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The
I financial
anunirditI ca.. tfrunirie
VOL. 131.
SATURDAY, OCTOBER 18 1930.
NO. 3408.
keep plunging downward week after week. It is
becoming recognized that even if the effect is not
PUBLISHED WEEKLY
to retard business recovery, at least it is not an
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influence which can serve to aid in bringing about
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$10.00
Within Continental United States except Alaska
In some quarters a disposition
6.75
11.50
In Dominion of Canada
7.75
13.50
Other foreign countries. U. S. Possessions and territories
exists to attribute the continued slump in the stock
The following publications are also Issued. For the Bank and Quotation Record and the Monthly Earnings Record the subscription price Is market to artificial rather than to natural causes—
$6.00 per year; for all the others is $5.00 per year each. Add 50 cents to
each for postage outside the United States and Canada.
in a word, to short selling and to active efforts to
MONTHLY PUBLICATIONS—
00111.11NDIUMS
RANI AND QUOTATION RBOORD
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depress the market, instead of genuine liquidation
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and unloading in the ordinary course of events.
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With that thought in mind consideration is being
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On request given to seeing what can be done to prevent further
Oontract and Card rates
CHICAGO OFFICB—In charge of Fred. H. Gray, Western Representative.
moves of that nature.
208 South La Salle Street. Telephone State 0613.
LONDON Orrics—Edwards & Smith. 1 Drapers' Gardens. London. E. 0.
Newspaper dispatches have reported that PresiWILLIAM B. DANA COMPANY, Publishers,
dent Hoover and Richard Whitney, President of the.
William Street, Corner Spruce, New York.
New York Stock Exchange, along with Allen L,
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager. William D. Riggs; Lindley, Chairman of its Business Conduct ComTreas.. William Dana Seibert:See.. lierbertD. Seibert. Addresses of all. Office of Co.
mittee, have been in conference with Mr. Hoover
with the idea of seeing whether something cannot
be done to check bear selling or preventing it altoOur A. B. A. Number.
gether. It would be a grave mistake to stop short
We send to our subscribers to-day along
selling per se. No valid objection can be urged
with the "Chronicle" itself our "American
against short selling in a legitimate way. Nor can
Bankers' Convention" Supplement.
such short selling be deemed harmful if carried on
This is an exceedingly valuable publicain a legitimate manner. On the contrary, it may
tion, inasmuch as it gives the papers and
prove a stabilizing influence at moments of great
addresses read before the Annual Convenweakness in the market,since it is at such times that
tion at Cleveland, Ohio, Sept. 30 to Oct. 2,
those who have sold stocks short, perhaps at much
inclusive, of the American Bankers' Assohigher prices, step in and undertake to cover their
ciation and its Divisions and Sections, at
outstanding short contracts.
which were discussed banking, financial,
On the other hand, it is not to be denied that the
industrial and economic questions touching intimately the interests and the welprivilege is open to abuse. Drives may be made to
fare of the entire community.
break the market and false rumors may be circulater with that end in view. Such practices are
reprehensible in the highest degree and are to be
condemned in every way and from every standpoint.
The Financial Situation.
It is conceivable also that such drives may prove
No change of any great moment is to be noted in very harmfiil at a time
when the market is sufferthe general situation. The industries of the coun- ing from great
weakness, or at a time when contry still remain in a state of great depression, and fidence is disturbed and
faith in the future of values
he would be a bold man who would undertake to is entirely lacking—a
state of things such as that
predict, with any great degree of assurance, when existing at the
present time. Corrective measures
the country is to emerge from this unfortunate situa- are necessary to eradicate
evils of that kind, and we
tion. The most that can be said at this time is that may be sure that
the Stock Exchange authorities
the slump has continued so long and proceeded so will co-operate with
the administration at Washingfar that it seems hardly tenable to believe that the ton to extirpate
practices of that kind if that is what
end is still far off. It is on this idea that the future the authorities at Washington
have in mind.
is being looked forward to with increasing hope and
As a matter of fact, that is precisely what the
that a spirit of optimism is growing up in business Stock Exchange authorities
have been engaged in
circles which in itself must contribute in no unim- doing for a long time.
Reprehensible practices are
portant degree to bring about that revival for which not only not tolerated, but
very effective measures
the whole community is so earnestly praying.
are all the time being employed to prevent them altoThe continued decline of the stock market is re- gether and quickly to eliminate
them when, despite
ceiving considerable attention as having an inti- the utmost vigilance, they
unfortunately creep in on
mate bearing upon the probable course of trade in sporadic occasions.
the immediate future. No little uneasiness is
The standard of conduct of the Stock Exchange
being felt over the way in which stock prices is admittedly high, and since
the volume of trans.
financial Chronicle
2420
FINANCIAL CHRONIC
[voL. 131. •
Phenix National Bank & Trust Co., the New York
Trust Co., the Marine Trust Co. of Buffalo, the Bank
of America N. A.,the Bank of Italy National Trust &
Savings Association, the First National Bank of
Boston, Central Hanover Bank & Trust Co., the
Marine Midland Trust Co. of New York, the First
National Bank of Chicago, the Union Trust Co. of
Pittsburgh, the Central Trust Co. of Illinois, J.
Henry Schroder Banking Corp.; Foreman State National Bank of Chicago, First National Bank of St.
Louis, and Central United National Bank of Cleveland, and Anglo & London, Paris National Bank.
We are told that the credit will take the form of
German Government six months Treasury bills, and
that the various syndicates have agreed to discount
these bills in the amount of $125,000,000 and have
granted the Government the option to three renewals
thereof.
We refer to this financial transaction because it
will help to put the German Government on its feet,
and anything that helps Germany or, for that matter, any other country in South America or elsewhere in need of capital, will help the United States.
Germany is just now passing through a very troublous period, but seems likely to come out right in
the end. That is so because the German people are
hard-headed and possess an abundance of common
sense. Nothing similar to what has been happening
in South America is likely to occur in Germany.
Parliamentary government is not likely to fail in
Germany, notwithstanding the temporary success
Adolph Hitler and his followers have had. The Germans are not likely to espouse revolutionary and
subversive doctrines, threatening social order or economic stability. There has been a great deal of talk
about the likelihood of Germany undertaking to seek
relief from the Young plan of reparations payments
before the plan has been fairly put in operation. No
greater folly could be perpetrated than that, and
Dr. Schacht in his talk before the Bond Club last
week did well to put a quietus on the rumors to that
effect which have been gaining currency. Germany
must meet her obligations above everything else,
and the Young reparations payments, representing
an important reduction in the payments that were
required under the Dawes plan, constitute one of
these obligations.
As for the Fascists, or Hitlerites, we may be sure
that they will be dealt with in resolute fashion. The
result of the trial of the Reichswehr officers who
been were recently found guilty of attempted treason and
One of the favorable events this week has
sentenced to 18 months' detention in a fortress and
the action of bankers in this country and in Europe
$125,000,000 in favor of dismissal from the army, shows plainly how politiin arranging a credit for
cal offenders are likely to be dealt with in that
the German Government. On Wednesday, Lee, Riga statement saying: "A credit country. We have been particularly impressed by
ginson & Co. issued
the clear and unanswerable logic with which the
has been put at the disposal of the German Governcourt sustains its conclusions. We have never seen
ment by an international group of banking instituany judicial document which was more convincing.
tions. This credit is subject to the passage by the
This was the case at which Hitler, called to testify,
Reichstag of suitable legislation authorizing the
the repayment spoke in such a bombastic fashion about repeating
credit and providing a method for
the scenes of the French Revolution, when "heads
thereof." It was added that in Germany a syndiby the Reichsbank rolled into wicker baskets" through the application
cate of banks had been formed
of the guillotine, it being the purpose of the Fascists
to participate in this credit, while in Holland and
also been taken by some to employ similar means to get rid of those opposing
in Sweden participation has
them when they gain control of the Government.
leading institutions. The members of the syndicate
Presiding Justice Baumgarten, in reading the
in this country include some of the most eminent
opinion of the court, declared that the question of
banks and banking institutions, comprising Lee, Higwhether the three defendants in their transaction
ginson & Co., the Chase National Bank, the Bankers'
Inc.; were following a definite treasonable objective must
Trust Co., the International Acceptance Bank,
answered in the affirmative. He continued:
Continental-Illinois Bank & Trust Co., Chatham be
actions of the Exchange has risen to such large proportions as has recently been the case, unusually
determined efforts have been made to enforce compliance with these standards. And the Stock Exchange itself is in better position to enforce a strict
code of morals than any that could be put in effect
by legislative edict. This is so because the Exchange
is not hedged about with technicalities and need
never fear that its action will be upset or rendered
nugatory by judicial interpretation or interference
by the courts. Not being bound by considerations
of that kind, the Stock Exchange can proceed in a
very direct and expeditious way to strike at the very
core of the evil and extirpate it root and branch. As
a matter of fact, that is the methbd of procedure all
the time, and that, too, if Washington advices can
be relied upon, is recognized by the Administration
authorities at Washington as the best means for
dealing with such matters.
As to whether the selling pressure upon the stock
market can be relieved or diminished by any such
process, that is a wholly different matter, and it
may well be questioned whether much, if anything,
along these lines can be accomplished. The stock
market now is inherently weak, made so by the excesses which flourished and were tolerated for so
long a period before the final collapse of last autumn.
No doubt there is more or less short selling, but such
selling would be ineffective to bring about serious
declines if liquidation were not taking place on a
very extensive scale. Recently selling has been proceeding with great freedom, and it has been
bona fide selling, and has come from all quarters,
made by people who either were unable to hold
on any longer or who had lost confidence in the
future of values, and hence were parting with their
stocks. In the last analysis, however, the chief
trouble with the market is that there is a complete
absence of buying on any extensive scale. No one
seems to be willing or able to take over stocks, or,
for that matter, bonds either, in large quantities.
Whether that is because large capitalists and investors lack faith or find themselves seriously crippled, the result in either case is the same. In the
absence of buying orders in any large quantity, relatively small sales suffice to bring about serious further breaks in prices. And we must expect the downward course of values to continue until the situation
in that respect changes.
OCT. 18 1930.]
FINANCIAL CIIRONICL.
"The defendants figured that the Fascist Government would come into power. Their plan of attack
had as its goal preparing the way for this Government by winning over the Reichswehr. The Reichswehr was not to oppose the Fascists when they tried
to upset the Government, and the defendants wanted
to prepare the ground in the army for this object.
It was a foolish and Utopian idea, but nevertheless
it was a plan and an idea which was to be realized."
In refusing to mitigate the penalty, the judge said:
"When active officers of our army go about behind
the backs of their superiors and undertake political
propaganda they commit a severe breach of military
discipline and a serious violation of the professional
duty of a soldier. A soldier must not only refrain
from any attack on the Constitution, but defend it.
If the activities of the defendants had uot been
checked, unforeseenable damage would have been
committed." This shows how the German courts
deal with such matters, and it is sure to prove a
terror to evildoers.
Brokers' loans on Stock Exchange collateral are
now undergoing heavy contraction, thereby furnishing strong testimony to the extensive character of
the liquidation that is now in progress on the Stock
Exchange. The Federal Reserve statement this week
shows a further reduction in the grand total of these
loans in amount of $153,000,000 following $158,000,000 decrease last week and $159,000,000 decrease
in the previous week, making a contraction in the
short space of three weeks in the large sum of $470,000,000. The total of these loans on securities to
brokers and dealers by the reporting member banks
in New York City is now down to $2,752,000,000. A
year ago, on Oct. 16 1929, before the great crash on
the Stock Exchange, the aggregate of these loans
stood at $6,801,000,000. This shows a shrinkage to
a point where the present total is only one-third of
what it was at this time last year. To the further
reduction of $153,000,000 the past week, loaning in
each of the different categories contributed its quota.
Loans for own account by the reporting banks fell
from $1,740,000,000 to $1,702,000,000; loans for account of out-of-town banks declined from $555,000,000 to $514,000,000, and loans "for account of
others" from $610,000,000 to $536,000,000.
In the statement of the Federal Reserve Banks of
their own condition, the feature the present week is
an increase in member bank borrowing attended by a
reduction in somewhat lesser amount in the acceptance holdings of the Reserve institutions. The discount holdings of the 12 Reserve Banks, which constitutes a measure of member bank borrowing, have
risen during the week from $173,166,000 to $210,439,000, while holdings of acceptances, bought in the
open market, have fallen from $211,023,000 to
$185492,000.
Holdings of United States Government securities have changed comparatively little during
the week, being reported at $601,614,000 the present
week as against $600,439,000 last week. As a result
of these changes, total bill and security holdings this
week, reflecting the amount of Reserve credit outstanding, stand at $1,003,817,000 as against $990,900,000 last week. During the same period Federal
Reserve notes in circulation increased from $1,365,398,000 to $1,372,211,000, while gold reserves have
increased from $2,976,528,000 to $2,979,337,000.
2421
The foreign trade statement for September shows
some little improvement in one respect at least.
Merchandise exports from the United States for that
month were valued at $318,000,000 and imports at
$227,000,000. Exports were in excess of any month
since May, while imports exceeded in value those
of July and August. A considerable decline, however, is in evidence in both exports and imports as
compared with the corresponding month of last
year—in fact, it is necessary to go back to September 1922 for a lower value for that month in the
preceding years, and for imports to September 1921.
Exports in September this year were $119,163,000
less in value than those of a year ago, when they
amounted to $437,103,000. The loss this year equals
27.1%. The decline in imports on the same basis of
comparison is $124;300,000, or 35.4%, imports in
September 1929 having been $351,304,000. These
losses are unusually heavy and exceed those for
some of the earlier months of 1930. As to the balance of trade it continues strongly on the export
side, in September amounting to $91,000,000, for
August it was $79,759,000, and for September 1929
$85,859,000.
For the nine months of this year merchandise exports from the United States amounted to $2,958,509,000 as compared with $3,843,676,000 for the
corresponding period of 1929, the reduction this year
thus having been $885,167,000, or 20.3%. Merchanlise imports for the nine months this year were
.
valued at $2,401,838,000 against $3,360,017,000 a
year ago, the decline this year in that case having
been $958,179,000, a reduction of 28.5%. A considerable part of the loss in exports for the nine months
this year was in cotton.
The foregoing figures clearly indicate that the
September foreign trade statement,so far as the comparison with the record for the preceding year is
concerned, makes a less satisfactory showing than
did the earlier part of 1930. This is true not only
as to exports but to imports as well. The increase
in the value of the foreign trade for September over
August amounts for exports to $20,000,000, while
imports were $8,700,000 larger. Practically all of
this gain in exports reflected the heavier shipments
abroad of raw cotton in September, which for that
month amounted to 908,852 bales, much the largest
movement for any month since December last. This
is the one favorable feature of the September return.
The value of cotton exports last month was $62,867,000, or $35,245,000 more than for August. The
heavier cotton exports last month, compared with
those for September last year, the latter having been
731,600 bales, show a considerable decline in value,
because of the higher price of cotton in September
1929. The latter was valued at $76,433,000, the reduction this year being $13,751,000, or 17.8%. The
increase in quantity this year was 24.2% over a
year ago.
Exports other than cotton in the month just
closed were apparently lower than in the previous
months. As to imports last month, the Department
of Commerce explains that the somewhat larger
value in September over August reflects a heavier
movement of coffee, presumably from Brazil, a fact
which the Department seems to consider especially
significant. The significance evidently relates to
larger coffee imports from that country in expectation of the revolution there, which has since
developed.
L. 2422
FINANCIAL CHRONICLE
While both exports and imports of gold in September were for a considerable sum, the amount in
both instances was less than for either of the two
preceding months. Gold exports last month were
$11,135,000 and imports $13,676,000. Imports, as
in all of the months of this year up to July, were in
excess of exports, and in the six-month period the
balance was heavily on the import side. For the
nine months of 1930 gold imports have amounted to
$287,473,000 and exports $101,658,000, the excess
of imports being $185,815,000. In the same nine
months of 1929 gold imports were $255,084,000 and
exports only $9,942,000, with an import balance for
that period of $245,142,000. Silver exports in September were $3,903,000 and imports $3,461,000.
The stock market the present week has repeated
its performances of last week and the weeks immediately preceding, and has suffered further severe declines in prices. Following the severe break on
Thursday and Friday of last week, the market at the
short session on Saturday last encountered a new
setback in which prices declined all around, but
not in the violent fashion of the preceding days.
Monday of the present week was Columbus Day and
a holiday, and when trading was resumed on Tuesday it was to meet with a new selling movement on
a large scale in which extensive and very rapid declines occurred all around. The downward plunge
extended into the dealings on Wednesday, and many
new price records for the year were established on
that day. Recovery on a moderate scale, however,
ensued later in the day, but not sufficient to wipe
out the early losses. On Thursday the course of
prices was more or less irregular, but the general
tendency was towards lower levels, with most of
the net changes for the day on the minus side. On
Friday the market was again distinctly weak, and
some new declines were recorded. No less than 307
stocks recorded new low levels for the year the
present week. The week's developments were not
of any great importance. The slowing down of trade
and industry is seemingly still in progress if one
may judge from the reports of the steel trade, which
the present week show ingot capacity engaged to
only 55% as against 58% last week. Both the grain
and the cotton markets displayed somewhat greater
firmness, though at very low levels. Call money
rates on the Stock Exchange continued unaltered
all through the week at 2%.
Trading this week has been on a greatly reduced
scale, especially the latter part of the week, when
the pressure apyeared somewhat relieved and prices
temporarily recovered. At the half-day session on
Saturday the dealings on the New York Stock Exchange were 1,727,940 shares;Monday was Columbus
Day and a holiday; on Tuesday the sales aggregated
3,389,030 shares; on Wednesday, 2,378,490 shares;
on Thursday, 1,854,710 shares, and on Friday,
2,656,160 shares. On the New York Curb Exchange
the dealings last Saturday were 453,100 shares; on
Tuesday, 775,300 shares; on Wednesday, 637,200
shares; on Thursday, 515,100 shares, and on Friday,
575,100 shares. As compared with Friday of last
week, prices again show large and general losses.
General Electric closed yesterday at 51% against
58% on Friday of last week; Warner Bros. Pictures
/
/
/
at 1918 against 1812; Elec. Power & Light at 481 8
/
1
2
%
Corp. at 213 against 24 ;
/
against 531 2; United
/
Brooklyn Union Gas at 110 against 11314; Amer-
[Vol.. 131.
ican Water Works at 72 against 81; North American
at 8378 against 8678; Pacific Gas & Elec. at 49
/
/
/
1
2
against 51%; Standard Gas & Elec. at 75 against
/
1
2
80; Consolidated Gas of N. Y. at 93 against 99 ;
/
1
2
/
1
2
Columbia Gas & Elec. at 44 against 471 8; Inter/
1
2
/
national Harvester at 58% against 62%; J. I. Case
Threshing Machine at 120 against 127; Sears, Roebuck & Co. at 49 against 5778; Montgomery Ward
/
1
2
/
%
& Co. at 223 against 23%; Woolworth at 61
/
1
4
against 63; Safeway Stores at 60% against 6314;
/
"Western Union Telegraph at 1392 against 138;
/
1
American Tel. 8i Tel. at 195% against 199%; Int.
Tel. & Tel. at 27% against 27; American Can at
11414 against 1182 U. S. Industrial Alco/
/
1
;
hol at 6114 against 6112; Commercial Solvents at
/
/
17% against 19%; Shattuck & Co. at 28 against
/
1
2
31; Corn Products at 7678 against 787, and Co/
8
lumbia Graphophone at 11 against 1114
/
.
Allied Chemical & Dye closed yesterday at 200
against 212 on Friday of last week; Davison Chem/
1
2
ical at 21% against 20%; E. I. du Pont de Nemours
at 91% against 104; National Cash Register at 32
against 34%; International Nickel at 1678 against
/
187s; A. M. Byers at 49% against 53%; Simmons &
/
Co. at 15 against 17; Timken Roller Bearing at
/
1
2
50 against 56; Mack Trucks at 44% against 47 ;
/
1
4
/
1
2
Yellow Truck & Coach at 10% against 12%; JohnsManville at 6778 against 70; Gillette Safety Razor
/
at 38 against 41 ; National Dairy Products at
/
1
2
/
1
2
42% against 44%; National Bellas Hess at 512
/
against 5
/ Associated Dry Goods at 27 against
1
4;
30%; Texas Gulf Sulphur at 51
/ against 54 ;
1
2
/
1
2
Kolster Radio at 2 against 2 ; American & Foreign
/
1
2
Power at 37% against 4312;General American Tank
/
Car at 69% against 72%; Air Reduction at 99
/
1
2
against 106 ; United Gas Improvement at 29
/
1
2
/
1
2
against 31%, and Columbian Carbon at 96 ex-div.
against 103 .
/
1
2
The steel shares appear to have received considerable support, notwithstanding the unfavorable
accounts regarding the condition of the steel trade.
United States Steel closed yesterday at 14558 against
/
149 on Friday of last week; Bethlehem Steel at
/
1
2
71% ex-div. against 76; Vanadium at 49 against
/
1
2
52 , and Republic Iron & Steel at 19
/
1
4
/ against
1
2
21%. The motor stocks have again sold lower. General Motors closed yesterday at 33% against 37%
on Friday of last week; Chrysler at 17 against 18;
Nash Motors at 31 against 312 Auburn Auto at
/
1
;
75% against 86%; Packard Motors at 978 against
/
4
10; Hudson Motor Car at 213 against 23, and Hupp
Motors at 8 against 8. The rubber stocks have also
further weakened. Goodyear Tire & Rubber closed
/
1
2
yesterday at 40 against 43 on Friday of last
/
1
2
week; B. F. Goodrich at 16% against 17; United
/
1
2
States Rubber at 12 against 13, and the preferred
at 22 against 24.
/
1
2
The railroad stocks have continued unsteady.
Pennsylvania RR. closed yesterday at 66% against
68% on Friday of last week; Erie RR. at 34 against
35%; New York Central at 138 against 145; Baltimore & Ohio at 83 against 88; New Haven at 91
against 95; Union Pacific at 196
/ against 206;
1
4
Southern Pacific at 105% against 107; MissouriKansas-Texas at 27% against 28%; St. Louis-San
Francisco at 69 against 66; Southern Railway at
/
1
2
72 against 70 ; Rock Island at 76% against 79 ;
/
1
4
/
1
2
Chesapeake & Ohio at 41% against 44; Northern
Pacific at 58% against 60, and Great Northern at
8
65 against 68.
/
1
2
OCT. 18 1930.]
FINANCIAL CHRONICLE
The oil shares have declined with the rest of the
market. Standard Oil of N. J. closed yesterday at
/
5518 against 57% on Friday of last week; Standard
Oil of Cal. at 52% against 54%; Simms Petroleum
4;
at 12 against 123 Skelly Oil at 19% against 20%;
Atlantic Refining at 2414 against 25; Texas. Corp.
/
at 43 against 44; Pan American B at 47% bid
against 49; Richfield Oil at 778 against 8%; Phil/
lips Petroleum at 21% against 2278; Standard Oil
/
of N. Y. at 26% against 27/, and Pure Oil at 15%
78
against 16%.
The copper stocks have held up well at the low
level at which they are now selling. Anaconda Copper closed yesterday at 35% against 36% on Friday
of last week; Kennecott Copper at 26% against 28;
Calumet & Hecla at 10 against 10; Calumet & Arizona at 37% against 401
4; Granby Consolidated
Copper at 13% ex-div. against 14½; Amer. Smelting
& Refining at 52 ex-div. against 55%, and U. S.
Smelting & Refining at 193 against 19%.
4
Stock exchanges in the important European financial centers showed some irregularity this week, but
movements in general were constructive. The gloom
that settled thickly over the markets in London,
Paris and Berlin last week was largely dispelled,
and further unfavorable reports from the New York
market produced comparatively little effect. Contributing to the better tone was a series of optimistic
predictions in official as well as unofficial quarters.
The London market was particularly impressed by
remarks on the British budget and the future of
trade by Philip Snowden, Chancellor of the Exchequer in the Labor Cabinet. While admitting that
there may be a deficit in the budget he declared it
will be far less than the "prophets of evil" are predicting. With regard to the longtime trend of world
trade in general, and British trade in particular, Mr.
Snowden declared himself exceedingly hopeful. It
was remarked in London, moreover, that many
shrewd judges, who have heretofore resisted all temptation to be optimistic, are now confident that the
bottom of the depression has been reached and that
slow improvement can be expected. French conditions remained unchanged this week and reports
from Paris were non-committal. In Berlin the Ministry of Industry expressed a "relative hopefulness"
about the industrial future, since the decline has
definitely ceased in some lines and is apparently coming to an end in others. One disturbing factor in
Germany was the inauguration on Wednesday of a
strike of 130,000 metal workers in the Berlin area.
The workers walked out in protest against an 8%
cut in wages ordered by a Government board. Of
interest were reports this week from Japan stating
that the financial depression there has overshadowed
all other public questions and that all Government
heads are seeking remedies for the difficulty.
The London Stock Exchange was quiet in the first
session of the week, but a brighter tendency was
noticeable in most groups. British funds were
slightly improved, while Brazilian and German
bonds also showed gains. Anglo-American stocks
pushed forward, notwithstanding limited trading
owing to the holiday in New York. Some surprise
was occasioned in London Tuesday by announcement
of a new £12,000,000 Indian 6% loan, maturing between 1935 and 1937, offered at par. This issue was
not expected and some selling of Indian issues followed the announcement. British funds followed a
2423
contrary course, most issues rising. International
stocks were maintained until the last hour, when
reports from New York told of further selling at
the opening Tuesday. The British industrial market
was quiet and almost unchanged. Substantial improvement in international issues took place in London Wednesday, and movements in other departments also were favorable. The ne‘v Indian issue
was quickly oversubscribed and the entire gilt-edged
list turned firm. Motor stocks were particularly improved in expectation of buying at the motor show
in London. The favorable tone was maintained
in Thursday's dealings, with the upward movement
pronounced in the morning, but slackening off later.
Brighter foreign news contributed much to the betterment. British funds joined in the upswing and
one or two issues went to high records. Further
small gains in gilt-edged issues were reported at
London yesterday, but other departments of the market were quiet and unchanged.
Movements on the Paris Bourse were irregular at
the opening Monday, with prices inclined to ease off
after a see-saw trend in the early part of the day.
Selling appeared in fair volume, as holders were uneasy concerning the series of bad reports from New
York and the impending Reichstag session in Berlin.
The liquidation gained in volume at the opening
Tuesday and as the session progressed it became a
torrent that drove prices downward almost without
exception. There were a few attempts to support key
issues, but these were abandoned in view of the general weakness and the list glided downward unimpeded. Trading opened Wednesday in a much improved atmosphere, owing partly to better reports
from foreign markets. Heavy selling again appeared
in a few issues, however, and this again unsettled the
list. International issues showed some resistance,
but they also eased off somewhat. Although the
market remained nervous Thursday, recovery set in
and most stocks made large gains. The election of
Paul Loebe as president of the Reichstag and better
reports from New York helped the movement greatly,
Paris dispatches said. Prices moved irregularly in
yesterday's dealings on the Bourse.
Quiet firmness marked the trading on the Berlin
Boerse in the initial session of the week, owing to the
conclusion of a $125,000,000 credit by the Government and generally improved political prospects.
The upward trend was maintained throughout, and
prices closed at the high figures for the day, with
potash stocks and bank issues showing the largest
gains. Little attention was paid to the windowbreaking activities of hoodlums in Berlin which
marked the opening of the Reichstag session. The
Berlin market made further progress Tuesday, as
purchasing orders increased from both domestic and
foreign sources. Mining shares were in demand, and
bank issues also showed further gains. The average
level improved about 2 points, while many advances
of 3 to 5 points were noted. After another favorable
opening Wednesday, prices moved off somewhat in
Berlin when it became known that the Reichsbank
had arranged a shipment of 35,000,000 marks gold to
Paris, bringing the exports of the metal to 437,500,000 marks since the national elections of Sept. 14.
Some selling appeared owing to apprehensions of another rise in the Reichsbank discount rate. Only the
early gains were lost, however, and the market thus
showed little net change for the day. The advance
on the Boerse was resumed Thursday and prices
2424
FINANCIAL CHRONICLE
moved forward impressively. Electrical and mining
stocks were in greatest demand, while bank shares
also mounted, with Reichsbank, as the leader, showing an 8
-point gain. The demand for foreign currencies slackened, and this was viewed as the end
of the flight of capital from the Reich. The session
closed at the highest prices for the day. Prices
showed further substantial gains in an active session
at Berlin yesterday.
One of the most significant of recent developments
in international finance made its appearance over
the last week-end,when governors of the central banks
of Europe gathered in Basle at the invitation of the
Bank for International Settlements to consider the
financial position of Germany. The deliberations
were at first conducted with more or less secrecy, but
reports from Paris made it clear that the meeting
was occasioned by the alarming flight of capital from
the Reich which followed the elections of Sept. 14
and the political uncertainty that prevailed thereafter. Informed banking opinion, reflected in Basle
dispatches, indicated that at least $150,000,000 in
gold and foreign currencies had been withdrawn
from Germany within a month after the national
elections. Close to $60,000,000 in gold was sent
abroad by the Reichsbank in order to maintain the
international stability of the mark, with losses of
capital in other forms even greater, a dispatch to
the New York "Times" said. In view of the serious
situation thus created, the directing board of the
B. I. S. held an informal meeting in Basle Oct. 10,
several days in advance of the regular monthly session, scheduled for last Monday. This meeting, a
dispatch to the New York"Times"said, was attended
by all the financial authorities who normally attend
board meetings, including Montagu Norman, governor of the bank of England; M. Moret of the Bank
of France, Dr. Luther of the Reichsbank, and representatives of the central banks of Italy, Belgium and
Japan. No communication was issued after the first
discussion, but it was stated that "everything was
discussed in a general exchange of views." Among
the matters that came in for particular attention, it
appeared, was the loan of $125,000,000 for a sixmonths' period and renewable up to two years made
to the Reich Government by an International group
of bankers under the leadership of Lee, Higginson &
Co.
Although the immediate interest of the bankers in
Basle centered on the German situation and the negotiations for the loan, much attention also was
given the financial situation otherwise, while the
policy of the B. I. S. also was discussed, reports said.
The deliberations last Saturday were even more secretive than those of the opening session of the bankers. The agenda of the formal monthly meeting was
announced, but it was couched in general terms that
conveyed little information. Basle dispatches indicated, however, that the negotiations were concerned
in good part with an attempt to secure French and
British participation in the international loan to
Germany. The actual loan agreement was announced
over the week-end, and it seemed to clear the atmosphere in Basle to a great extent. Contingent upon
Reichstag acceptance of the terms and passage of
laws for repayment, a credit of $125,000,000 is to be
extended by banking groups in America, Germany,
Sweden and the Netherlands, with the American syndicate formed by Lee, Higginson & Co., subscribing
fVoL. 181.
approximately $85,000,000. The confidence thus
shown in the German situation by important banking
groups cheered the Basle assemblage greatly, reports
said, and some further efforts were made to secure
French and British participation. These were unsuccessful, British bankers holding, a dispatch to the
New York "Herald Tribune" said, that the present
exchange position of sterling makes it unwise to send
any large sums outside Great Britain, while the
French advanced purely political reasons for their
refusal to take any part of the loan. Indicative of
the uncertainty prevailing over the holiday period
were reports from Berlin that a request would be
made for suspension of the conditional payments
under the Young plan, but it was emphatically stated
that no immediate demand for a reconsideration of
reparations payments is contemplated in Berlin.
The regular monthly board meeting of the B. I. S.
took place Monday and Tuesday, and press correspondents were able to say definitely thereafter that
the international bank will follow for the present a
passive policy in regard to the several financial
danger spots now apparent in widely separated parts
of the world. In addition to the German situation,
particular attention is to be directed, meanwhile, to
conditions in Austria, Australia, Indix and Brazil,
it was said. A correspondent of the New York "Herald Tribune" reported, moreover, that the B. I. S.
took steps after the German elections to help stem
the fall in the German mark, the institution advancing $3,000,000 to $4,000,000 for the purchase of
marks. With regard to the formal policies of the
B. I. S., no change of any importance is indicated
as a consequence of the board meeting. The directors confirmed a previous decision limiting the investments of the bank to paper of not more than two
years' maturity, notwithstanding the contention by
some members that it would be safe to raise the limit
somewhat in view of the fact that nearly a quarter
of the bank's liabilities cannot be withdrawn for 37
years. An official statement, issued after the close
of the meeting, said that the board authorized the
management of the bank to discuss with its various
central bank depositors any new facilities they might
desire to obtain from it to improve the possibilities
of financial settlements and the international circulation of capital. The currency department of the
bank was instructed, the statement added,to investigate the problems of administration of foreign exchange holdings, in order to achieve the progress
thought possible in this field. Other decisions announced are to allow the Bank of Esthonia to subscribe to the bank's capital, to postpone the election
of new members of the board until a later meeting,
and to issue regular statements on loans for which
the bank acts as trustee. The next meeting of directors will take place Nov. 10.
Economic proposals occupied the British Empire
Conference in London almost exclusively this week,
with attention centered on the divergent plans of
the Dominions on the one hand and the mother country on the other for improving Empire commerce.
In a session of the conference held Monday, the London Government disposed quietly but firmly of the
plan for a system of preferential tariffs within the
Empire and the application of higher rates on imports originating outside the British Commonwealth.
This plan was set forth by Prime Minister R. B. Bennett of Canada last week and warm support was
OCT. 18 1930.]
FINANCIAL CHRONICLE
given the project by representatives of South Africa,
Australia and New Zealand. It represented a distinct departure from the suggestion of J. H.Thomas,
Secretary for the Dominions, that the London Government was inclined to favor a system of bulk purchases by Britain, with preferences extended the
Dominions. The London Cabinet debated these alternative proposals late last week, according to press
accounts. Philip Snowden, Chancellor of the Exchequer, was said to have swayed the MacDonald
Government toward the Socialist plan of State purchases abroad and away from the proposal of the
Dominions. That this interpretation was essentially
correct was shown over the week-end by a statement
of J. H. Thomas to the Dominion delegates at a
luncheon. Every Dominion delegate, Mr. Thomas
pointed out, had placed the interest of his own people
first, and a similar policy would also be pursued by
the London regime. He admitted candidly, however,
that there were differences of method between the
London and the Dominions Governments, thus revealing with sufficient definiteness the intentions
of the Labor Government.
An exposition of the Labor Cabinet's proposals
was made before a session of the conference Monday
by William Graham,president of the Board of Trade.
The meeting was secret, and the meager official report gave the only indication of the proceedings. It
appeared, however, that Mr. Graham proposed definitely that the system of bulk purchases be considered, and he outlined the development of import
boards and quota systems, together with wider trade
credits for augmentation of extra-Imperial as well as
inter-Imperial trade. Touching on the wheat situation, he said Britain would be ready to consider the
purchase of a greater amount of Canadian wheat if
Canada would assure greater purchases of British
coal and steel. Mr. Graham termed these "complementary proposals" to those put forward last week
by the Dominion representatives. Both the former
suggestions and his own would be referred to British
Government departments for examination and report, he informed the gathering. Application of the
quota system of bulk imports of wheat by Britain
was considered more closely in a further session of
the conference Tuesday. Under the proposal as outlined, British Dominions and foreign countries
would each be permitted to furnish a specified percentage of British wheat imports, while provision
would also be made for consumption of a specified
percentage of home grown wheat. Of present British
consumption approximately 15% originates at home,
45% in the Dominions and 40% in foreign countries.
A re-allocation of the percentages in favor of the
Dominions was implied by the London Government
spokesman, but no definite figures were suggested.
In connection with these developments in the Imperial Conference, much party maneuvering took
place. The Conserative leader, Stanley Baldwin, issued statements and open letters on several occasions
in which he espoused the preferential tariff scheme
and condemned the Labor Government. His statements were regarded as the opening guns for the next
general election, which it is generally thought may
take place in England next year.
Much of the anxiety that prevailed everywhere
regarding the German political situation was dispelled this week as the newly elected Reichstag took
up its duties in a sober and orderly fashion, with
2425
Chancellor Heinrich Bruening in clear command of
the immediate situation. The opening of the Reichstag session last Monday and occurrences in Berlin
connected with the event turned out to be more
amusing than threatening, while subsequent developments have been confined to a normal Parliamentary
routine. Perturbation regarding the German outlook was occasioned in the first place by the distinct
trend toward the extreme right and left parties in
the German general elections of Sept. 14, which
changed the character of the Reichstag very considerably. The National-Socialists, or Fascists, made
the greatest advance in representation, Reichstag
followers of the party leader, Adolph Hitler, mounting to 107 members from the former total of 12. The
Communists on the opposite side of the Chamber
also showed some gains, while most of the middle
parties showed little change. The center groups, of
which Chancellor Bruening is the acknowledged
leader, lost somewhat in proportional representation
owing to a heavy increase in the total Reichstag
membership. Although the election itself induced
some uncertainty, unfortunate utterances by wellknown Germans added greatly to the perturbation
felt in other countries. Foremost among these were
bombastic statements in a Leipzig judicial proceeding by the Fascist leader, Adolph Hitler, while a
further contribution to the unsettlement was made
by the persistent but unofficial reports that Germany would seek a revision of the Young plan
settlement.
Several reassuring developments appeared over
the last week-end, and these did much to dissipate
international anxiety over the German situation even
before the new Reichstag convened. The Reich
Government took an emphatic stand toward the
reports that it would seek to take advantage of the
paragraphs in the Young plan which provide for
the possibility of suspending the postponable reparations payments. "The Government declared it
would do nothing of the kind," a dispatch to the
New York "Herald Tribune" said, "but on the contrary would do its utmost to fulfill the obligations
accepted by Germany under the plan." A further
favorable item was an announcement by the Reichstag Socialists, who hold the key to the present situation in that body, that they would take all necessary
measures to maintain democracy, preserve the Constitution, and defend parliamentary institutions.
This was interpreted as a pronouncement of benevolent neutrality toward the Center group organized
by Chancellor Bruening. Lastly, an announcement
was made Monday that an international group of
bankers had arranged a two-year credit of 125,000,000, which would be placed at the disposal of
the Reich Government after the enactment of suitable legislation for repayment by the Reichstag.
American bankers, under the leadership of Lee, Rigginson & Co., will advance about two-thirds of the
sum, it is understood, while Canadian, Swedish,
Dutch, and German banking groups also will participate.
Formal opening of the new Reichstag last Monday was in itself a quiet enough affair, notwithstanding an attempt by the 107 Fascists to make
their entry very impressive. Garbed in brown
shirts and tan riding breeches, these Deputies
marched into the Reichstag building in military
array. They were greeted, however, with laughter
and derision, and the salutary effects of this treat-
2426
FINANCIAL CHRONICLE
ment were apparent in their subsequent appearances
in ordinary clothes. The first session of the Reichstag was devoted entirely to reading the roll call,
and there were no developments of any importance.
Contrasting with the quietness of the official session was a display of hoodlumism in the center of
Berlin, carried on during the Reichstag assemblage
by disorderly elements in which Fascists were said
to predominate. Motivated as much by anti-Semitism as anything else, gangs of hoodlums ranged
through the downtown thoroughfares of Berlin,
smashing windows of Jewish-owned establishments
and struggling occasionally with the police. The
latter made a few arrests, and several cases of minor
injuries were reported, but otherwise the affair was
without significance. The Fascist leader subsequently denied that his followers were responsible
for the occurrences, nor were the police able to fix
responsibility in a court hearing. Organization of
the Reichstag occupied all of Tuesday's session of
that body, and again there was nothing of interest
to report.
Lines began to form in the new Parliament Wednesday, when Paul Loebe, Socialist editor, was
elected President of the Reichstag. The election was
in accordance with parliamentary practice in Germany, where the Speakership of the House is conferred on a representative of the largest party. The
vote by which Dr. Loebe was selected was ample,
and this again was accepted as an indication of
strength among the Democratic and Constitutional
elements in the Reichstag. It clears the track, dispatches said, for co-operation between the Government forces and the Socialists for finance and administrative reform. Chancellor Bruening's parliamentary declaration was made Thursday, and on this
occasion some tumult and shouting arose in the
Reichstag, Fascists and Communists interrupting
him several times with vociferous protests against
statements made in the course of the exposition of
Government policy. The Chancellor gave several
hints in his address that he would settle Germany's
financial difficulties, even if he found it necessary to
proclaim a practical dictatorship to achieve this end.
"No Government can cope with the situation by ordinary means if the Reichstag annuls the Government's emergency powers," he said significantly.
In the course of his exposition of foreign affairs,
Dr. Bruening stated that the first aim of Germany
will be to put her own financial house in order.
This was regarded as an indirect rejection of the
demand for revision of the Young plan, made by
some parties. Some uncertainty on this point resulted, however, from the further statement of the
Chancellor that the "carrying out of the Government's financial anU economic plan is an elementary
demand of foreign policy and will determine whether
we, as a consequence of the crisis, can make use
of the measures which stand, according to the treaty,
at Germany's disposal for protection against dangers to her. industry and currency." The former
Allied powers were taxed by Dr. Bruening with
their failure to disarm in accordance with the provisions of the Versailles treaty. The economic situation in Germany, to which most of the address was
devoted, brought forth statements from the Chancellor essentially similar to his several previous pronouncements. He warned the country that sacrifices must be endured, and listed among these both
increases in taxes to balance the budget and lowered
[Tack 1U
wages to aid industry. If the workers will not
accept lower wages, then they must be forced to do
so by law, the Chancellor said. Other aims, previously announced and now reiterated, are the balancing of the budget in 1931, increase of unemployment contributions by workers and employers to the
end that this drain on the national exchequer cease,
simplification of the Government administration,
and a new financial settlement between the Reich
Government and the States.
A general discussion of Chancellor Bruening's
parliamentary declaration followed yesterday, and
leaders of the several parties were thus enabled to
place their views on record. The session was
tumultuous at times, with Fascists and Communists
hurling imprecations at each other. Order was difficult to maintain, and the Government found it necessary to suspend the sitting on one occasion for a
few minutes. The most important statement made
was that of the former Socialist Chancellor, Herman
Mueller, who heads the largest single group in the
German Parliament. He declared that if times were
not so serious the Socialists would oppose the Cabinet of the center parties, but in view of the Fascist
and Nationalist attitudes, his party would decide
for itself when to vote no confidence. The position
of his party on Chancellor Bruening's finance program would be made known after the text of the
supporting bills becomes available, he added. This
announcement was accepted as a clear indication
that no attempt to defeat the Government will be
permitted by the Socialists save in extreme circumstances. A statement on the National-Socialist, or
Fascist aims, was made by Gregor Strasser, spokesman of the party. The frequently voiced opposition
of this group to the Versailles treaty was reiterated
by Herr Strasser, and he also repeated the demand
for immediate revision of the Young plan. Universal
military service and the "elemination of Jews from
German life" were other planks in the platform
enunciated by the Fascist spokesman. The makeshift and opportunist character of the proposals was
further illustrated by a demand for laws making the
export of capital from Germany treasonable. Communist party leaders attacked the Government, as is
their wont, while Center party leaders rallied to the
defence of the Bruening Cabinet.
Agitation against the monarchy in Spain, together
with widespread labor troubles and persistent weakness in the international value of the peseta, have
combined to keep Spanish affairs in a turmoil in
recent weeks. Republican sentiment is openly
avowed in numerous quarters, and the Government
is continually making arrests for sedition and for
anti-Government strikes and uprisings. Radical
labor agitators and so-called Communists in Madrid,
Barcelona, Seville and other centers were taken
into custody by the dozens early this week, an Associated Press report stating that several hundred
were arrested, although the total number rounded
up was not disclosed. The men were said to be organizing political strikes and proposing still more
serious uprisings by which they hoped to overthrow
the Government and eventually establish a republic.
Major Ramon Franco, the foremost aviator in Spain,
was among those taken into custody Monday.
Strikes were reported this week from Seville, Malaga
and Vitoria, as well as many smaller places. In
these circumstances an important decision was
OCT. 18 1930.]
FINANCIAL CHRONICLE
reached by the Madrid authorities Thursday, when
the date for the Spanish parliamentary elections was
definitely set for Jan. 4 next. This election will be
-the first since General Primo de Rivera suspended
parliamentary government in September 1923.
A number of changes in the Rumanian Cabinet
were effected late last week, in consequence of the
resignation of Premier Juliu Maniu, leader of the
Peasant party, announced earlier this month. The
Cabinet changes do not imply any alterations in
policies, as George Mironescu, Foreign Minister in
the Maniu Cabinet, was entrusted with the task of
forming a new Government. The Ministers chosen
by Premier Mironescu are all members of the Peasant party, and it is believed certain that the policies
of Dr. Maniu will be continued. The latter resigned
on the alleged ground of ill health, but it was broadly
suggested in Bucharest reports that dynastic questions probably are at the bottom of the matter. Dr.
Maniu, under whose regime Carol returned and was
proclaimed King, has consistently advocated a reconciliation between King Carol and Queen Helen, but
the likelihood of any such reconciliation appears
very remote at the present time. Differences with
the King on this point are said to have cost Dr.
Maniu the friendship of the monarch. "Unable to
rely on Carol for support, Dr. Maniu decided for
the sake of his party to resign," a dispatch to the
New York "Times" said. The new Cabinet organized by Professor Mironescu, which leaves the political complexion of the Government unaltered, is as
follows:
Premier and Foreign Minister—GEORGE MIRONESCU.
Minister of the Interior—ION MIHALACHE.
Minister of Finance—MIHAI POPOVICI.
Minister of Justice—GREGORY JUNIAN.
Minister of Agriculture—VIRGIL MADGEARU.
Minister of Railways—VOICU NITZESCU.
Minister of Education—Professor COSTATESCU.
Minister of Trade and Commerce—M. MANOILESCU.
Minister of Public Works—M. HACIGEANU.
Minister of War—General CONDESCU.
Minister for Bessarabia—PAN HALIPPA.
Small and inconclusive engagements between
opposing military forces took place at several points
in Brazil this week, with the minor developments
giving little indication of the probable course of the
revolution in that country. The revolt was launched
Oct. 3 in the State of Rio Grande du Sul by discontented elements organized under the leadership of
Dr. Getulio Vargas, defeated candidate of the Liberal party for the Presidency. Spread of the movement to parts of the States of Santa Catharina,
Minas Geraes and Pernambuco was definitely reported last week, but subsequent developments are
veiled in obscurity. Some extravagant claims have
been made by both sides, but they throw little real
light on the matter. In the States of Minas Geraes,
contiguous to the capital, some definite gains by the
Federals appear to have been made, although only
a few hundred men were involved in the skirmish.
An important part of the State, consequently, is
said to have been recovered by the Federal Government. A strong rebel force is said to be moving
northward from Rio Grande and Santa Catharina
toward the State of Sao Paulo, and a battle between
the insurgents and the Federals is looked for somewhere near the border of Sao Paulo and Parana
States. Contact was established between the forces
2427
at one or two points, a few casualties were reported
and a few prisoners were taken. The actual developments so far are largely in the way of preparation
and small hope is now held out for avoidance of a
long and sanguine conflict.
Reports from the Argentine city of Buenos Aires,
uncensored, indicate that the insurgents have in
the field about 50,000 men, inclusive of some former
Federals who joined the rebel cause when the State
of Rio Grande du Sul was taken over. The Rio de
Janeiro Government, meanwhile, is organizing for
a determined struggle against the insurrection. In
a Buenos Aires dispatch to the New York "Times"
is was remarked that the revolutionary forces are
marching northward toward Sao Paulo and claiming victories, "but it is evident that these are skirmishes in which advance patrols of the Sao Paulo defence forces withdrew." Both sides were said in this
dispatch to be "flooding the world with communications revealing more enthusiasm than facts." Business in Brazil remains paralyzed, meanwhile, owing
in part to the closing of banks for the extended "holiday" which is to end early next week. One report
to the New York "Times" via the Argentine makes
pointed comment on the practice of Federal officials
in requisitioning showroom cars of American manufacturers. "If it is carried much further, large
United States manufactuers such as Ford and General Motors, who have assembly plants here, will be
subject to confiscation of their entire stocks of
manufactured cars," the dispatch adds. Stocks of
gasoline held by representatives of the Standard Oil
Company of New York, the Texas Co., and Mexican
Petroleum may also be affected, it is suggested.
Notable among the conflicting claims of the rival
leaders is one reassuring statement by Dr. Getulio
Vargas, head of the rebel forces. In the event of
insurgent success, Dr. Vargas states, the new Government will respect all contracts and agreements
negotiated by the Federal Government before the
revolt began, while ample guarantees were promised
regarding the interests of foreigners living in Brazil.
There was no indication fom Washington of a change
in the attitude of the United States, which promises
to be one of aloofness. Late last week, however, one
of the newest and fastest cruisers in the United
States Navy was dispatched southward for possible
use in the protection of American lives in Brazil.
Secretary of State Stimson announced publicly Wednesday that no obstacles would be placed in the way
of munitions purchases in this country by the Federal Government of Brazil. He declined to discuss
the possibility of an arms embargo against the
Brazilian insurgents.
There have been no changes this week in the discount rates of any of the European central banks.
Rates remain at 6% in Spain; at 5 % in Austria,
/
1
2
Hungary, and Italy; at 5% in Germany; at 4 %
/
1
2
in Norway; at 4% in Denmark and Ireland; at 3 %
/
1
2
in Sweden; at 3% in England and Holland, and at
2 % in France, Belgium, and Switzerland. In the
/
1
2
London open market discounts for short bills yesterday were 2 1/16%, the same as on Friday of last
week, while three months bills were 21 8@2 3/16%,
/
also the same as on Friday of last week. Money
on call in London yesterday was 11
4%. At Paris the
open market rate continues at 2 %, and in Switz/
1
2
erland at 1%%.
2428
FINANCIAL CHRONICLE
The Bank of England statement for the week ended
Oct. 15 shows a gain of £338,290 in bullion, which,
together with a contraction of £2,499,000 in circula- tion brought about an increase of £2,837,000 in reserves. The Bank's gold holdings now aggregate
£159,021,270 as compared with £132,932,889 a year
ago. Public deposits fell off £464,000 while other
deposits rose £1,532,466. The latter include bankers'
accounts which decreased £283,597 and other accounts which expanded £1,816,063. Loans on Government securities showed a decrease of £2,365,000
while those on other securities revealed an increase
of £600,771. Other securities consist of "discounts
and advances" and "securities." The former increased £248,551 and the latter £352,220. The discount rate is unchanged at 3%. The proportion of
reserve to liabilities is now 54.05% as compared with
52.06% a week ago and 28.04% last year. Below
we show a comparison of the different items for
five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1927.
1930.
1929.
1928.
Oct. 19.
Oct. 20.
Oct. 15.
Oct. 16.
Oct. 17.
£
Circulation
a357,060,000 360,244.000 133,500,000 135,538,625 13s,712,000
12,397,000
9,550,000 11.216,000 22,096,598 20,202,300
Public deposits
102,230,672 107,001,643 100,013,000 99.340,618 105,343,753
Other deposits
Bankers accounts 66,163,417 69,875,903
Other accounts_ _ 36,067,255 37,125,740
Gov't securities.. _ _ _ 42,301,247 76,076.855 34,015,000 47,549,619 35,325,435
Other securities_ _ _ _ 28,009,992 25,460,180 41,489,000 56,176,572 72,771.941
4,936,473
Diset. & advances 5,128,036
22,881,956 20,523,707
Securities
Reserve notes & coin 61,960,000 32.687,000 53,396,000 35,425,429 35,133,518
Coin and bullion. _ _159,021,270 132,932,889 167,147,224 151,214,054 154,095,823
29.16%
27.99%
Prop, of res. to nab_
54.05%
28.04%
48.01%
4%%
Bank rate
43.5%
3%
634%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note Issue adding at that time £234,199,000 to the amount of Bank of England notes
outstanding.
[You 181.
unchanged. An increase appears in silver and other
coin of 21,397,000 marks, in notes on other German
banks of 2,462,000 marks and in advances of 6,289,000 marks. Gold and bullion now aggregate 2,180,463,000 marks, which compares with 2,211,819,000
marks the same time a year ago and 2,478,671,000
marks in 1928. Below we give a detailed comparative statement for the past three years:
REICIISBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Oct 15 1930 Oct. 151929. Oct. 151928.
Assets—
Reichsmarks.
Reichentarks. Reichsmants. Reichsmark&
Dec. 262,540,000 2,180,463,000 2,211,819,000 2,478,671,000
Gold and bullion
Of which deps. abed_
Unchanged
149,788,000 149,788.000
85,626,000
Res've in for'n curr_ _Inc. 37.667.000 173,882,000 352,510,000 149,633,000
Bills of each. & checksInc. 28.080.000 2,084,823,000 2,092,373,000 2,062,329,000
Silver and other coin_ _Inc. 21,397,000 167,925,000 113,558,000
86,589,000
Notes on oth.Ger. hks.Inc.
2,462,000
18,014,000
19,009.000
8,018.000
Inc.
Advances
6,289,000
66,412,000 134,190,000 114,930,000
Unchanged
Investments
102,493,000
92,580,000
93,819,000
Other assets
Dec. 127,454,000 766,906,000 600,275,000 548,591,000
Liabilities—
Notes in circulation Dec.312,590,000 4,674,978,000 5,024,070,000 4,293.847,000
Oth.dally matur.oblig.Inc.
8,086,000 355,445,000 452,396.000 606,148,000
Other liabilities
Inc. 10,405,000 249,877,000 372,436,000 269,398,000
Money rates in the short business week now ending remained unchanged from previous levels, but
brokers reported a slightly firmer tendency. Expanding business needs for funds are reflected in
an increase in Federal Reserve circulation and
accumulation of bankers' bills in dealers' portfolios.
The latter are taking on further commitments with
reluctance, and this, it is held, may presage a small
advance in rates on bills. Call money, from the
opening of business Tuesday to the close yesterday,
prevailed at 2% on the Stock Exchange. Withdrawals by the banks were substantial Monday, but
no estimate of their extent is available. On Wednesday such withdrawals amounted to about $50,000,000, but toward the end of the week they were
nominal. In the early dealings withdrawals prevented any offerings of funds at concessions in the
Street market, but a few transactions were reported
Thursday at 134%, while funds were available yes/
terday in the unofficial market at 12
/
1
%. Time
money quotations were unchanged. Brokers' loans
against stock and bond collateral declined $153,000,000 for the week ended Wednesday night in the
compilation of the New York Reserve Bank. Gold
movements reported by the Bank for the same period
consisted of imports of $662,000, with no exports.
There was an increase of $4,000,000 in the stock of
gold held ear-marked for foreign account.
The Bank of France statement for the week ended
Oct. 11, shows a gain in gold holdings of 347,213,864
francs. Owing to this gain the Bank's gold now
aggregates 49,448,030,937 francs, as compared with
39,776,491,766 francs at the corresponding week last
year and 30,715,178,337 francs two years ago. An
increase is shown in credit balances abroad of 6,000,000 francs and of 14,000,000 francs in bills bought
abroad. Notes in circulation contracted 548,000,000
francs, reducing the total of the item to 73,908,419,195 francs. Circulation a year ago amounted to
66,910,204,380 francs. A loss appears in French commercial bills discounted of 300,000,000 francs and in
advances against securities of 60,000,000 francs while
creditor current accounts rose 955,000,000 francs.
Dealing in detail with the call loan rate on the
l3elow we furnish a comparison of the various items
Stock Exchange from day to day, all that it is
for the past three years:
necessary to say is that the call loan rate has been
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
&WM as of—
at the single figure of 2% on each and every day
for 1Peek.
Oct. 11 1930. Oct. 12 1929. Oct. 13 1228.
of the month, this being the rate for renewals as
Francs.
Francs.
Francs.
Francs.
Golding holdings_ _Inc. 347,213,864 49,448,030,937 39.776.491,766 30,715,178,337
well as for new loans. Time money has been virtuabed Inc. 6,000,000 6,567,845,304 7,188,737,105 13,836,277,428
Credit bale.
French commercial
ally at a standstill this week, with only a moderate
bills discounted _Dee. 300,000,000 4,715,577,052 8,021,739,554 3,175,326,825
Bills bought abed.Inc. 14,000,000 19,021,639,145 18.628,485.376 18.394,280.565 amount of business in
sight. Quotations continue
Adv. agt. secure_ _Dec. 60,000,000 2,587,453,231 2,468,960,669 2,139.146,798
Note circulation_ _Deo.548,000,000 73,908,479,195 66,910,204 380 62,021,833,660 at 1%@2% for 30
-day money, 2/ for 60 days,
14%
Cred. cum accM__Inc. 955,000,000 18,394,413.097 16.671,604,024 16,999,748,878
2 % for 90-day accommodation, 2/ 34% for
/
1
2
12@2/
/
• The weekly statement of the German Reichsbank four months, and 234@3% for five and six months.
as of Oct. 15, reveals a decline in note circulation of The demand for prime commercial paper in,the open
312,590,000 marks. Other daily maturing obliga- market has continued brisk, but sales were limited
tions and other liabilities went up 8,086,000 marks on account of the shortage of satisfactory offerings.
and 10,405,000 marks, respectively. Note circu- Rates are unchanged, extra choice names of four to•
lation now amounts to 4,674,978,000 marks as com- six months' maturity being quoted at 3%, while
/ /
1
2
pared with 5,024,070,000 marks last year and 4,293,- names less well known are offered at 314@3 %.
847,000 marks two years ago. On the asset side of
The demand for prime bank acceptances in the
the account gold and bullion fell off 262,540,000
127,454,000 marks. Reserve open market showed little improvement this week.
marks and other assets
in foreign currency increased 37,667,000 marks and Bills were in plentiful supply, but there was only a
bills of exchange and checks 28,00,000 marks, while moderate amount of activity owing to cheap money
the items of deposits abroad and investments remain elsewhere. Rates have continued unchanged. The
OCT. 18 1930.]
FINANCIAL CHRONICLE
12 Reserve Banks reduced their holdings of acceptances during the week from $211,023,000 to $185,492,000. Their holdings of acceptances for foreign
correspondents increased again, rising from $435,194,000 to $439,103,000. The posted rates of the
American Acceptance Council continue at 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 2%% bid and 2 % asked for 150 days
/
3
4
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 also remain unchanged, as follows:
Prime eligible bills
SPOT DELIVERY.
—480 DI20--• —150 Da0—
Bid. Asked.
Bid. Asked.
234
2t4
234
234
Prime eligible bills
—90Days-- —80
Bid. Asked.
BM
2
2
134
Asked.
134
FOR DELIVERY WITHIN THIRTY DAYS:
Eligible member banks
Eligible non-member banks
—120 DastitBid. Asked
2
234
—30Days—
Bid. Asked.
2
134
234 bid
234 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
Egret on
Oct. 17.
pate
Established.
Prertotts
Rate.
3
24
34
34
34
34
34
3
334
314
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. 9 1930
84
3
4
4
4
4
4
4
I
4
4
4
Sterling exchange is dull and irregular and but
little changed from last week. The undertone is,
if anything, perhaps slightly steadier with a more
confident tone prevailing in London since the rate
has moved up sharply with respect to Paris and
Berlin and a few other centres. The range this week
has been from 4.85 9-16 to 4.85 27-32 for bankers'
sight bills, compared with 4.85% to 4.85 27-32 last
week. The range for cable transfers has been from
4.85 25-32 to 4.86, compared with 4.857 to 4.86 a
4
week ago. It is quite generally believed that the
heavy gold exports to Paris have ceased and London
bankers point with confidence to the relatively strong
position of the Bank of England as compared with
the outlook a year ago, when the autumn drain began. The principal European exchanges moved in
favor of sterling on Monday, the French franc rate
advancing six points to 123.935 francs the pound,
the highest point touched since last June. There
was no market in New York on Monday, Columbus
Day. Swiss francs remain firm and at a premium
over sterling, leading to the withdrawal of £370,000
bar gold from the Bank of England for Swiss account. London bankers point with satisfaction to
the fact that the Bank of England's gold holdings
are £27,000,000 greater than a year ago and that
further large amounts of gold are now in sight,
which have been definitely consigned to the Bank
of England by Australia and Africa. Credit remains
abundant in London and despite the advance in the
Berlin bank rate last week no appreciable hardening
of discount rates appears likely in London.
2429
This week the Bank of England shows an increase
in gold holdings of £338,290, the total bullion standing at £159,021,270, which compares with £132,932,889 a year ago and with the minimum recommended
by the Cunliff committee of £150,000,000. On
Saturday the Bank of England sold £17,480 in gold
bars, received £84,000 in sovereigns from abroad and
exported £4,000 in sovereigns. On Monday the
Bank received £750,000 in sovereigns from abroad,
exported £15,000 in sovereigns and sold £370,536 in
gold bars. The bars are believed to have been
shipped to Switzerland. On Tuesday the Bank
bought £383 in foreign gold coin and exported £7,000
in sovereigns. There was £850,000 South African
gold available in the open market on Tuesday.
France purchased £280,000 and had already taken
another £250,000 for forward delivery. Of the remainder, £250,000 was taken by an unknown buyer
and the balance was absorbed by India and the
trade. The price was 84s. 113/gd. On Wednesday
the Bank of England sold £1,711 in gold bars and
exported £19,000 in sovereigns. On Thursday the
Bank bought £225 in foreign gold coin, sold £15,601
in gold bars, exported £2,000 in sovereigns and set
aside £20,833 in sovereigns. On Thursday the Bank
bought £58 gold bars and sold £18,803 gold bars.
At the port of New York the gold movement for
the week ended Oct. 15 as reported by the Federal
Reserve Bank of New York, consisted of imports of
$662,000, of which $575,000 came from Argentina
and $87,000 chiefly from other Latin American
countries. There were no gold exports. The Reserve Bank reported an increase of $4,000,000 in gold
earmarked for foreign account. In tabular form
the gold movement at New York for the week ended
Oct. 15, as reported by the Federal Reserve Bank of
New York, was as follows:
GOLD MOVEMENT AT NEW YORK OCT.
9-OCT.15, INCLUSIVE.
Imports.
8675,000 from Argentina.
87,000 chiefly from other Latin
American countries.
Exports.
None
$862,000 total.
Net Change in Gold Earmarked for Foreign Account.
Increase $4,000,000
During the week $3,750,000 gold was received at
Seattle from Japan.
On Thursday cable dispatches from Buenos Aires
stated that the Bank of the Nation of Argentina was
shipping $5,000,000 gold to the Central Hanover
Bank ez Trust Co. on the S. S. Eastern Prince, sailing Oct. 24. This is believed to be the first of a
series of gold shipments from Argentina to New York
which are expected to reach from $15,000,000 to
$20,000,000.
Canadian exchange continues firm, ruling at a
premium this week around 3-32 to 14 of 1% on
Montreal.
Referring to day to day rates, sterling on Saturday
last was easy in a dull half session. Bankers' sight
was 4.85%@4.853 ; cable transfers 4.85%©4.85%.
%
On Monday, Columbus Day, there was no market
in New York. On Tuesday sterling was under
pressure. The range was 4.85 9-16@4.85 11-16 for
bankers' sight and 4.85 25-32@4.85% for cable transfers. On Wednesday sterling was firmer. Bankers'
sight was 4.85 9-16@4.85%;cable transfers 4.85 13-16
@4.85 15-16. On Thursday the market was steady.
Then range was 4.85 11-16(444.85 13-16 for bankers'
sight and 4.85 15-16@4.86 for cable transfers. On
Friday sterling was again steady; the range was
2430
FINANCIAL CHRONICLE
4.85 11-16@4.85 27-32 for bankers' sight and
4.85 15-16@4.86 for cable transfers. Closing quotations on Friday were 4.85 13-16 for demand and
4.86 for cable transfers. Commercial sight bills
-day bills at 4.83 13-16;
finished at 4.85 11-16, 60
-day bills at 4.82 15-16; documents for payment
90
(60 days) at 4.83 13-16, and seven day grain bills
at 4.85 5-16. Cotton and grain for payment closed
at 4.85 11-16.
(Va.lit.
ported as being uneasy regarding the metal inflow
from England and Germany. The French insist
that the gold inflow from Germany does not arise
from withdrawals of French deposits, but is to be
ascribed to the flight of German capital. Paris
bankers say that had it not been for the German situation, gold imports would have already ceased. In
Paris it is held that economic conditions are unfavorable to the import of gold for three reasons. One
is that France will be obliged to import between
2,500,000,000 and 3,000,000,000 francs worth of
wheat this season, whereas last year practically no
wheat was bought abroad. In the second place, the
financial reaction is expected to affect the French
tourist trade adversely in 1931, with consequent decrease in the amount of foreign exchange brought in.
Beyond this, exports of gold from France are expected to diminish; for the first eight months of the
year exports of manufactured goods aggregated only
10,695,000,000 francs, as against 14,056,000,000 in
the corresponding period of 1929. According to
Paris dispatches, Finance Minister Reynaud called
in representatives of leading French banks to a consultation on Tuesday to "give new orientation to the
Paris financial market." It is understood that
international acceptances, listing of foreign securities
and extension of credits to foreign countries were
among the subjects discussed. Steps will be taken,
it is understood, to stem the constant influx of gold.
The Government will introduce a bill to remove
double taxation on investment trust holdings and to
lighten taxation on foreign share certificates. This
week the Bank of France shows an increase of gold
holdings of 347,213,000 francs, the total gold standing at 49,448,000,000 francs, compared with 39,776,000,000 francs a year ago and with 28,935,000,000 francs reported in the first statement of the
Bank of France following stabilization of the franc
in June 1928. The Bank's ratio of reserves is at
record high, standing at 53.54% on Oct. 10, compared with 53.40% a week earlier, with 46.48% a
year ago and with legal requirement of 35%.
The London check rate on Paris closed at 123.87
on Friday of this week, against 123.85 on Friday of
last week. In New York sight bills on the French
,
centre finished at 3.923, against 3.92 3-16 on Friday
of last week; cable transfers at 3.92%, against
3.92 5-16, and commercial sight bills at 3.91 15-16,
against 3.92. Antwerp belgas finished at 13.933/i
for checks and at 13.943/ for cable transfers, against
13.943/i and 13.953/2. Final quotations for Berlin
marks were 23.78 for bankers' sight bills and 23.78
.
for cable transfers, in comparison with 23 783/2 and
23.793/2. Italian lire closed at 5.233/ for bankers'
sight bills and at 5.23% for cable transfers, against
5.23 7-16 and 5-23 11-16. Austrian schillings closed
at 14.10, against 14.103/2; exchange on Czechoslovakia at 2.96 11-16, against 2.96 11-16; on
5
/,
Bucharest at 0.595 against 0.59/; on Poland at
11.22, against 11.22, and on Finland at 2.51%,
against 2.519. Greek exchange closed at 1.293 I,
for bankers' sight bills and at 1.293/ for cable
transfers, against 1.29 5-16 and 1.29 9-16.
Exchange on the Continental countries is dull and
in some cases slightly easier. German marks and
French francs ruled lower both with respect to the
dollar and the pound early in the week, but have
since stiffened. The plight of mark exchange overshadows the entire situation. It is believed that in
order to arrest the continued flight of the mark the
•Reichsbank may be compelled to make a further
increase in its rediscount rate which was increased
only on Wednesday of last week from 4% to 5%.
Still the outward movement of capital is reported to
have lessened considerably in the past day or two.
On Saturday mark cables declined to 23.78, the lowest
since May 20 1929. On Wednesday the cable rate
was frequently quoted still lower at 23.773/2. The
rate compares with 23.89 to 23.90 before the dissolution of the Reichstag in August and with 23.82
before the elections last month, illustrating the extent
of the flight of capital from Germany. On Wednesday an additional shipment of Rm. 42,000,000 gold
was made to Paris and Amsterdam, making the total
German gold losses since the elections Rm. 350,000,000 to Paris and Rm. 51,000,000 to Amsterdam.
The foreign exchange losses of the Reichsbank in
the same period have exceeded 450,000,000 reichsmarks. The German outlook has been considerably
alleviated by the final arrangement for a credit of
$125,000,000 to the Reich Treasury. Although
strikes, wage reductions, riots and other disturbances
are rife, the credit, if approved by the Reichstag in
regard to its repayment, will assure the Treasury's
position in the present crisis. In some banking circles
the contention is made that undue stress is laid upon
withdrawals of French short term credits from
Germany. France is especially prone to stress the
importance of French deposits in Germany. The
"Journal des Debats" states that it is within the
power of French banks tb cause a grave crisis in
Germany by withdrawing deposits. According to
well informed sources a careful check up has recently
been made regarding the origin of short term funds in
Germany and it is revealed that, despite all the talk
of danger of French withdrawals, French short term
deposits in Germany amount to only approximately
10% of all foreign short term funds. German banks
have recognized the possibility of withdrawals for
some time and there have been several instances
where a German bank has paid off a maturing French
credit without any attempt to renew it.
French francs fell to 3.91 15-16 on Tuesday for
cable transfers, off 5-16 from the close of Saturday of
last week. Trading has been limited to the minimum.
In Thursday's trading francs were firmer with cable
transfers arranged around 3.92 3-16. The German
Exchange on the countries neutral during the war
situation dominates the Paris money market, bringof capital. The gold is unchanged in all important respects from the past
ing about large movements
imports from England seem to have come to an end few weeks. The Scandanavian units are relatively
for the time being and according to some bankers firm and display only a fractional ease due to seasonal
the flow from London to Paris is not likely to be causes and partly in sympathy with the lower sterling
resumed immediately. The Bank of France is re- quotations. Holland guilders have receded consider-
OCT. 18 1930.]
FINANCIAL CHRONICLE
ably from the highs of last week. Swiss francs while
lower, hold firm owing to heavy transfers from other
countries and to gold imports from Great Britain.
Spanish pesetas continue their downward course and
this week established new lows. The relative firmness of the guilder is ascribed largely to the movement of funds and gold from Germany to Amsterdam.
The current statement of the Bank of the Netherlands shows gold imports during the week ended
Tuesday of 20,000p0 guilders and another 10,000,000 arrived in Amsterdam on Wednesday. The
gold came from Germany. Bankers report that
Dutch funds continue to float toward the New York
security markets and that were it not for this movement the guilder rate would be still higher as against
the dollar as there is an apparent scarcity of Dutch
commercial bills on the New York market. Money
continues abundent in the Holland markets with rates
low. The firmness in the Swiss franc is ascribed
largely to transfers in connection with the Bank for
International Settlements, but at present, as for a
few weeks past, there has been an augmented demand
for Swiss exchange owing to the removal of funds
from Germany. Swiss francs are also at a premium
over sterling which induced the withdrawal during
the week of £370,000 bar gold from the Bank of
England for Swiss account, a movement which is
likely to continue although discouraged by the Swiss
National Bank. The latter is exercising its option
to take only gold coins, necessitating abrittageurs to
deliver bars at the Berne mint, the capacity of which
is limited. Despite the fact that the mint cannot
deal with new gold before Oct. 28, owing to lack of
capacity, the banks seem willing to wait their turn
as money is practically unlendable in Switzerland.
Spanish pesetas dropped to a new low in Tuesday's
market when the quotation on cable transfers fell
35 points to 9.65 the lowest in at least 30 years and
just one half of parity. Strikes and political uncertainty have produced a state of chaos which
offsets any attempts the Government may take to
bring about stability. The latest step to be taken
is the formation of a commission to go abroad and
confer with governors of central banks apparently
with a view to establishing foreign credits. It is
believed that credits will probably be arranged in the
near future in London and New York. Already a
credit of £10,000,000 is reported to have been
arranged in London. According to the finance
ministry old contracts will be liquidated.
Bankers' sight on Amsterdam finished on Friday
at 40.253/2, against 40.32% on Friday of last week;
cable transfers at 40.26%, against 40.333/2, and
commercial sight bills at 40.23, against 40.30. Swiss
francs closed at 19.413/i for bankers' sight bills and
at 19.423 for cable transfers, against 19.423/i and
19.
433/2. Copenhagen checks finished at 26.75 and
cable transfers at 26.763, against 26.74% and
26.76; checks on Sweden closed at 26.85 and cable
transfers at 26.86%, against 26.843 and 26.86.
%
while checks on Norway finished at 26.75, and cable
transfers at 26.763(, against 26.743 and 26.76.
Spanish pesetas closed at 9.93 for bankers sight bills,
and at 9.94 for cable transfers, which compares
with 10.06 and 10.07.
Exchange on the South American countries continues more or less demoralized owing to the rebellion
in Brazil and to political unrest in Argentina and
Peru and in other Latin American countries. Quo-
2431
tations on milreis continue nominal. Tinder present
conditions it is practically impossible to transact
exchange business with Rio as the banks there continue closed. Argentine paper pesos fluctuated
rather widely during the week and went off sharply
in Tuesday's trading, when they made a new low of
32.25 for cable transfers, off 13/ cents from Saturday's close, but have since recovered. This compares with the low made during the revolution, of
34.55. The contributing factors to the depreciation of the Argentine rate are the reign of martial
law, drastic declines in trade with other South American countries, the fall in wholesale prices and in the
physical volume of Argentina's exports and the unwieldiness of the credit structure in the present
crisis. On Thursday it was announced that the
Bank of the Argentine is shipping $5,000,000 gold
to the Central Hanover Bank & Trust Co. of New
York on the S. S. Eastern Prince, sailing Oct. 24.
This is believed to be the first of a series of gold shipments to New York in order to lend support to the
peso. It is thought likely that $15,000,000 or
$20,000,000 will be sent before the end of the year.
This is the first shipment since the Caja de Conversion was closed on Dec. 16 1929. The shipments
will be in the form of special transactions authorized
by the Government under Article 62 of the budgetary
law, which permits the Government to use the gold
in the Conversion Office for the service of the debt.
Argentina has been off the gold standard since the
closing of the Conversion Office. Shipment of gold
at this time does not necessarily mean a return to
gold, as it is not believed that the Conversion Office
will be reopened at this juncture. The shipment
nevertheless should have a beneficial effect on Argentine exchange.
The Peruvian sol continues in a downward course.
The market is practically at standstill with offerings
greatly in excess of all demand. The demoralizing
effects of the exchange situation are widespread in a
country like Peru which imports much and depends
upon one or two staple commodities for export.
Peru must pay for her imports with sugar and cotton
and until the prices of these commodities rise business
in the Peruvian cities is in for a period of stagnation.
Conditions there now are reported as extremely
poor. So far, it would seem, that the su cessful
political revolution of Sanchez Cerro has produced
no improvement in the economic situation. Argentine
paper pesos closed at 34 9-16 for checks, as compared
with 34 7-16 on Friday of last week and at 345;./ for
/
cable transfers, against 343/2. Brazilian milreis were
nominally quoted 10.72 for bankers' sight bills and
10.75 for cable transfers, against 10.22 and 10.25.
Chilean exchange closed at 12 1-16 for checks and
at 123/ for cable transfers, against 12 1-16 and 124
g
Peru at 27.50 against 31.75.
I
Exchange on the Far Eastern countries has shown
a slightly better tone. The Chinese units, while
still ruling low because of the low silver prices, are
fractionally firmer than a week ago, due mainly to
the let-up in warlike activities and the promise of
a period of peace which has been helpful to the business interests of the continent. Japanese yen cables
have averaged around 49.68, which is considered
relatively firm. The improved situation in China
is proving helpful to Japanese business interest.
Money rates continue to firm up in Japan, owing
to heavy gold exports to the United States for
the support of yen exchange. The reduction last
week in the rediscount rate of the Bank of Japan
was for the purpose of relieving the credit stringency during the last quarter of the year. The
gold exports to New York are expected to continue
for some time. Closing quotations for yen checks
yesterday were 49.55@49%, against 49.60@49%.
Hong Kong closed at 32H@32 5-16, against 32%@
32 5-16; Shanghai at 39 7-16@39%, against 39%@
3932; Manila at 493.', against 49%; Singapore at
56 9-16(4)56 11-16, against 56%@56 11-16; Bombay
63(, against
at 36M, against 3631, and Calcutta at 3
363i.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN =CHANGE RATES CER1trzED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF %CT OF 1922,
OCT. 11 1930 TO OCT. 17 1930 INCLUSIVE.
Noon Buying Rate for Cab's Trarufers in New York,
Value in United States Money.
Country and Monetary
Unit.
Oct. ii.
$
EUROPE
.141028
Austria, act:11111ns
139452
Belgium. belga
007227
Bulgaria, lee
Czechoslovakia. krone .029668
.2137518
Denmark, krone
England, pound
4.858388
sterling
025168
Finland, markka
.039223
France. franc
Germany, reichsmark .237778
.012946
Greece. drachma
.403238
Holland, guilder
.175042
Hungary. Peng°
.052355
Italy, Bra
267515
Norway. krone
112068
Poland, zloty
.044895
Portugal. escudo
.005951
Rumania.len
100121
Spain, neeeta
1
218552
Sweden, krona
.194328
Switzerland. franc
.017711
yugoslav la, dinar
ASIAChina.405833
Chefoo tael _
.401250
Hankow tanl
.391964
Shanghai buzl
411250
Tientsin teal
- .320729
Hong Kong dollar
- .284062
Mexican dollar_
Ttetit.910 or Palm*
.282916
dollar
.279583
Yuan dollar
.360428
India, rupee
.495678
Japan. yen
Singapore (5.8.) dollar .582291
NORTH AMER.Canada, dollar
1.000893
.999288
Cuba peso
Mexico, peso
.472200
Newfoundland. dollar .998125
SOUTH AMER.Argentina, Peso (gold) .771698
•
Brasil, milrels
120939
Chile. Peso
784464
Uruguay, Peso
Colombia, peso
965300
Oct. 14.
or). IS. Oct. 16. Oct. 17.
.141039
.139384
.007219
.029666
.267500
.141027
.139378
.007197
.029699
.267491
.141110
.139390
.007205
.029667
.267534
.141016
.139455
.007197
.029668
.267560
.857976
.025166
.039200
.237725
.012946
.402828
.175038
.052350
.267490
.112086
.044862
.005950
.096752
.268529
.194313
.017714
Oct. 13.
.858395
.025171
.039198
.237740
.012944
.402898
.175001
.052348
.267488
.112086
.044829
.005946
.095622
.268512
.194326
.017718
.859330
.025172
.039215
.237813
.0129413
.402913
.175054
.052354
.267525
.112127
.044880
.005953
.096317
.268561
.194333
.017726
.859531
.025168
.039230
.237880
.012946
.402796
.175041
.052361
.267552
.112065
.044845
.005950
.097727
.268601
.194200
.017721
.409583
.404687
.394732
.414375
.320267
.285625
.408541
.403281
.393392
.413333
.319821
.283437
.408125
.402968
.393125
.412500
.320053
.283750
.409375
.404531
.394642
.414166
.320357
.284375
.287916
.284583
.360671
.495212
.561958
.285416
.282083
.360700
.495237
.561875
.285416
.282083
.360714
.495340
.562083
.285833
.282500
.360628
.495403
.562083
.000932 1.001042
.999268 .999237
.472400 .472825
.998281 .998356
.001075
.999268
.472950
.998356
.001019
.999237
.472612
.998356
.755938
•
.120939
.769743
.965300
.770903
•
.120980
.779397
.965300
.120981
.788671
.965300
$
HOLIDAY
.739560
•
.120944
.770587
.985300
.775053
* Not Quoting.
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.
Saturday,
oa. 11.
I
161.000.000
prin. 131.
FINANCIAL CHRONICLE
2432
Monday.
Oct. 13.
Tuesday, I Wednesday Thursdoy.
Oat. 16.
Or). 15.
Oct. 14.
Friday,
Oct. 17.
AOOrcoate
for Week.
$
Hal.
$
147 000,600 202 000,000 195.000.000
168.000,000
$
Or. 87.3.000,000
-The foregoing heavy credits reflect the huge mass of checks which come
Note.
to the New York Reserve Bank from all parts of the country in th (operation of
the Federal Reserve System's par collection scheme. These large csedit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of cheeks on Institutions located outside
of New York are' not accounted for in arriving at these balances. as such checks
do not 138.8.9 through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
October 17 1929.
October 16 1930.
Banks of
Gold.
England.. 159.021.270
France a__ 395,584.247
Germany b 101,533.750
Spain_ ___ 99,021,000
Italy
56.587.000
Netherrds. 32,962.000
Nat. Belg 36.227,000
Switzer! cl. 25,588,000
13,454,
Sweden
Denmark _ 9,565,000
8,138,000
Norway_
Silver.
Total.
Gold,
Total.
X
32,932.889
159.021,270 132.932.889
18,211,934
(d)
(d)
395,584,247 18.211,934
994,600104.096.150'
c994.6 102,528.350 103,101,55
28,261,000 127,282,000 102,508,II 28.212,000130.810,000
55,810,000
56.587,000 55.810.00
36,919,000
36,919,III
1,950,000 34,912,
36,227,000 29,221,000 1,270,000 30,491,000
25,588,000 21,306,000 1.185.000 22,401,000
13,447,000
13,454,
13,447,
406,000 9,990,000
9,565,000 9.584,000
8,153,000
8,138,000 8,153
Total week 937,681,267 31,205,600 968.886,867 831,284,87 32,067.600 63,351,973
Prey, week 946,680.232 31,498,600078,178,832:0,409,131 32.356.600862.765.731
a These are the gold holdings of the Bank of France as reported in the new forra
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
'thread, the amount of which the present year is £4,709,000. c As 01 Oct. 7 1924.
Silver is now reported at only a trilling sum.
Proposed Panaceas for British Trade.
The Imperial Conference is still wrestling with the
difficult question of Imperial trade, and with somewhat less likelihood of reaching an acceptable solution at its present session than there seemed to be
some days ago. The reception which was accorded
to the proposal of R.B. Bennett, Conservative Prime
Minister of Canada, for tariff preference within the
Empire on the basis of an increase of approximately
3% in present or future tariffs on foreign imports,
turned out to be disconcerting. On the one hand
Stanley Baldwin, the British Conservative leader,
not only accepted the proposal as sufficiently consonant with the protectionist position of his party, but
went 60 far as to declare that the question would be
made an issue in the next general election whenever
one was held. For this latter declaration he has been
rather severely taken to task by Prime Minister MacDonald on the ground that domestic politics ought
not to be injected into the deliberations of the Conference. On the other hand Philip Snowden, Chancellor of the Exchequer, speaking principally
through William Graham, President of the Board
of Trade,formally rejected the Bennett plan and any
other scheme that involved an abandonment of the
policy of free trade, and for the moment the Bennett
plan has been displaced by the proposal of a quota
arrangement under which the imports of certain commodities, among them wheat, would be so far controlled by the government as to insure a larger proportion of such purchases from the dominions and a
smaller, proportion from other countries.
The quota scheme, while in its present form one
which has the support of the Labor Government, appears to be historically of Conservative origin. For
a year or more Mr. Baldwin, in urging the adoption
of a policy of free trade within the Empire and protection without, has been advocating a regulation of
imports from the dominions which should favor
trade from those sources. The championship of a
similar proposal by Mr. Graham, in his speech on
Monday, was at once recognized as an adroit move
on the part of the MacDonald Government to steal
the Conservative thunder, and prevent Mr. Baldwin
and his party from reaping any advantage from the
threat of making protection the issue in the next
election. The only important difference, apparently,
between Mr. Baldwin's proposal and that outlined
by Mr. Graham is that Mr. Baldwin would have the
quotas of various commodities fixed by law, while
Mr. Graham would leave them to be determined from
time to time by a government board. Neither plan,
it is stated, contemplates government price-fixing.
The commodities affected by the proposal would
be purchased at market prices, on the best terms obtainable.
Ocr. 18 193C.]
FINANCIAL CHRONICLE
That the suggestion of an Empire marketing
board should be put forward by a Labor Government
is not surprising, since the Labor party is committed,
nominally at least, to the general principles of socialism, but that it should have been viewed with favor
by the Conservatives is something hard to understand. The essence of the scheme, to whatever class
or classes of commodities it may be applied, is the
displacement of the present methods of import trade
and the substitution of a government board through
which all purchases under a quota will be made.
Only by controlling the entire import trade in wheat,
for example, could the Government be assured that
the proportionate preference which it had been
agreed should be given to the dominions would actually be applied. Private or individual trading in
quota commodities would continue, but only under
virtually complete Government control.
The MacDonald Government, it would seem, and
certainly Mr. Baldwin, can hardly be unmindful of
the difficulties which such a program would have
to meet. If the government is to control the private
trader, government credit may of course have to
supplement the credit which private traders
now rely upon to finance their purchases, and
a new chapter in British government finance will
have been opened. Bulk purchases by government
order, especially if made in large quantities in
order to take advantage of favorable prices or to
insure the maintenance of a sufficient supply in
storage, may well have a serious effect upon the
world market for the commodities in question. Moreover while purchases would be in bulk, dominion preference would not; the agreed total of British imports would have to be allotted among the dominions
capable of furnishing the articles desired, and
charges of discrimination might easily arise. An important question concerns the bearing of an Empire
purchasing system upon existing commercial treaties
which give to foreign nations the privileges of the
most favored nation. In view of the independent
status which the League Covenant accords to Canada, Australia, South Africa and New Zealand, it
might well be urged that an arbitrary restriction of
foreign imports for the benefit of the dominions was
an infringement of the most favored nation
guaranty.
There is still another aspect of the matter which
is likely to cause the Imperial Conference some
trouble. Imperial preference is not a one-sided
arrangement. It contemplates a reciprocal interchange of trade with profitable results for all parties. The purchase of increased quantities of dominion products by Great Britain, with a corresponding decrease in the quantities of the same products purchased elsewhere, would hardly continue
long unless the dominions increased correspondingly
their purchases of British goods. How to bring such
reciprocity about has long been one of the insoluble
problems of the preference theory. It is matter of
common knowledge, for example, that Canada, while
eager enough to increase the sales of its products in
Great Britain, has been much less eager to increase
its takings of British goods, especially if goods of the
same or similar character were to be had at favorable
prices in the United States. Neither Canada nor
AuStralia, further, is disposed to hold back the development of its own manufactures, and to the extent
that either country is able to meet its needs for manufactures from its own production its demand for
2433
British goods will be less, at the same time that
dominion tariffs, like the recent tariff set up by
Canada, acts even on a preferential basis as an impediment to trade.
These are some of the difficulties which the proposal of an imperial purchasing board will have to
face. There remains the question whether, if the
plan were adopted, it would appreciably relieve the
present economic stringency in Great Britain. The
Labor party, reinforced by the Liberals, professes a
strenuous opposition to any trade policy that would
raise the cost of food. Assuming, merely for argument's sake, that an imperial purchasing plan would
not make food any dearer, is there any clear prospect that, with the plan or without it, food or the
means of obtaining it will shortly become more
easily accessible to the 2,000,000 and upwards who
are now unemployed?
In spite of Mr. Graham's speech, there appears
reason for suspecting that at this point British Labor
is not of one mind. The London correspondent of
the New York "Herald Tribune" quotes Mr. MacDonald as saying in substance, in the current issue
of "The Labor Magazine," that no kind of industrial
reorganization can solve the unemployment problem,
but that the solution must be sought in a policy of
"back to the land." The Labor Cabinet, he declares,
"is working out a program of legislation for the
coming session which will be the greatest contribution to the use of British soil by British labor that
has ever been made." Mr. Snowden, addressing a
meeting of London bankers on Wednesday, seemed
inclined to minimize the seriousness of the financial
and trade situation. Unless something unexpected
happened, he said, the deficit at the end of the year
would not reach even the low estimate of $150,000,000. "During the past six months," he pointed out,
"we have maintained a larger proportion of our production than Germany or the United States." The
cost of unemployment, however, was disturbing him
"almost beyond measure," particularly because of
the necessity of finding this year about $105,000,000 "in order to finance the large mass of unemployed persons who have no insurable qualifications."
Mr. Baldwin,in a statement issued on Wednesday,
sharply criticized the Labor Government for its financial extravagance, and declared that if the Conservatives were returned to power their first duty
would be to cut in half all schemes of financial expenditure not productive of a return. The tide of unemployment would be temporarily stemmed by a
thorough application of the "safeguarding" policy
(another name for protection), while agriculture
would be aided by guaranteeing the price of homegrown wheat, stopping the dumping of bounty-fed
oats, and taxing foreign barley. The dumping of
foreign fruits and vegetables would also be ended.
Instead of placing a tariff on wheat, Mr. Baldwin
insisted that a prescribed proportion of domestic
wheat should be used in all flour baked in England.
This, with a guaranteed price for the domestic wheat
and a quota system of purchases from the dominions
or foreign countries, would, he thought, convince
British farmers that wheat-growing could be made
profitable.
It is difficult to find a common denominator for
these fractional opinions and proposals. With Prime
Minister MacDonald seeing no remedy for unemployment save in a visionary "back to the land" policy,
2434
FINANCIAL CHRONICLE
with Mr. Snowden standing stoutlyfor free trade
under all circumstances while unemployment continues to drain the Treasury, and with Mr. Graham expounding the virtues of a quota system for dominion
purchases, it is clear that the Labor Government has
no one definite policy either for unemployment or
for imperial trade. Mr. Baldwin's proposals, on the
other hand, turn upon tariffs, bounties and restrictions, all of them, apparently, involving taxation or
regulation which would inevitably raise the cost of
food without any certain assurance of more work. It
is a puzzling situation, and the Government will have
need of all its skill to prevent the question from disrupting the Conference. It is not the first time that
the trade policies of the dominions and the mother
country have been found in opposition, but the opposition has now become particularly sharp because of
the growth of protectionist sentiment in the dominions and the demonstrated impossibility of curbing
unemployment by government doles. If there is any
ground upon which opposing interests and theories
can be reconciled, it cannot too soon be found and
occupied.
Borrowers and Investors Encouraged—The
I.B. A.Hopeful.
Investment bankers, who have been holding their
annual meeting at New Orleans this week, are the
connecting link between capital and industry.
Whether industry takes the form of manufacturing,
transportation, or utilities it must be fed; and its
food is money and credit. The investment bankers
are the providers who keep industry from starving.
It is a part of their business to study the money
market and to know what form of security will best
meet the requirements of money lenders. Rates of
interest, the amount of an offering, length of time
a bond may run, whether it shall be made callable,
and how it shall be secured are some of the things
which investment bankers must know in order to
satisfy the demands of investors and thus appease
the appetite of industry which seeks to expand.
Probably no group of business men keeps in closer
touch with affairs of the whole world than do the
investment bankers. Through their salesmen they
go directly to the people, whereas the commercial
banker is apt to wait for the would-be borrower to
come to him. The bond seller gets in close and confidential relations with investors and gains valuable
first-hand knowledge.
For these reasons the opinions expressed by members of the Investment Bankers' Association, in session this week at the Crescent City, carry unusual
weight. The Association has had no less than 25
research committees at work, and after hearing reports respecting this broad and carefully conducted
work the officers expressed the opinion that the country has passed the final stages of the financial storm
which has been experienced for the past year. It is
a fact that comparatively few dividends have been
passed or even reduced among a longer list of divident payers than this country ever before experienced. Also comparatively few defaults in the payment of interest upon bonds have been noted. The
,speculator rather than the investor was the great
sufferer by the breaks in the stock market last fall.
It is largely because of this fact that the buying
power of investors has continued remarkably good,
and that such large quantities of newly offered investment issues have been.so readily.abso,rbed during
[voL. 131.
the current year. Buying power of the investors has
remained at a high rate, and back of this is knowledge and experience which enable men of large means
to judge wisely respecting the future. As prices
of materials declined and labor was available in
larger supply many corporations took advantage of
the situation to enter upon new construction plans,
and they have been able to execute their building
programs because capital for the purpose has been
available on reasonable terms. Without confidence
on the part of capital, improvements would have had
to wait and postponement would have been costly.
Optimistic sentiments expressed at the New Orleans meeting will be helpful to the whole country,
its tendency being to strengthen confidence not only
among money lenders but among borrowers who see
the possibilities of utilizing borrowed capital to
advantage.
"Watch Your Step!"
In his admirable address at "Kings Mountain,"
President Hoover uttered many truths that have
found wide quotation over the country. For our
part we like to quote the following paragraph:"Any
practice of business which would dominate the country by its own selfish interests is a destruction of
equality of opportunity. Government in business,
except in emergency, is also a destruction of equal
opportunity and the incarnation of tyranny through
bureaucracy. Tendencies of communities and States
to shirk their own responsibilities or to unload them
upon the Federal Government, or of the Federal Government to encroach upon the responsibilities of the
States are destructive of our whole pattern of selfgovernment. But these evils cannot shatter our
ideals or subvert our institutions if we hold the
faith." At an earlier period in his speech Mr. Hoover said: "This self-government was not in itself
a new human ideal, but the Constitution which provided its framework, with checks and balances which
gave it stability, was of marvellous genius. Yet of
vastly more importance than even the machinery of
government was the inspired charter of the rights
of men which it guaranteed. Under them we hold
that all men are created equal, that they are equal
before the law, and that they should be safeguarded
in liberty and, as we express it latterly, in equality
of opportunity to every individual that he may
achieve for himself and for the community the best
to which his character, his ability, and his ambition
entitle him." . . . "It is these human rights and
the success of government which has maintained
them that have stimulated the initiative and effort
in each individual, the sum of which has been the
gigantic achievement of the nation. They are the
precious heritage of America, far more important,
far more valuable, than all the riches in land and
mines and factories that we possess. Never had
these principles and ideals been assembled elsewhere
and combined into government. This is the American system."
But how may the citizen in this day of stress and
turmoil "keep the faith," this faith in the rights of
men and the charter-guaranty against the "tyranny"
of "bureaucracy" in the "machinery of government"?
Can he do it by complacently condoning the creation
of a Federal Farm Board that goes so far in its
ostensible "aid" to the farmer as to enter the grain
markets and buy millions of bushels of wheat out
of a fund made from taxes on the whole people,
OCT. 18 1930.1
FINANCIAL CHRONICLE
thereby losing millions of dollars by change in price?
We must all practice what we preach, and here is a
Congressional Act altogether out of line with the
President's principles. We must keep the faith, refusing to ask aid where no aid lies. This is the last
large instance, this Federal Farm Board, of the insidious increase in "bureaucracy"; and a flagrant
interference in the "equality of opportunity." For if
one industry, one occupation, be thus aided, it has a
false advantage over others! Are we keeping the
faith in "equality before the law" when we supinely
assent to a tariff that lays a custom charge upon
imports, thus destroying competition on manufactured articles made in this country, and enabling a
price to be fixed on them arbitrarily, which represents the difference in cost of making here and
abroad? We care nothing about the politics said
to be involved. It is the relation of economics to
government, of government to its machinery, and of
the interfered-with "rights" of men to the equality
of opportunity guaranteed to all.
And under this "marvellous" charter, the Constitution, does not the individual exercise of "initiative
and effort" which makes up the "gigantic achievement of the nation," create, establish, maintain, certain relations, Which in turn'give rise in theniselVes
to natural laws of toil and trade that change with
the change of life's time and tide, but cannot ever
be effectually guperseded by man made laws of government? A few men who because they cannot see,
hear, taste, or feel a "natural law" seem to think it
does not and cannot exist. To these we commend
the experiment of stepping off a 40-story building.
Supply and demand, rooted in the exercise of unalienable rights and freedom of initiative, represent
a natural law in human relations. He who refuses
to recognize their existence will come to grief. Not
all the stock booms, not all the preaching of "perpetual prosperity," can annul these laws. They constitute the economics which follows inflation with
deflation, which brings upon speculative folly its
own retribution.
"Keeping the faith" requires action, not apathy.
We must go forward in business, which is well-doing
for those who must live upon the fruits of our labors.
We must recognize the conditions which normal
human relations bring about. Despair lies not in
earnest, honest endeavor. But once having suffered
the "longest stock boom in history," we must not
expect to build up prices again to the breaking point
by the same method of inordinate speculation. Having spent the imagined returns of a fictitious prosperity, we cannot expect to go on spending in like
manner in the reactive depression, and it is useless
to talk of maintaining a "high standard of living" or
"high wages" against the inevitable conditions that
these natural human relations bring about. Wages,
as an indubitable part of cost, cannot be arbitrarily
maintained against the ability of a people to pay for
them, or against a so-called "consuming power"
which is made up of the values of universal production. Wages are but one part of production and
consumption.
So we do come to the conclusion that duty lies in
doing for ourselves and for our communities as best
we may. Politics is but means by which we make
government operative. Economics is the result of
intermingling human efforts under the guaranty
afforded by government. When we keep politics and
economics separate and apart each functions accord-
2435
ing to its inherent nature. When we try to mix
them we produce a hybrid incapable of performing
the functions of either. One of our present troubles
is that in "keeping the faith" we are not content
with work and thought applied to our personal industries; we are avid to set up ideas and ideals of
speed, bigness, mass. Through consolidations, combinations, mergers,formed not on the laws of service
but upon the glittering ideal of mere magnitude, we
are coming close to forming creatures of "domination," whether intentionally or not, that do restrict
the equality of opportunity. And in saying this we
are conscious of the inadequacy of definitions of
"opportunity." Opportunity is still but an open
door which all may enter.
We find ourselves in the midst of contradictions.
Why talk of a "ladder of leadership" that the poor
boy may climb and preach the doctrine of equality
of opportunity? True leaders folloqv as well as lead.
Leaders are not conscious exhibitions of applied
genius. A leader in industry follows the same ideas
and ideals as his competitors, but follows them more
wisely and farther. He is not a hero in his own eyes.
He is a common worker in his chosen vocation. Our
respect for wealth and rich men lies not in their
accomplishments, but in their adherence to the
"equality of opportunity"; they have simply persisted in doing what all are at liberty to do if they
can. Limits to acquisition we cannot, must not, set.
Theseindustrial institutions we have created will
go on in some form after the "leaders" are gone.
We are constantly trying to destroy equality of conditions while praising equality of opportunity. The
opportunity lies largely in him who will seize it.
The citizen is the man in relation to his government.
The individual in relation to industrial domination
will find that the monopolist is in the toils of
economic laws he did not create and cannot
control.
A Reaction Toward the Spiritual.
Julius II. Barnes, Chairman of the Board of the
United States Chamber of Commerce, who delivers
many timely addresses in behalf of the business of
the country, on Thursday of last week talked to the
Canadian Chamber of Commerce on "Government
Intervention," and charged that this is one of the
chief causes of "world economic depression? A
report of his address contains the following: "Mr.
Barnes detailed the efforts of governments to Influence prices, noting particularly Brazil's efforts to
control coffee marketing and prices. The average
price of coffee a year ago, 16c., has fallen to-day to
under 7c. The rubber situation, he said, offered a
similar "transient record of apparent success" under
the British restriction act effective in 1922, with
new regulations in 1926. The price of rubber to-day
is less than half the distress price of 1921, which
was the cause for government control." And, in
conclusion, it is reported, Mr. Barnes laid down this
general principle: "The individual welfare of all
people is wrapped up to-day as never before in a
proper understanding and relationship between government and business. Government policies which
obstruct and dislocate the functions of employing
industry reach into distress as never before. That
distress individually reacts on government itself."
• . . "The world shows this to-day in every direction. Dissatisfaction with conditions and the blame
which rightly or wrongly attaches for these Con-
'
2436
FINANCIAL CHRONICLE
Dior. 131.
ditiona on the government immediately in control is • been a direct expression of the people on its rightfulness or its feasibility. In each of these instances
showing to-day reactions in many forms."
It is well indeed to call attention to these reac- government was made the agency of reform. And
tions. Mr.Hoover has recently referred to the "retri- in each, business is interfered with, and the life of
bution" which attaches to some of our purely busi- the individual circumscribed and restricted. The
ness policies. But do we think sufficiently strong farmer is asked to sow less wheat to prevent a suron the fact than when a people's life becomes en- plus. An importer is prevented from bringing in
meshed in speculation, when they come to look to the articles such as we make at home at less cost. And
law for relief in time of trouble, when they seek an individual citizen, opposed on principle to
advantage by means of statutes for class and indus- sumptuary laws, is deprived of the virtue of tempertry, they are selling their independence for a mess ance on its own merits. Reaction sets in. The
of pottage? With loss of independence goes loss of farmer is bewildered, the importer is depressed, and
initiative; and with loss of initiative energy dwin- the individual citizen is rebellious to law. Then,
dles and dies. There is always a reaction to extrava- when from economic laws business becomes slow and
gance; and the spenders must always pay for their slack, "hard times" must bear a double burden.
What are we to do in these conditions? We may
folly. But when a government promises richly and
blame government for its interference, but we must
performs poorly, the people that gave it obeisance
and supplication turn from it and are willing to try look deeper into the habits and customs of the people.
some other form. So that not only are we destroy- for the causes which are economic. Just as the longing our government by bureaucracy, but we are in- boasted and vaunted stock market boom crashed beculcating a rebellious spirit in the masses. "Hard cause of overinflation of credit through excessive
times" are frOm natural causes and cannot be cured speculation, so extravagant living over a period of a
dozen years or more must exhaust the ability of the
by simply praising our resources and energies.
More than this, calling conferences of industrial people to buy continuously at the same ratio of
owners and managers by action of chief officers of expenditure, and the failure to buy reduces the merthe Government is so close to putting government chant and manufacturer to a necessary low producinto business as to obscure the minds of the people tion. There is much said of keeping up the "consumto the dangers involved. It is a roundabout way ing" power of the people by maintaining "high
of appeal that ends in future supplications to laws wages" and rationalizing industry to prevent depresof Congress to carry out the will of the combination. sion. But a feverish overconsumption and an out-ofThen failure of the plans, often bound to fail be- time and out-of-place production brings on its own
cause uneconomic, rouses partisan politics to divide reaction when all must await the normal.
Not only have the people lived too "high," but they
sections and distort industries. .As Mr. Barnes
declares: "In a people of high literacy, have moved too fast. A normal rate of speed in
wisely
trained in self-control and self-government, it takes industry does not ordinarily produce too great a
the form of orderly expression through the process surplus. But our inventive genius has put forth
of the ballot. In a people of lesser attainment in marvels that flatter the love of pleasure. Looked
self-government or feeling more keenly the selfish at from one standpoint, we are living hundreds of
or ignorant burden of ineffective government, it years in advance of our time. We boast of "progtakes the form of military revolution. The headlines ress" in the last 25 years, and laugh at the idea of
in the press show both processes under way con- invention taking a vacation. But it is a long road
that has no turning. Materialism and mechanizatinuously."
It is not the function of government, whether tion have gone so far and so fast that we are now
directly or indirectly, to undertake to influence or asking what of the spiritual? Not only is the culmipersuade the managers of great industries to pur- nation of all this excess in production and consumpsue a certain course in the conduct of their business. tion of the material an economic crisis, a "depresIt is not the god-father of prosperity, nor is "stabil- sion," until industry hardly knows which way to
ity" a fundamental base upon which business must turn, but the reaction toward the spiritual is causbuild since competition is the life of trade and pre- ing a search into real values. Do we use what we
supposes constant change. Our duty in the present have to the best advantage of life and love, contentdepression is to seek out and follow the economic ment and culture? Our "condition" of to-day is not
laws. These laws are the result of free effort on without its helpful side.
the part of millions of free citizens, and of the relaCharles F. Speare on Conditions Abroad—
tions of all industries founded thereon. The axiom
Economic Depression Takes in Practically
that "business makes its own laws" precludes the
Every Important Country of World for First
intervention of government at any stage of producTime Since 1893.
tion, exchange, or consumption or use. We have
The United States is on the way towards an earlier recertain supervision in the interest of
yielded to a
covery from business depression than
possible in
fairness and efficiency. But to go further is to Europe, where the mixture of politics will be
with economics retards
invite a clash between law and labor, is to establish progress. This is the conclusion of Charles F. Speare, wella pseudo control not based on ownership, and to known authority on finance and business, who has just
deceive the people into thinking that government returned from a visit to Western and Central Europe and
really has power to foster industry and quickly Great Britain, made as special correspondent of the Consolidated Press Association. In an article in the "Newark
secure a turn in the tide of affairs.
News" of Oct. 4 Mr. Speare discusses the situation abroad
Politics carried us into the dubious experiment of as follows:
the Federal Farm Board. Politics forced us into a
Trade Centers Linked.
new tariff law that has antagonized half the indusWhat we are dealing with new is an economic situation
trial world. Politics brought upon us the passage more distressing than any since 1893. For the first time
of the Prohibition Amendment when the country was since this last major panic, practically every important
in the throos of a great war, and there has never country in the world, except France, is seriously affected.
OCT. 18 1930.]
FINANCIAL CHRONICLE
This fact makes it more difficult to determine the depths
to which the depression may go and the probable extent to it.
It is impossible to-day for one to travel in this country
•or in Europe and not realize how interrelated domestic
and foreign trade and credits have become since the war
and how necessary it is that sound economics and stable
governments should permanently prevail where, in the one
case, raw materials, and in the other manufactured products,
are the source of national wealth and the basis of universal
employment. The people of the United States have had to
learn in the last 12 months, and especially in the last six,
through loss of trade and a sad shrinkage in the value of
their investments, that what goes on in Great Britain, in
Germany, in Russia, and in South and Central America
directly affects their particular business and their individual incomes. Its application may be remote in many
instances, but traces of it will be found in nearly every
distressed commercial situation that exists within our
borders.
Not only does the international character of the depression render analysis of it more difficult than in the past,
but new elements have entered into it which confuse the
outlook. They are nearly as much a cause as were the
traditional factors of overspeculation in securities, real
estate and commodities, overproduction of finished goods,
and, as a corollary, unsound banking practices.
British Outlook Obscure.
As an illustration, take current conditions in Great
Britain and in Germany. In the former country, whose
prospects are probably more obscure than those of any
great power to-day, we find what has never before existed
since the early part of the last century, namely, a political
and social situation that bears down on industry nearly as
hard as do the fall in commodities and the loss of trade
through inability or an indisposition to go along with modern methods in organization and in machinery. Were
Great Britain able to release herself from the grip of
Labor policies and high taxes, and had she the former cooperation of her Dominions, much of the present hopeless
ness in business circles would disappear. Out of the crisis
there is at last developing some unity and initiative among
industrialists, very little among political parties.
In Germany cause and effect, in their relation to the existing depression in trade and in the market value of securities, are difficult to separate. The great success of the
National Socialists (Fascists) in the September elections
has been credited to the severe economic conditions from
which Germany has suffered. The world-wide repercussions of this episode have been entirely from its political
significance.
Politics Causes Confusion.
The profession of propaganda to which the war gave
birth is to-day playing many tricks on the public. It is
little wonder that the man in the street gropes about trying to find a satisfactory explanation for all that is occurring and is taking toll of his wages or increment. Out of
this propaganda develops the mental state, or psychology,
that in 1929 made men feel that they were sitting on top of
the world and that in 1930 has reduced them to blubbering
converts to the doctrine of despair.
It is unfortunately true that in Europe at present emphasis is being placed on the serious economic status in order
to bring about political advantage. This game has been
played to a dangerous degree both in Great Britain and
in Germany.
Fortunately for the United States it does not have to
deal with this mixture of economics and politics. While
there will unquestionably be a political reaction from unemployment, low prices of agricultural products, and the losses
and depreciation in securities, one here is not always compelled to analyze the business situation both from the economic or social and the political standpoint. For this
reason recovery in the United States should be earlier than
in Europe. And there is nothing that the rest of the world
awaits with such eagerness at the moment as signs of permanent revival in this country.
"lava11d8" Drag On Business.
At another important point the conditions, or business
policies. now prevailing in America and in Europe are quite
2437
different from those in other years of crisis. Probably the
most important, and one tending to prolong the depression,
is the unwillingness to liquidate the bad situations and take
the losses arising from them. No one wants to hurt anyone
or be hurt. Consequently, in every country there are great
numbers of corporations of invalids being carried along
whose permanent recovery would be assisted if they were
made to start over on a sound basis of capital and
efficiency.
Along with this is the question of sustained wages, sustained prices of retail prices after a long term of falling
prices of commodities, and opportune methods in dealing
with overproduction of wheat, coffee, rubber, wool, &c. In
other words, the world previously has been willing or has
been made to take its medicine in a crisis following a period
of overspeculation. In the present situation it is demanding and getting a fairly comfortable escape from the effects
of its excesses through doles, bonuses, part time employment, renewals of loans, and commutation of paRtnents made
on an installment basis.
This may in the end achieve the greatest good for the
greatest number. The only point to be emphasized is that
is prolongs the duration of a depression and fails to cure
the evil of overproduction, which has unquestionably had
more to do with the existing crisis throughout the world
than any other one influence.
Russia a Disturbing Factor.
From the European viewpoint, and later on from that
of the United States also, Russia is and will be a factor
never before introduced into a disturbed economic situation.
All of the States bordering on Russia are already feeling
the effects of the dumping of products which she barters
for goods to carry on her industrial program. Here again
the political and the economic are interwoven. This disposal of Russian wheat, timber, dairy products, oil, ore,
and some few manufactured articles establishes a new price
basis against which other Europeans must compete. At
the same time it creates a social unrest complementary to
that of Bolshevism. In it we have another phase of propaganda of a direct type in contrast to the more insidious
forms in general use.
To sum up: The entire world is passing through a depression of the severest character in nearly 40 years. As a
result of the war there are political and economic influences to be recognized that did not confuse the strictly
financial or commercial aspects of earlier crises. The
United States is suffering much less than any other large
nation except France. It can deal with its business problems as such and without the embarrassment of political
intervention. It cannot, however, continue to take the
smug attitude that what is bewildering the people of
Europe, or India, or China, or South America, is none of
its affair. Every political party change, very new tariff,
every revision of a bank rate, every sign of enmity between
States or the rise and fall of statesmen in Europe, at some
later hour, means a fluctuation in American foreign trade,
in American employment, and in the prices of the $12,-000,000,000 to $14,000,000,000 of dollar loans in the American
market.
Textile Export Association Formed Under Webb-Poraerene Export Trade Act.
The Textile Export Association of the United States has
filed papers under the export trade act(Webb-Pomerene law)
with the Federal Trade Commission, for exporting textiles.
The association will maintain offices at 70 Worth street,
New York City. The announcement of the Commission
Oct. 13 said:
Officers of the association are: P. S. Newell, Secretary-Treasurer, and
Norman E. White, Assistant Secretary. Directors are: Floyd W.Jefferson,
A. G. Kempf, Walter S. Brewster, Henry Lauten, S. H. Glassford and
George W. Maull. Members are: Amory. Browne & Company; William
L. Darrell Company. Inc.; M. C. D. Borden & Sons, Inc.; Brune Pottberg
& Company: Garner & Company, Inc.; Iselin-Jefferson Company; M.Lowenstein & Sons, Inc.: Minot, Hooper & Company; Neuss. Hesslein & Company: Pacific Mills; Pepperell Mfg. Company; Prince, Lauten, Corporation: J. P. Stevens & Company, Inc.; Turner, Halsey Company; Wellington, Sears & Company; and Woodward, Baldwin & Company, all of New
York City.
The export trade act grants exemption from the anti-trust laws to an
association entered into and solely engaged in export trade, with the provision that there be no restraint of trade wit lain the United States, or restraint of the export trade of any domestic competitor, and with the further
prohibition of any agreement, understanding, conspiracy or act which shall
enhance or depress prices or substantially lessen competition within the
United States or otherwise restrain trade therein.
2438
[Vol,. 131.
FINANCIAL CHRONICLE
Gross and Net Earnings of United States Railroads for the
Month of August
The returns of the earnings of United States railroads as they come to hand, month after month, are
so uniformly unfavorable that when the compilation
for another month is added to the series there is
nothing to say beyond noting the fact that the character of the comparisons is still the same and that
no change for the better is as yet to be recorded.
Later in the year, when comparisons will be with
dwindling earnings in 1929, the character of the exhibits will doubtless improve, but for the time being
we have not as yet reached the period where earnings in 1929, either gross or net, began to shrink.
This being so, and the revenue returns for 1930 continuing to run along low levels, the comparison with
1929 simply reveals the same heavy losses in gross
and net alike, as have been common to all the months
of 1930 thus far. Our tabulations this time cover
the month of August, and the observations just made
find full confirmation in the results for that
,month—in fact, they furnish the most striking
illustration we have yet had of the way in which
the revenue returns of these transportation
agencies of the country have suffered reductions,
and to an extent which is tantamount almost to
utter collapse.
As compared with the corresponding month last
year the falling off in the gross earnings for the
month of August reaches the huge sum of *120,696,915. In no other month of 1930 has the loss
from last year been so large. The railroads earned
only $465,700,789 gross the present year, whereas in
August 1929 their operating revenue was no less than
$586,397,704. Both in amount and ratio the loss
exceeds that of all other months of the year. In
mere amount the falling off has been at a progressive rate almost all through the different months
of the year, the decrease having been $36,102,247 in
January; $48,034,122 in February; $64,595,796 and
$63,195,964 in March and April, respectively; $75,131,912 in May;$87,518,847 in June; $101,152,657 in
July, and now $120,696,915 for the month of August.
In ratio, also, the contraction in gross revenues for
August is the largest yet recorded in any month of
the calendar year 1930; it amounts to 20.58%. In
other words, the gross this year was over one-fifth
less than for the same month of last year. Expenses
were cut in very drastic fashion to meet the collapse
in the gross revenues, but, of course, not sufficient
to avoid a very large loss,in net earnings. As against
$120,696,915 decrease in the gross earnings, operating expenses were reduced in amount of $68,633,519,
or 17.38%, but this still left a loss of $52,063,396 in
the net, or 27.21%. The total of the net the present
year (before the deduction of the taxes) is only $139,134,203 as against $191,197,599 in August 1929. In
absolute amount this loss in the net is also the
largest of any month of 1930, while in ratio, namely
27.21%, it has been exceeded only in March, when
the percentage of decrease was a trifle higher, at
27.46c; but at that time we were dealing with much
lower totals of net earnings, and the amount of loss
in net then was only $38,302,064, as against $52,063,396 now for the month of August. In tabular
form the grand totals for August this year and August last year are as follows:
Month of August—
1920.
19291
Inc. (+) or Dec. (—)•
Mlles of road (170 roads)_-__
241,546
242.444
—898 0.37%
Gross earnings
$465,700,789 $586,397,704 —$120,696,915 20.58%
Operating expenses
326,566,586
395,200,105
—68.633.519 17.38%
70.12%
Ratio of expenses to earnings_
+2.73%
67.39%
Net earnings
$139,134,203 8191,197,599
—$52,063,396 27.21%
Some qualifying circumstances are to be mentioned which served to swell the amount of the losses
the present year. In the first place, August the
present year had five Sundays, whereas August last
year contained only four Sundays. This means that
there were only 26 working days in the month in
1930 as against 27 in August 1929. Obviously, this
loss of a working day the present year must have
played its part in accentuating the falling off in
gross and net earnings alike. In addition, the carriers had a special favoring circumstance last year
which served at once to swell the amount of gross
and net earnings, but which was entirely absent the
present year. We have reference to the back mail
pay received in 1929 by the roads as a result of the
award of extra pay by the Inter-State Commerce
Commission covering the period from May 1923. to
July 1928. The method of including the extra income thus received from the United States Government in the revenue returns of the roads, as was
pointed out by us at the time, seems to have varied
considerably among the different roads. Some companies apparently did not include the item in the
results for any of the separate months, but added
it to the running totals for the current year to date,
that is, included the amount in the figures for the
period from Jan. 1 to Aug. 31, a footnote being
usually inserted to indicate the inclusion of the item.
Other roads added on this extra mail pay to the figures for either July or August, or in part to both
months, and still others distributed the amount or
amounts evenly over a series of months.
This extra mail pay a year ago was in the nature
of a windfall, and counted not only as an addition
to the gross earnings, but in precisely the same
amount counted as an addition to the net earnings,
since no expense was connected with the same.
Though, however, the part played by the item in the
case of the separate roads and systems varied considerably, the effect in any event was to add a larger
or smaller amount to the total of gross and of net
alike in August 1929. A measure of the importance
of the item may be obtained by comparing the mail
revenue for this year with the mail revenue last year
and that for the year before. Taking the whole body
or roads in the country, we find the mail revenues
for August 1930 were $8,868,423 as against $11,198,432 for August 1929 and $8,851,168 for August
1928. These figures make it obvious that the item
was, after all, a relatively small one in August, and,
as a matter of fact, a footnote to the Inter-State Commerce statement for August tells us that approximately $2,061,800 of back mail pay was included
in the figures for August last year. The truth is
the matter was of really greater importance in July
than in August. We find that total mail revenues
for all the roads included in the monthly returns—
that is, all Class A roads—were only $8,878,416 in
July 1930 as against $18,541,428 in July 1929, and a
footnote, similar to that appended to August figures,
,
tells us that approximately $9;377,699' of back mail
OCT. 18 1930.]
FINANCIAL CHRONICLE
2439
pay was included in the total for July 1929. This 1928 the output was 6,759,000 tons. Combining
last was a very substantial sum, whereas the amount bituminous with anthracite, the production of coal
for August, at $2,061,800, is of relatively small in August 1930 was 41,851,000 as against 50,429,000
tons in August 1929 and 48,533,000 tons in Auaccount.
It is important to bear in mind, however, that we gust 1928.
We need hardly dilate upon the setback which the
are by no means comparing with totals in August
year of unusual size, hence making the falling building industry has suffered. It will suffice to
last
off now of $120,696,915 in the gross earnings and of say that the construction contracts awarded during
$52,063,396 in a net all the more noteworthy and August 1930 in the 37 Eastern States, according to
all the more significant. August last year was statistics compiled by the F. W. Dodge Corp., reprebefore the advent of the stock market panic in Octo- sented a money outlay of only $347,318,300 as
ber, when the industries of the country, therefore, against $488,882,400 in August 1929, and $516,were still in a state of great activity. Yet, not- 970,200 in August 1928. The farming industry has
withstanding this, our compilations then showed all along, as is well known, suffered intense depresonly relatively slight increases over the totals for sion, and in August the situation in that respect was
August 1928—no more than $27,835,272 in the gross, not relieved in the slightest degree, but rather furor 4.99%, and $16,758,860 increase in the net, or ther aggravated by reason of new breaks in prices
9.62%. Moreover, this came after relatively poor of grain and cotton alike. Partly as a result of this,
or indifferent results in August of the previous year, and also because of the relatively small export dewhen our tabulations registered the very trifling mand for grain, shipments over the railroads the
gain of $165,107 in gross, though owing to curtail- present year, while still large, in the natural course
ment of expenses the showing as to the net was much of the season, yet fell considerably below the excepbetter, a gain of $9,835,559 appearing, which, how- tionally heavy movement in August last year. The
ever, was only a partial recovery of heavy losses sus- details of the Western grain movement are given
tained in August 1927 as compared with August further along in this article. We will note here only
1926, when our tabulations registered no less than that the receipts of grain at the Western primary
$22,686,735 decrease in gross and $15,697,472 de- markets for the five weeks ending Aug. 30 1930
footed up 171,520,000 bushels as against 199,656,000
crease in net.
shrinkage in bushels in the coresponding five weeks of 1929.
Of course the reason for the great
Perhaps, however, the best way to indicate the
revenues the present year is palpably evident, and
known to all. It is found in the great and general general shrinkage in railroad traffic is to refer to
prostration of all the country's industries from one the carloading of railroad revenue freight. From
end of the land to the other, and with hardly any the figures on that point it appears that for the five
exception to the rule. The depression, indeed, may weeks ending August 30 nearly a million cars less
be said to have reached an acute stage during the were loaded with freight the present year than in
month of August, the industrial paralysis then be- the same five weeks of last year; the total is 4,670,368
coming especially pronounced, by which we mean cars for 1930 against 5,600,706 cars for 1929 and
that business activity then appears to have dropped 5,348,407 cars in the five weeks of 1928. As another
to lower levels (having regard to the season of the illustration to the same effect, we may point out
year) than in any previous month. Evidence on the that while the freight moved on Class I railways in
lowered business activity is to be found on every August the present year, as reported by the Bureau
side. We may begin with automobile production, of Railway Economics, aggregated the huge total of
the motor industry having unquestionably been hard- 37,420,502,000 ton miles, this was 16.8% less than in
est hit of all, in the general slump in business. August 1929 and 11.8% less than in August 1928.
August production of motor vehicles in the United Eastern roads suffered a reduction from a year ago
States, as reported to the Department of Commerce, of 17.6%, Southern roads a reduction of 18.4%, and
was less than half that of the previous year, only Western roads a reduction of 15.1%.
223,029 vehicles having been turned out in that
With such uniformly heavy reductions in traffic
month the present year as against 498,628 in August of all classes and in all parts of the country as here
1929 and 461,298 in August 1928.
related, the losses in earnings by the separate roads
The iron and steel statistics furnish equally strik- and systems are necessarily of the same widespread
ing testimony to the recession in business with which character and equally large in magnitude. To menthe country has had to deal. The "Iron Age" reports tion all the roads distinguished for the extent of
the make of iron in the United States for August their falling off in revenues, it would be necessary
1930 at only 2,533,921 gross tons as against 3,755,680 to name virtually all the large companies in the
tons in August 1929 and 3,136,570 tons in August country. We shall content ourselves by enumerating
1928. As to the steel figures the American Iron and simply a few of the leading instances, and which
Steel Institute calculates that the production of may be accepted as typical of the common experisteel ingots in August 1930 was 3,095,293 tons as ence. The great East-and-West trunk lines, of
against 4,939,086 tons in August 1929 and 4,178,610 course, stand at the top of the list for amount of
tons in August 1928.
falling off. The Pennsylvania RR.shows $14,144,861
Coal mining was also on a greatly reduced scale. loss in gross and $6,789,227 loss in net, while the
According to the United States Bureau of Mines the New York Central reports $13,580,611 loss in gross
production of bituminous coal in the United States and $6,368,268 loss in net. This last covers the New
during August the present year aggregated only York Central as enlarged by merger early in the
35,661,000 tons compared with 44,475,000 tons in year. If we should add, also, the operations of the
August 1929 and 41,774,000 tons in August 1928. Pittsburgh & Lake Erie and the Indiana Harbor
The production of Pennsylvania anthracite was a Belt, the loss would be raised to $14,690,844 in gross
little larger at 6,190,000 tons in August 1930 as and to $6,570,881 in net. The Baltimore & Ohio, in
against 5,954,000 tons in August 1929, but in August much the same territory, has suffered a decrease of
2440
FINANCIAL CHRONICLE
$4,180,557 in gross and of $1,079,175 in net. In other
parts of the country the showing is much the same.
Thus the Atchison has fallen $6,324,392 behind in
gross and $3,520,493 in net; the Southern Pacific
$4,633,700 in gross and $1,942,554 in net; the Union
Pacific $2,268,532 in gross and $876,956 in net; the
Rock Island $3,334,656 in gross and $1,273,031 in
net; the Chic. Ml. St. Paul & Pac. $3,630,940 in
gross and $979,786 in net; the Burlington & Quincy
$2,264,837 in gross and $806,224 in net; the Great
Northern $2,302,662 in gross and $770,017 in net;
the Northern Pacific $1,785,731 in gross and
$989,282 in net. In the South the Louisville & Nashville falls behind 42,647,090 in gross and $1,132,163
in net, and the'Southern Railway $2,389,685 in gross
and $865,813 in net. And these illustrations might
be repeated almost indefinitely. In the table which
follows we show all changes for the separate roads
and systems for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net.
[Vol.. 131.
In view of what has been said above it, it will be
no surprise to hear that when the roads are arranged
in groups or geographical divisions, according to
their location, heavy losses appear in gross and net
alike in the case of each of the great districts into
which the country is divided, namely, the Eastern,
the Southern, and the Western, and likewise in the
case of all the different regions in each of those districts. Our summary by groups is as below. As
previously explained, we group the roads to conform
to the classification of the Inter-State Commerce
Commission. The boundaries of the different groups
and regions are indicated in the footnote to the
table:
SUMMARY BY GROUPS.
District and Region.
Gross Earning
Month of August.
1920.
1929.
Inc.(+1 or Dec.(-).
Eastern District$
S
$
It
New England region (10 roads)____ 19,564,413 24,e64,303 -4.499.390 18.70
Great Lakes region (31 roads)
87,424,734 115,571,530 -28.146,796 24.35
Central Eastern region (23 roads) 96.715,258 122,173,675 -25,458,417 20.83
Total(64 road.)
203,704,405 261,809,508 -58,105,103 22.19
Southern District
Southern region (30 roads)
49,619,037 83,747,287 --14,128,250 22.16
Pocahontas region (4 roads)
23,033,725 27,370,888 -4,337.163 15.84
Total(34 roads)
72.632,762 91,118,175 -18,465,413 20.26
Western DittsiciNorthwestern region(17roads)..... 62,239.704 77,440,810 -15,201,106 19.62
Central Western region (25 roads). 84,604,224 103.550.435 -18,946,211 53.90
Southwestern region (30 roads)._ _ 42,499,694 52.478,776 -9,979,082 19.01
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF AUGUST 1930.
Decrease.
Decrease.
Pennsylvania
$14,144,861 Los Angeles & Salt Lake..
557,952
a13,580,011 Cinc. New Orl.& Tex.Pao
New York Central
544,742
Total(72 roads)
189.343,622 233,470,021 --44,126,399 18.90
Atchison Topeka & Santa
Chicago Great Western__
505,427
6,324,392 Naabv.Chatt.& St.Louis
Fe(3 roads)
483,892
Total all districts(170 roadin___ A68,700,78" 586.397,704 --120,696.915 20.68
Southern Pacific(2roads) 4,633,700 Denver & Rio Grand West 474.121
District and Region.
Ner Earningt
4,180,557 Mobile & Ohio
Baltimore & Ohio
459,929
Month of Aug.-Mtleage-1930.
1929.
441.256
Chic. Mil. St. Paul & Pac 3,630,940 Central of Georgia
Inc.(+) or Dec.(-)
Eastern District- 1930. 11129.
$ •
$
St. Louis Southwestern
440,853
Chic. Rock Island tLines
$
%
New England region_ 7,329 7,280 5,609,258 7,468.739 -1,559,481 19.67
3.334,656 Chic. Ind. & Louisville.429,013 Great
___(2 roads)
Lakes region._ 26,940 27,914 20,712,265 33,585,179 -12,872,914 17.48
3,147,691 Bessemer Ss Lake ErieIllinois Central
421,646
Central Lakes region 24,225 24,172 28,642,776 39,983,643 -11,340,867 28.36
Chicago & North Western 3,088,785 New York Ont.& West376,174
N.Y.N.H.& Hartford- 2,760,007 Chicago St Paul Minn. &
Total
58,494 59,386 55,264,299 81,037,561 -25,773,262 31.80
337.936
2,647,090
Louisville & Nashville
Omaha
Southern District
2,531.643 Alabama Gt.Southern.. _
Wabash
303.036
40.071 40,112 9,803,950 15,283,605 -5,479,655 35.85
2.442.365 Buff. Roch.& PittsburgErie (3 roads)
297.481 Southern region
6.007 5,984 9,761,457 11,453,577 -1,692,120 14.77
2,389,685 Minneapolis & St Louis.297.119 Pocahontas region
Southern Railway
2.378.564 Virginian
289,889
Missouri Pacific
Total
46,078 46,096 19,565,407 26,737,182 -7,171,775 26.82
2,302,662 jut 1 Great Northern
Great Northern
272.713
Western District
Union Pacific(4 roads)-- 2,268,532 Delaware & Hudson...-..
266.433
263,093 Northwestern region 49,002 48,947 21,023.186 28,001,639 -6.981,453 24.92
Chic. Burlington & Quin- 2,264,837 Union RR
2,091.931 Indiana Harbor Belt....
Norfolk & Western
256.295 Cent. Western region 52,725 52,674 29,727,497 38,067,405 -8,339,908 21.90
256.234 Southwestern region_ 35,247 35,361 13,553,814 17.350,812 -3,796.998 21.88
Term. RR.of St. Louis
St. Louis-San Francisco
1,883,099 Gulf Mobile & Northern243,589
(3 roads)
Total
136,974 136,982 64,304,497 83,422,856 -19,118,359 22.91
1,803,324 Long Island
Chesapeake & Ohio
217.988
Northern Pacific
213,353
1 785 731 SPokane Portl. & Seattle
. .
Total all districts_241,546 242,444 139,134,203 191,197.591 -52,063,396 27.21
1,546.108 Atlantic City
209.921
Pere Marquette
NOTE„
-We have changed our grouping of the roads to
Grand Trunk Western-- 1.519.717 Belt Railway of Chicago137.775
Missouri-ICans.-Texas
Atkin of the Inter-State Commerce Commission, and the conform to the Owen1,315,128 Western Maryland
176,995
following indicates the
lelnes of the different groups and rectors:
N.Y.Chic.& St. Louis.... 1,309,110 Louisiana & Arkansas-174,361
1,301.173 Norfolk Southern
164,165
Lehigh Valley
EASTERN DISTRICT.
1,135.376 Central Vermont
160.485
Raiding Co
New Midland Region.
-This region comprises the New England States,
1,124,287 New Orleans & No.EastDuluth Missabe & Nor
159,222
1,116,571 Richm. Fred. & Potomac
Oren Lakes Region.
Boston & Maine
152,019
-This region comprises the section on the Canadian boundary
962,658 Duluth Sou. Shore & Atl141.790 between New England and the westerly shore of Lake Michigan
Del. Lack. & Western
to Chicago, and
881,523 Ann Arbor
Atlantic Coast Line
141.453
•
863,838 Del. & Toledo Shore Line
Minn. St. P.& S.S. Marie
139.979 north of line from Chicago via Pittsburgh to New York.
Central Eastern Regton.-This region comprises the section south of the Great
853,938 Akron Canton & YoungsPittsburgh & Lake Erie...
135.458
825.152 Maine Central
Seaboard Air Line
134,222 Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
770.625 Rutland
Elgin Joliet & Eastern.-126.102 Mississippi River to the mouth of the Ohio River. and north of the Ohio
River Se
739.428 Clinchfield
Chicago dr Eastern ill.-118.143
737,499 Atlantic & St. LawrenceWheeling & Lake Erie
116.786 Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
731.899 Chicago River & Ind
Det. Toledo & Ironton
110,610 and by the Potomac River to Its month.
728,589 Kansas City Southern
Texas & Pacific
108.982
SOUTHERN DISTRICT.
108,240
656,265 Monongahela Connect_ _
Central RR. of N. J._ -Southern Region.
598,781 Detroit Terminal
(2
-This region comprises the section east of the Mississippi River
Colo.& South. roads)_
106,527
591,142
Yazoo & Miss. Valley_ _ _
and south of the Ohio River to a point near Kenova, P1. Va., and a line thence
560.317
Chicago & Alton
Total (100 roads)- -S116,820,491 following the eastern boundary of Kentucky and
the southern boundary of Virginia
a These figures cover the operations of the New York Central and the to the Atlantic.
leaned lines-Cleveland Cincinnati Chicago & St. Louts. Michigan Central.
Pocahontas Region.-Tels region comprises the section north of the southern
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result Is a boundary of Virginia. Ws of Kentucky and the Ohio River north to Parkersburg.
decrease of $14,690,844.
W.Va., and south of a line from Parkersburg to the southwestern corner of
Maryland
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH and thence by the Potomac River to its mouth.
of AUGUST 1930.
WESTERN DISTRICT.
Increase.
Decrease.
$140,258 Chicago & Eastern IIINorthwestern Region.
468,457
-This region comprises the section adjoining Canada lying
Western Pacific
Atlantic Coast Line
419.194 west of the Great Lakes region, north of a line from
Chicago to Omaha and thence
$140.258 Minn. St. P.& S. S. M-407.616 to Portland and by the
Total(1 road)
Columbia River to the Pacific.
Decrease. Chesapeake & Ohio
387.951
Central Western Region.
-Thin region comprises the section eolith of the North$6,789,227 Wheeling & Lake EriePennsylvania
363.942
a6.368,268 Del. Lack. & Western-335,462 western region, west of a line from Chicago to Peoria and thence to St.
New York Central
Louie. and
Bessemer & Lake Erie-312,197 north of a line from St. Louis to KAMM
Atchison Topeka & Santa
City and thence to El Paso and by th.
3,520.493 Los Angeles & Salt lake275,813 Mexican
Fe (3 roadal
boundary to the Pacific.
267,628
Southern Pacific(2roads) 1,942.554 Chicago & Alton
.svursuestern Repion.-This region comprises the section
260,170
Chicago & North Western 1,730.389 Colorado South'n (2rds.)
1,284,484 Nash. Chatt. & St. Louis
245.131 sissilna River south 01St. Louis and a line from St. Louis to lying between the Mb'
Wabash
Kansas City and thence
Chic. Ind. & Louisville242.215 to El Paso and by the Rio Grande to
Chicago Rock Island
the Guff of Mexico.
1,273,031 Yazoo & Miss. Valley-216.399
Lines(2roads)
1,132.163 Boston & Maine
206,572
Louisville & Nashville
Western roads in August, as we have indicated
1.079.175 Indiana Harbor Belt-206.434
Baltimore & Ohio
1,069,868 Mobile & Ohio
195.889
Norfolk & Western
above, suffered a diminution of their grain traffic.
194.539
N.Y. N. H.& Hartford- 1,012.326 Atlantic City
989,282 Cinc. N.0. & Tex. Pac191,457
Northern Pacific
979.786 Spokane Port. Sc Seattle..
18/.709 With the single exception of corn, the movement of
Chic. Mille. St.P.& Pan.
975,360 Central RR.of New Jer178,683
Dui. Missabe & Nor-- Texas & Pacific
176.132 which was considerably heavier than in the month a
St. Louis-San Francisco
967,557 Union RR
172.698
(3 roads)
923,995 Gulf Mobile & Northern_
159.279 year ago-23,641,000 bushels, as against 21,307,000
Erie (3 roads)
921,029 Ala. Great Southern__
152.686
Grand Trunk Western....
151,794 bushels-the shortage extended to all the different
914,140 Minneapolis & St. LouisPere Marquette
876,956 N. Y. Ontario & Western
142,417
Union Pacific (4 roads)...
140,042 cereals, the falling off being particularly pronounced
865,813 Central of Georgia
Southern RY
124.789
863,857 Virginian
Lehigh Valley
118.389 in the case of wheat and barley.
806,224 New On. & North East_
Chic. Burl. & QuincyReceipts of the
118,226
781,057 internat. Great North......
Illinois Central
111.962 former at tile Western primary markets
770,017 Denver & R. G. Western
Great Northern
for the five
109.817
747,537 Chicago Great Western_
Missouri Pacific
109,512 weeks ending Aug. 30 reached only
686.678 Rich. Fred. & Potomac_
Reading Company
105,4/3,000
102,938
576,220 Louisiana & Arkansas_
Missouri-Kansas
-Texas
565,697
N. Y. Chic. & St,. Louis_
bushels, as compared with 119,414,000 bushels in the
518,331
Detroit Toledo & Ironton
$49.979.934 corresponding five weeks
Total (76 roads)
490,464
Seaboard Air Line
of 1929, while the receipts
a These figures cover the operat ons of the New York Central atm
leased linen-Cleveland Cincinnati Chicago & St. Louis. Michigan Central. of barley were only 9,537,000 bushels as
against
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt. the result is 18,127,000 bushels. Adding oats and
rye, the rea decrease of $6.570,881.
OCT. 18 1930.]
FINANCIAL CHRONICLE
ceipts of the five cereals combined,for the five weeks
of 1930, aggregated only 171,520,000 bushels as
against 199,656,000 bushels in the corresponding five
weeks of 1929. The details of the Western grain
movement,in our usual form, are set out in the table
we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Rye.
Wheat.
5 Wks.End. Flour.
Oats.
Corn.
Aug. 30.
(bush.)
(bush.)
(blo.)
(bush.)
(bush.)
(bsh.)
.
Chicago810,000
1930- 1,066,000 10.446,000 8,164.000 8,430,000
381,000
1929 _-- 1,213,000 17,092,000 6,434,000 11,142,000 1,917,000
655.000
Minneapolis
1930
21,002,000
680,000 5.001.000 4,529,000 3,140,000
1929 --8,000 22,892.000
643,000 5,080,000 5,848,000 1,743,000
Duluth
1930
603.000
835,000
686,000
13,691,000
122,000
1929
16,066,000
526,000 5,103.000 2,156,000
177,000
Milwaukee
1930 --- 130,000 1,400,000 1,203,000 3.551,000 2,500.000
48,000
1929- 238.000 4.032,000 1,389.000 6.305.000 4,115,000
215,000
Toledo
1930
9.000
6,000
758,000
73,000
2,863,000
1929
26,000
13,000
823,000
97,000
4,123,000
Detroit
1930 _
46,000
2,000
117,000
35,000
305,000
1929
30,000
366.000
73,000
32,000
Omaha db Indianapolis
1930 _
116,000
2,000
19.230,000 4,664,000 3,828,000
1929 --38,000
30,000
3,000 15,877,000 4,169,000 5,220,000
St. Louis
1930 ___ 622,000 12,610,000 3.013,000 2,377,000
111,000
287,000
1929 _ 514,000 9,727,000 2,570,000 2,428,000
134,000
459,000
Peoria
1930 _ -- 239,000
176,000
316.000 1,964,000 1,653,000
465,000
1929 --- 180,000
7,000
644,000 2,701,000 2,387,000
457,000
Kansas City
1930 _
15,415,000 2,613,000
718.000
1929 _
18,080,000 1,653,000
9,000
738,000
St. Joseph
1930 739,000
3.084,000
418,000
1929.
4,356,000
112,000
812,000
21,000
7,000
Wichita
4,142,000
1930 35,000
4.000
1929 _
3.412,000
40,000
130.000
1,000
Sioux City
909,000
1930 336,000
736,000
101,000
22,000
1929
.
771,000
573,000
926,000
155,000
Total All
2,057.000 105,413,000 23,641,000 28,277,000 9,537,000 4,652,000
1930
1929- 2,158,000 119,414,000 21,307,000 35,797,000 18,127,000 5,011,000
WESTERN FLOUR AND GRAIN RECEIPTS.
Jan. I to
Flour.
Wheat.
Corn.
Oats.
Barley.
Aug. 30.
(Ibis.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
1930
7,619.000 22,153,000 54.200,000 22,354,000 3,224,000
1929
8,110,000 29,773,000 54,243,000 27,751,000 5,938,000
Milwaukee
1930 ___ 732,000 3,190,000 8,630,000 5,775,000 7,859,000
1929 ___ 1,403,000 6.932,000 9,029,000 9,167,000 8,676,000
St. Louis
1930 ___ 4,953,000 36,714,000 20,093,000 13.701,000
788,000
4,262,000 31,130,000 24,877,000 15,484,000 1,089,000
1929
Toledo
9,832,000
1930 _
864,000 3,928,000
19,000
1929
10,944,000 1,034.000 4,581,000
76,000
Detroit
1930
1,202.000
306,000
469.000
23,000
1929 _
1,265,000
426,000
741,000
76,000
Peoria
1930- 1,572,000 1,551,000 16,546,000 4.970,000 2,745,000
1929 --- 1,894,000
1,667,000 17,090.000 5,979,000 2,580.000
Duluth
33,180,000
1930
906,000 2,088,000 1,856,000
39,395,800 1,178,000 1,518,000 9,747,000
1929 Minneapolis
52,296,000 8.078.000 10,881,000 11,125.000
1930 8,000 60,695,000 6,842,000 14.366,000 14.320,000
1929
Kansas City-.
67,071,000 22,449,000 4.523,000
1930 74.392.000 25,360,000 3,358,000
1929 54,000
Omaha & Indianapolis
8.5,308,000 37,400.000 14,415,000
1930 10,000
1929 ___
3,000 31,963,000 27.455.000 14.769,000
32,000
Sioux City
1.720.000 4,679,000 2,164,000
1930 _
182,000
1929.
1,805,000 4,224.000 2,582.000
209,000
St. Joseph
8,903.000 8,081,000 1,424,000
1930 10,772,000 7,710,000
1929 _
21,000
882,000
Wichita
18.772.000 3.237,000
1930 _
167,000
22,327,000 2,925,000
1929 253.000
Rye.
(bush.)
1,430.000
2.207,000
382,000
471,000
133.000
146,000
24,000
65,000
158.000
152,000
215,000
97,000
2,047,000
4,069,000
5.614,000
4,535,000
127,000
38,000
24,000
1.000
7.000
Total AU
1930 -14.876,000 291,892.000 185,469.000 86,587.000 27,831,000 10,164.000
1929 -15,680.000 323,060,000 182,393.000 101,431.000 42.818,000 11,788,000
The Western livestock movement,too, was smaller
than in the month a year ago. At Chicago the
receipts comprised only 14,921 carloads against
17,105 carloads; at Omaha only 5,718 carloads
against 5,917 carloads, and at Kansas City but 6,377
against 8,247 cars.
Coming now to the cotton traffic in the South,
the movement of the staple is found to have been
larger the present year than in August a year ago.
Grose shipments of cotton overland in August 1930
were 24;146 bales as against 22,527 bales in August
1929; 18,470 bales in August 1928, but comparing
with 34,365 bales in 1927. Receipts at the Southern
outports reached 680,663 bales in August 1930 as
against 449,405 bales in August 1929 and 238,345
bales in August 1928, as is shown in the subjoined
table:
2441.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JAN. 1 TO AUG. 31 1930, 1929 AND 1928.
Since Jan. 1.
August.
Ports.
1930.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Corpus Christi
Lake Charles
Brunswick
Beaumont
Total
47,007
239,199
31,919
5,528
7,348
61,126
2,195
14
330
279,283
1928.
1930.
1929.
1928.
47,398
91,810
49,480
11,180
62.807
118,856
23,358
547
51,318
1,519
138
2.163
194,399
2,851
2,445
166
878
25.887
550
335,028
619,320
506,316
102,748
12,346
187,893
90,489
15,220
47,696
317,812
5,109
6,000
1,675
645,820
671,084
595,417
102,902
1,748
147.744
44,458
23,690
49,922
235,192
110
478,149
574,758
600.407
82,534
1,658
183,014
89,884
54.577
60,850
45,053
2,313
1929.
6.000
714
680.663
449.405
238.345 2.247.652 2,503,537 2.173.177
RESULTS FOR EARLIER YEARS.
As already indicated, this year's loss
-speaking again
of the roads as a whole
-of $120,696,915 in gross and of
$52,063,396 in net comes after only moderate improvement
the previous year, rather indifferent results in August 1928,
and very substantial decreases in August 1927. In August
1929 the increase, notwithstanding the great industrial
activity prevailing, amounted to only $27,835,272 in gross,
or 4.99%, and the increase in net to no more than $16,758,860, or 9.62%. In August 1928 our exhibits showed
$165,107 increase in gross with $9,835,559 increase in net.
On the other hand, in August 1927 our compilation showed
$22,686,735 loss in gross and $15,697,472 loss in net. The
fact must not be overlooked, however, that the 1927 shrinkage succeeded considerably improved results in the two
years preceding. In August 1926 our tabulation showed
$23,857,842 gain in gross and $12,989,753 gain in net, and in
August 1925 $47,021,764 gain in gross and $31,821,455 gain
in net. Contrariwise, the improvement in 1926 and 1925
followed a heavy decrease in August 1924, at least in the
gross, and to that extent the gains in these two years constituted a recovery merely of what had been previously lost.
However, in both the gross and the net the combined gain
of 1925 and 1926 far exceeded the falling eff suffered in
1924. In truth, in the case of the net the shrinkage in 1924
was very small, economies in operations and savings in
expenses having acted as an offset to the heavy reduction
In gross revenues, and this small loss in net then was
made good many times over by the big increase in 1925,
entirely apart from the further increase in the net earnings
in 1926. In brief, gross earnings in 1924 fell off $55,952,018
and net earnings only $2,148,281, and this was followed by
$47,021,764 gain in gross and $31,821,455 gain in net in 1925,
and $23,857,842 gain in gross and $12,989,753 gain in net in
August 1926. In both gross and net, therefore, the 1926
results were the best on record for the month of August.
The setback in 1924 was due to the great slump in business experienced in the summer of that year pending the
outcome of the Presidential election, a slump which, of
course, was reflected in diminished traffic and railroad
earnings. The shrinkage in traffic and in revenues was
naturally of striking proportions in contrast with the year
preceding (1923), which had been marked by an extraordinarily heavy traffic and exceptionally good results. The
year 1923 was a period of very great trade activity, and
many of the trunk lines in the manufacturing districts of
the country then recorded the largest traffic and gross
revenues in their entire history. As a result, the August
1923 compilations were noted for the magnitude of the gains
disclosed in gross and net alike-the addition to the gross
earnings then having been no less than $90,181,967, or
19.06%, and the addition to the net $49,897,384, or 57.59%.
The magnitude of the improvement then followed in part
because comparison was with extremely bad results in the
year preceding-1922. In its general results, August 1922
was one of the worst months of that year. Business revival
had then already made considerable headway, but adverse
influences of large size were retarding recovery and in some
2442
FINANCIAL CHRONICLE
firm. 181.
Even prior to 1920 net results had been steadily growing
respects operated to cause a setback. Both the coal miners'
strike and that of the railroad shopmen reached a climax in smaller. For instance, in August 1919 our compilations
showed a loss in both gross and net
-432,636,656 in the
that month. The coal strike had been in progress since
former and $31,315,528 in the latter. In 1918, while the
1, and in that long interval no anthracite
the previous April
showing was not unsatisfactory under the increase in rates
whatever had been mined, while the soft coal output had then made by the Director-General of Railroads as a war
been confined entirely to the non-union mines; this latter, measure, the situation nevertheless was that an addition
though by no means inconsiderable, amounting, indeed, to of $135,759,795 in the gross brought with it an addition of
3,000,000 to 4,000,000 tons a week, fell far short of current no more than $24,312,758 to the net. Going back yet a year
that in 1917 a gain of $39,771,575 in the
needs. The result was a scarcity of fuel supplies to the further we find
gross was accompanied by a decrease of $4,668,838 in the
mercantile and manuextent of interfering seriously with
net. In the following we show the comparisons back to 1906:
facturing operations in many different parts of the country.
Gross Earnings.
The shopmen's strike on the railroads came in at that time
Net Earnings.
Year.
Year
Year
Inc. (+) or
Year
Year
Inc. (+) or
to accentuate the trouble, the consequence being that even
Given.
Preceding. Dec.(—).
Given.
Preceding. Dec.(—)•
the non-union coal could not all be sent to market. It was
August.
$
5
3
0
8
$
1906 ___ 137,589,560 122,898.468
48,074,911
then that President Harding made his memorable address 1907 .__ 144,913,337128,178.064 +14,691,092 45,624,104 42,719.768 +5,355,143
+16,735,273
44,849,985
+779,119
1908 ___ 206,755.864241.122,442-34,366,578 75.028,707
—9,222,389
to Congress. Fortunately, when things were at their worst 1009_ .230,559,877206,877,014 +29,682.863 90,384,534 84,251,096 +15.065,001
75,319,538
89,517,075 90,176,837
_
a turn came for the better. A truce was patched up between 1910 ...._ 254,005,972235,726,000 +18,279,972 86,224.97186,820,040 --659,863
1911
243,816,494245.784,289 —1,967,695
—505,069
1912 ___ 276,927,416251,667,032
„50
the miners and the operators under which work was resumed 1813 _ 259,835,029255.493,023 +25,869,384 99,143,971 92,249.194 +11,425,466
+4,342.006 83,143,024
—9,106,170
1914 .
264,593,446280,919,858—11,326,412
+471,544
on the basis of the old wage scale. The settlement in the 1915 .._ 279,891,224274.618,381 +5,272,843 87,772,384 87,300,840 +10,039,578
99,713,187 89,673,604
___
1916 ___ 333,460,457278,787,021 +54,673,436 125,837,849 99,464,634 +36,373,215
case of the anthracite miners did not come until after the 1917 ._373,326,711 333,555,136 +39,771,57. 121.230,736 125,899,546 —4.668,810
135750 79. 142,427,118118,114,360 +24,312,758
—_
close of August, but the settlement with the soft coal miners 1918 ___ 498.261,362362.509.561
1919
69,868,67:502,505,334-32.636,656 112,245,680 143,561,208 31,315,528
1920 ___ 54,785,471 471,714,375 +83,071.4d7 *123942810 112,564.791 —236,507.601
was reached about the middle of the month, though even 1921 _ — ,599,664554,718,882 -50,119,218 123,070,767 *125167103 +248237770
1922 __ _ 472,242,561 504,154.065 „ 86,566,595 123,353.665 —36,787,070
54
here full resumption did not occur until about the last 1923 ___ 563,292,105473,110,138 +90,181,967 136,519,553 88.622,169+49,897,384
1924 — _ 507,406,011 563,358,029-55.952,018 134,669,714 136,817.095-2,148,181
week of the month. All this naturally proved costly to the 1925 — 554,559,318507,537.554 +47,021,764 166,558,666 134,737,211 +31,821,455
1926 — 577,791.746553,933,904 +23,857,842 179,416,017 166,426,264 +12,989,753
roads. In addition, the roads, in the matter of gross rev- 1927 — _ 556,406,602579,093,307 —22,686,73 164,013,942 170,711.414-15,697,472
.4-105,107 173.922,684164,087.125 +9,835,559
1928 .._ 556,908.120656,743,013
enues, also suffered by reason of the horizontal reduction 1929 — 585,638,7401557,803.468 +27,835.272 190,957,504 174.198,644 +16,758,860
4
1930 ___ 465.700.789 586.397.704 —120696915139.134.243 191.197.500-52 063,396
of 10% in freight rates made by the Inter-State Commerce
*
Note.—In 1906 the number of roads included for
Commission effective July 1 1922. Altogether, therefore, 1907, 86; In 1908 the returns were based on 231,220 the month of August was 91; In
miles; in 1909 on 247.544 miles;
In 1910 on 238,493 miles; in 1911 on 230,536 miles; in 1912 on 233,230 miles; in 1913
conditions in August 1922 for the rail carriers were highly on 219,492 miles; in 1014 on 240,831 miles; in 1315 on 247.809 miles; in 1916 on
in
miles; in 1919 00 233,422
unfavorable throughout the month. On the other hand, the 245,516 miles;on1917 on 247,009 miles; In 1918 on 230,743In 1922 on 235.294 miles;
miles; in 1920
199,957 miles; in 1921 on 233,815 miles;
In
miles; in 1924 on 235,172
in 1926
fact should not be overlooked that in August 1921 (with on1923 on 235,357in 1927 on 238,672 miles;miles; in 1925 on 236,750 miles;1929 on
236,759 miles;
In 1928 on 240,724 miles; in
which comparison was then being made) there was a reduc- 241.026 miles; in 1930 on 241,546 miles.
tion in expenses of prodigious magnitude—so much so that
Public Utility Earnings During August.
though gross earnings then suffered a shrinkage of $50,Gross earnings of public utility enterprises in August,
119,218, due to business depression, net recorded an improvement of no less than $248,237,870, expenditures having been exclusive of telephone and telegraph companies, as reported
reduced in this single month $298,357,088. This improve- to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat, power, traction, and water
ment in the net then did not, it should be understood, mean
service were $183,072,960, as compared with $179,500,000 in
an absolute addition of that amount to the net, but repre- August 1929, 4173,952,469 in the corresponding month of
sented to a very great extent the wiping out of very heavy 1928 and $162,647,420 in 1927. Gross earnings consist, in
deficits suffered by these rail carriers in 1920.
general, of gross operating revenues, while net earnings in
In August 1920 the roads had fallen $125,167,103 short of general represent the gross, less operating expenses and
meeting their bare operating expenses, not including taxes, taxes, or the nearest comparable figures. In some cases
the figures for earlier years do not cover exactly the same
while in August 1921 there were net earnings above the exsubsidiaries, owing to acquisitions, consolidations, &c., but
penses of $123,070,767. In no small measure the prodigious
these differences are not believed to be great in the aggrereduction in expenses in 1921 followed from the huge aug- gate. The following summary presents gross and net public
mentation in expenses the year before. In August 1920 utility earnings by months from January 1927, the figures
expenditures had run up in amount of $319,579,099—this on for the latest months being subject to revision:
a gain of $83,071,497 in the gross, leaving net diminished,
PUBLIC UTILITY EARNINGS.
therefore, in amount of $236,507,602. The truth is, the
statement for August 1920 was one of the worst on record,
Gross Earnings.
due to the peculiar circumstances existing at the time. The
1927.
1928.
1929.
1930.
roads had been returned to private control on the previous January
0191,702,022 $196,573,107 0203,000.000 5211.000,000
177,612,648
February
187,383,731
194,000.000
199,500,000
Mar. 1, but for a period of six months thereafter (or until March
179,564,670
187,726.994
195,000,000
199,000,000
178.467,300
181,143,683
190,000,000
198,000,000
the end of August) Congress had provided that the carriers April
171,255.699
May
180.255,407
189,710,000
195,000,000
1017.975,072
should receive the same amount of net income as they had June
178,696,556
183,000.0(10
189,000,000
161,638,482
July
173.645,919
178.000,000
181,440,000
been receiving as rental during the period of Government August
162,647320
173.952.489
179,500,000
183,072,960
control--except in cases where a carrier preferred to take,
Total (8 months)._ $1,388,863,293 51,459.377,866 $1,512,250.000 $1,558,012,960
September
169.413.885
179.846,145
185,000,000
instead, its Own net earnings, which very few elected to do. October
177.734,493
190.795.668
197,600,000
182,077,497
198,032,715
202,500,000
Expenses were running very heavy at the time and were November
194.985,134
December
202,000.000
211,500.000
further increased by the wage award announced by the
02,113,074,302 $2.229,552,394 $2,308,750.000
Total (year)
Railroad Labor Board the previous month, and which was
made retroactive back to May 1. This wage increase was
Net Earnings.
estimated to add at least $50,000,000 a month to the pay1927.
1928.
1929.
1930.
roll of the railroads, apart from the retroactive feature.
January
573.746.891
379.013.279
$92,000.000
092.000.000
While the retroactive feature had been in great part taken February
74.296.576
86.907.757
86.000,000
90.000,000
March
65,412,739
72,811,146
85,000.000
88,000,000
care of in the June and July returns, nevertheless some of April
04,907,729
68,971,324
83.000.000
89,500.000
61,194,779
67.732,911
82,500.000
86,000,000
It also was carried forward into the August returns. In May
67.937.149
59,167.090
June
79.000.000
83.000.000
82,260,333
53,980,280
71.000.000
70.550.000
1921, on the other hand, the railroads got the benefit of the July
53,551,184
81.809.794
August
73,000,000
81,132.500
wage reduction which went into effect July 1 of that year,
Total (8 months)— 0498,888,435 5554.432./512 0851,500,000 $680,182,500
which on a normal volume of traffic—the traffic in September
and
61.897,207
68.235.698
80,000.000
October
65,259,727
73.670.561
83.000.000
1921, of course, was away below the normal—was estimated November
70,214,468
81.305.406
92,000.000
78.937,417
91,000.000
100,000,000
reduction in expenses of about $33,333,000 a December
to work a
Total (year)
0775,177.254 $868.702.577 81.006,500.000
month.
OCT. 18 1930.]
.
J
FINANCIAL CHRONICLE
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 17 1930.
Warm weather has continued to hurt trade. Besides
there is little in the field of industry to infuse life and snap
into business. But the weather within a day or two has
become much colder with temperatures ranging from 24 to
34 degrees in the Northwest and Southwest. Snows have
been reported in the Northwest. The indications are for
colder weather here in the East over Sunday. Of course
seasonable temperatures tend to help trade in seasonable
goods. Snow storms and even blizzards have occurred in
parts of Canada and it is only natural to expect much colder
weather throughout the United States as Nov. 1 approaches.
There is no doubt that the country has sorely needed normal
temperatures for many weeks past for the furtherance of
its trade in a thousand walks of industry.
The business in clothing naturally suffers at both wholesale and retail. Heavy weight goods have been especially
dull. The grocery trade has made a better showing than
many others owing partly to lower prices for canned goods.
On the other hand the cotton textile industry is believed to
be in better shape after prolonged curtailment of production.
This week is the eighth consecutive week according to Worth
Street reports in which the sales of cotton goods have exie.
ceeded production. Print cloths in some cases are M higher
It is said that
and percales have been advanced VI to
some 8,000,000 yards of 80square, 4 yard cotton goods have
been sold within a few days here, which is a gratifying increase as compared with recent sales. Car loadings for the
first week of October increased to the second largest total of
the year. The weekly loadings for September it is true, were
somewhat smaller than those of August. Iron and steel have
been quiet and iron rather weaker, while steel has been fairly
steady. The coal trade has naturally suffered from the
abnormally high temperatures. Anthracite shipments in
September were 19%smaller than in August and 27% smaller
than those of September last year. Automobile production
in September is estimated at 3% below that of August and
47% below that of September last year. Sales of flour have
fallen off very noticeably in this country and it may be added
that prices of wheat in Chicago at one time this week were
about the same as those in Liverpool. Shoe manufacturing
has been somewhat less active. Of late lead has been the
cheapest however since 1921. Tin is the lowest since 1922
and zinc is down to the level touched in 1901. Lumber
production is about 50% of normal and orders are at about
the same rates. The slowness of general industry is reflected in a falling off in the business in machine tools.
Wood making trades are rather slow. The trade in canned
salmon has been stimulated by low prices. In general, there
is simply a moderate fall trade, rather than the normal
business which is expected at this time of the year. But with
temperatures at the Northwest and in some other parts of
the country at or below the freezing point it is reasonable to
expect a better business in winter goods especially heavyweight wearing apparel. Of 94 lines of business in New York
City reporting to Bradstreet this week three were better than
a year ago,27 equal to a year ago and 64 below level of 1929.
Most lines of business report collections slow.
Wheat declined 2 or 3 cents, owing partly to a decline in
the stock market, dullness of the export trade, pressure of
Russian and Canadian wheat on European markets and
beneficial rains in Argentina and Australia. The decline
was checked by covering and reports of big feeding on the
farms as the weather at the West and Northwest suddenly
turned colder. Besides wheat is very low and may have
discounted bearish facts. Corn declined Sc. or more owing
to the Government crop estimate nearly 50,000,000 bushels
larger than some private estimates and the fact that most
of the crop is now safe from frost, while the movement of the
new crop is increasing. Oats declined about a cent owing
to the drop in corn and the pressure of hedge selling but this
grain like rye, which fell 2 to 3c. is considered cheap. Cotton
declined slightly under the influence of a falling stock market,
some hedge selling and general liquidation but the decline
was halted by steady trade buying, larger spinners takings
and steadily rising exports. and a decrease in the movement
2443
into sight. Rubber declined for a time, but acted short
and closed 10 to 20 points higher on some months despite
the smallest consumption in September in six years, i.e.
only 25,288 tons. The output of rubber tires in August
was 23% smaller than in August last year. Co"fee has had
wide fluctuations governed largely by the news from Brazil
where the civil war continues unabated and without decisive
results. Shipments to this country have been resumed but
desirable coffee here is reported scarce and futures show a
rise for the week of some 10 to 40 points. Raw sugar advanced 10 points net but at one time showed a still greater
rise, with Holland and Cuba buying and a possibility that
Java will co-operate with Cuba in its efforts to restrict production. President Machado of Cuba seems to favor the
segregation of 1,500,000 tons of the present stock and restricting exports to the United States to 2,800,000 tons a year.
Despite the sharp advance in two weeks raw sugar is still
selling about 20 points under the lowest price ever quoted
before this year. Refined sugar is up to 4.55e. but business
is slow owing to the fact that buyers are pretty well supplied
from recent purchases. Cuban raw sugar has latterly been
quoted 1.35c. cost and freight. Lard has advanced some
10 to 15 points. Hogs and sheep are higher on a better
demand and small receipts. Hides have declined 65 to 70
points. Cocoa is up 10 to 17. Silk rose 1 to 5 points with
retailers holding rather small stocks. Cottonseed oil has
been very quiet but steady.
The stock market has been declining and on the 16th inst.
the sales were only 1,854,000 shares with grain markets
off, iron and steel dull and a cautious note very apparent
in most branches of trade, partly owing to unseasonably
warm weather. It is now much colder, however, at the
West, Northwest and Southwest. The civil war in Brazil
continues and apart from this foreign politics have been
more or less disturbed. The consumption of cotton is larger
and some Southern mills are increasing their working time.
Stocks to-day declined some 2 to 5 points in some directions,
with the trading increased to some 2,650,000 shares. On
the decline 50 stocks or more had gone to new low levels.
It was noted with interest, too, that such investment stocks
as New York Central went to new low levels for the year
and Santa Fe got down close to its previous low. It is
asserted that in some cases insurance companies have been
liquidating railroad stocks and other high grade common
shares and investing in bonds. Bonds both domestic and
foreign were higher on a better demand. Some miscellaneous
issues showed a certain amount of weakness.
The report of the Bureau of Labor Statistics on employment and payrolls shows an increase of 1% in September
for the 13 industrial groups and an increase of 1.4% in payroll totals. A plan to relieve the local unemployment situation this winter by providing wages for more than 10,000
men, was announced after a meeting of financial and business
executives, held in the offices of Seward Prosser, Chairman
of the board of the Bankers Trust Co. at 16 Wall St. The
committee will seek to provide at least $150,000 weekly as
a payroll for unemployed heads of families and others in the
city. New Orleans wired that the process of recovery in
American business will be a slow and gradual one, because
of the great load of debt which smaller business enterprises
are now carrying in very many instances, Gov. Eugene E.
Black of the Federal Reserve Bank of Atlanta told the
Investment Bankers' Association of America at its Convention there. The liquidation of the existing excessive load
of debt, he said, cannot be accomplished through high pressure efforts at forcing sales of merchandise, but rather
through general economy.
At Fall River, Mass., trade was still slow. Greensboro,
N. C., wired that three textile mills there, the White Oak,
Revolution and Proximity, have announced that they would
go on a four-day-week basis of operation Monday. The
mills have been running but three days a week since June.
About 3,400 workers are employed. The movement at the
South is spreading to discontinue the employment of women
and minors in the cotton mills. At Kingston, N. C., the
Caswell Cotton Mills, Inc., which have been running on
half time for a while, will, after working up material now
2444
FINANCIAL CHRONICLE
[VoL. 131.
on hand, suspend operations, it is stated. At Greenville, Col. Ayres of Cleveland Trust Co.
Views as Encouraging
S. C., beginning Oct. 13, the American Spinning Co. Mill
Sign Fact That Business Activity Is No Longer
No. 2 of the company went on a 50 and 55
-hour per week
Slowing Down.
schedule day and night. The plant No. 1 of the American
In expressing an optimistic view of business conditions,
Spinning Co., which is the yarn mill, will continue to operate
Col. Leonard P. Ayres, Vice-President of the Cleveland
at 40 to 55-hours per week daytime schedule for the present.
Trust Co., of Cleveland, Ohio, says, in the company's busiIt was learned that other plants in Greenville expect to increase their operating schedules this week. At Drayton, ness "Bulletin," issued Oct. 15:
Business activity has increased during the past month, as it almost always
S. C., the Drayton Mills are now running on a schedule of does at this
time of the year, but the improvement
more than
55 hours a week. Summerville, Ga., wired that the Summer- normal seasonal proportions. Actually more coal waswas not of in Septemproduced
ville Cotton Mills, owing to heavy orders, has been put on ber than in August; more freight was carried on the railroads, and more
a full time, five and one-half days per week schedule, with a steel was made and fabricated, but the increases were only such as are
ordinarily to be expected at this
of the year. The
part of the mill operating at night. This plant manufac- of business activity, such as thosetimethe Federal Reserve published indexes
of
Board, the "Antures heavy duck and has been curtailing work for some nalist," and the Standard Statistics Co., will show only small chanps
from July to August, and from August to September.
months. Orders have been coming in heavily for the past
Nevertheless
three weeks, and they are expected to continue or possibly slowing down. it is encouraging to note that business activity is no longer
It is moving sideways at a low level, but it is not getting
increase. At Barnesville, Ga., the Aldora cotton mill worse. It seems probable that we have reached the bottom of the depression, but there is no sure method for estimating how long the bottom may
opened on the 13th inst. after being closed for four months.
to be. Already this depression has
The resumption of operation will give employment to 500 prove of the major depressions of recent lasted rather longer than have
most
decades, and that is one good
workers. Night work has been eliminated.
reason for believing that some measure of improvement is likely to develop
An Associated Press dispatch from Manchester, England, before long.
In the past 40
have been seven major depressions in this
said: "A merger of more than 50 mills in the Lancashire country, including years there The duration
this one.
of the definite
spinning district combining upward of 4,000,000 cotton the last real prosperity month to the bottom of the depressiondecline from
in the first
spindles is announced after several months' negotiations. of the seven was 12 months. In the second one it was also 12 months,
and in the third it was 12 months. In the panic of 1907 the decline
Second in size to the British giant Lancashire Cotton Corlasted only 10 months. In the depression of 1913-1914 the decline
16
poration, the new organization will be known as Allied months. In the post-war depression it lasted 12 months. Thislastedhas
one
Spinners, Ltd., a relatively new concern, but made up of already lasted 14 months.
The readjustments that start recovery on its way work themselves
a nucleus of famous British spinning firms." Manchester
through in
also cabled: "Lancashire cotton goods merchants and manu- worked off.relatively uniform periods of time. Excess stocks of goods get
Shortages develop. Idle hands seek employment. Business
facturers are delighted at the lifting of the boycott on foreign men and industrialists call on their reserves of initiative. Decreased costs
cloth in Bombay, although they regret the fact that the of construction stimulate new building. These forces ferment silently and
invisibly. Finally they become effective and apparent. They are at work
Bombay dealers will not place orders for fresh stock. Local now, and they
will bring recovery from this depression, as they always have
opinion applauds the desire of the native dealers to resume from former depressions.
trading and hopes that this trading will be restored to
Tires.
Rubber companies have suffered even greater curtailment of their sales,
normal soon. Sir Edward Rhodes, leading Indian cotton
shipper, attaches special significance to the change in and more serious inventory losses this year than have most other kinds of
industrial corporations. This is particularly true
the companies making
attitude in Bombay, since that center wields big influence automobile tires. There are two chief reasons forofthe present misfortunes
throughout the rest of India." Bombay cabled the U. P.: of the tire companies. The first is that American motorists have been
"Foreign cloth merchants were prevented from opening economizing in their expenditures this year, and postponing the replacement
the
their shops in the cloth market here on Tuesday by bands secondofreasontires on their cars, to a degree that is truly astonishing. The
is that crude rubber, which was carried last year in company
of Nationalists who created disturbances in the district."
balance sheets at around 20c. a pound, is now worth about 7c. a pound,
Washington wired: "Index of farm prices advanced 3 and so severe inventory write-downs have been necessary, amounting in
the
large
points from 108 on Aug. 15 to 111 on Sept. 15 but was 30 centeases of some in thecompanies to more than a million dollars for each
of shrinkage
price of rubber per pound.
points below a year ago, according to the Department of
Nevertheless, it seems increasingly clear that a real tire shortage is in
Agriculture. Advances in corn, oats, barley, hay and po- the making. This conclusion is derived from comparisons that are illustatoes were largely in response to prospectsfor smaller supplies trated in the diagram. [We omit all diagrams.-Ed.) The solid black
in this
to automobile
because of drouth. Prices of hogs and cattle advanced from line represents the number of tires sold of the countryyears.
users in the first six months of each one
past 10
Sales to
low levels of August and butter, eggs and poultry prices manufacturers of automobiles are not included. The other lines represent
the
made more than usual seasonal advance being offset by de- the gasoline consumed, and the motor cars in use. Each line is made to
clining prices for cotton, wheat, flax, lambs and apples." represent percentages of its own 10-year average.
In general, the tires sold,
and the number of
The total number of radio sets in the United States as of cars in use advance together the gasoline consumed,but with fair agreesomewhat irregularly,
July 1 last was 13,478,000 the Department of Commerce ment until 1930 is reached. Then the pasoline consumption continues to
announced. Total number of radio sets in the United States advance at an almost normal rate, as do the numbers of cars in use, while
the tire sales decline to below the levels of
on Jan. 1 was estimated at 11,500,000, against 9,500,000 on for the full annual periods will give results1925. Apparently the figures
about the same as those for
Jan. 1 1929.
the semi-annual ones. Clearly the consumption of new replacement Urea
this year is far below normal. People have continued to use their ears
On the 13th inst., Columbus Day, it was 76 degrees or
about as much as formerly, but they have made their old tires continue in
summer heat here with a minimum of 62. It was very hot service a good deal longer.
in New England and unseasonally warm in the Central West
Millions of American automobiles are going into the autumn and the
and 90 to 92 in Texas and Oklahoma. At Lexington, Ky., a winter with tire treads worn smooth and thin. The prospects are that
when the
prominent farmer exhibited at the Farmers Union a ripe numerous first hot spring days come there are going to be unprecedentedly
blow-outs. Tires are now more durable than ever before, but,
apple and a bunch of apple blossoms plucked a few hours be- nevertheless, they eventually wear out. A real shortage appears to be in
fore from the same tree in his orchard. Potato vines were the making, and it seems probable that the fortunes of the tire companies
in bloom as they were in the early spring. Boston on the 13th in 1931 will be far better than they have been this year.
Iron and Bled.
inst. had 58 to 88 degrees; Montreal 56 to 74, Philadelphia
58 to 80, Portland, Me., 54 to 82, Chicago 54 to 76, Cincin- In The iron and steel industry is suffering less in this depression than it has
previous comparable period of hard times. In the past the industry
any
nati 52 to 80, Cleveland 58 to 76, Detroit 56 to 80, Louisville used to be known as being either prince or pauper, for it characteristically
56 to 82, Milwaukee 48 to 78, Kansas City 52 to 64, St.Paul prospered greatly in good times and lost heavily in bad ones. The records
40 to 56, St. Louis 60 to 80, Winnipeg 34 to 42, Denver 40 of steel output do not run far enough back to make possible many comparisons between this depression and previous ones, but those
to 54, Los Angeles 56 to 82, Portland, Ore., 42 to 64, San production do. They show that for the seven previous seriousfor pig-iron
depressions
Seattle 44 to 56. On the 16th inst. it in the past 40 years the decline in daily production of pig-Iron from the
Francisco 56 to 70,
high month of prosperity to the low one of depression averaged 55%. In
was 59 to 74 degrees. To-day it was 59 to 69 degrees here
the depression of 1921 it was 72%.
and towards 7 p. m. it began to rain which later became a
This time there has been no such drastic decline. The reduction in pig
thunderstorm which soon ceased. The forecast is for fair iron output from the high month of 1929 to the low one so far in 1930
and colder weather on Saturday and Sunday. On the 16th is only 35%. Moreover, it does not seem likely that the final record will
be much worse
inst. at Boston it was 56 to 60, Montreal 50 to 54, Philadel- as it has usuallythan that. Almost certainly it will not be nearly so had
been in the past at such times.
The steel industry is now operating at about 60% of capacity, which
phia 58 to 70, Portland, Me., 54 to 56, Chicago 36 to 70,
Cincinnati 50 to 78, Cleveland 54 to 74, Detroit 48 to 76, is about 80% of its estimated normal rate for this season of the year.
Its rate of activity is higher than it was in
Louisville 48 to 80, Milwaukee 32 to 68, Kansas City 36 to present prospects are that It will be able to August or September. The
continue at levels not very
50, St. Paul 24 to 40, St. Louis 38 to 74, Winnipeg 20 to 32, different from these for the balance of the year. The industry is neither
48, Los Angeles 58 prince nor pauper this year. It is a cautiously confident commoner.
Denver 24 to 44, Salt Lake City 36 to
Homes and Motors.
to 74, Portland, Ore.,50to 52,San Francisco 58 to 76, Seattle
Building construction and the manufacture of automobiles have been
44 to 52. Snowstorms and even blizzards have prevailed
potent factors
sustaining
in parts of Canada and snowstorms there were again reported the war. Bothinhave Bufferedgeneral business activity in the years since
severe declines this year, and in both the
to-day.
output has fallen so far below normal levels that it seems reasonable to
OCT. 18 1930.]
FINANCIAL CHRONICLE
2445
I
I
'
coo ,
104
0c,co...00ko0.nooqopt-ccoqcs
,
mico.co 'LSO,0 00 0.CO C.
WOO .
C 0
C1.0
Bank loans and discounts and the average prices for repexpect that they will show important increases next spring, when they
should receive the maximum of seasonal stimulus.
resentative bonds were higher when compared with the
of our national expendiThe two lines in the diagram represent estimates
week ended Oct. 13 1928, two years ago, for the week of
tures for new dwellings, and for the retail purchases of new automobiles
annually during the past 16 years. During the war period, and through Oct. 11 1930.
WEEKLY BUSINESS INDICATORS.
1920, our annual expenditures for new residential construction were rela(Weeks Ended Saturday. Average 1923-5=100.)
tively low. Then there followed five years of exceptionally rapid increases,
decreases in
and three more of sustained high figures, and finally severe
1930.
1929.
1928.
1929 and 1930. The data for this year are, of course, partly estimated.
---eni
Meanwhile the expenditures for new automobiles have been almost uniOct. Oct.
Oct. Oct. Sep. Sept. Oct. Oct.
formly well in excess of those for new residences, and the fluctuations from
12. 5.
13. 6.
11. 4. 27. 20.
year to year have been distinctly more irregular. The decline indicated
75.0 78.9 78.9 103.9 110.5 115.8
for 1930 is even greater for the new cars, than it that for the new Steel operations
Bituminous ooal production..... __ __ 95.5 93.4 91.5 118.8 115.5 115.7
homes, but the 1930 figures for automobiles will probably be a little Petroleum produe'n (daily avge.) __ __ 114.6 114.7 116.3 136.2 138.6 120.3
about those of 1922, while those for new residences are likely to be Freight car loadings
101.4 99.1 99.3 123.0 123.0 124.1
•Lumber production
64.5 67.2 67.9 __ _ 99.5 -- _lower than those for any earlier year since 1921.
Building contracts, 37 States
In 1920, when the post-war boom come to an end, we, as a nation, were
76.2 89.7 116.1 121.1 130.6
(daily average)
of new
feeling sufficiently prosperous to build and buy large numbers
Wheat receipts
.125.7 144.9 167.6 92.9 114.3 231.0
320.4 302.7 198.8 193.5 362.7 298.5 325.4
construction kept the volume Cotton receipts
automobiles, but the excessively high costs of
_ 118.0 101.0 102.8 106.0 115.2 102.5
of new building relatively low. When building costs fell in the depression Cattle receipts
Rog receipts
62.1 63.8 60.4 72.3 77.5 68.3
of 1921 a great wave of new construction began, which lasted for eight Price No. 2 wheat
58.1 56.6 59.7 60.5 98.9 96.1 86.0
37.9 38.6 38.2 40.1 68.4 69.5 72.1
years, and as prosperity returned our expenditures for new automobiles Price cotton middling
78.1 78.6 78.6 87.8 87.7 78.8 85.6
mounted rapidly. When 1931 begins the volume of residential building Price Iron & steel composite
__ __ 71.0 71.7 73.9 129.0 129.0 108.7
Copper. electrolytic'price
will have been declining sharply for two years and that of automobiles for Fisher's index (1926=100)
82.9 82.3 83.1 83.6 94.7 94.7 99.4
one year. Oats for both will be so low that much better values will be Bank debits outside N. Y. City_ 120.3 128.8 106.5 116.0 148.1 166.4 129.1
134.6 136.1 135.3135.1 138.2 139.4 127.3
obtainable for a given expenditure than has recently been the case. It Bank loans and discounts
Interest rates. call money
48.5 48.5 48.5 54.5 130.3 181.8 157.6
seems reasonable to expect that important increases will result.
Business failures
116.2 109.8 119.9 122.1 90.4 97.3 86.0
178.2 187.0 193.7 203.8 303.4 292.8 210.8
Stock prices
Bond prices
108.2 109.0 109.0 108.7 102.9 102.8 107.8
Wholesale Prices.
Interest rates, time money
67.7 62.9 67.7 74.3 200.0 205.7 165.7
In the past half century there have been eight major business depressions rederal reserve ratio
105.3 105.3 105.8 105.3 __ __ 93.8 __ __
b Composite index-N.Y."Times" __ __ 86.9 89.3 85.1 102.3 102.7 __ __
in this country, including this one, and all of them have been accompanied h rnmnn.sitn Intln:-hmaInnlut sum* _ _
as
sea ac LI ins a ins n
_
by declines in wholesale prices. It is worth noting also that all of these
a Relative to weekly average 1927-1929 per week shown b Relative us a commajor depressions may truly be termed international business depressions,
puted normal taken as 100.
and that more or less serious declines of prices have accompanied them
in the countries abroad as well as here. In these respects, as well as in
some other important ones, this present period of hard times may be conEmergency Employment Committee Formed in New
sidered as a typical international business depression.
for
York by Financial and Business Executives
In the diagram at the foot of this page the solid line represents each quarter during the past 52 years the fluctuations of general business
Plans to Have $150,000 Available Weekly to Proactivity in this country above and below its theoretical normal level. It
vide Work for Unemployed.
covers the period since this country returned to the gold basis for its
money system after the Civil War. The dotted line shows the quarterly
Plans to support a program of local winter employment
fluctuations in wholesole prices over the same period, and except for the
relief were made by a group of financial and business execuearliest years is based on Bradstreet's Index.
Since there is no level of prices that can be considered as being normal tives who met on Oct. 15 at the office of Seward Prosser,
the fluctuations in the price line have been computed by finding the per Chairman of the Board of Bankers Trust Company of New
cent, that the price index number at the end of each quarter was of the
York. At the meeting an organization to be known as the
average of the quarterly prices for a period extending from two and a half
years prior to the given date along to the quarter two and a half years Emergency Employment Committee was formed, with Mr.
after it. In statistical terms the normal for the proles is a moving five-year Prosser as Chairman. In his announcement Mr. Prosser
average, centered. For the last two and a half years of the diagram this
said:
normal level is partly estimated.
"The Committee seeks to have available at least $150,000 weekly to
The diagram shows that prices have risen above their long-term trends in
all the periods of prosperity, and have fallen below it in all the times of provide work for unemployed heads of families and others resident In
Manhattan and the Bronx through the Charity Organization Society and
depression. Nevertheless the tendency to agreement between the two lines
Improving the Condition of the Poor."
Is by no means uniform. There are dips below normal in sveral of the the Association for
"These two organizations are receiving extraordinary demands because
periods of prosperity, and advances above that level in some of the
of unemployment. In order to cope with the situation during the coming
depressions. The price line by itself would not be a satisfactory substitute
winter they will require this sum over and above their ordinary winter
for the general business line.
requirements. The present effort, therefore, is in addition to the regular
Somewhat similar comments might well be made about the turning
appeals of these societies.
points at the peaks of prosperity and in the valleys of depression. In
"A committee is being organized to represent the various financial,
general, the two lines coincide fairly as to these turning points, but there commercial and industrial interests in Manhattan and the Bronx. This
are numerous exceptions. In most of the instances business recovery has group will raise funds to be made available equally to the two societies.
not got under way until prices have definitely begun to advance from their Both are experienced and have organizations trained to handle qmergencies
lowest points, but there are enough exceptions to indicate that this is by of this character. One method will be to provide employment in the parks
no means a trustworthy rule. There is even less agreement in the turning and non-profit making institutions at $3 a day for married men.
points at the beginnings of declines.
"Every man at the meeting agreed without reservation that the present
In the present period both business activity and wholesale prices have unemployment situation is of such a nature that it constitutes a definite
been declining during more than half of 1929, and during all of 1930. Civic responsibility. They have accepted the obligations of membership
Recently the rate of decline of both business and prices has been diminish- in the Executive Committee enthusiastically. With the aid and support
ing, and a good many indications of greater price stability are appearing. of these men it is expected that the membership of the larger central comThis is one of the most hopeful of the current items of evidence that we mittee will be rapidly completed and the machinery for raising the money
may be at or nearing the bottom of this long depression. Even a slight set in motion.
"The Committee is of course aware that its efforts cannot meet the
price recovery would be most encouraging.
situation entirely. It is our hope that municipal, State and National
authorities will do their utmost to carry on a program of new public works
which will open up new sources of employment and that all employers
The Department of Commerce's Weekly Statement of whether corporation, firms or individuals will also accept their responBusiness Conditions in the United States-Decline sibilities by maintaining as complete payrolls as possible and by undertaking now now construction, improvements, repairs, &e., that ordinarily
in Business Activity as Measured by Bank Debits. might be postponed until another year."
I I
According to the weekly statement of the Department of
Members of the Executive Committee of the Emergency
Commerce at Washington. bank debits, outside New York Employment Committee include Frederic W. Allen, George
City, for the week ended Oct. 11, showed a decline from the F. Baker, Jr., Cornelius N. Bliss, Willis H. Booth, George
preceding week and was lower than a year ago. Loans and B. Case, Thomas Cochran, S. Sloan Colt, Guy Emerson,
discounts of Federal Reserve member banks also declined Col. Michael Friedsam, Walter S. Gifford, Solomon R.
from both prior periods. Interest rates on time money were Guggenheim, Charles Hayden, Thomas W. Lamont, Seward
higher than a week ago while call rates showed no change. Prosser, Gordon S. Rentschler, Charles H. Sabin, Alfred E.
Both rates were lower than a year ago. Prices for represen- Smith, J. Barstow Smull, Myron C. Taylor, Paul M. Wartative industrial and railroad stocks declined sharply from burg, Richard Whitney, Albert H. Wiggin, William H.
the preceding period, and were lower than the same period Woodin and Owen D. Young.
last year. Bond prices showed a fractional loss, when comThe following is from the New York "Times" of Oct. 16:
pared with the prices of the preceding week; however, a
Guy Emerson, Vice-President of the Bankers Trust Company, said the
money would be raised by a direct appeal to New York business and fimarked gain was noted over a year ago.
Wholesale prices as measured by Fisher's index, for the nancial leaders.still in its early stages," he said, "and all the details have
"The plan is
first time in the several weeks showed an upward tendency. not as yet been worked out. We expect to raise the money or we would
not have attempted it. New Yorkers have never failed in the past when
As compared with the same period in 1929, a marked decline
a worth-while appeal was made and I do not think they will now.
was noted.
"The committee which was formed to-day is only a small part of the
For the week ended, Oct. 4 1930, increases were noted organization we hope to build up in a short time. The whole idea is to
raise the money in the shortest possible time to aid those who are unemployed
over the preceding week in the production of bituminous and really
needy in New York City to live through the winter."
coal, receipts at principal markets of cattle and calves and
According to Miss Anna Kempshall, Superintendent and Assistant Dioccurred in steel ingot petroleum rector of the Charity Organization Society, that society already has arcarloadings; while declines
the Department of Parks to
and lumber production, and in the value of building con- , ranged withpaid from money raised by the supply 3,000 to 5,000 workers
Emergency Employment Comwho will be
tracts awarded.
mittee.
2446
FINANCIA L CHRONICLE
She said they would receive $3 a day, working on a five-day week basis
which would give each man employed $15 a week, the lowest wage, charity
organizations consider possible for a family to live in New York. At
present, she said, the plan contemplated employment for the men in parks
in Manhattan, the Bronx and Brooklyn.
Other work would be found for the unemployed in New York City, Miss
Kernpshall said, and if the Emergency Employment Committee raised the
full $150,000 weekly, employment could be provided for about 10.000.
Commissioner of Parks Walter R. Herrick said last night that while
°facially he had not heard of the plan, a number of business and financial friends had spoken to him on the subject some time ago.
"Certainly if the money can be raised I am in hearty accord w, the
th
plan," he said. "We can easily use between 3,000 and 5,000 men in the
parks of New York City. I sincerely hope the money can be raised."
The idea, he said, was not entirely new. Previously, workers had been
employed in the parks and paid by charity organizations at no cost to
the city, he added.
[Vol. 131.
paragraph one, and to initiate recommendations within their respective
States.
3. That the Executive Council be instructed to call upon all affiliated
bodies in the United States to urge the Mayors or similar officials of their
respective cities to immediately appoint city committees to co-operate with
the State and National committees and to initiate relief programs within
their respective cities.
"4. That the Executive Council be instructed to proceed in such manner
as the Council may find practicable to bring about the establishment of
similar committees in localities where there are no affiliated central labor
organizations through which to act."
Continuing the resolution calls for the determination of the best procedure to be followed in Canada, Alaska, Hawaii and Porto Rico in having
committees organized.
Protest on Navy Yard Cuts.
William Green, President of the Federation, was directed to-day to protest to Mr. Hoover against an alleged new policy of reducing wages in
United States navy yards by means of the device of reclassifying workers.
Speakers on the convention floor attacked Secretary of the Navy.Charles F.
Adams in this connection, declaring him to be responsible. The convention
was told that 'mit of the workers at the Philadelphia yard has been reduced
to second-class or third-class rating.
Other speakers insisted that Mr. Hoover was in favor of maintaining a
high wage scale but that the Secretary of the Navy was being swayed by
outside interests. Meanhwile, dispatches from Washington told how President Hoover to-day had removed the order postponing temporarily the
buidling of a new 10.000
-ton cruiser and how work on a new light cruiser was
likely to be started early next year, also with the approval of Mr.Hoover.
Proposals Made to Gov. Roosevelt's Committee for
Relief of Unemployed in New York—Employment
Clearing Houses and Repeal of Prohibition Amendment Proposed.
Nationally prominent economists and experts in State and
municipal government, addressing Governor Roosevelt's
Committee on Stabilization of Industry and Prevention of
Unemployment, offered on Oct. 10, the following suggestions
at a conference in the Chamber of Commerce at Rochester,
Leaders in American Industry and University PresiN.Y.
dents to Discuss Current Business Situation at
I. Examination of all construction programs by city administrators to
rind projects which may be started immediately.
University of Chicago, Oct. 22.
2. Establishment of employment clearing houses in all cities in order that
One hundred and forty-nine leaders of American industry
the total volume of unemployment may be brought to the atention of the
community.
and 27 university presidents have been invited to discuss
3. Speeding up, wherever possible, the projects provided for in an item
the current business situation at the University of Chicago
of $175,000,000 available for public works in New York State.
4. Repeal of the Eighteenth Amendment and the revival of industries on Oct. 22. Announcement of the conference was made
which would go hand in hand with the return of light wines and beers.
jointly by President Robert M. Hutchins, for the Univer5. Five-year city planning programs looking toward the even expenditure
sity; Thomas E. Wilson, for the Institute of American Meat
of public moneys.
Associated Press advices from Rochester in reporting this Packers; Robert I. Randolph, President of the Chicago
Association of Commerce; Fred W. Sargent, President of
added:
the Commercial Club of Chicago, and Elmer T. Stevens,
Public construction, instead of showing more activity in times of depression, has shown less, and at the end of every cycle of depression has been the President of the Industrial Club of Chicago.
slowest to take an upward turn, said Dr. Leo Wolman of the National
Chicagoans instrumental in organizing the conference,
Bureau of Economics.
New York State, he pointed out, had on its books construction items which will be the "Seventh Conference of Major Industries"
amounting to $175,000,000, the majority of which could be started im- held under the auspices of the University and the Institute
mediately.
of Meat Packers believe that the sessions at the University
Digressing from more concrete remedial measures of unemployment
Mayor Cornelius F. Burns of Troy, Chairman of the Unemployment Com- will bring together one of the greatest gatherings of cormittees of the Mayors' conference, recommended repeal of the Eighteenth poration presidents, board chairmen and educators yet held.
Amendment and the revival of industries connected with the manufacture The
Conference is regarded as especially significant this year
of light wines and beer.
because of the current depression in business.
Although 18 basic industries will be represented at the
Record in New York State Work-7,000 More Employed Conference the major discussion will centre around 11 fields,
on Projects Than at Any Previous Time.
according to the plans: agriculture, automobiles, aviation,
The New York "Times" reports the following Associated communication, general business, iron and steel, merchandisPress dispatch from Albany Oct. 13:
ing, petroleum, railroads, rubber and shipping.
An announcement from Governor Roosevelt's office to-day said that, due
Following a meeting of Mr. Wilson, Mr. Sargent, Mr.
to his policy of pushing State projects to reduce unemployment, the State
was now employing at least 7,000 more workers than at any previous time. Stevens and Vice-President Frederic Woodward of the
University at the University Club it was announced that
"The records in Comptroller Morris S. Tremaine's office show," the an
nouncement said, "that in the past two years more contracts for State the following have accepted invitations to report the
conbuilding projects have been let, completed and paid for than in any similar
dition of their respective industries:
period."
Julius H. Barnes, Chairman of the Board of the Chamber of Commerce
The largest monthly amount ever paid any contractor working for the
State was allowed by Mr.Tremaine on the October estimate on the construc- of the United States, for general business.
R. C. Holmes, President of the Texas Co.. for the petroleum industry.
tion of 22 buildings for the new Pilgrim State Hospital at Brentwood, L. L.
W. B. Storey, President of the Atchison Topeka & Santa Fe RR., for
the statement said. The requisition was for $874,565. The cost of these
railroads.
buildings is estimated at $6,384,000.
M. H. Aylesworth, President of the National Broadcasting Co., for the
field of communication.
American Federation of Labor Invites President
Hoover's Help in Plan to Aid Unemployed.
In a Boston dispatch Oct. 15 to the New York "Herald
Tribune" it was stated that President Hoover is to be requested by the American Federation of Labor to head a
system of National, State and municipal committees to get
immediate action looking toward unemployment relief. The
dispatch added:
The meeting will be held at the University of Chicago, and
will be closed with a dinner honoring leaders in education
and industry. President Robert M. Hutchins will preside.
President Glenn Frank of the University of Wisconsin has
agreed to speak for the educators and a member of President
Hoover's cabinet has been asked to make the third address.
Among those who have signified their intention to be
present at the dinner are:
Charles E. Mitchell, President of the Board of the National City Bank
Private agencies would co-operate with Federal and State government
departments in initiating recommendations of means designed to reduce of New York.
Julius Rosenwald, Chairman of the Board of Sears, Roebuck & Co.
unemployment to a minimum. Canada, as well as the possessions of the
Samuel Rayburn, President of Lord and Taylor.
United States, would be included in the movement.
Arthur Reynolds, Chairman of the Board of the Continental Illinois
Resolutions to this effect were approved to-day by the annual convention
Bank & Trust Co.
of the Federation here and were referred to the Executive Council for approAdolph S. Ochs, publisher of the New York "Times."
priate action as regards the Chief Executive. State and other labor organH. A. Scandrett, President of the Chicago Milwaukee & St. Paul RR.
izations are to begin the necessary campaign in their respective districts.
Harry Woodburn Chase, President of the University of Illinois.
In both cases, first steps are to be taken as soon as the convention ends.
Winthrop Ames, theatrical producer.
The need for immediate action is stressed.
Mark Cresap, Chairman of the Board,of Hart, Schaffner & Marks.
The Federation's plan was outlined in an exhaustive summary of the
L. A. Downs, President of the Illinois Central System.
present situation for the gdidance of the Executive Council. Essential
Charles M. Schwab, Chairman of the Board of the Bethlehem Steel
portions of the summary include:
Co.
"1. That the Executive Council be instructed to request the President
Walter A. Strong, President of the Chicago "Daily News."
of the United States to immediately appoint a National Committee to
E. C. Sams, President of the J. C. Penney Co.
recommend measures for immediate relief, having in mind proposals that
Walter P. Chrysler, Chairman of the Board and President of the Chrysler
can be carried out by private and quasi-public agencies and enterprises, as Corp.
well as by the departments of the Federal Government, the departments of
Included in the list of 149 to whom invitations have been
the State governments and by municipalities, counties, school districts
and other divisions of government.
sent are Harvey S. Firestone, Irenee DuPont, James A.
"2. That the Executive Council be instructed to call upon all State
federations of labor to request the Governors of their respective States to Farrell, Eugene G. Grace, Edsel Ford, A. P. Sloan Jr.,
appoint committees to co-operate with the National Committee proposed in M. J. and 0. P. Van Sweringen, Vincent Bendix, Kent
OCT. 18 1930.]
2447
FINANCIAL CHRONICLE
Cooper, William Randolph Hearst, Col. R. R. McCormick,
Joseph M. Patterson, William Allen White, Samuel Insull,
Owen D.Young, S. S. Kresge, James Simpson, Silas Strawn,
Edward G. Seubert, Cecil N. DeMille, William Fox, Carl
Laemmle, David Wark Griffith, Otto H. Kahn, A. P.
Giannini, T. W. Lamont and David Belaseo. Andrew W.
