Your Committee realizes that its function is not to comment upon the
COMPellto
Profit,
P.C. of Produced Si, Profit to
House. wisdom of granting concessions as this matter is being ably handled by anVolume. Salesman. Salesman. Salesman. stilton.
$541.900
$8.562 other Committee. Nevertheless, it is evident from the data supplied that
$12,464
$3,902
2.30%
.72%
31.31%
26,042 the granting of concessions is open to considerable criticism. Also, your
1,771,600
24.62%
34,546
8,504
1 95%
.48%
11.960
2,392,000
.50%
36,837 Committee suspects that the doing away with
24.51%
48,797
2.04%
all concessions would not
3,431,800
48,730
32.38%
23,336
72,068
2.10%
.68%
interfere to any appreciable extent with the volume of business done by
The increasing percentage of gross profit paid the salesmen has not caused member houses.
a serious proportionate reduction in the profit for the house and surely a
Originating Profits.
house can afford to pay a big producer a larger percentage of the gross than
It pays a less productive representative.
A great variation in the methods of transferring an originated security
Employing the proper incentive for the salesman to earn more in actual from the buying department to the selling department is noticed.
The
dollars for himself and the house seems to produce, on the average, better majority of originating houses credit the buying department with
a perresults than any other compensation plan.
centage of the gross profit in the originated security. ranging from 16 2-3%
to 50%. depending upon the gross profit in the security. The house with
PART III OF THE REPORT—OTHER GENERAL AVERAGES.
an originating department which allows its salesmen a commLssion based
New Customers.
on the entire "spread" in an issue immediately places its own salesmen on
This table shows the custom of allowing extra compensation for new a more favored basis than those houses which credit part of the "spread"
customers, and the amounts paid, as revealed by the reports received by to the originating department. No general figures can be drawn as inyour Committee:
dicating the proper amount which a buying department should assume in an
Double the
Per $1,000 Sale
originated security. This can only be obtained through better cost acCommission.
$1. to $4.
$9 and Up.
$3 to $9.
counting.
32%
41%
A house
17%
10%
Banking Group Profits.
B house
3%
59%
38%
0%
16%
10%
C house
11%
63%
The following table shows the percentage of houses permitting or not
permitting salesmen to participate in "banking group" profits.
45%
9%
Average
40%
6%
A House. B House. C House. Acerage.
This extra comoensation is paid sometimes on the first sale, sometimes
Salesmen participate
47%
40%
44%
46%
on the second sale to the customer, and sometimes is spread over two or Salesmen do not participate
53%
60%
54%
56%
three sales.
The effect of the inclusion of this profit in determining the base for
The matter of comepnsating salesmen for new customer is one of considerable importance. This table indicates that the majority of houses salesmen's compensation is apparent.
recognize the value of this incentive.
SUMMARY
Traveling Expenses.
Your Committee summarizes its findings as follows:
This table shows the percentage of houses assuming part of the traveling
1 A wide-spread interest in the subject of salesmen's compensation exists
expenses of their salesmen:
throughout the Investment Bankers Association and it should be possible
None to carry on the work of the Sub-Committee on Salesmen's
Part
All Expenses
Compensation
Paid. with
Paid.
Paid.
beneficial results to member houses
7%
A house
86%
7%
2. A wide variety of salesmen's compensation plans now exists and very
6%
B house
87%
7%
85%
few member houses are entirely satisfied with the plan now in use by them.
15%
C house
3. 81% of the houses reporting to your Committee use either the salary
Total
4%
87%
9%
and commission or drawing account and commission plan of compensating
Settlement Periods.
salesmen.
4. The experience of the houses that are using a sliding scale compensaMost houses make commission settlements with salesmen monthly.
Class A houses settle quarterly. Only 11% of the total houses tion plan based upon a combination of gross profit and volume indicates
Certain
that this plan of compensation deserves careful consideration by member
reporting make their settlements yearly.
houses.
New Salesmen.
5. The reports made to your Committee Indicate that on the average
Most houses have a probation period for student salesmen. This period member houses intend to pay their
salesmen 26.86% of the gross profit.
ranges from three months to one year. The salaries paid vary from $50 However, the amount actually
paid salesmen is larger than Intended and
to $75 a month with small commissions, or $100 to $200 a month straight ranges from well over
30% paid to the small producer to below 25% Paid
salary. Most houses establish quotas, ranging from $300.000 to $600.000 to the large
producer.
a year, which new men must erach before they are put on the same com6. Apparently the salesmen who are responsible for large gross profits
pensation basis as the other salesmen. From then on, their compensation receive a smaller
percentage of such profits than the salesmen who are
Is increased according to their ability and the policy of the house. Inci- responsible for smaller
gross profits, and this practice seems to your Comdentally. it is probably wise to keep the showings of the new men separate mittee unsound.
from those of the established sales department until they have proved
7. In most cases it may be said that as volume increases profits decrease,
themselves. Otherwise the figures incident to the new men will throw and your Committee
believes that this condition can be remedied to some
the regular figures out of balance.
extent by the use of a compensation plan that provides a larger incentive
for keeping up gross profits in some reasonable proportion to the increase
Deductions of Concessions.
The following table reveals ordinary practice with respect to deduction In volume.
8. Among the houses reporting to the Committee there is, apparently,
of concessions:
no consistency regarding the matter of the originating department of a
One-half
All
See
Deducted,
house taking a profit when an issue is turned over to the sales department
Note.*
Deducted:
None.
31%
48%
A house
16%
5%
of that house. Also, there is a wide variation in the matter of permitting
36%
4%
B house
13%
47%
salesmen to participate in "banking group" profits.
48%
32%
20%
C house
0%
9. A study of the reports received by the Committee indicates that most
—
—
—
—
Average
36%
4%
45%
15%
salesmen's compensation plans now in use are based upon arbitrary assumptions rather than upon accurate cost accounting. Also, it is probable that
Note.—*Thls amount deducted is the same percentage of the concession as the
percentage of commission on the security. Example: If a concession of ,1% is numerous houses are paying certain members of their sales organIzation a
.
given on a bond bearings 331-3% commission, 331-3% of % or )4% Is deducted much larger percentage of gross profit than the economics of the situation
from salesman's commission.
warrants.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. sceptical as to the possibility of an early revival. In retail
business heavier cothing is most conspicuous for activity.
Friday Night, Oct. 31 1930.
Warmer weather has had a detrimental effect on trade. Steel output has been reduced to an average'of 50% though
It will never really revive until seasonable weather prevails. the inquiry for rails has increased somewhat. Steel scrap
That seems clear enough. To-day it was colder here. At the has dropped noticeably. Irregularity is noticed in the automoment business is quiet or at best only fairly active. mobile trade. That of course is not at all surprising. Rightly
Retail business is in the fore-front. Recent low tempera- considered automobiles are a kind of luxury and proverbially
tures had a distinct tendency to stimulate it, and depart- suffer in dull times. Taking the week as a whole, sales of
ment stores had been doing better than they did in the merchandise have fallen off rather than increased in both
earlier fall. The sales in September by the department the wholesale and jobbing lines. Industry is as a rule if
anything more sluggish except in the cotton goods. There
stores were about 35% larger than in August.
Taking October as a whole conditions have favored the is more activity in the stove making industry both north
retail trade and to some extent the jobbing business. But and south. Concerns which manufacture automobile bodies
there is no disguising the fact that neither wholesale nor have resumed output. The lumber trade is down about
jobbing trade has been satisfactory, particularly tho whole- as far as it can go in the domestic trade and exports are
sale trade. Meanwhile farm products are selling at low noticeably small. Business is light in the hardwood areas
prices. This applies of course to both grain and cotton, to of the Mississippi Valley. Shoe manufacturing lags, and
go no further. The widespread talk about unemployment leather prices have a lower trend in response to declining quodoes not help trade, although in the end it may be beneficial tations for hides. Rubber has advanced 10 to 20 points net
by increasing buying power. Trade has been dull so long owing partly to higher prices for tires. It looks however as
that people have beome more or less dejected, and a bit though there had been a further reduction in consumption
Nov. 1 1930.]
FINANCIAL CHRONICLE
2797
of rubber during October and the rise seems to be technical. gether desirable repercussion. Yet there is no doubt that
Wheat declined 3 to 31% cents with supplies big and export the English estimate of 12,000,000 men idle in this country
demand small. The shipments to Europe from the Southern is a gross exaggeration. To-day stocks were again lower
Hemisphere and Russia have fallen off, but the vital point with transactions of 2,250,000 shares and Steel common
net. Railroad stocks were 1 to 3 points lower.
is the size of existing world's supplies, and the fact that North off
America is doing comparatively little export business, in the Specialties suffered noticeably, including radio and such
presence of competition by other countries. Farm feeding stocks as Gillette and Auto Strop. In general the decline
of wheat is very large. Corn dropped 31% to 5 cents with the in active stocks was 2 to 5 points with wheat and cotton
indications pointing to larger receipts, the weather having again lower. Many bond issues were weak, though United
become more favorable, and the husking returns somewhat States Government issues went to the highest prices of the
better. It was noticed that while country offerings of cash year. Seaboard Airline adjustments dropped 15 points to
corn to arrive at Chicago are small consignments are increas- a new low of 10.
Fall River, Mass, has had a better business. New Bedford,
ing. Rye and oats have declined but the feeding consumption of these two grains is very large on the farms. Pro- Mass, wired that the Taunton Mill of the Butler Unit
visions were generally lower except October lard which ad- closed since last March will reopen very soon owing to
vanced half a cent on belated covering of shorts and other large orders. At Willimantic, Conn., the Holland Manubuying. Raw sugar ends practically unchanged. Cuba is facturing Co. has started a five-day a-week schedule of
bent on taking measures to segregate 1,500,000 tons over a 45 hours instead of 35 hours, as adopted a number of months
period of years, but the scheme for restriction of exports back. Utica, N. Y. wired that a very noticeable improvewaits on the visit of an American committee to Europe to see ment in the textile industry for Utica and vicinity is reported
whether sugar raisers there and in Java are prepared to co- and several plants are working overtime. The Utica Steam
operate with Cuban interests. Coffee has been irregular, & Mohawk Valley Cotton Mills has begun work on an
but on the whole lower in some cases M to Mc., as the new overtime basis, providing day and night employment for a
government becomes more settled in Brazil and the prob- large number of workers. Still other plants are anticipating
ability becomes almost a certainty that normal business will a marked improvement in business soon. At Millen, Ga.
soon be resumed. In fact the censorship has been noticeably the local plant of the Morgan Mills of Georgia after a currelaxed and code messages can be sent between Brazil and tailment program has started up again. Gastonia, N. C.
the outer world. There is rumbling of political trouble in reported that 50 textile manufacturers in Gaston County
were on record as favoring the discontinuance of night work
Venezuela, it is said.
Cotton has had a net advance of about a quarter of a cent for women and minors. At Huntsville, Ala. the Margaret
which amounts to about 1M cents compared with the lowest Mills of this place, which were idle for a short time during
prices on Oct. 8, the day on which the last government report the dull season have begun operations on a full week's time
was issued. This rise was due principally to two reasons, for most of the operatives and they employ the full payroll
the holding back movement at the South together with the during four days of the week.
Washington wired that an increase of 34% in department
scarcity of contracts here as a necessary outcome and at the
same time a better trade demand. It might be added that store sales in September as compared with August, was anthe textile cotton industry is gradually reviving. It looks as nounced on the 30th inst. by the Federal Reserve Board.
though the growing season at the South is about over. Kill- As compared with last year the aggregate value of sales in
ing frost has appeared in various parts of the belt and the fore- September was 12% smaller. The production of electricity
casts to-night are for heavy to killing frost within the next by the electric light and power industry of the United States
24 hours. Finished cotton goods and some other cotton for the week ended Saturday, Oct. 25, was 1,724,974,000
textiles have been in active demand. Sheetings also sold kilowatt hours according to the statistical reasearch departmore readily. Several print cloth constructions advanced ment of the National Electric Light Association. This shows
Me. for spot, Nov. and Dec. deliveries. As a rule cotton the usual seasonal gain which accompanies the coming of
mills have declined to accept orders at present prices for 1931 shorter days and cooler weather, but is 4.1% below the figure
shipment. It turns out, too, that a larger business would for the corresponding week of 1929, although it is still 2.8%
have been done if supplies had been large enough to meet the above the figure for 1928. The Atlantic seaboard continues
current demand. There was a fair business in popular to register an increase in electrical output over last year,
worsted dress goods for fall wear. Coatings and dress being 11%% above the same week of 1929. The great central
fabrics opened for the spring season met with a pretty good industrial region bounded by Buffalo, Pittsburgh, Cincinnati,
sale. But only a moderate business was done in men's wear St. Louis and Milwaukee shows, as a whole a decrease in
woolens and worsted. On the other hand a sharp demand electrical output of 73 % below last year, while no change
4
prevailed for silk goods for the spring trade, but a drawback from 1929 is indicated for the Pacific Coast.
was the price-cutting in some quarters. Hides declined 65
St. Louis wired that several industries are reported to be
to 90 points, cocoa 2 to 3 and silk 2 to 8. New passenger calling employees back to their jobs and one large plant
car registrations in the United States during September were reports adding 400 recently and expects to have 2,300 at
only 175,286, against 203,737 in August, this year and 304,- work by the middle of November. This has the effect to
452 in September 1929. The decrease in September from relieve some of the unemployment and has also caused a
August was 14% and as compared with September last year general betterment as to the outlook. Reports from San
421%%. For the first nine months the registrations were Francisco say that retail business for October for the most
2,286,640 cars against 3,269,198 for the same time last year, part, is holding even with September and in some instances
a decrease of nearly a million cars or 30%.
showing an improvement. The general average, however,
The stock market has on the whole had a downward is 5 to 10% below October of last year.
tendency this week and on the 30th inst. the trading was
The weather this week has been in the main cold but on
only 1,913,000 shares with persistent liquidation and some the 25th inst. a gale of 51 miles swept New York following
sharp breaks here and there, coincident with declines in a storm of snow, sleet and rain in New England. The
commodities,including grain and cotton. Gasoline and crude thermometer here was 40 to 47 degrees. Several persons
oil have been declining; gasoline "price wars" have not were injured. At an altitude of 3,000 feet over Roosevelt
ceased. In the decline in stocks, United States Steel common Field, L. I. the velocity of the wind was 105 miles an hour.
has been a leader. The general trend of trade is upward, It seemed to have snowed here a little early in the evening
even if not markedly so at this time. But there is no doubt but it was uncertain. All six of the New England States
that the cotton manufacturing industry is on the mend both had storms of sleet and snow and roads became dangerous.
in this country and in England. Cotton mills long closed are In New Hampshire the Associated Press reported that 40
gradually reopening on full time or mostly full time. And the automobiles were marooned in places where the snow was
latest news from Worth Street is that very large sales of 14 inches deep and on the coast shipping was driven aground.
print cloths have been made within 48 hours at rising prices. Vermont had a heavy wet snow storm, carrying down
Some of the estimates of these sales are as high as 500,000 electric power and telephone poles, disabling 35 trunk telepieces. On the other hand it must be admitted that the phone lines and putting 1,000 telephones out of commission
iron and steel markets are disappointing. And that is one and damaging the fire alarm system. In Northern Now
explanation of the dragging tendency for the moment at any Hampshire snow fell to the depth of 5 to 20 inches and was
rate of the stock market. There is a feeling of disappoint- the heaviest for October on record. There were lighter
ment at the failure of general trade to revive. The very snowfalls and flurries and squalls in Connecticut, Southern
fact, too, that tremendous efforts are being made to relieve Massachusetts and Rhode Island. At Dover, New Jersey
unemployment is not without a certain perhaps not alto- 30 miles from Now York there were snow flurries and about
279$
FINANCIAL CHRONICLE
half an inch in some other nothern parts of the State. Boston
had temperatures of 36 to 42, Chicago 36 to 50, Cincinnati
28 to 48, Cleveland 34 to 40, Denver 38 to 68, Detroit 32
to 46, Kansas City 44 to 70, Los Angeles 58 to 72, Milwaukee 36 to 50, St. Paul 38 to 62, Montreal 36 to 48,
Omaha 44 to 72, Philadelphia 38 to 48, Portland, Me.,
34 to 44, San Francisco 54 to 68, Seattle 46 to 54, St. Louis
38 to 62, Winnipeg 36 to 58.
To-day it was 43 to 53 degrees. At about 2 a. m. on the
31st there was a heavy thunderstorm with vivid lightning
here. During the day the temperature was 42 to 58 with
about half an inch of rain. On the 30th inst. Boston had
46 to 52 degrees, Montreal 38 to 50, Philadelphia 46 to 62,
Portland, Me. 40 to 54, Chicago 30 to 42, Cincinnati 35 to
44, Cleveland 36 to 54, Detroit 32 to 46, Louisville 36 to 48,
Milwaukee 30 to 42, Bismarck 22 to 38, Kansas City 28 to
40, St. Paul 20 to 34, St. Louis 30 to 42, Winnipeg 16 to 30,
Denver 36 to 62, Salt Lake City 36 to 58, Los Angeles 68 to
92, Portland, Ore. 52 to 58, San Francisco 56 to 76, Seattle
50 to 58.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the weekly statement of the Department of
Commerce at Washington, for the week ended Oct. 25, bank
debits outside New York City showed an increase over the
week ended Oct. 18, but declined from the corresponding
period in 1929. Total loans and discounts of Federal Reserve
member banks, although showing a fractional change from
the preceding week were lower than a year ago. Interest
rates, both for call and time money, while showing no change
from a week ago were considerably lower than last year.
Prices for representative stocks and bonds were lower than
the week ended Oct. 18. As compared with a year ago,stock
prices declined, while bond prices increased. The number of
defaulting firms during the past week were more numerous
than the previous period.
Wholesale prices as measured by Fisher's index showed no
change from the preceding week, but were considerably lower
than for the same week in 1929.
For the period ended Oct. 18 1930, increases occurred over
the preceding week in the production of petroleum, and
lumber, and in the receipts at principal markets of cattle
and calves. Declines from the previous week occurred in the
production of bituminous coal and steel ingots, in the value
of building contracts awarded and in the receipts of wheat
and hogs at important centers.
Bank loans and discounts were greater and the prices paid
for representative bonds higher for the period ended Oct.
25 1930 when compared with the week of Oct. 27 1928, two
years ago.
rvou
181.
lines throughout the late spring and summer has given way
to irregularity, with positive improvement in some branches
of trade and industry," the "Survey" continues. "The
firmer tone is reflected in the movement of the index of business activity of the Guaranty Trust Co., which stands at
72.2 for September, as against 73.0 for August, showing the
smallest decline in several months. The incomplete reports
covering this month's operations indicate that no severe
setback has been experienced in recent weeks. In its further
discussions, the "Survey" says:
New Low Level of Stock Values.
While the trend of business activity thus affords some ground for optimism, events in certain other directions appear, at first glance, considerably less favorable. The development that has undoubtedly attracted the
major share of public attention since the beginning of October has been the
further decline in stock prices, which has carried the general level approximately down to, if not below, that reached immediately after the collapse
of last October and November.
As usual, the recession in security values has reacted on business sentiment, creating in some quarters a degree of pessimism by no means warranted by its intrinsic importance. As a matter of fact, stock prices seldom,
if ever, reach their lowest point immediately after a major collapse. The
initial break Is almost invariably followed by a more or less prolonged
period of weakness in the course of which the level of values ordinarily
goes below the point reached in the early stages of deflation. To many
observers, therefore, the attainment of a new low level of prices for the
current movement came as no surprise, but rather as an unpleasant necessity
that had to be encountered before the readjustment could be considered
complete.
Commodity Prices in Further Recession.
Commodity prices have 8180 failed to maintain the firmer tendency that
was noted a month ago. In the latter part of September and the first week
of October, renewed weakness appeared, particularly in prices of farm
products and of imported raw materials. This decline carried the wholesale price Index of the Guaranty Trust Co. to a new low for the current
movement. The index number for October 15 stands at 60.0, as against
62.8 a month ago.
On the whole, however,the behavior of commodity prices in the last three
months has presented an encouraging contrast to the consistent weakness
that was evident during the first seven months of the year. Recent movements have covered a comparatively narrow range, suggesting that the
readjustment, if not actually completed, Is at any rate far along on its
course. This view Is strengthened by the attitude of leading consumers
of industrial raw materials, who have shown an increasing tendency to cover
their needs at existing prices.
The failure of trade and industry to score decisive gains during the period
of seasonal revival in September and October has once more deferred the
hopes of business men for an immediatelrecovery. Just as the downward
course of activity last spring led to the general assumption that low levels
would be maintained during the summer, the approach of the holiday
period Is now cited as a reason for the belief that next spring will bring
the next logical occasion for marked improvement. Although there Is
nothing Impossible in the idea that genuine recovery may begin in the
interim, the more distant expectation appears in the present instance, to
be the more reasonable
Several &CCU Developments Favorable.
Among the most encouraging business reports that have appeared this
month are the improvement in sales of new life insurance during September,
the increase in raw cotton consumption, the rising level of residential construction contracts, the advance in foreign trade, and the large amount of
current dividend payments as compared with the total a year ago, notwithstanding the numerous reductions and omissions of dividends recently
reported. In connection with the textile situation, it is worth noting that
both sales and shipments of standard.cotton cloths last month were greatly
WEEKLY BUSINESS INDICATORS.
in excess of production,resulting in a marked improvement in the statistical
(Weeks Ended Saturday. Average 1923-5=100.)
position of the industry.
Recent financial events have been such as to confirm the general expecta1930.
1929.
1928.
tion that the money market will continue in the easy state that has been
shown for several months. There has been a considerable seasonal Increase
Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. In
commercial bank loans, but It has been largely offset by the decline in
25. 18. 11. 4.
28. 19. 27. 20.
security loans due to the downward movement of stock prices. The active
Steel operations
68.4 72.4 75.0 105.3 105.3 114.5 113.2 export gold movement apparently has definitely ceased. In the absence
Bituminous coal production
__ __ 94.7 97.4 95.5 117.1 *1165 115.4 111.1 of an unexpectedly large expansion in the use of
commercial bank credit
Petroleum produc'n (daily avge.) __ __ 113.8 113.6 114.6 137.8 139.4 121.2 120.2
Freight car loadings
97.1 99.6 101.4 118.3 *123.7 121.2 *121.3 in the near future, It Is reasonable to assume that exceptionally low rates
65.8 63.8 64.5 - _ 103.7 -- --- -- will remain the outstanding feature of the money situation for BOMB time.
•Lumber production
Building contracts, 37 States
The posit.on of the Federal Reserve banks has shown httle change in
wally average)
87.1 94.4 85.3 91.5 86.2 144.8 134.1 recent weeks. The total
amount of Reserve credit in use has been main73.1 85.2 125.7 109.8 117.3 188.7 286.4
Wheat receipts
294.6 281.5 320.4 302.7 353.6 383.1 308.1 360.4 tained at approximately $1,000,000,000 of which $600,000.000 represents
Cotton receipts
111.7 107.3 118.0 133.5 121.2 127.2 124.7 security holdings, with the remainder about evenly divided between disCattle receipts
67.5 70.3 62.1 88.6 80.3 86.1 78.4 counts and open-market purchases. Since
Hog receipts
there has been no large-scale
58.9 56.6 58.1 58.6 90.7 93.8 82.9 84.5 gold
Price No.2 wheat
movement, the amount of reserves has likewise remained almost
40.4 37.5 37.9 38.6 67.6 68.2 71.3 73.9
Price cotton middling
77.6 77.9 78.1 78.6 87.3 87.5 86.1 85.9 constant, and the ratio of reserves to deposit and note liabilities has held
Price iron & steel composite
70.3 71.0 71.0 129.0 129.0 110.1 108.7 within narrow limits at 81 or 82%.
Copper, electrolytic price
82.7 82.7 82.9 82.3 94.1 94.6 98.4 98.9
Fisher's Index (1926=100)
Bank debits outside N. Y. City 121.7 110.7 120.3 128.8 159.0 143.9 135.3 137.6
Prices, Wages and Purchasing Power.
133.7 134.9 134.5 136.1 140.0 139.2 127.6 127.6
Bank loans and discounts
As a natural result of the increasing recognition of the importance of the
48.5 48.5 48.5 48.5 130.3 145.5 160.6 166.7
Interest rates, call money
120.6 113.0 116.2 109.8 111.8 88.2 122.1 119.4 position of labor as an influence on
Bueiness failures
general business conditions, numerous
171.1 173.5 178.2 187.0 271.8 298.3 217.1 216.7
Stook prices
107.2 107.7 108.2 109.0 104.5 103.7 107.9 107.9 efforts have been made to determine as accurately as possible the net
Bond prices
68.6 68.6 67.7 62.9 165.7 177.1 160.0 155.3 effect on changes during the past year in employment, wage rates, and the
Interest rates, time money
105.9 104.4 105.3 105.3 96.1 94.3 87.7 86.8 cost of living on the aggregate consuming power of the so-called working
Federal reserve ratio
b Composite index-N.Y."Times" __ __ 83.2 83.6 84.1 100.2 102.8 - __ __ _ classes. These inquiries have led to an interesting variety of theories as
b Composite Ltidex-busIness week __ __ 84.7 *87.1 87.1 101.6 101.4 __ __ __ __ to what developments must take place
before genuine trade recovery can
a Relsalve to weekly average 1927-1929 per week shown b Relative to a com- occur. According to one estimate, the aggregate dollar income of wageputed normal taken as 100. *Revised.
earners In this country has declined by nearly $9.000.000,060 a year. or
slightly more than 7%. The decline in wholesale prices, particularly of
Guarantyri'lisrto. of New York Sees Encouragement raw materials, has been considerably greater than this; but the decrease
l
in the cost of living, as nearly as this factor can be determined, has probably
in Business Development.
been somewhat less. The result is a depleted purchasing power, which,
Some encouragement is to be derived from business de- according to this view, must be offset by further declines in retail prices
before business recovery can take place.
velopments in the last few weeks, states the Guaranty Trust
Another theory is based on the observation that, while the cost of living
current issue of "The Guaranty has declined, wage rates have remained virtually unchanged, resulting in
Co. of New York in the
an actual advance In "real wages"
-that is,
Survey" in its monthly review of business and financial con- but in terms of the commodities that the wages expressed not in dollars,
point of
dollars will buy.
published on Oct. 27. Although it cannot yet be view, which takes no account of changes in the volume of This
ditions,
employment.
is made the basis for two conflicting opinions: first, that wages must be
said that definite recovery is evident, aside from the expanreduced; and, second, that they
maintained in order to provide
sion that is usually witnessed at this season, the pronounced an increasing margin of income should beminimum necessary for subsistover the
recession that characterized business activity in almost all ence, and thus furnish a larger market for consumers' goods in general.
SEASONAL ADJUSTMENT FACTORS USED IN INDEX OF DEPARTMENT
STORE SALES.
94
87
66
71
72
72
89
76
80
80
83
81
86
86
90
89
93
93
96
96
93
97
95
92
96
92
88
98
91
93
95
100
98
101
98
101
100
101
100
99
90
87
97
102
109
100
77
82
104
120
124
184
91
89
95
109
105
101
76
85
103
117
126
182
0...MM000C400
84
85
94
105
103
98
75
76
97
122
122
176
90 88
91 89
107 93
103 110
109 105
108 98
79 71
84 77
117 103
122
125
191
99 103 106 107 108 111
1
78
0000.CONM
,IN.1,
MM.,
00000000000
Year
82 83 73 79 86
74 76 69 77 84
90 88 77 93 88
91 87 90 97 103
101 91 89 100 98
96 86 85 99 97
73 64 64 73 71
73 63 66 75 72
88 75 85 94 96
102 95 102 111 105
112 97 108 117 117
146 135 152 164 166
I WWWMWWWWWWC50
CONIN
,
.P.WONA -4.4.4,
Without Seasonat
Adjustment—
January
February
March
April
May
June
July
August
September
October
November
December
1 1000
100 4,
W00, ,,
.4.00000W,C7.00
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930
99
101
99
98
97
100
96
96
101
96
100
99
99
103
103
102
102
102
101
101
101
111
104
104
106
105
101
105
109
105
106
108
106
109
106
108
107
108
106
106
105
106
105
111
104
107
108
106
1
8
&981 8`,36-96;:188.
With Seasonal Adjustment—
January
February
March
April
May
June
July
August
September
October
November
December
110
111
112
110
109
113
109
111
114
112
108
108
107
108
110
105
105
103
100
102
99
F. R. District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco_ --.
—10
—4
—11
—10
—9
—6
—16
—10
—5
—4
—2
—5
—4
—1
7
—9
—2
—8
—12
—9
—7
—4
—6
—4
Selected City—
—25
Akron
—2
Atlanta
—13
Baltimore
—17
Birmingham
—10
Boston
—14
Bridgeport
0
Buffalo
—15
Chicago
+5
Cincinnati
—15
Cleveland
+1
Columbus
—7
Dallas
—20
Dayton
0
Denver
—21
Detroit
Duluth-Superior - _ —13
—3
Vnrt Worth
—19
—4
0
—14
—2
—9
—6
—10
—3
—11
—2
—5
—12
—4
—20
—8
—10
101
67
65
57
34
42
97
21
23
38
24
66
5
4
8
4
12
4
5
27
8
8
6
5
3
5
5
4
5
District or City.
Total(259 cities)
—9
—6
87
83
89
105
101
97
74
75
95
110
117
167
85
83
91
103
101
96
74
75
96
110
117
169
85
83
90
103
100
95
73
76
99
109
116
171
84
83
91
99
100
95
73
76
101
109
116
173
82
82
85
105
100
95
71
76
104
109
115
176
82
82
96
94
100
95
72
76
103
109
115
176
Federal Reserve District.
Department.
Totat
(a)
Boaton.
Piece Goods—
BBks & velvets_ -- —15
Woolen dress goods —14
—2
Cotton wash goods
—8
Linens
Domestics. muslins
&c
Ready-to-wear Ac cessori
—8
Neckwear,scarfs..
—5
Mllulnery
Gloves(women's &
+10
children's)
Corsets, bressteres +11
Hosiery (women's
—6
& children's)...
Knit underwear,.. —15
Silk, muslin under—5
wear
—14
Infants wear
—2
Small leather g'ds—4
Women's shoes_ _ _
Children's shoes
Women's Wear—
W'm'n's co'ts.sults —24
—9
Women's dresses_ _
Misses' coats, suits —11
—3
Misses'dresses
Juniors',girls' wear —10
Men's, Boys' We OfMen's clothing - -15
Men's furnishings,
—4
hats, cans
—15
Boys' wear
—4
Men's, boys' shoes
House Furnish's.
—10
Furniture
—6
Oriental rugs
Dom.floor cover'gs —14
Draperies, uphol—13
stery
—14
China, glassware
Dal- San
Si.
New Cleve- RichYork. land. mond. MOW. Louts. las. Fran.
—22
+1
+7
—11
—20
—26
—16
—13
—4
—14
+8
+2
—18
—22
+1
—14
—7
—24
—5
+19
—18
—16
—9
—19
—3
+7
—14
—7
—19
—10
+I
+I
—3
+5
+14
—7
—9
+2
—6
—22
—11
—20
—9
—14
—17
—13
—10
+7
+10
+19
+19
+5
+13
—14
+8
+5
+6
+2
+16
+40
+16
+30
+8
—8
—27
+12
—9
—7
—15
—8
--a
—9
—22
—14
—10
—16
+30
—9
—9
—8
—20
—4
+I
+7
—8
+16
+4
+33
—8
—14
—1
—8
—4
+8
—15
—5
—8
—12
—13
—17
—11
—5
—9
—12
—9
—14
—6
—5
—7
—6
—3
—18
—18
—9
—8
—9
—9
—14
—40
—10
—27
—3
—13
—5
+10
+11
+10
+6
—28
—7
—10
—3
—13
—34
—9
—16
+2
—19
—28
—14
—9
—17
—19
—29
—12
—1
—18
—11
—21
—11
—21
—19
—10
—10
—9
—25
—10
—g
—30
—18
—21
+6
—9
—8
+10
—6
+5
—3
—14
+I
—19
+8
—14
—19
—12
—6
—20
—7
—1
—11
—11
—5
—10
—3
—3
+20
—2
—16
—23
—14
+8
—27
—9
—21
—20
—29
—9
—28
—21
+8
—25
—21
—44
—9
—3 —15
—3 —16
—12
—8
—26
—29
—14
—11
—24
—6
—14
—17
—6
—15
—22
—17
—17
—30
—2
—13
+4
—8
—14
+12
—5
—9
•Data are for about 200 stores with total annual sales in listed departments of
$850,000,000 and in all departments of $1,250,000,000. 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 and Cleveland, Washington, Detroit and Milwaukee, St. LOUIS.
Dallas and 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 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.
DEPARTMENT STORE STOCKS:
(Index numbers, 1923-1925 average = 100)
____
5
5
4
9
5
4
5
4
4
8
4
4
11
4
3
12
7
10
4
6
5
5
3
4
5
4
4
7
Alit
* Comparisons relate to total as es during the month; in most cities there was in
September one more trading day this year than last year.
Note—For additional statistics of department stores see the monthly review of
general business conditions published by the different Federal Reserve banks.
87
83
98
97
102
98
74
75
94
110
117
165
Percentage Increase (+) or Decrease (-1
September 1930 Compared with September 1929.
Jan. 1 No.
of
to
Sept.
(.) Sep.30 Stores
Selected City
(Concluded)—
—9
Houston
+4
Indianapolis
—9
13
Kansas City
—9
—9
Los Angeles
—8
—6
Louis% the
—9
—7
Memphis
—9 —10
—7
—11
Milwaukee
Minneapolis
—8
—1
Nashville
—2
—5
Newark
+1
0
New Haven
—6
—8
New Orleans
+1
—8
—4
New York
0
Oakland
+8 +14
Omaha
o
o
—12
Philadelphia
—6
Pittsburgh
—8
—6
—16
Providence
—9
Rochester
—1
—6
San Francisco_
—4
—5
Salt Lake City ---6 —10
—6
—13
Seattle
—9
—2
Spokane
St. Louis
—9
—11
St Paul
—4
—7
—8
Syracuse
—3
—15 —17
Toledo
—2
—4
Washington
90
83
98
97
104
99
74
75
92
110
117
161
DEPARTMENT STORE SALES, BY DEPARTMENTS.
Percentage increase (+) or decrease (—) Sept. 1930 compared with Sept. 1929.
(Monthly sales; the majority of the stores were open one day more in September
1930 than in September 1929.)
BALES BY FEDERAL RESERVE DISTRICTS AND FOR SELECTED CITIES.
Percentage Increase (4-) Over or Decrease(—)from a Year Ago,
Jan. 1 No.
to
of
Sept.
(.) Sep.30 Stores
91
83
97
98
105
99
74
75
92
110
117
159
a Adjustment has been made for the effects of changes in the date of Easter.
•The figures of daily average sales were computed on the basis of the number of
week days and the number of Saturdays n each month—Saturday being cons dered
equivalent to one and one-third days—and allowance has been made for the number
of Sundays in each month and for six National holidays: New Year's Day, Memorial
Day, Independence Day, Labor Day, Thanksgiving Day and Christmas.
District or City.
91
83
89
106
105
99
74
75
92
110
117
' 159
End of Month.
-.ow al
1919 1920 1921 1922 1923 1924 1925 1926 1927 192811929 1930
Without Seasonal
Adjustment—
January
February
March
April
May
June
July
August
September
October
November
December
Year
TM Seasonal Ad,
justment—
January
February
March
April
May
June
July
August
September
October
November
December
65
68
72
73
72
70
73
82
92
98
100
87
86 78 80
96 82 84
107 88 91
110 90 91
107 89 88
104 86 85
103 84 82
108 89 86
117 97 93
119 100 96
114 101 100
90 83 85
79 105
89
89
97
101
104
106
105
107
110
113
113
108
101
96
88
86
85
87
87
88
90
93
93
91
89
89
90
89
89
87
86
88
88
90
90
88
89
90
73
71
70
70
71
72
78
85
88
89
88
93
83
90
98
101
99
93
91
96
105
110
113
94
89
96
105
107
103
97
93
96
105
111
112
94
90
96
105
106
103
98
94
98
107
112
115
97
93
98
107
107
104
98
93
97
107
114
117
96
93
98
107
107
104
98
95
98
108
114
117
96
...
,
0:..000000.9.000
4..CnNW,IWONowNWN
DEPARTMENT STORES—DAILY AVERAGE (*) SALES.
(Index numbers, 1923-1925 average = 100)
Month.
January
February
March (a)
April (a)
May
June
July
August
September
October
November
December
W-40WOlo,
OW.f..WW
Federal Reserve Board's Statement of Department
Store Trade in September 1930.
Department store sales increased from August to September by 34%, when allowance is made for the number of
trading days. This increase is somewhat less than the estimated seasonal increase for that period, and the Federal
Reserve Board's index of department store sales, which is
adjusted for seasonal variations, declined by 3% during the
month. As compared with last year, the aggregate value
of sales in September was 9% smaller, and when allowance
is made for the fact that there was one more trading day
this year than last, the decrease from last year is about
12%. The decline in the dollar value of department store
sales from last year accompanied a reduction in the level of
prices of the goods sold by these stores.
The Federal Reserve Board's index of department store
sales for the whole period for which the figures are available
—January 1919 to date— is shown below. This index has
been revised recently, chiefly by revision of seasonal adjustment factors, on the basis of experience in recent years.
The seasonal adjustment factors used in the computation
of the index are also shown for the entire period below. It
will be observed that the seasonal distribution of sales has
shown a tendency to change during the period.
(Average for year = 100)
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930
,
.0M.C.0 0MOMOt..0
For each of these views there is more or less theoretical support. The
experience of past depressions, however, indicates that an increase in consumption may not be the primary necessity for a general business recovery.
Production may increase without any rise in consumption at all, simply
through the gradual working off of surplus stocks of goods, necessitating
increased output and larger employment, which in turn will increase wage
It is a moot question whether
payments and stimulate consumption
either lower prices or lower wages are necessary prerequisites to trade
revival.
Month.
2799
FINANCIAL CHRONICLE
Nov. 1 1930.]
89 88
95 93
102 100
103 101
101 98
95 93
92 87
96 87
104 94
112
115
94
98 101 102 103 103 101 100 ---
93
94
95
97
97
96
97
100
101
100
100
99
100
101
102
103
101
100
100
100
101
101
99
100
102
101
102
102
101
101
101
102
103
101
102
103
105
104
104
103
102
101
100
101
102
104
103
102
104
103
103
103
102
101
102
102
104
104
104
103
103
103
101
101
100
99
100
101
99
102
102
100
100
100
99
99
99
98
90
100
100
101
102
100
99
98
97
97
96
96
94
91
91
Federal Reserve Board's Account of Wholesale Trade in
Sept. 1930—Considerable Falling Off from 1929.
Reports to the Federal Reserve System by wholesale firms
selling groceries, dry goods, hardware and drugs indicate
that in all these lines sales in the month of September were
considerably smaller than a year ago. Reports for the first
nine months of the year combined also show decreases as
compared with last year in the four lines of wholesale trade.
2800
FINANCIAL CHRONICLE
PERCENTAGE INCREASE (+1 OR. DECREASE (-) BY
FEDERAL RESERVE DISTRICTS.
Line.
Tot.
Groceries
Dry goods
Hardware_ .._ _
Drugs
Type of Store.
District Number.
Sales, September 1930, Compared with September 1929.
1
2
3
4
5
6
7
8
9
10 I 11
Sales, Jan, 1-Sept. 30 1930, Compared with Jan. 1- Sept. 301929.
Groceries
-4 -6 -5 -31 -5 -51-12 -2 -7 -2 -5 -8, +1
-24 ____ -19 _13 -20r_18 -24 -29 -27 ____ -17 -301-22
Dry goods
Hardware_ _ _
-10
-19 -23-21 -13-12-20-16
-2-10 -4.-11 -11-13 ____ -7-171 -3
Drugs
-171-15
1 Boston. 2 New York. 3 Philadelphia.
4 Cleveland. 5 Richmond.
Atlanta. 7 Chicago. 8 St. Louis. 9 MinneapolLs. 10 Kall/305 City, 11 Dallas. 12 San Francisco.
Note.
-For additional statistics of wholesale trade see the monthly reviews of
general business conditions published by the different Federal Reserve banks.
These reviews, which are usually issued at about the same time as this release, are
available to anyone upon request.
Rui
Wholesale Trade in the New York Federal Reserve
District in September Fell 16% Below Last Year.
The Nov. 1 Monthly Review of Credit and Business Conditions by the Federal Reserve Agent at Now York in discussing conditions in the wholesale trade, notes that "reporting wholesale firms in this district showed total September
sales 16% below last year, which, after adjustment for the
number of selling days, indicates about the same decrease as
in August." It adds.
Yardage sales of silk goods, reported by the Silk Association of America
were 5% larger than in September 1929, and sales of drugs were close to
those of a year previous. In most other lines, sales continued to be considerably smaller than last year, especially when the number of business
days is taken into account.
t
During September the volume of orders for machine tools, which tends
to fluctuate roughly with changes in industrial activity, increased for the
second consecutive month. The Augsut to September increase this 3
-ear
contrasts with a considerable decrease in the corresponding period of last
year, and the July to August increase was larger than in 1929. Consequently,the index of machine tool orders computed by the National Machine
Tool Builders Association has risen noticeably from the July level, which
was the lowest reached since 1924, and the percentage decrease from a
year ago was the smallest since January.
Stocks of groceries, cotton goods, and hardware continued to be smaller
in value than a year previous, and stocks of shoes showed a decrease following an Increase in August. Silk goods stocks in yardage also were reported
to be considerably smaller than a year ago. Stocks of drugs remained
larger than in September 1929.
Percentage E. Per-CeM'of Accts.
Change
mg Outstanding
September 1930
Aug. 31
Compared with
Collected in
September 1929.
September.
Percentage Change September 1930.
Compared with September 1929.
Number of
Stores.
12
nn
-6 -9 -1 , "' '0 - - 0
1
kr, • o l
A.
18' 29 -24
-30 ____ -21 -23 -29 -31 -38 -39-33 ____ --1
1
-23 ____ -11,-12 -19 -23 -31 -301-31 -24 -211-24 -19
-8
.._0. -6,-10 -4 -17 -13-16 ____ -6 -17 -5
Percentage
Change
September 1930
Compared with
August 1930.
[VoL. 131.
Total
Sales.
Sales per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+6.6
+6.2
-3.1
+6.8
+10.4
-1.0
+11.4
-2.6
-10.2
-11.6
-7.8
-2.4
+4.4
-8.3
-7.4
-17.2
-16.5
-1.5
Total
+6.3
1
-1.5
Department Store Trade in New York Federal Reserve
District in September 8% Less than in 1929.
According to the Federal Reserve Agent at New York,
"the total September sales of the reporting department stores
in the New York Reserve district showed a decrease of 3.6%
below a year ago, but as there was one more selling day this
year than in September 1929, average daily sales showed a
decline of nearly 8%. The sales of the Buffalo, Newark,
and Westchester department stores increased slightly from a
year previous, but sales in all other localities in this district
continued to be smaller than a year ago, decreases ranging
from 2% to 14%. The sales of the reporting apparel stores
continued to be substantially smaller than in 1929. Stocks
of merchandise on hand remained somewhat smaller than a
year ago. The percentage of charge accounts collected
during September was slightly more than 2% below a year
previous." The following are the figures.
Locality.
Percentage Change
September 1930
Compared with
September 1929.
P. C. of Accounts
Outstanding
Aug. 31 Collected
September.
Stock on
Net Sales. Hand End
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
-4.2
+0.2
-6 2
-3 3
+0.8
-14.0
-1.9
-9.5
-7.7
-7.7
--9.8
+4.5
-3.6
-13.9
1929.
1930.
-3.5
--3.3
--10.7
--14.2
--8.8
--11.4
--5.8
47.9
51.9
37.4
31.8
42.0
32.9
39.6
45.6
49.9
36.6
27.6
39.6
35.0
35.5
-10.1
44.8
42.6
42.4
40.0
Sales and stocks of goods in the principal departments are
compared with those of a year previous in the following table.
Commodity.
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware •
Machine tools_x
Stationery
Paper
Diamonds
Jewelry
WPiehter1 I.orrnga
Stock
End of
Month.
+13.2
+7.4
-1.5
____
-1.4
+18.4
+7.9* -5.4*
+4.9 -16.5
+29.6
+3.9
+14.0
+0.3
+19.4
+11.4
+8.5
+20.9
+8.1
+14.3
+58.1
4.12
n
____
Net
Sales.
Stock
End of
Month.
1929.
1930.
-7.1
____
-15.1
-10.9*
-5.2
+40.6
-17.5
-8.8
-27.4
-21.3
+5.1*
-14.1
+0.3
-10.7
-43.6
-20.4
-21.2
-50.0
-41.0
73.8
36.4
34.0
44.4
33.0
39.4
44.1
76.5
34.6
35.4
45.6
34.8
61.9
41.4
647174
62.1
-27 0 1 26.8
.
-11.0
6473
} 20.6
-16.3 I
48.9
50.4
54.6
• Quantity not value. Reported by Silk Association of'America.
Reported by the National Machine Tool Builders' Association.
Chain Store Sales in the New York Federal Reserve
District Show a Decline of 53% from September
Last Year.
The Nov. 1 Monthly Review of Credit and Business Conditions by the Federal Reserve Agent at Now York states
that "the total September sales of the reporting chain
organizations in the New York Reserve district showed a
decrease of 1.5% from a year ago, the smallest decline since
May. There was one more selling day in September this
year than in 1929, however, and average daily sales showed
a decline of about 5.5%. Grocery chains continued to be
the only typo that reported sales larger than last year, and
the increase, oven on a daily average basis, was larger than
in August. The reports from ten cent and candy chain
systems showed slightly smaller declines from a year ago
In the daily rate of sales in September than in August.
Sales of drug, shoe and variety chains continued to be considerably below a year ago.
"After allowing for the change in the number of stores
operated, and the number of business days in the month,
grocery chains showed a slight increase in sales per store,
compared with September 1929, but other types showed
decreases of varying size. Undoubtedly lower prices were
an important factor in some of the declines." In tabular
form the comparisons are.
Net Sales
Percentage Change
September 1930
Compared with
September 1929.
Toilet articles and drugs
Toys and sporting goods
Silverware and jewelry
Hosiery
Men's furnishings
Shoes
Luggage and other leather goods
Women's and IllissEe ready-to-wear
Women's ready-to-wear accessories
Musical instruments and radio
Home furnishings
Books and stationery
Linens and handkerchiefs
Furniture
Silks and velvets
Cotton goods
Men's and boys' wear
Woolen goods
Miscellaneous
Stock on Hand
Percentage Change
Sept. 30 1930
Compared with
Sept. 30 1929.
+16.1
+15.4
+13.7
+12.1
+10.2
+8.4
+7.6
+6.3
+5.9
+5.1
+0.1
-1.1
-1.7
-2.6
-4.6
-5.6
-5.0
-24.9
-8.1
-12.1
-10.8
-14.1
-10.9
-1.9
-2.7
+28.4
-6.3
-17.6
+4.4
-7.7
-29.4
+8.8
-10.8
-19.8
-25.2
Commodity Price Index of National Fertilizer
Association Shows Only Slight Change.
The wholesale price index of the National Fertilizer Association consisting of 476 quotations again showed a decline of only two fractional points for the latest week. The
index number stands at 82.9 on Oct. 25 compared with 83.1
for the preceding week and 96.0 a year ago. The index
number of 100 represents the average for the three years
1926 through 1928. Of the 14 groups comprising the index
four declined, three advanced and seven showed no change
for the latest week. Important commodities listed among
the 23 items that declined were lard, wool, dried beans,
rice, sheep, lambs, burlap, copper, petroleum and hides.
Included in the list of 21 commodities that advanced were
cotton, cottonseed oil, corn, wheat, oats, cattle, eggs, tin
and rubber.
Loading of Railroad Revenue Freight Continues to
Decline.
Loading of revenue freight for the week ended on Oct. 18
totaled 931,085 cars, the car service division of the American
Railway Association announced on Oct. 28. This was a
decrease of 23,789 cars below the preceding week this year
Nov. 1 1930.]
FINANCIAL CHRONICLE
and a reduction of 254,479 ears below the same week last
year. It also was a decrease of 232,050 ears compared with
the corresponding week in 1928. Further details are given as
follows.
Miscellaneous freight loading for the week of Oct. 18 totaled 376,038
the
cars, 110,953 cars under the same week in 1929 and 87,220 cars under
corresponding week in 1928.
238.185
Loading of merchandise less than carload lot freight amounted to
year
cars, a decrease of 33,624 cars below the corresponding week last
and 32,123 cars below the same week two years ago.
Coal loading amounted to 159,727 cars, a decrease of 40,833 cars below
the same week in 1929 and 43,298 cars under thesame week two years ago.
Forest products loading amounted to 39.032 cars, 27,407 cars under the
corresponding week in 1929 and 26,060 cars under the same week two year
ago.
Ore loading amounted to 39.517 cars a reduction of 23,101 cars below
the same week in 1929 and 19.987 cars below the same week in 1928.
Coke loading amounted to 8,490 cars, a decrease of 3,768 cars below the
corresponding week last year and 1,928 cars under the same week in 1928.
Grain and grain products loading for the week totaled 38,011 cars, a
decrease of 8,358 cars under the corresponding week in 1929 and 13.827
cars below the same week in 1928. In the Western districts alone grain
and grain products loading amounted to 25.440 cars, a decreae of 7,346
cars below the same week in 1929.
Livestock loading totaled 32,085 cars 6.435 cars under the same week
In 1929 and 7.607 cars under the corresponding week in 1928. In the
Western districts alone livestock loading amlounted to 26,043 cars, a decrease of 5,033 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities,
compared not only with the same week in 1929, but also with the same week
in 1928.
previous
Loading of revenue freight in 1930 compared with the two
years follows:
1928.
1929.
1930.
3,448,895
3,571.455
3,349,424
Fpur weeks in January
3.590,742
3,766,136
3,505,962
Four weeks in February
4.752,559
4,815,937
4,414,625
Five weeks in March
3,740,307
3,989.142
3,619,293
Four weeks in April
4,939.828
5,182.402
4,598,555
Five weeks in May
3,989,442
4.291.881
3,719,447
Four weeks in June
3.944.041
4,160,078
3.555,731
Four weeks in July
5,348,407
5,600,706
4.670,368
Five weeks in August
4,470,541
4,542,289
3.725,243
Four weeks in September
1,187,032
1,179,947
972,492
Week of Oct. 4
1,190,741
1,179,540
954,874
Week of Oct. 11
1.163.135
1,185,564
931,085
Week of Oct. 18
2801
We must clearly recognize that current industrial production averages
about as far below the normal trend of demand as a major depression is
likely to go. We have not declined from last year's peak as far as we did
In 1921 from the peak of 1920 and hence, if this be approximately the limit
of recession, the earnings of most corporations will not be reduced from
1929 levels as much as they were in 1921 from 1920 levels. Dividend disbursements are being, on the whole, fairly well maintained. Meanwhile,
current consumption has declined much less than production and surplus
stocks of finished goods are being used up.
One of the most important problems facing industrial producers is the
determination of the rate at which demand for their commodities can be
expected to increase as a trend or at a rate which can be maintained without
the alternation of excesses and reactions which form the business cycle.
It is greatly to be feared that the present disturbed conditions will give
rise to new experiments at stabilization directed at symptoms rather
than causes. Effective stabilization of buying power is primarily a matter
of keeping industrial production balanced with the trend of demand,
which means that it is a problem for the Individual executive In his particular field. Governments, bankers, associations can help, but the only way
to avoid overproduction is to estimate with all possible accuracy how
fast demand in each case can be expected to expand and adjust production
facilities to that rate. If the pressure of competition renders this impossible.
then a substitute must be found for excessive competition. If industrial
operations can be stabilized by intelligent planning and even approximate
forecasting of future requirements by consumers, it will go a long way
to avert the temporary surpluses of cotton, copper, rubber and other
products which now intensify the difficulties of restoring economic balance.
A Few Encouraging Signs in Business Seen by Conference of Statisticians in Industry.
The Conference of Statisticians in Industry, under the
auspices of the National Industrial Conference Board, at its
regular monthly meeting, states in its summary of business
conditions issued Oct. 26 that the record of business activity
in September, which in the main continues the story of business decline which has been characteristic of recent months,
contains a few encouraging details. The summary goes on
to say:
It is possible to over-estimate their importance, but it is to he remembered
that In a period like the present anything which shows an upward tendency
or indeed arrests the downward trend has elements of promise.
To begin with, department store sales, based on Federal Reserve Board
data showed an increase in physical volume and an increase in values slightly
higher than the normal upturn for the interval September to August in the
41,765,670 years 1926 to 1929.
43.465,077
38,017,099
Total
Residential construction in the metropolitan area was mildly encouraging
with its first return since May. The opening weeks of October continue in
These turns in sales and residential construction are
Annalist Weekly Index of Wholesale Commodity Prices. the same manner. of their reflection of consumers' purchasing attitudes
significant because
commodity prices, at and of the fact that residential construction is conducive of activity in other
The "Annalist" index of wholesale
the month of
enterprise.
122.0, is at the highest point in three weeks and compares fields ofas compared Finally, after showing no change duringin general for
with July, wholesale commodity prices
August
week. Continuing the "Annalist" says:
with 121.2 last
September moved slightly upward.
An unfavorable sign is presented by the fact that total construction, inThe advance of 0.8 point is not large when measured by some recent
but is significant because several commodities show persistent cluding other than residential activity, declined by 5% during September as
movements,
if small advances, and most commodities have fluctuated only moderately. compared with August, while the normal seasonal decline is but 1%.
Only copper has shown a further sharp decline. For four weeks now the Structural steel awards in the metropolitan area show a decline of more than
50%, while awards during the first half of October have only sligntly comindex has moved between 121 and 122.
The average October index, at 121.7. is 1% lower than the September pensated for the drop. The trend for the country as a whole will in all likeliaverage at 123.4. While the last week of October showed considerable hood be downward when complete returns are available.
Steel ingot production took a further drop, as might be expteted from the
improvement over the preceding two weeks,it still is lower than the September average. Prices offood products and building materials, during October, downturn in general construction activity. Output declined 634% in congroups showed declines. Prices of trast with a normal seasonal curtailment of less than 1%. Production for
showed moderate advances, all other
farm products were 2.8% lower in October than in September, and 18% the third quarter was 62% of the amount recorded for the same interval in
lower than in October last year. Textiles during the month declined another 1929 and 73% of the level in 1928. Anticipations of an upturn in steel
2.7%, but during the last week of the month showed a decided tendency activity during the opening days of September occurring with the strengthening of scrap prices, usually antecedent to the strengthening of demand,
toward firmer prices.
were in vain. Operations were at 55% of capacity as against 5914% for the
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES industry as a whole, according to the American Iron and Steel Institute.
(1913=100)
Unfilled steel orders of the United States Steel Corporation declined 4.3%
notwithstanding the drop in output in the industry. The anticipated upturn
Oct. 1929.
Sept. 1930.
Oct. 1930.
In demand failed to materialize, with the result that prices of scrap metal,
143.0
115.5
112.2
which had been firming for several weeks, began to weaken toward the end
Farm products
151.2
130.8
131.4
Food products
of the month.
146.6
110.5
107.6
Textile products
Automobile production declined 1%,which lathe normal seasonal decline.
154.1
162.0
152.5
Fuels
though production for the year to date is below output for the same period in
126.8
107.7
106.0
Metals
152.3
130.5
181.1
Building materials
previous years. Bituminous coal output increased seasonally by 8.2%;
134.0
126.8
126.5
Chemicals
anthracite declined 19% as against a normal drop of 1%.
127.0
97.9
96.6
Miscellaneous
Furthermore,consumption of non-ferrous metals,lumber,paper and other
123.4
145.5
121.7
All commodities
producers' goods showed more than seasonal contractions.
Electric power production showed a further decline in September at a time
Silberling Reports See Evidence of Definite Upturn in when a seasonal increase of 2% is normally in order. This decline was
especially severe during the last days of the month, when the output of
Business.
electricity, for the country as a whole, showed the largest drop below the
October 1921.
While there is not yet evidence of a definite upturn in the same week of the previous year that has been registered sincemonth, moved
showing a 2.6% gain for the
Finally,
general condition of business and buying-power, it is signifi- counter to business failures, in direction; a decline of 2.3% in the number
toe normal seasonal
cant that several regional areas of the country appear to of failures between August and September generally occurs under normal
of depression and some indus- conditions. Liabilities, in declining 4 yi%,gives some indication that bankhave reached the bottom level
violent.
tries show signs of turning the corner, says the Silberling ruptcies are becoming less
In conclusion, the Conference of Statisticians in Industry finds that there
Research Corp., Ltd., San Francisco, Calif. This is true are no positive indications that a general upturn in business is in process.
course was begun apnotably of several branches of the textile industry and of This, notwithstanding the fact that the downwardthe beginning of a new
proximately a year ago. The month of September,
the building industry. Commodity prices are apparently season and the end of this year's third quarter offered only uncertain ground
gradually forming an irregular bottom from which an advanc- upon which to build. The first half of October likewise gives but little evidevelop as the various in- dence that the convalescent stage in the business cycle is definitely at hand.
ing tendency should very soon
dustries begin drawing upon accumulated supplies of material. Taken broadly, as a rough generalization, it is probable that the eastern section of the country, particularly
New England and the southern coast States will feel the
effect of reviving demand for some of their important
products at a relatively early date. The Middle States
face a combination of drastically curtailed manufacture
of basic products and reduced agricultural incomes. The
Mountain States are affected by curtailment of mining and
lower prices of agricultural products. It is added:
U. S. Department of Labor's Survey of Building Oper-Increase of 6.9%
ations in Principal Cities of U.S.
in Estimated Cost of Buildings In September Compared with August.
There was an increase of 6.9% in the estimated cost of
buildings in September as compared with August according
to reports received by the Bureau of Labor Statistics from
291 comparable cities. The estimated cost of the building
operations for which permits were issued in these 291 cities
2802
FINANCIAL CHRONICLE
during the month of September was $147,748,370. Both
new residential buildings and new non-residential buildings
increased, comparing September permits with August permits. The increase in residential buildings was 2.3% and
in non-residential buildings 9.8%. The Bureau in its survey,
issued October 24, further reports as follows.
In these 291 cities 10,615 families were to be provided with dwelling places
in the new buildings for which permits were issued during September.
This is an increase of 5.4% over the number of families provided for by the
new buildings for which permits were issued during August. The upward
trend in September is decidedly unusual, as ordinarily September building
permits total less than August building permits.
Permits were issued during September for the following large public and
other important buildings: In Cambridge, Mass., a permit was issued for
school dormitories to cost over $400,000. In Springfield, Mass., a permit
was Issued for a hospital to cost $575.000. In Jersey City permits were
issued for three public utilities buildings to cost $3,200,000. A permit was
Issued for a school building in Albany, N. Y., to cost $1,100,000. In the
Borough of the Bronx permits were issued for miltifamily dwellings to cost
nearly $3,000,000,and in Brooklyn for multifamily dwellings to cost $3,500,000. In the Borough of Manhattan the Federal Government let a contract
for anew assay office to cost $1,750,000. Permits were issued in Manhattan
for factory buildings to cost $3,200,000, and for apartment houses to cost
over $4,000,000. In Chicago permits were issued for factory buildings
to cost over $6,000.000, for two apartment houses to cost over 31,300,000
for two hotels to cost $1,500,000, and for a Y. M. C. A. building
to cost nearly $2,000.000.
In Detroit permits were issued for two public
s
school buildings to cost over $1.500,000 and for factory building
to cost nearly $1,000.000. In Cleveland a permit was issued for a theater
building to cost $2,500.000. In St. Joseph, Mo., a permit was Issued for a
school building to cost $597,000. In Baltimore a permit was issued for a
nurse's homes at the City Hospital to cost $700.000. In Dallas permits
were Issued for office buildings to cost over $1,250,000. In Tulsa, Okla.,
a contract was let by the Federal Government for an extension to the post
office and Federal Court building to cost over $600,000. Permits were
issued for factory buildings in Long Beach, Calif., to cost nearly $700,000.
ESTIMATED COST OF NEW RESIDENTIAL BUILDINGS, NEW NONRESIDENTIAL BUILDINGS, AND TOTAL BUILDING OPERATIONS
IN 288 CITIES OF THE UNITED STATES HAVING A POPULATION
OF 25,000 OR OVER BY GEOGRAPHIC DIVISIONS.
Geographic Division.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
Total
Per cent of change
Geographic Division.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
Total
Per cent of change
[voL. 131.
and challenged the demands which have recently been made in some
quarters that State supervision be scrapped in favor of more extensive
regulation—possibly Federal control.
"Government ownership and operation, which is being suggested so often,
means political ownership and operation," Mr. Sloan asserted. "It means
that or it means nothing. The question becomes, then, whether the future
electricity supply of our country is to develop in accordance with economic
principles or political practices."
Urges Transportation Act Changes.
Mr. Storey told the conference of the "rough places" which he sees
ahead for the railroads and called upon the "sympathy and support" of
all lines of business. He cited the Transportation Act of 1920 as providing most of the "rough places" which the railroads must overcome and
urged changes in the Act to meet 1930 conditions.
"In spite of a certain amount of ineffectiveness," he said, "the Transportation Act has been of great value to the railroads. It has protected us
from the diverse legislation of various States; it has prevented improper
financing, and, best of all, it protects us (rem each other and prevents us
from doing foolish things which otherwise might seriously affect our
income."
Specific weaknesses of the Transportation Act, Mr. Storey said, were
that it endangered the credit of the roads through failure to allow them
adequate returns; that it tended to eliminate the possibilities of strikes,
but in most cases tended toward increases in wages; that the valuation
of the roads has not yet been accomplished despite the expenditure of
nearly $360,000,000; that little will be accomplished even if the valuation
is ever completed, and that consolidation has not been effected despite the
fact that certain mergers would be in the public interest.
From the New York "Herald Tribune" we take the following from Chicago, Oct. 22:
Listening to the speakers were 45 specially invited guests and 1,000
others.
Summarized, seven of the eight speeches maintained that:
1. Americans are consuming more goods than are being made for
replacement at present ;
2. Price levels of many important commodities are at, or near by an
infinitesimal margin to, the lowest they can reach;
3. Governmental interference in business has in general been carried
to an unwise extent and business should be subjected to as little more of
it as possible;
4. Some approach to economic stability should be advocated as a
New Residential Buildings.
substitution for the present-day fluctuations between depression and proa.
Estimated
Families Provided for in perity, difficult as the solution may prove to
be.
Cott.
New Dwelling Houses.
The second, third and fourth of the foregoing propositions were disAug. 1930, Sept. 1930. Aug. 1930. Sept. 1930. cussed more fully and on a world-wide scale to-night at a dinner to
leaders in education and industry at the Palmer House. Julius IT. Barnes,
$3,472,870 $3,059,125
.527
530
25,026,165 23,021,783
4,009
4,229 Chairman of the Board of the Chamber of Commerce of the United States,
8,734,988 12,369,246
1,472
1,618 and Dr. Glenn Frank, President of the University of Wisconsin, described
1,846,002 2,272,330
536
674 the present depressed conditions as due mainly
to faulty leadership, govern3,158,914 1,754,136
638
439
3,142,051 3,130,226
927
923 mental and business.
6,223,983 7,166,728
1,966
2,202
They agreed that price levels had shrunk the world over and that there
were immense surpluses of commodities. Then each sounded a call for the
851,604,973 $52,773,574
10,075
10,615 increase
of consumption and the removal of the causes based on poor
+2.3
+5.4
leadership.
Mr. Barnes blamed the biggest surpluses on 20 years of government
New Non-Residential
Total Construction
regulation of coffee, seven years of the same thing in rubber, 10 years in
Buildings,
(Including Alterations
Estimated
and Repairs),
silk, and five years in sugar. This, he held, stifled private buying power
Cost.
Estimated Cost.
and trade initiative, while the demonetization of silver in a few years,
Aug. 1930. Sept. 1930. Aug. 1930. Sept. 1930. after it had been used as a currency standard for 20 centuries, had
impoverished a billion people.
$10,325,165 $4,076,009 $15,891,161 $9,231,204
17,736,431 28,273,311 49,428,217 58,571,450
Social Injuries Cited.
15,546,644 19,035,718 27,845,798 36,093,956
Instability of governments Mr. Barnes attributed to their handling of
3,649,634 3,663,327 6,878,806 6,972,982
4.604,460 3,012,796 9,599.466 6,775,305 economic questions. Obstacles to orderly trade, such as tariff wars, he
7,530,679 6,580,030 11,980,116 10,895,701 described as social injuries that were widely resented.
7,661,687 8,989,044 16,532,241 19,207,772
Everything could be adjusted by a slight rise in living standards in
$67,054,700 $73,630,265 138,155,805 147,748,370 countries more backward than the United States, he said. If the people of
+9.8
+6.9 Europe alone would equip their homes with electrical aids as Americans
already have done, the spending necessary for that alone would absorb
all the surpluses that are depressing markets to-day.
Representatives of Industries Confer at University of
Chicago on Business Trends.
Business trends in eight of America's basic industries
were discussed by spokesmen for those industries, on Oct. 22,
before the seventh conference of major industries at the
University of Chicago and, although the discussions were
generally hopeful in tone, they cited many important problems which must be solved before much progress can be
made. The Chicago advices to the New York "Journal of
Commerce," Oct. 2, from which we quote, went on to say,
In part:
According to the Associated Press, while there will be
no spectacular recovery of business, in the opinion of speakers at the conference of major industries, the "turning
point" has been reached and this in itself was described
as a step toward a more solid future.
Administration at Washington Continues to Work
Out Plans for Relief of Unemployed—President
Issues Executive Order for Employment of 200,000
Additional Postal Workers—Colonel Woods Urges
Repairs by Householders of Homes—Public Works
Bond Issues of $460,000,000 to Come Before Voters
at Election.
The movement by President hoover on Oct. 17 to bring
Co-operation of Government and private business enterprises and
modification of the "antiquated anti-trust laws" was the theme running
through most of the addresses.
The eight speakers were Matthew S. Sloan, President of the New York
Edison Co., representing utilities; W. B. Storey, President of the Atchison
Topeka & Santa Fe Railway, representing the railroads; George M. Verity, into force relief measures in behalf
of the unemployed (reChairman of the American Rolling Mills Co., representing iron and steel ;
ferred to in our Oct. 25 issue p. 2631) has continued to deR. C. Holmes, President of the Texas Co., representing oil; Harvey S.
Firestone, representing rubber; Robert E. Wood, President of Sears, Roe- velop in various ways. One of these has been the issuance by
buck & Co., representing merchandising; H. 31. Aylesworth, President of President Hoover of an executive order calling
for the emthe National Broadcasting Co., representing communications, and L. J. ployment
of more than 200,000 additional postal workers.
Taber, master of the National Grange, representing agriculture.
Robert Maynard Hutchins, President of the University of Chicago, pre- Regarding this we quote as follows from a Washington dissided at the morning session, and Oscar G. Mayer, former President of patch Oct. 28 to the New York "Times":
the Institute of American Meat Packers, presided in the afternoon.
The post office project was termed a "radical departure" from
the usual
The conference was held under the joint auspices of the university and holiday program and wherever conflicts may
arise between the new prothe institute, in co-operation with the Chicago Association of Commerce, cedure and the older practices, postmasters have
been instructed to disthe Chicago Commercial Club, and the Chicago Industrial Club.
regard precedent. It was announced that "Postmasters have
been directed
under to-day's instructions to employ to the fullest extent
possible comDefends State Supervision.
petent men with families to support and who are now out of
work. PostSpeaking for the utility business, Mr. Sloan defended State supervision masters will
co-operate with Federal relief agencies and local charitable
and regulation as practiced in the industry since 1907, asserting that the organizations in
selecting temporary help, always stressing the necessity of
greatest development in this industry had occurred since State supervision excluding those incapacitated
for the arduous work incidental to the hanwas inaugurated. He denied, therefore, that State regulation had failed, dling of Christmas mall."
Nov. 1 1930.]
FINANCIAL CHRONICLE
2803
dispatch Oct. 30
This was made known in a Washington
Overtime Work Limited.
said in part:
Rules also have been laid down limiting the amount of overtime work to the "Times," which likewise
days
More funds will be needed by local relief agencies this winter if human
which may be given to regular employees to two hours, the working
of classified substitutes to twelve hours and those of temporary employees suffering, due to unemployment,is to be prevented, Colonel Arthur Woods.
to ten hours. The waiving of the rule heretofore requiring civil service Chairman of President Hoover's Emergency Committee for Employment,
declared to-day in emphasizing reports of increased demands which are
examinations of substitutes previously was announced.
was
"Estimates prepared at the Post Office Department to-day," it
being made on welfare organizations. . . .
The decision of the Navy Department to rescind its "economy camannounced, "based on reports received from Postmasters throughout the
Christmas rush, paign" to the extent of pushing forward immediately $2,000,000 worth of
country as to their needs for additional help during the
laborers will be employed dock and other building projects was confirmed today,and it was announced
show that 224.000 temporary clerks, carriers and
at post offices, a majority of them working for ten days, starting Dec. 13. that another million will be expended in December. There also will be
At the New York City post office, where a vast quantity of foreign mail expended $6,000,000 on the same type of work between Jan. 1 and June 30
is handled, temporary employees will begin work a few days sooner than next year, making a combined winter and spring building program by the
this date.
Navy in yards and stations totaling $9,000,000.
"For this work the temporary employees will receive 65 cents an hour
Recent announcements by the Post Office Department to the effect that
each for a ten-hour day. The Department has available $6,720,000 for more than 200,000 persons will be benefited through the distribution of
disthis purpose.
$6,000,000 worth of extra work during the holiday rush season were
"In addition to the temporary clerks, carriers and laborers, the Depart- puted in part today by Thomas F. Flaherty, Secretary-Treasurer of the
ment will employ 3,240 extra railway mail clerks and 1,000 additional helpers National Federation of Post Office Clerks, who charged that the departvacancies."
in the motor vehicle service.
ment nas increased unemployment "through failure to fill
"There will be approximately 250 auxiliary rural carriers employed to
"The service is undermanned," he said, "especially the distribution
Christmas mails in the forces in the larger offices.
assist the force of regular carriers in handling the
rural communities."
"If the government wants to set an example to private industry, it should
prevailing in the post offices of requiring
On Oct. 24 the same paper in advices from Washington at once discontinue the practices Thousands of veteran clerks are now
one man to do the work of two.
home—after
stated:
compelled to study distribution schemes on their own time at
Public works bond issues totaling S450,000,000, most of which may help working eight hours at the office—Instead of putting substitutes at work
upon in the November
In easing the unemployment situation, will be voted
on these duties under an apprenticeship system. The apparent sole aim
elections in 19 States, Colonel Arthur Woods, Chief of President Hoover's of the postal administrators is to cut the postal payroll regardless of its
relief forces, announced to-day.
effect on the men or the service."
Colonel Woods made his statement shortly before President Hoover
flatly denied a rumor that an extra session of Congress might be called to
President Green of American Federation of Labor on
cope with the situation, the President saying:
"No special session is necessary to deal with employment. The sense of
Unemployment Status—October Rise in Several
has
voluntary organization and community spirit in the American people
Groups of Trade Unionists—Not Improved as a
strong enough to
not vanished. The spirit of voluntary service has been
cope with the problem for the past year and it will, I am confident, continue
Whole.
in full measure of the need.
Employment among trade unionists has not improved since
"Colonel Woods is receiving most gratifying evidence of this from the
Governors, Mayors,Industrial leaders and welfare organizations throughout September, according to recent reports from trade unions
the country."
received by the American Federation of Labor, William
Organization Hits Its Stride.
organization, said on Oct. 29 in
the name of the President's Emergency Committee for Employ- Green, President of the
Under
ment, the relief organization swung into its stride to-day, although Colonel announcing that trade union reports from twenty-four cities
Woods was invited only last Tuesday to resume the work he carried out
"show 21% still out of work, as in September." A Washsuccessfully eight years ago in a similar period of business depression.
The chief purpose of the organization is to find jobs for idle men, and ington dispatch to the New York "Times" reporting this
the secondary one to advise communities in supplying relief for the needy,
added:
Colonel Woods reiterated at a press conference.
gains"
The director obtained a new aide in the appointment of Frederick C.
Employment among trade unionists, he said, showed "no further
Creston of Columbus. Ohio, W130 organized employment relief work in in October.
members, giving
Ohio with notable success. Officially, he will become assistant to SecreMr. Green made public figures, covering 800,000 union
tary Lamont of the Commerce Department, but will be one of three or the percentages of unemployed members as follows;
Working
more regional directors, the others yet to be named who will advise with
Part Time.
Unemployed
communities in setting up relief agencies. Mr. Creston will arrive here
October
October
September
October
Monday. . .
1930.
1929.
1930.
1930.
15
11
21
Great Lakes States Suffer Most.
21
All trades
14
22
38
38
most serious situation seems to be in the Great Lakes States," Building trades
"The
23
7
23
21
Colonel Woods said, adding that he believed the project undertaken by Metal trades
14
4
8
7
Printing trades
15
7
Mr. Creston in Ohio could be specially adapted to the organization's needs. All other trades
14
14
labor
In his home State, it was added, Mr. Creston organized all business,
Green
"Although October is the peak month of Fall activity," Mr.
counties, with supervisory committees
and agricultural organizations in 88
declared,"it does not necessarily bring improvement in the general employto direct aid in each one.
change from
ment situation. Our figures in past years have shown little
improvement in
Speaking of plans for stimulating organization and statistical surveys to
September to October except in a few trades. The lack of
business
show the needs of each locality, Colonel Woods said:
is therefore no cause for discouragement as to the general
of unemployed so that we can October
increased
"It is most important to get the number
situation. It merely indicates that industrial activity has not
gauge the situation."
more than is usual at this season.
Accepting the estimate of unemployment as 3,500,000, including the
Notes Relief Efforts.
customary total of 1,000,000 seasonally out of work, the director declared
that the problem is comparable with that of 1921. when estimates of the
"But the very large number out of work on the threshold of Winter Is
unemployed ranged from 3,500,000 to 5,000,000.
cause for very serious concern. Last Winter the number out of work, as
The proposed public works bond issues in various States are expected to indicated by our figures, increased 71% from October to January and
Nine States have doubled by February. Winter before last, when employment conditions
bulk large in solving the problem, Colonel Woods said.
before them issues aggregating $290,000,000. while issues totaling 8146,- were unusually favorable, the number out of work increased 47% from
000.000 are being arranged by cities, counties or subdivisions in these and October to February.
other States.
"Widespread efforts are already being made to keep men at work and
New York State is represented with the proposed hospital and prison create more jobs. Business men, welfare groups, government agencies,
Issue of $50,000,000, and New Jersey has pending an issue of $100,000,000 labor and other groups the country over must concentrate on measures to
for public improvements.
provide against unemployment in the next few months if we wish to avoid
Most of the issues are for highways, water systems, buildings, bridges, a similar increase this Winter. Wage-earners this year have no reserves
electric light and power systems, sewage disposal plants, airports, con- to fall back on. Savings have been exhausted in the hard struggle of the
servation, parks, forest preserves, roads, schools. State institutions, and past year.
soon.
"If all groups join whole-heartedly in the movement to provide jobs and
Road Programs Investigated.
relief, unemployment can be largely conquered. We must visualize the
estimates
The road-building programs are being "looked into very carefully" and danger ahead and face the problem. The Government officially
would
their possibilities being studied minutely, Colonel Woods said, and on this the unemployed at 3,500,000. An increase of usual proportions
depending
matter and others concerning possible industrial expansion he expects to bring the number well over 5,000,000. Including the families
one-sixth of our
gain definite primary information within the next week. Every fact-finding on these men and women, over 20,000,000 persons, or
unemployment this
agency of the Government is being pressed into service and private ones entire population, are threatened with acute need from
. .
Winter.
have been asked to co-operate.
Many Part Time Unemployed.
"The problem embraces two phases. The first is unemployment; the
unemployed
second, provision of relief in those cases where employment is not available.
"In addition to these entirely out of work, millions more are
The first Is obviously very much to be desired, but the last will be necessary part time. Our figures for trade union members, who probably suffer less
were
also.
than others from 'unemployment within employment'show that Is%
"There are two directions in which more intensive organization can work. working part time in October. In metal trades 23%, in other manufacOne is geographical—that is, through the nation, the States, municipalities tures 29% and in clothing and textiles as many as 41% are unemployed part
and the counties. The other is by industries. I shall aim to co-operate time. This means serious reductions in income and buying power.
in both ways, with the States, municipalities and local committees on the
"Changes from September were not marked in any industries. In buildIn
one hand, and with leaders of the different industries on the other." . .
ing there was an increase of less than 1% in the number out of work.
Besides the appointment of Mr. Creston, Colonel Woods also announced printing and metal trades a small improvement reduces the unusually high
that Edward Eyre Hunt, economic expert previously identified with him figure of unemployment: in clothing and textiles the peak of the Fall season
in relief work, would act as permanent volunteer secretary of the com- brought a 31% improvement. More are back at work also in food indusmittee, and that Edward L. Bernays, New York publicity expert, would tries, other manufactures and street transportation. The only eases of
be the committee's volunteer counsel of public relations. Mr. Hunt and worse unemployment are on railroads, in service industries and theatres.
the
Mr. Bernays both assumed their duties to-day.
"Fifteen cities report employment better than in September, but
Boston,
On Oct. 30 Colonel Woods announced the appointment following eight report a change for the worse;N. J., and Buffalo, Chicar-o,
Seattle.
Paterson,
Cleveland, Los Angeles, Milwaukee,
of two more assistants, Porter Lee, Director of New York
School of Social Work, who will organize the welfare projects
Federation of Labor Outlines Its Unemploycoming before the Committee, and Joseph H. Willits, American
ment Relief Policy.
director of the Department of Industrial Research of the
Associated Press advices as follows Oct. 24 are taken
Wharton School of Commerce at the University of Pennsylvania, who will handle industrial organization affairs. from the New York "Times":
2804
FINANCIAL 01:1BONICLE
American Federation of Labor efforts to relieve unemploymen
t will
be directed along one channel, that of a more equal distribution of opportunities for work.
"It seems to us that the great thing to be sought is that of dividing up
among working people on an equal basis what there is to be done,"
said
William Green, President of the Federation.
"In crises," he added,"that is all that can be done, to see
that the work
is distributed as widely as possible among the people who are entitled
to an
opportunity to do it."
The Federation's stand for shorter working hours and weeks to match
increasing productivity of workers, Mr. Green said, "has a very apparent
utility in the present situation."
At the same time, he explained that the Federation would not be represented in Chicago, Nov. 12, when the four brotherhoods of railroad workers
confer through their principal officers on the advisability of presenting
a demand for immediate adoption of the six-hour day.
The brotherhoods are not affiliated with the Federation, although certain
of their organizations have considered the establishment of such relations
Professor Dewey Puts Needs of Idle at Two Billions—
Urges an Appropriation by Congress of $500,000,000
for Relief.
Washington, Oct. 25.—Estimating that $2,000,000,000 will
be needed for unemployment relief, Professor John Dewey,
President of the People's Lobby, charged the government
with neglect today in not acting before the emergency became acute, and said that an appropriation of $500,000,000
for relief will be asked as soon as Congress convenes.
We quote from a Washington dispatch Oct. 25 to the New
York "Times" from which we also take the following:
[Tin. 131.
Fisher Body Plants on Full Time—Ten Outside Detroit,
Employing 6,000, Resume Normal Schedule.
The following Detroit advices Oct. 23 are from the New
York "Times":
Ten plants of the Fisher Body Corporation located
outside of Detroit
will resume full-time operations on Monday, H. J. 0.
Henderson, manager
of sales and advertising announced to-day.
The automobile body plants have been operating on
a three-day-a-week
schedule and will return to the regular week of five and
a half days.
No new employees will be hired at any of the plants,
butthe new schedule
will affect between 6,000 and 7,000employees. Those
plants affected are
In Flint, Mich.; Buffalo and Tarrytown. N. Y.;
Janesville, Wis.; Norwood,
Ohio; Atlanta, Ga., Kansas City and St. Louis, Mo.;
Cleveland, Ohio, and
Oaidand. Cal.
"There will be no change in the Detroit production," Mr.
Henderson
said. "Here we have been operating on our normal
schedule of business
less the difference due to the depression."
From Buffalo Oct.23 the same paperreported the following:
The Buffalo factory of the Fisher Body Corporation, upon
order received
to-day from Detroit, will open next week and be in full
operation by Nov.
3. About 600 employees are affected.
Cedar Rapids Federation of Labor Requests Dismissal
of Working Wives—Urges Jobs Be Given to Unemployed Married Men.
The Cedar Rapids Federation of Labor on Oct. 25 began
a campaign of induce local merchants and manufacturers
to displace their married woman employees who have no
dependents with jobless married men to relieve the unemployment situation. Resolutions passed by the Federation
were mailed to every employer of women in the city. A
Cedar Rapids (Iowa) dispatch Oct. 25 to the New York
"Times" in reporting this, added:
Professor Dewey's statement read in part;
"The present unemployment situation is not an accident. it is
the inevitable result of economic policies fostered by both major parties—policies which have never been followed long in any country without
serious
disturbances and even revolutions. There is no reason to believe that
the
It was represented to the employers that two or three hundred women
American people, who know the adequacy of our National wealth
and whose husbands are employed
and whose earnings are sufficient to keep
National income, will prove an exception.
the family are occupying positions that might well be filled by married men
"The solemn question to be answered, probably within a decade, is
whether we can change our present policies of governmental fostering of who have been laid off since the business depression set in.
The federation set forth that it did not wish any married women disthe concentration of wealth, while over a tenth of the population suffer;
or whether the adoption of human policies by government shall be forced charged whose earnings were nees.ssary for the family budget, but only those
who worked that they might clothe themselves better
upon us by other countries which have freed themselves from the concepthan would be possition of government as the private property of predatory and stupidly selfish ble if they depended on their husbands'earnings.
Copies of the resolution were sent to every local Federation in the
interests. Sound patriotism dictates self-help.
State
"Our unemployed with their dependents total about 12,000,000 people, and these were urged to take similar action. The Federation also asked
or one-tenth of the population. Their loss of wages on a conservative esti- manufacturers who intend to expand in the near future to push their building
mate, assuming they are not re-employed till next April or May, will operations forward to slacken unemployment. A shorter work week also
was advocated.
be about $6,000.000,000.
"Congress must appropriate at least $500,000,000 as soon as it convenes,
to match every dollar raised by State, municipal and other local governGovernor Green of Michigan Proposes Highway and
ments for the care of the unemployed and their families."
Building Program as Unemployment Relief Measures.
Samuel L. Insull Employees and Officers to Give One
An Associated Press dispatch from Lansing, Mich.,
Day's Pay Each Month to Idle.
Oct. 28 says:
The New York "Evening World" of last night carried the
Expansion of Michigan's highway and institutional building program as
following dispatch from Chicago yesterday (Oct. 24).
an unemployment relief measure will be undertaken this winter, Governor
Samuel L. Insull announced yesterday that "one day's pay a month for
months will be the contribution of the employees and officers of the
Insull group of public utility companies to the relief of distress caused by
unemployment."
"The plans for the collection of this fund are well under way," said Mr.
Insull. "The appeal has been made to employees and officers, and they
have indicated that the responses will be practically universal. Girls and
boys, men and women, will all come in alike."
This will bring in "more than $100,000 a month," according to the estimate of a high official of the company.
The contributions will be wholly voluntary, Mr. Insull emphasized.
The money will be collected by committees in each Insull company and
will be distributed through recognized relief agencies.
"The selection of relief organizations to which the money will go will be
made in the light of events as the winter progresses and in accordance with
the needs of the unemployed," said Mr. Insull. Collection of the fund will
continue from the present time until the end of March.
six
Fred W. Green announced to-day.
The Governor's plans call for expenditure of approximately $1,000,000 in
addition to continuation of present contracts involving about $3,000,000.
Detroit Industries Create More Work for Unemployed—
Call 2,261 Men Back, While City Expands Labor
Force.
From Detroit Oct. 24 the New York "Times" reported
the following:
A note of hope in Detroit's unemployment situation was sounded to-day
by James M. Duncan, of the Municipal Employment Bureau, when he
declared that 2,261 men have been called back to work by Detroit shops
and factories this week.
In addition, Mr. Duncan reported the placement on jobs Thursday by
the Municipal Bureau of 435 men, making the total number of men put to
work by the bureau 3,803.
Of those placed on jobs during
Ford Motor Co. Plans to Spend Millions—Son Says Department of Public Works. the day, 379 have been assigned to the
"Detroit's example of municipal care of the unemployed has been
Company Outlines the Greatest Expansion in
emulated by several other cities," declared Harry Slavin, Chairman
History and Urges Sales Campaign.
of
the Sub-Committee on Homeless. "Municipal lodging houses, food staA dispatch from Detroit Oct. 28 was published as follows tions and employment bureaus have been set up during the last few days
by Chicago, Pittsburgh and St. Louis."
in the New York "Times":
Edgar S. Bowerfind, personal representative of the city administrator
Millions of dollars are being spent by the Ford Motor Company this year of Cleveland, called on the
unemployment bureau to study its manner of
In the greatest expansion program in the company's history, Ethel Ford, handling the situation in Detroit.
President of the firm, declared today in a letter addressed to all Ford dealers
"Cleveland has about 50,000 registered unemployed," Mr. Bowerfind
in the United States.
said. "The city administration is contemplating the adoption of
some reThe letter declares that the company has the "utmost confidence in the lief measures, and wishes to familiarize
itself with the work accomplished
future of business" and expects to follow its present expenditures for new in this field by Mayor Murphy's committee
on unemployment."
Plants throughout the world with further expenditures of millions next
year.
The road to general business recovery', Mr. Ford's letter declares, lies in Federal and State Representatives Survey
Unemployincreased sales, and dealers are called upon to make a vigorous drive for
ment Relief Plans in Session at Columbus, Ohio.
business.
The following Columbus, Ohio, dispatch (Associated
Ford said the remaining months of 1930 offer a great opportunity for
business and promised the dealers that the Model A car, while it will be Press) Oct. 29 is from the
New York "Times":
improved in quality in every way possible, will not be changed in any major
Federal and State forces which met here to-day to attack
Ohio's unemploy
Particular. He predicted that 30,000,000 Model A cars will be built.
ment problem received reports that slight improvement
has been noted
recently in conditions, but that employment was
considerably less than in
last Spring.
Ford Plant Reopens in Memphis on Part Time.
Attempts to formulate plans for speeding up industry
were waived because
Under date of Oct. 27 Memphis, TQnn.., Associated Press the Governor's general committee, headed by S. P. Bush, Columbus manufacturer, stated that it is desired to work out plans for
permanent operaadvices said:
tion as well as for immediate relief.
The "Evening Appeal" today said that the Ford Motor Company's plant
Plans for the various industries, it was decided, will be studied
by
here had reopened, placing 1,200 men in jobs on a three-day-a-week basis. committees to be appointed by Mr. Bush, Fred C. Creston, special subrepreThe plant had been closed for about a month.
sentative of the Federal Department of Commerce, and Will T. Blake,
Nov. 1 1930.1
FINANCIAL CHRONICLE
director of industrial relations. The subcommittees will be drawn from
the industries and headed by some member of the Governor's committee.
Messrs. Bush, Blake and Croxton and Dr. John Cries, another special
representative of the Department of Commerce, conferred not only with
Governor Myers Y. Cooper's committee, but with the heads of the thirteen
State-city free employment bureaus.
Plana were made to renew all county committees appointed last Spring
and to establish a close relationship between them and the employment
bureaus. Efforts are to be made to have employers pledge that they will
keep all present employee on payroll this winter, if only at part time.
Cleveland Adds 1,100 to City's Payroll—New Building
for Pittsburgh Branch of Cleveland Federal Reserve Bank—Other Measures of Relief.
A dispatch Oct. 23 from Cleveland to the New York
"Times" said:
The drive for jobs for Cleveland's unemployed and provisions for relief
for the suffering and homeless during the winter months to-day began to
produce tangible results.
More than 1,100 men who have been out of employment, many of them
for months, were put to work to-day in the city street, sewer and park
departments. Work will be provided by the city for an additional 1.100
men the first of next week.
Work will be started on the new Cleveland Stadium Monday,and already
between 500 and 600 men have been hired. The city also plans to put
500 men to work on the Mall development the first of next month. Lakewood and East Cleveland. suburbs, have put the "stagger system" of employment into effect and work has been provided for several hundred.
City Manager Daniel E. Morgan announced to-night the personnel of
the executive committee of his unemployment commission. Members
of the committee will address scores of gatherings throughout the city,
urging every citizen to find work for one day or two a week for an unemployed and needy man.
The New York Central Railroad yards have been taking on a few men,
and the company announced to-night that it might take back about 1,200
who were laid off several months ago.
Several buildings that were not scheduled to be built until next Spring
Will be started within the next month to take care of several thousand more
members of the army of unemployed. The Higbee Co. department store in
the terminal area will speed up the construction of its new $3,000,000 store.
The excavation work already has been started.
It is estimated that Cleveland has made jobs for more than 9,000 men
during the last two weeks.
2805
pleted within two months. The Board's announcement
issued Oct. 27 also says:
Prices of chain and independent stores on several hundred commodities
have already been obtained In Washington, Cincinnati, and Des Moines
through similar comprehensive surveys. Plans call for additional cities
to be covered by this study in the early part of 1931. When completed.
the data will afford a basis for determining the relative differences between
chain and independent prices on several hundred items in the several cities.
A follow-up campaign to procure from wholesalers, chain stores. Independent retailers, and co-operative chains a larger number ofschedules and
additional data on defective returns has been practically completed with
successful results. The editing and tabulation of these schedules which
has already begun will furnish a largo amount of data for the comparative
study of advantages and disadvantages of the chain store, the wholesaler
retailer and the co-operative chain systems of distribution In accordance
with the Senate Resolution directing the chain store Inquiry.
Enterprise Manufacturing Company's Lumber Mill in
Georgia Resumes Operations.
From Waycross, Ga., Associated Press advices Oct. 27
stated:
The Enterprise Manufacturing Co.'s lumber mill has resumed operations
after an idleness of several weeks. W. D. Youmans, Manager, said an
increase in orders and new business brought about the reopening of the
plant. October orders showed a substantial increase over September.
he said.
The State of Trade as Interpreted by the University of
Buffalo Bureau of Business and Social Research—
Buffalo Business Badly Depressed.
Buffalo business remains badly depressed according to the
University of Buffalo Bureau of Business and Social Research. The various indices of activity for September 1930,
are all with the solitary exception of flour milling, markedly
below the levels of the same month of the previous year and
in several cases represent recessions from the levels of August
1930. Real estate remained inactive, with dwelling construction about the same as last year, deeds recorded less than
Further (Associated Press) accounts from Cleveland
last September and more dwellings for rent than either last
Oct. 24 stated:
Failures are more numerous and more
Unemployment relief made numerous advances to-day. County com- month or a year ago.
missioners led the progress with an announcement that a 59,000,000 two- serious than in August 1930, or than September of the preyear road building program will be attempted, starting with the award
ceding year. Especially alarming is the unemployment
of $450,000 worth of road contracts Dec. 16.
applicaPreliminary road construction work will require the employment of about situation, with nine times as many industrial aid
1,000 men through the Winter, the commissioners said. Meanwhile, the tions as in September of last year. The seriousness of uncity has 1,100 men working on streets, sewers and parks, as a part of its
previously pointed out in this Survey, is now
relief program, using a stagger plan which gives 1,100 men three days and employment,
then replaces them with 1,100 others. About 6,000 men will have part- receiving general recognition. Relief agencies must be pretime employment through this system.
pared to meet unusual winter demands. The report goes
City Manager Daniel E. Morgan announced to-day that virtually all
Industry in Cleveland has adopted the stagger system in order to divide on to say:
Volume of Business.
work among as many employee as possible.
A contract for construction of a $1.500,000 Federal Reserve Bank buildThe month of September brought very little change from the downward
ing at Pittsburgh was awarded by officials of the Federal Reserve Bank of tendency of the past few months. Bank debits declined in September 51%
Cleveland. Work on the structure is to start as quickly as possible. It wlll from the same month of last year, and bank clearings were 52% less. On a
be eight stories high.
per banking day basis both figures show small gains over August of this year,
but less than the usual increase. For the country as a whole,.bank debits
32% from September of last year. Postal
Waltham Watch Company in Boston to Resume on declined 31% and bank clearings last month, but in comparison with last
receipts increased slightly over
Four Day Week Schedule.
occurred. There was also a decrease of 57%
September a decrease of 12%
Buffalo compared with
The New York "Times" reports the following from Boston In the number of new automobiles registered in year Is about the normal
September. The 29% decline from August of this
Oct. 24:
seasonal drop.
The Waltham Watch Co. announced to-day that the factory will go
New incorporations in Buffalo during September were the same as in
back to a four-day week with 60% of the 2,400 employees at work. The September of last year in respect to number, but the par value and number
plant at Waltham has had only 50 persons employed in the last three weeks, of no-par shares both showed a decided decrease. For the country as a
except for the clock department, which has operated at full force. New whole, a decline of 79% occurred in the value of new capital flotations as
orders placed with the company are responsible for the upturn.
compared with September of last year Life insurance sales also continued
their downward trend, this September being the lowest since September
1928, and 26% below the total for a year ago. Some of the nearby cities
.Shoe Company Cuts Wages.
Emerson
•
showed changes from last year as follows: Detroit 18% decrease,and CleveThe New York "Times" reports the following (Associated land 7% increase, and for the country as a whole there was a drop of 19%
from September 1929.
Press) from Rochester, N. H., Oct. 23:
Buffalo industrial power consumption during September was 19% less
The Emerson Shoe Co. gave notice to-day of a reduction of 10 to 20% than for this period a year ago, while the production of power for all uses,
in the wages of all departments. The company, manufacturers of men's in the entire country decreased 3% from the figures of last year. According
and boys' shoes, employs 250 persons. Business conditions were given as to the Bureau's index oflivestock receipts at the Buffalo stockyards there was
a decrease of 25% from the number for September 1929. while the index of
the cause for the reduction.
livestock slaughtered showed a decline of 9% from this month a year ago.
Flour milling continues to stand alone with increased production as comRitter Lumber Cuts Wages.
pared with last year, the total production for September being 14% above
for the same month of 1929 and also slightly above August 1930. At
The "Wall Street Journal" of Oct.30 contained the follow- thatpresent time this industry is running at 88% of capacity.
the
bag dispatch from Richmond, Va:
Vessel movements conform to other indicators, arrivals and clearances
The Ritter Lumber Co. employing 1,000 men at its various operations being 12% below September of last year and 8% less than August 1930.
In Dickenson County, Va., has reduced wages 20% effective Nov. 1. The arrivals and departures of airplanes at the airport during September
This company has been operating only half time for several months, but increased 5%, while the amount of freight carried rose 12%. as compared
with September 1929.
it Is understood will begin operating full time Nov. 1.
According to the Bureau's index of common stocks of industrial concerns,
reust
listed on the Buffalo Stock Exchange,there was a slight recovery from A,
Federal Trade Commission Begin Chain Store Inquiry 1930, of 5%, but the index shows September of this year to be 46% below
in South to Compare Chain and Independent that month last year.
For the past three months the Bureau has published its own index ofretail
Prices.
food prices in Buffalo, made possible by the co-operation of 30 retail grocers
the
After an extensive preliminary survey extending over a and meat dealers in 1% various sections of the city. This index for October
below that of September, and a comparison of the
Is a little less than
period of two weeks by a staff of investigators, the Federal Bureau's index for October with that of the U. S. Department of Labor
Statistics for October 1929, shows a decrease of 10% from last year.
Trade Commission has begun pricing groceries, drugs,and
Through the courtesy of the New York Telephone Co., the Bureau Is
tobacco in chain and independent stores in Memphis, Tenn. able to present a comparison of the number of telephone calls made in
the fourth city to be so covered in the Commission's September with the average for the first six months of 1930. Local calls
This is
half of this
average of
5% from
investigation of chain stores. While it is impossible to de- during September decreasedan increasethe7% over thethe first of the same
of
average
year. while toll calls showed
termine exactly the time necessary to procure the prices period. However, there was an Increase in local calls of 10% over the
and other necessary data, the work is expected to be com- month of August, while toll calls dropped off 5% from August of this year.
2806
FINANCIAL CHRONICLE
Real Estate Activity.
The F. W. Dodge Corp. reports show a decline of 16% in the number of
contracts awarded in Buffalo, a decrease of 47% in the floor space involved,
and a decrease of 80% in value, as compared with September 1929. In
contrast, the Dodge Corp. figures for 37 States show a decrease of 25% in
value of construction contracts from September of last year. The Buffalo
"Construction News-reports a decline of67% in value of contracts awarded
In Buffalo from the figures of the corresponding month of 1929. The large
decrease in value from last year for Buffalo can be explained by the awards
for the new City Hall during September 1929, totalling over $6,000,000.
The number of contracts awarded for dwellings remained practically the
same as last year, while there were nearly twice as many contracts let for
commercial buildings during September 1930, as for September 1929, with
a total value four times as great.
Building permits issued in Buffalo for new work were 5% less in number
this September than a year ago, while the decrease in value, over the same
period was 66%. Straus & Co. report that the value of building permits
for the country as a whole were 23% below September 1929. There was
also a decline of 10% in the number of deeds recorded in Buffalo for September as compared with the same month last year. Dwellings for rent
showed an increase of 26% as compared with September 1929, as well as an
increase of 23% over August 1930.
Credit Conditions.
The credit situation in Buffalo is far from encouraging for the month of
September. The number of business failures increased 209% above the
figure for September 1929, and the liabilities involved in these failures
showed an increase of 618%. The unfavorable change from August is
reflected in a 70% increase in number of failures and a 163% increase in
liabilities. Department store collections during September of accounts
oustanding at the end of August decreased 9% from the same period last
year. This year's figure is 44% as compared with 48% a year ago.
With the co-operation of the Credit Association of Western New York
the Bureau is able to present, for the first time, this month the ratio of
amountof overdue accounts to total outstanding accounts of a representative
group of leading wholesale houses in Buffalo. The figures show that of the
accounts oustanding in Oct. 1 21% were then past due. The ratio of loans
to deposits of Buffalo banks was 66% at the end of September this year as
compared with 82% a year ago, and 68% for August of this year. For the
members of the Federal Reserve System of the entire country the ratio of
loans to deposits was 80% at the end of September of this year and 87%
at this time last year.
Employment.
B4311
The figures for 31 industrial and commercial concerns in Buffalo show a
decline of 25% in the number on the payroll as compared with last year at
this time. Of these 31 concerns,21 showed a net loss of 1,155 employees in
September as compared with August of this year. The American Federation of Labor states that 19% of its members in Buffalo are out of work:
in the building trades 34% are unemployed and in all other trades the unemployment Is 14%. The preliminary index of factory employment for
the State of New York is 15% below September 1929. but 2% above August
1930. There was a drop of57% from September of last year in help wanted
advertising. The seriousness of the present situation Is brought out very
clearly by the number of industrial aid applications which shows an increase
of 811% for September as compared with September 1929. Since June the
number of job applicants has increased each month over the preceding
month. The 15% increase in September compared with August is particularly significant since normally a 13% decrease in unemployment is
expected. It is believed that 27,000 Is a conservative estimate of the
number of male workers usually engaged in gainful occupations but idle at
this time.
There has been no change in the hiring rate for 31 concerns in the Buffalo
area as compared with last year at this time. The labor turnover of these
concerns was 2.8 for September of this year and 5.8 for the same month a
year ago, a decrease of52%.
[VoL., 113L
In the industrial field cotton mills have taken on new activity and Ire
working at substantially greater capacity by reason of recent tariff
changes. Silk and rayon mills are also well employed and sign is shown
of more vitality in woolen factories. As much cannot yet be said of the
Iron and steel industry, the output of which in September was below
that of August and much less than in September 1929. The lumber
trade continues flat, and the newsprint industry again records recession.
There is abundance of shipping space available on lakes and ocean, but
shortage of cargo and low rates for freight make busuiness unprofitable.
Unseasonably warm weather checked retail trade in the first half of
October in Eastern Canada, while in the Western Provinces cold and
snow interrupted threshing of grain and deteriorated quality.
Foreign trade of Canada again decreased in value in September, falling
to $170,000,000 from $188,803,000 in the corresponding month last
year, while in the last six months total external commerce of $958,084,000
was less by $286,815,000 than in the like period of 1929, the percentage
decline being 23%. A feature of the September return is that for the
first time in many months an increase in the value of wheat exports Ill
shown, these having amounted to $24,145,000 against $10,598,000 last
year. The effect of price decline is shown in the ease of unmanufactured
copper, of which the value of the export in September was $525,000 less
than in 1929, although the quantity shipped out was 27,251 hundredweight
greater.
In every class of commodity car loadings continue to show a decrease
as compared with last year save only in coke, loadings of which to Oct. 11
were 3,807 cars in excess of last year.
The abrogation on Oct. 12 of the Australian treaty extension to New
Zealand, and the imposition of a duty of 8c. per pound on New
Zealand butter, came when butter stocks in Canada at 37,255,000 pounds
were larger than ever before. Cheese exports hold up fairly well, but
prices of dairy products remain so low as to give meager profit to
farmers.
Bank clearings in September were smaller than last year in nearly all
reporting points, an exception being Halifax, where clearings were larger
during last month and also showed an increase in the first two weeks of
October.
Construction contracts in September are placed at $32,407,000, being
less than in the corresponding period last year, but still a large volume of
business. While the amount of building under way makes unfavorable
comparison with the two preceding years, it is larger than in 1927 and
earlier periods, and the extent of engineering projects in hand has never
been exceeded. The recession in building has been chiefly in residential
structures.
Mining operations continue to be prosecuted on a considerable scale
despite the low prices of baser metals. Ontario mines produced in September gold to the value of $2,925,589, an increase of $204,000 over August
and of $223,000 over September 1929. In the elapsed nine months crude
bullion from these mines had a value of $26,213,324, or $1,488,626 more
than in the corresponding period last year. Consolidated Mining &
Smelting Co.'s operations are well maintained, the output of lead, sine,
copper and gold being larger than in 1929.
Low prices and keen competition still characterize the newsprint industry, output of which in September was 6,553 tons less than in August,
and in the elapsed nine months 95,786 tons less than in the corresponding
period last year.
Customs and Excise duties decreased $8,067,000 in September as ed.:tapered with the same month last year and $36,540,000 in the elapsed six
months of the current fiscal year, while Excise war taxes have yielded
$10,547,000 less in the half-year than -in 1929, chiefly by reason of
reduction in sales tax. On the other hand, income tax has produced
$2,359,700 more this year.
In the foreign exchanges the discount on New York funds has ranged
between 1/16 and /
1
4%, but has not been sufficient to cause gold shipments to Canada. Sterling cables have held mostly within 1/18c. of
4.85%, with the extreme range 4.85 3/16 to 4.85%. Other rates have
been steady generally, but pesetas declined from 10.69 to 9.83 and Reich&
marks to 23.75. Prices in the high grade bond market have shown a
slight reactionary tendency, partly in sympathy with the further decline
In the stock market and in some measure in anticipation of substantial
offerings of Provincial and Municipal issues. An issue of $100,000,000
of Dominion of Canada 4% bonds, due 1960, in the New York market,
at a price to yield 4.28%, is the first long-term Dominion Government
issue in that market for over eight years.
The Bank of Montreal on Business Conditions in
Canada.
The period is approaching, says the Bank of Montreal,
in its monthly summary, issued under date of Oct. 23, when
trade statistics will make less unfavorable comparison with
those of the preceding year, but that period has not yet
been reached. Alike in quantity and value, the downward
movement still persists. Commodity price declines are un- Bank of Nova Scotia Finds Fall of Prices Dominating
Factor in Business Situation—Comparison of Conarrested, bank clearings betoken contracted trade, railway
ditions in United States and Canada.
traffic runs below the figures of last year, and unemployIn a quarterly survey of business conditions, the October
ment is a problem engaging much attention. With respect
number of the "Monthly Review" of the Bank of Nova
to the latter, however, there is good prospect that the disScotia says:
tress will be mitigated by co-operation to provide employThe dominating factor in the business situation
the
ment on the part of Dominion, Provincial and Municipal prices. During the first half of September, hopesiswere continued fall of
expressed freely,
Governments and thus to bridge over the period of slack more especially by statistical experts in the United States, that the decline
had been arrested. These hopes have now, for the time, been disappointed.
trade until the working of the law of economics produces As is well known, further
declines have occurred; and this bank's "Index
a more durable remedy. Expenditure upon productive and of Basic Commodities," which stood at 149 in April 1920, at 79% in
February 1022; at 115% in February 1926, and at 96 in September 1920,
useful public work about to be made on-a considerable scale
at the end of September 1930 reached the lowest figure since the Armistice
will put many millions of dollars in circulation and invigo- was signed, 65%.
The decline in the past month was equal to 4 points; more rapid than
rate business. The Canadian Pacific and Canadian National
Railways will engage in a building and betterment policy any other within the past year, except only that from November to
December 1929, which was 4% points. On an
In order to give employment and quicken industry, while 1929 the monthly fall has been almost exactly average, since September
2% points.
Had anyone foreseen 12 months ago that so drastic a
recent tariff changes is to conserve
Parliament's object in
revision of prices
was threatened the mere prospect of this would have produced
an intense
the domestic market to Canadian producers, stimulate pessimism. Looking
backwards, we may therefore be tempted to conclude
manufacturing and improve the labor market. The factor that our ignorance of what was in store for us has not been an unmixed
pressing most heavily upon the general trade situation Is evil. It has enabled us to face the difficulties of the moment, as we might
have been unable
the low price of farm products, particularly wheat. For time been directed to do with undivided attention, had our eyes at that
down these gloomy vistas of price deflation.
the current crop year Canada's exportable surplus of this
The consideration from which we should, surely, now take comfort is
264,000,000 bushels, but the price is that these declines are behind, and not before us. They have occurred;
cereal is estimated at
they have involved widespread and
below the line of profit and the outward movement slow. they have caused a great disturbance painful readjustments; but although
of business, the difficulties involved
,Efforts are being made to recover the British market for In them have been met.
Canadian cattle, and some measure of success is being
•Compounded of monthly quotations for wheat, sugar, rubber, raw
achieved. The report adds:
cotton, pig iron, copper plates, anthracite coal, and gasoline.
000—00
July 1
1930.
Sept. 1
1929.
107.4
103.2
127.1
108.7
100.2
107.1
106.5
7
c""lqq ,
Aug. 1
1530.
M•.t-MOcZ,—
General industrial employment
Employment in manufacturing
Maritime Provinces-General
Province of Quebec-General
Province of Ontario-General
Prairie Provinces-General
TArltigh Columhin-C;eneral
Sept. 1
1930.
0o...00N00
C.O.OWNO
The continued easing of the great international money markets, though
the strength of this force must not be exaggerated, is another factor which
will accelerate the beginning of recovery.
Both in the commodity markets of the world, and in the money markets,
the stage is being set for the next act in the drama. Though the curtain
has not yet risen, and the setting is thus hidden from the spectators
though patience is still a virtue to be practiced-the period of waiting
draws towards its end.
Because our principal problems at the present time are in no sense
exclusively Canadian, but international in character, there is much to be
gained by making, when possible, international comparisons. While, therefore, the bulk of this issue deals with the development of business conditions locally throughout Canada, the detailed analysis of these is prefaced
by certain parallels which can validly be drawn between general conditions
of business, in Canada and in the United States, respectively.
Fear Direct Comparisons: United Slates and Canada.
Available comparisons suggest that while business has contracted in
both countries, conditions in Canada have been less unsatisfactory than
those in the United States.
Thus in the case of the construction industries the trend of new
contracts in the United States has clearly been downward, and continuously downward, since the beginning of September 1928. In ether
words, the decline had already started there, more than a year before the
first great break in the stock market: though the significance of it
appears to have passed unnoticed at the time. But in Canada, the year
1929 was considerably busier for the construction industries than 1928;
and this increase in activity was about equally divided between East and
West. Not till the beginning of November 1929 is the same downward
turn to be noted in Canada.
There has been a far closer synchronization between the course of events
In the manufacturing industries of the two countries. Here again, however, the contraction of business has been a good deal less marked in
Canada than in the United States.
If allowance is made for seasonal influences, since midsummer 1929,
there has been a reduction of the working force in Canadian factories
throughout the country, amounting to slightly more than 10%, and a corresponding reduction of the working force in factories of the United States
amounting to 19%.
A third direct comparison that can be made is between the course of
life insurance sales in the two countries. Here the difference in experience is less noticeable. The trend of new sales has been downwards in
both countries during recent months, but the decline has not been very
marked.
There has been an inevitable tendency towards an increase in business
failures, both in Canada and the United States. This became evident
somewhat earlier in this country than south of the border; but there has
been no marked difference between the two countries' experience.
When allowance is made for seasonal influences, in each case the number
of failures is about 20% in excess of the monthly average for the past
five years.
If, however, these comparisons are on the whole favorable to Canada,
we cannot afford to treat them as occasions for satisfaction. As everyone knows, business conditions in the United States have a very powerful
influence upon business conditions here. An improvement of our neighbor's
business would quickly be reflected in our own. It is to be hoped that
such improvement is now not far distant.
Indices of employment, corrected for seasonal variation, are tabulated
here as usual. Since each figure is stated in reference to 100=the
average figure during the period 1925-1929, the latest figures may readily
be compared with the condition most representative of the very prosperous years through which we have so recently passed. A more detailed
analysis, based upon reports by the Branch Offices of the Bank, follows:
FLUCTUATIONS OF EMPLOYMENT IN CANADA
Adjusted for Seasonal Variation and Expressed as a Precentage of the Average of
the Five-Year Period, 1925 to 1929.
Canada.
Increase in Business in Boston Federal Reserve District
of Seasonal Nature.
Federal Reserve Bank of Boston in its Nov. 1 monthly
The
review states that "although there was an increase in September from August in the general level of industrial activity
in Now England, the increase in most lines of industry
was about the usual seasonal amount, or less, and the first
three-quarters of the current year closed without evidence
of a revival in business activity." The Review further says:
Production generally has been cut down sharply from the unusual quantities turned out in 1929 and while consumption has also shown a decline,
the proportionate reductions appear to be greater in production. In Now
England during September employment and payroll conditions reflected
about the usual seasonal changes, and, according to the United States
Department of Labor, employment in manufacturing establishments in
New England declined 18.9% from September, 1929, while payrolls were
27.4% below those In that month a year ago. Employment and payroll
conditions in this district were similar to those in the country as a whole.
The amount of raw cotton consumed by New England mills in September
was somewhat larger than In the preceding month, but was about 36%
less than in September a year ago; consequently, cotton consumption in
Now England during the third quarter was lower than in any quarter since
the war. Raw wool consumption in this district likewise has been at distinctly lower levels this year. Total building contracts awarded In New
England during September were not only about 12% larger than in August,
but also exceeded those of September, Me,by about 6%. The volume
of new residential building (square feet), however, In September was the
lowest for that month since 1920, when seasonal adjustments have been
made, and the volume of commercial and industrial building (square feet)
was at an unusually low level. New England boot and shoo production in
September was larger than In August. but was about 10% less than in the
corresponding month a year ago, and for the first three quarters of 1930
2807
FINANCIAL CHRONICLE
Nov. 1 1930.]
.
was approximately 13% under the productionrin that period of 1929. Commercial failures in this district during September, compared with a year
ago, Increased in number 37% and in total liabilities 88%, both increases
being higher than the corresponding figures for the entire country. Sales
of New England reporting retail stores in September were nearly 9% less
than in that month a year ago, and during the first nine months of 1930
were 3.4% below the sales in the corresponding period of 1929. Preliminary
reports indicate that sales of Boston department stores during the first
four weeks of October were about 4.5% less than in that period last year.
At the end of September regular accounts outstanding In Boston stores were
2.3% larger than at the end of September, 1929, while in stores in this district outside of Boston regular accounts outstanding were 5.9% loss.
Gain in Daily Output of Hosiery in Philadelphia Federal Reserve District in September.
The daily output of hosiery in the Philadelphia Federal
Reserve District showed a gain of nearly 27% between August
and September, according to figures collected by the Bureau
of the Census from 134 hosiery mills and released by the
Philadelphia Federal Reserve Bank. Largest increases
occurred in production in men's and women's full-fashioned
hosiery, says the Bank which also says.
Shipments also increased about 32%, the largest percentage of deliveries
being in men's and women's full-fashioned and infants' hose. Stocks of
finished hosiery and in the gray were somewhat smaller than at the end of
August, although men's full-fashioned, boys', misses', and children's and
infants' hose showed increases.
Unfilled orders at the end of September were nearly 15% larger than the
nonth before. This was attributable chiefly to larger forward business in
fullfashioned, boys', misses,' and children's and infants' hosiery.
PERCENTAGE CHANGES FROM AUGUST TO SEPTEMBER, 1930.
Boys
Women's
Men's
Misses'
Inand
Full- Seam- Full- SeamTotal. fasled. less. bald, less. Chtrns. fan's.
Hosiery knit during
month •
Net shipments during
month •
Stock on hand at end of
month, finished and in
the gray
Orders booked during
month
Ratio of cancellations
in September to unfilled
orders on hand at end
of August
Unfilled orders at end of
_
month_ _
•Calculated on working
+26.5 +54.8 +25.2 +30.6 +41.1
+32.3 +31.6
-2.3
+9.6
+35.3 +70.5
1.9
1.2
-I-14.6 +20.7
day basis.
-5.0 +99.8
+2.7 +43.1 +31.1 +28.6 +35.8
-83
-3.6 -11.6
+6.1 +10.6
+5.9 +40.7 +43.2 +36.3 +125.2
1.9
2.2
-4.5 +13.4
0.5
2.6
--
+5.0 +38.1 +66.4
Little Change in Business Situation During September
in San Francisco Federal Reserve District as Compared With Previous Month.
In the San Francisco Federal Reserve District, "the general business depression continued during September, with
little conclusive evidence of change either for better or for
worse." Isaac B. Newton, Chairman of the Board and
Federal Reserve Agent, of the Federal Reserve Bank of
San Francisco in indicating this under date of Oct. 22 adds:
Most of the District's crops were harvested by the end of September.
Harvesting has been favored by good weather throughout the 1930 season
and substantial yields of nearly all crops have been reported. Relatively
low prices have been received for many crops, however, and. as indicated
In recent months,there seems to be somewhat more than the usual tendency
of producers to delay marketing of their crops in the hope of higher prices
later in the autumn or winter.
Activity in the flour milling and building and construction industries increased somewhat more than seasonally during September. Industrial
activity generally, however, did not expand by the usual seasonal amount.
In several of the important industries whose seasonally adjusted indexes of
production declined, such as lumbering and petroleum, the curtailed output
was at least partially a result of co-operative efforts within the industry
to adjust production to market demand. The volume of unemployment
did not increase greatly during September.
There was no improvement in trade activity as a whole during the month.
Retail sales were less unfavorable in comparison with those of the same
month in 1929 than in preceding months, but this improvement was largely
a result of there having been one more trading day in September 1930 than
in September 1929. Other elements in distribution, notably wholesale
trade and freight carloadings, failed to attain full seasonal volume.
Following a period of firmness or at least of stability in prices of commodities at wholesale during August and early September, there was a
resumption of the decline evident during most of the past year. The recent
downward movement was most marked in prices of agricultural products
and raw materials. Average prices for the entire month increased as compared with August, however,this being the first month to month increase in
more than a year.
The currently prevailing easy money conditions were emphasized during
the month ending Oct. 15 by a smaller volume of borrowings from the Federal Reserve Bank of San Francisco than at any time since pre-war days.
Both commercial and security loans of reporting member banks declined
during the month, while their investment holdings increased by a small
amount. Notwithstanding the ample supplies of funds available, interest
rates in the larger cities of the District advanced slightly.
Seasonal Improvement in Business Conditions in Philadelphia Federal Reserve District.
The Philadelphia Federal Reserve Bank reports that
business activity in its district "in the aggregate has given
evidence of seasonal improvement over the low level prevailing in August. But this gain," says the bank, "has not
2808
FINANCIAL CHRONICLE
been as large as that which usually occurs at the turn of the
third quarter, even though retail trade and textile manufactures afford striking exceptions to this adverse comparison. The present state of trade and industry continues
substantially below that of other years and industrial employment and wage earnings show corresponding declines."
The bank in its Nov.1 "Business Review" goes on to say.
The available supply of bank credit for business purposes continues
plentiful and commercial money rates remain relatively low. The figures
nevertheless indicate that business loans have declined since the middle
of September. The demand for currency in this district also has decreased
showing fluctuations similar to those of last year. Discounts at this bank,
however, showed a slight gain though they continued much lower than last
year.
Manufacturing.
Conditions in the manufacturing industry show considerable variation,
although there has been seasonal improvement, particularly in textiles.
Sales in the aggregate, however, continue noticeably smaller than in other
years at the same time. Price weakness is still prevalent, recessions having been rather numerous since the middle of last month.
Factory employment, after declining sharply to the lowest point in
midsummer since 1924, showed about the usual seasonal upturn during
September in Pennsylvania and a marked increase in southern New Jersey,
while Delaware factories reported noticeable declines. Wage disbursements in Pennsylvania declined a little, following a slight gain In August,
while in Delaware payrolls decreased further; in southern New Jersey,
on the other hand, wage payments increased materially. There is at
present some evidence showing gains in employment and In wage payments
In this section during early October. In comparison with the level of
recent years, however, both continue substantially lower.
Productive activity in the metal fabricating industry continues at a relatively low level. This is especially true of such primary products as crude
steel and iron, the output of which declined in September. Activity of
foundries and electrical apparatus plants, on the other hand, showed
slight gains over August. Radio and musical instrument factories have
continued an exceptionally sharp rise since early summer, reaching in
September even a higher rate of operations than the record one established
in August last year. In the transportation equipment group, the improvement has been due chiefly to gains in the activity of the ship and boat building industry.
The textile group shows the most definite evidence of an upturn from
an exceedingly low level reached in the mid-summer. Consumption of
raw materials, and the output of finished products increased noticeably
between August and September. This is also borne out by figures on textile
employment and wage payments which in September increased more than
was to be expected. Latest inquiries, moreover, show that productive
activity continued well sustained in October. Orders on the books of reporting concerns, particularly for textile yarns, have increased in the
month and in the case of silk goods forward business even exceeds that of
a year ago. As a result, the present rate of plant operations is estimated
at 65 to 70% as against 60 to 65% of capacity a month earlier; compared
with a year ago, however, production as a whole remains lower. Stocks
appear to vary from medium to light and show a decline from a month and
a year ago.
Daily output of shoes, while lower than in the past three years. has been
steadily on the increase since June,even when adjusted for seasonal changes.
This is also true, though to a lesser extent, of the loather tanning industry,
which on the whole is holding its ground in the face of some slackness reported by certain specific lines of this industry. The market for hides
and goat skins shows weakness with respect to prices and demand.
Manufacturers of food products as a whole showed seasonal gains in
September, the most noticeable being in canning and preserving, confectionery, meat packing, and sugar refining. The daily production of cigars
failed to increase as much as was expected so that when allowance is made
for seasonal changes the volume showed a sharp decline. The drop in
the output of manufactured tobacco was substantially greater than usual.
The manufacture of chemicals and allied products showed further recessions except for such slight seasonal increase as occurred in drugs. There
was a slight increase in activity of the printing and publishing industry
In September. while paper and wood pulp production showed a small decline; in both instances the present rate of operation is lower than in recent
years.
The output of building materials declined. Cement and brick production, after rising slightly in August, receded somewhat, as is to be anticipated, and the present rate of operations is lower than at the same time
in several years. Lumber and planing mills, which have shown a downward trend for several years, declined more than seasonally for the second
successive month. Little change is reported by producers of pottery and
slate.
Building and Real Estate Conditions in Philadelphia
Federal Reserve District-Decline in Construction
-Real Estate Market Unsatisfactory.
In its "Business Review" dated Nov. 1, the Philadelphia
Federal Reserve Bank has the following to say regarding
building and real estate conditions in its district.
Construction and contracting activity generally declined between August
and September by a larger percentage than at the same time in the past
two years. This is indicated by a drop in both employment and wage
payments of some of the leading builders and contractors. The value of
building permits in the leading cities of this district, however, showed a
substantial increase in the month as compared With a year ago.
The value of contract awards increased less than 1% in the month but
was nearly 43% lower than in September 1929; contracts in August and
September continued the smallest since January 1926 with the exception
of last December. As indicated by the accompanying chart, contracts for
residential buildings and public works and utilities turned up slightly.
while those for industrial and commercial buildings continued to decline
from an exceptionally high peak reached in June. Daily awards in this
section in the first two weeks of October exceeded the average volume in
September. but were under the average for October 1929.
In the first nine months of this year,substantial decreases from last year
are noted in all leading cities except Scranton; comparison with the 1925Per28 average is likewise unfavorable with the exception of Wilmington.
centage changes are given in the accompanying table;
although the value of
The real estate market continues unsatisfactory,
mortgages recorded in Philadelphia in September showed a noticeable Increase in comparison with the preceding month and a year before. The
number of real estate deeds recorded, on the other hand, showed a subsmaller in
stantial decline. Bath deeds and mortgages were materially
[VOL. 131.
the first nine months of this year than last or two years ago. Sheriff's
sales declined considerably In the month but thus far this year they were
about 28% larger than in the same period last year and 71% greater than
in 1928.
Per Cent Change From
First Nine
Months,
1930.
1929.
1925-28
Average,
$110,930,000
2,802,000
3,539.000
3,156,000
3,311,000
4,778.000
-8.5
-63.4
+68.4
-75.6
-66.4
-34.3
-30.7
-45.0
-7.3
-52.1
-48.4
+2.3
Total for Philadelphia Federal Reserve District, including all cities
$281,363,000
Source: F. W.Dodge Corporation.
-15.0
-19.4
Building Contracts Awarded,
Philadelphia
Reading
Scranton
Camden
Trenton
Wilmington
Increase in Wholesale and Retail Trade in September
as Compared with Previous Month.
The dollar volume of retail and wholesale trade increased
somewhat more than seasonally between August and September, according to reports received by the Philadelphia
Federal Reserve Bank from over 250 mercantile establishments. Sales in all reporting wholesale lines were larger in
September than August, gains varying from nearly 8% in
paper to almost 59% in jewelry. At retail, sales of department, women's apparel, shoe, and credit stores showed some
seasonal increases, while those of men's apparel declined.
The bank in its survey continues.
In comparison with a year ago, however. wholesale and retail sales continued smaller, owing largely to industrial conditions and lower prices.
In the first nine months of this year retail business in this district was
nearly 7% smaller than in the same period last year. This is also true of
wholesale jobbing, declines ranging from nearly 1% in drugs to about 43%
in electrical supplies.
Stocks of merchandise at retail stores increased about 13% from August,
as is to be expected at this time, but remained nearly 11% smaller than at
the end of September 1929. Wholesale inventories of dry goods, groceries
and paper increased slightly in the month but those of electrical supplies,
hardware and jewelry declined; compared with a year ago, dealers' stocks
generally were lower.
Collections at wholesale in the main showed gains over August but were
uniformly smaller than in September 1929.
Among the various city areas, Philadelphia, Harrisburg, Scranton and
Wilkes-Barre showed the largest seasonal gains In retail sales. The Wilmington, Johnstown and Allentown-Bethlehem Easton areas, on the other
hand, showed declines contrary to the usual seasonal trend. Comparisons with last year continued unfavorable in all areas covered, except
Wilkes-Barre and Altoona, which in September showed slight gains over
the same month last year.
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
FOR THE MONTH OF SEPTEMBER 1930.
Net Sales.
butes Numbers
of Sales
(Per Cent of
September Jan. 1
1923-1925.
1930
Sept. 30
Monthly Average). Compared Compared
with
with Same
August September September Period a
1930.
1929. Year Ago.
1930.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Man's apparel store,
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown. Bethlehem and Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
All other cities
Stocks at End
of Month
Compared with
65.6
64.6
61.2
82.2
81.2
81.7
72.8
616
70.1
16:5
90.2
71.8
91.2
62.2
73.3
82.3
66.2
82.4
67.0
62.4
65.0
71.6
63.0
100.3
83.2
71.9
90.3
85.4
58.1
67.7
66.4
81.9
76.3
72.1
90.5
73.8
-6.6
-6.9
-6.4
-8.0
-8.0
-9.5
-6.7
-1.9
-1.5
-4.8
-7.5
-13.6
-11.5
-11.2
+0.2
-7.3
-7.7
-14.0
-6.2
-13.9
-7.6
+1.4
-5.6
-13.0
-5.9
-9.4
-5.0
-7.1
-3.3
-6.2
-9.2
-10.5
-5.9
-6.8
-5.5
-11.6
Stocks Turnover
Accounts Colleens
Jan. ito Sept. 30. Receivabk During
at End
Month
of Month Compared
Compared
with
1930.
1929. Year Ago. Year Ago.
Month
Ago.
All reporting stores.
Department stores.
In Philadelphia _
Outside Ph lia
Men's apparel stores
In Philadelphia..
Outside Phila..___
Women's apparel_ _
In Philadelphia_ _
Outside Phila.
Shoe stores
Credit stores
Stores in:
Philadelphia _ _
Allentown. Bethlehem & Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
All other Wee__
-10.8
-10.9
-12.0
-7.0
-25.4
-26.8
-24.3
-4.2
-4.1
-4.8
-14.3
-21.5
Year
Ago.
+13.3
+12.4
+14.0
+9.5
-10.5
-10.9
-9.6
-13.5
2.68
2.67
2.94
2.14
2.67
2.64
2.91
2.14
+11.8
+38.3
+40.6
+27.1
+7.8
+10.6
-1277
-5.8
-5.5
-7.1
-2.3
-12.7
4.21
4.53
2.84
1.99
1.68
1:LO
1.66
4.34
4.68
2.96
2.05
1.82
+15.0
-9.2
3.02
3.01
+12.4
+7.7
+13.5
+10.1
+11.9
+7.4
+6.2
+10.3
+16.4
+9.7
+8.9
-15.0
-16.8
-19.7
-13.3
-8.8
-15.1
-19.1
-14.3
-7.0
-10.4
-5.6
1.72
2.24
2.37
2.24
1.90
1.96
2.37
2.52
1.76
2.16
2.01
1.77
2.09
2.11
2.10
1.98
2.11
2.36
2.38
1.75
2.16
2.23
+b".i
-13.2
-5.0
-11.4
-14.7
+1.3
+19.4
-1.1
+5.0
-6.7
+15.6
-9.2
-8.8
-8.4
+1.0
-9.1
+7.3
-2.0
-11.0
-9.1
-2.9
+0.5
-5.6
2809
FINANCIAL CHRONICLE
Nov. 1 19301
S
.
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL RESERVE
DISTRICT FOR THE MONTH OF SEPTEMBER 1930.
Net Sates.
Jan. 110
Sept. 30
Compared
with Same
Prev. Mo. Same Mo Period
Last
Last
September
Year.
Average). Year.
1930.
Index Numbers
(P. Ct. of 1923 1925
Monthly Averade).
August
1930.
Boots and shoos
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
70.3
99.4
48.6
66.2
98.8
67.3
67.8
84.2
Stocks at End
of Month.
87.9
107.2
.68.7
89.5
106.2
76.4
103.4
87.3
During Month
Compared with
+30.4%
+12.1
+41.3
+40.7
+11.8
+18.2
+58.7
+7.8
11.6%
-20.6% -0.5
-9.7
-12.6
25.3
-43.0
45.7
-3.3
-15.1
-9.9
24.0
-17.3 12.0
-19.4 -
Accounts Outstanding
End of Month.
Collections
During Month.
nor with the swiftness, anticipated by many over-optimistic enthusiasts.
-and the disappointment
Recovery and readjustment are slow processes
attendant upon the realization of this fact has contributed its share to
the present anxiety.
"The most significant feature of the present situation is that a condition of low inventories is being reached to-day in a number of lines.
Department store buyers, replenishing fall lines in New York, report that
in many lines there are no stocks at all to be had. Orders have to be
made up by the manufacturers, and shipments dated ahead. This means
that retail buying has exhausted stocks of these lines on store shelves,
and continuing retail demand is now being reflected in factory orders.
"This same thing is becoming increasingly true with respect to raw
materials. Dealers in various lines of raw materials and supplies report
Increased orders coming in from manufacturers, not only by mail, but
more often, in recent weeks, by wire or by phone. Such replenishment of
inventories can only be interpreted as a reflection of public demand for the
finished product. Furthermore, in replenishing inventories, more and more
manufacturers are coming to believe that basic commodity prices have
touched bottom, and are considering making commitments for a number
of months to come."
Compared Compared Compared Compared Compared Compared
with Same
uith
with Same
with
with Same
with
Previous Month PITViota Month Previous Month
Month. Last Year. Month. Last Year. Month. Last Year.
Boots and show____
Drugs
Dry goods
Electrical kali/Plies- Groceries
Hardware
Jewelry
Paper
• Preliminary.
2:5
+-
-1.0
+8.6
-1.8
-0.2
+0.1
-51.2
-5.3
5.7
2.3
-4.2
+9.4%
+11.4
+11.4
+10.9
-0.0
+3.8
+12.5
+2.7
6.3%
12.1% +11.1% 8.3
+1.9
+11.4
10.2
+3.4 15.3
66.9
+8.9 -46.0
-3.4
+3.4
-7.1
14.6
-1.2 -11.9
-29.4
+2.8
-14.9
-18.2
-15.2
+5.6
September Consumption of Electric Power in the
Philadelphia Federal Reserve District.
The daily production of electric power in the Philadelphia
Federal Reserve district was about 6% larger in September
than August but over 1% smaller than a year earlier, according to reports received by the Philadelphia Federal
Reserve Bank from 12 central stations. The largest percentage increases during the month were shown by hydroelectric plants and in the quantity of electricity purchased.
In comparison with a year ago, purchased electricity alone
showed a fractional increase.
Sales of electricity for lighting purposes showed an appreciable gain, owing to an increased seasonal demand by
municipalities and by residential and commercial interests.
The electrical energy purchased for power purposes showed
only a measurable gain over August which was solely due
to a larger use by street cars and railroads, consumption
by municipalities and industries showing a decline. Miscellaneous sales were considerably larger in September than
August. Comparisons with Sept. 1929 continued unfavorable although consumption for lighting purposes and by
street cars and railroads was larger. Percentage changes
are given in the table below.
Daily Average.
Electric Power-Philadelphia Federal
District, 12 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
• Working days average.
Change
September
(Total for AI°nth) from
Aug.
10.10.
Change
from
Sept.
11129.
1,844,000 kw.
17,264,000 kwh.
905.000 kwh.
12,296.000 kwh.
4,063,000 kwh.
17,833,000 kwh.
3,027,000 kwh.
379.000 kwh.
2,648,000 kwh.
13,313,000 kwh.
270,000 kwh.
1,886,000 kwh.
•11,157,000
1.493,000 kwh.
+4.9%
-1.4%
-19.6%
-0.4%
+0.3%
-6.2%
+9.6%
+11.4%
+9.3%
-5.6%
-4.2%
+4.0%
*-7.1%
-30.2%
+6.2%
+17.1%
+3.8%
+11.7%
+3.2%
+9.5%
+14.4%
+8.8%
+0.3%
-14.5%
+7.0%
0-0.3%
+19.6%
The bank is critical of "sunshine" movements for giving
trade false stimulation. It says:
"Such movements certainly appear to us to be based upon false economics
and to run contrary to the first principles of sound business experience.
"American industry is dependent upon the buying power of the American public-and that public is now busily engaged in building up a
financial reserve which will serve as a foundation for future purchases
in months to come. Our growing savings represent merely deferred
buying power."
Industrial Conditions in Chicago Federal Reserve
District-Further Declines in Employment and
Wages.
According to the Chicago Federal Reserve Bank "with
few exceptions, reporting lines of industry in the Seventh
Chicago District registered further declines in employment
and payrolls during September. Coal mining, influenced
by the usual fall demand, was the only group showing expansion in both number of workers and their earnings."
In its "Monthly Business Conditions Report," dated
Oct. 31 the Bank also says.
A seasonal increase took place in textile employment, but wages totaled
below the preceding month. Merchandising gained slightly in numbers
but fell off in payrolls. Increased payrolls with a reduction in wage earners
were reported in the food products, stone, clay and glass and chemicals
groups. Most significant declines were in paper and printing, lumber,
vehicles, leather products and construction. In the total for manufacturing
September represented the seventh consecutive recession in both number
of employees and wages. In the total of all groups no increase has been
recorded since September 1929 in wage earners and none since April 1930
in their earnings.
The Department of Agriculture reports some reduction in the farm labor
surplus on Oct. 1 as compared with a month previous for the country as a
whole and for the North Central section. On Oct. 1 the ratio of supply
to demand was 145 for the North Central States and 141 for the entire
United States, compared with Sept. 1 figures of 148 and 147. Increased
demand in Illinois and Indiana was responsible for reduced surpluses in
these States, while Michigan. Wisconsin and Iowa showed slightly increased
surpluses.
Reports of free employment offices are summarized in the following
table:
REGISTRATIONS PER 100 POSITIONS AVAILABLE AT FREE
EMPLOYMENT OFFICES.
Month.
-September
1930
August
1929-September
August
Illinois.
Indiana.
Iowa.
Wisconsin.
230
234
136
137
154
161
107
119
312
263
209
196
188
162
117
117
-SEVENTH FEDERAL RESERVE-.
EMPLOYMENT AND EARNINGS
DISTRICT.
Week o Sept. 15 1930.
Industrial Group.
No. of Number
of
ReportWage
ing
Firms. Earners.
Earnings.
Per Cent Changed
from Aug. 15.
EarnWage
Earners. into.
-1.7
-1.3
535 158,410 $4,180.000
Metals and
-8.3
-2.6
Union Trust Company of Cleveland Finds Low In- Vehicles products a
790,000
31,839
72
-7.0
+0.6
567,000
27,035
133
Feature of Present Situation Textiles and products
ventories Significant
+4.9
-1.5
1,313.000
50,992
313
Food and products
-1.2
+1.5
331.000
12,322
114
-Fresh Wave of Pessimism Regarded as Unwar- Stone, clay and glass
-4.2
503.000
24,586
237
Lumber and products
-1.0
+0.4
252.000
ranted-Critical of "Sunshine" Movements.
10,179
67
Chemical products
-6.7
-1.0
318 000
16,561
70
Leather products
-2.8 -10.3
52,000
3,209
7
In spite of the growing conviction that the worst of the Rubber products b
-1.9
-4.5
958,000
253
32,390
business depression is over, business during October seems Paper and printing
-2.0
1.801 367,532 $9,264,000
Total mfg., 10 groups
to have been overwhelmed by a fresh wave of pessimism
-1.6
+0.8
743.000
28,751
162
Merchandising
which seems unwarranted, according to the Union Trust Co., Public utilitiesc
-0.6
-0.9
3,230.000
96,347
78
225,000 +24.8 +52.4
9,011
33
Cleveland. "In spite of definite evidence of increase in Coal mining
-5.0
433,000 -12.4
14,089
198
Construction
public consumption of merchandise, an increase in resi-0.6
+0.5
471 148,198 $4,631,000
Total non-mfg., 4 groups.
dential building, increased buying of basic commodities on
-1.3
2,272 515,730 513,895.000
Total, 14 groups
and complete exhaustion of inthe part of manufacturers,
a Other than vehicles. b NVisconsin only. c Illinois and Wisconsin.
ventories of many articles for which a renewed demand is
dissatisfaction has continued to prebeing felt, a feeling of
Merchandising Conditions in Chicago Federal Reserve
vail," declares the bank in its magazine, "Trade Winds."
District-Increased Activity in September as ComThe bank further says:
pared with Previous Month-Increased Depart
"In part, this has arisen because many business men, during the late
ment Store Trade Report.
summer, apparently expected that the early autumn would produce, as if
As to merchandising conditions in its district, the Fedby magic, a widespread, sudden upturn of general business.
"We are inclined to believe that when the industrial history of 1930 eral Reserve Bank of Chicago has the following to say
is finally charted, it will be evident that the fourth quarter did actually
Conditions Report," dated Oct. 31:
-but certainly not to the extent, in its "Monthly Business
prove to be a period of business recovery
2810
FINANCIAL CHRONICLE
Merchandising.
Increased activity in the merchandising of commodities in the Seventh
[Chicago] District took place in September over August; as compared
with the corresponding month a year ago, however, statistics failed to
reflect gains. In reporting lines of wholesale trade, the expansion was
largely seasonal in character except in shoes; declines from last September
ranged from only 4% in groceries to 39% in dry goods, as may be noted
In the accompanying table. In the first three-quarters of 1930 grocery
sales totaled 2% under the same period of 1929, hardware sales were 23%
less, dry goods 29%, drugs 11%, shoes 31%, and electrical supply sales
22% smaller. In general, prices continued weak.
WHOLESALE TRADE IN SEPTEMBER 1930.
Fn. 181.
ments totaled approximately 15% above those of August, increasing a
little more than average for the period, so that the difference between the
aggregate of orders booked and shipments made during the month was
very small, affecting, in conjunction with a fairly large volume of
cancellations, only a slight gain in unfilled orders. Cumulative shipments
from the first of the year to date continue to approximate 65% of the 1929
volume during the same period."
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in September 1930 from previous months.
Per Cent Change From
Aug. 1930.
Per Cent Change
From Same Month Last Year.
Commodity.
Net
Sales.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Starts.
-3.6
-29.6
-38.9
-12.7
-30.2
-34.8
-4.8
-14.7
-18.8
--10.0
--8.3
--27.5
Ratio of
Accts. OutColAccts. Outstanding to
standing. leettons. Net Sales.
-9.3
-22.5
-27.5
-7.0
-14.0
-27.7
--1.4
--22.4
--28.9
--15.2
--15.7
--28.7
88.8
229.1
316.1
145.6
345.1
155.8
A gain of 30% for September over August in Seventh District department store trade represented the second consecutive monthly increase. The
expansion was somewhat more than seasonal, the increase for the same
period of the previous eight years averaging about 25%. Detroit stores
sold goods aggregating 59% more in value than a month previous,
Indianapolis sales were 54% larger, Milwaukee 35%, Chicago 22%, and
sales by stores in other cities 6% heavier. The decline for the district
from the corresponding month of 1929 averaged 16% against 171
/
2
% in
the same comparison for August, while the decrease of 12% in sales for
year to date from the same nine months of 1929 was very slightly
the
smaller than for the eight months' period. An increase took place in
stocks between the end of August and the end of September, which is
usual at this season. Inventories continued to average below a year ago,
however, and the September rate of turnover was about the same as for
last September, although the rate for the first three-quarters of the year
of 2.60 times compares with 2.85 over the corresponding period of 1929.
Sales of shoes at retail by dealers and department stores expanded 58%
in September over the preceding month, though totaling 9% below last
September, while sales for the year to date were 10% smaller; department
stores were largely responsible for the gain shown in the monthly comparison, as the majority of dealers reported declines. An expansion of 52%
took place between August and September in sales of furniture and house
furnishings by retail dealers and department stores; the decline from last
September averaged 26%. Installment sales by furniture dealers totaled
only 19% more than in the preceding month, and were 36% below a
year ago.
In September chain store trade, grocery chains showed increased aggregate sales over August and over September 3929; five-and-ten-cent store,
shoe, and men's and women's clothing sales were smaller in both comparisons; drug and cigar chains reported a decline from the preceding
month, but an increase over a year ago, while musical instruments and
furniture showed an opposite trend. With a few minor exceptions, average
sales per store were smaller in all groups than a month or year previous.
DEPARTMENT STORE TRADE IN SEPTEMBER 1930.
Per Cent Change
September 1930
from
September 1929.
Locality.
% Change
1st 9 Mos.
1930from
lot 9 Mos.
1929.
Ratio of September
Collections
to Account
Outstanding
Aug. 30.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Stocks End
o Month.
Net
Sales.
15.1
21.3
13.0
10.5
13.3
11.4
15.0
12.6
-6.5
-11.2
10.3
19.5
9.4
6.8
10.0
32.3
34.2
16.0
-11.7
-12.0
34.0
37.5
1930.
1920.
31.2
34.4
37.5
33.5
41.6
36.8
Manufacturing Conditions in Chicago Federal Reserve
District-Mid-West Distribution of Automobiles
Declined.
In its review of automobile trade in its district the Federal Reserve Bank of Chicago, in its Oct. 31 "Monthly Business Conditions Report," says:
Automobile Production and Distribution.
Output of automobiles in the United States declined very slightly in
September-less than usual for the month-but the aggregate continued
well below the corresponding month a year ago. Passenger cars produced
%
/ in the monthly comparison and 50%
2
totaled 180,547, a reduction of 31
under a year ago. In the first three-quarters of 1930 output aggregated
2,485,049, which is 38% less than in the same period of 1929 and compares with 3,087,803 in the five-year average for the period. Trucks
produced during September numbered 41,975, representing a gain of 171
/
2
%
/
2
% from September last
over the preceding month and a decline of 181
months of 1930 output totaled 437,420, or 31% smaller
year. For the nine
than in the corresponding period of 1929 and comparing with 446,712 in
the five-year average for the three-quarters.
Distribution, both wholesale and detail, of new automobiles in the Middle
West declined as is usual between August and September, and used car
sales were also less. Comparisons with 1929 are still unfavorable, though
no more so than a month previous. Dealers' stocks of new cars were again
reduced during September and remained smaller than a year ago; used
car stocks increased slightly in value over the end of August. Deferred
payment sales constituted 49% of the total retail sales of 27 dealers
during September, which compares with 51% for the same dealers a month
previous and with 50% last September.
Furniture manufacturers in the Chicago Federal Reserve District, says
the bank, "continued to accelerate production during the month of
September, the rate of operations sustained averaging six points higher
than the 51% of capacity maintained the preceding month." The bank
adds: "Orders booked rose 39%, which is about three times the usual
August-to-September increase, and the decline from the corresponding
month of 1929 of 35% was the smallest since 31arch. September ship-
New cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand Sept. 30
Number
Value
Used cars:
Number sold
Salable on hand
Number
Value
Companies Included
Sept. 1929. Aug. 1930. Sept. 1029.
-22.6
-22.0
-54.4
-53.1
26
26
25
25
-24.2
-18A
-40.3
-41.2
53
53
52
52
-10.0
-4.9
-27.5
-18.2
54
54
53
53
-13.8
-11.7
54
53
-1.2
+4.3
-7.9
-23.2
54
51
53
53
Oklahoma Business Conditions According to University
of Oklahoma.
Employment and payroll conditions in Oklahoma during
September were slightly below conditions in August, according to reports made by 710 plants in the 10 leading
industries of the State to the Bureau of Business Research of
the University of Oklahoma. The number of employees
declined slightly (less than 1%) while the payroll volume
decreased 2%. The number of workers employed in September 1930, was 8.3% less than in September 1929, and the
volume of payrolls in September was 7% less this year than
last. Continuing the report says:
Placements made by Federal-State employment offices in the State were
greater in September than in August but far below the placements of
September last year.
Retail trade volume, as reported by 31 firms in four lines of business, Increased 27% from August to September but decreased 14% from September
last year. The four lines of sales reported all showed increasea for the
month over the previous month. All four lines reported decreases, however.
in September this year as compared to last. Department store sales of the
nation declined 7% from September last year and the same rate of decrease
was reported in both the Dallas and Kansas City areas of the Federal Reserve System.
Debits to individual accounts, by banks in Oklahoma which report to
the Federal Reserve, fell off 8.8% in September as compared with the
month last year. This decrease was smaller, however. than the decreases
In the New York City, outside New York City and the Kansas City districts.
Of the &oven reporting centers in Oklahoma, all showed decreases from
September last year except Bartlesville. The Oklahoma debits reported
In September exceeded those in August, however, as did five out of the
seven reporting centers of the State.
Petroleum production in the State has been effectively curtailed. Production in Oklahoma during September was less than during August.
The nation's production in September was far below the level of August.
Both were far below the levels of last year.
The rate of consumption of gasoline in the State during September
was 5% below the rate during September 1929. The annual rate of increase for any part of a year over the same part of the previous year has
In recent years been 10% or above. The first eight months of consumption in 1930 exceeded consumption for same months of 1929 by only 4.5%.
Building permits issued in September for 10 of the leading cities of the
State were 56% below the volume of building permits in September last
year. Oklahoma City and Tulsa both reported big decreases in September
as compared with the month last year. Bartlesville was the only city
reporting a substantial gain in building permit volume over the month
last year.
Corporation charters issued to new companies totaled 103 in September
as compared with 122 in August and 136 in September 1929. Fewer oil
companies were formed than during any month for several years. Increases
in capitalization were granted to 36 corporations in September for a total
of over $12,000,000 of new capitalization.
Public bond issues approved in September by the Attorney General's
office were less in number and in amount of money involved in improvement projects than In August, or in September of last year.
Livestock receipts and shipments increased in September over both the
previous month and September of last year. This was the first month
since February that has shown a monthly increases in receipts and shipments of livestock over the same month in 1929.
Employment and Payrolls.
The number of employees in industry in Oklahoma (as reported by 710
plants in the 10 leading industries of the State) decreased slightly in September 1930, from August. The level of employment in the number employed
were reported by four industries While six showed declines. The only
large increase came in the cotton seed oil work, which is highly seasonal.
The largest demase came in the metals and machinery operations.
EMPLOYMENT IN SELECTED GROUPS OF INDUSTRIES IN OKLAHOMA.
(Average Month 1925=100).
Industry.
Cotton seed oil mills
Food products
Lead and zIne
Metallic and machinery
Oil industry
Printing
Public utilities
Stone, clay and glass
Textile and cleaning
Woodwork
All industries
Firms.
Septem'r
1930
Indez.
August Septette,' Change or
1930
1929
Month.
Index. index. Per Cent.
13
144
63
83
189
24
67
32
61
34
26
136
64
104
144
110
171
101
117
151
18
131
56
118
145
108
175
102
118
159
47
136
95
120
142
106
176
118
122
205
+45
+4
+14
-12
-1
+2
-2
-1
-1
-5
710
121
121
132
___-
Nov. 1 1930.]
FINANCIAL CHRONICLE
2811
PAYROLLS IN SELECTED GROUPS OF INDUSTRIES IN OKLAHOMA.
(Average Month 1925=100).
t..3 ...... FA
0.
,-d 00 4 14,-.0014 .
0
0010,-.14...t.%C.C4ta
September receipts of wheat at the primary markets were in smaller
volume than during either July or August. the first two months of the new
wheat year, but were heavier than in September 1029. Market receipts
Septem'r August Septem'r Change for of corn and oats were smaller and of rye and barley larger than
in the
Industry.
Firms.
1929
1930
Month.
1930
Index.
Index. Index. Per Cent. preceding month or the corresponding month last year.
Flour production, due to fewer milling days, was slightly under August,
'
Cotton seed oil mills
21
13
22
+5
but was larger than a year ago.
Food products
131
+4
144
136
Market receipts of all classes of meat animals, except hogs, were larger
Lead and zinc
4-10
48
63
53
than in August. Receipts of cattle and hogs were the smallest for any
Metals and machinery
83
89
110
-9
011 industry
September since 1927. but receipts of sheep were the largest for any Sep189
152
153
+1
Printing
24
119
120
--1
tember of record. The condition of cattle and sheep on ranges held steady
Public utilities
192
-4
67
184
during the month and on Oct. 1 was reported as good.
Stone, clay and glass
32
88
-7
95
With larger receipts of meat animals during September and the approach
Textiles and cleaning
115
61
109
+6
Woodwork
137
-1
34
of the new packing season, there was an increase in the number of all classes
136
of meat animals slaughtered in 4eptember as compared with August.
All Industries
123
710
130
121
-2
Retail distribution of merchandise, indicated by September sales of dePLACEMENTS MADE BY FEDERAL
-STATE EMPLOYMENT OFFICES. partment stores In leading cities throughout the District, showed a larger
than usual increase over the preceding month, but was 4.2% under the
[Source: Oklahoma State Department of Labor].
corresponding month last year. Wholesale distribution of goods and
Industry.
September 1930. August 1930. September 1929. merchandise during the 25 trading days of September was, for the first
time since 1926, above the total for the 27 trading days in August, but for
Agriculture
792
226
793
all reporting lines combined the sales for the month were less than those
Building and construction
147
149
165
reported in September of last year. Retailers' and wholesalers' stocks of
Clerical
9
7
6
merchandise on Sept. 30 were substantially smaller than one year ago and
Manufacturing
54
51
257
Personal service
the rate of turnover of department store stocks for the first nine months
1,152
850
927
Miscellaneous
2,301
1,468
1,672
this year was greater than for the like period last year.
Sales of lumber in September at retail yards were, for the first time in
Total
4,655
3,617
2,753
several years, larger than the August sales but were under those for SepOffice
tember 1929.
Placements
Enid
383
305
305
SUMMARY OF BUSINESS IN THE TENTH DISTRICT.
Muskogee
748
397
527
Percentage of Increase, or Decrease (-) for September over the preceding month
Oklahoma City
2,250
1,139
1,677
and the corresponding month last year.
Tulsa
1,274
1,001
1,108
The volume of payrolls in September decl ned 2% from August which
with a slight rate of change in employment would indicate a slight lowering of wages paid. Payroll conditions in September were about 7% below
payrolls levels of September 1929.
Increases in payroll levels came in five industries with five showing
decreases. The cotton seed oil mill industry had a 45% increase in the
number employed with only a 5% increase in payroll. On the other
hand textile and cleaning operations indicated a slight reduction in the
number employed with a 6% increase in payroll. For the ten industries
reporting, however, there was a slight reduction in the number employed
with a 6% increase in payroll. For the ten industries reporting, there
was a slight lowering of the wage level.
In September 1930 there were 3.617 placements made by the FederalState employment offices of the State as compared with only 2,753 placements made in August. There were, however, 4,655 placements made
during September 1929.
The Oklahoma crop reporting service stated that on Oct. 1 the supply
of farm labor was 10.5% of normal, while demand for the labor was 71%
of normal, making the demand only 68% of the supply. This compared
with 50% on Sept. 1 and with 90% on Oct. 1 1929.
In the nation as a whole employment conditions in September, as indicated by 13 industrial groups reporting to the Bureau of Labor Statistics,
showed an increase of 1% from August. Payroll volume increased 1.4%
from August to September. Both employment and payroll levels, however, were considerably below the levels of September 1929.
Retail Trade in Oklahoma.
Retail sales volume in Oklahoma during September 1930, as Indicated
by reports direct from 31 firms in four lines of business in the State,showed
a decrease of 14% from the month of September 1929. Sales volume in
all four lines taken separately (clothing, department store, furniture and
lumber) was downward this year in September when compared with last
year. Furniture sales fell off37% for the year,clothing sales decreased 18%.
All four lines of sales taken together increased 27%, however, over the
month of August. All of the lines showed increases.when taken separately.
The increase from August to September was to be expected as a seasonal
betterment. The decrease of 14% in sales volume during September as
compared with September last year is, however, indicative of poorer retail
sales conditions this year.
RETAIL TRADE IN OKLAHOMA.
September 1930 Compared with
August 1930. September 1929.
Banking
Bank debits, 29 cities
Federal Reserve Bank clearings
Loa's, 56 member banks
Investments, 56 members banks
Demand deposits, 56 member banks
Time deposits, 56 member banks
Savings deposits, 47 selected banks
Savings accounts, 44 selected banks
Life Insurance written
Distribution
Wholesalers' sales, 5 lines combined
Retailers' sales, 38 department stores
Lumber sales, 175 retail yards
Construction
Building contracts awarded, value
Building permits in 18 cities, value
Grain Receipts, 6 Markets
Wheat
Corn
Oats
Rye
Barley
Kafir
Livestock Receipts, 6 Markets
Cattle
Hogs
Sheep
Horses and mules
Production
Flour
Coal
Petroleum
Cement
Zinc ore (shipped) Tristate District
Lead ore (shipped) Tristate District
Meat Packing, 6 Cities
Cattle
Calves
Hogs
Sheep
6.9
7.9
--2.3
3.2
4.7
--7.2
3.0
--0.3
--9.3
--15.4
--20.2
--13.1
8.0
0.9
7.2
3.0
5.0
--11.3
7.0
23.7
7.5
--13.2
--4.2
--28.0
-66.9
0.6
-50.1
-51.8
--51.1
--2I.8
--20.6
18.4
32.0
39.0
, 10.7
--1.0
--25.3
19.8
66.6
--55.9
64.0
57.8
--1.5
DOA
66.4
--2.7
33.2
--17.5
20.9
--53.8
--0.1
28.6
--0.1
--10.2
2.9
21.3
2.6
-20.2
-14.9
-14.0
-27.5
-61.1
31.0
17.5
3.0
32.2
-2.2
2.4
--21.7
26.2
Building activity was at a low level, both as to value of building permits
issued in leading cities and the value of contracts awarded in the District.
However, there was a noticeable increase in awards fcr residential construction.
September
September Change tem
August
For the mineral industries, the reports showed the output of bituminous
Firms.
Stores.
1930.
1929.
1930.
Last Year.
coal and the production of zinc and lead ores increased in September but
were substantially under a year ago. Daily average crude oil production
5119,014
Clothing
10
5145,932
585,156
-18
Department
780,933
7
858,788
595,684
--9
in September was larger than in August, but the shorter month's total was
98,811
Furniture
8
156.577
96,560
-37
less than that for the preceding month and also less than the total for
6
41,570
Lumber
46,361
40,588
-10
September last year.
31
51,040,328 5817,988 51,207,658
Total
-14 Trade.
Wholesale distribution of merchandise in this District in September
Department store sales of the United States in September 1930 were
as indicated by the combined dollar sales of firma in five lines reported to
7% smaller than in September 1929. In the Kansas City district of the
this Federal Reserve Bank, was 7.0% larger in volume than in August.
Federal Reserve and also the Dallas district the same percentage decline
This was the first time since 1926 that the September total, for the five
was shown as for the nation. All the districts of the Federal Reserve
lines combined,exceeded the August total. Compared with September 1029
showed declines for this yearly comparison, the largest decline being 14%
the combined sales decreased 13.2%. Decreases in September sales from
in the Chicago area.
those for September 1929 were reported for dry goods, hardware, furniture
and drugs, with groceries the only one of the five lines to report an increase.
Business and Agricultural Conditions in the Kansas Improvement over August was general as each of the five lines reported
an increase. Combined sales of the five reporting lines for the first nine
City Federal Reserve District.
mouths this year were 11% under the total for the corresponding nine months
The "Monthly Review" of the Federal Reserve Bank of last year.
Stocks of
Kansas City, issued under date of Nov. 1 declares that smaller and dry goods, hardware and drugs at the close of September were
of groceries and furniture
favorable weather conditions throughout the Tenth Dis- pared with a year ago, stocks of all lineslarger than on Aug. 31. As comreporting showed decreases.
Retail -Sales at 38 reporting department stores in cities of the Tenth
trict during September and the first half of October insured
District, during the 25 trading days of September were 23.7% larger, in
practically all of the 1930 corn crop against frost damage. the dollar value, than
in the 27 trading days in August, but 4.2% smaller
Pastures and ranges improved and, with the exception of than in September 1929 in which there were 25 trading days. Six stores
broomcorn, the Oct. 1 estimates of production of unharvested reported increases and 32 stores decreases in their sales volume as compared with a year
crops in this District exceeded the Sept. 1 forecasts. Colo- seasonal increaseago. The September increase over August was the largest
reported since 1926 when September sales exceeded
rado and Wyoming report bumper crops of corn, sugar beets, August sales by 29.6%. April and May are the only months this year
beans and potatoes. The condition of corn in Nebraska when sales exceeded those for the corresponding month last year and the
decrease for September of 4.2% is
on Oct. 1 was 73% of normal and gives promise of a crop the like month last year reported the smallest per cent, of decrease from
since June. Cumulative sales for the
slightly above the average for the past five years. In nine months of 1930. at the reporting department stores, were 4.2% less
than in the first nine months of 1929.
Kansas, Missouri and Oklahoma, where the drouth was more
Retail furniture, men's and women's apparel, and shoo stores reported
severe, corn failed to show any material improvement during their September sales were 26%, 9.8% and 16%, respectively, below those
September. In these States there is more than the usual for the same month last year.
Stocks of merchandise on hand at reporting department stores at the
conservation of corn forage in silos. The report goes on close of September
were 6.2% larger than on Aug. 31 but 8.6% smaller
to say.
than on Sept. 30 1929. Stocks at reporting men's and women's apparel
2812
FINANCIAL CITRONICLE
storm on Sept. 30 were 4.3% smaller than one year ago. Retail furniture
stores reported a decrease of 9.1% and retail shoe stores a decrease of 2.0%
in stocks on hand Sept. 30 as compared to Sept. 30 1929.
Collections.—Department stores collections in September amounted to
36.7% of their outstandings as of Aug. 31, compared with 37.7% for
August and 37.4% for September last year. Reports from wholesale firms,
five reporting lines combined, disclose that collections during September
were 16.2% below September last year, whereas, outstanding accounts on
Sept. 30 1930 were 9.7% below outstandings on Sept. 30 1929. Some
Implement and farm machinery distributors reported collections poor.
Wells Fargo Bank & Union Trust Co. of San Francisco
Finds October Business Showing Some Improvement.
Mid-October reports received by the Wells Fargo Bank &
Union Trust Co. of San Francisco, from representative retailers, indicate that business for the most part is holding
even with September and in several cases, showing some
improvement. During September, it is stated, a definite
improvement in shipping traffic was registered and new
building permits were not only 57% larger than in August
of this year, but also 6% in excess of September 1929.
Commenting on businoss conditions, the Bank states:
1:11.
22,000 tons during October will bring the total for the ten
months to approximately 327,000 long tons, against 417,900
tons for the same period last year.
Automotive Parts and Accessory Shiprinents to the
Trade Heavier.
Manufacturers of automotive parts, accessories and shop
equipment reported increased shipments to wholesalers in
September and the same level of activity has been maintained in October, according to the Motor and Equipment
Association. Member wholesalers also reported better
business in September and October, reflecting the more or
less general reports of an active retail replacement and
service trade. There has been an increase, it is stated, in
repair jobs in the garages and service stations as old cars
are being tuned up for another season's driving. A favorable
service business is expected during the remainder of the
year. The report adds:
In line with the seasonal recession in car and truck production, suppliers
of original equipment to the car factories reported reduced shipments in
September and October, as was expected.
The grand index of shipments for all groups of manufacturer members
"Moderate improvement was evident in September reports of San
Francisco department store sales compared with August, which were reporting their figures to the Association in September stood at 89% of the
about 7% below the same month a year ago, bringing the first 9 months' Jan. 1925 base index of 100 as compared with Olin August, 88 in July, and
175 in September a year ago. Reports by divisions, of member manutotal to 5.4% below the same figure last year.
"Wholesale business in August made marked gains over July but was facturers business in September follows:
"Parts-accessory makers selling their products to the car and truck
still considerably below the levels of a year ago. Mid-October reports
from representative retailers indicate that business for the most part is makers for original equipment made shipments aggregating 79% of the
holding even with September, at levels from 5 to 10% below October 1929. Jan. 1925 base as compared with 87 in August. 83 in July, and 186 in
Collections continue fair to slow, although many retailers report some Sept. 1929.
"Shipments to the trade by makers of service parts were 139% of the
Improvements over the summer."
Jan. 1925 base as compared with 132 in August, 127 in July, and 173 in
Sept. 1929.
"Accessory shipments to the trade in September were 76% of the 1925
23/i to 5% Tire Price Advance Nov. 1—Retailers Only
base as
Beneficiaries Under Plan, However, as Dealer Dis- last year.compared with 60 in August, 65 in July, and 84 in September
counts are Raised to 25%.
"Service equipment shipments, that is, repair shop machinery and tools,
The following is from the "Wall Street Journal" of Oct.30: in September were 105% of the 1925 base as compared with 104 in August,
115 in July and 147 in September a year ago."
The larger tire companies have prepared new list prices on tires effective
September business of the group of M. E. A. wholesalers ran ahead of
Nov. 1, the date on which all trade contracts for the next 12 months become August in seven of the 12 Federal Reserve districts in this country and also
effective. The lists show advances ranging from 214% to 5% over prevail- in Canada.
ing price levels. It is understood that the new schedules will carry a
guarantee until May 15 and will provide a stable price level for springdating business.
Lumber Orders Below Production.
Although the retail price list is being advanced, the tire companies themAfter five consecutive weeks of favorable order-production
selves are not benefiting from the new schedules. This is due, to the fact
that, simultaneous with the increased retail prices, the tire companies are ratio, lumber orders for the week ended Oct. 25 dropped to
Increasing dealer discounts to approximately 25% from the current rate of 96% of the cut, it is
indicated in reports of 877 leading hardapproximately 2134%.
Dealers, however, will benefit substantially from the changes to go into wood and softwood mills to the National Lumber Manufaceffect Nov. 1. The change was decided upon to encourage the dealer end turers Association. Shipments of these mills for the week
of the business and to stimulate the large replacement business anticipated was 98% of their production, which
totaled 260,236,000 feet.
In 1931. Discounts to fleet owners or national accounts will revert back
to the schedule in effect prior to the recent "trade war" which was terminated New business reported a week earlier by 876 mills was 2%,
about the middle of September.
and shipments were 1%, in excess of a total production of
The importance of mail order competition has not been overlooked under 262,762,000.
For comparison with a year ago. 498 identical
the new list schedules, as it is understood that one or more important
producers will continue to feature lines listed to sell at catalogue prices softwood mills reported production for the latest week 36%
after providing a fair margin of profit for the retailer.
less, shipments 30% less, and orders 28% less than for the
Associated Press advices from Akron, Ohio, Oct.30,stated: corresponding week last year; for hardwoods, 205 identical
mills gave production 45% less, shipments 40% less, and
orders 51% under the volume for the week a year ago.
Lumber orders reported for the week ended Oct. 25 1930
by 640 softwood mills totaled 224,497,000 feet, or 4% below
the production of the same mills. Shipments as reported
for the same week were 227,003,000 feet, or 3% below proruction. Production was 233,524,000 feet.
Reports from 258 hardwood mills give new business as
25,359,000 feet, or 5% below production. Shipments as reported for the same week were 27,918,000 feet, or 5% above
production. Production was 26,712,000 foot. The Association's statement further reports.
Reports of upward revision of rubber tire prices quoted to dealers for
spring dating business were confirmed to-day.
With nearly every major tire producing concern in the United States
sharing in the move, price lists have been materially altered and in most
cases advanced, the boost ranging from 2,3•6 to 5%•
"The newest change in prices is constructive and of value to the rubber
Industry generally." said a statement of B. F. Goodrich.
No statement was forthcoming from Firestone officials. but it was
learned from authoritative sources that the Firestone company's price
schedules also were advanced.
Goodyear regards the move as a constructive one and will undoubtely
"go along," officials of that company said.
F. A. Selberling, President of the Seiberling Rubber Co. dented flatly
that his company, had any any share in the price advance. He said he
knew nothing of the move
New Automobile Models Announced,
The Stutz Motor Car Co. of America is introducing its
20th anniversary models consisting of three lines with prices
ranging from $1,995 to $10,800.
The Ford Motor Co. of Canada has reduced the price of
Fordson tractors $75 to $675 f. o. b. St. Johns, N. B.,
according to a Detroit (Mich.) dispatch.
Crude Rubber Consumption in October Estimated
Below Previous Month.
Consumption of crude rubber during October will total
approximately 22,000 long tons, according to estimates in
the rubber trade, which would compare with 25,288 tons
consumed during September, and with 34,455 tons used by
American manufacturers during October 1929. It is noted
that as a general rule, rubber consumption during the October
of any year shows little if any improvement over the previous
month. This year, tire factories at Akron and in New
England cities are operating at reduced schedules to avoid
burdensome inventories priorto the usual wide resumption of
production following the turn of the year. Consumption of
Unfilled Orders.
Reports from 520 softwood mills give unfilled orders of 777,397,000
feet. on Oct. 25 1930, or the equivalent of 15 days' production. This is
based upon production of latest calendar year-300
-day year—and may
be compared with unfilled orders of 511 softwood mills on Oct. 18 1930.
of 776,720,000 feet, the equivalent of 15 days' production.
The 388 identical softwood mills report unfilled orders as 731,957,000
feet, on Oct. 25 1930 as compared with 1,013,669,000 feet for the same
week a year ago. Last week's production of 498 identical softwood mills
was 216,874,000 feet, and a year ago it was 338.788,000 feet: shipments
were respectively 212.186.000 feet and 301.170,000, and orders received
209,752.000 feet and 292,792,000 feet. In the case of hardwoods, 205
identicaly mills reported production last week and a year ago 21,708.000
feet and 39,786,000 feet; shipments 23,542,000 feet and 39,503,000, and
orders 20,652,000 feet and 41,911,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 228 mills reporting
for the week ended Oct. 25:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery__ __ 44,304,000 delivery__ _ _213,157,000 intercoastal. 39,095,000
Export
19,083,000 Foreign
97,328,000 Export
9,437,000
By rail
41.098.000 Rail trade94,021,000 Rail
47.098,000
Other
9,918,000
9,918,000
Local
114,401,000
404.504,000
105.545,000
Weekly capacity of these 228 mills is 252,290.000 feet. Their actual
production for the week was 119,150,000 feet.
FINANCIAL CHRONICLE
Nov. 1 1930.]
For the 42 weeks ended Oct. 18. 139 identical mills reported orders 4.2%
below production and shipments approximately equal to production. The
same mills showed an Increase in Inventories of 1.5% on Oct. 18, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 147
mills reporting, shipments were 3% above production, and orders 2%
below production and 2% below shipments. New business taken during
the week amounted to 47.481,000 feet (previous week 50.085,000 at 144
mills); shipments 40,106,000 feet (previous week 49,749,000), and production 48,553,000 feet (previous week 47,906,000). The three-year average
production of these 147 mills is 70,411,000 feet. Orders on hand at the
end of the week at 132 mills were 114,408,000 feet, the equivalent of 10
days' average production. The 138 identical mills reported a decrease in
production of 25%, and in new business a decrease of 29%. as compared
with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reported
production from 92 mills as 33.031.000 feet, shipments 35,243,000 and new
business 31,993,000 feet. Sixty-six identical mills reported a decrease of
30% in production, and a decrease of 8% in new business, when compared
with last year.
The California White & Sugar Pine Manufacturers Association, of San
Francisco, reported production from 24 mills as 16.705.000 feet, shipments
19,446;000 and orders 15,842,000 feet. The same number of mills reported a decrease in production of 50%, and a decrease in orders of 23%.
in comparison with 1929.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 7 mills as 1,796,000 feet, shipments 2,842,000
and new business 2 379,000. The same number of mills reported production 75% less, and new business 48% less, than that reported a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 21 mills as 1,160,000 feet, shipments 1,502,000 and orders 1,142,000. Nineteen identical mills reported
production 78% less, and orders 54% less than that reported for the corresponding week of last year.
The North Carolina Pine Association, of Norfolk, Va., reported Production from 109 mills as 7,030,000 feet, shipments 8,246.000 and new
business 5,950.000. Forty-nine identical mills reported a decrease in
production of 36%,and a decrease in new business of 37%, when compared
with 1929.
The California Redwood Association, of San Francisco, reported production from 12 mills as 6,099.000 feet, shipments 4,073,000 and orders
5.309.000. The same number of mills reported a decrease in production
of 24%, and a decrease in orders of 15% in comparison with last year.
The decree also names a commission to take charge of the situation.
The COMIlliS81011 is empowered to investigate all contracts for shipment
as to the good faith in which they were made.
Associated Press advices from Havana Oct. 25 stated:
The successful execution of the Chadbourne plan for the salvation of the
sugar industry was virtually assured to-day by the Presidential decree.
which placed a temporary embargo on exportation m the commodity until
segregation of the 1,500,000-ton carry-over as stipulated in the plan is realized.
The decree, signed by President Machado after being officially sanctioned
by the Secretary of Agriculture, Eugenio Mo!Met, was rushed to the offices
-day and thus beof the "Official Gazette" so that it might be published to
come immediately effective. The decree stipulates, however, that five
"working" days' grace will be allowed before tne order is enforced.
The move represents an extreme measure to insure the carrying out of the
plan submitted by Thomas L. Chadbourne, Chairman of the CubanAmerican Committee, which is seeking a solution of such ills by reapplication of the theory that limitations of supply means increased demand and
higher prices.
The danger of possible frustration of the segregation plan, calling on the
retirement of the entire estimated carry-over while the market is swamped,
is believed by sugar experts here to have been eliminated by the decree.
An executive committee of six was named to carry out the terms of the
decree.
A total of 800,000 tons has already been contributed to the quota to be retired by producers, but due to the nearness of the Senatorial and Congressional
elections this week an attempt to get a quorum in the lower House in an
extraordinary session to finance the $42,000,000 plan was thwarted.
The commission working out the plan met this morning to devise a method
whereby the President could put the scheme into operation immediately,
authorizing the segregation of 700,000 tons by decree.
The world price of raw sugar was less than one cent a pound during several
weeks of the summer, and the complication of the tariff situation plus the
universal price recession has occasioned the attempt to reorganize production and adjust output more closely to consumption.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 237 mills as 25,885,000 feet, shipments 25,877.000 and
new business 23,866,000. Reports from 186 identical mills showed a decrease of 44% in production, and a decrease of 49% in new business, when
compared with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 21 mills as 827.000 feet, shipmanta 2,041,000 and orders 1,493,000. Nineteen identical mills reported
a decrease of 64% in production and a decrease of 65% in orders, in comparison with 1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED AUG. 23 1930 AND FOR 43
WEEKS TO DATE.
Association,
southern Pine:
Week-147 mill reports
43 weeks-6,095 mill reports
West Coast Lumbermen's:
Week-228 mill reports
43 weeks-9,444 mill reports
Western Pine Manufacturers:
Week-92 mill reports
43 weeks-3,953 mill reports
Calif. White & Sugar Pine:
Week-24 mill reports
43 weeks-1,047 mill reports
Northern Pine Manufacturers:
Week-7 mill reports
-326 mill reports
43 weeks
Northern Hemlock & Hardwood:
Week-21 mill reports
43 weeks-1,315 mill reports
North Caroline Pine:
Week-109 mill reports
43 week4-4,643 mill reports
California Redwood
Week-12 mill reports
-622 mill reports
43 weeks
Softwood total:
Week-640 mill reports
43 weeks-27,445 mill reports
Hardwood Manufacturers Institute:
Week-237 mill reports
43 weeks-11,071 mill reports
Northern Hemlock & Hardwood:
Week-21 mill reports
43 weeks-1,315 mill reports
Hardwood total:
Week-258 mill reports
43 weeks-12,386 mill reports
Grand total:
Week-877 mill reports
43 weeks-38,516 mill reports
Ship- P. C.
ProdueP. C.
of
lion,
meats.
of
Orders.
(M. Ft.) (M. Ft.) Prod. 11(M aFt.)1 Prod.
48,553
50,106 103
2,351,688 2,222,388 05
47,481
2,182,773
98
93
89
98
114,401
6,027.251
96
98
35,243 107
33,031
1,761,263 1,588,187 90
31,993
1,552,018
97
88
105,545
119,150
6,166,952 6,040,300
10,705
817,247
19,446 116
844,257 103
15,842 95
840,208 103
1,796
196,584
2,842 158
166,788 85
2,379 132
158,807 81
1,160
127,500
1,502 129
93,653 73
1,142
83,220
98
65
7,030
363,443
8,246 117
372,118 102
5,950
299,822
85
82
6,009
290,369
4,073
266,895
5,300
268,566
87
92
97
224,497
96 11,412,665
96
95
233,524
227,003
12,075,026 11,594,586
67
92
25,885
25,877 100
1,380,532 1,269,223 92
827
270,225
2,041 247
181,060 67
26,712
27,918 105
1,650,757 1,450,283 88
260,236
254,921
13,725,783 13.044,869
23,866
1,225,437
92
89
1,493 181
145,234 54
25,359
1,370,671
95
83
98
249,856
95 12.783.336
2813
96
93
Cuba Places Ban on Sugar Export-President Signs
Decree Ending Shipments After Five Days Save
Those Contracted For-Aids the Chadbourne Plan.
Under date of Oct. 25 a cablegram from Havana to the
New York "Times" said:
From Washington Oct. 25 a dispatch to the New York
"Times" said:
A drastic move to save the Cuban sugar market through the withdrawal
of 1,680,000 short tons from the market for five years and the restriction
of exports of the 1930-1931 crop to the United States-to 3,136,000 tons has
been taken by producers there, it was reported to the Department of
Agriculture to-day by the Chadbourne Committee.
This practice is identical in character to that employed by the Government of the United States last year when the Federal Farm Board, through
its stabilization corporation, purchased about 69.000,000 bushels of wheat
for withdrawal from the market, this wheat, still being held in elevators
under pledge not to be sold until the market had recovered from the depression caused by overproduction.
Under the Cuban scheme, which is reported to have received the approval
of President Machado, the holders of the withdrawn sugar will receive
Government bonds at the rate of $4 per bag of 125 pounds and will participate pro rata in the proceeds of eventual sales.
The Philippine Sugar Association through its board of
trustees on Oct. 25 reiterated its policy of discouraging
undue expansion and expressed a desire to co-operate in the
world campaign of crop Curtailment. Associated Press advices from Manila reporting this added:
In connection with this policy a resolution was passed authorizing the
Association's President to appoint a committee of three to study "ways
and means of putting into effect the policy of the association not to encourage undue expansion in sugar production, with a view to restricting
sugar cane areas to those at the present time covered by existing agreements."
The "Wall Street Journal" of Oct.30 reported the following
from Havana:
•
Dr. Viriato Gutierrez stated that it has been decided that he and Thomas
L. Chadbourne will leave for Holland to attend a conference with Java
sugar producers between Nov. 8 and 12. "I have just received a cable
from Amsterdam, Holland, in which the representatives of the sugar
producers of Java tell me that they are willing to await our arrival to
discuss an agreement on world production," stated Dr. Gutierrez. The
fluctuation in sugar prices on Wednesday, he said, was partly due to incorrect reports that the conference had been deferred indefinitely.
We also quote from the "Wall Street Journal" of Oct. 31
the following:
The provisional committee of exportations has sent a letter to sugar
planters asking for reports of sugar in stock in their warehouses, at ports
and other warehouses. It is also seeking information as to the amount
of sugar delivered for the 1,500,000 tons to be handled by the Carryover
Association and sugars sold for export, to whom and amounts sold.
Cotton Manufacturing Industry Curtailing to Greater
Extent Than Domestic Manufacturing Industries
in General.
The cotton manufacturing industry of the United States
is curtailing much more than domestic manufacturing industries in general, according to the New York Cotton Exchange
Service. This is indicated, says the Service, by the fact
that while the domestic production of manufactured products
in general during September was equal to about 91% of the
average monthly production in the six years from 1922 to
1927, inclusive, the output of cotton yarn and cloth in September was equal to only 73% of the average monthly output in 1922 to 1927. Under date of Oct. 28, the Exchange
Service continues:
During the past nine months of 1930 the monthly index numbers of
The further exportation of sugar from Cuba five days after to-day was production of general manufactures in this country averaged 100, while
forbidden by a decree signed by President Machado to-day. His action was those for cotton manufactures averaged 84. In other words, the domestic
taken in support of the Chadbourne plan for the relief of the Cuban sugar cotton manufacturing industry has been running about 16% below the
general level of manufacturing industries of the country since the beginning
market and to prevent the dumping of large supplies on a rising market.
Sugar may be exported during the next five days. according to the decree, of the current calendar year.
In noting the foregoing index numbers, it should not be assumed that
but after that its exportation is prohibited except for shipments already
100 equals normal or full production at the present time. The figure 100
contracted for.
2814
FINANCIAL CHRONICLE
represents the average production in a six-year period which had its middle
point about six years ago, and the figure which would represent normal
or full production to-day would be considerably above 100, to allow for the
growth of the country in the past six years.
These figures would suggest that the output of cotton goods in this country during 1930 to date has been far below the normal consumption of the
country, and that it has been below the actual consumption by a larger
percentage than is the case with manufactured goods in general.
Belgium Restrictions on Imports From Soviet Russia
Effective-Lifts Wheat Ban.
From Brussels a cablegram Oct. 25 to the New York
"Times" said:
The Belgium Official "Gazette" published to-day a decision of the recent
Cabinet meeting in which certain categories of goods coming from Russia
cannot be imported or sent through Belgium without licenses from the
Minister of Agriculture.
Among the goods thus regulated are oats, wheat, barley, rye, oatmeal,
rye meal, barley meal, wines, glue, hides and pelts. The now order goes
into effect next Monday.
Antwerp expects this order will send Russian ships from there to Rotterdam. The burgomaster of Antwerp sent a telegram to the Minister of
Agriculture pointing out that Antwerp will suffer from the cessation of
Russian trade. A Russian captain at Antwerp has asked permission to
unload his cargo tomorrow before the order comes into effect.
The Belgian move to check the dumping of Russian grain is the result
of action by the powerful Peasants Union which advocates a protectionist
policy for Belgium.
[Vol,. 131.
occupation of spindles during the past few weeks has been
so rapid that almost complete occupation of spindles has
come to these throwsters while they may still be running
on contracts that reflect the slacker times of the mid-sumemr.
Important factors in the situation are summarized as
follows:
1. Grenadine twists for the hosiery trade have really taken root. There
was a certain amount of activity last spring on these descriptions and
then a falling off while the entire hosiery trade awaited consumers' reaction.
This reaction has come, with the result that many spindles which for the
past several years constituted a vast potential overproduction of crepe
yarns for the weaving trade, have now been diverted to the purposes of
the huge full-fashioned industry that has heretofore engaged only a negligible
portion of the country's spinning capacity.
2. Low price levels for Japan silks have been reached and there is a
sound conviction that what has taken place will turn out to be a major
and permanent adjustment in Japan silk price levels. The weaving trade
confidently proceeds with silk cloths to satisfy the demand in fields of
great cloth consumption that have for many years found silk cloths
prohibitive.
3. As a result of low prices in silks many of the higher-priced silk lines
are made up with a great deal less recourse to the weighting process than
has hitherto prevailed, with consequent greater poundage of silk crepes in
these fabrics.
4. Early indications point to another good spring season on goorgettes
and chiffons. Some work on these descriptions is already being given
out, and it is well known that very little of this goes a long way toward
occupying spindles.
A further cablegram from Brussels Oct.27 to the"Times" Benefits of Voluntary Curtailment by American Cotton
said:
Mills.
The Belgian decree against the dumping of Russian goods came into force
Analysis by the Association of Cotton Textile Merchants of
in Antwerp to-day, throwing many dock workers out of work.
Fears that shippers of other countries would divert their vessels to Rot- New York, of figures published by the Census Bureau of
terdam or elsewhere have not been borne out as the Government has the Department of Commerce, shows the cumulative benefit
received notice from South American countries that they are ready to of
voluntary curtailment and is viewed as tending to prove the
co-operate and will show certificates of the origin of their cargo as demanded
theory of some authorities that cotton textiles will achieve the
under the Pelgian decree, even for ships now en route.
Associated Press accounts were reported as follows from higher ground of stability at an earlier date than will many
other major industries now feeling the effects of depression.
Brussels Oct. 28.
Yielding to protests of Belgian shipping companies, the Government The Association on Oct. 23 said:
to-day decided to allow transit of Russian wheat across the country. Consequently twenty Soviet cargoes of "dumped" grain were allowed to be discharged at Antwerp.
Swiss Ask Curb on Russia-Say Dumping of Grain and
Oil Hurts Trade-Refuse to Sell Guns.
From Geneva Oct. 29 a message to the New York "Times')
said:
A strong movement has started among Swiss politicians and the press to
force the Government to end Soviet dumping by imposing a heavy tariff.
Recently 700 carloads of cereals and large'quantities of gasoline, benzine
and other goods have been imported from Russia through Germany, and
more are en route. The cheapness of these imported goods has begun
to dislocate the Swiss market and to aggravate unemployment, it is said.
The Soviet Government is trying to place an order for 5,000 machine
guns, but all Swiss firms have refused the order, one firm declaring it would
be infamy to supply the Soviets with arms to massacre the helpless Georgians and Armenians.
The analysis shows that the aggregate running time of American cotton
mills during September totaled 5.662,899.108 spindle hours, as compared
with 7,881,178,700 during September 1929, a reduction of 2,218,279,592
active spindle hours, or more than 28%. The aggregate running time for the
nine months ending Sept. 30 1930, was 58,715.845,108 spindle hours, as
compared with 76,293,054,700,for the previous similar period, or a reduction of more than 23%.
Translated into terms of cotton cloth, the cotton textile industry during
September produced approximately 194,222,000 yards less than in September 1929, and during the first three quarters of 1930, about 1,539,763,000
yards less than during the same period in 1929.
Domestic Exports of Meats and Fats for September.
The Department of Commerce at Washington on Oct. 23
made public its report on the domestic exports of meats and
fats for September. This shows that in the month of September 1930 the quantity of meats and meat products
exported was more than 30% less than that exported in
British Meats Embargoed by Order of U. S. Treasury. September 1929, 24,601,734 lbs. being shipped in September
From the New York "Journal of Commerce" we quote 1930 against 33,667,880 lbs. in September 1929; the value
of these exports was also smaller, being $3,871,142, against
the following from Washington, Oct. 21:
An embargo on importation of practically every class of meat exporter $5,794,527. The quantity and value of animal oils and
to the United States from England has been declared in effect by the Treas- fats exported in September were also considerably smaller as
ury Department it was announced to-day.
compared with a year ago.
This action was taken on the basis of information gathered by the DeFor the nine months ended with September, the exports
partment of Agriculture showing that outbreaks of the foot and mouth
disease has again been discovered in England. It was explained by the of both meats and meat products and animal oils and fats
Department of Agriculture that embargoes against English cattle and meats were
smaller as to quantity and value than in the correhave been made effective off and on since 1921.
Under the embargo no meat is permitted entry into the United States sponding nine months of the previous years. The report is
until the disease has been eradicated for sixty days prior to the exportation asfollows:
of such products. The new embargo applies to cattle, sheep or other domestic ruminants or swine, or fresh, chilled or frozen beef, veal, mutton,
lamb or pork.
Commission Throwing Branch of Silk Industry in
Fine Shape.
Not in several years has the commission throwing branch
of the silk industry been in as splendid a position as it is
to-day from the point of view of quantity and varieties
of work immediately at hand, as well as in prospect for
considerable time ahead, H. A. Reling, chairman of the
commission throwsters division of the Silk Association of
America, Inc., reports. Reasons given for this stimulus in
business are low price levels for raw silk resulting in use of
a greater poundage of silk in weaving, the extension of silk
fabrics in a wider field, the occupation of many spindles
with the throwing of grenadine yarn, and indications of a
good spring season in high twist yarns for georgette and
chiffon fabrics.
Unlike trades in which commodities are sold, the throwing
industry is virtually unable to stimulate business by price
attraction, the bulletin points out, and therefore, it may
be said that the present activity in the industry is the result
of a perfectly sound demand for spindle production. If
there are in the trade instances of throwsters still running
on unremunerative contracts, it is because progress in the
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of September
1929.
Beef and veal, fresh., lbs
Value
Beef, pickled, &c., lbs
Value
Pork, fresh, lbs
Value
Wiltshires, sides, lbs
Value
Cumberland sides, lbs
Value
Hams and shoulders,lbsValue
Bacon, lbs
Value
Pickled pork, lbs
Value
Oleo oil. lbs
Value
Lard, lbs
Value
Neutral lard, lbs
Value
Lard compounds, anlmal fats, lbs._
Value
Margarine of animal or vegetable
fats, lbs
Value
Cottonseed oil, lbs
Value
Lard compounds vegetable fats, lbs.
Value
9 Moo, Ended Sept.
1930.
1929,
1930.
178,953
198,754 2,229,659 2,267,008
$41,364
$39,993 $508,377
$611,083
885,269 1,539,095 8,846.836 10,542.805
$106,309 $147,007 $1,051,859 $1.127,884
857,470
286,626 8.685,916 12,699,363
$139,707
$48,631 $1,347,333 $2,159,485
366,391
4.174 3.902,033 3,614,450
$52,989
$848
$580,423
$565,577
302,484
212,302 4.592,781 3,541,888
$61,134
$35.916
$891,997
$849.482
8.477,776 6,432.102 99,604,025 98,903.908
$1,842,189 $1,185,103 $21.128,576 $19,807.874
10,288.015 4,972,940 107,130,306 77,841,281
$1,516,788 $724,709 $16,221.299 $11,894,428
3,901,564 2,891,041 33,753.425 25,442,851
$532,829 $343,863 $4.901,496 $3,522,824
7.829,288 5,949,436 53,130.680 42,283,934
$829,877 $582.110 $5,837,025 $4.599.878
58,339,212 37,416,803 695,320,112 513,424,511
7,646.314 4.700,282 77,243,969 58,181,214
1.397,402 1,078,717 14,763,791 10,697.909
$190.764 $134,907 $1.958,527 31,280.412
218.868
203,314 2,686,252 1,729,287
$27.401
$23,829
$340,082
$203,824
105,552
44,277
638.433
544,297
$17,241
$7,204
$113.872
$85.154
2.379.709 1.652,882 16,544,818 21.751.374
$210,298 $153,351 $1,596,821 81.857.892
473,302
595,794 4,739.778 4.802,408
$67,210 $78,337
$651.792 $641,523
Total meats & meat products.'be_ 33,887,880 24,601,734 341,598,232 307.001.772
Value
$5,794.527 $3,871,142 $81,025,714 $53,845,820
Total animal oils and fats, lbs
89,564,484 46.338,467 678,903,288 582,187,176
Value
$8,880,047 $5,595,743 $88,768,067 $85,682,865
FINANCIAL CHRONICLE
Nov. 1 1930.1
Domestic Exports of Canned and Dried Foods in September and the Seven Months Ended September.
The report of the exports of canned and dried foods,
released by the Department of Commerce at Washington
on Oct. 27, covers the month of September and the seven
months period ended with September for the years 1930
and 1929. The report in detail follows.
DOMESTIC =PORTS OF CANNED AND DRIED FOODS.
Month of September.
1929.
Total canned meats, Re
Value
Total dairy products, lbs
Value
Total canned vegetables, lbs.._
Value
Total dried dr evaporated frulte,lb.
Value
Total canned fruits, lbs
Value
Beef, canned. lbe
Value
Sausage, canned. lbs
Value
Milk, condensed (sweetened) lbs.
Value
Milk,evaporat'd(unsweetened)lbs
Value
Salmon. canned, lbs
Value
Sardines, canned, lbs
Value
Raisins, lbs
Value
Apples, dried, lbs
Value
Apricots, dried, lbs
Value
Peaches, dried, lbs
Value
Prunes, dried. lbs
Value
Apricots, canned, lbs
Value
Peaches, canned, lbs
Value
Pears, canned, lbs
Value
Pineapples, canned, lbs
Value
1,388,945
8428,575
8,028,905
$1,255,225
18,719,400
$1,498,465
29,116,669
$2,619,688
36,702,534
$4,079,651
214,577
$74,761
182,120
$58,130
3,116,142
$475,918
3,703,002
$383,415
6,717,177
$1,379.629
12,197,056
$946,103
16,912,034
81,069,278
249,551
$34,345
4,897,079
$896,109
837,572
$112.220
5,373,624
$401.186
3,352,595
$349.428
11,191,941
$1,173,417
7,595,835
8918,732
8,539,173
$802,138
1930.
9 Months of September.
1929.
1930.
1,317,216 13,031,697 14,594,620
$459.095 $4,497.219 $5,150.194
5,916,164 95,181.685 81,859,882
$873,116 $13,772,914 $11,398,447
8.409,664 66,269.779 52,094,012
$782,130 $6,796,434 $5,177,049
27,378.338 275.716.468 170,613,818
$1,864,034 $19,845,100 $12.795,577
30,453,868 210.475.936 179,775,826
$2,723,491 $20,957,200 $17,782,736
55,635 1.974,188 1,381,148
$547,145
$708,267
822,264
138,796 1,678,274 1,123,708
$348,679
$537,469
$37,492
1,478,684 31,352,973 24,049,761
$255,439 $4,911,709 $3,838,092
3,451,777 53,657,268 47,181,260
$313,595 $5,350,355 $4,414,463
5.538,234 27.604,147 18.090,634
$1,050,257 $4,883,802 $3,567,163
7,992,001 82,787,991 78,993,131
$600,672 $6,386,429 $5,534,744
11,933,325 99,890,463 68,1513,574
$631,475 $5,265,038 $3,519,257
1,046,887 21,140,598 8,482,114
8991,874
$101,773 $2,470,644
4,620,155 18,063,261 14,416,295
$561,101 $2,633,714 $1,889,937
1,153,224 6,245,621 2,386,502
$245,522
$617,739
$90,614
8,034,505 122,714.013 70,783,962
$428,747 $7,902,108 $5,453,454
2,218,469 21,316,647 18,317,218
$186,976 $2,047,364 81,659,802
10,906,707 65,276,640 53,134,580
$859,000 $5,746,459 $4,673,136
8,350,506 34,648,258 37,543,982
$723,316 $3,709,150 53,831,229
5,006,271 31,111,826 27,464,465
$459,207 83,053,115 $2,624,418
Third quarter crude oil'imports and refinery runs of the
Standard Oil Co. of New Jersey have been further curtailed,
according to "The Lamp," organ of the company. This,
it was stated, is in line with the policy of the company to
improve the statistical position of the oil industry. For the
first nine months of the current year total imports of crude
and products by the company and its subsidiaries were 85%
of those for the same 1929 period, it was pointed out. Refinery runs for the nine months of 1930 were 376,683 barrels
daily as compared with 399,790 barrels daily a year ago.
The State Corporation Commission of Oklahoma has issued
an order for proration of all flush and many of the old,
settled oil fields until Jan. 1. This demand, which includes
about 10,000 oil wells heretofore not covered by proration
rules, followed a hearing lasting nearly two weeks during
which time protests were heard from oil companies, royalty
owners, and attorneys who sought to have proration removed entirely or greatly modified.
The new order fixes the State allowable flow at 550,000
barrels daily during October, 545,000 barrels daily during
November and 535,000 barrels daily during December.
Fields were divided into eight groups, with class A wells
covering wells having a daily production of five barrels or
more. It is the latter class on which protests were waged
most strenuously. These wells will be prorated 50% for all
over five barrels a day they flow on average.
Price revisions of only local significance were made in two
other territories during the week. The Joseph Seep Purchasing Agency of the South Penn Oil Co. announced a 10
cent reduction in Corning crude in Buckeye Pipe Line Co.
lines. This reduction, the second within a week, brings the
price to $1.25 a barrel. The other reduction was made by the
same company and was of 20 cents a barrel, applicable to
Somerset, Kentucky crude oil.
Price changes follow:
Petroleum and Its Products-Stanolind Cuts Crude
-Action Starts Cuts in Other
Price in Kansas
-Oklahoma Orders New ProMid-Continent Fields
ration Schedule Effective Until January 1.
Downward revision of crude oil prices throughout the
country was by far the most interesting development in the
petroleum industry during the past week. The epidemic of
price outs originated in mild fashion on Oct. 25 when the
Stanolind Crude Oil Purchasing Co. subsidiary of the
Standard Oil Co. of Indiana made reductions in crude oil
produced in Oklahoma and Kansas ranging from 7 to 28
cents a barrel. This action extended to the mid-continent
territory the similar reductions made on Oct. 16 by Humble
Oil & Refining Co. in the north Texas and Panhandle districts. It was the first change in the important mid-continent field since last April.
An explanatory statement was issued by R. S. Ellison,
President of Stanolind, following announcement of the out.
He declared that the decline in wholesale and retail gasoline
prices causing a greatly diminished spread between crude
and refined products had made it necessary to buy crude at
the lower level already established by some competitors.
He commended proration by producers in an effort to curtail
output. While the program of prorating leaves the purchasing of crude oil open to competition it prevents demoralization of the industry and promotes conservation, he stated.
Immediately this price reduction had its effect on other
fields. Humble Oil & Refining Co. posted reductions in
Texas fields besides Panhandle and North Texas. The
reductions averaged 25 cents a barrel with a further cut of
10 cents a barrel made in Panhandle Texas where competition has been especially keen. Carter Oil Co., Ohio Oil Co.,
Magnolia Petroleum Co., Prairie Pipe Line Co. and Texas
Corp. met this cut. It was even extended to the Salt Creek,
Wyoming field.
A favorable sheaf of statistics was issued by the U. S.
Bureau of Mines during the week. Storage of all petroleum
oils, both crude and refined, declined 7,349,000 barrels
during September, the Bureau said, as compared with a decline of 7,030,000 barrels in August and an increase of 5,498,000 barrels last year. Gasoline stocks, alone, dropped
3,370,000 barrels in September as against drops of 4,453,000
and 614,000 barrels respectively, in August and September
1929. Runs to stills of crude petroleum during September
amounted to 75,950,000 barrels, of which 71,042,000 barrels
was domestic crude and 4,908,000 barrels foreign crude.
These figures indicate a curtailment of 10% of crude processed as compared with a year ago.
2815
-Ohio Oil announced cuts of30c.a barrel in Artesia, New Mexico
Oct.28.
crude and in Montana,a cut of 10c.on Sunburst crude.
-Humble 011 announced a cut of 10c. a barrel in Winkler
Oct. 28.
County.
-South Penn Oil announced a cut of 10c. a barrel in Corning
Oct. 28.
crude oil.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. I. degrees are not shown.)
8.75
$2.40 epindletop. Texas. below 25
Bradford. Pa
.56
1.25 Winkler. Texas
Corning. Ohio
1.00
1.35 Smackover. Ark., 24 and over
Cabell, W.Vs
.85
1.85 Smackover, Ark., below 2
Illinois
1.14
1.50 Eldorado. Ark., 34
Western Kentucky
.90
1.23 Urania, La
MIdcontinent, Okla., 37
.97
.80 Salt Creek, Wyo.. 37
Corsicana, Texas, heavy
1.55
.89 Sunburst, Mont
Hutchinson, Texas, 35
.75
1.85 Artesia, N. Mex
Kettleman Hills, 55
1.75
1.10 Santa Fe Springs, Calif., 33
Kettleman 11111s, 35-39.9
1.05
1.35 Midway-Sunset, Call!,, 22
Kettleman Hills, 40-49.9
1.34
1.50 Huntington. Calif., 26
Kettleman Hills. 50-54.9
1.13
.85 Ventura, Calif.. 30
Luling, Texas
1.90
1.00 Petrone. Canada
Spindietop. Texas, grade A
-MARKET IRREGULAR WITH KEROSENE
REFINED PRODUCTS
-DOMESTIC HEATING OILS
SPOTTY
-GASOLINE EASY
FIRM.
Uneasiness caused by the crude oil price cuts in practically
every field except the Pacific Coast territory was reflected
in irregularity in the refined products field. Kerosene,
which has been strong of late, was subject to price shading
tactics by small refiners and gasoline was reported moving
at levels below the 73/2c. to 7%c. a gallon, in tank cars at
the refinery, mark that has been prevailing recently. Another infavorable development was the gain in stocks of
stored gasoline for the week ended Oct. 25. Domestic
heating oils occupied a favorable position in the market with
increasing demand reflected in firm prices.
Kerosene showed the effect of the seasonal gain in consumption throughout the week, but in the latter part of the
week,softness in the price structure was cause by the general
weakness in the industry. Previous to the announcement
of the crude oil cuts, some refiners had been discussing the
possibility of an advance in prices in the kerosene field.
4
Prices remain posted at 63 c. a gallon, water-white, in tank
ears at the refiners but several of the smaller refiners are
reported doing business below this figure. The tank-wagon
field is moderately strong and prices are holding up firm.
Export business shows sign of slight improvement but buyers
prefer to stay out of the market until present unsettled conditions are cleared up.
Showing the effect of the seasonal drop in consumption,
movements of U. S. Motor Gasoline are decidedly spotty.
Most of the business going on now is contract with very few
new inquiries reported.
Prices are posted at the same levels as last week, ranging
4
from 7Xio. to 73 c. a gallon, in tank ears at the refineries,
but an increasing amount of business is being carried on at
prices under this level. Foreign buyers are showing little
2816
FINANCIAL CHRONICLE
interest in cased gasoline and it is not thought likely that
there will be any marked change in this field until the general
market situation is cleared up.
For the second time in three weeks,gasoline stocks reversed
the trend of the past three months and showed a gain from
the preceding week's total. For the week ended Oct. 25,
stocks gained 379,000 barrels and now total 36,655,000 barrels. Refinery operations, however, show that the promises
of the refiners to curtail activity are being carried out with
operations at'65.7% of capacity against 66.2% of capacity
in the previous week.
Domestic heating oils were a bright spot in the market
with the increase in consumption convincing dealers that
demand for this feature will remain strong. Prices remain
the same although there have been rumors of a price cut
in some grades. In view of the improved appearance of the
market however it is not thought likely that any price
revisions will occur in the near future. Diesel oil demand
is fair and price levels remain unchanged.
Price changes follow:
Oct. 27.-U. S. Motor Gasoline quoted at 4,1-53ic. a gallon against
4%-53ic. previously.
Oct. 29.
-Standard Oil of Ohio announced an advance of Sc. a gallon
in Cleveland. Sohlo Ethyl now 22c. at service stations and 21c. tank
wagon. Red Crown is 19 and 18c. respectively.
Other major companies
swung their prices into line.
Gasoline. U. S. Motor. Tank Car Lots. F.0.111. Refinery.
N.Y.(Bayenne)_ -5.07% N.Y.
-Sinclair Ref.3.073t California
08
Stand. Oil. N.J__ .074
Colonial-Beacon.. 073$ Los Angeles, export_ .074
Stand. 011, N. Y. .0s
Carson Pet
0734 Gulf Coast, export__ .08
Tide Water011Co. .074
Crew Levick
North Louisiana
.08
.0711
Richfield Oil Co__ .08
West Texas
.064 North Texas...05% .06
Warner-Quinn:Jet) __
Chicago
.04j-.O534 Oklahoma
0594 06
Pan-Am.Pet. Co_ .07% New Orleans
.07
Pennsylvania
08%
Shell Eastern Pet_ 08
04134
Arkansas
Gasoline. SerrIce Station. Tax included.
New York
5.163 Cincinnati
Minneapolis
$ 19
$ 17
Atlanta
.25
Cleveland
New Orleans
19
.195
Baltimore
.172 Denver
Philadelphia
.20
22
Boston
.155 Detroit
21
.143 San Francisco
Buffalo
188 Houston
Spokane
22
.275
Chicago
Jacksonville
St. Louie
.17
.25
205
Kansas City
.1711
Kerosene. 41-43 Water White. Tank Car Lots. F.O.B. Refiner,.
N.Y.(Bayonne)____ $ 064 1Chloago
3.05% New Orleans
5.078
North Texas-.034= 0.311 1 Las Amplest. export_ 0514 Tulsa
0614
Fuel Oil. 18-22 Degrees. F.0.13. Refinery or Terminal.
New York (Bayonne) 51,05 Los Angeles
5.85 Gulf Coast
5.711
Diesel
2.00 New Orleans
.95 Chicago
58
Gee Oil, 32-34 Degrees, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)---3.054(Chicago
5.03!Tulsa
$03
_
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,566,400 barrels, or 95.6% of the 3,730,100
barrel estimated daily potential refining capacity of the plants
operating in the United States during the week ended Oct.
25 1930 report that the crude runs to stills for the week show
that these companies operated to 65.7% of the total capacity.
Figures published last week show that companies aggregating
3,566,400 barrels, or 95.6% of the 3,730,100 barrel estimated
daily potential refining capacity of all plants operating in
the United States during that week, but which operated to
only 66.2% of their total capacity, contributed to that report.
The report for the week ended Oct. 25 1930, follows:
CRUDE RUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED OCT. 25 1930.
(Figures in Barrels of 42 Gallons)
District.
Per Cent
Potential
Capacity
Reporting.
16,397,000
2,342,400
16,523,000
2,360,400
19.563,000
2.704,800
2.726,000
750.000
.""- ?°Rcl."°1
0
0-.4coto0-tom
100.0
1110.0
40404040
95.4
g8E888g8
:Texas Gulf Coed
if.n.11ainna now (Inns}
95.6
95.6
IC
Total week Oct. 25.Daily average
Total week Oct. 18._
Daily average
yTotal Oct. 26 1929..
Daily average
NMOWt.W.00
East Coast
100.0
Appalachian
93.2
Ind., Illinois. Kentucky 97.5
Okla., Kans., Missouri_ 89.4
91.9
Texas_
Louisians-Arkansas
98.3
93.1
Rocky Mountain
98.3
California
Per Cent
Oper.
of Total
Capacity
Report.
Crude
Runs to
Stills.
.
Gasoline
Stocks.
5,702.000
829.000
4,916,000
2,434,000
6,196.000
1,010,000
1,648,000
13,920,000
Gas and
Fuel Oil
Stocks.
11,937.000
1,018,000
4,141,000
4,691,000
10.479.000
2,206.000
1,081,000
103.914,000
65.7
36.655.000
139.467,000
66.2
38.276,000
140,035,000
83.9
32,802,000 *145,782,000
73.5
72.6
4,992.000
772.000
7,654.000
1.310.000
• Final revised. x Included above the table for week ended Oct. 25 1930 of their
respective districts. 2 The United States total figures for last year shown above are
,
not comparable with this year's totals because of the difference In the percentage
capacity reporting.
-All crude runs to stills and stocks figures follow exactly the present Bureau
Note.
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 runs to
stills include both foreign and domestic crude.
Crude Oil Output in United States Continues at Lower
Rate Than in 1929.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ending Oct. 25 1930, was 2,378,200 barrels, as com-
[VoL. 131.
pared with 2,370,750 barrels for the preceding week, an
increase of 7,450 barrels. Compared with the output for
the week ended Oct. 26 1929, of 2,869,700 barrels per day,
the current figure represents a decrease of 491,500 barrels
daily. The daily average production east of California was
1,785,050 barrels, as compared with 1,783,150 barrels, an
increase of 1,900 barrels. The following arc estimates of
daily average gross production, by districts.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week Ended
Oct. 25 '30. Oct. 18 '30. Oct. 11 '30. Oct. 26 '29.
Oklahoma
537,450
545,600
680,650
549,100
Kansas
115,750
112.650
115,950
110,700
Panhandle Texas
81,200
80,900
104,600
80,200
North Texas
62,550
62,800
62,600
91.900
West Central Texas
47,000
47,650
47,650
58,000
West Texas
277,360
273.700
270,350
363,400
East Central Texas
40,800
42,000
40,550
18,000
Southwest Texas
112,600
96,900
101,050
74,850
North Louisiana
41,850
42,150
38,200
40,300
Arkansas
52.750
52,850
63,950
52.400
Coastal Texas
167,400
167,800
188,600
147,300
Coastal Louisiana
26,400
27,850
27,150
23,700
Eastern (not including Michigan)
115,000
115,500
112,500
119,800
Michigan
7,400
7,400
18,100
7,550
Wyoming
49,350
48,850
53,350
47,700
Montana
7,950
7.900
10,950
9,000
Colorado
4,200
4,100
4,150
5,350
New Mexico
38,050
46,550
39.800
6,400
California
593,150
587,600
590,200
880,500
Total
2,378,200
2,370,750
2,366,800
2,869,700
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 Oct. 25, was 1,369,300 barrels, as compared with 1,357,200
barrels for the preceding week, an increase of 12,100 barrels. The MidContinent production, excluding Smackover (Arkansas), heavy oil, was
1,332,950 barrels, as compared with 1,320,800 barrels, an increase of 12.150
barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-Week Ended
-Week Ended
Oklahoma
-Oct.
25. Oct. 18.
Southwest TexasOct. 25. Oct. 18.
Bowlegs
14,200 15,200 Chapman-Abbot
9.750
7,000
Bristow-Slick
14,150 15,000 Darst Creek
59,750 45.700
Burbank
15,000 15,350 Luling
9,900
9,900
Carr City
9,000 10.300 Salt Flat
16,350 17,400
Earlsboro
, 21,400 22,650
North LouisianaEast Earisboro
17,800 18,500 Sarenta-CartervIllo
2,600
2,700
South Earlsboro
9,900 Zwolle
9,350
7,050
6,750
Konawa
17,600 18,600
Arkansas
Little River
24,200 25,900 Smackover. light
4,950
5,000
East Little River
11.750 12,650 Smackover. heavy
36,350 36,400
Maud
Coastal Texas
3,650
3,400
Mission
7,250
7,100 Barbera Hill
21,000 22,250
Oklahoma City
88,900 88,000 Raccoon Bend
9,100
9,200
St. Louis
22,850 23,050 Refuel° County
25,900 27,100
Sear1ght
6,800
7.150 Sugar Land
11,900 11,850
Seminole
Coastal Louisiana
14,000 14,600
East Seminole
2,100
2,250 East Hackberry
2,300
2,100
Old Ilackberry
800
900
KansasWyoming
Sedgwlek County
22,750 22,500 Salt Creek
28,600 28,400
Voshell
Montana
9,350 6,650
Panhandle Texas
Kevin-Sunburst
5,050
5,050
Gray County
55,800 54,900
New Mexico
Hutchinson County
17,000 17,500 Hobbs High
27,350 36,100
7,850
Balance Lea County_ _
8,150
North Texas
California
Archer County
13,300 13,350 Elwood-Goleta
39,800 32.600
Wilbarger County
15,500 15,500 Huntington Beach
28.000 28,000
15,500 15,500
Inglewood
West Central Texas
Kettleman Hills
24,800 24,500
Young County
96,250 100,000
14,500 15,100 Long Beach
Midway-Sunset
59.000 59.000
West Texas
Playa Del Rey
26,000 23,500
Crane & Upton Counties 34,900 34,150 Santa Fe Springs
03.800 94.200
7.900 Seal Beach
Ector County
7.050
18,500 18,500
Howard County
31,350 30.500 Ventura Avenue
46,500 46,800
Reagan County
25.800 23,400
Pennsylvania Grade
Winkler County
59,400 60,050 Allegany
6,650
6,550
Yates
103,250 101,900 Bradford
22,750 23,050
Balance Pecos County__ 3,000
3,400 Southeastern Ohio
7,200
7.700
East Central Texas
2,800
Southwestern Penns_ ___ 2.800
Van Zandt County
27,600 28,450 West Virginia
13,000 13 80
. 0
September Oil Production in Venezuela Shows Little
Change as Compared With a Year Ago.
Production of crude oil in Venezuela during September
totaled 11,310,770 barrels, a daily average of 377,025 ba rrels
compared with 11,378,274 barrels, a daily average of 367,041
barrels in August this year and 11,338,182 barrels, a daily
average of 377,939 barrels in September 1929, according to
O'Shaughnessy's Weekly Oil Bulletin, which also gives the
following:
PRODUCTION IN VENEZUELA (PARTLY ESTIMATED) IN BARRELS
OF 42 GALLONS.
By CompaniesV. 0. C
Lago
Gulf
Caribbean Petroleum
Creole Petroleum
Colon Oil
B. C. 0., Ltd
General Asphalt
Total
By FieldsLagunillaa
La Rosa-Ambrosio
Benitez
Concepcion
La Paz
Mene Grande
Terra
El Mene
Guanoco
Total
Sept. 1930. Per Day.
Sept. 1929. Per Dav.
3,220,746
3,110,731
1.858.441
2,005.950
496.353
419,554
157.195
41,800
107,359
103,691
61,948
66.865
16,545
13,985
5,240
1,393
3.783.870
2,835,922
2.324.200
1.521.090
651,600
126,129
94,531
77,473
50,703
21,720
193,500
28,000
6.450
933
11.310.770
377,025
11,338.182
377.
939
6,039,706
2,215,453
76,830
331.737
22,545
2,005,950
410,554
157,195
41,800
201,323
73,848
2,561
11,058
751
68.885
13,985
5,240
1.393
5,930,003
3,655,789
9,800
197,867
121,859
827
.......
1,521,090
so:iiia
6;430
11.310.770
377.025
11.338.182
193,500
28,000
933
377.939
FINANCIAL CHRONICLE
Nov. 1 1930.]
VENEZUELA SHIPMENTS SEPTEMBER 1930 (BARRELS OF 42 GALS.).
-By Companies.)
(From Lake to Ocean Terminals
374,393
3,525,249 Colon Oil
Lego
162,500
3,215,222 B. C. 0.. Ltd
V. 0. C
51.000
2,417,000 General Asphalt
Gulf
1,652,800
Carribbean Petroleum
x11,861,164
463,000 Total
Creole Petroleum
x Equivalent to about 395,372 barrels per day.
2817
sale, over-emphasized the effect of the bonus plan during trial of the
injunction suit, and attached no importance to it whatever during the proxy
battle that preceded the Youngstown stockholders' meeting.
He declared "that no fair-minded person" could assume that the bonus
percentages paid to Bethlehem officials last year would be continued by the
merged corporation.
Lower Prices Spur Demand for Copper-Substantial Sheet Wages Hold-Scale in Middle Western Plants
Will be Unchanged in November, December.
-Zinc
Tonnage Goes Abroad-Lead Market Quiet
A dispatch from Youngstown, Ohio, is taken as follows
and Tin Steady.
The recent decline in copper prices brought out a good from the "Wall Street Journal" of Oct. 29:
western plants of
The wage
sheet and tin mill workers
volume of business for domestic and foreign account during the Westernscale of Manufacturers Associationin middleunchanged during
will be
Sheet
past week. Domestic consumers bought about 30,000 November and December, it was announced after a hi-monthly examination
the
tons of the metal, with virtually all business going through of prices on which the scale is based. Average price of 26,27 and 28-gauge
black sheets shipped during September and October was 2.75 cents a pound,
on the basis of 93's cents, delivered Connecticut, reports unchanged from the previous two months and compared with 2.90 cents in
for the week May and June. Sheet and tin workers wages in November and December,
"Metal and Mineral Markets." Foreign sales
totaled approximately 25,000 long tons, swelling the total 1929, were based on a 3.05 cent price.
for the month to more than 53,000 long tons, the largest in
many months. The publication referred to adds:
Puddlers Wages Unchanged.
Foreign demand for copper was more insistent than domestic owing to the
Adviees from Youngstown to the "Wall Street Journal"
fact that European consumers held off from placing business for a much
longer period than American consumers. European buyers took all the of Oct. 28, said:
copper they could get at the revised price.
Wages of puddlers during November and December will be based on a
The lead market exhibited one of the dullest weeks of the year, with less
1.80 cent card rate, unchanged from September and October, according to
than 2,000 tons reported sold for the period in the open market. Prices
an agreement reached between C. S. Leonard, Secretary of the Western
held steady in all directions, however, and the London market showed
Bar Iron Association and representatives of the Amalgamated Association
insignificant variations from day to day. It appears evident that conof Iron, Steel & Tin Workers.
sumers are buying lead only as they need it, and it is probable that any
Indications of an increase in prices would result in a consdierable spurt in
business.
The week saw practically no change in the position of zinc. In some Inland Steel Co. of Wisconsin to Reopen Milwaukee
quarters there was a pronounced reluctance to sell at current levels, and
Plant.
this had the effect of steadying the market slightly. Total tonnage sold
Associated Press adviees from Milwaukee Oct. 24, said:
buying here.
was moderate. Tin prices remain unchanged, with quieter
but an improved demand on the Continent.
The Inland Steel Co. of Wisconsin will reopen its Milwaukee plan
Nov. 3, giving full-time employment to 700 men. The plant will be rut
-hours in three shifts, E. G. Jones, general superintendent, said to-day
24
Industrial Consumption of Copper Falls Off-Export
Shipments Increase.
Estimated consumption of copper in important copper requiring industries of the United States in the third quarter
of 1930 showed a falling off from consumption in the corresponding period of 1929, according to the American Bureau
of Metal Statistics. Manufacturers for expbrt, however,
were higher than a year ago. Consumption by industries
in tons of 2,000 pounds, according to the "Bureau," follows:
1930.
Electrical ilutomoManufac'g.
tiles.
Manufac'g
Buildings. for Export.
53,000
62,000
53,000
26.000
28,000
18,000
11,000
9,000
11,000
15,300
20,200
18,600
52,000
70,000
68,000
71,000
First quarter
Second quarter
Third quarter
37,000
44,000
35,000
19,000
15,500
13,000
16,500
14,000
22.300
17,300
17,800
16.200
45,000
.55,000
54,000
59.000
29.500
35.500
35,500
24.500
13,500
14.500
18,500
15,500
16,400
16,200
16,200
17,000
1929.
First quarter
Second quarter
Third quarter
Fourth quarter
1928.
First quarter
Second quarter
Third quarter
Fourth auarter
Recoverable Lead in Ore Shipments Increases.
Recoverable lead in ore shipments received by United
States smelters during September came to 51,869 short tons,
of which 48,354 tons were of domestic origin, according to
statistics released by the American Bureau of Metal Statistics, and published in the "Wall Street Journal." This compares with receipt of 49,063 tons in August, of which 45,542
tons were of domestic origin and 48,298 tons in July, of
which 44,438 were domestic.
The following table gives in short tons recoverable lead
in ore receipts by United States smelters with source of
origin of the ore.
-Price of
Steel Ingot Production Again Falls Off.
Heavy Smelting Steel at Lowest Level Since 1921.
With further declines reported in scrap prices and in ingot
output, the immediate outlook in the iron and steel industry
lacks promise, the "Iron Age" of Oct.30 states. Reductions
in old material prices have been general, affecting virtually
all items listed, with heavy melting scrap, the key grade,
off $1 a ton at Philadelphia,50e. at Detroit and 25e. at Pitts..
burgh and St. Louis. The "Iron Age" composite price for
heavy melting steel, at $12.25 a gross ton, is at the lowest
level since 1921.
Steel ingot production, reflecting seasonal contraction in
tin plate and pipe output and the absence of expected
autumnal improvement in other lines, has,receded to 50%
of capacity, compared with 53% a week ago. But with
structural steel demand holding up fairly well and with a
moderate amount of railroad business developing, it is
possible that the present rate of operations will prove the
low for 1930, barring year-end curtailment. The "Age"
further goes on-to say.
C4C4C44)NtON.W
tJ 0 t? Co t.
0.•Cnwoo.—cr.c4c4
Rail orders include 75,000 tons placed by the Baltimore & Ohio and
15,000 tons bought by the Chicago & North Western. The latter road
also renewed 15,000 tons that had not been specified in its expiring contract. The Delaware, Lackawanna & Western, which recently closed for
2,500 tons, will buy 16,000 tons additional, while the Board of Transportation New York, has taken bids on 10.000 tons for subways. The Pennsylvania is considering the purchase of 250,000 tons, and the expected
inquiry from the New York Central will probably call for 175.000 tons.
Producers are being given considerable latitude in scheduling millings
and consequently will be in a position to use rail commitments to stabilize
their raw steel output.
To obtain further tonnage to offset losses in businessfrom other directions
steel producers are pressing the railroads to place orders for cars and locomotives. It is said that such buying can be stimulated if arrangements
can be made to finance contracts to their full amount. Normally, equipment trust certificates cover only 80% of the purchase price, the remaining
Lead in
From
Other
Total
Total
20% being paid in cash.
U.S. Ore. Mexico. Foreign. Foreign.
Intake.
The Virginian Railway will rebuild 500 to 600 coal cars, requiring 6.000
tons of steel, while the 2,000 cars being constructed by the Baltimore &
47.862
1,575
1.668
January
51.105
49,009
843
1,020
February
Ohio will call for 15,000 tons.
50,872
57,441
1,731
1,194
March
60,366
New structural steel projects, at 53,000 tons, are the largest since the
49,388
1,137
1,124
April
51.649
first week of September. Awards are considerably above average, totaling
49,530
1,331
1,137
May
51,998
40,000 tons compared with 48,000 tons a week ago.
47,692
2,129
999
June
60.820
44.433
1,709
2,156
July
48,298
Steel business in the aggregate continues to show the effects of the policy
45,542
882
2,639
August
49,063
of extreme caution now prevalent among all buyers.
2,541
48,354
974
September
51,869
Iron and steel prices ares till sensitive, although demand is exceedingly
439.251
12.311
Tnts.1
14.478
26.789
4011 we
sluggish. Actual changes in steel prices during the week are few. Galvanized sheets and wire nails are off $1 a ton, and concessions are reported
Note -This table is computed on basis of recoverable lead. Owing to factor
used in estimating, which is probably on low side, and also to possibility that some on plain wire.
The "Iron Age" composite prices on pig iron and finished steel are unlead receipts may escape attention, these monthly totals probably underrun actual
production of Dig lead.
changed at $16.29 a gross ton for the former and 2.135c. alb.for the latter.
Bethlehem to Cut Bonus Percentages.
Associated Press accounts from Youngstown, Oct. 28, to
the New York "Evening Post" follow:
Frederick H. Wood, defense attorney, told Judge David G. Jenkins
to-day that the Bethlehem Steel bonus plan, which netted $3,000,000 to the
corporation's executives last year, had no significance in the drawing up of
terms for acquisition of the Youngstown Sheet & Tube Co.
Wood charged that the Cyrus S. Eaton group, which seeks to block the
Finished Steel.
1Based on steel bars, beams, tank plates;
Oct. 28 1930, 2.135o. a Lb.
2.135e.i wire. rails. black pipe and sheets.
One week ago
These products make 87% of the
One month age
2.156eth
2.362e. United States output.
One year ago
Low.
High.
2135c. Oct. 14
5.362e. Jan. 7
1930
23620. Oot 29
-2.412e. Apr. 2
1929
2.3140. Jan. 3
2.391o. Dee. 11
1928
2.293e. Oct.25
2.463e. Jan, 4
1927
2.403o. May 18
2.453e. Jan. 8
1928
2.396c. Aug. 18
2.1500e. Jan. 6
1936
2818
FINANCIAL CJHRONICLIC
• Pig Iron.
Oct. 28 1930, $16.29 a Gross Ton. lnased on average of baste iron as Valley
One week ago
$16.29 furnaoe and foundry irons at Chicago.
One month ag0
16.381 Philadelphia. Buffalo, Valley and BlrOne year ago
18.38J mington.
High.
Low.
1930
$18.21 Jan. 7
$16.29 Oct. 14
1929
18.71 May 14
18.21 Dee. 17
1928
18.59 Nov.27
17.04 July 24
1927
19 71 Jan. 4
17.54 Nov. 1
1926
21.54 Jan. 5
19.46 July 13
1925
22.50 Jan. 13
18.96 July 7
Steel Scrap.
Oct. 28 1930, 312.25 a Grose Ton.
Based on heavy melting steel onoOne week ago
$12 67 teems at Pittsburgh, Philadelphia
One month ago
13.58 and Chicago.
One year ago
15.58
High.
Low.
1930
$15.00 Feb. 18
312.25 Oct. 28
1929
17.58 Jan. 29
14.08 Dec. 3
1028
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
1926
17.25 •Jan. 5
14.00 June 1
1925
20.83 Jan. 18
15.08 May 5
[you 131.
38,632,000 net tons, as against 35,661,000 tons for the 26
days in August. The average daily rate of output in
September was 1,527,000 tons. Compared with the daily
rate of 1,372,000 tons for August, this shows an increase of
155,000 tons, or 11.3%.
The production of Pennsylvania anthracite in September
is estimated at 5,293,000 net tons. The average daily rate
of production in September was 211,700 tons, a decrease of
11.1% from the August average of 238,000 tons. The
Bureau's statement further shows.
ESTIMATED PRODUCTION OF COAL IN SEPTEMBER AND ACCUMULATIVE PRODUCTION FOR THE FIRST NINE MONTHS OF 1930'
1929, 1928 AND 1923, IN NET TONS.a
September
1930.
August
1930.
Calendar Year to Oct. 1.
1930.
1929.
1923.
1928.
Alabama- 1,151,000 1,090,000 11,227,000 13,424,000 13,042,000 15,538,000
115,000 1,005,000 • 1,095,000
Arkansas175,000
1,144,000
951,000
Colorado__
671,000 434,000 5,432,000 6,680,000 6,748,000 7,352,000
Illinois__ 4,120,000 3.780.000 37,513,000 42,558,000 38,160,000 59,486,000
Indiana__ 1,260,000 1,135,000 11,267,000 13,134,000 11,771,000 19,562,000
Iowa
230.000 2,480.000 2,923,000 2,588,000 4,161.000
283,000
146,000 1,607,000 2,115,000 1,870,000 3,242,000
230,000
Kansas- -Kentucky:
Eastern _ 3,579.000 3,320,000 30,654,000 33,885,000 33,748.000 25,057,000
848,000 746,000 7,458,000 10,357,000 11,770,000 8,078,000
Western_
164,000 1,677,000 1,920,000 1,918,000 1,831,000
Maryland_
175,000
25,000
55,000
445,000
Demand for most steel products has registered enough decline in the Michigan
856,000
587.000
530,000
282,000 2,509,000 2,810,000 2,626,000 2,499,000
264,000
past fortnight to wash out practically all the improvement in the first half Missouri_ _
182,000 1,827,000 2,370,000 2,276,000 2,174,000
Montana232,000
of October. In pig iron and coke, early October commitments were for N. Mexico_
114,000
125,000 1,309,000 1,892,000 2,048,000 2,167,000
the quarter, and hence the withdrawal of buyers is not significant.
67.000 1,078,000 1,155,000
No. Dak-156,000
966,000
843,000
1,846,000 1,870,000 16,453,000 16,662,000 9,925,000 31,255,000
On heavy finished steel, quotations continue fairly stable, but on many Ohio
Oklahoma_
208,000
168,000 1,709,000
light products they are easy and on scrap they still are decidedly soft. Pa.(bitum) 10,160,000 9,620,000 92,034,000 2,647.000 2.291,000 2,077,000
106,521,000 94,655,000 133.747,000
There is considerable opinion that the attempt to stiffen prices will be Tennessee_
423,000
410,000 3,970,000 3,977,000 4,070,000 4,603,000
helpful, perhaps eliminating much weakness this quarter.
Texas
65.000
52,000
484,000
840,000
881,000
866,000
394.000
247,000 2,691,000 3,499,000 3,187,000
3,301,000
Production of steel ingots averages 49% this week, compared with 52 Utah
Virginia
the past two weeks and 55 as October opened. Youngstown mills are up Wash'gton. 967,000 845,000 8,532,000 9.393,000 8,480,000 9,033,000
172,000
140,000 1,471,000 1,834,000
1,829,000 2,089,000
a point, to 54%. Pittsburgh is unchanged at 50-55. Chicago at 57-58. W. Virginia
South'nb 8,090,000 7,628,000 67,471,000 75,268.000 69,370,000 50,808.000
and Buffalo at 57, Eastern Pennsylvania, however. is off five points to
North'nc 2,462,000 2,406,000 23,347,000 27,031,000 28,187,000 30,812,000
53%, Birmingham down five to 45, and Cleveland off 11 points to 24.
Wyoming. 518,000 430,000 3,950,000 4,628,000 4,522,000 5,274,000
Undoubtedly,some requirements for steel will be created by the Hoover Others
4,000
4,000
42,000
150,000
219,000
206,000
employment campaign, but it will take a little time for this business to
reach the rolling stage. Among the rank and file of the industry the con- Total Mtnmin.
census of opinion is that whatever demand is thus developed will do little Pa. coal. 38,632,000 35,661,000 339,642,000 389,255,000 358,698,000427,991,000
anth'te 5,293,000 6,190,000 50,933,000 52,605,000 53,512,000 69,702,000
more than offset seasonal November and December recessions, and that
a genuine upturn cannot be expected before the automotive industry
Total coal 43.025.000 41.851.000 390 575.000 441.860 000 412.210.000 497.693.000
revives, probably in the spring.
a Figures for
The railroads still continue the most active factors in the steel markets N. St W., C. & 1929, 1928 and 1923 only are final. b Includes operations on the
0:, Virginia, and K. & M. c Rest of State, including Panhandle.
and while most of this business is for 1931 roWng, the efforts to create
Note.
-Above are given the first estimates of production of bituminous coal. by
jobs may expedite releases. With the Virginian out for 800 coal car bodies, States, for the month of September. The distribution of the tonnage Is based in
735 freight cars are on inquiry. Interborough Rapid Transit, New York, part (except for certain States which themselves furnish authentic data), on figures
of loadings by
may buy 289 subway cars. Western Fruit Express has revived its inquir and by officialsrailroad divisions, furnished by the American Railway Association
of certain compants, and in part on reports made by the U. S.
for 1,000 underframes; Pacific Fruit Express wants 600.
engineer offices.
The week's rail orders include 15,000 tons by the Chicago & North
Western, 10,500 by the Atlantic Coast Line and 1,500 by the Charleston &
Western Carolina. Baltimore & Ohio is taking bids on 75.000 tons. InOutput of Bituminous Coal and Pennsylvania
cluding 10,000 tons for the North Western, track fastening inquiry at
Anthracite Declines.
Chicago totals 30.000 tons. Momentarily the New York Central inquiry
for upward of 175,000 tons of rails is expected.
According to the United States Bureau of Mines, DepartStructural awards, topped by an 8,000
-ton office building in New York,
continue to work down slowly. This week they total 28,288 tons, con- ment of Commerce, production of bituminous coal and
trasted with 47,371 tons last week and 41,386 tons a year ago. Awards Pennsylvania anthracite for the week ended Oct. 18 1930,
for the year to date, at 1,580,246 tons, are 14% behind 1929. Pending was
below that for the corresponding week last year and for
work is seasonably large, but is not being augmented as rapidly as in
September. On the Pacific Coast 50.000 tons of structural work is active. the week ended Oct. 11 1930. During the week under review,
Concrete bar orders are heavy.
9,232,000 net tons of bituminous coal, 1,304,000 tons of
Demand for plates at Chicago, strong for weeks, slackens as other districts improve. Pittsburgh expects tonnage from car and reviving barge Pennsylvania anthracite and 38,300 tons of beehive coke
orders. Federal Shipbuilding Co. is low on Grace Line ships requiring were produced, as compared with 11,354,000 tons of bitu24,00) tons, chiefly plates.
Newport News Shipbuilding & Dry Dock minous coal, 1,895,000 tons of Pennsylvania anthracite and
Co. has bought 9,750 tons for the new navy airplane carrier. Bar orders
at Chicago also fail to make further gains. Bar iron at Chicago is off $1. 105,000 tons of beehive coke in the same period last year and
Montana Power Co. will place a 60.000
-ton pipe line. Seattle is placing 9,495,000 tons of bituminous coal, 1,907,000 tons of Penn8,600 tons of steel pipe. Sheet, wire and strip bookings generally are sylvania anthracite and 35,900 tons of beehive
coke in the
lighter. Black sheets are weaker at Chicago, and nail prices still fluctuate.
week ended Oct. 11 1930.
Tin plate users are deferring first-half contracting.
Pig iron, coke, scrap and semi-finished steel are inactive.
For the calendar year to Oct. 18 1930, there were produced
September exports ofiron and steel, at 131,211 tons, were off 20,000 tons, 364,296,000 net tons of
bituminous coal as against 419,explained chiefly by smaller shipments of scrap. Imports, at 40,285 tons,
773,000 tons in the calendar year to Oct. 19 1929. The
were up slightly.
Weakness in nails and black sheets lowers "Steel's" market composite Bureau's statement follows.
8 cents this week, to $32.06, another new low.
BITUMINOUS COAL.
The total production of soft coal during the week ended Oct. 18 1930,
Steel ingot production for the week ended last Monday
including lignite and coal coked at the mines, is estimated at 9,232,000 net
(Oct. 27) is estimated at below 50% of theoretical capacity, tons. Compared with the output in the preceding week,
this shows a
according to the "Wall Street Journal" of Oct. 29. This decrease of 263,000 tons, or 2.8%. Production during the week in 1929
compares with better than 52% in the preceding period corresponding with that of Oct. 18 amounted to 11.354,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
and with 55% two weeks ago. The "Journal" goes on to
1930
say.
Cal. Year
192 a Year
Ca
Cal.
9
Week Endedto Date.
Week.
Week.
to Date.b
For the United States Steel Corp. the rate is placed at a little over .55%,
Oct. 4
9,304,000 345,569,000
11,314,000 396,632,000
contrasted with a fraction under 58% last week and about 60% two weeks
Daily average
1,472,000
1,551.000
1,886,000
1,472,000
ago.
Oct. 11-c
9,495,000 355,064.000
11,787,000 408,419,000
Daily average
1,475,000
1,583,000
Leading independents are figured at under 47%, against only a shade
1,965,000
1,475,000
Oct. 18_d
9.2:32.000 364,296,000
11,354.000 419.773,000
below 49% in the previous week and 52% two weeks ago.
Daily average
1,539.000
1,762,000.1,476,000
At this time last year the United States Steel Corp. was at approxia Figures for 1929 are final. b Minus one day's production first week in
mately 82%, with leading independents fractionally over 77%, and the
January to equalize number of days In the two years. c Revised. d Subaverage was nearly 79%.
ject to revision.
Toward the close of October 1928, the United States Steel Corp. was
The total production of soft coal during the present calendar year to
running at 86% and leading independents at 88% with the average nearly
Oct. 18 (approximately 247 working days) amounts to 364,296,000 net
8734%•
tons. Figures for corresponding periods in other recent calendar years are
given below:
Production of Bituminous Coal and Anthracite in 1929
419,773,000 net tons 11927
417,731,1)00 net tons
436,988,000 net tons
First Nine Months of 1930 Lower Than in Corre- 1928 already 388,647,000 net tons figures
As
indicated by the revised
above, the total production
sponding Period Last Year.
of soft coal for the country as a whole during the week ended Oct. 11 is
According to the United States Bureau of Mines, the total estimated at 9,495,000 net tons. Compared with the output In the preceding week, this shows an increase
production of bituminous coal for the country as a whole table apportions the tonnage by of 191,000 tons, or 2.1%. The following
States and gives comparable figures for
during the 25.3 working days of September is estimated at other recent years:
Neither the price stabilization program presented to the
American Iron and Steel Institute last week nor the effort
to alleviate unemployment by stimulating the construction
industries has yet had any influence upon steel and iron,
says "Steel" in its issue of Oct. 30. In bookings, production
and prices, as a whole, further deterioration is apparent.
"Steel" is further quoted as follows.
Nov. 1 1930.]
FINANCIAL CHRONICLE
2819
PENNSYLVANIA ANTHRACITE.
Estimated Weekly Production of Coal by States (Net Tons).
Oct. 1923
Week Ended
The total production of anthracite in the State of Pennsylvania during
Oct. 13 '28. Average.a
Oct. 11'30. Oct. 4 '30. Oct. 12 '29.
Alabama
398,000 he week ended Oct. 18 is estimated at 1,304,000 net tons. Compared wiqi
337,000
280,000
275,000
348,000
Arkansas
28,000 he output in the preceding week, this shows a decrease of 603,000 tons,
45,000
45,000
52,000
50,000
Colorado
217.000
203,000
170.000
200,000
207,000
Illinois
1,039,000 1,106,000 1,325,000 1,289,000 1,558,000 or 31.6%. Production during the week in 1929 corresponding with that of
Indiana
360,000
520,000
370,000
320,000
330,000
Iowa
116.000 Oct. 18 amounted to 1,895,000 tons.
77,000
72,000
82,000
77,000
Kansas
91,000
63,000
48,000
51,000
74,000
Estimated Production of Pennsylvania Anthracite (Net Tons).
Kentucky
1929
1930
Eastern
764,000
834,000
828,000 1,052,000 1,034,000
DailyDaily
Western
387.000
238,000
186,000
330,000
196,000
Week.
Ave.
Avge.
Week EndedWeek.
Maryland __
57,000
35,000
43,000
59,000
42,000
1,862.000
256,200
310,000
1,537,000
28,000 Oct. 4
Michigan_
4,000
16,000
15,000
18,000
1.884,000
314,000
1,907,000
317,800
Missouri
86,000
70,000 Oct. 11
63,000
71,000
83,000
316,000
1,895,000
1,304,000
217,300
Montana
84,000
82,000 Oct. 18
62,000
75,000
70,000
New Mexico_
58,000
45,000
42,000
52.000
36,000
BEEHIVE COKE.
North Dakota--36,000
47,000
42,000
54,000
40,000
Ohio
817,000
454,000
466,000
571,000
459,000
The total production of beehive coke during the week ended Oct. 18 1930,
Oklahoma
60,000
87.000
88,000
62,00062,000
Penna. (bitum.)_ 2,614,000 2,416,000 3,082,000 2,963,000 3,149,000 is estimated at 38,300 net tons. Compared with the output in the preceding
Tennessee
118,000 week, this shows an increase of 2,400 net tons. Production during the
130,000
103,000
103,000
107,000
26,000
27,000
21,000
14,000
Texas3,
Utah
121,000 week in 1929.corresponding with that of Oct. 18 amounted to 105,000
128,000
118,000
112,000
140,000
Virginia
231,000 net tons.
266,000
225,000
270,000
216,000
Washington
68,000
40,000
44.000
44,000
55,000
Estimated Production of Beehive Coke (Net Tons).
West Virginia
Week Ended
1930
1929
Southern _b_
1,881,000 1.770,000 2,296,000 2,209,000 1,488,000
to Date.a
805,000
Northern_c
871.000
Region814,000
Oct.18 30.bOct.11'30.c Oct.19'29. to Date.
.
586,000
585,000
Wyoming
184,000 Penn., Ohio & W Va. 32,700
159,000
120,000
168,000
124,000
30,500
92,400 2,092,400 4,570,300
Other States
5,000
4,000
1,000
5,000
1,000
197.100
302.000
Ga., Tenn.,and Va.. 3,900
3,700
8,600
208,700
1,700
4,000
88.000
Total bitum's_ 9,495,000 9,304,000 11,787,000 11,457,000 11,310,000 Colo., Utah & Wash_ 1,700
Penn. anthracite. 1,907,000 1,537,000 1,884,000 1,967,000 1,968,000
United States total 38,300
35,900
105,000 2,377,500 5,081,000
Total all coal-11,402.000 10,841.000 13,671,000 13.424,000 13,278,000
17,500
9,548
20,406
Daily average
6,383
5,983
a Average weekly rate for the entire week. b Includes operations on
a Minus one day's production first week in January to equalize number
N. & W., C. & 0., Virginian, and K. & M. c Rest of State, including
of days in the two years. b Subject to revision. c Revised.
Panhandle.
r Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending Oct. 29, as reported by
the 12 Federal Reserve banks, was $991,000,000, a decrease
of $37,000,000 compared with the preceding week and of
$497,000,000 compared with the corresponding week in 1929.
After noting these facts, the Federal Reserve Board proceeds
as follows.
On Oct. 29 total Reserve Bank credit amounted to $985,000,000, a
decrease of $7,000,000 for the week. This decrease corresponds with a
decrease of $24,000,000 in money in circulation and increases of $10,000,000
In monetary gold stock and $3.000,000 in Treasury currency offset in part
by an increase of $31,000,000 in member bank reserve balances.
Holdings of discounted- bills increased $10,000,000 during the week, the
principal changes being increases of $7,000.000 at the Federal Reserve
Bank of Now York and $3,000,000 each at Boston and Chicago. The
System's holdings of bills bought in open market declined $11,000,000, of
United States bonds $1,000,000 and of Treasury certificates and bills
$4,000,000, while holdings of Treasury notes increased $4,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended Oct. 29, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 2849 and 2850.
Changes in the amount of Reserve Bank credit -outstanding and in related items during the week and the year ended
Oct. 29 1930 were as follows.
Increase 1+) or Decrease (-)
Since
Oct. 29 1930. Oct. 22 1930. Oct. 30 1929.
202,000,000
166,000,000
601,000,000
17,000,000
$
+10,000,000
-11,000,000
-1,000,000
-4,000,000
-789,000,000
174,000,000
+308,000,000
-40,000,000
985,000,000
4,533,000,000
1,791,000,000
-7,000,000
+10,000,000
+3,000,000
-695,000,000
+148,000,000
-4,000,000
4,426,000,000 -24,000,000
Money in circulation
Member bank reserve balances
2,468,000,000 +31,000,000
Unexpended capital funds, non-mem416,000,000
ber deposits, &c
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$101,000,000, the total on Oct. 29 1930 standing at $2,512,000,000. The present week's decrease of $101,000,000
follows a contraction in each of the four preceding weeks
making the falling off for the five weeks combined of $710,000,000. Loans "for own account" fell from $1,590,000,000
to $1,510,000,000; loans "for account of out-of-town banks„
decreased from $511,000,000 to $502,000,000 and loans "for
account of others" from $512,000,000 to $500,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Oct. 29 1930. Oct. 22 1930. Oct. 30 1929.
Loans and Investments-total
8,414,000,000 8,273,000,000 9,010,000,000
-total
Loans
6,116,000,000 6,046,000,000 7,191.000,000
United States securities
Other Reserve bank credit
TOTAL RES'VE BANK CREDIT
Monetary gold stock
Treasury currency adjusted
2 229,000,000 2,227,000,000 1,819,000,000
Investments-total
U. S. Government securities
Other securities
1,126,000,000 1,130,000,000
1,172,000,000 1,097,000,000
Reserve with Federal Reserve Bank
Cash in vault
874,000,000
48,000,000
826,000,000
46,000,000
990,000,000
829,000,000
982,000,000
76,000.000
Net demand deposits
Time deposits
Government deposits
5,937,000,000 5,750,000,000 6,851,000.000
1,521,000,000 1,530,000,000 1,257,000,000
36,000,000
29,000,000
31,000,000
Due from banks
Due to banks
90,000,000 120,000.000
90,000,000
1,138,000,000 1,099,000,000 1,389,000,000
170,000,000
Borrowings from Federal Reserve Bank_
363,000,000
-184,000,000
Bills discounted
Bills bought
3,500,000,000 3,550,000,000 4,205,000,000
2,616,000,000 2,496,000,000 2,986,000,000
On securities
All other
Loans on secur. to brokers & dealers.
For own account
1,510,000.000 1,590,000,000 2,069,000,000
For account of out-of-town banks.... 502,000,000 511,000,000 1,005.000,000
For account of others
500,000,000 512,000,000 2,464,000,000
2,512,000,000 2,613,000,000 5,538,000,000
Total
1,905,000,000 2,020,000,000 5,063,000,000
607,000,000 593,000,000 475,000,000
On demand
On time
Chicago.
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in the different
cities included cannot be got ready.
Loans and investments
-total
2,028,000,000 2,026,000,000 2,037,000,000
Loans
-total
-4,000,000
1,537,000,000 1,540,000,000 1,679,000,000
On securities
All other
Investments
-total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
922,000,000
615,000,000
923,000,000
616,000,000
957,000,000
723,000,000
491,000,000
486,000,000
357,000,000
200,000,000
292,000,000
194,000,000
291,000,000
160,000,000
198,000,000
187,000,000
13,000,000
187,000,000
13,000,000
194,000.000
16,000,000
1,285,000.000 1,291,000,000 1,364,000.000
642,000,000 634,000,000 589,000,000
4,000,000
4,000,000
9,000,000
175,000,000
343,000,000
158,000,000
333,000,000
160,000,000
314,000,000
1, d0,000
1,000,000
1,000.000
2820
FINANCIAL CHRONICLE
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Oct. 22.
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Oct. 22 shows decreases for the week of
$21,000,000 in loans and investments, $57,000,000 in net demand deposits,
$20,000,000 in Government deposits and $18,000,000 in borrowings from
Federal Reserve Banks and an increase of $25,000,000 in time deposits.
Loans on securities declined $83,000,000 at reporting banks in the New
York district. $12,000,000 in the Boston district, $8,000.000 in the Chicago
district, $6,000.000 in the Kansas City district and $116,000,000 at all reporting banks. "All other" loans declined $42,000,000 in the New York
district, $13,000,000 in the Chicago district and $33,000,000 at all reporting
banks and increased $12,000,000 in the Bsoton district.
Holdings of U. S. Government.secutirites increased $51,000.000 in the
New York district, $15,000.000 in the Chicago district and $64,000,000 at
all reporting banks. Holdings of other securities increased $40,000,000 in
the New York district, $9,000,000 in the San Francisco district and
$63,000,000 at all reporting banks.
k Borrowings of weekly reporting member banks from Federal Reserve
Banks aggregated $58,000,000 on Oct. 22,the principal change for the week
being a reduction of $25,000,000 at the Federal Reserve Bank of New York.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Oct. 22 1930, follows:
Increase (-I-) or Decrease (—)
Since
Oct. 22 1930.
Oct. 23 1929.
On. 15 1930,
Leans and investments—total-23,383,000,000
—21,000,000 +488.000,000
Loans—total
On securities
All other
Investments—total
U.S. Government secues
Other securities
16,716,000.000
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
—784,000.000
—116,000.000 +222,000,000
—33,000.000 —1,007,000,000
8,667,000,000
+126,000,000 +1.272,000,000
3,060,000,000
3,607.000,000
Reserve with Federal Res've banks 1,827,000,000
Cash in vault
212,000,000
Net demand deposits
Time deposits
Government deposits
—148.000,000
8,142.000,000
8.573,000,000
+64,000,000
+63,000,000
+406,000,000
+867.000,600
+3,000,000
+102.000,000
—26,000.000
13,710,000,000
7,560,000,000
122,000,000
—57.000,000
+25,000,000
—20,000.000
+396,000.000
+677.000.000
—9,000,000
1,509.000.000
8,389.000.000
—187,000.000
—250,000.000
+365.000,000
+704,000.000
08,000,000
—18,000,000
—496,000,000
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Nov. 1 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
General business during October was quiet although weather conditions
for agriculture and the livestock industry continued to be very favorable.
The record depreciation in the peso exchange served to discourage imports
and to further diminish stocks of manufactured goods with the exception
of such goods as are mainly consumed by farmers, the demand for which is
still adversely affected by last year's unfavorable crop. The first airplane
construed in Argentina in the Government's Cordoba factory was successfully flown on Oct. 22. The new subway constructed by an American engineering firm has brought a considerable suburban area into rapid communication with the center of the city of Buenos Aires. A report of the
statistical office shows that as compared with the corresponding period of
the previous year, Argentina's exports during the first nine months of 1930
declined 41% in volume and 37.8% in value; cereals, 46.5% and 51.3%;
meat products, 11% and 5%. The quantity of some of Argentina's most
important exports from Jan. 1 to Oct. 23 was as follows (figures in parenthesis being for similar period of the previous year); salted cattle hides,
3.861,000 pieces (3,587.000); dry cattle hides, 1,084,000 pieces (774,000);
frozen beef, 753,000 quarters (884,000); chilled beef. 4,985,000 quarters
(4.554,000); frozen mutton 960.000 carcasses (1,086,000); frozen lamb,
1,901,000 carcasses (2.605,000). The new Government's investigation
into the National, Provincial and Municipal administrations is revealing
not only the exact financial status of these different political units but in
certain cases has brought to light considerable deficits. The Buenos Aires
-month. 6%
provincial treasury has authorized the flotation of a local 6
loan of 15,000,000 paper pesos, and it is reported that other provinces
and municipalities are contemplating floating similar loans. Buenos Aires
September bank balances were generally favorable,showing smaller deposits
larger discounts and advances and less cash holdings as a result of short
term loans to the National Government. The partial opening of the Caja
de Conversion for the exclusive purpose of meeting foreign debt services,
which up to the end of the present year wlll amount to approximately
25,000,000 paper pesos resulted in the shipment of 5,000,000 gold pesos
to New York on Oct. 24. The income from customs and port duties during
the first nine months of 1930 amounted to 144,100.000 gold pesos, a decline
of 25,900,000 gold pesos from the corresponding period of the previous
year.
AUSTRALIA.
Widespread rains in Australia during the earlier part of October contributed to favorable prospects of a heavy wheat crop and successful pastoral
season. Low prices of wheat and wool, however, are delaying any hopes
for early improvement of business. According to official figures, bankruptcies continue to increase. The number failing in New South'Wales
during September totals 151 compared with 135 for August and 71 for
September last year. For the year ended July 31 1930 failures numbered
546 compared with 446 for the calendar year 1929. Real estate transactions
are confined largely to forced sales, and building and construction continue
slack. Building permits issued at Sydney during September improved
slightly over August but were still 77% below the corresponding period of
last year. Railway revenues continued to decline. For the quarter ended
Sept. 13 railway revenues in New South Wales declined £1,040,000 and
Victorian revenues were lower by £536,000. Unemployment is still severe
and rationing of labor and dismissals continue. Living costs are lower
according to official reports. The Melbourne wholesale price index number
now stands at 1,420 compared with 1,600 a year ago, and the retail price
number is 9.6% below that of the previous year.
AUSTRIA.
The coming elections on Nov.9, at present overshadow all other events in
Austria. The resignation of the Schober Cabinet on Sept. 27 and the resulting formation of a new party under Schober introduced an unknown
element in the political situation. Action on many pending matters, including the proposed wheat and flour monopoly, numerous commercial treaties
and tariff revisions, has been postponed until the results of the election
are known. The general industrial situation continues unsatisfactory.
The comparatively mild weather and general depression has resulted in a
decreased demand for coal. The iron and machinery branches are quiet
with reduced exports. Among industries showing the greatest depression
are lumber, caused by foreign low priced competition, and textiles, owing
to the decreased local demand and losses on foreign markets. The only
industries showing a slight improvement are leather and glass. The Karl
Marx Hof. reported to be the largest apartment house in Europe, on which
construction was started in 1926, was completed by the municipality of
Vienna in September;it is almost a mile long, with a capacity of5,000 people
and cost $4,000,000.
Savings deposits in nine banks in Vienna and the principal cities increased
during September by $1,500,000 to $238,300,000, reflecting receipts from
the seasonal tourist traffic. The gold cover of the National Bank at the
middle of October amounted to 39.8% of outstanding bank notes and call
liabilities. Receiverships during September numbered 192 and bankruptcies
49,as compared with 132 and 36.respectively, in September 1929. Unfilled
orders in the cotton spinning mills at the end of August totalled 8,200.000
pounds, or slightly less than at the end of the preceding month. The
Alpine Mining Co.'s unfilled orders at the end of September amounted
to 29,000 tons, as against 38,000 tons at the end of the previous month.
The company's production of pig iron in September totalled 25,000 tons and
that of steel ingots. 26.000 tons, as compared with 24,000 and 27,000,
respectively,in the preceding month. Lignite production in August totalled
240,000 tons. Paper output decreased from 18,400 tons in July to 17,200
tons in August, and that of cellulose from 18,600 tons to 17,900 tons.
The official railway report for August showed a total freight traffic of 362,000,000 net freight ton kilometers,or 3,000,000 less than in July. Recipients
of unemployment subsidies on Oct. 15 numbered 175,000, an increase
of 17,000 since the middle of September;the present figure is approximately
60,000 more than last year. It is estimated that about 4,000 Austrians,
chiefly metal workers and miners emigrated into France. Imports during
September were valued at $32,000,000 and exports at $24,000,000. as compared with $29,000,000 and $21,000,000, respectively in August. Declared
exports to the United States in September, according to Consul General
E. L. Harris, Vienna. were valued at 16729,000, as against $621,000 in
August. The wholesale price index declined 3 points to 112. Stock prices
on the Vienna exchange registered new lows during September, the index
declining to 785.
BOLIVIA.
General business continues to be restricted with a prevailing lack of confidence. Wholesale trade with tne large mines is almost at a standstill,
although retail trade has not been as severely affected. Except for a further redjetion in output by the large mines the mining situation remains
unchanged. Independent small miners are attempting to form an association to secure government relief. On Octover 15 the Compagnie General
Aide Postal opened a twice weekly service between La Paz, Arica, and Tacna
which connects with the Chilean National Airways service to Santiago.
BRAZIL.
General business has been practically paralyzed during October, with the
exceptions of foodstuffs and war materials, owing to military operations
connected with the revolution. Because of the need for certain primary
necessities, certain duties were lifted and fair quantities ordered; other
larger orders were expected to be placed abroad when armed forces in the
capital rebelled to end revolution and the government was deposed and a
provisional military government set up. In view of the economic crisis the
formes government decreed a national bank holiday from October 6 to 21,
later extending it to Nov. 30. All banks closed except in territory then
occupied by revolutionisits. Though active military operations have ceased,
business is still suspended, with industries at a standstill; banks opened on
Oct. 25, but were ordered closed again by military authorities. United
States Trade Commissioner David S. Green reports from Sao Paulo that
local American property has not been disturbed. Coffee shipments for the
30-day period ended Oct. 21 have been, in bags; Santos, 866,461; Rio
de Janeiro, 296,216; Victoria 109.632. Stocks were: Santos, 1,102,891:
Rio de Janeiro, 245.678.
BRITISH MALAYA.
Business continues on the decline and the mercantile community is beginning to feel effects of recent over trading in the face of adverse trade
balances. Merchants are now engaged in reducing inventories and cutting
down Credit extension. September imports of automobiles declined 39%
from August. Export products continue at low price levels. So far there
has been no cessation in tapping of rubber on account of low prices and
September output maintained a high level. Production of tin, however,
reflects the effects of restriction. Construction activity is the redeeming
feature of business conditions, both Government and private individuals
taking advantage of low prices prevailing.
CANADA.
A slight improvement in trade in the Maritime Provinces and Quebec,
and decreased unemployment in the latter Province are reported as evidence
of better conditions in Eastern Canada. Some optimism is expressed also
with tegard to general conditions in Ontario. The Prairie Provinces
report a slight retail acceleration, but wholesale trade there continues dull.
British Columbia conditions are fair. Increased activity is apparent in the
boot and shoe industry in Quebec and the Maritimes. The electrical
equipment business there has benefitted by substantial orders for engineering projects. Hardware is slower although a better demand is anticipated
for cold weather lines. No improvement is noted in sales of new automobiles
but stocks of used cars are being reduced and a fair demand is in evidence
for parts and accessories. Price reductions have been advertised in some
lines of textile prints. Some specialties are in good demand but the market
is selective.
Nov. 11930.]
FINANCIAL CHRONICLE
Ontario canners' inventories are reported to be higher than a year ago
but wholesale and retail stocks are low. Chain grocery store sales are
somewhat lower than last year but it is indicated that profits have not been
proportionately affected. Dullness prevails in the aeronautical equipment
market. Eastbound air mail connections from London, Ontario. have
been terminated for the winter but the afternoon westbound service is
being continued. Sales of firearms and other hunting equipment, typewriter, and certain kinds of office equipment have improved, but other
specialty lines are moving more slowly. A gold strike in the Matachewan
area has aroused considerable interest in mining circles. In the Prairie
Provinces sales of new automobiles are practically over for the year but
winter accessories, particularly heaters, are in good demand. Hardware
lines generally show a fair reaction to seasonal stimulation. Machinery
sales are considerably off for the year. Sales of iron and steel products continue to decline. Winter transportation enuipmemt is being repaired and
replenished.
Present demand for road machinery in British Columbia is below normal.
Other machinery lines are also very quiet. A salt plant is planned for Vancouver. The Canadian Pacific Railway Company has invited tenders for a
4,600 foot tunnel under that city.
CHILE.
Unfavorable weather has retarded the expected seasonal activity in
wholesale and retail sales both of which showed a further decline. As a
result sales to liquidate stocks have been irregular. Stocks ofshoes,automobiles, office equipment and textiles are still high. General retail price levels
remained fairly stable but the trend of wholesale prices was slightly lower.
Sales of tires showed improvement over the past two months and sales of
phonograph records were good. The turnover of builders hardware for construction was also good. Electric refrigerator sales have been fair considering the general market situation. However,sales of agricultural machinery.
phonographs, office, equipment, electrical appliances, textiles and drugs
have been very slow. Automobile truck sales are practically inactive, with
the automotive industry adversely affected by the forced repossessions of
cars, the number of which Is increasing rapidly. Such repossessions are
averaging 50% of the cars sold in the northern sections. The production of
shoes is but 40% of normal, knitting mills 35%, and weaving mills. 65%
with an anticipated further reduction in view of increasing stocks. In the
north unemployment is increasing. Collections are becoming more difficult in the northern sections with increasing requests for extensions. Credit
restrictions continue and protested drafts for the first eight months of the
present year were 59% higher than in the same period of 1929. Circulation
of Central Bank Notes amounted to 295.719,530 pesos. Rediscount rate
of the Central Bank to member banks is 7% and to other 8%. Discounts
declined slightly and rediscounts sharply from those of September. Sales
of bonds were the lowest since March and trading in stocks above that of
September. The average decline in the quoted value of Mortgage Bank
Bonds since January 1 is approximately 9%. Approximately 24,000,000
pesos of 45-day Treasury notes have been issued to banks against the November income tax revenues. The thirty-two nitrate plants in operation
during September produced 181,487 metric tons of nitrate as compared with
234,238 tons in the same month of 1929. Exports of nitrate amounted to 79.139 tons as against 251.999 tons in September 1929. World stocks of nitrate
at the end of September 1930 amounted to 2,627,555 metric tons, or considerably above the 2,127,972 tons in existence as of the same date of 1929.
Copper production and export continued at the same levels as in previous
months.
The municipality of Santiago has curtailed some paving operations.
CHINA.
Chinese bankers and business men express more optimism regarding
the future outlook but a great deal depends upon the outcome of the fourth
plenary session of the Kuomintang announced to convene on Nov. 10.
Estimated from customs revenues for the first eight months of the year,
China's import trade decreased from the previous year's period by 12%
in silver and by 36% in gold values. Exports during the same period show a
decrease in silver value of 9%. Shanghai exports for the first nine months
of the year show an increase in silver value of approximately 3%; while
Shanghai imports in that period apparently decreased 11% in silver value
and 34% in gold value. The general import and export situation in North
North China remains unchanged, with some slight depression evident because of a retarded export movement, reports Trade Commissioner H. 13.
Robison via radiogram dispatched from Tientsin, October 25. A large
volume of export cargo of wool, cotton,furs, and nuts is taxing the capacity
of warehouses of local buyers, with no market for these products, chiefly
due to lack of interest in consuming markets and to local high prices. Continued in heavy taxation and excessive transport expenses have resulted in
high prices,and native holders refuse to sell unless they are assured of profit.
The Tientsin flour market is quiet, with no orders going forward. Little
interest in foreign flour is expected until reopening ofthe market for January
and February shipments. Only a small volume of trading in nuts is reported. Markets throughout South China are dull, with the interior
situation unchanged. Hong Kong's imports during the six months ending
Sept. 30 aggregated 288,000.000 Hong Kong dollars, with exports for
the same period totaling 219,000,000 Hong Kong dollars. (Hong Kong
dollar worth approximately $0.32.) Hong Kong imports from the United
States during this period were valued at 21,000,000 Hong Kong dollars.
Despite some seasonal activities in imports and exports, trade in Manchuria is generally dull. Export demand for beans is weak, and prices are
falling. Crops for rail shipment are arriving one month later than usual.
COLOMBIA.
Depressed business conditions continue throughout Colombia and the outlook remains uncertain, although a more optimistic feeling is prevalent in
anticipation of passage by Congress of' several important laws. It is believed, however, that the unfavorable trend will last at least five months.
Conditions have been accentuated by the large number of unemployed.
The Magdalena River is high, permitting the free passage of river boats.
River freight rates have been increased. The Government, both National
and State, continue economics in all departments. Imports of foodstuffs,
textiles, automobiles, machinery, drugs and medicines are very quiet.
CUBA.
General business conditions in the Island during October have shown little
change compared with those of the preceding month. The slightly more optimistic tone resulting from the strengthened raw sugar prices has been offset by the usual lull in business during pre-election periods. Collections,
which were unfavorably affected during the early part of the month as a
result ofthe suspension of payments oftwo local banks,(Banco del Comercio
and Demetrio. Cordova y Cie.) have readjusted themselves, but continue
slow. The currency delivered chiefly to the foreign banks operating in
Cuba by the Federal Reserve Bank of Atlanta during the last few days of
September,for the purpose of meeting any general withdrawal of funds that
might have followed the suspension of payments ofthe two above-mentioned
local banks, totalled $19,250,000. Although the resulting flurry subsided
almost immediately, only about 60% of this currency has been returned
2821
by the banks to the local branch of the Federal Reserve Bank to date,
so that the visible monetary stock on Oct. 23 shows a substantial increase
over that of the preceding month.
ECUADOR.
The general business situation in Guayaquil has improved slightly as are-suit of greater confidence in the Government's position and the higher price
of coffee. The present Congress, unless called into extra sesssion, will
adjourn early in November. Locally, efforts are being made to have import
duties generally increased, but local imports of flour and lard do not feel
that these commodities will be affected. Imports of foodstufft; continue
fairly stable, but purchases of other imported commodities are being generally limited to replacement needs and retail trade is dull. Commercial
travelers report but few sales, but find the situation better in Ecuador than
in many other countries. The cotton mills are continuing to operate at full
capacity in an endeavor to ship large quantities oftheir products into Colombia before the termination of the treaty with that country which expires on
Nov. 17. The Government has signed contracts for the construction of a
customs wharf and an areoplane field at Guayaquil. Appropriations have
also been renewed for the continuation of street paving during the coming
year. The kapok crop has been gathered but prices were low towards the
last of the season. Cacao,rice, and cotton show no change since September.
GREECE.
With the trend of foreign trade still downward, general economic conditions during the third quarter failed to improve. Exports during the first
seven months have declined 29% in value from the same period of 1929,
due to smaller foreign demand and lower prices, while imports have dropped
18%. reflecting the continued low purchasing power of the population.
The depresssion has bcome more noticeable in industrial activities,especially
tanning and mining operations; the textile mills, on the other hand, have
only been slightly affected. The money market continues stringent, while
interest rates on deposits have been slightly reduced. Budget returns are
running a little below estimates. The seasonal demand for automobiles,
especially trucks, has been fairly satisfactory,although sales have been handicapped by the unsettled credit situation.
HONDURAS.
General business conditions in Honduras continued unfavorable during
October. The surplus stocks of merchandise are reported to be decreasing
It is stated that only a negligible quantity of the old coffee crop remains to
be shipped and that prospects for the 1930-31 crops are fair. Bank rates
for accommodation to customers remain unchanged. Collections are reported difficult. The premium on dollar exchange continues slightly higher
and ranges between 2.08 and 2.10 pesos to the dollar. It is reported that
Government revenues in September increased over August, but were less
than in September 1929. Exports of bananas during September amounted
to 1,779.870 bunches as compared with 2,287,240 bunches in August 1930.
and 2,116,751 bunches in September 1929. Shipments to the United States
during September amounted to 1.448,967 bunches and to Germany 330.903
bunches. Shipments during the first nine months of 1930 totaled 21.717,553 bunches as compared with 21,904,228 bunches during the corresponding
period of 1929.
INDIA.
Some slight improvement was noted in India's export business during
the past month but import trade remains dull and apathetic. Retail sales
were limited in spite of the holiday season which normally acts as a stimulus.
Picketing continues at Bombay and several interior centers but is almost
absent at other port cities. Imports during September amounted in value
to only 111,800.000 rupees compared with 192.300,000 for September last
year, and exports declined from 257,800.000 to 193,900,000. The steady
shrinkage of imports is affecting customs revenues appreciably and the end
of the fiscal year is expected to show a budget deficit unofficially estimated
at over 50,000,000 rupees. Railway earningsfrom April 1•to Sept.20 1930,
show a decrease of over 30,000,000 rupees compared with the corresponding
period of last year indicating a considerable deficit for the railway budget
and making increased railway rates almost certain unless expenditures are
greatly curtailed. Government borrowings in London have been successful
but higher interest rates will place an additional burden on budget requirements for the next fiscal year. Jute and burlap markets remain very depressed with little business reported. There is slight hope of Government
assistance to the industry and many mills have agreed to further curtail
operations next year.
JAPAN.
Business In Japan has failed to improve and industries remain depressed,
although increased activity is noted in the cotton spinning industry in response to inquiries for yarn from China, India and the Dutch East Indies.
The extent of seasonal improvement in other industries, however, has been
disappointing. The silk situation remains unsatisfactory. Reduction in the
official discount rate has apparently been without beneficial results. Banks
are now active in assisting industries wherever possible in order to avoid difficulties over year-end settlements. The Industrial Bank of Japan has bought
15,000,000 yen of maturing debentures of companies financially pressed
and has arranged to loan them 5,000.000 yen. The Government is planning to assist farmers by advancing 60,000,000 yen at a low rate of interest
to those holding this year's rice and to agricultural products warehouses for
the purpose of holding rice with a view to stabilizing prices. The present
low price of rice, together with inactivity in the raw silk industry, has
caused a further reduction in the price of artificial fertilizers. Foreign trade
so far this year is considerably below last year. The unfavorable trade
balance is lower than at this time a year ago. Depression in stock and bond
prices has resulted in high yields. Estimates for the 1931-32 budget indicate
a decline of 150,000,000 yen in revenue.
MEXICO.
The economic depression, which is being felt in practically all sections of
the country, has grown worse during the past month. The Monterrey
region continues to be the brightest spot, although industries there have
been forced to reduce activities as the purchasing power of the country
declines. Unemployment is increasing as mining and industrial enterprises
are steadily reducing their activities. With the reduction of industrial payrolls in the interior of the country and consequently of the need for silver
currency, the latter tends to concentrate in Mexico City in excess of the
needs of circulation. This situation, combined with the scarcity of gold,
has weakened silver money which recently reached a discount of nearly 15%
as against gold. The Treasury Department is requiring banks to increase
reserves against silver deposits from 33 to 50%. These measures caused a
temporary improvement in the quotation on silver, but it has again reached
a discount of 10%. Heavy rains throughout the country during the past
two weeks have interrupted traffic temporarily in some sections. Pasturage
in the northern states is excellent but cattle prices are depressed. Automobile tourist traffic to Monterrey through Laredo is increasing, 1.852 cars
having entered during the September quarter as compared with 972 cars
in the June quarter. Mexico City also continues to receive a fair number of
tourists. The Mexican Government is tightening up immigration regtda-
FINANCIAL CHRONICLE
Lions to keep out laborers and professional workers who complete with
Mexican labor.
NETHERLAND EAST INDIES.
A definite under current of optimism is evident in business figures and
some improvement in trade in principal import lines is expected before the
end of the year. Recent dealer failures have resulted in a2cautious policy
on the part of importers who are curtailing sales to dealers. The textile
market is weaker and Japanese goods are selling below replacement costs.
Automotive sales are holding up with retail prices broken in order to move
stocks. Export markets are featured by improved sugar sales, activity of
pepper and coffee, and steady demand for tea. The recent census gives the
population of Java as over 42,000,000 or an increase of 18% in the last ten
years.
NEW ZEALAND.
Imports of Christmas goods are beginning to arrive in New Zealand. and
It appears that the total trade for 1930 will not be as low as had been anticipated. Forward orders for delivery after the first ofthe New Year,however,
are at a very low ebb. Retailers in all lines continue to buy cautiously.
Wool continues to sag and the lower range of prices coupled with the heavy
carryover from last season are expected to weaken values for the new clip
which goes on sale in November. The general tone of the wool market is depressed. Butter is at a new low price for the year selling at 112 shillings
per hundredweight compared wito 164 shillings at this time last year.
Production of butter, wool and meat,the three chief products ofthe Dominion is running very heavy on a falling price market, making the outlook for
farmers somewhat gloomy. Registration of passenger automobiles during
September was 30% lower than for the same period last year. Stocks of all
models are light and dealers are placing orders cautiously. Considerable
Improvement is anticipated during the next three months particularly with
low price units.
SWEDEN.