Mellon, Secretary of the Treasury; Arthur M. Hyde, Secretary of Agriculture; Ray Lyman Wilbur, Secretary of the
Interior, and Alexander Legge, Chairman of the Federal
Farm Board, are also to receive invitations.
The conference is one of a series. The Sixth Conference
was held at the University of Chicago last October, and the
Fifth at Columbia University in New York in 1928. The
dinner closing the latter event was given to Thomas A.
Edison, Henry Ford, George Eastman, Harvey S. Firestone, Orville Wright, Julius Rosenwald, Cyrus H. K.
Curtis, and Charles M.Schwab.
National Industrial Conference Board Says Statistics
Do not Confirm Impression That Wage Reductions
Have Been General.
Commenting on the frequently one-sided presentation of
figures relating to wage changes the National Industrial
Conference Board, in its Current Bulletin, made available
Oct. 14 points out that the emphasis placed upon wage
reductions creates an impression in the public mind that they
are very general. "The available statistics on the subject
do not confirm this opinion," says the Conference Board.
A table has been prepared in which the average hourly
and weekly earnings as ascertained by the Conference Board,
'
are contrasted with the number of persons affected by wage
changes, as reported by the United States Bureau of Labor
Statistics from July 1929 to July 1930. The Bulletin says:
In every month of this period some workers had their wages increased
and some had them reduced. From July to January inclusive, the former
were distinctively in the majority but since that time reductions have
affected more persons than increases.
The Board says that in considering the above statement,
it should be remembered that the figures of the United States
National Industrial Conference Board Disputes Belief
That Rate of Population Growth Is Decreasing
Favors Five-Year Enumeration.
The generally accepted belief that the rate of population
growth in the United States is steadily decreasing has been
-year
upset by an analysis of the figures of the recent 10
census. This, in conjunction with the economic importance
of accurate population figures, is the basis of arguments
in favor of an enumeration every five years, in a statement
made public by the National Industrial Conference Board
on Oct. 12. After noting the fact that the publication of
any census figures usually has a chastening effect on many
communities that have fondly believed they were exceptions to the heretofore accepted rule of a decreasing rate
of growth, the report proceeds to demonstrate that there is
no confirmation of this rule to be found in the present census
figures. The report says:
Bureau of Labor Statistics are compiled on direct information
concerning more than 3,000,000 wage earners. Of that number, in the seven months ending July 15 31,565 person were
affected by wage increases and 56,941 were affected by wage
decreases and, as the excess of persons affected by wage
decreases over those affected by increases was only 25,376
or slightly more than eight-tenths of 1% of those for whom
reports are available, the official evidence of the prevalence
of wage reductions is almost wholly negative.
Continued Decline From 1929 and 1928 in
Railroad Revenue Freight.
Loading
of
Loading of revenue freight for the week ended on Oct. 4
totaled 972,492 cars, the Car Service Division of the American Railway Association announced on Oct. 14. This was
an increase of 22,111 cars above the preceding week this
year, but a reduction of 207,455 cars below the same week
last year and a decrease of 214,540 cars compared with the
corresponding week in 1928. Details follow:
"The population of continental United States, 122,698,190 recorded In
1930, is 16.1% higher than that recorded in 1920, while the figure for
the latter year, 105,710,620, was only 14.9% higher than that recorded
in 1910. This apparent increase in the rate of growth disappears in
part when the records are closely scrutinized. The census of 1910 was
taken as of April 15, and that of 1920 as of Jan. 1. The interval between
the two censuses was, therefore, three and one-half months less than 10
years. On the other hand, the census of 1930 was taken as of April 1
and represents, therefore, an interval of 10 years and three months since
the enumeration of 1920. The Bureau of the Census, having made adjustments for these diverse intervals, computes that the increase in the two
years preceding 1930 was 15.7%, only slightly greater than in the 10
years preceding 1920, when it was 15.4%."
31iscellaneous freight loading for the week of Oct. 4 totaled 893,889 cars,
86,040 cars under the same week in 1929 and 80,104 cars under the corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 244,855
cars, a decrease of 28,144 cars below the corresponding week last year
and 26,729 cars below the same week two years ago.
Coal loading amounted to 169,413 cars, a decrease of 33,144 cars below
the same week in 1929 and 88,232 cars under the same week two years ago.
h Forest products loading amounted to 41,552 cars, 19,138 cars under the
corresponding week in 1929 and 28,729 cars under the same week two
years ago.
Ore loading amounted to 41,430 cars, a reduction of 24,478 cars below
the same week in 1929 and 19,976 cars below the same week in 1928.
Coke loading amounted to 8,654 cars, a decrease of 3,502 cars below
A study of the statistics of immigration, birth and death the corresponding week last year and 2,293 cars under the same week
.
rates, and effects of war and epidemic leads to the conclu- in 1928.
Grain and grain products loading for the week totaled 42,620 can, a
sion that any 10
-year period is so filled with cross currents
decrease of 6,929 cars under the corresponding week in 1929 and 14,981
affecting population that it is difficult to make accurate cars below the same week in 1928. In the Western districts alone grain
estimates of population in the Intervening years. "Such and grain products loading amounted to 29,751 cars, a decrease of 5,097
the same week in 1929.
estimates are, however," says the Conference Board, "vital cars below loading totaled 30,079 cars, 6,080 cars under the same week
Live stock
to the consideration of many problems of economic and in 1929 and 8,496 cars under the corresponding week in 1928. In the
social import. To meet this need the Bureau of the Census Western districts alone live stock loading amounted to 24,118 cars, a
decrease of 5,246 cars compared with the same week last year.
makes from time to time official estimates of the population
All districts reported reductions in the total loading of all commodities,
of the United States, and from time to time revises its compared not only with the same week in 1929, but also with the same
week in 1928.
previous estimates."
Loading of revenue freight in 1930 compared with the two previous
A table of retrospective estimates has been prepared by years follows:
the Conference Board, and a comparison of this table with
1930.
1929.
1928.
3,349.424
3,571,455
3,448.895
the current estimates of the Census Bureau leads to the Four weeks in January
Four weeks in February
3,505,962
3,766,136
3,590,742
suggestion that "the divergence in the estimates would be Five weeks in March
4,414,625
4,815,937
4,752,559
3,619,293
3,989,142
3,740,307
greatly lessened and our current knowledge of population Four weeks in April
Five
in
4,598,555
5,182,402
4,939,828
rendered vastly more accurate if there were a more frequent Four weeks in May
weeks June
3,719,447
4.291,881
3.989,442
enumeration of the people of the United States and if a Four weeks in July
3,555,731
4,160,078
3,944,041
5,600,706
5,348,407
4,670,368
were made, let us say, every five year's rather than Five weeks in August
count
Four weeks in September
3,725,243
4,542,289
4.470,541
every 10." To illustrate the importance of accurate popula- Week of October 4
972,492
1,179,947
1,187.032
tion figures it is shown that if a city is growing at a slower
rate than the estimates used, the computed birth and death
rates will be lower than they should be. Then, if there is
no revision of these estimates, the year following the Census
will be followed by a sharp rise in birth and death rates.
The converse is equally true and these fluctuations can be
traced in many cities where each new census is followed
by a readjustment of the birth and death rates.
The report points out, in conclusion, the obvious need for
a more frequent enumeration of the people and the essential
value of this knowledge for the guidance of government and
business. As for the chief objection that might be raised,
that of cost, the Conference Board holds that this would
not be very great, because the intermediate five-year census
need be only a skeleton enumeration, without the full sociological details that are gathered every 10 years.
Total
36,131,140
41,099.973
39,411,794
Trend of Business in Hotels During September.
Horwath & Horwath report that "hotel sales dropped to
new lows in September." In their digest of hotelconditions
in September they add:
Total sales decreased 15% from Septmber 1929, room sales 12% and
restaurant sales 18%. The average occupancy throughout the country
was only 64%,the lowest September figure in the last four years, and the
average room rate declined more sharply than ever
-5%. Eighty-seven
per cent, of all contributors reported lower sales than in last September.
In almost all groups comparisons were poorer than in August; N. Y. City
and "Other Cities" had the same decreases in room sales as in August and
Cleveland showed a smaller decrease. These were the only rays of encouragement in the September business, though it is true that during last
fall hotel sales showed their largest increases over the preceding years, and
consequently this year's comparisons show up all the more unfavorably.
Room sales, as has been the case for a long time, were more stable than
food sales. Fewer banquets constitute one of the causes of declining food
sales, but also there is a definite trend toward smaller checks.
FINANCIAL CHRONICLE
2448
The hotel business is now in a period when serious attention should be
given to the future. All of the decreases in the last year have not been
attributable to the general business depression, but there have been definite
and permanent losses. Food departments have lost considerably to other
establishments, which have successfully appealed to popular appetite,
pocketbook and convenience, and room departments have had dangerous
competition from the ever-growing number of high-class small roadside inns
which can undersell the modern hotel and yet give the motoring public a
good measure of comfort and satisfaction. Hotel men are faced with a continued reduction in the number of traveling salesmen. With rapidly falling
costa of money and materials, there may be impending a building era that
will create new hotels which will tap a vast source of potential hotel business
by being able to sell their rooms at rates more attractive to a much larger
cross-section of our population.
Conditions are changing rapidly and there is much food for thought.
Now is the time to plan ahead so as to be able to operate successfully in
ordinary years rather than in "boom" periods only.
-SEPTEMBER 1930.
TREND OF BUSINESS IN HOTELS
(Transient and Residential)
The trend of the total hotel business is not shown but rather the increase or
decrease In the business of hotels already established at least two years.
Analysis bto Cities in
which
Norwath & Horwath
Offices Are
Located.
New York City
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All other cities reporting
Fetal
Total.
P. C. of Inc.
or Dec. in
Aver. Sales
per Occ.Roons
inComParifil
Rooms. Restaur't Sept.'30. Sept.'29. with Sept.'29
--20
-12
-17
-18
--24
-26
-16
--17
-10
-12
-14
--17
-25
-15
--22
-15
-21
-22
--32
-29
-20
-10
-8
-14
-15
-12
-18
Sales-Percentage of
Increase or Decrease
in Comparison
with September 1929.
Average
Percentage
of Room
Occupance.
67
76
58
55
77
67
49
-4
-5
-5
--4
-9
-6
-7
68
70
-5
64
69
-5
58
72
52
49
70
53
45
October Trade Survey of National Association of Credit
Men Shows Biggest Improvement of Any Recent
Month.
More improvement than in any recent month is reflected
in the October trade survey of "Credit Monthly," publication of the National Association of Credit Men. The improvement, it is stated, applies to both sales and collections
of wholesale and manufacturing firms in the 100 cities
covered. Seven cities reported sales brisk, 66 reported them
fair, and 27 slow. Two cities moved from the "fair" column
to "good" during the month, and 12 shifted from the "slow"
classification to "fair." The cities reporting brisk sales
were Milwaukee, Wis.; Tampa, Fla.; Austin, Tex., and Des
Moines, Ottumwa, Cedar Rapids, and Waterloo, Iowa.
Three cities reported collections good, whereas only one
city reported good collections a month ago. These cities
were Cedar Rapids, Ia.; Austin, Tex., and Huntington,
W. Va. Sixty-four other cities reported collections fair,
while 33 reported them slow. Fifteen cities reported an
improvement in collections during the month, moving from
the "slow" column to "fair."
Farm Wages Show Marked Decline
-On Oct.1 at Lowest
Level Since 1923.
Farm wages on Oct. 1 were at the lowest level since
January 1923, because of poor crop prospects, farm products
price declines, and the fact that the supply of farm hands
is more than 40% in excess of the demand, according to
the Bureau of Agricultural Economics, United States Department of Agriculture.
The Bureau says that the excessive supply of farm hands
"is a reflection of the continuance of the present extensive
business depression which has scattered unemployed industrial workers throughout agricultural sections in search of
a livelihood. The supply is in excess of the demand in all
geographical sections, ranging from an excess of 24% in
the North Atlantic States to 49% in the South Central
States." The Bureau likewise states:
The combined index of farm wages on Oct. 1 is placed at 150% of the
1910-1914 pre-war level. This is a drop of 10 points since July 1 this
year, and a drop of 24 points since Oct. 1 a year ago.
Wages declined
from July 1 to Oct. 1 this year, whereas in the past five years there has
been an average seasonal advance of 2.6 points during this period.
Day wages of farm workers not provided with board now range from
about $3.50 in the Northeastern industrial States, and $3.40 on the
Pacific Coast, down to $1.05 to $1.15 from South Carolina to Mississippi.
The North Central States show an average of $2.60 per day, and the
average for the country is $2.12. Farm workers provided with board are
receiving an average of $1.61 per day, and $31.31 when hired by the month.
Chain Store Sales in September Below Those for
Corresponding Period Last Year.
Sales of 52 chain store companies for the month of Sept.
1930 amounted to $310,535,660, a decrease of $13,481,991,
or 4.16%, as compared with the same month a year ago,
according to a compilation by Merrill, Lynch & Co. of this
city. Among the companies which showed increases in
Sept. 1930 over the results of Sept. 1929, were:
Great Atlantic & Pacific Tea Co.
W. Woolworth Co.
First National Stores, Inc.
S. H. Kress & Co.
W. T. Grant Co.
Walgreen Co.
J. J. Newberry Co.
1'. & W. Grand-Silver Stores, Inc.
[Vor.. 131.
Schulte-United 5
-Cent to $1 Stores,
158.F
Melville Shoe Corp.
McLellan Stores Co.
Lerner Stores Corp.
Diamond Shoe Corp.
Lane Bryant, Inc.
G. C. Murphy Co.
Peoples Drug Stores, Inc.
Of the above companies, the following showed increases
in September over August of this year:
F. W. Woolworth Co.
First National Stores. Inc.
S. H. Kress & Co.
F. & W. Grand-Silver Stores, Inc.
Schulte-United 5
-Cent to $1. Stores, Inc.
Melville Shoe Corp.
Lerner Stores Corp.
Diamond Shoe Corp.
Lane Bryant, Inc.
Aggregate sales of these same 52 chain store companies
for the first nine months of 1930, totaled $2,904,181,652
against $2,856,902,559, an increase of 1.65%. A comparative tabulation follows:
-Month of September
-Nine Months RM. Sept. 301929.
1930.
Dec.
1930.
1929.
tote.
Gt. Atl. & Pao-77,022,658 75,245,845 x2.3 800,188,990 750,945.457 6.5
Sears, Roebuck_a28,030,215 832,642,246 14.1 b251,637,498 b269,113,582 y6.5
F. W.Woolworth 22,352,534 22,264,336 x0.4 196,466,061 205,042,307 y4.1
Monte. Ward__.. 21,332,576 26,127,589 18.3 191,153,122 193,698,785 y1.3
Kroger Groc. &
Baking Co----c19,930,175 .321,426,805 6.9 e196,479,070 e209,552,933 y8.2
Safeway Stores-17,974,158 18,942,644 5.1 165,447,527 159 374,501 3.8
J. C.Penney__ 15,955,662 18,244,571 12.5 130,414,312 132,380,338 y1.4
S.S.Kresge Co__ 11,265,218 11,971,088 5.8 101,015,229 104,303,598 y3.1.
Amer. Stores Co. 10,301,482 10,379,790 0.7 104,701,956 104,681,761 0.03
First Nat. Stores 10,200,759 10,016,930 x1.8
71,699,833 14.8
82,374,588
MacMarr Stores., 7,063,601
63,475,497 2.3
64,960,880
7,293,838 3.1
66,465,052 y4.5
National Tea Co. 6,850,862 7,012,045 2.3
63,442,049
44,547,584 3.2
45,978,362
S.H.Kress
5,478,003 5,363,290 x2.1
45.493,453
W.T. Grant__ _ 5,286,353 4,776,755 :10.6
41,237,620 10.3
33,120,920 16.8
38,686,746
Walgreen Co_
4,082,342 3,927,688 83.9
29,760,117 71.8
29,219,677
McCrory Stores- 3,280,888 3,581,891 8.4
36,648,025 y30.4
25,475,694
Nat.Belles Hess_ 2,848,891 4,661,955 38.8
F. & W. Grand19,458,560 29.3
Silver Stores_ 12,748,980 2,409,989 814.0 125,168,902
24,672,126 2.6
25,330,665
Daniel Reeves
2,315,482 2,326,846 0.5
17,487,496 10.7
19,369,828
J. J. Newberry
2,386,329 2,203,895 x8.2
11,063,544 64.4
18,191,345
2,276,064
Schulte-United
1,795,977 826.7
18,621,253 13.3
21,097,025
Melville Shoe- _ 2,186,108 2,003,265 x9.1
20,861,030 y4.4
19,939,873
2,135,571 2,400,108 11.0
Childs Co
15,572,903 3.2
16,082.487
C011. Retail SW-. 2,093,632 2,206,563 5.1
14,839,787 6.2
15,767,726
McLellan Stores_ 2,036,966
1,909,754 86.6
12,296,311 39.6
17,160,776
Lerner Stores.-- 1,934,364
1,415,685 x36.6
11,999,810 12.4
13,507,487
Diamond Shoe_ - 1,757,933 1,460,114 :20.4
11,480,456 10.7
Lane-Bryant,Ino. k1,471,671
1,280,689 114.9 k12,709,118
10,213,915 8.9
11,126,751
G. C. Murphy
1,343,980 1,335.917 x0.6
11,042,327 11.1
12,275,349
Peoples Drug... 1,315,029 1,260,945 x4.2
14,232,003 y10.5
G.R.Kinney _
12,737,006
1,292,626
1,516,560 14.7
11,811,843
11,812,254
Waldorf System_ 1,288,971
1,323,442 2.6
11,772,110
J. R.Thompson_ 1,215,361
11,224,363
1,281,855 5.2
Southern Groo.
11,347,179 6.4
12,081,415
Stores
1,199,100 1,311,500 8.5
11,307,785 1.7
David Ponder... 1,191,858
11,507,661
1,202,717 0.9
9,469,810 11.6
Neisner Bros_
1,166,517 1,238,325 5.6
10,573,723
Jewel Tea
d1,099,650 61,158,730 4.9 f10,709,254 f11,358,876 y5.7
.
2
11,523,000 y21.
14 5
West.Auto Supp. 1,040,000 1,375,000 24.3
10,230.000
737,295
Nathan Strauss_
5„
6,645,015
582,593 128.5
Amer. Dept. Sta.
6,578,320 y4.4
6,290,338
723,378
786,403 5.8
6,026,936 10.1
Schiff Co
680,140
7,000,933
688,030 0.8
3,925,908 10.1
Bickford's, Inc
494,409
4,322,778
472,525 84.6
4,801,482 0.3
Exchange Buffet
4,783,129
502,402 2.0
492,347
Edison Bros_ -2,633,835 25.8
3,313,529
349,569 835.7
474,551
Sally Frocks2,594,615 32.5
3,439,935
569,270 812.2
414,564
Winn & Lovett
4,607,069 y10.2
Grocery
4,134,802
381,294
485,935 21.5
Kline Bros. CO..
3,168,917 y3.9
3,034,980
417,172 16.8
346,909
2,977,963 5.3
Nat. Shirt Shope
302,512
3,137,880
310,005 2.4
B-0 Sandwich
12,289,100 6.45
Shops
12,436,900
h242.400 :9.4
h265,400
1,210,370 18.4
M. H.Fishman_
1.410.052
171,356 x3.5
177,395
945,637 24.6
145,901 x0.7
Kaybee Stores_ 146,969
1,178.718
Morison Electric,
1,357.693 71.7
1,334,442
145,928
222,918 34.5
Supply
Total
310,535,660 324,017,661 4.16 2.904,181,652 2,856,902,559 1.65
is Four weeks to Sept. 10. 13 36 weeks to Sept. 10. c Four weeks to Sept. 27.
d Four weeks to Sept. 6. e 38 weeks and 4 days ended Sept. 27. f 36 weeks to
Sept. 6. g Estimated. h Four weeks to Sept. 12. 1 Year to Sept. 12. 1 Includes
sales of Metropolitan Chain Stores, Ltd. k Includes sales of Coward Shoe Co.
I Increase. y Decrease.
Gas Utility Sales Slower in First Eight Months.
A small increase in manufactured gas sales and a slight
decrease in natural gas sales is indicated by the comparative operating reports of manufactured and natural gas
utilities for the first eight months of 1930, declared Paul
Ryan, Chief Statistician of the American Gas Association,
before the 12th annual convention of the Association at
Atlantic City on Oct. 14.
However, in considering these comparative data on gas
utilities for the eight-month period it must be borne in
mind that these months witnessed a recession in general
industrial and economic activity fully as severe as any ever
experienced by the trade and industry of this country,
according to Mr. Ryan. During this eight-month period,
he said, the production of bituminous coal declined more
than 12% from the corresponding interval of 1929, the
output of crude petroleum dropped 8%, pig iron production
was down 20%, and steel ingot production 23%. During
this same period the number of freight cars loaded dropped
11%, while the production of automobiles declined by more
than 36%.
Despite these adverse influences, however, he noted, reparts from a group of natural gas companies representing
more than 80% of the public utility distribution of natural
gas indicate sales of nearly 340 billion cubic feet for the
first eight months of 1930, a decline of only 12 of 1% from
/
the corresponding period of 1929. The revenues of these
companies for the same period aggregated about 171 million
dollars, compared with 172 million a year ago.
FINANCIAL CHRONICLE
Om 181930.]
In response to the generally depressed condition of trade
and business, natural gas sales for industrial purposes declined by more than 10%, but this, he stated, was practically offset by the industry's program of expansion into
new territory where gas service was not previously available. Where final figures covering the entire production
and consumption of natural gas during the eight-month
period are not available, Mr. Ryan estimated that production aggregated more than 1,272,000,000,000 cubic feet, an
increase of 3.4% over the same interval of 1929. The consumption of natural gas for the generation of electric power
during the first eight months of 1930 continued at a rate
about 17% above the preceding year, despite the fact that
during the same period the production of electric power
increased by only four-tenths of 1%. He further noted:
Because of •the relatively smaller proportion of industrial business, manufactured gas sales were not affected to the same extent by the general
decline in economic and business activity. Reports from companies
representing over 90% of the manufactured gas industry indicate sales for
the first eight months of 1930 of 239 billion cubic feet, an increase of
somewhat less than 1% over the corresponding period of 1929.
The declining trend in water gas production continued during the current
year, production for the eight-month period averaging more than 5% under
the levels of the previous year. The quantities of coke oven gas produced
and purchased, however, increased 7%.
Construction Contracts in September Smaller.
Total construction contracts awarded during September
1930 in the 37 Eastern States amounted to $331,863,500,
according to statistics compiled by the F. W. Dodge Corp.
In September 1929 these construction contracts aggregated
$445,402,300. For the nine months of 1930 the aggregate
of contracts awarded is $3,684,723,500, as compared with
$4,602,267,600 in the corresponding period of 1929.
We give below table showing the details of projects contemplated in September and for the nine months of this year,
as compared with the corresponding periods a year ago. The
table also shows the details of the contracts awarded for
the same periods. These figures, it is stated, cover 91%
of the construction in the United States.
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317,550,400
167,509,300
171,127,800
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162,025,600
5,073,267,200
1,426,422,400
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6,499.689,600
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10,682,700
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118.380,900
2,011,759,800
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Seasonal Improvement in Canadian Business Under
Way According to S. H. Logan of Canadian Bank
of Commerce.
"A moderate seasonal improvement in Canadian business
Is now under way," according to General Manager S. H.
Logan, of the Canadian Bank of Commerce in the Bank's
monthly letter of Canadian business conditions.
Mr. Logan
says:
"It is not, however, general in scope, some industries having found it
necessary to curtail operations even further than during the summer. In
areas where adverse influences have continued to be felt the improvement
has been correspondingly less than elsewhere; for example, the demand
is below the average over the greater part of the prairie provinces and
in many lumbering districts, while it is above the average in most metalmining regions.
"Canada is now in a position to go ahead, but the future depends on
conditions elsewhere. This country depends upon outside markets for the
sale of 40% of the grains it produces, 80% of its forests products (including paper), over 60% of its metals, and about 70% of its fish. For
the present it may be noted that the tone of reports from some major
countries is slightly brighter, but this should not be taken as heralding
a marked upturn in world business; perhaps the best that could be expected
would be an end to the progressive deterioration in world purchasing power
which set in over a year ago."
severe as was first expected, according to Mr. Logan.
Contemplated Projects.
1930.
1929.
-.,
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gNAgi
Commodity Price Index Steadies After Three Sharp
Declines According to National Fertilizer Association.
Despite the reduction in the prices of 24 commodities and
the advance in the quotations of 21 commodites during the
week ended Oct. 11 the general index number of the National
Fertilizer Association wholesale price index was not changed.
The index number stands at 83.3, the same as last week, as
compared with 85.3 a month ago and 96.9 at this time last
year. The index number of 100 represents the average for
the three years 1926 through 1928. Of the 14 groups comprising the index six declined and two advanced during the last
week and the remaining six showed no change.
Coffee, rubber, coal, silver bars, sheep, lambs, apples,
peanuts, cottonseed meal, lard and hemp were among the
commodities that showed advances. Listed among the
articles showing declines were gasoline, finished steel, wheat,
cotton, flour, dried beans, wool, burlap and ammoniated
fertilizer materials.
Canadian agricultural conditions indicate a high-grade
crop as the summer drouth in Eastern Canada was not so
Classification.
i ga
2449
Gain in Employment and Wages During September
Reported by 13 Industrial Groups According to
United States Department of Labor.
The Bureau of Labor Statistics of the United States Department of Labor reported on Oct. 15 the changes in employment and pay-roll totals in September as compared with
August, based on returns made by 40,775 establishments, in
13 major industrial groups, having in September 4,835,873
employees whose combined earnings in one week were
$121,664,306. The combined total of these 13 industrial
groups shows an increase in employment in September of 1%
and an increase of 1.4% in pay-roll totals. Excluding
manufacturing the remaining 12 groups in September showed
a gain in employment of 2.8% and a gain of 2.4% in pay-roll
totals; manufacturing industrials alone showed a decrease
of 0.3% in employment and an increase of 0.4% in pay-roll
totals. The Bureau's survey continues:
Increased employment in September was shown in 4 of the 13 industrial
groups: canning and preserving reached what usually is the industry's
peak with an increase of 32.8%; anthracite and bituminous coal mining
showed the effect of autumn demands with increases of 17% and 1.5%,
respectively; and retail trade responded to the autumn season with an increase of 7.5%. Decreased employment was shown in the remaining nine
industrial groups as follows: Metalliferous mining,1.2%; quarrying,1.8%;
crude petroleum, 3.1%; telephone and telegraph, 2%; power-light-water,
1.1%; electric railroads, 1.2%; wholesale trade, 0.2%, hotels, 1.4%, and
manufacturing, 0.3%. The figures of the several groups are not weighted
according to the relative importance of each group and therefore they represent only the employees in the establishments reporting.
Manufacturing Industries.
Changes in employment and pay-roll totals in manufacturing industries
in September reported above were based upon returns made by 13,074
establishments in 54 of the chief manufacturing industries of the United
States. These establishments in September had 2,929,079 employees,
whose combined earnings in one week were $72,258,248.
Substantially increased employment was shown in September in the food,
textile, chemical,and tobacco groups. Among the decreases in the remaining
eight groups of manufacturing industries were drops of 3.2% in lumber,
2.7% in vehicles. and 1.4% in the iron and steel group.
Twenty-four of the 54 separate manufacturing industries reported increased employment in September, the notable gains having been such
seasonal ones as 21% in confectionery, 20.5% in fertilizers, 12.3% in
women's clothing, 6.9% in millinery, and 5.6% in hosiery. Other outstanding gains were 2.2% in cotton goods, 7.6% in machine tools, 3.5%
In glass, 4.6% in cigars, 9.9% in pianos, 1.1% in agricultural implements,
and 0.3% in electrical machinery.
FINANCIAL CHRONICLE
2450
Outstanding decreases in September were 9% in ice cream, 4.1% in
sawmills, 5.7% in millwork, 3.9% in automobiles, 5.2% in tires, 3.1% in
carpets, 2.3% in silk. 3.2% in petroleum refining, 3.5% in cement, 2% in
brick, and 2.3% In the iron and steel industry.
Rayon alone of the six industries, data for which are not yet included in
the bureau's indexes, showed decreased employment (1.1%) in September.
The increases in the remaining five industries were: 25.8% in radio. 1.7%
In aircraft, 4.4% in jewelry, 2.6% in paint and varnish, and 1.1% in miscellaneous rubber goods.
The New England, Middle Atlantic, and South Atlantic geographic
divisions had more employees in September than in August, while the remaining six divisions reported fewer employees in September.
Per capita earnings in manufacturing industries in September 1930, were
0.6% greater than August 1930, and 9.9% smaller than in September 1929.
In September 1930, 10,559 establishements reported an average of 78%
of a full normal force who were working 92% offull time,these percentages
Indicating no change in force employed and an increase of 1% in operating
time as compared with August.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Monthly Average 1926=100).
Employment.
Manufacturing Industries.
General index
.
Food and kindred products
Slaughtering and meat packing_
Confectionery
Ice Cream
Flour
Baking
' Sugar refining, cane
Textiles and their products
Cotton goods
Hoeiery and knit goods
Silk goods
Woolen and worsted goods
Carpets and rugs
Dyeing and finishing textiles
Clothing, men's
Shirts and collars
Clothing, women's
Millinery and lace goods
Iron and steel and their products
Iron and steel
Cast-iron pipe
Structural ironwork
Foundry & machine-shop prods
Hardware
Machine tools
Steam fittings
Stoves
Lumber and its products
Lumber. sawmills
Lumber, millwork
Furniture
Leather and its products
Leather
Boots and shoes
Paper and printing
Paper and pulp
Paper boxes_ .....
Printing, book and lob
Printing. newspapers
Chemicals and allied products- -Chemicals
Fertilizers
Petroleum refining
Stone, clay and glass productsCement
Brick, tile and terra cotta
Pottery
Glum
Metal products, other than iron
and steel
Stamped and enameled ware_
Brass, bronze and copper prods
Tobacco products
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Vehicles tor land transportation
Automobiles
Carriages and wagons
Car building and repairing,
electric railroad
Car building and repairing,
steam railroad
Miscellaneous industrlee
Agricultural Implements
Electrical machinery,apparatus
and supplied
Pianos and organs
Rubber boots and shoes
Automobile tires
Shipbuilding
Sept.
1929.
Aug.
1930.
Sept.
1930.
Payroll Totals
Sept.
1929.
Aug.
1930.
Sept.
1930.
99.3
79.9
79.7
102.6
73.9
74.2
102.1
100.6
99.8
102.5
106.4
104.4
89.5
97.1
94.0
100.6
98.1
97.4
103.8
100.8
95.3
93.9
102.8
94.0
1C0.7
96.3
81.8
107.7
105.7
92.2
134.9
77.2
97.1
91.4
89.0
84.1
102.1
98.4
95.3
99.2
102.9
96.2
99.0
105.6
108.9
101.6
103.6
90.9
102.7
90.5
84.2
87.3
92.7
97.4
92.6
94.3
75.4
101.1
97.5
96.1
92.6
77.8
72.9
79.6
78.0
78.4
73.5
86.6
79.7
74.3
85.0
80.2
80.5
80.8
68.5
92.0
82.7
73.1
82.6
62.0
73.0
66.3
65.4
61.7
71.6
86.5
84.6
87.0
96.9
90.0
89.0
98.3
106.5
89.7
92.4
70.1
92.9
72.3
80.5
66.1
80.0
72.9
94.9
94.3
91.2
92.0
97.6
97.1
91.3
79.9
74.5
84.1
76.2
78.1
71.3
85.5
81.3
77.0
95.4
85.7
79.4
79.0
67.1
91.0
81.3
74.1
88.8
62.4
72.7
64.2
62.7
58.2
71.9
85.1
84.1
85.4
95.9
88.0
90.6
95.3
107.5
91.0
93.9
84.4
89.9
72.1
77.6
64.8
80.4
75.4
105.3
104.2
102.0
103.3
115.0
106.5
92.1
97.8
91.2
106.3
100.6
98.1
99.2
100.0
92.0
91.5
108.7
93.2
104.2
101.7
83.3
112.1
108.1
93.4
143.9
78.2
93.4
94.9
92.6
85.8
105.6
100.7
97.6
101.6
107.7
98.5
108.0
108.3
113.9
105.2
106.0
92.3
106.6
89.6
87.3
82.4
91.1
100.6
95.1
96.8
75.2
100.4
101.0
96.9
94.8
69.4
61.5
70.9
72.1
72.9
54.7
76.4
71.9
64.5
75.4
71.0
71.7
72.5
66.0
90.2
73.0
59.8
69.8
54.0
60.0
60.6
60.1
59.2
62.7
77.3
83.5
75.5
99.0
86.3
90.7
100.5
109.0
91.6
90.1
70.7
96.6
65.0
77.8
57.7
65.0
67.7
98.1
98.9
93.9
92.6
101.0
99.2
95.5
73.6
64.6
79.0
70.2
73.4
55.2
79.9
69.2
65.5
93.6
85.0
69.7
70.0
65.5
85.7
70.5
60.2
74.9
53.8
63.1
59.8
59.0
55.2
64.5
73.6
81.5
71.4
98.5
83.6
93.6
98.4
110.8
92.2
91.5
86.3
93.8
65.0
75.1
57.0
65.8
70.1
96.2
89.7
99.3
95.9
76.3
75.1
76.9
86.1
74.4
73.9
74.6
89.8
100.6
79.3
105.1
98.6
67.5
67.1
67.7
81.8
65.9
64.6
66.4
84.7
89.3
96.7
99.9
115.7
85.0
87.4
85.9
73.9
78.0
54.8
88.6
86.8
89.9 100.0
71.9 104.8
75.0 117.0
53.8
92.2
87.2
81.1
64.1
56.5
60.7
87.2
84.4
64.2
60.7
55.7
91.5
86.0
85.5
93.3
85.5
83.2
86.5
114.7
109.2
69.4
88.5
69.1
68-3
88.0
69.8
93.2
115.1
108.1
70.4
84.3
56.8
66.4
83.8
56.0
127.3
65.4
103.3
102.3
105.8
95.2
42.8
74.6
77.4
113.7
95.5
47.0
72.7
73.4
113.3
130.8
63.6
109.0
92.9
110.6
91.3
36.0
64.6
72.4
114.8
93.3
39.9
63.1
66.1
111.6
Union Guardian Trust Company of Detroit Reports
Seasonal Gains in Some Michigan Trade Centers.
Business in several Michigan trade centers has made substantial seasonal gains, according to Ralph E. Badger, VicePresident, and Carl F. Behrens, economist, of the Union
Guardian Trust Co., Detroit. Under date of Oct. 9 they
state in part:
Money conditions are easy and in almost no part of the State is any
shortage of funds indicated. Industrial activity, on the other hand,
although well above the July rate, has shown some decline from the rate
maintained in August. Furthermore, recent movements of a number of
national barometers of trade and industry, such as steel mill activity,
electric power production, and freight carloadings have likewise been disappointing. In the face of these facts, however, many competent observers feel that gradual recovery is near at hand. In support of this contention, they point to the following facts: (1) Prices of many commodities
have declined to levels which have encouraged moderate forward commitments; (2) compared with a year ago, our foreign trade balance is larger;
(3) a net gain in gold stocks has been made; (4) savings deposits are up;
(5) ship building activity is greater; (6) the volume of outstanding installment credit has been substantially reduced; and (7) conditions in the money
market are so sound and healthy as to command little or no attention. .
Trade in the Detroit area during September, measured by bank debits,
increased materially but this gain was not so great, relatively, as the gain
made in the same period of 1929. The total of bank debits in the week
[Vol,. 131.
ended September 24, 1930 amounted to $265.000,000, a gain of 13% ove •
that reported in the same week of August, whereas in the same period of
1929, the gain amounted to 44%. Industrial activity fell below the August
rate. Automobile output declined about 25% from the August total, but
exceeded July output by at least 5%. Employment on Sept. 15, according
to the Detroit Board of Commerce index, was 5% below that reported
Aug. 15, but 39% above the July 15 figure.
A steady increase in retail trade for Flint is indicated by bank debits.
In the week ended Sept. 10, they totalled 87,900,000: in the week ended
Sept. 17, they amounted to $8,700,000; and in the week of Sept. 24, to
$9,300,000. One of the leading producers of light cars located there has
maintained a constant rate of output throughout the month, and a maker
of medium priced cars has actually expanded operations in the last two
weeks. Some increased building activity is expected in the next few weeks.
Flint building permits issued in August amounted to $953,879, which compares with $208,951 in July, and $1,500,063 in August 1929.
Industrial activity in other centers, such as Jackson, Pontiac, Saginaw,
and Port Huron, where automobiles and automobile parts are manufactured, is reported below normal. . . .
The manufacturing situation in southwestern Michigan cities, with the
exception of Battle Creek, is very little different from that reported for
industrial cities in southeastern Michigan. On the basis of the first 8
months business, 1930 has proved to be a better year than 1929 for Battle
Creek, and unemployment of local people is not extensive. A large foreign
order is expected to keep the threshing machine company in that city
.
busy for some weeks. . .
In summary, out of 18 reports received from bankers in southwestern
Michigan, eight predict no change of manufacturing activity in their
respective cities in the immediate future, two believe that a decline will
take place soon, and eight look for improvement during the next few weeks.
With the vacation season at an end, business in the northern counties
has declined to relatively small volume. The decline in retail trade is
especially marked and employment also has fallen off.
In the Upper Peninsula. a mixed condition of business exists. At Bessemer, Negaunee, and Sault Ste. Marie industrial activity and employment
continue to be normal. At Hancock and Iron Mountain, on the other
hand, employment is much less than it was a year ago, and is still decreasing. Building activity in Ironwood and Marquette showed some
Increase in the early part of September.
The drouth condition, which was especially severe in Michigan between
July 20 and Aug. 10, was very detrimental to the principal farm crops.
The Michigan Crop Reporting Service states that on Sept. 1, the condition
of six main crops,- corn, potatoes, beans, alfalfa, buckwheat, and pastures, went below the lowest figure for this date on record. The fruit
crop, in general, has suffered less than most of the late crops. Among
the latter, corn and beans were especially badly affected. This month's
estimate of corn production is 44% below the average of the last five years.
and the bean crop, with a larger acreage sown this year than over before,
will be the smallest crop harvested since 1927.
At a recent meeting of the Great Lakes Regional Shippers Advisory
Board, it was estimated that freight car requirements for the fourth quarter
in the Great Lakes district (including lower Michigan, and parts of Indiana,
Ohio, Pennsylvania, New York, and the province of Ontario) would be
13.2% less than in the final quarter of 1929. An interesting feature of the
Boards estimate relates to the demand for freight cars for automobile
shipments. While the reliability of this estimate as a forecaster of automobile output is somewhat impaired by the fact that many automobiles
are driven through or trucked to tneir destination, it is to be noted that
for normal years the estimates themselves have been more than 95%
accurate as regards the final requirements of freight cars for automobile
shipments. Therefore, the statement that October requirements will be
well under October 1929 needs; that the number of cars required in November will about equal those used in November, 1929. and that the
December total will be about 5% above the actual number of cars used
in December 1929, merits more than passing notice. The point of greatest
significance in these monthly forecasts is not so much that December
requirements will be greater this year than last, but that there will have
been a sharp increase in relative requirements each month from October
on through the quarter. Furthermore, this characterization of activity in
the automobile industry during the final quarter of 1930 is in accord with
general opinion in the industry.
State Commission on Unemployment To Be Named by
-To Seek Relief for
Gov. Emmerson of Illinois
400,000 Unemployed.
A State commission on unemployment will be appointed
by Governor Louis L. Emmerson to find and make effective
a plan for the relief of the 400,000 unemployed persons in
Illinois, it was announced after a conference held in Chicago
by the Governor and representatives of industrial, labor and
social agencies. We quote from the "United States Daily"
of Oct. 16, which went on to say:
The number of unemployed was estimated by the State Director of
Labor, Barney Cohen, who said there had been an average decrease in
employment in all State industries during the year of 17.3%, and that in
his opinion the State faced the hardest winter since 1921.
Purpose of Conference.
In explaining the purpose of the conference, Governor Emmerson said;
"While I believe that the present industrial conditions are the backwash
of depression and financial insecurity in European nations and are to a
considerable extent due to state of mind on the part of the public, nevertheless the resultant lack of employment and the suffering of many thousands of people Is very real.
"Unemployment has been increasing steadily in many communities
since April. Some estimates place the number of unemployed in Chicago
at 10% of all the workers in the city. Demands for help from those who
can not secure the bare necessities of life are more than double the normal
number. Winter is approaching with its added hardships for the poor, and
we may reasonably expect that the usual seasonal unemployment of Certain
trades will be added to those already out of work.
"I do not want to paint the picture any darker than it s, but I think it
would be a mistake to close our eyes to actual conditions. There are
evidences of improvement and it may well be that, with returning confidence, industry will quickly resume its normal activities. In the meantime
whatever we can do toward relieving unemployment will be beneficial in
restoring prosperity."
,•
The present situation has not been faced squarely and thoughtfully.
declared Mr. Cohen (of the State Department of Labor].
"There are no accurate figures on the number of unemployed," he said.
"The labor agency shows that it is the worst since 1921, and the unofficial
OCT. 18 1930.]
FINANCIAL CHRONICLE
2451
estimate Is 400,000. There are several hundred thousand more on part
time schedules.
"The situation has not been faced squarely and thoughtfully. We need
prompt action in two directions, to improve the present and to prevent such
things in the future. Federal and State Governments must take prompt,
action for emergency relief. Wages and costs are low now and private
Industry should take advantage of this in new work, and should adopt the
part-time system for all workers. We should consider unemployment insurance for the future. We are facing a wave of industrial unrest."
According to the Chicago "Journal of Commerce" the
Executive Board of the Illinois State Federation of Labor
had recommended that the Executive take the initiative
in dealing with relief measures. The organizations invited
to send representatives to the Chicago conference were:
Illinois Chamber of Commerce, Employers' Association,
Chicago United Charities, Chicago Council of Social Agencies,
Illinois State Federation of Labor, Illinois Bankers' Association, Chicago Association of Commerce, Chicago Bankers'
Association, Illinois Manufacturers' Association and Chicago
Church Federation.
From the "Wall Street Journal" of Oct. 16 we take the
following Chicago dispatch:
Governor Emmerson's State Committee of 45 prominent citizens will
meet Oct. 20 at 2 p. m. to take up the registration of the unemployed and
ether phases of relief administration, It is announced by Dr. Benjamin M.
Squires, Temporary Chairman of the Committee.
The program is outlined by Dr. Squires as follows;
Establishment of a clearing house for placing of jobless through public
employment; stimulation of public works construction; encouragement of
private construction projects; creation of a community chest under the
direction of social welfare groups; formulation of plans to rotate jobs through
shortening of the working day and week; formulation of a food bureau to
work for fair prices.
Business and Agricultural Conditions in Minneapolis
Federal Reserve District-Smaller Volume of
Business Reported.
According to the preliminary summary of agricultural and
business conditions in its District, issued Oct. 17 by the
Federal Reserve Bank of Minneapolis, the volume of business
in the District was smaller in September than in the corresponding month a year ago, continuing the trend which has
been in evidence for several months. The Bank continues:
year ago; to be exact, 53.5%. Fourteen of the 21 cities report an estimated
valuation which exceeds that for August. Six, Glen Ellyn, Highland Park,
Kenilworth, Lombard, Maywood. and West Chicago, report an activity
exceeding that of a year ago. The large increase over the preceding month
in estimated expenditure for Highland Park was due to the issuance of a
permit for a club and association building, to cost $230,000; the increase
in Wilmette to a large residential program; and the increase in Park Ridge
to a permit for a $55,000 school.
The cities outside the metropolitan area, in sharp contrast to the situation in Chicago and its suburbs, reported an estimated volume of expenditure which was 43.6% below that of last month, and 45.3% below that of
a year ago. The area outside Chicago and its suburbs appears now to be
losing the relatively favorable position which it has held so far during the
year. Nine of the 23 cities reporting show an increase over the preceding
month, and five-Alton, Freeport, Joliet, Peoria and Quincy-report an
activity more than that of a year ago. The increase in Peoria was due
largely to a permit for the erection of a school, to cost $163,000.
Of the total estimated expenditure for all reporting cities, 44.1% was
for residential building; 50.2% for non-residential building; and 5.7% for
additions, alterations, repairs and installations. The corresponding percentages for Chicago were: 43.5%, 54.2%, and 2.3%. For the suburbs
they were: 47.4%, 31.3%, and 21.3%; and for the remaining reporting
cities: 45.6%, 36.3%. and 18.1%.
A total of 358 residential buildings to cost $7,520,892 and to provide for
599 families were reported during the month. One hundred and thirty-four
of these buildings are to be erected in Chicago, to cost $5,983,500 and to
provide for 339 families; 59 residences are to be erected in the suburban
cities to cost $744,750 and to provide for 59 families; and 165 residential
buildings in the remaining cities, to cost $792,642 and to provide for 201
families.
Permits for the erection of 822 non-residential buildings, estimated to
cost $3,576,946 were issued in the 45 cities during the month. Of this
amount, 86.9% was to be expended in Chicago, 5.7% in the suburban
cities, and 7.4% in the cities outside the metropolitan area. Of the total
of $966,756 to be expended for additions, alterations, repairs and installations, 32.9% is for Chicago building, 340% for the suburban cities, and
32.5% for cities outside the metropolitan area including Chicago.
During the first nine months of the year, 1930, 20,062 buildings were
authorized by permits issued in 45 cities, with an estimated cost of $109.717,985. This is a decrease of 32.2% in the number of buildings and 53.5%
in valuation from the first nine months of 1929. The estimated cost of
Chicago building authorized by permits during the past nine months is
56.0% less than for the first nine months of last year. For the suburban
cities, the decrease is 62.1% and for the cities outside the metropolitan
area, 29.4%. These figures show a change from the relative situation at
the end of the first six months of the year. when Chicago was 64.4% below
the level of the same period in the preceding year. the suburban cities,
64.1% below, and the remaining reporting cities, 24.6% below the first
six months in 1929.
Four of the cities outside the metropolitan area-Alton, Batavia, Peoria.
and Springfield-report a volume of building during the past nine months
exceeding that of the corresponding period of a year ago. None of the
cities of the metropolitan area shows a volume as high as last year.
The total estimated expenditure for the 45 cities during the first nine
months is divided, as follows: 33.0% tot residential building; 56.2% for
non-residential building; and 10.3% for additions, alterations, repairs and
installations. The corresponding percentage distribution for Chicago Is
29.4%; 62.7%; and 7.9%. For the suburban cities, it is 46.6%; 36.5%.
and 16.9%. For the cities outside the metropolitan area, the distribution
is 36.3%; 47.0%, and 16.7%•
The daily average of bank debits was 23% below the figure for September
last year, with all parts of the District experiencing decreases. The country
check clearings index was also 23% below the figure for September last
year. Freight carloadings in the first four weeks of September were 18%
smaller than in the corresponding weeks last year, with all commodity
groups decreasing except grains and grain products. Increases over the
corresponding month last year were reported for electric power consumption
in the eastern part of the District, building contracts and flour production.
Decreases were reported for building permits, linseed product shipments,
copper and iron ore output and country lumber sales. Employment indexes
for Minneapolis declined further in September.
The estimated cash value of major farm products marketed in September
The following statistics are supplied by Mr. Myer:
was 7% smaller than the value of marketings in September last year.
Decreases occurred in bread wheat, rye, potatoes, dairy products and TABLE 1-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN SEPTEMhogs, and increases occurred in durum wheat and flax. The latter increases
BER 1930, BY CITIES.
were occasioned by heavy marketings, which more than offset price deSeptember 1930.
August 1930.
September 1929.
clines. Prices of all important farm products in the District were lower in
September than a year ago, with the exception of heavy hogs.
No. of Estimated No. of Estimated No. of Estimated
Cities.
Blelps.
Cost.
Ridge.
Cost.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
Bldgs.
Cost.
IN THE NINTH FEDERAL RESERVE DISTRICT.
$
$
$
% Sept. 1930
2,143 17,064,594 2,318 12.396,020 03,600 al8,409,631
Sept. 1930. Sept. 1929. of Sept. 1929. Total all cities
Broad wheat
$23,167,000 $28,950,000
80
1,240 15,325,855 1,453 9,314,515 2,270 16,234,191
Metropolitan area
Durum wheat
10,499,000 8,848,000
119
Rye
2,157,000 2.441,000
88
Chicago
810 13,753,300 1.079 8,275.785 1,637 12,294,015
Flax
9,502.000 6.042.000
157
-Potatoes
3,865,000 4,440,000
87
Metropolitan area, exDairy products
17,450,000 20,228,000
86
430 1,572,555
cluding Chicago-874 1.038.730
633 2,940,176
Hogs
7,086,000 8,670,000
82
Berwyn
57
91,400
49
55.850
76
157,075
$73,726,000 $79,619,000
93
Blue Island
15,525
26
42
25,698
41
110,941
Cicero
20
29.675
27
72,838
59
534,931
Evanston
247.050
56
44
208,500
325.150
77
Review of Building Situation in Illinois During SepForest Park
15.360
15
2
6.200
27,650
18
Glencoe
52,350
7
tember and First Nine Months.
78,000
101,750
8
Glen Ellyn
46,015
14
1
6
58,644
8,664
Harvey
27
In presenting, under date of Oct. 15, his review of the
1
40,590
47
12,420
130,799
Highland Park
359,950
28
65,703
261.775
30
building situation during September and the first nine
Kenilworth
58,400
6
74,700
45.470
12
La Grange
months of the year, Howard B. Myers, Chief of the Bureau
9
18,900
1,000
161,600
27
Lake Forest
11
108,786
285.539
25
79,361
1
of Statistics and Research of the Illinois Department of Labor, Lombard
12
20.043
32,040
46,152
1
19
says:
Maywood
31
43.610
49,382
37,340
2
30
Oak Park
33
223.290
78,285
2
48
33,700
Reports from 45 Illinois cities show a decided increase in the
estimated
Park Ridge
25
114,754
92,664
47
39,166
2
valuation of building permits for September when compared
River Forest
with the
89,650
5,437
45.600
7
8
previous month. Reports for September show an average seasonal
West Chicago
6
10,175
4
6.835
7.400
decrease
Wheaton
of about 10% in estimated valuation. This year, however, September
10
45,300
24,900
9
14,500
Wilmette
115.385
104.911
23
62.385
23
I
reports reveal an increase of 37.7% over the total for August. The
estiWInnetka
14,140
129,400
90,760
19
7
mated cost of buildings authorized in September was $17,064,594, to
be
Total outside metropoliexpended on 2.143 buildings. The increase in estimated
expenditure for
tan area
this month presents the most hopeful situation reported in
903 1,738,739
865 3,081,505 1.330 3,175,440
Illinois during
,
the present year. The total estimated valuation for September 1930,
Alton
is
50,054
55
239.610
42
41,637
31
only 7.3% below the figure for September 1929. Taking the 45 cities as
Aurora
89.557
329,195
80
91,450
77
66
a whole, most of the increase over last month was mused
Batavia
9,775
6
4
12,350
3
12,950
by the expansion
Bloomington
40,500
56,000
15
147,000
10
22
of residential building activity. During the preceding 12 months,
Canton
how7.750
7
67,600
6
5,500
14
ever, non-residential activity has suffered less in the depression
Centralia
than has
3
37.500
residential building.
Danville
13
15
37,500
31
20,625
94,837
Decatur
The increase this month was concentrated in the metropolitan
72,350
37
45
78
708.770
131,180
area.
East St. Louts
123,715
109.500
76
71
126
141,573
The estimated expenditure authorized for Chicago during September
Elgin
is an
72,096
58
54
69,085
68
90.330
increase of 66.2% over the preceding montn, and, for the first
Freeport
18
14
41,736
28.140
19
time this
17.230
Granite City
year, rises above the figure for a year ago, with an increase
1
3,000
2
2,900
15
88.600
of 11.9%•
Joliet
expansion of residential building in Chicago has been
490,100
47
21
275.705
49
The
257,257
especially proKankakee
16,412
8
25,000
23
7
482,580
nounced, with an increase of 251.6% over August. A large
Moline
part of this
71
63,535
57,419
74
114
263.784
increase was occasioned by the issuance of permits for two large
MurPhysboro
aprtment
Ottawa
buildings, two hotels, and a Y. M.C. A., involving in all nearly
7
26,000
15
73,600
9
44,100
$5,000,000.
Peoria
106
336,150
242.990
98
152
318,020
Permits were also issued for the erection of eight large factories
Quincy
involving
19
50.740
12,250
31
26
40,790
expenditure of over $6,000,000.
an
Rockford
98
206,190
194,340
159
90
262.960
Rock Island
Toe 21 reporting suburban cities, as a whole, reported an increase over
109
50,511
99
129,248
91
133,470
Springfield
146,685
68
84.081
120
70
183,992
the Preceding month of 51.4%. Building activity as shown by permits in
Waukesan
75.580
37
27
71
96.500
264,100
these 21 cities, however. Is still only a little more than half of that for a
ese revised totals Include the figure. for Kankakee; not reported heretofore.
FINANCIAL CHRONICLE
2452
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
TABLE 2
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES FROM JANUARY THROUGH SEPTEMBER 1930, BY CITIES.
-Sept. 1930.
Jan.
No. of
Bldg:.
Estimated
Cost.
-Sept. 1929.
Jan.
No. of
Mtgs.
Estimated
Cost.
Total all cities
20,062 3109,717,985 a29,567(4235668809
Metropolitan area
11,948
87,605,169 18,558 204,339,393
Chicago
8,754
73,631,072 13,696 167,466,605
Metropolitan area excluding Chicago...-
3,104
13,974,097
4,862
36,872,788
375
227
208
410
161
68
78
176
147
34
80
136
64
195
253
202
57
36
57
135
95
649,545
218,642
985,534
2,818,500
167,705
603.730
406,112
311,607
861,950
322,978
716,150
1,415,309
255,751
603,510
1,209,755
528,334
314,648
59,436
234,300
613,806
676,795
586
261
473
582
205
118
106
317
251
67
147
177
122
240
439
259
86
45
56
188
147
3,201,725
925,026
3,132,068
7,257,300
947,839
1,240,897
805,417
1,099,892
1,896,225
702,380
1,036,985
1.916,707
327,266
997,490
5,296,615
1,637.426
919,394
83,202
438,900
1,549,009
1,461,025
22,112,816 11,009
31,329.416
421
661
28
148
56
28
194
704
983
639
180
83
494
118
859
3
136
982
240
1,337
1,239
940
530
814,111
1,840,468
52,510
839,500
334.605
332,500
881,326
2,987,930
1,726,710
1,146,682
834,468
399,750
2,294,434
934,223
1,321,463
11,600
439,700
2,345,255
639,315
4.356,022
2,080,575
2.787,879
1,928,490
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet..
Kankakee
Moline
Murphysboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan..
8,114
367
534
31
98
74
25
109
380
537
506
148
ss
349
72
773
3
77
952
192
840
901
814
274
988,806
910,589
52,550
440,700
170,973
90,350
287,258
1,679,465
1,193.689
600,306
551,941
293,400
2,102,660
207,902
1,168,697
4,800
227,800
2,775,080
561,389
2,242,930
1,102,514
2,944,682
1,514,335
a These revised totals Include the figures for Kankakee, not reported heretofore.
Southwest Business Conditions as Viewed by Los
Angeles Chamber of Commerce-Improvement Reported in Most Industries-Building Conditions.
The Los Angeles Chamber of Commerce states that
September continued to show improvements in most industries and strengthened the forecast of August for the coming
fall season. In its "Southwest Business Review" the
Chamber also has the following to say regarding local conditions during September:
The industrial employment index stepped up 2.6 points, with those
lines not actually showing increases standing firm; building permits showed
an increase of 1% over September of last year-the first time this year
that permits have topped last year's figures-and 2% over the preceding
month. Postal receipts exceeded September 1929 by under 1%. the
second consecutive increase over 1929.
Bank debits fell below August; stock exchange transactions were much
more active, showing 51% greater total than during August. Retail
sales for August registered little improvement over the several previous
months and were lower in volume than during August 1929. Whoesale
volume advanced somewhat over the previous month, but was still below
September 1929.
Among the important industries, construction, as reflected in the building
permit records, had the most active month in some time, with public
projects already let starting active work, and building material prices
rising in practically all branches. Wearing apparel, in spite of the set-back
of the local strike which effects women's coats and men's suits, is working
at satisfactory volume on fall orders, expanded production units in the
dress industry being kept busy. Millinery, also, is producing at about
capacity due to volume buying of retailers in all price ranges. Furniture
factories are busy with fall orders and the motion picture industry is under
way on large production schedules.
While agricultural conditions are satisfactory the market is unusually
slow, with resulting set-backs to growers' returns. The livestock situation
both
in this district is not altogether satisfactory due to low prices for
cattle and sheep.
Neighboring States report quiet business conditions, largely influenced
trend in construction.
by the lowest copper price in years; but an upward
As to building conditions, the Chamber says:
Building Permits.
been anticiNew construction during September was greater than had
year
pated, with the result that the month exceeded both August of this
Figures for the nine months of
(by 2%). and September 1929 (by 1%).
first three quarters of 1929. That
the year are still about 20% behind the
by the
this section is high compared with the national trend is indicated
building permits
fact that the State of California has been second in value of
been
for the entire country. Los Angeles City permits have consistently
one-third of those for the entire State.
Comparative figures are as follows:
Value.
Number.
Number. Value.
September 1930_2.992 $6,662,76119 months 1930- _23,500 $58,711.865
74.155,214
6,629,71019 months 1929-23,999
September l929_2,736
77.390,921
8,505,32719 months 1928.-25,657
September 1928-.2,565
[vol.. 131.
Conditions in Dallas Federal Reserve District
Scattered Rainfall Not of Material Benefit in
Drouth Situation.
The effect of the drouth in the Dallas Federal Reserve
District is indicated in the following which we quote from the
Oct. 1 issue of the "Monthly Business Review" of the
Federal Reserve Bank of Dallas:
A further reduction in the prospective yields of principal crops, together
with the persistence of low agricultural prices, has had a noticeable effect
upon business and industry in the Eleventh District. The continuance of
the severe drouth during August left a large area of the district in a critical
condition and the scattered rainfall recently has been insufficient to materially alter the situation. According to the Sept. 1 report of the Department
of Agriculture, the production of major crops in much of the Northern half
of Texas,Southeastern Oklahoma,and North Louisiana will fall considerably
short of that in 1929. In many instances, the situation is aggravated by the
fact that the poor condition this year is a culmination of a series of poor
crop years. In those sections where good crops are being harvested, the
low prices being received for products are materially reducing returns from
the current crop. Ranges deteriorated rapidly in the drier sections and while
livestock held up well under the circumstances, they are beginning to show
the effects of poor ranges. Market prices for livestock have strengthened
somewhat since the middle of August, but trading on the ranges is at a
standstill.
Reflecting the poor agricultural situation, the demand for merchandise
continued sluggish. While sales in most reporting lines of wholesale trade
reflected a seasonal increase over July. they fell considerably short of the
August 1929, volume. Reports Indicate that retailers are still buying very
sparingly and are keeping inventories at a minimum. Seasonal liquidation
has improved collections to some extent; yet they are somewhat spotty.
Sales of department stores in larger centers during August exceeded those
in July by 11%, but they showed a decline of 8% from the corresponding
month last year. While the number and liabilities of commercial failures
wore slightly larger than in July. they compared favorably with a year ago.
The usual demand for funds for use in completing the cultivation of
crops and the movement of cotton was in evidence during August. Federal
Reserve Bank loans to member banks rose from $12,744.365 on July 31 to
$14,875,824 at the close of August, but after the first of September there
was a gradual liquidation of borrowings which carried these loans down to
$13,338,877 on the 15th of the month. On that date a year ago, Federal
Reserve Bank loans amounted to $45,855,522 due principally to the heavy
borrowings of reserve city banks while most of the funds this year are
being absorbed by country banks. The combined daily average of net
demand and time deposits of member banks reflected a further seasonal
decline of 812,156,0C° and were $40,191,000 less than in August 1929.
There has been a slight shading of Interest rates charged customers by large
commercial banks, and the Federal Reserve Bank of Dallas reduced its
discount rate from 4 to 314%, effective Aug. 9. The continued strong
demand for short term investments was evidenced by the heavy subscriptions to the Sept. 15issue of United States Treasury Certificates of Indebtedness bearing 2% %, which amounted to $50,072,000, against which allotments of $21,200,000 were made.
Some improvement was noticeable in the construction industry. The
valuation of permits issued at principal cities in August reflected an increase
of35% over the previous month, but was 15% lower than in the same month
in 1929. The production, shipments, and new orders for lumber were
smaller than in either the previous month or a year ago. The production
and shipments of cement declined from July but production was greater
than in August last year.
As to business conditions the Bank says:
The low prospective returns from agriculture. due both to the smaller
production resulting from the drouth and the low prices for agricultural
products, continues to affect adversely tne demand for merchandise in
wholesale channels. While business in every reporting line except farm
implements reflected a seasonal improvement over the previous month.
sales in all lines were substantially smaller than in the corresponding month
of 1929. Due to the uncertainty regarding consumer demand and the continued weakness of commodity prices, retailers are purchasing in small lots
and are making re-orders as the need for additional merchandise arises.
Reports indicate that merchants are holding inventories to a minimum.
While collections are somewhat spotty, they showed an increase over July
in all reporting lines.
Wholesale dry goods firms in this district reported the usual heavy
increase in demand during August, coincident with the opening of the fall
buying season in leading centers, but the volume was considerably smaller
than in other recent years. Sales, which were 82.6% larger than In July,
reflected a decline of 41.8% from August 1929. Business during July and
August averaged 42.5% lower than in the same two months a year ago.
Merchants have been buying in small quantities and making frequent
re-orders as consumer demand makes its appearance in order to keep inventories at a low level. Reports indicate that business In September has been
holding up fairly well. Stocks on hand Aug. 31 were 27.5% smaller than
a year ago and showed a decline of 4.1% from a month earlier. Cotton
goods prices have reflected a further weakness in sympathy with the trend
of the raw cotton market. Collections during August were in larger volume
than in July.
The sales of agricultural implements by wholesale firms in this district
dropped 16.6% from July and were 59.9% below August last year. While
the decline was due in part to seasonal influences, the small demand prevailing at the present time is traceable to the poor returns from agriculture
which are causing farmers to hold purchases to absolute necessities. Collections were slightly higher than in July.
Although the demand for drug at wholesale was 9.7% larger in August
than in July, it was 21.1% less than in the same month last year. Eight
of the 10 reporting firms showed heavier sales than in the preceding month.
due to seasonal influences, but all had declines from last year both in August
and combined July-August sales. Collections reflected a slight increase
and were in the same proportion to outstanding accounts as they were last
month.
Wholesale hardware firms in the Eleventh District reported an increase
in sales of 8.3% over July, but their August volume was still 31..0% below
that of 1929. Stocks at the end of the month were 9.3% larger than a year
ago. As compared to the previous month, collections reflected a slight
increase.
Sales of groceries at wholesale in this district were 6.8% larger during
August than in July, but reflected a decline of 12% from the same month a
year ago. The demand, which is being affected by poor crops and low
agricultural prices, appears to be sluggish throughout the district. Collections showed an improvement over the previous month. The trend of
prices continued downward.
2453
FINANCIAL CHRONICLE
OCT. 18 1930.]
CONDITION OF' WHOLESALE TRADE DURING AUGUST 1930.
Percentage of increase or decrease In:
The Western Pine Manufacturers Association, of Portland, Ore., reported production from 91 mills as 31,166,000 feet, shipments 38.723,000
and new business 42,961,000 feet. Sixty-six identical mills reported a
Ratio of
Stocks
decrease in production of 33%, and an increase in new business of 4%,
Net Sales
Net Sales
Collections
Aug. 1930
July 1
Aug. 1930
During Aug. when compared with last year.
Compared
to Date
Compared
The California White & Sugar Pine Manufacturers Association, of San
to Accounts
With
Compared
With
Francisco, reported production from 24 mills as 19,351,000 feet, shipments
and Notes
With Same
Outstanding
July
Aug.
Aug.
July
Period
20,656,000 and orders 18,842,000 feet. The same number of mills reported
1930. on July 31.
1929.
1930.
Last Year.
1929.
production 43% less, and orders 7% less, than that reported for the same
period of 1929.
63.4
+.5
-12.0
-12.0
+6.8
-12.7
Groceries
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
-4.1
23.4
-27.5
-41.8 +82.6
-42.5
Dry goods
7.7
-59.9 -16.6
-48.2
Farm impl'm'ts
reported production from 7 mills as 2,114,000 feet, shipments 3.735,000
33.8
+2.0
+9.3
Hardware
-31.0
+8.3
-30.2
and new business 2,567,000. The same number of mills reported a de40.3
-13.3
-1.5
Drum
-21.1
.1-0.7
-18.0
crease in production of 73%, and a decrease in new business of 57%, in
comparison with last year.
Retail Trade.
The Northern Hemlock and Hardwood Manufacturers Association, of
The demand for merchandise at retail in larger cities during August
mills as 1,118,000 feet, shipreflected the usual summer dullness. The sales of department stores, while Oshkosh. Wis., reported production from 21
number of mills roshowing a gain of 11.3% over the previous month, were 8.1% less than in ments 1,347,000 and orders 1,365,000. The same
below, that reported for
the corresponding month last year. The sizable increase over the previous ported production 66% below, and orders 1%
the corresponding week a year ago.
month was due in part to widespread reduced price sales, which were
The North Carolina Pine Association, of Norfolk, Va., reported profeatured during the month in an effort to clear out the stocks of summer
and new
goods. Sales during the first eight months of the current year averaged duction from 100 mills as 7,241,000 feet, shipments 8,353,000
business 5,458,000. Fifty-one identical mills reported a decrease in pro7.6% smaller than during the corresponding period of 1929.
42% and a decrease in new business of 73%, when compared
Stocks on hand at the close of August reflected a seasonal increase of duction of
6.1%, yet they were 14.8% smaller than on Aug. 31 1929. The rate of with 1929.
The California Redwood Association, of San Francisco, reported prostock turnover during the first eight months of the current year was 1.82
duction from 12 mills as 5,576,000 feet, shipments 5,606,000 and orders
as compared to 1.87 during the corresponding period last year.
number of mills reported a decrease of 29% in
Collections reflected a seasonal decline during the month. The ratio of 3,947,000. The same
production and a decrease of 40% in orders, in comparison with a year ago.
August collections to accounts outstanding on Aug. 1 was 29.9% as comHardwood Reports.
pared to 32.8% in July and 32.7% in August 1929.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
mills as 23,956,000 feet, shipments 27,135,000 and
production from 250
new business 26,790,000. Reports from 176 identical mills showed a
Lumber Orders Remain Above Production.
decrease in production of 49% and a decrease in now business of 39%.
Indicating continuance of the favorable ratio recently es- when compared with last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
tablished, orders for both hardwood and softwood lumber
from 21 mills as 898,000 feet, shipwere 3% above the cut for the week ended Oct. 11, accord- Oshkosh, Wis., reported production
ments 1,893,000 and orders 1,428,000. The same number of mills reNational Lumber ported production 70% less, and orders 67% less than that reported a
ing to reports from 882 leading mills to the
Manufacturers Association. Shipments of these mills were year ago.
ORDERS
6% above production, which totaled 256,637,000 feet. A CURRENT RELATIONSHIP OF SHIPMENTS AND 1930, ANDTO PROFOR 41
DUCTION FOR THE WEEK ENDED OCT. 11
WEEKS TO DATE.
and orders
week earlier 894 mills reported shipments 8%
14% above a total production of 261,878,000 feet. An important group of West Coast mills for the first time in 12
consecutive weeks, showed production slightly in excess of
orders, though production continued at a markedly curtailed
level. For all sections, comparison with last year is indicated in reports from 501 identical softwood mills showing
production 34% less, shipments 23% less and orders 30%
less than for the corresponding week a year ago; for hardwoods, 197 identical mills gave production 49% less, shipments 37% less and orders 42% under the volume for the
week a year ago.
Lumber orders reported for the week ended Oct. 11 1930,
by 632 softwood mills totaled 236,062,000 feet, or 2% above
the production of the same mills. Shipments as reported
for the same week were 243,176,000 feet, or 5% above production. Production was 231,785,000 feet.
Reports from 271 hardwood mills give new business as
28,218,000 feet, or 14% above production. Shipments as
reported for the same week were 29,028,000 feet, or 17%
above production. Production was 24,854,000 feet. The
Association's statement further adds:
Association.
Southern Pine:
Week-148 mill reports
41 weeks-5,804 mill reports
West Coast Lumbermen's:
Week-229 mill reports
41 weeks-8,988 mill reports
Western Pine Manufacturers:
Week-91 mill reports
41 weeks-3,770 mill reports
Calif. White & Sugar Pine:
Week-24 mill reports
41 weeks-1,023 mill reports
Northern Pine Manufacturers:
Week-7 mill reports
-312 mill teports
41 weeks
Northern Hemlock & Hardwood:
Week-21 mill reports
41 weeks-1,257 mill reports
North Carolina Pine:
Week-100 mill reports
41 weeks-4,434 mill reports
California Redwood:
Week-12 mill reports
-591 mill reports
41 weeks
Softwood total:
Week-632 mill reports
41 weeks-26,179 mill reports
P. C.
ProducShip- P. C.
tton,
meats.
of
Orders.
of
(M. Ft.) (M. Ft.) Prod. (Al. Ft.) Prod,
47,115
44,541
2,255,229 2,122,533
95
94
46,515
2.085,207
99
92
118,104
120,215 102
5,923,947 5,822,531 98
114,407
5,787,800
97
98
31,166
38,723 124
1,696,937 1,516,005 89
42,961 138
1,483,736 87
19,351
800,867
20,656 107
828,397 103
18,842 97
825,831 103
2,114
192,825
3,735 177
161,545 84
2,587 121
154,252 80
1,118
124,134
1,347 120
90,160 73
1,365 122
80,545 65
7,241
349,311
8,353 115
356,475 102
5,458
288,546
75
83
5,576
276,152
5,606 101
254,844 92
3,947
255,595
71
93
231,785
243,176 105
238,062 102
11,619,402 11.150,490 96 10,961,512 94
Hardwood Mfrs. Institute:
Week-250 mIll reports
41 weeks-10,593 mill reports
Northern Hemlock & Hardwood:
Week-21 mill reports
41 weeks-1,257 mill reports
23,956
27,135 113
26,790 112
89
1,329,684 1,218,200 92 1.178,79
Unfilled Orders.
1,428 159
893
1,893 211
Reports from 508 softwood mills give unfilled orders of 758,411.000
142,113 53
267,131
175,774 68
feet, on Oct. 11 1930, or the equivalent of 15 days production. This is
based upon production of latest calendar year-300
-day year-and may
Hardwood total:
be compared with unfilled orders of 508 softwood mills on Oct. 4 1930.
28,218 114
24,854
29,028 117
Week-271 mill reports
of 773,620,000 feet. the equivalent of 15 days production.
41 weeks-11.850 mill reports1,596,81. 1.393.974 87 1.318.'1: 83
identical softwood mills report unfilled orders as 719,673,000
The 391
feet, on Oct. 11 1930, as compared with 1,043,642,000 feet for the same Grand total:
264,280 103
256,639
272,204 106
Week-882 mill reports
week a year ago. Last week's production of 501 Identical softwood mills
03
41 weeks-36,772 mill reports__ 13,216,217 12.544,464 95 12,280,4
was 215,708,000 feet, and a year ago it was 325,897,000 feet; shipments
were respectively 229,361,000 feet and 299.767,000; and orders received
221,350,000 feet and 315,574,000. In the case of hardwoods, 197 identi- Lumber Survey by National Lumber Manufacturers
cal mills reported production last week and a year ago 19,539.000 feet and
Association Indicates Slight Business Improvement.
39.508.000: shipments 22,753,000 feet and 36,144,000; and orders 22,082.000 feet and 38.207,000 feet.
According to the "Lumber Market," the monthly busiWest Coast Movement.
ness survey publication of the National Lumber ManuThe West Coast Lumbermen's Association wired from Seattle the fol- facturers Association, the demand for lumber is expected to
lowing new business, shipments and unfilled orders for 228 mills reporting
improve in October in all but six of the 17 regions into which
for the week ended Oct. 4;
the country is divided for the purpose of the survey. This
UNSHIPPED ORDERS.
NEW BUSINESS.
SHIPMENTS.
Feet.
Feet.
Feet.
forecast is based on reports from about 1,500 correspondents.
Domestic cargo
Coastwise and
Domestic cargo
__202,029,000 intercoastal _ 49,851,000 The Association's economists infer from this a slight improvedelivery -__ 44,362,000 delivery.
16,868,000 Foreign
87.531,000 Export
Export
14,610,000
43.486,000 Rai trade -100,338.000 Rail
By rail
46,061,000 ment of general business during October. The Association's
10,398.000
Local
Other
9,398,000
survey Oct. 6, says:
Total
114,112.000
Total
389,949,000
Total
A slightly increased demand for October is indicated in the Southeastern
Weekly capacity of these 228 mills is 252.339,000 feet. Their actual States as a whole, and also, in general, in the region north of the Ohio
River and east of the Mississippi, including also Kentucky and West
production was 117,804.000 feet.
Virginia. Some decrease is indicated, however, in southern Illinois.
Southern Pine Reports.
eastern Missouri, northern Mississippi, western Tennessee and northeastern
Association reported from New Orleans that for 148 Arkansas. Virginia, Maryland, Delaware, eastern Pennsylvania and
The Southern Pine
mills reporting, shipments were 1% below production, and orders 5% southern New Jersey report no change. Prospects favor slightly improved
below production and 4% above shipments. New business taken during business in Nebraska, Kansas, Oklahoma, Colorado. New Mexico. Arizona,
the week amounted to 46,515.000 feet (previous week 48.426.000 at 142 Utah, Nevada and California. Washington and Oregon, North and South
mills); shipments 44.541.000 feet (previous week 50,358,000): and produc- Dakota, Minnesota, northwestern Wisconsin and northern Michigan show
tion 47,115,000 feet (previous week 46.498,000). The three-year average no signs of change. Texas also falls into this group, and slight decreases
production of these 148 mills is 71.094.000 feet. Orders on hand at the are indicated for Idaho, Montana and Wyoming.
end of the week at 131 mills were 114,744.000 feet, the equivalent of 10
As compared with August, the volume of business done by retail dealers
days average production. The 137 identical mills reported a decrease In in September increased as a whole. It decreased a little in one district,
production of 28% and in new business a decrease of 26%, as compared southern Michigan. It remained static in New England, Pittsburgh.
with the same week a year ago.
Central Northwest, Texas. New Orleans, south Rocky Mountains, Pacific
119,920,000
2454
FINANCIAL CHRONICLE
For.. 131.
Imports of crude rubber into the United States during the
month of September total 39,467 long tons as against 34,558
tons in August and 34,084 tons in July.
The Association estimates total domestic stocks of crude
rubber on hand and in transit overland Sept. 30 at 169,607
long tons, as compared with 158,178 long tons as of Aug. 31
1930 and 152,001 tons as of July 31 last. Crude rubber
afloat for United States ports is estimated at 60,923 long
tons as against 61,168 tons at Aug. 31 last and 58,326 tons
Survey by Mortgage Bankers Association of Money at July 311930.
Conditions Affecting Home Ownership.
Money conditions affecting home ownership have been Shipments and Production of Pneumatic Casings in
August Below Figures for Corresponding Month
disclosed in a survey conducted by the Mortgage Bankers
Last Year—Inventories at Lowest Level Since Oct.
Association of America among members in 33 States who
31 1927.
report as follows concerning first mortgage lending operations
Inventories of peneumatic casings on hand Aug. 31 were
in their territories:
The average rate of interest on first mortgage loans on both city and at the lowest levels since Oct. 31 1927 according to statistics
farm properties ranges at present from 53. to 6%, little variation having issued by the Rubber Manufacturers Association, Inc. This
been noted throughout the years 1928, 1929 and 1930.
The supply of first mortgage money for new loans is at present adequate organization reports 11,570,885 casings on hand Aug. 31
to meet the needs of practically all territories with some localities reporting 1930, a decrease of 8% under July 31 of this year and 19%
a supply somewhat in excess of normal demands
below Aug. 31 a year ago.
A noticeable improvement in the activity of the city and farm real estate
Shipments of penumatic casings for the month of August
market has been noted throughout the year in a number of territories.
Very few localities report any appreciable decline in 1930 real estate trans- amounted to 5,519,867 and represents a decrease of 5%
actions as compared with 1929.
August 1929 and 34% under August
City and farm real estate occupancy figures show a steady improvement under July, 30% under
1928. Production of pneumatic casings for the month of
so far in 1930.
A diminishing number of foreclosures and delinquencies reported by August is placed at 4,443,319, an increase of 4% over
banks and mortgage companies indicates that a desirable point of stabiliJuly, although 23% under August a year ago and 41%
zation is being realized.
below August 1928.
Shipments of pneumatic casings for the first eight months
Brighter Outlook in Construction Industry Seen by
of 1930 exceeded production by 2.5% as compared with a
President Dickerson of Indiana Limestone Co.
1% excess of production over shipments in same period in
In a summary of nationwide building conditions on Oct.
1929, and 6% in 1928.
10, President A. E. Dickinson of the Indiana Limestone Co.
sentiment is evidenced
declares a more cheerful business
Belief That British and Dutch Governments Will not
throughout the country. He says:
Renew Negotiations for Curtailment of Rubber
"It is obvious the general decline under way for so many months has,
in large measure, at last been arrested. Many reasons for the improved
Production.
stocks have been greatly reduced. A
outlook are apparent. Surplus
Co-operative action between the British and Dutch Govrevival of installment selling is creating new business. In the building
Industry, the long delayed requirements, particularly in large cities, are ernments for stabilization of the rubber industry through
exists.
making themselves felt. Today a shortage of modern housing
Taking advantage of sub-normal prices, many corporations are planning curtailment in output is not looked for in London, according
to a cable to the Rubber Exchange of New York on Oct. 8.
to build soon to care for future needs.
"One of the most optimistic notes sounded is a revival of residential The cablegram said:
In New York, September contracts for this type of construcNorthwest and California districts. There were slight increases in all
other districts except up-State New York, which registered a substantial
increase. With the exception of the St. Louis district, industrial consumption is expected to remain stationary or increase slightly in October.
Retail lumber stocks are reported on Sept. 1 1930 as 7.2% lower than on
Sept. 1 1929. Retail prices declined slightly in September.
The slump in residential building continued throughout the country in
September, with the exception of metropolitan New York; but slight increases are expected in October in five areas. Building loans are difficult
to secure from banks in all districts except St. Louis and California.
building.
tion amounted to more than double those of the same month last year.
Chicago, likewise, shows activity in this field.
"New England building volume last month more than kept pace with
previous weeks. The western coast is forging ahead, showing a steady
Improvement. Southern states, particularly the larger cities, are building
in fair volume, especially private projects. Public improvements have
been active in this section, and have helped to relieve the unemployment
situation. In the northwest, the last few weeks have chalked up figures
twice as large as the same period last year in contracts awarded.
"New construction for the three-quarters of the year has totaled approximately $4,100,000,000."
The London rubber market does not give credence to the rumors current
in New York of a renewal of negotiations between the Dutch and British
Governments with the view of finding some relief for the rubber Industry.
Even the discussion at the Hague recently when the Dutch committee
of rubber growers received an audience from the Colonial Minister are not
taken seriously here. The London market is apparently only Interested in
rubber estates making their own future arrangements.
Dealers' Stocks of Crude Rubber in Far East at 37,185
Tons September 30 Below August 31 Figures.
Dealers' stocks of crude rubber held in the Far East on
Sept. 30 totaled 37,185 tons, as compared with 42,255 tons
on hand Aug.31,according to cables to the Rubber Exchange
of New York on Oct. 10. Singapore was the largest holder
at the close of last month, with 29,042 tons on hand, Penang
holding 5,317 tons and Malacca 2,608 tons, the balance held
at Wellesley and Dindings. Harbor Board stocks at Singapore and Penang as of Sept. 30, totaled 6,830 tons, which
compares with 5,877 tons at the end of August, an increase
of 953 tons.
Fisher Brothers to Erect Building to Cut Unemployment—Will Spend $10,000,000 in Detroit as "an
Incentive for Others to Expand."
In a Detroit dispatch Sept. 27 the New York "Times"
said that in announcing that they were setting their building program forward one year "as an incentive for others to
proceed with normal expansion and thus assist in solving the
present unemployment problem," the Fisher Brothers have
arranged to break ground within 30 days for a new 10-story
office building, architecturally similar to the Fisher Building,
which will extend the entire block on Second Boulevard from Year's Operations on New York Rubber Exchange—
Economies of Operation Regarded as Basis for
Lothrop Ave. to Bethune Ave. Their statement, in part,
Future Prosperity by President Henderson—Dues
said:
Fixed at $250.
"One of the principal difficulties of the present, as we view it, is the
prevalent belief of the average business man that business is not normal
The depression in the rubber industry is bringing econoprevious peak year.
because it is not better than his
"As a matter of fact, general business is better to-day than it was in mies of operation which will result in placing it on a sound
basis for future prosperity, F. R. Henderson, President of
many of the recent years when all were content with their progress.
"The fact that general business during this year does not pass the peak the Rubber Exchange of New York,
said on Oct. 14 in his
interests in Detroit from going
of other years should not deter business
forward with their plans, and we intend to proceed at once, confident In report for the year ended Aug. 31 last, made public at the
the belief that the industrial and financial importance of this city will annual meeting of the Exchange. The report said:
constantly Increase.
"The new building will be known as the Now Centre Building, and will
be conformable to the design of the present Fisher Building."
Cost of the new building will exceed $10,000,000.
The rubber Industry has not escaped the effects of world-wide economic
adjustment In the period under review. Perhaps the effect on our industry
has been more acute because of conditions peculiar to It.
In the period of enforced production curtailment and the abnormal
price level of 1925-1926. the native population of the British and Dutch
East Indies planted rubber to an extent unknown until the vast quantities
appeared at shipping points In the last year. This additional production
came on a market facing underconsumption and partially discounting
price effect. The result has been record low levels and accompanying
disturbance to consumer as well as producer.
It seems safe to say that we are entering the onstructive period after
all this and, while losses In many instances will be revealed, economies
of operation will result In a sound rebuilding.
Estimated Consumption of Crude Rubber by Manufacturers in the United States in September Lower,
Imports Higher—Inventories Continue to Increase.
Consumption of crude rubber by manufacturers in the
United States for the month of September is estimated at
25,288 long tons by the Rubber Manufacturers Association
Commenting upon the decrease of nearly 20,000,000 units
in its monthly statistical compilation, issued Oct. 15. This
compares with 30,575 long tons in August last and 29,245 in tire production for the first seven months of 1930 compared with the same period in 1929, Mr. Henderson said:
long tons in July.
OCT. 18 1930.]
FINANCIAL CHRONICLE
2455
The noteworthy feature of tire production Is the adjustment of manu- the country, but still leave yields 6.3% below those secured last year and
facture to sales. This augurs well for the upturn in general business and 9.7% below the average of the previous ten years. Kentucky and West
the underlying health of this important part of our rubber-consuming Virginia with yields estimated at about 42% below the usual average in
industry.
those states show the poorest prospects but Virginia, Missouri, Arkansas
and Montana all report yields 30% or more below those usually secured.
During the fiscal year futures contracts representing
An improvement in prospects is shown by all important crops growing
247,8423 long tons of rubber were traded in on the Ex- In September except grain sorghums, peanuts, broomcorn and lemons.
The estimate of corn production has been increased by about 63,000,000
change, with an approximate value of 4,000,000. Prices
bushels or 2.5%, and spring wheat production by 2.000,000 bushels or less
per pound for the No. 1 standard contract ranged from a than 1%. Oats, barley, buskwheat, flaxseed, rice, fruits as a group, comlow of 9.55e. on Aug. 19 last to a high of 17.40c. on April 1 mercial truck crops as a group, cotton, hay and sugar beets all show inthan 3%. Beans and tobacco
last; for the A contract from a low of 9.400. on Aug. 19 last creases of less3, and sweet potatoes nearly 6.show increases of about 5%,
potatoes over
to a high of 22.60c. on Sept. 11 1929.
Pastures also have revived somewhat in most states, but they are still
The members of the Exchange approved the recom- much poorer than in any previous October for 16 years or more. As many
milk cows are now receiving supplementary feed, production of milk per
mendation of the Board of Governors fixing the annual cow in the hoards of crop correspondents on October 1 averaged 12.47
dues for the ensuing year at $250.
pounds, a decrease of 2.7% from production on that date last year. On
September 1 the production was 6.7% lower than a year previous and on
August 1 the difference was 8.4%. On October 1 egg production per
100 hens on farms of crop correspondents averaged 3.8% lower than at
Imports of Crude Rubber into London During
the same time last year, compared with a corresponding difference of 6.9%
September.
on September 1.
Imports of crude rubber into London during September
Corn.
The 1930 cron crop is now forecast at 2,047,000,000 bushels, Husldng
totaled 422,562 centals, against 232,259 centals in August
Is in progress
Corn
and 461,217 centals in September last year, according, to slightly higher throughout theby the Belt and yields in most States are
than indicated
September 1 condition. This total
the London Board of Trade report, received by the Rubber production is about 22% less than that of 1929 and 24% below the average
of the previous five years. It is the smallest crop harvested in any year
Exchange of New York on Oct. 14.
and 262,000,000 bushels less than the short crop of 1924. Yields
Exports of crude rubber from London last month were since 1901,equal to the 10-year average in the New England States, and
are about
63,813 centals, against 44,792 centals in August and 80,182 generally above the average in the Western States. Drouth and heat
centals in September 1929. Rubber shipments from Lon- lowered the yields in practically all other sections including all of the
principal corn producing States, and in the few states where the drouth
don to America in September were 1,352 centals, against began early and became extremely severe, yields are not more than one1,636 centals in the previous month and 1,836 centals in half of those usually obtained.
The condition as reported on October 1 was 58.8% of normal as comSeptember of last year.
pared with 51.6% on the first of the previous month. This condition
considered in connection with reports on the prospective yield of grain is
indicative of a yield of 20.2 bushels per acre for the country as a whole.
Goodyear Tire & Rubber Co. on 24
-Hour Week.
The North Central States report a condition of 61.4% and the yield is
From Akron,Ohio, Associated Press advices Oct. 14 stated estimated at 23.5 bushels per acre. The indicated yield for the North
Atlantic States is 27.3 bushels per acre;for the South Atlantic, 14.4 bushels;
A 24
-hour working week for factory employees of the Goodyear Tire &
for the South Central, 12.0 bushels; and for the Western States, 23.8
Rubber Co. was announced to-day by C. C. Slusser, Vice-President and
bushels.
Factory Manager. He considers it only a temporary measure and is
A larger percentage than usual of the crop has been utilized for silage
hopeful that receipt of spring dating orders from tire dealers in December
and forage purposes, and as somewhat more than 70 pounds of ears will
and January will restore a full-time schedule. Under the new plan embe required to produce 56 pounds of shelled corn in the drouth area where
ployees will work four days of six hours each a week.
the ears are not wholly filled, the percentage of the total crop available in
the form of grain is expected to be considerably less than in any recent
value of
year. The present estimate aims to represent the
Fisher Body Reopens Assembly Line Idle Since Spring. the corn crop for comparison with corresponding total feeding previous
estimates of
years.
Associated Press advices from Cleveland Oct. 14 said:
Spring Wheat.
Re-establishment of the automobile body assembly line at the Fisher
Reported yields of spring wheat on October I show little change from
Body Co.'s plant here has given employment to hundreds of men in the
past few days. Company officials said that a general resumption of earlier prospects other than a small per cent increase in production of
employment was under way and is expected to continue for some time. durum, and indicate a crop of 52,314,000 bushels of durum and 189,906,000
bushels of other spring wheat, making a total of 242,220,000 bushels of
The assembly line had been idle since early last spring.
all spring wheat.
The production of durum wheat is practically the same as production
last year, but it is 18,000,000 bushels, or about 24%,less than the average
Kellogg Co. at Battle Creek, Mich., Adopts Five-Day
of the previous 5 years due wholly to a smaller acreage in North Dakota.
Week.
The crop of other spring wheat is about 14,000,000 bushels greater than
Associated Press dispatches from Battle Creek, Mich., the crop of last year, but 24,000,000 bushels less than the 5-year average.
The crop of spring wheat other than durum is smaller than usual in North
Oct. 9 stated:
Dakota and much smaller in Montana owing to drouth conditions, while
foods, announced to-day that It is somewhat larger than usual in South Dakota and Washington.
The Kellogg Co., manufacturer of cereal
it will immediately place its employees on a five-day week basis in order
The durum wheat yield of 12 bushels per acre is above the 9.9 bushels
to give employment to about 300 additional men.
-year average yield of 12.3 bushels. The
secured in 1929, but below the 10
-hour basis with yield of other spring wheat,reported at 11.7 bushels per acre, is also above
The company has been operating its plants on a 24
-hour shifts and will continue this production. W. K. Kellogg, last year's yield of 11.2 bushels. The quality of the durum wheat this
three eight
Chairman of the company's board, said that the present working force of year is reported at 87.7%. or a few points poorer than usual and much
2,500 was greater than that employed a year ago.
poorer than last year. Other spring wheat shows a quality of 86.5, or a
shade better than average, but it also is two per cent poorer than last year.
The total crop of wheat, spring and winter types combined, is now estiAgricultural Department's Complete Official Report mated at 840,000,000 bushels which is 34,000,000 bushels greater than the
crop of 1929, but only 6,000,000 bushels above the previous 5-year average.
on Cereals, &c.
and 75,000,000 bushels below the big crop of 1928.
The Crop Reporting Board of the United States Departmentof Agriculture made public late on Friday afternoon,
Oct. 10, its forecast and estimates of the grain crops of the
United States as of Oct. 1, based on reports and data furnished by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of the spring wheat
crop is estimated at 2,220,000 bushels, as against 240,000,000
bushels Sept. 1 and 228,000,000 bushels harvested in 1929.
The entire wheat crop is put at 840,000,000 bushels against
838,000,000 bushels Sept. 1, 807,000,000 bushels July 1 and
an actual harvest of 806,000,000 bushels in 1929. The fiveyear average production of wheat is 833,000,000 bushels.
The probable production of corn which has suffered so
seriously from the drouth is placed at 2,046,716,000
bushels as of Oct. 1 1930 as compared with 1,983,000,000
bushels, the estimate on Sept. 1 and with an actual production of 2,614,000,000 bushels in 1929 and with a five-year
average production of 2,700,000,000. The conditions of
common Oct. 1 was 58,8% comparing with 51.6% on Sept. 1
and with 71.0% on Oct. 1 1929 and with a ten year average
production of 78.1%. There was general Tmprovement dur-ng September in crop prospects but the yields are still far
below normal except in the ease of wheat and one or two
other crops. We give below the report in detail.
Alwidespread improvement in crop prospects averaging 1.9%toccurred
during September. The increases were shared by 41 States in all parts of
Oats.
Oat yields are proving even better than indicated by the improvement
reported on September 1, the crop being estimated at 1,411,000,000 bushels or almost 100,000,000 bushels more than expected on August 1. , This
year's crop is 177,000,000 bushels greater than the oats crop of last year,
and 39,000,000 bushels above the 5
-year average. The crop is much better
than last year in practically all of the northern states except South Dakota
and Nebraska, and better in the west and in most middle and southern
states excepting those most seriously affected by the drouth. The yield
of oats is set at 33.7 bushels per acre, much above the 30.7 bushels of last
year or the 10
-year average of 31 bushels.
The quality of oats this year is exceptionally high, 91.2%, comparing
with 86.2% last year and a usual quality of 86.4.
Barks.
The 1930 barley crop is now estimated to be 328,020,000 bushels, about
7.9% more than was harvested last year and 36.1% more than the average
production of the preceding five years, due largely to an increased acreage.
The average yield per acre is estimated to be 25.7 bushels compared with
23.2 in 1929 and 25.02, the ten year average. The increased production
over that estimated in September is due mainly to the fact that yields in
the Dakotas, Nebraska and Colorado have turned out much better than
were expected a month ago. The quality of the crop Is reported below
the usual average in the Dakotas, Texas and in most of the western states,
but elsewhere weather conditions at harvest were mostly favorable and the
quality Is reported as better than usual.
Buckwheat.
Rains over various portions of the drouth area during September have
slightly improved the prospective yields of buckwheat. However, the crop
was too near maturity to be greatly benefited, and the indicated yield of
12 bushels per acre is the lowest of any year since 1887. The toal production is estimated at 8,732,000 bushels. This would be only 76% as
large as the unusually small crop of 1929 and only 63% of the average
during the previous five years.
2456
FINANCIAL CHRONICLE
Flaxseed.
The production of flaxseed is now estimated at 25,165,000 bushels.
The yields in Wisconsin, Minnesota, North Dakota, Iowa and Missouri
are slightly higher, and those in Nebraska, Montana and Wyoming are
slightly lower than indicated by the condition reported on Sept. 1, the net
change in the estimate being an increase of about 500,000 bushels. While
the average yield per acre for the country as a whole is estimated at 5.7
bushels or lower than in any of the last ten years, except for the 5.6 bushel
yield last year, the record acreage planted indicates a production that has
been exceeded only twice since 1912.
Rice.
The production of rice is now forecast at about 38,500,000 bushels compared with 40,217,000 bushels last year. and an average of 39,022,000
bushels during the previous five years. In Arkansas and California prospects are better than they were a month ago, but along the Gulf Coast
continuous rains have interfered seriously with harvesting. In Louisiana
sprouting in the shock is reported and some uncut rice is already over-ripe.
Grain Sorghums.
Grain sorghums are reported a very short crop in Kansas, Oklahoma,
a result of dry weather and both probable yield
Texas and New Mexico as
and production have been reduced to the lowest in the eleven years for
which estimates are available. Combining grain sorghums for all purposes,
the total production for the United States is estimated as equivalent to
79,232,000 bushels compared with 100,845,000 bushels last year and an
average of 128,175.000 bushels during the previous five years. The yield
of 12.6 bushels per acre compares with 17.0 bushels in 1929 and 19.6 bushels, the five year average.
Tame Hay.
Late hay crops, particularly alfalfa and annual legumes, were helped by
rains during September and the estimated production of all tame hay has
been increased two per cent to a total of 84,071,000 tons, compared with
about 101,800,000 harvested last year and an average of 93,600,000 tons
during the preceding five years. The production of alfalfa hay is now
estimated at 28,500,000 tons compared with the September forecast of
27,400,000 tons and last year's crop of 29,800,000 tone. The shortage of
hay supplies is most pronounced in the valleys of the Potomac, Ohio and
Lower Mississippi Rivers where the drouth was severe early in the season.
The western States, New England, Georgia and the Carolinas all report
about the usual production of hay this season. In the South the quality
of this year's hay crop is reported to be lower than in any other recent year.
Elsewhere the quality averages only slightly lower than usual.
Pastures.
Pastures have improved greatly in the drouth areas which received
adequate rainfall during September, but they are still below average except
in Nebraska and some of the western range States. The condition of pastures on Oct. 1 averaged 56.1, this represents substantial improvement
over the 48 reported on Sept. 1. but it was still far below the 70.2 reported
on Oct. 1 last year, and that was the lowest that had been reported in
the 15 years for which records were available. This month Michigan,
Delaware, Maryland, Virginia and West Virginia all report an Oct. 1 condition of pasture lower than had previously been reported by any state.
On the other hand most of the western range states have a very good
growth of well cured grass which promises good grazing for the fall and winter months.
Clover and Grass Seeds.
There was considerable improvement during September in the prospective production of clover and grass seeds. While the acreage cut for seed
is expected to be below normal, early threshing returns are showing better
yields than anticipated. New seedings have suffered very severely from
heat and drouth in most of the principal hay producing states east of the
Rockies so that there is likely to be heavy demand for clover and grass
seeds.
The condition of red and alsike clover grown for seed was reported as
65.8% of normal in comparison with 55.7% on Sept. 1, 75.5% one year
-year period. 1919-1928. The outago, and 73.3% the average for the 10
look has improved except in the Pacific Coast States, but is relatively low
in the severest drouth-stricken areas.
The condition of timothy grown for seed is reported as 75.6% of normal
compared with 69.7% Sept. 1 and 82.8 on Oct. 1 last year.
The condition of alfalfa seed on Oct. 1 was 61.2% of normal compared
with 54.2% last month and 67.2 on Oct. 1, 1929.
Fruit.
The prospective production of 15 fruit and nut crops combined increased
production is now expected to average more
2.3% during September. and
than 20% above the short fruit crop of last year. On the whole. the total
supply of tree and vine fruits will be close to the usual average, somewhat
greater in total pounds, but less per capita. Judging from the condition
reported, production per tree or vine averages about 7% less than the
average of the last 10 years, but the total acreage is gradually increasing.
Apples.
making more
As the apple harvest progresses, the fruit appears to be
volume than was previously expected. The Oct. 1 forecast of a total
apple crop of 153,370.000 bushels is 5% above the expectations one month
crop, although
ago. The crop now in sight is 8% larger than the short 1929
commercial apple
15% below the average of the preceding five years. The
be marketed for consumption as
crop, or that part of the total which is to
the total than
fresh fruit, is expected to make up a larger proportion of
barrels (95,586.000
usual. Commercial production is forecast at 31,860,000
apple crop, compared with the five-year
bushels) or about 62% of the total
average total proaverage production of 32,370,000 barrels or 54% of the
equal
duction. All geographic divisions of the country register practically
improvement during September. The total crop in the North Atlantic
2% larger than average but in the
States is now expected to be about
The South Central
North Central States is 45% below average production.
Atlantic group
States have less than half an average crop and the South
prospects are in the three
less than two-thirds of an average. The best
about 20% above average.
Pacific Coast box-apple States with a crop
Fol.:
131.
the entire country. The 1929 production was slightly above 21,500.000
bushels and the average production of tne previous five years slightly
below that amount. While the 1930 production is relatively light in most
of the central and Southern States, it is large in New York and the Western
States, making the total crop of 24,969,000 bushels the largest on record
except for the crop of 1926. Practically two-thirds of this year's crop was
produced in the three Pacific Coast States. The crop in these States and
in New York this year is about 14% greater than their average production,
but the production in the rest of the country is indicated to be 28% below
average.
Grapes.
The season has been favorable for holding to a minimum losses from
grape diseases which tends to compensate for the reduced size caused by
drouth in most of the States east of the Rocky Mountains. The crop matured earlier than.usual and is of good quality and high sugar content.
The estimated production is 2,350,000 tons which is about 12% more than
that of last year and about equal to the five-year average. The production
outside of California is indicated to be about 4% less than last year's crop
but about 8% more than an average crop. Michigan, New York, Ohio
and Pennsylvania, which usually produce about 70% of the grapes exclusive
of California production, will apparently have a slightly larger crop
than in 1929 when production in those States was about 7% heavier than
usual.
Potatoes.
Progress of potato harvest in the late potato States indicates that yields
will likely average somewhat higher than was expected one month ago
when the uncertain effect of extensive drouth was a primary consideration.
The United States production of all potatoes, early and late crops combined, is forecast as 352,200,000 bushels on the basis of conditions and
expected yields reported on Oct. 1. This represents an increase of 13,000,000 bushels, or nearly 4%, over the Sept. 1 production prospect. The
present forecast indicates that production this year will be 2% smaller
than the 1929 crop and almost 11% below the average production for the
previous five years. Production in the 19 Northern States, usually having
a surplus of late potatoes for shipment, is forecast as 237,160,000 bushels.
or 8,000,000 bushels (3.5%) more than expected one month ago, although
still 8,000,000 bushels below 1929 production and about 37,000,000 bushels
below the five-year average. In 16 other Northern States, which usually
have a deficient supply of late potatoes, prospects increased more than
4.000,000 bushels (6%) during September, the crop being forecast at
78,570,000 bushels.
Sweet Potatoes.
Sweet potato prospects improved markedly during September, but the
yield, estimated at 78.9 bushels per acre, is still expected to average lower
than in any season in 30 years except 1924. Production is now estimated
at 67,666.000 bushels which would be 7% above prospects a month ago,
but 20% below production last year and 9% below average production
during the preceding five years. During September prospects improved
greatly from South Carolina west to Arkansas and Louisiana, but in the
important commercial sweet potato area from southern Virginia north the
drouth has not been relieved and very low yields are expected.
Commercial Truck Crops.
While the yields of commercial truck crops per acre probably average
about 10% lower than in 1929 and equally below the average of the previous ten years, the lower yields have in many cases been offset by the
increases in acreage in 1930. Of the late crops supplying the fall and winter
markets the production of snap beans is expected to be nearly 50% less
than in 1929, cauliflower nearly one-fourth less and lettuce about 6% less.
On the other hand, the supply of celery is expected to be at least 50%
more than in 1929 and onions about 10% more. The production of both
domestic and Danish types of cabbage in the late States is developing about
as expected one month ago, and in each case is expected to exceed the 1929
production by 5%. The onion harvest except for scattered fields of late
plantings, was practically over by the first week in October, although considerable stock was still standing in the field in crates or bags. September
weather was generally favorable to the crop and ideal for the harvest.
For .the most part, onions sized up much better than was at first thought
possible. The late onion crop is now estimated to be over 20,000,000
bushels, or nearly one-third larger than the average crop of the previous
five years.
Dry Edible peons.
The crop of dry edible beans is estimated at 20,834.000 bushels compared
with 19,693,000 bushels produced in 1929 and a five-year average of 17,323,000 bushels. The bean crop is larger than was expected a month ago
due largely to exceptionally heavy yields in the Rocky Mountain States
and to less than the usual amount of loss of acreage. Colorado will produce approximately 3,553.000 bushels of beans, mostly pintos, which, added
to the disappointing crop of 920,000 busnels of pintos in New Mexico
gives almost 4,500,000 bushels of this variety nearly double the five-year
average crop of about 2,300.000 bushels and much above last year's large
crop of about 4.000.000 bushels. The Montana, Wyoming and Idaho crop
of beans, mostly of the great northern variety, Is estimated at 3,565,000
bushels compared with about 3,122.000 bushels last year, and 2,148,000
bushels average. The crops in Michigan and New York, composed mostly
of small wnite pea beans, are thrashing out somewhat better than expected,
and are now estimated at 6.281,000 bushels compared with 6.941.000 bushels last year, and 7,866,000 bushels average. The California crop is slightly
below earlier expectations, being set at 5.948,000 bushels compared with
5.075,000 bushels last year and a 4.629,000 bushel average. Production
of standard limas in California will be about the same as last year. but there
will be an increase of 5 to 10% of "baby" limas. Slight increases in the
production of biackeyes and small white beans compared with last year,
are also reported from California.
Peanuts.
The peanut crop is forecast at 693,123.000 pounds compared with 028.975,000 pounds last year, and an average of 759,000,000 pounds during
the previous five years. The yield of peanuts, based on October returns,
is set at 585 pounds per acre, which would be the lowest yield since the
beginning of the record in 1917. Prospects are much lower than a month
ago due almost wholly to the lack of needed rains in Virginia and North
Peaches.
bushels. This is about Carolina, where the loss amounted to 53,000,000 pounds. The Georgie,
The total peach crop is estimated at 49,255,000
7,500,000 less than the Florida and Alabama crop is estimated at 329,000,000 pounds compared
3,500,000 more than the small crop of 1929, but
temperatures and with 393,000.000 pounds last year, and the Oklahoma and Texas crop at
average of the five-year period, 1924-1928. Low winter
nearly all States except 70,000,000 pounds compared with 117,000,000 pounds in 1929.
late spring frosts greatly reduced the production In
Soybeans.
the far western States.
•
the New England group, New York, and some of
Illinois, Missouri and ArThe soybean crop on Oct. 1 showed a condition of 67.4% of normal
The crop was practically a failure in Indiana,
central and compared with a usual average of about 80 on that date. Soybeans immany of the
kansas. Drouth reduced the size of the fruit in
generally good.
• proved during September in all important producing states except North
eastern states but in other respects the quality was
Carolina, owing to the onset of needed rains, but the yield at best will be
Pears.
of the pear crop poor. While an acreage increase of 13% was shown in July, the poor set
There was only a small increase in the Oct. 1 estimate
to be close to of beans in many sections and the need for hay may hold the acreage cut
over that of the previous month. The crop is now expected
of a full crop for for beans nearer to the 1929 level than was intended.
25,000,000 bushels which would be about three-fourths
OCT. 18 1930.]
FINANCIAL CHRONICLE
245:
81.4% of normal on July 1, and at 88.6% on Oct. 1 1929. As compared
Cow peas.
With the help of needed rains in September cowpeas have improved to Sept. 1, demand showed the greatest Increase in the South Central states
markedly except in the Atlantic Coast States northward from the Carolinas. where cotton harvesting is now in progress. Demand for farm labor was
The condition of the crop on Oct. 1 was reported at 61.9% compared with much lower than a year ago due to the comparatively low farm income
54.7% on Sept. 1. The present condition of cowpeas still remains below as a result of smaller feed crops and a lower price level Mr all agricultural
the poor condition of 63.9% on Oct. 1 a year ago, and far below the ten- products.
CROP REPORT AS OF OCT. 1 1930.
year average October condition of about 72%. The low yield of peas exThe Crop Reporting Board of the United States Department of
pected may be partially offset by an increase in the acreage harvested
the following forecasts and estimates for the United States, fromAgriculture makes
although the increase may not equal the 13% increase which growers rereports and data
furnished by crop correspondents, field statisticians and oo-operating State Boards
ported last June that they had planted or intended to plant.
(or Departments) of Agriculture and Agricultural Colleges:
Velvet Beans.
The condition of velvet beans on Oct. 1 averaged 68.5% compared with
79% a year ago and with an average of about 71% during tile preceding
six years. The crop is now fair in the Atlantic Coast States, but poor from
Alabama west.
Tobacco.
Tobacco prospects improved materially during September. Reports on
condition and probable yield per acre as of Oct. 1 indicate a total production of 1,496.780.000 pounds compared with a forecast of 1,420,947,000
pounds based on conditions Sept. 1, and 1,519,081,000 harvested last year.
The most significant increases are shown in North Carolina, Kentucky and
Ohio. although numerous other states show increases. In North Carolina
adequate rainfall during the early growing season was followed by an unusual drouth later on, resulting in a crop of heavy body. In states along
the Ohio River late showers caused an unexpected amount of late growth.
Nearly all types of tobacco share in the increased production outlook.
Flue-cured tobacco is estimated at 800,142.000 pounds, compared with
772.744,000 pounds on Sept. 1 and 750,729,000 pounds a year ago. Burley
is estimated at 289,596,000 pounds compared with 264,807.000 pounds on
Sept. 1, and.
334,619,000 pounds a year ago. Fire-cured dark air-cured,
and most cigar types also show some increase.
Sugar Crops.
Sugar beet prospects improved sligntly during September in irrigated
areas with little change elsewhere. The present forecast of 11.0 tons per
acre on 763.000 acres indicates a probable production of 8,415,000 tons of
beets compared with 7.318,000 tons produced last year, and an average
of, 7.389,000 tons for the previous five years. On the basis of average
extraction, production of beet sugar is forecast at 1,119.000 short tons
which would slightly exceed the previous high record of 1,093.000 short
tons produced in 1927. Production last year was 1.081,000 short tons and
during the previous five years averaged 1,011,000 short tons.
In the Louisiana sugar belt the cane crop has made excellent growth
since the rains started early in September and the higher yield of 16.4 tons
of cane per acre now expected indicates a production of 3.198,000 short
tons of cane, and 192,000 short tons of sugar on the basis of average yield
of sugar per ton of cane. Last year 200,000 short tons of cane sugar were
produced, and in 1028, 132,000 short tons.
Cane Sirups.
Sweet sorghums and sugar cane grown for sirup are still expected to
give very low yields, but prospects improved markedly during September
in nearly all producing states. Sweet sorghum is now expected to give
a
yield of 62.9 gallons of sirup per acre and a total of 23,414,000 gallons.
This would be 18% above prospects a month ago, but still 11% below
production last year and 17% below the average during the previous five
years. Sugar cane for sirup is expected to produce 166.6 gallons of sirup
per acre and a total of almost 20,000,000 gallons, 10% less than production
last year and only 4% below the five-year average.
Broomcorn.
Drouth has further reduced yields of broomcorn in Kansas, Colorado
and Oklahoma, and the yield is now expected to average only 251 pounds
which would be by far the lowest yield in 15 years or more. As a large
acreage was planted, the crop is now estimated at 49,700 tons, this would
be about 4,000 tons below prospects one month ago, but (2,000 tons)
above production last year, and only about 3% below the average (production) during the previous five years.
Pecans.
The condition of the pecan crop was reported at 41.1% on Oct. 1
compared with 41.9% a year ago, and far below that five-year average
Oct. 1
condition of 50.2%. This year's crop was forecast in September
at 30,460,000 pounds. Crop prospects appear now much more favorable,
though
probably still below the small figure of 38,000,000
pounds produced last
year, and much less than the crop of 59.625,000 pounds
in 1928.
Hops.
Production of hops is estimated at nearly 24,400,000
pounds in the
three Pacific Coast States where nearly all of the crop
is grown. This is
an increase of 2,600,000 pounds over the Sept. 1
forecast, but is nearly
9.000.000 pounds less than last year's crop and
6,000,000 pounds less than
the average crop of the previous five years.
Farm Wages.
Poor crop prospects and the unusually low prevailing
prices of agricultural products combine to hold the demand for farm
labor on Oct. 1 at
relatively low levels. These factors, together with
continued above-normal
supplies of farm lbaor resulted in an additional 10
point decline in the
general level of farm wages from July 1 to Oct. 1. At
150% of the pre-war
level, the index was 24 points below Oct. 1 1929, and at
the lowest level
since January 1923.
Day wages of farm workers not provided with board now
about $3.50, or nearly double pre-war level in toe Northeaste range from
rn industrial
states, and $3.40 on the Pacific coast to low figures of
$1.05 to $1.15 per
day, or 112% of pre-war from South Carolina to
Mississippi. The North
Central states show an average of $2.60 per day, and the
country as a whole is $2.12. Farm workers provided withaverage for the
board are now
receiving an average of $1.61 per day, or $31.31 when
hired by
The 10 point decline in the index from July 1 to Oct. 1 of the month.
this year was
In direct contrast to an average seasonal advance of 2.6
during the past five years. Following on the heels of for the period
a previous nonseasonal decline in farm wages from April 1 to July 1, the
Oct.
forced to a lover level than that prevailing in the previous 1 index was
January for
the first time on record. Wages on Jan. 1 1930 were at 159%
of the prewar level.
The supply of farm labor on Oct. 1, as reported by crop
correspondents,
averaged 105.9% of normal as compared to 105.6% a
month
103.4% on July 1 and 91.8% of normal on Oct. 1 1929. This earlier,
supply is
the largest that has been reported since these data were first
collected in
1918. It is a reflection of the continuance of the present
extensive business
depression which has scattered unemployed industrial workers
throughout
agricultural sections in search of a livelihood.
The demand for farm labor at 75.2% of normal on Oct. 1, is
3.4%
greater than that reported a month earlier. Demand was
reported at
Condition.
Total Production in MUM/U.
Oct. 1
Harvested.
Indicated by
10-Yr.
Cosuit's.a
Aver. Oct.1 Oct.1 5
-Year
1919-28. 1929. 1930. Aver. 1929. Sept. 1 Oct. 1
Per Cent. Per Cl, Per Ct. 1924-28.
1930. 1930.
Corn
bush. 78.1
71.0 58.8
2,700 2,614 1,983 2.047
Winter wheat
"
--551
--- --578 b597 13597
Durum wheat, 4 States- -----------69
52
51
b52
0th.spring wheat, U.S.. "
---------214
176
189 b190
All wheat
"
---------833
806 838 b$40
Oats
"
1,372 1,234 1,391 121.411
Barley
--___
-__
241
304
323 b328
Rye
"
_
___
___
50.9
40.5 b46.7 1,46.7
Buckwheat
"
82.3
66.3 52.2
13.8
11.5
8.5
8.7
Flaxseed
"
72.4
59.9 60.4
23.8
16.8 24.6 25.2
Rice, 5 States
"
83.8
84.8 80.4
39.0
40.2 88.3 38.6
Grain sorghums_c
"
79.8
59.7 50.2
128.2 100.8 82.9 79.2
Hay, all tame
tons ---------93.6 101.8 82.1 684.1
Hay, wild
"__
___
___
13.5
12.9 612.0 b12.0
Hay, alfalfa
"
28.7
29.
27.4 b28.5
Pasture seed____ --_
"
sii:i
7iii sifi
---- _--Timothy
bush
___
82.8 75.6
2.29
1.44 ____ ____
Clover seed(red & aisike) "
73.3
78.7 65.8
1.08
2.3
____ ___
Alfalfa seed
"
--67.2 61.2
.89
.7
____
_ _
Beans, dry edible_c_bush
17.3
19.
19.5 1;20.8
Soy beans
" drili
797i) tfi.i
Peanuts (for nuts)
lbs
73.8
73.2 58.8
iii "929 "iai "iii
Cowpeas
71.6
63.9 61.9
Velvet beans
d71.4
79.0 68.5
_
_
Apples, total crop
bush. 58.2
46.2 48.
7
ilia
142
iiis
Hi
Apples, com'l crop-bbls. d60.4
49.8 54.2
32.4
29.0 30.8 31.9
Peaches, total crop
bush. e64.9 e48.9 e.52.8
56.8
45.8 48.5 b49.3
Pears, total crop
68.2
59.2 68.8
21.5
21.6 24.6 25.0
Grapes
tons 78.2
83.4 80.5
f2.34 f2.10 f2.33 12.85
Potatoes
bush. 76.1
68.7 66.8
393
360
339 352
Sweet potatoes
"
75.8
74.5 62.7
74.1
84.7 63.1 67.7
Tobacco
lbs
77.4
75.7 69.9
1,302 1,519 1,421 1,497
Sugar beets
tons 85.9
87.8 85.4
7.39
7.32 8.22 8.42
Sorge for sirup
_. gals. d75.7
69.5 58.6
28.4
26.2 19.8 23.4
Sugar cane for sirup -- " d64.7
.74.8 62.9
20.8
22.1 18.8 20.0
Broomeorn_c
tons
-----__
g51.2 g47.2 553.6 b549.7
Hops-c
lbs.
__-___
30.3
83.2 21.7 1:024.4
a Indicated production increases o decreases with changing conditions
the season. b Preliminary estimate c Principal producing Ste es d during
Short
time average. e Production in percentage of a full crop. I For fresh fruit,
and raisins, including come not harvested 1924-1928. g Thousands of tons. AIN
Croy.
Acreage
(In Thousands)
Yield per Acre.
Ham sfed.
Inca.
caged by
10
-Year
Condi'n
1929.
1930. Average 1929.
Oct. 1
1919-28.
1930. a
Corn
bush 100,169 97,957 101,531 28.2
26.7
20.2
Winter wheat
"
35,585 40,134 638.490 15.0
14.4
c15.5
Durum wh't. 4 States. "
5,040
5,315
4,371 12.3
9.9
c12.0
0th.spr. wheat, U.S. "
15,038 15,654 16,163 d12.5
11.2
c11.7
All wheat
"
55,663 61,103 59.024 14.1
13.2
c14.2
Oats
" 42.967 40,212 41,898 31.0
30.7
c33.7
Barley
"
8,993 13,079 12,780 25.0
23.2
c25.7
Rye_
"
3,766
3,219 b3,498 13.4
12.6
c13.3
Buckwheat
"
749
731
727 19.0
15.8
12.0
Flaxseed
"
2,993
2,992
4,389
7.6
5.6
5.7
Rice, 5 States
947
893
983 40.3
45.0
39.2
Grainsorghums_e
"
6,528
5,921
6,280 20.6
17.0
12.6
Hay, all tame
tons 59,301 60,953 59.807 1.54
1.67
c1.41
Hay, wild
"
14,125 14,085 14,100 1.00
.91
c.85
Hay, alfalfa
"
11,031 11,500 11,495 2.61
2.59
c2.48
Beans, dry edible_e-bush
1,614
1.933
2,163 11.3
10.2
c9.6
Soy beans_f
2,677 5113.4
--Peanuts (for nuts)__--lbs.
1,068
1,325
1,184
701
ioi.
iii
Cowpeas_f
1,365 5113.0
___
Velvet beans_f
155 5100.6
____
Potatoes
bush.
3,363
3,371
3,482 109.0
10
67/
101:2
Sweet potatoes
806
822
858 95.2
103.0
78.9
To•)acco
lbs.
1,720
2,037
2,140
764
746
699
Sugar beets
tons
701
688
763 10.2
10.6
11.0
Some for sirup
gals.
368
346
372 81.2
75.7
62.9
Sugar cane for sirup_ "
124
117
120 183.2
189.0
166.6
Broorneorn_e
lbs.
298
303
396 317.6
311.6 c251.4
Hops_e
22
25
19 1,254
1.334 c1,270
a Indicated yield increases or decreases with changing conditions
during the season. b Acres remaining to harvest. c Preliminary estimate.
d All
e Principal producing States. (See text above for separate crops) spring wheat.
I Grown alone
for all purposes. g Grown alone or all purposes as percentage o 1929.
OTHER SPRING WHEAT.
Crop.
-Year
5
Average
19241928.
Yield per Acre (Bus.).
Production (In 1.000 Bus.). Quatfty (Percent).
Harvested, Subject to Oct. 1930 10
State,
10-Yr.
Recision in December. Pretimi- Year
Aver. 1929. 1930.
nary
Aver. 1929. 1930.
1919Average
Estimate. 19191928.
1924-28, 1929.
1928.
Maine
22.1 23.0 26.0
114
92
78
91
95 93
Vermont__ 18.9 18.0 20.0
28
18
20
91
95 95
New York_ 17.1 15.1 22.0
168
136
176
87 81 89
Penna
15.9 17.5 21.0
x125
122
147
86 84 89
Ohio
18.8 18.5 19.0
116
74
76
85 85 92
Indiana
14.1 16.0 15.0
102
64
60
83 87 96
Illinois_
17.0 17.5 21.0
2,659
3,168
4,746 82 87 94
Mich
15.0 17.5 18.0
94
70
90
82 84 84
Wis
17.1 19.0 21.0
1,230
1,254
1,386
79 86 85
Minn
12.6 13.4 16.0 21,042
13,413
15,376 x84 88 sa
Iowa
13.8 16.5
17.5
544
610
718
82 89 89
Missouri- 13.2 10.0 13.5
149
100
135
82 78 82
N. Dak
10.0
9.3
56,321
9.7 68,948
61.682 x87 93 85
S. Dalt
9.7
9.5 11.7 18.187
17,262
21,259 x89 90 81
Nebraalca.... 12.7 14.9 16.5
2,844
2,891
3,102
84 88 86
Kansas...... 8.4
8.7 10.5
139
348
483
83 83 82
Montana
13.1
9.0
8.0 47,865
32.535
27,750 190 82 88
Idaho
24.9 25.0 29.0 15,327
14,075
15,515
93 93 94
Wyoming- 17.0
15.0 14.5
2,555
2,265
1,972
92 91
81
Colorado
18.7 17.0
17.0 5,106
6,018
5,474
88 86 85
N.Mex_
15.6 24.0 18.0
1,008
537
756
87 87
75
Utah
27.0 30.0 30.0 2,550
3,000
3,000
91
91 93
Nevada
25.4 25.0 28.0
325
300
364
92 90 90
Wash
15.2 14.0 13.0 18,617
17,080
20,618
89 87 87
Oregon_ _ __ 10.4 21.0 23.0
4.328
3,402
4,853
91
80 90
Tot. U. B.y 12.5 11.2 11.7 213,649 175,626 189,806
y85.7 88.7 86.1
x Short time average. y All spring wheat.
Harvested, Subject to Oct. 1930
Revision in December. Prelimi- 5-Yr.
10-Yr.
State.
Aver. 1929. 1930.
nary
1930.
ACV'. 1929.
Estimate. 1924Average
19191928.
1929.
1924-28.
1928.
89
90
86
3,284
3,381
3,300
14.4 15.3 16.5
Minn
89
93
91
35,240
37,075
9.6 11.7 52,743
12.2
N.Dak
84
92
89
13,572
11,669
9.7 12.0 12,236
S. Dak _ _ _ 12.4
90
83
87
218
255
600
7.5
8.8
Montana_ _ 12.7
90.1 92.6 87.7
52.314
52.380
0 a 120 68.870
4 States__ 19 2
CORN.
Yield per Acre Production (1,000 Bushels).
(Bushels)
1930,
Harvested, Sub. to
Forecast
Revision in Dec.
10-Yr.10-Yr. Indifrom
Aver. ccued
Aver.
Condi'n
Average,
1919- 1929. 1930. 1919- for
Oct. 1.
1929,
1928. 1930. 1924-28.
1928.
nnitei States
78.1
86
87
84
77
85
83
73
69
68
73
68
73
66
82
79
83
60
63
68
69
52
76
69
77
75
80
72
77
86
78
76
70
77
53
72
52
63
48
76
73
71
84
85
94
73
65
80
82
71.0
91
94
91
86
89
81
69
71
45
56
64
59
51
77
74
69
44
62
54
73
40
58
34
35
39
74
72
66
68
39
48
55
46
18
44
37
62
44
85
85
91
60
76
85
86
77
82
86
58.8 28.2
42.0
45.0
45.0
45.0
42.0
42.0
29.0
38.0
22.0
24.5
26.5
25.0
21.0
37.0
31.5
31.0
13.5
16.0
15.0
25.0
12.0
24.0
15.0
10.5
14.0
20.0
16.0
11.7
12.5
10.0
14.0
10.5
11.0
4.0
10.5
10.5
18.0
12.0
39.0
23.0
25.0
16.0
33.0
28.0
22.0
36.0
33.0
32.5
510
638
3,668
1,950
373
2,321
23,197
7,951
55,440
132.495
156,990
326,691
50,733
77,770
137.379
417,137
175,139
23,952
98.617
214.381
131,664
4,446
21 064
41,546
15,649
46.929
20,780
47,049
7,971
80,949
68.522
39.010
31.628
34,733
19,516
57,816
82,719
6,093
2,697
3.253
16,806
3,500
1,048
440
47
1,684
2,440
2,576
520
574
3,608
1,638
420
2,365
21,024
6,588
46,470
128,407
131,968
311,500
32,928
81,440
148,855
429,878
126,524
16,384
112,085
237,744
106,802
4.224
19,162
44,138
13,892
48,568
23,321
50,453
8,438
80,795
73,600
37,464
35,300
26,348
21,476
48,320
86,127
3,612
1,944
2,832
23.222
4,180
1,148
589
56
1,824
3,010
2,542
Ca Ca
W.
CO
W
MW. .WaN OisNa
•4414..4oP.W..1NW.MN N
W
1.it.
,
1=4.MCOUD.NON
.
.W.IANWMCAW .400.0.4WW.00MWM013.
NN.
141414 01,3101.2N.0144.0.COMN-W.'0'101wW.M.00MOMV,
,4“0.4.
4,,,M00.01
,
.
I
P.O....0.
,00
UW.
COWN&MMOMJNO NT3N 01.0NM.NWA.
,NMPPMWPFNONMQ
OOMOM^O.WNMWODNMNNONCOMOMMO1.1..00.0..40.4000
84
88
87
86
88
87
84
85
84
83
80
78
80
83
80
86
79
78
76
74
66
83
82
80
85
78
70
73
82
80
76
73
69
72
69
70
74
69
87
79
69
73
84
87
92
84
86
86
20.2 2,699,809 2.614,307 2,046,716
OATS.
Yield per Acre (Bus.).
Production (In 1,000 Bus.).
Quality (Percent).
w
w
a
www-iwwww.w
wowaw0
.aa
a
WwW
W
.mawwww
cmV6040I0a 021-.ato
-0aO,Woo.wWimCCoiw '010100l0WVow.
Wo'w Wa,:-.1oW..0-low.
A..,
10.4owoco..w.4.otammww.wwoowcnow...44.ows.owmww000mwt. .
000w
lowocoow.00w-l000000.s000wwmma..wo..owo.0w4.—lawoomo..
.
1W..
00
Otto
.
awwwaw-awwwwww
ww&wwwbaww.h.b.Dtzwww..ww...wwwwwwwwwtowwwwwwwwwwwwwwwwwl
4
otoos.wwww.....1-4&w.mmo...0wo&w.......1.como.wo.p.www0o.w0w0o.p.ow1>WW;:oW;:.:•44.4.4oWils..b.;:obeWink,
c,
6,
W; inisixt.a. ;
'mbboWbia;-44.b;t6;inb;:bioio
Harvested, Subject to Oct.1930 10
Revision in December. Prelimt- Year
10-Yr.
State.
Aver. 1929. 1930,
nary
Aver. 1929. 1930.
Estimate. 1919Average
19191928.
1929.
1924-28.
1928.
96
92
94
4,880
4,956
40.0 41.0
Maine
93
92
90
400
431
40.0 44.0
N. H
94
91
91
2,738
3,080
37.0 40.0
Vermont_.91
87
80
266
285
38.0 40.0
Mass
98
86
75
60
68
30.0 32.0
R. I
90
86
81
420
434
30.0 32.0
Conn
81
92
86
24,626
34,738
24.9 42.0
N. York_
85
91
82
1,410
1,571
30.0 37.0
N. Jersey85
94
87
29,913
37,308
29.5 37.5
Penns
78
94
86
49,826
74,784
29.5 36.0
Ohio
82
91
83
64,008
65,870
28.5 30.5
Indiana
86
93
82
145,686 141,738
33.5 33.5
Illinois_91
88
87
40,886
54,991
29.8 38.0
Mich
94
86
80
85,215
105,653
34.5 44.0
Wis
91
85
89
159.332 153.738
36.5 39.5
Minn_
90
91
88
215,892
221,765
36.0 39.0
Iowa
82
92
81
33,770
41,716
22.0 27.5
Missouri81
83
81
33,768
58,510
18.0 20.0
N. Dak
84
87
86
64.382
71,671
28.5 29.0
3. flak....
91
92
88
86,304
68,797
34.8 32.0
Nebraska....
96
84
86
28,249
35,405
23.6 31.0
Kansas
90
90
85
84
114
28.0 28.0
Del
90
89
85
1,333
1,701
32.0
31.0
Maryland84
93
86
3,841
4.367
23.0 19.0
Virginia- - 77
87
88
5,616
5,087
26.0 20.5
W. Va
82
86 86
6,192
5,260
24.0 23.6
t4/. Caro
83
86
85
11,016
8,553
27.0 24.5
83
3. Caro
85
84
9,540
7,358
22.5 23.0
Georgia
84 84
80
168
168
14.0 15.0
Florida_
75
80
86
6,235
5,800
21.5 16.0
Kentucky
82 82
84
3,548
4,513
18.0 20.0
74
Fenn
83
81
2,320
1,890
19.5 10.0
71
klabama
78
82
1,210
1,090
22.0 18.0
83
78
1
‘ its
80
4,836
4,404
26.0 25.0
75
krkansas
78
81
1,200
724
25.0 20.0
80
Louisiana
81
83
20,592
27,602
26.0 28.0
80
3klahoma_
82 82
47,096
44,874
28.0 29.0
80
78
rexas
87
9,418
18,113
17.0 17.5
94
90
tiontana_.
93
6,040
6,366
40.0 40.0
80
90
93
idaho
4,205
4,168
29.0 27.0
88
88
Wyoming
90
6,572
5,544
31.0 33.5
75
86
89
:3olorado
1,161
946
27.0 24,0
80 100
92
C.Itlex
480
462
34.0
32.0
93
91
93
krizona
2,436
2,280
42.0 42.0
98
95
94
Itah
70
73
35.0 38.0
89
88
88
4/evada
8,977
9,272
47.0 47.0
94
94
91
Vaah
12,464
9,740
41.0 41.0
90
89
89
)regon
4,437
4,276
35.0
30.6
7ain-1,410,761 86.0 86.2 91.2
.T.-.. TT 0 21 0 20 7 33.7 1.371.786 1.233,574
TABLE I. THE ANNALIST INDEX OF BUSINESS ACTIVITIY BY
COMPONENT GROUPS.
September.
78.2
69.8
79.1
*87.2
78.4
*61.5
72.2
___
Pig iron production
Steel ingot production
Freight car loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
flnrnh1neT1 mare
75.7
*78.6
July.
August.
.4WhWV.W
WC.WOW,
Maine
New Hampshire
Vermont
Massachusetts..
Rhode Island
Connecticut__ _
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Mi-higan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota_
South Dakota..
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina_
Georgia
Florida
Kentucky
Tennessee
Alabama
MississIPM
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
aCaaCaaaa
catoconwwmaaw-4.0.4wa..wcoww.owowzw..am.woaw.r,o00wtoow
0-0000Ca .400
Condition Oct. 1
(Per Cent)
A pronounced further shrinkage in freight car loadings was the outstanding cause of this decline, although decreased output of electricity
and of iron and steel were also important contributing factors. Four of
the eight components of the combined index for which September data are
available were, however, higher in September than in August. The four
component indexes which registered advances were cotton consumption,
automobile production (factory sales), bituminous coal production and
zinc production. These advances were, however, too small individually
and in the aggregate to be of much influence in offsetting the sweeping
declines in the series which were lower in September than in August.
Table I gives the combined index and the ten component series, each of
which has been adjusted for seasonal variation and long-time trend, for the
last three months. Table II gives the combined index by months back
to the beginning of 1925.
87.3
74.3
86.6
93.4
78.7
71.7
75.2
85.2
88.0
73.3
84.6
TABLE II. THE COMBINED INDEX SINCE JANUARY 1925.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
Ca'aboWWWW:qia
Quality (Percent).
Production (In 1.000 Bus.).
Yield per Acre (Bus.).
Annalist Index of Business Activity.
The Annalist Index of Business Activity has fallen to a
new low level, the preliminary figure for September being
78.6 as against 81.4 (revised) for August. Continuing, the
"Annalist," says:
.41000300<00000
, 00.a -.4 WWWWW
DURUM WHEAT.
State.
131.
FINANCIAL CHRONICLE
2458
1929.
1928.
1927.
1926.
1925.
104.1
104.9
103.0
107.5
108.8
107.5
108.5
106.8
105.8
103.6
94.2
89.6
97.0
98.9
98.6
99.0
100.4
97.8
99.7
101.3
101.3
103.6
101.5
99.1
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
92.3
102.3
103.2
104.7
103.7
101.6
t03.2
102.8
105.0
107.1
105.0
103.7
103.2
102.4
102.9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.8
* Subject to revision. x Revised.
Annalist Weekly Index of Wholesale Commodity Prices.
Further declines in prices of the important metals, together
with a reversal of last week's upturn in farm commodities,
have again lowered the Annalist Index of Wholesale Commodity Prices to 121.6, a decline of 0.4 point from the revised figure of last week, which will place the index, with
one exception, at the lowest point since July. The "Annalist" adds:
Last week there was
The farmer again has had an uncomfortable week.
this week all these
a hopeful upturn in all grains and in live stock, but
declines. With the exception
gains and more have been lost by sharp price
barely been able to
of wheat, all grains are lower. Spot wheat prices have
of Trade have dropped
maintain last week's level, and futures on the Board
York spots. Live stock prices are
3 cents, thus presaging a drop in New
cotton prices have
lower, with an especially sharp drop in hogs. Spot
Though egg prices are
advanced, though here too the futures are lower.
that eggs
unchanged, statistics made available during the week indicate
and wool
in storage are now the largest on record. Hay, hides, potatoes
are lower.
in farm
Food products are higher in sympathy with last week's advance
prices, the week representing an apparent lag. Important retailing establishments have announced decided cuts in flour, and bread is now advertised to retail in many sections at 5 cents a pound loaf.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
(1913=100)
Oct. 14 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
111.8
131.5
107.4
153.0
105.9
131.1
126.7
96.5
121.6
Oct. 7 1930.
*113.2
130.8
•107.5
153.4
100.5
131.1
126.8
96.4
122.0
PRICES
Oct. 15 1929.
143.5
152.2
146.6
163.5
126.8
152.3
134.0
127.0
146.2
*Revised.
Foreign Crop Prospects.
The latest available information pertaining to cereal crops
In foreign countries, as reported by the Foreign Service of
the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington, and given out
on Oct. 10, is as follows:
Wheat.
Estimates of the 1930 wheat production in 29 foreign countries reported
to date total 1,964,164,000 bushels against 1,838,853,000 bushels produced
in the same countries in 1929 when they represented a little more than
half of the estimated world wheat crop exclusive of Russia and China.
The total Northern Hemisphere wheat crop outside of Russia and China
appears to be little, if any, larger than in 1929, but reports from the
Southern Hemisphere indicate a crop somewhat larger than a year ago.
The size of the crop in both Australia and Argentina will be determined
largely by weather conditions during the next six weeks.
FINANCIAL CHRONICLE
OCT. 18 1930.]
2459
-Chicago
The Canadian crop is estimated at 384,769,000 bushels compared with Flour Prices Drop to the Lowest Since 1896
304,520,000 bushels in 1929. The quality of the crop is good and milling
Chain Stores Cut Bread to 5 Cents.
and baking tests have shown that the baking quality of the 1930 crop is
Flour prices on Saturday, Oct. 11, struck the lowest
fully equal to, if not superior to, that of last year. The crop is moving
to market earlier than last year. Receipts and shipments at the head figures since 1896 in some markets, says a Chicago dispatch
of the lakes up to Oct. 3 were approximately twice those during the same Oct. 13 to the New York "Times" which further states:
period last year.
Since Jan. 4, Chicago standard grade flour has dropped over $2 a barrel,
The European crop in the countries so far reported is about the same
from $7 to $4 60. Quotations of $4.25 a barrel in Kansas City were said
as in 1929, but of inferior quality. There are indications, however, that to be the lowest in that market's records. These trends have not followed
later estimates for some countries will be revised downward and the French the violent fluctuations of the future trading in wheat, millers said.
crop is smaller than a year ago. No official estimate of the French crop
The lead in downward price levels for bread was announced here to-day
has been issued, but a private estimate of 209 million and another of 248 by chain stores, when 16-ounce loaves were offered at a nickel
-a move which
bushels have been recently published. The official estimate of the local independent bakers declared was "price appeal" to bring trade into
million
1929 crop was 320 million bushels, but it appears that the production these stores.
was at least 20 million bushels above this estimate. No estimate of the
Bread was being sold in Chicago and neighboring cities at quotations
Russian production is available, but reports in the Russian press indicate said to be below cost of production, ranging up to 15 cents a loaf, with
above last year and the best possible ingredients and methods employed in its making.
that the 1930 grain crops are considerably
increase in the commercial crop is estimated at 6%.
Bakers were hesitant about making their usual six months' and yearly
The seeding of winter wheat is making good progress in most European flout contracts this fall, although heavy purchases of new wheat are credited
countries aside from parts of the Balkans, where deficient moisture has to domestic millers.
delayed plowing.
"Forty to fifty per cent of all our bread flour goes into commercial
bakeries now," Tom Smith, Secretary of the American Bakers Association.
Rye.
said. "The wrapping alone costsfrom one-third to two-thirds of a cent, and
The 1930 rye production in Europe aside from Russia appears to be although no accurate data exist for the industry, the overhead of payroll,
50,000,000 bushels below last year. The total production in the 20 machinery, modern equipment and distribution is by far the larger part of
about
countries so far reported is 871,589,000 bushels compared with 893,710,000 the cost of a loaf of bread."
bushels in 1929. Production in both Germany and Poland is slightly
President Henry Strude of the association declared that before the war
below last year.
Americans consumed 5.30 bushels of wheat per person each year and now
FEED GRAINS.
are consuming only about 4.26 bushels.
Barley.
The total barley production so far erported for 26 foreign countries is
927,340,000 bushels, a decrease of 6.3% from the production in those
Some Tobacco Prices Improving in the Flue-Cured
countries last year. The production in the 20 European countries reported
Districts.
below that of the same countries
is 603,043,000 bushels, which is 11.5%
in 1929. The three North African countries show a decrease of 28.4%
average prices paid this year in the flue-cured
Although
from that of last year, while two Asiatic countries have declined 1.8%.
States
Oats.
The oats production as reported in 22 foreign countries totals 1,565,526,000 bushels, a decrease of 7.7% from the production of those countries last year. The production in the 18 European countries reported is
estimated at 1,108,830,000 bushels, a decrease of 20.4% from that of the
same countries in 1929. The most important oats producing country not
yet reported is France, for which unofficial estimates place the production
at about 287,000,000 bushels, compared with the official estimate of
395,752,000 bushels last year.
Corn.
tobacco districts of the southeastern Atlantic Coast
have been unsatisfactory to growers as a rule, certain
grades are selling at higher prices than last year, according to the weekly price records of the Federal-State Tobacco
Grading Service reported by the United States Department
of Agriculture. This is noticeably true of the lower grades
of cigarette cutters and upper grades of lugs in the eastern
Carolina district. The Department, under date of Oct. 11,
adds:
The total corn production in the 13 foreign countries so far reported
amounts to 572,480,000 bushels, a decrease of 18% from that of the same
countries last year. The production in the seven European countries
reported totals 415,455,000 bushels, a decrease of 25.4% from that in
1929. Manchuria and the three North African countries show slight
decreases from the production of last year. Mexico and Canada, on the
other hand, show an increase in their harvests over those of 1929.
Latest reports also show that prices on many grades, especially in the
cutter and lugs groups, have improved during recent weeks. Among the
heavy leaf grades increases and decreases in price were about evenly
divided during the week ended Oct. 4 as compared with the previous week.
The heavy leaf grades are apparently more of a drag on the market than
other groups, the reports say. The average price on all heavy leaf grades
during the week ended Oct. 4 on Government-graded tobacco in the eastern
Carolina district was $15.14 per hundred, compared with $19.96 the
AVERAGE 1909-1913, 1923-1927, ANNUAL 1928-30. season average for that group last year. The thin leaf groups, or cutters,
GRAINS-PRODUCTION,
averaged $25.91 for the week ended Oct. 4 compared with $26.12 last year.
Average Average
Crop and Countries
Lugs, on the other hand, averaged $13.53 for the week, compared with
1930.
1929.
1909-13. 1923-27. 1028.
Reported in 1930.a
only $12.55 last year.
1,000
1,000
1,000
1,000
1,000
The average price on a composite lot of tobacco, made up of equal
Bushels. Bushels. Bushels. Bushels. Bushels. amounts from all grades of which appreciable amounts were graded on
Wheat690.108 809,668 914,876 805,790 839,612
:hilted States
Oct. 4,
197,119 403,714 566,726 304,520 384,769 five markets in the eastern Carolina district during the week ended
1,*anada
11,274 is $16.35 per hundred pounds, compared with $18.28 the composite price
11,333
11,031
11,090
b11,481
1.1exlco
grades on the Smithfield, N. C., market last season. This
on the same
898,708 1.224,472 1,492,633 1,121,643 1,235,655
Total North America (3)
composite price, while it does not represent the average market price,
995,391 936,373 1,094,523 1,086,231 1,082,437 affords a price comparison based solely on quality, eliminating the effect
Europe (21)
59,636 of volume of sales in low- or high-priced grades.
77,223
67,176
59,930
58,385
North Africa (3)
382,374 381,986 330,271 359,548 426,048
Asia (3)
In the Old Belt, U. S. Type 11, so little tobacco of the better grades
2,334,858 2,602,761 2,984,603 2,644,643 2,803,776 is being sold that no adequate comparison can be made of the total market
Total above countries (30)
averages for this year and last. The Federal-State price reports for this
Estimated world total excluding
district, however, show that several grades, especially in the cutter group,
3 041,000 3,451,000 3,973,000 3,491,000
Russia and China
are higher now than the season average for the same grades last year. A
46,655 composite sample of tobacco, representing only the grades sold in appreciable
40,533
43,366
54,793
United States
36.093
23,767
14,618 13,161
14,778
Canada
2,091
four Old Best markets during the week ended Oct. 4, shows an
Europe (20)
002,789 747,734 854,006 893,710 871,589 amounts at
51 average price of $13.07 per 100 pounds. A composite sample made up of
48
Algeria
39
25
58
equal amounts from the same grades sold at South Hill, Va., last season,
Total above countries (23)
941,015 817,330 912,048 947,452 942,062 shows an average price of $14.46 per 100 pounds.
Estimated world total excluding
Russia and China
1,025,000 882,000 975,000 1,008,000
Barley
184,812 208,783 357,487 303,552 328,020 Arrivals of Coffees in United States For Quarter Ended
United States
Total North America (2)
Europe (20)
North Africa (3)
Aida (2)
Total above countries (27)
230,087
298,753
493,878
583,010 527,310 610,222
01,800
78,421 100,577
128,027 117,687 115,634
405,865
465,614
681,448 603,043
70,814
98,879
117,988 115,889
1,032,924 1,022,180 1.320.3111.304,178 1,255,360
Estimated world total excluding
1,424,000 1,427,000 1,696,000 1,734,000
Russia and China
oats
1,143,407 1,345,081 1,439,407 1.233,574 1,410,761
United States
Total North America (2)
Europe (18)
North Africa (3)
Total above countries (23)_
1,495,097 1,784,161 1,891,560 1,516,412 1,849,438
1,304,734 1,122,537 1,271,198 1,392,277 1,108,830
17,631
15,137
18,505
21,643
18,021
2,817,462 2,921,835 3,181,263 2,930,332 2,976,287
Estimated world total excluding
3,579,000 3,650,000 3,765,000
Russia and China
Corn
2,712,364 2,746,740 2,818,901 2,614,307 2,046,716
United States
Total North America (3)
ElltOPC (7)
North Africa (3)
Manchuria
Total above countries (14)
2,863,023 2,847,480 2,909,682 2,679,121 2,131,306
427,255
5.298
c39,000
418,862
8,210
73,075
280,263
11,050
68,533
556,928
12,754
63,446
415,455
11.699
60,736
3,334,576 3,347,607 3,269,528 3,312,249 2,619,196
Estimated world total excluding
4,138,000 4,328,000 4,233,000 4.340.000
Russia
Figures in parenthesis indicate the number of countries Included. b Four-yea
average. c Estimated.
Sept. 30 Greater Than Same Period Last Year
World's Visible Coffee Supply.
Arrivals of all coffees in the United States for the quarter
ended Sept. 30, the first three months of the current crop
year, amounted to 2,559,542 bags, against 2,518,440 bags
in the comparable period last year, according to data compiled by the Now York Coffee & Sugar Exchange. Stocks
of all coffees in the United States as of Oct. 1 were 933,614
bags, against holdings of 688,765 bags on hand on the same
date last year. World's visible supply of coffee on Oct. 1
amounted to 5,497,527 bags, against stocks of 5,528,978
bags on Sept. 1, and 5,227,068 bags on Oct. 1 1929.
Germany Notifies League of Nations of Increase in
Wheat Duty.
From Geneva advices to the "Wall Street Journal" of
Oct. 14 state:
Germany has notified the League of Nations that the government has
been obliged to increase the duty on wheat from 15 to 183i marks per
quintal (221 pounds) due to the heavy drop in wheat prices. The increase
is ef ective immediately, to prevent heavy importations.
The notification was duo to the League's agreement last March for concerted economic action.
2460
(Tor.. 181.
FINANCIAL CHRONICLE
French Wheat Crop Drops
-Official Estimates for known as Crepe Louise, is unchanged at $1.57%. The bulk of the offerings are new fabrics and stress plain constructions. Included are a stipple
1930 Show 27% Decrease From 1929.
crepe coating, No. 5939, at $2.50; Belmont, a white tweed coating. No.
According to a Paris cablegram, Oct. 15, to the New York 5974, at $2.25, and a broadcloth coating designated Enchantress at $2
which
'Times" a sharp decline in French wheat production is white,replaces the firm's well-known Imperator. In addition to pastels and
the color ranges feature French blues,soft greens and new coffee beige.
shown in the figures for 1930 announced on that date by
the Ministry of Agriculture. The cablegram continues:
Transactions in Grain Futures During September on
This year's crop is estimated at 6,300,000 tons as against 8,700,000 tons
Chicago Board of Trade and Other Markets.
for last year,representing a decrease of about 27%.
Revised figures showing the volume of trading in grain
It was pointed out, however, that this was unlikely to result in augmentation of wheat imports from the United States, as France imports futures on the Board of Trade of
the City of Chicago, by
mostly from Russia, Rumania and South America. It was stated that
the country's needs could easily be filled, while French farmers should get days, during the month of September, together with monthly
good prices for their wheat.
totals for all "contract markets" as reported by the Grain
Futures Administration of the United States Department of
Russian Wheat in England-Imports of 3,500,000 Agriculture, were made public Oct. 7 by the Grain Exchange
Hundredweight in Nine Months Reported.
Supervisor at Chicago. For the month of September this
London Associated Press accounts, Oct. 15, published year the total transactions at all markets reached 1,828,102,In the New York "Times" said:
000 bushels, compared with 1,856,513,000 bushels in the
Remarkable changes in the sources of supply of British wheat as com- same month last year. On the Chicago Board of
Trade the
pared with last year, including a large increase in imports from Russia,
transactions in September 1930 totaled 1,553,071,000 bushels,
were shown in to-day's issue of the weekly "Board of Trade Journal."
The Argentine Republic's contribution to wheat used in Britain declined as against 1,548,261,000 bushels in the same month in 1929.
from 31,300,000 to 13,500,000 hundredweight in the first nine months of Below we give details for September,
the figures representthis year,compared to the same period in 1929. Consignmentsfrom Canada
declined from 22,300,000 to 19,500,000 hundredweight,although in Septem- ing sales only, there being an equal volume of purchases:
ber the wheat received from Canada nearly doubled that shipped in September a year ago.
Shipments from the United States showed little change, but Australian
imports were less than last year by about 10%.
India this year sent Britain 2,500,000 hundredweight as against a negligible quantity last year. The Russian wheat imports totaled 3,500,000
hundredweight,compared to very small quantities in 1928 and 1929.
VOLUME OF TRADING.
[Expressed in Thousands of Bushels. i.e., 000 omitted.1
September 1930.
Whew.
Coca.
Oats.
Rye. Barley. Flax.
Total.
1 Holiday
57,143 16,274 6,151 4,733 --------84,301
2
40,811 13,226 3,787 2,579 --------60,403
3
40,993 13,707 2,625 2,189 --------69,614
4
88,904 12,615 2,926 1,210 --------65,665
5
50,649 12,497 3,041 1,550 --------67,737
Agricultural Exports for Year Ended June 30 1930 8 Sunday
7
37,064 11,529 2,850 1,516 --------52,959
8
Lowest Since 1910.
888 --------66,060
38,947 12.396 2,829
9
26,454 5,917 2,176
577 -_-_-_
35,124
from the 10
The smallest total volume of agricultural exports
36,678 17,384 3,776
11
748 --------68,686
30,493 25,263 5,864
888 --------62,608
United States since 1910 is reported for the year ended 12
13
20,158 19,249 5,799
948 --------46,154
June 30 1930, by the Foreign Agricultural Service of the 14 Sunday
40,952 18,158 5,506 2,216 --------66,832
15
U. S. Department of Agriculture. The Bureau on Oct. 13 18
50,803 22.909 3,821 1,880 --------79,193
17
38,145 12,118 2,284
919 --------63,466
rep,orts:
rg
22,981 12,209 1,845
780 --------37,795
The combined index of exports of 44 commodities is placed at 97 for the 19
34,831 15,283 2,470 1,552 --------64,136
last fiscal year, exports in the five-year period 1910-1914 being used as a 20
26,508 12,283 1,856 2,160 --------42,785
base of 100. The index of exports for the year ended June 301929, was 117. 21 Sunday
28,078 13,200 2,527 2,035 -------45,838
the peak-movement in the last 20 years being in 1918-19 when the index 22
23
50,584 24,100 8,034 3,541 --------84,259
figure was 145.
24
53,871 19,527 6,091 3,214 --------82,703
The index of cotton exports is reported at 82 for last year, compared 25
48,137 14,142 3,360 1,876 --------65,515
with 99 the preceding year; grains and grain products 130 last year, com- 26
45,049 16,018 3,318 1,622 --------66,007
50,488 19,748 3,709 1,837 --------75,782
pared with 174 for the year ended June 30 1929; cattle and meat products 27
28
104 last year, against 102 the preceding year;fruits 216, compared with 372 29 Sunday
60,129 22,154 3,917 1,515 --------87,715
the preceding year.
30
73,044
45,140 22,845 3,090 1,983 __-___
Lower prices and increased competition from larger world crops are given
Chicago Board of Tr_ 1,011,772 404,731 91,852 44,916 --------1,563,071
as the principal factors contributing to a decline of 19% in the value of
Chicago Open Board_
39,734
___
29.674 9,581
1_
478
American agricultural exports in the year ended June 30 1930, as compared Minneapolis C. of
C_ _
74,439
9
___ 9,347 8,620 10,571 3, 32 106,909
with the previous year. During the last fiscal year, agricultural exports, Kansas City Bd. of Tr_
73,659
58,272 15,347
-..
_
45,352
excluding forest products, were valued at $1,495,000,000, compared with Duluth Board of Trade_ *35,419
______ 3,599
4081 8,253
St. Louis Merch. Exch.
1,264
____ ____ ____
561__
703
$1,847,000,000 the preceding year.
Milwaukee C. of C....
9
519 --------5,804
1,694 2,482 1,10
Smaller shipments ofcotton at reduced prices are reported as the dominant Omaha Grain Exch
79
factor in bringing about the decline in values, but other groups also showed Seattle Grain Exch....
--------------------1,340
1,340
890
substantial decreases in value-particularly the grains, fruits, animal oils Portland Grain Each.
and fats, vegetable oilcake and °drake meal, and dairy products. Tobacco Los Angeles Grain Exalt
San Francisco C. of C.
registered a gain in the quantity of exports and a small increase in value.
Meat exports increased in both volume and value, and lard exports were Total all markets
1,214,282 432,702 102,626 57,855 10,852 10,185 1.828,102
September 1930
larger, but at lower prices.
1,400,611 296,188 108,076 33.965 7,428 10,245 1,856,513
September 1929
Tot. Chic.Bd.Sept.'29 1,157,203 271,827 94.664 24,567 --------1.548,261
American Woolen Co. Opens Spring (1931) Lines- •All Durum wheat.
Dressweights Are Included in New Women's Wear "OPEN CONTRACTS' IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR SEPTEMBER 1930(BUSHELS).
Offerings.
(Short side of contracts only, there being an equal amount open on the long side.)
Department Four of the American Woolen Co. on Oct.
14 opened complete women's wear lines for the spring 1931
• season. Noting this the New York "Journal of Commerce,"
of Oct. 15, stated:
Sept. 1930.
Wheat.
1 Holiday
*142,677
2
143,511
3
4
146,068
Comparison of prices on repeat fabrics revealed reductions ranging
5
147,058
8
147,982
from Sc. to 15c. under last year. The majority of the repeats are 5c.
7 Sunday
under last year, several are 10c. below last fall, while only one fabric, a
8
149,649
chinchilla, shows a recession of 15c. per yard.
9
152,811
155,034
Crepe weaves are featured in the dress coating lines, which include a 10
11
158,317
variety of worsted crepes, Knit-o-Laine crepes, novelty crepe weaves,
12
159,607
needle crepes, etamines, rep weaves and serges. A feature worthy of note 13
160,113
is the inclusion of several ranges of dress fabrics. Hitherto the company 14 Sunday
162.447
has confined its operations almost exclusively to coatings and suitings. 15
18
163,747
• The introduction of rayon-worsteds and crepes is taken as an indication 17
166,114
company intends to win its share of the business going to light- 18
_ that the
165,468
19
weight, rayon-decorated cloths for medium-priced dresses.
168,820
165,960
In addition to its coatings and dress lines the company yesterday began 20
21 Sunday
'showings of fancies and novelty wool tweeds for coatings, ensembles and 22
167.171
suitings consisting of new black and white effects, nubbed novelty effects, 23
169,361
169,496
duo-tone effects, leno weave effects in multicolors, reversible check-backs 24
170.378
and llama finish effects in twists and single yarns. The fancies are priced 25
26
0173,194
75c. to $2.15 per yard.
27
171,713
28 Sunday
Comparison of prices on repeat fabrics follows:
29
170,418
Spring.
Fall.
Range.
Description.
30
167,328
$1.45
24321 Tricot broadcloth
$1.55
1.75
1.80
0990 Broadcloth
Average
September 1930 160,498,000
3.60
3.85
13876 100% camel's hair
September me 227,863,000
1.85
1.923.
13858 Polaires
August 1930_ 141,543,000
2.6734 July 1930
18868 Petit-Tip chinchilla
2.42k
115,037,000
June 1930
122,622,000
May 1930
130,654,000
Apr111930 ...._ 161,151.000
Botany Worsted Mills Open Spring Lines.
March 1930
172,168.000
The following is from the New York "Times" of Oct. 16: February 1930_ 194,850,000
January 1930._ 196,559,000
Crepes and broadcloths feature the more condensed and popular-priced December 1929 185,959.000
line of coatings and dress fabrics for nest spring which the Botany Wor- November 1929 202,549,000
sted Mills openedAyesterday. Prices of certain repeated numbers in the October 1929_ 238,356,000
a High. •Low.
line:are down 10%, company officials said. A volume-selling dress crepe,
Corn.
Oats.
Rise.
Total.
50,099
49,541
49,195
48,081
47,886
*45,483
45,675
45,800
48,014
46,571
*18,880
18.995
19,394
19,437
19,168
*257,139
257,722
260,457
260,590
261,407
47,219
48,068
47,713
48,790
.*48.597
47,413
47,293
47.880
48,149
48,691
48,351
48,014
19,383
19,506
19,602
19,638
19,549
19,786
203,544
268,265
270,498
275.436
274.104
275,328
48,397
51,074
51,1159
51,391
052,449
51,986
48,442
48,445
48,667
49,055
48,746
48,951
19,944
19,966
20,117
20,142
020,288
20,224
279,230
283.232
285,957
288,054
288,283
287,121
52,292
51,858
51,662
51,391
51,293
51,529
049,136
49,107
48,382
48,329
48,463
48,466
20,146
20,151
20,007
19.997
20,022
19,954
288,745
290,475
289,547
290,095
0292.972
291,662
51,590
50,322
48,632
48,478
20,036
19,832
290,676
285,958
49,948,000
46,419,000
46,228,000
38,939,000
44,246,000
48,494,0t0
49,982,000
49,827.000
43.440,000
34,348,000
34,283,000
35,650,000
42.787,000
47,969,000
47,772,000
36,624,000
16,150,000
15,529,000
18,460,000
25,410,000
30,327,000
35,322,001)
38,795,000
40,762,000
44,710,000
47,666.000
19,768,000
15,000,000
18,542,000
16,555,000
19,657,000
19,359,000
21,150,000
15,512,000
18 996,000
18,894,000
22,298,000
24,815,000
19,395,000
278,180,000
337,054,000
242,938,000
186,682.000
202,055,000
218,967,000
257,672,000
267,834.000
292,608,000
288,596,000
283,302,000
307,524,000
348,204,000
61
OCT. 18 1930.]
FINANCIAL CHRONICLE
Federal Trade Commission's Interim Report on Investigation Into Cottonseed Prices—Hearings Resumed at Raleigh, N. C.
The Federal Trade Commission sent to the U. S. Senate
on Oct. 7 an interim report on its investigations of cottonseed
prices which is being conducted as a result of two Senate
resolutions (S. Res. 136 and 147, 71st Cong., first seas.).
Hearings were resumed the same day at Raleigh, N. C.,
following a recess taken in August at Montgomery, Ala.,
the last place in which hearings were held. According to a
Washington dispatch to the New York "Journal of Commerce," facts brought out at Raleigh on Oct. 7 show that
approximately 68% of cottonseed sold in North Carolina
is handled by four companies: The Buckeye, the McNair,
Southern and Eastern interests, each of which owns several
oil or fertilizer companies in North Carolina. About 95%
of all cottonseed sold in the State is sold through mills which
are members of the National Cottonseed Products Association. There are 44 of these mills in North Carolina and
Virginia, 40 of which are active. The further advices from
Raleigh Oct. 7 to the paper quoted said:
2461
The morning session was dismissed when G. D. Borden, Buckeye manager of the Goldsboro district, was too ill to appear. The investigation
had been resumed following a recess since last Saturday.
It was shown that the Buckeye company had made loans to several
mills in the past and had afterward been furnished with cottonseed. Mr.
Jenkins testified that a number of the mills at one time or another had
transactions of some sort. The Raleigh mill, he stated, purchased some
500 tons last season from other mills.
It also developed that the Buckeye company had made loans to the Louisburg Cotton Oil Co. and to the Newborn Fertilizer Co. The Louisburg
plant has been closed down since 1918, Mr. Jenkins stated, and he said
the Newborn plant did not operate last season. The loans ranged around
$5,000.
On Oct. 15 three additional witnesses took the stand
in the Commission's investigation into the cottonseed industry. The bulk of the questioning by Mr. Wooden
centred about "haulage allowance," says the "Journal of
Commerce," which added:
The investigation so far has concerned itself with the operations of the
National Cottonseed Products Association, whose member mills in Virginia and North Carolina handle about 95% of cottonseed sold for this
territory.
Paul J. Barringer of the Sapona Mills, Inc., of Sanford, was placed
under questioning during the morning relative to operations of the Buckeye
and Southern Cotton Oil companies in this territory. He testified that he
didn't believe those interested, who control a number of the oil plants in
North Carolina, control seed prices.
IC. M. Hardison of Wadesboro, manager of the Southern in that district,
W. F. Marsh, Secretary of the North Carolina division of the National
paid by his
Association, was the only person questioned. Walter B. Wooden, Attorney testified afterward that although this "haulage allowance" was
and South
for the Federal Commission,conducted the examination, with Major W. W. company's mills the same prices were paid for seed both in North
Sheppard presiding. The questioning also revealed that prices paid for Carolina.
company had
Included in his testimony was the statement that his
cotton seed by the oil company are arrived at by calculating overhead,
at a loss. He did
operating and other expenses per ton (based on estimated tonnage to be bought seed both at no profit prices and at times even
This total not consider the "haulage allowance" policy favorable to his mlll in Wades
handled during season), plus a reasonable "spread," or profit.
ehauled to the mills anyway.
deducted from what the companies can receive for their products gives the born, explaining that he thought seed would b
competition.
made to meet
approximate price to be paid the seller of seed. This "spread" ranges up to However,he admitted that allowance bad been
J. N. Davis, manager of the Southern interest of the Fayetteville dis$2.50 per ton. Of the 261,000 tons of cottonseed sold by North Carolina
on the stand for part of the day.
growers last year 256.000 were bought by mills which are members of the trict, was also
National Association.
Loans by cotton oil mills to smaller mills and gins in North
Regarding the testimony on Oct. 8, the Raleigh dispatch Carolina came up for discussion on Oct. 16 in the Commisto the "Journal of Commerce" said:
sion's investigation, when Mr. Wooden questioned E. H.
W. F. Marsh, Secretary of the two States' (North Carolina-Virginia)
cotton oil man. The dispatch that day
was on Evans, Laurinburg
division of the National Cottonseed Products Association, again
to the "Journal of Commerce" also said:
the stand throughout the day under questioning of Walter B. Wooden.
Much of the discussion to-day centered about resolutions and a code of
Seeking to determine whether an organization of cotton oil mills has
practices adopted by the National Association in Memphis in 1928. They
uniform low prices for seed, the Commission to-day was told
by the Federal Trade Commission. Since the adoption brought about
were later approved
Mr. Evans that he considered that loans made by larger interests to
of them in this section, independent seed brokers have largely disappeared, by
ones tended to hold prices down. He testified that the loan plan
commission buyers taking their places, according to Mr. Marsh. The smaller
about by competition, but that evidenced that it had been
commission buyers represented individual mills and usually are paid a was brought
unfavorable to the industry. He was opposed to the policy, he stated, and
commission of 50c, on the ton of cottonseed.
most of the interests rae now opposed to it.
The principal control ofthe farmer's cottonseed, according to Mr. Marsh's added that he believed
In the majority of the cases where loans were made to small mills and gin
testimony, is with time merchants and other firms who hold liens on the
lenders were promised cottonseed at a constant price. Evans
crops, which means that the crop is already sold before it is ginned. Asked plants, the
Questioned as to the operations of the Buckeye and Southern 011
if gins or oil mills lend money to farmers, Mr. Marsh replied that they do said.
companies in this matter, he refused to make any definite statement.
not, to his knowledge.
Earlier testimony in the investigation, however, has shown that Buckeye
•
The same paper had the following to say in its account and Southern interests had made a number of loans to smaller plants.
R. E. Evans, operator of Buckeye's Charlotte plant, is among the three
from Raleigh Oct. 9:
witnesses scheduled for questioning to-morrow. The others are R. L.
"Eligibility and desirability" of cottonseed commission buyers constituted Abbott of the Winterville Cotton OH Co. and Isadore Wallace of the
the general themes to-day of the investigation being conducted here into Statesville 011 Co.
the low prices being paid for cottonseed. W. F. Marsh, secretary of the
Since the Commission began its hearings here ten days ago, with Major
North Carolina-Virginia division of the National Cottonseed Products W. W. Sheppard presiding, less than a dozen witnesses have been queried.
Assn., remained under questioning for the third day and will return to the Nineteen additional men have been summoned for questioning.
•
stand to-morrow.
Following the squeezing out of independent buyers during the last year
The Commission's interim report to the Senate on Oct. 7
-cent-a-ton commission buyers" sprung
or so, a class of agents known as "50
into activity in this State. Wooden, attorney for the Federal Trade Com- follows:
Oct. 7 1930.
mission conducting the hearing here, sought to determine whether the
cottonseed association has not made an effort to eliminate these "undesir- To the President of the Senate of the United States:
able and ineligible" commission buyers.
Sin—Under date of Feb. 28 1930 there was transmitted by the ComLittle of a specific nature, however, was established during the quiz mission to the President of the Senate a report outlining the progress made
discussion centered about the relations between the in the investigation of the cottonseed crushing industry, which was directed
to-day. Much of the
cotton oil mills and the 50c commission buyers. Some of the oil mills by Senate Resolutions 136 and 147, 71st Congress, 1st Session (the report
severed relations with their commission buyers, in most of the instances has been printed as Senate Document 91, 71st Congress, 2d Session).
not taking any others on. Of the firm of Speight & Co. of Greenville, which Since the transmittal of said report, Senate Resolution 292, 71st Congress,
operated during the season 1929-30, Mr. Marsh knew but little, according 2d Session (approved June 20 1930), directed the Commission to transmit
to his testimony. This commission house was reported to have purchased to the Senate or file with the Secretary of the Senate "a transcript of the
seed for the Winterville Cotton 011 Co. at prices above the average market hearings held before said Commission pursuant to Senate Resolution 136
price for that season. Some oil and fertilizers were reported to have dropped and Senate Resolution 147, 71st Congress.
Speight from their lists of agents, but Mr. Marsh would not admit that this
The public hearings have been under the general direction of the chief
was because the firm had paid higher prices.
examiner of the Commission. Attempt was made to secure the voluntary
The investigation here is one of a series authorized by Senatorial resolu- alpearance and attendance of witnesses, but the plan was not found practions for the purpose of establishing whether there is any monopoly of the ticable due to the fact that witness fees, mileage and other charges could
cotton-seed industry by oil mills, ginners and fertilier companies. Major not be paid the witnesses and attendance could not be required unless
Sheppard is presiding over the hearings.
W. W.
subpoenas were used. The Commission, therefore, subpoenaed Mr. Chris
Coctonseed
Co Benet of Columbia, S. C., general counsel of
From Raleigh Oct. 10 the paper indicated above stated Products Association, and Messrs. T.0. Asbury, the National and It. R.
New Orleaps,
that attempts to merge a number of independent cotton oil Deupree, Cincinnati. Mr. Asbury is Vice-President of the Southern
mills in North Carolina in 1929, and "price reporting" Cotton 011 Co., a subsidiary of the Wesson Oil & Snowdrift Co., New
General Manager of
Orleans, La. Mr.
methods employed by the National Cottonseed Products the Buckeye Oil Co.,Deupree is Vice-President and Co.of Cincinnati,0.
a subsidiary of Procter St Gamble
Association, were matters aired before the Commission These two companies together with Swift Sz Co.. Chicago, are the three
largest mill operators and users of cottonseed oil. Accordingly, the first
that day. The dispatch likewise said in part:
Public hearings held by the Commission were in Washington during the
W.P. Marsh, who•has been the only witness so far questioned during the
period June 2 to 13 inclusive, and these throe witnesses appeared, testified
past four days, was again on the stand to-day. He testified that some ef- and
identified as exhibits extensive documentary material.
forts were made last year to affiliate some 10 or 15 oil mills, but did not adI have the honor to transmit herewith a stenographic record of the oral
mit that this was with a view to "fixing" prices. Mr. Marsh stated that he
testimony consisting of 1,156 pages, copies of the 199 exhibits received and
acted for L. P. Brown, Jr., President of the International Vegetable 011 Co. a list
of said exhibits with a descriptive statement of their character.
of Memphis, Tenn.
Since the conclusion of the Washington hearings other public hearings
Marsh testified that, although he attempted to secure options on about a have
been held in the cities of Atlanta, Ga., and Montgomery, Ala. A
dozen companies in this division, he was unsuccessful. From the discustranscript of this testimony and exhibits will be filed with the Senate later
sion it appeared that the Buckeye and Southern Cotton Oil companies had as the
Commission's third and fourth interim reports. It is planned that
also projected a survey looking toward some sort of a merger, but Mr. public
hearings will also be held in all the principal cotton-producing
Marsh knew nothing definite about it, he testified.
States. At this time the preliminary and general investigation is being
On Oct. 15 W. Henry Jenkins Jr. of Raleigh, District completed.
By direction of the Commission.
Manager of the Buckeye Cotton Oil Co., was placed under
Respectfully,
GARLAND S. FERGUSON Jr., Chairman.
questioning by Mr.Wooden. This dispatch said:
2462
FINANCIAL CHRONICLE
[VOL. 131.
Review of World Cotton Situation by Association of ment in their position in September, according
to the New
Cotton Textile Merchants of New York-Professor York Cotton Exchange Service. Under date
of Oct. 14
Todd of Liverpool Warns Against Deterioration it says:
of American Cotton.
Some lines of cloth have sold well in excess of current output during the
In an annual review of the world cotton situation just past week, but others have not. Prices of good have been generally steady,
but selling pressure
published by the Association of Cotton Textile Merchants Average mill marginshas resulted in concessions in numerous directions.
on standard unfinished goods have held about unof New York Professor John A. Todd, eminent cotton changed at the improved levels. Mill activity is about the same, with
possibly a slight tendency to increase as a result of better cloth business
authority of Liverpool, England, reiterates his previous
last month.
warnings that something must be done to alter the perThe average consumption of cotton per working day in September Is
sistent tendency towards deterioration of the quality of estimated by the Service to be 16,400 bales, which compares with an
average of 23,600 in September of the past five seasons, indicating a curAmerican cotton. Only by increasing the average yield, tailment of about
31%. It is in the light of this small production
Professor Todd says, and thereby reducing the cost of reported cloth sales of 60% over production last month are to that the
be considered. The large sales of goods last month greatly improved the position
production, can the United States hope to maintain its
of the mills as to stocks and unfilled orders of cloth, but at the close of the
supremacy in competition with such cotton producing month the mills still had an excess of stocks
over unfilled orders,
to
countries as Argentina, Brazil and Russia, and particularly 2.33 weeks' production at the current rate. These facts indicate equalthe
why
policy of continued curtailment is still being emphasized in mill circles.
Egypt, where in some sections the yield averages nearly 500
pounds to the acre and where new varieties with still heavier
yields are being produced. He says:
Census Report on Cotton Consumed in September.
For the past two seasons the price of American cotton has persistently
Under date of Oct. 15 1930 the Census Bureau issued its
failed to rise to the level indicated by the conditions of supply. In recent
years, especially from 1920 to 1927, the movement of the season's average report showing cotton consumed in the United States, cotton
price followed the movement of the supply very closely indeed, but for the on hand, active cotton spindles, and imports and exports of
last two seasons with a decreasing supply the price has fallen. It may
be mentioned in passing that this is not accounted for by the fall in general cotton for the month of September 1930 and 1929. Cotton
prices. Cotton has fallen much further than other commodities as a consumed amounted to 394,321 bales of lint and 62,798 bales
whole.
of linters, compared with 352,335 bales of lint and 57,010
Further, this fall in the market value of the crop has not been compensated by any increased yield which might have resulted in a reduced bales of linters in August 1930 and 545,834 bales of lint and
cost of production to the grower. On the contrary, the average yield for 81,894 bales of linters in September 1929. It will be seen
the last three years is lower than for any corresponding period since the that there is a decrease under September
1929 in the total
beginning of the century, except the three bad boll-weevil years
-1921.
1922 and 1923; and the indications are that the coming season will make lint and linters combined of 170,609 bales, or 27.2%. The
no better showing. The American crop seems to be settling down to an following is the complete official statement:
average yield of not much above 150 pounds per acre. With such a yield SEPTEMBER REPORT OF COTTON CONSUMED, ON
HAND,IMPORTED
and at such prices the average American cotton grower cannot make a
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
decent living out of his crop.
(Cotton in running bales, counting round as half bales, except foreign, which is in
500
-pound bales.]
This is a terrible indictment and calls for the most serious heart-searching
on the part of everybody concerned in American cotton, either as producer
or consumer, because if this tendency continues it must inevitably lead to
Cotton Consumed
Cotton on Hand
Sept. 30Duringone result
Cotton
-namely, that the American crop will lose its dominance of the
Spindles
world cotton position which it has held for just about a hundred years.
Two
In Con- In Public Active
Year
Months suming Storage
During
In commenting on the fact that consumption of American
Sept.
Ended Establish- & at Corn- Sept.
cotton has fallen off considerably outside of the United
(bales) Sept. 30. meets. presses. (Number)
(bales) (bales) (bales)
States in spite of the increase in world consumption, ProJ 1930 394,321 746,656 967,936 5,247,525 26,087,004
United States
fessor Todd states:
1 1929 545,834 1,104,588 790,772 3,208,546 30,035,470
It should be noted that in all this there are a good many statistical
pitfalls and many points of detail which might explain a good deal, but Cotton-growing States_ _ 1930 314,623 598,354 639,798 4,897,547 17,103,204
..
1929 423,189 851,960 522,580 3.037,350 18,023,798
they do not affect the general statement that the world during the past New England States
1930 64,857 121,585 278,994 103,389 7,916,634
year has shown a marked tendency to change over from American to outside
1929 102,112 211,145 219,898 60,655 10,739,764
growths, which, however, would not have mattered so much but for the All other States
1930 14,841
26,717 49,144 246,589 1,067,166
1929 20,533 41,483 48,294 110,541 1,271,908
fact that America herself had so drastically reduced her total consumption.
Included Above
The causes for this transference of demand are sufficiently serious, but Egyptian cotton
1930 7.915
15,588
79,705 46,898
it is necessary to point out that some of them may prove to be only tem1929 17,484
37,769 90,835
32,534
1930 6,940
porary. The most serious of all Is the admitted fact that it has been partly Other foreign cotton
12,398
34,733
24,353
1929 9,090
17,120
17,212
29,246
due to the failure of the quality of the American crop. This again was Amer.
-Egyptian cotton_ -- 1930
5,793
1,115
539
6,389
partly due to an accidental cause, the drouth in the Western States in 1929,
' 1929 1,034
4,731
2,429
3,013
Not Included Above
but that merely brought to a head conditions which had been developing
Linters
J 1930 62,798 119,808 203,789
69,085
steadily and inevitably towards such a result for a good many years.
1 1929 81,894 165,537 137.439 47,930
After discussing in detail the factors which tend to curtail
• consumption of American cotton both in the United States
and in the rest of the world, Professor Todd states that the
greatest danger of all and the one which simply must be
tackled is the deterioration of quality of the American crop,
which, of course, is bound up with the question of average
yield, and which, in turn, materially influences production
costs. He goes on to say:
•
America must now realize the absolute necessity of putting her house
In order on all these points. Everybody knows what has to be done and
there is no need to repeat it, but in view of this year's experience the writer
wishes to stress one point. In his view the whole thing is intimately bound
up with the boll weevil, and one of the difficulties of getting anything
done about the boll weevil is that its depredations seem to be so intermittent.
Thus the three years 1924-26, when the weevil seemed almost to have
disappeared, were a very mixed blessing because they led to a relaxation
of the efforts to tackle the weevil. Since the weevil came back in 1927
that has been changed again, and there was a distinct tendency towards
more extensive and more efficient poisoning; but 1930 may have undone
again all the good that these three years did, because apparently there
has been very little boll-weevil damage this year.
American growers must realize that on this question of weevil damage
they are between the devil and the deep sea. The only thing in nature
that will effectively control the weevil is drouth, which must be so severe
as practically to ruin the crop. The cure is almost as bad as the disease.
The fundamental necessity of the whole thing, therefore, Is that the weevil
must be tackled seriously and that means co-operatively.
The one sensible way to dolt would be nationally. In such an emergency,
why should the Government not intervene, either by doing the thing itself
with a complete and efficient system of aeroplane dusting or by getting
It done through some other agency. As long as the boll weevil is left to
take its toll of the crop whenever weather conditions are favorable to it,
there can be no hope of real reform in any of the other directions which
are so necessary.
Imports of Foreign Cotton (500-lb. Bales).
Country of Production.
September.
1930.
Egypt
Peru
China
Mexico
British India
All other
Total
1929.
2 Mos. End. Sept. 30.
1930.
1929.
2,680
71
16,017
2,396
770
971
3,694
126
7,508
97
33,296
4,973
1,175
971
8,062
290
3,394
23,974
9,295
48,767
7
636
22
7
1,661
Exports of Domestic Cotton Exclud no Linter*
(Running Bales-See Note for Linters).
Country to Which Exported.
September.
2 Mos. End. Sept. 30.
1930.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
1929.
1930.
1929.
125,608
152,840
47,651
316,087
86,962
132,895
41,013
139.452
92,991
83,466
203,882
92,378
87,230
26,477
180,952
209,613
69,358
441,492
138,577
170,014
58,986
165,011
128,543
104,469
270,263
142.367
101,302
39,939
Total
902,956
725,876 1,268,992
951,894
-Linters exported, not included above, were 5,896 bales during September
Note.
in 1930 and 5,737 bales in 1929; 11,495 bales for the 2 months ended Sept. 30 in
1930 and 15.633 bales in 1929. The distribution for September 1930 follows:
United Kingdom, 353; Netherlands, 1,557; France, 125; Germany, 2,811; Canada,
968; Honduras, 1; Brazil, 81.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1929, as complied 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 ended
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.
Silk Made from Natural Gas.
The manufacture of artificial or cellulose silk from natural
New York Cotton Exchange Service Sees Cotton Mills
gas is made possible as the result of a discovery recently
of Country Holding Their Own, So Far as Stocks
reported by Prof. Harold Hibbert of McGill University.
gnd Unfilled Orders Are Concerned.
Carbon dioxide and water are the basic materials used in the
The cotton mills of this country appear, on the average, new process. It is stated:
to be about holding their own,from the standpoint of stocks
Carbon dioxide is a by-product of the combustion of natural gas. The
and unfilled orders for goods, following the marked improve- making of sugar from carbon dioxide and water was discovered in England
OCT. 18 1930.]
FINANCIAL CHRONICLE
2463
of the equal protection of the law, or taking property without
just compensation."
The Julian attorneys maintained that the law itself is
unconstitutional, many provisions of it are illegal,the act does
not confer the authority attempted, the orders go beyond
provisions of the law,and the orders are discriminatory. The
response of the Corporation Commission was that the concubic feet of natural gas annually.
servation act was a comprehensive plan to conserve the oil
and prevent waste through overproduction of oil for which
there was no market demand.
Cottonseed Oil Production During September.
In the hearings being held currently in Oklahoma City
On Oct. 14 the Bureau of the Census issued the following
crushed and on hand before the Corporation Commission on the petition of
statement showing cottonseed received,
program
and cottonseed products manufactured, shipped out,on hand operators to continue the present oil curtailment
until Dec. 31 indications are that it will last another week.
and exports during the month of September,1930 and 1929.
The present schedule was extended to Oct. 20 recently.
COTTON SEED RECEIVED. CRUSHED. AND ON HAND (TONS).
Testimony so far is to the effect that if proration is lifted,
On Hand at halls
Crushed
Received at Mills..
it will practically ruin the oil industry by glutting the market
Sept. 30.
Sept. 30.
Aug. 1 to Sept. 30. Aug. Ito
State.
with oil for which there is no demand.
1929.
1930.
1929.
1930.
1929.
1930.
Reductions in the crude oil field were started in the early
29,712
61,109
53,008
64,271
Alabama
81,529
125,114
part of the week when the Champlain Refining Company
2031,
1,309
3,592
6,724
Arizona
5,460
7,787
47,062
16,704
36,305
30,412
82,269
Arkansas
44.066
of from 25 to 31c. a barrel in the price
1,901 announced reductions
4,757
1,817
8,618
3,605
California
5,235
30,314 of Oklahoma crude. This reduction applies to oil from the
75,299 104,618
Georgia
219.740 105,016 115,851
49,436
46,476
51,587
44,648
95,955
Louisiana
90,454
71,428 157,953 Garber, Tonkawa, Marshall-Lovell, Seminole and Okla97,519
84,354
Mississippi
145,807 248,316
4,521
10,407
5,744
20,188
9,814
North Carolina
30,231
No other major companies in those
27,718 homa City fields.
32,148
18,561
13,595
42,424
Oklahoma
43,461
7,070 fields have followed the cuts but will undoubtedly adjust
19,703
12,650
31,525
19,127
South Carolina
50,834
18,641
16,528
14,822
21,980
32,387
Tennessee
35,913
Texas
564,863 422,690 279,386 234,576 302,198 208,229 their prices to conform with the market. The only other
4,360
7,648
3,591
5,843
7,821
All other States
13,489
reduction reported in the mid-continent fields was that
1,156,413 727.395 609,071 695,033 588,948 made by the Midwest Refining Co. in lowering the price of
United States
1 376.994
• Includes seed destroyed at mills but not 45,434 tons and 41,606 tons on hand Osage, Wyo., crude oil 38c. a barrel. The Osage oil is
Aug.1 nor 6,362 tons and 10,582 tons reshipped for 1930 and 1929, respect vely.
at $1.25 a barrel.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON now posted
HAND.
Later in the week, the Humble Oil & Refining Co., a
subsidiary of the Standard Oil Co. of New Jersey posted
Shipped Out
Produced
On Hand
Aug. Ito
Aug. I to
lower prices for north Texas and Panhandle district crude oil.
Season. On Hand
Item.
Sept. 30.
Sept. 30.
Sept. 30.
Aug. 1.
These reductions were due to local conditions exclusively
.7,893,957 218,779,241 176,091,472 *79,280,32f and no price changes in other fields have been reported by
77,215.15C
19,181,886 184,338,516 148,550,987
a174.207.912 this company.
a301,609,092 6128,984,844
175,436,562
338,619,933 107,227.846
116,392
266,524
Crude oil production in the week ended Oct. 11, declined
327,568
55,352
82,541
265,411
271,285
76,667
2,366,92,281 from that of the previous week. Production totaled
138,873
202,667
28,495
88,602
141,123
165,815
63,917
800 barrels daily, compared with 2,386,950 barrels in the
179,982
82,329
127.091
135,220
101,18Z
95,088
125,419
70,854
preceding week, a drop of 20,150 barrels and 471,300 barrels
823
3,269
1,433
2,659
2,254 less than for the corresponding period last year when pro4,852
5,258
1,848
3,558
4,117
13,332
12,776
duction averaged 2,838,100 barrels daily.
7 Aso
R 91R
4545
5452
Price changes follow:
EnEEMEEEEEE
s
a
a --
Fr- ' R: 11 P1
- 93 • _
_
2
:
.se..„9. • g
g
nog1310V
veuagg Egg.
Evz:2"1 Fe; a
some time ago. Prof. Hibbert has gone a step further and converted the
sugar into cellulose, paralleling the steps taken by nature in the growing
plant and tree.
The department of information of Appalachian Gas Corp., In commenting on the discovery, pointed out that while none of their customers
are now using natural gas in the new process of artificial silk or sugar manufacture, that when the new method is reduced to a commercial basis, it
will not only add another new use to the 23,000 already known uses for
natural gas, but should develop an entirely new market for many million
• Includes 1,932,090 and 7,587,810 pounds held by refining and manufacturing
establishments and 3,558,420 and 26,601,300 pounds in transit to refiners and consumers Aug. 1 1930 and Sept. 30 1930, respectively.
a Includes 6.088,528 and 2,168,204 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments
and 5,919,817 and 6,307,226 p unds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 11930 and Sept. 30 1930, respectively.
b Produced from 139,008,935 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR ONE MONTH ENDING
AUG. 31.
1930.
1929.
Item463,520
Oil, crude, pounds
613.930
1,124.093
Refined, pounds
175
12,838
Cake and meal, tons of 2,000 Pounds
9,896
5.599
Linters, running bales
•
-Oklahoma Supreme Court
Petroleum and Its Products
Upholds State Conservation Law-Price Cuts in
North Texas, Texas Panhandle and Mid-Continent
-Oklahoma Proration Schedule Extended
Districts
to October 20.
The past week brought out many interesting developments
in the petroleum field. The most important was the decision
of the Oklahoma Supreme Court in upholding the State conservation law. Price cuts in the North Texas, Texas Panhandle and Mid-Continent fields by several companies were
indications of the trend of the market now that the season of
low consumption of gasoline is here. Hearings on the curtailment plan in Oklahoma continue with the possibility
existing that they may run until the latter part of next week.
Another complaint against the proration method,of curtailing production was registered when the Gulf Production Co.
(Gulf Oil) protested that discrimination was being exercised
in methods of fixing curtailment in several counties in Texas.
In handing down the opinion of the Oklahoma Supreme
Court deciding that the State conservation law was constitutional; it was learned that five of the eight judges sitting
concurred on the decision. Guy Green, special justice, appointed in place of Justice Robert A.Hefner,who was disqualified because of having oil interests in the South Oklahoma City
field, wrote the opinion which stated in part: "Under the
police power of the State the Legislature may regulate and
restrict the use and enjoyment of land owners of the natural
resources of the State, such as oil, so as to protect it from
waste and prevent infringement of the rights of others. Such
legislation does not infringe the constitutional inhibitions
against taking of property without due process of law, denial
-Champlain Refining Co. announces cuts of from 25c. to 31c.
Oct. 13.
a barrel for Oklahoma crude. The new price schedule ranges from 90c.
a barrel for above 32 degrees to 51.26 for 44 degrees and above.
-Humble Oil & Refining, followed immediately by Prairie Oil &
Oct. 16.
Gas, St- n&rd Oil of Indiana and Texas Co., cut the price of crude oil in
North Texas and Texas Panhandle districts from 7 to 38c. a barrel. The
new prices are as follows, per barrel:
Carson awl
liutchtneon
Gray
North
Counties.
County.
Texas.
5.55
5.60
3.65
Below 29 gravity
.59
.64
.69
29 to 29.9 gravity
.63
.68
.73
30 to 30.9 gravity
.67
.72
.77
31 to 31.9 gravity
.71
.76
.61
32 to 32.9 gravity
.75
.80
.85
33 to 33.9 gravity
.70
.84
.89
34 to 34.9 gravity
.82
.87
.92
35 to 35.9 gravity
.85
.90
.95
36 to 36.9 gravity
.88
.93
.98
37 to 37.9 gravity
.91
1.01
.98
38 to 38.9 gravity
.94
1.04
.99
gravity x
39 to 39.9
.97
1.02
1.07
40 to 40.9 gravity
1.00
1.05
1.10
41 to 41.9 gravity
1.03
1.08
1.13
42 to 42.9 gravity
1.06
1.11
1.16
43 to 43.9 gravity
1.09
1.14
1.19
44 gravity and above
Prices of Typical Crudes per Barrel at Wells.
(All gmvItieti where A P 1 degrees are not shown.)
$2.55 "Ipindletop, Texas. below 25
Bradford, Pa
1.54) Winkler, Texas
Corning. Ohio
1.35 Smackover. Ark.. 24 and over
Cashel!, W. Va
1.65 Smackover, Ark.. below 2
Illinois
1.50 Eldorado, Ark.. 34
Western Kentucky
1.23 Urania, La
Midoontinent. Okla., 37
80 Reit Creek, Wyo.,87
Corsicana, Texas, heavy
87 Sunburst, Mont
Hutchinson. Texas. 35
1.65 Artesia, N. Mrs
Kettleman Hills, 55
1.10 Santa Fe Springs, Calif., 33
Kettleman Hills. 35-39.9
1.35 Midway-Sunset. Calif.. 22
Kettleman Hills. 40-49.9
1.50 Huntington. Calif., 26
Kettleman 11111s, 50-54.9
.85 Ventura. Calif., 30
Luling, Texas
1.15 retrofit'. Canada
Spindletop, Texas. grade A
$I 00
65
1 05
.76
1.14
.90
1.23
1.65
1.08
1.76
1.05
1.34
1.13
1.90
-KEROSENE FEATURE OF WEEK'S
REFINED PRODUCTS
DEVELOPMENTS - GASOLINE MARKET IRREGULAR STORAGE STOCKS INCREASE-DOMESTIC HEATING OIL
STRONGER.
Kerosene held the spotlight in the refined petroleum
products picture this past week. Continued weakness in
the Western bulk gasoline field was reflected by considerable
irregularity in the Eastern market. Rumors are being heard
that some refiners are again resorting to price shading tactics
in their struggle for gallonage. Domestic heating oils were
a little dull in the earlier part of the week but firmed up
considerably in the latter part and closed in a strong position.
Kerosene, the only refined product to make a show of
strength recently, is in a much stronger position than it
has been for some time. Belief that price advances will be
2464
announced shortly by the major refining companies is
stimulating movements at the present levels. The season
for heavy consumption of this product is at hand and dealers
report that stocks of kerosene are moving out in quite satisfactory volume to the consumer. With the recent strengthen* of the demand has come increased steadiness in the price
structure. Dealers are unwilling to make concessions and
it is almost impossible to obtain any 41-43 water white in
tank cars below 63 c. a gallon. Consumption in the tank
4
wagon field is also increasing and prices are very strong.
Continued easiness of the Chicago market, an increase in
stored stocks and a drop in consumption all combined to
make the gasoline market irregular. Prices were a little
easier in the early part of the week with some refiners being
reported making concessions below the quoted 73 c.a gallon,
4
tank car lots, at the refineries. The market gained- a little
strength in the closing period of the week and practically
all dealers were holding their stocks at the quoted price.
In the first part of the week some few independent refiners
were offering gasoline at from 7 to Mc.a gallon, tank cars
at the refineries, but the majority of the larger refiners held
their stocks at the quoted levels. Bulk gasoline in Chicago
was easier dropping from $.0534-.063 to .053-.06, off Ac.
%
on the inside price. Standard Oil of Ohio reduced the price
gasoline 3c. a gallon at service stations in Cuyahoga County,
Ohio, in which Cleveland is located. Cut is not state-wide
but was due to local competitive conditions.
Reflecting the decline in demand usual at this season,
gasoline stocks showed the first advance since the week
ending June 7. Stocks at the refineries in the week ended
Oct. 11 totaled 37,125,000 barrels against 36,441,000 barrels
in the preceding week, an increase of 684,000 barrels. Refinery operations were at the lowest level since the compilation of refinery statistics was started by the American
Petroleum Institute last year. In the week ended Oct. 11,
refineries operated at 66.5%, compared with 67.2% of
capacity for the week ending Oct. 4.
Domestic oils with the launching of the season of heavy
consumption showed increasing signs of strength in the latter
part of the week. Good buying by both home and industrial consumers was reported with prices firming around the
latter part of the week. No more has been heard of the price
shading rumored last week and as long as the market shows
signs of strength these means of stimulating trade will not
be resorted to.
Price changes follow:
Oct. 16 -Standard Oil of Ohio announced a 3c. a gallon cut in the service
station and tank wagon markets in Cuyahoga County, Ohio, in which
Cleveland is located. Present prices are Ethyl gasoline 19c. at service
Stations, on tank wagons, 16c. Red Ctown is 16c. at service stations and
19c. on tank wagons.
-Bulk gasoline in Chicago was off Mc. to .05 %- 06.
Oct. 16.
Gasoline. U. S. Motor. Tank Car Lots. F.O.B. Refinery.
N.Y.
-Sinclair Ref- .07% California
Colonial-Beaton_ 08
Los Angeles, export
Carson Pet
08
Gulf Coast. export__
Crew Leviek
08
North Louisiana
West Texas
064 North Texas __05%
Chicago
05%- 06
Oklahoma ___05%
New Orleans
.07
Pennsylvania
Arkansas
.0e%
N.Y (Bayon e)3.08%a, 10
Stand Oil. N.J.- .07%
Stand. 011. N. Y OS
Tide Water fill Co. .08
Richfield 011 Co__ 084
Warner-QuinrnCo
Pan-Am. Pet Co_ 07
Shell Eastern Pet- oast
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
[voL. 131.
FINANCIAL CHRONICLE
Gasoline. Service Station. Tax Included.
$.163 Cincinnati
$ 21
Minneapolis
Cleveland
.25
"Sew Orleans
16
172 Denver
20 Philadelphia
.165 Detroit
.143 san Francisco
.188 Houston
.19
Spokane
Jacksonville
.17
25
St. Louis
/Carlene City
179
.08
.07%
.08
.07%
.06
06
08%
$ 222
.195
22
21
275
192
Kerosene. 41-48 Were, White. -rank C. Lots. P.O.B Refiner,
N.Y.(Bayonne)..._ $ NM 1Cbicalls
31.05%'New Orleans
1.07%
North Texas 0.34.--- 031.(Lee Angeles, export_ 054 1Tulaa,
064.
Fuel Oil. 18-22 Degrees. F.O.B. Refinery or Terminal.
New York (Bayonne) El 051L0e Angeles
8.851Gulf Coast
2.001New Orleans
.95 Chicago
Diesel
$75
be
Gas 011. 32.34 Degrees. F.O.B. Refinery or Terminal.
8.03 Tulsa
$ 03
N.Y.(Bayonne)....3.054!Chicago
Crude Oil Production in United States Again Falls Off.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended Oct. 11 1930, was 2,366,800 barrels, as compared with 2,386,950 barrels for the preceding week, a
decrease of 20,150 barrels. Compared with the output
for the week ended Oct. 12 1929 of 2,838,100 barrels daily,
the current figure represents a decrease of 471,300 barrels
per day. The daily average production east of California
for the week ended Oct. 11 1930, was 1,776,600 barrels,
as compared with 1,800,750 barrels for the preceding week,
a decrease of 24,150 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedOct. 11 '30. Oct. 4 '30. Sept.27'30. Oct. 12'29.
Oklahoma
549,100
650,550
559,000
558.450
Kansas
115,950
116,650
115,950
112,100
Panhandle Texas
80,200
106.200
78,600
78,800
North Texas
62,600
64,450
94,000
63,150
%vest Central Texas
47,650
56,200
48,450
46,650
West Texas
270,350
269,250
269,800
371,900
East Central Texas
40,550
42,650
17,100
42,000
Southwest Texas
101,050
98,000
70,150
96,650
North Louisiana
40,300
39,900
41,200
40,050
Arkansas
52,400
53,150
64,450
53,600
Coastal Texas
168,600
166,350
138,550
168,450
Coastal Louisiana
27,150
29.900
26,600
29,000
Eastern (not including Michigan)
112,600
114,000
112,500
120,000
Michigan
7,550
8,000
7,850
17,350
Wyoming
47,700
52,000
56,300
53,450
Montana
9,000
8.950
10 800
8.700
Colorado
4,150
4,300
5,600
4,250
New Mexico
39,800
47,800
6,550
45,500
California
590,200
586,200
594,300
872,500
Total
2,366,800 2,386,950 2,389,750
2,838,100
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. 11, was 1,360,150 barrels, as compared with 1,369.600
barrels for the preceding week, a decrease of 9,450 barrels. The Mid Continent production, excluding Smackover,(Arkansas) heavy oil, was 1,323,750 barrels, as compared with 1,333,200 barrels, a decrease of 9,450 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 EndedSouthwest TexasOct. 11. Oct. 4.
Oct. 11. Oct. 4.
14,650 14,000 Chapman Abbot
12,250 10.500
15,000 15,100 Darst Creek
45,000 44,700
15,400 15,400 Luling
9,900 10.000
7,550
7,400 Salt Flat
17,000 17,000
North Louisiana
20,050 17,400
2,250 2,550
18,150 17,700 Barents Carterville
12,250 9,150 Zwolle
5,250 4,500
Arkansas•
18,550 18,150
4,950 5,000
24,200 23,600 Smackover. light
36,400 36,400
13,600 12,500 Smackover. heavy
Coastal Texas
3,200 3,000
19,800 17,900
5,300
5,550 Barbers Hill
10,350 12,000
92,250 110,500 Raccoon Bend
26,750 27,100
24,400 24,850 Itefugto County
11,900 11,700
7,350
7,300 Sugarland
Coastal Louisiana
14,300 14,300
2,500 2,900
2,200 2.200 East Had:berry
Old Hackberry
1,000
950
KansasIVyOrnino4edgielek County
22,750 23,000 Salt Creek
25,850 29,100
vosheli_
Montana10,350 9,250
Panhandle Texas
Kevin -Sunburst
6,100 6,100
New Mexico-Gray County
55,250 54,750
Hutehinson County. - 16,700 16,100 Hobbs High
29,600 38,150
Balance Lea County .....- 7,600
7,000
North Texas
CaliforniaArcher County
13,350 13,800 Flwoott-Galeta
35,800 32,000
Wilberger County
28,000 27,600
15,500 16,200 Huntington Beach
Inglewood
15,500 15,200
West Central Texas
Kettleman Hills
24,800 24,200
Young County
15,100 15,500 Lone Beach
100,800 100,500
Midway-Sunset
60,000 61,500
West Texas
Playa Del Rey
20,000 20,000
Crane AUpton Counties 24,300 34,750 Santa Pe Springs
95,200 94,700
Eetor County
,050 7,200 Seal Beach
18,700 19,000
Howard County
22,450 23,300 Ventura Avenue
46,400 48.500
Reagan County
24,100 22,200
Pennsylvania Grade
Winkler County
61,
6,650
6,750
61,200 Allegany
Yates103,400 104,450 Bradford
22,600 23,950
Balance Pecos County_ _ 3,300
6,700 7,050
3.200 southeastern Ohio
Eau Central Texas
Southwestern Penna.._
. 2,300 2,700
Van Zandt County
12,200 13.200
27,150 29,000 West Virginia
OklahomaBowlegs
Bristow-Slick
Burbank
Carr City
Earlsooro
East Earlsbero
qouth Earlsboro
Kowa.
Little River
East Little River
Maud
Mission
Oklahoma City
st. Louts
Seartght
Seminole
Fite Seminole
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute's companies aggregating 3,566,900 barrels, or 95.6% of the
3,730,100 barrel estimated daily potential refining capacity
of the plants operating the United States during the week
ended Oct. 11 1930, report that the crude runs to stills for
the week show that these companies operated to 66.5% of
their total capacity. Figures published last week show that
companies aggregating 3,558,400 barrels, or 95.4% 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 67.2% of their total capacity,
contributed to that report. The report for the week ended
Oct. 111930, follows:
-GASOLINE AND GAS AND FUEL OIL STOCKS
CRUDE RUNS TO STILLS
WEEK ENDED OCT. 11 1930.
(Figures In Barrels of 42 Gallons)
District.
Per Cent
Potential
Capacity
Reportintl.
East Coast
100.0
Appalachian
93.6
Ind., Illinois, Kentucky 27.5
Okla., Kans., Missouri_ 89.4
Texas
91.9
Louisiana-Arkansas_ _ _ _ 08.3
Rocky Mountain
93.1
California
98.3
Total week Oct. 11_
Daily average
Total week Oct. 4_._
Daily average
yTotal Oct. 12 1923_
Daily average
25.6
95.4
95.4
Crude
Runs to
Salta.
Per Cent
Oper.
of Total
Capacity
Report.
3,457,000
516,000
1.900,000
1,875,000
3,994,000
1,044,000
328,000
3,483,000
80.6
55.8
71.2
65.0
78.7
56.9
33.5
56.3
16,597,000
2,377,000
16,742.000
2,391,700
19,519,000
2,788,400
66.5
37,125,000
139,457,000
67.2
36,441,000
140,451,000
84.3
32,224,000 4142,941,000
Gasoline
Stocks.
Gas and
Fuel Oil
Stocks.
5,364,000
966,000
5.398.000
2,460,000
6.107,000
1,178,000
1,725,000
13,927,000
11,813,000
1,026,000
4,177,000
4,771,000
10,275,000
2,145,000
1,116,000
104.134,000
Texas Gulf Coasts
100.0
3,100,000
83.6
4,958,000
7,459,000
Louisiana Gulf Coast,: 100.0
670.000
64.9
956.000
1 470 non
Final revised. x Included above in table for *eek ended Oct. 11 1930 of their
'
4
respective districts. y The United States total lgtires for last year shown above are
not comparable with this year's totals because of the difference in the percentage
capacity reporting.
Note.
-All crude runs to stills and stocks figures follow exactly the present
of Mines definitions. In California, stocks of heavy crude and all grades Bureau
of fuel
oil are Included under the heading "Gas and Fuel Oil Stocks." Crude oil runs to
stills include both foreign and domestic crude.
OcT. 18 1930.]
FINANCIAL CHRONICLE
Production and Shipments of Portland Cement Fell
Off During September.
The Portland cement industry in September 1930 produced 16,124,000 barrels, shipped 18,083,000 barrels from
the mills, and had in stock at the end of the month 21,864,000
barrels, according to the United States Bureau of Mines,
Department of Commerce. The production of Portland
cement in September 1930 showed a decrease of 6.4% and
shipments a decrease of 9.4%, as compared with September
1929. Portland cement stocks at the mills were 26.2%
higher than a year ago. The total production for the 9
months ended Sept. 30 1930 amounts to 126,917,000 barrels,
compared with 128,199,000 barrels in the same period of
1929, and the total shipments for the 9 months ended Sept.
30 1930, amounts to 128,673,000 barrels, compared with
133,569,000 barrels in the same period of 1929.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 166 plants both at the close
of September 1930, and of September 1929. In addition to
the capacity of the new plants which began operating during
the 12 months ended Sept. 30 1930, the estimates include
increased capacity due to extensions and improvements at
old plants during the period.
RELATION OF PRODUCTION TO CAPACITY.
Sept. 1929. Sept. 1930. Aug. 1930. July 1930. June 1930.
1
The month
The 12 months ended
81.8%
67.5%
75.7%
65.2%
81.0%
65.6%
81.4%
66.4%
77.8%
66.1%
PRODUCTION. SHIPMENTS. AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS IN SEPTEMBER. 1929 AND 1930. (IN
THOUSANDS OF BARRELS).
1030.
Stocks at End
of Month.
1930.
1929.
Total
3,600
1,241
1,919
1,519
2,182
1,298
1,670
1,422
707
314
967
384
3.273 a3,924
1,238 1,434
1,873 2,386
1,242 1,800
2,171 2,759
1,198 1,311
1,748 2,325
1,233 1,542
679
a681
260
358
808 1.023
403
407
a.clo*.colo;o.
Eastern Pa., N. J. and Md
New York and Maine
Ohio, Western Pa. and W. Va._
Michigan
Wis., III., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. de La_
East. Mo.. Ia., Minn. de S. Dak_
W.Mo, Neb., Kans., Okla. de Ark
Texas
Colo., Mont., Utah, Wyo.de Ida_
California
Oregon de Washington
3,813
1,467
1,984
1.381
2,716
1,178
2,116
1,227
599
258
905
439
4,989
1,069
3,079
2,279
2,751
1,813
1,569
1,643
707
511
1,005
469
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT BY MONTHS, IN 1929 AND 1930(IN THOUS. OF BARRELS).
Shipments.
Stocks at End of
Month.
1930.
1929.
1930.
1929.
9.881
8,522
9.96..1
13.750
18,151
16,803
17,315
18,515
17.223
16.731
14,053
11,215
8.498
8,162
11.225
13,521
17.249
17,239
17.078
17.821
16,124
5,707
5,448
10,11.3
13,325
16,706
18,949
20,319
23,052
19,950
18,695
11.222
5.951
4,955
7.012
8.826
13,340
17,224
18,781
20.153
20.299
18,083
Total
170,198
1930.
27.081
28.249
30,648
30,867
30.891
29,364
26.2/9
a23,824
21,864
V
1929.
January
February
March
Aprli
May
June
July
August
September
October
November
December
m..........zwwro.
woov.-Joa...4p =a
WVol..6.
o...
...cotowc......ato
w.-wmocno...-^ov
Month.
169.437
a Revised.
Note.
-The statistics above presented are compiled from reports for September
from all manufacturing plants except two for which estimates have been included in
lieu of actual returns.
Production of Silver in United States Declined in
September-Canadian Output Higher-Mexico Reports for July.
The following is from the "Wall Street Journal" of Oct. 17:
Production of silver in the United States in September was 3,717.000
ounces against 3.835,000 ounces in August and 4,634,000 ounces in September 1929. Canadian output of silver in September was 3,486,000 ounces
against 2,685,000 ounces in August and 2,437.000 ounces in September 1929.
Stocks of silver in the United States at the end of September were 813,000 ounces against 677,000 ounces on Sept. 1 and 459,000 ounces on August
1. Stocks of silver in Canada on Oct. I were 341,000 ounces against 410,000 ounces on Sept. 1 and 312,000 ounces on August 1.
Stocks of silver at Shanghai, in equivalent of fine ounces, were 216,642,000 ounces on Sept. 27 against 222,824,000 ounces on August 30,
and 192,388,000 ounces on Jan. 11930.
Stocks of silver in India, in equivalent of fine ounces, were 416,316,000
ounces on Sept. 22 against 409,922,000 ounces on August 22 and 371,422.000 ounces on Jan. I 1930.
Mexican silver production in July, the latest month for which figures
are available, was 7,905,000 ounces against 10.276,000 ounces in June
and 11,943,000 ounces in July 1929. September silver production in Peru
was 1.495,000 ounces against 1,550,000 ounces in August and 1,650,000
ounces in September 1929.
Production of silver by companies which in 1929 produced 87% of the
world's production amounted to 16,513,000 fine ounces in July, the latest
month for which figures are available. This compared with 18,607,000
ounces in June and 21,657,000 ounces in July 1929,
Prodliaise-
May.
June.
July.
:From domestic ore
Second and foreign
52,818
6,352
50,721
4,965
51,538
4,668
52,980
5,056
48,491
4,746
Total production
Stock at beginning of month
59,170
42,015
55,686
49,638
56,204
55,501
58,036
62,880
53,237
72,832
101,185
49,638
51,547
105,324
55,501
49,823
111,705
62,880
48,825
120,916
72,832
48,084
126,062
73,669
52.400
Al 571
An 197
47070
59451
Total supply
Mock at end of month
Shipments by differenceIhinn.nnto rannrbVi
______
LRAM I
August. September.
a Includes a small proportion of secondary that It Is impracticable to separate
statistically.
The following table gives, in short tons, domestic lead
shipments classified industrially by the American Bureau
for the last four months:
July.
16,224
4,640
1,791
4,390
174
3,375
405
20,872
16,842
2,068
1,973
2,919
213
3,438
1,328
20,035
August. September. 14 9 Mos.
1930.
17.223 16.124 10 AM 1171 nsfd 17 avs 91 sus
Production.
Domestic Output of Lead Declined in September
Shipments Increased.
Stocks of domestic lead in the hands of United States
producers Oct. 1, according to the American Bureau of
Metal Statistics, amounted to 73,669 short tons, as compared with 72,832 tons on Sept. 1, an increase of 837 tons.
Refined stocks of domestic lead Aug. 1 1930 totaled 62,880
tons.
Production in September from foreign and domestic ore
came to 53,237 tons and in August was 58,036 tons. Of
this output 48,491 tons came from domestic sources in
September, as compared with 52,980 tons in August.
Domestic lead shipments in September came to 52,451
tons, compared with 47,979 tons in August and 48,816 tons
in July. Domestic lead shipments in nine months ended
Sept. 30 1930 came to 508,598 tons compared with 584,397
tons in first nine months of 1929.
The following table gives, in short tons, lead statistics
as compiled by American Bureau of Metal Statistics, covering production, stocks and domestic shipments of lead:
May.
1929.
I
1929.
Shipments.
September.
.qtP.,
1000N...8.00...M,
..$—.opM0 1—.CleohNt
Production.
September.
District.
2465
;able
anmunition
In toll
lotteries
crass-making
undrles
obbers
Unclassified
16,076
2,006
2,138
4,408
172
2,196
843
20,140
17,973
940
966
5,253
218
2.357
484
24,280
15 ,313
3 ,468
15,188
4 ,914
1,700
2 ,515
,451
22 ,049
Total
51.871
48.816
47.979
.52.451
50 ,598
a Of the shipments reported as unclassified abou one-third goes into white lead
and about 30% into red lead and litharge, as averages; but it is Imposalb e to make
monthly segregation of shipments according to these destinations. Other Important manufactures are sheet and pipe, which amount to about 6,000 tons a
month, and solder and babbitt metal.
Tin Production Curtailed 7,900 Tons in Third
Quarter.
A reduction of 7,900 tons in metallic tin in the third
quarter of 1930, compared with the corresponding period
last year, is shown in an official circular released by the
Tin Producers Association in London to-day, detailing
figures on world production of the metal. Incident thereto
it is stated:
This curtailment reflects the restriction policy adopted by members
of the Association, and it is stated in the circular that this tonnage otherwise would have gone to swell visible supplies. Without the curtailment
already effected, the executives of the Association express the opinion
that the price of tin would have collapsed to a much greater extent than
has been ,the case. In spite of continued depression in the tin market,
results achieved by the Association, it is stated, give cause for encouragement, particularly when it is borne in mind that the present regulation of
output came into full effect only during the past quarter, when the cooperation of the Billiton Co. and Bolivian producers was obtained.
Detailed figuresshondng curtailment in world tin production during the
third quarter of 1930, compared with the corresponding period last year,
are shown in the following table released by the Tin Producers Association
in London yesterday:
Third
Quarter
1930.
Third
Quarter
1929.
Curtailment
Represented
by Difference.
Federated Malay States exports
Untederated States of Malay exports
Imports Into Straits Settlements
Cornish production
Nigerian arrivals
Bolivian shipments
Banka shipments
Australian shipments
13,708
402
7,302
662
1,742
8.418
2,641
5
16,743
586
8,193
748
2,213
11,090
3,138
140
3,035
184
891
86
471
2,672
497
135
Total
Add Chinese Empire shipments
34,880
856
42,851
870
7,971
14
Total
Add sundry imports into United Kingdom
35,736
1,260
43,721
1,175
7,985
--85.
Production Shown in
Metallic Tons.
Grand total
36,996
7,900
44,196
•Sundry imports Into the United Kingdom show an 85-ton increase this quarter
compared with the corresponding quarter In 1929.
Copper Bookings Decline Sharply-Price Holds at
10 Cents
-Lower Prices Spur Tin and Lead Sales
Zinc Declines.
Sales of copper fell off sharply in the last week, contrasted
with the large volume booked in the two preceding weeks,
fvoL.
FINANCIAL CHRONICLE
2466
but this occasioned no great surprise and producers maintained the 10-cent price, delivered Connecticut, reports
"Metal and Mineral Markets." Adding:
Lower prices obtaine 1 during th,; week on lead, zinc, and tin.
September statistics revealed another substantial increase in stocks of
refined copper, which had the effect of reviving talk of another drastic C114
in output. Reports on the movement of copper into consuming channels are
being scanned carefully and so far they fail to show that any substantial
improvemen has set in, notwithstanding recent price reductions. Only the
electrical industry seems to have taken advantage of the present situation in
copper. Export business for the week was fair, bringing the total sales
for .he first half of October to 24,500 long tons.
In view of the holiday on Monday,lead sales were verysatisfactory during
the week, being well above the volume booked in each of the two weeks immediately preceding. Lower prices have had the effect of stimulating
buying, especially after the London market showed signs of steadying.
Close to 2,000 tons of lead were purchased yesterday.
Prime Western zinc settled at 3.95©4 cents, East St. Louis, a decline of
25 points for the week and the lowest price named since 1901. Offerings of
the metal increased, which was interpreted as meaning that some sellers
were taking a more aggressive sales attitude. Domestic consumers purchased
tin freely on the decline which swept the price below 25 cents, the lowest
In 28 years.
Productionand Shipments of Refined Copper Fall
Off
-Inventories Increase.
Stocks of refined copper in North and South America
on Oct. 1 were 360,650 tons, an increase of 12,962 tons over
stocks on Sept. 1 and comparing with stocks of 94,751 tons
on Oct. 1 1929, according to figures released by the American
Bureau of Metal Statistics and published in the "Wall
Street Journal" of Oct. 11. These stocks of refined copper,
however, include between 650,000,000 and 700,000,000
pounds of refined copper sold by the producers but not
delivered to the purchaser. They also failed to reflect
fairly good sales of copper since Oct. 1. The "Journal"
further quotes:
The following table shows production in short tons by United States
mines, according to types of mines:
May.
Porphyry mines
Lake mines
Vein mines
Custom ores
Total crude produced_
June.
July.
August.
September.
22,433
7,023
25,124
5,658
20,295
7,235
23,935
5,278
20,633
6,354
22,562
x4.700
20,956
6.545
24,278
x4,357
20,531
7,628
24,327
x4,100
60.238
56.743
54.249
56.136
56.584
x Partly estimated.
Suspension of Copper Mining by Shattuck Denn Mining Co. at Bisbee, Arizona.
The following is from the New York "Times" of Oct. 17:
Copper production by mines of the Shattuck Denn Mining Co. at Bisbee,
Ariz., will be suspended on or before Oct. 31 pending improvement in
metal market conditions, it was announced yesterday. Development
work at the mines, however, will continue
Steel Output Again Declines-Prices Lower-Conservatism of Buyers Becomes More Pronounced.
Iron and steel specifications have declined as caution has
become more pronounced among buyers, the "Iron Age,"
Oct. 16, says. With continued reaction in the grain and
securities markets and renewed weakness in prices of scrap,
pig iron and finished steel, the betterment in sentiment which
accompanied the short-lived mid-September rise in demand
has given way to a fresh wave of extreme conservatism,
adds the "Age," further stating:
Interest in forward buying has subsided and consumers are again sharply
reducing inventories. While this curtailment has been so severe that producers believe it is being overdone, steel releases remain numerous, if not
Individually large, and the decline in the total volume of shipping orders has
not been marked. Steel plant operations, at 55% compare with 58% a
week ago, but, according to present indications, will not change materially
Stocks of blister copper in North and South America, including copper over the rest of this month.
Tin mill operations, although entering a period of seasonal decline, are
in process on Oct. 1 were 237,135 tons, an increase of 3,000 tons during
holding at 60%. Tin place business for the year will fall less than 10%
September and comparing with stocks of 242,212 tons on Aug. 1.
behind that of 1929. Line pipe output, which has been heavy since the
Total stocks of copper, refined and blister, on Oct. 1 were 597,785 tons,
an increase of 15,962 tons over stocks of 581,823'tons on Sept. 1 and com- first of the year. is tapering and producers are making an effort to extend
their present tonnage over as long a period as possible. Several contemparing with 564,251 tons on Aug. 1.
Production of refined copper in August came to 116,004 tons or a daily plated pipe lines are now thought likely Co be held over until next year.
• average of 3,867 tons, compared with 120.778 tons or a daily average of The latest project to be planned is a 22-in, natural gas line from Kentucky
3,896 tons in August and 134,343 tons or a daily average of 4,478 tons to Detroit, to extend a distance of 400 miles. A Seattle water line, now up
for bids, will require 10,000 tons of plates.
In September 1929.
The unfavorable situation in the automobile industry, bad as it Is, appears
The following table gives, in short tons, the output of United States
mines, blister and refined copper production of North and South America, to have been exaggerated. September production fell only 3% below that
of August and It is probable that output this month will show little further
Great Britain, &c.:
recession. With a seasonal falling off likely In November and December.
August. September. particularly in the last two weeks of the year. total American and Canadian
June.
July.
Production.
May.
production of cars and trucks for 1930 is now estimated at 3.500,000 to
Mines, United States
54,249
56,136
56,584
60,238
56,743,
x Blister. North America
84,580
85,580 3.600,000 units.
89,980
85,531
84,426
Rail orders for the week total 38,000 tons, including 12,000 tons placed
k Blister, South America
26,937
22,213
23,043
23,328
Stocks (End of Months)
by a Southern road, 10,000 tons purchased by the Great Northern and
North and South America:
8,000 tons each awarded by the Kansas City Southern and the Northern
Blister (incl. "In process )- 265,106 253,834 242,212 234,135
237,135
Refined
360,650 Pacific. In addition, 25,000 tons of track accessories was booked by
308,646 316,762 322,039 347,688
Chicago mills. Rail purchases, even if smaller than usual, are coming at a
Total
597,785 time when demand from other sources is diminishing.
573,752 570,596 564,251 581,823
Great Britain:
The "Iron Age" composite prices for pig iron, finished steel and heavy
Refined
2,727
2,147
1,733
2,742
melting steel scrap have all declined to new lows for the year. Pig iron Is
Other forms
5,333
4,999
5,983
5,826
down to $16.29 a gross ton, the lowest since 1915, while the finished steel
Total
7,741
8,710
7,472
7,066
composite, at 2.135c. a lb., and the steel scrap composite, at $12.92 a ton,
Havre
8,042
6,972
7,868
6,614
are the lowest since 1922. A comparative table follows;
Janan
ii nal
in 4142
v
v
x Includes direct copper. y Not yet available.
The following table shows in short tons shipments and production of
refined copper by North and South American producers and refineries:
Shipments.
Production.
Finished Steel.
Oct. 14 1930, 2.135e. a Lb.
lBaIed on steel bars, beams, tank plates.
2.142a.
wire, rails, black pipe and sheets.
One week ago
One month ago
2.1420.1 These products make 87% of the
One year ago
2.369o.J United States output.
High
LOW.
1930.
Total.
1930
-September
August
July
June
May
April
March
February
January
1929
-December
November
October
September
Alarm
July
June
May
Aprli
March
February
January
Total 1929
1928-December
t ,,,,
November
October
September
August
July
June
May
April
March
February
January
Daily
Rate.
116,004
120,778
123,179
124.821
132,183
y124,531
127,064
121,195
132,374
3,867
3,896
3,974
4,161
4,264
4,151
4,099
4,328
4,270
37.873
38,319
42,466
44,818
49,115
2fi,198
30,523
29,597
30,358
65.169
56,810
75,436
71,887
75,760
50,017
73,644
61.879
69.932
103.042
95,129
117,902
116,705
124,875
79,213
104,167
91,476
100,290
138,203
145.376
152,840
134,343
148,648
153.513
156,447
161,784
161,285
163,561
141.385
154,472
4,458
4.846
4,930
4,478
4,795
4,952
5,215
5,219
5,378
5,276
5,049
4,983
35,652
37,879
53,461
45,921
45,035
40,204
48,461
55.123
57.708
.59,946
50.150
57.054
58,150
68,979
105,729
98,043
96,970
98.720
95,258
93,743
99,051
105,880
98,771
100,135
93,802
106,858
159.190
143,964
142,005
138,924
143.719
148,866
156.759
165,806
148,921
157,189
1,811,857
4,964
588,594
1,119.409
1,708,003
147,905
155,448
149,199
137,018
143,560
135,092
131.024
129,236
122,824
128.972
124,848
122,733
4,771
5,182
4,813
4,567
4,631
4,358
4,367
4,169
4,094
4,160
4,305
3,959
49,703
49,121
54,992
51,292
60,240
56,785
57,067
56,738
64.939
55,970
60,603
56.721
84,889
99,822
100,371
88,707
83,398
82,245
81,436
79,103
72,234
72,642
73.789
64,824
134,592
148,943
155,363
139,999
143,638
139,030
138,503
135.841
137,223
128,612
134,392
121,545
Export.1
Domestic.
674.221
1,627,849 4,448
Total 1928
641,865
1,478,506 4,045
525,861
1,440.454 3,946
1926
584,553
1,352,309 3,705
1925
566,395
1924_ __. _ _............ 1.300,332 3.553
x Beginning 1926, includes shipments from Trail refinery
1927
y Includes imports of cathodes.
983,460
824,844
902,174
831,171
753.389
_
in British
Total.
1,657,681
1.466,709
1,428,035
1,415,724
1.319,783
Uolumbmn.
1929
1928
1927
1928
1925
2.382o. Jan. 7
2.412e. Apr. 2
2.3910. Dec. 11
2.453o. Jan. 4
2.4530. Jan. 5
2.560e. Jan. 6
2.135o. Oct. 14
Oct 29
Jan. 3
Oct. 23
May 18
2.3960. Aug. 13
23820.
2.314e.
2.293c.
2.403e.
Pls Iron.
Oct. 14 1930. $18.29 a Groes Ton. 1Basod on average Cl basks Iron at Valley
$16.38
furnace and foundry Irons at Chicago.
One week ago
One month ago
One year ago
1930
1929
192$
1927
1928
1925
18.88 I
18.29J
Philadelphia. Buffalo. Valley and Bit
mington.
Law.
High.
$18.21 Jan. 7
$18 29 Oct. 14
18.71 May 14
18 21 1)ee. 17
18.59 Nov 27
17 04 July 24
19 71 Jan. 4
17.54 Nov. 1
21.54 Jan. 5
19.48 July 13
22.50 Jan. 13
18.96 July 7
Steel Scrap.
Oct. 14 1930. 312.92•Gross Ton
Based on heavy melting tied QUO.
One week ago
$1325
tations at Pittsburgh, Philadelphia
One month ago
13 75
and Chicago.
One year ago
15.87
LOW.
High.
1930
$15.00 Feb. 18
312.92 Oct. 14
1929
17.58 Jan. 29
14.08 Dec. 3
1923
16.50 Dec. 31
13.08 July 2
19.27
15.25 Jan. 11
13.08 Nov.22
1928
17.25 Jan. 5
14.00 June 1
1925
20.83 Jan. 13
15.08 May 5
Producers of bars, plates and shapes, comprising the bulk
of finished steel output, are making the most positive effort
in months to firm prices, "Steel," formerly the "Iron Trade
Review," of Oct. 16 says in its weekly summary of iron and
steel conditions and markets. The mills entertain no illusions of being able to stimulate consumption measurably
the remainder of the year, but they are convinced there is a
broad underlying demand, largely for stock, which will be
conjured up only by a stronger price situation. "Steel"
further states:
OCT. 18 1930.]
FINANCIAL CHRONICLE
Accordingly, a stand is to be made on heavy finished steel at 1.60c,
Pittsburgh, tantamount generally to 1.70c at Chicago and in the East.
If concessions under these levels to preferred buyers can be withdrawn by
late November the basis may have been laid for an advance for the first
quarter, probably of $2 per ton, which would induce full specifying against
fourth quarter contracts.
No expectation of sweeping, immediate success is held, but a gradual
accretion of strength is sought. There is ample assurance from outstandingly large consumers that they will build up their reserves once they are
persuaded the market has touched bottom. Even without this. occasional
commitments are prompted by present low prices. Chevrolet. for example,
is stocking pig iron and steel for 100.000 cars before navigation on the
Great Lakes closes.
In the lighter products, notably sheets and strip, weakness still is manifest, but producers refuse concessions likely to carry into the first quarter:
Scrap prices have given further ground in most districts, an omen which
has not shaken the faith of heavy steel producers. Pig iron is sensitive in
those districts which have been somewhat out of line, Buffalo furnaces
this week lowering all prices $1 per ton. Foundry iron at Pittsburgh and
Youngstown is off 50 cents.
Viewed broadly, current requirements for finished steel show little variation this week. Building continues seasonally brisk; automotive demand
is negligible; the railroads are not interested in equipment; gas, water and
oil pipe are inert. There has, however, been a noticeable dampening of
sentiment, attributed almost wholly to the sinking spells in the stock
market. As before stated, the chief hope of the industry is to strengthen
prices and influence consumers to protect potential, forward needs.
Almost imperceptibly, steelmaking operations are receding, the average
this week being 52% against 54 last week and 55 two weeks ago. Eastern
Pennsylvania is unchanged at 58%. Birmingham at 48 and Youngstown
at 53. Buffalo is up from 51% to 56. and Chicago is fractionally stronger
at 57%. Cleveland. however, is off from 50% to 41, and Pittsburgh is
several points under 55 this week.
Track material buying gathers momentum, but this, it should be understood, is largely for 1931 rolling. Formal rail orders total 88,700 tons,
including 61,200 tons by the Santa Fe. 12,500 by the Delaware ,St Hudson,
10.000 by the Great Northern, 5.000 by the Northern Pacific. Canadian
National has made commitments with Canadian mills. Fifty to sixty
thousands tons of rails Is on inquiry from the Union Pacific and southwestern roads. Chicago & North western will inquire for 25.000 to 30.000 tons.
Twenty-five thousand tons of fastenings is on inquiry, and much more in
prospect. Chicago Great Western has ordered 500 box cars.
No small proportion of recent heavy structural awards has been induced
by low prices, now threatened by a firmer attitude on plain structural
shapes. This week's awards. at 32,464 tons, exceed the 26,483 tons of
last week and 31.589 tons of a year ago. Kentucky has placed 10.146 tons
for highway bridges, and the Canadian National railway 8,000 tons. Sixteen thousand tons for New Jersey bridges nears the award stage. New
inquiry,exceeding 25.000 tons, is topped by 10,000 tons for a Bell telephone
laboratory in New York and 7.000 tons for bridges at Pittsburgh.
Plate demand looms more important. New bids have been asked on
24.000 tons for Pacific Mail Line ships. Gulf Refining Co. barges and
tanks, placed at Pittsburgh, total 3,000 tons.
The reductions in pig iron at Buffalo. Pittsburgh and Philadelphia have
pulled down "St eel's" market composite 8 cents, to $32.24.
Steel ingot production for the week ended last Monday
morning (Oct. 13) was at 55% of theoretical capacity, compared with 504% in the preceding week and 60% two weeks
ago, reports the "Wall Street Journal" of Oct. 15. Most of
the reduction was in the Pittsburgh and Cleveland districts,
with other sections holding about unchanged or showing
only nominal changes. The "Journal" continues:
For the United States Steel Corp. the rate is 60%. contrasted with between 61 and 62% in the preceding week and better than 65% two weeks
ago. Leading independents are slightly under 52%, against 53% in the
week before and 56% two weeks ago.
At this time last year there was a sharp drop in steel activities, the Steel
Corporation showing a reduction of7% to 82%,with independents down 3%
to under 77%, and the average was off 5% to 79%•
In the corresponding week of 1928 the Steel Corporation was running
at 87%. with independents at 88% and the average was nearly 87X %•
2467
Warren, Ohio, Sheet Mill of Youngstown Sheet & Tube
Company Suspends Operations.
Under date of Oct. 13 the New York "Times" reported
the following from Youngstown, Ohio:
The Youngstown Sheet and Tube Company has suspended operation of
Its sheet mill at Warren and it is unlikely that the plant will be operated
again in the near future. More than 500 men are affected by this curtailment.
Output of Bituminous Coal and Pennsylvania Anthracite Still Below Rate a Year Ago.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal in the
week ended Oct. 4 1930 continued below that for the corresponding period last year. Anthracite output also was
lower. During the week under review, 9,308,000 net tons
of bituminous coal, 1,537,000 tons of Pennsylvania anthracite and 38,100 tons of beehive coke were produced, as compared with 11,258,000 tons of bituminous coal, 1,862,000
tons of Pennsylvania anthracite and 107,400 tons of beehive
coke in the week ended Oct. 5 1929, and 9,103,000 tons of
bituminous coal, 1,147,000 tons of Pennsylvania anthracite and 41,800 tons of beehive coke in the week ended Sept.
27 1930.
For the calendar year to Oct. 4 1930 there were produced
345,573,000 net tons of bituminous coal, as against 394,681,000 tons in the calendar year to Oct. 5 1929. The
Bureau's statement follows:
BITUMINOUS COAL,
The total production of soft coal during the week ended Oct. 4 1930,
including lignite and coal coked at the mines, Is estimated at 9.308,000 net
tons. Compared with the output in the preceding week, this shows an •
increase of 205,000 tons, or 2.3%. Production during the week in 1929
corresponding with that of Oct. 4 amounted to 11,258.000 tons.
Estimated United Stales Production of Bituminous Coal (Net Tons).
1930-1929
Cal. Year
Cal, Year
Week.
Week Endedto Date.
Week.
to Date.a
Sept. 20
8,920.000 327,162,000
11,013.000 371.818,000
Daily average
1,487.000
1.468,000
1,836,000
1,670,000
Sept. 27.b
9,103.000 336,265,000
11,605,000 383.423.000
Daily average
1,517,000
1.470.000
1,934,000
1.677.000
Oct. 4_c
9,308,000 345.573,000
11,258,000 394.681.000
Daily average
1,551.000
1,472.000
1,876.000
1.682.000
a Minus one day's production first week in January to equalize number
of days in the two years. Is Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year: o
Oct. 4 (approximately 235 working days) amounts to 345,573,000 net tons.
Figures for correponding periods in other recent years are given below:
394,681.000 net tons 1927
1929
396.978,000 net tons
366,182.000 net tons 1926
1928
412.449,000 net tons
indicated by the revised figures above, the total production
As already
of soft coal for the country as a whole during the week ended Sept. 27 is
estimated at 9.103.000 net tons. Compared with the output in the preceding week, this shows an increase of 183.000 tons, or 2.1%. The following
table apportions the tonnage by States and gives comparable figures for
other recent years:
Estimated Weekly Production of Coal by States Wei Tons),
Week Ended
Sept. 1923
Sept.27'30. Sept.20'30. Sept.28'29. Sept.29'28. Average.a
Alabama
274.000
263.000
362.000
350,000
406.000
Arkansas
43.000
36,000
56,000
54,00031.000
Colorado
162.000
142,000
245,000
246.
214.000
Illinois
964.000
917,000 1,303.000 1,300.000 1,587,000
Indiana
306,000
288,000
381.000
354.000
550,000
Iowa
67,000
67,000
93,000
83,000
117,000
-T. L. Girdler of Kansas
Mills to Maintain Steel Wage Scale
51,000
49,000
74,000
64.000
95.000
Kentucky
Republic Steel Corporation Says Pay Will Be Kept
Eastern
797.000
826,000 1.056,000 1,023,000
713.000
Western
181.000
205,000
297.000
376.000
248,000
at Steady Level.
Maryland
38,000
40.000
57.000
60,000
40,000
Michigan
15.000
13,000
16.000
13,000
27.000
The New York "Evening Post" reported the following Missouri
61.000
67,000
80,000
86.000
73.000
Montana
59.000
58,000
Associated Press dispatcD from Youngstown, Ohio, Oct. 7:
92,000
87,000
68.000
New Mexico---37.000
32.000
52,000
54.000
56.000
Confidence that there will be no wage slashing in the steel industry North Dakota...._
34,000
29.000
64.000
38.000
27.000
439.000
441.000
and that the trade is beginning to experience the first flutter of a complete Ohio
538,000
421.000
861.000
Oklahoma
45.000
2,407,.
85.000
102,000
65.000
revival was expressed to-day by Tom L. Girdler, Chairman of Republic Penna.
(bitum.)_
000 2,378,000 2,974.000 2.797.000 3,585.000
Steel Corporation.
Tennessee
103,000
83,000
108.000
110.000
119,000
The most convincing evidence that the bottom had been reached, Girdler Texas
15,000
15,000
22.000
29,000
26,000
Utah
111,000
95,000
125.000
said, was in the attitude of customers.
128.000
103.000
Virgins
217,000
221.000
280,000
253.000
245.000
"For the first time in many months," he said. "buyers are showing an Washington
48,000
42.000
68.000
55.000
58,000
Increasing interest in making purchases for future delivery, indicating West Virginia
Southern _b.-- 1,906,000 1,852.000 2,249,000 2,138,000 1.474,000
growing confidence in the underlying firmness of prices.
Northern_c
587.000
580.000
763,000
834,000
"The level of steel prices has fallen 12% in the last year to the lowest
857.000
Wyoming
135.000
162.000
172.000
165.000
point since 1915. The prices of many steel products have dropped to a Other States__ -- 127,000
1.000
1,000
5,000
6.000
4,000
point where many large consumers realize any further declines would serve
Total bitum's_ 9,103.000 8.920,000 11,605.000 11.235.000 11,814,000
no special purpose.
maintaining present wage levels, consumers Penn. anthracite. 1,147,000 1,268.000 2,055.000 1.819,000
"There is a firm intention of
714,000
of steel are equally interested with producers in the success of this policy."
Total all coal.-10.250.000 10,188.000 13.660,000 13,054,000
12.528,000
a Average weekly rate for the entire month. b Includes operations
on
the N. & W.. O.& O., Virginian, and H.& M. c Rest of State,
including
Panhandle.
French and German Steel Output Falls-Krupps RePENNSYLVANIA ANTHRACITE.
duce Working Staff-Asking Belgium to Regulate
The total production of anthracite in the State of Penn ylvania
during the
•
Prices.
week ended Oct. 4 is estimated at 1,537.000 net tons. Compared
with the
output
following Berlin advices Oct. 10 are from the New 34%, in the preceding week, this shows an increase of 390.000 tons. or
The
production during the week in 1929 corresponding
with that of
York "Times" of Oct. 13:
Oct. 4 amounted to 1.862,000 tons.
The German steel market is still weak. Krupp" have decided to disEstimated Production of Pennsylvania Anthracite (Net
charge 2.500 workmen, and steel export prices have declined further. Some
Tons).
Western steel works, however, report slight revival of activity.
1930--929--ally
view of the non-ratification of the latest decisions of the internaIn
aily
Week EndedWeek,
Avg&
Week,
tional steel cartel, and the general uncertainty about the cartel's future, Sept. 20
Avoe.
1,268.000
211.300
1.564,000
261.000
German steel concerns are now trying to come to separate agreements with Sept. 27
1.147.000
191,200
1.980.000
330,000
Oct. 4
1,537.000
Belgium tosegulate_export prices.,$
256,200
1.862.000
310.000
(VOL. 131
FINANCIAL CHRONICLE
2468
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended Oct. 4 is estimated at 38,100 net tons. Compared with the
output in the preceding week, this shows a decrease of 3,700 net tons, or
8.9%. Tho following table shows the distribution of the tonnage, by
regions.
The accumulative production of beehive coke in 1930 since Jan. 1 amounts
to 2,302,500 net tons. Compared with the production during the corresponding period of 1929-4,865,900 tons—this indicates a decrease. in
1930, of approximately 2,563,400 tons, or 52.7%•
Region—
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1930.
Oct. 4'30.6 Sept.27'30.c Oct. 5'29.
to Date.
Penn., Ohio & W Va. 33,600
Ga., Tenn., & a_ _ _ 3,300
Colo., Utah & Wash. 1,200
36,700
3,600
1,500
United States total 38,100
41,800
1929.
to Date.a
94,600 2,029,700 4,380,200
285,400
7,900
188,800
200,300
4,900
84,000
107,400
2,302,500 4,865,900
Daily average
6,350
9,967
17,900
9,968
21.065
a Minus one day's production first week in January to equalize number of
days in the two years. b Subject to revision. c Revised since last report.
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. 15, as reported
by the 12 Federal Reserve Banks, was $1,026,000,000, a
decrease of $15,000,000 compared with the preceding week
and of $415,000,000 compared with the corresponding
week in 1929.
On Oct. 15 total Reserve Bank credit amounted to
$1,044,000,000, an increase of $32,000,000 for the week.
This increase corresponds with increases of $32,000,000
In member bank reserve balances, $10,000,000 in money
in circulation and $3,000,000 in unexpended capital funds,
&c., offset in part by an increase of $12,000,000 in Treasury
currency.
Holdings of discounted bills increased $37,000,000 during
the week, the principal changes being increases of 832,000,000
at the Federal Reserve Bank of New York, $3,000,000 at
Cleveland and $2,000,000 at Philadelphia. The System's
holdings of bills bought in open market declined $26,000,000,
while holdings of Treasury certificates and bills increased
$1,000000, and thelse of United States bonds and Treasury
notes wOre practically unchanged.
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. 15, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
pages 2499 and 2500.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year ended
Oct. 15 1930 were as follows:
Bills discounted
Bills bought
United States securities
Other reserve bank credit
Oct. IS 1930.
s
210,000,000
185,000,000
602.000,000
47,000,000
Increase 1+) or Decrease (—)
Since
Oct. 8 1930. Oct. 14 1929.
$
S
+37,000,000
639,000,000
—26.000.000 —175,000,000
+2,000,000 +464.000,000
+19,000,000
—63,000,000
TOTAL RES. BANK CREDIT ....1,044,000,000
4,515.000,000
gold stockMneary
1,796,000,000
Treasury currency adjusted
+32,000,000
+1,000,000
+12,000,000
—413,000,000
+136,000,000
+15,000,000
4,497,000.000
Money In circulation
2 440,000,000
Member bank reserve balances
Unexpended capital funds, non-mem419,000,000
ber deposits. Ste
+10,000,000
+32,000,000
—292,000,000
+32,000,000
+3,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for Juno 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.
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
$149,000,000, the total on Oct. 15 1930 standing at $2,752,000,000. The present week's decrease of $149,000,000
follows a contraction of $158,000,000 last week and of
$159,000,000 two weeks ago, making a contraction for the
three weeks combined of $466,000,000. Loans "for own
account" decreased from 81,740,000,000 to $1,702,000,000;
loans "for account of out-of-town banks" dropped from
$555,000,000 to $514,000,000, and loans "for account of
others" fell from $610,000,000 to $536,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and investments—total
New York.
Oct. 15 1930. Oct. 8 1930. Oct. 16 1929.
3
8,318,000,000 8,236,000,600 7,526,000,000
6,175,000,000 6,127,000,000 5,817,000,000
Loans-total
3,640,000.000 3,660,000,000 2,964,000,000
2,535,000,000 2,466,000,000 2,853,000,000
On securities
All other
2,143,000,000 2,110,000,000 1,709,000,000
Investments—total
1,080,000,000 1,049,000,000
1.063,000,000 1,061,000,000
U. S. Government securities
Other securities
794,000,000
45,000,000
Reserve with Federal Reserve Bank
Cash in vault
794,000,000
46,000,000
940,000,000
769,000,000
757,000.000
51,000,000
Net demand deposits
Time deposits
Government deposits
5,665,000,000 5,622,000,000 5,270,000,000
1,489,000,000 1,479,000,000 1,265,000,000
36,000,000
37,000,000
46,000,000
Due from banks
Due to banks
106,000,000
108,000,000 134,000,000
1,160,000,000 1,147,000,000 1,001,000,000
Borrowings from Federal Reserve Bank-
29,000,000
2,000,000
49,000,000
Loans on secur. to brokers & dealers;
1 702,000,000 1,740,000,000 1,095,000,000
For own account
For account of out-of-town banks___.. 514,000,000 555,000,000 1,831,000,000
536,060,000 610,000,000 3,875,000.000
For account of others
Total
On demand
On time
Loans and Investments—total
2,752,000.000 2.905.000,000 6,801,000,000
2,149,000,000 2,298,000,000 6,372,000,000
603,000,000 608,000,000 429,000,000
Chicago,
2,032,000,000 1,995,000,000 1,986,000,000
Loans—total
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
1,560,000.000 1,532,000,000 1,629,000,000
932,000,000
628,000,000
901,000,000
631,000,000
932,000,000
697,000,000
472,000,000
464,000,000
357,000,000
179,600,000
293,000,000
178,000,000
286,000,000
160,000,000
197,000,000
191,000,000
14,000,000
187,000,000
13,000,000
181,000,000
14,000,000
1,302,000,000 1,244,000,000 1,271,000,000
652,000,000 661,000,000 551,000,000
5,000,000
5,000,000
11,000,000
188,000,000
369,000,000
175,000,000
356,000,000
137,000,000
319,000,000
72,000,000
• Revised.
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. 8.
The Federal Reserve Board's condition statement of weekly reporting
member banks In leading cities on Oct. 8 shows decreases for the week of
$170,000,000 in loans and investments. 8247,000,000 in net demand
deposits, $34,000,000 in Government deposits and $5,000,000 in borrowings
from Federal Reserve Banks, and an Increase of $7,000,000 in time deposits.
Loans on securities, which at all reporting banks were $215,000,000 below
the previous week's total, declined $137,000,000 In the New York
district.
$26,000,000 In the Chicago district, $15.000.000 in the Boston district.
812,000,000 in the San Francisco district and 811,000,000 in the Cleveland
district. "All other" loans increased $18,000,000 in the New York
district.
$14.0000/0 in the San Francisco district and $15,000,000 at all reporting
banks, and declined $11,000,000 in the Boston district.
Holdings of U. S. Government securities increased $18,000,000 In the
New York district, $10,000,000 in the Philadelphia district and $24,000,000
at all reporting banks, and declined $6,000,000 in the Cleveland district.
OCT. 18 1930.]
FINANCIAL CHRONICLE
Holdings of other securities increased $16,000,000 in the New York district,
and declined $8,000,000 in the Chicago district and $7,000,000 in the
Cleveland district, all reporting banks showing a net increase of $7.000,000.
Borrowings of weekly reporting member banks from Federal Reserve
Banks aggregated $39,000,000 on Oct. 8, a net reduction of $5,000,000 for
the week.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Oct. 8 1930, follows:
/screase (+) or Decrease (—)
Since
Oct. 1 1930.
Oct. 9 1929.
Od. 8 1930.
2469
Winnipeg wheat prices show a net decline for the week ended Oct. 10
when No. 1 Northern cash wheat closed at 72 M cents. August and September export movement, however, amounted to approximately 45,000,000
bus., a very much larger amount than was cleared in these months of 1929.
According to the Dominion Bureau of Statistics wholesale declines in
price were noted in all the major commodity groups in September with
the exception of animals and animal products and non-metallic minerals
and products in which increases were registered.
CHINA.
North China trade is reported inactive due to mid-autumn settlement
day and two bank holidays. Slight price reductions on a few export
Loans and Investments--total__23.297,000,000 —170,000.000 +624,000,000 commodities have resulted through need of securing funds to cover obligations. Tientsin walnut market is steady with prices firm at high levels.
Loans—total
16,813,000,000 —200,000,000 .. —456,000,000 The wool market is dull, due largely to lack of interest in the New York
market. Trade generally throughout Manchuria continues dull, with weak
On securities
8,268,000,000 —215.000,000 +581,000.000
All other
8,545,000,000
+15,000,000 —1,037,000,000 demand for export products. August tonnage of cargo through the port
of Dairen totaled only 280.000, compared with 490,000 tons one year ago.
Investments—total
+31,000,000 +1.082,000,000 Consul Wm. R. Langdon reports declared exports from Dairen to the
6,485,000,000
II. S. Government securities
+24,000.000 +314,000,000 United States during September totaling $86,000, against a total of $476,2,970,000,000
Other securities
+7,000,000 +768,000,000 000 in that month last year. Bean cake meal to the value of $64,000
3.515,000,000
was shipped to the United States during September of this year.
Reserve with Federal Res've banks 1,802,000,000
+20,000,000 +116,000,000
Cash in vault
+11,000,000
+36,000,000
212,000,000
DENMARK.
Danish economic conditions during the third quarter remained remarkably
Net demand deposits
13,565,000,000 —247,000,000 +525,000,000
Time deposits
+7,000,000 +738,000,000 little affected by the general depression in the principal industrial countries.
7,541,000,000
Government deposits
—34,000,000
—62,000,000 Industry as a whole has maintained a very satisfactory volume of production
147,000,000
Due from banks
—12,000,000 +519,000,000 in practically all major lines with relatively good earnings. Compared with
1,645,000,000
Due to banks
—60,000,000 +863,000,000 the corresponding period of last year, industrial exports during the past
3,604,000.000
quarter showed greater activity but slightly lower financial returns due to
Borrowings from Fed. Res. banks_
39,000,000
—5,000,000 —573,000,000 declining prices. The wholesale business as well as the import trade suffered to some extent from the continued price decline. Great care was
exercised in the granting of credit and hand to mouth buying prevailed. BusSummary of Conditions in World Markets, According iness activity, especially in the retail trade, has on the whole been brisk
owing to the favorable financial situation, the high purchasing power of
to Cablegrams and Other Reports to the Depart- the people,and a lower cost ofliving. No failures ofany importance occured
during the quarter under review. The agricultural situation remains genment of Commerce.
erally satisfactory but some concern is felt regarding the increasing agriculThe Department of Commerce at Washington releases for tural export difficulties. This year's crop although slightly above average
publication Oct. 18 the following summary of market con- Is not on a level with the crops of 1928 and 1929. Production and exports
of bacon, butter and eggs have been maintained at record levels although
ditions abroad, based on advices by cable and radio:
at declining and rather low prices.
ARGENTINA.
INDIA.
Immediate business for the week ended Oct. 11 was very quiet and unCommodity markets have been closed during the past two weeks due to
changed, with new record low levels of wheat prices and peso exchange as
the outstanding features. The unusually cold weather and frost in some the Pooja holidays and business generally has been restricted. Pre-holiday
districts of the country made the general agricultural outlook less promising business was negligible according to reports from major trading centers and
no improvement is anticipated when business reopens following the holiday
and further delayed late Spring planting.
Owing to the large number of applications for farm and land mortgage season.
JAPAN.
loans, the National Mortgage bank Is considering issuing a new series of
cedulas to the amount of 50,000,000 paper pesos.
A decline of 29% in the price of rice within the last 30 days, owing to
the prospects of a record crop, makes present quotations about 25% below
AUSTRALIA.
production costs. The Government is coming to the assistance of farmers
General rains throughout pastoral areas of Queensland and South Aus- by making loans and selling abroad the rice it has been holding. The
tralia and the wheat belt of Eastern Australia have improved the outlook YokohamasSpecia Bank, which a few weeks ago made its first shipment of
materially. The wool market remains unchanged. Demand for quality specie since the removal of the gold embargo, has shipped to date 17,500,000
lines is good but broad and faulty sorts are attracting little attention. yen in gold. (1 yen equals $0.495 at current exchange.) The Bank of
Effective Oct. 9, telegraphic transfers on London have been increased to Japan has lowered its discount rate for commercial bills to 5.11%. No
£109 per £100, and London on Australia to £108. Customs revenue for the special effect is expected from this action. Private banks will hardly lower
quarter ending with September totalled £7.470,000, or £2,455,000 below their rates unless the deposit rate is reduced.
the Treasurer's estimate for the period. Other revenues were also lower and
MEXICO.
the prospective deficiency for tile fiscal year ending June 30 1931 is now
The general economic depression continues, and as the present crop outplaced at £12,500,000. State revenues are also falling short of anticipation.
look is less satisfactory than earlier in the year, prospects of improvement
. BRITISH MALAYA.
in the situation appear less bright. The discount on silver coins as against
Current revenue receipts in the Federated Malay States are reported to be gold has reached nearly 10%. Petroleum production and exports for
15,000,000 Straits dollars ($8,550,000) below the estimates, owing to August amounted to 3,448,000 barrels and 2,630,000 barrels, respectively,
declines in returns from railways, rubber, tin, liquors, and opium. (Straits these figures being slightly above the average monthly production and exdollar equals $0.57). Estimates of the budget for 1931 show a deficit of ports for the first 7 months of 1930. According to United States statistics,
5,700,000 Straits dollars ($3,250,000), and arrangements are being made our exports to Mexico for the first 8 months of 1930 amounted to $82,744.000
to borrow locally for capital expenditures on railways and irrigation, and as compared with $83,788,000 for the same period of 1929, a loss of 1%
other public works. Preliminary statements of September rubber exports while our imports from Mexico for the 8 months' period were $61,531.000
from the principal ports of the Netherland East Indies indicate a decline in 1930 and $84,064,000 in 1929, a loss of 27%.
of over 2,000 tons. If the decline continues, it will give evidence of reduced
NETHERLAND EAST INDIES.
native production on account of low prices.
Oct. 11 has been designated as Aviation Day In Bandoeng, Java. Three
CANADA.
Netherland East Indian Aviation clubs are staging demonstrations, and five
Important new customs rulings issued during the week ended Oct. 11 American scout planes will take part in toe final program. Chambers of
affect cash discounts shown on importers' invoices, advertising matter, Commerce of Batavia, Soerabaya and Semerang, met on Oct. 10,to discuss
and the valuation of barrelled pork in brine. The import duty on common the present method of calculating import duties in the Netherland East
window glass was restored to the level prevailing before the change in the Indies. It is reported that five sugar estates in Java are considering planting rice and other secondary crops for the campaign of 1932.
general tariff on Sept. 17.
The week of Oct. 11 to 18 is being celebrated as "Canadian Prosperity
PANAMA.
Week," sponsored by the Government in an effort to stimulate general
The credit situation continues tight with collections very difficult. Aloptimism by increasing the sale of Canadian products. The business outuncertain with some indicators showing a slight improve- though merchants are unable to move their stocks, failures have been few
look continues
ment but others indicating less activity. Collections are practically the and none has been of importance. A total of 450 vessels transited the
Canal during September on which the tolls paid amounted to $2,057,267.25.
same as a week ago.
Wholesale and retail trades in the East are more active with a better This represents the lowest number of commercial transits since June 1927.
noted particularly for wearing apparel. Hardware at Montreal when 455 vessels passed through the canal. The tolls collected were the
demand
is moving briskly with lower prices on several lines and specialty articles lowest since June 1928.
of merit and quality are in good demand. The Tueber motor vehicle
SWEDEN.
market shows little improvement although stocks of used cars are lighter.
A favorable trend is noted in Swedish State finances with revenues for the
production and import of shoes is well maintained, in comparison first 11 months of the fiscal year 1929-30 amounting to 665,200,000 crowns
Ontario
with last year although warm weather for the present has retarded retail (one crown equals 10.268) against 644,200.000 crowns for the corresponding
sales. August production in all Canadian factories totalled 542,886 pairs, period of 1928-29. Actual expenditures totaled 630.000,000 crowns against
16% less the leather footwear output in August last year. The general 602,000,000 crowns respectively. Increases in revenues were noted in the
leather goods trade, is only slightly improved. Higher grades of paper items of spirit tax,
tobacco monopoly. State enterprises, automobile taxes,
are in somewhat greater demand and prices are steady. Superphosphate and royalty from iron ore mining. The surplus for the entire fiscal year of
fertilizers will be manufactured at Hamilton. A Toronto firm will begin 1929-30 is expected to be approximately the same as in
1928-29 when it
the making of fine chemicals. The provincial motion picture censorship amounted to 16,600,000 crowns. A reduction of 34.400,000 crowns for the
fee has been advanced from $3 to $7 per reel of 1,000 feet for British films past fiscal year was recorded in the National debt which at the close of
and to $10 for foreign films.
June 1930 totaled 1,800,000,000 crowns.
Sales of new cars in the Prairie Provinces in September were slightly
ahead of the August figure but are still much below last year. Accessories,
The Department's summary also includes the following
however, are moving fairly well with a good demand in winter supplies. with
regard to the Island Possessions of the United States:
Electrical appliances are also moving satisfactorily and there is a good
PHILIPPINE ISLANDS.
demand for small radios. Hardware wholesalers report slack business
and industrial machinery sales are slow. Sales of finihsed steel products
Philippine business activity continues considerably below normal. Credits
are declining but increased interest is evident in unfinished imports for and collections are still generally unsatisfactory, and local firms are prolocal fabrication. Rubber raincoats are enjoying seasonal demand and ceeding catiously. Credit conditions in central Luzon however, have slightly
industrial rubber goods are moving fairly well.
improved owing to the harvesting of rice. No improvement has been noted
British Columbia reports a slight lowering in canned goods prices but in the textile trade, and all business with Chinese dealers is transacted on a
prices on canned salmon are firm although sales are slow. Demand is conservative basis. The abaca market is from steady to firm as regards
both London and United States demand, and the Manila market is strong
below normal for travelling goods and handbags.
FINANCIAL CHRONICLE
2470
with no sellers at the following nominal prices: E, 18 pesos; 8', 15.25; I, 12;
JUS, 11.50; JUK, 10; K. 9. and L-1, 8.75 pesos per picul of 139 lbs. (peso
equals fifty cents). Stocks on hand in Philippine ports, Oct. 6, totaled
195,000 bales. Exports for the week ended Oct. 6 were 24,000 bales, of
which 8,700 were shipped to the United States. The copra market is quiet,
with production fair and two oil mills operating. Closing prices on Oct. 4,
f.o.b. Manila for warehouse grade resecada were 7.625 pesos per pica
Cebu, 7.80; Legaspi, 7.75; and Hondagua, 7.23 pesos.
(VOL. 131.
cussions on Oct. 10, a cablegram on that date to the "Times"
stated:
In the situation characterized by the serious flight of capital from Germany in heavy gold and foreign exchange exports by the Reichsbank to
maintain the exchange value of the mark, and the continued fall in market
quotations of the Young Plan loan and the underlying economic depression,
members of the board of the Bank for International Settlements met here
this afternoon in an informal secret meeting to the surprise of the public.
No communique was issued, but it was stated that "everything was disexchange of views."
Comparative Figures of Condition of Canadian Banks. cussed in a general
The informal meetings will continue to-morrow, with probably more
In the following we compare the condition of the Canadian private conversations among the Governors of the Central Banks on Sunday
before they meet formally in the regular monthly session of the World Bank
banks for Aug. 30 1930 with the figures for July 31 1930 on Monday. To-day's meeting, it is said, was not suddenly arranged but
and Aug. 31 1929:
planned for some time. Two different explanations are given. One is
that the Governors of the Central Banks. not having met since the last
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
session of the board in June came early to discuss questions of Bank policy
CANADA.
before Monday's meeting. The other is that to-day's meeting had nothing
to do with the Bank and was simply a meeting of the Governors of the
Aug. 30 1930. July 311930. Aug.31 1929. Central Banks, who called in Gates W. McGarrah, President of the
Assets.
bank:
Leon Fraser, Vice-President, and Pierre Quesnay. General Manager, as
$
Current gold and subsidiary coin—
46.529,510 advisers, and was concerned with other than purely bank affairs.
48.562.195
47,696,058
In Canada
Elsewhere
23.933.612
18.122.754
Total
71,629,675
66.684.950
Elsewhere
100,058.816
14.890
112,917,355
16,519
Total
100,073,707
112,933,877
Dominion notes—
In Canada
19.073,949
Attended by Board Members.
In any event the meeting was attended by all of the men who normally
attend board meetings, including Montagu Norman, Governor of the Bank
119,064,754 of England; M. Moret of the Bank of France, Luther of the Reichsbank,
17,822 Beneduce of the Bank of Italy, Van Veeland of Belgium and Tanaka of the
financial situation of Germany
119.082.578 Bank of Japan. It is understood that the
and the position of the Young reparations loan, for which the World Bank
18,308.947 is trustee, mainly occupied the meeting, which lasted three hours and that
21.396.660 a proposed loan of $125,000,000 by private Americans. French and other
123,770.304
banking groups to Germany to help tide the Reich through Premier Bruening's financial reform program, also was discussed.
The Bank itself has nothing directly to do with this loan, it is explained,
3,840,313
but it is admitted that representatives of the Central Banks might have
5,245,136 have found occasion to talk about it. The negotiations for this loan are
going on directly in Berlin, it is stated, and the plan is to issue it at 4
in six months bonds, thrice renewable—in other words a loan for a maxi80,165,710
.
mum of two yerrs. .
307,156.762
In view of the loan being only for a short term, doubt is expressed that
bank will enter the affair even as trustee.
the world
It is considered that one of the conditions of the loan will be a Reich
99.765.818
55.003.200 pledge to carry out its present financial program.
65.603,462
13.034,273
16,400,885
Notes of other banks
18.973,773
18,473.466
United States & other foreign currencies _
96,641.267 114.878,068
Cheques on other banks
Loans to other banks in Canada,secured,
including bills rediscounted
Deposits made with and balances due
4,584,457
4.865,181
from other banks in Canada.,
Due from banks and banking correspond3,956,719
5.267.847
ents in the United Kingdom
Due from bunks and banking correspondents elsewhere than in Canada and the
89,188,352 110,224,811
United Kingdom
Dominion Government and Provincial
303,992.474 293,085,002
Government securities
Canadian, municipal securities and British. foreign and colonial public securi101.948.913 101,374,026
ties other than Canadian
52,566,823
51,639,523
Railway and other bonds. debs. & stocks
Call and short not exceeding 30 days)
loans in Canada on stocks, debentures.
bonds and other securities id a suf228,933,309 232,398,025 273.629.082
ficient marketable value to cover
215,635.325 189.400.529 310.500.423
Elsewhere than In Canada
Other current loans & disets in Canada_ 1,260,490.851 1,277.341.949 1,346.451.122
222.243,270 224,779,901 238.673,789
Elsewhere
Loans to the Government of Canada
12,243,291
7,983,617
14,087.813
Loans to Provincial Governments
Loans to cities. towns, municipalities
98,979,766
95,892.563 100,302,314
and school districts
Non-current loans, estimated loss pro7,711,314
8,017,584
8,013.443
vided for
5.310.424
5,519.525
5.485.477
Real estate other than bank premises_
7.339.005
6.907.579
6,840,867
Mortgages on real estate sold by bank _
Bank premises at not more than cost.
76,782,003
78.189,158
78.595,010
less amounts (it any) written off
Liabilities of customers under letters of
94,537,845
89,107,810
83,855,098
credit as per contra
Deposits with the Minister of Finance for
6,354.265
6,740,624
6.783.944
the security of note circulation
62.530 866
38,430.866
46.830,866
Deposit in the central gold reserves
9,584,557
11,257.743
11,071.286
Shares of and loans to controlled ros
Other assets not included under the foregoing heads
Total assets
Liabilities.
Notes in circulation
Balance due to Dominion Govt. atter deducting adv. for credits, pay-lists. am-
1,971.339
1.962.838
2.302,264
3.146,851,857 3,170.726,945 3.452,309.011
166,154,609
152,177,140
189,671,015
The "Times" Basle cablegram on Oct. 11 said in part:
35,785.169
24.200.000
25,518,295
39,559.717
31.700.000
34,709.474
50.402.916
77,400.000
18.737,589
Even greater secrecy than yesterday was maintained on the specific
subjects of the talks and their results. The only thing on which an agreement was announced was the agenda for a formal meeting of the board
Monday, and even the details of this were not disclosed.
There is a strong impression in the corridors that the bankers were unable
to reach an agreement on any important questions. As for the German
problem raised by the flight of domestic capital and the heavy drain on the
Reichsbank in defending the mark, it appears the bankers here have to
await the results of Berlin's negotiations with Lee Higginson & Co., New
York bankers; the Kruger firm of Sweden, and Dutch interests for a twoyear loan.
Advances under the Finance Act
Balances duo to Provincial Governments
Deposits by the public, payable on de598.178.476 605,281,927 665,969,088
mend in Canada
Deposits by the public payable after no1,404,118,280 1,402,027,767 1,459.690,239
tice or on a fixed day in Canada
384,818,790 383,624,477 425,741.772
Deposits elsewhere than in Canada
Loans from other banks in Canada. secured. Including bills rediscounted_ _ _
Deposits made by and balances due to
13,080,446
11,347,692
11,459,750
other banks In Canada
Due to banks and banking correspond18,714,053
9,515,828
8,611,009
ents In the United Kingdom
Elsewhere than in Canada and the
96,799,461
61,910,255
58.932,764
United Kingdom
4,924.552
13,728.235
6.262.460
Bills payable
94.537,845
89,197.810
83.855,098
Letters of credit outstanding
4,105.373
4.151,120
3.980,403
Liabilities not incl. under foregoing heads
3,458,385
1,369,789
3,538,866
Dividends declared and unpaid
160,893,549 160,847,293 153.666,944
Rest or reserve fund
144,786,926 147,756,039 140,965,080
paid up
Capital
Tots liabilities
3,121,094,492 3,145,858,913 3,417.910.556
NO14.—Owing to the omission of the cents In the official reports, the footings
in the above do not exactly agree with the totals given
Governors of Central Banks Meet With Officials of
Bank for International Settlements—Informal
Meeting Reported as Linked with Flight of Reich
Gold and Young Loan Drop—World Bank's Investments—German Credit and other Matters Before Conference.
With their immediate interest centred on the negotiations
in Berlin for a loan to the Reich and on the condition of
financial markets, especially in New York, the Governors
and other representatives of six Central Banks and officials
of the Bank for International Settlements continued on
Oct. 11, at Basle, Switzerland, their private but informal
exchange of views on the general financial situation, particularly in Germany, and the policy of the International Bank;
this statement was made in a cablegram Oct. 11 to the
New York "Times" from Basle. With the start of the dis-
Noncominitial on Situation.
Banking officials declined to say to what they attributed the fall of
the Young loan, which, originally issued at 94 Y5, again dropped on the
Basle Exchange to-day, this time from 72 to 65, or what measures are contemplated to bolster it. They left it for the public to interpret whether.
the fall was due to Adolph Hitler's success in Germany, the depression
in New York or to other factors.
The Reichsbank is praised in informed circles here for the policy of
extreme liquidity it has been maintaining and which is shown by the way
it has been meeting the recent heavy strain and putting "$100,000,000
in a week behind the mark. According to the most recent figures available here, the Reichsbank in an effort to maintain the mark has already
shipped to Paris $52,000.000 gold and $125.000.000 in foreign exchange on
Paris for the flight of capital from Germany. Some unofficial German
sources estimate that the Germans have already sent between $1,000,000,000 and $2,000.000.000 of their capital across the frontier since the election
•
gains for Hitler and the Communists.
The fear of the Germans and the effect of their fears on some, banking
quarters here believe, will in themselves help right the situation by keeping
the Hitlerites from going too far. There is, therefore a tendency not to be
discouraged by the outlook and to express confidence that the German
Government's financial refo-m program will be executed.
Indicating that the financial outlook for the immediate
future was considered somewhat brighter on Oct. 12 by
International Banking circles at Basle, when a tea party
given by Montagu Norman, Governor of the Bank of
England, to practically all his colleagues on the board of
the Bank for International Settlements ended after lasting
from 5 to 8 p. m., the "Times" cablegram of that date
went on to say:
Though Dr. Hans Luther. Governor of the Reichsbank, when.confronted,
as he left, with a report from Berlin that the negotiations for a loan to the
Reich had been successfully concluded,said that he had had no confirmation
of this, other bankers expressed the conviction that this credit, which is
considered essential to tide Germany through the present situation, would
be opened before midnight so as to enable Chancellor Bruening to open the
Reichstag to-morrow with good news.
Hope is still held out here that the French and British will participate in
the In n, but it is stated that if they do not their share, amounting to
$15,000,000, will be subscribed by a group of priviite German banks, so
that the total of this two-year loan will be $125,000.000.
The members Of the board during the tea party, it is stated, reached
unanimous agreement on a number of questions regarding the policy of the
World Bank which had remained open after the past two days conversations. It appears doubtful, however, that these included some of the major
points,such as the role the Bank should take in facilitating long-term credits
during the present depression.
One school wants the Bank itself to take a direct part, while another favors
confining it to encouraging the Central Banks to facilitate credits. It is
reported that in general the British loan toward a laissez-faire policy while
the French. Americans and Belgians prefer more action, though the action
might not necessarily be that of the Bank for International Settlements
OCT. 181930.]
FINANCIAL CHRONICLE
2471
Esthonia to Get Shares.
The measured optimism to-night with regard to the immediate future.
Other decisions announced in the communique are to allow the Bank
however, does not dispel the impression that has grown here in the past
few days during the conversations among the bankers that the underlying of Esthonia to subscribe to Some of the Bank's capital, to postpone the
election of new members of the board until a later meeting and issue regular
situation is one of the most ticklish In years.
Aside from Germany there are four main points in the world's financial statements on loans for which the Bank is trustee.
The first of these statements was issued to-day, covering the Dawes,
which the international bankers, it is stated, are keeping an
fabric on
anxious eye with a view to preventing the "grave consequences a collapse Young and Austrian loans. It shows the World Bank now has in the
India hands of paying agents about $14,000.000 to be paid out to-morrow to
In any one of them migh . have. These points are Austria, Australia.
Dawes bondholders. Germany has paid to date about $7,500.000 interest
and Brazil. The situation is thus explained by one in a position to speak;
The Reichsbank, he estimates, can stand the present drain on it and and amortization on the Young loan and Austria has paid about $1,300.000
defend the mark only a couple of weeks longer unless something is done to on its recent loan. In other words, the service on all loans is being met
help it. Yesterday, he declares, the Reichsbank had to sacilfice 10% of punctually.
Hungarian representatives are here seeking a small loan.
its entire holdings of foreign exchange. Ile believes the German situation
The Bank's communique takes pains to explain that the informal meetone of the easiest to put right and has great confidence in the middle class
there keeping both the Hitlerite and the Communist extremes from going ings of the past few days were planned in July and stresses that such conversations among the authorities responsible for the credit policies of the
too far.
This pergola considers the Austrian situation one of the most dangerous, various countries constitute one of the advantages this Bank brings the
because the middle class there is weak In the face of the two political world. This interchange of views, It adds, cannot form the subject of a
partly
extremes and because trouble in Austria would involve two loans backed public statement, but the management of the Bank desires to emphasize
by international institutions—the reconstruction loan issued under the the spirit of collaboration and mutual understanding prevailing throughauspices of the League of Nations and the recent loan for which the Bank out the conversations.
for international Settlements is trustee. He Ls preoccupied by the entry of
Prince von Starhembei g. head of the Heimwehr, into the Viennese Cabinet
as Minister of the Interior and by his action in allowing Major Pabst of World Bank's Faith in Germany Held Shown—Bankers
German "putsch" fame to re-enter Austria. He awaits the Austrian elecat Basle Feel Passive Policy is Evidence No Help is
tions in November with anxiety.
Required at Present.
In Australia the eyes of this observer are on another approaching election in one of the States there, which it it results in the defeat of the Scullin
Under the above head a cablegram Oct. 14 from Basle
conseGovernment's candidate would risk, he believes, having such serious
(Switzerland) to the New York "Times" stated:
quences as possible Australian repudiation of its debts.
The inactivity in regard to the German financial situation of the Board of
India, according to this expert, is DOW living on loans and he is worried
fails.
the Bank for International Settlements at its meeting here yesterday is
as to what will happen if the coming round table conference
United States have great represented in banking circles here to-day as a mark of confidence in the
As for Brazil, in which both Britain and the
from Reichsbank's position. It appears also to constitute a veiled warning to
investments, the revolt going on there impresses him as different
against the Ilitlerites.
previous ones, especially in that he sees the North and South united
The view which prevailed in the Bank is understood to be first that the
Rio de Janeiro. The revolt leaves him perplexed and anxious, chiefly
due to the Reichsbank has by no means reached a situation requiring the help of the
about the financial consequences it may have on Wall Street
on the world or the Central Banks of other countries, and if it should reach that
latter's short-term investments in Brazil and through Wall Street
situation from purely financial causes help would be forthcoming. Second,
rest of the world.
this ob- the German financial situation now really depends on political factors. If
The world situation as outlined, however, by no means leaves
up by loans at strategic the Reichsbank should by any chance refuse to vote the Bruenhag financial
server without hope and he believes It can be patched
reforms, and if Adolph Hiker should get power and denounce the Young
points and at the right time.
is the loan, then it is considered in high circles here there would be a such flight
Such surveys as this serve to indicate especially how widespread
far political of German capital and such a run on the German mark that financial aid
field on which the bankers here are keeping an eye and how
cal- would be futile, and it is doubted here if the World Bank would give any aid
and psychological considerations are entering into their financial
in such circumstances. The view is that if "the Germans choose to run
culations.
amuck they'll have to take their medicine."
likewise take the following Basle
Although these dark prospects are not left out of consideration by banking
From the "Times" we
circles and although one gets a strong impression here that they are by no
advices Oct. 13:
means certain everything will turn out for the best in Germany during the
A laissez false policy of watching the world financial situation develop will critical next few weeks, they are encouraged by an optimistic message reit was
be followed for the present by the Bank for International Settlements,
ceived to-day from Hans Luther, President of the Relchsbank, on his return
stated here to-night after the regular meeting of its board had ended. to Berlin. Herr Luther, it stated, is very much encouraged, and believes
bankers as one in which political factors
That situation now impresses the
the financial reforms will be voted.
play a big but uncertain role, and apparently they hope enough of this role
Meanwhile, banking circles here paint the Reichsbank's financial situwill have been played before the board meets again in the middle of Novem- ation as the brightest side of the picture. They say there are at least half a
ber to make the position then much clearer.
dozen European currencies that are now far weaker than the mark, and inThis is particularly true of Germany's financial troubles, where the clude among them the British pound and the lira. For the present, they
psychological and political effects of the credit of $125,000,000 to the say, there is no currency or exchange difficulty in the German situation
Reich, opened largely by American interests, are being awaited.
requiring aid.
Hope is held that it will be as successful as the Morgan credit to France
a few years ago when the franc was in difficulties in checking the further
Demand for Revising Reparations Opposed—Schacht's
flight of domestic capital, enabling the Reichsbank to maintain the mark
Idea Not Favored in Responsible German Circles—
and allowing Chancellor Bruening to put through his financial reform
program.
be offset by a
The big questions, it is admitted, are whether the good will
French and British
new Hitlerite outburst and what will be the effect of the
are
having abstained from backing the loan. The Germans and others here
it is
obviously unhappy about the French abstention, and the fact that
soon gain power and thus be in a
based on fear that the Hitlerites might
position to spend the loan helps to explain the unhappiness.
Swiss Also Declined.
It is known that the Swiss declined to participate in the credit when they
found the French and British were abstaining. The British abstention is
understood here to be really due to the weakness of sterling. American
interests are believed here to be supplying $80,000,000 of the credit.
The suggestion that Herr Luther, Governor of the Reichsbank, is considering issuing a reassuring statement on German finances has been
dropped by him apparently as needless, and the proposal that the World
Bank make a statement with a view to bolstering the Young loan also has
been abandoned. The loan itself was much firmer on the Basle Exchange
to-day, where it rose to 75.
Long discussions of board members on the possibilities of improving
credit facilities either directly through the World Bank itself or through
the Central Banks represented on the board seem to have led to no serious
changes of policy. One of the problems involved is that of helping Eastern
European agrarian countries through the present grain crisis by means of
the credits asked by their Warsaw conference—whose resolutions they
submitted to the World Bank. The Bank is now helping some of them to
market crops through three months credits, but the thing wanted there, as
elsewhere, it is explained, is long term credits. The trouble is that the
statutes of most Central Banks limit them to short-term investments so as
to assure liquidity; and while the World Bank is not thus limited, it. too,
must maintain extreme liquidity.
Proposal Should Come From Allies.
The following from Berlin Oct. 10 is taken from the New
York "Times":
The market's attitude toward such utterances as those of Dr. Schacht,
implying that the time has come for reconsidering reparations, is governed
by the well-known official view, which disclaims all such proposals. The
position taken is that if the Allies regard reparations payments as one cause
for the present world-wide trade depression, any initiative toward reopening
the question would naturally come from them.
It is insisted that Germany will never take the initiative unless she is
directly faced with impossibility of paying. But no such contingency is
believed to be in sight. The Government policy is to stabilize the budget,
thereby insuring smooth payment of the mark annuities. As to the feasibility of making transfers, no doubt is entertained, in view of the increasingly
favorable foreign trade balances,also in view of last summer's declaration by
the official commission on the balance of payments, that export surpluses
may always be counted on if foreign loans cease.
Credit of $125,000,000 Put at Disposal of German
Government by International Group of Banking
Institutions—Announcement by Lee, Higginson
& Co.—In Form of Six Months Treasury Bills.
Lee, Higginson & Co. issued the following statement for
publication, Oct. 13:
A credit of $125,000,000 has been put at the disposal of the German
government by an international group of banking institutions. This credit
is subject to the passage by the Reichstag of suitable legislation authorizing
the credit and providing a method for the repayment thereof.
World Bank Plays Close.
In Germany a syndicate of banks has been formed by the Reichsbank to
World Bank investments have been limited by a previous decision of the participate in this credit.
In the United States a syndicate has been formed by Lee, Higginson &
board to two years. and that decision is maintained to-day, although some
participants.
urge it would be safe to raise the limit somewhat in view of the fact that Co. in which will also be included certain foreign
In Holland the credit will be undertaken by a group headed by Mendelsnearly a quarter of the Bank's liabilities cannot be withdrawn for 37 years.
Handel-MaatschapPll.
The board authorized the managt ment of the Bank to discuss with its sohn & Co. and Nederlandsche
In Sweden the credit will be undertaken by a group headed by Skandizivarious central bank depositors any new facilities they might dedre to
obtain from it to improve the possibilities of financial settlements and aviska Kred I taktiebolaget.
The credit will take the form of German government six months' Treasury
the international circulation of capital with a view of increasing monetary
discount these bills in the
and financial solidarity among the various economic systems by closer bills. The various syndicates have agreed to
the option to
relations among the Central Banks, according to a communique issued amount of $125,000.000 and have granted the government
three renewals thereof.
to-day.
in this credit are as
The American institutions which are participating
The Bank's currency department has been instructed to investigate the
problems of administration of foreign exchange holdings, the board being follows:
gradually be considerable progress in this Lee. Higginson & Co.
of the opinion that there can
New York.
field. Both projects, it is unofficially explained, involve the establishment The Chase National Bank of the City of
of a pool for foreign exchange and possibly another for gold, in accordance Bankers Trust Co.
Bank, Inc.
with Ari fele 24 of the •tatute. Neither decision, it is stated, is due to he International Acceptance
Continental-Illinois Bank & Trust CO.
present financial situation.
(
2472
FINANCIAL CHRONICLE
Chatham-Phenix National Bank & Trust Co.
The New York Trust Co.
The Marine Trust Co. of Buffalo.
The Bank of America N. A.
Bank of Italy National Trust & Savings Association.
The First National Bank of Boston.
Central Hanover Bank & Trust Co.
The Marine Midland Trust Co. of New York.
The First National Bank of Chicago.
The Union Trust Co. of Pittsburgh.
Central Trust Co. of Illinois.
J. Henry Schroder Banking Corp.
Foreman State National Bank Chicago.
First National Bank of St. Louis.
Central United National Bank, Cleveland.
Anglo & London Paris National Bank.
The Canadian participant is the Bank of Montreal.
The German Institutions which are participating in this credit are as
follows:
Reichsbank.
PreussIsche Staatsbank (Seehandlung).
Berliner Handels-Gesclischaft.
S. 131eichroder.
Commerz-und-Privat-Bank Aktiengesellschaft.
Darmataedter und Nationalbank Kommanditgesellschaft auf Aktien.
Delbruck Schickler & Co.
Deutsche Bank & Disconto Gesellschaft.
Deutsche Girezentrale-Deutsc,he Kommunalbank..
Dresdner Bank.
J. Dreyfus & Co.
Hardy & Co. G.m.b.H.
Mendelssohn & Co.
Reichs-Kredit-Gesellschaft A.G.
Lazard. Speyer-Elliasen K.G.A.A.
Allgemeine Deutsche Credit-Anstalt.
Gehr. Aruhold.
Banner Bankverein, HInsberg, Fischer & Comp. K.GA.A.
Bayerische Vereinsbank.
Simon Hirschland.
A. Levy.
Sal. Oppenheim Jr. & Cie.
M. M. IN arburg & Co.
The members of the Swedish group are:
Skandinaviska Kreditakt ieboiaget.
Stockholms Enskilda Bank.
Aktiebolaget Svenska ilandelsbanken.
The list of members of the Dutch syndicate will be published in a further
announcement.
[vol.. 131.
France Won't Join German Consortium—Nationalists
Force Decision Not to Provide Even $5,000,000 of
$125,000,000 Credit.
In a special cablegram from Paris, Oct. 15, the New York
"Times" said in part:
It was learned this evening that France has finally decided
not to participate in the new international $125,000.000 credit
to Germany. Premier
Tardieu and officials of the Bank of France have had the
matter before them
for several weeks. In authoritative financial quarters
it was explained
France was influenced by the decision of British bankers
to abstain, but the
chief reason was strong opposition from the Nationalists
who dominate the
French political scene.
The American banking group which is assuming responsibility
for about
$75.000.000 of the credit urged the French to come in. if only for
,the nominal
sum of $5.000,000. Such participation, they argued,
would have considerable moral effect and aid greatly in bringing about
the realization of the
underlying purposes of the loan, namely, the adoption
of a new German
financial policy by a government committed to constitutional
methods and
application of the present international agreements.
Aristide Briand, French Foreign Minister, who in his conversations
with
Foreign Minister Curtius of Germany at Geneva is understood
to have endorsed the idea of international financial help for Germany,
urged the
French Premier to consent to nominal participation. From
the powerful
forces of the Right, however, opposition was at once apparent
and dotermined. As if with a single voice, the Nationalist press denounced
the
whole idea of financial assistance to a nation which already is
an active
menace to the peace of France and the rest of Europe.
Only a few editors discussed the issue objectively and pointed out the
importance to this country of a strengthened Bruening government ready
to
continue its international financial and political obligations.
In those banking circles which are participating in the loan,there naturally
is much disappointment over the attitude of the French, although it
is
realized that the stormy opening session of the Reichstag and the subsetment
riots of the Hitlerites supported materially the opposition of the French
Right.
French abstention will, of course, have no effect upon the credit itself.
The granting of the credit depends upon the passage of certain legislation
by the Reichstag, the terms of which have already been published.
Washington Officials Decline to Discuss $125,000,000
German Credit.
Under date of Oct. 13, Washington advices to the New
York "Journal of Commerce" said:
State and Treasury Department officials to-day declined to
comment on
the proposed $125,000,000 credit to be accorded by American
bankers to
Germany. While the circumstances of this transaction have been
known
No mention of the rate at which the bills are to be discounted was made to at least some of these, the matter Is looked upon as purely a private
one and not of the character that would practically
in the announcement. It is understood that the question has not yet been
necessitate Governdefinitely settled. It is believed, however, that a rate of approximately ment acquiescence before being completed.
The Impression was conveyed that official Washington
4.31 % will be settled upon. There have been suggestions here of a 534%
does not want to
be placed in the position of discussing the private affairs of
rate, and dispatches from abroad have mentioned a rate of 43.6%.
a foreign Government on the theory that such action on the part of another with
The provision for three renewals gives the credit a potential life of two
respect
years. By making the credit one of only six months Germany obtains to our financial affairs would be resented. however, outside these circles
the advantage of only having to borrow that long should she be able to the advances were looked upon as quite substantial and rather indicating
clear up her economic difficulties at the end of that time. The renewal a belief in the ability of Germany to maintain stable conditions. By some
privilege, on the other hand, provides Germany with a two-year use of it is considered that this move is designed to give stability to the German
the credit should she be unable to make the_necessary budgetary reforms Government, but in any event it seems conceded that it_should he very
helpful in bringing about desired results.
before then.
Faith in German Stability.
In discussing the credit bankers here stressed the fact that it represents President Luther
of German Reichsbank Promises
a concrete expression of their faith in Germany. Since the German elecGermany Will Pay—Says Country Will Meet Debts
tions, a few weeks ago, there has been acute unsettlement in the price of
as New Issues Come.
outstanding German Government obligations in all the markets of the
world. German Government 5H% bonds of 1965, generally known as
Basle, Switzerland, Associated Press advices to the New
the Young Plan bonds, have recently sold in this market as low as 74,
compared with an offering price last June of 90. Other German bonds York "Evening Post" reported Dr. Hans Luther, President
have been similarly depressed.
of tile Reichsbank as stating in an interview on Oct. 14 that
Although no British banks were mentioned as participating in the credit,
whatever government might be in control of affairs in GerIt is understood that British interests will take some share in the loan.
There had been suggestions from abroad that the French would take a many the Reich would be mindful of its obligations in respect
5% participation in the credit as an expression of confidence in Germany's to all loans concluded after
the war,including the Young Plan
economic stability. No French banks are listed in the announcement
made here, however, and so far as can be learned there will be no French loan.
participation.
The purpose of the $125,000,000 credit is to cover part of the deficit
New German Reichsbank Directorate.
in the budget of the Reich, which it is reported, may extend to $250,000,The "Wall Street Journal" of Oct. 16, had the following
000 by the close of the fiscal year next March. Bankers here stated last
night that they had received word from Germany that the budget for to say in Berlin advices:
19314932 had been made up and that the sum of 1.000,000.000 reichs'
General council of the Reichsbank, the highest controlling committee,
marks had been cut from it.
The amount of the participations which will be taken by bankers in had, according to the Dawea plan, seven German and seven foreign members. The foreign members resigned in spring and the now German
the five countries listed as sharing in the credit, has not been announced.
Reichsbank law fixed the number of members at 10, all Germans. The
new counBy far the largest part, however, will be taken by the American syndicate.
Dispatches from abroad have suggested that the German portion of the cil has now been elected.
The seven German member.; were re-elected, Dr. Luther. President,
credit would amount to 10%.
and
six bankers; Urbig and Wassermann, both from the DD-Bank
The following Berlin advices are from the "Wall Street sohn (Berlin), Warburg (Hamburg), Hagen (Cologne). and , Mende'sRemshard
(Munich). The now members are Dreyse, Vice-President of the
Journal" of Oct. 14:
ReichsDetails of Reich Treasury $125.000,000 loan include two years maturity. bank; Muelleo-Oerlinghausen, silk factory owner, representing German industry, and the land owner, von Flemming, representing agriculture.
Interest ox 4'4%.commission of 1Si% and total cost for Germany or 6.3%•
Berlin banks demanded the resignation of one of the two directors of
German banks contributed $15.000,000 of the total, and the rest was
the
given by American, Swedish and Dutch banks. Extreme regret was felt DD-Bank (Urhig came from the Disconto and Wassermann from the
Deutsche), but did not succeed. The election of Mueller-Oerlingsh
that participation of French banks could not be achieved.
ausen
Germany will receive the proceeds immediately after bill concerning re- means a victory of the Government over nationalist sentiment in the coal
industry.
payment has been passed by the Reichstag. This probably means the end and steel
of November. The bill enables the Government to repay all floating debt,
inclusive of present loan. In three years, making yearly payments of Rm. Gates W. McGarrah May Visit United States—Head of
420.000.000. Financial difficulties for the Treasury will thus b. avoided.
Bank for International
From the NewlYork "Times" of Oct. 13 we take the
following:
From Berlin on Oct. 11 Associated Press accounts stated:
'The Vossische ?tilting to-night reported that agreements extending
foreign credits of 500 000.000 marks (about $120,000.000) to Germany
had been signed during the evening.
The agreements are said to be subject to passage by the Reichstag of
Chancellor Bruening's financial reform. The interest rate is said to be 7%.
Inquiries in official quarters regarding reports published in the United
States that Germany had asked for suspension of the transfer of certain
reparations payments met denial here. It was held that such a course
would be most unlikely in view of the German negotiations for new American
credits.
Settlements Reported as
Planning Trip Here.
The following is from the New York "Sun" of last night
(Oct. 17):
Gates W. McGarrah. President of the Bank of
International.Settlements,
Is expected to return here for a visit in the latter part of next
month, it was
learned here to-day. He is expected to spend the Christmas
holidays in this
country, returning to Basle shortly thereafter. Mr. MeGarrah's
return is
not considered of any special international significance.
When he left New
York to assume his duties in Basle he said he expected to return
home for a
visit at least once a year. Mr. McGarrah was reported to be in
l'aris to-day
OCT. 18 1930.]
FINANCIAL CHRONICLE
Bank,in
with M. Quensnay, French General Manager of the International
connection with the Spanish situation.
Vasseur Bank Closes Doors in France.
The New York "Sun" of last night reported the following
(United Press) from Paris, Oct. 17:
The Vasseur Bank, one of the oldest in Paris, temporarily closed its doors
to-day.
A branch at Marseilles also was closed after a sudden run in which
depositors withdrew 5,000,000 francs, compared to total deposits of about
20,000,000 francs.
2473
leans having withdrawn'after unsatisfactory exploration for deep production.
While Ecuador is the least productive of American oil fields, it is believed the first discovery of oil in the Western Hemisphere was made
at Ancon peninsula, 100 miles west of Guayaquil. Aboriginal Indians are
said to have been using petroleum from seepages when Pizarro landed here
four centuries ago. Much of the production is still primitive, coming
from hand-dug surface pits bailed by manual labor and pumped by windmills.
Ancon peninsula, where the oil fields are located, is totally devoid of
water both above and below the ground, and the Anglo-Ecuadorean company operates a large condensing plant for distilling fresh water from sea
brine.
Colombian Financial Situation Reviewed by A. Iselin
Loan Offered to Belgrade—French Banks Reported
& Co.—Prospects for Loan.
Willing to Lend $60,000,000.
In an analysis of the Colombian financial situation, A.
Belgrade advices Oct. 10 to the New York "Times," said: Iselin & Co. express the opinion that the Republic should
It is stated in business circles that French banks have offered to lend
without loss of national
Jugoslavia 1,500,000.000 francs (about $60,000,000) at 51i%,the price of pass through the present depression
credit standing. Conclusions are based on the fact that there
the issue to be 95.
The Banque de Paris is said to be interested in the loan, which would is a comparatively light debt burden on the central Governbe for the purpose of railway reconstruction. All orders for railway material
would have to be placed in France. It has not been decided whether the ment and because of the practical manner in which the
budget, the currency and exchange, and the political aspects
loan will be accepted.
of the situation have been handled. Present conditions
Conditions in Uruguay.
should be of particular interest to the American investor
Cabled assurances that the situation in Uruguay is as the financial and trade relations between the United States
"absolutely quiet," and that the commercial activities of and Colombia are especially close, the United States having
that country are being carried on "in the normal way quite a large participation in the public indebtedness and the foreign
Independent of events in several South American countries," trade of that country, says the bankers' analysis. Also the
were received Oct. 14 by the Guaranty Trust Co. of New present world-wide business depression began earlier in
York from its principal Uruguayan correspondent, Banco Colombia than in the majority of the Latin American counde la Republica Oriental de Uruguay. The message, ac- tries and its progress, already pointing to a return to normal,
cording to the Uruguayan bank, was prompted by news may serve as an indication of what may be expected in other
received there that the depressed prices of South American regions going through the same experience.
From 1925 to 1928, the report points out, a condition of
securities quoted on the New York Stock Exchange had
business inflation in Colombia was induced by the exextended by repercussion to Uruguayan securities.
penditure of large sums derived from foreign loans and
President Machado of Cuba Asks Sugar Growers to increased value of importations due to the rising price of
Support Chadbourne Plan.
coffee. Deflation began to take place about the middle of
The New York "Sun" reported the following United Press 1928 when borrowing was cut off by the limits set by law
whereby debts were restricted to amounts that could be
advices from Havana Oct. 15:
President Gerardo Machado to-day asked sugar producers to help carry served by 20% of the annual revenues.
the Thomas L. Chadbourne sugar marketing plan through to success.
Prospects for a Colombian loan are indicated by the statethere
"The present situation of the sugar industry is acute and . .
will probably soon
does not appear to be a possibility under present conditions of selling any ment of the bankers that arrangements
considerable part of the present stock before cutting of the next crop except be made by a group of American banks to lend the Governat ruinous prices." the President's message said.
ment a sum sufficient to cancel the accumulated debt of
"This sugar in the hands of many owners is a menace to the corning
crop and the future prosperity of the Republic. It is necessary to take approximately 30,000,000 pesos for the period 1927 to
drastic action immediately."
1930. It is added that the needs of the country for improved communications have been studied, and when conBank Suspends in Lima—Officials Say Bank of Peru ditions permit there will be a resumption of public works
on a practical basis.
and London Will Resume Payments.
The following Associated Press dispatch Oct. 13from Lima,
Portion of Two Issues of Uruguay Bonds Retired
appeared in the New York "Times":
Through Sinking Fund.
The Bank of Peru and London, the oldest in the country, to-day was
permitted by a Government decree to suspend payment until Oct. 19
Hallgarten & Co., and Halsey, Stuart & Co., Inc., fiscal
of a heavy run. The decree stated that, since the bank was linked
because
Government wished to agents for the Republic of Uruguay 6% external sinking
to the country's economic welfare by its long life, the
republic.
fund gold bonds, Public Works Loan, dated May 1 1930,
avoid any crisis which would cause uneasiness in the
Bank and other financial institutions now
The Government Reserve
due May 1 1964, announce that the Republic of Uruguay
the distressed bank, and the Government believes that the temwill aid
has tendered to them, for retirement through the sinking
porary suspension will permit it to regain full strength
of
An official of the institution said this afternoon that the extension
fund, $94,500 principal amount of bonds, leaving $17,486,and drew attention to the fact that a number of
time would be its salvation
500 par value of bonds outstanding.
persons were still depositing money, despite the decree suspending its operHallgarten & Co., and Halsey, Stuart & Co., Inc., fiscal
ations.
agents for the Republic of Uruguay 6% external sinking
Costa Rican President Offers Bill in Congress for fund gold bonds, dated May 1 1926, due May 1 1960, also
Central Reserve Bank.
announce that the Republic of Uruguay has tendered to
A cablegram from San Jose, Costa Rica, Oct. 12 to the them, for retirement through the sinking fund, $204,500
New York "Times" stated:
principal amount of these bonds, leaving $28,420,500 par
President Cleto Gonzalez Viques has sent to Congress a measure to estab- value of bonds outstanding.
bank,which isrecommended as necessary for economic
lish a central discount
reconstruction by the Government. The institution would be known as
the Central Reserve Bank. It would not be a Government institution,
but would be privately operated without Government or political influence.
Authorized capital of $10,000,000, consisting of 100,000 shares with a
par value of $100 each, is a provision of the bill. It is understood the Secretary of Finance had an expert to advise him in preparing the bill, which
meets with the support of business generally and is likely to receive approval
by Congress.
Oil Company Offers a Loan to Ecuador—Government
Hesitates to Accept $2,400,000—Seen as Indication
of New Discoveries.
A cablegram as follows from Guayaquil is taken from the
New York "Times":
Although the Government of Ecuador has received an offer of a loan of
12,000 sucres ($2,400,000) from the Anglo-Ecuadorean Oil Fields Co., the
Government hesitates to borrow from local oil producers on account of
possible entanglements. Offers have been received from other sources, but
they have been unacceptable because of high interest charges and other
onerous conditions.
Since the output of Ecuadorean oil fields has been limited to surface
production of about 3,500 barrels a day, it is possible the loan offer indicates the discovery of better prospects through deeper production.
controlled by British interests, AmerThe present production is practically
Finds Philippine Bank Faces Dark Prospect—Gov.-Gen.
Davis Cites Lack of Liquidity in Loans and Tying
Up of Capital in Sugar Industry.
Under date of Oct. 8, a cablegram from Manila to the
New York "Times" said:
writing to the President of the Philippine National Bank with reference
to a proposal to expand and to open new branches. Governor-General
Dwight F. Davis summarizes the condition of the Bank on June 30 last as
"dark and gloomy," but he believes it is on a sounder financial basis than
it has been at any time since 1922.
Specifically. he points out that 60% of the bank's total loans are not
liquid; exclusive of 4,000.000 pesos (about $2.000,000) in overdrafts known
not to be liquid. he cites 1,600,000 pesos(about $800.000) in assets acquired
in loan settlements.
"The Bank is fortunate to escape further losses in the liquidation of
these items," his letter says. lie stresses the narrowness of the distribution of loans, of which 83% or more than 30,000.000 pesos (about $15,000,000) have been advanced to thirty-three persons, exclusive of 1.253,000
pesos (about $625,000) in bills discounted which are regarded as outright
losses or doubtful credits.
One-half to two-thirds of the total loans depend on the prosperity of
the sugar industry, and Mr. Davis emphasizes the danger of concentrating this proportion in a single industry and says the rehabilitation period,
2474
FINANCIAL CHRONICLE
referring to the,Forbes inquiry after General Wood's Governorship. is
Just beginning.
Panama Bonds Drawn for Redemption.
The National City Bank of New York, as fiscal agent,
has notified holders of Republic of Panama 35-year 5%
external secured sinking fund gold bonds, series A, due
May 15 1963, that $71,000 aggregate principal amount of
these bonds have been drawn for redemption on Nov. 15
1930, at par. Holders of drawn bonds are asked to surrender them, with all unmatured interest coupons attached,
at the head office of the National City Bank on Nov. 15
next, from and after which date interest on such bonds
shall cease.
Belgium Government Bonds Drawn for Redemption.
J. I'. Morgan & Co. and Guaranty Trust Co. of New York,
as sinking fund administrators, have issued a notice to
holders of Kingdom of Belgium external loan 30
-year sinking fund 7% gold bonds, due June 1 1955, and issued under
contract dated June 10 1925, that $325,500 principal amount
of these bonds have been drawn by lot for redemption at
107% on Dec. 1 1930 out of moneys in the sinking fund.
Bonds so drawn will be paid on and after December 1, upon
presentation and surrender with subsequent coupons attached, at the office of J. P. Morgan & Co., 23 Wall Street,
New York, or the principal office of the Guaranty Trust Co.
of New York, 140 Broadway. Interest on the drawn bonds
will cease Dec. 1 1930.
[Vol,. 131.
Morgan & Co., 23 Wall Street, on and after Dec. 1 1030,
after which date interest on the drawn bonds will cease.
Tenders of Bonds of Argentine Government for Purchase Under Sinking Fund Provisions Asked
For.
J. P. Morgan & Co. and the National City Bank, as fiscal
agents, have issued a notice to holders of Government of the
Argentine Nation external sinking fund 6% gold bonds,
issue of. Oct. 1 1925, due Oct.. 1 1959, to the effect that
$194,013 In cash is available for the purchase of the sinking
fund of such bonds of this issue as shall be tendered and
accepted for purchase at prices below par. Tenders of such
bonds with coupons due on and after April 1 1931 should
be made at a flat price, below par, at the office of J. P.
Morgan & Co., 23 Wall Street, New York, or at the head
office of the National City Bank, 55 Wall Street, New York,
prior to 3 p. in. Oct. 31 1930. If the tenders so accepted
are not sufficient to exhaust the available moneys, additional
purchases upon tender, below par, may be made up to
Dec. 30 1930.
J. P. Morgan & Co. and the National City Bank, as fiscal
agents, have also issued a notice to holders of Argentine
Government Loan 1926 external sinking fund 6% gold bonds,
public works issue of Oct. 1 1926, due Oct. 1 1960, to the
effect that $104,401 in cash is available for the purchase for
the sinking fund of such bonds as shall be tendered and
accepted for purchase at prices below par. Tenders of
such bonds with coupons due on and after April 1 1931 should
be made at a flat price, below par, at the office of J. P.
Morgan & Co., 23 Wall Street, New York, or at the head
office of the National City Bank, 55 Vall Street, New York,
prior to 3 p. m. Oct. 31 1930. If the tenders so accepted
are not sufficient to exhaust the available moneys, additional
purchases upon tender, below par, may be made up to
Dec. 30 1930.
Drawing for Redemption of Bonds of Irish Free State.
The National City Bank of New York, as American fiscal
agent, has notified holders of Irish Free State external loan
sinking fund 5% gold bonds, due Nov. 1 1960, that $28,000
aggregate principal amount of the bonds have been drawn
for redemption at par on Nov. 1 1930. Payment on the
drawn bonds will be made upon presentation and surrender
with subsequent coupons attached at the head office of the Bonds
of Republic of Chile Drawn for Redemption.
National City Bank of New York, 55 Wall Street, on Nov. 1,
Holders of Republic of Chile 20-year 7% external loan
after which date interest on the drawn bonds will cease.
sinking fund gold bonds, due Nov. 1 1942, are being notified
by the National City Bank of New York, as fiscal agent,
Tenders Aked for Sale of Bonds of State of New South
that $253,500 aggregate principal amount of these bonds will
Wales Under Sinking Fund Provisions.
be redeemed on Nov. 1 1930 at par. Drawn bonds, with
Tenders for the sale of State of New South Wales, Aus- all interest coupons maturing
on and subsequently to Nov. 1
tralia, external 5% sinking fund gold bonds, due April 1 next, should be
surrendered on that date at the head office
1958, in an amount sufficient to exhaust the $101,451 now of the National City
Bank for redemption.
in the sinking fund, are invited by the Chase National Bank
The National City Bank of New York, as fiscal agent,
of New York as successor fiscal agent, at prices not exceed- also announces that $125,000 aggregate principal amount
of
ing the principal amount and accrued interest. Tenders Republic of Chile external loan sinking fund 6%
gold bonds,
should be sent to the corporate trust department of the due May 1 1963, have been selected for redemption
on
fiscal agent, 11 Broad Street, New York, where they will Nov. 1 1930 at par. Holders of drawn bonds
are called
be opened at noon on Oct. 6.
upon to surrender them on Nov. 1 next, with all unmatured
interest coupons attached at the head office of the National
City of Oslo (Norway) Bonds Drawn for Redemption. City Bank,55 Wall Street, New York.
Kuhn, Loeb dr Co., fiscal agents, announce that $160,000
principal amount of City of Oslo (Norway) municipal exter- Bonds of Department of Cundinamarca Drawn for
nal loan of 1925 30-year 6% sinking fund gold bonds, due
Redemption.
May 1 1955, have been drawn by lot for redemption on
J. & W. Seligman & Co., fiscal agent, have issued a notice
Nov. 1 1930 at par. Bonds so drawn for redemption will to holders of Department of
Cundinamarca external secured
be paid at the office of Kuhn, Loeb it Co., upon presenta- 0%% sinking fund gold bonds,
1928, due Nov. 1 1959, that
tion and surrender, together with all coupons maturing on $68,000 principal amount
of these bonds have been drawn
or after Nov. 1.
by lot for redemption on Nov. 1 1930 at par and accrued
unpaid interest.
Bonds of City of Greater Prague Drawn.
Notice is given by Kuhn, Loeb tic Co. that $129,500 prinBonds of Mortgage Bank of Chile Drawn for
cipal amount of dollar bonds of City of Greater Prague 734%
Redemption.
mortgage loan of 1922, due May 1 1952, have been drawn
Kuhn, Loeb & Co., and Guaranty Trust Co. of New York,
by lot for redemption at par and accrued interest on Nov. 1 as fiscal agents, have
notified holders of Mortgage Bank
1930. Such drawn bonds will be paid upon presentation of Chile
guaranteed sinking fund 6% gold bonds of 1929,
and surrender together with all unmatured coupons at the due
May 1 1962, and of guaranteed sinking fund 6% gold
office of Kuhn, Loeb & Co., on or after Nov. 1 next.
bonds of 1928, due April 30 1961, that $106,000 principal
amount of bonds of the former issue, and $112,500 of the
Italian Government Bonds Drawn for Redemption. latter have
been called by lot for redemption at par. Bonds.
J. P. Morgan & Co., as sinking fund administrator, have so designated will be paid out of
sinking fund moneys
notified 'holders of Kingdom of Italy external loan sinking available upon presentation and
surrender with subsequent
7% gold bonds, due Dec. 1 1951, and issued under con- coupons attached at the office of Kuhn,
fund
Loeb & Co., or the
tract dated Nov. 18 1925, that $1,966,200 principal amount principal office of the Guaranty Trust
Co. of New York.
of the bonds have been drawn by lot for redemption at par Payment on the designated bonds of 1929
will be made on or
on Dec. 1 1930, out of moneys in the sinking fund. Bonds after Nov. 1 1930, and on the 1928
bonds, on and after
drawn will be paid upon presentation and surrender, Oct. 31, after which dates interest on
so
the drawn bonds of
with subsequent coupons attached, at the office of J. P. each issue will cease.
•
OCT. 181930.]
FINANCIAL CHRONICLE
Peruvian Bonds Drawn for Redemption.
J. & IV. Seligman & Co. and the National City Bank of
New York, fiscal agents of the Republic of Peru, are notifying holders of Peruvian National Loan 6% external sinking
fund gold bonds, first series, due Dec. 1 1960, that $290,000
of these bonds have been drawn by lot for redemption at
their principal amount and accrued interest on Dec. 1 1930.
Bonds of State of Sao Paulo Coffee Stabilization Loan.
Speyer & Co. announce that the definitive bonds of the
State of Sao Paulo 7% secured sinking fund gold bonds,
Coffee Realization Loan 1930, carrying the April 1 1931
coupon, are now ready for delivery at their office, 24 and
26 Pine Street, in exchange for and upon surrender of their
interim receipts. The first coupon due Oct. 1 1930 has
been paid on that date.
Bonds of French Government Drawn for Redemption.
J. P. Morgan & Co., as fiscal agents, have notified holders
of the Government of the French Republic external loan of
1924, 25-year sinking fund 7% gold bonds, due Dec. 1 1949,
and issued under loan contract dated Nov. 22 1924, that
$4,000,000 principal amount of the bonds have been drawn
by lot for redemption on Dec. 11930, at 105 out of moneys
in the sinking fund. Bonds so drawn will be paid upon
presentation and surrender with subsequent coupons attached
at the office of J. P. Morgan & Co., 23 Wall Street on and
after Dec. 1 1930, after which date interest on the drawn
bonds will cease.
C. B. Denman of Federal Farm Board Before Missouri
Farmers' Union Declares Producers Must Control
Production and Marketing of Crops Before Industry Is on Satisfactory Financial Basis—Cooperative Organization Required—Board's Policies
Outlined.
Agricultural producers must control production and
marketing of crops before their industry will be on a satisfactory financial basis and, therefore, more attractive to
farm boys and girls, C. B. Denman, member, Federal Farm
Board, said in an address before the annual meeting of the
Missouri Farmers Union at Grant City, Missouri on Oct. 15.
Co-operative organization is necessary to get this result,
he explained.
Instead of producing "two blades of grass where one grew
before," Mr. Denman said, he would like to see the first
one sold at a profit to the grower before the second is allowed
to make its appearance in the market. Mr. Denman's
address follows:
I am happy to come to your annual meeting and discuss with you farmers
of Northwest Missouri some of our common problems in trying to improve
the status of the agricultural industry. The very name of your organization, Farmers Educational and Co-operative Union of America, is suggestive
of the need of agriculture and of the obligation of the Federal Farm Board
in carrying out the provisions of the Agricultural Marketing Act. To
assist in the organization of farmer-owned and farmer-controlled co-operative associations means we must have co-operation not only of the farmers
but among them.
You are, I am sure, familiar with the policy declared under the Agricultural Marketing Act which commands the Federal Farm Board to assist
the owners of the agricultural industry to so organize It that it may be
placed on a basis of economic equality with other industries. It was the
thought of Congress that this could be done best through regaining control
of the marketing of our products. It is only necessary to look about to-day
and see that other industries are determining their future course of operation, as well as the profit to be derived from its operation, by their ability
to determine the price at which their product sells and the quantity they
will offer the trade based on its ability and willingness to buy.
We who are engaged in the agricultural industry have far too long been
content to produce blindly and ignore the fundamental in business which
compels those who would succeed to control their marketing. We cannot
know what our production needs are nor what the consumer demand for our
product will be without information. Therefore, we must have an informed
agriculture and this means education. I do not believe we will ever know
to the fullest extent the position of agriculture until we do control the larger
portion of our agricultural products within our own marketing machinery.
Another provision, and an important one, provided for in the policy of
the Agricultural Marketing Act is that pertaining to prevention and control
of surpluses, but again comes the cold and challenging fact that we cannot
know what the surplus is until we have more effective means of distributing
our production to meet the consumption demand. This means that we
must so organize our agricultural marketing as to be able to effectively
penalize inefficiency, which may be only another way of saying ov,14
production, but if we are to stay in the business and keep our children
interested in agriculture, we must also be able to reward efficiency with a
supply proper to meet the demand.
In this section one of your greatest cash crops, of course, is hogs, but let
me remind you that In 1926 we got $140,000,000 more for the 40 million
hogs we marketed under Federally-inspected slaughter than we received
for 49 million hogs in 1928. In that case abundance of production did not
spell prosperity. In the years from 1926 to 1929, millions of dollars more
were returned to lamb producers than they will receive this year because
of the 2 million head increase in lamb production in 1930. Waite it is true
that information was put out to lamb growers that this disaster was impending, the lamb growers had no means of making any change effective because
2475
-least organized. Tam glad to say that they
of all agriculture they were the
are busily engaged at the present time, both in their wool marketing and
in their lamb production and marketing, in organizing for a more effective
control of their industry.
While you may not produce potatoes, you will be interested to know that
in 1925, 321 million bushels of potatoes had a farm value of $530,000,000.
In 1928, 463 million bushels were worth only $288,000.000. In cotton as
well as corn, in beef cattle or in eggs, the same sad story Is written In our
history of agricultural economics. In other words, it seems the agricultural
Industry, though its lack of information and organized ability to effectively
use that information for its own benefit, is a class set apart to do more work
for less monetary return. This Is not necessarily the fault of any other
group, but it is due solely to our failure to so organize our business with
ability to effectively change our position as has been done by other great
branches of American business.
Certainly the best controlled division of American industrial life to-day is
labor, and the record of the history of the American Federation of Labor
is that they work fewer hours, and in many instances fewer days, and
receive immeasurably greater return. The manufacturer gauges his production to meet his demand, and to a large degree sinew; a greater prosperity. It is true that many times he offers his product cheaper, but that
is because he Can control his manufacturing costs and has the ability to
fit science and invention—direct results of education—and information
into his program.
Would I pull either of these down to the level of agriculture- Not at
all. Low prices in the past have done exactly what they are doing now to
agriculture, and that is, they have meant hard times. Co-operative
organization means for agriculture exactly what corporate control means
for other industries.
Now, I am sure your are interested to know what we have done to be of
assistance in bringing agriculture on its way toward improving its economic
position through control of its marketing. I will not go into any detail as
to the paging of the Agricultural Marketing Act, nor the appointment of the
Farm Board, but try to outline what we have done and why. Immediately
upon the organization of the Board we set about to bring unity of action
among the co-operatives which were already doing a splendid job under
their own direction and control in co-operative marketing.
The organization of the Farmers National Grain Corp. is a result of our
first efforts. Many meetings were held and, as was to be expected, these
crossed individual attitude, local group and leadership pride, and many
months passed before a working agreement was reached whereby we as a
Board thought we could go forward backing this corporation with our
influence and financial assistance. I offer to you and the other Farmers
Union groups a word of congratulation upon furnishing the president of
that successful co-operative effort. Your own national President, C. E.
Buff, has given good leadership to this, our initial national co-operative,
approved in its plan and assisted by the Federal Farm Board. Its record
of achievement is such that lam sure we can all feel gratified. Its successful
handling of a large volume of the grain to day augurs well fur its continued
success and increasing power in this important division of agriculture.
Next, we were helpful in the organization of the National Wool Marketing
Corp. which to-day has state or regional units linked together in a national
co-operative, and will handle this year between 35% and 40% of the wool
clip, and approximately 85% of the mohair clip. Its operation is not only
successful in a business way but this volume under control of good management and good salesmanship is proving a stabilizing factor in the wool
markets.
The American Cotton Co-operative Association is the outgrowth of a
reorganization and an amalgamation of all the State co-operative cotton
associations. While the 1930 season has just begun, the volume already
delivered Indicates that its 1930 receipts will be 300% greater than has ever
been handled in one year by cotton co-operatives. To have such a large
per cent of these commodities under co-operative control means that the
Federal Farm Board, from its revolving fund, can advance a greater share
of the market value of these commodities to the grower while his product
can still remain in his ownership, and if a greater return is possible when the
ultimate sale is made it will revert to the grower member. In the meantime
he has had his money, and us product is in hands which can effectuate some
measure of stability in supplying the trade with a prop(r supply based on
consumer demand. In other words, it paves the way for the farmer to
orderly market his product and not be forced to sell it on an unwilling market
In order to obtain cash to carry on.
We have assisted in organizing the National Bean Marketing Association.
the National Beet Growers Association and many regional associations
handling dairy products.
I would like to illustrate how a co-operative can be an influence in
stabilizing prices by citing a concrete example of what was done In dairy
products last winter. While the butter market was slipping, the Land
0' Lakes Creameries asked the Farm Board for a loan which it might use in
stabilizing the butter market. Instead of further depressing the price by
dumping the butter controlled by this great co-operative, it went into the
market and bought butter of its high standard of grade, and immediately
the market reacted favorably and the Land G Lakes in an orderly manner
fed this butter to a market which would take it at a more stable price and
thus the whole dairy industry was benefited. Every dollar of the Money
was repaid the Federal Farm Board and the co-operative had demonstrated
its ability to render service and that a co-operative can do a better and
more orderly job of marketing in the interests of those who have their
money invested in the farms and dairy herds of this country than any other
agency. I merely cite this as one of the many examples we have seen
which would prove that commodity co-operative marketing on a large
scale, well managed, can and does succeed.
The National Pecan Marketing Association has been organized, as well
as many large regional groups handling fruits and vegetables. There Is
great need for national, or at least strong regional, organizations to handle
poultry products and produce, We are assisting in the development of such
organizations as fast as we can. While we prefer to see these organizations
become national, so as to prevent their competing with each other in the
market place, yet we work with local and regional associations, always
toward the end of bringing each commodity into a nationally-controlled
group.
Purposely I have left livestock to the last because of your tremendous
concern and intimate association with co-operative livestock marketing
some of your groups having been pioneers in co-operative livestock marketing. My greatest interest in agriculture personally Is in livestock. Every
dollar I have is invested in land and livestock, and every financial obligation
1 have is upon the same. I personally have had considerable experience In
co-operative livestock marketing, as You know, but yet I have always
appreciated the fact that any movement in livestock marketing which was
not based upon national interest and control would not. In the end, render
any material assistance to the livestock industry. Therefore, the Federal
Farm Board spent many months trying to get the different co-operative
leaders to agree upon a plan and a program whereby we could go forward
with all of those who had worked so faithfully in the past to develop strong
2476
FINANCIAL CHRONICLE
co-operative livestock associations. The major item upon which the groups
divided was over the basis upon which they would vote for control of the
organization. The Federal Farm Board felt that any plan which would
carry a potential possibility of one individual or one group having any
advantage over another was wrong in principle and would fail in practice.
I do not wish to go farther into a rehashing of what has been done. I do
not believe it would be of help to the co-operative movement.
I do wish to point out, however, that the plan which the Federal Farm
Board has approved offers co-operative marketing service of equal and
proportionate benefit to every livestock grower in the United States. It
carries with it provision not only for the selling of his livestock co-operatively
In the market place, but provision for the movement and financing of feeding and finishing the livestock as well. It provides further that this financial
service be so set up that ultimately it will pass into the hands of the owners
themselves and the Farm Board will pass out of the picture.
The plan upon which the National Livestock Marketing Association
Operates has been approved by the Federal Farm Board. It has among
its membership co-operative groups on most of the terminal livestock
markets as well as new co-operatives which have been organized in the
western section of the United States covering one-third of the area, and those
sections which produce most of the feeder cattle and feeder lambs of the
country.
We are all familiar with how our co-operative selling agencies on the
river markets in the Corn Belt here had their greatest volume in hogs, but
that we never reached any material control of our cattle and sheep markets.
I believe that it will be necessary to have the sheep man and the cattle
producer in the co-operative if it is to succeed.
Some groups did not see fit to join in this plan, but I am sure the door
is now and will remain open for any co-operative group that wishes to
affiliate and be benefited by the operation of this organization. Taking the
business handled In 1929 as a guide, the associations which operated then
and are now members of the National Livestock Marketing Association
bandied 51% of the volume of business under co-operative control and
measured in dollars of value. This does not include the volume of the
Texas Livestock Marketing Association, the Intermountain Livestock
Marketing Association or the Iowa Livestock Marketing Association.
Whether the approval of this plan was worth while and whether the
National Livestock Marketing Association sacceeds can only be determined
by its record of achievement in operation in the future. Naturally, the
Federal Farm Board would like to see and believes it is possible to have
upon the St. Joe Market, as well as the other livestock markets, one strong
co-operative livestock marketing association with sufficient volume to be
a dominating factor, and all these joined in one national organization. We
shall continue to use our influence to bring that about.
Let me in closing assure you of my keen appreciation of the support
your membership is giving to these national groups which have for their
only purpose bringing greater stability to your industry and putting more
dollars into your pockets. In each of them we have a tremendous problem
of getting the information to the member as to just how he can participate
as well as benefit in the program. I solicit your continued co-operation to
the end that you may take your membership in every commodity division
the best information obtainable as to how they should fit their operations
Into a nationally-controlled scheme of marketing.
We have gone far as American farmers in production and led the world in
our ability to produce, but we have come to where the abundance of our
production is working an economic injustice. Unless we can measurably
control our production and marketing, the future becomes less and less
alluring to our boys and girls to follow us In agriculture. What I should
like to see, instead of producing two blades of grass where one grew before,
is some means of keeping that extra blade from maturing, or, if it does
mature, keep it out of the show windows of the world until we can sell the
first blade at a profit.
Cotton Purchase Plan Urged on Federal Farm Board—
Proposal by Senator Smith Includes Contract with
Growers to Cut Acreage.
Purchase by the Federal Farm Board of all cotton offered
at prevailing low prices under contracts with growers not to
plant next year was recommended Oct. 13 by Senator Smith
(Dem.), of South Carolina, ranking minority member of the
Senate Committees on Inter-State Commerce and Agriculture and Forestry. The advices to this effect were contained
In the "United States Daily" of Oct. 14, from which the
following is also taken:
A better price on spot cotton and curtailment of acreage, a major Farm
Board policy, would be accomplished by such a plan, Mr. Smith stated
orally as members of the American Cotton Shippers Association were
meeting in New Orleans, La., with Chairman Alexander Legge and the
Secretary of Commerce, Robert P. Lamont, to discuss ways and means
of bettering the depressed conditions in the Industry.
In practical operation. Senator Smith said that the cotton co-operative,
organized under terms of the Farm Relief Act and doing business under
the direction of the cotton stabilization corporation, would contract with
the grower, paying him existing market prices for his cotton. At the
same time, the grower would undertake not to put any acreage in cotton
at the next planting season. The Farm Board co-operative would carry
this cotton until, with the resultant curtailment in acreage and output in
the following year, the price would go to higher levels. The sale of the
cotton then, despite a deduction for carrying charges, would give the
grower a profit.
Cost of Growing Cotton.
"It costs 18 cents a pound to grow cotton." Senator Smtih declared.
"The present price is 9 to 10 cents. The thing for the cotton farmer to
do if he had the money would be to buy his next year's crop right now.
The reduced acreage would raise the price. But since the cotton farmers,
at least nearly all of them, haven't any money, It would be necessary for
the Farm Board to carry out this plan.
"It wouldn't take any more legislation; there is ample authority under
the act. The Farm Board already has ample funds authorized to carry
this out, for cotton nearly finances Itself.
"The Board has already said it will lend 9 cents a pound on cotton, ask
no more margin if it goes down and return the difference if it rises. I
think that if the Farm Board would start an aggressive campaign to get
cotton at this price, then regulate the acreage through these contracts, It
Would go far toward saving the present situation."
In view of the world consumption of cotton, said the Senator, there is
no reason for such a low price as now exists on the raw product. All the
cotton trade wants a stable price, he said, urging that a more accurate
determination be made of the exact demand for American-grown cotton.
Feu 121.
"The Farm Board wouldn't jeopardize a single dollar if It bought the
whole crop," Mr. Smith continued. "It could determine by means of the
world demand a fixed price for the month of August. Sales in the following months would be the same, plus carrying charges."
Senator Smith said that he had never seen such depression as now exists
In the South.
"The big job of the next session of Congress is to do something to help
the home-owner keep his home," he declared. "Unless something is done.
the depression and drouth are going to take the homes away from thousands of farmers who can't meet their notes."
Action by the Federal Reserve Board and Federal Land Banks, under
authority of necessary legislation, will be required, Mr. Smith said.
Senator Borah Pledges Fight for Farm Aid—Sees Crisis
Due at Opening of Congress.
Senator W. E. Borah told wheat farmers in a campaign
address at Moscow-Idaho on Oct. 14 the "fight for equality
between agriculture and industry" would reach a crisis
December 5 at the opening of the next Congress. "The
time has come for a showdown to find out whether the pledges
of our political parties as regards agriculture are going to
be kept," he said. His part in the "farm relief fight," h e
said, had "just started." Associated Press advices to the
New York "Evening Post" reporting this, continued:
He added he had "little faith" In the Federal Farm Board's ability to
help wheat farmers without the debenture system.
"Started Out Right."
"The farm Board started out right," Senator Borah said. "Legge (Alexander Legge. Chairman of the Farm Board) set out to do the marketing
for the farmer. But about that time Julius Barnes and other gentlemen of
the United States Chamber of Commerce went to Washington. They
convinced Legge that he was on the wrong track; at least I presume they
did, for Legge quit. And instead he began preaching for a reduction in
acreage.
,"The effects of dumping he minimized,saying it was'old stuff'for traders
who practice it by selling on foreign markets below prices wheat would
sell for in this country."
Hits Red Wheat Charges.
Referring to recent charges of wheat "dumping" by the Russian Soviet.
the Senator said; "On one of the four days Russia was selling her 7,000,000
bushels of wheat, 100.000,000 bushels were being sold on the Chicago
exchange.
"Russia we can't touch, but if It was wrong for Russia to sell, we should
grab by the nape of the neck the men at Chicago responsible for allowing it."
The tariff controversy, he said, was simply a battle "between the East
and West." The Senator asserted the East is interested only in buying
foodstuffs on the cheapest world market. Ile said be would vote against
every tariff bill which did not "recognize" Western agriculture.
Letter to Members of New York Stock Exchange Seeks
Information Regarding Dealings in Brockway
Motor Truck Corp. Common Stock.
Under date of Oct. 11 the New York Stock Exchange,
through its Business Conduct Committee addressed the following letter to members:
NEW YORK STOCK EXCHANGE.
Committee on Business Conduct,
Oct. 111930.
To Members of the Exchange:—
The Committee on Business Conduct directs me to request you to furnish
it by noon, Friday, Oct. 17 1930, with a list of all full lot transactions made
by you from August 15 1930, to Oct. 4 1930, inclusive, in Brockway Motor
Truck Corp. Common stock, giving the volume and prices, the names of
the members or firms with whom the transactions were made, and the
customers for whom you acted. Kindly use trade dates and not blotter
dates.
Please send this information in a sealed envelope addressed to the Committee on Business Conduct, Room 609.
Very truly yours,
ASHBEL GREEN, Secretary.
In its reference to the above, the New York "Times" of
Oct. 15 said:
This is the only information contained in the Exchange's-questIonnaire.
but it was learned yesterday that the purpose of the inquiry is to ascertain
the circumstances of the underwriting of an issue of 75 000 additional
shares of Brockway Motor at $17.50 a share. This stock is reported to
have been sold to, or optioned to, a syndicate.
Brockway Motor is one of the companies for which the Stock Exchange
firm of Flrince & Whitely, recently suspended from the Stock Exchange
for inability to meet obligations, occasionally acted as banker. Following
Prince & Whitely's suspension Brockway Motor was listed as one of the
stocks for which the firm had acted as sponsor.
Brockway Motor, long an active issue on the Stock Exchange, sold up
as high as 223, earlier in the year and was quoted around 19 in September.
It recently reached a low of 4 and closed yesterday at 5 U•
International Security Movements as Factor in Foreign
Trade Balance of United States—Comments from
New York Stock Exchange Bulletin—Exchange an
Adjunct in Rendering Trade Flexible and Profitable.
The following is from the October issue of the New York
Stock Exchange Bulletin (copyright):
Since 1923 the U. S. Department of Commerce has compiled and published an estimate of the various major items entering into the foreign
trade of the United States. These items Include not only the "visible"
exports and imports of physical merchandise, but also the "invisible trade"
In services and payments of many kinds.
America's total international dealings each year are kept in balance by
the shifting to or from this country of gold, bank credit, and securities.
The chart and statistical table above show the extent to which these three
texible financial items have been depended upon to maintain equilibrium
OCT. 18 19301
FINANCIAL CHRONICLE
2477
in our international trade during 1923-1929. (Net figures are employed. For months at a time, particularly in the early part of 1929, the newspapers
Minus items represent those for which the United States has had to make ) reported that the short sellers had been routed and had been forced to cover
payments abroad, and plus items those for which other countries have at disastrous losses. This was a popular attitude, for all investors naturally
wish to see their securities appreciate in value. But as events have proved.
had to make payments to this country.)
There are important disadvantages in making gold shipments to other it was really unfortunate, because it threw out of equilibrium the financial
countries, or in exporting or importing credit, which do not similarly machinery,and ultimately resulted in prices rising so high that nothing but
attend the international shifting of securities. It has often been true in a very sharp drop could bring things back to normal. Other forces, of course.
many countries, that stable gold holdings are highly desirable, and that were at work In the same period and I do not mean to imply that short
existing stocks of gold cannot be exported without hampering the flexibil- gales alone could have prevented the inflation of security prices last year.
ity of credit. To a lesser extent, somewhat similar disadvantages attend But I do firmly believe that if we had had more short selling, security
the extensive foreign employment of bank credit. The International traffic values would not have reached such excessive heights and the resulting
in securities therefore constitutes the least irksome means of maintaining crash in prices would have been less severe.
the other less flexible trade relationships with other countries in a natural way.
In this connection, we should remember the events of 1914. It so hapIt will at once be seen from the chart above that, with the exception of pened that when war was declared, there was a comparatively large short
either Interest in the New York stock market. The New York Stock Exchange, al1923. the international shifting of securities has not only surpassed
that of gold or bank credit, but has been much larger than both of them though it was the principal security market of what was then the greatest
put together. This of course indicates the great importance of the inter- debtor nation in the world, was able to keep its doors open longer than any
national flow of securities to this country in recent years, in enabling the other great stock exchange. It did this in spite of the fact that great masses
United States to maintain its large exports of goods and other mercantile of American securities owned by Europeans, were thrown upon the Exchange
Items in our foreign trade. As America's premier securities market, the for sale. A radical decline In prices would certainly have followed if there
New York Stock Exchange has in consequence become an important had not been the buying of our own short sellers who were covering their
adjunct in rendering the trade of the United States with the rest of the open commitments. It was only when it became apparent that the short
world flexible and profitable.
interest was no longer able to buy what Europe was attempting to sell,
Along with the above, the Exchange annexes the follow- that it became necessary to close the Exelange.
As I have said, the Exchange defends short selling because It is essential
ing table:
to the maintenance of a free and open market for securities. During the last
NET FINANCIAL ITEMS IN THE UNITED STATES INTER- year,a number of people who wished to prevent further declines in the value
NATIONAL TRADE BALANCE (Millions of Dollars).
of securities have suggested that the Exchange should forbid short selling.
They apparently felt that the prevention of short sales would immediately
Credit.
Securities.
Year.
Cold.
bring about rising security prices and general prosperity. I have recently
had occasion to point out that the panic on the Exchange last fall was not
+3
1923
+30
—295
the cause of the trade depression from which we have suffered during this
+216
1924
—733
—216
year, but was, itself, due to the recession in business which commenced
—61
1925
—560
+102
+359
1926
—72
—540
In the summer of 1929. Security prices are directly affected by business
1927
+154
—695
conditions. Interference with the normal and free market in securities will
-:226
1928
+272
—708
only exaggerate and make unreal the movement of security prices. It will
+130
1929
—120
—386
not initiate or maintain a change in price levels. Furthermore, unnatural
restrictions may have results that we cannot anticipate. Our Government
now realizes that the tax on capital gains has so affected the desire ofsecurity
Discussion on Short Selling and "Bear Raiding" by
owners to sell, that it was an indirect cause of the inflation in security prices
Richard Whitney, President of New York Stock that took place last year. The short sale is the means by which the person
Exchange Before Illinois Chamber of Commerce. who feels that security prices are too high discounts the decline in values
which he believes to be inevitable, Just as an optimistic person m ho feels
In an address before the Illinois Chamber of Commerce, that prices will advance becomes a long purchaser. Speculation is equally
at Chicago on Oct. 10, Richard Whitney, President of the legitimate either for a fall or a rise In prices.
Let us consider what would happen if the Exchange followed these sugNow York Stock Exchange discussed the subject of "Specugestions and forbade short sales. The first and most obvious result would
lation," and incidentally had the following to say regarding be a slight tendency to rising prices, due to the fact that the existing short
short selling and "bear raiding":
interest in the market, whatever it might be, would have to cover its
Short selling has long provided a topic for active controversy both in this position. Immediately thereafter, however,the volume of trading in securand other countries. In defending the practice I do not wish to over- ities and the consequent breadth of the market would be very materially
enphasize its importance. The Stock Exchange views the short sale as one curtailed. The only sellers would be those investors who felt that their
of the necessary parts of the larger mechanism of the whole stock market. securities were over-valued. It is natural for people who hold securities
The Stock Exchange defends short selling because it knows that if short to be slow to sell. Their decision is affected by many things and, among
selling were forbidden, prices on the Exchange would no longer represent others, the possible tax on profits to which I have already referred. The
a real estimate of security values, and the whole market would become prohibition of short selling would inevitably result, first in a stagnant
market and then in dangerous inflation, uncontrolled by the brake which
dangerously artificial and false.
• Just what is a short sale and how is it actually accomplished? The short sales provide. We saw last year the disastrous consequences of an
customer of a stockbroker who feels that the price of securities is too high inflation of security prices, and I for one am opposed to any action which will
may desire to sell with the idea of buying back when prices have declined. bring about a recurrence of the conditions that existed in October and NoIn just the same way a person who things that the price of securities is too vember, 1929. If short selling in securities were forbidden the action of
low, buys securities with the hope of selling them when they have reached the stock market in the future would resemble the action of speculative
what he considers to be their real value. The short sale, therefore, is the land booms where, by the very nature of the real property involved, short
inverse of the long purchase. The true nature of a short sale is, however, sales are impossible. Every part of our country has at some time or other
almost invariably misunderstood by persons who attack the practice of suffered from the disastrous consequences of a real estate inflation. I have
short selling. Almost every day the question is asked, how can anyone sell seen at first-hand the tragic result of a land boom and I do not think that
something which he does not own? The answer is that he can borrow the any sensible person seriously wishes to produce similar conditions in our
security in order to deliver it upon his contract of sale, provided he is willing market for securities.
I cannot dismiss the subject of short selling without saying a few words
to contract to redeliver the security to the lender upon demand. just as
raiding."
the buyer must borrow money to meet his contract of purchase. Such a in regard to what is commonly referred to in the press as "bear
When one realizes how comparatively small the short interest is to the long
contract to deliver in the future something which a person does not own at
reports
the time the contract is made, is common to many types of business, but, interest in the stock market, it is astonishing to see the exaggerated
unfortunately, the similarity of these contracts is not recognized because of what short sellers are supposed to have done to security values. It is
larger than it used to be.
the term "short sale" is used only in connection with security transactions. true that the number of short sellers is to-day much
When a builder contracts to build a great skyscraper, he obligates himself Years ago short selling was engaged in only by a small group of men who were
to deliver In the future not only steel, brick and mortar, but also the labor active in financial affairs. Now the public has learned the technique of the
of the workmen and artisans who must put these materials together. Such short sale, and the total volume of short selling that can come into the market
a contractor is literally short of every material that must go into the build- is naturally larger than it used to be. Even so, however, the total is reing. He is also short of the labor requisite to build it. He contracts accord- markably small.
At the height of the panic. the Exchange called upon its members to
ing to his estimate of conditions existing In his particular trade. No one,
however, considers that the contractor has done an unethical or improper answer a questionnaire stating in detail the extent ofthe short position as of
thing in signing the contract. It is therefore impossible for me to under- the close of business on Nov. 12. The tabulation of the answers to this
stand why the short seller of securities should be held up to public criticism questionnaire indicated that the value of the short interest as compared
when he is doing no more than what many business men are doing every day. to the market value of all stocks listed on the Exchange was only % of 1%•
It Is conceivable that the short selling of—let us say—two million bushels Although there were nearly thirteen hundred issues of stock listed on the
of wheat on any day on the Chicago Board of Trade, where the daily average Exchange, there were only thirty-three issues in which the short interest
of sales is about 50,000,000 bushels, can be construed as anything but a really amounted to anything. It is interesting to remember that in the
period immediately preceding Nov. 12, there had been numerous public
I do not think so.
normal use of that market
It may be argued that the effect of a short sale in securit:as is more harm- statements to the effect that the market was being depressed by short
ful than the effect of a contract for future delivery. Here again I think that sellers, and that particular issues had been forced down by bear raids.
As I said, the influence of bear raiding has been greatly exaggerated
Insufficient analysis of the true nature of a short sale has led people into an
erroneous belief. On the floor of the Stock Exchange a short sale is handled chiefly because people do not as yet understand that the stock market
precisely like any other sale. The buyer does not know that he is purchas- has grown to such a size that it is impossible for any individual or group
ing from a short seller. The sale has the same effect upon the price of securi- of individuals to buy or sell securities in sufficient volume to affect the list
ties as the sale of a like amount of stock by an investor. But immediately as a whole. Prices on the Exchange move, not because a few people wish
after a short sale has been made, a difference is apparent. When the in- to buy or sell, but because hundreds of thousands of people, not only in this
vestor sells he simply delivers his own stock certificate and thereafter is no country but throughout the world, are interested in the buying and selling
longer obligated in any way. The person who sells short, must borrow the In our market. It is the great movements of trade and industry that influsecurity for delivery, and assumes by this very act of borrowing an obliga- ence the judgment of these numberless investors and speculators. In times
tion to repurchase a like amount of the same security at some time in the of prosperity, the accumulated buying orders that flow steadily into the
future. The short seller therefore automatically becomes a compulsory Exchange cause prices to mount. In times of depression, the vast mass of
buyer, and the existence of his obligation to buy in the future has a direct sales which come from people who have lost confidence in the future bring
effect upon the market.
about declines. When the tide of security prices is running strongly in
In normal times, when there is a proper balance between the amount of one direction or the other, no individual or group of individuals are powerful
speculative buying and short selling, the fluctuations of the market are enough to stem it.
If proof of this assertion be needed, I beg you to remember what hapapt to be narrow. If any disturbing event occurs and a great volume of
sales flows suddenly into the market, the decline of a few points in value pened during the opening days of the panic. Some of our great financiers
his buying, in and financial institutions, realizing that it was impossible to affect the
tempts the short seller to cover his open commitments.
turn, steadies the price and instead of disastrous fluctuations a normal and general trend of the market, nevertheless endeavored to make trading on
healthy variation in price occurs. The great increase in security values the Exchange more orderly by placing substantial buying orders in the marIn 1928 and the early part of 1929 discouraged short selling to the point ket. Yet day after day the selling orders of the public which had accumuwhere there were very few persons sufficiently sure of their own judgment lated overnight were so great that the supporting orders of the banking
to risk selling securities short. This was one of the reasons for the severe group were frequently wiped out in the first few minutes of trading. The
decline in values which took place in October and November of last year. experience has taught us the valuable lesson that the market for securities
2478
FINANCIAL CHRONICLE
on the New York Stock Exchange is a public market in every sense of the
term. It reflects the general sentiments of our millions of investors. If
they feel prices are too high and wish to sell, the market Is bound to go down.
No single group, no matter how powerful financially, can prevent declines
or cause a lasting appreciation in values unless the public generally believes
that the time is ripe for such a change to take place.
I freely admit that the price of a particular security may be affected by
the buying and selling of a group. The extent of the influence of any concentrated buying and selling depends primarily upon the state of public
psychology and upon the size of the issue involved and how thoroughly
it has been distributed among investors. It is obvious that an issue of
only a few thousand shares held by only a few hundred stockholders can
be affected by a volume-of purchases or sales which would have no appreciable effect on an issue which has millions of shares outstanding in the hands
of hundreds of thousands of stockholders. In the last analysis, however,
It is public psychology which determines the effect which bear raiders
can have upon the market. Their activities are not noticeable in periods
of rising prices. In periods of depression I firmly believe that the importance
of their activities is apt to be exaggerated, but I wish to make it clear that
I personally do not believe it is proper for persons to sell stocks in a volume
and in a manner which is calculated to depress prices artificially. The
Exchange does not defend or look with favor upon short selling of this
character. You may fairly ask why we do not take action to prevent It.
The answer is as I have already indicated—the Exchange is convinced
that normal short selling is an essential part of a free market in securities.
The prohibition of all short selling, which might result in the destruction of
the market. Is too high a price to pay for the elimination of the few who
abuse this legitimate practice. To analyze wrongly or to misconstrue
short selling may often be the result of purely personal and selfish motives
or hysteria, which tend to lead one away from logic and undeniable facts.
There are, of course, unfair methods and abuses of speculation which
should be banished from all markets whether on the Stock Exchange or
elsewhere. There Is no Justification for the sale of fraudulent securities
or the fraudulent sale of legitimate securities. These things are not speculation at all, and should not be confused with it. Against such abuses
all legitimate Stock Exchanges have long fought, and the comparative
rarity of such practices to-day Is due In no small measure to the efforts
of the New York Stock Exchange. Not only has It passed many rules
against abuses which might occur among its own members, but it is continually watchful and vigilant to detect improper and illegitimate practices
of non-members that may affect the business done on the Exchange. This
Is no easy or simple task. The Ingenuity of dishonest persons Is almost
unlimited. As soon as one practice or abuse Is identified and appropriate
action taken to prevent its repetition, a new and as yet unidentified method
Is apt to be employed.
Richard Whitney and Allen L. Lindley of New York
Stock Exchange Confer with President Hoover—
Short Selling Issue up to Exchange, According to
Reported View in Washington.
The stock market situation, with particular reference to
shortselling on the New York Stock Exchange, was discussed
at a conference Oct. 12, between President Hoover and Richard Whitney, President of the New York Stock Exchange,
and Allen L. Lindley, Chairman of the Business Conduct
Committee of the Exchange, it was stated orally Oct. 15 at
the White House. We quote the foregoing from the United
States Daily of Oct. 16 which went on to say:
[voL. 131.
defendants of bear operations contend that their activities act as a stabilizer
to keep stock values within bounds. Critics of the practice charge that the
bear traders take advantage of uncertainties to depress stock prices
unduly
and point to market situation of prices out of line with investment values
In many cases.
The Administration does not seem inclined to stir things up in the stock
market. Its adherents, however, would like to see something happen that
would definitely turn the tide, with the credit running their way, just
about
at this time, for it is getting perilously near the date
for the casting of
ballots in the Congressional elections.
Behind the conferences held by Administration officials with representatives of the New York Stock Exchange and the Chicago Board of Trade,
involving short selling, is believed to be an attempt or desire on the part
of
the Republican party to bring about stabilization of commodity and security
prices by limitation of short selling. Reports have been reaching Washington that business interests none too friendly toward the Hoover Administration have given encouragement to the recent bear raids conducted within
both institutions. The scare over short selling of wheat in Chicago
by the
Soviet Government of Russia is looked upon as one phase of the Administration's fight to force a change in the rules of the Chicago Board so as to
encourage the buying of grain in the futures market on an ascending scale
of prices.
Nothing more has been obtained from the Board of Trade than a resolution by its directors denouncing Russian short selling of wheat—there
has been no move to encourage the big operators to reverse their positions
and get on the "bull" side.
Stocks Loaning at Premium Increase—Exchange Policy
Gets Good Response in Efforts to Curb Short
Selling, Brokers Say—Some Bankers Critical.
The following is from the New York "Journal of Commerce" of Oct. 16:
No let-up in the efforts of Stock Exchange houses to discourage short
selling rallies through refusing to lend stocks for the purpose was indicated
yesterday. The number of issues loaning at premiums after the close of
trading yesterday increased to 13, which compared with 10 so quoted on
Tuesday.
Officials of the exchange and bankers refused to state whether any
formal action had been taken on this subject. Individual brokerage houses
indicated, however, that word had been passed on by the exchange authorities that they desired lending operations to be curtailed In order to
discourage excessive short selling. Bankers interviewed yesterday expressed some criticism of the action of the exchange on the ground that a too
effective elimination of the short interest in the market would endanger
its technical position later on and so eventually weaken the market structure.
Prices Rally Moderately.
Stock prices enjoyed a moderate rally yesterday, in which most of the
Issues quoted at a premium the day before took a prominent part. However.
there was no evidence of a bear rout, and many brokers came to the conclusion that the size of the short interest had been exaggerated. The increase in the number of stocks loaning flat to 13 was taken to reflect both a
growing unwillingness on the part of brokers to lend stocks, and also the
existence in the market of a substantial stubborn short interest that was
holding its ground.
The changes in the list of issues loaning at premiums included the elimination of American Can from the list. This stock, along with the bulk of
other active issues, loaned flat. United States Steel was in increased demand, the premium advancing from 1-256 to 1-64. Additions to the list
Included Allied Chemical, du Pont. International Harvester and Southern
Railway, all of which loaned at 1-64. Air Reduction also jollied the list
of stocks quoted at a premium, being quoted at 1.256. Another issue to be
dropped from the list was Wabash.
The President was informed,it was said,of plans of the Business Conduct
Committee to check up on short selling on the Exchange. They have been
seeking, it was said, to stop "bear" raids.
The conference, it was said, was requested by Mr. Whitney, who was en
route from Chicago to New York and arrangements were made for the
Brokers Not Critical.
President to meet both Mr. Whitney and Mr. Lindley.
Brokers said yesterday that they have little objection from the point of
The Bureau of Investigation of the Department of Justice has not been view of loss of revenue to the calling in of their stocks on loan. With the
directed to carry on any investigation into alleged conspiracy among certain prevailing low rate for call money,they find that there is but little incentive
stock market operators to keep stock prices at a low level, it was stated to lend stocks for the sake ofsecuring funds in this way. Furthermore,there
orally by J. Edgar Hoover. head of the Bureau, on Oct. 15.
Is some risk connected with the loan of stock, as in the event of houses
The Washington correspondent of the New York "Journal that have become insolvent the lending house is merely a general creditor
for an amount equal to any rise in the value of the stock loaned.
of Commerce" had the following to say in the matter under
A number of investment trusts reported yesterday that they had been
approached by brokers who wished to borrow stocks from them at the
the date of Oct. 15:
quoted premiums. In most cases, it is understood, the investment trusts
Any house-cleaning of the New York Stock Exchange must come from approached
did not give any consideration to the request, since they felt
within that institution rather than be brought about by any action of the
that their interests were on the side of rising prices and they would not
Government, it was indicated here to-day. Washington officials, speaking do
anything which would encourage short selling tactics.
of the lack of law that would operate to put a stop to so-called "illegitimate"
short selling, gave evidence of the interest of the Hoover Administration
In the stock market situation.
Whether or not a political move will be launched in the National capital Prince & Whitely Failure—Creditors Form Committee
to Seek Speedy Settlement—Ancillary Receivers
against alleged bear raiding cannot be learned, but it has been reported here
that an outspoken denunciation from official sources of Illegitimate short
for the Firm Appointed in Chicago, Philadelphia
selling, without regard to the market movement as the result thereof, would
and Boston—Investigation Into the FailureStarted.
strike a strong chord of popular approval among the thousands of investors
who have viewed with great uneasiness the shrinkage in security values.
Further referring to the failure on Oct. 9 of the Wall
Exchange Must Act, Is View.
Street brokerage house of Prince & Whitely, noted in last
When Richard Whitney, President of the New York Stock Exchange, week's issue, page 2317, a committee was
formed Monday
visited the White House Sunday night It was because of his request that he
night, Oct. 13, to represent the interests of the firm's credbe permitted to come here to discuss the general situation with President
Hoover. Further, it was definitely established to-day, he asked if he might itors. The purpose of the committee, according to the New
also bring Allen L. Lindley, Vice-President and Chairman of the Business York "Times" of Oct. 14, is to
examine into the situation and
Conduct Committee of the Exchange. Details of the discussions are yet
lacking, but while it was admitted that the visit was a sort of friendly get- formulate a plan of adjustment in the best interests of the
together it was revealed in other circles that these two Stock Exchange creditors and to bring about the most expeditious settlement
officials wanted to acquaint Mr. Hoover with what the Business Conduct of the company's affairs.
The committee consists of the folCommittee is doing in the matter of endeavoring to discourage illegitimate
lowing members: Joseph E. Dawes of Washington, D. C.,
short trading.
It has been made to appear that the New York institution is rather on the formerly Chairman of the Federal Trade Commission, Chairdefensive, and in Chicago last week Mr. Whitney explained the legitimacy man; Fred T.
Castle of the Castle Ice Cream Co., Newark;
and even the desirability of short selling. In legislative circles here for the
most part there is little differentiation between legitimate and "Illegimate" Guy C. Gabrielsen, former speaker of the New Jersey Legisshort selling, and this is likely further to be developed when the December lature; C. R. Black of Fred S. James & Co., and Walter
session of Congress is convened. Anything that drives down the price of a Matthiesen,
Vice-President of the National Tea Co., Chicago.
saleable article, be it grain or stock certificates, is anathema to the grain
The law firm of White & Case has been retained as counsel
and cotton belt solons. It would appear that this is recognized both in
Administration and Stock Exchange circles and that the best way to head for the committee, it was stated.
off unpleasant efforts for restrictive legislation is to clean house now.
According to Chicago advices to the "Wall Street Journal"
Considerable doubt is expressed as to just what is this "Illegimate" short
selling or bear raiding against which complaint has been made. The on Oct. 14, Judge Charles Woodward in the United States
OCT. 181930.]
FINANCIAL CHRONICLE
2479
officers and directors of the Prince & Whitely
District Court in Chicago appointed the Chicago Title & signed as
dispatch went Corp. and a new board of directors and new officers have
Trust Co. receiver for Prince & Whitely. The
been appointed. Yesterday's New York "Times" (Oct. 17)
on to say:
Title & Trust Co. will act as primary or ancillary in reporting the matter said:
Whether Chicago
were
"This action has been taken to protect the interests of the many thousreceiver apparently will depend on times when bankruptcy petitions
ly in and stockholders of the Prince & Whitely Trading Corp. through a conflied here and in New York. Papers were filed almost simultaneous
servation of their existing assets and to attempt a conservative rehabilitaboth cities and as yet which petition has priority Is undecided.
of Chicago tion of the corporation's affairs." the announcement said.
In any event both receivers will collaborate closely. An officer
of Prince
"A preliminary examination of the affairs of the Prince & Whitely
Title & Trust Co. said that both receiverships apply to all units
financial Trading Corp." the announcement continued. "discloses certain transac& Whitely and not to any one office. No accounting of the firm's
tions with the firm of Prince & Whitely, now in receivership, which may
condition has been made as yet.
toward a result in loss to the corporation. The new board of directors has employed
Partners in Prince & Whitely are understood to be working
proceedings Price, Waterhouse & Co. to make an immediate audit of the corporation's
reorganization and the possibility exists that bankruptcy
re- affairs and has retained Sullivan & Cromwell as counsel."
may be avoided, in which case the question of priority as between
The new directors are:
ceivers will not come up for decision.
Matthew C. Brush, President American International Corp.
Co.
Press advices from Philadelphia on Wednesday,
Associated
William Cutler, Vice-President American Brake Shoe and Foundry
"Times" of the next day,
Clarence J. Dauphinet, President Frederick Hatch & Co.
Oct. 15, printed in the New York
Phiiip DeRonde, President Hibernia Trust Co.
reported that Federal Judge Dickinson on Oct. 15 appointed
Frank C. Ferguson, President Hudson County National Bank.
Philadelphia and David S. LudWinifred W. Crawford of
George K. Morrow, Chairman Gold Dust Corp.
take charge of
H. E. Talbott, Jr., capitalist.
lam of Ardmore, Pa., ancillary receivers to
the assets of Prince & Whitely in Philadelphia and Reading,
Pa.
Again, the "Times" of yesterday, Oct. 17, printed Associated Press advices from Boston, stating that Judge James
M. Morton in the United States District Court of that city
on Thursday, Oct. 16, had appointed George L. Mayberry
of Boston receiver for Prince & Whitely in that city. The
dispatch furthermore stated that the Massachusetts liabilities of the concern "are put at approximately $1,300,000
and the Massachusetts assets at $30,000."
Last night's "Evening Post" (Oct. 17) reported that an
investigation into the failure of the firm was started yesterday by the Bureau of Securities of the Attorney-General's
office. The "Post" went on to say:
J. Pitblado & Co., Montreal, in Liquidation—Liabilities
Approximate $1,150,000 and Total Assets May Be
$700,000.
The Montreal brokerage firm of J. Pitblado & Co.,
members of the Montreal Stock Exchange and Montreal
Curb Market, gave notice on Tuesday, Oct. 14, that they
were unable to meet their engagements, and the firm was
immediately placed in voluntary liquidation on a receiving
order issued by the Bankruptcy Court, according to the
Montreal "Gazette" of Oct. 15. Later, Gordon W. Scott
and W. L. Gatehouse of P. S. Ross & Sons were named
to act as liquidators. Continuing, the Montreal paper said:
of the
Watson Washburn, in charge of the Bureau, has obtained an audit
company,as
Prince & Whitely Trading Corp., a subsidiary of the brokerage
the day before
of Oct. 8. showing the financial condition of the corporation
the parent firm was suspended.
will this
Frank J. Meehan, Chief Statistician of the Bureau of Securities,
s
afternoon examine this report and prepare an analysis of the corporation'
finances.
the
Just how much further the inquiry will go will probably depend upon
facts that this analysis reveals. . . .
a year
The Prince & Whitely Trading Corp. was organized only about
before the failure of Prince & Whitely for the purpose of undewriting
and dealing in securities.
Prince & Whitely is now in the hands of the Irving Trust Co., receivers.
The company has assets exceeding $5,000,000 and the liabilities are yet
undetermined.
A Chicago dispatch to the "Wall Street Journal" yesterday,
with reference to the formation of a committee of the Chicago
creditors of the firm, contained the following:
Whitely is
Organization of a committee of Chicago creditors of Prince &
attorneys
under way, according to Jacobson, Merrick. Nierman & Silbert,
of Harvey Metal Corp.,
for a number of creditors. H.P. Harvey. President
formation of committee. R. Arthur Wood,
Is among those interested in
of exchange are
President of Chicago Stock Exchange, said that officials
attorneys for creditors in
co-operating with Chicago Title & Trust Co. and
of the exchange to
this matter, and if it seems necessary for any official
in this way.
serve on committee they would be glad to co-operate
Chairman of the
Mr. Wood denied that either he or Morton D. Cahn,
consented to serve
Business Conduct Committee of the Exchange, has
have been
on a Chicago Creditors' Committee, stating that while they
upon a full
asked to serve on such a committee "acceptance depended
the prodisclosure to them of the definite plans, policies and personnel of
posed committee."
indiIt is understood that all causes contributing to the failure will be
cated in a statement to be made later.
stated that total liabiliMr. Scott, in conversation with the "Gazette,"
the asset side
ties are in the neighborhood of $1,150,000. Against this on
are equities in brokerage accounts of approximately $370,000; two Stock
and other
Exchange and two Curb seats worth approximately $225.000,
This
sundry assets, which might realize in the neighborhood of $100,000.
would indicate, according to Mr. Scott, that creditors could look for at
current
least 50 cents on the dollar, granting that the market holds at
levels.
Mr. Scott stated
Commenting on the failure as stock market influence.
liquidated.
that there would not be any appreciable amount of stock to be
The firm of J. Pitblado & Co. was started when Mr. Pitblado purchased
a seat on the Stock Exchange in 1902, and was elected to membership
in this
in February of the following year. This membership was carried
the
form until March of 1920. when Charles B. Pitblado Jr. took over
membership from his father.
Morgan,
The second Stock Exchange membership was held through W.E.
a member of the firm, who was elected to membership of the Montreal Stock
1921. The Curb market memberships were held
Exchange in October of
through the same partners.
partners as
The official Stock Exchange publications carry the firm's
follows: John Pitblado, Charles 13. Pitblado Jr., W. E. Morgan and J. D.
Investment Firm of C. L. Vaughan & Co., Providence,
R. I., Fails—Charles B. Coppen Named Temporary
Receiver.
On Wednesday of this week, Oct. 15, a voluntary petition
in bankruptcy was filed in the Federal District Court at
Providence, R. I., by C. L. Vaughan & Co., investment
bankers of that city. According to advices from Providence
on the same day to the New York "Times", the petition
was presented by Charles L. Vaughan and C. Lincoln
Vaughan, Jr., individually and as co-partners. Subsequently Judge Ira Lloyd Letts appointed Charles B. Coppen
temporary receiver for the firm under a bond of 810,000,
which was filed. The advices went on to say:
The amounts of assets and liabilities Involved in this, the second investment banking failure here in a year, were not estimated. It is understood that the accounts of all customers who have fully paid securities
have been settled, and that the creditors consist of those with marginal
accounts. These creditors are said to number about 200.
Vaughan & Co. within the past year organized an investment trust
under the name General Trading Co. This trust is involved in the receivership. It is understood that most of the stock is owned by the senior
Mr. Vaughan.
New Board of Directors and Officers Appointed for
Prince & Whitely Trading Corporation—Philip
DeRonde New President of Concern.
Announcement was made on Thursday of this week, Oct.
16, by Philip DeRonde, newly appointed President of the
Prince & Whitely Trading Corp., that the partners of the
firm of Prince & Whitely, which failed last week, have re-
G eon.
A Canadian press dispatch from Montreal on Oct. 14
appearing in the Toronto "Globe" of the next day gave
the following additional information:
not
It was generally agreed on the Street that the public holdings would
liquidate
be large. It was also learned that the banks interested would not
to bold them
the securities of the company at present, but were prepared
until conditions were more acceptable on the open market.
Court Denies Application for Injunction to Restrain
Harvey Fisk & Sons from Use of That Name.
The following is from the New York "Times" of Oct. 12:
he application by Pliny Fisk, former investment banker, for an inju-othat
tion restraining the investment firm of Harvey Fisk & Sons from using
of
name on the ground that it became his property when the original firm
that name went out of business in 1920. was denied yesterday by Supreme
for the firm. Mr.
Justice Glennon, who also refused to appoint a receiver
death
Fisk asserted that the firm would be liquidated as the result of the
of John C. Collingwood, a partner, on Sept. 29. and the name disposed of.
that
Frederic M Halsey. a member of the defendant firm, asserted
Fisk dr
Mr. Fisk, son of the founder of the business, started in 1860 as
that it belonged to Mr.Coiling
lIatch, had sold his interest in the name and
partner, Frank L.
wood at the time of his death. Mr. Halsey and his
he said. The
Sherrer, had the right to buy it from the Collingwood estate,
firm would not be liquidated, but vould continue, he said.
Woody & Co. Failure—Charles Russell Ryder, Former
Partner in Failed Firm, to be Placed on Trial in
Court of General Sessions Oct. 27.
Judge Nott, in the Court of General Sessions, on Oct. 6,
set Oct. 27 as the date on which the trial of Charles Russell Ryder, former partner In the bankrupt brokerage house
of Woody & Co., will be held. The Indictment on which he
will be tried alleges theft of $95,462 last June 11 from John
Vanneck, President of the Equitable Holding Corp.
The New York "Times" of Oct. 7, from which the above
Information is obtained, furthermore stated that, according
to testimony the previous day before Referee Henry K.
Davis, more than $2,000,000 in checks, drawn to the order
of Woody & Co., by Gilchrist, Bliss & Co., through whom the
2480
FINANCIAL CHRONICLE
[Vox- 13L
firm cleared their transactions, were accepted by the Bank- try as of
Sept. 30. Robert H. Bean, Executive Secretary
ers' Trust Co. without question for deposit in the account of the American
Acceptance Council, in presenting the
of Harold Russell Ryder. The paper mentioned, continuing, Sept. 30 figures
says:
said, in part:
The total of $1.366,734.157 shows a gain
Walter G. Robins, assistant Vice-President of the Bankers'
Trust Co.,
under questioning by Milton P. Kupfer, counsel for the receiver, the
Irving
Trust Co., testified that 20 of the 24 cheeks that made up the
sum were
brought to his attention because of prior endorsements in the firm's name,
and were approved by him. Mr. Robins was aware, he replied in answering
Mr. Kupfer, that a bank cashing cheeks was responsible for
prior
endorsements.
Mr. Kupfer attempted to question Mr. Robins concerning possible discussions among the Bankers' Trust Co. officials after the bankruptcy of
Woody & Co. on June 19, presumably indicating an effort by the receivers
to determine whether the Bankers' Trust Co. can be held liable for the
$2,000,000 in firm cheeks which Ryder deposited in his own account.
Lowell Wadmund, counsel for the Bankers' Trust Co., however, objected
to Mr. Kupfer's questioning and Mr. Davis sustained him. Mr. Kupfer
suggested filing a brief on the legality of the question and asked for an
adjournment. His request was granted.
Our last reference to the affairs of the failed firm of
Woody & Co. appeared Sept. 20, page 1812.
Charles G. Edwards Re-elected President of N. Y. Real
Estate Securities Exchange at Annual Meeting.
Charles G. Edwards was re-elected President of the New
York Real Estate Securities Exchange at a meeting of the
Board of Governors on Oct. 14. At the session, which followed the annual meeting of the members, all of the other
officers, including Douglas L. Elliman, Vice-President,
Anton L. Trunk, Secretary, Morton R. Cross, Treasurer,
and Truman S. Mersereau, Executive Secretary, were reelected. The following were named to the Board of Governors: Clark G.Dailey, J. Clarence Davies, Douglas L.Elliman,
J'. C. Hoagland, Lewis H. May, Donald Jones and Aaron
Rabinowitz.
Mr. Edwards, in his annual report, reviewed the first year
of operation of the Exchange, and pointed out that despite
the unfavorable conditions, sales have approximated $3,000,000. In reporting a healthy financial condition, Mr
Edwards remarked that although the Exchange is not operated with any idea of profit, the "regular operations have
resulted in a small excess of income over ordinary expenses."
During the year a statistical department was established
which now has "more information in its files for public
use than ever before assembled for such use in any one place
regarding real estate security issues," he stated.
Dun's Report of Third Quarter's Bank Failures.
Even with a considerable increase in the number of
banking failures during the third quarter of this year, the
liabilities were slightly smaller than those for the corresponding period of 1929. At 102, the number for the three months
recently ended was about 26% above the total of 81 reported
to R. G. Dun & Co. for the third quarter of last year; but
the indebtedness declined to $73,877,397 from $74,180,370,
or a reduction of approximately 0.5%. In the same quarter of both 1928 and 1927 there were 55 banking failures,
involving some $20,800,000 in each year.
The numerical increase in banking failures during the
third quarter of the present year, in comparison with the
returns for the corresponding three months of 1929, occurred
principally in the Central East and the Central West, while
there was marked improvement in the South Atlantic States.
Elsewhere moderate increases were the rule. A sharp falling
off in the South Atlantic section, together with a considerable reduction in the Western group, accounted for the
smaller liabilities for the country as a whole.
A comparison of banking suspensions is made by sections
for the third quarter of the past three years:
for the month of $27.350,392
and an increase over the total for Sept. 30 1929 of
$94,463,612.
Under normal conditions the increase during September
is rather large
and Is evenly distributed, indicating the extent of the seasonal
demand for
acceptance credits for all purposes. In 1928 the gain for
September over
August was 852,000.000, and in 1929 for the same
period the gain was
$71,000.000, so that this season's September Increase is not
only smaller
than for the past two years but is principally identified
with the warehouse
credit division alone.
The influence of the Grain Stabilization Corporation
wheat credits of
approximately 330.000.000 is clearly evident in the current
report. Practically all of these bills were created and came into the
market during the
latter part of September to very closely account "Cr
the Increase in total
volume at the month end.
Furthermore, as these credits were against stored grains, the
increase of
$28.700,000 in warehouse acceptances te. of Sept. 30 needs
no further explanation.
Import credit acceptances wer • off $14,000,000, and for
the first time in
months the bllls drawn againat goads stored in ore ipped
between foreign
countries declined In volume by $3.100.000.
Export credit bills increased $6.100,000 and dollar exchange
bills were
up 39.000,000, whi.e domestic shipment acceptances remained
unchanged
In amount.
New York City banks showed an increase In their acceptance
business
amounting to $22,700,000 for the month, once more placing the total
above
El.000.000.000, or more than $65,000.000 above the total for September
1929.
The prospect for a record total of bills at the peak of this season grows
less promising as the reports are received from acceptance centres.
In
October 1929, it will be recalled, there was an increase of 8268.000.000
,
which was more than twice the gain for any previous month In the history
of the acceptance business.
Business conditions and the great decline in commodity prices make It
certain that this year's October volume will fal far short of last year, and
bring the total volume below that for 1929 or the first time ah:s y-ar.
The bill dealers have found the market conditions very much to their
liking during the past several weeks. Rates remain very steady and the
supply of bills has very closely matched the demand, as a result of which
conditions portfolios have been kept down to an average of about $40,000,000. which is considerably below the average for several years.
Mr. Bean's survey for the month follows:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
•
Sept. 39 1039.
Grand Total
Decrease
Increase
$128,741,380
980,887,228
21,811,180
22.834,596
7.052.954
9.682,442
92,036,009
2,449.907
3,461,941
6,945.779
62,748,188
1
2
3
4
5
6
7
8
9
10
11
12
Aug. 30 1930. Sept. 30 1929.
8121,944,362
1,003,662,813
23,142,056
22.694,938
6,820,676
16,482.943
92.585.937
3,120.930
6,579.539
Federal Reserve District.
5.898,518
64.227,610
$117,738.916
935.839,527
18.371.754
23,144.458
8.909.339
20.184.743
79,316,013
1,916,701
5,530.937
802,044
7,759,187
52,756.926
31.366,734,157 $1,339,383,765 $1,272,270,546
27,350,392
94,463,612
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Sept. 30 1930.
Imports
Exports
Domenic shipments
Domestic warehouse credits
Dollar Exchange
Based on goods stored in or shipped
tastes,. Inrolon nnlIntrlas
$240,916,033
363,584,1.54
26,536,496
174,045,782
63,106,849
Aug. 30 1930. Sept. 30 1929.
3254.941,540
357.470,055
26,251.847
145.286,491
53,818,660
3327,944,072
397,262.292
17.092,986
137.478.551
45,903,240
Stat Ass R42
ant Ala A22
ass Ma sea
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANC
ES
SEPT. 16 TO OCT. 16.
Daps-30
so
90
Dealers'
Dealers'
Buying Rate Selling Rate.
2.000
2.000
2.000
1.875
1.875
1.875
Days—
120
110
180
Dealers'
Dealers'
Busing Role. Selling Rate.
2.125
2.375
2.375
2.000
2.250
2.250
Tenders to $100,000,000 62
-Day Treasury Bills Totaled
$360,964,000—Bids Accepted $102,525,000—Average
Price 99.680—Reoffering of $50,000,000 of Bills.
As was noted in our issue of Oct. 11, page 2322 that 62
-day
Treasury bills to the amount of $100,000,000 or thereabouts
were announced by the Treasury Department Oct. 6, tenders
to be received at the Federal Reserve Banks and their
Number.
Liabilities.
Section.
branches up to Oct. 10, 2 p. m. Eastern Standard time. The
1930.
1929.
1928.
1930.
bills are issued in two series, each for $50,000,000 or thereNew England
1
1
311.303,297 abouts, one of the series dated Oct. 15 1930
and maturing
Middle Atlantic
s
2
11.200,000
South Atlantic
39
9
5,901.000 Dec. 16 1930 and the other series bearing date Oct. 16
and
South Central
12
7
12
5.477,100
Central East
21
6
12
18,916,800 mature Dec. 7 1930.
Central West
43
21
18
13,490.200
The new $100,000,000 bills were sold at an average price
Western
4
5
1
1,595,000
Pacific
2
5
5,994,000 of about 99.680, or an average rate on a bank
discount basis
United States
81
102
55
173.877.397 of about 1.85%, the Acting Secretary of the Treasury, Ogden
1929
81
74,180,370 L. Mills,
announced orally Oct. 10, after the bids on the issue
1928
55
20,809.985
1927
ss
20.857,350 were opened. In stating this the
"United States Daily"
of Oct. 11 added:
Volume of Bankers' Acceptances Sept. 30 $1,366,734,157
The total amount applied for was$360,964,000 or more than
31i to 1. The
highest bid made was 99.736, equivalent to an interest rate
—Gain in Month of $27,350,392.
of about 1.53%
on an annual basis, while the lowest bid accepted was
99.671, equivalent to
The anticipated seasonal increase in the volume of bankers' an interest rate of about 1.91% on an annual basis.
Mr. Mills said the Treasury had acepted bids
acceptances is seen in the report of the American Acceptance
totaling $102,525,000.
These subscriptions were
Council on its survey of the acceptance business of the coun- 1930 and 01,263.000 to apportioned,$5,262,000 to the series dated Oct.15.
the series dated Oct. 16 1930.
•
OCT. 18 1930.]
FINANCIAL CHRONICLE
$50,000,000 United States Treasury Bills Marketed.
On Oct. 14 the International Manhattan Co., Inc., and
Salomon Bros. & Hutzler offered $50,000,000 of the 62-day
Treasury bills, in approximately equal amounts of series
dated Oct. 15 1930, due Dec. 16 1930, and series dated
Oct. 16 1930, due Dec. 17 1930, at a 1.75% per annum
discount. By the Act of Congress approved June 17 1930,
any gain from their sale or other disposition will be exempt
from all taxation, except estate or inheritance taxes.
Campaign of Philadelphia Bar Association Against
Banking Institutions Going into Law Business.
An intensive campaign against trust companies and banks
which are illegally practicing law and unethically encroaching
upon lawyers' rights and fees was begun on Oct. 7 by the
Philadelphia Bar Association. This is learned from the
Philadelphia "Record" which said:
A resolution urging immediate investigation of the subject was adopted
unanimously by the members of the Association during that body's quarterly
meeting yesterday in City Hall.
Isaac Hassler, widely known attorney and for many years a member of
the Bar Association. Introduced the resolution.
Francis Shunk Brown, Grover C. Ladner, Thomas B. Hall and other
prominent attorneyssupported Bassler's contention during a discussion from
the floor.
Hall declared that banks and trust companies should have been made to
stop their "unethical and illegal practices long ago."
Object to Handling of Estates.
The attorneys object to the fact that such institutions are permitted to
draw up wills and act as executors of estates. These functions, they contend, are within a lawyer's rights. Their performance by banks and trust
companies drives many young lawyers out of business or makes it impossible
for new barristers actively to enter the profession at all.
Harry Hershey, attorney, with offices in the Commercial Trust Bldg..
was one of the champions of "lawyers' rights" during the brief debate on
Hassler's resolution.
"These trust companies and banks, as well as collection agencies." said
Hershey."act in the capacity of lawyers in administering estates, work which
young lawyers did at one time.
"These unethical tactics remove the backbone of the legal profession—the
mainstay ofstruggling lawyers who were able to keep their heads above water
by drawing up wills and acting as co-executors in estates.
Hall. an older member of the Bar Association, was vehement in his denunciation of the financial institutions which perform "strictly legal duties."
Advertise Their Own Lawyers.
"We, as lawyers, must not advertise," he said. "but these darn trust
companies run advertisements a foot wide and a foot long, telling widows
and widowers to allow them to administer the estates.
"This is decidedly unethical. What the trust companies are doing really
is to advertise their own lawyers, or solicitors, who afterward actually administer the estate and draw down a 5% fee."
The name of the bar association was formally Changed from the Philadelphia Law Association to the Philadelphia Bar Association, when a resolution to that effect was adopted unanimously.
The name was changed, it was said,so that it might conform to the name
used by all large cities, as well as the American Bar Association and the
Pennsylvania Bar Association.
A resolution asking the Association's Committee on legislation to decide
what stand the organization shall take regarding a proposed change in the
State Constitution which would permit jurors to render a decision in a trial
under special "conditions and restrictions," also was adopted.
The resolution was introduced by Grover C. Ladner and was referred to
the proper committee.
Roland S. Morris, former Ambassador to Japan and Vice-Chancellor of
the Philadelphia Bar Association, presided. Be will ask George Wharton
Pepper, President, to appoint a committee of five members of the Association to investigate the "illegal practice of law by financial institutions."
Representative McFadden Declares International Bankers Are Seeking to Compel United States to Supply
Germany with Funds to Pay Indemnities.
Speaking at Milford, Pa., on Oct. 11 at the unveiling of
a tablet to 348 men and women who went from Pike County
to fight in the World War, Representative Louis T. McFadden, Chairman of the Committee on Finance and Banking,
declared that international bankers are trying to compel
the United States to furnish all the money for Germany
to pay the indemnity imposed upon the defeated Nation
by the peace treaties. This is reported in a dispatch to the
New York "Times" from Milford, from which the following
further account is taken:
Mr. McFadden asserted that the statesmen of France and the other countries milked Germany dry, carried off everything movable and left it nothing with which to pay.
The Treaty of Versailles has violated every pledge of the preliminary
agreement and a peace of ruthless vengeance substituted, he asserted.
Be declared that Marshal Foch ringed Germany with rifles and blockaded it for six months while the peace conference sat, and that Germany
was plunged into a famine and kept in this condition until pressure compelled her Government to accept the Versailles terms.
Little by little the Armistice Commission under Marshal Foch exacted
the "vast concessions" which were afterward written into the treaty, be
asserted.
"It went throughout Germany as with a fine-tooth comb." he said.
"confiscating movable property of all kinds. The German merchant
shipping was confiscated. The gold stocks in the Reichsbank and all negotiable securities were seized and removed. All this was done without
official sanction and without reference to international law.
2481
"Relinquishment of private property rights outside of Germany in
mines, concessions and trade rights was forced upon their owners and
nobody knows into whose hands they have passed.
"There was, therefore, little left that was tangible to be taken by the
Treaty of Versailles itself. That treaty concerned itself primarily with
the future industrial and financial enslavement of the conquered State,
by imposing upon it a colossal burden of so-called reparations, and making
existence in Germany permanently dependent upon loans from the international bankers who, by withholding or withdrawing these loans would
be enabled to control and dictate German political policy.
"But how, if everything was taken from Germany, does she pay to her
conquerors a tribute of $400,000,000 a year? She does not do so. She pays
It out of the proceeds of the loans she makes, chiefly in America. Since the
Dawes plan. Americans have invested $2,000,000.000 in German industrial
and municipal bonds. Out of this $2,000,000,000 Germany has been
paying the reparation annuities to the allied States.
"The Treaty of Versailles provided that the right of the Allies to collect
the German reparations might be sold to private purchasers for cash, and
it was the intent to sell a great part of these bonds in America.
-By this means the allied governments would have received the bulk
of the German indemnity in full and shifted the burden and hazard of
collecting it to American shoulders.
"The Young plan was devised to draw America into moral co-responsibility for the Treaty of Versailles. to create American-allied solidarity
in riveting the chains upon Germany and to include Americans to pay
Germany's war indemnity to the Allies and look to Germany for reim•
bursement through the collection of annual reparations."
Representative McFadden Elected Chairman of Board
of Transcontinental Shares Corp., Sponsor of
Fixed Investment Trust—Mr. McFadden Looks for
Change in Law Opening This Field to National
Banks.
Louis T. MeFadden, Chairman of the House Committee
on Banking and Currency, has been chosen Chairman of
the Board of the Transcontinental Shares Corp., sponsor
of a fixed investment trust issuing Universal Trust Shares,
which represent a diversified list of industrial, railroad and
public utility stock. The announcement made it plain that
in accepting this post, Representative McFadden has no
thought of retiring from public life. He has been in Congress
for 17 years, during 11 years of which he has been head of
the Committee on Banking and Currency. With the issuance of the announcement by the corporation on Oct. 15 of
Mr. McFadden's election, the latter made public a statement in which he expressed the belief"that the time is not far
distant when legislation designed to open this field to the
National banks may be considered." Mr. McFadden's
statement follows:
In many States the banking laws are such as to give State banks and
trust companies a distinct advantage over National banks. In the matter
of investment powers there is need for a much more liberal policy if our
National banks are to compete on a favorable basis with institutions operating under State charters.
"The industrial life of the country, as well as its transportation facilities
and its gas and electric systems, have expanded far beyond any concept the
framers of the National Banking Act could have had, During this period
of development there have been reared corporations whose stability of
income, ability to pay dividends year after year without interruption and
whose capital structure are such as to give a prime investment rating to
their junior securities.
I believe that the time is not far distant when legislation designed to
open this field to the National banks may be considered. (Such a penal
would have the effect of minimizing the fluctuation of the banks'secondary
reserve Investments.) It will, of course, be necessary to surround such
Investments with the same safeguards required for the investment of savings and trust funds. It is conceivable that investment trusts, similarly
safeguarded, may eventually constitute an admirable source for the investment of bank funds, thus providing the safety and stability of a broad
diversification into many industries in all sections of the country.
Bonds of 11 Railroads Face Ban as Legal Investment
for New York Savings Banks According to Moody's
investors' Service—Earnings Drop Responsible.
The bonds of 11 out of 36 Class I railroads are in danger of
losing their status as legal issue for the investment of New
York State savings bank funds unless the present law is
amended, according to Moody's Investors Service. Declining net operating income may remove these bonds from
the class now approved by the State banking law, it is
asserted.
Under the existing statute, in order to qualify as legal investments for savings banks, mortgage bonds must be the
obligations of companies "that in each year for at least five
of the six fiscal years and in the last fiscal year next preceding
such investment" earned an amount available for fixed
charges "not less than 13, times such fixed charges." Should
a railroad company fail to earn its fixed charges 13c times,its
bonds are arbitrarily removed from the legal list at the
termination of the year.
Moody's states that the bonds of only a few companies fell
within such a category on the basis of earnings for the first
six months, but that "as a result of large declines in net railway operating income reported for July and August, and
also indicated for September and October, the list of these
unfavorable possibilities has grown."
2482
FINANCIAL CHRONICLE
The analysis ranks the principal railroad companies whose
bonds aro legal in New York State under two headings:
Group A, whose obligations will in all probability remain
legal, and Group B, whose obligations are in a doubtful
position. The percentage figures, as given in the table,
show the margin of protection over the 1M times requirement.
If fixed charges were earned last year exactly 13' times, the
percentage figure is 33, because the charges then represent
67% of gross income. Should the percentage fall below 33,
the company's bonds would not be considered legal holdings
after the end of 1930. Moody's adds that actual percentages
for 1930 will in each case differ from the indicated percentage,
depending upon the results of the last four months, and that
some companies may be removed from the danger class by
the close of the year. The analysis follows:
[VOL. 131.
the common experience from which sprang the highest emotions of
patriotism—that shoulder-to-shoulder companionship in an idealism which
transfigured men's lives.
Rededication to Serving Country.
The millions who shared in that experience came home from it rededicated to the further service of their country. But great as was that
service, performed under impulse of the high emotions of war, the service
to the great ideals of peace is ofttimes even more difficult and °Mimes
requires more sustained courage. It was, therefore, with deep sympathy
that I witnessed the birth of the American Legion in France in 1919.
At that memorable meeting you sensed this high purpose and expressed
these lofty ideals of your peace-time service in the preamble to your
Constitution, which reads, in part:
"To uphold and defend the Constitution of the United States of America; to maintain law and order; to inculcate a sense of individual obligation to the community.
State and Nation; to combat the autocracy of both the classes and the masses:
to make the right the master of might :to promote peace and good-will on earth;
to safeguard and transmit to posterity the principles of Justice, freedom and democracy; to consecrate and sanctify our comaradeship by our devotion to mutual
helpfulness."
That, indeed, is the real preface to American citizenship.
GROUP "A".
It is my purpose to speak upon some of these ideals and purposes, for
xIndicated
Margin of idealism must be translated into cold realism of the day-to-day task of
irMargin of
Protection
Protection
for 1930. citizenship.
in 1929.
At the moment you made that declaration you sensed an imperative
Atchison
799
74%
national need. You foresaw that the aftertnath of war would be a period
Atlantic Coast Line
617
46%
Bangor & Aroostook
604
64%
of change, a period of disturbed mind, or loosened moorings; a period
Central RR.of N. J.
46%
41%
when evil forces among men might lead to violence and crime ; a period
Chesapeake & Ohio
72%
789
which demanded understanding and wise restraint if the basis of all society
Chicago. Burlington & Quincy
767
73%
Chicago. Rock Island & Pacific
51
42%
and all progress were to be maintained.
Colorado & Southern
61 o
53%
You realized that liberty and freedom can be won on the battlefield,
Delaware & II udso n
627
61%
but they can be held only by ordered government in peace. You realized,
Great Northern
46%
584
Gulf Mobile & Northern
51%
73%
in fact, that without ordered government the very sacrifices which you
Kansas City Southern
53%
52%
had made, the fruition of your high hopes, your endurance, your courage,
Louisville & Nashville
44%
55%
might come to naught
Missouri-Kansa-Texas Lines
62%
707
Nashville. Chattanooga & St. Louis
Eleven years of experience in our own country and in every country
69%
57%
New York Central
57%
64%.
engaged in that war have proved the need of that inspiration to active
Northern Pacific
527
0
599
citizenship. It has been a period of readjustment, a period of challenge
Norfok & Western
897
88%
Pere Marquette
to democratic institutions, a time when the world has had to contend
47%
74,0
Pennsylvania
56 o
48%
with a greater mood of violence. Even to-day nearly one-half of the
Reading
53%
64%
population of our globe is in a state of great unrest or a state of revolution.
St. Louis Southwestern
57%
577
Among these ideals was: "To promote peace and good-will upon earth."
Texas & Pacific
62%
54%
Union Pacific
79%
807
Those indeed were courageous and constructive words at the moment when
Virginian
53%
59%
the guns had barely been silenced and the fires of hate were still burning
GROUP "B".
fiercely. They were the words of brave men, of the soldiers from the
Baltimore & Ohio
50%
37%
trenches, men who respected a courageous enemy, who in clear vision saw
Chicago, Indiana & Louisville
19%
487
that the future hope of the world lay in good-will, not in hate. It was
Chicago & North Western
35%
537
0
Illinois Central
the real feeling of men who had fought and who knew the dreadfulness
437
36%
Lehigh Valley
38%
504
of war.
Mobile & Ohio
34 0
In that statement you gave no glorification to war. It was a pledge
New York. Chicago & St. Louis
229
549
k
to peace based upon freedom and justice, and without this civilization
St. Louis, San Francisco
36%
45%
Southern Pacific
30%
417
Itself must fail. It was a statement neither of pacifism nor militarism.
Southern Railway
51%
37%
Wabash
30%
52%
Real Peace Requires Unremitting Campaigns.
x "Margin of Protection" is the difference, in percent, between gross
Real peace in the world requires something more than the documents
Income (taken as 100%) and fixed charges, which are deducted to obtain
which we sign to terminate wars. Peace requires unremitting, courageous
the net. It is equivalent to a ratio of net income to gross income.
campaigns laid with strategy and carried on successfully on a hundred
fronts and sustained in the spirit and from
of every individual
President Hoover's Address Before American Legion— in every town and village of our country. the heartsgreat intangibles of
In the
Cites Need of Teaching of Essentials of Good Will human emotion, respect is inseparable from good-will. The maintenance
of respect requires that we sustain a preparedness for defense that is
Toward Other Nations—Respect of Law Urged.
impregnable yet that contains no threat of aggression.
Addressing the American Legion in Boston, on Oct. 6,
You have maintained that the development of good-will also requires
President Hoover told the members of that body that "we the firm establishment of confidence in our sense of international justice.
This becomes of double importance from us because of the overpowering
need the teaching of the essentials of good-will toward other strength of our country in its relations with many nations.
We have to remember that during the Great War we demonstrated not
nations in every community—that the foundations of peace
only our
power but also our ability to
arise from the sense of justice within the citizenry of a the valor militaryit. After the war the disturbed quickly organize it and
to use
condition of the world
nation, in the good-will which they individually evince made it necessary to increase our defense establishment beyond the pre-war
toward other peoples." The President also declared that basis. Above all, we made a more rapid recovery from the vast losses
of the Great
than other nations
Our national Income
"we need the teaching that the foundation of government has expanded Warembrace more than in the world. the whole
to
one-third of
commercial
is respect for law. A quickened interest on the part of the world. As a result we have become a dominant economic power. Our
community," he added, "can insist upon proper enforce- citizens have spread their trade and finance into every corner of the
earth.
ment of law, can arouse public opinion, while any condition
No Imperialism in American Heart.
of lawlessness remains unchecked in that community. You
From these tremendous happenings in our country some leaders in
can," the President continued, "impress upon the citizens other countries came to believe that they were in the presence of the
birth of a
that the road of self-government is through the discharge the freedomnew imperial power intent upon dominating the destinies and
of other peoples. Such a conclusion would be
of our obligations at the ballot box; to understand that the deduction from many instances during 3,000 years of historythe logical
when the
basis of defense is a willingness to serve in our citizen exploitation of other people has been the outcome of the ability to do so.
This we know is an utter misconception of America. We know there
soldiery; actively to participate in these and a multitude Is a desire to do justice and not exploitation.
We know there is no
of duties of citizens—all are an inseparable part of the financial, traditional, or military imperialism in the American heart.
We know, in fact, that we have opened the door of a new social and
safety and progress of the nation." We give the President's
economic system by which within our own borders we shall create the
address herewith:
conquest of poverty without exploiting other nations.
But as wrong as these fears may be, it becomes our first duty to show
My Fellow Countrymen:
It is with a great deal of pleasure that I am able to meet here with the by our every act, not alone by our Government, but by our citizens, that
our guide is justice and that confidence may be reposed in that sense
American Legion.
I hope I may venture to claim from some years of service during the of justice.
Good-Will Toward Other Nations.
Great War a measure of comradeship with the men who fought in that
war. I understand your variety of French perfectly. I know from
The day-to-day practical preservation of peace and good-will requires
Intimate experience, and I intend to hold in confidence the first reaction that we build up and support agencies for pacific solution of controversies.
you had from a passing shell, and the homelike appearance of shell holes It requires that no one of us shall entertain suspicion or
toward
under certain circumstances. I shall maintain secret your opinion of those other peoples, that we give them no cause for the most dangerous
of all
who profess indifference to or the glory in passing bullets, or insects, emotions—that is, fear. It requires that. every American shall
realize
or the mud and filth of the trenches, or days and weeks in the wet that men and women of other nations have the sonic devotion to
their flags
and cold.
and are as sensitive to the dignity of their country 29 we.
The glories of war are not in the heartbreaks of passing buddies and the
On this road to peace we have attained two momentous victories. The
thousand tragedies of the battle line. Its glories do not lie in its surround- first of these is the Kellogg-Briand pact. By the London naval
agreement
ings—they lie rather in the spirit, the sacrifices, the devotion of those who we have silenced the high dangers of competitive naval building and
have
go cheerfully and courageously into the trenches, and the ultimate triumph safeguarded our defense by parity with the greatest naval power in the
of those lofty ideals for which they gave their all.
world. We have assured the maintenance of an efficient navy as the first
It was inevitable that men who had lived through that great common line of defense. By limiting our strength we have given demonstration
experience, who had engaged in supreme adventure with death, should to the world that we seek no domination but only adequate defense.
combine into associations of lifelong comradeship. Yet it was not alone
The peace of our country has never stood more assured than at this
the comradeship of high adventure that instinctively called your organiza- moment. The realization of your ideal to promote peace and good-will
tion into being. It was the common understanding which war called forth, through active citizenship is the greatest guaranty of Its continuance.
OCT. 18 1930.]
The first high purpose you express is to uphold and defend the Constitution and to maintain law and order in the United States. Happily your
ideal is my first and most sacred duty. As President of the United States
I am sworn by the whole people to maintain the Constitution and to
enforce the laws. No man should dare call himself a faithful American
and suggest otherwise. You have recognized that the upholding of the
Constitution and the enforcement of the laws must, however, not rest
upon government officials alone; it must rise from the stern demand and
the loyal co-operation of good citizenship and individual responsibility to
the community.
One of the primary obligations of citizenship is national defense. Our
people have been traditionally opposed to a large standing army in times
of peace. The nation needs a regular army, highly developed in training
and technical services, as the nucleus for the training of citizen soldiers
and to lead them in times of emergency. We have always relied on our
citizen army; and never relied in vain, but its maintenance is again the
voluntary service of good citizenship. Your association has taken large
interest in provision for better industrial mobilization. You have been
greatly interested, and I have lately signed an Act creating an inquiry
into the methods by which the economic burdens of war shall fall with
equal weight upon every element of citizenry. It is not equitable that
one citizen shall profit by war while another makes the supreme sacrifice.
mission the officers of the corporation are: George McSweyn,
President; Arthur Gohn, Vice-President; Harry A. Black,
Secretary; and W. A. Ransom and B. C. Tully, Directors.
Members are: George McSweyn, W. A. Ransom, and B. C.
Tully, all of Memphis, Tenn., and Arthur Gohn, Chicago.
Federal Reserve Board Reports Continued Easy Money
Market in September—Survey of "Street Loans" in
N. Y. City—Ample Credit Resources for Crop
Movement.
The Federal Reserve Board in its October "Bulletin,"
surveying money market conditions during September,
makes a comparison of the changes in loans and investments
of banks in N. Y. City and outside, and likewise refers to the
position of Commercial banks and Federal Reserve Banks
in facilitating the movement of agricultural commodities.
We give herewith the Board's review of the month:
Provision for Veterans.
One of your expressed ideals was that of "mutual helpfulness." In
your solicitude for your comrades disabled both in war and in peace you
have kept that faith. Nor has a grateful nation failed in its duty.
In addition to hospitalization, rehabilitation, war-risk insurance, adjusted
compensation, and priority in civil service, the Government has undertaken
through disability allowances to provide for some 700,000 veterans of the
World War. Our total outlays on all services to World War veterans are
nearing $600,000,000 a year and to veterans of all wars nearly $900,000,000
per annum. The nation assumes an obligation when it sends its sons to
war. The nation is proud to requite this obligation within its full
resources. I have been glad of the opportunity to favor the extension of
these services in such a manner that they cover without question all
cases of disablement whether from war or peace.
There is, however, a deep responsibility of citizenship in the administration of this trust of mutual helpfulness which peculiarly lies upon your
members, and that is that the demand upon the Government should not
exceed the measure that justice requires and self help can provide. If we
shall overload the burden of taxation, we shall stagnate the economic
progress and we shall by the slackening of his progress place penalties
upon every citizen.
Duties of Citizen-s.
There are many other responsibilities of the individual in his "obligations to the community, the State and the nation." The very beginning
of such obligations is at the ballot box. The whole plan of self-goverinnent
presupposes that the whole people shall participate in the selection of
its officials, the determination of its policies, and the maintenance of its
Ideals. Anything less than this involves government by the minority.
Your own expressed fears of "autocracy of either classes or masses"
can well come true unless the individual citizen takes at least his share in
the burden of government. Ile cannot hope to escape tyranny ; he may not
safely trust that "right will be the master of might," unless he is willing
to respond to the right and duty to go to the ballot box. When he does
not insist upon purity of elections he has lost democracy itself. Beyond
this, if right shall be the master of might, every citizen must be on guard
against the invasion of our guaranteed liberties even by public officials.
You have insisted that we shall 'safeguard and transmit the principles
of democracy." We have seen the erection of many new democracies
during this period since the war. We have seen some of them fall by
the wayside—some to strong men, and some to the mob. Strange new
doctrines are presented to us in alluring language. Self-government Is
being questioned. We in America have proved it the surest lift to the
common man. We have grown and prospered under it for 150 years.
We believe in it. There is no greater service to the world than that we
should hold and strengthen it. It is grounded upon the ideal you have
set for yourselves—the obligation of the "individual to the community, the
State and the nation."
During these years your thousands of posts have concerned themselves
with these ideals of citizenship. My purpose to-day is to urge you to
renewed efforts—that you, as the American Legion, as a group of men
who, inspired by the ideals of our country, went to battle to preserve
those ideals—that you should renew and expand your mission of citizenship.
We need the teaching of the essentials of good-will toward other
nations in every community—that the foundations of peace arise from the
sense of justice within the citizenry of a nation, in the good-will which
they individually evince toward other peoples.
Respect for Law.
We need the teaching that the foundation of government is respect
for law. A quickened interest on the part of the community can insist
upon proper enforcement of law, can arouse public opinion, while any
condition of lawlessness remains unchecked in that community.
You can impress upon the citizens that the road of self-government is
through the discharge of our obligations at the ballot box; to understand
that the basis of defense is a willingness to serve in our citizen soldiery ;
actively to participate in these and a multitude of duties of citizens—all
are an inseparable part of the safety and progress of the nation.
You have a post in every town and every village. These 11,000 posts
are organized into divisions with State and national commanders. You
are already an army mobilized for unselfish and constructive endeavor.
Your strength is made up of men who have stood the quality test of
citizenship. You have it in your power to do much. Through your local
posts you can awaken the minds of the communities throughout our
nation to a higher ideal of citizenship. You have an exceptional interest
and an exceptional opportunity in the front line of citizenship to co-operate
and preserve the fundamentals of our Republic.
American Hardwood Exporters, Inc. Files Paper Under
Webb-Pomerene Export Trade Act.
American Hardwood Exporters, Inc., has filed papers
under the export trade act (Webb-Pomerene law) with the
Federal Trade Commission, for exporting hardwood lumber.
The corporation will maintain offices at New Orleans. According to the announcement issued Oct. 13 by the Com-
2483
FINANCIAL CHRONICLE
Continued Monetary Ease.
Conditions in the money market remained easy through September.
Although the usual seasonal trend at this time of year is upward, there was
little change in the demand for reserve-bank credit, and Increase in holdings
of acceptances by the Reserve banks was reflected in a further decline of
discounts for member banks. Ease of the reserve position of member
banks was indicated by the prevailing low rate on Federal funds, that is, •
on balances with the Reserve Banks in excess of reserve requirements,
which were traded In at rates substantially below the official discount rate.
Some increase in the volume of member bank credit was indicated by reports
from member banks in leading cities, but this increase consisted entirely of a
growth in investments and in loans on securities, while all other loans,
which include loans for commercial and agricultural purposes, remained
practically unchanged at the lowest level in four years.
Banks in N. Y. City and Outside.
A comparison of changes In the loan and investment account of reporting
member banks at the end of September of this year and of last year showing
separate figures for banks in N. Y. City and outside of N. Y. City, is presented in the table below:
REPORTING MEMBER BANKS.
(Changes between Sept. 25 1929 and Sept. 24 19301
lin millions of dollarsi
Reporting
Banks Outside New
York City.
Alt Reporttag Banks.
Loans and investments, total
Loans on securities
All other loans
tees.iiiiisains
Reporting
Banks in
New York
City.
-1-615
+618
—3
+741
—1.073
+947
+736
—480
+362
+5
—593
+585
The table brings out the fact that for reporting metnber banks in leading
cities as a whole there was an increase in loans and investments during site
year, but that the entire increase was at banks in N. Y. City, the banks
outside of the city showing no change for the year. The growth, furthermore was entirely in investments and in loans on securities, while all other
loans, including commercial loans, showed a decline of more than $1,000,000.000. Declines in this class of loans were reported for banks in N. Y.
City as well as for outside banks, while the growth in security loans was
almost entirely confined to the banks In N. Y. City. Both groups of
banks increased their investment holdings. These changes In the condition
of reporting member banks are such as usually occur during a period of
relative business inactivity and reflect primarily a decrease in the demand
for credit by industrial. commercial and agricultural borrowers throughout
the country. In the interior of the country the funds released through
the decline in commercial borrowings was used in the purchase of investments. While in N. Y. City there was also an increase in investments,
there was a larger increase in loans on securities. This growth in loans on
securities by N. Y. City banks represented the taking over by these banks
of a part of the loans previously made In the market by out-of-town banks
and by non-banking lenders. "Street loans" by out-of-town banks showed
a decline of about $1.100,000,000 for the year and loans of non-banking
lenders placed through the reporting banks and through other channels a
decline of about $4,000,000,000; about $750,000,000 of this decline of more
than $5,000,000.000 was taken over by the N. Y. City banks. The
abundance of funds at the disposal of the New York banks was indicated
by the fact that, In addition to increasing their security loans by $750,000,also
000, they purchased Investments to the extent of $350,000.000 and
Increased their holdings of acceptances and of commercial paper purchased
furthermore, have been out of debt to
In the open market. These banks,
the Federal Reserve Bank, except for short periods, for more than six
months.