Swedish foreign trade for August showed a decline in imports to 130,400.000 crowns as compared with 142,500,000 crowns in August 1929 while
exports totaled 143,100,000 crowns against 177,000,000 crowns for the same
month last year. The most marked reductions in exports were noted in
lumber, pulp, Iron ore, and finished machinery. In the last group, electric
machinery showed a decline of 16%,ball bearing 50%,but cream separators
maintained Its previous level and internal combusion engines and telephone
and telegraph applratus advanced 26%. The decline in imports was largely
due to lower imports of grain. Total imports for the first eight months of
the year were valued at 1,092,000,000 crowns against 1,098,000,000 crowns
for the corresponding period of 1929 while exports during the same months
amounted to 1,016,000,000 crowns and 1,108,000,000 crowns respectively.
Domestic industries continue to operate on a satisfactory basis, indicating
that the purchasing power of the Swedish public remains quite strong.
URUGUAY.
There were no developments in October, indicating that the business
depression has run its course and that recovery is now definitely on the way.
The seasonal upturn which usually manifests itself at this time of the year
was not visible and with the continued weakness of peso exchange importers
have refrained from making extensive purchases while exporters are watching the situation without definitely committing themselves. The October import movement showed further improvement over September, but was
below the level of the corresponding month of last year. October exports
were light, but the movement was not wholly unfavorable in comparison
with that of the corresponding month of 1929. According to preliminary
reports, Uruguay's foreign trade during the first nine months of 1930 was
satisfactory. Imports from January to September declined by slightly
more than 5,000,000 pesos from the high record level of 71.700.000 pesos
reached during the same period of 1929; while exports amounted to 79,300,000 pesos, an increase of 10,600,000 pesos. During the same period of
1930, the country's favorable balance of trade amounted to 12,800,000
pesos. The United States continues to hold the first place in Uruguay's
Imports trade but its lead over its nearest competitor has been materially
reduced to 5,500,000 pesos.
VENEZUELA.
Business in Venezuela during October was more settled following many
important political offices. Governors in many of the States
changes in
have been changed. All ports report few exports except petroleum and
small stocks of coffee, hides and skins and little or no cacao. Collections
continue poor and merchants are apparently holding off.making purchases
until conditions become more settled. Exchange rates are again unfavorable. Business in the interior of the country is particularly dull. Best
commercial conditions are found along the Transandean highway and in
some sections of the coffee districts where the anticipated harvest causes
some encouragement, although crops are not expected to be much larger
than last year. Harvesting of the coffee may begin by the middle of November and the quality is reported good.
The Department's summary also includes the following
regarding the Island and Territorial possessions of the United
States:
HAWAII.
Weather during the last 30 days has been generally favorable to growing
crops. Rainfall was heavy until the close of September and has been followed since the beginning of October by sunny days and cool nights. Vegetation of sugar-cane indicates that the next harvest which begins in November will be of record proportions. The final estimate for the 1930 sugar
crop to Oct. 31, is placed at 925,000 short tons, setting an all time record.
This increase has resulted entirely from favorable weather and to scientific
progress as the cane area has not been increased. There is considerable
money in circulation at present due to heavy distribution of cannery wages
but this is reported as a temporary condition. Savings deposits have increased slightly but commercial deposits are lower reflecting a contraction
in retail business. The business outlook is dependent largely upon price
trends in Hawaiian products.
PHILIPPINE ISLANDS.
Lowest prices ofthe year wererecorded in September for leading Philippine
products and import business continues on a low level. Beginning with
Octover, collections showed an improvement in certain areas but the credit
situation continues tight with all operators exercising caution. Some
dealers are short of cash because of slow collectionsfrom provincial customers and curtailment of credit facilities by banks. Favorable factors are indicated by an increase in tonnage handled by railways, renewed construction activity, and a decrease in unemployment. The September textile
market was slightly better than in the previous month but was characterized
as spotty. Improvement in the automotive trade is not expected until late
October or early November. September purchases of imported foodstuffs
were on a conservative basis. Weather conditions have been favorable for
the growing of sugar cane and previous estimates of the crop have been
revised upward. Sugar planters and millers are optimistic over reduced
prices of fertilizers and work animals. Prices and stocks on hand of abaca
were the lowest on record in September and demoralized conditions in
°reign markets for coconut products weakened the local copra market.
[VOL. 131.
Is Spain Near StabilizationT—National Bank Must
Ship Gold if Country Places Peseta on that
Standard.
From the "Wall Street Journal" of Oct. 28 we take the
following:
Discussion is once more rampant concerning possible
stabilization of
the Spanish peseta. Such reports are far from new
experiences to the
foreign exchange market, but the developments of the past few
weeks seem
to indicate that the Spanish Government and banking
authorities are
more in earnest this time than on previous occasions.
Latest advices are to the effect that Governor Bas of the National Bank
of Spain favors stabilization of the exchange at about 40 pesetas
to the
pound sterling, which would be 'about $0.1215 in United States currency.
This compares with a pre-war par of $0.193. Current quotation is about
$0.1086, resulting in a cross rate between London and Madrid of about
44.75 to the pound. The peseta, therefore, has some distance to go before
reaching Governor Bas's reported figure.
However, the rate on Madrid has shown a steady and consistent advance
ever since the record low of $0.09521 was touched on Oct. 15. Foreign
/
2
exchange traders report undertone to the market is very firm, with no signs
of serious setbacks such as have occurred in the past whenever an advance
of a cent and a quarter has been made.
Must Ship Gold.
Governor Bas and other Spanish authorities recently visited London and
Paris, where conferences were held with representatives of Bank for
International Settlements and other bankers concerning Spain's financial
problems. No official announcement has been made regarding the results
of these conferences, but it is understood that in London Senor Bits was
told quite frankly that the Bank of Spain would have to reconcile itself
to large shipments of gold if the peseta is to be stabilized.
Various private commentators hold that Spain must stand ready to ship
at least $100,000,000 of metal if the program is begun and carried
through. While this seems a large amount, it is recalled that Japan has
shipped considerably more than that since the yen was returned to a
gold basis on Jan. 11 last. When Japan stabilized its currency it had
gold reserves of about $520,000,000.
Spain holds approximately
$495,000,000.
There are indications that important developments are quite possible.
It is reported in London that 26,000,000 pesetas of Bank of Spain's gold
is to be mobilized. Other advices from London state, it ia reported, that
gold shipments from Madrid to London are imminent, so that the 28,000,000
pesetas mentioned may be a preliminary step to a supporting movement
prior to de facto stabilization. In addition, private cable advices state
that Bank of Spain has received "reassuring advices" from Bank for
International Settlements, and Bank of England.
Stabilization Loan Unlikely.
What these "reassuring advices" are is a matter for conjecture. As far
as is known, Spain is not to receive a stabilization loan, as foreign financiers feel that her reserve position is strong enough to stand the strain
without outside assistance. On Oct. 11 Bank of Spain reported gold in
hand of 2,495,749,000 pesetas and notes in circulation of 4,662,675,000.
It is probable that the advices referred to promised Spain that if any
support became necessary it would be forthcoming.
Conferences with foreign bankers were probably brought about by the
realization of the Spanish Government that some definite action smut be
taken in the near future if the Government is to continue. Dissatisfaction
with the dilatory methods of the Government caused the fall of the
dictator, Primo de Rivera, earlier this year. Up to lately the present
Government under Premier Berenguer has shown no disposition to forums.
late a definite policy and adhere to it. As a result political unrest has
again made its appearance, demanding the overthrow of the monarchy and
substitution of a republican form of government.
Definite Plan Lacking.
On the other hand, it is by no means certain that Spain is about to
adopt the gold standard. When Governor Bas was in London it was all
too evident that he apparently had no definite plan to offer; and while
he appeared to favor stabilization be did not seem to understand how the
matter should be approached. In addition, doubt is expressed in European
centers that either he or the Finance Minister will be strong enough to
stand against the powerful opposition which time and again has thwarted
stabilization.
It is the uncertain attitude of Spain in the past which makes international bankers somewhat spektical of Spanish stabilization until It
becomes an accomplished fact. All the signs point to an early adoption
of gold, but in view of the utter lack of definite statements regarding
the Government's financial policy, the future of the peseta remains as
uncertain as ever.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note that
beginning with the statement of Dec. 31 1927, several very
mportant changes have been made. They are as follows.
(1) The statement is dated for the end of the month instead
of for the first of the month;(2) gold held by Federal Reserve
banks under earmark for foreign account is now excluded,
and gold held abroad for Federal Reserve banks is now included; (3) minor coin (nickels and cents) has been added.
On this basis the figures this time, which are for Sept. 30
1930, show that the money in circulation at that date (including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,501,478,377,
as against $4,533,196,558 Aug. 31 1930 and $4,819,274,941
Sept. 30 1929, and comparing with $5,698,214,612 on Oct.
31 1920. Just before the outbreak of the World War, that
is, on June 30 1914, the total was only $3,458,059,755. The
following is the statement:
Nov. 1 1930.]
FINANCIAL CHRONICLE
2823
War Debt Policy Stands, Says Secretary Stimson—
View That Problem is Separate from Reparations
is Unchanged, He Holds.
The following Washington advices Oct. 30 are from the
New York "Times".
Secretary Stimson said today that he knew of no change in the policy
of the administration which holds that the questions of war debts owed to
the United States by the allied nations and German reparations are separate.
The reiteration of this position was made in response to questions by
correspondents.
Mr. Stimson added that he had no information as to the source of the
recent agitation about which there was much publicity during the visit
here several days ago of Dr. Hjalmar Schacht, former President of the
Reichsbank.
Reports from Berlin today that the German Government had approached
the United States with an official feeler as to its attitude on war debts
and reparations were denied by the State Department. There has been
no intimation received by the department, it was added, that such a step
was contemplated by Germany.
Owen D. Young Confers with Charles G. Dawes—
Reparations Reported Subject.
From the New York "Journal of Commerce" we take the
following from London Oct. 29.
Following a conference between Owen D. Young and Ambassador
Charles G. Dawes here today it was widely reported that they had discussed the operation of the Young plan of reparation payments and the
German financial situation.
Since his arrival here the sojourn of Mr. Young in England has been
the subject of widespread comment in financial circles. While Mr. Young
has discouraged nations that his trip has any direct connection with the
reparations problem, it is the conviction of a substantial number of banking observers that Mr. Young is here in connection with the study of the
operation of the plan that bears his name.
Mr. Young is expected to gather at first hand, while on this side of
the Atlantic, data on the operation of the plan, so that he can reach a
considered judgment as to whether or not fundamental economic conditions have changed to such an extent as to modify the prospects of continued successful functioning of the Young plan. In this connection
further conferences he will hold will be watched with great interest,
Rio de Janeiro Exchange Closed—To Reorganize
Brazilian Coffee Market, Cable Says Banks Also
Reported Closed.
From the New York "Evening Post" of Oct. 29 we take
the following:
The Rio de Janeiro Coffee Exchange has been closed for reorganization,
cable to the New York Coffee and Sugar Exchange announced to-day.
Coffee futures here declined from 1 to 15 points in a weak and featureless
market. Until conditions in Brazil become comparatively stabilized the
trade is expected to buy and sell with more or less caution.
A cablegram to the New York Coffee & Sugar Exchange
from Rio de Janeiro on Oct. 30 reported the closing of banks
in the city. A second cable reported the sale of 15,000 bags
of Santos spot coffee to "unofficial buyers" at 2115000.
The following is from the "Wall Street Journal" of Oct. 30:
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 buillion or foreign coin other than that held by the Treasury. Federal Reserve banks and Federal Reserve agents. Gold 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 of 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.
W e This total Includes $29,889,499 of notes in process of redemption, 534.954,123
of gold deposited for redemption of Federal Reserve notes, $28.759.427 deposited
for redemption of National bank notes, $1,900 deposited for retirement of adaltional
circulation (Act of May 30 1908), and $7,728,699 deposited as a reserve against
postal savings deposits.
Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Note.--Cold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption; United States notes are
secured by a gold reserve of $156,039,088 held In the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which are also secured
dollar for dollar by standard silver dollars held in the Treasury. Federal Reserve
notes are obligations of the Uniteu 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 ourchased 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.
Governor Harrison of New York Federal Reserve Bank
To Go Abroad—Visit of President Luther of German Reichsbank Postponed.
George L. IIarrison, Governor of the New York Federal
Reserve Bank is planning to go to Europe the coming week.
He will visit London, Paris and Berlin, and will be away
several weeks. It is stated that he does not intend to
confer on tho German war debt. President Hans Luther of
the German Reichsbank has postponed his visit to the United
States in view of Governor Harrison's trip abroad.
Rio Banks Closed.
An air of uncertainty still beclouds the Brazilian situation. Advices
have been received to the effect that the banks in Rio de Janeiro. the
Brazilian capital, have been closed, but no explanation is yet available.
It is probable that the banks are taking advantage of the decree issued
by the deposed Government permitting them to close their doors summarily
at any time up to Nov. 15 that trouble threatens. As far as is known in
New York, the provisional Government has never recinded this decree.
Dispatches from that center recently state that the city and surrounding
districts are in a state of comparative calm. Dr. Getulio Vargas, head
of the revolution, who is now en route to Rio de Janeiro to take control of
the Government, was accorded a rousing reception in the erstwhile Federal
city of Sao Paulo Wendesday night. But there is a possibility that his
arrival in Rio will be the signal for fresh outbreaks of disorder and rioting
and the Rio banks may be taking early precautions.
The Brazilian "bank holiday" was referred to in our issue
of Oct. 25, page 2620.
Shipment of Brazilian Gold to United States—Central
Hanover Bank & Trust Co. on Purposes of Movement—Establishment of Central Bank Change in
Currency System, &c.
Advices from the Argentine indicate that the Government proposes to take effective steps for the purpose of
remedying a number of important handicaps under which the
country has unnecessarily suffered, according to a statement
issued Oct. 26 by the Central Hanover Bank & Trust Co.
"The shipment of $5,000,000 gold to the United States for
the purpose of supporting exchange, has given definite
encouragement to those who firmly believe in the economic
integrity of the Argentine, and at the same time has had the
practical effect of strengthening the peso and the quotations
of Argentine securities," according to the statement, which
continues:
"The gold shipment, however, is chiefly important because it marks
what is considered the beginning of necessary Steps for the economic relief
of the country. These measures, together with a freindly policy toward
foreign capital and a desire to promote cordial relations abroad, are the
outstanding factors in the Argentine situation to-day.
2824
FINANCIAL CHRONICLE
"In addition to the $5,000,000 gold already provided for, approximately
$12.000.000 gold will be needed to meet service for foreign loans, and advices indicate that a larger sum will be available if required. The exchange
policy of the Government, however, is not to increase artifically the international value of the peso, but to prevent extreme fluctuation and
speculation.
"The season is approaching for large shipments of wool and grains,
which will probably provide bills in sufficient volume to relieve the Government of the need of making gold shipments beyond those indicated,"
according to the statement.
"In view of the abundant crops shortly to be harvested the peso should
enjoy a firming tendency which will make unnecessary additional fiscal
support.
it "The establishment of a central bank is planned, which will change the
regid currency system of the country and create an elastic mechanism
responding automatically to business conditions. A program of economy
has also been outlined which will correct the deficit that has recently been
disclosed, while a progressive attitude toward foreign capital and a wellconsidered program of foreign loans will provide Argentina with abundant
supplies of money for constructive purposes."
New Brazil Rule to Halt Payment on Arms Orders—
Provisional Government Acts to Control Disbursements from Gold Shipment Here.
The following United Press dispatch from Rio de Janeiro,
Oct. 29, is from the New York "Herald Tribune":
Payment will be halted on arms and ammunition orders, shipped or
unshipped, placed by the Washington Luis Government after Oct. 3, the
day the successful revolution began, Lindelfo Collor, leader in the new
regime,said to-day. The statement intimated that the Provisional Government would halt all arms disbursements out of a $15.000,000 consignment
of gold which arrived in New York to-day aboard the SS. Western World.
from Rio de Janeiro.
"President Getulio Vargas and I made this point clear in various interviews given to North American newspaper correspondents," Collor said.
"The Revolutionary Government will recognize all obligations. international
and otherwise, except those contracted after Oct. 3. Under these conditions, the arms and munitions manufacturers who did business with the
deposed Government voluntarily ran the risk of losing through the triumph
of the Revolution,"
[Vor-
131.
Spain Ships Gold to Aid the Peseta—Consignment of
$5,000,000 is P'irst of Several in Program to Stabilize
Currency—Rate of Exchange Rises,
A Madrid message as follows Oct. 30, is taken from the
New York "Times".
The first shipment of £1,000,000 of several intended for the purchase
of pesetas held abroad left the Bank of Spain for the Bank of England
to-day, according to a reliable informant. The pesetas thus bought will
be withdrawn from circulation in the program of stabilizing Spanish currency.
The peseta rose to 8.93 to the dollar to-day on its remarkable climb
upward from 10.50 to the dollar, where It was only three weeks ago.
That this gold movement corresponds to the restoration of confidence
in Spain is indicated by the clearance figures of the Bank of Spain. From
Oct. 11 to Oct. 19 gold in treasury accounts abroad jumped from 10,000,000
to 51,000,000 pesetas and that in the Bank of Spain's accounts abroad
from 28,000,000 to 38,000,000.
In the same period treasury gold here increased from 26,000,000 to
115,000,000 pesetas. This indicates that people abroad and at home who
were selling pesetas on the expectation of a drop are now buying them
back on the expectation of a rise.
Finance Minister Julio Wais announced last night that Governmental
arrangements for close co-operation with the Bank of Spain, with its 500.000,000 pesetas in gold over its legal metal coverage, now renders the establishment of foreign credits unnecessary.
It is estimated semi-officially that the pesetas which will be redeemed
in the present movement of gold abroad will amount to 70,000,000.
Charles McCain, Winthrop Aldrich, James Gannon and Lynde Salden,
officials of the Chase National Bank, were expected in Madrid to-night or
to-morrow from Rome. It is believed that the purpose of their visit is to
discuss finance with the Government, but it is thought unlikely that any
agreement will result, as the Government's policy is opposed to receiving
aid.
The Government does not wish the rise in the peseta to be rapid enough
to be upsetting and probably does not wish the quotation to rise above
about 40 to the pound, at which price most merchants bought their present
stocks. This point seems to be the natural price level.
The betterment of the peseta is likely to have a favorable political reaction, since the cost of living, which was beginning to rise, probably will
remain where it now stands.
The paper quoted above had the following to say regarding
Reported Jugoslavia Loan—Paris Hears Americans are
the dispatch action declared meaningless:
Aiding French Bankers in Deal.
$15,000,000 in gold
Officials of the Guaranty Trust Co., to which the
which arrived in New York yesterday from Rio de Janeiro was consigned by
The following Paris cablegram Oct. 27 is from the New
the Bank of Brazil, asserted that the metal was shipped as a straight comYork "Times."
mercial transaction in which the Brazilian Government, old or new,did not
It was reliably reported in financial quarters to-night that a $60,000,000
figure. For this reason, It was intimated, statements that the new Government might interfere with certain payments scheduled to be made from loan to Jugoslavia had been arranged by a consortium of French bankers
In which American interests have a share. The money is to be used for the
the shipment were meaningless.
Five armed motor trucks and a score of armed guards transferred the 600 construction of new railway lines. It Is denied the lines will be strategic in
$20 gold pieces making up the $15,000.000 shipment from the character, but in well-informed diplomatic circles it is suggested that the
boxes of
Munson liner Western World to the Federal Reserve Bank without unto- loan will make it possible for Jugoslavia adequately to rehabilitate her rail
ward incident yesterday The Guaranty Trust Co. then proceeded to communications.
Such a deal would be in keeping with France's policy of supporting
carry out ,,he Instructions previusly received and not since altered relative
financially one of her important allies.
to disbursement of the funds, which were shipped from Rio on Oct. 16.
Rumors of a huge French loan to Italy have been renewed with added
forco. So insistent have become these reports that certain Liberal newspapers opposed to the Fascist theory of Government have printed bitter
Brazil's Pledges to be Kept by Junta, Envoy
attacks against the proposal. The proceeds, these newspapers charge,
Announces.
would be used largely for the purpose of extending the Italian military naval
In its issue of Oct. 26 the New York "Times" reported the establishment—a potential menace to French interests.
following telegraphic advices to its Editor:
Washington, D.C.. Oct. 25
China Will Use Boxer Funds to Build Up Railroads—
The Brazilian Ambassador presents his compliments to the :Alter, and
Will Later Devote Remitted British Indemnity
would greatly appreciate the fullest publicity being given to the first official
Money to Cultural Projects.
communication of the junta or government established in Brazil as follows.
"A junta or government is now established in Rio de Janeiro composed of
In its issue of Oct. 26 the New York "Times" published
Divisionary General Augusto Tasso Fragoso. its President; Divisionary
the following special correspondence from Shanghai, Sept. 24.
General Joao de Deus Menna Barrett> and Rear Admiral Isaias de Noronha.
With the signing to-day at Nanking of the Sino-British agreement for
"Former President Wshington Luiz handed over the government to-day
to the junta or government and was treated with all regard due to his high remission of Boxer indemnity funds to China, the Nanking Government
secures a large sum of money for immediate use on railway projects, and
office. The Cabinet Ministers have resigned.
"The program of the, pr visional government is the immediate reconcilia- also assures a later large income for the forwarding of educational and
Brazilian family, the maintenance of all national pledgee abroad cultural projects.
tion of the
The agreement made between Sir Miles Lampson, the British Minister
and the pacification of the minds within the country.
"The movement was accomplsibed without bloodshed and with all order to China, and Dr. C. T. Wang, China's Minister for Foreign Affairs, will
and respect to the deposed authorities. The population applauded the result in releasing almost at once about £3,000,000. accumulated Boxer
development of events and the city of Rio de Janeiro presents the aspect of indemnity payments which have been held by the British Government pending the conclusion of an agreement with China.
days of national festivities."
GIIRGEL DO AMARAL,
This sum of British money will translate, at the present rate of exchange,
Brazilian Ambassador.
into about $50,000,000 in Chinese money, and will be used to build the
missing link of the Canton-Hankow Railway. At later dates other sums
totaling £8,000,000 will revert to China, ending in 1942, when the Boxer
Argentina to Pay on U. S. Loans.
indemnity payments will cease.
At present the Canton-Hankow Railway consists elf two unjoined sections.
Associated Press accounts from Buenos Aires, Oct. 28 One runs northward about 75 miles from Canton to Fislakwan. The other
stated.
runs southward from Wuchang, on the south bank of the Yangtse opposite
The Minister of Finance has instructed the Argenzine Embassy at Wash- Hankow, to the town of Chuchow, in Hunan province. This line is 139
ington to pay the coupons due Nov. 1 on loans of $20,000,000 and $21,- miles long. The uncompleted middle section will be about 170 miles in
length, and when it is completed it will be possible to travel by rail from
000,000 issued in May 1927. The coupons amounted to $1,443,000.
Canton in far South China, up through Hankow, Peking, Tientsin, Mukden
and Harbin and on to the Siberian borders. In fact this new line will make
possible continuous train trips clear to Berlin and Paris, via the TransCuban Bond Issue Authorized,
alberian Railway, or to Vladivostok on the east. There are also connections at Mukden with the Korean Government Railways, which make it
Havana Associated Press advices Oct. 29 stated.
possible to journey to the tip of Korea, which is only eight hours by steamer
President Machado to-day signed a decree authorizing the issue of from Japan.
,
$20,000,000 of 535% government bonds to secure a recently proposed loan
All of the returned funds will first be used for railway construction or for
from the Chase National Bank of New York for completion of the central the rehabilitation of lines ruined by civil warfare. Later the moneys so
highway.
invested will pay interest into the Chinese Government's educational and
From the New York "Times" of Oct. 30 we take the cultural funds.
following:
Cuban Financing Rumored.
Rumors that the Cuban Government is negotiating with New York
bankers for a $300,000,000 loan were regarded yesterday as unfounded
It was argued that the time was distinctly unpropitious, and, it was said,
that while eventually a large loan might be floated here, nothing was
contemplated along these lines at present. The funds realized from new
financing would probably be devoted to the completion of the public works
program and to refunding of Cuba's national debt.
The Swiss Bank Corporation on the World Economic
Crisis.
The latest monthly bulletin issued by the Basle Office of
the Swiss Bank Corp. contains a concise and reasoned survey
of the nature and extent of the economic crisis which is at
present ruling in every country. Taking as his thesis the two
Nov. 11930.]
FINANCIAL CHRONICLE
outstanding characteristics of the present crisis unemployment on the one hand and the general fall in prices on the
other, the writer briefly summarizes the situation as it appears in various countries, his arguments being illustrated
by a number of statistical tables. Particular emphasis is
laid en the extent to which the advance in the output of
agricultural produce has outstripped the increase in population during the last 15 years leading to an accumulation of
stocks which has had a depressing effect on the world's
markets. To a considerable extent this is due to the growing
use of machinery and the adoption of more scientific methods
of culture.
Summarizing the position, it is pointed out that the present
state of affairs may in the first place be described as a process
of painful readaptation of the artificial conditions which
were born of the War and the period which followed, to
more or less normal conditions. This is why those artificial
remedies which have been attempted with a view to remedying or alleviating the crisis have been such a complete failure
—the Wheat Pool in Canada, the Coffee Institute in Brazil,
the regulation of production and export of copper in the
United States and the restriction of rubber output in the Far
East, &o.
The crisis will not be solved it is contended by artificial
methods but rather by a systematic reduction of prices which
have risen to far too high a level owing to high wages and
exorbitant taxation which are at present a burden on all
classes of production and consumption. A more liberal
commercial policy would also alleviate the intensity of the
present crisis and shorten its duration. Nevertheless, there
are few signs at present that a revival of business may be
expected in the near future.
The principal financial markets and Stock Exchanges continue in a state of complete stagnation. Everywhere there
is a lack of confidence partially due to the uncertainty of
political conditions. It is not yet possible to see the end of
the grave crisis which we are at present passing through,
though the fall of prices and the ease of monetary conditions
may, in the end, act as a stimulant to economic recovery as
may also the great advance in the technical and other
spheres which has been realized since 1914, but the process
of readaptation will be slow and painful.
2825
tion at par on December 1, 1930. Payment will be made
upon presentation and surrender of the drawn bonds with
subsequent coupons attached at the head office of The
National City Bank of New York, 55 Wall Street, on and
after December 1, 1930, after which date interest on the
drawn bonds will cease.
Tenders Asked for Purchase of Argentine Government
Bonds for Sinking Fund.
J. P. Morgan & Co. and the National City Bank or New
York, as fiscal agents, have notified holders of Government
of the Argentine Nation external sinking fund 6% gold bonds,
issue of May 1 1926, due May 1 1960, that $126,902 in cash
is available for the purchase for the sinking fund of so many
of the bonds as shall be accepted for purchase, at prices below
par. Tenders of such bonds, with coupons due on and after
May 1 1931 should be made at a flat price, below par, at
the office of J. P. Morgan Sr Co., 23 Wall St., or the head
office of the National City Bank of New York, 55 Wall St.,
before 3 p. rd. Dec. 1 1930. If tenders so submitted shall
not be sufficient to exhaust the available moneys, additional
purchases upon tender, below par, may be made up to
Jan. 30 1931.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, have also notified holders of Argentine
Government Loan 1927 external sinking fund 6% gold
bonds, public works issue of May 1 1927, due May 1 1961,
that $126,846 in cash is available for the purchase for the
sinking fund of so many of the bonds as shall be accepted
for purchase at prices below par. Tenders of such bonds,
with coupons due on and after May 1 1931, should be made,
at a flat price, below par, at the office of J. P. Morgan & Co.,
23 Wall St., or the head office of the National City Bank
of New York, 55 Wall St., before 3 p. m. Dec. 1 1930. If
tenders so submitted shall not be sufficient to exhaust the
available moneys, additional purchases upon tender, below
par, may be made to Jan. 30 1931.
Plans for Formation of Agricultural Credit Corporations in Drouth Areas.
Progress is being made in the drouth areas in the formation
of agricultural credit corporations which will discount farmers
Bonds of Austrian Government Loan Drawn for agricultural paper with the Federal Intermediate Credit
Redemption.
banks, according to information just made public by those
J. P. Morgan & Co., for the trustees, have issued a notice institutions. The advices to this effect in the "United
to holders of Austrian Government guaranteed loan 1923- States Daily" of Oct. 29 continue.
Moreover, many local banks have made contact with the 12 Federal
1943, 7% sinking fund gold bonds, issued under general
institutions for the extension of intermediate-term credit, which will enable
bond of the Federal Republic of Austria, dated May 31, 1923, them to discount farmers' notes if necessary.
The following information has been made available by the Federal interthat $925,300 principal amount of the bands have been drawn
mediate credit banks:
by lot for redemption at par on December 1, 1930, out of
Louisville District.
monies in the sinking fund. Payment will be made upon
In the Louisville Intermediate Credit Bank district, covering Kentucky,
and Indiana, 10 corporations have been set up and are
presentation and surrender of the drawn bonds with subse- Tennessee, Ohio
business and as many are in the progress of organization. Indications
quent coupons attached, at the office of J. P. Morgan & Co., doing to a still greater number being organized before the turn of the year.
point
23 Wall Street, on and after December 1, 1930, after which These corporations usually have an authorized capital of $25,000 to $50,000
and ordinarily will be able to discount farmers' notes to the extent of six to
date interest on the drawn bonds will cease.
their paid-in and unimpaired
Bonds of City of Saarbreucken Retired Through
Sinking Fund.
Ames, Emerlch & Co., Inc., fiscal agents, announce that
the City of Saarbruecken, pursuant to the terms of the
General Bond, has acquired $31,500 par value of the 6%
external gold bonds, due January 1, 1953, for the sinking
fund, the same being the seventh installment of said sinking
fund.
Drawing for Sinking Fund of Bonds of Bulgaria.
Speyer & Co. and J. Henry Schroder Banking Corporation
announce that the third drawing for the sinking fund of the
Kingdom of Bulgaria 71% stabilization loan 1928 has taken
place and that the $30,500 bonds so drawn will be payable
on and after November 15, 1930, at par at either of their
offices.
Bonds of Saxon State Mortgage Institution Drawn for
Redemption.
The National City Bank of New York, as trustee, has
notified holders of Saxon State Mortgage Institution mortgage collateral sinkirtg fund 7% guaranteed gold bonds, due
December 1, 1945, and 612% bonds, due December 1, 1946,
/
that $40,000 principal amount of the former and $32,000
principal amount of the latter have been selected for redemp-
stock and surplus, according to
eight times
the character of the paper offered for discount. Thus provision has been
made to bring into this district a large sum of "new" money, for the
Federal Intermediate Credit Banks secure most of the money which they
loan from the sale of tax-exempt debentures In the large money centers.
principally in the eastern cities.
Two Corporations in Texas.
Likewise, in the Houston Federal Intermediate Credit Bank district.
which covers the vast State of Texas, two credit corporations have been
organized recently and three or four more are likely to be organized in the
near future. The two recently organized will likely accommodate the
farmers with loans of $750.000 or more,since they have a capital of $50,000
each. There are now 20 agricultural credit corporations or livestock loan
companies doing business in the State and they have outstanding loans
discounted with the intermediate credit bank amounting to approximately
$14,000,000, being a larger sum than at any time since the bank was
established in 1925.
Bank officials at Houston have urged the establishment of corporations
with capitalization of $50,000, instead of the minimum under the law of
$10,000, feeling that the larger institutions would enable them to pay for
better management. They also stress the fact that although they are
endeavoring to be of assistance during the drouth troubles, the banks
are not emergency institutions but are serving year in and year out in
Increasing volume both by discounting farmers' notes given for agricultural purposes and by lending to farmers' co-operative marketing associations upon warehouse receipts representing staple agricultural commodities.
St. Louis District.
An effort is being made in the St. Louis bank district, covering Arkansas,
Missouri and Illinois, to form credit corporations in each of the subdivisions of those States, as divided by the State Bankers' Associations.
One has already been established at Pine Bluff, Ark. The bankers in the
district covered by the Federal Intermediate Credit Bank at Baltimore—
Maryland, Virginia, West Virginia, Delaware and Pennsylvania—have
shown much interest in the subject of intermediate credit but to date
only one association has been organized to meet the demand for credit
due to drouth conditions. Bankers in the New Orleans district also are
showing interest in the subject. Some local banks in agricultural corn.
2826
FINANCIAL CHRONICLE
munities throughout most drouth districts have arranged for a line of
credit with the intermediate credit banks of their district so they may
discount farmers' notes with them should the necessity arise.
[voL. 131.
and feeds, and we have no desire to disturb such machinery, but believe
the existing organization can be continued and still enable reduced costs.
Virginia Drouth Loss Placed at $100,000,000—Relief Indictments Dismissed Against Guy Huston and Others
in Connection with Sale of Stock of Missouri-KanCommission Presents Its Recommendations to
sas Farms Co., &c.—Nol-prossed Because Similar
Governor Pollard.
Proceedings Failed in Other States.
The money loss in Virginia due to the drouth "can be
From the Boston "Transcript" of Oct. 27 we take the
conservatively estimated in excess of $100,000,000," it is
stated in a report just submitted by the State Drouth following:
According to a statement issued to-day by United States Attorney FredRelief Committee to GovernoP John Garland Pollard. erick
11. Tarr, the so-called land bank fraud cases based upon indictments
This is noted in Richmond, Va., advices Oct. 24 to the returned in this jurisdiction in June 1928 have been dropped upon orders
from the Attorney-General at Washington. The reason assigned for
"United States Daily," the account in which further says.
Unemployment resulting from the national depression, combined with
the reduction in labor normally applied to the harvesting of crops, constitutes the most immediate and pressing problem, the report says.
"Many farmers who are trustworthy and normally good credit risks will
require temporary loans (not available through the local banks) to enable
them to continue their business operations until they harvest and sell
another crop," it is stated.
The report, which is signed by the committee chairman, Harry F. Byrd,
concludes with the following recommendations:
I. That the chairmen of all local committees urge all citizens and organizations to give employment to every possible person.
2. That Virginia farmers carefully preserve all existing supplies of food
and feedstuffs. That they carefully cull all livestock and sell every animal
that cannot he carried over at a profit. That they borrow money for only
actual necessities and productive purposes. That they plan first for food
for their family and feed for the livestock, and that wherever desirable
and advantageous they purchase their supplies and sell their crops through
well-managed co-operatives.
3. That local bankers, co-operatives, dealers, and merchants in the
drouth area make a special effort to finance farmers who are good credit
risks and have bankable paper to offer.
4. That the United States Government, in accordance with precedents
already established in other sections of the country, furnish credit to
farmers who are normally good credit risks, but who on account of losses
occasioned by the drouth, can not get production credit. Such credit should
be furnished at a low rate of interest and without the Imposition of unnecessary red tape, which would defeat in many instances the purpose of
the loan. Such credit should only be extended to farmers who farmed this
year and who agree to a balanced system of farming next year.
5. That the Federal Government during the emergency contribute more
largely than in the past towards the salaries of county farm and home agents.
The local extension agents have rendered a service of great value in this
emergency, and the drouth committee is convinced that such agents should
be employed in every county, but without increasing the burden uopn the
6. To even partially relieve the unemployment existing presents a most
difficult problem. Every individual and every industry should employ
every possible person. We urge that counties, cities, and the State prepare
to do as much public work as possible and to anticipate so far as can be
done, the revenue to be received later in the year 1931. One hundred
counties in Virginia will receive approximately $3.000,000 from the State
as their share of the gasoline tax. This sum could be anticipated to advantage and employment furnished on county roads during the Winter
months.
We believe that the best means to relieve unemployment is to embark
upon the largest possible program of road work. This work should not be
confined to a few costly projects where machinery is largely utilized, but
should be distributed generally over the State and on cheaper types of
construction, and on such types of road as will use human labor to the
greatest possible extent.
nol-prossing the cases is that the Government has been unable to successfully prosecute similar proceedings in other jurisdictions and has met reverses in the Federal Courts of appeal in other States. Tho statement
issued says;
"By order of the Attorney-General the indictment pending in this district against Guy Huston, Oran F. Schee, Harold A. Smith, John E. Huston,
Walter Cravens, John L. Boyles and Vernon U. Sigler has been dismissed.
These defendants were charged with using the mails in a scheme to defraud
and a conspiracy to do so in connection with the sale of stock in the Farms
Company of Massachusetts, the Missouri-Kansas Farms Co., and the
Farmers Fund of Illinois. The case was presented to the grand Jury in
this district and the indictment drafted by Sylvester R. Rush, special
assistant to the Attorney-General.
"This indictment is ordered dismissed because the offenses alleged and
the evidence relied upon by the Government were very similar tp the offenses and the evidence in a similar case in connection with the operation
of the Southern Minnesota Joint Stock Land Bank. This case was tried
In Minnesota and a conviction secured, but the conviction was reversed
by the Circuit Court of Appeals on the ground that the evidence was not
sufficient to sustain the conviction.
"The Attorney General has carefully considered the question whether
or not the case in this district can be successfully prosecuted in view of the
opinion of the Circuit Court of Appeals in the Minnesota case, and the
conclusion has been reached that there is no reasonable prospect of success. The indictment has been nol-prossed to-day."
Joint Stock Banks Favor Federal Aid—Association
Suggests Emergency Relief for Loans to Farmers—
Amendment to Federal Farm Loan Act Proposed—
Increase in Foreclosures.
Federal aid to the Joint Stock Land Banks to enable
them to meet the conditions growing out of the present
emergency in the agricultural industry was suggested at a
special meeting of the Joint Stock Land Bankers' Association at the Drake Hotel, in Chicago, on Oct. 20, says the
Chicago "Journal of Commerce" of Oct. 21, the account
going on to say:
The measures of relief, it was voted, should provide funds to enable
the banks to make new loans wherever the needs of the farmers require,
as well as to preclude the necessity of forcing the sale of farm lands
under the unprecedented conditions now prevailing.
Equal Taxation Recommended.
It also was recommended that the Federal Farm Loan Act be amended
In a manner as to provide complete equality in taxation between Federal
Land Banks and Joint Stock Land Banks, and thus remove the discriminations existing between these banks, their income and properties. Another
recommendation was that the Act be amended to authorize Land Banks,
by and with the approval of the Federal Farm Loan Board, to make
short-term loans and to prescribe the terms upon which short-time obligations shall be issued and secured.
"Due to the present business depression in general and the acute depression in the agricultural industry in particular, growing out of the
depression, some of the banks have acquired in the last year a larger
investment, in farms acquired under foreclosure, than at any time in their
history," it was stated in a report submitted by the Legislative Committee
of the Association and adopted by the meeting.
Action by Congress Asked.
you as Governor of Virginia request
the President of the United States and our representatives in Congress to
support a Bill appropriating a generous additional sum from the Federal
Government, and with the elimination of the existing restrictions, applying
this road fund to the improvement of roads so as to give employment to the
greatest number of people. We strongly favor the plan suggested by you to
request the Congress of the United States to make available as drouth
relief appropriation for roads of $5,000,000 to each designated drouth
State and that said $5,000,000 be deducted from the normal appropriations
made for roads from such States over a period of 10 years.
8. We specifically recommend that as soon as possible the Virginia State
Highway Department make decision as to the incorporation of the new
Commodity Slump Blamed.
roads under the Proter-Rhodes Act. That work on such roads be started
"This was caused primarily by the serious drop in the price of staple
just as soon as possible. so as to afford the widest possible employment.
agricultural commodities, such as wheat, cotton, tobacco, rye, oats,
9. We further recommend that you use every effort you can by communi- fruits, Ste The result has been an increase in
the number of foreclosures
cation with the President and out representatives in Congress, to amend and the inability
of the farmers to meet their current operating expenses
the Federal-aid road law so as to make favorable immediately the Federal and fixed champs
to an extent unprecedented in the history of agriculture.
aid now available on July 1 1931, and known as the 1932 fiscal year road It
will In difficult In many sections of the country, if the depression confund.
filmes, for Ott banks to sell farm lands owned by them at anything like
10. We recommend that the local Red Cross chapters and other local normal
prices until the prices of staple agricultural commodities shall have
charitable institutions make provision at once for co-operating with the
been stabilized at fairer levels.
National Red CMS.% and take care of those who can not obtain work and
"This condition imposes an unusual burden upon the banks and is due
require the necessities of existence.
to unprecedented conditions in agriculture and business generally, which
Pulpwood Conditions.
they could not foresee or prevent. On account of these conditions, the
11. The inability of many sections of the State to sell pulpwood has joint stock land banks have not been able during the last year to sell their
occasioned real hardship and distress. We recommend that you communi- bonds upon fair terms so as to provide themselves with funds to make new
cate with each of the normal purchasers of such pulpwood, stating the con- loans to the farmers, and thus enable them to function as was intended
ditions and asking that pulpwood be purchased, or at least advances made when they were created."
so far as it is possible to use such material. The sale of the pulpwood In
Foreclosures Increase.
many counties of Virginia would do much to relieve conditions and would
Frank W. Blair, Chairman of the Board of the Union Guardian Trust Cl..
citizens of those communities to take care of themselves during of Detroit,
enable the
and President of the Association, stated that as of Jame 90
the winter months with little and perhaps no aid from other sources.
the Joint Stock Land Banks held real estate, less reserves, valued at
I 12. We renew our recommendation to the Federal authorities that the $16,678,000, representing property acquired under
foreclosure, as against
wheat in the hands of the Farm Board, estimated at 60,000,000 bushels, be $13,520,000
on Dec. 31 1929. During the same period the amount of
made available for feed and sold to the farmers in need of feed for livestock, mortgages
in good standing held by the banks decreased $16,000,000 to a
at reasonable cost and, if necessary, on credit. We further recommend that total
of $569,000,000, while the amount of Joint Stock Land Banks bonds
the Federal Government undertake to purchase for cash large quantities of
outstanding in the hands of the public was cut down $15,000,000 to a
feed and fertilizers and other necessities of the farmers' existence. That
total of $564,000,000.
during the period of this emergency such materials be furnished at cost of
The Federal Farm Loan Banks were confronted by similar situations,
handling to the farmers and be paid for in cash by those able to pay cash,
and on credit to those unable to pay, with due safeguards. The cost of it was pointed out. The real estate held by the Federal Banks as of
June 30 amounted to $11,576,000, which does not include property acquired
such feeds and fertilizers, if made available in this way, could be greatly
reduced to the farmers without disturbing to any great extent the existing and charged back to the farm loan associations which are stockholders in
machinery of distribution, and very substantial relief thereby given. We the respective Federal Land Banks. This compares with $8,400,000 es
realize that the machinery Is already established to distribute such fertilizer Dec. 81 1929. The net mortgage loans were $1,192,000,000 and $1,197,.
F7. We specifically recommend that
Nov. 11930.]
FINANCIAL CHRONICLE
000,000, respectively, while the bonds outstanding in the hands of the
public aggregated $1,181,000,000 on June 30 as compared with $1,190,000,000 at the close of 1929.
Low Bond Prices Handicap.
In recommending that the Government provide some measure of relief
to enable the banks to make new loans in times of stress, it was pointed
out that the Farm Loan Act as written does not permit the banks to
function during periods when low bond prices prevail because of limitations
as to interest rates and maturities.
Several bills designed to help the situation are before Congress and are
scheduled for consideration when the House and Senate reconvene in
December. One provides for an increase in the spread between the land
bank bond and mortgage interest rates from 1% to 11
/
2
% under certain
conditions. Others provide for broader operations by the Joint Stock
Land Banks and for the enforcement of the double liability against stockholders of such banks which are in receivership.
Federal Farm Board to Aid in Porto Rico.
The benefits of the Agricultural Marketing Act, under
which the Federal Farm Board has conducted its activities for
the relief of farmers will be extended to Porto Rico in response
to requests for this action from that island, it was announced
at Washington on Oct. 27, according to a dispatch to the
New York "Times." Dr. W. I. Myers of Cornell University, it is stated, has been appointed to inquire into the condition there for the board.
l
Senator Borah Urges Debentures—Farm Relief Plan
•
Will Be Revived He Says.
According to Associated Press advices from Lincoln, Neb.
(published in the New York "Times"), Senator William E.
Borah of Idaho said on Oct. 30 that another effort would be
made in Congress to revive the debenture plan of farm relief.
He is quoted as stating:
"It is my belief, that until the debenture is put into operation the wheat
growers and other important groups of agricultural producers will not be
benefited in any degree by Government action."
Chairman Legge of Federal Farm Board in Letter to
J. H. Mercer of Kansas Live Stock Association
Says Board Has No Quarrel With Commission Men
—Not Possible to Lend Support to Different Organizations Disputing Among Themselves.
Chairman Legge, of the Federal Farm Board, under date
of Oct. 23, answered certain criticisms of J. H. Mercer, Secretary of the Kansas Livestock Association. Referring to
these criticisms, the "United States Daily" of Oct. 27 stated:
Mr. Mercer in his letter, made public at Topeka, Kans., had criticized
the Federal Farm Board, saying a great majority of Kansas livestock
producers are unable to see where the Board has been of any material
benefit to them. He also objected to what he said was a remark of
Mr. Legge that "the average Kansas livestock man would sooner see the
cows die hungry than co-operate with anybody."
Mr. Legge said Mr. Mercer has insisted that any aid extended by the
Board for livestock in the Kansas territory must include the commission
merchants. Answering that, Mr. Legge said a substantial majority of
the livestock co-operatives have worked out a plan, and a credit corporation has been set up by the national livestock organization from which
member co-operatives can obtain funds.
"We haven't any quarrel with the commission merchants," he said, "but
the Agricultural Marketing Act provides that we should work with and
through co-operative organizations "producer-owned and producercontrolled."
Mr. Mercer's criticisms were answered in a letter addressed to him by Mr. Legge, Oct. 23, and in this, among
other things, Mr. Legge stated that "so far as drouth relief
work is concerned . . . the Farm Board has no authority to undertake relief operations as such." Mr. Legge's
letter follows:
Oct. 23 1930.
Mr. J. H. Mercer,
Association,
Kansas Livestock
Topeka, Kansas.
Dear Mr. Mercer: Replying to your letter of Oct. 18, would say that I
'think perhaps the statement you refer to is subject to criticism, that it
should have been limited to the officials or leaders of the livestock group
like yourself. Perhaps I may be in error in supposing that you reflect
,
the sentiments of'the average livestock man." So far as you personally
are concerned, I think the statement is conservative, as in every conference
we have had with you, and in what little correspondence has been had
on the subject you have persistently contended that any aid extended in
your territory for livestock must include the commission merchants.
We haven't any quarrel with the commission merchants, and don't want
to have any, but the Agricultural Marketing Act provides that we should
work with and through co-operative organizations, "producer-owned and
producer-controlled," and while some of the commission merchants that
you refer to probably have livestock ranches of their own, it is not as
producers, but as dealers in the commodity that you insist that they be
recognized.
So far as the drouth relief work is concerned, we tried our best to
make it clear to Mr. Limbocker, the Governor and others who were
present at the conference here, that the Farm Board had no authority to
undertake relief operations as such. We are not even permitted under
the law to make production loans, such as loans for growing crops or
livestock, our operations being restricted to co-operatives engaged in the
marketing of farm produce, but where co-operatives were in existence whose
business it would be to handle the produce of their members we would
2827
consider applications for loans to help tide them through their present
emergency, and a number of such loans have been made.
A credit corporation has been set up by the national livestock organization, by the use of which their member co-operatives can obtain funds
from the Intermediate Credit Bank. In some sections of the country
this is being used to a considerable extent.
So far as the national livestock organization is concerned, members of
the Board have attended various meetings over a period of some eight
or 10 months in the hope that the livestock interests would work out a
plan that would be acceptable to all. This proved to be impossible, but a
program was finally worked out that was approved by a substantial
majority of the livestock co-operatives.
We are enjoined not to encourage competition among the co-operatives
themselves, and obviously we cannot lend support to a lot of different
organizations which will use the funds to fight each other simply because
of differences of opinion among them as to just what the national set-up
should be. We have insisted at all times that the national set-up should
be open to all who wished to join on exactly the same basis, and that
is our position to-day, and it is my belief that if organizations like yours
are willing to come along with the program adopted by the majority that
a little time and experience would work out whatever changes were necessary to make the set-up most efficient. It is hardly reasonable to expect
that every contingency can be met in advance, and it is probable that
any national organization of co-operatives will require modification and
changes from time to time in order to meet all the conditions that will
have to be met.
I cannot understand your remark with reference to building an organization to control production. With the single exception of lambs, on which
I think you will agree there is a larger number than can be absorbed at a
living price, I do not know of any suggestion that has been made affecting
livestock production. However, that ties in very closely with the suggestion of trying to establish agriculture on a parity with other industries.
If you know of any industry which produces blindly, without any reference to the potential market demand, that has been able to do so for
any length of time, I would be glad to have the information. Better
adjustment of supply to the demand is the keynote of success in any
industry to-day that is successful, and had the sheep grower heeded the
advice of the Department of Agriculture, which has been repeated from
time to time for several years past to the effect that production in the
country was increasing at a far greater rate than consuming demand, be
would not be in the unhappy condition be is in to-day.
I am not clear as to what you have in mind with reference to stabilization in livestock. It is true that those sheep feeders came to us after they
had a great big surplus of fat sheep ready for market, but what would
you suggest could have been done with them? Sheep cannot be baled
like cotton, or binned like wheat. I am at a loss to know just what it is
you have in mind that we might have done about it.
I wish to assure you most positively that we have only good-will
toward the livestock growers of Kansas. The only trouble is that the
leaders of the organization insist on our doing something different from
what the majority of the co-operative growers in other States wanted
done. Obviously it is impossible for us to impose your ideas on the
subject on everybody else. Any time that you are willing to come along
with the program adopted by the majority, as most distinctly it is their
program and not any program of this Board, we will be glad to extend
every assistance possible.
If the organization which the others have set up is defective in any
respect we have implicit confidence that they will be quick to make such
changes as experience indicates would be helpful. We cannot have a
separate plan for each of the 48 States, all of which are interested to
some extent in livestock production.
I sincerely hope that you will see your way clear to join in working
out the activity in such a way as to be of benefit to all.
Yours very truly,
ALEX LEGGE, Chairman,
Federal Farm Board.
Grapefruit Surplus in Arizona—Growers See Need of
Better Marketing Machinery.
The following special correspondence from Phoenix,
Ariz., Oct. 6, is from the New York "Times" of Oct. 12.
If the Kansas wheat farmer has more wheat than be can sell, the Arizona
citrus grower is sympathetic because he is the victim of the surplus bogy
also. Just as the Kansas and Oklahoma wheat farmers are trying to
improve their marketing system, the Arizona growers are looking for
some formula by which they can make more profit and merchandise their
grapefruit and other fruits.
I. deR. Miller, manager of the Arizona Citrus Growers, says citrus
fruits will become the chief agricultural products of Arizona provided
adequate marketing machinery can be devised. He points out that world
production has made a problem that Arizona citrus raisers must study.
Argentina and New Zealand are adding to their production and influencing
the world market, he says. In world competition the quality fruit economically produced will hold its own, is his opinion.
Mr. Miller estimates Arizona is setting enough trees to equal Florida's
grapefruit production of 8,500100 boxes.
,
New York Stock Exchange Expels Two Former Members
of Failed Firm of Prince & Whitely for Irregular
Practices—Action Said to Bar Chance of Reorganization of Present Firm.
G. Lisle Forman and Morrison B. Orr, former members
of the bankrupt brokerage house of Prince & Whitely and
directors of the company's former affiliate, the Prince &
Whitely Trading Corporation, were expelled from the New
York Stock Exchange on Thursday of this week, Oct. 30.
The announcement of their expulsion, as read from the
rostrum of the exchange by Richard Whitney,President, was
as follows:
Charges and specifications having been preferred under Section 7 of
Article XVII of the Constitution of the Exchange and Sections 2 and 4
of Chapter XII of the rules adopted by the Governing Committee pursuant
to the Constitution against Messrs. G. Lisle Forman and Morrison B. Orr,
members of the Exchange, and also members of the firm of Prince &
2828
FINANCIAL CHRONICLE
Whitely, said charges and specifications were considered by the Governing
Committee at its meeting held on Oct.. 29 1930.
The substance of the first charge and specifications was that first,
through the device of borrowing securities and placing them in accounts
which were not sufficiently margined, and through the device of putting
in market orders to buy an unusual quantity so as to raise the closing
prices of the securities in which the firm was interested, the answer to the
questionnaire as of June 30 1930 of said firm of Prince & Whitely did
not reflect the true condition of said firm, and, second, that the partners of
said firm were the only directors of the Prince & Whitely Trading Corp.,
a corporation whose securities said firm had offered to the public in 1929,
and as such directors said partners caused the Prince & Whitely Trading
Corp. to lend $1,500,000 on the unsecured note of J. IL Hoyt & Co., a
corporation owned or controlled by one of the partners of said firm, and
the proceeds of said note were deposited to the account of said subsidiary
corporation and thereby improved the financial condition of said firm.
The substance of the second and third charges and specifications Was
that on Oct. 6 1930 the Prince & Whitely Trading Corp. had a debit
balance of approximately $4,275,000, and was long securities of more
than $7,350,000, and that no reasonable proportion of these securities
was segregated and set aside as the property of the Prince & Whitely
Trading Corp., and that more than a reasonable proportion of these securities had been pledged as collateral for loans of the firm of Prince &
Whitely.
The Governing Committee having found said G. Lisle Forman and said
Morrison B. Orr guilty of said charges and specifications, said G. Lisle
Forman and Morrison B. Orr were expelled.
Yesterday's (Oct. 31) "Journal of Commerce," in reporting
the matter, stated that it was learned the previous day
(Oct. 30) that investigations in connection with the accounts
of the firm have been conducted concurrently by the Exchange and the State Attorney-General's office, and that
officials at the Fraud Bureau said the results of the investigations would determine whether there would be any criminal prosecutions against the two men following the action
of the Stock Exchange.
The same paper also stated that the action of the Exchange bars chance of reorganization of the present firm,
it was pointed out, in financial circles.
The suspension from the New York Stock Exchange and
failure of Prince & Whitely was noted in the "Chronicle"
of Oct. 11, page 2317, and its affairs referred to in our
issue of Oct. 18 and 25, pages 2478 and 2625.
New York Stock Exchange Suspends Philadelphia
Brokerage House of C. Clothier Jones & Co.—
Receivers Appointed for the Firm by Federal Court
in Philadelphia—Warrants Issued in Reading, Pa.,
for Members of the Firm and Manager of Reading
Office.
On Monday of this week, Oct. 27, announcement was made
from the rostrum of the New York Stock Exchange by
Richard Whitney, President of the Exchange, of the suspension of the Philadelphia firm of C. Clothier Jones & Co.
for inability to meet its obligations. The firm is composed
of the following members: 0. Clothier Jones, Raymond
Heber Bailey, John Bell Huhn (member of the New York
Stock Exchange), R. Norris Williams II, Paul Tappen, and
Nelson H. Gildersleeve (special). In addition to its main
office and branch office in Philadelphia the firm maintained branch offices in New York, Camden, J. N., and Harrisburg, Hazleton, Pottsville, Reading, and Upper Darby,
Pa. The New York Curb Exchange, of which it was an
associate member, and the Philadelphia Stock Exchange
also suspended the firm.
The suspension of the house by the different exchanges
was followed by a general assignment of the firm for the
benefit of its creditors to J. C. Neff and Frank M. Hardt,
Vice-Presidents of the Fidelity-Philadelphia Trust Co., of
Philadelphia. Still later in the day bankruptcy proceedings
were instituted against the firm by three small creditors
In the Federal Court at Philadelphia, and Mr. Neff and
Mr. Hardt (to whom the firm had earlier made an assignment) were appointed receivers under bond of $1,500,000.
We quote below from the account of the failure contained
in the Philadelphia "Ledger" of Tuesday, Oct. 28:
(VOL. 131.
"The limited partnership of C. Clothier Jones & Co., which has heretofore carried on a general stock brokerage business, with principal offices
at 1603-1605 Walnut Street, this morning made a general assignment to
J. C. Neff and Frank M. Hardt, Vice-Presidents of Fidelity-Philadelphia
Trust Co., for the purpose of liquidating the assets of the partnership and
distributing the proceeds among the partnership creditors. . . .
"The assignees have not yet been able to make an examination of the
firm's books in order to determine exactly the status of its affairs, but
accountants are now making a thorough examination of the matter. Until
they make their report, the assignees will be unable to give an exact
statement of the firm's assets and liabilities."
All concerned in the firm's affairs apparently were in accord with the
bankruptcy proceeding filed later. Three small creditors having claims
aggregating $65L85 instituted the action. Mr. Dechert, W. Custis Bok,
and John C. Blakely appeared as counsel for the brokerage firm, the
creditors were represented by Elbert Dent and the receivers by Arthur W.
Littleton.
Mr. Dechert said a hurried examination of the firm's accounts revealed
that the assets in the Philadelphia territory were about $2,718,000, of
which $2,118,000 are pledged with banks for loans aggregating $1,765,000,
leaving an apparent equity of $353,000. He mentioned other assets of
about $600,000 in the firm's offices at 1603-1605 Walnut Street and 436
Chestnut Street.
In New York, where the firm transacted business from an office at 81
Broadway, assets were said to consist of $4,465,000, of which about
$1,075,000 are not pledged to banks and brokers for loans.
In Camden, where the firm had an office at the Walt Whitman Hotel,
the assets were fixed at $240,000, with all but $40,000 pledged as security
for loans.
Auxiliary receivers will be asked in New York and elsewhere outside the
Eastern Federal District of Pennsylvania, where the firm had
branches. . . .
Mr. Jones, whose name the firm bears, is a member of the Governing
Committee of the Philadelphia Stock Exchange. He has been a member
of the local Exchange since 1911, and has been a member of the New
York Stock Exchange since 1919. From 1910 to 1915 he was in the
stock brokerage business independently, and then formed a partnership
with Robert MacDonald, Jr.
Mr. MacDonald left the firm five
years ago. . . .
Recently, it was said, the firm had reduced expenses, and cut its force
of employees from 250 to 150 persons. However, about $60,000 had been
spent for improvements to the main office. . . .
Warrants were issued yesterday (Oct. 27) at Reading for the erred of
the firm members of C. Clothier Jones & Co. and Richard M. Quimby,
manager of the company's Reading office, charging them with fraudulent
conversion of $400.
Mr. Bernard Hoffman, Reading attorney, made affidavit before Alderman James Roslin that proceeds of the sale of Chrysler stock, belonging
to Mrs. Hoffman, amounting to $400, had been withheld by Quimby "on
orders from the firm that nothing should be paid out." The warrants
were turned over to Charles Dentith, a Reading detective, to serve.
According to Wednesday's "Ledger," Oct. 20, ball in the
amount of $2,000 each was entered the previous day for
five partners of the firm named -in the warrants issued in
Reading, counsel for the firm announced. The criminal
action was taken in error, counsel asserted, but the members of the firm propose to answer the matter fully. Those
for whom bonds were entered with the Clerk for Quarter
Sessions Court in Philadelphia were C. Clothier Jones,
Raymond H. Bailey, and Paul Tappan, of Philadelphia;
John Bell Huhn, New York member, and Nelson H. Gildersleeve, special partner, residing at Miami Beach, Fla. Announcement was made that bail would be entered by R.
Norris Williams, 2nd, as Soon as he returns from his
wedding trip in Europe.
It was pointed out, it was said, that "the affidavit of
the complainant and the warrants included the names of
Mr. Gildersleeve, a special partner under the uniform limited partnership act, who had no share in the management
of the business, and of Mr. Williams, who had been out
of the country on his honeymoon for several weeks before
the occurrence of the act on which the charge was apparently based."
The same paper also stated that Mr. Hardt (one of the
receivers for the firm appointed Monday, Oct. 27) and
the Irving Trust Co. of New York had' the previous day,
Oct. 28, been named ancillary receivers to wind up the
affairs of the firm in New York and other cities.
Robert L. Zoll, Member of the Philadelphia Brokerage
House of Chas. H. Bean & Co., of Philadelphia
Takes His Life—Firm not Involved, Head Announces.
Robert L. Zoll, one of the partners in the brokerage house
of Charles H. Bean Co., 1523 Walnut Street,
Philadelphia,
committed suicide on Oct. 27 in the basement of the building in which the firm's offices are located.
Financial reverses suffered by himself and members of his
family are
believed to have been the reason for his act, according
to
the Philadelphia "Ledger" of Oct. 28.
Charles H. Bean,
senior member of the firm, issued the
following statement,
as reported in the paper mentioned:
Counsel for the brokerage house said its assets appeared to be about
$7,423,000, of which $5,355,000 in securities are pledged with banks and
brokers, leaving about $2,068,000 to meet the firm's obligations to customers and others. The amount of liabilities was not given.
In a last desperate effort to stave off the collapse, C. Clothier Jones,
founder and one of the five general partners, left his home at 144 Valley
Road, Ardmore (Pa.), early yesterday morning for New York to negotiate
a loan to restore the firm's reserve to the 5% requirement of the New
York Stock Exchange.
His train was delayed, and at Newark he boarded a taxicab and rushed
to New York, but was too late to obtain the loan, and, meantime, a
meeting of the Conduct Committee of the New York Exchange, at which
"Mr. Zoll had been in our employ more than 30
he was scheduled to appear, took place in his obsence.
years, and in August
After the suspension was announced Henry G. Brengle, President of 1929 was admitted to the firm as a Junior partner.
His interest in the
the Fidelity-Philadelphia Trust Co., issued the following statement.
firm was nominal. I have known for many months
that he has been
•
1
Nov. 1 1930.]
FINANCIAL CHRONICLE
worried over his personal account and the accounts of some members of
his family, but his death does not involve the firm of Charles H. Bean &
Co. in any way whatsoever."
The "Ledger" furthermore said, in part:
Frank 0. Matthews, Secretary of the Philadelphia Stock Exchange, said
he had been informed the stock market losses of Mr. Zoll were entirely
for Zo11's personal account and did not affect the firm in any way. . . .
Mr. Zoll, who was 53, entered the employ of the firm as a young man.
He had not been in health several months and his worry concerning investments is believed to have aggravated his condition.
Sidney F. T. Brock, Only Surviving Member of the
Philadelphia Investment Banking Firm of Reilly,
Brock & Co., Follows Partner in Suicide After
Assigning Assets to Pennsylvania Co. for Insurances on Lives & Granting Annuities—Both
Leave $1,000,000 Life Insurance, $675,000 of Which
In Each Case Is to Go to Firm.
Sidney F. Tyler Brock, only surviving partner in the
Philadelphia investment banking firm of Reilly, Brock &
Co., shot and killed himself on Sunday, Oct. 26, in a Philadelphia apartment he had rented four hours earlier, Just
three days after his senior partner, George K. Reilly, had
taken his life in a similar manner. The day following the
suicide of Mr. Reilly (Oct. 24) Mr. Brock had made a
general assignment of his firm to the Pennsylvania Co. for
Insurances on Lives & Granting Annuities of Philadelphia
for the purpose of liquidating the assets of the partnership
and distributing the proceeds among the creditors. The
Philadelphia "Record" of Oct. 25, in reporting. the assignment, quoted C. S. W. Packard, President of the Pennsylvania Co., as saying at the time that the liabilities of the
brokerage house "may substantially exceed the assets."
That Mr. Brock, who was under a severe strain, sacrificed his life to meet the obligations ef his firm was the
explanation of his act given by his business associates. It
appears (we quote from a dispatch to the New York
"Times") he left $675,000 worth of incontestable life insurance, the same amount as Mr. Reilly had left to the
benefit of the firm. Each had carried $1,000,000 worth of
policies, according to Sigourney Mellor, an insurance broker.
Mr. Mellor, when informed of Mr. Brock% death, mid that
the broker's Insurance, added to the asse•-2 uf the firm, which
included insurance money from Mr. Reil.;.z estate, probably
would be sufficient to make up a deficiency between assets
and liabilities.
Mr. Brock, who was 46 years of age, was graduated from
Harvard in 1906. With Mr. Reilly he formed the firm of
Reilly, Brock & Co. in 1913. He was a director in several
corporations and a member of numerous clubs. During the
World War he served in France as a captain of artillery.
His home was at Bryn Mawr, Pa.
With reference to the assignment of the assets of Reilly,
Brock & Co. to the Pennsylvania Co. for Insurance on Lives
& Granting Annuities, we quote below from the Philadelphia
"Record" of Oct. 25:
2829
Brokerage House of E. A. Pierce & Co., New York,
Acquires C. D. Robbins & Co.—Branches of the
Latter in Buffalo and Chicago Included—Drayton,
Pennington & Colket Takes Over Auburn, N. Y.,
Branch.
As of to-day (Nov. 1) C. D, Robbins & Co., one of the
best-known financial houses in Wall Street, retires from
business, its New York offices and Chicago and Buffalo
branches, together with a portion of its extensive personnel
being acquired by Pierce & Co. of this city, while the Auburn, N. Y., branch of the firm at the same time is being
acquired by Drayton, Pennington & Colket of this city.
The New York "Times" of Wednesday, Oct. 29, from which
the above information is obtained, went on to say:
Notices are being sent to customers of Robbins & Co. that arrangements
have been made for the transfer of their accounts to Pierce & Co., if
desired. The transaction, just completed, amounts virtually to absorption
of the business of Robbins & Co. in the three cities by Pierce & Co.
,Robbins & Co. have offices at 44 Wall Street. The floor partner is
Charles D. Robbins, who has been a member of the New York Stock
Exchange since June 20 1929. Be is the senior member of the firm.
The firm's office in Auburn, N. Y., will be taken over on Nov. 1 by
Drayton, Pennington & Colket, with Sidney J. Aubin as Manager.
Pierce & Co., rated as one of the largest wire houses in the country,
have within the last few years absorbed several firms. The latest arrangement, whereby it takes over three of the offices of Robbins & Co., further
Increases the size of the organization. Pierce & Co. have three floor
members in the New York Stock Exchange and 17 partners. Edward A.
Pierce is head of the firm.
Federal Court Appoints Equity Receiver for E. R.
Diggs & Co., Inc., to Preserve Firm's $4,375,000
Assets—Stock Prices Blamed.
On Oct. 24 the Irving Trust Co. of this city was appointed
receiver in equity for the investment banking firm of E. R.
Diggs & Co., Inc., 46 Cedar Street, New York, with branches
in Baltimore, Chicago, Kansas City (Mo.), St. Louis, and
London, England. The receivership was granted by Federal
Judge Alfred Coxe on the application of the Twentieth
Centiry Press, Inc., for a $3,322 claim. A balance sheet
of the compa, as of Oct. 23, shows assets of $4,375,000,
mostly in stocks and bonds of public utility companies, and
liabilities of $3,600,000. The depressed state of the securities markets was given as the reason for the application
for receivership. The New York "Herald Tribune" of Oct.
25, from which the above information is obtained, continuing, said:
E. R. Diggs & Co. were interested in the Midland Natural Gas Co., the
Twin States Natural Gas Co., Inland Utilities, Inc., Central States Service
Corp. and the Empire Equities Co.
The petition seta forth that the defendants are solvent, but that liabilities immediately due, payment of which is demanded, exceed the value of
quick assets. Accordingly, it is represented, the pressing of suits with
enforced liquidation at short notice would add to the general depression
and result In great loss.
Among the liabilities due and payable are $271,000 due to brokers and
unstated amounts due to the Chase National Bank, of this city; the Continental-Illinois Bank & Trust Co. of Chicago, and the Hibernia Trust Co.
The petition sets forth that the banks are "amply protected" by securities
posted with them.
Sidney F. T. Brock, the surviving partner, in filing the deed of assignAccording to a Chicago dispatch, Monday, Oct. 27, to the
ment in Court of Common Pleas No. 1, transferred all his individual "Wall Street Journal," Federal Judge Charles E. Woodproperty for the benefit first of his individual creditors and thereafter
ward has appointed the Straus National Bank & Trust Co.
the creditors of the concern.
In the petition in which they agreed to take over the affairs of the ancillary receivers under a bond of $5,000 for the firm, on
brokerage house, the assignees appointed by Judge Harry S. McDevitt,
petition of Paul Clovis, attorney representing the TwenO. S. W. Packard and C. S. Newhall, also of the Pennsylvania Co., set forth
that the book assets are $5,723,573; book liabilities, $5,353,280, and net tieth Century Press, who said that "although the assets of
book assets of $370,280.
the company in Chicago are relatively small, it seemed deThe petition also states that the firm has collateral of a book value
also." In
$4,000,000, which is pledged and held by banks for loans sirable to have a receiver appointed in this city
of about
the same issue the paper mentioned stated that Edward R.
amounting to $3,448,229.
These developments in the affairs of the brokerage house occurred at a Berry, President of Midland Management, Inc., the operatmoment when plans were being made for the funeral of Reilly, 52-year-old
bachelor, who was found on his beautiful Gladwyne estate with a bullet ing and management company for Twin States Natural
through his head.
Gas Co., Inland Utilities, Inc., and Midland Natural
It was the first intimation that the brokerage firm faced difficulties, Gas Co. had issued the following statement concerning the
since Brock, following news of the suicide, declared the affairs of the
effect of the financial embarrassment of E. R. Diggs & Co.,
partnership would be carried on as usual.
In the deed of assignment, Brock sets forth that by the reason of the Inc., their bankers, on these companies:
"sudden and unfortunate" death of Reilly, the firm is dissolved and "the
The companies and their securities continue to be fundamentally and
surviving partner finds himself lacking in liquid capital sufficient to
intrinsically sound. Dividend and interest payments can be met through
carry on the business with full justice to existing creditors and to those earnings
which, of course, are not affected by the embarrassment of the
who might do business hereafter with him as liquidating partner."
bankers. The dividend on Midland Natural Gas Co. participating Class A
Brock also declares that the cash payable to the firm amounts to stock,
payable Nov. 1, will be paid. The only immediate apparent effect
$675,000 upon "incontestable life insurance policies, the payments of
which I can see might be a temporary curtailment of expansion and develwhich should be made upon filing the necessary proof."
opment programs, the funds for which would have been supplied in normal
A statement issued by C. S. W. Packard, the President of the Pennsylcourse by the bankers.
vania Co., said Brock had made "a general assignment for the purpose of
liquidating the assets of the partnership, and distributing the proceeds
among the creditors.
W. L. Caldow, Member of the Toronto Brokerage Firm
"The assignees," Mr. Packard said, "have not yet had an opportunity of
of Easson & Caldow, Commits Suicide.
examining the books of the partnership, but accountants are now making
a thorough investigation of the firm's affairs. From a cursory examination
According to Associated Press advices from Toronto,
of the figures, it would appear that the liabilities of the partnership may
York "Times" of the
substantially exceed the assets, but to what extent cannot now be Canada, Oct. 29, printed in the New
following day, W. L. Caldow, member of the brokerage firm
determined."
2830
FINANCIAL CHRONICLE
For,. 131.
of Easson & Oaldow, Toronto, was found dead in his garage date for Class A director and a candidate for Class B director*.
The nomination had to be made by resolution of the board
on Oct. 29. Police said it was suicide.
of directors and had to be certified to the New York Reserve
Federal Reserve Board Changes Method for Computing Bank on or before Oct. 27 1930.
On Oct. 29 1930, a list of the candidates (indicating by
Deficiencies in Reserves of Member Banks—Deposits at Opening of Business Instead of Close of whom nominated) and a preferential ballot were mailed to
each bank in Group 3. The law provides that the ballot
Business to Be Basis.
shall be cast within 15 days after receipt of this list. The
Under date of Oct. 24 the Federal Reserve Bank of New polls open on Nov. 1, and
close at noon on Monday,Nov. 17
York forwarded the following self-explanatory circular to 1930. At the latter time the
ballot box will be opened in
all the member banks of the Second Federal Reserve District. the Board room of the New York
Federal Reserve Bank,
FEDERAL RESERVE BANK OF NEW YORK.
the votes counted, and results of the election announced.
Circular No. 1003, Oct. 24 1930
Reference to Circular No. 902.
Amendment to Regulation D Permitting Computation of Deficiencies in Reserves
on the Basis of Member Banks Deposits at Opening of Business
Instead of Close of Business.
To Each Member Bank in the
Second Federal Reserve District:
For your Information we quote below a letter from the Federal Reserve
Board dated Oct. 2 1930, announcing an amendment to its Regulation D:
The Federal Reserve Board has amended subsection (a) of Section IV of
its Regulation D so as to provide that,in computing penalties for deficiencies
In reserves, the required reserve balance of each member bank at the close
of business each day shall be based upon its net deposit balances at the
opening of business, instead of the close of business, on the same day. No
change, however, was made in the existing practice of computing such
deficiencies on the basis of average daily net deposit balances covering
semiweekly, weekly or semimonthly periods.
The amendment becomes effective as to each member bank at the beginning at the first reserve computation period of such member bank commencing after midnight on Oct. 311930.
Section IV (a) of the Regulation, as amended, reads as follows:
"Section IV. Penalties for Deficiencies in Reserves.
"Inasmuch as it is essential that the law with respect to the maintenance
by member banks of the required minimum reserve balances be strictly
complied with, the Federal Reserve Board, under authority vested in it by
section 19 of the Federal reserve act, hereby prescribes the following rul
governing penalties for deficiencies in reserves:
."(a) Basic penalty.
"(1) Deficiencies in reserve balances of member banks in cities where
Federal reserve banks or branctes thereof are located and in such other reserve cities as the Federal Reserve Board may designate from time to time
will be computed on the basis of average daily net deposit balances covering
semiweekly periods. Deficiencies in reserve balances of member banks in
all other reserve cities will be computed on the basis of average daily net
deposit balances covering weekly periods. Deficiencies in reserve balances
of other member banks will be computed on the basis of average daily net
deposit balances covering semimonthly periods.
"(2) In computing such deficiencies the required reserve balance of each
member bank at the close of business each day shall be based upon its net
deposit balances at the opening of business on the same day; and the semiweekly, weekly and semimonthly periods referred to in paragraph (1) hereof
shall end at the close of business on days to be fixed by the Federal reserve
banks with the approval of the Federal Reserve Board.
"(3) Penalties for such deficiencies will be assessed monthly on the basis
of average daily deficiencies during each of the reserve computation periods
ending in the preceding calendar month.
"(4) Such penalties shall be assessed at a basic rate of 2% per annum
above the Federal reserve bank discount rate on 90 day commercial paper,
In effect on the first day of the calendar month in which the deficiencies
occurred."
By Order of the Federal Reserve Board.
It is hoped that the change accomplished by the foregoing amendment
o Regulation D. in the method of averaging daily net deposit balances,
will be of advantage to member banks.
We enclose a small supply of the revised form for your use in reporting
to this bank your net demand and time deposits for the periods commencing
on and after Nov. 11930. We will furnish additional copies of this form
upon request. No change is made in the method of computing net deposits
ubject to reserves, and F. R. Board Form St. 8059, a copy of which accompanied our Circular No. 902 of February 1 1929. may still be used for
this purpose.
GEORGE L. HARRISON,
Governor.
* Section 4 of the Federal Reserve Act provides that "Class A shall
consist of three members, who shall be chosen by and be representative
of the stockholding banks. . . . No officer or director of a member bank
shall be eligible to serve as a Class A director unless nominated and elected
by banks which are members of the same group as the member bank of
which he is an officer or director. Any person who is an officer or director
of more than one member bank shall not be eligible for nomination as a
Class A director except by banks in the same group as the bank having
the largest aggregate resources of any of those of which such person is an
officer or director."
"Class B shall consist of three members, who at the time of their election
shall be actively engaged in their district in commerce, agriculture or some
other industrial pursuit.
. No director of Class B shall be an officer,
director, or employee of any bank."
..
'
No Senator or Representative in Congress shall be a member of the
Federal Reserve Board or an officer or a director of a Federal Reserve
Bank."
In a resolution adopted Dec. 23 1915. the Federal Reserve Board expressed the opinion "that persons holding political or public office in the
service of the United States, or of any State, territory, county, district,
political subdivision, or municipality thereof, or acting as members of
political party committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as directors or officers
of Federal Reserve Banks." On Dec. 28 1915, the Federal Reserve Board
resolved that"national bank examiners shall not hereafter be elected
..
to directorships in Federal Reserve Banks." Under date of July 2.
1925,
the Fed al Reserve Board advised it had "reached the conclusion that a
oo
rson iggeforlel0 ceorto on Classll of officer af an inslangrvco
e so o 0 titi ai a
0
ti
ofo Federol ro e o"%pan!
v
ugene M. Stevens to Become Chairman of Board of
Federal Reserve Bank of Chicago Succeeding
William A. Heath Resigned.
The appointment of Eugene M. Stevens, President of the
Continental Illinois Bank & Trust Co. of Chicago as class C
director and Chairman of the Board of the Federal Reserve
Bank of Chicago was announced by the Federal Reserve
Board at Washington on Oct. 29 simultaneously with the
announcement that William A. Heath, whom he succeeds
in that capacity, will retire. Mr. Heath's resignation will
be effective Dec. 31 and Mr. Stevens will assume the responsibilities of the office Jan. 1 next.
The Chicago "Journal of Commerce" of Oct. 30, from
which we quote, also stated in part:
Mr. Heath has been considered a dean among the Federal Reserve Chairmen,who also act as Federal Reserve Agents for their respective institutions.
He is one of the oldest in term of service at this time, having held his present
position since Jan. 1 1917 and his resignation is accepted by the Federal
Reserve Board in accordance with the decision he expressed to the board
more than a year ago.
Board Honors Heath.
In connection with his retirement the Board said yesterday: "His long
tenure in office is testimony to the fidelity, integrity and ability with
which he handled the responsibilities of the position from which he has
asked to be relieved at the end of the current year."
In reference to Mr. Stevens, the Board's announcement stated: "Mr.
Stevens comes to the Federal Reserve System with the high credentials of a
long, varied and successful banking, financial and business experience in
Chicago and the upper Mississippi Valley, lathe course of which he became
President of one of the largest and most important banking institutions in
the United States."
Leaves Bank Jan. 1.
Mr. Stevens will retire Jan. 1 from the Presidency of the Continental
Iliinois and its affiliated organization, tne Central Illinois Co., to which
positions he was appointed upon the consolidation of the Continental National Bank & Trust Co. and the Illinois Merchants Trust Co., March 18
1929.
At the time of this consolidation Mr. Stevens was President of the latter
Institution.
Simpson Statement.
James Simpson, Deputy Chairman of the Federal Reserve Bank of
Chicago,in a statement accompanying the Federal Reserve Board announcement, stated:
"The directors of the Federal Reserve Bank of Chicago have for more
than two years known of Mr. Heath's desire to be relieved at the expiration
of his present term, if not before, and, only at his own request, have reluctantly consented to his retirement.
"The appointment of Eugene M. Stevens for the class A directorship
and the office of Chairman of the Board and Federal Reserve Agent, is
highly gratifying to the directors and officers of the bank.
"Mr. Stevens has long been closely identified with the development and
progress of the West. Few men have a more extensive acquaintance in
banking and business circles over the country, or a broader knowledge of
business conditions. He has the tested banking experience required by
the Federal Reserve Act for this position, and his selection should mean
mueh to the business interests of this Federal Reserve District."
David C. Warner and Samuel W. Reyburn Nominated
as Directors of the Federal Reserve Bank of New
York.
An election is to be held under the provisions of Section 4
of the Federal Reserve Act to choose successors to the
following directors of the Federal Reserve Bank of New
York whose terms expire Dec. 31 1930. Class A director,
Delmer Runkle, Chairman, Peoples National Bank, Hoosick
Falls, New York, and President, National City Bank of
Troy, New York, and Class B director, Samuel W. Reyburn,
President, Associated Dry Goods Corporation, New York
City, and Lord & Taylor, New York City. Both directors
were elected by banks in Group 3 and their successors are
chosen by this group. The banks in Groups 1 and 2 do not
elect directors this year. The nominee for Class A director
is David C. Warner, President of the Endicott Trust Co. of James C. Willson & Co. Points to Gold Surplus as
Endicott, N. Y. Mr. Rayburn has been nominated for reUnique Feature of Present Depression.
election as Class B director.
The "Willson Summary," published by James C. Willson
Group 1 consists of banks having capital and surplus in excess of $1,- & Co. of New York, has the following to
say regarding the
999,000.
Group 2 consists of banks having capital and surplus not exceeding 1930 depression:
$1,999.000 and not below $201,000.
Group 3 consists of banks having capital and surplus below $201,000.
Each bank in Group 3 is permitted to nominate a candi-
There is no parallel in our recorded financial history for one major aspect
of the business depression from which we are just emerging. We have never
before had an actual surplus ofgold in relation to total circulating currency.
Nov. 1 1930.]
FINANCIAL CHRONICLE
This simple though unique fact is of paramount significance for two masons. First, as we have usually had a 10 to 15% excess of currency over
gold reserves, the gold surplus of this year implies an abrupt increase in the
gold value of our currency as a measure of prices. As a matter of record,
a 12% increase in the gold value of our currency between December 1929
and April 1930 has corresponded with a 10.8% price drop in all commodities
and an 11.7% drop in raw materials from December to August.
Second, as a business index, an actual gold surplus indicates a vast reservoir of unused credit. In the long run this great potential credit can mean
only one thing—the equivalent of a momentous increase in the purchasing
power and demand for goods and for sound investments. This phenomenon is the aftermath of every major depression. The unique gold surplus
of 1930 merely means that the recovery will be correspondingly more vigorous and prolonged.
2831
expanded, according to an index figure representing prevailing retail prices.
rents, tax rates and so forth, and the fulfillment of these obligations with
due regard to a rise in these indices. Gold would remain a handy medium
of international exchange and because of its growing scarcity would become
more valuable, but its price, instead of determining the purchasing power of
money, would be inversely determined by the purchasing power of money.
Three Nations Broadcast Messages With the Depositing
of the Instruments of Ratification to the London
Navy Treaty—President Hoover and Japanese
and British Premiers on Significance of Action.
Describing the ceremonies incident to the depositing of
In the summary a chart is presented showing the relation
between currency inflation and changes in the general price the instruments of ratification of the London Naval Treaty
a Washington dispatch, Oct. 27, to the New York "Times"
level, as to which it comments as follows.
Among the many interesting facts and conclusions which may be drawn said.
The depositing of the instruments of ratification of the London naval
treaty at the British Foreign Office to-day was extolled as the passing of
another'milestone on the road to peace and security and as pointing to
further efforts at international armament limitation by the government
leaders of Japan, the United States and Great Britain in addresses broadcast over an international hook-up of radio stations from Tokio. Washington and London this morning.
Beginning at 10 o'clock, Eastern standard time, shortly after the deposit of the ratifications, Prime Minister Hamaguchi of Japan, President
Hoover and Prime Minister MacDonald of Great Britain, in the order
named, praised the treaty as meaning the end of naval competition among
the three powers and expressed fervent hopes for the success of futur%
efforts at armament limitation.
President Hoover and Prime Minister MacDonald, in looking to the
future, took occasion to encourage France and Italy through further conversations to resolve their naval difficulties so that they might come Into
full partnership as signatories to the London treaty. All three government
leaders gave words of encouragement to the cuase of international armament limitation.
Would Extend Disarmament.
"One cannot but feel that the moment is favorable for a wide extension
of the policy of disarmament embodied in this treaty," Prime Minister
Hamaguchi said.
"If the limitations now established can be maintained, we may look forDr. Robert Eisler in Vienna Speech Lays World Crisis ward with assurance to the fact that future conferences will find it easier
to Gold Standard—Calls Return to That Basis to bring about further steps in reduction," President Hoover said. world—
power in the
"Unless
Fatal With Output Falling—Would Abandon manage to we—and by that I mean every naval history will inevitably
stop this (competitive building) now,
System—Advocates World-Wide Expansion of Cur- repeat itself," Prime Minister MacDonald said.
President Hoover spoke over the radio from the Cabinet room of the
rency to Meet Industry's Needs and Stabilize Prices.
White House, with Secretary Stimson and White House and State DepartThe claim that the present world depression is largely only ment attaches present.
Later, Secretary Samson sent messages of congratulation to the British
a deflation crisis caused by a return to the gold standard at a
time when the world production of gold was steadily de- and Japanese Prime Ministers. His message to Premier MacDonald read:
The Right Honorable Ramsay MacDonald, M.P.,
creasing and a plea that the gold standard should be deserted
10 Downing Street,
London, England.
for a scheme of universal currency expansion to meet the
The President and I have just been listening with great interest and
growing needs of industry and maintain a stable price level pleasure to your speech in connection with the broadcasting at the time of
were made by Dr. Robert Eisler in an address in Vienna at the deposit of the ratifications of the London treaty. The Japanese Prime
the Austrian Club on Oct. 29 says a wireless message to the Minister was heard in this country as clearly as you were, thus marking a
new step in the cultural relations of the three countries as it marks the
New York "Times" which goes on to say.
beginning of a new era in naval affairs. I likewise wish to congratulate
Dr. Eisler, who is the author of a history of money and other works on you on the vigor, clarity and high purpose of your message, which will.
economics and finance and former assistant director of the university sec- I feel, have profound effect on the thinking peoples of the world.
tion of the International Institute for Intellectual Co-operation, affiliated
HENRY L. STIMSON.
with the League of Nations, attacked the quantity theory of money, which
The several messages follow.
he said presupposed that, since all the gold in the world would always be
the equivalent of all the wealth in the world, variations in its quantity and
Yuko Hamaguchi,Premier of Japan.
hence in the quantity of money based thereon would automatically be
The memorable conference which was held in 1921 and 1922 at Washingadjusted by raising and lowering prices.
ton failed to give a complete measure of relief to a war-weary world. A
totally unexpected competition set in among naval architects in the proSays It Works but One Way.
were 80
When gold was plentiful, Dr. Eisler declared, it was true that all pro- duction of numerous and very formidable cruisers. These vessels
ducers, merchants and others able to control prices were invariably willing heavily armed, so swift and so well protected as to constitute a factor of
to increase them, but when gold was scarce the pendulum refused to swing extreme importance in any comparison of fleets. It was some time before
the other way. Raw material and stocks were then full, he said but the the existence of the problem and its dangers and difficulties became apparretailer who had bought at high prices refused to sell at low, and the net ent. Various efforts were made toward its solution, but they seemed to
result was that fewer goods sold at the same prices. Dr. Eisler asserted lead to no result and the leading naval powers were rapidly drifting toward
that this meant fewer orders to wholesalers, manufacturers and producers, an impasse, with the prospect before them of a renewal of the wastefulcomwith unemployment and consequent reduced buying power on the part Of petition and crushing expenditure which had been temporarily arrested at
the public and, in the case of the present unprecedented crisis, would give Washington.
This dangerous possibility was averted at London. The assiduous labors
rise to conditions welcomed by bolshevism as inviting world revolution.
for a
Dr. Eisler quoted Carl Snyder, Federal Reserve Board statistician, and exerted in 1927 at Geneva were not without fruit, but paved the way
other authorities to show the normal annual increase in world production welcome measure of disarmament. An understanding was reached between
Japan, the British Commonwealth of Nations and the United States to
of goods was 3%. To finance it, the speaker declared, money and credit,
and therefore gold, should increase 3% and between 1850 and 1910 the put an end to competitive building in all categories of au.illary combatant
vessels.
Nor is that tripartite agreement relating to auxiliary craft the
production of gold did increase at approximately that rate.
treaty
By the end of 1929. however, Dr. Eisler asserted, gold production had only outstanding feature of the work of the London conference. A
embodying further provisions, designed to reinforce the limitation of naval
fallen 121% below the increase necessary to keep prices stable. Most of
the world had returned to the gold standard by 1925 and the result, delayed armaments laid down in the Washington treaty, and to regulate the activity
for a time in the United States by instalment buying and the Federal Re- of submarines in conformity with the dictates of humanity, was elaborated
serve Board policy, was a fall in prices with the attendant evil of unem- and signed by the five principal naval powers committed to one and the
ployment, according to Dr. Eisler, who said the basic reason for men being same noble end.
I feel it a great privilege to have contributed, so far as in me lay, to this
being periodically unable either to work or buy was neither war,capitalism
happy result. The new treaty is bound to exercise an immense moral
nor tariffs but hitching money to a shrinking gold production.
Influence on the growing consciousness of mankind. It is a striking demonFor Currency Expansion.
stration of mutual confidence and good will among the nations and I conSince gold production was sinking, Dr. Eisler said, it was obvious that gratulate the people of all the participating countries on such a signal
money, to keep pace with the production of goods, must be divorced from achievement. I know that nothing is nearer the heart of every thinking
gold production, and he advocated world-wide currency expansion. Op- Japanese than to enjoy security and to live in peace with the rest of the
posing inflation in any individual country, he said a world conference world.
of Finance Ministers and bankers could resolve to increase the world's
One cannot but feel that the moment is favorable for a wide extension
currency to an amount which could be fixed by an exchange by the central of the policy of disarmament embodied in this treaty. Now that the Pact
banks, each with every other, of parcels of newly-printed notes in propor- of Paris initiated by Mr. Briand and Mr. Kellogg has definitely outlaw=
tion to the present exchange value of their respective circulations, thus war, it is clear that any breach of that solemn engagement must rally the
establishing credits to be used to keep the exchanges stable.
whole world against the aggressor. Whether other powers come forward
Each national bank, under this scheme, would then, at the prevailing to offer active help or not, it is hardly conceivable that they would allow
rate of interest, place extensive new credits at the disposal of its respective the pledge-breaker to interfere with their trade and to enjoy the other
State, municipalities or private business to start new production or expand privileges of a lawful belligerent.
such as would most quickly re-absorb the unemployed while providing the
But, apart from calculations of mutual aid in time of war, may we not
products wanted immediately by working-class consumers.
believe that a more generous and neighborly spirit is fast replacing the
The derangement of internal equilibrium, Dr. Eisler explained, would be jealousies and suspicions of the past? Shall we not confidently hope
prevented by the valorization of all existing monetary obligations, including that the deliberations of the Preparatory Committee on Disarmament of
wages, salaries, fees, interest, taxes, rent, deeds of sale, commercial bills, the League of Nations, which is to meet this coming month, will be congold obligations or gold stocks. in existence at the time the currency was ducted in the same genial atmosphere that alone made the success of the
from this chart—indicating the primary influence of the currency to gold
ratio on prices, as against the mere "quantity theory" of money—the
following stand conspicuous:
(a) That in seven cases prices have declined, with a lessening of the
"spread" between currency and gold.
(b) That in two of these seven cases (1923-1924 and 1925-1926) the
declining prices were actually accompanied by increases in circulating
currency. On both occasions, gold increased more rapidly than currency,
thus reducing the "spread."
(c) That in two cases (1924-1925 and 1927-1928) prices have risen, while
circulating currency decreased. In both cases gold declined more rapidly
than currency, thus increasing the "spread." On the "quantity theory"
of money, declines in both gold and currency should have accompanied
declining prices in each of these cases.
(d) That the four recent depression years (1921, 1924, 1927 and 1930) each
coincide with periods of large gold imports not balanced by corresponding
increases in circulating currency—thus lessening the "spread," and, in
1930, creating an actual gold surplus for the first recorded time in our
National history.
(e) That normal estimates of supply and demand should be used to account for differences in extent of trend between the currency-to-gold ratio
("Dollar Value Index") and the price index.
r 2832
FINANCIAL CHRONICLE
London conference possible? I trust that these expectations for the future
will not be betrayed.
The Treaty of London has opened a new chapter in the history of human civilization. We have once for all escaped from what I may call the
"pioneer" stage, in which every nation's hand is actually or potentially
against every other. We have entered on the sane and friendly "settlement"
Stage, in which every one is united to suppress intrusions by any one on
another's sphere. A momentous step forward on the road of international
Peace and friendship has now been taken. Let it prove a prelude to still
greater triumphs for that lofty cause.
Herbert Hooper, President of the United Slates.
It is a remarkable occasion when we mark the growing association of
peoples, of hundreds of millions of peoples, of great nations making themselves a part of the great progress of peace through the interchange of
radio communications. To-day the Governments of Great Britain. Japan
and the United States have deposited the instruments of ratification to the
London naval treaty. Prime Minister MacDonald, from England, and
Premier Hamaguchi,from Japan, are joining with me In speaking to you
to mark the significance of this realization of advancement in the world's
hopes of practical limitation of naval armament. The task begun eighteen
months ago for the limitation of all types of naval vessels thus draws to
a close.
The great naval powers have bridged obstacles to relieve their peoples
of excessive naval burdens. Three of these powers,commanding the greater
part of the naval power of the world, have turned away from rivalry and
armaments. This relinquishment of competitive building among the three
great naval powers, with its consequent contribution to the security of
the world, is the greatest significance of this treaty. If the limitations now
established can be maintained, we look forward with assurance to the fact
that further conferences will find it easier to bring about further steps in
reduction. It is the fervent prayer of right-thinking men and women of
¶his generation that the international conference which has been so singlemindedly achieved may endure, as the agreements which have been reached
will not allow a pace for naval supremacy to again develop.
France and Italy are not as yet in full progress in the London treaty.
They have been making active efforts within the last few months to arrive
at a complete understanding. The peoples of Great Britain and of Japan
and of the United States, and, indeed, the peoples of the whole world,
have watched those efforts and are confident that patience and good will
may yet lead to a solution. They give me assurance that the hopes of
the world will not be disappointed.
It is a pleasure to felicitate the peoples of Great Britain and Japan
and the peoples of this country. Upon the conclusion of the sound and reasonable agreement between them, fair to all, it has been accepted by each
nation as an adequate protection and which substitutes for suspicion and
competition mutual trust, good will and confidence.
Let this day fill us with thanks and inspire us to go forward with the most
of courage and hope.
.
J. Ramsay MacDonald, Prime Minister of Great Britain.
It Is with profound satifaction that I now speak from London a few words
to those already spoken by Mr. Hamaguchi, of Japan. and President
Hoover, in Washington, on this very wonderful occasion.
This morning I attended the dignified little ceremony of the deposit
of ratification of the London naval treaty. It took place in the room
which I described very recently at the opening of the imperial conference.
The ratification is deposited with those of his majesty, the King, the
British Commonwealth of Nations, of the United States of America and his
majesty, the Emperor of Japan. Owing to a technical difficulty, the King's
ratification in respect to the Irish Free State could not be deposited, but
it is not expected to be more than a few weeks at the outside when it will
be done. At the end ofthat time,the treaty will come in force.
Around the table were arranged the Ambassador of the United States,
the Ambassador of Japan, the Prime Ministers of the dominions and the
High Commissioners. The Ambassadors of France and Italy sat beside
them. The instruments are all declared to be in order. Each has affixed
his signature at the bottom. We greeted each other and the work was
done. We were only about a quarter of an hour. The ceremony was short
and simple. It represented the culmination of the second successful effort
in naval disarmament.
The first was in Washington in 1922, when the five principal naval powers
agreed to limit naval armament. That was a great meeting, with which
the name of Mr. Hughes, then the Secretary of State at Washington, will
forever be associated.
"Now,for the first time in history, the three principal naval powers will
put into operation a system of limitation and reduction which will apply up
to 1936. That is for the period named, and we fondly hope that for all
time the evils of naval rivalry will be eliminated. We have passed another
milestone in the long way to peace and security.
The treaty was also signed by France and Italy, but these two powers
have not yet ratified to that section which limits naval armament.
It is my most fond hope that the negotiations which have recently been
proceeding between France and Italy to enable them to come into this
part of the treaty may before long reach a successful issue. Some way
must be found. Ultimate failure, to me, is unthinkable. Our fondest
hope is for disarmament. What a happy day for the world will be the
!
day of that agreement What a vast addition to naval security will then
be made I What great issues for good or ill are at this moment in the keeping
of these nations.
The London naval treaty settles the ratio among the United States,
Japan and ourselves up to 1936. Many think it was a fairly simple matter.
The success of today was preceded by years of negotiations. The way of
the peacemaker and of the transgressor is verily hard.
During all those years there were natural feelings of suspicion in the
countries concerned, and behind all the haunting vision of that mount,
ing hope of disarmament. Perhaps there is no way of estimating the
gravity and difficulties which we have escaped than by recognizing all
the benefits to the nations which have come about apparently since the
signature of this treaty. I make bold to state that at no time in their
history have the nations—Japan, the United States and the government
of the British colonies—been more cordial than they have been since the
signature of the treaty. It will become increasingly so as time goes on and
as the essentials of the treaty are understood by their ever-increasing
circle. These treaties will fail unless they move to an ever-widening international confidence and friendship.
The treaty has been adopted in this country as in the United States and
Japan, but an interesting comparison has been made of the arguments in
each of three countries. They have been found to be almost completely
identical. In other words, each group of critics has considered the treaty
unfair to his own country, for reasons which, if tabulated, would be found
to be almost identical. That only shows the effectiveness of the treaty.
The friendly relations should control this difficulty. It should surely
be a source of great encouragement to those who are now endeavoring to
reach an agreement among themselves and afterward with us. Surely
(Vol_ 131.
the slight sacrifices we have made have been worth while with such a goal
in view.
President Hoover Denounces Oil Land Charges of
Ralph S. Kelley, Former Field Agent of Department of Interior.
In a statement issued on Oct. 28 President Hoover denounced the charges of Ralph S. Kelley, former field agent
of the Department of the Interior, in which the latter had
held that "Secretary Wilbur and other officials of the
Department had been guilty of dishonesty and misfeasance
in adjudication of title claims to oil shale lands running
into hundreds of thousands of acres and into losses to
the Government of scores of billions of dollars. The President's statement (from which the foregoing is taken) declared that "it is an attempt to charge odious oil scandals
to this Administration." On Oct. 29, the day of the
issuance of President Hoover's statement, the New York
"Herald Tribune" reported the following in its Washington
dispatch:
Among the exhibits made public to-day by the Department of Justice In
further support of the repudiation of Kelley's charges was a letter to Assistant Attorney General Richardson from Dr. Hubert Work,former Secretary
of the Interior, which denied the accusations and recalled that Kelley wasthe
object of many complaints from both within and without the Interior Department during Dr. Work's administration.
The statement ofDr.Wilburtothe Department ofJustice, as given out today, included the assertion that "any statement that I or this department
under my administration have been influenced by ulterior motives or by
pressure of any sort is a calculated lie."
Dr. Wilbur's statement in the Department of Justice investigation, as
made public by the latter, included the following:
"With particular reference to Mr. Ralph S. Kelley, you may be interested
to know that I called him to Washington and asked the commissioner of the
Land Office to place him in charge of all oil shale work in the United States on
July 7, 1930, in order that he might have a wide open opportunity to acquaint himself with the workings of the departmental adjudication
machinery here, formulate a program, and discuss with me personally
the entire matter.
"This action was taken, not because I thought Kelley's bitter and vague
letters to me about his superiors characterized him as an executive deserving
promotion, but because I was baffled by his complete inability to present
coherently his vague and rambling intimations of 'sinister influences'
operating in terms of'billions of dollars'and so ingrained in the Government
itself that the destruction of records could be secured, as well as fraudulent
adjudication of claims and the waiver of Government rights. I had sent two
representatives to Denver to secure a specific basis for action to prove or
disprove his fears, but without result. The papers which his long letters
told me had been destroyed we found intact in our files; the cases which he
said had been corruptly decided I caused to be reviewed by independent
lawyers, whom I knew had no interest in the matter, and who reached the
same conclusion as the former decisions.
"His course of conduct in Washington is significant. He was ordered
to Washington on July 7. He left Denver on July 23, arriving in Washington July 25. He reported for duty in Washington on August 5. He
worked until about August 31 and then disappeared from sight except for
one day's work thereafter. I returned to Washington from an extended
trip in the West on September 25, and was available to Mr. Kelley at all
times. He did not call on me, did not telephone me, did not write me.
"Instead, on Sunday, Sept. 29, I was surprised to receive a telephone
inquiry from The New York "World" asking my comments on a letter of
resignation which they said Mr. Kelley had written and which he made
public that day. I did not receive it until Monday. I declined the resignation, suspended Mr. Kelley and directed him to file with me proof in
support of his charges. He failed to do so, declined to furnish his material
to the Department of Justice and apparently sold it to The New York
'World.'
"Mr. Kelley's charges either are meritorious or they are false. If they
are false, his failure to meet me or discuss them with me explains itself.
If they are meritorious he is in the unenviable position of having had
before him the choice of making his information an asset to his Government or making it merchandise for sale."
Mr. Kelley on Sept. 29 made public his letter to Secretary
Wilbur as follows:
Washington, D. C., Sept. 28 1930.
Hon. Ray Lyman Wilbur,
Secretary of the Interior,
Washington, D. C.
My dear Mr. Secretary:—For more than 25 years I have been connected
with the Department of the Interior engaged in field work, and for the
past six years as Chief of Field Division of the United States General Land
Office, with headquarters at Denver, Col. I have had direct charge of
important activities of oil companies engaged in systematic efforts to
obtain title by violation of the United States mining laws to an immense
oil field upon the public lands of the United States in Colorado.
The public may not know that there is situated upon the public domain
in western Colorado an immense oil reserve embracing an area of approximately 800,000 acres, in which the oil occurs in a rock called shale.
The amount of commercially recoverable oil in this field is so stupendous
as to be almost unbelievable. According to conservative estimates of the
United States Geological Survey, and other authorities, this oil field contains more than 40,000,000,000 barrels of petroleum, of a potential value,
even at the present low price of crude oil at around $1 a barrel, in excess of
$40,000,000,000, equal to about one-tenth of the entire wealth of the
United States.
This is the huge prize to which the large oil interests are endeavoring
to secure titles by fraud and failure to comply with the requirements of
the United States mining laws. These oil interests are thoroughly organized and act concertedly in bringing pressure to bear upon the Department
of the Interior to induce it to give them these valuable oil lands, but to
which they are not rightfully entitled.
Among those in this combination are several of the very concerns whose
fraudulent practices have so recently been exposed in the Investigations
and trials of former Secretary of the Interior Albert B. Fall, Harry F.
Sinclair and others.
Although during the past five years my office has submitted to the Interior Department a large number of exhaustive reports, showing in great
Nov. 1 1930.]
FINANCIAL CHRONICLE
detail the activities of these large oil companies, yet I can scarcely recall an
instance during that period that the demands of the oil men have not received favorable consideration by the Secretary of the Interior, nor instances in which the rights of the public have been upheld.
Concession after concession has been granted the Colorado oil applicants,
not because they were rightfully entitled to such consideration, but purely
and simply as conciliatory measures because of great political or other
pressure brought to bear upon the Secretary.
My continued protests urging that the interests of the American people
In this great oil field should receive protection have been ignored or overruled.
I had high hopes that your administration of the affairs of the Interior
Department would result in such a change of policy that the rights of both
public and private interests in this oil field would receive equal consideration. but I regret to say that, so far as I can observe, attempts to placate
and appease the oil interests at the expense of the rights of the public
have been as noticeable since March 4 1929 as theretofore.
Few conciliatory acts of the office of the Secretary of the Interior have
gone so far as to grant all that the oil interests want,but each concession
has been followed by another and then another until, eventually, the entirt
distance has been traversed and the public left holding the bag.
In my opinion the adjustment of the titles of these oil lands in such
manner that the rights of the public therein shall receive adequate protection transcends in importance any other matters pending before the Interior Department for many years.
In the face of discouragement due to continued non-co-operation and
active opposition on the part of the Secretary of the Interior in the work
of my office, we have nevertheless carried on, but I now see that our efforts
have been and will continue to be wasted unless public opinion can be
focused upon the practices by means of which the titles to billions of dollars
of Colorado oil property have already wrongfully passed out of the hands
of the government to those who wish to exploit them for their own private
gain.
I regretfully tender my resignation, effective at the" close of business
Sept. 15 1930.
Very respectfully,
(Signed) RALPH S. KELLY,
Ambassador Hotel.
On Sept. 29 the Washington dispatch to the New York
"Herald Tribune" said in part:
Ray Lyman Wilbur, Secretary of the Interior, met charges of irregularities in " the letting of oil shale concessions on the public domain by
refusing to-day to accept the resignation of their author, Ralph S. Kelley,
Chief of the Field Division of the General Land Office at Denver. Instead,
he suspended his departmental subordinate and ordered him immediately
to name the companies which he had accused of winning land grants "by
fraud" and "political pressure."
At the same time a Senatorial investigation of the charges was promised
with the prediction that the inquiry would be as thorough as those into
the Teapot Dome scandals, provided that Mr. Kelley substantiates any
of his statements. Gerald P. Nye, Chairman of the Senate Public Lands
Committee, announced to-night that Mr. Kelley would be called before
his committee. His testimony might pave the way to authorization by
the Senate of a general investigation. . . .
In refusing to accept Mr. Kelley's resignation and ordering him suspended, Secretary Wilbur disclosed that on July 7 he had ordered his aid
to come from Denver to Washington to take actual charge of the administration of the oil shale lands, but that his subordinate never had reported
to him. Mr. Kelley reported at the General Laud Office about Aug. 5
and worked for a month, but it was during Mr. Wllbur's absence.
Mr. Wilbur said that no leases for oil shale had been given under his
administration and that President Hoover's oil conservation policy had
been made effective by departmental order of March 13 1929. The
Secretary pointed out, however, that under the law his discretion to refuse
leases does not extend to claims located under the old mining laws before
the Mineral Leasing Act came into effect in 1920.
A statement by the Department- of Justice at Washington
was issued Oct. 3 as follows:
Ralph S. Kelley, who has published charges against the Interior Department respecting the administration of oil shale lands, has refused to give to
the Assistant Attorney-General in charge of this inquiry any statement or
information about the matter. The department is in receipt of a letter
from Mr. Kelley announcing his refusal. One reason assigned by him for
his refusal is his belief the Department of Justice officials nod prejudiced his
case and will not make a fair inquiry. Another reason assigned by him in his
letter is that he has made arrangements whereby the principal facts supporting the allegations contained in his letter of resignation will be at once
presented for consideration of the public. We are advised that this refers
to arrangements he had made to sell his story to a New York newspaper.
From the time this inquiry was undertaken by the Department of Justice until the receipt of Mr. Kelley's letter to-day the Assistant AttorneyGeneral in charge had made every effort by one means and another to
get into communication with Mr. Kelley and obtain from him a specific
statement, but without success.
We regret that Mr. Kelley has declined to give Department of Justice
officials any statement or reference to specific cases which would expedite
the inquiry and aid us in ascertaining the facts. Notwithstanding his attitude,the Assistant Attorney-General in charge will proceed with his inquiry
to ascertain the situation in the Interior Department respecting the administration on this part of the public domain.
The following is President Hoover's statement of Oct.28:
The Department of Justice has now published the result of its examination into the sensational charges made by Ralph S. Kelley, employee of the
Land Office, that Secretary Wilbur and other officials of the Department
of Interior had been guilty of dishonesty and misfeasance in adjudication of
title claims to oil shale lands running into hundreds of thousands of acres
and into losses to the government of scores of billions of dollars. It is
an attempt to charge odious oil scandals to this Administration.
The facts are that out of 8,000,000 acres of Government holdings of such
lands the whole matter boils down to the item that this Administration
had approved old title claims for some 43,000 acres arising under the mineral
law prior to 1920. Under my orders no leases or titles have been passed
under the new law. Of these old claims Kelley himself approved about
20,000 acres. The court ordered about 16,000 acres and about 7,000 acres
came up on an appeal to the le tds of the department for decision, only
part of which Kelley opposed on technical grounds. Furthermore, these
oil shale lands have little present value and instead of being worth billions
can be brought from private owners for a few dollars per acre.
Attorney General Mitchell and Assistant Attorney General Seth Richardson, after painstaking investigation of the records upon every statement and
innuendo made by Kelley, pronounced that every one of his charges had
2833
been proved baseless, without merit or substance. They concluded that the
Government's interest in these lands has been vigorously protected and it is
Indicated that there has even been over-strain in the zeal of protection from
old claims, as witness orders of the courts in favor of individuals overruling
the decisions of the department.
There are some phases of this incident on which it is desirable in public
interest that I should comment. I may say at once that proper inquiry or
proper criticism by the press is a safeguard of good government.
But this investigation shows more than this. Kelley had been called to
Washington last summer to discuss with his immediate superiors questions
of organization in the office of which he had charge. He made no suggestion
of these charges to his superior officers during a period of over six weeks in
Washington, but during this time was in negotiation for the sale of his
fabrications to a journal identified with the opposition political party, and
they were launched lathe middle of a political campaign.
No single inquiry has been or was made by the agencies behind Kelley
at the Department of the Interior or any other Governmental Department
as to the facts before their publication. The charges, when first published, were in general and demagogic terms, but were instantly denied by
Secretary Wilbur and proof offered which would indicate their falsity.
Kelley was asked and refused to place any particulars before his superior officers and refused even to co-operate with the Department of Justice
for an independent investigation.
Furthermore, Kelley himself could, by the merest inquiry in his own
department, have determined the falsity of his own statements, as witness
his assertions of titles granted which were never granted, of hundreds of
thousands of acres of land alienated which never was alienated, of papers
destroyed which never were destroyed, of billions of dollars which never
existed; and scores of other reckless statements.
Yet, despite all these opportunities to test the truth, these agencies
have persisted in broadcasting them for the past six weeks by every device of publicity, and Kelley has received payment for them. Such inquiry by him or by the broadcasters of these statements would no doubt
have destroyed the political or the sale value of these stories.
As a piece of journalism it may well be that the newspaper involved was
misled. It certainly does not represent the practice of better American
journalism. As a piece of politics it is certainly far below the ideals of
political partisanship held by substantial men in that party.
There is, however, another phase. I am interested and have a duty in
the preserving and upbuilding of honest public service. I hope that the
American people realize that when recldess, baseless and infamous charges
in the face of responsible denial with no attempt at verification are supported by political agencies and are broadcast, reflecting upon the probity
of such men as Secretary Wilbur, the ultimate result can only be damage
to public service as a whole. Such things damage the whole faith or our
people in men.
There is hardly an administrative official of importance in the Federal
Government who is not serving the Government to the sacrifice of the
satisfactions and remuneration he or she could command from private live.
Aside from service to their countrymen the only thing they can hope for
Is the enhancement of their reputations with their countrymen. The
one hope of high service and integrity and ability is that such men should
be willing to undertake it, and when men of a lifetime of distinction and
probity do undertake it they should not be subjected to infamous transactions of this character.
Editorially on Oct. 30 the New York "World" stated:
Mr. Hoover, Mr. Kelley and the World.
The "World" has no hesitation in meeting the President's challenge
directed against its part in publishing the articles on the Colorado oil
shale lands written by Ralph S. Kelley. For the "World" believes that It
functions
has performed responsibly and properly one of the indispensable
of a free newspaper.
Mr. Kelley approached the "World" some weeks ago, stating that he had
been connected with the Department of the Interior for 25 years and that for
the last six years he had been chief offield division of the United States General Land Office, with headquarters at Denver. Ile told in outline the story
which has since been printed in the "World. He declared that in his opinion
as an expert on the mining laws, valuable properties belonging to the Amer-ican people were being wrongfully alienated, and that as an official of the
department he had been consistently frustrated in his efforts to obtain a
proper hearing from his superiors in Washington. lie said that after long
consideration he had decided that it was his duty to resign from the department, to tell his story publicly, and by telling it to induce Congress to go
exhaustively into the whole matter. Ile stated further that in resigning
from the Government service he would have to give up the financial security
of a permanent career to which he had devoted his whole life, and that
obviously he could not expect to find employment for his highly specialized
abilities among the private interests whose claims agaidst the Government
he was opposing. He therefore asked as payment for his articles the equivalent of two and a half years pay in order that he might have time to establish
himself in a new career.
Presented with this proposal. The "World" as a newspaper had to come
to conclusions on the following points;
1. Were the things Mr. Kelley was talking about important?
2. Was there good reason to believe that he knew what he was talking
about?
3. Was he acting in good faith?
4. Was the object to be achieved by publication of his articles desirable
in the public interest?
These were the standards, it seemed to the "World," by which it must
decide whether to buy Mr. Kelley's articles and publish them. The only
Other consideration, which every newspaper takee into account in matters
of this sort—the journalistic value of the series in interesting the newspaperreading public—the "World" ‘...ad to rule out after its first examination of
Mr. Kelley's material. It was plain as day immediately that there was no
possibility of widespread popular interest in a question which was so complicated, so technical, and so remote from the concern of the people of New
York. It followed that if the "World" published the series it must do so
because it believed that there wasa public interest at stake which oughtnotto
be ignored. The President's imputation of partisan Democratic motives
is quite unjustified. The sufficient answer to his charge is that during the
present campaign in the territory where it circulates chiefly the "World"
Is severely criticizing the Democratic candidate for Governor in New York
and is actively supporting the Republican candidate for Senator in New
Jersey. In respect to his own administration the record will show nothing
to support the charge of partisan animosity. The "World" has been as
active in support of almost the whole of the President's foreign policy
as it has been critical of his domestic policy in respect, for example, to
rss,
prohibition and the tariff.
We take the liberty, therefore, of making an accounting to our readers
of the elements entering into our decision to publish Mr. Kelley's articles.
First, was the possession of the oil-shale lands a matter of importance?
The President in his statement dismisses these properties by saying that
2834 i
FINANCIAL CHRONICLE
[vol. 131.
"these oil-shale lands have little present value." So we understood. How- marketing
agency, in which they will enjoy a far greater degree of freedom
ever, we understood also that the experts of the United States Geological than
the government pool would permit them to retain. More
than half.
Survey look upon them as having great future value. Their opinion seems of the
directors of the new agency are also directors of the Iowa
Farmers
to be confirmed by the oil companies which have sought consistently to Grain
Dealers Association. Thus the Iowa farmer-elevators, like
those of
obtain these lands. We are not mining experts on the "World," but when Illinois and
Minnesota, are definitely aligned against the organizing
policy
Government experts say a property is valuable and oil companies do their of the
government pool and the farm board.
best to obtain this property, we felt justified in concluding that something
The new agency is the Iowa Co-operative Grain
Company. Its presiof real value is at stake.
dent and organizer, E. G. Dunn,after a fruitless conference
in Chicago with
The next point to determine was whether Mr. Kelley spoke with expert Samuel R.
McKelvie, the wheat member of the farm board, and C.
E
authority. On that point we found that he had devoted twenty-five years Huff, the
president of the pool, has returned to Iowa and
recommenced
to these matters and had been for six years chief of the Government's own his organizing
efforts.
Investigators of this particular question. We found no reason to doubt
Iowa Farmers Want Freedom.
the propriety of letting the general public hear the story of the man who had
been the Government's chief expert.
Mr. Dunn has been invited to Chicago in order to hear
the terms and
The third point we had to determine was Mr. Kelley's good faith. This exhortations of the government crowd.
Messrs. Huff and McKelvie asked
was the most important point of all, for while no newspaper can pretend to that the Iowa Co-operative Grain
Company become the Iowa regional coinvestigate authoritatively a public issue of this complexity, it has a very operative of the pool. All the member
-elevators in Iowa would be obliged
high obligation to make sure that it is not encouraging fanaticism, malice to market all their grain through
the regional, which would become a
or some sinister and concealed interest. The "World" investigated Mr. stockholder in the pool, and during the
next five years the members would
Mr. Kelley in Denver and in Washington as thoroughly as it could. The pay about $1,300,000 for the stock.
Mr. Dunn said the Iowa farmermore it investigated the more compelling was the conclusion that here was elevators could not expect their members
to pay so great a sum as the price
a fine example of the upright public servant, a man of genuine ability who of admission to what they regard as purely
a merchandising organization.
had given his life to the Government at miserable pay, when with those "If that's the best you can do. Sam," he
told Mr. McKelvie, "there's no
same abilities he could have prospered greatly in the service of private in- use continuing the discussion."
terests. The President speaks with feeling about men like Secretary Wilbur
His position has been approved by a unanimous vote of his fellow
directors.
who sacrifice "the satisfaction and remuneration" they "could command
Manifestly the present idea of farm relief, as advanced by
the governfrom private life." He is right to speak thus. But a e speak with equal ment pool, is a disticnt disappointment to
the farmers of Iowa, and their
feeling about men like Mr. Kelley who have sacrificed not only the satisfac- farmer-elevators will not approve any plan
that endangers their indetion and remuneration of private life, but the glory of high political office pendence. They will not incur outside
indebtedness, for they are strong
as well.
believers in the principle that each unit must be responsible for its
own
The most conclusive proof of Mr. Kelley's good daith we found in the finances.
public records. (Hearings of the House Public Lands Committee,testimony
Impossible Theories of Belief.
taken May 29 1930, Part II, page 31 and following.) They contain a report
to the Secretary of the Interior, dated May 27 1930, made by Mr. C. A.
"We are no dreamers," said Mr. Dunn, who has been interested in the
Obenchain, supervisor, who was sent to Colorado to investigate the work co-operative movement for 30 years and has drafted many
of the coof Mr. Kelley's office. To this report, as Exhibit A, is appended a letter operative laws of Iowa. "We know that there are limitations
to everydated April 23 1930, addressed to Mr. Obenchain and signed by fifteen thing and realize that co-operation can only succeed through
application
attorneys, among them four attorneys for big oil companies whose claims of common sense and diligent work. Most of the theories
advanced for
Mr. Kelley had been fighting. This is what Mr. Kelley's opponents had farm relief aim at the impossible and careful study shows where they
will
to say about him:
fail."
We believe the chief of the Denver field division and his subordinates,
Asked why the directors of the Iowa Co-operative Grain Company had
however honest and sincere they may be in the performance of their duty, unanimously rejected the proposal that the company
become a regional
have in practice exhibited a zeal in their effort to secure all shale land possible for the Government which has frequently impelled them to assume the member of the government pool, Mr. Dunn said:
"Your question might require two distinct answers, one the viewpoint
attitude of partisan prosecutor against shale claimants.
There was other testimony to the same effect. We concluded that a and consensus of opinion of the organization of which I happen to be
Government servant against whom nothing worse could be charged by his the head, and the other an individual opinion. However, it so happens
,
opponents than that he had too much zeal in holding on to the public prop- that the answers would be practically identical. Speaking first for the
organization it is the unanimous opinion of Its board of directors and oferty was entitled to present his case to the American people.
ficers that the plan submitted to it by Mr. Huff and his associates is not
Finally, we come to the question of the end to be accomplished by publishing Mr. Kelley's story. That end was and still is to obtain a thorough practical in Iowa. It is the opinion of our organization that the plan is
congressional investigation. Congress has laid down the law about the not workable for two reasons. First, our people do not believe that the
national property. Here was a Government expert arguing in great detail financial investment required is necessary in the merchandising of Iowa's
that the law was being circumvented. The truth of his contention,it seemed grain products. They feel that so far as the mere turning over or merto us,should be determined not by the Department of the Interior, not by chandising of grain is concerned, such an investment is not necessary.
Second, the plan is not workable for the reason that the individual elevator
the Department of Justice, but by Congress itself.
It is the President's claim that the "World" could have established the companies, on whose shoulders would fall the burden of ultimately subtruth of Mr. Kelley's charges by making inquiries at the Department of the scribing the stock required in making the investment, are not able to make
Interior. Our reply is that we could do no such thing. We could not set it without interfering with their own financial arrangements and therefore
ourselves up as judges of this intricate matter, and we have no way of the conduct of their business.
judging between the assertions of Mr. Kelley and the counter-assertions of
Faults of the Government Plan.
his superiors.
"In a broader sense I might say it is the opinion of the great mass of
The President, moreover, has forgotten one vital fact. That is that the
official at the department who would have answered these inquiries is the our people that some practical method of assisting them in the marketing of
same gentleman who covered himself with such glory in the matter of the their crops would be worked out by the Farm Board. For the last six or
Harding oil leases. Secretaries of the Interior have come and gone, but seven years they have hoped and prayed for something to be done. Perthis gentleman,now the solicitor of the department,is still there ins position haps some of them still believe that somehow and somewhere the Governof crucial responsibility. Mr. Wilbur may be satisfied with the gentleman's ment will find a Moses in the bulrushes to lead them into a promised
opinion on oil properties, the Department of Justice may be satisfied, Mr. land. We are still willing and anxious to receive any practical, commonHoover may be satisfied. The "World" is not. That gentleman's name is sense aid that might be given us, but as an organization that has developed
Edward C. Finney. He was Assistant Secretary under Albert B. Fall when the co-operative idea to perhaps its point of highest efficiency, an organthe Doheny and Sinclair leases were made. He is the deciding mind in ization that owns approximately $25,000,000 worth of property and
Washington to-day on these oil
-shale properties. Mr. Finney knew Mr. handles grain products alone that would approximate a hundred millions
annually, we feel that the plan submitted is not of assistance to our people
Kelley's case long before it was published. He paid no attention to it.
Therefore, not even the President of the United States can make us be- and we are unable to see where any benefit is coming, or can come, to our
lieve that we should have consulted Mr. Finney before publishing these farmer-elevator organizations or their members through the plan that
articles. We preferred to consult, and in fact did consult, authority of has so far been submitted to us by the grain organizations of the Farm
much higher order than Mr. Finney, a Republican of indubitable disinter- Board.
"We are not mendicants asking alms from the Goverment or anyone else.
estedness.
The "World" hap no apology to make for its part in this matter. It Our difficulty in this State has to a large extent been a financial difficulty
submits its own conduct to the judgment of its readers. Mr. Kelley's case caused by the curtailment of credit, and this phase of the farm situation
case it submits to the Congress of the United States. Mr. Kelley is available has not been even considered by the Farm Board. Perhaps under the bill
for any investigation Congress cares to make. If he is wrong in his conten- they haven't that power.
"If you ask my individual opinion I want to give it without pretending
tions, let a public investigation under oath, with all the documents at hand,
prove him wrong. If he is right, he cannot be dismissed by brandishing in any way that I am speaking officially. My opinion is that the mere
merchandising of grain by a Government agency will never advance one
at him the hasty report of a subordinate official, or crushed by angry
anathema from the White House. Ile is in no position to match the ve- single step along the road of solution of the troubles that affect this State.
hemence of the President of the United States. But he may comfort himself It will take more that a mere merchandising agency to correct the situwith the ironic reflection that Mr. Hoover is publicly much more angry ation of which Iowa has complained."
at an official who fought to save the nation's property than he ever was with
the rogues who sat in the same cabinet with him while they were selling out
the nation's property.
A letter dismissing Mr. Kelley from the Department was Farmers' Grain Dealers' Association of Illinois—Dedares Against Co-operatives Supported by Federal
made public as follows at Washington on Oct. 29:
Farm Board and Government Grain Pool.
Oct. 29 1930.
Mr. Ralph S. Kelley,
The Farmers Grain Dealers' Association of Illinois, in
The Ambassador Hotel, Washington, D. C.
Dear Mr. Kelley:
letters sent out to all its members, is reaffirming its camReferring to my letter of Sept. 29, suspending you from duty, your con- paign
against the "high-pressure methods" of regional grain
connection with the Interior Department
duct has been such that your
co-operatives to procure the affiliation of farmer-elevator
may be considered terminated by dismissal as of Sept. 29 1930.
Very truly yours,
and is again calling for a conference of "the co-operative
RAY LYMAN WILBUR.
farmer-elevators of the Central West," to be held at an early
date for carrying the war against the regional co-operatives,
Iowa Farmers Reject Offer of Grain Pool—Their Ele- which are supported by the Federal Farm Board and the
vators Insist on Freedom to Perform Marketing in Government Grain Pool. This is learned from the Chicago
"Journal of Commerce" of Oct. 28,from which the following
Own Way—Organize Co-operative Sales Agency.
Commerce" we take the is also taken:
From the Chicago "Journal of
"Unfriendly organizations," says a letter by the Association, "are atfollowing Cedar Rapids (Iowa) advices Oct. 21:
tempting to give out the impression that the
Rejecting all overtures to affiliate with the government grain pool, the
farmer-elevators of Iowa are organizing their own State-wide co-operative
officers of the Association are
not in complete harmony on current issues. By printing
mere extracts
from letters and publicity statements,they are able to give that impression."
Nov. 11930.]
FINANCIAL CHRONICLE
Recalls Pool Letter.
The reference in the foregoing quotation is principally to a letter sent out
by the government grain pool on Oct. 8, under the date of Oct. 13,the same
date as that of the meeting of the Farmers Grain Dealers Association of
Illinois, at Bloomington, which was called to consider the attacks made by
the pool and some of the regionals on R. B. Orndorff, Vice-President of
the Association. Mr. Orndorff had distributed a statement calling
for a general defense by farmer-elevators against the organizers of the
co-operatives.
The government grain poll in its letter declared his conduct was not authorized by his Association. It charged that he was sailing "under false
colors." The Association consequently called a special meeting of its
officers and directors, at Bloomington and at this meeting a decision was
reached which let to the formal reaffirmation of Mr. Orndorff's campaign.
Secretary Formerly with Pool.
Incidentally, the letter of reaffirmation is signed in the name of the
Association by Lawrence Farlow, its Secretary, who until recently was
Secretary of the government grain pool. He was forced out because he
opposed organization of farmer-elevators into regionals by the methods
employed.
Speaking of the meeting of Oct. 13. at Bloomington, Mr. Farlow says in
the letter: "The enclosed statement of policy,the resolution advising against
signing compulsory marketing contracts which was published in the Association bulletin and the resolution entitled 'A Program of Progress'distributed
by Vice-President Orndorff, was adopted with the unanimous consent of all
of the officers and directors in attendance at the meeting. . . . We
hope the enclosed statement of policy will make clear to the public the unanimous views of the board of directors and that the program will have the
support of all of our members."
Policy Statement Cited.
The "statement of policy," the main parts of which were published in the
Chicago "Journal of Commerce"on the day after the Bloomington meeting,
says that, owing to confusion engendered by statements "from various
sources," the directors desire to make a clarifying statement, the essence of
which is: "While taking a positive stand for the thing we thought was best
for Illinois grain producers, we have found ourselves at issue with other farm
organizations. The issue has been clear and definite and we have never
evaded it.
"It is simply a question as to whether farmers' co-operative elevators are
to continue to operate as local independent units selling their grain to the best
buyer on the open competitive market or be submerged into some central
organization with their marketing opportunities limited by a marketing
contract. The Association stands squarely for voluntary co-operative
marketing of grain and opposed to the contract system."
The resolution referred to in the letter reads as follows: "Resolved,that
we recommend to the farmer-elevator companies of this State that they refrain from relinquishing any control of their local organizations and that
they refrain from signing any contracts that will deprive them of the privilege ofselling their grain to the highest bidder on open competitive markets."
The "Program of Progress" which Vice-President Orndorff bad been distributing and is now formally endorsed by the Association is the battlecry
for war against the regionals.
Program is Outlined.
It reads:
"Respectively submitted for the approval of every farmers' elevator
company and every State farmers' grain dealers' association. Pass it as a
resolution. Publish it to the world in order that all may know that we still
have plenty of red blood, that we know something of what we want and how
to get it.
"Whereas, Promoters are active in all farmers' elevator territory, using
high-pressure methods to get directors and stockholders to join selling
agencies and sign contracts. And
"Whereas, The Farmers Grain Dealers Association of Illinois has voted to
oppose all efforts to take away local ownership.
and control of their elevators,
and the right to sell to the highest bidder in the open market. And
"Whereas, This has our full approval and should have the approval and
support of leading farmers and farmers' elevators everywhere.
"Now, Therefore, we, the undersigned, believe that a broad educational
campaign should be carried on in behalf of farmer-owned and farmer-controlled elevators.
"That members and farmers generally should be reminded of the benefits
that locally owned and controlled farmers' elevators have always been and
now are to the grain growers and the local community,to the end that there
shall be greater determination to continue to own, control, and patronize
them.
"That we favor a conference of farmer-elevator representatives to be
called at an early date to meet at some central point to consider the best
interest of the co-operative farmer-elevators of the central west. They
should be preserved free and independent so that they can in due time, if
they so desire,set up their own sale agencies,and move forward along sound
business lines, thereby carrying out the dream of the men who laid the
foundations of our present farmer grain marketing system."
Orndorff Stands Firm.
Discussing the distribution of the new letter, Vice-President Orndorff
said he would "not be intimidated by threats." He added that "there must
be no hesitancy and no let-down on the pressure until a time comes that all
agencies destructive to business in general and particularly to established
co-operative institutions have been eliminated."
Conference between the Illinois leaders in the campaign and the leaders
in other States will precede the calling of the midwest conference which is
promised in the "program of progress."
W. M. Jardine Assumes Post as United States Minister
to Egypt.
On Oct. 13 William M. Jardine assumed his duties as
United States Minister to Egypt, says a wireless message
on that date from Alexandria to the New York "Times"
from which the following is also taken.
At 11:30 o'clock this morning Mr. Jardine was sent for by King Fuad
and was taken to the palace in a royal car accompanied by the First
Chamberlain, Ahmed Bey Hassanein, and by the three Secretaries of the
American Legation. At the palace he was met by a guard of honor, who.
presented arms. Then he was taken by the Grand Chamberlain into the
palace and presented to the King, to whom Mr. Jardine offered his
credentials.
He spent about two minutes with the King, exchanging greetings.
There were no speeches. Mr. Jardine then introduced the legation
Secretaries.
2835
Mr. Jardine will have a private audience with King Fuad within the
next few days.
John Y. Beatty in Bankers' Monthly Finds There Are
Fewer Banks Because of Fewer Communities.
In the November number of the "Bankers' Monthly,"
published by Rand McNally & Co., John Y. Beaty presents
an article under the head "Why Are There Fewer Banks?",
and holds that the reason therefor is that there are fewer
communities. In the caption he says "there are now 16,074
business communities and 24,186 banks. A study of failures since July 1926 shows that communities have failed
faster than banks. At the same time, banks have become
sounder and have added materially to resources." In part,
the article says:
During the four-year period, July 1926 to July 1930, 3,087 banks
failed. This is revealed by the July 1930 edition of the Rand McNally
Bankers' Directory (The Blue Book). Three States lost over 200 each—
Iowa lost 264; Nebraska 252, and Minnesota 205.
If you will chart the figures showing the number of banks in existence
each year since 1921, you will find that there has been a sharp downward
trend every year.
In 1921 there were 31,800 banks. To-day there are only 24,186. This
is a loss of 7,614 in nine years.
So we have the gloomy figures: 3.087 failed banks in the last four
years, 5,000 failed banks in less than n years, a reduction of 5,117 in
number of banks in four years and a loss of 7,614 in nine years. The last
two figures take into account the mergers and consolidations.
Increase In Banks Since 1898.
But no analysis should satisfy us until it is more nearly complete. And
so let us analyze further and see what the trend was preceding 1921.
Beginning with 1898, the number of banks steadily increased every
year, with the exception of 1915 and 1916. For 23 years the number
mounted higher and higher, gaining an average of 826 banks per year.
During the 16 years 1898 to 1914, when the Great War began, the gain
averaged 1,012 per year.
During the five years just preceding the drop there was a gain of 780
banks per year.
Since 1921 we have lost an average of 805 banks per year.
I should say that this decline is the normal part of the graph. The
sharp gain for 23 years is the abnormal part.
But is there any other evidence that 81,800 banks is more than are
needed in the United States?
16,074 Business Communities.
Perhaps we can get some idea as to the number of banks needed by
determining the number of business communities. This may be formed
by counting the number of first-, second-, and third-class post offices.
Certainly no business community can get along without a post office.
Acting upon this theory, we find that there are 16,074 such post offices
—therefore, 16,074 business communities.
The next question is, "Have any post offices failed in the past four
years?" By checking over the records of the Government, we find that
14.2% of all post offices (2,681 in number) have been closed during the
time when 10.4% of the total banks failed.
A closed post office means a failed community. A failed community
does not necessarily mean that the people have moved away, but the community has lost its identity as a business center. It is now a part of
some other community.
If a business community has one post office, how many banks does it
need? Dividing 24,186, the number of banks, by 16,074, the number of
communities, we find that there is an average of about 1% banks to the
community. On that basis, the number of banks closed in the United
States during the past four years almost exactly corresponds to the number
of communities failed. At any rate, the comparison is close enough to
reveal the chief source of the trouble, which has caused the sharp decline
in number of banks.
Small Communities Join Larger Ones.
Communities have failed and banks have failed with them. Let me
cite a concrete illustration.
In Henry County, Ill., is a town with 620 inhabitants by the name of
Orion. Orion is 12 miles from Cambridge, the county seat, and about 12
miles from Moline and Rock Island. About a year ago Orion had no hard
road communication with its nearby cities. It was an isolated community
supporting two banks and a thriving general store that had been operated
by the same man for over 35 years.
A concrete road was projected, which would make it easy for Orion
people to go to the county seat, or to Moline and Rock Island to do their
trading. G. H. Wayne, proprietor of the general store, recognized that as
soon as this road was finished there would be no need of his store in
Orion. He promptly offered his merchandise for sale at reduced rates,
and was able to close out his entire stock before the road was completed.
He retired from business and Orion did not suffer from a business failure,
at least not a general store failure.
However, the two banks held on. On May 16 1930 the Farmers' State
Bank was forced to close.
Orion is no longer the center of a community. It is merely a part of a
larger community of which Moline is the center.
And so it has happened all over the United States that communities
have gone out of existence by becoming parts of other and larger communities. With them bank and business houses have been eliminated.
Survey of Failed Communities.
Suppose we study the situation from the standpoint of the entire United
States in a little more detail. There is no State which has not lost, within
the last four years, from two to 152 business communities.
When we compare these figures with the loss of banks (shown on another
map), we find that bank closures are not as widespread, and that two
States have not lost any banks—Rhode Island and Nevada.
There are 12 other States which have lost less than 10 banks. These
are: 1, Arizona; 2, Connecticut; 3, Delaware; 4, Maine; 5, Maryland;
6, Massachusetts; 7, New Hampshire; 8, New Jersey; 9, New Mexico; 10,
Utah; 11, Vermont, and 12, Wyoming.
2836
FINANCIAL CHRONICLE
Fourteen other States have lost less than 50, but more than 10 as follows: 1, Alabama; 2, California; 3, Colorado; 4, Idaho; 5, Kentucky;
6, Louisiana; 7, Mississippi; 8, Montana; 9, New York; 10, Oregon;
11, Pennsylvania; 12, Virginia; 13, Washington, and 14, West Virginia.
The ether 20 States have lost more than 50 banks.
Thus we find that 23 States have lost more than 50 communities,
whereas only 20 States have lost more than 50 banks.
In studying banking, we need to go just a little farther. We need to
find out what States have lost more than 50 banks but less than 50 post
offices. These States, with the exception of one, are grouped together in
the north central portion. They are: 1, North Dakota; 2, South Dakota;
8, Minnesota; 4, Wisconsin; 5, Nebraska; 6, Iowa; 7, Illinois; 8, Indiana,
and 9, Kansas. Then there is one lone State in the Southeast, 10, South
Carolina.
If there are special reasons other than the failure of the communities
for the closing of banks, it would naturally be in these States just indicated. In studying the history of banking during the past few years, we
recognize at once that it is in these States where land values have been
most dangerously inflated.
FOL. 131.
"There Is very little I can say about it," said Mr. Hasler, "except tha.
there have been discussions and that is all. I do not know if such a merger
will come through. It might and it might not. As far as I am concerned.
there may be further discussions."
Queries Referred to Jonas.
He declined to say what bank officials have conferred on the proposal
but referred further queries to Nathan S. Jonas, Chairman of the Board
of the Manufacturers Trust Co. Mr.Jonas was not reached for a statement.
Robert Adamson, Vice-President of the Bank of Unit ed States, said
that in the absence of Bernard K. Marcus, the President, he could not issue
any statement, but he added,"I am sure it is not ready to be discussed yet."
L. J. Murphy. Cashier of the Public National Bank and Trust Co., said
he knew "absolutely nothing about it," but that there had been no discussions as far as his institution was concerned.
Arthur S Somers, a director of the Manufacturers Trust Co., also said
he knew nothing about the report beyond what he had read in an evening
newspaper yesterday.
Following a meeting of the board of directors of the Bank of
Manhattan Trust Co. of New York on Oct. 30, J. Stewart
Bankamerica Co. Organized to Take Over Business of Baker, President, announced that the following Assistant
Two Transamerica Corp. Units on Pacific Coast. ' Vice-Presidents had been elected Vice-Presidents. William
The Transamerica Corp. announces the creation of the S. Milan, Ellis Weston,Oscar A.Krieger and Rockwell Kent.
Bankamerica Co., with headquarters in San Francisco, to
take over the investment banking business of the America
Harold D.Bentley, Vice-President of the Guaranty Co. of
Investment Co. and the National Bankitaly Co., former in- New York, for many years was in charge of the Guaranty
vestment banking subsidiaries of the Bank of America of Trust Co.'s trust investments and also of its investment
California and the Bank of Italy National Trust & Savings advisory organization, has resigned as of Nov. 1 to enter
Association. The two banks last named are being merged business for himself as a special investment counsel with
on Nov. 1, and will begin operations on Nov. 3 as the Bank offices on the tenth floor of the Guaranty Company Building,
of America National Trust & Savings Association, which, 31 Nassau Street. Mr. Bentley's banking and investment
with an affiliated bank of the same name under State experience dates back to 1901. A native of Rochester, he
charter, will have 438 branches in 239 cities and resources first entered the banking field with the Merchants Bank of
Rochester, where he remained five years. In 1906, he entered
exceeding $1,250,000,000.
the bond business as correspondent in Rochester with
Bankamerica Co. will have the largest investment securities distributing organization on the Pacific Coast, and Spencer, Trask & Co., and later became manager of the
one of the largest in the United States. In addition to its bond department of Erickson Perkins & Co. of Rochester.
main offices at 485 California Street, San Francisco, and In 1913, through Charles H. Sabin, then Vice-President,
Bank of America Building, 650 South Spring Street, Los but now Chairman of the Board,of the Guaranty Trust Co.,
Angeles, It will have branch offices in the principal cities Mr.Bentley became the Guaranty Trust Co.'s representative
of California and will engage in all phases of investment in Rochester. Three years later came to New York and took
charge of the correspondence division of the company's
banking. The announcement furthermore says, in part:
bond department. In 1918 he assumed charge of the bond
Richard W. Millar, formerly Vice-President of Bancamerica-Blair Corp.,
will become President of Bankamerica Co. Edward Leimert, formerly department of the Guaranty's Fifth Avenue office. Later
Vice-President in charge of National Bankitaly Co., will become Vice- in that year he was recalled to the main office as investment
President of the new company, in charge of its Southern division, with trust officer. He has been a Vice-President
of the company
headquarters at Los Angeles. Its directorate will include, in addition
to Messrs. Millar and Leimert, the following Vice-Presidents of the former since 1923.
Bank of America of California: C. R. Bell, Marco Hellman, W. F. Morrish, and R. M. Philleo. Other members of the Board will be E. J. Nolan
and A. J. Mount, respectively Chairman and President of the newly
created Bank of America; W. E. Mauer and A. E. Sparboro, directors of
Transamerica; E. H. Geary, Vice-President of Transamerica; L. B. Replinger, formerly of Dillon, Read & Co., and R. E. Trengove, W. L. Vincent,
and Louis Ferrari, Vice-Presidents of the former Bank of Italy.
Elisha Walker, Chairman of Transamerica, stated that the establishment of the newly-formed company represented the next step in regrouping
the subsidiaries of the parent corporation and in simplifying its corporate structure, as forecast in a letter sent last July to shareholders. Five
new holding companies, to be entirely owned by Transamerica, were
chartered in early October, and several additional ones are expected to be
Inaugurated in the near future.
William Boardman, Vice-President of the Brooklyn Trust
Co.of Brooklyn, N.Y., died on Oct. 23. He was 57 years of
age. Mr. Boardman was formerly Deputy State Comptroller. Mr. Boardman was elected Vice-President of the
Mechanics Bank of Brooklyn when the latter in 1926 took
over the First National Bank of Jamaica, of which he had
been President. In February 1929 when the Brooklyn Trust
Co. absorbed the Mechanics Bank he continued with the
Brooklyn Trust as Vice-President, which office he held until
the time of his death. He also was a director of the National
Title Guaranty Co. and a trustee of the Prudential Savings
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. Bank.
Arrangements were reported made this week for the sale
A merger of two Boston banks, the Boston National Bank
of a New York Curb Exchange membership for $78,000.
and the Continental National Bank (formerly known as the
The last preceding sale was for 2,000.
Engineers' National Bank) has been approved by their
Four memberships in the New York Cotton Exchange respective directors. The terms under which it is proposed
were sold this week-that of Mike H. Thomas to Leigh M. to unite the-institutions, according to the Boston "TranPearsall for another for $19,000; that of Clinton Logan to script" of Oct. 30, provide for a share-for-share exchange of
Richard T. Harriss for another for $19,100; that of Arnold stock. The consolidation, if approved by the respective
D. Fritze to John H. McFadden Jr., for another for $18,750. stockholders at special meetings to be held Dec. 1, will result
and that of Patrick F. Cusick to Julian A. Acosta for an- in an institution with deposits of about $9,500,000 and total
other for $18,900. The last sale prior to this week was resources of approximately $11,000,000. Charles Ulin,
President of the Boston National Bank, will become Chairnegotiated on Oct. 16 at a price of $17,560.
man of the Board of tho enlarged institution, and Terrell M.
The second New York Coffee & Sugar Exchange member- Ragan, who has been President of the Continental National
ship of Louis Seitz was sold this week to Harold L. Bache Bank since last April, will be President. It is proposed to
at A13,000, an increase of $500 over the last preceding sale. abandon the present quarters of the Continental National
Bank on Devonshire St., and utilize the headquarters of the
Reports to the effect that preliminary discussions looking Boston National and its three branches to carry on the comtoward a merger of four banking and trust companies in bined business of the two institutions. Continuing the
this city with combined deposits in excess of $700,000,000 "Transcript" said.
The Boston National Bank, which began business in 1921, has a capital of
and resoureps of approximately $1,000,000,000 have been $825.000 of $100 par stock, on which
dividends at the
were current this week. With regard thereto we have been paid since the beginning of 1929. However,rate of $7 annually
going on
no action has been
29.
taken on the distribution due to be made on Nov. 1. In addition to its
quote the following from the "Times" of Oct.
The companies are the Bank of United States, the Manufacturers Trust
Co., the Public National Bank and Trust Co. and the International Trust
Co.
Commenting on a report of the proposed merger which was current yesterday In Wall Street, P. E. Hasler, President of the International Trust
Co.. admitted last night that there had been "informal discussions," but
aid that reports of the merger were "premature."
main office at Hanover and Washington Streets, Boston National operates
three branches.
The Continental National Bank is the successor by change of name in
April 1930, to the Engineers National Bank which was started In 1924 by
the Brotherhood of Railroad Engineers. Control of this institution changed
hands in May 1929, when the National Bancorporation of America, Inc.,
purchased 52% of its capital stock. Capital now amounts to $300,000.
Nov. 1 1930.]
FINANCIAL CHRONICLE
2837
The former banker's arraignment was to take place yesAccording to Boston advices Thursday (Oct. 30), printed
the enlarged bank will be terday, Oct. 30, the dispatch also stated. The closing of
in the New York "Evening Post"
the Ohio State Bank was reported in our issue of May 17,
known as the Boston-Continental National Bank.
page 3486.
Preliminary to trial at a date yet to be fixed, Joseph S.
Following the closing last week, Oct. 23, of the City
McCulloch, former President of the defunct Union Bank &
Ind. (noted in the "Chronicle"
Trust Co., of Philadelphia, was arraigned on Oct. 21 in Trust Co. of Indianapolis,
"not guilty" to charges of Oct. 25, page 2642), two more Indianapolis banks have
Quarter Sessions Court and pleaded
the Washington Bank & Trust Co. and the
of misapplying and embezzling $280,000 of the bank's funds, closed, namely,
institution,
"Ledger" of Oct. 22. The Postal Station State Bank, the latter a small
according to the Philadelphia
to Associated Press advices from Indianapolis,
arraignment took place in Room 296,City Hall, before Judge according
in the New York "Herald Tribune"
James M. Barnett, of Perry County, substituting. After on Oct. 28, appearing
next day. Luther F:Symons, State Banking Comthe reading of the indictments and Mr. McCulloch's re- of the
Indiana, who took charge of the Washington
sponse, he left the courtroom accompanied by his attorney, missioner for
bail Bank & Trust Co. when it closed its doors on Oct. 28, was
William A. Gray. The banker has been under $25,000
heavy withdrawals in the last few
since his arrest last spring. The "Ledger," continuing, reported as saying that
days were responsible for the bank's suspension. The dissaid:
was capiMcCulloch was a witness before the !pedal August Grand Jury of 1928 patch furthermore stated that the institution
in connection with use of the Union Bank's funds and deposits there by talized at $200,000, and according to its last report had a
bootleggers. It was revealed the bank had handled more than $10,000,000
surplus and undivided profits of approximately $89,000,
in bootleggers' accounts.
the disclosures at that time, McCulloch resigned as Presi- deposits of about $2,290,000, and resources of approxiAs a result of
dent, and the bank later was merged with another financial institution. mately $7,970,977.
T. Board
McCulloch is also one of the city's representatives on the P. R.
of Directors.
The basis for the present charges is his alleged use of the bank funds
for unauthorized purposes. Assistant District Attorney Franklin E. Barr,
who questioned McCulloch before the Grand July and will prosecute the
charges, said a date for trial will be fixed later.
Mal S. Daugherty, former President of the Ohio State
Bank, at Washington Court House, Ohio (which was closed
by the State Superintendent of Banks on May 12), and
political leader of Fayette Comity for 40 years, on Oct. 13
was named in 15 indictments totaling 57 counts, returned
by the County Grand Jury, charging alleged embezzlement,
misapplication of funds, and falsification of the bank's
condition, according to a dispatch from Washington Court
House off the date mentioned to the Cincinnati "Enquirer."
Immediately following the formal report of the County
Grand Jury to Judge H. M. Rankin, 11Ir. Daugherty was
placed under arrest and later the same day released under
$40,000 bonds. The dispatch, continuing, said;
According to Richmond, Ind., advices, Oct. 23, to the
Indianapolis "News," A merger of the First National Bank
of Dublin, Ind., with the First National Bank & Trust Co.
of Cambridge City, Ind., to take effect immediately, was
announced that day. The enlarged bank, it was stated,
would be known as the First National Bank & Trust Co.
of Cambridge City, and would be capitalized at $50,000, with
surplus of $10,000. Officers were to be as follows: Claude
S. Kitterman, President; Paul Ferris, Vice-President; I. J.
L. Harmeier, Cashier, and M. B. Kitterman, Assistant
Cashier.
We are advised by the First Bank Stock Corp. (headquarters St. Paul and Minneapolis) of the proposed consolidation of the Merchants' Trust Co. and the Northwestern
Trust Co. and the appointment of Philip L. Ray as President of the new organization. The communication says, in
part:
was named in all but one indictment returned by the jury,
Daugherty
and in all but this one multiple charges were specified.
Virgil Vincent, Secretary of the Fayette County Agricultural Society,
grain dealer, and a heavy borrower from the Daugherty bank, and one
of the former political leader's closest friends, was charged with perjury
before a grand jury, for allegedly having denied monetary transactions
which, evidence contained in the indictments set forth, accrued to Baugh.
erty's account and benefit.
Vincent was sought to-night.
Written in the report of the grand jury was a record of deception and
subterfuge by which Daugherty, limited in his official connection as
President to loans not exceeding 20% of the bank's stock, had applied
funds gained through the notes of his friends to his own credit.
Daugherty's wife and son were no exceptions, and several indictments
name them specifically as having been the signers of paper by which
Daugherty later gained funds for his commercial accounts.
The report as filed to-day represents only an incomplete return of the
grand jury's investigation, and concerns only dealings of and with the
Ohio State Bank,
The investigation of affairs of the People's and Drovers' Bank, which
went to the wall in March, has not been launched, nor will it be until the
grand jury, which was recessed to-day, is reconvened Wednesday, Nov. 12.
Daugherty is listed as having been in that bank's debt to the extent of
several thousand dollars.
In fact, the reciprocal loaning of money, by one bank to the officers
of the other, has been under scrutiny of the State since the inquiry was
undertaken.
Thus, still other charges virtually are sure to come to light, and the
circle of those who were present at, and perhaps took part in the death
scene of Fayette's financial fiasco, may be widened.
A schedule of liabilities and assets of Mr. Daugherty was
filed on Oct. 16 with United States Bankruptcy Referee
George B. Bitzer, at Chillicothe, Ohio, according to Associated Press advices from that place on Oct. 16, printed in
the Cleveland "Plain Dealer" of the following day. We
quote, in part, from the dispatch as follows:
Selection of Philip L. Ray to become President of the trust company
affiliate of the First National Bank of St. Paul, which will be created with
the consolidation of the Merchants' Trust Co. and the Northwestern Trust
Co., was announced on Oct. 24 by George H. Prince, Chairman of the
First National.
Mr. Ray, a native Minnesotan, is at present associated with the firm of
J. & W. Seligman & Co. of New York. He was formerly Executive Vice.
President of the First and American National Bank of Duluth.
Plans for the consolidation of the two trust companies are now being
completed, according to Mr. Prince, who will relinquish the office of
President of the Merchants' Trust Co. and be elected Chairman of the
Board of the new institution. Mr. Ray is expected to come to St. Paul
to assume his new duties about Nov. 15. In the meantime other details
of the consolidation, including the selection of the name and the date
of actual unification, are being worked out.
Mr. Ray was born in Mankato, Minn., in 1890, the son of the late John
H. Ray, for many years President of the Mankato State Bank, which
later consolidated with the National Citizens' Bank of Mankato. Be
graduated from the University of Minnesota and entered the employ of
J. L. Washburn, in Duluth, serving as Secretary of several mining and
timber corporations identified with the Washburn and Alworth interests.
In 1917 Mr. Ray organized the investment banking firm of Philip L.
Ray & Co. and was its acting head until 1926, with the exception of a
period of service in the army during the World War. In 1926 he was
elected Assistant to the President and a director of the First National Bank
of Duluth, of which the late A. L. Ordean was President. Following the
death of Mr. Ordean in 1928 Mr. Ray was elected Executive Vice-President
of the First National Bank, and in 1929, when that institution was consolidated with the American Exchange National Bank of Duluth, Mr. Ray
became Executive Vice-President of the merged institutions and President
of the First National Duluth Co., an investment affiliate of the First and
American National Bank of Duluth.
In the latter part of 1929 Mr. Ray left Duluth for New York to join
the firm of J. & W. Seligman & Co., an internationally known private
banking firm, which has specialized in investment trusts and the management of investment funds. Mr. Ray has a wide acquaintance In Minnesota, and during the 17 years of his residence in Duluth took an active
part in business and civic enterprises. He was for several years a director
and Chairman of the budget committee of the Duluth Community Fund,
and served two terms as director of the Duluth Chamber of Commerce.
The inventory listed liabilities at $642,933.47 and assets at $362,246.27.
In the liabilities schedule Daugherty, who filed the statement through
his attorney, N. P. Clyburn, divided the sum, into two sections.
St. Paul advices, under date of Oct. 22, to the Chicago
Under the heading, "Should be paid by others," Daugherty listed
$306,907.37, and under individual liabilities he placed $336,026.10.
"Journal of Commerce," with reference to the proposed
The schedule was filed in connection with involuntary bankruptcy promerger, after saying that the combined resources of the
ceedings brought against Daugherty by Attorney General Gilbert Bettman
trust companies would be in excess of $11,000,000, stated
in behalf of 0. C. Gray, State Superintendent of Banking. .
•
•, •
that E. P. Davis, last of the James J. Hill interests in the
Under the column, "Should be paid by others," Daugherty listed
that he would
237,702.37 in notes, $250,000 in bonds, and $19,205 in accommodation Northwestern Trust Co., had announced
notes which he said he had signed as security and should be paid by withdraw from the Presidency of that organization on the
the makers.
completion of the merger. We quote furthermore, in part,
An exemption of $500, allowed by law, was asked by Daugherty after
he set his assets as $144,000 in real estate, $78.35 in currency, $67,028.29 from the dispatch, as follows:
The Northwestern Trust was founded by Hill interests, which also conin bills, notes and accounts; $8,000 in stock in trade, $260 in carriages,
$2,200 in other personal property, $13,741.63 due on open accounts, and trolled, until recently, the First National Bank of St. Paul. The latter
Is now a part of the First Bank Stock Corp.
$126,520 due on stock accounts.
2838
FINANCIAL CHRONICLE
Mr. Davis, the oldest man in point of service with the Northwestern,
Joined the organization in 1915 as Vice-President, and in 1922 was elected
President. He came to St. Paul from Boston, in 1906, and until his
association with the trust company was identified with Boston interests
here.
Plans have been made to move the offices of the Northwestern Trust
from its present quarters in the First National Bank to the Merchants'
Bank Building on the close of business, Nov. 3.
Total resources of the Northwestern Trust Co., as filed with the State
Securities Commission on June 8 1930, are $2,283,482. Total resources
of the Merchants' Trust at the close of business Sept. 24, published subsequent to the last national bank call, are $8,739,431.
[VoL. 131.
was paid in May, 1930, and with the payment of the third the total of
dividends paid will be 45%. When the $125,000 is paid the cash total
in dividends paid will be $569,526.82.
The First National Bank of Arlington, Texas, was placed
In voluntary liquidation on Oct. 20. The institution, which
was capitalized at $50,000, was absorbed by the First State
Bank of Arlington.
Frank C. Mortimer, President of the Central National
Bank of Los Angeles, announces that he had resigned as
President of the Harold G. Ferguson Finance Co., Ltd., because his desire to operate the Central National Bank as an
Independent institution precludes him from achieving the
aims and purposes of those who are in control of the Harold
G. Ferguson Finance Co., Ltd.
Total resources of the First Bank Stock Corporation's
group at Minneapolis of 108 banks and trust companies
increased $14,500,000 from June 30 to Sept. 24, the dates of
the most recent calls for statements of condition from the
Comptroller of the Currency. A consolidated statement of
banks in the group given out from the office of P. J. Leeman,
Vice-President and General Manager, shows total resources
The closing of the First National Bank of Auburn, Wash.,
as of Sept. 24 of $478,793,338.20. This total does not was reported in the following Seattle advices on Oct. 29 to
include the separate capital investments of the holding com- the "Wall Street Journal":
pany. Deposits in the banks increased $9,973,000 and now
First National Bank of Auburn, Wash., has closed its doors and control
total $389,305,441.12. Loans and discounts rose from has been turned over to the Federal banking authorities.
Auburn National Bank of the same city has secured the backing of
$191,529,000 on June 30 1930 to $199,695,000 on Sept. 24.
Pacific National Bank of Seattle, whose President, G. H. Greenwood,
Cash accounts rose from $92,580,144 on June 30 to $98,- issued the following statement:
461,731 on Sept. 24,an increase of approximately $5,881,500.
"We stand ready to extend every possible assistance and consider the
Auburn National Bank a safe and progressive depositor."
The Sept. 24 consolidated statement follows.
Resources-Sept. 24 1930.
Loans and discounts$199.695.206.07
U. S. bonds
56,873,929.03
Other bonds and securities
94,182,901.71
Bank building,furniture and fixtures-7,938,171.06
Over drafts
79,106.75
Other assets
21,562,292.48
Cash on hand due
from banks
98,461.731.10
Total resources—$478,793,338.20
Liabilities-Capital
Surplus
Undivided profits
Sept. 24 1930.
$32,892,400.00
18.705,492.06
6,557.145.31
Tot. cap.structure $58.155.037.37
5.787.387.56
Reserves
389,305,541.12
Deposits
25,545,372.15
Other liabilities
Total liabilities—$478,793,338.20
The recent closing of two small State banks in North
Dakota was reported in the following Associated Press advices from Bismarck, N. D., on Oct. 23, printed in the St.
Paul (Minn.) "Pioneer-Press" of the next day:
Discontinuance of business by two State banks due to depleted reserves
was announced to-day by Gilbert Semingson, State Bank Examiner. The
banks are the First International of Sherwood, with deposits of $117,000,
capital of $10,000, and surplus of $10,000, and the People's State of
Linton, with deposits of $128,000, capital of $25,000, and surplus
of $3,000.
Effective Aug. 14, the First National Bank of Kimball,
W. Va., went into voluntary liquidation. The institution,
which was capitalized at $25,000, was absorbed by the
Kimball National Bank, Kimball.
The newly-organized Florida National Bank of St. Petersburg, Fla., was chartered by the Comptroller of the Currency on Oct. 23 and opened for business on Monday of
this week, Oct. 27. The institution is capitalized at $200,000,
with surplus of $100,000. According to Associated Press
advices from St. Petersburg, on Oct. 7, deposits on the opening day amounted to $750,000, officials announced. The
new bank, which is the sixth in a chain operated by the
du Pont-Ball interests, occupies the former building of
the defunct First National Bank. G. J. Avent, a Vice-President of the Florida National Bank of Jacksonville, heads
the new bank, with F. C. Schwalbe, heretofore a Vice-President of the Florida National Bank of Jacksonville, as
Cashier. C. B. Dyal, heretofore President of the Florida
National Bank of Daytona Beach, is Executive Vice-President of the new bank. The Florida "Times-Union" of Oct.
22, in reporting the appointment of the above-named officers, as announced on Oct. 21 by Edward Ball, Vice-President of the Almours Securities, Inc., a $200,000,000 Florida
corporation, of which Alfred I. du Pont is President, said,
In part:
"Mr. Avent has been made President of the St. Petersburg bank," aid
Mr. Ball, "but it does not mean his removal from Jacksonville for the
present. He may go to St. Petersburg to live later, however."
The du Pont interests now operate banks in Jacksonville, Daytona Beach,
Orlando, Lakeland, and Bartow.
With reference to the affairs of the failed First National
Bank of Sanford, Fla., advices from that place to the
-Union" contained the following:
Florida "Times
Over $125,000 is ready to be distributed by A. F. Rawlings, receiver of
the First National Bank, who announced that checks sent to Washington
Oct. 4 for signatures have been returned and that about 3,500 receipts
have been sent to depositors.
This 10% dividend is the third declared since Mr. Rawlings became the
receiver, when the First National Bank was closed. The first dividend
WRB paid Dec. 18 1929, less than six months after the closing of the
bank, and amounted to 15%. The second dividend, amounting to 20%,
First National of Auburn, Wash., as of Dec. 31 1929 had capital of
$75,000, surplus and profits $26,660, deposits $1,103,090.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Trading on the New York Stock Exchange has been extremely dull the present week, with the drift generally toward lower levels. United States Steel showed spasmodic
flashes of strength early in the week, but has been signally
weak since the publication of the company's statement for
the September quarter after the close of business on Tuesday.
The weekly statement of the Federal Reserve Bank, published after the close of business on Thursday showed a further
drop of $101,000,000 in brokers' loans, making the fifth
decline in the past five weeks and carrying the total down
to $2,512,000,000, the lowest level since June 1926. Call
money renewed at 2% on Monday, continued at that rate
on each and every day of the week.
Following a brisk upward movement during the first half
hour, the market displayed a sagging tendency during the
short session on Saturday. As the day progressed speculative selling was again apparent and prices generally turned
reactionary up to the closing hour. The initial gains,
particularly among the active leaders, ranged from 2 to 3
or more points, but these were cu down in many instances,
while numerous other active stocks recorded declines of a
point or more. The early trading was featured by the sale
of a block of 10,000 shares of Westinghouse Electric at 111,
an overnight gain of 3 points. United States Steel reached
152% at its top for the day and Atchison crossed 201, making
a gain of 2 points above the previous close. One of the weakest issues of the day was J. I. Case Threshing Machine Co.,
which broke more than 6 points in the early trading and
finally closed at 1153/3, with a loss of more than 15 points
on the day. Montgomery Ward was the outstanding
feature of the closing hour as a block of 10,000 shares was
sold at 20 followed by a further drop.
Prices were moderately lower as the market opened on
Monday though trading was light and sluggish until after
mid-session when the market improved and a brisk rally
carried many stocks to higher levels. The farm equipment
shares were again the weak link, as J. I. Case Threshing
Machine slid downward to the lowest level reached in several
years. In the final hour, United States Steel pushed through
Saturday's top and closed with a moderate gain, and a number of the more active issues also recorded substantial advances. The list included such stocks as Air Reduction 6
points, Allied Chemical & Dye 4 points, Worthington Pump
2 points, Vanadium Steel 23/i points, American Can 23/s
points, Detroit Edison 23. points, and Standard Gas &
Electric 2% points. Advancing prices were the order of the
day on Tuesday, though there was more or less irregularity
apparent throughout the session. There was a brief check to
the rise during mid-session, but this was quickly overcome,
and prices continued their upward climb. One of the outstanding features of the day was the strength of United States
Steel, which advanced to 154 registering a gain of 1% points
on the day. Railroad stocks were well up with the leaders,
Atchison shooting upward 6 points at its top for the day.
Delaware & Hudson and Pere Marquette advanced about 3
points each and gains of 2 points were recorded by Union
Pacific, Rock Island, Nickel Plate, Southern Pacific, and
New York Central. Amusement stocks displayed considerable activity as a result of the favorable report of RadioKeith-Orpheum, Loews leading the upward spurt with a
gain of 3 points, followed by Fox Film with a substantial
advance. Other noteworthy gains included such stocks as
Westinghouse Electric 3 points. Ingersoll-Rand 10 points,
%
J. I. Case Threshing Machine Co. 23 points, and American
Car & Foundry 23. points.
The market turned downward on Wednesday. Some of
the copper stocks and a few specialties were boosted upward,
but the list, as a whole, closed at lower levels. United
A
States Steel opened at 150, an overnight drop of 21 points,
and later in the day sold off to 1483. Westinghouse Electric was down about 3 points and smart declines were registered by such market leaders as Worthington Pump, Allied
Chemical & Dye, Auburn Auto, Colorado Fuel & Iron and
J. I. Case. Eastman Kodak slumped 9 points to 174,
but recovered about 4 points before the close. Public
utilities were down and so were the motors, and many of the
so-called specialties. The trend of the market was again
downward on Thursday, though some improvement was
apparent in the final hour when the list made a partial recovery. The early trading was dull and the weakness was
further emphasized by the break in Coca Cola, which closed
at 1583 with a net loss of 113/i points. Colorado Fuel &
Iron also had a severe sinking spell, and dropped 25 points
to 110. Chicago & North Western, preferred, slipped back
9 points and St. Louis Southwestern preferred sank 5 points.
Amer. Tel. & Tel. sold about 5 points off, Eastman Kodak
lost an additional 6 points, though it regained part of the
loss in the rally of the final hour, and closed 23/i points
down at 1723. United States Steel moved around to a
considerable extent, and at the end of the session was down
to 1453j with a loss of over a point. Radio Corp. touched
a new low level for the year at 20 and recessions ranging
from 2 to 3 or more points were recorded by Westinghouse
Electric, Consolidated Gas, American & Foreign Power,
Johns-Manville, Columbian Carbon and National Biscuit.
Sharp declines throughout the active list characterized the
movemdnts of the stock exchange on Friday. In the closing
hour, the weakness became more acute and many of the active
speculative issues dropped to new low levels for the year or
longer. Bethlehem Steel was one of the weakest spots as a
result of the earnings statement issued on Thursday and
closed with a loss of 134 points. Allied Chemical & Dye also
felt the effects of the heavy pressure and dipped 1034 points
4
to 1963 . Public utility stocks and copper issues were off
and the pressure against the railroad shares forced them
sharply downward. Coca Cola was again under pressure
and added 5 more points to the decline of the previous day,
and new minimums for 1930 were recorded by du Pont,
Hudson Motors, Auburn Auto, Colorado Fuel & Iron,
Montgomery Ward, and Sears, Roebuck. The final tone
was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Oct. 31 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds.
1,152,200
1,812.050
2,016.200
1,673,030
1,913,731
2,249,19.5
$3,030,000
4,317,000
5,786.000
6,303,500
5,271,000
6,605,000
United
States
Bonds.
Total
Bond
Sales.
$81,550 $4,550,550
581.000 7,586,500
281.600 8,917.600
347,000 9,135,500
230.000 8.281,000
127,000 8,780,000
10,816,406 $31,312,500 $14,330,500
$1,608,150 $47,251,150
Week Ended Oct. 31.
1929.
1930.
Jan. 1 to Oct. 31.
1930.
1929.
10,816,406
45,587.200
628,254,414
968,875,880
$1,608,150
14.330,500
31,312,500
$8,904,000
21.084,500
66,361,000
$93,917,750
585.870.900
1.834,528,400
$110,776.000
529,183.650
1,781,394,800
$47,251,150 $96,349,500 $2,314,317,050 82,421,354,450
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Oct. 311930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Philadelphia.
Baltimore,
Shares. Bond Saks. Shares. Bond Sales. Shares. Bond Sale,
18,388
34,312
24,356
28.095
32.230
10.970
$21,000
30.000
14.000
17,000
26,000
a44,330
a62,371
a51,863
a67,007
036,559
23,779
$27,400
25.000
37.300
75,000
48,700
1,378
1,228
5,135
2,624
3,089
2,507
$1 :0
102
8.300
12:000
1 0oo
114,000
148,351
$108,000
285,909
$213,400
15,981
8163 300
,
213,029
$102,500
444,489
8171,400
14.818
7.000
18.
a In addition. sales of warrants were: Saturday, 200; Monday, 200; Tuesday
200; Wednesday, 200; Thursday, 100.
THE CURB EXCHANGE.
Curb Exchange trading was quiet and irregular this week.
Some show of strength was made on Tuesday but this was
more than lost in the subsequent trading and prices continued weak thereafter. Most issues were lower but few
losses of any size were recorded. In utilities Amer. &
Foreign Power warrants after an advance of some 234
points to 2634 dropped to 23. Amer. Gas & Elec. corn.
sank from 98% to 9034 and closed to-day at 913 . Com%
monwealth-Edison jumped from 245 to 260 then reacted to
%
2503 . Electric Bond & Share, corn. sold down from 563
4
United Light & Power,
to 513' and finished to-day at
corn. A lost over three points to 293/2. Oils generally show
only slight losses. Humble Oil & Ref. was off from 75 to
7234. Standard Oil (Ohio), corn. advanced at first from
54 to 57, then weakened to 55. Vacuum Oil was conspicuous
for a loss of 434 points to 613 , the close to-day being at
%
.
613/ Gulf Oil also shows a substantital loss, dropping
2
4
from 84 to 7834. It recovered finally to 793 . Among
industrial and miscellaneous issues there were few changes
of moment. Aluminum Co. improved from 165 to 17034
then weakened to 168. Glen Alden Coal sold down from
71 to 62. Insull Utility Investment, corn. from 45 reached
49 but dropped back to 4434•
A complete record of Curb Exchange transactions for the
week will be found on page 2869.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
Oct. 31.
Stocks
(Number of
Shares).
347,800
470,100
433,100
398,300
355,300
395.900
Saturday
Monday
Tuesday.
_
Wednesday
Thursday
Friday
Total
2,400,500
Rights.
Foreign
Domestic. Government.
1,600 $2,163,000
11.800 2,665,000
2,400 2,483,000
1,400 2,808.000
300 2,658,000
1,700 2,959,000
Total.
8132.000 $2,295,000
239,000 2,904.000
195.000 2.680.000
300,000 3.108,000
278,000 2.938.000
275,000 3.234,000
19,200 $15,738,000 $1,419,000 817,157,000
COURSE OF BANK CLEARINGS.
Bank clearings this week will gain 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,
Nov. 1) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will fall
62.8% below those for the corresponding week last year.
which were of phenomenal extent because of the upheaval in
the stock market at that time. Our preliminary total stands
at 88,288,774,692, against $22,275,555,923 for the same week
in 1929. At this centre there is a loss for the five days ended
Friday of 71.3%. Our comparative summary for the week
follows.
Clearings-Returns by Telegraph.
Week Ending Oct. 31.
$1,459,000
2,688,500
2,870,000
2,485.000
2.780.000
2,048,000
-No. of shares.
Stocks
Bonds.
Government bonds___
State & foreign bonds_
Railroad & lok30. bonds
Total bonds
State,
Municipal &
For'n Bonds.
Railroad,
Stocks,
Number of
Shares.
Sales at
New York Stock
Exchange.
2839
FINANCIAL CHRONICLE
Nov. 11930.]
1930.
1929.
Per
Cent,
$4,162,000,000 $14,511,080.000
389,037,983
872.288.185
360.000.000
617,000,000
347,000.000
660.000,000
93,764.378
131,852,875
134,500,000
89,900,000
251,628,000
130,353.000
Will no longer re port clearings.
137.013,130
203,930.291
101.033,713
194,806,735
138,936,911
93.031,049
*90,000,000
72,407,755
62,504,204
42,209,181
-32.8
-48.1
-33.0
-19.5
-32.5
Twelve cities, 5 days
Other cities, 5 days
$6,017,750,189 $17,888.507,201
1,123,480,625
889.562,055
-85.9
-20.8
Total all cities, 5 days
All cities, 1 day
$6,907,312.244 $18,791,987,828
3,483.568,097
1,381.462.448
-83.2
-60.3
28.288.774 692 322.275.555.923
-62.8
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
-71.3
-42.1
-41.7
-47.4
-28.9
-33.2
-48.2
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous-the week ended Oct. 25. For
that week there is a decrease of 45.6%, the aggregate of
clearings for the whole country being $9,379,762,435,
against $17,231,269,713 in the same week of 1929. Outside
of this city there is a decrease of 27.3%, while the bank
clearings at this centre record a loss of 52.7%. 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
register a shrinkage of 52.3%; in the Boston Reserve District
of 25.5%,and in the Philadelphia Reserve District of 19.0%.
In the Cleveland Reserve District the totals are smaller by
21.7%; in the Richmond Reserve District by 13.2% and in
the Atlanta Reserve District by 31.2%. The Chicago
Reserve District suffers a loss of 37.8%; the St. Louis Reserve
District of 21.7%, and in the Minneapolis Reserve District
of 26.7%. In the Kansas City Reserve District the decrease
is 22.9%; in the Dallas Reserve District 36.2%, and in the
San Francisco Reserve District 29.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Inc.or
Dec.
1929.
1930.
Week End. Oct. 25 1930.
8
569,719,346
6,176,464.948
565,776,350
398,846,502
179,050,043
218,479,156
.
948,555 739
234,036,605
154,327,880
206,146,632
95,380,986
361,715,493
9,379,762,435 17,231,269,713 -45.6 12,210,244,113
3,520,260,199 4,844,506,087 -27.3 4,372,958,754
9,897,866,680
3,870,414,367
128 cities
Total
Outside N.'Y. City
.,..
... ....--
...,... n,
”
cn. on, qIn
ql 1
575 5.44.005
424.329.183
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Oct. 25.
Clearings at
1930.
1929.
First Federal Reserve Dist rIct--Boston
698,718
634,117
maine-Bangor_
4,255,566
3,268.236
Portland
-Boston_ _ 505,810,910 678,000,000
Mass.
1,109,230
940,423
Fall River
1.163,339
516.876
Lowell
1,320.013
1,063.803
New Bedford
5,573.798
4.359.082
Springfield_ _
3,618,035
3,213,487
Worcester
21,508,883
13,694,816
Conn.
-Hartford
10,149,867
7.851,967
New Haven_ _ _
23,909.300
-Providence
17,701.100
R.I.
710,202
N.H.-Manches'
839,279
559,894.096
Inc. or
Dec.
1928.
1927.
--9.2
--23.2
--25.4
--15.2
--55.6
--19.4
--21.8
--11.2
--36.3
--22.6
--26.0
+18.2
560,973
3,364.493
496.000,000
1,190,377
1,060.511
1.055,244
5,534,735
3,456,894
16,639.245
8,735,817
22.703,000
683,081
782,818
3,782.532
510.000.000
1,922.957
1,080,629
1,392,752
5,410,675
3,282.712
14,353.840
8,844,783
18,253,600
562,046
752,016,951 -25.5
560,979,370
569,719,346
Second Feder al Reserve D Istrict-New
6,117,264
6,219,081
-Albany.._
N. Y,
1,364.924
1,235,572
Binghamton_ _ _
75.177,494
65,154,701
Buffalo
761,701
902,146
Elmira
1,338.296
1,114,312
Jam estown_
5,859,502,236 12386763,626
New York
16,670.412
10.037,403
Rochester
6,753,360
4,858,324
Syracuse
4,818,788
4,017.801
-Stamford
Conn.
674,831
744,862
-Montclair
N. J.
40,913,578
31,508,282
Newark
83.332,427
41,720,166
Northern N.J.,
York
5,235,332
6,499,678
+1.2
990.200
1,161,187
-9.5
51,153,869
58,219,648
-13.3
842,584
1,085,461
+18.4
1,106.751
1,677.752
-16.7
-52.7 7,857.285.359 6,027,452,313
13,691,090
13,423.372
-39.8
5,789,374
6,170.341
-28.1
4,206,258
4,236,886
-16.6
847.730
694,699
+10.4
24,627,634
28,599,226
-23 0
40,521,813
40,687,822
-49.9
Total(12 cities) 6.027,014,886 12624695,701 -52.3 8,019,741,431 6,176,464,948
Third Federal Reserve Disc act-Philad elphia
1,460,546 -7.9
1,345,564
-Altoona__
Pa.
5,353,353 -31.5
3,668,734
Bethlehem _ _ _ _
+4.5
5.41.541
097.636
Chester
2,344,702 -21.6
1.838,153
Lancaster
510,000,000 627,000.000 -18.7
Philadelphia
4,180,395 -33.5
2.781,569
Reading
6,865,989 -34.4
4.500.138
Scranton
3.228,315 +14.
3,685,268
W likes-Barre_ _
2.069.393 -6 4
1,935,925
York
5,849,513 -39.7
3,525,000
-Trenton __
N.J.
1,656,061
5,127.256
1,401 027
1,906,786
570.000,000
3.974,633
5,416,221
4,388.739
1,834,127
5,953,260
1,534,046
4,644,632
1,351,811
1,866.576
534,000.000
3,797,247
6,170,387
3.774,447
1,709,597
6.920.607
659.306,747 -19.0
601,661,110
565,776,350
Total(10 cities)
534.277,987
7,304,000
3,791,683
76,592,812
137,159,255
14,059.800
1,852,893
8,516,746
197,734,464
6,077.000
3,231,294
74,358,706
116,899.393
14,522,700
1,666,786
5,675.450
176.615,193
484,990,380 -21.7
445,011.653
398,848,502
Fifth Federal Reserve Dist rict-Richm ond1,114,422 -17.3
922,137
W Va.-II unt'g'il
4,211,908 -17.3
3,482,556
Vs.- Norfolk_ _
54.769,000 -10.7
48,930,954
Richmond _
2.515,449 +2.1
2.567,901
-Charleston
S.C.
89.692.423 104,583,563 -14.2
Md.-Baltimore_
26,767.927 -15 1
22,723,299
D.C.-Washing'n
1.069,371
4,856.939
50,415,000
2.992,601
91.896,000
27.022.329
1,098,218
5.055.344
55,099.000
1,789.000
92,757,373
23,251,108
379,852,741
1930.
193,962,273 -13.2
178,182,263
179,050,043
Sixth Federal Reserve Dist rict-Atlant a2,650,760 -24.5
2.101.882
Tenn.
-Knoxville
25.117,122 -15.3
21,263.902
Nashville
72.729.557 -36.6
46 077.335
Ga.- Atlanta. _
3,672,339 -45.4
2,005.063
Augusta
2.219.946 -37.8
1,379,893
Macon
12,665,036 -13.3
10.981,900
Fla.-Jack'nville_
1,545.000 --21.2
1.434,400
Is,16.0111
30,168,136 -37.4
18,893.612
Ala.-Birtning'm.
2,542.100 -18.8
2,064,835
Mobile
2.361.000 -10.3
2.120 IWO
Miss.- Jackson., _
272.733 -43,5
154.012
Vicksburg
65.112,564 -32.7
43,798.547
La.
-New Orleans
2.557.888
23.793,153
58.376,534
2.758,484
2,878.898
14.012.723
1.747,000
28.233.900
2,130.679
2.311.401
461,335
58,519.424
2.650.407
24,823,658
58.547 4621
2,724,880
2,600.000
15.482.538
2.704.000
29,237,078
1,603,048
1.960,000
433,600
66,856,444
221,362.323 -31.2
206.571,551
1929.
Total(12 cities)
168.319,270
152,294,984
1927.
1928.
$
205,566
687,636
243.973,707
7,838,056
3,569,905
2,948.081
22,044,000
2,960,144
5,008,003
38.901,111
2,593,190
9,387,211
6,601,337
1,230.378
1,551,297
728,415,145
1,236,578 ,
5.319,273
3,603.187
2,419.282
689.967.858 1,111,839,378 -37.8 1,090,493,487
223,269
637,835
168,486,987
6,798,296
2,769,477
3,272,535
20,553,000
2,910,400
5,077,193
38,491,757
2.810,000
8,160,239
6.702,442
994,168
1,565,681
667,260,387
1,237,378
4,624,333
3,149,070
2,186,270
948,555,739
Eighth Federa Reserve DIs trIct-St. Lo uis4,553,562
4,758,908 -4.3
Ind.- Evansville
Mo.-St. Louis.,.. 116,800,000 144,750,110 -19.3
36,265,584
37,187.542 -2.5
Ky. Louisville_
334,968 -32.2
226.990
Owensboro _ _
22,358,904
39,605.606 -43.5
Tenn.-Mem phis
19,486,361 -36.2
12,432,062
Ark.
-Little Rock
305,439 -54.8
137,957
Ill.-Jacksonville
1,454,066 -28.2
1,043,523
Quincy
5,217,636
149,200,000
36,923,836
278,536
32,346,573
18,022,530
304,393
1,297.695
5.980,980
138,000,000
35,459,041
269,624
34,323,943
18,346,835
332,995
1,323,187
247,383,290 -21.7
243,591,199
234,036.605
Ninth Federal Reserve DIs trict-Mln eapolis
6,508,572 -14.4
5,572,268
Minn.
-Duluth_
74,314,611 105,985,087 -29.9
Minneapolis_
29,122,655 -20.5
23,157.130
St. Paul
2,227.994 -3.8
2,144,049
N. Dak.-Fargo_
1,322,442 -20.4
1,052,122
-Aberdeen.,
S.D,
643,411
1,064,823 -39.6
Mont.-Billings_
4,167,000 -17.7
3,430.000
Helena
14,312,162
102.692,105
33,782.540
2,228.040
1,458,965
939,238
4,940,000
12.820,698
100,055,163
33,314,273
1,957,831
1,504.708
849,207
3,826 000
Total(8 clths).
193,818,582
150,398,573 -26.7
160,393,050
154,327,880
Tenth Federal Reserve DIs trlet Kens as City
268,385 -16.1
225,139
Neb.-Fremont._
472,309 -24.0
358,835
Hastings
3.548,151 -13.1
3,083,632
Lincoln
52,842,799 -18.0
43,343.849
Omaha
3,436,518
3,319,203 +3.5
Kans.-Topeka._
7.307,998 -22.3
5.679,350
Wichita
Mo.-Kans, City 118,153,313 157,997,500 -25.2
6,722,492 -27.4
St. Joseph__ _
4,879,642
1,013,301
1,299,032 -22.0
Colo.
-Col.Spgs_
a
a
a
Denver_ _ _
1,499,194
1,948,797 -23.1
Pueblo
318,943
427.205
782,072
46,524,443
3,749.217
8.332,900
152,341,313
6,054,438
1,231,455
a
1,683,052
304,237
425,151
4,275,622
42,714,870
2,879.810
7,283.463
139,225.447
8.188,968
1,237.872
a
1,617,192
Total(7 cltles)_
110,313,591
235,726,666 -22.9
221,445,038
206,146,632
Eleventh Fede ral Reserve District
-Da Ilas-Tex.
1,969,698 -39.7
-Austin_
1,186.977
Dallas
65,960.948 -34.0
43,562.087
Fort Worth
17,761,146 -39.0
10,840,499
Gal vest.on
3,700,00o
7,1.48,000 -45.5
La.
4.008.653
6,428,278 -37.6
-Shreveport-
1.980,094
71,119,548
18.681.968
7 31/304(4
6,640,170
4,695,693
64.173,268
15,859,111
8,085 000
5.607,915
99,308,072 -36.2
106,294,780
95,380,986
Total(10 cities)
Total(5 cities).
181,672,773
63,298,216
Twelfth Feder al Reserve D Istrict-San Franci ear
49,616,775
54,916.825 -33.6
Wash.-Seattle...
38,450.757
13,994,000
14,863.000 -19.6
11,948.000
Spokane
2,085,999
1,350.451
2,407,144 -43.9
Yakima
38,903,138
32.269.024
42,398.046 -23.9
Ore.
-Portland- 21,295.833
20,123,194 --13.2
17.472,469
Utah-S. L. City
5,804.016
5,700,783 -42.8
3,262.295
Cal.
-Fresno8,569,961
6.619.641
8,313.669 -20.4
Long Beach _ _
Los Angeles. No longer will report dearth gs•
18,003,372
19 593.992 -23.9
14,920,574
Oakland
6,418.033
6,627.497 -24.1
5,027.905
Pasadena
7,107.426
+4.2
7,276,824
6,983,986
Sacramento_ - _
5,173,816
5,957,250 -25.9
4,413,419
San Diego_ _ _ _
San Francisco., 168,737,855 251,872,202 -33.0 209,651,000
3,436.212
3,463.048 -15.1
2,941.346
San Jose
1,7111.605
2,467.343 -20.9
1,921,161
Santa Barbara_
2.098,578 -8.1
1.890,595
1.928,930
Santa Monica_
2,492,800 -1.0
2,209,800
2.466,800
Stockton
43,915,468
13,168.000
1,911,017
35.332,343
19,393,313
6,207,070
6.402.104
15,640,389
5.564.982
6,400,440
4.231,051
194.528.000
2.767,839
1,723,374
1,941,723
2.598,400
Total(16 cities) 319,037,451 450,279,359 -29.1 395,879,581 361,715,493
Grand total (126
9,379,762,435 17231,269,713 -45.6 12230,244,113 9,897,866,680
cities).
Outside NewYork 3.520.260,199 4,844,506,087 -27.3 4,372,958,754 3,870,414,367
Week Ended October 23.
Clearings at
-
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa_ _ _ _
Quebec
Halifax
Hamilton
Calgary
St. John
Vletorla
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
$
151,610,398
116,475.177
57.264,290
20,145,467
7,342,728
7.025,886
3,313.519
0,184,543
9,328,158
2,647,441
2,365,632
2,981,289
5,272.212
5,287,991
614,558
443,500
2,464,998
1,073,850
1,108,863
867,283
827,179
396,061
965,535
866,707
1,112.070
3,471,070
392.071
1,053,770
934,023
562,847
647,837
1929.
Inc. or
Dec.
$
166.037.957
141,517.918
97,311,457
25,877.905
8,450,134
7,901,355
3.466.559
6,489,940
17,079,804
2.765,259
3,232,425
3,517,844
8,205.034
8,370.3?18
886,882
937,665
4,189,385
1,821,466
1,580,584
1,061,611
931,256
700.000
1,155,413
1,100,731
1,372,924
5,391,817
666,861
1,167.381
927.597
873.678
932.479
%
-8.7
-17.7
-41.2
-22.1
-13.1
-11.1
-4.4
-4.7
-45.4
-4.3
-28.8
-15.1
-35.7
-36.8
-307
-52.7
-41.2
-41.0
-29.9
-18.3
-11.2
-43.4
-16.4
-21.3
-19.0
-35.6
-41.2
-9.7
-0.7
-35.6
-30.5
218,479,156
Total(6 cities).
Inc. or
Dec.
Seventh Feder al Reserve D istrict-Chl cago246,162 --24.0
186.967
Mich.
-Adrian_ _
572,301
830,058 --31.1
Ann Arbor__
133 866,097 235,750,916 --43.2
Detroit
5,156,655
6,692,169 --22.9
Grand Rapids3,553,025 --19.4
2,864,517
Lansing
2,732,480
3,841,700 --28.9
-Ft. Wayne
Ind.
18,237,000
22,709,000 --19.7
Indianapolis,,.,..
2,958,285 --17.5
2,439,661
South Bend_..
4,852,996
5,507,137 --I1.9
Terre Haute_ _
33,621,254 --27.7
24,311,893
Wis.-Milwaukee
2,993,451
3,474,915 --13.9
Iowa.-Ced.Rap.
6,974,640
10,446,833 --33.2
Des Moines
6,807,105 --21.3
5,358,219
Sioux City
1,603,424 --33.4
1,067,190
Waterloo
1,331,384
1,991,667 --33.2
Ill-BloomIngt'n
467,981,241 758,211,508 --38.3
Chicago
965,918
1,230,530 --21.5
Decatur
3,482,443
6,224,767 --44.0
Peoria
2,354,511
3,685,334 --36.1
Rockford
2,238,294
2,453,595 --8.8
Springfield_
1930.
Fourth Feder al Reserve D strict-Cloy eland
4,997,000 --25.4
3,727,000
Ohlo-A kron_ _
4,700,254 --28.2
3,440,847
Canton
77.195,893 --28.9
56.458,311
Cincinnati _ _ _ _
125,390,437 158.650.109 --21.0
Cleveland
17,182.300 --26.5
12,633,300
Columbus
2,349,287 --16.4
1.963,280
Mansfield
6,106.534 --38.0
3,786,537
.._
Youngstown
-Pittsburgh_ 172.453.029 213,719,003 --19.3
Pa.
Total(8 MRS)
Week Ended Oct. 25.
Clearings at
Total(20 cities)
1927.
1928.
$
$
%
$
Federal Reserve Dists.
560,979,370
752,016,951 -25.5
559,894,096
1st Boston_ __ _12 cltlos
6,027,014,888 12,624,695,701 -52.3 8,019,741,431
20,6 New York_12 "
601,661,110
659,306,747 -19.0
534,277,987
3111 Ptinaderia_10 "
445,011,653
484,990,380 -21.7
379,852,741
Mb Cleveland__ 8 178,182,263
193,962,273 -13.2
168,319,270
516 Richmond . 6 "
206,571,551
221,362,323 -31.2
152,294,984
6911 Atlanta......_12 "
689,967,858 1,111,839,378 -37.8 1,090,493,087
7111 Chleag0 ---20 "
243,591,199
247,383,290 -21.7
193,818,582
810 131. Louis__ 8 "
160,393,050
150,398,573 -26.7
110,313,591
0111 Minneapolis 7 "
221,445,038
235,726,666 -22.9
181,672,773
1010 KansasCitY 10 "
106,294,780
99,308,072 -36.2
63,298,216
5
11111 Dallas
395,879,581
450,279,359 -29.1
319,037,451
12811 San Fran 16 "
Total(12 cities
[Voi. 131.
FINANCIAL CHRONICLE
2840
Tota/(31 cities)
415,046,931
525,921.719 -21.1
a No longer reports weekly Clearings.
1928.
1927.
8
195.068,759
184,028,510
86,403,655
22,211,895
8,444,733
6,928,212
3,675,398
6.196.333
15,152,779
3,025,902
2,727.124
3,696.986
7,537,118
8,585.473
1.246,396
727,143
3,255,477
1,794.085
1,569,426
1,361,779
927,142
689.776
1,000.000
1,062.619
1,184.935
6,634,216
581,142
986.178
1,112,557
832,805
631.435
$
134,614.481
128,651,216
69,484,727
18,938,053
7,239.411
8,644,225
3,002,812
6,1341.660
11,026,222
2,493,849
2,537.449
2,914,473
5,546,437
5,025,213
711,179
947,297
2,155,081
1,635.555
1,285,642
966.767
531,657
446,065
895,510
873.610
1,202.158
4,853.068
372,555
879.599
898,403
713.966
760,844
579,430,008
424,329,183
2841
FINANCIAL CHRONICLE
Nov. 1 1930.]
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 15 1930:
Francs. Francs. Franco. Francs. Franco. Promos.
Oct. 25 Oct. 27 Oct. 28 Oct. 29 Oct. 30 Oct. 31
1930.
1930.
1930.
1930.
1930. 1930.
Bonds
Public UtilitiesCle. General d'Electricite
Floe. Lymilitube mx. LtilLY
Cie. Francalse dm Prooedee
Thomsen-Houston
GOLD.
notes amounted to £157,- Union d'Electricite
The Bank of England gold reserve against
Inaustrkason the previous
476,716 on the 8th inst. (as compared with £155,618,965
rretliorku & Laminates Cu Havre
since Jan. 1 last. -loclete Andre Citroen
Wednesday). and represents an increase of £11,516,632
week 4te Francalse Ford
Africa this
Of the E859,000 bar gold which arrived from South
et, s A
.C604,000 available in
£255,000 had been sold forward to France, leaving
Pechiney
recent movements of the French l'Air Liquide
the open market yesterday. Following
and the price Etabilesements Kuhlmann
exchange, the demand from France was more restricted,
fine ounce, the Galerlee Lafayette
realized was the comparatively low one of 84s. 1154d. per
Os amount taken for France was
lowest recorded since May 28 last. The
disclosed. Keys' Dutch
whilst £205.000 was secured for a destination not
£294,000,
£30,000.
The Continental trade took £75.000 and the home trade
the week show a
Movements of gold at the Bank of England during
of which £750,000
net influx of £289,769. Receipts totalled £834,393,
consisted of £485,624
was in sovereigns from South Africa, and withdrawals
in bar gold and £59,000 in sovereigns.
exports of gold
The following were the United Kingdom imports and
13th inst.:
registered from mid-day on the 6th inst. to mid-day on the
•
ImportsBrazil
Argentina
British West Africa
British South Africa
Australia
£179,355
84.000
4,687
956,905
1,000,000
Exports
Germany
£148,793
873,082
10,000
153.100
8,800
France
Netherlands
Switzerland
Italy
17.750
7,634
6,003
30 Austria
British India
Other countries
France
£1,225,162
£2,224,977
SeptemUnited Kingdom imports and exports of gold for the month of
ber last are detailed below:
Exports.
Imports.
.C302,000
Germany
Netherlands
France
£2.415
Switzerland
Austria
West Africa
Various countries in So. America
27.420
3,271,615
73,241
407,963
61,000
1,064,849
2,967,082
83.262
Union of South Africa
Rhodesia
250
372.935
26.301
British India
Australia_.
Other countries
65.111
24.981
£4,160,090
£4,590.335
'The Transvaal gold output for the month of September last amounted
to 860,311 fine ounces, as compared with 878,474 fine ounces for August
1930 and 814,707 fine ounces for September 1929.
SILVER.
The steadier tendency shown last week has been maintained and there
has again been a slight improvement in prices, due mainly to the fact that
offerings have been rather restricted. The Indian Bazaars have bought
to cover bear sales and China has also bought, although inclined to sell
at the advance in rates. American operators, though inactive during
the early part of the week, were willing to sell at the higher level, but the
Continent has shown little interest.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 6th inst. to mid-day on the 13th Inst.:
ImportsCanada
Belgium
France
Other countries
Exports
£12.422
21.800
5,000
9,450
£11.934 France
2.630 Irish Free State
2,136 British India
582 Other countries
£48.672
£17,282
INDIAN CURRENCY RETURNS.
Oct. 7. Sept.30. Sept. 22.
(In Lacs of Rupces)17147
17206
17083
Notes in circulation
12176
12192
12111
Silver coin and bullion in India
Silver coin and bullion out of India
3228
3228
3228
Gold coin and bullion in India
Gold coin and bullion out of India
1583
1559
1560
(Indian Government)
Securities
184
203
184
Securities (British Government)
of about 97,600.000
The stocks in Shanghai on the 11th inst. consisted
ounces in Byre°, 147,000,000 dollars and 4,140 silver bars, as compared
sycee, 147,000.000 dollars and 4,100
with about 97.800,000 ounces in
silver bars on the 4th inst.
Quotations during the week:
-Bar Silver per Oz. Std.2 Mos.
Cash.
Oct. 9
Oct. 10
Oct. 11
Oct. 13
Oct. 14
Oct. 15
Average
Bar Gold.
per Oz. Fine
1634cl.
16 11-16d.
16%d.
168cl.
-16d.
16 13
16 11-16d.
16.698d.
84s. 1134ti.
84s. 113d.
84s. 11%d.
84s. 113cl.
Ms. 1134d.
845. 11 d.
84s. H.
16%d.
16 11-16d.
1694d.
16.)td.
16 13-16d.
16 11-16d.
16.698d.
The silver quotations today for cash and two months' delivery are
each 3-16d. abdve those fixed a week ago.
PRICES ON PARIS BOURSk.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Francs. Francs. Francs. Francs. Francs. Frastza.
Oct. 25 Oct. 27 Oct. 28 Oct. 29 oa. 30 Ott. 31
Bonds1930.
French Rentes 3% Perpetual.-French Rentee 4% 1917
French Rentee 5% 1915-16
Banta
Banque de France
Banque de Paris et des Pays Bas_
Credit Lyonnais
Union des Mines
Canal
Canal Maritime de Sues
Railroad
Chem ln de fer du Nord
Alines-HonMince dee Courrieree
day
Mines des Lens
Miniere et Metallurgique de
Soo.
Penarroya
1930. 1930. 1930. 1930. 1930.
66.90 86.85 88.50 86.40 86.05
102.15 102.15 102.20 102.00 101.40
101.90 101.85 101.90 101.85 101.85
21,160 21,175 21.025 20,000 20,750
2,510 2,530 2,480 2.475 2,425
2,660 2.740 2,720 2,700 2,660
1.225 1,225 1,215 1.210
1,225
2.205
2.200
2.310
1,262
1,040
1,265
1,039
1.229
1,029
1,226
1,015
548
517
511
495
2,925
2,640
2,920
2,625
2,860
2,580
2,820
2,515
681
1,142
687
1,155
690
1.156
678
1,142
666
1,140
1,998
677
259
865
2,310
1,362
726
151
2.005
676
257
840
2,325
1,365
725
150
1,992
670
255
840
2,310
1,335
722
150
1,980
665
249
826
2,300
1,310
710
150
1,960
640
233
828
2,290
1,280
705
150
3,450
3,495
3,470
3,455
3,460
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:
Per Cent of Per
Oct. Oct. Oct. Oct. Oct.
25.
100
134
121
159
115
116
226
63
122
187
91
127
79
117
52
Alig. Deunche Credit(Ades)(8)
Berlin. liaLdele Gee.(12)
Commert-in...-Privat-Bank (11)
Darmstadter u. Natiunalbank (12)
Deutsche Bank U. Diseento Gee.(10)
Dresdner Bank ma
Iteichenalik (12)
Algeniene Kuustzlide Utile (Aku)(0)
sag. Elektr. Gec.(A.E.0.)(9)
Ford Motor Co., Berlin (10)
Gelsenkirchen Bergweek (8)
(lesfuerel (10)
Hamburg-American Lines (11aDag)(7)
Hamburg Electrio Co (10)
Heyden Chemical (5)
Haruener 'Seminal (6)
113
Hotelbetrieb (12)
140
1.0. Farber) ludas.(Dye Trust) (14)
126
Kan Chemie (7)
95
K.aratadt (12)
75
Mannesmann Tubes (7)
79
North German Lloyd (8)
68
Phoenix Bergbau (1114)
154
Polyphonwerke (20)
156
Rhein. West:. Meta.(R.W.E.)(10)
85
.achsenwerk Licht ti Kraft (734)
180
Siemens & Henke (14)
71
Stoehr it Co Kammgarn Spinneret (5)
120
Leonhard nets (10)
Staihwerke (United Steel Works)(61_ 70
Ver.
27. 28.
100 100
133 132
120 118
157 166
115 113
114
114
227 225
66
63
121
121
185 186
90
89
124 125
77
78
114 114
51
51
89
88
111 110
140
140
126 125
93
95
73
74
79
77
67
68
153 149
156 154
.85
84
181 181
69
70
118 118
69
69
29.
100
133
120
156
115
115
226
75
124
185
91
128
78
116
60
110
143
125
94
74
78
68
153
156
80.
99
133
117
155
114
113
229
71
122
185
90
127
78
116
51
90
109
142
124
93
74
78
154
156
85
85
184
72
119
70
181
71
120
70
31.
99
130
115
150
111
112
228
69
117
185
89
123
77
115
50
88
109
140
124
95
73
77
67
150
153
85
177
69
118
69
-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:
rues..
Mon.,
Sat.,
Oct. 28.
Oct. 25, Oct. 27.
1634
16 7-16
Silver, p. oz_d_ 16 7-16
Gold, p.fine oz. 84s.1134d. 848.1134d. 85s.34d.
573
5734
Consols,2%%_ 5734
10234
105
British. 5%___ ____
10034
102%
British, 434%.
French Rentes
86.85
86.90
(in Parle)..fr-
Fri..
Thurs.,
Wed.,
Oct. 31.
Oct. 30.
Oct. 29.
169-16
1634
1634
856.
85s.
85s.
5814
576
5754
10234
10234
10214
10034
10034
100%
86.50
86.35
86.00
101.90
101.85
101.80
French War L'n
(InParis)_tr-----101.90
101.85
The price of silver in New York on the same days has been:
Sliver in N.Y., per OZ.(ate.):
8
3534
534
Foreign
8554
3534
sem
3514
gointnercialand WiscellationtsRews
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
APPLICATION TO ORGANIZE APPROVED.
-First National Bank In Forest City, N.0
Oct. 18
Correspondent:
Capital.
50.000
B. Harrill. Forest City. N.0.
CHARTER ISSUED.
$200.000
-The Florida National Bank at St. Petersburg, Fla
Oct. 23
.
President, G.J Avent; Cashier, F.C. Schwalbe.
$100.000
-The Union National Bank of Sewickley, Pa
9
Oct.
President, Eugene Murray; Cashier. Frank R. Denton.
50.000
-The First National Bank of Polo, Ill
Oct. 18
President: Roy H. Griffin. Cashier: B. H. Unangst.
ON.
CONSOLIDATI
600.000
-The Virginia National Bank of Norfolk, Va
Oct. 16
Virginia Bank & Trust Co., Inc., Norfolk, Va.
Consolidated today under Act of Nov. 7 1918, as am ended
Feb. 25 1927, under the charter and corporate title of •"Phe
Virginia National Bank of Norfolk. No. 9885. with capital
stock of $600,000.
The consolidated bank has two branches, which were in lawful
ops'ation on Feb 25 1927. One branch,located in the City of
Norfolk, was a branch of The Virginia National Bank of Norfolk, and the other branch, located in the Town of Virginia
Beach, Va., was a branch of Virginia Bank & Trust Co.. Inc.
VOLUNTARY LIQUIDATIONS.
-The First National Bank of Arlington. Tex
Oct. 20
Effective Oct.9 1930.
Lig. Agents: P. H.Fide and W.H.Patterson,care of the
liquidating bank.
Absorbed by First State Bank. Arlington,_Tex.
-The First National Bank of Kimball, W.Va
Oct. 21
Effective Aug. 141030.
Lici. Agent: The Kimball National Bank,Kimball, W.Va.
Absorbed by The Kimball National Bank. Kimball,
50.000
25,000
W.Va..No.13484.
BRANCHES AUTHORIZED UNDER AOT OF FEB. 25 1927.
2,180 Oct. 24
-Central United National Bank of Cleveland, Ohio
1-1r.tion of branch: Near the intersection of Broadway
Ave.and East 55th Si., Cleveland.
1,217
-First National Bank of Glendale, Calif.
995 Oct. 25
Location of branch: Southeast corner of Brand and Colorado Blvds.(300 South Brand Blvd.), Glendale.
424
16,420 15.285 16,225 16.320 16.300
2,215
2,625
2.925
2842
FINANCIAL CHRONICLE
Public Debt of the United States-Completed Returns
Showing Net Debt as of Aug. 31 1930.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Aug. 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.
Aug.31 1930. Aug.31 1929.
Balance end of month by daily statement. &c
Add or Deduct-Excess of deficiency of receipts over
or under disbursements on belated items
103,667,155
88,365.247
-3,793,949
99,873.208
-5,928,291
82,436,956
Deduct outstanding obligations:
Matured Interest obligations
22,648,835
23,394.445
Disbursing officers' checks
76,428,971
80,630.656
Discount accrued on War Savings Certificates
5,094.960
5.605,875
Settlement warrant checks
1,644,727
2,142,774
Total
105,817,493
111.773,730
Balance, deficit (-) or surplus(+)
-5,944,287 -29,336,774
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Aug 31 1930. Aug.31 1329.
TWO of Loanpayable.
$
$
2s Consols of 1930
Q.
-J. 599.724,050
599.724.050
28 of 1916-1936
Q.
-F.
48,954,180
48,954.180
28 of 1918-1938
Q.
-F.
25,947.400
25.947,400
Ile of 1961
Q.
-M.
49,800,000
49,800,000
Ss conversion bonds of 1946-1947
Q.
-J.
28,894,500
28,894,500
Certificates of indebtedness
J.
-J. 1,264,354,500 1,620,199,500
3;45 First Liberty Loan, 1932-1947
J -J.
48 First Liberty Loan converted, 1932-1947_ -J.-D. 1,392,250,350 1,397,685,200
5,004,950
5,155,450
451s First Liberty Loan. converted, 1932
-1947 J.
-D. 532,798,300
532,811,000
45$s First Liberty Loan, 2d cony., 1932
-1947 J.
-D.
3,492.150
3,492.150
43413 Fourth Liberty Loan of 1933-1938
A.-0. 6,268,241,150 6,278,350,150
Oils Treasury bonds of 1947-1952
758,984,300
758,984,300
48 Treasury bonds of 1944-1954
1,036,834,500 1,036,834,500
3948 Treasury bonds of 1946-1956
489,087,100
489.087,100
354s Treasury bonds of 1943-1947
493,037,750
493,037,750
3948 Treasury bonds of 1940-1943
359,042,950
359,042.950
254s Postal Savings bonds
20.491.620
18,053,360
534410 594th Treasury bonds
2,385.049,500 2.780,528,550
Treasury bills, series maturing Nov. 17 1930
c120,000,000
Treasury bills, series maturing Sept. 15 1930
c50,920,000
Aggregate of interest-bearing debt
15,932,900,250 16,526,582.090
Bearing no interest
231,207,581
238,369,366
Matured. Interest ceased
23,518,595
40.481.715
Total debt
816,187.635,426 16,805.433,171
Deduct Treasury surplus or add Treasury delicit___
-5,944,287 -29.336,774
Net debt
•
b16.193,579.713 18.834,769,945
[vol.. 131
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per
$ ver Rh.
10 Nat. Shawmut Bank, par $25__ Rh. Shares. Stocks.
6154 100 Mass. Bdg.& Ins. Co., par $25. 99
12 Boston National Bank
35-100 50 Boston Woven lime & Rubber
50 Atlantic Nat. Bank, par $25____ 9054
Co., common
70
1 Merchants National Bank
510
100 Massachusetts Bonding & In17 6-20 Federal National Bank.... 98
surance Co., par $25
98-9954
5 Merchants National Bank
51034 Note of Alfred H.Howard to Living4 Naumkeag Steam Cotton Co
8154
ston Stebbins for $1,500 dated
25 Lancaster Mills, common
$1 lot
Sept. 3 1929; int. 6%, payable
11 Ludlow Mfg. Associates
124
$50 Oct. 3 1929 and $50 each
25 Associates Textile Cos
36y4
month thereafter until Sept. 3
4 Galveston Houston El. Co. pref._ 4
1931, when balance is due, with
10 Robert Galr & Co A
854
collateral
$75 lot
1,500 Appleton Rubber Co
15
11 Nat, Service Cos., pref
32
Bonds.
Per Cent.
100 Beacon Participations, Inc.,
$14.000 Punta Alegre Sugar 68,
preferred A
12;4
Oct. 1930, certif. of deposit_15
54 flat
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
S per Rh, Shares. Stocks.
13 Olney Bank & Tr. Co., par $50_166
5 City Nat. Bank Sr Trust Co i Per Rh.
131
50 Adelphia Bk. dr Tr. Co., par 310_ 7
10 Bobrow Brothers, Inc., pref.
76
5 Third National Bank & Trust Co.,
50 Aldine Trust Co
10
Camden, N.J
100
1 Citizens Nat. Bk. Jenkintown _100
10 Bankers Trust Co., par $50
70
10 Franklin Trust Co., par 810
50
Bonds.
Per
110 Franklin Trust Co., par $10
4954 $1,500 63d & Walnut Sts. Corp. Cent.
10 Germantown Tr. Co., par 310_ 549$
2d M. 6s, Oct. 1 1929: Oct. 1
10 Fidelity Tr. Co., Wildwood, N.J. 46
1929 coupon attached
23$
Ctf of dep.Brotherhood of Locomo.
80)00 Wilbur-Suchard Chocolate
live Eng. Securities Co. of Pa.
Co.. Inc., 10-yr. 5. 1. 650, Dee,
(40 sits. Cl. A and 20 sit. cl. B)..$5 lot
15'27; June'30 coupon attached_ 6
By A. J. Wright & Co., Buffalo:
Shares. 'Stocks.
$ per Rh. Shares, Stocks.
$ per Rh.
200 Premier Gold Mines, par 21_ 70e. 1,000 Bleigood Cons.
Mines, par $1.254o.
5 Cataract Development Corp.,
10 Labor Temple Aiss'n of Buffalo
common, no par
500. lot
& Vicinity, Inc., par $5
25o. lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table,
in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Bangor & Aroostook, corn. (guar.)
"87e. Jan. 1 *Holders of rec. Nov.29
'
Preferred (guar.)
"1% Jan. 1 *Holders of rec. Nov.29
Delaware dr Hudson Co.(guar.)
*254 Dec. 20 *Holders of rec. Nov.28
Delaware RR
1
'
Jan. 1 *Holders of rec. Dec. 15.
a Total gross debt Aug. 31 1930 on the basis of dally Treasury statements was Georgia Southern Sr Florida, 1st pref.-- 234 Nov.26 Holders of
,
rec. Nov. 12
Second preferred-Dividend omitted.
$16,187,636,782.50 and the net amount of public debt redemption and receipts in
Illinois! Central, corn. (guar.)
transit, &c., was $1,356.50.
*15$ Dec. 1 *Holders of rec. Nov. 7
N.Y.Chic.& St. Louts, coca and
S No reduction is made on account of obligations of foreign governments or other
Prf (4u) "1,54 Jan. 2 *Holders of rec. Nov.15
Norfolk & Western, corn. (guar.)
'234 Dec. 19 *Holders of roe. Nov.29
investments.
Common (extra)
*2
Dec. 19 "Holders of rec. Nov.29
c Maturity value.
Public Utilities.
Amer. Electric Power, $6 pref. (guar.).$1.50 Dec. 1 Holders of reo. Nov.20
$7 preferred (guar.)
Auction Sales.
$1.75 Dec. 15 Holders of roe. Nov.28
-Among other securities, the following, Amer. Gas & Power, 1st
Nov.
not actually dealt in at the Stock Exchange, were sold at auction Brooklyn Edison (guar.) pref. (guar.).- .21.50 Dec. 15 *Holders of rec. Nov. 1
1 *Holders of roe. Nov.14
Canadian Hydro-Elec., let pref.(guar.). *2
in New York, Boston, Philadelphia and Buffalo on Wednes- Chester Water
134 Dec. 1
Service, pref.(guar.).- $1.375 Nov.15 Holders of rec. Nov. 1
Holders of rest. Nov. 50
day of this week:
Commonwealth & Sou. Corp.,com.(qu.)
15c. Dee. 1 Holders of roe. Nov. 3a
Preferred (guar.)
By Adrian H. Muller & Son New York:
Community Water Service. $7 pref.(gu.) $1.50 Jan. 2 Holders of roe. Dec. 86
81.75 Dec. 1 Holders of rec. Nov.20
Shares. Stocks.
8 per Rh. Shares. Stocks.
$ per Rh. Consolidated Gas of N. Y., corn,(gu.)._ 4
11
Dec. 15 'Holders of rec. Nov.14
100 Inv. Tr. of N. Y., Inc. (Md.
135 Hod. Val. Inv. Corp. 18t p1.515 lot Consolidated Gas Utilities. el. A (guar.).
55c.
Corp.) no par
Dominion Power dc Transmission, ord... *$10 Dec. 1 Holders of rec. Nov.15
$525 lot 14 Bud. Val. Inv. Corp. 2d old.;
Nov. 17
East Kootenay Power, pref. (quar.)____
5 Saegkill Estates, Inc.; 26 Bronx
583 common
$15 lot
194 Dec. 15 Holders of roe. Nov.29
Boosters. Inc.: 10 No. 900 Con500 Union Cigar Co
$40 lot Eastern Utilities Associates (guar.).50c. Nov. 15 Holders of rec. Oct. 306
course Co.. Inc.; 19 Amer. Car &
1,993 Alvan Corp
$180101 Illinois Water Service, pref. (guar.)._ $1.50 Doe. 1 *Holders of roe. Nov.20
Fdry. Motors Co., corn., no par;
646 Alvan Corp
-350 lot Illuminating & Power Secur., corn
$1.75 Nov.
8 Amer. Car. & Fdry. Motors
Intercontinents Power Co.,corn. A(qu.). b50e. Dec. 10 Holders of rec. Oct. 31
25 Normandie Nat. Secs. Corp.,
1 Holders of rec. Nov. 1
Co., pref
$7 preferred (guar.)
pref. with purch. warr. att'd--$110 lot
$400 lot
$1.75
1
189 Iron Steamboat Co. of N. J.,
Italian Superpower Corp.. prof. (guar.)_ $1.50 Dec. 1 Holders of rec. Nov. 15
50 Normandie Nat. Secs. Corp.,
Nov.
Holders of roe. Oct. 29
par 210
Pfd. with purch. warr. att'd-3235 lot Lexington Water Co..7% pref.(guar.)._
280 lot
134 Dec. 1 Holders of rec. Nov.20
Los Angeles Gas & Elec., pref. (guar.).50 units United Grape Prods.(each
70 Union Dep. dr Save. Co., ol. A,
"154 Nov. 15 *Holders of rec. Oct. 31
unit consisting of one sit, corn.,
Luzerne Co. Gas & Elec., $6 pref.(410
IMEaMoll
*$1.50 Nov. 15 *Holders of rec. Oct. 31
265 lot
no par, and one sit. pref. (par
Meadville Telephone, preferred
*8754c Nov. 1
$100)
Memphis Natural Gas,corn,(gu.)(No.1) *15e. Dec. 3 'Holders of rec. Oct. 15
Bonds.
$500 lot
Per Con
'Holders of rec. Dec. 15
400 Rainbow Luro. Prods., Inc..
Common (extra)
315,000 Aldecress Corp., Inc., 25
*10c. Dec. 31 *Holders of roe. Dec. 15
class B
Preferred (guar.)
$255 lot
yr. gold 6s, July 1 1953; No int.
"51.75 Jan. 1 *Holders of rec. Dec. 20
2 Amer. Woman's Realty Corp.,
having been paid since iss_$5,300 lot New Rochelle Water, pref. (guar.)
13$ Dee. 1
corn, Par $50
Peninsular Telephone, pref. (guar.).- *144 Nov. 15 Holders of rec. Nov.20
88 lot $50,000 Hod. Val, Inv. Corp.. 6%
*Holders of roe. Nov. 5
100 The Mirror, preferred
$500 lot
registered bonds, 1937
$125 lot Pennsylvania State Water Corp.,p1.(qu.) $1.75 Dec. 1 Holders of rec. Nov.20
153 Lambert Mach. Co. of MarPennsylvania Water Serv., $8 Pt. (gu.)... $1.50 Nov.
$50.000 Hod. Val. Inv. Corp., 6%
shall, Mich., corn., Par $10-$104 lot
Pittsb.Sub. Water fiery. $5.50 pf.(qu.). 51.375 Nov. 15 Holders of rec. Nov. 50
registered bonds, 1937
$185 lot
3,000 Tuxbury Oil & Ref. Corp.
Power Corp. of Canada, corn.(guar.).- *50e. Nov. 15 Holders of rec. Nov. 50
820,000 State of Santa Catharine,
20 Holders of rec. Oct. 31
(Del.) par 25
$3 lot
8% bonds. 1947
$2,200 lot Rochester Gas dr Elec..7% pf ser B(qu.) 13$ Dec. 1 Holders of roe. Oct. 31
6% preferred, series C (guar.)
154 Doe. 1 Holders of roe. Oct. 31
By Wise, Hobbs & Arnold, Boston:
0% preferred, series D (guar.)
134 Dec. 1 Holders of rec. Oct. 31
Scranton-Spring Brook Wat. Serv.Shares. Stocks.
$ per Rh. Shares. Stocks.
$ per Sh.
$6 preferred (guar.)
10 Becker Milling Mach. Co.,
30 Medford Tr. Co., Medford,
$1.50 Nov. 15 Holders of rec. Nov. 56
35 preferred (guar.)
panic. pref.; 16 at. Falls Mfg.
Dar $20
$1.25 Nov. 15 Holders of reo. Nov.
64
60
Southern Pacific Golden Gate Ferries
Co.; 2 Reed-Prentice Corp.,
Assoc. Textile Cos. as follows: 5 at
Class A & H (guar.)
corn.; 75 Mexican North. Min.
35; 5 at 35: 5 at 35; Sat 35; 5 at
*3754c Nov.15 *Holders of roe. Oct. 31
Preferred (guar.)
& Ry. Co., own
$12 lot
35: Sat 35:5 at 3654.
'134 Nov. 15
Southwest Gas Utilities, pref. (guar.).- *81.625 Nov. 1 *Holders of rec. Oct. 31
Mtge. & note by George H. Wilde
15 Naumkeag Steam Cotton Co__. 81
*Holders of roe. Oct. 23
Syracuse Lighting, 8% pref.(guar.).- "2
and Isabel C. Wilde to Walter H.
8 Pepperell Mfg. Co
Nov. 15 *Holders of roe. Oct. 31
85
654% preferred (guar.)
Skinner for $2,100, one year, int.
10 Naumkeag Steam Cotton Co 81-84
4
.194 Nov.15 *Holders ot reo. Oct. 31
8% preferred (guar.)
6%,payable guar., dated Nov.30
19 Berkshire Fine Spinning Assoc.,
*154 Nov. 15 *Holders of rec. Oct. 31
1927, upon which $2,100 remains
Inc., common
854 Williamsport Water, $6 pref. (guar.).- "51.50 Deo. 1 *Holders of roe. Nov. 20
unpaid with int, paid to Aug. 30
500 Southern Sugar Co.. Isom
25
Fire Insurance.
1930; Mtge.& note by Walter H.
12 Amer. Mfg. Co., prof
50
Bronx Fire (guar.)
Skinner to Charles E. Skinner for
300 Mass. Bonding dc Ins. Co.,
*31.215 Nov.15 *Holders of roe. Oct. 31
Globe &
$2,550, payable $25 monthly, all
par $25
*57 Nov. 1 *Holders of ree. Oct. 28
95-99 Pacific Rutgers (quars5
Fire (quar.)
In two years, int. 6%. payable
5 Columbian Nat. Life Ins. Co_ -.350
$1.50 Nov.10 Holders of rec. Nov. 8
Sylvania Ins. Co.of Phila.(guar.)
guar., dated April 11 1928. upon
500 South Coast Co.. corn
37340 Nov. 1 Holders of rec. Oct. 20
25
which $2,200 remains unpaid with
5 Fall River Elec. Lt. Co.(undep.)
Int, paid to May 12 1930.
par $25
Miscellaneous.
50
Alaska Packers Assn. (guar.)
Mtge. & note by Edwin E. Morrill
2 units First Peoples Trust
2
Nov.10 Holders of reo. Oct. 31
24
Alligator Co.,com.-Dividend passed.
to Walter II. Skinner for $8.000.
2 Nat. Service Co., pre:
32
American Factors, Ltd. (mthly.)
payable $50 monthly, auto three
25 Boston Heraid-naveler Corp
*15c Nov.10 *Holders of rec. Oct.
1734 Amer. &
General Seour., corn. A
years, int. 6% payable monthly.
400 Belding-Hall Elec. Corp. com_.$1 lot
1234o Dec. 1 Holders of rec. Nov. 31
$3 first preferred
15
dated June 8 1927, upon which
33 Back Bay Realty Associates_98-110
750. Dec. 1 Holders of reo. Nov. 15
(guar.)
American Hard Rubber (guar.)
$6,500 remains unpaid with int.
173 Hotel Trust Touraine
.$1
Nov.15 *Holders of rec. Oct.
85
American Metal. COM. (guar.)
paid to July 8 1930. Mtge. by
5 spec. units First Peoples Trust- 3
*250. Dec. 1 *Holders of reo. Nov.31
20
Preferred (guar.)
Walter W. Hanson and Ethel
50 Mass. Util. Assoc., pref. oar En- 36
*13.4 Dee, 1 *Holders of reo.
Nov.20
Amer. Radiator & Standard Sanitary
M. Hanson to Verna E. Eddy
5 Quincy Mkt. Cold Stge. &
Mfg., corn. (guar.)
for $2,300 payable $10 monthly,
Whse. Co., corn
*25e. Dec. 31 *Holders of roe. Dee.
1954
11
Preferred (guar.)
all in two years, int. 6%, pay50 New Engl. Pub. Serv. Co., $8
*134 Dee. 1
Amer Tobacco., com.& corn. B (410-- $1.25 Dec. 1 *Holders of roe. Nov. 15
able monthly. dated July 27 1926,
cony. preferred
85
Holders of rec. Nov. 10
Annapolis Dairy Products(No. 1)
330 Boston Mfg. Co. 854% pref.;
upon which $1,854 remains en*50o. Dee, 1 *Holders of roe. Nov.
Alt. Gulf ar West Indies B.S. Lines
paid with Int, paid to July 1
5 Jacksonville Traction Co.,
Nov.29 *Holders of rec. Nov.24
(qu.)- *$1
10
1930.
preferred, vot. tr. cUs
4
.134 Dee.
$20 lot Bamberger (L.) dr Co., pref.(guar.).
Bastian Blessins Co., coin. (guar.) - "75e. Dec. 1 *Holders of reo. Nov. 14
Mtge. by Charles T. Kirkpatrick
1 *Holders of rec. Nov.
and Janet V. Kirkpatrick to
Bonds.
Per Cent. Beech-Nut Pack'ng (guar.)
75e Jan. 1 Holders of roe. Dec. 15
12
Beneficial Industi‘al Loan, corn.
Walter H. Skinner for $5,275
$12.000 New Engl. South. Mills
3754e. Oct. 30 Holders of rec.
(410
Oct.
Preferred A (quer.)
payable $30 monthly all in three
is, Dec. 1933
8734e. Oct. 30 Holders of ree. Oct. 10
1054 flat
10
Bethlehem Steel. corn. (guar.)
years, int. 6%, payable monthly,
$2,000 New Engl. Laund., Inc.. 1st
$1.50 Feb. 16 *Holders of rec. Jan. 19
Preferred (qua-)
dated Feb. 15 1930, upon which
65 & int.
65, Oct. 1936
"194 Jan. 2 *Holders of rec. Dec. 5
Blaw-Knox Co.(guar.)
$5,095 remains unpaid with int.
$5,000 Southern New Engl. Ice.
37540 Dec. 2 Holders of reo. Nov. 176
Blue Ridge Corp., prof. (guar.)
Paid to Aug. 15 1930
$10,000 lot
Co., 654, Feb. 1942
aa75e. Dec. 1 Holders of roe. Nov.45
35 & Int.
Name of Company.
Nov. 1 1930.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
$1
Nov. 15 Holders of rec. Oct. 31
Boss Manufacturing, corn. (guar.)
Preferred (guar.)
134 Nov.15 Holders of rec. Oct. 31
Brooklyn-Lafayette Corp., el. A (gu.). 1
.3724c Nov. 1 'Holders of rec. Oct. 20
Bucyrus-Erie Co.,corn.(guar.)
25e. Jan. 2 Holders of rec. Nov.28
Convertible preferred (guar.)
6224e. Jan. 2 Holders of rec. Nov.28
7% preferred (guar.)
1) Jan. 2 Hinders of rec. Nov. 28
Bulova Watch,corn.(guar.)
*75c. Dec. 1 *Holders of rec. Nov. 20
Preferred (guar.)
"87240 Dec. 1 *Holders of rec. Nov.20
Burroughs Adding Mach.(guar.)
25c. Dec. 5 Holders of rec. Nov. 10
Canadian Car & Fdy., ord.(guar.)
44e. Nov.29 Holders of rec. Nov. 15
Canadian 011, Ltd., corn.(guar.)
*250. Nov.1 *Holders of rec. Nov. 1
Preferred (guar.)
Jan. 1 *Holders of rec. Dec. 20
*2
Cheney Bigelow Wire Wks., corn.& Prof. Divide nd pass ed.
Childs Co.,corn.(guar.)
*60c. Dec. 10 *Holders of rec. Nov.21
Preferred (guar.)
*13( Dec. 10 *Holders of rec. Nov. 21
City Baking, pref.(guar.)
•1f.4 Nov. 1 *Holders of rec. Oct. 27
City Ice & Fuel (Cleveland) corn. (gu.) *900. Nov.30 *Holders of rec. Nov.15
Preferred (guar.)
*19.4 Dee. 1 *Holders of rec. Nov. 15
City of Paris Dry Gds., let pref.(gu.)_
'13.4 Nov. 15 *Holders of rec. Nov. 1
Colorado Fuel & Iron,corn.(guar.)
*250. Nov.25 *Holders of rec. Nov. 10
Preferred (guar.)
*2
Nov.25 *Holders of rec. Nov. 10
Comm'l Discount(Los Angeles)(gu.)_ - _ *250. Nov. 1 *Holders of rec. Nov. 1
Community Fin.Serv., corn.(No.1)___
150. Oct. 31 Holders of rec. Oct. 22
Preferred A_
10. Oct. 31 Holders of rec. Oct. 22
Preferred A (extra)
15c. Oct. 31 Holders of rec. Oct. 22
Preferred B
(c) Oct. 31 Holders of rec. Oct. 22
Preferred (B (extra)
15e. Oct. 31 Holders of rec. Oct. 22
Conduits Co., Ltd., pref.(quar.)
"12/ Jan. 1
*14 Dee. 1 *Holders of rec. Nov. 15
Congoleum-Nairn, Inc., pref. (guar.)_
Curtis Publishing, corn. (monthly)
*50e Dec. 2 *Holders of roe. Nov.20
Deere dr Co., new corn.(guar.)
30c Jan. 2 Holders of rec. Dec. 15
New corn.(payable in new corn.)
/124 Jan. 15 Holders of rec. Dec. 15
Old common (guar.)
13.4 Jan. 2 Holders of rec. Dec. 15
New preferred (guar.)
35e Dec. 1 Holders of rec. Nov. 15
Old preferred (guar.)
124 Dec. 1 Holders of rec. Nov. 15
Detroit Majestic Prod.. el. B-Dividend omitted.
Dexter Co.. corn. (guar.)
"350. Dec. 1 *Holders of roe. Nov.15
Diamond Watch, old (guar.)
*32 Dec. 15 *Holders of rec. Nov. 19
Diem & Wing Paper, pref.(guar.)
*13.4 Nov.15 *Holders of rec. Oct. 31
Diversified Invest. Trust (guar.)
*200 Nov. 1 *Holders of rec. Oct. 31
Extra
•I0c. Nov. 1 *Holders of rec. Oct. 31
Dodge Mfg., Ltd., el. A (guar.)
..
*500. Nov. 1 *Holders of rec. Oct. 27
Dominion Royalty Corp., Ltd. (mthly.) 1
Nov. 1
Douglas(John) Co., pref.(guar.)
*124 Nov.15 *Holders of rec. Nov. 10
Duncan Mills (guar.)
*32 Nov. 15 *Holders of rec. Nov. 5
Eisenstadt Mfg., pref. (guar.)
124 Nov. 1 Holoers of rec. Oct. 25
Electric Shareholdings Corp., corn.(gu.) "25e. Dee. 1 *Holders of rec. Nov. 5
*31.50 Dec. 1 *Holders of rec. Nov. 5
$6 preferred (guar.)
Empire Corp.(guar.( (In cash or stock)_ "750 Dec. 1 *Holders of rec. Nov. 10
1 3.4 Nov. 1 Holders of rec. Oct. 24
Esmond Mills, pref. (guar.)
Federated Business Pub. 1st pt. (guar.)_ "13224e Nov. 1 *Holders of rec. Oct. 30
Flint Mills (guar.)
.41 Nov. 2 *Holders of rec. Oct. 27
Foster & Kleiser (guar.)
•250. Nov. 15 *Holders of rec. Nov. 1
Franklin(H.H.) Mtg.pref.-Dividend o mitted
5.$ Nov. 1 *Holders of rec. Oct. 25
Fried & Kleineman Packing, pt. A (gu.)_
Preferred B (guar.)
'144 Nov. 1 *Holders of rec. Oct. 25
Fuller Brush, class A (guar.)
*200. Nov. 1 *Holders of rec. Oct. 25
Garner Royalties, class A (guar.)
"1220 Oct. 31 *Holders of ree. Oct. 20
General Refractories (guar.)
All Nov.25 "Holders of rec. Nov. 10
1500. Jan. 2 *Holders of rec. Dec. 20
Globe Grain & Milling, coin.(guar.)
•43240 Jan. 2 *Holders of rec. Dee. 20
First preferred (guar.)
Second preferred (guar.)
*50o. Jan. 2 *Holders of rec. Dec. 20
Golden Cycle Corp. (guar.)
*40o. Dec. 10 "Holders of ree. Nov.30
Gorham, Inc., prof (guar.)
75e. Nov.15 Holders of rec. Nov. 1
1
.100. Nov.20 *Holders of rec. Nov. 10
Grand Rapids Metalcraft (guar.)
Grand Union Co., pref. (guar.)
•75c. Dec. 1 'Holders of rec. Nov.17
Great Att. & Pao. Tea, corn. (quar.)...
411.25 Dec. 1 *Holders of rec. Nov. 3
Common (extra)
*25
Dec. 1 "Holders of rec. Nov. 3
Preferred (guar.)
•124 Dec. 1 *Holders of rec. Nov 3
Great Northern Investing class A
DWI dends d ue Oct. 1 both rescinded.
Preferred
Greenfield Tap & Die Corp.,6% pt.(gu.) 1/4 Jan. 2 Holders of rec. Dec. 15
2
Jan. 2 Holders of rec. Dee. 15
8% preferred (guar.)
*15o. Nov.15 *Holders of rec. Nov. 1
Greenway Corp.,common (guar.)
*15
Nov. 15 *Holders of rec. Nov. 1
Common (Payable in corn,stock)
*150. Nov.15 *Holders of rec. Nov. 1
Common Class B (guar.)
•13
Nov.15 *Holders of rec. Nov. 1
Common Class B (payable in stock)
*75c. Nov.15 *Holders of rec. Nov. 1
Preferred (guar.)
Guelph Carpet & Worsted Spinning Mills
25c Nov. 1 Holders of rec. Oct. 20
Common (guar.)
1% Nov. 1 Holders of rec. Oct. 20
62i% cum. cony. pref. (guar.)
•250 Dec. 1 *Holders of rec. Nov. 15
Hale Bros. Stores (guar.)
Hamilton Bk. Note Engrav. & Ptg.(gu.) 1124o Nov. 15 *Holders of rec. Nov. 1
Holt (Henry) & Co., class A (quar.)_.. *45e. Dec. 1 *Holders of rec. Nov.10
*25e. Nov.10 *Holders of rec. Oct. 31
Honolulu Plantation (monthly)
Horn & Hardart of N. Y., pref. (guar.) •15,‘ Dec. 1 *Holders of rec. Nov. 12
*31.75 Jan. 1 *Holders of rec. Dec. 20
Imperial Sugar common
*31.75 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
1
.330 Nov. 1 "Holders of rec. Oct. 25
Income Shares Corp.(monthly)
31
Dec. 1 *Holders of rec. Nov. 14
Inland Steel (guar.)
I
Dec. 1 Holders of rec. Nov. 15a
International Silver (guar.)
Jones & Laughlin Steel, corn. (quar.)... *31.25 Dec. 1 *Holders of rec. Nov.13
*13.4 Jan. 1 *Holders of rec. Dec. 12
Preferred (guar.)
Nov. 15
Kansas City Structural Steel (guar.)._ •32
*100 Dec. 24 *Holders of rec. Dec. 19
K. W. Battery Co.(guar.)
*15c Dee. 24 *Holders of rec. Doe. 19
Extra
*$1.50 Dee. I *Holders of rec. Nov. 10
Kendall Co.. pref. A (guar.)
La Salle & Koch, pref. (guar.)
'134 Nov.15 *Holders of rec. Nov.14
*750 Nov. 15 *Holders of rec. Nov. 5
La-dis Machine (guar.)
Lit:they-Owens-Ford Glass Co.-Dividen d omit ted.
*150 Nov. 20 *Holders of rec. Nov. 10
Lindsay Light, common (guar.)
'Sc.Nov.20 *Holders of rec. Nov,10
Common (extra)
Loblaw Groceterias, class A & B (quar.)_ *20c Dec. 1 *Holders of rec. Nov. 12
London Canadian Invest., pref. (guar.). 1% Dec. 1 Holders of rec. Nov. 15
Matson-Blanche Co.(N.0.)(quar.)....•31.50 Nov. 1 *Holders of rec. Oct. 31
"25e. Nov. 15'Holders of rec. Oct. 31
May Radio Television (guar.)
50c Dec. 1 Holders of rec. Nov.20
McCrory Stores corp., corn. & el. B (qu)
.
125e Nov. 1 *Holders of rec. Oct. 31
McKesson & Robbins, Ltd., cam
*334 Nov. I *Holders of rec. Oct. 19
Preferred
*124 Nov. 1 *Holders of rec. Oct. 25
Meletlo Sea Food, pref. (guar.)
Mercantile Acceptance of Calif- pf.(gu.) *20o Nov. I *Holders of rec. Oct. 25
Mississippi Val. CUL Invest..$7 Pt.(gu.) *31.75 Dec. 1 *Holders of roe. Nov. 15
"1724c Nov. 1 *Holders of roe. Oct. 31
Mineral Prod. Co., pref. B (guar.)
dend de erred.
Mock, Judson, Voehringer Co., common
Muskegon Motors spec., corn. (special). "250. Nov. 8 *Holders of tee. Nov. 8
National Service Cos., $3 pref. (quar.)_ *750. Nov.15 *Holders of rec. Nov. 1
32240 Dec. 1 Holders of roe. Nov. 15
Nehl Corp., corn.(guar.)
Neon Prod. of West Can., pref. (guar.). •75e. Nov. 1 *Holders of rec. Oct. 23
Nettleton (A. E.) Co.. 1st pref. (guar.). *13$ Nov. 1
500. Dec. 10 Holders of rec. Nov.20
New Jersey Zino (extra)
*10e. Nov. 15 *Holders of roe. Nov. 6
Oahu Sugar, Ltd. (monthly)
*20o. Nov. 20 *Holders of roe. Nov. 10
Onomea Sugar (monthly)
400. Nov.15 Holders of rec. Oct. 31
Ontario Steel Products, corn. (guar.)._
124 Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
Pacific Factors, pref. A-Dividend °mitt ed.
150. Dec. 12 Holders of rec. Nov. 15a
Packard Motor Car, corn.(guar.)
*2
Nov. 1 *Holders of rec. Oct. 22
Pairpont Corp. (quar.)
*75c. Nov. 15 Holders of rec. Nov. 7
Park Mtge. & Ground Rent (guar.)_
*6224c Nov. 1 Holders of rec. Oct. 25
-Bradford Co., pref. (guar.)
Penn.
Philadelphia Inquirer. com.(guar.)._ •750. Dec. 1 Holders of rec. Nov.20
500. Doe. 1 Holders of rec. Nov. 15
Pillsbury Flour Mills. corn. (guar.)
"500. Dee. 31 Holders of rec. Dec. 10
Pittsburgh Plate Glass (guar.)
*50c. Dec. 1 Holders of too. Nov.15
Poor & Co.,com. A & B (guar.)
Railway & tJtil. Inc. Corp.,7% pt.A(gu) •8724c Dee. 1 Holders of ree. Nov. 15
•750. Dec. 1 Holders of rec. Nov. 15
6% preferred ((Man)
50c. Dec. 1 Holders of rec. Nov. 150
Reynolds Metals Co. (guar.)
1144 Nov. 1 Holders of rec. Oct. 28
Rhode Island lee, prior pref. (guar.)._ •
•300. Nov. 15 Holders of reo. Nov. 1
Rich's, Inc. (guar.)
Nov. 1 Holders of rec. Oct. 28
Roberts (F. H.) Co.,8% pref. (quar.)
•124 Nov. 1 Holders of rec. Oct. 30
Robin,Jones dr Whitman, pref.(quar.)
is13i Nov. 1 Holders of rec. Oct. 20
ItOse's 5, 10& 25c.Stores, Prof.(guar.)._
Name of Company.
2843
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
"124 Nov.15 *Holders of rec. Oct. 31
Russ Bldg. Co.,6% pref.(guar.)
•124 Nov. 15 *Holders of rec. Nov. 8
Russell Mfg. (guar.)
Savage Arms Corp., corn. (guar.)
*50c Dec. 1 *Holders of rec. Nov. 15
Preferred (guar.)
•31.50 Feb. 16 *Holders of rec. Feb. 2
Bchletter & Zander, Inc., $3.50 pt.(gu.) *8724c Nov. 15 *Holders of rec. Oct. 31
Schumacher Wall Paper, pref. (guar.). *50c Nov. 15 *Holders of rec. Nov. 5
Smith Agricultural Chem.(guar.)
1
.250 Nov. 1 *Holders of rec. Oct. 21
4
.124 Nov. 1 'Holders of rec. Oct. 21
Preferred (glar.)
Smith (A.0.) Corp., corn.(guar.)
50c Nov.15 Holders of rec. Nov. I
Preferred (guar.)
134 Nov.15 Holders of rec. Nov. 1
Southern New England Ice, pref.(guar.) *134 Nov. 1 *Holders of rec. Oct. 24
Dec. 1 Holders of rec. Nov. 15
Southern Pipe Line (guar.)
$1
Standard Amer. Trust Shares(No. 1).... 22.75e Nov. 1
Standard Cap & Seal, corn. (guar.)
600 Nov.15 Holders of rec. Nov. 1
Stewart
-Warner Corp. (guar.)
*50c Nov.15 'Holders of rec. Nov. 5
Struthers Wells
-Titusville, pref. (guar.) "$1.75 Nov. 15 .^Holders of rec. Nov. 4
Studebaker Corp. common (guar.)
"75c Dec. 1 *Holders of rec. Nov.10
Preferred (guar.)
*124 Dec. 1 "Holders of rec. Nov. 10
Superior Portland Cement cl. A (mthly) *2724c Dec. 1 *Holders of rec. Nov. 23
Swan-Finch 011 Corp., pref. (guar.).
-"43240 Dec. 1 'Holders of roe. Nov. 18
Taylor & Fenn Co. (guar.)
*2
Nov. 1 *Holders of rec. Oct. 23
Terminal Warehouse (guar.)
•$2.50 Nov. 1 *Holders of rec. Oct. 21
Texas Creosoting Co., pref.(guar.)
*31.75 Oct. 31 *Holders of rec. Oct. 26
Trimount Dredge Co. class A (quar.)... •50c. Nov. 1 *Holders of rec. Oct. 21 1
3
Nov. 15 Nov. 1 to Nov.16
Tudor City Second Unit, pref
Twin Bell 011 Syndicate (guar.)
"23
Oct. 25 *Holders of roe. Oct. 22
Extra
s$7
Oct. 25 'Holders of rec. Oct. 22
*50c. Dec. 1 *Holders of rec. Nov.16
Union Mills, Inc., common (quar.)
*31.50 Dec. 1 *Holders of rec. Nov.15
Preferred (guar.)
*44e. Nov.10 *Holders of rec. Nov. 5
Union Sugar Co., Prof.(guar.)
33224c Dec. 1 'Holders of rec. Nov. 10
United Amer. Utilities, class A (g11.)
*40c. Nov.14 *Holders of rec. Nov. 4
United Engineering & Fdy.(guar.)
•35c. Nov. 14 *Holders of rec. Nov. 4
Extra
134 Dec. 30 Holders of rec. Dec. 16
United States Steel Corp., corn. (guar.)_
124 Nov.29 Holders of rec. Nov. 3a
Preferred (guar.)
10c Nov. 18 Holders of rec. Nov. 5
Vick Financial Corp.. corn. (guar.)
*1
Jan. 20 *Holders of reo. Jan. 5
Vulcan Detinning, corn. (guar.)
*134 Jan. 20 *Holders of tee. Jan. 5
Preferred (guar.)
Warren (S. D.) Co., corn.(guar.)
134 Nov. 15 Holders of roe. Oct. 31
•124 Nov. 10 *Holders of rec. Oct. 31
Wash.& Ill, Realty. pref. (guar.)
$1
Dec. 1 Holders of rec. Nov. 15
Wesson Oil & Snowdrift, pref. (guar.)_
-Divide nd defer red
Western Breweries, Ltd. (Winnipeg)
*50e. Nov. 15 *Holders of rec. Oct. 31
Westfield Mfg. (guar.)
*500 Dec. 1 *Holders of roe. Nov. 15
Westvaco Chlorine Prod. (guar.)
WheaUsworth, Inc., common (guar.). - *20e Jan. 2 *Holders of rec. Doe. 20
*25e Jan. 2 *Holders of rec. Dec. 20
Common (extra)
Dec. 1 *Holders of reo. Nov. 16
•32
Preferred (gnu.)
*500 Dec. 1 *Holders of rec. Nov.12
Wheeling Steel Corp., coin.(guar.)
134 Dec. 1 Holders of reo. Nov.15
White (J. G.)& Co., pref.(guar.)
White (J. G.) Engineering, prof.(quay.). 134 Dee. 1 Holders of roe. Nov.15
-Div. omitted.
Whitman & Barnes, Inc.
Wil-Low Cafeterias, cony. pref.-Divide nd om tted.
*75c. Dee. 1 *Holders of rec. Nov.24
Wilson-Jones Co.(guar.)
Wise(W.H.)& Co.,8% pref.(guar.)- - - "20c. Nov. 15 *Holders of rec. Nov. 8
•3 1-3c. Nov. 1 "Holders of rec. Oct. 24
Wisconsin Invest., el. A (No. 1)
*50c. Nov. 1 *Holders of rec. Oct. 24
Preferred A (No. 1)
15c. Nov.15 Holders of rec. Nov. 5
Wolverine Portland Cement (quar.)
Worthington Pump.& Mach., pf. A (qu) *13$ Jan. 2 *Holders of rec. Dec. 10
Preferred A (acct. accumulated dive.) *8134 Jan. 2 *Holders of rec. Dec. 10
*13$ Jan. 2 *Holders of rec. Dec. 10
Preferred B (guar.)
Preferred B (acct. accumulated diva.) '81)4 Jan. 2 *Holders of rec. Doe. 10
50e. Jan. 2 Holders of rec. Dec. 10
Yale & Towne Mfg. (guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Boats Chong.
Days Inclusive.
Railroads (Steam).
$1.37 Nov. 1 Holders of rec. Oct. 154,,
Alleghany Corp., pref. A (quar.)
224 Dec. 1 Holders of rec. Oct. 316
AtCh Ton dr Santa Fe. coin.(quara
":44 _ Nov. 10 *Holders of rec. Oct. 24
Atlantic Coast Line RR.. pref
134 Dee. 1 Holders of rec. Oct. lla
Baltimore & 0010 corn (quar.)
1
Dec. 1 Holders of rec. Oct. 116
Premed (guar.)
$1,15 Nov.22
Catawissa, preferred stocks
2
Nov.15 Holders of rec. Nov. sa
Central RR. of N. J. (guar.)
sx Jan 1'81 Holders of rem Dee. 8a
Chesapeake & Ohio. pref.((var.)
81.50 Nov. 1 Holders of rec. Oct. 24a
Cindy natl.Sandusky & Cleve.. prof
Feb2'31 Hold. of tee. Jan.15'31a
3
Cuba RR., preferred
s1.15 Nov. 1 Holders of rec. Oct. 20
Elmira & Williamsport, common
Dec. 81 Holders of rec. Des. 130
2
Erie RR.. 1st and 2nd preferred
124 Dec. 1 Holders of roe. Nov. 15a
Hudson & Manhattan,common
1l$ Nov. 15 Holders of rem Oct. 810
Internat. Rys. of Cent. Am., pf.(qua
Kansas City St Louis & Chic.. pfd.(qu.) *134 Nov. 1 "Holders of rec. Oct. 21
134 Nov. 1 Holders of rec. Sept. 300
KatIMIS City Southern, coin.(qua.)
Dee. 1 Holders of rec. Nov.20
- 3
Kansas Okla.& Gulf, pref. A. B & C....
Motioning Coal RR.common (guar.).- _ 412.50 Nov. 1 Holders of rem Oct. 150
$1.25 Dec. 1 Holders of rec. Nov.22
Midland Valley, preferred
Si
Dee. 31 Holders of rec. Dec. 56
Mo.-Kansas-Texas, common (guar.).13$ Dec. 81 Holders of rec. Dee. 50
Preferred A (guar.)
*3
Nov. 1 *Holders of rec. Oct. 15
Nashua & Lowell
13$ Nov.29 Holders of rec. Nov.140
New Orleans. Texas & Mexico (guar.)._
2
Nov. 1 Holders of rem Sept. 260
New York Central RR.(guar.)
Nov. 19 Holders of rec. Oct. 816
Norfolk & Western. adj. pref. (quay.).. 1
I% Nov. I Holders of rec. Sept.300
Northern Pacific(quar.)
Dee. 1 *Holders of roe. Nov. 1
*3
Ontario & Quebec Ry
*234 Dee. 1 *Holders of roe. Nov. 1
Debenture stock
$1
Nov.29 Holders of roe. Nov. 16
Pennsylvania (guar.)
13$ Nov. 1 Holders of rec. Oct. 3a
Pere Marquette, prior pref. & pt.(qua
Pittsburgh Bessemer & Lake Erie. Prof... *41.50 Dec. 1 *Holders of rec. Nov.15
$1
Nov. 13 Holders of rec. Oct. tea
Reading Company, common (guar.)
50e. Dee. 11 Holders of rec. Nov.206
First preferred (guar.)
lh Nov. 1 Holders of reo. Oct. 16
St. Louis-San Franc., pref.(quar.)
2
Nov. 1 Holders of rec. Oct. la
Southern Ry., cons. (qmar.)
United N.J. RR.& Canal Co,.(qu).-- *2% Jan 111 *Holders of reo.Dee.20'30
*3
Nov. 1
Utica Chenango & Susque. Valley, pref
134: Nov. 24 Holders of rec. Oct. 256
Wabash RI..Pref. A (quar.)
Public Utilities.
81.25 Nov. 1 Holders of rem Oot. 15
Alabama Power $5 pref.(guar.)
HU. Nov. 1 Holders of rec. Oct. 4
Amer. Cities Pow. dr Lt., class A (qu.)
Class B (payable In class 1) stock).
- zgsi Nov. 1 Holders of rec. Oct. 4
American Commonwealths Power
$1.75 Nov. 1 Holders of rec. Oct. 15
First pref.settee A (quay.)
31.63 Nov. I Holders of rec. Oct. 15
First pref. $6.50 series(guar.)
21.50 Nov. 1 Holders of rec. Oct. 15
First pref. $6 series(guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
Second pref. series A (quar.)
$1.50 Nov. 1 Holders of roe. Oct. 8
Amer. Gas & Elec.. pref.(quar.)
Amer. Light & Traction, corn. (quay.) 6240. Nov. 1 Holders of rec. Oct. 17a
37140. Nov. 1 Holders of rec. Oct. 17a
Preferred (guar.)
Amer. Natural Gas Corp., prof.(guar.). $1.75 Nov. 1 Holders of rec. Oct. 200
25e. Nov. 15 Holders of rec. Oct. 240
Amer. Water Works & Elec., corn.(qua
Arkansas-Missouri Power, Pref. (guar.). "134 Nov. 1 •Holders of rec. Oct. 15
Associated Gas & Elec.. class A(quar.).- bbsOr Nov. 1 Holders of rec. Sept. 30
51.60 Dee. 1 Holders of roe. Oct. 81
$6 preferred (guar.)
41.625 Doe. 1 Holders of rem Oct. 31
$6•50 preferred (guar.)
$1.25 Deo.,15 Holders of reo. Nov. 5
$5 preferred (guar.)
Nov. 1 *Holders of tee. Oct. 17
Associated Telep & Teleg.. cl. A ((Para 11
$1 Nov. 1 Holders of rem Oct. 17
Class A (extra)
•
31.50 Nov. 1 'Holders of rec. Oct. 8
Atlantic City Elec., pref.(quar.)
Bangor Hydro Elec. Co.. corn. (quar.).. *50c. Nov. 1 'Holders of rec. Oct. 10
50e. Nov. 8 Holders of roe. Oct. 18
Barcelona Tr., Light & Power (quay.)..
41.50 Nov. I Holders of rec. Oct. 15
Birmingham Gas Co., $6 pref. (guar.).
Brazilian Tr. L. & Pow., ord. (in stock) (f) Dec. 1 Holders of rec. Oct. 31
'134 Nov. 1 *Holders of rem Sept.30
Broad River Power, pref. (guar.)
Brooklyn-Manhattan Transit, pref.(qua 11.50 Jy 15'31 Holders of roe. Dee. 81a
$1.50 Ap15'31 Hold.of re0. Apr. 1 1931e
Preferred, series A (quar.)
2844
Name of Company.
[VOL. 181.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Cloaca
Days Inclusive.
Nanye of Compalt/.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Public Utilities (Continued).
Norton Power At Elec.(quar)
Nov. 1 'Holders of rec. Oct. 15
.62
Buff. Nlag. Sc E.Pow.. $.5 first of.(go ). 111.25 Nov. I *Holders of tee. Oct. 15
Extra
"35
Caleery Power, pret. (guar.)... - --- '1% Nov. 1 •Holdees of rec. Oct. 15
Nov. 1 "Holders of rec. Oct. 15
Pub. Sen.. 7% pref.(mthly.)„.5e 1.3c. Nov. I *Holders of rec. Oct. 15
Canadian Western Natural Gas L.ER.&
•250 Dec. 1 "Holders of roe Nov. 15
6.":, preferred'
"50e. Nov. 1 *Holders of rec. Oct. 15
Pow.. preferred textrai
OnonthlY)
.250. M1'.2'31 "Hold of rec Feb. 1431
5% preferred (menthly)
*41 2-3c. Nov. 1 *Holders of rec. Oct. 15
Preferred (extra)
Ohlo Telep. Service. pref.(guar.)
0250 Junl'31 •Hold of rec. May 15'31
*1;( Dec.31 'holders of rec. Dec. 24
Preferred (extra)
Oklahoma Natural Gas, pref. (guar.)... •1% Nov. 1 'Holders of rec. Oct. 15
Central Hudson Gas ifl., corn.(qu.). "20c. Nov. 1 *Holders of rec. Sept. 30
Pacific Cia.s & Elec. 6%. prof.((Mar.)
'37 Sie Nov. 15 'Holders of rec. Oct. 31
Nov. 1 'Holders of,rec. Oct. 15
Central Mass. Power, common (qttar.) .$1
5 Li"" nreferred (quar.)_
'343
4e Nov. 15 'Holders of rec. Oct. 31
Central Power & LigSt, 7% prof. (qu.)-- .1% Nov. 1 "Holders of rec. Oct. 15
.----Nov. 1 *Holders of rec. Oct. 15
Pacific Lighting Corp., corn. (grutr.)....
75c. Nov. 15 Holders of roe. Oct. 310
6% preferred (quer.)
- $1.75 Nov. 15 Holders of rec. Oct. 31
$5 preferred (guar.)
.61.25 Nov.15 "Holders of rec. Oct. 31
Central & Southwest URI.,37 Pf.(qu.)
Pacific Northweet P. S., let pt.(guar.).-41.80 Nov. 1 *Holders of rec. Oct. 15
81.75 Nov. 15 Holders of rec. Oct. 31
$7 prior lien stock (guru.)
Pacific Power & Light, pref. (Otter.)
13( Nov. 1 Holders of rec. Oct. 18
$1.50 Nov.15 Holders of ree. Oct. 31
$8 prior lien stock (guar.)
Pscifit Public Service, corn. A(quer.). _m 32 ”c. Nov. I Holders of rec. Olt. 10
Cent. Ve et Pub.Ser., pref. A & B (qu.)_ .1% Nov. 1 "Holders of rec. Oct. 25
Peninsular Telepoue.corn.(guar.)
*65c. Nov. 1 "Holders of rec. Oct. 21
.35c. Jan
"Hold. of rec. Dec. 15 '30
Chicago Rapid Tries., pr. pfd. A(mthly)
.65c. Nov. 1 'Holders of rec. Oct. 21
Pennsylvania Power,$6.60 pref.(03thle ) b5e. Nov. 1 Holders of rec. Oct. 20
Prior preferred 13 (monthly)
55e. Dec. 1 Holders of rec. Nov.20
$6.60 preferred (monthly)
Cities Serv. Pr.& Lt. 55 pf.(mthly.)..- 412-30 Nov. 15 Holders of roc. Nov. 1
61.50 Dec.
Holden; of rec. Nov. 20
$6 preferred ((mar.)
.50e. Nov. 15 "Holders of rec. Nov. 1
86 preferred (monthly)
Peoples Light & Power. $6 pref.(quar.) $1.50 Nov. 1 Holders of rec. Oct. 15
58 1-30 Nov. 15'Holders of rec. Nov. 1
$7 preferred (monthly)
$6.50 preferred (quer.)
31.625 Nov. 1 Holders of rec. Oct. 15
City 'Aster Co.(Chattanooga), Pf.(qu.) .51.50 Nov. 1 'Holders of rec. Oct. 20
$1.75 Nov. 1 Holders of rec. Oct. 15
$7 preferred (guar.)
Dee. 1 Holders of roc. Nov. 14
Cleveland Elec. lii., pref.(quar.)
Nov. 1 'Holders of rec. Oct. 15
Nov. II Holders of rec. Oct. lea Petaluma & Santa Rosa RR.. corn
Colton Ws(Ms az Electric. coin.(guar.)..
.3
Nov. 1 *Holders of rec. Oct. 10
Preferred
1% Nov. 15 Holders of rec. Oct. 200
6% preferred, series A (guar.)
Nov. 15 Holders of TVC. Oct. 200 Philadelphia Company.6% preferred.... $1.50 Nov. 1 Holders of rec. Oct. 18
5% preferred (guar.)
s I .'-f5 Nov. 1 Holders of reu. Oct. 100
Potkidelphis Eleei rte. $5 ore!. 0butr.i.
Columbus 11.y.. Pow.& Lt.. pret B (qu.) *S1.63 Nov. 1 "Holders of rec. Oct. 15
$1.75 Nov. 1 Holders of rec. Oct. la
Phila. Rapid Transit, pref
Nov. I 'Holders of reo Oct. 15
'2
Commonwealth-Edleon Co. (guar.)
Dec. 1 Holders of tee. Nov. 12
Pmts. suburban
ster lo.. pref. (qu.) 1
Community Power dr Light,corn.(guar.) .62%c Nov. 1 "Holders of rec. Oct. 21
Portland Gas & Coke, pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 18
Nov. 1 "fl,..friers of rec. Oct. 21
lot preferred (guar.)
•1,‘ Nov. 1 •Holdere of rec. Oct. 20
Conn.Er.& Light'g, corn.& pfd.(qu.) _ $1.125 Nov.15 Holders of rec. Oct. 3Ia Potomac Edison.7% prof.(q.
11nr.)
0% preferred (qua?.)
*1% Nov. 1 *Holders of rec. Oct. 20
Como/lasted Oars of N Y ttret. Wow.) Si .25 Nov I Holders of rec. Sept. 300
Public Service of Colo.7% pfd.(M1h19.) 58 1-3c Nov. 1 'Holders of rec. Oct. 15
•
Consumers Power Co.,$5 pref.(guar.).- 51.25 Jan2'31 Holders of rec. Dec 15
6% preferred (monthly)
*500 Nov. 1 *Holders of rec. Oct. 15
Jan2'31 Holders of roc Dec. 15
5% preferred (guar.)
1
41 2-3c Nov. 1 •Holdere of rec. Om. 15
6% preferred (monthly)
$1.65 Jan2'31 Holders of req. Deo 15
6.6% preferred (guar.)
50c Nov.29 Holders of rec. Nov. la
Public Service Corp. of N.J.. Pf.(mtlilY.)
1% Jan2'31 Holders of req. Deo 15
7% preferred (guar.)
Public Service 0o. of Nor. Illinois
50e Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
"52
Nov. 1 'Holders of rec. Oct. 14
Common (no par) (quer.)
50c Dec. 1 Holders of roe. Nov 15
6% preferred (monthly)
Nov. 1 "Holders of rec. Oct. 14
•2
Common (par $100) (guar.)
. Jan2'31 Holders of rec. Dee 15
6% preferred (monthly)
"114 Nov. 1 "Holders of rec. Oct. 14
6% preferred (num.)
65e. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
"1% Nov. I *Holders of rec. Oct. 14
55e. Dec. 1 Holders of rec. Nov. 1E.
7% Preferred (guar.)
6.6% preferred (monthly)
50e. Nov. 1 Holders of nee. Oct. 15
Railway & Light Securitlee. corn.(qu.)..
55e. Jen2'31 Holders of reo Dec 15
6.6% preferred (monthly)
$1.50 Nov.18 Holders of req. Oct. 15
Preferred (guar.)
Cumberland Co.Pow.& Lt., Pt.(qU.)- - 1% Nov. 1 Holders of rec. Oct. 18
Nov. 1 Holder, of rec. Oct. 15
51
Rhode Island Public Serer., cl. A (qu.)
1% Nov. 1 Holders of rec. Oct. 21
Dallas Power & Light,7% pt.(guar.)_.
50c. Nov. 1 Holders of rec. Oct. 15
Preferred (q/rat.)
$1.50 Nov. 1 Holders of rec. Oct. 21
$6 preferred ((buar.)
"23c. Nov. 1 "Holders of roe. Oct. 15
Rockland Light & Power (guar.)
Dayton Power & Light, pref.(monthly). "50c. Nov. 1 'Holders of roe. Oct. 20
"IN Jan. 15 *Holders of rec. Jan. 1
Sedalia Water. Pref. (guar.)
Derby Gas & Elec.. $7 pref. (quar.)....- .$1.76 Nov. 1 "Holders of rec. Oct. 20
-Ilerra Pacific, Elec. Co., porn. (quar.)
.50c. Nov. 1 -Holders of res. Oct. 150
$1.626 Nov. 1 "Holders of rec. Oct. 20
$6.50 preferred (guar.)
Preferred (quarterly)
14 Nov. 1 Holders of rec. Oct. 1511
Eastern Macs.St. Ry. tat pref. A (qu.).- 1% Nov.15 Holders of rec. Oct. 31
Sioux City Gas& Elec.. pref.(luar.)
•151 Nov.10 *Holders Of roe. Oct. 31
1% Nov.15 Holders of rec. Oct. 31
Sinking fund stock (guar.)
Southern Call!. Gas, corn.(guar.)
.25c. Nov.29 'Holders of rec. Oct. 31
Holders of rec. Oct. 10
25c Nov.
Eastern States Power, COLII. B (qu.)___
$1.625 Nov.29 'Holders of rec. Oct. 31
Preferred (guar.)
Holders of rec. Oct. 10
$1.75 Nov.
Preferred A (guar.)
Southern Calif. Edison, corn. (guar.)...
50c. Nov. 15 Holders of rec. Oct. 200
Holders of rec. Oct. 10
31.50 Nov.
Preferred B (guar.)
25c, Nov. 15 Holders of rec. Oct. 31
Southern Canada Power, corn. (guar.)-Holders of net. Oct. 10
33.40 Nov.
Edison Elee. III. of Boston (guar.)
Southern Colorado Power. corn. A Ugh/500. Nov. 25 Holders or roe. Oct. 31
Holders of rec. Oct. 8
Electric Bond & Share,$6 pref. (qu.)..... 51.50 Nov.
Standard Pow. az Lt.,com.& com.B(gu.) 60c. Dec. 1 Holders of rec. Nov. 12
Holders of rec. Oct. 8
$1.25 Nov.
$5 preferred (guar.)
$1.75 Nov. 1 Holders of roc. Oct. 18
Holders of rec. Oct. lla
Preferred (guar.)
25e. Nov.
Electric Power & Light. coin.(guar.)
Nov. 1 Holders of rec. Oct. 20
Swiss-American Electric. Prof
33
Holders of rec. Oct. 11
8%c. Nov.
Allot. MM.70% Paid (corn- stk. )
Holder of rec. Oct. 11
,
l2'
-4r.. Nov.
l'aeony-Palmyra Bridge, prof. (guar.).' 31.875 Nov. I 'Holders of rec. Oct. 10
Allot. etfs.(full paid) icorn.stk.)
Pampa Electric Co., corn, (guar.)
50e. Nov. 15 Holders of me. Oct. 240
.$1.76 Nov. *Holders of rec. Oct. 11
preferred A (guar.)
Second
"lee Nov. 15 'Holders of roe. Oct. 24
Preferred A (guar.)
Empire District Electric, pt.(mthly.)--. •50o. Nov. *Holders of rec. Oct. 15
Tennessee Elec. Power. 5% 1st pf.(qu.) 131 Jan2'31 Holders of roe. Dec. 15
•
Empire tsas & k net. 3% pref.(mthlY)-- 66 2-Jc Nov. 'Holders of rec. Oct. 15
6% flist preferred (guar.)
• 581-30 Nov. 'Holders of rec. Oct. 15
134 Jan2'31 Holders of ree. Dec. 15
7% preferred (monthly)
• 54 1-6c Nov
"Holders of rec. Oct. 15
7% first preferred (qua?.)
134 Jan2'31 Holders of rec. Dec. 15
% preferred (monthly)
8% preferred (monthly)
"Holders of roe. Oct. i
7.2% first preferred (guar-)
.30e Nov
$1.80 Jan2'31 Holders of rec. Dec. 15
*Holders of rec. Nov. 15
6% first preferred (monthly)
66 2-3c Dec.
50e. Nov. 1 Holders of req. Oct. 15
8% Preferred (mthly.)
"Holders of roe. Nov. 15
6% first preferred (monthly)
58 1-3c Dec.
50e. Dec. 1 Holders of rec. Nov. 15
7% preferred (monthly)
6% first preferred (monthly)
*Holders of roe. Nov. 15
54 1-60 Dec.
50o. Jan2'31 Holders of reo. Dec. 15
% preferred (monthly)
"Holders of rec. Nov. 15
7.2% first preferred (monthly)
*50c. Dec.
60c Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
*545e. Nov.15 "Holders of roe. Oct. 25
7.2% first preferred (monthly)
60c. Dec. 1 Holders of rev. Nov 15
Empire Public Service, el. A (quar.)
7.2% first preferred (monthly)
150. Nov.15 Holders of rec. Oct. 31
60e. Jan2'31 Holders of reo. Dec. 15
Europ. El. Corp.of Can.com.A&B(qu.)
Texas Power & Light. 7% pf.(guar.)1% Nov. 1 Holders of rec. Oct. 15
ball lover Gas Worse (quer.
.
60e. Dee. 1 Holders of me. Nov. 37
$6 preferred (guar.)
Federal Water Sere.. el. A (qu.)
$1.50 Nov. 1 Holders of roe. Oct. 15
Nov. 1 'Holders of rec. Oct. 15
Irl-State Telep.& Teleg., prof.(quar.)
•$1.25
.1.6e. Dec. 1 *Holders of roe. Nov.15
Franklin Telegraph. guar
Union Light & Power (guar.)
.52.25 Nov. 1 "Holders of rec. Oct. 15
Gas & Elec. Seeur., cum.(monthly)___. .50e. Nov. 1 'Holders of roe. Oct. 15
Extra
"35 Nov. 1 'Holders of rec. Oct. 15
Common (payable in corn.stock)_. *134 Nov. 1 'Holders of roe. Oct. 15
.
• 581-30 Nov. 1 "Holders of roe. Oct. 15
Union Natural(ins (guar.)
•e350 Dec. 10 'Holders of rec. Oct. 15
Preferred (monthly)
Sierra
.e5c Dec. 10 "Holders of roe. Oct. 15
Gas Securities,corn.(payable In comstk) .1% Nov. 1 'Holders of rec. Oct. 15
*50c. Nov. 1 'Holders of ree. Oct. 15
United Electric Service of Italy
Preferred (monthly)
"$1.50 Nov.15 'Holders of rec. Oct. 30
$1.41 Nov.10 Holders of roe. Oct. 7
American shares
Georgia Power & Lt., pref. (guar.)
30c. Dec. 31 Holders of rec. Nov.29a
The. Dec. 1 Holders of roe. Nov. 140 United Gas Improvement, corn. (guar.)Hackensack Water. common
$1.25 Dec. 31 Holders of rec. Nov.295
Preferred (guar.)
68t5 Nov. 1 Holders of roe. Oct 16.
Hartford Electric Light (guar.)
25c. Nov. 1 Holders of rec. Oct. 151
United Light& Pow.corn. A&B new(qu.)
9g0. Nov. 1 Holders of rev. Oot. 16e
Extra
$1.25 Nov 1 Holders of roc. Oct. 154
Common A & 14 old (guar.)
Nov. 15 Holders of rec. Oct. 18
Havana Elec. & Utilities. let pref. (qu.)
lan1511 'Holders of rec. Dec. 31
61.25 Nov. 15 Holders of rec. Oct. 18
"62
United Tel.(Kansas) cool. (quer.)
Cumulative preference (guar.)
"31.75 In15'31 'Holders of rec. Dec. 31
Preferred ((buar.)
Hawaiian Cons. Ry., Ltd.. pref. A (qu.) .150. Dec. 31
"$1.50 Nov. 1 'Holders of roc. Oct. 18
Utica Gus & Elec. 35 pref. (guar.)
Houston Ltg. & Power.7% prof.(quar-) *1 ae Nov. 1 *Holders of roe. Oct. 15
.12 Nov. 1 'holders of roe. Oct. 15
Ware Electric Co.(guar.)
"$1.50 Nov. 1 *Holders of roe. Oct. 15
$6 preferred (guar.)
Nov. 1 *Holders of rec. Oct. 15
•$1
Extra
1% Nov. 1 Holders of rec. Oct. 15
Idaho Power,7% Pref. (qua?.)
90e. Nov. 1 Holders of rec. Oct. 20
$1.50 Nov. 1 Holders of roe. Oct. 15
WaallIngtell Gas Light (guar.)
$6 preferred (guar.)
Western Continen. thu., cl. A (go.) ___k .3234c Dec. 1 *Holders of rec. Nov. 10
Nov. 1 *Holders of rec. Oct. 15
Illinois North Utilities, pref. (quar.)---Western Power, Lt.& Telep. el. A (go.). .50e. Nov. 1 'Holders of rec. Oct. 15
•51.75 Nov. 1 *Holders of rec. Oct. 15
Junior Prof. ((boor.)
.6%e. Nov. 1 "Holders of rec. Oct. 15
Class A (extra)
$6 rum. pf. Inn.) $1.50 Nov. 1 Holders of roe. net, 10
IllInni. Pnwer
I
West Penn Elec. Co., 7% Pref.(gust.)
Nov. 15 Holders of rec. Oct. 2011
Illuminating & Power Securities, pf.(qu.) DI Nov. 14 Holders of roe. Oct. 31
1)4 Nov. 15 Holders of roe. Oct. 2011
IA.+
of re.' it
,
7
"
6% Preferred ((buar.)
'ore 37 1.5. ruti•)- 51.73 NIA
Imeroar0.o.rl t
Wed Penn Power Co..7% prof. (guar.). 134 Nov. I Holders of rec. Oct. 34
Nov.15 Holders of rec. Oct. 31
Interstate Public Service. Prof.(qu.).1(4 Nov. I Holders of rec. Oct. 311
6% preferred ((buar)
31.875 Nov. 1 *Holders of rec. Oct. 11
Jamaica Water Supply. pref
..5 nee f
15
.25c. Nov. 1 *Holders of rec. Oct. 15
(b11111%) -%Weymouth Light Or Power (guar.)
J1111.PaitoV/111 pie.