Liquidation of Bank Loans.
was conThe extent to which the growth of bank credit during the year
comparison
fined to N. Y. City banks is brought out more clearly by a
States,
of N. Y. City member banks with all the other banks in the United
urban
including member and non-member banks in rural as well as in
districts. The latest figures available for all banks in the United States
during the fiscal
refer to the end of June, and a comparison of the changes
City.
year for all banks in the United States, for member banks in N. Y.
and for all other banks Is shown in the following table. Since the figures
do not refer in all cases to exactly the same dates,they are shown in approximate amounts to the nearest $30,000,000.
CHANGES BETWEEN END OF JUNE, 1929 AND 1930.
Iln millions of dollars]
AU Banks
in the
United
States.
Loans and investments
Loans
t.---•-si....
Member
Banks in
New York
City.
—400
+650
—1.050
—900
+500
+250
+400
—1.150
4- Pm
AU Other
Banks.
• Central reserve city banks.
decreased by
Loans and investments of all banks in the United States
When member
about $400,000.000 during the year ending in June 1930.
banks in N. Y. City are considered separately, they show :in increase of
$650,000,000 for the period, while all other banks combined reported a
FINANCIAL CHRONICLE
REPORTING MEMBER BANES
[Changes between Sept. 25 1929 and Sept. 24 1930.1
lin millions of dollars.I
AU Reporting Banks.
Net demand deposits
Time deposits
Total demand and time
Loans and Investments
Reporting
Banks in
New York
City.
Reporting
Banks Outside New
York City.
+470
+655
+444
+175
+26
+480
+1.125
+615
+619
+618
+506
-3
Growth of deposits, combining demand and tin e, was nearly twice as
large during the year as the growth of loans and investments. In N. Y. City
banks the deposits and loans and investments increased by about the same
amount, most of the growth being in demand deposits, while in banks outside N. Y. City, with no growth in loans and investments, there was an
Increase of about $500,000,000 in deposits, nearly al of this growth being in
time deposits. The more rapid growth of deposits than of loans and investments during the year, which Is usual during a period of business recession, reflected in part an inflow into the banks of gold from abroad and of
currency from circulation. The country's stock of monetary gold increased
during the year by about $130,000,000. and the outstanding volume of
money In circulation diminished by $300,000,000, owing to decreased de
mand caused by reduced pay rolls, a smaller volume of retail trade, and a
lower level of commodity prices. Both the inflow of gold and of currency
tended to increase the vaolume of bank deposits relative to the amount of
loans and investments.
All tile factors In the situation, which have just been discussed, have
exerted an influence in the direction of monetary ease, and money rates
have consequently been lower this autumn than at any other time In more
than 10 years.
Decline in Money Rates.
The course of call-money rates anti rates on commercial paper for the
period since the beginning of 1919 is shown on the chart (this we omit-Ed.'
which brings out certain contraste in the rate situation during the period of
the business recession that began in the spring of 1920 and ended in the
middle of 1922, and the present period which began about a year ago. The
chart shows that call-money rates last year reached about the same level
as in 1919-20, with the exception of October 1919 when an exceptional rise
In these rates occurred. Commercial paper rates, on the other hand,
which were above 8% in 1920, never went above 6% in 1929.
The decline in rates during the past year has been much more rapid than
In 1920-21, and rates are lower now than in 1922 or in 1924. The more
rapid easing of money conditions during the past year constitutes an important difference between the two periods. The extended condition of the
banks and of many borrowers in 1919-20 and the heavy indebtedness to the
Federal Reserve Banks made the decline in money rates slower in 1920-21,
while during the past year the strong reserve position of the member banks
as well as of the Reserve Banks and the strong cash position of many enterprIsqs. together with Federal Reserve policy of reducing rates and purchasing
securities, was reflected in a much more rapid decline in money rates, in
the earlier period, furthermore, the over-expansion of credit was based
largely on commodities and was reflected In a high level of commercial loans,
white last ye ir it Wila based on securities and was reflected In an expansion
of security loans. Liquidation of this class of loans is usually more rapid
and during the past year has proceeded faster than the liquidation of commercial loans during the earlier period.
01
Sept. 15
1930.
Sept. 15
1929.
.4rerage,
Sept. 15
Sept. 15
1928.
1924-1928.
Crops:
Corn (cents per bushel)
91.70
95.10
Wheat (cents per bushel)
70.30
94.40
Oats (cents per bushel)
36.10
36.70
Barley (cents per bushel)
45.30
54.10
Cotton (cents per pound)
9.90
17.60
Ray (dollars per ton)
12.14
10.59
Potatoes (cents per bushel)
109.90
64.80
Livestock and livestock products:
Hogs (dollars per 100 pounds)
9.44
11.17
Beef cattle (dollars per 100 pounds)
6.61
9.96
Lambs(dollars per 100 pounds)
6.67
11.97
Butter (cents per pound)
38.40
44.30
Wool(cents per pound)
20.20
36.1.0
Source: Department of Agriculture.
Smaller crops at lower prices have reduced the farmers' return for the
year's operations and indirectly the Income of those engage in the sale
of commodities to the farmer. This decline In Income is presumably the
principal cause of the relatively low level of deposits in agricultural banks,
which In turn Indicates a reduced purchasing power of rural communities.
Statement by Federal Reserve Board.
In order to Inform the member banks and the general public of the
Reserve System's position in relation to the orderly marketing of crops
the Federal Reserve Board on Sept. 24 issued the following statement:
'given in the "Chronicle" of Sept. 27, page 19921.
*
•
*
The exceptionally strong position ofcommercial banks and of the Reserve
Banks, the prevailing ease of credit conditions, the low level of money rates
and the attitude of the Federal Reserve Ssytem as expressed in this statement give assurance that the country's credit resources will be available
to facilitate in every possible way the orderly movements of agricultural
commoditiesfrom the producer through the channels of trade to the ultimate
consumer.
mNW08
.NC,
Growth of Deposits.
Turning once more to the reporting member banks in leading cities, for
which figures up to the end of September are available, a comparison is
presented between changes in loans and investments and in time and demand
deposits for the year ending in September.
declines in the prices of agricultural commodities at the farm, as Indicated
In the following table:
FARM PRICES OF LEADING AGRICULTURAL COMMODITIES.
oc,CoC.n0
decrease of $1,050,000,000. The contrast is even more pronounced when
loans alone are coagidered. Loans of N. Y, City banks increased by
$250,000,000, while loans of all other banks declined by $1,150,000,000.
Each group of banks increased its investment holdings. While at N. Y.
City, banks, therefore, security loans and investments increased by a larger
amount than the decline in commercial loans, so that their total loans and
Investments showed an increase, banks outside of N. Y. City, though they
somewhat increased their holdings of investments showed a large contraction of total assets as the result of the diminished demand for credit
by trade and industry.
[VOL. 121.
.o.o0WCWW
66nWNW24.
OWOOOW.
2484
J.
. W. Roberts of Pennsylvania RR. on Railroads and
Business Outlook-Carriers Meeting Difficulties in
Present Depression with More Than Moderate
Measure of Success.
Speaking on Oct. 8 before members of the Associated
Traffic Clubs of America, in Atlanta, Ga., on the subject
of "Railroads and the Business Outlook," J. W. Roberts,
Assistant Vice-President of the Pennsylvania RR., in charge
of perishable traffic, said, in part:
"Trouble which is nearest at hand always seems relatively worse than
that which we have lived through and overcome.
Partly for that
reason and partly, also, because many young business men of to-day are
going through their first period of serious trial, the present depression
is quite commonly looked upon as one of the very worst in the country's
history. A more correct view, at least the one which has the Indorsement
of the country's best economic and financial experts, is that this depression,
though of the major type, is by no means as severe as a number of others
through which the nation has passed.
"It is not my purpose to weigh you down with statistics. There are
many methods by which the severity of any business depression, as well
as the degree of more than normal prosperity which may be prevailing
during other periods, can be measured. It is sufficient to say that these
methods agree upon the conclusion that the present depression has not,
thus far at least, been by a perceptible degree as severe as that which
occurred in 1921 ; or during the first two years of the World %Vali ; or in
1908, following the panic of 1907; or as the depressions which followed
the collapses of 1893, 1883, and 1873. Moreover, many signs raise the
hope that the worst has been passed with the present midsummer. Upon
this, also, the best of our authorities are in quite general agreement.
"How are the railroads faring In these times when so many people are
looking back with vain regrets to the piping days of 1928-1929, momenDecline in Farm Income.
Easy credit conditions at the present time are general throughout the tarily forgetting that the over-activity of those times was at least as
country, as indicated by the small volume of indebtedness of member banks abnormal as the under-activity Cow? In no previous period of notably
business ace reduced traffic have the railroads exhibited anyto the Reserve Banks In all Federal Reserve Districts. The growth of depressed
deposits, however, which has occurred during the year. has not been felt thing like the grasp upon the problem of expense control which Is in
- evidence now. The saving, moreover, is being effected without p-rtnitting
by rural communities, as is shown by the following chart (this we omit
Ed. which presents the course of net demand and time deposits of country deterioration of the properties. It Is concentrated upon actual transportabanks in 21 agricultural States. The chart shows that there has been a tion expenses, though naturally maintenance work, while fully adequate
rapid decline In deposits of both kinds In these banks for more than a year to present needs, is les, in volume than last year because reduced traffic
and that at the present time their level Is lower than at any time In recent makes less wear and tear.
"For the first time, then, the railroads are going through an important
years. This low level of deposits of country banks Is related to the fact
that the income of farmers In these States has been diminished by the period of sharply reduced traffic without letting their properties run
down. This means that they will be ready, as never before, for the next
decline in the value of products marketed.
Current agricultural income Is being sharply reduced, as compared with era of prosperity when it comes. Insofar as the Pennsylvania RR. is
a year ago, chiefly by the decline in prices of farm products, which has not concerned, let me quote from our Vice-President, Mr, Elisha Lee, In a
been offset by larger output. The following table show product ion of the recent statement upon the general railroad situation, which attracted
widespread comment. Mr. Lee said, referring to the Pennsylvania:
nine leading crops. as estimated by the Department of Agriculture on
Sept. 1 1930, compared with the volume in 1929 and the five-year average
"'Our engines, cars, roadway. yards. bridges, elem, repair shops. romulhouseS
and all other facilities are tieing kept at the Detik of efficieney. CO that the flow 0
1924-1928:
commerce will find free channels when it starts to move faster again.'
PRODUCTION OF NINE LEADING CROPS.
"It is not possible, of course, for me to speak authoritatively with regard
to other railroads, but I can only say that every evidence, in published
5
-Year Ayer1930. Sept. 1
reports and records, indicates that a generally similar condition prevails
age. 1924-1928.
1929.
Estimate.
at least on the Important railroad systems of the country.
1.983.000.000 2.614.000.000 2.700.000.000
Corn (bushels)
"The railroads in the last seven years have spent $5.800,000,000
upon
578.000.000
597.000.000
551.000.000
Winter wheat (bushels)
the improvement and betterment of their properties. This year they are
228.000.000
283.1.00.000
240.000.000
Spring wheat (bushels)
spending approximately $1,000,000,000 for the same purpose. The
1,301.000.000 1.231.000.000 1,372.000.1100
Oats (bushels)
most
306.000.000
24t .000.000
323.000.000
Barley (bushels)
recent reports of work thus far done show large Increasess over the expendi101.786.000
93.600.000
82.095.000
Tame hay (tons)
tures of last year. The action of the railroads in three respects Is ample
14.828.000
15.028.000
14,340.000
Cotton (bales)
proof that they are united upon a constructive program. Let me
360.000.000
393.000.000
335.000.000
White potatoes (bushels)
quote
,
T..honon Indblinfl,
I son 1147 non 1.519.000.000 1.302.000.000
Mr. Ensile Lee once more:
"'The railroads are again attesting their faith In the country. The United
Corn production this year as a result of the drouth Is expected to fall
has gone through many periods of slack business. We have always come out states
better
below 2.000.000,000 bushels, as compared with 2.600.000.000 last year and oft than hefore. We shall do so this tIniet. The great
hussinesses ittni
2.700.000.000 on the average during the preceding five years. The wheat fortunes of this continent have been built op by men who are Imelligent the great
optImIstS
larger than last year, on America. Such men are shaping our railroad policies to-day. They are shaping
crop in the aggregate is expected to be somewhat
and about as large as the five-year average. The cotton crop is expected to them for a future greater than anything In our past.'
"Thus we have a picture of the railroads looking forward confidently
be smaller this year than either in 1929 or in the preceding five years. This
to the years to come. Nothing seems more certain than, as one of the
decrease In two of the important crops has been accompanied by pronounced
I
OCT. 18 1930.1
FINANCIAL CHRONICLE
2485
Bence Italo Britannica has offices in Genoa, Naples,
great banks of the country has put it: 'The future of the railroads, as
far as their ability to keep pace with rapidly changing economic con- Rome, Trieste, Turin, Venice and Milan, which will augment
deeper entrenchditions is concerned, should be characterized by an even
the 29 branches maintained by Banea d'America e d'Italia
ment In the economic structure of the country.'
perfectly possible that the railroads may relinquish still more of in the principal centers of Italy. Associated with the latter
"It is
their passenger business to motor cars, chiefly privately owned automo- bank and under the same management is an investment
biles. But, as in the past, it will be principally the shorter haul busi- affiliate, Ameritalia Corp., likewise controlled by Transness, much 'of which has long been recognized as unprofitable and much
of which has involved considerable net losses. Traffic of this character is america.
to a great extent an interference with the true business of the railroad,
At the end of 1929 the resources of Banea d'America e
which is that of rendering long-distance mass transportation. In any d'Italia were 1,682,521,000 lire. Banco halo Britannica in
event, whatever the railroads may lose in the shorter haul passenger service
992,000,000 lire.
they have a magnificent chance to make up, and more than make up, on April of last year reported assets of
the longer hauls.
Reference was made to the acquisition of Banes Italo
"While the total number of passengers carried, and the total number Britannica by Banos d'America e d'Italia in our issue of 4
of passenger miles handled, as well as total passenger revenues, have been
decreasing for a number of years, it is widely known that the business Sept. 13, page 1651
on long-distance through passenger trains has more than held its ground,
especially where the service has been extended and improved to meet Issuance To-day of Our Special Number Reporting
present-day demands.
Annual Convention of American Bankers Asso"The 'blue ribbon' train service of the Pennsylvania R.R. is a splendid
ciation—Resolution on Branch Banking as Passed
example of what is going on. We have speeded up through schedules in
every direction, increased the number of trains, and added to every feature
by Association.
contributing to the convenience, comfort and luxury of travel. To-day
With the "Chronicle" to-day we are issuing as a separate
type in each direction
we are operating four 24-hour trains of the highest
daily between New York and Chicago, and two of the same type, each publication our annual number, the "American Bankers'
way, daily between New York and St. Louis on 23-hour schedules. A few
Convention Section," reporting the proceedings of the
years ago we had only one 24-hour train each way on the New York.
Chicago route, and the fastest service to and from St. Louis was 24 hours, annual convention of the American Bankers Association
represented by one train daily in each direction. Prior to that there was a held at Cleveland Sept. 29 to Oct. 2. Besides the speeches,
period when our fastest St. Louis time was considerably over 24 hours.
reports, &c., at the general convention, we likewise give
"The patronage of these trains is much heavier than ever before, clearly
and
Indicating public appreciation of the fact that on long journeys railroad all of the reports and addresses of all of the divisions
travel has advantages of very high character over any other form of sections of the Association, this data including in their
transportation. The future will doubtless bring forth further Improve- entirety the resolutions adopted. We take occasion to
talents, scene of which may be of quite astonishing nature. For example,
the resolutions adopted at the general
our company's President, General Atterbury, has not long ago indicated print here, however,
that he regards 14-hour train service between New York and Chicago as convention on branch banking, since the earlier text of this
a distinct possibility of the future.
resolution (as given in these columns Oct. 4, page 2128) was
"The railroads are also entering in important degree the field of
improperly reported therein. The resolution as approved
passenger transport by motor coaches and by airplane. The one provides
by the Association follows:
a cheaper form of service than the trains; the other a faster one.
The American system of unit banldng, as contrasted with the banking
"Rail-air passenger service Is proving a great success, particularly on
coast-to-coast journeys. This is illustrated by the fact that the T. A. T.- system of other countries, has been peculiarly adapted to the Molly divers Maddux rail-air line from New York to Los Angeles, which the Penn- fled community life of the United States. The future demands the consylvania helped to inaugurate in the summer of 1929, has increased its ti ued growth and service of the unit bank in areas economically able to
business, 1,000% within the last year. While we believe that both buses support sound. Independent banking of this type, especially as a protection
and airplanes will continue indefinitely to be supplementary and auxiliary against undue centralization of banking power. Modern transportation
services to the railroads, even in the field of passenger transport, it will and other economic changes, both in large centers and country districts,
thus be seen that the railroads are moving Into a position to avail make necessary some readjustment of banking facilities.
In view of these facts. this Association, while reaffirming its belief in
themselves of the future growth of these forms of service.
resolutions
"In the field of freight service there is absolutely nothing in sight to the unit bank, recognizes that a modification of its former
Association
check the supremacy of the railroads, ease for small shipments over short condemning branch banking in any form is advisable The
of community-wide branch banking
distances, which may be handled more efficiently by motor trucks, and believes in the economic desirability
In rural districts
possibly a small amount of very light freight or express matter which, on In metropolitan areas and county-wide branch banking
account of great value or urgent need, may be moved by airplane at where economically justified.
The Association supports in every respect the autonomy of the laws of
high rates.
banking. No class of banks in the several
"Picture to yourselves a railroad train of 100 cars, moved by one the separate States in respect to
enjoy greater rights in respect to the establishment of branches
engine, and carrying 5,000 tons of coal or iron ore. In such a train there States should
chartered under the State laws.
Is one mative power unit to maintain, and a crew of perhaps five men. than banks
Then, imagine how many motor trucks, or, if you wish to go the full
limit, how many airplanes would be required to carry the same lading, Annual Convention of investment Bankers' Association
and how many motive power units there would be to keep in repair; how
—Gov. Black of Federal Reserve Bank of Atlanta
many drivers, assistant drivers, pilots, or assistant pilots; how many
Holds Depression Mainly Result of Failure of Ammechanics would be required.
"I think such a brief exercise of the imagination ought to dispose once
erican People to Live Within Means—President
and for all of any Idea that there is the slightest danger of the important
Callaway Finds Delegates "Calmly Optimistic"—
freight traffic of the country leaving the railroads either for the highways
Committee Report Sees Country Banks Hampered
sir.
or the
by "F:rozen Loans"—Silas H. Strawn Discusses
"I have one final thought to leave with you. Please do not interpret
anything that I have said as minimizing the seriousness of the revenue
Rising Tax Burdens, Citing New York City—H. T.
losses which the railroads are now suffering or the difficulty of the
Ferriss Elected President.
problems which they are facing.
"A decline approaching one-third in net revenue, even as compared with
On Oct. 12 with the bringing under way of the Annual Conthe very prosperous year, cannot be considered as anything but a serious
vention in New Orleans of the Investment Bankers' Associamatter, especially in a business so fundamental as that of rail transportation.
Fish &
"I am only endeavoring to call your attention to the fact that the tion of America, Trowbridge Callaway, of Callaway,
railroads are boldly facing their difficulties and problems, and that they Co. of New York stated that he found the sentiment of the
are making certainly more than a moderate measure of success in meeting
600 delegates from all parts of the country definitely crysthem. Assuming fair treatment by the regulative and legislative authorities. and a willingness on the part of our patrons to allow them fair tallized on the belief that "better times are close ahead."
freight rates in the future—which means in some instances a more
Further indicating what President Callaway had to say, a
remunerative scale than is now in effect—I see nothing to fear in the
dispatch to the New York "Times" quoted him as follows:
long term outlook for these properties. They will rise out of present
Expressing the conviction that the convention would be among the most
conditions stronger than ever before, and better equipped to meet the
he continued:
needs of the public which they have now faithfully served for over one productive In the Association's history,
"I find the delegates from all parts of the nation very calmly optimistic.
hundred years."
They are undisturbed by the vague fears that have been so prevalent.
"In common with other lines of business, we have been going through
a trying experience. Nevertheless, only a few of our working force are
Enlarged Directorate of Banca d'America e d'Italia absent. Some of our committees, which are really small research organizaAnnounced by Elisha Walker, Chairman of Trans- tions that Investigate different problems of finance.., report a larger attendance of committee members than at previous conventions.
america Corp.
-The conventions of this Association have always consisted of a series
In announcing the acquisition of Banat Italo Britannica, of hard-working meetings. Including the deliberations of the Board of
has been no hesiMilan, by Bence d'America e d'Italia, a branch banking Governors and the various research committees.a Thereevident confidence
tancy in getting down to hard work. There is very
system in Italy controlled by the Transamerica Corp., the that is most encouraging.latter stated on August 30 that strong British interests were
The convention was formally opened on Oct. 13, and at
associated in the transaction and would be represented on which time Associated Press accounts from New Orleans in
the Board of Directors of the acquired bank.
part said:
With about 600 delegates registered, it is one of the smallest gatherings
Elisha Walker, Chairman of the Transamerica Corp.,
In recent years. Last-minute cancellations due to
stated October 14 that the enlarged directorate of Banat of the association at home reduced the attendance by at least 250. IOUs
pressure of business
d'America e d'Italia includes the following men:
more than half of the cancellations occurring in New York.
of committee reports, a new
P. Ashley Cooper. President. Primitive Gas Co., Buenos Aires. Argentina,
To simPlty procedure in the submission
and President British Italian Holding Co., London; B. A. Hambn. Di- plan was adopted this year. All of the committees held special meetings
rector, British Italian Holding Co., London; E. F. Spurgeon, Deputy Sunday under the supervision of President Callaway, and final drafts of
General Manager, Prudential Assurance Co., London: J. Henderson, all reports were made.
During the general meetings today, Tuesday and Wednesday summaries
Managing Director, Cucirini Cantoni co.. man:C.s. Cobboid. Managing
of these reports will be read by the Chairmen and full copies will be given
Director, Hallam Excess Insurance Co., Milan.
2486
FINANCIAL CHRONICLE
[VOL. 131.
to the delegates. Thus more time will be made available for general
discussion of the reports.
Another innovatIon will be a closed session this afternoon, open only
to accredited delegates and representatives of members and excluding the
press. At this sess:on the problem. confronting investment bankers
,
will
be aired and suggestions for solution invited.
D. Dickey, Brown Brothers & Co., Philadelphia; William H.
Edy, Chase Securities Corp., New York; Bernard W. Ford,
Tucker, Hunter, Dulin & Co., San Francisco and Sidney R.
Small, Harris, Small & Co., Detroit; William J. Wardell,
Mr. Callaway's address as President of the Association was Bonbright & Co., Chicago; Treasurer, William T. Bacon,
presented on Oct. 13, and according to the New York Bacon, Whipple & Co., Chicago; Secretary, C Longford
"Journal of Commerce" he asserted that though commodity Felske, Chicago.
prices have declined drastically, the final stage of that readjustment is being neared. He declared that speculations ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
have passed and old fashioned standards of judging values
Arrangements were reported made this week for the
re-established. Investment bankers were called upon by transfer of a New York Stock Exchange membership for
him to lead in establishing normal confidence and reinstate- $255,000. Last preceding sale $221,000.
ment of law of supply and demand. The same paper in part
The New York Cotton Exchange membership of J. Joseph
reported him as saying:
"Business to-day does not need artificial respiration," he said. . . . O'Donnell was sold at auction this week to Eric Alliot for
$18,000. Last preceding sale $19,000. The membership
Calls Credit Structure Sound.
"The credit structure is sound, with low interest rates and ample funds. of Edward H. Hamlin was reported sold to Adolph E.
Savings are increasing and prices for high grade bonds are improving. Norden
for another for $17,500.
Our eading industries are in sound financial
and operating condition.
Manufactured 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."
Eugene R. Black, Governor of the Federal Reserve Bank
of Atlanta, and Silas H. Strawn, of Chicago, were the
speakers at the Convention, the first named told the Association on Oct. 14 that "impregnable courage and not merely
confidence is needed in American business." Quoting him
thus, the New York "Times" dispatch further indicated
what he had to say as follows:
"We have been living in an automobile, a frigidaire, a radio era and
have been sitting in an atmosphere of a Corona-Corona," he said. "We
cannot pay our debts and continue in that atmosphere. Let us not fool
ourselves."
Casting aside a prepared address on investment possibilities in the
South, Governor Black electrified the bankers with an Impromptu speech
setting forth his warning of overspending by tne public.
"I do not agree with those men who, in their optimism, are declaring that
prosperity is right around the corner," he continued, "or 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.
Mortgages Make Farm Problem.
"We cannot have any permanent prosperity when there is a load of debt
around our necks. A mortgage on t he 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 problems. I believe we
have got to do a sound thing. I believe we have got in America to assert
our character.
"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 in American business courage. Confidence is not all that is
required. Confidence bespeaks timidity. And there is not so much timidity
as fear in America.
Advises Business Courage.
"I am talking plainly to you men." Governor Black said. "I dont know
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."
Governor Black emphasized that America is not faced with domestic
depression alone, but with world-wide conditions. America, he said, cannot
remain Independent and work out her own problems without thinking in
terms of world-wide problems.
In his prepared speech Governor Black trcaed the growth of industry
in the Southern States, pointing out that their output is now one-sixth of
the industrial output of the nation, with the ratio $10,600,000,000 to $62,000,000,000.
Mr. Strawn, who spoke before the Committee on Oct. 15,
declared against rising civic taxes, citing New York as an
example of increasing costs which may make the tax burden
confiscatory.
Classification in connection with brokers' loans published
by the Federal Reserve and the New York Stock Ecxhange
to distinguish between stocks and bonds was suggested by
Henry R. Hayes,of Stone & Webster and Blodget, Inc., New
York, Chairman of the Money and Credit Special Committee
according to the New York "Journal of Commerce" from
which the following is also taken:
Country banks to some extent are at present faced by difficulties created
through the holding of "frozen loans," according to the report of the commercial credits committee of the Investment Bankers'Association of America
in conference here. In some cases this has resulted in an awkward situation,
it was said.
The report by the Chairman, H. F. Boyton of F. S. Moseley & Co. of
New York, said that distribution of commercial paper has widened considerably since the beginning of the year This movement, It was pointed
out, had resulted from the efforts of country banks to build up secondary
reserves eligible for rediscount at the Federal Reserve Banks. In addition,
it was held, borrowing corporations preferred in many eases to become
independent of their b..nk credit lines by resorting to the use of the open
market. where lower rates were frequently obtainable.
Henry T. Ferriss of the First National Co. of St. Louis,
was elected President of the Association succeeding Mr.
Callaway. Other officers elected were: Executive VicePresident, Alden H. Little, Chicago; Vice-Presidents Charles
The New York Cocoa Exchange membership of J. A.
McGlade was reported sold this week for $2,300 to E. L.
Cleverly for another. Last preceding sale $2,200.
The American Trust Co. of New York, it was announced
this week, will merge with the Bank of Manhattan Trust Co.
Plans for this consolidation are progressing, as the directors
of both banks have approved it, and it will be effective as
soon as the necessary arrangements can be completed. The
American Trust Co. was organized in 1919 and has its main
office at Broadway and Cedar Street, with ten other offices
throughout New York City. Its stock is entirely owned by
the New York Title and Mortgage Co., a unit of The Manhattan Co. The Manhattan Co., the parent company, is
said to have over $150,000,000 of capital funds, and it controls the Bank of Manhattan Trust Co., International Acceptance Bank, Inc., International Manhattan Co., Ine.i
and the New York Title & Mortgage Co., with its subsidiaries
the American Trust Co., The County Trust Co. of White
Plains and the National Mortgage Corp. The Bank of
Manhttan Trust Co. is a unit of the Manhattan Co., one of
the oldest financial institutions in this country. It has 69
offices in Greater New York, and its resources are approximately $400,000,000. The American Trust Co. will bring
to it additional resources of over $61,000,000.
The trustees and officers of The New York Trust Co. and
the Safe Deposit Co. of The New York Trust Co., announce
the formal opening of their new Fifth Avenue Office at Fifth
Ave. and Fifty-seventh St., on Monday, Oct. 20. The trust
company announces that with the completion of the fifteenstory building at 1 East 57th St., its "Fifth Ave. Office" will
be properly housed, and its official staff broadened to provide
directly and comprehensively for banking and trust services
in all forms. Foreign department facilities will be available, as well as unusually complete safe deposit vaults.
J. H. Van Alstyne, President and director of the Otis
Elevator Co., was elected a director of the American Express
Bank & Trust Co. at the regular board meeting on Oct. 14.
Mr. Van Alstyne fills the vacancy caused by the death of
William D. Baldwin, former Chairman of the board of directors of the Otis Elevator Co.
Douglass B. Simonson, 34-year-old son of W. A. Simonson, Senior Vice-President of the National City Bank of
New York and who has been connected with that institution
for more than forty years, was this week elected a VicePresident of the bank at a meeting of the directors. Young
Mr. Simonson formerly was located in the London office
of the National City Bank of New York, but returned to
this country ten years ago to be assigned to the new Fifth
Avenue branch. He was appointed Assistant Cashier in
July 1923. He was made an Assistant Vice-President in
July 1927, since which time he has been located at the
Forty-second Street branch. The elder Simonson was
elected a Vice-President of the National City Bank of
New York also at the age of thirty-four. The elder Mr.
Simonson began his banking career in 1880 at the age of
fifteen with the Second National Bank of Newark, where
he remained for a period of ten years, leaving to join the
staff of the National City Bank of New York as a clerk at
a time when the late Percy R. Pyne was President. In
1896 he was appointed Assistant Cashier and in 1901 he .
became Vice-President. He also was President of the Second National Bank of New York when that institution was
consolidated with the National City Bank of New York.
OCT. 18 1930.]
FINANCIAL CHRONICLE
The National City Bank of New York opened on Oct. 15
its forty-sixth branch in Greater New York. The new unit
known as the East End Branch and located at the southeast
corner of 79th Street and First Avenue, offers the full banking, investment and trust facilities of the world-wide National City organization.
2487
by tel-autograph from tellers' cages to the central accounting department.
This eliminates the possibility of error and oonserves time for the customer
at the counter. Pneumatic tubes connected all departments. There are
automatic interconnecting telephones. Comfort of both customer and employee is cared for by systems for maintaining an even temperature and providing fresh air.
The entrance to the banking rooms is through a bronze doorway of Gothic
proportions, handsomely carved. The interior decoration follows the spirit
of the dignified facade. The vestibule of red Levanto marble leads into the
banking rooms, where the walla and columns are of coral colored Floredo
marble trimmed with jaspered black. Ornamental capitals are decorated in
bas relief with figures symbolic of Work, Success, Honesty and Thrift.
Around the walls is a decorative frieze of dolphins, the symbol used by the
early, Florentine bankers. Floors are of travertine.
G. Foster Smith has been elected President of Midwood
Trust Co. of Brooklyn, succeeding Henry J. Davenport,
who became Chairman. Robert Ramsey, formerly Chairman, has been made Chairman of the executive committee.
Mr. Smith was formerly President of Nassau National Bank
According to its latest statement (Sept. 24) the Second
of Brooklyn. Following the merger of the Nassau with
Bank of America early last year, Mr. Smith was placed in National Bank shows capital of $2,000,000, surplus and uncharge of all Brooklyn offices. He resigned in July this year. divided profits of $4,828,222, and deposits of $42,397,737.
Besides Mr. Beal, the other officers are: R. M. DeCormls,
The Irving Trust Co. of N-ew York is distributing a one- Merton E. Ober, Raymond C. Dexter, and H. E. Stone (and
edition newspaper to notify the people of City Island of the Cashier) Vice-Presidents; Harry H. Briggs, John A. Hunopening of our City Island office, Saturday, Oct. 18. This neman, Leslie N. Rowe and Frank W. Bryant, Assistant
office, which is located at 267 City Island Ave., will be the Cashiers; L. E. Stover, Assistant Cashier and Manager of
first bank in the history of the Island. It will be under the the Foreign Department; Henry L. Pearce, Auditor; Albert
supervision of Harry Weiss, Assistant Vice-President, with F. Seagrave and B. C. Jones, Trust
Officers, and C. B. HigRobert E. Heintz in immediate charge. It is observed from gins, Assistant
Trust Officer.
the first page of the paper, that the business men and
residents of the Island are prepared to accord a noteworthy
On November 17, 1930 the Kidder Peabody Trust Co., of
welcome to the new bank.
Boston will move to larger quarters at 111 Devonshire Street,
The New York "Times" of Oct. 9 stated that W.Douglass formerly occupied by the Second National Bank of Boston.
Mott, former President of the Bellport National Bank, Checking accounts, trust accounts, safe deposit boxes and
Bellport, L. I., pleaded "guilty" the previous day before coupon rooms will be conveniently located on main banking
Federal Judge Inch of Brooklyn to an indictment charging floor.
him with making false entries in the books of the institution.
Joshua Melancthon Addeman, Vice-President of the IndusThe Court deferred sentence until after the trial of William
trial Trust Co., of Providence, R. I., since 1895 and for fifDouglas Miller of Tenafly, N. J., charged with defrauding
the Elmhurst National Bank, Elmhurst, L. I., by means of teen terms Rhode Island's Secretary of State, died on Oct.
fraudulent notes. Mr. Miller is to go on trial Oct. 20, when 13 at Thompson, Conn., in his ninetieth year. Mr. Addeman,
Mr. Mott is expected to be used by the Government as a who was one of the leading bankers of Rhode Island, was
witness against him. The paper mentioned furthermore born at Bay of Islands, New Zealand, on Nov. 15, 1840.
stated that Albert H. Hansen, former President of the When he was 4 years old his parents went to Providence.
In the Civil War Mr. Addeman served as a private in the
Elmhurst National Bank, who pleaded "guilty" several
months ago to misappropriating the funds of the institution, defense of Washington. While on a furlough he reappeared
will also be used as a witness against Mr. Miller. The on the campus at Brown University just in time to give the
indictment of these men together with several others by the oration at the commencement exercises of his class. He reBrooklyn June Grand Jury was noted in the "Chronicle" of fused a commission as a captain before the war was over,
July 25, page 579.
and later returned to Providence, where he studied law and
At a meeting of the Board o- f Directors of Marine Midland entered politics.
Trust Cu., held Oct. 15, Frank A. Ketcham, president of
The Hartford National Co., a newly organized affiliate
Graybar Electric Co., was elected a director.
of the Hartford National Bank & Trust Co., of Hartford,
At the close of business Sept. 30 1930, the Genesee Na- Conn., has acquired the Bankers' Trust Co., one of the
tional Bank of Buffalo, N. Y., with capital of $250,000, youngest of the Hartford banking institutions, according
was placed in voluntary liquidation. The bank was ab- to the Hartford "Courier" of Oct. 10. The Hartford Nasorbed by the Commercial Trust Co. of Buffalo. An item tional Co. was organized on Oct. 8 with authorized capital
with reference to the proposed merger of the Genesee Na- of $1,000,000 and par value of shares $100. The Hartford
tional Bank with the Commercial Trust Co. appeared in the National Bank & Trust Co. subscribed the entire capital.
Aug. 0 "Chronicle," page 886.
The officers are: John 0. Enders, Chairman of the Board;
Robert B. Newell, President, and George F. Kane, SecretaryOn Tuesday of this week, the Second National Bank of
Treasurer. The Bankers' Trust Co., founded in 1927, acBoston opened its attractive and spacious new banking quarcording to its last statement, Sept. 24 1930, is capitalized
ters in Boston's newest skyscraper at Franklin, Devonshire
at $250,000, with surplus, undivided profits and reserves of
and Federal Streets. For the last 18 years of Its 98 years
$429,292; has deposits of $5,025,125, and total resources of
of existence the bank has been at 111 Devonshire Street
$5,713,106. The par value of its shares is $100. The price
and now by a peculiar coincidence its new location is at 111
paid by the Hartford National Co. for the 2,500 shares outFranklin Street. The bank occupies the street floor, mezzastanding was $400 a share, so that the transaction reprenine and basement. The officers, headed by Thomas P.
sented $1,000,000. The paper mentioned furthermore said,
Beal, the President, were busy all day greeting customers
in part:
and many others who called to inspect the new quarters and
For the capitalization of the Hartford National 0o.
Hartford National
to offer their congratulations. Flowers also were received Bank & Trust Co. took the necessary $1,000,000 fromthe undivided profits
its
from banks, investment houses and business concerns. The account. Stockholders of the Hartford National Bank Si Trust Co. will
have a
Boston "Transcript" of Oct. 14, from which we obtained the the fact beneficial interest in the Hartford National Co., endorsement of
to appear on the certificates of the bank's stock. This plan of
above information, in describing the banking quarters said: giving the stockholders a beneficial interest is similar to that practiced
The main floor is divided into two sections of equal size by the corridor
that leads to the elevators. The commercial department is at the right as
one enters the building from Franklin Street, with desks of officers readily
accessible to customers. The senior officers have available three private
conference rooms. Tellers' and loan clerks' cages are most accessible. At
the left of the entrance is the section devoted to the trust department
and the foreign department, and from this room a wide flight of marble
stairs leads to the safe deposit and note collection departments in the basement. An impressive feature of the equipment is the vault. It embodies
the most up-to-date ideas in vault construction and has massive steel doors.
Phonetalarms inside the vault are so delicately adjusted that the slightest
sound after the doors have been closed will set off an alarm. Coupon rooms
for customers are close by the vault.
The room for the directors is on the mezzanine floor over the trust department, and credit and new business are taken care of in the corresponding
space over the commercial department.
Latest mechanical devices for safety, accuracy and speed have been installed in all departments. For instance, written message] are transmitted
by the First National Bank of New York and other banking institutions.
In the organization of the affiliate, providing the capital from undivided
profits, the stockholders of the Hartford National Bank Si Trust Co. benefit
immediately and in the future will enjoy the benefits to be derived from
the growth of the company.
. .
There will be no change in the management and personnel of the Bankers'
Trust Co. Porter B. Chase recently resigned the presidency of the Bankers' Trust Co. because of ill health. A successor will be elected shortly,
it is expected. At this time George F. Kane, Vice-President of the
Hartford
National Bank St Trust Co., has been helping the bank in Mr. Chase's
absence. Mr. Kane has been elected Secretary-Treasurer of the Hartford
National Co. The Bankers' Trust Co. will be operated as a separate entity,
d
Connecticut bank charter and having its own board of officers
and
The stock of the Bankers' Trust Co. will be held by trustees, five of
whom are directors of the Hartford National Bank Se Trust Co., and are
Me.ssrs. J. 0. Enders, Robert B. Newell, Morgan B. Brainard, Charles P.
Cooley, and Charles G. Woodward, and also Frederick B. Rentschler and
Porter B. Chase. All are trustees of the Bankers' Trust Co. . . .
2488
FINANCIAL CHRONICLE
Measured by the success attained by the Bankers' Trust Co. since its
organization, the future is regarded as holding forth bright prospects.
Since its formation the interest of officers and directors of the Hartford
National Bank de Trust Co. in the Bankers' has been considerable. The
respective boards of trustees and directors have been closely associated.
In passing on an indirect interest in the Bankers' Trust Co. to their
stockholders the Hartford National Bank & Trust Co. has acted generously
and under ordinary conditions would be reflected in the market price of the
bank stock. Now the stockholders have an excellent prospect of an
additional source of earnings.
The total resources of the Hartford National Bank & Trust Co., according to the most recent statement as of Sept. 24, amounted to $44,848,023,
of which $31,634,977 was in deposits. The undivided profits and reserves
in the aggregate amounted to $2,943,048. After the organization of the
sew company the reserver were reduced to the amount of the $1,000,000
capital of the new company.
From the Hartford "Couran- t" of Oct. 10 it is learned that
the Hartford-Connecticut Co., Hartford, Conn., the subsidiary corporation of the Hartford-Connecticut Trust Co:, has
acquired a substantial stock interest in the First National
Bank of Stafford Springs, Conn., and' has made an offer to
take all the stock on a cash and stock exchange basis. The
offer made to the stockholders of the Stafford Springs Bank
Is $200 in cash and 13% shares of stock of the Hartford-Connecticut Co. for each share (par value $100 a share) of
First National Bank of Stafford Springs stock. This is equivalent, it was stated, to $600 a share based on a valuation of
$30 a share for Hartford-Connecticut Co. stock. The First
National Bank of Stafford Springs Is capitalized at $50,000,
so that amount represented is approximately $300,000 for the
institution. We quote further in part from the "Courant"
as follows:
1
[VOL. L3 .
President; H. R. Wilkin, Executive Vice-President and
Cashier; Lloyd G. Kirby, Vice-Pregident and Trust Officer;
John E. Storer, N. H. Bloysey, Charles J. French, W. E. Fellows, A. M. Davison, Robert T. Longxvay, and C. F. Barth,
-President;
Vice-Presidents; Wilfrid C. Dickie, Assistant Vice
Herbert J. Strasier, Auditor and Earl F. Johnson, D. W.
Chambers, Edward Holmes, and E. C. Reid, Assistant Cashiers.
The Second National Bank of Uniontown, Pa. and the
Third National Bank of the same place, both capitalized at
$200,000, were consolidated on Oct. 1 under the title of the
Second National Bank of Uniontown. The enlarged institution is capitalized at 91400,000.
Everett Hickman, Presiden-t of the First National Bank of
Frankford, Del., committed suicide on Oct. 13 by shooting
himself in the bank. Death came later in the day at a
hospital in Lewes. His act was attributed to worry over ill
health. Mr. Hickman was born in Frarfkford 68 years ago
and had been President of the First National Bank since
1907. He was also a director of the Delaware Railroad Co.
The People's State Bank of South Bend, Ind., was closed
on Oct. 8, following a meeting of its Directors the previous
day, according to advices from that place on Oct. 8 to the
Indianapolis 'News." Heavy withdrawals which started
last June and which had continued since that time together
with "frozen" loans are believed to be responsible for the
bank's embarrassment. Thomas B. Barr of Indianapolis,
Deputy State Bank Commissioner, has assumed charge of
the institution and auditors are at work on the books. We
quote further from the dispatch as follows:
The bank Is said to nave assets of $1,100.000, of which $400.000 is in
More than a majority of the stock will have to be deposited to make the real estate mortgages, the real value of which is yet to be determined.
deal effective. It is believed that this will be accomplished. Notice of Officers of the bank are Clement Smoyer, President; John G. Neizgodski,
the offer by the Hartford Connecticut Co. was sent out to stockholders of Vice-President, and Stanley J. Chelminiak, Cashier. The bank was
the First National Bank of Stafford Springs on Thursday (Oct. 9). Large organized twelve years ago.
holders of stock of the bank were pleased with the offer and indicated their
As of Sept. 16 1930, the Farmers National Bank of Edinintention of depositing their holdings in accordance with the terms of the
agreement it was stated. . . .
burg, Ind., with capital of 1125,000, went into voluntary
Nathan D. Prince, President, stated Thursday (Oct. 9) that the original liquidation. The institution was absorbed by the Thompson
Intentions in the formation of the Hartford Connecticut Co. are being fol- State Bank of the same place.
lowed. Negotiations are in progress for other banks, but announcement at
this time would be premature.
Edwin H. Lindow, President, Union Title & Guaranty
The Hartford Connecticut Co. now owns the First National Bank of MeriCo., Detroit, was chosen President of the American Title
den, the Rockville National Bank, into which the First National Bank of
at Richmond, Virginia,
Rockville was recently merged, and the Middletown National Bank (all of Association at its annual convention
Connecticut). These hanks, with the First National Bank of Stafford Oct. 8. An announcement in the matter said:
Mr. Lindow is one of the youngest men ever to hold this office In the
Springs, have resources of approximately $6,600,000.
The capital of the First National Bank of Stafford Springs is $60,000 and national association. He has served as Vice-President and Chairman of
the American Title Association, and has been actively Interested in both
its surplus is also $60,000. Undivided profits and reserves are approxithe national and Michigan associations for many years. Mr. Lindow has
mately $160,000. Total resources are about $1,100,000.
Guardian Detroit
The First National Bank of Stafford Springs was organized In 1888 and been with the Union Title & Guaranty Co., a unit of the
Group, for more than 20 years.
owns its own banking house, desirable central property occupying a com- Union
manding location in the business center. Some of the property is rented.
A. P. Grim has been appointed President of the First NaPursuing its policy in regard to taking over local banks the Hartford
Connecticut Company does not contemplate any changes in the First Na- tional Bank in Mt. Clemens, Mich., succeeding Henry Stetional Bank of Stafford Springs. The executive 'tall, board of directors phens who resigned, according to the Michigan "Investor"
and clerical force will be continued.
resignation was occasioned by the
of Oct. 11. Mr. Steven's
fact that he travels very extensively and is therefore unable
to give the bank his full attention. He is retaining all of
his stock, it was stated. Mr. Grim, the new President, went
to Mt. Clemens In 1893 to enter the clothing business. He
was one of the Initial directors in the Citizens Savings•Bank
which was organized in 1900. He was made the second
Vice-President of the Citizens Savings Bank several years
ago and held that position until he sold his stock to the
American State Bank four months ago. He then affiliated
As the result of expansion of the commercial business of
himself with the First National Bank and was made a memColonial Trust Co. of Pittsburgh, the directors of the
the
ber of the Board of Directors.
Institution on Oct. 14 created an additional Vice-Presidency
The First National Bank of Lyons at Clinton, Iowa, capiand appointed C. F. Niemann to the position, according to
the Pittsburgh "Post-Gazette" of the following day, which talized at $100,000, was placed in voluntary liquidation on
Oct. 7. The institution was taken over by the City National
continning said:
Mr. Neimann Is President of the Parkersburg Iron de Steel Co. In addi- Bank of Clinton.
The following changes have been made in the personnel
of the Peoples National Bank of Stamford, Conn., according
to the Hartford "Courant" of Oct. 11: Dr. Frank H. Barnes,
heretofore President, was promoted to Chairman of the
Board of Directors, while C. E. Ailing, formerly a Vice..
President, was appointed President in his stead, and C.
Russell Waterbury and Joseph A. Boyle, were made VicePresidents. The Peoples Nat.Bank was organized in 1923.
tion to his activities In the steel business. Mr. Niemann has had a wide
experience in banking. He is President of the Fifth Avenue Bank and was
for many years a director of the former Citizens' Savings Bank. He has
been one of the most active members of the Board of the Colonial.
Mr. Niernann is also Vice-President of the Manufacturers Light & Heat
Co., and a director of the Sewickley Gas Co., the New Cumberland Water &
Gas Co.. and the Globe Insurance Co., of America. He has been in the
steel business for 26 years.
The Producers National Bank of Tulsa, Okla., an institution capitalized at $250,000, was placed in voluntary liquidation on Sept. 3. The institution was succeeded by the
Fourth National Bank of Tulsa.
Effective Sept. 20, the First National Bank of Westville,
A charter was issued on Oct. 9 by the Comptroller of the Okla., capitalized at $25,000, went into voluntary liquidaCurrency for the Union National Bank of Sewickley, Pa., tion. It was absorbed by the Peoples Bank of Westville.
capitalized at $100,000. Eugene Murray is President of the
Announcement was made by the City Savings Bank &
new bank and Frank R. Denton, cashier.
Trust Co., of Atlanta, Ga., on Oct. 8 that Henry S. Cohen
A merger of the Union Industrial Bank and the Tinton had been appointed President of the institution; four new
Industrial Trust Co., Flint, Mich., members of the Guardian directors added to the Board and the name of the hank
Detroit Union Group, Inc., of Detroit, was voted Oct. 13 at changed to the City Bank & Trust Co. The four new direcmeetings of the Boards of Directors of both Institutions. tors are Dr. Floyd Mellen; Trammell Scott, C. H. Becker,
The name of the merged company will he the Union Indus- and the new President, Mr. Cohen. The other directors
trial Trust & Savings Bank. The merger will become effec- completing the Board are Henry B. Tompkins, A. B. ChapRichardtive Nov. 1. The new officers will be: Charles S. Mott, man, S. N. Evins, Rutherford Lipscomb, Hugh
OCT. 18 1930.]
FINANCIAL CHRONICLE
son, Geo. F. Weyman and J. T. Wallace. At present the insituation is temporarily located at 58 Marietta St., N.W.,but
about Nov. 15 will move to the new No. 10 North Prior Street
Building. The Atlanta "Constitution" of Oct. 8 had the following to say in regard to the new President's banking
-career:
Mr. Cohen is a native of Marietta, and his banking experience extends
over the past twenty years. For several years he served with the old Third
National Bank and when that institution was absorbed by the Citizens &
Southern, he became a Vice-President of the latter. Later he became Treasurer of the Federal Land Bank and the Federal Intermediate Credit Bank
at Columbia, S. C. More recently he has served as Vice-President of the
Citizens' Bank, at Gainesville, Ga.
Effective Oct. 1, the Farmers National Bank of Frodgenville, Ky., capitalized at $110,000, was placed in voluntary
liquidation. The institution has been succeeded by the
Lincoln National Bank of the same place.
Mrs. R. Waverly Smith was appointed President of the
First National Bank of Galveston, Tex., at a meeting of the
directors on Oct. 4, to succeed her husband, the late R. Waverly Smith, who died during the past summer, according to
the Galveston "Daily News" of the next day, which stated
that not only would Mrs. Smith be the first woman President
of a Galveston bank, but would be head of the first national
bank established in Texas. The First National Bank of Galveston has a combined capital and surplus of $500,000 and
deposits of approximately $5,000,000.
The appointment of Earle R. Hilbert as Junior VicePresident and of E. W. Reynolds as a director of the Citizens' National Bank & Trust & Savings Bank of Los Angeles
was announced on Oct. 10 by Herbert D. Ivey, President of
the Institution, according to the Los Angeles "Times" of the
next day. Mr. Hilbert will be placed in charge of the bank's
Central Manufacturing District Branch, it was stated, succeeding K. B. Wilson, Vice-President, who moves to the head
office. Mr. Reynolds, the new Director, is President of the
E. W. Reynolds Co., wholesale jewelers.
The "Times" furthermore reported that the previous night
(Oct. 10) a dinner was tendered at the Caledonia Club by
President Ivey to the officers and directors of the Citizens'
National Trust & Savings Bank in celebration of the 40th
anniversary of the founding of the institution. Among the
guests at the dinner was F. H. True, who was the first
depositor of the Citizens' Bank when it opened on Oct. 10,
1890, and who has maintained an uninterrupted account
throughout the entire forty years of the bank's history.
The Citizens National Trust & Savings Bank of Los
Angeles Oct. 10 celebrated the 40th anniversary of its founding. An announcement on the occasion by the bank said:
From a small state bank, with a capital of $100.000 on Oct. 10 1890. It
has grown to be one of the large national !yanks not only of Los Angeles
but of the entire country, with a capital of $5.000.000 and with surplus
and undivided profits in excess of $10.984.000. From modest quarters at
Third and Spring Streets, where It opened, It has expanded until today
Its service to the business life of the community Is rendered through thirtyfour different banking offices, located throughout the city. From deposits
of $38,603 reported at the close of 1890.the Citizens has advanced to more
than $108.000.000 deposits as shown In the statement of Sept. 24 to tne
Comptroller of the Currency.
The Citizens became a national bank In 1901. It acquired and consolidated the American National Bank in 1909. increasing its capital to
$1.000.000. and surplus to $500.000. Two years later the Broadway Bank
& Trust Co. was taken over, and reorganized as the Citizens Trust &
Savings Bank, with paid-up capital of $500.000. The two Citizens banks
were consolidated Apr. 2 1928. Into the present Citizens National Trust
& Savings Bank, with the Head Office at Fifth and Spring Streets, where
three floors and basement of the Citizens National Bank Building are
occupied.
Right men have served the Citizens as President. T. S. C. Lowe was
the first, followed shortly by T. W. Brotherton. In January 1897 J. J
Fay Jr. became President. serving till April 1901. He was succeeded for
a short period by W. B. Wightman. In January 1902 R. J. Waters was
made President, and under his leadership the hank enjoyed a period of
great constructive growth. On his death in September 1911 his son. A. J.
Waters, became President. The soundly established condition of the bank
and the great expansion of the city during this period resulted in rapid
growth for the bank.
J. Dabney Day succeeded Mr. Waters In April 1923. He is well reMembered for the prominent place he took among financial and civic leaders
of Los Angeles. On his death in the early summer of 1929 Herbert D. Ivey
Was elected by the Directors to the Presidency. Mr. Ivey had then cornPleted more than 25 years of service with the Citizens Bank, and was at
the time Vice-President. He was well known as an executive of ability, a
sincere and thoughtful student of banking and finance: his opinion on
financial and business subjects Is widely sought and highly valued.
The directors of Westminster Bank, Ltd. of London
announce the appointment of Charles Lidbury as Chief
General Manager of the Bank in succession to John Rae.
Walter Bentley, an Assistant General Manager of the
Bank has been appointed a Joint General Manager.
Directors of Royal Bank of Canada (head office Montreal)
have declared a bonus of 2% for the year ending Nov. 29
2489
1930, in addition to the usual quarterly dividend, both payable Dec. 1 to shareholders of record Oct. 31 1930. '
With reference to the affairs of the failed First National
Bank of Fresno, Cal., the closing of which, on July 7 last,
was noted in our issues of July 12 and 19, pages 223 and 398,
respectively, a press dispatch from Fresno on Oct. 3, printed
in the Los Angeles "Times" of the next day, contained the
following:
A Federal Grand Jury investigation of the affairs of the defunct First
National Bank here may be undertaken in March, according to reports
current at the Federal Building to-day (Oct. 3), but which could only
partially be confirmed in official circles.
J. R. Layng, Deputy United States District Attorney, said to-day that
reports received by his office "indicated possible irregularities in the affairs
of the bank," and that a Grand Jury investigation may be made into the
matter.
He said that expert accountants will be sent to Fresno as soon as they
are available to make a complete check of the bank's affairs and that a
thorough investigation will be made before any action is taken toward a
Grand Jury quiz.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has been unsettled the present
week and while the general tendency, on the whole, has been
roward lower levels, there have been periods during which
prices showed recovery. In no less than 307 instances new
low records for the year have been established the present
week. The weekly statement of the Federal Reserve Bank,
issued after the close of business on Thursday, showed a
further decrease of $153,000,000 in brokers' loans, the third
large decline in the past three weeks, carrying the total
downward to $2,752,000,000, the lowest point reached
;iice Feb. 16 1927. Call money renewed at 2%, and continued unchanged at that figure throughout the week.
Realizing sales again predominated in the two-hour session
on Saturday, though for brief periods prices were irregularly
tigher. United States Steel at one time was about 6 points
higher than.Friday's minimum, but dropped its advance
later in the session and closed with a net loss of a point.
general Motors at 358 was under its previous low, while
%
railroad stooks were off from one to three points, Southern
fFy. dipping to its previous low level. Public utilities also
s)
,ffered severely as American & Foreign Power sagged about
Tpoints,followed by such active issues as American Power &
Light, North American, Consolidated Gas, Standard Gas &
Electric, Brooklyn Union Gas and Electric Power & Light,
al of which sunk from 1 to 3 or more points. Other noteworthy losses were Air Reduction 56 points, Amer. Tel. &
Tel.-33 points, Youngstown Sheet & Tube 3% points,.
4
%
Westinghouse Electric 41 points, Du Pont 43( points and
Allied Chemical & Dye 9 points.
- On Monday the New York Stock Exchange, Curb Market,
and Commodity Markets were closed in abservance of Columbus Day. On Tuesday the stock market again pushed
lower during the early trading as severe selling pressure forced
stocks to new minimums. In the final hour a strong rally
developed and as the market rapidly recovered, many of the
weak stocks of the morning recorded gains of 2 to 3 or more
points. United States Steel sold down to 1443 , but rallied
4
to 1493.. in the final hour. Westinghouse Electric dropped
3 points in the morning session and gained 6 points later in
the day, closing with a net gain of 3 points, and Allied
Chemical & Dye was down 3 points during the first hour. but
rebounded and closed with a net gain of 5 points. Other
stocks showing gains of 2 to 4 points at the close included
J. I. Case Threshing Machine, Amer. Tel. & Tel., Worthington Pump, Auburn Auto, Columbian Carbon, American Can,
Du Pont, Eastman Kodak, Consolidated Gas, Vanadium
Steel, American Water Works, Air Reduction, Fox Film,
A. M. Byers, Ingersoll-Rand and Foster-Wheeler. Further
recovery of stocks after early weakness was the feature of the
trading on Wednesday. The market was unusually strong
and active in the early transactions, but soon ran into considerable selling and liquidation, and turned irrgeular,
though, on the whole, decided improvement was apparent in
all sections of the list, United States Steel, for instance,
closed at 152%, with a net gain of 3% points. Traction
issues were especially strong, Manhattan Ry. surging forward more than 10 points to 65 at its high for the day, and
finally closing at 593.4 with a gain of 47% points. Inter..
borough Rapid Transit shot upward to 317s with a gain
/
of 3% points, and Brooklyn-Manhattan improved about a
point. As the rally continued numerous active stocks forged
ahead from 2 to 4 or more points. The list of strong issues
included Westinghouse 4M points, Vanadium Steel 43(
•
points, United Air & Transport Co., Allied Chemical & Dye
43% points, Columbian Carbon 3 points, and International
Business Machine 334 points. As the day progressed the improvement extended to the railroad stocks and moderate
gains were recorded by Atchison, Southern Ry., St. LouisSan Francisco, New Haven, Baltimore & Ohio, and Northern
Pacific. Near the closing hour the volume of business grew
gradually smaller and the new high speed stock tickers were
frequently stopped for minutes at a time.
Trading turned dull on Thursday and while most of the
active stocks moved lower the net losses were comparatively
light. The turnover for the day was 1,854,710 shares, the
smallest since Sept. 18. Prominent in the list of recessions
were General Motors which turned weak early in the day,
and sold down to its minimum for the year, and General
Electric which broke more than 3 points to around 54.
Numerous other speculative favorites were off from 1 to 3
or more points, the list including such active stocks as
J. I. Case Threshing Machine, Eastman Kodak, Air Reduction, Worthington Pump, Westinghouse Electric, and
Johns-Manvaille. Public utilities failed to hold their gains
of the previous day and sharp losses were recorded by
American Water Works & Electric, Consolidated Gas,
American & Foreign Power, Electric Power & Light, and
Brooklyn Union Gas. With the possible exception of
Southern Railway which moved ahead 3 points, the rails
were generally lower.
The market again turned downward on Friday, many
popular favorites being under pressure and numerous other
prominent issues slipped downward from 1 to 5 points.
Liquidation was in evidence throughout the session, and
while there was a slight rally in the early trading, fresh
offerings again turned the trend downward. One of the
outstanding declines of the day was the drop in Allied Chemical & Dye which broke about 15 points. Railroad shares
were heavy, New York Central dropping to its lowest level
since 1928, Atchison dropping more than 6 points, Southern
Ry. lost 4 and numerous other prominent members of the
group slipped back from 1 to 3 or more points. New low
records were established for a large number of stocks.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Oct. 17 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks.
Number of
Shares.
State,
Municipal &
Poen Bonds.
Railroad,
Bonds.
1,727.940
$4,379,000
3,389.030
2.378,490
1.854,710
2,656.160
6.684.000
7,841,800
6,226.000
7,840.000
Week Ended Oct. 17.
1929.
1930.
Total
Bond
Sales.
United
States
Bonds.
$65.000 $6,800,000
$2.356,000
HOLIDAY
4.468.000
4.168,000
3.492,500
2.390.000
12,006,330 $32,970,800 $16,872,500
Sales at
New York Stock
Eschange.
11.396,000
12,271,800
10.360.500
10.419,000
2413.000
262.000
842.000
189.000
$1,404,000 $51,247,300
Jan. 1 to Oct. 17.
1929.
1930.
12.006,330
17.322,790
666.167,908
884,186,040
$1,404.000
16.872,500
32.970,800
-No,of shares_
Stooks
Bonds.
Government bonds.-State & foreign bondsRailroad & miso. bonds
Total bonds
$1,762,800
12,161,000
44,988,500
$91,039.500
554,767,900
1,564,182,900
398.892.000
492.197.150
1,645,614,300
$51,247,300 $58,910,300 32,209,990,300 $2,236,703,450
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
Oct. 17 1930.
Total
Baltimore.
Shares. Bond Sates. Shares. Bond Sales. Shares. Bond Sala
28.096
337,000
59,193
32,365
32,247
11,752
21,000
16,000
22.000
28,000
163,653
8124.000
51001)00
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[VOL. 131.
FINANCIAL CHRONICLE
2490
$22,500
a64,074
11011 day
20.000
a76.833
6.400
a98,950
12,000
a59,559
52,005
1,781
$17,000
2.145
2,452
2,319
1,514
20.400
6,000
600
4,000
351,421
360,900
10,211
348,000
7110992
507 400
101.67
147800
Thursday. 200. Sales of
a In addition, sales of rights were: Saturday, 100:
100; Thursday. 700.
warrants were: Saturday, 200; Tuesday, 200; Wednesday,
THE CURB EXCHANGE.
the Curb Exchange this week was quiet and
Trading on
while liquidation was still in evidence, losses were only
moderate. Utilities continued firmer. Electric Bond &
Share corn. after early decline from 59 to 533% sold up to
5932, but reacted to-day to 52. Amer. Commonwealth
Power corn. A sold up over two points to 1834, eased to
Amer. & Foreign Pow.
1834 and closed to-day at 1834.
4
warrants sold down at the beginning from 263 to 23, then
carried the price
up to 2634, while to-day's transaction
sold down
down again to 23. Amer. Gas & Elec. corn.
to 93. Commonwealth Edison was
irregularly from 10134
weak.
off from 2673% to 2583%. Oil stocks were generally
Humble Oil & Ref. lost over two points to 7334. Standard
Oil (Indiana) eased off from 4334 to 4134 and closed to-day
at 4134. Standard Oil (Ohio) corn fell from 643 to 60 and
4
recovered finally to 6134. Vacuum Oil receded from 6734
3
to 603 and ends the week at 61 4. Gulf Oil of Pa. in the
%
early part of the week fell from 93 to 8934, then recovered to
9334, while to-day it sold down to 87. Among industrial
and miscellaneous issues changes for the most part were
small. Aluminum Co. of Am. dropped from 180 to 16034.
Deere & Co. sold down at first from 5934 to 5534 but moved
upward again reaching 6134 to-day. It reacted finally to
56. A.0.Smith Corp. corn. was conspicuous for a drop from
1543% to 145. Metal & Mining Shares suffered a break from
4
534 to 2, the close to-day being at 23 . The bond section
showed some improvement from its recent slump.
A complete record of Curb Exchange transactions for the
week will be found on page 2520.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Roc& (Par Value).
Week Ended
Oct. 17.
Stocks
(Number of
Shares).
453.100
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
775,300
837.200
515.100
575,100
2,955,800
Rights.
Foreign
Domestic. Gonernment.
100 81,763,000
HOLI DAY
1.700 3,218,000
16.200 3.171.000
400 3,036.000
1.700 3,533.000
Total.
$167.000 $1.930.000
3E0,000
301.000
295,000
276.000
3.598.000
3,472,000
3.331,000
3.809.000
20,100 $14,721,000 31,419.000 816,140.000
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
Oct. 17.
Oct. 16.
Oct. 15.
Oct. 14.
Oct. 13.
Oct. 11.
1614
16 13-16 16 11-16 16 11-16
163
Silver. per oz_d 164
Gold, p. fine oz. 842.114d. 843.104d. 848.114d. 843.114d. 84s.11 4d. 848.1114d.
57
584
5634
564
5831
Consols, 24%_
105
1044
105
10431
431
British, 5%-------10
10231
102
10231
10131
1014
British, 431%_
French Rentes
87.15
87.25
86.65
86.60
87.05
Paris).fr.
(in
French War L'n
101.80
101,70
101.85
101.70
101.80
tin Parls1_ fr.. ____
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (eta.):
Holiday
Foreign
3531
3613
36
364
3634
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as compared with a year ago. Preliminary figures compiled by us
based upon telegraphic advices from the chief cities of the
country indicate that for the week ended to-day (Saturday,
Oct. 18) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will fall
42.4% below those for the corresponding week last year.
Our preliminary total stands at $9,749,080,304, against
$16,908,295,995 for the same week in 1929. At this center
there is a loss for the five days ended Friday of 48.6%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Oct. 18.
1930.
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
Bt. Louis
Elan Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,098.000.000 39,922.000.000
705.119.020
415.095.046
394.000.000
592,000.000
629.000,000
375.000.000
108.205.475
142.443.501
132.800.000
106.500,000
144,071,500
230,115,000
Will no longer report clearings.
202,645,461
133.808.971
126.664,807
188.362.702
116,573.022
170,897.947
80,590.240
103,281,371
50,856,311
45,053,887
-48.6
-41.1
-33.4
-40.4
-24.0
-19.8
-37.4
Twelve cities, 5 days
Other cities, 5 days
37,143,562.928 313,069,521.313
997.337.325
1.158,125.510
-45.3
-13.7
Total all cities, 5 days
All cities, 1 day
88.140.900.253 314.225.646.823
2.682,649.172
1,608.180.051
-42.8
-40.1
39.749.080.304 $16 DOA 225 020
-42.4
Total all cities for week
-34.0
-32.8
-31.8
-22.0
-11.4
Complete and exact details for the week covered by the
foregoing will appear in our 'ssue 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. 11. For
that week there is a decrease of 18.0%, the aggregate of
clearings for the whole country being $10,045,536,541,
against $12,252,256,949 in the same week of 1920. Outside
of this city there is a decrease of 12.4%, while the bank
clearings at this centre record a loss of 20.6%. We group
Oar. 18 1930.]
FINANCIAL CHRONICLE
the cities now according to the Federal Reserve Districts in
which they are located, and from this it appears that in the
New York Reserve District, including this city, the totals
show a loss of 20.7%, in the Boston Reserve District of
11.0% and in the Philadelphia Reserve District of 4.4%.
In the Cleveland Reserve District the totals are smaller by
1.4%, in the Richmond Reserve District by 0.3% and in
the Atlanta Reserve District by 20.0%. The Chicago
Reserve District shows a shrinkage of 16.8%, the St. Louis
Reserve District of 22.3% and the Minneapolis Reserve
District of 21.1%. In the Kansas City Reserve District
the decrease is 14.9%, in the Dallas Reserve District 31.1%
and in the San Francisco Reserve District 5.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Oct. 11 1930.
1929.
1930.
Federal Reserve Diets.
$
1st Boston_ _ _12 cities
470,536,009
2nd New York.12 "
6.785.387.846
Srd Ma1e'la AO "
473.845,943
digi Cleveland__ 8 "
373.845.974
6t11 Richmond _ 6 "
167,355,464
6t11 Atlanta ___12 "
147.673.350
7th Chicago --20 "
735,964,065
60 8t. Louis... 8 "
194,352,712
9th Minneapolis 7 "
121,866.149
10th KansasCity 10 "
185,026.539
llth Dallas
62,134,145
5 "
12th San Fran-16 "
327,548,345
Inc.or
Dec.
$
$
%
443,030.617
528,401,515 -11.0
8.551,316082 -20.7 6.332,375.268
498.366,444
495,720,042 -4.4
377,086,555
379,320.852 --1.4
179.012.695
167,917,660 -0.3
202,503,209
184.656,283 -20.0
931.627.839
884,897,628 -16.8
239,335.913
250.047.183 -22.3
154,446,748 -21.1
178.684,017
217.527,031 -14.9
250,845,430
90,123.678 -31.1
94.542.648
347,830,247 -6.8
329,241.697
494,674,802
5.666071,879
538,747.753
397.336.890
194,263.256
231.765.562
955,488,100
246,044,179
176,972.315
217,137.353
88,310.736
396.742,817
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Oct. 11,
1930.
I
1929.
Inc. or
Dec.
First Federal Reserve Dist rict-Boston--Bangor _
Maine
767.569
747.132 +2.7
Portland
3.799.853
4,726.698 -19.6
Mass.-Lsoston _ _ 418.49.3,818 468,000,000 -10.6
Fall River._ _ _
991,291
1,022,960 -3.1
Lowell
532.582
1,139,963 -53.3
New Bedford. _
1,042,519
1,047,701 -0.5
Springfield_ ..
4.671.827
4,941,353 -5.5
Worcester
3,444,679
3.219,221
+7.0
Conn.
-Hartford
13,496,291
18,428,842 -26.8
New Haven
8,130,798
8.275.842 -1.8
R.I.-Providence
14,413.500
16,108,500 -10.5
N.H.-Manchea'r
751,282
743,386
+1.1
Total(12 cities)
470.536.009
628,401,515 -11.0
Second Feder al Reserve D harlot
-New
N. Y.
-Albany.
6.756.175
5,240,266
Binghamton__
1,330.401
1,379.884
Buffalo
45,965,280
61,811,916
Elmira
Jamestown__ _
1,161.327
1,220,178
New York
6.635.672,017 8.359.870,016
Rochester
10,530,395
13,209.003
Syracuse
5,122,335
7,084,208
-Stamford
5.240.198
Conn.
4,867,089
-Montclair
N. J.
810,453
733,374
30.790,562
Newark
31785.749
Northern N. J_
41,022,140
63,349.769
1928.
1927.
740.863
3.714,112
390.000,000
1,287.310
1.205.092
920.252
4,888,541
3,292,455
14.022.568
7.325.040
14,996.500
837,824
914,784
3,740.364
437,000,000
2,019.091
1,191.491
1,382,015
5,486.069
3.141.573
15.308,634
7.902.619
15,811.400
776.762
443,030,617
494,674,802
York
+28.9
5,288,097
5,284,926
-3.6
1374,275
1.175,700
-25.6
54,728,188
56.306,729
+28.7
926,914
1,047.013
-4.8
1,526.303
1,395.430
-20.6 6,181,491596 5.511478,036
13,323,210
-20.3
14,450,282
-27.7
5,523,049
6.400,468
+7.7
4,524,131
4,113,078
+10.5
657,835
1,072.719
-3.1
25,626,246
25,475,950
-35.2
37,385,424
37,871.598
Total(12 cities) 8,785.387,846 8,551.318,082 -20.7 6,332,375,268 5,666,071,879
Third Federal Reserve Dist rict-Philad
Pa.
-Altoona
1231125
1,387,932
Bethlehem._ _
4,196.848
4.880,619
Chester
1.282,887
1,056,885
Lancaster
1.945.108
2,171,104
Philadelphia.__ 447.000,000 667.000.000
3,217,990
Reading
3,426,000
Scranton
5.354,343
8,097,658
Wilkes-Barre_
3.856.97.3
3,388.895
York
2,309,669
1,684,215
N.J.-Trenton
3.445.000
4.628.734
1930.
735,964.065
955,488.100
6.026,656
147.400,000
34,828.953
331,998
29,997.723
18.921,094
333.162
1,496.327
5,472,053
147,633.380
38.148.977
357,561
34,313,503
18,307,152
346,327
1,465,226
250,047,183 -22.3
239.335,913
246,044,179
Ninth Federal Reserve Dis trict
-Minn eapollsMinn. Duluth.
6.670,572
6,990,868 -4.6
12,763.798
Minneapolis._ _
84,802,471 109,986,586 -22.9 119,499,515
St. Paul
22.897,722
28,899.127 -20.8
36.609.739
N. Dak.-Fargo _
2,346.444
2.101.303 +11.7
2,0444.099
-Aberdeen
S. D.
1,051.400
1,651487 -36.6
1928,522
Mont. Billings_
864,540
1.220.377 -29.2
1,258.344
Helena
3,233,000
3,641,000 -11.2
4,530,000
16,135,613
113,326,553
37,722.086
2.345.348
1,819.594
1.067,121
4,556,000
-1.4
377,086,555
397,336,890
Fifth Federal Reserve Dist riot-Rich m ond
1,125,496
1,024,973 +9.8
4,229.523
Va.-Norfolk._ _
4,136,880 +2.2
44,123,000
Richmond_
48,129,000 -8.3
-Charleston
2,492,833
S.C.
2.652,649 -6.0
Md.-Baltimore_
87,109,589
81,621,523 +6.7
D.C.-Washingt'n
28,274,723
30,322.635 -8.8
1.033,014
5,243.741
50.310.000
2,300.000
89.740.855
30.385,085
1,429,046
5,689,504
52.803.000
2,602,740
103.886.215
27,852,751
-0.3
179,012,695
194,263,256
Sixth Federal Reserve Dist Act-Mien t a-Knoxville
2,738,460
Tenn.
3.600,000 -23.9
Nashville
21,446,685
25,188,177 --14.9
42,000,796
Ga.-Atlanta..
52,296,303 --18.5
Augusta
2,062.920
2,333,494 --11.6
Macon
1.411,943
1,924,888 -26.6
9.279,389
11,007,814 --15.7
Fla.-Jack'nville
Miami
1,390,000
1,640,000 --15.2
16.634,898
28,439.844 --41.5
Ala.- Birming'm
Mobile
1,967,805
2.992,882 --34.2
-Jackson._
3,179.000
Miss.
2,359.000 --34.8
203,856
Vicksburg
346,164 --41.1
La.-NewOrleans
44,757,598
52,527,717 --14.8
3.501,077
26,279,142
57,188,616
2.805.812
3,445,031
12.802,936
1,682,000
27,064.507
2,241,820
2.516.000
588,011
63,000.262
3,650,000
28,223.809
65,016,896
2.967.021
2.824,174
15,400,245
3,245,000
30,7.56.325
1,964,543
2,475,000
558.384
63.746,036
202,503,209
Total(7 cities).
194,352,712
121,866,149
154,496,748 -21.1
178,684,017
176,972,315
Tenth Federal Reserve Die trict Kens as City
Neb.- Fremont_
304.804
314.058 -2.9
Hastings
487.579
490,123 -0.5
Lincoln
3,398.957
3,066.981 +10.8
Omaha
41,448,738
43,087.264 -3.8
Kan.- Topeka
3.460,056
3.151,010 +9.8
6,389.519
Wichita
8.184,508 -21.9
Mo.--Kan. City. 121,722.048 148.693.900 -18.1
5,075,574
St. Joseph
6.921,443 -26.7
Colo.
-Colo. Spgs.
1,125,328
1.618.665 -30.5
Denver
a
a
1,613,936
Pueblo
1,999,079 -19.3
384,408
542,915
4,477,454
46,051.565
4,234,274
9,518,103
157,025.527
7.874,237
1460,293
a
1,927.654
253,193
584.474
5,013.693
45,502,171
3.897.022
8,062,763
144,463.449
6,505.954
1,399.277
a
1,455.417
217,527,031 -14.9
250,845,430
217,137.353
Eleventh Fede cal Reserve District
-Da liesTexas-Austin...
1,614,300
2,015,032 -19.0
43,474.549
Dallas
58.594,907 -25.8
Fort Worth....
9,709,964
15,814,018 -38.6
Galveston
3,460.000
8.656,500 -48.0
La.
-Shreveport.
3,875,332
7,043,721 -45.1
2.654,287
60,985.242
16.818.162
7,501,000
6,583,957
2,131,171
59.631.718
13,002.800
7,845.000
5,699.747
94,542,648
88,310.736
Total(10 eine)
Total(5 cities)_
185,026,539
62,134,145
90,123,678 -31.1
Twelfth Feder al Reserve D istrict-San Franci sco-Wash -Seattle..
40,494,121
47,364,249 -14.5
44,335,487
Spokane
11,873,000
12,477,000 -4.8
14.027,000
Yakima
1.506,396
1,890,594 -20.3
1889.608
Ore -Portland..
34,537,144
35,254.613 -2.0
35.858,467
17.637.426
Utah-S. L. City
19,127,120 -7.8
20.436.437
-Fresno
Cal.
2,883,563
5,864,397 -50.8
4,244.852
Long Beach.6,329.886
6.881,306 -8.0
7,233.569
Los Angeles
No longer wil I reportclearni ngs.
13.476,822
Oakland
15,684,579 -13.5
16.490,256
5,144,106
Pasadena
5,831,720 -11.8
6,178.277
Sacramento
7.694,035
8.977,088 -14.3
9.025,291
San Diego
4,964,878
5,115.763 -2.9
5,569.643
San Francisco. 171,508.159 173,794,658 -13.1 184,031,000
Ban Jose
3,500.830
3,568.574 -1.9
3,438,572
Santa Barbara.
1.985.914
1,800,656 +10.3
1,538,147
Santa Monica_
2.053,765
1,760,826 +16.6
2,099,991
Stockton
1958,300
2.537,100 -22.8
2.845.100
231,765,562
Total(8 cities) _
Total(6 cities) _
Total(12 cities)
373,845,974
167,355,464
147,673,350
379,320,852
167,917,660
184,656,283 -20.0
Total(16 cities)
327,548,345
347,830,247
-5.8
47,188,512
13,725,000
1,967.401
41.151.629
20,481,758
6,714.621
6,679.166
18,460,687
6,562.637
6.572,550
5,485.252
212.280.000
3,151,732
1,592.872
2,097.000
2,632.000
329.241,697, 396,742,817
Grand total (126
10045 536,541 12252256,949 -18.0 10056 652,332 9,603,555.642
cities)
Outside New York 3,409,864,524 3.892,386,933 -12.4 3,875.160,738 4,092,077,606
Week Ended October 9.
Clearings at
1930.
CanadaMontreal
Toronto.
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary _____ _
St. John
Victoria _____
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
King too
Chatham
Sarnia
$
137,450,400
129,633,718
75,100,677
19.044,735
7,910,183
6,897,284
3.490,531
7.363,127
10.765.759
2.476.349
2,659,617
3,458.280
5,702,766
7.246.637
720,298
591.276
2,799,567
1,250,622
1575.889
1,003,409
944,695
450,465
832.768
861,067
1,616.628
3,780,925
465,780
1,068,475
339.991
659,238
661,461
Total(31 cities)
438.831,517
1929.
$
159,300,533
150.780.680
104,254,078
22,566,908
8,740.973
8,007,085
3.274,292
7.102,018
16.156.182
2.931,961
3,987,096
3,708,341
7,188.371
9,565.909
943,956
1,054.105
3,918.158
1,676,932
1,789,722
1,135,748
1,100,576
803,200
1.091,823
1,124,403
1,618,269
5,514,297
829,115
1,241.557
971,685
760,493
830,771
Inc. or
Dec.
533,987,229 -17.8
a No longer inane weekly clearings.
1928.
$
142.940,237
143.563,382
92.245.024
24,360.280
8,515,368
7.305.364
3.833,007
5,907.355
15,252.264
2.796.291
2,695,236
3,515,382
7.470.521
8,870.303
1,030.581
1,056,401
3,488,869
1722.280
1,529.201
1,476,280
919,482
608.362
982.984
1,026.290
1,429,184
5,306,492
628,192
954,027
917.986
918,471
815,083
494,080,186
1927.
.9A.t..,M000041..00.0000W000.50 MOVON.0!..0.1.00
,
WIN WO...00000W*ON
.W
6,423,000
4,423,713
74,288.397
127.035.294
19,707,400
1,600.060
6.129.140
157.309.986
Total(8 cities).
.
6,498,000
4,259,915
64.394.982
123,605.231
16,411.500
2.112.287
6,835,432
153,969,208
343,723
988,851
169,738.359
8,767,257
2,772.550
3.498.452
24,307.151
3.231.100
5.605.743
49.549.301
2,714.971
9.380,517
7,045.103
1,174,722
1,586.762
653,003.542
1,380,156
4,633.598
3,473.871
2,292,371
a...
538,747.753
495,720,042
310,586
1120.153
167.227,513
8,587,901
4,315,615
3,234.995
32,957,000
3,095.983
5.361,951
45.690.923
3.054,928
10,397,230
8,334,285
1,545.036
1,575,582
632,663.452
1,169,172
4,742.533
3.989.807
2,253,130
000400000;0500;.-,..000004000t-40;VO4i
00004
4,
40000P..0000001 ...CAN .
.
. ,
. 4.WOMN.4.0000 ,
0
. 9
498,366,444
473,845,943
1927.
931,621839
IIIIIIIIIIII
-4.4
Fourth Feder al Reserve D Istrict-Clev eland
4,582,000
Ohio-Akron__
4,228,000
+8.4
3.867.834
Canton
5,019,828 -22.9
Cincinnati__ _ _
56,596,881
58,020,360 -2.5
123,476,451 127,830,718 -3.4
Cleveland
Columbus
14,728,900
15,286.400 -3.7
1.668,107
Mansfield
2,218,926 -24.8
Youngstown _
4,973,800
4.959.225 +0.3
163,952,001 161,757,395 +1.4
Pa.
-Pittsburgh.
Total(10 cities)
1928.
uls---19.4
-20.8
+14.6
--17.6
--44.6
--45.8
--40.4
-15.1
III
1,661829
4,178,585
1,639,270
2,642,890
505,000,000
4,429.008
6.347.058
.3,506,811
2.447,911
6,894.402
884.897,628 -16.8
Eighth Federa 1 Reserve Dis rict-St. Lo
-Evansville.
Ind.
3,832,417
4,754,114
Mo.-St. LOUIS.. 118,400,000 149.500.000
Ky.-Loulsville
36,376.821
31,729.377
Owensboro _
286.408
347,499
Tenn.-N1emphis
21.980,316
39,682.474
-Little Rock
Ark.
12,099,310
22,317.000
lli.-JacksonvUie
188.329
315,777
Quincy
1,189,111
1,400,942
HIP I
1,514,005
4,857.145
1,438,929
2,430,377
469.000,000
3,903.217
5.114.402
3,520.345
1,835,549
4.752,475
Inc.or
Dec.
0O000010MM.401704MM00N.V.M0M.4000M0'
.
T
elphla
--10.9
-14.0
+21.4
--10.4
--4.3
--6.1
--12.2
+13.8
i-37.1
--25.5
1929.
Seventh Feder al Reserve D 'strict-Chi cagoMich.
-Adrian -241,371
327.958 • -26.4
Ann Arbor____
873.844
1,099,932 -20.6
Detroit
121,213,506 206,766,734 -41.4
Grand Rapids.
5,387,451
6.960.553 -22.6
Lansing
3,040,805
3,693.444 -17.7
Ind.-Ft. Wayne
2.804,313
3,509,455 -20.1
Indianapolis...19,811,000
26.461.000 -25.1
South Bend.__
2.581,284
2,950.706 -12.5
Terre Haute_ _
4,926,933
4.945.107 -0.4
Wb3.-Milwaukee
28.168.977
39,627,188 -28.9
Iowa-Ced. Rap.
3,476,410
3,300,941
+5.3
Des Moines...
8,712,356
11,11.2.245 -21.6
Sioux City....
6,243,206
7,531908 -17.1
Waterloo
1,393.711
1509.165 -12.8
-Bloomington
Ill.
1,654,320
1,948.495 -15.1
Chicago
515,426,550 550,766,548 -6.4
Decatur
1,188,366
1448.291 -17.9
Peoria
3.571,746
4,488.790 -20.4
Rockford
2,875,833
4,160.284 -30.7
Springfield....
2,372,083
2,209,194
+7.4
1927.
Total
126 cities 10,045,536,541 12,252,256,949 -18.0 10.056.652,332 9.603,555,642
Otitalde N. Y. City
3,409.864,524 3,892.386,933 -13.44 3,875,160.736 4.092,077,606
_
a
81 0 t ea
494,080,186,
533,987.229 -17.8
438,831.517
Clearings at
-
Week Ended Oct. 11. I
Clearings at
-
Total(20 cities)
1928.
2491
448,402,570
2492
[voL. 131.
FINANCIAL CHRONICLE
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. 1 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £156,304,901
on the 24th ultimo (as compared with £156,419,699 on the previous Wednesday), and represents an increase of £10,344,817 since Jan. 1 last.
Gold from South Africa to the value of £390.000 was available in the
open market yesterday. At the fixed price of 84s. 11 3/scl. per fine ounce
France secured E303,000, India E15,000 and the Home and Continental
trade £72,000.
To-day a further £600,000 was offered from an outside source, besides
about £30,000 of West African gold, the whole being taken for France at
84s. 11 Yid. per fine ounce.
There have been further withdrawals from the Bank of England of gold
for despatch to France after refining, but the movements of the French
exchange being more in favor of sterling, some of the arrangements for
refining previously made have been cancelled. Movements of gold at the
Bank of England during the week show a net efflux of £748,052. Receipts
totalled £9,088 and withdrawals £757,140. Of the latter, £25,000 was in
sovereigns and £732.140 in bar gold of which about £480,000 was for
France and £100,000 for Switzerland
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 22d ultimo to mid-day on the 29th ultimo:
Exports
Imports£100,990
£84,875 Germany
Brazil
20.881
9.000 Netherlands
Irish Free State
308.423
510.741 France
British South Africa
43.020
Australia
24,320 Switzerland
21,800
Austria
28 989
British India
2,520
Other countries
£526.626
£628,936
The Southern Rhodesian gold output for the month of August last
amounted to 46.152 ounces as compared with 45,810 ounces for July 1930
and 46.473 ounces for August 1929.
SILVER.
A weaker tendency has been manifest In the silver market during the
past week and from 16 34d. quoted on the 25th ultimo the price moved
steadily downward. The pressure has been mainly from China, further
weak advices from Shanghai yesterday being followed by a fall of Yid.
here, lowering the quotation to l6/,d. There have been some offerings on
Continental account and America has operated moderately both ways.
The weakness in the Shanghai exchange is probably due to the adjustment by Chinese operators of oversold positions in gold exchanges and the
outlook for the moment is therefore somewhat uncertain.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 22d ultimo to mid-day on the 29th ultimo:
Exports
Imports£7,402
£101,725 British India
Mexico
9,500
30.452 New Zealand
Canada
11,057
18.098 Other countries
Australia
8,339
Other countries
Oct.
11.
101
Alig. Deutsche Credit(Atka)(8)
126
Berlin. Handels (lea. (12)
113
Commerz-und-Privat-Bank (11)
151
Darmstadter u. Nationalbank (12)
110
Deutsche Bank u. Disconto Gee.(10)
Dresdner Bank (10)
109
201
Relchsbank (12)
Algermelne Kunstzilde Unte (Aku) (0)
52
Aug. Elektr. Gee.(A.E.G.)(9)
106
195
Ford Motor Co.. Berlin (10)
90
Gelsenkirchen Bergwerk (8)
110
Gesfuerel (10)
Hamburg-American Lines (HaPag)(7)
71
109
Hamburg Electric Co. (10)
34
Heyden Chemical (5)
}larcener Bergbau (6)
84
104
Hotelbetrleb (12)
126
I.G. Farben Indus.(Dye Trust) (14)
120
Kali Chemie (7)
83
Karstadt (12)
65
Mannesmann Tubes (7)
72
North German Lloyd (8)
59
Phoenix Bergbau (6)5)
140
Polyphonwerke (20)
143
Rhein. West?. Elektr.(R.W.E.)(10)
72
Sachsenwerk Licht u Kraft (714)
169
Siemens fit Halske (14)
69
Stoehr St Co. Kam ingarn Spinneret(5)
105
Leonhard Tietz (10)
Ver. Stalhwerke (United Steel Works)(6)_ 61
Oct.
13.
100
129
115
153
113
111
203
.53
110
190
91
113
72
107
37
87
103
129
120
85
67
73
61
145
145
73
172
71
107
62
Per Cent of Par
Oct.
Oct. Oct.
14.
15. 16.
100
100
100
133
130
130
121
116 116
155 156
160
112
112 114
111
111 113
215
209 206
65
61
59
112
118
111
201
195 201
92
91
95
114 116
122
73
74
77
110
113 117
44
40
41
89
90
92
105 101
109
131
132 138
126
126
126
90
87
86
66
68
72
74
75
78
60
61
64
146
146
153
150
150
154
75
78
80
173 172 179
71
70
73
108
110
114
62
62
65
Oct.
17.
101
131
122
160
116
115
217
65.
121
195
95.
126
79
118
40
93
109
142
126
91
74
79
64
156
156
79
182
72
117
65
UscIIanonsgems
TO111.1/terCialawl
-All
Breadstuffs figures brought from page 2560.
the statements below regarding the movement of grain
receipts, exports, visible supply, &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 atChicago
Minneapolis_
Duluth
Milwaukee
Toledo
Detroit
Indianapolis
St. Louts_ _ _ _
Peoria
Kansas City_
Omaha
St. Joseph_ _
Wichita
Sioux City_
Flour. I
Corn.
Wheat.
Oats.
I
Barley.
Rye.
bbls.196lbs. bush 60 lbs.tbush. 56 lbs.tbush. 32 lbs. bus. 98 lbs. bus. 58 lbs.
15,000
389.000
372,000
996,000
68,000
249.000
407,000 340.000 209.000
79.000
1,979,000
60,000
67.000
41.000
93.000
1,999,000
2,000
273,000 551.000
118,000
15,000
10,000
36,000
11.000
25,000
4.000
2.000
20,000
17,000
19,000
152,000
84.000
237,000
76,000
5.000
283,000
325,000
145,000
523,000
77.000
123,000
73.000
275,000
63,000
53,000
212,000
100.000
1,116.000
259,000
340.000
335,000
72,000
250.000
86,000
10.000
2,000
5,000
275.000
2,000
52,000
100.000
36,000
£27,959
£158.614
INDIAN CURRENCY RETURNS.
Sept.22. Sept.15. ST:. 7.
In lacs of rupees6958
17022
17083
Notes in circulation
12050
12131
12111
Silver coin and bullion in India
Silver coin and bullion out of India
5228
3228
3228
Gold coin and bullion in India
Gold coin and bullion out of India
1560
iifo Total wk.1930 472,000 6,770,000 2,656,000 2,423.000 1,500,000 391,000
ILM
Securities (Indian Government)
184
184
123 Same wk.1929
Securities (British Government)
432,000 7,381,000 3,081.000 4.224,000 1,168,000 677,000
about 99,800,000 Same wk.1928
The stocks in Shanghai on the 27th ultimo consisted of
463,000 18,356,000 1,877,000 2,930,000 3,709.000 1,295,000
ounces in sycee, 144.000,000 dollars znd 3,980 silver bars, as compared with
about 100,700,000 ounces in sycee, 146,000,000 dollars and 4,020 silver Since Aug.1bars on the 20th ultimo.
4,912,000 181,742,000 44,389.000 47.656.00023.606,000 11,522,000
1930
Statistics for the month of September last are appended:
4,883,000 181,494,00 47,033,000 58.404.00027,648.000 9.882.000
1929
-Bar Silver Per Oz. Std.- Bar Cold Per
5.449,000206.488,000 48.625,000 49,247,000 49.416,000 10.003.000
1928
Fine Oz.
2 Mos.
Cash.
85 ,Yd
Total receipts of flour and grain at the seaboard ports for
17d.
17d.
Highest price
84s. 113d. the week ending Saturday October 11, follow:
16;id.
Lowest price16
85s. 32d.
16.743d.
16.73gd.
Average price
Quotations during the week:
Barley.
Rye.
85s. ;id.
Oats.
16%d.
Corn.
1614d.
Wheat.
Flour.
Receipts atSept. 25
85s. ;id.
16%d.
16;iii.
26
Sas. 3id.
163d.
16%d.
bb13.1961bs. bush. 6018:.bush. 56 lbs. bush. 32 lbs bus. 48 lbs. bus. 56155.
27
84s. 118d. New York_ _. 290.000 1,218,000
,
37.000
44.000
16%cl.
16%d.
29
15,000
26.000
.
16cl.
%
101,000
16%d
51,000
84s• 117 u• Philadelphia__
4
30
2.000
84s. 11 .Vid. Baltimore,.___
16,000
9.000
1634d.
16 Yid.
117,000
18.000i
Oct. 1
85s. 02d.
16.625d.
16.625d.
1,
Average
Norfolk
12,000
144.000
30.000
58:0001
The silver quotations to-day for cash and two months' delivery are each New Orleans.
22,000
Galveston._
;id. below those fixed a week ago.
4.000
7.0001
30.000 2,978.000
Montreal--10,000
69,000
25.000
Boston
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Oct. 11. Oct. 13. Oct. 14, Oct. 16. Oct. 16. Oct. 17.
1930. 1930.
1930.
1930. 1930. 1930.
Francs. Francs, Francs. Francs. Francs. Francs.
87.15
87 10 86.55 86.55 87.25
French Rentes 3% Perpetual...
102.80 102.30 102.65 102 75 102.85
French Rentes 4% 1917
101.85 101.70 101.80 101.80 101.80
French Rental 5% 1915-16
Banks
21,395 21.000 20,900 21,330 21,140
Banque de France
2,450 2.540 2,495
2,535 2.440
Banque de Parts et des Pays Sas_
2,700 2,730 2,725
2.705 2,705
Credit Lyonnais
1,220 1,211
1,250
1.240 1,230
des Mines
Union
Canal
10,500 16,210 16,100 16,400 18.200
Sues
Canal Marltim e de
Railroad2,230
2,220 2.215 2,200 2,230
Chemin deter du Nord
Mines
1,230
1,186
1,190 1,229
1,210
Mines dee Courrieres
982
999
1,005
1,024
985
Holt
Mines dee Lens
Soo. Minlere et Metallurgique de day
618
598
580
601
574
Penarroya
Public Utittties3,005 2.910 2,900 2,960 2,925
Cie. General d'Electricite
2.620 2,565
2,035
2,545 2,535
Soo. Lyonnalse des Bata
Cie. Francalse des Precedes
690
686
666
670
897
Thomson-Houston
1,060
1,045 1.045 1,095
1,085
Union d'Electriclte
Industrials1,950 1,935
1.910 1,916
1,990
Tretlleriett de Lamlnoirs du Havre
690
705
697
705
733
Societe Andre Citroen
259
266
258
256
259
Ste. Francalse Ford
825
840
830
825
825
Coty. 8. A
2,490 2.405 2,300 2,370 2,355
Pechiney
1,510 1,542 1,525
1,530
1,564
l'Alr LiquIde
736
710
740
712
740
Etablissements Kuhlmann
155
155
155
155
155
Galleries Lafayette
OU3,380
3,405
3,520
3,515
3,445
Royal Dutch
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:
Total wk.1930 473.000 4,849,000
SinceJan.1'30 19,987,000133.800
109.000
3,875.000
oi.000l
4.576,0001
2,000
642,000
4,000
611.000
307,0001 2,367,000
101.000 297,00
81,000,
8.000
Week 1929_ _ Since Jan.1'29 19,897,000142,508,000 18,229.0001 14,011,000 24.341,000 3,382,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Oct. 11 1930, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
Mobile
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,152.000
101,172
16,000
152,000
60,000
4.000
1,000
4,000
694.000
1,000
41,000
231,000
56.000
4,000
2,978,000
30.000
7,000
5,000
Total week 1930__ 5.283,000
Same week 1930____ 3.380.000
1.000
8.000
242,172
178.738
7.000
4 (100
4.000
117.04)4) 1,145.000
The destinat'on of these exports for the week and since
July 1 1930 is as below:
Flour.
Exports for Week
and Since
July 1 to
Week
Oct. 11
1930.
Since
July 1
1930.
Wheat.
Week
Oct. 11
1930.
Since
July 1
1930.
Corn.
Week
oa. 11
1930.
Since
July!
1930.
Bushels.
Barrels. Barrels.
Bushels. Bushels. Bushels.
502,000 26,049.000
United Kingdom_ 55,395 1,950,302
88.000
Continent
153,867 1,825,517 4,724,000 57,553,000
332,040
51,000 1,081,000
So. St Cent. Amer_ 11,000
289,100
19,000
West Indies
6,000
10,000
1,000
___ _
Hilt. No. Am.Col.
6,000
2,000
6,000 1,338,000
Other countries___ 15.910
181.235
Total 1930
Total 1929
242,172 4,084,194 5,283,000 86,031,000
178,736 2,527,160 3,380,000 51,378,000
1,000
8,000
105,000
183,000
OCT. 18 1930.]
FINANCIAL CHRONICLE
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 11, were as follows:
GRAIN STOCKS.
Wheat.
Corn.
Oafs,
bush,
bush,
bush,
880,000
112,000
56,000
4,000
783,000
147,000
111.000
8,167.000
21,000
53,000
377,000
4.018,000
102,000
42,000
6,320.000
7,104,000
202,000
310,000
12,442,000
563,000 1,418.000
7,438,000
184.000
698,000
5,126,000
24,000
284.000
231.000
52,000
16.000
20,082.000 1,117,000 7,680,000
1,661,000
620.000
1,827.000
709.000 5,013,000
29,686,000
30,000 2.775.000
32,510.000
22.000 5,967.000
1,180,000
51,000 1,003,000
6 843.003
207,000
603,000
"4,040,000
188,000
182,000
2,110.000
4,801.000
2,C00
6,921.000
294,000
450,000
172.000
1.000 1,495.000
1,708,000
243.000 1,623.000
15,616,000
304,000
449.000
924,000
66,000
100,000
MUnIted StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
Bye.
bush.
52.000
1,000
10.000
11,000
5.000
758,000
1.000
17,000
5,060.000
1.234,000
241,000
4,254.000
4,674,000
27,000
99,000
60.000
30.000
Barley.
bush.
6,000
Oct.
3.000
103,000
Oct.
129.000
16.000
157,000
442.000
587.900
4,000
41,000
1.700.000
477.000
871,000
1,634.000
5,141,000
33.000
77.000
417.000
12.000
20.000
46.000
86.000
68.000
179.000
Total Oct. 11 1930...203.072.000 4,569,000 31,021,000
Total Oct. 4 1930...202,993.000 4,643.000 30,495,000 16,540.000 12.249.000
16.468,000 12,138.000
Total Oct. 12 1929_192,567.000 3.937.000 28,423,000
10.234.000 9.475.000
Note.-I300ded grain not Included above: Oats, New York, 50,000
bushels;
Duluth. 5,000. total, 55,000 bushels, against 283.000 bushels
In 1929. Barley,
New York, 207,000 bushels: Buffalo, 412,000:
Buffalo afloat, 120,0000; Duluth,
22,000: total. 761,000 bushels, against 1,899,000 bushels in 1929.
Wheat, New
York, 1,658,000 bushels: Boston,
850,000. Philadelphia
000; Buffalo, 8,017.000; Buffalo afloat, 6,301,000; , 668,000; Baltimore, 1.096.Duluth,
859,000; Canal, 1,390,000; total, 21,134,000 bushels, against 295,000; on Lakes,
25,502,000 bushels
In 1929,
Canadian
Montreal
6,782.000
Ft. William & Pt. Arthur 45.162.000
Other Canadian
16,200,000
726.000
863.000 1,154,000
2,419,000 7.159.000 17.153.000
1,750,000 1,203,000 5,431.000
Total Oct. 11 1930___ 68,144.000
4.895,000
Total Oct. 4 1930... 60,467.000
4.945,000
Total Oct. 12 1929___ 75,056,000
11.619,000
Summary
American
203,072,000 4,569.000 31,021,000
CanedIan
63,144,000
4,895,000
Total Oct. 11 1930_271.216.000 4,569,000 35,919,000
Total Oct. 4 1910___272.460.000 4,643,000 35,440,000
Total Oct. 12 1929...267,613,000 3.937,000 40
000
.042,
9,225,000 23,738,000
9,108,000 23,253,000
4.942,000 13.282,000
16,540.000 12,249,000
9,225,000 23.738,000
25,765,000 35,987,000
25,636,000 35.391,000
15 176„000 22,757,000
corn, as furnished by
The world's shipments of wheat and
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct. 10, and since July 1 1929 and
1928,
are shown in the following:
Wheat.
Exports
-
Week
Oct. 10,
1930.
Corn.
Since
,
July 1. 1
1030.
I
Since
July 1.
1929.
IFeek
Oci. 10.
1930.
Since
July 1.
1930.
Since
July I.
1929,
1
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 7,412.000 134,620,000101,161,000
25.000
679,000 1,514.000
Black Sea_
4,500.000 28.128.000 5,712,000
247.000 15,846,000
401,000
ArgentIna___
709,000 13,127.000 69,779.000 6,507,000 61,089.000
73,300.000
Australia
880.000 15.816.000 16,656,000
India
176.000 8.536.000
320.000'
Otis. countr's
960,000 13,832,000; 10,412,000 1,810,000 23.431,000 15.247,000
Total
14,697,000 214,059,000201,040,000 8,589,000 109,995,000 90,462,000
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York,
Month.
Imports.
1
Customs Receipts
at
New York.
Exports.
1930. I
1929.
1930.
1929.
January_. 152,812,382171.501.300 158.679.252 176.480,924
February. 130.990.039188,138,049143,659,298 87,045,2511
March___
. .
. .
143.290,606 209.690.)6$r
April
148.366,031200.158,425132.003.459159.917.63
May
135,023.042188,510.657130.626.818 132.895,534
June
119,554,90'2167,839.901 105.065.146 151.986,551
91.990.214166.101.300 fig M9.308 168,829.72r
July
August_ _ _ 99.085.287 168,711.634 97,722.0241143,450.060
Total _ _ _ 1031722302 1438759504 1009125001 13302460471
1930.
1923.
24.678,9131
20.705,240i
23,765 513i
23.010.593
26.659,611
34.933.670
15.617.143
16.700.854
27.286.733
28274,931
29,352,308
27.528,213
28.727.341
28.755,719
29.419.142
30.684.237
86.071.943230.023.704
Movement of gold and silver for the eight months:
Gold Morcment at New York,
Month.
Imports.
1930.
1929.
Slirer-New York.
Exports.
,
1930.
January _ .. 7.201,382 8,772.302 8,874,560
February _ 14.593,919 22.368,701
158.467
Nlarch____ 7.108.051 21,610.369
265,000
April
40.686,IiP 21.458.367
90,500
2.943.60' 20.268.641
May
50.000
June
1.584.804 24.377,699
July
13.150,577 30.049 7 11 30.001.077
,
August
4,592,811 14.178.797 35,314,272
Total__ 91,867,264 163.984,612 74,754,776
1929.
, Imports.
,
1930.
721.008 1.530.946
1.030.867' 1.213,537
1.001.25'2' 1,515,527
250.000 1,180.561
305.700 1,373.642
260.347,
739.824
773,010 1 001 074
706,2691 1,203.352
Oct.
Exports.
1930.
3,537,176
2.789,904
2,896,063
1.881,919
3.042.587
2,173.834
2,862.8111
2,881,153
5.065,408 10.362,463 22.065,466
National Banks.-Tho following information regarding
national banks is from the office of the Comptroller of
the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED,
WITH TITLES REQUESTED.
Oct.
Oct.
2493
VOLUNTARY LIQUIDATIONS.
6
-The Chester National Bank, Chester. Pa
3300,000
Effective Oct. 4 1930. Liq. Agent, Richard Wetherill,
care of liquidating bank. Absorbed by Cambridge
Trust Co., Chester, Pa.
-The Producers' National Bank of Tulsa. Okla
6
Effective Sept. 3 1930. Liq. Committee, E. J. Franklin, W.0. Buck and T.J. Hartman, care of the liquidating bank. Succeeded by the Fourth National Bank of
Tulsa, Okla., charter No. 13,480.
-The First National Bank of Spanish Fork, Utah
Effective Aug. 21 1930. Liq. Agent, P. P. Thomas,
Spanish Fork, Utah. Absorbed by Commercial Bank
of Spanish Fork, Utah.
-The First National Bank of Westville. Okla
Effective Sept. 20 1930. Liq. Agent. E. S. Howard,
care of the liquidating bank. Absorbed by the Peoples
Bank of Westville, Okla.
9
-The Uniontown National Bank & Trust Co.. Uniontown, Pa
Effective Sept. 20 1930. Liq. Agent, J. K. Spurgeon,
care of the liquidating bank. Absorbed by the Second
National Bank of Uniontown, Pa., No, 5,034.
10
-First National Bank of Lyons at Clinton. Iowa
100,000
Effective Oct. 7 1930. Liq. Committee, A. L. Holmes,
S. C. Rand and J. W. Campbell, Clinton, Iowa.
Absorbed by the City National Bank of Clinton, Iowa,
No. 2,469.
250.000
7
25,000
8
25,000
250,000
Oct.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son New York:
Shares. Stocks.
$ Per Sh.
40 Buchniann, Emmerich & Co.,
Inc.. corn., no par; 20 Bachmann,
Emmerich & Co., Inc., 8% cum.
pref. A
5450 lot
1 1327-10,000th
Cromer-Cassel's.
Inc. (Miami), 2d pref.; 10 Van
Camp Milk Co. 7% can;. pref..
com .stk. purch .warr.attached _S500 lot
100 Gude Wiumill Trading Corp.
v.t.c., no par
35
2 Chest int & Smith Corp.. corn.,
no par
59 lot
200 Imperial Paper & Color, com_545
1 A. Shapiro. Inc., par $25
543 lot
$45,000 Unity Cold Mines Co. lot
mtge. 7e, due Oct. 1 1932; April,
1930 & sub. coup. attached. 5,000
Unity Gold Mines Co., par 55_5200 lot
60 North Star Mines Co., par $1..$2 lot
10 Casslar Furs, inc., par 530 ____$6 lot
2 Happy Production, Inc., Pref., 4
Happy Production, Inc., corn..
11 Diuqen Shipbuilding Co
52 lot
Deferred payment paper, face value
approximately 316,425.10. conslating of notes and conditional
sale contracts covering ristaur.
equipment acquired by Credit
Utility Co.. Inc., from Amer.
Products Specialty Co.___ .$1.000 lot
91,000 kronen 6% liunsfos Fabrlit,
1927
5800 lot
219,000 kronen 534% City of Elverum, 1920
54.000 lot
439,000 kronen 644% City of
Modum, 1921
$13,000 lot
194.000 kronen 5% City of Notodden, 1916
2.51:10 lot
79,000 kronen 554% City of Norderhav, 1930
52.000 lot
Shares. Stocks.
$ per 371.
20,000 Compania Chllena de Salitres, par Cl: 31,000 Companla
Salltrera Galicia, par Cl
31,000 lot
£495 Ely Brewy. Co., Ltd., Int.
warrants
585 lot
28,765 Hall, Lewis & Co., pref..
par Cl
5260 lot
12,935 John Shaw tlt Sons, Wolverhampton, Ltd., par Cl
81.400 lot
$3,000 Johnson Cowdin Emmerich
1st mtge. 75, 1942. at dep.;
52.500 New England Southern
Corp. coupon notes 1933; 53.000
united Brick Corp. 5% bonds,
1954: Jan. 1930, & subs, coup.
attached; 30 New
England
Southern Corp., prior pref., no
Par; 30 United Brick Corp.. corn.
trust ctf., no par; 30 Bobbins &
Meyers, corn. v.t.c. series 1, no
par; 120 Robbins & Meyers, pref.
v.t.c., par $20: 30 Mexican Con'
801. Mining Co.. corn.; 30 Mexican
Golden Horseshoe Co., corn; 25
The Mexican Gold Fields Co..
Corn.; 50 The Aurora Elgin &
Chicago RR., pref. (Cleveland
ctf.)
$710 lot
Bonds.
Per Cent.
$1,000 Jewish Tribune, Inc., 20-yr.
cony, gold deb. Gs.. March 15
1949
5375 lot
$10.000 Aldecress Corp. 25-yr.
inc. mtge. Os. July 1 1953. on
which no Int, has been paid since
Issuance
$500 lot
$1,000 Woodmere Academy 10-yr.
deb.bonds; 3500 Woodruere School
10-yr. 4% bonds
$410 104
By H. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
12 Boston National Bank
65
5 Merchants National Bank
510
15 Atlantic Nat Bank. par 525_933.4-9334
11 Boston National Bank
100
12 Ludlow Mfg. Associates
130
5 Boston Insurance Co
598
10 Robert Gall. & Co. A
814
250 New England Oil, corn
$1 lot
50 Savannah River Lumber Co., pfd
vot. tr. ctf.; 40 com. vot. tr. ctfs..
Par 51
$10 lot
700 Shawmut Bank Invest. Trust__ 15
Shares. Stocks,
g per Sh.
100 units Atlantic Midland Co.__. 43.4
300 George P. Cox Last Co
19
349 United Trust Corp.. pref.. 25
Stanley Steel Weld. Wheel Corp.,
corn, par 510. 25 Stanley Steel
Welded Wheel Corp., pref.. liar
$10: 10 Poet Office Square Co..
pref.; 10 Beacon HMCo., pref__540 lot
6,870 New England Minerals, Inc.,
par $5
$201o$
60 Nat'l Service Co., pre!
2742
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks
$ Per Sh.
355 Fed. Nat. Bank. par 320
98
'20 So. Minn. Joint Stk. Ld. Bank_350 lot
6 Boston National Bank
100
Assoc. Textile Cos,as follows: Slots
of 5 shs. each, all at 35; 10 at 35;
10 at 3.5:5 at 363.4.
10 Naumkeag Steam Cotton Co
81
5 Naumkeim Steam Cotton Co
84
35 National Service Co., pref
27
25 Boston Wharf Co
100
3 units First Peoples Trust
24
special units First Peoples Trust
8
3
100 Tetra Co.. common
I
25 Tetra Co., pref
134
Shares. Stocks.
$ Per Sh.
25 Morgan's Inc., pref
39
50 Celanme Corp. of Amer., corn.... 10
10 Heywood-Wakefield Co. 1st pf
5034
33 New Engl. Pow. Asso
pi... 9044
14 units First Peoples Trust
24-25
20 Morgan's Inc., pref
3234
200 Gt. Nor. Pap. Co., par 525_38-3834
50 Slurs. Bonding & Ins. Co
100
Bonus.
Per Cent.
58,000 Eastern Mass. St. Ky.
Jan. 1948, series B.__
38
$2.000 Houghton & Dutton Bldg.
Trust 434s, Oct. 1932
90
By Barnes & Loflo.nd, Philadelphia:
Shares. Stocks.
$ per Sh.
30 Standard Gas Equipment Corp..
Pref. (with warrant to purchase
15 shares of common)
12
30 Newberry Lumber ,Sc Chemical
Co., class A common
$3 lot
715 Newberry Lumber & Chemical
CO., pref
Vet. tr. ett. for 6 shares Newberry$2 lot
Lumber & Chem. Co., corn. 13_112 lot
1,260 Graham's Nurseries, corn _ ._ I
34 Kensington Nat'l Bank. par $50_125
1 Citizens Nat. Bank, Jenkintown_
100
15 Tradesineris Nat. 13k. & Tr. Co _370
50 Ninth Bank & Trust Co.. par $10 43
4 Penna. Co. for Ins. on Lives and
Granting Annuities, par $10____
100 Franklin Trust Co., par $10_ __ 88
50
6 Elizabeth & Trenton RR., pref.,
par $50
3854
27 Elizabeth dr Trenton RR.,corn.,
par $50
3149
8 Phila. Bourse. corn., par
18
10 Bobrow Brothers poet $50
10
2 Mapleshade Nat'l Bank, N, J
95
Shares. Bonds.
$ per a.
55 Mitten Men & Management Bk. 35
3 Phila. Bourse, pref
22
50 Aldine Trust Co
10
5(1 Bankers Sec.. coin. vot. tr. at.. 60
Bonds.
Per Ceni,
$750 Newberry Lumber & Chemical
Co. 1st 10-yr. 55, June 1 1939_ _51511ot
5.5,000 Coral Gables, Fla.. munic.
Improv. bonds, Jan. 1 1944
20
$1,000 Indianapolis Northern Trac,
Co. 1st M.5s, July 1 1932 (Jan. 1
1925 and subs, coup. attached.
except July 1 1929, Jan. 1 1)30,
& July 1 1930 missing)
12
$2.000 Broad & Walnut Corp. 10-yr.
6 Sis, Dec. 1 1937 (June 1 1930.9
subs, coup, attached, and with
corn, stock warr, evidencing right
to purchase 10 alus, com,stock for
each 51.000 bond)
545
$1,000 Old Ben Coal Corp. 10-yr.
deb. 7540, Aug. 1 1934
as
51.000 Kentucky Elec. Pow. Corp.
10-yr. cony. deb. 6s, June 1 1936_ 13.4
Capital.
-The Peoples National Bank of Farmland. Ind
Sept.30
$25.000
Correspondent, Ira Smithson, Farmland. Ind.
-The Hartley National Bank, Hartley, Iowa
Sept. 30
Correspondent, C. G. Freda, 321 Sixth St., Sioux
City. Iowa.
Sept. -The Lawrence County National Bank of Mt.Vernon, Mo.
By A. J. Wright & Co., Buffalo:
Correspondent, John 0 Burson. care of Mt. Vernon
Shares. Stocks.
5 per Sh. Shares. Stocks.
Lumber Co.. Mt Vernon, Mo.
$ per Sh.
1000 Bidgood Cons. Mines, par $1_ 3.:
100 Assets Realization Co., par
Oct. 11-First National Bank in Lindale, Texas
5 Cataract Development Corp., no
510
Correspondent. Sam R. Greer, Tyler, Texas.
81 lot
Par
25e. lot 1000 Baldwin Gold Mines, par 51_
1e
25,000
30
25,000
$25,000
[Vol., 131.
FINANCIAL CHEONICLE
2494
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Kansas City St Louis & Chic., pfd.(qu.)
Kansas Okla. & Gulf, pref. A. B &
Midland Valley. preferred
Nashua & Lowell
Utica Chenango & Susque. Valley, pref
When
Per
Cent. Payable.
•13i
3
$1.25
*3
*3
Nov.
Dec.
Dec.
Nov.
Nov.
1 'Holders of rec. Oct. 21
1 Holders of rec. Nov. 20
1 Holders of rec. Nov. 22
1 *Holders of rec. Oct. 15
1
Public Utilities.
Amer. Natural Gas Corp., pref. (quar.)_ $1.75 Nov.
$1.50 Nov.
Birmingham Gas Co.. 56 pref. (guar.)
Brazilian Tr. L. & Pow., ord. (in stock) (I) Dec.
Natural Gas. Light,
Canadian Western
Oct. 1
*51
& Power, common (quar.)
*50c. Oct. 1
Common (extra)
Chicago Rapid Tran., pr. pfd. A(mthlY). *65c. Nov.
•65c. Nov.
Prior preferred B (monthly)
Community Power & Light, corn.(guar.) '62 sic Nov.
Conn. Ry.& Light'g, corn.& pfd.(au.)• $1.125 Nov.1
Dayton Power & Light. pref.(monthly). "50c. Nov.
Derby Gas & Elec.. $7 pref. (guar.)._ •$1.75 Nov.
• 51.625 Nov.
1 $6.50 preferred (guar.)
•1y6
.
Eastern MIIES. St. Ry. let pref. A (qu.)._ •iy.5 Nov. 1
Nov. 1
1 Sinking fund stock (quar.)
Electric Power & Light. 2nd pref. A (qu.) '51.75 Nov.
Secur., corn.(monthly)_ _ _ _ '50c. Nov.
Gas & Elec.
_
Nov.
Common (payable in corn. stock)
•58 1-3c Nov.
Preferred (monthly)
Nov.
(payable in com.stk) *f
Gas Securities, corn.
•50c. Nov.
Preferred (monthly)
Cons. Ry., Ltd.. pref. A (qu.) •15c. Dec. 3
Hawaiian
Nov.
Houston Ltg. & Power.7% pref.(guar.)
"51.50 Nov.
$6 preferred (guar.)
1 si Nov.
pref. (guar.)
Idaho Power. 7%
$1.50 Nov.
) $6 preferred (guar.)
• 51.875 Nov.
Jamaica Water Supply. pref
•Its Nov.
Lone Star Gas 63i% Pref.(guar.)
•Ih Oct. 1
Louisville Gus & Elec.(KY.)7% Pfd.(qu.)
Oct. I
•1
6% preferred (guar.)
.8c. Oct. 3
Mutual Tel. (Hawaii) (monthly)
National Power & Light. corn. (guar.)._ .25e. Dec.
Oct. 1
North Boston Ltg. Properties, corn.(au.) "El
•75c. Oct. 1
Preferred (guar.)
•15i Nov. I
West Utilities. pref. (guar.)
North
Nov.
Oklahoma Natural Gas, pret.(guar.)
•17 c Oct. 1
Penna. Industrial Credit (guar.)
$1.50 Nov.
& Power. $6 pref.(guar.)
Peoples Light
$1.625 Nov.
$6.50 preferred (guar.)
51.75 Nov.
$7 preferred (guar.)
*1
Nov.
Rosa RR.. corn
Petaluma & Santa
*3
Nov.
Preferred
Public Service of Colo.7% pfd.(mthlY.)• 58 I-3c Nov.
"50c. Nov.
6% preferred (monthly)
• 41
2-3c Nov.
5% preferred (monthly)
'23c Nov.
Rockland Light & Power (guar.)
•1X Oct. 1
Sedalia Water, pref. (guar.)
"131 Jan. 1
Preferred (guar.)
Nov.
$3
Swiss-American Electric. pref
Nov. 1
Tampa Elec. Co.. pref. A (guar.)
•1ge Oct. 2
Power, corn. (guar
Telluride
.11.15 Oct. 2
Preferred (guar.)
Nov.
Texas Power & Light. 7% Pf.
$1.50 Nov.
(guar.)
36 preferred
United Electric Service of Italy
$1.41 Nov. 1
American shares
*323ic Dec.
Western Continen. Cell., cl. A (qtr.)
'31.75 Oct. 3
Wisconsin Telephone. pref. (quar.)
Banks.
Columbus
Fire Insurance.
Bronx Fire Insurance (guar.)
Camden Fire Ins. (guar.)
Guardian Fire Assurance (guar.)
.3
Books Closed.
Days Inclusive.
Holders of rec. Oct. 20
'Holders of rec. Oct. 15
Holders of rec. Oct. 31
*Holders of rec. Oct.
"Holders of rec. Oct.
"Holders of rec. Oct.
'Holders of rec. Oct.
'Holders of rec. Oct.
'Holders of rec. Oct.
'Holders of rec. Oct.
"Holders of rec. Oct.
*Holders of rec. Oct.
+Holders of rec. Oct.
*Holders of rec. Oct.
•Holders of rec. Oct.
"Holders of rec. Oct.
'Holders of rec. Oct.
'Holders of rec. Oct.
'Holders of rec. Oct.
'Holders of rec. Oct.
15
15
21
21
21
31
20
20
20
31
31
11
15
15
15
15
15
'Holder, of rec. Oct.
'Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
'Holders of rec. Oct.
15
15
15
15
11
'Holders of rec. Sept. 30
'Holders of ree. Sept. 30
'Holders of rec. Oct. 7
•Holders of rec. Nov. 8
'Holders of rec. Oct. 10
'Holders of rec. Oct. 10
'Holders of rec. Oct. 31
'Holders of rec. Oct. 15
'Holders of rec. Sept. 10
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
'Holders of rec. Oct. 15
*Holders of rec. Oct. 10
•Hulders of rec. Oct. 15
'Holders of rec. Oct. 15
•Holders of rec. Oct. 15
'Holders of rec. Oct. 15
'Holders of rec. Oct. 1
•Holders of rec. Jan. 1
Holders of rec. Oct. 20
"Holders of rec. Oct. 24
*Holders of rec. Sept. 30
'Holders of rec. Sept.30
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 7
'Holders of rec. Nov. 10
"Holders of rec. Oct. 20
Nov. 15 "Holders of rec. Oct. 31
•51.25 Nov. 15 *Holders of rec. Oct. 31
.25e. Nov. 2
"50e. Nov. I 'Holders of rec. Oct. 23
Miscellaneous.
Abbott Laboratories(special (quar.) "12 tic Nov. 1 'Holders of rec. Oct. 21
•75c. Nov. 1 *Holders of rec. Oct. 27
Allied Internat'l Invest.. pref.
-Dividend omitte d.
Allied Products Corp.
The. Nov. 15 Holders of rec. Oct. 24a
Allis-Chalmers Mfg.,coin.(guar.)
(guar.)._
25c Jan. 1 Holders of rec. Nov. 20
Amer. Electric Securities. pref.
(guar.)
•15c. Nov. 1 'Holders of rec. Oct. 25
Amer. Forg.& Socket
Oct. 15 'Holders of rec. Oct. 11
•30
American Glue (special)
*50c. Nov. 15 'Holders of rec. Nov. 15
American News, corn. (guar.)
pref.-dividen d omit ted.
Amer. Solvents & Chem.,
•50c. Jan. I 'Holders of rec. Dec. 13
American Stores (guar.)
•50c. Dee. 1 'Holders of rec. Nov. 14
Extra
*51.75 Dec. 1 *Holders of rec. Nov. 17
Artloom Corp,Pref.(guar.) omitted
Metal Works-Dividend
Art
'114 Oct. 15 'Holders of rec. Oct. 15
Atlantic Macaroni(guar.)
*3
Oct. 15 •Holders of rec. Oct. 9
Atlantic Safe Deposit(N. Y.)(quar.)
"35i Nov. 1 "Holders of rec. Oct. 20
pref
Atlantic Steel,
'25c Dec. 1 "Holders of rec. Nov. 17
Atlas Stores (guar.)
'4
Oct. 15
Avondale Mills, pref
Bachmann, Emmerich & Co.
Oct. 31 Holders of rec. Oct. 31
Preferred and preferred A (quar.)____ $2
8734c. Oct. 31 Holders of rec. Oct. 31
Preferred 13 (guar.)
*25c. Nov. 1 'Holders of rec. Oct. 15
Bankers Bond & Mtge. of Am.(guar.)
pref.(qu.) 134 Nov. 15 Holders of rec. Nov. 1
Baumann (Ludwig)& Co., 1st
50e. Nov. 1 "Holders of rec. Oct. 21
(quar.)
Benson & Hedges. pref.
(qu.). •75c. Nov. 1 'Holders of rec. Oct. 20
Bessemer Limestone az Cem. el. A
"81qc Nov. 1 *Holders of rec. Oct. 15
Corp., Ltd., pref.(quiBlue Ribbon
*623ie Nov. 1 'Holders of rec. Oct. 15
Bohaek (H. C.) Co., common (guar.)
•15i Nov. 1 *Holders of rec. Oct. 15
1st preferred (guar.)
•1% Nov. 1 *Holders of rec. Oct. 15
(guar.)
Boback Realty, pref.
(quar.)__
$1.25 Nov. 15 Holders of rec. Nov. 5
Bond Az Mortgage Guarantee
•25c. Dec. 1 *Holders of rec. Nov. 14
Bower Roller Bearing (guar.)
pref.-dividend deft rred.
British Celanese. 26
9c. Dec. 1 Holders of rec. Nov. 1
Brit. Type Investors, cl. A (bi-mthin- •1).i Nov. 1 'Holders of rec. Oct. 15
Brown Co., pref.(guar.)
Dec. 15 Holders of rec. Nov. 21
Si
Buckeye Pipe Line (guar.)
omit ted.
Budd (Edward G.) mfg.. com.--dividen d•13.4 Nov. 1 *Holders of rec. Oct. 27
Preferred (guar.)
Oct. 16 Oct. 10 to Oct. 16
Builders' Exch. Bldg. (Bait.) (special). _ 10
"50c. Nov. 1 "Holders of rec. Oct. 23
Burdines, Inc., pref.(guar.)
*154 Nov. 1 "Holders of rec. Oct. 15
Campe Corp.. Pref.(guar.)
Nov. 15 Holders of rec. Oct. 31
Canadian Converters, Ltd.(guar.) -Di 1'4 passed.
vidend
Chain & General Equities, Inc., pfd.
Nov. 10 Holders of rec. Oct. 31
- 2
Chase (A. W.) Co., Ltd., pref. (guar.).
255c. Dec. 1 Holders of rec. Nov. 13
Cities Service,common (monthly)
Dec. 1 Holders of rec. Nov. 13
Common (payable in common stock)_.
50e. Dec. 1 Holders of rec. Nov. 13
and pref. BB (monthly)._
Preference
50. Dec. 1 Holders of rec. Nov. 13
Preference B (monthly)
30.46c Nov. 1 'Holders of rec. Oct. 15
Bankers' shares (monthly)
Oct. 15 'Holders of rec. Oct. 7
.2
Collins Co. (quar.)
Nov. 1 'Holders of rec. Oct. 25
Columbia Investing, common (guar.)._ _ •12Sic Nov. 1 *Holders of rec. Oct. 25
•51.50
Preferred (guar.)
Nov. 1 'Holders of rec. Oct. 21
"2
Consolidated Rendering, pref. (guar.)._
•873ic Nov. 1 *Holders of rec. Oct. 20
Construction Materials, pref. (quar.)
.50c. Nov. 15'Holder, of rec. Oct. 31
Copperweld Steel, common (No. 1)
Nov. 1 'Holders of rec. Oct. 20
Crown Drug, Inc., common (quar.)___. •25c. Nov. I *Holders of rec. Oct. 20
'8734c
Preferred (quar.)
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
.3734c Oct. 10
Credit Util. Banking, class B (guar.).
Dec. I "Holders of rec. Nov. 14
"$1
Cushman's Sons, Inc., corn. (quar.)._.. '$1
•134 Dec. 1 "Holders of rec. Nov. 14
7% preferred (guar.)
'2
Dec. 1 *Holders of rec. Nov. 14
8% preferred (guar.)
20c. Nov. 1 Holders of rec. Oct. 15 1
De Forest Crosley Radio, Ltd
*50c. Nov. 1 *Holders of rec. Oct. 20 I
Diamond Iron Works (guar.)
-Dividend d eferred .
Dietograph Products, corn
Disher Steel Construe., pref. A (guar.)._ 37(4c Nov. 1 Holders of rec. Oct. 15
Dominion Scottish by., Ltd., pref.(qu.) •6234c Nov. 1 'Holders of rec. Oct. 20 1
50e. Dec. 1 Holders of rec. Oct. 31
Eastern Theatres (Toronto), corn.(qu.)_
Elec, Appliance Finan.. pref. (guar.)...'1734e Oct. 15 "Holders of rec. Sept. 30
'60c. Nov. 1 "Holders of rec. Oct. 22
(quar.)
g
Fa e(fTerhree)dCo(0..0caorT mon
"1;i Nov. 1 "Holders of rec. Oct. 22
Family Financing Corp.. corn. & pf.(qu.) "1734c Oct. 15 "Holders of rec. Sept. 30
Federal American Bond az Share
•$1.75 Nov. 1 *Holders of rec. Oct. 20
1st & 2d pref. (guar.)
Fed'I Grain, Ltd., 634% prof. (guar.).- "1+4 Nov. 1 'Holders of rec. Oct. 15
'6234c Nov. 1 'Holders of rec. Oct. 15
Federal Knitting Mills, corn.(quar.)
•1234c Nov. 1 *Holders of rec. Oct. 15
Common (extra)
Flintkote Co.. class A-Dividend deferred.
Foremost Dairy Products, pref.-Divide nd om itted.
*50c. Oct. 15 'Holders of rec. Oct. 141
Galveston Wharf (monthly)
5
1 15 *Holdens of rec. Nov. 5
'
Gen. Outdoor Advertising, cl. A (qu.)._ 'Si4
Nov.
*Holders of rec. Nov. 5
Preferred (guar.)
"30c. Nov. 1 *Holders of rec. Oct. 20
Corp.. pref.(guar.)
General Parts
Nov. 1 Holders of rec. Oct. 15
General Steel Wares, Ltd., pref. (quar.)_
Jan. 3 "Holders of rec. Dee. 3
"81
Gillette Safety Razor, corn.(guar.)
15e. Nov. 1 Holders of rec. Oct. 20
Globe Underwriters Exchange
Golden State Milk Products-Dividend o mitted .
*30c. Nov. 1 "Holders of rec. Oct. 20
Goldsmith (P.) S009 (guar.)
Gramophone Co., Ltd.
Amer. dep. rcts. for ord. reg.shares... "ro15 Nov. 11 'Holders of rec. Oct. 14
•75c. Dee. 1 *Holders of rec. Nov.20
Great Northern Paper (guar.)
81.50 Jan. 1 *Holders of rec. Dec. 20
*43 ,
Great Western Elec. Chem., 1st p1.(qu.) **4
'Holders of rec. Oct. 25
Pineapple. pref. (guar.)
Haiku
"500. Oct. 31 'Holders of rec. Oct. 24
Halle Bros. Co.. common ((uar.)
'134 Oct. 31 'Holders of rec. Oct. 24
Preferred (guar.)
*50c. Nov. 1 'Holders of rec. Oct. 22
Hamilton Bridge, common (guar.)
*14 Nov. 1 'Holders of rec. Oct. 22
Preferred Man)
•51.75 Dec. 20 "Holders of rec. Dec. 5
(M. A.) Co.. pref. (guar.)
Hanna
*20c. Oct. 31
Hawaiian Can (monthly)
.40c. Oct. 31
Extra
.20c. Nov.30
Monthly
"40e. Nov.30
Extra
50c. Nov. 29 Holders of rec. Nov. 154
Hawaiian Plnetipille (guar.)
Sc.Nov. 4 Holders of rec. Oct. 21
Mines
Hollinger Consol. Gold
*11.50 Nov. 1 'Holders of rec. Oct. 24
Horne (Jos.) Co., pref. (guar.)
*50c Nov. 1 'Holders of rec. Oct. 15
Shoe, Ltd. (guar.)
Humberstone
rec. Oct. 15
"
5?ce
Hunts Bros. Packing, class A (guar.)._ _ .32i Nov.Nov 151 *Holders of
*Holders of rec. Oct. 31
Industrial Credit of Amer.(guar.)
•I% Nov. 1 "Holders of rec. Oct. 25
pref. (guar.)
Internat. Harvester,
International Paper. com.-dividend onal Red.
1 1 Holders of rec. Nov. 14a
5600::
International Safety Razor, Cl. A (quar.)
Dec.
Holders of ree. Nov. 146
Class B (guar.)
25c. Dec. 1 Holders of rec. Nov. 146
Class 13 (extra)
114 Nov. 1 Holders of rec. Oct. 25
Stores, pref. (quar.).._
Interstate Dept.
50c. Nov. 15 Holders of rec. Oct. 31
Intertype Corp., corn. (guar.)
Jackson & Curtis Inv. Assn.*60c. Nov. 1 'Holders of rec. Oct. 24
Ctf. ben. Int. (guar.)
*50e. Oct. I *Holders of rec. Sept. 15
Jenkins Brothers. corn.((uar.)
•4334c Nov. 1 "Holders of rec. Oct. 15
Julian & Kokenge (guar.)
*1
T N .
Kansas City Stock Yards. corn.(guar.)._ • i Nov. 'Holders of rec. Oct. 15
"Holders of rec. Oct. 15
Preferred (guar.)
(guar.)
•25e. Jan. 2'Holders of rec. Dec. 15
Kinney (G. It.) Co.. corn.
.2 Dec. I 'Holders of rec. Nov. 15
Preferred (guar.)
.25c. Jan. 2 "Holders of rec. Dec. 20
Klein (D. Emil), corn. (guar.)
"51.75 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
Knickerbocker Eqult. Sec.. pref. (guar.) "81.75 Oct. 30 "Holders of rec. Oct. 20
80e. pee
'Holders of rec. Nov. 15
:14 Dec.
Lake of the Woods Milling, corn.(qu.)
Prefd
"Holders of rec. Nov. 15
(guar.)
411.50 Oct. 10 *Holders of rec. Oat. 6
14 N v: 1
& Co., pref. (guar.)._
Lamont Conies
Holders of rec. Oct. 25
Lerner Stores Corp., pref. (guar.)
Nov.
*Holders of rec. Oct. 25
Loew's Ohio Theatres, pref. (guar.)._ _
25c. Nov.
_*2
Holders of rec. Oct. 17
(guar.)
corn,
MacMarr Stores, co.
Massey-Harris Co., Ltd.,corn -Dividend disco ntinued
*25c
McCord Radiator Mfg., el. B-Dividend omItt ed.
Dee, 1 *Holders of rec. Nov. 1
McIntyre Porcupine Mines. Ltd.(quar.)
114 Nov. 1 Holders of rec. Oct. 15
Mercury Mills, Ltd., pref.(guar.)
'$1.50 Nov. 1 'Holders of rec. Oct. 20
(guar.)
Metal & Thermit
"51.50 Nov. 1 'Holders of rec. Oct. 20
Metropolitan Ind. 56 pref.(quar.)
of rec. Oct. 20
$6 pref, allot. ctf. 50% Pd.(guar.).- *75c. Nov. 1 *Holders
omitted.
Mimrbg Paper-Dividend
25e. Nov.29 Holders of rec. Oct. 31
Mohawk Mining (guar.)
*51.50 Nov. 1 "Holders of rec. Oct. 15
Moore Drop Forging, cl. A (guar.)
.
(guar.)._ "53Nov 1 "Holders of rec. Oct. 25
25e. No .
.
Morris Plan Bank (Cleveland)
rec. Oct. 24
**11 .50 DD . 11
:
N
..
Mortgage Co. of Nova Scotia (guar.)._ 5144 ccov 1 'Holders of rec. Oct. 15
rh "Holders of
Cafeteria, pref. (quar.)
Mui ead,
Holders of rec. Nov. 20
Muskogee Co.. pref.(guar.)
*Holders of rec. Nov. 20
National Bellas-Hess, pref. (guar.)
rec. Oct. 24
National Securities Invest., pref. (qu.)- *51.50 Nov. 15 *Ilolders of
*Holders of rec. Oct. 20
..8171ic Dec.oovvv...
National Sash Weight. pref. (guar.)
'134
*Holders of rec. Nov. 15
(J. J.) Co., pref. (guar.)
Newberry
*50e.
*Holders of rec. Oct. 20
New Amsterdam Casuilty (guar.)
,34
'Holders of rec. Oct. 27
New Process Co.. pref. (guar.)
Oct. 31 Holders of rec. Oct. 21
Rosario Mining (qu.)
N. Y. &Honduras
5c..
1234c Oct. 31 Holders of rec. Oct. 21
Extra
"Holders of rec. Nov. 1
Nineteen Hundred Corp.. class A (qu.).
Nov.'ov.
'Holders of rec. Nov. 1
Class B (guar.)
•25c. Nov. 15 *Holders of rec. Nov. 1
Class B (extra)
•10c. Nov. 1 "Holders of rec. Oct. 20
North Amer. 011 Cons.(monthly)
5
5 N .
• 1.5 0: N00v.:
Noyes (Charles F.) Co., Inc., cons,(qu.) .s4: N0vv
Common (extra)
Preferred ((uar.)
•u40c. Oct. 1 'Holders of rec. Sept. 20
Ohio Wax Paper, corn.(guar.)
75c. Nov. 15 Holders of rec. Oct. 30
Owens-Illinois Glass, corn.(guar.)
$1.50 Jan. 1 Holders of rec. Dec. 16
Preferred (guar.)
*60c. Nov. 1 *Holders of rec. Oct. 20
Pacific Clay Products (guar.)
•20c. Nov. 1 'Holders of rec. Oct. 15
Pacific Finance, pref. A (quar.)
•163ic Nov. 1 'Holders of rec. Oct. 15
Preferred C (guar.)
•1736c Nov. I "Holders of rec. Oct. 15
Preferred D (guar.)
'6234c Nov. 15 *Holders of rec. Nov. 1
Parker Pen, corn. (guar.)
25
Parker (C. S.) & Co., class A (guar.).- *50c. Nov. 1 *Holders of rec. Oct. 31
li? 'Holders of rec. Oct.
5
• c.
(monthly)._ *1 36
Parmelee Transportation
*Holders of rec. Oct. 20
Peabody Coal, pref. (guar.)
134 Nov. I "Holders of rec. Oct. 15
Pennsylvania Industries, pref. (guar.)._ •
3Sc. N0 :
Holders of rec. Oct. 15
o:
Petroleum Rectifying Corp. (quar.)
Holders of rec. Oct. 15
Extra
*lc. Nov. 1 *Holders of rec. Oct. 15
pref.(monthly)...
Petroleum Royalties.
Pierce Petroleum Corp., corn. (No. 1)._ •10c. Nov. 15 *Holders of rec. Nov. 1
•5c. Nov. 1 "Holders of rec. Oct. 24
Pitney Bowes Postage Meter (mthly.)Power & Light Securitlei Trust•50c. Nov. 1 *Holders of rec. Oct. 20
Ctfs. ben ficial int.(guar.)
Nov. 1 "Holders of rec. Oct. 20
"el
Car. of beneficial interest (in stock)
Oct.ct. 55 "Holders of rec. Oct. 13
Printing Machinery, corn. dc pf. ((uar.)..
15'Holders of rec. Oct. 13
Common and pref. (extra)
*5c. Nov. 1 "Holders of rec. Oct. 21
Process Corp. (guar.)
Procter & Gamble Co., corn,(guar.)._ _ *60c. Nov. 15 *Holders of rec. Oct. 25
. 5
Producers Royalty Corp., corn. (guar.). *5'225% Oct.0ct 15 *Holders of rec. Sept. 30
*Holders of rec. Sept. 30
Preferred ((uar.)
.11
Nov. 15 •Holders of roc. Oct. 24
Pullman, Inc.(guar.)
*50c. Nov. 1 *Holders of rec. Oct. 25
Randall Co., class A (guar.)
"WO Nov. 1 'Holders of rec. Oct. 15
Republic Service. pref. (guar.)
Nov. 1 *Holders of rec. Oct. 20
Russell Motor Car. corn.(guar.)
•134 Nov. I *Holders of rec. Oct. 20
Preferred (guar.)
134 Nov.15
St. Lawrence Flour Mills, pref. ((uar.).. '30c.N .1 Holders of rec. Oct. 18
*Holders of rec. Nov. 7'
Swum-Dillon Co. ((uar.)
•10c. Nov. 15 "Holders of rec. Nov. 7
Extra
'3736c Nov. 1 'Holders of rec. Oct. 19
Sec., pref. (guar.)
Seaboard Nat.
*35c. Nov. 1 *Holders of rec. Oct. 20
Selby Shoe, corn.(guar.)
"135 Nov. 1 "Holders of rec. Oct. 20
Preferred (guar.)
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days 'notarise.
Miscellaneous (Concluded).
Securities Corp. General, corn.(quar.).
•100 Nov. 1 *Holders of rec. Oct. 22
$7 preferred (guar.)
111.75 Nov. 1 *Holders of rec. Oct. 22
$8 preferred (guar.)
•$1.50 Nov. 1 *Holders of rec. Oct. 22
Service Stations. Ltd., pref.(guar.)
174 Nov. 1 Holders of rec. Oct. 15
Preferred series A (guar.)
154 Nov. 1 Holders of rec. Oct. 15
Sinclair Consol Oil (pre! (guar.)
.)
•2
Nov.15 *Holders of rec. Nov. 1
Standard Corporations, Inc., corn
10e Nov. 1 Holders of rec. Oct. 20
Stein (A.)& Co., corn.(guar.)
40e Nov.15 Holders of rec. Oct. 30
Stewart Iron Works, pref. (guar.)
•$1.75 Oct. 15 *Holders of rec. Oct. 1
Straus (S. W.) Invest., pref. A (guar.)._ "75c Nov. 1 'Holders of reo. Oct. 15
Suburban Elec, Secur., 1st pref.(guar.). *31.50 Nov. 1 *Holders of rec. Oct. 15
Sullivan Packing, pref.(guar.)
Nov. 1 *Holders of rec. Oct. 20
*2
Sun Oil, corn.(guar.)
*25c Dec. 15 *Holders of rec. Nov. 25
Preferred (guar.)
•1 74 Dec. 1 *Holders of rec. Nov.10
Trimountain Dredge Co., class A (guar.) *50c Nov. 1 *Holders of rec. Oct. 21
Trinidad Leaseholds, Ltd., com.-Divid end o nettled.
Trunz Pork Stores, corn. (guar.)
"40c Nov. 11 *Holders of rec. Oct. 31
Truscon Steel, corn.(guar.)
•31:10 Jan. 15 *Holders of rec. Dec. 28
sfg Mar. 10 'Holders of rec. Jan. 5
Corn.(payable in corn.stock)
•1% Dec. 1 *Holders of rec. Nov.21
Preferred (guar.)
Tung Sol Lamp Works,corn.
•25c Nov. 1 *Holders of rec. Oct. 20
(MO
Preferred (guar.)
•75c Nov. 1 *Holders of rec. Oct. 20
Turner Tanning Mach. Co. (guar.)_
*30c Nov. 1 *Holders of rec. Oct. 25
Twelfth St. Store (111s.). pref. A (guar.). *50c Nov. 1 *Holders of rec. Oct. 20
Union Oil Associates (guar.)
•50c Nov.10 *Holders of rec. Oct. 18
Stock dividend
*el Nov.10 "Holders of rec. Oct. 18
U.S.Electric Power, pref.(guar.)
41.5 Nov. 1 *Holders of rec. Oct. 2
U.B. Fidelity & Guaranty (guar.)
*50c Nov. 1 *Holders of rec. Oct. 31
U.S. Realty & Improvement
75c Dec 15 Holders of rec. Nov. 14
Upson Company. cl. A & B (guar.)
"25c Nov.15 *Holders of rec. Nov. 1
Vadsco Sales, pref.-Dividend deferred
Vanadium Corp. of Amer.(guar.)
75e Nov.15 Holders of rec. Nov. 1
Virginia Alberene. class A (guar.)
*82 Nov. 1 *Holders of rec. Oct. 15
Walker & Co., class B (guar.)
.30c Nov. 1 *Holders of rec. Oct. 20
Warchel Corp., cony. pref-Dividend o milted.
Wedgewood Invest. Corp., pref.(qu.)
•174 Nov. 1 *Holders of rec. Oct. 18
Weiboldt Stores, Inc., corn,
-Dividend mined.
Western Air Express(guar.)
•15c Nov. 1 *Holders of rec. Oct. 20
Whitman & Barnes, Inc.
-Dividend omi ttect.
Williams (R. C.) & Co.(guar.)
35c. Nov. 1 Holders of rec. Oct. 20
Willson Stationers & Env., 1st pt.(ql.). '$1.7S Oct. 15'Holders of rec. Sept.30
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.
Books Closed.
Days /admin.
Railroads (Steam).
Allegheny Corp., pref. A (Suer.)
$1.37 Nov. 1 Holders of rec. Oct. 150
Atch.Top.& Santa Fe,corn,(guar.)
214 Dec. 1 Holders of rec. Oct. 31a
Atlantic Coast Line RR., pref
•2M Nov. 10 "Holders of ree. Oct. 24
Baltimore& Ohio corn.(quar.)
174 Dec. 1 Holders of rec. Oct. lie
Preferred (guar.)
Dec. I Holders of rec. Oct. lie
Cbeeapeake & Ohio. pref.(guar.)
374 Jan 1'31 Holders of rec. Dec. 8a
Cincinnati Sandusky & Cleve.. pref
$1.50 Nov. 1 Holders of rec. Oct. 24o
Cleve. Cin. Chicago & St. Louis, PI.(qu.)
Oct. 31 Oct. 9 to
Oct. 29
Cuba RR., preferred
a Feb2'31 Hold, of rec. Jan.15'31a
Delaware Lack. & Western (guar.)
$1.50 Oct. 20 Holders of reo. Oct. 44
Elmira dr Williamsport, common
.$1.15 Nov. 1 'Holders of rec. Oct. 20
Erie RR., lat and 2nd preferred
2
Dec. 31 Holders of rec. Dee. 180
Internat. Rys. of Cent. Am., of.(qu.). 1% Nov. 15 Holders of reo. Oct. 31a
KansasCity Southern. coot.(qu.)
114
Nov. 1 Holders of roe. Sept. 300
MahonIng Coal RR.common (quar.)
$12.50 Nov. 1 Holders of rec. Oct. 150
Mo.-Kansas-'l'eas. common (quar.)-- -- 581
Dee, 31 *Holders of rec. Dec. 5
Preferred A (guar.)
Dec. 31 Holders of nye. Dec. 50
New York Central RR.(guar.)
Nov. 1 Holders of ref). Sept. 26a
2
Norfolk &"western, adj. pref. (quar.)
1
Nov. 19 Holders of rec. Oct. 310
Northern Pacific(guar.)
1% Nov. 1 Holders of rec. Sept,30a
Pere Marquette. prior pref. dr pf.
144 Nov. 1 Holders of rec. Oct. Ba
Pittsburgh & West Virginia, corn.(quar.) 1% Oct. 31 Holders of rec. Oct. 15a
Reading Co.,
$1
Nov.13 Holders of ree. Oft. 16a
(guar-,
St. Louis-San oommonpref.(guar.)
1% Nov. 1 Holders of rec. Oct. la
Franc.,
Southern Ry.. corn. (guar.)
2
Nov. 1 Holders of rec. Oct. la
United N..7. RR.& Canal Cos.(11t1.)-- - *234 Jan 1'21 *Holders of reo.Dec.2010
Wabash Ry., pref. A (guar.)
141 Nov. 25 Holders of rec. Oct. 250
13(
Public Utilities.
Alabama Power $5 pref.(guar.)
$1.25 Nov. 1 Holders of Mo. Oct. 15
Amer. Cities Pow. & Lt., class A (qu.)-- 175c. Nov. 1 Holders of rec. Oct. 4
Class B (payable In class B stock)---- 12% Nov. 1 Holders of rec. Oct. 4
Am. Com'wealths Pow., corn. Addi(qu.) aa214 Oct. 25 Holders of rec. Sept. 30
First pref.seem A (quar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
First pref. $6.50 series(quar.)
$1.63 Nov. 1 Holders of rec. Oct. 15
First Prof.$6 series(guar.)
21.50 Nov. 1 Holders of rec. Oct. 15
Second Prof. series A (guar.)
$1.70 Nov. 1 Holders of rec. oet. 15
Amer. Gas & Elec., pref.(guar.)
$1.50 Nov. 1 Holders of rec. Oct. 8
Amer. Light dr Traction, corn. (quar.). 82 Mc. Nov. 1 Holders of rec. Oct. 17a
Preferred (guar.)
371 c. Nov. 1 Holders of rec. Oct. 174
4
Amer. Water Works & Elec., corn. (qu.)
25e. Nov. 15 Holders of ree. Oct. 29a
Arkansas-Missouri Power, pref. (quar.). "134 Nov. 1 *Holders of rec. Oct. 15
Associated GM dr Elec.. class A(quar.) - bb50c. Nov. 1 Holders of rec. Sept. 30
Associated Telep.& Teleg.. cl. A (guar.) *21
Nov. 1 *Holders of rely. Oct. 17
Class A (extra)
$1 Nov. 1 Holders of rec. Oct. 17
Atlantic City Lice., pref. (guar.)
'81.50 Nov. 1 *Holders of rec. Oct. 8
Bangor Hydro Elec. Co.. corn. (quar.)-- *50e. Nov. 1 *Holders of rec. Oct. 10
Barcelona Tr., Light & Power (quar.)....
50e. Nov.
Holders of rec. Oct. 18
ens Nov. 1 'Holders of rec Sept.30
Broad River Power, pref. (quar.)
Brooklyn-Manhattan Transit, pref. HMO .$1.50.17 15'31 Holders of rec. Dee. 310
Preferred, scrim A (auar.)
$1.50 Ap15'31 Hold of rec. Apr. 11931,
Buff. Niag.& E.Pow.. 35 first A.(titi.). •31.25 Nov. 1 *Holden of rec. Oct. 15
•
Calgary Power, pref. (quar.).....
ov. 1 'Holders of rec. Oct. 15
Canada Northern Power common (GA.)
15e. Oct. 25 Holders of me. Sept.30
Canadian Western Natural Gas L.Ht.&
Pow preferred textrai
•25e Dec. 1 'Holders of reo Nov. 16
Preferred (extra)
•25e. Mr.2'31 'Hold of reo Feb. 14 31
Preferred (extra)
•25o. Junl'31 'Hold,of rec. May 16'31
Central Hudson Gas & El.. corn.(qu.)_. *20c. Nov. 1 *Holders of rec. Sept. 30
Central Mass. Power, common (guar.)._ *El
Nov. 1 "Holders of rec. Oct. 15
Central Power & Light, 7% pref.(qu.)__ •1;4 Nov. 1 *Holders of rec. Oct. 15
•15.4 Nov. 1 *Holders of rec. Oct. 15
6% Preferred (Suer.)
Cent. West Pub.Ser., Prof. A & B (qu.). •14i Nov. 1 *Holders of rec. Oct. 25
City Water Co.(Chattanooga). PI.(qu.) •$1.50 Nov. 1 *Holders of rec. Oct. 20
Cleveland Elec. Ill., pref.(guar.)
144 Dec. 1 Holders of rec. Nov. 14
50c. Nov. II Holders of rec. Oct. 200
Columbia Gas dr Electric. corn.(quer.).
1% Nov. 15 Holders of ree. Oct. 20a
0% Preferred, series A (quar,)
144 Nov. 15 Holders of rec. Oct. 200
5% preferred (quar.)
Columbus Hy.. Pow.& Lt., pref. B (ell)•$1.63 Nov. 1 "Holders of rec. Oct. 15
Commonwealth-Edison Co. (guar.).__. *2
Nov. 1 'Holders of reo. Oct. 15
Community Power & Lt.. lot pref. (qu.) *21.50 Nov. 1 'Holders of rec. Oct. 21
Consolidated Gas of N Y Prof.(guar.) $1.20 Nov 1 Holders of rec. Sept. 300
Consumers Power Co., 25 pref.(quar.).. 31.25 Jan2'31 Holders of rec. Dec. 15
Jan2'31 Holders of rec. Dec. 15
6% preferred (Sitar.)
6.6% preferred (guar.)
21.85 Jan2'31 Holders of rec. Dec. 15
1% Jan2'31 Holders of reo. Doe. 15
7% preferred (guar.)
8% preferred (monthly)
500 Nov. 1 Holders of rec. Oct. 15
50o Dec. 1 Holders of rec. Nov 15
6% preferred (inonthly)
6% preferred (monthly)
60c Jan2'31 Holders of rec. Dee. 15
bbe Nov. 1 Holders of reo. Oct. 15
8.8% preferred (monthly)
6.8% preferred (monthly)
55e. Dec. 1 Holders of rec. Nov. 15
6.8% preferred (monthly)
550. Jan2'31 Holders of reo. Dec. 15
Eastern States Power, COM. 13 (qu.).......
25c. Nov. 1 Holders of rec. Oct. 10
Preferred A (quar,)
$1.75 Nov. 1 Holders of rec. Oct. 10
Preferred B (Suer.).
$1.50 Nov. 1 Holders of rec. Oct. 10
Electric Bond & Share. $6 prof. (gu.)
$1.50 Nov. 1 Holders of reo. Oct. 8
$1.25 Nov. 1 Holders of reo. Oct. 8
$5 preferred (guar.)
Electric Power & Light, corn.(quar,).
25e. Nov. 1 Holders of rec. Oct. 110
Allot. Ms.70% pald (com. stk.)
8740. Nov. 1 Holders of rec. Oct. 11
1214e. Nov. I Holders of rec. Oct. 11
Allot. ctfs.(full paid)(corn.stk.)
2195
FINANCIAL CHRONICLE
OCT. 18 1930.]
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Concluded).
Edison Elec. Ill. of Boston (gum.)
83.40 Nov. 1 Holders of rec. Oct. 10
Empire Gas & Fuel,8% pref.(mthly)__* 88 2-3c Nov. 1 'Holders of rec. Oct. 15
•58 1-.3c Nov. 1 'Holders of rec. Oct. 15
7% preferred (monthly)
• 54 1-6c Nov. 1 *Holders of rec. Oct. 15
874% preferred (monthly)
*50c. Nov. 1 'Holders of rec. Oct. 15
8% preferred (monthly)
Fall River Gas Works(guar.)
*75c. Nov. 1 *Holders of rec. Oct. 16
Hartford Electric Light (guar.)
6874 Nov. 1 Holders of reo. Oct. 150
Extra
9410. Nov. 1 Holders of reo. Oct. 1641
Havana Elec. & Utilities, 1st pref. (qu.) 144 Nov. 15 Holders of rec. Oct. 18
$1.25 Nov. 15 Holders of ree. Oct. 18
Cumulative preference (guar.)
*15c. Oct. 20 *Holders of rec. Oct. 15
Hawaiian Electric, Ltd.(mthly.)
Illinois North utilities. Pref. (quar.)..._ •134 Nov. 1 'Holders of rec. Oct. 15
"31.75 Nov. 1 *Holders of rec. Oct. 15
Junior pref.(guar.)
Illinois Power & Light, $13 turn. pf.(gu.) $1.50 Nov. 1 Holders of rec. Oct. 10
International Utilities Corp.$7 pf.(qu.).. $1.75 Nov. 1 Holders of rec. Oct. 174
Jamestown Telephone. corn. (quar.).... *$2.50 Nov. 1 "Holders of rec. Oct. 15
Keystone Telephone, pref. (Oiler,)
.75c. Nov. 1 *Holders of rec. Oct. 24
*$1.75 Nov. 1
Knoxville Power & Light $7 Pt. (111.)
"51.50 Nov. 1
36 preferred (guar.)
Lawrence Gas dr Elec. Co.(quar.)
*65e. Nov. 1 "Holders of rec. Oct. 15
Hold,of rec. Feb.2 1931
Lone Star Gas.oom.(In oom.en.)
(V)
Long Island Lighting corn. (guar.)
150. Nov. 1 Holders of res. Oct. 15
Lowell Electric Light ((Aar.)
•650. Nov. 1 'Holders of reo. Oct. 15
Mexicsn Light & Power 7% preference. - 314 Oct. 31 Holders of roe. Oct. 16
4% second preference
10e. Oct. 31 Holders of rec. Oct. 16
*IA Nov. 1 *Holders of rec. Oct. 15
Michigan Gas & Elec., pref.(guar.)
*I% Nov. 1 "Holders of rec. Oct. 15
Priorlien stock (guar.)
Middle Western Telep.. corn. A (00.)... •4344c Dec. 15 'Holders of roe. Dee.
MiddleWest Utilities, tom. (guar.)._ 12
Nov. 15 Holders of rec. Oct. 15
-80th share corn.) 121.50 Nov. 15 Holders of rec. Oct. 16
$13 pref. (cash or 3
Midland Counties Elec. Supply, Ltd
*tc2 3i Oct. 21 *Holders of rec. Sept. 30
American dep. rcts, ord. reg
, o. 31 "Holden of rec. Oct. 16
N t. 1
)c v
Midland NaturalGas, cl. A (quar.)
Mid-West States Util. (quar.)
s4344c Nov. 1 Holders of rec. Oct. 15
Holders of rec. Oct. 200
Elec. Ry.& Light, pref.(qu.)
Mississippi Power & Light. 1st pf.(qu.). 91.50 Nov. 1 *Holders of reo. Oct. 15
Second preferred (guar.)
"$1.50 Nov. 1 *Holders of rec. Oct. 15
Mohawk & Hudson Pow., $7 pref.(qu.). $1.75 Nov. 1 Holders of rec. Oct. 15
"144 Nov. 1 *Holders of rec. Oct. 11
Montana Power, pref. (guar.)
Montreal Light, Heat & Power (quar.)..
37c. Oct. 31 Holders of rec. Sept. 30
Mountain States Power, pref. (quar.)-174 Oct. 20 Holders of rec. Sept. 30
tunicipal Service Co.,6% pref.(guar.)_
174 Nov. 1 Holders of rec. Oct. 15
45e, Nov. 1 Holders of rec. Oct. 15
Nat. Elec. Power. corn. A (guar.)
* 81.825 Jan 1'31 *Holders of rec. Dec. 20
National Gas & Elec., pref.(quar.)
Nat. Power & Light, $8 pref. (oiler.)..- $1.50 Nov. 1 Holders of rec. Oct. 11
Prof. (guar.) 174 Nov. 1 Holders of rec. Sept. 30
Nevada-Calif. Elec.
Dec. 10 *Holders of ree. Nov.80
oil
Newark Telephone (War.)
Corp.,
North American Edison Co., Pref.(On.)- $1.50 Dec. 1 Holders of rec. Nov. 150
North Amer. Gas & Electric, class A (qu) "40c. Nov. 1 'Holders of rec. Oct. 10
Nov. 15 Holders of rec. Oct. 20
North Amer. Light & Power. tom.(qu.) f2
.134 Nov. 1 *Holders of me. Oct. 10
4
Northern N. Y. Utilities, pref. (guar.)._
Northern Ontario Power. corn.(guar.)
- 60o. Oct. 25 Holders of rm. Sept.80
Preferred (quar.)
174 Oct. 25 Holders of rm. Sept. ao
Nov. 1 Holders of rec. Sept. 30
Northern States Pow.(Del.),com.A (Qu) 2
•200. Nov. 1 *Holders of roe. Sept. 30
Common B (quar.)
154 Oct. 20 Holders of rec. Sept. 30
7% Preferred (guar.)
114 Oct. 20 Holders of rec. Sept. 30
6% preferred (guar.)
*$2
Nov. 1 *Holders of rec. Oct. 15
Norton Power & Elec.(guar.)
1
15 Nov. 1 'Holders of rec. Oct. 15
Extra
Ohio Pub. derv.,7% pref.(mthly.)_•5s 1-3c. Nov. 1 *Holders of rec. Oct. 15
*50c. Nov. 1 *Holders of rec. Oct. 15
13. preferred (monthly)
7
*41 2-3e. Nov. 1 *Holders of rec. Oct. 15
54, preferred (monthly)
"144 Dec. 81 "Holders of rec. Dec. 24
Ohio Telep. Service, prof.(Guar.)
"3774e Nov. 15 "Holders of rec. Oct. 31
& Elec.6% pref.(guar.)
Pacific
'3474r Nov. 15 *Holders of rec. Oct. 31
514 preferred Muir.)
,
*75c. Nov.15 *Holders of rec. Oct. 31
Pacific Lighting Co., corn.(Oiler.)
"31.25 Nov.15 *Holders of rec. Oct. 31
$5 preferred (guar.)
Pacific Northwest P.8., 1st p1.(guar.) 91.80 Nov. 1 *Holders of roe. Oct. 15
4c. Nov. 1 Holders of ree. Oct. 10
Pacific Piddle Service, corn. A(quar.)__m 32,
'360. Jan 111 "Hold, of rec. Dec. 15'30
Peninsular Telepone,c0m.(guar.)
Pennsylvania Power. 26.60 pref.(mthly ) 550. Nov. I Holders of rec. Oct. 20
55c. Dec. 1 Holders of rec. Nov.20
$6.60 preferred (monthly)
$1.50 Dec. 1 Holders of rec. Nov.20
86 preferred (guar.)
Philadelphia Co.. cont.($50 Par)
- $1 Oct. 31 Holders of rec. Oct. 1
750. Oct. 81 Holders of rec. Oct. 1
Common (850 Par) (extra)
20c. Oct. 31 Holders of rec. Oct. 1
New common (guar.)(No. 1)
150. Oct. 31 Holders of rec. Oct. 1
New common (extra)
$1.50 Nov. 1 Holders of rec. Oct. 1.11
8% preferred
Philadelphia Electric, $5 Pref. (guar.)._ $1.25 Nov. 1 Holders of rec. Oct. 100
Oct. 31 Holders of rec. Oct. 15a
Phila. Rapid Tran. common (Suer.).... $1
$1.75 Nov. 1 Holders of rec. Oct. la
Preferred
4 Dec. 1 Holders of rec. Nov. 12
Phila. Suburban Water Co.. prof. (qu.) 1 1
*1.74 Nov. 1 *Holders of rec. Oct. 20
Potomac Edison,7% prof.(quar.)
4.134 Nov. 1 *Holders of rec. Oct. 20
6% preferred (guar.)
500. Oct. 81 Holden of rec. Oct. la
Pub. Mery Corp N.J..6% Pf (m4
1113'.)Public Service Co. of Nor. Illinois
*$2
Nov. 1 *Holders of rec. Oct. 14
Common (no par) (Suar.)
Nov. 1 'Holders of rec. Oct. 14
"2
Common (par $100) (guar.)
*1M Nov. 1 *Holders of rec. Oct. 14
8% preferred (Sear.)
7% preferred (guar.)
'134 Nov. 1 *Holders of rec. Ort. 14
50c. Nov. 1 Holders of rec. Oct. 15
Railway & Light Securities, corn.(oil.)..
$1.50 Nov. 18 Holders of rec. Oct. 15
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 15
Rhode Island Public Serv., Cl. A (qu.)._ $1
50c. Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Sierra Pacific, Elec. Co., corn. (Suer.).. *50c. Nov. 1 *Holders of rec. Oct. 1541
1% Nov. 1 Holders of rec. Oct. 15a
Preferred (quarterly)
50c. Nov. 15 Holders of recs. Oct. 200
Southern Calif. Edison, corn. (Suer.)...
Southern Canada Power, corn.(guar.)._
25e. Nov. 15 Holders of rec: Oct. 31
50e. Nov. 25 Holders of rec. Oct. 31
Southern Colorado Power,corn. A ((lu.)8774 c Oct. 25 Holders of reo. Sept.3041
Standard Gas & Elec., corn. (quar.)
$8 prior preferred (gum.)
$1.50 Oct. 25 Holders of rec. Sept. 300
$1.75 let. 25 Holders of rec. Sept. 30a
$7 prior preferred (guar.)
Standard Pow.& Lt.,com.& com.B(qu.)
50e. Dec. 1 Holders of rec. Nov. 12
81.75 Nov. 1 Holders of rec. Oct. 16
Preferred (Suar.)
Taeony-Palmyra Bridge, pref. (guar.).* 21.875 Nov. 1 *Holders or rec. Oct. 10
Tampa Electric Co. corn. (guar.)
d50 •. Nov. 15 Holders of rec. Oct. 2441
Tennessee Elec. Power, 5% 1st pf.(qu.) 1)4 Jan2'31 Holders of rec. Dec 15
8% first preferred (guar.)
114 Jan2'31 Holders of rec. Dec 15
7% first preferred (Sum.)
14 Jan2'31 Holders of rec. Dec. 15
7.2% first preferred (guar.)
$1.80 Jan2'31 Holders of rec. Dee. 15
6% first preferred (monthly)
50o. Nov. 1 HoMers of rec. Oct. 15
6% first preferred (monthly)
50e. Dec. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
60e. Jan2'31 Holders of rec. Dec. 16
7.2% first preferred (monthly)
60c. Nov. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
(100 Dec. 1 Holders of reo. Nov 15
7.2% first preferred (monthly)
1300. Jan2'31 Holders of rec. Deo. 15
Tri-State Telep.& Teleg., pref.(guar.)-- O15e. Dec. I *Holders of rec. Nov. 15
Union Light & Power (guar.)
*$2.25 Nov. 1 *Holders of rec. Oct. 15
Extra
"$5 Nov. 1 *Holders of rec. Oct. 15
Union Natural Gas(guar.)
•35c. Dec. 10 *Holders of rec. Oct. 15
Extra
'Sc. Dec. 10 "Holders of rec. Oct. 15
United Gas Improvement, corn. (guar.).
30c. Dec. 31 Holders of rec. Nov. 290
Preferred (guar.)
$1.25 Dec. 31 Holders of rec. Nov.290
United Light & Pow.corn. A&B new(qu.)
25e. Nov. 1 Holders of rec. Oct. 1541
Common A &II old (quar.)
$1.25 Nov 1 Holders of rec. Oct. 150
United Tel. (Kansas) corn. (guar.)
Jan15'31 *Holders of rec. Dec. 31
.$2
Preferred (guar.)
*$1.75 In15'31 *Holders of rec. Dec. 31
Utica Gas & Elec. $6 Prof. (guar.)
"7.1.50 Nov. 1 'Holders of rec. Oct. 18
Ware Electric Co.(quar.)
•$2 Nov. 1 *Holders of rec. Oct. 15
Extra
Nov. 1 *Holders of rec. Oct. 15
'$1
Western Power, Lt. & Telep. Cl. A (Ou.). .50c. Nov. 1 *Holders of rec. Oct. 15
Class A (extra)
N3Mc. Nov. 1 'Holders of rec. Oct. 15
West Penn Elec. Co., 7% pref. (quar.)174 Nov. 15 Holders of rec. Oct. 204
6% preferred (guar.)
.
174 No v, 15 Holders of rec. Oct. 200
West Penn Power Co..7% pref.
174 Nov. 1 Holders of rec. Oct. 34
(Quar.)8%
1(4 Nov. 1 Holders of rec. Oct. 30
preferred (quar.)
•25c. Nov. 1 'Holders of rec. Oct. 15
Weymouth Light & Power (guar.)
Extra
*50c. Nov. 1 'Holders of rec. Oct. 15
Nov. 1 'Holders of rec. Oct. 15
*2
Winchendon El. L. de Pow.(guar.)
York Railways, corn.(guar.)
$1.50 Oct. 31 Holders of rec. Oct. 20
5% preferred (guar.)
d82Me dOct.31 Holders of rec. Oct.d20
2496
Name of Company.
Per
When
Cent. Payable.
Trust Companies.
Corn Exchange Bank Trust Co. (guar.) $1
Kings County (Brooklyn) (quar.)
"20
Books Closed
Days Inclusive.
Nov. 1 Holders of rec. Oct. 23
Nov. 1 *Holders of rec. Oct. 25
Fire Insurance.
American Equitable Assurance (quar.)„ *30o. Nov.
City of New York Ins. Co..stock dlv --- 650
Knickerbocker. corn. (qua:.)
*374c Nov.
New York Fire. common (guar.)
*300. Nov.
United Stares Fire ins. (guar.)
1500. Nov.
1 *Holders of ree. Oct. 20
Holders of rec. Nov. 1
1 'Holders of rec. Oct. 20
1 *Holders of reo. Oct. 20
1 Holders of rec. Oct. 22
Miscellaneous.
A. B. C. Cigar Co., coca. (guar.)
*1%c Oct. 25 *Holders of rec. Sept. 30
Abitibi Power & Paper,4% pre.(gum.) 134 Oct. 20 Holders of rec. Oct. 10a
Abraham & Straus. Inc.. pref. (quar.)__
134 Nov. 1 Holders of rec. Oct. 150
Adams (J. D.) Mfg.. corn. (quar.)
"60c. Nov. 1 *Holders of rec. Oct. 15
Adams
-Mills Corp.. common (qua:.)...
50e. Nov. 1 Holders of rec. Oct. 18a
First and second Pref. (guar.)
*134 Nov. 1 *Holders of roe. Oct. IR
15o. Oct. 18 Holders of zee. Sept. 30a
Allegheny Steel(monthly)
25e. Oct. 18 Holders of fee. Sept.30a
Extra
Monthly
15c. Nov. 18 Holders of roe. Oct. 31a
Monthly
15o. Dec. 18 Holders of rec. Nov.29a
Preferred (guar.)
*141 Dec. 1 *Holders of reO. Nov.16
Alliance Realty. corn.(guar.)
75c. Oct. 21 Holders of rec. Oct. 80
Preferred (guar.)
134 Dec. 1 Holders of reo. Nov.20
Allied Chemical Os Dye. corn. (guar.)._ $1.50 Nov. 1 Holders of rec. Oct. 1042
Allied Kid Co. (quar.)
$1.625 Nov. 1 'Holders of rec. Oct. 15
Alpha Portland Cement, COM.(q1.)---500. Oct. 25 Holders of reo. Oct. in
Mtorfer Bros. Co.. corn.(guar.)
*d35e. Nov. 1 "Holders of rec. Oct. 15
.750. Nov. 1 *Holders of reo. Oct. 15
Preferred (guar.)
Convertible preferred (guar.)
"75e. Nov. 1 *Holders of rec. Oct. 15
Aluminum Mfrs.,Inc.,corn.(gust.)...
*500. Dec. 31 *Holders of rec. Dee. 15
Amerada Corporation (quar.)
50c. Oct. 31 Holders of rec. Oct. 150
American Can. corn.(qua:.)
$1
Nov. 15 Holders of rec. Oct. 310
Common (extra)
$1
Nov. 15 Holders of rec. Oct. 31a
American Chain corn.(guar.)
75c. Oct. 20 Holders of rec. Oct. 100
American Coal (guar.)
1
Nov. 1 Holders of ree. Oct. ha
Amer.Founders Corp., coca.(gust.).... (6s) Nov. 1 Holders of rec. Oct. 2
7% first preferred,series A (quar.)--__ 8754c. Nov. 1 Holders of rec. Oct. 2
7% first preferred,series B (quar.)-__ 8754c. Nov. 1 Holders of rec. Oct. 2
6% first preferred. series D (qua:.)...
750. Nov. 1 Holders of rec. Oct. 2
6% second preferred (guar.)
3754c. Nov. 1 Holders of rec. Oct. 2
American Hardware(guar.)
ill Jan 1'31 *Holders of MC. Dec. 18
American Home Products (monthly)____
350. Nov. I Holders of rec. Oct. 140
American Ice Co., common (guar.)
75o Oct. 25 Holders of rec. Oct. 50
Preferred (guar.)
15.4 Oct. 25 Holders of rec. Oct. 3a
AWE. Investment Trust pref. (guar.)... 114 Dec. 1 Holders of reo. Nov. 16
Amer.Laundry Mach.,corn.(guar.) ____ '1 Dec. 1 *Holders of rec. Nov. 20
Amer. Machine & Foundry, new cons.
(guar.) (No. 1)
350. Nov. 1 Holders of rec. Oct. 170
Sc. Nov. 1 Holders of rec. Oct. 170
New common (extra)
New common (extra)
20c. Dec. 1 Holders of rec. Nov. 150
American Manufacturing, eons. (guar.). 1
Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.)
134 Dec. 31 Deo. 16 to Dec. 30
American Meter(guar.)
*75c. Oct. 31 *Holders of rec. Oct. 15
Amer. Shipbuilding common(quar.). $1.25 Nov. 1 Holders of rec. Oct. 15a
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 15
Amer.Smelt.& Safg., corn.(guar.)
Si Nov. 1 Holders of rec. Oct. 17a
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 70
Second preferred (guar.)
154 Dec. 1 Holders of rec. Nov. 140
Amer Thermos Bottle, class A (qua:.)... *30e. Nov. 1 *Holders of rec. Oct 20
Amer. Transformer, corn.(mar.)
35e. Nov. 1 Holders of rec. Oct. 20
Amer. Vitrified Products. pref.(guar.)._ •114 Nov. 1 *Holders of rec. Oct. 20
Anaconda Copper Mining (guar.)
6254c Nov. 17 Holders of rec. Oct. Ila
Anaconda Wire & Cable (guar.)
25e. Nov. 10 Holders of reo. Oct. 110
Andes Copper Mlnlixtr (guar.)
25c. Nov. 10 Holders of rec. Oct. lla
Archer-Dazdele-Midhurn, corn.(gu.)
50c. Nov. 1 Holders of rec. Oct. 210
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 210
Associated Dry Goods, corn. (guar.)._
132e. Nov. 1 Holders of rec. Oct. Ila
First preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 86
Second preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 80
Associated Security Invest.. pref. (gu.)- $1.50 Nov. 1 Holders of rec. Oct. 20
Atlantic, Guilds W.1.88. Llnee, pf.(gu.) 134 Doe. 31 Holders of ree. Doe. 11
4,3% Nov. 1 Holders of roe. Oct. 21
Atlantic Steel. pref. (guar.)
Atlas Powder, pref. (quar.)
154 Nov. 1 Holders of rec. Oct. 200
Atlas Stores Corp.
Corn.(payable in oom. stock)
/114 Dec. 1 Holders of rec. Nov.17a
Corn.(payable in eons,stook)
(154 Mar 21 1 Hold. of rec. Feb.I6 '31a
Austin. Nichols & Co., Inc., prior A(qu.)
750. Nov. 1 Holders of rec. Oct. 150
Autostrop Safety Razor, class B (qu.)
*750. Nov. 1 *Holders of rec. Oct. 10
Babcock & Wilcox
Amer. dep. rats., ord. reg
*fa
Oct. 30 *Holders of rec. Oct. 9
Balaban & Katz Corp., corn.(quar.)_._ *750. Dec. 27 *Holders of rec. Dec. 15
•15,1 Dec. 27 *Holders of Me. Dec. 15
Preferred (quar.)
Bancroft (Joseph) & Sons Co.. pf.(qu.)_
144 Oct. 31 Holders of rec. Oct. 15a
Ban-dial Petroleum (monthly)
•I0c. Nov.20 *Holders of rec. Oct. 30
Barnsdall Corp., class A & B (quar.)____
50o. Nov. 8 Holders of roe. Oct. 2a
(.134 Nov. I *Holders of rec. Oct. 15
Beatty Bros., Ltd., pref. A (qua:.)
Beaux Art Apt., Inc.(N.Y.), let pf.(qu)•$1.50 Nov. 1 *Holders of rec. Oct. 10
Beidlna-Corticelli, Ltd., cons. (guar.)._
134 Nov. 1 Holders of rec. Oct. 15
Preference (guar.)
1% Dec. 15 Holders of rec. Nov.29
Beneficial Indus. Loan Corp.. com.(qu.) 3734e Oct. 30 Holders of rec. Oct. 10
Preferred A (quar.)
8750 Oct. 30 Holders of rec. Oct. 10
Bethlehem Steel, common (guar.)
$1.50 Nov.15 Holders of rec. Oct. 176
Bigelow-Sanford Carp.& Rug. Pf.(gC). *134 Nov. 1 *Holders of ree. Oct. 17
Bird & Sons. Inc., pref. (qua:.)
*1% Nov. 1 'Holders of rec. Oct. 25
Birtman Electric Co., corn.(quar.)
*25c. Nov. 1 *Holders of rec. Oct. 15
$7 preferred (qua:.)
.$1.75 Nov. 1 'Holders of rec. Oct. 15
Black & Clawson Co.,corn.& pf.(qu.)-- *134 Dec. 1 'Holders of rec. Nov.26
Bloch Bros.. common (QOM.)
*3734 Nov. 16 *Holders of ree. Nov. 10
•13,§ Dec. 31 *Holders of rea. Dee. 26
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 250
Bloomingdale Bros., Prof. (guar.)
Oct. 30 Holders of rec. Oct. 15a
Bon Aml Co., class A (guar.)
21
750. Dec. 1 Holders of rec. Nov.15a
Borden Co.(guar.)
Brandram-Henderson. Ltd.. cons.. (qu.)
54 Nov. 1 Holders of rec. Oct. 1
*1% Nov. 1 *Holders of rec. Oct. 31
Brill (J.(3.) Co., pref. ((uar.)
British Columbia Pulp & Paper le.(qu.). 21.75 Nov. 1 Holders of roe. Oct. 15
Broadway Dept. Stores. 1st pref.(guar.) •134 Nov. 1 *Holders of rec. Oct. 11
"27
Nov. 1 *Holders of rec. Oct. 11
Second preferred (annual)
40c. Oct. 20 Holsters of rec. Oct. 1
Broadway Market Corp.. COM.(extra)_
134 Nov. 1 Holders of rec. Oct. 20a
Brown Shoe, preferred (guar.)
•134 Nov. 1 *Holders of rec. Oct. 25
Bunte Brothers, pref. (guar.)
*40e Nov. 1 *Holders of reo. Oct. 15
(No.1)
Burden Holden, Ltd.
62%c Nov 1 Holders of roe. Sept. 260
(guar.)
Bush Terminal Co., Corn.
' Nov. 1 *Holders of roe. Oct. 15
1 34
Byers(A. M.) Co.. pref.(quar.)
oil Dec. 15 *Holders of roe. Nov. 30
California Packing Corp.(quar.)
Dec. 15 Holders of rec. Nov. 30
Canada Wire de Cable, class A (gust.).. $1
4330. Dec. 15 Holders of rec. Nov.30
Class B (No. 1)
6254c. Nov. 1 Holders of rec. Oct. 20
Canadian Bronze, corn. (guar.)
1% Nov. 1 Holders of rec. Oct. 20
Preferred (qua:.)
Caned. Celanese. Ltd.. pestle. pf.(No. 1) 354 Dec. 31 Holders of rec. Dec. 15
75c. Nov. I Holders of rec. Oct. 16
Canadian Dredge & Dock, cons.(quar.)_
134 Nov. 1 Holders of rec. Oct. 16
Preferred (guar.)
•62'4c Oct. 31 *Holders of rec. Sept. 30
Canadian Industries, corn. (guar.)
*250. Oct. 31 *Holders of rec. Sept.30
Common (extra)
Canadian Pow.& Paper Invest., pf.(qul 62'e. Nov. 15 Holders of rec. Oct. 20
*25e. Nov. 1 *Holders of rec. Oct. 23
Capital Management (qua:.)
*250. Nov. 1 *Holders of rec. Oct. 23
Extra
*500. Nov. 29 *Holders of rec. Nov. 15
Carman & Co., MM38 A and B (quar.)..
Class B 150o.cash or 1-40th sb. B stk.) *50e. Oct. 25 *Holders of rec. Oct. 15
Jan 231 *Holders of ree. Dec. 20
*el
Carnation Co.(extra In stook)
25c. Nov. 1 Holders of rec. Oct. 20
Carrier Engineer. Corp., corn. A & B (qu)
"134 Oct. 31 "Holders of rec. Oct. 15
Cartier. Inc.. pref. (quar.)
•75c. Nov. 1 *Holders of rec. Oct. 20
Castle (A. M.) & Co.(guar.)
Central Illinois Secur., pref. (gtiar.)--- *3714c Nov. 1 'Holders of rec. Oct. 23
15e Nov. 15 Holders of roe. Nov. 6
Centrifugal Pipe Corp.(qua:.).
1.% Dec. 1 Holders of rec. Nov.200
Century Ribbon Mills, pref. (qua:.).
Nov. 1 Holders of rec. Oct. 1642
81
Cerro de Pasco Copper Corp. (quar.)
.62540 Nov. 15 'Holders of rec. Nov. 1
Chain Belt Co.. corn. (guar.)
*35c. Nov. 1 *Holders of rec. Oct. 200
Checker Cab Mfg.(monthly)
Cherry-Burrell Corp., coca. (quar.).... •6214r Nov. 1 'Holders of MC. Oct. 15
*134 Nov. 1 *Holders of rec. Oct. 15
Preferred (qua:.)
(Vox- 131.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable,
Books Cloaca.
Days Inclusive.
Miscellaneous (Cont(nued).
Chicago Yellow Cab (monthly)
25c. Nov. 1 Holders of rec. Oct. 20a
Monthly
25c. Dec. 1 Holders of rec. Nov.20a
Cities Service common (monthly)
254c. Nov. 1 Holders of rec. Oct. 150
Common (payable In corn,stock)
13i Nov. 1 Holders of rec. Oct. 150
Preference and pref. BB (monthly)...
50c. Nov. 1 Holders of rec. Oct. 15a
Preference B (monthly)
5c, Nov. 1 Holders of rec. Oct. 1542
City Stores Co., class A (guar.)
875
5e. Nov. 1 Holders of rec. Oct. 1541
Claude Neon Elec. Prod.,corn.(qua:.).. wase. Janr31 Holders of rec. Dec. 20
Common (payable in corn, stock).... 12
Jan 111 Holders of rec. Dec. 20
Preferred (guar.)
*35c. Jan 1'31 Holders of rec. Dec. 20
Cluett, Peabody & Co., Inc., com.(qu.)
75c. Nov. 1 Holders of rec. Oct. 2141
Ca'sckshutt Plow, common (quar.)
3714c Nov. 1 Holders of rec. Oct. 15
Collingwood Terminals, pref. (quar.).-- 114 Nov. 1 Holders of rec. Sept.30
Columbian Carbon (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 170
Extra
25c. Nov. 1 Holders of rec. Oct. 1741
Community State Corp.,class A (guar.). *12346 Dec. 31 *Holders of rec. Dec. 28
Class B (guar.)
•1254c 3 31 '31 *Hold, of rec. Mar. 26 '31
Class B (guar.)
•1254c Dec. 31 "Holders of rec. Dec. 28
Cons. Chem. Indust., par. pref. A (slu.) *3734c Nov. 1 'Holders of rec. Oct. 15
1% Nov. 1 Holders of rec. Oct. 1542
Consolidated Cigar Corp., prior pf.(qu.)_
Preferred (guar.)
144 Dee, 1 Holders of rec. Nov.15a
Consolidated Ice, Pates.. pref
te$1.75 Oct. 20 *Holders of rec. Oct. 10
"11.75 Dec. 20 *Holders of rec. Dec. 10
Preferred
Consolidated Laundries, Pref.(au.)---- $1.875 Nov. 1 *Holders of rec. Oct. 15
•
Consolidated Press, Ltd. A, ord.(qu,)..
50c Nov. 1 Holders of rec. Oct. 15
Consolidated Royalty Oil (guar.)
• *1234c Oct. 25 *Holders of rec. Oct. 15
Continental Can (guar.)
8254c Nov.15 Holders of rec. Nov. 16
*70c Nov. 1 *Holders of rec. Oct. 14
Coon(W.B.) Co.,corn.(guar.)
•1si Nov. 1 *Holders of rec. Oct. 14
Preferred (guar.)
Corn Products Refg.. common (qua?,)..
750 Oct. 20 Holders of roe. Oct. 2.4
Corporation Securities, pref. (qua:,)... 1;750 Nov. 1 'Holders of rec. Oct. 10
Crucible Steel of Amer.. corn.(qua:.)...
111 Oct. 31 Holders of rec. Oct. 156
Crum & Forster, pref. (guar.)
2
Dec. 31 Holders of rec. Dec. 20
Crum dr Forster Ins. Shares. pref.(quiz.) 154 Nov.29 Holders of rec. Nov.19
Cudahy Packing, 7% pref. (guar.)
3)4 Nov. 1 Holders of reb. Oct. 20
6% preferred
3
Nov. 1 Holders of rec. Oct. 20
Cuneo Press, common (guar.)
*15254c Nov. 1 *Holders of rec. Oct. 15
*6254c Dec. 15 *Holders of rec Dec. 1
Preferred (qua:.)
Curtis Publishing, common (monthly)..
500 Nov. 3 Holders of roe. Oct. 206
Preferred (guar.)
$1.75 Jan1'31 Holders of roe. Dec. Ma
Deep Rock Oil, $7 pref. (guar.)
$1.75 Oct. 25 Holders of rec. Sept. 30
De Mets. Inc., pref. (guar.)
*55c. Nov. 1 *Holders of rec. Oct. 19
Dennison Mfg., pref. (guar.)
114 Nov. 1 Holders of rec. Oct. 20
Debenture stock (guar.)
2
Nov. 1 Holders of rec. Oct. 20
Denver Union Stock Yards,com.(gu.).- 421 Jan 1 31 *Hold, of rec.Dec.20 '30
•
.41 Ap.1 21 *Hold, of reo Mar. 20'31
Common (guar.)
Preferred (guar.)
'134 Dec. 1 Holders of rec. Nov.20
Dictaphone Corp., corn.(guar.)
*75c. Dec. 1 *Holders of rec. Nov.14
Preferred (guar.)
*2
Dec. 1 *Holders of rec. Nov.14
Distributors Group, Inc.(guar.)
1254c Dec. 1 Holders of rec. Nov.15
Dome Mines (guar.)
26c. Oct. 20 Holders of rec. Sept. 3041
Dominion Tar & Chemical, pref.(qu.)..
144 Nov. 1 Holders of rec. Oct. 8
Douglas Aircraft
*50e. Oct. 20 Holders of rec. Sept.10
Dunlop Rubber Co., Ltd.
Amer. dep. rots. ord. reg
*tee
Oct. 18 Holders of rec. Sept.30
Du Pont(E. I.) de Nem.& Co.
Debenture stock (guar.)
134 Oct. 25 Holders of rec. Oct. 10a
Eastern Dairies, Ltd.. con/.
250. Nov. 1 Holders of rec. Oct. 15
(Na.
Eastern UM. Investing, part pp.(qu.). 21.75 Nov. 1 Holders of rec. Sept. 80
$7 preferred (qua!'.)
$1.75 Dec. 1 Holders of rec. Oct. 31
$6 preferred (quar.)
$1.50 Dee. 1 Holders of rec. Oct. 31
Prior preferred (quar.)
•$1.25 'n.2'3I *Holders of rec. Nov.28
Eaton Axle & Spring,eom.(guar.)
750. Nov. 1 Holders of reo. Oct. 156
Nilson Bros storm, Inc.(qua:.)
1844c.Oct. 20 Holders of rec. Sept.30
Electric Household Utilities (guar.)---50e. Oct. 22 Holders of rec. Oct. 1
Elec. Power Associates, corn. A (guar.)-25c. Nov. 1 Holders of rec. Oct. 15
Elec. Sec. Corp.. pref. (quar.)
111.25 Nov. 1 *Holders of rec. Oct. 15
Elgin National Watch (qua:.)
*50o. Nov. 1 *Holders of rot. Oct. 16
Empire Title & Guarantee (guar.)
Nov. 1 Holders of rec. Oct. 20
21
Balser. Derrick & Equip. (guar.)
'20c. Oct. 25 *Holders of rec. Oct. 10
Enamel & Heating Products (gust.)....
25e Nov. 1 Holders of rec. Oct. 15
Eureka Pipe Line (guar.)
$1
Nov. 1 Holders of rec. Oct. 15
Ewa Plantation (guar.)
"60c Nov. 15 *Holders of rec. Nov. 5
Exchange Buffet Corp. (guar.)
3734e Oct. 31 Holders of rec. Oct. 156
Faber, Coe & Gregg. prof.(guar.)
*134 Nov. 1 *Holders of ree. Oct. 15
Faultless Rubber, corn. (guar.)
82 -e Jan. I
,
Dec. 16
Federal Electric Co.. SG Pref. (quiz.).... 421.50 Nov. 1 *Holders of coo. Oct. 15
$7 preferred (guar.)
*21.76 Nov. 1 *Holders of reo. Oct. 16
Federal Title & Mtge. Guar.(N. S.)
111.25 Nov. 1 *Holders of rec. Oct. 20
*300 Oct. 31 *Holders of rec. Oct. 15
Federated Publications (guar.)
Nov. 1 'Holders 01 rev. Oct. 18
Fibreboard Products, prior pref. (quit.)
*134 Nov. 1 *Holders of reo. Oct. 16
7 Preferred (qua!'.)
%
Financial Institutions pref. (guar.).- *$1.50 Nov. 1
Finnell System, Inc., pref. A (gust.).... *1734c Nov.15 *Holders of rec. Nov. 1
*1754c Dec. 15 *Holders of rec. Dec. 1
Preferred B (quar.)
Firestone Tire & Rubber, corn.(quiz.).. 25e Oct. 20 Holders of roe. Orn. 3a
Food Machinery Corp.
fl
Nov. 15 Holders of rec. Oct. 31
Common (payable in cons. stock)_ _
Foreign Pow. Securitio., partic. pfd.(qu) 114 Nov. 15 Holders of rec. Oct. 31
*50e. Jan 1'31 *Holders of rec. Dec. 15
Formica Insulation. corn.(guar.)
25e. Nov.13 Holders of rec. Oct. 31
Foundation Co. of Canada (quar.)
.3i Nov 1 Holders of rec. Oct. 16a
111
1Nov..
Freeport Texas Co.(gUM%)
31 'Holdersof rec. Oct. 20
.15(
Gardner-Denver Co., pref. (gust.)
Jan.
*Holders of rec. Jan. 20
Preferred (guar.)
Jan 111 Hoiners of roe. Dec. 130
Gen. Amer.Tank Car,stock dlr.(go.).. el
$1.75 Nov. 1 Holders of rec. Oct. 22
General Cable, pref. (guar.)
5
Nev
.
General Cigar Co., Inc., corn.(quar.)___ $ 54 ooc. 1 Holders of rec. Oct. 170
1
25 Holders of rec. Nov.216
Preferred (quar.)
150.
400. Oct. 25 Holders of roe.Sept. 194
General Electric (quiz.)
4
Oct.
Holders of rec. Sept. 19
Special stock (qua:,)
75c. Nov. 1 Holders of rec. Oct. 154
General Foods, corn. (qua:.)
75c. Nov. 1 Holders of rec. Oct. 150
General Mills. corn. (quar.)
General motors $5 prof.(guar.)
21.25 Nov. 1 Holders of reo. Oct. 60
General Public Service, 26 pref. (guar.). *E1.50 Nov. 1 "Holders of rea. Oct. 10
e5.151 preferred (quar.)
• $1.375 Nov. 1 'Holders of rec. Oct. 10
50c. Nov. 1 Holders of rec. Oct. 15
General Stock Yards, corn. (guar.)
25e, Nov. 1 Holders of rec. Oct. 15
C.°mama (extra)
21.60 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 20
General Tire & Rubber, corn,(guar.)... $1
*650 Dee. 1 *Holders of roe. Nov.20
Gibson Art, common (guar.)
Common (quar.)
.66o. kor 1'31 *Hold, of roe. Mar. 20'31
Oct. 31 Holders of reo. Oct. 15
Gilchrist Co.(guar.)(payable In stock). e2
*30c. Oct. 30 "Holders of rec. Oct. 15
Gilmore 011 (quar.)
Gimbel Bros., pref.(guar.)
144 Nov. 1 Holders of reo. Oct. 156
6214e Nov. 1 Holders of ree. Oct. 104
Gold Dust, corn. (guar.)
Goodyear Tire & Rubber. corn, (guar.). $1.25 Nov. 1 Holders of rec. Oct. is
50c. Dec. 1 Holders of roc. Nov.15
Gorham Mfg., coca. (guar.)
134 Nov. 1 Holders of rec. Oct. 116
Gotham Silk Hosiery, pref. (quar.)
50e. Nov. 1 Holders of rec. Oct. 17a
Granby Cons. Min. Smelt. & Pow.(qu.)
Grand (F. & W.) 5-10-23 Ct. StoreS.
*25c. Oct. 21 *Holders of rec. Oct. 14
Common (guar.)
1% Nov. 1 Holders of rec. Oct. 164
Preferred (guar.)
Grand (F.& W.)-SlIver Stores, corn.(qu) 25e. Oct. 23 Holders of rec. Oct. 140
'1714c Nov. 1 *Holders of rec. Oct. 21
Grand Rapids Stores Equip. of.
*25c. Nov. 1 *Holders of rec. Oct. 25
Great Lakes Engineering (guar.)
*500. Deo. 1 *Holders of roc. Nov. 20
Gruen Watch. common (quar.)
Common (guar.)
*50e. Mar131 *Hold,of rec. Feb.20'31
4144 Nov. 1 *Holders of rec. Oct. 30
Preferred (guar.)
Preferred (rpm.)
.
'334 Feb 1 31 *Hold of rec. Jan 20 31
•1
Nov. 1 *Holders of rec. Sett*. 20
Guardian Bk. Sh. Inv. Tr., corn.(qu.)
Gulf 011 Corp.(guar.)
.3714c Jan 1'31 *Holo. of rec. Dec.20'30
134 Jan 2'31 Holders of rec. Dec. 166
Gull States Steel, let corn. pref.(guar.)._
500. Oct. 31 Holders of rec. Oct.4200
Hall(W. F.) Printing (quar.)
15c. Oct. 31 Holders of rec. Oct. 1042
Hamilton Watch, corn. (mthly.)
Handloy-Page,
*w5
Oct. 21 *Holders of rec. Oct. 2
Amer. der.. rats., partic. pref
Harbison-Walk. Refract.. pref. (qua:.). 114 Oct. 20 Holders of rec. Oct. 1041
•134 Nov. 1 *Holders of rec. Oct. 10
Harris Bros. Co., pref. (guar.)
Hartford Times. Inc., pref. (goat.).... .750. Nov. 15 *Holders of rec. Oct. 1
Nov.26 "Holders of rec. Nov.14
Hart. Schaffner & Marx, Inc.
*22
144 Nov.15 Holders of rea. Nov. 46
Hercules Powder, pref. (guar.)
OCT. 18 19301
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*12S4c Nov. 15 *Holders of rec. Nov. 1
Health Aircraft, common (guar.)
*S1Hc Nov. 15 *Holders of rec. Nov. 1
Class A (guar.)
Hershey Chocolate, corn. (guar.)
551.25 Nov. 15 *Holders of rec. Oct. 25
•1H Nov. 15 *Holders of rec. Oct. 25
Prior preferred (guar.)
s$1
Nov. 15 *Holders of rec. Oct. 25
Convertible preferred (guar.)
Hibbard. Spencer, Bartiett&Co..(mthlY) 25e. Oct. 31 Holders of rec. Oct. 24
250. Nov. 28 Holders of rec. Nov.21
Monthly
Monthly
25e. Dec. 26 Holders of rec. Dec. 19
Higbee & Co.. first preferred (guar.)
154 Nov. 1 Oct. 18 to Nov. 1
Dee. 1 *Holders of roe. Nov. 21
Second preferred (quay.)
600. Doe. 1 Holders of roe. Nov.15
Hires(Charles E.) Co.,oom. A (ouar.)
.50e. Oct. 20 *Holders of rec. Sept. 80
Home Service Co., let Pref. (gtlar.)
4
•580. Oct. 20 *Holders of rec. Sept.30
Second preferred (guar.)
Homeatake Mining (monthly)
50c. Oct. 25 Holders of rec. Oct. 200
Oct. 25 Holders of rec. Oct. 200
Extra
SI.
Horn & Hardart, corn.(guar.)
62Ho Nov. 1 Holders of roe. Oct.d10
Imperial Royalties, pref. A (monthly)..
18e. Oct. 30 Holders of rec. Oct. 25
Old preferred (monthly)
134c. Oct. 30 Holders of rec. Oct. 25
Impervious Varnish (guar.)
•60e. Dec. 31 *Holders of rec. Sept.20
Indiana Pipe Line (guar.)
b0c. Nov. 15 Holders of rec. Oct. 24
Extra
250. Nov. 15 Holders of rec. Oct. 24
Industrial Finance Corp
Common (payable in common Kook) 1254 Nov. 1 Holders of rec. Apr. 18
Common (payable In common stook) 1234 Febrill Hold. of rec. Apr. 18'80
Internat. Cigar Mach..new (qu.)(No.1) 6254e. Nov. 1 Holders of rec. Oct. 17
New (extra)
50c. Dec 1 Holders of rec. Nov. 15
Internat. Nickel of Canada. Prof. (guar.) 134 Nov. 1 Holders of rec. Oct. 20
Internat. Printing Ink, corn.(quar.)
6254c Nov. 1 Holders of rec. Oct. 130
134 Nov. 1 Holders of rec. Oct. 13a
Preferred (guar.)
60o. Nov. 1 Holders of rec. Oct. 15
International Shoe. pref.(monthly)
*50e. Dee. 1 *Holders of roe. Nov. 15
Preferred (monthly)
Interstate Equities, pref. (qtmr.)
750. Nov. 1 Holders of rec. Oct. 18
Investment Trust Assoc.(an.)(No. 1).. 1254e Nov. 1 Holders of roe. Oct. 15
•8734c Jan 211 *Holders of roe. Dec. 20
IvanhoeFood.Inc., Prof.(guar.)
Jackson & Curtis Scour. Corp.. Prof.(qu) •81.50 Nov. 1 *Holders of roe. Oct. 15
Jantzen Knitting Mach., corn.(quar.)-- *75e. Nov. 1 *Holders of rec. Oct. 15
Common (payable in corn. stock).
11100 Subject to stock'd'a meet. Nov. 12
Oct. 25 *Holders of rec. Oct. 22
Jersey mortgage Title & Guarantee
ehl
•15c. Dec. 31 *Hoteliers of roe. Dec. 22
Kalamazoo Veg. Parchment (quar.)
37e. oct. 28 Holders of rec. Oct. 100
Kaufmann Dent. Stores. corn. lunar.)..
Kayser (Julius) & Co., corn.(quar.)
6234c Nov. 1 Holders of reo. Oct. 15a
Kelsey-Hayes Wheel Corp., pref.(qu.).. 134 Nov. 1 Holders of rec. Oct. 21
Kidder Peabody Acceptance Corp. p1. A. 234 Nov. 1 Holders of rec. Oct. 15
Nov. 1 *Holders of rec. Oct. 15
Preferred B
*3
Nov. 1 *Holders of rec. Oct. 15
*3
Second preferred
*154 Dec. 10 *Holders of reo. Nov.29
Kirby Lumber (guar.)
Knudsen Creamery. class A (quar.)....- *3754e Nov.20 *Holders of rec. Oct. 31
Nov. 1 Holders of rec. Oct. 100
25
Kress (S. H.) & Co., tom.(guar.)
50c. Nov. 1 Holders of rec. Oct. 100
Corn. (payable In special pref. stock).
15e. Nov. 1 Holders of rec. Oct. loa
Special preferred (quer.)
.154 Nov. 1 *Holders of rec. Oct. 20
Kroger(Roc.& Bak.,26 pref.(guar.)... 4
Landis Machine, common (guar.)
Mc,Nov. 15 *Holders of roe. Nov. 6
$1
Doe. 31 Holders of rec. Dec. 10
Land Title Bldg. Corp. (Phila.)
Lane Bryant. inc., prof. (guar.)
154 Nov. 1 Holders of rec. Oct. 16
Lanaton Monotype Machine (quar.)---- 154 Nov.29 'Holders of rec. Nov.190
250. Nov.29 Holders of rec. Nov.19a
Extra •
Lawbeck Corp., pref.(guar.)
*134 Nov. 1 *Holders of rec. Oct. 20
Letcourt Realty, corn. (guar.)
*40c. Nov. 15 *Holders of rec. Nov. 5
Lehigh Portland Cement, cons. (goes.).
25e. Nov. 1 Holders of roe. Oct. 140
Liberty Dairy Prod., tat & 2nd pref.-.5 2.2554 Nov. 10
21
Lincoln Printing. corn.(guar.)
50c. Nov. 1 Holders of rec. Oct.c
Preferred (guar.)
8754c Nov. 1 Holders of rec. Oct. 21
Link-Belt Co., corn. (guar.)
65o. Dec. 1 Holders of rec. Nov. 15a
Lion 011 Refining (guar.)
50e. Oct. 27 Holders of rec. Sept. 29
Liquid Carbonic Corp.(guar.)
Nov. 1 Holders of rec. Oct. 200
$1
Loew's Boston Theatres(guar.)
*15e. Nov. 1 *Holders of rec. Oct. 18
65e. Nov. 1 Holders of rec. Oct. 180
Loose-Wiles Biscuit, corn. (guar.)
Common (extra)
10c. Nov. 1 Holders of rec. Oct. I80
1% Janl'31 Holders of rec. Dec. 180
Preferred (guar.)
Lord & Taylor, 26 pref. (guar.)
2
Nov. 1 Holders of rec. Oct. 17
Los Angeles invest., pref. (guar.)
*30e. Nov. 15 *Holders of rec. Oct. 15
Louisiana 011 Ref.. pref. (guar.)
1% Nov.15 Holders of roe. Nov. is
Lunkenheimer Co., pref. (guar.)
*154 Jan 1'31
Lynch Corporation (guar.)
*50e. Nov. 15 *Holders of roe. Nov. 5
Nov. 15 *Holders of rec. Nov. 5
Stock dividend
*el
50e. Nov, 15 Holders of rec. Oct. 240
Macy (R. H.) & Co.. eons.(guar.)
Magnin (I.) & Co., pref. (guar.)
*134 Nov. 15 *Holders of rise. Nov. 6
42c. Oct. 20 Holders of rec. Oct. 8
Massachusetts Investors Trust
*114 Nov.15
Matson Navigation (guar.)
50e. Dec. 1 Holders of rec. Nov.154
May Department Stores. corn.(quar.)-Common (Payable in common stook). /1% Dec. 1 Holders of rec. Nov. 160
750. Nov. 1 Holders of rec. Oct. 150
Pref.(guar.)
C°Maytagpreferred (guar.)
First
154 Nov. 1 Holders of rec. Oct. 156
624c Nov. 1 Holders of roe. Oct. 206
McCall Corp.(guar.)
McCrory Stores, cony. pref.(qu.)
81.50 Nov. 1 Holders of rec. Oct. 205
McWilliams Dredging, pref.(guar.). -* 33 1-3c Nov. 1
*51.50 Dec. I *Holders of rec. Nov. 20
Mead Corp., 56 pref. (guar.)
50c. Nov. 1 Holders of ree. Oct. 170
Melville Shoe Corp.,corn.(guar.)
First preferred (guar.)
'154 Nov. 1 *Holders of rec. Oct. 17
Second preferred (guar-)
*714c Nov. 1 *Holders of rec. Oct. 17
Merch. Trans. dr Storage 8% prof.(111.). *2 Oct. 18 *Holders of rec. Sept. 30
Merck Corp., pref.(guar.)
Jan2'31 Holders of rec. Deo. 17
2
Merrimack Val. Pow.& Bidga.. pf.(qu.) •154 Nov. 1 *Holders of rec. Oct. 15
Metal Textile Corp., partio. pref.(qtr.).* 81 Sic Dec. 1 *Holders of rec. Nov. 20
Metropolitan Advertiser
*25e. Nov. 15 *Holders of rec. Nov.
Mexican Petroleum. com.(guar.)
11 Oct. 20 Holders of rec. Sept. 30a
Preferred (qesz.)
2 Oct. 20 Holders of rec. Sept. 30a
Michigan Steel Corp.(guar.)
6254c Oct. 20 Holders of rec. Sept. 30a
Stook dividend
sl
Oct. 20 Holders of roe.Sept. 305
Mid-Continent Petroleum (guar.)
50e. Nov. 15 Holders of rec. Oct. 15a
Minnesota Val. Can., pref.(guar.)
*51.75 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
*51.75 Feb. 1 *Holders of rec. Jan. 20
Mississippi val. Util. Invest., pref.(qu.) 51.50 Nov. 1 Holders of rec. Oct. If,
Modine Mfg., common (guar.)
*75o. Nov. 1 *Holders of rec. Oct. 20
Moody's investors' Service
75e. Nov. lb Holders of roe. Nov. 1
Participating preference (guar.)
1% Nov. 1 Holders of rec. Oct. 15
Mullins Mtg. Corp.. pref. (guar.)
Municipal Tel. & Utilities, tarn. A (an.) *25e. Nov. 16 *Holders of roe. Oct. 15
.2% Oct. 15 *Holders of rec. Oct. 9
Nash (A.) Co., Inc. (guar.)
$1 Nov. 1 Holders of rec. Oct. 20a
Nash Motors(guar.)
National Acme Co.. common (guar.)... 37540 Nov. 1 Holders of rec. Oct. 15a
154 Nov. 1 Holders of rec. Oct. 16
Nat. Bearing Metals, prof. (guar.)
National Risenit Common (extra)
50e. Nov. 15 Holders of rec. Oct. 20a
$2
Nov. 1 Holders of roe. Oct. 20
National Carbon. pref. (guar.)
"12 Nov. 15 *Holders of rec. Oct. 31
National Casket. common (guar.)
National Dept. Stores, 1st pref. (guar.) 154 Nov. 1 Holders of rec. Oct. 15a
Second preferred (guar.)
'154 Dee. 1 *Holders of rec. Nov. 15
Nat. Distillers Pmslocts Corp..oom.(qu.) 50o Nov. 1 Holders of rec. Oct. 15a
75e Nov. 1 Holders of roe. Oct. 1
National Fireproofing common (guar.)._
75e. Nov. 1 Holders of rec. Oot. 1
Proferred (quar.)
134 Nov. 1 Holders of roe. Oct. 17a
National Lead, pref.B (guar.)
National Short Term.Scour., corn. A(qu) *12He Oct. 20 *Holders of rec. Oct. 2
Dec. lb Holders of rem Nov. 30
Common A (payable In stock)
*1734e Oct. 20 *Holders of rec. Oct. 2
Preferred (guar.)
51.25 Nov. 15 Holders of rec. Nov. 50
National Supply, common (guar.)
1334e Nov. 1 Holders of rec. Oct. 14
National Tea, pref. (guar.)
*4334c Nov. 1 *Holders of rec. Oct. 21
National Terminals, pref. (guar.)
*25c. Nov. 1 *Holders of rec. Oct. 21
Prior preferred (guar.)
40e. Jan 1'31 Holders of roe. Dec. 16a
Neloner Bros.. Inc., common.(guar.)...
134 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Newberry (J. J.) Realty, pref. A (qu.).. *1% Nov. 1 *Holders of roe. Oct. 16
'114 Nov. 1 *Holders of rec. Oct. 16
6% preferred B (guar.)
Newton Steel, nret.(guar.)
•1 14 Oct. 31 *Holders of rec. Oct. 15
*6234o Nov. 1 *Holders of rec. Oct. 15
New England Equity, cons.(quar.)_
•50c. Nov. 10 *Holders of rec. Oct. 20
New Jersey Zinc (guar.)
90c. Nov. 1 Holders of rec. Oct. 70
New York A Ir Brake. corn. (guar.)_
25e. Nov. 1 Holders of rec. Oct. 20
New York Merchandise, core. (guar.)._
134 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
New York Utilities, Inc., pref. (guar.)... $1.75 Nov. 1 Holders of rec. Oct. 10
•500. Doe. 31 *Holders of rec. Dec. 28
-Pond.corn.(guar.)
Niles-Bement
714c. Oct. 20 Holders of roe. Sent 22
Nipissing Mines Co.(guar.)
2497
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Boob Closed;
Days Inclusive.
Miscellaneous (Continued).
20c. Nov. 1 Holders of roe. Oct. 15
Noma Electric Corp.(guar.)
North Amer. Invest.,6% pref. (guar.)._ '134 Oct. 20 *Holders of rec. Sept. 30
*1% Oct. 20 *Holders of rec. Sept. 30
54% preferred (guar.)
Northern Discount, pref. A (mthly.)---* 66 2-3e Nov. 1 *Holders of rec. Oct. 15
•662-30 Dee. 1 *Holders of Teo. Nov. 15
Preferred A (monthly)
*50e. Nov. 1 *Holders of rec. Ont. 15
Northwest Engineering Co.(guar.)
.200. Nov. 1 *Holders of rec. Oct. 15
Novia Electric Co. (guar.)
.51.60 Nov. 1 *Holders of rec. Oct. 20
Oggleaby Paper, preferred (guar.)
olsio Mid Cities Corp., pref. A (No. 1). •10c. Oct. 25 *Holders of rec. Oct. 20
*12 Ho Nov. 1 *Holders of rec. Nov 10
Ohmer Fare Register. corn. (guar.)
Oilstocks, Ltd.. class A & B (quar.)...- *1234c Nov.16 *Holders of res. Ott. 81
11.t Nov. 1 Holders of rec. Oot. lie
011 Well Supply Co., pref.(guar.)
Oliver United Filters, class A (guar.)... *50c. Nov. 1 *Holders of rec. Oct. 20
750. Nov. 15 Holders of rec. Oct. 316
Oppenhelm, Collins & Co., corn. (guar.)
1.34J en16'31 Hold. of roe. Dee.31110a
Otis Elevator, pref. (guar.).
Nov. 1 Holders of ree. Oct. 200
$1
Outlet Company, tom.(guar.)
134 Nov. 1 Holders of roe. Oct. 206
First preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 200
Second preferred (guar.)
Nov. 15 Holders of rec. Nov. 5
$1
Penman's, Ltd., common (guar.)
134 Nov. 1 Holders of rec. Oct. 21
Preferred (guar.)
13‘ Nov. 1 Holders of rec. Oct. 200
Phillips-Jones Corp.. pref.(guar.)
*30c. Nov. 1 *Holders of rec. Oct. 15
Pig'n Wistle, pref. (guar.)
•40e. Oct. 25 *Holders of rec. Oct. 15
Pittsburgh Forging's (guar.)
1% Dec. 1 Holders of rec. Nov. 13
Pittsburgh Steel, preferred (guar.)
Pittsburgh United Corp.. Pref. (qu.)... •51.75 Nov. 5 *Holders of rec. Oct. 11
PlantersRealty Co.,Prof.(monthly)...'53 1-3c Oct. 31
Plymouth Cordage,common (gust.).... *1H Oct. 20 *Holders of rec. Sept. 80
*134 Oct. 20 *Holders of rec. Sept. 30
Employees' special stock (guar.)
Nov. 1 Oct. 16 to Nov. 2
Prospect Hill Apartments, Inc., prof... 3
314 Nov. 1 Holders of rec. Oct. 10
Prudence Co.. Inc., prof
Utility Holding Corp.
Public
12He Nov. 30 Holders of rec. Nov. 10
Common (guar.)(No. 1)
12140 Nov. 30 Holders of rec. Nov. 10
Class A (guar.)(No. 1)
e$1
Dec. 1 *Holders of rec. Nov.14
Purity Bakeries, coin. (guar.)
20e Nov. 1 Oct. 18 to Oct. 81
Pyrene Mfg. (guar.)
'114 Nov.29 *Holders of rec. Nov. 1
Quaker Oats. Pref. (guar.)
Raymond Concrete Pile, corn.(guar.)._ •75o Nov. 1 *Holders of rec. Oct. 20
•75c Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
50c Nov. 1 Holders of rec. Oct. 21
Reed (C. A.) Co., class A (guar.)
750. Dec. 1 Holders of rec. Nov.20
Reliance International. pref.(gust.)....
Revere Copper & Brass, pref.(guar.).- $1.75 Nov. 1 Holders of rec. Oct. 100
3735c Nov. I Holders of rec. Oct. 15
Rice-Stix Dry Goods, corn. (guar.)
•60o Nov. 1 *Holders of roe. Oct. 15
Rich Ice Cream Co.. corn. (guar.)
Richfield Oil of Calif., pref. (Oust.).... •4344c Nov. 1 *Holders of rec. Oct. 4
Rio Tinto Co., Ltd.
'105 Nov. 6 *Holders of rec. Oct. 81
Amer. dep. rots.. ord. bearer
*28.6d Nov. 6 *Holders of rec. 001..31
Amer. dep. rota.. pref. bearer
90e. Nov. 1 Holders of rec. Oct. 15
Rogers Paper Mfg., class A (guar.)
Rollins Hosiery Mills. Inc., pref. WILL.- *90o. Nov. 1 *Holders of roe. Oct. 17
*6254e Nov. 1 *Holders of roe. Oct. 15
Boos Bros., Inc.. cam.(guar.)
• 51.625 Nov. 1 *Holders of reo. Oct. 15
Preferred (guar.)
*$1.75 Nov. 1 *Holders of rec. Oct. 21
Russ Mfg., class A (guar.)
•81.75 Nov. 1
Class A
•115o. Nov. 1 *Holders of rev Oct. 15
Ruud Mfg. common (guar.)
Ryerson (Joseph T.)& Sons,(guar.)._ •50c. Nov. 1 *Holders of rec. Oct. 17
600. Dec. 20 Dec. 10 to Deo. 21
St. Joseph Lead Co.(guar.)
25e. Dec. 20 Dec. 10 to Dee. 21
Extra
50e. Nov. 1 Holders of rec. Oct. 150
Salt Creek Producers' Assn. (guar.)._
•134 Nov.15 *Holders of rec. Nov. 1
Savage Arms. second pref. (guar.)
Savannah Sugar Refs., corn.(quar.)--- 11.30 Nov. 1 Holders of rec. Oct. 15
134 Nov. 1 Holders of roe. Oct. 15
Preferred (guar-)
Schlesinger (B.F.) &Sons. Prof.(guar.). 4.134 Jan 1'31 *Holders of rec. Dee. 15
-c.)
134 Nov. 1 Holders of rec. Oct. 18
Scott Paper, pref. A (qua
154 Nov. 1 Holders of rec. Oct. 18
Preferred 13 (guar.)
12540 Nov.15 Holders of rec. Oct. 31
Seaboard Surety Co.(guar.)
6230 Nov. I Holders of rec. Oct. 150
Sears Roebuck & Co.(guar.)
Nov. 1 Holders of roe. Oct. 150
el
Stook MI,idend (guar.)
75c. Nov. 1 Holders of rec. Oct. 15
Seeman Bros. corn. (guar.)
Selfridge Provincial Stores. Ltd.
'w3% Dec. 5 *Holders of rec. Nov,14
American deposit receipts
•25o. Nov. 1 *Holders of roe. Oct. 16
Beton Leather, common ((Mar.)
Sharp & Hotline, Inc., pref. A (guar.).- 8734c Nov. 1 Holders of rec. Oct. 170
(00) Nov. 1 Holders of rec. Oct. 4
Shenandoah Corp.. Pref. (guar.)
*25c. Oct. 21 *Holders of rec. Oct. 14
Silver (Isaac) Bros., Co., corn.(011ar.)
154 Nov. 1 Holders of rec. Oct. 14
Preferred (guar.)
s$
Nov. 1 *Holders of rec. Oct. 15
Simpson (Robt.) Co.. prof
500. Nov. 1 Holders of roe. Oct. 254
Elimraon's. Ltd.. class A (guar.)
1% Nov. 1 Holders of rec. Oct. 25e
Preference (guar.)
114 Nov. 1 Holders of rec. Oot. is
Skelly Oil Co., pref.(guar.)
Solvay Amer.Investment. Pfd.(quer.) 61.373 Nov. 15 Holders of rec. Oct. 156
(r) Nov. 1 *Holders of rec. Oct. 16
American Air Lines
South
Spiegel-May-Stern, Inc.6 % pr. (qm.). 154 Nov. 1 Holders of rec. Oct. 15
Squibb (E. R.)& Sons, lot pref.(guar.). *51.50 Nov. 1 *Holders of rec. Oct. 15
*3744c Nov.15 *Holders of rec. Nov. 1
Stanley Works. pref.(guar.)
Stearns (Fred'k) & Co., corn. (mthly.)_' 16 2-3e Oct. 31 *Holders of rec. Oct. 20
Steel Co. of Canada, corn. & prof. (tau.) 43410 Nov. 1 Holders of ree. Oct. 7
*37440 Dee. 1 *Holders of rec. Nov.15
Stlx, Baer & Fuller, common oyuar.)
*50c. Nov. I *Holders of rec. Oct. 20
Storkilne Furniture, pref. (guar.)
75e. Nov. 1 Holders of rec. Oct. 20
Sun Investing Co., Inc.. pref.(guar.)
Superior Portland Cement,Cl. A(mthly.) *27 tie Nov. 1 *Holders of rec. Oct. 23
'
025c. Nov. 1 *Holders of rec. Oct. 20
Super-Maid Corp.(guar.)
2214c. Oct. 31 Holders of rec. Oct. 20
Sutherland Paper, corn.(guar.)
250, Nov. 1 Holders of rec. Oct. 150
Sweets Co. of America (guar.)
Nov.15 Holders of rec. Oct. 15
El
Swift Internacional (extra)
15e. Nov. 1 Oct. 18 to Oct. 31
Teck-Hughes Cold Mines (guar.)
30o Nov. 1 Holders of rec. Oct. 150
Telautograph Corp., oom (Oust.)
50 Nov. 1 Holders of roe. Oct 156
Common (extra)
*20c Nov. 1 *Holders of rec. Oct. 20
Telephone Corporation (monthly)
•20e Dee. 1 *Holders of roe. Nov. 20
Monthly
Tennessee Products Corp., cont.(guar.) *
26c la 10'81 *Holders of rec. Dec. 31
•25e 4-10-31 *Holders of rat. Mar.81
Common (anat.)
Tex-O-Kan Flour Mills. pref. (guar.).- 41.75 Dee, 1 *Holders of roe. Nov. 15
Thatcher Manufacturing. pref.(guar.)._
900 Nov.15 Holders of roe. Nov. 54
Thertnold Co., pref.(guar.)
'154 Nov. 1 *Holders of roe. Oct. 15
Tide Water Oil, pref. (guar.)
51.25 Nov. 15 Holders of rec. Oct. 170
Tobacco Products Corp.. el. A (guar.).20o Nov.15 Holders of tee. Oct. 244
75o Oct. 18 Holders of rev. Sept. 18
Torrington Co. (guar.)
Transamerica Corp., corn. (guar.)
25e Oct. 25 Holders of rec. Oct. 40
Traung Label & Lithograph. el. A (aria- *3744c Dec. 15 *Holders of rec. Dec. 1
pies Safety Glass Co., Ltd
,Amer. dep. rota. ord. reg
*te5 Oct. 21 *Holders of rec. Sept.80
Tristate Royalty Corp., corn. (mthly)_• 8 1-3e Nov. 1 *Holders of rec. Oct. 15
Preferred A (monthly)
*I0e Nov. 1 *Holders of rec. Oct. 15
I'M-Utilities Corp.. pref. (guar.)
75c Nov. 1 Holders of roe. Oct. 15
Truax Traer Coal, Corn.(guar.)
40o Nov. 1 Holders of rec. Oct. 21
Oct. 1 *Holders of rec. Sept. 15
Underwriters, Finance Co.,Prof.(guar.) *2
Union Oil (Calif.) (guar.)
60c Nov. 10 Holders of rec. Oct. 180
Stock dividend (guar.)
el Nov. 10 Holders of rec. Oct. 184
Union Storage Co (guar.)
•6234c Nov. 15 *Holders of rec. Nov. I
United Biscuit. common (guar.)
40c Dee. 1 Holders of rec. Nov. 150
Preferred (guar.)
154 Nov. 1 Holders of roe. Oct. 160
United Linen Supply. class B (guar.)---- 51.50 Oct. 20 *Holders of rec. Oct. 1
*50c. Doe. 1 *Holders of roe. Nov.15
United Milk Crate, class A (ouar.)
United Piece Dye Works, own.(guar.)._
500 Nov. 1 Holden of roe. Oct. 161
1% Jan2'31 Holders of roe. Dec. 201
Preferred (guar-)
500. Oct. 31 Holders of rec. Sept. 3011
United Profit Sharing. prof.
United Verde Extension mining (Oust.).
50c. Nov. 1 Holders of rec. Oct. 2a
U.S.& British Internat. Co.. Ltd.
12340. Nov. 1 Holders of roe. Oct. 15
Common A (guar.) (No. 1)
75e. Nov. 1 Holders of roe. Oct. 16
$3 preferred (guar.)
U.S.& Foreign Securities, let pref.(qu.) $1.10 Nov. 1 Holders of rec. Oct. 116
U. S. Industrial Alcohol (guar.)
$1.50 Nov. 1 Holders of roe. Oct. 156
U.S.& Internat. Securities, 1st pf.(qu.) $1.25 Nov. 1 Holders of rec. Oct. 11
.
U.S.& Overseas Corp
*6 34c Nov. 30 *Holders of rec. Nov. 10
214 Oct. 20 Holders of rec. Sept. 200
U. S. Pipe & Foundry, 00m.(quar3
244 Ja20111 Holders of roe. Dee. 810
Common (guar.)
30e. Oct. 29 Holders of roe. Sept. soa
First preferred (guar.)
800 Ja20'81 Holders of roe Dee. 814
First preferred (71115r.)
Nov. I Holders of rec. Oct. 200
riniversal leaf Tobacco corn. (onar.)14( Nov. 1 Holders of reo. Oct. 15a
Universal Pipe & Radiator, pref.(gu.)
Utility & industrial Corp., pre. (guar.) 3754s Nov.20 Holders of rec. Oct. 31
2498
FINANCIAL CHRONICLE
Per
When
Books Closed.
Name of Company.
Cent Payable.
Days Inclusive.
Miscellaneous (Concluded).
Vapor Car Heating pref.(guar.)
•1si Dec. 10 *Holders of rec. Deo.' 1
Victor Talking Mach. (guar.)
Cs'
Nov. 5 *Holders of reo. Oct. 18
Vulcan Definning. Common (qUar.)---- 1
Oct. 20 Holders of rec. Oct. 4a
Preferred (guar.)
15( Oct. 20 Holders of reo. Oct. 4a
Waterloo Mfg., class A (quer.)
25c. Nov. 1 Holders of rec. Oct. 15
*IA Nov.15 *Holders of rec. Nov. 5
West Va.Pulp & Paper, pref.(go.)
Western Grocer, corn. (guar.)
"37%c Nov. 1 "Holders of rec. Oct. 20
Preferred
"3)4 Jan 131 "Holders of rec. Dec. 20
Western Newspaper Union, pref. (quer.) •21.75 Nov. I
Western Royalty Corp., cl. A (monthly) •10c. Nov. 6 *Holders of rec. Oct. 15
Western Steel Products. Ltd., Pf.
Nov. 1 Holders of rec. Oct. 15
Western Tablet Ss Stationery cons. (go). *50c. Nov. 1 "Holders of reo. Oct. 20
WestinghouseAir Brake (guar.)
50c. Oct. 31 Holders of rec. Sept. 300
Westinghouse Elec. dv Mfg., cons.
$1.25 Oct. 31 Holders of rec. Sept. 305
Participating pre((guar.)
$1.25 Oct. 31 Holders of rec. Sept. 300
Wilcox-Rich Corp.class A (guar.)
62450. Dec. 31 Holders of roe. Dec. 205
Will dc Balmer Candle,corn.(quer.)10e. Nov. 15 Holders of rec. Nov. 1
Common (extra)
be. Nov. 15 Holders of rec. Nov. 1
Winsted Hosiery (quar.)
"2
Nov. I "Holders of rec. Oct. 15
Extra
*50c. Nov. 1 'Holders of rec. Oct. 15
Woolworth (F. W.) Co., corn.(quar.)
600. Deo. 1 Holders of rec. Nov. 105
Wrigley(Wm.)Jr. Co.(monthly)
25c. Nov. 1 Holders of rec. Oct. 20
Monthly
50c. Dec. 1 Holders of roc Nov. 20
Wright (Oscar) Co., class A
•25c. Oct. 20 "Holders of rec. Sept. 25
Wurlitzer (Rudolph) corn,(monthly)... •50o Oct. 25 'Holders of ree. Oct. 24
Common (monthly)
•50e. Nov. 25 Holders of res. Nov. 24
Common (monthly)
•50e Dee. 25 •Holders of tee. Dec. 24
Preferred (OtlaL)
*1St Jan 1'31 •Holders of rec. Dee. 20
Preferred (guar.)
*1Si Aprl'31 •Hold. of rec. Mar 20'31
•15,i Jul 1'31 'Hold.of rm. June 20'31
Preferred (gust.)
•From unofficial sources. t The New York Stook Exohange has ruled
that
stock will not be quoted ex-dividend on this date and not until further
notice.
The New York Curb Exohange Association has ruled that stock will
not be quoted
ex-dividend on this date and not until further notice,
a Transfer books not closed for this dividend.
Correction. e Payable in stook.
f Payable in common stook. p Payable in scrip. S On account of
acoumulsted
dividends. jPayable in preferred stook.
Dividend on Amer. Cities Power & Light elase A stock is payable I-32d share In
clam B stock, unless stockholder notifies the Company on or before Oct. 14 of his
desire to take cash. Clam B dividend is payable in class B stock.
rn Pacific Public Service dividend will be applied to the purchase of additional
common A stock at the price of $13 per share unless stockholder notifies company
on or before Oct. 10 of his desire to take cash.
n Corporation Securities pret, dividend payable in cash or 1-40th share corn,stock.
o Nildiand Natural Gas dividend payable In cash or class A stock at rate of onefortieth share.
• Union Natural Gas dividend payable in cash or stock at rate of one-fiftieth
Share.
r South Amer. Air Lines dividend is one share of Aviation Co. of Amer.stook fir
each 1045 shares of South Amer. Air Lines stock.
s Mid-West States Utilities dividend payable in 434i cents cash or 245% in stock.
8 Brazilian'tr., Lt & Power dividend is one share for each 50 shares held on Oct. 31.
tt Ohio Wax Paper dividend was incorrectly reported in Issue of Sept. 27 as 100.
to Lees deduction for expenses of depositary.
V Lone Star Gas dividend is one share for each seven held.
an American Commonwealths Power corn. A & B dividends payable in Class A
stock at rate of 1-40th share.
bb Payment of Associated Gas & Elec. class A div. will be made in class A stock
1
-40th share—unless stockholder notifies company on or before Oct. 15 of his
desire to take cash.
ee American Founders oom. stock dividend payable in oom,stook at rate of 1-70th
share.
00 Shenandoah Corp. dividend will be paid 1-32d share common stook unless
holders notify company on or before Oct. 14 of their desire to take cash-75 Cl,.
per share.
Weekly Return of New York City Clearing House.—
Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, OCT. 11.
Clearing House
Members.
*Capital.
$
Bank of N. Y. dc 'tr. Co.
6.000.000
Bk.ofManhattanTr.Co_ _
22.250.000
36.775.300
Bank of Amer.Nat Ass'n
National City Bank.
110,000,000
Chem. Bk. & Trust Co_ _
21.000.000
90,000.000
Guaranty Truet Co
16,200.000
Chat.Pb.Nat.Bk.dtTr.Cm.
21,000.000
Cent. Han.Bk.& Tr.Co_
15,000,000
Corn Each. Bk. Tr. Co.
10,000.000
First National Bank
50,000.000
Irving Trust Co_
6.000,000
Continental Bk.&Tr.Co_
Chase National Bank—. 148.000,000
500.000
Fifth Avenue Bank
25,000,000
Bankers Trust Co
10,000.000
Title Guar. & Tr. Co__ _
10,000.000
Marine Midland Tr. Co.
3,000,000
Lawyers Trust Co
12.500.000
New York Trust Co....
Com'l Nat.Bk.& Tr. Co_
7,000.000
Harriman Nat.Bk.dt Tr_
2,000,000
Clearing Non-Members—
City Bk.Farmers Tr.Co.
Mech. Tr. Co.,Bayonne.
Totals
10,000,000
500,000
"Surplus and
Undivided
Profits.
Na Demand
DepOSILI
Average.
$
$
15,045,800
62.667,000
44.402.900
199.667,000
41,331,600
177,187,000
133.487.500 01.032,822.000
44.039,703
205,1173.000
207,391,300 9925.008,000
19,621,400
153.727,000
84.165.000
362.974.000
35,356,600
171,565.000
112.282,500
252.166,000
85,182,900
380,727.000
11.341,100
9,757,000
213,397.300 01,361,131.000
3,823,800
26.034.000
87.280,800 d417.721.000
24,901.900
33,372,000
11,435,600
46,614.000
4,804.400
17,160,000
36,081,200
169.380,000
9,711.800
47,467.000
2.566,800
30,035,000
13,698,200
905,600
4,507,000
3,130,000
Time
Deposits
Average.
13,636.000
46,256.000
85,000.000
207,049,000
25.657.000
128.964.000
38.284,000
89.495.000
39,042.000
27.358.000
59.085,000
464,000
205.804.000
1,915.000
90,412,000
1,322.000
5,156.000
1,916,000
52,178,000
8,041,000
6,819,000
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF
BUSINESS
FOR THE WEEK ENDED TIIURSDAY, OCT. 9 1930.
NATIONAL AND STATE BANKS—Average Figures.
Loans
Disc. and
Infest.
OtherCath Rel. Dep., Dep. Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. Trusi Cos. Downside,
Manhattan—
$
$
$
$
s
s
Bank of U. S---- 211.928,000 16.000 3.600,000 28,845.000
1,686,000 205,401,000
Bryant Park Bk_
2.850.500 98.200
84,100
360.100
2,280,900
Grace National-- 20,563.678 1.100
81,451 1,777,960 1,093,415 17,333,613
Port Morris
3,104,700 7,000
89.500
273,800
2.810,200
Public National_ 155,105,000 28,000 1,859,000 9.630.000
39.008.000 175,995,000
Brooklyn—
Brooklyn Nat'l
9,917,400 30,000 116.200
628.500 1,017.000 7.897.400
Peoples Nat'l__ - 7,200,000 5.000 120,000
545,000
311.000
7,500,000
TRUST COMPANIES—Average Figures.
Loans,
and
Invest.
Disc.
Manhattan—
American
Bank of Europe & Tr
Bronx County
Chelsea
Empire
Federation
Fulton
Manufacturers
United States
Brooklyn—
Brooklyn
Kings County
Bayonne, N. J.—
Mebanicq
Cash.
Res. Dm. Dep. Other
N. Y and Banks and
Elsewhere, Trust Cos,
53,391.800 13,092,700
752,000
15.162.364
775.730
168.160
24.495 530
713,505 1,695 575
19,869.000 1,271,000 2,603,000
72.058.700 *3,816300 12,843.800
16,321.333
114,344 1.186,473
19,584,300 .2,601,900 1,183.500
358.921.000 2,754.000 44,465,000
74.638,852 4.000,000 7.874.509
127.358.000
28,995,364
2.315,000 27.705.000
2,237.543 2,493,682
Gross
Deposita,
21.600 54,010,600
14.565,472
25.600.419
19.233.000
3,223.800 76,275,200
299,509 16,341.993
18,323,000
3,220,000 333.075.000
57.438,160
822,000 135.043.000
27,016,181
8.646.899
286,752 1,015.423
319,543 8.899,323
'Includes amount with Federal Reserve Bank as follows: Empire, 32,455,100
Fulton, $2,589.200.
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. 15
1930.
Changes from
Previous Week.
Oct. 8
1930.
Oct. 1
1930.
$
Capital
94,700,000
Unchanged
94.700,000
94.700,000
Surplus and profits
99,144.000
+499,000
98,645.000 100.509,000
Loans, disc'ts & investls. 1,073,950.000 —7,774,010 1,081,724.000 1.081.645.000
Individual deposits
642,268,000 —2.417.000 644.685.000 646.051.000
Due to banks
161,408.000 —3,980,000 160,388.000 153.446.000
Time deposits
300,141,000
+3.996.000 296,145,000 298,529.000
United States deposits
13.514.000 —1.587.0001 15,101.000
16.941.000
Exchanges for Cbt House
29,132.000 —3,190,0001 32,325,000
27.082.000
Due from other banks... 106,028.000 +11,794,000
94,234,000
98,599.000
Ree've in legal deposItlee
82,421,000 —1,741.000, 84,162.000
81.261.000
Cash In bank
6.505,000
—170 000I
6.675.000
6,343,000
Ree've in excess in F.R.Bk
2,706.000
—468.0001
3,174,000
1,000,000
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
On May 14 1928 the Association discontinued showing the
reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
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. 11
1930.
Increase or
Decrease.
Oct. 4
1930.
Sept. 27 .31
1930.
5,375.000
632,725,300 1,242,255,900 8,090.491.000 1,099.260,000
Includes deposits in foreign branches:(a) $313,913,000;(8) 5167.544,000;(c) $153.477.000; (d) $81,457,000.
• As per official reports: National. Sept. 24 1930; State, Sept. 24 1930; trust
sompanies, Sept. 24 1930.
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 Oct. 9:
[VOL. 131.
Capital
85,410,000 +16,539,000
68,871,000
68,871,000
Surplus and profits
266,176.000 +29,036.000 237,140,000 237,004,000
Loans,(Uses. and invest_ 1,481,803,000 +220,964.000 1,260,839.000 1,257,677,000
Exch. for Clearing House
35,949.000 —7,812,000
43,761.000
29,304,003
Due from banks
136,151,000 —8,596,000 144,747,000 132,167,000
Bank deposits
234.544,000 +8,183,000 226,361,000 218.571,000
Individual deposits
752,182,000 +70,052,000 682,130.000 659.608,000
Time deposits
417,442,000 +90,186,000 327,250,000 320,914,000
Total deposits
1 404,168,000 +168,421,000 1,235,747.000 1,199,093,000
Reserve with legal depos.
78,678,000
76,977.000
Reserve with F. R. Bank
118,367,000 +21,219.000
7,234,000
6,308.000
Cash in vault*
11,236,00
11,303,000
Total res. and cash held_
9
94,588,000
07,148,0 0
Reserve required
Excess res. & cash in vaul
*Cash in vauknoticounted as reserve for Federal Reserve members.
OCT. 18 1930.]
FINANCIAL CHRONICLE
2499
Weekly Return of the Federal Reserve
Board.
The following is the return issued by the Federal Reserve Board
Thursday afternoon, Oct.16 and showing the condition
ok the twelve Reserve banks at the close of business on Wednes
as a whole in comparison with the figures for the seven precediday. In the first table we present the results for the System
ng weeks and with those of the corresponding week last
The second table shows the resources and liabilities separat
year.
ely for each of the twelve banks. The Federal Reserve
Accounts (third table following) gives details regarding
Agents'
transac
Reserve Agents and between the latter and Federal Reserve tions in Federal Reserve notes between the Comptroller and
banks. The Reserve Board's Comment upon the returns for
latest week appears on page 2468, being the first item in our departm
the
ent of "Current Events and Discussions."
•
COMBINED RESOURCES AND LIABILITIES OF
THE
FEDERAL RESERVE BANKS AT THE CLOSE
OF BUSINESS OCT. 15 1930.
RESOuncr
es.
cudd with Federal Reserve agents
Oct. 15 1930.1 Oct. 8 1930. Oct. I 1930. 'Sept. 24 1930.
ept. 17 1030. Sept. 10 1930.1bept. 3 1930. Aug.27 1930. Oct.
16 1929.
1,546.206 000 1,549.606.000 1,558,456.000 1.543.956,
000 1,548,956.000 1550.956.000 1,504.956,000 1,575,256,000 1,547,526.
Gold redemption fund with U. B. Trees_
34,868.000, 34,868,000
000
34,904.0001
35,811,000
35,875.000
35.375,000
rie!
35,301,000
35.919.000
66,810,000
Gold held exclusively eget.F. R. notes 1,581.074.000
1,584,474.000 1.593.360.000 1,579.767.000 1,584.831.
Gold settlement fund with F. R.Board_ _ 534.443.000 544.854,0
000 1.586.331000 1.600.347,000 1.611.175.000,1,614.336,000
Gold and gold certificates held by banks_ 859,820.000 847,200.000 545.660.000 570.102.000 580.999.000 576.070.000 5711.584,000 568,304.000, 758.685.000
00 837,749,000 839.062,000 809.810.000
796,299,000 763.657.000 776.453.000, 631,815,000
Total gold re.terves
2.979.337.000 2.976.528.000 2.976,769.000 2.988.931.
000 2.975.640.000 2,959,600.000 2.934.588,000 2,955,032.
Reserves other than gold
146,751.000 149.625.000 151,619,000 151,857,000
000 3,004.836.000
151.828.0001 152,890,000 151.650,000 163.721,000 153,523.000
Total reserves
1
3,126.088.000 3,126.153.000 3.128.388.000 3,140,788,000
3,127.468.0003,112,400,000 3,086.238,000 3,119,653.000
Non-reeerve cash
66.054,000
3,158,359.000
65,757,000
66.469,000
69.277.000
Bills discounted:
66,471,000
72.412,000
61.683.000
70,310,000
70.746,000
Secured by U. 8. Govt. obligations_
89.024.000
55,011.000
63.555.000
48.146.000
45.582.000
Other blue discounted
57.368,000
76,510,000
62,197,000 401,458,000
121,415.000 118.155,000 122.361,000 119.016.00
0 117,567.000 125,827.000 154.750.000 131.078.000
447.477,000
Total bills discounted
210.439,000 173.166,000 185.916.000 167.162.00
Bills bought In open market
0
185.492.000 211,023.000 193,108,000 197.743,000 163.149.000 183 195,000 231,210.000 193.275,000 848,935,000
208.861,000 193,120,0130 170,395,000 183,274.00
U. B. Government securities:
0 360,110,000
Bonds
38,400.000
38,253.000
38.306.000
38.235,000
38.085.000
Treasury noted
58.074.000
64,056,000
289,772 000 289,756,000 291,429.000 292,029.0
75.827,000
37,967,000
00 295.261.000 317.380.000 315.868,000 302.045.00
Certificates and WW1
273.44'1.000 272,430.000 271,442,000 271,542.00
72,066,000
0 277.037.000 226.579.000 222,120.000 224.041.000
27.595,000
0
Total U.S. Government securitlee
601.614.000 600.439,000 601,177.000 601,806,0
00 610.383.000 602.033.000 602,044.000 601,913,0
Other securitlem (see note)
6,272,000
00 137,628.000
6,272,000
6.772,000
6,772,000
7,022,000
Foreign loans on gold
6,772.000
8,572.000
8.572,000
23,755,000
Total bills and securitiea (ses
1.003.817,000 990,900.000 986,973,000 973.483,0
00 989.415,000 985,120,000 1,012,271..000 967,034,000 1,370,428,
Gold held abroad
000
Due from foreign bank,(see note)
2.160.000
702.000
701.000
701.000
701.000
Uncollected items
704.000
704.000
702,000
816.436.000 559.402.000 606.052.000 549,479.0
754.000
00 722.305.000 538,643.000 666.603.000 505.962.000 1,022,985.
Federal Reserve notee of other banks
18.841,000
000
18.040.000
18.704,000
21.871.000
23.939.000
Bank
20.409.000
18,330,000
19.240.000
26.828,000
50.637.000
59,674,000
59,644,000
59.644 000
59.642.000
other resource,
premis,Al
59,642.000
59.609.000
59,609,000
58,944,000
11,752.000
12,475,000
12.046.000
12.062.000
11.442.000
16,957.000
16.752.000
16.733.000
9,077,000
Total resources
5,104.785,000 4,833,103,000 4.878,977.000 4.827,305,
000 5,001,383.000 4,806,377,000 4,822,280,000 4,759,243,000 5,718,121,
LIABILITIES.
000
F.R.notes In actual circulation
1,372,211.000 1,365,398,000 1,376,351.000 1.347,720,
Deposits:
000 1,349,329,000 1.351,250,000 1,367,619,000 1.337.248,000 1 1,859,621,
000
Member banks--reserve account
2.440.364.000 2.407,758.000 2,394.316.000 2.416.153
Government
000 2,456.282.000 2.428.290,000 2,393.357,000 2,418.875.000 2,408,482 000
23.737.000
33,233.000
37.372.000
42.594,000
Foreign banks (see note)
3,706.000
21.176.000
34.059,000
25.988.000
4.970.000
25.351,000
6,696.000
6.251.000
5,263.000
Other deposits
6.774.000
6.528.000
8,498.000
5.549.000
22.801,000
5,203.000
18,425,000
18,746.000
19,534,000
19.784.000
20.639,000
20.082.000
19,657,000
21,591.000
Total deposits
2.491,872.000 2,466,112,000 2,456.685,
Deferred availability items
000
778.027.000 538.588.000 583.251.000 2.433.544.000 2.485,548,0002.476.633.000 2,453,996.000 2,470,069.000 2,460,627,000
Capital paid In
170.493.000 170.555.000 170.647.000 533.029.000 704.476.000 516,391.000 538.919.000 489,781.000 937 453,000
Surplus
276,936,000 276.936.000 276.936,000 170.563,000 169.872.0001 169.830,000 169.786.000 169.765.000 166,998.000
All other liabilities
276.936,000 276.936.000 276,936.000 276.936.000 276.936.0
15.246.0001
00 254,398,000
15.514,000
15.107,000
15.513.000
15.224.000
15.337.000
16.024.000
15,444,000
39,024,000
Total liabilities
5,104,785,000 4.833,103,000 4,878,977.
Ratio of gold reserves to deposits and
000 4,827,305,000 5.001,383,000 4,806.377.
000 4,822,280.000 4,759,243.000 5,718,121,000
F. R. note liabilities combined
77.1%
77.6%
77.6%
Bette of total reserved to deposits and
79.9%
77,5%
77.3%
78.9%
77.6%
69.6%
F R. note liabilities combined
80.9%
81.6%
81.6%
Contingent liability on bill, nurchamed
82,0%
81,6%
81.3%
80.8%
81.9%
73.1%
for foreign corrwpondents
439,103.000 435.194.000 ,,, 431.411,00
0 432.624.000 433.843,000 458.450
000 459.830,000 471,522.000 463,153,000
Distribution by Maturities
1-15 day bill, bought in open market
96.922 000 125,273.000
$
•
106.442.00
1-15 days bills discou tad
83,508.000
137.051,000 101,788,000 113.830,000 105,051.000
64.173.000
62.775.000
53,960.000
94.011.000
0
1-15 days U. S. certif. of indebtedness_
94,003,000
93,117.000
99,775.000 144,447.000 107.399,000 648.638.000
1-15 days municipal warrants
45,000.000
34,769,000
34.201,000
5,180,000
1e-30 days bills bought in open market_ 31 859,000 29.878.000
39.384.000
10-2‘) days bills discounted
48,705,000
73,576.000
22,563,000
74,508.000
53.417.000
22,880,000
33.575.000
37,627.000
18.172,000
16 30 days U. S. certif. of indebtedness._
20,581,000
20,545,000
24.294,000
23.612.000
16.853.000
59,738,000
16-30 days municipal warrant,
5,000
566.000
41,167.000
111-60 days bills bought in open market_
41,671,000
46.679.000
42,989.000
81-60 deve bills discounted
39,930.000
41.058,000
28.482.000
51,666.000
50.948.000
27,566 000
71.621.000
96.796.000
32.611,000
30.206.000
81-80 day, U. S. certif. of Indebtedness_
29.955,000
36,421.000
33,214,000
33,511,000
25,214.000
39,215,000
82,640,000
25,214,000
25,214.000
81-60 days municipal warrants
5.023,000
61-90 days bills bought Motion market
11,753,000
9.084.000
4.172,000
61-90 days bills discounted
4,047.000
10,546.000
12.750.000
17.637,000
3.135.000
16,730.000
4,097.000 130,028,000
17.484,000
61-90 days U.8. certif. of Indebtedness_
14,496,000
15.380,000
17,942.000
75,361.000
24,633,1300
83,320.000
23,271.000
50.939,000
83,320.000
61-90 days municipal warrants
83,379,000
96.539.000
17,214,000
22.000
17,214.000
17.214.000
Over 90 days bills bought in open market
257.000
109.000
125,000
121,000
Over 00 days bills discounted
10.000
173.000
23.000
4.706.000
120.000
4,202.000
21.000
1.638.000
3.819,000
Over 90 days certif. of Indebtedness,.._
3.876.000
4,088,000
4,763.000
164.867,000 163,896.000 162,908.000
5,052.000
6.537.000
6,980,000
Over90 days municipal warrant,
162,949.000 135.498.000 174,591,000 170,139,000
22,000
185,660.000
17,392.000
22,000
22,000
22,000
22,000
22,000
22.000
30,000
LB.notes recelveCi from Comptroller
F.It. noted held by F.R.Agent
3,593.575,000
1,271.445,000
Issued to Federal Reserve Banks
1,799,896,000 1.796,482.000 1,775.640,000
1.768,803,000 1,764,965,000 1,736,973.000 1.736,582,
000 1,736,772,000 2,322,130.000
Hose Secured
By gold and gold certificates
449,350,000 449,550,000 449,950,000
Gold redemption fund
449.950,000 449,950,000 449.950,000 449,950,0
00 549,950,000 405,590,000
Gold fund-Federal Reserve Board
1,096,850 000 1.100.056.000 1,108.506.
ay eligible paper
000
375,845,000 352,417.000 359,515,00 1.004006.000 1.099,006,000 1,101,006,000 1.115,006,000 1.125,306,000 1.141.936.000
0 352,739.000 351,695.000
366,095,000 381.935,000 335,241,000 1,143.047,000
Total
1,922,051,000 1.902,023,000 1,917,971,000
1,896,695,000 1,900,651,000 1,917.051.000
NOTE.
-Beginning with the statement of Oct. 7
1.946.891,000 1.010.497.0002,690,573,000
to foreign correspondents. In addition, the caption, 1925, two new Items were added in order to show separately the amount
"Other securities." and the caption, "Total earning "All other earning assets," previously made up of Foreign intermedia of balances held abroad and amounts due
te
assets"
the discounts, acceptances and securitlee acquired under theto "Total bills and securities." The latter Item was adopted as a Credit Bank debentures, was changed to
more accurate description of the tote led
provision of Sections 13 and 14 of
therein.
the Federal Reserve Act, which, it was stated,
are the only items lnoluded
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE
12 FEDERAL RESERVE BANKS
Ter, CIFfsers (00) milled.
AT CLOSE OF BUSINESS OCT. 15 1938
Federal Reserve Bank ofTotal.
Boston. New York, Phila. Cleveland.
Rkhmond Atlanta, Chicago. Si. Louts. Afinneap
Kan.City. Dallas. Sat:Fran.
RESOURCES.
$
Gold with Federal Reserve Agents 1,548,206,0 154,917.0
305,636,0 140,000,0 190.550,0
Gold red'n fund with U.S. Treas.
65,000.0 112,300,0 174,000.0 55.945,0 47,045.0
34,868,0
741,0
14,415,0 2,026,Ot 1,655,0
70,000,0 26,050.0 204,763,0
1.475,0 2,098,0 1,229.0 1,661,0
837,0 1,404,0 1,128,0 6,109,0
Gold held exel agst.F.R. cole, 1,581.074,0 155,658,0
Gold',Wirt fund with F.R.Board 538.443,0 35,643,0 320,051,0 142,026,0192,205,0 66.475,0 114.398,0 175,229.0
150,217,0
71.494,0
Gold and gold otfe.held by banks_ 859.820,0 32.955,0 518.759,0 48.034,01 61,832,0 13,237,0 7.516,0 101.023.0 57,606.0 47,882.0 29.039.0 27,178,0 210,872,0
28.824,0 12,340.0
27,750,01 58,260,0 9,653.0
15.333,0
7.702.0,140.709.0 7,906,0 5,439,0 7,813.0 10,467,0 35,405.0
32,407,0
Total gold reserve,
2,979,337,0 224,256,0 989,027.0 217,810,0
312,297.0 89,365,0 129,616,0 416,961,0
Reserve other than gold
146,751,0 14,231,0
94,336,0 65,661.0 108,346.0 52,978,0 278,684.0
35,860,0 8,316,0 7.809.0
7.871,0 11.907,01 22.328,0 8,925.0 4,395,0
6.205.0 7,639,01 11.265.0
Total reserves
3 126,088,0 238,447.0 1,624.857
,0220,126,0 320,106.0 97.236,0
lion-reeerve Nigh
66,054,0 6,626,0
16.635,0 5,001,0 4,49'3.0 3,712,0 141.523,0 439,289.0 103,261.0 70,056,0 114,551.0 60,617,0 298,949.0
DIE, discounted:
4,837,0 9,955,0 3.460,0 2.096,0 1.818.0 3,052,0
4,369,0
Sec. by U. B. Govt. obligatIona
89,024.0 6,009.0
40,608.0 10.086,0, 13,573,0
Other bills discounted
3.522.0
121,415,01 4,058.0
17.141,0 7.328,0, 10,498,0 14,480,0 1,406.0 5,077,0 2.752,0 1.101,0 2,619.0 1,482.0 1.809.0
22,802.0 8,503,0 13.261,0 3,198,0 7,511,0 9,117,0
1
3.518.0
Total bills (Recounted
1
210.439.0, 9,067,0
57.749.0 17,414,0 24.071,0
Bills bought In open market
18,002.0 24.208,0
185,492,01 17.550,0
56.773,0
104,0 17,654.0 8,392.0 10,461,0 13.550,0 16.013.0 4,299.0 10,130,0 10,579,0 5.327,0
U. 8. Government securities:
20,007.0 7,853,0 6,080,0 8.584,0 7,769,0 24,265.0
Bonds
38,400,0,
756.0
2.187,0
640,01
237.0 1,176,0
Treasury notes
110.0 20,017,0
259,772,0 23,239.0
523.0 4,827.0
42.0 7.842.0
78,983.0 26.424,0,
43,0
Certificate and bills
,
273,4420 22,180,0 106,171.0 25.188,0 34.358.0 8.086,0 7,709.0 31,260.0 15,926,0 12,464,0 14,679,0 12,002,0
24.642,0
23,260,13 7.721,0 4.955.0 29.851,0 7.45(1.0
8,942.0 14.015.0 9.385.0 14.324.0
Tnewl r 45
601,6i4.0 4R 175.0 147.341 0 52.252.0
57.655.0 15,941,0 12.774,0 81.124.0 23.494.0
26.233,0 28,7380 2922",))
39.009.0
I
1
---
1
--
(Vor.. 131.
FINANCIAL CHRONICLE
2500
RESOURCES (Concluded)
Two ciphers (00) omitted.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Items
F. R. notes of other banks
Bank promisee
All other resources
Total.
Boston. New York.
_
$
S
3
4,250,0
6,272,0 1,000,0
1,003,817,0 73,792,0
52.0
2,160.0
816.436.0 88,315.0
300.0
18,841,0
59637.0 3.580,0
158,0
11,752,0
Phila. Cleveland. Richmond Atlanta. Chicago
,.._
$
$
$
3
3
1,000.0
St. Louis. MInneap. Kan.City. Dallas. San Fran.
$
$
S
$
$
22.0
306,113.0 70,770.0 99,580,0 43,377.0 47,443.0 114,715,0 47,765.0 36.634,0 47,450,0 47,577.0 68,601,0
49.0
21.0
28.016.0
21,0
94.0
30.0
25,0
70.0
68,0
1.689,0
252,301,0 71,6940 72,440.0 52,604,0 18,938,0 99,728.0 34,091,0 13,577,0 37,620.0 31,235.0 43.893,0
420.0 1,971,0
180,0 1,330,0 1,558,0 1,131,0 2,897,0 1,577.0 1,095.0 1,602.0
4.780,0
15.664.0 2,614.0 7,061.0 3,271.0 2,665.0 8,295,0 3.811.0 2,018.0 3,972,0 1,876.0 4,810,0
317.0
441.0
299,0
930.0
312,0
350,0
510.0 2,902,0
259,0 1.134,0
4.620,0
5,104 785,0 411,310,0 1,626,689,0 376,682.0 506,214.0 202,298,0 219,464.0 675,323,0 194,289,0 125,922,0 207,346,0 145,239,0 414,009,0
Total resources
LIABILITIES.
In actual circulation_ 1,372,211,0 134,515,0 218,120,0 120,233,0 185,997,0 06,809,0 120,822,0 152,624.0 63,014,0 51,105,0 67,377,0 34,550,0 157,045,0
P. R. notes
Deposits:
Member bank-reserve *eel 2,440,364.0 151.675.0 1,006,614,0 142,035,0 201,903,0 63,822,0 59,476.0 359,135,0 76.756,0 51,695,0 90,492,0 63,662.0 173,099.0
922,0 2,581,0
420.0 1,332,0 1,328.0 2,236,0
664,0 3,437,0 2,203.0
3,190,0 2,607,0
23,737.0 2,817.0
Government
121.0
362,0
189,0
157,0
157.0
702,0
189,0
524,0
220,0
509.0
388,0
4,970,0
1.452,0
Foreign bank
200,0
64,0
76.0 7,646,0
218.0
506,0
206,0
79,0
503,0 1,374,0
22,801,0
11,763,0
166,0
Other deposits
2,491,872.0 150,040.0 1,023,019,0 145,654.0 204.465,0 67.558,0 62,074,0 361.265,0 79,744.0 52,436,0 92,015.0 65,223.0 183,343.0
ISTotal deposits
778.027,0 88,120,0 233,787,0 66,629,0 69,438,0 48.889,0 18,227.0 99.040.0 34.062.0 11,337.0 34.276,0 31,469.0 42,747,0
Deferred availability items
66.227,0 16,760,0 15.966.0 5,804.0 5.345,0 20,162,0 5,245,0 3,061,0 4,327,0 4,356.0 11,359,0
170.493,0 11.881,0
Capital paid in
80.001,0 20,965,0 29,141,0 12,496.0 10.857,0 40,094.0 10,877,0 7,143,0 9.162.0 8,935.0 19,514,0
276.931,0 21.751.0
Surplus
840,0
159,0
1,0
706.0
742.0 2,139.0 2,138,0 1,347.0
441,0 1.207,0
5.535,0
-9,0
15.246,0
All other liabilities
5,104,785,0 411,310,0 1.628,689,0 378,682.0 500,214,0 202,298,0 219,464,0 875,323,0 194.289,0 125,922,0 207,346,0 145,239,0 414,009,0
Total liabilities
Memoranda.
71.9
85.2
67.7
60.8
72.3
85.5
72.4
77.41
82.0
85.0
82.6
82.4
80.9
Reserve ratio (per cent)
Contingent liability on bills our4111 into 2/ 905 A 147 0510 0 A9 9140 .11 sin n IR 970 A 111 AA]0 RR 2100 IA RA, n 10 0101) 1205A n 12 nKil n zn non n
ceased for foreign oorreepondle
FEDERAL RESERVE NOTE STATEMENT.
Total.
Federal Reserve Agent at
Two Ciphers (00) omitted
3
3
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt- 1,799,890,0 176,707,0
Held by Federal Reserve bank_ 427,685.0 42.192,0
1.372,211,0 134,515,0
In actual circulation
Collateral held by Agt. as security
for notes Issued to bank:
449,350,0 35,300,0
Gold and gold eertifleates
1,099,85(1.0 119,617.0
Gold fund-F.R.Board
375.845.01 20,538.0
Eligible paper
I 019 n c1 n lAt 40A n
Total collateral
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap Kan.City. Dallas, San Eras.
Phila.
New York.
Boston.
3
3
$
8
$
3
$
$
$
3
139.055,0 ..:20.471,0 85,900.0 146.543,0 179,349.0 76,702,0 56.500,0 78,304.0 41,391.0 222,873,0
376,095,0
157,975.0 18,822.0 34.471,0 11.091.0 25,721.0 26,725.0 13,688,0 5,401.0 10,927,0 6,841,0 65.828,0
$
218,120,0 120,233,0 185,997,0 66,809,0 120,822,0 152,624,0 63,014,0 51,105,0 67,377.0 34,550.0 157,045,0
14,300.0 35.000,0
8.345.0 11,845,0
277,010,0 39.900.0 15,550.0 5,000.0 7.100.0
28,626.0 100.100,0 175.000,0 60.000,0 105,200.0 174,000.0 47,600.0 35.200,0 70,000.0 11,750.0 169,763.0
14,418,0 41,400,0 26,341,01 34,423,0 33.424,0 23,524,0 9,763,0 1/3,574.0 17,947.0 29.457,0
100,036.0
405 072 0 154 418 n 231 050 0 01 341.01140 723 0 217 421 n 70 469 0 58.8031) 88.574.0 43.097 0 234.220.6
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 2468,immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
sold with enBeginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts
sold with
dorsement, and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills
were included with loans, and some of the banks included mortgages in Investments. Loans secured by U. S. Government obligations are
endorsement
being given. Furthermore, borrowing at the Federal Reserve Is not any more subno longer shown separately, only the total of loans on securities
given. The number of reportdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being
even this has been omitted.
of cities Included
ing banks Is now omitted; In Its place the numberbank in the San (then 101) was for a time given, but beginning Oct. 9 1929
Francisco district with loans and Investments of $135.000.000 on Jan. '2 which recently
The figures have also been revised to exclude a
with a non-member bank. The figures are now given in round millions instead of in thousands.
merged
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS 4/N EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS OCT. 8 1930 (In minions of dollars).
Federal Reserve District
Total.
Boston. New York
Cleveland Richmond Atlanta, Chicago. St, Louis. Afinneap. Kan.City
Phila.
$
659
455
3
1,979
2.565
494
242
417
338
1,341
1.250
1,316
219
275
79
163
122
295
95
244
451
890
654
600
3
3,353
6,970
895
1,987
468
450
725
762
175
293
143
307
$
1,521
3
9.473
-total
Loans
16,813
1,145
$
3
$
5
371
2.280
$
23,297
Dallas. San Fran.
054
1,298
Loans and ineestment-total_-__
$
$
$
8,268
8,545
Borrowings from V. R. Bank
794
187
150
787
160
130
242
117
638
127
277
394
399
84
103
74
76
340
447
34
126
72
58
104
139
69
98
341
290
100
15
859
59
84
12
141
27
40
12
40
9
269
32
41
6
28
5
56
10
33
7
111
18
882
534
13
6,197
2,045
42
757
350
10
1,119
1,023
18
348
257
14
313
241
16
1,852
1.343
8
355
235
1
231
140
1
493
197
2
279
149
14
738
1,028
8
79
143
171
1,228
103
249
137
368
100
125
87
112
268
515
87
131
78
87
204
229
111
121
219
298
R2112
Due from banks
Due to banks
403
1.183
1,319
1,645
3,604
Net demand deposits
Time depoette
Government deimelic
2.502
148
227
13,585
7,541
147
Reserve with F. R. Bank
Cash In vault
375
1,802
212
U. M. Government securities
Other securities
4.060
2,911
2,970
3,515
Investments--total
494
651
6,485
On securities
All other
456
439
4
1
41
4
8
4
5
2
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the iFederal Reserve Bank of New York at the close of business Oct.15 1980
In comparison with the previous week and the corresponding date last year:
Ott. 15 1930., Oct. 8 1930. Oct. 161929.
Oct. 15 1930. Ott. 8 1930. Oct. 16 1929.
3
(Concluded)
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury.
Goldheld exclusively ages. F. R. noted
Gold settlement fund with F. R. Board_
Gold and gold certificated held by Dank..
Total gold reserves
Reserves other than gold
Total reserves
Non reserve cash
Bllie discountedSecured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought In open market
U 8. Government securities
Treasury notes
Certificates and bills
Total U.S. Government securitiesOther securities (see note)
Foreign loans on gold
305.630.000
11.415.000
321,611,000
13,343,000
320.051.000
150,217.000
518.759.000
320.051,000
148.473.000
517,490.000
334,984,000
307,884,000
391.967,000
989.027.000
35,860.000
986.014.000 1,034.835.000
61 324.000
37,204.000
205 636,000
14,415.000
1,024.887.000 1,023,218.000 1,096,159,000
20,130,000
17,772,000
18,035.000
40,603,000
17.141.000
10,017.000
15.632.000
62,486.000
67,212,000
57,749 000
58,773,000
25,649,000
83,841,000
139.698.000
112,271,000
2,188.000
78.982.000
106,171.000
2.188.000
78.881.000
105.171,000
155,000
8,495,000
11.334,000
187.341.000
4.250 000
186.240.000
4.250.000
19,984.000
14,850,000
Resources
Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Federal Reserve notes of other banke
Bank premises
Al. other resources
Total resources
1.689.000
252.301.000
4.780,000
15.664.000
4,620.000
231.000
145,446.000
4.036.000
15.664.000
4,737.000
254 000
302,170.000
11,180.000
16,087,000
689.000
1,626.689.000 1,511,084,000 1,723,472,000
L0111410.8Fed'I Reserve notes in actual circulation_ 218,170,000 207.237.000
1,006.614.000 1,001.692,000
Deposits-Member bank, reserve sect
3.190 000
3.670.000
Government
1.452 000
3,179.000
Foreign bank (See Note)
11.793.000
6,762,000
Other deposits
333 969,000
969,012.000
6,302.000
1,287,000
9,371,000
1.023.019,1)00 1.015.309.000
233.787.000 136,784.000
68.227,000
60,256,000
80,001 000
80.001,000
5.535.000
5,497,000
985,072,000
257.113.000
64,387,000
71,282,000
10,749,400
Total delimits
Deferred avallabilitY Items
Capital paid In
Surplus
All other liabilities
Total liabilities
1,626,689.000 1.511,084.000 1,723,172,000
Ratio of. total reserves to deposit and
83.0%
82 6%
83.7%
Fed'i Res vs note liabilities combined_
Contingent liability on bills purchased
147.088.000 145,568.000 144,756,00_
for foreign correspondence
276,803.000
bills and securities (Bee Note)... 306.113,000 299.980,000
Total
two new items were added in order to show separately the amount of balances held abroad and amounts due to
-Beginning with the statement of Oct. 7 1925, earning assets." previou ly made up of Federal intermediate Credit Bank debentures, was changed to "Other
NOTE.
"All other
foreign correspondents. In addition, the caption to "Total hills and securities." The latter term was adopted as a more accurate description of the total of the discount
Total earning assets"
securities," mid the caption,and 14 of the Federal Reserve Act, which, It was stated, are the only items included therein.
acceptances and securities acquired under the provisions of Sections 13
OCT. 18 1930.]
FINANCIAL CHRONICLE
`411aulters' Gazeitt.
New York City Banks and Trust Companies.
(All limn Collars per share.)
Wall Street Friday Night, Oct. 17 1930.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2489.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS
Week Ended Oct. 17.
Sales
for
Week.
II.Range Since Jan. 1.
Range for Week.
Lowest,
Highest.
Lowest.
Highest.
Railroads—
Par. Shares $ per share. 1$ Per share. $ per share.$ per sake.
Canadian Pac new _25 72,700 4134 Oct 14 44 Oct 16 40
Sept 524 Slay
Caro Clinch & Ohio—
1
1
certlfs stamped__100
401044 Oct 1410434 Oct 141 96
Oct
Jan 105
Central RR of N .1_ _100
2001
,210
Oct 14 210
Feb
Oct 1420034 Sept 315
Chic Ind & Loulv pf.100
1001 6834 Oct 14 6834 Oct 14 654 Apr 71
Sept
Cuba RR pref
100
40 Oct 11 4834 Oct 14 40
Mar
Oct 70
Duluth 85 A Ati
100
200 1
Oct 14 1
34 Oct 3
Jan
Oct 14
Erie & Pittsburgh_50
40 6514 Oct 17 6514 Oct 171 6334 Jan 65% Slay
Havana El Ry pref _100
50 44 Oct 14 44
Jan
Oct 14 44
Oct 72
Interboro R T ctfs 100
800 27
Oct 14 294 Oct 11 27
Oct 3534 Sept
Int Rys Cent Ain
100
30 1634 Oct 16 164 Oct 16 164 Sept 3234 Jan
Hudson & Mash p1_100
200 80 Oct 15 80 Oct 15 75
Feb 83 June
Manhat Elm/ guar 100
340 5034 Oct 14 65 Oct 15 46 34 Sept 75
Sept
N 0 Texas & Mex_100
100 120 Oct 17 120 Oct 17.116
501
Apr
June 129
NY State Rys pref.100
10 14 Oct 17, 14 Oct 17
34 Aug 334 Feb
Northern Central _50
20 91
Oct 111 91
Oct
Oct 11 854 Jan 91
Rutland RR pref
100
364 Oct 14 364 Oct 14 3034 Oct 67% Mar
Wheeling & L E pf 100
loom Oct 16101 Oct 16 100 Oct 1104 June
1
Indus. & Miscell.—
Allegheny Steel
•
100 4974 Oct 11 4934 Oct 11 494 Oct 72
Apr
Alliance Realty
60 80
Oct 14 84 Oct 14 80
Apr
Oct 104
Amalg Leather prof.100
100 18
Oct 14 18
Oct 14 19
Oct 2634 Feb
American Chain pt _100
200 9034 Oct 17 9034 Oct 14 75% Jan 101
Mar
American Colortype„ _
100 22 Oct 171 22
Oct 17 22
Oct
Oct 22
American News
•
240 50 Oct 141 50 Oct 14 4814 July 804 Mar
Amer Radiator & Stand
Sanitary pref.__ _100
5013834 Oct 1413854 Oct 14 264 Jan 148
Oct
Anchor Cap Corp pref.•
200 100 Oct 1410034 Oct 14100
Oct 1154 Apr
Artloom Corp pref. _100
60 80 Oct 171 80 Oct 17 8634 Oct 100
Feb
Art Metal Construct.10
600 22 Oct 11 22 Oct 11 22
Oct 2834 Feb
Assoc D G 1st pref_100
100 91
Oct 14 91
Oct 14 85
Feb 954 Apr
Austin Nichols prior A..
200 1934 Oct 17, 204 Oct II 19
May
July 30
Austrian Credit Anstalt
100 53 Oct 171 53
Oct 17 524 June 60
Feb
Brown Shoe pref___ 100
10 117 Oct 14 117 Oct 1411334 Jan 120
Oct
Celotex Co rights
2.900
trr Oct 15, 4 Oct 11
,
In Oct
14 Oct
Voting trust certifs..'
600 94 Oct 14' 10 Oct 11 934 Oct 12
Sept
V t c rights
40
42 Oct 15
, Oct
Is
tro Oct 11
4 Oct
Preferred
100
600 25
Oct 111 4434 Oct 17 25
Oct 84% Apr
Chile Copper
25
10 32
Oct 14 32 Oct 14 32
Oct 65
Feb
City Stores class
•
130 2534 Oct 11' 26 Oct 11 20
Oct 42
May
ColumblaG&E p18.100
A___200 98
Oct 17 100 Oct 11 91
Jan 100
Oct
• Comm Cud pref (7)_25
20 2434 Oct 16 2434 Oct 14 224 Jan 2
134 Sept
hat pref es-ware. _10
20 92 Oct 14 92 Oct 14 7734 Jan 95
Sept
Corn Inv Tr p1(6 4) 100
200 101
Oct 14 101
Oct 14 89
Jan 10234 Sept
Warrant stintxl__ •
700 454 Oct 111 54 Oct 17 434 Oct 6
Oct
Conn Ry & Ltg_ -i00
10 73 Oct 16 73 Oct 181 7134 Mar 73
Oct
Crown Cork & Seal pf_*
200 33 Oct 17 334 Oct 14 33
Oct 35
Oct
Cuban Dornin Sugar_ _•
100
4 Oct 14
4 Oct 14
34 June 234 Jan
Cush m Sons pf (7)._100
100 110
Oct 1011034 Oct 14 109
Aug 120
Mar
Diamond Match ctfs___
200210
Oct 17 214
Oct 17 210
Oct 214
Oct
Duck Hos Mills pfd_100
50 28
Oct 17, 28
Oct 17 28
Oct 5734 Feb
Elk Horn Coal pfd__ _50
2e, 234 Oct 14 234 Oct 14 234 Oct 14
Jan
Fashion Pk Assoc p1100
800, 26
Oct 15 2734 Oct 15 26
Oct 80
Mar
Fed Min & Smelt p1_10
1791. 98
Oct 17 99
Oct 15 0634 June 10014 Mar
Common
100
100 100 Oct 10 100 Oct 16 974 Oct 145
Mar
Federal Screw Wks_
1,300 14
Oct 14 154 Oct 16 14
Oct 254 Sept
Franklin Simon pfd_100
60 95
Oct 11 85 Oct 11 85
Oct 99
Star
Gen Cigar pref
100
17011334 Oct 1511334 Oct 15 11234 Jan 120
July
Gen Gas & El pf A(8)-•
90 105
Oct 15 105
Oct 15 105
00022
Apr
Preferred A (7)
20 95 Oct 17 97
Oct 17 95
Oct III
Apr
Grand (F W)Sts pf.100
100 89
Oct 17 86 Oct 17 80
Jan 9034 Mar
Greene Cananea Cop_ •
10 50
Oct 16 50 Oct 16 50
Oct 89
Apr
Hamilton Watch
200' 434 Oct 11 434 Oct 17 42
Aug 47 34 July
Barb Walk Refr pfd 100
30 114
Oct 11 114
Oct 11 110
Apr1154 Sept
Hawaiian Pineapple_20
20 48
Oct 16 48
Oct 16 40
Octl (11
Feb
Hercules Powder
100 604 Oct 17 6034 Oct 171 60 Junel 85
Jan
Heinle (G W) pref. _100
40 134 34 Oct 17 135 Oct 1712334 Jan,138
July
1*1 Creek Coal pref_ 1
1010534 Oct 1410334 Oct 14 105
Jan'1054 Oct
C Pow & Lt
a 1
1
1
1st prof Serial B
50
,1144 Oct 17 115
Oct 14 108
Jan 115
Star
Roister Radio Ws
8001 1
Oct 14 14 Oct 17, 1
July
OctI 3
Kresge Dept Sts pfd 100
10 4234 Oct 14 4234 Oct 14' 4234 Oct 62
Jan
Kresge(S 9) Co pf__100
10 110 4 Oct 1611034 Oct 161 1084 Jun 115
June
Laclede Gas
100
30 19934 Oct 1419934 Oct 14 ,19974 Oct 237
Mar
Lane Bryant
7001 20
Oct 14 22 Oct 151 20
Oct 234 Oct
Lhor&Myers Co pf _ _100
100142
Oct 17 142
Oct 17,138
Sept
Met Goldwyn Plc pf 27 1,000 25 Oct 14 2534 Oct 11,1 23 34 Jan 146
Jan 2634 May
Mexican Petroleum.100
10 153
Oct 14 153
Oct 14150
Oct 182
Sept
Nat Dept Sts 1st p1_100
630 7934 Oct 17 8134 Oct 1111 794 Oct 90
Jan
Nat Supply pref____100
190 109
Oct 16 110 Oct 15 10634 Aug 110
July
Nelsner Bros
•
800, 2534 Oct 17 264 Oct 14i 254 Oct 54
Apr
Newport Co Cl A.___50
200: 4934 Oct 16 50% Oct 141 4034 Aug 85
Mar
Oppenh CollIns dr Co •
400. 30
Oct 11 31
Oct l‘b 2934 Oct 56
Apr
Outlet Co
60! 60
Oct 14 60 Oct 141 53
Jan 72
Peoples Drug Stores •
400 3134 Oct 17 32 Oct 161 314 Oct 6034 Slay
Apr
FOils Co 6% pf
10010134 Oct 1510134 Oct 1511014 Oct 104
Oct
Phoenix Hog pref___100
160 83 Oct 14 8334 Oct 14, 80
1
Apr 88
July
Pitts United
100 17% Oct 15 1734 Oct 15:
25
1734 Oct 194 Oct
Preferred
100
8010234 Oct 17 103 Oct 15,1024 Oct 103
Oct
Produc & Ref Corp 0l50
70, 2534 Oct 17 2534 Oct 17 2534 Oct 40
Star
Revere Cop & Br 1)1_100
20, 90
Oct 14 90 Oct 141 88
Aug
Mar
Richfield Oil new
• 12,200 7% Oct 14 8% Oct 11 7% Oct 104
854 Oct
Skelly 011 pref
100
100 7834 Oct 15 7834 Oct 15 784 Oct 995 June
,
4
Bless-Shell St & 1r _100
1001 204 Oct 14 20% Oct 14 20
Oct 5634 Star
Preferred
100
70 43 34 Oct 16 44 Oct 171 4334 Oct 82
Mar
So Porto Rico Bug P1100
2010534 Oct 1410534 Oct 14 103
Aug 121
Jan
Stand Gas & El phi (7).
300 108
Oct 14m10934 Oct 17 108
0ct11434 Sept
Cud-Ent
-Fisher p1100
40 125
Oct 15
a' 121
Feb 12534 Apr
United Dyewood pf_100
10 50
Oct 16 50 Oct 161 38
Sept 58
U 8 Tobacco pref __ _100
50 140 Oct 14 140 Oct 1412234 Mar 140 June
Sept
Linty Leaf Tob pref _100
70 100
Oct 11 100 Oct 11 99
July 115
Mar
Vs Ir Coal A- Coke 100
190 25 Oct 16 25 Oct 16 12
Jan 34
Sept
Yngstwn 8 & T(Blme)._
100 120 Oct 171120
Oct 17 120
Sept 130 June
• No par value.
New York City Realty and Surety Companies.
(All pricer dollars per satos.1
Parl
Bond & Mtge Guar
r
,
Home TItle Insurance __25
Lawyers Mortgage
20
Bid I 4,9
95
97
57
52
45
47
Parillid
Lawyers Title & Guar
IOC 250
Lawyers Wes:chest MisT106 200
Westchester Tltle & Tr
120
4st
260
245
141)
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
/IfMonty.
Rate.
Did.
Asked.1
Maturity.
Int.
I Rate.
Bid.
Asked.
Dec. 15 1930 __ 34%1 100111 100an Sept. 15 1931-32, 84% 100rwl 100"32
June 15 1931_ 234% 100I s3 1009,,. Mar. 15 1931 321 334% 100..13,
,
10022
Sept. 15 1931_ 24% 1001u 1001st Dec. 15 1930-321 336% 100wool 101 ro
2501
Banks.
New York—
Par Mt Ask
America
26 78
81
American Union*
100 100 110
Broadway Nat Bk & Tr_lo0
Bryant Parke
20
45
Chase
20 11512 11612
Chat Phenix Nat 13k & Tr 20 93 95
Commercial Nat Bk & Tr IOU 295 305
Fifth Avenue.
100 2600 2680
First
100 4300 4400
Grime
100 600
ElarrItnan Nat Bk & Tr_100 i425 1500
Industrial
100 150 170
Liberty Nat Bk & 'Fr... 100 85
72
National City
20 12012 122
Penn Exchange*
100 90 100
Port :donde
10 20
25
Public Nat Bk & Tr
25 92
85
Seward Nat Bank dr. Tr_100 83 88
Sterling Nat Bk & Tr__25 40
45
Strauss Nat Bk &
235 250
United States*
25 3012 3112
Yorkville
100 120 135
Yorktown'
100
140
l3rooklan—
Brooklyn
50 84 89
Peoples
100 400 500
Trust Companies.
New York (Concl.)— Par 8(4 Ask
Bank of N Y & Trust___100 620 640
Bankers
10 127 .2812
Bronx Co Trust
20 54 60
Cent Hanover Bk & Tr
20 289 294
Chelsea Bank & Trust
25 25
28
Chemical Bank & Trust_10 57
5812
Continental 13k & Tr
10 19
21
Cora Etch Bk & Trust _20 151 154
County
100 200 212
Empire
20 62
65
Fulton
100 620 540
Guaranty
100 542 546
Hibernia
100 140
50
International
20 40
50
Internet Mad Bk & 'Pr__ _25 20
28
Irving
10 4012 4114
Lawyers
100
Manhattan
20 96 - 66Manufacturers
26 67 2 69
,
Mutual (Westchester)- -100 360 400
N Y Trust
25 205 210
Thrall Square
10o
17
14
Title Giuu & Trust
20 137
42
United States
100 3525 3650
Westchester
100 900
950
Trust Companies.
New York—
Par
American
100
Amer Express
200
Bence Commerciale ltal_100 280
Brooklyn-Brooklyn
Globe Bank & Trust-_
Kings Co
MId wood
235
300
•Slate banks. 1 New stock. z Ex-dividend.
100 615 630
100 146 170
100 2725 2925
100 140 160
p Ex-stock div. p Ex-righte..
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.
I
Oct. 17.
First Liberty Loan
High 101 1 r
1535 % beads of 1923-47_ _ Low- 101 1,1
,
(Firs* 335)
Close 101..1
Total oaks 1, 31.000 snits....
38
Convened 4% bonds or loth
-__1912-47 (First 6a)
101*a, 1011u 101 11
. 101su
101.n 101343 101.” 101 'is
101.i. 101 'al 101". 101an
131
149
323
29
-----------------
Total sales In 21,000 units_ __
---Converted 441 bonds(High 102110
7
of 1932-47 (First OW{Low- 10211.1
'Close 1020
.
Total sales in 51.000 antis__
4
Second convened 44%1111
0
---bonds of 1939-47 (First( Low---Second 414n)
'Close
---Total soles in 81,003 omits -------16011Fourth Liberty Loss
(High 10311u day
434% bonds of 1933-38_ Low- 1031‘S2
(Fourth 64s)
Close 1031 n
Tosul salsa Is 31.000
44
Treasury
units__'High
____
4341, 1947-52
oc..
___.
TOM soles 613 $1,000 suite_ __
____
{High
____
ta. 1944-1954
---------102",, 1021
'n 1021in
10211.1 1021in 1021in
102"n 102..., 102's,,
13
5
311
__-----...
--------------.._----...I 103.;
.
103
"w 103
103•1s, 103.43 103‘.1,
1031tn 1031
'n 10311e
78
71
101
112w. 112urs 11211e
112",, 112",, 1121.r,
112wn 112"n 112a
,r
10
2
11
____ 108",,---___ _, 108,
.,1
---.
l
Total sales la $1,000 snits__
High
SLow
Close
Taira sales In 41.000 untts___
IllIgh
334 , 1943-1947
,
lclose
Total sales in 51.000 antis.-illigh
834s, 1940-1043
Low
(Close
334s, 1948-1955
Total •rtlwAr 4.. Ill Ilflil ../e•
____
____
---____
------____
___ -
10____
2in
102 n
,
102.n
30
--__ 1011.Is
---- 10614
--__ 1061tr
____
____
--__
___
____
102.4
102...
10214
1
----
----
1021.sr
1021•ro
1021•ss
10311.1
1031,
:s
90
112taro
112ian
112a•rr
7
108.1:
1089ro
109,1n
35
-.-.
102-1irt
1021111
102.3,
25
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 1st 4)4s
39 4t1144s
102 u to 102'n
,
103arr 10 103',,
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange
were 4.85 11-16@
4.85 27-32 for checks and 4.85
5-16©4.86 for cables. Commercial on
hanks, sight, 4.85 7-1609.85 11-16' sixty
clays, 4.8234®4 82 15-16, and documents days, 4.833409.83 1346. ninety
for payment, 4.82 34@4.83 13-16.
Cotton for payment, 4.85 5-16. and
grain for paymet. 4 SS 5-16
To-days' (Friday's) actual
rates for Paris bankers' francs were 3.92@
3 924 for short. Amsterdam
bankers' guilders were 40.25A @40.275i
for short.
Exchange for Paris on London. 123.87;
week's range, 123.94 francs high
and 123.87 francs low.
The week's range for exchange
rates follows:
Steritng, Actual—
Checks.
Cables.
High for the week
4.85 27-32
4.86
Low for the week
4.85 946
4.85 25-32
Pan. Bankers' Francs—
Par
High for the week
3.92
3.9234
Low for the week
3.91 13-16
3.91 31-32
Germany Bankers' Marks—
High for the week
23.783'6
23.791
Low for the week
2:3.75
23.77
Amsterdam /font:ere Guilders—
High for the week
40.32)1
40.34
Low for the week
40.27
40.29
The Curb Exchange.—The review of the Curb Exchange
is
given this week on page 2490.
A complete record of Curb Exchango
transactions for the
week will be found on page 2520.
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 ?receding page
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Oa II.
Monday
Oct. IS.
Tuesday
Oct. 14.
Wednesday
Oct. 15.
Thursday
Oct. 10.
Friday
Oct. 17.
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
I ear 1929.
Lowest.
Lowest.
Highest.
Highest.
-3 per share 3 per share 4 per Man
Par $ per share
Sharne
Railroads
$ per share $ per share $ per share 3 per share
$ Per share $ per share
4
/
4
/
2011 21,400 Atch Topeka & Santa Fe__100 194 June 25 24212Mar 29 1951 Mar 29852 Aug
4
/
2011 20514 195
201 12 205
199 2(13
4
20°3 20514
4
99 May 1041 Dec
/
4$eia 29
100 10258 Jan 3 1083
800 Preferred
8
2
1
/
4
*10612 1003 10612 10612 1064 10718 1063 1065
106.7 10612
1
/
100 1194 Oct 17 17512Mar 18 161 Nov 20912 July
1,250 Atlantic Coast Line RR
8
12014 12212 121 12 121 12 1197 120
121 121
12312 12312
100 83 Oct 17 12232 Nlar 31 10514 Nov 14518 Sept
10,400 Baltimore & Ohio
86
83
4
/
4 851 86
8314 8512 8512 863
4
873
86
75 June 81 Dee
100 7814 Feb 10 8458Ju1y 25
1.000 Preferred
79
•78
2 7814 79
783
4
1
/ *78
78.2 78
4
793
79
2
55
Oct 903 Sept
8
50 597 Oct 17 8412 Mar 29
4
1
/ 6114 2.800 Bangor & Aroostook
5218 6212 6212 6114 6112 59
61
64
63
100 109 Feb 28 11614June 4 y10314 Oct 115 Sept
Preferred
30,
4
/
1111 113
*11212 113 *11212 113 *11212 113
*11212 113
85 Apr 145 July
100 60 Oct 16 112 Feb 8
1.000 Boston & Maine
61
60
60
60
70
•45
60 .55
75
•54
7 Nov
8May 22
157
15 Dee
10 Jan 11
4
/
1112 111 4.000 Brooklyn & Queens Tr_No par
4
•113 12
1211 1212 12 . 12
*1212 13
44 Nov 65 Sept
No par 53 May 3 6612Nlay 29
2,000 Preferred
57
5814 57
56
1
/
*584 62
•5814 65
4
1
/
584 583
4
40
/
Oct 811 Feb
8
8June 18 783 Mar 18
4
4
1
/ 663 6814 26.800 Bklyn-Nlanh Tran v t °No par 583 Jan 6 983
4
7112 673 69
68
66'8 7018
1
/
684 71
2
7612 Nov 923 Feb
4Sept 25
4
1
/
No par 84
1,800: Preferred v t c
90
4
/
881 •87
4
1
/ 88
52 8818 89
90
90
91 12 9218
4
1
412 Oct 4412 Jan
/
512 Oct 10 33 Apr 23
700 Brunswick Term & Ry Sec_100
712 712
7%
714
*712 8
7
7
s
714 724
4
/
3
100 185 4 Aug 14 2261 Feb 10 185 Dec 2697 Feb
2.600 Canadian Pacific
170 174
1733 175
4
168 1713 170 172
171 17412
2Sept 9
Oct 10 513
4312 4152 4318 26.500 Chesapeake & Ohio new____25 41 8 Oct 8 10 Apr 2
3
4158 4338 4212 43 4 42
.2
411 44
4 Nov 193 4 Feb
15
100
2.500 Chicago & Alton
4
/
11 2
4
4
/
4
/
11 11
4
/
11 13
4
/
11 2
2
2
12
3 Nov 253 Feb
8
4
112 Oct 7 105 Apr 11
100
4 1,400 Preferred
13
4
13
8
17
4
13
4
13
4
13
134
4
13
4
/
4
/
11 11
15 Dec 43 Feb
1414 Jan 7 28 Mar 26
Chic & East Illinois RR___100
•____ 18 *-___ 18 •____ 18 •____ 18
_ 18
•
4
2
363 Dec 667 Feo
100 29 Sept 25 5272 Mar 26
Preferred
-------- •____ 30 •____ 30
30
*16
35
ila
7 Nov 23 Feb
4
1
/
4
4
1
/
6 Oct 10 173 Mar 31
734 3.500,Chicago Great Western_ -.100
75
718
758
734 778
4
/
713 71
3
718 7 4
11
8May 16
17 Nov 6352 Jan
100 26 Sept 30 523
5.0001 Preferred
2912 2912 2712 29
8
2714 2812 283 29
27 27
1
/
16 Nov 444 Aug
2
4
1
/
8 Oct 10 263 Feb 7
914 12.000 Chicago Milw St Paul & Pao..
9
4
/
91 912
4
914 93
3
852 9 4
9 12
2812 Nov 6853 Sept
9
1378 Oct 10 4614 Feb 10
2
8
147 155 16.1001 Preferred new
1512 16
4
/
14
1512 151 16
144 15 4
1
/
3
75 Nov 10812 Aug
8
4552 Oct 17 897 Feb 8
4
2
2 455 473 11,200 Chicago & North Western_100 125 Oct 8 1403
493
50 12 47
50
50
49
50
49
4June 3 134 Apr 145 Feb
100
1001 Preferred
130 140 '1301 140 _ .130 140
131 131
*130 138
12
Nov143 Sept
2
4 3,400IChicago Rock TM& Pact/10_100 763 Oct 14 12518 Feb 14 101 NOv 109
4
763 773
78
78
78
78
2
763 78
Oct
7912
78
8Mar 20 100
105 June 16 1103
100
500 7.7 preferred
*106 10612 *106 10612 106 10612 105 105
*10512 10612
1
/
944 Nov 10314 Nov
100 z98 June 6 108 Feb 7
300 6% preferred
100 100
•96 100
4 06 100
8
995 993 3
8614 Dec 135 July
•9912 10012
100 6112 Oct 10 95 Feb 13
Colorado & Southern
200
62
6412 62
6412 •58
358
.
62
62
6512 Oct80 Jan
*5812 6312
4
100 683 Jan 3 80 June 19
130 First preferred
1
/
4
4
/
4
1
/ 771 773 774
77
78
78
79
*78
78
04 Apr 7212 Mar
78
100 60 July 11 75 Apr 23
Second preferred
4
1
/
68
1
/
684 *67
4
683 *67
4
683 *87
*67
3
68 4
45 Nov 7052 Jan
*67
100 40 Sept 25 62 Apr 10
RR of Cuba pref
1,200 Consol
4
/
411 4172 4112 42
40
40
41
40
43
*40
100 146 June 25 181 Feb 8 14112 Oct228 July
2.200 Delaware & Hudson
150 15014 148 150
150 150
14814 150
•150 151
4
4
1,000 Delaware Lack & Western_100 1053 Oct 10 153 Feb 8 12014 June 1893 Sept
10814 10614
108 108
12
106 10614 107 108
8
*106 108
49 Oct77 Feb
4
1
/
4
/
4
/
371 371 1.600 Deny dr Rio Or West pref_100 37 Oct 17 80 Mar 28
4 4012 41
393
2 39
2
387 387
3914 3913
4
/
411 Nov 9312 Sept
3
100 34 Oct 17 63 4 Feb 14
3614 8.900 Erie
34
37
3614 31312 3714 3612
35
3614
36
5512 Nov6614 July
100 51 Oct 7 6732 Feb 19
1,100 First preferred
4
/
*511 54
4
/
511 52
54
*52
54
•52
54
*52
7
52 Nov63 2 July
100 4912 Oct 3 6212 Feb 19
700 Second preferred
50
5134 50
4
513 *50
52 •50
.50
50
50
8514 Nov12814 July
8 9.300 Great Northern preferred 100 6418 Oct 10 102 Mar 29
677
68
6821 6512
4
683 70
68
65
6614 69
18 Nov 69 Feb
Oct 14 4612 Feb 17
1.500 Gulf Mobile& Northern-100 177s
1812 19
21
.19
19
4
1
/ 19
4
1
/ 18
17
Stock
1812 1812
70 Nov103 Jan
1
/
100 844 Oct 15 9814 Mar 10
400 Preferred
4
4
/
4
/
8414 8414 •841 5613 841 843
*8412 87
8412 85
4
/
341 May 58% Jan
100 41 June 25 533 Mar 25
1,700 Hudson & Manhattan
4218 43
43
4412 43
*43
42% 43
4453 Exchange
*44
1
/
100 10018 OcI 17 1364 Apr 22 110 Nov15312 July
3.200 Illinois Central
2
4
/
1
/
4
1023 1044 1021 1037 10212 1027 10022 102
8
1
/
1044 1047
70 Nov8012 Feb
50 RR Sec stock certificates__ 69 Oct 15 77 May 13
70
*69
89
69
71
70
70
70
Closed
72
*70
3
15 Oct58 2 Feb
3
2 9.700 Interboro Rapid Tran v t 0_100 20 2 Jan 3 3912Mar 18
4
/
2 291 313
313
29
2952 2952 34
28
2712 2912
4
1
/
60 Oct108 July
100 50 Oct 10 85% Mar 29
5013 1.500 Kansas City Southern
50
4
/
5212 5212 511 511
54 Columbus *5014 55
54
63 Nov7012 Jan
100 643
4Sept 80 70 Apr 16
4
/
651
•64
1001 Preferred
30
4
1
4
/
1
/
•644 6612 651 6512 / , 651
6612
*66
65 Nov10214 Feb
1
/
50 54 Oct 2 844 Mar 31
5712 1.700 Lehigh Valley
*55 1 571 •55
55
55
4
543 55
Day
55
55
,
1.200 Louisville & Nasbville
100 10614 Oct 6 13812 Apr 4 110 Oct1543 Sept
113 113
114 115
115 115
113 114
4
1133
113
Oct5712 Jan
24
4
13,800 Manhat Elev modified guar100 24 June 28 42125ept 27
8
3712 355 3714 343 36
2 35
357
34
1
/
364
35
1412 NOv 8912 Jan
4
pref__100 163 Oct 10 2512 Feb 13
Market St Ry prior
4
173
173 .16
4
1
/ *16
4
*1612 173 *1612 17
4
173
*18
114 Nov
3
3 t Jan
212 Apr 5
12 5.300 Minneapolis & St Louis...100
12
14 Oct 16
23
14
4
3
12
.12
22
12
12
35 May 6112 Sept
Minn St Paul & SS Marle_100 1412 Oct 1 35 Feb 7
15 *___- 10 •____ 15 •____ 15
*10
15
*10
51 Dec 60 Jan
100 50 July 31 5912 Feb 21
Leased lines
4
4*__-- 493
4•-_ 4934 *__ 493
1
/
49
13
493
(0_
3
4
/
271 Nov 65 4 July
2
2814 2912 2714 2812 9.400 Mo-Kan-Texas RR____No par 2714 Oct 17 665 Apr 14
29
28
275 28
itiTs 29
4
/
4
1
/
93 Nov 1071 Apr
8Mar 27
100 86 Oct 14 1083
1.500 Preferred
88
88 14 8814 88
88
8818 88
86
887
88
46 Nov 10138 July
100 42 Oct 10 9812Mar 6
1,000 Missouri Pacific'
44
43
44
44
44
44
4211 43
4
1
/ 42'z
42
Oct
100 100 Oct 10 14512Mar 6 105 Nov 149
2.700 Preferred
1035i 10352 104
104
1034
1
/
10114 1013 1014
4
101 102
3
75 8 Oct86% Jan
87 Oct 2
50 81% Jan 2
--- ------ Morris & Essex
. .86
.
*86
6
. *15
•86
*86-20 Nash CM= & St Louis_ _-100 93 Sept 24 132 Mar 25 173 Nov 2405 Aug
9512
93
-.- - •93 9512 93
93
93 -- - *93 -Oct3 Jan
1
512
9
*93 -112July 29
12 Oct 11
78
.12
7
100 Nat Rye of Mexico 2d pref_100
78
Cy
7,
4.1,
":
13
4
1
/
4
100 138 Oct 17 1923 Feb 14 160 Nov 25612 Aug
2
138 1413 28.100 New York Central
14214 14412 1413 144
13912 144
Aug
145 145
8914 2,900 N Y Chic & St Loula Co_100 8812 Oct 10 144 Feb 10 110 Nov1923 Dee
89 12 8912 8912 8921 89
89
89
8912
89
3
4
1
/
100 102 Oct 14 110 4May 14 100 May 110
300 Preferred
*96 103
*96 103
8 390 103
4
1
/
102 1027 .
104 104
13 324 Feb 3 155 Oct379 Jan
50 17454 Aug
90 NY & Harlem
186 186 *185 190
188 199
*184 190
80 Jan 13212 Oct
4
1
/
184 184
100 91 Oct 17 12812Mar 29
10.500 NY N H & Hartford
93
91
95
94
951
9152 9412 93
1
/
944
93
116 June 18 13512Mar 21 11452 Jan 13434 Aug
1,100 Preferred
4
/
*116 11712 11712 1171 11712 1177 *11618 118
11712 11712
8 Nov32 Feb
6 Oct 7 1714 Mar 31
1.800 N Y Ontario & Western __100
2 7
63
753
714
2 7
63
712 l'z
8
078 Feb
8
111 Dec
4
/
41 Jan 18
1 Oct 16
100 N Y Railways preL___No par
8
13
*1
1
1
13
8 *1
13
31
.
2
13
.1
3
Oct1414 Mar
1
212 Feb 6
4
1
/ Aug 27
100
NY State Rys
4
/
•1 114
11
514
4 174
*2
*24 124
4
1
/ 114
*
1412 Dec 4811 Feb
612 Oct 10 3312 Feb 14
100
700 Norfolk Southern
7
713 '7 8• 1 7
7
7
7
7
7
ra 7 2
Jan 290 Sept
100 21212 Oct 10 265 Feb 18 191
400 Norfolk & Western
214 - 214
215 215 *21611 218 *21312 218
215 215
82 Nov8714 May
100 83 Feb 3 1)212 Oct 14
270 Preferred
4
/
9232 9212 9053 9018 9018 901 •9018 911
9212
390
.
2
7512 Nov1187 July
100 5512 Oct 14 97 Feb 21
4
1
/ 6014 9,300 Northern Pacific
4 58
4
/
601 603
6852 61
5512 59
50
57
4
1
/
4
1
/
4 Dec 43 Feb
4
1
/
4 Oct 10 19 Apr 9
100
1,300 Pacific Coast
6
6
7
714 135
*5
8
714
34
.
4.5
7212 Mar 110 Aug
8
50 847 Oct 10 865 Mar31
1
/
4
1
/ 6814 664 68% 32.400 Pennsylvania
6732 6912 67
68
66
6714 6852
17 Dec 35 July
7 Sept 30 2412Mar 31
100
100 Peoria & Eastern
712 712
*713 16
12
*8
*712 15
*712 15
100 122 Oct 6 16412 Apr 10 140 Nov 260 Aug
4
12418 12412 12414 12412 12414 12514 1233 12414 2,800 Pere Marquette
12414 12414
4
94 Nov 101 Mar
100 943 Jan 31 101 May 17
90 Prior preferred
4
/
4
063 9812 9814 9814 •963 9814 963 961
4
1
/
•9644 981
90 Nov 97 Jan
100 9112 Oct 9 99 A r 15
Preferred
4
*913 94
4
1
/
4
4
*91 12 943 *913 944 *913 94
4
4
/
*911 943
4
/
90 Nov 1485 Jan
Pittsburgh & West Virginia 100 75 Oct 6 1211 Feb 11
*6811 80
*6812 80 •6812 80
80
*70
80
4
1
/
•70
60 94 Oct 10 14112 Feb 6 10112May 147 Sept
400 Reading
98
1397
1
/ .9618 98
2
987 984 3
97
95
99
50 44'sMarll 53 Feb 21
4112 Apr 50 Sept
*97
First preferred
50
*47
50
•47
50
*47
50
3
. 47
50
*47
4
/
4
1
/
4352 May 60 Sept
50 471 Aug 12 57 Feb 6
4752 4752 1.300 Second preferred
4
/
8
4738 475 *471 4818 *4712 477
4
1
/
4
*4714 47
8Mar 27 101 Nov 1333 Aug
-San Fraimisco____100 6412 Oct 10 1187
6912 7014 5,800 St Louis
6914 6914 7012 7014 701
67
6712 67'z
100 8212 Oct 15 101 Apr 2
87 Nov 9612 Feb
First preferred
1,400
4
8212 8314 823 83
8212 83
86
83
86
3
15 4 Feb
100 45 Oct 15 763
4May 16
50 Nov
86
500 St Louis Southwestern
4514 46
53
45 •45
5014 45
46
60
•45
100 8312 Oct 6 944Ju1y 24
1
/
84 Oct94 Apr
Preferred
90
90 •80
9012 •80
*80
85
*75
4
87
4
1
/
4
9 Dec 213 Mar
13 Oct 10 1212 Feb 15
100
*80
4
1
214
/ 24 9.300 Seaboard Alt Line
2
2%
4
1
/
214 2
4
1
/ 238
2
2
3 Oct 14 28 Feb 7
4
1
/ 214
2
100
1
/
164 June 413 Oct
2 1,200 Preferred
2 37
37
4
4
4
4
4
3
5
*3
100 104 Oct 14 127 Feb 10 105 Nov 15712 Sept
Southern Pacific Co
2 7.700
2
106 10712 10614 10614 1053 1067
104 106
4
/
4
4
106 10612
100 683 Oct 14 1361 Jan 13 109 Nov 1621 Sept
7612 4,300 Southern Railway
72
76
75
4
653 7012 7153 73
6912 71
93 June 100 Dec
100 85 Oct 16 101 Mar 20
1,100 Preferred
85
85
851
85
87
*85
8614 87
8912
37
4
1
/
100 107 Oct 10 145 Apr 24 115 Nov 181 May
100 Texas & Pacific
111 111
*106 129 *106 129 *111 129
*100 129
18 151
:Mar 20
54 Nov 39 Feb
612June
100
Third Avenue
.814 812
84 81
8 12 912
712 8
9
2014 Dec5814 Jan
*8
8 Oct 16 3112 Jan 29
Twin City Rapid Transit_100
4
/
*71 8
8
8
812 852
2 9
*87
75 Dec 100 Jan
100 51 Oct 9 79 Feb 3
914 914
Preferred
20
51
51
55
•51
55
351
55 .
*51
4
1
/
55
*51
100 19614 Oct 17 242 Mar 29 200 Nov 29752 Aug
4.900 Union Pacific
4
1993 200'z 19614 199
199 20012 200 201
80 Nov 8512 Sept
200 200
100 8214 Jan 17 8832Sept 30
800 Preferred
1
/
8134 8552 8612 8654 8612 8612
*8612 87
2
2
40 Nov 813 Jan
.8612 8611
100 2114 Oct 17 673 Apr 1
3,000 Wabash
2114 22
*2212 25
2312 24
25
*21
24
1
/
3120
82 Nov 1044 Jan
100 59 Oct 16 8914 Apr 8
100 Preferred A
05
•55
59
59
63
*57
70
*57
6.5
*54
10 Oct 54 Feb
100 1412 Oct 10 36 Mar 29
11,800 Western Maryland
1512
15% 16% 15
17
2 16
4
143 163
4
1
/
145 Nov 53 Feb
1512 1714
100 147 Oct 10 38 Mar 28
2
Second preferred
•1552 20
4
*153 20
4
•153 20
*1552 20
1
1
3154
. / 21
Oct 417 Mar
15
100 11 12 Oct 10 3012Mar 29
3.500 Western Pacific
13
1381 12
1214 13 •13
15
•12
4
*1214 14
3712 Nov 873 July
4
100 263 Oct 10 5312Mar 19
800 Preferred
30
4
1
/ 30'2 30
4
/
291 2914 30
35
.29
,
Ws 282
Industrial & Miscellaneous
1
/
4
1
/
1
/
344 Dec 57 Aug
2,000 Ahltita Power & Paper_No par 10 Oct 17 424 Apr 9
10
8 10
1014 107
11
11
1112 12
15
69 Nov 8853 Jan
1313
100 40 Oct lti 8612 Apr 8
300 Preferred
40
43 .38
4 40
493
52 .40
*50
43 Dec 15912 Jan
1
/
504 6014
& Strauss____No par 40 Oct 15 66 Apr 21
100 Abraham
3972
4
1
/ .35
49
.38
40
40
45
25
3
45
*35
100 104 Jan 11 11012 Aug 25 10012 Nov 11212 Oct
50 Preferred
__
'
. 3108
z108 108 •10R
•108
2
20 Nov at Nov
4
*108193 Oct 10 373 Mar 31
No par
1
/
8 21
2212 217 - 14 204 21 12 19,800 Adams Expresa
2
4
1
21
1954 - /
Jan
84 Nov 96
1
224
12 - - /
100 8514 Feb 4 94 Sept 10
210 Preferred
2
•871 91
•87,12 91
92
87% .87
87
4
1
/ Jan
19 Nov 35
87
87
No par 21 12 Oct 17 32 Mar 31
500 Atiatns kliille
2318 2312 22112 21 12
23
2412 23
*23
13_4Ju1,e
21
•22
Addrestiograph Tot Corp No par 2934June 27 343
400
4
/
8
317 311
32
32
32
.31
32
32
4
/
4
/
7 Oct 1041 May
4
/
311 311
512 Oct 18 2314 Jan 24
100
4
/
81 1.300 Advance Rumely
6
512 512
7
vs
7
.5
Oct 119 May
15
100 1512 Oct 10 41 14 Jan 29
674 03
200 Preferred
•I612 IS
IS
17
23
•17
19
•16
. 18
•1111
dividend paid z Ex-dividend. y Ex-rights. a Ex-dividend and ox-right..
•Bid and asked prices; no sales on thls day. C 60% Stook
2503
New York Stock Record-Contimed-Page
For sales during the week of stocks not recorded here. see second page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Oct. 11.
Monday
Oct. 13.
Tuesday
Oct. 14.
Wednesday
Oct. 15.
Thursday 1
Oct. 16.
Friday
Oct. 17.
Said
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
,
$ per share $ per share $ per share $ per share $ per share I $ per share Sha rs Indus &Miscell.(Con.) Par $ Dec share $ per share $ per share $ Per Mare
4 s Feb
7
& Dec
152 Mar 28
1
12 Jan 4
12
12
4o2
3
8
12
13
3,12
38
12
700 Ahumada Lead
12
taune 2
3
77 Nov 223 s Oct
No par 97 Oct 10 1563
32.100 Air Reduction Ina
99 1043 1023 10612 1023 10412 9914 103
8
4
8
101 13412
Me Dec 4872 may
105 11
8
11
11
1012 1012 2.500 Air-Way Elea Ai/91144=W° par 1018 Oct 10 86 Mar 24
103* 11
1012 11
1 Dec 1114 Jan
7
212 Jan 9
7
7
12 Oct 11
No par
1
8
a 2,400 Alan Rubber Ine
1
7
8
8
53
34
12
3
4
414 Nov
412June 18
1014 Jan
91s Jan 7
612 67
8
6
6 12 38,500 Alaska Juneau Gold Min___10
6
718
55
8 618
5 8 53
5
4
5 Oct 25 Jan
612 Aug 13 1512 Feb 17
No par
*772 9
200 A P W Paper Co
*7% 9
8
8
*7% 9
*714 9
17 Nov 5612 Sept
par 15% 0-t 17 3514 Mar 31
1518 1512 96.200 Allegheny Corp
16
1612 1512 16
15 4 1632
3
103* 16
90 Nov 118 4 Jul
8
. .!
N
'75
500 Pre( A with $30 warr.. _lflO 75 Oct 17 1074 Feb 11
*80
901
8018 8018 75
80 80
,
s 80 80
4
100 Prof A with $40 warr__100 80 Oct 11 993 Apr 11
*70
80
*80
85
80
80
903 *78
s
85 *75
4
Pref A without warr____100 843 Oct 7 9614 Feb 24
*66
80
8412
85
*70
88
*72
85
*71
70
*
19914 Oct 14 343 Apr 17 lin" Nov 8545* Aug
19914 2113 206 217
203 21212
4
213 2194 200 21412 20.000 Allied Chemical & Dye-No Par
100 121 Jan 2 12614 Apr 1 11813 Nov 125 Apr
400 Preferred
122 122
*12212 12314
122 122 *12213 12312 *12212 12312
12
35% Nov 75 Sept
4
4018 4234 4214 44
423 4414, 41% 423 11,800 Allis-Chalmers Mfg.__No Par 3912 Oct 9 68 Mar 11
8
4112 4213
23 Nov 23 Nov
700 Alpha Portland Cement No par 2112 Oct 10 4214 Mar 27
8
23 I
23 23
•
21
22
*21
22
223 228 *22
2
2
1712 Oct 423 Jan
18 Jan 16 31,2June 3
No par
4
23
2312
2214 234 32214 2318 228 23141 213 2212 4.900 Amerada Corp
1
2 Sept 27 103 Mar 31
4 Oct 214 Jan
2
2 4 23
3
81
23
2 23
4 2.000 Amer Agricultural Chem__100
23
8 28
7
4
28 27
28 27
4
18 Nov 733 Jan
8
100 2214 Oct 10 393 Aug 16
24
25 1 2,800 Preferred
25
2412 25
2514
2514 2512 253 26
4
65 Nov 157 0011
10 63 Oct 17 9753 Mar 27
1,800 American Bank Note
65
6612 6612
66
66
6618, 63
66
6512 66
3
57 July 65 4 Jun
' Preferred
50 61 Feb 3 66% Jar 31
64%
8
7
*6218 64 8
*6218 64% *6212 647 *627 647 •627
8
8,
514 Deo 2012 Jan
4 Sept 26 12 Jar 16
*4
5
5 I 1,400 American Beet Sugar__No par
5
6
5
5
7
*5
*5
27 Nov 7612 Sept
2618 2718
2818 2514 1,300 Amer Bosch vlagneto. _No par 224 Oct 1 547 Feb 14
2612 2812 2618 27
*263 27
4
4012 Nov 62 Feb
5
7
900 Am Brake Shoe & Fdy_No par 37 Oct 9 54 8 Mar 20
37% 373
4
373 38
8
3712 3812 *38
38
39
38
100 118 July 17 128 Feb 13 113 Nov 12612 Mar
90 Preferred
*12214 12438
12214 12214 12214 12214 123 123 *12212 123 I
412 Oct. 34&June
8% Jan 16 2134 Apr 25
8
12% 1312
123 10,900 Amer Brown Boveri El_No Par
4
1112 13
13
1312 123 1313 11
493 Jan 104 June
4
120 Preferred
100 6012 Jan 3 84 Se 18
73
68
*68
6814 6814 '68
73
6814 6814 68
25 10814June 25 15612 Apr 16
86 Nov 18412 Aug
115 4 1197
3
8
11214 119
1174 1211 11812 12018 11414 118% 297.800 American Can
100 14014 Jan 27 .150% Oot 2 13318 Nov 145 Dec
400 Preferred
8
1494 14918
*14814 1193
•14814 1493* 31/314 1491 149 149
'
75 Nov 10612 Jan
39
391
394 40
39
39 141 3.100 American Car & Fdy__No par 38 Oa 10 8212 Feb 6
39
39
40
*39
Jan
Preferred...._100 80 Oct 14 116 Jan 4 11012 Oct 120
*
*
8014 84
80
8012 80 80
8012
8
No pa
38 Cot 10 697 Apr 10
39
41 1 1,703 American Chain
43 43
4113 42
4 42
42
413 413
4
Sept815.
27 Nov
No pa
3612 Oot 10 3114 Aor 3
3913 411
4 3812 3914 9.103 American Chicle
37
39
373 401
4
4 39% 401
20 Oct 55 May
914June 30 33 Jan 18
13 i 1.000 An Comin'i Aleohol___No pa
13
133
1112 1312 *121 1312 134 1312 *11
8
114 3e.it 29 301 Mar 31
1814 Nov 47% Feb
8
100 Amer Encaustic riling N0 pa
4
•
11.12 12
12
*113 16 i *113 16
4
*1112 12
12
23 Nov 9812 Sept
26 Oot 10 5912 Mar 31
294 1,303 Amer European Sea's._No pa
2818 281
27
271 *2918 3112 30
8
30 I 29
50 Oct 19914 Sept
4
374 Oct 14 1013 Apr 16
8
39% 441
374 423
4 404 438 4113 433* 3718 417 134,000 Amer & For'n Power___No pa
99 Oot 16 11112 Apr 29 10112 Nov 10812 Feb
No pa
600 Preferred
*100 102
*99 100
*95 100
99
99
100 101
8814 Oct 103 Feb
4.1une 11
82 Oct 14 1001
No pa
700 228 preferred
84
84
84
82
85
82
82
*81
85 .82
Dec 100 Feb
94
85 Oct 17 101 May 17
No Oa
2.440 $8 preferred
904 901
85
87
913 92
4
91 14 92
8712 91
1
*
94 97
1712 Dec 42 Apr
812Se.i1 27 3338 Mar 19
2 1.503 Am Hawaiian 9 9 Co
8
9% 91
9% 101
94 91
8
91
2 918
212 Aug 29
*3
312 Dec 10 Jan
7 Apr 10
37
8100
American Hide & Leather 100
*3
3
7
3
*31
3
234 Nov 5214 AILS
2
17 Sept 4 347 April
10
100
191
Preferred
20
*17
*17
20 1 *17
1912 1913 1912 *17
4
*" 1
2
40 Nov 1153 Jan
4
4913 Oct 10 693 Mar 20
5212 2.000 Amer Home Products__No pa
51
35012 5112 52
53
*5212 5312 52
5114
29 Oct 5312 Aug
No par 284 Oct 10 41% Mar 27
29 I 3,000 American Ice
2814 287
28 4 29
3
283 283
4
41 29
8 2812 29
4
2913 Nov 963 Sept
3
No par 254 Oct 10 55 8 Apr 2
23,400 Amer Internet Corp
273 283
8
2514 27% 27
283
4 2712 28141 2618 273
4
4
81 Jan
4
212 Oct
4 Apr 2
114 Oct 10
400 Amer La France & Foamite.10
2
•114
1% •
114
138
114
114
*114 13
114
114
274 Nov 75 Feb
100 10 Oct 9 315 Feb 14
30 Preferred
2212 1018 1018 *10
*10
221
*93 2212 *10
8
154
90 Nov 136 July
3,300 American Locomotive_No par 30 Oct 14 105 Jan 6
3018 30%
30
3014 30
30
3012 3014 3012 30
100 7912 Oct 14 11812 Mar 1 11114 Nov 120 Dec
81
300 Preferred
*80
79, 80
2
*7713 80
*763 82
4
*77
80
373 383
4
8.700 Amer Mach& Fdy new _No par 3514 Aug8 45 Sept 6
36
3712 365 3753 37% 3734 x36
8
365
3 Oct 8 1412July It
13
334 4
4,900 Amer Mach & Metals_.No par
3
12 312
412
4
4
4
3
12 4
3)I Nov 'kis Feb
194 1012 Wag 20
211
*20
0 4 2134 213 213
3
4
4 3.200 Amer Metal Co LtdNo par 19 Oct 10 5112 Feb 7
100 100 Oet 16 116 Feb 18 106 Nov 135 Feb
*___. 1021
*-- 10212
100 Preferred (6%)
__ 10112 100 100
____ 99
101'a
58 Nov 9814 Jan
* 4 68
633
6314 6314 *5814 69
70 Amer Nat Gas pref._No par 5814 Oct 17 95 Mar 27
•5814 69
584 66
4
6414 Nov 1753 Sent
65
67
62
68
65
67
6553 64
63
65
7,700 Am Power & Light____No par 62 oct 10 119% Apr 1
9214 Oct 105 Feb
*10518 1053
No par 99 June 25 107 Mar 24
105 105
8
1043 1054.1043 104% 1043 1043
4
8
800 Preferred
4
4
7
70 May 80 Feb
No par 75 Jan 31 87 8ser1 19
86 86
*
84
86
*84
300, Preferred A
86 .84
86
86
86
,
7218 Nov 841 Feb
Stock
877 88
2
1,200 Fret A stamped
No par 80 Jan 6 894seta 27
87
873
4 88
868 873
88
88
88
2
28 Oct 553 Sept
213 2238
4
20 4 217s 2113 223* 2134 2218 21
3
44.300 Ani Red& Stand flan'y.No par 20 Sept 30 39% Apr 7
22
124 Nov 64& Jan
*1212 13 Exchange
1212 1212 1112 1318 124 13
11
123
4 2.100 American Republics__ _No par 11 Oct 9 37 Mar 25
3812 403
,
3
1007 Feb 17
25 36 Oct 1
3612 39
4
39
40
3
387 393
60 Nov 144 2 Sept
8
36
393 27.500 American Rolling Mill
2
4
60
Closed
60
3
44 Nov 74 4 Jan
67% Apr 26
58
593* 5813 591
2 60 6012 58
58 8 1,800 American Safety Razor.No par 5212June 1
,
*613 712
100 Airier Seating etcNo par
7 Oct 10 2613 Feb 18
74 71
*64 71
17 Dec 41& Mar
•
37
7 12 *7
712
114 11
33
sMay
*114
11
118 112 Columbus
7 Feb
118 Feb 25
*14
112 *14
600 Amer Ship & Comm_ ..No par
IS Oct
112
•
404 45
43
43
*403 443 *4118 443 *41 18 443
4
4
5412June 6
4
20 Amer Shipbuilding new.No par 40 Oct
4
5212 647k 54
794 Apr 2
56
553 567 35112 5454 19,300 Amer Smelting & Refg_No par 51 Sept 2
4
Day
55
5614
8
62 Nov 1301* Sept
13512 1351 13512 1351 •13.512 13612 1363 1363
*13512 13612
141 Apr 8 123% Nov in Jai
8
8
400 Preferred
100 13312 Feb
*10114 101 12
10118 1011 10114 1014 10113 101 12 101 12 1013
_
8
800 6% cum 2d prof
100 100 Aug 16 1033 Aug 14
4
*39
42
40
*39
42
7
2
404 40
40
3914 40 •
38 Oct 49 July
38 June 18 43 8 Jan 27
600 Anerecarred
prife to Snuff
*10414 114
'104 111 •104 114 *104 114
*10012 114 4
98 Nov 112 Jan
100 1004 Jan 3 112 Sept 18
45
413 43
43
4 43
412 51s
413 44 1,700 Amer Solvents& Chem _No pa
318 Oct 10 2212Mar 7
48
*_-__ 16
14 I 118 117
•____ 16
11% Oct 17 3314 Mar 5
*5
16
100 Preferred
No Pa
3212 33
323
Feb
31 011 10 5214 Mar 20
32
3212 3114 32
3112 3238 32
4.200 Amer Steel Foundries-No Pa
35 * Oct
3
*111 11212
112 112 1 3
'11112 112
111 111 *111 112
40 Preferred
100 11012 Jan 7 116 Feb 25 110 June 114 Mar
40
40
4018
3912 Oct 17 5513 Apr 16
4034 403* 3912 40
39% 40
40
40 Oct 83 Apr
2,100 American Stores
NO Pa
45
45
4512
8
4412 4412 4214 4414 2,200 Amer Sugar Refining
48
66 Nov 9434 Jan
100 40 Oct 1 697 Mar 26
45% 45
*100 101
100 10014 *96 101 I *96 101
100 100
99 Nov 111 Feb
100 9812 Oct 9 110 Apr 24
400 Preferred
7
7 14,
612 718 4.200 Am Sumatra Tobacco.
78 8
7
4
612 Oct 17 263 Feb 10
18 Nov 60 Jan
.No 9a
7
74
714 714
20
7
19181 198 20%
*18
20
17 Jan 82 8 Feb
40 Amer Teleg dc Cable Co_100 16 June 14 2711 Feb 8
19% *18
19% *18
4
193 19912 1974 2017 198 2014 19518 1983 102,100 Amer Telep & Teleg
1953 230
8
10 1923 Oct 10 2744 Apr 17 19314 Jan 31014 Sent
8
American Tobaccocom____50 197 Jan 8 26414May 23 160 Ma 233.2 Oct
N
Hi' 113
iiii4 113 112 113 109 11112 ,
25 10818 Oct 14 127 Sept 10
10818 112
...... Common class B
50 197 Jan 8 26912May 23 160 Oct 27115- Oct
11214 11112
4
1097 111- jji'4 1158 1135 115
25 1093 Oct 10 13012 Sept 10
not, 11414, 42.100 Class B new w I
127 127
12614 12614 12614 12614 *12638 1267 1261 12672 1,500 Preferred
8
100 120 Feb 3 129 Sept 25 1145 Nov 12114 Jan
8
s
*110 114
*10512 110 *108 115 *1053 110
4
100 American Type Founders...100 10912 Oct 17 1413 Apr 1 115 Nov 181 Sent
4
10912 10912
112 112
112 112
112 112 *110 11012 110 1114
4July 24 103 Nov 112 Apr
120 Preferred
100 106 Feb 5 1143
754 82
74
8
80% 7812 813
4 7714 8012 72
50 Nov 199 Sept
7712 78.600 Am Water Wks at Elea-NO Par 72 Oct 17 1247 Apr 23
*105 107
*105 10612 1047 105 I*1047 106 *1047 1053
Jan
8
9912 Jan 4 1084 Oct 6
200 1st preferred
8
97 Jan 104
8
8
75
818 812
712 81s
1
5 8 Oct 27 4 Jan
7
100
7124ept 30 2014 Feb 17
738 758
712 7131 1,200'American Woolen
78
19% 2012
•
19% 20
2014 2014 21
5
21
1512 Nov 583 Jan
4412 Feb 18
900 Preferred
100 1914 Oct 1
1914 20 1
313 312
312 31
*2[3 4 *334 4 •334 4
1614 July
34 Oct 1
4 Nov
9 May 29
300 Am Writing Paper ctfs_No par
1293 32
8
*2938 31
*2938 31
44 4 Feb 27
3
*293 3013 *30
8
28 Nov 46 Mar
1 Preferred certificates. ___I00 2912 Jan 1
3012
614 612
614 73
8
6
612
6 • 64
7 Nov 4914 Mar
t_
6 Oct 10 17% Feb 3
45 I 4,8001 Amer Zinc Lead & Smel25
6
err
13
*40
42
*34
39
•35
45
49
49% Nov 11114 mar
79% Jan 20
25 49 Oct
•35
3712
86
343 3714 363 3812 3713 39
4
4
674 Dec 140 Mar
8112 Apr 2
3512 3712 68.300 Anaconda Copper Mining...50 3412Sept 3
2053 21
*20
21
*
22
24
2018 22
3
46 Dec 89 4 Sept
800 Anaconda Wire& Cable No par 20 Sept 27 5314 Feb 6
23 I
23
30
301
3014 32
3234 3414 34
3412 33
25 Oct 80 Ont
515 Apr 21
4
334 3,900 Anchor Cap
No par 30 Oct 1
16
154 16
16
1614 1614 1514 1514' 1612 1154 2.900 Andes Copper Mining_ No par 1514 Oct 14 3714 AM 2
s
30 Oct 683 Mat
18
1818 1812
18
19
193
193 193
4
184 Nov 4912 Mar
1712 Oct 1
19
2914 Apr 5
193* 2.100 Archer Daniels Mit1I'd.No par
73
73
73
7334
735 75
4
74
74
74
75 Oet 95 Jan
1.000 Armour & Co (Deli pref.-100 7112-1eitt 3
82 8June 5
7
74
37
34 3
3
3
334 3%
4
33
4 4
518 Oct 1814 Jan
334 37
Ens Mar 26
5.500 Armour of Illinois class A...25 • 312 Oct I
24 21
2% 212
218 2 8
3
24 24
2 4 Nov 1014 Jan
3
218 214 9.400 Class B
434 Mar 26
25
218 Oct 1
52
52
5212 5212
*51
53
*52
53
52
52
67 Nov 86 Jan
400 Preferred
100 62 Oct 1 65 June 4
6
61
4
,63, 7
6
6
618 6 8
,
1
614 Dec 40 s Jan
4
6
1,300 Arnold Constable Corp_No par
5 Aug 18 133 Apr 21
714 71
.53
4 8% •62
4 6
*33
4 8
1
*5 4 87
3
8
163 Nov 30 Feb
2
100 Artloom Corp
83 Oct 2 2018 Apr 28
4
No par
251 25
8
3
2612. 267
26
26%
26
2614 28
4
84 Nov 583 June
26
2.000 Associated Apparel Ind_No par 25 sr-t 30 464 Mar 10
2814 293
3014 30 4
2912 313* 29
3
30
3
25 Nov 70 4 Jan
27
2818 7,000 Assoc Dry Goods
No Dar 27 Oct 17 504 Apr 15
*307 40
8
4 8 40
'307
*307 40
8
*307 40
3
*30% 40
8412 Dec 4714 Apr
,Associated 011.
25 3213 Feb 27 51 June 2
.
43
51
*48
*
4712 50
52
*48
52 .48
8
82, Feb gals Oct
52
3
I At!0& W 188 Line_ __No par 475 Ort 10 80 8 Jan 30
8
*54
56
*51
*
54
56
56
*55
56
54
7
45 4 Feb 62 8 Sept
3
55
100 Preferred
100 50 June 27 6514 Feb 28
234 253
8 24
25
251
25%
244 254 2418 243 25.700 Atlantic Refining
ao Oct 77% July
4
/
4
25 22% Oct 10 511 AM 7
•
63
65
65
*62
65
65
*63
65
*63
Nov 140 Sept
65
67
4
500 Atlas Powder
par 62 June 17 1043 Mar 21
10012 1013
*1013 1021 2
4
4'10114 1013
4.101 14 10134'10114 10134
90 Nov 1064 Jan
20 Prererred
100129ept 29 106 Mar 22
123 157
8
8 12, 1512 1212 1378
*10
20
2
-.1134 1212 16.300 Atlas Storm Corp
4
N ft r 113 0,t 17 37 May 15
ATO p r
p
212 212
*213 3
3
3
3
*3
37
8
5 Nov In July
300 Atlas Tack
par
814Mar 6
212 Oct 10
. 7514 8318 8012 8512 7912 84
8018 88
758 793 21,300 Auburn Autornobile_NNoo
4
7514 Oct 14 263& Apr 1 120 Oct 514 Sept
2
*2
2
3
*24 3
*212 3
*218 3 i
200 Austin Nichols
7 May 14
No par
2 Oct 3
*2
2
2
2% •2
23
4 *2
212 *2
4 Dec 1151. Aug
2
213'
1%seta 26 103 Mar 8
4
100 Autosaiee Corp
No par
*612 10
612 612 *612 10
*612 10
*61 1
13 Dec 45% Aug
6 Aug 18 25 Mar -4
69
69 4 71
3
7012 7012 713* 7012 73
Jan
7053 72% 9.400 Autostrap Sat Razor A.P.T0 Inv 37 Jan 2 813
84 Nov 50
4July 31
412
4% 4%
43
2 412
434
41
8 452
412 45 15.900 Aviation Corp
5412 Dec 20 Aug
lits Apr 15
3% Oct 7
2512 2712 263 277
282
27
8
8 263 277
4
253 273 21.000 Baldwin Loco Worka Nr par
4
15 Oct MN Aug
8
: ar
N
193
8.1une 17 88 Feb 18
106 106
107 107
10513 106
10712 10712 .10813 10713
260 Preferred
100 10412June 25 116 Ian 21 10912 Nov 128 Apr
10712 1073* 108 108
108 108
1075 109 .10713 109 I
9312 Nov 11012 Feb
290 Bain berger 0.1 & Co prof..100 1087 Aug 15 1104 Feb 4
8
1314 134 1314 1314 1312 1312 . (2 14
*1318 14
4
13
16 Dee 83 4 Jan
3
12 -3eot 25 20 4 Mar 5
50 Barker Brothers
73
70
*
70
70
70
71) *68
70 1 •68
Jan
70 Nov 97
7
70 Oct 9 91 Mar 31
1612 17% 1613 1712 165 17 I 16
1714 18
20 Got 49,8 May
165 21,900 Ramsdell Corp class A No P110 15% Oct 10 34 Mar 28
8
1r
5
*____ 4814 •_....- 4814 *---- 484 *---- 4814
4814
4
65 Nov 1133 Jan
' Bay uk Cigars Inc
No par 48 01 2 68 Feb 4
9618 95 2
9512 9512 95.2 9512 9512 9512 95
Oct 1063 Jan
4
95
95 I
200
First preferred
100 95 Oct 17 191 July 24
7112 73
74
71 I 743 743
*7313 75
4
Oct
69 Dec 131
72
73 I 1.500 Ree,triee Creamery
50 6712 Jan 18 92 Apr 14
106 106 *10514 1063
*1061s 19712
410514 106104 105
Dec
22
Preferred
100
I 700 Beech-Nut Packing Co._ __20 1014 Mar 20 10914Sept 28 100 Nov 1061s Aug
53
*150
5212 *50
*51
52
*50
52 I 514 5113
45
101
Jan
100
4854 Oct 10 7053 Jan
3
34
3
*3
34
3
412 Dec
3
3
3
173 Apr
4
3
'
3312 4 I
6% Jan 17
400 Belding liem•way Co. No par
24 Aug 5'
77
77
78
•77% 774 *7714 774 77
5474 Ism
*774 78
7713
,
500 itetrian '1st ttvs rm.' met ..._
,
77 0- in 8512 M sr 18
•Bid and asked pr10011; Wailes on this day. 3
r Ex-rtgote.
2504
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CEN7'
Safurdaa
oci. 11.
Monday
Oct. 13.
1
Tuesday
Oct. 14.
Wednesday ' Thursday I
Oct. 15. I Oct. 10.
1 Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On heists of 100-share lob.
PER SHARE
Range for Precious
Year 1929.
Friday
00. 17.
laave.si.
Highest.
Highest.
Lowest.
$ Per share $ per share $ per Share 9 per share 5 Per Share I 9 per share Shares I nd u s & 41 I scell.(Con.) Par $ ver share s per share 5 per share
$ per share
19
20
1814 19 4 1914 2014 1914 2012 18'l 1934 18,500 Bendix Aviation
3
181 Oct 10 57 Apr 7
/
No par
4
/
1
4
25 Nov 1043 July
8
4238 4512
4514 4312 4512
42
4112 4318 9,000 Best & Co
No par 31 13 Jan 8 5614 A or 25
25 Nov 12312 Sept
7238 75%
711 7512 74
/
4
77114 7312 97.700,11ethlehem Steel Corp.. .100 6914 Oct 10 11014 Apr 1
7034 74% 76
7814 Nov 1043 Aug
4
12614 12712
126 126% 12614 12612 12512 1253 12412 12518 2,6001 Preferred(7%)
/
1
4
8
100 12214 Jan 13 134 Mar 22 1163
3May 128 Sept
*25
2512
2412 25
*26
27
27
271 27
27
600 Blaw-Knox Co
No par 24 Oct 9 4112 Apr 24
*1912 21
*20
22
*20
23
*20
23
*20
23
Bloomingdale Drothers_No par 1712June 23 297 Apr 24
8
2234 Dec 61% APr
_ _
104 104 *102
_ *102
_ .*102
150 Preferred
_ __
100 99 May 12 104 Oct 10 100
Jan
Oct 111
*104- -3
8214 82 8
482
8738
8
*8214 873
12 -- - *8212 - -32 •8212 - 8
120 Blumenthal & Co pref
87
873
100 74 Feb 7 90 Apr 7
Jan
7018 Dec 118
194 20
/
1
19
19
19
193 •1912 2012 719
1913 1.900 Bohn Aluminum & Br_No par 19 Oct 14 69 Apr 7
8
37 Nov 13634 Mar
*6012 6112
*6012 67 .5912 68
*5913 66
*5913 66
'Bon Ami clasa A
No par 85 Oct 8 78 Apr 5
70
Oct 8912 Jan
218 218
*213 212 *218 212 *21 214
/
4
300illooth FisherlEs
2is
218
2 June 21
No par
5 Mar 26
3 Dec 1134 Jan
*10
IS
*10
18
*10
18 *____ 15 *____ 15
tat preferred
100 15 Oct 9 3314 Jan 3
18 Dec 6334 Jan
687 7013
3
6714 697
8 69
7112 69
71
68
6912 22.000,Borden Co
25 601 Jan 8 90 3May 29
/
4
3
53 Oct 10012 July
1713 1912
177 1812 184 183
4 181/4 1812 1714 1812 5,800jBorg-Warner Corp
/
1
8
10 1612 Oct 10 5012:Mar 27
8
26 Nov 1433 May
2
2
*2
23
8 *2
2
/ *2
1
4
2
/ *2
1
4
2
/
1
4
100,Botany Cons Mills class A 50
8Seot 3
17
6 Mar 27
'212 Dec 1512 Feb
13
1412
123 14
8
133 1512 1434 15141 1312 15
4
46,60003M:4s Manufacturing_No par
1218 Oct 10 25 8July 23
3
812 Nov 6318 Jan
*19
21
18
19
1914 1914 19
No par 18 Oct 14 35,2 Apr 4
19
1914 1914
GOO Briggs & Stratton
174 Doe 4312 J111Y
/
1
612 612
534 6
5% 57
8
411 51.
/
4
20.700IBrockway 'Mot Truck No par
43
4 Oct 9 2214May 19
4 5
7378 Jan
14 Nov
*40
55
40
40
*40
55
*3012 55 I 40
100 40 Sept 30 85 Apr 21
401 Preferred 7%
40
7114 Dec 145 Jan
112 113
110 113
113 114 I 113 115 1 110 113
3,100Ftrooklyn Union Gas___No par 110 Oct 10 17814Mar 3
09 Nov 24812 Alm
.36
3712
*36
3712 *33
3712 *36
37
*36
3712
.Brown Shoe Co
No par 3612 Oct 0 42 Feb 18
36
:
Oct 511 Sept
13
1318
13
13
13
13
1318 133
8 13
1218 Oct 9 303 Mar 31
1318 2,200 Druns-Balke-Collendar_No par
8
1614 Nov 63 Jan
/
1
4
1512 16%
15
1512 16
161 16
/
4
161 147 157
/
4
6,400 Bucyrus-Erie Co
10 13 Oct 10 3178 Mar 24
14
4
Oct 423 Jan
293 303
4
30
30 I 30
4
/ 30 4 303 31 , *28
1
4
3
4
120 Preferred
2914
10 2912Sept 30 43 Mar 25
26.1 Oct 50 Feb
*11312 11414
114 114
11312 114
11313 11313 11312 11312 3,200 Preferred (7)
100 1073 Jan 3 /17 Sept II 1071 Dec 117 Apr
4
/
4
614 7
14 812
6
6 14
55
8 GI
10,200 Budd(E 0) Mfg
578 4 6
8Sept 30 163 Apr 15
53
No par
8
818 Dec 227 Oct
8
81
83
32 9
4 912
914 912 *9
914
84 918, 4,500 Budd Wheel
/
1
818 Jan 2 14 Feb 6
No par
/
1
4
7 Dec 1212 Dee
/
1
4
2712 2812
2712 29
28
2812 271 27781 2712 2712 2,800 Bulova Watch
/
4
No par 261* Jan 17 43 liar 31
2114 Nov
34 Dec
2014 2112
1412 204 2014 207
/
1
191 2012 19
/
4
No par
6,400 Bullard Co
1812 Oct 14 74 Apr 2
191
/
4
25 Nov 541 July
/
4
*90
97
90
92
933 933 *92
4
4
96 1 *90
96
300 BurnsI3ros new cl A com No par 90 June 18 11018 Apr 2
88 Nov 127
Jan
*193 22
4
193 1978 193 193
8
4
4 193 193 *1912 193
4
4
60(1 New claas 11 corn___ _No par 1514June IS 35 Apr 2
4
22 June 39 Jan
/
1
4
*95
97
96
96
*95
96
95
95 1 *95
100 8914June 17 100 Feb 19
30 Preferred
96
88 Nov 105 4 Jan
,
28
28
2518 27111 278 2912 264 28
/
1
8 8,500 Burroughs Add Mach-No par 25 Oct 9 517 Mar I
2514 263
29 Oct 329
/ Jan
1
4
2812 29
273 2834, 2812 283 *2814 284 28
4
4
/
1
2814 1,700 Bush Terminal
/
1
4
No par 27 Oct 14 4812Mar 5
3114 Nov 8912 Feb
*10112 10612
10114 101141.10212 10312 *10212 10312 10212 1027
100 99 June 30 110 liar 15
160 Debenture
9118 Nov 11012 Slay
115 115
1123 1143 *107 114 *108 114 .103 114
4
4
50 Bush Term Bldgs pref ___ _100 10918 Feb 10 118 Apr 7 1053 Nov 11812 Feb
4
112 1,
2
*118 112
114
114
114
600 Butte & Superior Mining.....10
114
118 Oct 9
114
114
514 Jan 6
4 Dec 121 Jan
/
1
4
/
4
13
4
13
4
2
2
218
2
13
4 13
800 Butte Copper & Zinc
4 2
4
4 813
414 Feb 20
5
13 Oct 1
2 Oct
913 Jan
1212 13
/
1
4
1218 1212 1212 1318 *123 1314 *127 13
1,400 Butterlck Co
8
100 12 Oct 10 293 Feb 24
4
8
1713 Dec 41
Jan
5012 55%
4818 5314 5218 55
5214 543
30,200 Byers dr Co(A 51)
4 49
/ 52
1
4
No par 48% Oct 14 1124 Apr 26
/
1
50 Nov 1927 Jan
2
109 110
*109_ *109
Preferred
_ .
_ •109
*109
:
100 1081 Aug 4 114 Jan 25 105 Apr 1211 Jan
/
4
5612 56 2
,
55 -- -12 55 - 56
i7
55
5014 --51
551 2.500 California Packing
No par 6014 Oct 17 7712Mar 5
/
4
6312 Oct 84% Aug
7
8
7
8
.78 1
7
8
7
7
2 r•0 1
78 1.600 Callahan Zinc-Lead
78
78 Aug 23
10
2 Feb 3
18
1
Oct
4
AD
40
4012
3718 403
4,900 Calumet & Arizona Minh- _20 3718 Oct 14 897 Jan 9
4014 373 39
8 39
3714 377
4
4
8
7312 Nov 1364 Aug
/
1
97 Oct 10 33 2 Jan 7
10
10
103
1018 10
8
1018 10
1018 10
1014 7,200 Calumet & Heels
25
3
25 Oct 617 Mar
8
14
14
*1314 14
600'Campbell W & C Fdry_No par 13 Sept 29 30 Mar 25
*1313 14
14
•I314 1412
14
/
1
4
19 Dec 4912 Aug
5214 53
5213 4,000 Canada Dry Ginger Ale No par 50 Oct 10 75 3 liar 10
5118 53
*5314 5312 52
53
/ 58
1
4
3
45 Oct 984 July
/
1
20
20
197 20
8
197 20
197 20
20
2,300 Cannon Mills
8
20
No par
191 Oct 7 3414 Mar 18
/
4
27 Dee 483 Sept
4
*1212 133
1118 1213 1214 1213 13
4
1314 1212 123
4 1.500 Capital Adminis cl A No par 1134 Oct 14 283 Apr 4
4
17 Nov 651 Oct
/
4
*30
31
*30
35
35
35
*50
Preferred A
*30
*30
35
50 31 Jan 2 42 Mar 19
29 Nov
397 Oct
8
12018 128
11812 126'1 12013 129
12334 128
120 124
68,800 Case Thresh Machine ctfs_100 11812 Oct 14 36234 Apr 23 130 Nov 467 Sept
*123 12312
122 123
122 122
100, Preferred certificates__ _100 115 Jan 16 132 Mar 25 113 Nov 12312 Dee
/
4
12214 1221 12214 12214
424 43
/
1
4012 42
423 43
8
41
37
43
40
/ 9,800 Caterpillar Tractor_ _ _ _No par 37 Oct 17 79 Apr 28
1
4
/
1
4
5014 Dec 61 Dec
*314 5
31
5
*3
3
*318 5
*318 5
2001Cavannagh-Dobbs Ine_No par
3 Oct 14 13% Jan 11
614 Doe 4218 Feb
0
45
*_ __- 45 3,.... __ 45 •___ 45 •____ 45
1 Preferred
100 4712 Oct 2 75 Jan 18
58 Dee 10512 Mar
8
ii0T2 127
103 194 11
3
/
1
123
/
1
4 1,200 Celanese Corp of Am__No par 103 Oct 14 20 July 3
103 104 *11
4
II
8
918 912
Stock
914 93
4
912 93
4
9
/ 94
9
1
4
/ 9 2 1,900 Celotex Corp
1
4
/
1
,
9 July 3 60 Mar 10
No par
31
Oct 793 2 Feb
2218
*21
2134 22% 22
/ 24
1
4
2412 24
2412 2.000 Central Aguirre Asso_ _No par 203 Oct 1 3012May 31
24
8
21
Oct 483 Jan
4
*3
/ 4 Exchange
1
4
33
4 33
/ *312 4
1
4
33
4 3
4 *33
4 4
300 Century Ribbon MIlls_No par
3 Fe', 4
/
1
4
814 Mar 27
3 Oct 2018 Jan
8
*604 697
/
1
7
4
4
69% 69 *603 698 *603 6912 *60
10 Preferred
/ 6912
1
4
100 51 Feb 27 6978July 16
5014 Dec 82 Jan
36
Closed
37
34
32.2 3378 33
3278 3312 3118 32
4,200,Cerro (le Pasco Copper_No par 27 Oct 2 65 Jan 0
/
1
4
5214 Nov 120 Mar
5
*412 5
5
*434 5
434 5
412 47
700 Certain-Teed Products_No par
412 Oct 17 15-3 Feb 6
101 Dec 32 July
377 377
38
3814 Columbus
3712 33
37
374 37
/
1
900 City Ice & Fuel
37
No par 37 Oct 16 49 Feb 4
/
1
8912 Dec 1124 Jan
82
82
82 82 I *8113 82
8112 81
81
81
270 Preferred
100 81 Sept 11 983 Feb 11
4
98 Sept 10514 Jan
223 2318
8
Day
20
22341 21
2218 21
2114
22
2112 4.300 Checker Cab
No par 183
8Sept 30 67 8 Mar 27
7
18 Oct 80 4 Seca
3
51
60
49
50
50
/ 516 47
1
4
5112 49
501 5,4001Cheeapeake Corp
/
4
No par 47 Oct 17 8212 Mar 29
42 8 Nov 112 July
,
4
8
103 113
11
1112 1038 1112 10 4 1118 1012 11
3
1,5001Chicago Pneurnat Tool_No par
918Sept 30 37 Mar 31
217 Oct 4712 Sept
2
36
*30
35
35
*30
*30
*30
35
35
35
200, Preferred
No par 35 Oct 14 557 Mar 14
8
47 Nov Si Sept
25
25
2412 2412 24
*234 25
/
1
26
*234 25
/
1
570 Chicago Yellow Cab_ No par
164,, Feb 1 32 Mar 20 2178 Oct 36 Jan
1513 1512
153 1538 *1514 15
8
/
1
/ 154 154 1514 1514
1
4
/
1
600 Chickasha Cotton 011
/
1
10 154 Oct 17 3212 Apr 10
25 Dec 60 Jan
40 403
3
37
39% 3812 39
4
38% 387
363 37
1,600 Childs Co
No par 363 Oct 17 673
4
8June 6
4412 Nov 75% Sept
173 18,
8
174 18
/
1
8
17
/ 1814 1714 18% 16% 1714 67,900 Chrysler Corp
1
4
No par 1612 Oct 10 43 Apr 11
26 Nov 135 Jan
8
418 43
418 43,
4
/ 4
1
4
/
1
4
4
/ 43
1
4
8 *412 43
4 3,000;City Stores new
3 4 Oct 10 131 Apr 25
No par
3
/
4
714 Oct 27 Feb
357 •23
*20
357
*20
357 •23
357
23
23
itoo Clark Equipment
No par 23 Oct 10 4412 Apr 21
25 Nov 617 Oct
*26
29
25 4 253
3
4 28
28
*28
2814 2814
30
600 Cluett Peabody & Co No par 25 Oct 10 60 Apr 5
3412 Dec 723 Jan
4
*98 103
*98 103
*98 103
*98 103
.98 103
Preferred
100 9114 Jan 2 105 Apr 8
9012 Dec 119 Jan
8
168 1687
1663 16912 1673 1723 171 1713 167 17018 6,400 Coca Cola Co
4
4
8
4
No par 13314 Jan 8 1913
sJuue 4 101 Nov 16412 Aug
52
52
51% 52
*513 52
8
52
517 517
8
52
8
6001 Class A
No par 4812 Jan 8 53 Mar 21
443 Oct 50 Feb
4
123 13
51
4
53
*53
51
52
5314 5012 5114 1,500 Colgate-Palmolive-Peet No par 60 June 23 6478May 2
*102 102 •I0212 1023 10212 1023 *1023 104
/
1
4
/
1
4
8312 85
4
4
4
200 6% preferred
100 97 Mar 13 1031 ei,t 30
/
4
*1214 1412
1318 133
13
13
4 1312 1312 13
13
900 Collins & Altman
No par 1213 Oct 10 3534 Feb 13
10 Nov 7214 Mar
.8114 84
*8114 84
4 83 83
8312 84
8312 833
900 Preferred non-voting___100 73 Jan 3 92 May 24
65 Dee 10312 Feb
*1012 11
10
1013 10
1018
93 10
4
9 Oct 17 20 Apr 28
/
1
4
9
/ 9
1
4
/ 5.100 Colonial Beacon 011 Co_No par
1
4
/
1
4
37
3612 26
3518 363
33 8 35
35
31
,
4
31
38.600 Colorado Fuel & Iron
100 26 Oct 17 77 Apr 8
273 :Nov 7812 Mar
4
/
1
8
98 1044
9714 10212 102 1053 10112 1053 796 10212 11,700 Columbian Carbon v t e No par 96 Oct 17 109 Mar 11 105 Nov 844 Oct
4
4314 464 46% 485
/
1
4412 4714
8 46% 48
44% 461 74,200 Columbia Gas dr EleeNe par 43:s Oct 10 87 Apr 10
/
4
10918 109,
109 109 *1067 108
108 108
3
1073 108
4
900 Preferred
100 10414 Jan 31 110 Apr 11
9912 Nov 160 July
1114 12%
104 111 1114 123
/
1
/
4
/
4
8 111 123
4 11
111 55,200 Columbla Graphophone
/
4
103 Oct 10 373 Apr 28
8
8
16 8 Nov 8884 Jan
,
22
/
1
2214 2214 2212 2314 224 23
2212 10,000 Commercial Credit____No par 21 Sent 30 403 Apr 1
2212 23
4
18 Nov 62 Jan
/
1
4
3614 37
37
37
373 38
37
4
37
37
2,100 Class A
37
50 3172 Jan 2 443 Apr 1
8
28 Nov
513 Sept
8
2412 2412
*24
2512 *24
24
25
24
24
24
180 Preferred 13
25 22 Jan 6 28 Apr 29
1
20 4 Nov 28 June
92
91
92
92 92
92
92
*92
92
92
590 1s1 preferred (614 %)-- -100 7614 Jan 18 9512Sept 11
70 Oct 1053 Jan
4
27
29
2812 298 2812 29
28
27
2814
283
2 7.012 Corn Invest Trust
lo par 27 Oct 10 55 liar 6
2834 Nov 79 Oct
82
84
*83 2 84
/
1
83
,
83
834 8312
82
82
2,700 Cony preferred
No par 80 June le 87 Mar 28
*6
7
*64 7
/
1
612 612
6
612 1,400 Warrants
*512 7
100
4 June 18 '2314 Mar 5
9 Dec 691- Sept
2
/
1
1712 194 183 2018 19101 20
173 1914 51,500 Comm Solvents
4
4
/
1
184 2014
No par 1712 Oct 14 38 Apr 11
20% Oct 63 Oct
97 1038 1018 104 10
/
1
4 1014 105 182,000 Commonwlth &Sou'rn No par
/ 103
1
4
8
97 Oct 14 2014 Apr 7
1014 1034
4
Oct 243 Oct
10
1003 101
100 4 1007 10014 1007 1004 1004 3,000 $6 preferred series
3
4
2
2
8
1013
/
1
10114
No par 99 Feb 20 1043
/
1
4June 6
3612 36
36
35% 35% 35 4 357 •36
3
000 Conde Nast Publlca__ _No par 353 Oct 15 57 Mar 27 -35- Nov 93 Jan
8
*357 36
4
814 8
/
1
4
8 2 83
3
/
1
4
4
/
1
83
4 9
812 8
818 84 14.600 Congoleurn-Nairn Ino No par
818 Oct 10 1934 Mar 24
11
34
Oct 35 Jan
*183 20
4
20
*2012 2412 .20
20
24
2012
200 Congress Cigar
•19
No par 181Sept 29 567 Star11
/
4
,
43 Nov 92 Feb
/
1
4
29,2 30
30
30
30
30
*2912 32
1,300 Consolidated Clgar
3
0
3
No par 2912 Oct 10 5932 Mar 17
0
/
1
40 Oct 964 Jan
60
*67
67 67
67 67
67
280 Prior preferred
67
66
6712
100 8514 Oct 10 80 Mar 25
63 Nov 06 Jan
12% 13
/ 1312 13
1
4
/ 13% 16
1
4
4
1418 153 13,700 Consul Paha Indus
12
/ 14
1
4
No par 1218 Oct 14 27 Mar 11
/
1
4
/
1
10 Oct 254 Sept
17
17
17% 18
1812 1914 184 1914 4,000 Preferred
/
1
1712 1812
No par 1614 Oct 10 2814 Jan 10
/
1
4
1512 Oct 30 Apr
8 9713 993
93 2 99
97 1003
/
1
4
8
4 933 9714 127,000 Consol Gas(N Y)
9514 9914
No par 933 Oct 17 1367 Apr 26
2
8
80% Nov 18314 Sept
1034 104
1034 104
/
1
/
1
104 104
1037 104 I 2,100 Preferred
8
10312 10312
No par 0912 Jan 28 10512Sept 26
9212 Nov 10012 Dec
.53
12
12
5
8
7
8 5,400 Consolidated Textile_ No par
12
1
4
3
4
118
8
4
12 Oct 8
2 Jan 27
63 Jan
/ Dee
1
4
2
1534 16
2 15:12 16
1513 15341 1,600 Container Corp A vot No par 113
1512 157
1614 1614
8Jurie 19 2212 Feb 24
12 May 2312 Jan
3% 4
4.
4
4
4
37
8 4
2,200 Class D voting
4
4
Vs pa
334.1une 18
111 Jan
/
4
812 Feb 20
312 Nov
2414 23
234 2112 2314 4,600 Continental Dak'g el A_No par 1812June 18 5212 Feb
2312 23
/
1
22
23
243
8
17
2514 Oct 00 July
3
318
3
3
334
33
314 22,800 Class B
8
3
3
334
No par
3 Sept 30
7 Feb 17
4 Oct 1514 July
/
1
4
7312 75
76
75
72
76
7218 2,000 Preferred
75
*7512 7612
100 6814June 25 947 Feb 17
8
79.2 Nov 100 Jun
8
/ 5014 4712 497 24,400 Continental Can Inc___No par 461 Oct 54 711 Mar 31
1
4
5012 49
4614 49,
4 48
4818 51
/
4
/
4
40, Oct 92 Sep
2
131 1312 4,700 cowl Diamond Fibre_No par
/
4
/
4
1318 131 13% 1418 1314 14
1313 1413
111 Oct 1 373* Apr 21
/
4
203 Nov 3312 Dec
4
/ 4312 48
1
4
49
4 47
47
4752 4,400 Continental Ins
49
4512 473
4912
10 4512 Oct 14 773
8/far 31
/
1
4618 Nov 1104 Sept
23
4 2%
27
8
23
4 27
2
/
1
4
3
8 4.500 Continental Motors____No par
2
/ 24
1
4
23
4 27
23 Oct 1
8
814 Feb 19
6% Dec 283 Jan
8
1314 137 32,100 Continental 011
123 13% 1372 1438 1312 147
4
1312 1414
No par
12 Oct 14 3013 Apr 24
/
1
4
18 Nov 373 Aug
4
1114 127 1312 12
/ 13
1
4
3
25,200 Continental Sbares
123 13 4 13
4
8
131s 137
No par 12 Oct 14 4078 Apr I
/
1
4
Ma Dec 457 Deo
78
801 768 7912 17,400 Corn Products Refining
/
4
7618 7814 7712 81
773 7814
3
763 Oct 14 1111 Apr 23
8
/
4
70 Nov 1263 Oct
2
1497 15114 150 150
8
150 150
140 Preferred
150 150
014904 152
100 140 Feb 10 15114 Oct 16 137 Nov 1443 ---4
1233 1412 14,700.Coty Inc
2 1214 13
1064 1112
1012 1112 1112 123
No par 10 Oct 10 33 Feb 3
18 Dec 8214 Jan
/
4
600'Cream of Wheat
291 *2814 29
*2912 3012 29
2912 30
30
33
No par 2512 Jan 6 354 Mar 20
/
1
24 Nov 31 Nov
8
/ 18
1
4
/
1
Crex Carpet
*154 18
3
/ •15 8 193 *15
1
4
8
*15
.153 19
/ 194
1
4
/
1
100
g Jan 22 2918 Mar 5
15 Dec 57 Apr
*11
/
4
300ICrosley Radio Corp___No par 101 Jan 17 22 Jan 2
13
13
*101 13
*11
11
11
11
1114
/
4
16 Dec 125 Feb
1,700,Crown Cork & Seal____No par 34 Oct 14 59 Apr 7
35
36
36
393
4 35
34
37
37
*34
3734
/
1
4
3718 Nov 79 Aug
8
.78 7
7
713
74 712
/
1
74 2,6001Crown Zellerbach
/
1
74
/
1
714 714
No par
67 Oct 14 1812 Feb 19
8
4
17
Oct 253 Jan
652 6614 63
8
65% 3,000,Crucible Steel of America.100 63 Oct 17 93 8Mar 25
x6512 66
66
66
6512 651 2
3
/
4
71 Nov 1211 Aug
90' Preferred
/ 10912 10912 109 109
1
4
109 1C9 .10912 110
11014 11012
100 104 June 26 117 Mar 13 103 Nov 11634 Feb
I
612 612
/
1
*612 64
613 613 1,200,Cuba Co
614 614 *612 7
3 Oct 10 1912May 29
No par
12
5 Nov 3412 Jan
1 12 13
4 3.700;Cuba Cane Products__ _No par
4 *152 Ps
1 8 13
,
4
1'2 13
114
114
1 Oct 2
7 Mar 3
*37841/4
434 2,000iCuban-Arnerican Sugar _ ___ 10
418 4%
4
414 434
414 41 1
/
1
4Sept 30
3
9 Feb 4
Jan
Dec 17
Vs 31
*31
31
34
34
301 Preferred
4130
/ 3112
1
4
301 30
/
4
/ *31
1
4
100 30 Sept 30 05 Feb 11
/
1
4
56 Dec 05 Jan
an,. 4143.
4034 41
41
41
/
1
4
4012 4012 403 40
800 Cudahy Packing
4
sn 1121R.Tline 25 441 Jou 2 315 757.V eV. llirs
•131(1 and asked prices; no sales on this day. S Ex-di videad. a Es
-dividend and ox-rights.
2505
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Oct. 11.
Monday
Oct. 13.
Tuesday 'Wednesday
Oct. 14.
Oct. 15.
Thursday
Oct. 16.
Friday
Oct. 17.
Sales
for
the
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share tom.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
trI7
rer share $ Per, slums
$ per share 5 per share $ per share $ per share IS per share $ per share Shares Indus. &Miceli.(Con.) Par
10Per
5 Pl8M har
126er say 29 100 Nov 132 Oct
10512 107
106 1063
10112 10312 1.900 Curtis Publishing Co__ _No par $ 1lz Oct
4
1014 106
10412 105
8
500 Preferred
No par 1147 Jan 29 12118 later 19 11218 Nov 1215 May
4
1188 118%
4
1183 1183 1182 1194 11814 1183 *118 1183
4
4
4
4
48 Oct 1 148 Apr 7
No par
412 472
6% Dec 30,2 Aug
44 48 28,500 Curtiss-Wright
412 484
413 47
432 414
6
61
67
8 614
63
4 64
618 63
8
3
100
1314 Dec 37 2 /1 1241
Clem A
7,400
53 Oct 14 19 4 Apr 2
4
7 ,
6
65
8
5312 5312 52
5513 5512
5212 1,200 Cutler-Hammer Mfg__ _No par 52 Oct 1 0012Niar 31
53 53
538 54
3
No par 1824sept 30 43 8 Mar 31
21
3,400 Davison Chemical
211* Oct 11)8 Jan
8
223
8 22
3
2034 213
214
22% 215 22
4 22
58 1514 Oct 6 30 Apr 14
Debenham Securities
*12
20 Dec 46% Jan
19
1618
•12
1818 .12
1618 •12
1512 *12
20 20 June 18 2412May 24
•23
1.000 Deere & Co pref new
2312
*2212 23
23
2212 2212 23
23
23
100 187 Sept 30 255 4 Apr 23
Nov15
385 Aug
3
•187 2 197
,
1,500 Detroit Edison
192 192
19314 19514 19213 19212 190 191
45,
18 Oct 2 423 1ar 4
24 Nov 647 Feb
8
*1814 20
300 Devoe & Reynolds A.._No par
*1812 22
1814 183 *183 20 .18% 20
8
3
100 139 Jan 13 25412Sept 8 117 Nov 16413 Jan
1,100 Diamond Match
*205 220
210 210
210 2103 210 21212 214 214
4
1114 Aug
8Sept 10
No par
63 Jan 3 103
4
1,600 Dome Mines Ltd
.84 812
6 Nov
8
8
8
8 13
818 812
818 84
3
1512 1512
12 Oct 5414 July
600 Dominion Stores
No par 1412 Oct 7 30 8 Apr 5
1514 1514 *1514 16
8
15% 15% 153 151
No par 67 June 25 8731 Mar 10
725 731
8
69 Nov 12618 Feb
7018 7212 72
7313 73
73% 69% 724 17,700 Drug Inc
10 Oct 10 4313 Apr 7
25 Oct 92 Jan
1012 10'z
1018 1014 1014 1014 1018 103
8 1018 1018 1,400 Dunhill International_ _No par
7
No par 13 Oct 9 19 Sept 9
•125 18
8
Duplan Silk
10 Nov 23 8 Jan
•14
15
•14
15
15
15 .14
.13
/
1
4
*105 1061
8
8
100 Duquesne Light 1st pref.._ _100 100 Jan 7 1063 Oct 17
4913 Jan 100 Mar
*10512 10612 .10512 10612 *10512 10612 106% 1063
*10
8 Sept 27 2512 Jan 31
11
400 Eastern Roiling Mill_ No par
19 Oct 394 Sart
10
10
11
10
10
10
10 .10
24,300 Eastman Kodak Co__ No par 1753 Jan 9 25514 Ap 25 150 Nov 264 4 Oct
8
188 194
4
185% 191
/
1
4
185 19512 19012 1963 19113 194
3
s
100 1207 Feb 14 132 Oct 7 117 Nov 128 Mar
1001 6% cure pref
*1283 130
4
4
4
130 130
128% 128% 1293 1291 .12912 130
1618 Oct 17 3714 Feb 20
7,500 Eaton Axle di Spring_ __No par
183 191
8
17
1714 164 17
18 Nov 76% Feb
1712 183 z1714 18
8
20 9114 Oct 17 1454 Apr 10
9914 1031
80 Oct 231 Sept
9712 10014 9114 98 126.600 El du Pont de Nem
953 101
4
984 103
100 11412 Feb 4 123 Sept 25 1074 No 1194 Aug
120% 1207
400 6% non-vol deb
12012 1201
120% 1203 1204 1204 *12012 121
3
24 Oct 2 10% Feb 6
No par
EitIngon Schild
*314 4
4 Dec 39% Jan
*314 4
.314 4
314 3
14 *314 4
*4018 591
591
1001 Preferred 633%
100 38 June 25 62 Feb 5
39 Dec 113 Jan
5912 *40
*404 5912 4018 4018 .40
No par 33 Oct 10 1147 Mar 29
35 8 383
3
30,300 Electric Autollte
8
50 Oct 174 July
4 394 4114 3918 40
3512 333
4 38% 403
100 10614 Jan 6 1103 Jan 7 1023 Nov 115 Apr
*10614 108
Preferred
4
4
.10614 108 *10614 103 •10614 107 .10614 107
33
34 312
2'* Sept 30
1,500 Electric Boat
No par
4
93 Mar 31
4
*312 4
3 4 Oct 18% Mar
,
4
4
38 .35
493 5412
4
48
8
2918 Nov 865 Sept
52's 190,500 Electric Power & Lt.._ No par 4714 Oct 14 103 Apr 23
4714 53
51
5412 5131 537
600 Preferred
No par 105 June 18 112 Apr 25
*108 109
93 No 10914 Feb
10818 1084 10813 10812 1084 109 .1084 103
No par 95 Oct 16 101 Sept 23
9914 100
9612 9614 06s 2,200 Preferred (6)
95
9814 99
9718 98
1,600 Eke Storage Battery...No par 514 Oct 17 7914 Feb 10
573 573
4
5114 56
5614 57
64 No 104's Oct
4
5812 57
56
56
•14 11
1 Oct 14
112 12
500 Elk Horn Coal Corp_ No par
112 13
113
101: Oct
512 Mar 24
.1
34 Jun
4
1
1
Emerson-Brant el A_ No par
Ds
14 Oct 9
15
8
75 Jan 24
8
*112 2
314 Oct 2212 Feb
138
15
8 •112 2%
1% 1%
40
4 4214 424 1,100 Endicott-Johnson Corp.._ - -50 38 Oct 10 59% Jan 22
4914 Nov 83 4 Jan
40
3
43% 43% 435 433
40
43
100 10712 Jan 7 113 Apr 23 1084 Sept 12414 Feb
Preferred
131103 11314
4
*111 116 .111 116 .111 116 *111 116
500 Engineers Public Serv__No par 3914 Jan 2 6712 Apr 7
*46
31
47
4414 4414
Oct 79% Aug
4514 4514 47% 47% 47
5012
9812 *90
No par 943 Jan 8 10713May 26
Preferred $5
8
80 Nov 12314 Aug
*93
9312
9312 •30
*90
9512 *90
9812
No par 9412 Jan 2 1047 Apr 21
200 Preferred (5(a)
99
843 Oct 109 Oct
*96
4
96
93
98
98
96
*95
*934 98
3114 Jan 41 May
3
3712 39
377
8 368 3712 3,500 Equitable Office Bldg _ -No Par 36% Oct 17 50 4June 4
3712 38
374 37% 37
*73
4
600 Eureka Vacuum Clean_No par
8Mar 5
652 Oct 9 433
3612 Dec 54 Feb
.8
9
9
9
10
7% 912
3
*7 4
5
4 Oct 9 30 4 Feb 18
.500 Evans Auto Loading
8
3
15 Nov 733 Mar
4
458 45
559 .514 55
4% 5
8
53
4 53 .5
1
1201 Exchange Buffet Corp_No par 22 Jan 2 2712Sept 17
2214 Jan 27':July
225s 2314 *2212 24
*23
24
.233 24
•23% 24
97 Jan 13
Fairbanks Co
25
184July 31
3
3% Nov 13 4 Dec
*13
4 3
*134 3
.13
3
.4 3
13
*13
4 3
10, Preferred
7 June 18 39 4 Jan 20
100
3
11
*814 10
85 Jan
*81z 111
AD
.814 10
813 812 *812 10
4,100 Fairbanks Morse
29
No par 27 Oct 14 50121)lay 17
3113 29
293 Oct 547 Sept
4
2
27
29
29
33
29
303 .29
4
20 Preferred
100 102 Jan 7 11112N1ay 16 10112 Dec 110% Jan
*109 110
109 109 .109 11012.109 11012
109 109
300:Fashion Park Assoc__No par
7 Oct 17 2714 Feb 27
7
*7
7%
22 Dec 72% Mar
7
83
4 .7
*7
81
754
83
800 Federal Light & Trao
15 5953 Feb 6 9014 Mar 18
61
*607 61
8
603 607
4
6118 61¼ 61
6114 611
6012 Nov 109 June
No par 90 Oct 14 98 4 Apr 22
801 Preferred
95
3
*__
95 .90
90
PO
90 .90
90
90
90 Nov 104 Feb
614 64
*64 61
*64 612
64 61
614 61_
800 Federal Motor Truck...No par
6 Oct 7 1214 Feb 26
5 Oct 2218 Feb
2812 2034
284 29
4.0001 Fed'i Water Serv A_ _No par 26 Oct 10 43 Mar 19
29
8 29
27
293
28 Nov 5614 Sept
8 2814 293
1,900 Federated Dept Stores_No pa
23
2012 2012
23 .20
1912 Oct 10 38 Apr 16
22
23 .21
204 22
2512 Dec 33 Dee
2,900 Fidel Phen Fire Ins N Y____10 52 Oct 14 894 Mar 31
55
55
56
56
58
55
56
*55
56
52
,
47 2 Nov 123 Sept
*77
8 812
10 Fifth Ave Bus
No pa
7 Feb 11
812
81
1012 Apr 4
812 812 *8
.7
7
Oct 13% Mar
831
33 .____ 33 *____ 33
*...
1Fllene's Sons
6'8_ 33
31 June 10 4012 Jan 22
•__ 33
No pa
,
30 Dec 98 2 Feb
594
95
95
95 .94
80, Preferred
9514 Stock
*95
100 92 Mar 15 10014Sept 6
9731 95
84 Dec 107 Jan
2 8001Firostone Tire & Rubber_ __10 158 Oct 8 3318 Jan 7
17
17
16
17
1712 18
163 18
4
163 173
4
8
2412 Dec 87 Dec
59'2 57
4.300, Preferred
53 2 5959 59
*58
,
5914 54% 57
593 Exchange
4
100 5412 Oct 17 877 Mar 24
8
83% Dec 894 Dec
48
4714 443 4612 7.700,1111st National Stores_ No pa
474 4512 4684 47
4312
8
46
443 Oct 17 614 Jan 30
8
4412 Nov 90 Sent
114 13
114
13
8 6,600,FLsk Rubber
114
8 Closed
13*
118 114
1 Oct 10
114
No par
13*
512 Apr 2
24 Dec 20s Jan
*412 5
27
4
3
4 12
3
24 4'S
4
740, 1st preferred
100
24 Oct 15 21 Apr 2
8 Dec 7212 Jan
*413 6
*412 6
*43
4 6 Columbus
.44 6
414 41
80, 1st pref convertible
100
414 Oct 15 213 Apr 11
4
8 Dec 8211 Jan
40
394 *3812 3912
40
391 *39
•38
393 *38
4
100,Florsheim Shoe class A_No par 40 June 25 5273l)lar 21
38 Nov 54 Jan
*98 103 .100 103 •100 103 1.100 102
*100 103
Day
100 9512 Apr 12 10012 Oct 3 904 Oct 1021s Jan
I Preferred 6%
1514 1513 *1514 20
*15
20
15
15 .153 19
6001Follansbee Bros
No par 15 Oct 10 5078 Mar 25
3218 Nov 823 Aug
4
81
6312 573* 62
64
5614 6112 60
60
66%
18,400 - Foster-Wheeler
No par 5614 Oct 14 10412June 4
33 Nov 95 Sept
*718 8
53
4 911 1,700 Foundation Co
712 93
818 84
*712 10
7 Oct 1 283 Apr 14
No par
4
124 Nov 59% Apr
2712 2812 2514 27
267 27
267 2814
8
2718 27
2,700 Fourth Nat Invest w w_No par 234 Oct 9 50 Apr 12
34% 373
337 3914 3712 3931 3712 3918 354 384 210,000,Fox Film clam A
No par 1618 Jan 3 574 Apr 25
1918 Nov 10531 Sept
334 364 16,900'Freeport Texas Co.
3818 36% 37
35
35% 374
3712 z36
No par 33 Oct 10 5512 Apr 11
54% Jan
233 No
4
4 89% 89% .8912 90
170 Fuller Co prior prof__ _No par 85 Feb 14 9512Mar 6
893 893
9114 91%
4
4 893 893
4
8212 Nov 1074 May
31
313 33
414 41
4 1.700 Gabriel Co (The) Cl A_No par
33
4 4
.3% 414
312 Oct 17 113 Apr 9
331
4
5 Oct 33% Feb
5718 571
6018 •53 1 6018
*53
59 .53
*52
65
No par 54% Oct 1
100 Gamewell Co
80 Mar 28
8312 July
654 No
112 11
13
4 13
.112 114
113 1%
*112 14
500 Gardner Motor
5
113 Oct 1
734 Feb 18
3 Dec 25 Jan
613 61
613 612
.612 7
6
6
1,800 Gen Amer Investors-No Pa
6
6
53 Oct 1
4
1612 Feb 18
901
9014
90 . 90
90 .90
*84
200, Preferred
•90
100 8312June 2 105 Apr 25
9031 90
6913 704 11.4001Gen Amer Tank Car_ No pa
7014 72%
68 8 7012 7012 7153 70% 721
5
683 Oct 1 111% Apr 4
8
75 Nov 12312 Oct
3212 317 3218 30 . 32
31
313
4
30
8.500 General Asphalt
30
32
100 30 Oct 10 7112 Apr 7
4214 Nov 945. Aug
15
14% 1514 1,900 General Bronze
15
15
15
No pa
138 1418 14.2 15
12 Oct 10 3812 Feb 15
24 Nov 69*lure
*107 113
8
4
121
1214 1214
10.8 107 *124 147 .12
400 General Cable
No pa
107 Oct 10 3412Mar 7
8
23 Nov 61 Feb
30
303
3018 3018 3,900, Class A
4
30
30
30
297 30
8
30
No pa
29% Oct 14 74% Feb 5
6313 Doc 1201a Feb
6512 6512
*65
65
70
65 /
6612 66%
1
4
15
70
65 Oct 14 10934 Apr 7 102 Nov 107 Jan
160. 7% cum prof
10
12
40
4012
397 40
40
40
2.200 General Cigar Ino
40
40
No pa
404 739
39 Oct 10 61 Mar 7
42 Oct 74 Feb
545 583
8
4
523 573
4
533 57
4 55 8 577
3
4
4
5153 533 579.300,General Electric
No pa
51% Oct 17 9538 Apr 10 16813 Nov 403 Aug
113 117
4
1134 113
8
113 117
4
8 117 12
4 113 12
4
6.500; Special
r
10 113 Jan 2 12 Aug 27
113 Feb
4
11
Jan
5014 5214
521
4912 513 z50
4
503 5212 493 515 45.300 General Foods
8
par
8
8
1618 Jan 17 611431ay 1
35 Oct 774 July
618 64
64 612
618 84 3.5.9oo!Gen'l Gas .4 Elec A- _ _No par
618 612
614 641
No
5 Oct 10 18% Apr 10
1
61
81
*60
651s 634 6318 641 64131 *61 . 63 I
400; Cony pref ser A
No Par 61 Oct 11 10612 Apr 16
4
333 333
3314 3314 33% 334 3312 3313 .335 34
400 Gen Ital Edison Eleo Corp-- 334 Oct 14 44 8 Feb 10
3
443 453
4
443 45% 745
4
4514 45
45
44
4512 2,800 General Mills
No par 4018June 2
5938 Apr 12 -"Co- Oct "Ws Jan
95
95
95
95
95
95
95
95
9514 9512
700, Preferred
100 89 June 30 9612 Oct 9
871 Dec 100 Jan
4
3514 374
3414 36% 35% 37% 3413 36
33% 3.514 504.400 General Motors Corp
10 33% Oct 1
544 Apr 10
334 Oct 9138 Mar
97% 973
96% 9712 9714 973
4 9712 984 9712 973
41 3,900 $5 preferred
8Sept 18
No pa
3June 2 1007
923
23
23
22% 23
237 2378 247 25
8
8
2712 28
1,200,Gen Outdoor Adv A_ _No pa
223 Oct 1
4
30 Oct 'WI -ail;
4115 Apr 14
618 6i
612 61
6% 63
4
7
7
634 7
3,000; Common
5 Sept 24 213 Apr 3
4
No par
22, 241
2
21
221* 23
21
2331 24
2113 2314 7,700 Gen Public Service_ _ No par 18 Oct
I
0
52% Apr 7 "2- " Nov "- I 14
66
63
65
641
64
63
64
65
61
64
4,800 Gen Ry Signal
,
No pa
61 Oct 17 1067s Mar 28
70 Oct 126 2 Aug
614 61
513 6
63
8 63
53
4 7
4
65
6% 4,700,Gen Realty di Utilitiee_No pa
5 Oct 14 1938 Al': 10
13
76
73
*75
741
734 74
725 7259 72
8
72% 1,3001 $6 preferred
72 Oct 17 100 Apr 14
No pa
58 8 613
3
60
613
3
,3 593 62
4
593 607
8
56
54 Oct -884 Aug
5931 6,600;General Refractories _No par 56 Oct 17 90 Mar 28
•98
9812
.98
1
981
98 98
•98
99 .98 ; 99
100 Gen Steel Cast $6 pref_No par 98 June 14 101 Mar 12
173 241
4
18
19%
2314 25
224 243
4 21
2313 79.100 Gen Theatres Equip-No Par 144 Oct 10 5114 Apr 10
35
37
41
381
3614 393
4114 46
375 43 142,050 Gillette Safety Razor_ _No par 35 Oct 14 10618 Jan 16
11- Oct
1
Nov80
81s 81
813 812
84 81
818 814
818 814 1,600 Gimbel Bros
1012 Nov 4818 Jan
7
84 Oct 10 20 8 Apr 14
No pa
663 663 *827 67 .63
4
*6512 69
8
87
66% 66's
56 Dec 94 Oct
400 Preferred
10
66% Oct 17 8212 Apr 25
12
121
t 123 13
4
11% 121
1114 113
4 107 114 8,000 Glidden Co
8
26 Oct 641i July
No pa
10% Oct 17 38 Mar 20
.8814 94
0
884 8912
8814 881
88
88
•874 88
30 Prior preferred
95 Nov 10618 Aor
10
88 Oct 16 10518 Mar 27
5
51
5
512
512 6
512 64
531 6
94 Nov 66 Feb
6,400 Gobel (Adolf)
No par
5 Oct 9 19 Feb 7
3414 351
32% 35
33 4 3512
3
343 3514 33
3414 27.900 Gold Dust Corp v t 0__No par 32% Oct 10 47 Apr 2S
3112 Oct 82 Jan
74
16
3 1512 17
165 1714
8
16% 1513 163
18
17
3814 Dec 105 4 Jan
3
10,400,Goodrich Co(B F)____No par 1514 Oct 10 5813Mar 25
77
•70
•70
77
1370
75
73
9512 Dec 1154 Feb
75
•70
77
:Mar 28
1001 Preferred
1041
100 72 Oct
40
4214 4114 441
4118 43
42
4313 4018 42
13,5001 Goody ear Tire &Rub_No par 3912 Oct 1
60 Oct15412 Max
9137 Mar 31
8
80
80
80
82
*804 82
*80
83
804 8.01
300 1st preferred
87 Nov 104% Feb
10214 Apr 30
No par 80 Oct
.8
83, .8
8
83
4 83
83
8
812 9
14 Nov 60 Apr
8'l 1.300;Gotham Silk Hos
7
o plIr
ya:
7 Oct 10 28 8 Mar 8
673 68 •674 70
*67
4
/ 70
1
4
673 67% *6712 70
4
68 Dec 10114 Jan
160; Preferred
67% Oct 10 8211 Apr 4
*673 6
534 6
52 6
,
•513 53
4 .54 53
4 Oct14 May
500 Gould Coupler A
3
No
5 Oct 10 15 3 Apr 23
48
48 5
3
44 47
43
4
43
4 5
4 5.300 Graham-Palge Motors-No Par
78 Oct54 Jan
413 48
4 Oct 7 13% Apr 1
*4
*412 51
5
*4
512 *4
512 *4
51
7 Nov4912 Jan
3
1 Certificates
413 Oct 8 10 4 Apr 1
No par
137
13
1353 144 133 143 x1312 14
1412 15
5
8
4614 Nov102% Mar
10,300,Granby Cons M 8m dr Pr_100 13 Oct 14 59% Apr 2
33
33 •32
23114 3114 33
•31
333
4 30
32
3,700 Grand Silver Storee
8
3212 Dec 847 Dec
No par 30 June 25 52 Apr 2
1118 1134 11
1112 1153 1112 114 1154 4.5001Grand Union Co
91 Nov32 8 Jan
7
10 June 17 20% Feb 13
3714 38
*3312 40
3813 3813 39
39
38
38
30 Oct54 Jan
/
1
4
700 Preferred
4June 18 44 Aug 4
par 341
ed
27
253 2612 27
4
2
.26
h 26, 261
28 •26
32 Nov63% Sept
27
8
600 Granite City Steel
No par 25% Oct 14 503 Apr 3
33
32
33
3273 327
3212 32's 311 32(4 1,700 Grant(W T)
31
3212 Dec14431 Feb
No par 28% Oct 10 43 Jan 9
191
1912 197
19
19
193
8 194 20
1912 1934 7,300 Gt Nor Iron Ore Prop-No Par
19 Oct3914 Feb
8
18 June 23 253 Mar 25
153 151
1512 151
8
1512 16
1618 1612 1613 168 4,600 Great Western Sugar_ _No par 1518 Oct 10 34% Jan 16
28 Nov44 Jar
10318 10318 105 105
104 1051 .10318 106
*100 1051
410 Preferred
100 1034 Oct 16 120 Mar 14 105 Nov 11912 Feb
5% 61
618 68
512 64
512 C5 19,600 Grigsby-Grunow
6
1414 Nov70 Sept
611
5 Oct 10 28 June 2
..No par
•13 2
*3 2
5
•
/ 2
1
4
•
12 2
1 Nov5 5 Jan
4 Feb 4
1
Guantanamo Sugar_-No Par
12Ms2 7
e*53 28
28
28
28
29
2913 30
28
3018 301
42 Nov79 Mar
1,200 Gulf States Steel
No Par 28 Oct 11 80 Feb 19
19414 95 •9414 95 .9414 95
*9414 95
*9414 95
99 4 Dec 1,29 Feb
1
Preferred
100 95 Oct 1 109 Apr 30
1
p 1188 118
Il
•Bid And asked prim:00 sales on $1111 640'. I Ex-divideud
S Ex-dividend, ex-rights. V Three additional onares for each share held.
2506
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Oct. 11.
Monday
Oct. 13.
Tuesday
Oct. 14.
Wednesday 1Thursday
Oct. 15.
Oct. 16.
•
Friday
Oct. 17.
Sates
for
tA.
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1929.
Lowest.
Highest.
$ per share $ per share 3 per share $ Per share $ per share $ Per share Share. Indus.& Miscell.(Con.) Par
Per share
Per share
Per share $ Per share
•31* 33
30
3018 31
30
570 Hackensack Water
30
25 28 Jan 4 38 July 29
304 304
30
2318 Nov 35 Aug
*28
29
•28
28
30
20 Preferred A
28
28
25 28 Jay 6 30 Aug 27
30
28 •28
213
Jan
30 Aug
8 s 9%
7
9
8% 9 2
10
74 Oct 9 2314 Apr 17
,
No par
84 83 39,400 Hahn Dept Stores
84 9%
4
12 Oct 561 Jan
4
60
63
6211 693
4
100 59 Oct 17 864 Apr 17
4 823 6514 6112 6412 59
607
8 8,400: Preferred
Jan
71% Dec 115
183 19%
4
34 19 .1812 19
183 19% 1,
4
184 181y 2,200 Hall Printing
10 1812 Oct 8 3134 Mar 25
27 Dec 297 Dee
8
105 105
210 Hamilton Watch pref
31105
*105
__ 105 105 *105
_
100 99 Jan 7 10518 Oct 9
99 Nov 1055 Jan
8
*93
94
92
94
380 Hanna pref new
933
93
92
4 94
No par 85 Jan 16 98 Apr 14
9459 92 - -_
*45
50
45
4512 *4512 48
700,Harblson-Walk Refrac_No par 45 Oct 14 724 Apr 21
45
46
46
4512
54 -Jan "Wig Oct
612 6 2
3
4
,
900 Hartman Corp class B_No par
6
64 •54 612
5.5. Oct 14 20 Feb 5 13 Oct 417 Aug
5 8 6% *5 4 63
5
133 133
4
*12
1412 *13
4
1,000 Class A
1412 133 1414 •1312 14
4
No par 133 Oct 11 2314May 24
167 Oct 31 Sept
*414 412
4
*4
418
4
300 Hayes Body Corp
4
4 Oct 10 173 Apr 4
*4
4
No par
414
3
512 Nov 88 8May
*81
84
8012 8
81
81
25 774.1une 19 925* Feb lb
200 Helms(0 W)
•8012 84
012 *8012 84
84 Nov 1184 Jan
•17
411812 22
22
•17
22
No par
100 Hercules Motors
1812 184
1812 Oct 17 31 Apr 1 1
*1812 20
2112 Dec 3312 Oct
*11912 12114
*120 12114 120 120 •120 12114 41120 121 14
20:11ercules Powder $7 cum p1100 117 Jan 28 1233
4June 4 11218 Dee 121
Oct
83
8414
78
80
7912 81
8112 82
8314 9,100 Hershey Checolate____No par 70 Jan 2 109 May 28
81
45 Nov 1437 Oct
,
92 92
894 90
92
92
92
2,400 Preferred
9214 93
No par 8312 Jan 2 1083
93
4June 3
605 Nov 14314 Oct
8
1077 1077
*1085 112 *10859 112
8
•107%
8
s
100 1.1414 Feb 21 1082 Oct 17 104
400 Prior preferred
1085 108%
8
1
Jan 1063 Oct
8
*7
8
814 *7
6
*514 6
200 Hoe (R) & Co
8 Oct 14 2514 Feb 27
No par
814 *7
814
123 Dec 33 Aug
4
•32
324
324 323
4 32% 33
33% 333
No par 2814 Jan 14 4114 Mar 28
8 324 32% 1,000,Holland Furnace
21 Nov 51 Mar
54 512
*513 612
514 512 *54 612 *53
300 Hollander & Sons(A)__No par
5 June 18 125 Jan 20
8
13 2May 245* Aug
,
6
83
*79
*
81
82
83 83
82
82
100 72 July 12 83 Sept 26
200 Homestake Mining
*78
82
85 Nov 93 Aug
53
518 5%
5 Sept 30 20 Feb 5
618 7
518 7
518 54
618 7,900 floudallie-Hershey cl B No Par
13 Nov 523
4May
6812 68 2
,
883 683
4
4 683 683* 683 68% 6812 684
8
600 Household Finance part p1.50 49 Mar 5 68% Oct 16
8
45 Aug 524 Sept
53 8 56
5
535* 573* 5459 5612 5059 54
505* 55
8
20.200 Houston 011 of Tex tem eti•100 505 Oct 14 1167 Ayr 25
8
26 Oct 109 Apr
24
23
2218 23
2312 2412 2314 24
par 2114 Oct 10 417 Feb 7
No
23
24
3,000 Howe Sound
343 Nov 8212 Mar
,
2212 23
2112 227
223 2312 225* 233
8
2112 Oct 14 027 Jan 0
8 213 2314 5.900 Iludion Motor Car.....No par
s
4
38 Nov
9359 Mar
78 Oct 10 265* Aur 11
84 8%
84 87
s
8 2 8%
,
10
8
814 83
8'4 7.100 Hupp Motor Car Corp
s
18 Nov 82 Jan
16% 17,
16
4
1612 16
163
4 161s 1659 1614 1612 15,900 Independent Oil& Gas.No par
1559 Oct 10 32 Apr 7
17114 Oct 3959 May
314 312
318 314
No par
314 314
33
3 312 1.600 Indian Motocycle
3's Sept 30 17 Mar 4
3% 312'
312 Oct 324 Jan
714 8
712 859
Ps 814
10
634Sept 30 283 Mar 22
8
75*
712 26,400 Indian Refining
7
134 Oet 53 Aug
75*
40
4512 49
44% 47
48 2
,
No oar 31 Oat 10 124 Jan 10
4314 45 I 4314 4314 8.700 industriai Rayon
6859 Nov 135
Jan
13180 186
175 180
182 182
No par 15414 Jan 8 239 Apr 24 120
1847 1847 1787 180 1 1.600 ingermh Rand
8
8'
8
Jan 22312 Oct
69 69
633 6331 *683 70 1 684 684 1,900 Inland Steel
No par 68 June 25 98 Mar II
4
885* 69
71 Dec 113 Aug
912 93
4
83
4 918
9% 912
_
84 Oct 14 307 Feb 7
94 94
22 Oct 6012 Mar
9
941 3.600 Inspiration Cons Copper_ .20
9% 912 *913 92
4
9 5 98
41
912 912
9 4 94
3
4
700 Insuransbares Ctrs Ino_No par
94June 28
1312July 31
8,2 9
814 8% .814 8%
Msr II
oc, 14
812 812 1,000 insuranshares Corp._ No par
818 9
12 Dec 16 No.
*218 212
*2
3
*2
212
218Sept 30
100 Intercont'l Rubber._ _ _No par
24 218 *214 3 1
712 Apr 1
2 Nov
1414 Jan
•1514 16
157 16
8
15 Oct 10 287 Apr 2
18
2.900 Interlake Iron
163
8 1512 154 *1512 16
No Par
8
4
43
4
434 438
414 412
35* Oct 10
414
4 6.100 Internal Agricul
No par
412
4 Oct 177k -jet;
812 Apr 7
414 43
45
4714
45
49
4712 485
100 424 Oct 10 8714 Apr 9
47% 4712 4612 4712 4.600 Prior preferred
40 Nov 884 Jan
1443 14611
4
14018 14558 145 14712 142 1444 1375 14312 7,600 Int BILiiI1083 Machines.No par 1373 Oct 17 1.971zNlay 28 109 Nov 255 Oct
4
.
10
10
103
10 Sept 30 193 Mar 29
8 10
10%
105
8 10
1014 10.700 Internat Carriers Ltd _No par
4
1012 10
564 59
5614 57
574 1.300 International Cement __No par 55 Oct 9 755* Apr 2
58
584 *58
583
41 57
48 Nov 10914 Feb
33
312 Oct 9 111sMar 38
3
52 3 4
3
33
4
312 33
4
3 2 3%
,
414 Dec 1034 Feb
312 312 6,000 Inter Comb Eng Corp_No par
*40
50
*45
50
_100 30 Jan 2 78 Apr 1
*45
55
100 Preferred
54
53 1
54 1 *40
1812 Drs2 121 Feb
6118 64
42.600 internat Harvester-_No par 58 0,1 17 11514 Apr 16
60, 62 8 62
8
7
63
6414 625 64
58
8
65 Nov 142 Aug
14 1453 14514 14514 14512 14512 1,100 Preferred
•
146 14614
1153 1453 145
100 14011 Feb 10 14612Sept 25 137 Aug 145 Jan
4
4
4
32
29, 32
8
3112 32
32 8
,
31
3231 9.200 lot Hydro-El Sys Cl A.No par 2918 Oct 10 54 Apr II
32 1 30
23 Nov 594 Stun
6614 8912
6614 67
67
681a 6814 71
673 68 I 3,100 International Match pref_. _35 65 Oct 10 92 Apr 24
47 Nov 1024 Jan
20
*1812
18
18
1712 18
1,900 lot Mercantile M arinectni.100 1714 Oct 17 33 Apr 17
184 1818 1714 1714
3918 Oct
1818 Nov
165* 18's 173 18% 173 185
18
1914
8
165 Oct 14 445* Apr 4
8
8
4
4
8 167 173 292,200 Int Nickel of Canada..No par
25 Nov 7214 Jan
45
45
45 45
48
46
4618 4618 •4514 50
180 Internat Paper i ref (7%).100 45 Oct 9 86 Apr 29
77 Nov 9412 Jan
11
11
*9
*93 11
11
4
8
914 10
10
6.400 Inter Pap & Pow cl A_.No par
8 Oct 17 314 Mar 22
20 Nov
444 Oct
ag
712
*5 4 63
3
6
*511 71
712
6
73
8 2.800. Class 11
No par
54 Om 8 225 Apr 14
12 Nov 33 8 Oct
7
5
5
5
*4
414 5
412 6
2.900 Chun C
44 Oct 15 18 Apr 14
No par
9 Nov
Ms Oct
*443 49
4
45
47
*46
49
46
49
473
1,800 Preferred
100 45 Oct 8 86 Mar 26
77 Nov 95
Oct
5
5
8
225 225
8
2238 223 •1978 2318 "6 8 23181 •217 2318
Stock
8
8
.217
200 lot Printing Ink Corp_No par 22% Oct 14 5814 Apr 5
8
40 Nov 683 Oct
76
76
7612 77
*80
81 1
753 78 I *6512 78
4
250 Preferred
100 75 Sept 29 101 Apr 12
917 Nov 106 Mar
35% Exchange
35
347 357
8 3534 37
37
36
363 378
4
5,600 International Salt new....100 31 Oct 10 453•Juur 20
5334
53
53
53
*
*53
53% 53
53
*53
5313
300 International Shoe_ ...No par 53 Oct 14 62 Jan 15
Oct -- - 4 lei);
77
U
Closed
*56
07
*55 (37
65
*55
67
*55
67 '55
international Sliver
100 551: Oct 9 119 Feb I
95 Nov 1594 Aug
257 28
2612 273
4
273 30
4
2812 30
272 2914 81,582 Inter Telep & Teleg_ _.No par 2518 Oct 10 771 Apr 24
53 Nov 14914 Sept
18
1812 1812 Columbus
183t 18
8 19
19% 185
1712 1812 4.200 Interstate Dept Stores_No par
1712 Oct 17 40 Feb 4
254 Ort 934 Jan
7912
•70
7959 7214 7214 72
*70
72
•72
75
210 Preferred ex-warrants_._100 60 Aug 18 80 Aug 29
74 Dec 97 May
*2112 27% *214 277 *20
4
Day
4
213 213
24
8
278 *20
200 Intertype Corp
No par 2134 Oct 11 32 Apr 9
387 July
8
17 Nov
,
I
1112 9
814 814
9
8
812 85 , 1.900 investors Equity
8 12
9
8 Oct 10 29 Feb 19
No par
7218 Aug
1212 Nov
*2779 30
27
30
29
•
29
2812 2812 2818 2818
300 Island ("reek Coal
27 Oct 10 43 Mar 19
39
Oct 69 Mar
4212 4312
42
43
423 43
4
427 43
8 5.100 Jewel Tea Inc
413 427
413 Oct 10 13612 Apr 30
4
39 Nov 18214 Feb
72
663 733
4
677 71 1 48.700 Johns-ManvIlle
8
68
714 75
4 71
75
'
No 1 oo 6412 Oct 10 148% Feb 5
par
90 Nov 242% Feb
1204 12012 •121 125
121 121
123 123
12014 12014
100 Preferred
11814 Feb 24 123 Mar 21 118 Nov 123 May
120 1204 120 120
1193 1193
4
4
8
1207 120% 120 12014'
610 Jones & Laugh Steel peel. _100 1184 Jan 6 12312 April 117 June 126
Oct
7
2 1
1
78
1
1
3
4
7
8 2.600 Jordan Motor Car
1
4 1
No par
112 Oct 164 Jan
% Oct 10 512 Apr 9
8
818
818 'R
818 83
83
8 1,700 Karstadt (Rudolph)
8
83
7% 75
8
107 Nov
75 Oct 10 134 Jan 18
8
137 Nov
1
18
163 16% *17
174 *1612 1712 *17
4
17%
517
200 Kaufmann Dept Storea_312 50 181s Oct 10 201/Mat 7
1714 Dec 8718 Feb
173 1818 21714 183
8
8 1712 1814 18
1712 17%
18
2,600 Kayser (J1 Co v t 0..