.50e. Nov. 1 "Holders of rec. Oct. 15
Extra
Kentucky Utilities, junior pref. (qu.)_.. •8751c Nov.20 *Holders of rec. Nov. 1
24
Nov. 1 'Holders of rec. Oct. 15
*2
.14..1 er. ot re e hot
.70c
Winehendon El. L.& Pow.(guar.)
sfs.rerre l'eleolim.e. Pref. kiluarg
Dec. 1 Holders of req. Nov. 20
$1
Preference (guar.)
Banks.
Kno'.Ii1e rower at Light $7 Pf. (q11.)--- •81.75 ov. 1
Nov.16 "Holders of refs. Ora. 31
*51.51 Nov. 1
Columbus
$6 preferred (unar.).
•113e Nov. 1 •ifolderi of rec. Ort. 15
Lawrence Gas & Elec. Co. foliar.)
Trust Companies.
Lehigh Power Securities Corp. of.(qua. "$1.50 Nov. 1 *Holders of rec. Oct. 22
Nov. 1 Holders Of roe. Oct. 23
Corn Exchange Bunk Trust Co. (quer.) $1
Nov.10 *Holders of rec. Oct. 31
Lincoln Tel.& Tel.. prof.(guar.)
11.41
2 158
.20
ree
Nov. 1 *Holders of ma. Oct. 25
Kiwis County (Brooklyn) (guar.)
Lone Star (las. oom Ii. own.etko
•134 Nov. 1 'Holders of roe. Oct. 22
6Se% preferred (guar.)
Fire Insurance.
15c Nov. 1 Holders of reo Ont 15
Long island Lighttng eorn. (oiler.)
30e. Nov. 1 Holders of roe. Oct. 20
American Equitable Assurance (quar.)-Louisiana Power St Light. $6 pref. (qu.) $1.50 Nov. 1 Holders of rec. Oct. 21
750. Nov.15 Holders of rec. Oct. 31
American tie-Insurance (guar.)
•650 Nov. 1 "Holders of reo Oct 16
.
Lowell Electric Light (wise.)
$1.50 Nov. 6 Holders of rec. Nov. 3
Bankers & Shippers Ins.(guar.)
Marconi Inter. Marine Communications
'$1.25 Nov.15 'Holders of rec. Oct. 31
Bronx Fire I itsuratiee «mar.)
Nov. 3 *Holders of rec. Oct. 14
•to5
Am.clap. rote. for ord. Bharat
250. Nov. 1 Holders of rec. Oct. 15
Camden Fire Association (qua.)
ov. 1 •norrier, of rec. UCL. 15
.
•1%
Miehignit(M.& Klee.. pref.
5,511
thrillers ,4 rec. Nov. 1
City (New York Ins. Co.,stoe k clIv _ _
• 4 Nov. I *Holders of rec. Oct. 15
1
stock (guar.)._
Pri.,11..
400. Nov.15 Holders of roe. Nov. 3a
General Alliance Corp. (guar.)
•43% c Dee. 15 *Holden of rec. Deo. 6
Middle Western Teletr.. corn. A (Qua
telio. Nov. 1 Holders of rec. Oct. 23
Nov. 15 Holders of rec. Oct. lb
Guardian Fire Assurance (guar.)
/2
Middle 'IN est Utilities, corn. (quar.)
37 i t,. Nov. 1 Holder, of nee. 'let 20
orekerrereker
-80th share corn.) (31.50 Nov. 15 Holders of rec. Oct. 15
$6 pref. (cash or 3
Nov. 1 Holders of roe. Oct. 20
•o30e No". 1 'Holders of roe. Oct. 16
Merchants & Mfrs. Fire (Newark)(qu) 5
Midland NaturalGas el. A Uputr.)_
.300. si0V. 1 'Holders of rec. Out 21)
New Voirk Fire, omuinon (quilt)
s4311c Nov. 1 Holders of roe. Oct. 15
Util. (guar.)
MId-West States
•500. Nov. 1 *Holders of roe. Oct. 22
Stuyvesant (guar.)
Mississippi Power et Light, 1st pt.(qu.). .31.50 Nov. 1 *Holders of rec. Oct. 15
..ey I 11,01101, ,.1 r.• I I,
•1
,er Ina Waal%)
42
•$1.50 Nov. 1 *Holders of rev. Oct. 15
Second preferred (guar.)
•50c. Nov. 1 *Holders of roe. Oct. 21
1 Holders of rec. Oct. 15
Westchester Fire (guar.)
$1.75
Mohawk & Hudson Pow., $7 pref.(qu.). •1% Nov.
•10o. Nov. 1 *Holders of tea. Oct. 21
Nov. 1 *Holders of rec. Oct. 11
Extra
Montana Power. pref. (guar.)
Nov. 1 Holders of roe. Oct. 15
Municipal Service Co., 6.4 pref.(guar.)Miscellaneous
4. Nov. 1 Holders of rec. Oct. 15
Nat. Lice, Power, corn. A (gear.)
•12340 Nov. 1 *Holders of req. Oet. 21
Abbott Laboratories (special)
• $1.625 Ian l'31 'Holders of rec. Dec. 20
National Gas & Elec.. pref.(quar.)
134 Nov. 1 Holders of roe. Oct. lba
25c. Dec. 1 Holders of rec. Nov. 80 Abraham & Straus, too Pref. (luar.)
corn.(guar.)...
National Power & Light,
•60c. Nov. 1 "Holders of rec. Oct. 15
Adams (J. l).) StIly., corn. ((buar.)
51.50 Nov. 1 Holders of rec. Oct. 11
$6 preferred (guar.)
50o Nov. 1 Holders of reo. Oct. 180
Adams-Millis Corp common(WW1-Elec. Corp., pref. (guar.) 1% Nov. 1 Holders of rec. Sept. 30
Nevada-Calif.
•141 Nov. 1 "Holders of reo. Oct 18
First and seesoul prof ((Mar.)
Dee. 10 *Holders of tee. Nov.80
Newark Telephone (guar 3- 25e. Dec. 18 Holders of roe. Dec. 5
Administrative & Research Corp. A (qu.)
; "1
New Eng. Water, Lt.& Pow.Assoc.100. Dec. 18 Holders Of roe. Dee. 5
Class A (extra)
•51.50 Nov. 1 Holders of roe. Oct. 18
Preferred (guar.)
15e. Nov. 18 Holders of reo. Oet. 310
Jan. 2 Holders of roe. Dec. 53 Allegheny Steel(monthly)
North American Co.,cone. On corn.stk.) /2%
15e. Dec. 18 Holders of roe. Nov.29a
Monthly
75c. Jan. 2 Holders of rec. Dec. 5a
Preferred (guar.)
Preferred (guar.).
•
Ibt Dee. 1 'Holders of roe Nov 15
$1.51) Dec. 1 Holders of rec. Nov. lfee
North Aii.erlenii Ed1See Co., pref.(qu.)Alliance Realty. Pref. (guar.)
134 Dee. 1 Holders of roe. Nov.20
Nov. 1 'Holders of rec. Oct. 10
North Amer. Gas & Electric. class A (go) .400 Nov. 15 Holders of rec. Oct. 20
Allied Chemical & Dye,
(guar-)- -- 31....0 Nov. I Holders of rec. Oct. 100
North Amer. 1.1eht & Power, corn. (qu.) f2
•75c. Nov. 1 *Holders of roe. Oct. 27
Allied Internal:I Invest.. prof. (gust.)
Dec. 15 Holders of rec. Dec. 1
North Amer. Util. Secure., 1st pt.(qua _ $1.50 Nov.15 Holders of rec. Oct. 31
31.623 Nov. 1 Holders of rec. Oct. 15
Allied leld Co. (outer.)
.1%
North West Utilities. pref. (guar.)
Altorfer Bros. Co.,coin.(guar.)
Nov. 1 *Holders of rec. Oct. 15
Holders of tee. Oct. 10
Northern N. Y. Utilities. prof. (guar.)-- .1% Nov. 1 Holders of rec. Sept.30
"750. Nov. 1 "Holders of roe. Oct. 15
Preferred (guar.)
Nov. 1
Northern States Pow.(Del.),com.A (q1.) 2
•75c. Nov. 1 'Holders of rec. Oct. 15
•200. Nov. 1 Holders ot rec. Sept. 30 . Convertible preferred (quilt,)
Common B (guar-)
Nov. 1 1930.]
Name of Company.
2845
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
-lustre.
Days Inc
Name of Company.
When
Per
Cent. Payable.
Books C10804
Days inclusive
Miscellaneous (eonUntied)•
Miscellaneous (Contintocli.
114 Nov. 15 Holders of rec. Oct. 31
750. Nov.15 Holders of rec. Oct. 24a Canadian Converters.Ltd.((War.)- - Allle-Chalmers Mfg.,corn.(guar.)
Canadian Investors Corp., Ltd. (guar.) *25c. Nov. 1 *Holders of rec. Oct. 15
*50o. Dec. 31 *Holders of rec. Dec. lb
Aluminum Mfrs., Inc.. corn. oat.).
Of rec. Oct. 20
rec. Oct. 310 s mondial, Pow. it Paper loved., pf.(go) 62'5c. Nov. 15
Nov. 15 Holders of
51
American Can, coin. ((mar.)
•25c. Nov. 1 'Holders of rec. Oct. 23
Nov. 15 fielders of rec. Oct. 310 Capital Management (guar.)
51
Common (extra)
*25c. Nov. 1 *Hoidens of rec. Oct. 23
Extra
Nov. 1 Holders of rec. Oct. 110
1
American real (guar.)
•50e. Nov. 29 "Holders of rec. Nov. 15
60c. Dec. 31 Holders of rec. Dec. 127 Carman & Co.. class A and B (guar.)... "el
.
American Colortype, common (guar.) Jan 2'31 "Holders of rec. Dec. 20
Carnation Co (extra In stock)
1% Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
25c. Nov. 1 Holders of rec. ()et. 20
Carrier Engineer. Corp.. coin. A Si B (go)
Nov. 1 *Holders of rec. Oct. 25
Amer. Department Stores, let pref.((i11.) '134
*75e. Nov. 1 *Holders of rec. Oct. 2()
M.) A Co.(guar.)
.
C..ele (A.
Amer. Electric Securities. prof (guar.)-, 25c. Jan. I Holders of rec. Nov.20
75o. Nov.29 Holders of rec. Nov. 1511
Caterpillar Tractor, corn. (guar.)
Amer. European Scour. Co.. pref. (QU.). $1.50 Nov. 14 Holders of rec. Oct. 31
25o. Nov.29 Holders of rec. Nov. 150
Common (extra)
•15c. Nov. 'Holders of roe. Oct. 25
Amer.Fort.& Socket(guar.)
pref.(gu.) $1.75 Dec. 1 Holders of rec. Nov. 10
Celluloid Corp., lot pref. & $7
Holders of rec. Oct. 2
er) Nov.
Amer. Founders Corp., coin.(quar.)_--- ,
Central Illinois Secur., prof. (quar.)..... "373.4e Nov. 1 'Holders of rec. Oct. 23
Nov.
Holden of rec. Oct. 2
7% first preferred,series A (guar.)---- 87%e•
150. Nov. 15 Holders of rec. Nov. 5
Centrifugal Pipe Corp.(Clear-1Holders of rec. Oct. 2
$7C. Nov.
7% first preferred,series 13 (guar.)-1.34 Dec. I Holders of rec. Nov. 200
Century Ribbon Mills, pref. (guar.)--Holders of rec. Oct. 2
75c. Nov.
6% first preferred, series I)(guar.).
Nov. 1 Holders of rec. Oct. 1611
Cerro de Pasco Copper Corp.(quar.)-- SI
Holders of rec. Oct. 2
Nov.
37.
6e.
6% second preferred (guar.)
'6240 Nov.15 *Holders of reo. Nov. 1
Chain Belt Co.. corn. (guar.)
*51 Jan 1'3 'Holders of rec. Dec. 18
American Hardware(guar.)
500. Nov. 1 Holders of rec. Oct. 23
Holders of reo Oct len Charts Corp.. common (guar.)
350. Nov.
American Home Products (monthly)...
25c. Nov. 1 Holders of rec. Oct. 23
Common (extra)
Holders of rec. Nov.140
850. Dec.
Monthly
1
Chartered Investors, me.. Pref.(guar.).- $1.25 Dec. 1 Holders of rec. Nov. 31
Holders of rec. Nov.16
1% Deo.
Amer. Inveotnient Trust prof. (guar.).Nov. 10 Holders of rec. Oct.
Chase (A. W.) Co., Ltd., prof. (guar.).- 2
*Holders of rec. Nov.20
Dec.
(guar.)._ _ .$1
Amer. Laundry Mach.,coin.
*35c. Nov. 1 *Holders of rec. Oct. 206
Cab Mfg.(monthly)
Checker
Amer. Machine & Foundry, new corn.
of rec. Oct. 15
Holders of rec. Oct. 174 Cherry-Burrell Corp., corn. (guar.)- -- '62c Nov. 1 'Holders of roe. Oct. 15
35c. Nov.
(guar.)(No. 1)
•1.4 Nov. 1 *Holders
_ ........
Preferred ((mar.)
Holders of rec. Oct. 170
Sc. Nov.
New common (extra)
Coal, pref. (Qu.) 134 Nov. 1 Holders of rec. Oct. 240
y
m :7 & Franklin
Holders of rec. Nov. 150 Chie:n
20c. Dec.
New common (extra)._
Holders of rec. Oct. 204
unIcago Yellow Cab (monthly)
Deo. 3 Dec. 16 to Dee. 30
American Manufacturing. corn. (Quar.)- 1
HIIIIIPX•1 of roe. Nov. 20a
26° N ec
25c Do v..
13-4 Deo. 8 Deo 16 to Dee. 30
Preferred (aunt.)
*50c Dec. 29 *Holders of rec. Dec. 3
50c. Nov.16 Holders of rec. Nov. 54 Chile Copper Co.(guar.)
American News. corn. (guar.)
•750. Nov. 15 *Holders of rec. Nov. 1
$1.25 Nov. 1 Holders or rec. Oct. 15o Churngold Corp.(guar.)
Amer. Shipbuilding common (quar.)---.
2%c Nov. 1 Holders of rec. Oct. 154
eltlea Service common (monthly)
I.% Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
234c. Dec. 1 Holders of rec. Nov.13
Commou (monthly')
51 Nov. 1 Holders of rec. Oct. 170
Amer.Smelt.& Refg., corn.(guar.)
f Nov I Holders of rec. Oct. 15a
Common (Payable In corn.stock).
1 Holders of rec. Nov. 7a
1% Dec.
Preferred (guar.)
common stock).- 134 Dec. 1 Holders of rec. Nov. 13
Common(payable in
1% Dec. 1 Holders of rec. Nov. 140
Second preferred (guar.)
50c. Nov. I Holders of rec. Oct. 154
Preference and pref. BB (monthly)...
60e. Jan. 1 Holders of rec. Doe. 130
American Stores, common (guar.)
Sc. Nov. 1 Holders of rec. Oct. Ifia
Preference B (monthly)
60o. Dec. 1 Holders of roe. Nov. 14
Common (extra)
Preference and pref. BB (monthly)... 60o. Dec. 1 Holders of roe. Nov.13
Amer Thermos Bottle, class A (Quar.)-- •300. Nov. 1 *Holders of roe. Oct 20
5e. Dec. 1 Holden of rec. Nov.13
Preference B (monthly)
1 Holders of rec. Oct. 20
35c. Nov.
Amer. Transformer, corn. (guar.)
* 30 .46o Nov. 1 'Holders of rec. Oct. 15
Bankers' shares (monthly)
•1% Nov. 1 "Holders of rec. Oct. 20
Amer. Vitrified Products. pref.
Nov. I Holders of rec. Oct. 150
87
623-40 Nov. 17 Holders of rec. Oct. 110 City StureS Co.. class A (guar.)
(guar.)_Anod
Copper Mining (guar.)
114 Claude Neon Elec. Prod., corn.(guar.).- '35c. Jan1'31 *Holders of rec. Dec. 20
25e. Nov. 10 Holders of rec. Oct
Anaconda Wire & Cable (Quer)
Jan 131 *Holders of rec. Dec. 20
*./2
stock).Common (payable In corn.
Nov. 1 *Holders of rec. Oct. 22
*2
Anchor Post Fence,8% prof.(gust.)
*35c. Jan 1'31 *Holders of rec. Dec. 20
Preferred ((mu%)
1
.134 Nov. 1 *Holders of rec. Oct. 22
7% preferred (guar.)
0134 Nov. 1 "Holders of rec. Oct. 2.5
ClInchfield Coal Corp., pref.(guar.).... .
250. Nov. 10 Holders of me Oct I In
Andes copper 51thins (guar.)
75c. Nov. 1 Holders of rec. Oct. 210
Cluett, Peabody & Co., Inc., com.(gu.)
*750. Nov. 1 *Holders of rec. Oct. 24
Andrews Invest. Trust (guar.)
Holders of rec. Oct. 15
374c Nov.
Cockshutt Plow, common (guar.)
Nov.
Holders of roe. Oct. 22
$1
Angus Co. pref. A (guar.)
144 Nov. 1 Holders of rec. Sept. 30
Termiwils. pref. (guar.).
Collingwood
*75e. Nov.1 'Holders of rec. Oct. 31
Apex Electrical Mfg., corn. (sPernal)
•373-40 Nov. 1 *Holders of reo. Oct. 15
1
(
50c. Nov. I Holders of rec. Oct. 210 Colonial Bond & Share (Ball.). PI. 4 11.) '12340 Nov. 1 "Holders of rec. Oct. 25
Archer-l)aniels-Midland. cow.(gu.)
guars
1% Nov. 1 Holders of rec. Oct. 210 ColuinbiaInsinsting common (guar.)
Preferred (guar.)
•31.50 Nov. 1 *Holders of roc. Oct. 25
Preferred
51.75 Dec.
Holders of rec. Nov. ha
Artioom Corp..prof.(guar.)
51.25 Nov. I Holders of rec. Oct. 174
r rb
62c. Nov.
of rec. Oct. 110 CoItr alan Carbon (guar.)
Holders
Associated Dry Goods, corn. (guar.)...
25c. Nov. I Holders of rec. Oct. I70
13.0 Dec.
Holders of rec. Nov. 80
First preferred (guar.)
50e. Dec. 1 Holders of rec. Nov.15
1% Dec. 1 Holders of rec. Nov. 811 Columbus Auto Parts, Prof. (guar.)---Second preferred (guar.)
*134 Nov. *Holders of rec. Oct. lb
Columbus Packing. pref. (guar.)
Oct. 20
Associated Security Invest.. Pref. (gu.)- $1.50 Nov. 1 Holders of rec.
Dec. 26
Community State Corp.,class A (guar.). •12340 Dec. 3 *Holders of rec.
1% Dec. 31 Holden of roe. Deo. 11
Atlantic. Gulf & P7 I .88. Lines. pf.(ill.)
'12403 31 '3 "Hold. of rec. Mar. 26 '31
Class B (guar.)
'3% Nov. 1 "Holden' of rec. Oct. 20
Atlantic Steel. pref
•I2 Sic Dec. 3 *Holders of rec. Dec. 26
(guar.)
Class B
*3% Nov. 1 *Holders of rec. Oct 21
Preferred (guar ).
rec. Oct. 15
Cons. Chem. Indust., Par, prof. A (go.) .3734c Nov. 1 *Holders of rec. Oct. 154
Atlas Elec. & Gen'l Trust, Ltd.
134 Nov. I Holders of
Consolidated Cigar Corp.. prior pf.(qU.)Nov.19 *Holders of reo. Oct. 23
American deposit receipts for ord. she- •to3
134 Dec. I Holders of rec. Nov. 154
i Li Nov i Holders of nee. (let. 20s
Preferred (guar.)
Atlas Posder ore( (guar.)
.$1.75 Dec. 20 "Holders of rec. Dec. 10
•25e. Dee. 1 *Holders of rec. Nov. 170 Consolidated Ice, Mat... Prof
Atlas Stores. com. (guar.)
•
Ma Dee. 1 Holders oi rec. Nov. 17. Consolidated Laundries, pref.(gu.)--.. 51.875 Nov. 1 *Holders of rec. Oct. 15
CM:IL (Payable In cons. stock)
50c Nov. 1 Holders of rec. Oct. 15
(QUI-113-4 Mar 2'3 1 Hold of roe. Feb.I6'314 Consolidated Pram. i.td. A. ord.
Corn (payable In corn. stook)
Nov. 1 *Holders of rec. Oct. 21
,
Austin. Nichol. & co Inc prior a(oll.) 'Ice Nov. I Holders of rec. Oct. 154 Consolidated Rendering, pref. (guar.).- '2
25o Nov. 8
Sand & Gravel, pref.(go.) 134 Nov. 15 Holders of rec. Oct. 31
Consolidated
AutoStrop Safety Razor. oh A(acH.dir.).
.7:0 Nov I 'Hoiden of ree Oct 10
Construction Materials, pref. (guar.)... •87I40 Nov. 1 *Holders of rec. Oct. 20
guar.
Ch..
62%0 Nov.15 Holders of rec. Nov. la
*75c Dec. 27 *Holders of rm. Dec. 15
Continental Can ((War.)
Balaban & Katz Corp., corn. (guar.)
•700 Nov. 1 "Holders of rec. Oct. 14
0134 Dec. 27 *Holders of rec. Dec. 15
Coon(W.13.) Co..cons.(guar.)
Preferred (guar.)
*144 Nov. 1 *Holders of rec. Oct. 14
•10e Nov. 20 •liolders of rec. Oct. 30
Preferred (guar.)
Bandinl Petroleum (monthly)
60e Nov.15 Holders of rec. Oct. 31
Am.(guar.).- •250 Nov. 1 *Holders of rec. Oct. 15
Copperweld Steel, common(No. 1)
Bankers Bond & Mtge. of
•Holders of rec. Oct. 10
I orporation Securities. pref. (guar.).- *n750 Nov.
500 Nov.
Holders of roe. Oct. 2s
Barnedall Corp. class A & B (guar.)--7
5
.
. %
,. *Holders of rec. Oct. 20
Crown nig,Inc., common (guar.).... 8 4 Nov
Dorr & Doe
Batchelder, Snyder,
*Holders of rec. Oct. 20
1
.$2
(gust.)
Nov. 3 *Holders of rec. Oct. 21
Preferred
Preferred (guar.)
Crown-Zellerbach Corp.. pf. A & B (Qu.) $1.50 Dec. 1 Holders of roe. Nov. 13
Baumann (Ludwig) & Co., let pref.(gu.) 134 Nov.15 Holders of rec. Nov. I
Dec. Si Homers of rec. Dec. 20
2
rut,,koriter. prof. (guar.)
Ceramen & pref. (guar.). •13.4 Nov.15 *Holders of roe. Oct. 31
Beacon Mfg..
19
•11.0 Nov. 1 *Holders of rec. Oct. 15
Oruro & Forster Ina Shares. Prof (guar.) 534 Nov.29 Holders of roe. Nov 20
Beatty Bros., Ltd., pref. A (guar.)
334 Nov. 1 Holders of reo. Oct.
Cudahy Packing,7% pref. (guar.)
Beaux Art Apt., Inc.(N. Y.), let pf.(gu) •51.50 Nov. 1 *Holders of rec. Oct. 10
Nov. 1 Holders of roe. Oct. 20
3
144 Nov. 1 Holders of rec. Oct. 15
6% preferred
Belding-Corticoid. Ltd., corn. (guar.).'82(4c Nov. 1 *Holders of rec. Oct. 15
134 Dec. 15 Holders of rec. Nov 29
Cuneo Proms. common (guar.)
Preference (guar.)
'62'(c Dec. 15 "Holders of rec Dec. 1
•500 Nov. 1 *Holders of rec. Oct. 21
Preferred (guar.)
Benson & Hedges. pref. (oust.)
500. Nov. 3 Holders of roe. Oct. 2011
h uar)
(ging.. oommon (monthly).1% Nov. 1 Holders of rec. Oct. 21
pris Pu blis
Curteterrea
Berland Shoe Stores, pre/. (guar.)
Jan1'31 Holders of rec. Dee. 204
Bessemer Llinestone & Cem.ci. A (N.). "750 Nov. 1 *Holders of rec. Oct. 20
1.15 Dec. 1 "Holders of rec. Nov. 14
$1.60 Nov.15 Holders of ree Oct 170 Cushman's Sons. Inc., corn.(guara____ *81
Bethlehem Steel, common Biwa.)
134 Dec. 1 Holders of rec. Nov. 144
7% preferred (guar.)
1.34 NOv. 1 Boidere of nec. Oct. 17
Bigelow-Sanford Carp.& Rug. Pr. (go.).
Dec. 1 Holders of rec. Nov.144
2
"144 Nov. 1 'Holders of rec. Oct. 25
8% preferred (guar.)
Bird & Sons, Inc.. pref. (guar.)
200. Nov. 1 Holders of rec. Oct. 15
•25c. Nov. 1 "Holders of rec. Oct. 15
De Forest Crosley Radio, Ltd
Birtman Electric Co., corn. (guar.)
•55c. Nov. I "Holders of rec. Oct. 19
*$1.75 Nov. 1 'Holders of rec. Oct. 15
De Islets, Inc.. Prof. (guar.)
$7 preferred (guar.)
*1 4 Dee. 1 "Holders of ree Nov 26
134 Nov. 1 Holders of rec. Oct...20
Dennison Mfg., prof. (guar.)
Black & Clawson Cn ram & pf
2
Nov. 1 Holders of me. Oct. 20
stock (attar.)
Debenture
50e. Nov.15 Holders of rec. Nov. 1
Inc.. common (guar.)
•$1 Jan 1111 *Hold. of reo.Dec20 10
•750. Nov.15 *Holders of rec. Nov. 1
Denver Union Stock Yards,corn.(qu.)
Preferred (guar.)
•51
Ap.I 31 *Hold of roe. Mar 20'31
)
Nov.15 *Holders id roe Nov 10
.
Ore eTen gUftr..)
POtte Ted Sti um.
37340
Bloch Bros., common (guar.)
•14 Dec. I *Holden, of rec. Nov. 20
•1% Dee. 31 *Holders of re* Dee
Preferred (guar.)
•Itt Nov. 1 *Holden of rec. Oct. 27
134 Nov 1 Holders of roe Oct 200 Diamond Ice & Coal, Prof.(gear.)
Binondricdule
prof.(goer.)
*50c Nov. 1 *Holders of rec. Oct. 20
Diamond Iron Works (guar.)
Bros..
Blue Ribbon Corp.. Lid., prof.(go.).--- *813-Ic Nov. 1 *Holders of rec. Oct. 15
*75c Dec. 1 *Holders of rec. Nov. 14
Dictaphone Corp.. coin.(guar.)
Bohack (11. C.) Co.. common (guar.)..., '623-40 Nov. 1 *Holders of tee. Oct. 15
zi Nov. 1 "Holders of rec. Oct. 15
*2
Dec. 1 *Holders of rec. Nov. 14
Preferred (guar.)
(guar.)
let preferred
Construe., pref. A (guar.)._ 3714c Nov. 1 Holders of rec. Oct. 15
Nov. 1 "Holders of rec. Oct. 15
fisher Steel
lloback Realty. pref. (guar.)
28 to Oct. 30
25c Nov.15 Oct.
Distillers Corp.-Seagrams. Ltd.(guar.).
Bond & Mortgage Guarantee (guar.)--- $1.25 Nov.15 Holders of rec. Nov. 5
(;,)1, ii'''(Ill I
12,,, f)ee. I Holders of ere. Nov 15
occ
75e. Dec. 1 Holders of rec. Nov. 150
-Borden Co Iowa
•15o Nov. 1 *Holders of tee. Oct. 24
Dominguez Oil Fields (monthly)
Boston Cham. of Comm. Realty Trust
Dominion Bridge, Ltd., corn.(gust.)... 900 Nov. 16 Holders of roe. Oct. $1
"51.25 Nov. 1 *Holders of rec. Oct. 27
Prior preferred (guar.)
Dominion Scottish Inv.. Ltd., prof.(go.)• 2 34e Nov. 1 "Holders of rec. Oct. 20
"75o. Nov. 1 *Holders of reo. Oct. 27
First preferred (altar.)
HoPers of roe (bet. 6
l's Nov
'
s•...loin, Tar & chemical. pref. (gu.)- Nov. 1 *Holders of roe. Oct. 27
*al
First preferred (extra)
*3
'50e. Nov.15 *Holders of roe. Nov. 1
Nov. 1 *Holders of rec. Oct. 16
Dow Chemical, corn. (gust.)
Terminal Refrigerating. pref
Boston
Nov.15 *Holders of rec. Nov. 1
•134
Preferred (guar.)
'683-4c Nov. 15'Holders of rec. Nov. 1
Bourjois, Inc., preference (guar.)
26e. Nov, 1 Holders of rec. Oct. 15
•25c. Deo. 1 Holders of rec. Nov. 14
Eastern Dailies. Ltd., corn.(gu.)(No. 1)
Bower Roller Hernias (guar.)
50e. Dec. 1 Holden of rec. Oct. 81
Eastern Theatres (Toronto),corn.(qtr.).
34 Nov. 1 Holders of rec. Oct. 1
Brandram-lienderson. Ltd_ corn.. (Quo
Eastern UM Ins ediug, part pf. (go.).. $1.75 Nov. 1 Holders of rec. Setif. 30
•)54 Nov. 1 'Holders of rec. Oct. 31
Brill (J. G.) Co.. pref. (guar.)
51.75 Dec. l Holders of rec. Oct. 31
$7 Preferred (guar.)
Brittsh Columbia Pulp& Paper Pf (q11.).. $1 75 Nov. 1 Holders of roe Oct. 18
se. Dec. 1 Holders of rec. Nov. 1
$1.60 Dec. 1 Holders of rec. Oct. 31
$6 preferred (dear.)
Brit. Type Investors, cl. A (bl-mthly.)._
*51.25 Tn.2'31 'Holders of roe. Nov. 28
Prior preferred (guar.)
Broadway Dept. Stores. let pref.(cmar.) '134 Nov. 1 'Holders of rec. Oct. 11
750, Nov. 1 Holden of rec. Oct. 154
*57
Nov. 1 *Holders of rec. Oct. 11
Eaton Axle & Spring, corn.(guar.)
Seroild preferred (annual)
25c. Nov. 1 Holders of rec. Oct. 16
134 Nov. 1 Oct. 16
to
Oct. 31
Elec. Power Associates. torn. A (gust.)..
Brown Co., pref. (guar.)
143 Nov. 1 Holders of roe. Oet TIM
*51.25 Nov. I *Holders of rev.. Oct. 15
Flee. See. Corp., pref. (guar.)
Brown Shoe. Preferred (guar.)
Nov. 1 Holders of rec. Oct. 23
*$1.75 Jan. 1 *Holders of rec. Dec. 21
(guar.)
Eiseman Magneto (guar.)
Bruce (E. L.) Co.. pref.
$1
Dee. 15 Holders of rec. Nov 21
"50e. Nov. 1 *Holders of reo. Oet. 16
Elgin Nat
-Moat Watch (guar.)
Buckeye ripe Line (quar.)
Nov. 1 Hoidens of rec. Oct. 20
$1
Empire Title & Guarantee (guar.)
Buckeye Steel Castings. cons.(guar.)... •62340 Nov. 1 *Holders of rec. Oct. 24
25e. Nov. 1 Holders of rec. Oct. 15
Enamel & Heating Products (gust.).
"13-4 Nov. 1 "Holders of rec. Oct. 24
Preferred (guar.)
Nov. 1 Holders of roe Oat. 16
$1
*25e. Nov.15 *Holders of rec. Nov. 1
Eureka Pipe Line (guar.)
Buck Hill Falls (guar.)
*60e Nov.15 •Hoklers of rec. Nov 5
Budd (Edward Ci, kite pref. (guar.)... 114 Noy. 1 Holders of rec. Oct 27e Ewa Plantation (goer.)
1
. 134 Nov. 1 *Holders of rec. Oct. IA
.
Faber, Coe dr Gregg, pref.(guar.)
Bunker Hill & Sullivan Mining & Con*25o. Nov. 5 *Holders of roe. Oct. 23
Fairbanks. Morse & Co.. pref. (guar.).- 134 Dec. 1 Holders of rec. Nov.12
centrating (monthly)
60e. Nov. 1 Holders of MC. Oct. 220
*250. Nov. 5 *Holders of rec. Oct. 23
Fair (The) Co., common (guar.)
Extra
144 Nov. 1 Holders of rec. Oct. 220
•Iss Nov. 1 •ii1.111V1, of ft, I I 25
Preferred (guar.)
Hume Brothers. Pref. (guar.)
Dec. 16
•400. Nov. 1 *Holders of roe Oct 15
62Sic Jan. 1
Failltleiei Rubber. corn. (guar.)
Burden Holden. Ltd.(No. 1)
*50c. Nov. 1 *Holders of rec. Oct. 23
Federal American Bond & Share
BUnlines. Inc.. pref (guar.)
$1.75 Nov. 1 "Holders of rec. Oct. 20
•
lot & 2d pref. (guar.)
Burmala Oil Co.. Ltd.
*toll) Nov.17 *Holders of rec. Oct. 21
..
Federal Electric Co.. $6 pref.(guar.) 2 '51.50 Nov. 1 "Holders of rm. Oct. 15
Amer. dep. rots, for ord. shares
dNov.14 Holders of ree, dNov. la
*51.75 Nov. 1 *Holders of rec. Oct. 15
$2
$7 preferred (guar.)
Burns Bros., common A (guar.)
6244e Nov 1 llornets of res. Bens 20-• Federal Grain, Ltd., 61.4% Pref. (gust.) •134 Nov. 1 *Holders of reo. Oct. 15
Bush Terminal Co. oom.(guar.)
'111 Nov. I *Bottlers of roc. Oct 16
Federal Knitting Mills,corn.(guar.)_-_ '02340 Nov. 1 "Holders of rec. Oct. 15
Byers(A M.) Co.. prof (Quar.)
'123-40 Nov. 1 *Holders of me. Oct. 15
Dee. 15 Holders of rec. Nov .d290
$1
Common (extra)
California Packing Corp.(guar.)
.11.25 Nov. 1 "Holders of rec. Oct. 20
Federal Title & Mtge. Guar.(N. J.)
Campbell, Wyant & Cannon Foundry
50o. Dec. 1 Holders of roe. Nov. 154 Fibreboard Products, prior pref. (guar.) •154 Nov. I 'Holders ot rec. Oct. Hi
Common (guar.)
.4
•I 8 'Div. 1 .itn1(1.ra of ree Oct ta
,'referred
*1,1 Nov. 1 *Holders of roc. Oct. 15
Damp.Corp fret (Oust.)
20o. Dec. 1 Holders of rec. Nov. 14
Dec. 15 Holders of rec. Nov. 30
Finance Service Co.. corn. A & B Mil.)-Canada Wire & Cable. class A (guar.).- $1
17(40 Dee. 1 Holders of rec. Nov. 14
4334c. Dec. 15 Holders of roe. Nov.30
Preferred (guar.)
Class 13 (No. I)
624c. Nov. 1 Holders of rec. Oct. 20
Financial Institutions, Inc.. $6 Pf. (Q17.) *$1.50 Nov. 1 *Holders of rec. Oct. 15
Canadian Bronze. corn. (guar.)
S Innen Sysiein. lllc., prof. A (guar.)...- "174c1 Nov. 1 *Holders of roe. Nov. 1
111 Nov. I Holders of rec. Oct. 20
l'referred (Owa.)
•1734e Dee. 15 Holders of rec. Dec. 1
Preferred B (guar.)
Caned. Celanese. Ltd.. Partic. PL(NO.1) 33-4 Dee. 81 Holders of rec. Dec. 16
*S1
Nov. I *Holders of rec. Nov. 1
e ,
t aj
Firthtert1IngnEItncl corn.(guar.)
75e. Nov. 1 Holders of rec. Oct. 16
corn.(guar.).
Canadian Dredge & Dock,
•134 Nov. 1 *Holders of ree Nov 1
Nov 1 Holders of roe CI, IS
Peelerred:
Preferred (guar.)
se
Isi
2846
FINANCIAL CHRONICLE
(Var.. 131.
Per
When
Cent. Payable.
Books Closed.
Pes
When
Books Clotted.
Days Inclusive.
Name of CoszDalte.
COL. Payable.
Days facturIn.
Miscellaneous (Connate-d)
Miscellaneous (Condoned).
Fitz Simons & Connell Dredge & Dk(qu.) *50c. Dec. 1 *Holders of reo. Nov.20
Kelsey-Hayes Wheel Corp.. pref. (On.).. 134 Nov. 1 Holders of reo. Oct. 21
Stock Dividend (one-fortieth share)._ *(e) Dec. 1 'Holders of rec. Nov.20
Kentucky Cons. Stone, pref. (quar.)... *144 Nov. 1 *Holders of reo. Oct. 15
Follansbee Bros., corn. (guar.)
250. Dec. 15 Holders of rec. Nov.290 Keyes Fibre, class A (guar.)
*750. Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
*133 Dec. 15 *Holders of rec. Nov.29
Kidder Peabody Acceptance Corp. pt. A. 244 Nov. 1 Holders of rec. Oct. 15
Food Machinery Corp.
Preferred B
'3
Nov. 1 *Holders of rec. Oct. 15
Common (payable in corn. stock) ___ /1
.
Nov. 15 Holders of rec. Oct. 31
Second preferred
"3
Nov. 1 Holders of rec. Oct. 15
Foreign Pow. Securities, panic. pfd.(qu) 134 Nov. 15 Holders of rec. Oct. 31
Kinney (G. It.) Co., corn.(guar.)
25c. Jan. 2 Holders of reo. Dec. 166
Formica Insulation,corn.(guar.)
Me Jan 1'31 *Holders of rec. Dec. 15
Preferred (guar.)
2 Dec. 1 Holders of rec. Nov. 160
Foundation Co. of Canada (guar.)
25c Nov.15 Holders of reo. Oct. 31
Kirby Lumber ((mar.)
' Deo. 10 'Holders of ree Nov.29
134
Freeoort 7 exas i'o. ((liar.)
Nov. I Holders of rec. Oct. 155 Klein (D. Emil), corn. (guar.)
El
*250. Jan. 2 *Holders of rec. Doe. 20
Frost Steel & Wire. 1st pref.(guar.).- 134 Nov. 1 Holders of rec. Oct.d22
Preferred (guar.)
*51.75 Nov. 1 *Holders of rec. Oct. 20
Preferred A (guar.)
Knudsen Creantery. class A (quar.).._. '3744e Nov. 20 *Holders of rec. Oct. 31
134 Nov. 1 Holders of rec. Oct. 122
Fulton Industrial Securities, Pref. (qu.). *87330 Nov. 1 'Holders of roe. Oct. 20
Kodel Elec.& Mfg., pref.(guar.)
.
350. Nov. 1 *Holders of rec. Oct. 25
Gardner-Denver Co., pref. (quar.)
.134 Nov. 1 'Holders of rec. Oct. 20
Komp Film Laboratories (monthly),...
*lo. Nov. 1 *Holders of rec. Oct. 25
Preferred (qtmr.)
*134 Jan. 31 'Holders of rec. Jan. 20
Kral,.(9. H.) & Co., corn.(quar.)
25
Nov. 1 Holders of rec. Oct. 100
Gen. Amer. Tank Car,stock My.(qt1.)... el
Jan 1'31 Hoiners of rec. Dec. 13,1
COM.(payable in special pref. stock).
50c Nov. I Holders of rec. Oct. 106
General Cable, Prof.(guar.)
$1.75 Nov. 1 Holders of rec. Oct. 220
Special preferred (qptar.)
15c Nov. 1 Holders of rec.
General Cigar Co., Inc., corn,(quar.)--- St
Nov. 1 Holders of rec. Oct. 170 Kroger Grocery & Baking, corn.(guar.). •250 Dec. 2 *Holders of rec. Oct. 100
Nov.10
Preferred (quar.)
134 Dec. 1 Holders of rec. Nov.2I6
2d preferred (quar.)
*134 Nov. 1 *Holders of rec. Oct. 20
General Foods. corn. (guar.)
75c. Nov. 1 Holders of rec. Oct. 15a Lake of the Woods Milling, corn.(qu.)....
800. Dee. 1 Holders of rec. Nov. 15
General Mills. corn. (guar.)
75r. Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
133 Dec. 1 Holders of rec. Nov.15
General Motors $5 pre/.(guar.)
$1.25 Nov. 1 Holders of reo. Oct. So
Landis Maciune. OOMM011 (guar.)
*760 Nov.16 *Holders of reo. Nov. 6
Gen!Outdoor Advertising. el. A MO- 51
.
Nov.15 Holders of rec. Nov. 50 Land Title Bldg. Corp. (Phila.)
$1
Dec. 31 Holders of rec. Dec. 10
Preferred (guar.)
•133 Nov.15 *Holders of reo. Nov. 5
Lane Bryant, Inc., pref. (quar.)
141 Nov. 1 Holders of rec. Oct. 16
General Parts Corp., pref.(guar.)
.30c. Nov. 1 *Holders of rec. Oct. 20
Lanston MonotYPe Machine(guar.).- 134 Nov.29 Holders of rec. Nov. 190
General Public Service, $6 pref. (guar.). •51.50 Nov. 1 *Holders of rec. Oct. 10
Extra
250. Nov.29 Holders of rec. Nov. 190
35 :0 preferred (guar.)
• 31.375 Nov. 1 *Holders of rec. Oct. In
Lawbeek Corp.. Prof.(quar.)
"133 Nov. 1 Holders of rec. Oct. 20
General Steel Wares, Ltd., pref.(guar.). 144 Nov. 1 Holders of rec. Oct. 15
Lazarus(F.& R.) Co., pref.(quar.).... *134 Nov. 1 Holders of rec. Oct. 20
General Stock Yards, corn.(guar.)
500. Nov. 1 Holders of rec. Oct. 15
LeIcoort Realty. com. (guar.)
.40c. Nov. 15 Holders of rec. Nov. 5
Common (extra)
250. Nov. 1 Holders of rec. Oct. 15
Lehigh Coal & Navigation, corn.(nova!)
350. Nov.29 Holders of rec. Oct. 31
Preferred (guar.)
81.50 Nov. 1 Holders of roe. Oct. 15
Lehigh Portland Cement, corn. (quar.)25c. Nov. 1 Holders of rec. Oct. 140
Getters! Tire & Rubber. corn.(nen)._ $1
Nov. 1 Holders of rec. Oct. 20
Lebn & Fink Products Co.(guar.)
75o, Dec. 1 Holders of rec. Nov. 15a
General Utilities, pref. (monthly)
•58 1-30 Nov. 1 *Holders of rec. Oct. 25
Lemer Stores Corp., Pref.(guar.)
14 Nov. 1 Holders of rec. Oct. 25
Gibson Art, common (quar.)
Mac Dec. I slioldere of rec. Nov. 20
Liberty Dairy Prod., lilt & 2nd oref. 53 2.2534 Nov. 10
common ((Mar
.43.5e Aprl'31 *Hold. of rec. Mar 20'3l Liggett & Myers Tob.00m.& com.B(ciu.) $1 Dec. 1 Holders of reo. Nov. 17a
Gillette Safety Razor. corn.(quar.)
Jan. 3 *Holders of rec. Dec. 3
*El
Lincoln Printing. cum.(guar.)
50c. Nov. 1 Holders of rec. Oct. 21
Gimbel Bros.. pref. (quar.)
134 Nov. 1 Holders of reo. Oct. 160
Preferred (guar.)
87 tic Nov. 1 Holders of rec. Oct. 21
Globe-Democrat Publishing, pref. (qu.) 131 Dec. 1 Holders of rec. Nov.20
Lindsay Nunn Publishing, prof.(guar.). *500. Dec. 1 *Holders of reo. Nov.20
Globe Underwriters Exchange
150. Nov. 1 Holders of rec. Oct. 20
Ludt-iselt Co., cow. (quar-1
650. Dec. 1 Holders of rec. Nov. 150
Gold Dust, corn. (guar.)
6233o Nov. 1 Holders of tee. Oct. 106
Liquid Carbonic Corp.(guar.)
51
Nov. 1 Holders of rec. Oct. 2011
Goldsmith (P.) Sons (quar.)
•300 Nov. 1 *Holders of rec. Oct. 20
Loew's Boston Theatres(guar.)
15e. Nov. 1 Holders of rec. Oct. 18
Goodyear Tire & Rubber. corn. (guar.). $1.25 Nov. 1 Holders of rec. Oct. la Loco's, Inc., Pref. (guar.)
31.825 Nov.15 Holders of rec. Oct. 3111
1st preferred (guar.)
144 Jan. 1 Holders of reo. Dee. la Loew's Ohio Theatres, pref. (quar.)
*2
Nov. 1 *Holders of rec. Oct. 25
Gorham Mfg., corn. (guar.)
Loose-Wiles Biscuit, corn, (quar.)
50e. Dec. 1 Holders of rec. Nov. 15
650. Nov. 1 Holders of rec. Oct. 1811
Gotham Silk Hosiery. pref.(guar.)
133 Nov. 1 Holders of rec. Oct. 110
Common (extra)
10c. Nov. 1 Holders of reo. Oct. 180
Gramophone Co., Ltd.
Preferred (guar.)
144 Janl'31 Holders of rec. Dee. 18a
Amer.dep. rots,for ord.reg.share__. stel5 Nov.11 *Holders of rec. Oct. 14
Lord & Taylor, corn, (extra)
Dee. 10 Holders of rec. Nov.17a
5
GranbyCons. Min. Smelt. dr Pow.(rm.)
First preferred (guar.)
50c. Nov. 1 Holders of rec. Oct. 170
134 Dec. 1 Holders of ree. Nov.17a
Grand (F. & W.) 5-10-25 Ct. Stores
Second preferred tousr.)
2
Nov. t Holders of rec. Oct. 17
Preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 140 Los Angeles Invest.. pref. (guar.)
.30c. Nov. 15 Holders of rec. Oct. 15
Grand Rapids Storm Equip. PI (an.)... '17340 Nov 1 Holders of rec. Oct. 21
Louisiana Oil Ref., pref. (guar.)
144 Nov. 15 Holders of reo. Nov. la
GrandRapids Varnish, corn. (guar.).
-*250.Dec. 81 Holders of reo. Dec. 20
Lunkenhelmer Co.. pref. (guar.)
*144 Jan 1'31
Groton & Knight Co., pref. (quar.) . •134 Nov. 15 Holders of reo. Oct. 22
Luther Manufacturing (guar.)
*2
Nov. 1 *Holders of reo Oct. 21
Gray Processes Corp
*50o. Jan
2 Holders of reo. Dec. 18
Lynch Corporation (quar.)
*50c. Nov. 15 *Holders of rec. Nov. 5
Extra
stork dividend.
*50o. Jan. 2 Holders of reo. Dec. 18
*el
Nov. 15 *Holders of reo. Nov. 5
Great Lakes Dredge & Dock, corn.(on.) 25o. Nov.15 Nov. 6 to Nov. 15
MacKinnon Steel Corp., lot pref.(guar) 14E Nov. 1 Holders of roc Oct. 29
Greet Latex i.iieliieerinc (quar.)
.25c. Nov. 1 Holders of rec. Oct. 25
MacMarr Stores. corn.(guar.)
250. Nov. 1 Holders of rec. Oct. 17
Great Northern Paper (guar.)
•75e. Dec. 1 Holders of rect. Nov.20
Majestic Royalty Corp. (monthly)
4
.13E Nov. 1 *Holders of rec. Oct. 25
Great Western Elec. Chem.. 1st pf.(qu.)•
51.50 Jan. 1 Holders of reo. Dec. 20
Manchester Cotton Mills( guar.)
*
4
Nov. 1 *Holders of rec. Oct. 15
Omen V3 ate)). common (guar.)
•50c Deo. 1 Holders of rec. Nov. 20
Macy (R. H.) & Co.. COM,(quer.)
50c. Nov. 15 Holders of rec. Oct. 24a
Common (guar.)
•50e Mar131 Hold,of reo. Feb.20'3l
Magnin (T.) & Co.. pref. (guar.)
'134 Nov. 15 *Holders of roe Nov. 6
Preferred (guar.)
*144 Nov. 1 *Holders of rec. Oct. 20
Massey-Harris, Ltd., pref.(guar.)
*134 Nov. 15 *Holders of reo. Nov. 1
Preferred (gnar.).• - •
.
0144 Feb 1 81 *Hold. of rec. Jan. 20 31
Matson Navigation (Quer.'
•134 Nov. 16
Guardian Bk. Sh. Inv.'17., corn.(an.).. 4
.1
Nov. 1 *Holders of rec. Sept.20
May Department Stores, coca.(qual.)
50o Dec. 1 Holders of reo, Nov 156
Gulf 011Corp.(guar.)
*3744c Jan 1'31 *Rola. of rec. Dec.20'30
Common (payable In common 'Beek)- 1134 Dec. 1 Holders of roe. Nov laa
Gulf States Steel. 1st corn.Prof.(quar.)__
134 Jan 2'31 Holders of rec. Dec. 15, Maytag Co.. pref. (guar.)
75c. Nov. 1 Holders of reo. Oct. 156
Haiku Pineapple, pref.(guar.)
•4344c Nov. 1 *Holders of reo. Oct. 25
First preferred (guar.)
I44 Nov. 1 Holders of rec. Oct. 150
Hamilton Bridge. common (guar.)
50c Nov. 1 Holders of rec. Oct. 22
McCall Corp. (guar.)
62 K e Nov. 1 Holders of rec. Oct. 200
First preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 22
McCrory Stores. cony. pref.
81.50 Nov. 1 Holders of reo. Oct. 204
Hamilton Watch, corn.(no par)(mthly.)
150 Nov.29 Holders of rec. Nov. 100 McIntyre Porcupine Mines,(q)
Ltd.(guar) 250. Dee. 1 Holders of rec. Nov. la
Common ($25 Par)(monthly)
25o. Nov.29 Holders of rec. Nov.105 McLoughlin Textile Corp., pref. (qu.)-- *
Nov. 1
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 10a 51eWilllarna Dredging, Pref.(qua!,)._.' 33134 Nov. 1 *Holders of reo. Oct. 20
1-3c
Hammerrnill Paper (guar.)
*25o. Nov. 15 *Holders of rec. Oct. 31
Mead Corp., $6 pref. (guar.)
.5i.50 Dee. I *Holders of rec. Nov. 20
Hanna(M. A.) Co., pref. (guar.)
$1.75 Dec. 20 Holders of rec. Dee. 56 Melville Shoe Corp.,corn.(guar.)
50c. Nov. 1 Holders of rec. Oct. 176
.1.4 Nov. 1 "Holdors of rec. Oct. 10
Harris Bros. Co.. prof (quar.)
First preferred (quar,)
"133 Nov. 1 'Holders of rec. Oct. 17
-Carter Co., Pref. (guar.)
Hart
*50c. Deo. 1 *Holders of rec. Nov.15
Second preferred (guar.)
*74c Nov. 1 'Holders of rec. Oct. 17
Hartford-Aetna Realty (guar-)
Dec. 2 *Holders of rec. Oct. 15
*31
Merchants Refrigerating, pref.(quit.)
1
.134 Nov. 1 Holders of reo. Oct. 23
•75o. Nov. II •Hoirieni of tee. Oct. 1
Hartford lilies, Inc., pref. (guar.)_ _
Merck Corp.. pref.(guar.)
2
Jan 2'31 Holders of rec. Dec. 17
Harr Soh:.frnor & Marx. Ino (qua0.1._. $2
Nov.29 Froldera of roe. Nov. 140 Mercury Mills, Ltd., pref.(guar.)
144 Nov. 1 Holders of rec. Oct. 15
Hathaway Bakeries. Inc., class A (guar.) 75e. Dee. 1 Holders of reo. Nov. 15
Merrimack Val. Pow. & Bides.. of. Mu / 4 14 Nov. 1 Holders of rec. Oct. 15
.
Preferred (guar.)
144 Dec. 1 Holders of reo. Nov. 15
Merritt, Chapman & Scott, corn.(guar) *40o. Dee. 1 Holders of rec. Nov. 15'
"400. Nov.30
Hawaiian Can (monthly) extra
Preferred (guar.)
*1.44 Dee. 1 Holders of rec. Nov. 15
*40c. Nov.30
Extra
Metal & Thermit (guar.)
*51.50 Nov. 1 Holders of rec. Oct. 20
Hawaiian Pineapple (guar.)
50c. Nov.29 Holders of rec. Nov. 150 Metal Textile Corp., partlo. pref.(qu.).' 814e. Dec. 1 Holders of rec. Nov. 20
143 Nov.15 Holders of roe. Nov. aa
Hercules Powder. pref. (guar.)
Metropolitan Advertiser
*250. Nov. 15 Holders of tee. Nov. 1
•1233.• Nov. 15 'Holders of rec. Nov. 1
Realty aircraft, common (guar.)
Metropolitan Ind. SO pref.(guar.)
*31.50 Nov. 1 Holders of roc. Oct. 20
*83(e Nov. 15 *Holders of rec. Nov. 1
Claim A (guar.)
45 pref. allot. ctf. 50% pd.(quit.).... *750. Nov. 1 Holders of rec. Oct. 20
Hershey Chocolate, corn. (guar.)
51.25 Nov. 15 Holders of rec. Oct. 256 Metropolitan Storage Warehouse (qual.) *41.
Nov. 1 Holders of rec. Oct. 16
133 Nov. 15 Holders of rec. Oct. 250
ml1-1 ((lament Penne... ...M I.
Prior preferred (guar.)
5flo Nov. In IlulOer, it rev Dot 15a
.
Convertible rireferred (guar.)
Nov. IA Holders of rec. Oct. 241 Minneap.-Moline Pr.Implm't. pf.(qu.). 51.625 Nov.15 Holders of rec. Nov. la
51
.
Hibbard,Spencer, Bartlett & Co (mthly) 250 Nov.28 Holders of rec. Nov.21
Minnesota Val. Can.. pref.(guar.)
411.75 Nov. 1 *Holders of reo. Oct. 20
Monthly
250 Dec. 26 Holder. of rec. Dec. 19
Preferred (guar.)
41.76 Feb. 1 *Holders of reo. Jan. 20
- 144 Nov. 1 Oct. 18 to Nov. I
Higbee & Co.,first preferred (guar.).
Mississippi val. PM. Invest., pref.(qu.) 51.50 Nov. 1 Holders of rec. Oct. 15
Dee. 1 *Holders of reo. Nov. 21
Second preferred (Qual.)
*2
Missouri-Kansas Pipe Line
50o Dec. 1 Holders of reo. Nov. 15
Hires (Charles E.) CO.. own. A (quar.)__
'Common (1-40th share common)
(f) Nov.24 *Holders of reo. Nov. 3
Sc. Nov. 4 Holders of rec. Oct. 21
Hollinger Consol. Gold Mines
Class B (1-800th share com. stock)
(f) Nov.24 *Holders of reo. Nov. 3
Hormel (George A.) & Co., corn.(guar.) *50c. Nov. 15 *Holders of rec. Nov. 1
Missouri Portland Cement(guar.)
500 Nov. 1 Holders of rec. Oct. 22
*31.50 Nov. 15 *Holders of reo. Nov. 1
Preferred A (guar.)
Extra
50c Nov. 1 Holders of rec. Oct. 22
*51.75 Nov. 15 *Holders of reo. Nov. 1
Modine Mfg., common (guar.)
Preferred B (guar.)
0750 Nov. 1 *Holders of rec. Oct. 20
*31.50 Nov. 1 *Holders of reo. Oct. 24
Mohawk Mining (guar.)
Horne (Jos.) Co., pref.(guar.)
25c, Nov.29 Holders of rec. Oct. 31
8234e Nov. 1 Holders of reo. Oct. 10
Horn & Hardart, corn (quar.)
Monarch Knitting, Ltd.. prof. (quar.).. *144 Nov. 1 *Holders of rec. Oct. 23
*500. Nov. 1 'Holders of reo. Oct. 15
Humberstone Shoe, Ltd.(guar.)
Montgomery Ward & Co., Cl. A (qui- *81.75 Jan. 1 *Holders of rec. Dee. 20
Hunts Bros. Packing. clans A (guar.)._ *50c. Nov. 1 *Holders of rec. Oct. 15
Moody's Inveetors Servioe*75e. Nov. 1 *Holders of reo. Oct. 28
Partloipating preference (guar.)
75e Nov.15 Holders of res. Nov. 1
III. Pao. Coast CO., Di.(qu.)(No.1)
4450c. Dee. 31 *Holders of reo. Sept.20
Moore Drop Forging, cl. A (quar.)
Impervious Varnish (Qum-)
*81.50 Nov. 1 *Holders of reo. Oct. 15
50c. Nov. 15 Holders of rec. Oct. 24
Morris Plan Bank (Cleveland) (qual.) 4 33
Indiana Pipe Line (guar.)
.
Nov. 1 *Holders of rec. Oct. 25
25e. Nov. 115 Holders of rec. Oct. 24
Morris Plan Co.of It. I.(guar.)
Extra. _ _
'1.44 Nov. 1 *Holders of rec. Oct. 25
*3244c Nov.15 *Holders of rec. Oet. 31
Mortgage Co. of Nova Scotia (quar.)-- *31.50 Nov. 1 *Holders of rec. Oct. 24
Industrial Credit of Amer.(guar.)
Quarterly
*134 Nov. 1 *Holders of rec. Oct. 25
Industrial Finance Corp.
Nov. 1 Holden of rec. Apr. 18
Muirheads Cafeteria, pref. (guar.)
Common (payable In common stook)._ ,f344
*25e. Nov. 1 *Holders of rec. Oct. 15
Mullins Mfg. Corp.. pref. (quar.)
Common (payable in common stook)-. /214 Feb1'31 Hold of reo. Apr 18'30
134 Nov. 1 Holders of rec. Oct. 15
Municipal Tel. & Utilities, corn. A (gu.) *25c. Nov. 15 Holders of rec. Oct. 15
'134 Nov. 1 *Holders of rec. Oct. 17
7% Preferred (guar.)
$1 Dee. 1 Holders of reo. Nov. 36 Munsingwear, Inc.corn.(guar.)
75o. Dee. 1 Holders of reo. Nov. 120
Ingersoll-Rand Co.,oom.(guar.)
El Dec. 1 Holders of reo. Nov. 3a Muskogee Co., pref.(guar.)
144 Dec. 1 Holders of rec. Nov. 20
Common (extra)
El
Internat. Agricul. Corp.. Pr. PI.(War.). 144 Dee. 1 Holders of reo. Nov.15a Nash Motors(guar.)
Nov. 1 Holders of rec. Oct. 2015
National Acme Co., common (qual.)... 3734e Nov. 1 Holders of reo. Oct. 150
Internat. Cigar Mach., new (qu.)(No.1) 6234c. Nov. 1 Holders of rec. Oct. 17
Nat. Bearing Metals. pref. (guar.)
60e Dee. 1 Holders of rec. Nov. 15
New (extra)
144 Nov. 1 Holders of rec. Oct. 16
144 Dec. 1 Holders of reo. Nov. 50 National Bellas-Hess, pref. (guar.)
14E Dec. 1 Holders of reo. Nov.2011
Internat. Harvester, pref. (guar.)
50c. Nov. 15 Holders of rec. Oct. 200
Internat. Nickel of Canada, pref.(guar.) 134 Nov. 1 Holders of rec. Oct. 20 National Eilscult.00mmOn (extra)
Common (guar.)
6233c Nov. 1 Holders of rec. Oct. 130
70e. Jan. 15 Holders of rec. Dee.4194
Internat. Printing Ink, corn. (qual.)
Preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 130
144 Nov.29 Holders of rec. Nov. 140
Preferred (guar.)
52
International Safety Razor, el. A (guar.) 600. Doe. 1 Holders of roe. Nov.14a National Carbon, pref. (guar.)
Nov. 1 Holders of zoo. Oct. 20
50e. Dec. 1 Holders of rec. Nov. 140 National Casket. common (quit.)
*32 Nov. 15 *Holders of rec. Oct. 31
Class B (guar.)
250. Dec. 1 Holders of rec. Nov. 140 National Dept. Stores, let pref. (guar) 144 Nov. 1 Holders of rec. Oct. 150
Clams B (extra)
Second preferred (guar.)
50c. Nov. 1 Holders ol rec. Oct. (5
4
.14.1 Dec. 1 *Holders of rec. Nov. 15
International Shoe, pref.(monthly)
Nat. D44:fliers Products Corp.,oom.(qu.)
*500. Dec. 1 *Holders of rec. Nov. 15
Preferred (monthly)
50o. Nov. 1 Holders of ree. Oct. 150
FirepofngNatl
e((quar3 oommon (qual.)..
750 Nov. 1 Holders of reo. Oct. 1
Interstate Dept. Stores, pref. (quar,).._
134 Nov. 1 Holders of rec. Oct. 25a
75e. Nov. 1 Holders of ree. Ost. 1
interstate Equities. pref. (guar.)
750. Nov. 1 Holders of rec. Oct. 18
PreferrNational Lead, pref. A (guar.)
14E Dee. 15 Holders of reo. Nov. 280
50c. Nov.15 Holders of rec. Oct. 310
Intertype Corp.. corn. (guar.)
Preferred B (guar.)
134 Nov. 1 Holders of rec. Oct. 170
Investment Trust Assoc.(au.)(No. 1).. 1240 Nov. 1 Holders of rec. Oct. 15
National Lock Washer (guar.)
IvanhoeFood,Inc., pref.(guar.)
Nov. 1 *Holders of reo. Oct. 25
*31
448714e Jan 2'31 Holders of rec. Dec. 20
National Refining, corn.(guar.)
*3744o Nov.15 *Holders of rec. Nov. 1
Jackson & Curtis Inv. Assn.National Sash Weight, pref. (qual.)
*8744c Nov. 1 *Holders of reo. Oct. 20
*60e. Nov. 1 Holders of rec. Oct. 24
Ctf. ben. Int. (guar.)
.
National Securities Invest.. pref. (qu.) *31.50 Nov.15 *Holders of rec. Oct. 24
Jackson& Curtis Secur. Corp., pref.(On) 41.50 Nov. 1 Holders of roe. Oct. 15
National Short Term. Seour.Jantsen Knitting Mach, ooto• (qual.).. .750. Nov. 1 Holders of rec. Oct. 15
Common A (Payable In none)
Dee. 16 Holders of tee. Nov.30
Common (payable In coin. stock),.,. *1100 Subject to stocled's meet. Nov. 12
National Supply, common (guar.)
$1.25 Nov. 15 Holders of rec. Nov. 50
*4334o Nov. 1 *Holders of reo. Oct. 15
Julian & Kokenge (guar.)
National Tea, pref.(guar.)
1344c Nov. 1 Holders of reo. Oct. 14
HallIMMICKI Veg. Parchment (quar.)... st5o. Dec. 81 •Holaers of reo. Dec. 22
National Terminals, Pref. (guar.)
.
44344c Nov. 1 *Holders of rec. Oct. 21
Kansas City Stock Yards,corn.(qual.).. *133 Nov. 1 *Holders of reo. Oct. 15
Prior preferred (guar.)
.
4250. Nov. 1 *Holders of rec. Oct. 21
Preferred (guar.)
nyg Nov. 1 *Holders of reo. Oct. 15
..14E Dec. 1 Holders of tee. Nov.15
1
Kayser (Julius) & Co.. Oom.(guar.).
- 82440 Nov. 1 Holders of reo. Oct. 166 Newberry (J JJ Co.. Prof (quar.)
Name of Company.
13
Nov. 1 1930.]
Name of ComPant/.
2847
FINANCIAL CHRONICLE
When
Per
Cent. Payable
Books CkNO.
DON Inclusive.
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
MIscellaneoun (COnffritte(f).
Mlecellaneous (Continued).
11 2-3c Nov.15 *Holders of rec. Oct. 81
40e. Jan1.111 Holders of roe. Den. 156 Schettler Drug,class A (mthly.) (guar.). '144 Jan 1'81 *Holders of rec. Doe. 15
Nellmer Bros., the.,common.(qua?.)
Schlesinger (13 F.)& Sons. pref.
134 Nov. 1 Holden] of rec. Oct. 15
•
Preferred (guar.)
10300. Nov.15 *Holders of roe. Nov. 7
Seotten-Dllion Co. (guar.)
.134 Nov. 1 *Holders of rec. Oct. 16
Newberry (J. J.) Realty, pref. A (qu.).. •
*10o. Nov.15 *Holders of rec. Nov. 7
Extra
l
Nov. 1 •Ffolders of rec. Oct. 16
6% preferred B (quar.)
154 Nov. 1 Holders of rec. Oct. 18
Scott Paper. pref. A (guar.)
20
New Amsterdam Casualty (Bait.) (qu.) •500. Nov. 1 *Holders of roe. Oct. 15
1M Nov. 1 Holders of rec. Oct. IS
Preferred 13 (guar.)
62M0 Nov. 1 Holders of rec. Oct.
New England Equity, corn. (guar.).
37lec Nov. 1 *Holders of roe. Oct. 19
•
Nat. Sec., pref. (guar.)
Seaboard
31
roe.
New Eng. Furniture & Carpet, pf.(n.). *lee Nov.15 *Holders of roe. Oct. 23
12)4c Nov.15 Holders of res. Oct. 81
Seaboard Surety Co.(guar.)
Oct.
lee Nov. 1 Holders of
New Haven Clock. pref.(guar.)
62)0 Nov. 1 Holders of roe. Oct. 160
Sean Roebuck dt Co.(guar.)
•50c. Nov. 10 •Holcers of rec. Oct. 20
New Jerees Zioc (near.)
Nov. 1 Holders of re* Oct 15a
el
Wend (ettar.)
,
Stork di
lee Nov. 1 Holders of roe. Oct. 27
New Process Co., pref. (guar.)
1.0o. Nov. 1 "Holders of rec. Oct. 22
Securities Corp. General. corn.(guar.) .
22
of rec.
New River Co., pref.(acct. accum. div.) 51)4 Nov. 1 Holders of rec. Oct. 70
"11.75 Nov. 1 *Holders of rec. Oct. 22
$7 preferred (guar.)
Oct.
90c. Nov. 1 Holders
New York Air Brake, corn. (guar.).- - 0$1.50 Nov. 1 *Holders of rec. Oct. 22
.
$6 preferred (guar.)
25c. Nov. 1 Holders of roe. Oct. 20
New York Merchandise, corn. (guar.)
O3H Nov. 1 *Holders of roe. Oct. 15
Security Associates, Inc., pref
lei Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
75e. Nov. 1 Holders of rec. Oct 15
Seeman Bros. min. (guar.)
rec. Oct. 10
New York Utilities. Inc.. pref. (guar.)._ $1.75 Nov. 1 Holders of rec. Dec. 28
*35c. Nov. 1 *Holders of rec. Oct. 20
Selby Shoe,corn.(guar.)
*50o. Dec. 31 *Holders of
-Pond. corn.(guar.)...
Niles-Bement
1H Nov. 1 *Holders of roe. Oct. 20
•
Preferred (guar.)
Nov. 1
Nineteen Hundred Corp., class A (V.). •50e. Nov.15 *Holders of rec. Nov. 1
Selfridge Provincial Stores. Ltd.
•25e. Nov.1 *Holders of rec.
Class B (guar.)
•w314 Dec. 5 *Holders of rec. Nov. 14
American deposit receipts
•250. Nov.1 *Holders of rec. Nov. 1
Class B (extra)
134 Nov. 1 Holders of roe. Oct. 15
Service Stations,Ltd., pref.((Mar.)
IF.
20e. Nov. I Holders of me. Oct.
Noma Electric Corp.(gear.)
Nov. 1 Holders of rec. Oct. 15
1
Preferred series A (guar.)
31
North Amer. Invest. Corp.,corn.(guar.) •IM Nov.20 *Holders of rec. Oct. 20
•26e. Nov. 1 *Holders of rec. Oct. 16
Seton Leather, common (guar.)
of rec. Oct.
*10e. Nov. 1 "Holders
North Amer. 011 Cons.(monthly)
- 8714c Nov. 1 Holders of rec. Oct. 174
Dohine, Inc., pref. A (guar.).
Sharp &
Northern Discount, pref. A(mthly.)_.'662.3c Nov. 1 *Holders of rec. Oct. 15
(00) Nov. 1 Holders of rec. Oct. 4
Shenandoah Corp.. Prof. (guar.)
•662-Sc Dec. 1 *Holders of roe. Nov. 16
Preferred A (monthly).
•81 Nov.15 *Holders of rec. Oct. 81
Sherwin-Williams. OM.((Mar.)
•50o. Nov. 1 *Holders of me. Oct. 15
Northwest Engineering Co.(guar.)
'1234 Nov.15 *Holders of roe. Oct. 31
Common (extra)
"20c. Nov. 1 *Holders of rec. Oct. 15
Novia EleetrIr Co. (guar.)
'134 Dec. 1 *Holders of rec. Nov.15
Preferred (guar.)
Oct.
Noyes(Charles F.) Co.„ Inc.. corn.(WI.) •450. Nov. 1
Sneer (Isaac) Bros. Co.. prof. (guar.).- 154 Nov. 1 Holders of rec. Oct. 14
•bo. Nov. 1
15
Common (extra)
Nov. 1 *Holders of rec.
*3
Simpson (West.) Co., prei
"51.50 Nov. 1
Preferred (guar.)
500. Nov. 1 Holders of rec. Oct 25a
Simpson's. Ltd.,class A (guar.)
20
"11.50 Nov. 1 *Holders of roe. Oct.
Ogglesby Paper. preferred (guar.)
154 Nov. I Holders of rec. Oct. 254
Preference (qdor.)
.12 He Nov.15'Holders of rec. Nov 10
Ohmer Fare Register. corn (guar.)
2 Nov.15 Holders of rec. Nov. la
Sinclair Consol 011, pref.(guar.)
•12Iec Nov.lb 'Holders of roe. Oct. 31
011stocks, Ltd., class A & B (quar.)
*50o. Dec. 1 *Holders of roe. Nov.22
(guar.)
let Nov. I Holders of reo. Oct. 11" }Meyer Steel Castings. 00m.
Oil Well Supply Co • pref. (guar.)
50c. Dec. 15 Holders of rec. Nov.144
Skelly Oil. cons. (guar.)
400 Nov.15 Holders of rec. Nov. 1
Old Colony Investment Trust (qua?.)
1't Nov. I Holders of rec. Oct. 10
Preferred (guar.)
Oliver United killers, class A (guar.)--- '50e. Nov. 1 *Holders of rec. Oct. 20
6234c Nov. 1 *Holders of rec. Oct. 26
'
310 Skinner Organ (guar.)
Oppenhelm. Collins & Co.. corn. (guar.) 75c Nov. 15 Holders of rec. Oct. 25
Smith (Howard) Paper Mills, pref. (qu.) 1H Dec. 1 Holders of rec. Nov.21
Nov. I *Holders of rec. Oct.
Oswego Falls Corp.,1st Pre! guar.)---- *2
.(
Amer. investment. pfd.(quar.) - 81.375 Nov. 15 Holders of rec. Oct. 150
130 an1611 Hold. of rec. Dee.81•800 SolvayAmerican Air Lines
Otis Elevator, pref. (quar.)(r) Nov. 1 *Holders of rec. Oct. 16
Nov. I Holderb of rec. Oct. 204 South
El
Outlet Company, corn. (guar.)
Holders of rm. Oct. 15
134 Nov.
.
of roe. Oct. 200 Spleerl-May -Stern. Inc.614% Of. (qu.). •$1.50 Nov. 1 'Holders of rec. Oct. 15
1% Nov. I Holders
First preferred (quar.)
11.) & Sons, let pref. (guar.).
Squibb (E.
0
114 Nov. 1 Holden of rec. Oct. 2 0 Standard Corporation .Inc., corn
Second preferred (guar.)
Nov. 1 Holders of rec. Oct. 20
10c.
,
75c Nov. 15 Holders of rec. Oct. 300
Owens-Illinois Glass, corn.(guar.)
154 Doe. 1 Holders of rec. Nov. 7
Standard 011 (Ohio). prof.(guar.)
51.50 Jan. 1 Holders of rec. Dec. 16
Preferred (guar.)
50o• Nov. 15 Holders of rec. Oct. 31
Stand. Paving & Materials corn.(qua?.)
•60e Nov. 1 *Holders of rec. Oct. 20
Clay Products (guar.)
Pacific
154 Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
•20e Nov. 1 *Holders of rec. Oct. 15
Pacific Finance, pref. A (guar.)
'37)4c Nov. 15 *Holders of rec. Nov. 1
Stanley Works. pref.(qua?.)
•16M0 Nov. 1 *Holders of rec. Oct. 15
Preferred C (guar.)
& pref. (an.) 43140 Nov. 1 Holders of rec. Oct. 7
Steel Co. of Canada. corn.
"1.714c Nov. 1 *Holders of rec. Oct. 16
Preferred D (guar.)
40e. Nov.15 Holders of rec. Oct. 30
Stein (A.)& Co. corn.(guar.)
•lef Nov. 1 *Holders of ree. Oct. 20
Package Machinery. pref. (guar.)
'37)4e Dec. 1 *Holders of reo. Nov. 15
Stlx, Baer & Fuller, common
- •500. Nov. 1 *Holders of rec. Oct. 25
Parker(C.S.) & Co.,class A (guar.).
"50e. Nov. 1 "Holders of rec. Oct. 20
StorklIne Furniture. pref. (quar.)
"Holders of rec. Nov. 1
'sex Nov. 1 *Holders of rec. Oct. 25
•132%0 Nov.15
Parker Pen, corn. (guar.)
class A & B (guar.)
Sc. Nov.10 Holders of rec. Oct. 310 Stouffer Corp.,invest.. pref. A (quar.)
Parmelee Transportation (monthly)__.
'75e. Nov. 1 *Holders of rec. Oat. 15
Straus (S. W.)
15
'114 Nov. 1 *Holders of rec. Oct. 20
PeabodyCoal, pref. (guar.)
Strawbridge & Clothier, pref. A (guar.). '1)4 Doe. 1 "Holders of rec. Nov. 15
of rec. Oct. 20
Nov. 1 *Holders
•2
Preferred (guar.)
Elec. &sour.. let pref. (quar.)- .$1.50 Nov. 1 *Holders of rec. Oct. 20
Suburban
'37140 Nov. 15 *Holders of rec. Oct. 31
Peck Bros & Co.. corn. (guar.)
Nov. 1 "Holders of rec. Oct.
•2
(guar.)
Sullivan Packing pref.
•250. Doe. 15'Holders of roe. Dee. 1
Penick & Ford. Ltd.. coin.(guar.)
*Holders of rec. Oct. 22
Sun Glow Industries (guar.) (quar.)__. •500. Nov. 1 Holders of roe. Oct. 20
*50o. Doe. 15'Holders of rec. Doe. 1
Common (extra)
75c. Nov. 1
Sun Investing Co.. Inc.. pref.
*1H Jan. I 'Holders of roe. Doe. 15
Preferred (guar.)
250. Dee. 15 Holders of rec. Nov.256
Sun Oil,corn.(guar.)
1 *Holders of rec. Nov.15
Penn Bankshares & Securities. Pf.(on.). •62Iee Dec.
19 Dee. 15 Holders of roe. Nov.2511
Pay. In corn. stock)
•62H0 Nov. 1 'Holders of rec. Oct. 25
Penn Bradford Co.. pref. (guar.)
Dec. 1 Holders of me. Nov.106
Preferred (guar.)
Nov. 15 Holder. of rec. Nov. b
Penman a, Ltd., common (guar.)
$1
er.
Super-Corporation, Am.Trust she.
Holders of rec. Oct. 21
4
1 1 Nov. 1
Preferred (goer.)
S 43e Nov. 1
1.22
Series A
134 Nov. 1 Holders of roe. Oct. 15
Pennsylvania industries, pref. (quar.)
• 19.65c Nov.
Series B
Pennsylvania Investing, class A (guar.). 621ec Dec. 1 Holders of rec. Nov. la
.25e. Nov. 1 'Holders of rec. Oct. 20
(guar.)
500. Dec. 1 Holders of rec. Nov. 16 Super-Maid Corp.Cement,el. A (mthly.) *27 He Nov. 'Holders of rec. Oct. 23
Class B
superior Portland
•250. Nov.15 *Holders of rec. Oct. 31
Petroleum Landowners Corp.(mthly.)
25e. Nov. 1 Holders of rec. Oct. 156
Sweets CO. of America (guar.)
1 Holders of rec. Oct. 15
35e. Nov.
Petroleum Rectifying Corp. (quar.)
Nov. 1 Holders of rec. Oct. 15
21
Swift Internacional (extra)
lbc. Nov. 1 Holders of rec. Oct. 15
Extra
Oct. 18 to Oct. 81
15o. Nov.
(guar.)
Teck-Hughes Gold Mines
- "le. Nov. 1 *Holders of rec. Oct. 15
Petroleum Royalties, pref.(monthly).
30e. Nov. 1 Holders of reel Oct. 1541
of roe. Oct. 20, Telaiitogmph corp.. corn (qua?.)
Phillips-Jones orp.,1)ref.(guar-)
131 Nov. 1 Holders
Holders of rec. Oct 156
5e. Nov.
Common (extras
Pierce-Arrow Motor Car
•20e. Nov. 'Holders of rec. Oct. 20
50c. Dec. 1 Holders of rec. Nov. 102 Telephone Corporation (monthly)
Common A (guar.)(No. 1)
*Holders of roe Nov. 20
•20a. Dee.
102
Monthly
1% Dec. 1 Holders of roe. Nov.
Preferred (quar.)
(qua?) *250. Ja 10'3 "Holders of me. Dec. 81
100. Nov.15 Holders of rec. Nov. la Tennessee Products Corp., tom.
Pierce Petroleum Corp., corn. (No. 1)__
•250. 4-10-3 "Holders of tee Mar. SI
Common (gear.)
•30e. Nov. I ...Holders of rec. Oct. IA
Peen Wisi Ie. pref. inner.)
*Holders of tee. Nov.15
Flour Mills. Prof. (guar.).- 91.75 Doe.
Tex-O-Kan
Pitney Bowes Postage Meter (mthly.).... 'Sc. Nov. 1 "Holders of rec. Oct. 24
Nov. 54
90e.
Thatcher Manufacturing. pref.(guar.).- el% Nov.15 Holders of rec. Oct. 15
1,4 Dec. I Holders of rec. Nov. 18
Pittsburgh Steel, preferred (guar.)
Nov. "Holders of rec.
Thermold Co., pref.(guar.)
*Holders of rec. Oct. 11
Pittsburgh tinned Corp., pref. (qu.).__ *SI.75 Nov. .
$1.25 Nov.15 Holders of rec. Oct. 174
Tide Water Oil, pref. (guar.)
Powdrell & Alexander, Inc., com.(quar.) 87H0 Nov.15 Holders of rec. Nov. 3
200. Nov.15 Holders of rec. Oct. 240
Tobacco Products Corp.. el. A (guar.).'134 Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.)
ree Dec I
Trawls Label A LIthneraph el A ion I '37140 Dee 15 *Holders of rec. Oct. 21
Power & Light Securitlei TrustTrimountain Dredge Co.. elms A (guar.) *50c. Nov. 1 "Holders of
•50c. Nov. 1 *Holders of rec. Oct. 20
Ctfs. ben ficial int.(guar.)
of rec. Oct. 15
TrIstate Royalty Corp., cont. (mthly)-' 8 1-3c. Nov. 1 *Holders of rer. Oct. 15
1 "Holders of roe. Oct. 20
Nov.
Ctfs. of beneficial Interest (In stock) "el
•10c. Nov. 1 *Holders
Preferred A (monthly)
50e. Nov. 1 Holders of roe. Oct. 20
Shares of beneficial interest
750. Nov. 1 Holders of roe. Oct. 15
TM-Utilities Corp.. pref. (guar.)
Nov. 1 Holders of rec. Oct. 20
el
Shares of beneficial interest
".$2 Nov. 1 *Holders of rec. Oct. 20
Troxel Manufacturing,corn.(guar.)elSo. Nov. 1 *Holders of rec. Oct. 21
Process Corp. (guar.)
•134 Nov. 1 "Holders of rec. Oct. 20
Preferred (guar.)
60c. Nov.15 Holders of rec. Oct. 250
Procter & Gamble Co.,corn.(qua?.)__._
40e. Nov. 1 Holders of rec. Oct. 21
Truax Truer Coal, cont.(quar.)
•10e. Nov.15 "Holders of rec. Oct. 31
Producing 011 Royalty (monthly)
*400. Nov. 11 *Holders of tee. Oct. 31
Trunz Pork Stores. corn.(guar.)
Nov. 1 Oct. 16 to Nov. 2
Prospect Hill Apartments, Inc., pref.- 3
300 Jan. 15 Holders of rec. Dec. 266
Truscon Steel. corn.(guar.)
,
3 4 Nov.1 Hower, nf rer. Oct in
Prudence Co . Inc.. ore?
/6 Mar,10 Holders of rec. Jan. 56
payablei corn.stock)
Cproeinfe.rr(ed
25e. Doe. 15 Holders of rec. Nov. 150
Public Investing, common (guar.)
*15( Dec. 1 *Holders of rec. Nov.21
(quad.)
200. Dee. 15 Holders of roe. Nov. 15a
Common (extra)
"25c Nov. 1 *Holders of rec. Oct. 20
Tung Sol Lamp Works,corn.(qu.)
Public Utility Holding Corp.
*750 Nov. 1 "Holders of rec. Oct. 20
Preferred (guar.)
1214e Nov. 30 Holders of rec. Nov. 10
Common (guar.)(No. 1)
•30c Nov. 1 'Holders of rec. Oct. 25
Turner Tanning Mach. Co. (guar.).
121‘r Nov. 30 Delderv of roe. Nov. 10
Class 4 (near 1 (No. 11
20
Twelfth St. Store (111s.). pref. A (guar.). *50e Nov. 1 *Holders of me. Oct. 15
141.75 Nov. 1 Holders of rec. Oct. 24
Public Utilities Securities Corp.. Df.(qu.)
Nov.15 Holders of rec. Oct. 244 Underwriters Finance, 7% pref.(guar.). '154 Nov. 1 *Holders of roe. Oct. 18
Si
Pullman,Inc.(guar.)
•500 Nov.10 *Holders of rm. Oct.
Union Oil Associates (guar.)
51M Jan. 2 'Holders of rec. Dec. 10
Pure Oil Co.. 5H% Prof. (guar.)
'el Nov. 10 "Holders of rec. Oct. 18
el% Jan. 2 *Holders of rec. Dec. 10
Stock dividend
6% preferred (guar.)
500 Nov. 10 Holders of rec. Oct. lila
Jan. 2 Holders of rec. Dec. 10a Union 011 (Calif.) (guar.)
2
8% preferred (guar.)
el Nov. 10 Holders of roe. Oct. 18a
Dec 1 Holders of rec. Nov. 140
Stook dividend (quar.)
11
Purity Bakeries, coin. (guar.)
'62)4 Nov. 15 *Holders of roe Nov. 1
Co. (guar.)
Union Storage
20c. Nov. 1 Oct. 18 to Oct. 31
Pyrene Mitt. (guar.)
40e. Dec. I Holders of rec Nov. 154
dtef irl d , e .m
ulprerlerieselal t ,ftvo ln_mon (gnat.)
.
*114 Nov.29 "Holders of ree. Nov 1
Quaker Date pre (mum)
I'( Nov. I Holders of rec. Oct. 16a
Quincy Mkt•Cold Stcr.&Whse. pf.(qu.)... •lee Nov. 1 *Holders of roe. Oct. 16
*lee Nov. 1 "Holders of roe. Oct. 21
•50e Nov. 1 *Holders of rec. Oct. 25
United Bond & Mtge.(R.I.) e.((Ill.)Randall Co.. class A (guar.)
1Doe. 1 "Holders of roe. Nov. 15
•500.
United Milk Crate. class A (guar.)
Raymond Concrete Pile. 00m.(guar.)._ •750 Nov. 1 *Holders of rec. Oct. 20
60e. Nov 1 Holders of me Oct 15
UnIrd Pleoe D sr W°rim. oorn.(qua?.).
•760 Nov. 1 "Holders of rec. Oct. 20
ip eferred ouye I
Preferred (guar.)
114 Jan2M1 Holders of roe Dec 201
50c Nov. 1 Holdere of rec. Oct. 21
Reed (C. A.) Co.. class A (pmar.)
623ec Dec. 15 Holders of rec. Nov.256
75c Dec. 1 Holders of rec. Nov.20
United Stores Corp., prof
Reliance International, pref.(guar.)._
50e. Nov. I Holders of rec. Oct. 2a
511nItur
•si.50 Nov. 1 *Holders of rec. Oct. 15 United Verde Extension
Republic Service, pref.(guar.)
(qua?.)D
8. dt British Internat. Co., Ltd.Revere Copeer & Brass, pref. (guar.)... 81.75 Nov. 1 Hoidens of rec. Oct liso
1254e. Nov. 1 Holders of roe. Oat. 16
•25e Nov.15 *Holders of rec. Nov. 1
Common A (guar.) (No. 1)
Reymer & Pros.(guar.)
7541. Nov. 1 Holders of rec. Oct. 16
37 c Nov. i Holders of rer. (bet. 15
83 preferred (guar.)
rem.(guar.)
Rive-slit Drt (
*81.50 Nov. 1 *Holders of rec. Oct. 2
(guar.)*400.Nov.15 *Holders of rec. Oct. 31
U.S.Electric Power, pref.(quar.)
Richardson Co.
Guaranty (Bait.) (qu.) *50e. Nov. 1 *Holders of rec. Oct. 31
*00c. Nov. 1 'Holders of reu. Oct. lb
"
U. S. Fidelity &
Rich lee Cream Cu. corn ((Mara
rec. Oct. ha
Holders
•43Hr Nov. 1 *Holders of rec. Oct. 4
U. S.& Voreittu Securities. 1st pref.(1111.) $1.50 Nov. I Holders of ree. Oct. 166
Richfield Oil of Calif.. pref. (quar.)
of
$1.50 Nov. 1
U. S. Industrial Alcohol (guar.)
RIO Tinto Co. Ltd.(qu.) $1.25 Nov. 1 Holders of rm. Oct. 11
•105 Nov. 6 "Holders of roe. Oct. 31
'
U.S.& Internat. Securities, 1st pf.
Amer. dep. tots., ord. bearer
*6 Sic Nov. 30 *Holders of rec. Nov. 10
Nov. 6 'Holders of rec. Oct. .31
Amer. dep. rem. pref. bearer
U.S.& Overseas Corp
ble
111.50 Nov. 1 *Holders of rec. Oct. 15
Pipe & Foundry. corn.(guar.)._ 214 Js2l)'3t Holders of roe Dec. 81.•
CI
Riverside Cement, let Prof.(guar.)
30e. Ja 20'3 Holders of roe Dee
•313.(o Nov. 1 •Ho.ders of roe. Oct. 15
Firer preferred (oller.)
Class A poetic. pref.(guar.)
Jan. 1 *Holders of roe. Doe. 20
"51
Nov. 1 Hold ers If re' ()et. If.
class A (near.)
Rogers Pa, Cr
U.S.Playing Card (guar.)
75c. Dee lS Holders of rec. Nov.146
*I% Nov. *Holders of rec. Oct. 21
U.S. Realty & Improvement
Roland Park Homeland.Pf- (guar.)
750 Nov. I Holder) of rec ort. 200
•90e. Nov. *Holders of rec. Oct. 17
IlnIvelsal Leaf 'Pointer.) corn ((Mar.).Rollins Hosiery Mills, Inc., pref.(qu.)
1.4 Nov. 1 Holders of rec. Oct. 15a
*6214c Nov. *Holders of rec. Oct. 15
Inc., corn.(guar.)
Pipe & Radiator. pref.(qu.)
Universal
Roos Bros.,
*25e. Nov.15 *Holders of rec. Nov. 1
• 81.625 Nov. "Holders of rec. Oct. 15
Preferred (quar.)
Upson Company. cl. & B (guar.)
Nov.15
ele. Nov. *Holders of rec. Oct. 20
Utility Equities Corp., priority stook- _ $2.75 D. I Holders of rec. Oct. 31
Royalties Managem't Corp. A&B(mthly)
Holders
•1).i Nov. "Holders of rec. Oct. 20
Utility & Industrial Corp., prof. (guar.) 3734c Nov. 20 Holders of rec. Nov. la
Rowell Motor Car, com.(guar.)
of rec.
75e. Nov. 15
•1ei Nov. *Holders of rec. Oct. 20
Preferred (guar.)
Vanadium Corp of Amer.(guar.)
•$2.50 Nov. 10 'Holders of rec. Nov. 1
*S1.75 Nov. ...Holders of rec. Oct. 21
Vapor Car Heating. COM. Mar.)
Russ Mfg., class A (guar.)
•i ti I we III *H..innn. ,,i rot. Iwo 1
"81.75 Nov.
Preferred (guar.,
Class A
effaa. Nov
133c. Nov.15 'Holders of rec. Oct. 31
•
Veeder Root, Inc. Mar.)
Rued Mfg. common (guar.)
'Holders of fee Oct. 15
Nov. 6 "Holders of tee. Oct. 18
"SI
Talking Mach (guar.)
T.)& Sons,(quar.)....... •500. Nov. *Holders of rec. Om. 17
Victor
Ryerson (Joseph
"$2 Nov. 1 *Holders of rec. Oct. 15
500. Dee. 20 Dee. 10 to Dec. 21
Virginia Alberene. class A (guar.)
St. Joseph Lead Co.(guar.)
25e. floe. 20 Dec.10 to Dee 21
Va.-Carollna Chem., pr.Prof.(guar.)_ - 134 Dec. 1 Holders of rec. Nov.14a
Extra
30e Nov. 1 *Holders of rec. Oct. 20
•
Walker & Co.. class B Mar.)
St. Lawrence Flour Mills. pref. (guar.). 1H Nov. 1 Holders of rec. Oct. 18
•75c Nov. 1 •Ho'ders of rec. Oct. 21
1)4 Nov. 1 Holders of me. Oct. 25
Walker Mfg pref.(guar.)
St. Louis Car Co.. prof.(guar.)
Warner Bros. Pictures, Inc., Pref.(qu.). 96Mc Dec. 1 Holders of rec. Nov. 10a
Screw &Bolt, Prof.(guar.)._ lei Nov. 1 Holders of roe. Oct. 25
St. Louis
2,0, Nov. 1 Hoiders of rec. Oct. 15
Salt Creek PnalueeN
50e. Nov. 1 Holders of rec. Oct. 15. Waterloo Mfg., class A Mar.,
Wedgewood Invest. Corp., pref. M.).- •1H Nov. 1 "Holders of rec. Oct. 18
•144 Nov. 15 •Holdere of rec. Nov. I
Savage Arms. second pref. (guar.)
'1(4 Nov. 15 "Holders of roe. Nov. 5
Vs. Pulp & Paper. pref.(qu.)
$1.50 Nov. 1 Holders of ree. Oet. 15
Wen
Savannah Sugar Refif.. corn.(quar.)._.
•15c. Nov. 1 "Holders of rec. Oct 20
Western Air Express(guar.)
154 Nov 1 Holders of rec. Oct 15
Preferred (guar.)
•
2848
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (rOnCiuderil.
Western Dairy Prods., cl. A (quer.)
$1 Dec. 1 Holders of rec. Nov. 10a
Western Grocer, COED. (guar,/
•3714e Nov.
°Holders of rec. Oct. 20
Preferred
.3% Ian 131 'Holders of rec. Dec. 20
Western Newspaper Union, Pref. (quer.: '31.75 Nov. I
Western Royalty Corp., el. A (monthly) •100. Nov. 8 "Holders of rec. Oct.
15
Western Steel Products, Ltd., pt. (qu.) 188 Nov. 1 Holders of ree. Oct. 15
Western Tablet & Stationery corn (au). *50c. Nov. 1 •ffolders of roe. Oct. 20
Weston Electrical Instrument, corn.(en) *25e. Jan. 2"Holders of roe. Dee. 19
Class A (quer.)
•500. Jan. 2'Holders of roe. Dee. 19
Weston (Geo.) Ltd.. pref.(guar-)
15i Nov. 1 Holders of ree. Oct. 20
White (S. S.) Dental Mfg.(qua?.)
*30e. Nov. 1 "Holders of rec. Oct. 22
Wilcox-Rich Corp.class A (guar.)
6214e. Dec. 31 Holders of rec. Dec. 205
Will & Baureer Candle. corn.(guar.) -tile Nov. 15 Holders of rec. Nov I
Common (extra)
I Or Nov. It Holders of ree. Nov. I
Williams (R. C.) & Co.(guar.)
350. Nov. 1 Holders of rec. Oct. 20
Winhted Hosiery (quer.)
.2 Si Nov. 1 'Holders of rec. Oct. 15
Extra
.50e. Nov. I *Holders of rec.
15
Wood, Alexander & James, 1st Of. (I1U.) 1,4 Nov. 1 Holders of rec. Oct. 20
Oct.
Woolworth (F. W.) Co.. corn.(guar.).600. Deo. I Holders of roe. Nov. 10a
Wrigley(Wm.)Jr. Co.(monthly)
25e. Nov. I Holders of roe. Oct. 20
Monthly
50e Dec. 1 Holders of roe Nov. 20
Wurlitter(Rudolph) corn.(monthly).
*50c. Nov.25 "Holders of roe. Nov.24
Common (monthly)
"50e. Dee. 25 "Holders or roc Dee. 24
Preferred (quer.)
•1M Jan 1'31 *Holders of ree. Dee. 20
Preferred (quiz.)
Aprl'Ell *Hold. of rec. Mar 2031
•13.g Jul 1'31 "Hold,of rec. June 20 31
Preferred (guar.)
•From unofficial sources. t The New York Stock Exchange has ruled that
stOck will not be quoted ex-dividend on this date and not until further notice.
t The New York Curb Exchange Association hae ruled that stook will not be quoted
es
-dividend on this date and not until further notice.
a Transfer books not closed for Ms dividend.
S Intercontinents Power corn. A-divIdend will be paid in corn. A stock at
rate
7 1-40th share, unless holders notify transfer agent prior to Nov.
15 of desire to
take cash.
di Correction. 'Payable In stock.
a Community Finance pref. A dividend IS at rate of 36c. per
date of
Issue to Oct. 31 and pref. 13 at rate of 30c. per ann. from date ann, fromOct. 31.
of issue to
I Payable In common stock. g Payable to Scrip.
A On amount of accumulated
thvidards. ,/ Payabie in preferred stock.
United Amer. 'Utilities class A. dividend will be applied to the purchase of additional class A stock at the rate of $16.25 per share unless Instructions
to the contrary
are received on or before Nov. 10.
k Western Continental Utilities payable in cash or 1-40th share
of class A stock.
Dividend on Amer. either Power & I.Jsht class A stock is payable 1-32d share In
Mass B stock. unless stoekholder notifies the company on or before Oct. 14 of his
desire to take earth. Class B dividend is payable In class B stock.
In Pacific Public Service dividend will be applied to the purchase of additional
common A stock at the price of 813 per share 11111e69 stockholder notifies company
on or before Oct. 10 of his desire to take cash.
B Corporation Securities pre/. dividend payable In cash or 1-10th share corn, stock.
o Midland Natural Gam dividend payable in cash or class A stock at rate of onefortieth share.
q Union Natural Gas dividend payable in cash or stock at
rate of ono-fiftieth
Share.
r South Amer. Air Lines dividend la one share of Aviation Co. of Amer.stock for
each 105 shares of South Amer. Air Lines stock.
a Mid-West States Utilities dividend payable in 4334 cents cash or 23.4% in stock.
BrasilUtn Tr., Lt & Power dividend Is one share for each
50 shares held on Oct. 31.
U Public Utilities Securities;Corp. dividend payable either
in
stock of Utilities Power dr Light Corp. at rate of one-twentieth cash or common
share.
w Less deduction for expenses of depositary.
p Lone Star Gas dividend Is one share for each seven held.
aa Blue Ridge Corp. dividend will be paid at rate of 1-32d share cora, stock for
each share pref. stock uniess_holders notify company on or
before Nov. 15 of their
desire to take cash.
bb Payment of Associated Gas & Elec. CIA% A div. will be made in class A stock
1-40th share-unless stockholder notifies company on or before
Oct. 1.5 of his
desire to take cash.
en American Founders corn, stock dividend payable in corn, stock at rate of 1-70th
Share.
ge Shenandoah Corp. dividend will be paid 1-32d share common stook unless
holders notify company an or before Oct. 14 of their desire to take cash-75 ate.
Per share.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLF:ARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. OCT. 25.
Clearing House
Members.
•Cageal.
"Surptur and
Um:faded
Profits
Net Demand
Deposits
Average
Time
Deposits
Average
$
$
$
$
Bank of N.Y.& Tr. Co.
8,000.000
15,045,800
62.436,000
13,316,000
Bk ofManhattanTr.Co._
22.250.000
44,402,900
200,861,000
45,872,000
Bank of A mer..Nat Ass'n
36.775.300
41.331,600
174.734.000
64.693,000
National City Bank-. 110.000,000 e114.017.100 a1.045.476.000 205,604.000
Chem. Bk. dr Trust Co..21,000,000
44,039.700
222.114.00028,029.000
Guaranty Trust Co...-.
90,000,000 207,391.300 b943,868,000 139,802,000
Chat.PILNat.Bk.&FLOo.
16.200,000
19.821,400
156,919.000
38.517,000
Cent. Han.Bk.dtTr.Co.
84,165,400
21,000,000
381.477.000
69.517,000
Corn Each. Bk. Tr. Co.
35,356,600
15,000,000
171,472.000
40,192,000
First National Bank....
10,000,000 112,282,500
248,714,000
23,473,000
Irving Trust Co_ __-.
85,182,900
50.000.000
381,598,000
81.048.000
Continental Bk &Tr.Co_
6,000.000
11,341.100
.
10,828,000
432,000
Chase National Bank- 148,000,000 213,397,300 c1,380,127,000 221,129,000
Fifth Avenue Bank
500.000
3.823,800. .
1,985,000
Bankers Triart Co
87,280.800 d424,413,000
25,000,000
95,463,000
Title Guar. & Tr. Co10,000,000
24.901.900
33,107.000
1.370,000
Marine Midland Tr. Co_
11,435,600
48,567,000
5,379,000
10,000.
Lawyers Trust Co
4,804.400
3,000,000
17,800.000
1,905.000
New York Trust Co36,081,200
12.500,000
180.807,000
57,774.000
Com'i Nat.Bk.& Tr.Co_
9,711,800
48,535,000
7,000.000
7,771,000
Harriman Nat.Bk.dr Tr.
30.319.000
2,000,000
6,498.000
2,566,8
Clearing Non-Members
City Bk.Farmers Tr.Co
Mech. Tr. Co..Bayonne_
Totem
10,000.000
500.000
13,898,200
905.6
3,321.000
3.273,000
5,347,000
522 795 WI 1 22275&5A10 6.192.721.000 1.135.161,000
• As per official reports: National, Sept. 24 1930; State, Sept. 24 1930; trust companics. Sept. 24 1930. e As of Sept. 30 1930.
Includes deposits in foreign branches as follows: (e) $318,887,000;(b) $170,162,000: (c) $157,707,000: (e) 362.798,000.
[vol... 131.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Oot. 23:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING
OF BUSINESS
FOR THE WEEK ENDED THURSDAY, OCT. 23 1930
NATIONAL AND STATE HANES-Aeerege Meurer'
Loans
Use. and
Invest.
&hearth Res. Dep.. Dep. Other
Including N. F. and Banks and
Bk.Notes. Elsewhere. 7'1211t Cos.
Gold
Manhattan
Bank of U. EL __- 206,534.000
Bryant Park Bk. 2.729,300
Grace National.. 19,917,095
Port Morris
3.069,500
Public National. 155,128,000
Brooklyn
Brooklyn Nat'l.. 9,911,000
Peoples Nat'l... 7,200,000
Gross
Deposits.
18,000 4,227,000 29,725,000 1,843,000 203.049.000
80,400
81.600
296.400
2,180,900
1.000
73.606 1,911.035 1,198,707 17,169,427
8,200
86,200' 217.700
2.691.600
24,000 1,801,000 10,144,000 33,807,000 171.985,000
24,900
5,000
131,4001
114,000
655,600 1,195,300
543,000
280,000
8,123,500
7,400,000
TRIM COMPANIES
-Average Figures.
Loans,
Disc. and
Invest.
Res. Dep..
N. F. and
Elsewhere.
Dep. Other
Banks and
Troll Coe
Gross
Deposits
Menhaden
American
50,847,100 12.270.200
776.800
22,100 52,328,000
Bank of Europe & Tr 15,338,370
761,800
129.260
14,578,602
Bronx County
24,420.137
678.706 1,664,281
25,415.976
Chelsea
20,301,000 1,264,000 2.786.000
19,849,000
Empire
71,088,500 *3,863,300 15,932,600 3,379,500 78,608.509
Federation
16,537.547
106.777 1.232.647
207.648 16.44S,211
Fulton
18,984,200 *2,502.600 1.002.600
18,157,100
Manufacturers
355,762.000 2,863.000 43.870,000 4,505,000 328,796.000
United States
73,320.902 3,900,000 8.912,214
55,988.088
Brooklyn
-Brooklyn
122.538.000 2,245,000 23.222,000
516,000 124,195,400
Kings County
27,754,057 2,276,231 3,462,694
26,822,846
Bayonne, N. J.
Mechanics
8,719,428
288,556 1.061,299
333,114 9,011,875
•Includes amount with Federal Reserve Bank as follows: Empire, $2,439,800;
Fulton. 1397.900.
Cash.
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
Oct. 29
1930.
Changesfrom
Previous Week.
Oct. 22
1930.
Oct. 15
1930.
$
Capital
94,700,000 Unchanged
94,700,000
94,700,000
Surplus and Profits
99,144,000 Unchanged
99.144.000
99,144,000
Loam. disete & invest'ls_ 1.064.362,000 -12.152,000 1.076.514.000,i,073,950.000
Individual deposits
648,079,000 -7,132,000 655,211,000 642,268,000
Due to banks
149,787,000 -14,797,000 164,584,000 161,408,000
Time deposits
302.875,000
+1.966,000 300,909,000, 300,141.000
United States deposits. _
10.922.000 -1,205.000
12.127,000, 13.514.000
Exchanges for Chit House
18,770,000 -5,688.000
24,458.0001 29,132.000
Due from other banks_ _ 108,976.000 -6,473,000 115,449,000 106.028.000
Reeve in legal depoeitles
83,832,000
+188,000
83.644,000
82,421,000
Cash in bank
5,874,000
-448,000
8.322.000
6,505.000
RfleVP in excess in I R Bk
3.981.000 +1,328,000
2,653,000
2,706.000
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Oct. 25
1930.
Capital
85,410.000
Surplus and profits
266.999.000
Loans,(Mete. and invest_ 1,475,388,000
Exch. for Clearing House
35.657,000
Due from banks
117.517.000
Bank deposits
214,990.000
Individual deposits
738,969.000
Time deposits
418,689.000
Total deposits
1,372,648.000
Reserve with F. R.Bank) 117,883.000
Changesfrom
Previous Week
Oct. 18
1930.
Oct. 11
1930.
Unchanged
85,410,000
85,410,000
Unchanged
267,014,000 266,176.000
-1,132,000 1,476,520,000 1,481,803,000
-6,757,000
42,414,000
35.949.000
-18,415,000 135,932,000 136,151.000
-13,034,000 228.024,000 234,544.000
-15,145,000 754,114,000 752,182,000
+2,040,000 416,649,000 417,442,000
-26,139,000 1,398,787,000 1,404,168.000
+1.255,000 116.828,000 118,367,000
2849
FINANCIAL CHRONICLE
Nov. 1 1930.]
of the Federal Reserve Board.
Weekly Return
Board Thursday afternoon, Oet.30 and showing the condittoo
The following is the return issued by the Federal Reserve
the results for the System
close of business on Wednesday. In the first table we present
of the twelve Reserve banks at the
the corresponding week last year.
the figures for the seven preceding weeks and with those of
as a whole in comparison with
for each of the twelve banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately
between the Comptroller and
gives details regarding transactions in Federal Reserve notes
Accounts (third table following)
Comment upon the returns for a
latter and Federal Reserve banks. The Reserve Board'sand Discussions."
Reserve Agents and between the
department of "Current Events
Igtext week appears on page 2819, being the first item in our
OP BUSINESS OCT. 29 1930.
THS FEDERAL RESERVE BANKS AT THE CLOSE
COMBINED RESOURCES AND LIABILITIES OF
ct. 30 1929.
Oct. 1 1930. .6891. 24 1930. Sept. 17 1930. SirM. 10 1930.10
Oct. 291930. Oct. 22 1930. Oct. 15 1930.1 Oct. 8 1930.
$
$
000
,
11,543 841,
RESOURCES.
1.5583.56.000 1,543.956.000 1,548,956,000 1,550.956,000
35,375,0001 65,939.000
1 590,116.000 1,571,706.000 1,546.206,00011,549.606.000
35,875,000
35.811.000
Gold with Federal Reserve agents
34,904.000
34.868.0001 34.868,000
34,821,000
34,755,000
Gold redemption fund with 0.8. Treas. _
1.584,831,000 1.586,331.000 1,609,780,000
791,887,000
1.606,527,00011.581.074.000 1,584,474,000 1.593,360,000 1,579,767.000
Gold bed exclusively ages.!'. R. notes 1,624,871.000 516,204.000 538.443.000: 544.854.000 545.660.000 570.102.000 580.999,000 576,070.000 619,284,000
504,365.000
Gold settlement fund with Ir. R.Board
847,200,000 837,749,000 839,062.000 809.810.000 796,299.000
907.957,000 893,878.0001 859,820.0001
and gold certifiestei held by banks
Gold
3,020.951,000
2.976.769,000 2.988.931,000 2.975.640.000 2,959.600,000
3,037,193,000 3.018.609,0002.979.'137,000 2,976,528.000 151,619.000 151,857,000 151.828.000 152.890.000 156,057,000
Total gold reserves
154,581,000 151.674,0001 146,751.0001 149,625,000
than gold
Reserves other
3,177,008.000
3,128,388,000 3,140,788,000 3,127,468.000 3.112.490.000
85,276.000
3,191,774,000 3,168.283,0003.126.088.0003,l211.153.000
72.412,000
66,471,000
69.277.000
Total'waves
66,469,000
66.054.0001 65,757.000
70.690,000
71,364,000
Non-reserve cash
57.368.000 532,388,000
45,582.000
48,146,000
Bills discounted:
63.555.000
55.011.000
89,024.000,
458,650,000
70,259,000
71.572,000
Secured by U.S. Govt. obligations.122,361,000 119,016,000 117,567,000 125,827.000
130,031,000 121.725.000 121,415,000i 118.155.000
°thee bills discounted
991,038,000
185.916,000 167.162,000 163.149,000 183.195.000 339,885,000
201,603,000 191,984,000 210,439,000! 173,166,000 193,108,000 197.743,000 208,861.000 193.120,000
Total bills discounted.
176,590.000 185.492.000; 211.023.000
165.658,000
Bilis bought in open market
81.261,000
58.074,000
38.085.000
38.235.000
38.306.000
U. B. Government securities:
38,400,0001 38,253.000
120,294,000
38,840,000
38,195,000
Bonds
291.429,000 292.029,000 295,261.000 817.380.000
91,133,000
287,827,000 283,717,000 289,772,000 289,758.000 271.442,000 271.542,000 277,037.000 226.579.000
Treasury notes.
272,430.000
275,416,000 279.472,000 273.442,000,
Certificates and bills
292,688,000
610,383.000 602.033.000
601.614.000 600,439,000 601377.000 601.806,000
25,131,000
6.772.000
7,022.000
6,772.000
Total U.S. Government securities.... 601.438,000 602,029,000
6.772,000
6,272.000
6,272,000
6.297,000
6,322,000
Other seeurittes (see nee)
Varela% loans on gold
985,120,000 1,648,742,000
990.900,000 986,973,000 973.483.000 989,415,000
975,021,000 976.900,000 1.003.817.000 '
Total bills and securities (see sow ...._
721,000
704,000
701,000
701.000
701.000
Gold held abroad
702.000
2.180.000
2,159,000
701,000
549.479.000 722.305.000 538,643,000 744,379,000
Due from foreign banks(see note)
28,076,000
588,317.000 816.436,000 559,402.000 606.052.000
20.409.000
526,697.000
23,930.000
21.871,000
Uncollected items
18.704,000
18.040.000
18.841.000
59.036,000
59.642.000
18,880.000
17,091,000
59.642.000
59.644 000
Federal Reserve notes of other banks_
59.644,000
59.674.000
59.637.000
10,625,000
16,987.000
59.631,000
11,442,000
59,632,000
12,062.000
Bank premises
12.046,000
12,475.000
11.752.000
12,124,000
13,903,000
All other resources
4.827.305.000'5.001.383.000 4,S08,377,0005.754.363.000
4.878.977.000
4,856.183,000 4.894.984,0906,104.785.900 4,833.103.000
Total resources
1,880,192,000
LIABILITIES.
1,376.351.000 1.347.720.000 1,349.329,000 1,351.250,000
1,354,881,000 1.368,512,00011,372.211.00011.365.398.000
in actual circulation
V. R. notes
1
2,428,290,000 2,651,608,000
Deposits:
2,394,316,000 2,416.153,000 2.456,282.000
13.967.000
2,468,289,000 2,437,095,00012 440.364.000 2.407.758.000
21,176.000
3.706.000
42,594.000
Member banks—reserve account
37.372.000
23,737.000, 33,233.000
27,581.000
5,709,000
26,674,000
6,528.000
5.774,000
5.263,0001
Government _
6.251.000
6.696.000
4.970,000,
20,187,000
5.321,0001
5,014.000
20.639.000
19,784.000
19,534,000
Foreign banks (se..411
18,746,000
18.425.000
22.801,000
19.423,000
19,443.000
Other deposits
2.483,544.000 2,485,546.000 2,476.633.000 2,696,471,000
2,519,411.000 2,489,420,000 2,491.872,000 2,466.112.000 2,456.685.000 533.029.000 704,476.000 516.391.000 714,209,000
Total deposits
517,004,000 573.784,000 778.027.000 538.588.000 583.251,000, 170.563.000160.872,000 169.830,000 167,025,000
Deferred availability Items
170,444,000 170,406,000 170.493.000 170.555,000 170.647,000, 276,936.000 276.936,000 276,936.000 254,398,000
Capital paid In
42,068,000
276,936,000 276.936,000 276.936.000 276.936.000 276.936,0001
15.337,000
15.224,000
Surplus
15.513.000
15.107.0001
15.514.000
15,246,000
15.926.000
17,507,000
All other liabilities
4.806.377.000 5,754,363,000
4.833.103.000 4,878,977.000 4.827.300.0W 5,001,383,000
4,856,183,000 4,894,984,000 5,104,785,000
Total liabilities
66.0%
77.3%
Ratio of gold reserves to deposits and
77,5%
79.9%
77.6%
77.6%
77.1%
78.1%
78.3%
F. R. note liabilities combined
69.4%
81.3%
Ratio of total reserves to deposits and
81.6%
82.0%
81.6%
81.6%
80.9%
82,1%
82.4%
F. R. note liabilities combined
Contingent liability ou bills nurchased
432.624,000 433,843.000 458,450 000 500,833,000
433,259,000 437,289.000 439,101000 435.194,000 431,411.000
for foreign corrospondente
to
DistriMition by Slaturilim1-15 day bills bought In Open market._
1-15 days bills deem. ted
1-15 days U.8 certif. of Indebtedness
1.15 days municipal warrants
IC It0 days bills bought in open market
18-30 days bills discounted
16-80 days U. S. certif. of indebtedness_
16 30 days municipal warrants
81 60 days bills bought in open market.
81 60 drys bills discounted
81-60 days U. B. earth. of indebtedness.
31-60 days munIcipal warrants
61-90 days bills bought In open market..
81-90 days bills discounted
61-90 days U.8 certif. of indebtedness
81-90 day* municipal warrants
Over 90 days bilis bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtednees.--Over 90 days municdpal warrants
$
96,922,000
137,051,000
125,273,000
101.788,000
$
106.442.000
113.830,000
105,051.000
98,003,000
83,508,000
93.117.000
45,000.000
$
54.173,000
99,775,000
34.769.000
43,822,000
19,523,000
23,214,000
31.880,000
22,5413,000
29,878,000
22,880.000
39,384.000
18,172.000
48,705,000
20.581.000
73,576.000
20.545,000
74,508,000
24.294,000
5.000
46,503.000
51.616,000
42,236,000
30.871,000
82,322.000
44,435,000
28,522,000
85,370,000
41.671,000
28,482.000
33,214.000
46.679.000
27,566 000
25.214.000
42.989,000
32,611,000
25,214.000
39,030,000
30,206.000
25,214.000
41,058.000
29.955.000
51.666,000
36,421,000
31,333.000
16,234.000
26,566,000
16,589,000
9.084.000
16.730.000
83,320.000
4,172.000
17,484,000
83,320.000
4.047,000
14.496.000
83,370.000
10,546.000
15.380,000
96,539.000
12,750.000
17,942.000
17.214,000
72,000
115,000
6.630,000
167,480,000
47,000
230,000
5.296,000
165.888,000
11,753,000
17,637,000
75.361.000
22,000
257,000
4.706,000
164.867.000
133,870,000
94,601,000
40,964,000
725,000
86,755,000
49,726,000
109.000
4,202.000
163,896,000
22,000
121,000
3,819.000
162.908.000
22,000
10.000
3,876,000
1(12.049.000
22.000
173.000
4,088.000
135,498,000
22,000
23,000
4,763.000
174.591.000
22,000
48,200,000
128,309,000
61,537,000
122,054,000
43,774,000
19,559,000
25,714,000
70,968,000
784,594.000
1,300,000
406,000
1,789,000
10,501,000
48,869,000
3,505,925,000
1,176,625,000
F. R.notes received from Comptroller_
• R.notes. held by Y.R. Agent
1,764,965,000 1.736,973,000 2,329,300,000
1,781,147,000 1,799,114,000 1,799.896,000 1.796.482,000 1.775.640.000 1,768,803.000
Issued to Federal Reserve Banks
—
ROW Sawed—
449,950,000 449.950.000 403,405,000
450,760,000 449,350,000 449,350,000 449,550.000 449.950,000 449,950,000
By gold and gold certificated
Gold redemption fund
006.000 1,099.006.000 1.101.006.000 1,140,436,000
1.094
Gold fund—Federal Reserve Board__ 1,139,356,000 1,122.356,000 1,096.856 000 1,100.056.000 1,108.506.000 352,739.000 351,695,000 366,095.000 1,275,869,000
329,316,000 346,358,000 375,849,000 352.417,000 359.515,000
ey eligible Miser
1,900.651,000 1,917,051.0002.819,710,000
1010.4)2,0001.918.064,000 1.922,051,000 1.902,023.000 1.917,971.000 1.896.695.000
Total
separately the amount of balances held abroad and amounts dos
NOTE.—Beirinning with the statement of Oct. 7 1925, two new Items were added in order to show Foreign Intermediate Credit Bank debentures, was changed to
In addition, the caption, "All other °entitle assets." previously made up of
10 foreign 0Orreenendente• caption, "Total earning assets" to "Total bills and securities:' The latter Item was adopted as a more accurate description of the Iota lot
only items included
"Other securities." and the
securities aceutred under the provision of Motions 13 and 14 of the Federal Reserve Act. which. it was stated, are the
the discounts, acceptances and
'herein.
BANKS AT CLOSE OF BUSINESS OCT. 29 1930
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
Two mows (oo) omusea.
rkprol Riser's Bash al—
Total.
Boston,
RESOURCES.
Gold with Federal Reserve Agent* 1,590,116,0 164,917,0
676,0
34.755,0
Gold red's fund with U. B. Tress
Gold held exel agat.F.R. notes 1,624.871,0 165,593,0
10.355,0
Gold setiel fund with F.R.Board 504,365,0 35,681,0
907,957.0
Gold and gold °Itched by banks
Total gold reserves
Swerve other than gold
Total reserves
Rou-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations
Other bills discounted
PAP&
e1
3eveland. Richmond Atlanta. Chicago
Datias
-
Sae Free.
—
27.160,0 204,763,0
1,123,0 6,098,0
28,283,0 210,861,0
11.874,0 28.639,0
9,080.0 36,078,0
49,237,0 275,578,0
3,037,193,0 211,629,0 1,137,276,0 208,909,0 298,804,0 87,098,0 125,653,0 385,914,0 89,571,0 67,342,0 100,182,0 8,980,0 10,588,0
39,883,0 8,049,0 8.632,0 7.963,04 11,629,0 22,147,0 8,994.0 4,684,0 7,710,0
154,581,0 15,342,0
58.217,0 286,146,0
'
3,191,774,0 226,971,0 1,177,159,0 216,958,0 307,436,0 95,061,0 137,2S2,0 408,061,0 98,565,0 72,026,0 107,892,0 3,562,0 5,082,0
1,907,0
18,038,0 3,271,0 4,862,0 3,994,01 4,853,0 10,393,0 4.012,0 1.976,0
71,364,0 9,414,0
71,572,0
130,031,0
4,902,0
4,245,0
Total bills discounted
Bills bought in open market
(LB. Government securities'
Bonds
Treasure note*
Certitimtee and bills
201,603,0 9,147,0
165,658.0 14,343,0
TOW IL B. Gov't securities
601,438,0 46,174,0
Si. Louis AfInstrap Kan.Odp
-S
g
355,636,0 140,000,0 180,550,0 65,000,0 109,800,0 169,000.0 55,745,0 47,545,0 70,000,0
826,0 1,480.0
1,643,0
14,338,0 1,911,0 2,163,0 1,248,0 2,060,0 1,189,0
17,480,0
369,974,0 141,911,0 182,713,0 66,248,0 111,860,0 170,189,0 57,388,0 48,371,0
204,091,0 38,444,0 56,338,0 10,986,01 5.823,0 79.861,0 23,748.0 13,415,0 20,791,0
5,556,0 7,911,0
563,211,0 28,554,0 59.753,0 9,864,0 7,970.0 135,864,0 8,435,0
New York.
757,0
38,195,0
287,827,0 23,011,0
275,416,0 22.406,0
19,125,0 11,324,0 13,771,0 3,450,0, 1,038,0
19,422,0 8,459,0 12,113,0 15,386,0; 22,580,0
7.946,0 2,617,0
9,347,0 13,753,0
38,547,0 19,783,0 25,884,0 18.836,0 23,618,0 17,293,0 16,370,0
42,871,0 1,620,0 20,557,0 8,768,01 9,131,0 22,419,0 6,914,0
823,0
3,325,0
2,804,0
9,250.0
4,148,0 12,054,0
4,788,0 7,295,0
914,0
8,535,0
2.858,0
3.616.0
9,449,0 6,474,0
6.065,0 20.887,0
43,0
42,0 7,844,0
523,0 4.640,0
89,0 20,017,0
11,905,0 24,496,0
7,660,0 30,955.0 15,851,0 12,432,0 14,536,0 9,481,0 14.470,0
7,525,0 8,991,0 14,158,0
5,020,0 30,156.0
29.230,0 39,009,0
187,340,0 52,252,0 57,855,0 16,983.0 12,769,0 81,128,0 23,899,0 26,063,0 28,736,0
2,187,0
237,0
640,0
78,615,0 26,238,0 34,121,0
106,538.0 25,374,0 23,497,0
1,176,01
8,007,0
7,800,0
2850
FINANCIAL CHRONICLE
4380 'ACES (Concluded)Two lphers (00) emtnal.
Other
Pereign
Taal.
$
6,322,0
Ogee
ens on gold
Total I)Es and securities
Due from foreign banks
tlnooUioted items
P. R. not es of other banks
Bank
Asa
All other esources
Boston.
New York.
8
1,000,0
Phila.
3
4,250,0
Cleveland. Richmond Atlanta,
$
1,000,0
3
3
Chicago
[VOL., 181.
Si. Louis Winneop fCan.Citg
S
3
$
Dallas. Ian Aran
s
$
72,0
S
8
975,021,0 70,664.0
701,0
52,0
526,697,0 58.820.0
17,091.0
216,0
59,632,0 3.580.0
13,903,0
411.0
273,008,0 74,655,0 104,296,0 44,687.0 45,518,0 120,840,0
47,183,1 35,071,0 48,085.0 44,744,0 66,370.0
231,0
68,0
70,0
29.0
25.0
94,0
25,0
16,0
21,0
21,0
49,0
139,096,0 47,385,0 52,109,0 41,020,0 15,101,0
60,657.0 24,349.0 10,450,0 31,435,0 18,302,0 27,973,0
3,649,0
381,0 1,252,0 1,812,0
980,0 2.358,0 1.471,0
918,0 1,686,0
421,0 1,947,0
15,664.0 2,614,0 7,062,0 3,271,0 2.658,0 8,295,0
3,811,0 2,018,0 3,972,0 1,877,0 4,810.0
5,130,0
249.0 1,148,0
742.0 2,886,0
457.0
288,0
416,0
584,0
447,0 1,145,0
Total resources
4,856,183,0 370,128,0 1,631,975,0 345.581,0 478,235,0
190,516,0 209.303,0 611,155,0 179,704,0 122,891,0 195,582,0
!ABILITIES.
127,591,0 393,522,0
N. R. Po a to actual circulation_ 1,354,881,0 128.831,0
241,615,0 115,252,0 182,166,0 65,858.0 117,082,0 146,920,0
Deposits:
61,120,0 48,695,0 64,656,0 32,732,0 149,954,0
M.mb. bank-reserve ace's- 2,468,280,0 145,835,0 1,088,348,0
'
140,436,0 194,432,0 62,653,0 56,606,0 339,289,0
GOvirrr sent
73,312,0 51,346,0 86,440,0 59,293,0 170,290,0
26,674,0 2,326,0
5,880.0 1,560,0 2,120,0 3,330,0 2,058,0 1,716,0
Poralen bank
1,136.0 1,502,0 1,293,0 2,179,0 1,574,0
5,014,0
388,0
1,496,0
509,0
524,0
220,0
189,0
702,0
Other d Welts
189,0
121,0
157,0
19,443,0
157,0
362,0
252,0
6,720,0
252,0 1.548,0
68,0
113,0
532,0
196.0
146,0
100,0
21,0 9,495,0
Total CI podia
2,519,411,0 148,801.0 1,102.444,0 142,757,0 198,624,0
66,271,0
Deferred vallabIlity items
517,004,0 58,524,0 136,026,0 43.395,0 51,077,0 39,137,0 58,966,0 342,239,0 74,833,0 53,115,0 87,990,0 61,650,0 181,721,0
14,863.0 59,436,0 26,220,0 10,006.0 28,981,0 19,175,0 30,164,0
capital p Id in
170,444,0 11,881,0
66,230,0 16.765,0 15.922,0 5,774,0
5,356,0 20,159,0
ligrolua
276,936,0 21,751,0
80,001,0 26,965,0 29,141,0 12,496,0 10,857.0 40,094,0 5,261,0 3,061,0 4,328,0 4,357,0 11,350,0
An other ;abilities
10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
17,507,0
340.0
5,659,0
447,0 1,305,0
980.0 2,179.0„
1,393,0
871,0
465,0
742,0
819,0
Total .bilttles
4,856,183,0 370,128,0 1,631,975,0 345,581,0 478,235,0 190,516,0
209,303,0 611,155,0 179,704,0 122,891,0 195,582,0 127,591,0
Memoranda.
393,522,0
Reserve Ti tlo (per cent)
82.4
81.8
87.6
84.1
80.7
71.9
78.0
83.4
Centingen 1 liability on bills pur72.5
70.7
70.7
86.3
61.7
chased f
,
,
6
FEDERAL RESERVE NOTE STATEMENT.
lateral Reline Agent as
-
Total.
Boston.
New York.
Two Ciphers (00) milled
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt. 1,781,147,0 173,709.0
Held by Federal Reserve bank_ 426,266,0 44,878,0
In actual circulation
1,354,881,0 128,831,0
Collateral held by Agt.as securitY
for notes issued to bank:
Gold and gold sertlficates
450,760,0 35,300.0
Gold fund-F.R.Board
1,139,356,0 129,617,0
Eligible Paper
329,316,0 22,254,0
Total oollateral
1 919,432,0 187,171,0
Cleveland. Richmond Auania. Chicago. St. Louis AfInseas
5
Kan.Cite
Dallas, Sas Fran.
5
380,878.0 137,674,0 219,017,0 86,081,0 141,718,0 174,041,0 77,219,0 53,828,0
139,263,0 22,422,0 36,851,0 20,223,0 24,6360 27,121,0 16,099,0 5,133,0 76,586,0 39,186,0 221,210,0
11,930,0 6,454,0 71,256,0
241,615,0 115,252,0 182,166,0 65,858,0 117.082,0146,920,0 61,120,0
48,695,0 64,656,0 32,732,0 149,954,0
277,010) 39,900,0 15,550,0 5,000,0 7,100,0
8,145,0 11,845,0
15,910,0 35,000,0
78,626.0 100,100,0 165,000.0 60,000,0 102,700,0 169,000.0 47,600,0 35,700.0
59,825,0 16,358,0 44,596,0 26,894,0 32,004,0 37,458,0 22,505,01 7,967,0 70,000,0 11,250,0 169,763,0
18,711,0 14,731,0 26,013,0
415,461.0 156,358,0 225,146,0 91,894,0 141,804,0 206,458,0 78,250.0 55,512,0 88,711,0
41,891,0 230.776,0
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
behind those for the Reserve banks themselves. Definitions of the differentare obtained. These figures are always a week
items in the statement weregiven in the statement of Dec. 14 1917, published in the "Chronicle
" of Dec. 29 1917, page
the figures for the latest week appears in our department of "Current Events and2523. The comment of the Reserve Board upon
Discussions," on page 2820. immediately preceding which we also give the figures of New York and Chicago
reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the
loan figures exclude "Acceptances of other
dorsement, and include all real estate mortgages and
banks and bills of exchange or drafts sold with enendorsement were included with loans, and coins of themortgage loans held by the bank. Previously acceptances of other banks and bills sold with
banks Included mortgages in investments. Loans
no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing secured by U.S. Government obligations are
divided to show the amount secured by U. S. obligations and those
at the Federal Reserve is not any more subing banks is now omitted; in its place the number of cities included secured by commercial paper, only a lump total being given. The number of report(then 101) was for a time given,
She figures have also been revised to exclude a bank in the
San Francisco district with loans and but beginning Oct. 9 1929 even this has been omitted.
merged with a non-member bank. The figures are now given
Investments of $135.000,000 on Jan. 2 which recentir
In round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OP ALI, REPORTIN
G MEMBER BANKS IN EACH FEDERAL
RESERVE IIISTRICT AS AT CLOSE OP
BUSINESS OCT. 22 1930 (In millions of
dollars).
Federal Reserve Maria-
Total.
S
Boston. New York
Phila.
$
s
Cleveland. Richmond Atlanta. Chicago. St. Louis
dlinneap Kan.Cug
$
s
Loans and investments
-total--
23,383
1,516
9,518
1,293
2,284
1.Oans-to:al
16,716
1,133
6,893
882
1,496
8,142
8.573
474
659
3,954
2.939
447
434
727
769
6,667
383
2,625
411
3,060
3,607
153
230
1,257
1,368
1,827
212
101
15
13,710
7,560
122
On Micutitlea
All other
1ivestments--total
U.S. Government securities
Other securities
811SerVe with F. B.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Duo from banks
Dee tO banks
Barrowbars from F. R. Bank
$
5
5
s
$
Dallas. San Prue
s
$
659
459
3
1,984
244
410
341
1,339
78
166
111
299
93
247
448
891
165
129
249
118
644
37
128
71
58
106
144
72
47
338
306
267
32
42
6
27
5
57
10
33
7
106
17
310
239
13
1,889
1,235
7
355
236
1
232
141
490
195
2
280
153
12
739
1,016
7
84
113
79
106
244
473
78
120
71
81
188
219
104
117
218
291
6
9
2
7
1
660
599
3.380
467
450
174
293
143
307
788
193
130
282
386
402
84
110
886
59
85
13
144
28
894
532
11
6.315
2.095
35
745
350
9
1,509
3,38
87
140
156
1,175
58
1
11
657
374
2,570
492
1,273
1,297
219
273
149
810
71
77
356
454
40
12
39
9
1,113
1,021
15
349
257
11
82
215
118
338
2
13
22
2
Condition of the Federal Reserve Bank of New York.
The following shows the condiri,,n of the 'Federal
Reserve Bank of New York at the close
of business Oet.20 1930
date last year:
in comparison with the previous week and the corresponding
'MOW COS
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury.
Gold held exclusively ages. F. R. notes
Gold settlement fund with F. R. Board.
Gold and gold certificatee held by Dank.
Oct. 29 1930. Oct. 22 1930. Oct. 30 1929.
355,636,000
14,338,000
330,636,000
14,338.000
369,974,000
204,091,000
563,211,000
344.974,000
187,008,000
551,121,000
371,641,000
12,023,000
--383,664,000
290,218,000
388,824,000
Total gold reserves
Reserves other than gold
1,137,276,000 1,083,103,000 1,062,706,000
39,883,000
38,159,000
62,437,000
Total reserves
Ron-reserve caah
Bills discounted
Secured by U. 8. Govt. obligations
Other bills dgeolusted
1,177,159,000 1,121,262,000 1,125,143,000
18,038,000
18,734,000
22,698.000
Resources (Concluded)Gold held abroad
Due from foreign banks Om Note)
Uncollected Items
Federal Reserve notes of other banks...
Bank premises
Al. other resources
Total resources
Oa. 29 1930. Oct.22 1930. Oct. 30 1929.
3
$
$
231,000
139,096,000
3,649.000
15,664,000
5,130,000
710,000
156,194.000
5,612,000
15,664,000
4,723,000
203,000
209,026,000
11,650,000
16.087,000
2,185,000
1,631,975,000 1,588,996.000 1.907,810,000
LtertiltteaFedi Reserve notes in actual circulation_
241,615,000 240.278.000 354,854,000
Deposits-Member bank, reserve seat_
1,088,318,000 1,028,218,000 1,198,821,000
Government
5,880,000
2,915,030
8,014,000
19,125,000
18,815,000 186,606,000
Foreign bank (Ree Note)
1,496,000
2.082,000
1,304,000
19,422,000
13,023,000
59,516,000
Other deposits
6,720,000
8,119,000
8,135,000
Total bills discounted
38,547.000
31,838,000 216,122.000
Total depoelts
1,102,444,000 1,046.171,000 1,211,937,000
Bills bought In open market
42,871,000
42,669,000 101,318,000 Deterred availability
items
136,026,000 150,708,000 192,806,000
12 S. Government securitiesCapital paid in
66,230,000
66,230.000
64,388,000
Sends
2,188.000
2,188,000
43,655,000 Surplus
80,001,000
80,000,000
Treasury notes
78,615,000
71,282.000
77,880,000
56,755,000 All other liabilities
5,659,000
12,513,000
5,608,000
Certificates and bills
106,537,000 107,272,000
57,703,000
---Total nobilities
1,631,975,000 1,588,996,000 1,907,810,000
Total U.S. Government seeuritles
137,340,000 187,340,000 158.113.000
Other siourletos (see note)
4,250,000
4,230,000
15,250,000 Ratio of total reserves to deposit and -Ferelgn loans on gold
Peril Res vs note Pal:ditties combined_
87.6%
87.2%
71.8%
Contingent liability on bills purchased
Total bills and securities (Si.NWei
273,008,000 266,097,000 520,803,000
for foreign correspondence
140,732,000 142 651 000 153,269,000
_ ..
NOTE.
-Beginning with the statement of Oct. 7 1925. two new Items were added In order to show separately
the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," preemou my made ub of Federal
intermediate
securities." and the caption. "Total earning assets" to "Total bills and securities." The latter term was adopted as more Credit Bank debentures, was changed to "Other
accurate description of the total of the discount
acceptances and SeCtiritiett acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, it a
was stated, are the only items included therein.
New York City Banks and Trust Companies.
Gazetit.
4
11auktre
(All prices dollars pfl Snare.)
Wall Street Friday Night, Oct. 31 1930.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2838.
this
The following are sales made at the Stock Exchange
on the
week of shares not represented in our detailed list
pages which follow:
STOCKS.
Bleck Ended Oct. 31.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
Per share.3 Per share.
Par. Shares S per share. 3 per share.
RailroadsSept
Oct 27 92 Oct 27 86% Apr 96
150 91
Caro Clinch & Ohio-100
Oct
Jan 105
40 103
Oct 30 103% Oct 25 96
Ctfs stamped_ ...100
Jan 10914 Oct
St Louis nref 100
1010934 Oct 2810934 Oct 28 98
CCC &
Aug
20 44% Oct 28 44% Oct 28 43% Apr, 45
Cleve & Pittsb spot:1111150
Oct 814 Jan
140 2 Oct 27 2 Oct 27 2
Havana Elec Ry
100 113
Oct 28 113 Oct 28 110% Oct 13634 Apr
100
Hi Cent prof
Oct 35% Sept
Oct 31 28% Oct 31 27
Interb Rap Trans ctf100 2.100 28
Oct 32% Jan
Oct 27 1214 Oct 30 11
Lilt Rys of Cen Am _100 2,090 11
Oct73% May
Oct 29 50
2201 50
Oct 29 60
100
Preferred
34 Oct1% Apr
401
% Oct 30
31 Oct 30
10
Iowa Central
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
27 57%
29 118
29 89%
30 13
28 11
31 147
31 99
27 100
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
31 46%
29 116
29 8514
27 11
28 10
311136
291 95
27 100
Sept75
June 129
Jan 91
Oct 2914
July 1914
Mar 147%
Jan 101%
Oct 110%
Sept
Apr
Oct
Mar
Mar
Sept
June
Juno
501 7634 Oct
200 23 Oct
200 90
Oct
200 7834 Oct
150 5014 Oct
10 80 Oct
100 2
034 Oct
100 91
Oct
100 89 Oct
70 19 0 t
1,600' 52 Oct
101 163-f Oct
1
7 55% Oct
27 76%
28 23
31 90
31 80
27 52
29 80
28 20%
25 91
31 89
31 1911
29 523-4
31 116%
27 583-4
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
27 70
28 23
31 753-f
25 78
30 4834
29 80
28 2
034
25 85
31 85
291 19
28, 52
31111314
30 54
Oct104
Oct23
Jan 101
July 8734
July 8014
Oct 100
Oct 2834
Fe 9511
Jan 1003-4
July 30
Oct 60
Jan 120
Sept 68
3,100 934 Oct 25 113-4 Oct 28 9
Celotex Co ctfs
1,100 1-64 Oct 25 1-64 Oct 25 1-64
Rights
1,2001-128 Oct 25 1-64 Oct 25 1-128
Ctfs rights
GO 3034 Oct 31 3974 Oct 29 25
Preferred
800 25 Oct 30 25 Oct 30 20
City Stores A
20 110 Oct 30 111
Oct 30 110
Col Fuel & Iron pt_ _1
200, 95% Oct 30 953-f Oct 30 91
ColGas&EIPfB._1II
220' 21
Oct 31 23 Oct 30 21
Con Credit pf(7)_2
10 85 Oct 27 85 Oct 27 7714
1st pt ex-warr___1
Oct 28 89
Oct 28 101
200 101
Con Inv Tr p1(63-4)111
Oct 29 99
40107 Oct 29 107
Preferred (7)__ 100
200 33-4 Oct 25 334 Oct 25 314
Warrants stamped100
200 32 Oct 25 33 Oct 29 32
Crown Cork & Seal pf_•
%
34 Oct 31
10
34 Oct 31
Cuban Dominion SW_
Cushman's Sons
10110 Oct 28 110 Oct 28 1083-f
Preferred (7)- __100
Oct 12
Oct
14
14
Oct
Oct 843-f
Oct 42
Oct 135%
Jan 100
Oct 2611
Jan 95
Jan 1023-4
Jan 115
0
6
Oc 35
Jun
214
Trust Companies.
Banks.
New York (Coed.)- Par Bid Ask
Par Bid Ask
New York
77 Bank of N Y & 'Trust_ _100 620 640
25 75
America
10 12112 12212
100 100 110 Bankers
American Union*
58
ao 60
Broadway Nat Bk & Tr_1r0 ........Bronx Co Truss
40 Cent Hanover Bk & Tr___20 271 275
20
Bryant Park.'
26
113 Chelsea Bank & Trust_25 24
20 112
Chase
91 Chemical Bank & Trust_ _10 57 58
Chat Phenix Nat Bk & Tr 20 88
Commercial Na!Bk & Tr 100 285 300 Continental Bk & Tr_ ___10 1912 21
100 2500 2700 Corn Etch Bk & Trust__ _20 151 154
Fifth Avenue*
100 190 200
Ezn e
1004100 4203 County
First
64
20 61
100 600
Grace
100 500 530
Harriman Na! Bk & Tr_100 1500 i 600 Fulton
100 501 605
100 i50 170 Guaranty
Industrial
30
100 120
Liberty Nat Bk & Tr___100 55 65 Hibernia
35
20 31
20 12012 12112 International
National City
26
90 100 Internet Mad Bk & Tr__ _25 20
Penn Exchange•
10 3912 4014
25 Irving
10 20
Port Morris'
100
25 83 87 Lawyers
Public Nat Bk & Tr
4 9120 - - Seward Nat Bank & T,10()78 83 Manhattan
71
25 68
43 Manufacturers
Sterling Nat Bk & Tr_ _ _25 38
Strauss Nat Bk & Tr___100 210 225 Mutual (Westchester). _100 350 400
25 195 199
26 3018 3212 N Y Trust
United States*
16
13
10u
100 115 130 Times Square
Yorkville
38
20 136
140 Title Guar & Trust
zooovvn_
100
Yorktown'
100 3150 3250
United States
950
100 900
79 Westehester
50 74
Biperrpkieslyn
100 350 400
Apr
Oct
Mar
Jan
Mar
Feb
Feb
Apr
Apr
May
Feb
Oct
Apr
Sept
Oct
Oct
Apr
May
Aug
Oct
Sept
Sept
Sept
May
Oct
Oct
Jan
maudlin Kiev guar_ _10
New On Tex & Mex 1
Northern Central_ _ _
Pac Coast 1st pref
10
2d preferred
Rensselaer & Santo 100
Viola Shreve - Pao 1
Wheel & L E pre 1
Indus. & Mlscell
Alliance Realty ___
Am Ag Chem pf elf_ill
Amer Chain pret_ __1
101
Amer Ice pret
Amer News
Artloom Corp prof__li I
Art Metal Constr.__1I
Assoc D Gds 1st p1.111
2d preferred ___100
Austin Nichols pr A...
Austrian Cred Anstalt •
Brown Shoe pret___1
Budd (E GI pret_l
Devoe At Rynolds pt 1
Diamond Match ctfs..I
Durham Hosiery Mills
100
Preferred
Eleo Power & Lt pr
70% paid
I
Elk Horn Coal pret.50
FashionParkAssopf 100
Federal Screw Works.*
Franklin Simon pf .100
140 54%
20 118
50 8934
20 12
10 11
10 147
40 9834
100 100
1201043-4 Oct 28 106
Oct 31 206
1,700206
Oct 25 99
Oct 31 206
Oct 30 28
Oct 25 23
1,425 23
20 120
2261 214
200 2314
200 1334
1501 8234
Oct
Oct
Oct
Oct
Oct
31 120
30 2%
29 2314
28 1311
29 833-f
Oct 31 120
Oct 30 23-4
Oct 29 1934
Oct 28 13
Oct 28 8234
40 107
Gen Baking pret
6011434
Gen cigar Prof
100
220 110
Gen Ry Signal pref.1 II
50,117
..1 II
Gold & Stock Tel.
Gotham Silk Hosiery
1
200 67
Preferred x-warr.1 Ii
100 433-4
Hamilton Watch
400 60
Hercules Powder
Houston 011 new_ _ 25 13,800 10
130 30
Ind Motorcycle prof 100
I
4001209-4
Internet Nickel pre! 1 .
40 102
Internet Silver pref.1
180 114)4
Kansas City Pow & Lt
400
%
Holster Radio ctts
Kresge Dept Stores._' 1,200 6%
10 1103.4
Kresge(S El) Co pret100
Oct
Oct
Oct
Oct
301103-4
3111.5
311123-4
27 117
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
29 6811
29 433-4
25 60
30 1134
30 36
27 121
27 103
301143-4
281 1
30 634
301103-4
Lane Bryant
Liggett & Myers
ill
Preferred
Loose-Wiles Biscuit
ill
1st prof
Metro Goldwyn Plc pf
Nat Bell Han prof_ _ill
Nat Dep fits 1st Pf- 1
Nat Supply pret-1
Omnibus Corp prof_ III
OpperthelmCollIns&Co•
100
Outlet Co pre(
30 100
281123-4
25 110
27 101
1
Oct 25, 05
Oct 29 42
Oct 25 60
Oct 28 93-4
Oct 30 20
Oct 27 116
Oct 27 10134
Oct 29,108
%
Oct 251
Oct 30 63-4
Oct 3010834
1
Oct 25 20
1001 2034 Oct 28 205.4
1
Oct 28 138
200 144
Oct 29,145
Oct 281183-4
27 121
25 26 Oct 28 23%
,
28 30 Oct 28, 30
31' 7914 Oct 25 77
Oct 25 10611
25 109
28 74 Oct 23 70
Oct 25 2914
31 31
30 104 Oct 30102
1
1
101103-4 Oct 2711034 Oct 27 107
Oct 31 31
100 31
Oct 31 31
200 9934 Oct 2810034 Oct 31 9914
20 75 Oct 31 7614 Oct 30 75
Oct 26 153-4 Oct 27 15
900 15
4010034 Oct 27 102 Oct 27 10034
1
70 21
Oct 31 2511 Oct 27 21
Oct 28 '31
100 1
Oct 28i 1
3012034
400 25
100 30
170 77
290109
100 74
200 2931
50 104
Penick & Ford pret..100
Peoples Drug Stores__*
Pinks Co 6% prof now_•
Phoenix fIns pret-100
25
Pitts United
10
Preferred
Produc & Refiners Corp
50
Preferred
Punta Alegre sus ars
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Jan 111
Oct
Oct 603-4 Apr
Oct 104
Oct
Oct 88
July
Oct 193. Oct
Oct 103
Oct
Oct 40
Mar
Aug 1% June
25, 489-4
30, 7214
25 311
27 106
31,109
Oct
Oct
Oct
Oct
Oct
25, 45
Mar 553-4 Apr
25 7134 Oct 9934 June
25: 3
Oct 10% Feb
27 103
Aug 121
Jan
28 107
Oct 11434 Sept
10 125
20140
50 99
400 20
10 20
Oct
Oct
Oct
Oct
Oct
271125
25 140
29 101
30 21
28 20
Oct
Oct
Oct
Oct
Oct
27 121
Feb 12534
25 12234 Mar 140
25 98
Oct 115
31 20
Octl 6974
28 12
Jan 34
Apr
Sept
Mar
Apr
Sept
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Asked.1
Maturity.
Rate.
Bid.
Asked.
% 10063s 100111 I Sept. lb 1931-321 34% 1001•41 10611u
Dec. If) 1030
,
,
4
4
June 151011.. 21 % 100113 10033 , Mar. 15 1931-321 3, % 1001144 10011n
Sap,- 15 1031._. 254% 10011n 1001131 Del in Wan 32 s4% 1003.. 101
New York City Realty and Surety Companies.
(All prices dollars per share.)
Par 514 lAsk
PariBid lAsk
95 Lawyers Title & Guar_ __IN. 245 2.55
_20 92
Bond & Mtge Guar
Lawyers Westcheet M&T104 200 245
Home TItle Insurance. 25 4912 56
120 140 ,
20 43 4412 Westchester TItle & Tr...
Lawyers Mortgage
United States Liberty Loan Bonds and Treasury
-Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Oct. 25. Oct. 27. Oct. 28.10a. 29)0d. 30. Oil. 31.
1Low_
Oct
Oct
Oct
Oct
Oct
BM.
Brooklyn
100 625 638
Brooklyn
Globe Bank & Trutt_ _100 140 185
1002700 2900
Kings Co
100 140 160
Mid wood
MA 1011n 101141 1011,2 101.41 1011144 10112n
First Liberty Loan
)
)
314% headset 1923-47 _ _{Low- 101,141 101 44 101 41 101•41 101•41 1011n
Close 101441 1011,3 1011st 1011n 1011st 10114,
33-4)
(nrst
31
23
9
23
11
45
Total sales 1,81,000 until_ _Converted 6% bonds ofilligh
Low(First 41)
1932-67
Clots
Oct 120
Mar
Total sales In 51.000 units.. _
--4472 10 -1;;;
2
- a; 102
;
--1)
-102ai; 102
Aug 11411 June
Converted 434% bonds(High 102
1021•41 10211,44 10211n 1021011
of 1932-47 (FIrst 434i) Low- 10211,2
001214
Oct
(Close 1021•44 102",, 1021142 1021041 10211n 102124t
154
17
7
7
13
14
Oct 5734 Feb
Mai sales in $1.000 antis_
13eoond converted 4 1(%iHigh
_
Oct 120
bonds of 1932-47 (First LowOct
_
Second 434 )
Close
Oct 14
Jan
,
Oct 80
Total sake in 31.000 min.__
Mar
-1W4 103 ,,
1i; 103
-15
High 101
Oct 2514 Sept Fourth Liberty Loan
Oct 99
Mar
434% bonds of 1933-38._ Low- 1031•42 1031133 103"32 1031144 10316s1 10311,n
Close 10311n 1031131 1031111 10311n 10311ss 103",,
(Fourth 434,)
44
111
471
196,
481i
34
Aug 125,
Total sales in 51.000 unite. _ _
Jan
1131st 1 113145
Jan 120
11 kilt 112un 11211n 113
July Treasury
.31 113.n
{Low _ 1122.18 11211n 1124131 1121
Oct 115
4sis. 1947-52
Sept
1131st 1131n
Close 1121444 112414n 113
Ap 120
Sept
11
26
56
10
Total sales in 51,000 snit,..
1081131 108113, 108113,
may
{High
Ja 79
1081131 108113, 1081111
Aug 4714 July
Low.
40. 1944-1954
10811n 1082kst 1081612
Jun 85
Cloae
Jan
27
31
48
_-_Oct 1134 Oct
.
Total sales Os 51.000 units -10821.11 -High
_-_Sept 873-4 Mar
_--{Low_
106"st
354s. 1946-1956
Feb127
---Apr
_-__
Sept 11211 Feb
Close
108"st
---Jan 115
.
Total sales to 31.000 with
Mar
102Wi 102
;10225st
- -11
Oct 3
(High
July
1021.32 1021138 102"st
Oct 93-4 July
334.„ 1943-1947
Jun 115
102"st 102"n 10211n
Close
Juno
6
5
3
Total sales in 111,0IXI snits _
10213t
{High
Oct 2334 Oct
---1021n
102131
Low_
330, 19410-1043
Ja 146
.--- 1021n
102'st
Close
Sept
Total 86168 CO 31.000 antis.Jan 126
Mar
Jan!2611 May
Note.
-The above table includes only sales of coupon
Oct 82
Jan
OctI 90
Jan bonds. Transactions in registered bonds Were:
Aug 116
July
10211s2 to 10211114
3 let 411s
Oct!85 June 13 4th 414s
103110m to 103un
OctI 56
Apr 11 Treas 434s
112iku to 112un
Ma,llio
Apr
•No par value.
1nt,,
Rate.
Trust Companies.
Par
New YorkAmerican
100
Am
200 230
Amer Express.
Banos Commerciale Ital_100 280 300
• State banks. I New stock. s Ex-dividend. o Ex-stock div. r Ex-rights.
50 4714
200 71%
190 334
150105%
300 107
Scott Paper
Skelly 011 prof
Spear & Co
So Porto Rico Sug pf 1
Std Gas & El pre!(7)_ •
Underw-Eillott-Fisher
100
Preferred
.100
Ei Tobacco prof..
_100
Univ Leaf Tob prof.
Vadsco Sales prof...100
Vs Ir Coal & Coke_ _100
MaturUy.
2851
FINANCIAL CHRONICLE
Nov. 1 1930.]
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.85 9-18
©4.8534 for checks and 4.85 13-16€14.853-4 for cables. Commercial on
banks, sight. 4.85 5-16©4.85 9-16; sixty days. 4.83 9-16(43.8334: ninety
days, 4.82 11-1131g4.8234, and documents for payment, 4.83 1.16©
4.839-i. Cotton for payment, 4.853-f and grain for payment. 4.8534.
'
To-day's (Friday's) actual rates for Paris bankers' francs were 3.92 5-16
©3.9234 for short. Amsterdam bankers' guilders were 40.25©40.27 for
short.
Exchange for Paris on London. 123.79; week's range. 123.83 francs
high and 123.79 francs low.
The week's range for exchange rates follows.
Cables.
Checks,
Sterling. Actual4.85 15-18
4.85 25-32
High for the week
4.85 13-16
4.85 9-16
Low for the week
Paris Bankers' Francs
3.92%
3.92%
High for the week
3.92%
3.9231
Low for the week
Germany Bankers' Marks
23.8334
23.8334
High for the week
23.82
23.80
Low for the week
-Amsterdam Bankers' Guilders
40.25
40.29
High for the week
40.27
40.25
Low for the week
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 2839.
A complete record of Curb Exchange transactions for the
week will be found on page 2869.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Oct. 25.
Monday
Oct. 27.
Tuesday
O.28.
ct
Wednesday
ocI. 29.
Thursdayi
Oct. 30.
Friday
Oct. 31.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I
On basis of 100-share lots.
PER 511.4118'
Range for Precious
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
8 per share $ per share $ per share S per share S per share , S per share Shares
Rallroad•
Par 8 per share
$ per share $ per share $ Per *hard
199 20353 199 201
2024 207
202 203 4 200 20214 2195 197
3
7,900 Atch Topeka & Santa F&_100 194 June 25 24212 Mar 29 19518 Mar 298 Aug
,
5
*1064 109
10812 1065 *1064 1084 106s8 1067 1064 1065 107 107
8
8
1,400 Preferred
8
100 1025 Jan 3 1083
8
45ept 29
99 May 10472 Dec
120 120 *1184 12412 *12014 130 *120 130
11814 120 *118 120
300 Atlantic Coast Line RR
100 118 Oct 20 17512 Mar 18 161 Nov 20912 July
8112 8212 80
817
8 8133 82
8012 824 8012 8118 804 81
5.000 Baltimore & Ohlo
100 7914 Oct 22 12218 Mar 31 10514 Nov 14518 Sept
*75
77
*75
77
75
75
754 763
4 76
7814 78
1,500 Preferred
78
100 75 Oct 28 8452July 25
75 June 81
Dec
61
61
*60
62
61
61
*61
62
61
6112 •60
600 Bangor & Aroostook
62
50 58 2 Oct 22 8412 Mar 29
,
55 Oct9038 Sept
*110 113
110 110 *110
*110
_ _•110 113
60 Preferred
110 110
100 109 Feb 28 11614June 4 y1034 Oct 115 Sept
*60
90
*55
90
61
61 *60 - - .58
80
80
100 Beaton & Maine
"58
80
100 60 Oct 16 112 Feb 8
85 Apr 145 July
•1012 12
1012 1012 *1012 12
*10
12
*1012 12
100,Brooklyn & Queens Tr_No par
*10
12
10 Jan 11 15 8May 22
7
7 Nov
15 Dec
*57
591S *57
593 .57
4
587 *57
8
587 *57
8
6118 57
100 Preferred
57
No par 53 May 3 6812May 29
44 Nov 65 Sept
69
694 683 693
4
8 69
694 68 6858 67
677
8 6712 6812 5.100 Bklyn-Manh Tran v t o No par 584June 18 78 2 Mar 18
3
40
Oct 817 Feb
8
*8812 891 2 "883 893 *883 89
4
4
4
883 89
4
883 883 *8712 89
4
5001 Preferred v t c
4
No par 847 Jan 6 983
8
4Sept 25
*714 712
712 712 *718 77
7612 Nov
9258 Feb
8 *718
77
8 *718 77
2
7
718
400113211118WiCk Term & Ry Seo..100
512 Oct 10 33 8 API' 23
5
412 Oct 4418 Jan
423 4318 423 4314 425 434 43
4
8
8
434 43
435
8 4218 434 31,000 Canadian Pacific new
25 40 Sept 29 5214May 14
4314 4412 425 44
8
4312 44
423 43 4 423 4312 42
4
3
4
8
435 29,300 Chesapeake & Ohio new__25 40 Oct 23 513
8Sept 9
2
2
2
2
2
212
2 8 232
,
24 218 *2
214 1,700,Chicago & Alton
100
15 Oct 8 10 Apr 2
8
i Nov
4
193 Feb
13
4 13
4
13
4
178
134
13
4
13
4
13
4
13
8
15
8 *112 15
8 2,300' Preferred
100
13 Oct 30 105 Apr 11
8
8
3 Nov 2534 Feb
12
18 *__ _ _ 18 *__ _ _ 18 *___ _ 18 •_
___
Chlo & East Illinois R11..100 1414 Jan 7 28 Mar 26
15 Dec 43 Feb
.__ _ _ 30 •____ 30 *___
30 ._ -__ 30 ..__eferred
_ 30 •
Pr
30
100 29 Sept 25 527 Mar 26
8
363 Dec 664 Feo
4
712 75
8
718 7 4
3
7i2 7 8
.
7
74 7 8
3
75
8 75
8
65
8 718 3,300 Chicago Great Western_ _ _100
6 Oct 18 173
53
4Mar 31
7 Nov
237 Feb
8
2634 2712 2512 2712 26
267
8 2614 253
4 25
257
8 24
2514 17,4001 Preferred
100 24 Oct 31 52327.8ay 16
1712 Nov 63 8 Jan
5
814 918
83
4 87
8
9
9 14
9
93
8
83
4 84814 87
8 6,600 Chicago MIlw St Paul & Pea84 Oct 24 263 Feb 7
8
18 Nov 4478 Aug
15
15
52 15
1512 1412 1518 1412 1478
1418 1414 1418 1413 12,6001 Preferred new
1312 Oct 23 4614 Feb 10
2812 Nov 685s &PI
48
48
477 48
8
48
4914 49
49
4812 49
4612 474 3,200 Chicago & North Western_100 45 Oct 23 897 Feb 8
8
75 Nov 10812 Aug
*121 130 *121 130 *121 129
121 125
200: Preferred
121 121
119 119
100 119 Oct 31 140 4June 3 134 Apr 145 Feb
3
7214 73
7214 7214 7278 74381 *7313 74121 723 74
8
71
73
3,5001Chicago Rock lel At Paciflo_100 70 4 Oct 22 12518 Feb 14 101 Nov 14312 Sept
3
*100 106 *104 106
10412 10412 3
'1043 106
4
1045 1044 1044 10414
8
4001 7% preferred
100 10414 Oct 31 11038 Mar 20 100 Nov 109 Oct
98 98 .95
9712 *94
9712 *95
*943
9712 *93
97
4001 6% preferred
97
100 973 Oct 24 108 Feb 7
4
947 Nov 1034 Nov
8
•58
61
.58
62
•58
62
*58
62
*58
62
200 Colorado At Southern
60
60
100 59 Oct 21 95 Feb 13
8614 Dec 135 July
*7713 79
*7712 79
*7712 79
7712 7712 *7712 79
20' First preferred
*7712 79
100 683 Jan 3 80 June 19
4
6512 Oct 80
Jan
3
05 67
*65
67
*65
69
*65
67
*65
1 Second preferred
67 .65
67
100 80 July 11 75 Apr 23
64 Apr 7213 Mar
39
39
37
37
3512 40 .38
40
4018 404 1,4001Co1,sol RR of Cuba pret
394 40
100 3512 Oct 28 62 Apr 111
45 Nov 70 Jan
52
943 144
14312 145
14812 14812 *147 150
14712 1483 147 147
1,100 Delaware & Hudson
4
100 1403 Oct 24 181 Feb 8 14112 Oct 226 July
4
98
99
98
9812 99
99
9712 98
4' 9714 9712 1.700 Delaware Lack & Western_ 100 9714 Oct 31 153 Feb 8 l2014 June 1993 Sept
973 973
4
4
.37
3812 37
37
374 375
37 2 3712 37
,
35
35
37
500 Deny & Rio Or West pref_100 35 Oct 24 80 Mar 28
49 Oct 773 Feb
4
3212 3618 31
3458 34
347
8 335 34'2 3353 3414 33
8
334 35,200,Erie
100 3014 Oct 24 63 4 Feb 14
3
4112 Nov 9312 Sept
4918 4914 47
47
4714 4712 *4712 50
*4712 4812 4712 473
4 1,600 Flrst preferred
100 47 Oct 27 873 Feb 19
2
5512 Nov 8614 July
*48
494 ____ 4934 *4212 49
3
*43
Si) .43
48
443 4514
4
200 Second preferred
100 443 Oct 31 6212 Feb 19
4
52 Nov 637 July
8
66'8 6614 66
67
6714 684 68
8 3.900,0reat Northern preferred 100 644 Oct 10 102 Mar 29
68,
4 6712 6814, 6612 665
8.514 Nov 12814 July
•134 2012 *1812 193 *18
4
1712 18
20
3 174 173 *173 173
'
8
4
500 Gulf Mobile & Northern
4
100 1712 Oct 29 4612 Feb 17
18 Nov 60 Feb
*804 84
794 797
8 7618 7913 72
78
4 72
7114 723
72
2,500' Preferred
100 7114 Oct 30 984:star 10
70 Nov 103
Jan
4312 4312 *424 44
4212 43
*4214 43
42
4214 4112 413
4 1,200 Hudson & Manhattan
100 41 June 25 533 Mar 25
3413 May 583 Jan
2
2
100 10014 9834 10014 994 100
9913 997s 9813 99
95
977
8 3,600 Illinois Central
100 95 Oct 31 1363 Apr 22 116 Nov 15312 July
4
*67
70
68 68
*66
67
*65
*6512 67
66
6512 654
100 RR Sec stock certificates_ 6512 Oct 31
May
70 Nov 804 Feb
2912 301
8 284 294 284 293 *2512 29
2814 2814 2818 2858 5,900 interboro Rapid Tran v t o_100 203 Jan 3 77 Mar 13
4
2
18
352
15
Oct 58 2 Feb
3
*47
49
47
4712 46
47
4612 47
4613 4612 *43
47
1.300 Kansas City Southern
10() 447 Oct 18 85 8Mar 29
8
3
60
Oct 10872 July
*6312 65
*62
65
*62
65
.63
65
•62
65
*62
65
Preferred
100 64 Oct 21 70 Apr 16
63 Nov 7012 Jan
*5014 59
5012 51
*52
53
514 5153 51
5212 *503 51
4
800 Lehigh Valley
50 5014 Oct 24 g47 Mar 311 85 Nov 10214 Feb
*108 11018 .108 110
110 1104 11018 11018 108 108
107 10734
800 Louisville& Nashville
100 10814 Oct 11 13812 Apr
4
367 367
8
8 3614 3878 3612 3778 37
353 36
37
8
3512 3778 10,000 Mauhat Elev modified guar100 24 June 28 4212Sept 4 110 Oct1544 SeDi
27
24
Oct 5712 Jan
*16
17
*16
17
.16
17
*18
17
17
17
.16
17
100 Market St Ry prior pref. _100 16 Oct 23 2512 Feb 13
43
8
1412 Nov 3912 Jan
52
113 112
418
92
*12
5
8
12
12
*12
3
4
400 Minneapolis & St Louis_ _ .100
14 Oct 18
218 Apr 5
114 Nov
334 Jan
18 •__ 15 *____ 16 *__
15
*5 3 15
"5
15
Minn St Paul & SS Marte_100 1412 Oct 1 35 Feb 7
35 May 6112 Sept
'40
493 *40
4
493 *40
4
49 4 *40
493
3
493 *40
4
493 *40
4
Leased lines
4
100 50 July 31 5912 Feb 21
Si Der 66
Jan
2612 263
4 2512 263
8 26
28
2553 2612 2414 2513 2318 24
21.600 MO-Ran-Texas RR____19'o par 23 8 Oct 31 8652 Apr 14
,
2718 Nov 6534 July
85
85
83
843
2 8112 83
82
73
7518 77
7314 75
5,200 Preferred
100 73 Oct 29 1083 Mar 27
8
93 8 Nov 10713 Apr
7
4218 423 *4218 48
2
4118 42
*423 45
4
4118 42
3913 42
4,800 Missouri Pacific
100 3912 Oct 31 9812 Mar 6
48 Nov 1013 July
8
102 10214 10112 10112 102 103
1007 10153 102 102
8
1003 1014 6,700 Preferred
4
100 100 Oct 10 14512Mar 6 105 Nov 149
Oct
*8512- .8512 _ _ *8512 ___ *854 _ . *8514
__ ___ __ _ Morris At. Eseex
50 813 Jan 29 87 Oct 2
4
754 Oct 885 Jan
8
*92 - 94
93
*92 -*92
9
3 *92 93
92 - 92
230 Nash Chatt & St Louis_
92
92 -100 92 Oct 30 132 Mar 25 173 Nov 240 Aug
*12
7
8
*12
kl
*12
34
*12
Oe
5
8
*12
Nat Rys of Mexico
*12
5
8
112July 29
13 Oct 11
1
Oct
35 Jan
8
139 14112 142 14314 14153 14212 14014 14114 137 14012 12,600 New York Central 2d pref_100
139 141
100 135 Oct 23 1923 Feb 14 160 Nov 25612 Aug
4
92
.89
863 90
4
92
92
*88
91
90
90 ,.' 90
91
700N Y Chic & St Louhi Co_ I00 844 Oct 24 144 Feb 10 110 Nov 1923 Aug
2
9112 9112 *903 9414 *9012 9412 90 90
4
*90
95
95
*90
300 Preferred
100 90 Oct 24 1104May 14 100 May 110 Dec
*183 195
18012 1804 185 190 *182 190
188 188
182 182
160 N Y & Harlem
50 17414 Aug 13 324 Feb 3 155 Oct 379 Jan
91
9018 91
91
9014 91
91
9114 90
8912 3,100 NY N11 & Hartford
89
90
100 88 Oct 23 1281881er 29
807 Jan 13212 Oct
8
*116 117 *11612 117
117 117
116 1164 1164 11614 11614 11614 1.300 Preferred
118 June 18 13512Mar 21 1145 Jan 1343 Aug
8
4
*612 7
64 67
8
63
4 714 *7
73a
7
7 ' 7
2.300 NY Ontario &
7
_ _100
6 Oct 7 1714 Mar 31
8 Nov 32 Feb
•1
14 *1
118 *1
14
14 14 *1
100.11 Y Railways pref____No par
14 •1
118
Western1 Oct 16
418 Jan 16
112 Dee
97 Feb
8
*14
5
8
*14
53
*14
53
*14
NY State Rye
38
*14
•14
4
52
100
Is Aug 27
212 Feb 6
1
Oct 1414 Mar
*8
7
*6
612 "6
7
6
6
512 512
6
6
700 Norfolk Southern
100
512 Oct 31 3312 Feb 14
1412 Dec 4812 Feb
*215 218 *21514 220
21712 2171* *215 21712 *215 217 3. 21434 215
1,000 Norfolk At Western
100 21212 Oct 10 285 Feb 18 191
Jan 290 Sept
90
90
93
90
*90
904 *90
907
8 90
190 Preferred
90
289
90
100 83 Feb 3 9213 Oct 14
82 Nov 8714 May
5834 59
*5818 60
59
5934 59
59
5812 587
8
5,000 Northern Pacific
8 575 59
100 5512 Oct 14 97 Feb 21
7518 Nov 1187 July
8
67
8 6 8 *6
7
7
*6
7
*8
7
*618
7
67
8 67
200 Pacific C138182
8
100
47 Oct 10 197 Apr 9
8
8
47 Dec 43 Feb
8
8 6614 67
6612 667
67
673
4 67
675
8 6718 673 265
4
665 20.500 Pennsylvania
8
50 647 Oct 10 8652Mar 31
8
7213 Mar 110 Aug
10
*6
*614
10
.614 10
3 614 7
'
.63 10
8
!Peoria & Eastern
3 614 10
'
100
7 Sept 30 2412Mar 31
17 Dec 35 July
*10512 118
109 109
112 112
111 111 *110 124 *111 124
300 Pere Marquette
100 99 Oct 23 16412 Apr 10 140 Nov 260 Aug
4
963 963 *963 98 2 *963 9812 *963 9813 *963 9812 963 964
4
4
4
4
4
80 Prior preferred
100 94 4 Jan 31 101 May 17
4
3
94 Nov 101 Mar
*913 9312 *9134 9312 *____ 91 *____ 91 •____ 90 4 *__ 903
4
3
Preferred
4
100 9113 Oct 9 99 Apr 15
90 Nov 97 Jan
*65
75
*65
75
*65
75
*65
75 .60
74
*60
74
Pittaburgh & Welt Virginia 100 75 Oct 6 12134 Feb II
90 Nov 1484 Jan
98
9612 974 98
9612 9612 97
96
97
96
95
95
1,200 Reading
50 94 ()et 10 14112 Feb 6 1011* May 1473 Sept
4
50
*47
*47
50
*47
50
*47
497 *473 50
8
4
1 First preferred
*47
494
51) 444 Mar 11 53 Feb 21
4112 Apr 50 Sept
*47 4 4818 4818 4818 *473 49
4
3
48
48
47
47
477 477
8
8
600 Second preferred
sn 47 Oct 30 57 Feb 6
4352 May 603 Sept
4
724 7218 74
4 72
7312 7312 7212 7312 693 73
7212 723
12.700 St Louis-San prancisco__100 6413 Oct 10 1184 Nfar 27 101 Nov 133 4 Aug
4
3
8018 81
7914 80
Si
79
81
81
8012 8012 .78
81
900 First preferred
100 78 Oct 23 101 Apr 2
87 Nov 9612 Feb
12 45
45
*42
.40
45
49
4712 *43
45
47
200 St Louis Southwestern. __ _100 40 Oct 24 76348lay 16
4,558
*44
50 Nov
1534 Feb
82
,2 *75
*75
8212 75
80
*75
70
75
70
700Preferred
70
*I ed
75
100 70 Oct 30 943
4July 24
84 Oct 94 AM*
2
214
23
2
8
214
218
2
2
2
2 18
17
2 2
9,0001 Scaboard Air Line
100
13 Oct 10 1212 Feb 15
4
94 Deo 213 Mar
4
34 3 4
3
312 3 4
313 312
3
3
7
3 4 38
3
3
34 3 4
34 3 4 2.8001 Preferred
5
100
3 Oct 14 28 Feb 7
1614 June 413 Oct
2
*
10514 106
8
104% 1041 10414 10413 1047 10f1
105 10518 10414 105
3,900,Southern Pacific) Co
100 1024 Oct 22 127 Feb 10 105 Nov 15712 Sept
71
73
7012 7114 7014 7118 6,8001Sou hern Railway
3
743 75 8 7413 7512 7312 75
4
t
100 68 4 Oct 14 1363 Jun 13 109 Nov 1624 Sept
3
4
8 88
89 8 *8614 893
3
*86
87
88
87
"8712 89
8712 8712
300 Preferred
100 85 Oct 18 101 Mar 2(
93 June 100 Dec
'
3107 129
109 10912 11012 11112 11214 11214 112 112 *111 129
1.100 Texas & Pacific
100 105 Oct 24 145 Apr 24 115 Nov 181 may
.811 9
8
8
914 *712 9
*8
8
*812 9
8
3001 Third Avenue
100
812June 18 1512Mar 20
134 Nov 39 Feb
4 8
8
8 *73
7 8 77
7
8
718 718 *7
8
50111TwIn City Rapid Traruilt 100
8
8
718 Oct 25 3112 Jan 29
2014 Dec 5814 Jan
*404 49
49
*40
*41
49
*40
49
49
49
•41
49
101 Preferred
100 49 Oct 25 79 Feb 3
75 Dec 100 Jan
198 1993 19641961$ 193 196
200
198
19618 19618 196 198
8
2,900,1114ton Pacific
100 19214 Oct 18 2423 Mar 29 200 Nov 2975 Aug
4
8
863 884 8612 8612 1,1001 Preferred
8
8612 8612 8618 8614 8614 8614 .8814 87
100 8214 Jan 17 88'38Sept 30
80 Nov 8512 Sept
21
8 2018 2012 .18
2012 207
2,4001Wabash
21
21
20$4 21
21
22
100 2018 Oct 30 673 Ape 1
2
2
40 Nov 815 Jan
5212 5212 "51
55
*53
53
5212 53
53
53
53
1,400, Preferred A
56
100 52 Oct 21 8914 Apr 8
82 Nov 10472 Jan
8
15
153
1314 1312 8,2001Western Maryland
3 1418 147
8 1414 1514 143 1438 i3t2 14
I(S) 13 4 Oct 31 36 Mar 29
,
10 Oct 54 Feb
.1518 1512 •1418 1514 1514 1514 *144 1512 1418 1412 .134 1512
800! Second preferred
100 1412 Oct 3..) 38 Mar 28
145 Nov 5312 Feb
8
.1112 15
300 Western Paclflo
1112 1112 1114 1114 .103 1112
115 115 •1112 15
8
4
3
100
94 OM 22 3012 Mar 29
15 Oct 414 Mar
29
29
3014 304 30
29
29
30
29
1.900 Preferred
29
30
100 263 Oct 11) 5312 Mar 19
30
4
3712 Nov 873 July
4
'Industrial & Miscellaneous
12
12
12
1112 12
1.300 Abitibi Power & Paner_No par
*11
1114 12
.1158 15
*1114 12
83 Oct 23 424 Apr 9
4
3414 Dee 571s Aug
38
38
3001 Preferred
*3712 3912 *371* 3912 3712 3712 *3714 3912 3714 3714
100 37 Out 23 8612 Apr 8
69 Nov 8852 Jan
*35 • 4958 "35
*30
100 Abralnun & Strauss__ No par 40 Oct 15 66 Apr 21
45
45
*35
48 I *30
42
497
8 42
43 Dec 15912 Jan
101 Preferred
*106 110 *106 108 *106 108 *106 108
106 106 *106 108
100 104 Jan 11 1104 Aug 25 10012 Nov 11212 Oct
8, 205 2112 15,800,Adams Express
4 21
2112 213
8
4 2118 217
2112 217
2112 2112 22
No par
103 Oat 10 374 Mar 31
4
20 Nov 34 Nov
4901 Preferred
8
*8712 8914 *87
4' 8712 875
883
12 883
4
4 8712 874 875 877 *88
8
100 854 Feb 4 94 Sept 10
Jan
84 Nov 98
100.Adarns NIIllis
*2012 2412 3, 112 2412 .2312 2412 22
2
2412
*22 244 I .22
22
No par 21 Oct 20 32 Mar 31
19 Nov 354 Jan
3214 1,0001 Ad dreasograph Int Corp No par 2914.1une 271 343
3114 3212 32
32
.32 4 3212 *3214 3272 .3214 3212l 32
,
4June 13
_ r
*612 6
312 5/1/ l
512 512 *512 6
312 33
4 2,800,Advance Rumely
512 512
100
312 Oct 30i 2314 Jan 24
7
Oct, 1047 M ay
s
1,5011 Preferred
•1514 17
20
*16
167 18 I 18
3
17
.16
17
*16
17
100, 15 Oct 241 4114 Jan 29
15
Octi 119 MAY
_
-dividend. p Ex-right.. a Ex-dividend and ox-rIghts
•Illd and asked prices: no sales on this day. e60% stock dividend paid
s Es
2853
NEW York Stock Record-Contirlued-Page 2
preceding.
For sales during the week of stocks not recorded here, see second page
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
00. 31.
Oct. 30.
Oct. 29.
00. 28.
00, 27.
00. 25.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
FEU SHARE
Range Since Jan. 1
On Oasts of 100-share lots.
IIighest.
Drees:.
PER SHARE
Range for Precious.
Year 1929.
Lowest.
Highest.
per share
3 per share $ per share
Par $ per share
per share $ per share $ per share Shares Indus & MIscell.(Con.)
478 Feb
8
1 Dec
$ per share $ per share $ per share
1% Mar 28
1
12 Jan 4
*12
12
12
8 2,200 Ahumada Lead
5
52
.12
12
12
12
12
52
12
77 Nov 223% Oct
8June 2
No par 96% Oct 18 1563
39,200 Mr Reduction Inc
4
4
8
181, Dec 48% May
10334 10918 10734 1101 1063 1088 1023 1063g 9918 104
10412 107
par
10 Oct 18 36 Mar 24
8 1,500 Air-Way Elm ApplianceNo
1018 103
1018 1018 1018 1018 1012 1034 10
1 Dec 1114 Jan
1
/
*1018 104 10
212 Jan 9
12 Oct 11
800 Max Rubber Inc
kt
At
4
3
714
1014 Jan
,
*8
414 Nov
4
3
*52
52
5a
34
918 Jan 7
4
3
412June 18
a
6
612 20.600 Alaska Juneau Gold ktlr_fl()
618 612
618 618
5 Oct 25 Jaa
614 612
8 614
57
1
/
154 Feb 17
5% 68
2Aug
200 A P W Paper Co
8
8
812
*8
9
*8
9
*8
9
*8
17 Nov 5612 Sept
*812 9
4
1
/
1014 Oct 23 35 Mar 31
par
4
117 1218 60,700 Allegheny Corp
90 Nov 1188 July
1174 1218 1112 1218 1212 1312 1214 1314 1214 127g
r
_
Frei A with $30 wart..NN.o.o_ 100 75 Oct 17 10712 Feb 11
80
*60
80
*60
80
•6(
8(1
*60
80
*61
80
*60
Pref A with $40 warr____100 80 Oct 11 993 Apr 11
80
*60
80
*60
80
*50
80
*60
80
*61
80
*60
4
Peel A without warr_ _100 843 Oct 7 9614 Feb 24
80
*60
80
*60
80
*60
SO
80
*60
80 .60
.60
par 194 Oct 31 343 Apr 17 197 Nov 35434 Aug
20512 210 1 194 20612 44,700 Allied Chemical & Ilyo_No 100 121 Jan 2 12514 Apr 1 11812 Nov 125 Apr
21012 216
21312 21812 2103 218
216 220
4
100 Preferred
7512 Sept
3514 Nov
*123 12312 123 123 .123 12312 •123 12312 *123 12'312 *123 12312 11,500,Allis-Chalmers Mfg___-No Par 3652 Oct 31 68 Mar 11
4
393 41 18 3618 40
4 4(112 41
23 Nor
413
4 4014 4114 41
413
23 Nov
41
700 Alpha Portland Cement No par 21 Oct 22 4214 Mar 27
8
*2114 22 I 215 2118
*2114 22
*2114 22
23
*21
1712 Oct 42% Jan
23
*21
18 Jan 18 31 12June 3
No par
2,000 Amerada Corp
4 24
4 233
4
4
8
Oct 23% Jan
4
238 231 2414 *233 2114 233 233
2418 2412 *23
8
2 Seta 27 103 Mar 31
Chem__100
2'4 13,000 Amer Agricultural
218
4
23
218
2 18
2
218 234
214 23
8
18 Nov 7334 Jan
212 212
8
100 21% Oct 22 305 Aug 18
24 .2314 2312 1,200 Preferred
2212 2212 23
24
4 2412 2574 23
4
85 Nov 167 Oct
263 263
10 60 Oct 18 97% Mar 27
61 I 1,100 American Bank Note
61 I 60
61
63
6312 6312 *50
4
/
*
631 617 62
67 July 65114 June
63
50 61 Feb 3 863 Jar 31
200 Preferred
4
/
,
4
/
*621 6312 6218 6218 *3218 627 *621 6218 •6218 62% *6218 628
4
1
/
5 Dec 2012 Jan
4 Sept 26 12 Jar 16
51, 53
900 American Beet Sugar ...No par
*653 5121
81
514 4,51, 6
5
*514 6
4,534 6
27 Nov 7812 Sept
54% Feb 14
2,200 Amer Bosch Magneto._No par 2218 Oct 1
26
26
28
26
30
*27
30
4
/
401 Nov 62 Feb
2638 2612 2612 27 •27
Shoe & Fdy _No par 3612 Oct 22 54% Mar 20
400 Am Brake
37
3814 37
38
4
3814 3814 *3612 3814 *373 3314 *3314 40
100 118 July 17 128 Feb 13 113 Nov 12812 Mar
90 Preferred
8
4
/
418 Oct 341 June
8
O1203 12418 *121 12438 *12118 122 *12118 1211 *12118 12418 12218 12218 32,000 Amer Brown Boveri El_No par
2134 Apr 25
614 Oct 31
614 812
4
103
8
491 Jan 104 June
8 1018 11
113
* 107 1114 11
4
8
107 113
100 38 Oct 31 84 Sept 18
59 4 38
50 1 2.240 Preferred
59' 5934 52
55
86 Nov 18412 Aug
571
*55
57I2 5534 591
25 10814June 25 15612 Apr 16
4
211214 1153 280,500 American Can
8
4
119 12114 11734 12112 1207 122% 1183 12072 1173 11934
8
1
/
100 1404 Jan 27 1507 Oct 2 13318 Nov 145 Dee
300 Preferred
8
4
14814 1433 14834 1485 *14812 149
149 149
75 Nov 10612 Jan
*14812 149 *14812 149
par 35 Oct 22 8212 Feb 6
3812 3518 35181 1,700 American Car dr Fdy __No 100 75 Oct 23 116 Jan 4 11012 Oct 120
Jan
3814 3314 37
3612 364 3612 3812 39
*36
300 Preferred
77 I
7912 77
*78
80
*78
77
77
77
*76
4
75
75
4
No par 373 Oct 22 697 Apr 10
383 3912 2,900 American Chain
41
2 39
,
8
4 393 39% 407 427
4
27 Nov 815 Sept
4014 40% 3912 403
No par 3612 Oct 10 311.4 Apr 3
Chicle
41
4014 40% 4034 41141 5,600 American
4112 4232 41
41
4014 42
20 Oct 55 May
41
914June 30 33 Jan 16
No par
13 I 3,300 Am Comml Alcobol
13
1312 14
4
147 1512 1412 1412
4
1
/ 15
1814 Nov 473 Feb
8
1312 13
13
10 Oct 24 307 Mar 31
100 Amer Encaustic Tiling_No par
*10% 1012
9812 Seln
*1014 1112 *1014 11
11
23 Nov
11
*10
31
4
118 113 *10
600 Amer European Serrs No par 26 Oct 10 6912Mar 16
29 I
29
29
.2 29
50 Oct 19914 Sept
2912 2912 2912 29
*29
31
29
29
4
No par 36 Oct 22 1013 Apr
Power
4314 3912 4134 3818 4012 117,400 Amer & For'n
4034 43% 423* 4172 42
4214 44
No par 97 Oct 28 11112 Apr 29 10112 Nov 10812 Feb
400 Preferred
4
1
/
*9712 9912 *924 9912 *973 99 1
97
97
8614 Oct 103 Feb
4June 11
9912 98 98
*98
No par 81 Oct 31 I003
200 2d preferred
81
81
82
83 *81
*81
94 Dec 100 Feb
83
83
*81
*81
82
82
No par 8014 Oct 20 101 May 17
4
863 8814 1,280 $6 preferred
2 8512 87
1712 Dec 42 Apr
4
4 8612 867
863 863
8
89 891
86
86
818Sept 27 335 Mar 19
10
4 1,500 Am Hawaiian S 8 Co
91
9
Jan
1
/
10
1012 1018 1014 *94 10
312 Dec
7 Apr 10
1012 1014 1018 *10
10
212 Aug 29
.
Hide & Leather.100
American
4 4
•23
4 4
*23
4
4
5214 Aug
*21
2314 Nov
*234 4
4 4
*23
3
*2 4 4
16 Oct 24 34% Apr 11
100
100 Preferred
16 I
16
17
85% Jan
1712 .16
40 Nov
4
1
/ *16
17
171 *16
*16
1712 *16
Amer Home Products No par 4912 Oct 10 6934 Mar 20
52% 5312 2,300
54
5112 51
5512 51
8 55
8 5418 547
557
55
29 Oct 5312 Aug
1
No par 2712 Oct 23 4178 Mar 27
3.000.American Ice
29
29
291
3
4
963 Sept
2912 Nov
2834 2914 29
2812 281
2914 2914 *2834 29
par 23 Oct 31 55 Apr 2
24% 15,300 Amer Intermit Corp__ _No
23
8
85 Jan
3
2412 25
2518 25
261
212 Oct
2534
4 Apr 2
2
Oct 20
2518 26% 243 253
2,300 Amer La France & FoamIte_10
13
*I
11
114
1
1
4
/
271 Nov 76 Feb
1
1
93 Oct 25 35 Feb 14
138
148 *1
*78
100
20 Preferred
221 *11
2212
2212 *11
221 *10
90 Nov 136 July
2212 *1 1
22 105 Jan 6
8 912 '11
93
1,400 American Locomotive..NO par 2812 Oct 14 1184 Mar I 11114 Nov 120 Dec
*3012 32
31
31
333
32
337
33
33
32
1
/
30
*30
100 7912 Oct
700 Preferred
8412 8312 8312
811 *84
84
85
*84
85
.84
84
84
new_No par 3418 Oct 31 45 Sept
4
363 37141 3418 3714 6.200 Amer Mach &Fdy
3718 *3712 373
3712 37
3712 3712 36
312 Oct 8 1412July 3
600,Amer Mach & Metals __No par
4
4
4
4
4
/
41 41
413 412
4
414 414
4
5112 Feb 7 -ilia Nov
Oct 21
7,000 Amer Metal Co Ltd___No par 1818 Oct 16 116 Feb 18 106 Nov 135 Feb
23
4 20
233
23
23
2232 2112 2134 22
4
4 21
223 223
100 100
901,
Preferred (6%)
,
69 4 *50
9918 *80
99,2 *50
97181 *75
971 *80
58 Nov 9814 Jan
Mar 27
lAmer Nat Gas pre? __No par 5814 Oct 17 95 Apr 1
48
48 I.__
48
4
4
8414 Nov 1753 Sept
•_-_ - 473
Oct 23
6218 5,500 Am Power & Light____No par 58 June 26 11934 Mar 24
6312' 61
62
6474 6312 65% 63 631
9214 Oct 105 Feb
4 63
657 663
107
No par 99
600 Preferred
4
/
101 10114 *100 10234 *997 10118 10112 1011
70 May 80 Feb
*10012 1021 101 101
7
No par 75 Jan 8 87 8 Sept 19
Preferred A
100
85
*84
85 I *84
86
*84
85
8612 85
8612 *85
*85
727 Nov 8414 Feb
No par 80 Jan 8 8912Sept 27
'
1
/
8734 8712 874 86N 86N 1.500 Pref A stamped
4 8514 8712 *86
3
88
*8612 873
87
28 Oct 55 8 Sept
20 Sept 30 393 Apr 7
8 2018 2012 146,900 Am Rad & Stand San'y _No pa
2034 213
4 20 . 205
4
22% 2012 2214 2158 2334
22
1212 Nov 643 Jan
4
/
81 Oct 22 37 Mar 25
Republics_ No pa
11
*10 • 12 I 1018 108 2,000 American
4 11
1232 1112 127
12
11
8
11
60 Nov 1445 Sept
4
343 Oct 29 100% Feb 17
25
17,000 American Rolling Mill
4
4 3512 3613, 3512 36
4
4
44 Nov 7434 Jan
378 3812 353 3812 363 3814 343 363
5212June 18 6733 Apr 26
500 American Safety litazor_No pa
69
5912 5812 5918 59
*59
5912 *58
8
*55''' 5914i 5814 5914
17 Dec 417 Mar
518 ort 29 2612 Feb 18
No pa
61, 61, *518 6
514 514
500 Amer Seating v t e
4
1
/ 51,
5
*512 6% *512 a
7 Feb
% Oct
3
3 85lay 6
I Oct 201
100,Amer Ship & Comm_No pa
112
112 *1
112
112 *114
4
/
11 1%. *1
•118 112 *118
3814 Oct 29 541:June 5
Arner Shipbuilding new_No Pa
130;
40 I 3814 3814
•38
4
/
1
/
404 381 39
4012 4012 4012, *38
*38
51 Sept 26 7912 Apr 2 -81 Nov 130'* Sept
4 5514 5712 5434 5612 5212 5412 19,600IAmer Smelting 3: Refg_No Par
573
55 I 55
53
517
54
4
/
100 1331, Feb 6 141 Apr 8 1231 Nov 138
*1343* 13514 134% 134%
500 Preferred
8
8
2
•1345 13614 •1345 13512 13512 13512 1345 13134
100 99 Oct 31 10334 Aug 14
9912 2,100 6% cum 2d pref
99
9912 100
*9912 100
8
4
100 1003 100 1003 100 100
38 Oct 49 July
8
25 38 June IS 435 Jan 27
40
*39
100 Anerican Snuff
40
•39
41
*39
8
8395 41
4
Jan
39 .383 40
39
98 Nov 112
100 1004 Jan 3 112 Sept 18
20 Preferred
110 110 *108 111 *108 111
100 110 *106 110 *106 110
.
318 Oct 10 2212 Mar 7
4$8 5
452 452
2,800 Amer Solvents & Chem _No par
114 412
8 4
35
4
*312 33
334 37
1
/
Oct 23 334 Mar 5
4
53
No Par
10
10
*9
1,300 Preferred
•9
4
113 12
87
8
4
i;f)
73
7
718 718
4
-553 Oct 797g 2912 301 3,700 Amer Steel FoundriesNo par 29 Oct 18 5214 Mar 20 110 June 114 Mar
2
297 31
4
/
31
31
317
3012 31
317
30
30
_100 11012 Jan 7 116 Feb 25
90 Preferred
*111 11112 *111 11112 *111 11117 11112 1111 11112 11112 *11112 112
40 Oct 85 Apr
1
/
Oct 27 554 Apr 16
No par 38
*3914 4012 *3914 4012 1,100 American Storm
*3914 40
40
3914 40
4
3914 3914 38
58 Nov 943 Jan
8Mar 26
100 40 Oct 1 697
44
44
44
800 Amer Sugar Refining
4412
45
45
45
45
44 •
44
99 Nov 111 Feb
100 96 Oct 23 110 Apr 24
98
*97
500 Preferred
98
96
98
4
961s 993 993
4 98
*92
4
/
612 Oct 17 2634 Feb 10
Nov 60 Jan
*901 96
18
7
4 7
700 Am Sumatra Tobacco_ _No par
*63
7
71
*7
7
7
8
*612 714
7
17 Jan 327 Feb
7
100 16 June 14 2712 Feb 8
Amer Teleg & Cable Co
*18
21
21
*18
21
*18
21
*18
21
.18
21
•18
4
/
4
100 1923 Oct 10 2741 Apr 17 19314 Jan 31014 Sept
4
8
4
/
19934 20114 1991 20012 1945 19914 1933 19612 82,500 Amer Telep & Teleg
2
1963 200
Mar 23212 Oct
7
198 2 20012
American Tobacco corn ____50 197 Jan 8 26414May 23 180
8
25 1075 Oct 22 127 Sept 10
1081* 110
.
2
-- - 660 New w 1
HOT., 111
114 114 *iiiOct
i
-3113 4 113 114
50 197 Jan 8 26912May 23 iioCommon class B
8Sept 10
25 10914 Oct 18 1307
11214
8 27,900 Class B new w I
no 1133
1
.
4
/
.
1151* 11734 11412 1163; 115T4 116 8 11314 1151*
8
100 120 Fel) 3 129 Sept 25 1145 Nov 1211 Jan
900 Preferred
125% 125% 126 12614 12614 12614 12612 12612 *12614 12712 12612 1264
4 Apr 1 115 Nov 181 Sept
1031 1033
100 American Type Founders 100 101 Oct 20 14134Ju1y 24 103 Nov 112 Apr
4
*10212 110 *10314 10912 *103 110 *103 108 *102 110
100 106 Feb 5 1143
10 Preferred
*105 11112 •10512 11112 110 110 *10512 11112.10512 11112 *10512 11112
50 Nov 199 Sent
Oct 22 1247 Apr 23
par 69
8
8 7612 78% 7418 7612 7214 7514 713 7334 22,700 Am Water Wks & Da:1.N°
Jan
775
7518 77% 74
97 Jan 104
4
1
/
99 Jan 4 10818 Oct 6
100 1s1 preferred
8
4
4
4
4
/
•10112 105 *10112 1041 *10112 1043 10112 10112.1013 1055 10112 1043
57 Oet 377 Jan
8
14
618 Oct 23 20 Feb 17
100
American Woolen
8%
600
8 *7
814
83
814
834 *7
8
*6
8
7% 814
58% Jan
1512 NON
100 1814 Oct 23 4412 Feb 18
20
21
20
•19
700 Preferred
21
•19
22
193 193 •19
4
22
4
21
4 No' 1618 July
9 May 29
4
23 Oct 31
312 2234 2234
5
5
6001 Am Writing Paper otts_No Par
312
4
4
33
*3
4
314 314 *3
*3
28 No, 46 Mar
4
Preferred certifieatee.._ _100 20 Oct 23 443 Feb 27
25
300
25
26
*25
26
*26
2712 26
4914 Mar
27
*25
614 Oct 23 177 Feb 3
7 Nov
8
6 .3 12 457
512 512
5 4 2,000'Amer Zinc Lead & Smelt_ _25
6
6
5
6
51, 67,
4
5% 53
4
490 Nov 11114 Mar
25 49 Oct 8 797 Jan 20
Preferred
45
•35
45
*35
45
*35
45
*35
45
*35
6714 Dec 140 Mar
_60 33 Oct 22 8112 Apr 2
36% 37% 3434 3614 128,700 Anaconda Copper 'Mining_
8
8 335 3478 34% 36% 3514 38
357
34
96 Dec 8954 Sept
6
25
•23
600 Anaconda Wire& Cable No par 20 Sept 27 5314 Feb 21
25 I
25 .22
23
22
2374 •
22
22
*2018 22
25 Oct 80 Oct
No par 30 Oct 14 5134 Apr
4
34
3214 33% 3214 324 3212 3212 323 3312' 3,600 Anchor Cap
33
3312 33
30 Oct 68% Mar
4
1
/
Oct 22 37 Apr 2
4
143
1512 1712 15
700 Andes Copper Mining_ _No par
1538
20 .
•16
1514 1514 *1512 17
15% 16
1812 Nov 4912 Mar
1712 Oct 10 2914 Apr 5
19
1,000 Archer Daniels Micli'd _No Pa
*18
1912 •18
20
*18
201 •1913 20
1912 20% •1()12
75 Oct 95 Jan
sJune 5
6934 Oct 31 827
70
4
70
693 70
71
1,300 Armour & Co (Del) pref__100
70
71
71
70
72
70
71
4
/
51 Oct 1818 Jan
Mar 26
818
312 Oct 10
6,700IArrnour of Illinois class A_25
4
3% 4
352 4
4
44
4
3% 3%
3
8 34
35
1014 Jan
2114, Nov
43 Mar 26
IN Oct 23
25
214
218 2%
2
214
2
8 218 16,200, Class II
2
17
2
2
Jan
2
67 Nov 86
4312 Oct 31 65 June 4
100
*4512 46
4312 46
47
1,7001 Preferred
47
48
48
48
48
51
51
614 Dec 40% Jan
4
1
/
5 Aug 18 13 Apr 21
.61, 7
800I Arnold Constable Corp_No pa
614 614 *51, 614
618 658
612 652
*6% 7
8
165 Nov 30 Feb
612 Oct 27 2018 Apr 28
61
Corp
61,
I0() Artloom
*534 7
4 7
*53
4 7
*53
*612 8%
34 Nov 5884 June
W,' a
2%34 247
8
5
6001Aseociated Apparel Ind _ N par 24 Oct 31 4618 Mar 10
251 •20
2512 2452 24% *245 25
*2518 2512 25
26 Nov 70N Jan
2634 Oct 18 5012 Apr 15
No pa
293
3012 3012 29% 29% 2912 2912 28
4 3,700 Assoc Dry Goods
4
/
291 301
3012 31
4
/
341 Dec 4714 Apr
Oct 24 51 June 2
2
308
*333 35
8
*33% 35
10 Associated 011
33% 3332 *33% 35
35
35
.30
3218 Feb 8612 Oct
8
*49
*49
55
.50
200:Atl0& W 158 Line_ _ _No par 4712 Oct 18 803 Jan 30
55
51
55
58
5118 .
51
1
*5014 55
*
45 4 Feb 627 Sept
100 50 June 27 6514 Feb 26
54
54
*5312
*5312 54
3001 Preferred
53% 53% *5312
53% 533
4
*533 54
s
30 Oct 777 July
8
8
25 217 Oct 23 513 Apr 7
2212 21% 2218 23,300 Atlantic Refining
2232 2314 2212 22% 22
223
2218 22% 22
67 Nov 140 Sept
10434Mar 21
No par .54 Oct 23
5934 58
7001Atlas Powder
5934 .55
58
59% *55
5712 571 2 *55
.5512 60
4
/ Jan
90 Nov 1081
100 9912 Oct 21 108 Mar 22
190 Preferred
100 100
100 10012 100 100 *100 101
100 101
*99 100
11 Oct 22 37 May 15
No par
13
1312 12
13
5,240' Atlas Storm Corp
1414 1472 1318 14
1414 147
1212 15
o
5 Nov
812 Mar 5
:
21 on 10
37
No par
37
378 *3
37, •3
9 *3
37
3
3
*3
20(1 Atlas Tack
1 120 Oct 514 Sept
4
8
7314 697 7118 6514 70
20,800IAuburn Automobile_ _ _No par 6514 Oct 31 2633 Apr 14
743
75
7714 71
7614 71
72
7 May
5o
2 Oct 3
Vo par
*2
212 *21g
212 .2
200;Austin Nichols
*218 3
21
214 21
4
/
*21 3
.
4 Dec -8512
8
15sSept 26 103 .Mar 3
No par
13
8 214
214 *17
loolAutosalm Corp
2
2
4 214 •17
2 •13
4 23
*134 234 *13
8 Ang6
13 Dec 457 Aug
Aug 18 25 Mar 4
*612 10
*612 10
I Preferred
.612 10
*612 10
*612 10
.612 10
Jan
34 Nov 50
4Juiy 31
69
643 6714
6312 67
1,500, Autottrap Sat Razor A_No par 37 Jan 2 813
4
68
6814 *88
69
•68
67
67
97 Apr 15
6412 Dec 20 Aug
38 Oct 7
31 25Nopar
4
8 4
4
37
Aviation Corp
3% 4
9.700
4
3% 4
418
4
15 Oct 685* Aug
1938June 17 38 Feb 18
.
2513 2512 2114
25,4001Baldwin Leo° Work*. NO par
2618 2512 2614 2614 26% 251 26
26
Apr
100 100 Oct 25 118 Jan 21 10912 Nov 125 Feb
4
104 1053 103 103 •10212 103
310' Preferred
104 105
101 104
100 100
9312 Nov 11012
4
8
201Baroberger (L)& Co pre(._100 1067 Aug 15 11012 Feb 5
*107 10912 *10712 10912 10712 10712 *10712 10912 *10712 10912 •10712 1091
4
16 Dec 333 Jan
pest 25 203 Mar
4
12
*10
Illarker Brothen.
12
12
*10
*10
12
12
12
*10
*10
12
*10
Jan
70 Nov 97
100 68 Oct 27 91 Mar 31
Preferred
•68
70
*68
*68
70
70
70
68
*68
68
70
*68
20 Oct 4918 May
4
/
141 Oct 22 34 Mar 28
8
1614 153 16
1514 16
10,400113arraulall Corp class A Ar° par2
8 16
8 1512 1614 1578 163
157 163
4
55 Nov 1133 Jan
4
No par 48 Oct 2 68 Feb
I llayuk Cigars Inc
45 •____ 45 *___ 45 *_ __ 45
48 •____ 45 •_
4
95 Oct 1063 Jan
100 9212 Oct 29 101 July 24
*9212 93
9212 921
110 First pre/erred
4
91
*933 9412 9212 93
93
95 95
Oct
69 Dec 131
60 6712 Jan 18 92 Apr 14
4 79
813
79
7612 761z 3,400'Beatrice Creamery
79
775 7734 *7514 77
78
79
Mar 20 10914Sept 22 100 Dec 10612 Aug
300, Preferred
8
10672 10674 107 *10634 10712 *107 1085 *107 108100 10114 Oct 22 7018 Jan 28
106 106 *106
Jan
45 Nov 101
Co__ _20 48
1,200 Beech-Nut Packing
52
521
5214 5214 *5212 54
4
5112 521 2 *5212 51
54
52
412 Dec 178 Apr
63* Jan 17
212 Aug 5
4
4
4
4
4
1,700 Belding Ilem•way Co. No par
4
4
4
4
4 .234 33
*234 33
8
75 Nov 847 Jan
4
.7411 773 . 4 7712 •
100,Belgian Nat Itys part pref _ - _- 7634 Oct 18 8512 Mar 19
788
77
*7a3i 74
.
77 .774 78
76% 774
Jiis
• Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-rights.
2854
New York Stock Record-Continued-Page 3
For sates during the week of stocks not
recorded here, see third page preceding.
HIGH AND LOW SALE
PRICES
-PER SHARE, NOT PER CENT 1 Sales
PER SHARE
PER SHARE
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
Range for Precious
Monday
Tuesday
Wednesday
Thursday
On basis of 100-share lots.
Friday
the
Year 1929.
EXCHANGE.
Oct. 27.
Oct. 28.
Oct. 29.
Oct. 30.
Oct. 31.
Week
Lowest.
Highest,
Lowest.
Highest.
S Per Share S per share $ per share $
per share $ per share 3 per share Shares
1818 195
Indus. & aliscell.(Con.) Par $ Per share
8 1712 1812 1814 1918 173 1814
4
$ per share $ per share $ per share'
175 1838 1712 18
8
4234 4338 4158 4418 44
16.400 Bendix Aviation
No par
4458 43
173a Oct 22 573 Apr 7
4414 4212 427
8
8 4138 4252 7,200 Best & Co
25 Nov 1043 July
747 7512 7312 75 8 7318 753
8
8
3
No par 31 18 Jan 8 5614 Aug
70
713
4 685 703 212.700 Bethlehem Steel
8
25 Nov 12312 Sept
12312 12312 12218 12212 122 123 8 7114 74
s
Corp____I00 6858 Oct 31 11014 Apr 25
*122 12312 12212 12212 12218 1227
1
7814 Nov 1043 Aug
2512 2512 257 257
4
8 1,600 Preferred(7%)
8
8 2512 2512 255 25 4 *25
100 122 Oct 22 134 :‘far 22
8
3
26 .25
26
*17
22
700IBlaw-Knox Co
*17
22
No par 23 Oet 23 4112 Apr 24 11652 May 128 Sept
*17
22
*17
22
*20
22*18
19
*1003 102
4
Bloomingdale Brothers_No pa
102 102
102 102 •__
17 Oct 21 297 Apr 24
102 *10034 102 1_ *1003 102
8
223 4
4 Dec 61/8 -Air
*8212 85
20 Preferred
*8212 8412 *8212 8412 *8212 8412 *82,
100 99 May 12 104 OPt
2 8412 *8212 8412
Oct 111
193 183
4
Jan.
4 19
IBlumenthal & Co pref___100 74 Feb 7 90 Apr 10 100
197
8 1918 193
4 1814 19
18
19 I 183 183
7
4
701s Dec 118
4 2,409 Bohn Aluminum & Br__No par
*573 62
Jan
8
*5912 62
*60
16 Oct 21 69 Apr 7
62
61
61
.6014 62
*6014 61
37 Nov 13634 Mar
100,Bon Anal class A
*2
214
2
2
No par 59 2 Oct 24 78 Apr 5
2
,
2
.13
4 212
15
8
15
8
1
70
1 12 1,6001Booth Fisheries
Oct 8914 Jan
4,10
18
*10
18
No par
*10
1 Oct 31
18
*10
5 Mar 26
18
10
10 I *5
3 Dec
10
1001 1st preferred
113 Jan
6818 693
4
8 6812 697
100 10 Oct 30 3314 Jan 3
8 6912 70 8 687 697
3
8
8 683 6912 667 69
.4
18 Dec 63 4 Jan
8
20.000 Borden Co
3
17
1712 163 1712 17
8
2' 6018 Jan 8 90 2May 29
1712 17
17
3
1612 1713, 1612 171s 6,700 Borg-War
53 Oct 10012 July
*2
2 8 *218 25
,
ner Corp
8 *238 25
10 16 Oct 24 5012 Mar 27
8 *218 238 *214 25
81
25
26 Nov 1433 May
8 238
2
100 Botany
1612 171s
15 4 17
3
163 17
8
17 Sept 3
s
153 165
5 Mar 27
4
8 153 16141 143 157 42,800 Briggs Cons Mills class A._50
8
4
212 Dec 1512 Feb.
8
*1814 1914 18
Manufacturing _No par
1818 *1712 1812 *17
12'8 Oct 10 253
1812 .17
8July 23
18
814 Nov 6318 Jan.
173 18
4
400 Briggs & Stratton
458 512
par
5
No
5 38,
163 Oct 22 3512 Apr 4
4
45
8 478
414 47
1738 Dec 4312 July
8
412 47
8 3,500,Brockway Mot Truck No par
*3012 40
*31
40
*31
4 Oct 9 2214May 19
40 I *31
55
3
'31
55 1 *31
14 Nov
55
737 Jan.
2
I Preferred 7%
100 40 Sept 30 85 Apr 24
114 114
114 114
7114 Dec 145 Jan
1143 116
4
114 114
11412 114121 10818 11214
1,900'Brooklyn Union Gas___No par 1063 Oct 22 17814
*3512 3612 353 36
4
*36
4
3612 *3512 3610 35
Mar 3
353 *35
4
99 Nov 24812 Au2'
3613 1 700'Brown Shoe Co
13
13
13
13
No par 35 Oct 23 42 Feb 18
*13
1312 13
13I 13
13 1 1312 1312 1,200 Bruns-Balke-Coll
36
Oct 5112 &Pi
163 163
8
8 16
163
endar_No pa
8 167 167
'1
121/1 Oct 9 3058 Mar 31
8 16514 171 1 1514 1712 157 157
1614 Nov 5514 Jan,
8
8 3,700'Bucyrus-Erie Co
2714 28
*2712 30
1
13 Oct 10 317 Mar 24
30
30
30
8
307
8 27
14
2812 273 27313 1.800 Preferred
Oct 423 Jan,
8
4
11312 1133 *1135 115
8
8
10 2512 Oct 22 43 Mar 25
1133 1133 .11312 115 *11312 115
4
4
26, Oct 50 Feb
1
11312 11312' 3,100, Preferred (7)
83
2 6321
6's 6 4
lOU 1073 Jan 3 117 Sept 11 1073 Dec
5 4 (Ps
3
4
5 4 53
3
4
55
8 05
8
4
514 558 2,700 Budd (E 0) Mfg
117 Apr
812 33
41
712 83
4
No par
514 Oct 18 163 Apr 15
818 838
8
8
83
8
712 8
81 Dec 227 Oct
,
63
4 75 12,000 Budd Wheel
8
8
28
28
273 277
4
8 2714 277 *273 28
No par
634 Oct 31
8
1458 Feb 6
8
2714 273
714 Dec
8 2718 2734 1,400 Bulova Watch
1212 Dec
193 2012 20
4
No par 2618 Jan 17 43 Star 31
2012 2012 2114 20
20
1834 1912 18'! 19
21 14 Nov 31 Dec
2,400 Bullard Co
*9012 92
*9012 92
No par
1812 Oct 14 74 Apr 2
9014 9014 *8812 9112 *88
25 Nov 545 July
9012 28512 8812
2
18
187
700 Burns Bros new al A comNo pa
8 1812 1812 184 1919 9814
8458 Oct 24 11018 Apr 2
1912 •1814 1912 177 18
88 Nov 127
8
Jan
,
*95
99
600 New class B coin__ _No par
*95
99
*95
1514June 18 35 Apr 2
99
*97
99
97
2258 June 39 Jan
97 i *97
9712
265 2714 257 263
8
10 Preferred
3
4 2614 27
100 8914June 17 100 Feb 19
2614 2612 26
88 Nov 10514 Jan.
26141 2514 26
6,500 Burroughs Add 'Mach_ _No par 25 Oct 0
2714 2714 25
2514 2314 233 *25
4
517 Mar 1
8
2812, 2514 2514 2514 2514 1,900,Bush
29 Oct 3293 Jan
4
*98 100
Terminal
No par 2314 Oct 28 4812Mar 5
98 100
*983 10212 *100 10212 100 100
4
3114 Nov 891 Feb.
100 100
,
*109 110
120
109 109
100 98 Oct 21 110 Mar 15
108 108 *108 109 *108 109
1 Debenture
9118 Nov 11012 May
*108 109
*118
112 *118
50,Bush Term Bldgs pref.__ WO 108 Oct 21 118
114
l's
l's
Ds
AM 7 1053 Nov 11812 Feb
112
4
1 18
1 13 •118
700 Butte & Superior Mining__10
114
17
8
17
s 513
4 2
118 Oct 9
13
4 13
4
514 Jan 8
2
2
Vs Dec 123 Jan
*1744
2
2
25
8 25
8
700 Butte Copper & Zino
127 1278 125 125
8
8
5
8 1278 1278 1212 1212 123 123
13 Oct 1
4
414 Feb 20
2 Oct
3
912 Jan
8 *12
1212
700 Butterick Co
51
537
8 56 8 53
100 12 Oct 10 293 Feb 24
5
52
5414 5018 52
2
1712 Dee 41
491 1 5018 4518 50
Jan
17,800,Byers & Co(A ND
*109 10912 *109
No pa
_ _ 109 109
4518 Oct 31 1123 Apr 26
8
109 109 *109
50 Nov 1927 Jan
,
_ •109 ____
20: Preferred
*52
53
5112 - 100 10812 Aug 4 114 Jan 25 105
52
52
535
8 527 533
8
s 52
Apr 12114 Jan
527-i 5114 5214 2,300.Callfornia Packing
s
No par 497 Oct 18 7712 Mar 5
8
7
8
7
8
78
8312 Oct 847 Aug
*7
8 1
8
3*
'
3
78 1
378
7
8
1
7
8 1,3001Callahan Zino-Lead
40
40
3813 3912 3712 3814 38
10
7 Aug
8
218 Feb 3
1
Oct
3912 3712 377
4 Jan
:Calumet & Arizona Mining_20 3314 Oct 23
8 37
375
8 4,100
85
8 9
9
914
22 897 Jan 0
93
8 912
8
93
s 95
7312 Nov 1363 Aug
8
912 1014
4
912 10
8,100 Calmnet & Reda
.1334 141 1 1318 1358 131s 1312
2
812 Oct 23 33 2 Jan 7
3
1314 1314 *13
25 Oct 617 Mar
143
8 13
8
13 i 1,1001Camp1,ell W & C Fdry_No par
5318 5312 5218 533
13 Sept 29 30 Mar 25
4 533 533
4
4 53
53
19 Dec 4912 Aug
48
5278 443 48
8
13,800 Canada Dry Ginger Ale No par
*193 20
4
20
20
*1978 23
143* Oct 31 758 Mar 10
3
1978 197 *193 197
45 Oct 9834 July
8
4
8 193 193
4
4
300 Cannon Mills
1212 1212 *1212 1252 1278 13
No par
1914 Oct 18 3414 Mar 18
*1212 1318 13
27 Dec 483 Sept
13
*12
4
13 I
5001Capital Adminis el A No par
•30
35
*30
35
*30
Ills Oct 14 283 Apr 4
35 .25
4
35
17 Nov 6518 Oct
33
30
30
200; Preferred A
11518 127
10718 1155 110 11612 110 11412 *28
50 30 Oct 18 42 Mar 19
8
111 11514 109 11431 175,300'Case Thresh Machine
29 Nov 397 Oct
1
119 11914 120 120
ctfs_100 10718
11818 120
115 11818 115 116
11512 116
1,130 Preferred certIfIcates__100 115 Oct 27 36234 Apr 23 130 Nov 437 Sept
35 4 363
3
4 35
52 3612 37
Jan 16 132 Mar 25 113 Nov 12312 Dec
3714 3512 3614 353 36
4
3512 36
6,900 Caterpillar Tractor__ _ No par
*4
63
8
4
6.8
35, Oct 24 7934 Apr 28
8
3E4 04 *314 6 4 *314 614 *31.4 614
,
6014 Dec 61 Dec
Cavannagh-Dobbs Ino_No par
*38
45
*38
45
*38
3 Oct 14 137 Jan 11
45
*38
8
45
*38
45
614 Dec 42111 Feb
*38
45
Preferred
17
20 8 17
3
1714 16
100 4712 Oct 2 75 Jan 18
17
18
16
•1519 16
*15
58 Dec 10612 Mar
1612 2,000,Celaneee Corp of Am__ No
1018 10'i
9 4 1014 1012 1118 1012 11
3
par
105 Oct 14 2e3 Oct 25
8
8
10
10
9124
912 2,900,Celotex Corp
2412 2412 2434 25
No par
2412 25
2118 2412 2412 24
24
9 July 3 60 Mar 10
31
24
Oct 793 Feb
8
2,000;Central Aguirre Asso_No par 205
4
4
*318 412 *4
412 *4
8 Oct 1 3012May 31
412
33
4 4
21
37
8 37
Oct 483 Jan
8
500 Century Ribbon Mills_No par
4
*603 69 2 *60 4 6912 *603 6912 *603
4
,
3
4
312 Oct 18
4 691 1 *603 8914 *603 691 1
814 Mar 27
4
3 Oct 2018 Jan
4
I Preferred
315 3252 31
8
315
8 31
100 51 Feb 27 6978July 16
325
8 3112 32
3112 32
31
5014 Dec 82 Jan
32
5.700,Cerro de Pasco Copper_No par
*4
412
412 412
412 412 *412 43
4 *412 43
4
3
412 412
5214 Nov 120 Mar
900 Certain-Teed Products_No par 27 Oct 2 65 2 Jan 6
37
37
*37
373 *37
8
373
4 Oct 18 15 8 Feb 6
8 37
37
3612 3612 37
,
3712
1078 Dec 32 July
800'City Ice dr Fuel
81
8112 8118 82
*8114 83
No par 353 Oct 21 49 Feb 4
8114 811t
4
83
*80
83
3914 Dec 623 Jan
270 Preferred
4
2012 213 *20 4 2114 20 4 2112 183 20 8 *80
4
3
100 79 Oct 23 983 Feb 11
,
4
3
1612 19
4
4
173 19 . 14.5001Checker Cab
91 Sept 10514 Jan
No par
1612 Oct 30 87% Mar 27
487 4912 4814 4912 50
8
18 Oct 80 4 Sepr
503
3
4 49
49
8
483 483
3 4612 4858 4,500 Chesapeake Corp
9
10 8 10
3
1012 1014 1058 *1014 101
No
. 10
103
8 10
4218 Nov 112 Jul?
1014 4,600 Chicago Pneumat Tool_No par 43 Oct 23 8212 Mar 29
*2812 325
8 28 8 285
5
8 2812 2812 28
par
9 Oct 22 37 Mar 31
28
26
26
*25
2178 Oct 4712 Sep
28
700 Preferred
*2312 2912 *2313 25
*2312 2334 233 233 *2312 2334 2312 2312
No par 26 Oct 30 55 8Mar 14
4
7
47 Nov 61 Sep_
110 Chicago Yellow Cab. No
•151.4 1512 1514 1514 1514 1514
par
1634 Feb 1 32 Mar 20
153 153
8
15-38 153
8 1538 153
Jan'
2
8
217 Oct 38
800 Chickasha Cotton 011
3612 3612 3.5
381z 3714 38
10 1518 Oct 24 3212 Apr 10
36
377
3312 341. 32
28 Dec 51) Ja
34
2.600 Childs Co
1718 1731 163 175
4
8 1718 175
No par 32 Oct 31 6758June 6
8 165 173
8
8 161 1 163
4 157 163 41,400 Chrysler Corp
4412 Nor 75 8 Sep
8
4
7
*418 414
4
418
418
No par
438
4
4
153 Oct 22 43 Apr 11
4
4's
418
4 . 4
28 Nov 135 Jan
2,800 City Stores new
.18
20
1812 1914
19
No par
19
312 Oct 22 1314 Apr 25
18
19
*18
21
17
714 Oct 27 Fe
18
1.000 Clark Foul
*29
33
26
2314 2638 27
No par
*2612 2834
17 Oct 31 4412 Apr 21
2734 28
2634 2634 2,000 Cluett Peabodynt
25 Nov 8178 Oo
*9934 103
*993 103
4
& Co_No par 25 Oct 10 60 Apr 5
*993 103
4
993 993
4
4 993 993
4
34, Dec 7234 Jan
4 993 993
2
4
4
300 Preferred
170 170
169 170
171 17112 1693 1693 15612 16714 15314 1563
100 9114 Jan 2 105 Apr 8
4
4
9012 Dec 119
Jan
4 63.300 Coca Cola Co
*513 52
4
*5112 5218 *5112 5214 *513 52
No par 13314 Jan 8 1913
4
8June 4 101 Nov 18418 Aug
5158 515g 5113 517
8 1,500 Class A
51
51
5012 5114 513 513
No par
4
Jan
.1
2
51
51 I 51.3 513
4
443 Oct 50 Feb
4
4
800 Colgate-Palmolive-Poet No par 4812 Oct g 53 :vier 21
3
'10212 104 *10214 104
10318 10318 *10312 104
49
22 6478May 2-10312 10312 10312 10312
600 6%
1412 15
14
143
8 1412 1412 .1312 141. 13
100 97 Mar 13 10312 Oct 30
133
8 123 1338 3,600 Collins preferred
4
de Alktnan
8412 *78
*78
85
No par
81
84
12 Oct 18 35
.8112 82 •76
3
10 Nov 7214 82 I •76
82
Mar
Preferred non-voting__ .100 73 Jan 3 92 4 Feb 13
*912 16
10
1012 *1012 11
*1012 11
May 24
65 Dee 10312 Feb
1012 1012.1 10
1012 7.500 Colonial Beacon 011 Co_No
2778 285
8 2618 28
2712 29
par
912 Oct 21 20 8 Apr
3
25
28_271s 2512 2511 233 2514 12,700 Colorado
8
92
Fuel & Iron__ __I00 233 Oct 31 77 Apr 8
8 92
947
96,1 9514 973
8
s 9312 961
) 917 93
4
233 Nov 7814 NU,
8
88
9112 13,500 Columbian Carbon v t
4518 465
8 4412 4512 457 463
o No par 843 Oct 22 199 Mar 11 105 Nov 344 -Oct
8
4
8 4418 45 4 4319 443
3
2 4218 4418 35,300 Columbia Gas &
10614 10614 106, 10612 10614 107
4
Elea_.No par 4218 Oct 31 87 Apr 10
107 107
4
4
1,000 Preferred
123 1314 12, 1318 125 1314 12, 1212 1063 1063t *1063 107
4
4
8
100 10414 Jan 31 110 Apr 11
8
9912 Nov 109 July
4
113 1214, 1118 12
41,600 Columbia Graphophone
2
104 Oct 18 373 Apr 28
8
205 2118 205 20 4 2118 23
Ms Nov 883 Jan
8
8
3
4
213 22
4
217 22
8
21 1s 2112 4,300 Commercial Credit____No par
36
36
*3512 3618 36
183 Oct 22 4034 Apr 1
8
3618 *36
3812 36
18 Nov 6258 Jan
36
3512 3512 2,000 Class A
*22 4 2418 .233 24
3
4
*233 24
4
50 317 Jan 2 443 Apr I
8
*233 24
4
8
28 Nov 513 Sept
*233 24
4
2338 2338
8
20 Preferred B
*8714 88 .88
90
25 22 leo 6
88
88
.863 90
8
202 Nov 28 June
8612
110 let preferred (634 %)_100 7614 Jan 18 28 Apr 29
2912 29 2 2912 2912 295s 301.1 3018 3012 8612 8612 *86
,
9512Sept 11
2914 3012 29
70 Oct105 4 Jan
3
2914 3,900 Com Invest Trust
*823 83 2 *823 84
4
,
No par 26 Oct 22 55 Mar 8
4
*83
84
*8312 8412 .8312 8412 8412 8434
281 Nov 79
,
Oct
400 Cone preferred
4
4
*212 412 *23
No par 80 June 18 87 Mar 28
4 6
*27
11 6
•23
4 8
*23
4 6
100 Warrants
1812 193
4 1814 1914 1834 1912 185 191s
100
4 June 18 2314 Mar 5
8
9 Dec 8912 Sept
1818 183
4 1714 181 49.600 Comm Solvents
.
10
1018 10
1014 1014 1012 103 1012 1014 103
No par
1714 Oct 22 38 Apr 11
8
20, Oct 63 Oct
8
8 10
1014 87,900 Cornmonw'Ith & Sou'rn No par
2915 9914 *983 9914 99
4
9 8 Oct
7
9914 99 9918 985 987
,
10
8
Oct 243 Oct
8 9812 99
4
2,000 88 preferred series...No par 9812 Oct 14 20 4 Apr 7
36
36
36
36
*353 3612 35 8 353 *25
4
21 1043
5
4June 6
4
33
34
900 Conde Nast PublIca
353
4
*8
No par 34 Oct 31 57 Mar 27
814
8
8
8
812
813 8 4
35 Nov 93 Jan
,
81/
1 83
8
8
8 14 5,700 Congoleum-Nalro Inc.. No par
20
20
20
20
*2012 2412 *2012 2412 22
73 Oct 20 193 Mar 24
4
4
11
22
Oct 35 Jan
2214 2214
34
700 Congress Cigar
•30
32
No par
1814 Sept 29
2914 30
29
29
*29
31
43 Nov 925 Feb
*29
31
8
2812 2912
600 Consolidated Clgar__No par 27 Oct 23 567e Mar 11
*6512 66
65
65
65
6412 67
593 Mar 17
65
2
40 Oct 0614 Jan
*05
6512 65
65
200 Prior preferred
15
15
.1412 15
15
100 64 Oct 21 80 Mar 25
15 4 143* 15
3
63 Nov 96 Jan
143 143
8
4 135 14
8
3,700 Consol Film Indus
*1810 19
No par
187 19
8
1218 Oct 14 273
19
1914
8'56ar 11
1914 1914 183 19,
10
Oct 253 Sept
2
2
4 1812 19
2,900 Preferred
9758 9938 9612 984 9812 993
No par
1614 Oct 10 2814 Jan 1(1
4 9618 981 t 935 96
1518 Oct 3034 Apr
8
93
8
No par 0218 Oct 18 1367 Apr 26
10312 10314 1031.4 1031s 10314 1031a 10312 10318 10318 1031s 945 86,000'Consol Gas (N Y)
s
8018 Nov 18314 Sept
l03'
3,300 Preferred
3
4
3
4
No par 9912 Jan 28 1051:Sept 26
34
34
35
8
3
4
3
4
9213 Nov 10012 Dec
ii
5
8
31
"8
3
4 1,200'Consolldated Textile
15
1538 14 4 1514
No par
12 Oct 8
3
15
1518 15
2 Jan 27
58 Dec
15
63 Jan
15
8
15
1,800:Container Corp A VOt No par
143 15
4
*3 4 4
3
8June 19 2212 Feb 24
3 4 3 4 *37
3
115
3
8 4
33
4 4
12 May 2312 Jan
37
3 37
8 *35
8 37
2 2,700: Class B voting
2314 2312 2212 2212 2312 235
No
,
3
34June 18
812 Feb 20
8 233 233
8
318 Nov
4 23
23
1113 Jan
22
2238 5,300 Continental 13ak'g ol A_No par
par
184.1mM 18 52 e Feb 17
,
2514 Oct 90 July
318 314
31s El
E4 33
8
3'8 3 8
3
3
314
E4
3
3 18 3,0001 Class B
No par
7214 723 *71
24 Oct 22
8
7 Feb 17
72
*72
7212 73
458 Oct 1514 July
73
71
72
7058 7012 1,5001 Preferred
4918 5012 4812 4958 4914 507
100 6614June
8
79.4 Nov 100
8 4914 5038 493 50
8
248
Jun
49
17,500 Continental Can Inc_ No par 46 Oct 25 947 Feb 17
*123 1312 1278 1313 1314 133
4
22 7152 Mar 31
40, Oct 92 Sep
4
8 131,1 1318 13
8 1234 1318 3,300 contl Diamond
133
Fibre_No par
8
•47
115 Oct I
48
373 Apr 21
47 47
2
46
4712 463 463
20 Nov
34
4
4 463 483
4
3314 Dec
4 453 4612 1,600 Continental Ins
8
2 4 23
3
10
4
8
258 23
4
23
4 234 *25
8 23
461s Nov 11014 Sept
4
25
8 23
4
23
4 23
4 2,600 Continental Motors____No par 44 8 Oct 23 775 Star 31
12 8 1312 125 1312 1318 13 4 13
25 Oct 1
5
814 Feb 19
8
64 Dec 283 Jan
3
1312 13
1314 1212 1318 23,900 Continental 011
2
No par
12 Oct 22 3012 Apr 24
1314 1312 131.4 1414 1312 14
18 Nov
1318 133
4 123 1314
4
123 13
373 Aug
4
4
31.500 Continental Shares_
No par
123 Oct 14 4078 Apr 1
801s 8114 7938 8212 81
s
83
28.2 Dec 457 Dec
78 8 81
3
7712 7912 7412 7933( 22,800 Corn Products
,
RefinIng25 7412 Oct 22 1113 Apr 23
.149 1505 1505 1505 *14818 1505 *14818 15018 •14818 150
8
8
8
8
70 Nov 1263 Oct
8
14818 1484
8
60 Preferred
100 140 Feb 10 15114 Oct 16 137 Nov 14484
1212 123
4 1218 125
8 1214 123
.1
8
123 123
4 12
1314 1218 1214 13,000 Coty Inc
No par
283 2912 29
10 Oct 10 33 Feb 3
4
2912 30
18 Dec 8214 Jan
3112 32
32
3112 32
*3112 32
2,400 Cream of Wheat
No par 2512 Jan 8 353 Mar 20
•1558 16
*1558 16
8
*155 16
24 Nov
8
*155 16
155 16
8
8
31 Nov
*153 18
4
400 Cres Carpet
100
9 Jan 22 2918 Mar 5
*1014 11
*1014 11
*1012 1112 *1012 1112
15 Dec 67 Apr
912 1012
712 912 3,000 Crosley Radio Corp_ __No par
712 Oct
38
38
*36
40
15 Dec 125 Feb
*35
40
3
'3612 41
*35
41
*3514 41
100 Crown Cork & Seal__ _ _No par 34 Oct 31 22 Jan 2
14 595 Apr 7
57
8
73
8 *7
73
8 *7
371s Nov 79 Aug
738 *7
73,
7313 *714 8% •7,4
Crown Zellerbach
No par
67
65
65
4
633 64
64
17
643
4 6312 64
Oct 2534 Jan
6112 63
58
6112 6.600 Crucible Steel of America_100 58 8 Oct 14 1812 Feb 19
Oct 31 9358 Sfar 25
108 108
10912 10912 *10812 110
71 Nov 12134 Aug
110 110 *10812 110 *10812 110
90 Preferred
100 104 June 26 117 Mar 13 103 Nov 11634 Feb
.514 6
6
6
6
6
612 612
512 512 *512 612 1.000 Cuba Co
No pa
514 Oct 22 1912Mar 20
2
2
2
23
s
23
8 27
5 Nov 2412 Jan
s
23
8 24
3
212 212
238 212 8,200 Cuba Cane Products_ _ No par
1 Oct 2
*414
412
7 Mar 3
412
412 *41g 412
418 414 *4
4
414
4
800 Cuban-American Sugar_..10
318Sept 30
9 Feb 4
*33
6711 bee
34
33
33
33
17
3312 33
33
Jan
325 323
8
130 Preferred
2 33
33
400 30 Sept 30 655 Feb 11
401 41
.
8
4011 4011 4012 41
56 Dec 95
4011 41
4112, 4112 41
Jan
4138
1,100 Cudahy Packing
50 3.918June 25 48 Jan 2
36 Nov 677 Jan
8
• Bid and asked prioea: no sales on Vali day. s Ex divinend. V Es-dlvidend and ex-rights
.
Saturday
Oct. 25.
2855
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
Oct. 25.
Monday
Oct. 27.
Tuesday
Oct. 28.
1Yednesday
Oct. 29.
Thursday
Oct. 30.
Friday
Oct. 31.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SH ARE
Range Since Jan. 1
On basis of 100
-share tots.
Lowest.
Highest.
PER dB Ita
Range for Precious
Year 1929.
Lowest.
Highest.
Per share 3 Per share 3 per share S per share S per share S per share Shares Indus. & Miscell.(Con.) Par $ per share $ per share $ per share $ Per share
101 101
1007 1007 10118 1011* 10018 101
8
10012 100% 1,200 Curtis Publishing Co___No par 99 Oct 20 12612May 29 100 Nov 132 Oct
101 101
118 118 *117 118 *117 118
,
118 118
500 Preferred
No par 1147 Jan 29 1214 Mar 19 1121s Nov 1213 May
118 118 *11714 118
4
418
438
3% 4%
414
4
4
414
4
4%
8
3% Oct 30 147 Apr 7
No par
418 46.000 Curtiss-Wright
4
6% Dec 304 Aug
512 53 16,700
4
5% 53
4
512 53
4
6
6%
Class A
514 6
3
514 Oct 27 19 4 Apr 2
100
1314 Dec 37 2 Aug
512 57
7
Oct 18 9012 Mar 31
52% 52% 5112 5112 5112 5112 5112 52
Cutler-Hammer Mfg_ __No par
5012 51
900
51
51
20
2114 Oct
2014 18
8,500 Davison Chemical
197
8 1812 19
No par 18 Oct 27 • 4353 Mar 31
18
1812 18
18% 1818 19
15
15
*12
55 14 Oct 22 30 Apr 14
500 Debenham Securities
1618 1518 15
20 Dec 467 Jan
*12
2
1618 1618 16%
168 *12
*20% 21% 215 213) *21
2218 2212 1,800 Deere & Co pref new
20 20 June 18 2412May 24
22
4 22
213 *2118 213
4
189 190
18712 18712 *18512 193 *185 19414 *185 191 *188 19014
100 185 Oct 22 255 4 Apr 23
300 Detroit Edison
- 15 Aug
1 Nov15
3
22% •1913 2114 *1914 2114 *19
*19
1Devoe & Reynolds A__No par
18 Oct 2 4234Mar 4
24 Nov 64% Feb
2114 *18% 1912
2114 *19
21312 218
213 213
100 139 Jan 13 2541:8ept 8 117 Nov 16412 Jan
2,100 Diamond Match
20412 208
213 213
210 21312'
1208 214
814 8
/ 2,300 Dome Mines Ltd
1
4
8
8,
s
818 818
63 Jan 3 1038Sept 10
4
No par
6 Nov 1114 Aug
814 8 4
,
8% 814
814 814
143 1518 15 4 15 4 *15
3
4
3
3
No par 13 4 Oct 20 303) Apr 5
700 Dominion Stores
1518 1518
15% 1512 •1412 15
12 Oct 5414 July
16
7312 74
74
7318 74
No par 67 June 25 8738 Mar 10
20,800 Drug Inc
71
7512 7214 75
69 Nov 1261s Feb
72% 7018 71
10
1018 10
3,000 Dunhill International_ _No par 10 Oct 10 4312 Apr 7
10
10
10
10
25 Oct 92 Jan
10
1018 *1018 1012 10
*14
18
*14
Duplan Silk
18
7
No par 13 Oct 9 19 Sept 9
*14
18
*14
*14
*14
10 Nov 28 2 Jan
18
18
18
*106 106% *106 1067 •106 1063 *106 106% 106 106 *1053 106
400 Duquesne Light 1s1 pref. __100 100 Jan 7 1063 Oct 17
2
4
8
4912 Jan 1007 Mar
8
8
10% 1018 10
8 Sept 27 2512 Jan 31
500 Eastern Rolling Mill_ No par
10
10
1012 10
1012 1012 *10
*10
12
19 Oct 3912 Sent
189 19212 188 19112 18212 1923 17212 180
3
16914 17214 80,100 Eastman Kodak Co__ No par 16833 Oct 30 25514 Apr 25 150 Nov 264 4 Oct
168% 174
4
*1283 12912 12912 1303 *1297 1307 1317 1317 *1297 132
4
2
100 1207 Feb 14 132 Oct 7 117 Nov 128 Mal
130 6% cum pref
130 130
8
8
8
8
8
14
1512 15
8
1414 16
15
15
153
18 Nov 76% Feb
1412 1514 147 15% 6,800 Eaton Axle & Spring___No par 1212 Oct 21 3714 Feb 20
96
987
8 9418 9714 963 981
20 88% Oct 31 1454 Apr 10
8
80 Oct 231 Sept
9412 9614 923) 9514 8818 923) 117,300 E 1 du Pont de Nem
12014 120% 120 12014 120 120 *120 12014 120 120, 1183 120
100 11412 Feb 4 123 Sept 25 10712 Nov 119 4 Aug
1,700 6% non-vol deb
3
4
4
53
4 *4% 53
.438 53
4 *4
218 Oct 2 107 Feb 6
Eitingon Schild
No par
*4
4 Dec 39% Jan
8
4
534 *412 53
53
4 *4
*41
5912 *41
Preferred 6)4%
100 38 June 25 62 Feb 5
*4118 5913
5912 *41
3912 *4118 50
39 Dec 113 Jan
5912 *41
4212 43% 42
No par 33 Oct 10 11478 Mar 29
22,100 Electric Autolite
4
4212 4314 403 42
468 451 4714 4312 45
50 Oct 174 July
•105 107 *105 107 *105 107 *105 107 *105 107 *104 107
100 10312 Oct 20 1103 Jan 7 102% Nov 115 Apr
Preferred
4
214Sept 30
312 3%
No par
934 Mar 31
2
*312 4
3% Oct 183 Mar
33) 312
312 312 1.300 Electric Boat
38 3% *314 4
5118 52% 493 53
No par 44 Oct 18 103 Apr 23
4
52% 548 5012 5212 487 503
21118 Nov 86% Sept
8
4 4718 493 147.600 Electric Power & Lt
105% 105% 107 107
No par 105 June 18 112 Apr 25
900 Preferred
4
4
98 Nov 1091 Feb
8
1063 1063) 10633 1063 10612 10612 10612 1063
8
*9314 931
No par 93 Oct 24 101 Sept 23
9312 94
9412 3,400 Preferred (6)
9312 95
8 9412 9412 94
9433 947
5418 3414 5214 533
4 54
64 Nov 1043, Oct
5314 5312 2,900 Eleo Storage Battery_ No par 50 Oct 22 7914 Feb 10
53
54
54
5112 54
*1
1 Oct 14
11
512Mar 24
Elk Horn Coal Corp_ _No par
112 *1
*1
112 *1
•1
3
112 *1
3
30.June lois Oct
*112 27
8
1% Oct
2
2
100 Emerson-Brant el A__ No par
*112 278 *112 278 *112 27
314 Oct 2212 Feb
8 •134 2%
41
4018 4012 *403 41
41
594 j n 24
7% Jan 2
8
2
41
4012 4012 *4012 4212 41
4
4914 Nov 83% Jan
800 Endicott-Johnson Corp__ ._60 38 Oct 1
100 10712 Jan 7 1137 Oct 30 10814 Sept 12414 Feb
*11312 116 *11312 116 *11312 116
8
200 Preferred
11312 11312 1137 1137 *112 116
8
8
461 *42
46
500 Engineers Public Serv__No par 3914 Jan 2 6712 Apr 7
4612 *42
31 Oct 79118 Aug
4212 4212
4418 *4114 45
4612 44
No par 9018 Oct 24 10718May 28
*90
951 *90
9512 927 93
80 Nov 12314 Aug
200 Preferred $5
*92
8
9512
9512 *90
9512 *90
No par 9312 Oct 24 1047 Apr 21
g
Preferred (514)
*9812 971 *9312 9712 *9312 9712 *95
843 Oct 109 Oct
4
9712
9712 *95
9712 *95
3614 361 *357 36
3114 Jan 41 May
4June 4
8
4
353 353
4
4 353 36% 3512 35% 3512 3512 2.400 Equitable Office Bldg_ _No par 3512 Oct 30 503
6% Oct 9 433)Mar 5
*7
3612 Dec 54 Feb
8
1,600 Eureka Vacuum Clean_No par
*714 8
7 4 734 *714 8
3
7% 7%
712 712
514 5141
4 Oct 9 30 4 Feb 18
5
3
512 5%
15 Nov 73% Mar
800 Evans Auto Loading
512 53) *5% 512
5% 5%
5% 5%
2711 July
Exchange Buffet Corp_No par 22 Jan 2 2712Sept 17
*2212 257 *2212 25% *2212 257 *2212 257 *2212 257 *2212 25%
2214 Jan
8
8
8
134July 31
25
Fairbanks Co
*134 3
*13
4 3
3 4 Nov 13% Dec
3
*134 3
'14 3
98 Jan 6
*13
3
*13
4 3
7 June 18 393 Jan 20
100
Apr 35 Jan
4
8
8
11
8
81
70 Preferred
8
8
8
8
•Thg 8
*73
4 8
*30
No par 27 Oct 14 5012May 17
3012 *29
29% Oct 54% Sept
3018 3014 3014 3014 *2912 3014 *27
30
300 Fairbanks Morse
2912
100 102 Jar 7 11112May 16 1014 Dec 1107 Jan
Preferred
•105 110 *105 110 *105 110 *105 110 *105 110 *105 110
2
*7
712
7t
717
73
4 73
4
612 Oct 24 2714 Feb 27
814 •7
22 Dec 72% Mar
8
927 Fashion Park Assoo___ _No par
71
15 5912 Oct 23 901.(Mar 18
5912 5912 *593 60
8
8
5934 593 *593 70
4
6012 Nov 109 June
*593 60 .59% 593
8
400 Federal Light & Tree
4
*92
95
No par 90 Oct 14 98% Apr 22
*92
95
*92
95
90 Nov 104 Feb
9218 9218
95
30 Preferred
948 947 *92
*612 7
612 612 *614 63
6 Oct 7 1214 Feb 26
2
5 Oct 223 Feb
63
67
8 6% *6
4 *614 63
200 Federal Motor Truck_ _No par
4
4
2938 293) 28
2614 283 2614 28% 29
293
8 29
4
28 Nov 5614 Sept
2812 2914 2,700 Fed'I Water Serv A _ _ _ _No par 26 Oct 10 43 Mar 19
*20
21
*193 2112 2078 207 *193 26
8
1912 Oct 10 38 Apr 16
8
8
22
22
2512 Dec 33 Dee
1,100 Federated Dept stores _No par
1933 21
53
5314 52
52
5212 5214 521 *5218 521
52
52
47.: Nov 123 Sept
5212 2,100 Fidel Phen Fire Ins N Y__ _10 51 Oct 24 891 Mar 31
*73
8 812 *7% 812 *718 812 *77
*712 812
8 81
7 Feb 11
*7% 81
1012 Apr 4
No par
3
6 Ott 13 4 Mar
Fifth Ave Bus
*____ 3414
3414
3414
3414
No par 31 Juoe 10 4012 Jan 22
3414
80 Dec 98.2 Feb
Filene's Sons
3414
1 Oct 20 10014Sept 6
93
9412 *9214 93
*9212 93
*9214 95
100 90
*9214 95
*9214 95
Jan
210 Preferred
84 Dec 107
*16
1612 16
1614 1614 *153 17
16
4
16% 167
17
187
2412 Dec 37 Dec
800 Firestone Tire & Rubber_ -10 1533 Oct 8 3318 Jan 7
5612 57
*5612 57
563 57
55
57
4
563 56% 567 5712 3.700 Preferred
8
851er 24
100 53% Oct 18 877
83ss Dec 89% Dec
8
4238 4314 4112 42
42
4212 4012 42 __4118 42
4038 413
4412 Nov 90 Sept
7,900 First NI 1nnal Stores_ _No par 403* Oct 31 6138 Jan 30
118 114
118
1,
4
118
114
114
114
I Oct 10
1
1% 08
511 Apr 2
No par
118 5,300 Fisk Ru a. nr
218 Dec 20, Jan
31g 312
312 37s
314 312
2% Oct 15 21 Apr 2
3% 312
100
314 3% *314 312 1,140 1 • prefe*red
8 Dec 7212 Jan
1 2 312 *4
412
412
*318 5
33
3 33
3 Oct 2
8
5
3
2111g Apr 11
*4
100
5
i
^ef • .invertible
120
8 De
82 Jan
12
*3812 39
*333 3912 39 2 39% *3812 391* •31
4
3912 *3
,
38 No
300,Florsto n Shot class A _No par 38 Oct 21 5278 Mar 21
54 Jan
8
3912
*98 100
*99 100
*98 100
*98 100
•93 103
*US 100
100 9512 Apr 12 10012 Oct 3
I Pre:erred 0%
9018 Oct 102% Jan
1
153 153
.8
16
16
1618 1614 1614 16
8 16
16
14 Oct 18 507g Mar 25
1518 l'i
No pa
1,600 Follansbee Bros
32% Nov 82% Aug
60
63% 5812 61% 6118 63% 6113 63
5918 61
56 Oct 31 10412June 4
56
No pa
59
15,700 Foster-Wheeler
95 Sept
53 NON
*7
*7
*7
9
9
*63
4 9
7 Oct 1 283 Apr 14
*71* 71
4
No pa
•
714 812
Foundation Co
12% Nov 69% Apr
2614 2712 263 2712 27
26
26
2712 263 27
8
2514 27
2314 Oct 9 50 Apr 12
4
5.500 Fourth Nat invest w w_No pa
38
39% 37% 3918 3814 4014 37% 381
3714 383
36% 3712 91.900;Fox Film class A
16, Jan 3 5733 Apr 25
8
No pa
1918 Nov 1055s Sept
3412 35% 34% 347
4 3512 36
35 4 3618 3412 353
,
3318 3418 12,000 Freeport Texas Co . No pa
313 Oct 2'
4
5512 April
_ _
23% Nov 54% Jan
94
90
90
*90
*90
*91
94
*90
94
94
9014 9
85 Feb 14 9512Mar 6
70 Fuller Co prior pref __ _No pa
8212 Nov 10712 May
03)
*3
*3
4
4
2% 3
3
37
318 318
23 Oct 27 1134 Apr 9
4
3% *3
800 Gabriel Co (The) el A_No pa
7
5 Oct 33 2 Feb
*5212 5612 55
55
55
57
5512 *55
*56
*50 4 57
,
57
No par 50 Oct 21 80 Mar 28
300 Gamewell Co
6518 Nov 8312 July
*114
11
113 11
114
112
1% 1%
1% 112
118 Oct 22
112
7 4 Feb 18
3
112 1,500 Gardner Motor
3 Dec 25 Jan
*5% 61
*512 612
1 Oct 10 1612 Feb 18
6% 63
6
61
6
614
54
63, 1.500 Gen Amer Investors_ __No pa
4
6
89
88
88
88
88
*88
90
87
87
*87
87
87 Oct 27 105 Apr 25
10
88
7001 Preferred
70
69% 703
8 6412 6914 17.300 Gen Amer Tank Car_ __No pa
701
69% 7014 7018 70% 70
70
6414 Oct 31 11178 Apr 4 -- 5 Nov 12312 Oct
131% 31% 30 8 31% 30
30% 3018 2834 293
30
3018 31)
3
283 Oct 31 7112 Apr 7
4
10
4 6,000 General Asphalt
3
4214 Nov 94 4 Aug
13% 14
•1314 14% *1314 147
*14
15
14% 15
•1314 141
12 Oct 10 3812 Feb 15
No pa
800 General Bronze
24 Nov 69% Jure
10% 11
*11
12
12
1014 1014 1012 1012 *11
10% 105
10 Oct 23 3412Mar 7
pa
,
No
700 General Cable
23 Nov 61 Feb
2812 281
28
2814 2814 2734 28
283 283
4
27
28
28
4
27 Oct 27 7434 Feb 5
No pa
1,900 Class A
63% Dec 12012 Feb
•591 63
*5912 63
63
*5912 63
59
5918 ,*60
59
5818 Oct 24 10934 Apr 7 102 Nov 10712 Jan
10
80, 7% cum pref
39
*39
39% 39
39
3912 *3914 39% 3912 3912 *39
393
3712 Oct 20 61 Mar 7
No pa
700'Gerieral Cigar Inc
4
42 Oct 74 Feb
52% 54% 5112 5412 533 543
8
53% 5114 6212 50
4 52
51% 361,700 General Electric
4853 Oct 22 9534 Apr 10 16818 Nov 403 Aug
No pa
113 11% 113 113
4
8
4
8
4 11% 11% 115 1114 3,200 Special
4 11% 113
4 115 113
1114 Oct 22 12 Aug 27
1
113 Feb
4
11
Jan
51% 5212 51% 53
527 5312 51% 5314 5012 52
8
5018 51%, 39,400 General Foods
11312 Jan 17 6114May 1
No pa
35 Oet 77% July
818 6%
6
6
612 63
6% (1%
4
65
8 6781 12,400 Geu'l Gas dt Elec A
6
/ 6%
1
4
No pa
5 Oct 10 1853 Apr 10
6812 *673 70
67% 67% *67% 70
8
66
6712 6712 *6134 69
No par 5914 Oct 21 1061 Apr 16
7001 Cony pref ser A
*3412 3518 *35 4 353
35
3518 *35% 3614 *36:2 3712 *3533 36lz
,
3314 Oct 14 4438 Feb 10
400 Gen Hal Edison Eleo Corp_
4512 45% 45% 45% 4512 473
8 4612 47% 46
463
4 4538 46
No par 4018June 25 593 Apr 12 "Yd Oct 8918 Jan
5,000 General Mills
8
9612 961 *9612 97
*9612 97
9712 9712 .97
96% 97
98
100 89 June 30 9712 Oct 30
700/ Preferred
87% Dec 100 Jan
364 373
7 35 269,200 General Motors Corp
8 35% 3718 36% 3712 36
3612 33
363
4 35
10 32% Oct 18 5414 Apr 10
4
3312 Oct 913 Mar
96% 97% 9714 973
96% 96% 9612 97
4 9714 97% 963 97
4
No par 923)June 23 100 8Sept 18
6,0001 $5 preferred
7
8
*2514 297 *2514 297 *261s 29% 29% 297
8 293 30
4
*273 293
8
No par 223 Oct 14 4118 Apr 14
300 Gee Outdoor Adv A
4
30 Oct 52 Jan
8
8
81
8
8
8
81
7% 8
7% 814
818 2,200 Common
5 Sept 24 211 Apr 3
No par
233 2418 2212 23% 2312 24
4
2312 23% 2212 23
2212 23
4,600 Gee Public Service_ __ No par 18 Oct 9 527 Apr 7 -- 0" Nov "III Aug
2
8
65
65% *63
*6318 65
64
63
64
63
66
62
63
No par 56 Oct 20 1067
2.000 Gen Ry Signal
70 Oct 12612 Aug
8Mar 28
718 71
714 8
6% 714
6% 71
6% 7
51 Oct 14 1933 Apr 10
63
12,500 Gen Realty & Utilities_No par
7
73
73
72 2 721
,
73
74
7112 711 *713 721
70
71
4
No par 70 Oct 31 100 Apr 14
2,1001 $6 preferred
4812 50
48
49
5012 47% 49
50
49
50
487 5014 9.700,General Refractories_ _No par 468 Oct 22 90 Mar 28
8
54 Oct -88: Aug
97
95
96
99 .96
96
*96
93
93
95
90
91
500 Gen Steel Cast 86 pref_No par 90 Oct 31 101 Mar 12
22% 23% 21% 221
4 2114 23
22% 233
21
217
2012 2114 32,200 Gen Theatre* Equip
No par 1414 Oct 10 5114 Apr 10
_
4
4
35
,2 38% 35% 37% 363 3712 353 363
33 4 351
,
30
33
52,500 Gillette Safety Razor_ _No par 30 Oct 31 10618 Jan 16
80 Nov 143 Oct
6% 8
7
7
73
4 8
7
67
8 7
7
618
7
19,100 Gimbel Bros
1012 Nov 4812 Jan
g
618 Oct 31 207 Apr 14
No par
59
.15611‘ 567 *5614 58
5612 5612 59
5518 5614 5112 541
1.100 Preferred
56 Dec 94 Oct
5112 Oct 31 8212 Apr 25
11
11
8 10% 11
10% 10% 10% 107
1012 1114 103 1114 3,600',Glidden Co
4
26 Oct 641% July
No par 1018 Oct 23 38 Mar 20
843 *---- 8312 83% 831
4
84% *___
83
83
*83
8312
80, Prior preferred
95 Nov 10618 Aor
100 83 Oct 30 105% Mar 27
6% 7
7
6% 7 4
612
8
,
612
7
714
614 63 11.700.Gobel (Adolf)
4
9% Nov 66 Feb
No par
5 Oct 9 19 Feb 7
3312 34% 3314 3434 34% 3514 33% 35
3312 343
32% 3414 28.600 Gold Dust Corp v t e_ _No par 31 Oct 18 4771 Apr 2g
3112 Oct 82 Jan
4
16% 16
15% 1612 153 1612 16
16% 1618 1714 1612 17% 10,500,Goodrich Co(B F)
3
884 Dec 105 4 Jan
No par 1514 Oct 10 5812Mar 25
*6014 693
4 67% 70
69% *6014 70
*60
4212 70
•6212 69%
400! Preferred
951 Dec 1154 Feb
:
100 674 Oct 29 1041*Mar 28
40
4012 41.38 40
3912 40 4 39
3
41% 41
42
4112 42% 14,000100odyear Tire & Rub__No pa
60 Oct 15412 May
35% Oct 22 967 Mar 31
80
8112 82
*82
83
80% 8018 80
8112 817 *81 12 82
600 1st preferred
87 Nov 104% Feb
No par 7814 Oct 22 10214 Apr 30
912 *83
93
8 *9
9
914 *8
4 9
9
9
814 812
900 Gotham Silk Lies
14 Nov 60 Apr
No par
7 Oct 10 288 Mar 8
693 *67
4
*6814 69% *67
69% *6612 693 *6612 691 *6612 803
4
4
68 Dec 10114 Jan
Preferred
100 6712 Oct 21 82% Apr 4
*5t8 512 *518 514
5
5
*5
514
5
5
*434 5
4 Oct 14 May
400 Gould Coupler A
5 Oct 10 153) Apr 23
No par
418 412
414 4%
414 43
4
4 12
8
4
43
8
4% 418 7.800 Graham-Paige Motora_No par
7 8 Oct 54 Jan
3
4 Oct 7 133 Apr 1
512 *4
*4
*412 51
512 *4
*4
512 •4
5i2
7 Nov 4912 Jan
02 Oct 8 10 4 Apr 1
Certificates
No par
3
4 12% 13
1312 1414 13 8 151
123 123
4
5
14
1434 14% 14% 8,200 Granby Cons M Sm & Pr 100 1212 Oct 23 597 Apr 2
4614 Nov 102% Mar
33
4132
3312 34
4 31
337
303 303
4
31
31
30
30
32, Dec 44% Dec
2
1.000 Grand Silver Stores
_No par 2712 Oct 22 52 Apr 2
11% 113 12$8 1218 123
4
1118 1114 11
1212 12%
127 1412 8,300,Grand Union Co
8
9% Nov 327 Jan
8
No par 10 June 17 2053 Feb 13
*38
397
8 39
40
4
3912 393 393 *37
*38
40
393 41
4
30 Oct 54% Jan
8001 Preferred
4June 18 44 Aug 4
No par 343
*2512 31
30
*2612 31
*26
26
26
*2512 31
2512 2512
32 Nov 63 2 Sept
3
200 Granite City Steel
3
No oar 25 Oct 20 50 8 Apr 3
8 29
3118 29
307 327
8
291
29
30% 29
2912 •29
2912 8.000 Grant(W T)
3212 Dec 144% Feb
4
No par 283 Oct 10 43 Jan 9
193 19% 1914 1914 1914 1914 1914 191
8
19
1914
19
19 Oct 394 Feb
2,400 Gt Nor Iron Ore Prop_No par
19
8
18 June 23 253 Mar 25
15% 1618 15 8 1618 1618 161
16
7
16
1512 16
1514 153
28 Nov 44 Jar
8 2.400breat Western Sugar_ _No par 15, Oct 10 3412 Jan 16
8
105 105
10418 10418 104 104
104 1051 104 104 *104 104,
100 103% Oct 16 120 Mar 14 105 Nov 11912 Feb
2601 Preferred
2
518 5 2
518 5 4
,
514 5 4
3
,
5
518
47 Oct 31 28 June 2
4% 5 4 17.709 Grigsby-Grunow
1414 Nov 70 Sept
No par
,
*7
4
I
*1
1
11
*7
8 1
1
.:11
7
1 Nov
4 Feb 4
512 Jan
12Mar 7
200 Guantanamo Sugar___ No par
*5
8
7
8
2814 2814 *28
*2712 28
283
4 2812 281 *25
27 .2512 27
42 Nov 79 Mar
4
No par 273 Oct 24 80 Feb 19
500 Gulf States Steel
*90
95
95 '90
.90
95 *90 95 .90 95 .90 95
993 Dec 109 Feb
4
100 95 Oct 1 109 Apr 30
Preferred
•Bid and asked Mors; no sales on thikday. z Ex-dividend
0 Ex-dividend, ex-rights. 8 Three additional snares for each snare held,
2856
New York Stock Record-Continued-Page 5
For safes during rho week of stocks not recorded here. wise fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Oct. 25.
Monday
Oct. 27.
Tuesday
oa. 28.
Wednesday
Oct. 29.
Thursday
Oct. 30.
Friday
Oct. 31.
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 Precious
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share S per share $ per share Shares Indus.& MIscell.(Con.) Par
5 per share 3 per share S per shore $ per shar
3
.3012 3112 *283 30
4
*283 30
4
4
*283 30
*283 30
30
4
30
10 Hackensack Water
25 26 Jan 4 38 July 29
2312 Nov 35 Au
*2818 30
*2818 30
*2818 30 •2818 30
*2812 30
*2818 30
Preferred A
25 26 Jay 6 30 Aug 27
26
Jan 30 Au
84 814
83a 83*
83
2 914
83
4
7,000 Hahn Dept Stores
Vs
4
9
812 83
8
No par
718 Oct 9 2314 Apr 17
12 Oct 563 Jr.
*6112 63
6312 64
641 6512 *62
.
65
63 63
60
62% 3.300 Preferred
100 59 Oct 17 8612 Apr 17
713 Dec 115 Jr.
4
1812 181s 1913 1912 1914 20
1834 1912 *1812 19 2 *1812 1913
,
900 Hall PrIntIng
10 173u Oct 20 313 Mar 25
4
27 Dec 291 De
_ 105 105 *105
.*105
- *105
_ .*105
_ _
20 Hamilton Watch pret
100 99 Jan 7 105% Oct 9
99 Nov 10552 Jr.:
*105-- -13 *92
*92 92
9212 *92 -- 9212 9212 9212 *92 - 9212 92 - 92
30 Hanna pre} new
No par 85 Jan 16 98 Apr 14
____ ____ __.
46
461
7 *45
4614 4612 45
463 *454 45
4
1,100 Harbison-Walk Retrac_No par 45 Oct 14 7214 Apr 21 _- _- Jan 877 Or
4512 45
451
54
2
5
5
412 5
5
5
5
5
5
5
5
5
4,000 Hartman Corp 01883 D_No par
412 Oct 27 20 Feb 5
13 Oct 417 Au
*11
137 *11
8
13 8 *1112 133 *1118 1313 *1112 135 •11% 13 8
5
8
8
5
Class A
1352 Oct 20 2314May 24
No par
167 Oct 31 See
2
4
4
43*
414
4
4
4
4
33
4 33
1,400 Hayes Body Corp
4 4
4 *33
No par
12
3 Oct 22 173 Apr 4
4
513 Nov 6838 Ma
*82
84
•82
84
*82
84
1082
84
*82
84
*82
84
HeIrne(0 %V)
25 7712June 19 W25 Feb 19
8
84 Nov 1181 JD
:
16
1612 *17
22
167 167
8
2 16
167 •16
8
18
*16
18
900 Hercule, Motors
No par
15 Oa 23 31 Apr 11
2112 Dec 331 Or
:
*120 12114 10120 12114 *12018 12114 120 12114 12014 12114 12014 12014
250 Hercules Powder S7 cum p1100 117 Jan 28 1233
4Jurie 4 11212 Dec 121 02
82
83
8012 85
8414 85
8312 84
8314 85
823 83
3,700 Hershey Chocolate__ _.No par 70 Jan 2 109 May 28
4
45 Nov 1437 Or
9112 9212 *93
94
*9112 95
*9314 96
95
96
*933 94
4
900 Preferred
No par 8312 Jan 2 1083
4June 3
6052 Nov 14314 Oc
*10714 1075 *10714 10753 10712 10712 *10714 107% •10714 1075 *10714 10752
8
8
Prior preferred
100 1444 Feb 21 1083 Oct 18 104
4
Jan 1063 Oc
2
*7
10
84 84
*713 10
*712 10
*712 10
*712 9
100 Hoe(R)& Co
No par
6 Oct 14 2514 Feb 27
123 Dec 33 Au
4
*3112 32
315 315 *313 3212 313 315
8
4
4
3113 3112 28% 3112 5,200 Holland Furnace
No par 2814 Jan 14 4114 Mar 28
21 Nov 51 Ma
6
6
*514 6
*513 1312 *512 812 *514 612 10.54 8
200 Hollander & Sons(A) No par
5 June 18 1252 Jan 29
33': May 245 Au
*77
34% •77
84% *79
84% *32
84% *82
347 *82
Homestake Mining
100 72 July 12 83 Sept 20
847
65 Nov 93 Au
57
64 67
6
63
8
6
53
4 57
8
4,300 Houdaille-Hershey al B No par
53
4 53
5 Sept 30 29 Feb 5
4
534 51
13 Nov 523 Ma
4
68
67 6712 66
88
6612 66
68
66
66
8512 6512 1,100 Household Finance part pt_50 49 Mar 5 68% Oct 16
45 Aug 5214 Sep
49
5012 4614 4812 4818 51
46% 49
455 4714 4314 4812 18,800 Houston 011ot Tex tern otfs 100 4314 Oct 31 1187a Apr 25
26 Oct 109 Ap
24
24
231 24
:
24
2413 2414 25
25
3.400 Howe Sound
2.5
26
25
Novae 2114 Oct 10 417 Feb 7
343 Nov 8212 Ma
4
223 22 g 21
2
7
227
2 20 4 23
3
20 207
2 193* 203* 19
197 26,500;Hudson Motor Car__ __No par 19 Oct 31 ere Jan 6
2
38 Nov 931 Ma
:
83
94
812 8 4
3
83
4 914
10
9
73 Oct 10 263* Apr 11
83* 9
91
4
5,600 Hupp Motor Car Corp
913
9
18 Nov 82 Jai
17
173* 1612 1714 1714 175
17
1714 17
4,800 Independent Oil& Oas.No par 15% Oct 22 82 Apr 7
8
1718 *163 17
173 Oct 39 2 Mai
4
3
3% 318
3% 313
318 314
1,300 Indian Motocycle
314 314
312SePt 30 17 Mar 4
3% 314
No par
314 314
3% Oct 3212 Jai
5% 51
512 5 4
3
314 414
33* 633
3% 4
372 418 171,200!Indian Refining
10
314 Oct 29 2838Mar 22
1318 Oct 53 Alt
47
49
47
4714 4712 4712 471 47% *43
*43
1,100;Industrial Rayon
47
47
No par 31 Oct 10 124 Jan 10
6812 Nov 135 Jai
*183 190 *182 190
190 193
192 192
1,100.Ingersolt Rand
186 186
172 180
No par 15414 Jan 8 239 Apr 24 120
Jan 22312 02
•6514 6512 *65
653
4 65
58 655 *655 66
2
8
500i Inland Steel
6518 6512 643* 65%
No par 63 Oct 22 98 Mar 11
71 Dec 113 Aut
812 9
812 1312
5
812 8z
85
8 9
9
8 Oct 21 30% Feb 7
97
Copper. _.20
2
912 10
10.200:InsldratIon Cone
22 Oct 6612 Ma
912 918 1084 91
0812 10
8% 93* *84 9% *812 912
500 Insuranshares CM; 1nc_No par
8 Oct 23 1312July 31
*84 914 *81s 91
9
9
813 812
600 Imiuranshares Corp__No par
8
818 83
83g
7 2 Oct 24 173 Mar 10
5
83*
2
12 - Dec Itc No
*2
23*
212 212
252 23
*2% 23* 01252 3
800;Intercont11 Rubber _ - _No par
•252 3
71 Apr 1
.
23*Sept 30
2 Nov 1414 Jai
1412 15
1414 143* 1412 15
*1414 143 *1413 144 1412 1412 4,000 Interlake Iron
4
No par 1414 Oct 27 287 Apr 2
2
414 43* *414 4 4 *414 43
3
4 *44 4 4 *414 43
600 Internet Agricul
4
3
4 *414 43
No par
812 Apr 7
33* Oct 10
i Oct 1772 Jai
457 46
1048
54
*51
60
5334 54
800 Prior preferred
51
5214 *5212 54
100 4214 Oct 10 8714 Apr 9
40 Nov 8812 Jai
145 14632 145 148
14714 150
1467 1487 145 146
g
8
4 4,3001 1nt Business Machines.No par 131 Oct 18 19712May 28 109 Nov 255 Oc
1423 1453
4
10
1014 10
1038 10
1014 10
1014 10
5.000 Internal Carriers Ltd_No par
10
1014 10
10 Sept 30 193 Mar 29
58 8 588 573 59
7
4
587 591s 59
8
59341 5814 587
. 573* .5814 2,6001International Cement_No par 55 Oct 9 753 Apr 2
2
48 Nov 10214 Fel
3
314 *3% 314
24 3
8,200 Inter Comb Eng Corp.No par
3
3
312 314
3
312
4
23 Oct 31 1 ilzMar 26
44 Dec 1031 Fel
:
3142
47
*42
47
48
473 *45
4
600 Preferred
014112 42
47
45
45
100 30 Jan 2 78 Apr 1
1812 Des 121 Eel
8 5614 613* 6014 623
583* 623
4 603* 617
2 5812 607
2 5314 6012 29,000 Internal Harvester___No par 564 Oct 21 1153 Apr 16
4
65 Nov 142 MU
014532 14513 14532 1453 1453* 14512 1453 1453 14538 145% 1453* 1453
2
2
2
2
800 Preferred
100 140% Feb 10 14612Sept 25 137 Aug 145 Jai
30
3014 2814 295
8 2912 30
2918 2978 28
293
4 2712 2812 7,500 Int Hydro-El Sys el A_No par 2712 Oct 31 54 Apr 11
23 Nov 5912 Sep
654 67
63
6514 6512 66
6512 66
65
65
65
653* 4,100 International Match pref _35 62 Oct 21 92 Apr 24
47 Nov 10212 Jai
•1614 167
8 167 1714 173 18
8
4
1712 1712 1017
*17
18
900 frit Mercantile Marineetts_100 153* Oct 22 33 Apr 17
18
1812 Nov 39% 00
1772 183
4 175 183* 18
8
183
.
18
1912 1812 193* 1718 183* 406,918 Int Nickel of Canada. No par 1612 Oct 18 443 Apr 4
25 Nov 723 Jai
4
*45% 50
50
1045
45
4518 *45
50
47
*45
45
50
100 Internet Paper 'ref (7%).100 45 Oct 9 88 Apr 29
77 Nov 9412 Jr.'
912 9%
912 91_
93
4 034
612 912
912 91
93
3,500 Inter Pap 4: Pow el ANo par
8 93
8 Oct 17 3118 Star 22
20 Nov 4414 Oc
*712 77
2 *712 8
712 712
712 712
*712 8
7
7
400 Class 11
No par
514 Oct 8 223 Apr 14
4
12 Nov 3372 Oc
*4
5
*412 5
*412 5
*4
*4
4
5
5
5
600 Class C
No par
4 Oct 31 18 Apr 14
9 Nov 21312 Oc
1141
48
*41
49
*40
*40
48
49
49
*40
40
42
500 Preferred
100 40 Oct 31 86 Mar 28
77 Nov 95 Oc
19
19
193 19 4 *1613 20
4
3
*1612 19
*1612 197 *17
1912
300 Int Printing Ink Corp__No par
19 Oct 25 533 Apr 5
4
40 Nov 688, Oc
78
*75
75
75
75
7412 7452 •74
75
80
75
75
110 Preferred
100 74% Oct 29 101 Apr 12
917 Nov 106 Mai
1
36 4 3712 37
3
37
3718 3712 363 37
364 37
4
*3133 3714 2,300 international Salt new_
4
100 31 Oct 10 453
4une 20
1052
5212 513 513
4
4 52
52
53
52
*52
52
*513 52
4
300 International Shoe_ __ _No par 513 Oct 27 62 Jan 15
4
- - Oct - 7712 SeP
54
56
*55
60
65
*55
65 '
055
*55
71
597
55
600 International Silver
57
100 55 Oct 31 119 Feb 1
95 Nov 159% Aug
30
313
4 2952 313* 31
2914 3Ois 283* 30
3012 307
32
79,472 Inter Telep & Teleg_ _ No par 25% Oct 10 778 Apr 24
53 Nov 1494 Sept
193 193* 19
2
20% 19
20
1914 2012 20
19
183 193* 2,300 Interstate Dept Stores_No par
3
174 Oct 18 40 Feb 4
2512 Oct 9312 140
7
4
*6614 723 *6814 75
*6614 727 *6614 727 *6614 72% *6614 72
2
8
Preferred ex-warrants_ _ _100 60 Aug 10 80 Aug 29
74 Dec 97 MM
25
2714 *2114 25
*21
*21
*2114 2412 *2114 25
4
*203 25
Intertype Corp
No par 213 Oct 11 32 Apr 9
4
17 Nov 38% July
814
8
8
8
8
3
814
8
8
7
54 7
3
7,1004nvestors Equity
53 Oct 31 29 Feb 19
No par
121s Nov 7218 Aug
2613 2612 2613 2612 *27
28
2714 28
*2712 2812 •28
700 Island Creek Coal
30
1 25 Oct 22 43 Mar 19
39
Oct 69 Mai
*4212 43
42
42
*42
*42
43
43
4118 4212 *41
42
700 Jewel Tea Inc
No par 4014 Oct 18 6612 Apr 30
39 Nov 16214 Fet
7312 7512 72
73
4 71
73
753
7312 6912 713
4 68
701s 23,200 Johns-N1anville
No par 8412 Oct 10 1483 Feb 5
2
90 Nov 2423 Fet
4
1121 123 *121 123 *121 123 *121 123 10122 123 *122 123
I Preferred
100 11814 Fab 24 123 Mar 21 118 Nov 123 Mat
'12012 121
120 120
121 121 *12114 122 *12114 122
1213, 1213*
1501Jones & Laugh Steel pref_100 11812 Jan 6 12312 Apr 11 117 June 128 00
12
12
3
2
12
12
12
38
3
8
12
12
.38
12 7,400iJordan Motor Car
14 Oct 23 512 Apr 9
No par
112 Oct 1612 Jar
8
1
4 914 *812 8%
8 2 *83
7
83
4 8%
9
0
914 914
400,Karstatit (Rudolph)
7 8 Oct 10 1313 Jan 16
5
1073 Nov 137 Nos
2
•15
1712 ..1612 17
•16
171. •16
17
17
17
*16
1712
500,Kauftnann Dept Stores_S12 50 16 Oct 23 2012Mar 7
1714 Dec 371s Pet
194 193g 183* 193* 19
1912 1812 19
1814 18% 1813 183
4 4,8001Kayser (J3 Co v t c_._No par 15 Oct 18 4112 Jan 2
30 Nov 581 July
:
45 *___ 45 ' ... _ 45 •_
0_
40 *_ 40
Keith-Albee-Orpheum.No par 21 Jan 8 45 Apr 23
1513 Nov 46
Jar
*95 110 *100 110 *100 110 *100 110
98
98 *100 110
100 Preferred 7%
100 85 Jan 7 150 Apr 24
70 Nov 138 Jae
212 212
2
2
212 218
,
212 212
212
2
*2
212 1,800 Kelly-Springfleld Tire_No par
17
sSept 16
812 Apr 10
3 Dee 2372 Jac
1412 1412 1512 1512 155 18
16
*13
*133 16
2
4
110 8% preferred
10134 16
100 11 Oct 10 42 Jan 24
16 Dec 947 Jot
2
38 •____ 39 •_ ___ 39 * _
35 *____ 39 •____ 39
6% preferred
100 29 Jan 2 55 Jan 25
26 Dec 100 Fet
2212 2212 22 22
.