.No par 17% Oct 10 4112 Jan 2
30 Nov 554 July
•____ 48
48 ........ 48 •____ 45 *____ 45
IKeith-Albee-Orpheum.No par 21 Jan 8 45 Apr 23
1512 Nov 46
Jan
110
102 102
102
*95 110
*95 110
10
•95
*90
100 85 Jan 7 150 Apr 24
70 Nov 138
Jan
•2
2
214 2 s
3
214 23
8
2
218 234
2's 3,800 Kelly -Springfield Tire_ _No par
17
64 Ayr 10
aSept 16
3 Dec 23% Jan
154 16
1512 16
13
16
16
1314 1312
13
440 8% preferred
100 11 Oct 10 42 Jan 24
8
18 Dec 947 Jan
35
35 •____ 40 •____ 37 *____ 37
35
1
•
22
200 6% preferred
100 29 Jan 2 55 Jan 25
26 Drc 100 Feb
217 223
8
8 22 223
s 217 22
8
8
,
218 22
215 22 2
5.000 Kelsey Hayes Wheel___No par 21 2 Oct 10 3912 Apr II
,
185* Nov 59', May
8 2 93
,
912 1014
4
9
No par
912
94 98
94 35,000 Kelvinator Corp
9
712 Jan 2 285 Apr 25
8
5
Oct 1914 Feb
*50
54
*50
54
54
48
50
54
50
50
130 Kendall Co pref
No par 48 Oct 11 89 Mar 21
75 Nov 96 Feb
265 273
8 268 275
8
8 26% 263 50,000 Kennecott Copper
s 2638 271
4
2712 2814
No par 263 Oct 17 623 Feb 7
8
493 Nov 1047 Mar
8
41
*41
47
47 •
*41
47
47
pir 44 Oct 10 59 Mar 31
*41
40
47
*
No ip
!Kimberley-Clark
No
4514 May 573 Oct
8
24
*2014 2514 *204 2514
*2014 25 4 24
,
*2014 2514
100 Kinney Co
20 Jan 29 4012June 4
2112 Nov 444 July
72
*71
71
71
7312 70
70
7012
741
4
•72
250 Preferred
70 Oct 16 97 Apr 17
80 Ort 10914 Mar
13
4 2
*1% 2
13
4 2
134 2
1% 2
4,100 Koister Radio Corp.,.Corp___No par
13 Jan 18
4
84 Apr 14
34 Dec 782 Jan
1 283 27 I 7.000 Kresge(S 8) Co
287 28
265 27
8
2714 273
4
4
s
10 2814June 17 363 Jan 2
2718 273
4
28 Nov 574 Mar
51
51
*5n 53% *5034 50 50 5034 1,300 Kress Co
514
61
No par 50 June 24 70 Jan 24
5314 Nov 114
Jan
245 2518 217 2512 25 8 254 248 2512 50.400 Kronor & Toll
,
8
23,14 Jan 2 3559 Apr 10
2514 2512
2218 Nov
4638 Mar
2418 253
2814 243 253
2318 245* 26.800 Kroger Groc & Bak._ _No par 21 June 18 484 Jan 23
8 25
2518 26%
38, Nov 12212 Jan
4
.
_______ Lago 011 & Transport _No par 214 Jan 11 2912July 17
164 Nov
383 June
8
-isifz if" -iii: ii" sus 8212 80 804 6900 La,nbert Co
par 7812Juns 18 113 Apr I
-i0C4
8018 Nov 15714 Mar
312 .3% 4
4
4
r
*35
8 4
No par
34 Oct 15 11 Mar 25
4
3'
4
1,000 Lee Rubber & Tire
Jan
5
Oct 28
z183 16% 18
18
4
*177 18 '
8
317
19%
400 Lehigh Portland Cement__ _50 163 0.1 14 42 Apr 1
4
18
*17
30 Nov 65 Feb
10359 10318 1024 10318 100 102 *10012 102
100 100 Oct 16 10812May 24 100 Nov 1103 May
,
330 Preferred 7 1
104 104
4
8% 8 2 10
10
Coal____No par
,
84 83
8
81s 5.200 Lehigh Valley•
714J,me 18 1712 Mar 17
8
Ws
10 (let 82
Oct
21
*2434 26
24
•231s 26 I *22
26
50 221.8June 26 3712Mar 19
200 Preferred
25
•
24
31 Dec 44% July
628 647
644 66% 6212 64
6012 65
-__No par 60 Oct 10 9714 Apr 15
14.900 Lehman Corp (The)
6114 64
*223* 23
23
*2214 23 I 223 223
22
4
4 1.100 Lehn & Fink
21 Oct 10 36 Apr 14 -7 /
23
2218
-itti2
Ira;
2
147 15
15
1412 1434' 147 147
15
"
8
8 3.100 Libby Owens Glass
No par
N
1418 Oct 10 3112 Mar 29
15
15
17
Oct 43 Aug
884 88'z *88
891s 864 863
8618 88
4 3.500 Liggett & Myers Tobacco. 25 85 June 18 11334 Apr 1
92
*88
804 Nov 106
Oct
907
8 8914 907
8318 8912 89
8 873 89, 14.200 Series B
4
8
25 85 June 25 1143 Aur 1
91%
8
90
80 Nov 10614 Oct
2114 21
2114 214 21
21 I 204 204 1.700 Litna Locoinot Works_N• par
20 June 18 4914 Feb 15
2014 2012
30 Nov
57% July
8
No par 37 Jane 25 45$8 Feb 21
*37% 3912 *3758 3912 *373 391 *373 391
ILInk Belt Co
5 Nov 61
*37% 39 2
,
Feb
37
53
497
5212 54 I 48
8 52
47
No par 4518 Oct 10 81% Mar 28
521
: 4,000 Liquid Carbonic
51
5314
40 O"t 1137 Jan
8
514 57% 55% 5918 564 59% 53% 5812 172.700 Loew'• Incorporated_No par 42, Jul 2 953
8
531 5S14
%
4May 14
Oct8412 Feb
32
104 10112'103 10618 1034 10318
103 103
No par 85% Jan 17 112%June 3
900 Preferred
103 104
80 O,'t 11014 Jan
4
,
No par 7858Mar 5 995 Oct 3
9712 9712 9712 9712 *963 9712 97 8 97% 1,200 Prof ex warrants
2
97, 9712
803 Nov 95 mar
4
3It 35*
314
34 35*
359' 3,700 Loft Incorporated
No par
33
s 3%
3 June 18
63* Feb 19
3% 312
34 Dec 114 Apr
7
7 I *63
200 Long Bell Lumber A No par
759
4 7181
*7
718 •7
7 Oct 16
1514 Mar 22
*7
71s
12 Dec 324 Jan
551
8 5412 547 z513 5312 6.300 Loose-Wiles Biscuit
52
s
50% 54
25 501s Jan 4 7014 Apr 2
51% 5312
39,8 Nov 877 Sent
8
16 I 29.700 Lorillard
158 1614 153 1614 15
16
25 144 Oat 10 28,8 Mar 8
15
15% 16%
1414 Oct 31 12 May
Louisiana 011
Ws 6,
par
4
53
4 64
.l
5% 53
4' 9.700
No oo
5 8 Oct 17 12 Apr 28
,
6 4 64
,
7 Oct
64 63
18
8
Jan
I Preferred
•___ 78 *___ /2 *-___ 72 ;*____ 72 I
783 Oct 1 90 Sept 4
8
•___. 78
80 Nov 10014 Feb
314 325* 314 32141 10,600 Louisville 0 & El A
3114 32
No par 30% Oct 10 5114 Apr 25
32
31
323 32,2
8
28 Oet 72% Sept
154 153
4 15
1512 6,200 Ludlum Steel
143 16
par 1412 Oct 10 4478 Mar 12
16
15
1512 18
22 Nov 1087s July
64% *60
847
s
64 •60
Pr (erred
ar
*60
N" or 58 Oct 9 99$4 Nlar 18
65
63
.60
*53
76 Nov
18 June
25
24
30 I 2"
25 .24
0
300 MacAndrews & Forbes_N
No
"
24
24
23 Sept 30 393 Apr 3
30
*24
3014 Ort 46
Jan
4712 43% 465
8 5.700 Mack Trucks Ine
Na par 435* Oct 17 8812Nlar 27
4512 483
4 4712 493 47
5518 Nov 11459 Feb
4814 4818
8
No par 109 June 25 15914 Feb 3 110 NOV 2554 Sept
111 115 4 114 116 *112, 11518 109is 112 I 1.900 Macy Co
3
11212 113
712 712
*73
759 712 •714 7% 2.300 Madison Su Garden__ N9 par
4 812
8June 6
61/Sent 30 153
74 7 8
II', Nov
3
24
Feb
8 204 2112 6,600 Magma Copper
4
2112 213 225
2014 2014
No par 2014 Oct 11 5238 Jan 7
205 214 21
8
35 Nov 824 Mat
4% 47
8 3,100 MaIllson (11 R) & Co No par
418 418
63
412 • 2 5
4 Oct 14 13 July 3
4
6 Nov
5
3938 Jan
5
•Vg 3
•114 3
1% 3
Manat1Sugar
100
8 Jan 29
1 12July 8
•14 3
3 Dec 26
Jan
•1% 3
4
*53 11
*55 11
Preferred
*54 11
*514 11
100 11%0u17 14 50 Jan 23
197a Dec 5011 Jan
*
514 14%
12
12
*10
100 Mandel Bros
12 .10
No par 10 Aug 27 15 Jan 14
11% 11% *10
14
Oct 885* Mar
14
*10
11
10, 104 1.500 Manhattan Shirt
4
10% 11
9 Oct 2 245s Jan 10
*9
9% 10
19,4 Dee 355 Jan
*914 93
4
8
24 3
1,600 Mantealbo Oil Et plor...Yo par
'21s 3
24 Oct 10 10% Mar 18
*24 3
3
3
2,
2 2%
518 Dec 181s Apr
2718 271s 2612 2714 4.700 Marine Midland Corp
10 2812 Oct 10 3212 Aug 6
23
27
2612 27
27
2712
40(1 Marlin-Rockwell
No par 254 Oct 10 55 Feb 28 321z 2712 274 2613 2612
267 26% *28
8
"WA,May
37;
27
27
1.200 Marmon Motor Car. No par
6
6
6
a
6
7
6 Oct 18 307 Anr 9
6
612 131z *
19 Nov 104 MAY
64 612
•Bid and asked prices; no sal& on this day. y Ex-dividends, ex-rignta.
2507
New York Stock Record-Continued-Page 6
For sales (luting the week of stocks not recorded here, see sixth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday I
Oct. 11.
Monday
Oct. 13.
1
Tuesday 'Wednesday
Oct. 15.
Oct. 14.
Thursday
Oct. 16.
Friday
Oct. 17.
Sales
for
Ms
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SII A RE
.
Range Since Jan. 1
On basis of 100-share lots.
Highest.
Lowest.
PER SH ARE
Range for Previous
Year 1929.
Highest.
Lowest.
3 per share g per shard
$ Per share $ Per share
Indus.& NIiscell (Con.) Par
$ per share $ per share 1$ per share $ per share $ per share $ per share Sharer Marshall Field dr Co___No par 35 Oct 14 4818 Apr 24
8 354 353
8 3518 3518 1,600
3.5% 3512 353
36
3512 36
8 Oct 11
212 Nov
18 Jan
3 Jan 6
.._No par
55
4 5,800 Martin-Parry Corp..
53
77
8 638
83
812 7
7
8
7
29
Oct 218 Feb
8June 25 5138M ar 28
par 323
3114 357
8 357 3812 3514 3612 3414 3514 4.300 i Mathleson Alkali WorksNo 100 115 Jan 24 136 Oct 7 120
4
343 3512
.
Jan 125 Jan
Preferred
134 13418
•134
_
134 134 *134
*134_
4513 Dec 108, Jan
1
s
25 334 Oct 14 813 Jan 31
12,2101May Dept Stores
384 361, 1714 3512 37
35 16 8
-7
334 34% 35 - - 8
153 Oct 2912 Aug
7 Sept 20 23 Mar 26
No par
.500'Mayta,g Co
8 8
.73
4
.712 84
.712 8
74 75
2. 73
2814 Dec 4914 July
1912 Oct 17 4012 Apr 7
No par
700i Preferred
1912 1912
20
20
20
*1912 25
20
*2014 22
7512 Nov 9018 Jan
No par 71 Sept 8 8412 Mar 26
100, Prior preferred
.6912 81
.6912 81
.6912 81
81
71
.71
71
394 Dec 108
Oct
No par 334 Oct I 50 Apr 1
300 McCall Corp
4
3834 384 *383 39
38
*37
4
383 *37
4
383
*37
4
74 Dec 1133 Feb
101 McCrory Stores class A No par 491zSept 30 74 Jan 2
48
48
63
63 .48
53% *43
*48
63
.48
70 Dec 11513 Feb
No par 47 Oct 15 70 Jan 16
140 Class B
4712 4712
477
48 .47
47
49
48
5114
*50
8613 Nov 120 Feb
100 78 Oct 1 97 Mar 24
10 Preferred
84
583
84 '
82 .83
82
84
94
*82
*82
Oct 98 Feb
30
300 McGraw-Hill PublIca's No par 3012Jtme 23 44 Apr 7
3114 3I14 *3018 3114 *3018 3114 .3018 3114
31
314
124 Nov 2312 Jan
1,400 McIntyre Porcupine Mines _.5 14% Jan 2 1912 Apr 23
1818 187
8 184 1814 184 1818 .177 18
18
18
Jan
54 Nov 82
4 6,800 McKeesport Tin Plate_No par 61 Jan 2 8912.1one 4
714 723
4
723 745 7312 74
8
7414
703 72
71
211g Oct 69 Mar
3,000 McKesson & Robbins...No par 124 Oct 15 371 Apr 12
13% 1212 13
8
1214 1212 1218 134 13
1212 137
40 net 83 July
50 3318 Oct 10 4914 Apr 14
600 Preferred
6
3512 3512 *3512 3
361
.35
36
.33
36% 304
I
1812 Dec 5911 Aug
1014 Oct 10 2014 Jan 7
Vs par
400;51cLellan Stores
8
1212 123 123 511 18 1212
8
,
12 3 1213
1112 1112 .12
2618 Dec 72 Jan
No par 2614 Feb 8 42 Apr 16
1,100.51elvIlle Shoe
30
2814 2814 *28
28
2814 284 29
2818 29
9 Oct 347 Jan
3
.
Oct 10 23 Mar 10
7
Vs par
73
713 712 2.800'Nlengel Co(The)
712 8141
8
81, 84
4 8
73
8
914 Oct 693 Jan
15 Oct 10 37 Apr 7
4
8 1512 163 42.600 Mexican Seaboard 011_No par
8 1612 173
154 1712 1638 173
1614 17%
Oct 5412 Mar
20
9 Oct 15 331, Feb 6
o
912 912 2,900 Miami Copper
93
914 91,
934
94
9
4
8
914 93
44 Dec 1227 July
No par 43 Oct 14 77 May 13
45 11.300 Michigan Steel
4714 4614 4614 43
47
43
.45
*45
45
3
2213 Nov 397 Jan
18 Oct 9 33 Apr 7
No pa
1812 1913 14,600 Mid-Cont Petrol
1918 20
19
8
2183 20
18% 20
19%
34 Nov
3% Jull
212Mur 17
,
348e t 22
IMiddle-States 011 Corp ctfs__
----------21301 2,000 Midland Steel Prod____No par 20 Oct 17 53 Feb 28
2312
22
2112 2218 22
100 81 Oct 17 110 Feb 28
500 8% cum 1st pre
8318
81
93
95 .83
90
•82
.82
85
85
4
69 Nov 12314 Sept
41 Oct 1 763 Mar 19
I MInn-Honeywell Regu_No pa
45
.42
45
45 .42
45
.41
45 .42
.41
,
612 4..4 30 287 Mar 17
10 Oct 431, July
4 2,200 Minn-Moline Pow Impl No par
73
712
4 8
73
8
8
8
8
4 8
73
65 Nov 102 July
par 65 Oct 15 92141day 28
No
200 Preferred
70
.65
75
65 •65
73
.66
65
66
66
35 Nov 8014 Mar
15 Oct 14 40 Jan 27
800 Mohawk Carpet 1..1111s_No par
16
'
5 15
17
8
153 •16
16
8
153
16
15
1514
47 Nov 8011 Oct
3
2,900 Mon anto Chem Wks_ _No par 2014Sept 29 63 4 Apr 21
4
264 •243 26
4 25
27
8 2612 283
267
2734
25
.
42% Dec 1567 Jan
Corp No par 2213 Oct 9 497 Jan 2
8
2314 25
2212 2612 2114 2614 24% 255 22% 247 83.700 Mont Ward Co IIInew_No par
5 Oct
112 Oct
3 00.10 1612 Apr 2
500 Moon Motor Car
8
37
374;
4
4
5318 4
'
34 4
34 33
8
Oct 8118 Oct
42
8
No par 487 Oct 9 72 Feb 5
300 Morrell (J) & Co
53
53
54
8
504 5018 514 517 .52
.504 54
612 518r
2 Jan 2
112 Oct
4
3 Oct 14
8 1,900 Mother Lode Coalltion_No par
7
%
%
%
8
7
4
3
4
8
7
8
7
4
3
34 Oct 3184 Aug
:
11 Oct 1
111, Apr 10
212 2,100 MotoMeter Gauge&E0 No par
214
213 212
213 212
213 212
4 3
23
36 Nov 206 Mar
400 Motor Products Corp No par 29 Oct 10 81 Apr 7
35
•31
35
35 .31
3414 *31
33
33
.31
21 Nov 5518 Aug
1512 Oct14 34 Mar 19
No par
4 6,200 Motor Wheel
173
181s 1812 1812 17
1513 167s 17
164 17
$
10 Oct 817 Jae
4
8 Jure Ill 203 Feb 14
No par
400 Mullins Mfg Co
84 84
813 813
813 81z
812 012
*812 914
55 Dec 10214 Jan
17 64% Jan 31
No par 3814 Oct
40 Preferred
3814 3S14
40
40
44
.3314 44
44
•_-__ 45
38 Nov 81% May
No par 34 Sept 30 534 Feb 10
200 Munsingwear Inc
36
.35
36
*35
35
35
39
35
.31
35
8Juhe
147 Nov 1007
2514 Apr 11
4
93 Oa 1
No par
1014 19.1001 Murray Body
4 10
4
93 1114 1012 103
4
3
103 113
1112 1212
30 Oct 671, Oct
No par 3512 Oct 10 49l Slur 25
700 Myers F & E Bros
5354 364 .3512 3534
40
.36
37
36
.3512 38
.
1187 Jan
40 Oct
No par 2914Sept 28 5812 Jan 8
3112 10.900 Nash Motors Co
31
3118 32
8
3012 31'z 3114 32
3112 327
,
417 July
1438 Nov
7% Oct 10 2614 Feb 19
2,500 National Acrne etarnped___10
9
9
918 93
812 918
938
9
O's 9%
10 Dec 4814 511.31
No par 11 Jan13 393 Apr 14
100 Nat Air Transport
13 .103 13
4
*103 13 .11
4
11
*103 13
11
918 Dec 71 Max
4Sept 30 20 Apr 7
43
No par
3 2,100 Nat Hellas Hess
512 53
6
6
57
57
4
63
54 6
6
6514 Dec 73 Der
10 71 Jan 2 93 May 29
46,100 National Biscuit new
8 7518 78
,
7514 781, 7612 79 8 7712 787
7618 7912
Ocl
100 14212 Jan 23 152 Oct 8 140 Aug 146
400, 7% cum pref
14912 14912
4
151 151
1494 1493 .14913 152
15112 15112
4
69 Nov 1483 Mai
I7,900:Nat Cash Register A w1No par 32 Oct 10 8312 Feb 3
4
333
32
3313 33.2 341, 3318 34
32
35
33
36 Oct 884 Aug
Oct 11 62 June 2
No par 4014
4212 4378 72,000 Nat Dairy Prod
4314 4478 4312 447
44
42
4278 45
20 Dec 373 Max
4
s
107 Oct 15 2412 Feb 27
600 Nat Department Stores h'o par
*1018 11
1078 1078 *1012 11
11
11
12
•11
15 Oct 58 JUDO
4,200 Nat Distil Prod ctfs_ No par 2218 Oct 17 3912 Feb 6
26
2618 277
271, x2613 2612 2513 2512 224 25
.
254 Dee 621 Jac
1714June 14 3312Mar I
1.700 Nat Enam & Stamping____10
22
4
213 .20
.20
204 21
22
22
.21
22
100 11612 Oct 10 18912 Feb 7 12914 Nov 210 Ocl
1,900 National Lead
12212 12212 11912 120
121 123
118 120
118 118
144 Sept 5 138 Nov 14112 Eel
10 13814 Jan
180 Preferred A
141 14112 14112 14112 .14113 ____ *141 12__
Stock
.141 14113
Oct 123% API
8Sept 19 115
100 116 Jan 17 1197
160 Preferred B
11818 11912
118 118 .118 120 .11814
118 118
4
23 Nov 713 Aug
No par 304 Oct 10 6834 Apr 24
Pr & Lt
75,800.National
8
4
8 333 3514 313 34
3018 3314 323 353
3213 3518 Exchange
112 Dec 17 Jar
412 Jan 15
2Sent 15
11
No pa
112
4
13
112
.112
2001National Radiator
.112 2
112 5
*1
2
.1
112 Dee 41 Jai
48ept 30 11 Jan 15
23
No par
31
Preferred
8 4
.27
8
.27
I
8
.27
8 4
*27
Closed
s 4
.27
No par 4614 Oct 15 82 July 28 ___ ___ _. ---•
477 47% *4614 4618 5,100 Nat Steel Corp
464 4818 4613 47
4
4818 493
jar
9812 Nov 144
4
50 8514 Oct 14 1243 Apr 7
8812 8812 1,100;National Supply
92
89
88
8514 8513 87
86 Columbus
86
7014 Dec 155 Fel
1
3013 Jan 7 983 Mar 22
*65
68
69
4001National Surety
6914 .65
.65
644 65
4
653 6612
311$ Nov 9118 Ma;
.
Oct 17 417 Feb 4
No par 164
1812 16% 177
164 1714 9.500 National Tea Co
8
1714 1818 17
Day
1712
17
3
10 Oct 10 323 Jan 71 2314 Nov 62% Mai
1014 12,9001Nevada Consol Copper_No par
1014 1018 1012 1014 1012 10
10
1014 107
35 Dee 113 Jul]
No par 2514 Oct 16 58 Apr 14
25
28
22
26
1,7001Newton Steel
2514 27
263 27
29
29
3513 Oct4934 Ma'
4
353 Oct 10 47 Feb 19
No par
6001 N Y Air Brake__ _
37
37
37
37
37
37
37
.31
.
3712
*38
3
33 Nov 583 Eel
100 28 June 26 48 Apr 25
.281z 31
400,New York 1)0ck
.2812 31
30
29
29
28
32
•28
,
828 July 90 Ap
100 80 Feb 8 884 Apr 24
84
*8112 8312
400 Preferred
84 .83
8212 8212 .83
8112 8212
15 Oct 14 32 Apr 24
No par
15
15
15
15.2 15
15
157
15
1512 1(i
6,500174 Y Investors Inc
56
9312 Nov 103 Jaz
No par 100 Jan 2 10612S1061,8.563
104 104
1101 N Y Steam pref (6)
103 10312 .103 1047 *103 104
s
10312 10312
No par 110 Feb 6 117 Aug 28 107 Nov 115 Aui
__ _ 115 116
preferred (7)
___ *115
_ .115
.115
11612 11612
401
6812 Nov 1864 Sep
8 8813 8318 87
77,400,North American Co....No par 8114 Oct 10 13274 Apr II
88% 853 4 847
813 - _- 8 8518 8312 87%
48 Nov 544 Jul
50 61 Jan 13 67 June 4
5518 1,1001 Preferred
5518 •55
8
5518 5512 5518 553 •55
5518 5518
57 Oct 10 1473 Apr 10 ___ ___ ____ ....•
8 9,400 North Amer Aviation_ _No par
57
618 63
612
6
4
614 63
Vli
6's
618
98 Nov 10334 Jai
700 No Amer Edison pref _No par 100% Jan 23 1054 Oct 4
8
4
10434 1043 1043 1047 *10418 1043 10414 10414
8
1013 10412
4112 Dec 6414 Jai
363 Oct 16 553
4June II
8
300 North German Lloyd
3714 374
36% 363
*3514 37
.3412 36
8
*3314 347
404 Der 50 Ma
10 Northwestern Telegraph__ _60 42 Jan 21 5018 Mar 14
45 .4514 48% .4514 484
45
50
..15
.4514 50
614 Eel
3, Oct
4 Mar 26
4
3 Oct 1 1
200 Norwalk Tire & Rubber_ _ _ _10
)
1
4
•3
4
3
.% 1
4
3
4
3
4
3
1
4
*3
No par 22 Oct 101 32 Aug 21 _ _ __ .. _. ___. --2214 2278 39,000 Ohlo OH Co
2218 22% 2212 23
22,4 227
8
237
23
77 Dec 32 Jai
918 Jan 3 2434Sept 9
25
100 011 Well Supply
1713 1712
4
883 Dec 10612 Jai
100 88 Mar 10 110 Sept 12
_ I Preferred
•102 106
Oct 8413 AP
8
5 Oct 17 347 Apr 17
57
618 9.900 011ver Farm Equip_ _ __No par
5
8
63
8
64 67
614 612
8
512 67
3
17 Oct 09 3 AD
8 Oct 10 4618 Apr 17
1,800 Cony partIcipating_No par
818 10
1074 11% 1012 1018 1018
10
101
10
641/ Dec 991251a:
4May 13
No par 3518 Oct 16 903
1.800 Preferred A
38
3518 39 I 38
40
38
404 38
•404 50
.
212 0,t 107 Eel
24 Jan 3
818 Mar 31
No par
34 1,700 Omnibus Corp
3
314 314
312 37
312 313
314 31
4
604 Oct 953 Jai
30 Orpheum Circuit Inc pref.100 63 Jan 6 99% Apr 24
70
70 I*68
70
•68
•68
70
70
70
70
8
573 5712
12812 12813
8
183 18'
.._ 8_ 90
351,
.
3
8
6014 513
661
66
23
*20
132 132
•129 131
10%
10
.484 50
49.2 50
101
10
518 51z
312 31
•____ 40
8
4812 503
112 112
318 31
642 64
124
•11
4 44
*33
3413 36
475 474
.99 100
614
*5
3,1
.30
222 22812
.1812 19
4
123 13.2
277
27
175 173
*534 55
13's 144
10
10
20
•12
60
*58
4
223 23%
1018
.9
25
•22
1
1
.I
1714 17,
3
14 3 4
3
No par
56% 583
,
4 58% 607 1
81 1,5912 80 8 5712 59 1 6,800 Otls Elevator new
100
20 Preferred
8
.1257 12818 .1257 12858•12578 12813 .12.578 123 8
,
191 2,600 Otls steel
No par
18
3
1812 *184 20
183 184 19
1 Prior preferred100
._-_- 90 •____ 90 *____ 90 *____ 90
3918 3,100 Owens-illInois Glass Co____25
37
3712 3814 3913 39
37
(2 37
25
4 9.300 Pacific Gas & Electric
4818 6112 5012 52
4918 503
SO's 52
No par
884 64 8 66'2 2,300 PaCIfic Ltti Corti
68
674 674 68
66
730 Pacific Mills
20
100
20
1912 191, 1918 20
194 194
290 Pacific Telep ..1c Teleg
100
130 131
133 133 .131 135
13114 13114
I Preferred
100
•129 131 .129 131 .129 131 *129 131
4
93 1014 1018 1012 1018 1013
978 1014 74,100 Packard Motor Car_ _No par
4312 4812 *47
53 .47
100,Pan-Amer Petr & Trans___50
.47
50
50
4818 483
1,900; Class 11
4 49.3 4912 .4712 4912 .471a 49
50
123 *10
*10
123 .10
800 Park & Tilford Inc_ _No par
10
11
10
4,100 Parmelee Transporta'n_No par
6
6
54 512
54 5%
4 64
53
.312 334 '
4
33.2 4
200 Panhandle Prod & ref _No par
.312 4
5.35
8 4
•____ 4112 *____ 41's*___ 4112 .____ 41'i
100
Preferred
4614 49
471 5014 494 50% 474 494 80,400 Paramount Publix
No par
112
112
1 12 1.100i Park Utah C M
14 14 .112 13
4
112
1
31, 334
314
3
3 314
33
8 5,0001Pathe Exchange
4 37
33
No par
012 612
No par
4 7
63
8
7, 713 6 4 738 1.300, Class A
,
1178 111, 12 i 1112 12 1 4,1001Patluo Mines & Enterpr_ _ _21
10.2 1034 11
33
33
800,Peerless Motor Cur
4 418
.33
4 31
33
33
4
- 50
4 334'
4
35
34
351, 3718 *353 36 1 353 364 5,600 Penick & Ford
No par
464 4712 4612 4812 444 4612 354 4413 23,000 Penney 4.1 c)
No par
99
99
•99 100 .99 100 I 99
600 Preferred
99
100
8 1,209 Penn.Dixle Cement.... _No par
47
54
5
5
5
514 514
297 297 .28
32
100 Preferred
32 .30
.30
30
100
4.100 People's G L & C(Chic)
223 225 1 215 220
217 2223 220 223
100
•1812 19
•1812 19
.1812 19
1813 1812
100 Pet Milk
No par
3 12
1212 12
12% 1218 127
11
1214 27.300 Petroleum Corp of Ata_No par
2712 27
27
27 1 27
2,900 Phelps-Dodge Corp
27
27
26
25
300 Philadelphia Co (Pittsb)....50
185 185 *180 200 *180 200 *180 190
54 .52
8 5521
400: 6% preferred
533 ' 4 54
5213 5313 51
50
12.2 1314 1314 1414 1313 14 I 1214 134 22.800 PhIla & Read CA 1____No par
97 ,.1.700 Phililp Morris dr Co Ltd_ _10
97
97
975 97
8
•97 101,;
97
20 .12
IPlllilIps Jones Corp____No par
1418 .12
*12
20
*12
20
190
60 1 .58
60 .58
60
Phillipet Jones pref
'
5 58
611
.58
2212 2118 22
, 2134 2212 22
33,900 Phillips Petroleum.... __No par
4
213 221
15 1 .9
.9
11
11
.9
Phoenix Hosiery
11
59
200 Pierce-Arrow class A___No par
25
23 .23
23
23
23
35
•22
8
7
1
1
%, .%
72
1
%
2,200 Pierce 011 Corp
25
100
8' 18 ; 16
400 Preferred
*16
171.1 164 164 16% 163
Vo par
318 314
341 314 5.500 Pierce Petroleum
318 33
% 358I
3
4
1
•Bld and asked prices; no Wes on this day. S Ex-dividend and es-riguts. s Ex-dividend. y Ex-rights.
65 June 18
11818 Jan 23
16% Oct 10
89 July 2
37 Oct 14
484 Oct 14
64 Oct 10
1918Sept 16
129 Oct 10
11612 Jan 6
913 Oct 10
46 Oct 10
471, Oct 10
10 Sept 29
47 Oct 10
318 Oct 10
474 Jul 14
464 Oct 10
112Sept 30
2es Jan 3
5 Jan
(Ps Seet 3
3eaSept29
$
267 Jan 7
35% Oct 17
93 Jan 7
48 Oct 17
2513 Oct 10
215 Oct 17
17'2 July 17
11 Oct 14
26 Oct 14
170 Oct 9
504 Jan 15
1118 Jan 17
814 Jan 8
13 Sept 29
5934 Pow 21
21 Oct 10
190 J t 2350
S°163pe
'Sept 30
16 Oct 17
214 Jan 3
80%Mar 13 . _ ___
3
48ept 29 1187 Oct
1283
2214 Nov
3878 Mar 31
4
893 Nov
99 Apr 29
6071 Feb 7
43 Nov
42 Nov
747 Mar 31
684 Nov
1077$ Mar 28
1712 Nov
30 Feb 8
178 Feb 19 131 Nov
4
145 Feb 21 1163 Jan
13 Nov
23% Mar 18
4014 Feb
844May 14
404 Feb
671251ay 14
24 Nov
4
353 Apr 7
1512 Dec
264 Mar 10
3 Nov
4May 14
123
4711 Feb
80 May 14
Oct
36
7714 Mar 31
3 Dec
8
43 Apr 7
21/ Dec
9 Apr 25
411 De,.
,
19 8 Apr 25
8
247 Oct
3274 Feb 5
54 Oct
14 Feb 3
22 Nov
8
553 Apr 10
66 Nov
80 Jan 3
33 Oct
4Sept 23
1013
312 Nov
12 Mar 8
2012 Nov
Mar 13
55'2
325 May 27 208 Jan
1818 Dec
2212 Aug II
2714Juno 10
455 Apr 7 -31- Nov
248 Apr 15 1574 Apr
474 Nov
8Sept 29
571
94 Nov
8May 23
257
534 Oct
1512 Mar 11
8
:
277 Feb 18' 101 Nov
65 Nov
75 Feb II
$
443 Apr 301 2414 Nov
3
2
304 Apr 30
1018 Oct
18 Nov
pr 3
Oct
1
24 Mar 17
20
Oct
52 May 1
12 Oct
713 Apr 24
_- -125 Jai
55 Oc
108 Fel
894 Set)
4
953 Set'
1464 Set)
37 AP
220 Jul'
138 Oc
3212 Set/
69 Au,
6914 Au
8774 Ja
21 De
1514 Ja
Ja
76
7512 Oc
13% Fe
4
147 Ja
30 Ja
475 Ms
2212 Ja
607 ser
$
10514 04
97 De
27 Ja
94 Ja
404 Au
4512 Ja
-79% Ma
285 Or
54 Ma
34 Ja
2314 Fe
78 els
98 Ma
Ja
47
3718 Ja
377k Ja
3
3 4 Ma
514 Ms
6% Ja
2508
New York Stock Record-continued--Page 7
For sales during the week of stocks not recorded here, see seventh
page preceding.
HIGH AND LOW SALE PRICES
--PER SHARE, NOT PER CENT
Saturday
Oct. 11.
Monday
Oct. 13.
Tuesday
Oct. 14,
Wrdnegay
Thursday
c.Oct.e.
Suter
for
the
Iirset
PER SHARE
Range Since Jan. 1
On bast, of 100-8134re lois.
Lowest.
Highest.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Precious
Year 1929.
17.
Lowest.
IfItt/Zest.
$ per share $ per share $ Per share
Per share $ per share $ per share Awe. Indus.& Misce11 ((5,n.) /"l. $ ver share
$ Per share
293 30
4
2914 291* 2912 30
*293 3013 30 30
4
1,500 Pillsbury Flour Mills__No Pat 27 June 25 37% Apr 11 S Per share 3 per share
30 Oct 63 Jan
38
33
:
7
*3712 373
4 3712 3753 373 373 *374 38
4
4
400 Pirelli Co of Italy
3712 Oct 15 507 Feb 27
8
*34
35
431 Oct 88 Aug
:
34
34
3318 33 835
36
34
34
1,400 Pittsburgh Coal of Pa
100 3313 Oct 15 7812 Jan 7
54 Nov 833 Jan
7513 75,
4
3
75
75
*75, 7912 *7512 784 7512 7512
2
300 Preferred
1011 75 Oct 7 110 Jan
*16
8312 June 110 Oct
1612
16
*1514 16
16
*1414 15781 1512 1512
200,Pittsh Screw & Bolt...No par 1514 Oct 10 227 Feb 7
3
4
96
17 Dec 2712 Aug
98
*96
98
*96
98
96
110:Pitts Steel 7% cum pre(._l01) 9312Jtme 24 103 Jan 18
96
9512 9512
7
19
19
9214 Feb 110 Oct
19
19
*19
207 •19
8
19
21
19
700 Pittston Co
19 Oct 9 227 Apr 8
_No par
8
21
21
2012 21
20
21
2018 2018 19
2,300 Poor az Co class B
20
No par
19 Oct 10 343 Mar IS
2
16
16
20 Nov 437g Au,
*16
17
17
1712 '1612 1712 •16
1714
700- Portollican-.%m'rob clANo par 1512 Oct 10 30 8July 3
3
5
514
478 5
47
8 5
*478 5
478 5
2,000 Class B
4 Oct 10 2714 Mar 10
No par
70
70
8 Nov 5034 Jan
69
6814 6312 6814 6814 68
70
6818 2,000 Postal Tel & Cable 7% pf-100 68 Oct 17 103 Jan 21
27
273
93 Nov 105 Jan
4
26
27
27
2712 25
25
27
25
5,000 Prairie Oil at Gas
25 22 Oct 9 54 Apr 1
2911 2934
4012 Oct 65 8 Jan
5
2831 30
2818 294 283 29
4
28
284 13,300.Prairle Pipe Line
25 274 Oct 8 604 Feb 7
434 5
45 Oct 65 Aug
413 44
45
8 518
47
8 47
8
47
8 44 2,800 Pressed Steel Car
r
No p,
418 Oct 10 165 Feb 18
8
9
48
618 Nov 254 Mar
50
4818 4813 *45
48
3345
48
*45
48
100 Preferred
.100 4818 Oct 14 7612 Feb 14
67 63
50 Dec 81 Mar
6618 874 673 683
3
4 13813 6812 6714 6814 4,700 Procter Gamble
No par 524 Jan 3 7878.1tine 2
43 Nov 98 Aug
412 412
414 4 4 •112 53
,
8 *412 5
414 412 1,000 Producer:4k Refiners
413 Oct 9 117g Mar 17
4 Oct 254 Jan
833 864
3
8112 854 854 874 8514 8714 815 85, 38,800 Pub Ser Corp of N J Corp._50
8
8
No par 81,3 Jan 2 12334 Apr 11
54 Nov 1373 Sept
9753 973
8
4
973 98,
4
4 98
98
*973 9818 9818 9814 1.000 $5 preferred
8
No par 913
4J3 ne 18 100 Oct 4
115 11512
114 115
11313 1131.2! 11312 114 *113 1134 2,000 6% preferred
100 10612 Jan 3 117 Sept 30
98 Nov 10818 Feb
*130 134
•120 1333 *130 132
4
131 131 *131 1333
100 7% preferred
4
100 121 Jan 10 13514 Oct 6 105 Nov 1247 Jan
*15212 15412
8
•15212 1534 1527 1527 15212 15212 *1513 15212
8
8,
4
300 8% preferred
100 143 Jan 2 158 June 7 13913 Nov
11014 11014
*110 119 4 *110 11040 110 110121 11039 1108
,
,
200 Pub Sore Elea & Gaa pref. _100 10714 Feb 5 112 May 21 1044 Nov 151 Sept
59
1095 Jan
60
8
5714 59
5914 60
593 60
4
5718 5312 6,800 Pullman Inc
No par 55 8 Oct 10 893 Jan 3
3
8
73 Nov 9914 Sect
las *us
14 118 *vs
138l'g
jig
300 Punts Alegre Sugar
Oct 7
50
8 2 Jim 17
,
6 Dec 2112 July
1614 164
163 163
3
8
4 163 17
1612 17
1512 1612 18,100 Pure 011(rho)
25 1512 Oct 17 2714 Apr 7
20 Nov 303 May
*106 10912
4
106 107
108 108
1073 1077 *10712 108
8
8
80 8% preferred
100 106 Oct 14 11414 Apr 8 108 Nov 116 Feb
554 577
8
5413 5513 5413 545
8 55
5434 2,700 Purity Bakeries
54
55
52 June 21 887 Feb 15
8
55 Oct 14353 Aug
233 2514
8
223 2512 2418 2512 2314 2412 213 2312 25,400 Radio Corp of Amer.._.No
8
8
par 213 Oct 17 6938 Apr 24
8
26 Oct 1143 Sept
50
4
50
5014 5014 *5012 52
52
5112 5112
52
700 Preferred
50 484 Oct 9 57 Apr21
50 Nov 57
597 61
8
Jan
595 813
8
4
4 593 62
*60
61
3,400 Preferred B
59
60
No par 5414 Oct 1 85 Apr 2
62 Nov 8212 Apr
20 4 223
3
4
193 2214 2114 2318 22
8
8 195 2244 264,800 Radlo-Keith-Orp el A_ _No par
233
8
1712 Oct 10 50 Apr 21
12 Oct 467 Jan
8
22
23
204 217
3
8 215 22-2 2118 2112 21
2114 5,400 Raybestos Manhattan_No par 193 Oct 10 587 Apr 17
4
8
28 Nov 0812 Sept
393 41
8
384 40
40
407
8 397 40
8
37
3912 3,300 Real Silk Hosiery
10 345
8June 19 647 Mar 2(
8
3614 Nov 84% Mar
93
*90
.90
93
*9112 93
*9112 93
*9112 93
Preferred
100 87145e1,t 17 100 Mar 29
8614 Dec 10212 Feb
*112 2
*112 2
*112 2
*112 2
*122 2
Reis (Kohl) az Co
1 Aug 29
No par
578 Feb 3
34 Dec 1614 Feb
15
*13
*13
15
*13
15
13
*13
13
15
30 First preferred
100 13 Oct 16 37 Jan 28
40 Dec 1081 2 Feb
1912 207
8
19
20
1912 21
194 207
3 184 19
34,200 Remington-Rand
No par 1818 Oct 17 4612 Apr 14
203 Nov 573 Oct
8
4
*92 2 96
,
*9212 95
9212 9212 92
*9014 92
92
200 First preferred
92 Jan 3 10073 Mar 23
100
81 Nov 961 2 Oct
*100 101
•100 101 *100 101 *100 101 *100 101
Second preferred
100 95 Jan 4 104 July 15
93 Mar 101
Apr
*1118 11,4
10 4 114 1118 1114 1114 1112 11
3
11 18 4.500 Roo Motor Car
10
818June 17 1478 Mar 21
1018 Oct 317 Jan
8
1914 21
18
197
3 19
223
8 2014 213
4 1912 2114 21,100 Republic Steel Corp___No par 18 Oct 14 7912 Apr 16
89
69
6.5
6512 6412 61's 63
61' 63
64
2,600 Preferred cony 6% ___ _100 61 Oct 17 954May 5
13
13
13
13
1218 1213 13
13
13
13
800 Revere Copper & Brass No par 10 Sept 3
30 Jan 3
25 Dec
Nov
*40
49
*40
437 *40
3
43
34 *40
477 *40
3
Class A.
483
4
No par 493 Oct 9 72 Jan 24
4
70 Dec 78 Nov
17
17 4
,
173 173
4
4 1714 17 8 1713 177
,
3,900 Reynolds Metal Co__.No par 14 Oct 10 313 Apr 14
8 1718 18
4
218 213
214
214
214 23
3
212 258
24 23
3 2,500 Reynolds Spring
No par
2 Sept 23
712 Jan 29
338 Nov -12;4 -Lit;
454 40 8
,
144 4531 453 4612 4618 467
8
8 4412 4813 38,700 Reynolds(R 2) Tot, class B_10 44 Oct 10 5858:afar 11
39 Nov 66 Jan
7312 7312
*71
74
714 7118 733 733 *7212 74
80 Class A
4
4
10 70 June 3 80 Jan 2
70 Apr 89,3 Oct
813 83
8
900 Richfield Oil of Callfornla_25
3
73 Oct 10 2814 Mar 14
225 Dee 495 Jan
8
8
9
912
--877 -- - --Sit -- 1,1 8 4
9
878 -13 --83 -- -1.
8
4 9 8 6,000 Rio Grande 011
85
8Sept 30 25 4 Apr 7
No Par
3
15 Oct 4212 Star
32
32
*32
35
31
31
31
31
*30
*30
200 Ritter Dental Mfg.
No par 31 Oct 15 593 Feb 5
4
40 Nov 70 June
2514 27,2
2112 2134 2312 253
4 24
2514 223 237
4
8 8,000 R asir, Insurance Co
10 21 Oct 10 4834 Mar 3
28 Nov 516 May
44
44,
4
43 4312 43 4 444 443 455
3
4
8 7.700 Royal Dutch Co (N Y shares) 43 Oct 14 5612 Apr 7
8 444 445
4313 Oct 64 Sept
3212 3314
313 32
4
313 3278 3214 3214 2912 32
4
4,200 81. Joseph Lead
10 2912 Oct 17 5714 Feb 6
3812 Nov 94 Jan
62
67
603 64
8
62
634 614 6312 6018 6114 5,000 Safeway Storm
011040)
No par 5714 Aug 13 12238 Jan 23
9018 Nov 1954 Jan
*94
Stock
953
4
9413 94
94
953
*91
4 9514 9514 *94
50 Preferred (6)
87 Aug 9 997 Feb 7
8
85 Oct 101 Sept
*100 102
*100 102 *100.4 102
101 101 *10012 102
20 Preferred (7)
97 Oct 1 1097 Mar 26 100 Oct 1091 Dec
8
:
1613 17, Exchange
2
164 17
1618 167
8 1612 17
154 163
4 1.600 Savage Arms Corp_ __No par 155 Oct 17 3134 Apr 2
8
2012 Nov 517 Jan
8
6
61 1
Vs 011
53
4 6
54 6
54 6
3,700 Schulte Retail Stores_ _No par
414 Jan 2 1312 Jan 23
312 Dec 4112 Jan
*
60
Closed
70
*60
70
*60
70
*80
70
*60
70
Preferred
100 35 Jan 2 75 Jan 21
4.71s 912
712 712 *7
30 Dec 11812 Jan
912
718
7is *7
8
200 Seagrave Corp
No par
713 Oct 16 1414
10 Dee 2214 Apr
5412 5714 Columbus
524 587 35413 57.4 5314 563
3
8 4912 5312 50,500 Sears. Roebuck & Co_No par 4912 Oct 17 1005 Mar 11
8 Jan 31
80 Nov 181
Jan
5
5
412 413
47
8 5
5 13 57
3
512 6
2,400 Second Nat Investors_No par
43 Oct 10 23 Feb 17
8
9 Dec 151 Nov
:
* 4
Day
583
*55
31
*55
81.
*55
55
55
6-1
1002 Preferred
No par 55 Oct 17 823 Mar 18
4
45 Nov 831., Nov
•112 13
4
1.3 153 *112 13
vs
4
113 2,300ISeneca Copper
112 1,
2
No par
13
8-Itire 26
3 Jan 29
12
2 Nov
:
101 Mar
434
45
8 5
5
478 5
5
51 4
53
3
17.800 Servel Inc
412 Oct 10 1312 Apr 25
No par
74 Nov 21% Aug
303 331 s
4 511
2813 30
30
3113 293 303
4
4
4 2812 293 15,800 Shattuck (F (I).
'to par 2812 Oct 14 52 Apr 21
2518 Oct. 194 Aug
13
*12
124 1212 13
1318 12
127
1212 5,500iSharon Steel Hoop_
8 11
5344 July
No par 11 Oct 17 32$4 Feb 13
23 Nov
19
.
318
•17
19
19
19
1712 1713
19
818
200 Sharp & Dohme
No par
1614 Aug 8 273 Mar 10
4
167 Nov 22 Nov
8
*53 60
.58
60
*58
5912 *58
5912 *5713 5912
Preferred
No par 54 Jan 2 6334 Mar 1.0
50 Nov 857 Aug
8
*37
33 42
*3653 40
377 37, *387 39
3
8
8
*387 39
8
50 Shell Tramp & Trod Co Ltd £2 3712 Oct 1 483 Apr 23
8
43 Jan 5534 Jan
1014 1659
1014 1012 1013 103
4 103 107
8
10
107 22,900 Shell Union 011
3
8
No Par 10 Oct 17 _ 2512 Apr 7
19
Oct 31.3 Apr
4
85
*84
84 84
84
85
85
85
85
fia
600 Preferred
100 84 Oct 9 10814 Apr 21
_
-1014 104
914 10
101, 1014 1018 1118
93 1018 2,400 Shubert Theatre Corp_No par
8
85 Jan 2 35 Apr 25
8
8 Dec 7412 Jan
7
18
154 164 154 17
1614 1738 1512 167 22,000 Simmons Co
8
No par 15 Oct 10 947 Jan 2
3
59,2 Nov 1814 Sept
4
*123 13
1231 13
13
1312 123 13
4
13
12
3.800 Simms Petroleum
10 12 Oct 17 37 Mar 24
15 Nov 4018 Aug
_15
4
12 16,
1518 154 15 3 15 3 145 1514 14
,
3
8
145 87.100 Sinclair Cons
8
Corm_No par 14 Oct 17 32 Apr 7
21 Nov 45 Jan
108 108
106 106
1094 1093 *1093 11014 1093 10934 1,000 Preferred 011
4
4
4
100 106 Oct 14 11214 Apr 24 103 Oct 111
Jan
2014 203
3
20
2014 2018 2014 20
2018 194 20
9,500 Skelly 011 Co
1918 Oct 17 42 Apr 9
25
'28
Oct 46's Stay
3
3
3
33
4
3
3 18 313 *314
314 314
500 snider Packing
No par
3 Oct 10
8 Jan 9
318 Nov
161, Feb
*1512 1731
*1512 1612 *16
1612 *1512 1612 •1512 1612
Preferred
No par
15 June 25 363 Feb 24
4
14 Nov 6412 July
107 108
103 10312 103 10312 1014 105
103 10412 2.600 Solvay Arn Inv Trust pref.
2
_100 95, Jan 6 12112 Apr 3
85 Nov III Sept
1312 13114
135 1412 1418 16
8
1512 163
8 1412 1512 6.300 So Porto Rico Stut
No par 1118 Oct 7 303 Jan 16
4
2253 Dec 15 May
5018 51
4913 513
8 603 514 504 5112 4912 5012 6,900 Southern Calif Edison
3
25 494 Oct 10 72 Apr 14
4518 Nov 91,4,
,ept
*414 5
*414 412
5
5
414 414 *314 6
600 Southern Dairies el B__No par
312 Jan 4
9 Mar 3
212 Nov
Jan
*3512 40
*3512 40
40
40
*3612 40
3812 40
100 Spalding Bros
No par, 33 Jan 8 45 Mar 17
30 Nov 6:1,2 Mar
•
1143 115
1143 115
4
4
115 115 *11434 115 *11434 115
160 Spalding Bros 1st pref__ _1001 103 Jan 13 115 Aug 27 107 Nov 117 Feb
2918 294
.29
31 I 2911 2914 *2912 31
31
*29
300 Spans; Chalfant&Co Eno No par
197 Jan 21 373
8
4June 14
15 Oct 521 Jan
:
95
*93
*93
95
*93
95
95
*93
95
*93
Preferred
190 92 Jan 201 98 Jan 2
89 Mar 98 Oct
1412 1514
14
14,
2 1118 14-2 14
144 113 11
4
9,800 Spark8 Wit hington_ _ __No par 113 Oct 17 3012 Apr 10
4
1.34 Nov 73 Aug
131.1 134 *13
*1314 134
13
1314 13
13
13
400 Spencer Kellogg & Sons No par
12 Oct 3 25 Apr 15
20 Nov 45 Aug
10 4 1034
3
1014 1014 *1014 1313 *1012 1318 103 104
8
500 Spicer Mfg Co
No par 1014 Oct 14 3812 Feb -1
2018 Dee 6634 Mar
*____ 37,8
*2518 33
*30
33
3018 303
3 3012 305
400 Preferred A
8
No par 304 Oct 16 4518 Mar 31
38 Nov 557 Mar
8
*918 10
918 11
*913 10
107 104 '939 10
3
1,200 Splegel-May-Stern Co_No par
918 Oct 14 52 Feb 3
34 Dec 1174 Feb
15-4 163
16 4 17
,
4 1814 1713 163 17
8
1614 164 55,900 Standard Brands
.Vo par
155 Oct 10 294 Feb 8
3
20 Oct 444 Sept
*11714 119
*11712 119 *____ 11812 *116 11812 *117 1181
Preferred
No par 117 July 7 12112.8ept 23 11414 Nov 1183 Sept
4
*414 431
4
413
4.2
414 412
112
4
4
900 Stand Comm Tobaeco_No Par
312June 17
714 Feb II
312 Dec 435 Jan
8
82
75
80
787 824 8014 8012 7518 80i 15,800 Standard Gas es El Co.No par 75 Oct 14
78
8
12912 Apr 15
731 Nov 2433 Sept
:
4
65
*65% 65%
6512 .64
6418 611
65
65 4 65
,
Preferred
1,230
50 613
8June 19 67 May 26
5312 'Nov 67 Feb
99 99
*9814 1001 1 10014 10014 *99 100
*99 100,4
200 36 corn prior pref....No par 9612July 10 101 Sept 12
418 45
4
8
4
411 43
412 412
4
414 414 2,800 Stand Investing Corp.
.No par
34 Oct 10 1512 Mar 27
Dec 423 Sept
10512 1053 10.312 106, .
4
*1053 106
4
.i05t4 1055 10514 1055
8
4
,300 Standard 011 Export pref...100 93 Feb 8 1063 Oct 7
8
8
5213 5358 53l 513 525 533
53
5133
8
4 523 53
8
17,500 Standard 011 of Cal..
..No par 5218 Oct 10 75 Apr 25
5113 Oct
2078 217
8 2111 2214 22
2212 224
217 221
22
8
2,300 Stand Oil of Kansa.s
25 204 Oct 14 49
5553 58
554 593
563 583
4
4
3 5712 5918 5518 57 143,400 Standard 011 of New Jersey_25 5518 Oct 10 847 Apr 21
3
48 Feb 743- Sept
264 2712 253 2712 274 273
274
27
4
8
4 265 273 34,500,Standard 011 of New York 25 2612 Oct 10 404 Apr 30
3
Apr 24
613 Nov 4R18 Sept
4
247
24
8 2312 2412 *24
247
*23
8
2414 24
900 Starrett Co(The) 1, S_No par 21 Oct 10 4734 Apr 23
2439
2018 Oct 477 Oct
8
613 7
613 64
6
6
84
6
512 539 2,900 Sterling Securities Cl A_No par
5 2 Oct 17 2012 Mar 31
,
£04 Nov
.914 97
8
38 Sept
914 10
10
914 10
10
*9
9 4 1,400 Preferred
,
20
914 Oct 15 143 Mar 31
4
813 Nov
157 July
3
35 8 3313 3531 3214 3518 3212 3213 1,000 Convertible preferred_
*35
7
32
32
50 3I 2 Oct 10 48 Mar IR
,
31
Oct 5512 sops
IS
205
20
193
4 2018 2078 19
8
3 2011 203
2014 8,400 Stewart-Warn Sp Corp
10 18 Oct 10 47 Apr 5
30 Oct 77 May
5612 6312
59.2 574 603
56
5614 5912 19,000 Stone & Webster
4 594 61
No par 56 Oct 14 1133
3
1
64 Nov 201: Aug
26
3 2513 26
2512 267
8 2513 263
27
213 2512 11,500 Studeb'r Coro (The). _No par Ws Oct 17 4714 Apr 8
8
384 Nov 93 Jan
8
*122 1247
122 122 *122 125 *122 1247 122 122100 116 Jan 21 125 Feb 6
8
110 Preferred'
Mar 18 115 Nov 126 June
414
as
*
14
*14
3
8
Submarine Boat
*14
3
8
38
*14
%
'to par
'Sept 30
13 Mar 31
8
3 Oct
8
412 Mar
52
5214 5214
524 5212 5212 5313 533
8 52
53
1,700 Sun 011
No par 50 June 18 70 Apr 7
55 Dec 863 Oct
8
1043 1053 105 106
4
106 10612
4
106106
105 506
1.50 8oPerfie rteodr
orei ero
50
0
35
35
_100 10212 Jan 13 10811Sept 30 100 Jan 10512 Jar
35
3512 3513 3613
35
35
38
*35
Co(The)_N,, par 3212 Oct 10 45142uly 29
-_
158
173
112 158
13
4
153 17
17
3
8 4.700 Superior 011
14
13
8
No P•Ir
112Sopt 30
93
8May 12
514 Nov 24 Aug
8
8
8
8
813
84 812
*712 812 1,300 Superior stew
8
10)
73 Oct I 293 'Mar 27
4
8
15 Nov 734 AM
*1012 12
*1012 12
1012 1012
*1012 104 *1012 12
500 Sweets Co of America
5f)
812 Jan 24 1572 Mar 28
513 Nov 221 1 Apr
*
212 33
8
23
213 2,2 • 3 33
8 *214 339 *214 33
3
300 Symington
No par
21
:Sept 29
7 Apr 23
212 Dee
9 May
*614 8
6
3
54 6
614
,
8 1,700 Class A
524 53
1 *5- 4 57
539 Oct 15 175
No par
614 Nov 105
8May
1712 1712
1,100 Telautograph Corp_ _No par 154 Jan 25 264 Apr 23
8 174 177
8 17
17
17
174 *1712 177
_No
Apr 7
147 Dec 2513 Mar
8
9
9
9
2.400 Tenn Copp & Chem_ _No par
8 8 Fs
83
9
7
4 9
84 84
812 Oct 14 17 Apr 10
912 Nov 207 Apr
8
4312 443
3
4333 4414 431 4 44
4212 4314 28,900 Texas Corporation
42-2 44
25 4212 Oct 14 6012May 1
50,2 Nov 517 Sept
:
52
541,
24,900 Texas Gulf Sulphur.__ _No par 48'8June 25 674 Mar 24
5013 517
5412 5418 5312 5112 53
8 51
4212 Nov 85, Apr
4
612 67
s
618 618 2,800 Texas Pacific Coal & 011
63
3 612
64 64
63
3 62
,
10
8 Oct 10 144 Mar 18
912 Nov
234 Mar
153 163
4
15
153
4 1718 1853 1518 174 50.109 Texas Pao Land Trust
4 1512 185
1
135 Jan 2 324 Mar 22
3
614 Oct 4412 Jan
*18
19
1718 1714 1713 1713 *1739 173
8
800 Thatcher Mt-d
173 1712
1
No parl 164 Oct 0, 384 Apr 4
1612 Mar 35 Sept
*41
44
*41
414 *41
41
41
4113 *
100 PreferredNo par 40 Jen() 18 43 Mar 31
41,
s 41
35 Mar 497 Sept
2
1
•Bid and asked prime; no sake on this day. z
y En-rigt ta
2509
New York Stock Record-concluded-Page a
For sales during the week of stocks not recorded here. gee eighth page preceding.
Sate*
STOCKS
NEW YORK STOCK
for
the
EXCHANGE.
Friday
Wednesday 1 Thursday
Monday
Tuesday
Week
Oct. 17.
Oct. 15.
Oct. 16.
Oct. 13.
Oct. 14.
$ per share $ Per share $ Per share $ Per share 5 per share Shares Indus &misc.'', wan.) par
No par
400 The Fair
2314 2314
2314 2314 *2314 25
*2314 25
100
Preferred 7%
*10612 107 *10612 107 *10612 107 *10612 107
No par
8 1,800 Thermoid Co
73
8 73
8
8
83
8
78
7
7
718 7 8
900 Third Nat Investors__ _No par
25
2478 25
255
8 23
25
2612 25
25
2.300 Thompson (J R) Co
29
2912 2912 29
294 2918 3012 29
800 Thompson Products IneNo par
16
16
17
*1514 1612 17
17
17
614 612 1.900 Thompson-Starrett Co_No par
6
6
67
8
618 618
618
No par
1,900 *3.50 tuTu pref
33
31
3212 *32
33
33
33
33
No par
4
10
1014 1012 1034 1012 1078 104 103 26.600 Tidewater Assoc 011
•
100
700 Preferred
7218 724
72
72
72
72
72
72
Tide Water 011
100
no 21 *16 21 *16 21 *1512 20
100
400 Preferred
*8412 89
85 85
*8512 89
*8512 89
10
612 912 3,500 Timken Detroit Axle
8 8 918
7
93 10
4
93
8 912
8
527 14,000 Tinken Roller Bearing_No par
53
55
5614 50
5312 557
8 53
20
8 1,400 Tobacco Products Corp
7
2 8 27
3
3
28 3
7
27
8 28
7
20
2.500 Class A
103 11
4
103 11
4
11
11
11
11
25
8
1734 184 18
1812 183
4 173 1814 78,500 Transamerica Corp
19
Transcont'l 011 Co..... _No par
_
7
.91- 10
lir -. 8 -- - _ 1:200 Transue& WilltarnsSt'l No par
-55- ---WS iii- -.
11:1- --9; 9 4 1014 16,500 Tri-Contlnental Corp_hro par
3
103
8 1018 1012
3
97 10 8 10
8
100
3,900 6% preferred
9434 95
8 9434 95
4
943 947
9478 95
14.300 Trice Products Corp_ __No par
2614 30
304 3953 3018 301s 30 30
No par
900 Truax Traer Coal
*1034 1312 12
*1012 12
*1012 12
12
10
800 Truscon Steel
2434 25
24
25
2478 *24
2714 *24
No par
2,900 Ulen & Co
19
1418 1712 14-2 18
17
197
8 17
7,500 Under Elliott Fisher Co No par
69
65
71
73
72
7314 6914 73
500 Union Bag & Paper Corp_ _100
*14
14 2 *1414 1412 1414 1438 1314 14
,
8
6012 635 121,200,Union Carbide & Carb_No par
6014 6433 63
8
6578 633 65
25
x3012 32I 8,4001Union 011 California
307 3213 3214 3234 325 33
8
8
No par
8 1,100'UnIon Tank Car
255 255
8
255 253
26
8
26
26
4 26
373 164,200 Gritted Aircraft &Tran_No par
4
34
3718 395
35
39
8
3 375 39
50
5712 3.2001 Preferred
55
56
*5512 5912 65
57
59
No par
8 3.000 United Biscuit
377
35
38
8
3814 37
3714 377 38
Preferred
100
*1143 13912 *11434 13912 *113 13912 .113 13912
4
No par
11,600 United Carbon
3212 365
8 36
375
8 354 3714 314 35
No pa
512 558 2,000'Unfted Cigar Stores
55
8 58
7
58 6
7
512 512
100
5212 1,700 Preferred
52
51
52
50
53 4 53
3
31 50
No par
4
2114 2258 2258 2414 234 2415 213 2318 259,200 United Corp
No par
4778 483
8 494 493
8 48
4 5,800 Preferred
485
8 484 493
600 United Electric Coal_ _ _No par
418 418
43
4 *418 412
43
4 434 *4
No par
8.000:United Fruit
74
70
7212 72
7312 7214 7312 72
8
2934 304 3018 3138 303 314 2918 305 101,600.United GOA & Improve_No par
8
I Preferred
No par
*101 104 *102 104 *10218 104 *10212 103
100
43
4
United Paperboard
43
4 *4
43
4 *4
4 *4
*4
43
23
2458 x24
4 2412 242 4,700HnIted Piece Dye Wks_No par
244 24
243
No par
612 7
6,
2
63
4 718
6
612 67
8 6,8001 United Stores cl A
7001 Preferred class A_ _ _.No par
4018
40
39
39
42
*36
4412 42
200,Universal Leaf Tobacco No par
4
2434 2434 2678 267 *2518 2612 *2413 253
8
*5(1
401Universal Pictures let pfd.100
5112
*434 52
50
52
51
52
23
4 27g 1,500,Universal Pipe & Red_No par
234 23
23
2 278
4 *278 3
20
13,900U. S. Pipe & FdY
25
2678 2614 2738 26
275
8 2412 26
No par
300 1st preferred
19
187 187
8
*18
1914 *18
8 19
19
No pa
812 83 3,200 U S Distrib Corp
812 87
8 *812 9
9
9
100
U S Express
*114
178 *114
17
8 *Ps 178 *114 17
No par
30
32
344 34'8 1,800 U S Freight
36
32
34
38
912 1112 10
1018
103
8 3,200 U S & Foreign Secur_No par
97 1014 *10
8
Stock
No par
400 Preferred
*9134 94
913 913
4
4
4
4
4 913 913 *913 94
900 US Hoff Mach Corp_ _ _No par
13
13
1214 13
*1214 13's
*1214 14
Exchange
5814 62
x80
6414 6212 63
6114 62hz 6,900 U S Industrial Alcohol_ __101)
612 67
6
6
No par
64 612 2.900 U.S. Leather
8
67
8 67
8
Closed
101 11
8
8 2,100 Class A
11
1118 1014 103
1058 11
No par
*7212 8211 7214 7212 70
100
6812 0912 1,000 Prior preferred
71
Columbus
10.700 US Realty & Impt____No par
36
35
3518 363
4 34
36
3653 35
1214 14
1318 1414 135 143
10
8
8
8 1212 137 15,600 United States Rubber
2412 25
23
25
Day
2212 24's 3.700 1st preferred
25
25
100
1934 20
20
1912 2014 20
1012 20
10,400 U S Smelting Ref & Mln_-__50
*4318 45
43
400 Preferred
*4314 443
4
43
60
*4314 45
14518 14938 524.200 United States Steel Corp_100
4
8
1443 1497 1473 1523 14958 152
4
8
14818 14818 1483 1484 14818 14814 14814 14812 3.500 Preferred
8
100
60
604 2,400 U S Tobacco
*60
61
60 60
60
61
No par
2618 2712 2612 273
24
27
4 254 274 27,700 Utilities pow As Lt A_ _ _No par
112 6,000 Vadsco Sales
13
8 13
8
1 13
114
112
114
s
No par
4658 5238 5018 5514 5214 5458 4812 5238 272,100 Vanadium Corp
No var
1,200 Virginia-Caro Chem
*234 27
234 278
*23
4 3
23
4 3
No pa
20
20
1.500 6% preferred
*20
21
183 2014 20
4
20
100
500 7% preferred
25
76
*74
*75
80
78
100
2 75
30 Virginia El & Pow pf (6) No par
10412 10412'10412 10512 105 105
*10412 106
140 Virg Iron Coal & Coke p1._100
70
70
70
70
*70
75
70 70
1,100 Vulcan DetinnIng
48
564 504 54
8 54
534 5112 567
100
70 Preferred
*924 95
100
*9212 95
93
12 9313 *9212 95
2412 26
3,500 Waldorf System
24 4 26
3
243 25
4
243 25
4
No par
1,500 Walworth Co
2212 2212 2012 21
21
22 8 *22
7
23
No par
230 Ward Bakeries class A_ _No par
235 27
8
25
26
25 25
23
23
6
652 7
64
63
4 712
7
738 3,200 Class B
No pa
564 56'2 1,600 Preferred
100
6012 604 60
6018 584 59
4 1918 2178 318,800 Warner Bros PIctures_No par
1618 175
8 1634 1814 1734 213
400 Preferred
*37
45
38
38
*3812 45
38
38
No par
712 712
712 712
714 7t2
71s 718 5,700 Warner Quinlan
No par
3418 3512 354 374 3512 373
363
4 7,100 Warren Bros. new
No par
8 34
4812 485 *4812 52
270 Cony prof
4712 481
8
No pa
*481y 51
2638 265
900 Warren Fdy & Pipe
8 265 265
8
8 2612 265 *2612 30
8
No pa
418 412 3
.418
478 *44 43
4 *418 41
300 Webster Elsenlohr
2
24
244 2478 2578 25
2,400 Wesson Oil& Snowdrift No par
25
254 25
544 2,900 Preferred
No par
5414 5412 5412 5434 54
54
54
13914 146
144 145
142 144
4,400 Western Union Telegraph.100
13912 140
3418 365
8 344 35
34
344 4.000 Westingh'se Air Brake_No par
3412 34
10814 1144 11212 11814 11314 11614 10712 11318 382,300 Westinghouse El & Mfg.
-50
11714 120
120 124
122 122
650 1st preferred
11714 119
50
*2334 24
*24
2412 *23
200 Weston Elea Instrum't_No par
24
23
23
*3414 38
*3414 36
*344 36
Class A
*344 36
No par
107 107
106 167
106 106
170 WestPennEiecciaA_Nopar
106 106
109 109
109 109
100 10912 109 1103
180 Preferred
4
100
102 102
100.2 10114 10012 10078 10134 1013
170 Preferred (6)
4
100
117 117
117 117 *11612 117
11613 11612
70 West Penn Power pref
100
110 110
10952 109 2 *10912 110
3
830 6% Preferred
1083 10912
4
100
3
23
23 4 23
3
20
23
21
400 West Dairy Prod el A- _No par
21
21
5
5
'8 634
58
45e 512 6,000 Class B
514
No par
*3012 34
*304 33
32
32
*3012 3412
200 Westvaco Chlorine ProdNo par
*3
7
*112 7
*2
7
*2
wexTnark3ha.iloStoNopar
312
27
2812 29
29
29
293
8 2838 283
4 3.500 White Motor
No par
42
42
43
4412 44
44
43
4318
900 White Rock Mln Spring 00_5
33
2 312
312 312
312 312
312 4
1,300 White Sewing Machine_No par
7
ells 8
7
7
7
800 Preferred
63
4 7
No par
4
4
*103 113 *103 113 *1034 1114 *103 1111
4
4
4
400 Wilcox Oil& Gas
No par
3 _ _ _ 23 *_ 224 *15
._
2278 *20
2278
Wilcox-Rich class A
No par
*___ 2614 *____ 2612 *15
2612 *15
Class B
2612
No par
412 458
433 458
412 413
413 45
8 5,100 WIllys-Overland (The)
5
3512 5313 *48
54
60
54
4958 51
800 Preferred
1013
3
3
*23
4 314
27
8 27
8 *3
314
200 Wilson & Co Inc
No par
74 712 *75
8 8
74 7 8
7
5
7
600 Class A
No par
*42
*42
47
40
41
4212 42
42
400 Preferred
100
5918 6414 623 654 63
6412 61
4
644 64,100 Woolworth (F WI Co
10
79
85
82
8614 82
85
78
8112 19,800 Worthing P & M
100
*9612 98
98
*9612 9818
98
9612 9612
400 Preferred A
100
87 87
*875 90
8
*87
90
*87
893
4
200 Preferred B
100
*22
1434 *22
35 4 *22
3
353 3
4 .22
35 4
3
Wright Aeronautical-No par
664 67
6914 68
62
6812 69
1,500 Wrigley(Wm)Jr(Del)_No Par
68
34
35
3515 36313 357 36
35
36
8
4,600 Yale & Towne
25
115 133
8
8 1214 1334 117 13
8
103 1218 91,900 Yellow Truck & Coach el B_10
4
75
8512 *8014 85
*8•014 85
10 Preferred
100
20
76_- 2118 2012 21
2113 2118
1918 204 40,900 Young Spring & Wire_No par
90
90
90
90
9314 90
90
90 I
600 Youngstown Sheet & T-No par
418 412
5
5
45
8 434 1,300 Zenith Radio Corp.-._No par
47
8 5
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Oct. 11.
$ per share
*2314 25
*10612 107
718 83
8
25
25
28
29 8
7
1614 1612
6 4 6114
3
3114 34
10
1014
*7312 7442
*16
21
*85
90
9
9 14
523 56
s
23
4 3
11
11
18
183
4
---- ---8
9
10
1014
8
947 9478
*31
313
8
117 1213
8
2314 233
4
'15
19
72
7512
1412 141
6112 657
8
31
323
8
2612 261
37
394
5518 5618
3812 39
*114 4 13912
3
35
3612
*512 6
*54
554
2214 2478
48
4913
414 412
7012 7153
307, 3214
8
•102 104
*4
43
4
24
247
8
612 612
4012 4013
*25
27
*47
52
25* 272
2514 27
*17
184
9
9
*114 1 8
30
31
1014 1012
913 914
4
13
13
6014 6112
67
s 714
11
11
*7258 825
8
3612 378
7
127 14
8
24
24
1914 20
434 433
4
14714 151
148 14812
61
61
25
2714
14 138
49
5314
24 24
3
3
20
22
3
•74
80
*10412 10512
70
70
52
573
8
*9212 9312
25 2514
2212 23
2712 28
6
6.2
*60.2 61
8
1773 187
38
38
712 712
3518 3814
5018 504
*2658 27
*414 412
243 244
8
544 5412
139 144
3518 36
8
11114 1167
119 126
25
25
*3414 36
•107 108
109 109
*10113 102
117 117
1093 1107
2
2
233
4
*20
614 64
32
32
*4
7
273 28's
4
*4312 44
312 312
*7
8
11
11
*2014 23
•__ _ _ 261
412 43
*5512 57
*3
314
812 812
46
*41
3
8112 63 4
80 4 85
3
98
98
*88
90
40
*22
69
69
36
36
1212 1312
85
*75
20
22
934 934
*412 511
0 Bid and asked prices; DO eales on tins day
z Ex-divIdeal
Ex-rigina
PER SHARE
Range since Jan. 1
On basis of 100-share lots.
Lowest.
8 per share
2314 Oct 14
102 Jan 21
7 Oct 10
2212 Oct 10
27 Oct 10
15 Sept 29
518 Oct 10
30 Oct 10
10 Oct 10
72 Oct 14
154 Oct 9
83 July 15
8 Oct 10
60 Oct 17
214 Jan 3
52
7 Jan 2
173 Oct 17
8
1614 Mar 10
8 Oct 11
9 Oct 9
18
8914 Apr 10
2614 Oct 17
10 8 Aug 27
5
227 Oct 10
8
1412 Oct 15
65 Oct 17
9 8J1,ne 24
5
6012.11,ne 23
284 Oct 10
2518Sept 5
34 Oct 17
55 Oct 14
35 Oct 17
117 July 12
3218 Oct 10
512 Aug 8
26 Jan 2
2114 Oct 10
465 Jan 6
8
4 Sept 29
70 Oct 10
2918 Oct 17
97 Jan 13
4 Oct 10
22 June 18
418 Jun 2
154 Jan 2
137 Aug 13
8
30 Jan 3
218 Jan 9
184 Jan 2
153 Jan 7
8
812 Oct 15
1128e1)1 16
2712 Oct 10
9 Oct 10
8512 Jan 8
1214 Oct 15
5814 Oct 14
6 Oct 14
9 Sept 30
6812 Oct 17
34 Oct 9
11 Oct 10
214 Oct 10
17
12July 10
42 July 17
14412 Oct 10
141 Jan 4
594June 18
20 Oct 10
2 Oct 9
4653 Oct 14
2128ept 30
183 Oct 14
4
7312 Oct 14
101 July 14
38 May 1
48 Oct 14
85 Jan 24
2414 Jan 8
20 Sept 30
2112 Jan 7
412 Jan 2
563 Oct 17
8
1618 Oct 14
36 Oct 3
74 Oct 17
34 Oct 17
4712 Oct 17
2314 Jan 2
44 Oct 14
22 Oct 10
50 Jan 15
13
13314 Oct 10
334 Oct 10
10712 Oct 17
1174 Oct 14
23 Oct 17
33 June 23
98 Jan 3
10512June 25
97 Jan 2
14
11812 Jan 3
1043 Jan 23
8
20 Oct 16
45* Oct 17
30 June 24
12
3 Oct 10
27 Oct 14
Ws Jan 21
13189ent 25
6 4 Oct 17
3
11 Sept 30
22 Oct 4
1912May 5
418 Oct 10
495 Oct 17
8
212Sept 30
6 8 Oct 7
5
40 Oct 14
5158June 23
6714 Jan 17
88 Jan 17
78 Jan 3
27 Oct 8
6613 Oct 10
34 Oct 14
1012 Oct 10
72 Jan 27
194 Oct 9
91) Oct 10
312 Oct 10
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
$ per share 3 per share
25 Dec
12
32 Jan 18
110 Feb 13 102 Nov
267
8May 19
4614 Apr 14
4712Mar 12
30 Oct
393 Apr 10
8
187 Mar 28
8
495
8Mar 26
10 Nov
173 Apr 7
4
7418 Nov
89 2 Mar 25
3
14 Nov
31 Apr 23
8518 Nov
947 Apr 16
8
1112 Oct
2114 Apr 11
5812 Nov
8914 Apr 11
1
Oct
612 Jan 23
5 Nov
14
13
14July 9
25 413ept 8
3
24 Apr 24
15 8 Dec
5
28 3 Jan 31
3
Highest.
5 per share
517 Jan
2
11014 Oct
-62
Jan
234 June
90 2 Aug
7
40 June
97 Jan
12
343 Sept
2
150 Jan
2212 Mar
225 Mar
8
53 4 Apr
3
2014 Apr 10
96
135ep1 13 -- --- --_ --30 bee 63 July
4134 Mar 1
2
1332 Dec 317 Jan
22 Mar 18
8
3018 Nov 615 Jan
375 Mar 25
8
24 Sept 5
4
82 Nov 1813 Oct
138 Mar 21
7 Nov 43 Jan
19'l Sept12
59 Nov 140 Sept
1064 Mar 31
424 Nov 52 Sept
60 Apr 7
384 Apr 10
31 Nov 162 May
99 Apr 8
44 2 Nov mil may
7
7734 Apr 7
53114May 28
33 Dec 60 Ott
12
142 May 28 11412June 136 Oct
84 Apr 24
2
4012 Nov 1113 Sept
812.1une 5
197 2 Dec 104 -Jan
88 June 5
19 Nov 75's May
52 Apr 28
4212 Nov 497 July
5311 Apr 23
2
197 Feb 19
8
8 Dec 814 Feb
99 Oct 15812 Jan
105 .110, 13
22 Oct 59 2 July
49 8May 1
3
3
0014 Oct 9814 Dee
10412 Oct 7
14 Mar 14
2
7 Nov 283 Jan
1614 Nov 48 8 Aug
32 8 Apr 7
7
7
318 Dec 14
1472June 7
Oct
1414 Dec 404 Oct
3
50 4July 18
254 Nov 85 3 May
7
39 Mar 15
28 Dec 93 Jan
76 May 9
24 Dec 2214 Jan
9 Apr 10
12
Oct 557 Mar
3
3814 Apr 10
15 Oct 19 Jan
21 May 27
9 Oct 23 Sept
20 8 Jan 17
3
2 Jan 10 Apr
4 8 Apr 14
5
8614 Nov 13412 Sept
103 Apr 7
171s Nov 72 Aug
32 s Mar 31)
7
82 Nov 924 Aug
101 Mar 21
1712 Dec 49 2 Jan
30 Mar 12
5t,
7
95 Nov 24358 Oct
1394 Jan 2
1512 Apr 21
5 Nov 254 Jan
1414 Dec 617g Up
26 Apr 21
8114 Dec 107 Feb
94 June 23
5012 Nov 11912 Feb
7513Mar 25
15 Oct 65 Mar
35 Apr 10
4018 Nov 924 Jan
63 s Apr 4
7
2
2978 Oct 727 Mar
3611 Jai. 6
534 Jan 7
48 Nov 58 Jan
4
1983 Apr 7 150 Nov 2613 Sept
4
a 5114Sept 29 137 Nov 14414 Mar
4
5513 Nov 713 Nov
66 Feb 10
2418 Nov 584 Aug
45 4 Apr 10
3
3 Nov 1812 Jan
718 Mar 12
3713 NOY 11612 Feb
14314 Apr 26
87 Apr 1
8
1
318 Oct 24 4 Jan
lb
Oct 6512 Jan
344 Apr 1
69 Nov 9712 Feb
823 Apr 9
8
10712 Oct 2
39 Dec 48 -Jan
70148ept 25
38 Nov 14978 Aug
156 Mar 24
100 Mar 24
81 Nov 110 Apr
20 Nov 364 Oct
313 Apr 11
4
8
22 Nov 497 Oct
42 4 Apr 2
3
54 Mar 24
20 Dec 844 Jan
4
15 8 Apr 1
5
112 Oct 211 Jan
50 Nov 87 Jan
12
774 Apr 3
12
30 Nov 64 Aug
80 Mar 28
14
1
25 Oct 59 4 Jan
14
7014 Mar 28
27 Apr 12
15 Oct4278 Jan
6312 Apr11_
66 Sept12_ .. . - .
4312May 19
154 Mar 3414 Jan
8
913 Mar 31
4 Oct 1133 Feb
2978 Mar 27
20
OctI 48 Mar
7212 Mar
4912 Nov
5912 Apr 7
2193 Feb 19 160 Nos 27214 Oct
8
364 Oct 8738 Aug
52 Feb 27
20112 Apr 15 100 Oct 29258 Aug
1973 Apr 15 103 Nov 284 Aug
4
3
19.8 Nov 64 2 Sept
48 8Mar 31
7
3213 Aug Ms APT
36 Jan 28
90 Nov 110 Feb
110 Apr 16
4
97 Nov 1111 Jan
11212Sept 18
884 Nov 102 Jan
104 July 31
1184June 17 110 Nov 117 Mar
11112Sep1 12 102 Sept 11011 Jan
3612 Nov 60 Sept
50 Mar 10
7 Nov 40 Sept
2418 Apr 11
30 Oct 941s May
5912 Feb 17
75 Sept
19 Oc
21 Jan 7
12
2
271 Nov 53 Mar
43 Apr 4
3
7
272 Nov 55 4 Sant
54 8Mar 20
7
I Oct 48 Jan
1372 Mar 4
7
27 Dec 57 8 Jan
397 Apr 3
8
3
1278 Nov 29 4 Feb
21 Apr 25
Oct 614 May
19
344 Jan 29
123 Oct 62 May
8
4Mar 31
273
5 Oct 35 Jan
14
8
115 Feb 6
Jan
65 Dec 103
85 Apr 3
3 Dec 1313 Jan
734Mar 27
Jan
65 Nov 27
8
13 Mar 27
354 Nov 79 Jan
5412Mar 31
5214 Nov 112 Sept
7238 Jan 2
43 Mar 1374 Sept
169 Apr 29
75 Nov 10012 Sept
107 Apr 25
66 Apr 9012 Sept
93 Mar 29
30 Nov 299 Feb
5912Mar 5
8
85 Nov 807 Jan
80 July 26
613 Feb 88 Aug
4
77 Mar 1
73 Nov 6114 Apr
323 Apr 23
4
80 Mar 9612 May
105 Apr 2
3312 Oct 504 Aug
47 Mar 7
91 Nov 175 Sept
152 Apr 7
4
52 4 July
3
612
16,3 J00e 2
2510
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Sultana- n.Ised of quoted non,u was changed and prices ars now "and interest"-etc.etat for income and defaulted bonds
,
BONDS
N. Y. STCX K EXCHANGE.
Week Ended Oct. 17.
a3
Price
Friday
Oct. 17.
Week's
Range or
Loa Sale.
U.$ 00000extant.
Bid
Ask Low
High No.
First Liberty Loan-334% of 1932-47
J 13 101sn Sale 1015st 1011ss 660
Cony 4% of 1932-47
J D
--- 1004n Aug'30
Cony 411% of 1932-47
7;
.
J 13 11 1211 Sale 10211n102"ss 53
26 cony 434% of 1932-47
D
Feb'30
Fourth Liberty Loan
A 0 10312n Sale 10311110811es 301
4U% of 1933-38
/
4
Conversion as coupon
J J
_ 100 Sep30 _
Treigury 4
1947-1952 A 0 112"n Sale 112"ss 112"3.
Treasury la
1944 1954 .1 0 10835,3 Sale 108"n 108212 65
/
4
Treasury 334.1946-1956 IN S 1061111 10612n 1061s:210611n
3ig
/
4
4
Treasury
1943-1947 J D 10212n Sale 102. 102"n 80
Treasury 334s June 16 1940-1943 1 13 102 102',, 1021n Oct'30
Panama Canal 3s
,
9834 Sept'30
State and City Socuritle1. Q M
s 61
9
NYC339% Corp st--Nov 1954 MN
913 Sept'30
4
TIM% Corporate.t
85 Aug'29
/
1
4
...May 1954 M N
de registered
1956 M N
94 Feb'30
4% corporate stock
1957 M N __-- 102
975 June'30
8
414 corporate stock
1957 M N
_--- 104 Mar'30
434% corporate stock
1957 M N
---- 105 Mar'30
31% corporate (stock
1958 M N
10038 Oct'30
4% corporate stock
1959 IN N
10078 Oct'30
434% corporate etock
1931 A 0 ious
100 July'30
4331% corporate atock
1960 IN 8
1004 Oct'30
/
1
dig % corporate atoek__1960 A 0
101 Mar'29
1972 A 0
434% corporate stock
9912 Oct'29
439% corporate stock__1971 J D
10034 Sept'29
4;9% corporate trtock
1963 IN S
Oct'30
--- 106
439% corporate stock _ _1985
D --- 1105 106 June'30
8
434% corporate stock July 1967
10812 Oct'30
J
New York State Canal 441_1960
10114 Mar'29
de Canal
Mar 1958
10414 June'30
Canal impt 49
1961 J J
101 June'30
434s
19114J J
109 June'30
Foreign Govt. & Municipals
Agile Mtge Bank s f 68
1947 F A 59 Sale 493
4
60
22
Sinking fund 6a A_ _Apr 15 1948 A 0 6212 Sale 55
6212 30
Akershus (Dept) ext 55
9614 40
1963 MN 9512 Sale 9512
Antioquia (Dept) col 7s A 1945 J J 6912 Sale 55
6912 28
External sf7. aer B____1945 J
6814 Sale 54
6814 37
External s f 78 ser C____1945 J
67 Sale 54
66
16
External. f 7e ger
54
J J 65
70
5512 12
External u t 7s 1st ser_ ___1957 A 0 67 Sale 50
67
38
External see if 7s 2d ser_1957 A 0 6214 69
61
50
36
External lee. I 7s 3d ser.1957 A 0 64 Sale 515
64
8
16
/ 10012 65
1
4
Antwerp (City) external 58.1958 J D 10012 Sale 99
Argentine Govt Pub Wka 13s _1960 A 0 9214 95
93
8814
31
Argentine Nation (Govt 00
Sink fund tis of June 1925-1959 3 13 9312 Sale 88
9312 122
Exti s I 69 of Oct 1925_1959 A 0 923 Sale 88
4
923
4 87
Sink fund Re series A....1957 M S 9255 Sale 873
4
93
87
External Os series B__Deo 1950
0 93 Sale 88
93
56
Ext1 f 66 of May 1926.. A960 M N 9214 Sale 88
9214 22
External 8113.(State Ry)-1960 M S 93 Sale 88
93
75
Extlas Sanitary Works ___1961 F A 92 Sale 8812
92
26
Ertl 6s pub wks(May'27).1961 MN 93 Sale 88
93
35
Public Works 1111 5348.....1962 F A 867 Sale 78
8
867
8 51
Argentine Treasury fe E......1945 M S 8814 Sale 8612
8814
7
Auatralla 30-yr. 5a__July 15 1955
/
1
4
J 803 Sale 78
4
803
4 53
External 58 of 1927-Sept 1957 M S 793 Sale 7814
8014 83
4
External g 4198 of 1928_1956 M N 73 Sale 7214
733
4 50
Austrian (Govt) f 78
•
1943 .1 D 104 Sale 10258 104
60
International s f 7e
1967.9 J 8914 Sale 87
90
179
Bavaria iFree State, 6 He_ _194 F A 75
821i 82 Oct'30 _Belgium 20-yr sI 8,
1941 F A 110 Bale 10818 c110
50
25-year external 634s____1949 M S 107 Bale 10614
10714 61
External s 1 On
1024 85
/
1
1955 J
10212 Sale i102
External 30
/
4
-year. f 7s_....1955 J 1) 11214 Sale '1111 1125 223
8
Stabilization loan 79
108
/ 95
1
4
1956 M N 10814 Sale 108
Bergen (Norway) s f 83
1945 MN 110 Sale 110
7
110
26
-year sinking fund 68-1949 A 0 10118 10114 1011 1011 20
/
4
/
4
Extlof8,
9612 17
1960 M S 95 Sale 95
8514 28
Berlin (Germany) if 630_1950 A 0 85 Sale 8012
External sink fund 6s____1958 J D 807 Sale 78
8
81
56
Bogota (('ity) extl I I Bs__.1945 A 0 79 Sale 75
8014 13
Bolivia (Republic of) eat'85.1947 111 N 71 Sale 6518
71
100
External securities?.
1958.9
61 Sale 43
61
147
External a f 7s
1969 M S 60 Sale 4412
60
84
Bordeaux City of) 15-yr 613.1934 MN 10514 Sale 10518 410612 46
Brazil (II S of)external 88_1941 J D 785 Sale 63
8
/
1
4
785 204
8
External s f 639s If 1936 1957 A 0 61 Sale 49
61
198
Ext1.1 6 Ms of 1927
1951 A 0 6114 Sale 50
603 147
4
71 (Central Railway)
1952 J 13 663 Sale 52
663
8 72
2
739e (coffeeseur) E (flat) 1952 A 0 9812 99 9718
981
, 11
Bremen (State of) extl 7s A935 M S 95
98 9514
9918 65
Brisbane (City) of 58
1957 IN B 7412 Sale 7378
744 10
/
1
Sinking fund gold 58
1958 F A
65
7412 76
Oct'30
Budapest(City) esti f 68..1962 J D 73 Sale 61
73
96
Buenos Airs.(City)6 Hs 2 13 1955.9 J 86
90
943 Oct'30
4
External f 6s ser C-2__ ._1960 A 0 82
Oct'30
9012 88
External at ess ser C-3_
1960 A 0 82
8712 805
8
87
17
Buenos Aired (Prov) extl 68A961 IN
80 Sale 7318
80
43
Eat! s I 6 tie
__1961 1 A 7918 Sale 7318
1
794 23
/
1
Bulgaria (Kingdom) af 7e_1967
J 643 Sale 643
4
4
8518 23
StablEn a 1 7199 Nov 15 '68
6712 Sale 67
693
4 39
Caldaa Dept of
65
(Colombia)7 s'46 1 5 68 Sale 56
46
8
4 1007
8 57
Canada (Dominion of) 514_1931 A 0 1007 Sale 1003
1952 M N 10518 10512 1043
8 10512 28
55
1936 F A 10114 Sale 101
10114 42
434.
Carlsbad (City) if 8a_.
1954 J J ___ 108 10412 Oct'30
78
80
80
1
Cauca Val (Dept) Colom 7 Ms 46 A 0
Central Agile Bank (Germany)
Farm Loan of 78 Sept. 15 1950 M S 8612 Sale 82
8612 32
74
75
Farm Loan s f fie July 15 19601 J 74 Sale 70
7312 203
Farm Loans 1 68 Oct 15 1960 A 0 7212 Sale 70
83
51
Farm Loan tis ger A Apr 15 1938 A 0 83 Sale 79
94
/
1
4
47
Chile (Ree)-extl s 1 75_ ___1942 MN 93 Sale 87
8314 64
External sinking fund 65.1960 A 0 82 Sale 73
1961 F A 8112 Sale 74
82
98
External s I es
83
1961 J J 83 Sale 73
83
Ry ref esti s 1 Os
73
83
1961 M
8012 84
110
Ertl sinking fund 68
8212 15
1962 IN El 8212 Sale 73
Esti sinking fund fla
84
1963 M N 8212 Sale 73
54
Ertl Milking fund 65
87
33
Chile Mtge Bk 6 Ms June 30 19573 13 87 Sale 76
9512 54
S f 6Ks of 1926-June 30 19611 13 94 Sale 8712
82
27
Apr 30 1961 A 0 82 Sale 69
Guar 113a
8312 48
1962 M N 8314 Sale 72
618
Guar
7712
85
80
16
1960 M S 84
Chilean Cow Munle 78
27
25
2612 17
Chinese (Hulcuang Ry) 58_1951 J 13 23
4
993
4 102
5
Christiania (Oslo) 30-yr.108 '54 M S 993 101
86
25
Cologne(Clty)Germany 6348 1950 14 8 80 Sale 80
69
82
Colombia (Republic) 6s____1961 J J 69 Sale 58
663 115
4
External a f Os of 1928-1961 A 0 66 Sale 58
60
4
2
643 51
Colombia Mtg Bank ((Ms of 1947 A 0 58
65
18
Sinking fund 7, of 1926-1946 MN 65 Sale 58
Sale 60
65
13
,
65
Sinking fund 79 of 1927.1947 F A
9912 50
1952 J D 9818 Sale 98
Copenhagen (city) 53
9414 50
1953 MN 94 Sale 9312
25
-year g 4198
7412
4
73 Sale 73
Cordoba (City) ext1 a I 78_1957 F A
90
90 14
5
External a 7s___Nov 15 1931 M N
86
4
Cordoba (Prov) Argentina 7,1942.9 J 86 Sale 85
83
14
Costa Rica (Repub) extl 7sA951 MN 82 Sale 6514
98
11
Cuba (Republic) 58 of 1904_1944 M S 98 Sale 9714
9912
6
External Si of 1914 aer A.1949 F A 9912 Sale 9912
954 17
/
1
External loan 434e Bar C._1949 F A 9312 Sale 9312
1001
, 36
Sinking fund 534s Jan 15 1953 .1 J 100 Sale 100
8512 119
Public wks 5145 June 30 1945.9 D 8414 Sale 84
.
.
I Cash Bale. • On the basis of $5 to the £ sterling
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 17.
Price
Friday
Oct. 17.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Low
High
Bid
Ask Low
High
High No. Low
Cundinamarca (Dept)Colombla_
9834111611
/
4
3
/
1
4
External s f 630
1959 MN 57 Sale 50
5934 50
50
84
98...2 101
Czecnosiovakia (Rep of) 811_1951 A 0 10914 Sale 109
79 109 11114
110
00131,41030n
Slaking fund 8s ser B____1952 A 0 109 4 Sale 109
3
1093
4 38 10814 1111
4
981,
4,990u Danish Cons Munich/ 8s A-1946 F A 1087 Sale 1085
8
23 108 111
8 109
a 11. Series B
1946 F A 1087 Sale 1085
8
8 1087
8 24 107114112
1001114, 10311n Denmark 20
68_1942 J J 10512 Sale 10518 10614 54 103124107
-year art'
100 100
External g 534s
1955 F A 10112 Sale 10014 10112 23
991z 102
12
10,14.2111"ss
External g 4 Ma__Apr 15 1962 A 0 933 Sale 933
4
4
9418 94
9012 9412
0514.2199'43 Deutsche Bic Am part elf 69.1932 M S 98 Sale 98
97 102
/
1
4
983
4 86
103 106311 Dominican Rep Cunt Ad 530'42 IN S
/
4
9214 Oct'30 ____
9218 99
991
,10215n
/
4
1st ser 534, of 1926
1940 A 0 92 Sale 9012
92
2
893 9612
4
98 0ss 102411
24 series sinking f und 5 Ma 1940 A 0 ____ 9014 90
90
1
90
96
9812 9812 Dresden (City) external 78_1945 M N 87 Sale 86
92
78
86 6104
Dutch East Indies tut) 68_1947 J J 1023 Sale 10238 10234 26 1014 103
4
/
1
913 913
/
1
4
4
4
4
40-yeer external 8,
1982 IN S 1023 Sale 1025
8 10314 18 1011 103
/
4
4
30
-year external 514s.. 1953 IN S 1023 ____ 10234 10272 14 1015 104
8
94
94
30
-year external 534s..__1953 MN 104 Sale 10218 104
8 1015 104
8
975 97
8
/ El Salvador (Republic) 8a-1948 J J 106 Sale 10414 10712 22 1033 1104
1
4
4
/
1
10214 104
Estonia (Republic of) 78-19137 J I-- 653 6534
4
68
14
65 4 88
3
103 105
Finland (Republic) exti 68_1945 M 5 8611 Sale 8612
88
34
8612 973
4
10038 1003
8
External sinking fund 75_1950 M 8 9312 Sale 93
94
16
93 1011
4
98 100 8
7
External sinking fund 6 He 1956 M 5 90 Sale 87
91
24
87
9813
100 10
0
External sinking fund 530 1958 F A 77 Sale 75
78
26
7212 92
95 10012 Finnish Mun Loan 630 A..1954 A 0 88
8912 88 Oct'30 ____
88
99
----External 634e aeries B___1954 A 0 88 Sale 88
88
2
88
981s
---- ---- Frankfort (City of)a f6 Ms--1953 UN 77
8018 761
/
4
8112 28
7618 95
/
1
4
French Republic ext 7 Ms...-1941 1 13 125 Sale 125
/ 4127
1
4
199 1175
80127
10734
1942 g D 1203 Sale 12014 /122 246 11210122
8
External 7s of 1924
100 100
German Government Interna10812 10812
4
7318 914
773 582
8
thinal-35 yr 510 of 1930-1965.9 13 76 Sale 7512
8
------- German Republic extl 7a
1949 A 0 1015 Sale 10014 1013 348 100 199 1
4
7
Graz (Municipality) 88
1954 MN 9512 Sale 95
96
7
93 102
99 101
4
Git BRt & lre1 (UK of) 098_1937 F A 1053 Sale 10514 1057 101 10212 1064
rlegistere5
8
109 109
F A
104 104
e4% fund lean £ opt 1960_1990 gi N 489
8912 e89
Oct'30 -_-- 882
/ 90
1
4
4934 86
8
e5% War Loan £ opt 1929.1947 J D e9912 10012 e993 Oct'30 ____ 8974 101
55
8012 Greater Prague (City) 7348_1952 IN N 104 Sale 1 101
105 I 53 101 10711
87
97
/ Greek Government ef sec 78 1964 NI N 9814 Sale 98
1
4
9812 44
97 10314
53
873
4
Sinking fund see 08
1968 F A 8112 8414 80
8212 26
80
883
4
52
8712 Haiti (Republic) a f 53
9614
8
9212 10014
1952 A 0 95 Sale 9412
54
8712 Hamburg (State) 138
8418 83
84
/ 26
1
4
1946 A 0 82
83 69812
54
88
9112 12
Heidemerg(Germanylext1 730'50 J .1 9112 Sale 91
9014 104
12
497 8712 Ifeleingfors (City) ext 6 Ha_ _1960 V 0 8512 Sale 85
8
9112
3
85
94
/
1
4
50
89
734
/
1
82 I 14
Hungarian Munic Loan 734,1945 J J 8212 84
7314 49814
50
88
Externals f 7s
Sept 1 1946 J J 7914 Sale 7914
80
5
78
94
921010118 Hungarian Land M that 734,'6l IN N 87
87
97
Oct'30 ---87 100
88 100
Shaking fund 730 ser B..1961 M N 87
85
883 8 a
4 47
6
87
9818
100
Hungary (Kingd of) a f 130 1944 F A 9914 Sale 99
43
99 1043
8
87 100
Irish Free State extle s f 58.1960 al N 100 Sale 997
8 100
23
96 100 8
8
49612 269
87
997 Italy (Kingdom of) extl 78_1951 .1 D 9514 Sale 93
3
923 101
4
/
1
4
87 4100
Italian Cred Consortium 713 A1937 IN el 90
94
923
4
9312
5
9218 98
87 100
External see 8 I 7s ger B...1947 al 5 93 Sale 9012
93 I 63
9018 9815
86513 1001 Italian Public Utility extl 713 1952 J J 88 Sale 8612
/
4
/
1
4
121
8612 987
4
89
87 4100
Japanese Govt E loan 48_1931 J J 97 Sale 97
/
1
4
/
1
4
9712 31
943 498
4
/
1
4
87
993
4
30
-year s 1 630
4 10414 181 I0112 1057
1954 F A 104 Bale 1033
a
8712 1004
/
1
Exti sinking fund 5 Ms_ __ _1965 M N 927 Sale 92 4
8
3
9314 147
8912 94 a
3
78 497
Jugoslavia (State Mtge Bank)
65
93
Secured e I g is
82 I 107
1957 A 0 82 Sale 7512
74
86
70 9414 Leipzig (Germany) of 78_1947 F A 92
2
94
911
/
4
94
11
8912 10114
784 9414 Lower Austria (Prov) 750.1950 J D 92
/
1
97 9812
9612 14
9312 100
1, 21/3 85 4 Lyons (City of) 15
7 ,
)24
3
105141 57 10212 1063
-year 68_1934 M N 10514 Sale 10518
8
108
87
95'2 Marseilles (City of) 15-yr 6. 1934 MN 10514 Sale 10518
10514 51 10211 106
/
1
4
82
9812 Medellin (Colombia) 634s-_1954 I 0 5514 Sale 547
8
573
41 11
5418 80
1073 11112 Mexican Irrigat Asatng 439s 1943 ------------ 12121212
4
4
103 18
3
1053
011012 Mexico(DS)esti 5s of 1899 t.'45(11
1, Ap1611 --_5
612
r'3
0
25
16
25
26
10118 106
A r ,9 58 o 1899
A enting 5, lf
1945 .....- -lila 10
.10914 115
/
1
4
. 24 Sept'30 --__
nti
1613 24
arse
107 110 4
8
Assenting 48 01 1904
12 Eisile- 12
13 I 85
1014 175s
110 11212
Assenting 4s of 1910 large
. 13
1312
8
10 4 2134
3
99 1025s
IF Sale 1212
13141 85
Assenting 4e of 1910 small_ _ _
101s 2112
95
9712
293 1812
4
1912' 11
Tress es of'13 assent(large)'33 I-3 19
18
27
/
1
4
79 4991
/
4
22 Sept'30-__
Small
12
/ 27
1
4
9 14 m 11822 Gelty, Itaate eB2 6
4
7 14 9932 Miniu,(Craes (stly ) .ILI '52 A 0 8312 Sale 8012
7
5
7
79
8412 118
95
) xt1 21M
64 100
43
8534
44
/ 84
1
4
15714
02
1 18
1072
4712 8818
4712 48812
52
9312
8512 10518
9514 104
73 8 90
1
76
88
/
1
4
61
8512
943 10012
4
88
9812
803 983
8
4
7318 91
72
863
4
64 4 85 4
3
3
67
9014
56
011
993 10112
4
10214 10614
973 1023
4
8
103 109
/
1
4
80
95
81
9812
65
9084
6612 90
78
94
87 10314
71
94
/
1
4
72 c9412
94
72
94
71
9414
69
72
913
4
99
76
3
8712 100 4
94
69
6912 91
7718 C98
21
30
/
1
4
993 I03
4
4
80 c9S3
58 483
81711
57
51
8214
87
56
86
57
95 4 10012
3
8812 9412
73
93
02
9834
85 100
6514 91
9714 101
961N 103
86K 97
99 10212
9412
84
External e f 634s
1958 1 8
4
Esti sec 6 Hs aeries A
1959 id S
Montevideo (City of) 7s_-_1952 1 D
Netherlands 138Uler ;Iri
8 1 68 satie A333-3 11997529 Wi N
r4 B
New So Wales(State) exti 58 1951 F A
External s t 58
Apr 1958 A 0
Norway 20
-year exit 6s____1943 F A
1944 F A
20
-year external Els
30
-year external 6.
1952 A 0
40
-year a f 534a
1965 I 13
External s f 5s_-- _Mar 15 1963 M
Municipal Bank extl a f 5s 1967 J D
Municipal Bank exti s f Ess 1970 1 D
Nuremburg (City) eat] 88.._1952 F A
Oslo (City) 30
-year 8 t 66...._1955 M N
Sinking fund 634s
1946 F A
Panama (Rep) eet1 534s....1953 J D
En'a f fe ser A-May 15 1963 M N
Pernambuco (State of) extl 7s'47 IN 5
Peru (Rep of) external 7s__1959 M 5
Nat Loan ext18168 1st ger 1960 J D
Nat Loan extl s f Os 2d eer 1961 A 0
Poland (Rep of) golds6e--1940 A 0
Stabilization loan et 71-1947 A 0
External sink fund g 8s._1950 J .1
Porto Alegre (City of) 88_1961 1 0
Esti guar sink fund 730_1906 1 J
Queensland (State) eat]s t 78 1941 A 0
25
-year external (la
1947 F A
1110 Grande do Sul extl a f 83 1946 A 0
External sinking fund 68_1968 J 13
External s I 7s of 1926-.1966 MN
External at 78 munic loan 1967 1 13
Rio de Janeiro 25
-year a f 88_1948 A 0
External a(034e
1953 F A
Rome (City) esti 630
1952 A 0
Rotterdam (City) W1 68_1964 IN N
Roumania(Monopolies) 7a...1959 F A
Saarbruecken (City) 6s_1953 J .1
Sao Paulo (City) of 8s.Mar 1952 AA N
External s 1 6198 of 1927_1957 IN N
San Paulo (State) exti if 80.1936 1 J
External ow a 1 Els
1950 1 J
External a f 75 Water L'n 1956 M S
External I t 6a
1968 .1 1
Secured, f 713
1940 A 0
Santa Fe (Prov Arg Rep) 71 1942 '1,1 3
Saxon State Mtge Just 71_19453 0
Sinking fund go HEI- _Dea 1946.9 0
&Me. Dept of(France)extl 79'42 1 J
Serb' Croats & Slovenes Si '62 IN N
External sec Ts set* B.--1962 M N
Silesia (Prov of) extl 7s.--1958 1 D
Silealan Landowners Assn Ela 1941 F a
Soiseons (City of) esti 6s.. 1936 M N
Styria (Prov) external 74_1946 F A
Sweden external loan 534,_.1854 M N
Swiss Confed'n 20-yr to 1 86..1940 2 1
Switzerland Govt extl 5398_1948 A 0
Tokyo City 5/8 loan of 1912.1952 M S
External $1 532a guar._.1961 A 0
5514 Sale 45
5541 24
47 Sale 45
50
25
871 Sale 83
/
4
/
1
4
87
35
12
87 Sale 867
8
88
1045 105 10414
8
105
49
/
4
80
783 Sale 781
4
35
7618 Sale 7618
11
79
10434 Sale 104
105
24
10412 Sale 1043
8 104
/ 72
1
4
10214 Sale 10118
10212 42
102
/ 139
1
4
102 Sale 102
103 Sale 995
8 10012 71
993 Sale 99
4
/
1
4
993
4 12
10012 Sale 10012 10114 15
75
791 7418
8
6
103 Sale
104714 23
7 a
3
10012 102 1011 10212
/
4
3
1023 103 103
4
103
4
90 Sale 90
8
9112
50
5411 49
50
30
70 Sale 65
70
17
551 Sale 4112
/
4
55 4 129
3
554 Sale 4212
/
1
55
/ 54
1
4
634 Sale 58
/
1
634 51
/
1
7214 Sale 70
74
158
79 Sale 6912
79
131
883 Sept'30 ___
8
60 Sale 60
64
14
10214 Sale 10214 10218 58
94
04
1
67
71
593
4
6914 13
50 Sale 35
49
83
58
67
51
55
11
50 Sale 50
50
1
7612 Sale 6812
7612 95
56 Sale 48
56
134
85 Sale 8013
85
78
1043 106 10412 106
4
13
76 Sale 72
77
33
9018 9011 9018
903
8
3
82 Sale 82
82
2
57 Sale 501
4
57
32
79 Sale 68
80
41
69 Sale 62
70
138
6338 Sale 50
633
8 89
5312 Bale 44
5412 51
7914 Sale 6812
83
133
83 Sale 7711
8412 34
82 Sale 8012
85
21
74
88
78
78
1
1075 Sale 107
8
/ 10818 83
1
4
8912 Sale 82
8912 90
824 Sale 75
/
1
83
243
55 Sale 49
55
25
671 Sale 64
/
4
6714 21
1051 Sale 1053
/
4
8 1054 21
/
1
37
91
91
911 10
/
4
10512 Sae 105
1051 58
/
4
106Is Sale 10618
10612
104 105 104
10412 20
81 Stle 80
81
3811
913 Sale 9114
2
92
80.1
45' 83
45
821s
83 103
/
1
4
8618 96%
103 10714
78
11 90
7612 go
101 10512
102 106
101 104
1001a 103
/
1
4
963 101
4
/
1
4
9434 1004
/
1
973a 10114
747 9218
100 3 1"
a
983 10212
10018 10312
8918 ge
49
90
65 610118
40
84
41
844
/
1
58
81
70
88
/
1
4
6912 98
8678 100
941
/
4
60
10214 110
94 10414
5913 103
347 80 8
8
3
471s 9314
50
8912
681s 10514
48
85
7812 9484
102 4 106
3
72
85
80
/ 91
1
4
82 107
84
47
68 1024
62 101
50
9412
81
41
6811 9618
7712 95 4
3
78 100
74
97
1065
841091s
82
98
75
88
82
49
64
84 8
7
1014 107
/
1
931a
86
10314 10714
105 4:1091a
3
10212 10614
744 82 4
/
1
3
8714 931.•
2511
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 17.
A
Price
Fridau
Oct. 17.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 17.
t
Price
Prieto?,
Oct. 17.
Week's
Range or
Last Sale.
4 v.
,
Range
Since
Jan. 1.
Bid
Ask Low
High
High No. Low
Hielo
Rid
Ask Low
High No. Low
Chic A Erie lot gold Si
102 109
1982
107 10914 1087 Oct'30
Foreign Govt. &Municipals.
87
50
Chicago Great West lot 48_1059
232
7434
71
2
6012 Sale 6312
64
Tolima (Dept of) ext1 73_1917 MN 6112 Sale 61
6112
9312 100
Chic Ind & Loulsv—Ref 6s 1947
112 11544
10
11212
9812
Trondhjem (City) let 5%8.1957 MN 985 99
99
8
- 114 Sept'30
923 98%
4
10144 105
6
1947
Refunding gold 5.1
D 9712 ---- 96
7
Ka 1- 1 1033 Sept'30
4
9712
171)Per Austria (Prey) 7a____1945
921
8
8114 9112
Refunding 4s series C
92
927 Sept'30
1947
External f 6448.June 15 1957 J
4
90% 17
90 Sale 893
lit & gen bs Relies A
10113 10212 10214
99 105
1988
5
86 10914
10214
Uruguay (Republic) extl 8s..1946• A 100 Sale 9114 10014 41
,
1st A gen Os ser B_May 1966
5 c10412 109 8
83 c9912
94
10718 107% 10712 107%
External a 1 thi
1960 MN 88 Sale 84
88
9814 Chic Ind & Sou 50-yr 4s_ _ 1956
9412
9412 20
81
89
95 4
3
94
95
May 1 1964 MN 8814 Sale 81
Esti s f 68
89
36
93% 10218
Chic L $ & East 1st 4%31969
Oct'30
88 c98
101 10312 102
Venetian Prov Sligo Bank 78 '62 AO 924 94 93
10
94
8418 87%
Ch M Jr St P gen 48 A_May 1989
4
82 c95
8512
104
85 Sale 85
Vienna (City of) ext1 a f (is_ _1952 MN 84 Sale 823
84
4
83 4
3
813 85
4
Oct'30
Registered
51
84
75
Warsaw (City) external 7a__1958 F
60
60 Sale 53
Gen g 310 ser 13____May 1989
721s 79
74%
8
95
9914
8
71 - 7- 745
'ff 8
Yokohama (City) ext1 68_1961 • D 9612 Sale 96
967
8 60
923 9712
8
Gen 4 44s series C___May 1989
9412 16
9412 Sale 93%
Railroad
92% 9812
4
8
Gen 4143 merles E___May 1939
96 Sale 96
Ala OS Sou lot cons A 5a____1043.00 10314 ---- 1043
96% 43
8 1054 12 1003 1055
92
9412
9712 10112
Gen 4Si s series F_ _May 1989
9912 27
99% Sale 9914
1st cons 4s ser 1.1
94% Aug'30
1943 J O
7412 60s4
83 8 9112 Chic Milw St P & Pie 5s _ __1975
3
Alb & Simq lot guar 3qs _ _1946 AO 893 907 91
8
8212 273
793 Sale 795
4
Oct'30
4
8
3712 Ma
85
8812
Cony adj Ss
554
40
Jan 1 2000
Alleg A West 1st g ITU 4s
39 Sale 38
8812 Oct'30
1998 A 0 883 91
8
9212 983 Chic eir No West gen g 3%8_1987
7712 8212
4
Alleg Val gen guar g 4s
803
4 12
803 Sale 7812
4
9814 Sept'30
1942 M
9818 100
75
89,8
77
76
Ann Arbor let g 4s__ _ _July 1995 Q
Registered
14
77
7912 77 June'30
881e
877
8
87% 893
4
877 934
8
91% 9914
General 4s
93
78
9212 Sale 92
Atch Top & S Fe—Gen g 48_1995 40 9714 Sale 9714
1987
973 195
4
8318 93%
4
90
97
Stpd 48 non-p Fed Inc tax '87
9214 93
9314
Registered
9314
AO
97 Oct'30
,
Gen 440stpd Fed Inc tax_1987
874 94 2
10514 10512 165 100 10812
105
Adjustment gold 40 ..,July 1995 Nov 9114 9512 94
Oct'30
107 11414
Gen 58 etpd Fed Inc tax_1987
874 9614
107 1097 11112 Oct'30
__8
Stamped
N 9418 Sale_ 9418
17
July 1995
95
105 1084
85% 91,3
_
10512 July'30
Registered
MN
Registered
9118 Sept'30
Sinking fund deb Si
87
0712
9712 9712 9712
Cony gold 4s of 1909
165 105 102% 10278 10 1004 102%
1933
1955 • D 95 99
99
Cony 48 01 191)5
Registered
9912 102% 99 Feb'30
8 88 97%
1955 ii) 963 Sale 96%
97%
4
15
4
-year secured a 614s___1936
8914 9214
Cony g 4s Issue of 1910
108 Sale 108
10812 10 1073 110%
9214
1960 ID 915 -- 9214
8
lot ref g 55
17 11,32 109
Cony deb 414s
10312 Sale 10338 106
8
May 2037
62 12012 14112
124
1948 J I) 12112 Sale 121
1st & ref 434s
88
9612
14
95 101
96 Sale 96
Rocky Mtn Dly lst 48. _1965 J J 94, -- 9512
991e
May 2037
9512
1
4
9012 97%
Cony 484s series A
04 1054
281
Trans
97
95 Sale 95
-Con Short Lint 45.1958.0, 9514 Sale 9514
1949
953
4 22
97 10412
Cal-Aria let & ref 4140 A_1962 M
2
8
8 1043
10312 103% 1(135
8
96
10214 1045 Chic RI&P Railway gen 49 1988 .1 j 94 Sale 94
88
All Kooky & Nor let g 58..1946 J
9412 12
1045 Oct'30
8
J 3 91
95 100
8512 91
94
All & Chad A L 1st 4%s A_ _1944 J
Registered
91 Aug'30
2
99 18
99 Sale 99
10012 1043
9512 991s
4
Refunding gold 48
1st 30-year 53 series II_
994 146
1934 A0 9918 Sale 987g
1944 J
104
__ - - 10458 Sept'30
A0
92
95
95
87
Jan'30
Registered
95
Atlantic City 1st cons 48_ 1951 .1 J 93
95
92 Aug'30
97%
90
023 99
8
Secured 43-4s series A..___1952 MS 95% Sale 9414
All Coast Line lot cons 48 July'52 MS 953 Sale 953
97 2 11
,
6
4
96
4
Cony g 43.4s
9212 9212
94% 101%
96
536
1960 MN 9512 Sale 95
Registered
MS
9212 May'30
9618 10312 Ch St L & N 0 5a_June 15 1951 3D 10412 105 104 July'30
10318 10412
General unified 4 As_ _ _1964 ID 10112 102 10212 Oct'30
834 9412
D
102 102
102 Mar'30
L & N coil wed 4a___ _Oct 1952 MN 92 Sale 92
Reglatered
11
93
Gold 314s
5414 7312
___
81 July'29 __
Atl & Dan 181 2 40
June 15 1951 ID 85
11
51)
1948 J I 5414 Sale 5414
62
52
6212
Memphis Div let g 4s__1951 J O 9012 -- 904 Sept'30. ___ -8824 - -2d 48
52 Oct'30
57
1948 3, 52
997 10034
8
,
824 881 Ch St L dr P 1st cons 9 5s_1932 A0 100% ---- 10012 Oct'30
MI A Tad let guar 45
1949 AO
87 Sept'30
A0
1003 1003
8
8
99 101,
2
1003 Aug
Registered
Austin & N W let go if 5a
8
.1 10114
10114 Oct'30
1941 .1
.
".
93 1004
9312
Chfi gu 5 So East lit 5s__1960 J o 8512 9
i,H.!:
,T
c
9312 -lo
81%
9112 98
81% 944
82
6
82
83
Bait A Ohio let g 4.s____July 1948 A
Dec 1 1960
9712 Sale 9678
97 2 26
,
97 10414
96
Chic Un Sta'n 1st gu 43.4s A1963 J J 1023 Sale 1023
90
4 10314 39
4
Registered
July 1948 Q
96 Aug'30
4 103 106
10112
S il5iF8 gale Dm
10512 Sale 10514 10512
1963 J
20
-year cone 4%,
1933
love 107 9338 100,4 lat Es series 13
98i8
JO 10514 Sale 105
4
3 1013 10512
10514
M
Guaranteed g 58
Registered.
_ 10014 Aug'30
5
2 114 1167
let guar 6%8 series C__ _199 64 I' 115% Sale 11534 116
Refund & gen 58 eerie* A 1995 J D 1033 Sale 10314 104
43
56 101 c10512
8
102 102% Chic A West Ind gen 6e_Dec 1932 (.0P81 10112 -- 1025 July'30 -- 1004 102%
.0'
8
Registered
10234 Aug'30
10128 109%
34
8512 93%
92
let gold 55
Coesol 50
9114 Sale 9114
-year 48
1948 A
1952 j
July
1073 gale 10714 1073
.
8 23
S 10412 Sale 10414 1044 20 103 10578
lit ref 5%s series A
Ref A gen 65 lerlea C____ 1995 J o 10914 Sale 10812 10912 37 111812c111
1962
994 10218
91
07 4 Choc Okla & Gulf cons 5s 1952 MN 103
,
PLEA W Va Sys ref 41941 SI N 963 97
- 10218 Oct'30
8
963
8
0634 16
10012 1064 Cln II & D 2d gold 4 44,
9512 99
▪ J
11
Southw Div 1st be
99
1950 J
98 106 93
1937
101 Sale 104
1044 21
9514 9812
84
893 C 1St LA C lot g 4s_ Aug 2 1936 Q
Tel& Cln Illy let ref 48 A_I959 J
4
88 Sale 88
88 1
29
9514
- 97% Oct'30
9418
94
Ref A gen bs series D__ _2000 M
10414 8518 104
Registered
52 10114 10514
- 95 Feb'30
Aug 2 1936 QF 94
1043
4
9712 1013 Cln Leb & Nor lit con gu 48.1942 MN 954 -6 12 9518 Oct'30
88% 951$
4
Cony 4%5
1060 F A 99 Sale 9778
995 575
8
/
Barger & Aroostook 1st 5e 1943
CM Union Term lot 4 a02O2O J
8
2 1014 105
8
1035 10414 1033
102% Sale 10212 1033 206 10212 104%
8 1034
93
Con ref 48
84
1051 J
_
Clearfield hi Mali 1st gu 5s1943 .1
91
9212 91
100 July'28
6
9118
625 Cleve Cln Ch A St L gen 48_1993 3D
8
Battle Crk Stur let et' 33_1989 .1 D 641
62
Ii4
18
96
___ 625 Sept'30
8
U2 953 96
Beech Creek let 911 if 4
9512 9812
9914 100%
20
2
-year deb 434s
93899
9812 Oct'30
2
1938 J
1931 3' 10018 1001 10018 1004
100 100
2t1 guar g 5s
105 112 4
1930.0
,
100
Jan'30
General 5,1 series B
100%
11214 Oct'30
1993 3D 11114
Beech Crk ext let g 348_1951 A 0 86 Sale 86
78
86
103 1064
5
Ref A Impt 8s ser C
86
1941 I' 103% 105 1033 Sept'30
Belvidere Del corn gu 3%8_1943 J
J J
Ref &
105
17 100 105%
Sale 10414
88
,
r
.D
-56r2 9612 Ref & Impt 5s aerser E....19°3 J 104% Sale 101 c103 120 9312c103
Big Sandy 1st es guar
1944 J D 9612 98 -56" ojt'56
4-Impt 4448
101
077
96 104
Boston & Maine let Sc A C.1967 NI
10214 Sale 10158 1023
92
58
9812
Cairo Div lot gold 45
Oct'30
98
98
1939 I' 95
98% 10314
1st m 58 series 2
1955 M N 101 Sale 10078 102
3412 951s
Cm W A M Div 1st g 4s 1991'.5 9212 95
159
954 Oct'30
81
8712
Btston& N YAiTUneIet4aiS5Z F A 87 Sale 87
St L Div 1st cell tr g 4s
4
84's 93
8714
10
93
93 Sale 93
1990 St N
024 97%
Brnns A West lit go g 48._
J J
94
03
Syr & Col Div 1st g 45.__ _1940 hi 5 943 _ _ _ 93 Apr'30
- 973 Sept'30, _ _
_
4
9918 103
Buff Koch A Phis gong 54_1937 M S 1013 11
97%102
W W Val Div 1st g 4s
4
9518
Oct'301--__
90
9518 -- 9518 Oct'30
1940 J
90
96 4 CCC&I gen cons g 6s
Corso, As
954 41
9212 9312 934
,
1957 M N
8 1053
s
10538 Sale 1055
3 103 105%
1934 J
9912 101 12 Clev Lor & VI con lit g 5a1933 A0 1013 _- 1013 Oct'30
993 102%
8
Burt0 R dr Nor 1st & coil 58_1934 A 0 10112
10112 Oct'30
8
8
• eve A Mahon Val i5, ......l938 J
98
9912
0912 Apr'30
100 4
,
,
.
Cl & Star let gu g 4 As._1935 MN
4
Canada Sou coms go Be A _ _ _1962 A 0 109 1103 10812 10912 35 10212 110
100 100
1634 100 Mar'30
9318 100 4 Cleve A P gen gu 44s set 13_1942 A 0 166i8
3
Canadian Nat 4I44_5ept IS 1954 M S 10014 Sale 993
4 100% 11
1003 Mar'28
9214 10012
30
-year gold 4141
1957J J 993 Sale 9912 100
Series B 3
AC 894
28
4
_
87 Mar'29
9214 10114
0
,
1968 J
Gold 43
1007
8 84
1004 Sale 100
J 100 __ _
Sallee A 4%8
9512 Nov'29
11994422
994 10618
Guaraeteed g be__ __July 1969 J
10514 Sale 10478 1054 29
18
Series C 3149
-8515 - 12
8612 June'30
1948 MN
3 10512 49 10114 106
Guaranteed g 58---Oct 1909 A 0 105 Sale 1047
Series 13 3149
_
86,s 8615
1950 J A 8814 __ -- 8618 May'30
Cleve Sher Line lot gu
Guarasteod g 55
AO 10212 Sale 10212 10212
9718 1041
1970 F A 105 Sale 104
10512 36 10312 106
4
1
1093 11312 Cleve Union Term 1st 4348- 1961 AO 11018 Sale 11018 1104
4
17
112
Canadlaa North deb 5 t 78_1940
4
0 1113 Sale 11134
1 10618 111
5343_1972
4
let $ f 55 series B
118$8 14 113 1183
8
1946.0 J 1183 Salo 118
26
-year if deb 0145
10712
9 10212 10814
1973 A 0 106% Sale 1068
11314 11314
1st f guar 4 t45 ser C__ _1977 A0 10212 10312 103
11314 Jan'30
Registered
98 104
10314 21
984 102
Coal River Ry let gu 4e._ 1945 J 11 92%
93
10-yr gold 4%s. _Feb 19 1435 F A i013 Sale 10112 102
9
4
88
8
_ _ 925 Sept'30
8312 9012 Coo & Smith tel & ext 43-48_1935 MN 10112 Sale 101
97 1034
Canadian Pao 117 4% deb stock._ J J 89 Sale 89
894 70
10112 39
9115 10112
8
N
Col ti 4%8
Geld m 4%s ser A
1948 M
1018 20
101 Sale 101
9514 1004
9938 95
9812 9918 9712
1980
Col Jr II V lat ext g 4s
55 °wile it ode
A 0 93
7 100% 107
1944 .1 .1 105 Sale 10412 105
8814 94
95
91 July'30 _ _ _
1955 F A 92
Col & Tot 1st ext 4s
Coll tr 9 54
Dec 1 1954 J D 10518 Sale 105
10512 43 101 12 106
85
91%
Oct'30
97
85
98 100
Conn Ar Possum Ely lot 4s_1943 A ii 8912 -- - 8612 Feb'30
Collateral trust 4%s
J 9918 Sale 9812
1960
8612 8612
995 147
8
98% 98% Conseil Ry non-cony 4s
Carbondale & Staw let g 48_1932 PA 6 9818
. 987 Sept'30
8
Ti
7
78
1954 J
7212
7212 7414 7212
74
8512
Caro Cent los cons g 45. __ _1949 .1
Non-cony deb 45
7412 10
1
78
_
- - - 7912
70
7
94
7912.
7412 Sale 7212
1955
9912 1023
4
Caro Clinch AD Ist 30-yr 50_1938 J D 10258
Non-cony deb 4s
102
Oct'30
7114 734
4
1955 AU 723 ____ 7112 Oct'30
1st Jr cox g 68 ser A Doc 15 52.0
Non-cony debenture 4s 1956
1073 169 1073
1 106 11012
4 68
78
4 1073
4
J
7212
723 Sept'30
4
85% 92 2 Cuba Nor Ry 151 545
Cart A Ad bat gu g 48
,
198I'J D 0212 94
9212 Sept'30
75
4012 37
39
1942 ▪ D 4012 Sale 39
Cent Branch 47 P 1st g 48__ _1948 J D
82
82
Cuba RR lot 50
84
Si)
8812 Sept'30
66
21
-year 5s g _ .1 42 I 1 6512 Sale 65
195
101% 105
Central of Ga let g 5s—Nov 1945 F A 104 16612 105 June'30
lot ref 7%s series A
64 3 9914
,
7112 Sale 6412
7112 16
1936 J
1044
8
Consul gold ba
100%
1945 MN 10218 10358 1023 Oct'30
1st lien & ref 68 ser II
92
Oct'30
5312 60
60
60
1938 J
Registered
100 100
MN
100 Feb'30
Ref & gen 614s twice B___1959 A 0 105 Sale 10414
4
105
5 104 1053 Day & Mich 18t cons 440._1931
9912 10018
10018 10018 11
J 1004
Ret & gen 58 mice C
98% 103
1959 A 0 981e 993 10012 10022
Del & fludeon 1st & ref 48_1943 MN
8
91 14 c9818
1
96% 100
96% Sale 9638
Chatt 1.)1v our money g 411-1951 .1 D 9014 ____ 884 July'30
8412 89
9618 107
30
9
-year cony Si
1935 40 10112 Sale 10112 10112
Mac A Nor Div tot g 5s_.1946 J J 102
100 104
L5-year 3%,
____ 104 Sept'30
10514 1053
8
4
4 12 1007 l053
N 10518
1937
Mid Oak AU Div pur m 541'47
J 10112 ----10213 Sept'30
98 10318 D RR & Bridge 1st gu g 4s_1036 FA
_
97% 100
9712 -- 975* Sept'30
Mobile Div 1st g Si
1946 .1 I 10418 Sale 10418
925 9712
8
97
99
10418
7 100 10418 Den & Ito let cons g 4a_ _1936 J
967 Sale 96%
8
Eng let gu 414_ _ _ _1961 J j 8614 863 8518
Cent New
811e 89
4
86
1001
95% 10012
Consol gold 4%s
3
57
J 100 Sale 100
1936
4
Cent RR & Bkg of Oa colt 58 1937 M N 993 102 102
9512 102
Den & RU West gen 511_ Aug 1955 SIN 83 Sale 83
102
1
83
9918
98
87
Central of NJ gen gold 5s
1987 J J 1143 Sale 11414
11412 15 1073
874 95
4c1163
s
Ref & Impt is ser B.Apr 1978 St N
s
88% 9012 Oct'30
1987 GI 1 113 116 113
Registered
4
113
2314 50
2 107 1133 Des M & Ft D 1st gu 4s
247 Sept'30
25
27
1935 J
1987 J
General 48
9712 Sale 9712
8414 9712
247 31
8
1
Certificates of deposit
9712
8
247 247 Sept'30
8
Cent Pac let ref gu g 4s......_1949 F A 9614 Sale 9614
9114 9812 Des Plaines Val lot gen 440.1947 M
96
97
964 17
100
___ _ 97 May'30
F A
Registered
90
95 Sept'30
95
1)et & Mac 1st lien g 4s
45
7412
Oct'30
45
60
1955 J O 45
Through Short L let gu 4s 1954 A 0 9512 ____ 95
90% 95
61
Oct'30
40
Gold 4s
Oct'30
40
50
1995 • D 40
1
1960 , A 105 Sale 10378
Sn
4
Guaranteed g
953 105
4
2
1054 56 1003 10638 Detroit River Tunnel 4448_1961
N 10312 Sale 10312 10312
Dul Missabe & Nor gen 5s. 1941 J J 10312 -- 10318 Sept'30
101 10418
11114 ___ 108 Dec'29
Charleston A Say% lit 78_1936 J
Dul & Iron Range let 58_ _1937 40 1023 ---- 1023
2 1001 4 103
4 10234
4
1939 il N 105 Sale 1043
Ghee & Ohio 1st coo if 58
8
105
Dul Sou Shore & All g &s ,i937 .1 .1
23 102 105
2
7012 84%
7012
7012
_1039 M N 10012
Registered
10112 104
10312 Oct'30
East Ry Minn Nor Div lot 4s '48 A0 9618
_ _ 9618 Oct'30
9212 9614
.1992 M 6 10312 Sale 10312 10334 24
General gold 9%s
974 106
East T Va & Ga Div 1st 58_1956 • N 107% 109 10618 Oct'30
10618 11012
Registered
M
10112 Oct'30
96 10212 Elgin Joliet & East 1st g 58_1941
102 104
N 102 10412 104 Sept'30
1993 A 0 102 Sale 101
Ref & Inapt 4%s
94 10212 El Paso & S W Ist Es
102
80
10114 103%
__-- 1035 Sept'30
1965 AU 104
Ref A Inlet 4 SO ser B._ 1995 J
10112 Sale 100
93 5 1024
5
102
32
Craig Valley lot ISs_ May 1940 J J 1015 Sale 10112 1015
8
8
96% 102
904
Erie lot cons g 48 prior
2
84
6
874
1996 J J 877n Sale 8778
Potta Creek Branch lit 49_1946 J 1 9312- 9312 Sept'30
8612 9512
78
'2
73
8514
Registered
1996 J J --------78
R& A Div 1st con g 4s_1989 J .1 951e - - 12 9612
8614 96 2
9
6
,
1st causal gen lien g 4s___ _1996 .1 J 81 Sale 81
9612
5
79
82
85
43
1989 J
96
Oct'30
2d consol gold 48
8312 96
7615 8311
Sept'30 __
Registered
1996 J J
Warm Spring V let g 58._1941 M S 1015 ____ 1007 July'30
97 101 18
8
8
Penn cell trust gold 45_1951 F A loi- 8 e- lg.
7 101 101
1;108 102
Cheep Corp cony 5s.hlay 15 '47 M N 100 Sale 997
10014 184
82% 8712
50-year cony 4.8 series A 1953 A 0 8312 8412 8114
1
8414
6514 7412
70
Chic & Alton RR ref g 39_1949 A 0 70
71
71
15
Reties II
82% 894
83%
6
4
1953 A 0 833 Sale 8312
634 74
73
70 Sept'30
Ctf dep stpd 011 193(1 lot_________
63
Gen cony 45 series 13
8012 87
87 Sept'30 ___ _
1953 A 0
Halfway first lien 3)48.__1950 .1 1 7934 ____ 793 Oct'30
59
7954
4
Ref & !mot 55
91
208
89 2 98
,
1967 M N 89% Sale 8934
Certlficatee of deposit ______
6112 79%
Ref & lmpt 58 of 1930
793 ____ 7934 Sept'30
4
903 204
4
88 2 95%
,
1075 A 0 8918 Sale 8812
91
854 91
Chic Burl A Q-111 Div 3)0_1949 J J
Oct'30
,
Erie & Jersey 1st s fils1955 1 3 11112 1143 1113
2 1104 11414
4
8 11155
8418 91
91 Aug'30
Registered
Oct'30'___ 109 114
.1 1
Genesee River lots! 5s 1957 J / 111 11412 113
9218 9314 Erie & Pitts gii g 3%n aer B_19403 J 9218 ____ 93 Aug 30
Illinois Division 48
1949 .1 1 9714 Vi 97
97
31
_
864 93
9814 26
89
1958 M S 9712 Sale 97
General 45
9814
Series C 3148
8
1940.0 J 9218 _ - - - 857 OCt'29 _ _ _ _
96 1035 Eat RR extl a f 75
1977 F A 1017 10214 10218 103
016638
10
8
1st & ref 4 SO ger II
10518 11 1043
4
1954M N 105 10512 105
1971 F A 1084 1083 1085
97
* 1084
1 10412 11018 Fla Cent A Pen let cons g bs '43 J .7__ 977 9818 Aug'30 ___ _
4
9912
18t dr ref 58 series A
8
100 8c105
,
79 2 90
,
ciatesgo & East III 1st 68.__1934 A 0 100 ____ 10312 Oct'30
887
I
887
Florida East Coast lit 4%8_1959 J 0 -6812 90
50
40
48
34
27
37
84
61
1st A ref 5s series A
CA E ill Ry (new co) con 53_195) M N 48 Sale 48
1974 M 5 37 Sale 37
c Cash sale
--
2512
-
BONDS
N Y STOCK EXCHANGE.
Week Ended Oct. 17.
New York Bond Record —Continued—Page 3
Prtre
Friday
Oct. 17.
Week's
Range or
Last Sale.
lB
,
oc•
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE,
Week Ended Oct. 17.
Fria
Friday
Oct. 17.
Week's
Range or
Last Sale
Q:1,
2
Range
Since •
Jan. 1.
Bid
Ask Low
High No Low
High
Bid
Ask Low
11405
Nigh No. Low
294 Sale 2984
33
11
20
36
Meg Internet 1.5 4.asst4-1977 M I
9 612
612
4
412 111i
____ 100
944 9712 Mich Cent Det& Bay City 501931 M S 10012
964 Aug'30
10014 Oct'30 _- 100 101
10512 107
10714 _--- 107 Aug'30
M
Registered
100 100
100 Jan'30
1043
4._ _ 10434 1048
4
1 10213 105
Mich Air Line 44
97'2 988t 9758 Sept'30
9412 9732
10014 10012 10014 Oct'30 _99 10114
Jack Lane & Sag 3he
19 1 .1 S 89
50 M 1
4
9112 79 MaY'26 - 993 1003
1004 101 10038 1003
8
1
2
8614 9112 8814 Sept'30
4
let gold 310
- -Ws 62
9918 10012 99
99
2
945 1003
4
4
Ref & impt 410 ger C
197 JI N 10212 1037 1028 Oct'30
99 A J
42
8
9212 1034
4
____ 727 84 June'30 __8
8113 85
Mld of N let ext 56
9412 ,9514 9518
,
9514
93 s 96 4
7
5
& Nor let ext 4he(1880)194° J
1 34 A
95
9812 99 Sept'30
9614 9912
__ 957 9812 Oct'30
8
9812 10214
D 99 100
Cone ext 414e (1854)-1934
964 997
s
9912 Sept'30
6512 7812 Mil Spar & N W let ku 0-1947 511
74 Sale 74
743
4 19
9012 9512 94 Sept'30
9512
90
10314 ___ 9884 Feb'24
Milw & State Line lst 3 he....11141 J 3 8613
90 Apr'28
-9612
1004 ____ 10012 Oct'30
Mlnn A St Louis lit cone 55_1934 M N 225 10 20
8
223
3
5 .
20- 411.
11118 Sale 111
11112 16 10912 11258
1934 M N 23
CtIs of deposit
30 2514 Sept'30
264 4114
1065 Sale 106
8
10712 38 104 10712
let & refunding gold 4s. _ 1949 at S
7
16
Oct'30
95 8 98
5
95
9812 98 Aug'30
Q F
813 20
Ret & ext 50-yr 5s ear A _ _1962
8
151s
812 Oen()
111 Sale 1012 1113 119 109 4 113
8
,
certificates of deposit
_
15
13 June'30
124 15
- 1038Registrd
3
11012 110 4 MERPAS5Moong4sIntgu'38 J J 90 Sale 8912
July'30
9012 26
874 92
let & ref 4 he sea: A-- _1981 . 11
n
3
i8 100
9758
9418 101
975
8
3
let cons 5e
9312 9478 9312 Oct'30
9112 9838
General 510 eeries B.......1952 3 3 11012 111 11014 Oct'30 __- 1074 11214
let cons 5egu as to Int
193 1 .1 99 Sale 99
93 J 1
8
9
9914
9412 9912
6
General 5: eerie* C
1973j J 10518 Sale 10518 10512
7 1034 II/SU
10
-year coil trust 814e
1931 MS 1015 Sale 0158 1013
8
4 79
99 1017
s
General 434e series D—....1976 J 3 10014 Sale 100
95 10118
6
10012
let & ref fle series A
19463 J
9578 Aug'30
02 100
General 4145 series E
1977 3 3 9918 Sale 9812
95 10118
993
4 97
25
1949
S
-year 5 .......
- -7 79
11;
91
Oct'30
79
Gun. Bay & West deb etre A-- Feb 801
80
8014
8014 Sept'30
MN 58;
1st Chiaago Term e f 4s
1941
_ 95 Aug'30
91
95
Debentures ctfe B
23
324 Mbistssippi Central 1s8 55..1949 3
Feb 22 4- 78 24
21Oct'30 -91 Sept'30
9912
95
Greenbrier Hy let gu 411----1940 MN 951
91 4 915: M0-111 RR let 5e ser A
,
3_ 9458 Aug'30 -1959 .11 J
75
75
75
2
75
80
Gulf Mob & Nor lit 610_1950 A 0 1004 10T312 103
98 10512 Mo Han & Tex let gold 4e-1990 J D 903 Sale 9034
103
2
4
913* 28
8512 92
let M 511 settee C
96 191
988
4 11
7950 A 0 983 Sale 9858
4
Mo-K-T RR pr lien 5s ger A.19112 .1 J 10414 Sale 0358 10414 53
9912 1047
s
Gulf & ill let ref A ter 54.3.1952 J 3 105 ____ 10612 Oct'30 _- 103 10612
40
-year 45 eerie, B
1962.8 I 933 Sale 93
8
934
9
8512 93 s
7
9614 10312
4I4B-19941 .1 I 102 Sale 102
Hocking Varlet cons I
102
2
Prior lien 434s ser D
19783 J 9814 9914 99
9914 21
9212 101
Regl,tered
1999 3 3
92 2 100
7
100
22
00
Cum adjust Si see A Jan 1967 A 0 9814 Bale 98
9912 28
98 10812
Housatonic By cons g lio
1937 m N jog; ----_ 00 Sept'30
97 10014 Mo Pie 1st & ref 5ft see A...1966 F A 100 Bale 00
101
57
994 103
11 a '1'1 let g be hit guar ..1937 j 3 101 16114 101 Aug'30 --99 4 102
,
General 4s
1975 it S 7714 Sale 7714
7914 225
744 8212
Houston Belt & Term let 55.1937.3 J 10118
95 4 101
,
101 Sept'30
let & ref 5e series F
1977 IA
993 Sale 99
4
10112 137
97 103
Houston E & W Tel lit g 50_1933 MN 10112 -- 9912June'30
9912 10112
1978 M N 10013 Sale 99
1st & ref g 5: ser 0
10012 25
961 102 4
4
,
1st guar Si redeemable_.
ne N 102 1021- 102 Oct'30 __99 4 1021s
5
- 2
1949 M N 104 Sale 04
Cony gold 5he
106
109 104 113 4
,
Bud & Manhat let be eer A_1957 F A 993 Sale 993
4
108
93 16214
4 101
997 Sale 9912 101
8
1st ref g 53 series H
64
9912 103
Adjustment Income S.Feb 1957 s 0 785 Sale 785
7614 8612 MoPac 34 78 ext at 4% July 193 A ° 9412
8
8
804 154
98 M N
°
9412
9412
1
91
9412
Mob & Bit prior lien g 5e___1945
J 0718
00 Mar'30
100 100
1111101a Central let gold 48_1951 j 3 96 Sale 96
91
984
9712
3
Small
1 3
9612 June'30
95
964
gold 34.
let
1961
81
855
8
8614 Oct'30 _
86s
let M gold 4e
1945 .1 .1 9214 ---- 924 Sept'30
924
87
Registered
8234 823
4
264 824 June'30 _
i .1
Small
J J
87 Sept'10
80
874
Extended let gold 334s_.,,1951 A 0 8513 ____ 8514
83
8612 Mobile & Ohio gen gold 48_1938 M S
8514
1
9258 96
95 Sept'30
let gold 3s sterling
1951 pa s
88
73
73 Mar'30 __ __
106
Montgomery Div 1st g 54_1947 F A
0314 Oct'30
964 103
14
Collateral Inlet gold 48_...1952 A 0
895 9412
8
114 - 1 92 4
92 4
9312 10
3
1977 M S
9412
4
94 9412
Ref A Inapt 410
9414 98
Regtetered
8712 8712 Moh & Mal let an gold 4s-1991 M
873* Mar'30 __ _ _
5i;
96 Aug'30
8614 9013
let refunding 4m
90
95
9114 88
1024
1954 N: -51; Sale 91
1937 3
MOnt C let iru fle
105 10812
0812 Sept'30
Purehmed lines 310
1952 3 .1 8312 8612 87 Sept'30.
89
82
1937 3 J 103 161 067 July'30
- 12
lit guar gold 58
3
8
95 100 4
Collateral trust gold 411_1953 m N 897 Sale 8912
873 9312 Morris A Essex let an 330_2000 1
8
8
907
8 26
85
7
83 Sale 83
77
85 4
,
Registered
8712 9014
MN
90 Aug'30 _
1955 MN 108 Sale 08
Constr M 5s ger A
25 1034 109
108
Illefundlug Si
1955 8,3 N 1054 Sale 10434 106
10418 10712
9
Constr M 4 he ser B
1955 MN 10112 10314 0112 10112
1
98 s 1034
,
15
-year secured 830 11-1936 3 J 111 Sale 11012 112
20 10712 112
40
-year 434.
Aug 1 1986 F A 10014 Sale 9858 10012 53
97 102,8 Nash Chatt A St L 4e eer A _1978 F A 9518 965 98
15
97
8
90
97
12
Cairo Bridge gold 41
1950 J D 914
8813 94
94 Oct'30
N Fla A 8 let gu g 5s. _.. _ _1937 F A 103 ---- 0312 Sept'30
100 10312
Litchfield Div lit gold 34_1951 j 3 7612 iiii 77 July'30
74‘8 77
Nat By of Met pr lien 4)48.1957 j J ____ _ __ _ 18 July'28
1
Loulev Div & Term g 310 1953 3 3 84
8212 88
Sept'30
864
8
July 1814 coupon on
12 4 July'28
Omaha DI, let gold 38_ _1951 F A 75
7412 80
78
79 Oct'30
Assent cash war rot No. 400 _ _ -.
54 glile
5
-114
714
712
St Louts Div & Term g 3s.1951 I 1 7612 783 7712 June'30
7514 7712
8
_ 8718 Aug'29
Guar 70-year a I 4e
1977 A 0 ____
Gold She
1951 J 3 84
864 8558
8254 8734
8612 15
Aesent cash war rct No.5 on -.
712 -- - 814
16
2
7
10
84
Springfield Div lit g 334. 1951 j j 84
85 3 85 8 Nat RR Mx pr lien 410 Oet•28 J J ___
3
854 Oct'30
3
_ 351 July'28 _
:
Western Line' 15t g 4i.,,_1951 F A 9212 gale 9212
89
9212
9414
8
Assent case war rot No 4 on
2
12
90 111. 12
1
12 464
Registered
9212 924
F A --------9211 Apr'30
let confoot 45
1951 A 11 _ _ _
-.22 Apr'28
III Cent and Chic St LA N 0—
Assent cash war rct No. 4 on __
6
83,
5I
714 Oct'30
Joint let ref Si series A_1963 3 D 103 Sale 103'
1054 52 10214 10712 Naugatuck RR let g 411._ 1954 PA N 8512
8514 894
88 Aug'30
lit & ref 410 series C_ _1963 .1 D ____ 98 99 Oct'30
._
95 100
9614 101
New England RR cone 58_1945 I J 101 fcTS" 101 Aug'30
Ind Bloom A West let ext 45 1940 A 0 9112 ___ 994 June'30 ...._9_
8914 8914
__ 8 ,
618
4
Como! guar 4s
1945 J .1 885
8614 94
8 94 Oct'30
Ind Ill A Iowa let g 41._ 1950 3 3 9512
90
9713 N 3 June RR guar let 4s
90
1986 F A 88 - -- 90 July'30
93
85
Ind A Louisville let an 4e___1956 j 3 8714 . - 8958 Oct'30
84
8912
90
N PANE let ref Alm% 4144.5'51 1 1
3
924 97
95 4 Oct'30
Ind Union Ry gen 5e aer A_ _1965 j 3 102 104 104
100 10414 New Orleans Term let 4e.. 1953 1 1 -5i" le- 934
Oct'30
94
8714 94
Gen & ref 5s series B
1965 3 3 1041
100 10414 NO Texas & Mel n-c Inc Si 1935 A 0 993 100
4_ 10414 Oct'30
N
21
100
4
954 100
100
Int & On Nor 1st slier A _ _1952 3 3 95 gile95
95 106
99
230
let 54 eerie, 11
1954 A 0 97 Sale 963
21
97
8
92 s 1004
7
Adjustment ris Per A Juli 1952
9212
66
67 Sale 68
71
109
lit 5e series C
1956 F A 10112 Sale 1013
8
8 10112
96 1014
1956 i--i ____ 913 92
Lt Si penes B
91
9712
4
92 12 27
let 4 he series D
1956 F A 933 Bale 933
89
5
8
96
3
933
8
1958 3 j
lit g Si pines C
90 100
9312 943
4
97
23
lit 534s series A
Sale 101
10312 27 101 1054
1954 A 0 101
66
8
Ins By. Cent Amer lit 64_1972 44 N 65 Sale 65
59 s 814 N & C 13dee gen guar 4 422._1945 .1 J 973 ---- 9714 June'30
7
95
97%
4
let coil It 6% notes
1941 MN 70
827 9412 N Y B & M B let eon g 56_1935 A 0 10012
s
78 85 Sept'30
98 4 100
5
100 May'30
' let lien A ref 634.
78
9812 NY Cent RR cony deb Ca —1985 M N 105 fia- ; 105
82 78
80
5
1947 F A 77
f
,
10612 10 105 107 4
Iowa Central let gold 5e___1938 j D 20 Bale 20
20
35
2014 10
Conace 4e Bertha A
1995 F A 963 Sale 9512
2
881e 9712
963
8 50
Certificates of deposit
2014 21
1712 3412
1712 Oct'30 _ _ _ _
4 17
97 103 8
10214 1023
Ref & imp 4 he eertee A 2013 A 0
7
Refunding gold 4s1951 Si-E
6
10
518
53
8
5
. 312 7
1
Pet& Impt Is series C___ -2018 A 0 i55- gZe 107 4 1084 51 105 110
,
James Frank & Clear let 48_1959 J D 9512 967 96 Oct'30
875 9T
8
3
Kan A &0 R let Cu g 5e ____1938 3 .1 103
8612 45
0114 Apr'30 —__
7814 8612
E Y CegisteHud Riv M 8he 1997 J 1 8612 Sale 8518
Fia n t &red
Kan AM lit gu g is
4
91 2
90
3 -S31. 9.01-2
1990 A 0 8912 - -1- 90
8478
75
85
1997 3 J
85
12
K C Ft S & M By ref g 46-1938 A 0 974 Sale 9758
9412 98
98
83
8 29
1034 IN N i55; Sale- 994 1003
97 100 4
,
Debenture gold 45
7412 8112
Ken City Sou 151 gold 311
1940 A 0 80 Sale 795
8
804 19
98
93
2
1942 J J
9913 98
30
-year debenture 48
9814
Ref & Inapt Si
Apr 1950 3 3 102 Sale 102
99 104
103 4 27
,
84
ls
8
Lake Shore coil gold 310-1998 F A 71518 Sale 827
7514 84s
47
Kansas City Term let 4e_1960 j 3 9412 Sale 94
8818 c9712
0712 60
1948 F A
Registered
7912
754 8514
8212 Sept'30
Kentucky Central gold 45.19873 3 95 Sale 9058
8658 9613
95
9
8312 30
7612 85
Mich Cent colt gold 310.1998 F A 8312 Sale 83
Kentucky A Ind Term 410_1961 j 3 88
8514 92
92 Sept'30
92
1998 F A 7918 84
Registered
78
7812 Apr'30
8012
Stamped
1981 j 3 94
88
94
1
95 94
9534 NY Chic & St L let g 4s
4
99
1937 A 0 988 99
98 4
,
94
9
994
1961 3 3 92
Plain
89
89
Apr'30 _
87
1937 A 0 _-- s ii-- 934 Mar'30
Registered
9314 9314
8 1003
1931 RI N 97 Sale 973
25
-year debenture 4s
8 11
97 100 4
,
Lake Erie A West lit g 5e-1937 g 3 1024 10312 023 Oct'30
100 102 8
,
8
1931 M N 102 Sale 102
26 6e series A B C
102
39 100 1024
2d gold 511
1941 3 ,1 102 10412 10314 Sept'30 _
99 10314
1912 A 0, 1023 Sale 1017
8
8% gold notes
s 1023
3 31 10154 1034
Lake 812 & Mich So g 310_1997 J D 8512 Sale 85
7914 8814
8614 33
Refunding 5115 eerie. A-1974 A 0 106 4 Sale 10618 10714 44 10512 108
,
Registered
1997 j D 8314 85 8414 Sept'30 ___
77 4 8414
,
Refunding 534s series B-1975 1 J 1077 Sale 1077
8
s 1077
s 12 10512 10814
-year gold 48
25
1931 M N 10012 Sale 0012 10012 42
987
8c1014
Ref 414s series C
1978 M 5 95 Sale 95
98
219
93
5s 9914
Registered
9912 10014 NY Connect let an 434s A-1953 F A 10212 Sale 10214
M N --------10014 June'30 _ __ _
10212 30
9618 10314
Leh Val Harbor Term gu 54.1954 F A 10812 10712 0614 10814
2 103 1064
let guar 55 series B
1953 F A 10514 Sale 10514 10514
5 100 10512
96 4 10314 N Y & Erie let ext gold 4s_.1947 M N 93
,
Leh Val N Y 157 an a 4345.-1940 3 J 10118 10312 10314 Sept'30
944 July'30
89
944
865 94
8
Lehigh Val (Pa) cone g 4
0---2003 FA N 923 Sale 923
4
4
93
18
3d ext gold 43.4e
1933 M S 100
100 June'30
100 100
Registered
86. 8913
M N --------8918 Sept'30 --__
In
2003 MN 10118 Sale 10118 10212 10
General eons 410
9812 104
N Y & Greenw L gu g 5s....1948 M N 961:
984
9612 June'30 _
95
.Lehigh Val RR gin S.serles.2003 MN 10932___ 1012 1104
8 106 11078 NY & Harlem gold 330_2000 M N 82
82 June'30
8012 82
10153 106
Leh V Term Ry letgalg 511-1941 A 0 10412 foe
06 Oct'30
N Y Lack & W lst & ref gu 5e'73 M N __
_
9718 Oct'29
865 943
3
Leb & N Y let guar gold 48_1945 M 5 94944 Aug'30
,
let dt ref gu 430 ger B._ _ _1973 Al N 101 Sale 101
4
_.__101
1 -BA 1614
Lax & East let 50-yr be gu- _1965 A 0 109 113 4 1112 Oct'30
1
10414 11112 N Y & Jersey 1st 511
1932 F A 10114 102 10118 10118 16
991g 10114
8712 907 N Y & Long Branch gen 43_1941 M S 8914
s
Utile Miami gen 4s series A.1982 MN 9318 9452 90 Sept'30
8858 Aug'30
8613 88 8
5
1935 k 0 1034 1065 1043
8
4 1004 10 10314 107
N Y & N E Bost Term 48-1939 A 0 93
Long Dock coneol g tis
7514 July'28 ____
9914 101
Long leld lot con g Si July 1931 Q J 1004 -- 10012 Sept'30
NY NH& H n-c deb 4e__._1947 M S 894
89
Oct'30
_ -ie. 90
98 8 985
5
985 Sept'30
8
3 13
3
let consol gold 4e--July 1931 Q .1 10018Non-cony debenture 3 he_1947 M El 815 Sale 8114
8
78
83 4
815
1
8
884 98
1938 1 D ___. 98 965 Oct'30
General gold 41
Non-cony debenture 310.1954 A 0 79 Sale 79
7914 18
734 81
1932j D --------99 Sept'30..,,
99 99
Non-cony debenture 4e.„1955 j J 8814 Sale 8814
Gold 4s
8714
2
8112 884
92
_ - 9018
874 94
Non-cony debenture 4e.._ _1956 MI N 883 Sale 86 4
Unified gold 45
9018
8
4
,
87
14
79
88 4
,
11
9
X
9914 10118
1003 102 1003 Oct'30
4 4
Debenture gold Si
Cony debenture 314.- 1958 1 I 79 Sale 79
79 4 49
,
7411 8 4
0,
101
y
9712 10212
Cony debenture 135
20
-year p m deb 51
/
1937 M N 101 1014 101
1948 .1 3 11912 Sale 11912 121
122 11912 135
87
96
9512 947
8
95
12
Registered
Guar ref gold le...... - 1949 M S 95
1171
4 1174
J 3
6 117 4 131
,
4
9914 100 4
3
Nor Sh B let con Su El Oct *39 Q J 10014 10212 1003 Sept'30 _ _ _ _
Collateral trust 8e
1940 A 0 logT4 iii;14- 10514 10514
2 10494 1069
4
7712 34
75
87
Debenture 4s
7812
8
Louisiana & Ark let 5e ser A 19693 J 76 Sale 75
8212 16
1957 NI N 787 81
77
8314
Jeff Bdge Co ad g 4e 1945 M El 9412 97 943 Sept'30 _ _ _ _
4
4
8912 943
lit & ref 4344 see of 1927 1987 3 D 9612 Sale 9812
Louis &
97
88
90
97 4
,
4
4
Harlem It & Pt Ches 1st 4,1954 MN 91
Louisville & Nashville 54-1937 M N 10314 ____ 1032 Sept'30 _ _ _ _ 101 1033
91
5
9314 91
874 92 4
3
9814 31
9414 99
N Y OA Wref g 46.___June 1992 M 11 4318 4 2 43
Unified gold 48
444 47'
1940 J J 9814 Sale 9678
84
43
8514
9412 Mar'30 _
923 9412
4
3 J
General 4s
Registered_
1965.8 D 35 Sale 35
3514 17
54
35
9934 WI
_— 101 Aug'30
NY ProvIdence A Boston 4s 1942 A 0 92
Collateral trust gold 54-1931 ad N 101
9312 9112 Sept'30
91112 9112
2 10312 018
NY lc Putnam 1st con gu 4e 1933 A 0 94
9712 96
Int refend 5 he series A---2003 A 0 108 Sale 10512 106
Oen()
8512 98
4
9912 10612 N Y Susq & West let ref 5e_1937 1 J
2003 A 0 10314 1063 10612 Oct'30 -let A ref Si series B
74
Oct'30
74
8612
95 103
2d gold 434e
8
5
lst & ref 434s series C._-2003 A 0 1014 Sale 10138 1015
1937 F A ____ 83
1
75 Mar'30
75
75
96 Mar'30
94 4 90
,
General gold 5s
75
When 'steed
A0
1940 F A 65
65
Oct'30
79
85
9118 9412
Terminal Ist gold 50
.1946 F A 955
--- 9412 Sept'30
Paducah & Mena Div (a.
1943 1111 N 10012 10114 10014 Sept'30 _ _ _
9415 10014
s6912
2 66
70
NY %relies & 13 lst ser I 4he'46 J 1 89 Sale 8812
Louie Div 26 sold 311_1980 M El 6912 70 6912
St
8912 31
88
92 4
,
973 973 Nord By ext'l sink fund 810 1950 A 0 10614 Sale 10512 1063 106 10212 10654
8
4
Mob & Monte 1st g 4.11: _A945 M S 100 ---- 9738 July'30
4
9312 Oct'30
89
98
Norfolk South let & ref A 5s.1961 F A 4412 47 45
South By Joint Monon 4e.1952 3 J
48
79
18
45
8
9114 98
Norfolk & South but gold 55.1941 IN N 97 4 --- 974 Oct'30
89
8
96
6
All Knoll/ & CU Dv 4e .1955 it N 951 9612 954
99
2
4
983 10014 Norfolk & West RR gen 85_1931 IN N 1013 .
3
8 102 102
Louise On & Lex Div g 410'31 M N 10014 1003 10014 10014
100 4 1024
,
Oct'30
99 8 10258
5
8
8
Improvement A ext 13,—.1934 F A 105
10414 Aug'30
Mahon Coal RR 1st Si... 1934 3 J 1025 ____ 1025 Sept'30
_ _ 10314 1044
Oct'30
7312 7612
New River let gold 8e
7712 76
1932 A 0 102
Manlle RR (South Lines)4e..1939 AI N 75
10214 June'30 _ _ _ 10214 1024
71 00.'30
NA W Ry 1st cons g 411_1996 A 0 9714 Sale 9612
88
60
71
1959 it N 67
latest 44
9712 32
904 977
s
9812 100
Registered
953 Oct'30
8
1996 A 0
Manito ta 8 W Colonisa•n ge 1934 3 13 97 101 100 July'30
90 954
87
no
4.1.. r r,. ... er ... 514e
,
,
1041 . r 28
A117"30
_ AO
Fends Jenne & 1311,9 lit 4)01
952 MN
Yantis II D Co 1st g 410_1941 j J
Ft W & Den C let g 55Ø.__1961 J D
Prom Elk & Mo Val let 8s__1933 A 0
G 11 & B A M & P let 58_ _1931 M N
Mertens 54 guar
1931 J .1
Gal, Haus & Bend let 14
1933 A 0
Gs & Ala By let cons ISs Oct 1946 j 3
Oa Caro A Nor let gu g Si'29—
Extended at6% to July 1.19343 .1
Geeesla Midland let ge
1946 A 0
Clone A Oswego let Es
1942 3 D
Or R Al ext lit gu g 410.1941 3 J
Grand Trunk of Can deb 74_1940 A 0
l&
-year if IN
1938 M S
Grays Point Term 1st 5e_
1947 J 0
Great Nor gee 78 serlee A
1936 j 3
.-
7I;
%alb
is
Due Februarys
New York Bond Record-Continued-Page 4
BONDS
N Y. STOCK EXCHANGE.
Week Ended Oct. 17.
Frio
,
Friday
Oct. 17.
Week's
Range or
Last Sale.
••1 •
c.F2
Range
54ace
Jan. I.
BONDS
N. V. STOCK EXCHANGE. r
Week Ended Oct. 17.
2513
Price
Prides
On. 17.
If
Range or
Last Sale.
Bid
AsX Low
A si how
High
Bid
High No . Low
INA
Norfolk & West(Conasale4)Seaboard Air Line lstg 41-1950 * 0 63% 80 573 Sept'30
9712 Sale 9722
DIT'l let lien & gen g 411__1944
9712 23
91% 97 2
Gold 4s stamped
,
53
1950 * 0 52% Sale 52
Small C & C Joint 45
957
8 35
1941 • D 95 Sale 9514
92% 97
/
1
4
adjustment bs
23
52 Sept'30
Oct 1949 FA
North Cent gen & ref be A1974 MS 1063 ---- 1053 Sept'30
4
Refunding Is
100 1053
4
2
1959 A0 30 Sale 30
30
Gen 0 ref 484s set A
1974 M
104 Sept'30
98 104
31
let A cons fle series A__ _1945• S 30 Sale 2712
---North Ohio let guar g 50_1945 40
5
9812
__ 75
93
984
7612 Oct'30
99,8
Atl & Sirm 30-yr 1st it 41_61933 NI
North Pacific prior lieu 46-1997 Q
9618 46
4
21
953 Sale 9512
Seaboard All Fla let gu 68 A.1935• A 20 Sale 20
8812 97
Reglittered
FA
20
17
28
21
8812 95 9334 Sept'30
Series 11
86% 9334
1935
Q
Gen lien ry & Id g 38..Jan 2047 Q F 693 Sale 634
695
8 73
94
__ 96
8
63% 70% Seaboard & Roan let be cold 1931 J J
Oct'30
Registered
Jan 2047 Q
Oct'30
69
6618 69
_ 10214
62
10214
1938 FA 152
69 8 8 & N Ala cons gu g 5s
,
Ref & tmpt 4115 series A..2047 J J 10118 Sale 101
10118
- 12
8
95% 102
Gen eons guar 50-yr foi _ _1963 40 109 1 11 11018 Oct'30
Ref & Inuit 65 series B.._.2017• J 11212 Sale 11178
43 11112 11512 So Pee roll 40(Cent l'er coll)k'49.10 94% Sale 92%
113
95
Ref & Luna be series C____2047 J
4
102
10312 107
8
10618 107 1065 Oct'30
lat 434.(Oregon Lines) A.1977 MS 1003 Sale 100%
Ref A impt Sq series 13_ _2047 3 J 1064 10612 10614
2 10312 1063
4
10614
10314
1934 J I) 102 1023 10214
4
20-year cony be
Nor Sac Term Co let g 63_1033 J
10412 -- 104 Sept'30
104 10512
9812
997
8
Gold 4 tie
1968 MS 98% 99
Nor Ry of Calif guar g 511_1938 40 10312 ---- 10418 Oct'30
/
1
984 Sale 98
101 1043
4
993
2
Gold 4146 with war
1969 MN
7912 Sale 79
OS & L Cham let gu g 4e___194S .1
95
77
83
7912
953
4
San Fran Terse let 4s
3
1950 AO 9412 97
Oltio Connective Ry let 4.1.._1943 SI S
*0
95 Sept'30
87 Feb'30
Registered
9'21e 95
Ohio ItIver RR let g 55
103
8
/ 103
1
4
10212 _- 1023 Sept'30
/
1
4
1936 J
100 10238 So Par of Cal let con gu g 5..1937 M N 15512
General gold be
Jan'30
1937 AO 103 10412 10318 Sept'30
1/6
99 10318 So Pao Coast lot gu r 411-.1937 J J
Oregon RR & Nav eon g 49_1946 J
9512
97
01
9512 Oct'30
96
9412 97
So Pac RR let ref 48
1955 J J
Ore Short Line let cone g 58.1916 ii 103% Sale 10718 1085
J J
8 31 10418 109
95 Sept'30
Registered
Guar stud cons 55
8 32 1034 109
/
1
1946 J J 1084 Sale 10714 1083
9212 May'30
Stamped (Federal n4,
0_1955 J J
Oregon-Wash let & ref 40___1961 .3.3 9512 Sale 9412
96
58
109
108
Southern Ry let coos g ee__11/94 J /
8811 96
Pacific Coast Co let g 54___1940
5712 60 Oct'30
10814 Oct'30
D 56
6212
55
Registered
Pao Alt of Isio let ext g te__I938 FA 963 97
1
963
c8812
4
4
9214 97
964
Devel & gen 45 series A
1056 A 0 -3T2 g;1e 87
211 extended gold bs
Oct'30
100
101
Devel A gen ad
1038 J
9734 100%
11214
1956 A 0 11112 Sale 110%
Paclueah it Ills let of g 4 Ns_ _195.5.3, 10114 103 101 12 Sept'30
98 10112
Develop & gen 1334e
1958 AG 11812 Sale 11812 123
Paris-Lyons Med lilt ext.' Os 1958 FA 10412 Sale 1044 10412 26 102 10512
_ 107
.1 107
Oct'30
Metu DPI let g 5€
1996
Sinking fund external 7e. _1968 St S 10612 Sale 1053
9212 9112 Oct'30
9112 4 10612 56 40314r107
St Louis Die let g 48...A951 J
Paris-Orleans RR ext 511e._1968 MS 10212 10414 103
10012 July'30
1034 12
East Tenn room lien g 65_1933 MS 101
99 4 105,
3
4
Paullste Ry let & ref a I 7a...1942 M H
Mob & Ohio coil tr 4e
95 1003 Sept'30
95 103
4
9414
1938 MS 94 Sale 93%
Pennsylvania RR eons g 48_11143 MN 984 Sale 98
9312
5
613 61 Sept'30
4
923 9812 Spokane Internet let g 55_ 1955
4
Coneol gold 413
9258 9918 Staten Island Rs lot 4%6_1943
9812 24
85 Feb'30
1948 MN 9812 Sale 9812
D 87
Meter! etpd dollar_May 1 1948 MN
0814
943
Sunbury A Lewleton 1st 4...1936 J
8
_ 95 Apr'28
2
924 99
983 981
4
Registered
9314 May'30
Oct'30
9212 9312 Tenn Cent let bn A or II_ _ _ _1947 A " 95 11 95
Coneol eink fund 43.4o...1960 FA 106 Sale 10412
106
Term Assn of St I. let g 440_1939 A 0 9912 102 10018
983 100
4
100%
30
General 4340 aortae A ___1965 1 II 10212 Sale 10212 103
1944 F A 104 10614 106
Oct'30
lot eons gold be
9712 10412
/ 71
1
4
General Is aeries B
93% 93
/
1
4
93 18
1103
4 23 106 112
Gen refund e f g 46
1968 J O 1103 Sale 11014
4
1953
J 93
15
-year secured 648
8
1936 FA 11018 Sale 10912 11014 86 108 11112 Texarkana & Ft Et let 5lle A 1950 F A 10314 1065 10514
10512
Registered
Tex & N 0com gold 5s.A ug 1943.3 J 100- 101 July'30
3 20814 109
10812 10812
FA
40
-year secured gold fie _19(14 MN l0412 Sale 10414 105
112
25 10214 1054 Texas & Pee lit gold 5e
13 11012 11 - 11214 Sept'30
/
1
Deb g 434s
9912 175
- -I 95 Mara
211 Inebe(Mar'28cp on)Dec2000 Mar
1970 10 99 Sale 983
9414c10012
4
Pa Co gu 3344 coil0 A reg 1937 MS 911 _-_- 95 Sept'30
1977 A 0 11134 gale tom
10134
Gen & ref fei seem 11
95
/
4
90
Gtuir 334s coil trust ea 13_1941 FA
1979 A 0 10172 Bale 10112 10274
87
Gen & ref bs seriee C
87
9112 Sept'30
9112
Guar 3115 trust etfe C
La Div Ft L let g 5e
194.2 Jo 8414
1931 J J 10014 10012 10014 10014
90
90 Sept'30
90
Guar 334e trust etfe 13_1944 J O 871
108
/
4
_ 893 Sept'30
844 893 Tex Pee-MO Sac Ter 5348_1964 Id S 106%____108
/
1
4
4
101
Guilt 15-15
__ 10114 Oct'30
-year golds 4s 1931 A 0 10014 1003- 10014
98 10012 Tol St Ohio Cent let gu 58_1935
/
1
4
10014
2
4
Giar 48 set. E trust cite .__1952 MN 93
Western Div let g 55
95
1935 AU 10014 10212 10112 Sept'30
943 Sopt'30
4
8914 95,
4
Secured gold 43213
10028 Oct'30
4
/
1
4
1963 MN 1013 102 10138 102
1935 3D
Gen gold res
50
97 103
Pa Ohio & Det let A ref 43184'77 A 0 10112 Sale 10118
i 8
10112 15
9412 102, Tol St L & W 50-yr g 413.-1950 * 0 92 .r T4.1- 9212 Oct:30
4
Peoria & Eaetern 1st cone 419.1940 40 8814 Sale 8814
1001 100 Aug'30
8
1931 1
84
8814 21
90,4 Tol W V & 0 gu 430 A
Income 48
100 16012 100
April 1990 Apr. 24 Sale 24
- Oct'30
24
1933 j
24
let guar 430 series 8
10
377
s
Peoria & Pekin Un let 5318_1974 F A 10334 104 104
.. i
i
104
1942 Id S 95. 9212 Mar'30
let suer 4e series C
9 101 10412
Pere Marquette let see A 61_1956
9318 Oct'30
4 105
.1 10434 Sale 1043
Toronto Ilam & Ruff let g 45 1946 3D 9212
14 102% 106
1s1 la series 11
1956 J J 93
9312
9512
9512
7
90
1st g4345 aeries C
8212 8914 90 July'30
1980 MS 10114 102 101
1014
Ulster & Del 1st cons g bs__1928
95% 103
6
Pbila Bait A Wadi, let g 414..1943 SI N 98 Sale 98
7214 8412 7218 Oct'30
98
Stpd as to Dec'28 & Fat '30int 1
9312 98
General by series 13
8218
1974 FA 10812
109
7014 June'30
109
let cons be ctie of dep
4
3 1061 10918
45
41
J 13
A .1
Oct'30
lot refunding g
Phillippine RI let 30-yr e f 45'37 J
2412 25
99 Sale 98%
2412 • 26
24
32
9918
33
4e95
Union Pee lit Rli & Id gr 48_119427
Pine Creek reg let 65_ ____1932
10212 103% 10258
D
.1
.1
973 Oct'30
8
1025
8
1 102 10312
Regletered
Pitts & W Vs let 4%s gar A_1958 J 31 95
96
97
Oct'30
97
96
96392
let lien & ref 4e____Inne 2008 MS 904 - 2 95%
let M 4314 strict' 13____1959 A 0 96
97
9614 Oct'30
4
112
1013
4
984
Gold 434e
1957 J J 1013 Sale 101
/
1
1st Ni 4118 series C
1961. A 0 963 Sale 914'z
9714 55
4
92 c9812
let lien & ref 5s__June 2008 Id S 11112 11134 11112 Sept'30
▪ C C & St L gu 4 314 A
1940 A 0 10112 10214 10018 Aug'30
J D 0218 Sale 02
9714 10Ola
923
4
40
-year gold 4d
Series 13 434; guar
1942 A 0 102 10214 10212 1021
9612 10212
9918 Sept'30
1
N J RR & Can gen 4€__19 4 MS 98%
1 68
94
Series C 4%s guar
1442 SIN 10012
9712 Dec'29
98%
1(10 Sept'30
Utah & Nor let ext 45
1933 J
Perim D ste guar
1946 M N 95
9412 171 95% Sept'30
9814 Sept'30
9414 9814 Vaodalla cone g 4s eeries A..1955 F A
Scrim E 814q guar gold 1949 F A 9014
95 June'30
82% May'28
93
/ 95
1
4
Cons e f 48 scrim 13
1957 Id N 9412
Series F 42 guar gold
9512
1953
9314 Sept'30
612 8
9814 9814 Vera Cruz & P assent 4 Ne._1934
9, Oct'30
s
Smite, 0 4. guar
1957 NI N 97
97 Aug'30
100 Apr'30
964 97
/
1
Virginia Nitd be series F
1931 NUS 10018
Series 11 cone suer
F A
95
983 Sept'30
4
944 9834
/
1
General 5s
1936 hi N 10114 161 10114 Aug'30
Series I eons guar 430_1963 F A 10012
105
Oct'30
991 100 Sept'30
97 105
Yak Southw'n 1st gu 5s
23 ▪ J
1958
00.
Series J cons guar 434v..1964 M 31 10012 106 10312 Sept'30
40 8514 89
9912 10312
897
8
897
8
let corn 50-year 59
Geueral M 5. series A
1970 J ID 11011 11112 1104 1104 10 10614 11312 Virginia it, let is series A.I98'2 M N 107% Sale 1073
4 107%
Fleglatered
J I)
10734 Mar'30
l9432 MN 10118 Sale 101
107 107
/
1
4
lot M 4
merles B
10114
/
1
4
Gen reign Suer 541 zer 13...1975 A 0 11012 111 111
111
5 1081s 112 Wabash RR let gold 5ii
1939 MN 104 Sale 103% 104
Pitts McK & Y 1st gu
J
102
10212 July'30
P A 101 Sale 101
10112 10212
1011
2d gold Se
20 guar fie
1934
10412 May'30
10412
4
104% 10412
Ref & gen s f 534eser A
8
193 MS 1013 Sale 10012 1017
975
9
Pitts 811 & I. E let g be
1940 A 0 10202 Sale 10218
100
10200 13 1005 1025
9814 May'29
8
8
Deb 6s serlee It regletered.1939 J
let consol gold 5s
1943 j y 1034
/
1
1003 Aug'29
4
Oct'30
let lien 50-yr g term 4s....2954 J 2 8512 --_ 90
FRU Va A Char let 4s
1943 Si N 943
4
-9200 9304 Dot A Chic est let 5s 1941 J
923 Mar'30
4
10312 Sept'30
101%
Pitts Y & Ash let 4s ger A _1948 1 D 95
93 Sept'30
.1
-- 941 9312 Oct'30
9111 98
Des Mclean Div let g 414...1939
let gen be seriee 13
1962 F A 10618
10214 105
105 June'30
87 Sept'30
Omaha Div let g 3)4o....1941 AO -8718 89
let gen 6e series C
1974
D 10018
93%
93%
Tol & Chic Div g 45
1941• S 9314
Providence Secur deb 4e
1967 M N 7518 83
81
75
8214 Wabash Ry ref & gen 51113 1976 FA 9612 981 93
Oct'30
98
Providence Term let 4e_ _ _1956 M 8 8914
863 July'30 ____
4
88
864,
90
Ref & gee 410 series C
1978 • 0 89 Sale 89
9
80
Reading Co Jersey Cell colt 4e '51 A 0 9418
AG 9712 Sale 9712
90
96
Oct'30
9012
9812
Ref A gen be series D
Gen & ref 411. series A ._ _1997 J
102 Sale 1013
9714 103 4 Warren let ref gu e 334s...2000 FA 80
8 1023
,
4 42
821 8014 Sept'30
(5en & ref 434s ,,erlee 13
1997 J J 1013 10212 i011
2
8312 ___ 87 Mar'30
931% 103 4 Wash Cent let gold 4e
10211 50
,
1948 Q
Rensselaer & Saratoga 614_1941 M N 1094 114 10918 Oct'30
/
1
92
10918 10918 Wash Term let gu 330_1945 E l 91
91
91
9
Rich & Mock let g Os
.1948 NI N 65
81
7912 Sept'30
P A
9518
7912 797
935 Sept'30
8
let 40-year guar 4e
_
8
Richin TPrin Ry Ist gu 58_1952 .2 j 103 1037 103 Sept'30
86%
4
2
101 103
West'n Maryland let 45......152 to 853 Sale 85
Rio Grande rune let 411 (s_ .1939 J
9912 104 100 Sept'30
94 100
993 1003 99%
4
4
lot & ref 53-4s Imlay A _ .1977 J
10014
510 Grande Sou let gold 4e_-1949 J
8
7 May'28
West N Y & Pa let g 58. _.1937 J J 10212 10312 1013
4
10318
Guar ls (Jan 1922 coupon)'403
8
8
954
Gen gold 44
712 Apr'28
1943 * 0 955 Sale 955
Rio Grande West 1st gold 4e_1939 J
9712 Western l'ac 1s8 fal ser A_
9312
9314 9414 9234
91
977 Sale 96
8
2
984
1916 M
1st eon & eoll trust 4a A.1949 A 0 8514 86
8434
M
86
8112 91
97 Feb'30
11
Registered
11 I Ark & Louis 1st 4103_1934 M re 100% Sale 1004
/ 1004 16
1
9412 934
95 4 101 18 West Share let 46 guar
1
/
1
94
J
9414
2361
Rut
-Canada let gu g 4s____1949
.1 7514 7812 78 Sept'30
3 917 Sale 9112
8
75
78
9312
Reglatered
2361
Rutland let couu S 44e____1941
J 923 94
8
9212
9212 14
88
94
97
Wheel & L E ref 43leeer A _1966 MS 9514 994 97
Refunding 93 series 13._ 1986 • S 9812 10114 10114 Oct'30
Jos & Grand tel let 4a___1947 jJ 8814 ____ 8828 Sept'30
85
__ __
MS 9211 Sale 9212
89,
8
93
RR let eonsol 4e
St Laser & Adtr lit g 5e___1096 J
9612 ____ 98 Sept'30
98
08
Wilk A East let gu g 56_1912 )1) 503 533 50
504
8
193
4
99
8
Id gold 8e
1098 A 0 10412 ____ 10112 Feb'30
101 101 12 Will & S F lot gold 55
10212 Sept'30
JO 10334
St L Claire guar g 4s
1931.3 J 997 10012 100
8
98% 10012 Winston-Salem S T3 let 4s_ .A9111) J
Oct'30
8
923 Oct'30
St L 1r Mt & S gen eou g 58_1931 A 0 101 Sale 10014 101
14 100 102
Wie Cent 50-yr 1st gen le _ _1949• J 6912 Sale 6912
70
Stamped guar be
1931 A 0 10034 101 1013 Dec'29
4
N 83
Sup A Dul dive' A term let 4q30
85%
854 8,87
8
Rue AG lily let g to
1933 M N 100 10018 9978
100
35
1- -1- Woe A Conn East 1st 4 3le_1943
00 4
904 Sept'30
J
its L Sao Fran pr lien to A 1960 j J 88 Sale 874
90
8
60
87% 927
Con M %a seem A
1978 M 8 8912 Sale 89
9034 487
88% 95%
INDUSTRIALS.
W het 1.8ned
895
8
91
94
76
84
7414 Sale 70
Abitibi l'ow & Pap
-1953
7512
Prior lien be series 13
19503155- ilil-- too
e
10114 70 100 el0412 Abraham & Strew( 1st 50 _3-48.1943 1
004 5
t Louie & San Fr It) gen 611-1031 J
10112 102 10112 10112
2 10018 102
A 0 1003 102 10012 10012
With warrants.
4
/
1
4
General gold fis
1931 1 J 101 Sale 101
101
21 100 10112 Adriatic Elm Co cell is....1952 4 1) 9312 95
95
943
4
St L Peor & NW let gu 541_1948 J
1043 10512 10500 Sept'30 ____ 10214 105% Adams I.:sprees roil tr g 4e _ _ 1948 M
4
89
90 89
S 86
81 Louie Sou let go g 4e..1931 NI S 993 ____ 993
4
4
993
4
2
94% 993 Ajax Rubber let 15-yr it 86_1936 J
4
25
2012 203 25
4
81 1.8 W 1st it 4e bond ctfe.1989 M N 8912 90
8912
8912
2
9114 Alaska Gold M deb Fe A._ __1925 M S
85
8
8
8 Sale
20 5 48 Inc bond etre Nov 1989 j j 84
847 8212 Sept'30
8
76% 83
9
9
cony (1, 6e seriee 13
13
54 9
/
1
Consul gold 44
1032 .1 13 993 10014 993
4
4 100
13
9714 10014 Albany Palm Wrap Pap flo__1949 61 (.
94
,
1
192 1 6 94 Sale 94
6
let terminal & unifying 54.1932 JJ 101% Sale 10114
10212 47
98 103
Allegheny Corp col tr
9312 Sale 93
F A
9514
St Paul & K C ilk L let 410_1911 F A 985 Sale 984
8
9914 29
94% 997
96
8
Coll & cony be
9312 Sale 9312
St Paul & Duluth lot 5e
1931 F A 100% ____ 1007 Aug'30
4
10018 100%
93
Coll A cony 5e
90 Sale 90
let soused gold 45
.1908
I)
Aug'30
91 12 95,2 Allis Chalmers Mfg deb 5e_ 1193 M 00 102 1021 102
102
/
4
195419 AS N
94
Or TM let 411s. _1947
St Paul E
J 93_ 1063 9918 Aug'30
92 4 91
5
99% 99le Alulee-Monten Steel lot 7e_ _1955 M 8 88 Sale 88
88
St Paul Mien A Man con 41_1933 J
100
99
100
12
98 10014 Am Agile Chem let refof? Ks 4) F A 1033 Sale 103%
104
4
1st cony°, g es
1923.3
106 4 10 - 10414 Oct'30
641 - 1
102 1063 Amer Beet Sug cone deb 614_ _1235 F A
4
Oct'30
45
5014 50
St reduced to gold 4 lie_ 1933 J
Se
10000 Sale 10000
101
12
97% 104
American Chain deb if
/
4
4
A 0 1011 1023 10212 10212
Registered
j 1
98 Feb'30
98
98
Am Cot 011 debenture
4
N
1007
4
8 Sale 1007
Mont ext 1st gold 4e
11137.3 1) -57i.
9634 Aug'30 ___ 92 9814 Am Cyuamld deb 511 55-.1931 M 0 1007 Sale 95% 06
96
.1942 A
pacific Cot guar 4i (IterlIng)'40 J
92___ _ 92
92
8914 97
Am & Foreign Pow deb 518_20311 M B 81 Sale 783
1
8314
4
St Paul Un Dem let Se ref Os. 1972 ./ J 10911 Sale 10914
110
13 104% 11011 Amer Ices?deb 58
85
1053 J ) 85 Sale 85
1
84 A Ar Pasa let gu g 4s... 1943
J 9514 Sale 9514
9612 13
905 947 Amer 1 Chess cone 5 tie_.1949 M N 102 Sale 10012 10212
8
8
Banta Fe Pm& Phen let At. 1942 M
10318 Sale 10318
10318
1
9911 10318 An, Internet Corp cone 51.45,1049 J
95
95 Sale 94
Say Fla & Weet Ist g egi
1934 A 0
__ 10414 Aug'30- 103 10414 Am Marl, A Fdy. 3 ile
,106
10612 -- 106
g
let gold 611
.-.1934 A 0 101 103 10112 Oct'30 ____
- -12
99 4 10314 Amer Metal 531'1 note.....1934 A 0 9512 Sale 93
0
3
9512
t ctow
i
N E let gu g 4e_ _1989 M N 95 100
9712 Oct'30 ___ _
884 974 Am Nat (las 8 Ma (with wer)1942 A 0 69 Sale 69
69
/
1
4
1
Am Srn & II let 30-yr 51 eer A'47 A 0 1017 Sale 10114
102
8
C Cash /ale 0 Due kia
1 Due A,.odi
6 Due June
Range
Since
Jan 1.
No. Low
11141
55
7011
16
52
71
28
60.4
1
4
2514 6011
231
28
79
72% 89
120
72
20
13
20
72
94
9812
1 1003 102%
4
)o5e. 110%
17
8918 953
4
167
94% 102%
1 100 10212
14
93 4 100%
3
142
9618c101%
38
89
96
87
87
1 100 103%
98
08
74
91
9712
91
95 4
3
9212 100
12 10614c1121
4
10512 10814
46
98
87
30 110% 120
27 11812 12615
10618 108
8718 927
2
05 1001s
32
9(115 95%
72
61
821t 861s
1
2
4
2
53
12
4
--
74
_
9
11
29
-5E- - 4
66197
r99 4
1
8714
103%
983
8
10612
10072
106
95
107
12
101
112%
-583, 16412
987 1044
4
993 101%
8
104 108
98 103
98 101
971e 101
90% 9412
9812 100
98% 100
9212 92%
88
93%
79
90%
87
14
70
7014 701
4
40
55
9352 9912
/
1
4
/
4
911 97
887 97%
4
96 102
10612 112
8714 94
9314 99%
9814 100
93
95 4
3
114
98la
100
95
8314
42 10214
28 101114
19 101
251 9913
40' 100
5
1
71
50
4
145
13
6
47
31
12
17
3
32
13
5
1
45
5
5
7
2
7
117
65
161
10
4
30
5
5
8
408
7
110
83
3
43
7
46
101
10111
10114
9234
10912
10214
105%
105
10614
84 -9011
100 10312
92
9312
8114 87
8814 93%
975 10211
4
951.,
88
9718 102%
7211 8215
83
/ 90
1
4
84% 91
8314 93%
80
81
112
94% 102%
98 10312
1381s 95%
9512 99%
97
07
SEA, 9472
85% 9312
87% 97
9014 10114
87% 93
50
71
102 102%
8614 94
6912 8314
91%
85
9028009.
68
885
8
97 103%
943 10013
4
92
82
26
00
514 12
514 9
85
9814
93 10414
9312 10411
90
991a
991 103
4
88 100
10212 1051s
50
873
4
97 103
99 101
94% 1004
77
904
797 90
2
100 1084
03 1011.4
0114 105
93
99%
69
9214
9118 1114
2514
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 17.
Amer Sugar Ref 5-yr 6e___1937 J J
Am Telep & Teleg cony 4a___1936 M S
30
-year cony 4)4s
1933 M S
30
-year coil tr Is
1946 .1
Registered
.1 D
35-yr it deb Is
1960J I
20
-year at 534e
1943 MN
Cony deb 4Me
1939 .1 J
35-yr deb Is
1985 F A
1940 A 0
Am Type Found deb 6e
Ara Wet Was& El col tr 5e 1934 A 0
Deb g (le series A
1975 M N
Am Writ Pap let g 65
19473 J
Anglo-Chilean sf deb 7e
1945 MN
Antilla (Comp Azuc) 7145_1939 J J
Ark & Meat Bridge &Ter 50_1964 Pd S
Armour A Co (111) 414e
1939 J D
Armour & Coot Del 5 Me_ _ _1943 J J
Associated 011(1% gold notes 1935 M
Atlanta Gas L let 50
1947 J D
Atlantic Fruit 78 etre dep
1934 J D
Stamped ate of deposit
J 0
All Guli&WI SS I- col tr Is 1959 .1 J
Atlantic Refit deb 50
1937 3 1
Baidw Loco Works let 50__A940 Pd N
Baragua (Comp Al) 71.2e_ _1937 .1 J
Bataylan Pete cuar deb 41:01942 J J
Belding-Hemingway 6e
1936
J
Dell Telep of Pa 50 series B 1948 1 J
& ret 50 melee 0
1900 A 0
Berlin City Elee Co deb 81401951 J
Deb sink fund 8)4s
1959 F A
Deb 65
1955 A 0
Berlin Elee-El& Undg 8 Me_ _1956 A 0
Beth Steel let & ref Is guar A '42 M N
30-yr p m imp 5 f 55
1936 I 1
Bing & Bing deb 612s
1950 M S
Botany Cone Mille 6128_1934 A 0
Bowman-Bat Hotels 70
1934 M S
B'way & 7th Av 1st cone 50_1943 J D
Brooklyn City RR let 5s
1941 J J
Bklyn Edison Inc gen 59 A 1949
J
Bklyn-Man R T seals
1988 J J
Skip)Qu Co & Sub con gtd tze '41 MN
let 50 stamped
1941 J
Brooklyn It Tr let cony g 45_2002 J J
3-yr 7% secured notee
1921 1 1
Bklyn Un El lat g 4-513
1950 F A
Stamped guar 4-5s
1950 F A
Bklyn Iln Gas let cons g 55_1945 fd N
let lien & ref Is series A 1947 MN
Cony deb g 514e
1938 J J
Cony deb Is
1950 J
Buff & Susq Iron lstst 50_1932 J D
Bush Terminal let 4e
1952 A 0
Cense' Is
1955
J
Bush Term Bldfte 56 go tax-ex '60 A 0
By-Prod Coke let 554s A__.1945 MN
Cal CT& E Corp unit& ref 50_1937 MN
Cal Petroleum cony deb a t 501939 F A
Cony deb e f g 5 Ms
1938 M N
Camaguey Sue lets f g 75_1942 A 0
Canada SS L let & gen 65_1941 A 0
Cent Diet Tel let 30-yr 55._ _1943 .1 D
Cent Foundry let et 65 May 1931 F A
Cent Hud 0 & E 50___Jan 1957 M
Central Steel let g a f 8e_ _ _1941 M N
Certain-teed Prod S Me A _ _ _1948 M
Cespedes Sugar Co let e t 7 Me'39 M s
Chic City A Conn Rye 50 Jan1927 A 0
Ch0L & Coke let gu g 50. _1937 J
Chicago Rye let 55 Med rct 15%
principal ard Aug 1930 Int.__ F A
Childs Co deb 58
1943 A 0
Chile Copper Co Co deb 5e_ _1947 I J
1968 A 0
CM & E 1st m 45 A
Clearfield Bit Coal let 4/1_1040 J .1
11138 3 .1
Colon 011 cony deb 65
1943 F A
Colo F Sz I Co gen et 56
Col Indus let & coil 5e gu _ _1934 F A
Columbia GA E deb 50 May 1952 M N
Debentures 56....__Aor 15 1952 A 0
Columbus Gas let gold 5e__ _1932 3 .1
Columbus Ry P & L let 4325 19573 .1
1934 MN
Commercial Credlt e f 60
19363 J
Coltrii554snotee
Comm'l Invest Tr deb 68__ _1948 M S
1949 F A
Cony deb 5125
Computing-Tab-Rae s t Is.A941 J J
Conn 0.7k L let & ref g 4 Me 1951.5 J
Stamped guar 414e
1951 J J
Como' Agricul Loan 6145-1958 J D
Consolidated Hydro-Eleo Works
J
of Upper Wuertemberg 75_1956
Coos Coal of hld let&ref 58_1950 J D
Consol Gas(NY) deb 5145..1945 F A
Consumers Gas of ChM go Is 1936 J D
1952 MN
Consumers Power tat 55
1946 J D
Container Corp let 8s
15-yr deb 50 with ware__.i9433 D
Copenhager Telep Is Feb 15 1954 F A
Coro Prod Refit let 25-yr of 50'34 M N
1947 J D
Crown Cork St Seal f 65
Crown Willamette Pap 60_1951 J J
Crown Zellerbach deb 65 ww 1940 M 8
Cuba Cane Sugar cony 76_1930 J J
Cony deben stamped 8%.1930 J J
Cuban Am Sugar let coil 80_1931 M 23
1950 IJ
Cuban Cane Prod deb 6e
Cuban Dom Sue let 7 Me--.1944 MN
Stpd with purcb war attached_
1937
Comb T T let te gen fa
Cuyamel Fruit let of es A_ _1940 A 0
Denver Cons Tramw let 55. _1933 4 0
Den Gaa & E L let & ret t 511 '51 MN
Stamped as to Pa. tax...-1961 M N
s
Dere (D (3) Corp DS at 7e.. 1942.5_
.
2d 75 stud Sept 1930 coupon _ _
Detroit Edison let coil 58_1933
lot .9 ref Is series A_July 1940 M
Gen & ref 5e eeriee A__._1949 A 0
let & ref 68 aeries B._July 1940 M
1955
11
Oen & ref fe Berle(' B
1962 F A
Gen dr ref Is series C
Del United let con g {Ma 1932 J J
1940 M N
Dodge Bros deb 65
1942 M N
Dold (Jacob) Pack let 65
Dominion Iron & Steel 58_1939 M S
1942 J
Donner Steel let ref 75
Duke-Price Pow let 60 ser 4.1966 MN
Duquesne Light let 434s A_1967 A 0
East Cuba Sug lI-yrs f g 7148'37 M 6
Ed El III Hein let con g 40.. _1939 J
Ed Elee(N Y )1st cone g 50.1995
Edith Rockefeller McCormick.
Trust coil tr 6% notes_ .19343
ICIee Pow Corp(Germane)0348'5 m e
0
1953A 0
la$ei4s
c Cash sale.
New York Bond Record -Continued -Page 5
Price
Friday
Oct. 17.
Week's
Range or
Last Sale.
ef
'IS
Range
Sinee
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 17.
r, •
;-,
'' t
3 a.
;
Price
Friday
Oct. 17.
Week's
Range or
Last Sale.
.'g •
g:..
3
44
High
Bid
Ask Low
Low
High No
High No. Low
8
97
79 Sept'30 ____
103
10314 44 1017 105 8 Elk Horn Coal let & ref 6 Me 1931 J D 79
5
Deb 7% notes (with war?) 1931 .1 D ____ 70
4
945 101
8
5012 Oct'30 ____
101
101
Wilt Gas Light let con 50_1932 M S 10114 -._- 10012 10114
4
994 105
10112
101
7
4
105
1054 63 103 1063 Ernesto Breda Co let In 70..1954
IT A
With MI purch warrants
73 Sale 73
103 105
74
12
105 Sept'30
4
99
11
1.5614 Sale 106
10714 156 1004 1073 Federal Light At Tr let 50._ _1942 M 13 9814 9834 09
1st lien e t 50 etamped____1942 M 8 99 Sale 983
4
4
9912
8
183 1048 10912
1083 Sale
4
let lien Is stamped
1942 M 8 102 Sale 10014 102
15
15212 71 13714 19312
150 2 Sale 150
,
30
1954 J D 9512 Sale 9512
-year deb 6s aeries B
98
29
10718 Sale 1063
4 10712 269 10018:108
1939 I D 98
Federated Metals s t 7e
99
98
98
8 103 107
8
1063 Sale 1063
4
4 1063
4
Flat deb 75 (with warr)._ _ _1946 J J ____ 8412 8612 Oct'30 ____
994 103
10214 1023 10112 1023
4
4 15
Without Mock parch warrants_ .__ 83 Sale 83
6 104 10812
8312 11
107 Sale 106
107
Fisk Rubber let of 80
1941 M 4 5014 Sale 50
84
69
52
18
21
73
70
7012 73
80
984 Framerican Ind Dev 20-y77344'42 J 3 1064 Sale 10614 10714 90
8118 18
80 Sale 80
55
Francisco Sugar let 0 t 7 Me_ _1942 M N 76 Sale 75
9
19
____ 26
76
7
19
19
9814 1054 French Nat Mall SS Linea Is 1949 I D 10312 Sale 10312 10312 14
10518 12
105 Sale 105
1943 F A 84 Sale 84
873 c943 Gannett Co deb 65
8
8
84
6
91 Sale 9014
9113 153
74
863 Gas & El of Berg Co cone g 591949 .1 D 10412 ____ 10212 June'30 ____
4
7412 Sale 74
773 105
4
8
1934 M S 8714 Sale 86
6 102 1043 Gelsenkirchen Mining 6e
8918 43
103 Sale 103
10314
1018 1034 Genl Amer Inveetore deb 55_1952 F A 82
4
82
3
8834 82
10412 10514 10318 June'30
8
99
66
Gen Baking deb at 5 Me _ _1940 A 0 09 sale 985
1253 May'28
Gen Cable let it 534e A
1947 .1 J 97 Sale 9618
97
37
1
_ _ 1258 May'29
96
;Ri- Gen Electric deb a 3548_..1942 F A 95
96
Oct'30 ---8
715 Sale 715
8
7213 22
98
97
99
27
14 m 10312 Gen Flee (Germany)7e Jan 15'45 J J 95
102 Sale 102
103
S f deb 8 Me with warr___ _1940 J 4 ____ 94
1
9612
9612
4 105 1073
2
4
10714
10714 Sale 107
9612
1
91
Without warets attach'd_1940 J 0 9612 Sale 9612
5
70
71
70
70
20
-year a t deb 8e
1948 M N 8813 Sale 863
4
89
22
92
953
4
943 Sale 93
4
9512 34
Gen Mot Accept deb 85___.1937 F A 1021e Sale 10214
103
81
87
85
8314 90
85
Oct'30
1910 F A 10212 Sale 10212 10212 29
4
10718 Sale 10713 10712 30 102 1073 Gaol Petrol let if Be
3
95 18 30
8
1113 112 11034 11112 18 1033 11212 Gen Pub Serv deb 5145- _1939 J 1 95 Sale 95
1015
8 41
7014 c973 Gen'l Steel Cast 5120 with war'49 J 1 100 Sale 100
4
75 Sale 7154
763
4 80
Gen Theatres Equip deb 68_1940 A 0 90 Sale 8713
90
305
70
96
10
77 Sale 70
77
_ 9012 90
943
4 32
6313 83 4 Good Hope Steel A 1 see 75...1945 A 0
4
55
3
683 Sale 6312
70
Goodrich (B F)Co let 8145_1947 J J 993 Sale 9918 10012 92
4
19
73
96
77 Sale 73
77
773 189
4
Cony deb 6s
1045.5 D 7212 Sale 72
25 10112c105
104 Sale 1023
4 104
9278 151
Goodyear Tire & Rub let 59_1957 M N 87 Sale 8612
9934 104
10218 Sale 102
10212 46
894
5
92
Gotham Silk Hosiery deb 60_1936 J 0 89 Sale 89
93
91
10
86
88
91
Gould Coupler lot s f 6s_._1940 F A
71
71
13
71
72
344 47
38
77
3718 Sale 37
98
25
Gt Cone El Power (Japan 701944 F A 98 Sale 97
9 100 105
102 Sale 10112 102
9014 18
1st & gen e I 6 H8
1950 1 J 895 Sale 87
8
7
1
4412
7 Sale
7
7
91
6
Gulf States Steel deb 510-1942 J D 92
93 89
88
1
78
8614 88 863
8
863
8
9018 Oct'30
.1952 J J 9018 91
e
1053 Sale 105
4
1053
4 17 10312 1063 Hackensack Water lot
etkpurch
944 1017 Ilarpin Mallet (10 with 40..8
993 Sale 983
8
4
9912 240
war for corn stock or Am she'49 J J --------7714
8314 20
68 c80
__ 73
70
7014
7814
14
Hansa SS Lines 60 with warr_1939 A 0 78 Sale 7612
c82
2 c81 c82
89 81
'73
Havana Flee consol g 55
1952 F A ____ 75 65 Oct'30 ____
9212 June'28
435
8
3
45
43
Deb 534s series of 1926-1951 M 4 42
105
_ _11614 Nov'29
Hoe(R)& Co let 634s ser A_1934 A 0
__ 797 75
76
3
8
94
82
9178 gale 9134
923
4 50
10
76
8334 8912 Holland-Amer Line Is (flat).1947 M N 76 Sale 75
May'30
833
4
9718 95
10712 10812 20 103 l0912 Houston 011 sink fund 5120_1940 M N 97 Sale 97
logis
5812 48
11734 11612 11718 11718
-1 114 11814 Hudson Coal lift 5 ftse ser A..1962 J D 57 Sale 5612
Hudson Co Gas let g 5e_-_1910 NI N 10612 Sale 106
10612
3
232 306
20C1
_ 232 Sept'30
4
,
1033 10412 104
4 104
30 1023 105 4 Humble 011 & Reining 5120_1932 .1 .1 10214 Sale 10214 10212 32
37
Deb gold 50
96
1937 A 0 10214 Sale 1013
4 103
Jan'30
96
96
8
4 10612 21
874 9312 Illinois Bell Telephone 51_1950 J 0 1057 Sale 1053
9312 96
9312 Oct'30
Illinois Steel deb 412e
94 102
1940 A 0 1014 Sale 10118 10112 35
101 Sale 101
101
12
26
81
9
99 1043 Tiseder Steel Corp mtge 65_1948 F A
.4
79 Sale 79
1015 Sale 10112 1027
8
8
12 1004 105/2 Indiana Limestone let at 6e..1941 M N 50
10314 104 104
104
6512 70 Sept'30 ---led Nat G55 & 011 Se
101
1
1936 51 N 100
____ 101
8
9814 86
104 Sale 104
104
3 1003 10414 Inland Steel hat 434e
1978 A 0 9778 Sale 9714
1
94 10012 Inspiration Con Copper 634s 1931 NI S 99 10114 1005
96
98
4
987
8
987
8
8 1003
3
984 103
Interboro Metrop 434s
23
9812 10112 1013
4 102
1956 A 0
912 20
818 Sept'30 ---33
60
40
3
Interboro Rap Trail let 55-1966 1 J
40 Sale 40
73
138
4
7118 Sale 703
Oct'30
7913 97
Stamped
127
7912 80
1 .1 7113 Sale 7012
73
Sale 10518 10518
10218 10518
Registered
7358 Sept'30 ---8014 8
7914 8113
10
012 8014 Aug'30
-year 65
64
64
1932 A 0 6312 Sale 62
10214 106
10
146
1053
4
-year cony 7% notes__.1932 M S 91 Sale 90
92
4 1053
4-- 1053
1117 125
Int Agile Corp 1st 20-yr 55_ _1932 M N 975 9812 9712 Oct'30 _-__
e
Oct'30
117 118 118
8
41
3712 65
50
Stamped extended to 1042__ 111 N 77
1
3918 Sale 39
7814
787 7814
8
Oct'30
50
7814 Int Cement cony deb 5e_ _ _1948 FA N 985a Sale 0853
___ 63
55
992 146
5312 5312 Internet Hydro El deb 80_1944 A 0 9718 Sale 9718
4
50 4 633 Mar'30
,
981 2 72
100 10513 Interuat Match e f deb 50_1947 M N 10012 Sale 10014
Sale 10214
103
101
67
la
Inter Mercian Marines(60_1941 A 0 1013 10112 1013
8
8 10112 31
1
69
85
7612
Internatl Paper 58 ser A & B.1947 J J
70
75
7612
775
8 15
81
74
78
8712 92
90 Sale 8812
90
26
Ref 5 t Is aeries A
c737
8 68
1955 M 8 71 Sale 71
9814 lot'Pelee &Teleg deb g 4148 1952 3 1 815 Sale 784
91
62
913 Sale 91
4
82
9414 184
8
410
113
864 9333
Cony deb 4125
9212 Sale 9.113
93
94
1939 .1 J 9213 Sale 91
149
63
Oct'30
77
88
Deb Is
77
1955 F A 8512 Sale 83
594 8914
6018 647 60
8
65
47
106
95 10012 Kansas City Pow & Lt 55_1952 34 4 10512 1053 10514
8
9818 100
98
Oct'30
4
18
917 98
8
102
let gold 4 Me series It..
93 Sale 9178
9512 23
1957 1 .1 1017 Sale 101
8
985 1033
8
J J____ -- _ 10314 Oct'30 ---4
When issued
1027 Sale 1025
8
8 10314 88
9614 130
983 1035 Kansas Gas & Electric 4120-1580 1 D 955 Sale 95
4
8
1025 __ 10234 1033
8
8
s 10
6712 133
95 10111 Karstadt (Rudolph) 65.-1943 NI N 6712 Sale 60
97 10014 9912 Oct'30
803
8 23
90
98
Keith (i3 F) Corp 1st 85___A946 MI 8 8012 82
8014
963 Sale 963
4
4
9753 16
70
12
93 4 1003 Kendall Co 512s with wart_ _1948 M 23 69 Sale 687
8
4
8
2
10012 __-- 10012 10012
8
Oct'30-_
85 1003 Keystone Telep Co let 55_1935 3 J 88
90
88
98
983 98
4
98 14 24
Oct'30 _--86 10212 Kings County El & P g 5e _ _A937 A 0 103
_ _ 103
10214 Sale 10214 10238 128
98
Purchase money 130
1997 A 0 13312 go 13478
1347
8
3
83
94 3 115
4
94 Sale 94
52
10313 10613 Kings County Eley let g 4e _ _1949 F A 8512 8618 87
88
Oct'30
106 1064 106
9512 10014
Stamped guar 40
1919 F A --------8014 May'30 _-_99 10014 10014 Oct'30
9312 1003 Kings County Lighting 50_1954 1 J 10614 --__ 108 Sept'30 ___
8
995 Sale 9958
8
995
8
3
1954 .1 J 118
First & ref 6340
____ 11718 11718
6712 90
1
59
75 Sale 69
75
Kinney (Oft)& Co 734 %notee'36 J D 100 Sale 997
8 10053
8
86 c953 Kresge Found'n coil tr 65_1930 1 0 10312 105 10312 1035s
3
87
15
857 86
8
8
35
63
Kreuger & roil Is with war._1959 M S 9.5 Sale 95
36
22
9512 125
35 Sale 35
Lackawanna Steel let 55 A 1950 M 5 102 10212 102
8 76 105 108
106 Sale 106
1067
1024
5
Lad Gas of St L ref&ext 51_1934 A 0 10212 Sale 1024 103
9812 103
1025 ____ 1025 Oct'30 - _
8
8
56
Col A ref 614e eerlee C
1953 F A 105 Sale 10414 105
26
105 Sale 10418 10518 13 10214 106
Coll & ref 1340 ear D
1960 F A 10313 104 10312 104
894 953
4
10
4 14
9312 Sale 9312
943
Lautaro Nitrate Co cony 6s-1954
87
68
69
70
67
89
30
Wlthout warrants
913 100
4
.1 J 6312 Sale 60
65
995 Sale 9912
8
993
4 27
105
Oct'30
9712 10312 Lehigh C dc Nay at 412e A-1954 J J 994 Sale 9912
9912 11
10312 104 103
Lehigh Valley Coal let g 55..1933 J .1 1004 10112 10012 10184 19
94 102
100
8
10014 10012 100
let 40-yr Itu lot red to 4%-1933 J .1 9812 ____ 9712 May'30 ____
9512 10412
9714 Sale 96
972 31
let & ref a t 54;
1934 F A 99 Sale 99
99
89
8714 98
2
88 Sale 8712
17
let A ref e f Is
1944 F A
77
80
3512 4118
763 Sept'30 _-__
4
41 Mar'30
_
394 434
let & ref 5 t 55
1954 F A ____ 65
66 Aug'30 ____
41 Mar'30
30
let A ref 5 f fel
1964 F A ____ 65
70 May'30 ____
9514 Sale 95
9212 10014
9512 14
let A ref a f Se
8
9174 F A ___ 62
1112 Sale 1112
385
e
70 June'30 --__
1112
193 15
15
47
Liggett & Myers Tobacco 70.1944 A 0 124 Sale 12312 124
8
Oct'30
51
55
16
1951 F A 106 Sale 106
1064 14
16 Sale 16
404
17
Loew's Ina deb 138 with warr_1941 A 0 113 Sale 112
113
11
1023 10312 1025
4
8 1023
8
2 10014 105
Without stocks porch warrants A 0 10118 Sale 1003
4 10112 53
10412 Sale 10414 10412 13 10214 105
Lombard Elea 1st 70 with war '52 .1 D 83 Sale 821e
83
15
76 Dee'29
10184 102 102
Without warlIIDUI
-12
103
2
1 D 80
85
80
83
35
98'u 10312
Lorillard (P) Co 711
984 104
1944 A 0 10612 Sale 10518 10612 15
101/2 Sale 10012 10112
8
Oct'29
Is
61
1951 F A 84 Sale 84
8412
6
47
Deb 5 Me
933
3 15
10
10 Sept'30
19313 j 9314 Sale 93
812 20
Louisville Gait & El(Ky) 50_1962 MN 10518 Sale 105
10512 62
1023 Sale 10153 10212 39 10014 104
8
8
104 Sale 10253 10414 14 101 1057 Lower Austria Hydro El Pow-__
lass t 6340
.1944 F A
75 Sale 75
75
8 10614 14 10184 10612
10618 Sale 1053
7
983 99
8
99
31 105 1084 McCrory Stores Corp deb 5125'41 J 0 97
6
10614 10718 10614 107
6 102 10714 McKesson & 'lobbies deb 5 Me'60 91 N 8612 Sale 8614
8718 152
1063 Sale 10614 1064
8
107
/
1
4
4
34
9 102 1073 Menet! Sugar let 5 f 713e_ -1942 A 0 34 Sale 2512
32
107 Sale 107
96
09
1
9978 Manhat Thy(NY)cons g 48.1990 A 0 533 Sale 5014
8
533
8 40
9912 99
99
24 45
884 114
85
984
53
47 Sept'30 ____
2013 J D 45
85 Sale 85
Manila Mee Sty A Lt of 5e. _1953 M S ____ 103
58
75
90 July'30 ____
6012
2
62 8012
55
Mfrs Ti Co ette of partic In
Apr'30
10012 101
90 ___- 101
A 1 Nam'& Son let 813_1913 1 D 98
983 98
4
13 101.12c1044
9812
10312 Sale 10312 104
6
60
51
51
8 1053
4 25 10318 1.0612 Marion Steam Shovels 1 60_1947 A 0 51
1
4
1053 Sale 1045
9614 1037 Market St Tty 7s ear A _Apill 19400 J 9014 Sale 9014
8 1033
8
91
8 20
8
11
1035 Sale 1025
Meridlonale Elea let 75
38
87
1957 A 0 9913 Sale 9912 100
393
4 15
52
38 Sale 38
1
9453 9812 Metr Ed let & ref Is ear C 1953 J J 1043 Sale 10418 1043
4
4 14
9812- 9813
9313
lift g 434s ear D
109 111
1968 M S 10118 102 1003 21023
4
4 44
67
115 11-8 110 July'30
Metr West Side E (Chic) 4s 1938 F A 81 Sale 804
814 16
3
4
8014 Aug'30 ____
8 10114 31 1013 0 1023 Mies Mill Mach is with war_1956 1 D ____ 80
101 Sale 1003
82
Without warrants
8212 Sale 82
8212 13
9712
1 0 ___ 76
76
77
9
85
9412 Midvale St dr 0cony of 55...1936 M S 102 Sale 10112 102
85 Sept'30
30
Bid
A st
10314 Sale
10012 101
10118 105
8
1053 Sale
-.
._
Range
Since
Jan 1.
HO
Low
79
98
5012 75
4
995 1014
73
84
94
997
s
92 1004
10014 105
924 10010
9518 102
86 107
83
94 0
7
48
89
10313 109
75
97
1023 10412
4
81
934
994 10212
85
963
4
804 92
96
9912
9512 1033
e
94
98
97 105
9612 124
9484 101
863 97
4
14
10012 10614
997 10314
0
9318 103
100 1084
8712 10014
90 0103
9112 1077
s
72
79
9613 98
87
974
667 847
8
s
97 1014
87
98
89 1004
85
917
8
7714 94
99
75
65 844
43
6858
75
90
74
921e
97
974
5612 73
10118 107
101 103
993 103
4
103 1065,
97 102
79
92
08
8512
100 10118
91
99
1004 10112
818 915
61
75
61
7514
6034 7353
4478 68
84
951J
934 9753
724 7911
91 103
52
96 104
97 102
968 1013
4
4
74
9212
94
71
78
94
90 1298
4
Kg,
81
103 10811
9512 103
1024 1034
95
974
563 834
4
74
91
687 923
8
4
78
9211
1004 10414
125 1364
7512 88
7512 84
10012 108
1144 11912
997a 10714
10214 105
92 1003
4
100 104
99 10359
100 4 10514
3
102 105
00
874
9418 INA
994 1013
4
9512 973
1
8118 100
70 4 83
1
66
74
70
764
70
75
1174 125
993 1088
4
4
10112 130
9134 10112
8218 994
80
99
1047 11112
8
784 9114
84
9712
100 wail
76
9618
88
25
44
415
90
91
10011
93
88
60
54
9914
9012 1001
50
85;
8912 973
4
948 102
4
101 10511
973
4r102;
664 8311
8012 97
76
90
0e34 103
2515
New York Bond Record - Concluded—Page 6
N
BONDS
Y STOCK EXCHANGE.
Week Ended Oct. 17.
Price
Oct. 17.
Week's
Range. or
Las: Sate.
•g •1
g:1
3
3.1
Range
Store
Jan. I.
Milw El Ry & Lt ref ext 4148'31 J
General & ref 55 series A_1951 J
1961 J
let & ref be series B
let & ref Os ser 11 temp__ _1961 3
Montana Power let be A......1943 J
19623
Deb 60 series A
Montecatini Min & Aerie—
8
99
9812 984
Deb 75 with warrauta___ _1937 J J 97
994. 63
9912 97
3 J 97
Without warrants
9
9914
Montreal Tram let & ref 58_1941 3 .1 9914 Sale 99
8
963 Oct'30
Gen & ref et 51 eerie! A___1955 A 0 9514 96
4
963 Sept'30
1955 A 0 9518 98
Gen & ref s t 68 ser 11
8814 Oct'30
Gen & ref e t 410 ser C-1955 A 0
9512 Sept'30
1955 A 0 9518
Gen & ref s f as ser
4
8012
79
80
Morris & Co 1st et 4945.... _1939 3 .1 78
73 June'30
2_1966 A 0 7312 90
Mortgage-Bond Co 4e ser
5
9814
19-25 year 5s series 8
1932 1 J 9814 Sale 9814
2
9812
4
983 9913 9812
1934 J
Murray Body let 8145
1
1044
4
N 1043 -- 1043
4
Mutual Fuel Gas let go g 5s 1947
984 Jan'30
Mut Un Tel gtd 60ext at 6% 1941 AI N 10314
Namm (Al)& Son. _Bee Mfrs Tr
29
57
1951 3J 55 Sale 5312
Nassau Elec guar gold 4s
_
8
993 10214 Sept'30
1942 J
Nat Acme 1st a t8/3
Sale 993
4 100% 357
Net Dairy Prod deb 594e_1948 F A
4
993
17
8
1512
4
163 18
1947 F A
Nat Radiator deb 610
5
97
97
97
94
Newberry (J J) Co 515% notes'40 A
Newark Consol Gas cons 58_1948 J D 10618 1061 10612 Oct'30
New Keel Tel dr Tel be A _ 1952 J D 109 Sale 10812 10912 15
8 10412 26
lst g 410 eerie(' B
1951 MN 1044 Sale 1035
9413 22
New On Pub Serv let be A..,1952 A 0 94 Sale 9312
37
94
1955 1 D 93 Sale 9212
First & ref 68 series 13
8512 10
8512 Sale 85
NY Dock 50-year list g 0_1951 1 A
,
8284 29
Serial 5% notes
1938 A 0 82 Sale 78
8 14
N Y Edison 1st &ref 610 A.1941 A 0 11414 Sale 11412 1145
8 10538 13
8
l!sIlst lien & ret 60 series B 1944 A 0 1053 Sale 1053
2
NYGasEILtH&prg5s.,19483 D 10914 Sale 1094 1094
5
9718
8
4
9712 983 963
Purchase money soul 40_1949 F A
NYLE&W Coal & RR 510 42 11 N 1004 10212 102 Sept'30
8
N Y E & W Dock & Imp 50'43 J J 997 ____ 99 July'30
__
4318 Oct'30
54
J 40
1942
N Y Rye 1st RE & ref 4s
3
43 8 Aug'30,
Certificates of deposit
8 434 Sept'30 _
47
80-year all) inc 58_ _Jan 1942 A 0 ____
1 July'291_ _ _
Certificates of deposit
412 Oct30
N Y Rye Corp Inc 6s_ _Jan 1965 AM
5918 Oct'30,__
59
3 J
1985
Prlor lien 85 series A
10
4 106
MN 106 Sale 1053
NY & ItIchm Gas 101 65
714
74
1
612 714
NY State Rye let cone 4)40_1962 51 N
Jan'30
17
MN
Registered
612 7
Oct'30 _
7
Certificate, of deposit
834 1114 814 Sept'30
50-yr 1st cons 614e series 131962 MN
10812 12
N Y Steam let 25-yr esser A 1947 MN 10814 Sale 10814
22
103
1st mtge 5s
1951 M N 103 Sale lO2l
40
103
8
NY Telep let & gen ef 410..1939 MN 1025 Sale 102
28
111
4
-year debeu f 00.._Feb 1949 F A 1103 Sale 11034
80
86
4
1941 A 0 1063 Sale 10612 107
80
-year ref gold 681
17
104
4
1023 Sale 10178
1946 3 D
N T Trap Rock let Os
10414 33
Niagara Fails Power 1st 158_1932 3J 10418 Sale 104
1
4
4 1033
Ref & gen (38
Jan 1932 A 0 10418 10412 1033
4 19
8 1043
8
Niag Lock & 0 Pr let 68 A1955 A 0 1048 Sale 1045
4 62
1003
Niagara Share deb 510_ ___1950 MN 9912 Sale 9918
100
83
Norddeutsche Lloyd 20-yr 166'47 MN 83 Sale 82
28
58
55 Sale 55
Nor Amer Cem deb 6)40A__1940 NI
No Am Edison deb 68 ser A1957 M 8 104 Sale 1034 10414 10
Deb 510ser B_ _ _Aim 15 1963 F A 104 Sale 10334 1044 57
112
Deb Os gerlee C___Nov 15 1989 56 N 10218 Sale 10034 102
10714 43
107 Sale 10614
Nor Ohio Trac & lAght 88_1947 M
10318 34
4
Nor Statee Pow 25-yr 60 A__194I A 0 103 1031., 1023
4 10
8 1053
let & ref 5-yr 13s ser 13_ ___1941 A 0 10512 Sale 1053
5
10014
North W T 10t fd g 4145 gtd_1934 J J 10014 102 10014
95
128
Norweg Hydro-El Nit 610_1957 SIN 9412 Sale 9412
C °NM sales
Price
1.3
Oct. 17.
Veck's
Range or
Last Sale.
Range
Since
Jan. 1.
High
.4sk Loll
Rig
H104 No. Len"
4 20
,
693
67 2 89
Rhine-Ruhr Wet Ser 611— _1953 J J 6712 Sale 6712
84
GO
9814
70
Richfield 011 of Calif (0____1944 MN 84 Sale 7818
_ 90
8
90, Oct'30
8812 974
1955 F
Rims Steel let s t 713
4
11018 11 1053 11018
Rochester Gas & El 7s set B_1946 MS 113§ Sale 10718
1055
4
8
8 10 10412 108
1948 56 S 1053 107 1055
Gen mtge 510 series C
97 100
100 Aug'30
1977 At S
Gen mtge 4145 series D
92 85 1111:11' 30
85
86
.
Koch & Pitts CA I pm 5/3_1946 MN 85
9012 300
8712 92
9834 108 2 Royal Dutch 48 with warr 1945 AO 90 Sale 8912
,
96 102
99
_ 99
94
Oct'30
99
95 101
St Jos Ry Lt H & Pr let 68_1937 MN
5018 64
3
5014
50%
9114 964 St L Rock Mt St P bestrew:1_1955 ii 5014 55
8714 31
80 (792
8712 87
193
,
9175 9634 St Paul City Cable cons 5s_ A 37 J J 87
6
8714
86
1 J 874 88
8714
4
87,
8412 99,
4
Guaranteed 5s
3 102 10912
10812
J 108 Sale 108
9112 9512 SaGep rof iguer 6 4s let 68_1952
n A nten o Ptlb Serv
44
80 1004
85
82 Sale 804
1 55
8512 Saxon Pub Wks(Gnut
erny)71;4 1 FA
79
36
,
78
74 2 c99
77 Sale 75
MN
7314
73
45
1
80
69
69
77
1946 33 69
9612 100
&halo) Co guar 810
45 c95
95
58
1646 A0 95 Sale 90
89 100
Guar Uf 6145 aeries B
95 100
18
96
96
9812 96
,
994 105 4 Sharon Steel Hoop t 5148_1948 FA
9112 c977
2
53
93
924 Sale 9113
1952 MN
984 985s Shell Pipe Lines f deb 5s
8
863 994
8
8912 107
89 Sale 863
Shell Union Oils f deb 5s_ 1947 SIN
87 10212
9112 83
1949 AO 91 Sale 87
4958 587
8
Deb be with wart
94
7478 80
80
_
Oct'30
10012 10284 Shinyetati El Pow let 6148_ _1952 Jo 60
4
6914
31
30
3112 Sale 30
96 c10112 Shubert Theatre 6s_June 15 1942 J
997
99 104
5
13
99
1935 .1 3 9712 99
1512 40
Stemma & Halske a f 70
4
873 108
9712 74
4
99
1951 MS 94 Sale 873
97
Deb t 610
8
905 1034
3
102 107,8 Sierra & San Fran Power 531_1949 F A 10212 Sale 10212 103
2
67
904
67
71
67
80
10312 110
Shull& Elec Corps f 610_ _1946 FA
88 c97
864 50
8
9818 1013 Silesian-Ani Corp coil tr 78_1941 P A 865 Sale 865s
4
104 10034 105
103
,
19
954 Sinclair Cons 011 15-yr 75._1 37 MS 10258 Sale 101
82
8
995 1041s
48
102
8
95
38 3D 102 Sale 1003
83
lot lien 8145 series B
9471 102
4
1
/
10112 396
'3 10112 Sale 101
804 8514 Sinclair Crude 011510 ear A_1933
944 10234
343
101
39
1942 A0 10012 Sale 100
86
I 58
70
Sinclair Pipe Line 5
97
9512 14
91
9512 Sale 9488
FA
11112 1144 Skelly 011 deb 5148
7 10112c108
10314
1024 106
Smith (A 0) Corp let 6 %a_ A933 MN 10318 Sale 10318
9372 1004
100 Sale 9912 10018 31
1942 M
4c11012 Solvay Am Invest 5s
1043
8
1037
103 107
4
923 984 South Porto Rico Sugar 78 1941 J O 10378 Sale .103
105 Sale 10412 105
36 101% 105
5s
99 112
South Bell Tel & Tel let 51 58 '41 .1
3
20 102 10612
981s 99
S'weet Bell Tel let & ref 55 1954 FA 105 4 Sale 10512 106
4 14 10111007
1043
8
43,8 4318 Southern Colo Power 6s A 1947 3, 1045 Sale 10414
994 100 4
4
3
993 July'30
4
993 n
8
3
433 41.3% Spring Val Water lat g 68_1943 MN
,0
8
8
997
MN 997 Sale 9978
997 10412
8
,
4 4 Stand Milling 5s
3
44
10412 102 1004 1043
4
Stand 011 of N J deb 58 Dec 15'48 F A 103 Sale 103
95 1004
10014 72
8
4
9
4
Stand 01101 N Y deb 410 1951 Jo 997 Sale 993
7612
90
74
6
754 Sale 7612
7214 Stevens Hotel let Os ser A._1945 J J
59
28
Oct'30
26
48
30
104 10614 Sugar Estates (Oriente) 78_1942 NI 5 , 26
1034 1073
4
D 10712 1074 1074 Oct'30
1951
6 c25
Syracuse Lighting late 5s
17
17
1 102 105
105
105
gee 58_11351 3 1 10318
20
7
Tet11) Coal Iron & RR
16
100
9712 1024
6 c2414 Tenn Cop & Chem deb 6813_1944 MS 99 Sale 99
8 49 10412 108
1073
10612 Sale 106
1947 J
1054 10858 Tenn Else Power let 6e
405 1004 106
4
)
1943
10212 104
Texas Corp cony deb(,-1 64 A0 1013 Sale 10012 102
4914 24
45
554
3 4914 Sale 4918
9'
8
983 103 2 Third Ave Ry 1st ref 45
,
31
22
72
,
354
4
11012 112
Ad)Inc be tax-ex N Y Jan 1960 A0 283 Sale 2814
92 100
Oct'30
98
1 955
1937 3, 9512 08
1054 10812 Third Ave RIt let g 58
97 1004
9812 32
MS 9712 Sale 97
94 104
Tobo Elm Power 1st 7s
8 39
993
4
963 1004
4
1932 ▪ .1 983 Sale 984
10014 10412
8% gold notes
10012 10412 Tokyo Elec Light Co. Ltd—
c89
110
8514 9212
1953 3D 8712 Sale 8514
1014 105
65 dollar series
let
3
8 34
96 110 4
8
J 1095 Sale 10912 1097
9918 104
eranscont 0116145 with war_1938
8 15
1005
8712 10112
10012 Sale 100
82
934
Without warrants
10312
102 103 2
3
10318 Aug'30
let g 55____1949 131
5012 70
Trenton CI di El
1
9412
76
76
76 gale 76
9918 10412 Truax-Traer Coal cony 610_1943 MN
2
10112 13 10112 1047
994 10414 Trumbull Steel 18s 8s____1940 MN 10112 Sale 10112
4972
23
2912 Oct'30
9538 1024 Twenty-third St Ry ref 5t,..1962 3 J 2612 33
94 102
6
99
98 108
Tyrol Hydro-Elee Pow 7140_1955 MN 99 Sale 98
2
95
85
m s 8712 Sale 8712
874
7sF A
4
993 106
Guar sec s t
97 10112
9814 Sale 97
4 45
98,
10288c11012 UjIgawa Elec Pow a t 78_994552
2 100 102
_ 102
102
1025
98 100k4 Union Elea Lt & Pr(Me)50_1932 NI
10218
5 100 10212
102 810212 102
884 95
Ret & ext 5s
104
6 101 105
53
94 J J
E L P (III) 1st g 5 Al A 193 IN N 10312 104 10314
4
8312
77
70
3 110 11212 Union Eiev Ry (Chic) Os_ 1945 A 0 77 Sale 77
8
1013 Oct'30
9912 10134
2 110 115
1931 J J
Union 011 let lien et be
_ 10912 109 Sept'30
108 110
10 106 c109
May 1942 F A
30-yr 13e series A
2
8
98 102
3
100 4
64
8
17
805
let lien 8 f 50 eer C _Feb 1935 A 0 ilY) 1013 10018
9714 10112
8 17
987
4
8
9914 1047
3
Deb bs with warr_ Apr 19483 D 973 9812 9714
4
99 10434
98 1033 United Biscuit of Am deb 65.1942 SIN 10234 104 10234 103
4
100
9212 101
76
95 100
77
1953 M S 99 Sale 99
United Drug 25-yr 55
68
6612 74
864 934 United Rys St L 1st g 4s
82
1934 J J 6612 Sale 6612
4
_ 1015
8 1013
10112
4
9614 1013
3
9812 Uulted EIS Co 15-yr (is
90
31
7612 Sale 7612
77
6812 92
65
47 1004 104
5
91 MN
Un Steel Works Corp 610 A1937 3 D
92
75
72
75 Sale 72
35
46 1004 104
1951 3 D
Sec t 610 series C
914
75
71
4
743 Sale 71
70
22 100 106
t deb1310 ser A
7 10152 10718 United Steel Wks of Burbach947
13 102 1074
105
4
10 10114 1073
1951 A 0 10514 1061 105
Esch-Dudelange 5 f 7s
4
881
8
707 183
68
9812 US Itubber let & eel be ser A 1947 J J 6912 Sale 6912
87
99 10314
8
63
4
61
091 61
60
4
963 10314 Universal Pipe & Rad deb 68 1936 J D 61
22
91
71
27
68
GS
88
2
947 Unterelbe Pow & Lt 68
137
1953 A 0 7018 73
4
24
98
924 993
613
8
86, Utah Lt & Tree let & ref 65_1944 A 0 9714 Sale 974
8
9712.1027
8 48
1017
394 914 Utah Power dr Lt let Is. _ _1944 F A 101 Sale 101
11
1
1074 Sale 10714
99 10714
10714
101 107
Utica F.lec L & P 1st t g 513 1950 J
4
10214 1083
10714
36
4
80
11
-- 1083 Sept'30
Utica Gas & Elec ref & ext 55 1957 J
95
891
16
86
5512 85
16
IRO Power & Light 548_ _1947 J D 88 Sale 8612
831 138
92
SO
11114 11514
1959 13 A 81 Sale 80
Deb 5s with warrants_
84
F A
14 101 c10512
Without warrants
6112
3
2
4012
34
1007 103
Vertlentee Sugar let ref 7s-1942 3 D 4012 Sale 40
30
24
21
21
23 Sept'30
,
82, 96 103 4 Victor Ftiel 1st s I 54
1953 J
80
9
82
70
80
4
SO
111 97 1033 Va Iron Coal & Coke let g 55 1919 M S 80
3
99 4 103
8
885 Va Ry & Pow 1.91, & ref be
4 16
1023
80
19
1934 3 J 10218 1024 102
91 110
132
934 10912
Oct'30
9712 Walworth deb 0340 with war 1935 A 0
8
943 94
90
57
,
96 4
87
Oct'30
93
95
1 104 107
Without warrants
034
85
83
5 10212 10614
1st sink fund 138 scrim A _1945 A 0 85 Sale 85
192
82
6514 113
4
4
993 1133 Warner Bros Piet deb 68_ _1939 M S 82 Sale 7118
10
8
95 100,
5
99
95
93
2
Warner Co 1st Ce with warr_1944 A 0 99 Sale 9812
,
99 2
89
97
97
10212 106
A 0 97 100
Without warrants
10412 16 10212 107
102 105
Warner Sugar Refin let 733_1941 J D 10412 105 10414
8
397 584
8 10
397
9612 1053 Warner Sugar Corn 1st 75__1939
_ 413 397
8
1
8
4
41
5112
Oct'30
,
8
387 41
,
98 4 103 2
5
Stamped Jan 1 1930 coup on '39
95
50
73
70
97 102
1
70 Bale 70
Werner-Outman deb 88____1939
10011 106
96 10512 Wash Water Power S t 66_ _1939 J J 1004
104 Sept'30
28
4
1033 109
9612 105i2 Westchester Etat be stpd gtd_1950 J
1
106 lOS 10714 Oct'30
5 10134 10611
10512
17 10411 10912 West Penn Power set A be__1946 15
8
1047 10512 10418
7 102 1067
2
10614
70
19
98
10618 10612 10614
1st 58 series 13
1963 M S
104 10612
79
7518 9612
1st 510 series F
1953 A 0 106 10612 10612 Oct'30
4 11 10172 10612
1053
8
7712 94
8
1053 Sale 1053
let sec 5s series GI
59 10112 105
105
181 194
59
Western Electric deb 58_9 j D 105 Sale 10414
1944 A O
10312 10 10012 1054
4 1021s 10512 Western Union coil trust ba.1938 J J 10312 Sale 10314
2
102
95 102
9512 103 4
,
s
35
MN 1003 102 102
Fund & real est g 4148_1950
10812 14 108 11012
9512 10318
74
16-year 614e
0
93 F A
1966 6IS 10812 109 108
10412 14 1001s 10614
20,2 55
6
25-year gold ft
1951 J D 10412 Sale 10314
s
8
4 50 1023 107
,
1043
17 2 65
3
10412 Sale 1037
30-year 5.5
7312 61
70% 91
9712 10012 Weetphalia Un El Pow Os_ 1953 .3 J 7314 Sale 703
s
27
4
2
97 100
10414 Sale 10353 10418 27 1003 1043
68
Wheellug Steel Corp 1st 514131948 J
9212 30
9312
92
87
8
13
9734
1st & ref 410 series B
1953 A 0 923 Sale 9112
9314 9712 White Eagle Olt& Ref deb 510'37
8 104
23 10218 10834
9111 101
42
With stock porch warranta_ M 13 10314 Sale 1027
90
81
81 Sept'30
42 10114 10314 White Sew Mach 60 with warn '36
3 ____ 66
86
as
1
39
8
39 Sale 39
9712 1047
9
J
Without warrants
38
5
39
39
804
9 102 1054
Partic s deb (13
40
16
4
16
16
IS
16
14
8218 10712 Wickwire Spen St'l 1st 70_21949.1J
5
93 1'‘i N
17
394
18
Oct'30
18
99
78
53
CII drp Chase Nat Bank__ _ _ -- 15
41
16
16
10318
18
18
16
91
16
7s(Nov 1927 coup on)Jan 1935 MN
1312 394
10
15
14 Sale 1312
904 104
28
-Ctt Sep Chase Nat Bank_
5
101
08 c105
9512 WIllye-Overland a f 610
75
27
1933 111S 101 10114 100
1
911 c1027
50
9412 Wilson & Co 1st 25-yr 81 68.1941 A 0 993 Sale 9912 101
4
75
41
4 100 104
102
94
79
Wiechester Repeat Arms 7 yis '41 A 0 10212 103 102
103 Sale 102
10314 59 10012 10434
8
7412 933 Younsoltown Sheet .tr Tube' 58 '73 J
65
High
NIA No. Low
Ask Low
RH
8 9712 101
8
8
10018
J 100 1007 997
8
994 1054
8 1055
0 10518 110 1055
4
109
961 104
4 103
D 10214 Sale 1003
974 9912
9912 Jan'30
D
8
4 21 100 1047
4 1043
J 103 Sale 1033
26
9838 1044
4
1) 1033 104 10378 104
8
Ohio Public Service 734s A__1946 A 0 11238 113 11218 1123
let & ref 75 serlee 13
1947 F A 11212 Sale 11212 114
108
Ohio River Edison let 8s_1948 J J 108 Sale 108
5712
54 Sale 54
Old Ben Coal let (is
1944 F A
4
4 1043
Ontario Power N F let 5s_1943 F A 10412 ____ 1043
Ontario Transmission 1st 68_1945 MN 10314 ____ 10312 Oct'30
9612
1953 M S 9618 Sale 957s
Oriental Bevel guar Bs
9112
1958 M N 9118 Sale 91
Extl deb 510
9718
Oslo Gas & El Wks extl 50..1963 M S 9614 Sale 96
103
1941 M S 10214 Sale 10214
Oils Steel let M tis ser A
4
8 1033
Pacific Gas & El cell & ref 68 1912 3 J 10314 Sale 1023
10414
1937 3 J 10414 Sale 1044
Pacific Tel & Tel 1st 6a
8
1952 M N 1065 107 10612 10612
Ref utter, Sc aeries A
4
Pan-Amer P & T cony St 60_1934 MN 1023 Sale 10212 103
87 Sept'30
_ 86
Pan-Am Pot Co(ofCallconvils '40 J D
10314
103 10314 10314
Paramount-13'way 1st 510-1951
9818
4
4
9818 993 963
Paramount-Fern's-Lasky 60_1947 J D
c9112
Paramount Pub!'S- Corp 610 1950 F V 8912 Sale 8918
Oct'30
76
78
76
Park-lea 1st leasehold 8945.19533 J
45
45
46
1944 A 0 43
Parmelee Trans deb 65
8_ _ 107 Sept'30
Pat & Passaic0& El cons 581949 M S 1063
4412
4014
Paths Each deb 75 with wart 193781 N 434 S'ale
80
1941 M S 80 Salo 80
Penn-Dixie Cement es A
114 115 Sept'30
Peep Gas & C let cons g 136_1943 A 0
1947 55 S 1051a 10512 10518 10514
Refunding gold 50
Oct'30
- - 103
M
Registered
10258
1967 J D 10214 gale 10114
Ma Co 850 5a ser A
Phila Elec Co 151 4348
10214
1967 SIN 10214 Sale 102
Phil& & Reading (I &[ret 50..1973 J J 8614 Sale 86
8614
96
Cony deb 60
1949 M S 9312 Sale 9312
95
Phillips Petrol deb 548...._1939 3 D 9312 Sale 9312
85__Dee 151931JD 106 10612 1054
Pierce 011 deb
1054
10618
Pillsbury Fl MIlls 20-yr 6e1943 A. 0 106 Sale 106
101
Pirelli Co (Italy) cony 78_1952 M N 10014 103 101
93
Porah Con Colderlee 1st e t 50 '57 J J 93 Sale 93
4
4
Port Arthur Can & Dk tla A.1953 F A 1053 106 1053 Oct'30
1953 F A 10434_ 105 June'30
1st M 68 series II
8 Portland Elec Pow let (le 13.1947 MN 1045 105 10412 10412
4
4 1023
1935 J J 1023 Sale 1013
Portland Gen Elm let 5s
4
8
8
9978
1930 MN 997 10014 997
Portland Ry let & ref 5s
8
1054
Portland Ry L & P let ref 50_1942 F A 1053 Sale 10514
Sale 1043
4
10434
1st lien & ref 68 series B 1947 MN 10434
8
10814
let lien & rat 7140 set A 1946 MN 1077 Sale 106
7518
Porto Rican Am Tob cony 681942 J J 75 Sale 75
81 Sale 78
84
Postal Teleg & Cable coil 513_1953 J
8712 875 Oct'30
8
Pressed Steel Car cony g 58_1933 J J 87
_ 194 190
Jan'30
Pub Sery Corp NJ deb 410_1948 F A
10434 10512 104
10418
Pub Serv El& Gas let & ret 5s 853'
4
8
103
19673 D 1023 Sale 1015
lat & ref 410
4
1970 11 A 10214 1023 10213 103
let & ref 4103
2012 Sale 2012
21
Punta Alegre Sugar deb 75_1937 .1 J
1712
1712 Sale 1712
Certificates of depoelt
4
8
99
1937 Fi 083 993 9712
Pure 011 e t 514% Dotes
4
983
1940M S 9734 Sale 9714
f
% notes
96
Purity Bakeries f deb 5a 1948 3 J 9512 Sale 9514
9634
4
1937 MN 963 9714 9614
Remington Arms es
9612
Rem Rand deb 510 with war '47 MN 9612 Sale 96
10214
1940 A 0 102 Sale 102
Repub I & S 10-30-yr es
99
Ref & gen 510 series A _ ....1953 .1 J 99 Sale 9712
10218
Revere Cop & hr 6s___July 1948 11I 8 102 Sale 102
85
Rheinelbe Union 78 with war1946 J J 85 Sale 8212
8
857
Without stk perch warr_1946 J J 85 Sale 78
951,
4
S 9518 Sale 943
Rhine-Main-Danube 78 A 1950
98
Rhtne-Weatphalla El Pow 78 1960 MN 98 Sale 97
80
1952 M N 80 Sale 7514
Direct nage Be
84
84 Sale 76
Cons M Se of'28 with war_1953
82
83
Oct'30
F A
Without warrants
80
r con in Cs of 1930 with war 1955 A 0 80 Sale 7412
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 17.
2516
FINANCIAL CHRONICLE
[VOL. 131.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Oct 11 to Oct. 17, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Railroads
Beaton & Albany
100
Boston Elevated
100
Preferred
Plitt preferred
100
Second preferred....-100
Boston & Maine
Pr. pref. stint
100
Series A 1st PreferredScales B let pref ittpd.100
Series C stan.ped 1st prel
Sari) let pref stamped_.
GiantA pref.
__100
Chic Jet Ry & US
100
Preferred
East Mass St Ry Cola preferred
Preferred B
Adjustment
NYNHA Hartford...100
Old Colony Ry.
Pennsylvania RR
50
Vermont & Massachusetts
190
190
79)4 74
88
104
94
88
Range Since Jan. 1.
Low.
190
80
88
1054
94
94 175
2,478 67
30 81
245 103
257 88
1074( 107% 1074
81
81
110
108 110
101 101
140 147
74% 75
92 104
20 71
50 108
28 95
88 140
73 66
100
100
111
High.
Feb 144% Aug
Jan 8434 Mar
June 94
Apr
Feb
July 110
Oct 9934 Mar
Jar
July
Oct
Feb
Oct
July
1114
84
130
10334
165
7834
Apr
Jan
Mar
Sept
Apr
Bent
60 100
13
13
17;6
12
12
3
4
914 954
143 144
144
6734 66
6836
120 120
Oct 111% May
70 13
65 12
3
575
230 9134
415 125
2,766 64%
5 116
Oct 48 June
Apr
Oct 47
Oct 2834 Mar
Oct 1274 Am
Jan 144 Sept
Oct 87% Apr
Jan 125
Aug
Miscellaneous
American Founders Corn-.
636
Amer & Conti Corp
16
Amer Pneumatic Service
Preferred
25
Common
100 195%
Amer Tel & Tel
Amoskeag Mfg Co
74
Aviation Sec of N E
Bigelow Sanford Carnet.* 40
100
Preferred
Boston Personal Prop Trust 204
Brown Co prof
73
Columbia Graphophons.
Credit Alliance Corp el A-.
7
Crown cork Interest Core
East Houton Land
10
Elett Gam & Fuel Assn ____
23
100 83%
4%% preferred
100 96%
6% preferred
Eastern SS lJnee Ino.....25 19
100
Preferred
lit preferred
Economy Grocery Stores._ ......
104 257
IC Edison Elm Ilium
Empl Group Aztec T O..
21%
GalvestonHouston Elee Of
General Alloys
General Capital Corp
Georgian Inc
Preferred
German Credit & Invest
Corp let pre/
GlichriA
8%
Gillette Safety Razor
Hathaway Bakeries el A... ......
Class B
Preferred
Hygrade Lamp Co
Internal Buttonhole
lnt•l Com ,,,,,n
Jenkins Telmision
844
Loew's Theatres
7
Mare Utilities Assoc v t e_.
Mergenthaler LlnotyPe
......
10
National Leather
Nat Service Co eon' v t e_.
New England Eoulty•Core
New England Pub Ser
New Endl Tel dt Tel--.100 13945
Olympia Theatres
100 20
Pacific Mills
Plant IT (34 let pref
Public 1701 Holding own
Railway Lt & Serv Co eom
_ 15
Reece Button Hole_
1
Reece Folding Mach
Ilhawnsut Assn
1434
• 284
SwUt & Co, new
Torrington Co
• 49
'Fri Continental Corp cam_
Union Twist Drill
United Carr Fastener Cori
United Founders Corp coin 10%
United Shoe Mach CorP.25 58%
V S Shoe Mach Corn P1-25
U S Elee Power Corp
Utilities Equities Corp Prof 78
Venezuela Holding Corp........
3
Venezuelan Men 011 Car 10
Waltham Watch Cl B pref.
Prior Preferred
Warren Bros Co new
Westfield Mfg Co
17
17
20
8% 9%
20
354 4731 2,979
3845 38%
20
19
100
19
101 101
20
22
22
10
834
57
34 34
10
3
335
185
8
120
834
634 7% 5,855
92
92
30
1
1
25
4
4
50
27
27
15
18
18
15
138 141;6
550
10% 10%
50
20
562
20%
5
7
5
9
9f3
10%
59
25
59
15
689
15%
1
407
14
13% 15
5,449
284 28%
293
49
51
567
10
10%
106
20
204
60
5
20
5
10% 1234 1,951
57% 5934 2,081
3134 31%
36
7
65
8
77
280
78
2
2
335
3
344
100
10
55
55
9134 91%
41
3434 36%
100
21% 25
130
10
Jan
8% Oct
35% Oct
2944 Mar
15% Mar
Apr
98
22
Oct
8
Aug
334 Oct
x
Jan
7% Jan
Sept
6
Oct
92
1
Oct
334 June
25 June
18
Oct
138
Oct
104 Aug
20 June
5
Apr
9
Oct
Oct
57
Jan
15
1
Oct
12% Sept
28 June
49
Oct
94 Oct
Oct
20
5
Oct
Oct
10
57% Oct
Jan
80
6)9 Oct
Jan
70
2 Sept
July
3
Oct
55
9134 Sept
3444 Oct
2145 Oct
92
160%
1031
80
Jan
Apr
Feb
Fen
27%
7
90%
184
1%
214(
34%
67
20%
51
1634
44%
68%
32
23
91%
18%
18%
85
97
189
274
Apr
'
Apr
Apr
Jan
Her
Jan
Jan
Apr
Jan
Jan
Mar
May
Mat
Jan
Apr
Jan
Jan
Feb
Apr
Apr
Jan
Mining
6
Arizona Commercial
25
Calumet & Heals
25
7
Copper Range
East Butte Copper Mine-- ......
Franklin Mining
..
Island treek Coal
25
5
Isle Royal Copper
Keeweenah Copper
La Salle
2115
Mohaa k
lb
134
North Butte
25
Old DOMMIOn CO
PC Pocahontas Co
25
6%
Quinoy
St Mary's Mineral Land-25
834
Shannon
1
Utah Apex Min Co
Utah Metal & Tunne _
134
94
6
%
1
15e
2844
5
134
60o
21
141
4
17%
634
834
12o
134
20e
14
1034
7%
1
150
2835
534
134
60c
22
1%
4
18
734
834
120
131
25e
14
9%
634
90e
150
27
5
134
36c
204
1
334
10
6
834
be
14
200
Jan
Sept
Oct
Aug
Oct
Oct
Sept
Oct
Jan
Sept
Sept
Sept
Jan
Oct
Oct
Jan
Oct
Oct
1%
32%
1634
14(
50o
43
12%
235
1
52
5%
10%
19
44%
kg
250
334
90e
Jan
Jan
Jan
Jan
May
Jan
Jan
Feb
Jan
Feb
Jan'
Jan
Aug
Apr
Jan
July
Mar
Apr
71
89
75
89
71
89
Oct
Sept
84
95
Feb
Jan
BondsAmoskeag Mfg Co 64_1948
Caned Intl Paper 68-1949
Chios Jet Ry & Union Ste.
1940
Yds 9a
55
1940
E Mass St Ry ser A 4411'45
1948
Series B 55
Seem E
Mass Gas Co 434s__. 1931
1946
534s
New:Eng Power Associates
19411
54
75
6% 7%
154 1646
10
10
24 234
193 202%
645 844
2% 4
40
46
90
90
2034 21
73
74
1031 12%
6
731
944 94
2
2
23
24
83% 84%
96
97
1834 2034
46
46
92
92
234 26
246 260
21;4 22%
531 6
9
9
37
37
4
4
9
9
641 Oct
16
Oct
3234 Jan
3145 AP!
9
Oct
25
2% Oct
25
6,870 1924 Oct
634 Oct
650
2;5 Oct
1,030
Oct
160 40
5 90 Oct
730 20% Sept
July
120 72
2,250 104 Oct
330
6
Oct
9 June
10
2
150
July
405 23
Oct
Jan
748 76
Jan
297 92
2,883 1845 Oct
Jan
80 44
100 92
Oct
50 234 Oct
Jao
878 237
510 21% Oct
2 June
35
8
July
10
Oct
100 37
1
Max
10
10
834 Oct
24% Jan
Jan
9
27434 Apr
1834 Feb
Apr
12
Jan
80
Mar
103
Apr
28
85 • Jan
37% Apr
20
AK
1214 Mar
44 Apr
Ayr
41
8534 Sept
99 May
36
Arm
49t. Apr
4,264
803
6,700
625
3,847
500
100
100
500
615
250
690
3,091
150
675
3,120
560
100
560
1,550
20.000
2,000
94% 9431 3,000 86
1014 10244 11,000 98%
14,000 33
36
33
3834 3,000 37%
38
38,000
54
60
100% 100% 2,000 98
103% 10334 1,000 10234
91
91
1,000
87
leo
Apr
40
276
2734
10
1454
60
6
11
Feb
Mar
Apr
Sept
May
APT
July
Mar
10 j4 May
15 4
9
19
Jan
Jac
41 June
234 May
10831 Jan
Apr
34
154 Air
14.6 Apr
114 Apr
12% Apr
12
Mar
Feb
108
Feb
Ti
374 June
8
21
Jar 94% Oct
Jan 102% July
Mar
Oct 48
Mar
July 55
Jan 10034 Sept
July
May 104
Jan
92
Sept
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Bonds (Concluded) Per Price. Low. High
Range Since Jan. 1.
Low.
New Engl Tel & Tel 58.'32
101% 10131 3,000 9934 Jan
P C Pocahontas deb 75 '35 11434 11434 115
10,000 100
Jan
Swift & Co 59
1044 102% 102% 1024 3,000 1003-I Jan
ive•tern T & T 59 ..
101 101
11.000 904 Feb
•No par value. z Ex-dividend
High.
1024
120
t024
101%
Sept
Sept
Apr
July
•
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange,Oct. 11 to Oct. 17 both inclusive
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Rang
for
Sale
of Prices.
Week
Par. Price. Law. High. Shares.
Abbott Lab common_ •
Acme Steel Co
25
Adams (J E)) Mfg corn..--•
Addressog Int Corp com_ •
Ainsworth Mfg Corp com10
All-Amer Moh'k Corp"A"5
Allied Motor Ind Inc corn•
Allied Products Corp el A..*
American Colortype corn.*
Am Commw Pow A oom •
Amer Equities Co corn- •
Amer Pub eery Co p1_100
Amer Pub UtilPartie preferred
100
Prior lien preferred__100
Amer Radio & Tel St Corp*
Am Iltli & (ten B v t c_..•
Amer Yvette Co Inc corn.*
Art Metal Wke Inc coin..'
Assoc Tel & Tel el A
•
tattoo Tel UM Co corn....•
Atlas Stores Corp corn.,..'
Auburn Auto Co corn.,...'
Antornatle Washer ev pf •
Balaban A Katz V t is--25
Banooky Co (The) com..14,
Baetian-131esslng COM- •
Bendlx Aviation com----•
Floes-Warner Corp eflm.j(t
Bonin VivItone Corp pref.*
Braeh & Sons (9; .1,corn_•
Bright Star Eleo Co A_ •
Class B
•
Brown Fence & Wire
Class A
•
Citom B
•
Bruce Co(EL)corn
•
Bunte Bros corn
10
Burnham Trot Corn corn •
Convertible preferred- •
Butler Brothers
20
4344
29
11
1
17
96
40
43
2744
30
10
1
4
14
214
1731
10
96
40
46
29
3044
11
1
6
1934
2334
1841
10
96
100
750
50
48
200
700
1.650
750
350
850
400
98
100
103
34
64
234
545
535
6731
22
2034
11% 10
80
80
10
70
70
144 1434
2744
1835 184
1734 174
2
2
1334 134
1
%
214
100
170
110
1%
550
64
150
100
234
644 1,750
320
68
23
4,500
15% 4,030
800
86
100
10
112
7234
450
15
2835
550
204 9,700
14
10,850
50
2
1434
350
1
50
50
4
21
2134
735
2034
1634
23-4
1734
844
1
Range Since Jan. 1.
Low.
90
88
%
8,
134
534
58
um
tO
80
734
6634
1445
2734
1844
1634
2
1334
fi
44
174
534
20
1634
24
1744
734
Jan
Oct
Oct
Oct
Oct
Oct
Oct
Canal Constr Con cony pf•
5
25
5
Castle & Co (A M)
10 3134 31
250
32
CeCo Mfg Inc common...
335
334 334
100
Cent Illinois Sec Co etre_
26
25
27
3,050
Central Ill PS pref
•
170
924 94
Cent Pub Serv class A,.,.' 20
193-4 2034 2,100
Cent S W 17111 corn new.,
• 1734 17
18% 3,800
Prior lien preferred....• 10034 100 101
300
Preferred
200
964 97
Central Statee Pow & Lighi
Corp pref
91
89
25
Ce-ntral States UM $7 pref_
47
sog 8134
Chain Belt Co corn
*
414 414
400
Chic City & Cons RVPart preferred -------1
700
844
100
Certificates of deposit_ __ ...
74 735
Chicago Corp eon,------634
631 74 21,550
Convertible preferred .
10,900
• 414 41
43
Chit. Investors Corp core..
250
5%
54 544
300
Preferred
•
3334 34
Chit' N S & MilwPrior lien preferred__100
200
64
62
Common
3
50
3
100
50
Chicago Towel Co cony pf•
864 8634
cities Service Co oorn- • 2341 233-4 2534 42,300
Club Aluminum Wen CO •
850
335
334
3
commonwealthFAlson 10n 255
255 2723.4 6,780
Community Pr & Lt 86 Pf*
90
10
90
Community Tel cum rit pf•
16
250
16
Constru Material Coro_ •
13
350
1434
50
Preferred
•
37
37
Consumers Co common...5
33-4 4
950
83-4
V t c pur warrants......5
41
34
31
500
Cone Chicago Corp
Common
• 103-4 103-4 1234 9,000
Preferred
4534 4835 62.150
• 46
Cord Corp
6
434
44 534 7,700
Corp Sec of Ohio allot elf.* 58
57
58
1,100
• 1734 1731 19
Common
7,950
Crane Co corn
25 40
40
40
304
100
Preferred
116 116
26
Curtis 1 ethflee inc corn •
9
10
163
Carter Mfg Co corn
5 193-4 1934 20
150
Davis Industries Inc "A"•
4
31
150
Diversled by Inc"A" •
5344 54
200
Dnottegne Gas Corn eorn.•
7
7
200
Eddy Paper Corp (The)..'
13
14
150
El Household Utli Corp_10 31
30
3434 9,150
Eleo Research Lab Inc..,.,'
ft
34 4 1,300
Empire Gas & Fuel
6% preferred
100
81
six
150
100
10134 10134
8% prior prof
100
Fabrics Finishing corn.,..'
3.4
%
ft
300
Fed Elea Co Inc corn.,...'
35
40
210
36 cum prior pref
•
64
64
120
Fitz Simons & Con DAD
Common
25
20
25
50
Foote Bros G & M Co...5
5
5
535 2,750
Gardner-Denver Co oorm.•
483-4 484
10
Gen Candy Corp el
__5
3
3
3
200
Gen Theatre Equip A_.
v tc.• 22
1734 2534 5,000
Gleaner Corn Harv com__• 23
2244 2434 3,400
Goldblatt Bros Inc com_ •
100
15
14
Great Lakes Aircraft A__•
34
234 4
2,150
•
Great Lakes D & D
22
1,600
23
GrIgsby-Grunow Co (torn.*
531
53-4 634 15,250
Hall Printing Co com....10 1845 1814 19
300
Harnischfeger Corp cora_ •
20
400
20
-Carter Co cony pf_ •
Hart
1814 1494
900
normell & Co A
• 2834 2834 283-4
300
HoudaillaDershey Corp A• 1334 13
600
1434
•
5
Class B
6% 1,450
534
Illinois Brick Co
25
100
1734 1734
Illinois Nor UM pref-100
98
98
10
lnd Terr Ill 011 non-vot A..• 2534 2534 28
200
Inland Ut11 Inc class A..* 20
1934 21
4,550
Insull UM invest Inc..,..' 4534 4534 49
58,300
Prior preferred
• 8734 88
450
90
2d preferred
850
87
84
• 85
5
2741
3
23
914
1934
16
98
9331
164
73-4
734
Mar
Jan
MAY
May
Apr
Apr
Feb
Mar
Apr
mar
Mar
Apr
Apr 1034 July
Jan 110
Oct
Oct
34 Jun(
Oct 1534 Apr
Sept
534 June
Sept 27% Fen
Jan 70 Sept
June 2914 Feb
Oct 3634 May
Oct 26431 Are
II
Sent
Jan
Jan 84
Mar
Oct 25
Mar
Oct 4634 AP/
Oct 574 Apr
Oct 50% Mee
Oct 1734 Jan
Oct 18
Jan
Feb
4
Apr
Aug
134 Apr
400
200
100
30
1,750
100
2,900
21
7
2034
1644
234
1735
High.
35
Jan 464
43
Oc
99
2745 Oc
37
224 Jun 38
10
Oct
333-4
1
Jan
434
4
Oct 1934
11
Oct 4934
21
Jan 34
931 Oct 2734
10
Oct 22
953-4 June 100
284
31
594
28
174
364
1734
Mar
Apr
Oct
Oct
Sept
June
July
Oct
1134
71
2034
33
97
4234
Sept 31
Jan 105
May 100
Apr
Apr
Jan
Feb
Mir
Ate
Mat
AM
8234 Sem
8041 Oct
414 June
Mar
Jan
96
4814 Apr
Oct
Oct
Oct
July
Oct
Jan
Ayr
Feb
Apr
Apr
Jan
Mtir
Oft
20
1835
17%
65
1034
41
Mar
June
Oct 98
9
Beet
Feb 90
Oct 4434
Aug
7
Jan 33/1
Aug 92
Oct 30
Oct 24
Jan 49
Oct
8
Oct
334
Jan
Feb
July
Ap/
Ayr
Apr
Apr
Apr
AN
Ant
Feb
Feb
1034 Oct 25
42
Aug 4934
434 Oct 1738
54
Jan 7234
1744 Oct 3335
Sept 4434
113 June 118
9
Oct 22
1954 June 28
334
Si Oct
4834 Jut
6434
7
Oct 164
13
Oct 21
30
Oct 5134
4 Oct
24
APr
Oct
Mal
AM
Aug
Mat
634
734
631
36%
536
82%
62
3
84
2235
3
2354
86
14
1134
36%
33-4
41
avr
mar
APT
Ate
Aug
Feb
Mar
Jan
Aug
May
Mar
APr
Apr
76
984
31
35
64
Mar 864
Jan 106
Oct
934
Oct 45
Oct 71
May
Apr
May
Sent
Oct
25
5
4934
24
15
1934
14
2
2134
6
1735
1934
124
2534
13
5
173,4
95
244
1934
4434
80
81
Oct 6454
Aug 22
Oct 643-4
Sept
7
Oct 5131
Jan 364
Oct 264
Oct
834
Oct 314
Oct 2774
Oct3134
Sept 304
Sept 2714
May 3634
Oct 31
Sept 2/11(
Oct 27
Jan 101
Oct 4744
Oct 344
Oct 703-4
Jan 90
Jan 9934
Mar
Ape
Feb
May
Ayr
Ayr
Jan
Feb
July
June
Mar
Apr
Feb
Jan
Feb
Apr
Jan
June
Apr
APT
Fen
Oct
M.,
OCT. 18 1930.]
FINANCIAL CHRONICLE
Friday
Sales
Last Weed's Range for
Salt
Week.
of Prices.
Stocks (Continued) Par. Price, Low, High Shares.
Investment Co of Am corn •
Iron Fireman Mfg Co v t o*
Jefferson Eleo Co corn. •
1
Kern Drug Co corn
Kellogg SwItobit'd oom-10
Keystone St & Wire corn..."
Kg Radio Tube & L comA•
Kg URI Jr turn pref._ .50
La Salle Ext Univ oom-10
Lane Drug cum pref
•
Common v t o
•
Libby McNeill* Libby_ it
Lincoln Printing oom..
It
7% preferred
Lion 011 Ref Co
-•
London Packing Co rights
coinLynch Corp corn
•
McCord Pad & Mfg A...*
McGraw Eier coin
•
McQuay-Morris Mfg Cap.*
Mansitte Roust% 1,tti a.to •
Mapes Cons Mfg Co cm.*
Marks Bros Thea cony Pl.*
Marshall Field & Co com.
•
Wantutttan-Dearborn oom•
Meadows Mtg Co cora_ •
tder & Mfrs Sea Oo A cont.*
Mickelberry's Food ProdCommon
1
Mid Coat Laund Inc A_ •
Middle P. wet 'let Co corn "
%fiddle West Utilfties new•
se cum Preferred
•
Warrants A
Warrants B
Midland Nat Gas part A-•
"Miami United Co oom...•
Preferred
•
... •
Warrants
Midland Util-7% prior lion
100
Preferred 7% "A"..-100
Miller & Hart Inc conv pf..•
Miss Val UMPrior lien preferred....'
•
7% Preferred
Wo-Kan Me Line oom -6
.
Mohawk Rubber Co corn •
Monighan Mfg Corp A...'
Morgan Lithograph corn.
•
Mosser Leather Corp oom•
Muncie Gear Co el A- •
Common
•
Muskegon 51 Spec conv A •
Common
•
2035
1834
1134
4
139
1
12
2131
11
334
1734
2034
14
26
2134
20
2034
1634
18
5%
1134
4
50
134
1
1
1134
21
45
10
34
17
2034
21
39
1334
39
735
35
26
1
2134
700
2234
350
21
750
20
2,650
19
700
554
450
1134
500
4%
50
65
139
121
150
1
550
1
1334 5,100
22
1,000
50
45
500
11
33-4 2,461
700
18%
150
2034
150
22
10
39
184 47,700
25
39
35
735
3534 1,350
900
27
350
134
2254 1,350
400
14
2
650
235
19
500
2039
2234 2319 91,700
10039 10039
450
231 2,100
2
900
34
3
13% 1,400
12
12
2334 2234 2334 1,250
600
413: 4034 43
1
no 1%
450
13
2034
2234
26
10
2134
634
1034
Naehmanflpringfilled corn* 1034
Nat Battery Co pre!
•
Nall Elec Power A Part-. -•
7% pref with warr-100
National Leather cons___10
134
Nall Pub Berv $334 cow Pf
•
Nat Rep Inv Tr allot en.* 40
Nat %our Invest Co oom-•
9
Certificates
• 83
NaVI Standard corn
• 2534
Nat Term Corp Perth P1-•
,
Nat Un Radio Corp oorn-•
Noblitt-Sparks Ind corn.'
North American Car corn.'
Nor Amer Gas & Eleo A, 13
No Am LS & Pr Go oom....• 6231
N & 8 Am Corp A. corn... 1135
Northwest Banoorpoom_50
Northwest Eng Co coin...*
North w't UtiiPrior lien pref
100 05
IOU 9334
7% Preferred
Ontario Mfg Co corn
• 12
Oshkosh Overall Co corn.*
Parker Pen Co cora---10 28
Penn Gaiii & Elec A corn..' 13
Perfect Circle (The) Co--. 2434
Pines WinterfronI um...A
Poiymet Mfg Corp oom_.•
331
Potter Co (The) corn ___ ..•
734
Process Corp oommon_ •
Pub Berg of Nor III tom- 250
•
Common
Kg 255
100 140
6% Preferred
7% preferred
RS 14334
Quitter Oats CoPreferred
101
Common
• 180
Railroad Shares Corp com •
434
Raytheon Mfg Co corn...'
Reliance Mfg Co oom AO
Reliance Internet Corp A.•
Richards (Elmer) Co pre:•
3
Rollins 1103511UB cony pf • 34
Ruud Mfg Co corn
• 23
Ryerson & Son Inc com •
Sally Frocks Inc com___.•
6
Seaboard OBI Shares Care
' 431
•
Sangamo Electric Co
Signode Steel Strap30
Preferred
So Colo Pow Moe A corn 25
Bouthw Gas & El 7% p1100
Southwest Lt & Pr pref...
St L Nat Stk Yds caP-11111
Standard Dredge corn...'
834
Convertible pref
• 1739
Steinite Radio Co
•
Stone & Co(H 0)tiont •
Storkline Furn cony pf__25
Super Nialo c'ono cone....•
8
Sutherland Paper com-10
734
16 31
Swift International
Swift & Co este
25 2834
Tele Bond & Sbare A. •
Thompson (..1 10 com
25 2934
Time-O-Stat Controls A__• 19
Transform Corp of Am oom•
7
Twelfth St Stores of A. •
Stock purchase warrants
Twin stases Nat Gas pa A • 1034
United Corp of Amer pf--•
7%
United PUB & Pubs corn •
20 3931
13 8 Gypsum
Preferred
100
•
U 9 Lines Inc pref
US Radio & Telev coin-. 1691
Utah Radio Prod corn...*
434
Util & Ind Coro corn...,.'
934
Convertible preferred.' 2034
USII Pow & Lt Corp A...* 2634
Common non-voting...* 1235
Viking Pump CoCommon
•
•
Vortex Cup Co
• 26
Class A
Range Since Jan. 1.
Low.
20
19
1634
18
434
10
4
50
1
1
1
1134
1734
4134
10
334
14
2034
it/
35
12
38
634
35
26
1
1734
High.
Oct 5634 June
Sept 29
June
Oct 1634 Apr
Oct 4234 Feb
Jan
834 Ate
June 22
Jan
Oct154 Anr
Jan 52
July
June
334 Feb
Oct15
Jan
Aug
8
Jan
June 2713 Apr
Oct2934 Are
Mat 47 54 Aug
Oct2934 AD'
4% Oct
Oct
1a,
3134 Apr
Mar
Oct 37
June 2744 Felt
Oct 5034 Jan
Ayr
Oct 79
Apr
Jan 45
Oct 1634 Feb
Oct 5334 Feb
Oct 4034 Mar
434 Feb
Oct
Jan 38
Mae
13
2
19
2134
98
134
3
12
214
4034
31
Oct
1534 SePt
Oct 12 Jan
Ott 264 Jan
Sept 3834 Alle
Jar 10834 Mar
Aug
5% AN
Feb
Jai
8
Oct 1834 May
.1.•
2934 Feb
Oct 4934 Aug
5
Oct
MU
99
95
2631
132
115
250
92
9434
934
6
20
634
8
2
34
1034
531
92
9434
1234
6
2114
83.4
8
2
1
12
631
100
50
3,700
50
200
2,150
100
50
835
700
200
1031
25
24
95
1
4434
40
8%
83
25
834
3
45
32
1234
6234
11
40
1731
11
25
244
95
134
4534
4034
934
83
2734
10
334
4834
33
143.4
6354
1235
40
17%
250
50
850
10
200
60
250
950
400
2,050
400
400
350
650
1.700
2,300
2,900
1,600
200
95
953.4
9234 9334
12
13
434 434
27
29
1234 1334
2434 27
18
17
234 335
7
734
5
6
250 25935
254% 258%
126 140
13434 14474
28
400
300
100
1,35
35
200
80
118 11834
176 18334
4% 434
10
10
734 8
354 4
3
334
3334 34
23
24
28
30
6
634
44 5
2834 29
101
448
2,050
100
200
400
350
200
70
550
150
4,300
200
1734 1734
23
22
98
97
93
93
82
82
8
954
17
1731
31
35
234 2%
1134
11
10
8
734 734
31
35
2834 2934
54
54
293-4 31
18
19
735
6
1034 11
34
39
1034 11
734 8
9
10
3834 4034
120 120
0
834
1834
15
44 434
9
1034
2034 21
2534 2734
1134 14
50 1734 Oct 25
Mar
150 22
Oct 2634 Apr
104 93
Jan 100 June
10 82
Jan 95
Oct
25 82
Oct 97
Mar
650
7
Oct 3234 Mar
650 1635 Sept 3334 mar
34 Oct
350
334 Apr
350
234 Oct 8334 Mar
60 10
July ts
Jan
2,000
8 Pert 54
Mar
Feb
720
734 June 14
6.950 29
June 3834 May
2,750 28 June 3334 'vet
100 54
Oct
Oct 54
Oct 4734 Mar
650 29
35
17
Sept 3254 Ara
800
5 Sept 2634 June
175 1034 Judy
17
Man
15
31 Feb
34 Feb
1,800 1054 Oct 1834 Mac
1,300
sg Oct 234 Apr
160
9
Oct 16 May
2,800 8734 June 58
Ace
60 114'4 Mar 125
Aug
300
834 Oct 2034 Mar
4,300
5
Jan 3131 Sept
1,150
4
Sept 1074 May
834 Oct 233.4 Feb
4,800
1,700 20
Oct 29
Feb
2,000 22
Oct 4534 AV
3.700
934 Oct 28
Mar
10
20
25
10
2034
2534
25
460
400
Bonds
Chicago City Ry 5s_ _1927
Chicago By
let mtge 58
1927 74
Certifiesatee of deposit__ 73
Commonw Edison 53.1943 10*
1st M 4348 series D 1957 10134
194; 9634
(neon OBI ing os
1938
Metr W S El 413
1938 8034
Extension 48
Pub Serv lst ref M 530 '132
Standard Tel Co 534s A '43
Swift & Co 1st.t g 5s 1944
• No per value. a Ea-dividend.
7534 7534 315,000
Feb
70
85
July
4,000 7134 Feb 84
74
76
July
July
Feb 83
73
7534 12,000 70
105 108% 25,000 101% Feb 10634 Oct
10134 10134 2,000 9634 Jan 10134 Oct
9534 9734 226,000 94
Oct 11234 1.1.,
1,000 6534 Feb 8334 Aug
81
81
8034 8035 2,000 75 May 8134 Got
10734 107% 1,000 104% Apr 10734 Sept
Feb
7834 7834 3,000 7834 Oct 89
102% 102% 3,000 10034 Feb 103 Sept
y Ex-righta
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Oct. 11 to Oct. 17, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
•
Almar Stores
39 135 6,400
434 Feb
34 Oct
134
Amer Foreign Securities_
400 4034 Oct 9934 Feb
4034 4234
American Stores
• 3931 3934 4034 4,510 3934 Oct 49
Arc
9434 Jett 113
Mar Bankers Secure pref
50 3834 3834 39
Apr
Jan 49
450 36
91
Jan 105
API* Bell Tel Co of Pa pref....100 11534 11534 11534
Aug
900 11334 Jan 118
20
Aug 40
mar Budd(E 0) Mfg Co
•
534
534 Sept 11334 Apr
7,200
534 7
Preferred
Feb
July 70
62
82
174 58
91
Feb 96
Jan Budd Wheel Co
Oct 1434 Feb
834
8
839 934 1,400
9434 Oct 9834 May Cambria Iron
50
4134 4154
Aug
10 3834 Jan 42
Oct 8635 June Camden Fire Insuranoe934
2,100 2034 Oct 2834 Apr
- 2034 2034 21
6 Sept 16
May Elea Storage Battery -11111
56
58
1,500 56
Oct 7834 Feb
Jab 24
10
Jul) Empire Corp
,
4
Feb
Oct 14
4
434 1,515
Apr Exkle Securities
6
Oct 22
1,400 1434 Aug 1934 Feb
1534 1534 16
6
Jan 10
Jan Fire Association
Oct 4334 Mar
10
23
2334
800 23
134 Oct
834 Apr Giant Portland Cement_50
Jan
25
200 25 June 80
25
Oct
7% Apr Born & Baril4Phi1a) aim.* 150
145 150
Apr
100 14034 Oct 189
1034 Oct2434 Apr Horn & Hard (N Y) corn.* 3534 3534 4034
415 3534 July 4634 Feb
534 Oct1434 June
103 103
Apr
100
100 9734 Feb 105
Preferred
Insurance Co of N A----10 5635 5334 5734 2,600 5334 Oct 8534 Mar
1034 Oct 2834 Jen Lake Superior Corp-__100
814 June 1534 Feb
2,800
835
834 9
June 31
Jan Leh Com & Nay new w 1.. 2934 29
3134 5,500 29
20
Oct 4934 Mar
Jar 3834 Feb Manutact Cas Ins
18
200 30 June 42
Apr
30
30
95
Aug 97 May Mitten Bank See Corp
Jan
400 1334 Oct 20
..__ _ 1334 1334
Sell234 Apr
1
Preferred
Jan
1,400 1434 Oct 20
14;4 1434 15
43
July 50 11
33.300
834 Oct 1634 Feb
- -m834 9
834
40
Oct62
Jan Pennroad Corp
66
50
6834 11,800 66
Oct 8534 Mar
834 Oct 2034 ma' Pennsylvania RR pret___25
468 8634 Jan 95 June
93
91
Phila Dairy Prod
75
Jab 10134 Mar Phila Elio Pow pre(
2,300 30
Aug 3334 May
25 3234 3234 83
22
Apr
Oct 44
47
47
85 47 Sept 62 May
Insulated Wire
834 Oct 16
Jun
670 203.4 Aug 4034 Apr
2334 24
24 Oct 10
Am Mlle Rapid Transit-50
50
Jan
800 2731 Oct 44
2734 2834
7% Preferred
Mar
June 69
41
8
100
8
734 Oct 1734 Jan
30% Sept 5514 Apr Phila. & Western Ry pfd_50
1234 Oct 2834 Apr
4%
434 5
94 Apr
434 Oct
2,700
6134 9eDt 8434 Apr Railroad SharesCern
10
Jan
834 10
Relianoe
434 June 18
800
11 4 Oct 25% Apr seaboard Insurance
'
434 5
434
434 Oct
5,600
934 Apr
URI Coip
3934 Oct P:c4 rob
107 10734
11 10134 Sept 10734 Oct
Scott Paper 7% A
1734 Oct 31
Mar Shreve El Dorado P L___25
14 334 3,615
24
131 Oct 1534 Mar
1-16
1-1
500 1-18 July
34 Feb
_ _1
Tono-Belmont DeveL .
9234 Aug 101
Mar T
1
35
400 1-18 July
34
234 Jan
onopah Mining
tar 9834 Feb
91
Oct3134 Apr
50 2535 2535 2534 2,040 25
12
Oct 35Feb Union Traction
2534 2539
300 25 Sept3034 Apr
Ctts of deposit
434 Oct
6
Jan
29
32% 63,400 29
Oct 4934 Apr
Oct 45% Mar United G Impr com new* 29
27
64
63
• 63
Jan 7234 Apr
500 52
1939 Mar U S Dairy Prod cl A
1234 Jai>
550 1234 Oct 2634 Arc
* 1234 12% 14
Common class B
2434Oct 4414 Apr
16
-6
J
974 9734
15 97
Warner Co preferred
July 10034 Oat
Oct , .
Jan
6034 6034
50
109 55% May 61
235 Oct 184 Arc West Jersey & Seash RR 60
westmoreland
Jan
800
934 11
Coal
834 Aug 13
Sect 20% Mar
6
Feb
13
14
Aug 20
500 12
Jan Westmoreland Corp
Oct 15
5
Jale 336
Apr
213
Bonds
21534 Jan 33234 Apr
38
38
34,000 33
Mar
Oct 44
115
Oct Elec & Peoples tr ars 4s'45
Jan 140
374 38
CM of deposit
7,000 35 Sept 4334 Apr
Aug 1443.4 Oct
120
Lehigh Valley annuity 65_ ...... 129% 12934 11,000 129
July 129% 01%
.
Feb 122 MAY Phila. Elec(Pa)
110
10434 10434 1,000 10234 Feb 10534 Oct
ist Ilen & ref 5s
l
19130
Feb
17p
Oct 293
st 5s
107% 10834 8,900 10334 Jan 108 34 Aug
1966
431 Oct974 Jan
lst ilon & ref 5Hs___1947
Feb 10734 July
10734 10734 1.000 104
Apr
Oct 35
10
106 106
2,000 10434 Feb 10634 May
634 Oct1934 Apr Phila El Pow Co 5358_1972
Oct
100 100
1,000 9534 Jan 100
3% Oct1834 Apr Strawbridge & Cloth 58.'49
,,,, United R 43 tr etts_ _1949
10,000 46
Mar
65
Jan 70
65
234.Sept
'
4•s
Oct
Oct 55
55
55
55
3,00
32
Pelt 10j- United 1 ao Pitts 58_1997
4534 Mar York
100 100
6,000 91
Oct
Railways let 58_1937
Jan 100
23
Oct 33
Apt
28
Oct 3634 Jan
• No par value.
6
Oct 1735 May
44 Oct 10
AN
Baltimore Stock Exchange.
-Record of transactions at
27
Feb
Oct 40
95
91
26
850
45
1,400
1,180
125
196
100
2517
Sates
Friday
Last Week's Range for
Range Since Jan. I.
Sale
.
Went.
of Nita
Stocks (Concluded) Par. Price. Low. High .Mares. Low.
High.
•
%viol Co corn
3
•
334 1,150
3
2% Sept
14
Feb
Waukesha Motor Co coin *
74
65
55 65
Oct 140
Apr
1% ayne Pump Co conv pt •
25
50 25
25
Sept 35 May
Western Con 1.1111 Inc A- •
18
150 i21.( Jan 28
May
193.4
Western Pr Lt & Tel A_ •
2234 2334
Aug
260 2234 Oct 31
Wextark Radio Stores oom•
334
3
550
334
3
Jan
Oct 24
Wieboldt Stores Inc corn.*
15
1534
Oct 34 June
200 15
Williams 011-0
434 434
50
-Matte corn •
834 Apr
434 Oct
695
3,400
634 7
Wisconsin Bank Shs corn lit
635 Sept 1134 Jan
Ye•low Cab Co Inc(Chlo).•
244 244
550 2434 Oct 31
Mar
Lenin) Radio Corp com__•
434
3,300 4
04 5
Oct 1634 June
4
9 Sent
Oct
24'4 Sept
log
1454 Jan
294 Apt
34
Apr
Baltimore Stock Exchange, Oct. 11 to Oct. 17, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price, Low. High. Shares.
Arundel Corporation
• 404
Atl Coast Line (Conn) 50
Baltimore Brick Prof
Baltimore Trust Co
10 3434
Black & Decker corn
• 1734
Ches & Po Tel of Balt pf100
Commercial Credit
•
Preferred B
25
Consol Gas, E L & Pr__ • 100
ioo
6% Pref ser D
5% preferred
100
Consolidation Coal_ _100
Eastern Rolling Mill
• 1034
Emerson Bromo Setts A w I 31
Empire 38th St Corp pf_100
Equitable Trust Co
25
Fldellty & Guar F Corp_10
Fidel ty & Deposit
50
Finance Co of Amer A. •
Finance Service corn A..10
Preferred
10
First Nat Bank WI
Houston On pref v t o.-100
Mfrs Finance let pf
25
2d preferred
25
Md Cas Co new when iss___
Md Trust Co new w 1
•
Monon W Pa P S pref.._ _25
4034 41
120 120
62
62
34
35
1734 1934
11434 11534
2434
24
25
25
100 107
111 11131
10434 105
5
5
1034
10
31
31
6834 6835
140 140
32
3234
158 158
12
12
8% 83.4
84
2
8
43% 44
80
80
15
15
15
11
11
3431 8434 3534
33
32
2534 26
26
3234
743
50
5
1,545
1,509
19
455
40
248
22
89
280
60
100
25
23
Range 311106 Jan. 1.
Low.
3934
120
62
34
17
113%
224
23
93
109
99
5
9
30
6834
140
552 32
39 155
25
934
834
90
376
7
152 4331
14 77
80 15
53 1039
921 3454
133 32
58 2434
High.
474
175
67
44
56
1104
2534
2634
136
Ill%
105
15
253.4
3335
84
160
Mar
Mar
Aug
Apr
Mar
Aug
Apr
Apt
May
Jane
Oct
Feb
Jan
Feb
API
Mar
Oct 49
Oct 190
Aug 13
Oct 15
Jan
94
Oct 5134
Mar 93
Oct 20
Oct 17
Oct 46
Oct 3434
Jan 26
Feb
Apt
May
Felt
Api
May
API
Api
Apt
May
Sept
Feb
Oct
Oct
Oct
Oct
Oct
Jan
Jan
Jan
Jan
Mar
Feb
June
Sept
Jan
Oct
July
2518
Bales
Friaay
Last Week's Range for
Week.
Sale
of Prices.
' Stocks (Concluded) Par. Price. Low. High. Shares.
New Amsterdam Cas Ins__
Northern Central
Park Bank
10
Penne Water & Power_
*
Stand Gas Equip cone
Un Porto Rican Sug corn.*
Union Trust Co
50
United Rya & Electric__ _50
U S Fidelity & Guar new 10
Wash Bait & Annapolls_50
West Md Dairy pr pref._50
36
8
3734
53
94
52
36
91
29
67
11
16
60
8%
38
6
53
588
30
15
35
25
95
32
940
727
10
52
Low.
34%
85%
29
65
11
15
60
7
35
6
4854
Oct
Feb
Jan
Oct
Oct
July
Aug
Sept
Oct
Oct
Jan
High.
43
91
30
95%
16
40
74%
13%
49
7%
5434
Apr
Oct
Jan
Mar
May
Feb
Jan
Jan
Apr
July
May
100 100
8200 98
Jan 101% Sept
100% 100%
300 97
Feb 101
Sept
300 9854 May 100% Oct
100% 10034
90
90
1,000 90
Oct 90
Oct
100 100
200 100
Oct 100
Oct
94
94
2,000 94
Sept 97% Sept
10134 101% 12,000 9731, Jan 101% Oct
104% 104% 2,000 103% Apr 105
May
107% 10754 1,000 106
Mar 10734 Oct
Jan 101% Aug
10034 10054 2,C00 99
93
93
1,000 93
Oct 99
Apr
.
61
61
13,000 61
Oct 8534 Feb
99
99
1,000 99
Oct 99
Oct
Apr
10034 10034 1,000 100
Sept 101
88
2,000 88
June 89
Mar
88
1,000 52
Oct 68
Sept
52
52
3334 34
3,000 3354 Jan 4934 Feb
51
52
3,000 4954 Jan 65
Apr
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, Oct. 11 to Oct. 17, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Prices Low. High. Shares.
Stocks—
Range Since Jan. 1.
Low.
High.
Oct 72
Sept 24
734
Oct
Oct 1634
June 18
Jan 4134
8
Jan
Sept 1954
Sept 14%
June 18
Oct 7134
Jan 373.4
Jan
434
Jan
5
Jan 123
Jan 114
Apr
Jan
Jan
Mar
Feb
Apr
Mar
Apr
Apr
Jan
Apr
Sept
Feb
Feb
Apr
Sept
Oct
June
Oct
Mar
Jan
Jan
Jan
Oct
Oct
May
June
Oct
Oct
Oct
Oct
Oct
56%
32%
45
80c
634
1134
25
59%
23
27%
19
27%
58
49%
50%
19
Apr
Apr
Feb
Apr
Sept
June
Mar
Jan
Jan
Feb
July
Apr
Apr
Apr
Feb
Jan
Unlisted—
42% 43
134 40 June 50
Copper Welding Steel
Sept 187%
100 165
165
165 165
Fidelity Title & Trust
1
Sept
3
280
1
1
1
International Rustless Iron
4%
1
June
1
1% 1,000
Leonard Oil Development.
Oct 110
107 103
85 104
107
Lone Star Gas pref
Oct 33
15
15% 5.285 15
lag
West Public Serv v r c
•No-par value. k Includes also record for period when in Unlisted Dept.
Apr
Jan
Feb
Apr
Apr
Apr
•
4914 50
Allegheny Steel
Aluminum Goods Mfg..._*
1734 1734
234 2%
American Austin Car.
8
Arkansas Nat Gas Corp. *
8
8
7% 8
10
St Preferred
26%
* 2534 25
Blaw-Knox Co
5
10
5
Carnegie Metals Co
12%
12
Clark (D L) Candy
8 12
8
10
8
Devonian Oil
14
14
Donohoes Inc class A_
*
Harbison-Walker Ref — _* 45
45
46
3334
Horne (Joseph) Co
33
•
Independent Brewing...50
234
23.4 434
4
4%
414
Preferred
50
120 120
Jones & Lategn Steel pf _100
Koppers Gas & Coke pf_100 101% 101 10134
Lone Star Gas
•
Mesta Machine
5
Nat Fireproofing pref___50
Phoenix 011 corn
25e
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Forging
*
Pittsburgh Plate Glass_ _25
Pgh Screw Sc Bolt Corp..*
•
Plymouth Oil Co
•
Reymers Brothers
•
Shamrock Oil & Gas
Standard Steel Springs__ •
United Engine & Fdy____•
Westinghouse Air Brake__*
25
Wiser Oil Co
29
25
30e
16
40%
1634
23
12
34%
29
2434
3354
250
5%
1034
15
40
16
22%
18%
11
27
3334
3434
14
125 4834
10 17%
360
234
734
25
734
1,294
2,625 2134
100
5
715 12
246
7%
50 14
400 45
200 3134
372
1
98
1%
20 118%
270 9934
3034 15,555 28%
435 k24
2534
60 333.
35
2,900 125c
30c
115
5%
234
534
325
1034
475 12
16
1,100 3934
41
1634 1,302 15%
550 21%
23%
70 17
18%
12% 1,980 k1034
295 27
28%
571 33%
35
135 3434
35
160 14
15
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Oct. 11 to Oct. 17, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
Range Since Jan, 1.
Low.
Pure 0116% pref
100
Rapid Electrotype
Randall A
Second National
100
United Milk Crate A....*
U S Playing Card
10
Waco Aircraft
Whitaker Paper corn .._ _ _*
Wurlitzer 7% pref
100
8 No par value.
9234
25562
60
92
40
15
200
13
6134
5%
CO
9036
94
4054
15%
200
13
6234
534
CO
90%
Range Since Jan. 1.
Low.
82 92
270 39%
178 13%
1 200
5 13
282 60
25
4%
35 54
3 90
High.
Sept 100
Jan 60
19
Jan
July 218
Sept 1934
Sept 91
July 10%
Jan 78
May 100
Feb
Apr
Mar
Feb
Jan
Jan
Mar
Apr
Jan
Cleveland Stock Exchange.
--Record of transactions at
Cleveland Stock Exchange, Oct. 11 to Oct. 17, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Aetna Rubber common_.
334 4
'o
5% 5%
6
Allen Industries corn
25
• 25
25
Preferred
34%
Amer Mult,graph corn_ _ _• 34% 33
53
53
Bulkley Budding pref._100
62
63%
Central United National.20
*
37
City Ice & Fuel
373-4
3
3
3
10
Clark Fred 0 com
nig
111
Cleve Elec III 6% pref _100
65
65
Cleve Quarries
* 65
77
77
Cleve Railway etre dep_100 77
375 382
100 375
Cleveland Trust
13
15
•
Cleve Union Stockyds corn
6% 7
Cleve Worst Mills com _100
254 234
Cleve &Sandusky Brew 100
14
12
Columbus Auto Pts pref..* 12
55
48
* 50
Dow Chemical corn
5834 60
Elea Controller&Mfg corn *
*
834 836
Ename Prod
Faultless Rubber com____* 35
Federal Knitt Mills com_-*
Firestone T &R 6% p1_100 55%
Gabriel Co
Genera T & Rubb com.25
100
Glidden prior pref
Greif Bros Cooperage 01 A "
Guardian Trust Co____100 350
•
Harbauer common
Interlake Steamship con).*
8
Jaeger Machine corn
Jordan Motor pref._ .100
Kelley Isl Lime&Tr corn.*
* 15
Lamson Sessions
Metrop Paving Brick corn •
Midland Dank Indorsed 100
8
Midland Steel Prod
Miller Wholes Drug com.•
Mohawk Rubber cora
•
Nat City Bank
100 33834
National Refining com._25
100 131%
Preferred
•
8
National Toe corn
Nineteen Hund'd Corp clA8
36
35
28
27
5534 5934
4
4
115 115
91
91
31
31
350 360
1734 1734
65
68
19
19
14
16
36
36
1554
15
25
25
300 300
2334 2334
2454 2434
634 634
33834 339
26
2634
131% 132
734 8
23% 24
113 11334
Ohio Bell Tel pref
100
66
Ohio Brass B
65
* 84
21
Ohio Seam Pas Tube com.*
21
Packard Electric cora- •
1334 1334
834
8
Packer Corp corn
10
14
Paragon Tiering cl A corn.* 10
1234 1254
Voting trust ars
2434
Patterson Sargent
• 233.4 24
29
29
Reliance Mfg corn
* 29
63
69
Richman Bros corn
• 63
3
3
Robbins&Myers v t c ser 1*
3
434
4% 434
3elberling Rubber corn. •
30
80
ioo
Preferred
1134
11
• 11
3elby Shoe com
75
7534
3herwin-Wiltiams com_ _25 75
10854 106%
100
A preferred
11
11
•
Thompson Aero
1634 17
Thompson Products Inc..* 17
333-6 37
Union Metal Mfg corn_ *
73%
73
25 73
Union Trust
5
5
•
Van Dorn Iron Wks corn..
15
17
8
Weinberger Drug
103 104
White Motor Secur pf _100 104
Vnnnvetnson St .6. I` nt 1110
AO
99
99
•No par value.
Range Since Jan. 1.
Low.
300
334
215
5
110 25
264 33
5 55
511 62
55 37
125
3
85 110
19 65
85 75
108 375
600 13
90
6%
25
13-4
75 12
1,673 48
128 7734
293
7
145
70
110
50
1
5
136
25
35
164
24
90
100
995
148
3
50
100
70
60
105
47
416
34
Oct
Feb
Oct
Aug
Jan
Oct
Oct
Sept
Jan
Aug
Sept
Oct
Oct
Oct
Jan
Oct
Oct
June
June
33%
25
593.4
4
110
90
31
350
17
6054
19
8
3434
,
15
22
300
2334
22
6
33734
26
130
754
2334
June
Jan
Oct
Oct
Oct
Oct
Oct
Oct
Aug
Sept
Oct
July
July
Oct
June
Sept
Oct
Mar
Oct
Oct
Sept
Jan
Oct
Oct
70 110
645 64
70 21
20 133.4
185
7
910
734
734
100
350 23
100 29
1.423 63
200
3
285
4
15 30
565 11
568 71
94 105
50
6
20 1534
180 32
809 73
25 11
102 2251
20 201
25 9734
Feb
Oct
Oct
Oct
Jan
Feb
Feb
Jan
Oct
Oct
Aug
Oct
Oct
June
Aug
Jan
Jan
Sept
Mar
Oct
Apr
Apr
Jan
July
High.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Oct. 11 to Oct. 17, both inclusive
compiled from official sales lists:
High.
14% 15
Aluminum Industries Inc..*
50%
50
Amer Laund Mach com_20
41
37
Amer Products common_ -* 37
49
49
Amer Thermos Dot pref_50
60
60
100
Baldwin new pref
220 220
Carey (Philip) common 100
• 16% 16% 17
Churngold Corp
134
134
•
Cincinnati Car B
110 110
100
CNO&TPpref
10 101% 101 101%
E pref
Gin 0 &
50 38% 363-4 39
Gin Street Ry
50 98% 98% 993.4
CPI & Sub Tel
23
23
Yards__*
Gin Union Stock
16
Cohen (Dan)Co*16
10% 11%
11
A
Crosley Radio
103 103
Crown Overall pref._ __100
17% 19
8 19
Crystal Tissue
84
82
City Ice pref
11
11
•
Dow Drug corn
190
379
870
65
20
52
25
71
2
252
713
255
100
200
98
5
8
10
15
14%
42%
37
48
60
218
15
34
10534
95
36
91
17%
16
10%
103
17%
84
10
Sept
June
Sept
Aug
Mar
Sept
Mar
Jan
Jan
Jan
Sept
July
Aug
Sept
Sept
Aug
June
Sept
Aug
4.001
I8
7% 7%
Eagle-Picher Lead corn __20
100 100
100
Preferred
23
23
8
Early & Daniel corn
290 290
Fifth-Third-Union Tr-100
* 2934 29% 30
Insulation
Formica
18
18
• 18
Fyr Fyter A
35
35
• 35
Gibson Art corn
los% 108%
100
Gruen Watch pref
3836 39
*
Hobart Mfg
2254 24
*
Int. Print Ink
7634 76%
100
.Preferred
5
5
5
8
Kodel Elec & Mfg A
2434 2634
8 25
Kroger corn
9734 9734
100
Lazarus preferred
101% 101%
50
Little Miami guar
30
30
• 30
Lunkenheimer
17% 17%
Leonard
35
35
*
Qanischewitz corn
20
20
QcLaren Cons A.
1001 112% 112% 112%
Tel pref
Nilo Bell
100 100
100
Uhl° Shares pref
69
66
69
Procter&Gamble corn new
105% 105%
100
act nreferred
182
23
10
35
65
10
430
30
185
60
18
320
430
50
10
10
5
10
800
80
30
1,269
65
734
100
22
290
29%
18
35
los%
38%
2234
76%
5
23%
94
101
30
17
35
19
110%
97
52%
l04(
Apr
July 15
Jan
Apr 102
Jan
July 34
Apr
Aug 320
Jan
Sept 53
Apr 2034 Jan
Jan
July 50
Sept 113% Apr
Mar
Sept 50
Apr
Sept 47
Apr
Sept 110
June
834 Mar
Jan
June 47
Feb101
May
Feb 102% Aug
Oct 44% Jan
Jan 24% May
Mar
Sept 45
Jan
Jan 21
Apr
Feb 115
Jan 100 June
Jan 7534 June
June 110 'Mar
Sates
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
L,
'iattVagz:ltggilttlatg ttitzttd.ettttgva2.2g0,g McigttraatiitiggaWlgtvAt
4,-c,..,.4,
g,w.>,w ,
4,,,v,ww,4.0•Aww-,0.sgp,-,,4=0, -4.4,,-4w.wwww.0-4-4. 00,5,4.
A
,
r r mr
m
m rr r rrr r
r xr
mm
mr
rm
52
34%
91
29
65%
11
15
60
8
36
6
53
Range Since Jan. 1.
M.4 ..MG,V.MMM.0DCDMOM. [
,
,
.00.0M.tr,Ninn=0.1,mt-MMNCO.,MNO., 000D0, ,
0M S,OCh0Cet.WW0,
4ON.V.Na5.0.V0M
.mvecow ..omp.. Noo0. MMW.00.MNWN.,
0Nv,O.M. 3MMNN .t
,
,
..O.N...C1,
40 .t
,
.C.1000.M.
V0 .00
.
.)
.
.. el.
02 . .
..
.
'''
Bonds—
Baltimore City Bonds—
1962
Conduit
1961
4s Dock loan
1957
4s Harbor
354s New sewer_ __ _1980
48 Sewer improv......1961
Arnold (J R) Lum 6345 '37
Consol Gas gen 434s_1954
Consol GEL & P 1st Os'65
1952
534s 1st refund
Gibson Island Co let lis '36
Kingsport Press 634s._1939
Md Electric Co—
1st & ref 6%s ser A.1957
Monon Vol Tr 5345 __1953
Pruden Ref 634% w w 1943
Tolchester Beach Co
United Ry & El lot 43_1949
Income 4s
1949
1936
Funding 5s
*No par value.
Stocks—
[VoL. 131.
FINANCIAL CHRONICLE
30%
75
100%
52
CO
280
23
2
110
103
4554
119
30
25
27
106
23
80%
18
Feb
Jan
Feb
May
Mar
Feb
Apr
May
Feb
Sept
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Sept
Jan
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Week,
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High,
Bank
Boatmen's Nat Bank...100
First National Bank_ .20
100 221
Merch Commerce
188
73
220
188
74
234
10 188
142 73
134 220
Trust Company
.100 245
MLssissiPP1 Val Trust.
St Louis Union Trust 100
245
476
245
490
12 245
15 476
Oct 300
Oct 565
Jan
May
Miscellaneous
Bentley Chain Sts, com__*
•
Berry Motor
Brown Shoe corn
100
Preferred
100
Burkart Mfg, Prof
•
Century Elm Co
100
Consol Lead & Zinc A_
•
Como Mills Co
8
Curtis Mfg corn
5
*
Dr Pepper com
5
1334
3634
118
10
10334
3
23
20
36
5
1334
37
118
10
10334
334
23
20%
36
50
5
64 1334
55 3634
50 114
10 10
3 100
21
2%
25 23
185 20
100 2754
Oct 13
Oct 1636
Oct 42
Jan 119
Oct 16
July 115
July
654
Oct 293.4
Oct 27
Apr 50
Feb
Apr
May
Sept
May
Mar
Jan
Jan
Mar
J11110
18
20
Ely & Walk Dry Gds com25 18
250 250
Granite DI-Metallic.
..AO
2% 254
Hamilton-Brown Shoe_ _25
28
29
Hydraulic Pr Br pith _100
54
53
Internet Shoe corn
• 53
33
33
Laclede Steel Co
20 33
30
30
Landis Machine COM. 25 30
38
40
•
McQuay-Norris
55
54
Moloney Electric A
• 55
2734 2834
Mo Portland Cement___25 28
10
10
Marathon Shoe corn...
.25
99% 9934
Nat Bear Metals pfd.__100
22
21
Nat Candy corn
• 22
954 10
Rice-Stix Dry Gds com
*
9%
* 1134 1134 16
Scullin Steel, pref
4534 453i
South Acid Sc Sulph corn. 5
.
Southw Bell Tel pref...100 12134 121 121%
Spit ttnPr Ity. Folk, *nryl *
18
18
300 18
150 250
385
13-4
110 28
564 53
25 33
150 30
70 38
980 52
260 2754
200 10
10 99
430 20%
485
9%
119 1134
25 45
245 116 34
10 18
Oct 2934
Oct 400
Sept 11
Oct 3834
Oct 63
Oct 46
Oct 64
Oct 51
Jan 66
Oct 3534
Oct 15
Sept 101
June 2734
Oct 16
Oct 3134
Aug 49
Jan 123
Oct 2634
Apr
May
Mar
Feb
Jan
Air
Jan
Apr
mar
Mar
Apr
Apr
Mar
Feb
Jan
Juno
Oct
Apr
1334
20
Oct 239% Jan
Oct 90
Apr
Jan
Oct 301
. .
W .7.
lowco
.
ocwool47-.0.10.
.
.
.
.
to
.
.05 g. .4.m ww7.1a. low w..
2gt28888888885t 888888888M:88885888 .M8g8288""°"8"'
ocwwwww p
.
.W ...W
..4
WIO.WW.e000. , 1
,
44 4
.
..W
W.C.
.6 '14
1
1 9.7nRgRgg
Sept
Jan
Jan
Mar
Apr
Apr
Apr
Mar
Sept
Sept
Jan
Sept
Apr
Sept
I 2434 Jan 334 June
I 90 June 100
Oct
1 174 Oct4734 Feb
1 2834 Oct4834 Apr
) 294 Oct 4934 Apr
Jan
July 325
1 320
2434 Apr
Jan
3 21
• No par value.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Oct. 11 to Oct. 17,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
Assoc Insur Fund Inc
44 434
100
434
Atlas Imp Diesel En A.... 10
10
11
870 10
Bond az Share Co. Ltd834 834
385
854
8831 6834
Borden Co
100 64
83.4
Byron Jackson
834 9
1,263
834
corn
Calamba Sugar
100 1334
134 1334
California Copper
34
210
31
X
.34
10
10
10
125 10
Calif Cotton Mills corn_ _
1934 20
20
Cali( Ink Co A corn
400 19
50 108
Calif Ore Power 7% pref.__ -- _ -- 112 34 1124
51
51
5534
California Packing Corp
1,382 51
97
97
984
Calif Water Service pref.__
190 88
3634 364 434 20,157 364
Caterpillar Tractor
18 34
1834 184
403 1734
Clorox Chem A
100 100
35 98
Coast Cos0& E 6% 1st pf
500 2234
Cons Chem Indus A
2234 224 2234
...__ 375 375
35 375
Crocker First Nat Bank
634 74 4,388
731
Crown Zellerbach v t o
651
104 104 104
Emporium Capwell Corp
Firemans Fund Insurance. 874 874 91
25
25
254
Food Mach Corp corn
6
6
6
Foster & Klelser corn
1534 1834
Golden State Milk Prod.... 154
at West Power 6% pref.__ 1054 1044 1054
1084 1054 107
6% preferred
6
8
Haiku Pine Co Ltd corn...
5
10
10
Hale Bros Store Ins
444 4434
Hawaiian C az S Ltd
46
Hawaiian Pineapple
4831
- ..... u. 4. lot in° r,
an
an
at'.t
High.
Oct
734 Apr
Oct 34
Feb
Oct 1534 Apr
Jan 904 May
Oct 2334 Feb
Oct 19
Jan
Oct
334 Mar
Oct 42
Feb
Sept 3734 Jan
Jan 1124 Oct
Oct 77
Mar
July 984 Oct
Oct 79
Apr
June 384 Feb
Feb 102
Sept
Oct 3334 Feb
Oct 410
Jan
Oct 184 Feb
275
934 Oct 2034
781 86
June 118
1.138 25
Oct 4431
280
54 Aug 10
1,262 154 Oct 314
75 99
Jan 1054
641 1034 June 10734
250
5 June
9
128 10
Oct 14
25 42
Aug 51
518 45
Oct 83
705 an
II."
, Al
Feb
Apr
Feb
Mar
Jan
Sept
Sept
Apr
Jan
Jan
Feb
A...
aggUttt2225ttt25 m=,magnE2gt
Mar 12434
Sept544
July 544
Oct 1184
Oct 2531
Oct 384
Oct 714
Jan 3034
Jan 28
Jan 28
Jan 27
Feb
2634
Sept 744
Sept 25
m
Apr
Oct 31
Feb
3
Feb
634 Feb
Oct
July
Oct 35
Sept 574 Apr
Oct 43
Jan
Sept
Apr
9
Oct 734 Mar
Jan 284 Oct
Oct 10534 Mar
Oct 94
Apr
Oct
834 Mar
June 3934 Feb
Jan
1934 Apr
Sept
834 Jan
Oct
Feb
4
July 32
Feb
Oct 254 Apr
Oct 224 Jan
Oct 254 Apr
A
AX A
1204 1204
S J L & Pr 7% pref
60
1031
1034 104 3,685
Shell Union
Sherman Clay pref
50
184
50
50
10
Spring Valley Ltg
100
10
52
5434 10,706
Standard of Cal
52
.
104 1034 1034
Tidewater Assoc 011 own
3,050
17
184 80,257
17
Transamerica
Traung Label de Litho A
1834 1834
__ __ __
50
28
28
32
Union Oil Associates
8,820
29
9,147
29
33
Union Oil of Calif
305 305
49
Wells Fargo
135
234
West Amer Fin Co 8% pfd
234 234
we.tern wine k Steel
1854 19
900
1831
m mmxxxx
274 27 34
100 100
174 17 34 184
284 284 324
294 2934 33
325 325
20
20
214
11131
41
45
994
1034
1734
49
274
244
224
244
2434
52
124
Mar
Feb
Jan
May
Jan
Feb
Sept
Apr
Jan
Aug
Jan
May
Aug
May
Mar
Jan
Sept
Jan
NMM.VI P.OMOMMO
,
NNO.C...4.N*.OM
Cl
Taylor Milling Corp
•
Title Ins dz Trust Co_ 25
Trans-America Corp_ __25
Union 011 Associates___25
Union 011 of Calif
25
Union Bank & Trust Co 100
Weber Showcase & Fix pf •
634
131
24
294
32
1534
7
484
264
68
874
1.95
23
13
2
1.95
25
734
954
834
High.
June 1434
Oct 234
Oct 120
Jan 99
Sept 11234
Sept 45
Apr 2734
Jan 224
Oct 23
Jan 20
July 2634
10
Aug
Sept 144
Apr 2434
Oct 4934
Oct 96
Feb 111
Oct 2034
NN
MacMillan Petroleum Co25
634
634 731
Moreland Motors oom-10
134 14
10
Preferred
24 24
Nall Bank of Commerce 25
294 294
Pacific Amer Fire Ins Co 10 33
32
33
Pacific Finance Corp oom10 154 1531 1634
10
Series C
8
8
Pacific Gas & Elea com.25 484 484 514
25 2834 28
1st preferred
284
Pacific Lighting com___*
66
6834
Pao Mutual Life Ins___10 674 6734 69
Pacific National Co_ __25
1.95 1.95
Pacific Pub Serv A corn_.* 25
25
264
Pacific Western Oil Co-*
13
1334
Pickwick Corp corn
10
3
334
Republic Petroleum Co_10
1.95
2
2.20
Republic Supply Co
•
25
25
8
Richfield 011 Co com__ _25
74 834
25 13
12
Preferred
134
Rio Grande Oil com _ _ _25
84
834 931
San Joaquin Light & Power
120 12031
7% Prior preferred _ _100
4334
Seaboard National Bank 25 4334 43
45
45
Seaboard Natl Sec Corp 25 45
9934 10034
Sec First Nat Bk of L A.25 100
1034 1034
Shell Union 011 Co com.25
25 184
1734 184
Signal 011 & Gas A
25 49
49
5134
So Calif Edison com
25 2931 294 2934
7% preferred
25 27
2634 274
6% preferred
25 25
254
25
54% preferred
SO Calif Gas ser A pref _25 2634
2634 2634
25 264 26
6% preferred
2631
Standard 011 of Calif
544
52
• 52
Z5
Superior 011 core
20
20
Low.
6
84
98
90
100
18
20
124
12
13
21
9
10
2034
33
85
101
15
mmmmm
Bolas Chin 011 A
10 104
1034 114
Byron Jackson
•
84 831
834
California Bank
25 100
100 100
Central Investment Co_100 924 924 9234
Citizens National Bank.20
100 100
Claude Neon Elea Prod_.
• 1934 194 21
Comm Discount com__25
25
25
Douglas Aircraft Inc_ •
15
15
Emsco Derrick & Equ Co • 12
12
124
Gilmore Oil Co
*
1634 164
Globe Grain & Mill com.25 23
23
23
Hal Roach 8% pref
25
8
8
Hancock 011 corn A____25 10
10
1034
Home Service 8% pref__25
21
21
Internal Re-lnsur Corp_10 3334 33
334
Los Aug 1111tmore pref _100
85
85
Los Angeles G & El p1.100 109
1084 10934
Los Angeles Invest Co_10 15
154
15
Range Since Jan. 1.
mmmm
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
20
329
20
20
Occidental Ins Co
100
Oliver United Filters A__
__ ___ 2234 2234
1831
1631 17
B
640
Pacific Gas & Elec corn
474 52
11.306
25
6% 1st pref
2834 2834 284 2,691
Pacific Ltg Corp common_ 644 644 6831 2,781
1024 102 1024
6% preferred
165
2434 244 274 7,075
Pacific Public Service A_ _ _
130 13231
Pacific Tel & Tel common_ 130
165
128 128
6% preferred
10
5534 554 57
Parafflne Co corn
907
Phillips Pete
2231 2231
100
Pacific Gas & Elea 54% pt 2534 2534 2531
809
74
Richfield Oil common _ _ _ _
731 831 4,401
134
1234 1334 1,150
7% Preferred
Roos Bros common
18 34
18 34 18 34
215
NMNb-NOOMMV[sMN
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Oct. 11 to Oct. 17,
both inclusive, compiled from official sales lists:
M
al
M
gc.-oomo MV
moo og ,
alyzaaaaaaaqa4 Uaagg.E.ggagaa»a 'An'6gaallaaaaaa
954 Mar
May
99
Mar
95
High.
0.00000000=o.
Jan
Jan
Oct
.COM .
O.
..W
OGDW,PW0.00.W-4WW.
92
9531
88
A AAA
9434 9434 1,000
9734 28,000
97
3.000
88
88
Low.
WWWWWWQWW4...W
.
..1C..I.P.W4.0WW0;40-.4000
gX=
=
74
3,370
400
1,410
115
15
390
70
5,320
200
440
200
85
65
2,110
NNO003.
Oct
3031
19
19
2
131
11
10931
14
184
834
96
98
9034
12
N.
6634
Honolulu Oil Corp Ltd____
29
284
Hunt Bros A corn
1834 18
Illinois Pao Glass A
18
1834
Relater Radio Corp com.._ _ ______
2
Leighton Ind B
134
11
Leslie Calif Salt Co
10
LA Gas & Elec Corp pith_ 109
108 34
134
134
Nlagnavox Co Ltd
I Mangio & Co
18
Manhunt Cal Mach corn__
8
8
Nierc Amer Realty 8% pfd 95
95
No Amer Inv 8% pref..- 98
98
904
534% preferred
1134 1134
North Amer 011 Cons
Range Since Jan. 1.
mmmm mmxr m mm
Jan
622,000
6634 67
97
88
High.
VNN
Miscellaneous Bonds
Moloney Electric 5348 1943
serial
Scruggs-V-B 75
1941
Scullin Steel 65
•No par value.
Low.
Jan
Oct 10
3
50
762 174 Oct 3631 Apr
July 108
15 103
May
Jan
Oct 12
8
100
3
3
1831 1934
18 34
105 105
8
8
Street Ry Bonds
United Railways 4s....1934
Range Since Jan. 1.
sa
Friday
Last Week' Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price, Low. High. Shares.
OWN...cp CO..
0WW.40WOMOO
M.0,
Sates
Friday
Last Week', Rang. for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High Shares
St Louts Pub Serv corn_ •
Wagner Electric com _ _ _ _15
100
F Preferred
St Louis Bk Bldg Equip- •
2519
FINANCIAL CHRONICLE
OCT. 18 1930.]
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Produce Exchange Securities Market, Oct. 11 to Oct. 17,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
e
19% 184 1934
Alco Tool A
2
2
-Amer Gen War
All
•
434 6
531
Am Corp
Am Eagle
•
34
Si
31
•
64 74
New when Issued
•
.25
.35
.25
Andes
134 2
Appalachian Gas war
100 10031
Allot ctfs units w 1
34 34
Ass'd G & E '30 rts ext '36
334
Opt stock purch rghts- ......
4
34
2
2
Avlat on sub war 1934 sv 1_
.75
1
.70
.75
Bagdad
10
10
Brit Can w 1
* 204 2034 2034
Bourjois preferred
1
Claude Neon
*
Claremont Inv
Credit Alliance ser A C E-*
Det & Can Tunnel
El Bond & Share franc scrip
Federal Aviation w w_....*
General Theatres new wi.•
New preferred WI
•
Warrants
10
Gold Cycle
1
Hamilton Gas
,
Voting trust ars
•
H Rubenstein pref
1
Int Rust Iron
Irving Trust
10
•
Jenkins
*
Kane Stores N A
Kaybee Stores
1
Eimer
*
Lautaro
5
Leasings
Mcfadden preferred
*
Majestic House
•
Manhattan
20
Marvin Radio
•
Maxweld
•
Manufacturers Trust-_25
Milnesia Intl
*
Natl Alla E war W 1
Nat'l Liberty Insurance__5
N Y Rio war
Nor Am Tr Shares
54
6
54
.26
334
1431
34
41
34
434
13 34
46 34
1434
97
734
534
Peoples Gas rights w 1
..._ .
Pet Cony
5
834
Phoenix Oil
25
Photocolor
•
331
Pub Util Hold new prf ve 1
, 404
Radio Sec
5
Seaboard Fire
10
Seaboard UM war
Shep Stores
•
8herritt Gordon
1
Splitdort Bethlehem
•
Sylvestre Utll
•
234
Trent Pro
•
134
Union Cigar
10
U S El Lt & Pr tr Ws A_ •
TJU1 Hydro war
Utll Power & Light pref 100
Zenda Gold
1
Bonds
Assoc Gas & El 6s....1999
Cities Service 5s w w._1969 85
Clev & Pitts 434s w 1_1977 103
•No par value.
54
6
7
5
.26
34
18
35
3
12 34
4
4
1434
31
41
3
234
14
A
434
1334
4634
15
97
500
500
1.700
3,900
400
2,500
500
200
700
200
100
1,400
10
100
53.4
6
8
8
.30
34
17
3731
3n
124
4
4
1431
1
43
3
334
14*
54
6;4
13%
48%
18 34
97
14
84
6931
534
6
67
5
%
7A 8%
5-16 9-16
74 734
2.500
200
400
9.500
1,143
100
500
3,800
100
200
1,300
200
100
3.700
1,900
300
300
100
700
600
100
200
1,300
1
300
1.200
400
800
300
1.900
1,500
200
1034
6
.30
3
373.4
2
114
34
34
1.04
2
24
134
34
31
34
98
.17
1031
84
.30
331
414
24
12
34
34
1.04
2
24
134
34
31
4
98
.2
200
3,100
500
700
4,000
300
200
100
200
100
200
400
800
200
100
100
25
1,900
4
55
85
103
55
88
103
Range Since Jan. 1.
Low.
High.
1231
14
334
34
134
.25
134
9834
334
34
2
.70
10
2034
July
1934 Oct
Aug
234 Aug
Oct
931 July
Oct
134 June
Oct
8 t Oct
Oct
.83 May
Oct
734 Apr
Oct 1014[Sept
Oct 2034 Mar
Oct
834 Apr
Oct
343 Oct
Oct
3 le Jan
Oct 14347Sept
Oct 20341 Oct
Il' ili
5
Oct 194 Feb
534 July
834 I Apr
7
Oct
8 5 Oct
4
Jan
831(Apr
26 Oct
5.65 Apr
4341 Mar
334 Oct
18
Oct 19 t Oct
35
Oct 37341 Oct
3
Oct
3 1 Oct
124 Oct 1534 mar
4
Oct
74 June
4
Oct
53( Sept
13
Sept 244 Mar
A Oct
3
Feb
41
Oct 724 Mar
934 Apr
23.4 Jan
24 Ott
44 Sept
9
Apr 144 Sept
14 Mar
34 Oct
44 June 104 Apr
114 Jan 17 June
404 July 4834 Oct
124 Oct 7234 May
97
Oct 153
Mar
4 Mar
3
Apr
8
Oct 114 July
67
Oct 154
Mar
5
Oct
6
Oct
4 Oct
2
Sept
734 Oct 1834 • Aug
5.16 Oct
3311June
74 Oct 104 ;Apr
iPI
, P II
104 Oct 104 Oct
6
Oct 1334' Jan
.30 Oct
.657une
Oct
3
851 Aug
3834 Sept 46
Sept
14 Jan
5 'Mar
114 Oct 2034 Apr
5-16 Oct14 Apr
4 Oct
3 •' Jan
1.04 Oct
3.12' Jan
134 Oct
54 Mar
1
Aug
334 Apr
34 Feb
34 Jan
1-18 Oct
31 Jan
31
Oct424 Apr
4 Oct
2
Apr
98
Oct103 June
.17 Oct1.75 Feb
54,000 55
Oct88
Mar
2,000 85
Oct127
Mar
8.000 1024 Sept10334 Sept
2520
[Vox. 131.
FINANCIAL CHRONICLE
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (Oct.11) and ending the present Friday (Oct.17). 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.
28
10
Oct
Oct
Oct
28
2774 Apr
4
194
7
10
534
115
1115
2535
3735
Jan
Jan
Oct
Jan
Oct
Aug
Oct
Oct
Oct
1
5
19
16
13
5
1954
67
53
Mar
Mar
Jan
Mar
Feb
Sept
May
May
Apr
4
Sept
414 Oct
1734 Oct
6
Oct
55
Oct
1234
1774
274
2054
92
May
Apr
May
Apr
Apr
954 Oct
94 Oct
10
874
11
16
15
11
215
15
534
234
134 Feb
84
Ape
Oct 394
1254
Oct
1
July
Sept 5174
Oct
434
June 2235
835
June
1
June
Oct 1623-4
594
Sent
Jan
May
Apr
June
Apr
Feb
Feb
Apr
Apr
Ape
High.
...4,0,,1,
,0m.,...,
b1,...
0000000000000000000000000
0000000000000000comme
Low.
0000000
0000000
00000
104
184
30
834
5
Jan
Oct
Oct
Jan
Oct
2334
8815
58
1234
18
Aug
Apr
Jan
May
Jan
0000000
Ma,
Feb
Apr
May
Mar
Feb
July
APr
June
Feb
APr
Apr
Jan
Apr
Jan
231
24
.50
17
814
2
27
Oct
Jan
July
Oct
Oct
Sept
Jun
734
1754
80
334
1211
444
5434
Jan
APT
Feb
Apr
Oct
Jan
Jan
0000000000000
914
Oct
514
Oct
Oct ii
Oct
334
Oct 6831
Oct 13
Oct 114
0
Oct
Oct 1134
Oct 2434
Oct 5934
Oct 2234
6
July
Oct 11531
Oct 2734
14
%
231
2
3934
44
534
4
5
1135
35
11
194
8934
94
934
1831
2534
174
1834
3835
3335
73
9
935
134
2774
4
APIr
Oct 14
Oct 2934 Mar
Oct 3734 Apr
1094 Jan
Oct
Oct 1834 Oct
Oct 3731 Oct
Oct 4335 Feb
Oct 1214 Jan
July 1634 Feb
Oct 4634 APr
6
Atir
Oct
Mar
Oct e43
Oct
334 Feb
00
00
00,0000
0000000
...1.1.0...c.I.D 'ctimba> 'taw t.v.m. 0..0....r=.0w1.6,
0000000000000 0000000 00,00
,
634 Feb
814 May
June
24 Oc
9
14
Sep
2474 Sept
2434 Sept 274 Sept
18
25
APr
Oc
1 1294 Jan 234 Apr
1 49
Apr
Oct 100
I 31
Jun 5634 Ala
1 2835 Oct 4434 June
1 35
Oct 10834 Apr
2
Sept 134 Jan
Jam
7
1
14 Oct
1
2
Oct 2034 Apr
Oct 1834 Apr
4
Mar
594 Oct 28
1634 Oct 8935 APT
154 Oct 87
Arc
12
Oct 5214. Mar
Apr
82
Jan 108
814 July
334 Oct
394 Oct 1334 Jan
2245 Jan
30
May
Mar
83E Oct 23
Mar
9
2 Sept
Feb
654 Oct 22
1075
27
0000vW0
0000000
0
0
....... ..
M...
CO
...
0
Range Since Jan. 1.
)
1
w§=1.3 .. wy
A
1934
2634
48
44
24
94
2294
154
224
88
774
711
4
24
274
..
meow.0,.00ww.
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Mar
Feb
May
Feb
Aug
Mar
Mar
Mar
July
Apr
Apr
Apr
Apr
Jac
Apr
Apr
2874
46
1031
41
e4
3%
174
935
254
33
90
94
834
17
3235
2574
444
9374
g
3574
4
5531
544
W..
000CA
Aug
Aug
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Jan
Oct
Jan
mar
June
Jan
Oct
Oct
Jam
June
Sept
Sept
Jan
Oct
234
313£
535
36
14
235
8
4
Fabrics Finishing oom----•
10
Fageol Motors own
Fairchild Aviation corn_ •
234
Fairey Aviation Amer shs__
100 41
Fajardo Sugar
•
Fansteel Products Ine
•
Fedders Mfg class A
4
Federal Bake Shops com _•
Federated Capital eom__5
Federated ',Metals Corp__ •
Ferro Enamel class A__ •
11
I,tat Amer (Lep rcts
Financial Invest Corp -10
Fireman's Fund Insur--100
•
Flintkote Co corn A
Ford Motor Co LtdAmer dep rota ord reg_il 154
Ford Motor of Can el A---• 194
Class B
• 30
Ford of France Am dep rcts
Foremost Dairy Prod pfd_•
Foundation Co
Foreign shares cl A_
•
Fox Theatres olams A oem •
634
Franklin (H II) pref-100 5234
Garlock Parking coin _ ___• 17
911
General Aviation Corp____
2
Gen Baking Corp oom___•
Preferred
• 35
Gen PAK,Co of Ot Britain
American deposit roes.il
1034
General Empire Corp....* '
Gen'i Fireproofing corn-- _.
2
Gen fatind Meetly corn _ _•
Gen Theatres Equip com_* 1794
$3 cum cony pref*3635
Gilbert (A C) Co Pre:(lien Alden Coat
• 7474
Globe Underwrit E'ireb-- • 10
Goldman-SacbsTrading • 104
135
Gold Seal Electrical C,o •
Gorham Mfg corn v t c- •
Gotham Knitbac Mach_ •
Gramophone Co
Ain deo rcts ord reg El.. 103-4
* 27
Graymur Corp
GS All & Pao Tea
• 19434
Non Tot corn stock
7% first preferred__ 100 11934
Greif (L) & Bros pf__ _100
Grocery Stores Prod v t c.•
Ground Gripper Shoe com•
Guardian Fire Assur _ -- -10 21
131
Guardian Investors corn...*
Guenther(Red) Run Law5
Hall(C Mi Isino
•
Handley-Page LtdAm dep Msfor pref
Happiness Candy Stores •
10
Hartman Tobacco
•
Hazeltine Corp
Helena Rubenstein Inc_ •
Hires (Charles E) cl A_ •
• 3535
Horn & Harden com
100 10235
7% preferred
Huylera of Del Inc corn_ •
• 26
Hydro-liaeo See ocen
33-4
Hygrade Food Prod corn _•
Imperial Chem Industries
Am dep rcts ord reg..-1
1274
Indus Finance corn v t c_ Br
Wenn Utility Investor _ _• 4634
213 pre:2d ser with warr-* 85
Baur Co of North Amer_10 56
8
insurance Securities____10
.
Intercoast Trading corn. 5
Internal Hold & Inv
•
Internet Safety Razor c113*
514
Interstate Equities cam --•
• 37
Convertible preferred..
Interstate Hosiery Mills..*
•
Irving Air chute corn _
Ken Had Tube & Lamp
434
•
Common A
Klein (I) Emil) Co corn_ •
634
Kiehl(H)& Co pref
20
Koister-Brandes. Ltd
El 5-16
American shares
Koppers Gas & Coke p1100
9%
Kress(S H)& Cosine pf 10
Lackawanna Securities_ •
L'Air LiquideAmer dep rota bear she-•
Lake Superior Corp
"
Land Co of Florida
Lazarus(FR)& Co eons •
• 1294
Lefcourt Realty com
• 22
Preferred
Lehigh Coal & Nav
• 30
Lerner Stores Corp corn_ •
Ley (Fred T)& Co Inc...' 31
Libby McNeil Ar Libby Ili 12
..V.W. ... .
CO
.0
V.004.4==.000 W.CV.Z.
Apr
Apr
Apr
Mar
May
May
Feb
Feb
Feb
Apr
Apr
Mar
July
Mar
May
Mar
Feb
Mar
Fob
Mar
Ale
May
Oct
July
Apr
g gggg
ggggggg g g
gg
gg gg
ggg g g vwwww00.o.moo04.w.bz00=0wmg x 1
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4.
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40.
.4.-.CO44,,,,,mb,,00 ,t4...404 0,pwr4= 004,4,44...e4t4.1-.
..4.0cot44,014,400>=Wt4WNOONotWO-4.,-.4
gg gggg g gggg gggggggg gg ggg
g gg gg g g gg grgg
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. ... .
.
.
...
.-,. .
..
.. ..
.... .
.. _.. _
8
Oct
June 6034
Feb 11-16
Oct 26
Oct 14)(
5
Oct
Oct 154
815
Sept
Oct 174
Jan 55
Jan 19
Oct 141
Sept
734
634
Feb
Jan
1834
Jan 21
Jan 33
Oct 73
Oct 3094
Oct 154
Oct 44%
Feb 85
Mar 189
64
Jan
Oct 1635
411
3894
34
10
e515
231
194
3
8
2434
7%
11831
235
134
514
1434
28
3914
1334
334
324
63
175
214
615
234
gggg
Apr
July
Apr
Mar
Mar
Mar
Mar
Feb
Mar
Apr
Mar
Mar
Mar
Sept
Apr
Jan
Apr
Ain
Feb
May
Oct
Mar
Feb
Mar
35
334
135
314
634
6
18
164
14
8534
334
Sales
for
Week.
Shares.
.CO 0
Co _
....... 0' ooct4 C4C+4. - CO C. - .... &OcytN0.00.44.t4 ba
OW. .
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.
z.
8888888888 88°8 888 888 888O88588 000..0000000
00000000000
13
26
134
40
80
9034
37
6
22
164
734
75
6034
16,
4
7734
48
20
1594
1415
4315
57
2334
2734
334
513
3935
..
. 0.0 ..
CO
0w..000C. VO
54 Oct
Oct
17
5
Oct
30
July
13094 June
Aug
60
10
Oct
234 Oct
9 -, Oct
574 Oct
234 Oct
49
Oct
40
Oct
16
Oct
s5211 Oct
Oct
20
8
Sept
5
Oct
6
June
1535 Oct
5835 May
5
Oct
5
Oct
34 Sept
294
1534
25
ggg ggg g g
Oct
Mar
Sept
May
Apr
Apr
Apr
Mar
Apr
May
July
Feb
Apr
Apr
Sept
Aug
Mar
Mar
ggg gg ggg g
Apr
8
2374
20'4
8574
3334
914
24
13234
434
2334
534
1534
15
356
11134
734
100
811
.
.
W . 00...
.
.
.
OW. .
004. 00..40...3.I.00... 000.20-4.... CO
13
g g
Oct
Oct
Oct
Oct
Sept
Oct
Oct
Feb
Oct
Oct
Oct
Oct
Oct
June
Oct
Feb
Oct
Feb
Oct
0
44
8
874
154
78
5
2
II 34
92
34
1334
24
815
35
16034
10535
235
82
3
De HavHand AircraftAm del) rets or0 reg--g1
Detroit Aircraft Corp- •
Diamond Match new corn •
25
New partic pref
Doehler Dte-Casting com_•
•
Douglas Aircraft Inc
•
Dow Chemical corn
Dresser(S R) Mfg Co CIA•
•
Class B
Driver-Harris Co com___10
Dubilier Condenser Corp_•
•
Durant Motors Inc
Duval Texas Sulphur_ _ _ _*
East UM Invest corn A•
•
Slider Electric corn
Eleo Power Associates oom•
•
Class A
glee Shareholdings oom •
.
$6 nref with warr
Empire Corporation com_•
Empire Steel Corp corn. *
-10
Employers Reinsur Corp
Europ El Corp class A__10
Warrants
Es-cello Air dr Tool coin_ •
gg
High.
g gg
Indus.& Miscellaneous.
300
64 634
Acetol Prod cony cl A_ •
Aeon]) Webber Plano-100
100
8
8
& Mantas. pref
100
84 84
84
Aero Underwriters Corp-.
154 16
•
600
Affiliated Prod Inc
25
78
78
Agfa Ansco Corp pret__100
1,300
11
13
Ainsworth Mfg com____10 13
200
2
214
Air Investors corn v t e. *
200
12
124
•
Cony preference
275
Ala Gt Sou RR ordinary _50 09
92 100
loo
34
34
•
Alexander Industries
100
All Amer Gen'l Corp__ _20 1334 1334 1335
334 331
100
Allegheny Corp warr
•
1,700
614 734
Allied Mills Inc ___.._
100
35
35
Allison Drug Stores Cl B. •
• 16035 16034 180
2,200
Aluminum Co corn
100 10934 1084 10934
600
6% preferred
24
Amer Austin Car cora _ - •
234 3
1,300
100
30
Amer Book Co
8334 84
Amer Brit & Cont Corp_ •
3
311
900
334
Am Brown 'toyed El Corn
600
54 8
Founders shares
300
17
Amer Capital Corp tom A• 17
1734
5
•
2,100
5
5
Common B
• 30
30
30
V preferred
500
200
• 65
65
65
$5.50 prior pref
Amer Cigar Co corn__ _100
575
65
6534
Amer Cyanamid com B..• 114 1034 1394 25,100
900
24 3
3
Amer Dept. Storee Corp__.
American Equities corn_ •
974 107-4 4,800
64
54 74 9,500
Amer Inveetors el B corn.'
235 334 1,500
Warrants_
150
49
Amer Laund Mach corn..• 50
50
50
40
40
Amer Mfg Co common_100
100
•
Amer Mathis Inc cl B_
1634 1634
s5234 z5211
50
Amer Meter Co
*
20
Amer Phenix Corp
50
100
20
50
12
13
Amer Transformer corn... 12
54
594 69-4 10,200
Am 11811 & Gen B v t o____•
800
6
611
634
Anchor Post Fence coin--•
Anglo Chil Nitrate Corp__• 1534 1535 19
1,900
100
57
Apponang Co com
57
•
600
635 7
631
Arct urus Radio Tube- - - -•
534 634 3,100
54
•
Art Metal Works
•
300
Assoc Dyeing & Print_
134 2
Assoc Elea Industrie•-431 534 4,600
Amer deo , ord •ii Li
'
eta
.
5
400
Associated Rayon pref_100 4615 46
4634
300
31
34
1
Atlantic Fruit & Bug
300
10
12
• 10
Atlas Plywood Corp
554 64 1.900
574
Atlas Utilities Corp eons _ _•
Warrants
234 231 1,100
134 134
100
Automat Muerte ITOrtill A•
3
3
100
Automatic Vot Mach corn •
9
94
200
Cony prior partic stk.-.
Aviation Corp or the Amer• 304 3034 y3331 3,100
400
Aviation Securities1234 134
*
11831 11831
50
Babcock &Wilcox Co_ 100
•
231 235 1.000
231
Santa Corp owe
234
Cumulative preferred 25
100
294 234
100
Benanea Airer corn v t c •
63-4 694
•
100
174 179-4
Bickforde. Inc.core
200
3174
52.50 cum cowl pref_..' 31% 31
225
Bigelow-Sanford Carpet... _394 394 48
1534 2,800
14
• 15
Bliss(E W)Co win
54 6
534
7,200
•
Blue Ridge Corp cote
324 3694 8,800
Opt 6% cony pref----50 35
•
300
67
69
!Schack (H)& Co corn
189 189
20
Boston dr Albany RR..100
39-4
200
3
Bridgeport Pinch corn_ •
500
•
634 7
1334
Brill° Mfg coin
British Amer Tobacco100
244 244
Amer den rcta ord bearil
100
3114 314
•
blocs Watch 33% pfd..
200
515 534
Burro Inc common
500
36
87
50
6% pref with ware
200
174
Warrants
134 14
2% 235
8.
800
Burma Corp Am dep rta_io....
200
s
8
Butler Bros
4 24 3.9''
2
:able Radio Tube v t 0- --•
700
5 194 194 197£
Mmden Fire Los
100
28
28
.A:nation Co common__ •
25
50
50
3eirine3e Corp partic p1100
614 654 4,200
64
pentrifugal Plpe Corrr----•
3
434
500
435
:Main Stores Devel oom.....•
10
12
500
Main Store Stocks Inc...• 10
•
200
2315 233-4
3harls Corp common_
)iitham & Phenix Allied* 164 164 1734 5,800
;Mee Service oommon---• 2394 2314 2594 129,400
2,500
• 914 9114 92
Preferred
500
834 84
•
Preferred 13
•
800
9
934
:neve Tractor corn
4 1,100
4
'Womble Syndicate
•
300
2874 293-4
3olumbla Pictures com
100
2931 2931
Common cot trust et(s_•
:1ornmerz-Und-Pivat Bk
100
28
28
28
Amer dep receipts
11
•
400
10
.Mosul Aircraft corn
knisol Automatic
74
4
14 2,800
Merchandising oom v r a•
•
100
134 134
$3.50 preferred
500
9
9
jousol Dairy Prod com- •
2,200
• 134 1235 14
Mesta Laundries oom--300
534 514
534
.1onsol Retail Stores com_•
200
3
334
onsol Theatres corn v t c •
300
113-4 1134
Mut. Chicago Corp corn.*
200
2535 27
Mop-Beesemer Corp corn' 27
200
40
40
$3 pref A with warr..100
Mpeiand Products el A.-.
300
4
44
Without warrants
•
44 51£ 5,600
5
5
lord Corp
200
174 184
jorporation Sec of Chia. •
834 1,000
6
6
lorroon & Reynolds corn •
1,200
60
55
56 preferred class A _ __ _• 58
Jourtaulds Ltd400
93-4 99-4
Amer dep rets ord reg_ £1
94 114 3,900
94
•
Wake Wheeler core
1rosse & Blackwell700
25
25
83.50 pref with warr...*
600
934 934
:rown Cork Internet cl A _.
934
1,800
31
15
1uban Cane Prod warr... 5-18
400
hineo Press Inc corn _ __ _• 2434 2435 2534
2,500
% 1
%
kwass-Wright Corp wars.
100
14
14
)avenport Hosiery Mills.. 14
335
274 334 1,800
Sayton Airplane Eng corn*
200
14
11
)ecca Record Am elm_ _Ll
5514 6134 1,900
• 56
>etre & Co corn
334
234 334 11,600
>e Forest Radio core _ _ _ _•
Low.
Friday
Last Week's Rang
Sale
of Prices.
Stocks (CoStinued) Par. Price. Low. High
g
Stocks-
Range Since Jan. 1.
''9"
....W...
0 CO 0
...0....00* WOW..
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended Oct. 17.
)80
11434
90
64
5
21
14
18
674
Oct
Oct
2634 May
Mar
44
June 260
Jan 122
Feb 99
Oct 1494
Oct 27%
Oct 49
54
Oct
Oct 2934
18
Oct
Mar
Jan
Aug
Feb
Jan
API'
Apr
Apr
Jan
335
01 34
15
35
734
3234
46
10334
10
55
15
Apr
Jan
Feb
Aug
23.4
4
1
14
1%
2435
35
9911
6
28
294
Oct
Oct
Feb
June
Jan
June
Oct
Sept
415
10
4334
8234
54
714
10
334
935
534
8315
5
935
Oct
Oct
Oct
Jan
Oct
Oct
Aug
Oct
Sept
Oct
Aug
Sept
Sept
7
Feb
2934 Apr
71
Feb
9894 Mar
854 Max
28
Mar
234 Apr
834 Apr
1334 Jan
1415 Mar
46
Apr
1094 Mar
254 Apr
414 Oct
10
Oct
834 Oct
Jan
9
191-4 Jan
2034 Mar
Oct
Jan
May
Mar
May
Mar
Oct
Jan
Mg
May
4
95
9
3835
Apr
2
Sept
July e10214 June
May
934 Oct
Jan 43% Feb
58
834
I
13
11
19
30
3435
31
Oct
Oct
Oct
Aug
Oct
Oct
Ana
July
Sept
11 1 .11111P
4
84
1434
434
1574
2534
3774
5034
58
454
27
Jab
mar
Apr
Mar
Mar
Jan
Mar
Apr
Mar
Apr
2521_
FINANCIAL CHRONICLE
OCT. 18 1930.]
Sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Fria% Low. High. Shares.
•
Lily Tulip Corp corn
6%
Loew's Inc stock purchwarr
134
Louisiana Land & Explor.•
•
Macblarr Stores Inc
Mengel Stores
634% pf with warr__100
10
Maryland Casualty
Mavis Bottling Coot Am..'
Mayflower Associates Ine_• 44.'4
Mead Johnson dr Co corn..• 73
Merritt Chap & Scott com• 15
•
Mesabi Iron Co
5
Mesta Machine corn
Metal dr MM Shares corn..'
Metrop 5 to 50c Sts pf__100
Metropol Chain Stores_ •
Midland Royalt 82 pref . 17%
Midland Steel Prod 2nd pi*
Midland United pref A_ •
Warrants
•
Miller (1) & Sons corn
Mks Ely Fuel Corp warr_ -----Montecat Min dr Agri warr
Nat American Co
7%
Nat Aviation Coro
•
534
Nat BaneservIce Corp_ -•
Nat Bond & Share Corp..
Nat Family Stores corn
•
Nat Food Products Cl 13-*
134
---•
Nat Inventors COM_
734
Nat Mfrs & Stores Corp..*
8
Nat Rubber alsen'y corn •
Nat Screen Service
• 23
Nat Short Term Sec A .• 1534
National Sugar Refg
• 28
National Steel warrants_ __
12
National T le Co
•
8
Nat Union Radio cam
•
Nauheim Pharmacies pref.*
• 1434
Nehl Corporation
•
First preferred
Nelsoir (Herman r Corp_ _5 1334
Neptune Meter class A- • 21
Newberry (J J) Co corn •
Newport Co corn
• 17
N Y Auction corn
11%
N Y Merchandise
Niagara Share of Md___ 10
24
Silos-Bern't-Pond
corn__ _•
Noma Elec Corp
6%
Nordon Corp Ltd
34
Northam Warren Corp pf_.
No Amer Aviation warr A..
No dr So Amer Corp A_ •
Northwest Engineering_ •
Novadel Agene Corp corn • 34%
19% 20
6% 731
1% I%
1034 11
50
45
100
35
% 4,700
34
400
44
47
73
763-6 1,000
200
15
15
10
1% 1%
10
25
25
5% 10,40
2
100
2
2
100
43.4 43-6
100
1734 1731
200
1634 1634
100
42
42
300
134
1
100
2434 2434
100
12
12
200
%
3.4
6% 7% 1,700
3,200
6
5
100
734 734
100
34
34
1,300
6% 8
200
134 2%
834 4,400
7
100
8
8
100
6
6
2434 1,900
18
1534 1534 1,100
70
2734 2834
500
12
12
500
8
8
800
331 3%
100
2% 2%
900
14
15
100
74
74
200
13% 14
21
200
21
100
26
26
17
1834 6,100
100
6
6
113£ 12
500
934 10% 1,200
24
25
2,100
53.4 6% 1,000
400
31
34
30
100
30
134 1% 4,300
12
12
100
400
173-1 x18
34% 35
900
45
35
6
Oilstocks Ltd class A_
•
Class B
•
Outboard MotCorp corn B•
Cony pref class A
•
Overaeas securities Co_
Pacific Finance corn_ _10
Paramount Cab Mfg corn_•
Parke Davis &,,Co
•
Foamed Corp corn v t c •
Pepperell Mfg Co
100
Perfection Stove
25
Philip Morris Cons corn_ •
Phlllippe (Louis) corn A_ •
Pie Bakeries of Amer cl A -•
Pierce Governor Co
•
Pilot Radio & Tube el A _ _•
Pitney Bowes Postage
•
Meter Co
Pittsb dr L ERR corn_ _50
Pittsburgh Plate Glass--25
Polymet klfg- - -•
Powdrell & Alexander Inc•
.
Pratt & Lambert
Prince &Whitely Trad com•
cony Prof A
"
Propper McCallum Hosiery
Common
*
Prudence Co 7% pref_ ..100
Prudential Investors oonz-•
Public Utility Holding Corp
corn with warrants•
Corn without warrants_---_
Warrants
Radio Products Corp......•
Railroad Shares Corp----•
Reeves (Daniel) Inc
•
Reliable Stores corn
•
Reliance Internet corn A_•
Common class B
•
Reliance Management...._•
Repettl Inc
5
Reybarn Co
10
Reynolds Investing corn..
Richmond Radiator pref..'
Riker-Kumler Co corn ---•
Roosevelt Field, Inc
•
•
Roasts International
Ruberold Co
•
Safety Car Heat & Ltg_100
Safeway Stores 20 tier warr
St Regis Paper CO com--10
100
7% cum pref
Sally Frocks Inc common_•
•
Segel Co CAM
Sehletter & Zander v t c.._•
Schulte Real Estate Co.
Schulte-United 50 to $1 St•
100
7% cony pref
Seaboard Util Shares_ ___•
Securities Corp General-•
Seeman Bros corn mon_ _•
Segal Lock & Hardware...'
Selected Industries corn..'
3534 Prior stock
Allot Mfg let & 2nd paid
Sentry Safety Control- •
Sheaffer (13' A) Pen
•
Shenandoah Corp cora •
6% cony prof
ao
Silica Gel Corp corn v t c.•
Simmons Bosse Pub pref_*
Singer Mfg
100
Singer Mfg Ltd Am dep rcts
Smith (A 0)Corp com„..•
South Amer Air Lines_
Southern Corp porn
•
Spanish & Gen Corp Ltd
Amer dep rcts bear abs £1
Amer dep mut ord reg £1
Spiegel-May-Stern pref _100
Standard Holding el A.. •
Standard Investing pref._•
Stand Motor Constr....100
Standard Screw
100
300
1,600
2,200
600
2%
434
30
834
2935
6%
8%
2
5%
6
15
434
30
8%
8634
35
gi
15
28
5
434
6% 2,80
8%
500
2% 1,00
6
1,50
6
10
200
15%
4%
80
30
30
9
24,400
40
8634
85
25
400
15
100
2934
500
5
100
434
100
6% 7% 1,800
104 104
100
500
40% 40%
3
4
300
35
35
200
40
300
3834 86
1% 4% 51,700
21% 23,400
1634 12
734
4034
3
6
1334
9%
134
3
434
1034
34
2
5
29
3%
43
108
1734
10834
143.4
5%
254
25%
36
334
68
2
7
37
11%
334
145
434
6
5
953£ 95%
1334 15%
Si
Si
30%
17
70
1%
105
50
1,70
5
20
20
1,10
2
High.
Low.
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices
Stocks (Continued) Pa?. Price. Low. High. Shares.
Range Since Jan. 1
Low.
High.
14
900 10% Oct 87% Mar
11
• 12
Starrett Corp corn
32% 1,100 80
June 48% Mar
31
11% cum preferred__ ...50 31
300 10
Aug 21
Mar
1234 1334
•
Stein (A)& Co corn
200 81
Feb
100 85
8434 85
634% preferred
2,000
43£ 5
Stein Coemetics eorn
•
me
434 June 87
2874 Apr
.5
100
Jan
n
•
5
5
Oct 10
Oct 7734 Feb Stinnes (Hugo) Corp_
45
8% 9% 1,100
7
Oct 2234 May
Oct 4034 May Strauss-Roth Storm corn..'
35
1434
14
200 14
Oct 25% Apr
Stroork (5) & Cn Inc.. •
35-5 May
34 Sept
400 12
12
June 20
Apr
12
Oct 7134 May Struthers Wells Titusville•
44
1
Jan
•
1%
Sept
1% 1% 5,800
Aug Stutz Motor Car
5534 Feb 90
200
4
" Apr
•
83£ 8%
834 Oct 23
Feb Sun Ins-eating corn
Oct20
15
1,900 28
June 34% Jan
25 2834 28% 29
234 Jan Swift & Co
1% Jan
34% 1,700 e2844 July
883-4 May
15 31
31
25
Oct3334 Apr Swift International
300
3% Sept
Mar
9
4% 5%
Oct1634 May Syracuse Wash Mach cl B •
2
14
600 13
Oct 29% Apr
•
16%
Jan Taggart Corp corn
1% Sept29
Sept 8614 Mar
• 1334 1234 14% 2,800 11
Jan Technicolor Inc corn
Aug 80
4
2
1,100
5% Apr
23£
Oct
1
2% 234
2434 May Thatcher Securities
1334 Jan
Apr
25 60
Oct 87
60
100 60
60
Mar Thennold Co pref
1534 June 22
Apr
oo 103% Feb 110
104 104
Aug Timken Detroit Axle pf 100
Oct 46
42
4 Anyn
Jas
700 89
Oct 451 .e
393i
4 May Tishman Realty & Constr • 3936 39
Oct
1
100
234 Apr
•
34
% Jan
31
2434 Oct 33% Mar Tob Prod Exports
•
500 4434 Jan
4834 48%
Oct 2734 Mar Todd Shipyards Corp_
12
734 1,200
10
7
4% June 6314
7
23£ Feb Transcont Air Tramp----•
31 June
-Lux Plot Screen
1234 Jan Trans
Aug
6
7
•
4la Jan 1334 Ayr
5% 7% 1,300
Class A common
Oct 2134 Apr
5
800
354 Oct9
Apr
334
3% 3'%
Oct 3334 Jan TO-Continental Corp wan
5
June 58.4 Apr
36% 38%
300 38
33
Sept 5134 Apr TO-Utilities Corp corn_ •
42
100 4034 Oct5854 Mar
•
42
$3 preferred
Mar
Oct 20
5
47-4 Jan Triplex Safety Glass
134 Oct
500
May
734 734
53 Apr
4
11
Am den rcts ord reg__£1
Feb
634 Oct 30
Jan
600 1634 Oct26
• 17
16% 17
Oct 1534 Feb Trunz Park Stores
7
Tubize Chatillon Corp.
2154 Sept 2734 Apr
•
5
2,700
5
4
Common B vtc
334 Oct2234 Apr
1234 Oct 3234 June
11
400 10
10
Oct2854 Mar
May
12
1634 Sept Tung Sol Lamp Wks tom.*
931 Oct
10
100
934 Oct
935
936 9%
May Unexcelled Mfg
2634 Sept 35
25
11,300 13
Oct 8634 Feb
Apr UogerieMer Plural corp-• 2274 17
Oct 30
12
Apr
500 20
2131 21%
Oct 42
Mar Union Amer Invest com_ •
Oct 2434
8
Jan
(300
% Sept
1
•
31
34
%
1031 Apt Ualon Tobacco cam
8
May
434 Oct loq June
434 534
300
254 Oct63£ Apr United-Carr Fastener corn'
Feb
21
21
100 193.4 Feb 42
United Chemicals corn_ .*
Apr
14
Oct 26
Feb
27
400 21
Oct 44
25
$3 common Jt panic pre
Jan
Jan 74
74
10
10
1236 3,800 10
Oct 80)4 Apr
I3
Oct 3134 Feb Untied Corn warrants
3% 3%
336 Oct
600
8% Jan
Feb 2234 Apr Untied Dry Docks cow_ •
17
Mar
Oct 44
Mar United Founders corn.... • 1034 10% 1234 71,000 10
'26
Oct 49
Oct
60
100 44
Junel 65
60
Mar United Milk Prod pref-100
Oct 62
17
934 Jan United MOIMSM LtaOct
6
100
4% Oct 29% Jan
434
43-6
Am dep rcts ord reg_ _£1
11% Oct 2434 Jan
2% Jan
I 34 May
2
234 2,000
United Profit-Sharing.....
93-4 Oct 213, AM
Mar
4
Jan
6
100
10
534 534
Preferred
233.4 Oct 457,4 Mat
93.4 May
100
6-3 Oct
7
7
United Retell(Mem prof.'
Mar
53-4 Oct 2134
14 Feb
H. Jan
100
*
34
34
Class B vet tr ctft...
I Si Sept
Si Oct
1534 Jan
2
234
2
Oct
2
20
Apr United stores Corp com__•
Sept 38
30
Jan 7236 Apr
50
52
U S Dairy Prod class A.._• 6236 6236 64
Apr
5
% Oct
2634 Apr
13% Jan
1334 14
50
•
Class 11
May
12
Oct 24
7
•
Apr
7
8
1,50
7
Oct 30
1734 Oct 3134 Apr US Finishing corn
9
93%
50
Oct 26% May
8
•
2234 Jan 3934 Sept U S Foil class B
Apr
1% 234 2,30
1% Oct
1'4
US & Internet Sec corn •
Mar
50% 5334 2,000 50% Oct 75
_First pref with warrants.
654 Oct 1134 Apr
934
91
.4
Sept 20% Mar
•
sO
700
8
1134 June U El Linea pre,
834 Feb
May
1331 14% 1,300 18
Oct 23
ma. U S & Overseas with watt'
Oct 13
2
16
Oct
1,100 1134 Oct 16
Certificates of deposit_ _ .. 14% 14
1814 Mar
53-4 Oct
May
63
58
Oct 84
225 58
534 Oct 19% Apr US Playing Card com_ _10 63
31
29
400 29
Oct 55
Apr
15
Oct 2734 June U S Radiator common_ __• 29
Apr
37% 37%
50 373-4 Oct 70
334 Sept 1354 Jan Universal Insurance Co_25
7% 10% 2,200
Ace
836
6)4 Oct 22
Utility &Aunts, Corp.....'
30
Sept 4234 Jan
10
9
5,600
9
Oct 2354 Feb
934
Utility & Ind Corp corn- _•
Feb
834 Oct
1634
21% 1,200 20
• 2034 20
Oct 29% Feb
8034 July 105
Preferred
Feb
6
6
5
1,300
May
4% Seat 16
Van Camp Peeking Corn..'
35
Oct 5934 Jan
6%
4
4
Oct 16
MAY
6%
800
25
7% preferred
2
Al),
% Jan
31
31
Oct 43
APT
100 31
1134 Jan 22
May Veeder-Root Inc corn.....'
9% Jan
634 6% 5,400
6% Oct
2014 Jan
3534 Jan Vick Financial Corn----10
Jan
Oct 61
5
Oct
1234 Mar Walgreen Co oommon____• 2734 26% 273.4 2,700 25
8
Jan
8
100
8
Aug 35
Warrants
434 Oct 1534 Apr
Wallter(Hlram) Oooderham
5%
•
5% 6% 10,300
5% Oct 13% AM
634 Oct 2034 Apr
& Wortscommon
Juno
19
7% 834
400
83i
734 ,Sep
•
10334 Oct 130
Wayne Pump Co
Apr
23
Hi% Jan
46% APT
23
100
4034 Oct 6934 Apr ji estern Air Express_ _10
16
17
700 17
Oct 3914 Feb
IS ,a AM
3
Sent
western Auto Sup corn A..' 16
1% 1%
134 July
234 June
100
•
35
Oct 6334 Jan West Va Coal & Coke_
200 20
20
20
Oct 25 June
Ott 5734 Jan Wieboldt Stores Inc corn.*
36
Jan
20
10% Oct 20
10% 12
% Oct 1534 Apr
Williams (It C) dr Co Inc..'
3% 4
1,70
3
Oct 15% May
•
12
Ape
Oct 44
Wn-low Cafeterias
May
14% n1834
600 1434 Oct 35
•
Preference
Jan
30% 32
300 30% Oct 55
•
Mar Wilson-Jones Co
5
Oct 20
6% Feb
1%
1% 2
700
1% Sept
June Winter (Ben)) Inc com__•
93
Jan 102
900
8
9%
8
Oct 21
AM
8
Ida. Zonite ProductsCorp oom•
1234 June 23
17-S Feb
314 Jan
134 Oct
1034 Oct
931 1034 8.700
8
8
100
1% 2
5,400
400
3
3
431 4% 1,50
2334 23%
10
10
10%
30
4
4,‘
00
50
34
3-4
6% 7
1,10
600
3i
Si
234 3% 8,900
1% 23£ 1,300
5
5
100
29
29
500
234 2%
100
3% 431 3,100
43
43
100
108 108
500
9
10
90
17
18% 9,700
10834 108%
100
7
7
100
13% 14% 1,000
2
2
100
5% 5%
100
234 234 2,100
214% z1434
100
414 434 1,700
25% 2735
1,000
3614
36
200
n634 13,900
5
334 43,4 12,000
5,100
6234 65
6334 68
4,700
2
2%
900
50
50
100
6% 7% 4,000
36
38% 7,300
10% 11%
500
38
39%
200
390 390
10
334 3;5
500
145 154%
200
434 434
200
4% 5%
70
Si
34
x28
16
67
67
134
134
105
34
300
2
6,500
Range Since Jan. 1
8
7
134
3
4%
23%
734
4
Si
534
34
2
5
26%
2
334
39%
107%
9
16%
106
7
1334
13£
2%
2%
z15
4%
25
36
434
334
54%
57
2
e50
5%
33
10%
353.4
390
3%
137)4
334
4%
303 May
2074 May
Jan
5
2434 Jan
Oct
Oct
Oct
Oct
Oct
Oct
Sept
Oct
Oct
Sent
Jan
Oct
Oct13-4
July
Mat
Jan
Oct
July
Oct
Oct
Oct
Jan
Oct
Oct
Sept
Oct
July
June
Oct
Oct
June
Sept
Oct
Aug
Oct
Aug
June
Oct
Jan
Sept
Aug
Sept
Oct
Jan
Oct
June
Si Oct
36 Oct
27% Oct
16
June
67
Oct
Si Jan
105
May
27% Apr
9% Oct
9% Apr
Mar
27
9% Apr
Feb
30
2034 May
Apr
16
334 May
26% Apr
234 Apr
6% Aug
8% May
Jan
12
30% Feb
5% Mar
114 APT
645£ Apr
Apr
147
Jan
210
Apr
34
July
111
16% Apr
17% Sept
123-4 Jan
14% Mar
4% Apr
Apr
25
1034 AM
75% Apr
43% APR
May
9
12% Apr
7134 Apr
8434 Mar
9% Mar
59% Feb
Aix
20
4834 AM
3434 Mar
39% Oct
Apr
.560
63£ Apr
250
Am
5
Oct
874 Feb
Rights
Associated G dr El deb rts_.
Commonwealth Ediscon WI
Creole Petroleum w I
Loewe Inc deb rfghte
Public Utilities
Ala Power $7 pref
Allegheny Gas Corp ooro-•
Amer Cities Pow & L cl A •
Class B
Am Conew'ith P corn A-.
Common class B
•
Amer Dist Tel of NJ pi 100
,mer & Foreign Pow wan..
Amer Oas & Eleo
•
Preferred
Amer L dr Tr corn
25
6% pref new
Amer Nat Gas com v t e_ •
Amer Pub Serv 7% pf__100
Am Sts Pub Serv el
Amer Superpower Corp
Corn, new
•
•
First preferred
•
$6 corn preferred
inpalaehian Gas cora__ .•
Arizona Power corn.....100
•ssue Use & El corn
•
Class A
$8 lot bear allot Mfg
Bell Telep of Canada_..100
Brasillian Tr Lit & Pow ord'
Buff Niag & East Pr pf_ _25
Cables & WireiemA m dep rcts B ord 02_31
Am dep rcts A ord she £1
Cent Atl States Serv V IC •
Cent Pub Serv class A.
Cent States Else corn.....'
Cony preferred new
6% pref without warr 100
Warrants
cent & Southw Util corn •
Cities Fiery P & L $6 pref.*
Cleveland Elec I11 corn....'
Cona'w'ith Edison Co...100
1% Jan Oomm'wealth & Sou Corp2% Apr
Warrants
8234 Feb Community Water eery--•
22% Apr
Cons'l GI El & P Bait corn..'
82% Apr consol Gas Mil class A •
8% Apr Cont'l0& E 7% pr Pref100
15934/ Mar Dixie Gas & URI corn- -•
3%
13%
1-32
114% 114%
3%
3
35
3634
12
10
1611 18%
3434 3935
Ill 111
26%
23
23
101%
93
93
10534 105% 10515
50% 5034 5234
30
3034
834 8%
834
95
95
95
18
20
20
36
10%
18%
36%
1434
97%
73i
2531
25%
89%
233£
2631
214
13%
1-32
12%
Oct
Oct
Oct
Jan
1134
14
1-16
6434
Mar
Oct
Oct
May
400 111
600
3
700 85
14,900
814
11,100 1534
8,700 33%
25 110
13,700 22%
14,600 93
600 104
5,200 49%
500 28%
1,300
734
25 94%
60
16
Jan
Oct
Oct
Oct
Oct
Oct
July
Oct
Oct
July
Oct
June
Jan
Apr
Sept
11534
9%
49
2854
2814
5051
112%
76%
157
109%
89%
3034
1954
99
26
June
)daz
Mar
Apr
Mar
June
Apr
Feb
AM
Mar
Apr
Oct
Arm
Feb
Feb
800
234 3%
1334 14
100
1-32 1-1 23,600
23
300
21
1434 17% 122,700 1434
300 94%
97%
97
87H
50
91% 92
6
614 7% 4,400
100 253-4
25% 25%
22
23% 28% 3,10
21%
23% 28% 13,80
89%
17
8934 90
150 146
149% 150
2031 2534 40,400 20%
2434
2634 26% 1,00
34
100
1
100
34
31
%
3
20
3
3
19
12% 2034 6,90
20
12
14% 13% 16% 24,20
50
74
7834 80
200 e72
733A 74
25
200 25
25
100 1734
1734 17%
100 87%
8934 89% 89%
49% 1,500 48
48
48
1,410 234
258% 258% 270
1
1
Oct 39% Apr
Jan 10234 Sept
Jan 9734 June
Oct 1454 May
Mar
Oct 33
Oct 6134 Mar
Oct 4634 Jan
Oct 14711 AM
June 157% Feb
Oct 5534 Apr
Jan 2654 Beet
July
2
3%
Sept
634
July
Oct 43%
Oct 89%
Oct 105
Feb 83%
Jan 55%
Sept 31%
Mar 91
Oct 93
Jan 33534
Jan
Jan
Jan
Apr
Are
AM
AM
Apr
Feb
May
Apr
Apr
2% Oct
634 Apr
85,400
2% 3
8% Oct 19% Arg
934 10% 2,300
100 10631 1,900 9034 Jan 136% May
Oct 30% Mar
400 17
18% 19%
100 101% Feb 108% June
105 10534
105
July 24% Sept
600 10
24% 23% 26
234
100
2522
FINANCIAL CHRONICLE
rrsaay
Sales
Last Week's Rang! for
Public UtilitiesSale
of Prices.
Week
(Concluded)Par. Pries. Low. High. Shares.
Range Sines Jan. 1.
Low.
High.
Friday
saw
Last Week's Range for
Other 011 Stocks
Sale
of Prices.
Week.
Par. Pries. Low. High. Shares.
(Concluded)
[vol. 131.
Rang. Since Jan: 1.
Low.
High.
Duke Power Co
134 130%
100
Oct 209
500 134
Mar
100
1
API' Crown Cent Petrol Co- •
34
14
34 Jan
May Darby Petroleum com___•
Oct 17
Duque/me Gas Corp coin.*
6% 3,700
614
815
6
6
754 83-4 1,800
(1)i Sept 2114 May
Derby 0114 Refcorn
•
East Gae & F Associatea.• 23
22
435 4%
23
600 19 Sept 62
AM
300
435 Mar 11
Apr
Apr
East States Pow B
Gulf MCorp of Penna-25 87
19
19
22
93% 8,100 87
1,400 1831 Jan 44
87
Oct 1669.4 Apr
Oct 1734 Mar Houst 011(Tex) new coin 25 11% 11% 1335 7,700 1134 Oct 27% Apr
East Utll Assce cony stk_ •
400
9
10
10
Indian Ter III OU of
25
Oct 11731 Apt
52
25
5915 347,500 52
28
glee Bond & 8/1 Co oorn-• 52
1,500 24% Oct 47;4 Apr
• 105
Class
104% 10514
28
•
1,500 10331 June 10931 May
Preferred
28
300 2615 July ('31 Apr
Sept Intercontinental Petrol...19
$5 cum pref w I
94% 92% 9534
800 9134 Oct 98
1% Mar
11 2,700
15
15
15 Sept
• 1434 133,4 15% 29,400 13% Oct
Mar fnternat Petroleum
Elea Pow & Lt 2d pref A_• 99% 99% 10034
200 9915 Jan 107
24 Apr
1% 2,500
Warrants
1
Oct 7834 Aug Leonard 011 Develop____26
28% 28% 31% 2,900 27
Feb
434 Apr
Lion Oil Refining
11
Apr
Empire Cl & F
pref 100
100 8814 Mar 98
89% 89%
9% Oct 29
Apr
1034 11% 4,300
• 29
Lone Star Gas Corn
2831 3034 5,100 28% Oct 55% Apr
100 101% 101% 101%
Apr
Feb 104
8% preferred
100 99
1
Empire Pow Corp part stk •
3414 34%
Feb Magdalena Syndicate_
Oct 60
100 34
400
sir
114
41 June
54 Apr
Mexlco-Ohlo Oil Co
•
3
3
Feb
13
13
2
Oct 25
Empire Pub Serv com el As 13
300 13
400
Feb
7% Apr
4
4% 1,000
4
Apr alicidle States Pet CIA vtc•
Jan 105
Florida P & L $7 pref-_ •
1134 Apt
400 100
100 102
Oct
Claes Byte
•
115
131 1,000
Gen Gas & Elec $6 Pf B- •
13,4
Oct 973,4 Apr
100 60
60
6
62
1% Oct
Apr
5
935 1214 13,200
21
Feb 3034 June MO Kansas Pipe Line
93.4
Gen Water Works & El A •
100 20
21
911 Oct 86% June
CI B. vot trust etfs
1
% 5,300
Jan 10834 Sept
Indianan P & L 6;4% p1100
106 106
25 98
May
6
3.4
34 Sept
Mountain & Gulf 011
1
Oct
15
87 5031 Oct 52
400
44
Inter Hydro El $3.50 pref* 50% 50% 52
h Mar
34 May
6% 735 2,800
63,4
900 2531 Oct 51344 Mar Mountain Prod Oorn-10
29
Internet Superpower
• 28% 27
45 Oct 12% Apr
• 37
Internet UtU class A
900 3434 Jan
37
5034 Apr
38%
• 27
•
Nat Fuel Gat
2611 28% 3,600 2534 Jan
clams
8
1994 Apr
4154 May
645 Oct
8% 1,700
834
2
5
800
2
2
2
May .New Bradford 011 Co
Warrants for cl B stock.
3
3% 2,500
Oct
3 Sept 10
334 Mar
•
815 1,600
6
4
4
Interstate Pow $7 pref.__'
Oct 16% Jan
Oct 9151 Oct N Y Petrol Royalty
83
83
so 83
North European 011
114
1% 1% 3,100
131 Oct
414 May
Apr
Milan Super Power ol A_ •
4% 5% 2,200
43,4 Oct 18
12% 13% 3,800 123+ Jan 19% Apr
• 13
Warrants
114 Oct
234
400
2
934 Feb Pacific Western 011
•
Sept
Long Island Ltg corn. •
34% 35
214 Mar
Apr Panden 011 Corp
41 3,500
400 n343( Oct 56
214
400
2
1% Aug
4% Mar
7% preferred
100 109
, Jan 11334 Sept Pantepec 01101 Venezuela•
109 110
50 107,
1;4 2% 1,800
2%
115 Oct
5% Apr
Sept Petrol Corp of Amer warr._
La Pow & Light 88 pref.. •
250 9731 Apr 102
100 101%
Plymouth 011 Co
23% 4,500 20% May 27% Feb
22
5 23
Marconi Internet Marine5
515
5
200
5
Oct
Commun Am Sep rcts_-_
8
Feb Producers Royalty Co...400
8% 8%
Sept
8%
731 Oct 13
Pure oil Co 6% prof..-100 92
94
110 91% Oct 99 June
92
3%
Marconi Wlrel T of Can-1
3
3% 11,900
931 Apr
231 Oct
214
2% 2% 2,300
2
Sept
Mass Util Assoc v t c
5% Apr
7
6% 734 2,300
1031 Apr Reiter Foster Oil com •
1331 Oct
•
1,000
14
915 Oct 2315 Jan
Memphis Nat Gas
10% 11% 1,100 1031 Jan 2211 Apr Richfield Oil of Calif pf.25 13% 12
•
5
5
5
5
100
Oct 25
May
June 10531 May Root Refining pref
Met Edison $6 pref C_
25 101
102 102
oom____• 2231 23% 24
300
615 Oct 12% Aug
7% 7%
Middle Weal
5,800 2114 Sept 38
Apr Royalty Corp pref
•
294 Sept
234 2% 1,000
1
81 May
%
A warrants
1
Aug
200
2
534 Apr Ryan Consol Petrol
234
SaltCreek Producers-AO
8
8
8% 4,800
Oct 15% ADr
Feb
B warrants
8
214 Oct
500
2% 3
715 8% 3,200
734 Oct 17
7%
• 11% 1115 1231
Apr
Midland Nat Gas cla
000 1114 Oct 1634 July Southland Royalty
Sunray 011
5
314
Apr
3,800
3% 4
33' Oct 10
A_.
Mid-West States Util el A• 23
21% 23
600 2
031 Oct 2931 July Texan 011* Land Co_
• 11% 1114 12
8% Feb 19% Sept
700
Mohawk & Bud Pr 1St pf..•
Jan 10831 Oct
175 104
10534 106%
Union 011 Assoclates___25
700 29
2934 31%
• 106% 106 106%
Oct 4714 Apr
Feb
2d preferred
550 192 June 0110
Venesuela Petroleum--.5
1% Oct
£3.4 Mar
1%
1% 1%
1,000
May
Montreal LC Heat & Pow__ 55
200 55
55
Oct 64
57
31(
1
2% Feb
500
33.4 314
5 June
Mount'n Ste Pow 7% p1100
20 9631 Jan 100
98
98
Feb Woodley Petroleum
24% 24%
Elec Pow class A_
2431 Oct 3654 Feb
Nat
100
Mining Stock.
100
Apr
25 7834 Oct 82
781( 78%
0% preferred
..5
134 Feb
100
1% 115
131 Mar
500 10015 Jan 10434 Oct Arizona Com'l Mining.
Nat Pow & Lt 66 PI
• 10115 101% 102
13'W am/ N1'Kubwa Cop NI
• 20
Sera corn A
,
July
20
22% 1,900 19
Oct 25
Nat Pub
Amer shares
2
2
Oct
200
2
5% Jan
2
New Eng Pow 6% pref 100 909.4 90% 90%
10 8994 Aug 9334 Sept Comstock Tun...... ...& Drain 10c
Feb
300
45
%
31
New England Pub. Service
,
onto]Copper Mines_ ___5
3
2
4 Sean
1,900
2% 3
ant
8% Feb
Oct '
100 9634 Jan 105
10434 10434
$7 prior lien preferred-.•
Cresson Cons G M &
si
'If
1,700
94
34 Jan
137% 137%
New End l Tel & Tel _ _100
50 1373.4 Oct Lod% Apr Cusl Mexicana Mining.
_1
13444 JulyA u
Feb
oe
Aug
% 2,100
31
150 11331 June 11731 June
0
N Y TeleD 614% 91311-10 116% 115 116%
Engineers Gold Mines...5
214 Feb
14 Oct
34
34
% 1,300
Nlag & Bud Pr (new oorm
Evans Wallower Lead corn'
114 1% 1,10(
Mar
5
10 12%
Common
12% 1335 47,500 12
Oct 2434 Apr
Gold Coin Mines. new....
__
14 1%
535 June
700
if Oct
2%
2% 3
9,900
Clam A opt warrants
-23,4 Oct
631 May
/olden Centre Mines----5 ---- 31
Feb
7
% 11,500
735
7% 73.4
if
1,500
Class B opt warrants__ _
1535 Apr Goldfield
635 Oct
Cons Mines_ __I
14
II" 1,800
400 6131 Oct 86
% July
Apr
No Amer Lt & Pow coin_ _• 62% 6234 63
5
6
6
5
Apr
500
7
Jan
Nor Amer Util Sec corn •
300
103.4 Apr Hollinger Cons Gold
331 Aug
3% 334
Bud Bay Mln & Smell...'
511
5% 7,700
5
5
Oct
le% Feb
Sept
No Bid Pub Serv 6% pf 100 10031 100 101
170 95% Mar 103
500 57" oct
100 109
334 Feb
1 : jOa n
5
ot
e
if
if
109 109
Apr Mining Corp of Can__ ...5
7% preferred
10 10294 Feb 112
afewmons Mining Corp-10 59% 5915 67
9,300 6115 Oct 14134 Apr
139 142
3,100 130
June 18354 Feb
Nor States P Corp corn-100 139
Wow Jersey Zinc
28 52
..100 9834 9814 9815
58% 1,100
52
91% Mar
10 953.4 Mar 10231 Sept
6% cum preferred.
100
Jan
300 15616 June 10
109 109
300 9515 Jan ill
May NY Hondur Rosario_ _10 10% 1015 10%
7% preferred
6
1% Mar
1
2,600
Oct
10 10414 July 111
Ohio Power 8% pref....100 10831 108% 108%
Oct NinissIng Mince
coranda Mines Ltd
• 13% 1315 18% 10,100 1331 Oct 45% Mar
106% 10615
30 10035 Jan 109
Ohio Pub Serv lot pi A _100
Oct Iblo
Copper
ug
34
% 1,300
June 2934 Sept
5,800 26
131 Jan
Pacific Gas & El 158 met_25 28% 28% 29
17% 18
700 12% May
18
4
Mar
1,600 2394 June 8931 Am Pond Creek Pocahontas •
Prenfle Pub fiery ol A own_• 25% 25% 2714
1% Jan
31
13
11 Oct
% 1,400
31
13%
400 13
& Elm class A-_._• 13
Oct 1494 Oct "reinter (MIA Mining..__I
Pa Gas
St Anthony Gold MInes_l
1"
I"
• 8314 63% 67
jolcy
u
200
1,700 6331 Oct 9534 Mar
31 Feb
31 41 Nla yt
Pa Water & Power
Shattuck
3
334 1,300
3
9% Jan
26
25
Peoples Lt & Pow class A
Oct 46
27% 1,200 20
Mar Sou Amer Dena Mining...•
Gold & Plat..
.1
•
1
1% 1,400
2% Feb
10415 10415
100 9931 Fe!, 106
Phila Flee $5 pref
Oct reek
Hughes
1
6% 6%
1,000
714 June
434 Jan
54
54
Oct 86
Power Corp of Canada__ •
200 54
Apr
nnIted Verde Extension 60c
• 98
6% 8
16 34 Mar
715
4,900
6
Oc
98
98
Power Secur 2d pref
100 38
Jan 993.4 Sept
5
1% 1%
114 Aug
500
3% Apr
99% 99%
10 9831 Sept 10111 Apr Utah Apex Mining
Puget Sd Pr & Lt 6% p110
Walker Mining
1% 1%
435 Jan
200
1% Oct
29
29
100 28
Aug 3031 Mar
Rhode Island Pub Serv Pf•
Menden Cornier MinIng....1
1% 1%
100
tie Oct
74 Jan
57% 58%
50 5515 Oct 9031 Apr
Light Secur corn. •
By &
Rockland 1,Ight & Pow ._10
18% 2015
400 1 831 Oct 29
Am
Bonds104 104%
Scranton Eleo 6% prof.
Oct 10431 Oct
so 104
tlabame Power 410-1967 9915 98% 99% $51,000 93
Oct
Feb 100
93% 9314
20 90
Apr 97
Sierra Pao El 6% pref_100
Mar
1st & ref 5s
1958 102
101% 102
Aug
6,000 100
Jan 104
30
100 2894 Jan 3031 Sept
30
So Calif Edison pref A..25
EA
1968
103% 10335 9,000 99
Jan 104% Oct
25
500 2434 July 2831 Sept
26% 27%
Preferred class B
Aluminum Coc I deb 55 52 104% 1043,4 10431 38,000 101;4 Feb 10414 Sept
25% 25%
800 2254 Jan
2831 Mar
5% tint class ------25
tlumlnum Ltd 54
1948 10015 100 101
Sent
10,000 9711 Feb 102
z52 z53
5% cum matte Prof
200 s52
Oct z53
Oct Amer Aggregates 6s__1943
Gas Ut11 com__•
814
715 8% 1,100
Southwest
7
Oct 2031 Apr
with stock perch warT
75
3.000 z75
z75
May
Oct 88
49
49
200 49
Oct 8014 Apr
Standard Pow & Lt corn_ •
tamer Com'ith Pr ile.....1940 89% 88
90
31,000 88
Oct 99% Mar
•
50
49
400 49
Common class B
Oct 80
Apr
Amer0& El deb 58.-2028 100
99% 10015 52,000 9744 Jan 10134 Sept
•
10415 104%
100 9914 Jan 107
Preferred
Apr
Amer Gas di Power 61_1939 94% 90
9431 20,000 90
,
Oct 96% Jan
5
5
100
5
Oct 1931 Sept
Standard Pub Serv class A•
American Power & Light
-91
91
100 90
Jan 9834 May
-Amer Elms pref
Swiss
6c without warr___2018 108
103 109
94.000 105
Mar
Jan 109
• 54
53
56
3,000 53
Oct 98 ,
Tampa Electric Co.... .
1
Amer Radiator deb 414s 47
100 100
25.000 9854 May 100
Sept
109 109
100 10631 Jan 11134 Sept
Tenn El Pr 7% let p1-100 109
Roll MU deb 56_1948 99
Mar
10 1073.4 Feb 11034 Aug Amer Seating Corp 68_1936 6511 9814 9915 59,000 96% Jan 101
7% Pref 100 10914 109% 10914
Toledo Edison
Amer
65;5 12,000 6314 Sept 81
s65
Feb
10% 1114
300 1031 Oct 1531 May
Twin Stator Nat Gas cl A•
Appalachian El Pr 51.1956 101% 10114 102 145,000 9515 Jar 10234 Sept
700 2331 Sept 35
Union Nat Gas of Can.__• 2315 23% 24
May
Appalachian Gas 611_1945 92
8731 93
20.000 85
May
Sept 145
ohsUnit Eleo Serv Amer
Cony deb Os B
1940
83
81
12,000 81
Oct 101
May
its
15 Oct
14 1,300
Purchase warrants
1
Feb Appalachian Pr deb Os 2024 106
106 106% 9,000 10515 June 108
Oct
914 10% 83,800
935 Oct 2851 Max
93'
United Gas new coin- ___•
Arkansas Pr & Li 5e-1956 10014 100 101
48,000 9334 Jan 10134 Sept
94% 93% 9434 1,600 9131 June 9934 Sept
Prof non-voting
Armstrong Cork 56_ _1940
95% 97
16,000 9514 Oct 98% Aug
4%
415 4% 7,000
334 Oct 1131 Mar
Warrants
Arnold Print Wks let ea '41
89
89
1,000 89
Feb
Oct 94
May
United Lt & Pow corn A--• 28% 28% 33% 45,900 2734 Jan 50
Associated Elect 4343._1953 9115 91
91% 52,000 8234 June 92% Sept
• 71% 71
79
2,200 71
Oct 9915 Mar
Common class B
Associated Gas & Electric
• 104
104 10515 3,000 9714 Jan 11931 AM
Pref
Deb 414s with warr_1948
6% oom lfft
83
83
5,000 80
Jan
Aug 124
•
7% 21,900
6
73.'
6
Oct 2231 Fet,
US Flee Pow with warr •
Without Warrants__ 80
80
80
5,000 7214 Aug 9414 Jan
12% 11% 14
23,300 931
Oct 28
Mar
1949 80% 76% 81 232,000 71% June 87
MU Pow & Lt oom
4114. serlea0
Mar
• 2635 25
27% 1,000 21
Oct 6881 Apr
ClassB etc
5s
1950 85
84% 8615 189,000 84% Oct 88
Sept
103% 103%
50 10031 Jan 10734 May
Western Power pref.-100
5.
1968 8314 83
85% 202.000 78;y Mar 88% seps
5145
1938 8214 881% 83
32.000 75
Mar
Aug 87
011
Former Standard
1077 9714 97
534c
97% 34,000 90
Mar
June 105
Subsidiary
Assoed Slm Hard 6141 1933 86
86
86
27,000 86
Mar 8631
51
51
50
300 51
Oct 69
Jan
Pipe Line.....
Buckeye
Assoc TAT deb 534* A '55
39414 94% 1,000 9415 July 9414 Sept
400 29% Oct 6515 Apr
Cumberland Pipe Line...50 2931 29% 30
Agape Tele° Utll 5343_1944 93
9014 94% 91,000 90
Feb
Oct 108
3515
250 34
34
100
Oct 5411 Jan
..
Eureka Pipe Line
Atlas Plywood 514s__.1943 70
70
70
5.000 65 June 86
Mar
5 73% 73% 7534 7,800 73% Oct 119
At, Bates Valve Bag Corp-Humble Oil & RfinfIng_2
18% 8.700 16
16
Oct 80
Imperial011(Can) Corp..* 1645
138 with warrants__1942 107% 107% 108
5.000 102
Apr
Jan 110
27
10
28
300 27
Oct 41
Jan
Indiana Pipe Line
Beacon 011 65 with warr '36
98
98
2.000 97
Apr
Oct 108
500 1314 Oct 22% Jan
National Transit_ __ _12.50 1431 14% 15
Bell Tel of Canada 54.1957
104% 105
3,000 1181
5
Feb 105 1 Sept
105% 105;4
200 105
Feb 108
-100
May
1st NI 55 series A...195.5 105
Ohio 006% cum pref.
104% 105
16.000 100
Jan 10511 Oct
100
9% 93.4
25
Oct
9%
Jan
33
M series C May 1 1960
Solar Refining
104% 105
16.000 102
June 105% Oct
2,000 2514 Oct 45% Mar Birmingham Gas 50_1959
25 28% 28% 30
South Penn 011
98% 98%
7,000 963.1 Aug 10034 Sept
Oct 5934 Apr
Standard 011 (Indiana)-25 41% 413.4 43% 60.100 41
Boston itc Alb. 435s...1978
99% 99% 10,000 9
5% July
1531 Sept
10 25% 25% 27% 10,900 25% Oct 40% Ave Boston Consol Gas 58.1947 102
Standard Oil(KY)
102 10315 7,000 100% Feb 10414 Sept
200 44% Jan 48% Mar
45% 45% 4531
Boston & Maine RR Re '33
Standard 011 (Neb.)_
102% 103
8,000 10011 Jai 103% Aug
64% 1,150 60
Oct 108% Mar Burmeister & Wain(Copen)
60
25 61%
Standard 011(0) oom
100 116% 116% 116% 1,360 115% June 122
Mar
Preferred
15
-year 13s
1940 101
101 101
6.000 98
Jan 101
Jan
300 103
Oct 103% Oct Calif Pack deb 55
103 103
1940 9914 9914 100
5% cumulative prof. 100
53.000 9934 Oct 102% Boot
Oct 10
100
4
4
4
Feb Canadian Nat By 4115 '55
4
Swan Finch Oil Corp.__ -25
102 102% 40,000 99
June 103% Oct
25 6111 60% 67% 12,900 60% Oct 9714 At,,
7s
1935 109% 10% 10911 18.000 107
Vacuum 011
Apr 110
Sept
Can Nat SS 5s
1955
103% 103% 6,000 9935 Ma 104% Sept
Capital Adm deb 5s A_1955
Other 011 Stocks
134 Oct
1% 131 7,300
4114 May
5
1%
Without warrants
Maracaibo Co
Amer
78
78
7,000 74
Jan 8215 Apr
2,900
7% Oct /641 APT Carolina Pr & Lt 61.--1956 103
7% 8
73,4
A titans Nat Gm Corp corn •
10234 103% 15.000 9811 Jan 104
Oct
•
19,800
714 Oct 16% Apr Caterpillar Tractor 65_1935 100
7% 8
7%
Class A
9914 10015 109,000 9915 Apr 10534 May
500
7% Feb
83.6 Apr Central German Power
10
711 75'
73.4
Preferred
Jan
1% 135 7,700
115
23' Ace
(1s partic dIn
1934
Carib Syndicate cons
95
94
6,000 94
Sept
Oct 99
2% Oct
100
8% Feb Cent States Else 5s. _1948
•
231 234
Colon 011 Corp, corn
74;4 4.000 71
73
Jan 84
Mar
Aug 21
Apr
73.4 831 6,700
73'
Colum 011 & Gasol V 0-*
Deb 61501--Seot. 15 1954 7434 74
7515 68,000 7234 Jan
893.4 Mar
Oct
700
3
5% Jan
1
Without warrants_
33.4
Consol Royalty Oil
79
79
1.000 79
Oct
Oct 79
•
7
Coaden011oommon
615 8% 2,100 • 634 Oct 7414 Jan Cent States P & Lt 534.52 89
89% 30,000 86
88
July 92% tens
Apr Chic Dist Elec Gen 4'4s'70 9545 94,5 96
100 1514 Oct 70
1934 19%
100
Preferred
58.000 94% Oct 9634 Oct
7.4 June
4
Oct
4%
•
431 431 24,900
Deb 5%s ...._ _Oct 1 193s 100°4 long 101
Creole Syndicate
78.001) 1.0
Oct 10134 Sept
Bonds (Coahuila)
2523
FINANCIAL CHRONICLE
OCT. 181930.1
Friday
Last Week's Range Bales
for
of Prices
Sale
Price. Low. High. Week.
Chic & N W Ry 410_2037
Chic Rys 5s etts dep__1927
Cigar Stores Realt71949
545 serles A
Cincinnati St Ry 65 13 1955
Cities Service 50
1960
1950
Cony deb 58
Cities Service Gas 5345 1942
Cities Sera Gas Pipe L65'43
Cities Sera P & L 634s1951
Clev Elea Ill deb 78...._1941
As series A
1954
Gen 58 series B
1961
Cleve Term Bldg 6.s. .1041
Commander Larabee 6s '41
Commas und Private
Bank 5341
1937
Com'wealth Edbyon 4348'57
414s series E when las '60
Congo' GI E L & P(Ben)
5148 series E
1952
434: series G
1969
448 series H
1971)
Consol Publishers 654s '36
Consol Textile 1st 8s _ _1941
Consumers Power 4545..'58
When Issued
Conti G & El As
1958
New
Continental Oil 5148_1937
Crane Co 10-yr 5s____1940
Crucible Steel 58
1940
Cuban Teleph 7 345 _ _1941
,
Cudahy Pack deb 5340 1937
Ets
1946
Den & Salt L Ry 68 A.1950
Det City Gm fie set A_1947
lst 5s set B
1950
Detroit Int Bdge 6148_1952
25-yr St deb 7s
1952
Dixie Gulf Gas 648-1937
With warrants
Duquesne Gaa 68
1945
East Utilities Inv be
With warrants
1954
Man El(Boston)55_1931
4% notes when las_ _1932
Mee Power & Light 58-2030
New
El Paso Natural Gm
6545
1938
1943
634s Series A
Empire Oil& Refs 5348'62
European Else 014s 1965
Without warrants
Eur Mtge & Inv 70 0_1967
Fairbanks Morse Co 6e1942
Federal Water Sere 5Sie'54
Finland Residential Mtge
Bank 65
1961
Fire/hone Cot Mills 58_1948
Flreetone T & R Cal 68 1942
First Bohemian Glass Wks78 without warrants.1957
Flak Rubber 5348
1931
Florida Power & Lt 50_1954
Garlock Packing deb Bs '30
Gatineau Power 58_1966
Deb gold 65
1941
1941
65 series B
Gen Bronx Corp eons 60'40
Gen Laund Mach 6155 1937
Gen Pub Utll 6s
1931
Gen Rayon 65
1948
Gen Vending Corp
68 with warr Aug 15 1937
Gen Water Wks Gas & El
1944
6s series B
Georgia Power ref 5a_ _1967
Gestuerel deb as
1953
With warrants
Glidden Co5 145
193tt
Gobel (Adolf) Inc 6145 '35
With warrants
Goodyear T & R 548_1931
Grand (F&W) Properties-Cony deb thiDeo 15_1948
Grand Trunk Ry 6348-1936
Guantanamo & W Ry 50'58
Gulf Oil of Pale
1987
Sinking fund deb 58_1947
Gulf States Mil 5a____10rk
Hamburg Electric 78__1935
Hamburg El& Und 534a'88
Hanna(M A) Co 65..1934
Hanover Credit Inst 60.31
Houston Gulf Gas 6148 '43
as
1943
Hud Bay Mln & Sm 65.1935
Hygrade Food as A_1949
65 series B
1949
111 Pow & Lt 11348 ger B '64
Sinking fund5
MaY'57
Indep Oil& Gas deb as 1939
Indiana 13'west Gas UtitCony 6s_ _ _ _June 1 1940
Ind'poliaP&LAseerA'i37
Inland Utilities as--- _1934
Instill Utility Investment
As Dor B without Warr '60
Intercontinents Pow 641948
With warrants
New
Int Pow Sett 78 see E_1957
International Salt 5s....1951
Internal Securities 5a_1947
Interstate Power 5s-__1957
1952
Deb As
Invest Cool Am 58 A..1947
Without warrants_ - _
Investors Equity Es_ __1947
Without warrants
lowa-Neb L & P 5sl957
Isarco Hydro El 78_1952
Italian Superpower of DelDebs 68 without warr '63
Jeray C P & L 540 A _1945
1947
let & ref 5s B
Kentucky Util 5s._ _ _1969
Hoppers0& C deb 56_1947
1950
54s
Laclede Gas 534s
1935
Leh Coal & Nay 4545 C '54
LebIgh Pow Sear an_ _2026
Ltbby, McN & Libby As '42
Lone Star Gas deb 56_1942
Long Island Ltg 68_3.1945
Louisiana Pow & Lt 5s 1957
Manitoba Power 546_1951
Mansf Min & Smelt 7s '41
With warrants
Without warrants
9911 9911 64,000
26,000
76
75
81
81
96
82% 88235
91
91
91
9031
9235 9235
88
86%
10631
1054 105%
104
104
91
54
Range alma Jon. I.
Oct
96% Oct 100
Feb 8434 July
68
22,000 6214
82
14,000 96
96
83% 23,000 824
94% 2460000 8814
91% 43,000 82%
93% 60,000 00
8831 91,000 81
12,000 106
107
10535 3,000 101
1,000 100
104
9235 13,000 8934
1,000 42
54
8335 83
8414 74,000
101% 1014 10134 16,000
100 100% 81,000
100
High.
Low.