2218 2213 2214 23
23
2312 22% 23
4,200 Kelsey Hive., 1A1heel_No par 1912 Oct 22 3912 Apr 11
185 Nov 59% Mm
8
87
37
9
914
912
8% 914
912
9
9
8
14,900 Kelvinator Corp
9
712 Jan 2 263* Apr 25
5
No par
Oct 194 Eel
4912 4912 4812 481: 443 43
4
40
45
35
1035
40
220 Kendall Co pref
37
No par 35 Oct 30 89 Mar 21
75 Nov 96 Fet
2514 2572 2514 263
2 263 273
2
4 2612 2314 2612 273
8 247 2612 111,900 Kennecott Copper
No par 247 Oct 31 623 Feb 7
2
4
49 2 Nov 10472 Mal
3
457 *4212 4612 •4212 4613
45
443 443
*42
461 *42
4
4 45
200,Klmberley-Clark
No par 42 Oct 20 59 Mar 31
4514 May 573 On
*193 20
4
195 194 *193 20
*193 20
4
4
20
22
193 194
4
500 Kinney Co
No par 193* Oct 23 4012Juno 4
2112 Nov 4412 July
70
70
70
2 70
70
693* 695
0167
1065
7014 •65
1001 Preferred
7014
100 68 Oct 23 97 Apr 17
80 Oct 1093 Mai
4
11
112 11s
112 112
14 14
112 14
112 I%
152 4,500,Koister Radio Corp. __No par
112 Oct 22
812 Apr 14
312 Dec 781* Jan
2712 27% 23
27
27
14 263 263
4
4 263 2652 11,900'Kresge(S8) Co
273* 2818 27
^ 283* Oct 21 3654 Jan 2
28 Nov
5712 Mar
4912 4952 497 50 •48
50
*48
*48
50
55
484 484
600 Kress Co
No par 4814 Oct 23 70 Jan 24
5314 Nov 114 Jan
2412 244 2432 247
243 2512 2412 247
4
2 243 243* 2418 2412 30.400'Kreuger dr Toll
8
23% Jan 2 35 2 Apr 10
3
2212 Nov 46 2 Mat
3
2313 2512 233* 243* 23% 24% 15,400.Kroger Oro° & Bak....No par 21 June 18 48% Jan 23
243 28
2414 2512 2412 25
4
3814 Nov 12212 Jan
_ _
_ _
. _
_
__ _
_
_
1Lago 011 & Tranaport-No par 2114 Jan 11 2912July 17
1612 Nov
383* June
8
'4 11i
is6i8 iii
iii1- - -1
2 8 4 ito If
85
4 84 -iiii - - ai lila ",i(35 Lambert Co
8
"
No par 781:June 18 113 Apr 1
801s Nov 15714 mar
*334 4
*3% 4
*3 2 4
5
4
4
37
2 4
900 Lee Rubber & Tire_ _No par
38 37
31s Oct 15 11 Mar 25
5 Oct 25
Jan
18
*16
*16
18
*16
13
20
*18
•16
18
1612 Mg
100 Lehigh Portland Cement__.50 18 Oct 21 42 Apr 1
80 Nov 05 Feb
*9912 100
•9912 100
100 100
100 100
*993 100
*9912 100.60 Preferred 7%
4
100 99% Oct 24 10812May 24 100 Nov 11034May
.0812 83 •312 83
,
4
812 812
4 *812 83
4 *812 83
8% 812
600 Lehigh Valley Coal__No par
714Jutte 18 1712Mar 17
10
Oct 32 Oct
2212 2234 223
2318 *20
23
23 *--__ 23
...._ 231s *20
1.000 Preferred
60 22IsJune 28 374 Mar 19
31 Dec 44% July
4 651z 6613 6314 65
661z 673
613
-85
6518 65
132% 6212 7.200 Lehman Corp (The)___No par 60 Oct 10 974 Ain 15
277 •27
4
4 27
2614 26
26
26
25
2712 2.100 Lehn & Fink
273* 273 273
No par 21 Oct 10 38 Apr 14
28 Nov 681 :Feb
1312 133 0
1212 11
2
127 1314 12
1152 4,000 Libby Owens GIaas
2 .1318 1312 133 14
No par 11 Oct 31 3112Mar 21)
17
Oct 43 Aug
88
92
88
•88
88
88
.85
*8614 92
400 Liggett & Myers Tobacco-25 85 June 18 113% Apr 1
88
88
88
8014 Nov 106 Oct
8
9012 883 89
88
89
88
87
883
4 5,900 Series B
8812 8878 88% 90
25 88 June 25 1143 Apr 1
s
80 Nov 10614 Oct
23
23
2112 21
2314 2214 23
21
23
1,600 Lima Locomot Works__No par
21
*21
21
1813 Oct 20 494 Feb 15
30 Nov 573 July
4
*3612 37
37
*3612 37
37 *.
37 s_
37 11'..
Link Belt Co
No par 37 Juno 25 458 Feb 21
375 Nov 61 Feb
49
50
48
49% 2,500 Liquid Carbonic
4 Ws 50ls i9i2 50
.
913
)
-4
-i( 3. 50 4 4 4 493 '
No par 451g Oct 10 817 Mar 28
2
40 Oct 113 a Jan
7
58% 604 5712 59% 553* 58 134,300 Loew's luoorPerated
5912 82
5912
57
5712 59
No par 4212 Jan 2 95 4May 14
3
32
Oct 84% Feb
10012 104
*973* 103
200 Preferred_
8
998 993 *9913 10613 101 101 *10012 105
No par 851* Jan 17 1123
8June 3
80 Oct 110 Jan
84
4
500 Peet ex warrants__ _No pox 7852May 6 993 Oct 3
9514 9514 9514 9514 *883 95%
96
9014 95
0
95
*95
96
4
803* Nov 95 Mar
*312 312 nil 312
3% 33* 1,900 Lott Incorporated
314 312
314 33*
312 314
No par
3 June 18
6 8 Feb 19
3
312 Dec 1112 Apr
612 •
Long Bell Lumber A No par
64 *6
612 *6
64 *
6
612
(Ps Oct 22 153 Mar 22
6
3
63
4
4 1111
6
•
12 Dec 3212 Jan
12,000 Loose-Wiles Stimuli
2 6212 543
6412 563
53
8 52
543 557
8
05212 5312 5112 54
25 504 Oct 22 7014 Apr 2
391s Nov 8772 Sept
3
15
153* 151s 1512 15% 15 4 14% 1512 1412 1512 1414 14% 23.500 Lorillard
'
35 1414 Oct 31 2812 Mar 8
144 Oct 3112 May
6
6%
612 3.400 Louisiana 011
6
,
EN 612
6 a 84
612 612
4
*612 63
No pax
Os Oct 18 12 Apr 28
7 Oct 18 Jan
.
72 10 -- 72 *--_- 72
.
72 10
Preferred
0_
100 783 Oct 1 90 Sept 4
72 ' ___ 72___
a
80 Nov 10014 Feb
3134 32
3,600 Louisville 0 & El A_._No par 3014 Oct 18 5114 Apr 25
3214
2 -- 324 3172 32
4
.
3213 3314 31 2 3214 331- 333
28 Oct 72 Sept
52
1414 143
4 1412 143
4 2.400 Ludlum Steel
15
15
143 15
4
15
1514 154 15
No 1 or 144 Oct 30 447 Mar 12
22 Nov 10872 July
62
62
*58
*58
62
Preferred
*58
62
*58
*58
No par 58 Oct 9 99% Mar 18
62
62
058
76 Nov 18 June
2514 *24
MacAndrews & Forbes_No -at 23 Sept 30 391 Apr 3
2514 *24
2514
2514 •24
251s *24
251s *24
124
8014 Oct 46 Ia..
453 4613 6.100 Mack 'Ducks Ina
8
47
46
8
4414 4712 467 477
4412 45
4414 45
No par 42 Oot 22 855 Mar 27
55% Nov 114114 Feb
108 110
6,100 Macy Co
1113 11514 109 112
4
4
:
i15 1153 111 1121 114 116
N par 10614 Oct 21 15914 Feb 3 110 Nov 2551: Sept
67
67
800 Madison Eici oarden
4 *6
63
64 63
4
2
1063
N par
6 Oct 23 15 ,,June 6
4 7
612 63
4 *611 7
1112 Nov 24 Feb
2 2112 2214 3.800 Magma Copper
4
23% 213 243
22 8 2153
3
2132 21
213
21
2 22
No par 20 Oct 22 1284 JD:, 7
85 Nov 82's May
8
412
Mallison (11 R) dr Co r'Vo par
413 *4
412 *4
412 *4
412 *4
3 Oct 23 13 ,, .ly 3
*312 412 *4
6 Nov 398 Jan
Martini Sugar
*2% 3
*213 3
*212 5
100
3
3
112July 8
*2
102
3
*2
8 Jan 29
3 Dec 28 Jan
Preferred
*53 15
4
*53 15
4
4July 1 3 .50 Jan 28
*5 4 15
3
100 113
*71 15
*5 4 15
3
*53 15
1972 Dec 5012 Jail
*714 10
Mandel Bros
*714 10
No par
10714 10
718 Oct 2:. 12 Jan 14
*714 10
*714 10
*714 10
14 Oct 3832 Mar
*018 10
2,600 Manhattan Shirt
11
11
1 11
2,5
1012
'
09
12
9 Oct 2 2452 Jan 10
*10
12
*10
*9
1914 Dec 355 Jan
300 Maracaibo 011 Explm._ _No par
4
*212 23
*212 3
3
3
312
2 ON IS
1038 Mar 18
3
*23
4 314 *3
3
512 Dec 181 Apr
2 2612 263
4 7,700 Slarine Midland Co* p
263
10 20 Oct '13 321k Aug 6
263* 28
2612 2612 263* 26
2614 26
26
500 Marlin-Rockwell
27
*2512
253 27
4
27
No par 253 Ort 30 55 Feb 28
4
277 •28
3212 *2712 2734 27
2
'27
30 Oct 897 May
2
2 1,400 Marmon Motor Cor
63
8 63
6
0
No par
.518 Oct 22 307 Apr 9
614 614
4
2
i
19 Now 104 afi,
612 612
612 6% *614 63
•8310 and Naked proem. DO Wel on gins day. Y EZ-111VIderd6 ex-r1111411.
.
2857
New York Stock Record-Continued-Page 6
For sales ,14trinc the week of stocks not recorded here, see sixth page preceding.
.
-PER SHARE, NOT PER CENT
111011 AND LOW SALE PRICES
Saturday
Oct. 25.
Monday
Oct. 27.
Tuesday
Oct. 28.
Wednesday
Oct. 29.
Thursday
Oct. 30.
Friday
Oct. 31.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On hosts of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
share $ per share I per share
$ per share S per share $ per share $ per share $ per share $ per share Shares Indus.& MIseell.(Con.) Par $ Per share $ per
8
8 3414 3414 2,400 Marshall Field & Co___No par 34 Oct 23 4818 Apr 24
345
8 343 347
4 3418 3438 3412 3412 34
343 343
4
-ZT: Nov 18 Jan
8 Oct 11
3 Jan 6
4
*512 53
Martin-Parry Corp_ ___No par
900
4
53
4 53
512 55
8
55
8 55
8
5 4 54
3
3
6
6
29
Oct 218 Feb
2
2June 25 513 M ar 28
3.500 Mathieson Alkali Workallo par 323
35
3 34
8 3578 363
353
4 3558 3558 3578 3712 *3612 367
35
100 115 Jan 24 136 Oct 7 120 Jan 125 Jan
50 Preferred
130 130 *122 134 •122 134
134 *122 134 *122 134
*122
4512 Dec 108.2 Jan
8
25 3318 Oct 14 613 Jan 31
3618 3612 10,200 May Dept Stores
36
377
g 37
3714 3618 37
3518 36
36
36
15 2 Oct 2912 Aug
3
7 Sept 26 23 Mar 26
No par
100 Maytag Co
712
712
2 8'4 *712 814
8 814 *73
8 814 *73
*73
4 814 *73
2814 Dec 4914 July
18 Oct 28 4012 Apr 7
No par
6,050 Preferred
18
1812 18
1812 18
*18
18
1814 1812 1818 1812 18
7512 Nov 9012 Jan
No par 71 Sept 8 8412Mar 26
71
900 Prior preferred
71
71
71
71
74
74
71
*71
*71
*71
81
7
3914 Dec 108 Oct
No par 33 8 Oct 1 50 Apr 1
100 McCall Corp
363 363
4
4
*36
37
*3514 37
*3514 37
*3514 37
37
.36
3
74 Dec 113 4 Feb
170 McCrory Stores class A No par 47 Oct 27 74 Jan 2
*4712 49
49
49
*46
49
*46
47
49
47
*47
49
70 Dec 11512 Feb
No par 45 Oct 30 70 Jan 16
180 Class B
45
45
45
45
*45
48
497
8 46
46
597 *46
8
*46
8612 Nov 120 Feb
100 78 Oct 1 97 Mar 24
Preferred
94
*82
94
94
*82
*87
94
*82
94
*82
*82
94
30 Oct 48 Feb
300 McGraw-Hill Publics's No par 30 Oct 22 44 Apr 7
*3112 32
32
3212 32
3212 *32
32's 3214 3238 *32
*32
1212 Nov 2312 Jan
3
8
8
*177 183 •177 183 *175 1814 1,100 McIntyre Porcupine Mines...5 14 8 Jan 2 1912 Apr 23
8
18
18
8
8
18
8 18
177 185
8
54 Nov 82 Jan
745
8 7212 7418 6,800 McKeesport Tin Plate_No par 61 Jan 2 8912.1ane 4
75544 7412
75
4
8 743 76
7412 743
8 7212 745
105 Oct 27 373 Apr 12
8
2112 Oct59 Mar
8
127
8 8,500 McKesson & Robbins_No par
8
Ills 1112 1314 12
1114 11
123
8 105 1218 11
12
40 Oct63 July
4
50 253 Oct 28 4914 Apr 8
293 2912 9,1001 Preferred
8
30
2712 2812 29
4
28
2912 253 29
2912 31
1812 Dec 5912 Aug
Stores
No par 1014 Oct 10 2014 Ja.. 7
600.MoLellan
8
8
105 105
8
12
8 1012 1012 103 1012
1112 1112 *105 1238 *11
2612 Dec 72 Jan
No par 2614 Feb 8 42 Apr 16
1001Meiville Shoe
*2812 30
*2812 30
*2812 30
*28
30
2814 2814 *2612 30
7
7 Oct 1
9 Oct34 2 Jan
23 4 Mar 10
3
No par
vs 712 *714 712
7
714 2,500I Mengel Co(The)
714 714
718 718
718 73
8
914 Oct 69 2 Jan
133 Oct 18 37 Apr 7
8
3
4
1418 143 15,100' Mexican Seaboard 011 No par
1518 153
151
8 15
4 1458 1518 1412 15
1518 157
2
8 Oct 24 337 Feb 8
5
20 Oct 5412 Mar
818 81
8 2.500 Miami Copper
8
52 87
8 9
818 812
87
818 818
818 9
2
No par 4114 Oct 20 77 May 13
44 Dec 1227 July
500,MIchlgan Steel
46
*47
5212 *46
53
53
5318 531
5218 46
49
50
7
2212 Nov39 2 Jan
No par 1714 Oct 23 33 Apr 7
8.400 Mid-Cont Petrol
8
187
8 175 18
183 18 8 18
4
7
19
183 191
4
19
187 19
4.
212Mar 17
114Sept 22
358 July
5 Nov
4
1MIddle-States Oil Corp etfs___
-1938 Oct 18 53 Feb 28
No par
3
3
2
(11- -5 2 19 4 1,400 Midland steel Prod
21
8
20 4 I11; -25F 161 -Hor2 /ors 20 - 12 ;532 -3
100 80 Oct 18 110 Feb 28
200 8% con, 1st pref
84
84
85
2
81 2 8112 807 807 *80
,
*82
*82
84
*82
59 Nov NW,Sept
4Mar 19
Minn-Honeywell Regu_No par 41 Oct 1 763
*4114 45
*4114 45
*4114 45
*4114 45
*4114 45
*4114 45
52
10 Oct 43 July
s
61zscut 30 287 Mar 17
612 67
8 4.300 Minn-Mollne Pow Impl No par
612 684
8
65
4 67
7
7
614 7
612 612
65 Nov 102 July
60 Oct 24 9214May 28
No pa
Preferred
62
60 *_ ___ 60 *____ 62 •____ 60
•____ 60
35 Nov 8014 Mar
1312 4.000 Mohawk Carpet Mills.No par 13 Oct 31 40 Jan 27
1314 1313 13
1334 14
14
14
137 14
8
14
14
3
47 Nov 8012 Oct
2,600 Mon-auto Chem Wks_ _No par 2014Sept 29 63 4 Apr 21
26
26
2614 2614 26
4
2612 243 26
25
26
24
25
42 8 Dec 156% Jan
5
8
19 Oct 31 497 Jan 2
2018 145,900 Mont Ward Co III Corp No par
8
3
8 201s 20 4 197 205, 19
4
8 2012 213
195 213
8
2 193 213
lli Oct 31 1612 Apr 2
5 Oct
112 Oct
9,600 Moon Motor Car new No par
112 2
2
312 4
*312 4
3'z
312 4
*314 4
2
s
42 Oct 813 Oct
No par 487 Oct 9 72 Feb 5
100'morrell (.1) & co
54
53
53 .51
*5212 53
*5112 53
*51
53
*51
53
018 Mar
2 Jan 2
3 Oct 14
4
112 Oct
84
7
8
7
8
4 1,800 Mother Lode CoalitIon_No pa
4
3
3
3
4
3
4
7
8
*34
3
4
3
4
4
lli Oct 1 1152 Apr 10
3 Oct 313 Aug
14
700 Motohleter Gauge&Eq No par
2
2
218
218
218 218 *218 214 *21s 214
218 218
36 Nov 206 Mar
200 Motor Products Corp__No par 2612 Oct 22 81 Apr 7
*31
33
*31
34
*3012 34
32
*2912 3012 32
30
30
21 Nov 5512 Aug
151s Oct 23 34 Mar 19
No par
600 Motor Wheel
4
8
161s *153 163
8
7
8
163 163 *153 1614 157 15 s 16
2
4
15 2 157
7
2
10 Oct 817 Jan
3
7 Oct 24 20 4 Feb 14
No par
900 Mullins Mfg Co
818 814
83
8 83
8
8 2 87
7
8
83
8 88
*8
84
,
8
8
7
2
55 Dec 10214 Jan
No par 3814 Oct 17 647 Jan 31
46 •____ 40 •____ 40 •____ 40120, Preferred
4018
8 40
3958 393
4
38 Nov 613 Ms
No par 34 Sept 30 5312 Feb 10
Munsingwear Inc
900 r
35
35
3512 36
38
*36
*36
3612 *36
36 z 3612 37
,
2
147 Nov 1007 June
2
93 Oct 18 2514 Apr 11
s
No par
!
1014 103
4 8,500 Murray Body
4
115
8 103 11
8
4 11
1114 1214 113 1178 1138 113
30 Oct6712 Oct
No par 34 Oct 24 4912 Mar 25
500 Myers F etc E Bros
39
39
39
39
*38
39
40
40
*38
40
36
38
2
40 Oct1187 Jan
No par 2752 Oct 30 5812 Jan 6
16.800Nash Motors Co
8
8 2752 28
8
8 275 285
293 3014 287 297
2918 297
4
2912 30
2
14 Nov417 July
52
73 Oct 29 2614 Feb 14
s
8
8
7 8 734
3
814
4 2,700'National Acme stamped _ _ _10
8
814 81
8
73
4 73
812 87
8
10 Dec 48's May
11 Jan 13 393 Apr 14
No par
'Nat Air Transport
*10
11
11
1018 *10
*10
101 *10
*10
13
*10
13
018 Dec 71 Mar
4Sept 30 20 Apr 7
43
No pa
518
518 3.200 Nat Bellas Hess
512 53
512 53
514 53
518 57
5
*512 5 8
6514 Dec 73 Dec
10 71 Jan ' 93 May 29
7618 775 43,800.Nat1onal Biscuit new
8
757 79
8
79
803
8038 813
7914 797s 781.2 803
Oct
100 14212 Jan 2 152 Oct 8 140 Aug 146
14814 1483 *14814 152 *14814 150 .14814 150500: 7% cum pref
*148 15014 148 148
4
59 Nov 1483 Mar
w I.Vo par 30 Oct 18 8312 Feb 3
32
321
3112 32
3218 33
33
331
31
321
10,200 Nat Cash Recliner A
33
32
36 Oct 8611 Aug
No par 4018 Oct 9 62 June 2
8
4312 443
2 435 453
4314 445
8
8 4312 443 56.200 Nat Dairy Prod
4414 447
4418 45
4
20 Dec 375 Mar
10
10
10
10
11
11
10
10
*10
*10
2.500 Nat Department stores No par 10 Oct 18 241z Feb 27
10
10
15 Oct 58 June
2218 Oct 17 3912 Feb 6
*2314 24
24
24
2314 2312
25
2438 243
8 2414 2518 25
900 Nat Distil Prod cthi.. No pa
2112 *20
2512 Dec 6214 Jan
1714June 14 3312 Mar 1
2112 *20
2112
2112 *20
211 *20
!Nat Roam & Stamping___.10
2614 *20
*20
100 11612 Oct 10 18912 Feb 7 12914 Nov 210 Oct
121 121 *120 122 *120 121
120 120
121 121 *120 121
300,National Lead
100 13812 Jan 3 144 Sept 5 138 Nov 14112 Feb
60, Preferred A
141 141 *141 143 *141 143 *141 143 *141 143 *141 143
3
8Sent 19 115 Oct 123 4 Apr
100 116 Jan 17 1197
11815 11812 *118 11812 *118 11812 *118 11812
118 118
120! Preferred B
118 118
4
23 Nov 713 Aug
i4 4
8 3512 3612 3412 353 96.800,NatIonal Pr & Lt
3018 Oct 10 5834 Apr 24
35
363
8 3114 3614 3618 3712 353 367
No pa
Jan
112 Dec 17
412 Jan 15
112 *1
*1
11
112 *1
1 Oct 20
114 .1
112 *1
No par
*1
National Radiator
Jan
4Sept 30 11 Jan 15
*3
4
4
112 Dec 41
23
*3
4
4
*3
*3
*3
4
'Jo par
*214 4
Preferred
_
4714 4778 4612 47
48
8
4712 4712 48
*467 48
8
46
46
No par 447 Oct 24 62 July 28
2,000 Nat Steel Corp
Jan
4
9812 Nov 144
84
805 82
8
8318 8212 8212 8212 8212 .82
82
*83
84
50 8053 Oct 31 1243 Apr 7
900 National Supply
8
7014 Dec 155 Feb
6312 6312
*6312 66
*6312 68
66
68
*64
65
63
0 3012 Jan 7 983 Mar 22
63
600 National Surety
8
2
3112 Nov 913 May
17
1718 17
8 1718 171s 17
*1612 17
173
1714 1712 17
No par 16 Oct 23 417 Feb 4
1,000 National Tea Co
2
2314 Nov 627 Mar
2
978 103
8 1018 103
914 Oct 22 323 Jan 7
4 1018 1.053 10
95 1018
8
1014 32.7001Nevada Consol Copper_No par
978 io
July
2018 201
1912 20
35 Dec
23
25 4 253
2514 *2012 23
3
No par 1912 Oct 31 58 Apr 14
1,200, Newton Steel
*23 26
3512 Oct 1419334
34
34
34
*34
35
35
35
*34
*34
36
No par 34 Oct 30 47 Feb 19
300 N Y Air Brake
36
*31
8
*29
33 Nov 583 Feb
48 Apr 25
•29
35
*29
35
35
35
*29
30
100 28 June 2
100 New York Dock
30
*2812 31
8s12 Apr 24
*84
85
85
823 July 90 Apr
4
85
*84
*84
85
84
100 80 Feb
100 Preferred
*84
84
84
*83
_
151s 1514 1,500 NY Investors Inc
No par 141i Oct 18 32 Apr 24
143 1512 *1514 153 *1514 153
4
*143 15
4
4
*143 15
jit1
Nov 53- - ov
106128ept 3
No par 100 Jan
8
120 NY Steam pref (6)
*103 1047 *103 1047s *10418 1047 *10418 10478 1041s 1041 103 10418
8
115 Aug
117 Aug 28 109734
115 115
115 115 *115 117
No par 110 Feb
601 1st preferred (7)
*115 117 *115 117 *115 117
6612 Nov 1863 Sept
1327 Apr 11
8
4
8314 8512 43.5001North American Co
8
8512 877
No par 805 Oct 1
8 8312 861
4
8
,
8618 87 2 845 8714 863 88
48 Nov 5414 Jan
57 June 4
5452 543
4
50 Si Jan 1
4 1,300: Preferred
s
5 547 547
8 543 55
543 543 *5412 55,
4
4
55
55
2
65
57 Oct 10 147 Apr 10
8
8 63
65
8 87
65
8 63
4 6,200 North Amer AvlatIonNo par
4
65
8 67
8
65
8 67
2
a
612 67
*
8
4
1045 1045 10412 10412 1,200 No Amer Edison pref_ No par 1003 Jan 23 10518 Oct 4 -oil Nov 1033 Jan
8
8
8
10412 10412 1045 1045 *1045 105
*10412 105
4112 Dec 6414 Jan
8
8
3
8
8 357 36
*3714 38
357 Oct 31 55 4June 11
3,100 North German Lloyd
2
3618 363 3612 363 363
371s 371s 36
4012 Dec 50 Mar
8 46
46
s
40 Northwestern Telegraph. 50 42 Jan 2 5012 Mar 14
s
8
*4514 487 *4512 487 *4512 487 *4512 487 *4512 487
8
4
4.2
8
4 Mar 21)
3 Oct 9
4
*14
1
61 Feb
4
5 Oct
1
100 Norwalk Tire & Rubber._ _ _10
*3
4
1
*3
4 1
1
*3
4 1
2012 213 37.700 Ohio Oil Co
8
No par 2118 Oct 22 32 Aug 21
2212 2114 22
4 22
223
8 2212 223
8 22
22
227
77 Dec 32 Jan
2
4Sept 9
91, Jan 3 243
25
011 Well Supply
_
883 Dec 10612 Jan
4
100 86 Mar 10 110 Sept 12
Preferred
5 Oct 17 347 Apr 17
618 -"Lis "17; 2,400 Oliver Farm Equip_ No par
8 Oct 6412 Apr
2
6
6
6
6
6
6
612
6
6
8
17
Oct 693 Apr
8 Oct 10 4618 Apr 17
814 83
4 9
87
8 9 4 *83
3
4 4,000, Cony participating_No par
8 4 014
3
83
4 9
9
9
31
6412 Dec 9912 May
*30
*30
31
34M ay 13
No par 30 Oct 28 90
31
3018
30
30
7001 Preferred A
34,
s 3018 33
*33
312 312
312 32
312 312
212 Oct 1072 Feb
832Mar 31
8
*318 312
23 Oct 18
8
No par
314 35
8 1,30010mnibus Corp
312 35
4
7
501g Oct 953 Jan
no 80 *70 80 •70 80
70
70
70
go 401Orpheum CIrcult Inc pref_100 63 Jan 6 99 8 Apr 24
70
70
*68
eol8 56 59
8 61
8Mar 13
No par 55 June 18 803
627
8 6014 6112 59
4
7.200'0tts Elevator new
8 593 607
8
607 613
2
4Sept 29 lI87 Oct 125" "It;
100 11812 Jae 23 1283
4
8
8
120 Preferred
4
4
8
a
8
•1257 12612 1257 1257 *1247 1273 *12478 1273 •1247 1273 125 125
*17
2214 Nov 5.5 Oct
3872 Mar 31
4
1912 *15 1712 133 133
173 18
8
18
No par 133 Get 31
4
4
2312 18
500 Otis Steel
*18
4
100 so ..n.ly 2 99 Apr 29
893 Nov 106 Feb
I Prior preferred
8318 *70 87 570 8758
5
8752 *---- 87 s no
8
•____ 873 *-- 3814 3814 3812 3812 *38
2
4
3812 2373 3754 373 373
43 Nov 89, Sept
4 1.300 Owens-Illinois Glass Co _ _35 3612 Gel 22 6072 Feb 7
4
387
8 38
5112 497 5018 8,600 Pacific Gas & Electric
8
517
8 51
4
42 Nov 983 Sept
31
25 46, Oct 20 7478 Aar 31
5115 5112 5212 51
8 50
501s 503
8
4 6518 66
8 65
5812 Nov 14612 Sept
26312 6412 5,400 Pacific Lb; Corp
6718 663 663
No par 6312 ,*'t 31 10772 Mar 28
4 6414 667
6512 663
1012 `1812 1912 193 193
1818 18' *18
8
8 19
8
191 *18
1912 1,122 Pacific M1112
1712 Nov 37 Apr
100 1752 Oct 20 30 Feb 8
12814 1313 •12814 13112
130 130
8
4
460 Pacific Telep & Teleg____ .100 12814 Oct 30 178 Feb 19 131 Nov 220 July
4
13018 1313 131 1317 *13018 132
129 129
128 128
128 128
,
100 11612 Jan 6 145 Feb 21 116 4 Jai 138 Oct
170 Preferred
*12612 131 *12612 131 *128 131
83
4
87
8 918
83
4 9
87
8 9
13 Nov 3212 Sept
2
83 Oct 29 233 Mar 18
4
58,900 Packard Motor Car_ __ _No par
8 938
918 912.
4014 Feb 69 Aug
4738 4738 *47
49
*471g 49
*4518 49
900 Pan-Amer Petr & Trans..._50 4614 Oct 22 6414Nlay 14
4612 465 *4512 49
8
4012 Feb 8914 Aug
8
8 47 4714 465 463
471z 473 473
8 47
8
50 4614 Oct 23 6712May 14
4 6,100 Class B
4612 4634 4653 465
2
24 Nov 877 Jan
400 Park & Tilton, Inc_ _ _ _No par
10 Sept 29 3534 Apr 7
no wiz 10 10 *10 1012 •10 1012 *10 1012 10 10
4
8 *514 53
151s Dec 21 Dec
512 518 2514
514 53
512 1.400 Parmelee Transporta'n_No par
55
8
47 Oct 10 2618 Mar 10
2
553 558 514 27
3
3
3
3
31
8
3
278
27
8 27
3 Nov 1514 Jan
4May 14
212 Oct 24 123
8 1.100 Panhandle Prod & ref__No par
278 3
4112
4112
4112
4112
4712 Feb 76 Jan
1 Preferred
100 47 12 Jan 14 80 May 14
4112 *___ 4112
8
8 495 507
4718 4918 58,200 Paramount Publlx
2 487 50
8
2 5012 513
8
36 Oct 7511 Oct
No par 4658 Oct 10 7714 Mar 31
49341 503
s 485 503
112
112 112 *13
7
s 112
13
8 112'
3 Dec 13 2 Feb
118
112 2,900 Park Utah 031
43 Apr 7
2
138 13
8
13 Oct 23
s
1
8
312 32
3 8 38
5
7
312 4 4
318 312
212 Dec 1472 Jan
,
9 Apr 25
3 4 313 11,900 Patbe Exchange
,
2 4 Jan 3
5
No par
314 33
8
714 8
412 Dec 30 Jan
67
8 714
718 83
s
7
7
831 67
8 6,200 Class A
7
7
5 Jan 2 1958 Apr 25
No par
8
8 117 1212 117 1214
8
4
1152 12
2
247 Oct 473 Mar
7
5.500 PatIno Mines & Enterpr_._ _20
91s Sept 30 32 2 Feb 5
1114 1112 1114 1152 1114 117
5312 35
8
4 418
35s
312 312
35
8
3
5s 3 8 *33
5
33
4 33
4
512 Oct 2212 Jan
601),Peerless Motor Car
312 Oct 22 14 Feb 3
51)
4 3918 407
403
413
8 40
8 3938 4114 40
3314 395
2
22 Nov 607 Sept
8 3812 393 10,0091 Penick ds Ford
2
4
2
No par 267 Jan 7 553 Apr 111
41
403 403
4
4114 41
4 3818 4012 4,900,Penney (J C)
3912 403
4 41
41
66 Nov 10514 Oct
3
40
No par 35 2 Oct 17 80 Jan 3
*9712 98
*963 98
4
4
9614 9712
9612 9612 *963 98
98
33 Oct 97 Deo
700 Preferred
100 93 Jan 7 101114Sept 23
*96
478
478
412 452 *478 5
45
8 43
27 Jan
45
5 458 1,400 Penn-Dixie Cement __ _No par
312 Nov
412 412
4 Oct 22 12 Mar 8
2012 Nov 94 Jan
no 2714 27 27 *27 281 28 28 *27 29 *2712 30
300 Preferred
100 2518 Oct 22 5512 Mar 13
4
220 228 *224 226 *2233 228 •220 225
2,600 People's 0 L& C(Chic)__.100 212 Oct 18 325 May 27 208 Jan 404 Aug
221 22412 217 223
20
*1814 19
*1712 19 .18
*18
*1712 19
1812 Dec 4512 Jan
19
1712 July 17 2212 Aug Ii
1Pet Milk
No par
*17 2 19
,
1114 11
113
8 1112 1114 1118 1118 11
1112 6,800,Petroleum Corp of Am_No par
11 Oct 14 2714June 10
8
113 1112 11
8 2314 2412 4,400 Phelps-Dodge Corp
255
8 25
4 2412 245,
2504 2414 243
. 25
31 Nov 797k May
25 2314 Oct 31 4438 Apt 7
253 253
4
170 200 *170 200 •170 200
1Philadelphla Co (Pittsb) -50 170 Oct 9 248 Apr 15 15712 Apr 285 Oct
*170 200 *170 200 *170 200
4
53
53
*523 53
5212 53
53
53
53
4712 Nov 54 Mar
8
53
53
50 5012 Jan 15 573 sept 29
800, 6% preferred
53
8
34 Jan
918 Nov
12
7
127 20.800 PhIla & Read C& I____No par 113 Jan 17 25 8May 23
137 141s 1314 1415 135 1414 1318 131z 1218 13
8
8
2
2
97
8 97
978 97
8
98
7
97
9 8 10
7
*97 10
8
5 4 Oct 2314 Feb
3
814 Jan 8 1512Mar 11
8 1,900 PhIllip Morris & Co Ltd__ _10
97
2 97
*1112 26
*1112 20
*1112 20
1912 Nov 78 Mar
•1112 20
*1112 20
a
12 Oct 23 277 Feb 18
'Phillips Jones Corp___No par
*1112 20
65 Nov 96 May
5614
,
*3/04 5612 *5614 5612 *5614 5612 *5114 56 2 5612 561 *56
,
100 56 2 Oct 30 75 Feb 11
80 Phillips Jones prof
Jan
2414 Nov 47
2
22
4
2 23 231g 223 2318 2212 227
2212 15,600 Phillips Petroleum_ __No par 2018 Oct 22 443 Apr 30
s
227 2312 2258 233
11
9
*9
*9
11
*9
11
10 2 Oct 375s Jan
5
*9
11
9 Oct 31 2018 Apr 30
5
1018
11
200 Phoenix Hosiery
*9
2
18 Nov 377 Jan
25
23
23 *23
*23
24
23
23
23
23
6,400 Plerce-Arrow class A___No par 19 June 25 33 Apr 3
23 25
7
8
7
*7
8 1
7
8
*7
8
1
7, 1,100, Pierce Oil Corp
7
8
7
8
8
1
Oct
212 Mar 17
$3 May
4Sept 30
3
25
*723 1
161
*15
*16
18
*15
18
20 Oct 51'z Mar
15
*14
16
15
100 1418 Oct 24 52 May 1
400 Preferred
15
15
als 31, 3
31
57 Jan
2
718 Apr 24
223
12 Oct
214 Jan 3
4 3
3
318
318
No par
2,300'Plerce Petroleum
3
3 18 *3
1
•BM and linked prima,00 sales on this day. S HI-dividend and ex-rhints. s Ex-dividend. y Es
-rights.
2858
New York Stock Record-Continued-Page 7
For sales during .he week of stocks not recorded here. see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Oct. 25.
Monday
Oct. 27.
Tuesday
Oct. 28.
Wednesday
Oct. 29.
Thursday
Oct. 30.
Friday
Oct. 31.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On Oasts of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1929.
Lowest.
Highest.
$ Per share $ per share $ per share $ per share $ per share Shares Indus.& Miscell (con.) Pa $ per share $ Per share
,
Per share $ Per share
31
3112 3018 31
31
31
31
31
31
31
3018 3018 1,400 Pillsbury Flour Mills
27 June 25 37 Apr II
No par
/
1
4
30 Oct 63 8 Jan
7
*3914 40
40
40
*393 40
40 40
4
/ *4014 4114 *3912 40
1
4
200 Pirelli Co of Italy
3712 Oct 15 507 Feb 27
2
4314 Oct 88 Aug
*3312 35
*33
35
3318 3312 *3312 34
3312 333
4 33
331
/
4
800 Pittsburgh Coal of Pa
100 33 Oct 22 7812 Jan 7
54 Nov 83 Jan
/
1
4
75 *___ 72
72
74
*7014 74
*7014 72
701 70,
300 Preferred
/
4
4
100 70 Oct 23 110 Jan 7
83 June 110 Oct
/
1
4
•157 16
8
15
/ 16
1
4
*157 18
•15 s 16
8
7
157 154 153 154
8
/
1
700 Plttsb Screw &Bolt _ _No par
4
/
1
151.4 Oct 10 22 8 Feb 18
7
17 Dec 2712 Aug
*95 8 9812 95 8 95
5
/
1
/
4
3
/ *953 9712 9512 95
1
4
8
/ *951 9712 *954 9712
1
4
20 Pitts Steel 7% cum pref._ _100 9312June 24 103 Jan 7
921 Feb 110 Oct
4
1914 195
8 1912 193 *19
22
4
*1912 22
*1912 22
*1912 22
1.600 Pittston Co
19 Oct 9 22 Apr 8
No par
/
1
4
1812 1812 19
2012 20
2012 2012 2012 197 197
8
/
1
8 1814 194 2,200 Poor & Co class B
No par
163 Oct 20 3411eMar 18
4
k
20 No, 437 Aug
*1612 1712 *18
1712 *1612 1712 1614 1612 4,1814 1712 *16
200, PortoRican-ArnTob olANo par 1512 Oct 10 30 8July 3
17
3
43
8 43
8
412 45
43
4 8 43
3
8
8 43
4 *412 434
8
43
8 412 1,200' ClassB.
4 Oct 10 271 Mar 10
No par
/
4
8 Nov 5014 Jan
66
66
66
6518 65 8 63
66
/ 6518 63
1
4
,
63
2,600 Postal Tel & Cable 7% p1__100 6014 Oct 31 103 Jan 21
601 62
93 Nov 105 Jan
2214 2212 2218 2258 2214 223
4 2218 2258 2214 23
22
224 8,800 Pratrie OH & Gas
/
1
25 22 Oct 9 54 Apr 1
404 Oct 65 8 Jan
5
2712 28
2718 273
8
4 273 273
8
4 2714 2734 11.200 Prairie Pipe Line
4 2714 2738 265 273
8
25 265 Oct 30 60,2 Feb 7
45 Oct 65 Aug
*438 5
412 43
*458 478
8 5
4 *45
414 41
412 412
/
4
par
Pressed Steel Car
41 Oct 10 165 Feb 18
/
4
900
No
8
618 Nov
25 2 Mar
3
*45
*40
48
*45
48
48
*35
I Preferred
48
535
*35
45
45
..100 45 Oct 22 7612 Feb 14
50 Dec 81 Mar
68
6814 673 683
8
8 6712 68
671 57
. / 6618 673
1
4
8 66
8812 3,700 Procter Gamble
No par 523 Jan 3 787
2
8June 2
43 Nov 98 Aug
414 4 4 *43
8 47
4
/ 414
1
4
8
,
414 43
4 *41s 47
4 Oct 21
800 Producers & Refiners Corp._50
8
117 Mar 17
8
II 3
4 Oct 257 Jan
8
8418 8514 83
/ 8512 847 857
1
4
8
8 8412 .57
834 26.700,Pub Ser Corp of N J
/
1
8 823g 8412 81
No par 79 Oct 22 123 April
/
1
4
54 Nov 1375 Sera
4
*975 98
8
98 98
98
98
98
98
98
1.2001 55 preferred
9818 981s 98
No par 9114June 18 100 Oct 4
1107 1107 1117 112
*110 4 112
8
8
3
8
11214 112141 '11118 1127'
'
1
8 2112 112
700 8% preferred
100 10612 Jan 3 117 Sept 30
98 Nov 10818 Feb
130 130 *131 132
131 131
130 1333 *130 132 *130 1317
300 7% preferred
8
4
100 121 Jan 10 135 4 Oct 6 105 Nov 1244 Jan
,
/
1
/
4
*1471 152 *1471s 152
152 152
152 153
200 8% preferred
/ 15314 15314 *152 154
1
4
100 143 Jan 2 158 June 7 13912 Nov 151 Sept
*110 1103 *110 11018 *110 1104 11014 110, 1101 110's *11012 11214
8
200 Pub Serv Elea & Gas pref_100 10714 Feb 5 112 May 21 10418 Nov 1095 Jan
/
1
4
/
4
8
5514 55
/ 5512 56
1
4
55
/ 56,
1
4
6,700 Pullman Ins
8
4 553 5614 553 5634' 55
4
56
No par 54 Oct 22 89 Jan 3
/
1
4
73 Nov 994 Sept
/
1
112 112
13
8 112
112 112
lit
112 *11 112 1.300 Punta Alegre Sugar
112
/
4
112
1 Oct 7
50
812 Jan 17
6 Dec 21 12 July
1212 13
1214 1234 123 1314 12
/ 12
1
4
4
/ 124 13 I 1214 123 19.400J Pure 011 (The)
1
4
/
1
4
4
25 103 Oct 22 2714 Apr 7
20 Nov 30 4May
1
105 105 *102 105
105 105
10212 105
250; 8% preferred
,
10312 10512 105 105
100 102 2 Oct 29 11414 Apr 8 108 Nov 116 Feb
5412 544 54
/
1
56
67
59
5812 591 57
/
4
51 June 21 1187 Feb IS
5512 6.900;Purity Bakeries
58 I 54
4
55 Oct 1484 Aug
/
1
2234 24
20
/ 2278 213 223
1
4
4
4
/
4
2114 183 2012 431,800; Radio Corp of Amer_No Par
184 Oct 31 69 Apr 24
4 203 211 20
/
1
4
/
1
4
28 Oct 1143 Sept
4
*51
*
5012 56
52
*5114 58 '50's 53
/
4
5013 5012 50
500; Preferred
50 481 Oct 9 57 Apr21
5012
50 Nov 57
Jan
54
5512 5512 5512 56
5614 4912 56
4812 5012 48
No par 48 Oct 31 85 Apr 2
49 I 8,000 Preferred B
62 Nov 8212 Apr
215 22
8
8 235 2518 223 233
/ 2158 24,
1
4
8
1712 Oct 10 50 A pr 24
/
4
8
4
4 223 2318, 211 2318 438.700 Radlo-Kelth-Orp al A._No par
12
Oct 467 Jan
8
2014 204 197 2012 20
8
/
1
21
20, 207
8
8 201s 201
193 Oct 10 58 Apr 17
4
20 1 3.400 Raybestos Manhattan_No par
8 20
/
1
4
28 Nov 581 Sept
/
4
*
37
3814 373 384 *373 39
4
/
1
4
3718 3 / 381 3718 351 363
8 3,500 Real Silk Floelery
8June 19 644 Mar 29
/
4
/
4
10 313
/
1
71
4
361 Nov 8418 Mar
/
4
*88
93 *85
93
*85
93
*85
Preferred
93
100 87'g Sept 17 100 Mar 29
93
93
*85
85
861 Dec 10212 Feb
/
4
*112 2
•112 2
*112 2
*112 2
Reis (Robt) & Co
1 Aug 29
*112 2
*11 2
/
4
5 Feb 3
/
1
4
No Dar
3 Dec 1814 Feb
/
1
4
*9
15
*9
15
*9
15
9
*9
9
15
9 Oct 31 37 Jan 28
*9
50 First preferred
100
15
40 Dec 1084 Feb
/
1
19
8
1914 183 193
8 191 193
/
4
4 19 4 193
No par 18 Oct 18 4812 Apr 14
4
,
4 183 191s
204 Nov 5714 Oct
/
1
181 1938 15,600!Remington-Rand
/
4
* / 9112 *897 92 I *897 9178 *897 90
89
8
1
4
8
8
100 First preferred
100 90 Oct 3 1007 Mar 28
'80's 917
8
90
90
81 Nov 9612 Oct
*100 101 *100 101 *100 101 *100 101
20 Second preferred
100 95 Jan 4 104 July 15
93 Mar 101
100 100 •100 10012
Apr
10
/ 1012 1018 1012 1014 10,
1
4
91 1014 2.200 Reo Motor Car
10
4 10, 1014 1014 101
8
4
4
81sJune 17 147 Mar 24
1018 Oct 317 Jan
/
4
8
2112 22
21121 213 223
14,600 Republio steel Corp__.No par 18 Oct 14 7912 Apr 16
4 2112 22
/ 21
1
4
4
/
1
20
201 194 20
/
4
59
59
56
60
5978 *541 56
60
1,700 Preferred cony 6%--- .100 54 Oct 23 9512May 6
/
4
6014 81
5912 60
*12
*12
13
13
*12
Revere Copper de Braes No Par
13
*12
13
13 *12
10 Sept 30 30 Jan 8
•12
13
26 Dec 311, We
;
.
*40
47
*40
47
47 .40
*40
Class A_
47
/
*40
1
4
540
No par 49 Oct 9 72 Jan 24
47
47
70 Dec 78 Nov
17
/ 177 *1612 17
1
4
8
1612 16
14 Oct 10 313 Apr 14
/
1
4
16
167 174 *1612 17
8
181 1,500 Reynolds Metal Co-_ _No par
/
4
*214 212 *214 212
/
1
4
2 Sept 23
900 Reynolds Spring
214 2
71 Jan 29
/
4
No par
214 214
214 2,
3 Nov
/
1
4
h2Ig Jan
214 214
4
4634 463
8 4512 4612 45 8 4658 45
3
4434 45
46
/ 4312 45t4 45,300 Reynolds(R J) Tob class B.10 4312 Oct 31 5858Mar 11
1
4
39 Nov 66 Jan
75
*72
75
75
•72
75
75
75
100 Class A
10 70 June 3 80 Jan 2
75
75
70 Apr 8912 Oct
75
75
615 614
614 612
612
614 6
4
/
1
/
1
4
6 Oct 23
83 Oct 11
4
63
614 64
2 63 20.200 Richfield Olt of Calif__ No par
6
/
1
4
812 812
/ 8
1
4
8
/ 8
1
4
8 5,300 Rio Grande 011
/
1
4
/
1
4
/
1
4
8Sept 22 25 4 Apr 7
84 85
/
1
8
83
4 8
3
812 87
8
75
15 Oct 42's Mar
No par
*307 3.5
8
8
*307 35
*3114 35
31
600 Ritter Dental Mfg
3114
40 Nov
4
3114 3114 *3114 34
70 June
No Par 31 Oct 15 593 Feb 5
8 2512 2512 25
253 257
8
25 4 *243 2512 2312 24
3
2212 23
3.500 Ft salts Insurance Co
4
10 21 Oct 10 4834 Mar 3
28 Nov 96 May
4434 443
4 4414 4412 4458 45,
8 444 45
/
1
/
4
44
/
4
/ 441 441 441 10,600 Royal Dutch Co (N Y shares) 43 Oct 14 5612 Apr 7
1
4
4318 Oct 64 Sept
/
4
2834 283
4 29
31
2914 293 3012 30
/ 3.000 St. Joseph Lead
1
4
4
10 28 Oct 22 5714 Feb 6
3812 Nov 94 Jan
4 2814 29
31, 31,
4
54
55
5512 54
5514 5612 544 5738 54
/
1
53
55
55
3,700 Safeway Stores
8
No 10o 5118 Oct 22 1223 Jan 23
par
9018 Nov 19514 Jan
*9218 94
*9218 94
*9218 93
*921 93
/
I Preferred (6)
4
*9215 93
*921s 93
87 Aug 9 99 Feb 7
/
1
4
Oct 101 Sept
85
*97 100
*97 100
97
*95 100
97
*98 100
95
30 Preferred (7)
95
8
100 95 Oct 31 1097 Mar 26 100 Oct 1094 Dee
/
1
*177 18
8
1612 177
8
8 165 17
2,100 Savage Arms Corp ---No Par
8 1618 167
161 164
/
4
/
1
/
4
1512 Oct 18 311 Apr 2
/
4
2012 Nov 511 Jan
5
/ 512
1
4
514 5
/
1
4
514 514
5
/ 51
1
4
5
514 3.200 Schulte Retail Stores. No Par
414 Jun 2 1312 Jan 23
/
312 Dec 411 Jag
4
/
4
51 514
/
4
*
60
693 *60
4 *60
4
693
I Preferred
69
/ •130
1
4
*60
67
30 Dec 1184 Jan
6934' •
60
100 25 Jan 2 75 Jao 21
/
1
69
/
1
4
7
7
7
7
6
•67
/ 7
1
4
8 7
600 Seagrave Corp
/ 7 1
74 7141 `6
1
4
/
1
par
6 Oet 29 1414 Mar I 1
10 Dec 221 Apr
/
1
4
/
4
5014 5314 4914 52
51
5212 5014 51 2 48
/ 502 4712 4914 80,800 Sears. Roebuck & Co-Noo
1
4
,
4712 Oct 31 1004 Jan 31
/
1
80 Nov 181
N
Jan
*514 512
5
/ 53
1
4
8 *53
8 512 *532 512
800 Second Nat Investors.. No Dar
4 Oct 10 23 Feb 17
/
1
4
5
/ 5
1
4
/
1
41
/
1
4
9 Dec 15 Nov
514 51
/
4
61
*52
*52
61
*52
*52
56
61
*52
53
53 I *52
Preferred
45 Nov 6314 Nov
4
No par 5012 Oct 18 823 Mar 18
112 112
112 11
/
4
15
8 13
4
15
8
15
41 *13
8
17
81 1.500 Seneca Copper
14 13
/
1
11
4
/
4June 26
2 Nov
1012 Mar
/
1
4
No par
3 Jan 29
434 5
43
4 47
8
43
4 5
/
1
4
44 43
/
1
41
41/4 4341 11,700 Servel Inc
43
4 4
413 Oct 10 1312 Apr 25
714 Nov 211 Aug
/
4
No Dar
4 28
2812 293
2812 28 4 293
/
4
4 2714 281 27
2814 257 273
8
8 6,500 Shattuck (F 0)
par 255 Oct 18 52 Apr 21
,
25te Oct 194 Auk
8
1214 1214 1214 1214 *1214 15
*12
14
12
12
*13
17
1034 Oct 20 32 Feb 13
/
1
4
300 Sharon Steel Hoop_ No Da
22 Nov 5354 July
No
417
18
*17
19
18
•18
173 1914 •18
4
19
1,200 Sharp & Dohme
18
18
16 Oct 22 27 Mar 10
/
1
4
No par
1074 Nov 22 Nov
*574 5818 *571 581 *5718 5818 *5713 5818 57
/
4
/
1
400 Preferred
8
571 563 563
8
/
4
/
4
4
50 Nov 657 Aug
2
No Par 54 Jan 2 633 Mar 10
*373 42
4
4
*387 42
*387 42
8
8
*373 42
*3818 42
*38 41 42
Shell Tramp & Tract Co Ltd £2 3712 Oct 1 483 Apr 23
,
43 Jan 553 Jan
8
4
4 1018 101 10
1014 10 4 1014 1012 1012 103
/
4
18,900 Shell Union 011
3
/ 11
1
4
93 Oct 21 254 Apr 7
4
/ 1118 10
1
4
/
1
19
Oct 315 Apr
4
No par
82 •____ 82
83
*80
76
/ 82 2 8212 80
1
4
76
500 Preferred
,
80
100 76 Oct 31 10614 Apr 21
8
83
8
8
918
8
5
8
8
5
/ 6
1
4
5 Oct 30 35 Apr 25
8,600 Shubert Theatre Corp_No par
82 9
,
8 Dec 74'n Jan
15
1512 16
1514 15, 157
8
/
1
8 154 1534 1518 154 1518 154 11,900 Simmons Co
/
1
/
1
15 Oct 10 94 Jan 2
5912 Nov 188 Sept
/
1
4
No par
*97 1012 10
10
8
1014
9
/ 9
1
4
9
/ 4,300 Simms Petroleum
1
4
/
1
4
91
8 Oct 22 37 Mar 24
15 Nov 40 8 Aug
3 4 1014
3
,
4
141
1414 133 141 14
/
4
14
141 137 14
/
4
137 1418 34.300 Sinclair Cons Oil Corp_No par 13 Oct 22 32 Apr 7
8
8
21 Nov 45 Jan
4
1093 110 *1093 110
4
4
*109 4 110 *1093 110
/
1
3
1093 1093 *108 1094
100 Preferred
4
4
100 106 Oct 14 11214 Apr 24 103 Oct 111
Jan
19
1812 183
183 18
18
4
/ 18 4 183
1
4
3
1812 2,900 Skelly 011 Co
4 1812 184 18
4
25 173 Oct 22 42 Apr 9
/
1
28 Oct 46'i May
4
4
4
3 4 *3
3
*3
*3
300 Snider Packing
338 *3
3 Oft 10
8 Jan 9
318 Nov 1614 Feb
*3
33
4
3
3
1,15
151 *15
/
4
1512 •15
15
15
*14
15
200 Preferred
15
143 Oct 22 363 Feb 24
4
4
15 2 15
,
14 Nov 6412 July
No par
No p
2
8
1027 1027 *102 10212 1023 103 *100 103 *100 102
4
/
1
4
8
1021 103
/
4
500 Solvay Am Inv Trust pref_100 95, Jan 6 1211 Apr 3
/
4
85 Nov III Sept
7
16
/
1
1612 17
1712 164 164 1514 16
/
4
145 1512 15,500 So Porto Rico Sun.
8
/
1
1
224 Dec 45 May
/
1
...No Par 111 Oct 7 30 4 Jan 16
51
52
5012 517
/
4
4 513 523
8 511 523
4
50181 8.400 Southern Calif Edison
8 5018 5014 49
/
1
4
25 47 Oct 22 72 Apr 14
Ws Nov 9314 Sept
*3
4
412 *3
47
8 *3
*3
47
8
300 Southern Dairies ci B__No par
43
4 47
8 .414 5
312 Jan 4
9 Mar 3
212 Nov 151 Jan
/
4
*364 3912 *364 3914 *3612 3912 *3512 391 . 2 39,
*
/
1
3812 39
/
1
Spalding Bros
33 Jan 8 45 Mar 17
/ 35,
4
30 Nov 63.2 Mar
*114 115 *114 115 *114 115 *114 115 -*114 115 *114 115
Spalding Bros 18t pref..No par 108 Jan 13 115 Aug 27 107 Nov 117 Feb
.....10O
2912 *2812 29
*2812 2912' 28 2 28121 *2812 29121 *2812 2912
•
29
197 Jar 2 371
8
1001Spang Chalfant&Colno No par
,
4June 14
,
15 Oct 5214 Jan
98
93 93 1 *93
93 93
*93
701 Preferred
93
96 1 93
96 I *93
100 92 Jan 20 96 Jao 2
89 Mar 98 Oct
8
4
8 123 1212 12
127 1312 1218 1212 123 127
121, 113 121 4.100 Sparks WIthington_ - _.No par 1134 Oct 17 3012 Apr 10
/
4
/
4
8
4
1312 Nov 73 Aug
121 12
12 I *12
/
4
4 12
8
12
123 *1218 123
*12
509 Spencer Kellogg & Sons No Par 12 Oct 3 25 Apr 15
123
12
4
20 Nov 45 Aug
*12
*12
13
13
*12
13
13 1 *12
10 Oct 23 3612 Feb 4
•12
500 Spicer Mfg Co
par
13
1112 12
2018 Dec 663 Mar
4
I Preferred A
8 *3017
8
8
31
30, Oct 18 4518 Mar 31
4
o
,
*3012 33 *3012 327 *3012 327 *30 2 327 *3012 3278 *
No a
38 Nov 554 Mar
/
1
11
107
10
8 *9
59
500 Splegel-May-Stern Co_No par
*9
*9
10
11
11
81 Oct 23 52 Feb 3
/
4
814 9
34 Dec Ill's Feb
8
1614 17
164 1711 164 17
/
1
163 79,800 Standard Brands
8
154 Oct 20 2914 Feb 8
/
1
16
165 1718 165 17
8
/
4
/
1
/
20
4
Oct 441 Sept
*___ 12112 *____ 12112 *119 12112 119 119 •11913 12112 *11912 12112
100 Preferred
par 117 July 7 1211zSept 23 11414 Nov 11834 Sept
4
•31
*33
4
*33
.33
100 Stand Comm Tobacco _N0 par
4 4
4 4
531 _ 4
312June 17
4
4
714 Feb II
N0
N
2
31 Dec 433 Jan
/
4
79
76
77
7712 7314 77
7912 77 4
15.300,Standard Gas & El Co_No par 70 4 Oct 22 12912 Apr 15
,
/ 7512 7812
1
4
,
7512 79
/
1
4
7312 Nov 243 Sept
62
/ 63
1
4
63
2,000; Preferred
1123 627g 425 63
63
4
8
8June 19 67 May 20
8
627 63
50 613
/
4
*621 63
5812 Nov 67 Feb
*99 100,8 *991 100, 59818 1001
100 100
*99 100
/
4
4
100, $11 cum prior pref.....No par 9912July 10 104 Sept 12
/
4
*99 . 100
_
4
4
2.000 Stand investing Corp_ No par
*334 4
*31 4
/
4
3
/ 4
1
4
4
3 Oct 10 1512Mar 27
/
1
4
4
4
4
4 Dec 48 Sept
104 104, 102 108
105 105 *10114 105
4
900 Standard 011 Export pref.. _100 98 Feb 8 1063 Oct 7
8
105 105 *10414 105
/ 51 14 5218 51
1
4
52 4 52
,
5112 17.400 Standard 011 of Cal ____No par 51 Oct 22 75 Apr 25
513 524 511 52
4
/
4
/
1
521 53
/
4
5111 Oct 8I's May
/ 191 201
1
4
/
4
/
1
8. 1912 2018 3,400 Stand Oil of Kansas
8 20 2 204 204 20
25 1912 Oct 31 49 Apr 21
,
2114 2018 203
21
5312 5414, 523 5312 77.700 Standard Oil of New Jersay_25 52 Oct 22 847 Apr 30
4
8
/ 551 51,8 55
1
4
/
4
8 55
/
4
/
1
5412 554 531 547
48 Feb 83 Sept
27
2812 30.800 Standard 01101 New York25 25 Oct 22 4032 Apr 28
273
s 2612 2718 26
27 s 27 2
,
,
/
1
4
254 2618 2814 27
/
1
613 Nov 481 Sept
4
/
4
2212 223
*2214 24
4
4 2218 2212
*223 24
24
400 Starrett Co(The) L S.
*23
24
23
Par 21 Oct 10 4734 Apr 23
•
14012 Oct 477 Oct
2
538 512
/
1
4
514 512 3.200 Sterling Securities ol A.No par
54 5
,
4 2 Oct 23 2012 Mar 31
,
/
1
4
514 5
512 514
5
5
81 Nov
/
4
38 Sept
9
978 9
9 18
/
1
4
9
915 912
918 1,000 Preferred
8 Oct 18 141 Mar 31
/
1
4
/
4
20
98
*9
9
8
/
1
4
81 Nov
/
4
153 J1111
2
/
4
8 1,200 Convertible preferred
/ 3338 3312 *331 335
1
4
/
4
s
50 311 Oct 22 48 Mar IA
8 3318 33, *3312 31
32 8 321
5
32
32
31
Oct 5512 Sep;
4
4
8 1818 19
15,000IStewart-Warn Sp Corn
21,1 183 1918 183 193
/
4
8 20
8
195 213
1912 21
10 1712 Oct 20 47 Apr 5
80 Oct 77 may
8 547 Ws 5354 551 15.100 Stone & Webster
s
/
4
/ 5612 573
1
4
8
/ 59
1
4
No Par 5252 Oct 22 1133 Apr 8
5412 5712 57
59
57
64 Nov 20112 Aug
2012 2312 213 23
4
2212 34,100,Studeb'r Corp (The)
No par 1914 Oat 23 4714 Feb 6
,2 2218 2212 20
2118 22
22
21
8814 Nov 98
Jan
120 1247 .120 1247
20 Preferred
8
120 120
8
100 116 Jan 21 125 Mar 18 115 Nov 126 June
122 122 *120 122
*122 123
1
32
900 Submarine Boat
1 *14
14Sept 30
*14
3
s
/
1
4
13 Mar 31
2
514
14
14
No par
3
8
*14
/ Out
1
4
02 Mar
55
8
*54
5158 545 .54
55
700 Sun Oil
par 50 June 18 70 Apr 7
No
54
5414
5318 55
56
*
55
55 Dec 863 Oct
8
70 Preferred
106 10514 *10614 10712 *10614 10712
100 10212 Jan 13 10812Sept 30 100 Jan 10512 Jar
*10614 10714 *10614 10714 107 107
341 34's 33
900 Superheater Co(The)-No Par 3212 Oct 10 4514July 29
/
4
34
36
34
3412 *34
37
*33
*34
37
_112
112 112 3,800 Superior (Al
112
1 12
1128ept 30
112
No par
112 15
9 sMar 12
8
/
1
3
4
15
15
8 14
8 13
514 Nov 24 Aug
712 7 2
1,600 Superior Steel
*712 8
8
8
8
,
74 Oct 20 293 Mar 27
/
1
100
712 712
712 712
* / 812
7
1
4
IA Nov
7314 Apr
/ 105 *104 11
1
4
8
300 Sweets Co of America_
/
1
812 Jan 24 1578 Mar 28
1044 1014 10
-...50
/
4
4 1014 101 *1014 101
*1014 103
/
4
518 Nov 2214 Apr
'2'5 3
300 Symington
2
/ 212 *212 3
1
4
212Sept 29
7 Apr 23
No par
*212 3
*212 3
*212 3
9 Mar
212 Dec
•63
4 6 1
538 53
8
800 Class A
614 Oct 15 173 Apr 23
8
5
/ 6
1
4
No par
1958 May
614 Nov
•
512 6
53
4 51 *512 6
/
4
/
1
1818 1812 184 1812 1.200 Telautograph Corp
Jan 25 2614 Apr 7
5
No par 15 8
19
8
147 Dec 254 mar
/ 17, 17,8 18'8 1812 *18
1
4
4
*1714 17
/
1
9
93
9 12
8 2,500 Tenn Copp & Chern
No par
9
81 Oct 24 17 Apr 10
/
4
/
1
84 94
/
1
8
/ 9
1
4
812 8
2
9 Nov 207 Apr
/
1
4
/
1
4
8
/ 84
1
4
/
1
401 33.200 Texas Corporation
/
4
40
/ 40
1
4
8
25 383 Oct 22 6012May 1
8 40
/ 4118 4012 407
1
4
40 4 40
50 Nov 517 Sept
3
/ 40
1
/
4
1
4
4014 40
8
14,900 Texas Gulf Selphur____No par 48,8.1101e 25 6732 Mar 24
/
1
534
/ 51
1
4
/
1
/
1
,
544 53 2 544 524 53
/
1
54
5334 544 53 .54
/
1
4
4212 Nov 8514 Apr
/
1
57
3,000 Texas Pacific Coal & 011
5 Oct 22 141 Mar 18
/
1
4
/
4
8
O's
10
O's
4 6,8
8
53
57
8 61
23% Mar
6
91 Nov
:
6
61s 814
/
1
135 Jan 2 324 Mar 22
8
/
1
/
1
1
/
4
s 16,8 161 154 1614 1518 154 24.500 Texas Pao Land Trust
04 Oct 4411 Jae
8 1814 17,
153 165
4
1614 17
300 Thatcher Mfg
/ 171 •1712 17
1
4
/
1
4
/
4
8
No par 163 Oct 9 363 Apr 4
8
/ 17
1
4
1812 Mar 35 Sept
17
4
/ 17
1
4
/ 173 17
1
4
*1712 2012 *1712 18
41
41
1001 Preferred
4
8
•397 41
No par 393 Oct 18 48 Mar 81
*394 41
/
1
35 Mar 497 Sept
*397 41
8
4
*39
*39
/ 41
1
4
/ 41
1
4
$ per share
1
• Bid and asked prices; no sales on this day. S Ex-dividend. ir Ex-fignro.
New York Stock Record-Concluded-Page 8
2859
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
Od. 25.
Monday
On. 27.
Tuesday
Oct. 28.
Wednesday
Od. 29.
Thursday
Oct. 30.
Friday
Oct. 31.
Sales
for
the
Week
$ per share $ per share $ per share
*22% 24
*2252 24
•2252 24
•105 --- *105
_ _ _ *105
513 812
612 612
612 7 4
3
227g 22
/ 23
1
4
24
*2418 26
*29
3012 2912 2912 *
29
30
1312 1412 143 143 *1412 15
8
4
6
612 *512 mg
6
/ 6
1
4
/
1
4
34
/ 35
1
4
3512
*34
3512 *34
1018 1012
93 1018
/ 10
1
4
4
9
*7012 71
7018 71
711s 71Is
*1512 20
*1512 20
1512 1512
*8412 90
85 85
*8412 90
914 918
94 912
/
1
94 1014
514 53
505 523
8
4 52
5312
3 8 3
.27
*25
2
/ 278
1
4
4 3
11
11
10 4 11
3
104 11
/
1
17
/ 1812 17
1
4
/ 183
1
4
4 18
/ 194
1
4
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ per share $ per share Shares Indus.& Miscell.(Con.) Par
*2258 24
•2252 24
2252 225
100 The Fair
s
No par
105 105 *105 ---- *105 -10 Preferred 7%
100
618 614
5
/ 612 2,000 Therszold Co
1
4
6
6
No par
2414 2414 2414 2414 2418 2418
800 Third Nat Investors__ _No par
*29 ' 3012 2912 2912 •
29
30
300 Thompson (J R) Co
25
1412 1412 •144 1512 14
/
1
141 1,000 Thompson Products IncNo par
/
4
*618 612 *612 63
8
618 61a
500 Thompson-Starrett Co_No par
*34
*33
200 13.50 cum pre'
3512 *33
35
343
4
No par
9
9
/ 1018
1
4
/ 1018
1
4
25,300 Tidewater Assoc Oil_ No par
9 4 10
3
72
8 7218 7212 1,500 Preferred
724 725
/
1
73
100
1512 1512 *1534 20
*154 20
200 Tide Water 011
100
*8512 90
*8512 90
*8512 90
100 Preferred
100
10
93 10
4
10
10
9
/ 93
1
4
4 2,800 Timken Detroit Axle
5112 52
9,100 Tinken Roller Bearing_No par
/ 51
1
4
4
/ 503 511 48
1
4
/
4
2
/ 27
1
4
8 *23
23
4 27
700 Tobacco Products Corp..
4 2
/
s
1
4
„20
"104 11
/
1
/ 107
1
4
1034 104 10
/
1
8 4,300 Class A
20
1814 185s 18
25
184 1712 181g 94,600 Transamerica Corn
/
1
Transcont'l 011 Co_ __No par
----;5 958 *815 912 *415 958 8 9
9
818 -"1".750 Transue dr Williams 511 No par
8
11
1114 10
/ 11
1
4
11
113
8 105 1112 105s 103
8
/
1
4 1012 104 11,600 Tri-Continental Corp__No par
/
1
947 944 94
8
/ 95
1
4
943 944 9412 9434 9412 941 944 9434 6,000 6% preferred
4
/
1
/
4
100
/ *3218 323
1
4
*3218 32
4 32
3214 315 3218 31
3114 3014 30
4
/ 2,100 Trico Products Corp__ No par
1
4
*1018 12
*10
13
*10
12
*10
*9
12
10
300 Truax Traer Coal
10
10
No par
24
24
*2352 24
24
24
*2352 24
24
24
244
/
1
24
600 Truscon Steel
*1712 1814 *1712 1814 *17
18
*1712 185 *1712 1814 *1712 1814
8
No par
Ulen & Co
72
72
70
72
70
/ 734 71.
1
4
72 .
7214 6714 69
70
4,500 Under Elliott Fisher Co No par
15
15
*1414 15
*1414 15
*14
15
14
*14
14
200 Union Bag & Paper Corp_ _100
15
5
6352 65 8 63
6458 6414 664 63
/
1
/ 6514 6218 6312 60
1
4
/ 6318 101,200 Union Carbide & Carb_No par
1
4
2814 291
28
/ 291s 283 29
1
4
4
/ 2814 2914 2814 2812 28
1
4
25
283
s 5,300 Union Oil California
251
25
25
23
25
2518 25
Union Tank Car
2-1
No par
2518 251g 2518 25
35
2
363
8 335 36
36
3818 33
3614 3118 3312 3052 35 283:300 United Aircraft & Tran_No par
.5612 561
55
563
8 5712 5712 *5514 56
55
551 55
554 1,600 Preferred
/
4
50
395 40
4
40
4012 3912 403
4
377
8 39
No par
2 5,700 United Biscuit
37
394 373 39
*1147 1391 *11014 13912 *115 125 *115 125
8
11514 11514 115 115
200 Preferred
100
33
33
3212 33
33 18 33
3112 29
/ 311 311 31
1
4
/
4
/
4
No par
5,200 United Carbon
/ 31
1
4
5
/ 5
1
4
5
/ 58
1
4
7
512 5
..No par
/
1
4
612 5
5
/ *514 512
1
5 14 2,700 United Cigar Store,.,
4
*50
/ 58
1
4
*50
/ 554 *507 58
1
4
/
1
8
*51
58
*51
5518 *51
Preferred
100
56
2212 23
/ 2212 227
1
4
8 227 235
8
8 22
/ 23
1
4
211 2258 211 2218 171,400 United Corp
/
4
/
4
No par
48
/ 485s 484 485
1
4
/
1
8 4812 49
485 4914 485 495
2
8 49
11,700 Preferred
8
50
No par
*312 31
312 312 *312 4
*312 5
*312 5
35
8 4
No par
900 United Electric Coal
67
70
65
67
6612 68
653 663
8
No par
4 6518 653
4 6514 653 16,700 United Fruit
4
3012 311
3018 3112 3114 3214 303 314 3014 3118 297 303 64,800 United Gas & Improve_No par
/
1
4
8
4
1
*10112 103 *101 103 *10012 1011 1005 1011 *10118 104 ,•1013 104
8
No par
4
3001 Preferred
*4
434 *4
43
*4
43
433 *4
*4
94 *44 912
United Paperboard
100
2612 27
26
/
1
/ 253
1
4
24
243 2512 2312 243
4
2753 264 271
4 5,3001Un1ted Piece Dye Wks-No Par
7
6
7
/ 714
1
4
7
73
8 78
7 14
3
No par
7
7
7
7
3,200 United Stores cl A
39
*37
37
37
*36
39
39
*36
37
37
38
38
300 Preferred class A__ No par
25
25
2612 2612 *25
271 *25
27
253 253
4
4 2512 254
500 Universal Leaf Tobacco No par
*434 48
*434 48
45 45
48
48
*44
48
*44
48
20 Universal Pictures 1st pfd_100
23
2
/ 3
1
4
/
1
4
4 *212 2
3
3
314 314
1,300 Universal Pipe & Rd.
.No pa
3
3
27
27,
2 264 2812 273 283
4
271
8 27
2612 27
251s 26
20
10,200 U.S. Pipe & Fdy
*1812 19
*181z 19
183 183
183 183 *183 19
4
4
4
183 19
4
No pa
1,100 1st preferred
4.512 0
*812 9
*812 9
812 81
•812 8
/
1
4
9
9
No pa
700 U S Distrib Corp
4 •118 13
*14 13
4 *118
*118
13
13
*118
13
4 *118
13
4
U S Express
100
36
36
*31
36
3634 37
3714 38
364 •3414 38
/
1
*34
No pa
800 U S Freight
103 114 1012 1012 1014 111
s
103 10
4
3
104 1114 10
/
1
1014 1,900 U S & Foreign Secur_No Pa
913 913
4
4 913 915
4
9112 913
4
4 913 913
913 913 *913 93
4
4
4
700 Preferred
No pa
*1114 1112 1012 1112 103 103
1012 101
4
1014 1014
912 93
4 2,600 U S Hoff Mach Corp_ _ No pa
634 6312 6312 6612 66
687
/
1
663 681
4
6618 67
6312 6518 9,500 U S Industrial Alcohol__.100
612 612
63
4 63
7 7
/ *7
1
4
8
4
*7
758 •
612 74 1,200 U.S. Leather
No pa
10
10
*1014 11
11
12
11
111 *10
12
10
11
1,900 Class A
No pa
*6514 70
*65
68
68
68
*68
821 •68
8212 .68
8212
100 Prior preferred
100
3918 40
38
/ 41
1
4
38
/ 39
1
4
3814 391
37
39
/ 37
1
4
3712 7.8004.1 8.1 Realty & Impt_ __No Pa
1312 1312 135 14
13
/ 141
1
4
8
1334 14
1352 13
/ 123 134 8,8001United States Rubber
1
4
8
/
1
1
941. 23
24
24
2414 2414 23
24
25
/ 244 2414 2414 3,0001 1st preferred
1
4
100
2012 2012 2014 2012 2018 211 2058 21181 2012 21
/
4
207 21
4,700111 S Smelting Ref & Min_ __50
*43
45
*4214 4434 *4214 4434 43
/ 4341 *40
1
4
/
1
443 "4212 45
4
100 Preferred
50
/ 1484 1523 15218 154
1
4
4
150 4 152
3
/
1
14814 1503 1454 147
2
/
1
/ 14312 14612 408,400 United States Steel Corp_100
1
4
14714 147
/
1
4
/ 147 14712 14712 148
1
4
14818 149
148 148
14718 148
6,000 Preferred
100
*61
6214 *6012 6214 *6012 6214 *6012 6214 *604 62
*6012 6214
11 S Tobacco
No par
264 2712 2612 274 27
/
1
284 2712 27
/ 263 2718 25
1
4
4
/ 263 21,700,Utilities Pow & Lt A
1
4
4
No par
)14
114
114
114
114
114
114
14 *114
/
1
14
114
114 2,1001Vadsco Sales
No par
5lig 5334 5012 5414 5314 553
/ 53
1
4
8 50
495 5112 x473 5012 166,8001Vanadium Corp
8
4
No Par
*25s 23
4
4
24 258
2
/
1
/ 234
1
4
23
4 23
2
/ 2
1
4
/
1
4
25
8 25
8 1,200 Virginia-Caro Chem
No par
21
21
22
21
21
22 •2012 23 •20
22
*19
22
3,100 6% preferred
100
76
80
76
*76
*76
80
*7512 80
*754 78
*7512 78
200 7% preferred
100
10412 10412 105 105 *10412 1043 *10412 1013 *10412 105
4
10412 105
4
100 Virginia El& Pow pf (6) No par
75
75
.70
*70
70
70
70
70 14 *70
75
*70
75
40 Virg Iron Coal & Coke pf _ _100
5115 53 4 50
/ 54
1
4
5114 534 5018 5112 50
514 50
3
/
1
51
915 Vulcan Detinning
100
*9212 94
*9212 93
•9112 94
93
9112 91121 9112 93
93
120 Preferred
100
25
243 25
4
25
25
244 25
/
1
25
244 25
243 25
/
1
4
1,500 Waldorf System
No par
*
2012 2112 2018 204 2118 2112 2012 2114 1312 2014 17
18
6,000 Walworth Co
No par
2212 221
2114 221s 211s 2212 "2114 2212 21
2114 20
20
100 Ward Bakeries class A No par
0
612 *6
6
6 12
6
6
6
6
/
1
4
612
54 6
2.000 Clue B
No par
.57
564 563
8
/
1
57Is *567 60
*564 57
564 567
/
1
/
1
8
4 565 564
8
/
1
700 Preferred
100
8 2014 213
/
1
20 4 217
3
8
4 2114 224 205 214 204 21
/
1
18
/ 204 193.600 Warner Bros Pictures...No par
1
4
*42
4312 *42
4312 .42
4312 *42
42
*3912 42
4312 42
100 Preferred
No Par
4.62
2 5
7
/ *55
1
4
612 612
612 6
/
1
4
652 65
8
63
2 63
4 2,000 Warner Quinlan
No par
3212 335
3412 33
34
/
1
3312 321 33
4 3218 334 34
32
/
4
5,200 Warren Bros. new
No par
" 43
42
/ 44
1
4
4412 *4234 44
*4234 45
423 423
4
4 423 434
4
230 Cony pref
No par
27
263 27 •26
4
*26
*26
27
317 •26
265 *26
8
8
27
200 Warren Fdy & Pipe__ No par
3
/ 3
4
1
4
334 3
/ *33
1
4
4
4 41s
/ 4
1
4
334 33
4 *3
/
1
4
500 Webster Eiseolohr
25
/
1
/
1
/
1
4
243 244 244 244 25
*2434 2512 *243 2512 243 25
25
4
4
900 Wesson Oil Jr Snowdrift No par
55
541 541s 55
*545 5612 55
8
/
1
55
*544 5612 *55
564
300 Preferred
No par
/
1
139 1391 139 1394 14012 1433 140 14212 1383 140
4
4
136 139
4,600 Western Union Telegraph_100
32
3214 3314 3312 34
/ 33
1
4
333
33
3314 3412 3211 334 5,500 WestIngh'se Air
1033 109
4
10718 110
10714 111
/ 1014 10714 1031s 1054 99 1044 308,500 Westinghouse ElBrake_No par
1
4
/
1
/
1
4
/
1
& Mfg__50
/ 11612 1177 115 115 *11314 110
1
4
113 114
/
1
4
115 115
2
1097 11.3
8
740 tot preferred
50
/
1
2312 254 25
261
26
26
*241z 25 •244 253 *2418 25
8
1,100 Weston Elm Instruml_No par
*3414 36
36
36
*3414 36
*3414 36
*341 36 •
/
4
3414 36
200 Class A
No pa
104 105
105 105 *105 108 •105 108
*10314 105 *10314 104
40 West Penn Eleo class A _No par
109 109
109 109
109 109
109 109
109 109
109 109
230 Preferred
100
97 100
*9512 97
97
*95
*98 102
984 99
97
97
170 Preferred (6)
100
116 116 *11512 116
1154 11512 11512 1151 1154 11512
116 116
200 West Penn Power pref.__ _100
*10918 110
8
110 1105
10918 1091s 1094 10912 *10912 110
*10418 110
70 6% preferred
100
2112 25
23 .
23
22
22
2312 231
*2012 22
22
22
500 West Dairy Prod cl A__No pa
512 57
53
4 558
8
512 512
5
/ 57
1
4
5
512 2,600 Clam B
No pa
28
2712 2712 28
30
317
28
*29
2712 2712 .27
274
600 Westvaco Chlorine ProdNo pa
*2
3
.21s 7
7
*2
*24 7
7
*24 7
14 218
400 Wexmark Radio Stores_No pa
2812 291 *2814 30
29
*28
29
2912 2814 2814 *2814 2912
600 White Motor
No par
*1412 45
4412 443
/ 444 43
1
4
/
1
4 44
*4414 45
44
4212 423
4 1.600 White Rook Min Spring WAS)
4
4
.
73% 4
•32
2 4
*3
/ 4
1
4
3
/ 3
1
4
3
*35
8 4
200 White Sewing Maohlne_No pa
*7
13
8
*7
•73, 512
8
13
7
/ 7
1
4
/ *714 13
1
4
200 Preferred
No pa
4.912 10
*93 10
9
/ 9 s 10
1
4
4
3
10 •1014 1012 1012 1012
400 Wilcox Oil& Gas
No pa
23
*15
*15
23
23
*15
23
*15
23
*15
•15
23
Wilcox-Rich class A-No Pa
2612 •10
*10
2612 *10
26
2612 *10
2612 *10
*10
2612
Class B
No pa
4
452 4
412 43
4 12
/
1
4
4
412 412
4
4
414 412 6,300 Willys-Overland
6
(The)
55
18
54
*
*48
_ - _ - 48
60
49
*48
50
49
49
5,400 Preferred
100
*25
8 2
/
1
4
258 23
2
/ 2
1
4
2
/ 2
1
4
/
1
4
7
23
4 23
4
252 23
4 1,000 Wilson & Co. Inc
No pa
6
6 4 6'4
6
,
618
6
6
61
*57
8 614 •6
612 1,400 Class A
No pa
42
4212 4212 *4212 43
42
*42
4012 401
4212 4112 42
500 Preferred
100
6312 651
6514 6652 643 6514 6252 643
2
6414 657
4 615 635 60,000 Woolworth (F W) Co
8
8
10
79
85
/ 841
1
4
873
4 83
8412 8012 8214 731 80
8212 851
/
4
22,400 Worthing P & 33
100
97
*95
*95
97
*95
97
97
*95
*95
97
95
95
100 Preferred A
100
86
*8618 87
86
88
861s 864 *86
*86
87 .
86
87
200 Preferred B
100
*22
*22
35
35
*22
35
*22
35
*22
35
*22
35
Wright Aeronautioal___No par
681
68
/ 687
1
4
*68
s 69 69 .
68 68
68
69
68
68
500 Wrigley(Wm)Jr (Del)_No par
33
3314 331
34
33
33
33
34
33
33
233
33
1,500 Yale & Towne
25
8
113
s 11
1012 11
/
1
11
114 105 113
104 11
/
1
1012 1012 59,500 Yellow Truck & Coach 01 B_10
69
80
*50
69
69
80
80 80
•70
80
*70
80
210 Preferred
100
22
23
21
22
/ 23
1
4
214 214 22
/
1
2112 23
21
2178 18,200 Young Spring & Wire.
.No par
*85 114
*85 114
*85 114
8614 8614 *86 114
*86
9518
100 Youngstown Sheet Jr T_No par
*4
41
414
33
4 4
*44 414 *4
3
/ 44
1
4
/ 1,800 Zenith Radio Corp____No par
1
4
33
4 3
•Bld and asked prim: no sales on Ws day. 5 Es-dlrldend. g Ex-rights.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
$ Per share
Per share $ per share
22% Oct 22 32 Jan 18
2512 Dec
102 Jan 21 110 Feb 13 102 Nov
512 Oct 23 267
4May 19
2212 Oct 10 463 Apr 14
4
27 Oct 10 47IzMar 12
30 Oct
12 Oct 23 3924 Apr 10
54 Oct 10 187 Mar 28
8
30 Oct 10 49 Mar 23
/
1
4
93 Oct 21 174 Apr 7
4
10 Nov
70 Oct 21 893 Mar 25
74% Nov
4
154 Oct 9 31 Apr 23
14 Nov
83 July 15 944 Apr 16
/
1
8512 Nov
8 Oct 10 2114 AM 11
114 Oct
484 Oct 21 *314 Apr 11
5812 Nov
214 .1512 3
Oct
6 2 Jan 23
,
1
/
4
711 Jan 2 13I4July 9
5 Nov
14
1612 Oct 21 253
4Sept 8
1614 Mar 10 24 Apr 24
7 Oct 22 28 Jan 31
/
1
4
/
1
4
15% Dec
912 Oct
204 Apr 10
/
1
891.4 Apr 1
9612Sept 13
261 Oct 1
/
4
4134 Mar I
30 Dee
10 Oct 30 22 Mar 18
134 Dec
227 Oct 10 37 8 Mar 25
8
5
304 Nov
1412 Oct 15 24 Sept 5
65 Oct 17 138 Mar 21
82 Nov
9
/
1
4Jone 24 194Sept 12
7 Nov
69 Oct 18 1063 Mar 31
8
59 Nov
28 Oct 31 50 Apr 7
4212 Nov
28 Oct 22 3812 Apr 10
30 Oct 31 99 Apr 8
/
1
4
31 Nov
5418 Oct 18 7724 Apr 7
444 Nov
/
1
35 Oct 17 583
4May 28
3312 Dec
115 Oct 22 142 May 28 11112 June
284 Oct 22 84 Apr 24
/
1
40% Nov
5 Oct 22
84June 5
26 Jan 2 68 June 5 "TA Dec
20 Oct 18 52 Apr 28
/
1
4
19 Nov
461 Jan 6 534 Apr 23
/
4
4212 Nov
197 Feb 19
s
314 Oct 21
6 Dec
65 Oct 27 165 Jan 13
99 Oct
2818 Oct 22 493
2May 1
22 Oct
97 Jan 13 1044 Oct 7
904 Oct
/
1
4 Oct 10 14 Mar 14
7 Nov
22 June 18 32 Apr 7
/
1
4
1614 Nov
418 Jan 2 147
8June 7
318 Dec
1512 Jan 2 50 4July 18
3
1414 Dec
197g Aug 13 39 Mar 15
254 Nov
30 Jan
76 May 9
28 Dee
21s Jan 9
9 Apr 10
21 Dec
/
4
184 Jan 2 3814 Apr 10
12 Oct
1338 Jan
21 May 27
15 Oct
812 Oct 1
20 2 Jan 17
3
9 Oct
1 Oct 22
458 Apr 14
2 Jan
2712 0.3 10 103 AM 7
8614 Nov
9 Oct 10 32 Mar 30
/
1
4
17% Nov
101 Mar 21
8612 Jan
82 Nov
912 Oct 31 3052Mar 12
1712 Dec
1393 Jan 2
8
5814 Oct I
95 Nov
154 Apr 21
6 oa 1
5 Nov
9,',t30 26 Apr 21
1414 Dec
94 June 23
6612 Oct 2
5
1114 Dec
32 0.5 18. 7512 Mar 25
5012 Nov
11 Oct 101 33 Apr 10
15 Oct
2112 Oct 10 63 2 Apr 4
7
4012 Nov
174 July 10 864 Jan 6
2972 Oct
42 July 17 534 Jan 7
48 No
14314 Oct 22 19814 Apr 7 150 No
141 Jan 4 15114Sept 29 137 No
594June 18 68 Feb 10
5512 No
3
20 Oct 10 45 4 Apr 10
2412 No
71s Mar 12
It Oct 9
3 No
464 Oct 22 14314 Apr 26
/
1
37 No
12
21sSept 30
Ps Apr 1
Oct
184 Oct 14 3414 Apr 1
/
1
15 Oct
734 Oct 14 82 Apr 9
/
1
4
69 No
101 July 14 1074 Oct 2
_
38 May 1 7014Sept 25
39 Dec
4752 Oct 20 156 Mar 24
38 No
85 Jan 24 100 Mar 24
81 No
2414 Jan 6 3124 Apr 11
20 Nov
17 Oct 31 423 Apr 2
4
22 Nov
20 Oct 31 54 Mar 24
20 Dec
41s Jan 2 15 Apr 1
52
112 Oct
56 Oct 17 774 Apr 3
/
1
4
50 Nov
164 Oct 14 8014 Mar 28
30 Nov
36 Oct 3 7014Mar 28
2514 Oct
612 Oct 25 27 Apr 12
15 Oct
3012 Oct 22 63 Apr 11
12
423 Oct 23 56 Sept 12
4
_
2314 Jan 2 43
12May 19
15% Mar
012 mar 31
3 4 Oct 29
3
4 Oct
22 Oct 10 29 Mar 27
/
1
4
20
Oct
5012 Jan 15 5912 AM 7
49% Nov
13314 Oct 10 21932 Feb 19 160 Nov
3112 Ort 24 52 Feb 27
364 Oct
99 Oct 31 201.4 Apr 15 100 Oct
/
1
4
1094 Oct 31 19724 Apr 15 103 Nov
/
1
213 Oct 23 4878Mar 31
4
19.2 Nov
33 June 23 30 Jan 28
3212 Aug
98 Jan 3 110 Apr 16
90 Nov
10512June 25 11212Sent 18
97 Nov
95 Oct 24 104 July 31
8812 Nov
11312 Jan 3 11812June 17 110 Nov
10422 Jan 23 11112Sept 12 102 Sept
20 Ort 16 50 Mar 10
364 Nov
7 Nov
458 Oct 17 244 Apr II
2712 Oct 28 5912 Feb 17
80 Oct
112 Oct 31
21 Jan 7
19 Oct
27 Oct 14 43 Apr 4
27 Nov
14
364 Jan 21 547 Mar 20
27 a Nov
a
7
31251ept 25 13 Mar 4
Oct
/
1
4
1
63 Oct 17 397 Apr 3
4
27 Dec
2
9 Oct 24 21 Apr 25
/
1
4
12% Nov
20 Oct 18 3414 Jan 29
19
Oct
191sMay 5 2734Mar 31
/ Oct
1
4
12
3 Oct 22 11% Feb
/
1
4
5 Oct
14
4712 Oct 23 85 Apr 3
65 Dee
212Sept 30
7 4Mar 27
3
3 Dec
6 Oct 25 13 Mar 27
652 Nov
3914 Oct 22 5412Mar 31
353 Nov
4
1515
8June 23 72 Jan 2
/
1
4
524 Nov
6714 Jan 17 169 Apr 29
43 Mar
88 Jan 17 107 Apr 25
75 Nov
78 Jan 3 93 Mar 29
66 Apr
27 Oct 8 5912Mar 6
30 Nov
661a Oct 18 80 July 26
65 Nov
33 Oct 28 77 Mar 1
613 Feb
4
10 Oct 24 3224 Apr 23
714 Nov
69 Oct 27 105 Apr 2
80 Mar
19 Oct 23 47 Mar 7
6312 Oct
8614 Oct 20 152 Apr 7
91 Nov
61, Dec
3 Oct 10 462
12
4June 2
Highest.
per share
51% Jan
11014 Oct
"ii- Jan
------2412June
23'a
90 2 Aug
7
40 June
974 Jan
34% Sept
150 Jan
2214 Mar
22% Mar
-154 7(ii
"ii
JaIl
317 Jan
2
61% Jan
i812 Oct
4
43 Jan
140 Sept
57 Sept
jai- May
10502 May
60 Oct
Oct
136
ills, Sept
104 117.;
7512 May
49% July
8118 Feb
15812 Jan
59 July
/
1
4
981 Dee
,
26 4 Jan
1
45 4 Aug
7
14 Oct
40% Oct
86% May
93 Jan
2214 Jen
55 4 Mar
7
19 Jan
23 Sept
10 Apr
13412 Sept
72 Aug
92 4 Aug
7
49 2 Jan
7
243% Oct
3512 Jan
617 Jan
2
107 Feb
11912 Feb
65 Mar
9212 Jan
72 2 Mar
7
58 Jan
261% Sept
14414 Mar
4
712 Nov
5812 Aug
13% Jan
11612 Feb
24% Jan
6512 Jan
97 Feb
12
48
4
1497
110
3512
49
/
1
4
84 4
2
2114
87
12
6412
6914
42 2
7
Jan
Aug
Apr
Oct
Oct
Jan
Jan
Jan
Aug
Jan
Jan
3414 Jan
113% Feb
48 Mar
72% Mar
27214 Oct
6724 Aug
2
292 2 Aug
284 Aug
64% Sept
3812 Apr
110 Feb
11114 Jan
Jan
102
117 Mar
110 Ian
12
60 Sept
40 Sept
9412 May
75 Sept
5312 Mar
65 4 Seri
3
48 Jan
57 Jan
/
1
4
29 Feb
/
1
4
6114 May
62 May
35 Jan
103
Jan
1312 Jan
27
Jan
79
Jan
112 Sept
137 Sept
/
1
4
10012 Sept
9012 Sent
299 Feb
2
807 Jan
88 Aug
6114 Apr
9612 May
502 Aug
4
175 Sept
525 July
4
2860
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 11819 as Rreaange method of quoted Aonds was ettanged and Prices are now "and inters31"—exceef
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 31.
t
Price
Friday
Oct. 31.
II eel's
Range or
1.a.81 Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 31.
,
la OWSO
•
g
•- r
and 48000M howls
Price
Friday
Oct. 31,
Week's
Range or
Last Sate.
Ranee
2113^11
Jan, 1.
High NO Low
Ask Low
Bid
High
High No Low
Ask Low
Bid
U. S Gov•rnment.
Cundlnamarca (Dept)Colombla.
BIM Liberty Loan
41
50 F84
71
SI N 6612 Sale 82
External e f 812e
Sale 101522 1011°22 182 98352210113n
ID 101722
814% 01 1932-47
4
21 109a 1118
4
959
• 983122 101
Czechoslovakia (Rep of) 88_ 1951 AU 1093 Sale 10934 100
100142 Aug'30
ID
Cony 4% of 1932-47
19 10814 11134
4 110
1952 10 110 Sale 1(193
Sinking fund 88 ser B
'is 1023342 Sale 10211n 1023322 212 1001522c1031122
% of 1932-47
Cony
6 108 111
8
8 1085
8
Danish Cone alunlelp 8$ A.1946 • A 1085 Sale 1085
983122993122
993142Feb'30
Ii)
2d cony 412% of 1932-47
12(
7 107 .112
8
8 1085
8
4
1085 1083 1085
FA
f 118 Series 13
Fourth Liberty Loan
10514 26 10312c107
.1 105 Sale 105
46
1942
-year eat) 88_1 9
A 0 1031122 Sale 103102210315n 923 1001124 1031022 Denmark 20
434% of 1933-38
9912 102 2
,
10078 6(1
1955 J A 10018 Sale 1001s
External g 534a
100 100
J J --------100 Sept'30
Conversion 3- coupon
9013 9412
9414 63
4
1 62
External g 4 he_Apr 15 1 9 5 40 9334 Sale 933
1947-1952 A 0 11.32351131,35 1122522 113542 104 05'',,
Treaaury 4 h s
97 102h
8
4 23
983
S 983 Sale 983
8
Sale 10833n 1083322 106 1051/22 109.a Dellteelie lilt Am part elf 65_1932
1944 1954 J D 1083522
Treasury 48
90
16
89
9414
9512 93
1 103 1061322 Dominican Rep Cost Ad 5 ha 42 • S 91
1946-1956 M S 106- 32 10b 32 10631n 10621,s
Treasury 314s
1
4
93
803 9812
93
1940 10 9012 95
14 9912210215 n
let ser 534a of 1926
1943-1947 J D 1021,4210215n 1021322 10215n
Treasury 3128
98
1
89
4
903
4
903
6 9833221021n
24 series sinking fund 532e 1940 • 0 9018 92
Treasury 3328 June 15 1940-1943 .1 13 102322 102542 102322 102342
16
86 c108
91
90 Sale 8812
N
9812 0812 Dresden (City) external 78_1045
1961 Q M ____ ____ 9812 Sept.'30
Panan a Canal .3+
8
4 30 1013 103
1023 Sale 10212 1023
4
Dutch East Indlos extl 88..1947 /
State and City Securities.
14 10112 10313
1962• S 10234 103 10212 103
4
9134 913
-year external Os..
40
N Y C 334% Corp st Nov 1954 M N --------9134 Sept'30
8
2 1015 104
s
10278
4
30-year external 53.4s_ ,,,,_ 1953 MI) 10234 1033 1027
314% Corporate st_May 1954 M N --------8514 Aug'29
4 1015 108
8
10318
94
94
-year external 5 34s_... 1953 Ito. 10318 Sale 103
30
--------94 Feb 30
1958 M N
as registered
4
8 1033 11018
10712
33 104 Sale 104
9758 9758 El Salvador (Republic) 88..1948
9758 June'30
1957 M N ____ 102
6% corporate stock
88
6973 13
65
8
10214 104
Estonia (Republic of) 78_1067 Ii 697 Sale 65
1957 M !S --------104 Mar'30
414 corporate stock._
4
973
41
86
88
87
87
103 105
Finland (Republic) eat! 85_1945 81 S
1957 MN ____ 10814 105 Mar'30
4;.i% corporate stock
29
9212 10114
05
13
External oinking fund 78.1950 MS 94 Sale 9212
8
s
1958 M N --- ____ 1003 Oct'30 ____ 1003 100
4% corporate stock
9813
92
40
87
8
98 1007
External sinking fund 848 1956 MS 90 Sale 8958
8
M N --__ __ 1007 Oct'30 ___ _
1959
8% corporate stock
7212 92
7612 86
4
76 Sale 733
External sinking fund 534, 1958 FA
193I A 0 --------100 July'30
6 h% corporate stock
873 99
3
4
8812
94
Oct'30 __ __ 195 10012 Finnish Mun Loan 6 hs A.. _1954 A0 8912 90 , 873
99
44% corporate stock___. 19611 M 8 10018 ____ 10012 Oct'29
9813
Oct'30
88
92
88
External 632s series B_ _ _1954 AO 88
--------9912
1972 A 0
418 % corporate etock
11
81
7818 95
831y 80
N 8/
_
Frankfort (City of) 16 hs- -1953
4
197 I .1 D 10814 10914 1003 SePt'29
434% corporate stock
4
8
4
92
8 - 4
975 10/11- French Republic eat 710..1941 J 13 1255 Sale 12553 1253 127 117hc127
Oct'30
_ _ _ _ 1963 M 23 10714_ _ _ 106
434% corporate stock
4
1203 224 11210122
in 12012 Sale 120h
106 106
External 78 of 1924
- 4
434% corporate stock__ .1985 .1 D 10712 1083 106 June'30
10813 1081s German Government Interim4
1073 109 10812 Oct'30
434% corporate flock July 1967 J J --------10414 June'30
539
7312 9114
80
__
tional-35 yr 512e of 1930-1985 J 13 78 Sale 76
New York State 4a canal Mar '58 M d
s
10414 319 100 1097
German Republic esti 78_1949 A0 10212 Sale 102h
99 101
1961 .11 J --------101 June'30
Canal Impt 4a
9
93 102
s
957
9412
St N 9512 9612
Graz (Municipality) 813
109 109
414s1964.1 .1--------109 June'30 166 10212 10618
4
59 7
Gt Brit &Ire!(UK of) 510.1 34 FA 1053 Sale 10512 108
Foreign Govt. 82 Municipals
104 104
Apr'30
1114
FA
4934 86
Registered
64141 26
1947 F A 63 Sale 62
AVM Mtge Bank a 16s
9112 32 e82.5, 9112
84% f kind loan £ opt 1960_1990 MN e91 Sale 'OOi
80,2
55
Oct'30
4
Sinking fund 6s A_ _ A pr 16 1948 A 0 6214 693 64
e9714 101
5
9714
45% War Loan opt 1029.1947 .1 D 5995 ---- el0012 Oct'30
87
28
96
4
1963 111 N 96 Sale 953
Akerehtis (Dept) ext
7 101 10718
104
8
4
53
873 Greater Prague (City) 710.1952 MN 10514 10512 1047
72 1 18
70 Sale 70
58..
Antioaula Wept) col 78 A_ _1945 J J
97 10314
4 10014 62
4
8712 Greek Government,? see 78 1964 SIN 993 Sale 993
52
8
72
68 Sale 68
1945 J I
External e f 7s err B
4
80
881
8518 77
1968 F A. 82 Sale 82
54
8712
Sinking fund sec 6,
6912
5
2
73
7218 13
717
70
1945 J J
External a 1 7s ser C
10
9212 10014
95
9513 95
1952 A0 95
Haiti (Republic) a f (is
54
88
70 Sale 69
D„....1945 J J
External 6 f 18 ser
8
89
83 c9812
4
A0 8653 8912 863
s
497 8712 Hamburg (State) th
3
69 ,
1957 A 0 69 Sale 65
External a 1 7s let ser
2
9014 10413
j 9314 9712 9212
9212
511
89
50
IleldethergtGermanylexti 7347'16
10
69
External sec if 7,24 ser_ 1987 A 0 63 Sale 65
17
,
83 2 9413
a
867
8
88
HelaIngfors (('ity) ext 6. 6- - 1960 V () 867 Sale , 8312
50
4
69 i 42
4
External sees f is 34 der. 1957 A 0 683 Sale 65
13
85
7314 c9814
83
8
825 84
9214c10113 Hungarian Munle Loan 714, 1915 J
48
12
Antwerp (City) external 58.1958 J 0 10014 Sale 9912 10012 31
94
c90
78
8
J J
797 7814
79
Sept 11040
External s f7ø
88 100
9614
9514
96
Govt Pub Wks tis. 1960 A 0 95
Argentine
3
92
87 100
87 , 92
Hungarian Land M Inst 734s '61 MN 85
Argentine Nation (Govt of)-7
9812
86
84
87 100
reeking fluid 7 his ser 13 .1961 MN 8518 Sale 1 84
77
95341
4
943 Sale 943.4
Sink fund Is of June 1925-1959 J 1
3
17
99 1043
100
9912 Sale 9914
9117 Hungary (KIngd of) e Ii hs 1944 FA
s
87
9618 44
4
953 Sale 9434
Eat) a f Os of Oct 1925. _1959 A (8
4
96 1013
4 27
1013
4
87 cite) Irish Free State extle B f 55 1960 • N 1013 Sale 100
69
96
9434
Sink fund Is aeries A _ _._1957 MS 95 Sale 95
4
923 101
9718 235
100
J O 96 Sale 9514
87
9512 77
Hale (Kingdom of) extl 7e .1951
4
External (is aeries B._Dec 1958 .1 0 95, Sale
92
,
98 2
9414 54
8
865 10018 Italian ('red Consortium is A1937 MS 9414 Sale 1 93
4 29
953
1926._11868, MN 951s Sale 95
Eat' s f 6s ot May
901s 985s
9114 15
4
4
87 c100
9558 41
External sec s I Is ser B_ .1947 MS 903 94 ! 903
4
4
External at tis (State Ry).1960 NI 5 913 Sale 943
s
63
89
8613 947
J 881z Sale 8818
9934 Italian Public Utility exti 7a 1952
64
87
96
Eat)tis Sanitary Works_ 1981 F A 9518 9614 05
4
343 c98h
9712 31
1931 3, 9712 975 975,
37h 100N Japanese Govt £ loan 4s
9512 23
8
MN c967 Sale 95
Ext168 pub whe(Nlay'27).1961
s
10412 145 101 12 1057
FA 10418 Sale 104
31
78 c97
30-year aI 0 hs
8912
4
883 Sale 8713
Public Works extl 5118_1982 F A
9312 156
8912 94as
03
84
6
1965
Eat' striking fund 534e_ __ _19 hi N 93 Sale 93
84
54
8
867 84
1945 NI S 82
Argentine Treasury 68 i
7212 9414 Jugoslavia (State Mtge Bank)—
66
79
Sale 7212
73
Australia 30-yr. 64_ _July 15 1955 J J
54
86
74
81
9414
s 88
4
71
793
1957 A 0 793 Sale 7912
Secured P f g is
External 6e of 1027_ Sept 1057 NI 5 72 Sale 71
3
8913 10114
96
9312
4
853 Leipzig (Germany) si 78_1947 FA 9212 96
70
7312 37
70 Sale 70
External g 43.4e of 1928..1958 M N
1
9512
9214 100
70 10214 108
4 105
1033
Lower Austria (Prov) 7 hs_ 1950 JO 932 9512 9512
105 Sale
1943
Austrian (Govt) a f le
18 10213 1005
8
105h
8
104
9518 Lyons (City of) 15
87
92
-year Os_ _1934 MN 10518 1055 10518
1957 J .1 9118 Sale 91
International s f 7a
35
2
7834 98,
84
Bavaria (Free state, 6328_ _ _11145 F A 8312 8412 8112
,
10514 16 10212 1063
N 10514 Sale 1051g
4
45 1073 11112 Marseilles (City of) 15-Yr 68 1934
109
4
1941 F A 109 Sale 1083
Belgium 20-yr s f 88
63
34
&Vs 80
4c11012 aledellin (Colombia) 6128_1954 Jo 6434 Sale 56
8 70 1053
1085
1949 M $ 10714 Sale 10714
25-year external 6128
1033 19
,
13 4 10
42 10118 106
1212 Sale 1211
Mexican Irrigat Anstng 434s 1943
4 103
4
1955 3 J 1023 Sale 1013
External a I 68
_
26
26
Apr'30
26
8
4 80 10914 1155 Mexico(US)eat' fa of i809£_ '45 CII
1123
-year s I 7s. _1955 J D 11214 Sale 11218
External 30
15
25
13
1914
4
3
82 107 119 4
1734 Sale 173
109
1945
Assenting 58 of 1890
1958 M N 10818 Bale 10818
Stabilization loan 75
_
1612 24
4
173 Oct'30
1 109h 11212
11018
Assenting be large
11018
8
194688 N 1097 11018
Bergen (Norway) at 88
1014 1755
1212 13
8
1112 Sale 1112
99 1025
13
Assenting 48 of 1904
102
-year sinking fund Os_ 1949 A 0 10114 Sale 101
25
1054 2154
137
8
8 20
137
95
97
4
9512
Aseenttng 48 of 1010 large
Oct 15 1949 A 0 9512 Sale 95
Extl 8 f 55
1012 211s
35
14
1212 Sale 12
95
33
97 2
,
Assenting 48 of 1910 small....
96
156081 S 96 Sale 9512
Eat) s I5,1
18
271s
19
1912 51
19
18
s 6s
TreaLli of'13 assent (large)'33
79 c9912
8712 49
a 1 810_1950 A 0 8712 Sale 84
Berlin (Germany)
6
3
123 27
19
18h
4
7118 343
43
77
Sale 7118
3
1958 J D 75 4
External sink fund 8a
95
8412 104
70
AO 833 Sale 8212
4
9912 Milan (City, Italy) eat' 6148 '52
75
13
93
1945 A 0 901s Sale 8014
Bogota (City) extl a 1 88_
64 100
Extenal es ( tstrte)
all uirsG aer. S i4 Bra311—
r
f
8234 52
Bolivia (Republic of) eat)88_1947 M N 81 Sale 74
45
83
8112 23
5455
61
43
1958 NI 8 59
4
853
6534 68
1958.1 J 64 Sale 60
External securities 78
25
8213
45
62
4412 84
72
Extl sec 612s series A..1959 MS 58 Sale 57
65
1969 hi 8 6212 Sale 58
External a f 7s
9312 14
838 103
8
10514 19 10214 1063 Montevideo (City of) 78_1952 ▪ D 9312 Sale 90
10514 Sale 10518
Bordeaux City of) 15-yr 88.1934 NI N
_
8
Oct'30
1387 9874
4
893 88
1959 SI N 83
10212
57
161
External s 65 series A_
89
4
Brasil (U 8 of)external 88_ _1941'J D 883 Sale 75
7 103 10734
10518
4712 881s Netherlands 68 (flat pr4ces)_1972 MS 105 Sale 105
208
72
External e f 6304 If 1936_1957 A 0 7014 Sale 8612
17
90
75
74
74
74
70
4713 c8812 New So
oWa1e2)(State) extl 55 1057 FA
4 454
7034 129
1957 A 0 70 Sale 65
2
Ext1 a 1 Ohs of 1027
74
90
74
74
73
A0 70
0312
62
54
78
1952 J D 7612 Sale 7213
712 (Central Railway)
10512 39 101 10513
FA 10518 Sale 10518
95 10518 Norway
-year
10
100
1952 A 0 9812 Sale 98
37 102 106
108
734, (coffee aeur) .6 (flat)
10514 Sale 10514
9218 104
29
4,
11958
199443
-9-r
y
2 -ae
9614 27
1935 M 5 95341 Sale 9218
Bremen (State of) eat! 7e
10212 36 101 104
8
A 0 1023 Sale 102
30
-year external (18
7113 90
13
73
1957 M 19 73 Sale 7212
Brisbane (City) 8/ 58
4
10314 47 LOON 1035,
1025, Sale 1023
0
4 -year I 510
4
883
71
4
4
723
71 Sale 71
1958 F A
Sinking fund gold 68
125
4
983 10114
15 1963 M 8 1005, Sale 10053 101
93
91
External s 1 58___ _afar
9212 18
1950.1 D 92 Sale 91
20-year a f 68
4
943 10012
10012 18
67 3
8512
81
Munielpal Bank extl a 15s 19 5 3 D 100 Sale 100
4 19
713
Budapest(City) extl a f Ile_ 1962 3 D 7112 Sale 69
2
973 10114
3
,
8913 10012
Municipal Bank extl s f fer 1970 J D 10014 100 2 10012 101
25
93
93 Sale 90
Buenos Alrea (City)634'2 B 1955 .1 J
7
s
747 9212
F A
7812 9812 Nuremburg (City) eat! 88_1952
7812 Oct'30 __ _ _
93
External s f fis ser C-2_ __ _1960 A 0 85
10212 12 100 104
sh)kina
4
8
5345s Os...1955 M N 10214 10212 10214
805 983 Oslo(Cit 4,y)3.0d-yea
1
8518
8518
93
A 0 85
External a f 68 ser C-3_-_ _1960
983, 10212
8
1005, 16
3
10014 1023 1003
7318 91
31
80
Buenos Aires (Prov) ext.] 80.1961 M 8 7812 Sale 7611
10018 1035,
Oct'30
8
3
1 5 F A
86114 Panama (Rep) esti 534s... _1946 3 D 1023 1033 103
72
104
80
.. ._ I961 F A 7712 Sale 7614
PAH 5 f 6 1.,8
8912 98
92
13
9212 90
Extl at 58 ser A__ May 151963 MN 91
4
4
843 853
25
71
68
3
Bulgaria (Kingdom) et 70_1987 J .1 703 Sale
90
49
6212 15
61 Sale 57
9014 Pernambuco (State of) cat! 75 '47 M
67
8
8
787
8
787 78
Stabil'n a I 714e Nov 15 '68 ___. 78
34
85 810112
81
9312 Peru (Iten of) external 75_1959 M S 80 Sale 69
56
26
78
8
J .1 777 Sale 75
Caldas Dept of
84
40
5818 234
Nat Loan eatl Sills let ser 1980 J 0 57 Sale 54
56
9931 10118
8 10118
4
1931 A 0 1003 Sale 1005
Canada (Dominion of) 5a
84h
41
5812 91
Nat Loan eat) s I Os 2d ser 1961 A 0 58 Sale 65
1952 M V 106 Sale 10612 10614 18 10214 10614
58
81
26
68
71
1940 A 0 7() Sale 6412
4
8
973 1023 Poland (Rep of) golds 88
10114 30
10118 Sale 101
1936 F A
8833
410
70
8112 174
2
6 1025s 1097
loan ef 78_1947 A 0 80 Sale 77,
8
Stabilization
104
1954 .11 .1 103 109 103
.
Carlsbad (city) I 88.
6913 98
4
883 114
,
External sink fund g 88_1950 3 J 88 sale 83 2
3
647 95
9
78
Colom 71.28 '46 A 0 78 Sale 75
Cauca Val (Dept)
8 42
6813 100
847
8
E3 oAlegre (City of) 88_ _1981 J 0 83 Sale 707
prustial
Port..
944
Central Agile Bank (Germany)—
21
59
65
7212 76
J
0
195
,
g u9 elnk fund 7123_1 8881
81
9812
ar
59
87
4
Farm Loan af 78 Sept. 15 19501 M S 8634 Sale 863
7512 77
50
- 767 Sale 7512
77
8
1952
3
90 ,2
65
112
78
4
Farm Loan e 1 68 July 15 19603 J 763 Sale 75
41
7914 81
81
793 Sale 7914
4
6 As
(i612 90
241
78
743
Farm Loan s f fie Oct 15 1960 A 0 77 Sale 84 4
49
90 110
11) 91 Sale 90
99
94
Queensland (State) exti f 7s 1941
78
8712 132
Farm Loan 6e ser A Apr 15 1938 A 0 8534 Sale
88 10414
Oct'30
83
88
25
-year external 6.
4
87 103,
42
98
9614
31
Chile (Rep)—extl s 1 7s. __ .1942 MN 9612 Sale 83
5912 103
88
9 18 A A
8
945 Rio Graeae do Sul eat! f th 1947 F O 88 Sale 7414
8
c867 101' 71
347 803
3
External &liking fund 68.1960 A 0 84 Sale
6112 42
External tanking fund 68_1968 4 1.) 60 Sale 57
72 6412
4
863 .73
1961 F A 84 Sale 8313
External a 1 6e
12
47h 9314
75 Sale 6512
94
External s 1 is of 1928_1986 hf N
72
23
8712
1981 .1 .1 8518 Sale 8418
8912
Ry ref mit) s 1 613
01
50
1967 3 D 68 Sale 59
68
94
71
External s f 7e amine loan
73
88
1961 M S 8412 Sale 8414
Extl sLnkIng fund 138
74
6812 10514
90
9414 Rio de Janeiro 25-year a 1 88.1946 A 0 90 Sale 78
69
60
86
1962 M S 8412 Sale 8414
,
85
Eat! elnking fund 63
48
122
c86
5
6
93 A A
19 2 F 0 6534 Sale 61
4
913
External e f 6 hs
72
165
86
1983 MN 84 Sale 8314
85
Exti sinking fund Oa
05
8414 Sale 8312
7812 904
Rome (City) extl 6148
(19
70
89
17
4
893 8713
1957 .1 D 89
Chile Mtge Bk 8128 June 30
106
11 10234 108
4
8713 1003 Rotterdam (City) extl 85—.1904 M N 10412 10614 10318
9114 20
90
8
917
85
72
12
8 f (iha of 1926_ _June 30 1961 J D 9012 Sale 82
78
04
Roumania (Monopolies) 741..1959 F A 77 Sale 7612
69
8414 63
Apr 30 1961 A 0 84
Guar a f (is
9014 91
8052 91
3
8812
90
1953 J
Saarbruecken (City) (is
6913 91
23
84
1962 M N 82 Sale 82
$30 107
Guar a 1 68
9512 24
Sao Paulo (City) a 1 88_Mar 1952 NI N 9512 Sale 84
7712 c98
22
88
8
1980 NI S 875 Sale 85
47
84
Chilean Cons Monte 7s
6512 34
21
30
External sf634, of 1927.1957 M N 0412 Sale 6112
25
27
24
25
Chinese (Hukuang Ry) 58_1951 J D 23
38 10214
52
90
4
4
993 1033 San Paulo (State) exti at 88.1936 J J 90 Sale 80
3
101
101
Christiania (Oslo) 30-yr s f 133 '54 NI S 101 Sale 8112
62 101.
91
85
1950 J J 81 Sale 75
External ace s f Si
c9884
80
8
4
833
4
0412
Cologne(City)Gerruany 63.4a 1050 M 9 833 Sale
50
78
66
4 17,Water L'n 1958 M S 67
External 6 1 6,
6
8
4
73,
58 c83
6914 56
66
81
Colombia (Republic) 6s_ _ _ _1961 3 1 681 2 Sale 653
41
8
61
63
,
8178
External1968 J J 597 Sale 54 2
67
68
69
4
External a f 6s of 1923.....1981 A 0 69 Sale
6811 Ms
82
165
940
74 1942 A 0 81 Sale 7818
Rep)
8214
Secured a f 7s
51
1
68
68
89
Colonibla altg Bank 6 he of 1947 A 0 65
8
77ls 95 4
92
23
NI S 8933 Sale 8938
Santa Fe (Prov Arg
87
56
5
71
7014
74
71
Sinking fund 7e of 1926_ 1948 MN
78 100
15
85
Saxon State Mtge lost 78. 1945 3 0 8312 Sale 82
86
57
14
75
64
7012 78
97
Sinking fund 75 of 1927.1947 F A
74
77
8
14
80
Sinking fund g 63.2e_ _Dee 1946 J 0 783 88
4
953 10013
63
c100
1952.1 D 99 Sale 98
Copenhagen (City) 58
8 46 106hc10913
8812 9412 Seine. Dept of (Franee)ext1 7.'42 J J 10734 Sale 10712 1077
9312 10
9314 Sale 93
1953 M N
98
82
-year g 4128
25
23
92
Serbs Croats 212 Slovenes 85 '62 M N 9114 Sale 9114
03
70
8
76
74
88
75
134
79 Sale 79
Cordoba (('ity) extl a f 78_ _1957 F A
82
8
8118 985
External sec 7. ser B.__ _1962 M N
8 11
847
8
833
8
847 Sale
82
49
External s I 7e_ __Nov 15 1937 MN
62
60
66
69
08
Mesta (Prov of) eat! 78___ _1958 .1
83 100
7
8918
84s
64
Cordoba (Prov) Argentina 781942 3 J 8834 Sale 85
27
70
1947 F A
7012 70
7112
Silesian Landowner, Assn 68
8514 91
8
80
8012 814 80
13 10155 107
Costa Rica (Repub) ext1 71_1961 M N
c107
Solesons (City of) extl 66_1936 80 N c107 Sale 105
9714c1,03
5
99
99
931s
86
9012 Sale 8912
Cuba (Republic) 58 of 1904_1944 M S 98 100 1003
9012 11
external 78_1948 F A
103
9618
Styria (Prov)
4 35
1003
4
4
4
093 1003
External 1544 of 1914 aer A.1949 F A
106 2 37 10314 10714
,
Sweden external loan 5 ha_ _1954 SON 105 Sale 105
8814 99
50
99
94
96
94
External loan 412a ser C_.1949 F A
10614 Sale 1057
s
10614 25 405114,109h
99 10212 Swiss Confed'n 2(3.-yr. f 85,19403
10018 196
Sale
2
15 102, 10814
Sinking fund 512. Jan 15 1953 J 1 100 sale 100
8
8
106
55
85
8312 941, Switzerland Govt ext1 54.1945 A 0 1047 Sale 1047
8334
Public wks 5328 June 30 1945 J n 85
Caah sale. e On the Weill 0145 to the 8 sterling.
c
•
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 31.
I
t
IFeek's
Range at
Last Sale.
Price
Friday
Oct. 31.
53
STy',
Range
Since
Jan. 1.
ETi
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 31.
Act.
2861
Price
Friday
Oct. 31.
Week's
Range or
Last Sale.
•1
Rang'
Since
Jan. I.
Rid
Ask Low
High No. Low
Fligh
High No. Low
Act Low
7/104
Rid
106
3 102 109
Chic & Elie let gold be
1982 MN 105 Sale 105
Foreign Govt. &Municipals.
,
7012 135
64
744
7474 823 Chicago Great West lot 98_1959 MS 6014 Sale 69
8
4
80
8
8
City 55 loan of 1912_1952 MS 797 803 793
Tokyo
112 1154
87h 931 Chic Ind & Loutsy-Ref 68_1947 J J 11212_ 114 Sept'30
63
91 Sale 9014
91
External s I 5348 guar ___196I k
4
50
87
4
Refunding gold 56
2
1947• J 102 103 1033 Sept'30 -- 1018 106
70
673
4
683
4
Tolima (Dept of) eat) 7e_ _ _1947 MN 67
92
924
Refunding 45 series C
,24 10058
938 08
12
1947 J J ___-_-- 927 Sept'30
9912 45
9918 997 985
8
Trondlnem (City) let 546.1957 MN
7
99
984 105
/
1
let & gen be series A
D 985 100
1966 MN 99 Sale 9838
8
973
4
98
/ 24
1
4
Upper Austria (Proy) 70... _1945
3 c10412 109
/
1
4
let & gen Go set B.__May 1966 J
10623 10638 10612
4
9012 28
External s f 6 34. June 15 1957 JO 904 Sale 893
5114 101114 Chic Ind & Sou 50-yr 4s_
8
6
89
95 4
8
99 1
9412 Oct'30
1956 J J 9112 95
4
4 10234 37
Uruguay (Republic) Intl 89.1946 F A 1023 Sale 993
Oct'30
_
93 4 1021s
3
83 c9912 Chic L 8 & East let 41461969 3D 101 10312 102
70
88
1960 MN 863 Sale 8634
4
External e f 68
14
85
8418 sra
843
4
81
9814 Cb MA SIP gen 48 A_Nlay 1989 J J 8418 85
_
8
Ext1 f (is
May 1 1964 MN 8712 9312 877 Oct'30
Oct'30
813 85
4
84
Q
Registered
88 c98
19
94
Venetian Prov Mtge Bank 75 '62 Al) 9314 Sale 921
7
724 79
74
Gen g 314e ser B____May 1989• j 73 Sale 73
82 395
8512 17
Vienna (City of) eatl f 6e__1952 MN 8512 Sale 844
31
924 97
/
1
/
1
4
947
Gen 414s series C__May 1989• j 948 Sale 9414
4
833
51
94
67
F A
Sale 6314
67
Warsaw (City) external 7s_ _19511
3
923 9819
8
95 j
6
(lend %a'series E _ _ _ _May 1989 3, 954 Sale 954
9612 56
95
9914
D 9618 Sale 9512
Yokohama (City) call 6e__1961
9712 1014
/
1
'3 9912 Sale 983
Gen 4946 series F.__ _May 1989
4
9912 38
Railroad
8
8914 228
313 500
7814 964
79
100% 105% Chic MIlw St P & Pao be
7912 Sale 3744
1975 FA
4
AlsOt Sou let cons A 58____1943 JO 1043 ___- 1055. Oct'30
,
4
7819
9 1,
37
8338 943
92
4
Cony adi bs
Jan 1 2000 A0 373 Sale
943 Oct'30 _
4
let cone 4a ear B
1943 JO 947
77
/ 83
1
4
19
Chic dz No West gong 3348_1987 MN
79 Sale 7812
79
8
90
89
1
89
Alb& Sinn lot guar 314._1946 AO 87
8812
_
75
Q F
77
85
---- 77 June'30
Registered
klieg & West let g gu 4s
90 88% Oct'30
1998 AO 86
9
877 93
s
/
1
4
9211 983
0
8
0 1001e 9212 08t13 0 15
0
General 40
4
Albs Val gen guar g 46
1987 MN 194812 6a52
973 100
9814 Sept'30 _
1942 M
8818 93 8
8
Stpd 46 non-p Fed Inc tax '87 MN
8
4
4
Ann Arbor let g 4
878
1)-- -July 1995 Q J 873 Sale 873
100 108
/
1
4
10514 Oct'30
Gera 45.418 stud Fed Inc tax_1987 • N
91% 99'4
76
91
3
8
977 123
Atoll Top & 8 Fe
-Gen g 46_1995 AO 974 Sale 974
3 107 11414
107
Gen be stpd Fed Inc tax 1987 MN 107 Sale 107
00
97
AO
Oct'30
Registered
-- ---- 97
_ 105 10819
MN
-- 10512 July'30
871s 9412
Registered
5
933
4
933
4
Adjustment gold 90__July 1996 Nov 9412 95
5
104 1024 1024
-7
8 100 8 102 8
Sinking fund deb be
87% 9614
Stamped
1933 MN
9412 38
July 1995 MN
935 Sale 938
_
99
99
MN 095 1025. 99 Feb'30
Registered
MN
85e 9118
Registered
9118 Sept'30
1
•S 10814 Sale 108
1084 14 10712 110 8
16-year secured g 6346_1936
87
974
Cony gold 48 of 1909
9212 94
9712 Oct'30 -1956 J
let ref g Se
88
973
8
May 2037 JD 1024 Sale 10214 l03x 28 101 109
934
934 21
Cony 48 01 1905
1956 JO 9212 97
95 4 34
3
994 101
/
1
95
9412
let & ref 414s
894 9214
Cony g 46 issue of 1910_1960 J O 915 ____ 9214 Oct'30 -May 2037 JD
8
951
73
927 6'9819
8
let & ref I
ser C May 2037 J I) 9312 Sale 9312
Cony deb 414e
1948 it) 12112 Sale 12112 12414 83
941 103
93 1054
Cony 4%s series A
Rocky Mtn Div let 40_1965 J J
905 944 9512 Oct'30
1949 • Ii 9313 sale 9312
820
0
8
Trans
-Con Short I. 1st 49.1958 .J
941:i
6 19 :: 19
96
963 9612
963
4
41
9
0 . 94
5
97 10412 Chic RI& P Railway gen 4011388 .7 .1 241_2 .. 1 ,1
88
90
4
Cal-Aria let & ref 43.4. A_1962 M
10214 1037 10212 103
s
Aug'30
10214 101%
ii
9
913,
99
Registered
103
____ 10418 Oct'30
All Knox," & Nor let g 56_1946 J
9914 171
9914 Sale 994
95 100
9914 20
Atl & Chad AL let 414e A.. _1944 J
Refunding gold 4.
1934 * 0 99 Sale 99
*0
10012 1043
4
104
lst 30
-year 5.s serial B
1944 J
____ 10458 Sept'30
Registered
612 jan.39 83
95 8
,
--1
S "OO" Sa j 93
93
95 % 1904
92
87
1
Atlantic City let cons 4e _ 1951 J J ---- 95
0
9
9
5
Secured 434e series A_1952
9412
9412
9412
943 103
90
97%
14
Cony g 414s
953 96
4
953
4
96
AD Coast line let cone 4a July'32 M
1960 MN 94 Sale 94
1
8
9212 9212 Ch St L & N 0 50_June 15 1951 J D 1043 ____ 10438 104
M 8
Regletered
9212 May'30
102 Mar'30
10318 10418
9
2
9
2
D
9618 10312
ioi" gife" 1003
General unified 4146_ _1964
102
16
Registered
Gold 3146
L & N roll gold 41_ __Oct 1952 MN 91
92
Oct'30
_
92
June 15 1951 ii) 83 ___ 81 July'29
9012
2
4 92 9311
99
4
1948 J i 493 55
Memphis Div let g 48.___1951 JO 90% Bale 9012
7 2
4
3
At] & Dan let g 48
493
4
50
997 loos.
8
54
52
Id 96
1948
Re3tste,3
6212 Ch St LA P let cons g ba_932 AC 10012 ____ 10012 .Oct'30
Oct'30
52
re
__1
18538 Aug712
0,
02
83
'0
_1949 AO
100 8 100 6
3
40
3
824 8814
87% 87 Sept'30
Atl & Tad let guar
51
98
86 10014
,112 10112 ChT14& Ho East let be1960 JO 8712 Sale
99
9,38
2
67
0
Aunty & N W let go g 56_ 13141 ii 1.07i4 sai„ 10114 0ct'38
984 ,
9
81
9414
80
Balt & Ohio let g 4s_ ___J uly 1948 At)
beaus.
43
Dee 1 1960 MS 80 Sale 80
103
30
97 104
Registered
/
1
4
J 10212 103 102
July 1948
90 1,112 Chic Un Sta'n let gu 4%s A.1963
9838 96
9438 Oct'30
10512 10314 10542
4 103 106
3
0514
08
101" 6;10 101
90
-year cony 9349
1933 M
let be series IS
10114 130
1963 J J 1054
4
MS
1013 lows,
Registered
4
JO 1043 10514
10014 Aug'30
981 10014
/
4
Guaranteed g So
6 114 1167
1155.
Refund & gen 54 series A 1995 J
14.
10214 Sale 102
let guar 63.4. series C
/
1
103
22 101 el054
1964 1 .1 115 Sale 115
1943
• D
Registered
5
9712
974
2
9712 102 8,
102 1023 Chic & Won Ind gen 6s_Dec 1932 Q
4
1023 Aug'30
4
46
91
854 93 s,
lit gold 56
July 1948 AO 105" 9;1 106
3
10714 26
Consol 50
-year 48
1952 .1 .1 89n Sale 897
10512 18 103 105 9,
7
'IS 1054 1064 105
4
Ref & gen 69 series C____ 1995 JO 1083 Sale 10812 109
222 1011. 17:
let ref 5116 eereerie.A
98 251
9
PLEA W Va Sys ref 46_1941 MN 96 Sale 96
99 1021a.
/
1
4
N 102 106 10218 Oct'30
9614 45
Choc Okla & Gulf cons 541_19 2
962
5
2
98
98
Southw Dly let lie
.1 98 101
9512 99
4 10412 25 10012 10618 Clu If & D 2d gold 4 %a _ _1937
1950 J J 103 104 1023
:3
94% 0et 3 0
9
7 0ct
964
8
8714 88
Tel & Cin Div lot ref 46 A.1959 .1
95
/ 9819.
1
4
84
87
87 14 20
Re8 L & C let
893 C ISti8tered. g 46.Attif 2 1936 • F 943
4
Ref & gen 58 serlee D._ _2000 MS 103 Sale 102
94
103
941s
30 10114 1054
Aug 2 1936 Q F
Cony 4145
9614 __- 964 Oct'30
9814 243
1960 FA 135 Sale 95
88
/ 9819.
1
4
95 1043 Cm n Leb & Nor let con gu 49_1942 MN
4
102
103
65 10119 1043
Bargor & Aroostook let Si..1943 J J 10414 Sale 10358 10414
8
/
1
2 1014 105
Cln unlen Terrn 1st 4 ,-,82020 J J 1025 Sale
4.
92
',
8
1901, July 41
04
Con ref 414
4
/
1
4
1951 .1 .1 9012 Sale 90
84
91
8
93
Clearfield & Mali let gu be __1943 3,1 -51.
35l 9714,
Bale
6258 Sept'30
Battle Crk a nItur let gu 38.1989 J
64g__
62
625 Cleve Cin CO & St L gen 48_1993
8
1
.1
1004 1004
9712 9914 99
99
Beech Creek let go g 41..._1936
9512 99
99 101
14
/
1
4
20
-year deb 4 3-94
193 JJ 10018
-- 100
Jan'30
2d guar g 66
1936 .1 .1 1003e
1103 114 112
8 / Oct'30
1
4
100 100
105 112
/
1
4
General ba sorted B
1993
119943
Beech Crk eat lit g 3146.__195 I A 0 854 ---- 86
Oct'30
4
1 103 1064r
78
Ref & I napt(10 eer C
88
iJ 104 105 10334 1033
Belvidere Del cons an 3%1_1093 J J
105 Bale 10412 10514 24- 100 10514.
& Imot 5e ser D
943 9612 9612 Oct'513
4
1944 J O 88$8Big Sandy let 41 guar.
10112 Sale 10038 101% 34
891 9612
/
4
Ref & impt 4,4s ser E
9
9312e103
97
1973 J
Boston & Maine let 6e A C_1967 hi S 100% Sale 10058 1014 56
4
Oct'30
98 104
Cairo Dl, let gold 4.
92
9818
1939 / J 9618 973 98
1956 MN 10012 Sale 1003
8 1007
8 83
lit m be series 2
91 Sale 90
/
1
4
987 1034
8
91
3
CInW&M Dly Iota 4a 199 J J
8412 9518
8714 87
87
Beaton & N Y Air Line let 48 1955 P A 87
3
924 Bale 9214
/
1
92
/
1
4
81
2
8712
St L Div 1st coil tr g 46_1990 • N
891 93
/
4
J
98 Sale 97
98
Bruns & West let gu 9 4s. A938
21
05
/ Oct'30
1
4
927 98
8
Spr & Col Dly let g 48
93
1940 MS 9812
9614
Oct'30
Buff Reda & Pine gen g 66._I937 MS 10134 103 103
/
4
9914 103
W W Val Div let g 41_1940
J 9514 _--- 951 Oct'30
90
95
/
1
4
93 Bale 9212
9312, 41
1957 MN
Cowed 9344
_
1055 Oct'30
8
90
9614 CCC&I gen cone g 6s
103 105 8
1934 J J
5
BurIC R & Nor let & ooll 66_1934 AO 102 _- 10212 Oct'30
1013 10212
8
8
991 1011 Clev Lor & W con let g 54 1933 40 10458- - 1013 Oct'30
/
4
/
4
994 1024
Apr'30
Cleve dr Mahon Val g 5..,,_J938
J 101 --98
99
/
1
4
3 102 110
A...1962 A 0 10812 Sale 10812 10812
/
1
4
Canada Sou cone gu be
99 4 Oct'30
3
CI & Mar let an a 4348
993 100
4
1935 MN
31
9316 100 4 Clsve tP gen .4346 eel 73_1942 40 10018 -- 1003 Mar'28
Canadian Nat 494e_Sep1 151958 M S 9912 Sale 9912 100
4
3
earie B 34
itu
997
9214 10012
84
1957 J J 99% Sale 9914
/
1
30
-year gold 4148
1942 40 894 -- 87 Mar'29
924 10114
37
100 Sale 9912 100
/
1
1968.1
Gold 434e
Series A 414t1
1942 13 10018 ___- 9512 Nov'29
3 1052
99 10615
3 65
/
1
4
Guaranteed g 58-___July 1969 J J 105% Sale 1047
864 June'30
Series C 3144
"
1948 St
Os WI:
s
10514 48 10114 108
Guaranteed 9 bo-Oct 1969 A 0 1047 Sale 1047
Senor D 3146
• A 8814 --- 8618 May'30
861e 861a
4 105% 36 1034 106
1970 F A 105 Sale 1043
1028
Guarat.teed g bo
4 45 10158 10234
P A 10212 Sale 102
Gen 4%e ser A
4
0 112 Sale 11112 11218 18 1093 11312 Cleve Shoe Line let gu 4%6_196 * 0 102 103 101
Oct'30
Canadian North deb s f 71-1940
9715 104
995737
/
1
4
11818 11 113 11834 Cleve Union Term let
118 119 118
1946 J
25
-year f deb 6141
6 l0618 111
5346_1972 * 0 11012 111 11012 11012
11314 Jan'30
_
18934 1 10:
16342 3 ,
p3
4
Registered
/
4
let of Miseries B
1973 * 0 1061 Bale 1064 1054 10 10212 10814
4
1..1728 Sale 10258 1023
984 102%
10212 1023 1013
10-yrgolO4l4a.Feb1Slib5F A .
4
4 1025
8 29
s f guar 4348 ear C
96 104
1977 40
891
: 84
887 Sale 8814
8
Canadian Pao Ry 4% deb Mock _ J
8
Coal River Ry lot gu 98
1945 • D 94 ___ 925 Sept'30
88
93
101
34
1946 M S 101 Sale 100
Col tr 4148
1013
4 42
Colo & South ref & ext 4346_1936 MN 10112 Sale 10114
97 103
14
1035 Sale 10319 10412 11 100 4 107
8
3
J
.1949
Se obtain tr info
88 Sale 965
8
9812 12
Genl m 4448 eel' A
9
1194880 MN
954 10019
/
1
4
8 1034 35 10112 106
Dec 1 1954 J D 1033 Sale 1035
Coll tr g 56
91 July'30 ____
Col & 19 V lst ext g 4a
40 ____ 95
8818 94
9912 171
98 100
Collateral trust 4148
194393 J 984 Sale 9812
85
Oct'30
Col & Tol let ext 4s
1955 F A 9218 97
86
911 8
1
____ 983 Oct'30
8
983 987 Conn & Passum RI, let 4.1943 A 0 89 ____ 8612 Feb'30
8
Carbondale & Shaw lst g 98.1932 M
e
/
1
4
8612 8619
--- 764 7912 Oct'30
74
8512 Consol By non-cony 48
Caro Cent letrouig4i...,1949J J
7218 744 7218
/
1
e7512
2
1954
70
78
2
9912 102%
Caro Cline?) dr 0 lot 30-yr 5e_1938 1 13 10218 Sale 10218 10214
3
Non-cony deb DJ
Ina 3 70
1 70 8 7418 7258 Oct'30
76
4 108
19 106 11012
4
lot & con 1 66 ser A Dec 16 52 J D 1073 Bale 1073
704 7412 7112 Oct'30
/
1
Non-cony deb 418
7112 73
/
1
4
4
91
/
4
3
1981 J D 891 923 91
Cart & Ad 1st gu g 4s
85 4 9212
3
018
Non-cony debenture 96_1: l ?I 40 8 sate 7238 Sept'30
4A
7
68
76
__
875 8612 Sept'30
s
11146 3 D
82
Cent Branch U F 1st 43
87
45
Cuba Nor Ry let 514e
46
405.
1942
39
76
1
10158 105
Central of Oa lot g be Nov 1946 F A 01- 10512 105 June'30
68
Cuba Rlt let 50
12
-year be 9-1952 J J 6612 Sale 6614
50
84
8 102
1945 M N 102 Sale 1017
8 100% 1043
Conant gold bo
8
let re( 714e series A
6812 Sale 68
70
21
8911 09 4
7
100 Feb'30 MN
Registered
100 100
let lien & ref 65 ser B
57
5
9 3 17
36
19361 0 5312 Sale 5312
6312 92
Ref & gen 53.44 series B1959 A 0 1003 Sale 10034 102
4
10 100 4 1053 Day & Mich let cons
3
4
1001 ____ 10018 1001
/
4
/
4
1
43414._193 J J
99 1001s
/
1
4
98
1959 A 0 9712 Sale 9712
Ref & gen 58 serIce C
55
974 103
Del & Hudson let & ref 46_1943 M N 96 Sale 9538
964 66
/
1
911 egg%
/
4
Chan Div pun money g 46_1951 J D 8818 ____ 894 Oct'30
8412 894
3 -year caw be
18
0
F O 10112 103 10112 Oct'30
A A
961 107
/
4
4
Mao & Nor Div let g 50.19463 J 102 1043 104 Sept'30
100 104
10514 10512 106
105.
/ 17 1007 1054
1
4
8
Mid Ga & All Div pur m 5e'473 J ____ 10112 10212 Sept'30
98 1031s D RR & Bridge let gni 98_11999333675
974 __ 9758 Sept'30
M
9758 100
104
___
Oct'30
1946 J
Mobile Div let g be
100 10418 Den&RO let cons g 48-.1936 J N
9714 Sale 9658
9714 76
J
9258 egg
863 8418
4
854
Cent New Eng let gu 4s-_.1961 J .1 86
7
8118 89
10018 Sale 100
Consol gold 410
10018
95 4 1001s
3
99
Oct'30
Cent RR & likg of Ga coil be 1937 M N 10114 102
Den es It G Weet gen 58- AIM 19 j
80 Sale 80
83
92
59
1M
79
9914
112 11412 112
Oct'30
1987 .1
Central of NJ gen gold 5s
10511163
973 192 e
Ref & impt be ser B_Apr 1973 MN
7058 8118 8112
82
27
8111 95
1987 Q .1 11214 11414 113
Oct'30
Registered
107 1133 Des M & Ft D 1st gu 411
4
25
27
247s Sept'30
1936 J
2314 50
9614 9812 963
1987 .1 J
4
General 48
904 20
8414 971s
23
/ 2473 Sept'30
1
4
Certificates of depoelt
2978 31
/
4
,
96
24
Cent Pao let rat gu g 48- _1940 I A 9512 9614 961
911 9812 Dee Plaines Val let gen 490.1947 M
/
4
99
97 May'30
96
97
95 Sept'30
F A
Registered
90
95
Dot & Mao let lien g 46
60
45
Oct'30
19553 D 45
95
7919
4
95
Through Short L lot gu 46 1954 A 0 95 Sale 033
23
90 s 95
3
Gold 48
40
60
40
Oct'30
40
61
1960 F A 104 Sale 103
/ 105
1
4
Guaranteed g 155
69 1005 1063 Detroit River Tunnel 4%6_ 1995 3
4
8
961 M D 10112 Sale 1004 10212 13
N
95 4 105
3
108 Dec'29
Charleston & Say'b let 7e1936 3 J 111
_
Dul Missabe & Nor gen
.1 10312 ____ 1034 Sept'30
101 104
/
1
4
1939 MN 10414 1045. 10414 Oct'30
Odes & Ohio ist con g be
102 1033 Did & Iron Range lot Se58..1941 J 0 102
4
/ ____ 10234 Oct'30
1
4
1937 A
100 103
/
1
4
11339 M N 101 12 ____ 10312 Oct'30
Registered
1.0112 104
Dul Sou Shore & All g 6e..„1937 .1 J 65 Sale 65
67
19
65
8434
1902 M 8 10314 Sale 10314 104
General gold 4448
97 106
/
1
4
39
East Ry Minn Nor Div let 46'48 A 0 9514 9714 964 Oct'30
9212 9614
9812 ____ 10112 Oct'30
M
Registered
96 10212 East TV.& Gaol, let 58 1956
1012 1073 10618 108 8
4
,
7 10618 11012
101
1993 A 0 101 10112 10038
Ref & inapt 434.
•
94 10212 Elgin Joliet & East let g be-1941 M N 10414 10412 10414
25
1044
3 102 10914
MN
10112 37
Ref &!mut 414s eer B___1995 J .1 101 Sale 0018
93 1025 El Paso & S W let 58
/
1
4
8
1033 Sept'30
4
1965 A 0
10114 1034
4
Oct'30
Craig Valley let 58. _May 1940.1 J 1013 105 102
96 8 102
,
Erie let cons g 45 prior
863
163- 86%
4
4
3
1996 J .1
84
901
4
Potts Creek Branch 181 41.1946 .7 1 938 _-__ 9312 Sept'30
8612 9512
Registered
78
Oct'30
1996 J
78
8514
95.
9514 11
R & A Dly lst con g 4s.„1980 J .1 947
8614 9812
let coneol gen lien g 4s
-Sirg Sale 803
"
4
8118 19
1996 J J
935
79
96
85
Oct'30
1989 .1 J
26 consol gold 48
8312 96
Registered
79 Sept'30
1996 J
7613 ars
102
____ 100% July'30
Warm Spring V let g 65_1941 M
97 101 18
Penn coil trust gold 48_1951 F A 10ir4
101
Oct'30
101 101
9912 246
95 4.102
3
Cheep Corp cony be.May 15 '47 M N 99 Sale 98
50
-year cony 46 series A1953 A 0 804 82
817
8
82
11
817 87 1
4
554 7412
7012
1
& Alton ItR ref g 39_1949 A 0 70 Sale 70
8
Chic
Series B
1953 A 0 7914 8312 824 Oct'30
821i 894
8
65
7012 70 Sept'30
63 8 74
7
Ctt deo stpd On 1930 tot.....
Gen cony 4s8crles D
87 Sept'30
1953 A 0
804 87
793 ---- 793
4
4
793
4
59
lantern first lien 334s.,1950
7934
Ref 94 impt be
87
114
1967 M N 86 Bale 86
86
98
793 ____ 793
4
4
793
Certificates of deposit
6112 79%
Ref & Imp' 5s of 1930-A975 A 0 853s Bale 8514
8714 149
8413 954
90
8518 9118
13
Clue Burl & Q-III Div 3148_1949 J J 89% 901 89
Erie at Jersey 1st f 86_1955 J J 112 1137 1113
8
4 112
2 1103 114
4
91 Aug'30
J
/
1
4
Registered
8418 91
Genesee River let s f be 1957 J
110 Sale 110
110
2 109 114
99
973
8 24
1949 J J -oils gala- 9714
Moon Division
924 9814 ErietPc34a it 399s ser 13_1940 J
ioit
e ittegu
92 --__ 93 Aug'30
/
1
4
97
98
98
1958 M El 97
88
/ 93
1
4
General 49
27
89
98%
85
/ Oct'29
1
4
1940J J 9214
1977 F A 10212 103 1024 10212 12
lot & ref 4346 ser B
98 1033 Est RR esti s 1 78
4
104 10518 105
/
1
4
105
2 jai- 0164i
3
108
1971 F A 10712 110 105
9 1041 11018 Fla Cent & Pen let eons g 66 5 JJ ____ 957 9818
1st & ref be series A
/
4
8
1941 M N
Aug'30
97
9916
4
4 1004
5
3 100 )0105
Chicago & East III let 6s._.1934 A 0 109 1003 1003
Florida East Coast let 4348_1959 J D 87
881 88
88:4
7
7916 90
4912 Sale 40
50
140
C& E Ill Ry (new co)con 58-1951 M N
38
84
lat & ref 58 series A
1974 M S 3812 Sale 37
/
1
4
39
37
35
61.
e Cash sale.
85511
-_
2862
BONDS
N. Y. STOCK =CHANGE.
Week Ended Oct. 31.
New York Bond Record--Continued-Page 3
Price
FrMeV
Oct. 31.
Week's
Range or
Last Sale.
ch,
2
Ask Low
Bid
High No
FondaJohns & Glov 1st634s 1952 MN 28 Sale 28
3011 21
Fort St U D Co let g 43.55-1941
9615 Aug'30
'
3
Ft W A 1)eu C lst g 630-1961 J D 107's 108 107 Aug'30
Frem Elk & Mo Val let 6s-1933 AO
-- 1044 Oct'30
GH&SAM&P1et5e--1931 MN 1004
2
10014
/
1
- 10014
2d fastens 54 guar
1931
10038 161 10033 1003
- 4 10
Gal, Hew & Bend lit 58-1933 *0 9912 Sale 991
/
4
9912 12
Ga & Ala Ry lit cons Si Oct 1945 33
717 84 June'30
3
Ga Caro & Nor 1st gu g as '29
9518 9812 Oct'30
Extended at6% to July 1_1934
74
Georgia Midland let 35--1948 *0
75
Oct'30
Gouv & Oswegatchle 1st 5s_ _1942 3D 10112 -- 983 Feb'24
4
9938 1014 10012 Oct'30
Or B & text 1st 1111 g 430-1941 J
11112
Grand Trunk of Can deb 71-1940 AO 111 11112 111
7
1936 MS 107 Sale 10638 107
62
15
-year.I Os
Gray,Point Term let Os. .i947 3D 95
1
95
95
96
11114 102
Great Northern gen 7e ser A.1936 3, 111 Sale 11034
Registered
11034 July'30
3D
let & ref 430 series A--1961 33 96
99 99
1
99
General 530 series B-_1952 J
1093 110 1083
8
4 10914 41
General Si Berke C
1973
' 10518 108 10412 10614 63
3
General 4345 series D
1976
14
99
J 99 Sale 9712
General 434e series E
1977 33 983 Sale 9734
4
9918 58
Green Bay & West deb Otis A.._ Feb 801s ---- 8014 Sept'30
Debentures offs B
21
18
22
21
40
Fer
Greenbrier RY 1st an 41.-.1940
944 Aug'30
N 9814
Gulf Mob & Nor lit 5349-.1950 AO 100 103 101
101
5
9714
9912
1950 * 0 973 98
Ist M Es serlee C
8
9
Gulf &01 let ref & ter 5s_Feb '52 33 105
10613 Oct'30
Hocking Val let eon,g 434i..1999 3, 10012 102 102
Oct'30
Registered,
1999• J
100
Oct'30
Housatonic fly 0013114 5s_1937 MN 1003
4
100 Sept'30
& T C let g 65 Int guar
1937 J J 100 10514 101 Aug'30
Houston Belt & Term 151161_1937 J J
10012 Oct'30
Houston E& W Tex late 58_1933 MN 10113 ---- 9912 June'30
let guar Lie redeemable. .1933 MN 102 Sale 102
10
102
and & Manhat 1st be ser A.1957 FA 9912 Sale 99
99 12 73
Adjustmentincome Se Feb 1957 AO 79 Sale 78
54
79
Wnois Central let gold 4'1_1931 J J
9712
98
5
lit gold 8355
2
86
1951 j j 86
8612 86
Regletered
823 June'30
4
33
Extended lit gold 8340_1951 *0 86
8612 8514 Oct'30
lit gold 35 sterling
1931 ▪ S
73 Mar'30
Collateral trust gold 4s.-1932 *0 90 Sale 90
9214 30
Registered
8712 Mar'30 _ A0
let refunding 4s
903 107
4
1955
N 9014 Sale 8958
Purchased line@ 8346
1952 J J 8212 87
87 Sept'30
Collateral trust gold 4e.-1933 MN 895 Sale 8838
894 32
8
Registered
90 Aug'30
MN
Refunding Si
1955 MN 104 10514 104
10414 78
5
15
-year secured 6345 g
1936 3, 109 10914 109
10914
40
-year 444s
Aug 1 1966 FA 9714 Sale 964
9812 54
Cairo Bridge gold 4.
Oct'30
1950 J O 9118 93
94
Litchfield Div let gold 84_1951
77 July'30
'
3 78
Louis, Div & Term g 334e 1953 3, 835a -- 3 823 Oct'30
4
851.Oct'30
Omaha Div 1st gold 3s._1951 FA
79
7512 78
St Louis Div it Term g 38_1951• J 76
8
7812
8012 7912
Gold 334e
1951
4
J 813 844 8612 Oct'30
Springfield Div lit g 334s 1951
853 Oct'30
8
' 82
3
Western Lines 1st g 413- -1951 P A 00 - 1- 9213 Oct'30
6v 2
Registered
9212 Apr'30
F A
111 Cent and Chic St 1. & N 0
1027
8 87
Joint 1st ref Si eerie» A._1963 Jo 102 Sale 10012
Oct'30
let & ref 434e eerie, C____1963 J o 9313 953 99
4
_
Id Bloom & West let ext 4s 1940 *0 914 -- 8914 June'30
Oct'30 _ Did III & Iowa let g 4s__ 1051 • 3 933 ---- 96
4
_
Ind & Louisville let gu 48_ _1956 33 874 90
8714 Oct'30
8
Ind Union Ry gen Ets oar A __1965 33 1033 -- -- 10312 Oct'30 _
2
1985• J 10212 Sale 10212 103
Gen & ref Ets series B
9112 15
903
4
Int & Ott Nor 1st 68 ser A.1952
J
6014 143
Adjustment 63 8er A.July 1932 AO 60 Sale 45
847 8712 Oct'30
8
1956 3 .1
lit Si series B
1956 3 .1
874 8613 Oct'30
1st bs eeries C
74
28
Int Rye Cent Amer let Ss_ 1972
N 74 Sale 70
Oct'30 -1941 MN 60
793 70
s
lit colt tr 6% notes
1947 P A
76
2
74 Sale 74
let lien & ref 6345
1712
6
1938
Iowa Central let gold 5e_
D 16 Sale 16
174 15
16 Sale 16
Certificates of depoelt
5
4
5
Refunding gold 48
1951 - .
34 6
191 14
95
4
4
.Jamee Frank & Clear let 4.1959• D 943 9514 95
10014 Apr'29
Kai A & G R 1st gu g 51
193 • J 100
8
Oct'30
9112 90
1990 *0
Kan&M listen 44
5
98
63
KCFtEl&M Ryrelg 4s
1936 AO 98 Sale 9712
8012 19
8
Kan City Sou let gold 3a. _1960 * 0 795 794 7912
10118 20
Apr 1950 JJ 101 Sale 100
Ref & impt 55
95
67
4
Kansas City Term lit 4s._ _1960
' 943 Sale 94
3
Kentucky Central gold Is _1987• J 9012 _--- 9012 Oct'30
92 Sept'30 Kentucky & Ind Term 4%5_1961 J
95
1961 j 3 94
5
94
Stamped
Apr'30
1961 J 3 92
87
Plain
1
10214
lake Erie & West 1st 6 34-1937 J 3 10214 Sale 10214
1941 j
10112 10413 10314 Sept'30
2,1 gold Se
85
10
Lake Sh & Mich So g 3.301-1997 J D 85 Sale 85
8414 Sept'30
1997 J 1)
Registered
101
1931 MN ioi giie 1003
45
8
-year gold le
25
10014 June'30
Registered
61 N
7
Leh Val Harbor Term gu 54.1954 P A 105 8 10714 10614 Oct'30
1
1003
4
Leh Val N Y ist gu g 4 3is- -1940 33 10034 101 1004
Lehigh Val (Pa) eons g 45_21)03 N 91 Sale 9038 92 114
8918 Sept'30
Registered
MN
1013
8 21
2003 MN 10012 Sale 100
General cons 4345
110
47
Lehigh Val RR gen 5e seriet_2003 MN 109 Sale 109
Leh V Term Ry 1st gu g 3s__1941 * 0 10412 106 10412 Oct'30
4
- 943 Aug'30
Lehigh & N Y 1st gu g 4s__1945 MS 904
Lea & East lit 30-yr 6e gu _ _1965 *0 108 Ili 11112 Oct'30
94% 90 Sept'30
Little Miami gen 46 Berta' A _1902 MN 93
8
1935 * 0 1055
Long Dock coneal g Os
s- 1045 Oct'30
5
Long Dad 1st con g Si July 1931 Q J 10012 gile 10013 10012
985 Sept'30
8
let consol gold 4e____July 1931 Q 3 10018
-9412
2
8
1938 3D 943 1613 9413
General gold 4a
8
_ 99 Sept'30
1932 J D 965
Gold 4e
1949 MS 9118
_ 9018 Oct'30
Unified gold 49
1934 3D 1004 162 1003 Oct'30
4
- Debenture gold 58
Oct'30
1937 MN 101 10112 101
-year pm deb Es
20
95
8
8
-1949 MB 947 Sale 947
20
Guar ref gold 48
4
Nor Sh B let con gu 55 Oct '32 Q J 10014 10212 1003 Sept'30
4
75
7
4
Ark let Si see A 1969 3J 723 Sale 723
lioulsians &
Oct'30
4
Louis &Jeff Bdge Co gd g 481945 MS 934 943 94
4 1043
4
5
4
Louisville & Nashville 51__ _1937 MN 1043 Sale 1043
9814
5
9812 98
1940 3, 98
Unified gold 4s
9412 Mar'30
3'
ReWittered
10118 41
s
trust gold 55-1931 MN Koji' Sale 101
Collateral
Ist refund 5Hs series A-2003 *0 10512 Sale 10512 10614 15
4
2003 *0 1043 10512 1044 1044 27
1st & ref 34 aeries B
1013
4 76
8
let & ref 434s seem C__20031 *0 1013 10212 101
9412 Sept'30
8
Paducah & Mem Div 46-1946 FA 945 96
1
6918
691
/
4
70
69
2d gold 38_1980 M
St Louis Div
1003 Oct'30
8
blob & Monts lst g 4%4 1945 MS 100
Oct'30
9233
South RI Joint Monon 44_1952 3' 894 v.-- 93
9538 Oct'30
Ad Knoxv & Cm Div 4s..1953 MN 9514 96
Louise CM & Lei Div 4;0'31 MN 100% ---- 1004 Oct'30
8
1025s ---- 1025 Sept'30
Mahon Coal RR lst 5a___ 19343
75
Manila RR(South Lines)41_1939 M N 75 Sale 75
67
67
68
67
1939 M N
1800 45
Colentaa'n 6e 1934 J D 99 10012 0012 10012
ManIte tit fl
3914 Oct'30
Man GB&NW 1st 3343_1941 J 3 8914 ---e Cash sale, b Due February.
10
6
3
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 31.
all
Price
Fridge
Oct. 31.
Week's
Range or
Last Sale.
High
High No,
Low
B44
All Low
_
914 6
/ Oct'30 -1
4
20
36
Mel Internist 1st 4s aastd-.1977 MS
9415 9711 Mich Cent Det&Bay ctey 351931 M 8 iooji
10014 Oct'30
10515 107
QM
100
Jan'30 -Registered
10218 105
8
Mich Air Line 41
1940 J J 97
4 975 Sept'30
99 10114
Jack Lane & Sag 334,.__,,1951M S 841a 9112 79 May'26
994 1003
8
4
855 9112 8814 Sept'30 -let gold 334,
943 100 4
4
8
3
10214
Ref & Mint 434s oer C
19 9 3M N3 10112 103 10214
52
7
9412
6
9413 Sale 9412
Mid of N 3 1st ext 5s
814 85
994
3
99
/ 9914
1
4
Mil & Nor let ext 435e(1880)1949 J D 98
1 34 A D
9812 10214
9912 Sept'30 -.
Cons ext 4349 (1884).,,,.,.1934 J D 99 100
6611 7812 Mli Spar & N W let gu 4s
94
10
1947 M S 904 9513 92
90 Apr'28
Milts & State Line I st 830-1941 J J
9618 1907 Minn & St Louis lit cons 5e-1934 MN
*
20l 24* 225 Oct'30 ---8
low 11258 Ctle of deposit
:
21
20
18 Bale 18
2
104 10712
8
3
44 M B
7 s 74
7
let & refunding gold 4s-19 9 M N
95
98
812 Oct'30 -84 20
Ref & en 60-yr I% ser A-1962 Q F
1094 113
13 June'30 ---Certificates of deposit
11012 110 4
3
9418 101
891 25
/
4
MStP&SEIMcong451ntgu'38 J I 89 Sale 89
1073 11214
4
4
1938 J .1 9212 9312 923 Oct'30 -- -let cons 5e
10314 10814
96
5
8
8
let cons fis gu as to int
1938 3 J 935 954 957
95 1014
8
8
1015
8 38
10
-year coll trust 630-1931 MS 1015 Sale 1015
95 10118
957 Aug'30 - - - 8
19463 1
1st & ref Be series A
80
8014
1949 M S ____ 75
754 47
25
-year 5345
763
8
21
323
4
99 Sale 9812
99
39
1st ref 5%s ser 13
914 944
8
_ 95 Aug'30
3
let Chicago Term if 4a-1 9 3 MN 953
7
19733 N
41
- 612 91 Sept'30
fiv 98 10512 Mississippi Central let 5s-1949 J J
96 101
19593 J ____ 75
75
Oct'30
Mo-Ill RR let 5s eer A
103 10612 Mo Kan & Tex let gold 44..1990 J D 8912 Sale 883
8
9018 47
9614 10312 Mo-K-T RR pr Ilen 5a ser A _1962 J J 1024 Sale 10112 104
11
934 100
14
4
191123 J 893 Sale 8818
90
40
-year 48 series B
97 1001
, Prior lien 43411 ser D
5
98
98
8
1978 J 3 973 99
993 102
4
9412 103
Cum adjust as see A Jan 1967 A 0 9412 Sale 90
953 101
4
/
4.13ale 9918
1003
4 32
Mo Pio 1st &Wei iSe me A-1965 F A .991
9912 10112
7578 243
Ger eral 4a
1975 M 8 74 Sale 74
-ale 98
993 10218
4
217
100
let & ref 58 series F
1977 M 8 99.
93 1021
/
4
99 Sale 983
8
993
4 62
lst & ret g de set G
7614 8512
10414 84
1949 M N 10312 Sale 0314
Cony gold 534s
4
99 Sale 983
994 77
lit ref g 59 series H
91
9834 M.
8
Pac 3c17e ext at 4% July 1930 M N 945 ____ 9412 024'30
988 AM
97 8 :
81
863 Mob & 131r prior lien g 5e
4
00 Mar'30
1945 J 1
8'23 823
4
4
97
_
Oct'30
Small
3 J 98
83
8611
4
9218
let M gold 48
1945 J J 9218 Sale 9218
73
68
25
87
Small
J J 87 Sale 87
893 9412 Mobile & Ohio gen gold 45_ _ itgis M 5
8
24
95
95
8712 8712
104
40
Montgomery Div let g 56_1947 F A 103 106 102
95
89
____ 93
9112 Oct'30
Ref & impt 435e
89
82
_ 96 Aug'30
Molt & Mal let gu gold 4e___1997 M S 9114
1 71 M
874 9312 Mont C let go Be
8 _1937 J J 1085 10912 10812 Oct'30
874 9014
1st guar gold b.
1937 3 J 103 10412 1064 July'30
104 10712 Morris & Essex lst gu 3148_2000 3 D 83
84
6
847 837
8
8
10712 112
4
Oct'30
Constr 81 55 ser A
1955 MN 1063 10812 108
9634 1021
,
10138 1023 10112 1013
8
4 15
Constr M 4148 eer B
8813 94
744 77
96
9512
96
2
N Fia,ts ia St L4:Pier A.19 F A 95
Nanh Chatt l gii g 6
197 MN
:
5
8212 88
1937 F A 10314 104 10312 Sept'30
7412 80
18 July'28
Nat fly of Met pr lien 4%6_1937 J J
7314 78'2
1234 July'28
July 1914 coupon on
J J
1323 874
8
6 7v
7
Assent rash war rot No. 4 on
714 10
854 854
_
8718 Aug'29
Guar 70 year a 2 48
16
89
941
/
4
_
8
714
714
1
Assent cash war rot No 5o7
9
1 7n
9212 9212 Nat RR Max pr ilea 448 Oct'24
3512 July'28 _
i
10 Sale 10
10
2
Assent cash war rct No 4 on
1.1.04 1(1712
22 Apr'28
let consol 43
1951 Ivo
94) 100
6 giie
6
1
Assent cash war
8914 891, Naugatuck RR let grot No 4 on _ 83
_ 88 Aug'30
40...._1954 M N
91)
9713 New England RR eons 548_1946 1 1 995 Rif 101 Aug'30 _ 84
90
( onaol guar 4e
88_ 94
Oct'30
100 10414 NJ Juno RR guar let
1111
90 July'30
1981 F 1
413_ 19 3 A 88 100 10414 N O&INE
_ 953 95 4 Oct'30
4
3
1st ref &!rout 4348 A'52 J J
903 106
4
New Orleans Term
9258
923
4
8
48_1963 J J 9213 94
45
9212 NO Texas & Me: let
35
n-t) Inc 551936 A 0 100 Sale 994 100
864 9712
9512
9
let 51 aeries 11
1954 A 0 9518 Sale 9518
8612 100
10014
8
1st 5e series C
1956 F A 100 Sale 100
69% 811
/
4
89
6
let 445 merles D
33 89 Sale 89
F A
70
9412
995
8 10014 54
let 530 series A
A 0 10014 101
9813 N & C
74
973 101
4
973
4
973
4
1
Ildge gen guar 430_11999454956
16
35
____ 100 May'30 __ -N Y Is& M B Isteong 54_1933 A 0 100
3412 NY Cent RR cony deb Ca._19311 MN 1061 Sale 1054 10614 33
16
/
4
/
1
5
10
9612 29
Consoi 4e *erica A
1998 F A 96 Sale 9512
875 97
8
10112 10212 16
Ref & Imp 434s series A-2016 A 0
iia 108 107
108
36
Rei atImpt ita series C
2013 A 0 lov
8314 90'2 14 Y Cent&
8612 36
Bud My M 33411997 3 4 86 Sale 8518
9413 98
85
Oct'30
1997 .1 .1
Registered
7413 8112
11)014 106 10018
- 12
10012 22
Debenture gold 48
99 11)4
987 967
8
8
964
5
30
-year debenture 4.
42 M 3
1934 .1 N 97
884 an
8
8313 847 8312
84
26
Lake , ha d
Ne S rt:coll gold 3%8_1998 F A
is
81358 $612
7712 82 8213 Sept'30
83'87
854 92
/
1
MRnCteiredoll gold 3%8_ 199 F A 8312 85
ich hie n t c
948
4
88
953
80
834 84
Oct'30,- - _ _
89 89
4
99
9
N Y Chic Es St 1. let g 4s
9 F A
9
7
193 A 0 973 9812 9812
9314 Mar'30
3
Registered
97A O
1931 M N
8
100 1023
1008166 10038 10072 17
aserideaebeAntBu% 44
ASr
99 10314
8
8
102
39
2d e
5
193
M N 1014 1023 1013
7914 864
/
1
1014 Sale 10012
1013
8
9
8% gold notes
774 84 4
,
8
107
131
2
1974 A 0 107 Sale 1047
93
Refunding 534s series A _
8c1015
8
987
4
8
1077
8
8
Refunding 5%s series B 1975 J J 1073 1077 1077s
9913 10014
91 Sale 9034
9212 574
Ref 434e series C
103 1063 N Y Connect 1st gli 4 tie A_ _973 F
4
101 1017 101
8
102
3
5
19 9 M
963 10314
4
/
1
let guar 55 eerie. B
1953 F A 1054 1054 10514 Oct'30
895 94
8
9418 July'30
Erie let et: gol 4'1_ 1947 M N
md
86
8918 N id AEgold
100
____ 100 June'30
ext
9613 104
106 1107 N Y& Greenw L gu g 5e___ _1943M N
8
9612 June'30 ___S
6
193
1015 106
8
857 063'30
8
N Y & Harlem gold 3349_2000 MN
863 943 NY Lack & W 1st & ref gu 513'73 M N
8
4
975* Oct'29 1041 11112 N lst &fef gy 1,3t 5_ B _ _ 1973 MN 101 104 101
/
4
Oct'30 y k erse u 4349
:er
8712 907
8
Sale
4,,19411932 M,
F A
10314 107
1089111S8
0
_
1815 A u91 18 _ _3
N Y & Long Branch gen
9 1 12 3
8
9914 101
7514 July'28
N Y & N E Bost Term 4i.1939 A 0 93
984 983 N Y NH& H n-odeb 4s1947 M 8 8618 8
8912 8912 Oct'30
8815 98
815 8158 Oct'30
8
Non-conv debenture 330_1947 M 8 80
99 99
4
/
4
774 27
Non-conv debenture 3341-1954 A 0 773 Sale 771
8718 94
4
813
4
1
Non-cony debenture 48-1955 J J 813 Sale 8134
9914 10118
4
Non-cony debenture 48_1956 MN 8212 843 834
8313 10
9712 10213
7712
1
Cony debenture 334s-1956 1 3 7712 Sale 7718
87
96
11912 49
Cony debenture 8s
1948 J J 118 Bale 117
99 1003
/
1
4
_ 11734 Oct'30 _
4
J J
723 87
4
10612 4
Co
1940 A 0 i66T4 166)2 10504
Nlia9111te4ratelred
trutrt Be
894 9434
7518 Sale 751s
7812
2
Debenture 4,
101 1043
4
let & ref 434e ger 01 1927.1967 3D 96 Sale 95
96
43
9 MN
9414 99
93
Harlem It & Pt Ches let 4,1954 M N 8712 93
Oct'30
923 9415 N Y 0.4 W ref g 4s___June 1992 M S 4512 Sale 44
4
4512 18
993 lops
4
33 Sale 33
34
3
General 4e
10312 108
92
N Y Providence & Boston • » 19 2 4 D 9212
9312
45 3 O
5
4
3
9912 10612 N Y & Putnam let con Int 49 1933 A 0 9212
_ 96
Oct'30
95 103
N Y Burro & West let ref 58.1937 J J 70
_- - 77
77
77
3
911 9412
/
4
___ 83
2d gold 434s
75 Mar'30
1937 F A
_
70
66
70
60
General gold So
1940 F A 60
60
1
973 1004
8
1001
2_ 10014 Sept'30
Terminal 1st gold 58
89 98
N Y W'ches & B 1st ser I 4%6'43 3 N 87 Sale 87
194 M J
6
8712 17
911 98
/
4
Nord fly ext'l sink fund 634e1950 A 0 10718 Sale 106
10718 51
9938 1003 Norfolk South let & ref A 5s.1961 F A 394 40 40
4
40
6
973 Oct'30
Norfolk & South let gold 5s_1941 M N
4
99 8 102% Norfolk & West RR gen 68.1931 M N 101
,
__ 101
101
2
7312 7613
Improvement & ext 69-1934 F A 10518 _-__ 10414 Aug'30 -_60
71
New River let gold Bi
1932 A 0 10218 _--- 10214 June'30 -9812 10012
/
4
N & W Rs' lst eon/ g 45-1996 A 0 971 974 97
/
1
4
9818 41
87
90
Registered
1996 A 0 _--- 9713 953 Oct'30
8
Range
Sines
Jan. 1.
Low
412
100
100
941e
MO
114
101
100
97 s
1
"iifs
89
9912 1031
4
9378 96 4
3
9614 9913
981 99%
4
90
951s
20
18
7
8
124
-4171;
414
16
154
15
87% 92
914 9815
9413 994
99 102
92 100
7532 91
9812 99
HI
953
4
95
994
75
80
8512 92
9912 1047
5
8512 93 8
7
9212 101
90 10815
s
99, 103
73
8212
964 103
963 1023
4
4
103 1133
4
97 103
91
944
100 100
95
973
4
87
974
80
872
9258 96
Ms 104
9414 98
864 9018
/
1
105 108%
95 100 4
1
77
85 4
3
103% 109
964 1034
,
90
101)
97%
10812
--6-It7 10
'in' I611
- 4 -15
6
7
7
4
8614 8913
9614 101
8614 94
85
90
927 97
g
87, 94
4
953 100
8
927s 1003
8
96 1014
811
96
9952 105%
95
973
4
98% 100
105 1073
4
8818 97%
97 10378
105 110
784 8612
/
1
75
85
97 1001
4
93
9814
7514 &vs
751 851
/
4
4
7612 86
78
8012
94
994
9314 9314
97 102
100 102%
1004 103%
10412 108
1(1512 108
/
1
4
9914
88
9618 10314
100 10512
89
9418
100 100
95
961s
804 85%
-984 162 3
4 - -1
0912 1011
/
4
8618 88 8
5
837 90
78
83%
734 81
8112 8814
79
8811
4
7415 80%
117 133
1173 131
4
10484 1063
8
75, 884
8
90
97 4
3
87% 93
43
65%
33
54
AO% 9311
85% 96
74
86%
75
73
79
60
944 1001
4
84
92%
10212 10718
40
79
99
89
1008,1023*
1031 101%
4
10214 102%
901g 981s
90 95%
New York Bond Record-continued-Page 4
BONDS
N. Y. STOCK EXCHANGE'.
Week Ended Oct. 31.
t
zt
PTIce
Friday
Oct. 31.
Week's
Range or
Last Sale.
810
Ask Low
High
Norfolk & West(Conele6e40DWI let lien & gen a 41._1944 ii 9712 Sale 9712
98
Poceh C & C joint 4a
1941 JO 97
Oct'30
98 96
North Cent gen & ref 5e A _ _1974 M
1064 Sale 1067
8 1067
8
Gen & ref 4He ger A
•S 10014
_1974
104 Sept'30
North Ohio let guar g 5a- _1946 AO 9710 Sale 9718
9714
North Pacific prior lien 41-1997
• J 9513 Sale 9512
953
Registered
9312
923e 95
931
Q
Oen Ken ry & id a 3a_Jan 2047 Q F 6814 Bale 6734
681
Registered
Jan 2047 Q F
6912 69
Oct'30
Ref &'met 493,series A.-2047 J J 9912 Sale 9914
991
Ref dc impt Os series B_2047.1.1 11134 Sale 11112 1121
Ref & Imp% 55 series C____2047 J J 104 105 10512 Oct'30
Ref & leapt 6s series D.2047
J 104 10512 10438
1043
8
Nor Pao Term Co 1st g 68_1933 2.1 10412 -- 104 Sept'30
Nor Ry of Calif guar g 58_1938 AO 10312
10418 Oct'30
Og & L Chem 1st gu 418-_1948.13 8114 gale 8114
8114
Ohio Connecting By let 4s_.1943 MS
9614
9614
Ohio River RR let a 66
1938• D 10212 ---- 1023 Sept'30
8
General gold 5a
1937 * 0 102
10318 Sept'30
Oregon RR & Nay eon g 45_1946
D 943 Sale 943
4
4
943
4
Ore Short Line 1st eons a 6a..1946 ii 107
10838 Oct'30
Guar stpd eons 54
1948.13 107
___ 10714
1073
4
Oregon-Wash 1st & ref 44
1961 • J 9412 Sale 9312
943
4
Pacific Coast Co let g 56_1946 3D ____ 56
56
Oct'30
Pao RR of Mo let ext g 18_1938 P A 9612 9712 97
97
2d extended gold 54
1938 3, 10114
101
Oct'30
Paducab & Ills let sf a 490_1956 ii 100 103 10018 Oct'30
Parts-Lyons-Med RR extl 651958 P A 10414 Bale 10418
1041
Sinking fund external 79_1968 MS 10612 Sale 10614
1071
Paris-Orleans RR ext 5%4_1988 MS 10212 Sale 10212 1031
Psulists Ry 1st & ref Si 75_ _1942 MS
947 10034 Sept'30
8
Ptnnaylvanle RR cons a 441_1943 MN oet
98
Oct'30
Consol gold 4s
1948 MN 98 - - . 98
96
99
ts uteri iltpd dollar_May 1 1948 MN 98
99
987 98
s
Registered
104 1053 9314 May'30
8
Consol sink fund 494s_1960 FA 106 Sale 10412 108
General 194, series A1965 3D 1085 110 1013
8
4 1025g
General 64 swim B
1988 3D 1093 11014 1081g
111
4
16
-year secured 614.
1936 FA 1097 Sale 10914 11014
8
Registered
P A
11812 Oct'30
40
-year secured gold 54_1964 MN 10434 Etife 10418 105
Deb g 1944
1970 * 0 983 Sale 981g
8
9913
Pa Co gu 844 eoll tr A reg _1937 M
913 -- 95 Sept'30
4
Guar 8941 coil trust ma B.1941 P A
8912 ---- 8914 Oct'30
Gusr 330 trust ctfs C..„1942 J
8738 ___ 90 Sept'30
Guar 334s trust etfe D....1944 J
873 8 89 884
884
GUM.16 -year golds 4i 1931 * 0 10014 Sale 10014 100:4
-25
Gum.44 ser E trust etU.._1952 MN 95 Sale 95
95
Secured gold 490
1983 MN 1003 Bale 993
4
4 101
Pa 08104 Del lst & ref 434eA'77 A0 10018 Bale 100
10018
Peoria & Eastern let cone 44_1940 * 0 8814 89
8814 Oct'30
Income 4,
April 1990 Apr. 20
25
22
Oct'30
Peoria & Pekin Up 1st 6941_1974 P A 10212 103 10312 Oct'30
Pere Marquette 1st ger A 64_1968 .1 1 10434 Sale 10431 105
1st 4s series B
1956 J J 9214 93 9133
9138
let g 494s series C
• B 101 Sale 101
1980
101
Pens Halt & Wash 14 g 41-1943 MN 9618 -- 974 Oct'30
General 59 series B
1974 P A 10812
11018 11018
PhilliDDine By 1s1 30-yr 5 f 415 '37 .1 1
Pine Creek reg let 64
1932 J D
Pitts & W Ve 1st 493sser A.1958 J D
1st M 11441 series B
1969 A 0
1st M 490 series C
1960 A 0
e C & St L gu 4ifs A__ _1940 A 0
Seri B 1330 guar
.
,
1942 A 0
Serifs C 4940 guar
1942 M N
Serifs D 4e guar
1945 M N
Series E 394s guar gold_1949 F A
Serb, F 4s guar gold__1953 J D
Sales 0 4s guar
1957 M N
Series H cons guar 4s
1960 F A
Berke Icon, guar 194e_ _1983 F A
Series jcons guar 4948_1964 M N
General M 52 eerie' A_
1970 J D
Registered
.1 D
Gee mite guar 154 ear B1975 A 0
Gen 4348 series C
11177J
PithMcK & Y 151 gu 6e
1932 J J
3c1 gust tle
1934J J
Pitts Sh & L K let g 54-1940 A 0
let causal gold es
1943 J J
Pitts Va & Char let 4e
1943 M N
Pitt/ Y & Ash let 4e teR A_ _1948 J D
let gen 541 aerial B
1982 F A
14 gen 5s stelea C
1)
1974
Providence Secur deb 4s
1957 M N
Providence Term let 4s
M
Reading Co leery Con coil 48 '5I A C.
Gen & ref 433a series
J
Gen & ref 4940 series B _ 1997
.1
Rensselaer & Saratoga 6e-1941 55 N
Rich & Meek lat g 44
1948515
Richm Term Ry 1St KU 55_195/ J J
Rio Grande June let gu 68._1939 J D
Blo Grande Sou 1st gold 4s 19411 J J
Guar 40 (Jan 1(122 coupon)'403
Rio()rands West 1st gold 45_1939 .1
1st can & coil trust 45 A _1949 A 0
R I Ark & Loula 1st 494s...1934 M
Rut
-Canada 1st gu g 4s
1949 J J
Rutland let con a 430._ 1941 J J
a 21
.
1
No. Low
31
1
_
9
103
2
36
6
77
50
5
22
3
217
5
43
95
12
9
20
22
89
20
88
78
276
2
4
1
82
3
13
1
24
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 31.
High
913 98
4
924 97
100 1067
3
98 104
93 9913
8812 97,,
864 934
83 8 705
7
8
62
691s
9513 102
11113 11512
10313 107
10312 1063
4
104 10512
101 1041
4
83
77
921a 9614
4
100 1023
99 1031g
96
91
10410 109
1037 109
4
8813 96
62
12
55
9214 9712
974 101
98 10112
102 10513
103143107
99 4 10514
3
95 103
921 9813
4
9253 991s
9214 99
9213 93
12
98 4 108
3
97 10412
13
106 1123
s
108 11112
10814 109
10214 1063
4
9414310012
90
95
9112
87
90 90
84 4 89 4
3
1
987 1004
3
8914 9514
97 103
9412 1024
84
9014
22
374
101 1041z
1023 108
4
90
9512
95 k 103
7
934 98
1063 1104
4
2314 Sale 23
2314
2
23 82
10214 1033 10238 Oct'30
8
102 10313
97
95
96
Oct'30
92
97
95
961 9612
9612
1
92
987
0
96 Bale 96
9612 51
92 c9812
101
____ 9938 102
25
9714 102
9918 102 102
Oct'30
9613 10212
9712 Dec'29 _
9918
0512 ____ 9814 Sept'30
9414 9814
903 ---- 95 June'30
4
9353 95
9814 Sept'30
9814 9814
97
97 Aug'30 _
984 97
4
9512 ____ 9834 Sept'30
9453 983
4
102
100
Oct'30
97 105
10014 102 10312 Sept'30
9912 10313
1093 Sale 10914
8
1093
8
3 10614 11312
1073 Mar'30 _
4
1071 1073
4
4
109 111
9 1061s 112
10034 Bale 10014
1013 242 100 1111 8
8
,
10212 July'30
1025
8
10113 102,3
103 __-- 10218 1023
8
1 1025 10413
8
103
103
103
2 1004 103
103
1003 Aug'29
4
923 Mar'30
4
6i4 Ws;
98 Sept'30
9512
9112 98
105 June'30
10612
1024 106
10612
Oct'30
7514 -- 81
75
8214
4
867 _- 863 July'30
8
86
861
4
9418
9918 96
95
5
90
964
10112 Sale 10038 102
36
974 10314
1013 103 10118 102
4
35
994 10314
110
113
Oct'30
1094 113
81
7912 Sept'30
65
7912 7974
10212 1037 103 Sept'30
8
101 103
9912 103 10218
10218
2
94 10218
1
8
7 May'28
1
4
712 Apr'28
9314 9278
927
8
4
91
97'n
8514 Sale 85
8514 11
8113 91
1003 Sale 10012 1003
3
a 50
9514 10110
7812 78 Sept'30
75
78
92
8212 82
92
1
88
94
• Joe & Grand Iii hit 46_1947 J J 877
8
883 Sept'30
8
• Lawr & Adir ist g 54
19943 3 J
9612
9612
1
241 gold 8.
1994 A 0 ioi"
9:1112 Feb'30
19313 .1 9978 10012 997
SI L & Cake guar g 4,
8
9978
4
Bt L 1r Mt & S gen con g 58_1931 A 0 101 Sale 993
4 101
47
Stamped gear 544
1931 A 0
10134 Dee'29
1933M N 993 Sale 993
Sly & 0 Div lstg4s
4
8
993
4 55
St L-Pan Fran or lien 45 A...1950 .1 .1 883 Sale 8712
8
8912 115
1978M b 8412 Bale 8412
Con M 13Ss melee A
8714 433
When lamed
91
Oct'30
Prior lien Is series B
19503 .1 101 Sale 100
11)112 48
et Louis & eau Fr Ry gen 61_1931 I .4 1013 10214 10134
4
102
10
General gold es
1031 1 1 101 10278 101
101
7
St L Peor & N W 1st gu 64_1948 J J 10434 107 10434 Oct'30
St Louis Reu lit KU 40.. _ _1931 M
9934 ____ 993 Oct'30
4
Be L SW 1st g 4s bond etts.1989 hi N 9012 91
9014
901
2
2d g 4s inc bond etfs Nov 1989 J .1 80
82
8214 Oct'30
Consol gold 4g
1932 J D 100 10014 9934 100
37
let terminal & unifying 66_1952 IJ 101 Sale 101
1021
17
St Paul & K C Sh L lat 4%6_1941 F A 9812 Sale 9818
981
11
St Paul & Duluth let 54- _1931 F A 10012 ----1007e Aug'30
.1988J D 90
lit conaol gold 45
9512 Aug'30
.1 97 1023 9918 Aug'30
Si Paul E Or Trk let 414s _11147
4
8
St Paul Mine & Man eon 45.11133.1 J 003 ____ 1041
100
1
1933 1 1 104 10814 10414 Oct'30
let copse! a 60
1003 10114 10038
8
6s reduced to gold 494e._ _1933 J
10033
6
Registered
1
98 Feb'30
1987 1 D 9714 9712 9738
Mont ext lot gold 4s
9738
paelflo ext guar M(eterlIng)'40 .1 J 9112 ____ 92
92
St Paul Un Dep 1st & ref 541_ Hog 3 j 109 Sale 1083
4 109
9
▪ & Ar Pan 1st gu 1s__ _1943 1 ./ 9418 95
94
95
55
Santa Fe Pres & Phan 1ft 64_1942 M S 103
____ 10314 Oct'30
Sae Fla & West 1st 64--1934 A 0 104_
10414 Aug'30
1934 A 0 101 1027 10112 Oct'30
116 gold 55
- 8
00140 V & N E 1401 g 41-1989 M N 9312 100
9712 Oct'30
Ogab ism. a Due Myr
Augur,
IOUS June.
Range
Since
Jan. 1.
85
891s
9612 98
101 10112
98.4 10012
1
100 102
"9528 101
863 927
3
g
8411 95 4
3
89
94
995
8310412
1004 102
100 10113
10214 1054
944 993
4
85
913
4
787 847
s
8
9714 10014
96 103
9410 9973
10013 1004
9113 954
991e 9914
96 10014
103 105 4
1
9753 104
98
98
92
9914
39 4 97
3
1044 11012
90 0 987
5
2
994 103
12
103 10414
994 10314
881 974
4
Seaboard Air Line let g 4a-1950 * 0
Gold is stamped
1960 A0
Adjustment 5e
Oct 1949 P A
Refunding 4e
1969 A0
1s1 & CODS 65 series A
1945 M S
Atl & Birm 30-yr let g 44_01933 M
Seaboard All Fla let gu 62 A-1936 FA
defies B
1936 FA
Seaboard & Roan let fe extd 1931 Ji
& N Ala eons gu g 5e
1936 P A
Gen coin 999260-Yr 51--- _1983 A0
So Pao coil 4e (Cent Pao coil) k'49
1st 434e(Oregon Lines) A.1977 M
20
-year cony Se
1934
Gold 494s
1968 MS
Gold 494s with war
1989 MN
Elan Fran Term 1st 14.---1950 * 0
A0
Registered
So Pee of Cal 1st con gu g 64_1937 MN
So Pao Coast let gut 4s1937
J
So Pee RR 1st ref 4.
1955 • J
• J
Registered
J
Stamped (Federal tax)-1955
Southern Ry 1st cans a 68_1994 J
J 1
Reglstered
Dyfed & gen 441 series A1956 A0
David & gen 1341
1956 * 0
Develop & gen 8949
1958 * 0
Mom Div let g 54
1996 J
St Louis Dlv let g 4e
1961 33
East Tenn reorg Ilene 65-1938 M
Mob & Ohio coil hr 49--1938 M
Spokane Internet let g 6e-1965 33
Staten Island Ry let 490-1943 3
Sunbury & Lewtston let 42_1938 J
Tenn Cent let 6s A or B--- _1947 A 0
Term Astro of St L lst g 494s-1939 A 0
jom F A
let cons gold 5a.
Gen refund s I g 441
1958J J
Texarkana & Ft8 let 5344 A 1950 F A
Tex&NOcomgoldSsAugl943J 3
Texas & Fag 1st gold 5....2000 J D
2d Ine64(Mar'28cp on)Dec2000 Mar
1977 A 0
Gen & ref 50 series B
Gen & ref fa series0
1979 A 0
La Div B L Irtg 58
1931 3 J
Tex Pee-Mo Pee Ter 5949-1964 M
Tel & Ohio Cent 1s1 go 64_1935 J
Western Div litt g 65
1935 A0
Gen gold 511
1985 3D
Tol St L& W 50-yr g 4s
1950 * 0
Tol W V &0 gu 194s A
1931 .1
let guar 4945 atria B
1933 J J
let guar 45 series 0
1942 MS
Toronto HAM & Buff 141212 1949 3D
Ulster & Del lat cense 5s
1928 3D
Stpd as to Dec'28 & J'ng '8014
let cons 6s etts of deD
let refunding g 4e
1952 AO
Union Pao let RR & Id gr 48.1917 31
33
Registered
let lien & ref 40__June 2008 MS
Gold 494s
1967 33
let lien & ref 54-__June 2008 MS
40
-year gold 4,
1968 3D
II N J RR & Can gen 4g
1944 M
Utah & Nor let ext 45
1933 J J
Vanden& cons a 40 series A 1965 P A
Cola 514, tieriee B
1957 MN
Vent Crus & P &agent 4940_1034
Virginia Mid 5a series P
1931 188
General 15e
1938 MN
Va A Southw'n let gu 6a.....-2003 13
let cone 50-year be
1958 AO
Virginia Ry let SA series A_1982 MN
let 11 4.is series B
1962 MN
Webeeb RR let gold 6s
1939 MN
2d gold 54
1939 P A
Ref & gen it 51409er A __ _1975 II
Deb 68 series B registered_1939 31
let lien 50-yr g term 4s......_1954 J J
Dot & Chic ext let 58
1941 • J
DeANfoinee Div let g 4s 1939 .1
Omaha Div ist I/ 390
1313 * 0
Tol & Chic Div g 15
1941 M
Wabash Ry ref & gen 6a B _1978 F A
Ref & gen 414.seriee O._ _1978 AO
Ref & gen 5a series D
1980 so
Warren 1st ref gu a 39441........2000 P A
Wash Cent let gold 4s
M
1948
Wash Term let gu 3148.-1945 P A
1st 40
-year guar 4.
1945 A
Wesen Maryland let 414_1952 10
let de ref 594a series A
1977 J J
.• 1
Weet N Y & Pa let g 5•
1937
Gen gold 4s
1943 * 0
•S
Western Pee let Ss ger A
1946
M
Registered
West Shore 14 40 guar
2361 J J
Registered
2361 J
Wheel & L E ref 414s see A.-1966 MS
Refunding 60 series B
19(16 el 8
RR lit cowl 4,
1949 MS
Wilk & East let gu g 65
1942• D
Will & SF 1st gold 54
1938 3D
Winston-Salem 8 B let 441_1940 J J
WI.Cent 50-yr 1st gen 44_ _ _1949 J J
Sup & Dul div & term 1,14,
'38 MN
Wor & Conn East let 494s-1943
'
3
INDUSTRIALS.
Abitibi Pow & Pap let 58.- 1953 3D
Abraham & Strang deb 5344_1943
AO
With warrants
Adriatic Elee Co ext1 7s____1952 * 0
Adams Express coil tr g 4s_ _ _1948 MS
Ajax Rubber let 15-yr 2180_1936 3D
Alaska Gold M deb es A....„1925 MS
Cony deb 65 series B
1928 M
Albany Petor Wrap Pep as-1943 AO
Allegheny Corp col It 54
1944 P A
Coll & cony 50
1949 3D
Coll & cony 541
1950 AO
Ants-Chalmers Mfg deb 5a 1937 M N
Alpine-Montan Steel 14 72...196e MIS
An, Aerie Chemist ref t 7)4 41 P A
,
Amer Beet Sul/ eonv deb fla _.1935 P A
American Chain deb s 6,._A933 n o
Mn Cot Oil debenture _ _1931 MN
Am Cynamid deb be
1942 A0
Am & Foreign Pew deb 58_2030 MA
1953J D
Amer Ice s deb 50
Ames 1 cl Chem cony 594e__1949 M N
Am Internet Corp cony 630_1949 J
Am Mach & Fdy e f tle
1939 A
Amer Metal 593% notes. _ _1934 A 0
Am Nat Gas 8144t(witb war)1942 A 0
Am Sm & R 1st 30-yr 56 ser A'47 A
2863
Pelee
Artaag
Oct. 31.
Week'.
Range or
Last Sale,
Cg
Range
Since
Jon. 1.
Act Low
High No.
80 573 Sept'30
4
Sale 5312
56
38
Sale 10
10
7
24 8 70
Bale 23
3
Bale 29
3012 170
75
_
7612 Oct'30
20 Sale 20
59
201
2014 Bale 197
20
31
8
_ 94 94 Oct'30 _ _ _ _
1
RIZ
_ 102 102
19914 Bale 1084 10814 4
11
921
9214 Sale 9214
1013 162
8
100 4 sale 10014
3
102 1023 10212 Oct'30
8
4
9812 133
9714 983 963
4
983 Bale 9814
8
9914 136
9413
9412 954 9412
5
87 Feb'30
1654
10338 Oct'30
963
4
- 96 June'30
96 gife 95
9618 109
95 Sept'30 -9212 May'30
_
1671 g11.1e 107
74
108
54
10814 Oct'30
8812 Sale 86
8713 83
112 113 111
113
7
12012 Sale 1174 122
60
107
107 043 --__
9214
- 92 Oct'30
161 10012 July'30
9414 56
9414 Sale 9334
_ 60
58
58
1
87
87
87
2
__ 96 Apr'28
95-95
95 04'30
94
10118 Sale 101
1011s 10
10414 106 104
104
1
9333 Sale 92
934 34
1044 105 104
1041
/
100
- 101 July'30
110 (141143 10812 110
42
95 Mar'29
10014 14117- 100 8 10033
- s
2
5
10014 Sale 10014 100 4 54
1
10014 10013 10014 10014
2
1073 108 1084 1074 34
4
10114
6
- 11012 1011
10050 14121 10013 1003
3 12
1007 04'30 --__
s
913
4
9214 9
914
1
997 - 100 Aug'30
s
99 4 foci 10043 Oct'30
3
95
_ 95 Oct'30
al 9113 04'30 --__
9112 -
Low
High
56
704
10
71
28
60 4
9
23
60
1s
28
79
72 .4 89
1
20
72
194 72
94
984
100 102 s
14
7
105 3 1104
1
8912 951
4
9453 1027
s
100 10212
93 4 100
3
/
1
4
96141011
4
89
96
87
87
100 1034
96
96
91
97
12
91
95 4
1
924 100
10814311214
10512 1084
88
93
11013 120
11713 128 9
1
10613 108
87
1s 92 s
1
95 100
12
9012 964
8
68
73
82 87
1s
90 July'3 -7213 Oct'30
7014 June'30
41
04'30 -9612
99
86
973g 043
_
96 Sale 95
9814 43
101 Sale 10033 101
15
1113 1123 11114
11114
4
4
5
9232 123
92 Sale 9112
98 9818 Sept'30
97
100 Sept'30
951*
9518
1
8212 May'28
612 9
82
7
88
7
2
10012 100ls
10018 _
1
10112 102 4 10112 10112
- -12
99 100 Sept'30 _
95
8
8514 863 897 Oct'30 _
4
10612 Bale 10612 1067
8 27
10012 10112 10012 101
18
1023 10312 10212 10314
8
3
1014 Sale 10038
10118
7
10012 Sale 10012 1013
4 64
9818 May'29 _
90 04'30
_
10012 10013
"59il
4
9312 04'30
3
-8614 873 86 4 04'30
4
9314 943 9314 Oct'30
4
9712 29
9612 Bale 0312
8914 Sale 88
34
9612 Sale 95
9712 55
__ 8014 Sept'30 _
_
80-93 87 Mar'30 _ _ _
9033
9012 92
90 8
5
5
9338 Sept'311 _ _
9014
8434 Sale 8418
85
72
99 Sale 97 4
991s 71
3
1014
102
102
1
945 Sale 9458
8
945
8
3
9812 Sale 9512
9812 35
97 Feb'30
212 95 93
933
4 27
90
90
91
90
1
Oct'30
9114 96 97
_
10114 10114 Oct'30
His
9214 Oct'30
45 - 1 501
56 4
5014
1
1033 ---- 10212 Sept'30
4
92
_ 9233
92 8
3
5
64
68
67
Oct'30
83
3
857 85 4
3
85 4
3
1
84
4
89 903 Sept'30
79
90
14
70
87
14
7014 70
14
40
65
934 99
11
911 97111
4
884 97 4
3
96 102
10812 112
87 94
14
931s 994
9814 100
93 954
Bid
60
56
10
24
29 4
3
85
78
7214 841
78
40
46
8812 Sale
73
Sale
low, sate
72
10018
93 3 96
7
9214
9014 Sale 90 4
3
24
2514 2538
7
12
8
9
514 9
9413 Sale 9314
8912 Sale 88
88 Sale 8712
873 Sale 87
4
10113 Sale 10138
8518 87
89
10334 104 1033
4
47 Sale 46
1014 Sale 10114
8
1007 _ _ -- 1007
8
95
952 97
823 Sale 82
4
84
8412
10118 Sale 101
9212 Bale 92
10618
106
04 Sale 93
56
593 55
4
1013 Sale 10112
4
73
65
65- - -1
91
;
2
97 1011
0994 106
8714 95
103 4 107
1
12
98 101
13
10613 1121
4
9833 1041,
984 1001
994 1011
4
104 108
98 103
98 101
97 101
1a
90
94
12
9812 1004
9813 100
9212 96
9$i
88
i 1133
991, 101
100 1014
95 10112
8314 924
1
10215 1094
1004 10214
101 1054
99 105
13
100 1061
4
84- ID
-1i
100 108 9
1
934
92
8114 87
13
884 93 s
1
9314 102 4
1
874 96
12
94 102 s
1
7213 8 4
2
gals 90
9414 91
83 934
14
80
884
94 10244
53
98 10312
884 gips
954 994
1
97
97
86 4 947
1
2
864 934
8753 97
9834 1014
874 93
50
71
102 102 9
1
8614 94
87
85
914
/
1
904 904
nu
88
8P1
1004 12
97 1034
19
95
9214 1004
22
92
82
92
2532
5
25
80
Oct'30 _
5
14 12
Oct'30
514 9
9411 21
95
964
9012 138
78 10414
9014 104
7913 10412
89
203
7912 994
10218 13
991 103
4
Oct'30
88 100
10334 18 1024 10613
47
8
46
874
10152
8
97 103
Oct'30
09 101
9512
8
04, 100
2
12
833 309
4
904
77
Oct'30
797 90
3
1013 132 100 10812
8
9312 77
92 1014
10618
2 loaat 1061a
9414 70
93 99 9
3
67
10
55
924
10214 43
994 104.
New York Bond Record—Continued—Page 5
2864
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 31.
t
Price
Friday
Oct. 31.
t
Amer Sugar Ref S-yr 6s____1937 J J
Am Telep & Teleg cony 4s__ _1936 M S
-year cony 4149
30
1933 H S
1946 J D
-year roll in Si
80
J D
Registered
1960 .1 .1
116-Yr. I t deb 5e
1943 M N
20-year f 530
1939 .7 J
Cony deb 410
1966 F A
35-yr deb 56
1940 A 0
Am Type Found deb tia
Am Wet Win;& El col tr 58-1934 A 0
1975 M N
Deb g 68 series A
19473 J
Am Writ Pap 1st g ge
1946 MN
Anglo-Chilean at deb 7s_
Antilia (Comp Asuc) 710_1939 1 J
Ark & alem Bridge & Ter 56_1964 1111
Armour & Co (1111 410_ _1936 J D
Armour & Co of Del 630_ 1943 J J
Alasociated 01)6% gold notes 1935 M S
1947J D
Atlanta Gas L let Si
Atlantic Fruit 76 etts dep._A934 3 D
Stamped Ws of deposit
All Gult & W 188 L col tr 561959 .1 J
1937.1 J
Atlantic Refg deb Si
Baldw Loco Works lit 661940 91 N
Baragua (Comp As) 71437_1937 J J
Batevian Pete guar deb 43011142 1
Balding-Hemingway 81— —1039 3 3
Bell Tele') ot Pa &series B _ _1948 I J
1960 A 0
& ref Si series C
Baran City Elec Co deb 61491951 7 D
Deb sink fund 6.34s
1959 F A
Deb 6s
4)
1 58
Berlin Elec El & Undg 8146_ _1955 A 0
Beth Steel lit & ref Si guar A '42 MN
1936 J J
80-yr p m & imp et 59
Bing & Bing deb 6146
19509) S
Botany Cons Mills 610_7_1934 A 0
1934 he S
Bowman-BIB Hotels 78
B'way & 7th Av let cons 58_1943 J D
1941 .7 -I
Brooklyn City RR lit 56
.1
Bklyn Edison Inc gen Si A 1949
19683 .1
Oklyn-Man R T sec 88
Etklyn Qu Co &Sub con gtd 66 41 MN
let 5a stamped
1941 J
Brooklyn R Tr let cony g 49_2002 J
3-yr 7% secured notes
1921 1 1
1960 F A
Bklyn Un El let If 4- 1
51
1950 F A
Stamped guar 4-58
Skin Un Gas let eons g 59_1945 MN
let hen & ref 89 series A....1947 MN
1936 1 J
Cony deb g 514s
1960 1 0
Cony deb 58
Buff & SOHO Iron let it 59-1932 J D
1952 A 0
Bush Terminal let 46
• 19561 J
Cense! Si
Bush Term Bides Si 611 tax-ex '60 A 0
By-Prod Coke let 610 A_1945 Si N
C'3.414 sale.
'ts
.•
e
Range
Strve
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 31.
II.6
ta
Price
t
,
g,a
F.
' 37.
Octl'1
Week's
Range or
Last Sale.
eira
Hrgh No
sA Low
flirt
High
MA No Lorc
Ask Law
Oct'30
79
84
20 1017 105
s
Sale 10312 101
58 Elk Horn Coal lit & ref 610 1931 J 0 79
504 Oct'30
Deb 7% notes (with warn) 1931 JD
Oct'30
*
945 101
____ 100
8 13
Sale 10114
1013
Equit Gas Light let con 59__1932 M
9918 105
Oct'30 _105 101
4
8 10614 82 103 1063 Ernto Breda Co lit m 79..1954
Sale 1055
22
F A 6914 Sale 69
70
With ilk purch warrants
105
103
- 105 Sept'30
7
97
8
975
9653 98
4
1063 106 10018 1074 Federal Light(k Tr 18t 587_1942 M
8
1065 Sale 10618
3
99
99
let lien s f 59 *tamped_,. _1942 M 8 974 99
82 1043 10912
109
4
3
1083 Sale 10814
4
3
100, 102 10012 10012
1942 M 14
let lien 66 stamped
89 13714 19312
147
145 Sale 142
8
9432
3
_1954 J D 9434 957 9412
30
-year deb 6* series B
3
1067 Sale 1064 10714 205 10013,108
Oct'30
9812 98
98
Federated Metals!)7s
6 103 107
106
105 Sale 105
1
8314 Sale 8314
,
83 4
INg
Flat deb 79 (with warr)
10212 34
8
8
1017 Sale 1017
9912 103
83 Sale 7914
83'4 23
Without stock mach warranta
,
4 105 4 12 101 10812
104 105 1043
4512 36
43 Sale 40
Fisk Rubber let if 86
_
84
7012 Oct'30
70
69
10712 Sale 10612 10712 48
8
81
793 9812 Framerlean Ind Dev 20-yr 715' .
9
19 4421 1
80
4
8014 84
9
74
N 76
78
75
2
20
Franci9co Sugar late t 710_1942
20
55
19
26
15
,
10312 20
4
3
9814 105, French Nat Mall 88 Linea 791949 1 ID 103:4 103 2 1034
3
8 1034
1037 105 1037
F
3
84
1943 I A 84 Sale 84
874 c943 Gannett Co deb Os
59
90
3
4
897 Sale 884
10212 June'30
__
103
7773 125
4
863 Gao & El of Berg Co cons g 531949
72
77 Sale 72
4 24
903
4
003 Sale 90
9 102 101 ,Gelsenkircben Mining 667_1934 M
,
,
1024 103 10212 102 4
8412 82
Oct'30
,
101 4 10313 Gee) Amer Investors deb 56_1952 F A 82
10414 10712 10318 June'30
4
111
99
4
Gen Baking debit 510-1940 A 0 983 Sale 983
__ __
124 May'28
13
96
J 96
97
97
(
Gen able letS f 510 A __1947
124 May'28 -- -4
95
95
96
1942 F A 95
Gen Electric deb g 3)0
6912 13
80
68
683 gale 6812
4
101
13
4 14 100 10312 Gen Flee (Germany)79 Jan 1545 1 J 10014 Sale 99
1023
101 Sale 101
94
Oct'30
St deb 610 with warr_ _ _1940 1 D
10714 10 105 107 4
107 10714 107
,
11
95
Without warr'te attacla'd_1940 3 D ____ 9512 8412
Oct'30
91
8
677 70
70
_
20
91
9012 Sale 9018
-year e deb 8s
20
9512 68
92
4
5:13 Sale 93
,
95 4
50
4
1949 e A
Gen Mot Accept deb 697_1937 191 N 1023 Sale 10212 103
9
85
85
83 Sale 83
67
1024 21
10212 Sale 102
19411 F
_1939 J
31 102 1073 Genl Petrol let at 56
107
4
107 Sale 10614
8
9414
9312 9414 94
3 23 1035
c1127
,
111 8 Sale 111
01127 Gen nib Serv deb 5;413_ __
8
24
100
1 1
30
80
,
80
7014 c97 4 Gaol Steel Cast 534s with war '41, 8 0 98 Sale 98
79
79
ils_1940
138
86
8412 Bale 84
Oen Tbeatrea Equip deb
96
7913 43
70
78 Sale 78
91
89
5
89
105
74
71 Sale 71
4
8312 833 Good Bone Steel & l see 7s._1945 A 0 88
4
1023 Sale 99
1003
4 61
9012 8112 77
Goodrich (B F)Co let 830_1947 J
81
45
96
73
8
7312 331
71 Sale 673
Cony deb
8
10312 1047 10312 1038 10 10112c105
4
,
86 4 100
N
D 863 Sale 83
5
19 5
Goodyear Tire Rub let 59_1 917
994 104
10112 Sale 10112 10212 26
2
87
87
Gotham Silk Hosiery deb 641_1930 1 13
5
92
92
88
9218 92
86
9
70
1940 F A
70 Sale 70
Gould Coupler lit if 66
11
37
3415 47
3612 373 36
4
8
9712 13
at Cons El Power (Japan) 791944 F A 9714 973 9718
1 100 105
102
102 102
10112
53
91
8912
8912 92
let & gen s f 6146
11
4412
5
5
5
5 Sale
7
9313
1 942 1 .1
Gulf States Steel deb 5146._1959 1 13 93 Sale 92
4
86
88
78
86 Sale 86
4
6
90
13 10312 1004 Hackeraiack Water lit 46_ 1962 J/ 90 Sale 893
8
1045 106 10458 106
3
157
9412 1017 Harpen Mining 89 with elk numb
8
997 Sale 9834 100
8318 10
war for com stock or Am she '49 J J 83 Sale 83
68 r80
1
73
72
73
24
82
,
80 3 83 804
Hansa 88 Lines 68 with warr_193e
Oct'30 __ __ c81 c82
89 c82
73
62 65
Oct'30
66
1952 F A
Havana Flee consol g bs
924 June'28
9
4012
45
41
Deb 510 series of 1926_1951 Si S 41
Nov'29
_-__ 11614
105
0 70
4
70
70
74
Hoe(R)& Co let 6149 set A _1934
94
4 36
913
82
4
913 Bale 91
Oct'30 _ _
76
80
70
,
83 4 8912 Holland-Amer lane Os (J1a1)_1947 MN
8334 May'30
140
97
94 Sale 9314
103 10812 Houston Oil sink fund 514s_ _1940 M
4
108 _- - - - 1084 Oct'30
79
55
0 55 Sale 54
2 114 11814 Hudson Coal Octet ear A.1962
1171s
11712 Sale 11718
1
10612
Hudson Co Gas let g 59._ _19 PI m N 10612 10714 10812
200
___ 232 Sep1'30 __ _ _ 233 306
1023
4 40
1024 Sale 10214
31 1023 10514 Humble 011 & Henning 510_1932 7
4
10312
10312 Sale 10312
20
102
4
102 Sale 1013
Deb gold 5a
Jan'30
96
96
96
3 30
1057
5
,
93
874 93 2 Illinois Bell Telephone 56— 1903570 I , 10512 Sale 10514
- - 93
A 10
)
10212 25
4
10118 1013 10114
Illinois Steel deb 410
10034 12
94 102
4
9033- 100 1013 100
) 8234 Sale 81
A
4 17
P41)
823
8
99 1044 Tlsoder Steel Corp mtge 0aIC 48
10112 102 10112 102
16
63
60
8014 65
2
4 56 1004 105, Indiana Limestone let at 66_1041 M N
1033
10312 Sale 10314
_
Oct'30
__— 101
Ind Nat Gas & 011 he
la 100
1938
4 1004 1041 4 Inland Steel lot 4346
97
70
104
9612 Sale 96
1014
1971) (
104
98
6
50
4
_ 1003 1003
4 10073
94 10012 Inspiration Con Copper 810 1931' c
4
9714 gale 002
1
912
912
912 Sale
9812 103
interboro Metrop 410
1958 4 0
10014 Sale 9912 10012 54
40
4
3
117
71
60
33
Interboro Rap Tran let 567_1966
40
48
40
1 70 Sale 693
7714
1
J
71
7714
117
7112 694
7714 97
70
74
Stamped
105
1 10213 10513
734 SePt'30 - - Registered
f55T8 106 105
86
6218 31
(3212 Sale 61
3
7914 66
10
-year 6a
86 Sale 86
9012 18
10
-year cony 7% notes
10214 108
4
11932 l 3
1932 t 0 90 Sale 8934
10412
- 1053 Oct'30
lot Agri° Corp lit 20-yr 65.
2
6 11173 125
OS
118
8
.11432 M 1
118 Sale 115
* 975 9812 98
40
30
7712 19
3712 65
77 Salo 77
Stamped extended to 1942...M N
4
383 Sale 3834
1
9812 36
63
98 Sale 974
50
7814 Int Cement cony deb 58
1948
63
N
96
61
5312 5312 Internal Hydro El deb 66_1914 4 0 95 Sale 93
4
633 Mar'30
_ 75
8
1007 182
1 100 10512 Internet Match 6 t deb 59_1947 51 N 10012 Sale 994
103
joi Sale 103
8
Inter alercan marines 6r4_ _1941 1 0 1013 Sale 1014 1014 40
if
7814 29
74 Sale 74
19
85
75
89
Internatl Paper 59 ser A & 13_1947 1J
75 Sale 7278
69
71
7012 Sale 694
Refit Os series A
8712 92
8812 19
8812 Sale 88
4
8112 102
914 107
89
984 Jot'relay Telcg deb g 41491955
5
; 80 Sale 793
19 2
91 Sale 89
123
96
94 Sale 9312
•
864 934
4 46
923
CODV deb 110
1939
924 Sale 924
4 54
903
91312 Sale 8714
63
Oct'30
77
Deb be
754 ____ 77
55
47
8914
60
58 Sale 55
8
4
1053
8
4
10512 1053 1053
•1
52 3
95 100 2 Kansas City Pow & Lt .56
1955 7
3
,
9912
994 9914
99
8 16
4
let gold 4 3usd
1957
6
) 1013 102 1014 c1027
914 98
18,4e serles B
4
93 3
93
93
90
10314 Oct'30
8
985 1033
102
4
63
When
102 Sale 101
9518 86
4
943 Sale 9438
4
981 1033 Kansas Gar & Electric 4129-1131
8
.
4
1003 10312 10112 10212 44
1
52
73
81
4
N
1943
95 10112 Karstadt (Rudolph) 69
73 Sale 713
8
9912 997 9912 Oct'30
81 Sale 81
Keith (Lt F) Corp let 69__ _1946 M
30
98
97
90
4
9614 963
95
4
5914
57
70
58
4
933 100 4 Kendall Co 510 with warr 1943 54
3
,
____ 10012 10012
100
88 12 15
88
88
75
85 1003 Keystone Telep Co let 5s_1935 3 J
7
3
9714
9714 Sale 9714
Oct'30
0 10314 ____ 103
1937
Kings County El & P g 5a
74
86 103
3 102
100 103 1007
136
4
136 Sale 1333
47
98
Purchase money
83
94,4 128
94 Sale 0312
8414 14
1619 A °
3
,
106
3 10312 106, Hinge County Elm let g 49_1997 FA 8312 844 8312
106 Sale 10514
8014 May'30
0512 10014
1
Stamped guar 49
99
99
99 100
1
)
5
1949 F t
3
8
9912
9311 1003 Kings County Lighting 58.„1 9 4 1 . 10414 ____ 108 Sept'30
99 Sale 99
5
1184
8
FIr9t & ref 610
1954 1/ 1183 11912 118
20
75
6712 90
7612 73
75
97 I
1
Kinney (GR)& Co 714%notes'36 J D 97 Sale 97
3 D 10312 Sale 10312 10312 9
5
8
80
80 c953 Kresge Fountl'n coil
8012 85
80
4
954 323
Kreuger & roll Si with war._1959 M S 95 Sale , 943
34
83
35
32
32 Sale 32
2
4 89 105 108
1063
Lackawanna Steel lit Si A _1950 M S 10112 Sale 10112 10112
4
1063 Sale 10614
Leal Gas of St L ref&eat 511_1934 A 0 10314 Sale 10214 10312: 23
2
4
1023
9812 103
10218
4
1023
10334' 39
Col & ref 5149 series C
1953 F A 10314 104 10314
4 10214 106
8
1045 105 10412 10112
9
Coll & ref 510 ear D__.-1960 F A 10312 Sale 1024 10312
2
3
9212
89, 9514
9212 92
92
Lautaro N1trate Co cony 69_1954
87
6873 24
66
694 Sale 66
J J 65 Sale 034
4 88
653
Without warrants
9114 100
4
4
9812 993 993 Oct'30
9912
8
974 10312 Leh1gh C & Nav 61 410 A _1954 1 1 9912 Sale 9812
1
4
10312 1033 10312 10312
10112: 10
Lehigh Valley Coal let g 567_1933 11 / 101 103 101
94 102
9
4 10014
9934 Sale 993
9812 --_- 9712 May'30
1st 40-yr faU lotted to 4% _1938 /
9512 10112
984 25
9714 Sale 9714
9914 _-__ 100
Oct'30
1st & ref sbe
42
98
88
85
88 Sale 86
774 Sale 7734
1
41
773 ,
1st & ref fi be
3512 414
41 Mar'30
65 66 Aug'30
let & ref f ba
3814 4312
4
273 41 Mar'30
65
70 May'30
lit & ref if 54
9
9514
924 10014
9514 Sale 9513
_
62
_
70 June'30
lit At ref 9 f Si
1513 69
8
,
12
38 3
124 15
1234 Sale 12314
3
12314
6443
14
1:
1 99144 FF
Liggett & Myers Tobacco 79_11) A r
47
15
2
4
193
1934 Sale 194
10434 Sale 1043
4 10512 18
59
3
20
15,8 4013
20
20
15
8
11512 17
4
1 51 A O
Loew's Inc deb 69 with wart _19 1FA 112 Bale 1113
,
1024 1044 1024 10314 12 100 4 105
101
60
Without stocks purch warrants A 0 9912 Sale 9912
10214 105
8
1037
1034 Sale 1034
88
9
Lombard Elea let 76 with war '52 J 0 88 Sale 8514
-- 76 Dec'29
J
8512 90
84
Oct'30
Without wttrrants
-982
102
1024 23
102 Sale
10612
1944 A 0 105 106 105
3
Lorillard (P) Co is
2
101
9812 104
4
10214 1023 10212
79
8212 7712
80
27
Oct'29
61
20
9
91 Sale 8912
g
91
Se 500
30
Deb
47
8
2
812
10
5
1F
11
10614 __-- 10412 10614 14
Louisville Gas & El (Ky)&Lai 1
,
102 2 12 10014 104
8
8
1023 Salo 1023
8 11 101 105.8 Lower Austria Hydro El Pow—.
1043
3
10312 Sale 103
1
•
19 1 J 1
6348 44 P ) 7512 7812 784
781:t
Ists1610
4
4 13 1013 1064
106 10614 1054 1053
97
9712 97
Oct'30
16 105 10812 McCrory Stores Corp deb
1071
10712 Sale 107
80
53
1 102 11)714 McKesson & Robbins deb 5145'50 M N 80 Sale 78
10612 1064 10613 1064
0 35 Sale 35
45
18
(
8
14 1023 1074 Manatl Sugar 1st a 710-1942 A
10614
10814 Sale 10618
534 30
Manhat Hy(N Y)cone g 49_1990 A 0 5372 Sale 51
96 101
Oct'30 _
9872 99
98
42
53
45
Oct'30
24 46
984
84
3 68
863
8513 Sale 854
8
4
993
1
1
994 20
Manila Flee R3t Lt f 541.12 1‘ 993 103
75
58
2
64
64
64
63
Mfrs Tr Co cite of partle In
10012 101
Apr'30
101
90
9712
98
1
9712
Al Namm & Son let 69_1943 J I) 97
4 1011010412
103
103 Sale 103
60
51
8
51
10512 34 1034 10613 Merlon Steam Shovelsf 68.1947 A 0 51
10512 Sale 104
89
19
1034 Market St Hy 7a set A_April 1940 0 1 89 Sale 88
9814
10312 116
10314 Sale 1025a
1967 A 0 c100 Sale 93
c100
2
Merhilonale Elea let 79
3712 87
45
20
40
45
44
8
1043 Sale 1044 1044
,
4
Metz Ed let & ref Sc Sec C 1953 .1
944 99
1
99
99
9834 99
8
1068 M 8 1007 Salo 100
10118 20
let g 410 ser D
4 15 109 115
1133
4
1154 Sale 1133
80
81
Oct'30
Mar We•it filde 11 (Chic) de 1938 F A
80 I 8014 Aug'30 _4
8
10112 17 1003 1023 Mlag MIll Mach 76 with war_1958 J
10112 Sale 1004
D 6912 78
78
Oct'30 -Without warrants
81
974
86
36 Sale 8512
101 Sale 101
10114 43
944 Midvale St & 0 cony if f ba_ _1916
79
3
8112
824 79
78
Bid
104
10014
10218
1054
Cal & E Corp unit & ref 58_1937 SiN
Cal Petroleum conv deb' 591939 F A
1938 at N
Cony deb 6 f g 549
Camaguey Sug let f g 767_1942 4 0
1941 A 0
Canada SS L 1st & gen tle
1943 1 13
Cent Dist Tel lst 30-yr 56
Cent Foundry lets t 89 May 1931 F A
Cent Bud 0 & E 5s___Jan 1957 VI 8
1941 NI N
Central Steel let get 8a
1948 Si S
Certain-teed Prod 588i A
Cespedea Sugar Co 191617 46 '311 St S
Chic City & Conn Rye 5e Jan1927 A 0
CbOL&Cokelstgug5i.,l93iJ 1
Chicago Rye let 56 stpd ret 15%
principal ard Aug 1930 Int_ ___ F A
1943 A 0
Childs Co deb Si
Chile Copper Co Co deb ba 1947 J J
1968 A 0
Cln & E let m 49 A
Clearfield Bit Coal lit 48_1940 1 .1
1938 J .1
Colon Oil cony deb Os
1943 F A
Colo & I Co gen s f be
1934 F A
Col Indus let & coil 56 go
Columbia 0& E deb 6e May 1952 M N
Debentures Si.. __Apr 15 1952 A 0
1
Columbus Gas 1st gold bs _1932
Columbus Hy P & L let 410 19673 J
Commercial Credit if Cs,.-.,. 1934 Si N
19353 J
510 note',
Col tr
1948 M
COmmel Invest Tr deb 69
1949 F A
Cony deb 510.
Computing-Tab-Rec it 66.1941 J
COnnRy&Llot&refg 4301951 J J
J
1951
Stamped guar 410
1958 J D
Congo: Agricul Loan 6148
Consolidated Hydro-Elea Works
of Upper Wuertemberg 78_1958 J J
Cone Coal of ald Ist&rel 89_1950 .1 D
Consol Gee(NY) deb 5107_1945 IF A
Consumers Gas of Chic gul5s 1936 .1 D
Consumers Power let 5a__1952 St N
1946 J
Container Corp lit 66
113-yr deb Si with warr_1943 1 I)
Copenhager Telep 59 Feb 16 1954 F A
Corn Prod Refit 1st 26-yr s fbs'24 MN
Crown Cork & Seal it 8s_,_1947.7 D
Crown Willamette Pap 687_1951 .1 .1
Crown Zellerbaeh det) 69 %VW 1940 M 8
Cuba Cane Sugar cony 79_1930 J
Cony deben etamPed 8%.1930 -3 3
Cuban Am Sugar let coil 89_1931 M S
Cuban Cane Prod deb 69_1950 J J
Cuban Dorn Bug let 710_ 1944 M N
SBA with much war attached_
Cumb T & T let & gen 5..-..i937
Cuyamel Fruit Isle f aa A._1940 A 0
Denver Cone Tramw let 56_ _1933 A 0
Den Gas& E let & Vet itf Si '51 M N
_1951 MN
Stamped es to Pa. tax
Der/(DO)Corp lit ci 76 1942 Si S
7s stud Sept 1930 coupon __
24
Detroit Edison let coil if 14_1933
let A ref Salome A_July 1940 'a4 14
1949 A 0
Gen & ref Si mama A
1st & ref Si aeries 13July 1940 Si
19M3 D
Gen & ref 58 series B
1982 F A
Gen & ref 53 series C
Del United let con g 4)0 1932
1940 M N
Dodge Bros deb 60
fold (Jacob) Pack let 6ia...1942 M N
Dominion Iron & Steel 56_1939 54 S
19423 J
Donner Steel lit ref 78
N
Duke-Price Pow lit(Is ear A_1966
4148 A _ _1967 A 0
Duoueene Light let
East Cuba Sag 15-yr t g 74a'37 Si S
Ed El III Bain 15t cons Si. A939 J
Ed Elec(NY )let eons g 59_1995 1 J
Edith Rockefeller McCormick_
, Trust coil tr 6% notes....1934J
Elee Pow e'oro(Germany)810'50 al
1953 AC)
taste's.-
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Lore
79
504
4
993
Higb
98
75
10111
84
69
94
s
997
92 10012
4
100, 105
9218 1004
9514 102
4
813 107
8
794 947
89
40
10312 109
97
73
10234 10412
8
927
73
994 10213
984
'85
8012 92
9912
96
3
954 103 8
96
94
9.134 105
94 124
8412 101
14
4
863 97
10012 1061
4
4
8
997 1025
9318 103
98 10614
84 10014
813 c103
7
9112 107 5
79
67
8212 96
974
87
684 844
97 10112
98
87
s
89 1007
s
917
85
7714 94
92
75
8412
65
4012 0612
90
70
9213
74
9314 9714
73
54
1014 107
101 103
4
993 103
103 1063
4
97 10212
92
79
851z
60
100 1011a
99
91
100 10112
81g 911
75
61
61
7514
4
603 7352
444 68
954
84
9312 98
7214 7912
91 10358
90 104
97 102
904 1013
4
74
921s
694 94
94
78
90 1294
2
997
81
103 1061a
9512 103
10214 10314
12
9138 97
7
4
583 83 2
91
74
57
4
923
9212
75
10014 10414
125 13618
7512 88
7512 84
10012 108
11412 11912
97 1074
10214 105
92 1003
4
100 104
5
99 103 8
4
1003 10514
102 105
874
60
9418 10011
4
9912 1013
4
9512 978
8112 100
3
78 4 83
74
88
7814
70
75
70
:
1171 125
4
9934 1083
10112 130
9134 10112
8218 9912
99
80
10.11, 11112
7712 9114
12
97
84
100 10814
75
D612
78
25
44
45
90
91
1004
93
88
60
54
994
964 100
4
883
50
4
973
88
4
943 102
101 1054
4
4c1023
973
664 834
804 97
90
78
4
993 103
2865
New York Bond Record -Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 31.
Price
Friday
Oct. 31.
Week's
Range or
Last Sale.
A]
cz
44
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 31.
Price
Friday
Oct. 31.
Veek s
Range or
Last Sale.
E,*z
Range
Since
Jan. 1.
LAM'
Ilion
Ask Lou'
Rid
High
/figs
High No. Low
Ask Low
1314
20
75
8
635
674 89
7212 75
.1
1
12
Rhine-Ruhr Wat Set 65___1953
97 101
10014
8
Mtlw El Ry & Lt ref & ext 4 421'11 J J 10014 1007 10014
102
80
70
76 Sale 75
9814
4
99% 105% Richfield 011 of Calif 138___ A944 MN
10518
General & ref Es series A._1951 I D 10518 10512 10518
14
86
4
813 Oct'30
81% 97
85
1955 FA
Rima Steel let sr is
98% 104
102
98
4
1961 J D 1013 Sale 10114
let & ref 5s series B
14 1053 11058
4
106%
106% Sale 10618
974 9912 Rochester Gas A El 78 ser B_1946 M
D
1961
9912 Jan'30
In ref be ger IS tomp
2 10412 108
106
8
Gen mtge 64e series C. _ _1948 MS 106 10612 106
4 39 100 1047
1043
1943 J J 10312 gale 10338
Montana Power let be A
97 100
Gen mtge 444s series D._ _1977 ▪ S 10018 101 100 Aug'30
98% 104%
4 20
4
1962.2 D 1023 1033 10212 1023
Deb be melee A
85
85
92
85 May'30
85
Roch & Pitts CA I pm 5e. _1946 MN
Monter-Mini Mtn & Aerie
8712 92
8912 171
97 10812 Royal Dutch 4s with ware. _1946 AG 89% Sale 89
9812 19
93 Sale 98
Deb 79 with warrants_ _ _1937 J .1
95 102
9712 25
97 Sale 97
J J
Without warranta
1
99%
9918
94
991s
9918 100
N
1
95 101
98
Sties Ry Lt LI & Pr let 53_1937
983 9914 98
8
Montreal Tram let A ref /55_1941 3 J
50
64
50
55
5014
8
8
9114 9413 St L Rock Mt & P be stmed_1955 Ii 50
94% 0512 Oct'30
Gen& ref is f 51 iwrIes A __ _1955 A 0
4
80 c92
88
87 Sale 87
91% 96% St Paul City Cable cons 68 .1937 1 J
4
963 Sept'30
Gen & ref et '08 ser B__ _1956 A 0
88
88
Oct'30
88
1937 1 J 8818 92
844 9914
Guaranteed Ss
8814 Oct'30
Gen & ret f 4 Ple ser C___1955 A 0
3 102 1091s
1087s
J 105 Sale 105
9112 95, San Antonio Pub Sere let 68_1952
1
2
95
95
1955 A 0
Gen & ref s f be ser D
80 100%
844 33
8314
8314 85
79
85,2 Saxon Pub Wks (Germany) 7845 FA
8 21
803
Morris & Co 1st et 44e_ .1039 J .1 §Oie gale 80
7912 25
8
7412 (99
7912 Sale 775
N
1951
7314
73
Geo ref guar 6%e
73 June'30
Mortgage-Bond Co 4e ser 2.1908 A 0 7312 SO
45
7
80
72
71
1 7112 73
1946
3
9612 100
Schulco Co guar 6448
93
98
1932 J .1 0712 99
10-25 year 58 settee 3
58
45 c95
95
90
90
1946 • 0 85
3
89 100
Guar s f 6444 series B_
98%
9712 Sale 9712
1934 3
Body let 644e
Murray
2
95 100
96
96
99% 106
3
106
Sharon Steel Hoop at 53-4,_ _1948 FA
8
Mutual Fuel Gas let an 158.1947 M N 1045 --- 10514
49
9111 c9772
94
9212 Sale 924
984 98% Shell Pipe Line et deb 55_1952 NA N
8
985 Jan'30
Mut Un Tel gtd as ext at 5% 1941 MN 10314
86
8
863 991,4
89
89 Sale 884
Shell Union Oiler deb 5s __ _1947 ▪ N
Namm (Al)& Son. _See Mfns Tr
87 10211
9134 55
4
1949 • () 913 Sale 9012
wart
49% 587
8
6
5312
Deb 58 with
J 53 Sale 5214
1951
Nassau Elec guar gold 4s
94
4
fig
73
70
D 70% 73
_ 10012 1023 Shinyetsu El Pow In 64e_ _1952
9912 10212 Sept'30
4
1942 J D
Nat Acme late 1 Be
2678 20
2214 661t
95 c10112 Shubert Theatre fits_Jime 15 1942 ▪ 0 2218 Sale 2218
8
4
993 Sale 9912 1003 414
1948 F A
Nat Dairy Prod deb 54s
99 144
10212
3
3 9712 10112 100
40
14
1618 11
Siemens & Halske f 78._ _1935 3
4
153 Sale 151
1947 F A
Nat Radiator deb 644s
96% 44
87% 108
1951 51 S 9612 Sale 96
99
__
94
Oct'30
Deb a f 6448
94
92
Newberry (33) Co 544% notete40 A 0 90
96% 10314
19
103
4
_ _ 102 1074 Sierra & Han Fran Power 59_1949 F A 103 Bale 1023
Oct'30
Newark Consol Gee cone 58.1948 .1 D 105 106 106
3
72
9018
72
72
67
71
10912 13 10312 110
SlIeeta Elec Corp s f 648_ _1946 FA
1952 J D 109 10912 10814
New Reel Tel & Tel be A
8538 25
,
85 2 c97
9812 10514 Alleelan-Ain Corp coil tr 78_ _1941 • A 85% Sale 8512
10514 17
141 N 104% Sale 103
1961
0
,
lat if 41 aeries B
81 10034 105
103
10214 Sale 10218
M
8
953 Sinclair Cons 011 15-yr 75.....1937
82
9212 32
New Orl Pub Sere lath, A 1952 A 0 91 Sale 90
45
,
99 8 104%
1938 1 I) 101% Sale 10118 102
95
4 21
83
913
1s1 Hen 644, serlee B
First & ref fps series B___ _1955 J 1) 9014 Sale 9014
94% 102%
10112 101
7
8014 85 4 Sinclair Crude 0115480er A.1938 ii 10112 Sale 10114
85
3
NY Dock 50-year 1st g 4e...1951 F A 8418 Sale 8418
4 10014 65
9412 10234
A0 99% Sale 993
1942
86
70
83'z 32
Sinclair Pipe Line elSa
1938 A 0 8312 Sale 81
Serial 5% noted
8 35
9114 Sale 90
923
97
90
1939 M
44 1114 115
115
Skelly Oil deb 51.4s
N Y Edam!' lat & ref 6448 A 1941 A 0 11418 Sale 11334
7 1002c108
10312
4
N 10314 1033 10312
10512 18 10'2% 106
Smith (A 0) Corp let 648.-1933
1st lien & ret 5e series 13_1914 A 0 105 Sale 105
9912 18
9912 9914
9372 10014
1942 MS 99
4c
4 20 1043 11012 Solvay Am Invest 5e
1093
N Y Gas ICI Lt 11 & Pr be_ _1948 J D 109 Sale 10838
10512 31 103 107
0 10514 Sale 10514
64
4
923 98% South Porto Rico Sugar 78._1941
98
Purchase moner cold 48_ _1949 F A 9718 Sale 97%
16 1.01% 1054
__
99 112
South Bell Tel & Tel Islet ba '41 J J 10434 Sale 10412 105
4
NY LE & W Coal & RR 5 49 42 SIN 1003 103 102 Sept'30
18 102 1064
8 106
984 99
Sweet Bell Tel let & ref be. _1954 FA 10534 Sale 1035
90 July'30 _
.1 100 _ _
pbe'43
NYLE&WDock&Im
10312
3 10112c107
4
434 431s Southern Cob Power Be A..1947 .1 .1 10212 1033 103
4318 Oct'30 ...-__
54
Y Rye let R E& ref 4s_ 1942 J .1 40
4
993 ____ 993 July'30
4
99% 100%
1943 M N
,
433 £3,18 Spring Val Water 1st 5e
43% Aug'30
Certificated of deposit
99% Oct'30
9972 1044
1930 • N 99%
3
44
Stand Milling 58
8 434 Sept'30
47
A 0
-year ad) Inc Se...Jan 1942
30
49 100% 104 6
5
-_
5e Dec 15'46 FA 104 Sale 10312 104
1 July'29
Stand Oil of NJ deb
Certificates of delmel4
10014 115
95 1004
9
2
Oct'30
2
Stand Oil of N Y deb 4 48 1951 Jo 100 Sale 9934
318 4
19 Y Rye Corp Inc 6s _Jan 1965 Apr
74
28
90
73
.) 74 Sale 73
1945
7214 Stevens Hotel hit Baser A
65
56
7
56 Sale 55
J
1965
Prior lien 68 series A
5
28
48
26
S 28 Sale 27
1 104 10612 Sugar F.statee (Oriente) 7e_ _1942
10534
4
NY A Ricbm Gee let Be A1951 M N 1053 Sale 10541
4
,
103 3 1073
4
6 c25
4 11
83
Syracuse Lighting let it be_ _1951 1 1) 10712 109 1073 Oct'30
4 714
83
8
NY State Rye let cons 4141 _1982 M N
17
17
Jan'30 _ _ _ _
17
M
Registered
105
Oct'30
102 105
11 10318
__
Oct'30
20
7
7
Tent) Coal Iron & RR gen be_1951
612 7
Certificates of deposit
7
99
974 10212
814 Sept'30 - - _ _
6 c2414 Tenn Cop & Chem deb Be B_1944 M S 99 Sale 98
10
8
50-yr let cone 6140 series 131962 MN
4 21 1044 108
1063
I) 106 Sale 10514
8
1085
2 105,s 108% Tenn Elec Power 1s5 U.__ _1947
8
N Y Steam let 25-yr 6seer A 1947 MN 1083 Sale 10838
4
.1944 A0 1003 Sale 10012 10118 429 100% 106
103
6 1024 104
Texas Corp cony deb 5e
1951 M N 103 10312 103
let nage 5s
73
49
45
554
1960 1 .1 48% Sale 4812
4 17
98% 10312 Third Ave Ry let ref as
1023
8
N Y Telco 1st & gen sf 4 48_1939 at N 1023 Sale 10218
86
33
22
35%
111
20 11012 112
4
4
Adi Inc 5s tax-ex N Y Jan 1960 AG 31 Sale 30
-year deben .1 65__Feb 1949 F A 1103 Sale 1103
30
2
9612
91312
92 100
1937 J J 9612 97
107
57 1057 10812 Third Ave RR let g 58
4
2
4
1941 A 0 1063 Sale '1063
30
-year ref gold 68
974 17
8
4
97 1007
s
1955 51 44 973 Sale 975
18
94 104
4 102
101% 1013
Power 181 7,
Toho Elec
1948 J 0 10134
NT Trap Rock let his
52
8
99
9812 1004
1932 .1 1 985 Sale 9714
1033
4 18 10014 1044
4
6% gold notes
Madera Falls Power let 58_1932 3 J 1033 Sale 10318
10414 12 10012 10412 Tokyo Elea Light Co. Ltd
8
Jan 1932 A 0 1035 10414 1025
Ref & gen 65
2
8
8514 9212
1953 ID c887 Sale 8614 0847 116
14 101% 105,8
105
let Be dollar series
Slag Lock &0 Pr 1st 5s A_ _1955 A 0 10414 105 104
8 67
3
96 110 4
154
9612 104
98
9612
_1950 M N 9714 98
Cranscort 0116 tis with war _1938 j 3 109% Sale 1094 1097
Niagara Share deb 5 Yie_
2
10014
10014 101 10014
8712 10119
85
14
82
9311
516847 M N 83 Sale 8212
Without warrants_
Norddeu Plebe Lloyd 20-yr
10312 ___ 10318 Aug'30
102 103%
M
5412
5412
8
57
5012 70
Trenton G & El let a 51__1949
Nor Amer Cem deb 6 445A_ .1940 M S 55
76
75
Oct'30 _80
74
944
9
8
99, 10412 Truax-Traer Coal cony 848_1943 MN
10312 Sale 10312 1035
8
No Am Edison deb& ser A.1957 M
8
4 62
993
96% 104%
34
997s 10414 Trumbull Steel let a f 68_ _ _1940 MN 98% Sale 985
Deb 548 ser B_ __Aug lb 196 i F A 104 Sale 10312 104
2612 Oct'30
23
6
497
1008 85
8
8
953 10212 Twenty-third St Ry ref be. _1962 ii
Deb 58 series C___Nov 16 1969 MN 1005 Sale 100
97
97
13
94 102
98 108
Tyrol Hydro-Elec Pon 748_1955 MN 9612 Sale
Nor Ohio Tree & TAght 68. _1947 M S 1053 Sale 10512 10812 25
20' 85
85
89
95
F A 89
103 Sale 10212 10312 18
993 106
4
1952
Nor States Pow 25-yr be A _ .1941 A 0
Guar BCC 8173
9914 Sale 98%
9914 111 97 10112
10512 14 10258c11012 Uligawa Eleo Pow 8 f 714
1445 51
1st & ref 5
-ye tle ser 13_ _ __1941 A 0 10512 Sale 10514
103
8, 100 103
8
98 100% Union Elec Lt & Pr (alo) be_1932 MS 1027 Sale 102%
North WT letfdg414egtd.1934 J 3 10014 --- -1 10014 Oct'30
10212 10 100 10258
2 71
947
MN 102 1023 102
Sale 9412
88% tit
1933
Ref & ext Si
Norweg Hydro-El Nit 6448.1957 MN 941,2
Oct'30
101 105
Un EL& P (III) let g 540 A 1954 .1 J 10314 104 104
4
78
6
70
834
11212
2 110 11212 Union Kiev Ry (Chic) 53_
4
I945 AO ---- 805 78
Ohio Public Service 7As A..1946 A 0 1103 11214 11018
1013 Oct'30
8
11214
9911 101%
4 110 115
1931 ▪ 3
1947 F A 112 Sale 112
latA ref 7s series B
Union Oil tat lien o f bs
109 Sept'30
106 110
3 105 c109
8
1077
e
1
May 1042• A
Ohio River Edison let 68_1948 J J 1077 10814 107 e
30-yr Berserks A
8
103
118 103
53
52
7
52
53
3
80 s
Feb 1936 AO 100% Sale 1003
1944 F A 52
Old Ben Coal let 8s
let lien e f be see- C
117j 97 10112
9
994 105
105
105
1
Deb 58 with warr _ _Apr 1945 S D 9714 Sale 97
Ontario Power N F let 55_ _1943 F A 105
4 1023
4
99 104%
98 1033 United Blecult of Am deb 69_1942 MN 10314 104 1023
4
Tranembielon let 58_1945 M N 10214 104 10312 Oct'30
Ontario
85
99
3
97
9212 101
67
8
05 100
1953 MS 983 Sale 9814
1953 M S 9614 Sale 955
United Drug 25-yr 58
Oriental Devel guar tle
2
66
6512 74
4 51
913
863 9314 United Rys St L late
3, 6514 6612 6512
4
1958 MM 9112 Sale 9012
Extl deb 15448
20, 9612 1013
4
90
9612 49
984 United SS
1937 MN 10112 ____l10112 1011
Si S 9612 Sale 9614
Be
lb-yr
Oelo Gas A El Wks exti Si. _1963
7
28
79
6812 92
10112 41 100 104
8
1005 Sale 100
On Steel Works Corp 614s A_I951 ii) 77 Sale 77%
68 set A _1941 M
Otis Steel lst
12
77
92
7412 80
43 1005 1134
72
8
1951 J
SooefOi,sertesC
& El gun & ref 5e 1942 1 J 10214 Sale 10214 c104
Pacific Gas
11
79
9114
71
10414
8 100 108
1947 ii 78 Sale 78
f deb 6.44 ser A
Pacific Tel Ai tel let 58. _ _1937 1 J 104 Sale 104
10612 21 101% 10712 United Steel Wka of Burbach1952 Si N 10412 Sale 104
Ref mine fie series A
13 10114 1073
4
FAch-Dudelenge et le__ _1951 AO 10512 110 10512 10612 29 102 1074
ht N 10212 Sale 10214 1 03
Pan-Amer P & T eouv s t 85_1934
4
684
68
693 125
87 Sept'30
87
9812 US Rubber 1st & ret Saner A 1947'.2 6914 Sale 6918
Pan-Am Pet Co(ofCarconv6s '40 J I) -__ 8
38
8 103
99 103,4
Paramount-IPway let 544e. _1951 1 J i02% Sale 1025
61
1
61
63
6914 61
60
4
4
4 53
953 10314 Universal Pipe & Rad deb 68 1936 J
963
96 Sale 953
Paramount-Fam'e-lasky 68.1947 J 0
9
76
74
91
7312
68
88% 142
%
73
8712 947 Unterelbe Pow A Lt Be
8
1953 A
88 Sale 8712
Paramount Pubil Corp 5 Sin 1950 I? V
96 Sale 95%
9614 18
76
9218 99%
3
66
8618 Utah Lt & Tree let & ref 55_1944 A
76 Sale 76
J
let leasehold 8 48_19.53
Park-Lea
10178 34
2
45
27
9712 1627
4
453 42
42
4 Utah Power A Lt 1st 5s_ _ _1944 F A 10112 Sale 10114
4
393 913
1944 A 0
Parmelee Trans deb 68
10714 Oct'30
103
99 1074
101 107
105 ____ 107 Sept'30
Utica Elec L & P 1s1 I t e Si 1950
Pat & Passaic & El cons be 1949 M
_ 10214 10114
107% __ -- 10714 Oct'30
1
50
67
49 Sale 45
80
38
ware- 1937 Si N
Utlea Gas & Elec ref & ext 5e 1957 1
Pathe Each deb 75 with
88 Sale 86
89% 21
95
14
85
79
5512 8.5
1947
S 78 Sale 7312
Utll Power A Eight 545
Penn-Dixie Cement Be A_ _1941
70 Sale 77
80
65
92
77
A
11114 115%
1959
Deb .55 with warriuna
Peon Gas & C letcons6e..l043 S 0 111 115 115 Sept'30
4 101 c10512
10514
A
10514 10512 10514
warrants
1947 M S
Without
Refunding gold be.
2
40
40
45
614
Oct'30
34
103
s
1007 103
MS
Vertieutes Sugar 1s1 ref 78_1942 .1 0 40
Registered
21
24
23 Sept'30
30
21
98 103 4 Victor Fuel let 5 t 58
8 10112 90
,
19673 D 10114 Sole 1003
Phila Co see bs ser A
80
80
80
80
85
70
97 1033 V a Iron Coal & Coke let it Se 1 919 VI
4
1 953
19117 51 N 10212 Sale 10212 10212 13
Phil& Elec Co let 444e
102 Sale 1013
4 102% 18
14
99 103
84% 12
8
883 Va Ry & Pow let & ref ,%8
80
1934
.1 8412 Sale 83
PIMA A Reading C & I ref 56_1973
9312 110
90 110
1949 M 8 90 Sale 90
Cony deb 68
93
_
847 94
8
Oct'30
934 10912
49
9712 Walworth deb 844, with war 1935 • 0 82
90
Pbillipe Petrol deb 544...A039 J D 93..4 Sale 9214
_ 93
Oct'30'_
084
Oct'30
87
'
1(14 107
__
Without warrants
Pierce 011 deb Si Ss __Ilee 15 1931 .1 D 106 10812 106
6
85
9314
7 1024 106,
_ 84% 84
83
10512
40
4
A 0 10512 Salo 105
let sink fund Be aeries A_ _1948
Pillsbury Fl Mills 20-yr 62..1943
277
82
6414 113
7914 Sale 7914
4
(1912 1133 Warner Broe Plet deb 68_1939
9912 9912 0912
Pirelli Co (Italy) ennv 7r...1952 MN 6
9812
9812
93
99
95 1004
94
93
93
95
Warner Co let Be with warr_1944 AG 98
COD Collieries let 8 t 55 '57 J .1 03
Pocah
991s
Oct'30
4
97
89
10212 104
4
AG 07-Without warrants
PoriArthurCanA Dk 68 A_1953 F A 1053 106 1053 Oct'30
4 10212 107
4
4
1043
1 102 105
4 104%
4
1953 F A 1043 --- 1043
Warner Sugar Refill let 7s__1941 JO 10434 105 1043
let M 68 seriee B
4
,7
1043
38 8 39% Oct'30
1
8
397 5612
984 105% Warner Sugar Coro let is. _1939 ▪ J
4
Pow let 6s 11_1947 MN 1043 Sale 10434
Portland Elea
5112
41
8
10214
Oct'30
5
____ 333 41
.1 102 10414 102
9814 103 2
,
Stamped Jan 1 1930 coup on '30 _
Portland Gen E'er let fis. _1935
95
6512 130
2
8
54
58 Sale 54
99%
97 105% Warner-Quinlan deb 6*,.. __1939 M
8
Portland Ry let & ret 5e._ _19311 SIN 997 10014 997
2 10538
_ 1053
1 10012 106
10118 1031 1003
4 10034
96 1054 Weigh Water Power s f 5e__1939
58_1942 F A 10538
Portland Ry LA P let ref
1 10'314 109
8
4
1043
5
8 1067
9018 1051
: Westchester lag Es stet' gtd_ 1953 JO 107 1073 1067
4
60
let Hen & ref Be series 11_1947 MN 1043 --- 10434
10814
2 1014 10616
4
8 10412 1091 2 West Penn Power err A bs._1946 MS 10434 1051 10434 1043
let lieu & ref 714s eer A._1946 M N 108 Sale 108
5 102 I06%
106 1061 106
106
70
7312 14
98
M
let 58 seriee F
Porto Rican Am'rob cony 65 1942 .1 J 7214 Sale 7214
8112 42
_ _ 104 10612
106
Oct'30
8
7518 9612
1953 AO 1057
let 54.4e scrims F
Foetal Teleg & Cable coil 58_1953 J .1 8014 Sale 80
87
11 10172 10612
83
87
31
4 10614
7712 94
4 lataecSe8crle,0.
1950 J 0 1043 107 1043
Premed Steel Car cone it 58_1933 J J 82
60 10112 105
Jan'30
190
181 194
105
4
Western Electric deb be. _1944 AG 1043 1051 10414
,
Pub Sem Corp N J deb 4 48_1948 F A
8
1047
6 10218 10512 Western Union coil trust 54-1938
10414 27 10011 1054
.1 10312 Sale 10218
Pub fiery El & Gas lat A ref 5s '65 1 I) 15:08 gale 19434
1013
7
4
102 10214 10134
1
102
95 102
9512 103,
4
1967.2
Fund A real ret it 444s___1950 MN 102 Sale 102
let & ref 44e
102
19 108 1104
8
109
26
9512 10318
1970 F A 102 Sale 1017
119935 F A 108% Sale 10814
15-year
let & ref 41.48.
2012 Oct'30
104
30 10018 10514
8
2011 56
104 Sale 1035
1 2012 42
J
15
34 ei
2 e gold
:ar 6ia 5s
Alegre Sugar deb 7e..1937
'Punts
25 102% 107
_
1712 Oct'30
1512 41
103% Sale 1034 104
17,2 55
Se
11160
1060 M
Certificates of deposit ______
98
94
94 10012 Westphalia Un El Pow 68_ 1953• J 78 Sale 763
7818 54
97
38
4
704 91
1937 171 96
Vure Oils t 544% notes
3S
96
23 1004 1044
4
3
93 4 100
1910 M S 96 Sale 9412
ii 1033 Sale 1034 104
544% notes
Wheeling Steel Corp 1,1 534* 1948
4 33
92
953
934
97%
8
87
91'2 104
.1 0512 Sale 9514
1st it ref 4448 series B
.1953 A0 91 Sale 903
-Purity Bakeries e f deb 58_1948
23
97
9314 9711 White Eagle 011A Ret deb 5448'37
1937 M N 97 Sale 9418
Remington Amalie
943
9312
15 10218 1083
91 12 101
103
27
4
With stock porch warrants__ _ MS 10214 103 103
Rem Rand deb 645 with war '47 Si N 94 Sale
22 10014 10314 White Sew Mach Bs with wart '38 ii 41
tiO
1001
66
81 Sept'30
81
Repub I & El 10-30-yr ba s f 1940 A 0 10012 101% 10014
411 40
8 31
973
2
40
38
97 10472
88
3 41
'
Without warrante
Ref A gen 5448 series A..1953 .1 J 07 Bale 97
80%
38
5
401
38 Sale 38
Panic s t deb 6e_
1940 St N
Revere Cop & Br 65_ __July 1048 5.1 S 10112 Sale 10112 10112 10 10112 1054
9118
40
Oct'30
2
4
15
15
113 15
8212 10712 Wickwire Soon Sri let 75 ..l935 J .1
Rheinelbe Union 78 with war1946 J .1 91 12 9412 9118
Oct'30
4
18
17
113 18
99
78
89% 15
39%
CU deo Chase Net Beak....1 8712 Sale 8712
purch wiu
-r._19413
Without elk
20
41
3
4
20
113 15
94 1034
97
15
97
8
963 97
24
7s(Nov 1927 coup onlJan 1935
Rhine-Main-Danube 75 A _ _1950 M
1
12
12
4
12
113 15
98% 31
39
97
4
963 104
98
Ctt den Claire Nat Bank_ _
Rhine-Westphalla El Pow 7.1950 MN 96
3
10))
8434 14
4
98 c1053
95,2 Willy's-Overland 1 64411 75
1952 Si N 8414 Sale 8314
1933 MS 100 Sale 100
Direct mtge 65
60
991
4c102%
963
84
35
75
944 Wilson A Co let 25-yr e t 65_1941 AG 99 Sale 96%
Cons M 6801'28 with war_1953 F A 84 Sale 82
6 100 106
1023
94
3
8312
79
8314 8312
79
WAITtint8
F A
Winchester Repeat Arms 744s '41 AO 102 Sale 102
Without
1031
81 1001i 10434
27
7412 93 8 Youngstown Sheet & Tube 51 '78 ii 103 Sale 103
85
3
Con m 68 of 1930 with war 1933 A 0 83 Sale 8212
Jou, 1-6i
Case sale.
2866
FINANCIAL CHRONICLE
[Vol.. 131.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
Chicago Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Oct. 25 to Oct. 31, both in- Chicago Stock Exchange, Oct. 25 to Oct. 31, both inclusive,
clusive, compiled from official sales lists:
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High Shares.
Railroads
Boston & Albany
100 186
186 18834
Boston Elevated
100 7834 7734 79
Preferred..
88
88
First pre/erred
105 10534
100
Second preferred____100 92
91
93
Boston & Maine
Pr. Prof. stpd
100
10634 1084
Series B Ist pre:stpd---107 108 34
Class A pref
10b
724
70
Boston di Providence
180 180
Chic Jet By & US I
Preferred
100 110
100
East Mass St By Co
1st preferred
1734 1734
Adjustment
334 311
Maine Central
70
66
NY NH & Hartford__100
8934 9134
Northern RR
109
109 109
Old Colony By
143
143 143
Pennsylvania RR
50 6534 6531 6734
Miscellaneous
American Founders Corp6
6
644
Amer & Contl Corp
16
17
Amer Pneumatic Service
Preferred
94 931
Common
25
2
2
Amer Tel & Tel
100 19434 1933120134
Amoskeag Mfg Co
9
8
10
Bigelow Sanford Carpet• 36
40
34
Preferred
80
80
Boston Personal Prop Trust 1934
1931 20
Brown Co pre!
6831 684 6841
Columbia Graphophone_
1134 1234
Preferred
60
60
Crown Cork Internal Corp
734
734 9
East Boston Land
Mut Gas & Fuel An ____
100
OS% preferred
6% preferred
100
Eastern SS Lines Ine---25
Preferred
100
Economy Grocery Stores -----Edison Elec Ilium
101, 24934
Empl Group Assoc T 0- 21
Galveston Houston Elee pf
5
General Alloys
General Capital Corp
35
Georgian Inc
3
Preferred
Gilchrist
934
Gillette Safety Razor
Hathaway 13akeries el B___
Preferred
10134
International Carriers Ltd_
Libby McNeill Bc Libby_1(1
Loew's Theatres
734
Maas Utilltiee Asmoo v t a
6%
Mergenthaler Linotype89
National Leather
1
10
Nat Servioe Co corn VI e__ ______
New England Equity Corp
Preferred
100
New England Pub Se,'
New Emil Tel & Tel___10o 139
North Amer Aviation Inc ______
North di South Amer Co.__ ______
North Texas Elec pref_
Common
2
2
21
23
8344 9434
964 9714
19
2031
4444 45
93
93
174 23
246
252
2044 22
5
5
9
10
344 36
3
3
9
9
9
944
3334 38
17
1734
100% low,
941 941
114 1134
74 714
6
64
88
8934
1
1
3% 414
25
25
83
83
20
20
13744 13944
6% 641
9% 94
50e 50c
30ci 30c
Pacific Mills
106
Public UM Holding corn..
Railway Lt & Sery Co corn
Shawrout AVM T C
Swift & Co. new
•
Torrington Co
•
Tower Mfg
Union Twist Drill
United Carr Fastener Corp
United Founders 4. orp °um
US Shoe Mach Corp pf_25
United Shoe Mad]Corp.26
US Elec Power corp
U S & Overseas Corp
Utilltle+ 1. oultirv Corp pret
Waldorf System Inc
Waltham Watch com
Class B preferred
Warren Bros Co new____
Convertible preferred_ -.
Westfield !Orr Co
Whittelly Mfg
18
841
54
1434
2831
4634
1
20
5
1034
584
3134
734
14
76
2431
2434
55
324
42
22
20o
2231
964
2031
let preferred
Mining
6
Arizona Commercial
25
Calumet & Heels
25
Copper Range
Kast Butte Copper Mine__
25
Isle Royal Copper
Keeweenah Copper
Mohawk
le
North Butte
25
Old Dominion Co
P C Pocahontas Co
25
QUiney
St Mary's Mineral Land_25
Shannon
Utah Apex Min Co
Utah Metal dc Tonne ____
BondsAmoskeag Mfg Co 65A948
Brown Co 5HS
Central Pow & Light 55 '56
,
Chico Jet Sty & Union -. v
55
1940
E Mass St By iter A 4 ,, 41
,
East Mass St Ry ser E 6s. _
Kan City Mem & Sir Inc 55
Mass Gas Co 414s ____1931
New Ems Tel & Tel 61 AI
,
New River Is
1934
PC Pocahontas deb 75 35
1944
Swift di Co 6s
Van Swerigen Co
1938
let mtge 65
wedtern T d. T Ks
1932
1944
9
54
1431
2834
47
1134
5934
3131
744
14
77
55
324
2234
134
944
14
2
73.1
10
26c
7244
90
Range Since Jan. 1.
Low.
400 175
790 67
30 81
55 103
410 88
28 100
Oct 1114 May
15 174
30
3
142 66
100 8834
5 1084
155 125
1,345 6434
Jan
Oct 48
Oct 2834 [mar
Jan
Oct 86
oct 127% Apr
Feb 110 June
Sept
Jan 144
Oct 8731 Apr
4.707 - 534
1.159 15
Oct
Oct
3234 Jan
3134 Apr
25
9
Oct 244
9
Oct
2
50
4,345 19231 Oct 27434
1834
880
634 Oct
430 31
(let 80
Oct 103
15 80
171 1931 Oct 28
60 684 Oct 85
70 1034 Oct 3734
Oct 60
9 60
7% Get 1234
374
July
2
70
321 20
Oct
127 75
Jan
378 92
Jan
2,668 1731 Oct
225 44
Jan
100 92
Oct
255 1734, Oct
Jan
592 237
459 ang Oct
25
2 June
July
40
8
1,155 3434 Oct
Mar
265
1
25
844 Oct
279
841 Oct
1,190 3334 Oct
140 154 Mar
145 98
Apr
10
934 Oct
51 114 Oct
610
734 Oct
2,029
Sept
6
95 88
Oct
1
75
Oct
785
6
Oct
70 25
June
10 80
Oct
Oct
97 18
6
46 1354 Oct
50
544 Jan
oti Oct
25
58 500
Jan
30 3, Oct
Jan
Jan
Apr
Feb
'Jan
Mar
Ape
Jan
Apr
Oct
Mai
434
41
8534
99
38
493
100
40
276
2734
10
14%
60
6
11
19
10534
2331
108%
1931
2634
124
12
API
Apt
Sept
May
Apr
Apr
Amu
Feb
Mar
Apr
Sept
Ma7
Apr
July
Mar
Jan
Jan
May
Jan
Miu
Apr
Apr
Mai
10934 Feb
241 Feb
8 June
3744 Jan
Jar
95
Jar
92
4
1001 Apt
1544 Apr
1611 July
Feb
1
Pet
1
1734 Oct 30
8% Oct 2714
54
Oct 904
1234 Sept 2134
28 June 344
4634 Oct 67
29c
Oct
3
20
Oct 51
Oct 1644
5
Oet 4434
10
20
Jan 32
.4
5731 Oct 681
834 orr 23
14
June 23
70
-4
pp' 01 ,
,
2414 Oct 3134
2431 Oct 45
55
Oct 85
3134 Oct 189
42 I Oct 50
2134 Oct 2734
214
15e Sept
Feb
APT
Apr
Mal
Jan
Jan
Mat
Jan
Jar
M al
Mai
May
Jam
May
Apr
Aim
Feb
Pet
Am
July
J•T,
Feb
134 14 1,470
10
9
378
1,937
611 7
1116 14 2,163
444 54
836
144 14
100
19
2041
535
1
241 14,454
4
4
200
20
1,560
18
1,375
731 844
640
9
8
100
10
10
60
14
134
500
294 35c
13( ran
834 oat
614 oer
goe 'Aug
444 Oct
131 Oct
1831 Oct
1
Sept
334 Sept
10
Jan
Oct
6
Dr.
g
10c 4 Oct
134 Oct
20,1 Oct
134
3231
1634
134
1244
234
52
544
1034
20
4434
28
20c
334
900
Jan
Jam
Jan
Jam
Jan
Feb
Feb
Jan
Jan
Aug
Apr
Jan
Feb
Mar
Apr
72
7234 21,000
3,000
90
90
9534 9534 3,000
Oct
71
so
Oct
9434 June
Feb
84
9741 Jan
9541 Oct
20
934
55
154
29
48
1
20
54
1134
6044
314
8
14
7734
2434
2434
55
3434
42
23
20c
435
110
50
1,295
295
470
50
55
110
2,215
2,672
193
321
60
713
410
40
100
336
9
90
600
9,000
102 102
1011-1 10134 101 34 17,000
Feb 19434 AMC
Jan 844 Mar
June 94
Apr
Feb
July 110
Oct 9931 Mar
116 104
Jar 1114 Apr
50 9944 July 1084 Oct
71434 Sept
July
105 66
125 170
Oct
Jan 183
7,000 -9814
101 102
1,000 30
30
30
8044 8034 4.000 54
10031 10044 7.
000 97
10044 1004 1,000 08
10134 10131 1014 6,000 o934
1.000 89
90
90
21,000 100
116 120
119
10234 10234 10234 3,000 100
•No pew value. g Ex-divi4ea41.
High.
Jan
Oct
Oct
Feb
Jan
Jan
Jan
Jan
Oct
10234
48
6034
10044
1003-4
1024
94
120
10234
July
Mar
Oct
Oct
Sept
Sept
June
Sept
Apr
July 102
Oct
97
4
991 Feb 10134 July
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
-Par.Price. Low. High. Shares.
Stocks
Abbott Lab common_
•
Acme Steel Co
25
Adams Royalty Co corn_ •
Ainsworth Mfg Corn coral° 10%
All-Amer Moh'k Corp"A"5
1
Allied Motor Ind Inc COM •
2%
Allied Products Corti el A-•
Am Commw Pow A com_-• 18
Amer Equities Co corn_ •
Amer Pub Seri, Co p1.100
Amer Radio & Tel St Corns
Am Utll tfr Oen B v t c__•
5
Appalachian Gas cora__ •
Art Metal Wks Inc corn__•
5
Assoc. Investment Co__ •
• 68
Assoc Tel & Tel el A
Assoc Tel Utll Co oom___• 22
124
Atlas Stores Corp corn_
Auburn Auto Co com____• 66
40
33
6
1031
1
24
1444
18
834
95
14
4%
714
5
58%
68
2114
12%
66
40
3634
7
12
I
3
16%
18
94
95
1
6
74
5%
58%
694
23
1441
76
300
2,150
200
200
250
650
300
100
300
29
300
700
100
1,400
100
1,115
3,950
500
800
Range Since Jan. 1.
Low.
High.
Jan 46%
35
31
Oct 99
44 Oct 10
934 Oct 3331
4%
34 Oct
2% Oct 19%
11
Oct 4934
941 Oct 2734
84 Oct 22
95
Oct 100
334
% Oct
431 Oct 15..
611 Oct 14%
Oct 27%
6
55 June 6214
58
Jan
70
19% June 29%
10
Oct 36%
66
Oct 264%
Mar
Jan
Apr
Apr
Apr
Feb
Mar
mar
Mar
Apr
June
Apr
May
Fat
Mar
Sept
Feb
May
APr
12
Bancoky Co (The) oom_lb 12
13
1,500 1141 Oct 25
Mar
Banttan-Blessina corn _ ___• 25
27
25
1,000 25
Oct 4814 Are
2
2
Baxter Laundries Inc A__•
2
175
Oct 12
2
Jan
8144
80
200 70
Beatrice Creamery com_50
Jan 91)4 Apr
Bend% Aviation com____• 1715 1741 1941 6,850 1741 Oct 574 API
Borg-Warner Corp corn.10 164 1644 17% 12,950 1644 Oct 50% MU
100 9441 9341 95
850 93% Oct 101
7% preferred
Apr
214
2% 231
Boris Vivitone Corp pref.'
300
Oct 1731 Jan
2
1334 1344
Brach & Sons(E J) corn •
100 10
Jan
Oct
18
Brown Fence & Wire-19
•
19
150 174( Jan 2834 Mar
Class A
74
7
•
Class B
pr
100
541 Oct 3159
•
24
22
Bruoe Co(E L)oom
250 20
Oct
A3.4
134 214
Burnham Trad Corp corn •
2
350
1% Oct 17% Apr
an 73-4 74 741 2,050 744 Oct 17% Jan
Butler Brothers
4% 441
Canal Constr Con cony pf•
50
314 Oct 11% Apr
10 2731 27% 2844 1,200 2741 Oct 71
Castle & Co (A M)
Apr
4
CeCo Mfg Inc common...
444
Sept 20% Jan
250
3
Cent Illinois See Co atts_
244 25
June 33
Feb
1,050 23
Central III P 8 ore
9244 94
• 94
Mar
218 9144 July 97
Central Ind Pr
..loo
Jan
86
45 86
86
Sept
Cent Pub Berv pref.-A....• 1934 1911 20% 2,600 19% Oct 9
class
45
2% Atle
Cent B W Util Dorn new..' 1931 18
2034 13,800 16
Mat
Sept 31
Preferred
Mar
9534 96
350 934( mar 1011
•
Cent States Pow & Lt pith*
Mar
88
89
30 82% Sept 96
Central States Mil $7 pref.
82
83
190 804 Oct 96
Jan
Chic City & Cons Sty
•
Part preferred
834 9
250
Mal
634 Oct 20
Chicago Corp corn
6
•
5% Oct 17% AD,
534 694 19,250
Convertible preferred • 4034 40% 41
2,900 MI% July 45
Mar
Chic Flexible Shaft com 5 14
14
14
Jan
75 14
Feb 16
Chic Investors Corp corn
4
' 4
444
1,800
4
Oct 1041 ADC
Preferred
32% 32% 33
600 324 Jan 61
API
Chic N S & MllwCommon
100
Feb
3
3
220
9
3
Sept
Prior lien pi eferred....100
62
62
Jan
25 62
Oct 98
Chicago Railways
Part ctts serhs 3_ _100
235
14 Feb
3 June
34
34
Chicago Towel
cony pf•
8441 8631
July
98 84
Feb 90
Cities Service Co oom___• 23% 2344 25
22,400 2234 Oct 4434 ADP
Club Aluminum Uten Co.'
344
100
Apr
Aug
7
3
CcmunonswilthEMson_100 246
244 262
3,800 23534 Jan 838
Apr
Common Tel Co cum part•
16
Apr
16
Oct 30
50 14
Commun Wat Serv $7 pfd •
90
90
Jon
Mar 95
50 90
Constru Material Corty___•
12% 13
200 11
APE
Oct 24
Preferred
3341 3534
• 34
400 334 Oct 49
API
Consumers Da_
V t c pur warrants__ 5
800
334 Feb
3-4
% Oct
31
44
Common
3% 3%
Feb
50
8
5
34 Oct
45
7% preferred
Jan
45
100
150 45
Oct 66
Coat Chicago Corp
Common.
9
8% Oct 26
Ave
841 9% 7,550
4334
434 43
Preferred
650 42
_ ______
Aug 4934 Oct
10
50 10
10
Apr
Continlal Steel Corp.cam*
Oct 23
4% 444 5,300
434
Cord Corp
434 Oct
1734 Mar
3,000 54
551 62
Jan
4
7234 Apr
Core Sec of Chic allot cif • 60
23,200 17
• 17% 1741 20
Common
Oct 33% Aug
40
21 40
983 40
Crane r'o corn
40
4414 Mar
Sept
117% 117%
35 113 June 1118
100
Preferred
Aug
Curtis Mfg Co corn
190 154 Oct 28
5 1544 1544 1944
Mar
De Meta Inc pref w w
•
El Household Utll Corp_10
Elec Research Lab Inc...*
Empire (Ins & Fuel
100
0% Preferred
100
63.4% Preferred
7% preferred
100
Fitz Simons A Con D & D
Common
20
Foote Bros G & M Co___5
Gardner-Denver Co corn.'
Gen Parts Corp cony pref•
Gen Theatre Equip v t 0.•
Gen Water Wks class A..*
Gleaner Corn Harv corn...'
Goldblatt Bros Inc corn...*
Great Lakes Aircraft A...*
Great Lakes 0 & D
•
Greyhound Corp corn_
•
GrIgaby-Grunow Co corn.'
Hall Printing Co com10
Harnischfeger Corp corn..'
Hart-Carter Co cony pf.
_
Hibbard Spencer & Bartlett
& Co corn
25
Hormel' & Co
Houdaillo-Hershey Corp A*
A*
•
Class B
Illinois Brick Co
25
Inland Uttl Inc class A...
Insull Mil Invest Inc__ __•
2d preferred
•
Investment Co of Am corn •
Iron Fireman Mfg Co v t c.
Jefferson Eleit Co corn_
•
Kalamazoo Stove corn__ •
Kati Drug Co coin
1
&dinar SwItchb'd com__10
Preferred
100
Keystone St & Wire com_.•
Kv Radio Tube & L comA•
•
Kirsch Co corn
La Salle Ext Univ com..10
Libby McNeil & LIbby_10
(inertia Printing cern
•
Lindsay Light corn
10
Lion Oil Ref Co oom......•
Lynch Coro corn
•
McGraw Elect corn
•
Mal/vole lionseh TTOII corn •
15
15
234 26%
34
74
50
9,150
1,550
15
May
Oct
22
% Oct
May
22
57'4 ADT
2% Ape
80
80
80%
8611 8631
8834 89
300
150
100
Mar
76
80% Apr
8511 Mar
864 May
894 Slay
97% Apr
2234
5
22
4.%
45
5
20%
18
19%
14
244
22
444
4%
1844
15
13%
24
300
1,450
45
100
5
100
23% 2,010
2044
400
21
2,850
144
50
3
600
23% 1,350
444
350
5% 16,100
19%
550
17
250
14
300
Oct
20
4% Oct
45
Oct
4
Sept
Oct
15
18
Oct
Oct
18
14
Oct
Oct
2
20% Oct
444 Oct
434 Oct
1744 Oct
Oct
15
124 Sept
6434 Mar
Ape
22
6441 Feb
11% !Mar
51% Apr
3341f,June
$1144 Apr
2634 Jan
84 Feb
313.411117
Feb
13
27% June
31% Mar
304 Apr
2734 Feb
43
46
320
2834 28%
.50
13
1334
450
5% 5%
400
16
18
1,150
850
734 841
44% 4931 117,450
85 '87
950
17
250
18
20
2044 1,050
1941 20
250
31
324
1,250
1531 1714
510
441 534
450
48
182
4934
1144
11
400
34 4
900
100
941 9%
131 2
572
11% 12% 4,100
22% 1,000
21
844
8
400
1041 1044
1,600
3,250
16% 20
2014 2031
150
15
1734 22.080
43 [Oct
253-4 May
Oct
13
5
Sept
1144 Oct
714 Oct
4341 Oct
Jan
81
17
Oct
Seta
19
16% Oct
Oct
30
15% Oct
414 Jan
48
Oct
10 June
311 Oct
934 Oct
1
June
1144 Oct
17% Oct
511 Jan
10
Oct
14
Jan
19
June
Oct
12
57
364
31
20%
27
.3414
7044
;4
56%
29
56%
8434
4234
844
53
22
15
25
31
2134
20
14
274
22
5
19
15
1334
43%
2844
13
534
18
735
4441
2031
434
114
334
134
12
1044
1834
15
1534
9%
334
2744
2944
14%
2934
31%,
27%
74
Apr
Jan
Feb
APr
Jan
AIN
Feb
Mar
June
June
Apr
Apr
Fab
Ain
July
Jan
Ain
Oct
Feb
APP
Apr
Apr
Ain
Apr
Feb
Apr
FINANCIAL CHRONICLE
10
20%
23%
95
6
1%
39%
9
81%
26
3%
38
32%
13%
62
10%
39%
93%
1234
25
2
40
4
5
10
55
1,00
1,00
1,900
700
850
850
950
450
400
1,400
50
200
10
20
IS
91
5%
1
37%
6%
75
22
2%
31%
3034
12
61%
934
37%
91
12
4% 4%
19% 19%
26
27%
12% 13
25
25
15% 17%
2% 3
19% 19%
6% 7%
4% 5
253 272
257 275
136 137%
140% 144
20
55
250
350
100
3,200
250
200
500
650
1,125
815
120
285
4%
18
26
12%
23%
15
24
19%
5
414
213
215%
115
120
110
160
4
20
7
4
4
2%
2%
32%
20
20
27
27
6
434
4
27
93
98
112
175
4%
20
8
4
2%
32%
20%
27
6
4%
29
98
19
21%
7%
96
91%
10
7%
15%
11
3.1
214
11
19
21%
11
96
93
10
8%
17
11
)i
2%
12
213.4
103-4
96
8
15%
2%
12
43-1
7
29
54
2834
4
13%
3734
16%
20%
11%
4% 4%
614 8%
10
10
32% 33%
28% 29%
54
54%
28% 30
18% 19%
6
6;4
3% 4
5% 9
9% 14%
8
8%
7
10
37% 38%
118 120
7% 8%
16% 18%
3% 4%
8
8%
20
21
26% 28
11% 13%
27%
3
19% 19%
24
24
3
3
105
105
543
56
23%
2%
6%
6%
63.4
5
23%
3%
75
27%
3
20
24%
3
105
68%
24%
3%
6%
6%
24
4%
75
77
77
73
73
27% 27%
Jan
May
June
Apr
May
Jniv
Feb
Jan
AM
Apr
June
Oct 28% Jan
June 31
Jan
Jan
RA% Fel>
Oct 97
May
Oct 20
Apr
Sept
2% Apr
Oct 52
Jan
Oct 26% mar
Jan 101% Mar
Oct 44
Apr
Oct 10
Apt
Oct 59
Mar
Sept 55% AtaOct 28% Apr
Sept 84% AM
Oct 26% AM
Oct
r‘o•
Mar 98% Feb
Oct 35
Feb
Oct
Jan
Oct
July
Oct
Oct
Oct
Oct
Oct
Oct
Jan
Jan
Jan
Aug
6
20%
45%
19%
44;4
45
1*4
32%
20%
15
336
33234
140
144%
Jan
Oct
Mar
Mar
Apr
Jan
Apr
Jan
Max
Jan
Apr
212 110
685 160
750
4
150 19
1,350
6
500
3%
67
2%
50 32
350 19
200 27
200
5%
5,550
4
400 27
so 96
Feb 122
Oct 293
Oct
94
July 26
Oct 19)4
Oct 16%
Sept 10
Sept 45%
Sept 37%
Oct 364
Oct 17%
Oct 10
Oct 40
May 100
May
Feb
Jan
Mar
Apr
Apr
Jan
Mar
Feb
Jan
May
Apr
Feb
Sept
50
100
2,850
11
10
so
50
2,25
50
100
10
7
Oct 25
Oct 2634
Oct 25%
Jan 100
.1an oh
Oct io
Oct 32%
Sept !CO%
Jan 19%
Oct
Its.
Oct 33%
July
18
Mar
Apr
July
June
Oct
Oct
Mar
Mar
Aug
Apr
Mar
Jan
17%
21%
7%
93
82
10
7
15%
11
%
2%
10
100
4
Sept 18
2,550
6
Oct 54
100
734 June 14
3,000 29
June 3814
3,000 28
June 33
150 54
Oct 55
400 28% Oct 47%
150 17
Sept 324
550
5
Sept 264
1,000
Oct 1814
700
5)4 Oct 20
450
9% Oct 22%
600
5% Oct 23,,
550
6
Oct 16
1,850 36
Oct 58
275 114% Mar 125
650
8% Oct 20%
1,350
8
Jan 31%
500
4
Sept 10%
3,900
7
Oct 2314
3,600 20
Oct 29
1,100 22
Oct 45%
2,900
9% Oct 28
24 25
50
3
650 19
450 24
50
2%
250 105
196 56
7
2234
3,850
2%
4,20
65‘
1,700
8
150 23%
1,10
4
APT
Oct
Oct
Almar Stores
*
Amer Foreign Securities
American Stores
•
Bankers Securities com_.50
Preferred
50
Bell Tel Co of Pa pref _ _100
Budd (E G) Mfg Co
•
Preferred
Budd Wheel Co
Cambria Iron
50
Camden Fire Insurance._ _
Central Airport
Commonwealth Can Co.10
Elec Storage Battery. _100
Empire Corporation
Exide Secur
Fire Association
10
Horn & Hard(NY)com_•
Insurance Co of N A__ _10
Lake Superior Corp_.100
Lehigh Coal & Nav new w 1
Lehigh Valley
Manufact Can Ins
Mitten Bank Sec Corp pi_
Pennroad Corp
Pennsylvania RR
50
Pennsylvania Salt Mfg_.50
Plana Dairy Prod pref._ _25
Phila. Elec Pow pref.. _ _25
Philadelphia Inquirer
Phila Rapid Transit._ ...50
7% preferred
50
Pbila dr Rd Coal & hon.__
Philadelphia Traction_ _ _50
Railroad Shares Corp
Reliance Insurance
10
Seaboard Utilities Corp._
Scott Paper
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge_ •
Tono-Belmont Devel_._ _1
Union Traction
50
United Gas Imp corn new *
Preferred new
•
U S Dairy Prod class A...*
Common class B
•
Victory Ins Co
Warner Co
•
Westmoreland Coal
50
Westmoreland Corp
May
Feb
Fat
AM
Mar
Jan 29% Apr
Aug 15
Jan
Oct 39(4 Apr
Oct 34
Apr
Sept 14
Feb
Oct 130
Jan
Oct 140
Apr
Oct 31
Aug
Oct 24
Jan
Sept
1 H Ian
Oct 17% Feb
Oct 31
Mat
Oct 1634 June
$1,000
6914 Feb
84% July
1,000
1,000
3,000
71% Feb
70
Feb
25
Oct
84
83
50
July
July
May
14%
83-4
2934
25%
14%
7%
90
3234
2134
3414
4
894
4
25%
30
1013-4
603.4
1134
BondsConsol Tree NJ 1st 58 1932
Mee & Peoples tr aft)4s'45
Lehigh Nay Cons 414s 1954
Phila Co 5s
1967
Phila Elec 1st 4148 ser 1967
lot 5s
1966
1st lien A ref 534s.1947
Phila Elec Pow Co 514s '72
Strawbridge & Cloth 5s '48
York Railways lot 5s 1937
* No par value.
8234 82%
35
38
98
98
4
1001 101
10134 1023.4
1073.4 108
107% 108
106 106%
98
98
99
Oil
Low.
A
373.4
39
82
36
1133.4
53.4
58
90
3834
1934
24
1934
50
Oct
Oct
Oct
Feb
Jan
Jan
Oct
July
Feb
Jan
Oct
Oct
July
Oct
3
Oct
1434 Aug
20% Oct
2234 Oct
5334 Oct
734 Oct
29
Oct
5034 Oct
25
Oct
14% Oct
73-4 Oct
os% Oct
89% July
863.4 Jan
30
Aug
40
Jan
2034 Aug
27
Oct
12
Oct
32
Oct
4
Oct
434 June
4
Oct
42 June
114 Oct
34
Jan
1-16 July
25
Oct
2834 Oct
96% Jan
52
Jan
11
Oct
Oct
7
35
Oct
834 Aug
12
Aug
82
33
9414
9834
963-4
10334
104
1044
9534
91
Jan
Oct
Oct
Jan
Feb
Jan
Feb
Feb
Jan
Jan
High.
43-4 Feb
99% Feb
49
Apr
95
Apr
49
Apr
118
Aug
1634 Apr
70
Feb
107
Oct
42
Aug
2834 Apr
7
Apr
27
Feb
7831 Feb
14
Feb
19% Feb
4334 Mar
4614 Feb
8534 Mar
153-4 Feb
4954 Mar
7734 Feb
42
Apr
20
Jan
1634 Feb
85% Mar
100
Jan
95 June
3334 May
58
Oct
4034 Apr
44
Jan
2514 May
443-4 Apr
934 Apr
18
Jan
94 Apr
59
Apr
1534 Mar
5334 Mar
44 Feb
3114 Apr
493-4 Apr
10434 Oct
723-4 Apr
26% Apr
173-4 Apr
42
Aug
13
Jan
20
Feb
9014
44
99
101
103
10894
108
106%
100
100
Mar
Mar
July
Oct
Aug
Aug
Oct
May
Oct
Oct
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Oct. 25 to Oct. 31, both inclusive, compiled from official sales lists:
Stocks-Jan
Mir
Feb
May
Fe"
Oct
Mar
Apr
June
May
Apr
Apr
4iir
May
AM
Aug
Mar
Sept
11534
5%
58%
% 1
4331 4334
39
3934
88
89
37
3931
115% 115%
5% 634
583-4 60
107 107
414 4134
19% 21%
4
4
20
20
5334 5334
3
3
1434 1414
214 2294
3234 33
55
5734
734 9
29% 3134
5034 5034
25
263.4
1434 1434
7% 814
6634 6734
903.4 91
90
90
3234 3234
58
58
2134 2134
27
2734
12% 1434
32
34%
4
494
811 934
4
44
50
50
3
3
42
42
1-16
14
2594 253-1
30
323.4
10034 1023-4
6014 6041
12
11
7
7
35
36
1035 1134
14
14
Range Since Jan. 1.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.
Appalachian Corp
Arundel Corp
•
Baltimore Trust Co
10
Baltimore Tube
100
Preferred
100
Black & Decker corn
*
Preferred
25
Ches & Po Tel of Balt pf100
Commercial Credit pref_25
Preferred B
25
61-4% lot pf en-warrants.
Cons Gas E L & Power_ _ ..*
6% Pre series __ _100
5.4% pref w 1 seriesE100
D5% preferred
100
Emerson Bromo Seitz Awl
Equitable Trust Co
25
Fidelity & Guar Fire_ _ _10
Fidelity & Deposit
50
Finance Co of America A •
Finance Service corn A__10
First Nat Bank w I
Houston 011 pref v t c_ _100
Mfrs Firutnce com v t c_25
1st preferred
25
2d preferred
25
Maryland Cas Co new w 1_.
Maryland Tr Co new w I_•
Merch & Miners Transp.-*
Monon W Penn PS pref_25
Mtge Bond & Title w i____
New Amsterdam Can Ins__
Northern Central
Penna Water & Power_•
Standard Gas Equip corn__
Un Porto Rican Sue corn.*
Preferred
*
Union Trust Co
50
United Rys & Elec
50
U 8 Fidelity & GUN'new 10
Walton & Co pref
West Md Dairy Inc pref_ _•
Prior preferred
50
Western National Bank_20
393-4
10
45
1434
115
22
9314
1093.4
10334
3034
30
8
7734
814
14
9%
35
35%
10
36
80
10
8
351.4
9214
13.4 14
3f)
3934
33
3334
10
10
44
45
1314 15
24
24
115 115
22
2214
23
23
85
85%
9334 98
1113.4 111%
109 10934
10334 104
303-1 3014
140 140
30
313-4
150 151
1134 12
8
8
42
43
7714 78
83-4 9
14
14
934 10
35
3534
32
323-4
35% 373-4
243.4 25
10
1134
35
36
89
89
60
62
10
10
19
20
30
30
57
59
8
83-4
35% 3614
98
98
87
9234
543-4 543-4
39
39
4,100
1,416
375
32
303
3,100
20
32
143
122
18
693
62
14
36
15
5
635
181
20
40
195
65
40
30
30
325
32
126
446
207
784
25
125
10
55
10
262
310
549
5
475
65
25
Range Since Jan. 1.
Low.
1
39
33
10
44
133.4
24
113%
22
23
85
91
109
105%
99
30
140
30
150
93.4
734
42
77
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Jan
Oct
Jan
Oct
Oct
Mar
Jan
Feb
Jan
July
Oct
Oct
Aug
Oct
Oct
Mar
14
93-4
34
32
35%
2434
10
343-4
8514
593-4
10
15
25
57
7
35
98
85
4834
39
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Feb
Oct
Oct
July
Sept
Oct
Sept
Oct
Oct
Oct
Jan
Oct
High.
X
10
20%
23%
91
5;4
1%
38%
8
79
24%
2%
31%
32
13
62
10
38%
93%
12%
96
98%
36%
72%
16
24
35
15
22
24%
1414
X
91
Feb
Oct
94
7% Oct
36
Oct
5
Oct
03
Jail
18
Sept
5
Oct
Oct
6
10
Oct
5)4 Oct
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
g4gig:NggAn2Wag4T4 Tgla4lia0WP.P.1".MMDW4Illing
50
100
6,250
300
100
50
121
5
1,30
75
40
Stocks-
Pw
94
95%
12%
38
7%
21
18%
5
9
11
5%
Mar
Apr
Apr
Mar
^w
94
95%
9%
36
6
21
is%
5
6%
10
534
175
4
Bonds
Chicago City Dv 5s... _ 1927
CM of deposit
75
Chicago Ils
1st rntse fu
1927 77
Certificates of deposit. _ -----5s series B
1927
94% Jan 113
81
Jan 102
91
Jan 105
20
Aug 40
101
18
32
200
Oct
Aug
Aug
Oct
Apr
Mar
Aug
Sept
Sept
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Oct. 25 to Oct. 31,
both
inclusive, compiled from official sales lists:
=XXXXX
137%
144
98
85
95
25
10594
10034
983-4
9934
9634
11234
8334
107%
104
X
254
97
85
95
25
Mar
Mar
Jan
July
Mar
Oct
Feb
Apr
Feb
High.
X
1934
7%
12
Oct 15% Sept
20% Oct 38% Apr
98
Jan 108% Mar
1;i Aug
0% Ayr
2
Oct
8
Feb
2
Oct 1814 May
21
Jan
2914 Feb
4034 Oct 49% Aug
A Oct
6
May
w
§0.0
1234
25
16%
14
300
23% 126,800
400
100%
2% 1,600
2%
50
5% 3,300
22% 1,800
42
650
1% 1,900
.
0N..W WWW . N000.0.
N
0NWN..1..,
.NOW 0.0
0.04. 0°V0000QWQ=000.000000000C001O.N0NW.5W=0
000. 00.2,0000000000C00°=000C00C0004.0.cDp000
80
25%
3
32
32
13
1314
21%
99%
1%
2%
2
21
41
%
Low.
Commonw Edison
1st mtge 5s ser A...1953
105 105
1.000 102
lot mtge 43 ser C.1956
-is
1,000 9584
9934 9931
Commonw Sub 5)4s_ _1948
98
98
1,000 9714
Cont Roll & Steel t3e A 1940
981.4 9834 2.000 9834
Inland Gas 614s A....1938
6.000 79
8634 91
Insult Utll Inv 6s
1940 943.4 9434 9534 141,000 9314
Metr W S El 4a
1938
76
76
5,000 6514
Pub Serv 1st ref M 5%s'62
10734 10734 1,000 10494
_1st ref gold 5s
1956 103
103 103
2,000 9814
• No Dar value. t Ex-dividend
r Et-rights
0000000N
6
1%
Feb
Mar
Feb
Feb
May
4000o0ON
10
2334
53%
40%
25
4%
36
.
is%
5
9
10%
534
34
Oct
24% Oct
16)4 June
1
Oct
17;4 Jan
X
Standard Pub Service A__•
Btetolte Radio Co
•
atone &
(A
oom
•
Storkline Furn cony Of.
.25
Studebaker Mall Ord
•
Class A
Saner N1aot
eom
•
Sutherland Paper Co coral0
Swift Intonational
16
Swirl & Co Mfg .
25
Tele Bond & Share A
_•
Thompson (J 10 corn _ _25
Time-O-Stat Controls A...•
Transform Corp of Am corn•
Twin States Nat Gm rn A •
United Amer 1.311 Inc corn •
Class A
•
United Corp ot Amer Pi- -•
United Ptrs & Pubs corn.'
Gypsum
20
Preferred
100
U S Lines Inc pref
•
13 8 Radio & Telev onto •
Utah Radio Prod corn
OBI & Ind Coro corn _.•
Convertible preferred...*
Util Pow & Lt Corp A •
Common non-voting...'
Mine Pomp Co
•
Preferred
Vordone Corp part pref..*
Vortex Cup co
•
Clam A
•
Wahl Co corn
•
Ward (Monte) dr Co A •
Waukesha Motor Co corn.'
Western Pr Li & Tel A. •
Wextark Radio Stores com•
Wisconsin Bank She corn 10
Yates-Amer Mach part pf•
,
Ye low Cab Co luotCh10)-•
Zenith Radio Corp corn_ •
97
900
1,100
250
550
850
XX
_ _•
sq
22%
41
1
35
25%
19
2
20%
Range Sines Jan. I.
4..0.0.4..N.PA.
bZNoPW.P .
,0W 4
N
.4.4.04,4>W000.C.400.44.MN0 W.04,0004300..000N00,40..40
Convertible neer
21%
34
24%
17
2
20
High.
..P.WW0-40NW.
Nachman-Sprint/tilled corn'
Nat Battery Co pref
•
Nat Eby. Power A Oart •
7% preferred
100
Nat'l Famlly Stores com__•
National Leather COW
10
Nat Rep Inc Ti allot ctf.
•
Nat &our Invest Co oom.•
Certificates
•
Nat'l Standard corn
•
Nat Un Radio Corp nom -•
Noblitt-Sparks Ind Com •
North American cat ourn..•
Nor Amer Gas & Eleo A •
No Am Lt & Pr CA CODY _•
N & B Am Corp A oom__•
Northwest waneoro corn NO
Northwest URI 7% pref 100
Ontario Mfg Co ,.ion
•
Oshkosh Overall Co
Common
•
Convertible preferred...
Parker Pen Co corn_ _10
Penn Gas & Flee A com__•
Perfect Circle (The) Co..*
Pines WInterfront coin ___b
Polymet Mfg Corp nom•
Poor & Co class B Com_ __*
Potter Co Crice. eoco___•
Proems Corp commOn____•
Pub &Iry of Nor III
..•
Common
tOO
6% Preferred
100
7% preferred
100
Quaker Oats Co
Preferred
106
Common
*
Railroad Sharee ClorD COM •
Roth Packing corn
10
Reliance Mfg Co cum-- 10
Reliance Internat Corp A
Richards (Elmer) Co pref•
Milne lion \I Ile I.nnt of •
Rom Gear & Tool corn--•
Ryerson & Suit Inc cont..*
Bally Frocks Inc com____*
Seaboard UM Shares Con..
Sangamo Electric Co_ _ _ •
Preferred •
190
Signime steel Strap
Preferred
30
So Colo Pow Flee A corn 25
South'n Union Gas corn_ •
Boutin, Gas & El 7% 01 100
Southwest It & Pr oref _•
Spiegel May Stern Co com•
Standard Drethce com___•
34%
24%
19
2
Lots.
0 C0000000
nonnocoo
Marshall Field & Co corn.'
lktanhattan-Dearborn torn'
Material Sec/ Corp com_10
Meadows Ni fir Co cum...
Mee& Mfrs Bee Co A oom •
MIckelberry's Food ProdCommon
1
Middle West Utilities new•
$e cum Preferred
•
Warrants A
Warrants B
Midland Nat Gas part A.•
Midland United Co corn..'
Preferred
•
Warrants
•
Midland UM-prior lisn
7%
100
6% prior lien
100
7% Preferred A
100
Miller & Hart lac may pf _•
Miss Val Utli Prior lien preferred.___'
7% Preferred
•
sto-Kan Pine (ins com_
Modine Mfg corn
•
Mohawk Robber Co corn_•
Monlehan 11f corn A__ _e
,
Monroe Chemical pref.__'
Common
•
Morgan Lithograph Rom
Muskegon M Spec cony A •
Common
Range Mare Jas. 1.
2867
Friday
EOM
Last Wears Range for
Salo
of Priem.
Week.
Bonds (Concluded) Pas Price. Low. HUM
4
btobb"oopbob
Friday
Hales
Last Wears Range for
dale
of Prizes.
Wee.t.
Stocks (Concluded) Par. Price. Low. High. Shares.
XX
Nov. 11930.]
Sates
riday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
BondsBaltimore City Bonds
45 Annex impt
1951
335e
1980
Century Parkway 6s__1956
Cons Gas general 435s 1954
Fair & Clarke Trac 5s_1938
Finance Co of Am 655s 1934
Md Electric Ry lot 58_1931
Newp News & Ham p 5%_
Norfolk & Portsmouth 5%.
Un Porto Rican Sugar
1937
634% notes
United Ry & E lst 48_1949
1949
Income 4s
1949
lot Os
Wash Balt & Annan 5s 1941
*No par value.
Range Since Jan. 1.
High.
101
90
8155
101%
88;4
100
99
96
100
74
50
3055
60
40
$1,500
101
2,000
90
800
81%
1,000
101%
8834 1,000
2,000
100
2,000
99
1,000
96
1,000
100
9655
90
8155
9755
87
97
94
93
9854
Feb
Oct
Oct
Jan
Feb
Feb
Jan
June
Apr
69
50
3055
60
40
74 105,000
23,000
51
10,000
32
5,000
60
40% 7.000
69
50
3035
60
40
Oct
Oct
Oct
Oct
Oct
10135
90
85
101%
89%
10055
9954
96
100
Sept
Oct
Jan
Oct
May
Sept
Oct
Oct
Oct
8955 Jan
Sept
68
4935 Feb
Jan
84
Apr
68
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, Oct. 25 to Oct. 31, both inclusive, compiled from official sales lists:
Stocks-
(vol.. 131.
FINANCIAL CHRONICLE
2868
Sales
Friday
Last IVeek's Range for
of Prices.
Sale
Week.
Par. Price. Low, High. Shares.
• 4854 4834 50
Allegheny Steel
Aluminum Goods Mfg_ _ _• 1435 1454 1634
2
2
2
American Austin Car.._ _•
755 755
Arkansas Nat Gas Corp_ _•
10
Preferred
734 755
734
• 2535 25
Blaw-Knox Co
2634
10
4
4
Carnegie Metals
• 1115 1134 1131
Clark (DL) Candy
10
7
734
Devonian Oil
77
77
Exchange Nat Dank.___50 77
45
45
Harbison-Walker Ref____•
110 110
100
Preferred
335
234 434
Independent Brewing_ -50
5
5
50
4
Preferred
122 122
Jones & Lau'gn Steel p1100
100 101
Hoppers Gas & Coke pf 100 100
• 2434 2454 2754
Lone Star Gas
24
24
5
Mesta Machine
28
27
National Fireproofing_ __50
32
29
50 32
Preferred
254
250 300
Phoenix 011 corn
6
635
50
634
Pittsburgh Brewing
1234
12
50
Preferred
1434 153.5
•
Pittsburgh Forging
Pittsburgh Plate Glass_.25 3955 3934 40
1534 16
Pittsb Screw & 13olt Corp.*
2235 2235
5
Plymouth 011 Co
10
10
Richards & Boynton Pr Pf•
22
22
.• 22
Ruud Manufacturing_,..
154 134
Salt Creek Consol 011--10
134
1134 14
• 12
Shamrock 011 & Gas
33
3354
• 33
United Engine & Fdy_
3234 34
Westinghouse Air Brake_ _• 33
210
1,040
330
100
725
1,170
200
395
100
10
75
15
1,685
300
10
410
4,304
70
270
185
2,300
575
32
700
545
295
50
15
50
40
3,805
512
220
Unlisted
Copper Welding Steel
Leonard 011 Development.
Western Pub Serv v t c___
10
50
2,565
1435
42
42
1
1
1434 15
Range Since Jan. 1.
Low.
4835
1435
2
734
734
2135
4
1134
7
77
45
110
1
154
11835
9915
23
/24
27
29
/254
234
535
12
3934
1554
2134
10
21
114
110
33
32
Scher-Hirst class A
•
Selberling Rubber com___•
6
100
Preferred
*
Selby Shoe com
Sherwin-Williams corn_ _25 65
100 106
A preferred
•
Stouffer Ave w
Thompson Products Inc_.• 14
Trumbull-Cliffs Fur pf _100
Union Metal Mfg cons_ •
25 70
Union Trust
*
Weinberger Drug
West Res Inc Corn 6%
100
prior preferred
Youngstown 5& T pref 100 100
Bonds
1931
Cleveland Ry 5:
Steel & Tubes Inc SF debs
1943
Os
• No par value.
Apr
Jan
Jan
Mar
Feb
Apr
Mar
Apr
Apr
Jan
Apr
Jan
Feb
Feb
Apr
Sept
Apr
Apr
Apr
Feb
Apr
Oct
Oct
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Apr
Apr
Feb
Apr
50
434 Apr
33
Alm
Bondsnasmroek Oil & Gas681939
$3.000 9551 Jan 108
102 102
•No par value. 1 Includes also record for period when in Unlisted Dept.
Apr
1
434
30
1255
65
106
25
14
10134
35
69
16
1
6
30
1331
6835
10635
30
1435
10134
35
7034
16%
90
100
90
100
20
51
97
97
4,000
high.
Low.
1
400
4
450
196 30
1,550 1015
501 65
143 105
110 25
175 12
30 10054
112 32
392 69
60 14
10034 10034 $3,030
97
Range Since Jan. 1.
Sept 12
Oct 1834
Oct 78
May 20
Oct 85
Jan 109
Oct 35
Oct 373.4
Sept 106
Mar 4535
Oct 95
Sept 2235
Jan
Feb
Feb
Jan
Jan
Apr
Jan
Apr
Apr
Apr
Jan
Apr
Aug 99
90
Jan
9734 July 10334 Feb
98
Jan 10034 Mar
9534 Jan 10155 June
-Record of transactions at
Cincinnati Stock Exchange.
Cincinnati Stock Exchange, Oct. 25 to Oct. 31, both inclusive, compiled from official sales lists:
High.
Oct 72
Oct 24
734
Oct
Oct 1655
June 18
Jan 4154
8
Oct
Oct 1955
Oct 1434
Oct 90
Oct 7154
Apr 112
435
Jan
5
Jan
Jan 123
Jan 114
Oct 563.4
June 3234
Oct 4534
Oct 45
Mar 80c
sg
Jan
Jan 1234
Jan 25
Oct 5934
Oct 23
May 2755
Oct 12
Sept 38
235
June
Oct 2755
Oct 4954
Oct 5055
40 June
June
1
1355 Oct
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sole
Stocks (Concluded) Par. Price. Low. High. Shares.
Stocks-
Sales
Friday
Last Week': Range for
iVeek.
of Prices.
Sale
Par. Price. Low. High. Shares.
Aluminum Industries, Inc•
Am Laundry Mach com_50
Am Rolling h1111 com_ 25
100
Baldwin new pref
Carey (Philip) pref____100
Champ Coated Pap com100
100
lot preferred
•
Churngold Corp
•
Cincinnati Car B
Cln Gas & Elee pref. .100
Cincinnati Street Ry____50
50
CM & Sub Tel
Cin Union Term pref__100
•
Cohen (Dan) Co
•
Crosley Radio A
Crown Overall pref._ __IGO
pref
City Ice
Eagle-Picher Lead cons_ _20
•
Early & Daniel com
•
Formica Insulation
•
Gibson Art com
•
Gruen Watch corn
•
Hobart Mfg
•
Int Print Ink
Kemper-Thomas pref__100
Kodel Elec & Mfg A
•
•
Kroger corn
•
Moores Coney A
Ohio Bell Tel. pref____100
•
Paragon Refining B
Procter & Gam h com new.•
100
8% preferred
•
5% prefeffed
100
Pure 0116% pref
100
8% preferred
•
Rapid Electrotype
100
Second National
U S naying Card
10
•
Waco 115ircraft
1 nil
wurutz.r emo
50
36
105
101%
3954
9734
10754
8
83
634
35
24
113
67
8954
1334 15
5035
50
38
35
60
60
111
111
206 20655
105 10534
1555 1534
134
134
10134 10154
3955 40
9834
9735
107% 10754
1534 1531
8
1034
103 103
83
83
6% 7
2355
23
2954 30
35
3534
34
34
3835
38
1935 1955
105 105
5
5
2534
24
16
16
112 113
13
13
67
6834
160 160
105 105.54
90
89
103 105
40
40
19835 19834
6034
60
454 455
SA
fin
160
1,002
633
18
10
10
5
20
50
491
87
437
2
6
713
60
10
620
210
75
40
37
117
100
20
10
200
70
126
50
200
4
39
300
30
23
2
251
25
an
Range Since Jan. 1.
Low.
High.
133.4 Oct
4255 June
35
Oct
Mar
60
Oct
111
Oct
206
Jan
105
Mar
15
55 Jan
Jan
95
Sept
36
July
91
Feb
104
Oct
15
Oct
8
Aug
103
8035 Sept
65.4 Oct
July
22
Oct
29
3415 Oct
Oct
34
3755 Oct
1934 Oct
10034 July
5 June
2334 June
Oct
16
11055 Feb
754 Feb
5255 Jan
July
160
10434 June
Oct
89
Oct
103
3954 Jan
19834 Oct
Sept
60
434 July
F.4
Jan
3034 Feb
Jan
75
10034 Feb
Mar
60
June
120
July
234
110
Jan
Apr
23
May
2
Sept
103
4534 Apr
119 Jan
10734 Oct
Jan
25
Apr
27
Jan
106
Sept
84
Apr
15
Jan
34
Jan
53
Jan
50
Jan
50
Mar
50
Apr
47
Oct
105
855 Mar
Jan
47
Apr
25
Apr
115
1514 May
7834 June
Mar
180
110
Mar
Feb
100
11335 Mar
Apr
60
Feb
218
Jan
91
1034 Mar
An?
75
-Record of transactions at •No Dar value.
Cleveland Stock Exchange.
Cleveland Stock Exchange, Oct. 25 to Oct. 31, both in-Record of transactions
Los Angeles Stock Exchange.
clusive, compiled from official sales lists:
at the Los Angeles Stock Exchange, Cct. 25 to Oct. 31,
both inclusive, compiled from offic'al sales lists:
Sales
Friday
Feb
May
July
Aug
Feb
Mar
July
Jan
103 103
81
81
37
37
3
3
93
93
111 111
77
77
254 254
331 340
8
6
10
10
1135 12
25
25
100 101
76 80
48 3555
3
100
50 9134
16 110
5 75
234
31
66 320
421
134
4
15
500 1155
200 25
Mar 104
Oct 8234
Oct 47
Sept 11
Mar 96
Jan 11334
Sept 9334
335
July
Oct 501
8
Jan
July 10
Oct 25
Oct 3034
Apr
Oct
Apr
Jan
July
July
Feb
Feb
Jan
Oct
Oct
Feb
Feb
•
Dow Chemical com
Elec Controll & Mfg com_*
•
Rubber corn
Falls
Faultless Rubber com____•
Fed Knitting Mills com _°
Firestone T & R 6% pf 100
•
-Burt common
Foote
•
Goodrich B F
Guardian Trust Co.. _100
• 1635
Harbauer common
100
Higbee 1st pref
•
India Tire & Rub com
Interlake Steamship com_• 68
18
*
Jaeger Machine COM
* 1555
Lamson Semitone
Metro Paving Brick com _•
100
Preferred
Midland Bank Indorsed 100
Mohawk Rubber corn_ --.•
•
Myers F E At Bros
10
Natiorusl Acme com
National City Bank_ __IGO
National Refining corn. _25
100
Preferred
755
•
National Tile corn
2
•
Nestle-Lehlur com
100
Obis Bell Tel pref
• 65
Ohio Brass B
1011
Preferred
Ohio Seam lees Tube corn..
• 1354
Otis Steel com
•
Packard Electric corn_
Paragon Refel B corn. ___•
• 24
Patterson Sargent
• 24
Reliance Mfitcom
ltiohyn an nmtive•enm_ • 60
5234
52
58
58
1
1
36
36
25
25
5534 5635
18
18
1635 1035
326 330
1634 1634
10555 10535
20
15
70
63
1734 1834
1534 1535
2035 2034
100 100
295 300
8
8
35
3934
834 834
335 335
2431 2431
13154 13154
755
7
134 2
110 113
6655
64
105 105
24
24
1354 1355
13
13
1315
10
24
24
25
24
6334
58
48
5555
1
3234
25
5534
15
1635
325
15
101
834
6034
1755
1434
22
100
295
535
3655
8
335
24
130
7
134
110
6055
101
21
1351
13
735
23
24
58
Oct 100
Oct83
431
Oct
Oct 37
June 38
Oct8634
Oct3355
Oct4155
Oct 43255
Oct25
May 10634
Jan 2535
Sent 87
Oct 2934
Oct 2934
June 32
Jan 102
Oct 403
Oct 1654
Sept 49
Oct 264
Oct 350
Oct 34
Jan 13235
Oct 29
July 10
Feb 116
Oct 7634
Jan 107
Oct 45
Oct 3855
Oct 25
1554
Feb
Jan 29
Oct 50
Oct 99
Alm
Feb
Feb
Feb
Mar
Mar
Apr
May
Feb
Mar
July
Apr
Mar
Feb
Feb
Feb
Sept
Jan
June
Mar
Feb
Feb
Jan
May
Feb
Feb
Apr
Apr
May
Jan
Mar
Apr
Aug
Mar
Apr
Feb
117
71
50
50
10
35
10
50
15
170
50
270
470
344
408
4
10
25
110
220
200
10
10
208
420
230
129
225
8
20
1,000
45
236
130
758
788
Stocks-
11)
Bola,Chica 011 A
Broadway Dept St pf_ _100
Preferred exwarr__ _100
•
Byron Jackson
25
California Bank
Central Investment Co _100
Claude Neon Elec Prod.." 1835
Fresco Derrick & En Co_ •
Farmers & Mere Nat Bk100
• 1734
Gilmore 011 Co
Globe Grain & Mill com_25
Goodyear Textile pf _ _ _100
25 1055
Hancock Oil corn A
Home Service 8% pref....25
Internet Re-insur Corp_ AO 36
Los Angeles Gas & El p1100 10754
Los Angeles Investmt Co 10
MacMillan Petroleum Co25
Moreland Motors corn_ .10
10
Preferred
Mtge Guarantee Co...100
Pacific Finance Corp corn10
Preferred series A__ __10 10
834
10
Series D
Pacific Gas & Elec COM_ 25 4935
•
Pacific Lighting com
Pacific Mutual Life Ins_ 10
25
Pacific Nat Co
Pacific Pub Sere A corn_ _.
Pacific 1Vestern 011 Co...* .11255
2.80
10
Pickwick Corp coin
Republic Petroleum Co_ 10 11.55
25
Richfield 011 Co com
63.4
25 13
Preferred
855
Rio Grande 011 corn_ _ _ _25
San J L & P 7% pr pf__100
6% prior pref
100 10535
Seaboard Nat Bank_ _ ..25 4055
Seaboard Nat Sec Corp_25
Sec First Nat Bk of L A_25 9255
Shell Union 011 Co com _25
.
So Calif Edison cora_ _ _25 5054
7% preferred
25 2934
25 263.4
6% Preferred
555% preferred
25 2454
So Calif Gas sec A pt. _25
6% preferred
25
So Counties Gas6% pf__25
Standard 011 of Calif......• 5154
• 27
Taylor Milling Corp
Trans-America Corp____25 1755
Union 011 Associates_ ....25 2734
25 2855
Union 01101 Calif
Union Bank & Tr Co_.100
10
Victor Oil Co
Western Air Express__ _10
No par vahast
Range Since Jan.'.
w
High.
Low.
June
6
700
1034 1134
Sept
65 70
70
7154
July
25 65
7034 7055
100
855 LOct
834
834
Oct
100 96
96
96
92 90
Jan
9134 92
Sept
600 18
1855 2055
1031 11
200 1054 Oct
25 410
Mar
430 430
Jan
1735 1755
600 13
40 21
July
2134 2135
94
94
10 9334 Sept
Sept
1055 1054 1,100 10
20
20
75 20
Oct
900 32
37
34
Oct
10734 107%
368 101
Feb
14
14
100 1354 Oct
6
6
555 Oct
100
1
1
1% Feb
5
235 234
66
3 June
161 162
24 161
Oct
1554 16
300 15
Oct
10
10
260
Sept
8
854 8%
10
400 4735 Oct
4934 51
100 643.5 Oct
6535 6534
660 50
Oct
6034 64
2
1
500
Oct
1
25
2534
200 23 June
200 123-4 Oct
1255
4
2.804 3o 2,000
Sept
.
2
11.55,&1.65 • 500
13530ct
63.1" 655 5,900
634 Oct
12
12
2,200
934 Oct
855 855
2,600
734 Oct
120 120
50 11134 Mar
10534 10535
28 100
Jan
4035 41
40 4055 Sent
41
41
60 41
Oct
9435 11,700 92
92
Oct
1034 1034
300 10
Oct
4934 5154
5.700 4754 Oct
2934 2934
600 2754 Jan
2634 2654 1.000 2431 Jan
2454 24% 2,000 2254 Jan
2654 2654
220 2435 Jan
25% 2535
140 2434 Feb
12 9635 Feb
1013.4 10154
Oct
5134 5254 4,100 51
27
27
100 2454 Jan
1755 1834 24.100 1655 Oct
Oct
273.4 2834 5,400 27
2955 5,700 2855 Oct
28
325 325
24 320
July
60c 600
1,000 60e
Oct
2055
20
200 18
Oct
ai23i
A AA
5
81
Oct
Feb 1431
Feb 1631
Oct 8055
June 3255
June 110
July 100
Oct 86
A AAA X
•
Aetna Rubber com
•
Allen Industries com
•
Apex Electrical Mfg
100
Preferred
Bessem Limest&Cmt cl A •
100
Canfield 011 corn
100
Preferred
20
Central United Nat
Chase Brass dz Copper
Preferred series A_ _100
• 81
City Ice pref
•
City Ice & Fuel
10
Clark Fred G corn
....
Cleve-Cliffs Iron pre! _ _•
15
Cleve Elec III(P% Pf- .1•
Cleve Railway ars dep_100
•
Cleve Secur P L pref
100 340
Cleveland Trust
Cleve&Sandusky Brew 100
100
Preferred
Columbus Auto Pts Pf- •
Cooper Bessemer Corp___•
335
200
5
210
56 12
20 78
15 29
10 8834
15 100
568 60
A
454
434 5
555 534
554
13
13
80
78
29
29
91
91
100 100
61
60
60
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
,
>ftit.0.>04t>WWtgTgl>>,,oW>,0..m,.›.ms4
litgRgaVvv"""'°"455WilgOgalga4g44 altilaa%5U4473ASa4r4;24
High.
ro
&Co
-.COWO.O•
OW00Wo-.0.00000WL
Low.
AAAXiCAAAAAA AXAA XX A
Range Since Jan. 1.
AXXAA A
for
Last Week's Range
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
.W 00V
O.O.W..10MtONNWIN.¢0+0N.O.N
b4ll,
05.MO•0O2.4WA,
W0.4COGO0.OtOD.A0ACONO&W0OD0010..W
Stocks-
Nov. 1 1930.]
FINANCIAL CHRONICLE
15 70
35 220
Oct 90
Oct 301
210
250
476
15 205
19 245
7 476
Oct 29734 Feb
Oct 300
Jan
Oct 585
May
Miscellaneous—
Bentley Chain Stores corn •
4% 434
100 35
Brown Shoe corn
35
37
100
Bruce (E L) pref
84
84
•
Burkart Mfg prof
10
10
Coca-Cola Bottling Sec _l 44
37
44
Cons Lead & Zinc A
3
3
355
Ely dr Walker DG com25
18
18
Fulton Iron Works coin_ •
50e 50o
Hamilton-Brown Shoe 26
3
3
International Shoo com....* 51% 5135 52
100 10755 10557 107%
Preferred
Laclede Oes Light pref_100 10055 100% 10054
20
32
Laclede Steel Co
32
520
455 Oct 13
181 35
Oct 42
26 84
Oct 98
50 10
Oct 16
260 37
Oct 60%
40
254 July
635
125 18
Oct 29%
500 600
Oct
255
545
1% Sept 11
838 5154 Oct 83
14 10455 Jan 108
140 99
June 101
10 32
Oct 46
Apr
Jan
Feb
May
Apr
May
July
Jan
Apr
Aug
Mar
Jan
Sept
Apr
A or
New
Oct
74
Jan
0,
il.
Or
Craw
York Produce Exchange Securities Market.—
Bonds—
Alabama Power to _1946
1999
Assd Gas& El6s
Cities fiery P & L 5%8_1949 8554
Seaboard Con A 65.. _ _1940 10034
• No par value.
.0. .
...
A..8
XV,XXXXX
. caw p
4
.
•
0
W
03
oW.20i 0010.0
XXXX'
4X X=XXX XXX
.
. .
0
0.1-1$*
ww
1
Hamilton Gas
H.Rubenstein pref
• 17
50
4
Ind Brewing
1
lot Rust Iron
•
8
Inland Utilities A
10 40
Irving Trust
•
Jenkins Television
*
Kaybee Stores
•
454
Lautaro Nitrate
100
MacMarr pref ww
Manufacturers Trust- _25
Maefadden Pub. Pref
•
Marvin Radio
•
•
Maxweld Corp
Mexican Oil& Coal
5
134
Midwest Util Frac Scrip__ ___ _
555
Milnesta International- _ _•
National Libert7 Ina
5
North Amer Trust Shrs_ _ ___ _
7
Petroleum Conversion_ - _5
25c
Phoenix Oil
•
234
Photocolor Coro
Pub UM ilold N pref art _ _• 40
Seaboard Utilities war.
• 12
Shamrock Oil & Gas
Merritt- Gordon Mlnes_ _ _1 97c
Splitdort Bethlehem
*
Super Corp of Amer B
*
8
Sylvestre Utilities
Trent Process
*
Standard 011A_
Trustee
8
Util Hydro & Rails w w_ •
Warrants
Zenda Gold
1 12e
03•
5
Aero Klemm
•
Alto Tool A
*
4%
Am Corp
Warrants
54
Am Eagle
Andes Petroleum
Appalachian Gas warrants154
99%
Allot ctfs units
Assoe'd G&E '30 rts ext '36
Option stock purch. Ms- ......
:
Atlas Utll 3 pr
•
54
Auto Stand
1 .75
Bagdad Conner
Bank US units
10
British Can WI
100
Camper
1
534
Claude Neon
•
Claremont by
834
•
Col Baking
•
1 pr
55
.
Comm'l Cred oond'I war W I
1 .45
Como Mines
Corporate Trust Shares—
634
Detroit & Canada Tunnel •
534
Diversified Trustee Slut B.
•
Dixton
Elea Bond Share frac scripFirst Am Bancorp A Pr- •
Oh
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
w
Trust Company—
Franklin-Amer Trust_ _100
210
Mississippi Valley Tr__100 24555 245
St. Louis Union Trust__100
476
71%
225
65
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Jan
Jan
May
Oe.
Apr
Jan
Sept
Apr
Following is the record of transactions at the New York
Produce Exchange Securities Market, Oct. 25 to Oct. 31,
both inclusive, compiled from official sales lists:
P
70
220
High.
1 A nnn
Wig§I§Mg§§§§§n§gg ignii8§§10§§§§ ggrang$88888888§8888888888
l
70%
Low.
am
w
Bank—
First National Bank.
--20
Mere Commerce
100
Range Since Jan. 1.
a"
§§§§
Stocks—
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
111.11
wiQtagao.
5.0 0 00..64
,,
w ww..L1
0-ce
X XXX
-1XXXX X XXXXXX XXX
ww.
.
b.w.w.4"0l4 1qm
...
.tzwn:we. o.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Oct. 25 to Oct.31, both inclusive
compiled from official sales lists:
High.
. No par value.
3
k:
15'tA.
47:2aL5t; r
1
x <sxrg =-x...1- )go'xrxx XX4 XV,XX
5a.•
Low.
10134 101 34 $1,000 100
Mar 10234 May
3,000 92
92
92
Oct 97.51 July
9634 98%
200 95% Jan 99
May
0000,10
8 w
rr
Cr
Range Since Jan. 1.
50 29
Oct 64
100 62
Jan 66
335 2754 Oct 3554
255 2036 June 2734
100
234 Oct
755
372
934 Oct 18
10 80
Oct 88
620 10
Oct 1454
4,073
Oct 3154
6
65 10
Oct 30
233 11634 Jan 123
Oct 2634
10 18
60
Oct 10
2
100 100
Oct 101
910 1754 Oct 3655
6654 $16,000
65
".
rr
Oct
Jan
Mar
Apr
Mar
Jan
Jan
Mar
Sept
Apr
Sept
Feb
Feb
Feb
Jan
Mar
Sept
Oct
Jan
Sept
Sept
Jan
Jan
Apr
Apr
Feb
June
Oct
Apr
Apr
June
Max
Fet
May
Api
Apt
Jar
AO
Fel
68
Miscellaneous Bonds—
Nat Bearing Metals 6s 1947
1935
St Louis Car lis
Scruggs-V-B 7sserial
4..
.
rrrr
234
25
100
9234
1934
31
2934
7354
2934
10634
106
39
180
144
78
1454
2655
10
2234
125
10834
1031
70
2555
65
1734
16
1134
7435
40
9934
90
4755
2034
4855
50
2234
334
29
Street Railway Bonds—
United Railways 4s _ _ _1934
*0& .4
-4
rrrr I
Jan
Feb
Feb
Mar
Feb
Oct
Mar
Apr
Sept
Feb
Feb
Feb
Feb
Apr
Feb
Mar
Sept
Jan
Sept
Jan
Jan
Feb
Apr
Apr
Apr
Mar
Jan
May
03
r
23335
34
233.4
334
42
113
77
79
102
3334
1835
2034
435
116
4431
10
30
3134
10734
19
51
63
4034
2334
755
29
5
2334
cotzo.0,
3mob. 1 -4c,o,;.owoc.:
,
X X
'XXXX XX '
XXX'XX
4
"XXXX XXX X"
..
wpo
r r r
,S2444gg8=937.1A'*28°427,142RE4
rrr
.
4112tidtstrittlEgg01001000t tttvattt-gtveg2gyttp,
ttlItt5,
tszruatttsttsvettzt
rrrr
.r.
-salvo
.
tow .2'..a14 - 4.. .4124..w "w ea.
High.
,004,0000g0.400g.4.40000000 0
,g.t.4000Og0100000000001
00000,
.
6000V4004.0.,g4,
,0C
rr
It
rrr
lc
r
Vallns rhnntrar. Otkh •
m8.9gEN""-ToWWW-44.2442
2
234
65( 7
9635 97
90
90
1034 11
22% 23
16
16
4935 6234
2734 2855
6434 6655
10134 102
2434 2551
12834 131%
125 12734
56
5935
1134 1134
2534 2534
634 855
1134 1334
120 120
106 107
4
4
34
34
1034 11
50
50
1234 13
1155 1134
934 10
51
5234
28
26
80
80
7034 73
1734 19
1834 1855
27
2834
2
28
934
21
21
254 234
1834
18
Low.
rrr
Magnavox Ltd
2
Merchant Cal Mach corn
__ __..
No Amer Inv 6% pref.__
9655
655% preferred
90
Nort Amer 011 Cons
11
Oliver United Filters A__ _ _ ......
B
Pao Gas dr Elec corn_ .
4955
6% let preferred
Pao Lighting Corp corn__ _ 6434
6% preferred
Pao Public Service A
25
Pao Tel dr Tel corn
12834
6% preferred
127
Para!
fine Co corn
56
Pin Whistle pref
Pac Gas 555% pref
2534
Richfield 011 corn
635
7% preferred
1355
San J L & P 7% pr pf
120
6% prior pref
Schlesinger & Sons B F corn
B F preferred
Shell Union corn
11
Sherman Clay & Co pr pf_
So Pao Golden Gt A
B
Spring Valley Water Co_
Standard of Calif
6134
Standard of N Y
Shell Union pref
Tide Water Asso 0116% pt.
Transamerica
1754
Traung Label & Litho Co A
Union 011 Associates
27
Union Oil of Celli
2834
Union Sugar 7% pref
West Amer Fin Co 8% pf
Western Pipe & Steel
1834
Range Stnce Jan. 1.
100,00
185 185
855 9
834 834
%
55
9
9
11234 113
52
53
3434 3734
100 100
22
2334
734 734
10
10
134
134
91
90
25
2534
6
6
28
28
1534 la%
10534 10534
18
18
4334 44
4755 48
29
2935
19
19
134
134
1955 1934
134 14
10
10
1...1.z.0la"ww0a
t.io
2WWQWW¢09.¢QQWWWWW.
00 +.wWWWWWW.W-4.WWWW.
4WW
.
.0.00-4W010000w00.010W0..108000010,W01000.WWWW0000
Stocks—
Anglo dr Londom-Paris Nat
Bank
Atlas Imp Diesel En A __ __ --Byron Jackson
835
California Copper
Calif Cotton Mills corn- 9
Calif Ore Powe 7% pref
11235
California Packing
Caterpillar Trac
35
Qst Cos G & E6% let pref _
Cons Chem Indus A
Crown Zell vtc
734
Emporium Capwell Corp
___
Fageol Motors com
i5i
Firemans Fund Insurance_
Food Mach Corp corn
Foster & Kleiser corn
6
First Natl Corp o Port_
Golden State Milk Prod_
Gt West Pow 7% pref
10534
Haiku Pine pref
Hawaiian C dr S Ltd
4354
Hawaiian Pineapple
Honolulu 011
Hunt Bros A com
Koister Radio corn
134
Langendorf United Bak A_
Leighton Ind B
Leslie Calif Salt Co
WWWWQ-4.-I10.Aw.WCoW00WWWW..0 10000
,0
.
0000100W0.00.-4000000.4,010.00WO0,010
Friday
Sales
Last Week's Range for
Sale
of Prtces.
Week.
Par. Price. Low. High. Shares.
Landis Machine corn_......25
30
30
Moloney Electric A
54
•
64
Mo Portland Cement___25 3034 2934 3014
Nat Candy corn
• 21
2055 2134
Nicholas Beazley
5
234 255
Rice-Stlx Dry Goods com..•
934 954
2d preferred
100
80
80
Scruggs-V.
-B. DO com__25
10
10
Scullin Steel prof
* 11
934 11
Skouras Bros A
* 1055 1034 1054
Souwestern Bell Tel p1.100 121
12055 121
3tlx Baer & Fuller com_ •
20
20
it Louis Pub Serv corn.... •
2
2
it Louis Screw & Bolt 0100
100 100
IVagner Electric com _ _ _ _ 15 18
1734 1835
..
.
000..0
W.
0010,03. 0.-1.4.m..wow
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, Oct. 25 to Oct. 31,
both inclusive, compiled from official sales lists:
2869
Friday
Salsa
Last Week's Range for
Wet.
Sate
of Prices.
Stocks (Concluded) Par. Price Low. High. Slims.
Range Since Jan. 1.
Low.
High.
54
1234
355
54
54
.25
154
95
3
54
3234
%
.70
31
955
6955
5
6
134
10
34
.30
eh
4
1654
255
.25
8
Oct
July
Oct
Sept
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Jan
Oct
Oct
Oct
Oct
2
1934
934
234
135
.83
754
10134
2034
634
4034
454
3.00
91
1435
7034
1934
854
435
31
2
2.25
935
834
2
034
1355
5.65
13
Feb
Oct
July
May
June
May
Apr
Sept
Mar
Apr
Sept
Mar
Jan
Feb
Sept
Oat
Feb
Apr
May
MAY
Aug
All,
June
Apr
Sept
June
Apr
July
335
13
4
55
8
40
234
9
334
70
66
4
034
34
6
34
.05
5
735
7
6
254
234
3655
5-16
934
90c
155
754
1
34
734
734
535
55
12c
Oct
734
Oct 2454
Oct
434
3
Oct
Oct 2655
Oct 7254
Jan
93-4
Apr 1455
Oct log
Oct 96
Oct 154
July 4754
3
Oct
Oct 1135
5
Sept
Oct .05
Oct
6
Oct 1854
Oct 1054
Oct 1334
Oct 65c
Oct
84
Sept 46
Oct
134
Oct 38
Oct 3.12
Oct
535
Oct
9%
335
Aug
Jan
334
Oct
934
Oct 11
Oct 1155
2
Oct
Oct 1.75
June
Mar
Oct
Feb
Mar
Mar
Apr
Sept
Apr
MAY
Mar
Oct
Apr
July
June
Oct
Oct
Aug
Apr
Jan
June
Aug
8er4
Apr
Apr
Jan
Mar
May
Apr
Feb
July
June
May
Apr
Feb
10334 Oct 10434 Sept
Mar
Oct 88
48
Mar
8634 Oat 91
100
Oct 10055 Oct
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 (Oct.25) and ending the present Friday (Oct.31). It is compiled entirely from the daily
reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Week Ended Oa. 31.
Stocks—
Indus. & Miscellaneous.
Aeetol Prod cony al A. •
Aero Supply Mfg cl B___•
Aero Underwriters Curt). •
Affiliated Prod fur .. •
Asta Ansco Corp pref__100
Ainsworth Mfg COM
Iii
Air Investors cony pref. •
111 CB rion RR ordinal,' an
Preference
50
•
Alexander Industries
All Amer Celli Corp.. _21
5
13
10%
455
5
755
13
77
1054
955
9035
98
54
13
5
555
7%
14
78
12
954
90%
98
%
13
1,100
300
200
600
175
600
100
60
50
1,200
100
Range Since Jan. 1.
Low.
84
4%
755
13
77
5
954
90
98
35
13
High.
Oct 18
Apr
Oct 1334 Apr
Oct 2354 Mar
Oct 20, Sept
5
Oct 8534 May
Oct 33% Apr
Oct 24
Apr
Oct 132% Mar
Oct 141
Apr
Oct
434 Apr
Oct 233( may
Friday
Sates
La't 1Vest's Range for
Sate
of Prices.
Week.
Stocks (Continued) Per. Price. Low. High. Shares
Allied Aviation Industries
With stook per warr_ •
Allied Internat. Inv pref •
•
Allied Mtlls Inc
Aluminum Co corn
•
6% preferred
100
Aluminum Goods
Aluminum Ltd oommon.._*
6% cum pref
100
Amer Arch Co oommon__•
Amer &wain Car rem.... •
Amer Bakeries 7% pf_ _100
534
14
2
34
3034
534
165
10934
13
87
97
33
2
90
34
3034
634
17034
10934
1635
87
97%
33
255
90
Range Since Jan. 1.
Low.
200
SSeptl
100 3055 OctI
1,100
53,4 OctI
850 150
Oct
300 10554 FebI
3,000 13
OctI
100 81
OctI
200 97
Julyl
100 83
OctI
500
2
Oct
50 85
Oct
gis.
3
Apr
8954 Apr
1555 Feb
$us
Apr
1 1 I 54 Sept
2434 Apt
232
Apr
9954 Sept
48 34, Apr
7 4 Aus
90
Ott
Sales
Friday
Last wears Range for
Week.
of Prices.
Sale
Stocks (CoVisaed) Par. Price. Low. High Shares.
An Brown Boverl El Corp
Founders shares
5%
5
Amer Capital Corp corn B•
53 preferred
• 32%
$5.30 prior pref
• 71
Amer Cigar Co coin__ 100 65
Amer Cyanamid corn 13...• 10%
9
American Equities corn...'
6
Amer Investors 01 B oom.•
vt arrant,' _
Amer laund Mach cam •
Amer Hardware Corp_ __25 52
Amer Maize Prod corn_ •
• 52
Amer Meter Co
Amer Potash & Chem_
•
5%
Am 1,sti tirm B •I _ •
Amsterdam Trod Corp
American shares
5%
Anchor Post Fence corn -.
Anglo Chit Nitrate Corp_ _• 20
•
Apex Eleo Mfg
Arcturus Radio Tube•
•
5%
Art Metal Works
Assoc Dyeing ,tc Print._ •
Mane Elea Industries
514,
Amer dee meta ord shs_
1
Associated Laundrles
•
Associated Rayon pref.100 50
Atlantic Fruit A Sug
arr
Atlantic SecUr Corp oom-*
Atlas Plywood Corp
•
5%
Atlas Utilities Corp corn..•
Warrants
Automatic Vet Mach corn •
Cony prior partici atk . 7
Aviation Corp of the Amer* 31%
Aviation Secure Corp
* 11
Axton-Fisher Tob com A 10
Babcock & Wilcox Co _100
Ban% Corp corn
•
Cumulative preferred 28
Baumann (L) & Co pf_100
BIcktords. Inc. corn
•
Bigelow-Sanford Carpct •
CO COM
. Bibs(E
•
5
Blue Ridge Coro com
•
Opt 6% cony Dret
50 35%
Blumenthal(S)& Co corn •
Bohack(H C) Co 18t Pl 100
elort Mach corn_ •
Brill Corp class A
•
Class 13
•
British Amer Tobacco
Amer dep rcts ord bearEl 25
British Celanese Ltd
Am den rots ord reg____ -----Bulova thatch $3,5 pfd , 30%
Bum Inc common
•
7
0% pre with wan% _60
1%
Warrants
Burma Corp Am dep
234
Cable Radio Tube v t C. •
Carman & Co cony A____• 19
Carnation Co coalman _..* 25%
Celanese Corn panic pf 100 56
Prior preferred
100 70
Centrifugal Pipe CorP.--•
615
Chain Stores Devel corn,..'
234
Chain Store Stocks Inc_ •
Chatham & Phenix Allied' 16%
Childs CO pref
100 106%
Cities Service common_• 23%
Preferred
• 90%
Preferred B
City Say Bank (Budapest)
American shares
4231
Clark Lighter Co cony A_*
Cleve Tractor Mei
Colombia Syndicate _31
Colt's Pat Fire Arms Mfg25
()mumble Pictures corn. 5
..
Common vet tr ctfs____• 2735
• 13
Consol Aircraft corn
Canso' Automatic
Merchandising coin v 1e•31
*
1%
53.50 preferred
Consol Cigar Corp warr_
-----. Consul Dairy Prod COM_ •
Consol Laundries cam_
•
Canso! Retail Stores cont.'
Continent'l Chia Corp pfd *
Continental Shares pref 100 55
Coop-Bessemer Corp oom• 25
Copeland Products el A...
Without warrants
•
Cord Corp
434
Corporation Sec of Chia. _• 17%
Corroon & Reynolds corn •
634
$6 preferred class A. .• 58
Crane Co corn
25
_•
734
Crocker Wheeler corn
• Crosse & Blackwell
$3.50 pref with warr_ *
8
Crown Cork Internet cl A..
Cuban Cane Prod warr___
Cuneo Press Inc eom.___• 26
°Unlit's-Wright Corp warm.
5
5
30
65
65
1015
8%
6
2%,
51
52
2631
52
21
535
700
534
500
5%
3235
600
700
71
200
6535
12% 30,700
9% 3,400
6% 6,800
300
2%
50
51
5234
20
100
26%
275
53
21%
200
5% 8,300
1535
15
5
634
1734 23
12
z12
6% 6%
5% 5%
%
34
434 5%
1
1
4734 50
1
4
11% 113
1434 15
534 6%
135 2
135 1%
7
715
33
31
12%
11
413
,
4
41
115 119
135 235
1% 1%
7344 73%
17% 18
32
35%
1534 15%
4% 5%
34% 36%
19%
19
10234 10234
2% 2%
5
5
1% 234
'%date
Sates
Las( Week's Range for
of Prices
Sate
Week.
Stocks (Continued) Par. Price. Low. High Shores.
Range Since Jan. I.
High.
Low.
5
5
30
6035
60
10
8%
5%
234
49
52
26
52
21
5
Oct
Oct
July
June
Aug
Oct
01
,
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
15
Oct
Oct
5
14% Oct
Oct
12
Oct
5
Oct
5
34 Sept
13
1315
40
80
u034
37
22
16%
7%
75
6234
40%
77%
33
15%
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Mar
Apr
Apr
July
API
28% Feb
4% Feb
43% May
May
16
23% Mar
27% Feb
31, Mar
,
8
400
4% Oct
14
Feb
800 el
400 3855 June 6035
1,600
35 Oct II 16
200 11% Oct 26
Oct 26
500 10
535 Om
14%
8,600
5
1
Oct
1,300
844
144 Oct
100
7
Oct 17%
300
244 Jan 55
90
7% Jan 19
400
Jan 49%
500 36
Oct 141
250 114
7%
1% Oct
800
6%
1% Fel
100
May 80
50 70
300 14% Jar, 21
Oct 73
175 32
2014
1,500 134 tua
1514
315 ON
2,800
4,600 3234 Oct 44%
200 1514 Oct 44%
Feb 105
25 101
8 1 '.
2% .11,,
300
5
Oct 14%
600
535
134 Oct
200
Ain
Sept
Apr
Apr
Apr
Mar
may
May
Feb
Feb
Arc
Apr
Mar
Mar
Jul/
Mar
Jan
friar
Mar
FeD
Mar
,
t13
Feb
June
Job
Feb
Mar
26%
Jan
5%
1% Sept
200
254
800 30% Oct 4(3
31%
10%
Oct
5
800
7
Oct 41
100 35
3534
% Oct e4
200
1%
31a
300
2% Oct
214
94
35 Oct
400
135
July
200 18
19
Oct 11
200 25
2535
Oct .41
47' 48
63
Oct 90
100 70
70
934
4% Jan
2,200
6%
2% Mar
831
200
3
8
Oct 17
834 1,400
17% 8,500 1634 Oct 2535
260 106% Jan 114
110%
25% 91,725 22% Oct 444
Jan 93%
900 88
90%
a
300
74 June
831
Apr
Mar
Apr
Jan
Jan
Jan
Mar
Slay
Feb
Apr
Aug
Mai
Mar
BUY
May
Apr
Apr
Apr
46
1%
35%
44
32
4636
54%
27%
Apr
Jan
Apr
Jet
Mar
June
Apr
Apr
1
5
2
19
16
13
50
80
67
Mar
Mar
Jan
Jan
Mai
Feb
Oct
July
May
24% 25
234
30%
5%
35%
1%
234
1%
19
2535
56
70
6%
2%
8%
1634
106%
23%
90%
8%
200
1,800
4.600
100
1,900
400
100
200
2334 Aug
Jan
42%
%
9
'is
24
27%
27%
1235
44%
31
9%
Si
24
27%
29%
13
400
500
500
4,000
10
100
300
400
4234 Oct
15 Sept
7% seat
35 Sept
Oct
22
27% Oct
2735 Oct
Oct
10
31
1%
%
Vti
1231
5
43
55
24%
31
1%
%
8
1231
5%
43
61
25%
500
100
200
300
1,40
1,700
160
95
1,200
10
5
43
60%
24%
Jan
Jan
Oct
Oct
Jan
Oct
Oct
Oct
Oct
434 4%
414 4%
17% 19%
531 6%
50% 59
39
39
734 931
100
3,200
1,600
800
1,100
50
3,400
4
Suit
4% Oct
16% Oct
5% Oct
501-4 net
3835 Oct
745 Oct
12% May
17% API
27% May
'20% Ain
20% 28
8
835
15
26
26
%
31
600
1,800
900
100
300
Oct
10
7% Oct
% July
16
Bent
41 Oct
39% Jan
12°4 May
1
Apr
5114 June
434 Aar
1,800
13
12
12
Davenport Hosiery
100
%
34
34
Davis Drug Stores cora_ _ _•
1%
100
1%
1%
Convertible preferred- -*
344
2% 344 3,400
Dayton Airplane EnS COM•
5715 2,500
54
• 56
Deere & Co eorn
4,300
2%
214 3
De Forms Radio corn__ •
De Haviland Aircraft
300
735 73
,
1
Am dep rein ord reg. _El
1%
134 244 10,800
Detroit Aircraft Corp- - _•
1,100
15
15
Detroit Gasket& Mfg core 15
6,400
Diamond Match new coin • 1444 1434 17
8,200
New partle pref
25 24% 24% 25
100
30
30
Dictaphone Corp corn.__'
100
56
56
100
Dominion Bridge
1,900
• 133-1 8133-4 15
Dough).* Aircraft Inc
600
52
50
Dow Chemical coin
400
3744 3835
Drawer(8R) Mfg Cool A•
300
27
26
Class B
• 26
300
38% 39%
Driver-Harris Co com _10
30
85
85
100
7 Preferred
%
3
334 1,000
3
Manlier condenser CorD-•
•
134 134 7,200
1%
Durant Motors Inc
300
2% 3
2%
Duval Texas Sulphur__ •
400
444 4%
East UM Invest com A.. •
•
644 6% 6,400
Eisler Eleatrio coin
6%
Else Power Associated arm. 1534 15% 18% 2,500
15
17% 2,400
Class A
• 16
Elea Shareholdings corn • 15
12% 15% 4,200
100
46 pref with warm_
82% 82%
•
Empire Corporation com.•
2% 3% 2,000
3
400
Cum cony preferred
20
20
30%
1,500
44 1
Warrants
300
6
6
6
Empire Fire lnsuranoe--10
100
5
5
Empire Steel Coro corn..'
[Volk 131.
FINANCIAL CHRONICLE
2870
135
34
,
e2
44
84
June 22%
1
31 Sept
1% Oct
2%
835
24 June
5334 Oct 162%
2y4 Sept
8%
11
4 Feti
63
1% Oct
15
Oct
14
Sept
24% Sent
Oct
30
12%
49
31
26
3334
85
1%
2
531
1535
1435
12
82
2%
20
3-4
3%
Jun
Oct
Jan
Oct
Oct
Oct
Sept
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Jan
Oct
Oct
Oct
Oct
Oct
831
9
27
24%
27%
40
58
23%
11)0
643%
44%
tos1 14
103%
13%
7
20%
18%
23
89%
87
82%
108
Vie
May
Ala
Feb
Aug
Aug
eb
Apr
Apr
May
June
Mar
Sept
Sep*
June
Oct
Apr
Apr
Apr
June
Apr
May
Jan
Jac
Apr
Apr
Mat
Aix
Apr
Mar
Apr
July
30% Oct
Oct
1
15% Feb
13% Jan
Employers Reinsur Corp 10 24%
Europ El Corp class A_ _10
Warrants
2%
Fabrics Finishing corn....'
31
Fageol Motors corn
10
Fairchild Aviation corn •
Fahey Aviation Amer shs_ _ -----Falardo Silver. _ _100 40
Fandango Corp corn
•
4%
Fansteel Products
•
Fodder* Mfg class A
•
Sheet coin.•
I vier& Bale
Federated Capital com 5
334
6% Cum preferred... 25 1334
Federated Metals Corp. _• 12.34
it AMP? deo rets
Film Inspection Mach
Flintkote Co corn A
•
Ford Motor Co Led
Amer dep rots ord reg_El 15%
'ord Motor of Can cl A...' 2034
Foremost Fabrics cont. •
Fotimiation Co
Foreign stares Cl A. •
For Theatre.clams A nom.
•
6
Franklin (H H)Mfg coin.*
100
7% preferred
23%
10
2%
15
135
2
235
40
35
435
635
3
334
13%
1134
12%
1
12
Garlock Pocking corn. •
•
General Alloys Co
General Aviation Corp
_
Gee Baking t orp coin_ _.•
Preferred
---•
General Capital Corp cora•
Gen eJee Co of Oa Britain
t inerican deposit rots_ El
General Empire Corp_
•
urger...ring 0111___
.
Gen Laund Mach com_ *
Gen Theatres Equip corn.'
•
$3 cum cony Pre
Gen Tire & Rubber com_25
Gilbert(A C) Co pref_. •
•
,ten Alden Coal
Globe Uuderwrit Exch •
Goldman-nacos Tratling •
•
Gold Seal Xlectrl, al Co
rham Inc $3 Pr w-warr•
Gorham Mfg corn v t o._ •
oottnin, Kriltbac Mach_ .•
4:ravrour Corp•
Gray Tel Station corn....*
II All & k'ao lea
•
Non vol Onin stock
7't tir•t preferred__ 100
•
Greif(D) Bros corn
100
Preferred
tirmert stores Prod v t c_•
niardlar. 1.1re Assur. _10
Guardian Investors corn..'
(Itud) RUSS law5
Ileohinsee candy Stores •
lintel(Illn Corp
Itunensteln Inc...
Hires (C),arles E) el A.
•
Horn.?) flardart corn
gydro-Elso See corn
11
e Food Prod corn.:
Imperial Tob of Gt Brit&Ire
Amer dep revs ord she El
In, .o• lieu,, - 1.
0
, -, 0111 V IC
% cum pref
100
(usuil Utility Invest°, .•
insur Cool North Amer-10
Insurance Securities_ -10
11,1,reilaSt Tradi,ir cern. •
•
Internet Hold & Inv
Internet Products corn_ •
Internet Safety Razor el B.
I nterstd e Equities cow _ _•
Convertible preferred- •
Irving Alr flute corn __ •
Warrants
12
815
1.%
32%
11
26
1435
35%
62
834
10%
Si
2434
Range Slam Jan. 1.
Low
High.
200
1,100
2,000
4,900
100
1,400
400
220
1,100
700
200
1,400
400
200
1,400
200
100
500
22%
844
2
ti
Si
2
2
39yi
35
4%
54
3
355
12)4
1135
11
31
935
Jan
Oct
Sept
Oct
Oct
Oct
Oct
15% 17% 10,900
20
21
2,700
4
4%
400
1035
18%
3
Jan
Oct
Oct
2335 Aug
38% Apr
2444 Jan
234 235
300
6
735 11,300
7
7
200
50
50
25
234 Oct
234 Jan
6
Aug
50
July
7% Jan
17% Apr
Jan
24
Feb
80
1615
10
8%
1%
3235
35
15% Oct
635 Ma
8% Oct
1% Oct
27
Jou,
35
Oct
334 Apr
14% May
12% Oct
4% Jan
5435 Jan
Apr
59
2414
12
235
135
2%
2%
41
15
4%
6%
3%
434
14
13
1235
1
14
1634
12
9%
2
3434
35
100
1,200
4,300
5,800
2,900
100
(let
Mar
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Mar
Oct
30
23
9
934
535
11
3%
6811
2%
13
1134
9
1115
1735
24%
2214
5%
2734
May
Mar
Mar
may
Feb
Apr
May
lIar
Apr
Feb
July
Apr
June
June
Feb
Am
Apr
Jan
1134 4,500
11
9 8 Oct 14
,
At'?
18
100 16% Oct 29% !Mar
18
26
20
26
2454 Oct 3794 Apr
23.1
1,500
13-4
131 Oct
1034 Jan
14% 1715 3,40
12% Oct 1835 Oct
3434 3631 2,900 34% Oct 37% Oct
it 100
100 100
Oct 160
Mar
200 30
35
35
Oct 4314 Feb
1,700 62
71
62
Oct 121 4 Jan
8% 8% 2,000
831 Oct 16% Feb
10% 1234 19,477
9)4 Oct 46% Apr
800
134 1%
I% Oct
6
Apr
50 30
30
30
Jan 39% May
200 20
20
20
Oct e43
Mar
34 Oct
2,200
335 Feb
%
%
(let 44
24% 2534 2,400 24
Mar
100 69% Oct 90
69% 70
Jan
120 180
80 114.4
100 10
50 90
700
5%
200 20%
200
1
100 18
ki
100
100 13%
900
1%
800 24 •
800 713
1,400 2544
300
234
Juue 260
Jan 122
Jan 1014
Feb 99
Oct
14%
Oct
Oct
5%
Oct 29%
A,18 e,
Oct 35
Oct
734
Vet, 32%
Oct IC
oct
Sent 15
Mar
Jan
July
Aug
Feb
Apr
Apr
Apr
Ja..
May
Mar
May
Mar
AD.
May
2335
13
62
49
573-4
9
10%
33,8
4
1335
531,
35
934
2
200
800
175
4,100
2,000
5,200
200
20
1,900
400
1,100
400
400
1,600
213,4
10
60
43%
64
734
Ill
3%
2%
935
5
3315
931
,
135
Oct
()et
Feb
Oct
Oct
Oct
Aug
Oct
June
Sept
oct
Oct
Oct
Sept
2544
29 cr.
70%
71
85%
23
23,
4
8%
7%
14%
14%
46
254
9%
Feb
Apr
Apr
Feb
Mar
Mar
Apr
Apr
Mar
Oct
Mar
Apr
Apr
Apr
•
1835 1835
Jefferson Electric Co
10%
10
Johnson Motor Co corn...
Jonas & Naumburg corn. •
15
%
4
631
5
Klein(
dr Co pref....20
12
12
Kleinert (I 11) Rabb
•
i4.ds ter-brandes, 1-1.1A mericari Murree
Li
34 3013-41013436
3-4
Koppers Gas & Coke pf 100
38
38
LackaWalien sectirltlet
•
3
3
3
Lakey Fdy & Mach corn...*
•
13% 14%
Letemirt Realty coin
25
25
Preferred
30%
30
Lehigh Coal h Nay
11% 1235
Libby McNeil & 11b1%--10
,
• 17% 17% 18%
iiv Till, Corp corn
11
11
Loblaw Grocerterias A...*
,
534 635
1....ewS Inc noel Purchwarr
135 115
Louisiana Land & Explor..•
Mactlarr, Store', 111,- -• 1034 10
1035
3735 3
•
Mapes Consol Mfg
815
4% 5
Marion Steam Shovel corn'
Wavle Bottling (loot
51
4
_•
74
45
45
Mayflower Associates Inc.* 45
25
25
May Hosiery Mills pref_
8% 10
McCord haul & Mfg Cl B-•
20
20
McGraw Electric Co
75
76
Mend Johnson & Co own.*
32% 3235
Mercantile Stores Co corn •
15% 16%
Sierra; nal, A -Cott carrn•
80
80
614% pref series A___100 80
Mn,,, At Min etnarsa nren-•
1
134
34% 34%
Metal Textile Corp pr._ *
vi•trapo I main Store._•
4% 5
2% 2%
Metrop 5 to 50c Sts pf _100
•tt
16% 1844
,,,l Steel Prod 2n11 yr•
44
44
Midland United warrants_
80
60
M ldvale Co
• 60
25% 25%
Miller (I) & Sons corn_ •
lt,t Fuel Corp werr- - 12% 12% 13%
,
aInterval II ir, & Agri waxy
3-6
%
54
102 10244
Montg'y Ward dr Co A.
•
Mortgage Bk of Colombia
26% 27
American shares
10
10
Nachmann-Springf'd Corp*
634 8%
American IS. ins_
•
•
Mal Aviation Corn
444 5%
5
5
National Baking corn '
5
.5
5
NatBancservice Corp.__e
6
8%
Nat Family Stores corn *
Nat Immune oom
635
6% 6%
•
1
1
Nat Leather Co corn_ _10
7
7
Nat Mfrs & Stores CorD-..
•
Nat quober Mach',com •
534 635
• 19% 1735 19%
Nat Screen Service
Nes Short Term See
1535 15% 1534
33% 3334 3335
Nat Steel Car Ltd
National Nagar Berg_ -• 29351 28% 3035
3
335
3
Nat Union Radio corn._ •
2,80
30(
10
40
30
18% Oct
10
Oat
.44 July
4
Oct
10
Oct
56
44
235
20%
25%
Apr
Mar
Jan
Mar
Jan
14 Sept
1,800
2
70 95
July *40234
40
2.4-1 .lan
4:431
100
3
Oct 12
400 11
Oct 2535
100 19
(let 3731
1,200 2
831 Oct 1031
600 lit., June 27
1,70
1714 Feb 304
200 11
Oct 1134
1,900
334 Jan 3044
5,400
1
Oct
5
Oct 24%
1,700 10
500 37
Feb 4915
1,100
434 Oct 1735
331
2,200
% Sept
100 41
Oct 7131
Mar 27
100 20
2,100
4
Oct 2034
Oct 2835
100 20
300 5534 F,0, 90
100 32
Oct 5934
500 1414 Oct 20
200 80
July 88
800
35 Oct 1634
100 3434 Sept 4135
200
it,
4
tag
100
135 Sept 29
100 15,
22
,
200
44 Oct
4
100 505-4 Feb 62
300 21
Oct 3354
600 10
Oct 275-4
2.000
234
Si June
60 102
Oct 108
Apr
June
Feb
Feb
Mar
Jan
Mar
Apr
May
Aug
MAY
Jan
Jan
June
Apr
May
May
June
Feb
Mar
Aug
Feb
Feb
May
Mal
Jan
2140
Jan
Mar
May
sept
Mar
Mar
Feb
Oct
200
200
800
3,300
300
100
600
4,400
100
400
600
300
1,300
100
1,700
400
June
Jan
Jan
Apr
May
Jan
Mar
Feb
Air
Feb
API
June
sent
Sept
May
AIN
•
•
19335 195
194
117% 117 11731
10
10
10
97
97
5% 535
53-6
2535
24
1
11i
2015 20%
%
%
18
18
4%
2% 434
29% 29% 2934
34
33% 33
29%
27
27
43-4
43-6 4,%
11%
44%
56
834
5
2
23
1115
61%
4434
56
8
1035
331
334
,
1315
5
3334
9
1%
2415
10
6
434
4
5
6
534
1
7
:144
1234
12
32
AIX
a
55
Jan
Oct
Aug
Oct
Jan
Oct
Oct
On
Oct
Oot
Sept
Oct
May
Oct
Sept
Me*
33
27
1254
2134
534
3334
20
30
241
1554
27%
3244
la 114
5235
33
loll
Nov. 1 1930.]
FINANCIAL CHRONICLE
Frilay
Sales
Lai Week's Range for
Sale
Week.
of Prices.
Stocks (Conneaut) Par Price. Low. Nigh. Shares.
Nell' Corporation
*
First preferred
•
Nebrier Bros Inc 7% p1100
Nelson ,
pro
Nestie-LeMur Co al A_ •
Newberry (J J) Co corn_ •
7% preferred
100
Newport
•
New Haven Clock Co__ *
New Mexico & Ariz Land 1
Merchandise
NY
N Y 'I'ransportation____10
.
NiagareShare or MO__ 10
Niles-Beml-Pond com__•
Noma Elec Corp corn_
•
Nordon Corp ltd
5
Northam Warren Corp Pt'
No Amer Aviation ware A
& So Amer Corp A__•
No
Novadel A gene Corp corn •
011starlre ltd ciass A . .•
Orange-Crush Co
_*
Outboard MotCorn mut 130
com_Cony pref class A
•
Oversee. 0eenrities co
•
Ovington Bros part pref •
Paramount tab Mfg ewe A
1P
Parke 115, 8- ro
Fender (D) Grocery cl A..•
Clam B
•
Pennroan ,•oco .orn v to •
Perfect Circle Co
•
Perfection Stove Co. _25
Philtp Al..r.,- .1.,1.6 eon, •
Philippe (Louis) corn B. •
•
er el A •
Pte (ML Pr
Pierce Governor Co
Pilot Radio & Tone al A_ •
Pitney Bowes Postage
•
Meter Co
Pittsb & IF 111/ corn_ .
F
Pittsburgh Plate Glass__25
Pnlympt
*
Prentice-Hall Inc
Prince &Whitely Tradcom•
•
53 conv pref
Propper McCallum Hosiery
Common
•
Prudential Investors oom.
•
Public Utility Bolding Con.
•
Irmo,.
Corn with ...
Corn without warrants__
Warrefe.
Pyrene Manufacturing_10
Railroad Shares Corp__
Reliable Stores coin
Reliance Internet corn A.•
Reliance 11 1 imager',eat _ •
.
Reybarn Co
10
Reynolds investing ,•0111 Rice-Rix Dry Goods corn •
Rooseven Field lin
•
•
Rossts
Royal Typewriter corn_ •
Auburn('Co
•
14%
80%
2531
18
123%
234
2034
8%
22
H
28
134
10
51%
28
234
5%
3%
8
34
734
13
74
80%
14
1%
25%
95
1734
12%
234
1034
2034
8%
22
7%
34
27
114
10
34%
544
28
2%
5
6
3
3%
31%
20
1431
7%
25
3534
31
13
31
5
434
6%
103
40
3
2034 20%
134
1%
1994 15
1334
8%
7
134
4
31%
6%
23%
3%
14%
400
74
100
817-4
150
14
100
1%
100
25%
400
95
100
900
20
13
300
23-4
600
100
10%
200
20%
934 2,700
23% 1,200
100
7%
1,000
34
28
200
1% 2,200
103-4
400
3434
100
6
1,600
28
300
300
234
5%
500
6
100
3
100
394
400
31%
100
20
150
1434
100
8% 22,400
25
100
35% 1,000
200
31
13%
200
31
200
531
200
4%
200
Low.
13
74
80%
13
1%
2531
95
i634
12
2
103-4
16%
8%
22
534
34
27
%
10
224
5%
27%
2
5
531
3
334
2931
1034
11
731
25
35
%
13
20%
5
4
9% 2,300
6
106
250 103
40
200 40
3
300
3
2034
200 20%
2% 26,400
%
20% 7,200 12
High.
Oct 26
Apr
Jan 74
Jan
Oct 125% Apr
Oct 3134 Feb
Oct
834 Jan
Oct 49
Mar
Jan 101
Feb
Oct 42
Oct 2234 Feb
Oct
731 Feb
Oct 24% Jan
Feb 2534 Feb
Oct 2134 Au
Oct 45% Ma.
Oct 21% Mat
Oct
134 Sept
Apr
Oct 38
a
Oct
Apr
24
May
Oct
Jan 39% Sept
Oct 11% Alit
Oct 38% Apr
Oct 13
hIs
Oct 18% Mar
(Sri
19% APT
5
Oct
Mar
Sept 13% Jar,
Oct 42% Jan
Oct 4231 Feb
June 3534 Feb
ON
16% Per
Apr
Oct 44
Oct 59% Jan
in
Oct 9134 May
.1a.
Oct 1234 Mar
Oct
AP
,
Oct 20%
Om 130
Oct 59%
Se'
Oct 207-4
Oct
15%
Oct 44
5
5
1334 14%
300
6,700
Oct
5
12H June
20
23
8% 9%
734
7
131 1%
7
7
4
4%
10
10
3% 3%
634 7
2% 3
1% 23.4
931 9%
2% 2%
334 3%
41
41
42% 43
7,100
3,800
2,700
600
1,000
300
600
900
7,200
5,400
200
300
800
100
200
Oct
8
7
Oct
1% oci
7
Oct
Oct
4
734 Sept
Oct
1134 Sept
2
Oct
134 Oct
9% Oct
2
Jan
334 Oct
35
Oct
3931 July
Ap
Apt
Apr
Oct
Ae
AP.
2714
10%
9%
10
934
20%
16
26%
6%
Safety Car Heat & Ltg_10(
110 110
100
Safeway Stores 2d ser war
3
4
33.4
40
St Ftegis Paper Co earn tr. 16% 1634 18% 6,300
7% own pret
100
108% 103%
50
Barer ('.11 Ppm
• 12% 12% 14% 2,300
SOW Co corn
•
20
22
200
Schleifer & Z2trI(li•r t. I P. .•
1% 1%
200
Schulte-United Sc to 51 St•
1%
1% 2% 3,100
Seaboard Ulil s(.rem , _ •
4
43.1 1,000
4
Securities Corp General •
25
25
100
Segal Leek & Barn ware .
•
534
434 5% 9,900
SelberlIng Rubber corn_ •
4% 5%
400
Selected I ucht.trie. °urn_ .•
334
334 4
3,000
25% prior stock
• 6234 6234 63% 1,100
.4 ?nri cal" 66
Allot ett•
66
67% 8,100
Selfridge Provincial Storm
Am dep rets ord shs__El
2
2
2
100
Sentry detaty (Amine_ _.•
1%
134 134
300
Sheaffer (w A) Pen
• 48
300
48
47
Shenandoah Corp corn....
•
634 7% 2,500
744
6% cony oral
50 377-4 s3731 3834 3,700
Stiles Gel Corp coin v t c • 113%
10% 11%
600
Singer Mfg
100
380 380
10
Smith (A 01 Corp con• 14834 145% 150
160
Sofa Viscose
200 lira
1% 1%
200
South Amer Air___
500
Southern Con h mon _, •
4% 4%
400
43-4
tloutnacpt Dairy Prod com•
234 234
100
Spanish & tie,, Coro
Amer den ret. hear aha £1
20
34
Si
Amer dep refs; reg she El'
30
Si
Stand Cap & Seal CM__ •
33
33
10
Stand Dredging corn
*
834
8
834
300
stand.r. II. pli
" 16
15
16
200
• ,•••••••,
Stand
int)
1% 134
1,900
Standard Wholesale Phosphate & Acid Works____ 15% 15
1534
200
• 11
Starrett Corp cum
11
113.4
700
/34 cum preferred-- -60 30
30
3034
500
• 123-4
Stein (A)& Co corn
12% 14
800
634% preferred
100 85
85
85
100
Stein t .05m.41.* 0•11,1,
5% 5%
400
Stetson (John B) Co COrn•49
•
49
2,375
Strauss-Both Stores UUla-•
5
5
8%
900
•
Stroock iSi & Co Inc_
13
13
500
I%
•
Stutz Motor Car
1% 3,400
1
•
Sun inve-th.e emu
8% 834
200
• 33 .33
$3 cony pref
33%
600
Swift a eu
25 28% 28% 2931
800
Swift Internatioual___. 15 323% 32% 33
1,600
Syracuse Wash Much ci B •
6% 10
751
3,300
Technicolor lee onto
• 1234 11% 13
3,900
.
Thatcher Secnrities
2% 234
300
_100 60
Tbermold Co lirri
60
84
200
Timken Detroit Axle 0111)11 104
104 104
20
Tobacco Prod Exports___*
31
%
800
,
• 4834 4834 4834
Todd situp)aro,
400
Tranap____•
Trail/wont Air
6%
6% 6% 1,200
-Lux Pint Screen
Trans
Class A oominoo_ ---•
6% 7%
5%
200
Tri-Continentai Corn warn
334
s334
4,100
Tel
..• 39% 34
39%
400
Triplex Safety Glass
Amer deo rota ord reg El
7% 7%
300
Truss Park otorer
15
15% 1,300
Tubizet•hatIllon t',rp.COTOLTIOO (1
434
4% 4% 1,400
Tung Sol Lamp Wks eom_*
9% 9%
100
1Jogerepoe 1,1myta :oft,
2434 2334 25% 8.200
•
Union Mills corn
7
7
200
Elidon Tolinv... •
3.1
% 2.800
United Amer CBI corn_ •
8% 63%
100
United-Carr PoYteller eturi•
5
534
500
united Corp warrants
93%
9% 10% 8.800
United Dry Docks com---*
33-4
3% 3% 3,100
United Founder* c.0n. • II% 1034 11% 54.700
Range Since Jan. 1.
106
3
16%
106
12%
20
Mar
Ma
AP
Oct
At.
Apr
Al'
May
Apr
Apr
Atli.
Mn'
16
Feb
514 Mar
Ii',
643.4 Mar
64% Apr
Ala
Jo,
Ay
July
sem
Mar
Jar,
Apr
Al.'
Apr
4
334
5434
57
Oct 147
Oct 210
Oct 34
Jan 111
Oct
1714
Oct 34
Spilt 12%
Oct
4%
0,1 10%
Oct 75%
Seot
Oct 17%
Oct
12%
Aue 713.4
Oct 8434
2
1
47
534
33
10%
375
137%
1%
331
43.4
234
Oct
Oct
9%
Oct 5918
Oct 20
Jan 4834
Se.t. 3434
Oct 560
Jen 3110
Aug
234
Oct
a
11111.1
334
Oct 13
Jan
Mar
Feb
Apr
134
4
x243.4
34 Oct
34 Oct
33 June
8
Oct
15
Oct
34 Jai
15
1034
80
10
81
4%
49
5
12
1
834
33
28
e2831
3%
11
2
59 34
103
Si
44
434
4%
8%
84
574 Apr
15
Oct
314
r9
13
7
14
6%
4
9%
33%
9%
Oct
Oct
(ler
Oct
Bern
Oct
Oct
Oct
Oct
Oct
Ms.
Apr
Am
Jan
Oct
Mar
134 Jan
2% Apr
3634 Apr
313.4 Mar
22,A at"
1131 Apr
Oct 15%
Oct 8734
June 4814
Aug 21
Feb 87
June 23%
Oct 72
Oct 22%
Oct 253
4
Sept
4%
Oct 23
Oct 51
June 34(4
July 38
Sept 10
Sept 86%
Oct
5%
Oct 87
Oct 110
Jan
2%
65
June 10%
Jan
Oct
Oct
Feb
Al?
API
Ma
Oct
Mai
Ma;
Mar
June
•••
Mar
May
Alif
Jac
Apr
Apr
Jar
Mar
Oct
Ma.
Apr
Apr
Apr
Apr
June
Apt
11334 Apr
Apr
9
5834 Apr
11
26
May
Jaii
2254
28%
1{114
7
1
20%
16%
30%
814
44
Apr
Mac
Oct
Jnri
Apr
June
Apr
Jan
Mac
2871
Friday
Sales
Last Week' Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
United Milk Prod com_ •
United Molivsee Lto
Am dep rets ord reg__El
Prwit-snarinc_ •
United Retail Chem pref_•
r•-• on, eon, .
"'".'
United Wall Paper Fact_*
U S Deity Prod class A..
Class Es
•
US Finishing corn
•
U S Foil class It .
•
U S & Internet Sec
_ •
First pref with warrants.
cornel Linos Pre.
•
1.1 8 & Overseas with werr•
Certificates of 01111osIt_. II S Playing Card com_10
Utility EQUItiati Corp____•
& Ind Corp corn_.•
wee•crwl
•
Van Camp Milk pf w w 100
Vender-Root. Inc
•
v I I .10, I. • trt,
Virginian Ry corn v t c_100
Vogt Manufacturing
•
w slime°
outomun
•
Warranty
Walker(Hlram)Gooderham
& Wortscommon
•
Wayne Pump Co
western Air Ex prees____
Awe gpri erim a •
Western Md Ry 1st pref100
Williams tit I
III
WI In. Cafeterias corn.. •
,
Preference
•
Winter (Ben)) Inc corn
*
Zonite Products Corp corn'
3
7
6034
10%
7%
734
134
47
8
14
343'
7%
634
1434
24%
6%
731
3
5
5
234 234
7
7
3% 1%
734 734
'603-4 61
10% 12
731 7%
6% 9
1%
134
47
55
734 9
13% 14%
14% 15
5934 60%
731 8%
8
8%
20
2094
49
49
31
31
634 634
130 130
11
1434
24% 2531
634 6%
634 7%
734 794
21
2234
1631 1634
90
90
11% 1134
33-4 3%
10% 1034
30
30
134 I%
834 9%
100
Range Sitaell Jan. I.
Low.
High.
234 ',July
6
200
434
300
1 31
200
634
500
1%
100
734
600 52
900 1034
600
634
1,500
634
300
1%
1,200 47
3,000
734
2,500 13
1,200 1134
325 58
1,000
634
4,400
73%
400 111
50 49
100 31
600
634
50 130
200 11
2,500 23
100
634
Oct
May
Oct
Oct
Aug
Jen
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oet
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Aug
29% Jan
2% tan
934 May
Rt. fail
18
Apr
72.4 Apr
2644 Apr
30
Apr
26% May
8
Apr
75
Mar
20% Mar
23
May
16
Oct
84
May
••
Apr
239( Feb
21(4 Feb
74% Feb
43
Mar
044 Jan
143
Jan
223.4 Apr
n1
Jan
35
Jan
8,100
500
700
800
10
100
1,900
100
200
1,600
4,700
531
734
18%
15
90
1014
3
1034
30
131
8
2%
3
700
3
3
200
14
1434
500
1-32
1-16 13,600
400
%
%
20
26
300
103g Hsi 2,600
2%
3
1134
1-32
31
1234
10
Oct
Oct
Oct
Oct
Oct
Jan
Oct
1 1%
4%
1434
1-16
3%
(1434
11%
Mar
Sept
Oct
Oct
Feb
May
Oct
Ala Power $7 pref
•
26 preferred
•
allegheny um Corp corn.
•
Amer Chin. Pow & L el A •
Clam B
Ito Com'w•ith P com A__•
Common 'Tail B
•
Amer Dist Tel of NJ p1100
icier & Porelgn Pow mar.
tram Gas & Eleo com____•
Preferred
•
Amer L & Tr corn
25
a mar Nat Gat corn v t o_-•
Am Sts Pub Serv cl A _ ___•
Morel Supardower 00r9
Corn, new
•
First preferred
•
An s..,,,
rprerrP,r1.
•
Amer Tel & Tel 1st pald•04,•tareoao Usa eoce___.
+mos Oaa & El cam
•
Clam A
tit Int hear allot Otto$5 preferred
•
Assoc Telep Utilities
•
114% 114% 114%
50 111
100 34 101%
75 100
234 2%
2%
200
234
200 3434
3
436 35%
10
934 11
10,500
834
1834 1734 1834 6,800 1534
36
37
800 30%
100 110
11014 11034 110%
23
23
2634 13,460 20
91% 9014 98% 11,600 8534
10614 10634
900 104
4934 497-4 51%
900 49%
7% 8% 1,900
7%
6%
1934 21
1,400 Id
Jan
June
Gel
Oct
Oct
Oct
Oct
July
Oct
Oct
July
Oct
Oct
Sept
115%
10434
9%
49
28%
2834
50%
11214
76%
157
1093%
893i
19%
26
June
Mar
Mar
Mar
Ain
Mar
June
Apr
Feb
API
Mar
Apr
Apr
Feb
Bell Telep of Canada .11)11
irairliten Tr Li & Pow ord•
*ow Viaa i East P. of -26
Cables & Wireless Ltd
Am dep rots A ord shs El
Arn dell rcul It ord ohs El
Amer der, re nor stalls..
Caned Ilydr-Elec 1st p1100
Carolina P & L $6 pref_ •
«• •
, oe e,
Cent III Pub Sem $6 pfd. •
,
Cent Pub Sem, corn
•
Class A
Ceht
Cony preferred new
6% pref without ware 100
,'era A,
I 01 coru..
Cleveland Elec Ill com_ •
Corn'w•ith Edison Co_ _100
kunns'wealth & Son CorpWarrens.
Uommualty Water Sery_.•
Canal()Elk P Balt corn •
f•it. -aim A •
Como! Trac of N J____100
Dixie Gas & UtlI corn..,..5
rues.
100
Unguent% Gas Corp cam •
Tao Ose & F Assoctates.•
01311.1 Pow 14 ni1011.„.•
East Util Assoc corn
•
Convertible stock
•
(lee bout) a eth
corn...'
Preferred
•
as op, pre? w 1
Elm Pow & Light warr__-1.shoire
pan stk •
Malone Pub Seer man 01 A•
()en fl4 Flee le rif It .•
Gen Water Wks & Elec A.•
Georgia Power 26 wet __•
Illinois Pow & Lt $6 pret•
Ind tense PA L 6 34% P110
0
Inter Hydro El $3.50 prat*
Internet auperpower
•
Internet Util class A
•
CIA•1.,
partic preferred
V, arrant,' kir ttikintOCkItalian Super Power al A- •
Warrants
Long Island Ltg corn_
•
7°f t•ecterrwi
100
6% pref series B
100
La Pow & Light $6 Prof- •
Marconi Internet Marine
Common Am dep rem_
Maroon' Wirel T of Can__I
Mass Mil Mime•t o
Memphis Nat Gas
•
Middle West Utileora
•
A warrants
1
•
$8 cony pref A
M"
mittra•• titll al A •
Miss River Power pref-100
148
147 148
150 146
June 15734
25
25
28% 24,400 2034 Oct 55% Feb
AIX
2631 26% 26%
500 2434 Jan 2651 Sept
BightsAs.nelated 0& El del)rts..
Stock rights
Commonw•alth Edison WI
Creole Petroleum w 1
Flat
Loewe Inc dett rights
Peoples Gas Light & Coke_
•
2134
16%
33-4
8%
2%
3
1-32
20
10%
1434
943-4
9134
11534
6%
644
23%
24
23% 2334
87%
88
90
90
21
21
1434
54
23.4
18%
1331
77
1911
250%
234
10%
92
19
473(
6
18%
35
5154
93%
28
34%
12%
66%
834
23.4
Apr
June
Apr
Feb
Mar
Jan
May
May
Jan
Feb
Al)r
1534 65,700 14
Oct 39% Apr
410 94
9735
Oct 10234 Sept
1,100 8714 Jan "714 June
913.4
11534
1,100 115% Oct 121
Oct
7% 5,200
6
1444 May
Oct
25
3,300 22
Oct 51% Mar
2434 10,700 2114 Oct 46% Jan
90
175 87
Oct 147% Apr
90
50 89
Sept 95 34 Oct
21
100 19 June 283-4 Mar
34
134 1,100
Si
34
34 19,900
34
2% 2%
700
214
81% 81%
2
81%
102 102
10 102
500
31
1
Si
91% 91 34
1
903.4
2314 23%
100 23%
19% 2034 8,700 19
12% 1434 18,500 12
77
77
10
74
67
67
10
87
18
19%
1654
70
47% 4834
90
4734
245 260
40 234
354
Aug
July
2
444
Oct
Oct 81%
Oct 102
Oct
July 9234
Oct 4034
Oct 4334
Oct 89%
Oct 105
Oct 8334
Oct 3144
Oct 93
Jan 33534
Jan
Jan
Jan
Oct
Oct
Jan
Aug
May
Apr
Apr
Apr
Apr
Feb
Apr
Apr
23.1
234 2% 25,700
93( 10% 1.700
834
92
97
1,100 903(
11334 19
300 17
45% 4741
175 45%
23
28%
400 10
139 34 139%
50 128
5% 6% 1,600
534
22
22%
200 19
1.900 18%
1834 22
35
353.4
200 35%
8% 834
8
100
51 34 56 31 255,200 50
104% 104% 1,400 10334
93
93% 1,500 91%
28
33
1,900 2534
33
300 31%
3434
1234 14% 1.000 1234
Oct
Oct
Jan
Oct
Oct
July
Oct
Oct
Sept
Jan
Oct
Oct
Oct
June
Oct
Oct
Oct
Oct
6%
19%
138%
304
1
4731
24%
21.111
17
42
44
43%
17%
117%
109%
98
7836
60
25
Apr
Are
May
Mar
Oct
Sept
Apr
May
Apr
Apr
Apr
Mar
Apr
May
Sept
Aug
Feb
Fab
Oct
Oct
Oct
Oct
Jan
Oct
Oct
Jan
Oct
Jan
Oct
Oct
Oct
Oct
Jan
Oct
Apr
9714
3034
103%
91
106%
52
66%
50%
19%
101
10
18
9%
56
1 133.4
107
102
Apr
June
May
Oct
Sept
Oct
Mar
Apr
Apr
Sept
May
Aar
Feb
Apr
Sept
Sept
Sept
66% 70%
17
173-4
9834 9834
90% 90%
10534 10514
50
5034
26
26
27
37l4 38
7% 834
7%
98% 99%
234 2%
2%
434 531
1% 1%
33% 34
110 110
1033-4 10334 10534
99
99
98%
Oct 13%
Sept
19
Jan 46%
Oct 3934
Feb 125
Oct 20
Oct 15%
Oct 3'
Om
Si
Sept
6%
Oct 21
1,050 563-4
300 17
40
98
200 90%
2
98
20
50
200 25%
300 341-4
1,900
11%
200 795'
40
1.400
4
1%
800
300 33%
50 107%
325 103%
ao 97%
7
83.4 6,200
7%
234 33i 5,900
2%
300
634 634
6%
11% 14
5.20
123.4
10%
2131 2134 23% 13,800 21%
1%
600
1
154
100
100 100
10
97
21% 21
22
800 20)4
108% 112
20 103
Oct 13
Feb
Oct
934 Apr
Oct 10% Apr
Jan 22% Ate
Oct 36
Ave
A tut
534 Apr
Jan 109% Ape
Oc
49% Jut,
July 112
Oat
Sala
frtaay
Last Week's Range for
Week
Sale
of Prices.
Public UtilitiesPar. Price. Low. High. Shares.
(Concluded)Mohawk & Bud Pr lot pf..•
•
2d preferred
•
Municipal Service
Nat Pow & Lt $6 PI
•
e
Nat Pith Serv corn A
•
$3.50 cony prof
Nevada Calif Elec corn _100
New Eng Pow 605 peel 100
New Engl Tel & TeL _100
N Y Power & Light36 pref
•
NY Steam Corp com
% Orel_ _100
N Y Telep
Niag & Bud Pr (new mein
10
Common
-Class A opt warrants
Class B opt warrants.... pf 1041
v
No Ind Poi, Qeei
100
l
a
Nor f ta*Korp corn. J00
6% cum preferred _100
Ohio Bell Tel 7% Pf-100
Ohio Power 6.4 pref._ 100
Pacific Oas& El let pre 2e
Pacific Ltg Corp $6 pref •
Pacific Pub Ser. el A corn.•
Pa Cent Lt & Pow pref__ _
Pa Water A Pow er
Peoples Lt & Pow class A..*
Puget Sd Pr & Lt 6% p110
112
28
25
--5934
26
Former Standard Oil
Subsidiary25
Borne Eicrymaer Co
bc
Buckeye Pipe
28
Cheabrougb Mfg
Cumberland Pipe Llne_50
100
Eureka Pipe Line
Humble Oil& Minting-21
Imperial Oil(Can) Corp•
Registered
.
Indiana Pine Line
National Transit _ ___12 50
10
New York Transit
50
Northern Pipe Lble
Ohio 011 6% rum pref. _100
25
Penn Mex'Fuel
Solar PeflnlTisr.
10
Southern Pipe Line
....„35
South Penn Oil
So West Pa Pipe Line.. -50
Standard 011 Undlana)...26
10
Standard 011(KY)
25
Standard 011 (Neb.)
25
Standard 011(0) Oom
100
Preferred
6% cumulative pref-100
26
Vacuum 011
Other Oil Stocks
5
Amer Maracaibo Co
Arksns Nat Gm Corp cam•
•
Clam A
10
Preferred
50
Atlantic Lobos pre!
Brit Am 011 coupon Mk__
Garth Syndicate corn
•
Colon Oil Corp. am
Colum 011 & Gasol v 05.-•
1
Conan! Royalty 011
•
°Wien Oil common
•
Creole Syndicate
•
Crown Cent Petrol CoDarby Petroleum corn....
•
Derby Oild Refcorn
Gulf Oil Corp of Penna-.25
Indian Ter 11101101 A.
;
Class 11
Intercontinental Petr01...10
•
Internet Petroleum
Kirby Petroleum
Leonard Oil Develop---25
•
Lion 011 Refining
•
Lone Star Gas Corp
MacMillan Petroleum_ 25
Synclicate__ 1
Magdalena
•
Mexico-Oblo OR Co
Middle States Pet CIA vto•
•
Class B v to
Mo Kansas PIPe
Cl B. vol trust sits- -1
1
Mountain & Gulf 011
Mountain Prod Coro--10
•
Nat Fuel Gas
New Bradford Oil 0o....-8
•
N Y Petrol RovalSY
•
Nor Cemt Tex Oil Co
European 011
North
•
MEM Western Gil
•
Panden Oil Coro
Pantepea 011 01 Venesnele•
Petrol Corp of Amer werr
Plymouth 011 Co
Producers Royalty Co.....
Pure 011 006% PrOf---100
Reiter Fatter Oil corp_ •
Richfield ((lint Calif p1_25
•
Ryan Como] Petrol
Salt Creek Produeers-10
5
011 Corp
Savoy
Southland Royalty Co •
Sunray Oil
Texan Oil& Land Co_ •
Union Oil Associates-25
5ronesuela Petroleum- ../
1
Woodley Petroleum
•
511'011& Gas Co
High.
Low.
B'wana Ai'kubwa Cop Min
American shares
10
Carnegie Metals
Chief Coast,' MinIng .1
Cometock Tun & Dnun 10c
rIonsol Copper Mine... IS
Cresson Cons G Min & M 1
Cosi Mexicana Mining---1
Oct 244 Apr
1234 123-1 29.000 12
634 May
234 Oct
24 2% 6,300
300
84 Oct 15% Apr
64 64
115 954 ktftr 103 Sent
99 100
Apr
107% 107%
60 102% Feb 112
600 130 June 1834 Feb
135 136
10 95;4 Mar 102(4 Rant
97% 9735
Oct 116% Sept
100 110
110 113
Oct
10 10434 Jill) 111
105 105
June 2934 Soto
28% 1,300 26
28
Mar
Feb 105
50 101
1024 103
25
25%
600 234 Jun• 294 Apr
Oct 454 Oct
45
200 45
45ti
Oct 95% Mar
500 59
594 60
Mar
Oct 46
2434 265( 1,600 20
20 98% Sept 10134 Apr
99% 99%
Gold Coin Mines, new____
Golden Centre MInes---5
Goldfield Cons
11%
11% 11%
49
49
1185( 118%
25
25
31% 314 314
72%
16% 1634 1734
16% 16%
26t4
2634 25
144 1434 14%
14
12% 14
304 304 30%
150
50
100
1,150
200
100
10
160
300
25
400
150
104
102
4%
100%
19
424
80
8834
13734
9634
53
113%
Jan 108%
June ell()
Oct 1634
Oct 1044
Oct 25
Oct 47%
Jan 14914
Oct 93%
Oct 160%
Jan 104%
Oct 5434
June 11735
Oct 29%
Apr 97
July 28%
Jan 122
Oct 9534
Oct 30%
Jan 93%
Oct 88
Oct IL
Oct 17%
Oct 28%
June 994
Oct 114
Jan 56
Oct 99%
Jan 119%
Oct 14
Oct 22%
Oct
6%
Oct 28
Oct 68%
Jan 107.4
Anr
Mar
Sept
Oct
Oct
Apt
Map
Man
Man
Feb
51/14
Sept
Mal
May
Mar
Ant
Feb
Vet
June
Ma/
Apr
May
so 11% Oct 25
Oct ti9
loo 49
100 118% Oct 184%
Oct 651.1
200 25
50 31% Oct 544
4,800 72% Oct 119
8,300 15% Oct 30
200 15)4 Oct 28
Oct 41
400 25
400 13% Oct 2211
3,250 1034 June 2154
50 30% Oct 54
Feb
Jan
AM
Apr
Jan
Apt
Apr
Apr
Jan
Jan
May
Feb
105 1054 1,400 103
100 17
19
19
19
74
900
8
731 84
9
11
200
11
9
1,300 25%
264 26% 27
50 39
39
39
39
47,700 40
41
404 40
24% 24% 25% 5,700 24
41
41
42%
600 40
57
850 5254
55
54
940 115%
116% 116% 116%
100 103
103 103
6134 61% 85% 11,000 594
Feb
June
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
June
Oct
Oct
108
32
33
20%
4414
64
5954
404
48%
1084
122
103%
9734
May
Apr
Jau
May
Mar
Jan
Apr
Apt
Mar
Mar
Mar
Oct
Are
1
79'
734
73.4
Oct
Oct
Oct
Oct
Oct
Oct
Jan
Oct
Aug
Oct
Oct
Oct
Jan
4%
1654
16%
8(4
1.3(
21
3%
1)4
21
5%
74%
714
1
May
AP/
Apr
Anr
Mar
Apr
AM
Feb
Apr
Jan
Jan
June
Mar
73.4
794
73-1
15%
134
2%
71.4
53-4
4
3-4
79%
22%
224
34
1454
1
104
24%
2;4
14
934
284
154
12%
5-16
24
214
451
90
12%
254
7
34
74
2631
Mining Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices
Sate
Par. Price. Low. High. Shares.
Oct
Feb
Apr
Oct
Jun)
Sent
June
Sept
Apr
Oct
Oct
June
1064 1064
1064 1064
4% 4%
100% 1014
19% 1954
42% 42%
115 116
8934 884 90
138 139
102 102
53
5434
114% 11434 114%
124
24
64
Range Since Jan. 1.
19
19%
700 18%
Rockland tight Pow 111
10 90
92% 92)4
Sierra Pao Elec 6% pref 100
Bon Calif Edison pref 13_25 263.4 21334 2734 1,050 24%
150 11734
Souwest Bell Tel 7% p1.100 11934 11834 11934
100 9534
95% 95)4
Elouwest & E 7%100
644
64 84 1,625
Southwest oas Itil cow _ •
90
100 90
90
90
Swim-Amer Elea pref
544 554 11,000 51%
• 55
Tampa Electric Co
• 20
1,500 20
22
20
Union Nat Gas of Can200 1234
13%
------- 13
United El Serv Am ribs
85(
954 1034 61,600
935
United Gas new
95% 1,000 914
93% 93
Pref non-voting
4% 3,600
34
4
44
Warrants
United Lt & Pow oom A--• 294 2934 3234 27,000 27%
70
300 69
89
Common class B
1,700 97 34
10134 103
8% corn let pref. ____ • 102
84
100
84 84
United Rya & Elec Balt_50
6
74 7% 9,300
7%
B Elm Pow wit,- wart..•
24
100
24 2%
2%
porch warrant8Stock
• 114 114 1334 10,300 9%
17tilPow & Lt coin
254 2734 4,800 21
Class Bete.
103 103
100 100%
Western Power Pref-- 100
(Vor.. 131.
FINANCIAL CHRONICLE
2872
1
73.4
734
114
73.1
754
3.1
31
15% 154
1% 154
34
8
2% 2%
55( 691
44
4
34
1.4
74
434
7854
224
22%
fi
14%
1)4
34
104
244
54
34
2%
34
114
934
1.4
34
551
274
2
534
794
5
844
23
224
34
15%
14
134
10%
2734
534
54
2%
4
1%
12%
34
34
654
29%
2
8
4
134 13-4
12%
5-16
234
134
2134
4%
90
2
12%
2%
7
fi
714
8%
10%
2654
1%
234
12%
2%
14
224
43-1
91%
234
1334
2%
794
3.4
7%
354
10%
274
1%
33.4
34
2,000
2.200
15,700
1,500
400
100
1,000
1,500
5,400
200
1,500
2,300
1,000
15%
f4
2%
5%
2%
5%
at"
34
4
fi
251
36
Engineers Gold Mines_ ..5
Evans Wallower Lead oom•
1
Falcon Lead Mines
3.1
134
34
250
Hecia Mining Co
5
Hollinger Cons Gold
•
Rod Ray Min k Smelt-.
10
Iron Cap Copper
234
800
5
1,300
200
51
400
54
2% 4,500
31 1,200
1,500
24
4
31
54
2%
ti
34
5
Kerr Lake Mines
Kirkland Lake 0 min___1
minim/ Corp of Can-----5
Newmont Mining CorP-10
25
New Jersey Zino
5
NIplasing hfines
•
Norands Minas Ltd
Ohio Conner
34
57%
54
16
High.
Low.
2
4
34
h
2
34
4
Oct
Oct
June
Jan
Sept
July
Aug
Jan
Apr
Feb
Feb
Feb
Jan
Feb
551
84
134
1
834
3.4
2
1,500
3,800
1,300
34 Oct
Oct
I
1.16 June
24 Feb
Mar
a
3-16 Jan
3.4
136
34
600
5,600
3,800
51 Oct
4 Oct
Oct
534 June
Feb
7
3.4 July
93-4
5%
54
0134 514
300
900
6,400
100
834 July
Jan
5
43-4 Oct
134 June
14
Feb
Apr
7
IA% Feb
Jan
3
91
ti
14
1
1-16 1-16
54
34
si
04
5ff
Range Since Jan. 1.
% 1,600 1-16 Jan
3-16
34 Apr
100
1
34 Jan
Mar
4
4
1
1
400
34 Feb
34 Oct
57% Oct 14114 Atm
5,100
57% 63
50% 54
Oct 9134 Mar
1,400 48
1
200 15-16 Oct
1
13-4 Mar
154 17% 18,100 134 Oct 454 Mar
134 Jan
35 1,800
34 Oct
3.4
34
Premier Gold Mining._ 1 11-16 11-16
17%
17
16
Roan Antelope Copper__
31.4 34
.m.ttuv5 nem, "lining-.
5
Silver King Coalition __5
14
1
Sou Amer (1019 & Plot....!
200
4,100
400
100
400
,
III Oct
15
Oct
234 Get
Oct
5
July
1
134
33
1174
10
294
Jan
Jan
Jan
Jan
Feb
1
Teat Hughes
United Verde Extension 50c
5
Utah Apex Mining
'Vanden Copper Mining-1
2,800
5,100
100
100
434 Jan
634 Oct
134 Oct
IA Oct
794
1634
354
14
June
Mar
Apr
Jan
1,000 97 May 10034
36,000 93
Feu 100
12,000 100
Jan 104
Jan 10434
3,000 99
42,000 1013.4 Feb 10494
10,000 9731 Feb 102
Sept
Oct
Aug
Oct
Sept
Sept
BondsAbbotta Dairies 6a._.._1942
ambeins Power 64s-1967
1956
1st & ref 5s
1968
56
Aluminum Co I f deb be '52
aluminum Ltd Ea ___ _1948
Amer Aggregates ee„...1943
With stock purch warrAmor Oom'IM Pr ee---1940
Amer0& El deb 5e-2028
Amer Ga.& Power 64_1939
American Power & Light
6s. without warr-2016
Amer Radiator deb 4fie '47
Amer Roll MU deb Os. 19
Nov 1933
4% notes
Amer Seating corp 68_19314
Appalachian El Pr 56.1955
Appalachian Gee 13s__1941
194n
Cony deb fls B
Appalachian Pr deb fls 2024
Arkansas Pr & Li 5a--19613
Armstrong Cork 58 _ 19411
Assoo'd Dyeing & Printing
Os with warrants......1938
Aemclated Bloc 4%9..1953
Associated Gas& Eleetrie
Deb 449 with warr .1948
Without warrants.-- 1949
4a aeries0
1950
1968
51
1938
5345
1977
15140
amoe'd Sim Hard 6346 1933
Aseoc T & T deb 594s A '55
arroo Talon fill 541-194*
Atlas Plywood 53's_1943
6
754
984
104
100
6
634
73.4 7%
134 134
3-16 3-16
1004 1004
93% 99
100% 1024
104 104%
1034 104
9934 100
76
u3
99%
94%
106% 1064 103%
99
93% 99
9734
974 97
9931 9951
65
6535
1014 10031 10134
91
894 83
82
80
75
106 106
1004 9954 10091
97
95% 97
54,000 105
11,000 9634
29.000 964
5,000 994
7.000 634
32.000 954
42,000 83
31,000 75
1,000 10534
74.000 9334
23,000 95
Oct 88 may
oct 9994 Mar
Jan 10134 Sept
Oat 9134 Jan
11,000 z74
53,000 8874
06,000 9775
41,000 90
914
984
944
21
90
74
90
98;4
93
21
21
89% 91
20 May
8234 Juno
109
100
101
9994
81
1023.4
145
101
108
101
984
Max
Sent
Mar
Oct
Feb
Sept
May
May
Oct
Sept
Aug
Oct
22
9254 Sept
Oct 124
1,000 79
79
79
79
7951 794 1.000 723-4 Aug 9454
81% 281.000 71% June by
76% 76
Oct 88
844 84
86% 268.000 2,83
83
532% 8336 193.000 784 Mar 8834
Aug 87
91,000 75
83
8134 81
June 105
16.000 go
97
95
95
Oct 8634
39,000 82
86
82
82
88% 88% e923.4 119,000 8834 Oct 9454
cu.t 108
91 175.000 90
8031 90
11,000 65 June 86
69
65
Jan
Jan
mar
Sept
Sept
Mar
Mar
Fel'
Bent
Tab
Mar
108
105(4
1055-4
10514
10034
MA%
105
Alm
Sept
Oct
Oe
Sept
Aug
July
Beacon Oil 6s with warr '36 97% 9754
Sell Tel of Canada 5s-I967 103% 103
103
151 M 55 scrim A. _1955
C May 1 100 10352 103%
Birmingham Gas 55_1959 98% 4)8%
Roston A Maine RR 65
10254 n10214
104%
Buffalo Gen Elea 5s_ 1956
Burmeister & Wain(Copen)
101)4
1940
-year Os
15
1940 9934
Calif Pack deb 5s
Canadian Nat Ry 4345 '55
1935
75
Capital Adm deb 58 A.1955
81
Without warrants
Carolina Pr & Lt Bs--.1958
Caterpillar Tractor 515-1935 100
Cent Rates Elea 5e......1948
Deb 545„Elept. 15 1954 7131
Cent Stater P at Lt 5345'57 8734
834 Sept 21% May
300
Apr
64 Mar 11
1.100
7,400 7834 Oat 16694 Apr
2,700 22)4 Oct 4734 Apt
100 2214 Oct 4)3(4 Apr
1% Mar
% Oct
2,300
24 Apr Chic Dist Elec Gen 410/0
15.800 13% Oct
Mar
3
14 Sept
Deb 545 _ __Oct 1 1935
400
44 Apr Cble Rye 55 etts dep__1927
7,500
34 Oct
Apr Cigar Stores Realty
3.400
934 Oct 29
1949
13.200 234 Oct 55% Apr
5345 OMNI A
Apr Cincinnati St Ry 5 45A '52
5)4 Oct 31
100
1955
A Apr
4 June
89 series B
2,700
7% Apr Oaks Serviceft_ _1966
Feb
2
1,300
1950
34 Oct 11% Apr
Con, deb M
800
Apr Cities Service Gm 5451942
14 Oct
1,200
7% Oct Ill% June Cities &Iry Gas Pipe L 65'43
11,700
34 Sept
6 May Cities Berv P & L 63451952
2,600
ft Mar Cloy Elec Ill deb 78_1941
34 May
100
54 Oct 1214 Apr
4.200
11,700 25% Jan al% May Cleve Term Bldg 6s....1941
1% Mar Commander Larabee 6s '41
2
Oct
300
Oct 16% Jan 'Demmer, und Private
300
Bank 59451937
Oct 1134 Apr
3
1,000
4)4 May Com'wealtb Edison 494s'57
14 Oct
2,400
445 series E when i.e '80
700 1234 Oct 1814 AM Consol 0 B L & P 0314141
1052
54s eterien F
234 Mar
31 Sept
2.800
1969
454 Mar
4Ms series G
1% Aug
6,100
1970
Apr
534
14 Oct
800
414. series II
2.000 20% May 2734 Feb Congo! Publishers 135414 '36
Sept Consumers Power 494e.'58
8
4% Oct
1,200
1958
Oct 19 June Conti & El 1a
80 88
Sept
634 Apr Continental Oil 550-1937
2
800
94 Out 2334 Jan Crane Co 10-yr 54... _1940
900
1940
834 May Crucible Steel 51
234 Sept
100
Oct 111114 API Cuban Teleph 744._ _1941
7
1,600
Mar Cudahy Peck deb 53441937
1
)4 Mar
100
1946
Am
fie
734 Oct 17
2.400
Apr
)4 Oct 10
1.700
34 Feb 19)4 Sept Delaware Elec Pow 510'59
100
A.1950
1,100 2634 Oct 47% Apr Den de Salt L Ry
1960
l.tmOa
414 Mar
1% Oct
300
5 June Dot City Ges 65 see A.1947
24 Feb
1,100
1950
1st de ger B
234 Apr
500
34 Oct
6,000
59,000
Jan
May
Jan
Oct
Sept
Jao
Oct
Oct
June
Jan
Oct
94
75
9751
104
104%
10431
98%
10254
104%
2,000
37.000
10,000
57,000
5.000
35,000
1,000
101%
1,000
97
100
100
102
9634
04
10
10034
98
Oct
Feb
Jan
June
Aug
Jan
Jan
Jan 1013.4 Oct
984 9914 64,000 9834 Oct 10251 Sept
101% 101% 15.000 99 June 10354 Oct
Sept
Apr 110
1084 109% 21,000 107
8134
81
10214 10234
z9934 10034
68
66
7114
70
88%
87
Jan 8251
53,000 74
31,000 984 Jan 104
76.000 :993-4 oat 10534
Oct RA
11,000 65
Oct 85(4
87.000 70
July 1234
19,000 SO
Apr
Oct
Ma,
Mar
Mar
eeDil
94% 113.000 9334 Oct 9614 Oct
94
Oct 10134 Sept
10034 100% 28.000 100
Feb 844 July
9.000 68
71% 75
804
80
86%
94% 94
824 8294
904 904
004 88g
914
92
8834 864
106% 1084
88
51
81
49,000 624
8634
864 2.00
95
3,000 94
1234
8234 6.001
93% 2307000 8834
904 33 000 $234
92% 20.000 90
81
884 87,00
21,000 106
107
91
52
2.00
8,000
844 42,000
84
84
101% 101 3-4 10234 15,000
1004 99% 100% 60.000
88
42
Oct
Sept
Maa
Jan
Apr
MU
May
Oct
Oct
may
Jan
Bept
99
693-4 Jan
MIS
813.4 Jan 91
9334 Feb 10234 Oct
9754 July 10134 Oct
107;5 1074 1,000 106
10454 1044 104% 6.000 100
5.00 100
10234 103
97
97
1,000 964
100% 100% 100% 98.000 5114
80 337,000 83
854 84
2.50
94
974 97% 93
99% 10134 23,000 9931
9.000 91455
99% 994 100
1034 10214 1034 6.000 e10114
96
974 21,000 954
97
1024 102% 10254 11,000 9814
9054
99%
59
59
1064 100
1014 1014
Jan 89
Oct 97
Oct 9934
Aug 8831
Oct 128
July 9234
Jan 9734
Jan 944
Jan 108
Jan
Feb
Feb
Feb
Feb
Oat
F•n
Oct
May
Oct
Jan
Jan
1083'
10454
L04 J4
101
low
94
91
10234
102
109
99
1024
Sept
Oct
Sept
May
Sept
Mar
Mar
SoPS
Aug
Mar
Mat
Oct
9034 1,000 90% Oct 97 Sept
Jan
100
Oct 102
7,000 99
Fele
59
5,000 65 June 85
106% 19.000 10434 reb 10794 July
10334 12.000 9714 Feb 1043-4 Oat
Nov. 1 1930.]
Bonds (Continued)
FINA,NCIAL CHRONICLE
Friday
Last Week's Range Sales
for
Raze
of Prices
Price Low. High. Week.
33
40%
Detroit Int Bdge 045_1952 38
z10
11%
25-yr e f deb 78
1962
Dixie Gulf Gas 6%6_1937
92% 92%
With warrants
Duquesne Gas 66
83% 84%
1945
East Utilities Inv 115
With warrants
66% 72
1954 72
Edison El(Boston)58_1933 1024 102% 102%
Eke Power &Light 58_2030 88% 87% 88%
New
88 3.4 87% 88%
El Paso Natural Gas
1938
As
110 111%
Empire Oil & Ran 5348'42 88% 8534 89
European Flee 654s 1965
Without warrants
75% 77
77
Eur Mtge dr Inv 78 C_1967 84% 84
85
Fairbanks Morse Co 581942
Fedeeal Water Sere 534e'54
Finland Residential Mtge
Bank Os
1961
Firestone T & R Cal 591942
First Bohemian Class Wks
78 without warrants.1957
Fisk Rubber 534e
1931
FloridaPower&L85,.1954
Garlock Packing deb 6s_'39
Gatineau Power 5e
1950
Deb gold 6s
1941
68 series 13
1941
Gen Bross Coro eons 6. 411
,
Gen Laund Mach 6%s 1937
Gen Pub Utl 6s
1931
Gen Rayon 135
1948
Gen Vending Corp
Os with warr Aug 15 1937
Gen Water Wks Goa & Elea series B
1944
Range Since Jas. 1.
Low.
Mar
Mal
44,000 33
41,000 z10
Oct
Oct
1,000
64,000
68
82%
Jan 99% June
Oct 109% May
93.000
40,000
52,000
71.000
66
9944
87%
86%
Mar
Oct 87
Jan 102% Sept
Oct 9414 Mai
Oct e93% Sep)
49.000
70,000
Jan
98
12% July
19,000
23.000
Oct
78
80% Aug
81% Sept
Apr
91
Jan
Oct
99% Sept
97
AP
2,000
6,000
93
85%
89
75
120
90
May
Sep)
97%
97% 98
85% 90
77%
77
773. 30,000
91% 91% 3,000
Oct
75
90% July
88
Ma.
96% Ma,
6,000
80
80
21% 29,000
17
84% 86% 106,000
78
17
82%
Oct
Oct
Jan
Jan
84
72% Pa
Mat
92
85%
94%
9731
85
9734
20
97
94%
96
96%
84%
37
97%
65
1,000
97
56.000
97
97% 13,000
8,000
97
24.000
90
5,00
37
9734 9,00
1,00
65
19
20
77% 77%
94% Jan 110
91
Feb 99
94% Jan 101
96% Oct 99%
A 'la 99%
83
Oct 66%
37
95 June 98%
Jan 80
57
9934 99
99%
83
s82% 83%
99
98% 99%
73%
71
71
82
82
91% 91% 91%
92% 92%
94% 95
80
80
80
bl
65
5234 52%
Apr
Oct
Mar
Sept
Mal
June
May
Ma)
7,000 z19
Oct
34
Feb
5,00
Oct NM
May
77%
Georgia dc Fla RR 6e1946 18
1,000 18
18
18
Sent
Georgia Power ref 58 _11187 100% 100% 101 112,000 9534 Jan
Gesfuerel deb 68
1953
Without warranta
7934 81% 14,000 79% Oct
With warrants
80
82
3,000 79% Oct
1935
Glidden Co5 As
94
1,000 9314 Oct
94
Gebel (Adolf) Inc 614e '35
With warrants
83
_
4,000 90
81
Oct
Goodyear T &R 6348_1931
100% 100%
5,000 9934 Jan
Grand (F&W) Properttee85
Cony deb (SeDeo 15_1948
86% 6,000 83% Aug
Grand Trunk Rv 6148 1936
107% 108% 28,000 105
A or
Guantanamo &W Rybe '68
30% 30% 1,000 30
July
1937 101% 101 101% 63.000 99% Jan
Gulf GUM Pa be
Sinking fund deb 56_1947 lin% 101 101% 21,000 100
Jan
Gulf States Util Fet
1950 984 99% 100
34,000 935' Jan
Hamburg Electric 7s _ _1935
Hamburg El& Und 5146'33
Hanover Credit inst 6s '31
Hood Rubber 534s
1936
75
1936
Houston Gull Gas 64s '43
0. _ _ _________
.1945
Buds Bay Min & Sm Os '35
Hunger ltal Bank 734e '63
Rygrade good Os A___111411)
1949
Os series B
Bonds (Continued)
RUA.
15.000
14,000
78,000
9,000
2,000
6,000
6.000
20,000
18.000
33.000
1,000
95%
79
96)2
71
82
64
67%
9414
76
50
51
Oct
Oct
Jan
Oet
Oct
Jan
Jan
Oct
Jan
Sept
Oct
Mar
20
102% Sept
92% June
94% May
10034 Jull
99% Ma,
101% Oct
92
109
52
103
104
102
Mar
Sept
Apr
AP
Aug
Oct
103%
90
100%
91
98
100
98%
108
92
71%
88%
Sept
Ms
June
Apr
Mar
June
Sent
June
Mar
Au
Apr
DI Pow & L1 6325 ear B '54 101% 101% 102% 17,000 97% Feb 104% Sept
Sinking fund5 3.45 May'57 93
93% 9.000 88% Feb 9734 Oct
93
Intlep Oil & Gas deb 681929 101
101 101% 79,000 100
Fab 11(1% An
Lnd Gen Service 5s1948
102 102
1,000 102
Oct 102
Oct
Indiana S'weet Gas UtnCony 6s___June 1 1940
98
9814 5,000 98
Oct 98% Sept
InifFpolls P & L 54 ear A '57 101% 100% 101% 82,000 96% Jan 101% Sept
Instill Utility Investment
95% 193,000 93% Oct 112% Mai
Os ear B without warr '40 94% 94
Intercontinents Pow 6.1948
8,000 60
60
66
With warrants
Oct :96
May
New
11,000 68
68
68
Oct 97% June
3
/
Int Pow Sea 78 ear E-1957 95, , 95% 97% 39,00
93% Jan 101% June
International Salt 5s__1951
Internal Securities 58_1947
Interstate Power 58-1967
1932
Deb fie
Inter-State P S 4%s _ _1958
Invest Co of Am 50 A_1941
Without warrants..- Investors Equity 54_1947
Without warrants
Iowa-Neb L & P 114_ _ _1,57
Iowa Pow & Lt 434s A 1958
Isarco ilydro El 7a.._1864
Italian &Merl:rower of Del
Dabs 61 without warr
70%
88
86
79%
88
82%
390
6.00
86
99,00
80
88
39.00
84% 15,000
91% 3,000
84
Oct
78
July
83
Feb
110s4 Jan
88
Jan
88
Oct
88% Jan
9314 Mar
921
% Ma.
94% Oct
1,00
764 Jan
82
74% 13,00
96% 22.00
5,00
96
84% 4,00
70
Jan
inti Mar
92
Aug
81
Oct
80
Mar
98% Oct
98
Sept
94)2 Mar
79% 79%
74
96%
82%
74
95
96
82%
6734 866% 68% 75,000 e65Si
22,000 102
Jersey C P & L 514s A..1945 102
102 103
1947 9934 9914 100% 68,000 98
1st & ref 58 B
2022
Kansas Gas & El 6s
106
Kansas Power 54 A_1947
98
Kentucky Util 58._1969
9834
Kimb-Clark Corp be A '43 99% 99
99%
Koppers U AC dab 58_1047 101
1960 101% 101%
534s
Oct
80
Mar
Mar
Oct 104
Sept
May 101% Sept
106
1,000 100% Jan 107%
10.000 95% June 99
98
08%
1.000 9714 Oct 99
99% 9,000 99
Oct 100
101
30,000 9534 Jan 401%
103
44,000 9934 Jan 103%
1935
99% 100%
Laclede Gas 5148
88% 88%
Larutan Gas As-- _1935
Leh Coal & Nay 448 C '54 0834 9734 98%
Lehigh Pow Recur de...2629 103% 103% 105
1952
Lexington ULU 55
97
97
93% 94%
Llbby. MoN & Libby 58 42
99
99
Lone Star Gaa deb 65_1942
.1945
_
Long Island Ltg
104% 105
Louisiana Pow & Lt 58 1957 100% 100% 100%
June
Sept
Oct
June
Sept
July
6,000 97% Jan 103%
2,000 88% Oct 93
70,000 97% Oci 100%
27,000 102%
1117 14
2.000 96% Oct 97
13.000 90% Jaws 97
1,000 98% Mar 100
15.000 103% Jan 10014
76,000 92
Jan 101%
00% 100% 19,000 96% Feb 101%
Mar
Oct
Oct
Mar
Oct
Aug
Oct
Sept
Sept
2.000 73 'Oct 95
29,000 101% Jan 1011
135.000 97
Jae), 101%
30,000 59% June 87
9.000 91
Oct 9734
1,000 55
Oct 76%
4.000 100 June 101
54.000 118% July 101%
15,000 98
Oct 100
24.00
97
Oct 1004
65,00
96
Oct 99%
May
Ant
Oct
Mar
May
May
June
Oct
Sept
July
Sept
Man Power 5%8 A-1951 99%
Man, Mm & Smelt 79 '41
f
Without warrants
73
75
3103% 104%
Mass Gas One 64e-...19413
1965 100% 100% 100%
Be
McCord Rad Mfg fis_ _1943 60
00. 65
93
91
Mead Corp 6s with warr *48 92
Mid States Pet 614s-1945
55
55%
Middle West ULU 4)4s 1931
100 100%
100% 101%
Cony 5% noted- A932 101
Cony
notes___1933 9835 98
9834
Cony 5% notes____1934
97
97%
Cony 5% notes_ _ _ _1935
95% 9714
Milw Gas Light 4%e....1967
Minn Gas Light 434s.1950
Minn Pow & Lt 461i-1973
Miss Power & Lt bs_ ..1957
Miss River Fuel 6aAug15'44
With warrants
Without warrants
MISS River Pow deb 59 '51
Montreal LH&P col 5551
511 series0
1970
102
102 102% 6,00
94
93% 94% 103,00
95
31,000
04% 95
9714 97
97% 58,000
Oct
05
Jan 104
Sept
93
Oct 95% Oct
8914 Jan 97% Oct
95% Sept 99% Sept
113% 113% 113% 04,000 102
Jan
100% 100% 100% 80.000 92% Feb
100% 103
3.000 10044 Oct
102% 101
102% 55.000
44 Jan
103% 103% 103%
5.000 100
May
122
101%
104%
104%
104%
Mar
Oct
Sept
Sept
Baps
2873
Friday
Last Week's Range Sates
of Prices.
for
Bale
Price. Low. High. Week
Range Since Jan. 1.
Low.
High.
earraganseti Flee Si A '57 102% 102% 102% 18,000 97
Nat Food Products 58_1944 60
80
60
5,000 60
Nat Pow & Lt 6a A___2026 104% 103% 104% 53,000 103%
58 eerie. B
2030 8934 89% 90% 134,000 89
Rat Public Service 58_1978 75% 75% 75% 113,000 7334
National Tea Co As_ _ 1Q'35
98% 99% 3,000 98
Nebraska Power 6e A.2022
109 109
2,000 104
Neisner Bros cony 6s.._1948
88
88
1,000 83
N K Gas & El Assn 511_1947 91)4 91% 91 8 39.000 85
4
55
55,000 85
. ...-1948 91% 91% 92
55
10 0 90% 889% 9034 230.000 88
,
New Jersey Pow & Lt 58'56 103% 103% 103%
1,000 100
N Y & Foreign haven534e A with warr _1948 85
10.000 79
85
85
PlIrP&LCorp 1st 4%11'67 96% NA 9714 215,000 91
Jan
Oct
Oct
Oct
Oct
July
Jan
Sept
Jan
Feb
Oct
Apr
Jan
Feb
90
Apr
9834 Oct
Niagara Falls Pow 68.1950
Nippon Elea Pow 614s 1953
Nor Coot Ut1151sA..1949
'forth Ind Pub fiery 55 1966
as series T1 .......151(9
Nor Ohio Pow & Lt 530'51
Nor Ohio 'Frac & Lt 5s 1950
% note),'as
No Me Pow
%s
1940
let 69 series A
1948
lath len 5345 see B 1950
Nor Teww filmes 78.198,
With warrants
Without warrants
%Tomb west Power its A 1960
105 105%
89
89%
88
84% 83
85
103
10254 103
102% 103
10134 101% 103%
99% 10035
102.4 10214 10214
101 ti s102
101
105
104% 105
10334 103% 103%
7,000
33.000
17,000
37,000
19.000
13,000
3,000
13.00
12,000
7,00
1,00
Jan
Oct
Aug
Jan
Jan
Oct
Oct
Vete
Oct
Sept
Oct
107 June
94
Mar
86
Oct
105
Aug
105
Aug
103% Oct
100% Oct
104
Oct
10254 Oct
105% Oct
103% Oct
s113 s115
9734 99
98% 9934
7,00
6,000
7,00
Ohio Edison lot 5s____1960
Ohio Power be B
1952
434s series D
1956
,
Ohio Rh Edison 1st as 1951
Okla Gas & Elec be_ 1950
1950
New
Ontario Power 544e_..1950
ramend Co with warr Os '38
1941
Oswego Falls 68
.Wft/f) Rs. Pow fle
Ottawa Valley Pow 534s'70
100% 100% 101 214,000 98
10234 10234 102% 12,000 9834
9734 9754 9834 45.000 91
98%
10534 1053.4 10,00
101% 10134 102
22,00
99%
101 102
2,000 9944
92
93% 22,00092
57
57
1,000 67
z70 z70
1,000 z73
10134 2,000 99
101% 101
94
9434 2,000 94
9734
Pao Gas & El 1s5 430.1957 97% 97%
1941 10934 109%
let & ref as B
1952
105
1st & ref 534e C
let & ref 434e F.._.._1960 97)4 9634
75
Pacific) Invest deb 58...1948
Pac Pow & Light 56_1953 99% 899
86
Pacific Western 0116%8'42 88
1936
Qark & Tilford 68
Penn Cent LAP 448_1077
Penn-Ohio Edison 68-1950
Without warrants
1959
534e
Penn Dock & W fls w w '49
Penn Pr & Lt 1st ref 5a B'52
1st & ref 5s ser D___1953
Peoples Lt dr Pow 56_1979
PhIla Elec Pow 54s _1972
Piffle Rap Transit 59_1962
Phlia & Suburban Counties
O & E 1st de ref 4%51957
Piedmont Hydro-El Co
1060
6%8 class A
Pittsburgh Steel 6s......1948
65
97%
10934
105
97%
75%
100
89
Feb 115
Oct
97
9734 Oct 10134 Aug
98
June 10334 Sept
Sept
Sept
Oct
Aug
Aug
Aug
Sept
Feb
Jan
Sept
Oct
44,000 9334 Feb 98%
1,000 10914 Oct 109)4
6,000 105
Oct 105
75,000 9634 July 99%
3,000 76
Oct 85%
111,000 96% July 101
39,000 81
Jan 97
Sept
Oct
Oct
Sept
Atte
Sept
Aug
60
92
Aug
Jan
Jan
Feb
July
Arm
Oct
Oct
Aug
Jan
Oct
Aug
July
Jan
19,000 99
Jan
16,000 90
6,000 88
Oct
4,000 In% Feb
3,000 9914 Feb
24,000 e7434 Feb
31,000 104% Feb
Sept
17,000 65
101% 10134 101%
6,000
82% 85
102% 103
69.00
3,00
Reliance Management
5s with warrants..-_1954
Remington Arms 5348 1930
ttoehester Oset row 55. 53
Ruhr Chemical de A....1948
195$
RUbt 0114 8%s
Ruhr Hous'g Corp 13348 '58
Ryerson Woe T)& Sons Inc
1943
-year deb 58
15
101
101
10,000
91
Jan
90% Oct
10534
1044
98%
104
'10444
93(4
106%
9314
Are
July
Mar
Sept
Sept
Mar
Mar
Jan
96% Mar 102
Oct
Oct 92
Jan 104
May
May
80
1014
98
1939
98
1,00
Poor & Co 6s
89
92 728.00 .90
Portland Geh El 43.0_1960 91% :90
19,000 t$4)4
Potomac, Edison 5e-1950 101% 101% 103
886% 87
7,00
Power Corp of Can 434859
81
99
2,00
1957
99
Deb 5s series A
99
95%
Procter & Gamble 4%s '41 10035 100% 100% 3.06
96% 97
Pub Ser of N III 4%9_1980
52.000 94
PugetSound P & L 634s'49 10214 10234 102% 40,000 99%
1950 9914 99 100
34,000 93%
1st & ref 5s C
-Queens 'Borough 0 St F.
_ _1958
Refunding
Oct
Feb
Sept
Sept
Mar
Oct
Oct
Mar
May
May
Oct
Oct
10234
104
99
105%
102A
10314
97
82
80
101%
9434
65
65
5,000
95% 95% 13,000
103% 101% 103%
101
100 101
92
88
102% 10334
103 103%
80
76
76
106% 106% 106%
70%
70
70
83
103
105
88
72
9754
574
102%
99%
10034
101
10334
101
102%
88
108%
95
86%
99%
111%
95
98
94%
91%
103%
Oct
Oct
Jan
Feb
Oct
Feb
July
Jan
May
110%
93%
103
9234
105
10114
98
104
wit(
Feb
Sept
Oct
Oct
Feb
Sept
Oct
Sept
Sept
Jan 102% Sept
94
79%
97
72
71
81%
72
96
96
10,000
92
02
St L Gas & Coke 6a__1947 6114 61
Nan Antonio Pub Serv5s'68 100
99 100
Sauda Falls 1st 55__1955 102
10134 103
94
Saxon Pub Wks 6.4___1932 94
93
Sextet Co let cony fle A '45 98% 98
99
Schulte Real Estate 68 1935
Without warrants
79
79
80
Salops rE sv) 534.._l1143 85
85
88
1948 65% 6534 66
Serval inc 58
19.000
43.000
69.000
17.000
99,000
67
91
99%
89%
9734
Mar
Oct 83
Jan 101% Oct
Mar 103
Aug
July
Oct 118
Oct 100
JUil
25,000
17.000
15,000
53
82
64
June
Oct
Feb
70)4
42,000
1,000
113,000
5,000
16,000
17,000
Shawinigan WA P 434s'67 96% 96% 97
68,000
1968 97
9834 97% 15.000
4%1 series B
1st fre ter C when issued _
30,00
102% 103
1970 96% 96% 97% 303.00
1st 434e ser D
Shawsbeen Mills 7s__ _1931 100% 10034 10054 40,00
4f; _1045
Sheffield Steel 5,
101% 10134 2,00
Silica Gel Corp 6148_1932
With warrants
98% 98% 10.00
Snider Packing es_ _1932 51
51
52
44,00
Southeast P & L ee___2020
Without warrants
105% 104% 105% 98,00
10334 104
Son ,
Jalif Edison 5e-__1951
21.00
1052
Refunding 55
103% 104
9,00
1944 103% 103% 104
Gen & ref 58
16,000
1937 943-4 93% 944 11.000
Sow Cal Gas 55
1957
let & ref 5e
102)4 10234 2,000
South.rn Natural Gas 6.44
With privilege
8334 82% 8734 34,000
Without privilege
78
4,000
78
Bo'west Dairy Prod 6%3'38
3.000
63% 67
Southwest G & E ba A 1967 98% 9814 98% 31,000
Southwest Lt dr Pr bs A '57
97% 97% 7.000
So'west Nat Gas 08_1945 7834 73
80
31,000
So'weet Pow & Lt 68_ _2022
108 108% 6,000
Staley Mfg Co 1s1 6s__1942
98
2,000
98
Stand Gas & Elea 6e-193o
1951
Debenture 68
Debenture Os Dec 1 1966
Stand Invest 54e..,.__114344
1937
Ss without warr
-1957
@mad Pow & Lt
Stinnes (Hugo) Corti
Ts Oct 1 '30 without warr
75 without wan. ...BM')
Strauss (Nathan) 68-193
8
1100 4)11 6(451 .
931
1940
Sun Pipe Line Os
Swift ds Co 1st m f 5s 1944
Oa when Issued
194
0
70 Jun
97
An
Oct
09
69% Oct
Oct
73
Oct
70
Mar
Feb
Mar
July
Mar
Aug
78%
97
69
71
80%
7034
79%
704
71
Jan
95
99%
84
83
994
84%
98
Oct
85% Sept
93% Aug
7214 Sept
9014
90
98
97
9034
9734
Feb 9854
Feb 98%
Feb 105
Oct 97%
Jan 103%
Feb 104
Sept
Sept
Sept
Oct
Aug
Sept
96
50
Oct 107
Oct 75
Mar
Apr
Feb
Jan
Feb
Jan
Jan
Apr
108
105
104%
164
96
10234
Sept
Sept
Sent
009
Sept
Sept
Oct 105
Sep
3014
Oct 91
Jan 100
Feb 99%
Oct 99
Jan 1093.4
Jan 9941
Ave
Sept
Jan
Oct
Sept
June
Sept
APT
103
99%
995'
100%
291
98%
82%
74
59%
91
904
73%
103
9734
102% 102% 10254 22,000 101% Aug 103% Aug
101
lot
10144 52.000 10034 Aug 10354 Sept
100
100 lot% 38.000 100
Oct 108)4 Sept
80
80
843.4 30.000 80
Oct 93% Apr
84
80
2.000 80
Sept
Oct 91
99% 9934 9934 90.000 9734 Jan 102% Sept
74%
694
74
69
45
102
101 1
4
99%
1023.4 10214
100% 100%
75%
70
45
102
99%
102%
100%
38,000 72
34,00
68
3,000 45
28.00
100
10,00
99%
17.00 10034
112,000 9739
Oct
Oct
Oct
Jan
Oct
July
Aug
90%
864
81
102%
100%
103
103
June
July
Mar
Mar
Oct
Aug
San
2874
Bonds (Concluded)
FINANCIAL CHRONICLE
',law
Lag Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
CURRENT
[VoL. 131.
NOTICES.
-Commerce Clearing House, Inc., announces the merger of' Bonbright &
Co. Index Digest and Public Utility Law Service with its Public Utilities
Tenn Public Service 5s 1970
97
9734 76,000 9554 Oct 9835 Oct and
Carriers Service. The Bonbright Index Digest was originally prepared
Tern' Hydro-Elec 634s '53 7934 7954 7955 25,000 77
Oct 87 Ma7
Texas Elec Service 58_1966 9834 98
9854 173,000 87
Oct 10034 Aug for confidential circulation by Bonbright & Co. and was sponsored by the
Texas Gaa Util Os__ 1945 83
78
83
19,000 76
Oct 10734 AM National Electric Light Association; it covered the utility statutes of the
Texas Power & Lt 58_ _1956 10034 10054 10034 21,000 96
Jan 10255 Oct various States with a current mailing
service on new statutes. The new
613
2022
10654 10634 6,000 106
Mar 10831 July consolidated
service will now be known as the Bonbright-Commerce ClearTri Utllities Coro deb Ea 7V 7134 704 74% 110,000 27035 Oct 100
Mas
Olen Co fie
ION asg 85
8534 36,000 sit
Jan 9434 Mar ing House Public Utilities and Carriers Service. It is planned that the new
Union Amer Inv its
1044 81
8,000 /30 June 98
8034 81
Apr Bonbright-Commerce Clearing House Service will consist of a complete
Union El L & P Ils B1967
104 104
1,000 9935 Jan 10434 Oct
Union OW corp as Jul 160 10135 10134102
75,000 99 June 10234 Aug compilation of public utility statutes, court decisions, regulations and
United Elec Service 7e
collateral technical data dealing with the whole subject of utility manageWith warrants
10,000 84
8834 90
Oct 10334 Apr ment. operation and finance. It will consist of 42 loose leaf volumes of
Without warrants..19514 8934 88
8,000 81
90
Oct 974 Apr more than a thousand pages each or more than 42,000,000
words on the
United Lt & Pow 88_1975 954 95
9634 19,000 95
Oct 9734 Oct
Deb 655s
1974 100
100 10055 9,000 100
Oct 10034 Oct entire field of public utility regulatory information. An editorial committee
United Lt & Rya 6%e-1952 8734 8534 8734 95,000 83% Oat 9434 Sept of nationally known public utility authorities with diversified practical
6ti series A
1952
July 10454 Sept experience will co-operate in the development of this enormous undertaking.
22,000 99
10134 102
U B Rubber
This committee consists of: Fred S. Burroughs of Harris-Forbes & Co.:
Serial 634 notes----1931 98
98
98
Mar
5,000 964 Jan 101
3
-year 6.t notes___ _1033 8234 78
83
50,000 7734 Oct 100 May Belford Erickson of H. M. Byliesby Co.; W.0. Royer of Arthur Andersen
Valvoline Oil la
1937 10234 10235 10234 4,000 101 June 10334 Mar & Co.; H. C. Anderson, Consulting Engineer. Ann Arbor, Mich.; Carl D
Van Camp Packing 66 1948
50
50
5,000 50
Oct 81
Feb Jackson, General Counsel, National Electric Light Association: Kenneth
Van Sweringe., t amp de_ SO 89
8634 89 434,000 75
Oct 10044 API Burgess, General Solicitor of C. B.
& Q. Railroad and George Phelps,
Virginia Flee Pow fa._ ..ioss
10334 10334 5,000 0734 Jan 10434 Oct
Va Public Serv 5548 A-1946
98
9834 6,000 98
Oct 9954 Oct Statistician, First Wisconsin Co. D. E. Lilienthal of the Chicago Bar and
Wamort-Astoria ....4.18,
Lecturer on Public Utility Law at Northwestern University is Directing
let 7s with wary.,..1964
4,000 7134 Oct 10355 Jan Editor of the Service.
7634 82
Walb Wat Pow 54 w1-1960 10354 103 10355 50,000 9834 Jan 105
Sept
Webster Mills 6 , sr._ 1933
-Cox & Jordan, investment counsel, with offices at 40 Wall St., N. Y.
9555 96
8,000 8534 Jan 9734 Apr
West Penn Elec deb 56 2030
9055 91
13,000 88 June 9334 Mar City, announce that after Nov. 1 Frank C. Van Cleef, until now with the
West Texas UM 13a A 1057 934 9334 94
Sept Guaranty Co., will be general partner.
50,000 8934 Feb 97
The new firm name will be Cox,
Western Newspaper Union
Cony debits
1944
68
70
6,000 68
Oct 9251 Mar Van Cleef & Jordan. The present firm was formed May 1 1930 as an
Westvaco Chlorine 555s '37 10234 10234 10234 5,000 101
Feb 10355 June outgrowth of Cox & Trainer which had been established since 1924 at
Wisconsin P & L 58 E.1956
10134 10255 5,000 99 June 10334 Aug 274 Madison Ave. George Clarke Cox, partner in the old firm, became
partner in the new organization with J. Willard Jordan and Jabez H. Wood.
Foreign Government
and Munleirn•iities
Mr. Van Cieef before his connection with the Guaranty Co. was Secretary,
Agric Mtge Bk 79.A&O '46
72
72
3,000 6634 Oct 9534 July director and member of-the executive committee of the B. F. Goodrich
Is Jda
1947
1,000 65
65
65
Oct 8955 Apr Co., Akron, Ohio. Cox, Van Cleef & Jordan will
carry on investment
Baden (Germany) 78__1951
83
83
4,000 7935 Oct 9831 June
Buenos Alresterov. 7 %.. 41 9534 .19454 9754 78,000 89
Oct 102
Aix counsel practice, having no connection with security distribution or brok1952
86
89
Oct 1004 Ant erage. The firm functions only in an advisory capacity.
4.000 85
Canada 30-yr 4s.Oct 1 1960
9534 9555 185,000 95
Oct 9535 Oct
-John B. Stetson Jr., former United States Minister to Poland, has
Cauca Valley Weld/ Repo!
Colombia esti a f 7i._ tint. 67
Apr bought a seat on the New York Stock Exchange. His election to Exchange
67
75
Oct 80
2,000 55
Cent Bk of German State &
membership tollows formation of an investment banking partnership with
Prey Banks (is B___1951 7434 72
Oct 8654 Ma: Daniel S. Blackman, under the name of Stetson & Blackman, with
7434 22,000 72
oMces
let Oa Berton A
1952
74
74
Oct 864 Mar in Philadelphia.
1,000 72
As Minister at Warsaw. from 1925 to Jan. 1 of this
Hanle Cons MIMIC 53frella 9934 9955 100
10,000 0755 Jai. 10135 Aug
58_
mwt
Oct year, Mr. Stetson's activities centered largely on the financial relations
100
9934 7.000 9054 Jan
99
Danzig Port dr Waterway
between the countries in connection with tile extensive trade developed
Ext sink fund 635s_1952 71
Oct 8534 Mar and in arranging governmental and
70
70
34,000 70
private loans to Poland. He Is a son
German lame mum. is 41 84
8334 84
14.000 83
Oct 91531 M.
of the founder of the John B Stetson Co., manufacturer of hats, and for a
Os
1947 7354 72
Mal
75
36.000 6654 Oct 91
number of years was associated with that company. During the war
Hanover (City) 78w 1_1939
90
91
Oct 9834 Mar Mr. Stetson was a pilot in the United States Army Aviation Corps
14,000 90
with
Elanover(Pros) ti n .949
86
89
7,000 8554 Jan 95
API the rank of Captain
and served one year in France.
Lad us Mtge of Finland
1st mtge coil s f 7e_ .1964 96
96
97
39,000 9355 Oct 10134 Sept
Under the auspices of the Bank of Manhattan Trust Co., a series of
Slaranhao ,State 74 1,1 , 63
55
A iir lectures
63
Oct RA
7,000 50
on finance is to be given for women at the New York Junior League
Medellin (Columbia) 75 '51
11,000 7234 Oct 9234 May
7254 78
Mendoza (Pro), Argeed....
on Oct. 28, Nov. 5, Nov. 12, Nov. 19 and Dec. 3. Richard Whitney.
External 71 a f g 10A i
0
82
8434 11,000 6635 Oct 9434 Mar President of the New York Stock Exchange will be the speaker at the
Mortgage Bank (Bogota)
first lecture. His subject will be "The New York Stock Exchange."
7s issue of 1927 new_1947
75
77
July
30.000 6534 Jan 84
Mtge Bank ofCblien• (931 9734 9634 9754 55.000 96
Aux Miss Virginia C. Gildersleeve, Dean of Barnard College, Columbia UniOct 101
Mtge Bk of Denmark 5s 72 9954 9934 100
19,000 9534 Jan 10051 Oct versity, will preside. The other speakers will be: Dr. W. Randolph Burgess, Deputy Governor, Federal Reserve Bank, New York; Trowbridge
Parana (State) Brazil 7s '58 58
50
58
Oct 8234 Mar Callaway, President
5,000 50
of the Investment Bankers Association of America,
Prussia (Foe vitiate) On 111511
7455 76
34,000 74
Oct 9239 Ma.
Esti(114atoria1gep IFS!
Watson Washburn, Deputy Attorney General of the State of New York,
34,000 7734 Oct 0754 Ms
7834 80
Rio de Janerio 6555___1959 5955 51
API' and Dr. S. S. Huebner, Head of Insurance Division oft le Wharton School
Oct 85
8,000 51
60
[tussle.. ,... er” eot
of Finance.
650 certincates__1919
254 254 5,000
234
2% Oct
7
Jan
- B. Hooch & Co., members of the New York Stock Exchange and
F.
laarbruecken 7s
1935
10055 101
Feb 103 Sept
5,000 98
lance Fe (City) Argentina
other important exchanges in this country and abroad, announce the
External is.
1015 7654 7434 79
Mar removal of their main office from 52 Broadway to 11 Broadway. New lode
94
27.000 7434 Oct
!entitle.) (Chile) 7s_ _1961
8734 8734 1,000 8055 Oct 97 June where they
will, with enlarged facilities, continue to conduct a general
78
1949 8734 8734 8734 2,000 85
Apr
Oct 99
lydney (Clay of) New
investment and commission business in bonds and stocks, and the execution
annab vz as sus tom
80
81
16.000 go
Oct 9034 MO of orders for future delivery on all the important commodity exchanges of
•No pax value I Correction. In Listed on the Stook Exchange tins week. Whet, the world. The new office will be connected by the firm's private wire
system with its various branch office; located in Brooklyn, Chicago,
additional transactions will be found. n Bold under the rule. c Bold for ease
Washington, Detroit, Philadelphia and Providence as well as to corresponda Option sides. I Es-rights and bonus. ta When heued. z Ex div. S Ex-rIghz.
ents in Boston, Chicago and Richmond.
e "Under the rule" sales as follows:
-The First National Old Colony Corp., one of the largest investment
Amer. Commonwealth 6s. 1949, Jan. 22. 133.000 at 1060107.
organizations in the country has extended its private wire system to connect
Associated Laundries Feb 17 1.00 at %
with the four largest cities on the Pacific Coast, namely, San Francisco,
Associated Telep. & Telep.. deb. 530. 1955, Oct. 31, 326,000 at 95.
Los Angeles, Portland and Seattle. In addition to its main offices and
Blew-Knot Co.. Jan. 2, 58 abates at 31.
branches in Boston and New York, The First National Old Colony Corp
Bureo Co.. Jan 26. 50 warrants as 414,
maintains offices in Chicago, Philadelphia, Baltimore, Pittsburgh, Cleve.
Central States Elec Feb 11 3.300 nears!6% pref. all 70.
land, Washington, Atlanta, St. Louis, Rochester, Hartford, Worcester
Coon(W.B.) Co., Oct. 9, 100 at 74.
Springfield, Mass., all of which are connected by private wires.
Donner Steel Feb 27 50 shares' oommon at 33.
-A. L. Rosenthal and L. A. Breskin, President and Vice-President of
Electric, Power dr Light to, 2030 new, Sept. 16. $30,000 at 9234093.
Sterling Casualty Insurance Co., have been appointed supervisors of agenGeneral Wet. Wits Gos & Elec. tis, 1944, Jan 29. 51.01/) at 9634
cies for the Union Pacific Assurance Co. of America for the States of Illinois.
Gerrard (B. A.) Co., Jan. 2,105 shares corn. at 24.
Iowa and Nebraska and other States in which the Company may be qualiGorham Mfg corn v a. April 23, 1 at 4334.
fied from time to time. The Illinois offices of the Union company will be
Happiness Candy Stores cont., Feb. 3, 100 at 134.
located in the La Salle-Wacker building where the Sterling Casualty InsurHouston Gulf Gas, Mar. 3, 2 shares at 19.
ance Co. has leased space for a long term of years.
Jersey Central Power & Light 7% preferred. Sept. 11. 50 at 10934
-William Lorn Marston and Edward Burley White Jr., have formed a
Hopper Gas & Coke pref., May 6. 25 at 10254.
partnership to conduct a general brokerage business under the name of
Mohawk & Hudson Power. Feb. 6, 75 shares 2.2 pref. as 112.
Marston & Co.. members of the New York Stock Exchange, with offices
Nave Drug Stores, May 16. 20 shares at 2
at 120 Broadway, N. Y. City.
Russian Govt. 534s, 1921 etfa. Feb 7. 56.000 at 7.
-Ralph B. Leonard, of Ralph B. Leonard & Co., has resigned from
Singer Mfg., Ltd.. Feb. 18. 100 shares at 8.
membership in the Unlisted Securities Dealers Association of New York,
s "Optional" %RIP an follow.•
and Frank Dunne, of Dunne & Co., has been admitted to membership.
Amer. Commonwealths Power 65, 1940. Oct. 23. $2.000 at 88.
-Myron S. Hall St Co., New York. have issued a booklet entitled
Associated Gas & Mee. Is, 1950, Oct. 21. $1,000 at 8254.
"Selecting a Fixed Investment Trust" and containing a discussion of the
American Aggregates deb its, 1943, Oct. IL $1.000 at 70.
Important factors to be considered in selecting a fixed trust for investment.
Caterpillar Tractor 5% notes 1935, Oct. 31, 113.000 at 995409951.
-Engel & Co., members of the New York Stock Exchange, announce
Cuban Telephone 7 tfs. 1941, Oct. 15. $1,000 at 10134
Det. & Internal Bridge deb. 7s, 1952. Oct. 28, 611,000 at 954.
that Guy E. Maxwell, formerly of Gisrdner & Co., has become associated
with them in their bank and insurance stock trading department.
General vending 6$. 1937, Oct. 15. 81.000 at 19.
Intercontinent,, power deb. in. .948 with war.. July 11. 55.000 51 97
-Benton C. Ressler, formerly with Moffatt & Spear, has become assoItalian Superpower tie, 1943, without warr., Oct. 18, 31.000 at 8534.
ciated with Bristol & Willett in charge of the unlisted "Baby Bond'!
Leonard Tletz 7,ja 14.18 with warrants. Slay 12. $3.000 at 115.
department.
Montreal La. Ht. & Pow. Cons., Feb. 10 100 snares at 138
Weeden & Co., New York. announce that Mervyn B. Stitzer, formerly
Morris & Co. 74e 1030 June 30. $200o at 101 34
with C. F. Childs & Co., has become associated with them in their trading
Oswego Falls Co. 6s, 1941, Oct. 30. $1,000 89 70.
department.
Patterson-eargent l)o mon Jan lit liii .
Bonner, Brooks & Co. announce the opening of an office in the Baker
Peoples L.& Pow As. 1979, Feb 28, $2 900 at 7414.
Building, Minneapolis, Minn., under the management of H. B. Farley.
Portland General Elec, 44e, 1960, Oct. 27, 57,000 at 8934.
-James Foley, formerly with 0. F. Childs & Co. is now connected with
Sou. Calif. Gas Oa. 1937 Feb 15 41.1300 al 90
Hardy & Co., New York, in charge of their railroad bond department.
Swift & Co, Si ilet If, 1932, Jan. 16. $5.000 at 9934.
-The Irving Trust Co. has been appointed transfer agent for the Capital
wilt International, coin.. July 10, 100 at 2834.
stock of Greater New York-Suffolk Title &.,Guarantee Co.
Tri Utilities Corp. 5e. 1979, Oct. 22, 67,000 70(07 ,
Low.
High.
Nov. 1 1930.]
FINANCIAL CHRONICLE
2875
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked NI".
Public Utilities
Pet Md. est.
Appalachian El Pr prof-100 108 109
Arizona Power 7% pref_100 86
Associated Gas & Klee
ego
9112
55 Preferred
(t) *4712 50
Cleve Elec Iii cont
100 111
0% Preferred
100 •11212
Cel El & Pow 7% pf
Eastern USD Assoc com___t *334
Convertible Mock
812 912
t
Oen Public Uhl 07 pref
t .83 80
MI221221091Riv Pow pf .100 •109
First mtge IS 1951_J&J 102
MAN 98
Deb 52 1947
National Pow A Lt
*10012 102
56 preferred
Northern States Power
7% preferred
100 107 109
Ohio Pub Sere 7% prof _100 107 108
117
6% Preferred
9812
. ._
Pacific Gas gr El 1st pref._25 *2714 2814
.99 101
Puget Sound Pr & Lt $6 Pf
$5 preferred
.88
90
let & ref 514ti 1949__JAD 10212 10312
9212
Say El A Pow 0% pf_ ._100 90
Sierra Pm El Co 6% pf_100 93
95
Stand Gas & El $7 pr pf_(') •I07 109
99 100
$6 prior pre
It) .
Tem Elee Pow 101 wet 7%. 109 110
6% preferred
100 98 101
Toledo Edison 5% prof__ 9714 98
104 106
6% preferred
100 109 11012
7% preferred
Utilities Pr A Lt 7% p1_100 9712 9812
igf
2
-6112
Shore Term Securities
Allis ChM Mfg 5a May 1937
Alum Cool Amer 58 May '52
Am Metal 54a '34_ _A&O
Amer Rad deb 434s May 47
Am Roll Mill deb Se_Jan IS
Amer Wat Wks 55 84 Adr0
Bell TM of Can Si A _Mar '65
Baldwin Loco 545 '33 MAS
Cud Pkg deb 545.Oct 1937
Eliseo El ill Roston3t4% note Novi '31 M&N
4% noire Nov 1 '32 M&N
5% note* Jan ISIS JAJ
Fbk Rubber 548--Jan 1031
General Motors Aocest6% eer notes.-Mar 1931
5% ser notes. Mar 1932
5% ser notes_Mar 1932
5% per notes-Mar 1934
5% see notes_Mar 1935
5% per notes-Mar 1936
Gulf 011 Corp of Pa
Debenture 58___Dee 1937
Debenture 5e-Feb 1947
Koppers Gm A Coke
Debenture Is .June 1967
Slag Pet 4tie_Feb 16 30-35
Marland Oil
Serial 5% notes J'ne 1581
Serial 5% notes Joe 15 32
Mass Gas Co.54s Jan 1946
Peoples Gas L & Core
Dec 1030
445
Free & Gamb 645 July '47
Sloes-Sher S & 1 4)4.l931
Union 011 ba 1935. ___F&A
United Drug Is 1932_ A&O
.A&O
Debenture 5e 1983.
Tobacco Stocks
1013 1023
8
8
10312 104
925 9414
8
985 99
4
97
973
4
10214 10212
10312 1 11414
10114 1013
4
--__ 9612
100 100'4
100 1003
8
0,24 11212
2114 25
10(112
101.5
8
100
5s
1005
8
1005
8
100 100 4
3
1014 10112
10114 10154
Railroad Roulp.(COlida.)
Kanawha & Michigan CI...
KansasCity Southern 5341.
Louisville& Nubians C...
Equipment 63 e
-4
Michigan Central Is
Equipment eis
Minn St P & EIS M 64e & be
Equipment 648 & 7.....
MissouriPacific 64s
Equipment 6a
Mobile & Ohio Is
New York Central 448 & be
Equipment (Ss
Equipment 75
Norfolk & Western 434t.
Northern Pacific 78
Pacific Fruit Express 75Penney!yenta RR equip 58
Pittab & Lake Erie 6
Reading Co 44s & Si
St Louis & Ban Francisco Si
Seaboard Air Line 5I4e & tie
Southern Pacific Co 4345...
Equipment75
Southern Ry 4)4* & Si
Equipment 68
Toledo A Ohio Central(1e.
Union Pacific 78
Aeronautical Securities
AeronauticalInd without war
Warrant,
Air Investors common
Alexander Indus com
8% participating prof....
American Airports Corp-Aviation Sec of New EngBellanca Aircraft Corp
Central Airport
Cessna Aircraft new corn...
ConsolidatedAircraft
Consolidated instrument..)
Curtiss Flying Service
Curtis' Reid corn
Dayton Alrod Enable
Detroit Aircraft
Fairchild Aviation class A..
FederalAviation
General Aviation let pf
limner Airpl & Motor
Lockheed Aircraft
Madaux Air Lines com
National Aviation
New Standard Aircraft....
SkySpecialties
Southern Air Transport....
Swallow Airplane
Warner Aircraft Engine
Whittelsey Mfg
10014 101
983 10018
4
1003
s
100 8 f(if
5
104 105
100
10014
100
1003
s
1004
10014
10012
104)38
101
101
101
Pa
American Cigar pref._..10
85
;/i 20
British-Amer Tobac ord_
Bearer
26
LI .24
24
Imperial Tob of GB & held 22
Johnson Tin Foil A Met _100 40
50
Union Cigar_
4
A
union Tobacco Co Class - _
Young GI 8) Co corn... _100 97 ......Preferred
100
101
BM. Ask.
4.80 4.50
5.00 4.50
4.80 4.50
4.40 4.20
4.25 8.75
4.50; 460
4 75, 4.50
5.00; 4.50
4.60 4.45
4 90 4.50
4.50 4.25
4.30 4.15
4.90 4.60
6.40 6.10
1.30 4.10
4.40 4.00
4.35 6.20
4.30 6.15
6.40 6.20
6.20 6.10
4.45 4.25
5.75 5.20
30 4.15
485 4.20
4.50 4.25
480 4.50
4 80 6.50
4.30 4.20
1
12
2
1
60
114
212 412
7
6
Ill
6
4
13
10
1
3
512
2
2
1
512
2
17
8 2
13
4 214
5
3
21
18
14
10212 512
12
41
512
10
a3
3
5
55
10
n1
4
3
1
1
3
Water Bonds.
Ark WM let be A *541__A&O
Birm WW let 54set 54 A AO
1st M 5a 1954 ser B-J&D
City W (Chat)54s.A•54 JAI)
JAI)
let M 5s 1954
City of New Castle Water
JAI)
fe Dec 2 1041
Clinton WW let 5839 FAA
Com'w'th Witt 181 54aA'47
Con'ilev W be Oo12'39 A&O
E St L & Int Wet 58'42 J&J
Jeta
let M 88 1942
Huntington let Os 54_3116a3
1954
5s
Mown Con W 1.15850 JAI)
Mown Val W 545 '50_J&J
Muncie WW 5e0ct2'39 A&O
St Jos Wet tre 1941_ _A&O
Shenango Val W 58'56_A&O
South Pittaburgh Water Co
let Si 1960 aeries A. Jack
.
let 5. 1960 series B_
FAA
1st M be 1955
Terre H WW 6* '49 A_J&D
lat 54 be 1956 per B_F&D
Wichita Wet 1st Os '419_ HAS
let M 58 1956 set B_F&A
97
10112 10212
9812
101 103
96
93
92
100
93 94
11612 98
100 102
102
95
9212
9712 99
93
97
90 93
95
05
99
101
94
1004
9514 9612
Indus. & Miscellaneous
100
Aeolian Co prof
Aeolian Weber P & P.--100
25
American Hardware
100
Babcock & Wilcox
t
Biles(E W) Co
60
Preferred
100
Childs Corp prof
Dixon (Jos) Crucible...100
100
IRMO Car Hi A Ltg
Singer Manufacturing-100
£1
Singer Mfg Ltd
85
40
9
15
*51
83
114 118
•1518 16
*67
108 118
140 155
106 110
360 390
9312 412
Railroad Eauipmente
Atlantic Coast Line 151-100
Equipment 64s
Baltimore & Ohio 6e
Equipment 645 & 58....
BuffRoth A Pitts equip Os_
Canadian Pacific )4s A Os
Central RR of N J 6s
Chesapeake & Ohio Os__
Equipment 64s
Equipment 51
3
Chicago & North Well 15sEQUIPMen111
ChB RI A Pee 44e & be
Equipment Os
Colorado A Southern 6a
Delaware A Hudson
Erie 645 A be
Equipment Oe
Great Northern Oe
Equipment 5e
Hocking Valley 6s
Equipment 60
Illinois Central 4140 &
Equipment els
Equipment 75 &
4.85
4 30
4 90
4 25
450
4.60
4.75
4.80
4 30
430
4 80
4.35
4 40
4.70
4 90
4 80
6.60
4 80
4.90
4 30
4 35
4 80
4.30
4 80
4.40
•Pie Share. g No par value
640
4.15
4.60
4.15
4.25
4.25
4.50
4.50
4 20
4 15
4 50
420
4.20
4.541
4.60
4.50
4 40
4.60
4.60
4.15
4.20
4.50
4.15
4.50
4.20
Chain Store Stocks.
Bohack (H C)Inc.
7% let preferred
100 102 105
Butler (James) common.__. Iii
3
Preferred
100 alb
35
Diamond Shoe common__
30
34
Preferred with wart
91
98
Edison Bros Stores cop
93 15
4
Preferred
a_
95
Fan Farmer Candy Sh pr.) 27
32
Fishtnan (II MI Stores corn
20
Preferred
103
GS All & Pao Tea pref-.100 118 121
Howorth-Snyder Co A
13
Knox Hat
50 60
Robacker Stores own
28
Cum prof 7%
100
Kress (S H)6% prof
14 8- 1012
Lerner Stores 654% Pf w Iv;
95
Lord & Taylor
100
275
First preferred 6%...100 495
Second Preferred 8%_100 098 106
MacMarr Stores 7% p/ w w
75
82
Melville Shoe Corp.let pref 6%.with warr_100 2.
90
Metropolitan Chain Stores
New preferred
100
Miller (I) & SODS oom____t 22
26
Preferred 64%
100
Mock Judson A Voeringer pf
Murphy (0 C) Co com___t
8% cunt pref
100 100 110
Nat Family Stores Inc warr e_
4
Nat Shirt Shops corn
t 1110
14
Preferred 8%
100 n80
85
Nedick's Inc *no
612
Neisner Bros Inc Pref 7%100 78
93
Newberry (J) Co 7% p1100 n92
98
N Y Merchandise cont.__.1 •10
14
FIrst preferred 7%--100
Piggh-wiggly Corp
nb
15
b B3, It.
t Pureb, also pays moo dive
Chain Store Stocks Par Sid. Ask.
Reeves (Daniel)preferred100 88
94
Rogers Peet Co oom---100 a95 120
1020
Schiff Co oom
24
Cum cony prof 7%_-_100
Silver (Isaac) & Bros cam-1
88
7% cum cony pref. -100 80
40
Southern Stores 6 Unite
II S Stores
3
First preferred 7%___100 40
50
Young(Edwin H)Drug units
Investment Trust Stocks
and Bonds(Coma) Par 814. ASS.
18
20
Greenway Corp corn
45
Preferred ex warrants Warrants
Guardian Investment
17
20
Cony preferred
18
22
Preferred
---Guardian Investors
---58 units
__-$3 unite
$7 preferred
Incorporated Equities.....
Standard Oil Stocks
4
Incorporated Investors..... 337% 403
512
Independence Trust Shares_
8
Atlantic Ref corn
25 *217 22
Industrial Collateral Amn-I
20
2 if'
Borne Scrymser Co
25 • 0
Industrial & Pow See Co-- 161- 50
8 814
Buckeye Pipe Line Co _50 .47
Insuranshares Ctfe Inc
Cheeebrough Mfg Cons-25 •100 120
28
32
Inter Germanic Trust
s5
Continental 011(Me)v lc 10
10
35
hat 1ec Corp of Am corn A-*1.212 127
Continental 011 (Del)
8
54
3
Common B
414
Creole Petroleum
(t) *4
Allotment oertificales--35
Cumberland Pipe Line_100 20
7% preferred
35
Eureka Pipe Line Co_-_100 80
93
614% preferred
4
Galena 011 corn
8912
(1)
8% Preferred
General Petroleum wl
Interstate Share Corp..- -Humble Oil & Refining _ 25 .7214 73
18
Inveat Coot Amer earn-. - - 22
Illinois Pipe Line
100 305 325
80
85
7% Preferred
•1612 17
Imperial 011
74 812
Invest Fund of N J
Indiana Pipe Line Co---10 *2612 28
814 014
Investment Trust of N Y._
8
104
International Petroleum.
-.t 1431 145 Invest Truss AssociatesNational Transit Co--12.50 •14 I 15
15
20
Joint Investors class A...
,
New York Transit Co___100 1212 1312
Convertible preferred. 50 3712 4711
Northern Pipe Line Co__100
Keystone Inv Corp class A
5
25 •20 s 203
4
Ohio 011
Class B
3312 Leaders of Industry
100 1: 1105
Preferred
2 14
18
25 :132‘
Penn Max Fuel Co
Massachusetts investor... 2354 374
221s MohawkInvest Corp
21
25
Prairie Oil& Gas
4712 4913
8
25 1
Prairie Pipe Line
6
74 277 Mutual Invest
63
4 814
914 Nationwide Sea Co tr off 11
25
Solar Refining
714 73
4
1112 Nat Re-Inv Corp
Southern Pipe Line Co-_50
6
7
28
25 .26
South Penn Oil
North Amer Utll Sec
45
Southwest Pa Pipe Line.50 .39
_
Preferred
5112 North Amer Tr Shares
Standard 011 (California)..) .51
7
13
Standard 011(Indiana).-25 .4018 4014 North & South Am B corn..
3
s
4
Standard 011 (Kaneas).__25 .193 193 Oil Shares unite
10
Standard 01.1(1entucky)..10 •2412 25
Old Colony Invest Tr corn.
83
_
Standard Oil (Nebraska)_25 *38 I 42
44% bonds
4
36
25 .523 527 Old Colony Tr Associates.
8
Standard 011 of N. J
88
261s 263 Overseas Si
25 .
8
104.
Standard 011 of N Y
25 *55 I 57
71
Standard 011 (Ohio)
Pacific Inventfloro lot p1100 n68
4
0160 65
100 1183 117
Preferred
Second preferred
38
100 103 1033 Power & Light Sees Truss.
8
New 5% pref
416
4
Standard Oil Export prof... 102 11143 Public Utility Holding
25 •41s 10
83
8 84
Swan &Finch
Common with warrants
3
2512
Union Tank Car Co
Corn without warrants...
(t •25
2 •611s 62
Vacuum 011
Warrant,
Research Inv Corp oorn___
62
Units
Investment Trust Stocks
712 -Royalties Manegement-- 164
and Bonds
Seaboard Cont Coro units_ ..-Admstr & Research A
---Common
93 1018 Second Financial Inveat
8
All America Investors A _-1512 1712 Second Internet See Corp.
Amer & Continental
x2134
Amer & For Bh Corp units
Common B
3 4 ---3
Common
24312 ---8% Preferred
1938
64% cony dabs
Second Nat Investors
718 Select Trust Shares
Amer Founders Corp corn..
x90
Cony preferred
1411 - -1Shawmut Assn eons
15 2
2443 483 Shawmut Bank Inv Trust_
4
4
6% preferred
12
14
21912
7% preferred
83
434.
1962 78
130 16c
1-40tha
5s
196: 80 85
8c Ilc
1-70ths
69
1962 125
Warrants
Southern Bond & Share
-Amer & General See 6% Prat
Common A
15
Class A
Common B
Class B
Preferred
Amer Insurance Stock Corp. 1012 13
16
15 llis
Standard Collateral Trust.
Cl: Standard Corporations
6
AmerInvest Trust Shares..
818 84
9
AmerRy Tr Shares
13
Standard Investing Corp_
Astor Financial
54% Prof with wart...
Atlantic Securities oom
i712
Standard 011 Trust She A.
2
4
Warrants
Clas. B
26;1 7
12
41
44
Preferred
Standard Utilities_ _ _ _
Bancshares Invest Inc A...
45 11Straus (T. W.) Inv Cote
Class B
Super Corp of Amer A...
73
4 815
Bankinetocks Holding Corp.
512
ClassB
714 75
s
Bankshame Corp of U 501 A
74
Trustee Stand Oil She A.
Bankstocks Corp of Md ol A
CISAIS B
74 8
Class Fl
Trustee Transportation _ _
7l
Preferred
United Pied She ser Y
771
fitiele Industry Shares
-0,
64 7
5e United Founders Corp eon
British Type Investors--(t)
63
4 73
4
1-70tha
Cent Nat Corp A
20
25
United Trust Shares A 2
Class B
3
8
17 S Flee Pow Corp
Chelsea Exchange elms A_
3
5
S Shares clam A
Class B
1
3
Class A 1
Colonial Investor Shares__
$ 92
224 234
85
Chas A 2
,
Commonwealth Share Corp_
Clam C 1
Consol Trust Shares(MO_
Class C 2
Continent. Metropol Corp_
212
'
1414 - 3
11
;
Clam C 3
Continental Shares eom____
Class D
Continental Seow Corp__(t) 16voi 12
Class F
Preferred
(15 70
7
83
4
Claes 11
Corporate.CaP Corp units.. 1714 1914
334 _--.
S & Brit Internet class B
Deferredstock
IS ;
(t)
Clam A
Credit Alliance A
Preferred
Corporate Trust Shares- _
612 -1 4 U S Elec Lt & Pow tr cif A 2324 3411
(
1
4
Crum & Forster Insurnsh B 44
812 85
8
46
Trust ctfa eer B
7% preferred
100 1014
3% preferred
105
Crum & Forster Intl B
44
46
Sugar Stocks
Depos Erksharee set N Y.1
83
4 912 Fajardo Sugar _
43
_ __Ile) 40
Series B-1
15
85
8 9 4 Godchaux Sugars Inc A.
3
- 14
Devonshire Investing corn_
3812 4018
2
9
DiversIfted Truro,.She A..
1914 20 I
60
52
191
Preferred
SharesB
.3
16
6
163 Haytian Corp Amer
4
Series0
652 718 Holly Sugar Corp nom-- 1 *18
22
'
Eastern Bankers Corp cam_
Preferred.
100 50 (10
Unita
28
30
National Sugar Ref....IOU
Equit Investing Corp units. 13
18
8
New Mauer° Sugar-100
Equity Invest Corp corn.... 22
t .70
76
Savannah Sugar corn
Units
59
93
100
Preferred
Federated Capital Corp....
4
4
Sugar Estates Oriente 01.100
9
New units
20
Vertientee Sugar °ref __MO
26
Firm Amer Corp
- 2 -- 4
14 83
rinst Holding A Trod
Rubber Stocks (Cleserasa.
- - 712 Aetna Rubber corn
63
4
Fixed Trust 01. shares
4
Fined Trust Shares Cl A--(1) 1674
Falb Rubber corn
Clam B
3
(1) 147
25
Preferred
Foundation Sec cam
Faultless Rubber
Preferred
Gen'l Tire & Rub oom.....25
Founders See Tr Prof
Preferred
100
Founders Shares
Goody'r T & R of Can p1.100
105
General EQUitiee A
412 513 India Tire & Rubber
Gen Pub Sere 6% prof
93
95
Monawk Rubber
100
General Trustee common...
Preferred.
100
Newunits
Z512
&Marling Tire & Rubber..) 6% bonds
Preferred._ _
_100 30
Last sale.
"ii-
-12 "Iai
1
ii2 "ii;
a Nominal, a ha-diva
g Li
-rights
r Canadian Quotations,
s Bale Dolee.
Current Carning5
Abut*,
11: uarterip
anb f)alf
peartp.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly,
quarterly or half-yearly,that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
It includes also the returns published by us in our issue of Oct. 25 and some of those given in the issue of
Oct. 18. The object of this index is to supplement the information contained in our "Monthly Earnings Recore
which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly- reports,
The "Monthly Earnings Record" was absolutely complete up to the date of issue, Oct. 17, embracing every
monthly, semi-annual and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the list,
representing companies which had not yet made up their returns when the October number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter
is complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week,this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle" index in conjunction with the"Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week-an absolutely unique service. A further valuable
feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings Record," there
Is a reference line showing by date and page number the issue of the "Chronicle" where the latest complete
annual report of the company was published.
Issue of Chronicle
When Published Page
Name of CompanyAddressograph International Corp__Nov. 1..2877
Oct. 25_2682
Air Reduction Co., Inc
Oct. 25_265I
Alabama Power Co
Oct. 25_2682
Allis Chalmers Mfg. Co
Oct. 18-2526
Alpha Portland Cement
Nov. 1._2877
Amerada Corp
Nov. 1_2877
American Bank Note Co
Nov. 1..2877
American Bosch Magneto Corp
.Nov. 1..2877
American Brown Boveri Elec. corp.
Amer. Commonwealths Power Corp_Oct. 25-2651
Oct. 25...268l
Amer. Community Power Co
Oct. 18.-252 ,
American Hide & Leather Co
Nov. 1..2877
American Ice Co
Oct. 25_26,2
Amer. International Corp
Oct. 25..2682
Amer. La France & Foamite Corp
Nov. 1._2877
American Metal Co
Oct. 25_26 ,1
American Re nsurance Co
Oct. 25._26 il
American Republics Corp
Nov. 1..2877
American States Public Serv. Co
Nov. l2877
Anchor Cap Corp
Nov. l..2857
Ann Arbor RR
Oct. 18_ 2526
Arizona Edison Co
Nov. t..2877
Arundel Corp
Oct. 25_2682
Associated Gas & Electric Co
Oct. 18..2326
Associates Investment Co
Atch. Top. & Santa Fe Ry. System_Nov. 1_2887
Nov. l__2877
Atl. Gulf & W. I. S. S. Lines
Oct. 18_ _2526
Atlantic Refining Co
Oct. 25._26'2
Atlas Powder Co
Nov. l._2877
Atlas Tack Corp
Nov. L.2817
Auburn Automobile
Nov. 1.._2877
Autosales Corp
Nov. 1..2877
AutoStrop Safety Razor Co
Nov. I._2887
Bangor & Aroostook RR. Co
Oct. 25_2652
Barker Bros. Corp
Barcelona Trac., Lt. & Pr. Co., Ltd Nov. 1_2877
Nov. 1..2878
Barnsdall Corp
Oct. 25..26 .2
Bastian-Blessing Co
Oct. 25..2682
Bayuk Cigars. Inc
Oct. 25_2642
Beatrice Creamery Co
Oct. 25_2612
Beech Nut Packing Co
Nov. 1..2878
Bethlehem Steel Corp
Bessemer Limestone & Cement Co Oct. 25..26 ,2
Oct. 18..2527
Inc
Bickford's,
Oct. 18..2527
Bing & lung, Inc
Oct. 25_2642
Blackstone Valley Gas & Elec
Oct. 25..26.3
Blumenthal (Sidney) 8c Co., Inc
Oct. 25_26i3
Bohn Aluminum & Brass Corp
Oct. 25262
Bon Ami Co
Nov.
Borg-Warner Corp
Nov. 1_2878
Bonin Vivitone Corp
Oct. 25._262
Boston Elevated Ry
Oct. 25..2683
Boston Herald Traveler
Nov. L..28'7
Boston & Maine RR
Nov. 1_2888
Boston Revere Beach & Lynn RR
Brazilian Trac., Lt. & Pow. Co., Ltd_Oct. 25..2653
Nov. 1_2378
Mfg. Co
Briggs
Oct. 25..2653
Briggs & Stratton Corp
Brooklyn Manhattan Transit (mei.
Bklyn. & Queens Transit Systems) Oct. 25_2653
Brooklyn & Queens Transit System_Oct. 25..2653
Nov. 1._2878
Brunswick Term. & Ry. Sec. Co
Oct. 25..2658
Buffalo Sc Susquehanna
Nov. t._28 8
Bush Terminal Co
Nov. l__287$
Butte Copper & einc Co
Nov. 1_2878
Calumet & Heels Consol. Copper
Wyant & Cannon Fdy.Co.Oct. 25..26 i3
Campbell.
Nov. 1__2857
Canadian Pacific Ry
Oct. 25__2613
Cape Breton Electric Co., Ltd
Oct. 25__26s3
(A. M.) Castle Co
Oct. 25._2683
Caterpillar Tractor Co
Nov. L_2878
Central Illinois Light Co
Oct. 18_2332
Central Vermont ity., Inc
Nov. l__2878
Century Ribbon Mills, Inc
Oct. 25..2683
Chicago Pneumatic Tool Co
2857
Nov.
Chicago Rock Isl. & Pac. Ry
Oct. 25_2643
Chicago Surface Lines
Nov. l._2878
Childs Company
Oct. 25__2653
City Ice & Fuel Co
Oct. 25-2653
Clark Equipment Co
Nov. 1__2S78
Collins & Aikman Corp
Nov. I__2878
Colorado Fuel & Iron Co
Light Co____Nov. 1-2878
Columbus Ry., Power &
Nov. 1_ _2875
Commonwealth Edison Co
Oct. 25..2653
Commercial Solvents Corp
Oct. 25..263
Commonwealth & Southern Corp
Oct. 18..2527
Community Power & Light Co
Connecticut Electric Service Co____Nov. 1__2878
Consolidated Chemical Industries__Oct. 25..2683
Cons. Gas, El. Lt. & Pow. Co. of Balt.Nov. L.2879
Oct. 25_2683
Consumers Power Co
Nov. t_.2879
Continental Oil Co
Oct. 35..2683
Continental Steel Corp
Nov. I__2879
Continental Shares. Inc
Nov. 1._2879
Cooper Bessemer Corp
Nov. 1.-2879
Corn Products Refining Co
Issue of Chronicle
When Published Page
Name of Company-Oct. 25..2643
Cream of Wheat Corp
L.2879
Nov
Crosley Radio Corp
Crown Cork International Corp____Nov. 1..2879
Oct. 18__2527
Crystalite Products Corp
Oct. 25._2683
Curtis Publishing Co
Nov. 1.._2879
Deisel Wemmer Gilbert Corp
Nov. I 2888
Denver & R. G. Western RR. Co
Nov. l._2879
Denver Tramway Corp
Nov. 1_ 2879
Detroit Street Rys
Nov. l._2879
Dexter Company
Diamond Match Co.(& Subs.)
Nov. l._2819
Dominion Stores, Ltd
Nov. l..2879
Dome Mines. Ltd
Oct. 25_2654
S. R. Dresser Mfg. Co
Oct. 25..2644
(E. I.) du Pont de Nemours & Co
Oct. 25..2654
Eastern Texas Elec. Co. (Del.)
Oct. 25..2654
Eastern Utilities Associates
Oct. 25__2654
Eaton Axle 8c Spring Co
Oct. 25_2634
El Paso Electric Co.(Del.)
Oct. 25. 26 i4
Electric Ferries, Inc
Oct. 25..2684
Erie RR. Co
Nov. I__2838
Federal Water Service Corp
Oct. 18..25/7
First Nat. Corp. of Portland
Oct. 25..2654
Gabriel Company
Oct. 25_2644
Gardner Denver Co
Oct. 18..252i
General Cigar Co.. Inc
Nov. 1..2879
General Foods Corp
Oct. 25_2684
General Printing Ink Corp
Oct. 25_2644
General Railway Signal Co
Oct. 25..2684
General Refractories Co
Nov. 1..2879
Georgia & Florida RR
Nov. 1_2858
Georgia Power Co
Oct. 25..2654
Godchaux Sugar, Inc
Nov. 1..2879
Golden State Milk Products
Nov. 1_ _2860
Gould Coupler Co
Oct. 25..2685
Granby Con. Mfg.. Sm.& Pr.Co..Ltd.Oct. 25_2644
Grand Union Co
Nov. 1_2840
Granite City Steel Co
Nov. I__2860
Green Mountain Power Corp
Oct. 18_2528
Grigsby-Grunow Co
Nov. 1_2880
Gulf Coast Lines
Oct. 25..26 4
Gulf Power Co
Nov. 1_2980
Gulf States Steel Co
Oct. 25_2613 ,
(M. A.) Hanna Co
Oct. 18..2. 2
Harbison-Walker Refractories Co. _Oct. 18_25 a
Havana Electric Ry
Nov. 1..2850
Nov. E_2880
Hazel-Atlas Glass Co
Hercules Powder Co
Oct. 25_2653
Hershey Chocolate Corp
Oct. 25_2685
Nov. 1..2840
Heywood-Wakefield Co
Hudson Motor Car Co
Nov. L _2840
Oct. 25..2683
Honolulu R. T.Co.. Ltd
Household Finance Corp
Oct. 18_1521
Houston Oil Co. of Texas
Oct. 25_26115
Oct. 25_2683
Howe Sound Co
Nov. L_2880
Hydro-Electric Securities Corp
Hudson St Manhattan RR. Co
Oct. 25_2655
Hupp Motor Car Corp
Oct. 25_2655
linols-Northern Utilities Co
Nov. I...2850
Nov. 1_2880
linols Power Co
nland Steel Co
Nov. 1..2880
nterborough Rapid Transit Co_ _Nov. 1_2880
ntercontinents Power Co
Nov. I__2880
nternational Business Mach. Corp_Nov. 1_2830
nternational Silver Co
Nov. 1._288I
ntertype Corporation
Nov. I-2881
Oct. 25...2645
nteriake Iron Corp
nternational Great Northern
Oct. 25..2649
nternat. Rys. of Cent. Amer
Oct. 25._2659
owa Public Service
Oct. 18_ 2519
land Creek Coal Co
Oct. 18._2529
_Nov. I 2881
Jackson & Curtiss Invest. Assoc
Nov. 1 _2841
(Mead) Johnson & Co
Nov. I__281I
Jones & Laughlin Steel Corp
Oct. 25_2655
Kansas City Power & Light Co
Nov. 1_28 ill
Kansas City Pub. Serv. Co
Oct. 25_26.9
Kansas City Southern Ry
Oct. 25_2,85
Keystone Telephone Co
Oct. 18_2519
Kimberly-Clark Co
Nov. 1_2881
Kingsport Press, Inc
Oct. 18_25(9
(D. Emil) Klein Co., Inc
Oct, 25_2655
Kresge Department Stores, Inc
Nov. I._ 2851
Lambert Company
Oct. 25-2655
Lehigh Valley Coal Corp
Nov. 1__2881
Link Belt Co
Nov. 1__2881
Lion Oil Refining Co
Oct. 25__2685
Loblaw Groceterlas, Ltd
Oct. 25_2655
Loose Wiles Biscuit Co
Oct. 25._26-46
Los Angeles Gas & Elec. Corp
Nov. l._2851
Louisiana Power & Light Co
Nov. 1-2841
McCall Corp
Oct. 25_2686
McGraw Hill Publishing Co., Inc
Oct. 18._2529
McIntyre Porcupine Mines, Ltd
Oct. 18..2529
Magma Copper Co
Nov. 1..2881
Maine Central RR
Oct. 25-3686
Market Street Ry. Co
Issue of Chronicle
Name of CompanyWhen Published Page
Mathieson Alkali, Inc
Oct. 18_2529
Maytag Company
Nov. 1..2881
Mengel Company
Nov. 1...2881
Merchants & Mfrs. Securities Co.......Oct. 25-2686
Mid-Continent Petroleum Corp
Oct. 25_2686
Midland Steel Products Co
Oct. 25..2686
Mississippi Power Co
Nov. 1..2881
Mississippi Power 8c Light Co
Nov. 1__2881
Missouri Pacific
Oct. 25_2689
Monighan Mfg. Co
Oct. 26__2686
Monsanto Chemical Works
Nov. 1._2881
Montgomery Ward 8c Co
Oct. 25_2686
Mullins Mfg Corp
Nov. I__2881
Murray Corp. of America
Nov. 1..2881
(Conde) Nast Publications, Inc
Nov. 1_2882
National Acme Co
Nov. 1..2881
National Cash Register Co
Nov. 1__2882
National Distillers Products Corp
Nov. 1...2882
National Biscuit Co
Oct. 25? 2686
National Tea Co
Nov. 1..2882
Nevada California Elec. Co
Oct. 25_2686
New England Gas & Elec. Assoc....Nov. 1_2882
New England Tel. & Tel. Co
Oct. 25_2686
New York Ontario & Western Ry
Oct. 25..2689
New York Dock Co
Nov. 1..2882
N. Y. N. H. & Hartford RR
Nov. 1_2888
N. Y. Westchester & Boston Ry
Nov. 1_2882
Newton Steel Co
Nov. 1..2883
Niagara Falls Power Co
Nov. 1_2842
Norfolk & Western Ry. Co
Nov. 1...2888
North American Co
Nov. 1_2852
Old Colony Investment Trust
Nov. 1..2832
Orange & Rockland Elec. Co
Nov. 1..2882
Otis Steel Co
Oct. 25..2686
Pacific Lighting Corp.(& Subs.)
Nov. 1..2882
Pacific Power & Light Co
Oct. 25_2686
Packard Motor Car Co
Oct. 25..2686
Paramount Publix Corp
Oct. 18_ _2530
Patino Mines & Enterprises Consol_Nov. 1_2883
Pennick & Ford, Inc
Oct. 25..2686
Pennsylvania Coal & Coke Co
Nov. 1..2882
Pennsylvania Gas & Electric
Oct. 25..2686
Pennsylvania Power & Light Co
Oct. 25_2686
Peoples Gas Light & Coke Co
Oct. 18_2530
Pere Marquette Ry. Co
Nov. 1__2888
Perfect Circle Co
Oct. 25_2686
Philadelphia & Western Ry
Oct. 25..2687
Philip Morris & Co., Ltd., Inc
Oct. 25__2686
Phillips Petroleum Co
Oct. 25._2686
Pierce Arrow Motor Car Co.. & Subs_Oct. 25..2687
Pittsburgh Terminal Coal Corp
Nov. 1.-2883
Pitts. & West Virginia Ry
Nov. 1_2888
Prairie Pipe Line Co
Nov. 1..2833
Portland Gus & Coke Co
Oct. 25_2697
Public Service Corp. of N. 1
Oct. 25..2687
Public Service Co. of Nor. III
Nov. 1..2883
Radio-Keith-Orpheum Corp
Nov. 1..2883
Railway & Utilities Invest. Corp
Oct. 25_2687
Raybestos-Manhattan Corp
Nov. 1_2813
Reliance Mfg. Co. (Ohio)
Nov. 1..2883
Reo Motor Car Corp
Nov. 1._2883
Retail Properties, Inc
Nov. 1_2883
Rio Grande Oil Co
Nov. 1-2853
Ross Gear & fool Co
Oct. 118_2530
St. Louis-San Francisco Ry
Oct. 25_2689
St. Louis Southwestern Ry. Lines_Nov. 1_2888
Savage Arms Corp
Nov. 1..2883
Scott Paper Co
Oct. 18_2531
Seagrave Coro
Oct. 18_2530
Seeman Brothers, Inc
Nov. 1....2883
Servel. Inc
Oct. 25_2687
Frank G. Shattuck Co
Nov. 1_2883
Sioux City Gas & Electric
Oct. 25..2687
Soo Line System
Oct. 25..26'19
So. California Edison Co., Ltd
Oct. 18_2531
Southern Ice Co
Oct. 25..2687
Southern Indiana Gas & El. Co____Nov. E-2883
Southern Pacific Lines
Oct. 25_2689
South Carolina Power Co
Nov. 1..2883
Southwestern Bell Telephone Co
Nov. 1-2883
Standard Brands, Inc
Nov. 1__2883
Standard Cap & Seal Corp
Nov. 1.-2884
State Street Investment Corp
Oct. 18-2531
Stewart-Warner Corp
Nov. 1.-2883
Sterling Securit.es Corp
Oct. 25_2687
(s. W.) Straus investing Co
Oct. 18_2531
Studebaker Corp
Nov. 1__2883
Superior Steel Corp
Oct. 25..2687
Sweets Co. of America
Oct. 25_2687
Symington Company
Oct. 25..2647
Telautograph Corp
Nov. 1.-2883
Tennessee Elec. Power Co
Oct. 25_2687
Texas Gulf Sulphur Co
Oct. 25_2647
Texas & Pacific Ry
Nov. 1..2888
Texas Power &Light Co
_Oct. 13_2531
Third Avenue Ry. System._
Nov, 1 2384
2877
FINANCIAL CHRONICLE
Nov. 1 1930.]
Issue of Chronicle
When Published. Page
Name of CompanyTransue & Williams St'l Fore. Corp_Oct. 25..2687
.__.Oct. 25..2637
Trico Products Corp
Oct. 25_
Trunz Pork Stores. Inc
Nov. 1..2884
Truscon Steel Co
Nov. I._2834
Twin City Rapid Transit
Oct. 18..2331
Ungerleider Financial Corp
Union Carb. & Carb. Corp.(& Subs.) Nov. 1..2884
Oct. 25_2689
Union Pacific System
Nov. I__2834
United Gas Improvement
Oct. 25_2688
U. S. Distributing Corp
Oct. 25_2688
U. S. Hoffman Machinery Corp
Oct. 25..2637
United States Leather Co
Issue of Chronicle
When Published. Page
Name of CompanyNov. 1..2884
United States Steel Corp
Nov. 1_2884
Utah Power 8s Light Co
Nov. i..2884
Vadsco Sales Corp
Nov. L_2884
Vick Financial Corp
Nov. 1__2885
Virginia Electric & Power Co
Oct. 25_2683
Virginia Iron, Coal 8c Coke Co
Nov. 1...2838
Virginias Ry
Nov. 1._2888
Wabash Ry
Oct. 25..2688
Waldorf System
Nov. 1..2834
Ward Baking Corp
Oct. 25..2648
Warner Co
Oct. 25..2688
Warner Quinlan Co
l ''Issue of Chroniclelii
e
Name of CompanyWhen Published. Page
Western Dairy Products Co
Nov. 1_2885
Western Maryland Ry
Oct. 25..2689
Westinghouse Air Brake
Nov. 1__2885
Westinghouse Elec. & Mfg. Co
Oct. 23..2688
Westphalia United Elec. Power Corp.Nov. 1_2885
Westvaco Chlorine Products Co____Nov. 1_2885
Wheeling Steel Corp
Nov. I__2885
Wisconsin Hydro-Electric Co
Oct. 18_2532
(William) Wrigley Jr. Co
Oct. 18..2532
Yale & Towne Mfg. Co
Nov. 1..2835
Youngstown Sheet & Tube Co
Nov. 1..2885
Addressograph International Corp.
Anchor Cap Corp.
1930-9•Mos.--1929.
r period End. Sept. 30- 1930-3 Mos.-1929.
Net profit after charges,
deprec., devel. & pat.
exps., Fed'l taxes &
$365.981 $1,036,600 $1,123.218
$255,129
r subs. pref. dive
Earns. per sh.on 520,000
$2.16
$1.99
$70.0
$0.49
shs. cap.stock (no par)
.
lar Last complete annual report in Financial Chronicle May 24 '30, p. 3714.
Nine Months Ended Sept. 301930.
1929.
Gross manufacturing profit
$2,135.825 $2,180.220
Selling, advertising and administrative expenses.796,170
811.447
Depreciation
346.379
335,451
Other reserve appropriation
6.083
10.456
Other deductions (net)
6,502
47.696
Federal and Canadian income taxes
119,173
109,055
Amerada Corporation.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Gross operating income_ $2,506,562 $2,515,500 $7,166,043 $7.402,345
Oper.costs,admin. exp.,
5,128,457
4.065,568
1,582,667
leases abandoned, &c_ 1,306,632
$932,833 $3,100,475 $2.273,888
Operating income...-. $1,199,930
y3,752,236 x2,365,106 y4,317,817 x3,519,361
Other income
Net income for period
$871,637
$855,996
Shares common stock outstanding (no par)
230,758
221,088
Earnings per share
$3.10
$3.06
la Last complete annual report in Financial Chronicle May 10 '30, p. 3355.
-
$4,952,166 $3,297,939 $7,418,292 $5,793,249
Total income
Depreciation, depletion,
3,179,950
1,038,754 3,244.421
and Federal taxes.... 1.179,356
Atlantic Gulf and West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of August- -8 Mos. End. Aug. 311930.
1929.
1929.
1930.
Operating revenues
$2,166,593 $2,864,524 $20,113,654 $23,578,738
Net revenue from oper.
(incl. depreciation)
99.831
339,413
2,081,276
3,234,341
Gross income
173.387
435,776
2,690,448
3,980,464
Interest, rents and taxes
188,026
198.646
1,583,033
1.667,672
Net income
df$14.638
$237.130 $1.107.414 $2,312,791
tarLast complete annual report in Financial Chronicle May 17 '30, p. 3545
$3,772,810 $2,259,185 $4,173,871 $2,613,299
Net income
922,075
922,075
922,075
922,075
(no par)
Shs,cap.stk.out.
$2.83
$4.53
$2.45
$4.09
Earn.s. per stt. on cap.stk
consideration
x Includes approximately $1.900,000 realized on the cash
Atlas
of $5,000,000 received from Dixie Oil Co. in part payment for an undivided
Nine Months Ended Sept. 30one-half interest in non-productive leaseholds in Oklahoma and Kansas.
y Including profits from sale of one half-interest in Kettleman Hills lease Net sales expenses
Cost and
to Union Oil Co. of Calif.
VirLast complete annual report in Financial Chronicle Apr. 12'30, p. 2583,
Operating loss
Other income
American Bank Note Co.
Period End. Sept. 30
Earnings
Miscellaneous income.-
1930-9 Mos.-1929.
1930--3 5fos.--1929.
$649,013 $1,131,637 $2,468,228 $2,993,760
184,104
154.560
61,896
52,309
Total income
Depreciation
Other deductions
$701,322 $1,193,533 $2,622,788 $3,177,864
91,747
277,280
273,405
93.503
182.081
366,328
527,665
90,286
Net income
Preferred dividends_
Common dividends
$517,532
75,090
326,387
American Bosch Magneto Corp.
1930-9 Mos.-1929.
Period End. Sept.30- 1930-3 Mos.-1929.
'
$1.968,294 $4,258,440 $6,480.276 $9,213.776
Net sales
616.158
137.875
27,815
1,114,049
Net income after charges
61,983
65,030
195,056
186,512
Depreciation
$554.175 los457,181
$927,537
! Net prof. after charges loss$37,215
lia
Earns. per sh.on 207.399
Nil
Nil
$2.67
$4.47
shs. com.stk.(no par)
10 Last complete annual report in Financial Chronicle April 5 '30, p. 2395
American Brown Boyeri Electric Corp.
(And Subsidiaries).
1929.
19309 Months Ended Sept. 30$589,153 $1,264.008
Net operating profit
116.514
191,139
Other income
$705,667 $1,455.147
24.195
145
4.035
177,365
185.862
473,741
428,2:34
6,182
252.203
$540.743
62,674
14.836
191.426
413.244
138.581
$48,234
$560,617 loss$280.017
Net income before Federal taxes
F The net loss for the September 1930 quarter was $103,822 after charges,
with a profit of $131,586 in the September 1929 quarter.
comparing
"Last complete annual report in Financial Chronicle Mar. 15 '30, p. 1830
American Ice Co.
1930-9 Mos.-1929.
-Month-1929.
Period End. Sept. 30-- 1930
Net earns, after int., but
$769,882 $5,030,908 $4,879.368
bet. Fed. tax.& deprec. $932.346
laf'Last complete annual report in Financial Chronicle Mar.29 '30, p. 2210.
American Metal Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net profit after Federal
$907,801 $1,629,926 32.566,126
8357.327
taxes, deprec.,
Shares corn, stock out868,185
867.582
688,185
standing (no par)---867,582
$0.93
$0.29
Earnings per share
$1.52
$2.60
arLast complete annual report in Financial Chronicle Mar. 1 '30, p. 1462
667,333 pror$129845
1,230
16.764
866.103 prof$146609
18.789
70,831
Net loss
$84.892 prof$75,778
For the quarter ended Sept. 30 1930. the net loss amounted to $29.364
after expenses and charges against profit of $1,750 in the third quarter of
1929.
Itg"Last complete annual report in Financial Chronicle May 3' 30, p 3164
Auburn Automobile Co.
(And Subsidiaries)
Period End. Aug. 31- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Gross oper. income
$4,892,427 $2.550,108 $21,826,365
Expenses
4,515,761
1.047.852 20,146,510
Operating profit
Other income
$376.666 81,502,256 81,679.855 34,027.225
59.716
89,717
157,835
421.902
Total income
Depreciation
Interest. amort., &c
Federal taxes
Minority interest
$436,382 81,591,973 $1,837.690 84,449.127
179,939
185.877
560.632
569.963
54.384
37,790
233.699
104.028
19.231
149.780
168,307
429.621
3.893
99,813 Cr169.892
387,296
Net income
$178.935 $1.118.713 81,044.944 82,958,219
Shs.cap.stk. out.
(no par) 184,492
166,239
184,492
166.239
Earnings per share
$0.97
$5.66
$7.78
$6.72
Sales Nine Months Ended Aug. 31.
1929.
1930.
Sales
321.862,365 $330,136.292
'Last complete annual report in Financial Chronicle Jan. 25,'30, p. 625
1928.
$370.041
170,702
Gross income
Interest on notes payable
Cash discount
Interest on bonds
Depreciation
Miscellaneous charges
1930.
1929.
$1,212,081 $1,751,746
1,279,414
1,621,901
Loss
Other charges
8916,704 $1,979,180 $2,376,793
225,709
224,202
74.759
296,715
978.918
890,145
$116,056
$545,231
$774,553 $1,262,446
Surplus
593,430
652,773
652,773
593,430
She.corn.out.(par 310)$1.42
$0.68
$2.68
$3.62
Earnings per share
a'Last complete annual report in Financial Chronicle Mar 29 '30, p. 2210.
Tack Corp.
Autosales Corp.
Period
Gross earnings
a Costs and expenses
Quarter Ended
9 Mos.End,
Sept. 30'30. June 30'30. Mar.31 '30. Sept. 30'30.
$364,892
$349.473
3357.504 81,071.869
344.882
368.231
377.406
1,090.520
Operating loss
prof$20.010
Cr.1,.551
Other deductions (net)_.
Net loss
Prior year adjust
pror$21.561
2.039
$18.758
Cr.1.544
$19.902
4.403
318.651
1.307
817,214
5,523
324.305
4.382
319.958
11.944
Deficit
prof$19,522
$22.737
$31,902
$28.687
a Includes $6,805 charges for the September quarter which will be nonrecurring after 1930: $13,227 in the June quarter. $22,083 in the March
quarter and $42,115 for the 9 months.
e'Last complete annual report in Financial Chronicle May 17 '30, p. 3545
AutoStrop Safety Razor Co., Inc.
(And Subsidiaries.)
9 Mos.End. Sept.30- 1930.
1929.
Net Inc. from operations $1.782.375 31,054.109
Other income
147.032
84.440
Total income
31,929.407 $1,138.549
Other deductions
86.838
63.675
Interest paid
6.498
5,940
Provision for deprec__
158,629
116,534
Income tax
233,336
128,870
Portion of earn. applic.
to minority holdings of
AutoStrop Safety Razor Co., Ltd., London
32.532
64,282
1928.
8911.315
81.082
1927.
3780.415
56.583
8992.398
64.629
18.954
131,479
118,743
3836.998
46.606
1.338
72,128
119,132
80.704
96.016
(And Subsidiary Companies)
Net profit for period
$1,411,574
$759,247
$580,887
$801,778
Earns. per sh.on 222.500
-Month of Sept.- -12 Mos. End. Sent. 30
ohs. cl. B stk.(no par)
$5.46
$2.2
$1.77
$1.41
1930.
1929.
1930.
1929.
3169,455
8160.123 $1.755.947 $1,698,171
Net income for the Sept. 30 1930 quarter was $688.766. or $2.80 a share
Gross revenues
on the class B shares against $388,92 or $1.45 a share for the same quarter
79.497
73.696
Operating expenses
831.354
849.515
of 1929.
Earns, avail, for lot.
larLast complete annual report in Financial Chronicle Mar.8,p.1657,and
$86,426
charges,res. & surp.
$89,957
$924,592
$848.656 Mar. 15 '30, p. 1832
larLast complete annual report in Financial Chronicle Mar. 22'30, p. 2022
American States Public Service Co.
Barcelona Traction, Light & Power Co., Ltd.
Arundel Corp.
-Month-1929.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930
Net income after deprec.,
3197.843 $1.957,000 81.640.695
$226,945
Fed. taxes. &c
Awnings per share on 492.556 shares common
stock (no par)
$3.97
$3.33
rffl Lost complete annual report in Financial Chronicle Feb. 8 '30, p. 977
-
-Month of September- -9 Mos. End. Sept.301930.
1929.
1930.
1929.
Pesetas.
Pep tas.
Pesetas.
Peseta,.
Gross earns.from oper-- 8.584.917 8,125.009 79.504.477 74,661.9$0
Operating expenses
3.541.380 3.853.230 27.018.702 26.973,539
Net earnings
5.043.537
4.271.779 52.485.775 47.688.411
Off
-Last complete annual report in Financial Chronicle July 5 '30, p. 105.
2878
FINANCIAL CHRONICLE
Barnsdall Corp.
(And Subsidiaries.)
M03.End. Sept. 30-1930.
1929.
1928.
1927.
Net oper. inc. after int.
and Federal taxes_ ___ $8.760,264 610,451.199 $7.413.641 $7.184,869
Additions to reserves for
deprec. and depletion_ 4,055,495 4.729,493 5.012,180 3,836,376
Net income
64,704.769 $5,721,706 $2,401,461 $3,348,492
Dividends paid
3,321,171 3,720,512
731,262 2.142,328
Balance to surplus... 61,383,598 $2,001.193 $1,670,199 $1,206,164
Shs. of class A & B stk.
outstanding (par $25)- 2.257,635 2,256,747 1.281,906
1,153,696
Earns, per sh. on cornbinded stocks
$2.92
$2.08
$1.87
$2.53
The net income for the qunrter ended Sept. 301930, was $1,337,329 after
interest, deprec., depletico abandoned dry holes and Federal taxes,
equivalent to 59 cents a aka... (par $25) on 2.257,635 combined class A and
,
class ll shares and compares with $1,606,453 or 71 cents a share on 2,256,747
combined shares in the third quarter of 1929.
10
-Last complete annual report in Financial Chronicle Mar.8 '30, p. 164
Bethlehem Steel Corp.
(And Subsidiaries.)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Total incom
$8.943,217 $17,710,173 $37,815,281 $51,024,726
Interest charges
1,636,267 27°844 5,544,427 8,312.761
Prov. for eeprec'n obsol.
3,523,525 3,566,909 10.718,448 10,515,182
and(1.ipletion
[Vol, 181.
Centr
Illinois Light Co.
(The Common... th & Southern Corp. System)
-Month of September-- 12 Mos. Ended. Sept. 30
1930.
1929.
1930.
1929.
Gross earnings
$394,108
$405,029 $5,272.934 $5,016,362
Oper. expenses, includlag taxes and maint 221,605
234,400 2,982,571
2,932,040.
Gross income
$172,502
$170,629 $2,290,362 $2,084,321
Fixed charges
354,970
358,790•
Net income
$1,935,392 61,725,01
Dividends on preferred stock
Provision for retirement reserve
404,573
406,018.
335,400
318,300
Balance
$1,195,418 $1,001,213
10
-Last complete annual report in Financial Chronicle Apr. 5 '30, p. 2388..
Century Ribbon Mills, Inc.
(Incl. Century Factors, Inc.)
Nine Months Ended Sept. 301930.
1929.
Net after deprec. & Federal tax
$74,817
$95,998
Preferred dividends
68,637
74,418
1928.
$105,972.
79,896
Balance surplus
$6.180
$21,580
$26,076
Earns, per sh. on 100,000 shs. of no
par common stock outstanding...-.
$0.06
$0.22
$0.26
,
KN'Last complete annual report in Financial Chronicle Mar. 1 '30, p. 1834.
Net income
$3.783,425 $11,384,720 $21.552,406 $32,196,783
Childs Company.
Preferred dividends_ _ _ _ 1,750,000 1,750.000 5,250,000 5,250,000
Common dividends
(And Subsidiaries).
4,800,000 x4,800.000 14.400,000 10,200.000
Period End.Sept. - 1930-3 Mos.-1929.
1930-9 Mos.-1929.:
Balance,surplus._ _def.$2,766.575 $4,834,720 $1.902,406 816,746,783 Sales and rentals 30
$6,783,535 $7,708,089 $21,241.680 $22,190,103
Sin. corn. stk. outstandCosts and expenses
6,569.696 7,050,762 19,796.738 20,477.940
ing (par $100)
3,200.000 2,400,000 3,200,000 2,400.000
Earnings per share
$0.63
$11.23
$4.01
$5.09
Operating profit
$213.839
$657,327 $1,444,942 61,712.157
x Includes dividend payable on Feb. 15 1930, on additional 800,000 shares Other income
206,309
70.197
436,873
216,600
Issued Oct. 21 1929.
PrLast complete annual report in Financial Chronicle Mar.22'30, p. 2054
Total income
6420,148
$727,524 $1,881.815 $1,928,757
Interest
155,423
148,290
454,139
443,207
Federal taxes
Cr.8,200
47,066
72,761
102,517
Borg-Warner Corp.
Depreciation
203,787
203,072
610,074
609.214
Other deductions
9,000
7.374
33.380
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after charges
Net
$69.138
$320,096
$737.467
$740.439.
and taxes
$198.834 $1,846,931 $2,574,205 $6,401,358 Sharesincomestock outcom.
Shares corn,stock outst'g 1,230.769
1,230,965
1,230.965 1,230.769
standing (no par)
362,361
362,191
362.361
362,119
Earnings per share
$0.09
$5.05 Earnings per share _
$1.44
$1.93
Nil
$1.31
$0.64
$1.32
larLast complete annual report in Financial Chronicle Mar.29'30, p. 2200.
x Includes proportion of year-end adjustments applic. to first 3 quarters.
IZI'Last complete annual report in Financial Chronicle Feb. 22 '30, p. 1266.
Bonin Vivitone Corp.
Period End. Sept.30- 1930-3 Mos.-1929.
Collins & Aikman Corp.
1930-9 Mos.-1929.
Net loss after charges___
$11.938 prof.$5,666
$5,696 prof.$70,744
(And Subsidiaries.)
Six Months Ended Aug. 311930.
1929.
1928.
Briggs Manufacturing Co.
Gross profit
_x$1,598,839 $1,661,077 $1,406,197
Reserve for taxes & depreciation
436,115
501,019
478,604
Period End. Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Reserve for adjustment of inventory_
592,747
Net profit after deprec.
and Fed'I taxes, ex- $1.001,723
$887,724 $4,533,526 $3,310,421
Net profit
$589,977 $1.160,058
Earns. per sh.on 2,003,225
$927,593
326,769
367,850
411,600
shs.com.stock (no par)
$0.50
$0.44
$2.26
$1.65 Dividends paid on pref. stock
larLast complete annual report in Financial Chronicle May 3'30, p. 3165.
Surplus
$243,208
$792.208
8515.993
Shs, corn, stock outstanding (no par)_
587.633
591,833
591,833
Earnings per share
$0.41
$0.87
x As follows: Operating profit, 61,476,372; interest$1.33
Brunswick Terminal & Railway Securities Co.
earned, 827.889;
excess of par value of pref. stock purchased and held in treasury over cost.
$94.579.
Period End. Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net income after exps.
129 Last complete annual report in Financial Chronicle Apr. 19'30, p. 2778
and taxes
$10,405
$45,913
$60,384
$127,708
Shares corn. stock outstanding (no par)
131.951
150,000
131,951
150,000
Colorado Fuel & Iron Co.
$0.08
Earnings per share
$0.46
$0.30
$0.85
Period End. Sept. 301930-9 Mos.-1929.
1W-Last complete annual report in Financial Chronicle May 24'30, p. 3717. Profit & loss after exp. & 1930--3 Mos.-1929.
ordinary tax
loss$260,763prof$685.847 82,877.120 84,051,309
Other income
132,816
165,014
402.848
402,179
Bush Terminal Co.
Total profit
loss$127.947
$850.861 $3,279.968 $4.453.40
(and Subsidiary Co.)
Interest
291,527
270,711
1,081,687
1.218,684
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Deprec. & exhaust of
$2,012.347 82.262.449 $6.411,565 $6.640,443
Gross earnings
minerals
355,319
378.063 1,354,022 1.611,263
1,093,016 3,065,350 3,219,146
Operating expenses
990.511
Net profit bet. Federal
$1,021.836 $1,169.433 $3.346.215 $3,421.297
Operating profit
taxes
$204,087
loss$774,793
$844,259 $1,623,541
Federal taxes
333.105
The net profit for the nine months ended Sept.301930.after allowance
1,059,416
356.723 1.031.258
Interest
261.963
255.052
777.643
765,841 for Federal taxes and dividend requirements on the pref. stock Is equal to
Depreciation
53,559
61,019
183,054
160.677 $1.83 a share on the common stock against $3.89 in the first nine months of
preceding year.
8365.749
$504,099 81,354.260 $1,435,363
Net income
10
-Last complete annual report in Financial Chronicle Mar. 29 '80, p. 2214
244 090
236,960
Shs.corn. outst'g no par_
244,090
236 960
$1.10
$6.50
Earns. per sh. on com
$2.56
$.98
Columbus Railway Power & Light Co.
rar Last complete annual report in Financial Chronicle May 3,'30 p. 3166
12 Months Ended Sept. 30
1930.
1929.
Power and light revenue
$6,921.166 87,045.226
Butte Copper & Zinc Co.
Railway revenue
2,810,560 3,050,360
Non-operating revenue
1930-9 Mos.-1929.
196.824
Period End. Sept. 30- 1930-3 Mos.-1929.
160,845
2,625
41,
591
65,736
123,345
Tons of ore
Gross revenue
$71,193
$61,003
$8.803
$190,877
Ore receipts
$9,928,549 810.256.431
Operating expenses
10,045
6,217
2.700
16,340
3.867,757 4.078.375
Interest receivable
Depreciation
1,000,000
1,000,000
$77,410
$11,503
$71,048
$207,218 Taxes (including Federal)
1.098,342 1,131,716
Total
13,375
44,884
12,608
44,311
Admin. exps., & taxes._
Gross income
Extraord.experim't exp.,
$3,962,451 $4,046.341
Interest charges
22,651
12,858
853,359
840.551
&c
Other deductions
47,653
45,374
$64,802
loss$14,729
$3,513
8162,906
Net Income
Net income
83,074.247 13.147,608
Earnings per share on
Dividends on 6% preferred stock
491.202
491,006
600,000 shs. cap.stock
80.006
$0.10
Nil
$0.27 Dividends on 6 % preferred stock
325,588
325,950
(par $5)
Dividends on common stock
900.816
900.816
annual report in Financial Chronicle Feb. 8 '30, p. 978
larLast complete
Balance,surplus
$1,356,641 61.429,837
"Last complete annual report in Financial Chronicle July 19'30, p. 474.
Calument & Hecla Consolidated Copper Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929
Commonwealth Edison Co.
$2.057.627 $5,947,511 $7.162,617 16,950,549
Copper sales
136,403
101.986
196.963
39.996
Interest
Period End. Sept.
1930-3 Mos.-1929.
1930-9 Mos.-1929.
7,987
15,698 Operating revenues 30-$19,180,320
8,423
6
Miscellaneous
$19,372,018 $84,970.448 $81,752,912
Net income after charges
62,097,628 86,057.920 $7,307,007 $17,163,211
Total receipts
for taxes. interest and
Disbursements
provision for retirenft 2,805,268 2,561,573 16.905,974 15,659,389
Copper on hand at beShares corn.stk. outst'g_ 1,370,649
1,261,600
1,261,600
1.370,649
5,480.965 1,974,659 2,982.164 2,115.276 Earnings per share
period
ginning of
$2.05
$2.03
$12.33
$12.41
Prod., sell., adm.& taxes 2,627.539 3,262,246 8,562.371 9,687,989
W'Last complete annual report in Financial Chronicle Feb. 8 '30, p. 971.
2,908,311
957,196 1,605.941
Deprec. and depletion...
521.146
152.599
156,109
41.971
Miscellaneous
41.517
Connecticut Electric Service Co.
Total expenditures-. $8,671.165 $6,236,072 $13,306,600 $14.864,175
1,866,052
1,866,052 6,356.096
6.356,096
12 Months Ended Sept. 30Less copper on hand_
1930.
1929.
Gross operating Income
$17,971,244 $17.441.201
Net expenditures-- 32,315.069 $4.370,020 $6,950,504 312,998.123 Net available for dividends
5,019.885 4,615.100
$356.503 $4,165,084 Balance available for common stock
def$217.444 81,687.899
Profit for period
4.080 321 ,2,210,509
rarLastcomplete annual reportin Financial Chronicle April 19'80, p.2777. Earnings per share on average common stock..-$A.61
$2.05
2879
FINANCIAL CHRONICLE
Nov. 1 1930.]
Detroit Street Rys.
Consolidated Gas, Electric Light & Power Co., Bait.
1930-9 Mos.-1929.
Period End. Sept.30-- 1930-3 Mos.-1929.
$6.352,687 $6,407,268 521.106.330 520,711,762
Gross revenue
Operating ears., taxes
and retirement exps- 4,348,595 4,097,832 14.215,362 13,456,303
$2,004,092 $2,309,436 $6,890,968 $7,255,459
Operating income
326.713
388,157
94,696
163.284
Other income
Gross income
Fixed charges
$2,167,376 $2,404,132 $7,277,125 57.582,172
2,030,924 2,104,769
663,221
709,509
Net income
Dividends
51.457,867 51,740.911 $5,246,201 55,477,403
1,047.194 3,866.449 3,056,408
1,324,925
$693,717 $1,379,752 $2,420,995
Surplus
$132.942
The per share earnings for the first nine months of 1930 are $3.93 on the
average 1,1214,541 shares outstanding for the period, and compares with
$4.64 per share on the 1,013,047 shares outstanding in 1929.
*Mast complete annual report in Financial Chronicle Mar. 15 'SO, p. 1825
Continental Oil Co. (Del.).
1930-9 Mos.-1929.
Period End. Sept.30- 1930-3 Mos.-1929.
525.079.430 $34.744,813 571,103,943 588,730.492
Gross earnings
19,316,135 23,403,576 52,764,415 62,888,708
Oper. and admin. exps
55,763.295 1111,341,237 518,339.528 525,841,784
1,561,918 2,053.103
981,558
543,711
Gross income
56,307,006 $12,322,795 $19,901,446 527,894,887
1,735.001
1.483,648
585,377
Int. and discount exps-444.651
6,286.077 7,793,836
Depreciation
)2.925,3881 2,465.541
1,349,469
523.800 3.161.931
Depletion
1
Drilling costs
1,141,932 2,544,135 3,718,834 6,861.739
2,022.876
600,002
Surrender leases
385,500
58,000
Res.for loss offor'n subs
1.215,737
Franchise taxes
423,028
32,425
13,033
Applic. to minority int
Net inc. bet. Fed. tax.. $1,358,974 $5,545,939 $4,002,794 $7,746,465
W-Last complete annual report in Financial Chronicle Mar. 8 '30. p. 1647
Net earnings
Other income
Continental Shares, Inc.
xIncome Statement Nine Months Ended Sept. 30 1930.
$3.267.096
Dividends, income
669.429
Interest
15,802,516
Profit on sale of securities
$19,739,041
Total
415,253
Expenses
1.224,074
Interest
2,100,000
Federal Income tax and contingencies
Net profit
Balance at beginning
515.999.714
$1,578.852
Total surplus
Less Dividends.
Dividends on preferred stock
Dividends on common stock
Dividends on founders shares
$17,578,566
1.792,031
1.745.235
a174,832
Balance at end
$13,866.468
Unrealized deprec. in market values during period of seems.
held as of the end of period
38,202.202
a Covers dividend requirement from Jan. I 1929 to Dec. 31 1929. x Includes operations of subsidiaries since date of acquisition or organization.
tarLast complete annual report in Financial Chronicle Feb. 22 '30, p. 1266
Cooper Bessemer Corp.
Earnings for 9 Months Ended Sept. 30 1930.
Unfilled orders
$2,158,412
Net sales billed
6,645,098
Net profit after charges and Federal taxes
759,933
Earnings per share on 211,160 shares common stock (no par)
$2.54
io Last complete annual report in Financial Chronicle May 17 '30, p. 3548
Corn Products Refining Co. •
-Month of Sept.- -12 Mos. End. Sept.301929.
1930.
1929.
1930.
Operating Revenues
Railway oper. revenues_ $1,233,374 $1,687,194 $18,459,726 522,368.098
362,041 4,134,984 4,347.568
276.787
Coach oper. revenues_ _ _
Total oper. revenues_ $1,510,161 $2,049,235 $22,594,711 $26,715.667
Operating Expenses
Railway oper. expenses_ $1,108,183 51,204.663 514.779.424 $16,854,988
375,969 3.956.733 4.314.948
264,531
Coach oper. expenses..__
Total oper. expenses_ $1,372,715 $1,580,632 518.736.157 521.169,937
468,603 3,858,553 5,545,730
Net operating revenue__
137,446
750,968
771,714
62.327
63,460
Taxes assignable to oper.
Operating income......
Non-operating income__
$73,985
18,371
5406.276 53.086,839 54,794.761
152,316
129,953
9,384
Gross income
Deductions
Interest on funded debt:
Construction bonds_ _
Purchase bonds
Additions and betterments bonds
D.U. R.purch.contr.
Equipment and extension bonds
Loan (City of Detroit)
$92,357
8415.660 53.216.793 54,947.077
564.592
10,255
$64,592
10,720
$78t,875
128.543
$785,875
134.195
15.756
19,841
16,347
21,753
194,228
238.860
201,428
373.343
1,875
70,536
15,050
5,625
19,561
$130.007
14,061
Total interest
Other deductions_
$115.289 $1,433.643 $1,500,468
193,258
293,655
29,572
$144,068
5144,862 91,726.698 51.693.726
Net income
*$51.711
Disposition of Net Inc.
Sinking Funds:
$42,715
Construction bonds-10,931
Purchase bonds
Additions and better13,150
ments bonds
146.919
D.U. R.purch.contr.
Equipment and exten15,287
sion bonds_ _Loan (City of Detroit)
$270,798 51,490,094 53,253,351
$229,005
df.280.716
$255,384 53,004.394 82,692,025
561,325
15.414 df.1,514,299
df$51.711
5270,798 51,490.094 33,253,351
Total deductions_ _ _
Total sink. funds
Residue
Total
$42,715
10,931
$519.709
133,000
5486,507
133,000
13,150
146.919
160,000
1,787,518
160.000
1,787.518
41.666
70,832
333,333
125.000
Dexter Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net profit after expenses
5241.935
$173.362
594,053
$26,374
and Federal taxes_ _ _ _
Earns. per sh.on 100,000
$2.41
$1.73
50.94
50.26
shs. corn.stock (par $5)
Net sales for the nine months ended Sept. 30 1930 totaled 51.213.694.
Diamond Match Co.
Consolidated Income Statement (Including Subsidiaries).
Total
--Quarter Ended
Sept. 30'30. June 30'30. Mar. 31 '30. 9 Months.
Period$998,886 $2,901,145
5977.272
Earns,from all sources__ $924,987
415,355
134,068
132,089
131,491
Fed., State & city taxes_
399.101
154.682
129,182
132.944
Deprec. & amortization_
Net earnings
Dividends
$660,552
340,000
$716.001
340,000
$710,136 $2.086,689
1,020,000
340.000
5370.136 $1.066,699
$376,001
$320,552
Balance, surplus
59.669,483
Surplus Dec. 31 1929
MIscell.surplus adjustments,incl. transfers from nom.reserves 4.403.596
$15.139,770
Balance surplus Sept. 30 1930
Earns. per sh.on 170.000
$12.27
$4.18
$4.21
$3.38
Os.cap.stk.(par$100)
Income Account (of Parent Company Only).
1927.
1928.
1929.
Mos. End. Sept. 30-- 1930.
9
Earns,from all sources.._ $1,980,939 $1,977.108 $1,960,353 $2,082,659
463.460
344,501
384,189
294,614
Fed., State & city taxes.
442.145
414,810
367,410
355,715
Deprec. & amortization-
1929.
1928.
• 1927.
9 Mos.End. Sept.30-- 1930.
510,130,476 510,814,470 $8,963,838 $8,417,445
*Net earnings
2,369,450 2,418,709 2,229,563 2,077,775
Other income
512.499,927 513,233,180 $11.193.401 $10,495,221
Totalincome
$1,330,610 $1,225,509 $1,201.042 51.177,054
Net earnings
998.000
Int. and depreciation_ _ - 2,329,585 2,363.997 2.287.013 2,369,346 Dividends
1,162,000
1.020,000 1,01.4,000
510,170,342 $10,869.182 $8,906,388 $8,125.874
Net income
2179.054
539.042
surplus
5211,509
5310.610
Balance,
Prof. dividends (53.1%)- 1,312.500 1,312,500 1,312,500 1,312.500
-Surplus Dec. 31 1929. 55,994.6171
Surplus Account (parent Company).
Common dividends(3%) 5.692,500(8)5,060,000(6)3,795,000(6)3.795.000 surplus nine months Sept. 30 1930. 5310,610; miscellaneous surplus adjustCorn.stock extra- - (2%)1,265.000(2)1,265,000(2)1,265.000(1) 632.500 ments, including transfers from nominla reserves, $2,744,487; total surplus
51.900,342 $33,231.682 $2,533,888 52,385.874 Sept. 30 1930. $9,049,714.
Balance, surplus
far-Last complete annual report in Financial Chronicle Mar.21 '30, p.2035
Earns, per sh.00 2,530,$33.78
$33.00
$3.50
000 she.(par 525)_ _ _ * After deducting maintenance and repairs and estimated amount of
Dominion Stores, Ltd.
Federal taxes, &c.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
WI.ast complete annual report in Financial Chronicle Mar.8'30, p. 1644.
55,630,779 86,169,491 217.927.576 218,314.633
Sales
deprec.,
Net profit after
Crosley Radio Corp.
375,519
348,000
106,795
103,544
Fed. taxes, &c
Earns, per shr. on 277,Earnings for 6 Months Ended Sept. 30 1930.
715 shs. cap. stk. (no
Not loss after taxes, depreciation and other charges
$523,479
$1.35
$1.25
$0.39
80.37
par)
r0"Last complete annual report in Financial Chronicle Aug.9'30, p. 944
'Last complete annual report in Financial Chronicle June 21'30, p..4422
ar
Crown Cork International Corp.
1930.
1929.
Six Months Ended June 30Net profit after deprec. minority int. & after prov.
$53,171
for Spanish exchange fluctuation
$291,516
$0.12
Earns. per sh.on 200,000 shs. cl. B stk.(no par)_
rLast complete annual report in Financial Chronicle May 17 '30, p. 3543
0
$ .55
Deisel-Wemmer-Gilbert Corp.
Period End. Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after charges
$262,950
and Federal taxes_ _ _ _ $221,861
$.574.070
$629.297
Earns. per sh.on 238.095
$0.80
$0.96
shs. corn. stk.(no par)
$2.00
$2.22
1:2 "Last complete annual report in Financial Chronicle June 21 '30, p.4422
Denver Tramway Corp.
General Cigar Co., Inc.
Period Ended Sept. 30- 1930-3 Mos.-1929. 1930-9 Mos.-1929.
Net profit after chgs. &
$839,977 $1,144,570 52,295.947 52.965.332
Federal taxes_
- 9.084
Earns. per sh.on4124.13
25.52
22.16
21.54
shs. com.stk.(no par)
Last complete annual report in Financial Chronicle Feb. 8 '30, p. 981
I"
General Refractories Co.
1930-9 Mos.1929. Period End. Sept.30- 1930--3 Mos.-1929.
5816.739 82,391.834 52.354,574
$637,273
Total income
259.672
282,299
94,027
91.286
Interest. taxes. &c
73.473
12,937
32,962
Int. on floating debt.....
272,450
65,629
195,945
108.302
Deprec'n and depletion_
$657,082 51.786,239 51,863,393
$404,723
Net Income
1.050,000
375,000
825,006
300.000
Dividends
[Including Denver & Inter-Mountain RR.i
1929.
1930.
1928.
1927.
9 Mos.End. Sept.30$282.082
$736.239 51,038,392
2104,723
durplus
$2,987,628 53,141,662 53,204,651 $3,272,495
Total oper. revenue_ outOper.exp.(incl. deprec.) 2,062,238 2,148,576 2,104,581
1,819.947 Shares capital stock 300.000
300.000
300.000
300.000
standing (no par)
370,836
365,165
379,845
Taxes
383.595 Earns. per sh.on cap.stk.
$2.19
55.95
$1.35
$6.21
-The second quarter 1929 income account was revis to include
Note.
$622,250
$560,225
$720,224 51.068.953
Net oper. incomewhich previously had been lumped with ,, n-recurring
35,745
34,369
Other income
26,817
32,757 interest on bonds,
bond charges incident to retirement of bonded debt in that m iod.
$657,995
$594,595
Gross income
$747,041 $1,101.710
tarLast complete annual report in Financial Chronicle May 3 .0, p. 3171
386,153
374,449
Interest charges- 381,941
401,120
Cr.12,412 Cr.34,226
Prpf.& loss items (est.).
Godchaux Sugar, Inc.
Earningsfor 8 Months Ended Sept. 30 1930.
Balance avail,for pref.
$271,841
$377.512
$734,815 Net earnings
div. requirement.-- $220,145
$436,545
rirLast complete annual report in Financial Chronicle May Si '30, p. 3887
ra'Last complete annual report in Financial Chronicle Feb. 1 '30, p. 796.
2880
FINANCIAL CHRONICLE
Golden State Milk Products Co.
Hudson Motor Car Co.
(And Subsidiaries.)
Earnings for 6 Months Ended Aug. 31 1930.
Net sales
516,038,114
Net profits after Federal taxes, &c
788,450
Earnings per share on 488,371 shares stock outstanding
$1.61
i2"
Last complete annual report in Financial Chronicle July 5 'SO, p. 122
Grand Union Co.
Period End.Sept.30-- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after taxes,
depreciation, &c
$304.740
3240,187
$814,382
$628.213
Shares corn. (v.t.c.) out.
269.413
261,066
269.413
261,066
Earnings per share
30.45
$0.66
$1.01
$1.61
IIWEast complete annual report in Financial Chronicle Mar. 29'30, p. 2219
Granite City Steel Co.
9 Months End. Sept. 30Sales billed
x Cost of sales
1920.
1930.
38.163.864 311,772,473
7,457,177 10,263,786
Net earnings
Miscellaneous income
3706,687 31,508.686
80.146
99.535
Total income
Speculative charges, incl. Federal tax
$806,222 $1,588,832
226,809
117,063
Net income
Common dividends
Preferred dividlmds
Premiums on preferred stock retired
1689.159 51,362.023
511,607
877,041
23,400
100,000
Balance
def$187.882 sur$727,016
Earns, per sh. on 292.346 shs. corn. stock (no par)34.58
32.36
x Includes depreciation, renewals and maintenance, selling and administrative expenses.
KN'East complete annual report in Financial Chronicle April 19'30, p. 2782
Grigsby Grunow Co.
Earnings for Month of September 1930.
Sales
$3.021.578
Met profit after all charges & Federal taxes
301,377
l"
Last complete annual report in Financial Chronicle Oct. 18 '30, p.2545
Gulf Power Co.
(The Commonwealth & Southern Corp. System)
-Month of September- 12 Mos. Ended Sept. 30
1930.
1929.
1919.
1930.
Gross earnings
392,364
3972.198 51,072,722
$83,009
Oper.expenses,incl. taxes
and maintenance_ _ _
691,518
62,396
624,828
54,626
Gross income
$381,203
$29,967
$347,370
$28,383
Fixed charges
197,733
158,639
Net income
$188.730
$183,469
$62,992
65,000
28,868
$60,000
65,000
32,920
$31,868
$25,548
Dividends on first preferred stock
Dividends on second preferred stock
Provision for retirement reserve
Balance
Havana Electric Railway Co.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 M03.-1929.
Operating revenue
$1,324,517 31.388,840 $4,011,646 $4,253,421
Operating expenses, including taxes
1,111,696
3,442,786
3,356,172
1,156,789
Net operating revenue
Non-operating revenue_
$212,821
3,782
$232,051
7,685
$655,474
14.922
$810,635
22,711
Gross corporate income $216.603
Interest & other charges
157,148
$239.736
160,965
$670,396
475,035
$833,346
482,902
Surplus (before deducting depreciation)
$59,455
5350,444
$78,771
$195,361
airLast complete annual report in Financial Chronicle. Feb. 1 '30, p. 797.
Hazel-Atlas Glass Co.
(And Subsidiaries)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Operating profit
$1,376,366 31,662.356 33.521.091 34,547,084
Chgs. maint.& repairs
264,688
244,191
864,010
794,628
Deprec., taxes & reserve
574.626
660,046
1.689.468
1,549.897
Interest
7,720
4.684
39,225
23,654
Net income
Dividends paid
3529,332
325,783
$203,549
3454,238
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after deprec.
& other charges____Ioss$2,078,165 $2,821,653 $1,313,847 313,443,165
Earns, per shr. on 1,596,660 shs. corn. stk. (no
Par)
Nil
$1.77$8.42
a"Last complete annual report in Financial Chronicle Feb. 8 '30, p. 983.
8
2
Illinois Northern Utilities Co.
Period End. Sept. 30-- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Gross operating revenues $938,767
3923,275 53,879.991 $3,746,666
Available for interest, &c
505,240
483;749
2,141.222
1,952.026
Int. on long-term debt._
127,538
124,011
507.291
488,211
Other deductions
54.383
58,380
217,877
229,825
Net for retirement and
dividends
$323,320
$301,358 $1,416.054 31,233.999
ra"East complete annual report in Financial Chronicle Mar. 1 '30, p. 1457
Illinois Power Co.
(The Commonwealth & Southern Corp. System)
-Month of September- 12 Mos. Ended Sept. 30
1930.
1929.
1930.
1929.
Gross earnings
$213,695
$218,940 $2,927,214 $2,869,184
Oper. expenses,incl.taxes
and maintenance
128.117
140,465
1,826,413
1,818,006
Gross income
Fixed charges
$85,577
31,058,270
Surpluscapital stock out
Shares
standing (par 325)
434,378
396,478
396,478
434,378
Earnings per share
$1.22
$1.90
$2.65
34.93
a"Last complete annual report in Financial Chronicle May 10 '30, p. 3364
Heywood-Wakefield Co.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net loss after all charges
including depreciation $250,194
$88,008
$562,054
$61,443
-Last complete annual report in Financial Chronicle Mar. 1 '30, p. 1471
10
Hydro Electric Securities Corp.
1930-9 Mos.-1929.
Period End.Sept.30- 1930-3 Mos.-1929.
Net ordin. income (being
divs. & int. received.
leas all expenses)- - $1.043,028 31,112,308 52,993,207 52,098,996
-Par value of 5% classIii
cum. partic. pref.stock
outst. at end of period 20,000.000 20,000,000 20,000,000 20,000.000
No. of corn. shs. outst.
916,163
1,423.974
1,423,974
916,163
at end of period
x Net ord. inc., applic. to
31.49
30.87
30.52
$1.40
each corn.sh. outstand
Earnings for 12 Months Ended Sept. 30.
1929.
1930.
1928.
Net ordinary income (being diva. &
3811,696
int. received, less all expenses)- $3,666,596 52.587,910
Par value of 5% class B cum. partic.
pfd. stk. outstand. at end of period 20,000.000 20.000.000 20.000.000
916,163
721.723
No.ofcom shs outst. at end of period 1,423,974
x Net ordinary income, applic. to each
$0.44
31.66
31.78
•
common share outstanding
x After allowing for the participation rights of the "B" preferred stock.
Noie.-Additional to the above ordinary income, the corporation has
earned the following profits on sale of securities, from participations in
syndicates and from underwriting commissions, being extraordinary income:
Net Extraord'y
Inc. Applic. to
Each Corn. Sh.
Net Extraord.
Outstand. at
Income.
Period
End of Period.
$0.74
$610,311
Financial year, 1928
4.03
4,121,458
Financial year, 1929
2.00
3,167.663
9 months to Sept. 30 1930
OrLast complete annual report in Financial Chronicle April 5 '30, p. 2389
$78,475 31,100,801 $1,051,177
373,788
382.536
Net income
$727,012
3668,641
$236,972
150,000
Dividends on preferred stock
Provision for retirement reserve
3231,037
150,000
Balance
$3340,040
$287,603
10
-Last complete annual report in Financial Chronicle June 28'30, p.4605.
Inland Steel Co.
Period End. Sept. 30- 1930-3 Mos.-1920.
1930-9 Mos.-1929.
Net after expenses
31,853.686 34,551,320 39,977,775 513,533,335
Deprec. & depletion__ - _
681.334
697.603
2.176,055
2,073,217
Int.& Federal taxes_ _ _ _
394,000
694.750
1,681,750
2,167,000
Net income
$778,352 $3,158,967 36,119,970 59,293,118
Shares com, stock outstanding (no par).1,200,000
1,200,000
1,200,000
1,200,000
Earnings Per share
$2.63
$0.64
35.09
$7.74
IZFI..ast complete annual reporti n Financial Chronicle Mar.22'30, p. 2038.
Interborough Rapid Transit Co.
-Month of September- -3 M03.End. Sept.301930.
1929.
1930.
1929.
Gross revenue from all
sources
$5,684,267 $5.674,364 $16,249,981 $16,573,468
Expend, for operating &
maintaining the prop_ 3,783,327
3,497,917 11.587,292 11,000.135
Taxes pay. to City, State
and United States_
$1,900,940 32,176,447 $4,682,689 35,573,332
200,041
198,552
598,144
597,574
Available for charges_ $1,700,898 $1,977,895 $4,066,544 $4,975,758
Rentals pay. to City for
original subways
3221.492
$220.978
5664,478
$6664,478
Rentals pay. as int. on
Manhattan fly, bonds
150,686
150,686
452,060
452,060
Div. rental. 0 7% on
Manhattan Ry, stock
not assenting to "Plan
of Readjustment"25,380
25,380
76,142
78,142
Miscellaneous rentals__ 21,647
20,494
64,945
62,093
5419,208
$469,054 $1,257,626 $1,306,288
$1,281,690 $1,508,840 $2,808,917 $3,669,462
Int.on I. R.T. 1st mtge.
5% bonds
I.R.T. 75' see. notes..
I.R.T. 6% 10
-year
notes
Sink,fund on I. R. T.
1st mtge. bonds -Other items
3753,434 $1,152,912 31,954,358
299,196
896,088
925,601
3227,311
Fat. 181.
3706,883
189,097
3702.021 $2,120,651 32,106,063
191,314
567,292
574,000
48,373
48.377
145.121
145,132
210.969
25.765
190.875
17,994
628,667
67,906
549,954
47,143
$1,181,089 51.153.433 53,529,640 53.430,844
Balance before deduct.
5% Manhattan div.
rental
The amount required for
full div. rental ® 5%
on Manhattan fly. Co.
modified guar. stock,
payable, if earned
5100,600
3355,407 -$720,722
$238.625
231,870
231.870
695,612
695.612
Amount by which the full
5% Manhattan div.
rental was not earned_ -$131,270 sur$123,536-$1,416,335 -11456,988
Notes-i. The operating expenses include a reserve for depreciation at
the rate of $50,000, per annum for the Manhattan Division and $500,000.
per annum for the Subway Division. 2. The balance as shown above for the
current month includes $138,566.85 subway earnings in excess of the
amount of the current subway preferential which amOunt was retained
by the company as part reimbursement of the deficits to Aug. 31 1930, in
the current preferential of 3507.002.96. For the three months' period the
balance as shown above fell short by $369.336.11 of the full amount of the
subway preferential which the company is entitled to collect from future
subway earnings.
"Last complete annual report in Financial Chronicle Apr. 12 '30, p. 2566
Intercontinents Power Co.
[Including Earnings of Properties Under Contract of Purchase June 3019301.
12 Months EndedJune 30'30. Jan:81 '30
Gross earnings, including other income
$3,274,382 $3,1133,486
Oper. exps., incl. maint., local taxes, provision for
deprec. and for minority interest
2,012,522
1,881.514
Net earnings
31.261,860 $1,301,972
Annual interest requirement on 6% debentures
030.000
-Foreign currencies have been computed in U. S. Dollars at
Note.
average rates of exchange for the period.
International Business Machines Corp.
(Including Foreign Subsidiaries)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net income after int.,
reserves, deprec.& est.
Federal taxes
$1,820,116 $1,701,121 $5,474.426 $4,914,722
Shs. corn. stk. outstand.
(no Par)
607,670
637,954
637 954
607_,.570
Earnings per share
52.85
$2.80
$.§.58
99.09
Ir&21..ast complete annual report in Financial Chronicle Apr. 5 'SO, p. 9431.
2881
FINANCIAL CHRONICLE
Nov. 1 1930.]
Louisiana Power & Light Co.
International Silver Co.
(And Subsidiaries)
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$297.580 pf$1,098,972
Netloss after deprec., &c $311.063 prof$446,530
Earns, per sh. on 91.200
$8.58
Nil
$3.74
Nil
shs com.stk (par $100)
VirLast complete annual report in Financial Chronicle Mar.8, p. 1662,and
Mar. 15 '30, p. 1839
(Electric Power & Light Corp. Subsidiary)
-Month of August- -12 Mos. End. Aug.31-1930.
1929.
1929.
1930.
$491,374 $5,896,968 $4,829,695
$507.515
Gross earn,from oper__ _
2,520,160
3,060.713
254,931
259,493
Oper. exp. and taxes_ _ _
Intertype Corporation.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$541,164 51,284.922 $1,551,056
$365,893
Gross profit
643.137
666,106
221,813
198,454
Expenses
258.683
213.565
83,591
65,985
Deprec.& tax reserve
$649,236
$405,252
$235,760
$101.455
Net income
221,546
221,612
221,546
(no par)
221,612
Shs.com.stk.out.
$2.62
$1.52
$0.96
$0.35
Earns.per sh.on com.stk.
Chronicle Mar. 1 'SO, p. 1472
ar Last complete annual report in Financial
$248,022
9.857
$236.443 $2,836.255 $2,309.535
117.598
88,417
5.551
5257.879
Total income
59,306
Interest on bonds
11,516
Other int, and deduct__
$241,994 52.924,672 52,427,133
561.260
632.223
52,083
187,428
127.295
8.306
5187,057
Balance
Dividends on preferred stock
5181,605 52.165.154 51,678,445
275,833
337.500
Net earns, from operOther income
Jackson & Curtis Investment Associates.
9 Mos End.
Quarter Ended
Sept. 30'30. June 30'30. Mar.31 '30. Sept. 30'30.
Period$46,093
$15.427
$16.020
$14.646
Divs. received & payable
6.094
2,688
2.201
1.205
Int. received & accrued_
40,535
19,641
loss3,745
24,639
Profit on securities sold_
592,722
537.755
514,476
$40,491
Total income
1,570
606
376
588
Expenses
7,600
3,600
4,000
Reserve for taxes
$35,903
17,883
Net income for period_
Dividend paid
$33,549
19,829
$14.100
19.036
51.827.654 51.402.612
Balance
Maytag Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1029.
52,988.558 56.581,553 512,449.917 $20,221.264
Net sales
Net earns, after deprec.
4,892,484
1,839,626
1,656,362
459,699
Federal taxes, &c_ _ -1,617,807
1,617.922
1,617,807
(no par) 1,617,922
Shs.com.stk.out.
52.35
$0.52
$0.80
$0.08
Earnings per share
annual report in Financial Chronicle May 10 '30, p. 3367
12Y'Last complete
$383,552
56.748
Mengel Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net profit after deprecia5156.320 $1,068,479
5284.228
loss$61.353
tion, interest. &c
17 '30, p. 3555
taP Last complete annual report in Financial Chronicle May
$26,803
$13,719
def$4,936
$18,020
Balance to surplus__ _
ri"Last complete annual report in Financial Chronicle Feb. 1 30, p. 811
(Mead) Johnson 8c Co.
Earnings for 9 Months Ended Sept. 30 1930.
Net profits after charges, Federal taxes and divs. on pref. stocks $1,152,021
$6.98
Earnings per share on 165,000 shares common stock (no par)...
Last complete annual report in Financial Chronicle June 7'30, p. 4062
r"
Mississippi Power Co.
(And Subsidiary Companies)
-Month of Sept.- -12 Mos.End. Sept. 30-1929.
1930.
1929.
1930.
$340.965 $33.624,181 $3,565,335
$3.316,886
Gross earnings
Oper. exps., incl. taxes
2,159,387
2,413.052
209.064
219,963
and maintenance
Jones & Laughlin Steel Corp.
$131,900 $1,211,129 $1,405,947
$96,923
Gross income
787,260
638,366
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-I929.
Fixed charges
Earnings after taxes_ _ _ _ $3,380,229 $7,478,727 $13.440,524 522.241,152
$618,687
4,792,853
5572,763
4.214.105
1,644,509
1,392.372
income
Depletion & deprecNet
452,386
416,886
143.992
137,020
Interest on bonds,&c--244.460
259.565
Dividends on first preferred stock
35,000
35,000
$1.850.837 $5,690,226 $8,809,533 516.995,913 Dividends on second preferred stock
Net income _____
88,231
3,082,544 Provision for retirement reserve
99,636
3,082.480
1,027.515
Preferred dividends_ _ _ _ 1,027,494
3.313.817
2.161.200
1,296.697
720.400
Common dividends
$250,996
$178,561
Balance
$102,943 $3,366.014 $3.565.853 $10,599,552
Surplus
Shares corn, stock out576,320
576,320
576.320
576,320
standing (par $100)...
Mississippi Power & Light Co.
$24.14
$9.93
58.10
51.43
Earnings per share
(Electric Power & Light Corp. Subsidiary)
report in Financial Chronicle Mar. 15'30, p. 1839.
tarLast complete annual
-Month of Aug.- -12 Mos.End. Aug.311929.
1930.
1929.
1930.
Kansas City Public Service Co.
$319,590 $4,962,043 $3,677,147
Gross earns,from oper-- $396,649
Month of 9 Mos. End.
2,419,400
3,201,561
207.679
26J,906
Sept. 1930. Sept. 30 '30. Oper. expenses and taxes
$589,722 $5,589,237
Railway passenger revenue
$111,911 $1,760,482 $1.257,747
Net earns, from oper. $126,743
21.785
214,653
158.138
Other railway receipts
277,984
16,027
20,330
35.277
360.146 Other income
Bus passenger revenue
1,455
10,885
Other bus revenue
$127,938 $2,038,466 $1,415,885
$147,073
Total income
12,180
1,873
450.009
Miscellaneous income
482.673
37.500
57,347
Interest on bonds
259.352
441,805
35,901
22.967
$650,114 $6,187,103 Other int,and deductions
Gross revenue
5706.533
554.537 51,113,988
$66,759
Balance
$438.110 $4,392.732
150,000
Railway operating expenses
229.361
44,539
437.980 Dividends on preferred stock
Bus operating expenses
41,675
375,075
$556,533
Taxes
$884,627
Balance
5524.325 55,205,787
Total operating expenses and taxes
$125,788
73,452
2,074
$981,315
661,188
41.463
$75.527
$50.261
Gross income
Deductions-Interest on bonds
Other charges
$702,651
5278,663
Total deductions
Net income
Kingsport Press, Inc.
Earnings for 9 Months Ended Sept. 30 1930.
Operating profit
Reserves for depreciation and taxes
$162.652
80,757
s581,895
Net income
x Equivalent to 3.3 times annual interest charges on outstanding $500,000
,
convertible 63Y % debentures.
Lambert Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Cons, net profits after
charges and taxes- -- $1,904,121 $1,959,105 55.668,471 55,768,568
Earns, per sh. on 748,996
$7.56
$2.61
$2.54
$7.76
shares capital stock__
-Above figures are based on ownership of 95.8% of the stock of
Note.
Lambert Pharmacal Co. and Prophy-lac-tic Brush Co. acquired this year.
rirLast complete annual report in Financial Chronicle Mar. 15'SO, p. 1841.
Link Belt Co.
9 Months Ended Sept. 30Sales
Cost of sales
1930.
1929.
516,357,300 520,325.210
14.536,408 17,639,377
Not profit on sales
Other income
$2,041,464 $2,870,604
16,116
124,154
223,237
315,128
9 Mos. End.
-Quarter Ended
Sept. 30'30. June 30 '30. Mar. 31 '30. Sept. 30'30.
PeriodNet profit after charges
5795,912
$293,170
5329,227
and Federal taxes_ -- 5173,515
Shares common stock
x416.449
404,254
410,307
outstanding (no par)- x416,449
$1.91
$0.72
$0.80
$0.41
Earnings Per share_ _ _ _ _
issued as a stock div. on Oct. 1.
x Not including 6.246 additional shares
annual report in Financial Chronicle Apr. 5 '30, p. 2404.
7
tO *Last complete
Mullins Mfg. Corp.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$869,620'
$366.334
$247,721
$138,886
Gross profit
407,576
413.310
119,023
168,877
Expenses
$462.042
$128,698 loss$46,976
loss$29,991
Operating profit
66,340
15,736
17.791
4,563
Other income
$528,382'
$146,489 loss$31,240
loss$25.428
Total income
53,634
13,441
Federal taxes
5174.748.
$133,048 loss$31,240
loss$25.428
Net profit
157,500.
155,356
52,500
50,356
Preferred dividends-- _
$317.248.
$80,548 def.$186,596
def.$75.784
Surplus
Earns. per sh. on 100,000
$3.17
Nil
Nil
$0.81
shs. corn. stk. (no par)
'30, p. 3178.
larLast complete annual report in Financial Chronicle May 3
Murray Corp. of America.
$1,820,892 52,685,833
220,572
184,771
Total income
Sundry charges
Federal taxes
Monsanto Chemical Works.
51,802,111 $2,431,323
Net income
$2.26
$3.15
Earnings per share on 709,177 shs.common stock_ _
For the quarter ended Sept. 30 net profit was 5495.912, equal to 60 cents
share on the common stock as compared with $915.391, or $1.19 a share
a
the third quarter were $4,718,957
in the third quarter of 1929. Sales for
as compared with $6,743,685 in the Sept. quarter of 1929.
WLast complete annual report in Financial Chronicle Feb. 22 '30, p. 1291
Lion Oil Refining Co.
1930-9 Mos.-1929.
Period End.Sept.30-- 1930-3 Mos.-1929.
Profit after charges but
before doprec., depict.,
$891.097 $2,310.434
and Federal taxes...... 5227.039 51.050.478
'Last complete annual report in Financial Chronicle Feb. 22 '30, p. 1291
(And Subsidiaries)
Earnings for 9 Months Ended Sept. 30 1930.
Gross profit
Other income
$2,411,298
407,119'
$2,818,417
898.611
903.982'
172.617
92,949.
Total income
Expenses, &c
Depreciation
Interest
Federal taxes
Net profit
Divs. paid on J. W. Murray Mfg. Co. pref. stock
3750.258
12.844
$737 414
Balance, surplus
$6.96
Earns, per sh. on 769.073 shs. common stock (no Par)
2981.
CN"Last complete annual report in Financial Chronicle Apr.26 'SO, p.
National Acme Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net profit after interest,
$167.601 42.053.544
deprec.,Fed.taxes, &closs$102,551 x$533,125
.
1930-8 Mos.-1929.
Period End.Aug 31- 1930-2 Mos.-1929.
Earnings per share on
Net profit after all
500,000 shs. corn stock
$165,786 51.426,336 $1,454,034
$125,114
charges and taxes_ _ _ _
44.11
$0.33
41.06
Nil
(par 510)
Earns,per sh.on 576.958
x Before Federal taxes.
$0.29
$2.47
$0.21
$2.52
is. common stock ___
REl"Last complete annual report in Financial Chronicle May 3 '30, p. 3178.
in rinantial Chronicle Feb,8 '30, p. 985.
Or bast complete annual report
McCall Corp.
2882
FINANCIAL CHRONICLE
(Conde) Nast Publications, Inc.
[Vol,. 131.
The
Niagara Falls Power Co.
Period End. Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net income after charges
-Month of September- 10 Mos. Ended Sept. 30
Operating Revenuesand taxes
1930.
1929.
$234,053
$355,427 $1,091,481 $1,114,583 Electric
1930.
1929.
Shs.corn. outst.(no par)
$1,000,631 $1,060,195 28,883,068 $8,791,383
320.000
319,465
320,000
319,465 Railway
Earnings per share
53,921
69,599
$0.73
440,195
$1.11
471,901
$3.41
$.49 Motor bus
3,463
4,326
30,203
33,429
East complete annual report in Financial Chronicle May 17 '30, P. 3555.
Total oper. revenues_ - $1,058.016 $1,134,121 $9.353,467 $9,296,715
National Cash Register Co.(Md.)
Operating Expenses
Electric
[Including Wholly Owned Subsidiaries.]
246.236
203,556 1,846,260 1,949,643
Railway
29,686
Period End. Sept. 30- 1930-3 Mos.-1929.
25.370
248,618
233,880
1930-9 Mos.-1929.
2,419
:Operating income
1,538
23,186
22,668
2582,253 $2,128,017 $2,461,442 $7,131,876 Motor bus
Other income
9,421
239.778
107.163
355,495
Total oper.expenses_ $278,343
$230,465 $2,118.065 $2.206,193
Retirement expense..
57,716
Total income
87.858
536,132
2591,674 $2,367,795 $2,568,605 $7,487.371 Taxes
794,168
171,415
Fed. taxes and conting
173,248
1,482.479 1,409,216
82,698
337,087
373,928
1,049,992
Total oper, rev. ded
$507,476
$491,572 $4,136,677 $4,409,578
Net income
$508,976 22,030,708 12,194.681 $6,437,379 Operating income
550.540
Earns, per sh. on com642,548 5,216,789 4,887.136
Non-oper. income (net)_
29.071
20.147
bined 1.190,000 coin.
251.692
155,209
A she. and 400.000
Gross income
$579,611
com.13 shares
$662,696 15.468.481 25,042,346
v$0.43
$1.28
V21.84
$4.05
Deductionsfrom Gross
After depreciation. y On class A shares only.
rarLast complete annual report in Financial Chronicle Mar.29'30, p.2201. Int. Income- debt.. _ -- 163,048
on funded
166,428 1,474,395
1.505,610
Int. on unfunded debt.. _
93,598
97,038
859,620
862,191
National Distillers Products Corp.
Int. charged to construction-Cr
Dr.6,802
(And Subsidiaries)
Dr.35.235
Amortization of debt dis9 Mos.End. Sept.301930.
1929.
1928.
1927.
count and expense__ - _
6,689
6,672
60.100
Oper. profit after deprec. $740.425
60,056
$608,106 4486.545 4360,457 Miscellaneous
232
91
12,309
15,191
Interest
79.376
145,261
175.327
185,749
Subs. pref. dive
316,395
Total income deduc'ns $256,766
$270.231 22,371,190 $2.443,049
Bal, avail,for corn. stk.._
322,844
392,465 3,097,291
Net profit before Fed.
2,599,296
Earns. per sh.00 742,241
taxes
$344,654
$462,845 x$311,218 x$174,708
shs.of com.stk.outst'g.
$0.43
$0.53
$4.17
x Before depreciation.
$3.50
Operating ratio
42.51%
35.60%
38.49%
Net profit for the quarter ended Sept. 30. before Federal taxes was
38.89%
$100.733 as compared with $141,900 in the same period of 1929.
Old Colony Investment Trust.
LerEast complete annual report in Financial Chronicle May 3'30, p. 2179.
Earningsfor 6 Months Ended Aug. 1 1930.
x Income from interest and dividends
National Tea Co.
1316.724
Interest and expenses paid
185.026
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after charges,
Net income
2131.697
deprec. & Fed. taxes_ 1225.648
$376,953
2776.390 21,759,732 Dividends declared
120,000
Earns. per sh.00 660.000
she. corn. stk. (no par)
$0.30
$0.44
$1.05
$2.45
Balance surplus
1G7Last complete annual report in Financial Chronicle May 17 'SO, p. 3556.
xIn addition net profit after taxes realized from sale of securites amounted
7
to $78,485, which was credited to reserves.
New England Gas & Electric Association.
arEast complete annual report in Financial Chronicle Mar. 29'30, p.2225
[Consolidated Statement of Earnings of Properties Since Dates of Acquis.j.
12 Months Ended Sept. 30:
1930.
1929.
Orange & Rockland Electric Co.
Operating revenues
$13,851,054 $8,532,220
-Month of Sept.- -12 Mos.End.Sept.30Operating expenses and taxes
10,156,065 6,560.575
1929.
1930.
Provision for minority interests
1929.
1930.
104,306
Operating revenues
$63.174
Interest underlying companies
$65,990
$703,347
$754,541
169,728
1.165
exps.,
Interest on funded debt of Association
1,474.813 1,078,254 Oper. excl. incl. taxes
but
deprec
35,569
36,341
409.569
415,734
Balance
$1,946,142
$892,226
Balance
$27,605
$29,649
$293,778
2338,807
i:N
-East complete annual report in Financial Chronicle May 17 '30, p.3539. Depreciation
6,161
6,862
71,910
80,243
Newton Steel Co.
Operating income---$21,444
$22,787
$258,564
$221,868
Quarter Ended
9 Mos.End. Other income
724
1,378
13,039
17,803
PeriodSept.30'30. June 30'30. Mar.31 '30. Sept. 30'30.
Gross income
Net profit after it. &
$22,168
$24,165
$234,907
$276,367
Interest on funded debt..
Fed, taxes, but before
5,208
5,208
62.500
62,500
depreciation
loss$233,058
1100.983
$363,242
$226,167
Balance
rLast complete annual report in Financial Chronicle Apr.26'30, p. 2982
$16,960
$18,957
$172.407
$213,867
Other interest
444
418
2,235
3,971
New York Dock Co.
Balance
$16,516
118,539
1170,172
$209,896
[Including New York Dock Trade Facilities Corp.]
Amortization deductions
1,072
1,052
14.149
12,641
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos -1929.
Balance
Revenues
21.005,392 $1,028,520 $3,197,097 22,794,031
$15.444
817,487
2156.023
$197,255
Other deductions
Expenses
485.549
553,939
333
1,628.202 1,494,676
334
4.359
4,310
Taxes,interest, &c
347,972
297,476 1,105,988
783.488
Balance
$15.111
$17.153
$151,664
$192,945
Net income
$171,870
5.833
$177.103
5,688
2462,907
70.000
68,699
$515.865 Divs. accr. on pref.stock
Last complete annual report in Financial Chronicle Apr. 19 '30, p. 2786
Balance
29.278
211,465
281.664
$124,246
Federal taxes incl. in
New York Westchester & Boston Ry.
operating expenses
3.322
2,575
24.060
23,662
-Month of September- -9Mos.End. Sept.3°1930.
1929.
1930.
Pacific Lighting Corp.
1929.
Railway oper. revenue__ $203,617
$221,654 21,908,521 11.892,809
(And Subsidiaries.)
Railway oper. expenses138.756
130,829 1,093,609 1,148.211
12 Months Ended Sept. 301930.
1929.
1928.
Gross revenue
Net operating revenue
248.800,207 239,041,578 $29,534,524
$64,861
$90.825
$814,911
$744,597 Operating
Taxes
expenses
21,447,017 16.967.059 13,167,725
26.500
24,249
230,059
201,856 Taxes
5,186,771 3,959.727 2,888,489
Operating income_ _ _ _
5,647.989 4,190.932 3.252,066
$38,360
$66,575
$584,852
5542.741 Bond interest
Depreciation
Non-operating Income_ _
6,533,765 4,988.870 3,808,042
588
2,894
7,600
8,777 Amortization
359.240
343,470
349,823
Gross income
2,020,622 1,652,730 1,316,536
538.949
169.469
$592,452
$551,519 Preferred divs., sub. cos
Minority interest
Deductions
4,459
282
Rents
34,200
26,552
308,196
205,213
Net income
Bond & equipment trust
27,600,345 $6,938,505 $4,751,839
certificate interest762,551
89,276
599,372
88.749
802,046
597.977
793,883 Preferred dividends
Other deductions
4,491.532 3,822,836 2,946.764
108.334
103,061
963,404
938,696 Common dividends
Surplus
Total deductions
$2,346,262 $2,516,296 11,207.097
$231,811
$218,363 $2,073,646 $1,937,794 Earns,
per she. on aver,corn,outstand
$4.49
$4.77
$3.82
la"Lost complete annual report in Financial Chronicle Feb.15 '30, p. 1107.
$192,861
$148,893 $1,481,193 $1,386,275
Net income (deficit)
129
-Last complete annual report in Financial Chronicle Mar.22'30, p.2027
North American Co.
Consolidated Income Statement
-12 Months Ended Sept. 30.
1930.x
1929.
1928.
1927.
$140,296.1082145,624,0612130,668,3692121,815,469
Gross earnings
Oper. exp.and taxes...... 72.840,034 75,846,727 67.723,091 66,981,088
Net inc. from oper--267,456,075 269,777.334 262,945,278 $54,834,381
y7,143,394 5.801.488 2,549,565 3.259,709
Other net income
$74,599,469 $75,578,822 $65,494,843 $58,094,090
Total income
17.984,344 18,626,398 17,999,305 17,428,889
Interest charges
Pref. dive. ofsubsidiaries 9,966,425 10,409,348 9.659,091 8,700,119
2,002,893 2,371.042 1,693,370
Minority interests
1.260,152
Reserve for depreciation 14,860,462 15.399,989 13,654.297 12;479.169
$29,785,345 $28,772,046 $22,488.779 $18,225,760
Net income
1.820,034
1,820.029
Divs.on No.Am.pf.stk 1,820,034
1.820.018
Patino Mines & Enterprises Consol., Inc.
9 Mos.End. Sept. 30-- 1930.
1929.
1928.
1927.
Income from mine oper.. $8,580,669 $15,485,781 $13,034,997 $10,973,098
Production costs, &c-- 7,843,914 10,259,744 7.988,054 6.088.871
Profit
$736,755 85,226.037 25,046.943 24.884,227
Other income
235,205
562,257
417,398
246.873
Total income
2971.960 $5,788,294 $5,464,341 85,131,100
Interest accrued
16,189
94,394
111,590
Bolivian income tax res..
461,749
341,949
341,207
Deprec n and depletion- 1,488,909
1.469.576
1,432,543 1.375.778
Net profit
1064516,949 23,840,780 23,595,455 23,302.525
Earns. per sh. on 1,380,316 she. capital stock
(par $20)
Nil
$2.78
$2.59
$2.39
Net loss for the Sept. 1930 quer. was $178.938. as
profit of $1,041,451 in the corresponding period of 1929.compared with a
I"
Last complete annual report in Financial Chrnoicle Apr. 12 '30, p.2599.
Bal. for common stock
dive,and surplus- --227.965.311 226,952,012 $20,668,750 $16,405,742
Earns,per share on avge.
Pennsylvania Coal & Coke Corp.
$5.17
corn.stk.out.
24.40
$4.81
23.86
(par $10)
3 Mos. End. Sept. 30- 1930.
1929.
1928.
1927.
x Excludes earnings of California subsidiaries from 3une 12 to Sept. 30 Gross earnings_ _ _ _ __ _ _ $857.473 21.142,390
2911.181
2146.550
1930. and includes in other income the proportion applicable to that period Oper. exp. & taxes (not
of actual dividends only on the common stock of Pacific Gas & Electric
incl. Federal tax)_
_ 816.720 1,018,808
956,135
503,627
Co. received in consideration for the North American interests in such
subsidiaries. y Includes $1,166,907, representing stock dividends of
Operating income--$40,753
$123,582 def.$44,954def.$357,078
non-subsidiary companies taken up at value at which stock was charged Miscellaneous income__ 35,055
37.689
36,339
43,004
to surplus of issuing company and $86,706 proceeds from sale of stock
dividends.
Gross income
275.809
1161,271
deft8.615def.$314,074
-The company does not include in consolidated income the undis- Depletion & deprec
Note.
62.506
69,304
31,421
52,672
tributed earnings applicable to substantial investments in large non- Other charges
44,499
35.355
33.489
56,111
subsidiary public utility companies. viz.: Detroit Edison Co., North
American Light & Power Co., and Pacific Gas & Electric Co.
Net inc. beforeFed.tax def$31.196
$56,612 delS94,776der.$401,607
Last complete annual report in Financial Chronicle Mar. 15'30, p.1848
OrLast complete annual report in Financial Chronicle May 3'30, p. 3179,
Nov. 1 1930.]
FINANCIAL CHRONICLE
Pittsburgh Terminal Coal Corp.
Period End. Sept. 30- 1930-3 Mos.-1929.
$20,966
Profit
$124.868
241.072
207,070
Depreciation & depletion
South Carolina Power Co.
1930-9 Mos.-1929.
$73,334
$152,203
612,968
659,671
$539,634
$507,468
Net loss
$116,204
$186,104
IZF'Last complete annual report in Financial Chronicle May 3 '30, p. 3180.
Prairie Pipe Line Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net profit after charges
& taxes
$3.491,150 .36,135,000 $14,041,400 $17,110,000
Earns, per shr. on 4.050,
000 shs, cap. stk. (par
$4.22
$1.51
$3.47
$0.86
$25)
a"Last complete annual report in Financial Chronicle Feb. 8 '30, p. 988.
Public Service Co. of Northern Illinois.
Period End. Sept.30
1930-12 Mos.-1929.
1930-3 Mos.-1929.
Gross earnings
$8,129,968 $7,677,675 $35,284,811 $32,230,459
Net profit after taxes,
charges and deprec
7.750,449 6,578,668
1,245,956
1,139,846
MPLast complete annual report in Financial Chronicle Feb. 8 '30, p. 974.
Radio-Keith-Orpheum Corp.
Period Ended Sept. 30- 1930-3 Mos.-1929. 1930-9 Mos.-1929.
Net profit after deprec.,
int., & Federa ltaxes
$886,438 $1,007,331 $3,052,571 $1,637,900
WLast complete annual report in Financial Chronicle Mar. 29'30, p. 2227
(And Subsidiaries)
(Including Operations of Predecessor Companies)
1929.
6 Months Ended June 30-1930.
Net sales
$9,571,451 $12,785,382
Discount and allowances
569,535
225,459
Manufacturing cost of sales
7.621,513
6,117,673
Selling and administrative expenses
2,151,380
2,054,745
Profit from operations
Other income
$1,076,940 $2,539,590
172,163
135,993
Total income
Depreciation
Federal & State income taxes
$1,212,933 $2,711,753
273,355
312,719
114,079
300,504
$825,499 $2,098,530
868,041
681,274
Balance
Previous surplus
Sundry adjustment
def$42.543 $1,417,256
8,159,827
7,490.781
Cr3,706
Cr3.531
Total surplus
$8,120,990 $8,911,567
Reserve for contingencies
16,833
Adjustment of taxes
4,284
Provision to adjust. book value of Whippany plant
1,000,000
Profit and loss surplus
$8,099,874 $7,911,568
Earns, per sh. on 676,007 shs. corn. stock (no par)_
$ .228
22.20
p. 4 12
3
6
1:1.4ist complete annual report in Financial Chronicle June
Reliance Manufacturing Co. (Ohio.)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after charges
and Federal taxes_ __ _
$7,917
$147.719
$202,483
$506,164
Earns, per sh. on 80.000
shs. coin. stk.(no par)
$0.10$1.84
$6.32
Last complete annual report in Financial Chronicle July 12 '30, p. 285
Reo Motor Car Co.
Period End. Sept. 30
Sales
Costs and expenses
1930-3 Mos.-1929.
1930-9 Mos.-1929.
$5,039,151 $10,944,187 $21,392,932 $40,255,171
5,896,191 10,281,416 22,161,852 37,157,000
Operating loss
Other income (net)
$857,040
147,748
$662,771
212,841
$768,920 x$3,098,171
452,217
526,763
Loss
Depreciation
Federal taxes
$709,292
247,197
x$875,612
404,579
63,736
$316,703 x$3,624,934
989,182
1,237,586
293,693
Net loss
$956,488 x$407,297 $1,305,885 x$2,093,655
Earns, per sh. on 2,000,Nil
Nil
$0.20
00o shs.coca.(Par $10)
$1.04
x Profit.
arLast complete annual report in Financial Chronicle Mar. 29 '30, p.2227 I
Retail Properties, Inc.
(Including Schulte-United Properties, Ltd.)
Earnings for 9 Months Ended Sept. 30 1930.
income
Total
Net profit after oper. expenses, avail, for int., deprec.& amort
Rio Grande Oil Co.
Gross income
Fixed charges
$97,837
$91,352 $1,232,989 $1,377 326
639,669
647,572
Net income
$593,320
$729,753
125,710
90,000
108,750
174,745
90,000
163,075
$268,860
$301,932
Dividends on first preferred stock
Dividends on second preferred stock
Provision for retirement reserve
Balance
Southern Indiana Gas & Electric Co.
(The Commonwealth & Southern Corp. System)
-Month of Sept.- -12 Mos. End. Sept.301929.
1930.
1930.
1929.
Gross earnings
$255,880
$273,531 $3,341,746 $3,359,998
Oper. exps., incl. taxes
and maintenance
1,838,306
1,940,814
144,770
155,465
Gross income
Fixed charges
$111,109
$118,065 $1,503,349 $1,419,183
303,037
356,866
Net income
$1,146,573 $1,116.145
435,932
262,950
405,752
255,000
Balance
$447,691
$455.392
W'Last complete annual report in Financial Chronicle Apr. '30, p. 2392.
Southwestern Bell Telephone Co.
9 Aonths Lndcd Sept. 301930.
1929.
Gross revenue
$65,199,996 $63,267.828
Operating income
16,189,228 16,403,353
ltZf'Last complete annual report in Financial Chronicle Mar.15 '30, p. 1829
Standard Brands, Inc.
(And Subsidiaries).
Quarter Ended
9 Mos.End.
Sept. 30 '30. June 30'30. Mar. 31 '30. Sept. 30'30.
x PeriodGross profit after costs_ _$12.131,333 $12,290,021 $11,294,112 $35,715,467
7,717,528 7,819,289
Expenses
7.630,379 23.167,195
Operating profit
Other income
$4,413,805 $4,470,732 $3,663,733 $12.548,272
361,569
390,637
338,759
1,090,965
Total income
$4,775,374 $4,861,369 $4,002,492 $13,639,237
68,818
103,316
80,177
252,313
Charges
423,043
533,796
Federal and foreign taxes
537,328
1,494,167
12,565
8,193
14.405
35,163
Minority interest
Net income
Preferred dividends_
Common dividends
_
Deficit
Profit and loss credit.. _ _
Profit and loss charges
$4,149,676 $4,211,692 $3,496,226 $11,857,594
254,067
257.612
250,717
762,396
4,741,323 4,737,439 14,220,002
4,741,241
$849,177
152,658
45,847
$783,698 $1,491,939 $3,124,804
356,027
9.193
517,878
60.378
32,219
138,446
8742.366
Deficit
$488,049 $1,514.956 $2,745,372
Shs. corn. stk. outstand_ 12,643,306 12,643,298 12,632,585 12,643,306
Earnings per share
$0.31
$0.31
$0.88
$0.26
x Includes operations of German and South African subsidiaries of
Royal Baking Powder Co. for 3 months ended July 31 for the September
quarter; for 3 months ended April 30 for the June quarter; for 3 months
ended Jan. 31 for the March quarter, and 9 months ended July 31 for the
9 months' period.
;Os' Last complete annual report in Financial Chronicle Mar. 15 '30, p. 1817
Stewart-Warner Corp.
Period End.Sept.30- 1930-3 Mos.-1920.
1930-9 Mos.-1929.
Net profit after deprec.
and Federal taxes..,... $454,587 $1,897,909 $1,983,450 $6,426.281
Shs.corn,stock outstanding (par $10)
1,289,590
1,248,480
1,289,590
1,248,480
Earnings per share
$0.35
$1.52
$1.53
$5.15
tO'Last complete annual report in Financial Chronicle Apr.19'30, p. 2789.
Studebaker Corporation.
(And Subsidiary Cos., Incl. Pierce-Arrow Motor Car Co.)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Number of vehicles sold18.223
28,339
95,769
56,543
Net sales in U. S. &
abroad
$22.889,152 $35,285.440 $128536,933 $73,125,949
Net earns, from sales,
after deduct, cost of
manufact., sell. & gen.
$421,737
expenses
399 qqq
.
2,334,300
4.813,956 22,462,365
7,946,442
- Reserves for deprec
484,318
423,948
1,846,032
1,582,977
Charges to repairs & repl 1,202,355
1,396,246
2,974,491
5,424,981
(And Subsidiaries).
Period End. Sept.30-- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Sales
$5,915,830 $17,547,293 $16.797,220
Net profit after deprec.,
deplet., Fed. tax., &c_
$878,687 $1,231,544 $3,110,991 $4,253,906
Shares corn, stock outstanding (no par)____ 1,236,270
1,218,000
1,236.270
1.218,000
$0.71
$1.01
Earnings per share
$2.51
$3.50
WLast complete annual report in Financial Chronicle Mar. 8 '30, p. 1642.
Savage Arms Corp.
(And Subsidiaries).
1930-3 Mos.-1929.
Period End. Sept.30
1930-9 Mos.-1929.
Net profit after deprec.,
taxes, Sze
$288,606
$339,483
$235,944
$605,820
Shares corn, stock outstanding (no par)
167,715
174,948
167.715
174.948
$1.70
Earnings per share
$1.92
$1.35
$3.40
:OrLast complete annual report in Financial Chronicle July 5 '30, p. 126.
Seeman Brothers, Inc.
Quarter Ended Sept. 301930.
1929.
Net profit after charges & Federal taxes
$143,238
$187,237
Earns. per sh. on 125,000 shs. com.stock
$1.14
$1.49
la"Last complete annual report in Financial Chronicle Aug. 23 '30, p. 1270
(Frank G.) Shattuck Co.
Period End. Sept. 30- 1930-3 Mos.-1929. 1930-9 Mos.-1929.
Net profit after deprec.,
Federal taxes, &c_
$368,491
$657,480 $1,730,469 $2,128,818
Earns. per sh. on 1,290,000 she, corn stk. (no
$0.28
$0.50
par)
$.134
31.65
"Last complete annual report in Financial Chronicle May 3 '30, p. 3182
(The Commonwealth & Southern Corp. System)
-Month of Sept.- -12 Mos.End. Sept. 20.1929.
1930.
1921
1930.
Gross earnings
$194,653 $2,505,375 $2,820.326
$197,078
Oper. exps., incl. taxes
and maintenance
99.241
103.300
1,272,385
1,443 000
Dividends on preferred stock
Provision for retirement reserve
Raybestos-Manhattan, Inc.
Net income
Dividends
2883
Balance of earnings
Int. received,less paid
$647,627 $2,993,762 $15,191,352 $3,388,974
39,686
111,670
268.282
73,537
Total income
Debenture premium &
exp., Pierce-Arrow,,,
Reserves for inc. taxes- -
$687.314 $3,105,432 $15,459.635 $3,462,511
Net profit
Min.stockholders int. in
Pierce-Arrow class ADivs. paid on Studebaker Corp. pref. stk_
Divs. paid on PierceArrow Motor Car Co.
pref. stock
$643,689 $2,699,480 $13,883,359 $3,211,007
43.624
301,428
104,524
432.761
1.143,515
251,504
17,183
49,764
230,051
100,798
118,125
121,975
377.475
354,375
112,500
120,000
240.000
337.500
Bal. net profits applic.
to Studebaker corn.stk $395,882 $2,407,741 $13,035,833 $2,418,334
Earns, per share corn.
stock outstanding_
$1.24
$6.72
$0.20
$1.23
IZ'Last complete annual report in Financial Chronicle Mar.8 '30, p. 1644
Telautograph Corp.
Period End Sept. 30- 1930-3 Mos.-1929.
Gross income
$255,768
$246,735
Expenses
110,142
110,409
Depreciation
37,007
35.094
Miscellaneous expenses_
3,425
2,150
Int. and taxes other than
Federal
3,078
2,682
Federal taxes (est.)
11,232
11,567
1930-9 Mos.-1929.
$761,384
$723,180
337,688
328,397
110,193
104,220
8.927
5,803
9,194
32.492
8,196
33,187
Net profit
$90,882
$84,832
$262,891
$243.376
Sim. corn, stock outst g228,760
228,760
228.760
228.760
Earnings per share
$0.40
$0.37
$1.15
$1.06
10
-Last complete annual report in Financial Chronicle Feb. 15'30, p. 1129.
[VOL. 131.
FINANCIAL CHRONICLE
2884
Standard Cap & Seal Corp.
1930.
9 Months Ended Sept. 30$558,359
Net income after int.. deprec. & Federal taxes_ _ _ _
Earns.per sh.on 206,000 shs. cap.stock (no par)__$2.71
1929.
$513.913
$2.49
Third Avenue Ry. System.
(Railway and Bus Operations)
-Month of September- -3 Mos.End. Sept. 301929.
1930.
1929.
1930.
Operating revenue:
Railway
Bus
$1.213.084 $1,281,884 $3,548,822 $3,823,353
598,591
659.108
197.591
215.051
Total oper. revenue $1,428,136 $1,479.475 $4.207,931 $4,421,944
Operating expenses:
$997.252 $2,664,946 $2,949,587
$876,489
Railway
663.182
612.869
216,940
196,488
Bus
$1,072.978 $1,194,192 23,277,815 $3,612,769
Total oper. expenses
Net operating revenue:
$873,765
$883,876
$304.632
$336,594
Railway
-64.591
46,239
-19.350
18,562
Bus
Total net over, rev.
Taxes:
Railway
Bus
$355.157
$285,282
$930,115
$809,174
$87.795
6,755
$90443
6,439
$262,210
20,669
$269,780
19,251
$94.550
$96.882
$282.879
$289,031
$248,799
11,807
$214.188
-25.788
2621.666
25,570
2603,985
-83.842
Total oper. income-$260,606
Non-operating income:
$23.452
Railway
1.117
Bus
$188,400
$647.236
$520,143
$25,892
819
$69,686
2.827
$73.215
2,143
Total taxes
Operating income:
Railway
Bus
Total non-oper. inc.
Gross income:
Railway
Bus
Total gross income,.
Deductions:
Railway
Bus
Total deductions....
Netincome or loss:
Railway
Bus
$26,711
$72,513
$75,358
$272,251
12.925
$240,082
-24,969
$691,352
28,397
$677.200
--81.699
$285,176
$215.111
$719,749
$595,501
$221,258
18,281
$223,791
16,970
$664.124
54,462
$670,560
48,013
$239,540
$240,761
2718,586
$718,573
$50,993
--5.356
$16,289
--41.939
$27.228
--26.065
$6.640
-129,711
224,569
Combined net income
$1,163 -223,071
$45,636 -$25,650
or loss-ry. & busta"Last complete annual report in Financial Chronicle Oct. 26'29, p. 2676
Truscon Steel Co.
Quarter Ended Sept. 30
Gross income
Expenses,depreciation,&c
1929.
1930.
$7.813,356 $11,274,128
7,392,960 10,186.259
Balance
Otherincome
$420,396 $1,087,869
116,927
31,179
Totalincome
Federal taxes
$451.575 $1,204,796
125,000
40,000
$411,575 $1,079,796
Not profit
618.179
662,108
Shares common stock outstanding (par $10)
$1.64
$0.53
Earns. per share
Chronicle April 12 '30, p.2604
larLast complete annual report in Financial
Twin
Period End. Sept.30-Gross earnings
Operating expenses
Fixed charges & taxes....
City Rapid Transit Co.
1930-0 Mos.-1929.
1930-3 Mos.-1929
$2.731,435 $3,042.990 29.330,401 $10,056,521
2.423.576 6.979.728 7,509,914
2,213,721
1.754.269 1,821,675
581.406
. 566.347
$724,932
$596,404
$38,008
Net Income
loss$48.633
Earns, per sh.on 220.000
shs. (par $100) corn.
$2.58
Nil
$1.99
Nil
stock outstanding_ _
Last complete annual report in Financial Chronicle Feb. 22'30, P. 1276
l"
Union Carbide & Carbon Corp.
(And Subsidiary Companies)
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Earnings after provision
for income, &c taxes_ $9,508,731 $11,965,911 226,865,969 231,379,874
Int. on funded debt and
dividends on preferred
924,346
967,438
307,143
336,999
stock of subsid. cos
2,136.347 5,910,266 6,404.862
xDeprec.& other charges 1,963,053
$7.208,679 29,522,421 219,988.265 $24,050,664
Balance
Shares cona, stock out9.000.743 8,313.818 9,000 7438,313 818
standing (no par)
$1.14
$0.80
Earnings per share
Estimated.
nit"Last complete annual report in Financial Chronicle Mar.22'30, p.2013.
41.22
$.89
United Gas Improvement Co.
Combined Earnings Statement of the U. G. I. Co. and Subsidiary Companies
(Excluding the Philadelphia Gas Works Co.)
1930-12 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Oper. rev, of util. subs $25,009,147 $24,680,222 2108450,324 $102931,297
Oper. exp., incl. taxes,
renewals & replacem'ts 14.694,607 15,358.878 62,745.788 62,229.258
Operating income----$10..114.540 $9,321,344 $45,704,538 $40.702,039
1,894.937 2.698,230
851,182
476,055
Non-operating income$10.790.595 210,172,526 $47.599.473 $43,400,269
Gross income
3,524,618 3.688.919 14.919.348 14,843,235
Income deductions
$7,265,977 $6,483.607 232.680,125 $28,557,034
Net income
Dividends on pref. stocks
871,857 1,264,313 3,776,486 5,605,825
& 0th. prior deductions
Earnings available for
common stocks.... $6,394.120 25.219,294 228,903.639 822.951,209
Less: Minority & former
776.976 1.048,126 3,820.458 3,698,012
interests
Balance of above earnings applicable to the
U. G. I Co
$5.617.144 $4,171,168 $25,083,183 $19,253,197
Earns. of non-util. subs.
604,412 1.289,014 2,788,053 3.631,048
applic. to U. G.I. Co.
Total earns, of subs.
applic. to U.G.I.Co. $6,221,556 $5.440,182 $27,871,236 $22,884,245
0th. inc. of U.G.I. Co.
Int. and diva, on invest.
and profits from other
oper., less exp.& taxes 2.891,619 1,827,040 9,927.266 8.610,445
Total applic. to U.G.I.
Co. capital stock-- $8,913,175 57,267,222 237,798,502 $31,494,690
Dividend on $5 div. pref.
2,542.928
643,943
stock applic. to period
Bal. applic. to com.stk.$8,269,232 27,267,222 $35.255,574 231.494.690
Earnings per share, common stock outstanding
•
$1.53
end of period
United States Steel Corp.
* Giving effect to a full year's dividend requirements on the pref. stock
of stock Sept. 3 1929, the comissued in connection with the conversion
(And Subsidiary Companies)
parable earnings per share on the common stock outstanding Sept. 30 1929.
1927.
1928.
1929.
1930.
F 3 Mos.End. Sept.30would be $1.43.
237,995,299 $72,009,666 $54,049,214 $43,355.092
&Total earnings
-The above earnings, applicable to the U. G. I. Co. capital stock,
Note.
Chgs..& allow,for depr..
include earnings of subs. cos. acquired during the period, only from the date
deplet. & obsolescence 14.813.016 16.819,393 617,775,018 615,296,695 of acquisition. Non-recurring income of U. 0. I. Co. is not included.
1929 figures are restated and adjusted for comparative purposes.
523.182,283 $55,190,273 $36,274,196 $28.058,397
Not income
rifLast complete annual report in Financial Chronicle Apr. 12 '30, P. 2569
1,981,261
1,900,738
1,835,953
List. on bonds of subs_ _ - 1,389,072
1.778.970 4,487,199 4,491.711
10,906
Int. on U. S. Steel bonds
Power & Light Co.
Utah
$21,782,305 $51.575,350 $29,886,259 $21,585,425
Balance
Special income receipts
((mar. apportiorun't of
not int. on Federal tax
2,412.857
refunds
Net profit
Preferred dividends..
Common diva
224,195,162 $51,575,350 $29,886,259 $21.585,425
6.304.919 6,304,919 6,304,919 6.304,919
c15.185,293 22,360,984 12,453,411 12,453.411
$2.704.950 222,909,447 $11,127,929 $2.827,095
Surplus
Shares corn. stk outatdg.
7,116,235 7,116,235
8,669.278 8,131,071
(par $100)
$2.15
$3.31
$2.06
$5.57
Earnings per share
Income Account Nine Months Ended Sept. 30.
1927.
1928.
1930.
1929.
$
134,872.000 207,850.077 145,808.088 139,021,072
es '
lr total earnings
Ches.& allow, for depr.,
ncleplet. Sc obsolescence 45.548.038 47,455.607 649,305,996 645,315,630
.....,
89,123,962 160,394.470 96,502,092 93.705,442
Z;IN et income
5,575,522 5.792.594 6,022.056
4,192,689
Int. on bonds of subs
37,716 7,232,308 13,622,610 13,632.763
Int. on U.S. Steel bonds
r
84,893,557 147,586,640 77,086,888 74,050,623
pc/Balance
Special inc. rcts. (quer.
of not
la apportionment refunds) 7,206.129
int on Fed. tax
92.099.686 147,586,640 77,086.888 74.050,623
Net profit
18.914.757 18,914.757 18.914,757 18.914,757
Preferred dividends.-- 45.148,359 48,867.427 37,360,233 37.360,233
Common dividends
28,036,570 79.804.456 20,811.898 17,775,633
Surplus;
7,116.235 7,116,235
St's. corn. stk. outat'd'g- 8,669,278 8,131.071
$7.75
$8.17
$15.82
28.44
Earnings per share
Including those for ordinary
operations
Ma After all expenses Incident to and taxes. Including reserves for r'ederal
and maintenance of plants
repairs
provision on U. S. Steel bonds.
income taxes. b Includes sinking fundshares issued as at Oct. 28 1930.
c Covers dividend on 8,677.310 common
tabulation of monthly earnings after expenses and
The following is a
interest charges, &c.:
Federal taxes, but before depletion, depreciation,
1928.
1927.
1929.
1930.
$15,404,359 219,384,243 $12,550,979 $14,188,189
January
16,107,410 19,704,866 14,230,930 15,618,597
February
18.103,628 22.889.876 16,102,147 17,803,559
March
16,113,583 22,983.772 14,575.872 16,124,761
April
16.570,790 26,226,655 17,294.232 16,238.178
ay
14,376,931 24,650.999 17,004,714 15,692,696
June
13,479,870 24,917.157 16,769,106 14,469,987
July
13.000,496 25,298,059 19.229,731 14.949,583
August
11,514,933 21,794.450 18,050.377 13,935,522
September
22,664,299 20,032,043 12,526,787
October
18,839,382 17,992,107 10,281,777
November
16.485.176 17.154.060 10.485,853
December
2043
339"Lart complete annual report in Financial Chronicle Mar.22'30, p.
(Including the Western Colorado Power Co.)
-Month of August- -12 Mos. End. Aug.311929.
1930.
1929.
1930.
$974,841 511.606,189 511.538,312
5925,470
Gross earn.from oper__
523.872 5,928,918 5.699,674
494,294
Oper. exp, and taxes..__
$431.176
45,296
$450.969 $5,677,271 $5,838,638
372,244
495.089
31,124
5476,472
Total income
178,321
Interest on bonds
15,549
Other int.and deductions
2482,093 $6,172,360 26,210,882
1,939,850
161,654 2,041,519
191,169
245,369
19.433
$282,602
Balance
Dividends on preferred stock
2301,006 $3,885,472 $4,079,863
1,630,524
1,684,653
Net earns, from oper_
Other income
Balance
22,200,819 $2,449.339
Vadsco Sales Corp.
(And Subsidiaries).
Period End. Sept. 30- 1930-3 Mos.-1929. 1930-9 Mos.-1929.
Profit after charges incl.
deprc'n but before
$28,062
$360.384 loss$96,520 $1,278,927
Federal taxes
KlrLast complete annual report in Financial Chronicle May 24 '30, p. 2736
Vick Financial Corp.
Earnings for 9 Months Ended Sept. 30 1930.
Interest and dividends
Net loss from sale of securities
$494,281
15,395
Gross income
Expenses and taxes
$478,893
105,571
Net income
Dividends paid
$373,315
120.949
$252,366
Surplus
$0.31
Earnings per share on 1.216,995 shares corn. stock (par $10)
The book value of the common stock as of Sept. 30 1930 was $8.91
per share, with securities valued at closing prices as of that date, and
with 31,400 shares of the corporation's own stock held in the investment
account valued at cost.
131 Last complete annual report in Financial Chronicle Jan. 11 '30, p. 306
Ward Baking Corp.
-15 Weeks Ended.- -42 Weeks Ended
Oct. 18 '30. Oct. 19 '29. Oct. 1830. Oct. 19 '29.
Net profit after int., de$931.067 81,574.458 $2,728.175
prec'n & Fed. taxes__ 2625,910
86,275
__ _
86,275
86,275
88.275
Shs. class A stk. out,.,.,.,.
$0.47
22.46
$1.67
Earns, per share
500 000
500,000
500.000
500,000
Shs. class B stk. out,.,.
0.63
Nil
Nil
$0.16
Earns, per share
Last complete annual report in Financial Chronicle Feb. 1 '30, p. 819
I"
Month.
(And Subsidiary Companies.)
-Month of September- 12 Mos. End. Sept. 30
1929.
1930.
1929.
1930.
$1,398,445 $1,402,649 $17,179,868 $16,893,928
555,368 6.720.394 6,408.270
597.467
1.536.132
1,465,376
119.983
112,124
1,427.669
1,293.395
123,452
114,452
•-•
'Gross earnings
Operation
Maintenance
'1'axw
n •
Net operating revenue $574,401
Income from other sources*
$603.845 $7,700.702 $7,521,856
16,348
50,429
$7,751,131 $7,538,204
Balance
1.872,496
1.774,051
Interest,and amortization
t
$5,977,080 $5,665,707
11, Balance
Interest on funds for construction purposes.
,
a"Last complete annual report in Financial Chronicle Mar. I '30, p. 1459
Western Dairy Products Co.
(Including Western Dairy Products, Inc., formerly Calif. Dairies, Inc.].
1928.
1929.
1930.
9 Months Ended Sept. 30$18.638,958 $18,909,494 $15,427,988
Net sales
Cost of goods sold, including selling,
16,663,895 16.681,034 13,608,192
delivery and administrative exps
512,447
615.008
558,061
Depreciation
0t
$1,417,001 $1,609.412 31,307,349
Net earnings
91,674
100,341
16,706
Other income
,
I. irVr.
$1.433,707 $1,709,797 $1,399,023
Total income
214,016
218,399
301.974
Interest charges
138,196
173.461
121,051
Provision for Federal income tax_ __ _
$1,003,682 $1,277,938 $1,016,371
Net income
-Report for 1929 includes earnings of $64,880 from properties acNote.
quired during second quarter of 1929, which were not included in 19'28 report.
MrLast complete annual report in Financial Chronicle April 5 '30, p. 2411
Westinghouse Air Brake Co.
(And Subsidiaries).
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net4profit after deprec.
and Federal taxes_ -- - $1,684,243 $2,115,596 $5,699,152 $6,164,028
Earns, per sh. on 3,172,$1.94
$1.79
$0.66
$0.53
111 shs.loom. (no par)
LarLast complete annual report in Financial Chronicle Mar. 16 '30, p. 1847
Westphalia United Electric Power Corp.
ASO
6 Mos.End. 12 Afos.End.
June 3030. Dec. 31 '29.
Earnings for Period$3,009,258 $16,243,890
Operating revenues_x
3,476,379 6,608,423
Net income after operating expenses & taxes
Of company and subs., with inter-company transactions eliminated.
Westvaco Chlorine Products Co.
(And Subsidiaries).
Period End. Sept. 30- 1930-3 Mos.-1029. 1930-9 Mos.-1929.
Net profit after int., de$577,665
$841.840
prec. & Fed. taxes__ _ _ $126,911
$258.191
225.155
225,109
Shs.com.stk.out.
225,109
(no par)
225,155
82.05
$3.22
Earnings per share
$0.98
$0.39
Pgrleast complete annual report in Financial Chronicle Feb. 22 '30, p. 1300
Wheeling Steel Corp.
(And Subsidiaries).
1930-9 Mos.-1929.
Period End.Sept.30- 1930-3 Mos.-1929.
Net prof.after int..deprec.,
I** depict.. Fed. tax.,&c_
$304.374 $1,771,382 $2,655.955 $5,912,919
Shares corn, stock out396,829
395,819
395,819
standing (no par).- 396,829
$1.68
$9.91
$2.81
Earnings per share
Nil
rg:rEast complete annual report in Financial Chronicle Mar. 22'30, p. 2045
Yale & Towne Mfg. Co.
Period End. Sept. 30nNet earnings
Depreciation
Federal taxes
Dividends
1930-3 Mos.-1929.
$793.146
$141.223
108.335
137,170
95.347
14,013
467.256
243,328
1930-9 5.fos.-1929.
$608,311 $2,411,357
412.132
347.074
51,577
281.756
1,216.640
1,347,256
15253,288 sur$122,208 $1,072,018 sur$435.271
Balance, deficit
486.656
467,256
467,256
486,656
Shs.cap stk.out.(par $25)
$0.30
$1.26
$3.81
Nil
Earn.per shun cap.stk _ _
x Includes other income.
tgrLast complete annual report in Financial Chronicle Mar. 16 '30, p. 1817
Youngstown Sheet & Tube Co.
(And Subsidiaries).
1930-9 Mos.-1929.
1930-3 Mos.-1929.
Period End. Sept. 30
Net profit after all(mos.,
$4,297,699 $9,814,925 $15,575.932 $26,138,460
includinz taxes
890.100
497,069
1,553.026
2,267.013
Other income
,
r• 1 44
54.794.768 510,705,026 $17,128,958 $28,386.123
Gross Income
3,047,616
6,259,070
2,183,667
7.263,084
Deprec. & depict., &c
900.668
902.122
3,833,858
3,828.924
Interest
51,708,979 $6,756,741 $7,036,030 $17,294,114
Not income
Sits. coin,stock outstand.
1.200,000
1,200,000
1,200,000
1,200.000
I., (no par)
$5.46
$1.25
$5.34
813.99
Earnings per share
complete annual report in Financial Chronicle March 1 1930,
Wleast
p. 1496, and Mar. 16 1930, p. 1847.
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis &1St Louis
Mobile & Ohio
Southern
SCLouls Southwestern
Western Maryland
3d
3d
3d
3d
3d
3d
3d
3d
Period
Corered.
wk of Oct
wit of Oct
wk of Oct
wk of Oct
wk of Oct
wk of Oct
wk of Oct
wk of Oct
Current
Year
Precious Inc.(+) or
rear
Dec (-).
4,734,345
3,606,000
34,250
265,197
294,343
3,014,854
400,200
338,973
5,830.796 -1,096,451
4,676,000 -1.070,000
30,000
+4,250
373,762 -108,565
388,939
-94.596
4,051,032 -1,036,178
605,566 -205,368
405,871
-68,898
Wo also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Length of Road.
Gross Earnings.
Virginia Electric and Power Co.
r:17
2885
FINANCIAL CHRONICLE
Nov. 11930.]
1028.
1929.
eebruary
March
April
May
June
July
August
September
October
November
December
January
February
March
A pill
May
June
July
August
Inc.(+)
Dec. (-).
1929.
456,387,931
505,249,550
474,784.902
510,543,213
502,455.883
1-43,884,198
512.821.937
+27,835,272
557.803.468
+9.812.986
556.003,668
-9,890.014
617.475,011
531,122.999 -32,806,074
405.950.821
-27.787,999
1929
446.628.286 -36.102,247
475.265.483 -48,034,122
518.620.359 -64,595.796
513,733,131 -63,195,964
537.575,914 -75,131,912
.
531,630.472 _87 516.44y
557,522 607 -101.152.617
586.397,704 --120.696,915
474,780,518
506,13a.027
513.070,028
536,723,030
531,033,198
558,706,135
585,638.740
585.816.654
607,584.097
498,316.925
-- 488,182.822
1030
450.526,039
427.231,361
452,024,463
450,537,217
462.444.002
444,171.825
456,869.950
465,700,789
1923.
Miles.
242,884
241,185
240,956
241.2.80
241,608
241,450
241.026
241.704
241.822
241,659
241.864
1930.
242,350
242.348
242.325
242,375
242,158
242,320
235,041)
241,546
$
+18.202,585
+10,884.477
+35,291.124
+26,120.817
+ 28.577,215
242,688
240,427
240.816
240,798
241,243
241.183
241,252
241.447
241.451
241,326
240,773
1929.
242,175
242,113
241,964
242,181
241,758
241,349
242,979
242,444
(+) or Dec.
Net Earnings.
Month
1029.
t•ebriary
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
1928.
2
128,388.848
139,639,086
136.821,660
146,798.792
150.174.332
168.428,748
190,937.504
181,413.185
204.335,941
127,163,307
108,315.187
1930
94,759,394
97,448,899
101,494,027
107.123,770
111,387,758
110 244.607
125.495,422
139.134.203
$
108,987.455
132,122,686
110,884,575
129,017.791
127.514.775
137,625,367
174,198.544
178,800.939
218.519.313
157,192,289
138,501,238
1929
117.764,570
125,577,8613
139,758,091
141,939,648
147,099,034
1.50,139,509
159 249.159
191,107,599
Amount.
Per Cent.
+15.95
4-17,381,398
1-7.516.400
4-25,937.085
4-17.754.091
1-22.859.557
4-30.793.381
4-16.758.880
4-2.612,248
--12,183,372
--30.028.982
--32.186.071
+5.68
+23.39
+12.09
+17.77
+22.37
+9.82
+1.40
-5.83
-19.11
-23.12
--23.005,176
--28,128,967
--38.202,064
--34.815,878
--35.711.278
--39.954,002
--43.753.737
--52.083.396
- 19 55
-22.40
-27.46
-24.54
-24.22
--26,58
--25.85
--27.21
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Gross from Railway- -Net from Railway- -Net after Tares
1929.
1930.
1929.
1930.
1929.
1930.
Akron Canton & Youngstown
114.891
80,700
137,950
79,796
327,176
217,660
September
637.361 1,195,131
752,785 1,397,130
From Jan 1.. 2,182.605 3,031,380
Ann Arbor
109,376
100,810
136,843
126,766
541,864
September. 446.723
636,188 1,000,854
873,776 1.245,086
From Jan 1_ 3,800,341 4,752,400
Atchison Topeka & Santa Fe
September _16,395,952 18,804.299 6,701,385 6,868,396 4,991,052 5,185,152
From Jan 1_139394 353 165018,796 33,978,486 56,956,480 26,849,606 42,759,532
Gulf Colo & Santa Fe
635,286
902,924
751,248
998,087
September _ 2,322,160 2,528,560
From Jan 1_19,315,022 21,159,757 4,531,563 5,086,589 3,717,975 4,232,236
Panhandle & Santa Fe
465,576
437,100
504,555
538,101
September _ 1,298,586 1,433,922
From Jan 1_11,916,887 13,312,324 2,933,660 4.578,520 2,567,354 4,304,658
Atlanta Birm & Coast
15,596
-7,565
32,747
7,534
395,174
341,820
September
140,966 -286,534 -11,197
From Jan 1_ 3,143,642 3,600,055 -150,698
Wait Point
Atlanta &
46,820
3,048
58,039
251,097
12,060
186,934
September _
253,608
134.043
248,937
374,483
From Jan 1_ 1,801,822 2,172,224
Atlantic City
42,174
81.724 -75,762
394,618 -34,647
252,291
September
321,225
35,145
681,699 -335,867
From Jan L. 2,5'22,153 3,229,977
Coast Line
Atlantic
175,147
15,307
416.115
627,415
September 4,251,327 4,652,384
From Jan 1_47,941,647 56,542,503 10,336,385 16,016,482 6,093,479 11,178,281
Baltimore & Ohio
September _17,697,181 22,042,279 5,581,473 6,738,663 4,785.730 5,639.821
From Jan L159857.720 186089,394 40,678,031 50,326,619 32,511,003 40,863,361
B & 0 Chic Terminal
41,220
29,640
107,655
378,518
80,326
336,985
September _
154,394
401,990
727.654 -90,313
From Jan 1_ 2,936,179 3,364,560
Bangor & Aroostook
241,281
172,104
299.752
718,358
228,645
622,058
September _
From Jan 1_ 6,308,685 5,727,878 2,322,050 1,949,998 1,795,484 1,493,453
Chicago
Belt lty of
237,701
138,404
298,812
193,646
575,522
743,397
September _
From Jan 1_ 5,233,202 6,251,938 1,566,951 2,010,252 1,081,947 1,498,044
Bessemer & Lake Erie
972,758
780,717
855,020 1,111,308
September _ 1,631,958 1,803,951
From Jan 1_11,894,663 13,992,275 4,780,751 6,697,820 4,070,689 5,837,291
Bingham & Garfield-778
-6,127
799
6,233
42.374
30,157
September _
42,226
153,533 -22,316
28,350
281,700
423,603
Froin Jan 1_
Boston & Maine
September 5,831,542 6,941,161 1,690,129 1,793,616 1,353,774 1,455,918
From Jan 1_52,574,487 58,443,803 13,569,877 15,028,887 10,969,178 12,122,082
Brooklyn E D Terminal
33.970
43,638
41,531
50,410
110.109
119,419
September _
354,000
340,082
421,740
401,580
From Jan 1_ 1,001,753 1,084,070
Buff Rochester dr Pitts
228,732
219,424
278,735
249,426
September _ 1,303,190 1,561,454
From Jan L11,646,685 13,348,103 1,773,030 2,428,139 1,452,260 2,017,341
Buffalo & Susquehanna
2,643
44,193
4,743
46,268
138,796
160,116
September _
98.075
216,251
97,882
223,066
From Jan 1. 1,363,101 1,299.986
Canadian National RysAtl 3r St Lawrence172,627 -37,263 -16,149 -49,863 -30,817
161,239
September _
From Jan 1_ 1,493,646 1,795,643 -149,434 -93,012 -275,259 -231,003
Central of Georgia
396,492
457,569
577,138
540,250
September _ 1,758,897 2,204,772
From Jan 1_16,331,979 18,888.502 3,673,889 4,401.721 2,606,451 3,215,258
Central RR of N J
September _ 4,296,909 4,990,967
From Jan 1_39,536,914 43,214,159
Charleston & West Virginia
247,410
224,289
September _
From Jan 1_ 2,130,917 2,439,820
Chicago & Alton
September _ 1,974,008 2,440,842
From Jan 1_18,696,147 21,896,560
Chicago Burl & Quincy
September _12,847,311 14,618,636
From Jan 1.106926,605 121171,748
971,274
822,637
1,289,047 1,495,033
10,221,330 11,671,311 6,546,803 7,843.452
40,597
359,003
67,553
601,414
23,069
218,283
41,053
377,813
441.577
556,703
165,902
279,552
3,152,740 5,348,625 2,123,651 4,338,605
4,193,605 5,178,150
3,201,228
4,003,017
32,240,636 38,673.646 23,631,687 28,826.818
2886
FINANCIAL CHRONICLE
Um.111.
-Grossfrom Railway- -Na from Railway-- -Na after Tares
-Grossfrom Railway--Na from Railway- -Na after Taxes
1930.
1929.
1929.
1930.
1929.
1930.
1930.
1929.
1930.
1929.
1929.
1930.
$
8
3
$
$
Chicago & East Illinois
Kansas Okla & Gulf
September - 1,673,804 2,278,219
342,557
609,123
187,289
453,566
September _ 276,333
312,759
138,444
154,188
114.537
134 128
.
From Jan 1_15,290,640 19,284,606 2.117,866 4.429.261
903.285 3,216,117
From Jan 1_ 2,331,362 2,726,574 1,036,124 1,341,176
841,790 1,160,954
Chicago Great Western
Lake Superior & Ishpeming
September _ 2.152.404 2,324,515
772,826
676,841
670,217
573.659
September _ 222.766
411,286
94,814
252,711
211,956
69,493
From Jan 1_17,137,161 19,171,026 4,381,833 4,159,776 3,590,420 3,384,293
From Jan 1_ 1,863,312 2,552,940
814,826 1.366.883
538,805 1,108,186
Chicago & Illinois Midland.
Lake Terminal
September. 264,638
259,820
71,483
70,936
63,148
63,001
September _
98,939
119,969
20,348
24.018
18,361
13,770
From Jan 1_ 2,259,842 2,204,547
475,102
446,751
399,836
375,336
From Jan 1_ 773,565
948.603
131,621
205,439
90,573
143,577
Chicago Ind & Louisville
Lehigh & Hudson River
September _ 1,258,138 1,580,157
852,639
490,279
279,482
391,108
September. 188,914
227,604
55,593
90,435
38,547
72,376
From Jan 1_11,383,755 13,718,636 2,769,518 3,921.154 2,053,152 3,101,643
From Jan 1_ 1,691.941 1,936,324
476,660
592,785
483,001
341,370
Chicago Milw St Paul
-Facile-Lehigh & New England
September _13,579,564 16,107,777 4,105,789 4,810,950 3,302,034 3,902,891
September _ 404,157
561,279
73,156
223,417
196,746
63,582
From Jan 1_109265.214 129765.762 22,892.237 31,889,047 15,608,113 24,594,775
From Jan 1_ 3,721,655 3,679,811
878,028
892,915
768,912
760,613
Chicago & North Western
Los Angeles & Salt Lake
September .12,322,021 14.252,614 4,108,189 4,543,962 3,372,389 3,593,141
September _ 1,961,131 2,342,349
516,556
638,668
369,578
462,920
From Jan 1_100749.359 117546,412 22.295,399 31,347,738 15,432,127 23,875,876
From Jan 1_17,405,536 20,685,127 4,232,373 5,713,826 2,820,958 4,349,814
Chicago River & Indiana
Louisiana & Arkansas
September _ .520,769
611,884
237,648
299,897
222,808
247,201
September. 596,499
719,403
226,097
310,645
180,926
244,891
From Jan 1. 4,667,249 5,282,217 2,000,077 2,345,729 1,725,005 1,949,340
From Jan 1_ 5,433,399 5,811,264 1,708,037 1,862,455 1,294,265 1,380,209
Chicago R I & Pacific
La Ark & Texas
September _10.004.014 12,050,568 3,280,973 3,532,199 2,606,660 2,861,422
September.
109,425
76,226
-1,093
28,280
-5,093
24,280
ora Jan 1_90,050,640 104562,087 23,158,355 26,353.290 17,894,434 20,171,966
From Jan 1_ 684,232
775,420 -47,442
21,671 -83,620 -37,142
Chicago Si Paul Minn & 0
Louisville & Nashville
September 2,252,808 2,587,296
578,350
807;519
464,740
657,336
September _ 9,371,681 11,327,438 2,346,536 2,935,683 1,762,524 2,217,346
From Jan 1_18,958,795 20,365,007 3,581,472 4,242,092 2,581,323 3,223,358
From Jan 1_85,911,086 100010,796 13,901,455 19,901,553 9,143,541 14,183,901
CllnchfieldMaine Central
September _ 481,04.
562,627
168,898
211,425
103,898
151,425
September .. 1,637,278 1,836,655
401,527
498.868
304,012
387,307
From Jan 1- 4.580,402 5,162,086 1,535,768 1,876,596
910,599 1,216,451
From Jan 1_14,600,613 15,027,052 3,542,159 3,708,841 2,668.929 2,915,604
Colorado & Southern
Midland Valley
September _ 892,946 1,088,108
244,597
293,649
174,360
231,149
September _ 311,753
341,923
160,973
165,554
145,956
151,277
From Jan 1_ 7,509,317 8,623,057 1,567,032 1,610,788
936,297
987.465
From Jan 1_ 2,305,099 2,650,489
962,307 1.109.711
829,838
972,215
Columbus & Greens
Minn & St Louis
September
125,698
185,754
5,184
68,753
2,159
57,950
September _ 1,260,255 1,431,805
884,298
402,886
316,908
329,523
From Jan 1_ 1,200,285 1,340,655
141,966
256,055
106,463
217,967
From Jan 1_ 9,662,833 11,068,763 1.438,095 2,203,414
876,584 1,623,281
Delaware & Hudson
Minn St P & SB M
September _ 3,440,753 3,626,161
978,019 1,014,159
855,019
925,074
September. 4,607,483 4,944,440 1,919,726 1.851,062 1,655,471 1,484,418
_
From Jan 1_28,496,810 30,670,371 5,584,940 6,536,931 4,456,723 5,734.457
From Jan 1_30,777,243 36,873,083 6,624,934 10,084,943 4.516,692 7,771,775
Delaware Lack & Western
Mississippi Central
September _ 5,649,599 7,120,054 1,411,874 2,445,075
901,675 1,796,926
September _
117,837
162,371
39,429
65,098
30,584
50,211
From Jan 1_52.395,741 61,106,465 12,654,580 17,571,888 8,131,476 12,402,727
From Jan 1- 1,011,858 1,248,211
222,501
160,222
862,947
269,354
Denver & Rio Grande
Missouri & Illinois
September _ 2,880,671 3,630,760 1,079,877 1,329,998
899,784 1,079,934
September _
157,330
221,528
44,577
90,334
35,520
76,806
From Jan 1_21,489,418 24,925,789 6,105,139 7,045,449 4,531,716 5,347,564
From Jan 1_ 1,409,172 1.732,853
387.143
530,963
322,219
642,158
Denver dr Salt Lake
Missouri-Kansas-Texas
September,. 330,132
418.213
169,358
241,559
227,558
152,358
September _ 3,921,430 4,762,018 1,486,196 1,559,896 1,397,867 1,258.465
From Jan 1_ 2,194,994 2,715,913
622,886 1,037,998
939,976
481,784
From Jan L33,703,193 41,719,868 10,116,721 12,976,652 8,177,233 10.388,299
Detroit & Mackinac
Mo & No Arkansas
September.
97,151
145,298
18,453
31,764
7,869
41,271
September. 149,393
203,637
17,410
50,107
14,910
48,707
From Jan 1_ 840,017 1,254,344
77,507
230,754
11,548
305,636
From Jaa 1- 1,274,317 1,425.166
183,545
161,498
161,604
138,068
Detroit Terminal
Missouri Pacific
September _
94,691
176,623
10,569
53,412
-2,963
36,569
September _10,579,058 12,946,883 3,103,938 3,969,748 2,611,627 3,341,932
From Jan 1_ 1,104,793 2,064,314
229,018
751,610
91,389
566,757
From Jan 1_92,205,418 104440,279 23,413,632 27,480,177 19,282,800 22,688,398
Del & Tol Shore Line
Mobile & Ohio
September - 242,865
387,034
92,318
149,188
77,648
115,721
September. 1,097,177 1.516,414
168,726
305,832
81.187
398,576
From Jan 1_ 2,864,379 3,864,609 1,315,747 1,744,130 1,102,435 1,425,476
From Jan 1_10,887,104 13,201.359 2,054,361 3,152,557 1,288,436 2,354.439
Duluth Missabe & Northern
September. 2,812,753 3,824,250 1,757,289 2,625,037 1,525,263 2,307,846 Monongahela Connecting
September. 132,717
From Jan 1_17,965,148 23,343,067 9,014,157 14,011,476 7,272,191 11,902,831
221,155
18,093
69,017
57,150
10,926
From Jan I_ 1,519,311 2,034,786
334,524
606,120
260,213
Detroit Toledo & Ironton
500,459
September - 656,882 1,065,967
189,812
418,469
170,072
369,305 Nash Chatt & St Louis
From Jan 1_ 8,470,274 11,461,408 3,671,036 5,510,971 3,162,238 4,895,707
September _ 1,577,082 1,984,839
305,979
236,680
541,680
443,560
From Jan 1_15,037,494 17,681,310 2,419,889 4,518,655 1,824,864 3,698,871
Dul So Shore & AtlantioSeptember. 285,742
_
439,875
34,668
116,704
-716
85,704 Newburgh & South Shore
From Jan 1_ 3,017,933 3,844,148
426,633
767,809
121,076
484,807
September - 107,562
192,294
.6,584
65,239 -21,658
47,729
Dul Winnipeg &PaeFrom Jan 1_ 1,060,411 1,524,626
285,799
144,916
444,894
296,727
September _
135,207
191,206
1,052
13.866
-6.434
3,431 New On
Gt Northern
From Jan 1_ 2,390,139 1,917,127
45,817
310,120 -25,840
211,948
September _ 226,428
296,503
70.214
98,124
78.606
55,103
Elgin Joliet & Eastern
From Jan 1_ 2,173,482 2,450,710
640,156
566,082
504,313
728,147
September _ 1,609,190 2,188,029
252,381
767,367
140,268
635,722 New On
Tex & Mexico
From Jan 1_17,314,916 20,527,300 5,232,261 7,692,934 4,170,828 6,516,472
September
218,532
293,779
53,411
108,254
128,704
32,324
Erie RR
From Jan 1_ 2,327,222 2,183,692
640,403
364,118
451,698
549,778
September _ 8,321,513 10,018,650 1,991,225 2,290,428 1,592,577 1,834,135
Beaumont So Lake & W
From Jan 1_72,807,045 72,807,045 14,450,722 18,906,644 10,862,095 14,912,665
September _ 241,405
291,478
55,417
89,722
93,662
51,152
Chicago & Erie
From Jan 1. 2,475,297 2,712,540
690,134
561,659
742,957
706,798
September _ 1,163,828 1,310,932
461,310
548,155
403,157
490,147
St L Browns & MexFrom Jan 1_10,237,910 11,732,293 4,001,779 5,110,512 3,478,232 4,602,295
NJ&NY RR
September
612,654
182,991
513,268
108,933
160,243
78,684
September. 115,545
From Jan 1_ 7,3- 8,052 6,443,371 2,857,283 2,106,353 2,658,199 1,855,771
126,229
14,526
2
932
10,192
-3,178
From Jan 1_ 1,077,208 1,162,534
131,001
126,501
89,841
89,507 New York Central
Florida East Coast
September _40,939,549 51,503,365 9,677,939 14,185,023 6,686,293 10,559,668
September. 555,666
Frm Jan 1368.433.392 446509,344 81,075,462 117437,068 54,338,796 86,187,217
642,722 -30,279
-4,343 -130,342 -149,903
From Jan 1_ 9,364,289 10,584,629 2,606,301 3.802,841 1,492,621 2,495,843
Indiana Harbor Belt
September. 884,821 1,150,379
Ft Smith & Western
305,892 • 513,002
261,600
431,495
September _
From Jan 1- 8,201,081 9,694,141 2,639,360 3,603,802 2,213.598 2.983,895
119,527
134,643
29,865
23.763
26,311
25,036
From Jan 1_ 978,484 1,068,223
139,344
158,359
101,449
115,808
Pittsburgh & Lake Erie
Galveston Wharf
September _ 2,223,956 2,863,365
541,153
588,458
393,853
403,481
September. 203,104
From Jan 1_21,635,780 26,162,958 4,651,517 4,650,132 3,238,691 3,029,487
210,898
93,995
100,141
70.705
58,341
From Jan 1_ 1,341,400 1,657,144
457,295
658,953
245,995
453,353 N Y Chle & St Louis
Georgia BR
September _ 3,924,542 5.076,452 1,173,520 1,706,150
950,427 1,421,871
From Jan 1_35,929,088 43,108,889 8,936,318 13,156,430 7.057,214 10,716,791
447,173
September. 400,749
71,056
74,237
62,360
66,079
• From Jan 1_ 3,535,699 3,970,703
489,521
673,464
575,023 New York Connecting
411,484
September _
Georgia & 'arida134,388
272,326
191,493
193,796
98.263
158,096
From Jan 1. 1,382,169 2,218,145 1,279.254 1,410.311
151,998
September. 170,583
39,097
29,011
30,397
19.311
955,751 1,078,611
175,829
From Jan 1_ 1,305,312 1,335,466
204,037
94,402
116,612 NYNH& Hartford
September - 9,753,110 12.386,597 3,152,384 4,405,063 2,651,712 3,762,625
Grand Trunk Western
From Jan 1_90,130.959 104249,765 28,874,807 34,237,158 23,349,006 28,145,940
September. 1,970,906 3,173,943
180,737
982,747
33,747
851,588
From Jan 1_20,758,766 30,145,730 3,478,069 9,682,494 2,155,829 8,524,621 N Y Ontario & Western
September _ 961,186 1,114,242
285,316
227,255
242,701
Gt Northern Sys
182,250
From Jan 1_ 8,320,948 9,483,615 1,643,902 1,818,569 1,260.703 1,413,253
September _12,328,041 13,528,907 6,484,761 6,017,730 5,615,069 5,166,074
From Jan 1_77.831,743 94,215,282 21,589,110 29,981,916 14,850,866 23,278,521 N Y Susq & Western
September. 378.774
118,281
399,637
105,124
86.913
Green Bay & Western
74,011
From Jan 1_ 3,482,224 3,721,158
969,151
906,282
42.770
170,64.5
684,871
147,789
49,029
34,770
September _
39,029
626.189
329,461
365,184
248.386
FromJanL 1,325,123 1,483,172
288,136 Norfolk Southern
September _ 555,164
123,346
655,496
171,770
70.270
120,697
Gulf Mobile & Northern
From Jan 1_ 5,225,975 6,243,008 1.093,659 1,625,999
65,628
283,917
823.361 1,164,873
73,043
31,501
39,301
September _ 232,590
363,280
404,818
69,967
From Jan 1_ 2,067,112 2,461,425
114,426 Norfolk & Western
September _ 8,740,277 10,415,033 3,762,919 4,946,491 2,962,638 3,996,315
Gulf Mobile & North
From Jan 1_77,156,102 86,569,997 31,250,054 37,026,813 23,645,585 29,488,983
128,965
279,196
723,543
99,771
225,598
September. 473,648
978,692 1,752,694
705,364 1,356,350 Northern Pacific
From Jan 1_ 4,519,438 5,684,971
September _ 8,538,338 9,935,206 3,335.713 4,195,365 2,669,051 3,195,817
Illinois Central Co.
From Jan 1.60.492,158 72,115.359 12,033,170 18,318,377 5,989,773 11,689,197
September _ 9,912.152 13,444,180 2,855,426 3,621,096 2,230,526 2,575,730
From Jan L95,889,267 115335,776 20,745,290 26,798,559 14,451.473 18,739,993 Northwestern Pacific
September _ 548.282
112,473
599.699
146,001
76,617
109,436
III Central System
From Jan 1_ 4,354.154 4,649,603
593,715
651,905
_11,913,005 16,260,649 3,604,778 4,546,650 2,801,347 3,340,715
269,251
September
312,508
From Jan 1_113630796 135078,879 24.793,688 30,461,056 16,980,281 20.884.536 Oklahoma City-Ada-Atoka By
September 20,297
115,233
67,752
25,706
15,909
21,389
Yazoo & Miss Valley
From Jan 1_ 678,680 1,133,507
122.644
209,919
580,821
918,981
749,352
759,328
83,847
174,218
September 2,000,853 2,796,985
Jan 1_17,675,185 19,591,092 4,039.611 3,648,026 2,525,364 2,133.318 Pennsylvania System
From
Pennsylvania Co
Illinois Terminal
September _48.501,128 61.896,971 13,959,839 19.260,538 9,846,095 14,834.290
185,394
199,646
2013,743
233,774
690,722
September. 654,477
From Jan 1_441913777 522349,625 111728,604150789,814 82,533,049 119355,678
From Jan 1_ 5,679,166 6,165,591 1,743,787 1,883,207 1,474,987 1,672,034
Long Island
Intern Gt North
September _ 3,589,671 3,783,730 1,530.267 1,543.628 1,121,855 1,166,275
366,987
416,910
409,120
460,692
September. 1,505,356 1,584,083
From Jan 1_30,365,004 31,552,785 10,454,248 11,132,519 7,898.588 8,762,877
1,744,451 2,975,375 1,351,334 2,595,711
From Jan 1_11,537,610 13,708,427
Monongahela
K C outhernSeptember _
583,608
466,268
223,811
518,616
324,227
636,239
271,677
411,658
206,051
249,531
Septem ber 1,341,168 1,701,988
From Jan L 4,668,314 5,523,679 2,079,714 2,657,901 1.914,877 2.433,909
From Jan 1_13,125,899 14,143,158 4,192,882 4,626,906 3,247,132 3,587,881
Peoria & Pekin Union
Texarkana & Ft Smith
133,321
99,612
150;283
September - 136,655
99,941
272,742
166,733
39,327
September - 224,841
55,748
23,591
41,998
693,964 1,067,447
From Jan 1. 1,242,745 1,359,192
789,530 1,227.816
233,902
From Jan 1_ 1,973,108 2,380,467
381,691
86,982
243,087
FINANCIAL CHRONICLE
Nor. 1 1930.1
-Grossfrom Railway -Na from Railway
--Na after Taxes
1:12 4
,
1930
1929.
1930.
1929.
2887
-Grossfrom Railway- -Net from Railway- -Na after Taxes
1929.
1930.
1930.
1929.
1930,
1920.
Pere Marquette
Western fly of Ala
September. 3,223,997 4,444,232
831,659 1,297,092
643,836 1,010,468
September _
40,296
205,945
62,305
264,294
30,143
48,105
From Jan 1_29,212,887 37,001,369 6,712,235 11,903,722 5,241,057 9,562,853
From Jan 1_ 1,932,159 2,248,367
332,405
370,303
206,681
241,304
Pitts & ShawmutWheeling & Lake Erie
September.
_
85,168
106,005
23,082
16,235
22,576
14,927
September. 1,252,031 1,872,168
270,429
606,299
155,513
468,961
From Jan 1_
903,358 1,146,271
238,264
250,326
227,919
238,195
From Jan 1_13,118,628 16,850,415 3,850,818 5,624,021 2,656,379 4,322,343
Pitts Sbawmut & North
September. 133,649
15,494
147,669
22,115
24,893
12,482
Other Monthly Steam Railroad Reports.
-In the folFrom Jan 1- 1,198,615 1,320,932
274,617
182,336
207,903
247,650
lowing we show the monthly reports of STEAM railroad
Pittsburgh & West Va.September _
313,207
367,197
93,521
85,644 companies received this week as issued by the companies
116,289
59,699
From Jan 1_ 2.963,607 3,762,941 1,070,046 1,588,309
798,355 1,170,815
themselves, where they embrace more facts than are reQuincy Omaha & K C
September.
_
88,226
87,843
14,370
28,695
9,679
23,838 quired in the reports to the Inter-State Commerce ComFrom Jan 1_
564,576
562,084
4,338 --12,779 --37,891 --56,489 mission, such as fixed charges, &c., or where they differ in
Reading Go
September _ 7.305,383 8.239,929 1,486,691 2,137,634 1,207,391 1,692,369 some other respect from the reports to the Commission.
From Jan L65,524,569 71,905,016 10,781,645 15,214,881 8,233,238 11,896,474
Ann Arbor.
Rich Fred & Pot
September _ 632,591
-Month of Sept.- -12 Mos.End. Sept.30777,674
83,451
211,286
56,706
160,876
From Jan 1_ 8,063,238 9,155,246 1,880,724 2,901,988 1.478,785 2,358,447
1930.
1930.
1929.
1929.
Operating revenues
$541.864 $3,800,341 $4,752,400
$446.723
Rutland
3,507.314
405,021
2.926.565
319,957
September. 495,951
590,024
136,320
187,553
103,781
147,920 Operating expenses
From Jan 1_ 4,060,906 4,724,135
641,479
953,147
432,932
692,696
$771.392
Net railway oper. Inc_
$399,433
$91.138
$72.147
St Louis-San Francisco
800,213
93,918
421,357
73,654
September. 6,050,513 7.835,251 1,959,547 2,682,169 1,594,212 2,259,697 Gross income
Net corporate income...
461,738
102.433
36.561
56,901
From Jan L54,633,186 63,582,954 15,578,193 19,036,718 12,408,845 15,120,705
ItarLast complete annual report in Financial Chronicle Mar. 29'30, p. 2200
St Louis Southwestern
September _ 1,691,120 2,363,328
324,411
732,457
213,216
595,683
Atchison Topeka & Santa Fe Ry System.
From Jan 1_17,118,785 19,614,680 3,904,055 4,366,682 3,114,398 3,463,122
(Includes The Atchison Topeka & Santa Fe Ry.-Gulf Colorado &
San Ant Uvalde & Gulf
September _
152.213
131,194
Santa Ry., and Panhandle & Santa Fe Ry.)
36,899
9,259
32,206
4.809
From Jan 1_ 1,435,167 1,530,910
425,905
390,247
352,114
383,494
-Month of September- -9 Mos. End..Sept.30San Diego & Arizona
1930.
1929.
1930.
*1929.
September _
53,803
76,495
--6,460
--6,952 -12,082 -12,316 Railway open revenues_$20,016.688 $22,766,780 5170626,261 5196062,420
From Jan 1_ 842,086
994,466
200,890
282,157
151.753
230,717 Railway oper. expenses_ 11,812,660 14.609.034 124,129,553 130,313,824
1,867,616 13.331,459 15,572.853
Railway tax accruals_ _ _ 1,816.607
Seaboard Air Line
319,358
September. 3,665,122 4,199,317
2,787,001
217,464
2,186,605
714,394 1,064,404
424,085
761,974 Other debits
From Jan 1_37,666.995 44,455,915 7.951,436 12,145,772 5,057,841 9,237.355
Net ry. oper. income_ $6,169,955 $5,970,770 $30,378,247 $47,989,136
Southern Pacific System
Average miles operated_
13.231
13,164
13,167
12.560
Texas & New Orleans-.
* Includes $2,493,193 back mail pay.
September. 5,835,896 6,502.220 2,174,025 2,041,988 1,766,270 1,639,501
tarLast complete annual report in Financial Chronicle Apr.26'30, p. 2952
1_47,202,099 55,417,676 10,929,852 14,143,504 7,998,496 10,927,267
From Jan
Son Pas S S Lines
Canadian Pacific Railway.
September. 641,821
903,587
2,604 --83,788
1,295 -79,009
From Jan 1_ 6,039,233 8,290,142 -353,191 --106,155 --365,434 --120,603
-month of September- -9 Mos. End. Sept.301929.
1930.
1929.
1930.
North Alabama
$19,192,325 819,551,217 3132682.160 3157959,686
75,084
September.
Gross earnings
91,516
22,145
24,429
17.606
18,444
755,567
12,460,060 14.540,597 110,070,726 129,807.896
From Jan 1_
901,792
238,415
353,779
188,617
290,288 Working expenses
Southern Pao System
$6,732,265 $5,010,819 $22,611,433 $28,151,789
Net profits
Southern Pacific Co
September _17,196,112 20,384,020 8,576,317 7,488,726 5,176,015 5,780,456
tarLast complete annual report in Financial Chronicle Mar. 29'30, p. 2241
From Jan 1_144005730 170374,405 41,615,209 55,213,265 29,791,158 41,163,554
Bangor & Aroostook RR.
Southern Ry System
Southern Ry Co
-Month of Sept.- -9 Mos. End. Sept. 30September. 9,767,940 12,091,974 2,862,581 3,656,261 2,201,415 2,767,251
1929.
1929.
1930.
1930.
From Jan 1_90,752,819 107717,677 21,930,719 30,832,174 15,291,242 23,689,022 Grass oper. revenues_ _ _
$718,358 $6,308,685 35.727.878
$622,058
Ala GI Southern
Oper. exps. (incl. maint.
September. 644,770
3.777.880
944,349
3,986,635
418.606
393.413
141,965
and depreciation)....
320,938
90,454
245,536
From Jan 1_ 6,140,651 7,869,628 1,152,994 2,307,165
698,539 1,689.081
$299,752 $2,322,050 51.949.998
Net rev, from oper___ $228.645
anN&TP56,540
456,369
58.468
526.485
Tax accruals
September _ 1,384,917 1,898.097
399,865
553,234
303.434
438.672
From Jan 1_14,030,544 17,363,314 3,483,362 3,875,530 2,088,758 3,034,964
$241,284 31.795,565 31.493,629
$172,105
Operating income_
Ga So & Florida
173,983
18.025
21,565
86.038
Other income
September. 264.989
305.308
51,105
28,816
26,612
5,563
From Jan 1_ 2,826,082 3.282,341
527,936
528,611
309,116
317,820
$193,670
$259,309 $1.881,603 $1,667,612
Gross income
N Or!& Northeast
77,483
658,434
70,872
700,155
Deductionsfrom fd. debt
September. 355,204
517,679
96,979
197,600
488
8.963
1,366
50,865
8,816
Other deductions
141,386
From Jan 1_ 3,302,447 4,261,722
816,021, 1,477,190
428,571 1,039,084
3667.250
$709,118
577.971
New Or! Term
$72,238
Total deductions
September. 130,144
99,964
53,023
11,298
41,765
291
3181,338 51,214,353
3958,494
$121,432
From Jan 1_ 1.227,638 1,397,235
Net income
444,674
597,741
343,356
502,765
Spokane International
531/
-Last complete annual report in Financial Chronicle Mar.29'30, p. 2196
September _
83,730
122,959
23,223
46,203
16,196
40,668
Boston & Maine RR.
From Jan 1.. 720,375
959,073
151,538
295,757
105,915
246,490
Spokane Port. & Seattle
-Month of September--9 Mos. End. Sept. 30September. 775,594
942,971
300,642
409,549
1929.
1929.
1930.
1930.
214,035
323,021
From Jan 1_ 6,072,202 7,137,479 1,918,602 2,703,974 1,136,293 1,932,263 Operating revenues
55.831,542 $6,941,161 552,574,487 558,448.803
4,141,413
5,147.546 39,004,610 43,419,915
Operating expenses
Staten Isl Rap Tran90,184
246,192
September. 206,908
_
58,383
41,383
72,184
$1,690,129 31,793,615 513,569,877 315.028,888
Net oper. revenues
From Jan 1_ 1,886,202 1,995.299
493,409
502,363
337.392
343,546
2,902.410
2,595.349
330,589
337.435
Taxes
Tennessee Central
4,396
5,351
263
Uncollectible ry. revs..
766
September. 280,913
107,592
309,509
76,940
67,254
93,948 Equipment rents-Dr..
1,762.716
1,760,987
215,480
214.686
From Jan 1_ 2,344,751 2,517,276
631,760
496,541
436,082
558.149 Joint facility rents
252.759
29,713
-Dr.
157.673
23,599
Term Ry Assn of St Louis
September. 830,549 1,099,155
229,586
323,348
105,222
215,474
Net ry. oper. income_ $1,120,489 31.210.725 59,048.789 310,108,335
From Jan 1_ 7,901,095 9,653,754 2,022,140 2,994,078 1,031,880 2,056,926 Net misc. oper. Income9,424
Dr.445
Dr.274
12,153
Texas Mexican
103,061
1,014.839
102.968
936.244
Other income
September
97,122
114,364
25,262
24,735
20.178
19,735
873,011 1,073,443
From Jan I_
138,275
234,503
$1,223,105 $1,313,419 59.997,185 511,132,599
Gross income
92,941
189,083
Deduc.(rentals,
5,961.732
6,125,063
682,650
651,388
Texas & Pacific
September 2,990,508 3,560,715
923,739 1,045,467
778,637
853,825
Net income
5662,031 $4,035,453 55,007,535
From Jan 1_28,880,941 34,412,243 8,680,109 10,494,571 7,114,019 8,722,923
3540,455
Toledo Peoria & West
127 I.ast complete annual report in Financial Chronicle Apr.12'30, p.2568
.
September. 176,352
210.005
65,707
51,199
55,807
45,666
From Jan 1_ 1,512,301 1,775,879
346,730
552,500
287,090
Boston Revere Beach & Lynn RR.
483,004
Toledo Terminal
(As Filed 1Vith Massachusetts Department of Public Utilities.)
98,511
September.
135,550
46.189
25,609
15,262
1930-9 Mos.-19_29.
29,518
Period End. Sept.30- 1930-3 Mos.-1929.
From Jan 1_ 884,006 1,231,972
148,589
410,464
27,045
o,
6967,478
5384.692
265,640 Railway operating rev__
$366,517
Ulster & Delaware
236.348
Net operating revenue..
198.910
117,817
95,938
79,305
September.
92.068
699
7,817
206,272
171.910
-4,801
107.740
86,938
1,313 Oper. Inc. after taxes...
778,894
From Jan 1_
884,000
100,206
138,130
1,963
1.724
921
47,506
603
83,326 Non-operating income__
Union Pacific Co
September _11,319,993 12,339,986 4,965,337 4,932,783 4,358,927
5208.235
3173.634
Gross income
5108.662
387.542
110,433
From Jan 1_78,328,807 88,326,143 24,759,189 28,834,179 18,851,157 4,112,670 Interest, &c
107.310
36,656
35,669
22,061,916
Oregon Short Line
$66,323
$97,801
Net income
$51,873
572.006
September. 3,709,489 3,998,326 1,716,796 1,758,825 1,412,206
58,344
40,800
40,800
26,520
From Jan L24,507,000 28,527,202 6,995,148 9,127,473 4,254,122 1,322,252 Dividends
6,257,204
Ore-Was h Ry & Nay Go
$57,001
Balance surplus
$7,979
$31,206
$25,353
September. 2,438,823 2,785,243
730.825
852,382
539,650
651,142
From Jan 1_18,520,834 21,823,933 3,337,386 4,365,676 1,614,366
2,566,691
Chicago Rock Island & Pacific Ry.
St Jos & Gd lel-Month of September
Septcmber _
374,087
385,574
139,811
134,865
117,417
112,696
1929.
1930.
Jan 1_ 2,656,330 2,885,788
From
835,281
877,599
664,615
698,638
Actual.
Actual.
Union RR (Penn)
38.366.484 59,914,745
Freight revenue
September
864.910 1,035,217
264,615
394,733
244,715
1.643,382
1,201.185
324,033 Passenger revenue
From Jan 1_ 7,182,348 8.014.421 1,773,717 2,770,881 1,521,717
245,003
233,111
2,439,954 Mail revenue
Utah
217.795
317,550
Express revenue
September _
161,724
181,197
65,966
78,026
447,244
591,654
54,291
60,846 Other revenue
Jan 1_ 1,060,005 1,399,497
From
2,574
519,426
193,171
415,298
Virginian
$10,465,819 312,712.334
Total railway operating revenue
September _ 1,435,811 1,600,719
57.060,858 58,882,384
Railway operating expenses
753,438
755,419
583.438
592,418
From Jan 1_13,001,803 14,625,110 6,148,414 7,166.345 4,696,392
5,640,316
$33,404,961 $3,829,950
Net revenue from railway operations
,
Wabash
Railway tax accruals
700,000
700,000
September. 5,061.907 6,848,359 1,252,467 2,041,843 1.099,340
656
3,473
From Jan 1_47,572,985 58,563,245 10,646,077 15,748,091 8.666,999 1,771,396 Uncollectible railway revenue
13,144,184
Western Maryland
$2,704.305 $33.126,477
Total railway operating income
September. 1,502,016 1,662,754
569,426
631,798
-debit balance
479,426
338,731
367.539
531,698 Equipment rents
From Jan 1_13,508,655 13,951,515 4,709,157 4,473,594 3,909,157
92,717
100,735
3,712,694 Joint facility rents-debit balance
Western Pacific
MI
September. 1,818,705 1,883,426
837,257
568,624
742,351
Net railway operating income
$2,272,857 52.658,203
435,305
From hul1-11,675,829 12,987,240 1,535,952 2,152,920
656,398 1,190,386
lerLast complete annual report in Financial Chronicle May 3'30, p. 3199
2888
[VoL. 131.
FINANCIAL CHRONICLE
Denver & Rio Grande Western RR.
Pittsburgh & West Virginia Ry.
-Month of September- -Jan. 1 to Sept. 301929.
1929.
1930.
1930.
2,556
Aver, mileage operated_
2.563
2.524
2,557
Total oper. revenue___$2,880.671 $3.630,759 $21,489.418 $24,925,787
Total oper.expenses_ ___ 1,800,794
2,300,761 15,384,279 17,880.339
Netrevenue
$1,079,876 $1,329.997 $6,105,139 $7.045,448
1,695,000
Railway tax accruals
250,000
1,570,000
180,000
2,885
Uncoil, railway revenues
63
3,423
92
Hire of equipment
Cr46,823
74,652 Cr463,058
--Net
55,809
25,278
234.547
229,647
Joint facil, rents. net_Cr
26,359
Net railway oper. Inc_
Other income,net
$870.334 $1,152.036 $4,691.611 $6,040,269
217,455
5,080
12.279
79,220
Available for interest_
Int, and sinking fund_
$875,414 $1.164,316 $1.770,832 $6.257,725
543,425 4,922,571
4,657.072
563.369
$312,045
$620.890 def$151,739 $1,600,653
Net income
larLast complete annual report in Financial Chronicle Apr. 19 '30, p. 2758
Erie RR.
(Including Chicago & Erie RR. Co.)
-Month of September--9 Mos. End. Sept.301930.
1929.
1930.
1929.
Operating revenues
$9.485.338 $11,329,581 $83,044,954 $97,229.879
Oper. expenses & taxes_ 7.489.603
9.005,300 68,704,627 77.714.919
Operating income- _ _ _ $1,995,734 $2,324.281 $14,340.327 $19.514,959
Hire of equip. & joint
3,062,902
facility rents
-net dt_
431.202
354,964
3,251,033
Net ry. oper. income_ $1.564,531 $1,969,317 $11.089,294 $16,452.057
2.477,422
3,014,649
Non-operating income__
306.275
296,892
$1,870.807 $2,266.209 $14,103,943 $18,929,479
1.333,544
1.190.337 12.034.721 10,842,929
Gross income
Interest, rentals, &c
Net income
$537,263 $1.075.872 $2,069,222 $8,086,550
lat Last complete annual report in Financial Chronicle Apr. 19 '30, p. 2796
-
-Month of September- -9 Mos.End. Sept.301930.
1930.
1929.
1929.
5313.206
5367.196 $2,963,605 $3,762,9411
219.686
250,907
1,893.560 2,174,631
Railway oper. revenues_
Railway oper. expenses..
Net rev.from ry. op--
$93,520
$116,289 51,070.044 51,588,309
Net railway oper.income
(net after rentals)___Non-oper. income
$119.526
4.783
$173.590 51.277,189 51,874,582
3.316
106,869
63,183
Gross income
Deduc. from gross Inc_
$124,310
15,262
$176,906 51,384,058 51.937,765
23.053
185.862
210,675
Net income
$109,047
$153,853 $1,198,195 $1,727,090
ta"Last complete annual report in Financial Chronicle May 31 '30, p. 3870
St. Louis Southwestern Ry. Lines.
-Month of September- -9 Mos.End.Sept.301930.
1929.
1930.
1929.
Miles operated
1.882
1,757
Av.1,824
Av.1,747
Railway oper. revenues_ $1,691,120 $2.338,323 $17.118,785 519.394,209
Railway oper. expenses_ 1,366,709
1,610,845 13,214,730 15,065,304
Ratio of oper. exps. to
oper. revenues
80.82%
68.89%
77.19%
77.68%
Net rev. fr. ry. oper
5324.411
By. tax accruals & uncoiled. ry. revs
. 111,194
5727.478 53,904,055 $4,328,905
Railway oper. income
Other ry. oper. income....
$213.216
33,358
5592,094 53,114.398 53,437.544
40,666
325,862
341,282
Total ry. oper. income
Deduc. fr. ry. op. inc._
$246.575
154,167
$632.760 $3,440,260 $3.778,827
107.189
1.662,892
1,225,797
Net ry. oper. income_
Non-oper. income
$92.407
9,242
5525,570 $1,777,368 $2,553,030
10,125
114,371
164,519
Gross income
Deduc.fr. gross income..
$101.650
244,828
5535.696 51.891,739 52,717,549
215.633 2.090.606
1,968,404
By. oper. income_ _ _ _
Equip. rents-Net bal__
Joint facil,rents-net bal
$30,397
Dr.3,602
Dr.2,427
$19,310
Cr.643
Dr.2,495
$94.402
Cr.1.856
Dr.22,824
$116,611
Cr.34,002
Dr.14,486
Net ry. oper.income__
Non-operating income- -
$24.367
1.960
$17.458
1.776
$73,435
15,793
$136,127
15,253
Gross income
Deductions from income
$26,328
1,288
$19,234
1,237
$89,229
10,760
$151,381
10,562
$25,039
$17,996
578.468
$140,881
Surp. applic. to int
789,656
891,360
Not income
def$143.178
$320,063 def$198,866
$749,144
larLast complete annual report in Financial Chronicle July 26 '30, p. 621
Georgia & Florida RR.
-Month of September- -9 Mos.End. Sept.301929.
1930.
1930.
1929.
$204,036
$175,829
$39,097
$29,010
Net rev,from ry. oper__
87,300
81,410
9,700
Railway tax accruals_ _ _
8,700
125
15
1
Uncolleetible ry. rev_
135.383
Pere Marquette Ry.
-Month of September- -Jan. 1 to Sept. 301930.
1929.
1930.
1929.
Aver. mileage operated__
2,264
2,241
2,248
2,241
Railway oper. revenues_ $3,223,996 54,444.232 $29.212,886 537,001,369
Railway oper. expenses_ 2,392.338
3.147,140 22,500,651 25.097,647
Net rev.from ry.open
Net railway open income
Other income-Net.._ _ _
5831,658 51,297.091 $6.712,234 $11.903,722
556,312
857.029
3,900,388
8,224,910
39.274
48,431
366,135
638,239
Balance before deduct.
of interest
Total interest ac,Iruals
$595,587
267,174
5905.460 54.266,523 58,863,150
212,416
2,087,121
1,928,274
Surplus
$328,412
5693,043 $2,179,401 $6,934,875
I'
Last complete annual report in Financial Chronicle May 10 '30, p. 3343.
Texas & Pacific Ry
Maine Central RR.
-Month of Sept.- -9 Mos. End. Sept. 301930.
1929.
1929.
1930.
Freight revenue
$1,227.815 $1,393,745
272.987
Passenger revenue
245,778
1,836,655 $14,600,614 $15,027,052
Railway oper. revenues_ 1,637,278
146,070
863,747
1,122,962
Surplus after charges
127.514
arLast complete annual report in Financial Chronicle May 3 '30, p. 3202.
-Month of September
--9 Mos.End. Sept. 301930.
1929.
1930.
1929.
Railway oper. revenues_ $2,990,508 33,560.714 528.880,941 534,412,243
Net rev,from ry. oper__
923,739
8,680.109
Railway oper. income__
778.638
7.114.019
Net ry. oper. income_
652.097
691,719 5.340.652 6,430.264
Gross income
686.867
797.795
5,697,602 7,269,573
Net income
353.
•
.
12It'
Last complete annual report in Financial Chronicle May 17 '30, p. 3529
New York New Haven & Hartford RR.
Virginian Railway.
-Month of September- -Jan. 1 to Sept. 301929.1930.
1929.
1930.
Railway oper. revenues_ $9.753,110 512.385,597 590,130.9595104,249,765
70.12,607
7,981,534 61,256,152
Railway oper. expenses_ 6,600.726
-Month of September- -9 Mos. End. Sept. 301930.
1929.
1930.
1929.
Operating revenues
$1,435.811 $1,600,719 $13,061,803 514,625.110
Operating expenses
682,372
845,299 6.913.389
7,458.765
Railway oper.income
583,438
592.418 4,696,392
5,640,316
Gross income
759,940
748,094
6,093,754
6,948,827
Net income
404,498
421.265
3,722,846
3,995,655
tarLast complete annual report in Financial Chronicle Apr. 19 '30, p. 2759
Net rev,from ry.oper. 53,152,384 $4.405.063 $28,874,807 $34,237,158
5.519.108 6,078.000
500,000
641,000
Railway tax accruals_ _ _
13,218
6,693
672
1.438
Uncoil, railway revenues
Railway oper.income_ $2,651,712 33,762,625 523.349,006 528,145,940
1,415.349
166,709
1,676,291
209,698
Equip. rents (net) deb-386,177 3,545.327
3,307,475
400,186
Joint facil. rent (net)deb.
Net oper. income_ - - $2,041,828 $3,209,739 $18,127,388 $23,423,116
2,120
2.129
2,130
Aver. miles ofroad oper_
2,131
1-1-ast complete annual report in Financial Chronicle Mar. 22 1930,
10
p. 2015, and Mar. 15 1930, p. 1817.
Operating revenues
Operating expenses
Net ry. oper.income...
Gross income
-Month of September- -9 Mos.End. Sept.301929.
1929.
1930.
1930.
2.239
2.240
2.240
2.240
Operating Revenues
58,148,004 59.556.707 $71.406.975 579.800,181
Freight
5,784.781
738,975
4.629.483
487,078
Para., mail & express
52,225
338.868
354.848
36.661
Other transportation
630,184
68.533
67.124
780.774
Incid. & Joint facility_ _
By. oper. revenues__- 38,740.277 510,415.032 577,156.102 586,569.996
Operating Expenses1.221.760
9,479.659 10,695,363
Maint. of way & struct-_ 1,029.100
1,686,955 14,452.515 15,830.805
1,576.331
Mahn. of equip
1,172.244
1,073,660
119.677
130.359
Traffic
2.185.682 18,420.943 19,689,954
1.983.557
Transp.-rail line
247.246
189,138
21.876
23,127
Miscellaneous operations
2.273,288
2,178.121
245.246
250,609
General
12,656
139.849
113.860
15.728
Transp.for invest--.. _Cr
349,543,183
37,026,812
7,550.000
7.829
oper. expenses_- $4.977.358 $5.468..542 345.906.048
4,946.490 31,250,054
Net ry. oper. revenues-- 3,762.919
950,000
7,600.000
800.000
Railway tax accruals_ _4.469
175
280
Uncoil. ry. revenues.-By. oper. income____ $2,962.638 $3,996,314 523.645,584 $29,468,983
1.884.710
2,201,138
247.299
289.186
Equipment rents (net)._
3.303
59,195
20.476
3.650
Joint facility rents (net).
Net ry. oper. income_ 33,248.174 $4.223.137 525,526.991 331.610.926
2,054,063
1,611.982
232,645
280,236
Other Inc. items (bal.)__
$4,455.782 $27,581,055 $33.222,909
$3.528.411
Gross income
3,622,222
3.720,340
411.769
411.020
Int. on funded debt
53,117.390 $4,044.013 523,860.715 529.600,686
Net income
Prop'n of oper. expo to
57.23%
59.50%
52.51%
56.95%
operating revenues
Prop'n of transp'n exp.
22.74%
23.87%
20.99%
22.69%
revenues
oper.
FilirLast complete annual report in Financial Chronicle Mar.29'30, p.2244.
$749,379 $1.468,230 55.426,049 $10,238,917
891,869
1,603.094
7.174,388 11,521,143
Net corporate income- 3266,251
5990,764 51.746.302 55,995.974
OrLast complete annual report in Financial Chronicle May 17'30, p.3529.
Norfolk & Western Ry.
Aver, mileage oper
Wabash Ry.
-Month of September '-'12 M05.End,Sep1.301930.
1929.
1930.
1929.
$5.061.906 $6,848,359 547.572,984 558,569,245
3,809,440
4.806,516 36,926,908 42,821,154
FINANCIAL REPORTS
-An index to annual reports of steam
Financial Reports.
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
Oct. 4. The next will appear in that of Nov. 8.
American Type Founders Company.
(Annual Report-Year Ended Aug. 311930.)
INCOME ACCOUNT
-YEARS ENDED AUG. 31.
1930.
1929.
1928.
1927.
Net sales
512.649.342 314,782.841 511,822.263 $11,807,353
Cost of goods sold
8.042,201
9,175,165
7.243.476
7,250,509
Interest
508.098
558.886
422.806
394,793
Sell.. admin., &c., exp.... 2,890,044
3.338.737
2.802,490
2,740.044
Operating income
Other income
51.208,999 51,710,053 21.436.827 $1,338.581
415.960
439,666
393.157
413,034
$1,624.959 52,149.720 51.849,862 $1,731,738
Profit
Reserve for depreciation
438.219
499.917
515.331
481,157
82.498
Federal taxes paid
156,967
156.134
125.061
Net profit
$1.104.242 $1,492.835 51.243.643 $1,060,273
Previous surplus
5,333,305
5.231.251
4,781.187
4,971,460
Surp. Barnhart Bros. &
Spindler, Aug. 31699,366
Total surplus
$6,437,547 57,423,452 56.215,103
55,841,460
--Preferred diva. (7%)
Common dividends(8%)
Barnhart Bros. & Spindler preferred stock..
Net amalg. adjustment_
Adjust. due to revel. of
Bros. &
Barnhart
Spindler assets
1930.
280,000
720,000
1929.
280,000
720,000
1928.
280,000
703,852
1927.
280,000
x480.000
a35,000
21,055,148
299,811
$5,137,736 $5,333,304 $5,231.251 $5,081,460
Surplus Aug.31
Corn, stock outstanding
y90,000
90,000
90,000
90,000
(par $100)
$8.67
$10.70
513.08
$9.15
Earnings per share
amount paid on the
a Final dividend paid Nov. 1 1928. x Being the
$6,000,000 common stock outstanding prior to the issuance of $3,000.000
additional in July 1927. y Includes 30,000 shares offered to stockholders
In July 1927 of which 5,126 not then fully paid for. z Net amalgamation
adjustment, including elimination of $1,170,789 Barnhart Brothers &
Spindler trade-marks and good-will.
-Above table includes Barnhart Brothers & Spindler for the fiscal
Note.
years 1929 and 1930 (having been merged with American Type Founders
Co. during 1929) but not in previous years.
BALANCE SHEET AUG. 31, AMERICAN TYPE FOUNDERS CO.
1929.
1930.
1929.
1930.
$
LIeSallies$
$
Assets6,844,570 6,937,551 Preferred stock-- 4.000,000 4.000,000
Plant
976.987 1,255,087 Common stook__ 9,000.000 9.000,000
Cash
51,200 Debenture bonds_ 5,028,700 5,334,900
67,337
Cash with trustees
Accts. receivable 1.860,275 2,266.053 Notes payable___ 1,725,000 1,970.000
700,000
Notes receivable- 6,739,871 6,973,096 6% gold notes____ 562.100
19,766
19,766
416,152 Dividend scrip__
416,153
Investments
557,469
578,652 Accounts payable_ 418,336
489,282
Miscall. assets
200,000
Mdse.& raw mat'l 8,597,162 8.637,646 Tax reserve, &c___ 100,000
5,137,736 5,333,305
Surplus
25.991,638 27,115,440
25,991,638 27,115,440 Total
Total
-YEARS ENDED AUG. 31.
CONSOLIDATED INCOME ACCOUNT
(American Type Founders Co. and National Paper & Type Co.)
1927.
1928.
1930.
1929.
$16,683,388 $19,682.205 $20,057,743 $17,046,994
Net sales
11.161.293 12,949,878 13,407.665 11,079,942
Cost of goods sold
647.281
628,407
633,749
575.438
Interest_
4,321,619 3,901,857
4,197,954
Selling & admin. exp--- 3.790,465
$1,156,192 $1,905,966 $1,694,710 $1,417,913
671,424
562,987
548,268
523,735
Balance
Other income
Profits from operations
$1,679,927 52,454,234 $2,366,134 51.980,900
and sundry income_
546,721
455.233
513,819
524,615
Reserve for depreciation
82,498
175,468
175.514
140.326
Fed.income taxes paid__
Net profit earned- _ _ $1,142,197 $1,764.947 $1,701,194 x$1,258,666
1930.
5.285,794
Previous surplus
Deficit March 31 1927
(N. P. & T. Co.)Net premium on sale of
common stock
STEAM RAILROADS.
1929.
5,610,995
1928.
5,033,653
1927.
5,535,243
$0665.25&
*.4
180,000
56.427,991 57.375.942 $6,734.847 56.308,654
Total
-Am.Type Foun.
Diva.
280.000
280,000
280,000
280,000
Co.-Pref. stock _
703,852
48(1.000
720.000
720,000
Common stock
Barnhart Brothers &
87,500
87,500
21,875
Spindler, 1st pref_
52,500
52,500
13,125
2e1 preferred stock
375.000
Res. against investmls
y1,055,148
Net amalgamated adj....
Adjust. due to reval. of
Barnhart Brothers &
299,810
Spindler assets
$5.128,180 55,285.793 55,610,995 55,033.653
Surplus Aug. 31
x Includes earnings of National Paper & Type Co. for only five months
April 1 1927 to Aug. 31 1927. y See footnote z under income account
table above.
CONSOLIDATED BALANCE SHEET AUG. 31.
(American Type Founders Co. and National Paper & Type Co.)
1929.
1930
1930.
1929.
Liabilities
Assets
928,190
1,359.582 1,658,576 Accounts payable_ 855,356
Cash
51,200 Notes payable_ __ 2,525,000 3,052.592
67,337
Cash with trustee..
224,430
Accts. receivable 2,999.653 3,598,826 Reserve for taxes_ 106,402
Notes rec. & int 8,166,613 8.357,002 Sink.fund 6% deb. 5,028,700 5,334,900
700.000
562,100
9,320,178 9,363,193 6% gold
Merchandise
50.000
50.000
Res.for exch. cont.
notes__..
Adv. pay. on gds.
19,766
19.766
48,779 Div. scrip. outst'g
held for shiP.40
. 9
33 99
Cap. stk. Am. T.
F. CO.: Pref.__ 4,000,000 4,000,000
21,947,362 23,077,578
Common_ ___ 9,000,000 9,000,000
1,459
2,725
Less: Intra-co. bal.
Nat. P. & T. Co.,
1,500.000 1,500.000
preferred
21,944,638 23,076,119
Balance
462.840
Minority interest_ 2478.645
Misc. assets & def.
639.190 Surplus account_b5,631,115 5.804.534
533,116
charges
204,333
Inv.,less reserve- 225,583
6,953,747 7,057,610
Plant &
Trade-marks and
100,000
100,000
good-will
29.757.083 31,077,252
Total
29,757,083 31,077,252
Total
a National Paper & Type Co.: Common stock, $475,200: Plus
applicable tnereto, $3,445. b Earned surplus, 55.128,portion of surplus
180;less proportion of National Paper & Type Co.surplus account applicable
to minority interest in common stock, $3,445 plus excess of par value of
Inter-company stock holdings over valuation on books, $506.380.-V. 131.
p. 791.
mend Corporate anb 3InbeZtntent
Or
2889
FINANCIAL CHRONICLE
Nov. 1 1930.]
geb)5.
of constructing an extension from Globe westerly to a connection with the
Evansville south of Littles, all in Pike County, Ind.
Our certificate authorized the applicant to acquire a railroad owned by
the Patoka Coal Co. and to construct certain extensions thereto. One of
the proposed extensions consisted of a line running from Globe westerly
about four miles to a connection with the main line of the Evansville at a
point south of Littles. Instead of building this extension the applicant
now proposes to build a line to connect the south end of its railroad with the
Evansville spur to the Gray-Williams coal mine and with the mine spur of
the Enos company, both connections to be at a point about 2.7 miles
easterly from the Evansville main line, and to acquire by purchase the
Enos company's spur, which it would operate as a part of its railroad.
The proposed connecting line. 4.2 miles long would closely parallel the
Southern Ry. and would cross it undergrade. It would also cross a spur to
the coal mine of the Electric Shovel Coal Corp., and connect therewith.
It is represented that the chief purpose of the proposed line is to provide
terminal railroad service for the mines of the Patoka Coal Co., the Enos
company, and the Electric Shovel Coal Corp., and to give them all direct
assess to the two adjacent trunk lines.
The railroad of the Enos company has 5.16 miles of main track and 1.4
miles of sidings. The appraised value is shown as $259,129, including
$224,129 for road and 535.000 for four locomotives. It is not shown by
whom or when this appraisal was made. The applicant states that it
Is willing for us to fix the price to be paid for the Enos company's railroad
properties. From available data and conferences with the carrier's representatives, the purchase price of 5190.000 is fixed as reasonable for the entire
properties. This price is satisfactory to the applicant and to the Enos
company.
A statement of the applicant's plan of financing the proposed construction and acquisition is reserve(' for submission in an application to
Issue securities, which is to be filed soon. It is stated, however, that the
applicant will Issue its common capital stock in the amount and on the
terms prescribed by us, one-half to the Patoka Coal Co. and one-half to the
Enos company in partial consideration for the conveyance to the applicants
of their railroad properties.
Our supplemental order entered June 17 1930. provided that the construction of the extension therein authorized should be commenced on or
before Sept. 1 1930, and be completed on or before Sept. 1 1931. The
applicant has not yet taken possession of, or commenced operation over
the lines of the Patoka Coal Co.. nor has it commenced the construction of
either of the extensions heretofore authorized. It asks that the time fixed
for beginning and completing construction of its proposed northerly extension from a point near Cato to a point near Algers be extended to Sept.
-V. 127. p. 678.
1931, and Sept. 1 1932, respectively.
Western Railroads Ask I.-8. C. Commission to Reopen Trunk Class Rates.
-S. C. Commission
-Executives of 10 Western lines on Oct. 29 asked the I.
to reopen the trunk line class rate case for reconsideration of the issues
Involved. "Journal of Commerce." Oct. 29.
-Class I railroads on Oct. 15 had 396.291 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was an increase of 6.892 cars compared with Oct. 8, at which time there
were 349,399 surplus freight cars. Surplus coal cars on Oct. 15 totaled
of 2.981 within approximately a wee k;wh lie surplus
132,8t S jars, a dJer
box cars totaled 214,933, an increase of 11,612 for the same period. Reporta also showed 22,040 surplus stock cars, an increase of 167 cars below
the number reported on Oct. 8 while surplus refrigerator cars totaled 7.442,
a decrease of 2,365 cars for the same period.
New Freight Cars and Locomotives Placed in Service in First Nine Months
-Class I railroads of the
or 1930 Higher Than in Same Period Last Year.
United States in the first nine months of 1930 placed 70,033 new freight
cars in service, the car service division of the American Railway Association announced. In the same period last year, 59,929 new freight cars
were placed in service.
Of the new freight cars installed 36.404 were box cars, an increase of
8,119 compared with such installations in the first nine months of 1929.
There were also 25,785 new coal cars placed in service in the nine months
this year, an increase of 3,860 compared with the same period last year.
In addition, the railroads in the nine months period this year installed
3.343 flat cars, 3,425 refrigerator cars, 738 stock cars, and 338 other miscellaneous cars.
The railroads on Oct. 1 this year had 6.764 new freight cars on order
compared with 29,481 on the same day last year, and 7,522 on the same
day two years ago.
The railroads also placed in service in the first nine months this year
632 new locomotives compared with 540 in the same period in 1929. New
locomotives on order on Oct. 1 this year totaled 181 compared with 354
on the same day last year.
Freight cars or locomotives leased or otherwise acquired are not included
In the above figures.
Matters Covered in the "Chronicle" of Oct. 25.-(a) Central Vermont Railway shops for the first time this year on full-time basis, p. 2634. (b) Shop
work stopped by New York Central-Heavy repairs of cars suspended until
-About 6,000 men affected. p. 2634. (c)'-Day week rejected by
Nov. 3
Southern Railway federated crafts, p. 2634. (d) Union Pacific shops
resume, p. 2635. (e) Rail workers call parley for six-hour day-Brother-Defends Bus Line in New York
Baltimore & Ohio RR.
hood chairmen will confer Nov. 12 in Chicago on spreading employment.
Comment by President Downs of Illinois Central. p. 2631. (f_) Roads coin- City and Newark in Brief Filed with 1.-S. C. Commission.
-St. Louis-San Francisco and Missouri-Kansas-Texas
plots with 131pe lines
-S. C. ComReplying to the petition of the Pennsylvania RR. to the I.
make the-first move to hold their gasoline traffic-Propose reduced rates,
p. 263;. (g) New railroad legislation by congress asked-Laws dealing mission that it investigate the methods of the Baltimore & Ohio in the transwith protection of employees' interests in consolidation of lines to be fer of avengers to,from and through N. Y. City and to and from Newark,
proposed. p. 263;. (h) Railroad fuel costs in August lower, p. 2636. N. J., the Baltimore & Ohio has filed its answer with the Commission.
In its reply the Baltimore & Ohio points out that It is not, nor has it
Volume of freight traffic handled in first eight months of this year 12.4%
been, opposed to an investigation of its trainside motor coach service,
below corresponding period in 1929, p. 2640.
which has been in effect four years for the accommodation of passengers
Algers Winslow & Western Ry.-Constr. and Acquis.- to and from N. Y. City, Brooklyn and Newark, h. J.
For this purpose It maintains motor coach stations in Manhattan, in
The I.-S. C. Commission, Oct. 18 leaned a supplemental certificate
authorizing the company to construct an extension of its railroad, and to the Chankt Building at 42 St. and Lexington Ave., opposite the Grand
acquire and operate a line of railroad in Pike County, Ind. The third Central Station and the Commodore Hoteland at Columbus Circle at 59th
supplemental report of the Commission says in part'
St. and Central Park West, as weh as in the Central Building on Joralemon
BY our report, certificate, and order issued in this proceeding on July 13 St. near Borough Hall in Brooklyn and the l'ublic Service Terminal at
1928, we certified that the present and future public convenience and Military Park and Broad St., in Newark, N. J. Between these stations
necessity required the construction and acquisition by the applicant of in New York and Brooklyn and the terminus of its trains at the Jersey
certain lines of railroad in Pike County, Ind., but provided that our cer- City Terminal of the Central RR. of New Jersey, and between Elizabeth
tificate and order should not become effective until our further order. and Newark, N. J., the motor coaches are operated.
following the determination of the estimated cost of the line proposed to be
Further, the Baltimore & Ohio's answer shows that the Commission
constructed, and the reasonableness of the price to be paid for the railroad already has passed upon every issue raised by the petition of the competing
properties to be acquired. By our supplemental order entered June 17 carrier and draws the obvious conclusion that the position now taken by
1930, we provided that the certificate issued herein on July 13 1928, should the Pennsylvania RR.is contrary to that which it manifested at the hearing
become effective 30 days from the date of said supplemental order, subject and during the argument of the case earlier in the year.
At the hearing the Pennsylvania asserted that it filed its tariff with the
to certain conditions.
-S, C. Commission for the establishment of a free transfer service throughBy an amendment to its application, filed Aug. 21 1930, the applicant I.
asks for a modification of the certificate theretofore Issued, and seeks out Manhattan. the Bronx, Brooklyn and Newark, N. .1., not because
authority under section 1 (18) of the Act,(1) to construct an extension of its there was anything irregular in the way in which the Baltimore & Ohio
extension of its railroad from the southerly terminus thereof in a general transferred its passengers in New York and Brooklyn and Newark, N. J.„
southweaterly direction approximately 4.2 miles to points of connection but because competition necessitated it.
Following the filing of this tariff by the Pennsylvania, the New York
with the railroad of the Enos Coal Mining Co., and with the Gray-Williams
spur of the Evansville, Indianapolis & Terre Haute Ry.. and (2) to acquire Central and other lines protested the tariff and asked the Commission
the railroad of the Enos company, which extends from a connection with the to investigate the practices of the Baltimore & Ohio in this respect, but
main line of the Southern fty . approximately 1.5 miles west of Oakland the Commission denied the application for such investigation and, after
City, in a southerly direction to the coal tipple of the Enos company near the hearing In the case, disapproved the tariff for free transfer in the places
the village of Spurgeon. 5.16 miles. the authority now sought to be In lieu referred to, that bad been filed by the Pennsylvania RR.
2890
FINANCIAL CHRONICLE
[vol.. 131.
The history of the case is reveiewed by the Baltimore & Ohio's reply, through the port of New Orleans. The purchase of 70
-pound rails is in
which also stresses the point that the Pennsylvania, in seeking to re-open ; line with the company's policy of continually raising its standard of equipthe question, has reversed itself since it now bases its contentions on what ment, roadbed and other facilities to meet the heavier traffic load resultit claims is irregularity or illegality in the transfer service of the Baltimore ' lag from the linking of the railway system in the Republic of Salvador
& Ohio, whereas orginally the Pennsylvania based its main argument for with the transcontinental system in Guatemala, a project which gave
free transfer of passengers on the grounds of competition.
Salvador direct access to the Atlantic Ocean by land. These heavier
rails will replace a ten-mile stretch of 60
-pound rails on the Atlantic section of the International Railways system.
-V. 130, p. 4046.
To Build New Bridge.
A new double-track bridge 1.400 feet long will be built by this company
Missouri-Kansas
-Texas RR.
-Maintenance Held in First
across the Potomac River at Harper's Ferry, W. Va., to replace the present span at that point. The new bridge will consist of 11 deck-plate- Half
-Monthly Expenditures for Period Compare Favorably
girder spans, requiring 4,400,000 pounds of structural steel and 4,000 with
Those of Previous Years.
cubic yards of concrete. Work has been started. In addition to the new
Despite decreased traffic, reflected in decreased revenues, company
bridge, the line of railroad will be changed to afford easier crossing of the
river by reducing the curvature and shortening the line. These improve- reports that expenditures for maintenance of roadway in each month during
the first half of 1930 compare favorably with those in every corresponding
ments will cost $800,000.-V. 131. p. 2691.
year since 1923, which marked the end of M. -T. receivership. The
-K.
Places Equipment Order.
company states:
"The Katy's average of monthly expenditures for roadway maintenance
The company is arranging for 75,000 tons of steel rail for 1931 delivery.
The rails and track fastenings will be delivered during the first five months In the first half of the present year are within $35,000 of the monthly
of 1931 and the order represents an ultimate expenditure of $4,800,000. average for the first half year in the eight-year period since 1923. In view
Details regarding weight of rail and distribution of orders have not yet of liberal roadway maintenance expenditures of the Katy during and since
receivership, and a constant capital improvement policy tending to reduce
been concluded.
-V. 131, p. 2691.
current maintenance costs, the roadway maintenance expenditures this year
have been adequately related, in view of lighter traffic, to continued operBoston & Maine RR.
-Sells Power Plant.
ating efficiency.
The New Hampshire P. S. Commission has authorized this company
"In considering this phase of railroad operation, it is, of
always
to sell the Public Service Co. of New Hampshire its Eastman Falls dam and important to take into account the fact that the use of heaviercourse,treated
rail, of
electric generating plant at Franklin, N. it., for the sum of $600,000, and ties and tie plates, improvement of roadway drainage through installation
has permitted the latter company to sell 6,451 shares of its $6 pref. stock of tile drains, and the replacement of timber bridges and trestles requiring
to reimburse it for the expenditure. The Public Service Co. contended frequent renewal, with concrete structures of permanent tupe, has developed
that the plant was essential to develop its territory, and that it contemplates conditions under which railroad roadway can be maintained at less cost
doubling the capacity of the present generating plant.
-V. 131. p. 472. relatively than was the case under former conditions.
1415.
"The Katy's expenditures for permanent improvement of its roadway
have been uniformly liberal since the end of Government control, many
Boston Revere Beach & Lynn RR.
-Earnings.
thousands of dollars of new investment having gone into improved drainage
For income statement for 3 and 9 months ended Sept. 30 1930 see "Earn- and bridge conditions, and the annual basis of tie renewals, which is a most
important factor in maintenance cost, has been greatly reduced through
ings Department" on a preceding page.
During the three months ended Sept. 30 car mileage operated totaled the use of treated ties.
765,736 and passengers carried numbered 3.299,250, compared with car
"At the end of Sept. the Denison. Texas, car shops of the M. -T.
-K.
mileage of 778,087 and passengers carried numbering 3.899.524 for the cor- Lines had completed 320 of their program of 500 all-steel solid bottom,
responding three months of 1929. Car mileage operated in the nine months gondola cars planned to be completed this year. These cars are designed
ended Sept. 30 totaled 2,187,643 and revenue passengers carried 9,152,024, primarily for the hauling of coal, sand and gravel, of which considerable
compared with car mileage of 2,164.487 and 10,029,131 passengers carried quantity is handled by the railroad, and for which suitable heavy equipfor the first nine months of the preceding year.
ment was not available."
-V.131, p.2533, 1094.
-V. 131, p. 2376, 1890.
Canadian National Rys.-Definitive Ctfs. Ready.
% equipment
Halsey. Stuart & Co., Inc. announce that definitive
trust gold certificates, series L of 1930, due June 1 1931 to 1945, incl., are
now ready and exchangeable for the temporary certificates originally issued.
-V. 131. p. 2060.
-Earnings.
Central Argentine Ry., Ltd.
1927.
1928.
1929.
Years Ended June 30- 1930.
Gross receipts
£11,567.717 £14,251,698 £13,724,269 £12,643,559
9,295,608 8,512,135
9,817,897
Working expenses
8,639.855
Net receipts
£2,927,861
Renewals fund account_
Contingencies, claims,&c
Remittance exch. acc't_
124,905
£4,433,800 £4,428,660 £4,131,424
250,000
300,000
300,000
250,000
57,060
Cr.41,040
35.793
Balance
Int. on investments..
£2,802,956 £4,098,007 £3.969,700 £3,774,364
24,809
286,026
26,856
26.120
Deb. stock interest
Interest on notes
Other interest
£3,088.982 £4,124,863 £3,994,509
542,107
739,609
567,109
99,285
99,285
99,285
112,532
113,272
90.787
£3,800,484
542.105
201,069
121,194
Net income
£2,159,301 E3,345,197 £3,240,585 £2,936,116
436,308
436,307
% pref. dividend__ 436,307
436,307
6% cum. pref. dividend_
120,000
300,000
300,000
270,000
Common dividend
845,608
845,608
704,673
704.673
Surplus
-V. 130, p. 2953.
.C718,321
£1,763,282 £1,688,670 £1,675,135
Central RR. of New Jersey.
-To Reduce Fares.
Iv. V. Shipley, passenger traffic manager, on Oct. 23 announced
that
within the next fortnight a substantial reduction will be made in round trip
fares between Elizabeth and New York, Newark, Bayonne, Westfield,
Plainfield, Boundbrook and Somerville, N. J. The reduction will not affect
the monthly commutation rates, but will favor the occasional rider.
V.131. p. 2060.
Chicago & Eastern Illinois RR.
-Van Sweringens
Buy Control
-Exercise Option Obtained From Ryan Estate for
Rail Link.
Missouri-Pacific RR.
-Merger Case Reopened by I.
-S. C.
Commission.
A temporary stay of proceedings by which the company proposes to
unify a number of its subsidiaries was allowed Oct. 24 by the I.
-5.-C.
Commission in view of protests by competitive railroads and some Texas
communities. The Missouri Pacific holds authority to consolidate its subsidiaries, but the Kansas City Southern and the Burlington roads asked a
reconsideration to safeguard themselves against loss of traffic routes. while
Palestine, Tex., made the same request, fearing the closing down of shops.
The Commission allowed the unification proposal to be opened only for oral
argument
.-V. 131,p.2376, 1890.
Norfolk & Western Ry.-Extra Dividend of 2%.
-The
directors on Oct. 28 declared an extra dividend of 2% in
addition to the regular quarterly dividend of 2M% on the
common stock, both payable Dec. 19 to holders of record
Nov. 29. In each of the two preceding quarters a regular
distribution of 2 2% was made, as compared with regular
quarterly dividends of 2% each paid in 1927, 1928 and 1929,
and quarterly payments of 13 % each made from June 1916
4
to Dec. 1926, incl. In addition, the company paid the
following extra dividends. 1% each in June 1916, March
1917, Dec. 1922, Dec. 1923, Dec. 1924 and Dec. 1925, 3%
in Dec. 1926, 2% each in Dec. 1927 and 1928, and 4% in
Dec. 1929.
In addition to the above, the directors authorized expenditures totaling
$1,892,734, covering principally the building of bridges on Its Shenandoah
Valley Line in Virginia at a cost of $383,500, the installation of new signals
on its main line between Roanoke and Forest, Va., at a cost of $63,000.
extensions to warehouses at Lambert Point, Va., to provide additional
storage facilities for commodities handled in cargo lots at a cost of $255,000,
and the construction at its shops in Roanoke. Va., of ten class Y4a Mallet
locomotives, to provide additional heavy locomotive equipment to handle
the freight traffic of the company at a cost of $1.100,000, as well as numerous smaller expenditures to be made in connection with the work of the
company along its line.
This work has been organized by the board with the idea of keeping
Its forces at work and providing business for the industries furnishing the
materials and supplies necessary to complete the work authorized, and
thereby generally aiding in the recovery of business.
-V. 131, p. 1563.
The Van Sweringens, Cleveland, it is reported, have exercised their
option to purchase a controlling interest in the Chicago & Eastern Illinois
from the estate of the late Thomas Fortune Ryan. Although it is underPennsylvania RR.
-To Start New Station in Pittsburgh.
stood that the stock has been acquired by the brothers directly and not
through any of their investment companies, no details are obtainable
Work on the new Pennsylvania RR.Station and other terminal improveconcerning the amount for which the shares changed hands.
ments to cost $20,000,000 will be started next Spring, Vice-President E. T.
The Chicago & Eastern Illinois will, it is stated, be used as a connection Whiter stated.
between the St. Louis terminus of the Missouri l'acific and Chicago.
"All agreements between the City of Pittsburgh and the company have
V. 131. p. 2376, 781.
been completed," said Mr. Whiter. "The matter is now in the hands of the
Pennsylvania P. S. Commission and we hope to have its approval within
the next six weeks. As soon as other properties in the vicinity of the conChicago & Western Indiana RR.
-Bonds Off List.
templated improvement are acquired, and with favorable financial
The New York Stock Exchange on Oct. 22 struck from the list of the gen. ditions, we hope to get started next Spring. The improvement will concost
mtge. sinking fund 6% bonds, due 1932. At Oct. 1 last, there were out, approximately $20,000,000."
-V. 130, p. 1452.
standing only $21,000 of these bonds.
Mr. Whiter further stated that the $20,000,000 expenditure would cover
a new station, completion of track layouts, express and baggage buildings,
-Restoration of Service.
Delaware 8c Hudson RR. Corp.
- buildings of train sheds and the acquiring of more.
The old station building will be used for the clerical forces. The station
York P. S. Commission has authorized the company to restore
The New
forces will be housed in the new building, which will cover about two
-V. 130, P. 2573.
service between Au Sable Forks and I'lattsburg, N. Y.
blocks. Most of the buildings east of the present Pennsylvania station on
land necessary for the new construction have been razed.
Lackawanna & Western RR.
-Fare
Delaware,
Suspended.
-
•
Increase
-S. C. Commission has suspended, pending investigation, the proThe I.
posed increases by the Company in commuters' fares between northern
New Jersey points and N ew York City. The proposed schedules have been
suspended until June 1 and the Commission meanwhile will conduct an
.-V.130,
investigation to determine the reasonableness of the proposed rates
P• 3154.
Georgia Southern & Florida Ry.-Omits Dividend.
The directors have voted to omit the semi-annual dividend of $2.50 per
share, due about Nov. 26 on the partic. and non-cumul. 2nd pref. stock.
The company has been paying dividends on this issue at a $5 annual rate
since Nov. 30 1923. The regular semi-annual dividend of $2.50 per share
was declared on the 1st pref. stock, payable Nov. 26 to holders of record
Nov. 12.
The company is controlled by Southern Railway through the ownership
of $177,700 of the outstanding $684,000 1st pref. stock; $558,700 of the
$1,084.000 2nd pref. stock and $1.881,400 of the outstanding $2,000.000
common. The only dividend paid on the common stock was 5% on Nov
26 1926.-V. 130, p. 2759.
-Places Order.
International Rys. of Central America.
-pound steel rails was approved by the direcAn order for ten miles of 70
tors on Oct. 23. The rails, with tie-plates and accessories represent a
volume of about 1,400 tons. The order will be placed with the United
States Steel Products Co. and shipment will be made to Guatemala City
Charges Against Company Declared Untrue.
-
Charges against the Pennsylvania RR. and its officers "recklessly and
repeadedly made" In recent weeks were flatly declared untrue in a statement issued on Oct. 27 by the directors.
Efforts to place the Pennsylvania RR. and its officers "in a false and unjust light before the general public" were vigorously answered in the statement, which was addressed to all stockholders of the company, its
employees and the general public.
"Charges against the Pennsylvania RR. and its officers have been
recklessly and repeatedly made and are receiving wide publicity," the
statement said. "The integrity and good faith of the management have been
impugned, and the effort has been made to place the company in a false
and unjust light before the general public, the owners of its securities, and
its employees."
The statement declares these charges untrue and following each quoted
accusation, the actual facts in relation to each charge are disclosed in detail
on authority of the board of directors.
-V. 131, p. 2692.
Pittsburgh & West Virginia Ry.-To Borrow $4,000,000
in Short-Term Notes.
The company has applied to the I.
-S. C. Commission for authorityito
borrow $4,000,000 and to issue short term notes in this connection, maturing not more than four months from date, and bearing 436% interest
to provide funds for construction of its Connellsville and Donorad southern
extensions. Short term financing will be used pending improvement in
bond market and sale by the road of $5,000,000 first I:mortgage series D
bonds.
-V. 131, p. 2534, 1890.
Nov. 1 1930.]
FINANCIAL CIHRONICLE
2891
segment, extending from a connection with a line of these applicatias at
Wilmington Junction northwest to a point in New Wilmington, 2.77 miles.
on its in Lawrence County. The Pennsylvania OVMS approximately 62% of the
would be completed and in operation on July 1 next. The stock of the E. & P. and practically all the stock of the Western New York
present program
latest step in the proposed $21,500,000 program is for the New York branch and operates the properties of both companies under leases for 999 years
between Langhorne and West Trenton. Electrification of the Schuylkill from March 11870. and July 11930, respectively.
Valley lines is also contemplated, which would cost an additional $32,000,The Sharpsville was incorp. in 1868. but began operation of its properties
000.-V. 131, p. 1252.
in 1876. The railroad,located in the extreme western part of Pennsylvania,
from three to five miles east of the line of the
Commuter and generallyat least, to serve certain coal mines that have notE. & P., was
-Seeks to Increase
New York Central RR.
been worked
built, in part
for about 15 years. The company has outstanding $60,000 of first-mortgage
Fares 40%.
the B.& O.
made Oct. 29 by the New York Central Lines that 6% bonds,due Oct. 141886. All these bonds are deposited withfor $62.600.
Announcement was
security for a demand note dated March 20 1891.
application would be made to the Public Service Commission of New York as collateralthe Sharpsville's obligations under this and another note for
Default in
-trip $6,178 resulted in the properties being placed in the hands of a receiver on
for a 40% increase in the monthly commutation. 46-trip school and 50
family fares, together with a proportionate increase in suburban excursion Jan. 20 1897. The receivership has continued up to the present time, a
ticket fares. This increase, it is estimated, would amount to $3,104,000 period of over 33 years. In recent years the Sharpsville failed to earn
annually.
operating expenses, and deficits were made good by cash advances from
.
Opposition to the proposal developed quickly with announcements by the B. & 0. That carrier declines to make further advances. On Aug. 31
county leaders that they would fight the rate rise.
indebtedness to the B. & 0. amounted to
1929. the
proposed increases would bring the New York Central's commuter $183,226. Sharpsville's total
The
fares in line with those of the New York, New Haven & Hartford RR. which
By decree dated Jan. 9 1929, the U. S. District Court for the Western
made a similar increase in 1925.
District of Pennsylvania found that the Sharpsville RR.can not be operated
A statement issued by the New York Central, signed by L. F. Vosburgh, except at a loss; and directed the receiver, after securing public authorizaVice-President Passenger Traffic, reads in part as follows.
properties as a whole or in parts at a
abandon the line, to
"The commutation business of the New York Central. In and out of tion to vendue at the court sell theat Mercer. Pa., and to make return
house
public
New York City, has increased rapidly and continuously in recent years thereon to the court on or before the first Monday in July. On July 9
to such an extent that, at present, that business constitutes, in the number 1929, C. A. Miller was appointed co-receiver with power and authority to
of passengers carried, 657 of the total number of passengers carried: carry out the decree and dispose of the assets and franchise of the Sharpso
but the revenue rceeived from this 65% of total number of passengers ville. Joinder of the corporation in the application was duly authorized
constitutes about 8% of the total passenger revenue.
directors.
"The expense of providing the commutation service is far in excess of by the stockholders and
It was testified that there is an understanding between the Pennsylvania
the revenue derived from it. During the last five years expenditures for
B. & 0. for the purchase of the Sharpsville's properties. If the
additional track and platform facilities, passenger station improvements, and the
Sharpsville is authorized to abandon its line, the Pennsylvania proposes to
additions to the electric transmission and distribution system, and new cause the E. & P. to acquire the Sharpsville segment for $157,800 and the
rolling stock, all directly atrtibutable to the demands of the commutation Western New York to acquire the remainder of the line for $22,259. Thereservice, have been approximately $20,000,000.
internal segment from Mercer Ave., in SharpsvUle, to New
"The railroad company is now engaged in increasing the track capacity upon, the
Wilmington, is to be scrapped. The scrap value of this part of the line Is
between Mott Haven Junction and Grand Central Terminal, solely because estimated at $18,456, with net salvage amounting to 211,959. making the
of several net cost of the New Wilmington segment about $10,300. In each case the
of the demands of the commutation business-an added expense
million dollars.
properties would be operated by the Pennsylvania as lessee. .There is
"Since 1914 all costs incident to the operation of railroads and maintenance testimony to the effect that the Sharpsville's properties are to be purchased
of railroads have increased. For instance, railroad labor has increased from the receiver at public or private sale, and it is stated that the transac1467; railroad materials, 70%; the New York Central's tax accruals, tions are to be consummated promptly upon obtaining the necessary
which in 1914 were $9,000,000. were in 1928 $29,000,000, an increase of authorizations. Necessary funds are to be advanced to the E. & P. and
222
Western New York by the Pennsylvania, subject to subsequent reim"Commutation fares on the New York Central in and out of the Grand the
bursement in securities of the lessor companies under the terms of the leases.
:Central Terminal have been increased once since 1910, and that was -V.121, p.2400.
in 1918. in which year, under an order of the United States Railroad Administration, such fares were increased 10%. Although in August 1920
The Commission authorized an increase In interstate commutation fares
Southern Ry.-September Traffic Still at Low Levels.
of 20%, this did not apply to such fares in and out of the Grand Central Walter S. Case, President of Case, Pomeroy & Co., Inc.,
Terminal.
"Increases in commutation fares have been authorized since that time commenting on the September operations, states.
-S. C. ComIn various parts of the country by State boards and by the I.
Southern Ry.'s report for September shows little change in the general
mission, but such fares of the New York Central in and out of the Grand trend of operating revenues. Total railway operating revenues declined
:Central Terminal have remained unchanged since 1918. These fares are 19.2% from the previous September. This compares with a decline of
materially lower than those in effect on any other of the railroads entering 19.5% in August and 15.7% for the first nine months as compared with
New York City. The railroad company believes that it can confidently
of 1929. There was a saving of 187 in railway
the corresponding
state that its commutation service compares favorably with that of any operating expensesperiods
and a reduction of 25.6% in tax accruals, which brought
other similar service on any other line.
down the decline in net operating income to 24.5% in September as com"With all of the above considerations in mind, the railroad company
has come to the conclusion, after a careful review of circumstances, that pared with a decrease of 29% in August and 38.7% in the first nine months
1929.
it is only fair that the commutation traffic should bear a larger proportion from the corresponding periods of the business depression were shown by
The continued adverse effects of
Con of the expense of conducting it as it is now done and that such fares
of 28.5% in
freight
0
should be placed at a point at which the traffic would more nearly pay a loss of 17.77 in decline revenues and nine months passenger revenues for
was 13.5% in freight
for the first
September. The
the expense of conducting it."
-V. 131, p. 2376. 1890.
revenues and 20% in passenger revenues. Total railway operating revenues
for September amounted to $9,768,000. as against $12,092,000 in the preSeaboard Air Line Ry.-Plans Refinancing.
-Manage- vious September,a decline of $2,324,000. The management is now making
expenses.
effort to reduce
ment Studies Method to Meet $11,406,000 Bond Maturities a decided for maintenance both maintenance and transportation $497,000,
of way and structures were reduced
Expenses
in 1931.
or 26.8%. Expenses for maintenance of equipment were reduced $497,000
or 23.3%. Transportation costs were cut $481,000 or 12.8%. The total
The New York "Times" Oct. 31 had the following:
The management is considering a plan for meeting $11,406,000 in bond reduction in operating expenses for the month amounted to $1,530,000
maturities next year despite a sharp drop in earnings this year. However, or 18.1%. The saving in expenses enabled Southern to keep operating
expenses consumed 30.6%
no decision as to the method to be employed has been reached. Officials ratios on a favorable basis. Total maintenance in
with 33%
would not comment on the possibility that the road might meet the situation of operating revenues as comparedto 33.55% as September 1929. The
against 31.17 while the
0
transportation ratio was held down
by reducing the amount of interest paid on bonds.
.0
If a new plan of refinancing is adopted by the Seaboard, it would be ratio of total operating expenses to operating revenues was 70.77 against
month
°
the second within a year which the road has carried out to better its fiscal 69.87. Equipment rents for the $51,000 showed a nst debit balance of
of
position. Last January the road put into effect a plan of recapitalization $61,000 against a credit balance taxes and in the previous September.
equipment rents amounted to
Net operating income after
that reduced indebtedness by about $15,750,000, saved about $450.000
in fixed charges and raised $20,000,000 in cash through the sale of common 22,061,000 against $2,729,000 in September 1929, a decrease of $668.000
stock. Adoption of the plan was urged at the time in order to save the or 24.5%. For the first nine months of the year net railwayaoperating
Income amounted to $14,034,000 compared with $22,891,000, decrease
road from receivership.
charges,
This year,in line with the general trend of earnings by railroads,revenues of $8,857,000 or 38.7%. After allowance for other income, fixedavailable
steadily declined. For the eight months net operating other deductions and preferred dividends, estimated earnings
of the Seaboard
63 cents per
income was $4,119.000. against $7,682.000 in the same period last year. for the common stock for September amounted to $816,000 or 1929. Estior $1.14 a share in September
Seaboard Air Line stock has declined from a high of 12% this Year to a low share, as against $1,487,000 nine months of the year were equivalent to
mated earnings for the first
of 1%. It closed at 2 Oct. 30.
It was thought probable that Pennsylvania RR. interests would be $2.18 per share of common as against $9.01 in the same period of 1929.
consulted in the present contingency, because the Pennroad Corp.,
Earningsfor September and Nine Months (000 Omitted).
investment affiliate of the Pennsylvania RR., has a 15% interest in the
September
Nine Months
Seaboard.
road's cash at the end of the year would amount
It was estimated that the
Gross 1929. Gftss
1930 avl 1929. ails 1930. a
.
of
s
Y°
to about $3,000,000. Its earnings this year, unless they show an unexpected
$
$
$
upturn for the rest of the year will not meet interest requirements.
7,593
9,227
69,862
80.752
-year 5% secured notes. Freight revenue
Included in the 1931 maturities are 27,500,000 3
1,353
1,893
13,445
16,803
series A, due on Feb. 1. These are secured by $6,000,000 1st & cons. Passenger revenue
mtge. 6s, series A, and $4,000,000 Seaboard-All Florida 1st mtge. 6s.
12,092
90,753
Total rev.,incl. other_ 9,768
107,718
series A and B. It was contemplated that these notes might be refunded
through the sale of some of these bonds, but the consolidated 6s are selling Maint.of way and struc_ 1,360 13.9 1,858 15.4 13,652 15,0 16.286 15.1
around 30 and the All Floridas around 20. On Jan 1 $1,000,000 1st mtge. Maintenance ofequip- 1,635 16.7 2.132 17.6 17,331 19.0 19,366 18.0
225 2.3
238 2.0 2.118 2.3 2.199 2.1
extended 5s of the Raleigh & August Air Line RR. are due and on July 1 Traffic
3,277 33.6 3,758 31.1 31,759 35.0 34.989 32.5
-V. 131, p. 2692, Transportation
$2,500,000 Seaboard & Roanoke 1st mtge. extended 5s.
70 .8
83 .7
719 .8
747
.7
Miscall. operations
9060.
377 3.1 3,270 3.6 3,397 3.1
339 3.5
General
1 -10 .1
27 -Trans. for invest.-Cr
98 .1
Sharpsville RR.
-Abandonment Authorized.
-S. 0. Commission Oct. 18 issued a certificate authorizing (1) the
The I.
6.905 70.7 8.436 69.8 68,822 75.8 76.886 71.4
Total oper. expenses
RR. and 0. A. Miller, receiver, to abandon, as to inter-State
commerce, a line of railroad In Mercer and Lawrence Counties,
Net from railroad
2,863 29.3 3,656 30.2 21.931 24.2 30.832 28.6
and foreign
889 7.3 6,639 7.3 7.243 6.7
Pa.; (2) the Erie & Pittsburgh RR. to acquire, and the Pennsylvania RR. Taxes and uncollectibles 661 6.8
in Mercer County, Pa.;
to operate under lease, a part of the Sharpsville
Net after taxes
2,201 22.5 2,767 22.9 15.291 16.9 23,589 21.9
and (3) the Western New York & Pennsylvania Ry. to acquire, and the
Pennsylvania RR. to operate under lease, a part of the Sharpsville RR. in Eq.& joint taxa. rents- 140
698
38
1,257
Lawrence County, Pa.
14,034
22,891
Net after rents
2,729
The report of the Commission says in part:
2,061
The Sharpsville RR. and C. A. Miller, receiver, on July 20 1929, filed a Est. other income
482
4,320
4,333
480
joint application for a certificate that the present and future public convenience and necessity permit the abandonment (a) by the Sharpsville of
18,354
Est, total income
3,211
27,229
2,541
13,275
1,474
its line of railroad from Sharpsville in a southeasterly direction through Est.fixed chgs. & ded'ns 1,475
13,266
Hermitage. Oakland. Bethel, Carbon, and New Wilmington, to Wilmington
Junction, 16.727 miles, together with a line, called the Sharon branch,
5,079
Est. avail, for pref
1,066
1,737
13.963
miles in length, connecting with the Erie RR. at Sharpsville, all in Preferred dividends
1.205
2,250
250
250
2,250
Mercer and Lawrence Counties, Pa., and (b) by the receiver, of operation
Est. avail, for com
2,829
816
1.487
of the properties of the Sharpsville.
11,713
outstanding capital stock, consisting of 7,000 shares Est. per share of com
Of the Sharpsville's
$1.14
$2.18
$0.63
$9.01
($50 par) 51.4% Is owned by the Baltimore & Ohio RR., and 45.6% Is V.- 131, p. 2534, 2376.
owned by the Pennsylvania Co., which is a subsidiary of the Pennsylvania
ER. The Sharpsville's main line connects at both ends with PennsylvaniaSunflower & Eastern Ry.-Abandonment Authorized.
system lines; that is, at Sharpsville with a line owned by the Erie & PittaThe I -S. 0. Commission Oct. 14 issued a certificate authorizing the
burgh RR., and at Wilmington Junction with a line owned by the Western
New York & Pennsylvania Ry. Connection is also made at Sharpsville company to abandon, as to interstate and foreign commerce, of its entire
with lines of the Erie and New York Central systems, but the Stiarpsville' line of railroad extending from Parchman easterly to Webb, 11.68 miles
,
all in Sunflower and Tallahatchie Counties. Miss., and the Yazoo & Miss.
lines do not connect with the B. & 0. system.
On June 25 1930, two applications were filed with us as follows: (1) By Valley RR., a similar certificate permitting abandonment of operation
the E. P. and the Pennsylvania, for a certificate authorizing the acquisition thereof.
The Sunflower & Eastern was organized by certain interests owning a
by them, and operation by the Pennsylvania, of that part of the Sharpsvine's main line extending from the west line of the overhead bridge at lumber mill at Blue Lake, a point about 3 miles east of Parchman, and
Sixth St. In Sharpeville, together with the line between those points was constructed about 1901, for the sole
Mercer Ave. to a point southwest of
the so-called Sharon branch, hereinafter collectively referred to as the purpose of serving the mill and providing an outlet for forest products
Sharpsville segment, a total of 1.90 miles, all in Mercer County, and (2) from the tributary area. In 1906-07, the line was extended easterly from
by the Western New York and the Pennsylvania, for a certificate authori- Blue Lake to Webb. approximately 8 miles, for the purpose of reaching
ing the acquisition by them, and operation by the Pennsylvania, of that other timber in the territory between those points. The Illinois Central
part of the Sharpsville's main line, hereinafter called the New Wilmington RR. through its subsidiary, the Mississippi Valley Corp.. acaulred the
Reading Co.
-Electrification Work Progressing.
.President Agnew T. Dice announced that electrification work
sharpsville
2892
FINANCIAL CHRONICLE
entire capital stock of the Sunflower & Eastern in 1905. and since that
time the line has been operated by the Y. & M. V. under successive trackage agreements. The Y.& M. V. is an operating subsidiary of the Illinois
Central, controlled through capital stock ownership. Under the terms of
the present trackage agreement the Y. & M. V. pays the Sunflower &
Eastern an annual rental of $7,392, which is 6% of the investment cost of
the line, shown to be $123,210. In addition thereto the Y. & M. V.
maintains the line and pays the taxes thereon.
In justification of the proposed abandonment the applicants urge that
the line has served the purposes for which it was built; that the amount
of revenue derived from its operation is insufficient to Pay operating
expenses: that the results of operation for the past five years have shown
annual deficits ranging from $10,000 to $12,000: that the territory tributary to the line has not developed agriculturally or otherwise in such a
way as to furnish more than a negligible amount of tonnage; and that the
prospective cotton tonnage will never be sufficient to maintain the line
on a profitable basis.
Texas & Pacific Ry.-To Reduce Fares To Meet Bus
Competition.
Authority has been granted to the company by the Texas Railroad Commission to reduce its passenger fares from 3.08 cents a mile to 2 cents a mile
between fort Worth and Big Springs, Tex., 267 miles, to meet motor bus
transportation.
Other railroads it is understood, have expressed great interest in the
experiment and will apply for similar authority if it proves to be successful.
-'V. 131. p. 3535, 1418.
Waco Beaumont Trinity & Sabine Ry.-$100,000
Receivers' Certificates Authorized.
The 1.-S. C. Commission Oct. 16 authorized the issuance of $100,000
of receiver's certificates to be designated as series A, to be sold at not
less than par, and the proceeds used to pay operating and other expenses.
The report of the Commission says in part:
On Feb. 6 1930 Paul T. Sanderson was appointed receiver of the Property by order of the District Court of Trinity County, Tex. On Sept. 23
1930. the same court confirmed the appointment of the receiver.
The applicant represents that funds are necessary to meet operating
expenses, including the payment of past due wages and salaries of employees. and for the payment in whole or in part of obligations incurred
and to be incurred by him for the purchase of material and supplies necessary for the safe operation of the railroad property. In order to obtain
funds to meet these obligations in part the applicant proposes to issue
receiver's certificates in the aggregate amount of $100,000, which are to
- be sold at the highest price obtainable, but at not less than par and accrued interest.
The District Court of Trinity County, Tex., by its order of June 26
1930, authorized the receiver to issue $100.000 of receiver's certificates,
at such time or times, and bearing such date, as he may determine, payable on or before one, two or three years from date, and to bear interest
at the rate of 6% per annum from the date thereof. In addition the
order provides that the proceeds from the sale of the certificates may be
used for any other purpose not specifically mentioned in the order for
which the applicant may deem it necessary to expend funds to protect,
maintain. operate and manage the property intrusted to him. The order
directs the applicant to set aside 12; % of the proceeds of the sale of the
,
5
first $50,000 of certificates. 15% of the next $25,000 sold, and 173. % of
the remaining $25,000, and to apply so much of the proceeds so set aside
to the payment in part of labor liens against the W. B. 'I'. & S. incurred
within 12 months prior to the appointment of the applicant and which
are made preferred claims by article No. 5480 of the revised civil statutes
of Texas of 1925.
The certificates are to be issued by the receiver without any underwriting or other contract. They will be issued in installments as needed,
and sold by the applicant in the open market or at private sale.
-V. 130,
p. 1111.
[VOL. 131.
American Fuel & Power Co.-NewNontrol.See Columbia Gas & Electric Corp. below.
-V. 130. p. 3707.
Appalachian Gas Corp.
-Adds to Holdings.
The corporation has acquiredjthe remaining 25% of the outstandh3g
common stock of the Tmcas Gas Utilities Co., making it a wholly owned
subsidiary, it was announced on Oct. 27. The transaction was effected
through an exchange of stock, andlinvolves no public financing.,
Sales Increase.
Companies in the Appalachian Gas Corp. group, exclusive of companies.
whichwere not operating during 1929, delivered 11,927.337,500 cubic feet
of natural gas during the first eight months of 1930, an increase of 1,817.068,500 cubic feet over the corresponding period of last year, or approximately 18%,the corporation announced. These figures do not reflect average
monthly deliveries which may be expected over a 12
-month period, inasmuch as four out of the eight months reported are Summer months. Winter
deliveries of all properties are expected to show a substantial increase over
recent sales.
Operating earnings of Memphis Natural Gas Co. for the eight months
period have shown an increase of 66%, while those of Allegheny Gas Corp.
increased 52%. Both companies are embraced in AppalSchian Gas Corp.
group.
Permanent B Debentures Ready.
P. W. Chapman & Co., Inc., have notified holders of 6% debentures.
series B, due 1945, that temporary debentures may now be exchanged for
permanent debentures at the office of the trustee, the Pennsylvania Co.
for Insurances on Lives and Granting Annuities, Chestnut and 15th Sts.,
Philadelphia, Pa.
Texas Subsidiary Brings in Large Well.
Preliminary test on Chittim Well No. S brought in yesterday on the
Rycade field holdings of Texas Gas Utilities Co., a wholly-owned subsidiary of the Appalachian Gas Corp.,indicates an open flow of over 7,000,000 cubic feet of natural gas daily, and a rock pressure in excess of 2,000
pounds per square inch, according to 13. H. Tucker, Vice-President of
the company.
"Indications are that when final test is made, open flow may considerably exceed the preliminary figure. Our neighboring Chittim Well No. 3
has an open flow of over 11.000,000 cubic feet daily," said Mr. Tucker,
who also pointed out that the rock pressure of over 2,000 pounds ordinarily indicates tremendous reserves of gas.
From its Rycade field wells, the Texas Gas Utilities Co. supplies the
entire fuel requirements of the Devil's River electric generating plant of
the Central Power & Light Co., estimated at an average of upwards of
5,000,000 cubic feet daily, as well as domestic distribution systems in Del
Rio and Eagle Pass, Texas. while negotiations are pending for supplying
the important Mexican city of Piedras Negras. The company's Zavalla
field wells supply Uvalde, Crystal City, Carizzo Springs and the Winter
Garden district of Texas.
-V. 131, p. 2061, 1891.
Associated Gas 8c Electric Co.
-Increase in Customers.
Notwithstanding the business depression, the number of customers
served by the Associated Gas & Electric System continues to increase, an
announcement by the company says. There were 942.849 customers
served by the electric department of the System at September 30 1930,
compared with 895.013 a year before, an increase of 47,836, or 5.3%.
Gas customers increased 0.6% from 426.030 to 428,374. The water department increase was 4.2%, total customers in this department being 53,741 at
Sept. 30. The total number of customers served by the Associated System
In these three lines of business was 1,424,964. at Sept. 30 1930.-V. 131,
p. 2693. 2535.
Atlantic City Electric Co.
-To Reduce Rates.
-
Western New York & Pennsylvania Ry.-Nov. 1 Int.The company under the terms of the lease of its property to the Pennsylvania RR. will, on Nov. 1 1930, pay 5% interest due on that date on its
Income bonds at the office of the Treasurer of the company, Broad Street
Station Building, Philadelphia. Pa.
-V. 130. p. 4603.
Western Pacific RR.-Usting of $5,000,000 Additiona
18t Mtge. 5% Gold Bonds, Series A, Authorized.
The New York Stock Exchange has authorized the listing of $5.000,000
additional 1st mtge. 5% gold bonds, series A. due March 1 1946, maldng
the total amount of series A bonds applied for $44.302.800.
The issuance of the $5,000,000 bonds was authorized by the directors
July 29 1930 and their sale at not less than 97.li% and int, was approved
by the 1.-S. C. Commission Aug. 21 1930. 'the company has sold and
delivered the bonds on Sept. 24 1930.for cash at the price of97M % and int.
Consolidated General Balance Sheet.
Dee 31 '29. June 30'30.
.
Dee. 31 '29. June 30'30.
Assets$
$
Common stock.. 47,526,699 47,526,031
Invest.in RR.&
equipment_ _ _137,832,689 139,576,390 Pref. stock
28,300,000 28,300,000
Prem.on cap.stk
Invest.in real es498,238
498,238
tate & improv. 1,085,363 1,090,302 Fund. debt (1st
M. gold bits.) 38,414,198 38,936,998
8,244
50,236
Sinking funds- Depos. in lieu of
Fund.debt(equip
mtg. prop.sold
4,850
trust cds.)
5,500
6,235,000 5,860,000
Misc. phys. prop 1,915,077 2,451,646 Total debt to afOther investmls 1,544,750 1,653,865
filiated cos
4,838,740
7,847,503
1,596,290 1,142,337 Loans and notes
Cash
payable
Depos. of mtge.
1,014,647
986,260
40,841
trust funds
40,907 Traffic & car service bats. pay_
457,324
Depos. of equip.
629,876
46,696 Audit. accts. &
46,696
trust funds_:_
wages payable 1,309,584
156,865
154,369
Special deposits_
1,509,561
Misc,accts. pay.
Loans and notes
73.722
252,739
9,593 Int. matured unreceivable
9,710
paid
12,582
15,078
Traffic& car ser523,333
395,739 Funded debt mavice bal. rec_ _
tured unpaid..
160,333
11,100
222,550
11,100
Ages.& conduct.
1,114,473 Unmet.int.accr.
720,036
712,798
Misc, accts. rec. 1,289,035
Mat'l & supplies 3,129,324 2,974,180 Unmatured rents
accrued
4,804
11,362
11,330
14,526
Int. & diva. rec_
82,280
90 Other curr. liab_
90
93,415
Other curr. assts
16,483
4,789 Other defer.flab.
5,666
31,839
Work,fund advTax ilabllity_.
220,629
324,845
Rents and hour.
Accrued deprec.,
premiums paid
equipment_ 6,070,696 6,501,082
26,925
49,302
In advance Oth. unadj.cred.
281,750
391,742
Disct. on funded
1,895,223 Sure.,inv.equip
1,958,634
debt
& other prop.
Other unadjuat'd
purchased_ - 7.171,557
798,804
7,171,557
733,376
debits
Add'ns to Prop.
.152,206,005 153,570,768 thru inc.& surp 6,758,472 7,157,106
Total assets_
Fund, debt ret'd
Excess of par val.
thru inc.& surp
549,885
599,314
over book val.
353,651
324,657
Sink, fund res
of cap. stk. &
Dr.442.880 Dr3.144,341
bds.of sub.cos Cr1,372,741 Cr1,372,908 Profit & loss
150,833,264 152,197,859
Total
-V. 131, P. 3535, 1891
'
Total
150,833,264 152,197,859
PUBLIC UTILITIES.
-English public utility
Matters Covered in the "Chronicle" of Oct. 25
regulation superior to ours, says F. J. TAsman-Investigation of United
States public utility holding companies sure to come,in his opinion, p.2638.
-New Cables to Venezuela.
All America Cables, Inc.
The corporation established direct cable service from New York to Maracaibo, Venezuela, having laid two new cables which provide alternative
routes. One cable runs from Maracaibo by way of Curacao and Santo
Domingo to New York, while the other connects Maricaibo with Barran-V. 131. p. 626.
quilla, Colombia, and reaches New York via Panama.
Harry Bacharach, Mayor of Atlantic City, N. J., a member of the
New Jersey P. U. Commission, announced on Oct. 27, that the company
was applying to the Commission for permission to reduce rates to consumers.
The Mayor said the reduction would save small consumers about 20%
on their monthly bills.
-V. 128, p. 3509.
Boston Elevated Ry.-Eliot Wadsworth's Reasons for
Urging the Return of the Property to Shareholders by Cancellation of Lease.
Eliot Wadsworth, who for several years has advocated the return of
Boston Elevated to private management, says:
"The contract between Boston Elevated and the State was a war measure similar to the action of the Federal Government which took over the
railroads during the war but it has the unusual feature of continuing forever unless cancelled by the State. The railroads were returned to their
owners a few months after the armistice. It is probably the onlyawar
contract that still remains outstanding in the country. It is a severe
contract. The stockholders would not lease the road unless guaranteed
full dividends of 7% and 8% on the preferred and 6% on the common.
If the road does not earn the money, the taxpayers have to provide it.
"Public control as such contains no magic. When the trustees raised
the fare from 5 cents to 10 cents and the income of the company rose from
$18,000,000 to $35,000,000 a year, the problem of the Elevated was solved.
It was not public control that did the trick, but the increased income.nme;
"Should the cities and towns of the metropolitan district buy the road
under Plan III to appear on the forthcoming ballot. $105,000,000 will be
involved. A bond issue must be created for about this sum. The bonds
being sold, the stocks and bonds of the Elevated will be purchased at a
price in the case of the common stock 30% or 40% higher than it has sold
for in the open market for the past 15 years. Hardly a bargain, particularly in times like these when the best stocks have declined 50% to
75%•
Would Plunge the State Into Heavy Date.
"The debt of the State of Massachusetts Is only $10,000,000. We'are
to plunge into debt $105,000,000 more. to buy something we have no
need for. It is not fair to the rest of the State to create such a debt except
In a great emergency. And no emergency exists in connection withlour
transit system. The State budget now over $50,000,000 will be increased
by $33,000.000 more.
"To purchase the Elevated would be the greatest adventure in government owned transportation that has ever been undertaken in the United
States. It would be an unwise venture at any time but in these days
of financial depression it can be classed only as fool
-hardy, with nothing
to gain and much to lose.
".Plan II favors continuation of public control. We have tried for
four years in the legislature to do better than the present lease without
first canceling the old one. Not a stockholder has ever appeared to even
express interest in such a plan. Plan II means that we continue exactly
as we are, guaranteeing high dividends on Elevated stock with the directors holding a veto power on improvements.
Why the War Lease Should Be Terminated.
"I favor Plan I which provides for the simple act of saying to the stockholders: The war lease is to be ended. The lease should never have been
wspttual. It interferes with every move that Is made to improve the
Elevated. This situation can only be cleared up by ending the lease.
"You will be told that it is dangerous to cancel this contract, that we
are giving up something of great value. That is the only humorous point
In this whole situation. Does any one believe that the stockholders would
not accept the present contract at any time_ We can always get this
contract back.
"You will be told that only under government ownership or public
control can new subways be built. This is net so. If more subways are
desirable, the taxpayers can build them as they have all existing subways.
New subways dependonly upon the desire of the taxpayers to build and
pay for them.
"I have studied the situation for four years sitting on nearly every
legislative committee that has considered it. I am convinced that the
only way to untangle the snarl is_to end the lease of 1918."
Tenders.
Henry L./Wilson, Treasurer, 31 St. James Ave., Boston. Mass., will
until Oct. 29 receive bids for the sale to the company of 25 pref. stock
to an amount sufficient to exhaust $47,889.-V. 131, p. 1892.
Nov. 1 1930.]
2893
FINANCIAL CHRONICLE
Dortmund Municipal Utilities (Dortmunder Wasser-Control Passes to
Broadway & Seventh Ave. RR.
- werks G. m. b. H., Dortmunder Aktiengesellschaft fur
Consolidated Mortgage Bondholders
-New Directors Named.
Edward C. Delafield, Chairman of the bondholders' protective com- Gasbeleuchtung, Dortmunder Strassenbahnen G. m.b.
mittee, has issued the following statement:
-Combined Earnings Statement Year Ended Dec. 31."The default which occurred in the payment of interest on the consoli- H.)
1929.
1928.
dated mortgage bonds, due June 1 1930, not having been remedied and 90
days having elapsed since notice of default was served on the voting trustees
representing New York Railways Corp. the bondholders, thus empowered,
have elected four new directors to the board of the Broadway & Seventh
'
Avenue RR. to fill certain vacancies arising from required resignations as
provided in the voting trust agreement.
"These directors are: Edward 0. Delafield, President of The Bank of
America National Association and Chairman of the committee for the protection of the holders of the consolidated mortgage bonds; Casimir I.
Straiem of Haligarten & Co.; Robert L. Youngs of A. Iselin & Co., and
C. S. Newhall, Executive Vice-President of the Pennsylvania Co. for Insurance on Lives Pc Granting of Annuities. Hallgarten & Co., A. Iselin &
Co. and the Pennsylvania Co. for Insurance on Lives & Granting Annuities
are large depositors of consolidated mortgage bonds, and it is believed that
the adherence of the representatives of tnese important banking houses
will greatly strengthen the position of the bondholders' committee. While
a substantial amount of the consolidated mortgage bonds have been deposited under the protective agreement, bondholders who have not yet
deposited are urged to deposit their bonds at the earliest possible moment.
for the reason that under the provisions of the consolidated mortgage a
majority of the bondholders have the absolute right to direct the trustee
in respect of action to enforce the security of the mortgage. Because of
the serious situation confronting the bondholders, united action in depositing their bonds is essential to enable the committee to act effectively for
the protection of the bondholders."
In June 1925, when the reorganization of New York Railways Co. became effective, the controlling stock of Broadway & Seventh Avenue RR.
was placed in a voting trust by New York Railways Corp.. under which
five voting trustees were appointed,of whom three, Harry Bronner. Charles
A. Peabody and Joseph P. Cotton, represented New York Railways Corp.
and Harold B. Thorne and Roger H. Williams represented the holders of
the consolidated mortgage bonds of the Boradway & Seventh Avenue RR.
The voting trust agreement provided that of the nine directors of ithe latter
company, five should be nominated by the voting trustees representing
New York Railways Corp. and four by the voting trustees representing the
bondholders. The agreement further provided that upon a default under
the first consolidated mortgage and notice thereof to the voting trustees
representing New York Railways Corp. and to the company and the lapse
of 90 days from the date of the notice, the voting trustees representing the
bondholders should have the right to nominate the whole number of directors, and that all directors nominated by the voting trustees representing
New York Railways Co. should, upon their election, deliver to the voting
trustees their resignations in writing as directors of the company, to take
effect 90 days after the giving of the notice above provided for, and that
In the event of any such resignations becoming effective, the voting trustees
representing the bondholders or the board of directors consisting of the
directors nominated by them, should be entitled to fill the vacancies thus
created in the board of directors.
In 1925, pursuant to the provisions of the voting trust agreement, five
directors nominated by the voting trustees representing New York Railways
Corp. were elected and four, viz., Roger H. Williams, William Greenough.
William Carnegie Ewen and Frank Coenen, were nominated and elected
to represent the bondholders, and ever since that time the bondholders
have had four representatives on the board of directors.
After default occurred in the payment of interest on the consolidated
mortgage bonds on June 1 1930. Messrs. Williams and Greenough, the
voting trustees representing the bondholders, served the notice required
by the voting trust agreement, and 90 days having elapsed thereafter without the default having been cured, at a meeting of the board of directors
of the Broadway & Seventh Avenue RR. duly called and regularly held
on Oct. 24, the resignations of four of the five directors nominated at the
'
instance of New York Railways Corp. were accepted.
-V.131, p. 933, 112.
Canadian Hydro-Electric Corp., Ltd.
-Sept. -Output.
Gross revenuesfrom gas, water & street ry.oper_
Other income
$5,311,648 $4,766,126
359,973
356,934
Gross income
Oper.,gen. adminis.exps., maint., taxes, &c
$5,671,621 $5,123,060
4,623,897
4.243,753
$879,307
$1,047,724
Net avail. for int, charges and depreciation
195,000
189.642
Annual int. charges on 6.4% mortgage bonds x
4.51
5.52
Times bond interest earned
x On the basis of total amount of bonds outstanding at the end of the
year.
-V.127, P. 3243.
Conversions made at 4.2 Rm. per U. S. dollar.
-Earnings.
Denver Tramway Corp.
For income statement for 9 months ended Sept. 30 1930 see "Earning,
Department" on a preceding page.
-V. 131, p. 785.
-Buses to Supplant Trolleys.
Erie Railways Co.
The company plans to substitute bus for trolley_ service between Erie
and Wesleyvillo, Pa., through its subsidiary. the Erie Coach Co. if the
'
Pennsylvania P. S. Commission approves. ("Electric Ry. Journal.")V. 131. p. 2063.
European Electric Corp., Ltd.(of Canada).-bisting.There have been authorized for the Boston Stock Exchange list, as the
same may be issued through the exercise of certain outstanding stock
purchase warrants, 60,000 additional shares (par $10) class A stock.
On Feb. 10 1930, there were listed upon the Exchange 1.400.000 shares
(out of an authorized issue of 3.700,000 shares). (par $10), the unissued
2,300,000 shares to be reserved for use against option stock purchase warrants to be issued in the future. As to these options the corporation has not
executed a separate "option agreement" the substance of win is usually incorporated in such agreement being contained in the body of the option
warrant itself. The price at which the warrants are exercisable is $18 per
share in United States currency (although in no event less than the par value
ofsuch share in Canadian currency at the time of payment)
.-V.131.p.627.
-Rights.
-Gardner (Mass.) Electric Light Co.
The stockholders have voted to increase the capital stock by the issue
to common stockholders of record Oct. 21 1930 of 2,500 shares of additional common stock (par $ON), such an increase having been approved
by the Massachusetts Department of Public Utilities in an order dated
Oct. 17 1930.
The directors with the approval of the Department have fixed $133.33
per share as the price at which this stock is to be offered. In accordance
with this authorization, the privilege has been given the common stockholders to subscribe for such additional stock at the rate of 25-59 of a
share for each common share held Oct. 21 1930.
Subscriptions will be accepted for whole shares only. Any adjustments
desired with respect to rights to subscribe to a fraction of a share must
be made by the purchase or sale thereof. The company will neither buy
nor sell such rights.
Subscriptions for said stock are payable in cash and must be received
and paid in full, namely, $133.33 a share in Boston funds, on or before
Nov. 24 1930 at the office of the Old Colony Trust Co., 17 Court Street.
Boston. Mass.
-V. 131, p. 2694.
-Shareholders Increase.
General Gas & Electric Corp.
Statistics just released by the corporation on the number of shareholders of its common class A stock are of interest in view of the decline
in stock prices during the past year. Figures for total shareholders and
those holding 100 shares or less on various dates during the year follow:
Total
Holders of 100
Shareholders. Shares or Less.
Date2,898
3,216
Oct. 31 1929
2,732
3,020
Nov. 20 1929
2,951
Feb. 28 1930
3,323
6,670
8,432
May 31 1930
8,911
11,670
Aug. 31 1930
-Number of Customers.
Central Public Service Corp.
- These figures reveal not only that there has been persistent acquisition
increase in the number of customers of this stock at the recently prevailing low prices, but also that this inThe corporation is showing a steady
served by its subsidiaries. .As of Sept. 30 there were 514.415 customers as creased distribution is markedly among odd lot holders.
As of Aug. 31 1930 there were only 103 holders of over 2,000 shares
compared with 511,628 on Aug. 30, 496.979 May 1 and 386,296 on Dec. 31
-V. 131, p. 2063.
1929. These statistics do not make any allowance for the 11 new com- and 132 holders of between 1.000 and 2.000 shares.
munities added to those served by the Central Public Service system as a
result of acquisitions of four gas companies announced during October.
-Changes Hands.
Great Lakes Utilities Corp.
The figures as of Sept. 30 reveal that the electric properties had 203.348
The National Public Utilities Corp. is being formed to succeed the
customers, gas properties 305,485 customers, water 5,138 and heating 444.
Great Lakes Utilities Corp. and will be operated under the supervision of
Mdse. & Appliance Sales.
Albert E. Peirce & Co. of Chicago, who will own substantially all the
Merchandise and appliances worth $3.382,075 were sold by operating common stock of the new company.
properties of this corporation in the first nine months of 1930, according
Exchange offers for bonds and stocks of the Great Lakes company are
to E L. Callahan, General Commercial Manager. These sales, which planned by National Public Utilities, and if a sufficient amount is surare net figures after deduction of all returns and allowances, represent a rendered by Nov. 15 securities of the new company will be delivered
1929 total of $3,183.834.
gain of 6.2% over the comparable
around Dec. 1.
Approximately 40% of these sales, Mr. Callahan estimates, represent
It is understood that a minority interest of 28% of common stock of
replacement of older by more modern gas and electric appliances. The the Great Lakes Utilities Corp., will remain outstanding upon completion
installations which make additional demands of the transaction, so that the National Public Utilities Co. will thus
remaining 60% comprises new
- own three-fourths of the common stock upon consummation of the exfor services supplied by Central Public Service operating companies,
V. 131. p.2694
change offers.
Prior to the deal, the Great Lakes company was under the control of
Columbia Gas & Electric Corp.
-Acquires Control of R. A. Blackwood interests of Philadelphia. It is understood that the
Atlanta Gas Co. will be included in the properties acquired. (New York
American Fuel & Power Co.
-V. 131,p. 938.
The corporation has purchased control of the American Fuel & Power "Times.").
Co. which control the Inland Gas Co. and the Kentucky Fuel Gas Corp.,
Havana Electric Railway Co.
-Earnings.
from the American Utilities & General Corp. With this purchase, the
Columbia Gas & Electric Corp. obtains the rights of way for pipe line to
For income statement for three and nine months ended Sept. 30 see
Detroit and applications for natural gas franchises in Detroit.
-V. 131, P• 'Earnings Department" on a preceding page.
-V. 131, p. 935.
2694.
The corporation produced 211,009,000 kwh. of electric energy in September, a new high record for that month. 21% over September last year, and
over double that of September 1928.
In the first nine months of this year the output of the corporation was
1.840,303.000 kwh., 24% over the output of the corporation in the first
nine months of 1929, and over double its output in the first nine months
of 1928.
The output of the corporation in the 12 months ended Sept. 20 was
2,457.170,000 kwh., an increase of 26% over the output in the 12 months
ended Sept. 30 1929.-V. 131, p. 2377.
Columbus Railway Power & Light Co.
-Earnings.
For income statement for twelve months ended Sept. 30 1930 see "Earn-V. 131, p. 2536, 1255.
ings Department" ou a preceding page.
Commonwealth Edison Co.
-Earnings.
For income statement for three and nine months ended Sept. 30 1930
-V. 131, P. 2536, 474.
see "Earnings Department" on a preceding page.
Connecticut Electric Service Co.
-Earnings.
For income statement for twelve months ended Sept. 30 1930 see "Earn-V. 131, p. 1893.
ings Department" en a preceding page.
Consolidated Gas, Electric Light & Power Co. of
-Earnings.
Baltimore.
For income statement for three and nine months ended Sept. 30 1930 see
"Earnings Department" on a preceding page.
Per share earnings for the first nine months of 1930 is 33 cents more than
the dividend requirement for 12 months.
For the first three-quarters of the year the company sold more kilowatts
of electricity and more cubic feet of gas than in the corresponding period of
1929-a reflection of the stability of business in the Baltimore territory.
The output of electricity for the period showed an increase of 3.9% and the
output of gas an increase of 2.3%.
The company entered the period of business depression with a reduction
in rates estimated to lower consumers' bus by $1,300.000 during the year
and an increase in the dividend rate on the com, shares from $3 to $3.60
per year. Meanwhile there has been an increase in the number of coin.
shares duo to the company's financing extensions of its properties through
-V.131. p.2377.2063.
an issue of common stock.
-Earnings.
Hydro-Electric Securities Corp.
For income statement for 3, 9 and 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 131. p. 1711.
-Buses Supplant Trolleys.
Illinois Power & Light Corp.
The Illinois Commerce Commission has authorized the corporation4 to
supplant the last of its street cars in Jacksonville (Ill.) with bus service,
and has on file an application of the company for permission to make a
-V. 131, p.
similar change of service over four routes in Decatur (I11.).
1711; V. 130, p. 2389.
-Earnings.
Holyoke Water Power Co.
Years End. Sept. 30-Net oper. income
Other income
1930.
$501.449
1929.
$477,689
75,003
1928.
$569.623
65,118
1927.
$547,614
48.812
Gross income
Gen.exp.& other chges_
$501,449
97,347
$552.693
125,941
$634,741
123.197
$596,426
112.480
$404,101
Net profit
Prey. surplus (adjusted) 4,542,755
Dr.8,621
Inc. in mkt. val. of sec
$426,752
4,510,007
4,220
$511.544
4.456.315
3,610
$483.946
4,426.310
6,060
Total surplus
Dividends
Taxes
$4,938,235 $4,940,979 $4,971,469 $4,916,316
384,000
432,000
438,000
396,000
42,000
48.000
52,500
50,000
Surplus Sept. 30...__ - $4,512,235 $4,460,979 $4,480,969 $4,470,316
Shs. capital stock out24,000
24.000
standing (par $100)
24,000
18,000
Earnings per share
$15.08
$17.78
$21.85
$24.10
2894
'FINANCIAL CHRONICLE
[VOL. 131.
Condensed Balance Sheet Sept. 30.
Securities Acquired or to be Acquired in Connection With Contracts of Sale of
Assets1930.
1920,
Liabilities1930.
Kentucky and Canadian Properties.
1929.
•Property
x$5,812,892 $5,748,688 Capital stook
$2,400.000 82.400,000 Dominion Gas & Electric Co.,3 years 6% notes
$3,000,000
Investments
188,828
197,449 Res. for Fed. Inc.
Dominion Gas & Electric Co..$7 first pref.(no par)
5,235 she.
1st mtge. notes rec.
taxes test.)
42,000
48,000 Dominion Gas & Electric Co..$7 second pref. (no par)
3,053 shs.
(due after 1 yr.)
16,264
201,152 Unreal. prof. on
Dominion Gas & Electric Co.,common stock (no par)
37,857 shs.
Cash
343,286
202,646
real est. sales___
70.087
75,453 Consolidated Coach Corp., (par 8100)
2,449 she.
Other notes rec.
Accounts payable_
18,855
27,841 -V. 131. p. 2536.
(due on demand
Salaries and wages
or after 1 yr.)
59,701
43,351
accrued
1,905
605
Manufacturers Light et Heat Co.
Ctts. of deposit___ 315,000
-New Gas Lines.
370,000 Div. payable
96,000
96,000
City of Holyoke
Div. uncialmed
1,099
Four applications of this company for the right to construct gas pipe
1,072
notes
450.000
525,000 Local taxes pay.
lines through four streams in Chester County, Pa., have been approved by
Other notes rec.
Oct. 15
122,944 the Pennsylvania Water & Power Resources Board. The streams are:
129,185
(due within 1 yr.)
1,020
17,500 State tax, payable
Octoraro Creek, near l'inegroves. on the Lancaster County line, BrandyAccts.rec.(less res.) 141,249
140,392
Oct. 20
9,226 wine Creek, near Mortonville, Doe Run Road, Buck Run in East Fallow8.750
1st mtge. notes rec.
Unearned interest
9,148 field Township, and Doe Run in Rosowick.-V. 129, p. 1282.
(due on demand
Res. for mains. &
P or within 1 yr.). 319,116
.
157.093
Improve
500,000
500.000
Market Street Ry.-Arrangements To Finance Extensions
Div.& int, rec. aoSurplus
4,512.235 4.460,979
crued
9,093
19,440
Contingent on 25-Year Blanket Operating Permit.
Fuel and supplies_
61,575
45,067
A San Francisco dispatch states: Arrangements have been made with
Advanced expenses
68,298
68,281
Standard Gas & Electric Co. to finance extensions of the company. The
financing is contingent on passage of Amendment No. 35 to the San FranTotal
$7,769,816 87,752.569
Total
87,769,817 37.752,569 cisco charter at the coming election, giving the
company a -year blanket
*Unimproved real estate owned prior to 1913 Is valued on the basis of operating permit replacing expired and expiring franchises. 25 J. O'Brien.
J.
assessed values April 1 1913, other property at cost. x After deducting President of Standard Gas, in a wire to Samuel Kahn, President of
Market
.11.151,317 reserve for depreciation.
-V. 131, p. 2222.
Street Railways, indicated sanction of his company to "furnish such financial assistance as may be required" if the amendment passes.
-V. 131.
p. 1894, 1097.
Illinois Northern Utilities Co.
-Earnings.
For income statement for three and 12 months ended Sept. 30 1930 see
Memphis Natural Gas Co.
-Initial and Extra Divs.-"Earnings Department" on a preceding page.
-V. 131, p. 935.
The directors have declared an extra dividend of 10 cents and an initial
quarterly dividend of 15 cents per share on the common stock, both payable
Intercontinents Power Co.
-Dividends.
Dec. 31 to holders of record Dec. 15. The quarterly dividend places this
The directors have declared the regular quarterly dividend of $1.75 per stock on a 60-cent annual basis.
-V. 131, p. 2695. 2064.
share on the $7 cum. pref. stock, payable Dec. 1 to holders ofrecord Nov. 15.
The regular quarterly dividend of 50 cents per share on the class A
Middle West Utilities Co.
-Sales Larger.
Common stock has also been declared, payable Dec. 1 to holders of record
Continued increase in residential and rural sales of electricity by the
Nov. 1. Payment of the dividend on the class A common stock will be
Middle West Utilities System is shown in the roma for the first six months
made in class A stock at the rate of 1-40th of a share for each share held
unless stockholders notify the transfer agent, the Bank of America National of 1930. Residential sales for this period were 294,592,550k. w. h., an inAssociation of New York prior to Nov. 15 1930 that payment of the dividend crease of 22.5% over the period last year. Rural sales increased 46.6%
to a total of 41.879,910 kilowatt hours. Combined sales to these two
in cash is desired.
classes were 25.27 greater than in the first eight months of last year.
Large power sales for eight months were 6.2% ahead of last year.
-V.
For income statement for 12 months elided June 30 1930 and Jan. 31 131, p. 2379.
1930 see "Earnings Department" on a preceding page.
Midland Natural Gas Co.
-Properties of Midland ManCapitalization June 30 1930Outstanding.
Authorized.
Convet. 6% debentures series due 1948
$3,000.000 agement, Inc., Not Affected by Failure of E. R. Diggs & Co.6% debentures.series A due 1948
Payments to Be Made from Earnings.
Preferred stock (no par)
30 000 she. Dividend and
200,000 she.
: '
Class A common stock (no par)
123,028 she.
1,000,000 shs.
Edward R. Berry, Pres. of Midland Management, Inc., the operating
Class B common stock (no par).
327,664 she. and management company for Twin States Natural Gas Co., inland Util1,000,000 she.
Of the above gross earnings only 10;i% are from properties located in ities, Inc., and Midland Natural Gas Co. makes the following statement
Brazil. The company reports there has been no damage to its properties concerning the effect of the financial embarrassment of E. R. Diggs & Co..
Inc.. their bankers on these companies:
In Brazil.
-V. 131, p. 935.
"The companies and their securities continue to be fundamentally and
intrinsically sound. Dividend and interest payments can be met through
International Hydro-Electric System.
-Sept. Output.
11.nits System produced 338.465.000 kwh. of electric energy in Septem- earnings which of course are not affected by the embarrassment of the
bankers. The dividend on Midland Natural Gas Co. participating class
ber, a new high record for that month, and an increase of 6% over the A
stock payable Nov. 1 will be paid. The only immediate apparent effect
output of the present plants of the System in September 1929.
The output in the first 9 months of this year was 3,048,444.000 kwh.. which I can see might be a temporary curtailment of expansion and development programs, the funds for which would have been supplied in normal
10% greater than in the first 9 months of last year, and 52% greater than
-V. 131, p. 1421, 1256.
the output of the present plants of the System in the first 9 months of course by the bankers.
1928.-V. 131. p. 2536, 2378.
P
Midland United Co.
-Investment in New Plants, &c.,
International Utilities Corp.
-Preliminary Report
- Will Approximate $23,000,000 in 1930.
Sale of Holdings of Kentucky Securities Corp. and Canadian
Public utility companies in the group controlled by this company in
Indiana have been carrying on an extensive program of construction and
Properties Approved.
expansion in
Pending the distribution of the annual report for the year 1930, the
following summary of the principal transactions have been sent to the
stockholders.
The corporation sold all of its holdings of Kentucky Securities Corp.
common and preferred stock to Middle West Utilities Co. for cash and a
minority interest in the corn. stock of Consolidated Coach Corp. This
transaction has been completed with the exception of the last payment due
on the contract of sale, which is payable Oct. 24 1930.
Corporation caused to be organized, under the laws of the Dominion of
Canada, Utility Shareholdings Corp., Ltd.. and transferred to that corporation all of its holdings In its electric light and power and natural gas
subsidiaries in Alberta, Saskatchewan and British Columbia, and received
in return all of the capital stock of Utility Shareholdings Corp., Ltd., which,
therefore, became and now is a wholly owned subsidiary of the corporation.
Utility Shareholdings Corp., Ltd., in turn, sold all of its holdings in these
operating companies to American Commonwealths Power Corp. under a
contract which will not be completed until about Dec. 31 1930.
The payments heretofore received under these two contracts have been
used to liquidate indebtedness and for investment in a portfolio, and the
payments hereafter to be received will be used for like or other corporate
purposes.
BalanceSlim as of Sept. 30 1930.
[Incl. Utility Shareholdings Corp., Ltd. with inter- co. items slim nated.1
LiabilitiesAssetsNotes payable (secured) _--_ $650,000
Bal. due on contr. covering
390,641
sale of Kt.& Caned. props.$15.206,195 Accounts payable
a7,946,901 Liab. for secs. purch.. but
.Securities (attest)
undelivered
3,456.744
Sees. ace. or to be seq. In
224,711
Dividends payable
connection with contr. of
7,570
sale of Ky.& Can. props- 3,850.175 Accrued Interest payable_
2,455 Liability for sink, fund red.
.0ther investments
76,843
$7 preferred stock
Inv. in & adv. to . wholly
437,024 Res. for U.S. Fed. Inc. tax__
880,902
owned subsidiary
300,366 Other miseell. reserves
28,403
Treasury stock
b12,059,505
331,194 Capital stock
Cash
10,647,292
64,500 Surplus
Notes t.celvable
227.464
Divs. At accrued Int. receiv__
5,674
Furniture and fixtures
Total (each side)
$28,422,611
50,664
Deferred items
a Market value as of Sept. 30 1930 86.180.617. b Represented by 36,939
ttock, 189,775 shares class "A" stock, 666,168 shares
shares $7 cum. pref
class "B" stock, all of no par value and 292,000 warrants for class "B"
stock, 812,136,348. less appropriations for redemption $7 pref. stock.
$76.843.
Analysis of Marketable Securities Sept. 30 1930.
The division of the corporation's marketable Investments between various
Investment Leith; and type of securities is as follows
Dividend Paying Common Stocks-.
Public utilities
Industrials
Investment companies
Cost.
Tata ost.
$5,381.768.03
67.7
191,985.00
2.4
825,301.00
10.4
Total
Dividend Paying Preferred Stocks
Industrials
Bonds
Public uti Kies and railroads
Industrials
Investment companies
Government bonds
$6.399,054.03
Total
Non-Dividend Paving Investments
Common stocks and warrants
Public utilities
Industrials
Total
'Total marketable investments
80.5
30,570.80
.4
415.422.50
104,045.00
211,423.75
87.220.63
5.2
1.3
2.7
1.1
$818,111.88
10.3
484,874.08
214,290.00
6.1
2.7
$699,164.08
8.8
$7.946,900.79
100.0
1930. President Samuel Insult Jr. announced that investment
by this group in new plants and other facilities 'for furnishing service during
the current year will total approximately 023.000,000.
"Capital expenditures of the Midland United group of companies in
Indiana have been unusually large this year,' said Mr. Insult Jr. "We
have carried on a program of expansion and extension throughout our
territory which covers a large part of Indiana as well as part of western
Ohio. Although many of these improvements have been completed, considerable work remains to be done on many of them and we also plan to
inaugurate several new jobs before the end of the year. Our total capital
expenditures will be approximately 823,000,000 for the year.
"The largest single project in our program is the construction of an
electric generating station by the Northern Indiana Public Service Co. in
Michigan City. Work on this station began in 1929. The greater part of
the work, however, is being done this year and the station will be completed early in 1931. This station will have an initial capacity of 64,000
kilowatts or approximately 81,000 h.p. This station will represent an
initial investment of approximately $11.600,000 of which $6,700,000 is
being: spent during the current year.
"Two of our subsidiaries, the Northern Indiana Public Service Co. and
the Interstate Public Service Co. have built a 132,000-volt electric superpower transmission line 82 miles in length. Teta new line runs trom Monticello to New Carlisle, where it connects with the superpower line of the
Northern Indiana Public Service Co., which runs from that point to the
Indiana-Illinois State line, a distance of 58 miles. This new line gives our
subsidiary companies a superpower line 140 miles long, interconnecting
their facilities with the great power pool of the Chicago district. Plants
of the Indiana Hydro-Electric l'ower Co. on the Tippecanoe river near
Monticello and the Michigan City generating station will be interconnected
with this superpower line
"Two new electric distribution centres, each with a capacity of 20.000
kilowatts, have been constructed at Plymouth and Monticello as part of
this superpower development. Electrical energy will be distributed from
Plymouth anti Monticello to the surrounding territories.
"Subsidiaries of the Midland United Co. this year added approximately
126 miles to their system of gas transmission pipe lines in Indiana. Lines
were laid interconnecting Logansport and Lafayette, Bloomington and
Bedford and Martinsville with Franklin, Columbus and Seymour. Subsidiaries of the Midland United Co. have been developing an extensive
gas transmission system along the same general lines as their electric
transmission systems. We now have in Indiana a gas transmission system
aggregating more than 700 miles and interconnecting about 75 communities.
"The Chicago South Shore & South Bend RR. has built a large modern
car shoci at Michigan City. Extensive improvements were made to the
railroad s track and road bed during the year and 21 miles of 100-pound
rail were laid between Michigan City and South Bend, replacing lighter rail.
"While these are only some of the major projects, improvements in the
facilities for furnishing electric, gas and transportation service were carried
on in practically all communities served by the subsidiary companies."
V. 131, p. 2695.
Municipal Telephone & Utilities Co.
-New Directors.
Eight new directors have been elected to the board as follows: John P.
Gordon, Thomas ii. Beacom, Maurice K. Baker, Henry II. Ericsson,
Dwight N. Lewis, Charles H. Wilcox, Charles W. Fletcher and Frank H.
Collins.
---V. 131. p. 2537.
National Light & Power Co., Ltd.
-Moose Jaw, Sask.,
Station Output Increases.Month
January
February
March
April
May
June
July
August
September
Nine months total
1930
K.W.FI.
1.912.454
1,639,306
1,760.849
1 ,864,864
2,012,278
1,730.480
1,974.102
1.909.594
1,962.004
1929
K.W.H.
1.668,806
1,453.608
1.533,736
1,408,544
1,477,415
1,393.144
1.488.978
1,592,214
1,610,154
-IncreaseK.W.H.
%.
243,648 14.06
185.698 12.77
227,113 14.81
456,320 32.40
534,863 36.20
337,336 24.21
485,124 32.58
317,380 19 93
351,850 21.85
16,765,931
13,626,599
3,139.332 23.04
Nov. 1 1930.]
FINANCIAL CHRONICLE
The company recently signed contracts with the Saskatchewan Power
Commission to supply power at wholesale to two rural lines and to the
city of Swift Current, as well as one with the Dominion Government Elevator at Moose Jaw.
-V.130,P.3878.
National Public Utilities Co.
-Successor Company.
See Great Lakes Utilities Corp. above.
2895
Philadelphia Gas Works Co.
-Receipts.
The company has filed a statement with the Municipal Gas Commssion
showing that the cash collected for gas sold during the three months ended
Sept. 30 amounted to $3,622,728. Of this amount the City of Philadelphia. Pa., will receive $1,050,000. being one-quarter of $4,200,000, the
city's annual rental for the gas works property.
-V. 127, p. 261.
Power Corp. of Canada, Ltd.
New England Gas & Electric Association.-Earftings. $2 Annual Cash Dividend Basis. -Places Common Stock on
-
For income statement for twelve months ended Sept. 30 1930 see "Earnings Department" on a preceding page.
-V. 131, p. 1894.
New England Telephone & Telegraph Co.-Expenditures.The company will spend $2.000.000 for new construction work in Massachusetts, Maine, New Hampshire, Vermont and Rhode Island. Of
this amount $1,297,602 will be expended in Massachusetts.
-V, 131,
p. 2695, 1894.
New Jersey Bell Telephone Co.
-Acquisitions.
-The New Jersey Board of Public Utility Commissioners on Oct. 28
granted permission to this company to purchase the stock and equipment
of the East Vineland Rural Telephone Co. of Cumberland County for
$1,400 and the Port Murray Telephone Co. of Warren County for $2.675.
-V.131. p. 936.
New York Telephone Co.
-Expenditures Authorized.
The directors on Oct. 22, authorized the expenditure of $2,540,580 for
new construction throughout the State, according to an announcement
made by President J. S. McCulloh. This brings the total appropriations
since the beginning of the year to $83,228,340, of which $68,395,190 has
been provided for the extension of facilities in the metropolitan area.
Changes in Toll Rates Effective Oct. 31.
-An official announcement says:
The company on Oct. 30 announced that changes would be made in
its toll rates and practices for service between all points within the State
of New York, effective at midnight of Oct. 31.
These new rates for distances above 40 miles were approved by the
Commission by its decision of Oct. 22. and by its subsequent permission
the schedule Is effective for all distances. These changes will make the
rates and practices applicable to toll service between points within this
State consistent with the rates and practices which have been for some
time and are now applicable to inter-state toll service.
Long distance users will benefit by the changes in rates and practices.
The new schedule adopts the generally lower Inter-state rates, thus giving
telephone users the benefit of lower rates and at the same time eliminating confusion and misunderstanding occasioned by the use of two differing schedules.
The principal changes made by the new toll rate schedule are as follows
Beneficial practices, such as the collect call or reversed charge privilege
on station-to-station calls with a minimum day rate of 25c., are included.
Previously such calls took the higher person-to-person rates.
Changes are also made in the reduced rate periods. Reduced evening
rates for station-to-station calls will first become effective at 7 P. tt% instead of 8.30 p.m. when a reduction of approximately 15% will be given.
At 8. 30 p. m. a reduction of approximately 40% will become effective, to
continue until 4.30 a. m. The midnight reduction period will be discontinued.
Reductions ranging from 5c. to $1 are made on the station-to-station
day rate for distances of more than 72 miles.
The inter-state charge on calls from 40 to 56 miles is 5c. higher than
the present intra-state rates. In harmonizing the two schedules the new
rates for these distances will be the same as the inter-state schedule.
For a period following the war a tax of 5c. was placed on 15c. toll charges.
At that time a special rate of 14e. was made effective on such calls in
order to save the subscribers 6c. per call. The new schedule substitutes
the standard rate of 15c.
The changes involved in the new schedules will cause a substantial
decrease in the annual net revenues of the company.
-V.131, p.2695. 2380.
Niagara Hudson Power Corp.
-Acquisition.
-The New York 1'. S. Commission has authorized the corporation to acquire
and hold all the outstanding capital stock of the Baldwinsville Light &
Heat Co. of Baldwinsville, Onondaga County, N. Y., for $50,000, equal
to 50% of the par value of the 1,000 common shares.
-V.131, p.2538.
-Earnings.
-North American Co.(& Subs.).
For income statement for 12 months ended Sept. 30 1930 see "Earnings
Department" on a preceding page.
These earnings for 1930 represent an Increase of $1,013,298, or 3.76%,
over the earnings for the 12 months ended Sept. 30 1929. and an increase of
$7.296,560, or 35.30% over those for the 12 months ended Sept. 30 1928..
Appropriations for deprec. reserves equal 10.59% of gross earnings for
the 12 months ended Sept. 30 1930, as compared with 10.57% in 1929 and
10.45% in 1928 for the corresponding periods.
Eliminating from the gross earnings, the figures for the former California
subsidiaries which were sold to Pacific Gas & Electric Co. on June 12 1930,
the gross earnings of present subsidiaries show an increase of $1,201,111
for the 12 months ended Sept. 30 1930. Dividends from June 12 to Sept. 30
1930 on the holdings of corn,stock of Pacific (las & Electric Co now owned
are included in other net income and account for a substantial part of the
increase of $1.341,906, in that item.
The North American Co. does not include In consolidated income the
undistributed earnings applicable to substantial Investments in large nonsubsidiary public utility companies, namely Detroit Edison Co., North
American Light & Power Co., and Pacific Gas & Electric Co.
-V, 131.
D. 2695.
The corporation has placed its common stock on a $2 annual cash divi
dend basis, declaring a quarterly dividend of 50 cents, payable Nov. 20
to holders of record Oct. 31. In Dec. 1928 the company paid an interim
dividend of $1 per share on the common stock and another interim dividend
of $1 per share was paid in December 1929, when an additional distribution
of five shares of common stock for each 100 shares held was made out of
profits realized from sales of investments. In July 1930 another interim
dividend of $1 per share was paid. In declaring the present dividend of
50 cents, it is stated that the common stock is being placed on $2 annual
basis.
-V. 131, p. 2066.
Public Service Co. of New Hampshire.
-Acquires
Plant to Issue Additional Stock.
See Boston & Maine RR. under "Railroads" above.
-V. 131, p. 2066,
1713.
Public Service Co. of Northern Illinois.
-Earnings.
for income statement for three and twelve months ended Sept. 30 1930
see "Earnings Department" on a preceding page.
Permanent Bonds Ready.
Halsey, Stuart & Co., Inc., announce that permanent 1st lien & ref.
mtge. 4% gold bonds, series It, due July 1 1980, are now ready and
exchangeable for the temporary bonds originally issued. (See offeringeln
V. 131, p. 115.).
Part of 1931 Construction Program to Begin.
About $1,000,000 of construction projects originally planned as part of
the 1931 program will be begin immediately by this company with a view
to helping relieve the unemployment situation. These projects are entirely
distinct from and in addition to projects previously started during this
year.
-V. 131, p. 2696.
Public Service Co-ordinated Transport.
-Note Issue
Held Up.
The New Jersey Board of Publuc Utility Commissioners on Oct. 29 reserved decision on the application of the company for approval of the issuance of $6,000,000 of two-year 6% notes to cover capital expenditures of
1930, including equipment and imptovements. Similar issues since 1926.
including the one in question, total $28,000,000.-V. 131, p.2696.
Public Utilities Consolidated Corp.
-To Sell Two Navi,
gation Companies at Loss of $1,000,000.
The acceptance of a $35,000 offer for the Foshay equity in two Pacific
Coast navigation companies, an offer that means a loss of more than
$1.000,000 to stockholders of Public Utilities Consolidated Corp , operating subsidiary of the W. 13. Foshay Co., was authorized Oct. 13 in the
Federal District Court at Minneapolis.
Acting on a recommendation of Edward S. Stringer, Special Master I se
Chancery, Judge John B. Sanborn signed an order authorizing Joseph
Chapman, receiver, to settle contracts made by Wilbur II. Foshay to
purchase the Iiitsap County Transportation Co., and the Puget Sound
Navigation Co. In return for the Foshay interest in the companies,
which are being turned back to the original owners, the receiver will get
$35,000 in a new issue of stock.
The loss of the corporation stockholders will result from the fact that
more than $1,000,000 worth of stock was issued by the Foshay subsidiary
and sold. This stock will now be worthless.
The properties were to be purchased by the Foshay Co. for $1,075,000
and a partial payment of $475,000 was made before the company's receivership.
-V. 131. p. 2066, 1566.
Puget Sound Power & Light Co.-Expanison.Permanent construction work on tho company's 240,000 h.p. Rock
Island hydro-electric project on the Columbia River, Washington, has been
started a month ahead of schedule, the river having receded so much that
bedrock on a part of the dam site Is dry. About $6,000,000 will be spent in
1930 on the project, which will take several years to complet%„
Work has begun also on a 110,000-volt transmission sylIrm from Rock
Island to Everett, Wash. The first 80,000 h.p. unit at Reee Island will be
ready in 1932.-V. 131, p. 1566.
Radio Corp. of America.
-Licensees.
The offer of this corporation recently made to its tuned radio frequency
receiver licensees of supplemental licenses for superheterodyne radio broadcast receivers and certain other apparatus, has been accepted by the following companies: Atwater Kent Mfg. Co. Audiola Radio Co., 13alkeit Radio
Co. Gilfillan Bros., Inc., Grigsby-drunow Co., Howard Radio Co..
Silver-Marshall. Inc., Stromberg-Carlson Telephone Mfg. Co. and United'
-V. 131. P. 2696.
Air Cleaner Corp.
Rapid Transit in N. Y. City.
-Transit Unity Price
Reported Settled-Brokers Hear City Agrees on $550,000,000
for I. R. T., B. M. T. and Manhattan Stock.
-
The belief current in transit circles that the city has reached a substantial agreement with the B.
-M. T. and the Interborough on a price to
be paid in a transit unification deal received support in developments,
Northern States Power Co.
-Dedicates Plant.
Oct. 30. In reporting the matter the New York "Times' further states.
new Minnesota Valley steam plant at Granite Falls,
Dedication of the
The first of these was the issuance of a confidential circular sent by a
Minn., was held on Oct. 13, it is announced.
Wall Street brokerage firm to its customers, quoting prices for B.
-M. T..
At the time of Die dedication construction of the new plant Was virtually Interborough and Manhattan Rys. stock, said to have been agreed upon
-kilowatt generators was installed and by the city and the transit company interests, and estimating the comcompleted. One of the two 10,000
had been in operation for several weeks, while the second generator was bined cost of the three systems to the city at $550,000,000. That a definite
-V. 131, p. 1895, 1097.
ready to start within a few days.
agreement had been reached was met with flat denials by transit officials
conducting the negotiations, and they declined to discuss the prices quoted,
even to say whether they were wrong.
Pacific Lighting Corp.(& Subs.).
-Earnings.
The second development was semi-official announcement that the InterFor income statement for 12 months ended Sept. 30 1930 see "Earnings borough and the city had come to an agreement on the purchase and fiDepartment" on a preceding page.
nancing of 289 new subway cars for the company, the original order for
Comparative Balance Sheet, Sept. 30.
which the Transit Commtesien started the seven-cent fare litigation several
years ago.
11930.
1929.
1930.
1929.
As it had been previously announced that the Transit Commission's
LiabilitiesAssets$
$
$
$
Preferred stock_ 13,747,400 10,000 000 order to the company to buy new cars would be considered an integral
Prop., plant &
part of the unification deal, the announcement lent color to the belief that
franchise ___ _225,868,275 209,364,552 Prof. stk. of subs 32,795,430 34,941:38
3
Invest. in stew. 6,261,748 4,223,474 Common stoek_y29.937,924 22,634,177 both deals had been completed, but that only one was announced.
The circular reporting the deal was issued by Benjamin, 11111 & Co. of 29
Current assets__ 14,728,828 12,276,576 Min.int. B.C.G.
39,816
103,745
295,886 Funded debt_ _ _106,956.500 107,020500 Broadway. It quoted Interborough stock at $40 per share, II. M. T.stock
413,228
Staking fund.-at $70 per share. plus $15 equity in Brooklyn & Queens Traction, the trolley
7,673,292 Dep..4 adv. for
Deterred charges 6,808,836
construction. 4,549,486 4,815,959 and bus subsidiary of the B. M. T., and approximately $75 per share for
Current liab____ 6,661,084 8,864,410 stock of the Manhattan Rys. No mention is made in the circular of possible
Deere° reserve_ 42.914,221 36,210,659 prices for bonds.
It has been understood that a great deal of the lower interest-bearing bondsOther reserves__ 2,003,260
1,368,428
companies would not be called in
Tot.(ea. side)254,080,915 233,833,780 P. & L. surplus_ 14,475.795
7,874,519 of the transit be exchanged for city bonds when at present, only a limited
percentage to
the combined financial and
x Includes Southern California Gas Corp. and subsidiaries. y Repre- operating set-up comes into being.
-V.131, p. 1895.
sented by 1,608,631 no par shares.
The circular says the information as to price came from "one quite
close to one side of the picture." It declared that the deal would be one
Peoples Light & Power Corp.
-Will Pay Dividends on of the shrewdest In the history of municipal finance and that from a popular
standpoint great credit belongs to Chairman William G. Fulton of the:
Class A Stock at Present $2.40 Rate Entirely in Cash.
Transit Commission: Samuel Untormyer, its special counsel, and Mayor
Effective with the Jan. 1 1931 payment this corporation will pay dividends Walker. Recently the negotiations have been carried on almost wholly by
on the class A stock, at the present annual rate of $2.40 a share, entirely
Untermyer and Gerhard M. Dahl, representing the transit companies.
Mr. Untennyer particularly deserves credit for skillful trading and
In cash. Heretofore, stockholders have had the option of receiving quarterly dividends either in cash at the quarterly rate of 60c. a share, or in for seizing the psychological moment for driving an advantageous bargain.
stock at the rate of 1-50th of a share of class A stock for each share held. it said. Estimating that the $550,000,000 price is $300,000,000 less than
Compare V. 131. p. 1257.)-V. 131, p. 2380.
the combined properties are worth, the circular declares that security
2896
FINANCIAL CHRONICLE
[voL. 131.
holders, in the time of depression, are naturally more inclined to accept the Gross earningsfrom all sources
low price than they would be in times of prosperity.
Operating exp., maint., taxes (except Federal taxes) and prior$4,118,151
"It is obvious.' said the circular in closing, "that when the terms are
charges
2.275,092
'finally announced, or at least authoritatively known, the securities should
completely adjust themselves market
-wise to them. In some degree they
Net earnings applicable to int., amortiz. of bond discount, dehave made progress in this direction."
preciation and Federal income tax
$1,843,059
The terms of the car-order deal call for the purchase by thecompany of the Annual interest requirements on 1st mtge. gold bonds:
289 new subway cars at a price estimated at $7,000,000. The company is
Series A 6%
774,000
also to spend $2,000,000 for additional power and sub-station facilities. Series B
% (this issue)
82,500
The $5,000,000 worth of platform lengthening work ordered, at the same
Above net earnings over 2.14 times annual interest requirements on 1st
temporarily.
time as the new cars is dropped
mtge. bonds to be outstanding upon completion of present financing.
Of the $9,000,000 to be spent, the Interborough is to supply 20% by
Purpose.
-These bonds will be used in connection with the acquisition
using its sinking fund cash for that purpose. Another 20% is to be supplied of additional properties.
by the city, as car trust certificates are to be issued to the amount required.
Management.
-Company (subject to the control of its board of directors)
the remaining 60% of the money needed will be supplied by giving the car Is under the control of General Water Works & Electric Corp. through
trust certificates to the car manufacturing companies in lieu of cash.
ownership by said corporation of all the company's outstanding common
Mr. Untermyer engineered the car deal, and he is understood to feel that stock. The properties are operated and supervised by men of long and
the car manufacturing companies, with business slack, will be disposed successful experience in public utility activities.
-V. 131, p. 1896, 939.
to take the order and receive the car trust certificates in exchange.
Both the city and Interborough treasuries will also receive car trust
Twin City Rapid Transit.
-Earnings.
certificates for their cash. As no basis for deducting the interest and amorFor income statement for three and nine months ended Sept. 30 1930 see
tization charges for the certificates was announced, this also lent color to
the belief that the car financing was part of, and not separate from, the "Earnings Department" on a preceding page.
-V.131, p. 2067.
-V. 131, p. 1714.
unification negotiations.
-Sale.
Scioto Valley Traction Co.
United American Utilities, Inc.
-Class A Div.
-
The regular quarterly dividend of 323' cents per share has been declared
Tracks, cars and substation generator equipment of this company have on the class A stock,first series, payable on Dec. 1 1930 to holders ofrecord
been purchased by the Joseph Schonthal Go., Columbus, 0. There is, in Nov. 10 1930.
The class A stock,first series dividend, in the absence of instructions to
all, 75 miles of track, extending from Columbus to Chillicothe, and from
Columbus to Lancaster. Service over the line has already been withdrawn. the contrary from individual stockholders received by the company on or
-V. 116, p. 2994.
before Nov. 10 1930, will be applied to the purchase of additional class A
("Electric Ry. Journal").
stock,first series, or scrip certificates representing fractional shares at the
price of $16.25 per share.
-V. 131, p. 2067.
Southern Cities Public Service Co.
-Sales.
properties of this company, a subsidiary of the Central Public Service
Gas
United Gas Improvement Co.
-Earnings.
Corp., showed the largest increase in net sales of merchandise and appliFor income statement for 3 and 12 months ended Sept. 30 1930, see
ances of any operating group in the Central Public Service system for the
first nine months of 1930. according to E. L. Callahan, General Commercial "Earnings Department" on a preceding page.
-V.131. p. 2225.
Manager.
Net appliance sales, after deducting all returns and allowances, were
United Ohio Utilities Co.
-Initial Dividends.
$1,233,238. a gain of 53% over net sales of $805,404 in the first nine months
The directors have declared an initial quarterly dividend of 1%% on
of 1929.
the 6%,, prior pref. stock, payable Nov. 1 to holders of record Oct. 10.
Central Public Service Corp. above.
See also
-V. 131, p. 2538. 1566.
On Oct. 1 last a quarterly distribution of 134% was made on the pref.
an initial
Southern Cities Public Utility Co. (Del.).-Acquis.- stock andstocks. dividend of $1 per share on both the class A and class 13
common
-V. 131. p. 1567, 1422.
The New Jersey Board of Public Utility Commissioners on Oct. 25 issued
a certificate approving the transfer of $61,840 capital stock of the Salem
Warren Street Ry.-Recent Sale.
Gas Light Co., a New Jersey concern, to the Southern Cities Public Utility
Bee West Ridge Transportation Co. below. -V. 126.P.416.
Co. a Delaware corporation, which is now in the process of formation.
Thelatter will take over utility companies in Maryland., Delaware, Virginia,
North Carolina and West Virginia, in addition to companies in New Jersey.
Western Continental Utilities, Inc.
-Class A Div.
The directors have declared the regular quarterly dividend of 323ec. per
Southwestern Bell Telephone Co.
-Earnings.
share on the class A common stock, no par value, payable Dec. 1 to holders
For income statement for nine months ended Sept. 30 see "Earnings of record Nov. 10. The class A stockholders are offered the right to utilize
the dividend for the purchase of additional class A shares or scrip for frac
Department" on a preceding page.
-V. 131, p. 2696.
tional shares at a price of$13 a share.
-V.129. p. 3880.
Southwestern Natural Gas Co.
-Permanent Bonds.
P. W. Chapman & Co., Inc., have notified holders of the let mtge. 6%
sinking fund gold bonds, due 1945, that temporary bonds may now be
exchanged for permanent bonds at the offices of the trustee, the Pennsylvania Co.for Insurances on Lives & Granting Annuities, Chestnut and 15th
Sta., Philadelphia, Pa. (See,also V. 130, D. 4051.) V. 131. p. 1422.
-
-E. H.
Texas-Louisiana Power Co.
-Bonds Offered.
Rollins & Sons, Central-Illinois Co., Inc., Halsey, Stuart &
Co., Inc., and Stroud & Co., Inc., are offering at 94 and int.
to yield about 5.94% $1,500,000 1st mtge.54% gold bonds,
series B.
Westphalia United Electric Power Corp.
-Earnings.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
During the first half of 1930, the corporation sold an equity interest of
Rm. 60,000,000, face amount, to Public Utility Holding Corp. (which is
sponsored by Harris, Forbes & Co. and United Founders Corp.), in which
purchase Deutsche Bank and Disconto-Gesellschaft, Berlin, participated.
1 130, p. 4609.
7.
West Ridge Transportation Co.
-Discontinues Trolleys.
This company, which nearly a year ago acquired the Warren Street Ry.,
discontinued operation of trolleys on Oct. 18. Buses have been placed in
Dated Sept. 1 1930; due Sept. 1 1960. Principal and int. (M. & S.) service on former trolley routes and a number of new routes have been
payable at Central Trust Co. of Illinois. Chicago, trustee, or at office of established. In starting the bus service, the
Central Hanover Bank & Trust Co., New York. Denom. $1,000 and free of charge the first two days. The Warren company carried passengers
Street Ry. began operations
3500c.
* Red. all or part on first day of any month on 30 days notice upon in 1893. In 1903 interests identified with it formed the Warren & Jamespayment of the principal together with accrued int. to date fixed for redemp- town Street Ry.,to operate between Warren, Pa., and Jamestown, N. Y.
tion and a premium of 5%, such ipremium reducing % %
for each three On Dec. 3 1929, buses of the West Ridge Transportation Co. supplanted
years elapsed from Aug. 31 1930 if redeemed prior to Sept. 1 1959 and the interurban railway service. ("Electric Ry. Journal.")
without any premium if such redemption be effected thereafter. Interest
payable without deduction for Federal income tax not in excess of 2%
Wilmington Gas Co.-Pref. Stock Redeemed.
per annum. Upon proper and timely application as provided in the
mortgage, company agrees to reimburse the resident holders of these bonds
The company on Sept. 1 last redeemed its 6% cumulative preferred stock
for the personal property tax in Penn., Calif., Conn. and Kansas, at a rate at 105 and dividends.
-V. 131, p. 1567.
not exceeding 4 mills per annum; in Maryland, at a rate not exceeding 43.i
mine per annum; in the District of Columbia and Kentucky, at a rate not
exceeding 5 mills per annum; in Virginia. at a rate not exceeding 53 mills
per annum; for the Mich. exemption tax, at a rate not exceeding 5 mills
INDUSTRIAL AND MISCELLANEOUS.
on each dollar of principal amount and also for the income tax, not exceeding
Refined
-American Sugar, National Sugar, Pennsylvania
6%.on the interest thereon in Mass. Central Trust Co.of Illinois, Chicago. and other Sugar Prices.
leading refineries announced a 10
-point advance in refined sugar.
and Arthur T. Leonard, trustees.
bringing the price up to 4.75 cents a pound effective Oct. 24. "Wall
Data from Letter of C. A. Brooks, Vice-Pres. of the Company.
Street Journal," Oct. 24, p. 15.
Compang.-Is a public utility operating company organized in Delaware
Coal Prices Advanced.
-Burns Brothers announced Oct. 30 that prices of
In 1925. Propertie,s, including,those to be acquired in connection with coal will be increased 50 cents a ton on all domestic sizes effective Nov. 1.
present financing, serve without competition, except in the case of one N. Y. "Times," Oct. 31, p. 28.
small property, 34,945 electric and (or) gas customers and 10,929 water
Ask Pig Iron Duty 50% Higher.
-A request by eastern blast furnace
customers in 186 growing communities located in Texas, New Mexico. operators for 50% increase in the duty on pig iron established by the 1930
Louisiana and Kentucky and (through subsidiaries) in Oklahoma and tariff act was laid unopposed on Oct. 31 before the reorganized Tariff ComArizona, over 84% of its business being transacted in Texas. Artificial mission at its second public hearing under the new flexible provision.
ice plants are operated in connection with electric properties in 20 com- N. Y. "Times," Oct. 31, p. 4.
munities and independently operated ice plants are located at 10 other
Prices Readjusted by Makers of Tires.
-A readjustment has been made in
points including the important centers of Houston, Port Worth and El Paso, tire prices by the larger manufacturing companies, by which a more uniform
Texas. Through subsidiaries, transportation service is furnished to Wichita discount is given to dealers and a retail list price is set on some sizes that is
Falls with interurban connections to Fort Worth, Texas.
from 23j to 5% higher. The changes will become effective on Nov. 1.
-Company operates 30 fully equipped electric generating N. Y."Times," Oct. 30, p. 34.
Properties.
plants with a combined capacity of 28.500 h.p. together with about 1,327
Matters Covered in the "Chronicle" or Oct. 25.-(a) Sales of ordinary life
miles of high tension transmission lines and over 1.225 miles of distribution insurance in U. S. In nine months of 1030 equals 1929 production-Septemlines. These facilities are of the most modern construction and have been ber sales show a 10.9% loss. p. 2597. (b) Ford increases wages at his plant
carefully designed to cope with the increasing growth of the company's in Germany-Action in line with move to raise workers' buying power,
business. The generating capacity of the plants owned and operated by p. 2596. (c) Life insurance sales decrease in Canada, p. 2598. (d) Copper
the company is supplemented at various points through purchase of power. sales at 94 cents a pound-Custom smelters action in cutting price followed
The company operates or will operate 20 water systems. Over 240 miles by similar cut by producers, p. 2608. (e) Odd lot buying of stocks found
-Much purchasing done for cash-Many traders seen operating on
of gas mains and lateral lines serve natural gas at retail to communities large
outright basis, p. 2624. (f) Short sales double on Now York Stock Exin which the gas distributing systems are owned by the company.
Authorized.
Outstanding. change in year-Estimated total of 5,000,000 shares is only .38% of
Capitalization1,300,000,000 shares listed-Amount sets a record, p. 2624. (g) Amend1st mortgage gold bonds
ment to rules of Detroit Stock Exchange requires every trader to be member
Series A,6% due 1946
1,500,000 In good standing, p. 2625. (h) John L. Julian elected President Rubber
Series B
% due 1960(this issue)
Exchange of New York, Inc., p. 2625. (i) Slate & Co. offer creditors
15
-year 6% sinking fund debenture gold
-To settle all gradually-Formation of company to
bonds,series A,due19425,908,400 initial payment of 50%
4,550,000 handle firm's affairs part of plan submitted, p. 2625. (1) Brokerage firm of
$5100,000
7% cum.pref.stock ($100 par)
30,000 shs. Sanford Eldredge & Co., New York, permanently enjoined by Supreme
30.000 shs.
Common stock (no par)
Court
-Also restrained, pending investigation, by Connecticut Superior
Limited by restrictive provisions of the indentures under which they Court, p. 2625. (k) Clark, Martin & Co., Ltd.,
Winnipeg (Canada)
are issued, but not to any principal amount.
brokerage concern, assigns. p. 2626. (I) Temporary receiver appointed for
In addition there were outstanding in the hands of the public $205,000 Porter, Erswell & Co. Portland, Me,. p. 2626.
purchase money mortgages of the company and $300,000 of funded debt In U. S. covers 160,000 workers according to (m) Unemployed insurance
Dominick & Dominick, p.
and preference stock of subsidiary companies.
2633. (n) Foreign holdings of United States Steel Corp. shares, p. 2634.
Security.
-Secured by a first mortgage on all fixed properties of the (o) Minnesota ruling clarifies tax on bank groups
-Such holding companies
owned and upon completion of present financing, on the are held taxable as ordinary corporations
company now
-Ruling
properties to be acquired in connection therewith, subject to $205,000 of and First Bank Stock Corps. of Minneapolis, p. applies to Northwest
2636. (p) Industrial
purchase money mortgages. Based upon recent appraisals by competent exchange proposed for full-fashioned hosiery interests,
p. 2637.
engineers, such fixed properties have an estimated reproduction cost new
Including going concern value, less depreciation, and plus additions to
Abbott Laboratories, North Chicago.
of not less than $25,900,000.
Aug. 31 1930 at cost,
-Merger ApThe company also OW113 all the outstanding common stocks (except proved.d rectors' qualifying shares) of certain subsidiary companies which are not
Announcement Is made of the approval by the boards of directors and
which companies have a
pledged under the mortgage, the properties of
value, appraised as above, in excess of $2,100,000. These subsidiary stockholders of this company,and Swan-Myers Co., Indianapolis, Ind., of a
companies have outstanding In the hands of the public $300,000 of funded combine of the two firms to become effective Nov. 1.
R. M. Cain. President of Swan-Myers Co. has been elected Vice-Presidebt and preference stock.
Earnings -The consolidated earnings of the company and its subsidiaries dent and director of the Abbott Laboratories, in charge of sales. Dr.
connection with present financing), Frank B. Kirby continues as Sales Manager.
(including properties to be acquired in
Further details of the consolidation are given by Alfred S. Burdick,
for the 12 months ended Aug. 31 1930, as reported by Barrow, Wade,
President of the Abbott Laboratories. He states that the purpose of the
Guthrie & Co., after giving effect to present financing, were as follows:
Nov. 1 1930.]
FINANCIAL CHRONICLE
:combination is to enlarge the research facilities, sales organizations and
distribution outlets of both companies. He believes that with the added
volume of sales and the economies in administration and manufacturing,
which can be effected, the earnings of the Abbott Laboratories for 1931
•should be increased.
The following changes will become effective at once: S. DeWitt Clough.
Secretary and director of the Abbott Laboratories has been elected VicePresident and director, James F. Stiles, former Comptroller of the Abbott
Laboratories, has been elected Treasurer and director, to fill the vacancy
•caused by the resignation of C.0. Brown.
E. H. Volwiler, Chief Chemist of the Abbott Laboratories and E. L.
Drach, Purchasing Agent, have also been elected directors following the
retirement of H.B.Shattuck and James W.Ranson,former Vice-Presidents.
F. W.Scheigert,former Secretary-Treasurer of Swan-Myers Co.. has been
elected Secretary and director of the Abbott Laboratories.
Among the executives of Swan-Myers Co. who will join the Abbott
management are Edgar B. Carter, director of the biological laboratories,
A. E. Snyder, Sales Manager, C. R. Jackson, Advertising Manager.
Rolando Anglada, Export Manager, 0. C. Durham, Botanist, and a great
many others of the Swan-Myers staff.
When interviewed, R. M. Cain stated that the Swan-Myers laboratories
will continue to operate in Indianapolis and that the production of the
:special pharmaceutical and biological products will be continued under the
Swan-Myers label in the combined companies. 0. II. Myers, Vice-President
•of Swan-Myers Co. will remain in Indianapolis.
The Swan-Myers Co. was established in 1909 from an original annual
:sales volume of approximately $35,000, the sales have increased to well over
$1,000,000 a year. The sales, advertising, control and production staffs
have increased proportionately with the general expansion of the business,
which now includes a branch house in New York, manufacturing connections in Canada, and export connections on the leading pharmaceutical
and biological specialties in the principal foreign countries throughout the
world.
The principal products manufactured by Swan-Myers Co. are ethical
pharmaceutical specialties prescribed and used by the medical profession,
retail_ pharmacies, wholesale druggists, industrial plants, municipal. State
and Federal hospital units and clinics, and includes such well-known
products as Swan-Myers ephedrine inhalant No. 66, and other ephedrine
specialties, bacterial vaccines, biological products, pollens and pollen
extracts for hay-fever, ampoules, intravenous solutions used in intravenous
medication, ophthalmic and nasal ointments, kerakote glandular products.
para-psyllia emulsion and many other ethical, medical, pharmaceutical and
'biological specialties.
The New York branches of Swan-Myers Co.and the Abbott Laboratories
will be consolidated and will be in charge of E. L. Shattuck. Manager of
the eastern branch of the Abbott Laboratories.
-V. 131. p. 2539.
Addressograph International Corp.
-Earnings.
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V.131, p. 790.
Adelaide-Sheppard Co.,Ltd.,Toronto.-Bond Int.Paid.
-Meeting of Bondholders Is Called.for Nov. 14.
Funds have been deposited for the payment of Sept. 15 interest co xPons
of the 7% 1st mtge. (closed) 20
-year sinking fund bonds. Payment of
the bond interest was not made on the interest date and it is understood
that the company also made other defaults in other of its covenants in
the trust deed.
The Royal Trust Co. as trustee for the bondholders has c alleda meeting of bondholders for Nov. 14 in Toronto. Bondholders will be asked to
'ratify action of the trustee in taking over the management of the property
and in other actions and to appoint a committee with power to authorize
the waiving of default by the company in its covenants under the mortgage
deed of trust.
Capitalization of the company consists of $800,000 of 7% 1st mtge.
bonds authorized and issued in March 1928. and 4,000 shares of no par
•common stock. The company owns a 16
-story building in Toronto.
Bonds are secured by 1st (closed) mtge. •on leasehold property and on
the building.
-V. 126. P. 2648.
Advance-Rumely Co.-Reorgani.ation Planned.
-
280
The corporation advances a maximum of only 90% on paper purchased.
at least 10% being retained until the notes are paid in full. In this way
the dealer's interest and assistance in the collection of the claim is assured.
'
At present, the corporation holds approximately $1.279,870 of this holdback money.
In addition to the dealer's contract, the corporation, in all cases, holds a
contract with the manufacturer or jobber, under which the manufacturer
or jobber agrees to purchase the machine from the corporation, in case of
repossession, or assume the greater portion of any loss. Every claim is.
therefore, protected by: (1) Responsibility of the purchaser: (2) lien upon
machinery; (3) Hold-back from dealer; (4) Repurchase or share-loss contract with manufacturer or jobber.
The corporation also finances dealers' notes and acceptances for machinery furnished by the manufacturer or jobber, secured by a lien on the
machinery and the guaranty of the vendor.
Up to Sept. 30 1930, the company had purchased $35,622,980 of farmers'
and dealers' notes, and the total loss on these notes to date is 4-10 of 1%.
Corporation has made it a policy to set up ample reserve against loss, and
it will be noted that this reserve, amounting to $150,855, shown on the
balance sheet of Sept. 30 1930, against $10,461.221 receivables outstanding,
is more than the entire losses incurred in 4A years of the company's existence.
-Corporation began business in 1925, has paid dividends
Dividend Record.
on all its outstanding preferred stock since organization. An extra participating dividend on the preferred stock, under the participation clause,
was paid Aug. 15 1930.
Capitalization.
-Prior to Aug. 5 1930, corporation had one type of cum.
partic. pref. stock, par $10. On that date a stockholders' meeting was
held, creating a class "A" cum. partic. pref., with no par value; also providing for the stockholders who held the original pref. stock, now designated
as class "B," to exchange their stock for class "A." No exchanges were
made, however, until after Sept. 30, but between Sept. 30 and Oct. 20.
large number of stockholders exchanged their class "B" for class "A"
preferred stock.
The following statement shows the total shares authorized and the shares
outstanding of class "A" and class "B" preferred stock and coin. stock.
Authorized. xOutstanding.
7,932 shs.
Class"A"cum.partic. pref.stock (no par)
800,000 shs.
-300,000 shs. 84,114 shs.
Class "B" cum. partic. pref. stock (Par $10)
Common stock no par)
300.000 shs. 128,440 sits.
x Oct. 20 1930.
Dividends -Class "A" and class "B" partic, pref, stock have equal
preferences as to dividends, both regular and participating. Regular
dividends on class "A," $1.75 per share per annum; class "B," $0.70 Per
annum In the calculation of dividends, 23'i shares of class "B" shall be
taken as the equivalent of one share class "A." Extra participating dive.
are based upon the remaining profit after deducting from the net profit of
the fiscal year the regular pref. dividends during such year. Until the average number of shares outstanding during the fiscal year exceeds 140,000
shares of class "A" and (or) its equivalent in class "B" pref. stock, partic.
divs. shall be 16 2-3% of such remaining profit. When the average number
of outstanding shares of class "A" pref. stock and (or) its equivalent in
class "B" pref. stock exceeds 140,000 shares, partic. divs, shall be 20%
of such remaining profit, and for each 40,000 shares in excess of 200,000
shares, the partic, diva, shall be increased 1%, but total partic. dive, shall
not exceed 25% of the remaining profit.
-Both class "A" and "B," are preferred as to assets. Upon
Preference.
liquidation of the company, class "A" stock is entitled to $22.50 per share
and all accrued dividends, and class "B" is entitled to $10 per share and
all accrued dividends, both being before any distribution to holders of
common stock. Upon 30 days' notice, class "A" pref. stock redeemable at
$32.50 per share; class "B" at $12 per share. Chicago Trust Co., Chicago,
registrar. Transfer agent, Company's office, Chicago.
Net Profit for Designated Periods.
loss$6,486
435 months ended March 31 1926
32,883
Year ended March 31 1927
90,098
Year ended March 31 1928
117,185
Year ended March 31 1929
186,918
Year ended March 31 1930
103,340
6 months ended Sept. 30 1930
1930.
Balance Sheet, Sept. 30
Liabilities
Assets
$4,264,000
$1,071,605 Collateral notes payable
Cash
3,290,206
10,022,635 Receivables discounted
Receivables
28,946
267,558 Sundry current liabilities__
Sundry receivables
19,647
171,027 Accrued Federal taxes
Subscriptions to capital stock
158,039 Purch. money withheld from
Repossessed equipment
1,279,870
523,010 dealers
Marketable securities
674,964
Reserves
Bal. of inv. in Equipt. Fin.
2,716,325
244,072 Preferred stock
Corp
642,200
24,794 Common stock
Furniture & equip., dorm_ _
164,796
205,475 Surplus & undivided profits__
Deferred charges
392,683
expense
Organization
$13,080,955
Total
$13,080,955
Total
Officers.
-A.H.Berger, Pres.; Ernest Reckitt, Vice-Pres.; E. H. Koeritz,
Treas.; A. G. Strattan, Sec'Y.
Directors.
-Magnus W. Alexander, New York; Adolph H. Berger,
Advance-Rumely Co., La Porte, Ind.; Jonathan B. Cook; James Lyman;
MacLeish; H. I. Markham. Chicago; Charles Nagel, St. Louis,
John E.
Mo.; Ernest Reckitt, Walter A. Rogers, Edward A. Rumely, Charles W.
-V. 131, p. 2381.
Stiger, Chicago; Edmund Hugo Stinnes, Germany.
The directors have approved an agreement of merger with the Indiana
Farm Machinery Corp., an Indiana corporation organized by AdvanceRumely interests, which will be the surviving corporation in the merger
and will immediately change its name to Advance-Rumely Corp. when the
merger is consummated.
The agreement of merger contains new articles of association for AdvanceRumely Corp., which provide, among other things, that corporation will
have 500,000 shares of authorized no-par common stock, of which it is
proposed that 277,500 shares be exchanged for preferred and common
stocks of the present Advance-Rumely Co. in the ratio of one-fifth of a
new no-par share for each present $100 par common share and two new
no-par shares for each present $100 par preferred share, including arrears of
• cumulative dividends which at present amount to about $40 a share. The
outstanding stock of the present Advance-Rumely Co. consists of 125,000
preferred shares and 137,500 common shares.
The 277.600 no-par common shares of Advance-Rumely Corp. to be
outstanding, including 100 shares of original capital stock of the Indiana
Farm Machinery Corp. will represent on the books a paid-in value of
$13,251,000, or $47.73 a share.
The $13,000,000 good-will item carried on the books of the present
Advance-Rumely Co. will be eliminated from the balance sheet of the new
Advance-Rumely Corp., and the book value of physical assets acquired
-To Retire Bonds.
Alaska Juneau Gold Mining Co.
by it will be somewhat more than paid-in value of stock to be initially
outstanding.
All of the 10
-year 1st mtge. 77 gold bonds, which matured on March 15
The articles of association for the new corporation also provide that in 1929, will be retired before Jan. 1 next, it is announced. At Oct. 15, there
the future it may issue securities prior to common stock for the purpose of were outstanding $250,000 of this issue.
-V. 131, p. 2539.
securing additional capital, to enable it to eliminate in a large measure the
necessity for hank loans and also to take care of any expansion in operaLouis, Mo.-Omits Dividend.
Alligator Co., St.
tions which may arise from the expected demand for Advance-Rumely's
new six-cylinder tractor, which has been tested for a year and which is
The directors have voted to omit the semi-annual dividend which ornow in production.
dinarily was payable about Oct. 15. Six months ago, a semi-annual dis-V.126, p. 1812.
The management expects large demand for this tractor in view of fact tribution of 75c. a share was made.
that it is lighter in weight than most three-plow tractors, but will develop
50 h.p. and will pull four or five plows. The price of this new tractor will
Amerada Corp.
-Earnings.
be competitive with machines of lower horsepower and less capacity. It
For income statement for three and nine months ended Sept. 30 see
supplies the innovation of six forward speeds instead of three.
The Advance-Rumety Co. has discontinued the manufacture of its stand- "Earnings Department" on a preceding page.
ard oil-pull tractors, which were made in four sizes. In the future it will
Completes New Well in Hobbs Field.
-cylinder tractor and the Do-All cultivating
manufacture only the new 6
Corporation announces the completion of a new well in the Hobbs Field
tractor, with consequent substantial economies in manufacturing and selling
of New Mexico, to be known as State B-3. Initial production was at the
expense. The company will continue to make its established line of threshrate of 16,000 barrels daily.
-V. 131, P. 2381, 2068.
ers and combine harvesters.
A special meeting of stockholders of Advance-Rumely Co. to vote on the
--Earnings.
proposed merger agreement will be held at La Porte, Inc., on Nov. 25.-American Bank Note Co.
V. 131, P. 2226, 2539..
For income statement for 3 and 9 months ended Sept. 30 see "Earning
Department" on a preceding page.
Agricultural Bond & Credit Corp.
-Statement of ComConsolidated Balance Sheet Sept. 30.
1930,
1929.
pany's Business-Plan of Operation-Capital Changes.
1929.
1930.
Assets
Business.
-Corp. incorp. In Delaware, and is engaged in an economically
pref. stock__ 4,495,650 4,495,650
6%
sound and specialized form of commercial financing through the purchase of Real estate, bides.,
machinery,&c_11,773,927 11,764,326 Common stock_ _ _ 6,527,730 5,934,300
obligations secured by liens on standard lines of agricultural machinery,
of
•on which substantial payments are made at the time of purchase. As the Material& supplies 2,758,074 3,269,603 6% pref. stock
1,380,679 foreign subsidiaverage maturity of the paper purchased is less than nine months and as Accts.& notes rec_ 939,791
390,514
389,438
aries
corporation has no real estate or equipment, except office equipment, Marketable invest. 2,167,966 1,762.016
the
107.020 Accounts payable,
Contract deposits_ 108,385
its assets are at all times liquid.
including reserve
-Corporation operates on a plan which insures the Befit inst. on stk,
Plan of Operation.
969,207 1,403,456
987 for taxes
sold to employ's 219,239
co-operation of all those interested, viz., the manufacturer or jobber, the
on cus1,000,000
the dealer and the purchaser. It has established its position in the implement Loanson coll.(sec.) 2,846.199 2,096,938 Advances orders
102,328
Comers'
272,202
Cash
credit business and enjoys the confidence of important impleinct manu364,149
311,422 Dividends payable 393,821
395,518
facturers. Forty-five of the leading banks of the country are granting the Special reserve
710,421
Special reserves___ 792,041
650,000
corporation credit lines approximating $5,000,000. Under the A. R. C. Ctfs, of deposit
Surplus
8,528,978 8,279,738
plan, the purchaser makes a substantial down payment on the purchase Corn. stk. acq. for 153,508
resale to empl
price of the implement, giving his notes for the balance. These notes are
156,365 Total (each side)_22,200,268 21,849,357
187.660
forwarded by the dealer to the manufacturer or jobber and, if approved. Deferred charges
corporation for acceptance or rejection, thus making a -V. 131, p. 790.
are sent to the
double'approval of credit. The credit risk is widely diversified. During
-Deposits Under
American Agricultural Chemical Co.
the past six months, the average retail price of the implements securing
thehleals has been $1,210.58, while the average investment by the Agri- Plan to Date Indicates Success of Reorganization-Fuither
cultural Bond & Credit Corp. in each such deal has been $682.89, in* only
Deposits Urged.56.41%.
152
;..a
2898
FINANCIAL CHRONICLE
[Vol, 131.
The reorganization committee in a notice issued Oct. 28 to the stockholders states that the stock is being deposited at a rate which indicates
that the success of the peen is assured and calls the attention of stockholders to the fact that Nov. 1 has been set as the date by which deposits
of stock should be made. In order that stockholders may be assured of
participation in the benefits of the plan, they are urged to forward that
stock without delay to either The Chase National Bank of the City of
New York, 11 Broad St., New York, or Lee, lligginson Trust Co., 50
Federal St., Boston. (Compare plan in V. 131, p. 1897.).-V. 131,
p. 2382, 2068.
"(a) issue any shares of $3 pref. stock, other than shares thereof hereby
authorized, or issue any shares of any class of stock entitled to dividends
or shares in distribution of assets on a parity with or in priority to the $3
pref. stock unless immediately thereafter the net assets of the corporation,
as determined by the board of directors, shall be equal to at least $100 Par
share on all shares of $3 pref. stock then outstanding. nor
"(b) authorize any distribution of assets to the holners of shares ofcommon stock or authorize the purchase of any shares of common stock unless
the net assets of the corporation, as determined by the board of directors.
after deducting therefrom the amount of any such autnorization or authorizations, shall be equal to at least $100 per share on all shares of the $3
pref. stock then outstanding."
American Bosch Magneto Corp.
-Earnings.
The net
For income statement for three and nine months ended Sept. 30 see at market assets of the corporation as of Sept. 30 1930. taking investments
prices as of that date, amounted to more than $152 per share on
"Earnings Department" on a preceding page.
the maximum
The balance sheet as of Sept. 30 1930 shows current assets of $4,700,539, consummation number of shares of $3 pref. stock to be outstanding after
of the conversion. In the nine months ended Sept 30 1930
current liabilities $628.082 and working capital $4,161,556.-V. 131, p.631. the corporation's gross income
from cash dividends and interest on investments (excluding profits on sales of securities and miscellaneous income)
American Business Corporation Shares, Inc.
-New amounted to $296,394. The expenses and reserve for taxes of the corporation during such nine months' period (excluding
Investment Concern-ABC Trust Shares To Be Operated ties and underwriting commissions written off) losses on sales of securiamounted to $56,139,
Without a Reserve Fund.
leqving net cash income of $240,255. Dividend requirements for nine
A fixed investment trust, to be known as ABC Trust Shares and sponsored months will be $157,500, if the maximum number of shares of $3 pref.
by the above corporation is being formed and a nation-wide distributiong stock authorized is issued. Regular dividends received in stock by the
organization for it is under way. Shields & Co., who are among the sponsors corporation during such period on securities held had on Sept. 30 1930 a
of Chain Store Stocks, are reported also to be sponsors of the new market value which amounted to 886.128 additional. Such dividends paid
in stock accrued on an annual basis and using market values on Sept.30
organization.
One feature of the new trust will be the absence of the reserve fund in 1930 would amount to $145.607 for 12 months.
Stockholders wishing to avail themselves of the opportunity of having
many fixed trusts. This reserve fund calls for the deposit by purchasers of
units of certain sums against future inability of the company to make dis- their shares of common stock converted into shares of $3 pref. stock should
bursements from income. The sponsors of the new trust, it is said, estimate deliver their certificates for shares of common stock to Central Hanover
that its income is certain to be maintained at a sufficiently high rate to Bank & Trust Co.. 70 Broadway, New York City, before 12 o'clock noon
on Nov. 15 1930.-V. 130, p. 3355.
assure payments.
The indenture will provide for the elimination from the portfolio of any
stock whose capital or surplus or the payment of whose dividend appears to
American Metal Co., Ltd.
-Smaller Dividend.
be endangered. The portfolio will include 31 stocks. The Chase National
Bank will be trustee. Each ABC share will represent one two-thousandth onThe directors have declared a quarterly dividend of 25 cents per share
the common stock no par value payable Dec. 1 to holders of record
of a portfolio unit.
Nov. 20. From March 1 1927 to and including June 2 1930 the company
paid quarterly dividends of 75 cents per share on this issue, while on Sept.2
American Bosch Magneto Corp.
last, a quarterly distribution of 37A cents per share was made.
-Earnings.
-For income statement for three and nine months ended Sept. 30 see
Earnings
-New Director.
"Earnings Department" on a preceding page.
-V. 131, p. 631.
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
American Brown Boveri Electric Corp.
A. Chester Beatty has been elected a director.
-V. 131, p. 2698.
-Earnings.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
American Radiator & Standard Sanitary Corp.
-V. 131. P. 700.
The directors have declared a quarterly dividend of 25c. per share on
American Cyanamid Co.
-Enters Into Agreement with the common stock, payable Dec. 31 to holders of record Dec. 11.
From June 1929 to and incl. Sept. 1930, the company paid quarterly
Glass Company.
dividends of 37).c. per share on this issue.
What is described as "a very advantageous arrangement" for both
The directors also declared the regular quarterly dividend of $1.75 on
companies has just been completed between the Pittsburgh Plate Glass the 7% pref. stock, payable Nov. 30 to holders of record Nov. 15.
Co.and the American Cyanamid Co.for the development of certain chemical
The board, in its statement, said in part: "It is the opinion on the board
products now manufactured by both concerns.
of directors that the present strong financial position of the corporation
These companies are not competitive in the manufacture of these products, should be maintained, and to this end a reduction in the rate of dividend on
but the American Cyanamid Co. and Its subsidiaries, as well as the Pitts- the common stock is advisable."
burgh Plate Glass Co.. are large consumers of soda ash and caustic soda,
The building industry, beginning in 1920 and continuing throughout
which the latter company now produces.
1930, steadily declined. Residential building in 1930 to Oct. 1 declined
The lialbfleisch Corp., one of the American Cyanamid Co.'s subsidiaries, 62% below
that of 1928. While some part of this shrinkage was offset
consumes and sells quantities of soda ash and caustic soda.
campaign for the modernization of old buildings, the sales so obtained
The arrangement also involves the erection jointly, by the two com- by anot
will
panies, of a new soda ash and caustic soda plant on the tidewatcr in the buildingcompensate for the loss in volume incident to the decline in general
construction.
South, where raw materials are available at low costs.
It is now anticipated that the profits of the year will approximate onePending the construction of the new soda ash plant the Pittsburgh Plato
half
Glass Co. and American Cyanamid Co. and its subsidiaries will obtain the of the dividend requirements at the former rate of $1.50 per share on
common stock.
their requirements of alkalies front the Columbia Chemical Division of
The research activities of the company at home and abroad have been
the Pittsburgh Plate Glass Co., located at Barberton, Ohlo.-V. 131, P.
exceptionally important. Developmental programs are in preparation
1716.
that will engage in their execution considerable additional investment.
which it is planned to supply from current assets.
American & General Securities Corp.
In past periods of depression there has always been created a pent-up
-Initial Div.
The directors on Oct. 28 declared an initial dividend of 12.) cents per demand that has later expressed itself in a vigorous forward movement in
,
share on the class A common stock for the quarter ending Nov. 30, payable building operations. The corporation is in excellent positionto take full
advantage of the increased demand which it confidently believes will gradu
Dec. 1 to stockholders of record Nov. 15.-V. 131, p. 940.
ally develop throughout the ensuing years.
-V. 130. p. 2774.
American Glue Co.
-To Retire Notes
-Liquidation Ap-New Stock Placed on a
proved-Successor Company Declares Dividend of $30 per $5American Tobacco Co., Inc.
Annual Dividend Basis.
Share on Common Stock.
A quarterly dividend
($1.25 a share) has been declared on the new
The company has called for redemption on Jan. 1 1931, its entire outstanding issue of 53-6% serial gold debenture notes amounting to $1,310,000.
The notes will be redeemed according to maturity dates at prices ranging
from 100010334 plus accrued interest at the Atlantic National Bank of
Boston, 10 Post Office Square, Boston, Mass.
The stockholders at an adjourned meeting voted to approve a proposal
to liquidate the company, which will hereafter be known as Eastern Equities
Corp. The stockholders' meeting was then adjourned until Oct. 31.
See also Eastern Equities Corp. below.
-V.131. p.2698.
American Ice Co.
-Earnings.
For income statement for month and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V.131, p. 2068.
American International Corp.
-Changes Special Reserve
for Securities of $4,100,000 Set Up Dec. 31 1929 with $2,683,049 for First 9 Months of 1930.
-
of 5%
$25 par value common stock and common stock B, payable in cash on
Dec. 11930. to holders of record. Nov. 10 1930.
This is equivalent to $2.50 a share on the old common stock and common
stock B outstanding prior to the 2-for-1 split up and on which quarterly
distributions of $2 a share were made. An extra payment of $4 a share
was also made on the old shares on Sept. 2 last (see V. 131. p. 791).-V. 1•31.
p. 1568.
-Sells Control of
American Utilities & General Corp.
American Fuel & Power Co.
See Columbia Gas & Electric Corp. under "Public Utilities" above.
V. 131, p. 941. 1100.
Anchor Cap Corp.
-Earnings.
--
For income statement for 9 months ended Sept. 30, see "Earnings Department" on a preceding page.
Consolidated Balance Sheet Sept. 30.
1929.
1930.
1929.
1930.
In connection with the earnings for the nine months ended Sept. 30
Assets
Liabilities$
$
$
1930 (V. 131. p. 2682) the company issued the following statement:
Net worth
x12,677,611 12,467,153
'As of Dec. 31 1929, the corporation set up $4,100,000 out of earned Land, bides., machinery dr equip_ 5,228,934 4,879,368 Acc'ts pay., &c_._ 368,166
223,011
surplus, as a special reserve for securities. Since that time, the corporation
227,854
has sold certain of the securities for which the reserve was created and as a Pats. & pat. rights 5.306.956 5,332.925 Federal tax proven 228.890
Deferred chargee..
94,882
83.289
result has charged the reserve with $2.683.049.-V. 131, p. 2698, 1423.
Cash
296,277
273,813
Call loans
502.019
-Recapitalization Planned.
American Investors, Inc.
- Notes dr aeries rec. 648,478 613.840
Inventories
1.521,148 1,164,421
President R. W. Martin, Oct. 24, in a letter to the holders Investments
2,500
Anchor Cap Corp.
common stock, class B, says:
stock purchased
common stock, class B (hereafter called
To provide for holders of the
for resale
140.978
common stock) who desire to receive cash dividends, the directors have Prepaid tax.
56,975
Total(each side) 13.274.667 12,918,01
& ins.
45,879
approved a plan whereby a limited number of shares of the common stock
x Represented by 31,718 shares $6.50 preferred stock, 230,758 shares
can be converted into $3 pref. stock. The directors are large holders of
common stock, both of no par value, and earned surplus of subsidiaries
both common stock and option warrants to purchase common stock.
The basis of conversion will be one share of $3 pref. stock for five shares amounting to $1,182,801.-V. 131, p. 791.
of common stock. While the income yield from one share of $3 pref. stock
will amount to approximately 6.08% on the liquidating value as of Sept. 30
Anglo American Corp. of South Africa, Ltd.
-Earnings
1930 of $49.30 on the five shares of common stock surrendered for converQuarter Endedl
Brakpan Mines, Springs Mines
West Springs,
sion, the income yield on the basis of market value of common stock so
Sept. 30 1930Ltd.
Ltd.
Ltd.
substantially greater. The market value of five shares
converted will be
Working
£440,076
E421.054
£231,463
of common stock on Sept. 30 1030 was approximately $36.25, on which Working revenue
costs
242,602
284,591
178,007
amount the annual dividend on the shares of $3 pref. stock provides an
income yield of approximately 8 27% •
Working profit
£197,384
.4136,463
£53,456
The number of shares of $3 pref. stock to be issued under this offer will
be limited to 70,000. Under the plan ,however, any stockholder may -V. 131, p. 2540.
tender all or any portion of his common stock, but if more than 350,000
Annapolis Dairy Products Co.
-Initial Dividend.
shares of common stock are deposited it will be necessary to pro-rate allotments. Subject to such necessary pro-rating of allotments, each stockThe directors have declared an initial dividend of 50 cents per share on
holders, by electing to deposit all or only a portion of his common stock, the no par value common stock, payable Dec. 1 to holders of record Nov.
may determine the character of the investment he will maintain in the 24.-V. 128, p. 114.
corporation.
The $3 pref. stock consists of non-voting shares without par value and
Apex Electrical Mfg. Co.
-Estimated Earnings-Acqui.the shares thereof issued in the conversion of shares of common stock will
Net earnings for the nine months ended Sept. 30 are estimated by Presibe fully paid and non-assessable. The $3 pref. stock Is entitled in preference
cumulative dividends at the rate of $3 per share dent C. G. Frantz at approximately $2 a share on the common stock after
to the common stock to
per annum. It is subject to redemption at the option of the corporation charges and preferred dividend requirements, or substantially the same
at any time at $55 per share and accumulated dividends. The certificate as in the same period of 1929.
The company's financial position is the most favorable in its history,"
establishing the $3 pref. stock provides that without the written consent
or affirmative vote of the holders of at least two-thirds of the outstanding Mr. Frantz said. "and the directors felt that a special common dividend
was justified.
shares of $3 pref. stock, the corporation will not*
of
Nov. 1 1930.]
FINANCIAL CHRONICLE
The company recently acquired the Lorain Automatic Ice Co., manufacturers of electric refrigerators. A special division of the company has
been formed to market this line in conjunction with the radio division.
V. 131. P. 2699.
Arundel Corp.
-Earnings.
For income statement for month and 9 months ended Sept. 30, sec
"Earnings Department" on a preceding page.
Current assets on Sept. 30 1930 were $6,084,048, against current liabilities of $379,977.-V. 131, p. 1899.
-Sale.
Associated Dyeing & Printing Corp.
The sale for $1.000,000 of the corporation to John Maher of Midland
Park, N. J. and Theodore Pearson of New York, was confirmed Oct. 24
by Federal Judge Runyon in Newark. The purchasers are members of the
creditors' committee formed after an equity receivership suit had been filed
against the company in Federal Court in Newark on July 2.
The purchase entails a plan of reorganization, and the new name will be
the Associated Dyeing & Printing Co., Inc.
The receivership suit was bought by the International Trust Co. of New
York, charging the corporation had failed to meet interest payments. The
receivers were John Milton and James Wiley.
-V.131, p. 2068, 274.
-$1. Corn. Div.
Atlantic Gulf & West Indies SS. Lines.
The directors have declared a dividend of $1 per share on the common
stock, payable Nov. 29 to holders of record Nov. 10. A similar dividend
was paid 3 and 6 months ago. Compare V. 131. p. 791.
Atlas Powder Co.
-Listing of Additional Preferred and
Common Stock Approved-Stock Issued in Acquisition of
Peerless-Union Explosives Corp.
-
2899
"We are keeping all our men on the payroll and distributing the work."
he stated. "We have approximately the same number of employees as at
this time a year ago, although they are not working full time. We have
not laid off any old employees. The workman is contributing his share
to the present situation by working a smaller number of hours.'
In his remarks on the outlook for the steel industry Mr. Grace said he
had thought operations were at the bottom during the third quarter, but
they were now lower. He estimated that the whole industry was operating
between 50 and 55% of capacity. The railroads and automobile industry,
which accounted for between 35 and 40% of the usual demand for steel.
were buying virtually nothing. Prices during the last few weeks had shown
more stability.
"The billing price trend was downward and lower in the third quarter
than in the second quarter," Mr. Grace said. "There is no accumulation
of steel stocks, which I think are at the lowest level in veal's. This is a
wholesome condition which should result in the steel business getting better
some time next year."
-V. 131, p. 792.
-Regular Preference Dividend.Blue Ridge Corp.
The directors have declared the fifth regular 'quarterly dividend on the
optional 6% cony, preference stock, series of 1929, payable on Dec. 1 1930
to holders of record Nov.5 1930, at the rate of 1-32d of one share of common
stock for each share of such preference stock, or, at the option of such
holders (providing written notice thereof is received by the corporation on
or before Nov. 15 1930) at the rate of 75 cents per share in cash. See also
V. 131, p. 1718.
-Earnings.Borg-Warner Corp.
For Income statement for three and nine months ended Sept. 30 in
"Earnings Department" on a preceding page.
Total current assets at the close of Sept. 30 1930 were $17,192,229. of
which sum $7 733,685 was in cash, call loans and marketable securities.
Current lid'elities totaled $4,146,295, of which $721,616 was reserved for
Federal Mae, and $995,354 reserved for dividends payable Oct. 1. The
item of cash, call loans and securities amounted to $1.86 for every dollar of
current liabilities including Federal taxes and dividends declared.
The book value of the common stock at close of business Sept.30 was
-V. 131. p. 943.
$22.74 per share.
The New York Stock Exchange has authorized the listing of 6,318
additional shares of 6% cum. pref. stock (par $100) and 3,861 additional
shares of voting common stock (no par value) on official notice of issuance, pursuant to offer of exchange of Atlas stock for stock in another corporation, making the total amount of preferred stock applied for 96.318
shares and total amount of common stock applied for 265.300 shares.
-Earnings.Borin-Vivitone Corp.
The directors Oct. 2 1930 authorized the issuance of additional shares
For income statement for three and nine months ended Sept. 30 see
of the stock as pert of the consideration paid in the purchase of 21,732
preceding page.
-V. 131, p. 943.
shares 6% cum. pref. stock of Peerless-Union Explosives Corp. (par $100 'Earnings Department" on a
each) and 32,198 shares constituting approximately 4914% outstanding
common stock of Peerless-Union Explosives Corp.(no par). The Peerless-Acquisition.Brewing Corp. of Canada, Ltd.
Union Explosives Corp., main office, l'hiladelphia, Pa., was incorporated
-V. 131, p. 2540.
See Carling Breweries, Ltd., below.
in Delaware in September 1930, with total authorized capital stock of
50.000 shares of pref. stock (par $100), amounting in the aggregate to
$5,000,000, and 100,000 shares of com. stock (no par value). There will
-Sales Higher-Regular Divs.Bulova Watch Co., Inc.
be no capital surplus resulting from this transaction.
-V. 131. p. 2700. 632
The directors have declared the regular quarterly dividend of 75c. per
payable Dec. 1 to holders of record Nov. 15.
share on the common stock,
Atlas Tack Corp.
-Earnings.
The regular quarterly dividend of 87 Hc. per share was also declared on
For income statement for 9 months ended Sept. 30, see "Earnings De- the preferred stock payable Dec. 1 to holders of record Nov. 15.
The company states that sales so far this year have exceeded those of the
partment" on a preceding page.
-V. 131, p. 942.
corresponding period of 1929, with an excellent reception of the new models
introduced in recent months.
Auburn Automobile Co.
-Earnings.
The Bulova plant at Providence, R. I., it was stated, is operating at
For income statement for three and nine months ended Aug. 31 see capacity.-V. 131 p. 2228.
"Earnings Department" on a preceding page.
The consolidated balance sheet as of Aug. 31 1930, shows current assets
-Earnings.Briggs Manufacturing Co.
of $13,406,357 and current liabilities of $3,230,337, as compared with
For income statement for 3 and 9 months ended Sept. 30, see "Earnings
$14,733,822 and $4,473,153 respectively, as of May 31 1930 and $13.326,-V. 131..p. 633.
Department" on a preceding page.
865 and $3,295,922, respectively, as of Nov. 30 1929.-V. 131. p. 2068.
Autosales Corp.
-Earnings.
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding pa e.
-V. 131, p. 791.
AutoStrop Safety Razor Co., Inc.
-Earnings.
For income statement for 9 months ended Sept. 30. see "Earnings Deartment" on a preceding page.
-V. 131, p. 2699.
Barnsdall Corp.
-Earnings.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 131, p. 942.
-New President.
Belding Heminway Co.
pp. P. Carey, formerly Executive Vice-President, has been elected
President, succeeding H. Morton Merriman, who continues as Chairman
of the Board.
-V. 131,p. 1260, 1101.
Belden Mfg. Co.
-Business Shows Improvement.
"Our business is currently showing a seasonal improvement,and our sales
have increased 50% since July," said i resident J. C. Belden: "Sales so
far this year, however, are m ill in low 1929 and about lOcre below 1928
levels.
inished stocks of wire which were in the hands of our customers
last January are about exhausted and they are beginning to buy for current
consumption which, however, is substantially below that of 1929 and
slightly lower than in 1928."-V. 131. p. 792.
Beneficial Inc ustrial Loan Corp.
-Increases Facilities.
The corporation announces the opening of nine new office in the following
cities: Cleveland, Ohio: Jeannette, Latrobe, Milton, Cannonsburg, Olyphant, Matamoras, Upper Darby, Pa., and Mount Clemens, Mich.
Of the nine new offices six were opened as branches of offices that have
been in successful operation for some time. The beneficial system now
comprises 258 offices in 221 cities, locaetd in twenty-one States. The entire
system is devoted to personal finance and Is the largest unit in that field.
V. 131, p. 2700.
Berkshire Fine Spinning Associates, Inc.
-Defers Div.
The directors have voted to defer the quarterly dividend due Dec. 1 on
the 7% cum. cony. pref. stock. Prom June 1 1929 to and including Sept. 1
-V. 131. p. 479.
1930. quarterly distributions at this rate were made.
Bethlehem Steel Corp.
-Earnings.
-
-Registrar.British Can Shares, Inc.
The Chase National Bank has been appointed registrar for voting trust
-V. 131, p. 792.
certificates covering capital stock.
-Dividend.Bronx Fire Insurance Co., N. Y. City.
The directors have declared a quarterly dividend of $1.25 per share on
the outstandine stock, payable Nov. 15 to holders of record Oct. 31 1930.
-V. 130, p. 978.
-To Operate on Full Time.Bruck Silk Mills, Ltd.
According to an official statement made by President I. I. Bruck, the
company's plants at Cowansville, Que., will be placed on full time operation
as from Nov. 1. Last week operations were running about 70% of capacity,
this condition being due partly to the fact that the company concluded its
current fiscal year in October and Inventories were being taken down.
Mr. Bruck stated that the company is noticing a decided improvement in
sentiment just now, with an accelerating demand for silk piece goods, this
being helped by prevailing low prices for both the raw and finished materials.
The company, he says, is doing a very nice business at the present time and
bookings are showing a satisfactory increase.
With regard to inventories Mr. Bruck says that the forthcoming annual
financial statement will find these very substantially written down to a basis
which will correspond closely to the low prices for raw materials and he also
states that the actual volume of stocks on hand has been largely reduced.
The financial statement he expects will show the company's treasury position quite well maintained in the face of the difficult operations experienced
in the final five months of the fiscal year. Earnings have been affected
due to these conditions.
Mr. Bruck reports that the promise for the new Meal year is much
brighter and he feels that from now on the company's position will improve
progressively.
-V. 131, p. 792.
Brunswick-Kroeschell Co. of N. J.
-Proposed Merger.-V. 116, p. 2392.
See York Heating St Ventilating Corp. below.
-Earns.
Brunswick Terminal & Railway Securities Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
1929.
LiaMitttes1930.
1929.
Assets1930.
, 3,334,0031.54,278,234
Impts...icc.$1,462,640 $1,484,755 Capital stock
WI est.
2,439,000 2,137,597 Surplus
Securities
307,600
57,913_
113,425
156,847 Notes payable_ 300,000
Cash
Acets & notes rec_ 162.599
806,635
Georgia Man. &
TotaReach side) $4.191,916 54,585.834
14,252
Iron reorganien
-V.131. P. 1260.
Represented by 131,951 no-par shares.
For Income statement for three and nine months ended Sept. 30 see
'Earnings Department' on a, preceding page.
E. G. Grace. President, says:
Earnings during the third quarter of 1930, after docuting all charges and
-Earnings.Burco, Inc.
dividends on the pref. stock, were equal to $.63 per share on 3.200,000 shares
Ending Sept. 30 1930.
Earnings
ef the common stock outstanding during the quarter as compared with Cash dividends received for Year
$135,061
$1.86 per share during the second quarter of 1930, and $4.01 per share on Interest
143,734
received
2,400,000 shares outstanding during the third quarter of 1929.
16,871
Miscellaneous income
Operations averaged 54.6% of capacity during the third quarter as compared with 69.3% during the previous quarter, and 97.,% during the third
$295,665
Total income
Current operations are at the rate of approximately
quarter of 1929.
$16,685
Salmi's
31% of capacity.
Directors' expenses
1.096
President Grace also stated that business in the steel industry was not Statistical
1,701
Improving and that current operations were below the average for the third Transfer agents' and registrars' fees
12.973
Quarter. He said also there was nothing in sight to indicate an improvement Rent
1,500
in November and that the operations of the corporatism next month probably Federal and State taxes paid or accrued
14,3.50
would be less than in October.
Miscellaneous expenses
8.054
In commenting on the litigation to prevent Bethlehem from buying the Net loss on securities sold
9,083
Youngstown Sheet & Tube Co., Mr. Grace said recent rumors that the
suit would be dropped by the Youngstown minority were only gossip, The
Net income
$230,223
continuance of the court proceedings indicated that they were not true. Dividends paid
195,113
However, the trial was nearing its close and "the Youngstown situation
settled very shortly." he said.
should be
Earned surplus
$35,109
Orders on Bethlehem's books at the close of September were valued at
income
Note.
364,000.000, compared with $60,000,000 at the end of the second quarter tion of -The netin valueshown above is before providing for the depreciaof investments based on market value at Sept.
$3333,828
and $61,000,000 at the end of the September quarter last year. Unfilled 30 1930.-V. 130, p. 3166.
orders amounted to 446,000 tons on Sept. 30, against 454,000 at the end of
the second quarter and 556,000 at the close of the third quarter last year.
Burroughs Adding Machine Co.
-Obituary.
Mr. Grace said that the corporation expected to continue the maintenance of the present scale of wages.
Chairman Joseph Boyer died in Detroit on Oct. 24.-V. 131, p. 1718.
2900
FINANCIAL dHRONICLE
FoL. 131.
Bush T m.nal Co.(& Subs.).
-Earnings.
-
of those made in 1929, which was the largest in the company's history.
The amount of profit per dollar of sales for nine months is considered encouraging, resulting as it does from substantially lower list prices for our
products than obtained in 1929.
With the return of normal business conditions, these lower prices and
Increased sales effort now being exerted should result in enlarged sales volButler Mill, New Bedford, Mass.
-To Reopen Mill.
as the economies resulting from the consolidation of operating
The mill at Taunton, which has been closed since last March because ume, and and tractor manufacture at
Peoria work out in the immediate
of poor business will reopen next week, and within the next several days personnel
the normal force of about 150 persons will have returned to work. Better future, the rate of profit should inzrease.
the financial position
conditions in the fine cotton goods industry in New England have made it asIt will be noted that by the balance sheet. of the company is excellent,
is disclosed in detail
possible for the management to resume operations at the Taunton plant.
[The earnings statement for the nine months ended Sept. 30 1920 was
The Taunton mill produces yarns which are woven into cloth at the given in V.
131, p. 1683.1
Butler Mill, New Bedford. Sales of the products of the latter plant during
Balance Sheet Sept. 30.
September have been greater than at any time during the current year.
1930,
Throughout the entire industry there is a better feeling. It is believed
1929.
1929.
1930.
Assetsthat the success of the stabilization movement now under way, and its
Liabilities$
allied project, the General Cotton Corp., which proposes to strengthen Plant. equIp..&c_x21,153,100 17,386,835 Capital stock
y9,411,200 9,411,200
weak mills and thus avoid distress sales of merchandise, will bring the Cash in banks and
5
-year 5% cony.
bank time als.
Industry to a better position than it has enjoyed since before the war.
gold notes
10,000,000
of deposit
2,208,531 1,518,243 Accr'd int. pay__
The butler Mill management has accepted a compromise offer for settle69,644
15,742,100 15,835.760 Notes payable__
ment of its tax cases in Taunton, Mass., for 1928, 1929 and 1930 made Inventories
4,600,000
Oct. 27 during a conference between representatives of the management Notes & accts.rec_15,653,213 12,908,949 Aciets payable- -- 578,423 1,629,248
1
278,308 Prov. for Federal
and Mayor Hodgman of Taunton. The offer was based on the report of Patents
16,298
16,298 income tax
Fernald L. Hanson, Commissioner, who heard evidence in the case in- Investments
1.173,554
310,632
140,690 Accrued Payroll,
volving the 1927 taxes of this corporation, which materially reduced the Deterred charges.. 800,095
taxes and insur. 285,987
assessment of the Board of Tax Assessors. (Boston "Transcript.).
Capital surplus___15,318,296 15,596,603
V. 128, p. 405.
Total(each side) 55,573,338 48,085,085 Earned surplu.s_18,738,233 16,637,403
x After deducting $6,173,140 reserve for depreciation. y Represented
Butte Copper & Zinc Co.
-Earnings.
by 1,882,240 shares of no par value.
-V.131. P. 2701, 1425.
For Income statement for three and nine months ended Sept. 30 see
'Earnings Department" on a preceding page.
-V.131, p. 793.
For income statement for 3 and 9 months ended Sept. 30 1930 see
"Earnings Department" on a preceding page.
-V. 131, p. 1260.
Celotex Co.
-Asks Dismissal of Bill for
-Files Demurrer
Receiver Brought by William L. McFetridge.-
Buzza, Clark, Inc.
-Off Curb List.
Dealings in the old common stock were suspended Oct. 29 by the New
York Curb Exchange until further notice because of closing of the New
York transfer office. Injunction proceedings have been brought against
the company's proposed plan of reorganization and, pending the outcome
of these proceedings, the transfer office in New York was closed. Curb
rules require suspension of any stock which has no local transfer office.
v.129,p.3969.
Attorneys for the company, one of the defendants named in a bill filed
by William L. McFetridge in Superior Court of Cook County, Illinois,
asking the appointment of receiver for the company and alleging improper
management, has filed a demurrer asking dismissal on the grounds that the
complainant has not made such a ease as entitles him to any relief from or
against his bill and that the complainant has not diligently asserted or
enforced his alleged rights.
The demurrer states that the court has no jurisdiction to appoint a
receiver as the company is a Delaware corporation and that charges against
(A. M.) Byers Co.
-Obituary.
B. G. Dahlberg. President, are too vague and indefinite.
-V. 131. P.
Addison H. Beale, President died suddenly in Chicago on Oct. 28. 2541, 2384.
-V.131. p. 2701.
California Packing Corp.
-Definitive Debs. Ready.
-
Century Ribbon Mills, Inc.
-Earnings.
-
For income statement for nine months ended Sept. 30 1930 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet Sept. 30.
Assets1930.
1929.
1930.
1929.
Dividend Outlook.
Plant, equipt.&c: y$2,053,264 52,158,295 Preferred stock_ _.$1,263,100 $1,387,500
President R. M. Berthold, commenting on the company's outlook, said:
2,700
3,700 Common stock_ _ _x2,536,814 2,536,814
"The directors have not considered the matter of dividends. However, Investments
813
350 Note payable
1,300,000 1,300,000
it is my opinion that we shall continue to pay dividends due to the fact Treasury stock_ -361,724
469,160 Acceptance against
that we had on Feb. 28 1930 an earned surplus of 322,451,054. Our ship- Cash
92,833
ments and billings since March 1 1930 are ahead of last year. The pack Notes de accts. rec. 2,750,232 2,029,342 letters of credit_ 180,710
1,579,323 2,053.684 Accounts payable_
11,297
11,884
of canned fruits and vegetables was not affected by the droutht and due to Inventories
8,807
28,139 Cred. bal. Century
our increased packing facilities we have made heaviest pack of fruits and Other cure, assets.
Prepaid expenses.
31,451
31,471 Factors,1no
729,084
574,549
vegetables since company was organized."
-V. 131, P. 480.
Surplus
870,561
767,318
Definitive 10
-year convertible 5% gold debentures, due 1940, are ready
for delivery at the Bank of California, N. A., San Francisco, in exchange
for their interim receipts now outstanding. (See offering in V.131, 1). 480)
Calumet & Arizona Mining Co.
-Probable Merger.III[See Phelps Dodge Corp. below.
-V. 131, p.2384, 1719.
ato• "
Calumet & Hecla Consolidated Copper Co.
-Earns.
For income statement for 3 and 9 months ended Sept. 30, see "Earning
Department" on a preceding page.
-V. 131. p. 1900.
Campe Corp.
-Earnings.
-PeriodProfits from operations
General administrative and selling expenses
Interest paid
Provision for Federal and State taxes
Net profit for period
Preferred dividends
Common dividends
Year Ended Nov.11'28 to
July 31 '30. July 31 '29.
$712,981
$691.649
208,953
138,983
62,070
40,002
53,600
64,469
$388,357
155,310
260,000
Balance, surplus
def.$26.953
Earns, per share on 130,000 shs. corn. (no par)_
$1.79
Consolidated Balance Sheet July 31.
Assets1930.
Liabilities1929.
1930.
Cash
$690,597 $798,358 Notes payable_ ___ $658,500
Accts. de notes rec_ 1,074,917 1,115,787 Accts. pay. inc.
Advances to mills
sundry acruals_ 150,506
and others
1,625,440 1,713,542 Prov. for Fed. dr
Miscel. secur., &o..
14,486
13,388
State taxes
56,500
Inventories
1,060.238 1,325,310 634% conver. pref.
Land, buildings.
stock
2,315,000
mach'y & equip_x1,522,076 1,540,721 Common stock_ _ _ y1,300.000
Deferred charges to
Initial surplus
1,248,765
37,318
operations
47,058 Earned surplus
297,801
$448.195
121,875
3326,320
$2.51
1929.
$858,500
353,173
69,969
2,425,000
1,300.000
1,228,640
320,883
$6,025,071 $6,554,165
Total
Total
$6,025,071 $6,554.165
x After depreciation of $158,157. y Represented by 130,000 no par
shares.
-V. 129, p. 3804.
Canada Power & Paper Corp.
-Authorized to List Additional Common Shares by Montreal Stock Exchange.
-
Total
86,788,323 $6,774,141
Total
$8,788,323 $6,774,141
x Represented by 100,000 shares of no par value. dr After deducting
reserve for depreciation.
-V. 131, P. 2229, 1101.
Chain Belt Co.
-New Officer.
The directors have elected new officers as follows: C. F. Messinger.
formerly Sales Manager and Vice-President, as General Manager: II. S.
Greene as Sales Manager; Brinton Wader, formerly Secretary, as director
and Vice-President, and W. H. Brandt, formerly Assistant Secretary, as
Assistant to the President.
-V. 131, p. 943.
Cheney Bigelow Wire Works, Springfield, Ill.
Defers Preferred Dividend-Common Payment Also Omitted.
The directors recently voted (a) to omit the quarterly dividend ordinarily
payable about Oct. 1 on the common stock and (b) to defer the regular
quarterly dividend of 8734c. a share due on that date on the $3.50 cumul.
partic. pref. stock.
Previously the company paid quarterly dividends of 25c. a share on the
common stock.
-V. 130. P. 979.
Chicago Mill & Lumber Corp.
-Increases Capitalization.
The company has filed a certificate at Dover, Del., increasing the
authorized capital stock from $24,000,000 to 326,000,000.-V. 128, p. 2274.
-Earnings.
Childs Company.
-For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
L. E. Buswell, Treasurer, states that the company proposes to continue
its policy of modernizing its older stores and equipment, pursuant with the
Program established more than a year ago. "Under this policy, coupled
with newspaper advertising," Mr. Buswell states,"Childs Co. is meeting
the altered public taste which requires 'atmosphere' in eating places, as
well as good food attractively served."
-V.131, p. 2384.
-New Directors-Sales.
Claude Neon Lights, Inc.
The following new members have been elected to the board: William B.
Joyce (Chairman of the Board of National Surety Co.), Stanley F. Hamlin,
(of White dr Case), and Frederic Attwood, (Vice-President of the Ohio
Brass Co.). bringing the number of directors up to 14.
Sales for Three and Nine Months Ended Sept. 30. (Incl. Associated cos.).
1930-3 Mos.-1929.
Decreased 1930-9 Mos.-1929.
Increase.
$153.9851$13,002.331 $10,604.458 $2,397,873
$4,044,280 $4,198,265
- • 131. p.2702, 1901.
v
The Montreal Stock Exchange has authorized for listing of 303,750
additional (no par) common shares on official notice of issuance, bringing
the total to 1,521,750 shares. The additional stock is being issued in
connection with the absorption of the Anglo-Canadian Pulp & Paper
Mills by the Canada Power organization.
Under the teems of the merger, for each common share of Anglo-Canadian
Cluett, Peabody & Co., Inc.
-To Sell Subsidiary.
234 shares of capital stock of Canada Power will be exchanged. As of
Sept. 30, last, 128.517 Angie-Canadian common shares of the total outThe Warrendale Shirt Co., Ltd., a subsidiary, is in the
standing issue of 135,000 shares had been exchanged for 289,16334 shares sold to its managing director H. L. Warren of Montreal, 'Process of being
it is announced.
of Canada Power stock. The offer to exchange shares is in effect up to -V.131, p.634.
Dec. 1.
In addition to the common stock,80,000shares of $100 par 7% preferred
-Earnings.
Collins & Aikman Corp.
stock of Anglo-Canadian and 73,000,000 first mortgage debentures, which
are not affected by the merger agreement, are outstanding. (See also
For income statement for six months ended Aug. 31 see "Earnings
V. 130, 4247.)-V. 131, D. 2541, 1719.
Department" on a preceding page.
Current assets as of Aug. 313 1930 totaled 39,972,816 and current liabilities $887,973, a ratio of 11.2 to 1. In current asset account cash and State
-Merger Terms.
Carling Breweries, Ltd.
and short term municipal bonds totalling $2,170,945 are 2.4 times current
The stockholders have been asked to exchange their stock for shares of liabilities and in excess of all liabilities with the exception of capital and
the new Brewing Corp. of Canada, Ltd. Each 10 no-par common shares surplus.
of Carling Breweries, Ltd., will be given one no par preferred share and
Cash and tax exempt securities of 132,170,945 on Aug. 30 last compared
five no par common shares of the Brewing Corp. The offer must be with $922,082 on Aug. 311929. a gain of $1,248,863.
accepted by 75% of the outstanding shares by Nov. 29. Brewing Corp.
Inventories of $6,363,380 represented a decrease of $1,121,656 from the
preferred shares will carry cumulative dividends from Jan. 1
37,485,036 carried at the end of August 1929. Corporation has no bank
1931'
The Carling company has outstanding 160,000 no par shares of capital loans or funded indebtedness.
stock. The Brewing Corp., on completion of the merger, will have outPreferred stock outstanding August 30 1930 totaled 90,900 shares as
standing not exceeding 144,005 preferred shares and not exceeding 271,205 compared with 102,800 a year previously, a decrease of 11,900 shares.
common shares.
-V. 131, p. 2701.
-V. 130, p.4613.
-Proposed Merger.
Carrier Engineering Corp.
-V. 129, P. 2862.
See York Heating & Ventilating Corp. below.
-Larger Sales Volume for CaterCaterpillar Tractor Co.
pillar Tractor, Predicts B. C. Heacock, President.
Dealers' estimate of sales for the fourth quarter. in addition to orders
on hand, indicated that total sales for the year 1930 will be not far short
Colonial Beacon Oil Co.
-Equip Tr. Cfts. Called.
All of the outstanding 6% marine equip, trust ctfs., due 1931 to 1937,
incl., were called for redemption as of Oct. 15 last, it is announced.
-V.
131, p. 1426.
Colonial Stages.
-Buys Southern Bus Line.
-
The company has purchased the Georgia-Florida Motor Lines for
3750,000, it is stated, Nieuport Ested, President of the latter company,
Nov. 1 1630.]
FINANCIAL CHRONICLE
2901
will be made a Vice-President of Colonial Stages and General Manager of Pro Forma Consolidated List of Securities Owned by Company and Subs. Oct. 8.
its lines south of Chattanooga.
Colonial Stages will begin immediately a schedule of three runs daily (After giving effect to acquisition of securities the purchase of which was
authorized on Oct. 8 1930.]
between Cincinnati and Miami. See also V. 131, p. 2702.
No. of
No:Of
Shares.
Shares.
Colorado Fuel & Iron Co.
-Reduces Dividend Rate.
Public Utility Companies.
The directors on Oct. 29 declared a quarterly dividend of 11,400 The Brooklyn Union Gas Co. 1,177 Huntington National Bank of
Columbus. Ohio.
867 Fidelity Nat'l Bank dr Tr. Co.
25c. per share on the common stock, payable Nov. 25 to 4,859 126-200 Corporation Securities Co.
of Chicago (common).
466 Imperial Bank of Canada.
holders of record Nov. 10. In each of the three preceding
500 Foreign Lt.& Pow. Co.(2d pt.)
5,850 Manhattan Co.
2,000 Foreign Lt. & Pow. Co.(corn.).
200 National City Bank of N.Y.
quarters a regular distribution of 50c. per share was made.
4,858 2-200 Insult Utility Invest., Inc.
302 Ohio State Bank & Trust Co.
50,000 Internat. Paper & Pow.Co. A
(Akron).
Earnings.
196.400 Internat.
Co.,
For income statement for three and nine months ended Sept. 30 see 335,700 Internat. Paper & Pow.Co.,B. 10,888 Union Trust Co.(Cleveland,O.)
Paper & Pow.
Foreign Investments
C.
"Earnings Department" on a preceding page.
-V. 131, p. 2384.
403,053 Lehigh Coal & Navigation Co.
German
3,500 Niagara Hudson Power Corp. 550,000* Deutsche Bank & Disc:onto
15,000
Gesellschaft.
Columbian Carbon Co.
-Extension of Voting Trust to 416,212 St. Lawrence Corp.(cony. p1.).
United Light & Power Co., B. 100,000' Humburgisehe Eleetrieitats
Nov. 1 1935
-New Certificates Authorized for the List.
Iron and Steel CompaniesWerke A. G.
The New York Stock Exchange has authorized the listing of voting trust 349,554 Cliffs Corp.(common).
638,000* 1,0. Farben-Industrie A. CI.
136 Cliffs Corp., vot. trust. Ws.
certificates extended to Nov. 1 1935 for 498,505 shares of capital stock (no
Italian
1,000 Inland Steel Co.
par value) on official notice of issuance in exchange for present outstanding
8,782 Societe Merldionale DiXlectrt206,777 Republic Steel Corp. (corn.).
voting trust certificates which expire Nov. 11930.
cite (Meridionale).
The present voting trustees are F. F. Curtze, Edwin Binney, C. Harold
3,243 Wheeling Steel Corp.
24,100 Societe Generale Per L'IndosSmith, Reid L. Carr and W. T. Perkins, and the depositary is Guaranty
62,796 Youngstown Sheet & Tube Co.,
tria Mineralle erl Agricola
Trust Co. of New York.
certificates of deposit.
(Montecatinil.
4,100 Youngstown Sheet & Tube Co., 8.000 Societe Generale Electricita
Non-assenting holders of voting trust certificates under the terms of the
voting trust agreement may receive certificates for capital stock of the
unstamped stock.
Dela Sicilia (Seso).
Rubber Companiescompany on or after Nov. 1 1930.-V. 131, p. 2384, 2070.
Suncirr156,700 Firestone Tire & Rubber Co.
1,500 Cleve. Provision Co. (1st PO.
113,900 B. F. Goodrich Co.
7,125 Cleve. Provision Co. (corn.).
Commonwealth Discount Corp.
-Transfer Agent.
96,800 Goodyear Tire & Rubber Co.
7,000 Eaton Axle & Spring Co.
The Chase National Bank has been appointed transfer agent for the
582 Goodyear Shares, Inc.
3,700 Gabriel Snubbers Mfg. Co.. A.
$2 CUMU. cony. pref. and common stocks.
110,300 United States Rubber Co.
5,500 Hazel-Atlas Glass Co.
Paint Companies40.000 Harbison Walker Rehm.Co.
Conduit Co., Ltd., Toronto.
-To Recapitalize.
40,000 Devoe & Reynolds Co., Inc., A
3,405 Interlake Steamship Co.
73,150 Sherwin-Williams Co.
450 James MacLaren, Ltd.
The stockholders on Oct. 28 approved a Plan of recapitalization.
Bank StocksThe proposed new authorized capitalization is the same as previously
9,600 National Acme Co.
16,800 Bancohlo Corp.
1,000 National Refining Co.
with 2..500 shares of 7% pref. stock of $100 par value each and 60.000 com2,633 Dank of Nova Scotia.
1,000 Perfection Stove Co.
mon shares of no par value. The new preferred however will be redeemable
406 Bank of Nova Scotia(70% pd.)
Syndicate Participations:at 105 as against 110 for the present issue.
500 Bank of Toronto.
Ohio Industries
Holders of the common stock of record Oct. 31 will be paid for each
$12,000
3,500 Canadian Bank of Commerce. Libbey-Owens Secur. Corp_
share the sum of $2.50 in cash, one share of the new common stock and
250,000
621 Central United National Bank. Iron and steel Companies
617,500
1-24 of a share of the new pref. stock. If this should work out fractionally,
3,552 Cleveland Trust Co.
Utility Companies
138,000
the company will adjust with a cash premium on the basis of the preferred
2,625 Contin.-Ill. Bank & Trust Co. Cleve. Cliffs Iron Co.(pref.)
269.000
being valued at $100. The company as at Feb. 141930. had 1,085 shares of
1,526 Dollar First National Bank
preferred and 60,000 common shares outstanding. The old 7% pref.
(Youngstown. Ohio).
Miscellaneous$1,286,500
stock has been called for redemption as at Dec. 31 1930 at 110 and int.
649 Dominion Bank.
Securities and syndicate par-V.125. p. 1329.
772 Guaranty Trust Co. of N.Y.
ticipations_x
58,478,770
480 Harris Trust & Savings Bank,
Continental Oil Co.
-Earnings.
Chicago.
Total_
$145,363,467
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
* Par value in reichsmarks. x Syndicates are taken at their market
Department" on a preceding page.
values as of Sept. 30 1930.
Consolidated Balance Sheet Sept. 30.
For income statement for nine months ended Sept. 30 1930 see "Beam.
Assets1930.
1929.
1930.
1929.
ngs Department" on a preceding page.
Fixed assets_ x107,253,141 110.710,785 Cap.stk.ds surpy151,410,551 149,530,110
Adjusted Balance Sheet (Including Subsidiaries).
Invest. & adv_ - 25.076.983 21,624,738 Funded & longBased upon balance sheet as of Sept. 30 1930, adjusted to give effect to
Cash
14,701,791 16,639,709 term debts___ 27,853.748 34,815,140
the following (a) Receipt on Oct. 7 and 9 of $24,272,376 from the sale of
Marketable sec- 3.712,688 1,141,425 Fixed °Wig. due
Bills & accts. reo 7,878,118 11,183,894 6 months_ ___ 1,691,349
704,623 securities and application thereof to reduce notes and accounts payable
Crude oil
18,556,761 18,016,862 Bills & accts.pay 5,260,188 8,189,337 (b) Purchase of securities in the aggregate amount of $56.958.409 and
Refined products 10,330,331 10,598,917 Misc.acer. items 1,335,127 1,580,429 Payment for same by incurrence of $35,000,000 of indebtedness and issu-Materials St sup: 1,301,276 2,905,288 Min. Interests:.
522.670
702,393 ance of 990,000 common shares of Continental Shares, Inc.• and delivery
Miami!. seer. dr
Res. for conting 1,589,941
1,237,552 of 50,000 shares of treasury stock, of which approsdmatefy 3,100 have
demand loans
121,253
133,333 Res.for annuities
495,879
495,878 been purchased subsequent to Sept. 30 1930, at current market prices.]
Deferred charges 4,227,111
4,300,511
Liabilities-AssetsTotal(ea.side)193,159,453 197,255,462 Cash
$2,800,246 Notes payable to banks
5,898,022 secured
x After depreciation, depletion and drilling costs. y Represented by Notes and accounts reedy
$35.000,000
Investments at cost: SecuriAccounts Payable:
4,743,103 no par shares.
-V. 131, p. 2541.
ties and syndicate partic_ 175,594,681
To brokers-secured
4,937,093
Continental Shares, Inc.
Sundry
10,149
-Listing of 990,0(10 Additional Treasury stock and unpaid
subscr. to common stock_
Reserves
2,956,144
Shares of Capital Stock Approved-Acquisition of Additional Accrued diva,on secur. held 2,699,887 Preferred and accruals
stock
333,907
a39,822,900
Securities.
27,528 Common (no par value)____ b8,524,164
Prepaid expenses
Founders' shares (non-vol.)
c10,000
The New York Stock Exchange has authorized the listing of 990,000
Paid in surplus
82,344.304
additional shares (no par) common stock on official notice of issue in con$187,354,271 Earned surplus
Total (each side)
13,749.516
nection with the acquisition of certain securities. The total amount of
a Preferred stock, authorized 260,000 shares; issued (6% cumulative)
common stock applied for is 3,696,317 shares. The 990.000 additional
shares of common stock will be, when issued, full paid and non-assessable, original issue 30,000 shares. $3,000,000;series 128,229 shares,$12,822,900.
Convertible preferred (6% cumulative) Authorized and issued, 240,000
with no personal liability attaching to the holders thereof.
shares, $24,000,000. b Represented by 3,409,6653 shares. c Represented
Purpose of and Authority for Issue.
by 10,000 shares.
-V. 131. D. 2702. 1570.
The corporation has acquired the following securities pursuant to resolutions adopted by the board of directors at a meetinsc held on Oct. 8 1930:
-Earnings.
Cooper Bessemer Corp.
*Market
No. of
Price
For income statement for nine months ended Sept. 30 1930 see "Earnings
Total
Shares.
American Bank Stocksper Share. Market Value. Department" on a preceding page.
-V. 131, P. 1902.
1,800 Bancohio Corp
$35.00
$63,000
621 Cent. Un. Nat'l Bank (Cleveland, 0.)
66.00
40,986
Corn Products Refining Co.
-Earnings.
1,844 Cleveland Tr. Co. (Cleveland, 0.)
385.00
709,940
For income statement for nine months ended Sept. 30 see "Earnings
867 Fidelity National Bank & Trust Co.
(Kansas City, Mo.)
-V. 131, p. 2702.
250.00
216,750 Department" on a preceding page.
3,600 Union Trust Co. (Cleveland, O.)-74.50
268,200
Canadian Bank Stocks
800 The Bank of Nova Scotia
500 The Bank of Toronto
3,500 The Canadian Bank of Commerce_
649The Dominion Bank
466 Imperial Bank of Canada
$1,298,876
320.00
238.00
240.00
228.00
235.00
Steel Stocks
84,351 Cliffs Corp
$115.00
4.888 Republic Steel Corp
24.00
44,646 Youngstown Sheet & Tube Co., certificates of deposit
120.00
1,100 Youngstown Sheet & Tube Co., unstamped stock
99.00
Rubber Stocks
126,950 Firestone Tire & Rubber Co
93,800 The H. F. Goodrich Co
40,000 United States Rubber Co
Utility Stocks
Corporation Securities Co. of Chicago
insull Utility Investments, Inc
International Paper & Power Co.. A.
International Paper & Power Co., B_
International Paper & Power Co., C_
:lames MacLaren, Ltd. (Bucldngham,
Quebec)
394,987 United Light & Power Co., B
4,859
4,858
25,000
171,400
251,000
450
Sundru Stocks
9,600 National Acme Co
3.100 Sherwin-Williams Co
$192,000
119,000
840,000
147.972
109,510
$1,408,482
$9,700,365
117,312
5,357.520
108.900
$15.284,097
$16.00
18.625
14.50
$2,031,200
1,747,025
580.000
$4,358,225
$20.00
50.00
11.25
6.00
5.00
500.00
78.875
9.25
76.00
$97,180
242,900
281,250
1.028,400
1,255.000
Crosley Radio Corp.
-Earnings.
-
For income statement for six months ended Sept. 30 1930 see "Earnings
Department" on a preceding page.
-V. 131, p. 2384.
Crown Cork International Corp.
-Earnings.
For income statement for six months ended June 30see "Earnings Department" on a preceding page.
-V.130. D.3548.
Cuba Co.
-New President, &c.
An election of officers of The Cuba Co. and Compania Cubans, H. C.
Lakin announced his retirement as President in order to devote his entire
time to his law practice, he having become a partner in the firm of Wing
and Russell of New York City. Mr. Lakin was re-elected general counsel
of The Cuba Co. and its subsidiaries, Consolidated Railroads of Cuba. The
Cuba RR. Co., Cuba Northern Rys. and Compania Cubans, and will
continue as a director of these companies and one of the voting trustees of
the common stock of Consolidated Railroads of Cuba.
Horatio S. Rubens was elected Chairman while F. Adair Monroe. Jr.,
succeeds Mr. Lakin as President, of the Cuba Co. and Compania Cubans.
The board of directors of The Cuba Co. has been enlarged by election of
George E. Devendorf. F. Adair Monroe, Jr., E. R. Tinker and George D.
Woods.
-V. 131, p. 1888.
Deere & Co., Moline, 111.
-Stock Dividend.
The directors have declared the regular quarterly dividend of 30c. a
share on the no par value common stock, payable Jan. 2 to holders of
record Dec. 15.
The directors also declared a 1%% stock dividend on the common stock,
payable
regular quarterly
"
225,000 dividendon Jan. 15 to holders of record Dec. 15 and the Dec. I to holders
31,154,599 of record of 1 .14% on the preferred stock, par $20, payable
Nov. 15.
Like
$34.284,329 ago. amounts were declared on the respective issues three and six months
-V. 131, p. 794.
$88.800
235,600
Deisel-Wemmer-Gilbert Corp.
-Earnings.
For income statement for three and nine months ended Sept. 30 see
$324,400
"Earnings Department" on a preceding page.
-V.131, p.794.
$56,958,409
Grand total
*Market price as of Oct. 8th.
Detroit Aircraft Corp.
-New President-Bookings, &c.
The above securities were acquired at a valuation of $56,958,409, which
was the market value as of Oct. 8 1930. payment to be made as follows
The directors have accepted the resignation of Edward S. Evans as
$35,000,000 in cash and the balance in the shares of the common stock of President of the company, and elected P. R. Beasley, of Detroit, to sucthe corporation, on the basis of the asset value thereof, through the issu- ceed him.
ance of 990,000 shares of the common stock and delivery of 50,000 shares of
In making the announcement, Cnairman Frank W. Blair, stated, "Mr.
treasury stock.
Evans tendered his resignation some time ago to enable him to devote more
2902
FINANCIAL CHRONICLE
time to the Evans Auto Loading Co. to become effective as soon as the consolidation of the manufacturing activities of the various subsidiaries in
Detroit had been completed. This has now been accomplished with all
Ryan production activities centered here, and efficient manufacturing
facilities for the Metal Lockheed. and Eastman Amphibian provided. Mr.
Evans has been elected Chairman of the executive committee of the board
and will continue to take an active part in tile management ofthe company."
Toe new President will assume office Nov. 1, with James Work remaining
as Vice-President and General Manager.
Mr. Evans, in his final report to the board, stated in part,"The corporation is in the best position since its organization, with unfilled orders on
band amounting to $1,119,840. It is interesting to note that in the peak
months of the depression, the company experienced its best months.
Commercial orders received in the first 24 days of October totalled $141,240,
the largest business booked in any 30 day period since the company started
business.
"Tne first contract for Detroit Lockheeds for the Army has been completed and the ships delivered, and production work on the 32 bombing
planes for the Navy is well under way with the first delivery scheduled in
January. This work combined with present and prospective commercial
business will keep the Detroit plant running at its present capacity through
the winter months with a considerable increase in production in the spring.
"Deliveries to date in 1930 total 110 planes having a gross value of
$720,430, with unfilled orders for 44 more planes on hand. This is the
largest amount of business that we have ever had on the books. While the
general business depression and conditions peculiar to the aviation industry
will make it impossible for us to show a profit this year, we have completed
the consolidation of our various subsidiaries and have introduced economies
in production and management which will eventually put the company on a
profitable basis."
-V. 131, p. 2702.
(Vol. 1.31.
1930. Such dividend will be paid only upon presentation to the Atlantic
National Bank of Boston, 10 Post Office Square, Boston, Mass., of the
certificates of common stock for proper notation thereof of the payment of
the liquidation dividend. With the two previous dividends paid by the
American Glue Co. out of surplus and totaling $55 per share, the current
declaration brings the total distributions to common stockholders to $85
per share.
A first and final dividend in liquidation upon the preferred stock outstanding at the close of business Oct. 31 1930 will be paid at the rate of
$100 per share, upon surrender to the Atlantic National Bank of Boston
of all certificates of stock representing the shares so paid in full.
-V. 131.
p. 2703, 2230.
Electric Shareholdings Corp.
-Omits Stock Dividend.
-
The directors have declared the regular quarterly dividend of 25 cents
per share in cash on the common stock and the regular quarterly dividend
of 1-20th of a share of common stock (or $1.50 per share in cash) on the
preferred stock, both payable Dec. 1 to holders of record Nov. 5. On
March 1, June 1 and Sept. 1 last, the company paid regular quarterly
dividends of 25 cents per share in cash and 1% in stock on the corn. stock.
Preferred stockholders desiring cash should notify the company by
Nov. 15.
President L. E. Kilmarx, Oct. 30, says:
"The net assets of the corporation on Oct. 29 1930, with securities taken
at closing market prices on that date, were equivalent to $234 for each of
the 195,500 shares of no par value $6 pref. stock outstanding and after
deducting the $6 pref. stock at its stated value of $100 per share) $17.16
for each of the 1,532,629 shares of com,stock outstanding. Over 95% of the
assets continue to be represented by leading American public utility corn.
stocks.
On Oct, PO 1930, the sororities of the corporation had a market value of
Detroit & Canada Tunnel Co.
-Opens This Week.
$4 T)52410 compared with a book value (less reserves) of $47,892,907,
Berries, Rawls & Donaldson, Inc.. in an advertisement, says in part:
indicating an unrealized depreciation of $1,840.497. On Sept. 30 1930, the
Completion of Detroit & Canada Tunnel seven months ahead of the time balance sheet showed operating surplus of $1,375,469 and capital surplus of
provided in the original financing program produces just that many months $7,191.454.
of extra revenue.
"During the nine-months period ended Sept. 30 1930.
corporation
Actual costs of construction, under contracts which guaranteed maximum received cash dividends and interest of $702395: regular the
dividends
costs, were over $900,000 less than the amounts guaranteed, adding mate- amounting to $2,356,213, based on market prices following stock
dividend record
rially to the company's cash balance.
dates: $693,528 profits from sale of securities, and
Bus equipment used in the rapid transit service operated by the Tunnel sale of rights. The stock dividends and proceeds of$362.540 proceeds from
rights are being carried
company, was also paid for out of construction savings.
as a reserve against investments, in view of the existence of unrealized
Existing traffic between Detroit and Canadian Border Cities, awaiting depreciation in market value of the portfolio below book value. Interest,
relief from delays, already exceeds 20,000,000 passengers and 2,000.000 expenses and taxes for the period amounted to $213,611.-V. 131. p. 278.
vehicles yearly, and indicates the volume of initial business.
1263.
This, the world's only privately owned vehicular tunnel, is the property
of over 5.000 stockholders, who will participate in the profits of its operaFederal Cement Tile Co., Chicago.
-Acquisition.
tion.
The company has acquired the American Cement Tile Manufacturing
Tunnel traffic is cash business-tolls and bus fares. Additional revenue
will be derived from concessions and developments of six acres of company- Co., it is announced. Executive and general offices will be at Chicago,
with additional sales offices in New York, Philadelphia. Pittsburgh, Detroit,
owned downtown real estate.
Because of low operating and upkeep charges, vehicular tunnels, such as Boston, Buffalo, Birmingham and other cities. Plants are at Hammond.
the Holland Tunnel, have retained as net earnings as high as 75% of gross Ind.. Lincoln, N.J., Wampum,Pa., and Birmingham, Ala.
It is proposed to name the company the Federal-American Cement Tiler()
Income.
The Tunnel company holds a valid 60
-year franchise for construction
and operation of vehicular tunnels between central downtown Detroit and
Finance Service Co.
-Balance Sheet June 30.'the Canadian side. As the growth of this territory necessitates. additional
tunnels may be constructed. See ako V. 131. p. 2702.
Assets1930.
1929.
Liabilities-1929.
1930.
Furniture & fIxt's. $32,103
$32,409 Colltr.notes pay.y$1,553,000 $2,877,000
Cash
387,404
466,975 Feel tax reserve__
12.767
Detroit Majestic Products Corp.
22.808
-Omits Dividend.
xNotes receivable_
The directors have decided to omit the quarterly dividend which ordinarily Net adv. to ewes. 2,873,629 3,087,108 heave for divs, on
preferred stock_
1,432
1,449
would have been payable about Nov. 15 on the class B common stock of noOn waits reedy.
Depretrn reserve__
19,259
16,326
par value. From Aug. 15 1929 to and Including Aug. 15 1930. the comdiscounted
z157,565 1,283,682 Unearned corm's. 141,857
pan y paid quarterly dividends of 20c. per share on this issue.
-V. 131. Acerd Int,on notes
Coating., &c., res_
164,915
P. 2071.
receivable
245
4,986 Pref. 7% cum.stk. 245,550
248,480
Int. pald In adv
18.969
29,101 Class A corn,s ook 622,920
624,920
Dexter Co.
-Earnings.
Class B corn stock 200,000
200,000
Paid In surplus__ 384,165
385,405
For income statement for three and nine months ended Sept. 30 see
Totaileach side) $3,470,216 $4,904.263 Earned surplus___ 289,268
362,958
'Earnings Department" on a preceding page.
-V. 131. p. 794.
x Secured by assignment of conditional sales contracts amounting to at
least double the amount of these notes. y Secured by $2,618,046 of notes
Diamond Match Co.
-New Directors.
receivable and $185,545 face value of accounts receivable. z After deWm. Wrigley, Jr., and B. C. Snead have been elected directors, succeed- ducting $70,832 reserve withheld, &c.
-V.131, p. 1103, 795.
ing M. G. Begle, resigned, and William R. Begg, deceased.
Earnings.
For Income statement for 3 and 9 months ended Sept. 30 1930. see "Earnings Department" on a preceding page.
-V.131. P. 2703, 2542.
Dominion Stores, Ltd.
-Earnings
-Sales.
An official statement says:
Net earnings for the nine months ended Sept. 30 1930, after all charges,
including provision for Federal income taxes, were $348.009, which is
equivalent to $1.25 per share upon the present outstanding capital of
277,715 shares of common stock without par value. As the cash dividend
requirements of the company for the entire year at the prevailing rate of
30c.er quarter amount to $1.20 per share, this dividend has already been
moret
han earned In the first nine months for the full year. There still
remain what are ordinarily the three best operating months of the year.
These net earnings compare with net earnings for the same Period in
1929 of $375,519, equivalent to $1.35 per share on present capitalization.
Sales for September were $1,702.309, as compared with sales of $2,048.077 for Sept. 1929. This unfavorable comparison in volume arises from
the fact that September last year showed abnormal volume, owing to it
having been conducted as a month of special sales. Despite the lower
volume, net profits for September this year were greater than for September 1929.
Total sales for the first nine months of 1930 amount to $17.927.578, as
compared with $18,314,833 for the first nine months of 1929, a decrease of
2.1% only, In spite of the marked decline in commodity values. It Is to
be noted, therefore, that tonage has been more than maintained during a
period in which the purchasing power of the general public has been reduced.
company continues to maintain its strong liquid position, having no
bank advances, and has surplus cash on call loan and in sayings deposits
of $1,250,000.
Sales for Month and Nine Months Ended Sept. 30.
Decrease.
-Month-1929.
Decrease.' 1930-9 Mos.-1929.
iv 1930
$1,702,309 $2.048,077
$345,768 1$17.927,576 $18,314,633 $387,057
I- [For income statement for 3 and 9 months ended Sept. 30, see "Earnings
Department" on a preceding page.[
-V. 131. D. 2703.
r
First American Bancorporation, Inc.
-New Director.
-
Henry C. Nicholas, for 20 years an executive of Harris, Forbes & Co. and
Rex. N. Young, of Freeman, Hillmond & Young, investment bankers of
Dallas, Texas, have been elected to the Board a DIrectors.-V. 131, p.
1572, 1428.
First National Stores, Inc.
-Dividend Outlook.
Concerning the probable dividend action at the next meeting of the
directors, Treasurer C. F. Adams stated* "There is no doubt that our
regular dividends will be declared on both the common and preferred
stocks. No change is anticipated or warranted."
-V. 131, p. 2386, 1721.
Ford Motor Co., Detroit.
-No Major Changes in Present
Car Planned.
The company plans to carry on indefinitely with the present Model A,
without any major change, according to President Edsel Ford.
In a letter to dealers he says in part: "We shall continue to improve
quality in every way possible, but no major changes In the car or truck
are contemplated. In fact we look forward to the day when the 30.000,
000th Model A will come off the line.
"We have the utmost confidence in the future of business, particularly
of our own business and that of our dealers. We are in the midst of the
greatest expansion program in our history, spending millions of dollars
this year in building new plants throughout the world, and planning to
spend millions more next year. Theis plants are being tooled to produce
Model A cars and AA trucks."
-V. 131. p. 2386, 1721.
Franklin Bond & Mortgage Co., Louisville, Ky.New Trustee.
The Liberty Bank & Trust Co. of Louisville, Ky., has been appointed
successor trustee to the Louisville Trust Co. under indenture of March 1
1927 securing first mortgage collateral trust gold bonds.
(H. H.) Franklin Mfg. Co.
-Defers Pref. Dividend.
-
The directors have voted to defer the regular quarterly di',ilend of $1.71
due Nov. 1 on the pref. stock.
In announcing the omission of the pref. dividend, President H. H.
A. 11. Carr has been elected President, succeeding D. P. Carey. Mr.
Carey recently resigned to become President of Beicling-Hemingway Co. Franklin, stated:
"In view of the business conditions which have prevailed during the past
of New York.
and in consideration of the
tv Mr. Carey was also made Chairman of the Durham Hosiery Mills board 14 months plans. this action was taken. expenditures necessary for our development
As the pref. dividends are cumula-V. 131, p. 795. tive,
andiD. P.$Dubols, of Baltimore, was elected Treasurer.
the omitted dividend will be the first to be paid.
"Business expectations for 1931 have been indicated as favorable by
Dwight[Manufacturing Co.
-Balance Sheet.Franklin distributors attending the annual conference in Syrachse, ending
Tuesday. Outline of the. company's future program and display of latest
May31 '30. May25'29. Liabilities-- May31 '30. May 25 '29. models were enthusiastically received. Increased factory
Asadaactivities have
$506,792Accept. payable_ $247,215 .$778,532
Cash
$652,997
been started promptly to meet the greater demand."
-V, 131. p. 1572.
Accounts rec.__ 921,095 1,329,574 Notes payable... 2,150,000 2,750,000
2,924,400 4,208,504 Accts. Pay. &
Inventories
accrued items_ 248,106
Fraser Companies, Ltd.
-To Authorize Bonds.
276,748
Mtge., notes &
53,562
39.126
95,930 Deferred creditsloans received_
95,430
shareholders will be held Nev. 4 to vote on
A specir.! general meeting
563,188 authorizing X30,000,000 ref. of
147,071 Res. for depreo_ _ 768,234
Def. charges. &e_ 166,472
mtge. and coll. trust bonds. Notice says that
6,000.000 6,000,000 only $5,000,000 of bonds are to be issued now, the
Capital stock _ _
Real estate & maremainder to be made
780,538 available for
4,158,526 4,424,280 Capital surplus__ 780,538
chinery
490,417 sidiarics.-V. eventual refunding of debt of this company and its sub1,316,300
Deficit
131, p. 1572.
/11
- ;MI •
-New Directors-Earnings.
General Alliance Corp.
$6,916,919 $10,712,151
Total
$8,916,910 $10,712,151
Total
Joseph P. Blair, a director of the Southern Pacific Co. and until last
-V.129, p. 2235.
year General Counsel for the companies of the Southern Pacific RR.system.
has been elected a director of the General Alliance Corp. He Is also a diof
Western
Eastern Equities Corp.(formerly American Glue Co.). rectorN. the Louisiana has been RR. and the Rockaway Pacific Corp.
R.
elected a director. He is Vice-President
Chilson also
Dividend in Liquidation.
- 30
and director of the J. G. White Engineering Corp., and among other
dividend in liquidation upon the common stock at the rate of official positions Is director of the Freeport Texas Co., Public Industrials
IMAM
Corp., The Engineers Corp., and the Hightstown Rug Co.
. etc eh (vein be paid$Nov. 1 to common stockholders of record Oct. 29
-New President, &c.
Durham Hosiery Mills.
-
Nov. 1 1930.]
l '" • • •••
FINANCIAL CHRONICLE
2903
The corporation for the first half of the current year, on the basis of the
combined operating results of the General Reinsurance Corp. and North
Star Insurance Co., after giving effect to underwriting results according
to the official insurance department statements, after the valuation of
securities according to market prices as required by the insurance department rules, and after taking in miscellaneous income from other General
Alliance Corp. investments, showed a net balance .pproximately 32%
greater than the current dividend requirements.
For the nine months to Sept. 30 1930, dividend requirements were
approximately 51%% of combined earnings from investments of General
Reinsurance Corp. and North Star Insurance Co. alone.
North Star gross written premiums were somewhat less in the first nine
months of 1930 than the corresponding period last year. due to a general
falling off of fire insurance premiums throughout the country. On the
other hand General Reinsurance Corp. gross written premiums on current
business for the first nine months of this year were more than $688.000 in
excess of the same period last year, and were the largest in the history of
the company for any similar period. Underwriting results for the third
quarter cannot yet be accurately stated, because in the case of reinsurance
companies it is not practicable to make definite computation of the official
underwriting results of the third quarter until about the middle of November.
-V. 130. p. 2974.
In causing the company to impair its capital for the purpose of purchasing
Its own stock and that an order be made requiring each of the individual
defendants to refund to the Gillette Co. the amount ascertained as repro.;
smiting said damages.
6. That a decree be made authorizing the plaintiffs in the name and on
behalf of the defendant Gillette Co. to institute such litigation if any as
may be necessary in any other jurisdiction for the purpose of enfo
any of the rights of said Gillette Co. against any or all of the individ
defendants and that the individual defendants be enjoined and restrained
from in any way interfering with such proceedings.
7. For such other and further relief as the plaintiff may be entitled to
and the Court may deem fit.
The plaintiffs in the bill in equity brought against Gillette Safety Razor
Co. and individual directors are Philip N. Jones; Philip N. Jones and Jerenaiah H. Jones, executors under will of Boyd 13. Jones; William G. Thomp.
son, trustee: Romney Spring, Mrs. Etta Blinn. Maida H. Solomon, Harry
0. Solomon. trustee, Mortimer C. Gryzanish and Reuben 0. Gryzmish.
They own altogether 1,986 shares of Gillette stock.
Defendants in the case are Gillette Safety Razor Co.and John E. Aldred,
Maurice J. Curran, Frank J. Fahey. Henry J. Fuller, John Gaston, King
0. Gillette, Bradley W. Palmer, Thomas W. Pelham. Philip Stockton,
Ralph E. Thompson and Channing M. Wells.
Declaration states that the plaintiffs are and for a long time have been
shareholders of Gillette Go. and until shortly before filing of this bill did
General Cigar Co., Inc.
-Earnings.
not know of the wrongs complained of, and none of them have consented
For income statement for 3 and 9 months ended Sept. 30 see "Earnings to or ratified any of the said wrongs. It, is alleged that they are bringing
Department" on a preceding page.
-V. 131. p. 946.
this suit to enforce certain liabilities which they are informed and believe
have been accrued in favor of the company against certain of Its directors,
which claims said directors of the corporation itself have failed and neglected
General Electric Co.
-Adds to Activity.-V. 131, p
' Production schedules have been materially increased at the Wesleyville and declined to prosecute although duly requested to do so.
2704, 2544.
(Erie. Pa.) plant with total employment well over 6,000
-mark, according
to H. R. L. Emmet, works manager. Alterations have been completed
Gleaner Combine Harvester Corp.
-Earnings.
at the factory for the manufacture of metal containers for the electric
refrigerator, construction of which will be concentrated at the local plant. Income, Expense and Surplus Account for the Period from Aug. 15 1920 to
Several important railway engine and equipment orders have been booked,
Aug. 31 1930.
destined to keep the plant at Erie in operation at close to capacity well
$6,845.650
Into 1931. Current employment is nearly up to level of a year ago. By Net sales
4.069,479
the turn of the year, the company expects to have more than 7,000 on the Cost ofsales
Service expenses
134,171
-V. 131, p. 2543.
payroll.
Selling expenses
682,310
General and administrative expenses
199,195
Miscellaneous charges paet)
General Fireproofing Co.-Earnings----Dividend.153,592
184.857
President George C. Brainard stated that earnings during the third Provision for Federal and State income taxes
quarter and during the first half of October were considerably above
Net income
$1,422.048
dividend requirements. The common stock pays $2 annually. The comSurplus as at Aug. 15 1929
1,149.090
pany does not issue quarterly reports.
Net deficit for period from Aug.15 1929 to Aug.31 1929
Operations at the company's plant are at 75%•
15,399
Mr. Brainard added: "We have recently started the manufacture of
surplus
Total
$2.555,737
aluminum office chairs which department is running full and demand
exceeding expectations. We are now the only manufacturer of metal office Dividends declared
800,000
furniture with a complete line including chairs."
-V. 130. p. 2591.
Surplus at Aug. 31 1930
$1,755 737'
Earnings per share on 400.000 abs. capital stock (no par)
General Refractories Co.
-Omits Extra Distribution.
-
The directors have declared the regular quarterly dividend of $1 a share
payable Nov. 25 to holders of record Nov. 10. In each of the four prowling quarters, a regular of $1 a share and an extra of 25c. a share were
paid.
Earninss.-For income statement for three and nine months ended
Sept. 30 see "Earnings Department" on a Preceding page.
In his message to the directors, Burrows Sloan, President states that
that both shipments and orders during the third quarter of this year were
slightly in excess of those for the same period of 1929. and that unfilled
orders upon the company's books at the beginning of the fourth quarter
were 99% greater than they were on Oct. 1 last year.
The decrease of 84 cents a share In the third quarter earnings 88 compared
with a like 1929 period Is due mainly, he stated, to the fact that owing to
the acquisition of five additional plants during this year. the•comPany is
now carrying interest charges on loans whereas last year during the same
period the company had no interest charges whatsoever.
The company, likewise, he pointed out, received an appreciable Income
from investments, which has been suspended during 1930, but which, It is
anticipated, will be resumed in the near future.
Commenting on the nine months earnings. Mr. Sloan stated that in view
of the adverse conditions existing in business generally during this year.
the decrease of only 26 cents per share is considered encouraging.
-V.131.
P. 1572.
Balance Sheet Aug. 311930.
Liabilities
Assets
2715,661 Loan. secured by trade accept.21,332.696
Cash
Trade acoeptencee payable__
Customers' accounts & trade
26,467
3,355,720 Accounts pay.& aces expenses 603.011
aoceptanoes receivable
188,741 Dividends declared
Notes receivable
200.000
Misoell accounts receivable....
7.848 Reserved for quantity discounts
1,131,144
Inventories
due dealers
105,094 Prev. for Federal and State
Advances to employees and
23,469 income taxes
other sects. & notes reedy
261,991'
Reserve for contingencies
Prepaid insur. prem., supplies
50.000'
17,767 Capital stook
on hand, &t,
y2,182.289.
Investment in corporate stocks 110.000 Surplus
1,755,737
x803.436
Property, plant & equip
Equipment in process of install.
11,561
Unarnortized patents az experimental expenses
137,362
Recapitalization exp.-increase
In number of shares auth
14.576
Total (each side)
$6,517,285
x After depreciation of $164.405. y Represented by 400,000 no par
shares.
-V.130, p.4426.
Godchaux Sugars, Inc.
-Earns Year's Divs. in 8 Months.
Dividend requirements for the entire fiscal year on the)ref. and class
"A" stocks have been earned in the first eight months of this year, aocording to officials of the company. Net earnings up to the end of last
September applicable to dividends and reserves totaled $436,545, and
prospects for continued high earnings for the rest of the year are indicated
by orders in hand at the moment, according to an announcement.
Formation of a nation-wide group of investment houses in chief cities of
The corporation revised its capital set-up in July 1929, to comprise
the country to be headed by General Shares Corp. of Chicago, which will $2,250,000 of 1st mtge. 20
-year 7 V% gold bonds, due 1941: $1.800,000 of
offer shortly a new fixed investment trust, Leaders of Industry Shares, to notes due July 1 1931 to Jan. I 1933* 30.500 shares of $7 cum. pref. stock
maximum return type and the other without par value. 72,056 shares of dam "A" stock without
be issued in two series, one of the
par value. and
of the capital accumulation type, Is announced. Both series will have 84.056 shares of class "B•• stock without par value.
portfolios of the same stocks and will incorporate some new and modern
In addition to the earnings set forth above, the corporation since July of
structural features in the fixed trust field.
last year, has reduced its funded debt by
General Shares Corp. is the sponsor and national wholesale distributor. $4.050,000 to $3,391.900.-V. 130, p. 3887. approximately $700,000 from
The Foreman-State Trust & Savings Bank is the trustee.
A stock unit of each series will comprise 33 common stock of leading
American corporations and is scientifically diversified by groups, 12 yi
Golden State Milk Products Co.
-Earnings.
-being in rail securities, 21% in utilities.8% in oils and 58%% in industrials.
For income statement for 6 months ended Aug. 31 1930 see "Earnings
William J. Doherty, formerly associated with Rudolph Guenther-Russell Department" on a preceding page.
Law, Inc., has been elected a Vice-President.
-V. 129, p. 972.
Loans from banks were reduced from $3.825,000 in July last to $700.000
on Oct. 16. In a statement to stockholders, Robert B.Henderson, Chairman
said that because of litigation and attendant developments it had been
Gillette Safety Razor Co.
-Directors Sued-Stockholders found necessary to suspend a previously announced refinancing plan,
which contemplated, as an important part, an early resumption of cash
Seek to Restrain Capital Readjustment, New Bond Issue and to dividends.
Compel Certain Restitutions.
Borrowings from banks have been reduced to a point lower than at any
Philip N. Jones and other stockholders have brought a bill in equity in time since March 1929. and funded debt obligations have been met at
the Supreme Judicial Court at Boston against the company and its dkee- maturity. From a peak of $3,025,000 In July, 1930, bank bedewing' have
tors asking for a temporary Injunction restraining the company and its declined to $700.000 as of Oct. 16. Daily cash balances in banks currently
directors from reclassifying into preference shares any part or the whole of are running above $650,000.
the 198,731 shares of stock referred to in letter of the directors to stockPresielent R. B. Henderson, commenting on the suits inholders dated Oct. 15 1930 (V. 131, p. 2544). The Boston"News Bureau"
In reporting the suit says in part:
involving the company and L.E.W.Pioda,former Chairman
The bill also seeks to restrain the company from issuing the $20.000.000
10
-year 5% convertible gold debentures and asks that the individual direc- of the board,says in part.
tors be restrained from voting their own stock or any proxies they may hold,
"In connection with Mr. Plods's claim and resulting developments, It
or from Inducing Gillette stockholders to vote in favor of any one of the will be a matter of interest to the stockholders to know that all steps in
three propositions set out in a notice of a special meeting of the stockholders the plan of reorganization were completed, save and except the Issuance
to be held Nov. 18 1930.
of shares of the new company in exchange for shares of the old company,
The bill asks that said individual defendants be enJoined
G
and this final step, as indicated above, was held up by Mr. Pioda's action
or compromising any claims of the defendant corporation. f ttesettlety in filing a 'creditor's claim' with the California Corporation Commissioner.
irlem Safing
Co., against said individual defendants arising out of any of the
Razor
Although the language
the objection so
by Mr.
transactions complained of in this bill and from instituting any proceedings definite as to the amount, ofshortly developed filed he was Pioda was init
that
asserting claims
In the name of the corporation against these defendants or any of them for aggregating approximately ,80,100 r extracognr
adreaidws31gbeeancolancanni
compensation
r money
t
enforcement of any of said claims.
the
ebtness
2. That it be decreed that the sale to the defendant Gillette Co.. by the American National Co. amounting to about $453.750. naming our comdefendant King C. Gillette. of 20.000 shares of the company's stock was pany a co-defendant on account of a transaction involving the
sale of cerillegal and void, and that the company shall be entitled to recover the sum tain shares of stock.
received by Gillette for said stock with 6% interest; or. in the alternative,
unwarranted filing by Mr. Pioda of the objection above referred
amount of the damages to the Gillette Co. be ascertained and he to With thehe asserted himself to be a creditor of the company,
that the
wherein
his Indebtedbe ordered to pay the same to the defendant Gillette Co.
ness to the company ceased to be an internal company matter, to be
3. That the sale to the defendant Gillette Co. of 60,000 shares of its of as such, and the circumstances surrounding the filing of the disposed
obligation
E. Aldred, acting in behalf of himself and others, consti- and the nature of the unfounded claim, then and later
own stock by J.
asserted, caused
tuting a syndicate or pool, be adjudged void and that the defendant Gillette the management of the company to take action directed toward
obtaining
be entitled to recover the sum received by Aldred for said stock with a Wit of mandate from the superior court authorizing the
Co.
completion of
6% interest; or in the alternative that the sum representing the difference the reorganization plan and suit for an accounting was filed in the
Federal
between the price paid by the defendant Gillette Co. for said 60.000 shares Court against Mr. Plods asking Judgment for approximately
$240,000,
and the real value thereof be ascertained and said Aldred and each of the based upon various transactions involving his handling of stock
of the
other individual defendants with the exception of the defendant King 0. company.
-V. 131. p. 2072.
Gillette be adjudged liable to pay the same.
4. That it be decreed that each of the individual defendants be adjudged
(B. F.) Goodrich Co.
liable and ordered to pay to the defendant Gillette Co. tho sum ascertained
-Debentures Ready.
as representing the damages caused to the defendant company by tne sale
The Chase National Bank of the City of New York, trustee, 11-Broa4
of the defendant company of 214,171 shares of stock at an excessive price.
St., N. Y. City, Is now prepared to deliver definitive 13
-year 6% cony. gala
5. That It be decreed that each of the individual defendants is liable debentures, dated June 1 1930. In exchange for
temporary debentures.
for all damages caused to the Gillette Co. by acts of the defendant directors V. 131. p. 2387, 2231.
General Shares Corp.
-Heads Nation-wide Group To
Offer Leaders of Industry Shares, a • new Fixed Investment
Trust Holding Stocks of 33 Companies.
[VOL. 131.
FINANCIAL CHRONICLE
Grand Rapids Metalcraft Corp.
-Smaller Dividend.
The directors have declared a regular quarterly dividend of 10 cents Per
share on the no par value common stock, payable Nov. 20 to holders of
record Nov. 10. Previously the company paid quarterly dividends of
25c. per share.
-V. 130, p. 4426.
Other Bondholders' Committee Issues Statement.Pavey & Higgins, counsel for the bondholders protective committee,
which is opposed to the bankers in their operations of the company's
affairs, have issued a 4
-page circular and request the bondholders to deposit their bonds on or before Dec. 31 next with the Bank of America
-V. 131, p. 797.
National Association, 44 Wall Street, N. Y. City.
Grand Union Co.
-Earnings.
-Rescinds Divs.Great Northern Investing Co., Inc.
For income statement foe three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
The directors recently voted to rescind their previous action in declaring
Store sales for the 40 weeks ended Oct. 2 1930 amount to $27,932,242, the regular quarterly dividend of 1N% on the 7% cum. pref. stock (par
compared with $24,977,645 for the same period in 1929
-an increase of $100) and a dividend of 2;5% in stock or an optional choice of 62;i cents
$2,954,597 or 11.8%. This increase in volume has been obtained with no per share in cash on the no par class A stock which were to have been
Increase in the number of retail outlets compared with last year. Store paid Oct. 1. Distributions at these rates were made on July 1 last.
sales thus show an increase of 11.8% and profits 29.6%•
•V. 131, p. 1573.
With over $1,000,000 cash in banks, the company's cash position still
remains strong, as does also its current ratio of 4.89 to 1. The company
-Earnings.
Grigsby Grunow Co.
has no bank loans.
-V. 131, p. 2545.
For income statement for month ended Sept. 30 1930. see "Earnings
Department" on a preceding page.
-Earnings.
Granite City Steel Co.
B.J. Grigsby, Chairman,in connection with the earnings statement,said:
For income statement for 9 months ended Sept. 30 see "Earnings De"Sales at this time are satisfactory. The company is controlling its
-V. 131, p. 1903.
partment" on a preceding page.
production, with the object that it will go into the new year with the stocks
of its dealers and distributors at a minimum. Company has been able to
reduce its bank loans to $500,000, and it expects that by Nov. 30 all bank
-16 New Stores.
(W. T.) Grant Co. (Del.).
loans will be retired."
The company on Oct. 25 opened 16 additional Grant Stores. Of this
Majestic Household Utilities Corp. is producing and shipping the new
number, ten are stores acquired from the Howorth-Snyder Co., the first electric refrigerator at rate of 750 machines a day -V.131, p. 2705.
of last week, and were closed down awaiting the re-opening under the
Grant name last Saturday.
Hachmeister-Lind Co.-Pref. and Common Stocks Listed
The ten stores so acquired are expected to have an annual sales volume
In excess of $1,500,000. These stores were acquired by the Grant com- on the Pittsburgh Stock Exchange.
pany for a consideration of 10.000 shares of its stock, so the Grant comThe Pittsburgh Stock Exchange, Oct. 23, approved for listing, 21,800
pany expects to realize sales in excess of $150 for each share of stock issued shares $6 cum.cony. series"A" pref.stock (no par value) and 74,400 shares
In this transaction. The net asset value added in this acquisition is in of common stock (no par value).
excess of $30 per share of stock issued.
Authorized. Outstanding.
CapitalizationThe physical standards of the Howorth-Snyder Co., closely approximate
100,000 shs. 21,800 shs.
those of the Grant company, so the re-opening of these stores has neces- $6 cum.cony. pref.series"A"stock (no par)
0
8 0
None
7 20
0 ;00 hs
sitated practically no changes in them other than the rearranging of mer- $6 cum.cony. pref. series"B"stock (no par)
ohs. 74,400 shs.
chandise display and layout to conform with Grant merchandising policies. Common stock (no par)
1903, in Penn. as the FinkelThe acquired stores are located in Malden, Allston, Dorchester, RosllnCompany was originally incorp. July
dale, and Watertown. Mass.: Port Chester, N. Y.; Danbury, Conn.; Hachmeister Chemical Co. April 1913. name changed to HachmeisterWoonsocket. R. I.; Somerville, N. J., and Williamsport, Pa. These are Lind Chemical Co. and in Feb. 1928 to Hachmeister-Lind Co. On July 10
,
1930, a new charter was granted as a result of statutory merger. Company
all location where the Grant company did not have stores.
In addition to the ten stores being re-opened as Grant stores, the Grant was incorp. to import and deal in commercial chemicals for the industrial
company is opening six stores, located at Buffalo, Syracuse and Canadal- field, particularly for the glass, enamel, pottery and electroplating trades.
In its chemical department the company produces the follo;wing:1'Chinisol,"
gua, N. Y.: Calais and Van Buren, Me., and Grand Rapids, Mich.
'
With these 16 units added. the Grant company will be operating 340 "Sustanol, "Temproof,' "Halicomp, "Halico Soap,"*Masticomp,"
stores. As of Jan. 31 1930, the end of the company's last fiscal year it "Layerbulit Flooring," "Halico Dutch Brand Cement Colors," and "Wall
had operating 279 stores, so there have been added 61 units so far during Kraft." Pruett-Schaffer Chemical division is a large manufacturer of
Industrial paints. Among the principal products of this subsidiary is a
-V. 131, p. 2705, 2387.
the current fiscal year.
special paint-thinning and reducing oil known as "Realin Oil."
Hachmeister-Lind Co. merged with Pruett-Schaffer
On July 1
- Chemical Co.1930, was exchanged for the old Hachmeister-Lind Co.
Great Atlantic & Pacific Tea Co. of America.
Stock
6
pref. stock at the rate of .5, share of new preference stock for 1 share of old
To Pay Extra Dividend of 25 Cents.
preference stock and 1 share of new com, stock,for 1 share of old com.
The directors have declared an extra dividend of 25 cents per snare and stock. On the Pruett-Schaffer Chemical Co.stock'at the rate of 3i share of
the regular quarterly dividend of $1.25 per share on the common stock, new preference stock of toe Hachmeister-lAnd Co. for 1 share of Pruett
no par value, both payable Dec. 1 to holders of record Nov. 3. From Schaffer Chemical Co. preference stock and 1 share of old Pruett-Schaffer
Sept. 1929 to and including Sept. 1930, the company made regular quarterly Chemical Co. com, stock for 1 share of new Hachmeister-Lind Co. corn.
-V. 131, p. 2387.
dividends of $1.25 per share en this issue.
stock.
Earnings Statement (Since Date of Consolidation July 1 1930)•
Great Lakes Terminal Warehouse Co. of Toledo.
July 1930. Aug. 1930. Sept. 1930.
$163,501
$193,200
$152,371
Netsales
Bondholders' Committee.
-The holders of the First (closed)
154,997
182,123
134,040
Expenses: Gen.,sell. & adreinis
dated
63..
fund
1
Sept.
gold bonds
% sinking
mortgage
are in receipt of the following letter dated Oct. 15.
1927
Company has failed to pay in cash the installments of Interest on the
above bonds which become due on March I and Sept. 1 1930.
Under date of Feb. 25 1930, a letter was addressed to the holders of the
bonds by Charles F.Me11. Vice-Pros. & Gee. Mgr.of the company suggesting
stock
the exchange of March 1 1930 coupons of the above bonds for class A bondof the company. The plan was not acceded to. however, by all of the
holders and the coupons which were presented and exchanged are therefore
being held uncancelled.
Under the circumstances, it has been thought best not to extend a similar
plan to the Sept. 1 1930 interest coupons, but rather to proceed with the
formation of a first mtge. bondholders' committee which can properly
represent and speak for all of the holders of the first mtge. bonds under an
ee City g
ntt olrl Bank oftthe con ks
t m easgoN iiio
The Vh
t
e or, de siioon
tffwerrni w hich is
mtge.
depository. Such
Kelley,
& Co., Inc. New York:
Allan D. donverse,
F. Rogers Parkin, Vice-Pres., The Chase National Bank of the City of
New York; Arthur Peck, of Harper & Turner__, Philadelphia; Prof. John E.
Tracy, Ann Arbor, Mich., and Charles W. Vans, Vice-Pros., A. C. Allyn
& Co., Inc., New York.
The holders of first mtge. bonds are requested to deposit their bonds in
begotiabie form with all coupons due March 1 1930 and subsequent coupons
attached, with Chase National Bank, New York, as depository. Those
bondholders who accepted class A stock for their March 1 1930 coupons are
requested to endorse and forward such stock certificates with their bonds to
the depository, which will arrange to obtain the March 1 1930 interest
coupons from Fidelity Trust Co. and attach them to the bonds upon surrender of the stock certificates. This will place all holders of the first mtge.
bonds in exactly the same position as far as the March 1 1930 coupons are
concerned.
From such investigation as the committee have so far been able to make
of the business and affairs of the company they are of the opinion that its
present financial difficulties are due to adverse conditions in the warehouse
business now existing and particularly to competitive warehouse construction in the general territory served by the Warehouse. It must be remembered that the Warehouse at Toledo is intended primarily for storage-intransit business rather than for storage of commodities intended for local
consumption. While the Warehouse company recently has been making
considerable prowess in obtaining attractive new business, its regular
customers appear to have been accumulating and storing a smaller amount
of commodities this year than in the past. The general depression in business and the tendency of commodity prices to decline, which has persisted
until recently, has probably justifed such policy. It is hoped that with a
general improvement in business throughout the country, the earnings of
the Warehouse company will show similar improvement.
The reports of operations for the first six months of 1930 and 1929, as
Prepared by the Warehouse company, are as follows:
1930.
1929.
6 Mos. Ended June 30$67,429
$61,532
Total income
85,587
83.793
Total operating expenses
Profit from operations
Other income
$18,330
1,110
$11,077
930
Profit before Federal taxes
Provision for Federal inc. tax at 12% _
9
9 48
$12 340
7
1 49
$12 00
Profit available for dividends
-V. 128, p. 3837.
$17,051
$10.510
$8,504
1,437
19 9
1;24
"4
$8,692
Hamburg-American Line (Hamilton-Amerikanische
Packetfahrtactien-Gesellschaft.-New Director.
Dr. A. Scheurer, a member of the board of Hamburg-American Line in
Hamburg, has been elected to a similar position on its New York board.
He will succeed Julius P. Meyer who, after 42 years of continuous service,
will retire from active participation on June 1 1931. Dr. Scheurer will be
-V.130, p. 3888.
in charge of financial and accounting matters.
Hamilton-Brown Shoe Co., St. Louis, Mo.-Plans to
Issue 100,000 Shares of Common Stock.
A special meeting of stockholders will be held Dec. 4 to consider a proposed issue of 100,000 shares of additional common stock. The company,
which is being operated under receivership, has 200,000 shares of common
stock outstanding at present. The proceeds from the proposed new Issue
would be used to refinance the company and release it from receivership.
Can Be Restored to Sound Financial Basis.
The company, now in receivership, can be restored to a sound financial
basis, with creditors receiving full payment, Miller, Franklin & Co. of
New York have reported to the receiver, William R. Gentry. Their
survey indicated the firm's net worth is $4,500,000, with gross assets of
$7,000,000, while debts amount to $2,500,000.
Mr. Gentry said that if stockholders and creditors co-operated the company would be put back on a sound financial basis as a going concern,
V. 131, p. 2231, 2073.
-Extra Dividend Doubtful.
Hawaiian Pineapple Co., Ltd.
The directors have not considered the matter of an early extra dividend,
but due to the continued growth of our business, requiring improvements
,,
and ample working capital; it is doubtful whether the treasurer would recommend such disbursement at this time, stated President James D. Dole,
when questioned as to the prospect of such a disbursement before the
end of 1930. In November of last year, the company distributed a cash
extra of 50 cents per share.
Mr. Dole stated: In harmony with the downward trend of commodity
prices and in the expectation of a slightly increased supply of Hawaiian
canned pineapple, our 1930 prices were made on the average about 7%
lower than those of 1929. Future sales have been heavy.
"Owing to scarcity of our goods during the early months of 1930, shipments fell behind, but to date are satisfactory in volume. Pineapple is
moving into consumption rapidly. While no one can tell positively how
much pineapple people will be eating next spring, every indication points
to a clean-up before next summer's pack, with the likelihood of scarcity
in various items.
"We are operating on a satisfactory margin of profit, but cannot safely
forecast the year's results which depend a good deal pn the quantity of
goods actually shipped between now and Jan. 1 1931.'-V. 130, p. 2038.
$22,260
Net loss before deducting depreciation and interest $18,158
The above figures are taken directly from the company's books and do not
which may be incurred in the collection of accounts
give effect to any losses
and notes receivable from customers, caused by the decline in market value
to customers.
of goods in storage and held as security for advances perishable
commodities
In a cold storage warehouse the greatest storage of
takes place, of course, in the second half of the year so that the loss in oper1930 should not be as large proportionately as Is
ations for the last half of
-Earnings.
Hazel-Atlas Glass Co.
Indicated by the above figures for the first six months. For example, the
For income statement for three and nine months ended Sept. 30 see
total income of the warehouse for the last six months of 1929 was nearly
-V. 131. p. 1722.
six months of that year.
"Earnings Department" on a preceding page.
$44.000 greater than for the first
or class
Committee is pleased to announce that all of the pref. coupons)A stock
and all
exchange for March 1 193) interest
-Earnings-Inventory Reduced
Co.
(except that issued in
Heywood-Wakefield
of the common or class B stock of the corporation has been made available
by the former holders unreservedly and without further claim. It is hoped 27% Since Jan. 1.
permit the first mtge. bondholders' committee
President R. N. Greenwood in a statement to stockholders covering
that this arrangement will
of the warehouse without
to take over and supervise the continued operation receivership proceedings. operations for the first nine months of this year, says in part:
"The third quarter witnessed no improvement in the company's busithe expense and inconvenience attendant upon
Committee, which it to be representative of all of the holders of the above ness compared with operations reported for the preceding six months.
bonds, will then be in a position to speak with authority in determining Net loss after all charges, including depreciation, was $562,054 for the
questions of policy.
nine months ended Sept. 30, and compares with a loss of $61,443 for the
The first mtge. bondholders' committee considers it important that it corresponding period in 1929.
be in a position to act promptly and therefore requests all bondholders to
"It is certain that improved control over merchandise stocks will heremake their deposit without delay, in any event prior to Nov. 15 1930, the after insure a minimum of markdown loss and every effort is now being
time limit set by the committee for receiving deposits.
Nov. 1 1930.]
FINANCIAL CHRONICLE
made to avoid accumulation of unbalanced and slow-moving inventory.
The financial statement consequently reflects a reduction of $1,794,031
(27%) in inventory values since Jan. 1 (Including markdown losses of
$157,000), and marks the beginning of a permanently lower level of inventory investment. The adoption of this program has inevitably affected
factory production, which shows for the nine months in comparison with
last year a decline of 34%, contrasted with loss in sales volume equivalent
to 19%.
"The cash position remains distinctly favorable, standing at $2,242,467.
and is influenced in large measure by the liquidation of inventories. Dividends at the rate of $3.50 per share on the first preferred stock and $7 Per
share on the second preferred stock are in arrears at Sept. 30 1930.
The balance sheet as of Sept. 30 1930 shows current assets of $10,276,547;
current liabilities, $324.918: and working capital, $9,951,629. This compares with working capital of $10,607,352 on Jan. 1 1930.-V. 131, p. 1429.
1105.
Hilton Hotels, Inc.
-Omits Common Dividend.
The directors have voted to omit the quarterly dividend which ordinarily
would have been paid around Nov. 1. Three months ago, a quarterly
disbursement of 25 cents per share was made.
-V.129. p. 3643.
Hudson Motor Car Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 131, p. 2705.
Iglehart Direct Ownership Method of Investment.
Direct Ownership Method of Investment Offered Through Three
Groups of Stocks.
-
2905
month last year. For the nine months of 1930 premium income was $18.049,631, or 2.22% over the same period last year. Expense ratio both for
September and for the nine months this year was substantially below 1929,
the month of September setting a record for the year to date in the matter of
expense reduction.
-V. 131. p. 2074.
International Business Machines Corp.
-Earnings.
For Income statement for three and nine months ended Sept. 30 see
"Earnings Department"on a preceding page.
Deductions for the nine months to Sept. 30 1930 for depreciation and
development costa were larger than the 1929 period, Pres. Watson stated.
"Our cash position Is stronger than last year and our inventories are approximately the same." he added.
The completion of additions to Endicott, N.Y., plant will soon add more
than an acre of floor space or an increase of about 20% at that plant.
-V.
131, p. 2705, 2074.
-Shares Admitted to
International Carriers, Ltd.
Trad-
ing on London Stock Exchange.
The company, whose capital stock is listed on the New York Stock
Exchange, has cable advices that its shares have been admitted to trading
on the London Stock Exchange. About one-eighth, or approximately
80,000 shares, of the outstanding capital stock of this investment trust has
been purchased abroad, it is stated.
-V. 131, p. 1106.
International Milling Co.(of Delaware).
-Earnings.
--
1927,
Years End. Aug. 311930.
1929.
1928.
icTrading profits
$1,463,693 $1.564,720 $1,565,140 $1,127,014
28.331
Interest on bonds
A new avenue of securing investment diversification through direct Prem. on preferred stock
retired, &c
370
554
3,676
ownership, as against indirect ownership exemplified in investment trust
233,691
216,924
181,855
205,009
shares, is being provided through the Iglehart Direct Ownership Method of 7% pref. dividends
58.387
19,689
Investment, which is being sponsord by J. A. W.Iglehart & Co., Baltimore, 6% pref. dividends__
Common dividends
450 000
536,250
712,500
462 500
members of the New York Stock Exchange.
($10)
Rate
($10)
By means of this plan, the investor is enabled to purchase outright one
7,500
70,000
group or more of three different groups of common stock, each group con- Comm. on sale of stock..
sisting of one share each of 10 different outstanding American corporations.
$541,930
Balance, surplus
$897,077
$466,828
$627,495
These stocks will be registered in the investor's name and delivered to the
4,887,828
3,810,170
3.239,043
Previous surplus
5,598,146
investor. The portfolio of these three groups follows:
-.Allis Chalmers Manufacturing, American Tel & Tel., Proc. from sale of com.
Group One.
135,287
116,575
104,300
154,550
stock held in tress __
Bethlehem Steel, Borden, Columbia Gas & Electric, General Motors,
14,101
44,505
18,104
New York Central, Sears, Roebuck, Standard Oil of N. J. and Union Over prov. for taxes- __
19,000
19.500
Prem.on sale of pref.stk
Carbide.
-American Can, American Smelting & Refining, Atchison,
Group Two.
$6,398,295 $5,598,146 $4.887,828 $3,810,171
Total surplus
Topeka & Santa Fe, Consolidated Gas of N. Y., Electric Bond & Share,
International Harvester, International Nickel. National Biscuit, Penn- Shares com, stock out100,000
50,000
100,000
50.000
stand. (no par)
Texas Corp.
sylvania RR.and
$11.71
$13.28
$27.20
$18.32
-American Tobacco, Canadian Pacific, Chesapeake & Earns, per share
Group Three.
x After making full provision for Federal and Canadian taxes.
Ohio, Corn Products Refining, E. I. duPont de Nemours, General Electric,
Paramount, Remington Rand, United Gas Improvement and United States
Balance Sheet August 31.
Steel.
1930.
1929.
1929.
1930.
These stocks are listed on the New York Stock Exchange with the excep$
Assetstion of Electric Bond & Share, which is listed on the New York Curb Ex- Property & plant_ 8,071.014 7,524,424 7% pref.stock____ 3,554,500 3.119,900
change. thus giving them all ready marketability.
989,600
1,243,017 1,672,332 6% pref.stock__ 967,500
Sponsors of the plan point out that a distinctive feature is that it aug- Cash
ments the investor a own control of his holdings with valuable supervisory Accts.receivable_z 1,441,451 1,124,609 Common stock_ _ _y2,500,000 2,500,000
402,500
735,190 First mtge. bonds
1,051,976
safeguards, which are offered by the Statisistical Department of J. A. W. Investments
15,701 Notes payable_ ___ 3,636,750 5,399,250
Iglehart & Co. in conjunction with the sale of every group. Each investor Fds. for red, of bds
13,961 Accts. payable_ _ _ 974,112 1,204,628
Treasury stock_
is kept fully informed regarding all developments that may tend to affect
76,716
69,223
16,987 Pref. div. accrued_
16,204
the value of any stock in the various groups. "If it appears that a stock Salesmen advances 158,720
268,504 Taxes, Int., comm,
113 over-valued for any reason that may be capitalized, the sponors state, Adv. on grain,...
370,424
35,411
&c., accrued_ _ _ 403,754
42,148
"the investor is advised to switch and a specific recommendation of more Due from employ_
53,425 Reserve for maint.
48,676
desirable issue is submitted promptly with detailed reasons for its endorse- Membership
8,245,096 9,588,440 & depreciation__ 1,727,544 1,413,825
ment." . is further pointed out that the Iglehart Plan eliminates all Inventories
"It
156,500
297.323 Cording. reserve__ 180,000
Prepaid accounts_ 223,078
charges except the actual authorized commission.
Other reserves_ _ _ 122,210
122,312
6,398.295 5,598,146
Total(each slde)20.541.380 21.346.310 Surplus
Illinois Pacific Glass Corp.
-To Dissolve.
-z Accounts receivable, less reserves. y Represented by 100,000 no par
The stockholders on Oct' 18 voted to dissolve the corporation pursuant shares.
-V. 129, p. 3483.
to the plan of reorganization.
It is intended to distribute to the stockholders of this corporation the
-Smaller Dividend.
International Silver Co.
shares of pref. stock and common stock of Illinois Pacific Coast Co. now
The directors have declared a regular quarterly dividend of 1% on the
held by Illinois Pacific Glass Corp The stockholders of the latter company
1 to holders
will receive one-half share of pref. stock and one-half share of common stock outstanding $9,119,731 common stock, par $100, payable Dec.paid on
of Illinois Pacific Coast Co.on each share of A stock or B stock of this cor- of record Nov. 15. Quarterly dividends of 1 % have been companythis
on
in addition
poration. Inasmuch, however, as Illinois Pacific Coast Co. will not issue issue since and including April 1 1926, andextra of 2%. the
fractional shares, it has been arranged that holders of the A and B stock of March 1 1929 and on March 1 1930 paid an
Illinois Pacific Glass Corp. who are entitled to receive fractional shares of
Earnings.
the stock of Illinois Pacific Coast Co. will receive for the fractional shares to
For income statement for three and nine months ended Sept. 30 see
which they will be entitled, scrip certificates of Wells Fargo Bank & Union
-V. 131. P. 638.
"Earnings Department" on a preceding page.
Trust Co., representing such fractional shares.
The certificates representing the pref. stock and the common stock of
-Earnings.
Intertype Corp.
Illinois Pacific Coast Co., together witb the scrip certificates of Wells
Fargo Bank & Union Trust Co. representing fractional shares of said stock,
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
were ready for distribution to stockholders of Illinois Pacific Glass Corp. on
-V. 131, p. 638.
on a preceding page.
Oct. 23 1930. These certificates will be so distributed to the stockholders Department"
of this corporation on and after that date at the office of Cole-French Co..
-Investment Sales.
Investors Syndicate.
-V. 131, p. 1723.
transfer agent, 1504 Russ Bldg., San Francisco, Calif.
"Further evidence that individual thrift, in spite of business depression
unemployment in many lines, continues to build future buying power
Ilseder Steel Corp. (Ilseder Hutte) Gross-Ilsede and United States and Canada," is contained in the third quarterly
in the
Germany.
-Earnings for Year Ended Dec. 31 1929,
report of Investors Syndicate, showing sales of installment investment
months of 1930 at 575,183.125, approximately
Reichsmarks certificates for the first nine breaking 1929 period, which
i were $75,375,100.
Gross operating profit
7,190,610 equalling those of the record
statement covers the company's activities carried on through more
Plant depreciation
3,211,089 The
Bonuses and compensation
125,166 than 5() offices in the United States and Canada.
"With reports of recent general increases in savings accounts and reports
nine months of the year showing
Net profit
3,854,355 covering life insurance sales for the first the sales of investment certificates
Dividends
3.846,815 practically the same volume as last year,
to indications that the earning power of individuals has not been deadd
Balance
7,540 creased to as great an extent as might be supposed," President Ridgway
Previous surplus
15,953 said in his report. "The desire and ability of individuals to save has stood
up remarkably through a trying period, and these individuals are building
Surplus Dec. 31
23,493 up buying power for the future. We regard our showing this year very
-V.131.
favorably in view of the prevailing condition of general business."
Balance Sheet, Dec. 31.
p. 484.
1928.
1929.
1929.
1928.
Reichsmarks. Reichsmarts. Liabilities- Reichsmarks. Reichsmark,.
Assets-Earnings.
Jackson & Curtis Investment Associates.
Plants & props- 62,142,784 60,840,330 Cap. stk.(A. B.
For income statement for 3 months ended Sept. 30 1930 see "Earnings
participations- 18,507,713 18,413,104 & C.)
64,000,000 64,000,000
500,000
Due from subs-- 35,796,543 32,295,251 Pref. stock (D)500,000 Department" on a preceding page.
Comparative Balance Sheet.
6% dollars gold
Sink. fd. tor 7%
loan of 1928_ 42,000,000 42,000,000
dollar gold bde
Sepl.30'30. Dec.31'29.
Sept.30'30. Dec.31'29. Liabilities-.
Assets28,266 13,817,638 Legal res. fund_ 6,500,000 6.500.000 Indust. securities_ z$771,752 $905,288 Reserves tor taxes_ $18,807
1926
$21.200
of
76,199 Res. of Peine-II390,890
Cash
8,000
463,486 Adv.for sec.loaned
Public utility sec__ y505,284
Accounts receiv. 4,911,684 10,399,283 seder & ILsede257,022 Net worth, repr.by
Railroad securities z184,447
2,876,907 2.612,109
Lengeder RR_
Inventories
19.307
16,874 Miscell.securities_ a131,175
153,294 35,304 ctfs. of
1,652,488 1,090,158 For renov'n of
Investments
beneficial int.(no
26,397
49,023
Cash on deposit,..
Pelne - Ilsedey
Secure. and cash
1,943,659 1,916,855
par)
12,842
7,899
Accr. Int.& diva__
di Ilsede-LenIn res.of Peine127,726
Treasury stock._ 312,884
ceder RR_ _67,952
Ilsecler di II64,668
Total(each side)$1,962,467 $1,946,055
Res,for coating. 3,074,329 6,702,582
sede-Lengeder
x33 items at cost. y15 items at cost. z 6 items at cost. a 5 items
81,542 Reserve tor taxes
87,269
150,000
RR
150,000
at cost.
Loan aecount_ _ 1,961,219 2,467,065 7% dollar g. bds.
-The fair market value of securities (not including Treasury stock
Note.
of 1926
to pref.
28,266 x13,817,638
Subs°.
363,700
383,700 Divs. in arrears_
stook
15,573
23,647 Dec. 31 1929 was 81,758.739.-V. 131, p. 485.
Sends of 19091,003
11,003
-Earnings.
(Mead) Johnson & Co.
Divs. payable_. 3,846,815 3,526,815
Employees' says
For income statement for nine months ended Sept. 30 1930 see "Earnings
accounts
4,571,152 2,578,486 Department" on a preceding page.
Accts. payable_ 3,921,542 3,558,711
President E. Mead Johnson Sr. in commenting On the earnings for the
23,494
Tot.(ea. side)128,719,433 142,456,378 Surplus
15,954 nine months, points out that each period for the first three quarters this
-V. 128, p. 2819. 1240.
year showed a substantial increase over the corresponding period In 1929.
x Notified for cancellation.
He says that a continuation of this record is anticipated by the company
for the last quarter, which would make total earnings for the year over
Inland Steel Co.
-Earnings.
$10 a share. If the last quarter of this year is only equal to that of 1929,
For income statement for 3 and 9 months ended Sept. 30 see "Earnings earnings for the year would still be approximately $9 a share.
Department" on a preceding page.
-V. 131. p. 797.
"Records of the company show that its business may be classed as depression-proof," said Mr. Johnson. "We feel that this is because our products
-Shows Increase.
Insurance Securities Co., Inc.
are basic necessities. No matter what happens the babies and children
growing specialization in this field."
-V.
Premium income of the Insurance Securities Group for the month of must be fed and there is a
Sept. 1930 was $1.467,502, an increase of $57,391, or 4.07% over the same 131. P. 1723.
2906
FINANCIAL CHRONICLE
Jones & Laughlin Steel Corp.-Eainings.-
Libbey-Owens-Ford Glass Co.
-Omits Dividend.
-
For income statement for three and nine months ended Sept. 30 see
Earnings bepartment" on a preceding page.
-V. 131. p. 638.
(Spencer) Kellogg & Sons.
-Earnings.
Earnings for 11 Months Ended Aug. 30 1930.
Net sales incl. gross income of domestic subs
Gross profit
Interest and expenses
Depreciation
Profit from operations
Other income
Total income
Loss on invest, written off
Loss on sales of cap. assets, &c
Federal taxes
Net profit
Dividends
(VOL. 131.
$43,260,309
4,286,792
3,136,359
542,517
$607,916
632,314
$1,240,230
297,118
232.376
74.122
6636,614
660,000
The company has voted to omit the quarterly dividend M 25 cents per
share due at this time.
Chairman J. C. Blair, issued the .ollowing statement: ''The meeting of
our board was the regular meeting date for considering dividend action
for payment Dec. 1. The directors voted unanimously not to declare any
dividend for the December payment, in order to conserve cash resources
until such time as more favorable conditions exist in our industry.
-V. 131.
p• 799.
Lily-Tulip Cup Corp.
-To Increase Operations.
The corporation will start its largest factory on night shift operations on
Nov. 1 next. President Henry Nias states: "Inventories will be built up
now rather than later and as to the additional help necessary preference will
be given to married men in order that the greatest benefit from this move
may be obtained. This decision on factory operations is prompted purely
to assist the temporary umploynient situation." Ordinarily the corporation would start building up its inventory position early next year.
-V.131.
p. 639.
Lindsay Light Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 34 of 1% and the regular
quarterly dividend of 134% on the common stock, both payable Nov. 20
to holders of record Nov. 10. Like amounts were paid May 17 and Aug.
Comparatire Balance Sheet.
23 last.
Aug.3030. Sept. 28'29.
Aug.3030.Sept. 2829.
A quarterly dividend of 134% on the common stock was paid on Feb. 28
$
3
Ltahilttte.sAssets3
1930, the first distribution on this issue since 1920 when 4% was paid.
& property 8,512.041 8,204,522 Capital stock__ _ y11,500,000 11,500.000 -V. 131, p. 2389.
xPlant
844,989 Geld debentures.- 1,559,000 1„632,000
1,231,593
Investments
8,344,660 11,444,299 Notes payable__ 4,200.000 7,892,256
Inventories
-Earnings.
Link Belt Co.
1,388.506 1,767,385 Accounts Payable. 1,202,280 1,405,814
Cash
268,197
For income statement for nine months ended Sept. 30 see "Earnings
Accts. receivable 2,251,396 3,705,364 Accr. tax, int.. &a. 191,353
2,274,645 2,537,400 Res.for workmen's
Department" on a preceding page.
Advances
475,79.3
758,833
383,077
compensation... 234,017
Deferred charges
Consolidated Balance Sheet Sept. 30.
Surplus
5,499,268 5,522,654
1929.
1930.
1930.
1929.
itahtlUtesAssets$
$
24,385,918 28.979.754
Total
Total
24,385,918 28,979,754
Bldg..mach.,land _ 7,093,256 7,108,086 Preferred stock__ 4,000,000 4,000,000
x After depreciation. y Represented by 550,000 no par shares.
-V. Dodge stock Invest 187,600
187,600 Common stock__x10.584,739 10,584,739
131. p. 1574.
52,504 Surplus
62,435
7,006.536 6,259,282
Deferred charges._
3,783,028 2,363,176 Reserve for accrued
Cash
Kingsport Press, Inc.
-Earnings.
and taxes
677,784
3,161,379 4,289,942
747,206
Receivables
3,586,688 4,387,051 Accounts payable_ 743,325
975,679
For income statement for nine months ended Sept. 30 1930 see "Earnings Inventory
5,074.164 4,414,268 Notes payable_
Securities
300,000
Department" on a preceding page.
64,279
63,836
Current assets on Sept. 30 amounted to 3969,237, as against current Accrued int. receiv
liabilities of $397,831. Earned surplus was 8108,705.
Total
Total
23,012,384 22,866,906
23,012,384 22,866,906
The net profit for the month of September, it is announced, was the
x Represented by 709,177 shares of no par stock.
-V. 131. P. 2706.
largest for any month this year and showed a substantial increase over the
orders is reported to be conmonth of August. The back log of unfilled
siderably ahead of the same period in 1929.-V. 129, p. 2397.
Lion Oil Refining Co.
-Earnings.
For income statement for three and nine months ended Sept. 30 1930 see
-Output Lower.
Kinner Airplane & Motor Corp.
"Earnings Department" on a preceding page.
Production in the first 9 months of 1930 totaled 351 engines, compared
Comparative Balance Sheet.
with 811 engines produced in the corresponding period of last year. accord,
Sept.30'30. Dec.31'29. 1
Seyt.3030. Dee.31'29.
ing to President Robert Porter. Production for the first half of 1930
$
MobilitiesAssets
$
$
$
slightly exceeded that of the first half of last year. but a decline in the
Notes & sects, pay 1,023,579
811,695
third quarter of this year, as against record production of 532 engines in Prop.. plant, tank
cars,&c
6,781,051 7,042,125 Dividends payable
135,000
the third quarter of last year, combined to bring about a wide difference
Invest. in sub.cos
987,986
548,771 Res. & accruals.. 248,659
158,867
In the 9 months' figures.
168,212
383.278 Prov.for Fed.taxes
115,000
September shipments totaled 41 engines, and to Oct. 20 the company Cash
Accts. receivable
843,933 Notes pay. due in
706.370
bad shipped 25 engines.
1,186,141 1,665,385
monthly install_ 1,239,255 1,432,323
The current position of the company is good. As of Sept. 30 current Inventories
Prepaid expenses_
52.194
59,342 Cap.stk. & surp-x7,350,461 7,689,947
assets, including inventory, were in excess of $670,000, as against Iota
Indebtedness, including bank loans, of $72,000.-V. 131. p. 2546. 1574.
Total
9,861,954 10,342.834
Total
9,861,954 10,842,834
x Represented by 270.000 shares of no par value.
-V.131, p. 2232, 1430
-Production.
Lake Shore Mines Ltd., Canada.
In the first quarter of the present fiscal year ended Sept. 30, the comLoudon Packing Co.
-Stock Sold.
pany's mill treated 122.515 tons of dry orgb recovering 61,800.000 in gold,
The compazsy on Oct. 24 announced that its offering of 15,000 shares to
according to an official statement. In Gib preceding quarter the mine
produced $2,012,254 from 113.932 tons put through the mill. The drop stockholders on the basis of one new share at $20 for each five shares held
-V.131, p. 2706.
was due to a decline in grade from $16.90 a ton to about $14.69 and to had been fully subscribed.
the fact that at the end of the preceding quarter the mill was given its
annual clean-up, which meant that a portion of the present quarter's outLynch Corp., Anderson, Ind.
-Dividend Earned.
put would be absorbed in the plant. to be recovered at the next clean-up.
-V.131, p.2389,2075.
President T. C. Werbe in a letter to the stockholders says:
The daily run of ore was slightly higher at 1,361 tons.
The entire dividend requirements for this year were more than earned
in the first nine months and further earnings will unquestionably be made
-Earnings.
-Lambert Co.
in the last quarter. The final dividend for the year has been declared
For income statement for 3 and 9 months ended Sept. 30 see "Earnings payable Nov. 15 and our earnings and surplus Justifies its continuance.
-V. 131. p. 639.
Department" on a preceding page.
The immediate outlook for the corporation is extremely good. The
directors anticipate that the corporation for the year 1931 will enjoy the
V.-Pres., &c. largest earnings in its history. Our earnings in 1930 have been mostly
-New
Lamson & Sessions Co., Cleveland.
from sales of parts and repairs and from sales of machines in foreign coun0. H. Longfield, formerly Secretary and a director has been made Vice- tries, which sales are about normal with 1929. Domestic machine sales
President. H. H. Winterberg, formerly Assistant Secretary will succeed have fallen off, possibly to an extent due to general depression, but prinMr. Longfield as Secretary. H. P. Ladds has been appointed manager of cipally due to the fact that customers have known for a number of months
-V. 131. p. 485.
sales.
past that we were preparing to introduce a new improved model Lynch
machine.
This new model has now been in actual operation under our observation
-To Be Auctioned Dec. 1.
Lancaster Mills.
for more than four months. It has performed wonderfully and fully up
The stockholders have been notified that buildings of the Lancaster Mills to our expectations. Recently a number of our customers have seen the
company new machine and are ready to place definite orders as soon as we are in
at Clifton. Mass., will be sold at auction on Dec. 1 and 2. The
voted recently to liquidate, and machinery and other equipment already position to name delivery dates. We have been extremely busy getting
-V. 130, p. 4618.
ready for the production of the new model and will start deliveries within
have been sold.
30 days and be in full production before the end of the year. During the
definite
-Earns Year's Dividends.
- past few days we have accepted future orders for a number of the new
Lehn & Fink Products Co.
will close additional orders which
model and within the very near
Secretary A. R. M. Boyle says: "Our earnings for the nine months ended will take our entire capacity for a number of months ahead.
Sept. 30 1930, were sufficient to cover the entire year's dividend on our
conservatively that our profits for 1931 on sales of this new
We
outstanding 419.166 shares of common stock, model estimate exceed $4 per share. In addition, we will undoubtedly
stock.- The company has
alone will
no par value on which the annual dividend rate is $3 per share, so that the continue to realize our usual sales and profits from parts and repairs, and
full year's dividend requirements would be $1,257,498. Earnings in the from machines to foreign countries where present models will continue to
first six months of 1930 were 6918.383, equal to $2.19 a share, against be sold, as we will not introduce the new model abroad until later on.
$923,116, or $2.20 a share, in the first six months of 1929.-V. 131, p.281.
In the opinion of the directors, $5 is a very conservative estimate of our
earnings for the succeeding 12 months. Our financial position is strong
we have no bank loans, no bonds and of our current assets our cash alone
-Dividend Decreased.
Leslie-California Salt Co.
is more than ample for all our possible needs.
The company on Sept. 15 last paid a quarterly dividend of 40c. per share
The dividends we are confident can be easily maintained and we anticivalue capital stock to holders
no
on the outstanding 116,520 shares ofwithpar quarterly distribution of 50c. pate that our earnings for many months to come will be the highest in our
a
-V. 131, p. 1905.
of record Sept. 2. This compares quarterly dividends of bee. per share history.
per share made on June 15 last and
previously.
-Earnings.
MacKinnon Steel Corp., Ltd.
Ended June 30.
Earnings for Years
Year Ended Oct. 20'28 to
1930.
1929.
July 31 '30. July 31 '29.
Period$389.277
Net income for year after deducting depreciation-- $212,196
a$102,816
b$79,847
x69.527 Bal. of profits from oper. after income taxes
Bond interest
24,000
18,000
14,268 Depreciation on plant, machinery,Sze
25,593{
1
Other interest and miscellaneous expense
8.941
Minority interest
178,816
Net profit
$61,847
42,000
31,500
$296.541 Dividends paid on preferred stock
Net profit for year before deduct. Fed.Inc. tax-- $186.603
222.238 l'ref.stock sinking fund
4.347
y256.014
Dividends paid
Balance carried forward
632.469
$30,347
def$69.411
$74.303
Balance
$2.54
$1.60
par)
a After deduction of operating reserve. b After making provision for
Earn, per share on 116.520 shares cap.stk.(no non-recurrent. y
is
Estimated an inventory reserve and writing off organization expenses.
x Includes $30,625 bond Interest which paid.
Comparatire Balance Sheet, July 31
by editor, report does not show amount
Condensed Consolidated Balance Sheet June 30.
Mgt:hies1930.
1929.
1929.
:Saute
1930.
1621s.
1930.
Ltabiffetes1929.
1930.
8129,299 Bills pay., steel
AssetsInventories
$87,562
acceptances...
$37,795
$82.866 $114,178 Notes & accts. pay $172,358 $108,744 Accts. receivable_ 169,157
830,750
152,369
Cash
24,013
25,395
24/3,735 Accrued expenses65.987 Accts. pay.
Accts. St notes rec_ 212.912
136,952
Cash
326,301 Prov. for Federal
res. for Inc. tax
27,861
43,509
321,472
Inventories
17.019 Prepaid taxes &
22.654
Income taxes._ _
18,000
42.000
2,143 Res. for depreo_ Invest. & adv.unexpired ins._
3,088
391,000
90.173 Funded debt subs- 294.000
Pref. stock sink85.990
affiliated cos_
Land bithrs.,plant
ing fund
4,347
2.153.167 2,154.689 Purchase obliga457,099
Real estate
& machinery... 468,081
25,090
17,122
tions
7% pref.stock__ 600,000
600.000
Bldgs., mach & eq 1,216.627 1,2145,474 Cap. & mtge...
stock (116.107.595
86.982
Com.stk.& surp x$140.064
Prepaid expenses. 114,112
227.593 520 ohs.(no par) 3,448.018 3,448,018
225,448
Pat. & leaseholds.
151.233
surplus_ __ 167.061
Capital
8606,899
5844.821
Total
$808,899
8844.821
Total
246,472
Earned surplus_ __ 154,350
121.154
x Represented by 12,000 common sharea,,w1tbout nominal or par value.
Total(eacb e1de)$4,412,614 $4,534,125 Minority Viten*. 113)039
-V. 129, p. 3645.
-V.129. p. 3645.
Deficit
$23,386
Nov. 1 1930.]
FINANCIAL CHRONICLE
-Earnings.
McCall, Corp.
For income statement for two and eight months ended Aug. 31, see
-V.131, p. 949.
"Earnings Department" on a preceding page.
-To Maintain Dividend Rate.
McGraw Electric Co.
Present prospects are that the annual dividend of $2 a share on the corn.
stock will be earned by a satisfactory margin and it is quite probable that
the current rate will be maintained, according to President Max McGraw.
Sales and earnings figures for the first three quarters of 1930 are not
available, but it is officially estimated that the not for the 12 months ended
Aug. 31, last, was equivalent to $3 a share on the 250,000 shares of capital
stock outstanding. The net income for the entire year 1929 was $1,013,058,
equal to $4.05 a share on the outstanding capitalization. Sales for the 12
months ended Aug. 311930, showed a decrease of 14.17% from the figure
for the preceding 12 months.
The announcement goes on to say:
The business of this company, manufactures of electrical specialties, is
are most
to a certain extent seasonal and the last four months of the year the comproductive in point of sales and earnings. An important part of
pany's business is derived from the sale of automatic electric toasters to
hotels, restaurants and institutions. An automatic electric wafflemaker.
sold under the trade name, "Wafflemaster," has recently been introduced
and should account for a substantial increase in net sales.
In addition to the market for the above articles in hotels, &c., smaller
models are manufactured and sold through regular retail channels for home
use. In that department the business is quite seasonal and the last four
months of the current year should witness a sharp increase in sales of the
smaller units. The company is also an important factor in the fuse industry•
The company has no preferred stock or funded debt, the entire capitalizaThe company
tion being comprised by the 250,000 shares of com. stock.concerns in the
has under consideration the ultimate acquisition of other
These new properties would be acquired through the
same or allied lines.
sale of additional stock, 600,000 shars being authorized, or through an
exchange of shares.
No balance sheet has been issued during the year to date, but it was stated
that, following the disbursement of the regular quarterly dividend of
$125,000 on Oct. 1 last the ratio of curreitt assets to current liabilities was
-to-1.-V. 130, p. 3367.
butter than 5
Purchases.
Aetna Insurance Co. (Fire)
600
300
Allls-Chalmers Mfg. Co.
500
American Bank Note Co.
American Can Co.
Amer. Rad.& Stand. Sanit'y Corp. 500
500
American Tel. & Tel. Co.
American Tobacco Co.(Par EN) 1000
1000
American Type Founders Co.
Consolidated Gas, Elec. Light at 1000
500
Power Co. of Baltimore
500
1500 Corn Products Refining Co
200 Detroit Edison Co.
150
460 Du Pont(E. I.) de Nemours & Co. 500
450
500 Eastman Kodak Co.
350 Edison Elec. Ilium. Co. of Boston 500
1000 General Electric Co.
0
50
1000
1000 General Foods Corp.
Sales
625
3000 American Cyanamid Co."B"
00
1700 Calumet & Arizoea Mining Co.
6
-V. 131, p. 2389, 1574.
500
1000
100
1000
1000
500
300
400
400
2907
Great Northern Paper Co.
Hartford Fire Insurance Co.
International Businees Machines
Corp.
International Harvester Co.
Liggett dr Myers Tobacco Co."B"
National Biscuit Co.
Otis Elevator Co.
Penney (J. C.) Co.
Phoeniv Insurance Co. (Fire)
Pullman Company
(Maker Oats Co.
Underwood Elliott Fisher Co.
Unite) Felt
United Shoe Machinery Corp.
'U. S. Steel Corp.
Western Union Telegraph Co.
Goodrich (B. F.) Co.
Owens Illinois Glass Co.
-Acquisition, &c.
Master Tire & Rubber Corp.
This corporation recently offered to shareholders of the Giant Tire &
Rubber Co. the right to exchange their common stock for common stock
of the Master Tire & Rubber Corp. upon the following basis and terms:
One share of Master common stock for one share of Giant common stock.
This offer was open for acceptance until Oct. 311930. The Central Trust
Co. of Cincinnati, Ohio, is depositary and stock transfer agent.
We have been advised that the Master corporation owns more than 26,000
shares out of a total of 30,000 shares of Giant common stock outstanding.
----V. 131, p. 1905.
-Year
-Litigation Ended-10
Mathieson Alkali Works.
Contract Dispute with Arnold, Hoffmann & Co. Settled.
It was learned in dispatches from Providence. R. I., Oct. 24 that after
10 years of litigation the lawsuit of Arnold, Hoffman & Co. against the
Mathieson Alkali Works and the counter action of the Mathieson company
toe Providence concern had been finally settled in the Federal
The company has paid off all bank loans, which on March 31 amounted against Court in the latter city.
District
to $4,000,000, and in addition has purchased this year approximately
The litigation had been carried on in the Superior Court of Rhode Island
on Oct. 28. After
81.500,000 in marketable securities, it was announced
the Federal Court at Providence and in the U. S. Supreme Court at Washelimination of bank loans the company has net current assets of approxi- ington. The action of Arnold, Hoffman & Co. grew out of a contract Inmately $36,000,000, equal to over $46 a share on the outstanding 771,819 volving thousands of pounds of bleaching powder, caustic soda, soda ash
shares.
-V. 131, p. 950.
and liquid chlorine, and sought to recover from the Mathieson Alkali
Works $1,000,000.
-New Manufacturing Director
This action was thrown out and an accounting was later requested from
Maple Leaf Milling Co.
the Mathleson company. The latter then instituted a counter action
Explains Losses Incurred by Company in Wheat.
against the Providence firm and the settlement just announced followed.
Major A. E. Nash, the new managing director at the annual meeting, The terms of the settlement were not made public -V. 131, P. 2546, 486.
Oct. 27, explained to stockholders how the company lost heavily in the
wheat market without the knowledge of its directors. He admitted that
-Introduces New Product.
Maytag Co.
practically the entire amount of $5,925,266 listed in the company's statement as bankers' advances, represented losses, both in the way of unauthorThe company announces the introduction of an ironing machine to suppleized wheat speculation and bad debts.
ment its washing machine line. The new ironer will be among the lowest
As for the bad debts of the comnany listed in the balance sheet at $862,- priced products in its class and will be distributed through the Maytag
589, the managing director said that so far it was not known whether the distributing and dealer organization.
loans were made to officers of the company as Individuals, or to firms in
Earnings.
which they were interested.
President C. W. Band in his remarks to stockholders stated in part:
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
In common with other countries, Canada has witnessed a drastic decline Department" on a preceding page.
In commodity values, and the milling industry throughout the Dominion
The balance sheet as of Sept. 30 1929 showed cash and marketable
has suffered as a result of these adverse economic conditions, over which
and total current assets of $7,021,017 as compared
it had no control. In addition to this fact, the unfavorable showing of the securities of $4,268,559of $1,177,109.-V. 131, p. 1574.
measure, to speculations which were made by with current liabilities
company is due, In a large
the management, without the authority of the board of directors. There
-Earnings.
Mengel Co.
were also losses due to bad debts arising, for the most part, from unauthorized advances. It will be seen in the consolidated profit and loss
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
account, that $1,189,450 was aporopriated to cover losses through bad Department" on a preceding page.
-V. 131, p. 1905.
debts, and of this amount, $862,589 is against the debts of former officers
and employees. Company holds security against the larger portion of these
-Receivership.
Metal & Mining Shares, Inc.
debts, consisting principally of shares in the Maple Leaf Milling Co.. Ltd.
On discovery of these unauthorized accounts, as well as the unauthorized
The Metal & Mining Shares, Inc. a $6,000,000 holding company constock promoter, and Metal & Mining
speculations, the resignations of the officers in question were requested, trolled by Charles V. Bob, missing '
and the company is consulting with its legal advisees as to what further Founders Shares, Inc., a trading corporation, have been placed In receiversteps should be taken.
ship by State Supreme Court Justice Byrne.
We are pleased to report that the company has been operating profitably
George L. Johnson, President, and Louis Jublen, Treasurer, of Metal &
-V. 131, p. 2516.
since the beginning of the present financial year, and the board looks Mining, also were enjoined from selling stock.
forward with confidence to the company's future.
For the time being, we have decided to discontinue dividends, but they
Metropolitan Chain Stores,Inc.-Bal. SheetAug.311930.
moment it seems prudent to do so.
will be resumed at the earliest
(After giving effect to Sale of Subsidiary Company).
Comparative Income Statement for Stated Periods,
Liabilities
Years Ended Mar.31
16 Mos.End.
$401.789 Notes payable
Cash
1927.
1928.
1929.
July 31 '30.
M
4
$3° 069
Period35,321 Trade acceptances payable
Notes & accounts receivable...
$469,345 Claims receivable
$513,293
2,043. Accounts payable
Net profits
1088Y$2.868,550 $1,209,326
117,344
121,302 Inventories
1 77 2
2,376.258 Accrued int. & taxes payable__ 954,1959
113.376
316,009
Bond interest
10,000
179,373 Reserve for accrued expenses__
Deposits & prepaid items
1,189.450
Bad debt reserves
121.300
418.874 Other liabilities
Other assets
343,297
Depreciation reserve
Convertible pref. 7% stock
3.194,300
written
Furniture, fixtures & improveBond issue exp.
2,137.289 Common stock
x1,530,286
127,074
ments
off
Leaseholds
Deferred charges written
1
771,648
Total (each side)
$8,320,397
148,775
off
Goodwill & deferred charges
98,000
Prov. for Fed. taxee_
-V.131. p. 2389.
x Represented by 151.787 no-par shares.
205,100
205.100
205,100
243,202
Pref. dividends (7%)
70,446
Class B pref. dive
Mack Trucks, Inc.
-Pays Off AU Bank Debt.
-Not to Extend
Minneapolis-Honeywell Regulator Co.
$190,849
$142,943 Option.
$792,850
Balance, surplus_ _ _def$5,306,803
x25,000
x25,000
x25,000
100,000
Corn. outst'd'g (no par)_
The options for three years ending Dec. 31 1930, for the purchase from
$7.63
$31.71
Nil
Earns, per sh. on com
the company of 15,000 shares of its common stock at $40 per share by
x Par $100. y Losses from operations (after deducting $162,771 income Interest identified with the company will not be extended beyond that
from investments) including losses front unauthorized speculations.
date, it is announced -V. 131, p. 950, 800.
Comparative Balance Sheet,
-Pipe
-Stock Dividends
Missouri-Kansas Pipe Line Co.
„hay 31'30. Mar.31'30.
July 31 '30. Mar.31 '29
$
LiabilitiesLine Sale Arranged.
$
$
Assets:Capital stk ___ 5,027,700 5,430,000
Plant, equip., &o_ 8,821.967 8,991,884
The directors have declared the regular quarterly dividend of 234%
Bankers' advances 5,925,267 3,738,957
Good-w.II & tradeclass A common stock on the class A common stock. payable Nov. 24
236,044 Accounts payable_ 1.513.550 1,865,084 In holders of record Nov. 3 A like amount was paid on this issue in each
954,401
mark
5,023,600 1,725.000 to the three preceding quarters.
191,524 Funded debt
122,153
Cash
of
01:000
Aco'ts receivable__ 1,986,403 2,967,323 Depreen reserve_ 343,297 1,898 370
The directors have declared a stock dividend of 34 of 1% on the class
Prov.for Fed. tax_
Sundry accts. roe. 583,159
B common stock, payable Nov 24 to holders of record Nov. 3 (see V. 131,
Res. for conting'c's 154,000
Appr. val. of leases
P. 640).
50,832
Bond int. accrued
and contracts__ 1,794,699
Final detaiLs for the sale by this company of a half interest in he sub3,137,986 3,756.751 Iles. for bad and
Inventories
Co.. to the Columbia Oil &
61,480 sidiary, the Panhandle Eastern Pipe Line
2,323,843 3,384,455
doubtful accts.._ 361,342
Investments
Gasoline Corp., have been arranged. President Frank P. Parish stated
778,863
252,289 Profit and loss____ 103,886 3,060,160 that an audit of the company's books as of Oct. 31 would be prepared
charges
Deferred
-V. 131, p. 1905.
18,503,474 17,780,052 and copies mailed to stockholders.
Total
;8,503,474 17,780,052
Total
x Preferred 7% cum. 29.300 ohs.($100 par)$2,930,000; class 11 preferred
-Extra Dividend.
Missouri Portland Cement Co.
25,000 shs. (no par), $500,000; common, 100,000 sits. (no par), $2,000,000
The directors have declared an extra dividend of 50 cents per share in
Less par value of shares held by subsidiaries. $402.300.-V. 131. p. 2233.
addition to the usual quarterly dividend of 50 cents per share, both payAn extra distribution of 50
holders of record Oct.
able
Massachusetts Investors Trust.
-Purchases During centsNov. 1 towas also made on Nov. 122. -V. 129, p. 2697.
last.
per share
Third Quarter.
-Omits Dividend.
Mock,Judson, Voehringer Co., Inc.
The assets of Massachusetts Investors Trust on Sept. 30 had a market
value of $17.143,863 against cost of $18,552,231. Assets included $368.338
the quarterly dividend ordinarily
The directors
cash. paid-in capital at the end of the third quarter amounted to $18,- able about Nov.have voted to omit stock, no par value. On Aug. 15 paylast,
15 on the common
219,408 compared with $12,821.792 on Jan. 1 and the number of stock- a quarterly distribution of 25 cents per share was made on this issue, while
holders increased during the 9 months' period from 5.096 to 8,632. The from Feb. 15 1929 to and including May 15 1930, quarterly dividends of
average yearly appreciation from organization July 15 1924 to Sept. 30 50 cents per share were paid.
-V. 131, p. 800.
1930 amounted to 11.92% and the average yearly 'enema for the same
period 6.7% on the original paid-in value of the shares.
-Earnings.
Monsanto Chemical Works.
During the third quarter the Trust exercised rights issued by three
companies whose stocks were in the portfolio. Three stocks increased
For income statement for three and nine months ended Sept. 30 1930
•
their dividends while a similar number cut their rates. Eleven stocks see "Earnings Department" on a preceding page.
yielded extra dividends during the period.
In connection with the earnings statement. W. R. Phemister. Treas.,
The purchases and sales by the Trust in the three months to Sept. 30 says: "July was the poorest month experienced for some time, but,,each
-V. 131. p. 2390.
follows:
month since has shown a decided improvement."
2908
FINANCIAL CHRONICLE
Morris Plan Co. of New York.
-To Open Three More
Branches.
The company has been authorized by the New York State Banking
Department to open branches for three months at 37-09 Grand Avenue,
Queens: 1119 Kings Highway, Brooklyn,and 425 East Houston St., Manhattan. These offices are to be strictly educational in nature and are
limited to giving information to the public on the service of the Morris
Plan and to the issuance and acceptance of applications for loans.
V. 130, P. 2596.
Moto Meter Gauge & Equipment Corp.
-Removes
Manufacturing Activities to Two Western Divisions.
The company has just recently removed all manufacturing activities
from Long Island City, N. Y., to its two other dividisions located at
La Crosse, Wis., and Toledo, Ohio. It is now merely maintaining a sales
office at Long Island City.
-V. 131, p. 1906, 1108.
Mullins Manufacturing Corp.
-Earnings.
-
[vou
131.
to make a return of 10s. on each of the 49,200 issued £1 shares of this
company. An extraordinary general meeting was therefore to be held
on Oct. 28 1930 to consider resolutions that: (1) the memorandum and
articles of association be amended: (2) the capital be reduced from £50,000,
divided into 50,000 shares of El, to £25,400, dividend into 49,200 shares
of 10s. and 800 shares of £1, and that such reduction be effected by returning to the holders of the 49,200 issued shares of El capital to the extent
of 108. per share (being paid up share capital in excess of the company's
wants) and by reducing the nominal amount of eachtsuch share from El to
10s.: (3) each of the 800 unissued shares of El be divided into two shares
of 10s., and (4) the capital be increased to £50,000 by the creation of
49,200 new shares of 10s. It is hoped, Provided there is no undue delay
In obtaining the sanction of the Court to the reduction of capital, to make
the distribution towards the end of the present year. (London "Stock
Exchange Weekly Official Intelligence.").
-V. 112, p. 1523.
New England Brewing Co.(N. J.).
-Merger.
See New England Breweries Co., Ltd.. above.
-V.67, P. 178..
New Jersey
Zinc Co.
-50c Extra Dividend.
For income statement for three and nine months ended Sept. 30 see
The directors have declared an extra dividend of 50c. per share, payable
'Earnings Department" on a preceding page.
-V. 131, p. 951.
Dec. 10 to holders of record Nov. 20. An extra dividend of like amount
Balance Sheet Sept. 30.
was paid on June 10 last, while on Dec. 10 1929 on extra distribution of
$1 per share was made.
Assets-V. 131. p. 1109.
1930.
1929.
Liabilities-1929.
1930.
Real estate,
Preferred stock.... $2,877,500 $3,000,000
plant, &c
:34,555,593 $4,293,602 Common stock-- y500,000
500,000
Newton Steel Co.--Earnings.Cash
386,286
589,001 Due on stock sub_
24,221
For ncome statement
Notes receivable
43,987
23,963 Accts. payable_ .. _ 139,303
396,828 "Earnings Department"for three and nine months ended Sept. 30 1930. see
on a preceding page.
-V.131. P. 2233.
Accounts receiv
409,063
659,026 Accrued taxes_ _ _. 27,628
64,602
Inventories
1,369,143 1,834,724 Surplus
3,473,305 3,902,092
Investments
21,750
21,750
New York Dock Co.
-Earnings.
Mtge., rec
5,600
5,600
For income statement for three and nine months ended Sept. 30 see
Duefrom officers &
"Earnings Department" on a preceding page.
-V.131. p. 801.
employees_ _ _
12,176
12,164
Patents and goodwill
(Chas. F.) Noyes Co., In-c.
88,634
85,454
-New Associate.
Deferred charges
125,504
362,459
Charles A. O'Malley has become associated with this company, it is
announced.
-V. 131. p. 2547.
Total
$7,017,736 $7,887,743 Total
$7,017,736 $7,887,743
x After depreciation. y Represented by 100,000 no par shares.
-V.131.
Old Colony Investment Trust.
-Earnings.
p.951.
For income statement for six months ended Aug. 1 1930 see "Earnings
Department" on a preceding page.
Murray Corp. of America.
-Earnings.
The balance sheet of Aug. 1 1930, shows investments, with cost of
For income statement for nine months ended Sept. 30 1930,see "Earnings $12,175,193 and market value of about $11,510,000, cash of $208,775, and
Department" on a preceding page.
accrued interest receivable of 340,403, making total assets of $12,424,373.
Among the securities added to the portfolio during the period from
Comparative Balance Sheet.
April 7 to Aug. 1 are:
Sept.30'30. Dee.31'29.
801.30'30. Dec.31'29.
$130,000 Mass. Gas Cos. Is, 1955
400 she. Cons. Gas of Now York.
Assets2
$
Liabilities$
$
$100,000 Middle West Utll. 58, 1933
500 sits. Atch., Top. & Santa Fe
Fixed assets
20,141,150 20,789,554 Common stock-x22,827,336 22,546,793
Pats. & good-will_ 301,329
301,329 Pref. stock of subs 211,400
217,400 2103,000 Penn-Ohlo Edison 514s, 1959 400 tam American Can.
$100,000 German Govt. Inter.5 '65 600 sits. Borden Co.
Invest.in Mill. co's 496,766
494,329 Funded debt
2.860,000 3,184,800
2100,000 Old Col.Inv.Trust 4348,1947 500 she. Boston Herald Traveler Corp
Sink fund deposits
47,940
72,348 Purchase money
Misc. sec. & accts. 521,553
444,618
obligations
602,838
624,700 1,500 sits. National Power & Lt $8 pref. 500 sits. Internat. Nickel of Canada.
400 sits. New York Central.
Prep.exp.& miscel 245,920
200 shs. Union Carbide & Carbon.
358,339 Rm.for conting
701,313
610,515
300 shs. Union Pacific.
400 she. United Fruit.
Dies& patterns beAccounts payable_ 731,838 1,705,699
750 shs. Hartford Fire loser. Co.
166,746
ing amen's
1.000 sits. United States Steel pref.
195,334 Accruals
118,410
79,514
tlish
453 she. American Tel. St Tel.
3,647,286 1,616,996 Tax reserve
300 sits, United States Steel cons.
134,432
486,029
Aceounts reedy__ 1,660,042 2,827,507 Profit and loss sur400 shs. Cons. Gas of Baltimore.
invantorles
2,850.037 4,456,906
plus
2,463,458 2,183,723
Securities eliminated from the list during the period included the
13'2 & patterns__ _ 481,457
172.711
following:
$100,000 Amer. Tel. & Te. Is, 1965
1,591 sbs. Elec. Bond & Share.
otal
30,560,228 31,729,973 Total
30,560,228 31,729.973
5200,000 Eastern N. J. Pwr. 6s, 1949 1,000 sits. Penn. Water & Pwr. Co.
Represented by 769,073 no par shares.
$100,000 Paoli Pow.& Lt. 58, 1930
1,000 sits. Public Service of N. J.
-V. 131. p. 2707.
300 sin. Southern Railway.
500 sits. Chesapeake Corp.
1,100 she. Home Insur. Co. of N. Y. 2,000 sits. Robert Gair Co. 54% A.
(Conde) Nast Publications, Inc.
-Earnings.
5,200 sits. Atlantic Coast Fisheries.
2,000 shs. Swift & Co.
For income statement for three and nine months ended Sept. 30 see 2,000 shs. Berkshire Fine Spinn'g Asso. 400 sits. International Match pref.
'Earnings Department" on a preceding page.
-V. 131, p. 800.
1,000 sits. Amer. Water Wks.& Elec.
-V. 130. p. 2225.
National Acme Co.
-Earnings.
-
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 131, p. 800.
National Cash Register Co.
-Earnings.
-
Otis Co., Boston.
-To Reduce Par Value of Stock from
$100 to $80 a Share-Liquidating Dividend of $20
-No
Quarterly Dividend.
-
For income statement for three and nine months ended Sept. 30 see ofThe directors have voted to recommend to the shareholders the reduction
the par value of the shares from $100 to $80, to be accomplished by the
"Earnings Department" on a preceding page.
payment on Dec. 1 1930, of $20 per share to shareholders of record Nov. 25.
This dividend will be paid out of funds realized from liquidation in 1927.
Comparative Balance Sheet.
of one part of the business. No further liquidation is contemplated at
Sept.30'30. Dee.31'29.
Sept.30'30. Dee.31'29. this
time.
Assets5
$
Liabilities$
$
President Nichols says in substance:
Land, bldg.& eq--10,240,116 10,422,577 Capital stock and
The decreased net current asset position reflects loss from operations
Patents and goodsurplus
:45,003,831 45,486,650
$400,000
1
will,&c
1 Reserves
3,091,171 2,456,642 during the year, but is also due in large part to toe retirement ofdividends
14,557,299 14,247,222 Accts. pay., dtc___ 659,593
Investments
808,572 of preferred stock at par, the payment of common and preferred
Cash
1,586,476 1,298,117 Agents' bal., dtc__ 1,612,406 1,754,936 aggregating over $330,000, and expenditure of $89,787 for the purchase
Call loans
200,000 Tax reserves
616,895 1,006,737 of 1979 shares of common stock. the year. other than sales of fixed assets,
The net proceeds from sales for
Accts. receiv., dtc_15,396,145 17,548,937 Dividends payable 892,500 3,682,500
were 35,664,412. The deductions, as per the books, for cost of goods sold,
8,247.573 9,709,157 Notes payable_
Inventories
500,000
Agts.' bal.& raise_ 2,101,540 1,767,755 Customers' d epos_ 144.865
278,180 depreciation, tax and other reserves, were $5,773,646, showing a loss of
Prepayments
392,111
280,448
A 'net amount of $3,408 was also credited to profit and loss or surplus
adjustment
on
52,521.261 55,474,217
Total
Total
52.521,261 55,474,217 in account of various items, which include interest received, an net amount
reserve for doubtful accounts and other items. The total
x Represented by 1,190,000 shares common A stock and 400,000 shares charged to surplus Sept. 27 1930 was $105,825.
common B stock (no par value).
-V.131, p.2707.
The operating loss Indicated above was largely due to a very material
reduction in sales, to falling prices during the year and to inventory adjust..
meat. The severe drop in price of cotton resulted in a reduction in the dosNational Distillers Products Corp.
-Earnings.
ing inventory of approximately $90,000.
For income statement for nine months ended Sept. 30 see "Earnings
In 1927 the company sold its underwear plant at Ware and liquidated
Department" on a preceding page.
-V. 131. p. 640.
the business connected with it, the total amount realized being in excess
of $800,000. In addition the company has from time to time made smaller
sales of other capital assets.
-Earnings.
National Tea Co.
When the underwear business was sold the company had a large debt
For income statement for three and nine months ended Sept. 30 see and the directors felt that the money might be needed in the company's
"Earnings Department"on a preceding page.
-V.131. p. 2546.
business. In view of the present cash position of the company and the
probable requirements, the directors are now of the opinion that a distri-Directorate Decreased, &c.
bution out of these funds can be made. Since the funds represent money
(The) Nestle-Le Mur Co.
received
of capital assets as above stated, the directors
At the annual meeting of the stockholders, the board of directors was feel thatfrom the liquidationshould be accomplished only through a reducsuch a distribution
members from 13. Carl W.Blossom was added to the board.
reduced to 11
tion in capital. Accordingly they have voted to recommend the reduction
Retiring directors are Charles Nessler, C. G. Nessler and W. S. Lewis.
$100 to the par value of $80, to be EtcAt the meeting of the directors, J. A. Ladd was re-elected President and of each share from the par value of
1930 of $20 per share to shareholdGeneral Manager, while H. A. Trafton was elected Vice-President in complislunent by the payment on Dec. 1
ers of record Nov. 25 1930.
charge of sales. M. H. Forster was elected Secretary and Treasurer, sucOn account of this proposed distribution, the directors are inclined to
-V.130, p. 2786.
Britton and W.S. Lewis, respectively.
ceeding C. S.
base the declaration of dividends upon the result of current operations and
business conditions. Accordingly no quarterly dividend is declared at the
-Consolidates Two present time. [A year ago (Nov. 15 1929) the company paid a quarterly
New England Breweries Co., Ltd.
-Ed.]
dividend of $1 per share and an extra dividend of $44 per share.
American Businesses.
Balance Sheet.
A merger company has been formed to combine this company's two
American businesses, New England Brewing Co. (of New Jersey) and the
Assets- :Sept.27'30. ySept. 28,'29. UabIlaies-xSept.27'30. ySept.28'29.
Preferred stock_
2400,000
Royal & Ancient Co. The Authorized capital of the merger company Cash & call loans, dr
short-time notes $1,905,264 $1,894,223 Common stock_ __ 3,881,100 4,079,000
consists of $590,000 7% partic. pref. stock and 7,000 common shares of
24,930
61,425
896,000 Accounts payable.
no par value. Subject to certain minor adjustments still under discussion Accts.rec.(less yes) 630,022
:911,216 1,619,678 Accrd.Items & res.
as to the exact amount of pref. stock to be issued, this company receives Inventory
140,984 for taxes, &O.._ 203,756
283,401
the whole of the pref. stock and 1,800 of the common shares together Prepaid items_
105,825
14,760 Res. for equip. &
with $100,000 in cash. The preferred interest commenced to run as from Investments
14,760
other expenses__ 210,000
210,000
Jan. 1 last, is free of Federal income-tax and is cumulative up till and Plant(less depreo) 3,504,305 3,548,243
Surplus
2,761,605 3,080,062
Including 1932, after which date the stock receives either 7% or half the
net profits of any year available for dividends, whichever is less. After
Total
Total
$7,071,392 $8,113,888
$7,071,392 $8,113,888
the pref. stock has received 7%, the common shares may receive $6 Per
x Not yet audited. y Taken from audited report. z After reserve of
share, after which the pref. stock and common shares participate equally
in further dividends up to $3 per share, any further distribution going 3425,000.
Note.-CommItments for cotton and waste on Sept. 27 1930. were approxexclusively to the common shares. In addition, the pref. stock is redeem-V.129, p. 3486.
able at par by an obligatory sinking fund contingent upon profits and imately the same as the market value on that date.
calculated, on the basis of the average profits of the past five years. to
retire the whole of the stock in about 25 years. There is a further provi-Notes Called.
Pacific Coast Glass Co.
sion by which additional stock may be redeemed by the American comAll of the outstanding 7% serial gold notes dated July 1 1924, have been
pany at any time at 105%.
sum received in cash as men- called for payment Jan. 1 next at 105 and int. at the Wells Fargo Bank &
The directors have decided to utilize the
-V.131. p. 1109.
tioned above with the addition of funds already available in England, Union Trust Co.,4 Montgomery St., San Francisco, Calif.
Nov. 1 1930.]
2909
FINANCIAL CHRONICLE
-New Well.
Pacific Western Oil Co.
A well drilled in the floor of the Pacific Ocean, farther from shore than
ever before attempted, has proved to be the greatest producer ever brought
well.
is announced.
in under control in the State of California, itSanta Barbara. is This than
more
the company's No.92-6 in the Elwood field near
19 at the rate of
-11 quarter of a mile from land. It started flowing on Oct.
than
6,400 barrels a day of 36.4 gravity oil and the flow increased to more
13.500 barrels. The well will be curtailed in accordance with oil conservaagreements.
-V. 131, P. 952, 641.
tion
-Notes Offered. A new
Paraffins Companies, Inc.
-year 5% convertible gold notes, series
issue of $1,500,000 5
due 1935, is being offered at par and accrued interest by
Dean Witter & Co., Crocker First Co. and Schwabacher
lc Co.
Dated Nov. 1 1930: due Nov. 1 1935. Principal and int. payable at
Crocker First Federal Trust Co.. San Francisco, trustee Denom. $1,000.
Red. all or part on any int. date on 6() days' notice at 102J-i to and incl.
Nov. 1 1931; thereafter on or before Nov. 1 1932 at 102; thereafter on
or before Nov. 1 1933, at 10134; thereafter and before Nov. 1 1934, at 101;
if red, on or after Nov. 1 1934, no premium shall be paid.
-Interest payable May I and Nov. 1 without deduction
Tax Provisions.
for normal Federal income tax up to 2%. Company agrees to reimburse
holders upon proper and timely application for payment of California
personal property tax not exceeding 2 mills per dollar of par value, which
the holder of any note is required to pay by reason of his ownership thereof,
all as provided in the trust indenture.
-Each $1.000 note will be convertible at the option
Conversion Privilege.
of the holder beginning Nov. 1 1930, at its principal amount, into common
stock of the company, with adjustment for interest and dividends as follows: On or prior to Nov. 1 1932, at $80 per snare; thereafter to and incl.
Nov. 1 1933. at $85 per share; and thereafter, prior to maturity, at $90
.per share. In the event the notes are called for redemption, the conversion
privilege on those called will expire 10 days before the redemption date.
The trust indenture will contain provisions for the protection of the conversion privilege against dilution.
Data from Letter of R. S. Shainwald, President of the Company.
Bisiory.-Company as it was formed in Nov. 1917 represented a consolidation of eight companies engaged in similar business, the oldest of
which had its inception in 1884. Apart from its major activities, which
have been developed largely through this original unit, the company has
acquired, during the last three years, four wholly owned subsidiaries engaged In the manufacture and distribution of various allied products, a
majority stock interest in Fibreboard Products, Inc., and a minority interest
in California Ink Co., Schumacher Wall Board Corp. and Vitrefax Corp.
As of June 30 last total investments In other companies were 29,341.910.
-or 47.4% of the company's assets.
-Company, with its subsidiaries, is the largest manufacturer
Products.
of prepared roofings,floor coverings, box board and allied Ilnes, west of the
Rockies, and Is one of the largest in the United States. It manufactures
roofings, paints, varnishes, building papers, asphalt, felt base floor cloth.
box board, fibre containers, cartons, pipe and boiler coverings, engine
packings, and mechanical rubber goods. The majority of the company's
products are manufactured under the well known name of"Pabco." Other
trade names are "Durable.""Malthoid," and "Pabootite."
Earnings.
-Consolidated net earnings of the company, after interest
and depreciation but before Federal income tax, as certified by Price,
Waterhouse & Co., have been as follows:
Year End. June 30- Net Earns.xl Year End. June 30-- Net Earns.x
$2,599,686
$1,531,764 1928
1925
3.073,259
2,249,716 1929
1926
2.709,475
2,240,78411930
1927
x After interest and depreciation, but before Federal income tax.
The above profits include undistributed earnings applicable to capital
stock owned by the Paraffine Companies, Inc., of those companies in
which the Paraffine Companies, Inc., holds more than a 50% interest.
Net earnings for the six years shown above have averaged $2,400,781.
or 32 times annual interest requirements on this issue of notes. For the
year ended June 30 1930 such net earnings amounted to more than 36
times such interest requirements. No allowance has been made in the
foregoing ratios for any benefits from the funds being provided by the
present financing.
Capitalizothm.-Capital structure as of June 30 1930, giving effect to
this issue of notes, consists of $5,000,000 authorized notes, with 21,500,000
-outstanding; 60,000 shares of 7% cumulative preferred stock ($100 par)
authorized but not outstanding, and 700,000 authorized shares of common
stock without par value, of which 485,111 shares are not outstanding.
-The balance sheet of the company as of June 30 1930,
Assets and Equity.
adjusted to give effect to this financing, shows tangible assets after deductother than these notes, of $18.324,690. Current assets
ing all liabilities
amounted to $4,923,901 and current liabilities $728,352, showing a ratio
of more than 64 to 1. The good will of the company, which is symbolized
by its various trade marks, is carried on the books of the company at $1.
The value of the equity junior to these notes, based upon the aggregate
market value of the outstanding common stock at current quotations, Is in
excess of $26,500,000.
-The proceeds from the issuance of these notes will,be used for
Purpose.
the expansion of the company's business in both domestic and foreign
countries and for other corporate purposes.
Listing.-Applications will be made to list these notes on the San Fran-V. 131, p. 1269, 284.
cisco Stock Exchange.
Corp. each own 50% of the outstanding common stock of Pennsylvania
Greyhound Lines, Inc., representing a substantial investment junior to
these notes.
The interest of the Pennsylvania RR. System in bus lines have been
acquired by Pennsylvania Greyhound Lines, Inc., and the Pennsylvania
RR. make available to the bus company certain of Its facilities and personnel in both its operating and traffic departments.
0. S. Caesar, Pres. of Pennsylvania Greyhound Lines, Inc., has had
wide and successful experience as a manager of bus lines, and for the past
three years, has been President of the Greyhound Corp.. a holding company
and the largest factor in its field, owning the controlling, or a large minority
interest, in a number of associated bus companies operating buses throughout the greater portion of the United States.
-Pennsylvania Greyhound Lines, Inc.. a Delaware corporation.
Business.
owns all of the outstanding capital stocks of nine subsidiary companies
a bus transportation system, approximately 5,000 miles in length,
operating
extending from New York, Philadelphia and Atlantic City in the East.
to Chicago, Indianapolis and St. Louis in the West,and serving intervening
territory, including the cities of Cincinnati, Cleveland, Pittsburgh and
Washington.
432 modern coaches are operated on schedules calling for an average of
35,000 bus miles daily. Systematic maintenance at well equipped service
stations is provided, and terminal facilities are owned or leased in the
principal cities served. Company sets aside adequate amounts from
earnings to provide for maintenance, replacements and renewals.
Pennsylvania Greyhound Lines, Inc., has an understanding with the
Pennsylvania RR. whereby, at the request of the railroad, bus service is
supplied in substitution for local passenger trains.
-Consolidated earnings of Pennsylvania Greyhound Lines.
Earnings.
-month periods, were as follows:
Inc., and its present subsidiaries. for 12
Dec.31 '29. Mar.31 '30 June 30'30. Aug. 31 '30.
$5.694,539 $6.022,504 $6,201,457 26,523,500
Gross income
5,036.680
4.693.616 4,836,096
4,531,931
Exp.,excl. of deprecNet earnings
Depreciation
$1,162,608 $1,328,887 $1,365,360 $1,486,819
637,218
615,410
597.170
576,417
Net income available
$849.601
$749,949
$731,717
int. & Federal tax-- 3586,191
Annual int.requirements
on funded debt to be
98,543
presently outstanding_
Consolidated net earnings before depreciation and allowance for Federal
1930 were equal to more than
Income tax for the 12 months ended Aug. 31
15 times interest requirements on funded debt to be presently outstanding.
-Pennsylvania Greyhound Lines, Inc.,
Restrictions and Covenants.
agrees that it and subsidiary companies will maintain equipment and
other tangible assets, including cash and bills receivable, of a total value
equal to at least 150% of the face value of all debts outstanding, including
these notes.
The company agrees that under no conditions, will it, or the subsidiary
companies, create any additional debts, unless consolidated net earnings,
after depreciation, for 12 consecutive months, of the 15 next preceding
months, shall have been equal to at least three times all interest charges.
including annual interest charges on the debt about to be created.
The earnings, assets and liabilities of bus lines purchased during the life
of these notes shall be included in the foregoing computations, with appropriate provisions for any outstanding interests not acquired.
-The American Contract & Trust Co.,a wholly owned subsidiary
Equity.
company of Pennsylvania RR., has purchased for cash, the present out,
standing $800,000 7% preferred stock of the company and has acquired
outstanding 144.000 shares of common stock through the
one-half of the
exchange of property, franchises, &c., valued at approximately $2,010,000.
The Greyhound Corp. has acquired the remaining 50% of the common stock,
through a substantially equal property investment. Stockholders in the
Greyhound Corp. include the above-mentioned subsidiary company of
the Pennsylvania RR., the Southern Pacific Co. and the Midland Utilities
Co.
-Proceeds of this financing will be used to retire obligations
Purpose.
and to increase working capital.
Consolidated Balance Sheet, Aug. 31 1930 (Co. rod Subs.).
[Giving effect as of that date to the sale of $1,250,000 534% serial gold notes]
Liabilities
Assets
$428,522
2844,888 Accounts payable
Cash
88,494
441,736 Accr.exp.& res. for Fed.tax__
Accounts receivable
535,033
36,458 Equipment obligations
Other current assets
1.250,000
60,467 5)4% serial gold notes
Prepaid ins., licenses & taxes__
27.371
a3,185,030 Reserves
Fixed assets
35,811
Deferred credits
Franchises, organization &
b4,721.389
2,622,926 Capital and surplus
development
95,317
Deferred charges
$7,086,621
Total
87,086,621
Total
a After depreciation of $1.439,895 b Applicable to 8,000 shares 7%
$100) and 144.000 shares common stock (without par
preferred
e). stock (Par
-Probable Merger.
Phelps Dodge Corp.
Steps looking to the merger of this corporation and the Calumet &
Arizona Mining Co. have progressed to the point that something definite
will probably be forthcoming sometime in December. This, however, will
not mark the end of the Phelps Dodge expansion plans. (Boston "News
-V. 131, p. 2707, 2234.
Bureau".)
-Gross Up 25% in Nine Months,
Phillips Petroleum Co.
-Stockholders Reassured on Dividends
Net Income Gains 9%
-Mile
Letter to Stockholders Reports Rapid Progress on 800
-Earnings. Oil Products Pipe Line-Recently Formed Units To Become
Patino Mines & Enterprises Consol., Inc.
-Other Developments Cited.
For Income statement for nine months ended Sept. 30 see "Earnings Subsidiaries
-Sale of Valvoline Holdings.
Paragon Refining Co.
-V. 131, p. 2707.
See Valvoline Oil Co. below.
-V. 131, p. 953.
Department" on a preceding page.
Pelissier's Ltd.
-Earnings.
Years Ended Jan. 31Net earnings
Depreciation
Income tax
1930.
$74,459
18,122
3,840
1929.
$1982:460191
Net profit
Preferred dividends
Amount written off on machinery, plant,&c
$52,497
30,814
$69,749
31,500
16.583
Surplus for year
Previous surplus
Adjustment of 1928 income tax
$21,683
48,463
Dr.228
$21,666
26.797
Balance Jan. 31
Earns, per share on 50,000 shares com.stk (no par)
$69,918
$0.43
$48.463
$0.76
-v. 126. p. 1053.
4,449
Pennsylvania Coal & Coke Corp.
-Earnings.
For Income statement for three months ended Sept. 30 see "Earnings
-V.131, p.953.
Department on a preceding page.
Pennsylvania Greyhound Lines, Inc.-NotelIssue Offered-Company Controlled by Pennsylvania RR., Southern
-A new isue of $1,250,000
Pacific and Midland Utilities.
53.% serial notes is being offered by Janney & Co. at prices
to yield from approximately 4.50% to 5.50%.
Dated Oct. 1 1930; to mature $250,000 annually Oct. 1 1931 to 1935 incl.
Denom. $1,0000. Redeemable as a whole or in part on 30 days' notice,
at 101 and int. Int. payable A .& 0. without deduction of the normal
Federal income tax up to 2%. Penn. Co.for Insurances on Lives & Granting Annuities, Philadelphia, trustee. Pennsylvania 4 mills tax refunded.
Data from Letter of 0. S. Caesar, Pres. of Company.
-The American Contract & Trust Co., which
Control and Management.
is a wholly owned subsidiary of the Pennsylvania RR. and the Greyhound
The company in a letter to the stockholders gives a detailed report of its
activities for the first nine months of 1930. and the quarter ended Sept. 30.
Gross income for the nine months amounted to $43,793.648, as compared
with $34,937,110 in the same period of 1929, an increase of 38.856.538, or
25%. Net income for the same period was $16,363,662. as compared with
$15,029,588, an increase of $1,334,074, or 9%. After depreciation, depletion, all taxes, retirements and other amortization, this report, which
does not include any figures of Independent Oil & Gas Co.recently acquired.
outshows net profit of $7,664,768, equal to $2.60 per share on the average item
standing capital stock during the nine months. A comparison of thisearnmade because in that period
with the first nine months of 1929 Is not
ings were reported before depreciation, depletion, retirements, &c. Earnings of Independent Oil & Gas are not included, as the properties of that
company will not actually be taken over until in the last quarter of this
year. The earnings of $2.60 per share for the nine months are more than
adequate to pay the full year's dividends on Phillips Petroleum capital
stock.
Frank Phillips, Pres.and 0. K.Wing,Treas.,state in part:
"The decline in our stock and in prices of petroleum products has prompted
many inquiries from stockholders as to our dividends. As indicated, earnings per share on the average outstanding shares have amounted to $2.60
and, in addition, $2.95 per share has been charged to reserves. In view of
the foregoing statement it is the unanimous opinion of the board of directors
that the usual dividend shall be declared at the November meeting.
'The volume of business done in the period covered shows a large increase
In all departments, except the crude oil division, where production has been
necessarily curtailed to a minimum under orders of State commissions
which are attempting to balance supply and demand.
"In the year ending Sept. 30, bulk and service stations and resale ac-months period of
counts were approximately doubled and sales for the nine
1930showed an increase of 142% over the corresponding period oflast:year."
(Will Add $62.000,000 Assets This Year.
Arrangementslforlthe acquisition of all ofthe assets of the Independent Oil
It Gas Co. for stock in Phillips Petroleum Co. have been completed and
delivery will be made in the near future. Current production, the report
says, from the combined properties will be greatly increased from proven
acreage, and further future production will come from reserves of more than
2,000,000 net acres of carefully selected lands. Upon the final transfer of
the Independent properties to Phillips, the latter's assets, through this and
other acquisitions will have been increased more than $62,000,000 in the
current year.
2910
FINANCIAL CHRONICLE
Pipe Line Developments.
11111More than 200 miles of the company's 800
-mile oil products pipe line
the Panhandle to St. Louis have been laid, and pipe is being received from
rate of 10 miles per day. The company's products will be moving at the
this line to the marketing outlets by late winter. The Phillips through
Co. will also participate in the ownership of the Great Lakes pipePipe Line
line, now
being built, which will have a total length of 1.400 miles and will transport
gasoline to marketing districts of Des Moines, Omaha, Minneapolis
Chicago, which the former does not directly reach. Phillips therefore and
enjoy the economies of pipe line transportation throughout most ofwill
its
distributing area.
The Phillips Natural Gas Co. is constructing lines and compressor
stations, and within the year. will begin to purchase large quantities of
natural gas from Phillips Petroleum Co.for transportation and sale to other
companies. The 1,000
-mile pipe line which is being constructed from the
Panhandle of Texas to Chicago and in which Phillips Petroleum Co. is
interested along with Standard, loan11. Cities Service and the Central States
Group, is also progressing rapidly: it is anticipated that deliveries of gas
will be made to Chicago in the fall of 1931.
Phillips Pipe Line Co. and Phillips Natural Gas Co. under the contracts
executed, will become subsidiaries of Phillips Petroleum Co., and all of
their properties will be acquired at cost.
Phillips stockholders increased over 100% in the nine months.
-V. 131,
p. 2707, 2235.
Photomaton, Inc.
-Receivers Appointed-Holding Company Also Included in Action-Both Concerns Held To Be
Solvent.
',Federal Judge Clarence G. GaIston in Brooklyn Oct. 30 appointed
receivers in equity for Photomaton, Inc.. of 30-20 Thompson Ave., Long
Island City, and the Photomaton Operating Co., a subsidiary,
address. The receivers for Photomaton, Inc., are David J. Foxof the same
and Victor
J. Oliver. The receivers for the Photomaton Operating Co. are David J.
Fox and John M.Smith.
The naming of the receivers followed the filing of applications for their
appointment by creditors and was agreed to by officers of both companies.
The applications state that while both concerns are solvent, there are
against them the payment of which might prejudice the claims ofclaims
other
creditors. The application states that the action is for the purpose of conserving the assets of the companies for the benefit of all creditors.
The petitioning creditor who filed against Photomaton, Inc., was the
Positype Corp. of America of 2 Rector St., N. Y. City. The petitioner
against the Photomaton Operating Co. WA the Agfa Ansco Corp. of 1,328
Broadway, N. Y. City. Both petitioning creditors are dealers in supplies
used by the two Photomaton concerns.
The petition declares that Photomation, Inc., has outstanding liabilities
of 3315,000, of which $295,000 is secured and $20,000 unsecured. It also
is said that the assets of Photomaton. Inc., include letters patent and contracts with the Photomaton Operating Co. valued at $2,213,000. The
petition states that the operating company owes rent in many places and
owes for supplies furnished it.
-V. 130. p. 4622.
1
tvoL, 131.
Per share on the Preferred
$67
Per share on common (after allowing $50 per sh.
$3.51
Claims against Prince & Whitely at face value on preferred)
$1,950,000
Note of J. M. Hoyt & Co. (value contingent
upon amount of
Prince & Whitely settlement)
1,500.000
$15,376.063
Per share on preferreed
$86
Per share on common (after allowing $50 per
sh. on Pref.)
$7.54
Among the listed securities in possession of
19,220 shares of Atlas Stores common. These the trading corporation are
have
the market of $12 a share. In the fiscal year ended been written down to
reported $4.50 a share on the common stock and in March 31 1929 Atlas
31 1930 35 a share on the common stock. Recent the year ended March
figures indicated that
earnings in the current fiscal year have run
ahead of the corresponding
period a year ago.
Also among listed securities are 46,077 common
shares of Greenfield.
Tap & Die Corp. These have been written
a share. These holdings represent working down to the market of $5
control of Greenfield Tap
& Die, which in 1929 earned $3 a share for the
common stock. Definite
information on Greenfield's earnings is not avallbale,
but it is known that
Greenfield will show a profit for 1930.
The corporation's holdings of 15.400 shares of
Wire Corp. have been written down to 19%. In L. A. Young Spring &
1929 this company earned'
$5.36 a share on the common and in the first eight
months of 1930 covered
its entire dividend of $3 for the year.
Holdings of 38,900 Hahn Department Stores
$6.50 preferred have been
written down to the market price of 60. Hahn earned
$16.87 per share
on its preferred stock in the fiscal year ended Jan. 31
1930. Earnings this
year are running ahead of last year
Among the unlisted securities are 45,000 shares of Atlas
Stores $3 cumulative convertible preferred carried at cost of 3234.
This company Is
paying regular dividends of $3 on the preferred and in
the
March 31 1930 earned $30.62 per share for the preferred. fiscal year ended
Included in the unlisted securities are 79,818 common
shares of the Autocar Co. This is carried at cost of $33.35 a share. The
company
$5.35 a common share on the average number of shares outstanding earned
in 1929.
This represents more than 30% of the outstanding common
and is probable
working control. The company in 1930 will probably
show a balance after
preferred dividends.
Obviously, it is difficult to appraise the liquidating value of
securities under present market conditions. For the most these unlisted
carried on the books at prices which would seem to permit part, they are
their sale even
under unfavorable conditions at small loss.
It is too early to estimate the terms of
& Whitely. But if for the purpose of the ultimate settlement by Prince
calculation a reserve
arbitrarily set up against the claim of $1,950,900 against Prince of 50% Is
and against the note of $1.500,000 of J. M.Iloyt & Co. which & Whitely
is contingent
upon the settlement by Prince & Whitely,
assets (including unlisted securities at coat)there would remain indicated
of $13,651,063, which would
work out $76 a share on the preferred, and allowing
$50 for the
would leave a balance equivalent to $5.52 a share on the common.preferred
Income Report Not Issued by new Management.
-
Pilot Radio & Tube Corp.
-Consolidated Sales.
-
Referring to the above published report, Philip De Ronde,
1930
-Sept.
-1929.
Decrease. 1930-9 Mos.-1929.
Increase.
President of the corporation, denies that these statements newly elected
$130,487
$193,512
363.0251111,213,720 $1,152,088
$
-These figures do not include sales of the Detroit Radio Products the present management or with its knowledge or consent. were issued by
Note.
66
132 ing it
"While makclear that these statements did not come from
Corp. which was merged into the Allan Manufacturing & Electrical Corp.
said Mr. De Ronde, "I do not wish to comment on the the corporation,"
-V. 131, p. 1907, 641.
figures contained
therein."
-V. 131. P. 2708. 2547.
Pittsburgh Plate Glass Co.
-New Agreement.
-
See American Cyanamid Co. above.
-V. 131. p. 1577.
Pittsburgh Terminal Coal Corp.
-Earnings.
For Income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 131, p. 802.
Prairie Pipe Line Co.
-Earnings.
For Income statement for three and nine months ended Sept. 30 see
'Earnings Department" on a preceding page.
-V.131, p. 1110.
Prince & Whitely Trading Corp.
-Earnings Statement
from Sept. 17 1929 to Oct. 8 1930.
The following is taken from the "Wall Street Journal" of Oct. 27:
Determination of the actual value of Prince & Whitely Trading Corp.
presents certain problems at this time, because it rests in a large degree
upon whatever settlement will be made by the firm of Prince & Waitely
and also upon the future trend of securities markets and business conditions.
At closing quotations Saturday (Oct. 25) of 153i for the preferred and
1% for the common,the 178.400 Prince & Whitely Trading Corp. preferred
shares in the hands of the public and the 856,000 common shares had a
total market value of $3,942,200.
Regular dividends and interest being paid on present holdings of the
corporation are running at the rate of $600,000 annually or better than 15%
of the total market value of the corporation's outstanding shares. Requirements for the $3 dividend on the preferred shares total $535,200.
Earnings figures certified by public accountants for the period from Sept.
17 1929 to Aug. 31 1930 and those made up by the corporation's auditors
for the period to Oct. 8 1930, show consolidated net income after expenses
and Federal taxes of 34,351,381, including $1.768,312 capital gain arising
from retirement of 40,000 shares of preferred stock and the purchase of
106,600 additional shares of pr. f rred stock for retirement. This is equivalent after deducting preferred dividends paid and accrued to $4.09 a share
on 856,000 no-par shares of common stock. The above net income is before
allowance of $1,403,392 depreciation in market value of investments written
down, which was charged against surplus account.
Profit and Loss Account for Period Sept. 17 1929 to Oct. 8 1930.
xSept. 17'29 ySept. 1 '30
to
to
ConsoliAug. 31 '30. Oct. 8 '30.
dated.
Interest received
3671,822
$23,192
$695,014
Dividends received
640,249
137.191
777,439
Profit, sale of securities
807.370
58,694
866,065
Profit from underwritings, 3ec
471,876
471.876
z Capital gain
1,308,377
459,935
1,768,312
Pruett-Schaffer Chemical Co.
-Merged With Hackmeister-Lind Co.
-See latter company above.
-V. 130, p.
2786.
Public Industrials Corp.
-Rescinds Dividend Action.
-
The directors have voted to rescind their
quarterly dividend of $1.75 per share on the previous action in declaring a
was to have been payable on Oct. 31.-V. class B preferred stock which
130, P. 4257,
Q.R.S.-De Vry Corp.
-New Product.
-
Addition of a new product to its line
automatic stereopticon adapted to windowof cameras and projectors, an
and counter display advertising, was made on Oct. 24 by the corporation. The
automatic stereopticon
will aceommodate up to 100 pictures
the series and repeating automatically.on one film strip, running through
The machine is now in production at the Q. R. S.-DeVry plant
stantial orders have been received from dealers, President T. M.and subFletcher
stated.
-V. 131, P. 2709. 2548.
Radio-Keith-Orpheum Corp.
-Earnings.
-
For Income statement for three and nine months ended
Sept. 30 see
"Earnings Department" on a preceding page.
-V.131. p. 1577.
Rainbow Luminous Products, Inc.
-Auction Sales.
-
At auction 400 shares class B sold for $255 or 63.75 cents a
share. while
337 shares brought $250 or 74.2 cents a share 93 shares of class
A sold for
81.75. When these stocks were stricken from the Curb listing class
A was.
quoted at 13 and class B at 4.-V. 131. D. 2391.
Rand Mines, Ltd.
-Gold Production (Ozs.).MonthJanuary
February
March
April
May
June
July
August
September
October
November
December
1930.
882.801
818,188
889.370
868.606
916.213
887,867
912.652
921.081
903,176
Total income
Expenses and Federal taxes
$3,899,694
205,388
$679.012 $4,578,706
a 21,937
227,325
Net income
Preferred dividends
Common dividends
$3,694,306
791.305
428,000
Total
$657,075 $4,351,381
b57,088
848,393 -V. 131, p. 2548, 1907.
428,000
Surplus
Depreciation on investment
$2.475,001
1,403.392
$599,987 $3,074.988
1,403,392
$1,071,609
$599,987 $1,671.596
Profit and loss surplus
x Certified by public accountants. y Not certified. z Arising from
retirement of 40,0(10 shares of preferred stock and the purchase of 106.600
additional preferred shares for retirement. a Excludes taxes. b Accrued.
Including $5,195.651 of unlisted securities taken at the cost at which
they are carried on the company's books, the principal assets foot up $11,926,063, or the equivalent of $67 for the preferred shares and after deduct,
tog $50 a preferred share, to $3.51 a common share. This is after writing
down to market all listed securities and excluding two substantial items,
the value of which is contingent upon the settlement which will be made by
the Prince & Whitely firm.
This computation has been arrived at as follows:
$977,368
Cash
4,641,910
Listed securities at market
3.711,660
Unlisted securities at cost
Other notes and accounts receivable (secured)
1,098.589
Securities with Prince & Whitely for safe keeping:
262,545
Listed securities at market
1.483.991
Unlisted securities at cost
Liabilities (noel
n excess of)
812,176,06.3
250.000
$11,926,063
1929.
876.952
815.284
866.529
872.123
897.598
856.029
889.480
889.601
489.553
888.690
861.593
851,134
1928.
843.857
816.133
879.380
825.097
886,186
826,363
867.211
891.363
857.731
897.720
872,484
859.761
1927.
839.000
779.339
860.511
824,014
859.479
855.154
851.861
863.345
842,118
856.843
848.059
851,225
1926.
796.270.
753,924
834.340
803.303
849.214
852.145
860.134
843.854
839.939
753.296
840.276.
836.157
8,524,564 8,610,002 10,141.849 9,962,855-
Raybestos-Manhattan, Inc.
-Earnings.
-
For income statement for six months ended June 30see
"Earnings Department" on a preceding page.
Comparative Consolidated Balance Sheet.
June30.30. Dee.31'29.
June30'30, Dee.31'29.
Assets$
$
Liabilities$
$
Cash in him. & on
Accts. payable.__ 732,448
605.002'
hand1,288,433 1,437,113 A ccr.sal.& wages_ 104,068
108.931
Ctfs. of deposit
900.000
Install.collected fr.
Call loans_
75,000 1,600,000 empl.stk.subs°.
41,912
Mum.. govt., &c.
Res, for stkhldr. of
bonds
867,062
350.000
predecessor co
6,941
Mkt'able securities 184.682
84.682 Accr. Fed. & State
Notes & trade acIncome taxei..... 219,899
septa. reo
256,809
180,092 Res, for est. Fed.
Accts. rec., net of
& State taxes.... 127,780
429.176.
reserve
2.021.516 1,571,814 Res. for contIng_.
425.000 •
Merch. Inventories 4,401,580 4,758,906 Cap. stk. (676,007 443.192
Inv. (Incl. adv.).,,. 1,068.878
989,511
sha. no par val.) 9.721.750 9.718,625.
/fund. accts. 'Tele 155.587
175.102 Earned surplus... 2,214.685 2,302,767
Fixed assets
y7,532.282 7,542,829 Capital surplus__ 5,855,189 5,857,060Deferred charges
54,964
79,425
Tr. name, goodwill, da
595,157
595,157
Organic. expenses_ 128,973
128,958
Tot.(each side).19,490,922 19,453,591
x Market value, $133,745. y After depreciation of 87,120.232.-V. 131
.
,
p. 2235, 1269.
FINANCIAL CHRONICLE
Nov. 1 1930.]
-Constructing New
-Shipments
RCA Victor Co. Inc.
Plant-Consolidates Entire Activities at Camden, N. J.
The corporation's plants at Camden, N. J., at the present time are shipping 7,600 radio sets daily to distributors and dealers, according to VicePresident Alfred Weiland. The company is going right ahead with schedules, and production is being increased as rapidly as possible. The capacity
of the Camden plant, working on full schedule, is 9,000 sets daily. This
year for the first time the RCA Victor Co. is working under a system of
'controlled production, with the production of complete radio sets geared
'closely to sales of sets to the public.
The company is engaged in constructing a new manufacturing plant in
Jamaica Plain, Boston, /slass., which will be utilized as the manufacturing
headquarters for the RCA l'hotophone talking-movie apparatus for use in
theatres throughout this country and abroad.
The company recently acquired the Wireless Specialty Apparatus Co. of
Jamaica Plain and is using this plant for manufacturing an extensive variety
of radio apparatus. When the new plant is completed, probably in December, provWon will be made for the employment of from 300 to 400 additional workers, making a total average yearly employment of about 1,000
,
persons.
The company also announces the consolidation of its entire activities in
Camden, N. J., through the removal from New York of the sales denartment of the Radiola division, the engineering products division and the
RCA export department. This move is expected to bring about more
'efficient and economical operation of the company as a whole, the announcement says.
Now Producing 8,700 Sets Daily.
The corporation's plants at Camden, N. J. are now producing 8,700 radio
sets daily, of which approximately 300 are for export to foreign countries.
Current output represents an increase of 1,100 sets over two weeks ago, and
is within several hundred of capacity. The plants at the present time are
giving employment to 25,800. There has been no indication of a let-down in
demand from dealers and distributors, and production schedule is expected
to be fully maintained until after Christmas, according to Alfred Weiland,
-V.131, p.2078.
Vice-President in charge of production at Camden plants.
802.
-$300,000 MuniciReal Estate Land Title & Trust Co.
pal Trust Certificates Offered.
An issue of $300,000 first participating Municipal Trust 6% certificates,
priced at 100 and int., is being offered by V. W. Mills & Co. The certificates, issued by the Real Estate-Land Title & Trust Co. of Philadelphia,
trustee, and dated Nov. 1 1930 will be retired in annual installments of
$30,000 from 1931 to 1910. They are secured by deposit with the trustee
of $300,000 in certificates and bonds of special assessments upon real estate
having an actual value approximately 10 times this amount issued by the
City of Amarillo, Texas; City,of Russellville. City of Brighton, City of
Prichard, Ala. and City of Clovis, New Mexico. The obligations securing
the bonds have been issued for street paving, sidewalks and sewers. These
oblimtions, being in various amounts and payable on or before maturity,
at the pleasure of the property owner, makes it necessary to adopt this
form as a more practical means of handling this class of securities, the
bankers state -V. 130. p. 2985.
J. It. Robertson, President of E. L. Ruddy Co., had advised shareholders
to exchange their 7% preferred shares with stock purchase warrants attached to shares of Claude Neon on the basis of one $115 par value preferred share (7%) and one no par value common share of Claude Neon for
each preferred share of Ruddy Co. Harley Milner & Co. disagree with
this advice.
The ostensible income with the new shares would be $8.05 per annum
as compared with $7 on the E. L. Ruddy Co shares and the Neon common
stock also holds possibilities for the future. Harley Milner & Co., as
large shareholders themselves, however, feel that the impressive earnings
shown by Claude Neon for the seven months ended July 31 1930 are too
recent to bear comparison with the entrenched earnings situation of E. L.
Ruddy Co. The Neon earnings were derived in great part from sales of
Claude Neon displays, a comparatively new business. The circular further
states:
"The E. L. Ruddy Co. business has been in successful operation for more
than 50 years. As an indication of its consistent and increasing growth, we
give below its earnings for the past five years available for debenture interest, depreciation, Federal taxes, dividends, &c.:
1929.
1928.
1927.
1926.
1925.
$370.375
$273,834
$250.477
$201,814
$167,569
"In the comparative consolidated statement of Claude Neon which has
been submitted to you, combined fixed assets, including land, buildings,
machinery, equipment, poster panels and painted bulletins, goodwlll,
franchises and patent rights, after deducting depreciation reserve, are
shown at approximately $6,198,000, but there is no indication of the amount
included for goodwill, franchises and patent rights.
"The tangible assets of the E. L. Ruddy Co.. excluding goodwill, franchises, &c., have a value in excess of $2,000,000, and there are outstanding
.1% debentures and $770,000 of 7% preferred stock.
only $720,000 61
Based upon the price which we understand was paid for E. L. Ruddy
Co.,cmn
stock by Claude Neon General Advertising, there is an indicate
equity junior to your preferred shares of approximately $1,400,000.
"We understand that it is proposed shortly to make a public issue of
$2,000.000 or $2,500,000 par value Claude Neon General Advertising 614%
debentures, which would, of course, rank ahead of the preferred shares
which you would receive in exchange for the E. L. Ruddy Co. preferred
shares. It is presumed that these debentures are being issued in large part
to fund the purchase price of E. L. Ruddy Co. common shares, for which
we understand Claude Neon general Advertising paid approximately
$1.400,000.
"Briefly, you are being asked to exchange your preferred stock and to
give up your stock purchase warrant, accepting in our opinion a lesser degree of security, in lieu of which you are offered $15 par value in 7% pre[erred stock and one share of common stock.
"We ourselves are one of the largest preferred shareholders of the E. L.
Ruddy Co., and it is not our intention to accept the offer because we do not
consider it sufficiently attractive.
"The information that has been furnished us to date does not, we fee/,
-V. 130. p. 1667.
warrant our recommending the exchange to you."
-Earnings.
Reliance Manufacturing Co. (Ohio).
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
Balance sheet as of Sept. 30 shows current assets of 8835,035 and current
liabilities of $85,251. Cash alone was $557,734, or over six times current
liabilities.
The company reports that orders in September were running ahead of
-V. 131, p. 802.
shipments for the first time in several months.
-Earnings.
Reo Motor Car Co.
For Income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
Balance Sheet Sept. 30.
1930.
1929,
1929.
1930.
Assets
Capital stock
20,000,000 20,000,000
Land, MM,Inachin'y & equip_x10,882,752 10,971,991 Accts. payable__ _ 1,870,523 1,402,539
5,484,556 8,029,862 Accrued payroll_.._ 231,263
242,546
'Cash
247,872
367,604Federal. &c., taxes 241,054
874.135
Drafts outstand'g
2.430,911 3,311,854 Contingent res.... 350,.
Receivables
5,423,423 1,097,979 Divs. declared __ 400,000
400,000
Govt bonds
125,548
451.367
6,737,839 11,054,250 Miscellaneous..
Inventories
61,308
23,155
200,803
141,190 Deferred credits__
Land contracts
8,378,962 11,882,897
211,709 Surplus
Deferred charges._ 198,811
90.400
53,691
Inv. in other cos__
31,658,658 35,276,639
Total
-V.131, p.955.
Total
2911
31,858,658 35.276,639
-Earnings.
Retail Properties, Inc.
For income for nine months ended Sept. 30 1930 see "Earnings Department" on a preceding page.
The financial position of the company is indicated by the fact that the
company's buildings continue well occupied, and that the company has
purchased enough debentures in the market to meet estimated sinking fund
requirements to March 1933. Real estate and business buildings are owned
by Retail Properties, Inc., in 22 cities, including New York City, Philadelphia, Baltimore. Camden, Fall River, Pueblo, Colorado Springs.
-V. 130, p. 1296.
Montreal, Quebec and Winnipeg.
-Earnings.
Ruhr Chemical Corp.
Earnings for Year Ended June 30 1930.
Net sales,less turnover tax
General production costs & inventory variation
Provision for depreciation
Administrative & general expenses
Charge under Dawes Plan (estimated)
$1,570.937
633,201
458,642
109,359
11.914
Net profit on sales
Interest & rents receivable
8357,821
28.094
Total income
Interest on 6% sinking fund mortgage konda
Amortitation of discount
Bankers,legal & miscellaneous costs
Interest on 8% note
Amortimtion of issue expenses
Int. on bank loans & overdrafts
Interest charged to fixed asset accounts
$385,015
233.855
25.500
4,833
102,727
7,132
47,23,3
Cr81,182
Profit for year ended June 30 1930
Inventory reserve created (net)
Reserve for contingencies
$48.016
28,915
39,133
-322,032
Balance Sheet June 30 1930.
Ma/dittiesAssets
$810,060
$166,675 Bank loans & overdrafts
Cash
184,093
119.130 Accounts payable_
Notes receivable
104,044 Intent, taxes & other accrued
Accounts receivable
expenses. Incl. reserve for
Inventories, cost of market
140,988
contingencies
value whichever lower (less
643,274 Liabilities on construction
reserve)
work Day, from funds de12,143
Trade investment
73,808
posited with trustee
Properties. plant & equipment 5,161,675
7,074,714
Funded & long-term debt
Constructional work in progc2,142,857
Capital stock
prepayments
ress, incl.
840,004
2,025,441 Deficit
thereon
Construction fund: Balance of
proceeds of 8% note deposited with trustee, di final
instalment of 8% note, rea1,130,998
ceivable Aug. 1 1930
Payments for acquisition of
638,095
patents
Deferred charges to operations 485,041
Net deficit-
$9,788,516
Total
89,786,616
Total
a At June 311 1930 contingent liabilities on uncompleted constructional
contracts existed amounting to 8761,905. b Under the terms of the pur$35,714.
The company, on Oct. 28, declared the regular quarterly dividend of 7,0 chase contracts the company becomes liable to a further payment ofdemand.
c The whole of the unpaid capitol of the company is due upon
dents per share, payable Dec. 1 to holders of record Nov. 15.
Net earnings for the third quarter showed a substantial them-- ovcr the and the rights thereto have been assigned to the German trustee under the
previous quarter and were in excess of dividend require/re t , it was an- 6% sinking fund mortgage bonds series A. Upon payment of the uncalled
nounced. The company also reports that current loans of wore than $2,000.- capital taxes amounting to 8171,428 will become chargeable upon the com-V. 131, p. 1727.
.000, incurred through the purchase of Lahmaier, Sch's artz Ce. have been pany.
-V. 131, p. 802. 1727.
liquidated.
-Earnings Increase-162,000,000
Reynolds Metals Co.
Loans Liquidated.
-First
-Bonds Offered.
St. Joseph Stock Yards Co.
-Reduces Fuel Oil Union Trust & Sayings Bank, Chicago, recently offered
Richfield Oil Co. of California.
Inventory.
$1,000,000 1st mtge. 5% sinking fund gold bonds at 100
This company has reduced its fuel oil inventory through the sale of a
'substantial quantity of fuel oil to the Shell Union 011 Co. at a price which and interest.
'
Dated Aug. 1 1930; due Aug. 1 1940. Principal and int. (11 . & A.)
payable at First Union Trust & Savings Bank, Chicago. Int. payable
income tax not in excess of 2%.
without deduction for normal Federal
-Earnings.
Rio Grande Oil Co.
Denom. $1,000 O. Red. for sinking fund on Aug. 1 in each of the years
whole on any
For Income statement for three and nine months ended Sept. 31) see 1931 to 1939, incl.. or at the option of the company as a the premium
-V. 131, p. 2079.
int. date, upon 60 days' notice at 105 and int. during 1931,
"Earnings Department" on a preceding page.
decreasing 34 of 1% each year thereafter to and incl. Feb. 11939; thereafter
at 100 and int. First Union Trust & Savings Bank, Chicago, and Walter
-To Adjust Capitalization.
Royal Dutch Co.
S. McLucas, trustees.
of the shareholders will be held on
An extraordinary general meeting
Data from Letter of L. F. Swift, President of the Company.
Nov. 10 for the purpose of making certain formal amendments to the
obligation of the company and secured by a closed first
Security
Articles of association which are necessary by reason of the current retire- mortgage .-Direct
on the fixed properties of the company now or hereafter owned.
ment of the 20,500,000 guilders of 4 % priority shares. In order to mainProperty includes 372.4 acres of land, owned in fee, plant and equipment,
tain the capital at its present amount, the authorized ordinary shares will located at South St. Joseph, Mo. This property is conservatively valued
be increased by a like amount. This is a formal adjustment of share capital. at $3,643,277. or more than 3 times the amount of this issue. The stock
'There is no intention of placing any additional shares on the market.
yards plant is in good physical condition and IS amply protected by insurance.
V. 131, p. 2392.
-An annual sinking fund is provided, sufficient to redeem
Sinking Fund.
annually 1931 to 1933, incl., $55,000 bonds in 1934 and 1935.
-Harley, Milner & Co. Advise $50,000 bondsbonds in 1936 to 1939, Incl., these sinking fund payments
(E. L.) Ruddy Co., Ltd.
and $60,000
issue.
Against Exchange Offer of Neon for Ruddy-They Claim being equal to 50% of the engaged in the businesa of handling, loading,
Business.-Oompany Is
Ruddy Pref. More Attractive To Hold.1 unloading, feeding and delivering all of the live stock received at the
been in operation since 1893. In 1929.
Harley,_Milner & Co., one of the firms which originally offered preferred St. Joseph Stock Yards, and has 3,859,318 head of which
were
shares of E. L. Ruddy Co. to the public, has addressed a circular letter to live stock receipts amounted to hogs, 1.635.807 sheep and 500,390horses
7,408
advising them not to accept the offer made to give in exchange cattle. 89,274 calves, 1,626,641
shareholders
Swift & Co. and Armour & Co. operate large packing plants
for these shares Claude Neon General Advertising preferred and common and mules. the company's property.
adjacent to
,shares.
-V. 131. P. 2548.
netted the former $1,500.000 cash.
2912
FINANGLAL CHRONICLE
Earnings.
-Net earnings after depreciation, but before Federal income
taxes for the five year period, 1925-1929, available for the payment of
Interest on funded debt were as follows:
1925.
1926.
1927.
1928.
1929.
$332,417
$315,653
$312,187
$369,749
$328,967
Net earnings for this five year period have averaged $331,795 annually
or more than 63. times the interest requirements of this issue.
Balance Sheet as of Dec. 31 1929.
[Giving effect to retirement of $1,250,000 bonds paid Jan. 1 1930, and
a suance of these bonds.]
AssetsLiabilities
Cash
$78,238 Accounts payable
$30,483
Accounts receivable
49,115 Accrued taxes and cas. insur...
47,507
Notes receivable
13,824 Deterred income
1,785
Inventories
35,189 First mortgage .5% bonds-- 1,000,000
Deferred charges
40,192 Common stock
1,875,000
Investments
376.815 Surplus
406,782
Fixed assets
3,643,278 Capital surplus
875,000
Total
34,236,654
Total
$4,236.65
Ownership.
-A majority of the capital stock of this company is owned by
Swift & Co. and its employees.
-V. 131. p. 2079.
Samson Tire & Rubber Corp.
-Consolidation.
-
[Vol- 18L
Southern Pipe Line Co.
-$1 Dividend.
-
The directors have declared a dividend of $1 per
to holders of record Nov. 15. A similar distribution share payable Dec. 1
was made on March 1
last.
On Sept. 2, the company paid a dividend of $5 per
share from capital
stock reduction account. See V. 130, p. 3732.
Standard American Corp.
-Initial Dividend.
-
Standard American Trust Shares declared a
of 22.75c., payable Nov. 1 1930. There are semi-annual distribution
undistributable
to the benefit of holders of these shares resulting from stock accruals
split-ups.
There are now four shares of Canadian Pacific Ry.
common in each unit
as against one share In the original unit, and two shares of
American Tobacco
Co. common B stock as against one share. This is
the
to holders of Standard American Trust Shares, a fixed first distribution
trust formed last
May.
-V. 131, p. 643.
Standard Brands, Inc.
-Earnings.
For income statement for 3 and 9 months ended Sept.
30. see "EarningsDepartment" on a preceding page.
-V.131, p.2709.
Standard Cap & Seal Corp.
-Earnings.
-
For income statement for nine months ended Sept. 30
see "Earnings
Department" on a preceding page.
-V. 131. p. 1112.
A plan to merge the tire business of the United States Rubber Co. in the
Pacific Western States with the Samson Tire & Rubber Corp. has been
Standard Oil Co. of Kentucky.
-To Sell Tires.
revealed in letters to stockholders of the latter concern.
The company will enter at an early date into the sale of automobile tiresA new corporation is to be formed in Delaware, to be known as Samson
Corp. with 200,000 shares of authorized 6%,a capitalization consisting of throughout Kentucky, Alabama, Florida, Georgia and Mississippi. "The
growing demand for more complete and exacting service by the
non-cumulative pref. stock of $10 par value. 200,000 shares of authorized
motoring
A common stock, without par value, and 200,000 shares of B common public makes this addition to our business a necessary and logical one.
said President W. E. Smith. "The tires offered will be first
stock, without par value.
line and first
The Samson company has outstanding 165,100 shares of no-par value quality in every respect, and will be made by experienced and reliable
common stock. The United States Rubber Co. is to purchase 120.000 A manufacturers." The company will retail tires. tubes and the usual tire
accessories at certain of its own service stations, and will render complete
shares and 50,000 B shares of the new concern for $600,000.
It is proposed that the common stockholders of Samson Tire & Rubber tire service.
"A special feature in the company's plan," Mr. Smith said, "is that
Corp. exchange their shares for an equal number of shares of the pref. stock
of
of the new company, plus 3-10ths of one share of the B common stock of offering tires to independent dealers operating filling stations and garages.
Tires will be
the new company for each share of present Samson common stock.
-V.131. satisfactory offered these dealers on a wholesale price basis, assuring them
profits. It will be the desire of the company to co-operate with
p. 2392.
and include these resellers in its tire selling program rather than disturbthe business of these dealers, many of whom are valuable customers of
Savage Arms Corp.
the
-Earnings:
company on petroleum products.
For Income statement for three and nine months ended Sept. 30 see
he company will guarantee every tire sold, whether by its dealers or
"Earnings Department" on a preceding page.
service stations. This plan provides for a 12 months' guarantee, regardless
-V.131, p. 956.
of mileage, on all tires sold for use on passenger cars,
antee, regardless of mileage, on all tires sold for use and six months' guarSaxet Co.
on commercial cars."
-New Contract.
-V. 131, p.
kaaaatrallaiisaluallt.Sis
The company has made a new contract through its subsidiary, the
Saxet Gas Co., increasing its minimum delivery of natural gas to the City
Standard Oil Co. (New Jersey).
-Imports and Refinery.
of Corpus Christi, Texas, from 1,000.000 cubic feet to 4,000,000 cubic feet
a day. The City is currently purchasing approximately 6,000,000 cubic Runs. Reduced
feet of gas a day, or 2,000,000 cubic feet in excess of the minimum, it was
The company's official publication, "The Lamp," in the October issue
stated.
-V. 131, 1). 2079.
says:
"Following their policy of cutting down imports of crude oil and proSeeman Brothers, Iric.-Earnings.ducts, and reducing refinery runs so far as consistent with current requireFor income statement for 3 months ended Sept. 30 see "Earnings De- ments, subsidiary operating companies of the company have effected
further decreases since the announcement in the last issue of the
partment" on a preceding page.
-V. 131. p. 1270.
"Lamp."
This policy was adopted in the interests of the petroleum industry of theUnited States and not for particular advantage to the companies. With a
(Gordon) Selfridge Trust, Ltd., London.
large surplus both of crude and products on hand, it is admitted that the
-Report.
Petroleum industry must scale down operations to avoid, needless waste in
Years Ended Sept, 30- 1930.
1929.
1928.
1927.
storage charges and oversupplied markets.
Divs. rec. on 750,000
For the nine months of 1930 ended Sept. 30, total imports of crude and
ordinary shares of Selproducts by subsidiaries were 85% of those for the corresponding nine
fridge &
- £150,000
£150,000
£150,000
£150,000 months of 1929.
Add amt. rec'dfor int.&
Co., Ltd_Refinery runs for the first nine months of 1930 were at a daily
of'
transfer fee
6,413
5,944
3.769
3,399 376,683 barrels. This compares with a daily average of 399,790average in
barrels
the first three-quarters of 1929.
Total
£156.413
455,944
£153,769
In the week ending Oct. 3, the actual daily average of refinery runs was
£153,399
Secretarial expenses, &c_
851
815
867
3,077 361,437 barrels.
Income tax
17,835
19,027
18,303
19,259
DIVS, paid and accrued
The "Lamp," in discussing the present employment
to Sept.30 on pref.she
60,000
60,000
60.000
56,705 situation
says m part:
Credit of revenue acct
From which the directors
recommend the payment of a div. of 7%,
less tax on the ordinary shares, which
amounts to
Transfer to reserve fund-
£77,727
£76,102
£74,599
54,250
25,000
56.000
15,000
56,000
10,000
Net profit
loss£1,523
Surplus brought forward
32,060
15,102
26,958
£8,599
18,359
£32,060
£26,958
Total surplus, Sept. 30
-V. 129, p. 3488.
£30,537
As its contribution toward aiding the situation throughout the country,
the Standard Oil Co. (New Jersey) has a policy of labor employment and
distribution which has been helpful in stabilizing employment conditions.
throughout its organization and which provides that in case of temporal's
,
lack of work the work available shall, as far as practicable, be distributed
among the present force.
The regular semi-annual labor report of the company and its domestic
56,000
subsidiaries shows that on June 30 there were more employees on the pay-roll
of the company than at the beginning of the year, due largely to new con£18,359 struction work, and this number has not materially decreased up to the
present time, although some employees have been obliged to accept part
time work. The company has not made any wage or salary reductions.
-V. 131, p. 2237, 1910.
£18,359
E74,359
(Frank G.) Shattuck Co.
-New Stores.
The company announced the opening on Oct. 28 of a new store in Jackson Heights, Long Island, N. Y., equipped to serve about 120 guests.
Work is progressing on the White Plains store, expected to open in December, according to an announcement
Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 131, p. 2079.
Sherwin-Williams Co. of Canada, Ltd.
-Earnings
Ahead of Dividend Requirements.
The company for fiscal year ended Aug. 31 1930 will report earnings after
all charges, including writing down of raw materials stocks to lowest
market values, well in excess of dividend requirements. Sales during
September kept up as well as expected, and with aid of economies being
put into effect, it it believed by officials earnings during the current fiscal
year willshow an improvement. Additions are now being built to company's
plant.
-V. 131, p. 1728.
-New Factory.
Simonds Saw & Steel Co.
Industry's first windowless factory building, entirely without daylight
and embodying radically advanced ideas for the scientific creation of ideal
light and other working conditions for employees. is to be constructed by
this company in Fitchburg, Mass.
Plans for the novel $1,500,000 plant, said to mark the most drastic departure in industrial building in recent years. have been announced by
President A. T. Simonds. Decision of the company to build at this time
Is based upon the confidence of officials that business recovery is near and
their belief that present construction costs are favorable for immediate
expansion against future needs.
The structure will cover nearly two city blocks and will have solid walls
and roof punctuated by neither windows nor skylights. Elaborate systems
will be installed for lighting, ventilation and noise absorption through
acoustical walls and ceilings and other means. The contract, placing
complete responsibility for design and construction of the plant, has been
awarded the Austin Co., international firm of engineers and builders, with
headquarters at Cleveland, Ohio.
The company was founded in 1832 to produce scythes. Later it started
the manufacture of saws and now has eight factories and a steel mill.
Production of three of the factories, one in Chicago and the others in Fitchburg, will be concentrated in the new plant. Construction work is to start
in the next few weeks by the Austin Co., and the plant will be ready for
operations early in the spring.
-V. 131, p. 956.
Sinclair Consolidated Oil Corp.
-Obituary.
-
Standard Oil Co. of New York.
-Record Sales,
The New York "Times" of Oct. 31 has the following:
New
Sales for the first nine months of this year were the largest in the company's history, President Charles F. Meyer said at the recent annual
,
dinner of the Socony Twenty-Year Club. "In this period," he
"the operating results, plus the non-recurring profit in the sale of stated.
certain
gas properties, made a total which exceeded any former earnings and
exceeded also the dividend requirements. At the same time the company has cash and marketable short-term securities amounting to more
than $45,000,000."
The gas properties to which Mr. Meyer referred were those of the Magnolia Gas Co., a subsidiary of the Magnolia Petroleum Co., which is in
turn a subsidiary of the Standard Oil Co. of New York. These were sold
early this year for slightly less than $50,000,000, it is understood in the
Industry, giving the Standard Oil Co. a profit of about $25.000.000. However, it is believed earnings from operations for the nine months were
about sufficient to cover the dividend requirements of 40c. share quarterly
or $1.20 for the period, on the 17.379,572 capital shares ofa
$25 par value.
In view of the unsettlement in the industry as a result of cuts in crude
oil prices and low prices for gasoline, it is believed that the operations for
the company during the final quarter of this year will make a poorer
showing.
The Standard Oil Co. of New York issues only yearly statements of its
operations. For 1929 it reported a net profit of $38,750,849 after Federal
taxes, depreciation, depletion, amortization, insurance, reserve and interest, equal to $2.23 a share on its capital stock.
-V.131.IL 2237, 1728.
Sterling Securities Corp.
-Remarks to Stockholders.
Accompanying the statement for the nine months ended Sept.
Louis Stewart Sr., Chairman, and Hugh R. Johnston, President30 1930.
in their
remarks to stockholders state:
"The total income of the corporation for the nine months was $1,511.398.
of which $572,486 was profit from the sale of securitis. Net income, after
deducting tams and expenses but before dividends was $1,306..350 Net
earnings after payment of dividends upon the first preferred and preference
stocks, were $187.687 which amount has been added to the earned surplus.
The earned surplus was 5,945.548 and the reserve for depreciation of
securities was $1,000,000.
"The corp. has continued to maintain a cash reserve which
to $2,829,540, on Sept. 30 1930. Total assets of the company amounted
835,769,171 on Sent. 30 1930 as compared to $35.611,994 at cost were
on June 30
1930 and $35,526,730 on Dec. 31 1929. The net value of
assets of the
corporation, after deducting the depredation in the value thethe seeurities
of
owned and after expenses, taxes and dividends was $26,366,741, as of
Sept. 30 1930."
The balance sheet Sept. 30 1930 shows investments at cost $32,748.097.
with a market value of 523,822.452. See. V. 131, p. 2709.
To Change Par Value of Preferred Stock.
-
The New York Stock Exchange has received notice from the corporation
Harry Payne Whitney, a director, died in New York City on Oct. 26. of a proposed change in the par value of the preference stock to no par
-V.131, p.2549.
from $20,and a change in the dividend from 6% to $1.20.-V. 131,p. 2709.
Nov. 1 1930.]
FINANCIAL CHRONICLE
-Earnings.
Stanford's, Ltd.
Years Ended Aug. 31Net loss
Preferred dividends
Common dividends
1929.
1930.
lossx$98,100 surp$89,532
49.000
36,750
15,000
Balance, deficit
Previous surplus
Depreciation for previous periods
Sinking funds (1928-29)
$134,850 surp$25,532
23,038
y48,570
111,499
3,000
$200,779 surp$48,570
Deficit
Includes depreciation in investments of $13,536. less income from
investments of $1,782. y Subject to depreciation, sinking fund and income tax.
Balance Sheet Aug. 31.
1929.
1930.
1929.
1930.
Assets
$85,457 Accts. pay.& accr.
$55,254
Cash
$203,714 $189,826
liabilities
Accts. rec., prepd.
Res. for domes on
& def. chgs., less
fist. & delivery
res. for doubtful
34,687
196,867
equipment
62,714
50,040
accounts
36,100 Res. for Fed. inc.
33,697
Merch. Inventory_
tax for previous
Land, bkigs., fixt.,
3,928
1,707
periods
mach., equipt.,
3,000
789,875 Sinking fund
office turn., &a_ 792,451
10.000
3,066 Maintenance
3.066
Leases & tr' marks
500,000
500.000
1st pref.stock _
200,779
Deficit
200,000
2d pref. stock.... 200,000
20,000
Common stock... :20,000
y48,571
Surplus
2913
nected to more than 120 stores and banks. These systems provide a rapid
and accurate reporting system used entirely for credits-and the broad-V. 131, p. 2710.
casting of alarms when frauds are attempted.
-Nine Months Earnings.
Texas Pacific Land Trust.
Company had total income for the first nine months of$686,687.exclusive
of receipts from sale of land, town lots and easements. Total expenditures
amounted to $171,015, covering office expenses, commissions, surveys,
State and Federal taxes, leaving net income of $515,672. This compares
with total income of $448,515, expenditures of $142,427, and net income of
$306,088 in the first nine months of 1929.
Thus far this year the trust has retired 32,800 sub-shares at a total cost
of $608.968, or an average price of $18.56, leaving outstanding 1,791.400
sub-shares or their equivalent.
The trust received from oil royalties during the nine months 3203.659,
compared with $87,782 in like period last year. From bonuses and lease
rentals the trust received $401,014,against $262,325 in corresponding period
of 1929.
Grazing rentals to Sept. 30 amounted to $64,073,contrasted with $69,041
to Sept. 30 last year, while receipts from 60 acres sold this year amounted
to $4,825, against $45,591 received from sale of 4,506 acres in like 1929
period. The increase in average price per acre to $80.40 from $10.12 was
due to the fact that land sold thus far this year includes some town lots
and easements.
Company had on Sept. 30 on its property 55 producing wells, compared
with 30 producing wells Sept. 30 last year. Average daily production in
September was 8,165 barrels, compared with 5,065 barrels in like 1929
month.
On Sept. 30 a total of 457,832 acres were under lease, as compared with
351,243 acres on that date last year. Aggregate acreage of the trust at the
end of the nine months amounted to 1,973,228, or 1,250 acres more than
-V. 131, p. 1729.
year previous.
$1.135,289 $977.012
Total
$1,135,289 $977,012
Total
x Represented by 20.000 no par shares. y Subject to depreciation,
-V.129, p.3814.
sinking fund and income tax.
--Earnings.
-Warner Corp.
Stewart
For income statement for three and nine months ended Sept. 30 see
-V.131, p. 1271.
"Earnings Department" on a preceding page.
-The Island of Manhattan
(S. W.) Straus & Co., Inc.
-Under the above
An Impressive Record of Sound Lending.
heading, Nicholas Roberts, President, says in an announcement, Oct. 31:
-Reorganization Plan.
Thayer-West Point Hotel Corp.
The protective committee for the holders of certificates of deposit of let
mtge. & leasehold secured 6 % sinking fund gold bonds announces that a
plan of re-organization and re-adjustment has been prepared, approved
and adopted.
The American Trust Co., 135 Broadway, New York City, Is depositary.
The committee consists of Cyril II. Burdett, Thomas B. Moor, Phillips
M.Payson, W.H.Pries, and Louis Van N. Washburn -V.125.P. 1065.
-Proposed Merger.
(Seth) Thomas Clock Co.
The stockholders will vote Nov. 12 on approving a plan for the merger
of this company and the Western Clock Co. of La Salle. Ill. The proposed
plan calls for the formation of a holding company which shall issue its stock
in exchange for the outstanding stock of the two corporations on the basis
-V. 131, p. 803.
of the relative earning power and net worth.
A survey of the record of our lending operations on the Island of Manhattan will show, I think, why we consider bonds secured by Manhattan
properties the soundest real estate mortgages in the world. Here is the
-Mails Dividend Checks to 210,000
Transamerica Corp.
record as of Sept. 30 1930 of every real estate bond issue we have ever
Stockholders.
underwritten secured by Manhattan property.
S. W. Straus & Co. has originated and sold 188 real estate bond issues
The corporation on Oct. 25. completed the huge task of mailing div.
of a total par value of $348,790,000 secured by property on Manhattan checks approximating $7,000,000 to 210,000 stockholders situated throughIsland.
out the United States and in more than 25 foreign countries. It is announced.
Of this $348,790,000, $118.143,000 has been paid off, $94,443,000 of This disbursement represents a quarterly cash payment of 25 cents per share.
which was called at a premium before due.
The number of recipients is greater by more than 15,000 than when
During the life of all these bond issues, $76,421,428.11 of interest has the last quarterly payment. was made in July and discloses that Transcome due and was paid to bondholders on the due date and an extra return america's roster of stockholders has risen above 200,000. In Dec. 1928.
Of 162,505,262.50 of premiums was paid on bonds called before the due date.
shortly after the creation of the corporation, it had 115,000 stockholders.
To-day there remains outstanding $230,647.000 of real estate bonds In October of last year the number had increased to 140,000. During the
of our own origination secured by Manhattan properties.
12 months the total has continued to mount, reaching 168.009
ended Sept. 30 1930, $20,795,932.49 in interest intervening
During the current year
last December and 175,000 in April.
and principal came clue and was paid to the bondholders on the due date.
-See last week's"ChronOf this $20,795,932.49 our company advanced only $69,979.15, about
Organizes Corporation of America.
3-10ths of 1%.
I believe these facts support our belief that this wonderful Island of icle" page 2636.-V. 131, p. 2393, 1910.
Manhattan presents a field for sound and profitable investment that is
without parallel the world over.
-Litigation
Trans Lux Daylight Picture Screen Corp.
-V. 131. p. 1728.
A list of the 188 bond issues is given.
-Earnings.
Studebaker Corp.
For income statement for 3 and 9 months ended Sept. 30 1930 see "Earnings Department" on a preceding page.
Consoldated Balance Sheet.
[Studebaker Corp. and Subsidiary Cos., incl. Pierce-Arrow Motor Car Co.
Sept. 30'30. Dec. 31'29.
Sept. 30'30. Dec.31 '29.
Liabilities-$
$
Assets$1.400,000
7,212,948 5,113,307 Notes payable_
Cash
Accts. pay. curr. 3,131,329 4,746,235
Sight drafts &
Depoeits on sales
accepts. out503,398
contracts--694,864
stdg., domestic
1,575,850 Sundry creditors
& foreign__ _ _ 1,575,404
70,133 & res., incl.
174,867
Investments_
accr. payrolls_ 2,374,450 2,240,231
_..
Notes & accts.
receivable__ 2,615,208 2,930,171 Res. for U. S. &
528,352
Can.taxes_ 906,395
26,083,129
Inventorlee -_ 18,787,245
554,665 Purchase money
435,392
Deferred charges
obligations Branch hue, real
Pierce-Arrow..
332,500
346,000
est. & leaseMin. stkholders'
holds & prop.
int. In the
not presently
Pierce - Arrow
used in manu6% pref.stock 7,500,000 7,500,000
featuring
Class A stock.
operations...613,721,081 14,067,287
68,236 shares
Studebaker com(rep. of cap.
mon & Pref.
488,308
dr surplus)._ _
387,510
stk. & Pierce7% pref.stock 6,750,000 6,970,000
pref.
Arrow
Common stook_c78,456,520 78,454,320
stk., incl. that
27,095,862 30,561,767
Surplus
held for empl.
and retire_ _ _ 4,381,293 4,025,371
Real est, contracts rec. &
homesites held
for sale to ern- •
903,110
873,559
ployees
Manufacturing
plants & prop.a57,576,445 59.077,022
Trade name,
goodwill &
Tot.(ea.side) 127.160,720 134,207,322
patent rights_ 19,807,278 19,807,278
b After depreciation of $3,973,918.
a After depreciation of S16,281,424
-V. 131, p. 2237.
c Represented by 1,961,413 shares (no par).
-Earnings.
Telautograph Corp.
For income statement for three and nine months ended Sept. 30 sea
"Earnings Department" on a preceding page.
A statement issued by the company says: Since Jan. 1 1930 rentals have
Increased and on Oct. 17 had reached a total rate of $1,036.000 per annum
(80% of these assured for at least 3 years). These rentals are being received
from the following:
$431,000 Clubs
$23,551
Banks
209,765 Credit bureaus
28.873
Hotels
RR.companies & steel plants 54,729 From over 100 other classes
39,2821 of business
252,799
Public utilities
Now contracts taken to Oct. 17 1930 total $107,067 per annum and
=filled contracts Oct. 17 1930 amount to $35,245 per annum.
A new field was opened through contracts received from the National
Broadcasting Co. of N. Y. City. These contracts require the company to
equip four broadcasting studios at Station WJZ. The initial studio has
been equipped and the operation was so satisfactory that a special report
by the N. B. Co. was released to more than 200 newspapers throughout
world on Oct. 12. This report pointed out that telautograph was the
solution of a problem which had affected broadcasting for years. It Is
anticipated that company will receive orders from other large broadcasting
companies.
In the credit bureau field company has consistently gained both by increasing the number of bureau customers and obtaining additional units on
bureau systems previously installed so that it now has 22 bureaus con-
Reopened.
The United States Circuit Court of Appeals at New York has granted the
application of the corporation for leave to re-open the paten tlitigation
brought by News Projection Corp. in 1925 on their Proctor patent and
which action was finally decided against the Trans-Lux Corp. in May 1928.
-V. 130
The basis for the application was "newly discovered evidence."
113• 3184.
-Earnings.
Truscon Steel Co.
For Income statement for three months ended Sept. 30 see "Earnings
-V. 131, p. 2710.
Department" on a preceding page.
-New Trust. Designed to
Two Year Trust Shares.
Capitalize Industrial and Stock Market Recovery, Formed as
Radical Departure in Investment Trust Fields.
An outstanding departure from the conventional type of fixed trust.
designed to capitalize for investors the industrial recovery and stock
market recovery through the medium ,of well-managed and financially
strong companies whose earnings should respond quickly to an improvement in business conditions, and whose stocks have been most severely
deflated during the past year, is in process of formation by a Wall Street
group headed by P. A. Willard & Co. and Ames, Emerich & Co., Inc.
The new fixed trust, which will be known as Two-Year Trust Shares, will
not as most other trusts do, select the major part of its portfolio from the
so-called "blue chips." It will, on the other hand, through the purchase
of a substantial cross section of progressive American industries gather its
Investment strength through the possibilities that are believed to exist in
such companies as Continental Can, American Radiator, Deere & Co..
Kroger Grocery & Baking Co., Lambert Co., National Dairy Products.
International Nickel, General Motors, Foster Wheeler, Crysler, F. G.
Shattuck (Schrafft's), Paramount Publix, Electric Power & Light, and
May Department Stores. These are only a few of the stocks which will
comprise the portfolio of Two-Year Trust Shares.
Back of the plan for the formation of this trust if; the theory, after
thorough study and analysis, that the best opportunities for sharing in
the profits of a business zecovery lie in the securities of those corporations
whose essentialness in the industrial scheme is unquestioned and which
will require but a brief period to establish a marked restoration of values.
As contrasted with the conventional type of trust whose usual period of
existence is twenty years, this trust is designed to take advantage, not of
a cycle but of one phase of a cycle. In this instance the phase is based
upon a maximum period of two years In which business is expected to
establish a definite recovery.
No attempt is being made by the organizers to predict the date of an
industrial and stock market recovery, but a study of the characteristics
and duration of previous depressions, together with other available statistical data, warrants the belief that a substantial business revival may
be expected well within the life of the trust.
Unlike the so-called "blue chip" stocks which fluctuate as a class less
widely than stocks of the corporations which in the main will comprise
the trust's portfolio, the latter, it is figured, should enjoy the greatest
percentage of appreciation because they have been most severely deflated
notwithstanding the fact that they represent companies whose earnings
traditionally respond most ra;sidly to improving conditions.
The portfolio has been selected by an investment committee of recognized ability and it is planned to distribute the shares of the new trust
on a nation-wide scale. No substitutions may be made in the portfolio
except in the event of mergers, consolidations, recapitalizations, reorganizations or reclassification of shares, and no eliminations may be made
except in the case of bankruptcy, and other stated reasons which do not
generally involve the progress of the particular company.
--Earnings.
Union Carbide 8z Carbon Corp.
For income statement for 3 and 9 months ended Sept. 30 1930 see "Earn-V.131, p. 2081, 1729.
ngs Department." on a preceding page.
-Listing of Additional
Union Oil Co. of California.
Stock Approved.-
2914
FINANCIAL CHRONICLE
The New York Stock Exchange has authorized the listing of 43.451
additional shares of capital stock (par $25) on.official notice of issuance as
stock dividend, making the total amount now applied for 4.538.571 shares. a
V. 131. P. 2393. 1910.
United Engineering & Foundry Co.
-35e. Extra Div.
-
The directors have declared an extra dividend of 35c. per share
regular quarterly dividend of 40c. per share on the common stock, and the
payable
Nov. 14, to holders of record Nov. 4. Like amounts were paid on Feb. 14,
May 9 and Aug. 8 last. An extra of 30c. per share was made on Dec. 23
1929 one of 35c. per share on Nov.81929,extras of 20c. per share on May 10
and on Aug.9 1929. In Feb. 1929 the 20c. extra dividend was omitted prior
to which time it had been paid regularly each quarter -V. 131, p. 492.
U. S. Hoffman Machinery Corp.-Bal. Sheet SePt. 30.-
[VoL. 131.
Valvoline Oil Co.
-E. W. Edwards, President, Has
Purchased Majority Control.
A press dispatch from Cincinnati says:
E. W. Edwards, President of Paragon Refining
and Valvoline
Co., has purchased majority control of Valvoline Co. Co. through 011
Oil
ment of something in excess of $6,000,000 for the 32,227 shares or pay83%
of outstanding stock of Valvoline. The Valvoline block was acquired
by Paragon Refining Co. late in 1929.
Paragon stockholders voted recently to dissolve the company after its
assets, except cash, notes receivable and Valvoline stock,
to the Gulf Refining Co. for $10,000,000, at which time had been sold
Mr. Edwards
offered to buy from the Paragon its Valvoline stook. paying the s- me
Price at which it was acquired from officers of Valvoline.
Suit was filed in Federal court in Cleveland Oct. 25 by certain Paragon
stockholders to compel Mr. Edwards to purchase the Valvoline stocks so
that Paragon could be liquidated and thereby complete the Paragon sale
to Gulf Refining.
-V. 131. p. 2238, 1730.
4nds1930.
1929.
Liabilities1930.
1929.
Plant, prop., dre_ x$945,829 $1,136,880 Common stock_ -y54,632,182 54,632,182
Patents
x1.483,479 1,659.076 Accts. payable and
Good-will
1
1
accrued accts.__ 314,159
Van Sweringen Corp.
341.033
-New Collateral Replaces Allegheny
Cash
556,909
268.852 Dep. on acct. unCorp Stock as Security for Notes.
Notes de bills rec.- 2,426,229 2,866,057
completed sales_
7,076
9,350
Accts. payable_ _ _ 652.638
0. P. and M. J. Van Sweringen have made available to the corporation
700,986 Reserve for taxes
Prepaid and de$15,000,000 par value of United States Treasury certificates, thus meeting
and royalties__
48,589
98,035
ferred charges
79,598
148.191 Surplus
2,413,833 2,981,762 the requirements of the note indenture requiring the maintenance of 50%
Inventories
of readily marketable securities against the $30,000,000 notes outstanding.
1,155,874 1,250,527
Deposits on leases,
These Treasury certificates replace Allegheny Corp. common shares which
contracts. &o
were formerly used to fulfill these requirements.
1,364
1,975
-V. 131. p. 2711.
Investments
133.917
31.817 Total(each side)_87,415,838 $8,062,362
x After deducting reserves. y Authorized 223,334 shares of no par
(Hiram) Walker-Gooderham & Worts, Ltd.
-Report.
value-outstanding, 222.203 shares.
-V. 131, p. 2711, 645.
Years Ended Aug. 311930.
1929.
1928.
x Earnings
$2.757,165 $4,117.668 33,442,378
United States Playing Card Co.
2.640,000
1,971,249
957,203
-Regular Dividend.
- Dividends paid
The directors have declared the regular quarterly dividend of $1. Payable
Balance, surplus
$117,165 $2,146,419 $2,485,175
Jan. 1 to holders of record Dec. 20. No action was taken on the year-end Previous surplus
7.084,174
5,156,283
2,671,107
extra dividend paid the past two years.
-V.131, p. 1910.
Total surplus
$7,201,339 $7,302,702 $5,158,282
Federal tax previous year
332.869
United States Rubber Co.
218,528
-Merger.
See Samson Tire is Rubber Corp. above.
Balance, surplus
$6.868,480 $7,084,174 $5.158,282
x After provision for depreciation, bad and doubtful accounts and conNew Official.
tingency, but before Federal taxes.
B. E. Marean, 1st Vice-President of the Electric Hose & Rubber Co. of
Consolidated Balance Sheet Aug. 31.
Wilmington, Dela., will join the United States Rubber Co. organization on
Nov. 1, It is announced.
1930.
1929.
-V. 131, p. 2393.
1930.
1929.
Assets$
Liabilities$
$
Cash and call loans 5,558,363 9,767,349 Bills & accts payUnited States Steel Corp.
-Earnings.
-Investments
2,228,552
able, biol. GovFor income statement for three and nine months ended Sept. 30 see Accts. receivable_ 881,365 1,005,401
ernment tax_ _ 380,528
655,338
"Earnings Department" on a preceding page.
Other curr. assets_ 157,723
123,714 Dividend payable- 660,000
660,000
Inventories
9,959,310 8,446,521 Reserve for depreo.
Foreign Stockholders.
Prepaid def. digs_ 198 551
230,088
on plant & equipSee last week's "Chronicle," page 2634.-V. 131. p. 2394. 2238.
Plant dc equipment 8,464,179 8,230,199
ment & conduct_ 4,186,698 3,801,320
Shs.in cons. co's
257,638
Capital stock _ ___x27,900,000 27,900,000
United Steel Works Corp.(Germany)
.-Bonds Called.
- Eihs, in subsid. co's12,000,000 12,000,000 Capital surplus_ _ _ 365,976 362,444
Surplus account __ 8,208,479 6,424,173
The company will retire, unuer the sinking fund provisions, 3300.000
outstanding 25
-year
% sinking fund mortgage gold bonds, series A
Total
39,701,679 39.803,272 Total
39,701,679 39,803.272
and $108.0Q0 25
-year 655% sinking fund mortgage gold bonds, series 0
,
x Represented by 2,640,000 shares.
or Dec. 1 nett at par and interest.
Bonds designated for redemption by lot are payable at the offices of
New Subs., tie.
Dillon, Read it Co., 28 Nassau St.,in New York and in London,England,
at the office of J. Henry Schroder & Co.
A new subsidiary, Dominion Carbonic Po., Ltd., has been farmed to
-V. 130, p. 4261.
distribute a by-product, carbonic acid gas.
The Walker company has acquired a substantial interest in two Scottish
Vadsco Sales Corp.
-Earnings.
firms of blenders and distillers-James & George Stodart, Ltd., and SterFor income statement for three and nine months ended Sept. 30 1930 see ing Bonding Co., Ltd.
-V. 131. P. 2082.
-Earnings Department" on a preceding page.
-V.131. p. 2550.
Venezuelan Oil Concessions, Ltd.
-5% Ordinary Div.
Ward Baking Corp.
-Fight on for Proxies.
-
The stockholders' committee, consisting of Charles Hayden, Thomas II.
McInnerney and Edgar Palmer. on Oct. 25, in a letter to the stockholders,
said in part:
Under date of Oct. 15 you received a letter from the management asking
you to defer action on the letter sent you by this committee, and stating
that the board of directors would give you the benefit of its own judgment
in a letter to be sent you shortly. This second letter has reached you.
Vick Financial Corp.
-Earnings.
Inasmuch as the board
For income statement for 9 months ended Sept. 30 see "Earnings De- committee regarding thehad ample time to consider the statements of this
company's management, we assume that this last
partment" on a preceding page.
letter is the only answer the board has to make and represents its mature
Charles S. Munson, director and Vice-President of the Air Reduction and finaljudgment.
Co.,Inc.. has been elected a director and member of the finance committee.
In the letter of Oct. 15 the management said that of the proposed new
directors only one was a "registered' stockholder, and you were urged not
V- 131. 1). 803.
to turn over the management of the company to "strangers.- Edgar
Palmer of the committee is the largest individual stockholder of Ward
Wabasso Cotton Co., Ltd.
-Earnings.
Baking corp., and one of its oldest. Mr.Palmer owns more stock than the
Years End. June 30entire present board of directors. Ills holdings are 19.000 shares of pref.,
1930.
1929.
1927.
1928.
xOperatingprofits
7,500 shares of class A and 5.470 shame of class B. The committee owns
$415,818
$81,950
$399,281
$456,920
Interest on investments68,741
73,918
82.042 or directly represents a further substantial amount of all classes of the
83.856
company's stock; and the other men who are proposed for directors have
Total income
$484.559
$155.868
$483,137
$538,962 been buying the stock since asked by the committee to join the board.
Depreciation
249.445
150,000
150,000 They will have become substantial stockholders before their election.
150,000
Bond interest
The committee did not regard substantial stock ownership as the only
263,584
93,160
96,285
95,247
Sinkingfund
23,890
22,385
21.090
19.760 requisite for membership on the board. The men proposed were to be
invited to become directors because of their previous successes, their
Net loss
$52,361
$109,678 sur$216.800 sur$272.918 business ability and the value of their advice: the benefit of all of which they
Dividends paid
52,500
175,000
140.000 were being asked to give freely of,and without the expectation ofany comBonus
52,500 pensation. Th ir only prospect of personal advantage is to increase the
87.500
value of their stock; and the only reason they are buying stock is because of
Deficit for year
$52,361
$182.176
$45,700 sur380,418 of their faith in themselves and Mr. Morrow. And the committee is not
Previous surplus
asking them to take control of the company;nor will they control it any more
435,575
671.826
673,519
749,140
Accr. int. on pay. on
than any other of the companies they are helping to direct.
In the letter of Oct. 22 from the present board you are requested to give
acct. of new stk.issue_
Dr.17,371 Dr.31.613
Dr.4,797
your proxy to a committee of the board headed by Howard B. Ward; and
Profit & loss, surplus- $3383,214
$492,279
$749,140 the letter urges you to continue to entrust Mr. Ward and his associates with
$671,827
Shame of capital stock
the company's management. On April 3 1930 the investigation of the com.
outstanding (no par). _
69,986
69,986
70,000
52,500 pany was begun which resulted in the appointment of the committee. At
Earns, per sh. on cap.stk
Nil
Nil33.00
$5.20 that time Mr. Ward was the registered owner of 24,894 shares of stock.
Since that date his registered holdings have declined to 7,794 shares.
x After deducting all manufacturing and other charges and expenses.
Another member of the board has already ceased to be a registered stockBalance Sheet June 30.
holder, and a third has disposed of over 50% of his holdings. Since .1an. 1.
the present board has disposed of over 33% of its holdings: and this in a
1929,
1930.
1930.
1929.
declining market which it should have felt under some obligation to support:
AssetsLiabilities8
$
$
$
Real estate, buildCapital stock
y4,192,130 4,192,130 and at a time when it was assuring you that the trend of the company's
1st mtge. es
ings, plant, ma781,000
791,000 earnings was about to turn upwards.
The committee believes that it was correct in attributing the failing
chinery. &13____ 9,323,305 5,314.182 1st mtge. 6s, St,
dition of the company's business to a lack of experienced management.conMaur. V. Cot.
Investml In other
Our only purpose is to serve the coMpany's stockholders by restoring
x1,416,718 2,185,146
companies
Mills, Ltd
2,027,500
earnings under an able Management. We do not wish control and
8,565 18t mtg. Shawini57,935
*Cash
never asked it. On the contrary our proposal to the present board washave
214,654
gan Cotton Co.- 812,000
'Victory bonds__ _ _
18,591
that
Mtge.& coll. tr. 7s 600,500
Accts. & bills rec.
623,500 they remain, but add the men whose names we suggested and entrust the
702,707 lies, for sink. fund 150,127
425,742
(less reserve)
127,154 management to George K. Morrow. At a meeting at which it was decided
that this committee should act, there was represented nearly 20% of the
Inventories
2,200,554 2,048,493 Deprec'n reserve__ 2,658.379 1,467,752
917 Accts. & bills pay_ 310,097
Cash for sink. fd
151,336
345,185 company's stock. The estate of William B. Ward was represented be a
58,740 Raw cotton accept 143,225
Deferred charges_ 291,882
204,988 majority of the executors, one of whom, L. D. Haldimand, has consented
Bank loan (seted)_ 990,000
850,000 to go on the new board. Other large stockholders have agreed to fill any
vacancies created by the resignation of any of the members of the present
Loan St. Maur, V.
Cot, Mills. Ltd_
488,646 board.
Bank overdraft_
188,355 In The board suggests In its letter that we have another "ulterior purpose"
calling a special meeting, as the annual meeting is only three months off.
Def. Ilab, for maAt the annual meeting only four of twelve directors can be elected,and eight
obin'y purch__ _
41,738
will hold over, including Mr. Kent and the Chairman of the board. Their
Oper. ex!), wages.
taxes.&c
269,025
232,723 terms of office expire respectively in 1932 and 1933. They know the management cannot be taken from them at the annual meeting, or either of their
Bond int., diva.
25,108
payable,&o......
13,714 terms curtailed; and that a special meeting is necessary under the law.
IF. X.Downey.of48 Wall St.. N.Y.City,is secretary to the committee.]
500,000
General reserve_._ 500,000
Tot.(each side)_13,884,044 10,513,406 Profit & loss acct_ 383,214
492,279
The Ward Baking Corp. on Oct. 28 issued the following
x Inwestments in other companies include: (1) 12,500 shares of $100 each,
being the whole issue and bonds of St. Maurice Valley Cotton Mills. Ltd.. statement:
at cost $722,619: (2) bonds of Wabasso Cotton Cc'., Ltd.. at cost, $34,993:
The viciousness of the second Morrow letter reveals the collapse of
(3) stock of Wabasso Cotton Co., Ltd., at cost, 3594,053; (4) sundry in- desperate scheme to seize control of this company. They have boldly their
misvestments at cost, $59,890: (5) bonds of subsidiary companies at csot. represented facts.
0.163. y Represented by 69.986 shares of no-par value.
, -Howard B. Ward is not selling his stock but has been buying it. The
Note.
-Contingent liabilities. 3161,198.-V. 131. p. 1730. 1579.
only selling of the stock he has made was during the week from March 27
The corporation has declared an interim dividend of 5%,lees tax, on the
ordinary stock. The directors stated that from present indictions aggregate
profit this year will be approximately the same as that for 1929. See also
V. 130. p. 4628.
Nov. 1 1930.]
FINANCIAL CHRONICLE
2915
to April 4 and this sale consisted of stock he had bought during the market
Earnings.
collapse last fall.
For income statement for 3 and 9 months ended Sept. 30, see "EarnThere is no director who is not a stockholder and four of them including ings Department" on a preceding page.
-V. 131, p. 804.
three of the officers, have among them over 40.000 shares.
Some of the directors, including the chairman and the president, have
-Semi
-Annual'
Whitman Mills, New Bedford, Mass.
increased their holdings during the past year and a half.
Interest on $750,000 Notes Defaulted.
Earnings.
-For Income statement for 42 weeks ended Oct. 18 1930 see
Semi-annual interest on the $750.000 notes, due Oct. 15 has not been
"Earnings Department" on a preceding page.
paid. The notes are for seven years and fall due in 1935. They carry
provision whereby the noteholders may take over control of the property.
Condolidated 13alance Sheet (Including Subsidiaries).
superseding the stockholders, at any time that the net quick assets of the
Sept. 1330. Dec. 2829.
Sept. 13'30. Dec. 2829.
corporation are reduced to a figure below that prevailing at the time the
$
5
S
$
AssetsLiabilitiesxProperty & plant25,301,252 25,460,813 Capital stock____ y29,001,300 30,006,400 notes were issued. In sale or liquidation of the corporation the noteholders'
4,729.900 4,757.000 rights precede those of the stockholders, but the notes do not precede the
Trade-marks,goodFunded debt
808,410 outstanding bank loans of the corporation.
11,522.359 11,522.358 Accounts payable_ 465,876
will,&c
When asked concerning the non-payment of the note interest George W.
122,336
129.739
3,298,483 3,644.898 Deposits
Cash
361.251
376,017 Pope, Treasurer, said it was true the company did not pay its interest on
Marketable secur_ 751,980
760,061 Federal taxes
527,431 the due date. Oct. 15, but said the notes provide for a grace period of 30
Accounts receiv___ 698,861 1,005,335 Dividends payable 508,070
Inventories
1,346,006 1,557,886 Emp. inv. fund_
2.630 days after the due date before the interest can actually be declared in
Investments
114,938 default. He added, however, that he knows of no plans under way at
69,089
177,174
60,965 Sundry accruals__
Stock for employees
5,936 Mortgages payable
50,000
75,000 present which are likely to result in a payment of the interest before the
Reserve fund inv__
16,160
200 expiration of the 30 day period and acknowledged that the company at
200
16.160 Minority interest_
Deferred charges__ 404,901
7,992,984 7,777,421 present has not the funds to meet the interest payment. The plant has
540,774 Surplus
-V. 127. p. 970.
been closed for some time.
Total
43,409,091 44,575,186
43,409,091 44,575,186
Total
-Earnings.
Whittall Can Co., Ltd.
x After depreciation. y Represented by 290,013 shares of 7% preferred
jP
Earnings for 15 Months Ending Feb. 28 1930.
stock, 86.275 shares of no par class A and 500,000 shares of no par class B Profits from operations
$236,723
common stock.
-V. 131. p. 2550.
88,866
Dividends received from Associated Quality Canners, Ltd
Warner Quinlan Co.
-Comparative Balance Sheet.
Sept. 30'30 Dec. 31'29.
Assets$
5
x Prop., plant, oil
14,472,538 15,007,998
lands. &s
,
900,858 1,089,144
Cash
Accounts and notes
receivable
3,198.327 1,919.054
Inventories
2,083.150 2.969.407
Advance to trustee
305,000
Investments
9.649,485 9,432,685
Accounts reedy.fiSS00. COS
366.252
567,875
De/erred charges
538,188
Sept. 30'30 Dec.31'29.
Total income
Provision for depreciation
Provision for income tax
$325,589
76.057
12,500.
Common stock_ _ y18,779,145 16,690,410
$237,032
Net income
Purch. money oblig 1,251,473 1,849.762 Balance of profits, Nov. 30 1928
257,088
Gold debentures__ 6,778,000 7,000,000 Increase in surrender value of life policy
2,590
Bills payable
1,089,194 1,800,577
Accounts payable
$496.710
Totalsurplus
and accrued____ 888,701 1,196,423 Preferred dividends
92,625
69,847
Federal taxis pay_
28.716
Deferred income_
79,375
$404,085
Balance
Due to affil cos__ 317,042
426.022 -V. 129, p. 3184.
Trade acceptances
-Calls Meeting
316,474
Winslow Lanier International Corp.
Dividends payable
Statutory reserve_
62,500 of Stockholders for Nov. 21 to Vote on Liquidating.
Total(each skle).30.872,233 31,627.728 Surplus
1,660.587 2,216,713
A meeting of stockholders has been called for Nov. 21 to vote on liquidatx After depreciation and depletion. y Represented by 759,538 no-par ing the corporation.
shares.
-V. 131, p. 2711. 2394.
In a letter to stockholders de Benneville K. Seeley, President, says:
"Your directors have under contemplation a plan of liquidation which
Washington Air Terminals Corp.
will involve depositing the assets (securities and cash) with the Bankers
-Sued for $3,000,000
will permit each share-13 Defendants Named in Action In- Trust Co., as trustee, under an agreement whichquasi fixed trust, pending
Over Capital Airport
holder to either take down in kind or have held in a
volving Alleged Stock Buying Agreement.
sale, his proportion of the securities in the portfolio or direct their sale and
Suing Oct. 14 in the District of Columbia Supreme Court, minority the payment to him of his proportionate cash dividend."
The company has 108.250 shares outstanding. As of Oct. 25, it has cash
stockholders of the corporation asked for a $1,000,000 judgment for alleged
damages and requested that the 13 defendants named be compelled to buy and readily marketable securities valued (at market) at approximately
56.015,503, equivalent to $55.57 a share. There were unlisted securities
certain shares of the company for $2,000.000.
The suit was filed by R.0. Boykin and Dr. Frank Cogswell of Washing- without published quotations approximately, at cost, after giving effect
ton, D. C., for themselves and, it was said, about 1,500 other minority to probable necessary write-offs, $2,426,763. equivalent to $22.42 a share.
Pointing out that the corporation has no debts of any kind other than
stockholders.
unpaid current running expenses, the letter says:
The defendants according to Washington dispatches are as follows:
"Your corporation could pay its stockholders an immediate cash liquidatHambleton & Co. of Washington; I.ederal Aviation Corp., N. Y. City;
Safe Deposit & Trust Co., Baltimore; Thomas I fambleton, Baltimore; ing dividend of approximately $55.57 a share and could, thereafter, distriDavid K. E. Bruce, N. Y. City: Richard K. Mellon, Pittsburgh; William bute as realized the prices received on sale of unlisted securities, so that if
H. Vanderbilt, N. Y. City; Cornelius Vanderbilt Whitney, N. Y. City; full cost were realized there would be a further ultimate distribution of
Anthony It. 0. Fokker, Hasbrouck Heights, N. .J.•, Brooks Parker of approximately $22.42 per share.
"Since the larger amount of the securities in the portfolio have been
Philadelphia; George S. Franklin, N. Y. City and Medan C. Cooper,
N. Y. City.
purchased as long-term investments, it is believed that they should not be
The plaintiffs assert that in March, 1929, they were stockholders of the sold indiscriminately on the present market in the absence of necessity for
United States Air Transport, Inc. which conducted a daily service from such sale. To avoid unnecessary sacrifice, time must also be allowed to
Its Virginia airport to New York, and maintained a student school at effect satsfactory sale of the unlisted holdings which do not have a quick
'
Washington airport. About this time, they declare, some of the defendants market.
entered into an agreement to form the
"The directors will continue their efforts to effect such sales of unlisted
ashington Air Terminals Corp.,
and to buy 200,000 shares of the stock for $10 a share. This proposal was securities, or other holdings which may be advantageously sold, pending
accepted by minority stockholders, it was alleged.
definitive action of the stockholders and the arrangement of the details of
The charge also is made that li ambleton & Co. was supposed to finance the trust agreement."
the proposition, and is alleged to have interested other defendants in the
The letter to stockholders says:
"Conditions have changed materially since formation of your corporation.
matter. The agreement was not carried out, according to plaintiffs.
The market for the shares of companies such as yours is generally so far
below the value of the assets per share as to work hardship on those who
Waukesha Motor Co.
-To Continue Dividends.
"In view of our belief that sufficient industries have liquidated and must sell. The general security market is such that sales at present levels
business in recovering, the directors announced that the policy of paying may not be to the advantage of those who can hold their securities for better
congradually brought your directors
regular dividend of $3 annually would be continued and an extra div. of times. These facts have your corporation belonging to each to the
stockholder
of
$1 Paid when business is underway after Jan. 1," said President H. L. clusion that the assets
placed at the
to the
Horning at the annual meeting. "The company has paid up all bank loans should, so far as possible, be to the end thatdisposal of, or subjecthimself
stockholder
each stockholder
amounting to $370,000, since Aug. 1 and has reduced contingent liabilities Judgment of, that he wishes to remain in his present position may
or liquidate
determine whether
to $88,000, a normal amount.
his interest, not at such price as may be obtained from his shares of the
"Our faith in this country and the future is illustrated by our expenditure
corporation, but at the higher liquidating value of his share of the corporaof $940,850 last year for completion of our expansion program and the
-V. 131, p. 1274.
development of eight new gasoline engines and three Diesels. New Diesel tion's assets."
engines are 90 h.p., a 100 h.p.. four-cylinder engine and a 300 h.p., six-Initial Dividends.
Wisconsin Investment Co.
cylinder engine. All of these engines will boon the market in November."The directors have declared an initial dividend of 50 cents per share on
V. 131, p. 2550.
cum. pref. stock, par $25, and an initial dividend of 3 1-3 cents
the 6%
per share on the class A common stock, both payable Nov. 1 to holders
Western Dairy Products Co.
-Earnings.of record Oct. 24.-V. 130, p. 4626.
-For income
statement for 9 months ended Sept. 30 see "Earnings DeWorthington Pump & Machinery Co.
-Back DiV8.partment" on a preceding page.
-V. 131, p. 959.
The directors have declared dividends of 14% on the preferred A and of
of
with the
Western Electric Co., Inc.
-More Than One-third of 14% on the preferred B stocks, on account % arrears, together A and B
on the preferred
regular quarterly dividends of 14% and 14
Sound Installations Made in Foreign Countries.
stocks, respectively, all payable Jan. 2 to holders of record Dec. 10. Like
Rapid spread of talking motion pictures from the United States through- amounts were paid on these stocks on April 1. July 1 and Oct. 1 last.
out the world was indicated in latest reports by this company, which show
Upon payment of the dividends just declared there will remain accuthat out of the total of 8,986 units of its sound system which this company mulated dividends of 1'4% on the preferred A stock and 14% on the
has installed to date 2,380, or more than one-third, have been made in preferred B stock.
-V. 131, p. 2395.
foreign countries.
Yale & Towne Mfg. Co.
-Earnings.
An installation just completed in Malta. British insular possession in the
Mediterranean, brought the number of countries using them up to 54.
For income statement for three and nine months ended Sept. 30 see
Theatres are equipped with the American system in such far places as Ice- "Earnings Department" on a preceding page.
-V. 131. p. 1579, 1435.
land, Palestine, Tunis, Java and New Zealand.
York Heating & Ventilating Corp., Phila.-Merger.The development has taken place in little more than four years. k"Wall
Street Journal."
-V. 131. P. 2239.
Negotiations are virtually completed for the merger of the Carrier Engineering Corp., of Newark, N. S., the Brunswick-kroeschell Co. of New
Brunswick, N. J., and Chicago, and the York Heating & Ventilating
Westinghouse Air Brake Co.
-Earnings.
Corp. of Philadelphia, each one of the largest concerns respectively in the
For Income statement for three and nine months ended Sept. 30 see air conditioning, refrigerating and unit heating and ventilating industries
"Earnings Department" on a preceding page.
-V. 131, p. 804.
It was announced on Oct. 29. Including subsidiaries, the merger will
unite 15 companies,five of them foreign, with total assets of approximately
Weston Electrical Instrument Corp.
-To Redeem Pre- $15.000.000.
"The consolidation will provide a single world-wide organization equipped.
ferred Stock.
to provide any desired kind of indoor atmospheric conditions in homes,
The directors have voted to call for redemption Jan. 1, next, 12.600 hotels and apartment houses, stores, theatres, office buildings and indusshares of class A stock at $37.50 a share and accrued dividend. The shares trial plants," Thornton Lewis, President of the York corporation, stated:
to be redeemed will be drawn by lot as of the close of business Nov.15.-v.
"The merger plan contemplates that the 15 companies involved will
131, P. 1274.
retain separate entitles under a holding company to be known 88 the
Carrier Corp. which will conduct all research and will direct sales and
engineering activities for the group. While no new financing is involved,
Westvaco Chlorine Products Corp.
-Earnings.
For income statement for three and nine months ended Sept. 30 see the banking firm of Hemphill, Noyes & Co. is advising in the consolidation.
There will be an exchange of shares, but the basis of exchange has not yes
"Earnings Department" on a preceding page.
-V. 131. p. 2711.
been definitely decided upon."
The Carrier Engineering Corp. on June 30 last reported total assets
Wheatsworth, Inc.
-Extra Dividend.
exceeding $7,000,000. Its capita' structure consists of 209,763 shares
dividend of 25c. per share has been declared in addition to the of common stock. Including subsidiaries, the sales for the last fiscal
An extra
regular quartery dividend of 25e. per share on the common stock, both year were approximately 810,000.000.
payable an. 2 to holders of record Dec. 20. Like amounts were paid on
The Brunswick-Kroaschell Co. is capitalized at $2,514.595, consisting
-V. 131, p. 1730.
Oct. 1 last.
of 12,500 shares of 7% cum. pref. stock of $100 par value, and 28.200
shares of no par common stock. On Jan. 1 last it reported total assets
Wheeling Steel Corp.
-Smaller Dividend-New Pres.- of $3,369,574, with sales last year of approximately $3,000,000. It has
New Brunswick, and manufacturing
The directors have declared a quarterly dividend of 50c. per share on the one subsidiary, the bnpex Corp. of
eommon stock, placing the Issue on a $2 annual basis against $4 previously. affiliations with the Universal Cooler Corp. of Detroit.
dividend is payable Dec. 1 to holders of record Nov. 12.
The
Youngstown Sheet & Tube Co.
-Earnings.
19, W. Holloway has been elected President succeeding Isaac M. Scott,
For Income statement for three and nine months ended Sept. 30 see
resigned.
"Earnings Department" on a preceding page.
-V. 131, p. 2711.
2916
FINANCIAL CHRONTCLE
[VOL. 131.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
he Introductory remarks formerly appearing here will now be
ound in an earlier part of this paper immediately following the
.editorial matter in a department headed INDICATIONS OF
BUSINESS ACTIVITY.
Brazil bought exchange rate 5 5-16 dollar rate of 9$300.
Spot sales were made in Santos in the past few days amounting
to 49,000 bags. The price was not named. On the 28th inst.
prices ended unchanged to 22 points off. Closing quotations
on the Rio terme market were received for the first time
since Oct. 6. They were 113800 for Nov.; 113500 for Dec.
and 113000 for March or 03945 to 13250 lower. No
exchange rates were quoted. On the 29th inst. it was announced that restrictions were lifted to Brazil and that code
cablegrams may now be accepted.
On the 29th inst. Santos futures were generally 3 to 13
points higher though Jan. fell 19; Rio ended 6 to 11 points
higher. Regulating warehouses in Brazil began liberating
coffee in the same fashion as before the revolution. A
cable to the Exchange stated that Rio Coffee Exchange has
been closed for reorganization. Spots No. 7s were quoted at
148300 per ten kilos. The Bank of Brazil quotes exchange
rate at 5 5-16 and the dollar rate at 93300, the cable said.
On the 30th inst. Santos futures ended unchanged to 20
points off and Rio 6 lower to 8 higher. The outlook seemed
to indicate increased receipts from Brazil as the new Government settles down to its work and business tends to return
to the normal. A cable to the Exchange from Rio stated
that the Provisional Government has suspended emission of
further paper currency. Just prior to the fall of Washington
Luis the Federal Government authorized the issue of 300,000 contos of milreis and it is estimated that 100,000 contos
have already been issued. One firm said:"We do not expect
Brazil's huge stocks to be dumped on the world's markets,
but we are inclined to think that in future a less rigid control
of supplies will be maintained, that prices will decline to a
level which will stimulate the movement of coffee into distributive channels and that the abnormal premiums on the
near months in our market will eventually disappear." Today Rio futures ended 2 to 19 points lower with sales of
16,000 bags and Santos 15 to 33 off with sales of 24,000
bags. Final prices for the week show a decline on Dec.
Rio of 32 points while other months are 5 to 8 points higher
and a decline of 5 to 40 points on Santos.
To-day Rio cabled the Exchange here: "Rio spot No. 75
quoted 133275 per ten kilos. Exchange rate 5 5-16d.;
dollar rate 93300." Cost and freight offers were less numerous this morning but at generally lower prices, some as much
as 50 points lower. For prompt shipment, Santos Bourbon
4s were down to 113/sc.; Rio 7s at 7.35e.; 7-8s at 7.2004 Victoria 7-8s at 6.650. and 6.70c.
Rio coffee prices closed as follows.
Friday Night, October 31 1930.
COFFEE on the spot was dull and nominal at 133.1 to
133 c. for Santos 4s and 8% to 9c. for Rio 7s. Mild coffee
4
was declining and was said to be almost demoralized by the
recent developments in Brazil. Later Santos 4s were 1231
to 12%c.; Rio 7s, 83.1 to 834e. At Baltimore 13,000 bags
of Brazilian coffee have arrived and at Houston 1,400,
which are being delivered direct from vessels. Local spot
prices later fell Me. with larger arrivals. Santos 4s, 123j
to 12%c.; Rio 7s, 834 to 8%c. Rio 7s here were quoted at
8% to 9c.; Santos 4s, 1234 to 123 c.; Fair to good Cucuta,
4
13 to 1334c.; prime to choice, 1434 to 15340.; washed, 16
to 1634c.; Ocana, 1334 to 14e.; Bucaramanga, natural, 14
to 1434c.; washed, 16 to 1634c.; Honda, Tolima, and Giradot, 1634 to 17e.; Medellin, 1834 to 190.; Manizales, 1731
to 1734c.; Mexican, washed, 18 to 1934c.; Surinam, 12 to
1234c.; Ankola, 2234 to 283 c.; Mandheling, 23 to 32%c.;
4
Genuine Java, 25 to 260.; Robusta, washed, 113 to 120.;
4
Mocha, 1934 to 2034c.; Harrar, 18 to 1834c.; Abyssinian,
1434 to 15c.; Guatemala, good, 1634 to 17c.; Bourbon, 15
to 1534c.
Mexico City cabled: "The export tax on coffee shipped
out of Mexico has been revoked by the Ministry of Finance
in the belief that with the revolutionary conditions now prevailing in Brazil this will benefit Mexican revenue by increasing shipments of coffee to the United States and Europe
and stimulate Mexican foreign trade generally. Hitherto,
Brazilian coffees have undersold Mexican coffees in the
markets of the world." On the 27th inst. for prompt shipment Santos Bourbon 2-3s were offered at 13.55c.; 3s at
12.80 to 13c.; 3-4s at 12.30 to 123c.;3-5s at 11.95 to 12310.;
%
4-5s at 12c.; part Bourbon 5s at 11.55c.; 6s at 11.05c.; Victoria 7s at 7.15e. The censorship of the cables has been
partially lifted. On the 28th inst. there were a few more
cost-and-freight offers from Brazil in circulation. They included for prompt and immediate shipment, Santos Bourbon
2-3s at 13.55c.; 3s at 12.80 to 13c.; 3-4s at 12.30 to 123 c.;
%
:1-5s at 11.95 to 1231c.; 4-5s at 12c.; part Bourbon 5s at
I 1.55c.; 6s at 11.05c.; Victoria 7s at 7.15c.; Victoria 7-8s for
Nov. shipment were offered at 6.90c. Nominal quotations
on Brazilian grades were 1234 to 13e. for Santos 4s and 8%
to 9c. for Rio 7s. Mild coffees were dull and fully 13/sc.
lower than two weeks ago. On Oct. 29 the supply of coffee Spot unofficial
8
1May
5.600 - -December
6.53@ 6.55 July
5.500 - -on cost-and-freight offers was a little larger. Yet many March
September
5.760
5.386 ---shippers still refrained from making offerings. They were
Santos coffee prices closed as follows.
for the most part unchanged but some were 10 to 25 points Spot unofficial
I May
9.00§
lower. They included for prompt shipment, Santos Bour- December
July
10.400
8.83 nom
March
September
9.430
8.66 bon 2-3s at 12.60 to 13%c.; 3s at 12.85 to 13c.; 3-4s at 12.30
COCOA to-day closed 14 to 18 points higher with sales
to 12%e.; 3-5s at 11.80 to 1231c.; 4-5s at 12c.; 5s at 11.600.;
6s at 9.95c.; 7-8s at 11.40c.; part Bourbon 2-3s at 13.55c.; of 85 lots. Dec.ended at 6.25c.; Jan.,6.36e.; March,6.57c.;
3s at 12.80c.; 5s at 11.55c.; 6s at 11.050.; Santos rain-dam- May, 6.77c.; July, 6.950. Final prices show a decline for
aged 3-5s at 11.35c.; Peaberry 4s at 12.15e.; Rio 7s were the week of 2 to 3 points.
here at 7.70 to Sc.; 7-8s at 7.550.; Victoria 7-8s at 7.05 to
SUGAR.
-Spot Cuban was quiet at 1.390. c.& f. Havana
7.150.; Victoria 7-8s were offered for prompt shipment to cabled: "During the week ended Oct. 25 arrivals were 38,840
New Orleans at 7c. and for Nov.
-Dec. shipment to New tons; exports 62,042 tons; stock, 997,275 tons. The exports
/
York at 63 0. Highly described Santos Bourbon 4s were included 20,886 tons to New York; 10,111 tons to Philadeloffered for shipment from San Francisco at 11.70c. On phia; 1,975 tons to Boston; 10,337 tons to Baltimore; 3,904
the 30th inst. rather liberal offerings of cost-and-freight tons to New Orleans; 5,444 tons to Savannah; 317 tons to
coffees from Brazil caused lower prices. Buyers were not interior United States; 5,935 tons to the United Kingdom;
responsive as they are looking for further concessions. For 4,087 tons to France; 14 tons to the Virgin Islands; 34 tons
prompt shipment, Santos Bourbon 3s were here at 11.60 to to South America. The weather was reported rainy and
4
1230.; 3-4s at 1131 to 12.80c.; 3-5s at 11.80 to 120.; 4-5s at cool." Receipts for the week at Atlantic ports were 57,610
11%c.; 5s at 11.600.; 6s at 10.90 to 11.20c.; 7s at 7.900.; tons against 25,180 a week previously and 55,871 same week
7-8s at 7.70 to 10.200.; part Bourbon 2-3s at 13c.; 3s at last year; meltings 62,475 against 58,573 a week previously
120.; 4-5s at 13c.; 6s at 10c.; Rio 7s were here at 7.45-65; and 49,779 last year; importers' stocks, 126,405 against
7-8s at 7.30-45c.; Victoria 7-8s at 6% to 7c. In equal quan- 126,405 a week previously and 444,159 last year; refiners'
-Dec. ship- stocks 100,291 against 105,156 a week previously and 229,757
tities, Santos Bourbon 4s were offered for Nov.
ment at lb. and for Jan. through Dec., 1931, at 9%c. last year; total stock 226,696 against 231,561 a week pre-March shipment equal were offered viously and 673,916 last year. One report put the receipts
Victoria 7-8s for Jan.
at 6.450.
in the 'United States from the Philippine Islands during the
New York merchants early in the wet* were receiving first eight months of 1930
-January to August inclusive
messages in code from their Santos and Rio correspondents, at 609,319 long tons, raw sugar. This is about 90% of the
but they mostly had to do with orders to buy or sell futures quantity estimated to be received from the Philippines during
on our exchange. No code messages for a time were allowed 1930. During the similar period of 1929, the receipts from
to enter Brazil. Rio cabled that Rio spot No. 7 was quoted the same source totalled 548,096 tons, or approximately
at 133625 per 10 kilos; Exchange rate 5 5-16d.; dollar rate 86.4% of the total for the year. The International Associa93300. Another Rio cable said: "Provisional government tion for Sugar Statistics, in its recent survey of 14 principal
suspended further emission paper estimating hundred European beet sugar producing countries, anticipates a crop
thousand Santos already emitted and applied." On the 27th this year of 36,057,548 metric tons of sugar beets, an ininst. futures advanced 3 to 33 points on Santos, while Rio crease of 2,887,173 tons or 8.7% over last year. Sugar
was 3 points off to 27 points higher, despite the fact that the production for the same group of countries however, is
new Brazilian government is said to be opposed to govern- estimated at 5,490,698 metric tons, raw sugar value, a
ment support of government prices. The sales here were decrease of 14,401 tons or 0.26%.
31,000 bags of Santos and 22,500 of Rio. Cables reported
On the 27th inst. futures advanced 6 to 9 points on Presithat Rio exchange was still closed and that the Bank of dent Machado's decree limiting exports. The close was at
Nov. 1 1930.]
FINANCIAL CHRONICLE
2917
lbs., 173/Ic.,• 14 to 16 lbs., 18c. Butter, lower
rt net rise of 5 to 7 points. The sales were 55,000 tons. boxed, 18 to 20 scoring, 28% to 40%c. Cheese, flat, 19 to
decree prohibits the shipment of sugar grades to high
President Machado's
210. Eggs, medium to extras,
tluring the period from midnight Oct. 31 to Nov. 15. The to 223/Ic.; daisies, 183/2 to
marks,
was 1.50c. c.&f. The committee 21 to 41c.; closely selected heavy, 42 to 43e.; premium
top price paid for spots
Machado has requested all pro- 433/i to 46e.
appointed by President
timers to report stocks of sugar on hand the amount they
-Linseed was quoted by leading crushers at 9.8c.
OILS.
have subscribed to the 1,500,000 tons and the sugar they for raw oil in carlots, cooperage basis, but it is intimated
sold before Oct. 25 cannot be exported. On the 28th inst. they will accept 9.6c. on a firm bid. There was not much
futures rose 3 to 10 points. Prime Western, 11.80 to 11.900.; improvement in the demand. Most of the big buyers are
%
/
refined Continent, 1238c.; South America, 125 e.; Brazil, covered on contract, while jobbers are purchasing only to
%
135 c. On the 29th inst. prices closed 2 to 4 points lower fill immediate needs. Linoleum makers were buying a
after being off 4 to 9 points on liquidation. The sales were little more freely. Cocoanut, Manila coast tanks, 53,0.;
50,000 tons, and 25,000 bags of Cuban c.&f. sold at 1.39e. spot N. Y. tanks, 5%c. Corn, crude tanks f.o.b. mills
On the 30th inst. prices declined 3 to 4 points, then rallied 734 to 738c. Chinawood, N. Y. drums, carlots, spot,
/
/
-March, 530.;
and ended unchanged to 1 point off. Wall Street sold, and 73443.; tanks, 63/Ie.; Pacific Coast tanks, Oct.
interests. The sales were 23,100 April-June, 6c. Soya bean, drums, 9.6e.; tanks Edgewater,
to some extent large Cuban
tons mostly December and March. On the 30th inst. 8 to 9c.; domestic tank cars, f.o.b. Middle Western mills,
%
75,000 bags of Cuba sold for the first and second half of 73/Ic• Edible olive, 1.65 to 2c. Lard, prime, 133c.; exNovember at 1.38 to 1.40e. c.&f. Three cargoes on the 30th tra strained winter, N. Y., 1040. Cod, Newfoundland,
.60.
inst. of prompt Cuban sold at 1.36d.
54e. Turpentine, 41 to 47c. Rosin, $5.423/I to
Havana cabled that the quantity delivered to the segre- Cottonseed oil sales to-day, including switches, old, 300
gated stock up to last night amounted to 6,059,931 bags. bbls.; new, 14 contracts. Crulle S. E., 634c. nominal.
Havana cabled that in local sugar circles there, it is reported Prices closed as follows.
NEW.
that the Cuban-American sugar committee is discussing the
OLD.
7.10 7.65
November
7.5&i
sale of 100,000 tons of sugar to China at 1.170. f.o.b. Pend- Spot
7.40I 7.50
7.55§ 7.85 December
to handle the 1,500,000 November
7.45 7.50
ing legal formation of the corporation
7.70 7.75 January
December
7.45 7.60
February
enactment of which is said
tons of Cuban sugar, the final
7.60 7.63
March
has been formed among
7.64(--..
to be uncertain, an interim pool
April
7.70@7.'
May
Cuban sugar producers at the invitation of the Chadbourne
7.70® 7.85
July
tons for sale exclusively
Committee to the extent of 100,000
-Mid-Continent crude was cut 7c. to 380.
PETROLEUM.
to China. Cable reports state that a flood of cables from
New York and Cuba have been received offering the sugars by the Stanilind Crude Oil Purchaisng Co. This reduction
exclusively to China and soliciting bids. Indications are for was met by the Magnolia Petroleum Co., rairie Oil & Gas
prices as low as 1.37 to 1.39e. a pound c.i.f. Far East. At Co. and the Cities Service Oil Co. The flumble foil Co. represent asking prices of Java Trust is 73/ florins on Browns, duced Texas prices 7 to 500., and the Standard Oil Co. of
which figures are considerably higher than prices indicated Ohio lowered Central crude prices from 25 to 35e. a barrel.
on Cubas for account of interim pool. Comment heard on Lima and Indiana were reduced 45c. and Western Kentucky
the above is that it is the first mistake made by Chadbourne 40e. The South Penn Oil Co.announced a reduction of 10e.
since it is calculated to antagonize Java. Some think that it is in Corning crude. California is the only important field not
a measure of coersion applied in advance of the conference in yet affected by the price cutting movement.
Amsterdam showing Java what it may expect if it declines
The demand for bulk gasoline was smaller. There were
to co-operate with Cuba. Havana cabled: "Senator Viriato reports of business being done at 7c. and below this figure but
Gutierrez has stated to the press that he has received a cable the bulk of the gasoline is moving at from 734 to 73/Ic. Ker/
from the Java representatives stating they are willing to osene was in better demand and steady at 634 to 63 0. for
meet the Cuban commissioners. The latter are expected to 41-43 gravity in tank cars at refineries. Jobbing interest
leave Nov. 12."
were doing a fair business. They are not inclined to purchase
Refined was 4.65 to 4.75c. with withdrawals rather large. ahead however, due to the unsettled conditions at this time.
Scotts Bluff, Neb. wired. "The seven factories of the Great Bunker oil was rather quiet but steady at $1.05 for grade C.
Western Sugar Co. there, the Minitare, Gering, Bayard, spot refineries. Diesel oil was also quiet at $2 same basis.
Wheatland, Lyman and Mitchell in the North Plate Valley, Domestic heating oils of late have been a little easier. Conhave begun their three months run. Sufficient beets are sumption is steadily increasing and no sharp price reductions
being harvested to keep them operating steadily. Favorable are looked for. Lubricating oils were a little more active.
weather has made it possible to leave the beets in the field Textile oils were in good demand. Spindle oils were firm.
longer and with greater maturity comes added sugar content. There is more interest in cylinder stocks.
Output of sugar this year is likely to exceed last year."
Tables of prices usually appearing here will be found on an earlier page in
One firm said. "During this week Cuban sugar has sold as our department of "Business Indications." in an article entitled "Petroleum
the moment is offered at 1.40c. with and Its Products."
high as 1.51c. but at
buyers mildly interested at 1.38c. The amount of actual
RUBBER on the 25th inst. advanced 20 to 34 points on
sugar available is extremely limited owing to the decree futures with sales of 1,335 tons including 950 tons of new
issued by President Machado last Saturday forbidding contracts, No. 1 Standard. London advanced 3-164. to
further sales and shipments of first hand sugars. However, 488d. for Nov. and Singapore W. to 3 13-16d. for Nov.
/
until the matter has received the approval of the Cuban On the 28th inst. prices advanced 25 to 35 points but liquidahave a fluctuating market." tion left the net rise 9 to 15 points higher at best with some
Congress, we shall undoubtedly
To-day a cargo of Cuban raw sugar sold for November prices unchanged. New contract closed with October 8.60c.;
shipment to Boston at 1.42c. c. & f. New York basis. To-day Dec. 8.75c.; March 9.20c.• May 9.30 to 9.35e.; July 9.49 to
'
futures ended 3 to 4 points up with sales of 21,150 tons. 9.54e.; sales 550 tons; old contract November 8.50c.; Dee.
Final prices for the week are 1 point lower to 1 point higher. 8.60c.; March 9c.; May 9.20c.; sales 347 tons. Outside prices
/ ;
ribbed smoked sheets spot, Oct. and Nov. 8% to 830.•
Prices were as follows.
1.58 ® 1.59 Dee.8% to 8%c.• Jan.
May
-March 9 to 9%c.• April-June 9% to
1.42®
Spot unofficial
July
1.43
December
'
%
'
9%c.• spot firstlatex, thick 8% to 89(o.;; thin pale latex 87
111.2
September
Janury
1.45
1.531 nom I
to 93c.• clean thin brown No. 2 7% to 8%c.; specky crepe
March
2 amber
/
brown crepe 73/I to 73 0.; No.
/
73
'
-Spot Prime Western at 11.95 to 12.05c.; Refined 7% to /Ie.04 rolled
LARD.
A readjustment has been made in tire prices by
,
83
/
Continent, 12Mc.; South America, 123 0.; Brazil, 13%e. 8 tolarger manufacturing companies, by which a more unithe
Prime Western, 11.90 to 12e. Futures on the 25th inst. form discount is given to dealers and a retail list price is set
were 13 points lower to 5 points higher. Oct. alone advanced. on sonic sizes that is from 23/I to 5% higher. The changes
Most other months were 10 to 13 points off in sympathy will become effective on Nov. 1. The new prices will carry
with grain. Futures on the 29th inst. advanced 3 to 10 a guarantee until May 15 it is understood and will supply a
points with hogs 10e. higher and ignoring corn and its de- stable price level for the "spring dating" business. On the
cline. Exports were 900,225 lbs., mostly to England. On 29th inst. prices ended 40 to 50 points higher with sales of
the 30 inst. futures ended 5 points lower to 5 higher. Oct. 2,210 tons. Wall St. bought new May and July freely.
alone advanced. Total western receipts of hogs were larger London closed % to 3-16d. higher and Singapore % to 5-16d.
than expected, amounting to 104,000, against 90,800 last higher. Actual rubber was strong and rising. New conyear. Chicago received 37,000 hogs. Liverpool lard was tract closed on the 29th inst. with November 8.95c.; Dec:
3d. to is higher. Exports from New York were 275,000 9.15 to 9.20c.; Jan. 9.320.; March 9.50c.; May 9.65 to 9.68c.•
lbs., all to England. To-day futures closed 7 points lower July 9.85c.; Sept. 10.10e. • sales 2,210 tons. Old Dec. 9 to
.to 27 points higher the latter on Oct. Final prices show a 9.10e.; March 9.40 to 9.50.; May 9.50 to 9.60e.; July 9.8004
rise for the week on Oct. of 45 points while Dec. and Jan. Sept. 9.90 to 100.; sales of 470 tons.
were off 10 to 13.
On the 30th inst. prices closed 10 to 20 points lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Actual rubber was weaker. London was still 438d. for
/
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
Nov., 4 7-16d. for Dec. Singapore was up Md. to 4d. for
11.30
11.57
11.25
11.15
11.10
11.17
October
10.52
10.57
Nov. New contract closed on the 30th inst. with Nov.,
10.60
10 57
10.52 10.47
December
10.45
10.37
10.50
10.37 10.47
10.40
January
8.90c.• Jan., 9.12c.; March, 9.35 to 9.38c.; May, 9.50c.;
9.95 to 9.98c.; Old contract:
'
PORK steady; mess, $32.50' family, $36.50; fat back, July, 9.70 to 9.73c.; Sept., 9c.; Jan., 9c.; March, 9.20 to
to
Dec.,
$24 to $28.50. Ribs, 14.50c.; Beef dull; mess, $19; packet, Nov., 8.80e.;9.40 to 8.90
9.500.; Sept., 9.80 to 9.90c.; sales 195
May,
$16 to $18; family, $18 to $19; extra India mess, $34 to 9.30e.;Outside prices: Ribbed smoked sheets, spot, Oct. and
$3.10; No. 2, $5.50; six tons.
$36; No. 1 canned corned beef,
-March, 914 to
to 95/Ie.; Jan.
Dec.,
4
pounds, South America, $16.75; pickled tongues, $70 to Nov., 83 to 9c.; 93,/I to 8% spot first latex thick, 83/I to
/
930.;
April-June,
$75. Cut meats steady; pickled hams, 10 to 16 lbs., 183/Ie.; 93c.; thin pale latex,
934 to 93/Ic.; clean thick, brown, No.
pickled bellies, 6 to 12 lbs., 1934e.; bellies, clear, dry salted, 93/Ie.;
2918
FINANCIAL CHRONICLE
[Vor.. 131.
2, 8 to 83c.• specky crepe, 73 to 8c.; rolled brown crepe, drawals for consumption on all classes of cigars during the
4
to 73c.; Pares, first nine months of the calendar year 1930 showed a decrease
4
up-river fine spot, 12 to 124c.; coarse, 7 to 74c.; Acre fine of 8.41% from the figures for the corresponding period of
spot, 12 to 123c.; Caucho Ball, Upper, 7 to 73o. London the calendar year 1929. Cigars consumed during the nineclosed to-day unchanged to 1-16d. higher with Nov., 4%d.; month period totalled 4,613,864,834 cigars as compared
Dec. 4 7-16d.• Jan.
-March, 4 9-16d.; April-June, 4 11-16d.; with 5,037,700,527 cigars withdrawn during the same
July-Sept., 4'X and Oct.-Dec., 5d. The stock in London period of the previous calendar year, a drop of 423,835,693
Sept. '
3d.
is expected to show a decrease of 4,000 tons while in Liverpool cigars. Of the above figures, withdrawals of all classes of
an increase of 600 tons is looked for. Singapore closed cigars, in this country amounted to 4,387,508,444 cigars
unchanged to-day with Nov., 4Md.; Jan.
-March, 4 5-16d.; during the first nine months of the calendar year 1930 as
April-June, 43'6d.; No.3 Amber crepe spot, 334d., unchanged contrasted with 4,816,171,165 cigars withdrawn during the
To-day old contract closed 10 to 30 points lower with sales first nine months of the calendar year 1929, a drop of 428,of 251 lots; new contract 10 to 30 off, with sales of 113 lots. 662,721 cigars or 8.90%." Louisville, Ky. wired that the
Final prices show an advance for the week, however, of Burley Tobacco Growers' Co-operative Association has
10 to 20 points.
been revived and will be functioning this winter in KenHIDES.
-On the 25th inst. business was slow at a decline tucky, Indiana, Ohio, Missouri, Tennessee, West Virginia
of 40 to 50 points with sales of 280,000 lbs. Nov., 8.70c.; area. Just how widespread its operations will be remains
March, 10.95c.; May, 11.750. Outside business was small. to be seen, but the Co-operative is ready for business. At
On the 27th inst. prices declined 15 to 25 points with sales San Francisco retailers are buying more freely. There is a
of 1,640,000 lbs. A lot of 3,000 ex-light native steers Oct.- good curing season in Wisconsin. Many different cities
Nov. take off sold at lie. Dec. closed at 10c.; Jan., 10.15e.; report a better business. At Oxford, N. C., prices were
March, 10.75c.; May, 11.55c.; Sept., 12.55e. Of River firm. A good rain fell. Sales there for the week ended Friday
Plate frigorifico recent sales included 20,000 Argentine steers amounted to 1,786,122 lbs., which sold for $280,199.76, an
at 123/i to 12 15-16c.; 5,000 Uruguayan steers at 13% to average of $15.69. This brings the total sales to date up to
13%c. and frigorifico cows at 13 1-16c. Country hides were 4,094,564 lbs. at an average of $14.52. It is interesting
quiet. Common dry hides were also slow. Common dry to note that during the week ended Oct. 18 1929 the market
Cucutas, 15c.; Orinocos, 13c.; Maracaibo, Central America, sold 3,385,000 lbs. at an average of $15.60.
La Guayra, Ecuador, avanillas and Puerto Cabello, 12c.;
COPPER became generally established at 93'e.for domesSanta Marta, 13e. Packer native steers and butt brands, 13c. tic late last week and the export price was reduced to 9.800.
Colorados, 12Mc.; bulls native, 73c. On the 28th inst. Sales for export have been very large. Sales on Tuesday
prices closed unchanged to 9 points lower. Outside sales amounted to 11,000,000 pounds and a similar amount was
included 6,000 heavy native steers, Oct.,12Mc., M off; purchased Wednesday. Thus far in October foreign pur7,500 heavy native steers, Sept.-Oct., 1234c., 3' off; 18,000 chases have amounted to 119,000,000 pounds. The domestic
Colorado steers, Oct. 12c., M down; 7,000 butt branded demand early in the week was only fair at best, but later on
steers, Oct., 124c.,
off; 1,000 heavy native cows, July- heavy buying took place following reports that conferences
August-Sept., 10Mc. Closing future prices on the 28th: were being held with a view to curtailing the output.
Dec., 10 to 10.10c.; May, 11.46 to 11.48c.; Sept. 12.50c.
Domestic users have bought 30,000 tons over the past
On the 29th inst. prices fell 14 to 18 points with sales of week. London on the 30th inst. advanced 12s 6d. on spot
'
2,280,000 lbs. Outside trading included 1,000 frigorifico standard to £43 12s 6d.; futures up us 3d. to £43 7s 6d.;
extremes at 133 c. and 6,000 frigorifico steers at 130., both sales 100 tons spot and 800 futures. Electrolytic unchanged'
%
Oct. Closing futures here: Dec., 9.85c.• Feb., 10.25c.; at £44 5s bid against £45 5s asked. At the second London
May, 11.32 to 11.36c.; Sept., 12.320. On the 30th inst. session standard rose 2s 6d. on sales of 500 tons of futures.
'
prices closed 15 to 22 points lower. At one time they were On the Exchange here one contract in June changed hands at
24 to 26 points off. The sales were 2,960,000 lbs. Outside 9.550.
markets were quieti 4,000 Oct.
-Nov. heavy native steers
TIN was dull. Spot Straits tin was 27c. Futures posi-sold at 12o., a decline of Mc. from the last previous sale;
4,000 Oct. frigorifico steers at 123 c. Thursday futures fions were 15 points higher per month. At the first session in
4
closed with Nov., 8.25c.; Dec., 9.70 to 9.800.; Feb., 10.10c.,• London on the 30th inst. standard advanced 7s 6d. though.
May, 11.15c.; July, 11.65c.; Sept., 12.10 to 12.15c. Of spot Straits declined that amount. At the second session
Argentine hides, European tanners bought 4,000 Smithfield standard tin. dropped 10s; sales 380 tons. Shipments of
steers at 13c. The outlook is considered somewhat more un- Banka tin in October have been 795 tons and Chinese shipcertain than heretofore. Country hides remained quiet. ments have aggregated 383 tons. Some predict a drop in the
Common dry Cucutas, 150. Onnocos, 130.; Maracaibo, world's visible supply in October of 1,000 to 1,500. Others.
1_
Central America, La Guayra, Ecuador and Savanillas, 11Mc. say there will be practically no change. Futures on the exSanta Marta, 13c.; Puerto Cabello, 12c.; Packer, native change here on the 30th inst. closed 5 points lower to 5 points
steers and butt brands, 12Mc.; Colorados, 120.- bulls, higher. There was no trading.
native, 73'c.; New York City calfskins, 5-7s, 1.504.; 7-9s,
LEAD was rather quiet. Sales over the past week it is.
2c.; 9-12s, 2.70 to 2.80c. To-day prices ended at a decline saidhave been less than 2,000 tons or the smallest week's
of 25 to 45 points; sales 131 lots; Feb., 9.70c.• May, 10.85c.; aggregate sales of the year. October shipments are expected'
Nov., 7.95c.; Dec., 9.30c.; Jan., 9.45c.; March, 10.25e.; to show a falling off of 10 to 15% from September, or in other
April, 10.45e.; July, 11.35c.; August, 11.600.; Sept., 11.84 words about 43,000 tons. World lead production amounted
to 11.85c. Final prices are 65 to 89 points lower for the to 148,506 tons in September against 155,364 in August and
week.
151,356 in July according to the American Bureau of Metal
OCEAN FREIGHTS.
-There was a small increase in Statistics. Prices were 4.95o. East St. Louis and 5.10c.
New York. In London spot advanced 5s on the 30th inst.
business. Later grain business was active.
CHARTERS included. Grain, 29.000 qrs. Montreal early Nov. to to £1515s;futures up 2s 6d. to £12 12s 6d.; sales 100 tons spot
Mediterranean,
San Lorenzo Jan. 1-Feb. 10, U. K.
-Continent, 17s. and 50 tons futures.
6d.; Black Sea Nov 15-30 Continent, its. 6d.: first half Nov., Kustendju,
Varna, Bourget', Antwerp, Itotterdam, Amsterdam, 108. 9d. Grain booked
ZINC was firm at 4c. East St. Louis but business was really
included a few prompt loads to Antwerp at 7c.; New York-Antwerp, 10
loads, 7c. and 8c.; 5 loads Rotterdam, 730.: 4 Hamburg, 7c.; Montreal, too light to test that price. In fact it was intimated in some
20 loads Rotterdam first half Nov., 73ic 5 loads Antwerp first belt Nov., quarters that it could be had at 3.95c. In London on the
734c.; a couple of loads to Hamburg, 7c.• a few to Rotterdam spot, Sc.; 30th inst. spot advanced 8s 9d. to £14 15s; futures up 5s
to
4 loads Philadelphia, Baltimore and London, Nov., 2s.• 26,000 qrs. Montreal first half Nov. Avonmouth, Is. 3d_,.• Durtston, Is. 44(1.; San Lorenzo. £15 2s 6d.; sales 150 tons of spot and 400 futures.
also Portsea Rosario, 6,800 tons, U. K. Continent and Antwerp-Rotterdam, respectively, 14s. 6d. Time-Goldbek, delivery prompt north
-Railroads are the best buyers and inquirers.
STEEL.
Hatteras, West Indies round, $1.50' Alssuud, Nov. 5. Prince Edward Isl- This
does not mean any remarkable business. Steel ingot
and, delivery north Hatteras, 80c. Trips-Prompt, Prince Edward
Island trip down, 75c.; West Indies round, 70c ; prompt New York-West output has been reduced 3% and now averages only 50%
Indies round,$1.45; delivery north of Hatteras. West Indies round, prompt, against 81% at the peak of the year in February and an
-Continent, 6M.:
60c.: delivery South Atlantic, prompt, re-delivery U. K.
1929. The falling off in pro-Clean, average of 79% at this time in.
Canada, Nov. 5-10, re-delivery north Hatteras, 60c, Tankers
Gulf, Dec., two safe French Atlantic ports, 10s. 6d.; three, lls.,• clean, duction was most marked in Birmingham, Eastern Pennsyl4.500 tons, half-cargo Constanza-French Atlantic, rate not shown: balance
-Continent, 10s., six to eight trips com- vania and Cleveland. The October retail sales are equal to
to same, 9s. Eld.,• Black Sea-U. K.
mencing July 1931; clean, Black Sea, Dec ,to U. K.,8s. 3d. Coal. Hamp- those of September. Pittsburgh says wire orders are in-Rio, first half
ton Roads, first half Dec., Italy, $1.80; Hampton Roads
Dec., $3.12M. Lumber, South Atlantic and Gulf Nov loadings, 4 Plate creasing with wire nail still 2o., plain wire $2.300.; wire rod
-Continent.
disChargm.$13.95; two Archangel cargoes, 658., prompt D.K.
$36. Scrap is weak.
-The trade in anthracite has brightened up to this
COAL.
PIG IRON has been quiet and with scrap prices off and
extent that retailers at least are doing a better business in ingot output smaller the outlook is considered none too bright.
New York, Philadelphia and Baltimore, the only drawback A cut in prices has taken place in heavy melting scrap of $1
being the milder weather of late. At Chicago domestic sizes at Philadelphia, 500. at Detroit and 25c. at Pittsburgh and
of western Kentucky have begun to move which is a signifi- St. Louis. That seems to contain a broad enough hint.
cant sign. Cleveland Ore and Coal Exchange bituminous Pittsburgh reports iron and steel scrap still weak with only a
Lake loadings for the Oct. 20 week totaled 1,047,555 tons, a moderate business. Some business in heavy melting steel
year ago 1,230,530 tons, the cumulative total standing at was done at $14.75; it aslo Sold at $14.50 and with tonnage
32,656,233 tons as against 33,115,182 tons a year ago. The said to be rather freely available to dealers at $14 but now
tonnage which is far larger than for 1928 or 1929 stands out in quoted at $14 to $14.50.
sharp contrast with any recently published.
WOOL has been in rather better demand with fine grades
-It is the old story of a day-to-day trade selling best and medium dull and unsettled. Boston wired
TOBACCO.
here with no stirring features. Havana cabled the U. S. an official report which said. "A few wool houses are reTobacco Journal that 10,121 bales of leaf changed hands porting a slight improvement in demand. Most calls are
last week, mostly for Europe. Receipts from growing on fine wools, although little business is being done on 58districts were 20,648 bales. Washington, D. C.. 'With- 60s qualities, territory lines. Strictly combing Ohio and
'
7% to 7Mc.; No. 3,8M to 8%c.; No. 4, 73
similar wools of 64s and finer qualities bring 30 to 31o. in
the grease, or 73-75 scoured basis. Original bag territory
wools bring 67 to 70c. scoured basis for bulk. French combing staple." Boston prices.
Ohio and Penn. fine delaine JO to 31c.: X-blood, 29 to 30c.; X-blood,
28 to 39c_.; X.29 to 30c.; Territory clean basis, fine staple, 72 to 74c.; fine
medium French combing,65 to 70c.; fin3, fine medium clothing, 62 to 65c.;
4-blood staple, 65 to 70c. Texas, clean basis, fine 12 months, 70 to 72c.;
fine 8 months. 65 to 68c.: fall, 62 to 65c,.• pulled, scoured basis, A super,
83 to 68c.; 13, 50 to 55c.• 0, 43 to 45c. Domestic mohair, original Texas,
35 to 36c.; Australian, Clean. in bond, 64-70s combing super. 52 to 53c.;
.64-708 clothing, 45 to 48c.; New Zealand, clean in bond, 58-60s. 39 to 400.;
56-58s. 36 to 37c.; 50-56s, 31 to 32c.
A Government report said earlier in the week. "Manufacturers are covering only their immediate requirements for
wool. They are able to supply their needs at a slightly lower
level of prices than prevailed two or three weeks ago, owing
to the recent narrow demand for wool following price readjustments in foreign markets. Reports of firmer prices
and a fairly good demand abroad are encouraging a stronger
resistance to further declines in this market. Mill buyers,
however,are not making a strenuous effort to beat down wool
prices. Receipts of domestic wool at Boston during the
week ended Oct. 25 amounted to 895,800 lbs. against 7,648,700 lbs. in the previous week." Boston wired Oct. 27.
"Cables from the Australian wool markets to-day indicate
'fairly steady buying at prices which show little change from
a week ago. There seems to be fair competition on the basis
of about 45c. clean landed in bond at Boston for good 64s
and average 64-70s combing wools, with some houses quoting about 64c. in Sydney as against 45c. in Melbourne.
Average combing 64s are quoted at 43c. and average 60-64s
at about 41c. America continues to pick up some wool all
the while, usually a bit under the quoted market. Cables
from the Cape indicate little change there, with best 64-70s
super wools costing about 50c. clean basis, in bond at Boston." At Perth on Oct. 28 20,000 bales offered and about
95% sold. Compared with previous sales superfine wools
were firm and others practically unchanged.
On the 29th Boston wired: "At Sydney and Geelong,
Australia advices indicate a very firm market in both pkaces
with rather more general competition. America is reported
to be buying fair quantity of wool, while England, Japan
especially in the Geelong sale, were the chief operators.
Geelong reports the new clip as well grown and sound, somewhat finer and shorter and a bit softer than last year, with a
very superior yield. Super 70s are voted on the equivalent
clean landed basis of 510. in bond, with super 64-70s at 48c.,
64s at 46c.,and 60-64s,at 44o.,clean basis in bond at Boston.
In Sydney superior combing 80s wools were sold on the 29th
on the equivalent clean landed basis in bond of 680. super
70s-74s at 56c. and super 70s at 530. Offerings from the
River Plate are being made in equal though small quantities
at 19 to 193'o. for 58-60s, 56s and 50s Montivideo super
skirted wools cost and freight in bond, 17 c. for 3s and 4s
and 16%o. for 4s and 5s. Offerings of standard wools are
being made from Buenos Aires at about 1554c. for 4s and as
low as 133c. for 5s and 6s." At Sydney on the 30th the
second series of wool sales closed. An average selection was
offered and there was good general demand, chiefly from the
Continent and Japan. Compared to the opening, fine merinos were 5% higher and all spinners' wools were unchanged.
Others were 5% lower. The third series will begin Nov. 10
and will continue to Dec. 4. Total offerings will comprise
168,000 bales. A new scale of loans by the Federal Farm
Board was made at Sonora, Texas recently. The new advances are $1 a head on sheep in 12 months' wool and 400. on
Angora goats. It was stated at the meeeting that the National Wool Marketing Corp. has sold 2,500,000 lbs. of Texas
grown mohair, one-half from the spring of 1930 accumulation
and the other half from the fall of 1930 accumulation. The
average price has been 40c.a pound in Boston, while the price
range has been between 364 and 4334e. a pound. No kid
hair has been sold. It is being held for a price proportionately much higher than adult hair. Advanceson the spring clip
were 350. for the grown mohair and 45o. for kid hair. The
1930 fall advance was 30c. for grown hair and 40o. for kid
hair. There are unsold and in the hands of the co-operatives
of Texas about 10,500,000 pounds of mohair, 12% of which
is kid mohair.
At Sydney on Oct. 30 the second series of wool sales closed.
An average selection was offered and there was good general
demand, chiefly from the Continent and Japan. Compared
to the opening, fine merinos were 5% higher and all spinners'
wools were unchanged. Others were 5% lower. The third
series will begin Nov. 10 and will continue to Dec. 4. Total
offerings will comprise 168,000 bales.
SILK to-day closed unchanged to 6 off with sales of 1,000
bales; Nov. 2.32; Dec. 2.28; Jan. and Feb. 2.21; March 2.22;
April 2.21; May 2.21 to 2.22 and June 2.21. Final prices show
a decline for the week of 2 to 8 points.
COTTON
Friday Night, Oct. 31 1930.
THE MOVEMENT OF THE CROP, as indicated by
telegrams from the South to-night, is given below.
our
For the week ending this evening the total receipts have
reached 448,230 bales, against 441,613 bales last week and
423,079 bales the previous week, making the total receipts
since Aug. 1 1930 4,428,651 bales, against 4,192,954 bales
for the same period of 1929, showing an increase since Aug. 1
1930 of 235,697 bales.
2919
FINANCIAL CHRONICLE
Nov. 1 1930.1
Receipts at-
Sat.
Mon.
Wed.
Tues.
Thurs.
Fri.
Total
Galveston
12,017 8,240 34,361 10,885 12,821 8,661 86.985
--------------------7,608 7.606
Texas City
1929 11,928 15247 34,367 136.227
Houston
38.
17,i
633 1,559 7.889
Corpus Christi
1,196 1,695 1,404 1.402
--75
Beaumont
-----475--550
New Orleans
7,470 12,695 12,745 10,855 21,626 12.442 77,833
655 26,232 5,777 8,287 5,531 47.650
Mobile
1,168
Pensacola237
Jacksonville
64
iii
5:586 5,68 f,i65 1.6i6 4,i§i 5,123 31,649
Savannah
---- 5,872--- 7.294
---- 1,422
Brunswick
Charleston
5,164 4,388 1.849 5,590 1,443 1,234 19,668
------------4,918
4,918
Lake Charles___ 8,644
1
Wilmington
1,iiW,i 1,ea 1.741 1.
986 3.089 10,161
1,139 1,521 1,868 1,558
Norfolk
Baltimore
Totals this week_
52,690 77,033 112,091 52,451 72,905 81,060 448,230
The following tab e shows the week's total receints. the
total since Aug. 1 1930 and stocks to-night, compared with
last year.
1930.
Receipts to
Oct. 31
Stock.
1929.
This Since Auo This Since Aug
Week. 1 1930. Week. 11929.
1930.
86,985 645,602 111.239 893,302 555,841
Galveston
7,606
57.284 8,223
Texas City
83.381
44.637
136,227 1,675,965 168.813 1.444,805 1,392.063
Houston__
Corpus Christi
7.889 527,829 4,945 350,454 172,921
550
8.684 2,443
Beaumont
6.918
New Orleans __-- 77,833 509,676 114.628 698,603 606,684
Gulfport
47,650 201.167 30,597 182,886 118,576
Mobile
237
39,716
Pensacola
8,349
64
296
Jacksonville
615
1,163
31,649 411,690 21,791 313.531 285,884
Savannah
46,910
7.294
Brunswick
7.094
19.668 173,999 17,965 103,546 154,181
Charleston
4,918
21,322
Lake Charles.. _ _ _
313
5,196
8,644
25,154 7,187
38,963
Wilmington
20,013
10,161
75,773 13,995
44,372
84,034
Norfolk
___ _
N'port News. &c.
301
50
445 229.526
---New York
Boston117
619
5,367
-§Ril
7,166 1.081
9,871
932
Baltimore
4
5.176
Philadelphia
1Thsto la
1929.
527.113
45,326
925,099
41,352
412.122
70,459
739
88,663
35,447
28,177
43.484
95,041
1.021
1,012
4.484
445 020 A el2A Rcl !102970 4 129 2542 5711 one 9 210 1120
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons.
1930.
1929.
1928.
1927.
1926.
1925.
Galveston__
Houston*._ _ _
New Orleans_
Mobile
Savannah..
Brunswick_
Charleston_ __
Wilmington_ _
Norfolk
N'port News_
All others_ _ ..
86.985
136,227
77,833
47.650
31,649
7.294
19.668
8,644
10,161
111,239
168,813
114.628
30,597
21.791
152,182
204.237
78,306
16.839
23,131
118,903
153,511
75,770
10,259
21,141
119.930
158,351
108,507
22,798
39,747
159,139
103,120
96,870
9,343
22.344
17.965
7.187
13,995
14.297
9.948
20,436
9,376
5,513
22,426
19,916
4.114
23,663
8,834
8.245
22,438
22,119
17,055
16,446
21,257
11,737
7.216
Tot,this week
448,230
503,270
535.822
438,156
508.763
437.549
Receipts at-
Since Ana.1 _ _ 4.428.651 4.192.954 4.168.981 4.013 783 5.083.154 2.057-402
*Beginning with the season of 1926, Houston figures include movement
of cotton previously reported by Houston as an interior town. The distinction between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 176,425 bales, of which 20,670 were to Great Britain,
18,052 to France, 57,545 to Germany, 17,884 to Italy,
51,292 to Japan and China, and 10,982 to other destinations. In the corresponding week last year total exports
were 318,477 bales. For the season to date aggregate
exports have been 2,135,591 bales, against 2,135,362 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
Oct. 31 1930. Great
Exportsfrom- Britain. France
Galveston
Houston
Texas City
Corpus Christi__
Beaumont
Lake Charles
New OrleAns
Mobile
Pensacola
Savannah
Brunswick
Charleston
Norfolk
New York
Los Angeles...-.
Total
1,979
5,309
7,272
475
___
--3,425
237
1,422
_
551
Germany.
Italy.
Japan
Russia. China. Other.
4,308 2,121 6,521
8,116 7,067
8,218 23,401
--------18,230
566
___
-----------547
____ 2,857 4:208
::_. 3,950
470
___75
---------------4:718
200
200 2002 7155
____ 16.910
929
---------------- 2,266
-___
----------------------_
._ 7.132
-------------125
___ 5,872
----------------
Total.
30,112
55742
-547
18,757
4,918
27.196
691
--237
7,257
7,294
-___ 2.2672
-__
...-__
___
267
.
300
196
------------300
996
310 2,100
______ 1,800 1,125 5.886
20,670 18,052 57,545 17,884
___ 51,292 10.982 176,425
Total 1929
86,629 47,690 71,674 36,929 13,600 45.503 16,452 318.477
Total 1928
152.942 39,671 119,872 35,814
90,396 30,986 469.681
roes
Exported to
Aug. 11030 to
Oct. 31 1930.1 Great
Ger- I
iJapan&
Exportsfroth- Britain. France. many. Italy. Russia. China. Other. Toted.
Galveston__
Houston
Texas City._ _
Corpus Christi
Beaumont _ _
.
Lake Charles_
New Orleans_
Mobile
Pensacola-.
Savannah
Brunswick
Charleston
Wiington_
Norfolk
New York...
Boston
Baltimore.,...
Los Angeles
San Francisco
Seattle
Total
Total 1929_ _ _
Total 1928_ __
50,413 46,148 55,344 18,624
___ 44.081 52,010
77,108170,545 205,882, 58,69. 3,435134,887 80,117
2,294 3.303
3,609___
____
___
97
48,472 92,092 82,780 17,657
____ 84:135 33,587
1,222 2.. I
__
____
__ 2.075
8.068
10.141 2.51__
3,059___
740
12,235 20,927 87,840 24,38 25,844 57,797 16,029
32,205 2,:•
30,724
7 I
____ 2266
794
8,746
- 131
___
30,770
_ ----200
56,887
____ 133,124 6,889
____ 21752 2115
------------ ---7,219
____
39.691
_
16,661
263 62.750
-----------2,804
_
1,462 3,252 --------1,400
18,142 1,4135
6,135 --------1,156
___
1,065 2,394
1,704
956
____
55 2,153
117
300
-- --601
880
3,800 --------1l.l27 1,1213
9
266,620
730,669
9.303
358,723
8,856
21,462
205,056
69,622
89.847
220,767
48,910
82,478
6,114
26,898
8,327
481
17.114
6,359
333,387381,553 708.588133.721 29,279383,687 195,277 2,135,591
411,924272,006 657.087 204,204 64,235 320,665 205,241 2,135,362
476,6651247,966 686,09 177,735 117,600468,361,220.311 2,394,731
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
Other CoastGerGreat
Britain. France. many. Foreign wise.
Galveston
13,500
New Orleans
- 10.678
Savannah
11,000
Charleston_ _ _ _
Mobile
8:666
Norfolk
Other ports '.- 6,500
8,500 6,000 30,000
7.073 12,988 13,194
6,000
-
2,120
8,000 12,000 47,000
Total 1930- - 49,678 23,573 36,988 92,314
Total 1929..- -- 29,973 36,572 45,005 105,861
16,285 31,660 21,627 70,619
Total 1928-* Estimated.
Total.
Leaving
Stock.
495,841
562,751
268,584
154,181
"IOC) 10,H6 108,356
83,834
200
200
1,500 75,000 1,796,798
2,000 60,000
43,933
566 17,300
4,100 206,653 3,470,345
8,086 225,497 2,094,042
8,470 148,661 1,901,696
Speculation in cotton for future delivery advanced on a
good trade demand, reduced hedge selling, and a rising
trade in cotton goods. On the 25th inst. prices advanced
15 to 20 points on heavy covering, partly, it was understood, by Wall Street, and persistent buying by the trade
and Liverpool. The ginning up to Oct. 18 this season was
9,252,511 bales against 9,094,704 to the same time last year.
This means that the total from Oct. 1 to Oct. 18 was
2,947,403 against 3,192,083 for the same time last year.
The ginning was about what had been expected, as hedge
selling increased later in the day and caused some reaction.
The net day's rise was 9 to 11 points. On both sides of
the water the demand for cotton goods broadened. Fall
River had a wider business in print cloths and pongees.
Manchester reported a more general business. Spot cotton
advanced 7 to 15 points.
On the 27th inst. prices advanced 7 to 16 points net after
a net decline of 10 points. The early decline was due to a
lower stock market and a failure in Wall Street. Later
offerings fell off sharply, and a brisk rally followed. Contracts were scarce. A number of other commodities advanced, and nowadays cotton people take notice of such
things. The cables, too, were higher than due. Two
"seats" on the New York Cotton Exchange sold at $19,000
to $19,100, a rise since the last sale of $1,600. The trade
kept buying. It seemed, in some cases, to follow the market
upward. The sales of some cotton goods houses within a
week had sharply increased over those of the previous two
weeks. Big retail firms in Chicago and elsewhere in the
West were doing a much better business. The spot demand
was reported larger, including that at Columbia, S. C.
On the 28th inst. prices in a more active market suddenly
shot up 40 to 50 points on an outburst of buying, largely
to cover, that swept everything before it. Stocks and wheat
advanced. Exports increased. Hedge selling dwindled, as
usual, on advancing markets. Co-operatives bought as well
as Wall Street, the West, Liverpool, the Continent, Japan
and India. South Carolina mills were supposed to be
covering hedges. Some of the mills a while back sold
against their stocks of cotton and goods. Manchester and
Worth Street reported a broadening market. Back of the
rise was alarm of the shorts over the scarcity of contracts
here, the persistent refusal of prices to give way, and a
gradual awakening of the textile trades.
On the 29th inst. prices declined some 20 points, as a
natural reaction after a recent advance of some 145 points.
The selling was heavy for home and foreign account.
Hedge sales increased. The technical position was weaker.
Stocks and grain markets declined. Exports made a poorer
showing compared with last year. According to some figures the excess over 1929 had dropped to 105,000 bales
against 289,000 at one time. New York figures made it only
72,725. But the reaction, after all, was small, for the trade
bought steadily and after a time the hedge and other selling
slackened. Textile reports were good from Manchester and
better from Worth Street. Spot cotton was in good demand.
On the 30th inst. prices were some 15 to 20 points lower
on an overdue reaction after the recent rise of 150 points.
Hedge selling and liquidation increased. Liverpool was
lower than due. Stocks declined. Grain and some other
commodities declined. Trade buying fell off. Contracts
were more plentiful. Worth Street reported sales outrunning production. Manchester reported the same thing.
London cabled that the recent advance in cotton pointed
to cotton as the leader in the way back to world prosperity.
Killing frost was officially predicted for Oklahoma and
Arkansas. Liverpool reported a good spot demand and
sales at the South had latterly been larger than a year ago.
But there was a moderate decline in the end under increased
hedge selling.
To-day prices declined, owing to renewed liquidation,
larger hedge selling, indifferent cables, and declines in
stocks and grain. The textile reports, however, were favorable. It was said that within a few days the sales of print
cloths in the Worth Street district have been nearly 500,000
pieces, at rising prices. There was a pretty good spot demand in Liverpool and also in this country. Final prices
show a rise for the week of 20 to 25 points. Spot cotton
ended 20 points higher, at 11.20c. for middling, though
to-day there was a decline of 5 points.
dtavie Premiums
60% of average of
six markets Quoting
for deliveries; on
Nov. 7 1930.
15-16
Inch.
On Shipboard Not Cleared for
Oct. 31 at
For,. 131.
FINANCIAL CHRONICLE
2920
1-Inch &
longer.
.23
.23
23
23
23
22
21
Differences between grades established
for delivery on contract Nov. 7 1930.
Figured from the Oct. 30 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
.53
.53
.53
.58
54
44
41
Middling Fair
White
Strict Good Middling__ do
Good Middling
do
Strict Middling
do
do
Middling
Strict Low Middling_
do
Low Middling
do
*Strict Good Ordinary_ do
*Good Ordinary
do
Extra White
Good Middling
do do
Strict Middling
Middling
do do
Strict Low Middling__ do do
Low Middling
do do
23
Good Middling_ _ - _ .___Spotted
53
23
Strict Middling
do
53
22
Middling
do
44
"Strict I.ow Middling__ do
*Low Middling
do
22
Strict Good MiddlIng___Yellow Tinged
40
22
Good Middling
40
do do
.22
Strict Middling
do do
40
*Middling
do do
*Strict Low Middling... do do
*Low Middling
do do
Light Yellow Stained
44
21
Good Middling
Strict Middling
do do
do
Middling
do do
do
21
Good Middling
Yellow Stained
40
Strict Middling
do do
Middling
do do
22
Good Middling
Gray
41
22
do
Met Middling
40
'Middling
do
Blue Stained
Good Middling
Strict Middling
do do
do do
*Middling
*Not deliverable on future contracts.
89 on Mid
70
do
51
do
do
.30
Basis
.70 oft MM.
do
1.63
do
2.64
do
3.62
.51 on do
do
.30
do
Even
.70 off do
do
1.63
.21 en do
.04 off do
.68 off do
do
1.63
do
2.66
.10 off do
do
.58
do
1.05
do
1.68
do
2.37
do
3.30
1.33 off do
do
1.88
do
2.55
1.58 off do
do
2.40
do
3.23
.84 off do
do
1.18
do
1.70
1.78 off do
do
2.48
do
3.28
The official quotations for middling upland cotton in the
New York market each day for the past week has been.
Sat. Mon. Tues. Wed.Thrus. Fri.
11.15 11.25 11.65 11.45 11.25 11.20
Oct. 25 to Oct. 31Middling upland
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 31 for each of the past 32 years have been as follows.
1930
1929
1928
1927
1926
1925
1924
1923
11.20c.
18.10c.
19.45c.
20.60c.
12.85c.
19.40c.
23.65c.
31.50c.
1922
1921
1920
1919
1918
1917
1916
1915
24.30c.
18.75c.
22.00c.
38.40c.
30.20c.
28.85c.
19.15c.
12.25c.
1914
1913
1912
1911
1910
1909
1908
1907
00.00c.
14.10c.
11.70c.
9.40c.
14.55c.
15.05c.
9.35c.
10.90c.
10.50c.
10.75c.
10.00c.
10.60c.
8.65c.
7.94c.
9.62c.
7.38c.
1906
1905
1904
1903
1902
1901
1890
1899
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closed.
Futures
Market
Closed.
Saturday--- Steady, 15 pts. adv_ Rarely staedy-Monday-Steady, 10 pts. adv. Steady
Tuesday --- Steady,40 pts. adv. Firm
Wednesday- Quiet,20 pts.deo_ _ _ Steady
Thursday -- Quiet,20 pts. dec..,... Easy
Friday
Quiet, Spin.dec. - Steady.
SALES.
Spot. Confect Total.
300
200
600
900
7,650
800
2,100
8,800
300
7,900
800
2,300
9,400
900
2,000 19,600 21,600
11,846 98,000 99.846
Total week..
Since Aug.1
-The highest, lowest and dos ng prices at
FUTURES.
New York for the past week have been as follows.
Saturday,
0(1. 25.
Monday,
0(1. 27.
Tuesday, Wednesday, Thursday,
Oct. 29.
Oct. 28.
Oct. 30.
Friday,
Oct. 31.
Oct.(old)
Range._
Closing.
Oct (new)
Range__
Closing.
Nov. (old)
Range__
Closing_ 10.85 -10.96 -11.3611.18 -11.0010.94 --Nov.(new)
11 17
Range__
10.96 -11.36 -11.18 -11.0010.94 -Closing_ 10.85Dec. (old)
Range__ 1.02-11.11 11.15-11.19 11.26-11.56 11.38-11.58 11.20-11.31 11.09-11.25
11.3811.20-11.23 11.13 --Closing_ 1.04-11.09 11.15-11.19 11.56Dec.(new)
Range__ 0.96-11.14 10.91-11.19 11.25-11.58 11.36-11.55 11.24-11.40 11.09-11.27
Closing_ 1.03-11.05 11.14-11.17 11.56-11.58 11.38-11,41 11.25-11.27 11.13-11.14
Jan. (old)
11.41-11.44 11.40-11.41
Range__ 1.08-11.16 11.08-11.28 11.45-11.77 11.6311.2611.77 -- 11.55 -11.44Closing_ 11.1811.30 -Jan.(new)
Range.._ 1.10-11.24 11.06-11.31 11.38-11.75 11.49-11.66 11.38-11.52 11.23-11.39
11.73-11.75 11.53-11.55 11.40Closing_ 1.18-11.19 11.2611.28 -Feb.Range__
Closing- 11.28 -11.40 -11.82 -- 11.63 -11.49 -- 11.40 -March
Range.. 11.30-11.48 11.28-11.57 11.63-11.94 11.69-11.88 11.58-11.77 11.46-11.62
11.55-11.56 11.91-11.94 11.73-11.7511.53-11.60 11.52-11.53
Closing_ 11.30April
Range
11.62 -Closing_ 11.50 -11.65 -12.03 -11.84 -11.60MapRange__ 11.52-11.70 11.51-11.80 1.86-12.16 11.93-12.11 11.81-12.03 1.69-11.85
Closing_ 11.61-11.65 11.75-11.76 2.15-12.16 11.96-11.97 11.81-11.82 11.73-11.75
June
Range
Closing. 11.71 -11.84 -12.2312.0511.90 -11.83JulyRange.- 11.69-11.88 11.72-11.96 2.03-12.35 12.10.12.29 12.00.12.19 1.87-12.02
11.93-11.95 2.32-12.35 12.14Closing_ 11.8112.00-12.01 11.93449.
12.15
Range..
12.42 ---- 12.23Closing_ 11.93 -12.0912.03
12.10Sept.- Range__ 11.9712.13- 2.33-12.57 12.38-12.40
12.13loonClosIna_ 12.08 -12.20 -12.57 -12.32-
Nov. 1 1930.]
FINANCIAL CHRONICLE
Range of future prices at New York for week ending
Oct. 31 1930 and since trading began on each option.
Option for
Oct. 1930 -New
Nov. 1930__
New
11.17
Dec. 1930_ _ 11.02
New
10.91
Jan. 1931 11.08
New
11.06
Feb. 1931
Mar. 1931__ 11.28
Apr. 1931_
May 1931__ 11.51
June 1931._
July 1931__ 11.69
Aug. 1931... 12.15
Se0.1931-- 11.97
Range for Week.
Oct.
Oct.
Oct.
Oct.
Oct.
28 11.17
25 11.58
27 11.58
25 11.77
27 11.75
Range Since Beginning of Option.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct. 27 11.94 Oct.
Oct. 27 12.16 Oct.
9.90 Sept. 30 1930 18.56
9.85 Oct. 8 1930 15.87
10.17 Oct. 7 1930 17.78
28 10.28 Oct 21 1930 14.90
29 10.18 Oct.
1930 18.06
28 10.13 Oct.
1930 16.28
28 10.32 Oct.
1930 17.18
2810.26 Oct.
1930 16.03
16.09 Feb. 2 1930 16.65
28 10.45 Oct.
1930 16.20
11.23 Sept.2 1930 13.34
28 10.65 Oct.
1930 15.00
Nov.20 1929
Apr. 4 1930
Dec. 16 1929
Apr. 15 1930
Jan. 13 1930
Apr. 4 1930
Feb. 1 1930
Apr. 4 1930
Feb. 15 1930
Apr. 1 1930
June 18 1930
June 2 1930
Oct. 25 12.35 Oct. 28 10.81 Sept.30 1930 13.82 Aug. 7 1930
Oct. 28 12.15 Oct. 28 10.82 Sept.30 1930 12.15 Oct. 28 1930
Oct. 25 12.57 Oct. 28 11.46 Oct. 2 1930 12.57 Oct. 28 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.
Oct. 31-
Stock at Liverpool
Stock at London
Stock at Manchester
1930.
bales- 632,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1929.
617,000
291,000
148,000
3,000
54,000
43,000
337,000
151,000
9.000
69,000
28,000
458,000
199,000
7,000
95,000
31,000
Total Continental stocks
766,000 539,000 594,000 790.000
Total European stocks
1,521.000 1.216,000 1,149,000 1,797,000
India cotton afloat for Europe103,000
91,000
70,000
American cotton afloat for Europe 496,000 102.000
Egypt,Brazil,&c.,afloatforEurope 103,000 658,000 760,000 661,000
111,000 133,000
89,000
Stock in Alexandria, Egypt
577,000 338,000 348,000 404,000
Stock in Bombay, India
,
,
632.000 289,000
Stock n U. S. po
3.676,998 2,319,539 2,050,357 2,309.495
Stock in U.S. interior towns
1.503,734 1,305,221 1,034,049 1.199,935
U.S. exports to-day
2,167
495
Total visible supply
8,412,899 6,676,760 6,197.901 6,819,430
the above, totals of Americaan and other descriptions are as follows:
Of
American
Liverpool stock
243,000 212,000 247,000 618,000
Manchester stock
52,000
36,000
22.000
60,000
Continental stock
643,000 451.000 531,000 735,000
American afloat for Europe
496,000 658,000 760,000 661,000
U. S. ports stocks
3 676,998 2,319,539 2,050,357 2,309,495
U.S. interior stocks
1,503,734 1,305,221 1,034,049 1.199,935
U.S. exports to-day
2,167
495
Total American
6,616,899 4.981.760 4,644,901 5,583,430
Edst Indian, Brazil, &c.
-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
389,000
405,000
269,000
312.000
71,000
123,000
103,000
103.000
577,000
430,000
24,000
88.000
102,000
111,000
338,000
627,000
17,000
63,000
91,000
133,000
348,000
632,000
55,000
70,000
89,000
17,000
404,000
289,000
Total East India, Sze
Total American
1,796,000 1,695,000 1,553,000 1,236,000
6,616,899 4,981,760 4.644,901 5,583,430
Total visible supply
8,412,899 6,676;760 6,197,901 6,819.430
Middling uplands, Liverpools
9.88d. 10.49d. 11.758.
6.24d.
Middling uplands, New York
11.20c. 18.10c. 19.35c. 21.20c.
HMG,good Sakel, Liverpool
11.058. 16.00d. 19.203. 20.058.
Peruvian, rough good, Liverpool_
14.258.
14.003. 13.003.
Broach, fine, Liverpool
8.80d. 10.30d.
8.203.
5.703.
Tinnevelly, good, Liverpool
9.358. 10.003. 10.803.
5.958.
5,607,039 652,768 5,798,410 •
942,039 119.493 1,096,302
*107,271
*195,463
772,261
6,441,807
241,904
6,699,249
37,396
Bales.
Since Aug.I-
367.173
Bales.
725,909 1928
675.662 1927
764,014 1926
Movement to Oct. 31 1930.
Ala., Birm'ham
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro..-..
Little Rock
Newport.. _ _ Pine Bluff
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
Columbus......
Macon
Rome
La., Shreveport
Miss., Cl'ksdale
Columbus_
Greenwood
Meridian_ _ _ _
Natchez
Vicksburg...
Yazoo City
Mo., St. Louis.
N.C.,Greensb'o
Oklahoma
15 towns._
S.C., Greenville
Tenn.
,Memphis
Texas, Abilene_
Austin
Brenham__
Dallas
Paris
Robstown_ _ _
San Antonio_
Texarkana
Waco
399,000
231,000
12,000
90,000
34.000
Since
Aug. 1.
4,428,651 503.270 4,192,954
128,388 29,498
127.456
1.050.000 120,000 1,478,008
6.121,776
6,252,938
6,315,798
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below.
77,000
555,000 1,007.000
Week.
Movement into sight in- previous years.
Week-
-Nov.2
1928
-Nov.3
1927
-Nov.4
1926
39,000
60,000
1920
Since
Aug. 1.
* Decrease.
Towns.
677,000
Week.
Receipts at ports to Oct. 31
448,230
Net overland to Oct. 31
23,031
Southern consumption to Oct. 31- 75,000
Total marketed
546,261
Interior stocks in excess
108,497
Excess of Southern mill takings
over comsumption to Oct. 1
Came Into sight during week-654,758
Total in sight Oct. 31
North. spinn's's takings to Oct. 31 23.714
1927.
930.000
123,000
1930
InSight and Spinners'
Takings.
1928.
516,000
755,000
2921
Receipts.
ship- Stocks
ments. Oct.
Week. Season. Week. 31.
Movement to Nov. 1 1929.
Receipts.
Week. I Season.
Ship- Stocks
meats Nov.
Week.
1.
6,723 30,147 4,450 16,610 12,268 54.9951 9,117 22,316
2,186 23,728 1,173 16,597
816 13,867
579 6.114
4,168 37,895
746 47,543 3,440 46,290 2,061 36,740
8,946 62,870
325, 70,158 4,199
,
582 47,615
4,1168 55,054 4,359' 37,101 0,189 56,321 7,302 30,051
1,308
7,94
444 9,656 2,603 17,995
998 12,646
3,616 23,904
750 26,937 6,637 34,114 3,791 18,183
3,626 20,154 2,567 9,114 2,774 43,910 4,959 9,822
16,228 2,251 4,303 3,868 17,913 2,579 5,069
2,871
10,495 43,723 4,446 30,482 8,365 80,523 6,437 35,999
2,141
13,933 2,563 7,378 5,342 35,320 6,221 10,346
7,125 39,615 4,711 29,249 15,188 115,965 12,389 46,679
2,368 10,466 1,375 8,074 6,162 30,276 4.762 16,008
220
230 4,691
6,717
106
6,236
199 2,735
28,378 1,100 28,337 4,240 10,9
2,366
1,100 8,431
16,878 69,540 3,788 97,402 12.505 41,535 1,282 36,805.
17,858 180,478 7,254 135,456 20,551 194,588 10.365 98,879
4,100 21,666 2,800 7.362 2,137 13,511
876 2.828
4,718 68,106 2,822 41,223 7,367 49,70: 2.131 21,087
6,641
1,720
4'' 6,607 3,650
7,866
600 7,446
6,256 75,229 3,554 76,415 12,556 107,09
8,841 66,021
7,859 72,015 5,248 86.782 10.121 133,434 9,874 81,342
2,020 14,427
471 13,999 1,546 21,392
704 15,007
11,425 92,972 7,654100,43118,387 149,665 10,654 95,791
3,850 32,500 3.380 18,615 2,509 42,047 2,929 11,728
849
6,609
162 8,150 1,251
17,154
691 8,329
2,994 20,983 1,489 17,708 1,681
20,828 1,435 10,781
3.185 19,724
983 21,115 2,760 29,784 1.721 21,738
8,840 47,254 9,050 1,806 10.607 64,098 10,357 2,936
1,453
2,816
296 8.671
784
3,764
712 6,391
36,639 248,125 36,087 58,015 65,101 341,658 54,802 79,682
10,682 53,808 1,927 52.657 9,364 55,478 2,056 40,597
69,122 464,110 49,379331.203 117,927 755,566 85,952327,217
1,258 15,148 1,133
614 1,048 16,894
940 1,492
858 20,597 1,452 2,011
355
8,447
352 1,719
325 16,796
293 7,206
526
7,670
306 4,124
12,823 108,171 4.276 35,156 5,722 71,379 4,807 8,879
3,92: 49,85: 3,640 8,516
44,146
--__ 10,323
233 53,673
779 14,578
190 32,058 1,113 5,901
500 16,740
500 1,609
500 18,088
500 1,582
3,708 16,796 3,327 8.923 4,364 39,201 4,709 14,296
2,976 46,310 4,934 14,674 2.515 86,682 3,363 14,055
Total. 56 town 299.2772.261.849188.5681503734 401.221 2.975 637283.148 1308221
•Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have
increased during the week 108.497 bales and are to-night.
198,513 bales more than at the same time last year. The
receipts at all towns have been 101,944 bales less than the
same week last year.
QUOTATIONS FOR MIDDLING COTTON AT.
* Estimated.
OTHER MARKETS.
-Below are
Continental imports for past week have been 245,000 bales. for middling cotton at Southern andthe closing quotations
other principal cotton
The above figures for 1930 show an increase over last markets for each day of the week:
week of 448,749 bales, a. gain of 1,736,139 from 1929, an
Closing Quotations for Middling Cotton on
increase of 2,214,998 bales over 1928, and a gain of 1,Week Ended
Oct. 31.
Saturday. Monday. Tuesday. Wed'day. Thwart/. Friday,
593,229 bales over 1927.
10.90
11.00
11.40
11.20
11.10
11.00
OVERLAND MOVEMENT FOR THE WEEK AND Galveston --- 10.75
New Orleans
10.90
11.30
11.10
11.00
10.89
Mobile
10.20
10.30
10.70
10.50 10.35
10.25
-We give below a statement showing the Savannah
SINCE AUG. 1.
10.44
10.54
10.97
10.79
10.65
10.54
10.63
10.75
overland movement for the week and since Aug. 1, as made Norfolk
11.19
11.00
10.88
10.75
Baltimore
11.00
11.00
11.10
11.40
11.25
11.20
up from telegraphic reports Friday night. The results for Augusta
10.31
10.38
10.81
10.63
10.50
10.38
9.70
9.80
10.20
10.05
9.90
9.80
the week and since Aug. 1 in the last two years are as follows. Memphis
Houston
10.75
11.25
10.85
11.10
11.00
10.90
1930
-----
Oct. 31
Shipped-
Via St. Louis
Via Mounds, Sic
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Sic
Total gross overland
Since
Week. Aug. 1.
9,050
1,736
193
498
4,309
12,714
62,913
9,040
616
3,744
50,694
81,895
10,357
2,250
80
1,156
4,226
25,000
70,291
15,362
750
8,584
51,296
122,377
28,500
198,902
43,069
268,660
855
273
4,341
7,584
3,530
59,400
1,131
399
12,041
10,939
4,563
125.702
Deduct Shipments
Overland to N. Y., Boston, Ste-
Between interior towns
Inland, Sze., from South
Total to be deducted
Leaving total net overland*-
Since
Week. Aug. 1.
5,469
70,514
13,571
141.204
23,031
128,388
29.498
127,456
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 23,031 bales, against 29,498 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 932 bales.
Little Rock _ _ _ _ 9.62
10.20
Dallas
Fort Worth
9.75
10.30
10.30
10.15
10.75
10.75
10.00
10.55
10.55
9.85
10.40
10.40
9.75
10.30
10.30
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows.
Saturday,
Oct. 25.
Monday,
Oct. 27.
Tuesday, Wednesday, Thursday,
Oct. 28.
Oct. 29.
Oct. 30.
Friday,
Oct. 31.
October
.
November
December 11.00-11.01 11.15-11.17 11.54-11.55 11.35-11.36 11.25-11.26 11.12-11.14
January _ 11.13-11.14 11.30-11.32 11.6911.48-11.49 11.38-11.39 11.26 -February
March -__ 11.3511.54-11.55 11.92-11.94 11.7211.62-11.63 11.50-11.51
April
May
11.59 -11.7412.14-12.17 11.95 -11.85-11.8611,72-11,73
June
July
11.79-11.80 11.9512.36-12.37 12.1312.04-12.05 11.90August September
October
Tone
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Options___ Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
2922
FINANCIAL CHRONICLE
COTTON GINNING REPORT.
-The Bureau of the
Census on Oct. 25 issued the following report showing the
number of bales of cotton ginned in each of the cottongrowing States the present season up to Oct. 18, in comparison with corresponding figures for the preceding seasons.
It appears that up to Oct. 18 1930, 9,252,011 bales of cotton
were ginned, against 9,094,704 bales for the corresponding
period a year ago, and 8,151,271 bales two years ago. Below
is the report in full.
REPORT OF COTTON GINNING.
Number of bales of cotton ginned from the growth of 1930 prior to Oct. 18
1930,and comparative statistics to the corresponding date in 1929 and 1928.
RUNNING BALES
(Counting round as half Sales and excluding linters.)
State.
1930.
1929.
965,245
41,308
516,763
53,676
45,856
1,191,423
532.696
917,409
99,682
33,934
464,812
444,946
667,027
201,065
3,051,518
21,405
3,246
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
954,668
42,087
888,445
58,787
26,786
942,407
683,879
1,352,571
71,279
25,630
227,331
511,669
371,422
212,368
2,816,448
6,767
2,110
1928.
619,993
46,175
600,521
53,170
14,965
607,852
515,463
901,233
32,325
19,865
297,645
574,867
364,558
150,297
3,339,807
11,410
1,125
*8,151,271
*9,252,011 *9,094,704
United States
* Includes 78,188 bales of the crop of 1930 ginned prior to Aug. 1 which was counted
In the supply for the season of 1929-30, compared with 86,974 and 88,761 bales of
the crops of 1929 and 1928.
The statistics in this report include 275,286 round bales for 1930; 290,719
for 1929 and 304,743 for 1928. Included in the above are 7,308 bales of
American-Egyptian for 1930; 7,804 for 1929 and 9,948 for 1928.
The statistics for 1930 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mall.
The corrected statistics of cotton ginned this season prior to Oct. 1 are
{3,304,040.
-UNITED
CONSUMPTION, STOCKS, IMPORTS AND EXPORTS
STATES.
Cotton consumed during the month of Sept. 1930. amounted to 394,321
bales. Cotton on hand in consuming establishments on Sept. 30, was
.967,936 bales, and in public storage and at compresses 5,247.525 bales.
The number of active consuming cotton splindies for the month was 26,087.004. The total imports for the month of Sept. 1930 were 3,394 bales
and the exports of domestic cotton, excluding linters. were 902,956 bales.
WORLD STATISTICS.
The estimated world's production of commercial cotton exclusive of
linters, grown in 1929, as compiled from various sources is 26,125.000
bales counting American in running bales and foreign in bales of 478 pounds
lint, while the consumption of cotton exclusive of linters in the United
States for the year ending July 31 1929, was approximately 25,782,000
bales. The total number of spinning cotton spindles, both active and idle,
Is about 164,000.000.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that picking was interrupted, in many localities during the week, by rains. Some
further damage to the staple by rains has been reported.
Picking is completed in many sections of the southern
portion of the belt.
Mobile, Ala.-llarvesting season is over.
Memphis, Tenn.
-Week generally favorable for picking
and marketing cotton.
Rain, Rainfall.
Galveston, Texas
Abilene, Texas
Brenham,Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta, Texas
Kerrville, Texas
Lampasas, Texas
Luling, 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, AlaSelma, Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. C
Greenwood, S. 0
Columbia, S. C
Conway, S. C
Charlotte, N. C
Newborn. N.C
Weldon, N. C
Memphis. Tenn
2 days
3 days
2 days
3 days
2 days
1 day
1 day
3 days
1 day
2 days
2 days
2 days
1 day
3 days
2 days
2 days
1 day
1 day
1 day
1 day
1 day
1 day
2 days
3 days
1 day
2 days
1 day
2 days
3 days
2 days
3 days
3 days
1 day
2 days
2 days
2 days
2 days
2 days
1 day
2 days
2 days
1 day
3 days
2 days
3 days
1 day
2.58 in.
0.28 in.
0.24 in.
2.15 in.
1.20 in.
0.04 in.
0.60 in.
0.52 in.
0.02 in.
0.56 in.
1.22 in.
0.10 in:
0.02 in.
0.26 in.
0.36 in.
0.05 in.
0.60 in.
dry
dry
dry
0.62 in.
1.23 in.
0.17 in
0.40 in.
0.92 in.
0.77 in.
1.82 in.
0.39 in.
1.14 in.
1.80 in.
0.56 in.
1.22 in.
0.33 in.
1.26 in,
0.55 in.
0.91 in.
0.80 in.
0.53 in.
1.06 in.
1.36 in.
3.13 in.
0.53 in.
1.02 in.
1.10 in.
1.53 in.
0.83 in.
1.69 in.
1.30 in.
0.62 in
Thermometer
high 75 low 53 mean 64
high 78 low 40 mean 58
high 70 low 42 mean 56
high 84 low 52 mean 68
high 86 low 52 mean 69
high 74 low 42 mean 58
high 78 low 38 mean 58
high 74 low 32 mean 53
high 78 low 34 mean 56
high 78 low 40 mean 59
high 74 low 34 mean 54
high 76 low 38 mean 57
high 72 low 38 mean 55
high 74 low 48 mean 61
high 74 low 40 mean 57
high 74 low 34 mean 54
high 74 low 34 mean 54
high 85 low 34 mean 60
high 74 low 27 mean 51
high 72 low 35 mean 54
high 74 low 27 mean 51
high 74 low 34 mean 54
high 70 low 34 mean 52
high 74 low 31 mean 53
high 76 low 33 mean 55
high 78 low 34 mean 56
high __ low __ mean 70
high 74 low 40 mean 57
high 78 low 28 mean 53
high 76 low 28 mean 52
high 74 low 36 mean 55
high 75 low 43 mean 61
high 72 low 29 mean 51
high 76 low 36 mean 56
high 79 low 36 mean 58
high 82 low 42 mean 62
high 82 low 41 mean 62
high 81 low 46 mean 64
high 75 low 36 mean 56
high 77 low 37 mean 57
high 78 low 36 mean 57
high 79 low 45 mean 62
high 72 low 32 mean 52
high 72 low 38 mean 55
high 75 low 30 mean 53
high 72 low 34 mean 55
high 70 low 34 mean 52
high 75 low 25 mean 50
high 72 low 32 mean 53
[VOL. 131.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week I
Ended
Receipts at Ports.
1930.
I
1929.
I
Stocks at Interior Towns.
1928.
1930.
I
1929.
IReceiptsfromPlantations.
1928. I 1930.
1928.
1929.
July
11_ 14 4.99 30,3681 27,419 619,981 252,555 386,332, --- 6,200 6,025
18_ 13 098 13,20S 19,932 599,179 234,392 356,443' Nil
Nil
Nil
25.. 2,2971 15,601 18,771 579,770 224,790 328,470 N11
6.007
Aug.
34,3081 38.730, 28,393 560.251 197,552 302,3301 14,792 11,492 2,253
62,509 49.834 21,074 548,784 196,207
.255 51,03948,489 4,939
15.._ 117,847 65,894 26,280 541,959 184,245 268,345 111,022 53,842 6,370
22_ _ 203,157108,086 58,670 513,948 183.802 258,393 205,146 107,643 50,719
29_ _ 250.290183.758 129,694 559,024 194,262 245,571 265,375 194,218 116,872
.
Sept.
1
1
_ 277,852 254,338 222,173 591.795 239,407 251,324 310.623 299,483 227,926
12._ 362,547 281.579 242,040 648,873 312.297 275,133 419,625 354,469 265,849
19._ 389,481 316,746 336,659 714,784 422,984 348,050455,392 427,433 409,582
26._ 385.693 388,535417,651 818,124 573,923 1,012,624 489,033519,474 543.853
1
Oct.
3_ _ 555.848 437,422 532,795 949,334 726,959 602.945687.058590.458661,488
10_ 509,927512.983 521,837,1,098,865 881,858 706,53/1 659,458 667,882 625.428
17._ 423,079569,510 558,699 1.225,720 1,041.622 847,112 519,934 729.274 696,281
24_ _ 441,613 518,799 550,877 1,395,237 1,185.728 953,520 611,130 662.905657,285
31...448,230 503,270 535,8221,503,731 1,305,221 1.034,049 556,727 622,763616,351
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1930 are 5,371,562 bales;
in 1929 were 5,278,964 bales, and in 1928 were 4,883,003
bales. (2) That, although the receipts at the outports the
past week were 448,230 bales, the actual movement from
plantations was 556,727 bales, stocks at interior towns
having increased 108,497 bales during the week. Last year
receipts from the plantations for the week were 622,763
bales and for 1928 they were 616,351 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two season from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period.
Cotton Takings.
Week and Season.
1929.
1930.
Week,
Visible supply Oct. 24
Season.
6,294,372
7.964,150
Visible supply Aug. 1
American Insight to Oct. 31_ _ _
Bombay receipts to Oct. 30_ _ _ _
Other India shipments to Oct. 30
Alexandria receipts to Oct. 29_ _
Other supply to Oct. 29_ *_b_ _ _ _
Week.
Season.
5,302,014
654.758 6,441,8 17
30,000
182,000
8,000
106,000
64.000
334,900
15,000
171.000
3,735,957
772,261 6.699,249
11.000
198,000
4.000
171,000
88,000
23,000
442,200
255,000
8,735.908 12,541.721 7,192,633 11,501,406
Total supply
Deduct
-
8.412.899 8,412.8996,676,760 6,676,760
visible supply Oct. 31
323.009 4,128,822
261,009 2,813,922
62,000 1,314,900
Total takings to Oct. 31_a
Of which American
Of which other
515.873 4.824.646
370,873 3,481,446
145,000 1,343,200
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,0A.000 bales in 19:30 and 1,478,000 bales In 1929
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 3,078.822 bales in 1030 and 3,316,646 bales in 1929,
of which 1,763,922 bales and 2,003.446 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows.
1930.
1929.
Since
Week. lAug. 1.
Oct. 30.
Receipts at
Since
Week. I Aug. 1.
30,000
Bombay
182,000 11,0001
Exports
Bombay
1930
Week.
198,000 24,000
Since
Aug. 1.
107,0011
Since A lg. 1.
For the Week.
from-
1928.
Great Conti- 'Japan&
Britain. neat. China.i Total.
Great
Britain.
Japan rfe
Continent.
China.
Total.
8.000
4.000
26,000
24,000 208,000 430,000 662,000
8.000 164.000 202,000 374,000
7,000 146,000 319,000. 472,000
1
20,0001 86,000
106,000
25,000 146,000
171,000
19,000 104,000
123,000
Total all
17,000 61,000 19,000 97.000
1930
22,000
3,000 19,000
1929
1928
8,000 20,000 29,000 55.000
44,000 294,000 430,000, 768,000
33,000 210,000 202,000 545,000
26,000 250,000 319,000 595,000
1929
1928
Other loUis
1930
1929
1928
10.000 60,000 19,000 89.000
18,000_ 18,000
29:000 29.000,
7,0001 1,000,
3,000 1,000,
6,000 20,006
1
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
19,000 bales. Exports from all India ports record an increase
The following statement we have also received by tele- of 73,000 bales during the week, and since Aug. 1 show an
graph, showing the height of rivers at the points named at increase of 223,000 bales.
-We
8 a. m. of the dates given.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Oct. 31 1930. Nov. 1 1929.
Feet.
Feet.
now receive weekly a cable of the movements of cotton at
2.5
2.0
Above zero of gaugeNew Orleans
Alexandria, Egypt. The following aro the receipts and
10.1
1.9
Above zero of gauge_
Memphis
9.0
7.0
shipments for the past week and for the corresponding week
Above zero of gauge_
Nashville
6.8
9.7
Above zero of gaugeShreveport
of the previous two years.
5.2
10.8
'Vicksburg
Above zero of gauge-
2923
FINANCIAL CIIRONICLIII
Nov. 1 1930.]
Bales.
CORPUS CHRISTI3,800
To Japan-uct.23-Ioukisan Marti,3,800
150
23-Iouldsan Maru, 150
To China-Oct.
-Nord Schleswig, 1,368; West Tacook,
To Bremen-Oct. 27
2.857
Receipts (centars)1,489
525,000
440,000
470
320.000
This week
-Nord Schleswig, 470
To Rotterdam-Oct. 27
2.613,446
4,208
2,211,992
1.698.491
Since Aug. 1
To Genoa-Oct. 27-Monbaldo, 4,208
361
-Oct. 23-Cragness, 361.
LOS ANGELES
-To Liverpool
190
-Pacific President, 190
Since
Since
• Since
To Manchester-Oct. 25
210
-Winnipeg,210
To Havre-Oct.23
Week. Aug. 1. Week. Aug. 1. Week. Aug..1.
Export (bales)
100
-Winnipeg. 100
To Dunkirk-Oct. 23
-Justin, 1,400___Oct. 23-Moerdijk, 700 2,100
To Bremen-Oct.24
To Liverpool
8,000 27,502 9.000 28.335 13,500 38.816
-President Jackson, 200. _Oct. 23To Japan-Oct. 22
To Manchester,,kc
6,000 22,412 9,000 32,572 10,000 50,532
300
Tatsuno Marti, 100
To Continent & India- - - 19,000 95,725 9,000 101,496 12,250 96.424
1,500
-President Jackson 1,500
To China-Oct.22
500 34,081
17,165
440
To America
1,125
To Bombay-Oct. 23-Tatsuno Maru, 1,125
-To Ifavre--Oct. 19-Lackenby, 2,739_ _Oct.
Total exports
33,000 146,079 27,000 179,568 36,250 219,853 LAKE CHARLES
4,518
23-Lomsane, 1,779
200
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
To Dunkirk-Oct.19-Lackenby,200
200
This statement shows that the receipts for the week ended Oct. 30 were
-Oct. 23-Louisane, 200
To Ghent
3,425
320.000 canters and the foreign shipments 33,000 bales.
-Planter, 3,425
-Oct. 25
-To Liverpool
MOBILE
2,265
-Liberator, 2,266
22
To
-Our report received by TEXASJapan-Oct.Bremen-Oct. 28-Lashek, 547
MANCHESTER MARKET.
547
-To
CITY
Alexandria. Egypt,
Oct. 29.
1930.
1929.
1928.
cable to-night from Manchester states that the market in
176.425
Total
both yarns and in cloths is steady. Demand for home
-Current rates for cotton from
trade is improving. We give prices to-day below and leave
COTTON FREIGHTS.
those of previous weeks of this and last year for comparison: New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound.
1929.
1930.
sq
32s Cop
Twist.
July
Lbs. Skirt- Cotton
ings, Common Mitteg
Uprds
to Finest.
8. d.
@l0 1
010 1
5 010 1
5 @10 1
s. d.
5
325 Cop
Twist.
Lbs. Skirt- Cotton
ings, Common Middle
to Finest.
Uprds.
d.
7.63
7.73
7.68
7.47
d. a. d.
d.
14%015;6 12 6
14%015% 12 6
1436015% 12 7
14%015% 12 7
s. d.
(413 0
013 0
013 1
013 1
d.
10.28
10.21
10.54
10.58
5
5
4
3
3
@10 1
@10 1
010 0
4897
@ 97
7.22
7.54
6.89
6.44
6.64
14%015% 12 7
14% ©15% 12 7
145(@15% 12 7
14%015% 12 7
14%015% 12 7
(413 1
013 1
013 1
013 1
013 1
10.65
10.16
10.10
10.32
10.58
10%011%
10 @II
9%010%
9%010%
2
2
2
2
96
96
96
96
6.48
6.30
6.26
5.89
14344815% 13 0
143(4815% 13 0
14%01534 13 0
1456481534 13 0
013 2
013 2
013 2
@13 2
10.46
10.32
10.31
10.20
9%010;6
10-_-_ 9%0103j
9 010
0
7
7
6
6
SOVIND 08,60
25____
Aug.
ssi
94
93
93
92
92
5.76
5.54
5.73
6.05
6.24
14%4815% 13 0
1434015% 13 0
143-44815% 13 0
143401534 13 0
143.4481554 12 6
013 2
013 0
013 2
@13 2
013 0
10.28
10.28
9.94
9.96
9.88
Oct.
934 losi
---- 9%0105(
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 176,425 bales. The shipments in detail, as made
up from mail and telegrapnic reports, are as follows.
GALVESTON-To Rotterdam-Oct. 23-Svanhild, 900- _-Oct. Bales.
-Deer Lodge, 62
2,053
27-Waban, 1,091_ _ _Oct. 29
-Wayfarer, 1,828
To Liverpool
-Oct. 29
1,828
-Ida, 1,640
To Venice-Oct. 24
1,640
-Wayfarer, 151_
To Manchester-Oct. 29
151
-Ida,842
To Trieste-Oct. 24
842
To Ghent
-Deer Lodges 171
-Oct.29
171
-Oct. 24
-Ida, 1,700
To Naples
1,700
To Barcelona-Oct.28-Sahale, 2,874
2.874
-Cody, 1,919
To Oporto-Oct.24
1,919
-Oct. 24
-Cody,50
To Passages
50
To Japan-Oct. 24-Fernbank, 1,700_ -Oct. 27-Ibuldsan
Maru, 320___Oct. 29-Tweedbank, 1,458
3,478
To China-Oct. 24-Fernbank, 850_ _Oct. 27-Ibukisan
Maru, 55&._Oct. 29-Tweedbank, 3,233
4,638
-Deer Lodge,
To Havre-Oct.27-Lackenby. 1,856.._Oct.29
3.285
1,429
1,023
To Dunidrk-Oct. 27-Lackenby, 1,023
2,121
To Bremen-Oct. 27-Seydlltz, 2,121
-Ada 0, 2,339
2.339
To Genoa-Oct. 27
-Montevideo Maru, 8
-To Japan-Oct. 16
NEW ORLEANS
-Steel Trader,
Oct. 24-Tweedbank, 5,397___Oct. 28
8.119
2,714
1,952
To Bremen-Oct. 28-Aegina, 1.952
-Baja California, 200
200
-Oct. 24
To Vera Cruz
50
To Hamburg-Oct. 28-Aegina, 50
-Steel
To China-Oct. 24-Tweerlbank, 4.480... Oct. 28
8.791
Trader, 4,311
100
To Laguayra-Oct. 25-Dagali, 100
100
To Porto Cabello-Oct. 25-1)agali, 100
6,1.55
-Ada 0, 6,155
To Genoa-Oct. 24
450
To Venice-Oct. 25-Quistconck, 450
550
To Trieste-Oct.25-0u1stconck,550
129
To Rotterdam-Oct. 27-Wadsbeck. 129
-Cartago,90
90
To San Felipe-Oct.24
10
To Chanmerico-Oct. 25-Iriona, 10
-Tortugas, 200
200
To Dunkirk-Oct. 28
100
-Tortugas. 100
To Oslo-Oct.28
-Tortugas, 50
50
To Gothenburg-Oct.28
-Tortugas. 50
50
To Copenhagen-Oct.28
-Tortugas. 100
100
To Stockholm-Oct. 28
CHARLESTON-To Bremen-Oct. 23-Gorjistan. 1,200- --Oct.
24-Larchbank,7.698
• 8,898'
77
To Hamburg-Oct. 23-Ger:listen. 77
-West Harcuvar, 100.._Oct. 31
-To Bremen-Oct.25
NORFOLK
-Westfalen. 2.167
2,267
BEAUMONT-To Liverpool-Oct. 24-Abercos. 475
475
To Bremen-Oct. 27-G.'ete,75
75
HOUSTON-To Bremen-Oct. 24-Seydlitz, 3,539---Oct, 25
Western Queen, 8.894_ __Oct. 28-Otterpool, 4,891---Oct.
29-Liebenfels, 6.048
23,372
-Jose de Larrinaga, 2,363
-Oct. 29
2,363
To Liverpool
To Japan-Oct. 23-Fernbank, 1,175___ Oct. 27-Tweedbank,
6,417
3,742- _Oct. 30-Ibuldsan, 1,500
-Jose de Larrinaga, 2,946
2,946
To Manchester--Oct. 29
To China-Oct. 23-Fernbank, 7,10(L -Oct. 27-Tweedbank,
11,833
1,928-- _Oct. 30-Ibukisan,-2,805
29
To Hamburg-Oct. 29-Liebenfels, 29
-Deer Lodge,
To Havre-Oct. 24-Lackenby, 788_ __Oct. 28
7,243
4,416; Vermont, 2,039
__Oct. 28
-Vermont,447
458
To Dunkirk-Oct.24-Lackenby,11515
To Bordeaux-Oct. 24-Lackenby, 515
187
To Rotterdam-Oct. 24-Svenhild, 187
200
To Copenhagen-Oct. 24-Svenhild. 200
-Deer Lodge, 179
179
-Oct. 28
To Ghent
SAVANNAH-To Bremen-Oct.25-Wi1dwood,2,232..-Oct.306,842
Larchbank, 4,610
290
To Hamburg-Oct. 25-Wildwood, 290
•50
-Oct. 25-Wildwood, 50
To Ghent
75
/
To Antwerp-Oct. 25-Wildwood, 75
196
-To Hamburg
-Oct. 24-Cleveland, 196
NEW YORK
200
To Antwerp-Oct. 24-Ambridge, 200
300
-Manuel Arnus, 300
To Barcelona-Oct. 27
300
-Waukegan,300
To Havre-Oct. 28
1,422
-To Liverpool-Oct. 25-Nevisian, 1,422
BRUNSWICK
5,872
To Bremen-Oct. 29-Larchbank, e.372
237
PENSACOLA-To Liverpool-Oct.25-West Maximus, 237
-Jose de Larrinaga,
-To Liverpool-Oct. 24
CORPUS CHRISTI
-West Cres-Wayfarer. 2,274_ _ _ Oct. 28
1,129_ _ _Oct. 27
6,025
sey, 2,622
-Oct. 27
-Jose de Larrinage, 659
To Manchester-Oct. 24
1,247
-West Cressey, 222
Wayfarer. 386..,..Oct. 28
High StandDensity. ard.
Liverpool .45e. .60c.
Manchester.45c. .60e.
Antwerp .45e. .60e.
.31c. .46e.
Havre
Rotterdam .45e. .600.
.500. .65e.
(Zeno&
.50c. .60e.
Oslo
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
High
Density.
.60c.
.50e.
.500.
.450.
.60c.
.40c.
.48540.
Standard.
.75o. Shanghai
.650. Bombay
.650. Bremen
.60c. Hamburg
.75e. Piraeus
.55e. Salonlea
.63)40. Venice
High Stand
Density. ard.
.53)40. .88)4
.400. .55e.
.45e. .60e.
.450. .600.
.750. .90c.
.75e. .90e.
.50e. .6150.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port.
Oct. 10. Oct. 17. Oct. 24. Oct. 31.
40.000
35,000
32,000
30,000
19.000
15.000
11,000
13.000
1,000
1.000
1,000
1,000
46,000
48,000
39,000
41,000
594,000 599,000 603,000 632,000
201,000 207,000 243,000
197,000
78,000
01,000
60,000
21.000
64,000
25,000
32,000
5,000
176,000 182,000 213,000 188,000
106,000 122,000 153,000 111,000
Sales of the week '
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
.
spot cotton have been as follows.
Spot.
Market, "
12:15
P. M. I
Mid.I.Tprds
Sales
Saturday.
Quiet.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Good
Inquiry.
A fair
business
doing.
A fair
business
doing.
6.15d.
6.11d.
4,000
6,000
6.26d.
5,000
Good
Inquiry.
6.39d
6,000
Good
inquiry.
6.326.
7,000
6.244.
7,000
Quiet.
Quiet.
Steady, Barely stdy
Quiet,
Futures.( Quiet but
st'dy,2to 34 to 5 pts. 10 to 12 pts 8 to 11 pts 5 to 6 pts 2 to 3 pts.
Market
decline.
advance, advance, decline.
pls. adv. decline,
opened
Quiet but Quiet but Q't but st'y
Firm,
Quiet,
Market, { Steady.
4 to 7 pts. 1 to 3 pts. 23 to 24 pts st'dy, un- st'dy,7to 9 1 to 5 pts.
4
decline, advance. ch'gd to 1 pis. dec. decline.
advance,
P. M.
Pt. adv.
Prices of futures at Liverpool for each day are given below.
Sat.
I
Mon.
Tues.
Wed.
Oct. 25
to
Oct. 31.
Thurs.
Fri.
12.1 12.3012.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15
P. m P. m•P. m• p.m.P. m.P• m• p.m. p.m.p.m.P. M•P. in.
d. d.
d. d. 1 d. d.
d. 1 d. d. d.
New Contract. d.
October ------ __ _ 5.87: 5.90 5.86 6.01 6.10 6.14 6.10 6.07 6.03 6.00
5.87- 6.02 6.10 6.14 6.11 6.07 6.03 6.06
November --------5.89 5.91
5.96 5.96 5.93 6.07 6.16 6.20 6.16 6.12 6.08 6.11
December
January 1931_. __ __ 6.01 6.02 5.98 6.13 6.21 6.26 6.22 6.18 6.14 6.15
February ---------6.05 6.06 6.02 6.16 6.25 6.31 6.26 6.22 6.18 6.21
--6.13 6.14 6.10 6.2 6.33 6.39 6.34 6.30 6.26 6.24
March
I
637 6.18 6.14 6.28 6.37 6.43 6.38 6.34 6.30 6.31
April
6.23 6.24 6.20 6.34 6.43 6.49 6.44 6.40 6.36 6.35
May
6.27, 6.28 6.24 6.38 6.47 6.53 6.48 6.44 6.40 6.41
June
6.33 6.33 6.30 6.44 6.53 6.59 6.54 6.50 6.46 6.44
July
__ 6.36 6.36 6.33 6.47 6.56 6.62 6.57 6.53 6.49 6.46
August
September-- - -I ..._ 6.39 6.39 6.36 6.50 6.59 6.65 6.60 6.56 6.52 6.49
October
__ __ 6.43 6.43 6.40 6.54 6.64 6.68 6.64 6.59 6.55 6.51
4.00
d.
5.98
6.07
6.12
6.16
6.23
6.27
6.83
6.37
6.42
6.45
8.48
6.51
6.53
BREADSTUFFS
Friday Night, Oct. 31 1930.
Flour has been quiet and weaker. Export demand is
also said to be small. Later flour was reported quiet and
steady.
Wheat has declined, with stocks large and export business small. Reports of rust in Argentina have not had
4c
much effect. On the 25th inst. prices ended 1 to 1Y . lower,
with the cables disappointing, export demand small, the
Eastern demand less active, and a weaker technical po,fic., with
sition. On the 27th inst. prices declined % to 7
Winnipeg lower, Australian crop reports favorable, and
export demand unsatisfactory,• though Winnipeg reported
500,000 bushels taken. There was some pressure of hedge
selling at Winnipeg. An estimate of winter wheat acreage
made it only 4% less than last year. Receipts were a little
larger. But offerings of Russian wheat in Europe were
small, and cash demand at the Southwest was poor. The
United States visible supply decreased last week 2,172,000
bushels against an increase last year of 181,000 bushels.
The total is now 199,870,000 bushels against 192,977,000 a
year ago.
/
On the 28th inst. prices advanced 114 to 1%c., with the
cables up, black rust reported in Argentina, and covering
4
2c.
general. On the 29th inst. prices closed Y to Y lower on
a favorable weekly report, dullness of the export trade.
slowness of speculation, disappointing cables, and a lower
stock market. The Belgian Government, it is sahl, has
2924
_Feu 181.'
FINANCIAL CHRONICLE
removed the ban on imports of Russian wheat, and 20 car- DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
1
Sat. Mon. Tues. Wed. Thurs. Fri.
goes of Soviet grain were unloaded at Antwerp. There December
77g 7734 78H 761 74$ 73
were further reports of development of rust in the provinces March
76
787
79% 80
77
79
May
78
81
80
8134 8234 83
of Santa Fe and Cordoba, Argentina, but apparently nq
Oats have reflected the weakness in other grain. The
damage has occurred. The weather there was generally
consumption is very large, and declines are therefore small,
clear.
On the 30th inst. prices ended / to %c. lower, after an regardless of the downward movement of other grain. On
1
2
the 25th inst. prices closed / to 1
1
2
4c. lower, owing to a
early rise of nearly lc. Winnipeg ended unchanged to /
1c.
2
higher. Reports of rust in Argentina checked the net de- decline in other grain, and the trading was small. It was
noticed, however, that prices did not give way much. On
cline here and braced Winnipeg, though some advices said
1
2
rust had done no harm. Liverpool was higher than due, the 27th inst. prices advanced / to %c., with a fair amount
and closed unchanged to id. up. Russian shipments for of covering. The United States visible supply decreased
the week dropped to 3,504,000 bushels, and were consigned last week 752,000 bushels against an increase in the same
principally to the United Kingdom. Total Black Sea ship- week last year of 909,000. The total is 30,860,000 bushels
ments for the week were 3,648,000 bushels, with exports against 30,799,000 last year. On the 28th inst. prices ended
4c. higher, affected by other grain. On the
since Aug. 1 43,000,000 against 7,000,000 for the same time unchanged to 1
4
last year. Russian shipments since Aug. 1 were 36,000,000 29th inst. prices declined 1 to %c., in sympathy with other
bushels, and with the estimated export surplus of 48,000,000, grain, but the drop in oats plainly suggested underlying
1
2
there remained 12,000,000 bushels for shipment. Beneficial resistance. On the 30th inst. prices declined / to %c., in
rains were reported from Australia. Argentina exports for response to the drop in other grain. To-day prices closed
4
the week were estimated at 662,000 bushels against 11 to 1%c. lower, in sympathy with other grain and be1,393,000 last week. Germany was said to be importing cause of general selling. Stop orders were caught. Cash
cheap durum wheat, and at the same time selling a good oats were comparatively steady. Shipping sales at Chicago
quality bread grains. Export business on this side was were 50,000 bushels. Final prices were 2 to 214c. lower
for the week.
small.
DAILY CLOSING PRICE OF OATS IN NEW YORK.
To-day prices ended lc lower, with export sales of only
Sat. Mon. Tues. Wed. Thurs. Fri.
4734 4734 4734 47
200,000 to 300,000 bushels, the cables weak, the weather in No. 2 white
47
...DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Argentina in the main good, the stock market lower, and a
Sat. Mon. Tues. Wed. Thurs. Fri.
break in corn that had its effect on wheat. Buenos Aires December
36
38A 36
38
38
38
38 4 3734 36H
late in the day was net unchanged in spite of some rust
May
39g 39 4 39
39g 38% 37
reports. The world's shipments this week seemed to be.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
about 15,000,000 bushels. Final prices show a decline for
Sat. Mon. Tues. Wed. Thurs. Fri.
October
32
3234 32q 3234 33$ 31%
the week of 2 to 3 c.
/
1
2
/
1
2
December
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard
8934 9034 9134 9034 90
89
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
780 7d
791 78q 77$ 7614
March
82
83
82
82
81
81
May
83A 83% 847
837
83
8234
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
7134 7034 7234 7134 7234 71
December
723i 7134 7234 7234 7234 71
May
78
77
7834 7834 7834 77 4
Indian corn has followed wheat downward. Moreover,
receipts are expected to increase before long. On the 25th
Inst. prices closed % to lc. lower, after stubbornly resisting the weakening influence of a decline in wheat for a
time. It was said, too, that shipping sales had reached
400,000 bushels of old corn to the East. Later it turned
out that cash business had been stimulated by a sharp
decline compared with the price of the December delivery,
owing to the excellent grading of the new crop. Country
offerings were small, but the crop movement was rapidly
increasing under the influence of present prices.
On the 27th inst. prices advanced / to %c. The weather
1
2
was bad for the movement and husking. Argentine corn,
it is said, can be laid down in New York at 51c. ex-duty,
the latter being 25e. a bushel. Whether this will lessen
the demand for United States corn from industries along the
seaboard remains to be seen, but it is said that the freight
rates effectively prevent any such business with the interior. Feeders were good buyers in Illinois. The United
States visible supply decreased last week 220,000 bushels
against 253,000 a year ago. The total is now 4,392,000
bushels against 3,643,000 a year ago. The crop'was estimated in one private report at 2,006,387,000 bushels.
On the 28th inst. prices closed % to 11c. higher, with
/
2
wheat. Cash demand was good, with consumers' stocks
small. The weather was better for husking. On the 29th
Inst. prices declined 1% to 214e., following those for wheat
downward as mills reduced their lines. The Government
weekly report indicated husking was making rapid progress. .Country offerings to arrive were still small, but a
larger movement in the immediate future Is expected. Shipping demand was slow, and it was said that some American
barley was to be brought back from Montreal to Buffalo,
while it was also rumored that some Canadian barley has
been worked to go to Buffalo and substitutions of barley
and wheat for corn had a weakening effect on corn.
On the 30th inst. prices ended 1 to 1%c. lower, despite
the bad weather for husking. Liquidation was more general for disappointed bulls. Receipts of both old and new
corn are expected to increase. Country offerings to arrive
were small, but consignment advices are increasing, and
receipts were 209 cars. The cash demand was only
fair. Much hinges on the crop movement in the near
/
1
future. To-day prices closed 12 to 2c. lower. March and
May made new lows for the season. There was considerable
December liquidation. Buying came mainly from the shorts.
Rallying power was lacking. The weather was good.
Larger receipts are expected. The cash demand was slow,
and the cash basis lower. Private estimate of the crop
was 2,095,000,000 bushels, contrasted with the last Government estimate of 2,047,000,000. Final prices show a decline
/
1
2
for the week of 3 to 5c., the latter on December.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9834 9834 9834 9534 963'4 ----
No.2 yellow
31g
3434
May
31% 30
3434 34
31
31
34g 34
30%
33
Rye has been affected by wheat, but the consumption is
very large. On the 25th inst. prices ended 1 to %c. lower,
4
because of the decline in wheat, but on the decline outside
buying was larger. On the 27th inst. prices advanced /
1c.,
2
closing unchanged to V
4c. net higher, regardless of wheat
and its decline. The United States visible supply last week
decreased 40,000 buushels against an increase of 369,000 a
year ago; total, 16,504,000 bushels against 10,917,000 a
year ago. On the 28th inst. prices advanced % to lc., in
response to the rise in wheat. On the 29th inst. prices ended
unchanged to %c. lower, under the influence of wheat.
On the 30th inst. prices declined / to %c., as other grain
1
2
fell. The Canadian pool price on barley was reduced Sc. a
bushel to 20c. delivered at Fort William. To-day prices
closed % to lc. lower, in response to the drop in wheat and
selling by traders and commission houses. There was only
a moderate cash demand. Final prices show a decline fOr
the week of / to 1%c.
1
2
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri,
4834 4834 49% 4934 48
47
5234 52% 5334 5334 52
51
54
54
55
5454 5434 53
December
March
May
Closing quotations were as follows.
GRAIN.
Oats, New York
No. 2 white
46
No.3 white
43%
Rye
-No.2f.o.b New York
47%
Corn, New York
Chicago, No 1
58
No.2 yellow, all rail
9034 Barley,„ No.3 yellow all rail
No.2 cif. New York.dm. nom.
88
Chicago. cash
480166
FLOUR.
Spring pat, high protein $5 00045 50 Ryc flour, patents
34 00044.40
Spring patents
4 600 500 se.minola, No. 2. med.- 2Iia
Clears first spring
4 400 4.65 oats goods
2.'20152.28
Soft winter straights_ __ 4.100 4 50 Corn floor
2.4502.50
Hard winter straights__ 4 400 4 75 Barley goods
Hard winter patents.- - 4.75t 5 10
Coarse
3.25
Hard winter clears
4 100 440
Fancy pearl, Nos. 1.
Fancy Minn. patents- - 6 200 6.70
2.3 and 4
6.150 6.50
City mills
6 450 7.15 .
Wheat, New York
No.2 red, f.o.b., new
No.2 bard winter,f.o.b.-
9834
89
All the statements below regarding the movement of grain
-receipts, exports, visible sup:Ay, &e.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years.
Receipts at
-
Flour.
Wheat. I Corn.
Oats.
Barley.•
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs.bush. 32 lbs. bush.481bs bush.581b8.
Chicago
236,000
98.0001 1,112.000
303,000 108,000 134,000
Minneapolis_
137. I
1.390,000
231,000 302,000 173.000
Duluth
19.000
1,519,0001
312.000
30,000
51,000
Milwaukee_
215,000
12,000
13,0001
7•
143,000
Toledo
30,000
28,000
376,000
1,000
Detroit
4,000
55,0001
12,000
5,000
Indianapolis_
300,000
25,
118,000
St. Louis. _ _ _
368,000
4611.0001
128,000
112,000
5,000
37,000
Peoria
293,000
18,000
58,000
95,000
7,000
57,000
Kansas City..
251,000
615.
48,000
Omaha
441,000
213,000
139,000
Bt. Joseph ...
62,000
85.000
44.000
Wichita
131,000
9.000
4.00$
19,
Sioux City_
• 57,000
50.000
38,000
Tot. wk.'30
Same week /0
Same week '28
434,000 4,690,000
501.000 8,720.000
528,000 14,995,000
3,314,000
4,813,000
2,726,000
1,838,000 718,000 354,000
2,508,000 828,000 427,000
2,769,000 2,818,000 1,395,000
Since Aug.11930
5,744,000192.242,000 51.509,000 51,431.000 25,486,00012,112.000
1929
5,946,000109,537.000 56,233,000 65,056,000 30,041,000 11,158,000
1928
6.584,000 244.236 000 54.936.000 55.585.000 56.085,000 13,402,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Oct. 25 1930, follow.
FINANCIAL CHRONICLE
Nov. 1 1930.]
2925
ii944411 1 Rye.
DOMESTIC EXPORTS OF GRAIN AND GRAIN
PRODUCTS.
-The Department of Commerce at Washington gave out on Oct. 24 its monthly report on the exports
of the principal grains and grain products for September,
and the nine months ending with September, as compared
with the corresponding period a year ago. Total values of
these exports were smaller in Sept. 1930 than in Sept. 1929,
1,000 820,660,000 being the value in Sept. 1930, against $32,926,67.000
15,000
108,000
Tot. wk.'30 483,000 2,026,000
Since Jan.1'3021,083,000138,316,000 4,101,000 4,753.000 692,000 661,000 000 in Sept. 1929. The amounts of many grains exported in
5,000
2,000 September were not only lower in value, because of the
161,000
167,000
Week 1919.. 401,000 1,337.000
Only 1,222,000
Orleans for foreign ports on diminished price, but also lower in quantities.
•Receipts do not include grain passing through New
through bills of lading.
24,000 were exported in
bushels of barley valued at
The exports from the several seaboard ports for the week September this year as compared with 5,991,000 bushels
ending Saturday, Oct. 25 1930, are shown in the annexed valued at $4,523,000 in September last year. Only 319,000
statement.
bushels of corn went out in Sept. 1930 as against 600,000
Rye.
Barley.
ExportsfromFlour.
Oats.
Wheat.
Corn.
bushels in Sept. 1929, the value of these corn exports, howBushels.
Bushels. Barrels. Bushels. Bushels. Bushels. ever, was larger in 1930 than in 1929, $316,000 being the
New York
790,000
77,804
Sept. 1930 value as against $300,000, the value of the
Boston
88,000
8,000
Philadelphia
81,000
3,000
were
exports in Sept. 1929. Only 13,000 bushels of oats ,
Baltimore
234,000
6,000
Norfolk
1,000
shipped in September this year, against 1,059,900, bushels
215,000
New Orleans
62,000
Galveston
80,000
20,000
in September last year, 4,749,000 lbs. of rice, against
Montreal
880,000
13,000
63,000
19,000
7,816,000 lbs., only 24,000 bushels of rye, against 1,217,000
Houston
4,000
bushels, and 12,716,000 bushels of wheat against 13,104,000
Total week 1930._ 2,368,000
19,000
13,000
244,804
Same week 1929_ __ 1,821.000
13.000
1,000
52,000 bushels. Wheat flour went out in somewhat larger quantity,
216.054
The destination of these exports for the week and since although the value was less, 1,412,000 bushels valued at
July 1 1930 is as below.
$6,829,000 having been shipped in Sept. 1930 as against
1' MO.
wheat.
corn.
1,163,000 bushels valued at $7,225,000 in Sept. 1929. The
Exports for Week
Week
Since
and Since
Week
Since
Week
Since
quantity of grains exported in the nine months of this year
July 1 to-Oct. 25 July 1
Oct 25
July 1
Oct 25
Juty 1
1930.
was smaller in every instant than last year, except in the
1930.
1930.
1930.
1930.
1930.
ease of wheat, which went out in somewhat larger amount.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom. 89,535 1,620,260
504,000 27,092,000
86,000 As for values of these exports, they were smaller in every
Continent
109,014 2,091,453 1,810,000 61,000,000
428,040
So.& Cent. Amer_ 23,000
9,000 1,090,000
instance even in the case of wheat. Below are the figures:
Receipts al- I
Flour.
Wheat.
Corn.
Oats.
;Barley.
'bble.1961bs.bush.60 lbs.bush. 56 lbs.bush. 32 lbs bush.48lb8.bush.581bs.
18,000 ,,,a 2,000
36,000
895,000
New York... 270,000
4,000
22,000
1,000
Philadelphia44,000
1,000
19,000
113,000
17,000
24,000
Baltimore.1,000
Norfolk
13,000
105,000
33,000
60,000
New Orleans*
32,000
Galveston___..
13,000
19,000
63,000
880,000
Montreal- _ _ 4,000
21,000
Boston
15,000
West Indies
____
Brit. No. Am.Col.
Other countries- 8,255
Total 1930
Total 1929
368,750
8,700
193,490
11,000
2,000
1.380,000
20,000
244,804 4,710,693 2,368,000 90,575,000
216,054 2,944,357 1,821,000 55.671,000
106,000
190,000
1,000
44,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 25 1930, were as follows:
GRAIN STOCKS.
Corn,
Oats,
Wheat,
United States
bush.
-bush,
bush.
New York
1,024,000
144,000
61,000
5,000
Boston
138,000
132.000
Philadelphia
757,000
Baltimore
22,000
64,000
8,090,000
Newport News
377,000
75,000
53,000
New Orleans
4,239,000
Galveston
6,169,000
362,000
7,158,000
205,000
Fort Worth
12,032,000
614,000 1,187,000
Buffalo
698,000
7,579,000
" afloat
279,000
23,000
Toledo
4,825,000
74,000
25,000
249,000
Detroit
19,765,000 1,172,000 7,486,000
Chicago
785,000
847,000
" afloat
599,000 5,093,000
1,850,000
Milwaukee
17,000 2,670,000
30,352,000
Duluth
42,000 5,988,000
32,390,000
Minneapolis
995,000
55,000
1,191,000
Sioux City
535,000
259,000
6,841,000
Bt. Louis
195,000
167,000
23,490,000
Kansas City
3,000
Wichita
2,048,000
2,000
4,614,000
Hutchinson
523,000
275,000
6,796,000
St. Joseph, Mo
1,513,000
134,000
Peoria
234,000 1,671,000
1,560,000
Indianapolis
508,000
324,000
15,030,000
Omaha
On Lakes
465,000
Rye,
bush.
50,000
2,000
8,000
9,000
Barley,
bush.
7,000
3,000
93,000
129,000
6,000
860,000
1,000
18,000
4,618,000
1,509,000
239,000
4,240,000
4,704,000
28,000
108,000
66,000
38,000
241 1,(11143
6, 04
549.000
415,000
5,000
62.000
1,692,000
477,000
869,000
1,647,000
5,081,000
31,000
79,000
476,000
14,000
39,000
54,000
54,000
165,000
123,000
DOMESTIC EXPORTS OF PRINCIPAL GRAINS, GRAIN PRODUCTS AND
FOODSTUFFS.
Nine Mos. Ended
Sept. 1930. Sept. 1929. Sept. 1930. Sept. 1929.
Barley, bushels
Value
Malt, bushels
Corn. bushels
Value
Cornmeal, barrels
Value
Hominy and grits, pounds
Oats, bushels
Value
Oatmeal, pounds
Value
Rice, pounds
Value
Rice, broken, pounds
Value
Rye, bushels
Value
Wheat, bushels
Value
Wheat flour, barrels
Value
Biscuits, unsweetened, pounds
Sweetened, pounds
Macaroni, pounds
1,222,000 5,991,000 6,935,000 26,160,000
$824.000 $4,523,000 $5,123,000 321.148,000
242,000 1,677,000 2,707,000
152,000
600,000 5,978,000 31,653,000
319,000
$300,000 $5,609,000 532,041,000
$316,000
203,000
158,000
23,000
19,000
$769,000 $1,007,000
$112,090
$94,000
987,000 4,944,000 12,795,000
428,000
13,000 1,059,000 1,404,000 4,847,000
5653,000 $2,432,000
5537,000
$9,000
3,464,000 11,151.000 29,135,000 62,626,000
$469,000 32,110,000 33,232,000
$243,000
4,749,000 7.816,000 128,412,000 234,147,000
$284,000 $5,307,000 $8,792,000
5185,000
4,654,000 5.335,000 34.716,000 52,773,000
$161,000 $1,011,000 $1,478,000
$130,000
225,000 2,836,000
24,090 1,217,000
5199,000 82,984,000
$12,000 51,285,000
12,716,000 13,104,000 75,690,000 64,236,000
$11,538,000 $16,997,000 $78,594,000 578.604,000
1,412,000 1,163,000 9,684,000 10,129,000
$6,829,000 $7,225,000 853,527,000 $59,177,000
372,000 5,493,000 5,282,000
479,000
346,000 2,051,000 3.033.000
196,000
930,000 7,047,000 8,015,000
882,000
son .en nnn ¢.59 09R nnn St K7f17q non s21R12a non
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
OCT. 28.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Oct. 28, follows.
Total Oct. 25 1930...199,870,000 4,392,000 30,860,000 16,504,000 12,320,000
Total Oct. 18 1930_202,042,000 4,612,000 31,612,000 16,544,000 12,316,000
An extensive high pressure area occupied the eastern half of the country
Total Oct. 26 1929...192,977,000 3,643,000 30,799,000 10,917,000 10.059,000 at the beginning of the week, attended by abnormally low temperatures,
-New York, 30.000 bushels; especially in central Appalachian Mountain sections. On the morning a
-Bonded grain not included above: Oats
Note.
the 22nd a minimum temperature of 14 degrees above zero was reported
Duluth, 4,000; total, 34,000 bushels, against 414,009 bushels in 1929. Barley
New York, 207,000 bushels; Buffalo, 119,000; Buffalo, afloat, 120,000; Duluth, from Elkins, W. Va., and a little later light frosts occurred as far south
172,000; on Lakes, 245,000; total 863,000 bushels, against 1,870,000 bushels in as parts of the interior of northern Florida. Precipitation was light and
-23rd when more or less rain fell over the
-New York, 1,502,000 bushels; Boston, 720,000; Philadelphia
of a local character until the 22
1929. Wheat
544,000; Baltimore, 856,000; Buffalo, 8,429,000; Buffalo, afloat, 6,692,000; Duluth, Southern and more eastern States, but the amounts were mostly light.
232,000; on Lakes, 1,542.000; Canal, 2,785,000; total, 23,302,000 bushels, against On the morning of the 25th a storm of marked intensity was charted off
the New England coast, attended by widespread precipitation over the
29,591,000 bushels in 1929.
Northeastern States, with heavy falls in coast districts; at the same time
Canadian
741,000
897,000 1,361,000 some rather large amounts occurred in southern Florida. The latter part
6,124,000
Montreal
2,236,000 7,670,000 17,891,000 of the week brought a reaction to warmer weather in the East, and wideArthur_43,654,000
Ft. William & Pt.
1,687,000
981,000 5,283,000 spread rains, though in most places again rather light, to the South, the
19,239,000
Other Canadian
Ohio Valley, and Lake region.
4,664,000 9,548,000 24,535,000
Chart I shows that the temperatures for the week averaged markedly
Total Oct. 25 1930-- _69,017,000
5,505,000 9,530,000 24,591,000 low for the season from the Mississippi Valley eastward. The relatively
Total Oct. 18 1930..-70,067,000
11,210,000 5,233,000 13,873,000 coldest weather occurred in the Ohio Valley and middle Atlantic area
26 1929-80,415.000
Total Oct.
where the temperatures averaged from 8 degrees to as much as 12 degrees
Summary
190,870,000 4,392,000 30,860,000 16,504,000 12,320,000 below normal. In the East freezing temperatures were reported from
American
4,664,000 9,548,000 24,535,000 first-order stations as far south as western North Carolina and eastern
69,067,000
Canadian
Tennessee, but in the middle west the line of freezing did not extend farther
Total Oct. 25 1930...268.937,000 4,392,000 35,524,000 26,052.000 36,855000 south than central Illinois, northwestern Missouri, and southwestern
37,117,000 26,074,000 63,709:000 Kansas. Over the western half of the country the weekly mean temperaTotal Oct. 18 1930_ -272,109,000 4,612,000
Total Oct. 26 1929_ _273.392,000 3,643,000 42,009,000 16,150,000 23,932,000 tures were slightly above normal rather generally.
occurred from the lower Mississubstantial
Chart II
The world's shipments of wheat and corn, as furnished by sippi Valleyshows thatto Texas andrains
Oklahoma and moderate amounts in
westward
and
Broomhall to the New York Produce Exchange,for the week the Ohio Valley, southern Lake region, latterthe Northeast, though they
area. Central and western
were heavy in some coast sections of
ending Friday, Oct. 25 1930 and since July 1 1929 and Virginia, West Virginia and westernthe
Pennsylvania had some fairly good
showers.,mostly 0.3 or 0.4 inch, but otherwise the Atlantic Coast States
1928, are shown in the following:
from Pennsylvania southward to northern Florida received very little
Wheat.
Corn.
rain, while the amounts were negligible in the Missouri and upper =se....
sippi Valleys and over a large section of the far Southwest.
Week
Since
Since
Since
Week
Since
Exports
Except in the area from the lower Mississippi Valley westward over
Oct. 24
July 1
July 1
July 1
July 1
Oct. 24
Texas and Oklahoma and in parts of the Northeast. the cool and mostly
1929.
1930.
1930.
1930.
1929.
1930.
fair weather of the week was favorable for outside operations and seasonal
farm work made good advance. Precipitation was again scanty, or enBushels.
Bushels. Bushels.
Bushels.
Bushels,
Bushels.
absent, over the middle Atlantic area, and drouthy conditions con25,000
729,000 1,626,000 tirely unabated in this region, with the water problem remaining serious
North Amer_ 7,516,000 147,904,000 112,972,000
tinue
580,000 in many places. Showers in West Virginia and considerable portions of
Black Sea.. 6,144,000 39,488,000 7,808,000 102,000 16,653,000
Argentina_ _ 1,393,000 15,810,000 78,961,000 4,079,000 79,274,000 78,917,000 Virginia were helpful in moistening the top soil, but they were insufficient
Australia - - 1,784,000 19,656,000 17,360,000
to be of much permanent value, and were entirely inadequate in replenish320,000
40,000 8,576,000
India
ing the water supply. Rains would be helpful also in the South Atlantic
0th. countr' 1,688,00 17,048,000 12,588,000 2,873,000 28,480,000 16,869,000 States, and drouthy conditions persist in western North Carolina and
much of Pennsylvania, while further rains ar'e needed in many places to
18,565.000248.482,000230,009,000 7,079,000125,136,000 97,992,000 the northward.
Total
2926
FINANCIAL CHRONICLE
The water situation is still serious in much of Kentucky and parts of
Ohio, while additional rains would be welcome in the southern portions of
Indiana and Illinois and in much of Michigan. Otherwise, moisture conditions east of the Rocky Mountains continue satisfactory, with fall grain
crops and grass making good progress and truck advancing satisfactorily
in the more southern sections.
Frost during the week extended well south and there was some additional damage to tender vegetation, but, in general, harm was of a local
character and not material. Reports indicate, however, that recent freezing weather damaged undug potatoes over a rather extensive area from
Michigan westward to the Rocky Mountains. Conditions continued favorable over the great western grazing country, with early-seeded wheat affording pasture in some southern Plains sections. In the Pacific Northwest
light to moderate rains were beneficial, but more moisture is needed in
much of the winter wheat area, especially for late-seeded grain. The
weather was favorable for drying fruit in California, with oranges coloring
well in the south.
Small Grains.—Considerable seeding of winter grains was done in the
Middle Atlantic States and sections to the southward, but the lack of rain
has caused irregular and slow germination in much of this area. More
moisture is also needed for late-planted winter wheat in parts of the main
belt, especially in the eastern Ohio Valley and portions of Iowa and Nebraska. The early-seeded crop is in satisfactory condition generally,
particularly in the southern Great Plains where the advance was good
to excellent, with some being pastured. Moisture conditions were still
unsatisfactory in the Pacific Northwest where late-sown wheat is not
germinating properly in some sections.
Corn and Cotton.—With the prevailing fair weather, corn husking made
good progress in most of the principal producing areas, though it was generally too wet from Kansas southward and in the lower Mississippi Valley.
Frequent rains in the western Cotton Belt delayed picking and ginning,
with some further damage to staple and reports of bolls on the ground
sprouting. In Texas the crop has been mostly gathered, except in the
extrme west and northwest. East of the Mississippi River the week was
favorable for harvest, except for considerable interruption in much of
western Tennessee and in Mississippi. In Georgia only scattered fields
remain unpicked and in South Carolina a large percentage of the crop
has been gathered.
The Weather Bureau furnishes the following resume of
the conditions in the different States.
Virginia.—Richmond: Cold, with killing frosts, but damage slight.
Light rain on one day beneficial in some localities, but insufficient generally.
Seeding winter grains practically finished, but lack of moisture unfavorable
for germination. Drouth continues unabated and scarcity of water serious
In many localities.
North Carolina.—Raleigh: Very little rain; cold, with several frosts,
light on coast and heavy to killing in interior; not much damage, as crops
matured. Good progress in picking cotton, gathering and husking corn,
digging sweet potatoes, and threshing peanuts. Satisfactory advance in
seeding small grains in portions of east, but poor in west account in sufficient
moisture. Rain much needed in west.
South Carolina.—Columbia: Still dry, with unseasonably low temperatures at night. Lowland sweet potato vines killed by frosts and harvesting
active. Fall plowing retarded by hard, dry soil, with some complaint of
irregular and slow germination of early-planted cereals: wheat, oat, and
rye sowing continue. Cotton picking and ginning advanced, with large
percentage of picking finished.
Georoia.—Atlanta: Moderately cold, dry weather, with light frost as
far south as Thomasville on 25tn and 26th; no damage. Harvesting crops
nearing end, except digging sweet potatoes and grinding sugar cane, which
work progressed favorably. Sowing rye, wheat. and oats continued, but
more moisture needed for germination. Picking and ginning cotton made
rapid progress; only scattered fields not gathered.
Florida.—Jacksonville: Showers benefited peppers, eggplants, cabbage,
strawberries, and citrus, but moderately heavy rains in portions of south
damaged seed beds and truck on lowlands. Oats improved. Frost on
Sunday in interior of extreme north and west. Cool nights and bright
days benefited citrus.
Alabama.—Montgomery: Cool most of week, but warm at close; scattered showers and quite general rain at close. Favorable for harvesting
cotton and corn and saving hay. Condition of late corn, truck, pastures,
and minor crops poor to good; harvesting corn quite general and practically
finished in somelocalities of south. Picking and ginning cotton excellent
progress; gathering practically finished in many localities of south and in
some areas of central.
Mississippi.—Vicksburg: General, light to heavy rains; light frost in
north and central. Fairly good progress in picking and ginning cotton in
extreme east, but mostly rather poor elsewhere. Little early-planted corn
unhoused, with progress of late-planted poor. Progress of pastures good
throughout.
Louisiana.—New Orleans: Local frosts in interior, but no material
damage. Light to heavy rains on two or three days somewhat interrupted
harvesting cotton, corn, sweet potatoes, and late hay; only small amount
of cotton not yet picked, mostly on lowlands. Further cool weather needed
to ripen sugar cane; grinding progressing.
Texas.—Houston: Moderate temperatures, with general rain; light in
extreme west and northwest, but heavy elsewhere. Pastures, winter
grains, fall truck, and late minor crops made very good progress, and condition good, although sunny weather would favor Rio Grande truck and
harvesting and curing late forage crops. Seeding late grains in north and
final rice harvesting delayed by rain, and valley citrus picking slowed
down. Progress of picking and ginning cotton poor to fair due to rain,
with some injury to staple and some bolls on ground and sprouting; remaining crop fragmentary, except in northwest and extreme west.
Oklahoma.—Oklahoma City: Cold and near freezing, with frost middle
of week, but no material damage. Moderate to heavy general rains at
beginning of week and scattered showers near close interrupted field work.
Fair progress in picking and ginning cotton in east, but delayed in west
portion by rain and wet fields, with further damage to staple. Harvesting
corn and grain sorghums well advanced. Progress and condition of winter
grains good to excellent; early-planted winter wheat being pastured and
some yet to be planted.
Arkansas.—Little Rock: Progress of picking and ginning cotton fair
due to moderate to heavy rain and three to five rainy days; stalks and bolls
still green on lowlands, but leaves stripped in most localities. Weather
very favorable for growing crops, except tender vegetation, which was
damaged by frost in some localities.
Tennessee.—Nashville: Rain middle and last of week permitted considerable farm work and extensive seeding. Few fields of late corn yet to
mature; condition of entire crop poor to fair. Cotton picking and ginning
delayed somewhat by rain.
Kentucky.—Louisville: Light showers helpful to fall grains, especially
those just up and scarcely growing; mostly too light for much effect on
pastures, which are short and growth slow account low temperatures.
Water shortage continues acute. Corn dry in shock; some gathering.
THE DRY GOODS TRADE
New York, Friday Night, Oct. 31 1930.
Improvement of varying degree, but broad enough to take
In all textile divisions, is now visible, recent colder weather
and firmer trends in raw products having been important
factors in stimulating the better demand in evidence. Underlying such external stimuli, however, are constructive
conditions which are of more importance for the long outlook, in preparing the way for a resumption of rational
trading practices and a normal volume of business. The
point is made that further acute price weakness, such as
has been the frequent characteristic of practically all textiles during the past several months is now unlikely, with
practically all the raw materials which go into dry goods
apparently established at extremely low levels, with prospects of a gradual upturn visible. It is widely contended
that present levels represent abnormally low values, based
FOL.. 131.
on intrinsic worth, for such commodities as silk, cotton,
and rayon, for instance. Meanwhile, it is noted, production
and consumption in cotton, woolens, silk, and rayon goods,
as well as in linen and burlap producing countries abroad,
are in a more healthy relation than for a number of years
past. Accordingly, with a definite revival of general business expected during the first half of next year, and with
reason to believe that at least some measure of the present
curtailment of production of textiles will be maintained
beyond such a recovery, fairly confident expression is being
given to the hope that the time is approaching when conditions of prosperity will be restored to the textile industry.
DOMESTIC COTTON GOODS.—With the improved tone
in the raw cotton market the chief current stimulant, cotton
goods mills have been the recipients of further good buying
during the week, prospects of continued observation of careful control of the sources of supplies during the next few
months, and the promise of price stabilization implicit
therein, having contributed to the confidence of buyers
manifested In the larger and well distributed activity registered during the week. Gray goods changed hands in substantial quantities at advances of %c. in most constructions during the past few days. An even larger movement
would have been possible if mills had been in a position
to accept larger orders for November and December deity
,
eries. However, as matters stand, there is a distinct unwillingness on the part of producers to start up new machinery on orders which do not insure a good margin of
profit. While there are scarcities of goods for immediate
shipment in more than one quarter, the course of business
during the next few weeks is not so clearly defined that
manufacturers are willing to risk a renewal of accumulations of stocks, and the almost inevitable demoralization
of prices attendant thereon. Sales of heavy drills and heavy
sheetings were also made at slight advances, it is reported.
Further improvement with regard to forward bookings was
recorded by producers of carded broadcloths. For the time
being sheets and pillow cases seem to have been established
firmly on the extremely low basis to which they have been
depressed in recent months. The low levels current have
attracted increased buying, reflecting less hesitance on the
part of the public in taking advantage of bargains than has
been noted in other quarters. Standard goods and fine
novelties and packaged goods for the holiday trade have
also sold well, and indications are that present demand will
be maintained at least during the near future. Approaching 80% of fine goods spindles are now reported pledged,
for all practical purposes, to general, strict curtailment.
With the co-operation of the new "General Cotton Company," which is said to be strongly supported financially as
well as sentimentally, and which has already embarked on
the process of rehabilitation and consolidation of weak units
in the division, a reformation of far-reaching effects Is in
the making, according to adherents of the new program.
Recent business in ginghams has been a source of encouragement, if not of definite satisfaction to sellers. With
production reduced in an approximate ratio of 1 to 3, compared with the corresponding period In 1929, there is a
growing tendency on the part of buyers to come forward
with orders more confidently, while there is less urgency
manifested by producers in their efforts to secure orders.
Print cloths 27
-inch 64x60's constructions are quoted at
4 c., and 28-inch 64x60's at 4%c. Gray goods 39-Inch
68x72's construction are quoted at 6%c., and 39-inch
80x80's at Sc.
WOOLEN GOODS.—Recent colder weather, experienced
in various parts of the country, brought an immediate and
active ,call for overcoatings which has served to revive
hopes that have tended to die from long waiting, of a
fairly satisfactory season in the fabrics in point. Individual orders were generally for small quantities, and the
total volume moved, amounting to more than one and a
half thousand pieces, according to estimates, since last weekend, was not overlarge. However, in view of the small
volume previously moved into distributing channels, it is
thought in many quarters that the advent of a protracted
period of seasonable weather should result in a steady
flow of such goods into consumers' hands. According to
an estimate by the Botany Worsted Mills only some 5'0%
of prospective business in overcoatings has been transacted
so far. Meltons, boucles and fleeces have been in brisk
demand, with the scarcity of stocks and the necessity of
securing quick delivery contributing to the maintenance of
a firm undertone in prices. Interest in lightweight women's
wear fabrics for spring has shown some improvement, with
orders in encouraging volume being received from some
cutters, particularly for serges.
FOREIGN DRY GOODS.—Linens were quiet during the
week, with sellers experiencing considerable difficulty in
attracting further business in household lines, the demand
for which continues to be affected by the agricultural and
industrial depression. With the outlook rather obscure,
hope is centering in the possible expansion in sales of
suitings and dress goods to offset the losses in household
lines. Burlaps were quiet and easier. Light weights are
quoted at 4.10c., and heavies at 5.10c.
Nov. 1 1930.]
FINANCIAL CHRONICLE
.$.tat,e an Txtg Pepariment
NEWS ITEMS
Bay County, Fla.—State Supreme Court Orders Tax Levy
Sufficient to Meet Bond Obligations.—On Oct. 23 an alternative writ of mandamus was issued by the Florida Supreme
Court directing the County Board of Commissioners to
levy sufficient taxes to meet the current bond debt, on the
plea of bondholders that no budgetary provisions had been
made to meet payments coming due on the obligations of
the County. The case is similar to the recent cases involving
cities of West Palm Beach and Hastings—V. 131, p. 2722.
A Tallahassee dispatch to the Florida "Times-Union" of
Oct. 24 had the following to say on the subject:
"The Florida Supreme Court late to-day issued an alternative writ of
mandamus directing the Bay County Board of Commissioners to levy
sufficient taxes to meet bond debts of $147,500.
"The writ was issued on application of Wabash College of Crawfordsville,
Ind.,and others as holders of $1,625,000 worth of Bay County bonds. The
return date on the alternative writ was set for Nov. 6.
"Bond holders claim the bonded debt of Bay County is about $3.000,000
and that the County Commissioners have failed to make provisions in
their budget for the fiscal year, for sufficient funds to meet the payments
now due or coming due during the year. The petitioners contend that
$50,000 due in 1930 as interest on bonds is past due and unpaid and that
$79,500 interest will be due during the current fiscal year, which started
Oct. 1. No provision, it is claimed, Is made for these payments.
"None of the principal on the bond debt is due yet, the petitioners
asserted.
"The case is similar to other suits which recently have been before the
Supreme Court. In a decision a short time ago,the Supreme Court ordered
the City of West Palm Beach and the Town of Hastings to make sufficient
tax levy to take care of bond debts, while like cases involving the City of
Sanford and Sarasota County now are pending in the court.
"G. W.L. Smith, Brewton, Ala., Attorney, represented the bondholders
In obtaining the writ against the Florida County."
2927
We believe, with the full co-operation of the holders of the present
warrants, that this entire refunding can be completed in a very short time
and thus satisfactorily clear up this situation and as stated above, put the
County in position to promptly meet future maturities of prin.. as well as
of int.
The holders of the 1930 and 1931 maturities of the present issue have
already agreed to make the exchange for longer maturities, as above outlined and if this is satisfactory to you, will you kindly sign and return to
us at once duplicate of the enclosed letter, agreeing to the exchange of your
warrants and we will advise you as soon as the new issue is ready for delivery.
Regretting any inconvenience caused by the slight delay before you receive
payment for your Sept. 15 coupons and awaiting your reply in the matter,
we are
Very truly yours,
BRANDON & CO.
Illinois.—Supreme Court Denies Injunction Against Chicago
Bonds.—On Oct. 25 the State Supreme Court upheld the
-e
lower court in t' consolidated equity suit brought by a
Chicago taxpayer attacking the validity of the legislative
acts authorizing the issuance of bonds to be used in creating
"working cash funds"—V. 131, p. 2722—by dismissing the
appeal for an injunction to restrain the issuance and sale
of these bonds, according to a Springfield dispatch to the
"U. S. Daily" of August 31.
We are informed that upon receiving notice that City
Comptroller Schmidt had sold on Oct. 30 the city's issue
of $12,000,000 of working cash fund bonds to a banking
syndicate (see V. 131, p. 2929) the City Council held a
special session and passed an ordinance authorizing the
transfer of $8,478,000 of the money to the corporate fund
in order to pay salaries of city employees.
Jacksonville, Fla.—City Commission Approves New
Bond Schedule.—In reply to our inquiry we are informed by
M. W. Bishop, Secretary to the City Commission, that the
Commission has approved the proposed new schedule for
retirement of bonds and it is now under consideration by the
Florida.—Governor Carlton Cleared of Bribery Charges.— City's bond attorneys. Mr. Bishop also forwards the
A special grand jury investigating the charges made against following letter showing the complete schedule.
&pt. 22 1930.
Governor Doyle E. Carlton of accepting or giving bribe
Chairman, and Members City Commission,
money reported on Oct. 29 the finding of "no bills," ac- St. Elmo W. Acosta,
Jacksonville, Fla.
cording to a Tallahassee dispatch to the New 'York "Times" Gentlemen:
of payment of the City's bonded inWe have looked into the
of Oct. 30. The grand jury is reported to have also ex- debtedness and recommend questionthose falling due in 1931 $920,000 be
that of
1935
onerated "The Florida State News," the accusing organ, paid. refund $2,000.000, pay all that fall due in 1932. 1933, 1934 and1940,
refund $600,000 in 1936. pay those falling due in 1937, 1938, 1939, with
of charges of libelous statements.
1941 and 1942, refund $1,000,000 of the 194? and pay in accordance
recommend that
the new schedule, which is
Garden City, Mich.—Suit Questioning Legality of Water it be adopted and adherred submitted herewith and we
to:
Bonds.—A temporary injunction was granted Oct. 17 by
Maturities
Maturities Maturities
New
for 1943
for 1936
for 1931
Circuit Judge Homer Ferguson restraining the Village Treas*2000,000 _.S600,000 $1,000,000 Maturities
Present
urer from paying out any more of the money realized by
Schedule.
Refunding. , Refunding.1 Refunding.
Maturity.
$920,000
$2.920.000
the recent sale of $529,000 in water main bonds to the State 1931
854.000
854,000
of Michigan, according to the Detroit "News" of Oct. 18. 1932
1,017,000
1.017,000
1933
955.000
The court was petitioned by two local taxpayers to stop 1934
$60,000
895,000
787.000
120,000
667.000
the outlay of funds to the contractor by the village officials 1935
1.005,000
60,000
1,545.000
1936
746.000
on the ground that the bond sale was illegal, Michigan law 1937
120,000
626.000
715.000
120.000
595,000
permitting villages to have a debt not to exceed 10% of 1938
465,000
$120,000
180.000
165,000
the assessed valuation on the tax roll, which in this instance 1939
565,000
240.000
180.000
145.000
1940
570,000
240.000
240,000
90.000
would be about $500,000. The village is said already to 1941
468,000
300,000
168.000
1942
.
have had $300,000 debt outstanding at the time of the sale. 1943
530,000
60,000
1,470,000
455,000
300,000
155.000
Judge Ferguson is reported to have said he found that but 1944
535,000
260,000
295.000
$100,000 of the money paid by the State remained in the 1945
481.000
200.000
281,000
1946
325.000
300,000
treasury.
25,000
1947
425.000
200.000
225.000
1948
630.000
30.000
600,000
chinson County, Tex.—Temporary Default on 1949
Hut
330,000
270,000
60.000
Warrants Explained.—When this county failed to meet an 1950
1951
payment due on Sept. 15 1930 on a $340,000 issue 1952
interest
of 6% court house and jail warrants it was revealed that the 1953
400,000
400,000
1954
.
county was unable to meet in full both the interest charges
4
the payments of principal which amount to M ;.! 11:: $13,198,000 $2,000,000 $600,000 $1.000,000 $13,198,000
accruing and
Respectfully yours.
$34,000 each year to maturity. According to a statement
F. M. VALZ, Commissforor,
Issued by Brandon & Co. of New York, efforts are being
AUSTIN MILLER.City Attorney.
to arrive at a refunding agreement on the remainder
made
J. E,PACE, City Auditor.
original amount ($308,000), by the issuance of bonds
of the
with an extension of maturity to 1945. The text of the
Michigan.—Supreme Court Affirms Validity of 1929
statement reads as follows:
Drain Laws.—In reply to our inquiry as to the present status
With reference to previous correspondence regarding Hutchinson County, of the suit that has been holding up drain work throughout
Texas,coupons due Sept. 15 1930.
We have been working constantly on this matter through our attorney, the State pending its outcome, bearing upon the validity
John D. McCall of Dallas, and he has made several trips to Stinnett. the of the 1929 amendments to the drainage laws of Michigan
County Seat, in consultation with the officials and as a result of which we
have learned that the real difficulty is not in meeting the int., but in the which was favorably decided in the Circuit Court last
payment of prin., which matures $34,000 annually, in one to ten years.
June—V.130, p.4639—we are advised as follows by Attorney
The original issue, amounting to $340,000, was for the construction of
County Drain Counsel:
the County Courthouse and Jail Building, which was completed in 1928. Alvin A. Wolfson, Macomb
While the County met the payment of prin. in full in 1929, it has proven
too much of a tax burden to have to meet this amount of prin., as well as
the full amount of int. each year and for 1930 we found they had raised
enough to pay only $13,000 of the prin.
Under the law, they could have issued these warrants with an extreme
life of 40 years. instead of 10 years. but based upon their present values
and tax returns, our attorney has worked out the matter with the County
Commissioners so that by giving them up until 1945, instead of 1938 as
at present, to meet the pm..this will reduce the prin. maturing each year,
for the next 15 years,to an amount starting at $15.000 and ending at $25,000
Instead of $34,000 as at present. This re-arrangement of maturities will
put the County in position to raise the required amount by taxation annually, without undue burden and to promptly meet all future maturities
of prin. and int.
The County,has, therefore, authorized a 6% refunding issue, which will
be dated Sept. 15 1930 and will mature from March 15 1931 to 1945, ind.,
the
and be the same obligation and form of security as turn present issue, of
in your present
which you bold part. Under this plan, you would
and receive in exchange like amount of 6% warrants of the new
warrants
Issue of a longer maturity, in accordance with enclosed schedule. You
would at the same time receive check for the payment of your Sept. 15
coupons and would receive int. at 6% from that date, as the new issue is
to be dated Sept. 15. and thus continue this 6% Income Tax Exempt
investment for a few years longer. You realize, of course, that this return
is exceptionally high under present money market conditions.
The County Commissioners are to pass final resolutions on the matter
this week and at the same time the entire proceedings are to be adjudicated
by the Federal Court of that District and the new warrants executed as
soon thereafter as possible and delivered to a designated bank, to be held
in escrow for exchange for the old warrants.
The proceedings in connection with the refunding are also to be taken
under the supervision of our Texas attorney, John D. McCall, and subject
to the final approving legal opinion of Messrs. Clay, Dillon & Vandewater
of this city (who approved legality of the original issue) and copy of whose
opinion will be furnished with the new warrants.
Mount Clemons, Mich., Oct. 24 1930.
The Commercial & Financial Chronicle,
Box 958, City Hall Station, N. Y. City.
•
Gentlemen: Please be advised that the Supreme Court of the State of
Michigan affirmed the Decision of the Lower Court, holding that the 1929
Amendment to Michigan Drain Laws permitting a Drain Commissioner to
construct a sewer under that Act was valid.
I believe that this decision will have the desired effect in the Bond Market,
In that it completely removes any doubt which may have existed as to the
authority of the Drain Commissioner to construct a drain or sewer under
the Drain Act.
Sincerely,
ALVIN WOLFSON.
Attorney for Macomb County Drain Commissioner.
Minnesota.—Constitutional Amendments to be Voted Upon.
—The 1929 Legislature approved for submission to the voters
at the general election to be held on Nov. 4 three proposed
amendments to the State Constitution; the first of which
would put the liability of stockholders in corporations, with
certain exceptions, up to the discretion of the Legislature;
the second would displace the present office of court commissioner, as created in 1918 and substitute therefor associate
judgeships in the Supreme Court and the last would add a
section to Article 8 of the Constitution and provide for the
exchange of State and Federal Lands. A report prepared
by Henry N. Benson, State's Attorney General, outlines
these amendments as follows:
2928
FINANCIAL CHRONICLE
The effect of the proposed amendment, if adopted, will be to abrogate
the present fixed rule of stockholders' liability prescribed by the Constitution, except in the case of stockholders in banks or trust companies, and
to place the matter of prescribing and regulating the liability of stockholders
in all corporations, co-operative corporations or associations created under
the laws of this State (except banking or trust corporations or associations)
entirely within the control of the Legislature, subject to change from time
to time as the Legislature may see fit.
Stockholders in banking or trust corporations or associations will remain,
as they now are, liable in an amount equal to the amount of stock owned
by them. . . .
The Supreme Court, as now organized under the Constitution, consists
of a Chief Justice, and four Associate Justices, all elected by the people.
In 1918, in order to take care of the increasing business of the court, the
Legislature passed a law providing for the appointment of two Commissioners to assist the court in the performance of its duties. The Act under
which these Commissioners are appointed provides that each shall receive
the same compensation as a Justice of the Supreme Court,and also provides
that if, by amendment to the Constitution, the number of Associate Justices
shall be increased to six the office of Commissioner shall without further
Act be abol shed.
In practice the Commissioners sit as members of the court, hear arguments, read briefs, take part in discussions, write opinions, and in general
do the same work as the regular Justices, but they have no vote in determining the final decisions of the Court. The Legislature cannot give the
Commissioners a voice in the decisions of the Court, since the organization
of the Court Is governed by the Constitution.
The proposed amendment will provide for the election of two more
Associate Justices with full authority as members of the Court, to take
the place of the present two Commissioners, who will then cease to hold
office. . . .
The effect of the proposed amendment, if adopted, will be to abrogate,
under such conditions and regulations as the Legislature may prescribe and
to the extent necessary to effectuate exchanges of State, school and swamp
lands for lands owned by the Federal Government, the rule requiring the
disposal of school and swamp lands only by public sale. Such abrogation
and the consequent provision for exchange of lands in pursuance of legislative enactment authorized by the proposed amendment will not impair
or diminish the trust funds of the State arising from the sale of school and
swamp lands, since the proceeds of sales of Federal lands so acquired by
exchange must, under the proposed amendment, be deposited to the credit
of such trust funds.
New York City.
-Board of Estimate Eliminates $65,000
Secret Salary Increases.
-On Oct. 23 it was revealed that
the Board of Estimate and Apportionment had granted
at a closed session held on Oct. 17 increases in salary to
10 of the higher paid municipal officials, six of whom had
been given wage increases as recently as Sept. 1 by the terms
of the city salary bill
-V. 131, p. 146. In addition to the
more important beneficiaries, pay rises had also been voted
for 169 attendants in the magistrate's courts, for a total
of about $65,000 to be added to the budget. On Oct. 24
heeding the public protests against this insertion into the
tentative budget, the Board of Estimate on motion of Mayor
Walker killed the proposed increases by unanimous vote.
In addition to this removal, the Board of Estimate also
eliminated salary increase appropriations to the amount of
$190,000, which had appeared in the tentative budget at
the time it was received by the Board and made public
-V. 131, p. 2722. This cut of $255,000 relates not only
to the Public Works Commissioners of the five boroughs,
the other five high officials and the court attendants, but
also eliminates $100,000 increases provided for the finance
department. The Board of Estimate now has until Oct. 31
before finally passing the budget, but in the meantime can
make only further reductions in the total.
S620,840,1:83 Budget for 1931 Adopted by Board of Estimate.
-On Oct. 31 without discussion and by a unanimous vote,
the Board of Estimate adopted the budget for 1931 of $620,840,183, representing an increase of $51,070,355 above the
current budget, but a slight reduction from the budget of
$621,108,709.87 as originally proposed, due to the elimination of proposed salary increases as noted above. The
budget now goes to the Board of Aldermen who have 20
days' allowance for ratification or further reduction before
the assessments finally become effective. The growth of
the City budget since 1925 has been as follows:
$538,928,697
$399,618,885 1929
1925
569,769,828
437,000,000 1930
1926
620,840,183
474,983,300 1931
1927
512,528,295
1928
University City, Mo.-Constitutional Amendment En-On Oct. 17 the Board of Aldermen
dorsed by City Officials.
adopted a formal resolution endorsing Proposition No. 5
on the State ballot, the enabling Act permitting St. Louis
(now an independent city) and St. Louis County to adopt a
metropolitan form of government, by the adoption of a
-V. 131,
charter creating the City of Greater St. Louis
-and in a formal statement accompanying the
p. 2094
resolution pointed out that its action was prompted by the•
desire to solve the problem that now confronts the above
municipalities and the surrounding territory. We quote
.
in part from the St. Louis "Globe-Democrat' of Oct. 19:
[Vol,. 131.
BONDPROPOSALSTAND'NEGOTIATIONS.
ADAMS Berkshire County,! Mass.
L.
-BONDS OFFERED.- Earl,
Walpole, Town Treasurer, received sealed bids until 12 m. on Oct. 31tfor
the purchase of $20,000 4% coupon sewer bonds. Dated Nov. 1 1930.
,
Denom. $1,000. Due on Nov. 1 from 1931 to 1940 incl. Prin.$ and semiann, int. are payable at the Merchants National Bank of Boston. The
approving opinion of Storey, Thorndike..!Palmer & Dodge of Bosteitwill
be furnished to the successful bidder..&.,
--s.
-Ar.LIN COUNIT (0. 07 Frrt Wal;r'u! -The
- 7,
. Lid.
-WO7SALE7
$94,000 434% coupon Hicksville road impt. bonds offered on Oct. 25V. 131, P. 2564
-were awarded to the Lincoln National Bank & TrustlCo.
of Fort Wayne, at par plus a premium of $3,995, equal to 104.25, a basis of
about 3.51%. Dated Nov. 1 1930. Due $2,350 on May and Nov.115
from 1932 to 1951 incl.
ALPAUGH SCHOOL DISTRICTV(P. 0. Visalia),ITulareCounty,
Calif.
-BOND SALE.
-The $9,000 issue of 5h % coupon school building
bonds offered for sale on Oct. 21-V. 131, p. 2094
-was purchased by the
Elmer J. Kennedy Co. of Los Angeles, for a premium of $35, equal to
100.37, a basis of about 5.417.. Dated Sept. 16 1930. Dues..$1,0001from
Sept. 16 1931 to 1939 incl. No other bids were received.
1.....lii
-BOND SALE.-Thelfollowing
ALTAMONT, Albany County, N. Y.
Issues of coupon or registered bonds aggregating $33,000 offered on Oct. 22
-V.131. p.2564
-were awarded as 4.90s to Batchelder & Co.of New York,
14,
at 100.25, a basis of about 4.86%:
.Dated Sept. 1 1930. Due on Sept. 1 as follows:
$18,000 water bonds.
$1,500 from 1934 to 1941 incl., and $500 from 1942 to 1953 incl.
15,000 street impt. bonds. Dated Aug. 1 1930. Due $1,00 on Aug. 1
from 1931 to 1945 incl.
The following is a list of the bids submitted for the issue:
Int. Rate.
Rate Bid.
4.90%
Batchelder & Co.(purchasers)
100.251
100.00
National Commercial Bank & Trust Co.. Albany_ __ 5.00%
A.C. Allyn & Co., New York
100.38
5.00%
6.20%
100.174
George B. Gibbons & Co., New York
-The
-BOND SALE.
AMSTERDAM, Montgomery County, N. Y.
following issues of coupon or registered bonds aggregating $865,000 offered
-were awarded as 4.10s to a syndicate comon Oct. 29-V. 131, p. 2723
posed of Kissel, Kinnicutt & Co.: E. H. Rollins & Sons, and Wallace.
Sanderson & Co., all of New York, at par plus a premium of $4,766.15.
basis ?I'about 4.06%:
bonds.Due on Sept. 1 as follows: $14,000 from
1931 to 1940 incl.; $16,000 from 1941 to 1960 incl., and $24,000
from 1961 to 1970 incl.
165,000 series B school bonds. Due on Sept. 1 as follows: $1,000 from
1931 to 1935 incl.; $2,000 from 1936 to 1940 incl.' $4,000 from
1941 to 1960 incl., and $7,000 from 1961 to 1970 Ma
Each Issue is dated Sept. 11930. The successful bidders are reoffering
the bonds for public investment at prices to yield from 3.25 to 4.00%,
according to maturity. The securities are said to be legal investment for
savings banks and trust funds in the State of New York and payable from
unlimited ad valorem taxes levied against all the property in the City.
Bodd ci
An iffierallist of the bids submitted for the bonds follows:
Premium.
.
ci 1:te.
Int 0
Kissel, Kinnicutt & Co.; E. H. Rollins & Sons, and
$4,766.15
.4.10%
Wallace, Sanderson & Co., jointly (purchasers)
614.15
Farmers National Bank of Amsterdam
5,094.85
Manufacturers & Traders Trust Co., Buffalo
9,686.27
George B. Gibbons & Co., Inc. New York
519.00
4.10%
Dewey,Bacon & Co., New York
4,325.00
44 10
4 220
.
Estabrook & Co., New York
4.20%
H.M.Byllesby & Co., New York
5
3 5..30
4,893 0
4.20
Harris,Forbes & Co., New York
775.91
Manufacturers National Bank of Troy
2,749.84
11 .
8
Guaranty Companyof New York
4,
First Detroito.,nc.. and M.M.Freeman & Co., . 0%
856.35
Inc.,jointly, both of New York
1
1 ,
1,438,1 01122, ,
-The $260,ARLINGTON, Middlesex County Mass.-BOND SALE.
'
000 4% coupon school bonds offered on Oct. 29-V. 131, p. 2723-were
awarded to the Bank of Commerce & Trust Co., Boston, at 102.463, a
basis of about 3.63%. Dated Nov. 1 1930. Due on Nov. 1 as follows:
$18,000 from 1931 to 1935 incl., and $17,000 from 1936 to 1945 incl. The
.
following is a list of the bids submitted for the issue:
Bidder
Bank of Commerce & Trust Co. (purchaser)
102.296
Faxon. Gade & Co
102.201
Harris, Forbes & Co
102.151
Estabrook & Co
101.88
Eldredge & Co
101.83
Co.
Moseley
101.819
R.I
IP. S
:.Da
&
101.75
Atlantic Corp
101.68
C. P. Nelson & Co
101.61
Menotomy Trust Co
ASHTABULA COUNTY (P. 0. Jefferson), Ohlo.-BOND SALE.
-were
The $6,660 road impt. bonds offered on Oct. 27-V. 131, p. 240,
& Co. of Toledo, at par plus a premium
awarded as 434s to Spitzer, Rorick
of $56. equal to 100.85, a basis of about 4.34%. Dated Oct. 11930. Due
11932;$300 on
semi-annually as follows: $360 on April 1 and $300 on Oct.and
Oct. 1 1941.
April and Oct.!from 1933 to 1940 incl.. and $1,000 on April
-A $6,500 Issue of
ATLANTA, Fulton County, Ga.-BOND SALE.
% street impt. bonds is reported to have recently been purchased by the
First National Co. of Atlanta, paying a premium of $104. equal to 101.60.
-Sealed bids will
-BOND OFFERING.
AUSTIN, Travis County, Tex.
be received by Geo. G. Grant, Director of Finance until Dec. 3 for the
purchase of street, sewer and park bonds aggregating $1,000,000. Due
serially in 30 years.
-E. H. Rollins &
-BOND SALE.
AYER, Middlesex County, Mass.
Sons of Boston,on Sept. 24 purchased an issue of $93,5004% coupon school
building bonds at a price of 101.14, a basis of about 3.87%. Dated Aug. 1
1930. One bond for $500, others for $1,000. Due annually as follows:
$7.500 in 1931: $7,000 in 1932 and 1933: $6,000 in 1934 and 1935; $5,000
from 1936 to 1945 incl., and $2,000 from 1946 to 1950 incl. Interest is
payable semi-annually in Feb. and Aug.
-BOND OFFERIA10.-It is reBASTROP, Morehouse Parish, La.
ported that sealed bids will be received until Nov. 1,, by the City Clerk,for
the purchase of a $30.000 issue of street impt. excess revenue bonds.
"The proximity of a metropolitan community like St. Louis," the state-BONDS VOTED.
BATON ROUGE, East Baton Rouge Parish, La.
ment stated, "creates problems within our territory that are beyond the
of sewer impt. bonds is reported to have been approved
power of any single municipality or of the County as now constituted to A $290,000 issue special election held recently.
be necessary by the voters at a
deal with. Highways are required on a larger scale than would
except for the presence of the huge population of St. Louis. It does little
BLANCHARD TOWNSHIP SCHOOL DISTRICT, Putnam County,
good for University City to maintain a good health service when the results
-One of the questions to be decided by the
-BOND ELECTION.
of its efforts may be destroyed by disease arising in nearby districts, where Ohio.
enforced. This growing area requires large voters at the general election to take place on Nov.4 deals with the proposed
health precautions are not
be built as a system sale of $45,000 school building construction bonds. Maturity of issue has
expenditures for the con truction of sewers which must
extension park developco-ordinating with the system of St. Louis. Any the public of St: Louis been set at 20 years.
ment which must be undertaken to adequately serve
The
BLOOM RURAL SCHOOL DISTRICT, Morgan County, Ohio.
County, not to mention St. Louis itself, calls for common effort. there
and
-One of the questions to be considered by the voters
BOND ELECTION.
County needs an adequate supply of water at reasonable rates,
deals with
proposed sale
seems no way to secure it except by co-operation with St. Louis. No. 5, at the general election to take place on Nov. 4 Maturitytheissue has been
of
of $35,000 school building construction bonds.
"The proposed constitutional amendment, known as Proposition
Louis and set at 10 years.
makes possible the adoption of a plan of union between St.
and at
St. Louis County which will effectively deal with these problems
-BOND DESCRIPself-government of
BOLIVAR COUNTY (P. 0. Rosedale), Miss.
the same time preserve the existence and the rights of
does not TION.
-The $100.000 Issue of refunding general bonds that was purchased
the municipalities of St. Louis County. The amendment itself
amendment. It by Saunders & Thomas of Memphis-. 131, p. 973-bears Interest at 5%
prescribe the details of the plan. It Is a mere enabling
charter and was awarded at a price of 101.07, giving a basis of about 4.89%. Due
simply permits the submission of a charter to the people, which
$4,000, 1936 to 1945. and 55.000, 1946 to
voting separately.
must be ratified by St. Louis and by St. Louis County. not go into effect as follows: $2,000. 1931 to 1935:
1955, all Incl.
of the charter, It will
Even if St. Louis votes In favor
reserve our rights to
-CITY TREASURER REJECTS
unless Si. Louis County also gives it a majority. We
BOSTON, Suffolk County, Mass.
is a sufficient
to us.
-Edmund L. Dolan,
Pass upon the charter when it is presented section. This powers of the ONLY OFFER RECEIVED FOR $6,480,000 BONDS.
The
the only bid submitted on Oct. 29 for the purchase
guarantee against anything unfair to either
taken away City Treasurer, rejected bonds which were scheduled for award on that date
existing municipalities as set forth in the charter can never be of them." of the $8.480,000
%
rom them, except with the approval of the people in a majority
Nov. 1 1930.1
FINANCIAL CHRONICLE
2929
Standard time) on Nov. 17, for the purchase of 328,156116%
-V.131, p. 2724. The offer was for a portion of the offering and was made (Eastern owners' portion sewer improvement bonds. Dated Nov. 1 1930.
by the Shawmut Corp. of Boston. The nature of the bid was not made propertyOct. I, as follows: $2,156 in 1932: $3,000 from 1933 to 1935, incl.:
Due on
public.
from 1937 to 1939, incl.: $2,500 in 1940, and $3,000
The various issues making up the total of $6,480,000 are described as $2,500 in 1936: $3,000 semi-annual interest April and Oct.) are payable
in 1941. Principal and
follows:
Cleveland Trust Co., Cleveland. Bids for the bonds to bear interest
that
$1,000;000 street reconstruction bonds. Due $200,000 on Nov. 1 from at the
at a rate other than 6% will also be considered, provided, however,
1931 to 1935 incl.
where a fractional rate is bid such fraction shall be jf, of 1% or a multiple
350,000 highway bonds. sine on Nov. 1 as follows $18,000 from 1931 thereof. A certified check for 5% of the amount of bonds bid for, payable
to 1940 incl., and $17,000 from 1941 to 1950 incl.
the order of the Village Treasurer, must accompany each proposal.
150,000 highway bonds. Due on Nov. 1 as follows: $8,000 from 1931 to These are the bonds originally scheduled for ward on Nov. 9, coupled
to 1940 incl., and $7,000 from 1941 to 1950 incl.
-V. 131, p. 2724.
issue.
500.000 highway bonds. Due $25,000 on Nov. 1 from 1931 to 1950 incl. with a $38,155 sewer
-BOND ELECTION.
BROOKVILLE, Montgomery County, Ohio.
50.000 traffic control signal bonds. Due $5,000 on Nov. 1 from 1931 to
1940 incl.
One of the questions to be considered by the voters at the general election.
bonds. Due $5,000 on Nov. 1 from 1931 to take place on Nov. 4, deals with the proposed $25,000 building construe50,000 traffic signal system
to 1940 Ind.
tion bond issue. Maturity of issue has been set at 25 years.
100,000 Charles River Basin assts. bonds. Due on Nov. 1 as follows:
-On'
-BOND SALE.
Inch
BROWN COUNTY (P. 0. Brownwood), Tex.
$7,000from 1931 to 1940 incl., and $6,000from 1941 to 1945 incl.
Oct. 20, a 1200,000 issue of road bonds was jointly purchased by Caldwell
10,000 fire station bonds. Due $1,000 on Nov. 1 from 1931 to 1940
and Van H. Howard & Co., of San Antonio. The
30.000 now fire station bonds. Duo on Nov. 1 as follows: $2,000 from & Co., of Nashville,the Fort Worth "Record" of Oct. 22 as follows:
sale was reported in
1931 to 1940 incl., and $1,000 from 1941 to 1950 incl.
incl.
Caldwell & Co. and Van H. Howard & Co. bought $200,000 road bonds
140,000 new fire boat bonds. Due $7,000 on Nov.1 from 1931 to 19501931 from Brown County Commissioners Monday at par plus accrued interest,
bonds. Due $11,000 on Nov. 1 from
depa
165,000 hospitalincl.rtment
plus premium and with an agreement to pay expense of delivery to deto 1945
bought the bonds together. White f'hillips,
165,000 hospital department bonds. Due $11,000 on Nov. 1 from 1931 pository. The two companies F. Dittmar Cos. entered a combination bid
Well Roth and Irving and B.
to 1945 incl.
plus accrued interest, plus $680 with Brown County paying expense
par
150,000 hospital department bonds. Due $10,000 on Nov. 1 from 1931 of delivery of depository.
of
to 1945 incl.
of the Brown County road program and were sold
dep .
150,000 hospitalinclartment bonds. Due 310,000 on Nov. 1 from 1931 In The bonds were part
preparation of payment of this County's share in new contracts recently
to 1945
bonds. Due $2,000 on Nov. 1 from 1931 let by the State Highway Commission.
30,000 hospital department
-The $15,000
-BOND SALE.
to 1945 incl.
BUCYRUS, Crawford County, Ohio.
incl.artmeot bonds. Due $2,000 on Nov. 1 from 1931 coupon land condemnation bonds offered on Oct. 27--V. 131, P. 2408-were
30.000 hospital dep
to 11)45
awarded as 43s to the Guardian Trust Co.,Cleveland,at par plus a Premium
depar
70,000 hospitalincl.tment bonds. Due $7,000 on Nov. 1 from 1931 of $137, equal to 100.91. a basis of about 4.347.. The bonds are dated
to 1.940
July 1 1930 and mature $1.500 on Oct. 1 from 1932 to 1941 incl. (The
75,000 hospital buildings bonds. Due $5,000 on Nov. 1 from 1931 amount in the notice of the proposed sale was incorrectly reported as
to 1945 incl.
$10,000). The following is a list of the bids submitted for the issue; the
dep
400,000 hospitalinclartment bonds. Due $20,000 on Nov. 1 from 1931 offer of the McDonald-Callahan-Richards Co. being for 4%% bonds, while
to 1950
all of the others were for the issue as 4%s .
Premium.
140,000 branch libraries bonds. Due $7,000 on Nov. 1 from 1931 to
Bidder3137.00
1950 incl.
The Guardian Trust Co. (purchser)
123.50
70,000 central library bldg. bonds. Due $7,000 on Nov. 1 from 1931 Spitzer, Rorick & Co
105.00
System
incl.
to 1940
Ohio State Teachers Retirenlent
97.50
240,000 Columbus Park bonds. Due $12,000 on Nov. 1 from 1931 to The Davies-Bertram Co
91.50
1950 incl.
Savings Bank St Trust Co
The Provident
87.00
35,000 river and pond bonds. Due on Nov. 1 as follows: $2,000 from Ryan, Sutherland & Co.
7,84
1931 to 1945 incl., and $1,000 from 1946 to 1950 Incl.
W. L. Slayton & Co
73.00
30,000 playground bonds. Due on Nov. 1 as follows: 12,000from 1931 Well, Roth & Irving Co
71.00
to 1940 incl., and $1,000from 1941 to 1950 incl.
Seasongood & Mayer
60.00
75,000 playground bonds. Due on Nov. 1 as follows: $4,000 from 1931 BancOhio Securities CO
19.50
to 1945 Incl., and $3,000 from 1946 to 1950 incl.
The Title Guarantee Securities Corp
167.00
15,000 playground bonds. Due $1,000 on Nov. 1 from 1931 to 1945 incl. McDonald-Callahan-Richards Co
50,000 playground bonds. Due on Nov. 1 as follows: $3,000fromt1931
BUCYRUS CITY SCHOOL DISTRICT, Crawford County, Ohio.
to 1940 incl., and $2,000from 1941 to 1950 ind.
-At the general election to be held on Nov. 4, the
30,000 playground bonds. Due on Nov. 1 as follows: $2,000 from 1931 BOND ELECTION. fate of a proposed $80,000 school building construevoters will decide the
to 1940 incl.,and $1,000from 1941 to 1950 incl.
been set at 15 years.
30.000 playground bonds. Due on Nov. 1 as follows: $2,000from 1931 tion Issue. Maturity of bonds has
to 1940 incl., and $1,000 from 1941 to 1950 ind.
-BOND ISSUES APPROVED-The
BUFFALO, Erie County, N. Y.
25,000 Rogers Park bonds. Due on 1%,ov. 1 as follows: $2,000 from sale of $837,000 in bonds for school buidling construction and impt. purpose
1931 to 1935 incl.. and $1.000from 1936 to 1950 incl.
reported been approved recently.
5,000 memorial gate bonds. Due $1,000 on Nov. 1 from 1931 to Is
-OFFER 3807.000 4i9'
1935 incl.
CAMDEN COUNTY (P. 0. Camden), N. J.
40,000 playground bonds. Due $2,000 on Nov.1 from 1931 to 1950 Ind. BONDS.
-The 3807,000 43% coupon or registered county building and
35,000 World War Memorial Park impt. bonds. Due on Nov. 1 as improvement bonds which were awarded on Oct. 23 at 101.089, a basis
-are being reoffered by Phelps, Fenn &
follows: $2,000 from 1931 to 1945 incl., and $1,000 from 1946 of about 4.16%-V. 131, p. 2724
to 1950 incl.
Co. and B. J. Van Ingen & Co., both of New York, jointly, for public
100,000 courthouse bonds. Due $5,000 on Nov. 1 from 1931 to 1950 incl. investment at prices to yield from 3.50 to 4.10%. according to maturity.
220,000 East Boston courthouse and police station bonds. Due $11,000 The securities are said to be legal investment for savings banks and trust
on Nov. 1 from 1931 to 1950 incl.
funds in the States of New York and New Jersey,
85,000 Congress St. bonds. Due on Nov. 1 as follows: $6,000 from
Financial Statement.
$354,123,894
1931 to 1940 incl., and $5,000 from 1941 to 1945 incl.
Assessed valuation, 1930
14,075.824
150.000 new ferryboat bonds. Due on Nov. 1 as follows: $8,000 from Total bonded debt (including this issue)
607,116
1931 to 1940 incl., and $7,000 from 1941 to 1950 intl..
Less sinking fund
150,000 sewer bonds. Due on Nov. 1 as follows: 18.000 from 1931 to
$13,468,708
1940 incl., and $7,000 from 1941 to 1950 incl.
bonded debt
Net
300,000 sewerage works bonds. Due on Nov. 1 as follows: $20,000from
Population, 1930 census, 252,330.
1931 to 1940 incl., and $10.000 from 1941 to 1950 incl.
-BOND SALE
CAMERON COUNTY (P. 0. Brownsville), Texas.
200,000 sewerage works bonds. Due $10,000 on Nov. 1 from 1931 to
POS7PONED-The sale of the $1,000,000 issue of coupon semi-ann. road,
1950 incl.
30 (V. 131. p. 2724) were postponed
Oct.
120,000 Charles St. widening bonds. Due $8,000 on Nov. 1 from 1931 series E, bonds scheduled for or December. Dated Dec. 16 1929. Due
until some time in November
to 1945 incl.
20,000 River St. reconstruction bonds. Due $LOW on Nov. 1 from $40,000 from Feb. 1 1935 to 1959, inclusive.
1931 to 1950 incl.
CAMERON COUNTY (P. 0. Brownsville), Tex.-BONDS.REOIS300,000 street widening and extension bonds. Due $20,000 on Nov. 1 TERED.-On Oct. 21 the State Comptroller registered a $600,000 Issue
from 1931 to 1945 incl.
bonds. Denom. $1,000. Due serially.
300,000 street widening and construction bonds. Due $20,000 on Nov.1 of 5% road,series 0
from 1931 to 1945 incl.
CHERRYHILL TOWNSHIP (P. 0. Indiana), Indiana County, Pa.
100,000 jail impt. bonds. Due $5,000 on Nov. 1 from 1931 to 19511 incl.
-The following is a list of the bids received on Sept.
OF BIDS.
All of the above bonds will be dated Nov. 1 1930. Denom. 11,000. or -LIST
29 for the purchase of the $34,000 4%% coupon road bonds which were
any multiple thereof. Prin. and semi-ann. int. (M. & N.) are payable at awarded to the Manufacturers & Traders Trust Co.. of Buffalo, at a
the office of the City Treasurer.
price of 102.799, a basis of about 4.19%.-V. 131, p.2564.
Rate Bid.
Bidder-An issue of
BOURBON COUNTY (P. 0. Paris), Ky.-BOND SALE.
102.799
Co. (Purchaser)
Traders
% semi-ann. road bonds has been jointly purchased by the Manufacturers &Stokes & TrustPhiladelphia
$100,000
102.46
Co..
& Irving Co. and Walter, Woody & Heimerdinger, both of Edward Lowber Commodore, Commodore
102.136
Peoples Bank of
Cincinnati, subject to a pending election, paying a premium of $50, equal
102.133
E. H. Rollins & Sons, Philadelphia
to 100.05. Denom. $500 or $1,000, at option of purchaser.
101.84
A. B. Leach & Co., Philadelphia
100.26
M. Freeman & Co., Philadelphia
-BOND OFFERING.
-Sealed M.
BOZEMAN, Gallatin County, Mont.
-WARRANT REDEMPTION NOTICE.
bids will be received until 4:30 p. m. on Nov. 28 by Elizabeth Johnson.
County,III.
CHICAGO,Cook
Clerk of the Board of City Commissioners, for the purchase of an issue ol -George K. Schmidt, City Comptrolli r, in an official advertisement.
$109,000 4% 7. semi-annual refunding bonds. Due in 18 years, optional serves notice to all holders of city tax anticipation warrants (issued account
in 15 years. The bonds shall not be sold for less than par and accrued in- 1928 taxes) dated Nov. 1 1929. denominations $5.000 and 51,000.
terest. Bids submitted must be for amortization bonds and (or) serial due Nov. 15 1930 and numbered from F-1 to F-1800 incl., that funds
bonds as defined and required in Chapter 38, Laws of Montana, 1923. for the payment thereof are now available. The warrants will be paid on
Serial bonds shall be in denominations of $500 or multiples of $100. Amor- presentation, through any bank, to the City Treasurer or to the Guaranty
tization bonds are and will be the first choice and serial bonds will be the Trust Co., New York. Int, accrual will be stopped on due date. Nov. 15
second choice of the Commission in determining the succdssful bidder. 1930, if foregoing described notes are not presented for collection on that
The Commission reserves the right to purchase for the account of the Sink- date. Should any of the warrants be presented for payment prior to Nov.
ing Fund Trustees in amount up to $10,000 at the price of the successful 15, they will be taken up and accrued interest paid to date of presentation.
bidder.
Four syndicates submitted bids for the bonds, as follows:
Rate Bid.
SyndicateBRIGHTON (P. 0. Rochester), Monroe County, N. Y.
-BOND
x98.441
-The following issues of coupon or registered bonds aggregating Chase Securities Corp., New York (Manager)
SALE.
98.133
Continental Illinois Co., Chicago (Manager)
-were awarded as 5'%s to
$228,500 offered on Oct. 29-V. 131. p. 2724
98.108
Edmund Seymour & Co.,of New York,at par plus a premium of 31.074.67. Halsey. Stuart & Co., Chicago (Manager)
98.089
Guaranty Co. of New York, New York (Manager)
equal to 100.47, a basis of about 5.69%:
x Accepted bid.
389,000 street improvement bonds. Due on Nov. 1, as follows: $1,000 in
1931 and 1932; $3,000 In 1933_, and 37,000 from 1934 to 1945, incl.
-A syndicate composed
-BOND SALE.
CHICAGO, Cook County, 111.
81,000 street improvement bonds. Due on Nov. 1, as follows: $1,000 In
of Lehman Bros., the Chase Securities Corp.. Stone & Webster and Blodget,
1931; $2,000 In 1932, and $6,000 from 1933 to 1945, Incl.
31,500 sewer bonds. The annual maturities of this issuo as noted in the Inc., Kountze Bros. the Commercial National Bank & Trust Co., Strana& Co.,
'
notice of proposed sale were revised prior to the award as follows: han, Harris & CO., Inc., Rogers Caldwell & Co., and BatchelderBank dc
all of New York City, Heller, Bruce & Co. and the Wells-Fargo
$500 in 1933, and $1,000 from 1934 to 1984. incl.
27,000 sewer bonds. The annual maturities of this issue as noted in our Union Trust Co., both of San Francisco. the Milwaukee Co., of Milwaukee,
notice of proposed sale were also revised prior to the award as and the Mississippi Valley Co., of St. Louis, submitted the accepted bid
of 98.44 for the purchase of the $12,000.000 4% coupon revolving fund
follows: $1,000 on Nov. 1 from 1934 to 1960, incl.
Each issue is dated Nov. 1 1930.
bonds for which sealed bids were opened on Oct. 30. Net interest cost
of financing to city is about 4.289'. The bonds are dated August 1 1930.
BROCKTON, Plymouth County, Mass.
- Denom. $1,000. Due semi-annually as follows: 1700.000 on July 1 1932:
-TEMPORARY LOAN.
F.S. Moseley & Co. of Boston, on Oct. 27 purchased a $300,000 temporary $1,000,000 on Jan. 1 in 1933 and 1934; 31,100,000 on Jan. 1 from 1935 to
loan at 2.19% discount, plus a premium of $5. The loan is dated Oct. 29 1937, incl.. and $1,200,000 on Jan. 1 from 1938 to 1942, Inc' Principal
1930 and is payable on March 17 1931. The following Is a list of the bids and semi-annual interest are payable at the City Treasurer's office, or at
submitted for the issue:
the Guaranty Trust Co., New York. The bonds are issued under authority
BidderDiscount. of Chapter 24 of the Revised 'Statutes of the State of Illinois and House
F.S. Moseley & Co., plus $5 premium (purchaser)
Bills numbers 10 and 12 enacted at the first spacial session of the 56th
Merchants National Bank (Boston)
9
2:217 General Assembly of the State of Illinois; and in accordance with ordinance
Home National Bank of Brockton, plus $5 premium
2.24
passed by the City Council July 16 1930. Members of the successful group
Bank of Commerce & Trust Co
2.25
reoffered the bonds for public investment priced to yield from 3.75% to
Salomon Bros.& Hutzler, plus $3 premium
2.26
4.20%, according to maturity. These are the yields at which the original
Faxon,(lade & Co
2.28
reoffering of the securities was made.
premium
Plymouth County Trust Co., plus $2
2.35
CHICAGO, LINCOLN PARK DISTRICT (P. 0. Chicago), Cook
Brockton National Co
2.35% County, III.
-BOND SALE-The 13.000.000 4%% coupon (registerable
-BOND OFFERING.
- to principal) series A park impt. bonds offered on Oct. 29-V_. 131. p. 2585-.
BROOKLYN, Cuyahoga County, Ohio.
Value Clerk, will receive sealed bids until 1 P. in. were awarded to a syndicate composed of Halsey, Stuart & Co.; A.B.Leach
Charles L. Rogers,
2930
FINANCIAL CHRONICLE
[VOL. 131
lc Co.; Lawrence Stern & Co., and the Chatham Phenix Corp. all of of Davenport
par. Due
'Chicago, at 101.307, a basis of about 4.33%. Dated Oct. 1 1930. Due May 1 1936. as 44s at bidders andon May 1 1943 and optional after
'
The other
their bids (both for 4s) were as
$150,000 on Oct. 1 from 1931 to 1950 incl.
•
follows:
The successful bidders are re-offering the bonds for public investment
BidderPremium.
-at prices to yield from 3.75 to 4.20%, according to maturity.
White-Phillips Co.of Davenport
$98.00
CLEBURNE, Johnson County, Tex.
-BONDS APPROVED.
-We are Geo. M.Bechtel& Co.of Davenport
96.00
informed that the City Council has approved and is offering for sale a
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND ELECTION DE$50,000 issue of various purpose bonds.
TAILS.
-In respect to the election to be held on Nov. 4, to vote on the
CLEVELAND HEIGHTS CITY SCHOOL DISTRICT, Cuyahoga proposed issuance of $2,600,000 in bonds for bridge construction-V. 131.
-we quote as follows from the October issue of the "Electric Rail'County, Ohio.
-BOND OFFERING.
-J. Maynard, Clerk of the Board of P. 2565
Education, will receive sealed bids until 12 in. on Nov. 10 for the purchase way Journal".
"At the November election to be held in Omaha, Neb., the citizens will
•of the following issues of 5% bonds aggregating $742,000.
1636,000 school bonds. Due on Oct. I as follows $28,000 in 1931: $29,000 vote on the question of issuing bonds for erecting a free bridge between
from 1932 to 1939 incl.; $28,000 in 1940, and $29,000 from 1941 Omaha and Council Bluffs, Iowa, to take the place of the present toll
bridge owned and operated by the Omaha & Council Bluffs Street Railway.
to 1952 incl.
"If
106,000 school bonds. Due on Oct. 1 as follows: $4,000 in 1931; $5,000 tion the decision is favorable for the free bridge, it will be a virtual repudiaof the gift by the railway of its bridge under an escrow agreement
from 1932 to 1935 incl.: $4.000 in 1936: $5,000 from 1937 to 1940 whereby
incl.; $4,000 in 1941: $5,000 from 1942 to 1945 incl; $4,000 in price of the two Cities are to receive the bridge free as soon as the company's
$4,155,296 is received in tolls. The estimated time for realizing
1946, and $5,000 from 1947 to 1952 incl.
Each issue Is dated Nov. 15 1930. Denom.$1,000. Prin. and semi-ann. thig_price is 6H years from date of the gift, Oct. 31 1929.
This time has now been cut to 5 years and 9 months.
int. (A. & 0.) are payable at the legal depository of the Board of Education
"Under the escrow agreement, the title to the bridge is being held by
In Cleveland. 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 six Omaha and Council Bluffs men and cannot be revoked by the railway.
However, the
bid such fraction shall be
of I% or a multiple thereof. A certified check construction agreement provides that it will automatically be revoked if
of a new bridge is begun within a mile of the present structure
for 3% of the amount of bonds bid for, payable to the above-mentioned (the
only logical place for a new bridge), or if condemnation proceedings
Clerk is required.
are started against the present bridge.
COLUMBUS, Franklin County, Ohio.
"The free bridge advocates consider the company's price of $4,155,296
-BOND OFFERING.
-Samuel
J. Willis, City Clerk, will receive sealed bids until 12 m. (eastern standard for the bridge too high."
time) on Nov. 20 for the purchase of $500,030 4 % water works system
DOUGLAS COUNTY (P.O. Superior), Wis.-BONDS APPROVED.
improvement bonds. Dated Dec. 1 1930. Denom. $1,000. Due $25,000 The
State
on Feb. 1 from 1933 to 1952. incl. Principal and semi-annual Interest priation Highway Commission on Oct. 17 gave its approval to an approof $415,000 for improvements to the four State trunk highways
(F. & A.) are payable at the office of the agency of the City of Columbus
In the county
in New York City. Bids for the bonds to bear Interest at a rate other than
43 % will also be considered, provided however, that where a fractional
DOVER, Morris County, N. J.
-BOND SALE.
-The
rate is bid such fraction shall be 4 of 1% or a multiple thereof. Blank or registered street improvement bonds offered on Oct. $91,000 coupon
27-V. 131, p.
bidding form furnished upon application to the City Clerk. A certified 2565
-were awarded as 4Hs to M. M.Freeman &
check for 1% of the amount of bonds bid for, payable to the order of the par plus a premium of $480, equal to 100.526, a Co., of Philadelphia, at
basis of about 4.44%.
City Treasurer, must accompany each proposal. Transcripts of pro- Dated Nov. 1 1930. Due on Nov. 1 as follows: $4,000 from 1932 to 1942
ceedings will be furnished successful bidders and sufficient time allowed incl.; $5,000 in 1943. and 86,000 from 1944 to 1950, incl. C. A. Pretm &
within 15 days from the time of said award for the examination of such Co., of New York, the only other bidders, offered par plus a premium of
transcripts by bidders' attorney, and bids may be made subject to approval $475 for the bonds as 4Hs.
of same.
EAST DEER TOWNSHIP (P. 0. Glassmere), Allegheny County,
COMFREY, Brown County, Minn.
-BOND OFFERING.
-Sealed bids Pa.
-BOND SALE.
-The $100,000 4 % coupon street and sewer bonds
will be received until 8 p. m. on Nov. 3 by Martin Windschtle, Village offered on July 11-V. 131, p 148
-were awarded to the Mellon National
Clerk, for the purchase of an $8,000 issue of 5% water works impt. bonds. Bank, of Pittsburgh, at par plus a premium of $2,131.80. equal to 102.13,
Denom. $1,000. Due $1,000 from 1931 to 1938 incl.
a basis of about 4.26%. Dated July 1 1930. Due on July 1 as follows:
COOK COUNTY (P. 0. Chicago), 111.
-BOND OFFERING.-Jamee $30,000 in 1935. and $35.000 in 1940 and 1945.
G. Russell, Superintendent of Public Service, will receive sealed bids until
EAST GRAND RAPIDS, Mich.
-MATURITY.
-The $26,683.37 5%,
2 p. in. on Nov. 12 for the purchase of $6,500,000 4% coupon revolving coupon street impt. bonds which were
awarded to the Industrial Co. of
fund bonds, series Z. Dated Aug. 1 1930. Denom. $1,000. Due on Grand Rapids at 100.47-V. 131, 2565-a
basis of about 4.88%, mature
p.
Feb. 1 as follows: $800,000 from 1935 to 1941 incl. and $900,000 in 1942 as follows: $4,393.68
in 1931 and
Prin. and semi-ann. int. (F. & A.) are payable at the office of the County $2.454.63 from 1935 to 1939 incl. 1932; $2,811.43 in 1933 and 1934, and
Treasurer. Proposals must be made out on the regular form to be obtained
EAST LYME (P. 0. Niantic), New London County, Conn.
at the office of the Superintendent of Public Service. A certified check
-BOND
for $100,000 must accompany each proposal. The offering notice says SALE.
-The $40,000 43i% coupon school bonds offered on Oct. 29(V. 131,
that the bonds will constitute general obligations of the County, payable p. 2725) were awarded to H. M. Byllesby & Co. of Boston at a price of
from unlimited ad valorem taxes to be levied upon all the taxable property 101.69. a basis of about 4.08%. Dated Oct. 11930. Due $5,000 on Oct. 1
in said County. The County will furnish the printed bonds and approving from 1931 to 1938, incl. Bids for the issue were as follows:
Bidderopinion of Chapman & Cutler of Chicago, and also of Schuyler, Dunbar &
Rate Bid.
H. M. Byllesby & Co. (purchasers)
Weinfield of Chicago, and all bids must be so conditioned.
101.69
Eldredge & Co., Boston
COUNCIL GROVE, Morris County, Kan.
100.93
-ADDITIONAL IN- R.L.
Day & Co., Boston
101.549
FORMATION.
-The $100.000 issue of 4H % flood control bonds that was
R.F. Griggs Co., Waterbury
purchased by the Central Trust Co., of Topeka.
100.877
-was Putnam &
-V. 131, p. 2725
Co., Hartford
awarded at par and matures in 20 years.
101.371
CFtAWFORD, Delta County, Colo.
ELKHART COUNTY (P. 0. Goshen), Ind.
-PRICE PAID.
-The $25,000
-BOND SALE.
-The
Issue of 53 % semi-annual water refunding bonds that was purchased by $2,400
% coupon township road impt. bonds offered on Oct. 24-V. 131.
Bosworth, Chanute, Loughridge & Co., of Denver
-were awarded to the Salem Bank & Trust Co. of Goshen at par
-V. 131, p. 2409
- p. 2566
plus a premium of $59.10, equal to 102.46, a basis of about 4.00%. The
was awarded at par. Due from 1931 to 1960. incl.
CRESTON, Union County, Iowa.
-BOND SALE.
-The $17,500 issue bonds are dated Oct. 15.1930 and mature semi-annually as follows: $120
ofsewer bonds offered for sale on Oct. 22-V.131, p. 2565
-was purchased on July 15 1932; $120 on Jan. and July 15 from 1933 to 1941 incl. and $120
by the First National Bank of Shannon City, as 44s, for a premium of on Jan. 15 1942. The Inland Investment Co. of landianapolis, the only
$117,50, equal to 100.67, a basis of about 4.18%. Due from 1935 to 1950. other bidder, offered par plus a premium of $18.50 for the issue.
The other bids (all for 4 ys) were:
i
.ETNA,Allegheny County,Pa.
-BOND
-J.C. Armstrong,
BidderPremium. Borough Secretary, will receive sealed bidsOFFERING. on Nov. 10 for
until
in.
Geo. M. Bechtel & Co
$115.60 the purchase of $40,000 0 0 coupon borough 7 p.
,
6%
bonds. Dated Nov. 1
Carleton D. Berl Co
90.00 1930. Denom. $1,000. Due $5,000 on Nov. 1 from 1932 to 1939 incl.
White-Phillips Co
58.00 Int. is payable semi-annually in May and Nov. Successful bidder to pay
Glaspell, Vieth & Duncan
2.00 for the printing of the bonds. A certified check for $500, payable to the
DALHART, Dallam County, Tex.
-BONDS REGISTERED.
-The order of the Borough, must accompany each proposal.
120,000 issue of 54% funding, series 1930 bonds sold on June 30-V. 131.
FABENS, El Paso County, Tex.
-The County Treas-was registered by the State Comptroller on Oct. 20. Denom. urer has recently purchased at par -BOND SALE. of a $55,000 issue of
p. 147
$30,000 portion
$1.000. Due serially in 40 years.
5% water bonds. We are informed that the County will purchase the
DAYTON, Montgomery County, Ohio.
-E. E. balance when needed.
-BOND OFFERING.
Hagerman, Secretary of Treasury Investment Board, will receive sealed
FAIRMONT, Fillmore County, Neb.-BOND SALE.
-A $35,000
bids until 12 m. (Eastern standard time) on Nov. 4 for the purchase of Issue of 43 % refunding bonds has recently been purchased by the Omaha
$368,000 4H% coupon water works extension and improvement bonds, National Co. of Omaha, paying a premium of $350. equivalent to 100.10.
which have been held on said Board as investments. Dated Mar. 1 1928. a basis of about 4.48%. Due as follows: $2,000. 1931 to 1940, and $1,000,
Amount of original issue was $400,000; remaining $32,000 bonds matured 1941 to 1955, all inclusive. Optional after 1940.
and were paid off. Bonds now offered mature $16,000 on Oct. 1 from 1931
FAIRMONT Martin County, Minn.
-BOND SALE.
-The $15,000
to 1953, incl. Principal and semi-ann. int. (April and Oct.) payable either
at the Chase National Bank, New York, or at the Union Trust Co., Day- Issue of refunding bonds offered for sale on Oct. 22-V. 131. p. 2725
ton. A certified check for 3% of the par value of the bonds bid for, paya- was purchased by the Drake -Jones Co. of Minneapolis as 4Hs, paying a
ble to the order of the above-mentioned Secretary, must accompany each premium of $115, equal to 100.766, a basis of about 4.41%. Dated Oct. 1
proposal. Bonds cannot be sold for less than par and accrued interest 1930. Due $1,000 from Oct. 1 1933 to 1947 incl.
and are said to be payable not only from the earnings of the water works.
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
but are also a lien against taxes. Bids must be for 43.% bonds. If John J. Quirk, City Treasurer, on Oct. 29 awarded a $600.000 temporary
so desired, bidders will be furnished without cost the approving opinion of loan to S. N. Bond & Co. of Boston. Rate of discount not disclosed. The
Squire, Sanders & Dempsey of Cleveland, that the bonds are binding and loan is dated Oct. 31 1920 and payable on Feb.4 1931 at the
First National
legal obligations of the City of Dayton.
Bank of Boston. Certified as to genuineness and validity by the First
DAYTON, Montgomery County, Ohio.
-FINANCIAL STATE- National Bank, under advice of Ropes, Gray, Boyden & Perkins of Boston.
MENT.
-The following statement has been prepared in connection with the
FAYETTEVILLE SCHOOL DISTRICT (P. 0. Fayetteville), Fayette
proposed sale on Nov. 6 of $550,000 bonds, comprising a $500,000 4 H% County, Tex.
-BOND OFFERING.
-A
Issue and a $50,000 4H% issues, notice and description of which appeared reported to have been disposed of to local$4,000 Issue of school bonds Is
purchsers.
in our issue of Oct. 25.-V. 131, p.2725.
FORT GIBSON SCHOOL DISTRICT (P. 0. Fort Gibson), MuskoFinancial Statement.
gee County, Okla.
-BOND SALE.
-The $6,000 issue of school bonds
amount of all general bonds issued and outstanding not
Total
offered for sale on July 1-V. 131, p. 148
-is reported to have been purIncluding the $500,000 grade crossing elimination bonds
chased by It. J. Edwards. Inc. of Oklahoma City as 548. Due $500
1930 series D and $50,000 bridge impt. bonds 1939 offered
from 1935 to 1946 incl.
for sale Nov.6 11)30
$15,574,869.50
FORT LUPTON SCHOOL DISTRICT (P. 0. Fort Lupton), Weld
Sinking fund applicable thereto
2,939,394.26
County, Colo.
-BONDS VOTED.
-We are informed that the voters
Water works bonds included in the total amount of all general
bonds issued and outstanding, payable from earnings_ -- - 4,634,000.00 approved the issuance of $100,000 in high school bonds at a special election
held recently.
Sinking fund applicable thereto,included in the $2,939,394.26
624,597.76
sinking fund applicable to general bonds
FORT PIERCE, Saint Lucie County, Fla.
-BONDS AUTHORIZED.
Special assessment bonds separate from and not included in
-We are informed that an issue of $1,050,000 in bonds was tecently author1,776,644.26 ized by the City Commission to take up all the outstanding general bonds
the general bonds, issued and outstanding
not including the revolving funds and utility bonds.
Tax Rate per
Assessed Valuation
Tax Year.
$1,000 Valuation.
Taxable Property.
FORT RECOVERY VILLAGE SCHOOL DISTRICT,Mercer County,
1925-1926
$22.40
$332,714,250
Ohio.-BCND ELECTION.
-At the general election to be held on Nov.4
.23.80
1926-1927
337,675,960
the voters will be asked to approve of the sale of $58.000 school building
25.00
1927-1928
345,676,290
construction and equipment bonds. Maturity of issue has been set at
24.40
1928-1929
347,277.780
20 years.
25.40
1929-1930
353,679,050
FORT WAYNE SCHOOL CITY, Allen County,
-BOND SALE.
Population, census 1925. 177,986; 1926, 183.700; 1928. 191,500; 1930, -The $125,000 4H% coupon school impt. bonds Ind.
offered on Oct. 28200,763.
V. 131. p. 2255
-were awarded to the Old National Bank of Fort Wayne
-Sealed bids at par plus a premium of $6,908, equal to 105.52. a basis of about 3.837.
-BOND OFFERING.
DEPEW, Erie County, N. Y.
addressed to the City Clerk will be received until Nov. 3 for the purchase Dated -Nov. 11930. Due on Nov. 1 as follows: $4,000 from 1931 to 1935
of the following issues of not to exceed 6% int. coupon or registered bonds incl.: $6,000 from 1936 to 1940 incl.; $7,000 from 1941 to 1945 incl. and
$8,000 from 1946 to 1950 incl. The following is a list of the bids submitted
aggregating $57,500:
$29,500 street impt. bonds. Denoms. 81.000 and $500. Due on Nov.I. for the issue:
Bidderas follows: $1,000 in 1931 and $1,500 from 1932 to 1950 incl.
Premium.
17,000 sewer bonds. Denom. $1,000. D ue $1,000 on Nov. 1 from 1931 Old National Bank, Fort Wayne (purchaser)
$6.908.00
Fletcher Ainer.can Say ngs Bank & Trust Co., Indianapolis
to 1947 incl
5,005.00
5,500.00
11,000 sewer bonds. Denom. $1,000. Due $1,000 on Nov. 1 from 1931 Harris Trust & Savings Bank,Chicago
First &'Fri
-State National Bank & Trust Co.,Fort Wayne
6,400.00
to 1941 incl.
Rate of int, to be expressed in a multiple of g of 1%
FRONT ROYAL, Warren County, Va.-BONDS NOT SOLD.
-The
- $58,000 issue of 434% semi-annual water department bonds offered on
-BOND SALE.
DES MOINES COUNTY (P. 0. Burlington), Iowa.
-was not sold as all the bids were rejected. Dated
The $10,000 issue of registered ann. primary road bonds offered for sale Oct. 27-V. 131, D. 2096
on Oct. 21-V. 131, p. 2410
-was awarded to Glaspell, Vieth & Duncan Dec. 1 1927. Due in 30 years.
Nov. 1 1930.]
FINANCIAL CHRONICLE
-A $44,500 Issue
FULLERTON, Nance County, Neb.-BOND SALE.
.of refunding bonds is reported to have been purchased recently by the
Lincoln Trust Co. of Lincoln.
-BONDS REOFGARFIELD HEIGHTS, Mahoning County, Ohio.
FERED.
-The $3,895.08 6% special assessment sewer improvement bonds
-are being
originally scheduled to have been sold on Nov.1-V.311, p.2566
reoffered for award at 1 p.m. on Nov. 7. Particulars of issue and conditions of sale are as published in our issue of Oct. 18.
-Ethel
GEAUGA COUNTY (P. 0. Chardon), Ohio.-BONQ SALE.
L.Thrasher. County Auditor,informs us that an issue 01314,485.34 coupon
road bonds was awarded on Oct. 27 as 434s to Spitzer, Bolick & Co. of
Toledo, at par plus a premium of $118, equal to 100.08, a basis of about
4.483. Dated as of date of sale. Due on Sept. 1 as follows: $1,485.34
In 1932; $1,000 in 1938 $2,000 in 1934; $1,000 in 1935; $2,000 in 1936;
.11,000 in 1937; $2.000 in 1938; $1,000 in 1939; $2,000 in 1940, and $1,000
In 1941. Bids for the issue were as follows:
Premium.
BidderSpitzer, Rorick & Co.(purchasers)
$118.00
18.00
McDonald-Callahan-Richards Co., Cleveland
86.00
Ryan,Sutherland & Co., Toledo
.Seasongood & Mayer, Cincinnati
83.00
BancOhio Securities Co., Columbus
89.60
-BONDED DEBT.
-Joseph
GENESEE COUNTY (P. 0. Flint), Mich.
Galliver, County Comptroller, in a report recently submitted to the County
Board of Supervisors placed the total bonded indebtedness of the county
-on Oct. 1 at $2,237,020, according to the Oct. 25 issue of the Michigan
"Investigator." The obligations bear interest of from 4 to 6% and mature
within the next 11 years.
-FINANCIAL STATEMENT:
GLEN RIDGE, Essex County, N. J.
The statement below has been prepared in connection with the scheduled
award on Nov. 10 of three issues of4% or 4%% bonds aggregating $435,000,
notice and description of which appeared in our issue of Oct. 25-V. 131,
p. 2726.
Financial Statement.
Indebtedness
$739,500.00
Gross debt: Bonds outstanding
Floating debt (incl. temporary bonds out117,611.89 $857,111.89
standing)
Deduction. Water debt
Sinking funds, other than water bonds
$236,827.00
17,106.78
Net debt
Bonds to be issued: Playground bonds of 1930-- $89,000.00
225,000.00
Municipal building bonds of 1930
121,000.00
Water bonds of 1930
Less water bonds, deductible
$253,933.78
3603.178.11
$435,000.00
121,000.00
$314,000.00
Floating debt to be funded by such bonds-- 87.375.41
226,624.59
Net debt, including bonds to be issued
$829,802.70
Assessed Valuations
Real property including improvements, 1928
$17,382,696.00
Real property including improvements, 1929
18,779,025.00
Real property including improvements, 1930
19 800 772.00
Population: Census of 1920, 4,620; Census of 1930, 7,315.
Tax rate: Fiscal year, 1930. $34.60 per 1,000.
GRAND FORKS, Grand Forks County, N. Dak.-BOND OFFER-Sealed bids will be received until 10 a. in. on Nov. 19, by Charles
ING.
J. Evanson, City Auditor, for the purchase of a $225,000 issue of water
works filtration buildings and extension bonds. Interest rate is not to
exceed 50 payable annually. Denom. $100 each or some multiple thereof
/,
not exceeding 81,000. Dated Jan. 2 1931. Due $11,250 from 1932 to 1951.
incl. Bids may be for inunediate delivery of said bonds not to exceed 30
days after sale, or for future delivery of said issue, as follows: $50.000
Feb., June and August 1 1931, and $75,000 on Oct. 1 1931. The Board of
the City Commission reserves the right to sell said bonds at public auction
after the opening and reading of the sealed bids. The purchaser must
satisfy himself as to the legality of the issue and furnish printed bonds.
A certified check for 2% of the bid, payable to J. L. Hulting, President of
the Board of City Commissioners, is required. (These bonds were voted
at on election held on Oct. 3-V. 131, P. 2410.)
GRAND RAPIDS, Kent County, Mich.
-BOND OFFERING.
-Jacob
Van Wingen, City Clerk, will receive sealed bids until 3 p. in. (Central
standard time) on Nov. 10 for the purchase of $1,500,000 not to exceed
% interest coupon civic auditorium bonds. Dated Aug. 1 1930.
Denom. $1,000. Due $50,000 on Aug. 1 from 1931 to 1960 incl. Prin.
and semi-ann. int. are payable at the office of the City Treasurer. 'A
certified check for 3% of the face value of the bonds bid for, payable to the
order of the City Treasurer, must accompany each proposal.
Financial Condition Oct. 25 1930.
The City has no floating debt..
Assessed valuation of City. 1930, $274,678,717.
Total value of water works sinking fund, $1,226,483.43.
Total value of general sinking fund, $1,250,256.73.
Total value of special assessment sinking fund. 81,445.363.30.
Total value of cemetery trust fund, $624,199.83.
Total value of sinking funds, water works, general, cemetery trust funds,
special assessments. $4,546,303.29.
Cash on hand exclusive of sinking fund, $2,223,119.65.
Cash value of assets of City. 844,747.213.87. This includes water works
value of $7,082,522.86.
Recapitulation of Bonded Debt, Oct. 25 1930.
Sewage disposal general taxation
$3,910,000.00
Cemetery, paid by general taxation
150,000.00
B. hospital,paid by general taxation
215,000.00
Bridge bonds, paid by general taxation
560,000.00
Park bonds, paid by general taxation
100,000.00
Flood protection, paid by general taxation
957,000.00
Water works,paid by water revenue
3,626.000.00
School bonds, paid by general taxation
4,422,250.00
Street impt. bonds, paid by special assessment
4,643,700.00
Sewer construction bonds, paid by special assessment
783,600.00
*West Side library bonds
135,000.00
$19,502,550.00
Less general sinking fund cash and securities._ _ _$1,250,256.73
Less water works bonds
3,626,000.00
Less street and sewer bonds
5,427,300.00
10.303,5.56.73
Net bonded debt payable by general taxation
$9,198,993.27
I Serial bonds all held in sluicing fund.
Population, census of 1920. 137,634; U. S. census of 1930, 168.234.
--Street impt. and sewer construction bonds are only a temporary
Note.
obligation, being issued for from one to ten years, and their payment is
provided for by special assessment on the property directly benefited; but
are a direct„city obligation.
GRANT, Perkins County, Neb.-BOND SALE.
-A $50,000 issue of
% semi-annual sewer bonds is reported to have been purchased by
Heath, Schlessraan 5c Co., of Denver, paying a premium of 3580, equal
to 101.16.
GUTHRIE, Logan County, Okla.
-BOND SALE.
-The two issues of
bonds aggregating $270.000, offered for sale on July 15-V. 131, p. 307
were reported to have been purchased by C. Edgar Honnold of Oklahoma
City as follows:
$22'5,000 gas plant bonds, divided as follows: $50,000, as 4%s,due in 1933.
and $175,000 as 4%s, due as follows: $50,000, 1934 to 1936 and
$25.000 in 1937.
45,000 fire station bonds, due as follows: $2,500 from 1933 to 1935 as
4%s.$2,500, 1936 to 1947 as 5s, and 32.500, 1948 to 1950 as 4%s.
HARRIS COUNTY NAVIGATION DISTRICT (P. 0. Houston),
-OFFERING DETAILS.
Tex.
-In connection with the offering scheduled
for Nov. 10 bf the $923,000 issue of coupon navigation bonds
-V. 131,
-we are now informed that the issue is dated Nov. 10 1930. Denom.
9.2566
$1,000. Due in substantially equal amounts serially over 30 years, being
2931
the remainder of the original voted issue of 32.923,000. Int. rate to be
determined by bids and paid semi-annually. Prin. and int, payable at
the County Treasurer's office, or the Chase National Bank in New York.
The approving opinion of the State's Attorney General and Thomson.
Wood & Hoffman of New York will be furnished. Issued pursuant to
Article 3, Section 52, Constitution and Title 128, R. S. 1925, Chapter 9.
Official Financial Statement.
The following list of bonds constitutes all the outstanding issues of bonds,
exclusive of this issue, affecting Harris County Houston Ship Channel
Navigation District, as of date Oct. 15 1930'
Date of
Amount of Rate of MattoOutIssue.
Issue. Interest,
ities.
standing.
Cash. Securities.
June 1 1911 $1,250,000 4 , %
;
6
8751,500 8225,592.91 $5,000
Serial
Mar. 1 1914
250,000 5%
40
250,000
9,441.08 93,000
Aug. 1 1919
1,500,000 5%
5,360.31
Serial
946,000
April 15 1923
3,082,000 25,554.93
4,000,000 5%
Serial
Sept. 15 1924
500,000 434%
397,000
1,327.85
Serial
Feb. 1 1927
250,000 5%
Serial
235,0001 5,200.86
Feb. 1 1927
1,250,000 434°i
Serial
1,112,000J
April 10 1930
2,000,000 5%
' Serial
2,000,000
1,462.79
$11,000,000
$8,773,500 $273,940.73 8101,000
Assessed valuation: 1930, $336,375,637. True valuation: Estimated,
$3650.000,000.
Legal debt limit: 10% real property valuation.
• Population: 1920, 186,673; 1930 356,078.
Tax levy: Appropriate taxes will be levied by order when bonds are issued
'
and sold.
Tax rate: Total for district .232 per $100 valuation.
Debts: All debts are given above. There are no floating or water debts.
HASTINGS, Adams County, Neb.-BONDS CALLED.
-The following
bonds have been called for payment as of Nov. 1, to be presented at the
office of the United States National Co. in Denver:
% intersection paving bonds. Dated March 1 1916.
$50,000
30,000 4%% intersection paving bonds. Dated Feb. 1 1925.
51,000 5? refunding district paving bonds. Dated May 1 1925.
8,000 5 Paving District No.96 bonds. Dated Feb. 1 1925.
9,000 5A % Paving District No. 130 bonds. Dated Feb. 1 1927.
HALEYVILLE, Winston County, Ala.
-BOND OFFERING.
-Sealed
bids will, be received until 7 p. m. on Nov. 17, by J. R. Dozier, City Clerk,
for the'purchase of a $44,000 issue of 6% semi-annual sanitary sewer,
series A bonds. Due on Dec. 1,as follows: $4,000, 1931 to 1936,and $5,000,
1937 to 1940. all incl. A $500 certified check must accompany the bid.
HOULTON, Aroostook County, Me.
-BOND SALE.
-The $45,000
% coupon refunding and bridge bonds offered on Oct. 24-V. 131. p.
-were awarded to the Eastern Trust & Banking Co., of Bangor, at
2567
101.08, a basis of about 4.05%. Dated Nov. 1 1930. Due $5,000 on Nov.
1 from 1932 to 1940, incl. Bids for the issue were as follows:
BidderRate Bid.
Eastern Trust & Banking Co.(purchaser)
101.08
E. l3.Rollins& Sons
100.667
Fidelity Corp
100.559
Merrill Securities Corp
100.391
National City Co
100.295
H. M.Payson & Co.(Portland)
100.125
Timberlake, Estes & Co
100.003
Harris, Forbes & Co
99.69
Arthur Perry & Co
99.533
-BOND OFFERING.
HOWARR COUNTY (P. 0. Kokomo), Ind.
George W. Studebaker, County Auditor, will receive sealed bids until
% Honey Creek Town10 a. m. on Nov. 3, for the purchase of $2,900
ship highway improvement bonds. Dated Nov. 1 1930. Denom. $145.
Due semi-annually as follows: $145 on July 15 1931; $145 on Jan. and July
15 from 1932 to 1940, incl., and $145 on Jan. 15 1941.
-BOND ELECTION.
HUBBARD, Trumbull County, Ohio.
-One of
the questions to be decided on at the general election to be held on Nov.4,
deals with the proposed sale of $55,000 in bonds to finance the construction
of a sanitary sewage disposal plant. Maturity of issue has been set at 15
years.
-BOND OFFERING.
INDIANAPOLIS, Marion County, Ind.
William L. Elder, City Controller, will receive sealed bids until 11 a. m.
on Nov. 6. for the purchase of $11,000 4% street improvement bonds.
second issue, 1930. Dated Sept. 2 1930. Denom. $500. Due 81.000 on
July 1 from 1932 to 1942, incl. Principal and semi-annual interest (Jan.
and July) are payable at the office of the City Treasurer and according to
the offering notice shall constitute an obligation of the City. A certified
check for 23.4% of the total amount of the issue must accompany each
proposal.
-The $400,IOWA, State of (P.0. Des Moines).-1VARRANT SALE.
000 issue of 4% anticipatory warrants offered for sale on Oct. 24-V. 131,
p. 2411-was awarded at par to various subscribers. Due on or before
April 1 1931.
1RONDEQUOIT (P. 0. Rochester, Beachwood Station), Monroe
-The following issues of coupon or regis-BOND SALE.
County, N.Y.
tered bonds aggregating $38.500 offered on Oct. 28-V. 131, p. 2727
were awarded as 6s to Edmund Seymour & Co. of New York at 100.079,
a basis of about 5.999':
$330,000 sewer bonds. Due on Oct. 1 as follows: $1,000 from 1931 to 1942
incl. and $1,500 from 1943 to 1954 incl.
8,500 water bonds. Due on Oct. 1 as follows: $500 in 1931 and $1,000
from 1932 to 1939 incl.
Each issue is dated Oct. 1 1930.
ISPHEMING SCHOOL DISTRICT NO. 1 (P. 0. Ispheming), Mar-BONDS VOTED.
quette County, Mich.
-At a special election held on
Oct. 24 no opposition was shown to the porposed $175,000 school building
bond issue, the total of 73 ballots cast having been in favor of the measure.
No date
sale of the issue has been set, although the bonds will bear int.
at 59' and mature annually as follows: $8,500 from 1931 to 1950 incl. and
$5,000 in 1951.
JAMESTOWN, Chautaugua County, N. Y.
-PROPOSED BOND
ELECTION.
-The Board of Education plans to call a special election for
Dec. 5, on which date a proposed $1,200,000 school building construction
bond issue will be considered by the voters.
JASPER COUNTY (P. 0. Rensselaer) Ind.
-BOND SALE.
-The
$14,200 4%% coupon Hanging Grove Township highway improvment
bonds offered om Oct. 28-V. 131, p. 2567
-were awarded to the Inland
Investment Co., of Indianapolis, at par plus a premium of $357.90, equal
to 102.52,a basis of about 3.99%. Dated Oct. 151930. Due $710 on July 15
0
1932;$710 on Jan. and July 15 from 1933 to 1941 incl., and $710 on Jan. 15
1942. Bids for the issue were as follows:
BidderPremium.
Inland Investment Co.(purchaser)
$357.90
Fletcher Savings de Trust Co., Indianapolis
346.00
Fletcher American Co., Indianapolis
326.60
Campbell & Co., Indianapolis
313.00
Pfaff Hughel, Indianapolis
356.00
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
-BOND SALE
-ISSUE RE
-OFFERED.
-The award on Aug. 26
NOT CONSUMMATED.
of $169,508.09 impt. bonds as 4%s to Braun, Bosworth & Co. of Toledo at
100.15, a basis of about 4.23%-V. 131, p 1594-apparently was not
consummated, as the issue is now being re-offered for award at 12 m. on
Nov. 18. Sealed bids should be addressed to E. B. Lockwood. Secretary
of Board of County Commissioners. Rate of' Int. specified in offering
notice is 5%. Bonds are dated Nov 15 1930. Due on Nov. 15 as Mews:
$8,000 from 1932 to 1942 incl.; $9,000 from 1943 to 1950 Ind. and $9.508.09
in 1951. Prin. and semi-ann. int. (M. dr N.) are payable at the County
Treasurer's office. A certified check for 1% of the amount bid, payable
to the order of the Board of County Commissioners, must accompany each
proposal.
JUNCTION SCHOOL DISTRICT (P.O. Junction), Kimble County,
-BOND SALE.
-The $60,000 issue of school bonds offered for sale
Tex.
-was awarded at par on Oct.23 to the Security
on Oct. 14-V. 131. P. 2567
Trust Co. of Austin.
KAUKAUNA, Outagamie County, Wis.-BONDS AUTHORIZED.
The City Council has recently authorized the Common Council to pass
% coupon semi-ann. bridge bonds at
upon the issuance of $40,000 in
the general election on Nov. 4. Denom. $1,000. Dated Nov. 1 1930.
Due from May 1 1938 to 1940 incl.
a
2932
FINANCIAL CHRONICLE
KAY COUNTY SCHOOL DISTRICT NO. 90 (P. O. Newkirk),
-BOND SALE.
Okla.
-The $10,000 issue of school bonds offered for sale
-is reported to have been purchased by Calvert
on June 4-V. 130. p. 4100
& Canfield of Oklahoma City, as follows: $8,500 as 4%s, due $1,000 1933
to 1940 and $500 in 1941;$1,500 as 5s, due $500 in 1941 and $1,000 in 1942.
-The
KEANSBURG, Monmouth County, N. J.
-BOND SALE.
$58,000 coupon or registered general Mint. bonds for which no bids were
received on July 15-V. 131, p. 511-are reported to have subsequently
been sold as 6s to C. A. Pram & Co. of New York at par plus a premium of
$300, equal to 100.51. a basis of about 5.92%. Dated July 1 1930. Due
on July 1 as follows: $3,000 in 1931 and 1932 and $4,000 from 1933 to 1945
incl.
-BOND SALE.
-The $1,250.KING COUNTY (P.0. Seattle), Wash.
000 issue of hospital bonds offered for sale on Oct. 28-V. 131, p. 2256was jointly purchased by M. M. Freeman & Co., Inc., and the Seattle Co.
of Seattle as 441s. at a price of 100.08, a basis of about 4.24%. Due as
follows.$44,000, 1932:$46,000, 1933'348,000, 1934;$50,000, 1935;$52,000.
1936; $54,000. 1937; $57,000, 1938; $59,000,.1939; 561,000. 1940; 564,000,
1941; $67,000, 1942: $70,000, 1943; 373.000. 1944; 576,000, 1945; $79,000,
1946: $82,000, 1947; $86,000, 1948: $89.000. 1949 and $93,000 in 1950.
A group headed by Harris. Forbes & Co. bid 100.06 on 44is and the Continental Illinois Co. syndicate bid 101.32 for the bonds as 44is.
.
LAFOURCHE PARISH SCHOOL DISTRICT NO. 9 (P. 0. Thi-PRICE PAID -The $50,000 issue ofsemi-ann.school bonds
bodaux), La.
-V.131, p. 2727
that was purchased by Caldwell & Co. of Nashville as 6s
was awarded for a premium of 5100. equal to 100.20, a basis of about
5.98%. Due from 1931 to 1955 incl. Legality of bonds approved by
Chapman & Cutler of Chicago.
-CERTIFICATE SALE
LAKEFIELD, Jackson County, Minn.
-The sale of the 350,000 issue of not to exceed 5% %_ semiPOSTPONED.
ann. certificates of indebtedness, previously scheduled for Oct. 24-v. 131,
-has been postponed until 8 p. m.on Oct. 29. Dated Nov. 1 1930.
p.2727
LAKEVILLE RURAL SCHOOL DISTRICT, Holmes County, Ohio.
-At the general election to be held on Nov. 4 the
-BOND ELECTION.
voters will decide the fate of a proposed $36,000 school building bond
same. Maturity of issue has been set at 18 years.
LANCASTER, Garrard County, Ky.-BOND OFFERING.-An issue
of 51.000 water works bonds will be offered for sale at public auction by
Mayor W. F. Champ. at 10 a. m. on Nov. 1.
-At a
-BONDS VOTED.
LA SALLE COUNTY (P. 0. Cotulla), Tex.
special election held recently the voters approved the issuance of $150,000
In court house and Jail bonds.
-BONDS REGISLAVACA COUNTY (P. 0. Hallettsville), Tex.
-A $50.000 issue of 5% road, series B bonds was registered on
TERED.
Oct. 24 by the State Comptroller. Denom. $1,000. Due serially.
-We
-BONDS QUESTIONED.
LEBANON, Wilson County, Tenn.
are informed that proceedings have been instituted to prevent the sale of
the $200.000 pumping and filtration plant bonds that were recently ap-V. 131. P. 1927. A court decision is not expected
proved by the voters
for several weeks.
,
LEVY COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4 (P. 0.
-BOND OFFERING.-Bealed bids will be received until
Bronson), Fla.
11 a. m. on Nov. 5 by T. J. Sheffield, Secretary of the Board of Public
Instruction, for the purchase of a $50,000 issue of 6% semi-ann. school
bonds. Due on July 1, as follows: $1,500, 1933 to 1939: $2,000, 1940 to
1949: $3,000, 1950 to 1955 and $1,500 in 1956. Legality approved by
Caldwell & Raymond of New York. A $500 certified check must accomPanv the bid.
(this report supplements that given in V. 131, p. 2567.)
-The fol-LIST OF BIDS.
LEXINGTON, Middlesex County, Mass.
lowing is a list of the bids received on Oct. 21 for the purchase of the $50,000
4%, coupon water main bonds which were awarded to the First National
Old Colony Corp. of Boston, at 101.63, a basis of about3.66%.-V.131.
P. 2727.
Rate Bid.
Bidder101.63
First National Old Colony Corp. (purchaser)
101.57
Harris, Forbes & Co
101.34
Estabrook & Co
101.41
Lexington Trust Co_
-The fol-LIST OF BIDS.
LINCOLN PARK, Wayne County, Mich.
the purchase of the $690000
lowing is a list of the bids received on Oct. 17 for
coupon school bonds which were awarded as 541s to Stranahan, Barris &
Co., Inc.. of Toledo. at 100.95, a basis of about 5.17%.-V. 131, p. 2727.
Int. Rate Rate Bid.
Bidder.5%
100.95
Stranahan, Harris & Co., Inc. (purchaser)
100.90
5%
A. C. Allyn & Co., Chicago
100.85
5%
Blanchet, Bowman & Wood, Toledo
100.50
5(%
Co.. Detroit
Bumpus &
101.90
53.%
W. L. Slayton & Co., Toledo
101.85
63.%
Roy Albertzart
101.55
'g
Ryan, Sutherland & Co., Toledo
100.30
0
15%7
Prudden & Co., Toledo
LINCOLN, Lancaster County, Neb.-BOND ELECTION POSTplanned to submit a proposal to issue $3,000,000 in
-It had been
PONED.
water supply bonds for the municipal system to the voters at the general
election on Nov.4 but we are informed that the proposal will not be passed
come
OD Owing to difficulties that have arisen. It is said that the issue may
up for approval at the city election next May.
LINCOLN PARISH SCHOOL DISTRICT NO. 7 (P. 0. Ruston), La.
-The $10,000 issue of coupon school building bonds offered
-BOND SALE.
for sale on Oct. 21-V. 131, p. 2567- was awarded to Lachlan M. Vass of
New Orleans as 6s, for a premium of $36, equal to 100.36, a basis of about
5.93%. Dated Oct. 1 1930. Due from Oct. 1 1931 to 1943 incl. There
were no others bids received.
-BOND SALE.
-The $29.601 city's
LORAIN, Lorain County, Ohio.
-were
portion street paving bonds offered on Oct. 25-V. 131, p. 2727
awarded as 43s to the Lorain Banking Co. of Lorain at par plus a premium
$415, equal to 102.07, a basis of about 4.13%. The bonds are dated
of
Sept. 15 1930 and mature on Sept. 15 as follows: 53.000 from 1932 to 1940
incl. and 32.601 In 1941.
-The other
-BIDDERS.
LOS ANGELES, Los Angeles County, Calif.
bids (all on 43% bonds) submitted for the purchase of the $737.039.59
Issue of funding.series 6 bonds that was purchased by a group headed by the
Continental Illinois Co. of Chicago, as 43s at 101.12. a basis of about
-were as follows:
4.10%-V. 131, p. 2727
Premium.
Bidder36,551
B.H.Moulton & Co.,and associates
5,602
Anglo-London-Paris Co., and associates
2,520
City Co.and associates
National
738
Heise Stuart & Co.and associates
159
Dean itter & Co.and associates
-We
.BOND REPORT.
LOUISIANA, State of (P. 0. Baton Rouge)
informed that tentative arrangements are now being made by the State
are
Highway Commission for the issuance of from $15,000,000 to 320.000,000
at the November election.
of the road bonds which are up for approval
DISTRICT
LOVE COUNTY CONSOLIDATED SCHOOL issue of schoolNO. 5
bonds
-A 510,000
-BOND SALE.
(P. 0. Marietta), Okla.
R.J. Edwards,Inc. of Oklahoma City
Is reported to have been purchased by on July 1 from 1934 to 1942 incl., and
$5,400, as 5s,due MO
as follows:
1943 to 1949 and $400 in 1950.
$4,600 as 53s,due on July 1 as follows: 5600,
Neb.LYONS SCHOOL DISTRICT (P. 0. Lyons), Burt County, to have
reported
-The 555,000 issue of 434% school bonds is par.
BOND SALE.
Co. of Omaha, at
been purchased by the Omaha National
Redwillow County,
McCOOK SCHOOL DISTRICT(P.O. McCook),
-The $75,000 issue of school bonds
Neb.-ADDITIONAL DETAILS.
National Co.,of Omaha-V. 131, p. 2727
that was purchased by the U.S.
premium of $425, equal to
bears interest at 43%. and was sold for aand optional after 10 years.
4.43%. Due in 1950
100.56.a basis of about
(P.O. Idabel),
McCURTAIN COUNTY SCHOOL DISTRICT NO. 13
-Sealed bids were received until 10 a. m. on
-BONDS OFFERED.
Okla.
District Clerk, for the purchase of a $7,000
Oct. 28 by J. L. Brummett,
incl.
Issue of school bonds. Due $500 from 1935 to 1948
-BOND SALE.
MAHON1NG COUNTY (P.O. Youngstown), Ohio.
offered on Oct. 28The following issues of bonds aggregating $134.583
[voL. 131.
V. 131, p. 2412
-were awarded as 4%5 to the McDonald-Callahan-Richards
Co. of Cleveland, at par plus a premium of 3417, equal to 100.30, a basis
of about 4.18%.
$53.210 road impt. bonds. Dated Oct. 11929. Due on Oct. 1 as follows:
55.210 in 1931; 35.000 in 1932 and 1933; 56.000 in 1934; $5,000 in
1935 and 1936; $6.000 in 1937; 55,000 in 1938 and 1939 and $6,009
In 1940.
41.200 road impt. bonds. Dated Feb. 1 1930. Due on Oct. 1 as follows:
$4,200 In 1931; $1,000 from 1932 to 1938 incl.; $5,000 in 1939 and
$4.000 in 1940.
21.350 road impt. bonds. Dated Oct. 11930. Due as follows: $44,350 hr
1932; 54,000 in 1933 and 1934: 55.000 in 1935 and $4,000 in 1936.
11,025 road impt. bonds. Dated Oct. 1 1930. Due on Oct. 1 as follows:
$2,025 in 1931; $2,000 from 1932 to 1934 incl. $3,000 in 1935.
7,800 road impt. bonds. Dated Oct. 1 1930. Due 5780 on Oct.
from 1931 to 1940 incl.
MALVERNE, Nassau County, N. Y.
-BOND OFFERING.
-Albert J.
Brown, Village Clerk, will receive sealed bids until 8 p. m. on Nov. 19
for the purchase of $20,000 not to exceed 6% int. coupon or registered land
purchase bonds. Dated Nov. 1 1930. Denom. $1,000. Due 35.000 on
Nov. 1 from 1932 to 1935 incl. Rate of int. to be expressed in a multiple
of% of 1% and must be the same for all of the bonds. Prin. and semi-ann.
int.(M. & N.) are payable at the Bank of Malverne, in Malverne. A certified check for $500, payable to the order of the Village, must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewatettof
New York will be furnished to the suce,.. sled bidder.
MANCHESTER UNION FREE SCHOOL DISTRICT NO. 8 (Luc).
Manchester), Ontario County, N. Y.
-BOND SALE.
-The $180,000
coupon or registered school bonds offered on Oct. 27-V. 131, p 2568
were awarded to Batchelder & Co. of New York, at 100.10, an interest cost
basis of about 4.39%, for 381,000 bonds as 45‘s, maturing on Nov. 1 as
follows: $1,000 from 1931 to 1935 incl.; $2,000 from 1936 to 1940 incl.;
53,000 from 1941 to 1945 incl.; 54,000 from 1946 to 1950 incl.• $5,000 from
1951 to 1955 incl., and 56,000 in 1956, and 599,000 bonds as 4ks, maturing
on Nov. 1 as follows: $6,000 from 1957 to 1960 incl.; $7,000 from 1961 to
1965 incl., and $8.000 from 196610 1970 incl.
The following is a list of the bids submitted for the issue:
The following is a list of the bids submitted for the issue:
BidderInt. Rate. Rate Bid.
Batchelder & Co., N. e.(purchasers)-$99.000 bonds at 4.25%1
81,000 bonds at 4.75%1
100.10
Sage, Wolcott & Steele. Rochester
100.263
4.75%
Union Trust Co., Rochester
4.60
101.097
Wayne County Trust Co., Palmyra
4.70
100.63
Dewey, Bacon & Co., New York
100.68
4.60%
George B. Gibbons & Co., Inc., New York4.70%
100.447
A. C. Allyn & Co.. New York
4.75%
100.56
MANGUM, Greer County, Okla.
-BONDS OFFERED.
-Sealed bids
were received until 7 p. m. on Oct. 28 by W. C. Roberts, City Clerk. for
the purchase of an issue of $108,000 water bonds. Due as follows: 57,000.
1935 to 1948, and $10.000 in 1949.
(These bonds were approved at a recent electIon.-V. 131. P. 2727.)
MANSFIELD CITY SCHOOL DISTRICT, Richland County, Ohio.
-BOND ELECTION.
-The question of the advisability of bonding the
,
district for 5500,000, the proceeds of which would be used for school building
construction and equipment purposes, will be decided by the voters at the
general election to be held on Nov. 4. Maturity of issue has been set at
20 years.
MARION, Marion County, Ohio.
-BOND OFFERING.
-J. L. Landes.
City Auditor, Is reported to be receiving sealed bids until 12 m. on Nov.
10 for the purchase of four issues of 53(7 city's portion and special assessment improvement bonds aggregating U5.544.90. The bonds are dated
Sept. 1 1930 and mature semi-annually on March and Sept. 1 from 1932
to 1940 inclusive. On Sept. 25 the City sold four issues of similar purpose bonds aggregating $68,670.51 as 43s to the Guardian Trust Co,
of Cleveland. at 100.81, a basis of about 4.29%.-V. 131, p. 2412.
MARION COUNTY(P.O. Indianapolis), Ind.
-BOND OFFERING.
0. E. Robinson, County Treaaurer, will receive sealed bids until 10 a.m.
on Nov. 14 for the purchase of $2,500 44.5% Charles Bullman et al., Warren
Township road improvement bonds. Dated Nov. 11930. Denom. $125.
Due semi-annually as follows: $125 on July 15 1932: 3125 on Jan. and July
15 from 1933 to 1941 Indus., and $125 on Jan. 151942.
MARSHALL COUNTY SEPARATE ROAD DISTRICT (P. 0. Holly
Springs), Miss.
-We are Informed that at the
-BOND ELECTION.
general election to be held Nov. 4, the voters wW be called upon to ballot
on a proposed $35,000 road bond issue.
MARSHALL TOWNSHIP RURAL SCHOOL DISTRICT, Highland
-At the general election to take
County, Ohio.
-BOND ELECTION.
place on Nov.4 the voters will decide the date of a proposed $18,000 school
building bond issue. Maturity of bonds has been set at 18 years.
-BOND SALE.
-The
MASON CITY, Cerro Gordo County, Iowa.
$50,000 issue of coupon water works refunding bonds offered for sale on
-was awarded to the First National Bank of
Oct. 27-V. 13y. 2568
em
Mason City, as 4
(J. & D.), for a prium of $160, equal to 100.32, a
basis of about 4. 9%. Denom. $1,000. Dated Dec. 1 1930. Due from
1932 to 1939, incl.
-BOND OFFERING.
-0. D. RickMEDINA, Medina County, Ohio.
ard, Village Clerk, will receive sealed bids until 12 m. on Nov. IL for the
Purchase of $10,512 53.6% special assessment street 'rapt. bonds. Dated
Oct. 1 1930. One bond for $512, others for $1,000. Due on Pct. 1 as
follows: 31.000 from 1931 to 1936 incl.; 31.500 in 1937 and 1938, and $1,512
In 1939. interest is payable semi-ann. in April and Oct. A certified
check for 2% of the amount of bonds bid for, payable to the order of the
Village Clerk, must accompany each proposal.
-INTEREST RATE.
-The
MENARD COUNTY (P. 0. Menard), Tex.
$80,000 Issue of court house and jail bonds that was purchased by J. E. W.
-bears interest at 5%.
-V. 131, p. 2728
Thomas & Co. of Dallas
-BONDS VOTED.
-We are
MENARD COUNTY (P. 0. Menard), Tex.
now informed that the $80,000 issue of 5% court house and jail bonds
-has been voted by a count of
recently reported sold-V. 131, p. 2728
272"for" to 256 "against."
MERCEDES INDEPENDENT SCHOOL DISTRICT(P.O. Mercedes),
-Fred E. Johnson, Secretay of
-BOND SALE
Hidalgol County, Tex.
the School Board, reports that the Board recently disposed of 3200.000
of the $250,000 issue of 5% school bonds unsuccessfully offered on May
27-V. 130, p. 3925
-to an undisclosed purchaser at a price of 96.60.
The original issue matured from 1931 to 1970 inclusive.
-BOND ELECTION.
-At
MERCER COUNTY (P. 0. Celina), Ohio.
the general election to be held on Nov.4 one of the questions to be voted on
deals with the proposed issuance of $15,000 water works system bonds.
Maturity of issue has been set at 15 years.
-PRICE PAID.
-The
MIDDLETOWN, Middlesex County, Conn.
price paid for the $445,000 4% coupon or registered refunding bonds recently purchased by the First National Old Colony Corp. of Boston
V. 131, p 2728
-was par. The bonds are dated July 1 1930 and mature
on July 1 from 1931 to 1953 incl.
-BOND OFFERING.
-Anna E.
MIDLAND, Midland County, Mich.
Coons, City Clerk, will receive sealed bids until 7 p.m. (Eastern standard
time) on Nov. 10 for the purchase of 320.000 water extension bonds, which
are the remainder of an authorized issue of $60,000, approved by a vote of
631 to 184. Bonds will be dated Nov. 15 1930. Rate of interest to be suggested in proposal. Due on may 15 as follows: $1,000 from 1932 to 1941
incl., and $2,000 from 1942 to 1946 incl. Interest is payable semi-annually
pn Ms l.and Nov. 15. A certified check for $200 must accompany each
oropoa y
a
-BOND SALE.
-Following
MILLERSBURG, Dauphin County, Pa.
the failure to receive a bid for the bonds at public offering,
G. Walter,
Borough Secretary, informs us that an issue of $44.700 4%% coupon improvement bonds was then sold to a group of local investors at a price of par.
Due on Oct. 1 as follows: $200 from 1931 to 1947 incl.; $3300 In 1948 and
1949. and $700 in 1950.
MILTON TOWNSHIP, Ashland County, Ohlo.-BONDS OFFERED.
-Grace Whitmore, Townsnip Clerk, received sealed bids until 8 p. m. on
Oct.30 for the purchase of 31,140 5% bonds. Dated Oct. 11930. Denom.
$190. Due $100 on April and Oct.1 from 1931 to 1933 incl. Tht.is payable
,
semi-annually.
Nov. 1 1930.]
FINANCIAL CHRONICLE
2933
hall bonds at par plus a premium of $126, equal to 100.21, a basis of about
4.48%. Dated Nov. 1 1930. Due $1,500 on Nov. 1 from 1931 to 1970
incl.
-BOND SALE.
-The three issues of
NUTLEY, Essex County, N. J.
coupon or registered bonds aggregating $764,000 offered on Oct. 2S
V. 131. p. 2569 were awarded to a syndicate composed of 111. M. Freeman
& Co. Inc., and B. J. Van Ingen & Co.. both of New York, also J. S.
Rippei& Co. of Newark, which bid for "all or none"of the bonds as follows:
5280,000 general inapt. bonds sold as 44s,at par plus a premium of $111.11.
equal to 100.039, a basis of about 4.49%. Due on Nov. 1 as
follows: $8,000 from 1931 to 1956 incl. and $9,000 from 1957
to 1964 incl.
275,000 temporary loan bonds sold as 44s, at a price of par. Due on
Nov. 1 1931.
209,000 assessment bonds sold as 448, at a price of par. Due on Nov. 1
as follows: $20,000 in 1931 and $21.000 from 1932 to 1940 incl.
Each issue is dated Nov. 1 1930. The successful bidders are re offering
the 4.4% bonds for public investment priced to yield 3.50%, and the 43.1%
bonds priced to yield trom 3.50 to 4.35%, according to maturity.
-Edmund
OAK HILL, Jackson County Ohio.-BOND OFFERING.
Schwinke, Village Clerk, will receive sealed bids until 12 m. on Nov. 15.
for the purchase of $8.000 5% fire department bonds. Dated Oct. 1 1930.
Denom. $400. Due $400 on April and Oct. 1 from 1932 to 1941. incl.
Interest is payable semi-annually in April and Oct. Bids for the bonds to
bear interest at a rate other than 5% will also be considered, provided,
of
however, that where a fractional rate Is bid such fraction shall be
19' or a multiple thereof. A certified check for 3% of the amount of bonds
bid for, payable to the order of the Village Treasurer, must accompany
each proposal.
-A. C.
-BOND OFFERING.
OAKWOOD, Paulding County, Ohio.
Bergman, Village Clerk, will receive sealed bids until 12 m.(Eastern standard time) on Nov. 17 for the purchase of $12,275.66 8% village's portion
sewer bonds. Dated Sept. 1 1930. One bond for $275.66. others for $500.
Duo on Sept. 1 as follows: $275.66 in 1932, and $500 from 1933 to 1956
inclusive. Interest is payable semi-annually in March and Sept. Bids for
the bonds to bear interest at a rate other than 67. will also be considered,
provided, however, that where a fractional rate is bid such fraction shall be
of 1% or a multiple thereof. A certified check for 5% of the amount of
bonds bid for, payable to the order of the Village Treasurer, must accompany each proposal. The village will furnish the approving opinion of
Squire, Sanders & Dempsey, of Cleveland, as to the validity of the bonds.
-BOND
OAKWOOD (P. 0. Dayton), Montgomery County, Ohio.
-A. C. Bergman, Village Clerk, will receive sealed bids until
OFFERING.
12 in. on Nov. 14 for the purchase of 54,833.44 6% storm water sewer
bonds. Dated Nov. 1 1930. One bond for $333.44, others for $500. Due
on Nov. 1 as follows $333.44 in 1932, and $500 and 1933 to 1941, bid.
Interest is payable semi-annually in May and Nov. Bids for the bonds
to bear interest at a rate other than 69', will also be considered, provided,
i
however, that where a fractional rate is bid such fraction shall be y of 1%
or a multiple thereof. A certified check for 5% of the amount of bonds
bid for, payable to the order of the Village Treasurer, must accompany
each proposal. The approving opinion of Squire, Sanders & Dempsey. of
Cleveland, will be furnished to the successful 'bidder.
OKOLONA SPECIAL SCHOOL DISTRICT (P. 0. Okolona), Clark
-BOND DETAILS.
-The $35,000 issue of 69' semi-annual
County, Ark.
school bonds that was purchased by M. W.Elkins & Co., of Little Rock
-was awarded at par and matures in 1933.
131, P. 1929
V.
-We are
-BOND SALE.
OLNEY SPRINGS, Crowley County, Colo.
informed that a $70,000 issue of 43.4 % water refunding bonds has recently
D. Grigsby & Co.of Pueblo.
-We been purchased by Joseph
-BOND SALE POSTPONED.
NEWTON, Harvey County, Kan.
-We are now informed
ORANGE,Orange County, Va.-BOND SALE.
are now informed that the sale of the $70.000 issue of 44% semi-ann.
-has been that the two Issues of 5% coupon semi-annual bonds aggregating $150.internal impt. bonds scheduled for Oct. 28-V. 131, pr. 2728
-have
-V. 131, p. 1919
postponed until Nov. 5. Due $7,000 from Aug. 1 1931 to 1940 hid. 000. offered for sale on Sept. 15 without success
since been purchased at par by the Citizens National Bank, of Orange.
(There is no change in the bonds to be offered.)
The issues are divided as follows $75,000 sewer and $75.000 water bonds.
NEWTON TOWNSHIP RURAL SCHOOL DISTRICT, Muskingum Dated July 1 1930. Due on July 1 1960 and optional on July 1 1940.
-One of the questions to be con-BOND ELECTION.
County, Ohio.
-BOND SALE.
-The $1,500,000
OREGON, State of (P. 0. Salem).
sidered by the voters at the general election to take place on Nov. 4 deals
with the proposed issuance of $75,000 in bonds for school building con- Issue of 4'4% semi-annual highway bonds offered for sale on Oct. 30
-was awarded to a syndicate composed of the First Napurposes. Maturity of issue has been set at 20 -V. 131, p. 2413
struction and equipment
tional Bank, the First Detroit Co., Inc., and Eldredge & Co., all of New
years.
York, Dean Witter & Co., of Portland. and the Wells-Dickey Co., of Min-The financial neapolis, at a price of 101.859. a basis of about 4.087. Dated Nov. 1 1930.
-FINANCIAL STATEMENT.
NEW YORK, N. Y.
0
statement below has been prepared in connection with the re-offering of Due $37,500 on April and Oct. 1 from 1936 to 1955 inclusive.
the $50,000,000 4% corporate stock which was awarded on Oct. 21 to a
-BOND SALE.
-A $35,000 issue
OZARK, Franklin County, Ark.
-V. 131,
syndicate headed by the Chase Securities Corp.. New York.
0
,
of 67 street improvement bonds is reported to have been purchased a
p. 2729.
par by M. W. Elkins & Co., of Little Rock.
Financial Statement (As Officially Reported Oct. 10 1930).
*$18,203,548,272
Assessed valuation of taxable realty, 1930
-BOND SALE.
-We are
PANOLA COUNTY (P. 0. Carthage), Tex.
2,105,609,054 now informed that the $333.000 issue of 5% coupon road and refunding
Gross funded debt, including this issue
$427,970.626
Less sinking fund holdings
-has since
-V. 131. p. 823
bonds that was offered without success in July
1.677,638,428 been purchased by the J. R. Phillips Co., of Houston. Denom. $1,000.
Net funded debt
From which should be deducted water, selfDated July 14 1930. Due from 1931 to 1970, incl., optional after 20 years.
sustaining and exempted debt as follows:
Prin. and int. (A. & 0.) payable in New York. Legality to be approved
$51,013,725
Rapid Transit
by Chapman & Cutler, of Chicago.
69,943,054
Docks
-At the general
325,531,328
PARIS, Bourbon County, Ky.-BOND ELECTION.
Water supply
election on Nov. 4, the voters will be called upon to pass on a proposed
$446,488,107
issue of $150,000 in bonds to construct an electric light plant.
Less amount of sinking funds for above
-BOND OFFERING.
-John H.
PARMA, Cuyahoga County, Ohio.
96,881,125
issues
bids until 12 in. on Nov. 17,
Thompson, Village Clerk, will receive
349,606.982 for the purchase of the following issues sealed bonds aggregating $184,400:
of 6%
$1,328,031,446 $172,000 special assessment improvement bonds. Denom. $1,000. Due
on Oct. 1, as follows: $17,000 from 1932 to 1939, incl.. and $18.Population: 1920 United States census, 5,620,048: 1930 United States
000 in 1940 and 1941.
census. 6,959,195.
12,400 special assessment improvement bonds. One bond for $400.
In addition to real estate which is fully taxable there Is also $914,920,340
others for $1,000. Due on Oct. 1, as follows: $2,400 in 1932;
of residential property which is exempt from taxation for local purposes
$2,000 in 1933 and 1934, and $3.000 in 1935 and 1936.
(under emergency housing laws of 1921) which will become fully taxable
Each issue is dated Dec. 1 1930. Interest is payable semi-annually in
from and after Jan. 1 1932.
April and October. Bids will be received for the bonds to bear interest at
-SHORT TERM FINANCING. a rate other than 6%. A certified check for 2% of the amount of bonds bid
NEW YORK,State of (P.0. Albany).
-State Comptroller Morris B. Tremaine announced during the past week for, payable to the order of the Village Treasurer, must accompany each
that negotiations had been completed with three New York City banks proposal. Legal opinion of Squire, Sanders & Dempsey. of Cleveland, will
for a loan of $7.000.000 at 2% interest, payable in 4 months. The insti- be furnished at the expense of the successful bidder.
tutions and the amount each contributed to the loan are as follows: Empire
-The Guaranty
-NOTE SALE.
PATERSON,
Trust Co., $2,500,000: National City Bank, $2,500,000, and the Chase Co. of New YorkPassaic County, N. J.
recently purchased an issue of 51,022,000 notes at 2.30%.
National Bank,52,000.000. Referring to the exceedingly low rate at which Due on Dec. 24 1930.
the State was able to borrow and the purpose of the loan, the "Journal of
Commerce" of Oct. 30 said:
-The 322.-BOND SALE.
PAULS VALLEY, Garvin County, Okla.
“According to the records of the Comptroller's office, this is the lowest 000 issue of coupon fire equipment bonds offered for sale on Oct. 20-V.
-was purchased by the Paula Valley National Bank, at par
rate at which the State has ever been able to borrow any money and is no 131, p. 2569
doubt a reflection of the high credit rating of the State and the efficient way as follows: 516.500 as 65, and $5,500 as 44s. Due $1,500 from 1933 to
in which the State's finances have been managed during the present ad- 1946. and $1,000 in 1947. The other bids were as follows:
ministration.
Price Bid. ,
Names of Other Bidders"The State Is authorized to sell some $27,000,000 of bonds for grade cross- R. J. Edwards
15% for first
$21.000
44 for last
ing eliminations, general State improvements, institutional buildings and
loot
parks, but as all of this money is not needed at the present time the Comp- C. Edgar Honnold
for first
4
more economical to borrow smaller amounts at very low
troller feels it is
$1.1 )0 00
(3
20 (
rates of interest to carry on the work in this way rather than sell the entire Brown Crumer Investment Co
53.4% for entire issue.
bond issue now and leave the money remaining on deposit in banks until
-BOND OFFERING.
PELHAM MANOR, Westchester County, N. Y.
t is needed."
Gervas II. Kerr, Village Clerk, will receive sealed bids until 8 p. in. on Nov.
-BOND SALE.
-We are now informed that 18 for the purchase of $30,000 series No. 48. coupon or registered,not to
NICHOLS HILLS, Okla.
interest land and impt. bonds. Dated Dec. 1 1930. Denom.
issues of bonds aggregating 3575,000, offered for sale on June 3 exceed
the four
-were purchased by C. Edgar Honnold, of Oklahoma $500. Due annually as follows: $1,000 from 1932 to 1934 incl.; $1,500
-V. 130. p. 3925
$500 from 1951
from 1943 to 1950
City, as 65. The issues are as follows $125,000 storm sewer: $150,000 from 1935 to 1942 incl.; $1,000to be expressed in aincl., and of
multiple
3.1 of 1% and
to 1964 incl. Rate of interest
sanitary sewer: $250,000 water works, and $50,000 park bonds.
must be the same for all of the bonds. Prin. and semi-ann. int. are payable
-BOND SALE.
NOBLE COUNTY (P. 0. Albion), Ind.
-The $4.000 at the Chemical Bank & Trust Co., New York. The bonds will be prepared
e% coupon Sparta Township road improvement bonds offered on Oct. 28- under the supervision of the International Trust Co., New York, which will
-were awarded to the Fletcher American Co.,of Indianapolis certify as to the genuineness of the signatures of the officials and the seal
V.131, p.2569
at par plus a premium of $296.80, equal to 107.42, a basis of about 4.11%. impressed thereon. A certified check for 2% of the bonds bid for must
Oct. 16 1930. Due $100 on July 15 1932: $100 on Jan. and July 15 accompany each proposal. Validity of the bonds will be approved by CaldDated
from 1933 to 1951 incl., and $100 on Jan. 15 1952. The following is a list well & Raymond of New York.
of the bids submitted for the issue:
-BOND SALE.
PERTH AMBOY, Middlesex County, N. J.
-The
Premium. $68,000 coupon or registered school bonds offered on Oct. 28-V. 131.
Bidder
$296.80 p 2570
Fletcher American Co. (purchaser)
-were awarded as 44s to M. M.Freeman & Co., of Philadelphia.
252.00 at par plus a premium of $211.11. equal to 100.31, a basis of about 4.699'.
Inland Investment Co., Indianapolis
253.00 Dated Nov. 11930. Due on Nov. I as follows $5,000 in 1931, and $7.000
Fletcher Savings & Trust Co., Indianapolis
.of
NORTHAMPTON TOWNSHIP (P. 0. Mount Holly), Burlington from 1932 to 1940, incl. The Raritan Trust Co of Raritan, the only
-M. M. Freeman & Co. of Philadelphia, other bidder, offered par plus a premium of $40.80 for $68,000 bonds as
-BOND SALE.
County, N. J.
are reported to have purchased on Oct.23 an issue of $60.000 44% town
-The
-LIST OF BIDS.
MINNEAPOLIS, Hennepin County, Minn.
following other bids were received for the purchase of the two issues of
coupon bonds aggregating 3169,250, that were sold to the First Securities
Corn, of Minneapolis, as 44s,at 100.871, a basis of about 4.07%-V• 131,
p. 228:
Premium.
Bidders$1,435
Wells-Dickey Co.and P. J. Kalman Co
1,473
First Detroit Co
1.425
Bancnbrthwest Co
-BONDS REGISTERED.
(P. 0. Dumas), Tex.
MOORE COUNTY
The State Comptroller registered on Oct. 23 a $60,000 issue of 5% serial
court house and jail bonds. Denom. $1,000.
MT. HERMON-SUNNY HILL SCHOOL DISTRICT (P. 0. Franklin.
-The $15,000 issue of
-BOND SALE.
ton), Washington Parish, La.
54% registered school building bonds offered for sale on Oat. 20-V. 131,
-was purchased by the Washington Bank & Trust Co. of Franklinp. 2568
ton, at par. Denom. $100. Dated July 1 1930. Due in from 1 to 20
years. Int. payable on Jan. and July 1.
MOUNT PLEASANT VILLAGE SCHOOL DISTRICT, Jefferson
-At the general election to take
County, Ohio.
-BOND ELECTION.
place on Nov. 4 the voters will decide the fate of a proposed $46,000 bond
Issue, the proceeds of which would be used to finanee the construction of an
addition to the present school structure. Maturity of issue has been set
at 23 years.
-BOND OFFERING.
MULTNOMAH COUNTY (P. 0. Portland) Ore.
-Sealed bids will be received until noon (Pacific time) on Nov. 26, by
A. A. Bailey, County Clerk, for the purchase of an issue of $1,000,000 St.
Johns Bridge bonds. Int. rate is not to exceed 5%, payable semi-annually.
Denom. $1,000. Dated Dec. 15 1930. Due $40,000 from Dec. 15 1936 to
1960, incl. Prin. and int, payable in gold coin at the fiscal agency of the
State in New York City. The approving opinion of Storey, Thorndllce,
Palmer & Dodge, of Boston, will be furnished. Unconditional bids only
will be considered. No bids for less than par and accrued interest will be
considered, and all bids must be submitted on forms furnished bh
County Clerk. These bonds were authorized by an Act of the State Legislature. A certified check for 5% of the bid, payable to the County Clerk,
Is required.
-The
-PRICE PAID.
NACOGDOCHES, Nacogdoches County, Tex.
$50,000 issue of 57. semi-ann. street impt. bonds that was disposed of to
-was
-V. 131, p. 2099
the T. L. James Construction Co. of Ruston.
awarded at par.
NEWBURGH, Orange County, N. Y.
-W. J.
-BOND OFFERING.
McKay, City Manager, will receive sealed bids until 2 p. m. on Nov. 10
for the purchase of $132,000 not to exceed 6% interest coupon or registered
bonds, divided as follows:
$88,000 incinerator bonds.
31,000 street improvement bonds.
13.000 fire department equipment bonds.
Each issue is dated Nov. 1 1930. Denom. $1,000. Total offering
matures on Nov. 1 as follows: $5,000 from 1931 to 1956 incl.. and $2,000
0
of 17 and
In 1957. Rate of interest to be expressed in a multiple of
must be the same for all of the bonds. Prin. and semi-ann. hit.(M.& N.)
are payable at the Highland Quassaick National Bank & Trust Co., Newburgh, and at the office of the City Treasurer; semi-ann. interest is payable
at the bank and the principal is payable at the City Treasurer's office.
A certified check for 2% of the amount of bonds bid for, payable to the
order of the City Treasurer, must accompany each proposal. The approving opinion of Hawkins, Delafield & Longfellow of New York will be
furnished to the purchaser.
I
2934
FINANCIAL CHRONICLE
PORT HENRY, Essex County, N. Y.
-BOND SALE.
-The $20,000
5% coupon or registered bonds offered on Oct. 27-V. 131. p. 2414
were awarded to the Citizens National Bank, of Port Henry, at 100.30,
atbasis of about 4.88%. Dated Nov. 1 1930. Due $2,000 on Nov. 1
from 1931 to 1940, incl.
The following is a list of the bids submitted for the issue:
BidderRate Bid
Citizens National Bans (purchaser)
100.30
Parson, Son & Co., New York
100.266
A. C. Allyn & Co., New York
100.01
PORT ISABEL, Cameron County, Tex.
-BONDS VOTED.
-The
various issues of 6% impt. bonds aggregating $301,200, that were voted on
at the election held Oct. 20-V. 131. p. 2414
-were approved by the voters.
PORT OF ASTORIA (P. 0. Astoria), Clatsop County, Ore.
-BOND
SALE.
-The $300,000 issue of coupon or registered refunding bonds
offered for sale on Oct. 28-V. 131, p. 2570-was purchased by Morris
Mather & Co. of Chicago as 6s, paying a premium of $1,000, equal to
100.33, a basis of about 5.97%. Dated Jan. 1 1931. Due on Jan. 1 1950.
POTTAWATOMIE COUNTY SCHOOL DISTRICT NO. 3 (P. 0.
Tecumseh), Okla.
-BOND SALE.
-The $6,800 issue of school bonds
offered for sale on Sept. 2-V. 131, p. 1596
-was purchased by It. J. Edwards, Inc., of Oklahoma City, as follows: $2,500 as 534s, due $500 from
1933 to 1937, and $4,300 as 53.s. due as follows: $500 from 1938 to 1944,
and $800 in 1945.
POWELL, Park County, Wyo.-BOND REDEMPTION.- A 861,500
Issue of 6% water extension bonds has been called for payment at the office
of Causey, Brown & Co.of Denver,int, to cease after Oct. 15 1930. Denom.
$500. Dated July 1 1915, optional on July 11930. Due on July 1 1945.
(The Issue refunding these bonds was sold in August
-V. 131, p. 1750.)
PUT-IN-BAY, Ottawa County, Ohio.
-BOND OFFERING.
-B. F.
McCann, Village Clerk, will receive sealed bids until 12 m. on Nov. 15
for the purchase of $7,000 5% sewer construction bonds. Dated Nov. 1
1930. Denom.$700. Due $700 on Nov. 1 from 1931 to 1940 incl. Interest
Is payable semi-annually in May and Nov. A certified check for $500,
payable to the order of the Village, must accompany each proposal.
RED RIVER, ATCHAFALAYA AND BAYOU BOEUF LEVEE DISTRICT (P. 0. Alexandria), Rapides Parish, La.
-BOND OFFERING.
Sealed bids will be received until 8 p. m. on Nov. 3, by Sol B. Pressburg.
Secretary of the Board of Commissioners, for the purchase of an issue of
$188,000 5% levee, series F-1 bonds. Dated Oct. 1 1930. Due on Oct. 1
as follows: $8,000, 1931 to 1951, and $20.000 in 1952. Prin. and int.
(A. & O.) payable at the office of the State Treasurer. The approving
opinion of Caldwell & Raymond of New York, will be furnished. No bids
containing a depository clause will be considered. Blank forms, financial
statement and other information will be furnished on application to the
Secretary, or the above attorneys. A certified check for 2% of the bonds
bid for, payable to W.C. Hudson,is required.
REVERE, Suffolk County, Mass.
-BOND OFFERING.
-James M.
O'Brien, City Treasurer, will receive sealed bids until 11 a. m. on Nov. 7
for the purchase of the following issues of 4% coupon bonds aggregating
$50000:
,
$35,
000 road construction bonds. Due $7,000 on Nov. 1 from 1931 to
1935 inclusive.
15,000 sewer bonds. Due $3,000 on Nov. 1 from 1931 to 1935 inclusive.
Each issue Is dated Nov. 1 1930. Denom.$1,000. Prin. and semi-annual
interest(May and Nov.) are payable at the First National Bank, of Boston.
bonds will be engraved under the supervision of and certified as to genuineness by the afore-mentioned bank; their legality will be approved by Ropes,
Gray, Boyden & Perkins, of Boston, whose opinion will be furnished to the
purchaser.
Financial Statement, Oct. 1 1930.
Net valuation for year 1929
$43,007,135.00
Debt limit
1,024.792.05
Total gross debt, including these issues
2,104,250.00
Exempted debt
Water bonds
$284,500.00
School bonds
748,974.92
Sewer bonds
56.000.00
Highway bonds
140.000.00
Other bonds
40,000.00 1,269,474.92
Net debt
$834,775.08
Borrowing capacity
190,016.97
RHINELANDER,Oneida County,
.Wis -BOND ,SALE.
-The $60,000
Issue of coupon street impt. bonds offered for sale on Oct. 27-V. 131,
p. 2730
-was purchased by H. M. Byllesby & Co. of Chicago as 43is,
paying a premium of $376.20, equal to 100.627, a basis of about 4.39%.
Denom. $1.000. Dated Nov. 1 1930. Due $6,000 from 1932 to 1941 incl.
Int. payable Jan. and July.
RICHLAND, Pulaski County, Mo.-BOND SALE.
-A $50,000 issue
of water bonds has recently been purchased by Whitaker & Co.of St. Louis.
RICHLAND PARISH SCHOOL DISTRICT (P. 0. Rayville), La.
MATURITY.
-The $25.000 issue of coupon semi-ann. school building
bonds that was awarded to the Well. Roth & Irving Co. of Cincinnati, as
Ms,at a price of 100.20-V. 131, p. 2730
-is due from Oct. 1 1931 to
1950 inc.l., giving a basis of about 5.72%.
RIVER ROUGE, Wayne County, Mich.
-INTEREST RATE.
-The
$183.000 public sewer extension bonds offered on Oct. 20 were awarded to
the Guardian Detroit Co. of Detroit, as 43s (not 4tt's as reported in
0
V. 131. p. 2730),at a price of 100.57.a basis ofabout 4.447. Dated Nov.1
1930. Due on Nov. 1 as follows: $5.000 from 1932 to 1934 incl.; $8.000
from 1935 to 1937 incl.; $10,000 from 1938 to 1943 incl., and $12,000 from
1944 to 1950 incl.
We also learn that Stranahan, Harris & Co., Inc., of Toledo, were
associated with the above-mentioned investment house in the purchase
:
of the issue. The following is a bat of the bids submitted
Int. Rate. Rate Bid.
BidderGuardian Detroit Co., and Stranahan, Harris & Co..
Inc jointly(purchaser)%
100.57
DeBraun, Bosworth& Co., oledo, and The
4
100.10
troit Co., Detroit. jointly_
4
100.68
Bumpus & Co., Detroit
43
100.015
Spitzer, Rorick SG Co..$Toledo
-BOND OFFERING.ROBBINSDALE, Hennepin County, Minn.
Dahl, Village Recorder, until 8 p. in.
Sealed bids will be received by Oscar
on Nov. 7, for the purchase of a $95.000 issue of sewer bonds. Int. rate is
not to exceed 6%.Payable semi-ann. Denom. $500. Due in from 1 to 10
years. The approving opinion of Junell, Oakley, Driscoll & Fletcher of
Minneapolis, will be furnished. A certified check for 2% of the bid is
required.
-NOTE OFFERING.
-0. E.
ROCHESTER, Monroe County, N. Y.
Higgins, City Comptroller, will receive sealed bids until 2.30 p. m. on
Nov. 5 for the purchase of the following issues of notes aggregating $2,060,000:
$1,500,000 general local improvement notes. Due July 7 1931.
200,000 special local improvement notes. Due March 7 1931.
150.000 school construction notes. Due March 7 1931.
150,000 bridge design and construction notes. Due March 7 1931.
45,000 Elmwood Ave. subway notes. Due March 7 1931.
15,000 Winton Road subway notes. Due March 7 1931.
Each issue is dated Nov. 7 1930. Notes will be drawn with interest,
Bank & Trust
and will be deliverable and payable at the Central Hanover to
whom notes
Co., New York. Rate of interest, denoms. desired, and
shall be made payable to be named in proposal. Bearer notes issued
upon request.
-BOND SALE-The
ROCKLAND COUNTY (P.O. New City), N. Y.
Oct.
$100,000 coupon or registered County Welfare Home bonds offered on New
-were awarded as 4s to E. H. Rollins & Sons of
131, p. 2730
28-V.
York. at a price of 100.04, a basis of about 3.99%. Dated Sept. 1 1930.
Due on Sept. 1 as follows: $12.000 from 1931 to 1..34 incl.: $10,000 in 1935
and 1936, and $16,000 in 1937 and 1938.
-At the
-BOND ELECTION.
ROCKFORD, Mercer County, Ohio.
general election to be held in November one of the questions to be answered
the proposed issuance of $15,000 in bonds for the
by the voters deals with
purpose of providing funds to enlarge the village water works system.
Maturity of issue has been set at 15 years.
4,
[VOL. 131.
ROME, Oneida County, N. Y.
-BOND OFFERING.
-Lynn C. Butts,
City Treasurer, will receive sealed bids until 11 a. m. on Nov. 6 for the
purchase of the following issues of not to exceed 5% int. coupon or registered bonds aggregating $348,000:
$300,000 sewerage disposal plant bonds. Due $15,000 on Nov. 1 from
1931 to 1950 incl.
48,000 water extension bonds. Due $8,000 on Nov. 1 from 1931 to
1936 incl.
Each issue is dated Nov. 1 1930. Denom. $1,000. Rate of hit. to be
expressed in a multiple of y, or 1-10th of 1% and must be the same for all
of the bonds. Prin. and semi-ann. int. (M. & N.) are payable at the
Chase National Bank, New York. A certified check for $7,000, payable
to the order of the City, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished to the
successful bidder.
ROSEBUD COUNTY (P. 0. Forsyth), Mont.
-BOND OFFERING.
We are informed that sealed bids will be received by Guy W. Gray, Clerk
of the Board of County Commissioners, for the purchase of an issue of
8160,000 refunding bonds, up to 1 p. in. on Nov. 18.
ROSEDALE SCHOOL DISTRICT (P. 0.; Cleveland), Bolivar
County, Miss.
-BOND SALE.
-A $20,000 Issue of school building bonds
Is reported to have been sold to an undisclosed purchaser.
ST. JAMES PARISH SCHOOL DISTRICT NO. 1 (P. 0. Convent),
La.
-Sealed bids were received until 10 a. in. on
-BONDS OFFERED.
Oct. 30 by the Secretary of the School Board,for the purchase of a $300,000
issue of 5% school bonds. Denom. $1,000. Dated Dec. 1 1930. Due on
Dec. 1 as follows: $6,000, 1931: $7,000, 1932 to 1934: 38,000, 1935 to 1937;
89.000. 1938 and 1939; $10,000, 1940 and 1941; $11.000, 1942 and 1943;
$12,000, 1944 and 1945; $13,000, 1946; $14,000, 1947 and 1948; $15,000,
1949; $16,000, 1950; $17.000, 1951; $18,000, 1952: $19.000, 1953 and 1954,
and $20,000 in 1955. Prin. and int. (J. & D.) payable at the St. James
Bank & Trust Co. in Lutcher, or at the Chase National Bank. New York
City. The approving opinion of Martin, Woods & Woods of New Orleans,
and some other recognized bond attorney will be furnished. A $9,000
certified check, payable to the District, is required.
SALEM, Marion County, Ore.
-ERRONEOUS REPORT.
-We are now
Informed that the voters of this city will not be called upon to ballot on
a proposed amendment to the city charter, as reported in .V 131, p. 2570.
SALEM CITY SCHOOL DISTRICT, Columbiana County, Ohio.
BOND ELECTION.
-Albert Hayes, Clerk of the Board of Education, has
served notice of the intention of the district voters to pass on a proposed
$385,000 school building construction and equipment bond issue at the
general election to take place on Nov. 4. Maturity of issue has been set
at 24 years.
SALT CREEK RURAL SCHOOL DISTRICT, Muskingum County,
Ohio.
-BOND ELECTION.
-The fate of a proposed $30,000 school building bond issue will be decided by the voters at the general election to take
place on Nov. 4. Maturity of issue has been set at 20 years.
SANDERS COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Parma),
Mont.
-BOND SALE.
-The $4,000 Issue of 6% semi-ann. school bonds
offered for sale on Oct..13-V. 131, p. 2414
-was purchased at par by the
State Board of Land Commissioners. No other bids were received.
SAPULPA SCHOOL DISTRICT (P. 0. Sapulpa), Creek County,
Okla.
-BOND SALE.
-We are informed that the $25,000 issue of school
bonds that was offered for sale on July 21-V. 131, p. 518_was purchased
by the American National Bank of Sapulpa as 5s. Due from 1933 to
1949 incl.
SEMINOLE, Seminole County, Okla.
-BONDS NOT SOLD.
-It is
now reported that the $25,000 issue of not to exceed 6% semi-ann. city
hall bonds offered on June 3 -V. 130, p. 4104
-was not sold. Due from
Sept. 1 1933 to 1941, incl.
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT, Cuyahoga
County, Ohio.
-BOND OFFERING.
-J. W. Main, Clerk of the Board of
Education, will receive sealed bids until 12 in. (Eastern standard time) on
Nov. 17 for the purchase of $1,096,442.13 43.% coupon school building
construction and equipment bonds. Dated Nov. 1 1930 One bond for
16442.13, others for $1,000. Due on Oct. 1 as follows: $60,442.13 in 1932;
$61,000 from 1933 to 1939 incl.; $60,000 in 1940, and $61,000 from 1941 to
to 1949 incl. Prin. and semi-ann. int. (A. & 0.) are payable at the office
of the above-mentioned Clerk. Bids for the bonds to bear interest at a
rate other than 4H% will also be considered, provided, however,that where
a fractional rate is bid such fraction shall be 3.1 of 1% or a multiple thereof.
A certified check for 5% of the amount of bonds bid for, payable to the order
of the Clerk of the Board of Education, must accompany each proposal.
These bonds were authorized to be sold by a vote of 5,014 to 2.429 at the
Nov. 1928 election. District will furnish the bonds; purchaser to furnish
approving opinion. Legislation pertaining to the issue has been prepared
by Boyd, Brooks & Wickham, Cleveland.
Financial Statement.
1929 valuation
$103,132,150
1930 valuation (estimated)
105.000,000
Actual value (estimated)
175.000,000
Total bonded debt,incl. this issue (no other debt)
$4.539,442.13
Sinking fund balance to
-day (approx. $50.000 more not yet
turned over by County Auditor. June tax)
39.948.85
Net debt
4.499.493.28
Population of school district (1920), 1,600: to-day, 22,000. Area, 4,500
acres; average value $9,000 per acre; 1929 tax rate, $2.09.; debt limit 6%
statutory.
SHAWANO COUNTY (P. 0. Shawano), Wis.-PRICE PAID.
-The
two issues of 57 coupon semi-ann. municipal highway bonds that were
purchased by A.C.Allyn & Co. of Chicago
-V. 131, p. 2730
.
-were awarded
for a premium of 10,260, equal to 103.74, a basis of about 4.36%. The
Issues are as follows:
$138,000 series B bonds. Due on May 1 1937.
136,000 series C bonds. Due on May 1 1938.
SHERIDAN COUNTY SCHOOL DISTRICT No.1(P.O.Big Horn),
Wyo.-BOND OFFERING.
-It is reported that sealed bids will be received
until Nov. 24 by E. D. Hasbrouck, District Clerk, for the purchase of a
$330,000 issue of 53% school building bonds. Dated Dec. 11930. Due as
follows: $500. 1931 to 1935; $1,000, 1936 to 1945; $1.500, 1946 to 1950
and $2,000 from 1951 to 1955, all incl. A certified check for 10% must
accompany the bid.
SHERIDAN COUNTY SCHOOL DISTRICT NO.1(P.O. Big Horn),
-Sealed bids will be received by E. D. HasWyo.-BOND OFFERING.
brouck, District Clerk, until Nov. 13, for the purchase of a $30,000 isuse of
school bonds. Int. rate is not to exceed 5Yj%, payable semi-annually.
Dated Dec. 1 1930. Due $500 from 1931 to 1935; $1,000. 1936 to 1945;
$1,500, 1946 to 1950 and $2,000, 1951 to 1955, all incl. Prin. and Int.
payable at the County Treasurer's office, or at some bank in N. Y. City.
A certified check for 10% must accompany the bid.
(A similar issue of bonds was recently reported sold-V. 131, p. 2730)
-BOND ELECTION.
SHERWOOD, Defiance County, Ohio.
-At
the general election to be held on Nov. 4 one of the questions to be decided
by the voters deals with the proposed Issuance of $16,500 in bonds to finance
the construction of a village water works system. Maturity of issue has
been set at 20 Yeats.
SIOUX CITY, Woodbury County, Iowa.
-BOND SALB.-Thenwo
Issues of coupon bonds aggregating $100.000 offered for sale on Oct. 29V. 131, p. 2730
-were purchased by the Live Stock National Bank, of
Sioux city, paying a premium of $426, equal to 100.426, a basis of about
4.09%,on the bonds divided as follows:
$50.000 43.4% sewer bonds. Due from Nov. 1 1935 to 1946 inclusive.
50.000 4% bridge bonds. Due from Nov. 1 1935 to 1946, inclusive.
SOMERSET SCHOOL DISTRICT, Somerset County, Pa.
-BOND
OFFERING.
-Jacob J. Walker, Secretary of Board of School Directors, will
receive sealed bids until 8 p. in. on Nov. 13 for the_purchase of $100,000
%coupon school bonds. Dated Nov. 1 1930, Denom. $1,000. D ue
$10,000 on Nov. 1 from 1932 to 1941 incl. Int. is payable semi-annually.
A certified check for 2% of the amount bid for payable to the order of the
Treasurer, must accompany each proposal. Sale of the bonds has been approved by the Department of Internal Affairs of Pennsylvania.
SOUTH ESSEX SEWERAGE DISTRICT (P. 0. Salem), Essex
County, Mass.
-The $90.000 4% coupon construction
-BOND SALE.
bonds offered on Oct. 29-V. 131, p. 2730
-were awarded to Harris, Forbes
Nov. 1 1930.]
FINANCIAL CHRONICLE
2935
-BOND DESCRIPTION.
TWIN FALLS, Twin Falls County, Idaho.
-The $218,500 issue of various refunding bonds that was purchased at
par by the Central Trust Co. of Topeka (V. 131, p. 2731) was awarded as
follows: $35,000 as 44s. $50,000 as 43is and $133,500 as 454s. Due in
from 2 to 20 years. The following is a list of the bids received:
Central Trust Co., Salt Lake City-For all 4%s,98.504;for all 434s, 100.77;
accepted bid, par for $35,000 4)4s, $50,000 4)4s and $133,500 4s.
National City Co., New York-100.189 for all 44s.
Ashton-Jenkins Insurance Co., Salt Lake City-Par for $50.000 430.
350,000 4%s and 5118.000 5s.
Gray, Emery, Vasconcelles & Co., Denver-Par for 55.000 at 4,4s and
$113,500 as 5s.
Bosworth, Chanute, Loughridge & Co., Denver-100.65 for 5s.
Walter, Woody & Heimerdinger--Par for $33,000 43.5s, $30,000 4315 and
3152,500 5s.
-J. S
-BOND SALE.
UNION COUNTY (P. 0. Elizabeth), N. J.
Rippel & Co., of Newark, bidding for $495,000 bonds of the $500,000
issue offered on Oct. 30-V. 131, p. 2571
coupon or registered park
were awarded the securities as 434s, paying $500,023.19, equal to 101.014,
a basis of about 4.18%. Dated Nov. 1 1930. Due on Nov. 1 as follows:
$10,000 from 1932 to 1975 inclusive; 312.000 from 1976 to 1979 inclusive,
and $7,000 in 1980. The following is an official list of the bids submitted
for the issue, all of which were for the bonds as 434s:
Amount
Amount of
Bid.
Bonds Bid or.
Bidder$500,023.19
$495,000
J. S. Rippel & Co..
500.461.00
497,000
Elizabeth Trust Co
M.F. Schlater & Co.,Inc.: Stephens & Co.,and
500,176.42
497,000
Seasongood & Mayer, jointly
500,122.00
Dewey,Bacon & Co.,& Roosevelt & Sons,jointly 497,000
500,542.00
499,000
National State Bank of Elizabeth
500,126.60
Lehman Brothers,and Kountze Brothers,jointly- 499,000
500,111.11
499,000
Union County Trust Co., Elizabeth
and H. L.
First National Old Colony Corp.,
500,404.00
500.000
Allen & Co., jointly
-ELECUNIVERSITY PARK (P. 0. Dallas), Dallas County, Tex.
-In connection with the,election scheduled for Nov. 8
DETAILS.
TION
-V. 131,
on the proposed issuance of $253,000 in warrant refunding bonds
p. 2571-we have been informed as follows by the Brown-Crummer Co.
-$25.3.000:
of Wichita: Re: University Park Refunding Bonds.
"Theo E.Jones. City Secretary ofthe City of University Park, has handed
for reply, your inquiry of Oct. 14 with reference to the above bonds.
to us
"Assoon as the election has been held we will be glad to advise you the
result. These bonds, if authorized, will be issued for the purpose of cancelling a like amount of outstanding warrant indebtedness of the city and
the bonds therefore are not to be sold but are to be delivered in exchange for
outtstanding indebtedness.
VENANGO TOWNSHIP (P.O. Parkers Landing, R. D.), Armstrong
-Prescott, Lyon & Co. of Pittsburgh
-BOND SALE.
County, Pa.
on Oct. 28 were awarded an issue of $20,000 4 % township bonds at par
plus a premium of $345, equal to 101.72, a basis of about 4.30%. Dated
Oct. 1 1930. Denom. $1,000. Due $1,000 on Oct. 1 from 1932 to 1951.
inclusive.
-BOND OFFERING.
VENTNOR CITY, Atlantic County, N. J.
Charles E. Reppetto, City Clerk, will receive sealed bids until 8 13• m• on
the purchase of $250,000 not to exceed 6% interest coupon or
Nov. 10 for
registered sewer bonds. Dated Nov. 1 1930. Denom. 31,000. Due on
Nov. 1 as follows: $6,000 from 1931 to 1949 incl., and $8,000 from 1950 to
1966 incl. Rate of interest to be expressed in a multiple of 4 of 1%•
Net debt of town
$3,698,335.96 Prin.and semi-ann. int.(M.& N.)are payable at the Ventnor City National
Grand list of the city
112,221,861.00 Bank, Ventnor City. No more bonds are to be awarded than will produce a
Total debt
2,930,000.00 premium of $1,000 over $250,000. A certified check for 2% of the amount
Sinking funds
348,373.60 of bonds bid for, payable to the order of the City, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
Net debt of the city
$2.581,626.40 York, will be furnished to the purchaser.
No water debt, town or city.
WALLER COUNTY SCHOOL DISTRICT (P.O. Hempstead), Tex.
Population: Estimated, 60,000.
•
-A $7,000 issue of 507 school bonds Is reported to have
BOND
STONEHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
- recentlySALE.
been purchased by the State Board of Education. Dated Aug. 1
The Merchants National Bank of Boston on Oct. 29 purchased a $75,000
1930. Due in 1940.
temporary loan at 2.19% discount. The loan is due on May 15 1931.
-The voters will
WALTON, Boone County, Ky.-BOND ELECTION.
SWEETWATER,Nolan County,Tex.
-BOND SALE.
-A $50,000issue
issuance of $25,000 in bonds for the conof A% coupon serial street impt. bonds was purchased on Oct. 13 by the be asked to pass on the proposed at the general election on Nov. 4.
struction of a water works system
Dallas Bank & Trust Co. of Dallas, at par. Denom. $1,000. Dated
-Charles W. Greene,
-NO BIDS.
May 15 1929. Interest payable on May and Nov. 15.
WARREN, Bristol County, R. I.
for the
TARRYTOWN, Westchester County, N. Y.
-BOND OFFERING.
- Town Treasurer, informs us that no bids were received on Oct. 28
3. Wyckoff Cole, Village Clerk, will receive sealed bids until 8 p. m. on purchase of the 534.000 434% coupon sewer extension bonds offered for
2731. The bonds are dated Nov. 1 1930 and mature
-V. 131. p.
Nov. 10 for the purchase of $37,000 coupon or registered Altamont Ave. sale
impt. bonds. Dated April 1 1930. Denom. $1.000. Due on April 1 $2,000 on Nov. 1 from 1931 to 1947 incl.
-Della
-BOND OFFERING.
as follows: $3,000 from 1931 to 1942 incl. and $1,000 in 1943. Rate of int.,
WARREN, Trumbull County, Ohio.
expressed in multiples of 1-10th of 1% to be named in proposal. Int. B. King, City Auditor, will receive sealed bids until 1 p. m. on Nov. 14
is payable semi-annually. A certified check for $500, payable to the order for the purchase of$19,425 434% city share fire station improvement bonds.
of the Village, must accompany each proposal. The approving opinion of Dated Oct. 1 1930 Due on Oct. 1 as follows: $1,425 in 1932 and $2,000
Caldwell & Raymond of New York will be furnished the successful bidder. from 1933 to 1941,incl. Prin. and semi-ann.int.(April & Oct.) are payable
of the Sinking Fund Trustees. Bids for the bonds to bear
-BOND SALE.
TAYLOR, Williamson County, Tex.
-The $100,000 at the office rate other than 434% will also be considered, provided, howa
Issue ofsewer bonds offered for sale on Oct.28-V. 131,p.2731-wasjointlY interest atwhere a fractional rate is bid such fraction shall be YI of 1% or a
ever, that
purchased by the Mercantile Securities Corp. of Dallas. and Bosworth,
certified check for $500. payable to the order of the
Chanute, Loughbridge & Co. of Denver, as 5s, paying a ipremium of $465, multiple thereof. A
each proposal.
equal to 100.465,a basis of about 4.94%. Due $5,000 in from I to 20 years. city, must accompany
Financial Statement.
Prin. and int. payable in N ew York.
-Real estate_ _$58.165,960.00
Total assessed valuation for 1930 (estimated)
20,739.650.00
TOPEKA SCHOOL DISTRICT (P. 0. Topeka), Shawnee County,
Personal property
-The $570,000 issue or
INVESTMENT.
-BONDS OFFERED FOR
Kan.
$78,905,610.00
jointly sold to the Continental Illinois Co.
'
434% school bonds that was,
1.961,352.68
of Chicago, and the National Bank of Topeka, at 102.61, a basis of about General bonded debt
881,397.56
4.18% V. 131. p. 2731-is now being offered by the purchasers for public Special assessment debt
subscription at prices to yield from 3.7507 to 4.05%, according to maturity. Water Works bonds and extension, including this issue (self1.098,400.00
sustaining)
Due $30,000 from Feb. 1 1932 to 1950 incl. Offered subject to approval
of legality by Thomson, Wood & Hoffman of N. Y. City. They are reCash balance and investments in sinking fund, $295,718.44. Populaported to be legal investments in New York.
tion, 1930 census, 41.054.
TROY, Miami County, Ohio.-BOAD SALR.-The $15.000 paving
.
WASHINGTON TOWNSHIP (P. 0. Butler), Butler County, Pa.
bonds offered on Oct. 17-V.131, p.2260-were awarded as 4 yiet to Spitzer, BOND SALE.
-M. M. Freeman & Co., of Philadelphia, are reported to
Rorick & Co. of Toledo, at par plus a premium of $82, equal to 100.54, have purchased an issue of $33,000
% road bonds at a price of 102.06,
a basis of about 4.37%. The bonds are dated Sept. 1 1930 and mature a basis of about 4.22%. The bonds mature on Oct. 1 as follows: $1,000
semi-annually as follows: $1,000 on March 1 and $1,500 on Sept. 1 from in 1931 and $2.000 from 1932 to 1947 incl.
1932 to 1936 incl. and $500 on Sept. 1 from 1937 to 1941 incl.
WASHITA UNION GRADED SCHOOL DISTRICT NO. 1 (P. 0.
-The $11,000 issue of
TWO RIVERS, Manitowoc County, Wis.-BOND SALE.
-BOND SALE.
-The two Washita), Caddo County, Okla.
-is reported to
issues of4 % coupon bonds aggregating $205.000 offered for sale on Oct.24 school bonds offered for sale on July 13-V. 131, p. 516
-V.131. p.2571-were sold to the Harris Trust & Savings Bank of Chicago, have been purchased by the American First Trust Co., of Oklahoma City.
paying a premium of $3,983, equal to 101.94, a basis of about 4.28%. The as follows: $2,000 as 5s, due $1.000 in 1935 and 1936, and $9,000 as 534s.
issues are as follows:
due $1,000 from 1937 to 1945, incl.
$165.000 school bonds. Due from March 1 1932 to 1950 incl.
WATERLOO RURAL SCHOOL DISTRICT, Lawrence and Gallia
40,000 sewer bonds. Due from March 1 1932 to 1938.
-One of the questions to be sub-BOND ELECTION.
Counties, Ohio.
The following is an official list of the bids:
mitted for consideration of the voters at the general election to take place
Sewer.
School.
BidderTotal.
on Nov. 4 deals with the proposed sale of $15,000 school building bonds.
*Harris Tr.& Say. Bk., Chicago (all or none)_
$3.983.00 Maturity of issue has been set at 14 years.
$H13 $3,400.00
A.0. Allyn & Co., Chicago
3.625 00
-BOND OFFERING.WATERTOWN, Middlesex County, Mass.
Marshal & Ilsley Bk., Milwaukee (all or none)
3,305.00
Harry W. Brigham, Town Treasurer, will receive sealed bids until 3.30
Wisconsin Co., East Wisconsin Trustee
First
Co., Milwaukee and Manitowoc
195
2.986.50
3,181.50 p. m. on Nov. 5 for the purchase of$10,000 4% coupon surface drainage
Nov. 1
Ames. Emerich & Co.. Inc., Chgo (all or none) 168
2,948.00
3.116.00 ponds. Dated Nov. 1 1930. Denom. $1,000. Due $2,000 on & Nov.)
from 1931 to 1935,inclusive. Principal and semi-annual int.(May
108
John Nuveen & Co. Chicago
. .
,
205
First Securites Co.,Manitowoc
2.326.50
2,531.50 are payable at the First National Bank, of Boston, which will supervise
their genuineness. The favorOtis & Co.. Chicago
2,080.65
2,080.65 the engraving of the bonds and certify as to& Dodge, of Boston, as to the
Lawrence Stern & Co., Chicago (all)
2,000.00 able opinion of Storey, Thorndike, Palmer charge to the purchaser.
Halsey, Stuart & Co., Chicago (all)
1,927.00 validity of the issue will be furnished without
•
* Successful bid.
Financial Statement Oct. 28 1930.
Valuation for year 1929, less abatements
$54,939,415
TRUMBULL COUNTY (P.O. Warren), Ohio.
-BOND OFFERING.
1,891,000
David H. Thomas, Clerk of the Board of County Commissioners, will re- Total debt (present loan included)
102,000
Water debt (including in total debt)
ceive sealed bids until 2 p. m. on Dec. 1 for the purchase of $27.000
%
Population (estimated). 25.000.
bridge reconstruction bonds. Dated Oct. 11930. Denom. $1,000. Due
semi-annually as follows: $2,000 on April and Oct. 1 from 1932 to 1934 incl.;
-BOND SALE.-Stranahan,
WAYNE COUNTY (P.O. Detroit), Mich.
$2,000 on April 1 and $1,000 on Oct. 11935: $1,000 on April and Oct. 1 Harris & Co., Inc., of Toledo, recently purchased an issue of $2,503.000
from 1936 to 1941 incl. Prin. and semi-ann. int. (A. & 0.) are payable at 554% coupon Tile Drain District No.5 bonds. Dated Aug. 11930. Denom.
the office of the County Treasurer. The Commissioners reserve the right $1,000. Due on May 1 as follows: $115.000 in 1933 and 1934: 3125.000
to award a lesser amount of bonds than the total for which bids are being In 1935: $150,000 in 1936; 3165.000 in 1937; 5166.000 in 1938 and 1939:
solicited. Bids for the bonds to bear interest at a rate other than 4 % will 5170.000 from 1940 to 1942, hid.: $180,000 in 1943: $200.000 from 1944
also be considered in accordance with section 2293-28 G.C.of Ohio. County to 1946, incl., and $211,000 in 1647. Prin. and semi-ann. int. (M. & N.)
to pay for the printing of the bonds; purchaser to pay for opinion as to are payable at the office of the County Treasurer. Legality approved
legality. A certified cheek for $1,000, payable to Trace D. Harkelrode, by Miller. Canfield, Paddock & Stone, of Detroit. The purchasers are
County Treasurer, is required.
offering the bonds for public investment at prices to yield from 4.00 to
These are the bonds originally scheduled for sale on Oct. I.
-V. 131, 4.50%, according to maturity. The bankers' reoffering advertisement
p.2260.
says:
& Co. of Boston, at a price of 101.90, a basis of about 3.75%. Dated Nov.
15 1930. Due $5,006 on Nov. 15 from 1931 to 1948 incl. Bids for the
issue were as follows:
Rate Bid.
Bidder101.90
Harris,Forbes & Co.(purchaser)
101.894
Merchants National Bank,Salem
101.00
Naumkeag Trust Co., Salem
100.939
R.L. Day & Co., Boston
SOUTHGATE SCHOOL DISTRICT (P.O. Southgate), Ky.-BOND
-A $23,000 issue of school bonds is reported to have been purSALE.
chased by the Newport National Bank of Newport.
-The
-BOND SALE.
SOUTH HADLEY, Hampshire County, Mass.
$137,000 4% coupon school bonds offered on Oct. 27-V. 131, p. 2571
were awarded to F. S. Moseley & Co.of Boston, at 102.11, a basis of about
0
3.74 7. Dated Oct. 1 1930. Due on Oct. 1 as follows: $7,000 from 1931
to 1949 incl., and $4,000 in 1950. The following is a list of the bids submitted for the issue:
Rate Bid.
102.11
F. S. Moseley & Co.(purchaser)
102.06
Estabrook & Co
102.02
Harris, Forbes & Co
R.L. Day & Co
100.799
-BOND SALE.
-The $200,000
SPRINGFIELD, Clark County, Ohio.
coupon or registered sewerage disposal plant construction bonds offered
-were awarded as 4)4s to Otis & Co. of Cleveon Oct. 30-V. 131, p. 2730
land, at par plus a premium of $1,920, equal to 100.96, a basis of about
4.15%. The bonds are dated Sept. 1 1930. Due $8,000 on Sept. 1 from
1932 to 1956 incl.
SPRINGFIELD TOWNSHIP RURAL SCHOOL DISTRICT, Summit
-BOND ELECTION.
County, Ohio.
-At the general election to be held
on Nov. 4 the voters will decide the fate of a proposed $210,000 school
building bond issue, the maturity of which has been set at 24 years.
-TEMPORARY
STAMFORD (Town of), Fairfield County, Conn.
-BOND OFFERING.
LOAN.
-Harold S. Nichols, Town Treasurer, on
Oct. 28 awarded a $500,000 temporary loan to the Peoples National Bank
of Stamford at 2.3607 discount. Dated Oct. 31 1930. Denoms. $50,000,
$25,000. $10,000 and $5,000. Due on June 2 1931. The notes will be
certified as to genuineness and validity by the First National Bank of
Boston, under advice of Ropes, Gray. Boyden & Perkins of Boston. The
First National Old Colony Corp .of Boston, the oily other bidder, offered
to discount the loan at 2.54%.
-Mr. 'Nichols will receive sealed bids until 12 m.
BOND OFFERING.
on Nov.3 for the purchase of5150.0004 X% coupon or registered New Town
Alms House (1930) bonds. Dated July 1 1930. Denom. $1,000. Due
$10.000 on July 1 from 1932 to 1946 incl. Prin.and semi-ann. Int• (J.& J.)
are payable at the Old Colony Trust Co., Boston. The bonds will be engraved under the supervision of and certified as to their genuineness by the
aforementioned Trust company. A certified check for $3,000. Payable
to the order of the Town, must accompany each proposal. The legality
of the issue will be examined by Ropes, Gray, Boyden & Perkins of Boston,
a copy of whose opinion will accompany the bonds when delivered without
charge to the purchaser.
Financial Statement Oct. 1 1930.
$141,259,187.00
Grand list of the town
Total debt, not including present loan
4,105,000.00
Sinking funds
406,664.04
2936
FINANCIAL CHRONICLE
These bonds are issued by Wayne County on behalf of Tile Drain District
No. 5, to provide funds with which to pay the cost of a combination storm
and sanitary drain in the City of Wyandotte and adjoining territory in
Ecorse Township, which the county has practically completed. 78.13%
of the taxes are payable primarily from benefited property in the district
while 21.87% are collected from tne Township of Ecorse, the City of
Wyandotte, Wayne County and the State of Michigan. In the event of a
deficit from any cause in the drain fund the County of Wayne is required
by law to advance the amount necessary to meet principal and interest
when due out of its general fund, provided such obligation would not
cause the total debt of the county to exceed the constitutional limitation
of 3% of its assessed valuation, which based on the above statement is
over $138.000,000.
Wayne County has a constitutional debt limitation of 3% of the assessed
valuation which gives a present maximum bonding power of5138,473,140.05.
In the financial statement we have included the total bonded debt and the
total assessment debt for which the county is contingently liable showing
the county to have a total actual and contingent debt of less than
of 1%•
Financial Statement.
(As furnished by County Accountant Oct. 15 1930.)
Assessed valuation 1929
84,615,771,335
Bonded debt, October 1 1930
7,030,000
Assessment debt (contingent liability)
13,173,638
Sinking fund
5632,252
Population: (1920 Census), 1,177.645; (1930 Census, preliminary),
1.892.372.
WELD COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 8
(P. 0. Fort Lupton), Colo.
-BOND SALE.
-An issue of 5100.000 4%
refunding bonds Is reported to have been purchased recently by the U. S.
National Co.of Denver at a price of 99.07, a basis of about 4.12%. Denom.
51.000. Dated Nov. 1 1930. Due from 1931 to 1947. incl.
WELD COUNTY SCHOOL DISTRICT NO. 48 (P. 0. Johnstown),
Colo.
-BONDS CALLED.
-A 571.000 issue of 5% school bonds has been
called for payment, principal being payable at the International Trust Co.,
Denver, interest at the office of the County Treasurer in Greeley. Date
Nov. 1 1930, optional Nov. 1 1930. and due on Nov. 11950. (The issue
refunding these bonds was sold in July
-V. 131, P. 672.). Bonds numbered 1 to 9 are particularly called for payment as of Nov. 4, interest to
cease after that date.
WEST ALLIS Milwaukee County, Wis.-BOND OFFERING.
-Sealed
bids will be received until 7 p. m. on Nov. 12, by M. C. Henika, City
Clerk, for the purchase of an issue of $190,000 4 % semi-annual school
bonds. Due $10.000 from 1932 to 1950. incl. Bidders must furnish the
blank bonds. A certified check for 5% of the par value of the bonds bid
for, is required.
WESTFIELD, Hampden County, Mass.
-The $25,000
-BOND SALE.
4% coupon trade school bonds offered on Oct. 29- V. 131. p. 2731-were
awarded to the First National Old Colony Corp. of Boston. at a price of
100.74, a basis of about 3.83%. The bonds are dated Oct. 1 1930 and
mature $2,500 on Oct. 1 from 1931 to 1940 incl. R. L. Day at Co., Boston,
the only other bidder, offered to pay 100.539 for the issue.
WESTFIELD, Hampden County, Mass.
-LOAN OFFERING.It. P. McCarthy, City Treasurer, will receive sealed bids until 11 a.m
on Nov. 3 for the purchase of a $100.000 temporary loan. Dated Nov. 4
1930. Denoms. 525.000, $10.000 and $5,000. Payable on Oct. 6 1931
at the First National Bank of Boston. The notes will be certified as to
genuineness and validity by the aforementioned Bank, under advice of
Ropes, Gray, Boyden & Perkins of Boston.
WEST ORANGE, Essex County, N. J.
-Ronald
-BOND OFFERING.
C. Alford, Town Clerk, will receive sealed bids until 8:15 p. m. on Nov. 5,
for the purchase of $355,000 4, 411 or 416% coupon or registered improve,
ment bonds. Dated Nov. 1 1930. Denom. $1,000. Due on Nov. 1. as
follows: $10,000 from 1931 to 1949, incl., and $15,000 from 1950 to 1960,
incl. Principal and semi-annual interest (May and Nov.) are payable at
the First National Bank, West Orange. No more bonds are to be awarded
than will produce a premium of $1,000 over $355,000. 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, will be furnished to the successful bidder.
WILLACY COUNTY (P. 0. Raymondville), Tex.
-BONDS REGISTERED.
-A $70,000 issue of 544% road, series B of 1928 bonds, was
registered by the State Comptroller on Oct. 21. Denom. $1,000. Due
serially.
WILLOUGHBY, Lake County, Ohio.
-One of
-BOND ELECTION.
the questions to be considered by the voters at the general election to take
place on Nov. 4, deals with the proposed sale of $14,000 in bonds to finance
the acquisition of real estate for playgrounds and parks. Maturity of issue
has been set at 14 years.
' WILMINGTON, Clinton County, Ohio.
-BOND SALE.
-The
$15,000 coupon fire department equipment bonds offered on Oct. 27-were awarded as 44is to Ryan, Sutherland & Co. of
V. 131, p. 2572
Toledo. at par plus a premium of $95.89, equal to 100.63, a basis of about
4.37%. Dated Jan. 1 1930. Due $1,500 on Sept. 1 from 1931 to 1940 incl.
The successful bidders also agreed to furnish legal opinion. An official list
of the bids submitted for the issue follows:
BidderInt. Rate. Premium.
W.L.Slayton & Co., Toledo
$95.89
Ryan,Sutherland & Co., Toledo
44.6 o
88.50
Spitzer, Rorick & Co., Toledo
88.00
Davies, Bertram & Co., Cincinnati
82.50
Well, Roth & Irving Co., Cincinnati
81.00
Provident Savings Bank & Trust Co., Cincinnati
57.00
Assel, Goetz & Co., Cincinnati
41,
5
55.00
Seasongood & Mayer, Cincinnati
4141
46.00
Columbus
13ancOhio Securities Co.,
42.00
4)4%
The Title Guarantee Corp., Cincinnati
44%
19.50
The Hanchett Bond Co.. Chicago
5
46.50
WOOSTER, Wayne County, Ohio.
-BOND SALE.
-The following
Issues of special assessment street improvement bonds offered on Oct. 24
-were awarded as 4)4s to the State Teachers Retirement
-V.131. pr. 2572
System, of Columbus, at par plus a premium of $136, equal to 100.69, a
basis of about 4.36%:
$8,701.33 bonds. Due on Oct. 1, as follows: $201.33 in 1931; $500 in 1932,
and $1,000 from 1933 to 1940, incl.
8,183.38 bonds. Due on Oct. 1. as follows: $183.38 in 1931; $500 in 1932
and 1933, and $1,000 from 1934 to 1940, incl.
2,813.40 bonds. Due on Oct. 1, as follows: $313.40 in 1931; $250 from
1932 to 1939. incl.. and $500 in 1940.
All of the bonds are dated Oct. 11930.
-BONDS OFFERED.
WORTHINGTON, Franklin County, Ohio.
A.E. Dunn, Village Clerk,received sealed bids until 12 m.on Oct.31.for the
purchased of 52.0006% improvement bonds. Dated Nov. 1 1930. Denom.
$500. Due $500 on Nov. 1 from 1932 to 1935, incl. Interest is payable
semi-annually in April and October.
-BOND REDEMPTION-A $43,000
WRAY, Yuma County, Colo.
Issue of water works bonds has been called for payment at the National
the office of the City Treasurer,int. ceasing on Oct. 15
Bank of Wray,or at
1930. Dated Oct. 15 1920. (The issue refunding these bonds was sold
on Aug. 5-V. 131, P. 1753.)
-BOND SALE.
WYANDOTTE COUNTY(P.O. Kansas City), Kan.
The 5190,000 issue of 4 % coupon semi-ann. courthouse equipment
-was jointly purchased
bonds offered for sale on Oct.23-V. 131, p. 2416
by the Continental Illinois Co. of Chicago and the Commercial National
'Bank of Kansas City, for a premium of $1,075, equal to 100.56, a basis of
about 4.18%. Dated Oct. 1 1930. Due from July 1 1931 to 1950 incl.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 53 (P. 0.
-Sealed bids will be received until
-BOND OFFERING.
Worden), Mont.
10 a. m. on Dec. 1 by Mrs. John Blessing, Clerk of the Board of Trustees,
for the purchase of an Issue of 51.000 refunding bonds. Interest rate Is
not to exceed 6%, payable semi-annually. Due in 10 years and optional
in 5 years. A certified check for $100 is required. These bonds were
previously offered for sale on Sept. 30-V. 131. P. 1932.).
ZERBE TOWNSHIP SCHOOL DISTRICT (P. 0. Trevorton),
-This district on Sept. 20
-BOND SALE.
Northumberland County, Pa.
awarded an issue of $150,000 446% school bonds to E. H. Rollins & Sons
of Philadelphia, subject to the approving opinion of the purchaser's attorneys. In order to validate the bonds beyond question it was found neces-
[VOL. 131.
sary to nullify this first sale and re-advertise the issue for award. E. H.
Rollins & Sons of Philadelphia, however, offered the same bid at the second
sale and being the only bidders were awarded the bonds at par plus a
premium of $5,737.50, equal to 103.82, a basis of about 4.220/. Iftted
Sept. 1 1930. Due on Sept. 1 as follows: $2,000 from 1931 to 1933 incl.:
$3,000 from 1934 to 1941) incl.; $44,000 from 1941 to 1945 incl.; $5,000 from
1946 to 1948 incl.; $6,000 from 1949 to 1951 incl.; $7,000 from 1952 to 1955
incl.; $8,000 from 1956 to 1959 incl. and $10,000 in 1960. (V. 131, p.2103,
CANADA its Provinces and Municipalities.
BRADFORD, Ont.-BOND SALE.
-Stewart, Scully & Co. of Toronto
ecently purchased an issue of 540.0005% impt. bonds at a price of 101.83,
a basis of about 4.84%. The bonds mature in 30 instalments and were
bid for by the following:
Bidder
Rate Bid.
Stewart, Scully & Co
101.83
Wood,Gundy & Co
101.822
Dyment,Anderson & Co
101.64
A.E.Ames & Co., Ltd
101.15
J.L. Graham & Co
100.875
0. H.Burgs & Co
es
100.50
Matthews & Co
100.13
CALGARY, Alta.
-LIST OF BIDS.
-The following Is a list of the bids
submitted on Oct. 22 for the purchase of the 51,675,000 5% bonds which
were awarded to the group composed of the Bank of Nova Scotia, of Halifax;
McLeod, Young, Weir & Co., and Fry, Mills, Spence & Co., both of Toronto, at 100.55 (for bonds payable in Canada and New York), a basis of
about 4.97%.-V. 131. p. 2732:
Bidder•
Rate Bid.
Bank of Nova Scotia; McLeod, Young, Weir & Co., and Fry,
Mills Spence & Co., jointly (purchasers)
100.55
Wood,ôundy& Co.et al
100.379
Gairdner & Co.et al
100.377
R.A. Daly & Co.et al
99.81
Dominion Securities Corp. et al
99.2811
CHARLOTTETOWN, P. E. I.
-BOND SALE.
-The Royal Financia
Corp. of Toronto recently purchased an issue of $100,000 43i% bonds at
a price of 97.73, a basis of about 4.70%. Dated Nov. 1 1930. Due
serially in 30 years.
COLBORNE, Ont.-BOND SALE.
-An issue of $23,000 5;4% bonds
recently purchased by the Canadian Bank of Commerce of Toronto at
102.77, a basis of about 5.18%. The bonds are dated Nov. 1 1930 and
mature in 20 instalments. The following is a list of the bids submitted
for the issue:
Bidder
Rate Bid.
Canadian Bank of Commerce
102.77
Bell, Gouinlock & Co
102.84
J.L.Goad & Co
102.41
J. L.Graham & Co
102.125
R.A. Daly & Co
102.12
0. H. Burgess & Co
101.79
Gairdner & Co
101.77
Harris, MacKeen & Co
101.41
Dyment,Anderson & Co
101.40
CUMBERLAND TOWNSHIP, Ont.-BOND OFFERING.
-Sealed bids
addressed to E. Morris, Township Treasurer, will be received until Nov. 3
for the purchase of $98,357 5% bonds. Due in 20 instalments.
DRUMMONDVILLE, Que.-BOND SALE.
-The $58,000 5%'bonda
offered on Oct. 21-V. 131, P. 2572
-were awarded to the Credit AngloFrancais, Ltd., and Ernest Savard, Ltd.. both of Montreal, jointly, at a
price of 99.22, a basis of about 5.08%. The bonds are dated Sept. 1 1930
and mature serially in 30 years. A bid of 99.632 was submitted by Gairdner & Co., of Toronto, but inasmuch as it was not accompanied by good
faith deposit, the issue was awarded to the next high bidders, as shown
above. The following is a list of the bids submitted for the issue:
Bidder
Rate Bid.
Credit Anglo-Francais, Ltd., and Ernest Sward, Ltd
x99.22
L. G. Beaubien & Co
98.86
Hodgson Bros. & Dunton
98.82
A. E. Ames & Co
98.69
Banque Provinciale
98.60
Hanson Bros
98.573
McLeod, Young, Weir & Co
98.403
Dominion Securities Corp
98.33
0. H. Burgess & Co
98.19
Lagueux & Darveau, Ltd., and Lurien Cote, Inc
98.13
z Accepted bid.
(P. 0. Milton), Ont.-LIST OF BIDS.
-The
HALTON COUNTY
following is a list of the bids submitted on Oct. 13 for the purchase of the
$68,500 5% bonds which were awarded to 0.H. Burgess & Co. of Toronto,
at 101.128, a basis oflbout 4.91%- 131, p. 2572:
V.
Rate Bid.
Bidder
101.128
C. H. Burgess & Co
101.081
Fry, Mills, Spence & Co
R. A.Daly & Co
101.079
A. E. Ames & Co., Ltd
101.077
A
Stewart, Scully & Co
101.073
101.04
Harris, MacKeen & Co
100.939
Gairdner & Co
100.70
Wood,Gundy & Co
100.60
McLeod,Young,Weir & Co
100.44
McCrae & Co
100.070
Dyment,Anderson & Co
J. L. Graham & Co
99.50
-At an election held recently the rateHULL, Que.-BONDS VOTED.
payers approved of the sale of $296,000 local impt. bonds.
LANARK COUNTY (P.O. Perth), Ont.-BOND SALE.
-The $99,500
5% coupon road construction bonds offered on Oct. 24-V. 131. p. 2732
were awarded to Gairdner & Co. of Toronto, at a price of 100.739, a basis
of about 4.88%. The bonds are dated Nov. 20 1930 and mature in 15
years. Int. is payable annually on Nov. 20. Denoms, to suit purchaser.
The following is a list of the bids submitted for the issue:
Rate Bid.
BidderGairdner & Co
*100.739
Stewart Scully & Co
100.623
McLeod, Young, Weir & Co
100.60
Griffis Babe & Co
100.507
Dyment, Anderson & Co
100.41
Bell, Gouinlock & Co
100.34
Dominion Securities Corp
100.297
R. A. Daly & Co
100.096
A. E. Ames & Co
100.07
C. H. Burgess & Co
99.88
Wood, Gundy & Co
99.80
J. L. Graham & Co
99.778
J. L. Goad & Co
99.76
Frpsiycills,
99.23
Puplen e'o
bidder.
McGILLIVRAY TOWNSHIP (P. 0. Parkhill), Ont.-LIST OF BIDS.
The following is a list of the bids received on Oct. 16 for the purchase of the
532,285 5340/ coupon drainage bonds which were awarded to Dyment,
Anderson & Co. of Toronto, at 102.59, a basis of about 4.96%-V. 131.
p. 2732:
BidderRate Bid.
Dyment,Anderson & Co
102.59
Harris, MacKeen & Co
102.52
Stewart, Scully & Co
102.263
W.L. McKinnon & Co
102.11
102.073
Gairdner & Co
Wood, Gundy & Co
00
7
C. H. Burgess & Co
1012.
.7
R. A. Daly & Co
101.70
J. L.Graha Com lic Co101.53
101.136
Matthews &
101.12
H.R.Bain & Co
Bell, Gouinlock & Co
100.96
2937
FINANCIAL CHRONICLE
Nov. 1 19301
-J.D.
ST.ANDREWS(P. 0. Clandeboye),Man.-BONDS OFFERED.
Forster, Secretary-Treasurer, received sealed bids until 1 U. m. on Oct.
30, for the purchase of $17,000 6% road bonds. Due $1,236.03 (including
both principal and interest) on Dec. 5 from 1930 to 1959, incl. Payable
at the office of the Dominion Bank at Selkirk. and the head offices of said
bank in the cities of Winnipeg (Manitoba) and Montreal (Quebec).
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-BONDS RE-The following is a list of the bonds reported sold by the
PORTED SOLD.
Local Government Board during the period from Sept. 27 to Oct. 11. as
Toronto:
it appeared in the Oct. 24 issue of the "Monetary Times" of Turner &
-years to H. M.
School Districts: Sheldon, $4,000, 6(%, 10
-years to H. M. Turner & Co.; Kindersley,
Co.; Alpine, 52,000, 6j9', 15
-years to II. J. Birkett & Co.; Montford, 53,500, 63.4
58,000, 6%, 15
-years to Waterman-Waterbury Manufacturing Co.; Long,$4,500,6H o.
15
-years to
-years to 0. Branvold, Macoun; Maiden Lake, $3,000. 6%. 15
15
Melfort Sinking Fund.
-The $643,500 sinking fund bonds
Sask.-BOND SALE.
TOWNSHIP(P.O. Willowd Ile), Ont.-BOND SALE.
SASKATOON,
NORTH YORK
-were awarded to Wood, Gundy & Co.
The following issues of 5% bonds aggregating $301,000 offered on Oct.27- offered on Oct. 27-V. 131, P. 2732
-were awarded to Gairdner & C.of Toronto, at 99.73, a and the Royal Bank of Canada, both of Toronto,jointly, as 5s, at 99.657. a
V. 131. p. 2732
basis of about 5.039'. The bonds are dated Nov. 1 1930, mature in 10. 15.
basis of about 5.05%;
$95,000 pavement bonds. Due in 10 instalments .
20 and 30 years, and are payable in Canada.
water mains bonds. Due in 20 instalments,
85,000
Alternative bids were requested for bonds bearing interest at 43% and
45,000 pavement bonds. Due in 5 years.
5% and on the basis of bonds payable in Canada only and Canada and New
45,000 school section No.20 bonds. Due in 20 instalments.
York. The following summary of the tenders submitted appeared in the
35,000 high school bonds. Due in 30 instalments.
Oct. 30 issue of the "Financial Post" of Toronto:
Payable in
• The following is a list of the bids r worted to have been submitted for the
Canada
Canada
bonds.
Rate Bid.
Bidder& N. Y.
Only.
99.73
Gairdner & Co.(purchasers)
-For 5% Bonds.
Bidder99.67
99.907
R.A.Daly & Co
*99.657
Wood, Gundy & Co.; Royal Bank of Canada
99.313 Dyment, Anderson & Co.; Gairdner & Co.; C. H.
C. H. Burgess & Co
99.20
99.72
Wood, Gundy & Co
99.552
Burgess & Co.; E. H. Rollins & Sons
98.651 McLeod. Young, Weir & Co.; Bell, Gouinlock & Co.;
Dyment,Anderson & Co
97.00
98.577
Bell. Gouinlock & Co
Fry, Mills, Spence & Co
98.52
99.57
Harris, MacKeen & Co
Canadian Bank of Commerce; R. A. Daly dc Co
97.10
McLeod,Young, Weir & Co
Bank of Montreal; A. E. Ames & Co.; Dominion
99.638
Corp
Securities
-A
-BOND SALE.
-For 4% Bonds.
NOVA SCOTIA, Province of (P. 0. Halifax).
93.679
93.429
syndicate composed of the Bancamerica-Blair Corp. and E. H. Rollins & Wood, Gundy & Co.; Royal Bank of Canada
both of New York. Royal Securities Corp. and R. A. Daly & Co., McLeod, Young, Weir & Co.; Bell, Gouinlock & Co.;
Sons,
93.429
Ltd., both of Toronto, Shawmut Corp. of Boston, the Dominion Bank of
Fry, Mills, Spence & Co
93.34
Toronto, Wells-Dickey Co. and the BancNorthwest Co.. both of Minne- Canadian Bank of Commerce: A. A.Daly & Co
apolis. on Oct. 18 submitted the accepted bid of 97.63 for the purchase of Bank of Montreal; A. E. Ames & Co., Dominion
93.28
$4.404.000 4i% coupon (registerable as to prin.) refunding and capital
Securities Corp
expenditure bonds. Int. cost to Province about 4.659', (The Province
* Accepted bid.
-V. 131, p. 2732.)
had originally intended to award $4,300.000 bonds.
-A. B.
TECK AND LEBELL TOWNSHIPS, Ont.-BOND SALE.
The bonds are dated Nov. 15 1930, mature on Nov. 15 1960 and are being
re-offered by members of the successful group for public investment priced Ames & Co., of Toronto. recently purchased an issue of $15,000 504%
at 98.75 and in,to yield 4.587
0. The bonds are payable as to both prin. school improvement bonds at a price of 105.69, a basis of about 4.84%.
and semi-ann. int. (M. & N. 15) either in N. Y. City, or in Montreal. The bonds are said to be guaranteed by the Province of Ontario and were
Toronto and Halifax.
bid for by the following:
Rate Bid.
Bidder105.69
Financial Statement (As Officially Reported).
A. E. Ames & Co., Ltd
105.58
Assented value of prop. within Province as of Dec. 31 1929-$163,649.451 Dominion Bank
104.75
59,896.846 Dyment, Anderson & Co
Totalfunded debt (including this issue)
104.03
$3.731,650
Daly & Co
R. A.
Sinking funds
103.92
C. H. Burgess & Co
Indebtedness of revenue-producing divisions in103.77
Gairdner & Co
cluding $4,447,000 Halifax & South Western Ry.
102.45
& Co
and $9,358,115 Nova Scotia Power Commission
W.L. McKinnon
and $1,055,430 other revenue-producing assets.. _ _14,860,545
-The following is a complete
-LIST OF BIDS.
VANCOUVER, B. C.
18,592,195
52,544,588.27
41,304,651 list of the bids submitted on Oct. 21 for the purchase of the headed by the
Net debenture debt
0
57 various impt. bonds which were awarded to the syndicate
Annual Dominion Government Subsidy and allowance includ-V. 131, P. 2732. All of the tenders
ing special grant
1,536,841 Chase Securities Corp. of New York
received were for bonds payable both in Canada and the United States:
Population: 1921 census, 523,837. Area 21,428 square miles.
Amount Bid.
Rate Bid.
Syndicate-A. Bouchard, Secretary- Chase Securities Corp.; Canadian Bank of.ComROBERVAL, Que.-BOND OFFERING.
merce: Fry. Mills, Spence & Co., Ltd.; Bell,
Treasurer, will receive sealed bids until 8 p. m.on Nov. 3, for the purchase
Gouinlock dc Co., Ltd.; McLeod, Young, Weir
of $40,000 5% bonds. Dated Nov. 1 1930. Denoms. $500 and $100.
& Co., Ltd.; Victor W. Odium, Brown Sr Co.;
Due serially in 30 years. Payable at Quebec and Roberval.
Gillespie, Hart & Co., Vancouver, Ltd.; Royal
-The following issues of 5j49'
Bank of Canada; Pemberton & Son, Vancouver.
SANDWICH, Ont.-BOND SALE.
$2,586,065.06
bonds aggregating $72,780.42 were awarded on Oct. 20. to Bell, Gouinlock
Ltd.,and Wood,Gundy & Co.,Ltd..jointly- _ _101.63
& Co., of Toronto, at a price of 100.25, a basisef about 5.47%:
Bank of Montreal; Dillon, Read & Co.; Dominion
Securities Corp., Ltd.. and A. E. Ames & Co..
$35,280.42 bonds. Dated Dec. 1 1929. Due in 3 years.
2,577,362.57
101.288
• Ltd.,jointly
23,000.00 bonds. Dated Dec. 1 1930. Due in 20 years.
Gairdner & Co ,Ltd.; C. H. Burgess & Co. Ltd.;
14,500.00 bonds. Dated Dec. 1 1930. Due in 10 years.
Anderson & Co., and J. L. G;aham
the bonds, that of 99.17, offered
Dyment,
Only one other bid was submitted for
2,571,815.29
101.07
by Gairdner & Co.. of Toronto.
& Co..jointly
-The Royal Financial
-BOND ,SALE.
NEW WESTMINSTER, B. C.
Corp. of Vancouver, on Sept. 29 was awarded an issue of 517,767.02 5%
coupon sidewalk impt. bonds at a price of i9.527, a basis of about 5.105%.
The bonds are dated Sept. 2 1930 and mature on Jan. 2 1935. Prin. and
semi-ann. int. (J. & J. 2) are payable in either Victoria, Vancouver, New
Westminster. Winnipeg, Toronto or Montret 1. The following is an official
list of the bids submitted for the issue:
Rate Bid.
Bidder98.40
R.P. Clark & Co
98.55
Pemberton & Son
99.15
A. B. Ames & Co
99.20
Westminster Trust Co
99.27
Reed, Henderson,Ltd
99.23
V. W.Odium,Brown & Co
99.375
Oairdner & Co
99.527
Royal Financial Corp.(successful bidder)
CLASSIFIED DEPARTMENT
UNIQUE
OPPORTUNITY.
For American Investment Banker
or Stockbroker to develop European business by acquiring, for
$50,000, interest in London
Finance House. Very high stand-over 25% net profits
ing
many years. Advertiser $15,000
man-British. Linguist. Trained
Stock and Bond business in
U.S.A. Known internationally.
Highest business and social references given and required.
Write S.P., Box W26, Financial
Chronicle, 25 Spruce Street,
New York.
Sales Promoter
for
Fixed Trust
The advertiser has a facility
for writing interest-arousing
letters that bring replies which
identify the prospect as an
immediate investor. He is also
an experienced salesman of securities. He desires a connection
Permitting exercise of both
qualifications to promote sales.
Box G11, Financial Chronicle,
25 Spruce St., New York.
WANTED
WANTED
CHRONICLES
Feb.
2 1929
Mar. 2 1929
Nov. 9 1929
Nov. 30 1929
Jan.
7 1928
Jan. 8 1927
Jan.
1 1927
Sept. 8 1917
Will pay 25 cents per copy.
WM. B. DANA CO.
TRADER
WHOLESALER
In unlisted securities seeks
connection with a Stock Exchange firm. Have large
acquaintance among New
York brokers and dealers
and in position to secure
Stock Exchange business.
Address Box R-2, Financial
Chronicle, 25 Spruce St.,
New York.
Advertiser with 15 years'
experience in Street and
wide acquaintance among
dealers and brokers desires
connection with well-established firm interested in the
wholesale distribution of securities. Please address Box
R-1, Financial Chronicle,
25 Spruce St., New York.
25 Spruce Street,
New York City
Cotton Facts
Carry your message to
these readers at a moderate
cost through our advertising
columns.
2938
FINANCIAL CHRONICLE
[VOL. 131.
ffittantial
iforeign
CHARTERED 1853
O TTOMAN
BANK
CAPITAL . . . • . .£10,000,000
PAID-UP CAPITAL . . £5,000,000
RESERVE. . . • • . £1,250,000
NEAR EAST: Constantinople, Egypt, Palestine, Cyprus, Persia, Syria, Salonika,
Smyrna, Tunis, Mesopotamia (in all
about 80 Branches).
LONDON: 26 Throckmorton Street, E. C. 2.
PARIS: 7 Rue Meyerbeer.
MANCHESTER: 56-60 Cross Street.
MARSEILLES: 41-43 Rue Grignan.
United States Trust Company of New York
45-47 WALL STREET
July 1, 1930
Capital,
.
$2,000,000.00
Surplus and Undivided Profits, . $27,000,665.02
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
WILLIAM M. KINGSLEY, President
CARL 0. SAYWARD, Asst. Vice-President
STUART L. HOLLISTER, Asst. Comptroller
WILLIAMSON PELL, 1st Vice-President
FREDERIC W. ROBBERT, V.-Pres. & Comp. LLOYD A. WAUGH, Asst. Comptroller
HENRY
WILFRED J. WORCESTER, V.-Pres. & Secy. ELBERT L. SMITHERS. Asst. Secretary
B. KNOWLES, Asst. Secretary
THOMAS H. WILSON, Vice-President
ALBERT G. AT WELL, Asst. Secretary
ALTON S. KEELER, Vice-President
HENRY E. SCHAPER, Asst, Secretary
ROBERT S. OSBORNE, Asst. Vice-President
HARRY M. MANSELL, Asst, Secretary
WILLIAM C. LEE, Asst. Vice-President
GEORGE F. LEE, Asst. Secretary
HENRY B. HENZE, Asst. Vice-President
GEORGE MERRITT, Asst. Secretary
Banque Nationale de Credit
Capital
Surplus
Deposits
frs.
318,750,000
frs.
200,000,000
frs. 5,129,431,000
Head Office
PARIS
723 Branches in France
TRUSTEES
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
EDWARD W. SHELDON
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
THATCHER M. BROWN
CORNELIUS N. BLISS
WILLIAMSON PELL
WILLIAM VINCENT ASTOR LEWIS CASS LEDYARD,JR.
JOHN SLOANE
!GEORGE F. BAKER, JR.
WILSON M. POWELL
FRANK L. POLK
Iowan
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya Colony
and Uganda
Head Office: 26, Bishopgate, London, E.C.
Branches in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
£4,000,000
Paid-up Capital
42,000,000
Reserve Fund
43,000,000
The Bank conducts every description of banking
and exchange business.
Trusteeships and Executorships also
undertaken.
Australia and New Zealand
NATIONAL BANK OF NEW ZEALAND, Ltd.
Head Orrice: g Nfoorgate, Iondon, E.C.2, Eng.
Authorized and Subscribed
Capital
£6,000,000
Paid-up Capital
£2,000,000
Reserve Funds and
Undivided Profits
2,174,171
£4,174,171
The Bank receives Deposits at rates which
may be ascertained on application and conducts every description or Banking business
connected with New Zealand.
Arthur Willis, Manager.
Hong Kong & Shanghai
BANKING CORPORATION
Incorporated in the Colony of Hongkong. The
liability of members is limited to the extent and
In manner prescribed by Ordinance No.6 of 1929
of the Colony.
Authorized Capital(Hongkong Currency) T1E50.000,0110
Paid Up Capital (Hongkong Currency)--11520.000.0)10
Reserve Fund In Sterling
1:13.500,000
Reserve Fund in Silver (Hongkong Currency)
H$9,500.000
Reserve Liability et Proprietors (Hongkong Currency)
H820.000,000
C. DIC C. IIITGHES, Agent
72 WALL STREET, NEW YORK
TIIE
LINCOLN MENNY OPPENHEIMER
Bankers
London City Office, 62 Lombard St., E.C. 3
Kingsway Branch, Imperial House, Kingsway
Glasgow: Chief Office, 113 Buchanan Street
Princes St. Office, 118 Princes St., Edinburgh
337 Branches & Sub-Offices throughout Scotland
Executry and Trust business undertaken
New York Agents:
Irving Trust Company
English,, Scottish and Australian Bank, Ltd.
Head Office, 5 Gracechurch St., London,E.C.
and 457 Branches & Agencies in Australia.
.C5,000,000
Subscribed Capital
£3.000.000
Paid-up Capital
£2,000,000
Further Liability of Proprietors
£3.080.000
Reserve Fund
Remittances made by Telegraphic Transfer•
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every description transacted with Australia.
E. M. JANION, Manager.
The Mercantile Bank of India, Ltd.
Head Office
15 Gracechurch St., London, E. C. 3
(ESTABLISHED 1817)
(5=41)
837,500,000
30,750,000
27,500,000
8105,750,000
Aggregate Assets 30th Sept., 1928 _*444,912,925
A. C. DAVIDSON, General Manager.
Paid-up Capital
Reserve Fund
Reserve Liability of Proprietors
589 BRANCHES and AGENCIES in the
Australian States, Now 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.
Cable Address "Openhym"
Foreign Exchange
Letters of Credit
NATIONALBANK
of EGYPT
Head Office
The National City Bank of New York
Head Office: 55 WALL Sr.. Nu w
Execute orders for purchase
and sale of Stocks and Bonds
Cairo
FULLY PAID CAPITAL. £3,000,000
RESERVE FUND - - • £2,950,000
oax. U.S.A.
Capital, Surplus and Undivided Profits
$242,400,000
Deposits, March 3
1,471,500,000
Resources Over
2,000,000,000
BRANCHES
LONDON
CUBA
PORTO RICO
ARGENTINA DOMINICAN REPUBLIC OF
BELGIUM
REPUBLIC
PANAMA
INDIA
an /zit
STRAITS
CNILE
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 Branches
LONDON AGENCY
6 and 7, King William Street, E. C. 4
Branches in all the
principal Towns in
EGYPT and the SUDAN
Royal Bank of Scotland
jfinancia I
Incorporated by Royal Charter 1727
Capital (fully paid)
$12,500,000
Reserve Fund
$14,351,600
Deposits
$231,175,640
($5 to £1)
SECURITIES ENGRAVED
For Listing on All Stock Exchanges
COLUMBIAN BANK NOTE COMPANY
£3,000,000
Capital Authorized
£1,050,000
Capital Paid Up
Reserve Fund & Undivided Profits_ £1.646.506
62 WALL STREET
BOO S. ASHLAND BLVD.
NEW YORK
Branches in India, Burmah,Ceylon. Straits SettleCHICAGO
BRANCHES IN PRINCIPAL CITIES
ments, Federated Malay States, Siam, China and Ii
Mauritius and Dutch East Indies New York
r'laa.. ks2CeeC.0•"
7
Correspondents. Bank of Montreal, 64 Wall St.
0 —a
BANK OF
NEW SOUTH WALES
Frankfort o. M., Germany
COMMERCIAL BANK OF SCOTLAND, Ltd.
Established 1810.
Subscribed Capital
£7,500,000
Paid-up Capital
2,250,000
2,800,000
Reserve Fund
35,228,897
Deposits (31st Oct. 1929)
Head Office:14 George Street, Edinburgh
Alex. Robb,Gen. Mgr., Magnus Irvine, Secretary
GENERAL BANKING BUSINESS
Over
200 Years of Commerciol Banking
for
the opening of Accounts furnished
Application
CHIEF FOREIGN DEPARTMENT
3 Bishopsgate, London, England
Terms
on
HEAD OFFICE
EDINBURGH
General Manager. Sir A. K. Wright, K.B.E.D.L.
Total number of offices. 240.
@FedFRASER