Jan
Aug
Aug
Oct
July
Jan
Jan
Jan
Jan
Jan
Aug
Sept
95
93
8634 90
74
734 70
101% 10254
102
100 100
904 90% 9235
9054 90% 9135
884
85
91
76
91
73
85
98
91
30,000
77
7,000
85
3,000
98
9135 9,000
75
26,000
76
82% 8335 7,000
91
9235 31,000
z20
95
85
90
10214
100
80
100
9314
933-4
95
5434
51
10234
1014
20
80
80
1004 10114
68
83
1084
10414
104%
101
72
10234
102%
94
92%
98
102%
102
109
99
10235
102
107%
10434
89
75
Sept
Sept
Sept
May
Jan
Sept
Sept
Mar
Sept
Mat
Sept
Aug
Mar
Mar
Aug
Jan
July
Oct
Mar
Mar
Jan 99% June
Aug 109% May
Max
June 87
83,000 69
55.000 99;5 Jan 102% Sept
Oct 100
Oct
15,000 100
June 94% Mar
81,000 89
99,000 894 Oct e9234 Sept
104 109
4,000
12,000
105 106
86% 88% 103,000
78
78
2634 z2534 27
87
8834 87
9654 97
964 9534 97
97% 03
98
9754 974 9731
90
90
38
38
9711 974
6511 64% 67
101
11,000
10,000
Ma
,
Apr
Mat
May
Oct
Oct
Mar
Jan
Sept
Oct
Sept
Jan
Mee
8135 Jan 91
9334 Feb 10234 Oct
973.4 July 1013-4 Oct
Jan
6,000 108
10734 108
Feb
104% 1044 10,000 100
Feb
1024 10151 1024 68,000 100
993-6 9935 9935 3,000 9635 Feb
Oct
11,000 51
55
51
51
100% 10035 101% 20,000 9114 Feb
10034 100% 10135 75,000 1004 Oct
87
87
9035 381,000 84% Feb
9231 9235 205,000 9234, Oct
Feb
9735 97% 25,000 94
96,000 10034 July
1014 10135 102
17,000 9834 May
101
10034 99
Oct
8,000 8103
102 z103 104
9711 9635 97% 27,000 9534 Jan
1023.4 10234 3,000 9814 Jan
Oct
99
9934 4,000 99
13,000 104% Feb
1064 1063.1 107
1024 1034 22,000 974 Feb
Oct
41
4234 34,000 40
Oct
15
1734 13,000 15
93
87
89
9934
884
128
92%
9714
944
108
1054
10634
99
693.4
98
Jan 120
98
Jan 117
8234 July 90
73
Oct
8034 Aug
93
Jan
904 Jan •
81% Sept
91
Apr
9934 Sept
97
Apr
75
Oct
824 Oct
9014 July
Mat
88
Apt
96
96% Mar
Oct 84
4,000 78
16,000 z25% Oct 7254
61,000 8234 Jan 92
1,000 944 Jan 110
54,000 91
Feb 99
20,000 944 Jan 101
July 994
15,000 97
Aug 994
1,000 83
2,000 38
Oct 664
June 984
2,000 95
Jan 80
24,000 57
94,000 z20
1,000
6.000
May
Sept
Sept
80
95%
May
34
Jan
Fel
Mar
Apr
Oct
Mar
Sept
May
June
May
Mar
Feb
Oct e90
May
Jan 10234 Sept
824 82% 3,000
10,000
94% 95
87
Sept 944 May
9434 Oct 10034 July
8,000
81
85
99% 10131 15,000
80
Oct 99% May
994 Jan 1013.4 Oct
91
89
10735 10834
30% 3
034
101% 10235
10234 102%
100 10035
98
98
79
81
100 100
97
973.4
93
934
39311 9334
95
95
50
55
51
52
1024 103 34
94
9534
10034 1014
834
15,00
13,00 105
30
3,00
9934
21,00
23,00 100
924
21,00
9554
2,00
79
22,00
97
5,00
9610
20,00
64
14,00
6734
12,00
95
5,00
60
22,00
20,000 51
974
29,00
8864
22,00
49,00 100
9814 984 98% 13,000
10111 1004 10134 118,000
98
98
9834 45,00
Aug
Ant
July
Jan
Jan
Jan
Oct
Oct
Jan
Jan
Jan
Jan
Oct
Sept
Oct
Feb
Feb
Feb
92
109
52
103
104
102
1034
90
10014
1003-4
100
9814
108
71%
6634
1044
9714
110%
MAY
Sept
Apr
Apr
Aug
Oct
Sept
Ma
,
June
June
June
Sept
June
Apr
Apr
Sept
Oct
Ara
984 July 9834 Sept
9634 Jay 10134 Sept
98
July 126
AM
96
9554 9715 272,000
9414
66
66
82
9514
86
7934
89
85
66
Oct 496
80
Oct 9734
984 Jan 101%
84
Oct 88
7834 July 8834
83
Feb 93%
8014 Jan 924
May
June
June
Oct
Jar
Mar
Mar
794 794 13,00
70% Jan
82
Mar
75
96
81
70
Jan
0134 Mar
81
Oct
80
Mar
984 Oct
944 Mar
954
804
8531
9631
68
5,000
82
2,000
9734 73,00
86
2,00
804 47,00
9014 24,00
8914 9,00
76
3,000
9634 7,00
88235 14,000
6734 z6531 70% 102,000
1033.4 103% 1034 7,000
10031 1005-410134 17,000
6,000
9834 9834 99
100 10031 37,000
103 1034 44,000
103
10034 1004 8,000
9935 9934 09% 55,000
47,000
10534 10434 106
944 94% 9531 22,000
994 99
9931 18,000
1,000
1063-4 10635 10634
10031 100 1005-4 46,000
1004 10034 1013-4 25,000
75
75
75
75
1,000
2,000
z6534
1024
98
9835
9531
9935
9754
0934
1024
90%
9814
1034
92
9634
75
F
Oct 1124 ma'
Oct
July
May
Oct
Jan
Jan
Jan
Oct
Jan
June
Mar
Jan
Jan
Feb
g0
104
1014
99
101%
103%
103%
10035
1 o7
97
100
106,4
10154
101%
Mar
Sept
Sept
Oct
Sept
July
Mar
Oct
Mar
Aug
Oct
Sept
Sent
Oct
Oct
Oct
96
98
Jan
Jan
Bonds (Continued)
Frida
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Mast Gas Goa 5145-1948
1955
55
McCord Had Mfg 6s 1943
Mead Corp es with warr'45
Memphis P & L 59-- _1948
Mid States Pet 6%a-1945
Middle West Uhl 44s 1931
Cony 5% notes_ _ -.1932
.1933
Cony 5% notes....
1934
Cony 5% notes
Cony 5% notes_ _ _1935
.1935
Midland Nat Gas Os.
Milw Gas Light 434s_1967
Minn Gas Light 4358_1050
Minn Pow & Lt 40 _ _1978
Miss Power & Lt 5s_ _1957
Wee River Fuel lisAug15'44
With warrants
Without warrants
Miss River Pow deb 58 '51
Montreal L Li & P ool 56'51
1970
As series B
101
9531
10035
100%
98%
9835
96
9835
9431
95%
98
10334
1003-4
70
z96
10034
573.4
10035
10034
98
98
z954
9854
102
9414
95%
97%
11314 113
10054 100
103
103
1044
Range Since Jan. 1.
Low.
105
101%
87%
97%
101
7634
101
101%
100
1004
99%
984
104
9554
97
9934
Apr
Oct
Mar
Ma'
Oct
may
June
Oct
Sept
July
Sept
July
Sept
Oct
Sept
Sept
Jan
11314 9,000 102
1003-4 28,000 9234 Feb
10,000 1005-4 July
103
Jan
4,000
103
May
104% 2,000 100
122
100%
10414
1044
10434
Mar
Oct
Sept
Sept
Sept
12,000
73,000
43,000
22,000
2,000
8,000
7,000
02,000
38,000
32,000
36,000
37,000
3,000
6,000
2,100
6,300
1014
97
593.4
z913
10034
6714
100
08 34
98
98
al)534
9834
95
94
894
95%
21,000 97
21,000 104
45,000 9034
54,000 74
21,000 08
2,000 11
12,000 83
4,000 99
45,000 85
16,000 85
27,000 88
Narragansett Eleo 55 A '57
2026
Nat Pow & Lt 68 A
2030
55 series B
Nat Public Service 58-1978
1935
National Tea Co 5s
Nat'l Trade Journal 8s 1938
Neisner Bros cony 6s _ _1948
1931
Newton Steel Os
N E Gas & El AMU 54-1947
1948
155
1950
5s
N Y & Foreign Invest
1948
5348 A with warr
N Y P &L Corp Id 4348'67
Niagara Falls Pow 68_1950
Nippon Elm Pow 634e 1953
Nor Cont Util 5355 A.1948
North Ind Pub Sera 581906
1969
&aeries D
No Sta Pow 054% notes 33
'
1st lien 85 set A_ _1948
1st lien 5148 set B-1950
1940
514s
Nor Texas Utilities 7s_193a
Without warrants
Northwest Power as A 1960
1024 1023.4 10214
10714 108
105
92%
91
92
87431 7534
75
99 100
25
25
9034
904 90
100 100
100
91% 92
92
92% 9135 92%
9014 89% 91
Ohio Edison lot 5s____1960
1952
Ohio Power 58 B
1956
4148 series D
Okla Gas & Else 55_1950
1950
New
Ontario Power 5548_1950
Osgood Co with warr 6s '38
Oswego RI,Pow 65_ _1931
Pao Gas & El let 4348-1957
1st & ref 445 F._..1960
1952
5148 series C
Pacific Invest deb 55-1948
Pac Pow & Light 5s 1955
Pacific Western Oil 6145'43
Park & Tllford 68-1936
enn Cent L& P 4%5_1977
Penn-Ohio Edison 68-1950
Without warrants
1959
534s
Penn Dock & W 68W w '49
Penn Pr & Lt 1st ref 5s B'52
_1953
1st & ref 58 ser
Peeples Lt & Pow 56_ _1979
Philadelphia Elea 513-1960
Pima Elec Pow 534s _1972
Phila Rap Transit 68_1962
Plylla & Suburban Counties
& E 1st & ref 43.45 1957
Piedmont Hydro-El Co
1960
O345 class A
Pitts C C& St L 44.4s.1077
Pittsburgh Coal 611_ _ _ _1940
Pittsburgh Steel 6.4_ -1948
1939
Poor & Co 613
Portland Geh El 43.48.1960
Potomac Edison 58-1956
1947
Potrero Sugar 7s
Power Corp of Can 4145'59
1957
Deb 58 series A
Pow Corp (N Y) 515: 1941
Procter & Gamble 4%e '47
Pub Ser of N III 445..1980
PugetSound P & L 54a '49
1950
10t & ref 55 C
Queens Borough 0 & E1052
5 He series A
1958
43.4:
Reliance Management
55 with warrants_ _1954
Remington Arms 53-4B 1930
Roehester Cent Pow Al. '58
Ruhr Chemical 13s A 1948
1963
Ruhr Gas 6140
Ruhr Hous'g Corp 6148 '58
Ryerson (Jos Ti & Sons the
1943
16-year deb Fs
St L Gas & Coke 6os 1947
San Antonio Pub Serv58'58
._.1055
Sande Falls 1st 50.
Saxon Pub Wks 55...1932
Sextet Co let oonv 68 A '45
Schulte Real Estate 65 1935
Without warrants
Scrim%(E W1 535b___1943
1948
Servel Inc 55
Shawinigan W & P 430'07
1968
434s series B
let As sec C when issued _
1st 434: sec D
1970
Ilhawsheen Mills 7s...1931
Sheffield Steel 534s__ 1948
Snider Packing 6s _._1932
Southeast P & L 136_2025
Without warrants
tau 3.5a1if Edison 55_ _1951
1952
Refunding Es
1944
Gen & ref 55
Rau Cal Gam 55
1937
Sou Gas 6345 with warr '35
,outin rn Natural Gas 6544
With privilege_
Without privilege
Sou New End i Tel 5s_ _1970
So'west Dairy Prod 634:38
Southwest G & E 55 A 1957
Southwest Lt & Pr 58 A '57
Stewart Nat Gee 68_ _1945
So'west Pow & Lt 68_ _2022
Staley Mfg Co let 68.._1942
Stand Gas & Elea 6a__193a
1951
Debenture 65
Debenture 85 Deo 1 1966
94,000 98
10111 1015-4 102
10251 10234 103% 7,000 9854
9734 973.4 9834 44,000 91
10134 100% 1015-4 49,000 9934
32,000 99%
101% 103
9234 923-4 9331 76,000 924
5,000 57
57
57
4,000 99
101 101
101
974 9834 38,000 934
98
,
973.1 9731 9854 67.000 96%
4,000 105
105 105
8,000 75
75
77
1004 995-4 10011 105,000 964
9034 8835 9035 53,000 81
1,000 60
65
65
65
5,000 92
9535 943-4 96
8,000
85
84
97
97 31 165,000
4,000
1054 106
3,000
89
89
89
21,000
85
85
85
31,000
1033-4 1034 104
103 1033-4 33,000
1024 1024 10331 13,000
1044 10434 1054 2,000
11,000
102% 103
1023-4 1024 4,000
84
0734
9935
100
9934 10
031 5,000
9935 10054 10.000
10335 10435
1013-4 100 103
0335 93%
10335 10335
103 10334
103
803-4 7934 8151
310431 10434
106 10635
7031
70
70
10135 10135
8235 80
101
101
9931 0931
10235 10235
9935
9331 933.4
10231 102
61
9034 88
101
99
10054
9714 9734
10334 1023-4
10014 9935
7335
714
97
7335
6935
73
72
79
91
105
88%
72
9734
9714
10034
1034
101
10234
Jan 102% Sept
Jan 10854 Sent
Sept
July 95
Jan 8634 Mat
July 9934 Oct
Mar
Aug 42
Mar
Sept 95
Oct
June 100
May
Jan 98
Feb 944 May
Oct 9134 Oct
Jan
Feb
Jan
Feb
Aug
Jan
Jan
Feb
Sept
Oct
Oct
Apr
90
9831 Oct
107 June
Mar
94
Oct
86
Aug
105
Aug
105
104% Oct
105% Oct
Oct
103
1025-4 Oct
994 Oct 10154 Aug
June 10354 Sept
98
1021(
104
99
1024
10334
97
82
101%
98%
99%
105
8514
101
97
91
9634
Sept
Sent
Oct
Aug
Aug
Sept
Feb
Sent
Sept
Sept
Oct
Apr
Sept
Aug
Jan
Oct
Jan 10514
18,000 99
Jan 1044
26.000 90
1,000 924 Oct 9834
2,000 994 Feb 104
13,000 993-4 Feb 104%
41,000 e7434 Feb 4)334
5,000 10211 Feb 105
15,00 111434 Feb 106%
65
Sept 9334
2,00
APT
Jul,
Mar
Sept
Sept
Mar
July
Mar
Jan
4,000
Aug
Jan
Jan
July
AYR
Oct
Oct
Jan
Feb
July
Oct
Oct
July
Jan
Aug
July
9634 Mar 102
Oct 92
8474 19,000 80
10131 249,00 1004 Oct 102%
5
Aug 102%
99
99% 7,00
10234 9,00 10114 Jan 104
4,000 9914 Oct 11031
101
9331 312,000 934 Oct 9331
1024
94%
1025-4 16,00
Sept 7834
60
2,00
61
Feb 9234
81
9054 6,00
July 105
5,000 101
101
11,000 954 July 101
100
3,000 9534 Feb 10134
101
July 98
38,000 94
98
9934 Jan 1044
10330 120,00
9534 May 10134
39,00
10034
1034 10231 10331
1024 1024
7414
High.
Jan
June
June
Sept
Oct
Oct
June
July
Oct
Aug
Oct
Oct
Jan
Oct
Jan
Sept
1043-4
101
70
96
101
57%
10035
10134
99%
99
0S3-4
9834
1023-4
05
96
99
9,000 10
04 Jan 10414 Oct
Jan 10231 Sept
5,000 94
7435 58,000
3,000
97
44.000
75
9,000
70
7635 39,000
9,000
74
97
97
53
z59
5954
100
100 1004
1024 103
103
92
8914 93
9731 9734 9934
Oct
May
Sent
Mar
May
Feb
Sept
Oct
Apr
Oct
Feb
Oct
Sept
Oct
Sent
Sept
70 June
Apr
97
Aug
73
6934 Oct
Oct
73
Oct
72
10,000 92
7.000 z59
39,000 91
2,000 994-4
49,000 89%
116,000 974
53
82
64
90%
90
98
974
90%
974
524
95
9930
84
83
894
84%
Mar
Feb
Mar
July
Mar
Aug
Oct
Jan 98
Mar
June 83
Jan 10134 Oct
Aug
Mar 103
July
Oct 98
July
Oct 100
June 854
Oct 93,4
Feb 7234
Feb 98%
Feb 984
Feb 105
Oct 974
Jan 1034
Feb 104
Oct 75
Sept
Aug
Sept
Sept
Sept
Sept
Oct
Aug
Sept
Apr
81
8114
87
88
88
70% 67
704
97
97
9714
97
97
9734
10314 10414
104
9735 9714 9744
100 34 1004
10334 103%
5210 5254 55
13,000
18,000
37,000
90,000
43,000
12,000
25,000
15,000
7,000
1,200
10634 1063.4 107
1034 10414
10431 104 104%
1023.1 103
9535
95
90
130 130
95,000 103
26,000 99%
8,000 9934
16,000 1004
37,000 :91
5,000 97
Feb
Jan
Feb
Jan
Jan
Jan
108%
105
10434
1033(
oe
130
Sept
Sept
Sept
Sept
Sent
Oct
87
0031
82
82
1073-1 10734
62
5934 62
983-6
9834 98
9734 99
86
84
10935 109 109%
97% 974 973-4
10231 s102
10234
10131 101 1014
10231 102 102%
41,000
1,000
2,000
7.000
40,000
24,000
14,000
11,000
21,000
28,000
54,000
13,000
85
74
10
5934
91
904
84
103
9734
1014
10034
101
Oct
Sept
June
Oct
Jan
Feb
Oct
Jan
Jan
Aug
Aug
Aug
105
86 34
1074
91
100
994
99
10935
9934
1034
10311
1033.4
Apr
Sept
Oct
Jan
Oct
Sept
June
Sept
Apr
Aug
Sept
Sent
8934
2524
Bonds (Concluded)
Stand Invest 540____1939
Stand Pow & Lii
-1967
Stifles.(Hugo) Corp
Gs-75 Oct I '36 without wan
78 without warr____1946
Bun 011 530
1939
Sun Pipe Line 56
1940
Swift & Co 1st m a 158 1944
tw w nen Issued
1940
Tenn Public Service 5s 1970
Terni Hydro-Eleo 010 '53
Texas Cities Gas 5s 1948
Texas Klee Service 5s.1961.,
Texas Gas Util 8s
1945
Texas Power & Li 5s-1956
68
2022
Thermoid Co 68 w w 1934
Tel Utilities Coro deb 5e '710
Twin States Nat Gas 68 '33
Olen Co (is
1944
Union Amer Inv 6s.__ 1948
Union Gulf Corp Is Jul l54.1
United Elec Service 7s
With warrants
Without warrants1956
United Indus Corp 6%s '41
United Lt & Pow 6s_ _1975
United Li dr RFS 6%s-1952
68 serlea A
1952
United Rys (Hay) 734e '36
US Radiator 58 A____1938
0 S Rubber
-Serial 615 notes_ __ -1931
Serial 6.f,% notes_ _1932
Serial 644% notes_.1933
3
-year 6 1, notes
,
_1933
Van Camp Packing 68 1948
Van Sweringen Corp 6ti..'31
Virginia Elec Pow 5E1_1955
Waldorf-Astoria Cow
Sat?. with warr____1954
Wash Wat Pow 64 w 1-1960
Webster Mills 6%a_..1933
West Penn Klee deb 59 2030
West Texas Utll ds A-1957
Western Newspaper Union
Conv deb 6s
1944
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.
85
100
77
71
100%
973-4
7934
74%
99%
86
101%
107%
82%
77%
9834
84%
101%
85
85
99% 101
1,000
69,000
72
79
32,000
71
71
1,000
102 102% 3,000
100 100% 6,000
102% 102% 14,000
100 101 181,000
97
9734 124,000
77
79% 32,000
7444 76
2,000
9855 99% 164,000
84
86
14,000
101% 102
51,000
107% 107% 2,000
82
84% 3,000
76% 79
58,000
98% 983-4 18,000
86
86
1,000
84% 84% 5,000
101% 102 107,000
90
84
85
81
80
80
97% 9734
8834 88
102
102
101
81
90
85
80%
97%
89%
102%
101
81
99
85
90
82
80%
60
60
92
92
103% 103%
2,000
99
88
1,000
92% 2,000
83
42,000
60
1,000
96% 392,000
1033-4 6,000
88
s8444
103%
95%
91%
9534 9534
73
73
Range Since Jan. 1.
Low.
8154
97%
Jan
Jan
72
Oct
Oct
71
100
Jan
99% Oct
100% July
97% Aug
9534 Oct
77
Oct
74% Oct
97% July
Oct
84
Jan
nil
Mar
106
82
Oct
76% Oct
9854 Sept
83
Jan
80 June
99 June
15,000 84
Oct
Oct
26,000 81
9,000 80
Oct
5,000 97% Oct
32,000 8334 Jan
July
29,000 99
1.000 100% Jan
Oct
3,000 81
96%
88
90
80%
60
92
97%
Jan
Oct
Oct
Oct
Oct
Oct
Jan
19,000 z8434 Jan
86
103% 2,000 98% Jan
953.4 2,000 85%- Jan
91% 0,000 88 June
95% 20,000 89% Feb
73% 10,000
Foreign Government
and Municipalities
Agile Mtge Bk 78_A&O '46 7754 7741 77%
Brisbane (City) 6s.
IOW 93
93
95
Buenos Aires(Prov)7148'47 93
89
9334
7s_
1952
85
85
Canada 30-yr 4s_Oct 1 1960 9511 9534 95%
Cauca valley Wept) ReP 01
Colombia ext1 s f781948 55
55
5934
Cent Bk of German State &
Prey Banks Os B......1951 73
73
75
let 65 series A
1912
72
75
Danish Cons Munk:510'55 100% 99 100%
58
1953
95
96
Danzig Port & Waterway
anti sink fund 6Lts_ _1952 ------773-4 78%
German Cons Munio 78 '47 84
83
85
es
1947 7341 67
7345
Hanover (Prov)6%a_ _1949 88
8534 88
Indus Mtge of Finland
1st mtge cell a f 7s-1944 97
933-4 97%
Maranhao (State) 7s_.195i 60
,
50
60
Mendoza (Prov) Argentine
External 734s at g_ _1951 83
66% 86
Mortgage Bank (Bogota)
75 Issue of '27(Al&N)'47 75
70
75
73 issue of 1927 new_1947 7111 71% 71%
Mtge Bank of Chile 66_1931 96% 96
96%
Mtge Bk of Denmark 5e 72 100
99% 100
Netherlands (Kingc1)6s_'72 104% 104 104%
Prussia (Fee State) 88_1952 76% 7414 7734
Exit 1310(of'20)Sep 15'51 81
7734 82
Russian Government
640
1919
311 4
644s certiflcates____1919
2% 3%
1921
554a
3% 3%
Saar Baehr (Counties) 78'33 923-4 9734 99
Saarbruecken 7s
1935
100% 100%
Sante Fe (City) Argentina
External 75
1945
SO
SO
Santiago (Chile) 7s1961 83
83
83
Sydney (City of) New
South Wales 514s 1055
SO% 84%
7034
Oct
200 z77% Oct
Oct
35,000 93
Oct
31,000 89
Oct
3,000 85
Oct
60,000 95
-Since the announcement of the formation of Cray, McFawn & Co.,
93% Apr Fidelity Trust Bldg., Detroit, Mich., they have announced the association
102% Sent with them of the following gentlemen: John W. Ballman, who became
90% 'IMO 1916 Detroit manager for Bolger, Mosser & Wiliaman, resigning that
864 July position in 1925 to become manager of the bond department of the Highland
102% Mar Park State Bank. In the same year he was elected Vice-President of that
100% Oct institution and Trust Officer of its affiliate, the Highland Park Trust Co.
103
Aug
Sept He was later Vice-President of the Central Trust Co., this city: J. Z.
103
98% Oct Lander, who has been with the Fidelity Trust Co. of this city for the last
87 Ma7 seven years. joined them as of Oct. 1. He is in charge of State sales; and
86% Apr B. Berkley Hotchkiss, who has been
in the investment field in Detroit
100% Aug
10734 Apr for several years.
102% Oct
The Mines Branch of the Department of Mines, Ottawa, issued in
108% July
98% Mar 1915 a report on "Gypsum in Canada," which covered the operations up
Mar to that date, but the rapid changes and advances made in the technology
100
98% Sept of gypsum since that time have been such that an entirely now publication
9441 Mar on this subject has been prepared and is now available for distribution.
Apr
98
10231 Aug This publication, entitled "The Gypsum Industry of Canada," by L.
Heber Cole, contains 164 pages, is profusely illustrated, and includes
103% Apr results of large scale tests on representative samples of gypsum from Cana9744 Apr dian deposits. Copies
of this report may be obtained by those interested on
92% Apr
97% Oct application to the director, Mines Branch, Department of Mines, Ottawa.
9434 Sept
-A pamphlet prepared by Stephen M. Foster & Co., Inc., New York,
104% Sept
107 June is designed to explain a system of charting the past performance of common
stocks, and gives graphical analyses of various companies not by showing
8831 May
what each company has done as a whole, but by showing what has been
Mar
101
Apr the experience of an investor in each company as to rise or fall of his
100
Apr earnings and dividends, rise or fall of market value of his holdings and as
100
100 MaY to other important data.
Feb
81
-Transamerica Corp. have recently occupied completely remodeled
10054 Apt
10434 Oct executive headquarters, doubling the area occupied by it at 44 Wall St.
The entire 19th floor of the Bank of America Building facing on Wall,
10354 Jan William and Pine Sts, has been taken
over by the corporation, which re105
Sept
97% Apr tains the 20th floor, heretofore occupied as temporary quarters, and por9341 Mar tions of the 13th floor. The whole of the newly occupied floor is finished
Sept throughout in redwood.
97
- new banking firm, under the name of Stetson & Blackman, has been
A
92% Mar
formed with offices in the Packard Building, Philadelphia. The firm partners
are John B. Stetson Jr., former United States Minister to Poland and son
9514 July of the founder of the hat manufacturing company of that name, and Daniel
97 June S. Blackman, formerly a partner in the banking firm of BoennIng & Co.
102
AM The new firm will engage in a general investment banking business.
ien% Ant
95% Oct
Extension of the facilities of the Insurance Department of Albert M.
89
Apr
55
Oct
73
72
9754
90%
Oct 8611 Mar
Oct 86% Mar
Jan 10134 Aug
Oct
Jan 100
7,000
77,000
24,000
17,000
77%
83
6611
8554
Oct
Oct
Oct
Jan
41,000
6,000
9354 Oct 101% Sept
Apr
50
Oct 85
42,000
6634
Oct
85%
9854
91
95
Mar
Mar
Mar
Apr
9414 Mar
3,000 70
12,000 65%
29,000 96
16,000 9554
5,000 103%
75,000 74
73,000 7734
Jan 83
Jan 84
Oct 101
JAL 100
Mar 107%
Oct 9234
Oct 9714
May
July
Aug
Sept
Aug
Mar
Mat
30,000
17,000
10,000
13,000
1,000
8
Sept
7
Oct
8
Oct
Jan 101
Feb 103
Jan
Jan
Jan
Apr
Sept
94
97
Mar
June
2,000
2,000
16,000
3%
244
33.4
93
98
80
83
Oct
Oct
80% Oct
90% Mar
•No par value. I Correction. m Listed on the Stock Exchange tills week. whet,
additional transactions will be found. n Sold under he rule c Hold for cash
s Option Balm. I Ex-rights and bonus. w When issued. s Ex Myr V Es-rights
"Under the rule" sales as follows:
Amer. Commonwealth 08, 1949, Jan. 22. 83.000 at 1069S107
Associated Laundries. Feb. 17, 100 at %.
Atlas Utilities oom. Oct. 9, 22 at 534.
flaw-Knox Co.. Jan. 2, 58 shares at 31.
Burro Co., Jan. 26, 50 warrants at 454.
Central States Elec.. Feb. 6. 3,300 shares 6% pref. at 70.
Coon(W. B.) Co.. Oct. 9, 100 at 74.
Donner Steel Feb. 27. 50 shares oommon at 33.
Electric Power dr Light 58, 2030 new, Sept. 16, $30,000 at 923-4093.
General Was. Wks Gas & Eleo. 6s. 1944, Jan. 29. 31.00/ at 9044
Gerrard (S. A.) Co.. Jan. 2. 105 shares nom: at 24.
Gorham Mfg corn• to. April 23. 1 at 4334.
Happiness Candy Stores (tom., Feb. 3, 100 at 114.
Houston Gulf Ciao. Mar. 3. 2 shares at 19.
Jersey Central Power dr Light 7% preferred. Sept. 11.50 at 10941.
Kopper Gas & Coke pref.. May 6, 25 at 102%.
Mohawk & Hudson Power. Feb. 6, 75 thane 26 pref. at 112,
Neve Drug Stores, May 16. 20 shares at 2
"
Russian Govt. 540, 1921 MM. Feb. 7. 58.000 at 7
Sheeler(W. A.) Pen Co., Oct. 2, 335 at 4911 @)5034 •
Singer Mfg., Ltd.. Feb. 18. 100 shares at 8.
United Elec. Service Amer. shares. Aug. 27. 100 at 15.
s "Ovilonsl" sale as follows:
Agricultural Mtge. Bk. of Colombia 75. 1946. 850.000 At 77078
American Aggregates deb. 6s, 1943, Oct. 11, 31,000 at 70.
Cuban Telephone 7448, 1941, Oct. 15, 81,000 at 101%.
Del. Else Pow 654. 959 Feb 19. 11.000 as 92%.
Fisk Rubber 510, 1931, Oct. 11, 52,000 at 25.
General Vending 68. 1937, Oct. 15, 81,000 at 19.
Intercontinente Power dot, 6s. i 948, with war.. July it. 85,000 at 97,
Italian Superpower 68, 1943, without warr., Oct. 16, 81,000 at 653.4.
Leonard Tleti 740 194li with warrants, May 12. 33.0(8) at 115,
Mead Corp. (is, 1945, with wan., Oct. 15, 36,000 at 94.
Middle West Utilities 58, 1935, Oct. 16, $1,000 at 9514•
Feb. 10. 100 smarm at 138.
Montreal Lt., HI & Pow
Morris & Co. 710, 1930. June 30, 82,000 at 101%
Patterson-Sargent Corn. corn.. Jan. 16. 100 at 2244.
Peoples L. & Pow. 5s, 1979, Feb. 26, 52.000 at 7434.
St. Louis Coke & Gas 13s. 1947, Oct. 11,51.000 at 58.
Schulte-United 50. dr $I Stores, Oct. 11, 100 at 1434.
Sou. Calif. Liss 65. 1937 wee 15. 111,000 at 904.
Swift & Co. M. Oct 15 1932, Jan, 16, 55.000 at 9941•
Swift International, corn., July 10, 100 at 2834.
Waldorf Astoria 7s, 1954, Oct. 14, $1,000 at 84.
CURRENT NOTICES
HiCh.
19.000
16,000
14,000
4,000
6,000
[Vol.. 131.
Greenfield & Co. has been undertaken with the opening of a New York
office in the Lefcourt National Building at Fifth Avenue and Forty-third
Street. Harry MacIntyre, who has been engaged in the insurance busi
ness in New York for more than 20 years, will be in charge of the newly
opened office.
-J. K. Sutton has severed his connection with the firm of Roberts.
Sutton & Roach, Inc., and their firm name has boon changed as of Oct. 15
1930, to that of Roberts, Roach & Co., Inc. Their address is the same,
11 Broadway, New York. Announcement is made that Meredith J.
Roberts, formerly associated with Henry Zuckerman & Co .,' has become
a member of that firm.
-Charles D. Robbins & Co., brokers of New York and Chicago have
opened a branch office on the ground floor of the Merchandise Mart,
Chicago, under the management of John R. Mauff at one time Executive
Vice-President of the Chicago Board of Trade. Associated with Mr.
Mauff are Milton S. Hirsch, Henry S. White and Roscoe S. Watts.
-Walter 0. Schroeder has joined the brokerage firm of J. D. Schienman
& Co., 120 South LaSalle St., Chicago. to take charge of the new commission department and manage retail sales. Mr. Schroeder has been with
Colvin & Co., since 1924 and was made resident manager of their Chicago
office in 1927, resigning from that position only a short thne ago.
-Abbott, IIoppin & Co. announce the opening of a branch office in the
new Hotel Pierre, Fifth Avenue at 61 Street. This office is a further extension of their business now carried through their main office at 120
Broadway and in branches at 230 Park Avenue and in Bayshore, Long
Island.
The firm of Gorgas,Roberts & Co.,Inc., 342 Madison Ave., New York,
have associated themselves with 20th Century Fixed Trust and have
been appointed wholesale distributors for metropolitan New York for the
shares, according to the 20th Century Depositor Corp., sponsors for the
trust.
- Shelby Carter and Jackson Martindell announce the formation of a
C.
partnership for the purpose, primarily, of managing investment funds of its
partners and associate business interests. The firm to be known as Carter.
Martindell & Co., will maintain offices at 115 Broadway. New York.
-The Dunne-Davidson-Ranson Co., Inc., with offices in the Schweiter
Building, Wichita. Han., announce the association of David Barnes,
J. 0. Davidson, D. E. Dunne, D. E. Dunne Jr., G. M. Dunne, Gaylord
Martin and S. H. Ranson Jr., specializing in municipal securities.
Amos, Emerich & Co., Inc.. announce the resignation of Robert I.
Rheinstrom as a director and Vice-President of their company. Announcement is also made of the election of Robert M. Lass and Walter J.
Malatesta as Vice-Presidents of the same company.
The investment house of Calvin Bullock has opened a Buffalo office
in the Stock Exchange Building under the direction of George B. Watts,
formerly a salesman in the main office of tho company in Denver, Colo.
-William B. Weston, for nineteen years an executive of Harris, Forbes
& Co.and, more recently, Vice-President of American Reliance Management
Corporation, has become Vice-President of Rackliff & Co., Inc.
-Gammack & Co. of 39 Broadway, members of the New York Stock
Exchange, announce to-day the opening of a branch office at Southern
Pines, N. C., under the management of Augustine Healy.
-Hoagland, Album & Co., Inc. announce that William B. Harding.
Thomas A. Elwood, George W. Gibbs, and Gilbert T. Boohncke have
become associated with them in their sales department.
-Myron S. Hall & Co., members N. Y. Stock Exchange. 100 Broadway,
N. Y. City, announce that Winfield Newton Burdick has been appointed
manager of the investment counsel department.
-Earl M. Purdy has become associated with W. A. Harriman & Co.,
Inc. In their trading department.
-S. D. Satnick has retired from the firm of Noke & Co., New York.
as of Oct. 15 1930.
2525
FINANCIAL CHRONICLE
Ocr. 18 1930.]
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked "tf".
Chain Store Stocks Par Btri. .48 . Investment Trust Stocks
and Bonds (Cond.) Par Md. Ask.
Bid.' Ask. Reeves (DanleOpreferred100 94 100
18
20
Greenway Corp corn
.
Michigan 6e___ 4.80 4.50 Rogers Peet Co com____100 1110 130
Kanawha &
45
24
Preferred ex warrants _ _ _
t 1120
Kansas City Southern 53.45. 6.00 4.50 Schiff Co corn
Warrants
Cum cony pref 7%___100 -Louisville A Nashville 61._ 4.80 4.50
20
23
50
Guardian Investment
4.40 4.20 Silver (Isaac) & Bros com-t 35
Equipment63.4s
22
26
88
Cony preferred
1.25 3.75 7% cum cony pref_ _100 80
Michigan Central ISe
18
22
40
Preferred
Equipment (I............. 4.50: it 60 Southern Storm 6 units
5
3
Guardian Inveetors
4.50 IJ S Stores
Minn St PASS M Cie & as 4 75
55
$6 units
First preferred 7%___100 45
Equipment 610 & 7t.... 5.00 4.50
$3 unite
4.60 4.45 Young(EdwinTi) Drug units 100 105
MissouriPacific 634e
57 Preferred
4.90 4.56
Equipment 86
13 Incorporated Equities
4.50 4.25
Mobile dr Ohio Ea
3812 43
Incorporated Investors
Standard 011 Stocks
4.30, 4.15
New York Central &As & So
5114
Independenee Trust Shares _
4.90' 4.60
Equipment 60
2414 Industrial Collateral Assn..
25 .24
4.401 1.10 Atlantic Ref corn
Equipment 7
8
- 91, 1313
if
20
Industrial & Pow Sec Co
25 •12
4.30. 4.10 Borne Scrymser Co
Norfolk A Western 43.4e
913
51
52
Ineuransharee Ctfe Inc
4.40: 1.00 Buckeye Pipe Line Co_ 50 .
Northern Pacific is
34
37
Inter Germanic Trust
.25 •120 130
4.35; 4.20 Chesebrough Mfg Cons.
Pacific Fruit Express 71.
35
20
Int Sec Corp of Am corn A
4.30; 4.15 Continental Oil(Me) v t c 10 •5
Pennsylvania RR equip 5e
7
•1314 13 2
,
Common B
4.401 4.20 Continental 011 (Del)
Pittab A Lake Erie 6141_
8 4,2
Allotment certificates_
4.20: 1.10 Creole Petroleum
(t) .43
Reading Co 434s & be
25
35
7% Preferred
St Louis & San Francisco S. 4.45; 4.25 Cumberland Pipe Line 100 35
b- -1
3
;
634% Preferred
Seaboard Air Line 534s & Os 5.75; 5.20 Eureka Pipe Line Co_100 .312 40
893 ____
4
6% preferred
(t)
Southern Pacific Co 41is- 4.30 4.15 Galena Oil corn
.27
31
Interstate Share Corp
4.35 4.20 General Petroleum WI
Equipment 78
,
Invest Co of Amer corn....
4.50 4.25 Humble OH A Refining___25 573 2 74
Southern Ry 434e & be
80
85
7% preferred
100 305 325
4.80 4.50 Illinois Pipe Line
Equipment Os
•163s 163 Invent Fund of N J
714 812
4
4.80 4.50 Imperial 011
Toledo & Ohio Central Bs_
818 918
Investment Trust of N Y..
4.30 4.20 Indiana Pipe Line Co____10
Union Pacific 7s
4
International Petroleum _ _ _ t 1412 143 Invest Trust Associates_
15
20
4
1412 143 Joint Investors clans A
_
National Transit Co__12.50 .
,
13
Convertible preferred _ _50 3712 47 2
New York Transit Co___100 10
33
Keystone Inv Corp class A.
Northern Pipe Line Co__100 31
Aeronautical Securities
Clam B
25 •2214 2212
Ohio 011
914 10
Leader, of Industry
100 105 106
Preferred
Aeronautical Ind without war
3818
,
25 •1812 22 2 Massachusetts Investors- - - 36
Penn Met Fuel Co
Warrants
4712 4912
26
Mohawk Invest Corp
21^ Prairie 011A Gas
25 *25
2
Air Investors common
712 912
ss
283 Mutual Invest
4
1
25 *28
Prairie Pipe Line
Alexander Indus coos
Short Term Securities
718 75a
4
25 '94 93 Nationwide Sec Co IT etf B
Solar Refining.
8% participating pref____
6
7
11
Nat Re-Inv Corp
114 Southern Pipe Line Co..
.50 .9
If
Allis Chal Mfg Ea May 1937 102 102ss American Airports Corp___
29
North Amer Util See
25 ns
8
6
South Penn 011
Alum Co of Amer 6s May '52 10414 10412 Bellanca Aircraft Corp
46
Preferred
5
n1
Southwest Pa Pipe Line_50 .tto
9414 933 Central Airport
4
Am Metal 514e '34_ A&O
-. 7
68
738
525
North Amer Tr Shares
4
Standard 011 (California)-t . 8 53
1
Cessna Aircraft new corn...
Amer Rat) deb 43.4a May 47 0812 100
3
1
8
25 .413 4112 North A South Am B corn._
13
Standard Oil(Indiana)
10
m Roll Mill deb 6e_Jan '68 9914 9912 Consolidated Aircraft
2112 22
Oil Shares units
3
2
Standard OH (Kansas)_..25 .
4
Amer Wat Wke be '34_ _A&O 10214 1023 Consolidated Instrument__ t
1212
Old Colony Invent Tr corn.. 10
24 512 Standard Oil (Kentucky)_10 .2512 26
Curtiss Flying Service
Bell Tel of Can be A _ Mar '55 10412 105
85
88
4514 48
2
1
434% bonds
Standard 011 (Nebraska)_25 .
Curtiss Reid corn
Baldwin Loco 53.4,'33 M&S 10112 102
37
39
8
25 •5514 553 Old Colony Tr Associates__
Standard Oil of N. J
3
314 3 s
97 2 Dayton Airpl Engine
,
Cud Pkg deb 5146_0cl 1937 97
8
Overseas Sc
1918
25 .265 27
23
s 212 Standard 01101 N Y
Detroit Aircraft
ildleon El Ill Boston
Pacific Invest Corp corn__ _ 25 •5912 60
8
21s 25 Standard 011 (Ohio)
Fairchild Aviation class A_
.34% noten____Nov 1930 100
100
8
First preferred
100 1167 117
5
Preferred
3
5% notes Jan 15 '33_ _J&J 102 11;212 Federal Aviation
105 10534
Second preferred
Standard Oil Export pref_
26
27
Fokker Aircraft let pi
pick Rubber 534s__Jan 1931
,
Power & Light Secs Trust.. 12 47
25 03 4 10
22
19
Swan dr Finch
General Aviation 1st pf__ _
General Motors Accent
5
4 Union Tank Car Co.-It ) .
2512 26
14
PublicUtility Holding
Kinner Airpl & Motor
5% ser notes___Mar 1931 10012
97 10
8
61
Common with warrant...
604
n212 512 Vacuum Oil
25 .
4
Lockheed Aircraft
notes___Mar 1932 10(1, 101
5% ser
Cornwithout warrants...
12
,
Maddux Air Lines corn
5% ger notes___Mar 1932 100 4 101
173 2
Warrants
714
National Aviation
5% ear notee___Mar 1934 10014 101
Research Inv Corp corn.... 28
10
Investment Trust Stocks
n3
New Standard Aircraft__
6% ger notee___Mar 1935 10014 101
65
Units
5
and Bonds
3
,
Sky Specialtiee
5% ser notes___Mar 1936 100 4 101
742 lOis
Royalties Management....
10
115
Admstr A Research A
Southern Air Transport
Golf OH Corp of Pa
-912 1014 Seaboard Coot Corp unit...
n1
4
102 1C212 Swallow Airplane
All America Investors A
Debenture be__ _Dee 1937
1512
10312 Warner Aircraft Engine....
14
Common
3
1
Amer & Continental
Debenture Ea___Feb 1947 103
Second Financial Invest..
3
1
Amer A For Oh Corp unit...
WhItteLsey Mfg
KOPPers Gas dr Coke
-3Second Internal Sec Corp.. 11 4
Common
4
Debenture 5s__June 1947 100 1003
4
Common B
1938
51i% cony debe
Meg Pet 4tie_Feb 1530-35 99 10012
43 3
,
4
- 4 73
63
6% preferred
Amer Founders Corp corn_
Water Bonds.
Marlene' OH
9012
Second Nat Inveetors
8
Cony preferred
Serial 6% notes J'ne 16'31 1003
50
46 Select Trust Sharer;
6% preferred
8
Ark Witt let 58 A '58_A&O 07
Serial 5% notes Joe l6'32 1005 ftif
-138 1414
- 74912
Shawmut Assn tom
,
7% preferred
Birm WW 1st 5SisA'51 Adr0 10112 1E12
,
M8,4 Gas Co. 53i1 Jan 194.6 104 2 103
20
18
17c 20c Shawmut Bank Inv Trust_
hat Ml.1964 ser B__JAD 9812
1-40th
Peoples Gas L & Coke85
8c 11c
1942 80
City W (Chat) 5.14sA'5.1 JAI) 101 103
43-4.
1-70the
Deo 1930 100
&Sig
95
5s
1003 101
8
1952 83 88
Warrants
lst M 68 1954
SAD
!roc & Gamb 434s July '17
_
8
6.
1952 13.5
Amer & General See 8% ore 44
Woes-She: S dr I 434_1931 100,s 1003 City of New Castle Water
16
Southern Bond & Share
Chase A
SAD 93
5e Dec 2 1941
Swift & Co92
314
Common A
Class B
8
Clinton WW let 58'39.F&A
b% notes..-Oct 15 1932 1005 101
11
1312
Common B
005 100% Corn'w'th Wat let 514eA'17 100
8
Amer Insurance Stock Corp_
Union 011 Sc 1935____F&A
612
6
Preferred
Amer Invest Trust Shares
10012 101
W be Oct2'39 A&O 93 94
United Drug be 1932__AA
Standard Collateral Trust. _
Amer Ry Tr Shares
E St LA Int Wat 5. 42 J&J 9612 98
Debenture be 1933__A&O 10012 101
Standard Corporation
Astor Flminclal
JA
-1 100 102
let M 68 1942
Standard Investing Corp
Atlantic Securities corn
Huntington 1st fis '54..MAS 102
54
112
51i% pref with wan._ _ _
Warrants
1951 95
3.
46
43
;
75
Standard 011 Trust She A _ _
Preferred
Monm Con W 1s5511(6 J&D 9212
Pa
stucco Stocks
'
(1 8 77
,
-611 Bancshares Invest Inc A... _ 8 10
Class B
2
3
Mom Val W 5148 '50_J&J 97,
3
Class B
Standard Utilities
85
Muncie WW 5e0ct2'39 Ark0 93
•rx entail Cigar pref__.. 100
- -5"- 54
4
Straus (T. W.) Inv. Unts
Bankers See Tr of Am corn..
28
St Jos Wat be 1941
AA0 97
,
r1tish-Amer Tobae ord__£1
77
8 814
Super Corp of Amer A__
26
24
Shaming° Val W tte'66_A&O 90 Vi 13ankinetocks Holding corp.
el .
Bearer
3
4
7 8 73
Clam B
24
22
Bankshares Corp of U S Cl A
South Pittsburgh Water Co
mperial Tob eIGH & Irei'd
78
Trustee Stand 011 She A_
Bankstocks Corp of Md cl A
50
let 51 1)160 ...rim A _ _ _ J&J 95
Johnson Tin Foil & Met_100 40
7 8 88
7
8
14
Claret B
Clam B
let 5e 1960 series B_ J&J 05
Union Cigar
Trustee Transportation
4
Preferred
let M 5. 1955
FAA 99
Union Tobacco Co Class A_
-- 81 -11758
1,
8
Bogie Industry Shares.
..(t) -15 77 United F xed She sec Y
Terre H WW 6. 49 A_JAD 101
Young (J El) Co ocm----100 98
612 712 United Founders Corp core
British Type Investors-(t)
let M bs 1956 ser B_F&D 94
Preferred
100 101
14c lid
10012
30
35
1-70the
Cent Nat Corp A
Wichita Wat lst Os'49_MAS
15
10
United Trust Shares A 2_._
Class B
let M Si 1956 ear B_F&A (14
5
3
S Elee Pow Corp
Chelsea Exchange class A..
1
3
U S Shares clam A
ClassB
luau'. & Miscellaneous
22 4 2314
,
Class A 1
Colonial Investor Shares
Chain Store Stocks.
-178 934
44
100 34
Class A 2
Commonwealth Share corp.
Aeolian Co pre!
15
Control Trust Sharer (Me)
8
Boback (Ii C) Inc.
Class C 1
Aeolian Weber P & P_I00
50
54
100 102
25 .
American Hardware
Class C 2
ContInent'l Metropol
7% let preferred
4
ral
Butler (James) common____
100 119 123
Babcock & Wilcox
Class C 3
Continental Shares corn
16
•15
35
Preferred
Biles (E W) Co
Class
Continental Occur Corp.-(t) 34
100 ..15
65
30
60 .66
70
Diamond Shoe common__
Preferred
Clans F
Preferred
1714 1914
pref
100 108 113
Preferred with warr
95
Corporate Cap Corp units_
Child. Corp
Clam 11
Edison Bros Storm corn
Deferred stock
93 IS
4
Dixon (Joe) Crucible__ _100 150 160
U S & Brit Internal class B_
(t)
145
_
100 106 115
Preferred
Credit Alliance A
Safety Car HI & Ltg
Class A
43
Fan Farmer Candy Sh pf_t 27
32
erss 73
s
Corporate Trust Share,.....
Singer Manufacturing---100 3(10 100
Preferred
3212 3412
El .3 2 414 Fishman (H M1 Stores coal ---- 20
47
Crum & Forster Insurnsh B 45
U 8 Elee Lt & Pow tr et( A
Singer Mfg Ltd
812
8
103
Preferred
99 102
7% preferred
Trust etfs ser B
(It Atl & Pao Tea pref..100 118 121
90 102
8% preferred
13
lloworth-Snyder Co A
45
Crum & Forster Inc B
47
Knox Hat
- - 60
E6
Railroad Equipments
Devoe Wkshares ear N Y.l
Sugar Stocks
93
4
9
41
Kobacker Storm corn
28
Series B-1
100 to
83
4 97 Fajardo Sugar
8
18
Cum pref 7%
Devonshire Investing coin._
100
393 413 Godchaux Sugars Inc
Athudic Coast Line 64_100 4.85 4.60
t •14
4
4
65
4.15 Kress (5 H)
4.30
93 1012 Diversified Trustee She A.,.
4
pref
Equipment Otte
100 60
1918 197
8
Preferred
•3
4.00 4.60 Lerner Stores 614% pf w w. 90
95
Baltimore St Ohio 6a.
16
SharesB
163 Haytion Corp Amer
4
22
4.25 4.15 Lord & Taylor
100 n250 300
Equipment 448 A Pa.
Series C
65
8 7 8 Holly Sugar Corp eom----t .18
,
60
First preferred 6%..A00 1195
100 50
Eastern Bankers Corp corn_
Buff Roth es Pitts equip 6s. 4.50 4.25
Preferred
4.60 1.25
Second preferred 8%_100 1190 irks
Canadian Pacific 1114s A 6e_
100 271g 30
Units
National Sugar Ref
14
9
4.75 1.50 Machlarr Storm 7% of w w
75
.
Central RR of N J 138
Caul* Investing Corp unit.. 12
100
17
New Niquero Sugar.
76
4.80 4.60 Melville Shoe Corp
Chesapeake & Ohio Os
Equity Invest Corp corn
24
Savannah Sugar corn
t .71
95
1st pref 6% with warr_100 90
4.30 4.20
94
Unite
Equipment 6
62
100 85
Preferred
7
12
4.30 4.15 Metropolitan Chain Storm
Equipment be
Federated Capital corv
10
15
Sugar Estates Oriente r1..100
26
New preferred
New unite
100
chimer) A North West 61_. 4.80 4.50
Vertlentes Sugar pref...100 20
4.35 4.20 Miller (I) & BOOB COrn
29
_t 24
Eire: Amer Corp
EcluiPment 63.4.
Pirat Holding A Trod
Preferred 64%
100 -Rubber Stocks (Cleveland)
Chic RI dr Pao &Ms & Si... 4.40 4.20
2
4.70 4.50 Mock Judson & Voeringer pr
Equipment 6.
Fixed Trust Oil shares
t 5412 8
64 -11- Aetna Rubber corn
4
4.90 4.60 Murphy (0 C) Co com___t .40
50
Fixed Trust Shares cl A __(t) 1714
Colorado & Southern Om
Falls Rubber corn
t
10
. 4.80 4.50
100 101 110
Class B
8% cum pref
25
Delaware & Hudson (ia
Preferred
(t) 1518
4
1.60 4.40 Nat Family Stores Inc warn a_
3614 36
Foundation Sec own
Faultless Rubber
t'
43is & be
Erie
14
1 010
Preferred
4.80 4.60 Nat Shirt Shops corn
Equipment as
Gaul Tire A Rub corn ___25 ''-- -- 130
90
83
Preferred 8%
1013 n78
4.90 4.60
100 87
Preferred
Founders Sec Tr pref
Great Northern ea
Goody'r T & R of Can p1.100 flop 106
t
4.30 4.15 Nerlick's Inc corn
612 Founders Shares
6
Equipment Sc
2412
t •14
4.35 4.20 . Nelener Bros Inc Pref 7%100 78
93
General Belittles A
43
4 53 India Tire & Rubber
4
Hocking Valley ba
6
100
Gen Pub Were 6% ore!
Mohawk Rubber
99
4.80 4.50 Newberry (J) Co 7% pf 100 /193
Equipment es
93
95
_
45
Preferred
100
General Trustee common
14
t •10
Illinois Central 4145 & Ss.. 4.30 4.15 N Y Merchandise corn
412
Selberling Tire & Rubber__t .4
New milts
4.80 4.50 I First preferred 7%--_100
Equipment (le
loo as
Preferred_
115
6% bonds
15
4.40 4.20 Piggly-Wiggly Corp
Equipment 7s dr 14.Railroad Equip.(Cosc14.)
Public Utilities
Per B1.1. All.
Appalachian El Pr pref-100 108 109
Arhsona Power 7% pref_100 85
Aseociated Oat & Elea
.92
937
8
55 Preferred
(t) .491 5018
Cleve Floe III corn
100 112
6% preferred
Col El & Pow 7% Pt100 •112
•3512
Eastern U111 Assoc corn__ t
5812
Convertible stock
•8612 89
Den Public Utll 37 pref.__ t
Misslesippl Ely Pow 0_100 •10812
First mtge 58 1951___J&J 103 104
9812 9912
MAN
Deb 5e 1947
National Pow dr Lt
I •101 10212
38 Preferred
Verthern State] Power
100 106 109
7% preferred
Ohlo Pub Serv 7% Pref_100 107 10812
98
97
preferred
6%
,
4
Pacific Gas dr El let prof_ _25 .28 4 283
Pueet Sound Pr & Lt 56 Df_t •99 101
PO
$ Preferred
1 .88
2
lit & ref 614. 1949__J&D 102, 10312
go v El & Pow 8% pf___100 90
; lerra Pao El 00 6% p1_100 92
land Gee & El $7 pr of _(t) •108 111
26 prior pref
(t) .98 100
,
Tenn Elect Pow let pref 7%. 10812 110 2
101. 100 102
6% preferred
9612
95
Toledo Edison 5% pref___
105 106
6% preferred
l(1( 109 111
2% Preferred
97
98 2
,
Utilities Pr A Lt 7% 01.101
•
• par share
t No Par value. 0
Baits
I
Punch &Bo Pityll aeon. rile.
t Last sale.
n 4mumal.
Ex-rights.
r Canadian uuotatione.
s Bale Prim.
Abut*,
Current Camino
uarterip anb
kali Nearly.
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, covers merely the companies whose returns have come to hand since
the Oct. 17 issue of our "Monthly Earnings Record" went to press, and is presented with the view simply of
making it easy for subscribers to the "Monthly Earnings Record" to find the new statements.
Issue of Chronicle
Name of CompanyWhen Published Page
Alpha Portland Cement
Oct. 18..2526
American Hide & Leather Co
Oct. 18..2526
Arizona Edison Co
Oct. 18_2526
Associates Investment Co
Oct. 18..2526
Atlantic Refining Co
Oct. 18__2516
Bing & Bing,Inc
Oct. 18..2527
Bickford's,Inc
Oct. 18..2527
Central Vermont Ry., Inc
Oct. 18_2532
Community Power & Light Co
Oct. 18_2527
Crystalite Products Corp
Oct. 18_2527
Federal Water Service Corp
Oct. 18..2527
Gardner Denver Co
Oct. 18..2528
Green Mountain Power Corp
Oct. 18_2528
Issue of Chronicle
Name of CompanyWhen Published Page
(M. A.) Hanna Co
Oct. 18..2528
Harbison-Walker Refractories Co_ _Oct. 18..2528
Household Finance Corp
Oct. 18_2528
Iowa Public Service
Oct. 18..2529
Island Creek Coal Co
Oct. 18_2529
(D. Emil) Klein Co.. Inc
Oct. 18._2529
Kimberly-Clark Co
Oct. 18_2529
Lehigh Valley Coal Corp
Oct. 18_ 2529
McIntyre Porcupine Mines, Ltd
Oct. 18..2529
Magma Copper Co
Oct. 18..2529
Mathieson Alkali, Inc
Oct. 18..2529
Paramount Public Corp
Oct. 18..2530
Issue of Otronicle
Name of CompanyWhen Published Page
Peoples Gas Light & Coke Co
Oct. 18..2530
Ross Gear & Tool Co
Oct. 18..2530
Scott Paper Co
Oct. 18..2531
Seagrave Corp
Oct. i8..2531
So. California Edison Co., Ltd
Oct. 18..2531
Southern Canada Power Co
Oct. 18...2531
State Street Investment Corp
Oct. 18..2531
(S. W.) Straus Investing Co
Oct. 18_2531
Texas Power 8i Light Co
Oct. 18_2531
Ungerleider Financial Corp
Oct. 18_2531
Wisconsin Hydro-Electric Co
Oct. 18_2532
(William) Wrigley Jr. Co
Oct. 18_2532
•
Allen Industries, Inc.
Arizona Edison Co.
__Nine Months Ended Sept. 301930.
1929.
Net earnings after all charges including taxes
$187,007
$156,573
Earnings per share on common stock
$2.24
$1,82
12rLast complete annual report in Financial Chronicle April 26'30, p.2965.
12 Months Ended Aug. 311930.
1929.
Gross revenue
$1,906,978 $1.787.210
Operating expenses, maintenance and taxes, other
than Federal
1,112,251
1,017.574
Gross Income
Alpha Portland Cement Co.
12 Months Ended Sept. 30Net sales
Operating expenses
Depreciation
1929.
1930.
$10,294,030 $12.373,664
9,132,009
7,706.667
1,266,721
1,383,594
Operating profit
Other income (net)
$1,203,769 $1,974,934
228,372
288.815
Total income
Federal taxes
51.432,141 $2,263.749
152.124
274.404
Net income
Preferred dividends
Common dividends
$1,280,017 $1,989,345
140,000
140.000
1,777,500 2.133,000
Deficit
$637,483
$283.655
Earns, per sh. on 711,000 abs. coin. stk.(no par)
61.60
$2.60
a'Last complete annua report in Financial Chronicle Feb. 22, 30, p. 1264.
American Chicle Co.
Period Ended Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after deprec.
and taxes
$584,729 $1,697,411 $1,623,896
$616,077
Earns. per sh. on 500,000
abs. corn.stk.(no par)
$1.23
$1.17
$3.39
$3.15
farLast complete annual report in Financial Chronicle Feb. 8 '30, p. 976.
American Hide & Leather Co.
12 Weeks Ended Sept. 20Operating profit after depreciation,
interest, and reserve for taxes
Loss sale fixed assets
1930.
$27,145
1929.
1928.
696,986 loss$93,392
500
17,360
Net profit
$96,488 los$110,752
527.145
10
-Last complete annual report in Financial Chornicle Aug.9 1930, p. 941
and Aug. 16 1930, p. 1100.
American Telephone & Telegraph Co.
9 Mos. Ended Sept. 30Dividends
Interest
Telephone operating revenues
Miscellaneous revenues
x1930.
1929.
$110,383,792 $101,154,617
20,255,084
15,308,340
86,007,728
82.443.891
1.015,096
1,002,507
Total
Expenses including taxes
$217,661,701 $199,939.356
69,625,672
59,255,240
Net earnings
Interest
$148,036,029 $140,684.115
24,635,233
19,713.809
Net income
Dividends
5123.400,796 6120,970,305
101.119.330
85.648,957
Balanc
522,281,465 $34,321,348
Net incom par share
$8.13
$9.25
x Subject to minor changes when final figures for September are available.
127 Last complete annual report in Financial Chronicle Mar.8 '30, p. 1640.
-
Appalachian Electric Power Co.
(Incl. The Kentucky & West Virginia Power Co., Inc.)
-Month of July
12 Mos. End. July 311930.
1929.
1930.
1929.
Gross earns,from oper_ _ $1,641,253 $1,541,353 620.243,892 $19,023,771
869,867 10,974,726 10,395,273
Oper.expenses & taxes__ 1,013,683
Net earns, from oper_
Other income
$627,570
21,312
$671.486 59,269.166 $8,628,498
76.262
809,098
618,808
Total Income
Interest on bonds
Other int. & deductions_
$648,882
362,779
22,218
$747,748 $10,078,264 $9,247,306
364.129 4,356.798 4,078,885
11.633
198,729
359,009
$263,885
Balance
Dividends on preferred stock
5371,986 85,522.737 54,809,412
2,012,045
1,799,760
Balance
ividends on 2d preferred stock
53,510.692 6,3,009,652
700,000
700,000
Balance
52.810,692 52,309,652
Arkansas Power & Light Co.
$794,726
$769,646
Artloom Corp.
Period End. Sept. 30- 19o0
-a MOs.
-1929.
1930-9 Mos.-1929.
Net profit after allowing
for depreciation
$175,909 loss$34,920
$8,329
$327,380
larLast complete annual report in Financial Chronicle Feb. 1 '30, p.801.
Associated Gas & Electric Co.
-System
(Consolidated Statement of Earnings and Expenses of Properties Since
Dates of Acquisition.)
Increase
12 Months Ended Aug.311930.
Amount.
1929.
Gross earnings & other income_ 3109,470,099 $70,384,295 339.085,804 56
Oper. exps., maint., all taxes,&c 55,321.090 37,519,814 17,801,276 47
Prov.for retire, offixed cap., &c
5,921,402
3,736,273
2,185.129 58
Net earnings
Underlying dive. & Interest
Interest
$48,227.607 $29,128,208 $19,099,399 66
11,085,585
7,800,988
3,284,597 42
17,834,907 11,582,497
6,252,410 54
Balance
$19.307,115 59,744,723 $9,562,392 98
rg"Last complete annual report in Financial Chronicle May 3 '30, p. 3186.
Associates Investment Co.
9 Months Ended Sept. 30Earned interest and discount
Interest paid
Commission on coil, trust notes & insurance
Salaries
Branch office expenses
Other expenses
Reserve for Federal taxes
1929.
1930.
$2,325,096 62,218,296
512,934
442,858
86,118
92,541
348,756
186,562
440,613
441,569
133,044
136,656
101.279
116,093
Net profit to surplus
Balance Jan. 1
Increased capital
Sundry surplus adjustment
Total surplus
Dividends on preferred stock
Dividends paid on common stock
$766,005
3,712,081
$738.364
2,778,413
360,482
22,775
54.500.861 $3,877,259
68,222
68,148
231,228
203.568
Balance Sept.30
54.201.411 $3,605,541
Shares common stock outstanding (no Par)
77,758
80,000
Earnings per share
$8.97
$8.38
CR Last complete annual report in Financial Chronicle Feb. 8 '30, p. 974.
-
Atlantic City Electric Co.
(American Gas and Electric Co. Subsidiary.)
_Month of August- -12 Mos. End. Aug. 311930.
1929.
1930.
1929.
Gross earns,from oper__ $684,976
5663,275 57,522.937 66,668.047
Oper.expenses & taxes__
388,842
417,513
4,691.417
4,308,697
Net earns, from oper- $296,134
$245,762 52,831.520 82,359,350
Other income
10,816
940
100,514
63,602
Total income
6306,950
$246,702 $2,932,034 82,422,952
Interest on bonds
47,791
47,883
578,450
573,866
Other int. & deductions_
87,905
33,460
359,259
649,065
Balance
$171,254
8165,359 31.709.103 51,485,243
Dividends on preferred stock
157,698
157,698
Balance
$1,551,405 $1,327,545
Atlantic Refining Co.
(And Subsidiaries.)
Period End. Sept. 30-- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after deprec.,
deplet., taxes, intang.
develop., costs, &c$2,025,000 $4,824,591 $4,844,000 $13,687,001
Shs. corn. stk. outstdg.
(par 625)
2,696,642
2.670,551
2,670.551
2,696,642
Earnings per share
$0.75
$1.81
$1.80
$4.86
ra"Last complete annual report in Financial Chronicle Mar. 15 '30, p. 1832.
Bangor Hydro-Electric Co.
(Electric Power & Light Corp. Subsidiary)
-Month of August- 12 Mos. End. Aug. 31.
-Month of August--12 Mos. End. Aug.311930.
1929.
1930.
1929.
Gross earnings
1929.
1930.
1930.
$185,324
1929.
$180,189 $2,195,792 62,026.578
$809,021 $8,969,180 $7,995,957 ()per. expenses & taxes
Gross earns,from oper-- 5900,517
80,883
80.726
992,067
922,180
409,227
4,771,221
474,953
Oper. expenses & taxes__
4,110,436
Gross income
$104,441
$99,463 $1,203,725 $1,104,393
3399.794 $4,197,959 $3,885,521 Interest, &c
19,857
Net earns, from oper_ $425,564
17,357
222.134
223,813
27,101
445.419
Other Income
46.276
228,867
Net income
$84.584
$82.106
$882,264
$979,912
5426,895 $4,643,378 $4,114,388 Preferred stock dividend
Total income
$471.840
277,445
266,584
109,184
1,435,210
Interest on bonds
134,184
1,286.887 Depreciation
122,276
132.560
301,021
26.215
180.371
Other int. & deductions_
11,977
Balance
$493,405
3569,907
6291,496 82,907.147 $2,647.130 Common stock dividend
Balance
6325,679
320,404
421,464
779,155
700,297
Dividends on preferred stock
Balance
$173,001
$148,443
$2,127,992 $1,946,833
Balance
'Last complete annual report in Financial Chronicle April 12'30, p.2576.
OCT. 18 1930.]
FINANCIAL CHRONICLE
Baton Rouge Electric Co.
Congress Cigar Co.
-Month of August- 12 Mos. End. Aug. 31
1929.
1930.
1929.
$91,512 $1.354.177 $1,198,659
$103;2 8
4
569,543
663.982
48,261
52,040
66,118
71,096
7,241
5,274
113.512
121,617
9,289
11,578
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
$34,355
Income from other sources•
Balance
Interest and amortization
Balance
•Interest on funds for construction purposes.
$497,480
10,796
$449,484
11,716
$508.276
131,236
$26.719
$461,200
99,545
$377,040
$361,655
Bing & Bing, Inc.
(And Subsidiary and Affiliated Companies.)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Gross income
$654,382 $1,045,449 $2.213,065 $3,059,059
Exps., depr. & amort
1,341.111
1,186,553
462,859
390,515
Int.& Federal tax
458.507
298.562
145,802
88.047
Net profit
$573,392 $1,413,999
$509,132
$103,476
f2ff Last complete annual report in Financial Chronicle May 31 '30, p. 3883.
(Incl. Botany Worsted Mills)
6 Mos. End, June 301928.
1929.
1930.
Operating loss
$523,208prof$365.104 pr$469,982
Federal tax refund
645,963
$523,208pr$1,011,067 pr$469,982
408,691
378,991
325,282
233,638
229,574
69,000
67,695
941,658
799,214
$2,004,051
149,821
3.800
$568,856
$1,850.430
Net loss
Cushman's Sons, Inc.
Period End. Oct. 4-- 1930-12 Weeks
-1929. 1930-40 Weeks
-1929.
Net profit after int.,
deprec., Fed. taxes, &c $187,351
$104,610
$923,473
$624,774
Earns, per shr. on cony.
pref. stocks
$14.96
$1.69
$10.12
$3.03
120 Last complete annual report in Financial Chronicle may 10'30, p. 3361.
-
$568,087
(Electric Power & Light Corp. Subsidiary)
-Month of August- -12 Mos. End. Aug. 311930.
1929.
1930.
1929.
Gross earns, from oper__ $455.290
$427,521 $5,262.589 $5.086.682
181.810
2,307.352
2,489.541
Oper. expenses 84 taxes-214,279
Net earns, from oper- $241.011
$245.711 82,773.048 82.779,330
Other income
8.599
114.520
1.346
45,017
Total income
Interest on bonds
Other int. & deductions..
$242,357
58,125
3.586
$254,310 $2.818,065 $2,893,850
697,500
697.500
58.125
2,649
31.305
19.737
Balance
$180,646
Dividends on preferred stock
$193,536 $2,089,260 82,176,613
300,963
245,000
Balance
Botany Consolidated Mills, Inc.
Loss for period
Miscellaneous income
Minority interest
Period End. Sept. 30- 1930-3 Mos.-1929. 1930-9 Mos.-1929.
Net income after all chgs
$804,620 $1,119.959 32.079,327
$463,070
Earns. per sh. on 350.000
shs. corn. stk.(no par)
$1.32
$2.30
$.3.19
$5.94
tarLast complete annual report in Financial Chronicle May 3 '30, p. 3167.
Dallas Power & Light Co.
Bickford's, Inc.
9 Months Ended Sept. 301929.
,
1930.
Net profit after charges and taxes
3445,988
$341.947
Earns, per sh. on 248,744 shs. com.stk.(no par)....
$0.97
$1.39
rg'Last complete annual report in Financial Chronicle Apr. 26 '30, p.2967.
Loss before charges
Interest
Depreciation
Miscellaneous deductions
Inventory adjust., &c
2527
$862,959
769
$862,959
Carolina Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of August- -12 Mos. End. Auo. 311930.
1929.
1930.
1929.
Gross earns,from oper_- 8747.563
$737,878 $8,921,008 89.310,815
Oper.expenses & taxes-333.918
365,413 3,968.249 4.239.663
$1.788,297 $1.931,613
Detroit Edison Co.
(And Subsidiary Utility Companies)
12 Months Ended Sept. 301929.
1930.
Total electric revenue
$51.435,085 $53,060,593
Steam revenues
2,757.929
2,771,299
Gas revenues
442.888
398.974
Miscellaneous revenues
Dr. 12,667 Dr. 10,221
Total operating revenue
Non-operating revenue
354,636,604 856,207.275
73.681
65.512
Total revenue
Operating & non-operating expenses
Interest on funded & unfunded debt
Amortization of debt discount & expense
Miscellaneous deductions
$54,710,285 356,272,787
37,142.803 36.933.499
5,372,994
5,723.585
327,037
313.698
33,640
38,325
311.478.535 $13,618,955
Net income
131
-Last complete annual report in Financial Chronicle Jan. 25 '30, p. 615.
Devonshire Investing Corp.
Net earns, from over..
Other income
3413.645
38.785
$372,465 $4,952.759 $5,071,152
101,583
1,053,240
762,646
Earnings for 12 Months Ended Sept. 30 1930.
Income interest-miscellaneous
Cash dividends received
Frofit-sale of securities (after Federal taxes)
Total income
Interest on bonds
Other int. & deductions-
$452,430
194.062
24,112
$474,048 $6,005,999 $5,833,798
194,102
2,329,184
2,053.687
22.309
262.903
262,136
Gross income
Expenses
Taxes, including Federal tax on income
Balance
$234,256
Dividends on preferred stock
$257.637 $3,413,912 $3.517,975
1,258,800
1,201.051
Balance
$2,155,112 $2,316.924
110"Last complete annual report in Financial Chronicle Apr. 19 '30, p. 2767.
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary)
-Month of August
-12 Mos.End.Aug.311930.
1929.
1930.
1929.
Gross earns,from oper
$237,709
3229.381 $3.230,764 82,710,927
Oper.expenses & taxes..
136,089
156,607
1,893.927
1,617.194
Net earns, from oper_
Other income
$101,620
28.744
$72.774 $1,336,837 $1,093.733
6,095
144,120
51,195
Total income
Interest on bonds
Other int, and deduc'ns_
$130,364
31,250
419
$63,462 $1,216,056
107,288
$973,771
76,031
$1,108,768
$897,740
Balance
Century Shares Trust.
Earnings for Nine Months Ended Sept. 30 1930:
Net income for period
Previous surplus, Dec. 31
Fairbanks Company.
(And Subsidiaries)
l'eriod End. Sept. 30- -1930--3 Mos.-1929. 1930-9 Mos.-1929.Gross operating profit-- $150,815
$265,053
$778,136
8535,917
Expenses
114,247
106,787
328,574
332.288
Int., depr., Fed. tax, &c
65,026
50,167
159.484
196,408
Net profit
Loss$6,140
$44,145
$85,780
$253,154
Earns, per sh. on 10,000
shs. of 1st pref. 8%
stock (par $100)
Nil
$8.58
325.32
$44.41
ICR
-Last complete annual report in Financial Chronicle Mar.29'30, p. 2216.
Total surplus
Adjustment of Federal income tax for 1929
$218,295
8.116
Surplus Sept. 30
8210,179
Mr-Last complete annual report in Financial Chronicle Mar. 1 '30, p. 1465.
Cities Service Co.
-Month of September- -12 Mos. End, Sept. 301930.
1929.
1930.
1929.
$4,939,808 $3,783,139 $60,266,054 $440,762,165
254,444
117.312
2,135.867
1,247,613
Gross earnings
Expenses
Net earnings
Int. & inset. on debens
$44,685.364 $3,665.827 $58,130,186 $39,514,552
1,023,591
619,692
8.012,084
6,522.825
Net to stocks & res'ves $3,661,772 $3,046,135 $50,118,102 $32,991,726
Divs, preferred stock......
613,462
567,967
7,316,031
6,782,249
Net to corn. stk. & res. $3,048.309 $2,478,167 $42,802.071 $26,209,476
Number of times preferred dividends
6.85
4.86
Net ta corn. stk. and reserves on average number
ofshares of common stock outstanding
$1.46
$1.13
13'Last complete annual report in Firuincial Chronicle Apr. 26'30, p. 3011.
Community Power & Light Co.
(And Controlled Companies)
-Month of Sept.- -12 Mos. End. Sept.301930.
1929.
1930.
1929.
Consol. gross revenue._
$449,120 '$467,975 $5,091,243 85.030,298
Oper.exp.incl. taxes__.
242,816
235,108
2.831,369
2,703,512
Balance avail,for int.,
amort.,deprec.,Fed.
Income taxes, diva.
and surplus
$206,303
8232,867 82,259,874 $2,326.786
Crystalite Products Corp.
Earnings for 3 Months Ended Sept. 30 1930.
Sales
Net profit after all charges and provision for Federal taxes..
Earnings per share on 6.515 shares common stock
Fall River Gas Works Co.
-Month of August
-- 12 Mos. End. Aug. 31
1930.
1929.
1929.
1930.
$74,995
$ 75,321 51.033.607 $1.006,743
$37,837
$442,976
$540,281
$502,716
7,409
5,799
67.413
63,234
12,532
11,724
174,942
138,197
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
$18,024
Income from other sources*
$130,105
88,190
$325,280
798
3228,284
$326,078
27.824
$228,284
23.183
Balance
$298,253
* Interest on funds used for construction purposes.
$205,101
314,012
Net income
Interest charges
Federal Water Service Corp.
(And Subsidiaries)
12 Months Ended Aug. 31Operating revenues
Net after depredation and ordinary taxes
Other income
Total income
x Net income
Preferred diva, of Federal Water Service
1929.
1930.
$16.094,431 $15,704,644
8.458,231
8.699,910
551.656
624,151
$9,324.061 59,009.887
3.149.875 3.095.772
843,938
984.664
Surplus
32,165.211 $2,251,834
Earns. per sh. on 563.400 sh.s. class A stock, after
provision for pref. divs, and participating prov_ $2.95
$3.03
x After interest, Federal taxes, subsidiary dividends, &c.
tZPLast complete annual report in Financial Chronicle Mar.22'30, p.2018.
Florida Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month ofAugust- -12 Mos. End. Aug. 311930.
1929.
1930.
1929.
Gross earns, from oper__ $747,823
$743,089 $11,496.560 $11.180,341
Oper. exp., incl. taxes__
5,974.009
425.956
436,730
5,945,876
Net earns, from oper_
Other income
3311,093
88.941
$317,133 $5,522.551 $5,234,465
103,220
1.135.968
1.230,167
Total income
Int. on mortgage bonds_
Int. on debentures (all
owned by Arn.P.&L.)
Other int. & deductions_
$4400,034
216,667
$420,353 $6,658.519 36.464,632
216,667
2.600,000
2.600,000
110,000
12,115
Balance
361,252
Dividends on preferred stock
$25,001
3.789
$0.31
$84.664
11,999
638
Balance
$72.027
rarLast complete annual report in Financial Chronicle Feb. 1'30, p. 806.
$78.869 $1,480,957 31,144.928
12.827
154,935
182,469
2,580
82,432
16,222
Balance
$98,695
Dividends on preferred stock
314.067
61.947
8.651
110,000
7.799
1,320,000
111,391
1,320.000
97.684
385,887 $2,627,128 $2,446,948
1,131.000
1,130,974
Balance
51,496,128 $1,315,974
10
-Last complete annual report in Financial Chronicle Mar.29'30, p. 2205.
(Vol- 131.
FINANCIAL CHRONICLE
2528
Green Mountain Power Corp.
Galveston Electric Co.
-Month of August- 12 Mos. End. Aug. 31
1929.
1930.
1929.
1930.
$120,649 $1,298,496 51.367,152
$106,860
5645,810
$653,815
$55.555
$57.593
149.321
154,765
11,165
12.256
75,143
65,889
8,327
5,879
1929.
1930.
12 Months Ended Aug. 31
$1,916,816 $1,944.458
Gross revenues
720,223
703,527
Oper, exps., maint. & taxes, other than Federal_ _
$424,225
580
$496,877
Balance
Interest and amortization (public)
$424,805
107,062
$496.877
110.661
1930-9 Mos.-1929.
Period End.Sept.30- 1930-3 Mos.-1929.
$905,676 $2,119.499 $2,345,570 $4,764,977
Net operating income
454,960
232,750
149,320
75,250
Interest
984.096
307,723
470.174
129.021
Deprec. & depletion
297,206
x
204,744
Federal taxes
Balance
Interest and amortization(G-11-E. Co.)
$317,743
163.137
3386.215
166,730
Gross earnings
gperation
aintenance
Taxes
Net operating revenue
$31.130
Income from other sources*
$45,601
$154,606
Balance
*Interest on funds advanced Galveston-Houston Electric Co.
$219,485
Galveston-Houston Electric Co.
Gross earnings
Oneration
Maintenance
Taxes
(and Subsidiary Companies.)
-Month of August- 12 Mos. End. Aug. 31
1929.
1930.
1929.
1930.
$446.045 $4,927.678 $5,270,022
$390,336
5201,875 $2,319,621 $2,414,710
5185,340
735.099
729,764
62,046
58,266
399.352
353.337
38,058
30,401
Net operating revenue $116,328
Interest and amortization
$144,063 $1,524,954 $1,720,860
866.281
817,243
$854,578
$707,711
Balance
arLast complete annual report in Financial Chronicle Mar.29 '30, p. 2206.
Galveston-Houston Electric Ry. Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of August-- 12 Mos. Ended Aug. 31
1929.
1930.
1929.
1930.
$605,660
$529,519
$53,563
$47,425
253,491
230,953
21,585
20,242
82,979
77,977
6,737
5.629
31,849
32.524
2,588
2,531
$19,021
Net operating revenue
Income from other sources*
Balance
Interest and amortization (public)
$188,063
193
$237,340
$188,256
122.726
$22,652
$237,340
125,147
$65,529
147,664
(M. A.) Hanna Co.
$701,405 $1,295,261 $1,805,097 $3,028,715
249,704
736,837
Net income
Preferred dividends-
8451.701 31,295,261 $1.068,260 33.028,715
Balance surplus
Shares corn, stock out542,929
542,929
1.016,961
standing (no par).--- 1,016,961
$4.14
$0.44
$1.05
$1.91
Earnings per share... __
x Company not liable for Federal taxes because of previous years losses
company.
and liquidation of
rZ"Last complete annual report in Financial Chronicle May 23'30, p. 3173.
Harbison-Walker Refractories Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929,
Net profit after deprec..
deplet.& Fed'l taxes... $772,000 $1,430,000 $3,324,000 $3,935,000
Earns. per sh.00 1,440,000
$2.64
$2.21
$0.96
$0.50
(no par)_
shs. corn.stk.
larLast complete annual report in Financial Chronicle Feb.22'30, p. 1288.
Haverhill Gas Light Co.
-Month of August--12 Mos. End. Aug.311929.
1930.
1929.
1930.
$709,232
$749,131
$55,776
$54,403
457,510
462,652
35,223
32,951
27,625
21,382
2,454
1,822
72,523
78,631
6,472
6,571
Gross earnings
Operation
Maintenance
Taxes
$186,464
$151,573
3,550
$186,464
6,054
$155.123
9,117
$180,410
Balance
* Interest on funds used for construction purposes.
$146,006
$13,057
Net operating revenue
Income from other sources
$112,192
145,542
Balance
-H. El. Co.)
Interest and amortization (G.
$1,213,289 51,224,236
Gross income
$11,625
Balance
Interest charges
Household Finance Corp.
1930-9 Mos.-1929.
Period End. Sept.30-- 1930-3 Mos.-1929.
after
$33,350 Consol. net income taxes $1.069.329
$82,135
Deficit
3769,045 x$2.939,869 $2,371,392
Fed. inc.
chgs. &
partic. pref.
* Interest on funds advanced Galveston-Houston Electric Co.
x Equivalent to $3.75 a share on 180,000 shares (par $50)
Last complete annual report in Financial Chronicle Mar. 29'30, p. 2206. stock under participating provisions of these shares and to $4.08 a share
l'
of class A" and class B" common shares.
on 554.560 combined number
$3.59 a
This compares with $3.59 a share on participating pref. stock and
shares outGardner-Denver Co.
share on 479,953 combined class A" and class B" common
1930-9 Mos.-1929. standing in 1929.
1930-3 Mos.-1930.
Period End. Sept.30Net profit after charges
r"Last complete annual report in Financial Chronicle Apr. 12 30, p. 2593.
3720,368 $1,133,900
$447.212
tiEiiici. 5132,297
tres
got .stz_i;311Ohs,
Houston Electric Co.
195.479
188,942
195,479
188.942
log (no par)
-Month of August- 12 Mos. End. Aug. 31$5.20
$3.24
$2.07
$0.51
1929.
Earnings Per share
1930.
1929.
1930.
$278,581 $3,195,078 $3,384,034
re Last complete annual report in Financial Chronicle May 10 '30, p.3363. Gross earnings
$244,033
1,605,706
1,524,003
129,660
116,392
Operation
489,630
485,690
42,819
39,318
Maintenance
283,724
General Electric Co.
250,455
26,681
21,742
Taxes
1927.
1928.
1929.
9 Mos. End. Sept.30- 1930.
$999,972
$934,928
$
$
$79,420
$
$66,579
$
Net operating revenue
2,866
16,520
287,886,541 301.812.809 242,676.762 225,959,611 Income from other sources *
Net sales billed
Cost of sales billed, incl.
$951,448 $1,002,838
. ,in resi;rv
e:ies, aint ezes and e
Balance
342,941
334,530
Interest and amortization (public)
254,760,877 263,316,462 213,350,235 198,796,918
prov.for all taxes
$659,897
$616,918
Balance
61,006
43,046
Net income from sales 33,125.664 38,496,346 29,326,527 27,162.693 Interest and amortization (GE.- E. Co.)
Sundry inc. less int. paid
$598,891
$573,872
11,324,254 11,400.578 9,515,097 8.030,362
Balance
& sundry charges---* Interest on funds advanced G-1I. E. Co.
Profit avail,for divs- 44,449.918 49.896.925 38,841,625 35.193.055
1,930,814
1,930.975
1,931,093
Divs,on specialstock_ _ _ 1,931.210
Idaho Power Co.
(Electric Power & Light Corp. Subsidiary.)
Profit avail, for diva.
33,262,241
-Month of August- -12 Mos. End. Aug. 31on corn.stk.&surp_ __ 42,518,709 47,965,832 36,910,650
1929.
1930.
1929.
1930.
Ohs. coin. stk. outstand.
7.211.481 7,211,481 Gross earns,from open._ $382,174
7,211,481
$356,981 $4,080,004 $3,695,078
8,845.928
(no par)
1,766,722
$4.61 Oper. expenses & taxes_ $5.12
1,995,639
156,463
$6.65
$1.47
168,446
Earnings per share
Orders Received.
$200,518 $2,084,365 $1,928,356
1930-9 Mos.-1929.
Net earns, from oper- $213,728
Period End. Sept.30- 1930-3 Mos.-1929.
76,983
83,104
4.873
6,104
$77,338,074 5116688,014 5267651,832 5337404,470 Other income
received
Orders
set and tube business, orders
As a result of the transfer of radio receiving
3219,832
$205,391 S2,167.469 52,005,339
Total incora
received, sales billed and net income from sales in 1930 do not include radio
650.000
650,000
54.167
54,167
Interest on bonds
sets and tubes, but income received is included in other income."
75,485
78,616
5,927
8,850
WLast complete annual report in Financial Chronicle Mar.29'30, p. 2197. Other int. and deducts-
tga
General Outdoor Advertising Co., Inc.
(And Subsidiaries.)
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$6,144,904 57,366.499 $17.441.901 $21,418,668
Operating revenues
5,925,213 15,352,966 17,977,476
incl. deprec_ - 5,142,499
Oper. exp.
Earns,from operations $1,002,405 $1,441.286 $2,088,935 $3,441,192
232,601
174,720
98,590
82.850
Miscellaneous income-- _
$1,085,255 $1,539,876 $2,263,655 $3,673,793
Gross earnings
Amort. of adv. display
1,862,872
1,726,843
615,438
570,760
plants
30,199
36,909
10,210
17,642
Interest
213,912
59,988
109.932
59,622
Prov. for Fed. taxes
$439,915 $1.566,810
5804,296
5437.231
Net profit
Earns, per share on 642,383shs. of no par corn.
Nil
$1.52
$0.89
$0.42
stk. outstanding
rrLast complete annual report in Financial Chronicle Feb.22'30, p. 1287.
Gulf States Utilities Co.
Gross earnings
,
'
IiLpe nte
( Iairationn e
Taxes
-Month of August- -12 Mos. End. Aug. 311930.
1929.
1929.
1930.
$695,143 $7,107,715 $5,923,362
$72111428
2,439,655
3,096,509
290,757
314,428
310,610
32,759
269,377
25,874
438,439
491,749
37,048
47,330
$159,738
Balance
Dividends on preferred stock
3142,374 51,438.853 $1,279,854
337,574
372,715
$1,066,138
Balance
$942,280
Indiana General Service Co.
(American Gas & Electric Co. Subsidiaries)
-Month of July- -12 Mos. End. July 311929.
1929.
1930.
1930.
$240,813 $3,367.880 $3,120,171
Gross earns.from oper__ $237,567
2,300,338
2,485,081
200,250
186,531
Oper. expenses & taxes_
Net earns, from oper_
Other income
$51,036
3.258
$40,563
2.470
$882,799
81.603
5819.833
28,844
Total income
Interest on bonds
Other int. & deductions_
$54,294
20,162
2,822
$43,033
20,296
12,171
$964,402
242,948
85,540
$848,677
244,797
97,761
$31,310
Balance
Dividends on preferred stock
510,566
$635,914
159,388
$506,119
48,960
$176,526
$457,159
Balance
Indiana & Michigan Electric Co.
(American Gas & Electric Co. Subsidiary)
Month of August-- 12 Mos. Ended Aug. 31
1929.
1929.
1930.
1930.
Gross earns, from oper'n 5581.109
3540.788 87,360,769 57,382,090
378.168
339.376
Oper. expenses & taxes_ 4,257,918 4.114,334
53,208,845 52,775,889
31,601
47,006
Net earns,from oper'n
Other income
$202,941
3,143
5201,412 $3,102,851 $3,267,756
214,704
16,180
201,847
Balance
Interest and amotization (public)
53,240,447 52,822,896
980,281
619,427
3206,084
100,345
5,658
3217,592 $3,304,698 $3,482,460
862,100
71,842
985,618
366,885
32,941
304,619
Balance
Interest (E. T.E. Co., Del.)
$2,260,166 $2,203,468
171,933
79,879
Total Income
Interest on bonds
Other int. & deductions_
Net operating revenue $333,794
Income from other sources*
$334,577
Balance
* Interest on funds for construction purposes.
$2,180,286 $2,031,535
Balance
$100,081
Dividends on preferred stock
Balance
3112,809 32,014,461
311,602
32,253.475
277.095
51,702,859 51,976.380
Key West Electric Co.
Industrial Rayon Corp.
(And Subsidiary.)
1930-9 Mos.-1929.
Period End.Sept.30- 1930-3 Mos.-1929.
Operating profit_ - .
3534.746 32,068,484 31,527,297
3630,591
263,034
577.029
Depreciation
89.389
194,211
36,055
33.165
11,447
Interest & discount
10,742
165,000
196,200
Federal taxes
64,300
63.600
Net profit
$369,610 $1.262,090 31,063.208
$362,038
Shs. corn. stk. outstand.
190,341
(no par)
199.851
190,341
199,851
35.58
Earnings per share
36.31
31.94
31.81
rarLast complete annual report in Financial Chronicle May 3'30, p. 3174.
International Cement Corp.
Period End. Sept. 30--1930-3 Mos.-1929. -1930-9 Mos.-1929.Gross sales
$9,638,985 510,377,104 525,930,394 $26,929,928
Less pkg. dis. & allow ce 1,863,848
5,040,597
2,166,606
Mfg. costs, excl. deprec- 3,618,328 4,085,503 10,097,951 10,659.525
Depreciation
1,932,654
2,160,579
863,371
880,634
Ship. sell. & adm. exp
3,895,500
1,410,425 3,656,087
1,276,834
Fed, taxes, contingency
reserve, &c
854,328
567,493
316,601
417,122
511,078
960,919
174,240
Int. chgs. & finan. exp
187,216
Net to surplus
$1,395,003 $1,360,356 33,446,766 33,527.764
Shs. corn. stk. outstand619,049
ing (no par)
633.452
633.452
619,049
Earns, per share
$5.70
$5.44
$2.20
$2.20
W'Last complete annual report in Financial Chronicle April 12'30, p.2669
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month of September--12 Mos.End.Sept.301929.
1930.
1929.
1930.
Gross earnings
$348,840 $4,477,799 $4,169,449
$366,241
2.504,851
Oper. expenses & taxes_
210,825 2,652,965
229,589
Net earnings
Bond interest
Other deductions
$136,652
1930-9 Mos.-1929.
1e
Period End.Sept.30-- 1930-3 Mos.-1929.
$5.645,931 35.761,459 317.490.005 316,777,629
Net sales
4,153,859 '13,028,719 12,271,099
4,356,795
Cost ofsales
1,668.667
2.050.649
540.275
Gen.exp. incl. bd. mt....688,442
Profit from operationOther income
$600,694 31.067,324 32,410,637 $2,837,863
149,183
506,218
26,463
239,570
Total income
Federal inc. tax (est.)
$840,264 31,093,788 32,916,855 32,987,047
358,250
350,023
131.250
100,832
Net after taxes
Preferred dividends- _
$739,432
150,000
$962,538 32,566,832 32,628.797
450.000
150.000
450,000
$589,432
$812,538 32,116,832 32.178.797
Net for common
Earned per sh.on 499.800
$4.23
$1.62
$4.35
$1.18
shs. corn. stk.(no par)
iff"Last complete annual report in Financial Chronicle Apr.26'30, p.2978.
Knoxville Power & Light Co.
(National Power & Light Co. Subsidiary.)
--Month of August- 12 Mos. End. Aug. 31
1929.
1930.
1930.
1929.
$255.476
$271,110 $3.312,427 $33.246.233
Gross. earns,from oper_
2,230,911
2,189,771
177.537
202,919
Oper.expenses & taxes.. _
Total income
Interest on bonds
Other int. & deductions..
379.020
16,781
9,267
$69,233 31,142,402 31,035.101
201,370
201,372
16,781
82,821
94,975
6.914
Jacksonville Traction Co.
-Month of August- 12 Mos. End. Aug. 311930.
1929.
1930.
1929.
Gross earnings
$83,098 $1,074,576 $1,162,859
$77,441
Operation
42,669
51,628
552,961
591,688
Maintenance
11,370
14,862
149,957
167,563
Retirement accruals *._ 15,311
14,897
173,481
188,309
Taxes
8,827
9,332
105,999
107,034
def$738
def32,622
361
373
6,249
6,280
Net operating revenue def31,100
Interest and amortization
def$2,996
$85,927
154,115
$101.982
158,849
$92.177 ' $108,262
Balance
def$68,188 def$56,867
* Pursuant to order of Florida Railroad Commission,retirement accruals
on the entire property must be included in monthly operating expenses.
OrLast complete annual report in Financial Chronicle Feb. 22'30, p. 1274.
Jamaica Public Service, Ltd.
(And Subsidiary Companies)
-Month of August- 12 Mos. End. Aug. 311930.
1929.
1930.
1929.
Gross earnings
$68,125
$62,321
$816,850
3741,422
Operating exps. & taxes_
42,156
38,737
485,255
433.181
$23,584
6,367
$331,594
$308,241
82.855
77,133
Balance (For res., retirements & divs)-- _ $15,923
$17,216
$248.739
$231,107
The above figures converted from X sterling at the rate of $4.86 2-3 to
the £1. Beginning with the month of April 1930, the current year's earnings and expenses include operations of St. James Utilities, Ltd. The 12
months'figures Include these earnings from Jan. 1 1930.
larLast complete annual report in Financial Chronicle April 26'30, p.2964.
Johns-Manville Corp.
(And Subsidiaries)
Period End. Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Sales
$12.581,619 317.184,461 338,143,538 346,776.102
Costs and expenses
11,223,356 14,411.931 34,827,342 40.587.315
Federal tax
155.396
289.230
373.169
666.391
Net profit
$1,202,867 $2,483,300 32.943,027 $5,522,396
Earns. per sh.on 750,000
shs. com. stk.(no par)
$1.43
$3.14
$3.40
$6.84
tg'Last complete annual report in Financial Chronicle Apr. 26 '30, p. 2978.
Kansas Gas & Light Co.
(American Power & Light Co. Subsidiary)
--Month of August-- 12 Mos. Ended Auq, 31
1930.
1929.
1930.
1929.
Gross earns, from oper'n 3476.125
3479.127 36.066,836 $5,638.504
Oper. expenses & taxes....
260,909
250.968 3.206.750
2.974,060
Net earns.from oper'n $215.216
$228,159 32,860,086 $2,664,444
Other income
7,014
21,548
146,972
325,325
Total income
$222,230
$249,707 $3,007,058 $2,989,769
Interest on bonds
75,000
85,000
995.333
1,020,000
Other int. & deductions_
7,643
5,423
66,259
66.741
$159,284 31,945,466
457,632
31,903.028
464.160
31,487.834 $1,438,868
(D. Emil) Klein Co., Inc.
9 Months Ended Sept. 301930.
Net profit after charges and Federal taxes
$244,848
Earnings per share on common stock
$1.94
a'Last complete annua report in Financial Chronicle Jan.25
$58,436
Kimberly-Clark Corp.
$951,619
213,763
Island Creek Coal Co.
Balance
Balance
387.140
28,704
$68,191 $1,122.656 $1,015,322
19.779
1,042
19,746
Period End. Sept.30- 1930-3 Mos.-1929.
1930--9 Mos.-4929.
Net profit after deprec.,
Federal taxes, &c____
$562,428
$766.903 $1.682,230 $2,254,555
Darns. per sit. on 593,865
shs.corn.stk.(par $1)_
$0.87
$1.21
$2.60
$3.54
IZi Last complete annual report in Financial Chronicle Apr. 26 30, p. 2977.
-
Balance
3139,587
Dividends on preferred stock
$6,083
$77,939
1.081
$1,009,775
221,931
$25,969
10,046
$92.565
28,310
564,254
$6,654
Net operating revenue
Interest and amortization
Net earns. from oper_
Other income
Balance (before provision for retirement reserve)
$737,856
$787,844
Kirlast complete annual report in Financial Chronicle Jan. 18 '30, p. 467.
Net earnings
Int. & amortiz. charges..
-Month of August- 12 Mos. End. Aug. 311929.
1930.
1929.
1930. $234,375
5228,782
317.740
$17,803
8,103
96,908
105,948
7,392
1,916
20,507
22,687
2,019
1,636
18,800
18,598
1,736
Gross earnings
Operation
Maintenance
Taxes
$138.015 $1,824,834 $1,664,598
676,194
774.413
36.785
40,646
Balance
First preferred dividends
Operating revenue_ -_
City of South Jacksonville portion of operating rev
2529
FINANCIAL CHRONICLE
OCT. 18 1930.]
1929.
$250,525
31.98
p. 633.
352,972
Balance
Dividends on preferred stock
3846,055
138.500
345,538
$750,910
138,500
$612,410
$707.555
Balance
W*Last complete annual report in Financial Chronicle Ap. 19 '30, p. 2769.
(S. S.) Kresge Co.
1930-9 Mos.-1929.
Period End. Sept.30-- 1930-3 Mos.-1929.
$33,557,618 $36,659,139 3101015.129 3104286.946
Sales
3,451,789 4,342.334 10,993,365 12,312,170
Earnings
1,310.411
1.477.460
414,215
521.080
Federal taxes
$3,037,574 33.821,254 39.682,954 310,834.710
Net profit
105,000
105,000
35,000
35,000
Preferred dividends_ _ _ _
Balance for common__ $3,002,574 $3.786.254 $9,577,954 310,729,710
Shares corn, stock out5.517.929
5,517,929 5,517.929
standing (par 310)..- 5,517.929
$1.94
$0.54
$0.69
$1.73
Earnings per share
.
ri'Last complete annual report in Financial Chronicle Feb. 8 '30, p. 984
Lehigh Valley Coal Corp.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net profit after int.,
taxes, deprec.. deplet.
$664,509
$358.683 loss$105,010
and min.int
3183,508
ra'Last complete annual report in Financial Chronicle Mar.29 '30, p.2223
•
McIntyre Porcupine Mines.
1930.
1929.
$2,365,433 $2,175,472
1,176,110
1,270,265
59.820
68.892
6 Months Ended Sept. 30Gross income
Costs and developments
Taxes
$939,542
Profit before depreciation
31,026.276
'Last complete annual report in Financial Chronicle June 7'30, p. 4064
Mackay Companies.
(Postal Telegraph-Cable Co.)
-Month of August--8 Mos. End. Aug.11029.
1930.
1929.
1930.
Telegraph & cable opersting revenues
$2,133,809 32.391,141 $18,699,302 $19,359.801
Expenses1,737.913
Repairs
126,332
197,377
1.313,316
All other maintenance_ _
2,342,637
238,294
1,622,942
252,605
Conducting operations
1,855,397
1,970,449 15,225,749 14,498,538
636,924
General & miscell. exp. 86,795
99,181
689.863
Total telegraph and cable
operating expenses- - _ 2,306,818
2.519,613 18,851.869 19.216.012
Net telegraph & cable
operating revenues_ __ -$173,009 -3128,471 -$152,567 -3143.788
80,000
Uncoil. oper. revenues- 55,000
5,000
10,000
360.000
Taxes assignable to oper.
280,000
38.000
30,000
Operating income_ _.._ -$216,009 --$168.471 --$487,567
Non-operating income__
231,168
8,435
23.563
Gross income
Deduc.from gross inc
$296,212
74.761
-5192,446 -$160,036 --$256,400 -3221.451
566.183
1,172.744
166,932
78,516
Net income
-5359,377 -3238.552-31.429,144 -$787,634
Income balance transf.
to profit and loss
-359.377 -238,552 -1.429,144 -787,634
arLast complete annual report in Financial Chronicle Feb.22'30, p. 1274.
Magma Copper Co.
Period End. Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net earnings after exp.
and deprec., but before
Federal taxes
$786,802
$804.896 $2,592,576
5193.483
110-Last complete annual report in Financial Chronciel Apr. 12'30, p. 2595.
Mathieson Alkali Works, Inc.
Period End.Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Total earns,from oper__
3951.984 32,638,787 32.724,667
3850.327
Prov.for deprec. & depl_
257.727
893,541
772,408
310,612
Net earns, from oper_
Income credits (net)- _ --
$539.715
8,136
$694,257 $1,745,247
8,361
43.951
Total income
Prov. for Fed.inc. tax
$547,851
58,023
3702.618 31.789,198 $1,977,440
93,086
191,736
250.536
31,952.258
25.182
Not inc. trans. to surp. 3489.828
3609.532 31,597,462 31.726,904
Shs.com.stk.out (no par)
650,380
588.328
650.380
588.328
Earnings per share
$0.69
$0.87
$2.26
$2.46
rarLast complete annual report in Financial Chronicle Feb.22 '30, p. 1292.
For.. 131.
FINANCIAL CHRONICLE
2530
Minnesota Power & Light Co.
Otis Elevator Co.
(American Power & Light Co. Subsidiary.)
12 Mos. End. Aug. 31.
Month of August.
1929.
1930.
1929.
1930.
$494,983 $6,440,783 $6,195,605
Gross earns, from oper_ - $539.099
2.185.293
2,499,254
175,218
199,094
Operating exp. and taxes
9 Mos. End. Sept. 30- 1930.
1927.
1929.
1928.
xNet earnings
55,841.869 56,425.177 $6,614,762 $4,734,113
Reserve for Fed. taxes
725,000
775,000
625.000
225,000
Reserve for pensions_
75,000
225,000
450,000
Reserve for contingencies
Net income
$5,216,869 $5,625,177 $5.614,762 $4,059,113
She. com. stk. outstanding (no par)
y430,813
2,000,000
y500.000
y431.181
Earnings per share
$8.74
$2.46
$10.67
$12.31
x Net earnings after all charges, maintenance and depreciation, and also
Federal taxes in 1927. y Par $50.
rag Last complete annual report in Financial Chronicle April 12'30, p. 2599.
-
Net earns.from oper _ _
Other income
$340,005
10,435
$319,765 $3,941,529 $4,010,312
156.538
105,348
8,636
Total income
Interest on bonds
Other int. & deductions-
$350,440
143,076
5,416
$328,401 $4,046,877 $4,166,850
1,545,483
1,598,339
128,242
59,504
5,112
74,938
Balance
Dividends on pref. stock
$201,948
$195,047 $2,373,600 $2,561,863
900,769
998,779
Pawtucket Gas Co. of New Jersey.
(And Subsidiary Companies)
-Month of August- 12 Mos. End. Aug. 31
1929.
1930.
1930.
1929.
$106.987
$113,214 $1,462,140 $1,466,751
53,678
53,595
655,329
681.356
4,664
6,843
88,876
83,731
7,434
82,640
7,584
87.875
$1,374,821 $1,661,094
Balance
Mohawk Investment Corp.
Gross earnings
Operation
Maintenance
Taxes
1930.
$132,935
7,768
39,077
1929.
$75,170
7,643
19,052
Net operating revenue
Interest charges (public)
$86,089
115,799
9 Months Ended Sept. 30
Dividends and interest received
Reserve for taxes
Expenses
$48,475
75,849
Balance
Interest charges(B. V.0.& E.Co.)
Net income
Dividends declared
$639,905
56.679
$552,361
184.868
$45,191
$609.1.
77
56,815
$583,225
191,866
$367,475
541,210
$391,359
$27.374
Balance, deficit
$29,709
For the nine months ended Sept. 30 1930 there was a net loss from the
sale of securities of $262.461, as against a net gain for the corresponding
period of 1929 of $767,651.
The liquidating value of the shares of this corporation on Sept. 30. after
all expenses and reserves for taxes, stood at $51.95 as against a similar
value of $60.54 on Dec. 31 1929.
Sept. 301930. Sept. 30 1929.
$4,682,838„
Paid-in capital and surplus
5,366,777
Net worth
4,028,598
60,449
77,538
Number of shares outstanding
85.13
Net worth per share
51.95
Last complete annual report in Financial Chronicle Apr. 12'30, p. 2396.
IgEr
$417,192
$686,072
Net profit
Earns, per share on 135,888 shs. 7% pref.stock_
$33.07
$5.05
M'Last complete annual report in Financial Chronicle May 24'30, p. 3730.
Motor Products Corp.
Peoples Gas Light & Coke Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$751,685 $1,309,358 $3,129,245
Gross operating profit_.. $202,964
72,259
70,564
21,517
25,307
Other income
(And Subsidiary Companies)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Gross operating revenues $8,946,956 $9.636,830 540,684.415 $41,468.540
*Net income after int.
taxes and deprec
1,356,831
1.349,969 6,877,685 6,611,351
Shares com, stock outstanding (par 5100)609,295
566,395
609,295
586,395
Earnings per share
$2.22
$11.28
62.38
$11.67
'Last complete annual report in Financial Chronicle Feb. 1 'SO, p. 1791.
Totalincome
Expenses
Depreciation
Federal taxes
$228,271
101,685
108,532
3,000
$773,202 $1,379.922 $3,201.500
408,991
344,033
136.452
284,492
325,596
96,164
310.000
93,000
70,000
$617,293 $2,200,017
Net income
$4470,586
$15,054
Shares cora, stock out197,386
197,366
standing (no par)__ - 197,366
197.366
$10.85
$3.13
Earnings per share
$0.08
$2.38
rirLast complete annual report in Financial Chronicle Apr. 26'30, p. 2981.
Nebraska Power CO.
(American Power & Light Co. Subsidiary)
-Month ofAugust- -12 Mos.End.Aug.311930.
1929.
1930.
1929.
$491,048 $6,412,943 $5,781,054
Gross earns.from oper__ $547,884
3,179,358 2,947,360
294,397
266,882
Oper.expenses & taxes_ Net earns, from oper_
Other income
$253,487
22,539
$224,166 53.233,585 $2,833,694
216,194
196.198
24,656
Total income
Interest on bonds
Other int. & deduc'ns
$276,026
67,250
24,837
$248,822 $3,449,779 $3,029.892
807,000
807.000
67.250
212,794
19.008
260.471
Balance
$183,939
Dividends on preferred stock
$162,564 $2,382,308 $2.010,098
409,000
364,000
Balance
Balance
Pennsylvania-Dixie Cement Co.
12 Months Ended Sept. 30Operating profit
Depreciation and depletion
Interest
Federal taxes
1930.
1929.
$2,552,762 $2,930,414
1,386,517
1,397,257
681,369
710,980
67,684
136,105
Ponce Electric Co.
-Month of August- 12 Mos. End. Aug. 31
1930.
1929.
1929.
1930.
$33,616
$27,705
$333.088
$359.216
15,347
13.751
156,123
149,265
1,424
2,351
19,302
23,933
3,302
33,561
26,643
2,064
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest charges
$9,538
Balance
$150,229
4,163
$133,244
5,695
$146,065
$13,542
$127,549
Puget Sound Power & Light Co.
(And Subsidiary Companies)
-Month of August- 12 Mos. End. Aug. 31
1929.
1930.
1929.
1930.
Gross earnings
$1,405.581 $1,339,589 $17,108,676 $15.941,018
7.693,229
7,258,679
Operation
634,424
562,825
1.193,640
1,121.596
Maintenance
109,325
106.251
192,057
177,274
Depreo.of equipment_ _ _
18,112
15.813
752.746
689,954
Taxes
69.269
73.577
$1,973,308 $1.646.098
Net operating revenue
Inc. from other sources_
Noblitt-Sparks Industries, Inc.
$574,447
72,576
$581,122 $7,277,002 $6,893,510
656,370
59.695
667,564
5640.818 57.944,567 $7,349,881
Balance
$647.024
Period Ended Sept. 30- 1930
-Month-1929. 1930-9 Mos.-1929. Interest and amortization
3,452,331
3,062,439
Net profit after charges.
deprec. & Fed. taxes
$109.363 5153.459
$4402,721 $489.673
Balance
$4.492,235 $44,287,441
60.666
78,326
60.666
Shares common stock (no par) 78,326
ta'Last complete annual report in Financial Chronicle Mar. 1 30, p. 1488.
$1.39
$2.52
Earns, per share
$5.14
$8.07
arLast complete annual report in Financial Chronicle June 28 '30, p.4620.
Railway & Light Securities Co.
North Coast Transportation Co.
Month of 2 Mos.End.
July 1930. July 31 30.
$226.674
$440,616
112,557
218,271
30,902
60,261
17,691
35,416
8,561
18,150
Gross earnings
Operation
Maintenance
Depreciation ofequipment
Taxes
Net operating revenue
Interest and amortization (public)
556.962
Balance
-Sound Power & Light Co.)
Interest and amortization (Puget
$108,516
18,783
$89,733
12,423
Ross Gear & Tool Co.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after charges
and taxes
$26,442
597,411
$283,390
$533.747
Earnings per share on
150.000 shs. capital
stock (no par)
$0.17
$0.65
$1.89
$3.56
a'Last complete annual report in Financial Chronicle May 17'30, p.3889.
$77,309
Balance
Northern Texas Electric Co.
Gross earnings
Operation
Maintenance
Taxes
Earnings for 12 Months Ended Sept. 30 1930.
Gross income
$1,373,096
Balance after expenses, taxes,int. & amortiz. chgs.& pref. divs
900,243
Earns, per sh. on 149,919 shs. common stock
56.00
rarLast complete annual report in Financial Chronicle Feb.22'30, p. 1295
(And Subsidiary Companies)
-Month of August- 12 Mos. End. Aug. 31
1929.
1930.
1929.
1930.
$211,097 52,502,714 52,760.701
$174.689
114,851
106.620
1,374,578
1,450.117
32,828
31,533
381,904
432.291
15.174
170,090
201.326
14,541
Net operating revenue
Inc. from other sources*
$20,698
$49.539
12.500
$576,140
112.500
$676,965
150,000
Balance
Interest and amortization
$20,698
562,039
5688,640
407,397
$826,965
449.675
$281,243
3377.289
Balance
Paramount Publix Corp.
1930-9 Mos.-1929.
Period End. Sept.30-- 1930-3 Mos.-1929.
Consol. net inc. after
charges & Fed.taxes- 55,100,000 54.601,000 $13,541,000 59,731,000
Average she, corn. stk.
2,948,397
2,368,180
outstanding (no par)_ 3,180,636 x2.647,326
$4.59
$4.11
$1.74
$1.80
Earnings Per share_ _ _
x Actual amount outstanding.
12:Mast complete annual report in Financial Chronicle Apr. 5 '30, p. 2432
Savannah Electric & Power Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of August-- 12 Mos. Ended Aug. 31
1930.
1929.
1929.
1930.
$170,463
5173,433 $2,217,330 $2,203,153
65,355
70,267
833,152
868,975
11,503
9,211
143,880
140,677
18,213
17,580
204,391
196,872
Net operating revenue
Interest and amortization
$75,391
$76,374 $1,035,904
435,235
$996,627
445,055
Balance
$600.669
$551,571
la"Last complete annual report in Financial Chronicle Mar. 1 '30, p. 1438.
Seagrave Corp.
9 Mos, End. Sept.30-Net sales
Cost of sales, sell. & adminls. exp_
1930.
1929.
1928.
51,310,727 $1,768,036 $1,490,453
1,258,241
1,539,011
1,257,435
Operating profit
Other income
$52,486
35,401
5229,025
38,548
$233,018
34,459
Total income
Charges and Federal taxes
$87,887
x12,771
$267,573
44,751
$267,477
40,068
Net profit
x$75,116
5222,822
5227,409
Shs. of com. stk. outsttlg.(no par)
122,700
114.968
120,170
Earnings per share
$0.21
$1.51
$1.41
x Federal taxes not included,
rag Last complete annual report in Financial Chronicle Apr.26, 30, p. 2985.
-
2531
FINANCIAL CHRONICLE
OCT. 18 1930.]
(S. W.) Straus Investing Corp.
Scott Paper Co.
1928.
1929.
1930.
56.489,723 $5,852,007 $5,073,706
3,455,888
3,620,658
3,249.874
122,274
166,889
206,174
300,610
1,184,975
1,280.394
1,544,595
77,112
95.061
103,443
9 Months Ended Sept. 30Net sales to customers
Manufacturing expenses
Maintenance
Depreciation
Selling and general expenses
Federal taxes
Net income
Preferred dividends
Common dividends
Earningsfor Nine Months Ended Sept. 30 1930.
5822.017
Net profit after Federal taxes and management fee
$0.62
Earnings per share on 600,000 shares common stock (no par)
10
-Last complete annual report in Financial Chronicle May 31 '30, p. 3898
$561,743
109.576
112,500
(Southwestern Power & Light Co. Subsidiary)
-Month of August
-12 Mos. End. Aug. 31
1930.
1930.
1929.
1929.
$796,882 59.985,101 59.749,835
Gross earns, from oper__
$836,390
4.950.042
445.118 4.967.582
431,670
Oper expenses;& taxes_ _
$692,215
124,902
164,528
$753,526
122,937
171,126
Texas Power & Light Co.
$339,666
Balance
$402,785
$159,463
153,000
153.000
Shs. cont. stk. outstanding (no par)_
158,909
' $2.95
Earnings per share
$3.71
$3.96
Apr. 26 '30, p. 2985.
tarLast complete annual report in Financial Chronicle
Net earningsfrom oper
Other income
5404.720
22,118
5351,764 55,017,519 54,799.793
164,155
9,691
199.803
Shawmut Association.
Total income
Interest on bonds
Other int. & deductions_
5426,838
174,188
20,816
$361.455 55.217,322 54.963.948
1.890.250
1.954.139
157.521
138.850
176,399
14.940
Balance
$231,834
Dividends on preferred stock
$188,994 53.086.784 52,934.848
567,872
698.562
Earnings for 9 Months Ended Sept. 30 1930.
Interest and dividends
Net gain on securities sold
$297,966
102,974
Total income
Expenses and interest
Reserved for taxes
$400,940
58,405
24,000
Net earnings
Dividends declared
5318,535
239,080
579.455
Surplus earnings
Based on Sept. 30 1930 market values, the asset value was $22.13 Per
share on that date.
rEF*Last complete annual report in Financial Chronicle Feb. 22'30, p. 1297.
Sierra Pacific Electric Cft
(And Subsidiary Companies)
-Month of August- 12 Mos. Ended Aug. 31
1929.
1930.
1929.
1930.
$125,291 $1,465,167 $1,421,366
$141.118
Gross earnings
Operation
Maintenance
Taxes
355,973
5.735
15,947
$51,617
6,830
14,065
$572,109
86,722
172,464
$541,723
90,478
161,015
Net operating revenue
Interest and amortization
$63,463
$52,778
$633,870
52,021
$628,147
66,381
Balance
$561.765
5581,849
OrLast complete annual report in Financial Chronicle Mar. 1 '30, p. 1458
Southeastern Express Co.
Revenues
Express-Domestic ____
Miscellaneous
Charges for transport..._
-Month of July- -7 Mos. End. July 311930.
1929.
1930.
1929.
$473,208
6
473,214
$573,125 54.013,173 54.600.340
6
1
573,125 4,013,179 4,600.341
Express privileges
-Dr
Revenue from transport..
Oper. other than trans
162,909
310.304
8.137
272,234
300,890
15.454
1,734,501
2,278,678
66.971
2.211.851
2.388,489
80.397
Total oper.revenues.._ _ _
Expenses
Maintenance
Traffic
Transportation
General
318,441
316,345
2.345,650
2.468.887
15.735
9,043
258,992
21.857
Operating expenses_ - _
Net operating revenue
Uncoil.rev.from trans
Express taxes
18.294
6,446
277,045
22,628
99,130
60,009
1.949.182
158,675
118.384
44,378
2,046,522
162.628
305,628
12,812
91
8.000
2,266,998
78,652
510
58,000
2,371,913
96,973
599
64,000
4.721
Operating income_
324.414
-8.069
261
10.000
-18.330
20.141
32,374
$2,388.222 52.366,976
Balance
Third Avenue Ry. System.
Operating revenue:
Railway
Bus
(Railway and Bus Operatio ns)
-Month of August- -2 Mos.End. Aug.311929.*
1930.
1929.*
1930.
51,137,576 $1.241,819 52,335,738 52,541,468
212,487
192.787
444,056
400,999
Total oper. revenue 51,350,064 $1.434,607 52.779.795 $2.942,468
Operating expenses:
Railway
$880,798
5970.922 $1.788.456 51.972,334
Bus
207,307
219.147
446.241
416.380
Total oper. expenses 51,088,105 51,190.080 $2.204,836 52.418,575
Net operating revenue:
$256,778
Railway
5271,887
3547.281
$569,133
Bus
5,179
-26.362
27.676
-45,242
Total net oper. rev_
Taxes:
Railway
Bus
Total taxes
Operating income:
Railway
Bus
Total oper. incomeNon-operating income:
Railway
Bus
$261,958
$244,526
$574,958
$523,892
$86,103
6,644
$88,483
6,154
5174.414
13.913
5179,336
12.811
$92,748
594,637
5188.328
5192,147
5170,675
-1.464
5182.404
-32,514
5372,866
13,762
5389,795
-58.054
5169,210
$149,889
$386,629
$331,743
523.033
872
523.733
712
546.234
1,709
$47,323
1,324
Total non-oper. IncGross income:
Railway
Bus
$23,906
524,436
$47,943
548,646
$193,708
-591
$206.137
-31,811
$4419,101
15.472
$437.120
-56.730
Total gross income_
Deductions:
Railway
Bus
5193.116
$174,325
$434,573
$380.391
5221.639
18.017
5223,595
15,675
5442.866
36.180
5446,768
31.042
$239,656
5239.271
$479.046
5477.811
-527,930
--18.609
517,457
--47,487
-523.765
--20.708
-59,649
--87,771
Total deductions_ Net income or loss:
Railway
Bus
Combined net income
or loss-ry. & bus_ --$46,54.0 -$64,945 --544,473 -597,420
*Corrected.
rieLast complete annual report in Financial Chronicle Oct.26 '29, p. 2676.
Southern California Edison, Ltd.
Gross earnings
Total expenses & taxes
Total net income
Fixed charges
-Month of September- -9 Mos.End.Sept.301930.
1929.
1930.
1929.
53,789.866 53,705.058 $30.821.615 $29.974,359
1.064.609 10,142.035
986.707
9.757.841
$2.803,159 52.640.449 $20,679,580 $20,216,518
601.629
577.090
5,284.727
4.963.297
Balance
$2,201,530 52.063.359 $15.394.853 $15,253,221
WEast complete annual report in Financial Chronicle Mar. 15'30, p. 1853.
Southern Canada Power Co., Ltd.
12 Months Ended Aug. 31Gross earnings
Operating expenses and maintenance
Net earnings
1930.
1929.
52.066,817 $1,920.136
757,544
675.790
51,309,273 51.244,346
State Street Investment Corp.
9 Months Ended Sept. 30Dividends and interest received
Reserve for taxes
Expenses
1930.
5533.875
28.751
145,374
Net Income
Dividends declared
5359.750
433,923
1929.
5342.348
20,541
177,752
Underwood Elliott Fisher Co.
(Including Elliott-Fisher Co. and domestic subsidiaries.1
Period End. Sept. 30-- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net after exp.& charges_ $634.645 $1,579,108 $3,480.688 55.552.351
Other net income
69,302
166,354
246.866
396,057
Total income
Depreciation
Federal tax reserve
$703,947 51,745.462 53,727,554 55,948,408
181,602
249.569
543.793
553,648
62,757
158,549
683.228
377,972
Net income
$459,588 81,337.348 82,805,789 34.711,532
Earns, per sh. on 696.835
abs. corn. stk.(no par)
$0.59
$1.79
36.36
$3.81
Note.
-Above earnings exclude equity in net income of non-consolidated
affiliated and subsidiary companies.
tra
-Last complete annual report in Financial Chronicle Mar. 1 '30, p. 1448.
Ungerleider Financial Corp.
Earnings for 3 Months Ended Sept. 30 1930.
Profit on sale of bonds
Interest earned
Dividends
Miscellaneous income
$6,023
65.267
41,072
5,604
$144,055
408.250
Total income
5117.966
Loss on sale of securities
240,329
Deficit
$74,173
$264,196 Salaries and expenses
31,075
For the nine months ended Sept. 30 1930 there was a net loss from the Current adjustment of securities
to lower of cost or market
174.038
sale of securities amounting to $520.170 as against a net gain of 55.275.023
corresponding period of 1929.
for the
Current addition to deficit
5327.476
The liquidating value of the shares of this corporation on Sept. 30.
UrLast complete annual report in Financial Chronicle Apr. 12 '30, p. 2604.
after all expenses and reserves for taxes,stood at $77.38, as against a similar
value of $87.94 on Dec. 311029.
Paid-in
Net
No. Shares Net Worth
United Biscuit Company of America.
Capital.
Worth.
Outsring. per Share.
516.143.740
Sept. 30 1929
529.099,155
(and Subsidiaries.)
206.916
$140.63
14,866.805
Sept. 30 1930
14,820,931
191,523
77.38
Earnings for 9 Months Ended Sept. 30 1930.
I'
Last complete annual report in Financial Chronicle Mar.8'30, p. 1668. Gross earnings
56.903.635
Depreciation
314.378
Tampa Electric Co.
Expenses
4,723.296
(And Subsidiary Companies.)
Balance
51.865.961
-Month of August- -12 Mos. End. Aug. 31- Other
income
116.907
1930.
1929.
1930.
1929.
Gross earnings
$351,115
5354,347 54,583,007 54.591.268
Total income
51,982.868
Interest
173.945
Operation
$151.875
$155,717 51,872,370 51.924.469 Federa State taxes
208,573
Maintenance
25,045
25.982
328,768
324,439 Organization expenses
24.390
Retirement accruals x- 42.331
45,584
546,484
540,288 Other deductions
23.818
Taxes
28,895
24.514
304.558
316.344
Net profit
51.552.142
Net oper. revenue_ __ - $102,030
$103,485 $1,530,825 $1,485,726 Preferred dividends
87.552
Interest and amortization
49,861
50,348
Balance surplus
51.464.590
Balance
51,480,964 51.435.378 Earns, per share on 488.320 shs. corn. stock (no par)
$3.00
x Pursuant to order of Florida Railroad Commission, retirement accruals
for a large part of the property must be included in monthly operating a For the quarter ended Sept. 30 1930 net profit was 5555.846. or $1.08
share on the outstanding common shares and compares with $716,410 or
expenses and such an accrual is included for the entire property.
$1.42 a share for the third quarter of 1929.
"Last complete annual report in Financial Chronicle Feb.22 '30, p. 1276.
ta-Last complete annual report in Financial Chronicle Mar. 15'30, p. 1846,
[VOL. 131.
FINANCIAL CHRONICLE
2532
Month.
Western Union Telegraph Co. (Inc.).
1927.
1928.
1929.
x1930.
9 Mos.End. Sept.30$
Gross revenues (incl.dividends and interest_ __ _102,056,635 111,163,667 102,852,646 100,447,452
Maintenance, repairs &
res've for depreciation 15,342,359 17,216,492 15,859,732 15,489,382
0th. oper. exp.(incl.rent
of leased lines & taxes) 76,411,445 79,627,632 73,055,690 70,978,853
2,705,858 2,689,144
2,707,548
Interest on bonded debt 3,707,907
6,594,924 11,611,995 11,231,366 11,290.074
Net Income
x Month of September estimated.
The net income of $6,594,924 is equivalent to $6.44 a share on 1.024,114
shares of capital stock, and compares with $11.34 a share in the first
nine months of 1929.
"Last complete annual report in Financial Chronicle Mar. 29'30, p. 2252.
3135,378
11,537
11,889
Net operating revenue
Income from other eourees x
$86,965
$131,323 $1,250,760
93,995
7,658
153.117
13,082
574.767
$844,859
13,870
Balance
Interest and amortization (public)
3858,730
169,827
Balance
Interest(E. T.E.Co., Del.)
$688,902
233,781
$455,121
Balance
Note -The present company is a consolidation of the Northern Division
of the former Western Public Service Co. and the Nebraska Electric Power
Co. Previous year's operations are not comparable and, therefore, will
not be shown until May 1931.
x Interest on funds for construction purposes.
Wisconsin Hydro Electric Co.
12 Months Ended Aug. 31
Gross revenues
Operating expenses, maintenance and taxes other
than Federal
1930.
5762.038
1929.
$697,721
349.941
289,697
$4412,097
Gross income
January
February
March
April
May
June
July
August
$
474,780,516
506,134.027
513,076,026
536,723,030
531,033,198
556.706,135
585,638,740
565,816.654
607.584,997
498.316,925
468.182,822
1930.
450,526,039
427 231,361
452,024,463
450.537,217
462,444.002
444.171,625
456,369,950
465,700,789
$
$
456,387,931 +18,292.585
505,249,550 +10,884,477
474.784,902 +38,291,124
510,643.213 +26,120,817
502,455,883 +28,577,315
512.821,937 +43.884,198
557,803,468 +27,835,272
556,003.668
+9,812,986
617,475,011
-9,890.014
531,122,999 -32,806,074
495.950,821 -27.767,999
1929.
486,628,286 -36,102,247
475,265,483 -48,034.122
516.620,359 -64.595,796
513,733.181 -63,195,964
537,575,914 -75,131,912
531,690,472 -87.518,847
557,522,607 -101,152,657
586,397,704 -120,696,915
Net Earnings.
$408,023
(William) Wrigley Jr., Co.
1930-9 Mos.-1929.
- 1930-3 Mos.-1929.
Peri2d End. Sept. 30
35.832.223 $5,931,862 516,236,023 515,582.730
Earnings
5,571,304
5,781,531
2,074,866
1.965.050
Expenses
404,842
382,947
137,040
124,118
Depreciation
1,071.670
1,018,498
397,033
taxes
397.889
Federal
(L. A.) Young Spring & Wire Corp.
Earnings for 9 Months Ended Sept. 39 1930.
30 0 6
$1,441:46
3
7
Total income
Estimated Federal taxes
$1.471.538
170,000
Net income
Dividends paid or declared
$1,301,538
875,698
$425.840
3,096,639
$3.522,479
Cr. 1,180
204.055
$3.319,605
Surplus Sept. 30 1930
$3.15
Earnings per sh. on 412,500 abs. capital stock (no par)
x Profits on purchase and sale of company's own stock.
arLast complete annual report in Financial Chronicle Apr.19'30, p. 2791.
Zonite Products Corp.
(Including Forhans Co. and A. C. Barnes & Co.)
1930-9 Mos.-1929.x
Period End.Sept.30-- 1930-3 Mos.-1929.x
Net income after charges
5679.442 x$230.366
x$71.670
$219,926
and taxes
176,000
704.771
176.000
704.771
Shs.coin.stk.out.(no par)
$1.30
$0.40
30.96
$0.31
Earnings per share
x Excludes Forhans Co. and A. C. Barnes & Co.
annual report in Financial Chronicle May 24'30, p.3738.
w
ta Last complete
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Inc. 1+) or
Period
Covered.
Name1st week ot Oct
Canadian National
Canadian Pacific.______.__lst week of Oct
1st week of Oct
Georgia & Florida
Minneapolis & St Louis.. 1st week of Oct
1st week of Oct
Mobile & Ohio
1st week of Oct
Southern
Southwestern
1st week of Oct
St Lows
.1st week of Oct
Western Maryland.
Current
Year
Previous
Year
Dec. C-).
4.427,882 5,321,526 --893,644
4,452,000 --451,000
4,001.000
23.950
i-10,050
34.000
9,972.539 11,406,402 --1,433.863
392,186 --130.986
261,200
2,960,017 3,730.701 -770,684
616,907 --162,107
454,800
405,871
--59,862
346,009
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the not before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Mites.
242,668
240,427
240,816
240,798
241,243
241.183
241.253
241,447
241,451
241,326
240,773
1929.
242.175
242,113
241.964
242,181
241,758
241,349
242,979
242,444
Inc (4.) or Dec.
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
Amount.
$
$
s
126,868,848
139,639,086
136.821,660
146,798.792
150.174,332
468,428.748
190,957.504
181,413,185
204,335,941
127,163,307
106,315.167
1930.
94,759,394
97,448,899
101,494,027
107.123,770
111,387,758
110.244,607
165,580,269
139,134,203
108,987.455
132,122,686
110,884,575
129,017,791
127,514.775
137,825.367
174.198,544
178.800.939
218,519,313
157.192,289
138,7)1.238
1929.
117,764,570
125,577.856
139.756.091
141,939,848
147,099,034
150,199,509
216,676,313
19,4197,599
Per Cent.
+17,381,398
+7.516.400
+25,937,085
+17.754,091
+22.659,557
+30,793,381
+18,758.860
+2,812.248
-12.183,372
-30,028,982
-32.186,071
+15.95
+5.68
+23.39
+12.09
+17.77
+22.37
+9.82
+1.46
-5.83
-19.11
-23.12
-23,005,176
-28.128,967
-38,202,064
-34,815,878
-35.711,276
-39,954,902
-51.006.044
-52,063,396
-19.55
-22.40
-27.46
-24.54
-2412
-28,58
-23.61
-27.21
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, tko., or where they differ in
some other respect from the reports to the Commission.
Alleghany Corp.
Quarter Ended Sept. 30
Dividends and interest received
Interest paid
General expenses
1929.
1930.
$2,325,666 $2,036,254
739,288
1,132,915
37,255
30,957
Balance
Profit sale of stocks
51.161,794 $1,259,711
196,874
dr.70,377
$1,091,417 11,456,585
707.505
918.978
$172,439
4,152,547
$0.04
$749,080
4,133,523
$0.18
Central Vermont Ry.
Net profits for period
x Other income
Total surplus
Tax adjusted for former years
Patent account adjustment
1928.
1928.
Net income
Net profit
$3,395.165 $3,322,922 $9,053,046 58,534.912
Preferred dividends
Share; el pltal stock out
1,972.462
2,000,000
far < :ug (no par)_ _ _ _ 2,000,000
1,972.462
$4.52
$4.33
$1.69
$1.68
Surplus
Ear lags per share
re'Last complete annual report in Financial Chronicle Mar.15'30, p. 1847. She. corn, stock outstanding Coo Par)
Earns, per share
Balance, surplus
Surplus Jan. 1 1930
1929.
Miles.
242,884
241,185
240,956
241,280
241,608
241,450
241,026
241,704
241.622
241,659
241,864
1930.
242,350
242,348
242,325
242.375
242,156
242,320
235,049
241,546
1929.
(And Subsidiary Companies.)
-Month of August- 12 Mos. End.
1929. Aug. 31 '30.
1930.
$226,831 $2.342,732
3245.771
Operation
Maintenance
Taxes
1928.
1929.
Nebruary
March
April
May
June
July
August
September
October
November
December
(+) or
Dec. (-).
Month.
Western Public Service Co.
Gross earnings
Length of Road.
Gross Earnings.
United States Freight Co.
(And Wholly Owned Subsidiaries)
Earnings for 8 Months Ended Aug. 31 1930.
$631,821
Net profit after all charges and taxes
$2.11
Earnings per share on 299,640 shares no-par stock
May 17'30, p. 3664.
-Last complete annual report in Financial Chronicle
TO
-Month of September- -Feb. 1 to Sept. 301929.
1930.
1929.
1930.
$751,164 $5,238,405 $6,121,822
$622,010
4,699,446
553,003 4,074,317
441,944
166,312
254,167
21,051
31,557
Railway oper. revenues_
Ry.op. exp.(excl. dep'n)
Ry.oper.exp.(deprec.)_
Total ry. oper. exps-Net rev. from ry. open;Rallway tax accruals.-Uncoll. ry. revenues-.....
Total taxes & uncoil.
ry.revenues
$473,502
148,507
15.088
70
$574,054 $4,328,485 $4,765,759
1,356,063
909,919
187.109
126.443
128,170
15,901
109
-54
199
$16,159
515,846
Railway oper.income_
Non-Oper. Income
Hire of frt. cars, cr. balRent from locomotives_ Rent fr pass. train ears..
Rentfrom work equip't_
Joint facility rent income
Inc. from lease of road__
Miscell. rent income_ _ _ _
Misc. non-op. phys.prop
Inc. from funded secureInc.fr. unf.sec. & accts..
Miscellaneous income_ _
5132,347
5171.262
532.881
1.162
7,200
547
4.997
-5,194
867
312,995
8,666
8,175
209
1,067
1,402
392
630
250
10,436
120
Total non-oper. inc.__
Gross income
Ded.from Cross Inc.
Rent for locomotives_..
Rent for pass,train cars_
Rent for work equipment
Joint facility rents
Rent for leased roads_ _ _
Miscellaneous rents_ _ _ Miscell. tax accruals
Interest on funded debt..
Int. on unfunded debt
Amort. of disc, on fund.
debt
Miscell. income charges.
Tot.ded.fr. gr. inc_ _ Net income
Ratio of ry.op.exp.to rev
Ratio of ry. open exp. &
taxes to revenue
Miles of road operated
$47.483
$179,831
4,899
121
$7,092
10,736
44
14,370
17.796
83
132
76,205
146
428
5127.0:37
852.793
78.12%
78.71%
462
5128,370
5126.553
$781,549 31.229,509
5279.113
8,273
59,238
2,729
38,556
4,625
9,542
-127
1,000
27,762
569
$69.122
65.589
67,399
1,615
8,607
11.223
2.620
937
2.000
31,178
614
$260,907
344,346
3431.283
4215,008 117Ern3 51,490.416
$58,361
$7,029
$57,441
91.546
12,357
86,648
478,924
2,561
478
111,2P)
144,368
143,461
18.046
2,226
1.020
240487
3,022
-76,107
(
631.1
26,299
279,764
20.631
01
16
3,851
7
96
$67.545 81.060.302
5148.083
$152.530
75.41%
82.63%
77.51%
413
85.08%
463
-7,454
333
3505,012
$985.404
77.85%
79.91%
416
Virginian Ry.
-Month of August-- 8 Mos. End. Aug. 31.
1930.
1929.
1930.
1929.
$1,436,946 $1,726,835 311,625,991 $13,024,391
Operating revenues
718.186
6.613,465
883.286
Operating expenses
6.231,016
5,047,897
670,529 4,112.953
543.759
Railway oper.income
735.379
877,080
Gross income
5,333,813 6,200,733
3,574.389
550,653
395,326
2,718,317
Net income
i
la-Last complete annual report in Financial Chronicle April 19 '30, p. 2759.
FINANCIAL CHRONICLE
OCT. 18 1930.]
Chesapeake Corp.
Period End.Sept. 30Dividends received
Other income
1930-3 Mos.-1929
32,037,349
85,438
2533
FINANCIAL REPORTS
1930-9 Mos.-1929
$5,047,750
150,727
Total income
Bond interest
Other expenses
$2.638,590 $2,122,787 $6,958,377 $5,198,477
1,769,532
2,212,004
869,245
584,891
110.414
89,229
22,617
6,778
Netincome
Dividends
$1,762,567 31.448,667 $4,723.756 $3,318.531
1,349,587 4,049,427 2,699,588
1.349,808
Surplus
$618,943
$674,329
$99,080
$412,759
Shares capital stock outstanding (no par)
1,799;745 1,800,000
1.800,000
1,799,745
$1.84
Earns. per share
$2.62
$0.98
$0.80
larLast complete annual report in Financial Chronicle Mar. 8 '30,p.1648.
Missouri-Kansas-Texas Lines
8 Mos End. Aug. 31.
Month of August.
1929.
1930.
1929.
1930.
Mileage oper. (average)
3.188
3,188
3,188
3,188
Operating revenues
$3,932.399 $5,247.526 $29,781,763*$36.957,849
Operating expenses
2,559,806 3,298,714 21,151,238 25,541,093
Available for interest_ 1,476,842 5,575,520 8.125,682
940,166
Int.charge incl. adj. bds.
406,180
418,027 3,267,236 3,410.668
Financial Reports.
-An annex to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
Include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Oct. 4. The next will appear in that of Nov. 1.
Guantanamo & Western RR.
(Annual Report
-Year Ended June 30 1930.)
-YEARS ENDED JUNE 30.
INCOME ACCOUNT
RI Oper. Revenue1930.
1929.
1928.
1927.
$508,085
Freight
3565.955
$554,031
$592,902
214,014
223.633
255.612
270.628
Passenger
175,054
316.395
Mail. express, &e
299,088
271.887
Total ry. oper. rev_ - _ $897,153 $1.105,984 *1,108.731 31,135,418
Ry. Oper. Expenses.
Maint. of way & struc-$112,342
386,586
$88,132
$108.570
Net income
24,390
24.716
24,478
22.501
$533,986 $1,058,815 $2,308,284 $4,715,014 Deprec. of structures-Maint. of equipment.* Includes $634,882 retroactive mail pay.
84,347
89,567
106.636
113,953
Deprec. of
56,076
56.308
56.462
57,281
1128
-Last complete annual report in Financial Chronicle May 10'30 p.338/ Conducting equipment-transports196,953
214,977
244.139
268.428
Miscellaneous
2,179
961
4,764
3,653
Pennsylvania RR. Regional System.
General expense
109,607
109.641
120,554
121.579
-Month of August- -Jan. 1 to Aug. 31- Boqueron Term. exp.
113,357
166.137
150,974
140,557
Revenues1929.
1930.
1929.
1930.
Freight
$34,102,309 $444,404,480 3274329,171 $325393.735
Net rev,from ry.oper. $223,856
3355,542
3288.381
$298,896
Passenger
10,430,733 12,792,424 80.781,929 90,284,086
Miscellaneous Revenue
Mail
1,035,797 1,623,057 8,725,338 11,531,400 Profits on sales
$3,267
$1,566
$4.195
$8,471
Express
871,667 1,370.068 8,955,80110.872.565
36,630
37,361
25,938
25.527
MI other transportat'n- 1.057,134 1,283.551 8.170,654 9,288.642 Rents from property--Hire of equip. (net)-...
18,890
20,524
22.160
32,600
Incidental
1,728,683
1,915,469 12,693,107 13,590,036 Miscellaneous
19.144
7,342
10.145
12,435
Joint facility-Cr
596,505
749,973
72,467
76,118
Joint facility-Dr
54,931
55,506
9.119
6.937
Gross income
$301,588
3422.337
$350,819
3377,929
By. oper. revenues-349,289,661 $63,458,230 3394197.574 $461,347995
DeductExpensesInt. on funded debt-$180,000
$180,000
$177,855
$176.060
Maint.of way & struct-- 6,278,362 8,396,972 48,775,478 57,928,134 Amort.of bd. dig. & exp.
17.265
17,087
14.505
12,578
Maint. of equipment.._.. 8,957,445 11,127,506 77,084,754 88.685.832 Taxes,&c
23,116
25,394
23,811
23.472
Traffic
767.938
18,057
999,662 7,018,211 7,263,648 Other deductions
13,916
16,915
22.222
Transportation
17,541,044 20,367,665 144,945,935 157,522,498
Miscall. operations
Net income
619,084
$185,937
$63,160
705.313 5,220,107
5,681.038
$117.733
$143,598
General
1,640,761
1,622,044 13,620,978 13,124,187
BALANCE SHEET JUNE 30.
Transp. for invest.-Cr24,866
271,206
71,864
426,48
0
AssetsLiabilities-1929.
1930.
1930.
1929.
By. oper. expenses-335,779,768 $43,147,298 3296394,257 $329778,857
1st pref.7%
Net rev,from ry. oper.313,509.893 $20,310,932 $97,803,317 3131569,138 Property Ingenio87,962,019 88.029,377 2d pref. 5% stock-$2,750,000 82.750.000
Inv. in
stock- 250.000
250,000
Railway tax accruals
4,147.800 4,464.619 25,132,400 27,050,787
Common stock_ 2,750.000 2,750,000
Santa Cecilia,
Uncollect. ry. revenues.
1.317
9.048
51,595
67.378
S. A
25,000 First mtge. 65____ 3,000.000 3,000,000
100,C00
Railway oper.ihcome- 1117360,773 $15,837.265 $72,619,322 3104450,993 Cap. stk. in treas.
1 Cuban Govt. loan
32,696
48,112
Hquip.rents-Debit bal. 1.188,777
Reserve for claims,
1,218.692 8.573,757 9,772,490 Deposits acct. cusJoint facil. rents
-Debit
193 contIngles, Ac..
248
tom duties, &o.._
45.040
23,138
balance
111,785
285.059 1.250,125
Accounts payable_
10,880
1,112,255 Materials and sup8.848
169.689 Note payable__ 100,986
plies(at cost)._ 152,954
Net ry.oper.Income- $8,060,214 314,333,514 $62,795,440 393,566,248
100,988
6,314
Notes receivable
6,314 Wages accrued and
"Last complete annual report in Financial Chronicle Apr. 5 '30, p. 2380.
Accts. receivableunpaid
9,037
8,454
(less reserve)... 374,365
180,602 Unclaimed wagesSeaboard Air Line Ry.
120
93
714 Interest accrued
580
252
841
-Month of August--8 Mos.End. Aug.31- Station %as.' batsInterest accrued on
Employees' pension
1930.
1929.
1930.
1929.
note
53 .4 hospital fund_
431
660
608
Total oper. revenues
$3,425,108 $4,250,261 $34.001.873 340.256,508 Cash receivable. 202,500
614,552 134% gross sales
Total oper. expenses
2,899,205 3,233.894 26,764.830 29.175.229 Bond disc. &
487,590 tax
sap.. 476,477
980
1,370
Netrevenue
$525.903 $1,016,366 $7,237.042 $11,081.368 Otherdef. charges
Income tax reserve
16,786
9,360
12,468
25.394
Taxes & uncoil. ry. rev_
275.995
285.249 2.603.285 2.605.987
Accrued taxes on
Operating income_ __ - $249.907
bond interest...
1.800
1.800
$731,117 $4,633.756 $8.475,381
Temp. deposit in
Equipment and joint facility rents
Ing. Sa. Cecilia_
-Net cr.11.097
805.000
52,704
514.549
792.929
Deferred Items...
159
71
Net ry. oper. income- $261,005
$783.822 $44,119.206 37.682.451
Totalleach side) 89,285,254 $9,530,873 Surplus
320.199
258,138
ri"Last complete annual report in Financial Chronicle Mar. 8 '30, p. 1641. -V.
129, p. 3159.
enerat Corporate anb 3nbeottnent
STEAM RAILROADS.
Freight-Rate Rise Opposed in Canada.
-U. S. railway companies have
invited Canadian carriers to co-operate with them in obtaining authority
to increase freight rates up to the K-2 scale, but the Canadian National
Rys. are unwilling to join in this demand inasmuch as it believes the K-2
scale is too high. N. Y. "Times," Oct. 14. p. 40.
Locomotives in Need of Repair.-Olasa I railroads of this country
Sept. 15 had 4,932 locomotives in need of classified repairs, or 8.9% on
of
the number on line, according to raports just filed by the carriers with the
car service division of the American Railway Association. This was an
increase of 347 locomotives above the number in need of such repair on
Sept. 1. when there were 4.585. or 8.2%. Class I railroads on Sept. 15
had 7,961 serviceable locomotives in storage compared with 8,264 on Sept. 1.
Freight Cars in Need of Repair.--Clata I railroads on
freight cars in need of repairs, or 7.1% of the number Sept. 15 had 159.020
on line, according to
the car service division of the American Railway Association. This was
an increase of 5.974 cars above the number in need of repair on Sept. 1,
at which time there were 153.046. or 6.8%. Freight cars in need of heavy
repairs on Sept. 15 totaled 109821. or 4.9%,an increase of 3,121 compared
with the number of Sept. 1, while freight cars in need of light repairs totaled
49,199. or 2.2%. an Increase of 2.853 compared with Sept. 1.
-Class I railroads on Sept. 30 had 394,032
Surplus Freight Cars.
surplus
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 4.345 cars compared with Sept. 23. at which time there
were 389.687 surplus freight cars. Surplus coal cars on Sept. 30 totaled
139.416, an increase of 5,594 within approximately a week, while surplus
box cars totaled 202.398. a decrease of 1.010 for the same period. Reports
also showed 22,153 surplus stock cars, a decrease of 65 cars below the number reported on Sept. 23, while %Indus refrigerator cars totaled 11,855, a
decrease of 862 for the same period.
Matters Covered in the "Chronicle" of Oct. 11.-(1) Pennsylvania's newest
-S. C. Commission extends emergency
depot (editorial). p. 2281. (2) I.
freight rates on feed and livestock shipments in drouth areas. p. 2313.
Allegheny Corp.
-Earnings.
--For income statement for three months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.131, p.472: V. 130.p. 3154,2385.
Boston Revere Beach & Lynn RR.
-Bonds.
-
The stockholders have authorized application to be made to
Department of Public Utilities for approval of an issue not inthe Mass.
excess of
*2.200,000 bonds, the proceeds of which are to be used to retire funded and
floating debt. Funded debt now comprises $1,000,000 of 434s. due in 1947
and a similar amount of 68. due in 1933. The plan involves calling of the
former issue at 103 and the 6s at 102.-V. 131, p. 1094.
Chesapeake Corp.
-Earnings.
-
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 131. P. 1889.
Chicago Great Western RR.
-Equipment Trusts.
-
-S. C. Commission Oct. 4 authorized the company to assume
The I.
obligation and liability, as lessee and guarantor, in respect of $2.235.000
-trust certificates, series A. to be issued by the Chicago Trust
equipment
Co.. as trustee, under an agreement to be dated Oct. 1 1930 and to be sold
at not less than 98.03 and dive., in connection with the procurement of
certain equipment.
-V.131. p. 1889. 2219.
Cleveland & Pittsburgh RR.
-Bonds.
The I. C.Commission on Sept. 30 modified its orders of April 13 1928,
-S.
Nov. 21 1929 and Sept. 17 1930 so as to permit the Pennsylvania RR. to
sell at not less than 98ji and int. from Aug. 1 1930, *7.182.000 gen. &
ref. mtge. 0.6% gold bonds, series A, heretofore authorized to be issued
by the Cleveland & Pittsburgh RR.and delivered to the Pennsylvania R.R.
in settlement of a like amount of indebtedness.
-V. 131. p. 2060. 1889.
Fonda Johnstown &Gloversville RR.
-Details of Agreement with New York Central.
Certain sections of the agreement between the New York Central and the
Fonda Johnstown & Gloversville follow:
"Ninth: Inasmuch as the object of the negotiations had between the
Central and the Fonda, resulting in this agreement, has been the possible
securing to the Fonda, with and through the co-operation of the Central,
of sufficient additional annual net income to enable the Fonda to continue
operation as
independent management
perionof:entra
incurring an annual deficit, and
in that behalf, the allowances made to the Fonda by this agreement, the
various other provisions of this agreement regarding rates and practices,
and the provisions of the independent agreement for payment by the
Fonda to the Central for the use of joint facilities, will result in a decrease
of revenue to the Central, it is understood, and agreed by and between the
parties hereto, and made an essential part of this agreement, that the provisions of this agreement and the increased revenue resulting to the Fonda
through its operation, should it become operative, will not and shall not be
used by the Fonda in any way or in any proceeding before the 3.-S.C. Commission, or any other Governmental body, for the purpose of claiming or
providing a physical or commercial value of the railroad properties
Fonda greater than such physical or commercial value would be if this of the
agreement had not been made.
"Tenth: It is further understood and agreed, In view of the nature and
general purpose of this agreement, as set forth in Sections Eighth and
Ninth hereof, that in case changes, modifications or adjustments shall
hereafter become or be deemed necessary in any of the rates and divisions
ayeluionbythprtas herein provided, either by reason
In
ffttutlams.tiveorunmte.h
as far as legally possible, be made by the parties in conformity withshall,
such
nature and general purpose, to the end that the Fonda may be enabled to
continue operation as an independent railroad under independent
management."
[The foregoing, from a financial angle are the most important sections
of the agreement because they show the intent of the two parties, which is
to enable the Fonda to operate its property without a deficit, that is, to
earn Its interest charges.-V. 131. p. 2376.
Genesee & Wyoming RR.
-Bonds.
The I.
-S. C. Commission Oct. 7 authorized the company (1) to issue a
promissory note for $300,000 and (2) to pledge as collateral security therefor
$400.000 of 5% 1st mtge. gold bonds.
-V. 130. p. 2574.
1
2534
FINANCIAL CHRONICLE
-Securities.
Pittsburgh & Shawmut RR.
Chicago & North Western Ry.-Listing.The New York Stock Exchange has authorized the listing of 312,000,000
1st & ref. mtge. 4)% gold bonds, series "C." due May 1 2037.
Income Account 7 Months Ended July 31 1930.
375.876.118
Operating revenues
61.406.632
Operating expenses
5,375,000
Taxes
16,134
Uncollectible railway revenue
Railway operating income
Net rental deductions
39.078,352
1,396,194
Net operating income
Non-operating income
$7,682.158
3,620,634
$11,302,793
Gross income
9.549,550
Interest on funded debt
10.826
Rent for leased roads, zniscell. rents and miscell. tax accruals
61,706
Interest on unfunded debt and miscellaneous income charges
$1,680.711
Net income
783,825
Dividend on preferred stock
3,960,971
Dividend on common stock
$3,064,085
Deficit
Comparative Balance Sheet.
July 31 '30. Dec. 31 '29.
July 31 '30. Dec. 31 '29.
LiabilitiesAssets
$
Capital stock___183,217,225 183,217,225
Invests. in road
& equipment.571,761,685 562,523,169 Long-term debt.427,358,000 399,995,400
Loans and bills
Deposited with
Payable
5,412,406
17,303
550,000
trustee
19,208
Misc. phi's, prop 1,014,164 1,035,788 Net traf. & car
serv. Ma. pay_ 3,887,986 4,080,911
Invest. in 5(1.1.
companies __ 2,702,361 2,191,453 Aud. accts. &
wagtn payable 5,848,019 9,025,290
Other invmtl.s. 73,094,908 44,399,892
246,590
289,161
Cash
4,878,432 51,833,195 Misc. accts. pay
686,747
int. mat'd unpd.
670,006
Dep.with trustee
53,061
46,809
to redeem Nis
51.005
188,000 Divs, mat. unpd
Fund, debt mat.
Dep.with trustee
226,500
198,000
unpaid
acct. eq. trust
Unmet. int. aces 3,529,358 2,811,746
Otis. Issued but
462,712
235,559
not delivered
0th. curs. Habil_
133,750
131,219
Def'd nab titles_
to trustee to
date
177,600 Tax liability _ _ _ 7,738,976 8,632,703
Bal. of prem. on
Loans & bills
receivable
28,500 2,518,500 gen. mortsage
bds. and equip.
Net bal. rec. fr.
567,669
577,997
agts.& cond._ 2,824,617 2,663,353 trust certifs.
Misc, accts. rec. 8,054,242 7,829.013 Accrued deprec.,
equipment_ _ 51,416,457 49,462,033
Mat'l & supplies 12,840,955 11,684,629
408,998 0th. unadi. cred 1,244,043 1,273,729
0th. curs. assets
799,529
32,508 Equallz. reserve
130,604
Deferred assets_
-oper. exp.. Dr932,249
Rents & lnsur.
Addns. to prop.
Proms. paid in
103,332 through Inc.
34,682
advance
and surplus__ 3,022,396 2,977,367
0th. unad. debs 1,957,498 2,498,959
Profit and loss__ 73,830,316 77,210,818
Secs. IS8. or ass'd
-Unpledged:
Corn. stk. &
2,343,817
2,343,867
scrip
Pref. stk. &
3,835
3,835
scrip
Ilds, on hand_ 49,945,500 13,399,000
Bets Ns. or ass'd.
35,500,000 35,500,000
Pledged
767,983,586 741,352,347
Total
-V. 131, p 1708.
Total
(voL.121.
767,983,586 741,352,347
-Equipment Certificates.
Lehigh & New England RR.
The I.-S. C. Commission Oct. 1 authorized the company (I) to assume
obligation and liability, under an agreement of indemnity, in respect of
3500.000 of Allegheny River Mining Co. 1st mtge. 5% bonds and of that
company's obligation as accommodation maker of a proposed demand note
for $1,000.000, (2) to assume obligation and liability, as indorser, of two
notes, one for $600,588 issued by the Allegheny River Mining Co. and the
other for $322,000 issued by John D. Dickson, receiver of the Pittsburg,
Shawmut & Northern RR.,and (3) to pledge said bonds, the two notes last
mentioned, and 31,000.000 ot company's 1st. mtge. 5% sinking fund gold
bonds, as collateral security for the proposed demand note.
Control.
In connection with the statement on final valuation (see "Chronicle" of
Oct. 4, p. 2220), we have been informed that control of this company is
vested in the Arthur T. Walker Estate Corp.AN. Y. City (not Thomas H.
Hubbard & Co. of N. Y. City as previously reported).
-V. 131. p. 2220.
Pittsburgh & West Virginia Ry.-Bonds.-The 1.-S. 0. Commission Oct. 9 authorized the company to issue $5.000.000 1st mtge. gold bonds, series D, to be sold at not less than 94 and int.
and the proceeds used in the construction of extensions of the applicant's
railroad.
The third supplemental report of the Commission says in part:
By our certificate and order of Jan. 12 1928. we authorized the applicant
to construct an extension of its line of railroad, known as the Connellsville
extension, estimated to cost 312.800.000. The applicant has issued, Pursuant to our previous orders in this proceedings, 312.000,000 of 1st mtge.
gold bonds to procure funds for the construction of this extension. In its
third supplemental application the applicant represents that, due to changes
in plans, which Include the double-decking of a bridge over the Monongahela
River and other items of extra cost which could not be foreseen at the time
of the original estimate, the present estimated cost of the Connellsville
extension is 314,300.000. The applicant also states In its third supplemental
application that it is now prepared to let contracts for constructing another extension of its lino of railroad, known as the Donora extension,
pursuant to the authority granted by our certificate and order of Feb. 7
1930. The cost of the Donors extension, originally estimated at $1.397,030.
is now expected to be $1,500,000.
To provide funds for the additional construction cost of the Connellsville
extension and for the construction of the Donors extension, the applicant
proposes to issue 35.000.000 additional 1st mtge gold bonds, to be designated
as series D.
The amount of bonds Issued and proposed to be issued exceeds by $1,200.000 the estimated cost of constructing the two extensions. As support
for this excess the applicant has filed a statement indicating that between
June 30 1917 and Dec. 31 1927 it made from income or from other moneys
in the treasury net expenditures for additions and betterments to road and
equipment exceeding $1,200,000, none of which has been capitalized.
Complete information concerning these expenditures, as required by our
order of Feb. 19 1927, has not yet been supplied. Our order will provide,
therefore, that an amount equal to the proceeds of 31,200,000 of the bonds
shall be set aside by the applicant and not be expended by it until full compliance with the requirements of our order of Feb. 19 1927 has been made.
The applicant represents that while no definite offers to purchase the
bonds have been made to it, informal assurances have been received that
they can be sold on such a basis that the net cost to it will be less than 5%
per annum. Our order to be entered herein will provide that the bonds shall
be sold at not less than 94 and int., on which basis the average annual cost to
the applicant would be approximately 4.88%.-V. 131, p. 1890, 1418.
St. Louis-San Francisco Ry.-Listing.The New York Stock Exchange has authorized the listing of an ad% gold bonds, series A, due March I
ditional $10,000,000 con. mtge.
1978, making the total amount of series A bonds applied for $110,000,000.
Consolidated Income Account,6 Months Ended June 30 1930.
337.558.662
Railway operating revenues
27,798,738
Railway operating expenses
2,098.658
Railway tax accruals
186,022
Other operating charges
$7.475,244
Net railway operating income
1.136.043
Non-operating income
$8,611,288
Gross income
104,518
Deductions from gross income
6.237.114
-To Earn Interest on fixed charges obligations
New York New Haven & Hartford RR.
$2,269,655
Balance
Annual Dividend.1,474,722
Dividends on preferred stock
We will earn our annual Dividends on common stock
2.617.312
Prasident J. J. Polley is quoted as follows:
dividend during the current year by a substantial margin. Because o
31,822,378
Balance, deficit
economies and decreases in our expenditures, in my opinion, we will be Earnings per share on common stock
$2.43
able to earn a sufficient amount in 1931 regardless of developments, so
Comparative General Balance Sheet.
-V. 131. 13• 1707.
that our present rate will be maintained."
June 30'30. Dec. 31 '29.
June 30'30. Dec. 31 '29.
--Acquisition.
Liabilities$
3
Oklahoma City-Ada-Atoka Railway.
$
$
AssetsCommon stock_ 65,543,226 :65,543,226
The I.-S. C. Commission Oct. 9 issued a certificate authorizing company Invest, in road
1,700
900
Ser. A pref. stk.
and equip.:
to acquire and operate the property of the Oklahoma City Shawnee Inter342,882,798 341,219,217 Pref.stk.(new). 49,157,100 49,157,100
Road
urban Railway, including the latter's line of railroad in Oklahoma and
EquIpment 108,973,003 97,370,256 Rots. outstand.
Pottawatomie Counties, Okla. Authority was also granted the Oklahoma
for install.paid
300
300
City-Ada-Atoka Ry. to assume obligation and liability in respect of not Deposited in lieu
Equip. tr. oblig. 26,906,000 20,695,000
of mortgaged
exceeding 3400.000 of first-mortgage 6% gold bonds of the Oklahoma
69,224 Mtge. bds.outs_259,787,267 259,795,267
7.946
property soldCity Shawnee Interurban Ry.
Coll, trust bonds
22,000
22,000
Misc. physical
The report of the Commission says in part:
95,000
486,382 Miscell debt___
90,000
484,261
Property
The Shawnee's line of railroad, which extends from Oklahoma City to
Loans & bills pay '3,000,000
Shawnee, Okla., 34.46 miles. and the applicant's line of railroad, which Invest. In affill468,359 Traf. & cat serv.
500,605
ated cos
Shawnee to Coalgate. Okla., approximately 78 miles, form a
extends from
balances pay..
15,513 1,036,921
continuous line of railroad, originally a branch line of the Missouri, Kansas Other investro'ts 10,657,880 10,633.841
3,528,759 7,380,611 Audited accts. &
& Texas Ry. The applicant owns all the stock of the Shawnee,8,000 shares Cash
wages payable 4,385,373 5,496,756
latter's railroad under a lease for a term of 10 Time drafts and
(par $100) and operates the
238,284
3,125 3,100,125 Misc. accts. pay. 2,044,121
deposits
years from May 1 1924, the rent reserved in the lease being a mileage
int. mart! unpd. 2,892,248 2,903,189
proportion of the applicant's revenue after the payment of operating and Loans and bills
19,021
549 Divs. mat. unpd 1,324,719
receivable.__
1,360
other expenses.
364,163 Fund, debt mat.
Under date of June 20 1930. the applicant and the Shawnee entered into Special deposits_ 1,241,975
262,600
unpaid
159,600
for the sale of the latter's property to the applicant Tref. & car sem
an agreement providing
balances rec._ 1,063,028 1,792,190 Unmatured dietin consideration of the sum of 31.200.000 and the assumption by the applithe
debds declared 1.474,722
cant of the liabilities of the Shawnee other than its indebtendess to full Net balance rec.
Unmat. lot. accr 2,318,490 2,239,914
from agents &
applicant. The agreement provides that the applicant may make
634,825 Unrnatured rents
620,091
conductors_ _ _
payment of the consideration by assuming $400,000 of first-mortgage 6%
a Misc. accts. rec. 1,545,424 1,863 873 accrued
3799,500. of the Shawnee:
583
583
gold bonds of the Shawnee. by surrendering
271,710
237,270
capital stock for cancellation, and by canceling an Indebtedness of 383.399 Mail & supplies 6,005,793 5,582,248 Other curs Ilab_
191,714
22.935 Deferred 'labile_
4,941
259.679
advances made to that company. The agreement is to take effect as of Int. & diva. rec_
for
67,568 Tax liability
3,140,818 4,235,053
29,749
May 1 1930, and is to be consummated immediately upon receipt by the 0th. curs. assets
557,488 Insurance reeve 1,148,117 1,035.836
667,168
parties thereto of an opionion of counsel that all necessary and desirable Deferred assets_
835,333
Accr .clepr., road
859,879
governmental approval has been obtained. Upon con- Rents. &c., paid
corporate and
222,562 Accr. deer., NU. 34,483,642 33,082,274
312,263
In advance....
summation of the agreement, the applicant which will then hold five shares
0th. unad1 cred 4,406,843 3,670.070
Shawnee's stock, will take appropriate action under the laws of Other unadiust'd
of the
2,993.217 2,003,681 Profit and loss__ 17,858,977 23,011,248
debits
Oklahoma to dissolve the Shawnee corporation and will cancel the remaining five shares of stock.
481,523,388 473,840,099 Total
481,523,388 473,840.099
Total
Commissioner Eastman. concurring says- I concur because of the conx Capital stock outstanding at Dec. 31 1929 includes $110,495 common
trolling decision of the Commission in Acquisition by Pittsburgh et W. V.
stock held by reorganization managers.
Co., 150 I. 0. C 81.-V 130.p. 1453.
Ry.
The company has applied to the I.-8. C. Commission for authority to
issue 8800.000 of 43.i % equipment trust certificates. Proceeds will be used
in the acquisition of 300 box cars, 11 locomotives and 5 caboose cars costing
approximately 31,004,000.-V. 125, p. 1704, 1457.
Oklahoma City-Shawnee Interurban Ry.-Sale.-
See Oklahoma City-Ada-Atoka Ry.-V. 130. p. 1453.
-New Director.
Pennsylvania RR.
and until
Thomas S. Gates, President of the University of Pennsylvania,a director
been elected
recently a partner of Drexel 3c Co., Philadelhpia, hasby the recent death of
the vacancy caused
of the Pennsylvania RR. to fill
Dr. John T. Dorrance.-V. 131. p. 2220.
Pittsburgh, Cincinnati, Chicago & St. Louis RR.Bonds.
authorized the company to issue $1.-
-S. C. Commission Sept. 30
The I.
series C, to be delivered to the
908,000 in general mtge. 4% bonds,
that
Pennsylvania RR. in settlement of a like amount of indebtedness to
company.
obligation
Authority was also granted to the Pennsylvania RR.to assume be sold be
respect of the bonds, to
and liability, as lessee and guarantor, in 11930.
it at not less than 983 and int. from July
were modified so as to permit
25
The orders of Jan. 14 1928 and Sept.less1929 983 and int. from July 1
than
the Pennsylvania RR. to sell at not
Cincinnati, Chicago & St. Louis RR. gen.
1930 321,827.000 Pittsburgh,
-V. 131. p. 1890, 1563.
mtge'. 43i% bonds, series C, now held by it.
Bonds.
-C. 0. Comm'ssion Oct.8 authorized the company to isse $10,000,The I.
000 consolidated mortgage 434% gold bonds, series A. the bonds to be sold
at not less than 9014 and Int. and the proceeds used to pay bank loans and
for other capital purposes. See offering in V. 131. p. 1707.
-Frisco To Intervene in Cotton
Southern Pacific Co.
Belt Merger.
-S. C. Commission has granted the St. Louis-San Francsico
The I.
authority to intervene in the proceedings before the Commission on the
application of the Southern Pacific Co. to acquire majority stock control
of the St. Louis Southwestern Ry. The Southern Pacific has purchased
control of the Cotton Belt, which will privide an entrance to St. Louis and
the territory in which the Frisco is interested. Placing Cotton Belt with
Southern Pacific would require a change in the Commission's general
consolidation plan in which thc road was assigned to the Illinois Central
-V. 131. p. 1418, 932.
system.
Southern Ry.-To Pay Its 8% Dividend.
The company hopes and expects to maintain the present common dividend in spite of decreased business, Fairfax Harrison, President, said at
the annual meeting of stockholders Oct. 14.
OCT. 18 1930.]
FINANCIAL CHRONICLE
The management does not expect to cut or pass the dividend and the
present prospects are for its maintenance, President Harrison said, unless
general conditions reach the stage where it becomes impossible for industry
in general to maintain itself on a dividend basis. He did not look for such
a development.
President Harrison would not give an opinion on the legality of the payment of common dividends out of accumulated surplus. Ile said there
was no prospect of the management having to deal with this problem in
either 1930 or 1931 and that therefore, it was hypothetical.
Earnings from oparations in 1930 to date have been sufficient to cover
Operating expenses and preferred dividend requirements but not sufficient for
any payment on the common. President Harrison said. Other income from
Southern's investments for the current year is likely to equal about 5%
on the common stock and the management will dip into previous year s
earnings to make the 8% common dividend.
Road earned $11.65 in 1929 out of which 8% has been appropriated for
1930 common dividends, so there remains $3.65 which may be applied to
1931 common dividend if earnings fall below requirements.
President Harrison indicated that the policy outlined could not be questioned legally but he declined to commit the management on its future
policy should earnings continue to fall off,stating that the board would give
due consideration to all the factors existing at any time in the future that
the question should arise.
In referring to current earnings and prospects. Mr. Harrison said the
company is still in the midst of depression. However, he added that: Our
showing gives ussome comfort when considered relatively with operations of
other railroads. We watched our expenses cautiously in the first six
months and at the end of that period when things looked no better, more
drastic measures were then put into force. There has been no improvement
in revenue in the last 60 days and tnere is none in sight. However, in
Novernber and December we expect to get a substantial revenue from the
Florida citrus crop and it will give a more cheerful appearance to our current
account for those two months in comparison with last year.
In the present situation the private automobile has cut into railroad
passenger revenue more seriously than bus competition, Mr. Harrison said.
He said that until buses are brought under more strict rezulation and until
there has been more experience to show whether their operations are on a
sound, profitable basis, it will be difficult to realize the exact expanse of
their competitive effect.
Truck competition, however, is exerting a substantial effect on local
fret- ht service, especially in the movement of cotton which can be picked
up by truck from the gin and delivered directly to the warehouse. Mr.
Harrison said that truck competition is one of the serious concerns of the
railroads at the moment and looked forward to rentlation of the truck
business in the near future. When this regulation is made effective the
railroads will have a better opportunity to size UP the full effect of this
competition as in the case of buses.
-V. 131. p. 2376, 2220.
2535
-Bonds.
-Western Pacific RR.
The I.
-S. C. Commission on Oct. 6 authorized the company to issue35,000,000 let mtge. 5% bonds to be sold to the highest bidder at not less
than 97H and int. and the proceeds used in connection with the construction and acquisition of certain lines of railroad.
The report of the commission says in part:
By our certificate and order of June 9 1930 (in Great Northern Ry.
Construction, 166 I. C. C.3) among other things we authorized the applicant to construct a line of railroad between a point near Bieber, Lassen
County, Calif., a distance of approximately 112 miles, and, Jointly with the
Great Northern Ry., to construct and (or) acquire a line, approximately 38.
miles in length, between a point in the vicin ty of Lookout. Modoc County,
Calif., and a point at or near Hambone, Siskiyou County, Calif. The total.
estimated cost to the applicant of the construction and acquisition is given
as $10,049,077. The applicant proposes to use the proceeds from the bonds
in payment of liabilities incurred and (orl reimbursement of its treasury
for money expended by It with respect to this construction and acquisition.
No contract or underwriting for the sale of the bonds has been made, as
it appears that the Western Pacific RR., which owns all the capital stock of
the applicant except directors' qualifying shares,intends to bid for the bonds.
The applicant therefore proposes to offer them at public sale to the highest
bidder at not less than 9734 and int. At that price the average annual cost
to the applicant would be approximately 5.24%.-V. 131. p. 1891, 1563.
PUBLIC UTILITIES.
-Output of electric power
Matters Covered in the "Chronicle" of Oct. 11.
in the United States in August about 6% below that for the same period
last year, p.2291. Gas utility sales in July below those ofa year ago, p. 2301.
American Public Utilities Co.-Pref. Stock Called
Exchange Offer Renewed.
The company has called for redemption Nov. 15 at 110 and divs, all of
the outstanding prior pref. stock, and at 105 and dive, all of the outstanding
partic. pref. stock.
At the same time, the Midland United Co., which controls the American
Public Utilities Co.. reopened its offer to preferred stockholders of the subsidiary company for an exchange of their securities for stocks of Midland
United Co. The present exchange offer carries the same alternative proposals as the previous offer, which expired Aug 30.
Co. had $2,872.390 of
As of Dec. 31 1929, the American Public Utilities
prior pref. and $5.960.440 of panic. pref. stock outstanding. The Midland
'United Co. as of Aug. 30 1930. owned 82.1% of the outstanding pref. stocks.-V. 131. p. 1891.
of American Public Utilities Co.
-Earnings.
American Telephone & Telegraph Co.
For income statement for nine months ended Sept. 30 1930 see "Earnings
-V. 131, P. 2221, 2061.
Department" on a preceding page.
The L-S. 0. Commission Sept. 27 issued a certificate authorizing the
Walter S. Gifford, President says:
company to abandon, and the Seaboard Air Line By. to abandon operation
"The present volume of business of the Ball System is favorable when
of a branch line of railroad owned by the Tampa,known as the Tooke Lake compared with the level of general industrial activity. Each month of the.
branch, extending from Tooke Lake Junction, on its mainline, in a westerly year has shown an increase in the business done over the same month of
- last year. For the nine months this year the increase was 3% over the
direction to Tooke Lake, 12.29 miles, all in Hernando County, Fla.
V. 127, p. 3703.
same nine months last year. After three months during which the telephones disconnected exceeded those connected, there has been a net gain in
Texarkana & Fort Smith Ry.-Valuation Decree
September. The net gain in telephones for the nine months was 120.000.
"This year's program of expanding and Improving all elements or equipA consent decree was recently entered in the District Court for the
Western District of Texas under which the intangible tax valuation of the ment required in rendering service of the highest quality has resulted in
further reduction in the average time needed by operating forces in completcompany was fixed at $1,750.000 for the years 1928, 1929 and 1230.
That valuation will be used for this year. and $1,250,000 will be added ing long distance calls. This improvement in service -will be sustained by
for each of the past years in which the company paid on only $500,000, further additions of equipment in a continuing construction program.
according to the decree.
-V. 126, p. 249.
"The number of shareholders has increased 70.000 since the first of the
year. The total at the end of September was 540,000."-V. 131. P.
2221, 2061.
Texas Pacific Ry.-ProPosed Acquisition.
The company has asked the I.
-S. C. Commission for authority to acquire
-Earnings.
-Arizona Edison Co.
control of the Texas & Pacific Northern Ry. by purchase of its entire capital
stock at par for cash for $350,000.
For income statement for 12 months ended Aug. 31 see "Earnings De-V. 130. p. 4415.
The Northern line is a new company organized by the Texas & Pacific partment" on a preceding page.
which proposes to construct 333 miles of new line in the Texas Pandhandle
Associated Gas & Electric Co.
-Earnings.
district.
Application for authority to construct this mileage is now before the ComFor income statement for 12 months ended Aug. 31 see "Earnings De.
mission.
-V. 131. p. 2377.
partment" on a preceding page.
The Texas & Pacific Northern simultaneously asked for authority to 1138110
-Acquisition.
Bell Telephone Co. of Pa.
$350.000 of capital stock which the Texas & Pacific will purchase.
The projected construction is estimated to cost a total of $13,271,000
The I. (3. Commission Oct. 2 issued a certhicate approving the ac-S.
The $350,000 to be received for its stock will be applied toward this cost quisition by the company of the properties of the McMurray Telephone Co.
and the remainder provided for by sale of its first mortgage bonds which the The report of the Commission says in part:
-V. 131, p. 1418.
Texas & Pacific will guarantee.
On Feb. 1 1930, the Bell Co. contracted to purchase the properties of the
McMurray Co., except cash and receivables, free from all liens and enUnion Pacific RR.
-Earnings, &c.
cumbrances,for $53.000,Payable in cash. An appraisal made by one of the
Carl Gray, President says in part: "Gross revenues of the Union Pacific Bell Company's engineers finds the reproduction cost new of the properties.
depreciation $44,433.
estimated value of
System in September showed about the same proportionate decline from to be $81,307. and less service is $1.034, and Thecost of removing the
the
property to be retired from
last year as that reported for the preceding months this year.
"September net operating income, however, was not far below the $5392,- retired property is expected to exceed its salvage value by $2,126.-V. 131.
567 reported for September a year ago. There is more wheat to be moved P. 2221. 1420.
-2%
in Union Pacific territory now than at this time last year.
Brazilian Traction, Light & Power Co., Ltd.
"Crops generally this year in Kansas, Nebraska, Colorado, Wyoming,
Idaho and Utah were as good as last year. Washington and Oregon crop Stock Dividend. declared a 2% stock dividend on
the ordinary stock,
The directors have
yields this year have been somewhat behind a year ago.
"Cement shipments on the Union Pacific this year have held up practi- payable on or about Dec. 1 to holders of record Oct. 31. Previously,
cally to last year's level, reflecting a high degree of road construction. the company paid quarterly dividends of 50 cents per share in cash, and,
in addition, on March 1 1930, made a I% stock distribution.
Lumber industry continues quiet.
The board announced that the action had been taken "owing to the
"Shipments of mineral products are considerably behind last year, as a
political disturbances in Brazil and tha obvious desirability under the cirresult of general business conditions.
-V.130. p. 4045.
cumstances of conserving cash resources of the company."
"Shipments of coal on the Union Pacific have been smaller than a year
ago, but coal stocks in our territory are small, and any severe weather
Canadian Western Natural Gas, Light, Heat &
should stimulate the movement of coal.
"A very much better citrus fruit crop is promised this year in California. Power Co., Ltd., Calgary.
-Extra Dividend.
This will start to move over our lines in January. Deciduous fruit movement
The directors have declared an extra dividend of 50 cents per share in
from California has been held back this year by market conditions and the addition to the regular quarterly dividend of $1 per share on the common
limitations instituted by the growers organization.
-V.
stock, both payable Oct. 15 to holders of record of the same date.
"We have started to build the 22
-mile branch to connect with the Government line to Boulder Dam. We expect to complete this construction within 131. p. 1564.
Central Public Service Corp.-Acruis. and Sale.
the next 90 days. The Government's 8
-mile line extends from its connection with our branch to close to the dam site. The Government has been
The corporation has purchased control of four additional gas companies
engaged upon extensive engineering work and is now ready to begin work serving 14 towns in Pennsylvania and New Jersey and has disposed of a
on the projected town.
subsidiary operating in three Mississippi municipalities, it was announced
"The Union Pacific System, Great Northern Railway and Northern on Oct. 11 by President Albert E. Peirce.
Pacific By. have a joint application before the I -S. C. Commission to
The properties acquired are: (1) New Jersey Northern Gas Co., peratacquire the Longview, Spokane & Northern By. This road is now owned ing in Pennington (Delaware), and Hopewell, Stockton, Ringoos, Lambertby Longbell Lumber interests. It connects with the three applicant roads ville, Flemington, East Amwell and West Amwell (New Jersey); (2) Bangor
and was assigned to them jointly in the tentative consolidation plan of Gas Co., serving Bangor, Pa.; (3) Citizens Gas Co., serving Stroudsburg.,
-V. 131, P. 2377, 1418.
last December."
and East Stroudsburg, Pa.; (4) Jersey Shore Gas Co., serving Jersey Shore,
and Roseto, Pa.
Western Maryland Ry.-New President.
The property sold is the Mississippi Service Co. which sarved ColumGeorge P. Ba&by has been elected President to succeed the late Maxwell bus, Hattiesburg and Meridian. MIA, as a subsidiary of the Southern
Cities Public Service Co., which Is controlled by the Central Public Ser0.Byers. Mr.Bagby also was elected Genera Counsel,!
vice Corp. Both the sale and purchase was made with the Td-Utilities
Court Refuses Ban on Coal-Rail Case.
Corp. It was explained that the transaction was in line with the desire
Judge William C. Coleman in the U. S. District Court at Baltimore has of both corporations to concentrate their holdings in the respective terrirefused to grant an injunction restraining the Western Maryland By. tories involved.
from prosecuting its pending suit at Philadelphia for $10,000,000 damages
against the Consolidation Coal Co. The railway instituted suit some
To Acquire Whetstone's Properties.
time ago against the coal company, claiming damages for the failure of
The Central Public Service Corp. is negotiating for the acquisition of all
the coal company to comply with a contract to ship a minimum of 3,250.- the public utility properties headed by Walter Whetstone of Philadelphia
000 tons of coal a year from their mines in the Fairmont district of West and controlled by the United Utilities & Service Corp. They consist of'
Virginia and in Somerset County. Pa.
gas, electric, water, ice and transportation properties in the Southern
In the action filed in Federal Court at Baltimore, the coal company States, the Canary Islands, the Dominican Republic Porto Rico. Haiti and
alleged that the contract entered into by Jere Wheelwright on behalf of the Philippines. At this time last year important Whetstone properties in
the coal company and Carl R. Gray, then President of the railway com- Tennessee were acquired by the Commonwealth & Southern Corp. in
pany, whereby the coal company agreed to ship a stipulated tonnage exchange for a stock interest in the latter corporation.
annually, was illegal and violated the Inter-State Commerce Act, and
Consummation of the present negotiations, Mr. Whetstone stated. is
that Mr. Wheelwright had not been authorized by the coal company expected on or about Nov. 1. As soon as the deal is complete, he expects
directors to enter into the agreement.
immediately to engage in building up a new public utility group, probably
In dismissing the action, Judge Coleman held that a court of equity in the foreign field.
The Whetstone properties to be acquired are the Southern Cities Utilities
could not interfere because all the coal company's defenses could be set
up in the suit against It in Philadelphia. The court further ruled that if Co. and four public utility companies operating in the Canary Islands. The
the contract were illegal, as claimed, the parties were at equal fault and Southern Cities group includes the Porto Rico Gas & Coke Co. and the
Islands Gas & Electric Co., which in turn controls the Manila Gas Corp.
a court of equity would not aid either party to it.
The suit of the railway company against the coal company for breach the Companta Electrica de Santo Domingo, Campagnie d'Eclairage Elocof contract probably will be reached for trial next January in the 'United trique des Villes de Port au Prince et du Cap Haitien,..Gas y Electricidad,
Alumbrado. S. A.
-V. 131, S. A. (Palma, Mallorca), La Prepagadora Balear
States District Court for the eastern district of Pennsylvania.
anaCor, Mallorca).
(Inca,"Mallorca);and Energia Manacorense, S. A.
p.2220. 2061.
Tampa Northern RR.
-Abandonment.
-
2536
FINANCIAL CHRONICLE
[Vol- 131.
In the United States the Southern Cities Utilities Co. controls gas corn- shares of $7 pref. stock at not more than
price thereof.
panles at Asheville, Raleigh, Durham, Lynchburg and other loading and-or (b) to be used to redeem shares of $7 the redemption
pref. stock.
Southern cities and surrounding territory, together with ice, water, electric
No arrangements have as yet been made for the
for cash of any
and transportation properties. These properties are located near existing of the shares of $6 pref. stock which are not issuedsaleconversion or exin
properties of the Central Public Service Corp. Other properties of Central change for shares into or for shares of $7 Prof. stock, nor has any date been
Public Service are located in 24 States, in Quebec and in New Brunswick, fixed for the redemption of any of the shares of outstanding $7 pref. stock.
stretching from coast to coast of the North American Continent -V. 131,
Capital Stock (No Par Value) as of Sept. 30 1930.
p. 2377.
Authorized.
Outstanding.
$7 pref. stock (cumulative dividend)
8,0,000 she. 514,057 shs.
Central West Public Service Co.
-50% Voting Stock $6 pref. stock (cumulative dividend)
1,000.000 she. 185,000 she.
Interest Acquired by Public Utility Holding Corp. of America.
None
1.000.000 she.
- $5 pref. stock (cumulative dividend)
2d pref. stock, series A ($7 cum. dividend)
120,000 shs. 109,226 shs.
See latter company below.
-V. 131, p. 1095.
2d pref. stock, series AA ($7 cum. dividend) 100,000 she.
None
Common stock
4,000,000 shs. 1,876.838 she.
Chicago Local Transportation Co.
-Ask More Time -,
V. 131. p. 1893 1710.
in Merger.
-
Four months additional time has been asked in which to complete the
details for consolidating Chicago traction companies into the Chicago
Local Transportation Co. A special meeting of the City Council will be
called to consider the request, which will probably be granted. Oct. 28
is the time limit set by the ordinance.
-V. 131, p. 1892, 1709.
Cities Service Co.
-Regular Dividends.
-
Engineers Public Service Co.
-September Output.
-
Electric output for Septmber was 181,038.000 k.w.h.. an increase of
11.1% over September 1929. The output for the nine months was 1.545,326.000 k.w.h., a gain of 9.5% over the same period in 1929.-V. 131.
p. 2222.
Federal Water Service Corp.
-Earnings.
-
For income statement for 12 months ended Aug. 31 see "Earnings DeThe company has announced monthly dividends of 2% cents per share in
-V. 131, p. 2377.
cash and % of 1% in stock on the common stock. Regular monthly divi- partment" on a preceding page.
dends of 50 cents per share on the preferred stock and preference leB stock
Florida Power Corp.
-Acquisition.
and 6 cents per share on the preference B stock were also announced,
The City of Appalocha, Fla., recently sold its municipal distribution
all payable Dec. 1 to holders of record Nov. 13. Like amounts are payable
system to the above corporation, and operation of the system has already
on Nov. 1 next.
-V. 131, p. 1893.
been started by the latter.
An improvement program is now being planned by the company.
Columbus (0.) Ry., Power & Light Co.
-Seeks to Aban-V.131.
P. 1096.
don line.
Company has applied to the Ohio P. U. Commission for permission to
Green Mountain Power Corp.
-Earnings.
abandon its lines to Minerva Park. A hearing is set for Oct. 28. The
For income
months ended Aug.
Commission authorized the company to discontinue service on the line partment" on statement for 12 -V. 130, p. 972. 31 see "Earnings Dea preceding page.
from Minerva Park to Westerville in December last. The petition states
that for 15 years the company has. suffered large annual deficits as the
International Hydro-Electric System.
-Hydro-Electric
result of the service. The company is willing to start bus service to Minerva
Park from the north corporation lines on Cleveland Ave. ("Electric Ry. Plants now Have over 1,000,000 Installed Horsepower.
The new 200,000 h.p. hydro-electric plant at Fifteen Mile Falls on the
Journal.")
-V. 131, p. 1255.
upper Connecticut River, which President Hoover started Sept. 30, raises
Commonwealth Edison Co., Chicago.
to over 1,000,000 h.p. the installed capacity of the hydro-electric plants of
-Rights.
The directors have voted to apply to the Illinois Commerce Commission this System, a division of International Paper & Power Co., and further
for authority to issue $14,250,000 additional capital stock at $100 a share strengthens its position as one of the leading producers of hydro-electric
to stockholders of record Dec. 15 in the ratio of one share for each 10 shares power on this Continent. In addition to its installed capacity, the Interheld. payment to be made on or before Feb. 2 1931.-V. 131, p. 474, 268. national Hydro-Electric System has another 34.000 h.p. under construction
and over 700.000 h.p. in additional plant capacity and undeveloped waterCommonwealth & Southern Corp.
-Electric Output.
- power sites in the New England States and Eastern Canada. Additional
Electric output of the Commonwealth & Southern Corp. properties in generators will be installed and undeveloped powers will be utilized when
September was 487,087,000 kwh. as compared with 524,856,000 kwh. in required by the increasing demand on the System for additional electric
September 1929, a decrease of 37,769,000 kwh. or 7.20%. For the nine energy.
Of the million horsepower installed and in operation, New England Power
months ended Sept. 30 1930 total output was 4,532,281,000 kwh. as compared with 4,769.990,000 kwh, durings the corresponding period of 1929 Association, a subsidiary of the System, has 300,000 h.p. in its Connecticut
a decrease of 237,709,000. or 4.98%. Total output for the year ended River plants at Fifteen Mile Falls, Bellows Falls and Vernon. On the
Sept. 30 1930 exceeded 6,139,494,000 kwh. as compared with 6,310,237,000 Deerfield and other rivers the Association has an additional 130,000 h.p.,
kwh. for 12 month ended Sept. 30 1929. a decrease of 170,743,000 kwh., giving It an aggregate of over 430,000 installed horsepower in interconnected
hydro-properties, New England Power Association has 473,000 h.p. in
or approximately 2.71%.
Gas output of the Commonwealth & Southern Corp. properties in Sep- steam-electric plants interconnected with its hydro-electric plants, thus
tember was 762,397,000 cubic feet as compared with 818,504,000 cubic forming a great power reservoir, making available the combined resources
feet in September 1929, a decrease of 66,107,000 cubic feet or
For of all for the service of each.
In Canada, International Hydro-Electric System has 625,500 h.p. Inthe nine months ended Sept. 30 1930, total output was 7,014,298,000 cubic
8.08%*
feet as compared with 7,169,520,000 cubic feet last year, a decrease of stallee and in operation in the hydro-electric plants of its Canadian Hydro155,222,000 cubic feet, or 2.17%. Total output for the year ended Sept. 30 Electric Corp., Ltd., and another 20,000 h.p. in emcees of installation.
1930 was 9,512,839,000 cubic feet as compared with 9,405,683,000 cubic The large Gatineau River plants of Gatineau Power Co. have generatorsin
feet for the 12 months ended Sept. 30 1929, an increase of 107,156,000 operation of a total aggregate capacity of 438,500 h.p., equivalent to threeq arters of the total installed capacity on the American side of Niagara
cubic feet. or 1.14%.-V. 131, P. 1893.
Fulls. On other tributaries of the Ottawa River, and on the St. John River
a
Detroit Edison Co.
-Earnings.
in the Province of New Brunswick, Gatineau Power Co. has plants with
For income statement for 12 months ended Sept. 30 see "Earnings De- another 187.000 h.p. in operation.
pertinent" on a preceding page.
The 20,000 h.p. which Canadian Hydro-Electric Corp., Ltd., has in
-V. 131. p. 1893.
process of installation is the fourth generator in the Grand Falls, New
Edison Electric Illuminating Co. of Boston.
-Notes Brunswick, hydro-electric station of its Saint John River Power Co. When
in operation, the Grand Falls plant-already the largest in the
Sold.
-Lee, Higginson & Co., the First National Old this unit isProvinces-will have a total installed capacity of 80,000 h.p.
Maritime
Colony Corp., Kidder, Peabody & Co., Harris, Forbes & In the first eight months of this year-the latest figures available-the
Grand Falls
Co., Bankers Co. of New York, F. S. Moseley & Co., Burr, of all centralplant produced 65% of the entire production of electric energy
station hydro-electric plants in the Maritime Provinces.
Gannett & Co._, Blake Brothers & Co., and National City
Seven miles below its new Fifteen Mile Falls development, New England
Power Association has a 14,000 h.p. hydro-electric station under construcCo., have sold 530,000,030 coupon gold notes as follows:
tion
The energy developed
will be available for
% notes. dated Nov. 1 1930 and due Nov. local at McIndoes Falls. balance will be absorbedthere the transmission line
(a) $1.0.000,000 1-year
into
consumers and the
1 1931 at 99.87 and int, to yield about 3.87%.
system of the Association. The dam at the Mcindoes development will
(b) $20,000,000 2
-year 4% notes, dated Nov. 1 1930 and due Nov. 1 be 860 feet long and will create a lake of 540 acres in are.a
1932 at 99.62 and Int, to yield about 4.20%.
The completion of the installations at Grand Falls and McIndoes Falls
Principal and interest (M. & N.) payable at the Old Colony Trust Co., will raise the installed hydro-electric generating capacity of International
Boston. Coupon notes of $1,000 each. Non-callable.
Hydro-Electric System to 1.100.000 h.p.-V. 131, p. 2223.
Capitalization (After completion of the present financing.)
-New
International Telephone & Telegraph Corp.
1-year
% notes, due Nov. 1 1931
$10.000.000
-year 4% notes, due Nov. 1 1932
2
20.000.000 Phone Service Opened.
-year 5% notes, duo Jan. 15 1933
3
30,000,000
Telephone communication between Buenos Aires and Berlin was opened
Capital stock (par $100)
5.1.487.500 officially on Oct. 13, adding 3.000.000 telephones to the number which
Premium paid loon capital stock
36.916.433 can be reached from Chile, Argentina and Uruguay. The three LatinNo mortgage will be put upon the company's existing property unless American countries now are in communication with 75% of the world's
these notes are equally secured or retirement thereof is provided for in such telephones, it is stated.
mortgage.
The German radio telephone connection is operated by the Reichspost,
The proceeds of these notes will be applied in payment of existing coupon while the Buenos Aires stations and the connecting circuits in South
notes which come due Nov. 1 1930.
America are operated by the International Telephone & Telegraph Corp.
property investments amount to over $155,000,000 or more -V. 131, p. 1711.
Physical
than 2.5 times amount of the above debt.
The business continues to show steady growth.
International Utilities Corp.
-Sale Approved.
Gross
NetAvailfor Operating
Holders of class B stock at the annual meeting on Oct. 14 approved sales
Earnings. Tht. et: Res. lot Charges.
Year Ended Dec. 31The
$21,315.241 $8.303,870 $1.599,434 of the company's utility operating properties to other companies. sub1925
Middle West Utilities Co. has acquired the corporation's Kentucky
23,204.901
9.638,738
1.866.486 sidiaries, while
1926
25,886.945 11,148.391
1,900,393 sidiary, sold to the Utility Shareho dings Corp., Ltd., a wholly owned sub1927
the American Commonwealths Power Corp., its Canadian
27,749.658 12,548.106
2,061.355
1928
-V 131, P. 2379.
29,664,585 13.094,333
2,531.009 subsidiaries.
1929
30.773,662 13.829.250 3,278.785
1930 (12 mos. ended Aug. 31
Interstate Public Service Co. (Ind.).
-Expansion, ctc.
Not income in 12 months ended Aug. 31 1930, was 5.16 times the $2,The company within the last, few weeks has completed construction of
675,000 annual interest requirement on the above debt.
the principal gas transmission lines on its program of expansion and interCompany's $53.487,500 stock has been issued for $90,403,933 cash, or connection for this year.
an average of $169.02 per share. Present market value $260 per share or
A 21-mile pipe line from Martinsville to Franklin and a 40
-mile pipe line
$139,067,500.
from Franklin through Columbus
completed reDividends were paid on the capital stock at the annual rate of $12 per cently. The other major project, ato Seymour (Ind.) were
to Bed24-mile
over 19 years prior to Nov. 1 1929. since which time dividends ford, was completed earlier in the summer. line from Bloomington
share for
have been paid at the annual rate of $13.60 per share.
Interconnection of Franklin and Seymour with Martinsville by the new
Company serves directly a population of over 1,300,000 in Boston and transmission lines will meet growing demands for gag service. Local
39 surrounding cities and towns, and sells energy in bulk to 10 other com- gas manufacturing plants in Franklin and Seymour are being retained as
-V.131, p. 1255, 1096.
panies and municipalities.
standby units. Columbus, on the new line between Franklin and Seymour.
also is being served by the new main. Distribution of the gas in Franklin.
-Listing.
Electric Power & Light Corp.
Columbus and Seymour is regulated by automatic holder governors which
The New York Stock Exchange has authorized the listing of 628,285 maintain a steady pressure.
Later this fall gas service will be available in Edinburg through which the
additional shares of $6 cum. pref. stock (Do par) upon official notice of
Issuance within one year from date (Oct. 6 1930). making the total of $6 Franklin-Seymour line passes. A local distribution system is now under
construction there. Interstate at present supplies Edinburg with electricity
pref. stock applied for 906,343 shares.
The directors Oct. 6 1930 took the necessary action to authorize the and the community is on the company's electric interurban railway line
which runs between Indianapolis and Louisville.
Issuance of the 628.285 shares of $6 pref. stock as follows:
In addition to improving service in the interconnected communities.
In whole or in part in the conversion or exchange of shares of outstanding
the holder
$7 pref. stock, with the consent of shares of $6thereof into or for shares the now transmission main will make gas service available to many farm
pref stock for each share homes along the route.
of $6 pref. stock in the ratio of 1 1-6
The company this month began construction work on a large elevated
of $7 pref. stock, such exchange or conversion to be made Initially pursuant
to an arrangement under which $3 will be paid to the corporation for each storage tank and battery of electrically driven pumps in Greenwood, Ind,
share of $6 pref. stock issued In exchange for $7 pref. stock on the basis to supplant the present steam pumps, and increase the capacity of the local
water supply system. The new plant will further safeguard the city's
indicated; and-or
In whole or In part in the conversion or exchange of shares of outstanding property against fire and will assure an adequate supply of city water for
$7 Pref. stock, with the consent of the holder thereof Into or for shares all purposes. Plans call for completion of the new system early in 1931.
of$6 pref. stock in a different ratio from that specified above If the dividend Greenwood, as well as being supplied with water by the company, also
requirements of the corporation with respect to its shares issued on any receives Interstate electric and bus service and Is on the company's electric
such conversion or exchange made In such different ratio be not greater interurban railway line running between Indianapolis and Louisville.
than the dividend requirements of the corporation with respect to its The new water storage tank will have a capacity of 75,000 gallons and will
shares loanable had such conversion or exchange been made in the ratio be in addition to the present reservoir capacity of 300,000 gallons. The
electrically driven pumps, which will supplant the present steam driven
specified above.
In whole or in part to be sold for cash to net the corporation not less apparatus, will include the latest improvements in pumping machinery.
he units will consist of two electrically driven pumps of 500 and 200 gallons
than $90 per share, the proceeds of such sale to be used (a) to purchase
Ocr. 18 1930.]
FINANCIAL CHRONICLE
capacity per minute. and a 500 gallon per minute pump driven by a gasoline
engine. The latter unit is designed for auxiliary duty in an emergency.
The Indiana P. S. Commission has approved the purchase by this company of the properties of the Liberty Gas'Light & Fuel Co., which operated
a gas manufacturing plant and local gas distribution system in Liberty in
eastern Indiana. Electric service in Liberty is supplied by another company
under the same general management as Interstate. Electrical energy
is sold by Interstate to this company at wholesale and delivered to the local
company from Interstate's 33,000 volt transmission line between New
Castle and Connersville. Interstate soon will build a 33,000 volt line
from Connersville to Liberty as an additional source of electrical energy
for the latter community, thus allowing for a future increase in load. It
is expected that electrical energy will be transmitted over this line at a
-V.131. p. 474.
lower voltage fora time.
Massachusetts Utilities Associates.- Stock Interest Increased by New England Power Association.
-V. 131, p. 2379.
See New England Power Association below.
-Expenditures Authorized.
Michigan Bell Telephone Co.
The directors have approved expenditures of $2,719,000 for new construction, of which $1,290,000 is for Detroit and $1,429,000 for the balance
of the state. Including estimates approved at previous meetings this
makes a total so far this year of $22,593,000 divided approximately $8,858.-V. 131, p. 1565.
000 for Detroit and $13,735,000 for the rest ofthe state.
-Hill,
-Bonds Offered.
Michigan Gas & Electric Co.
Joiner & Co., Inc., and Halsey, Stuart & Co., Inc., are
offering $1,190,000 1st mtge. 5% gold bonds, series B at
98M and int. Bonds are dated Dec. 1 1926 and mature
Dec. 1 1956.
Issuance.
-Authorized by the Michigan Public Utilities Commission.
Data from Letter of L. E. Myers, Pres. of the Company.
-Company, incorp. in 1904, in Michigan, now owns and operBusiness.
ates a group of public utility properties supplying, without competition,
electric light, heat and power service to 39 communities and manufactured
gas to 13 communities. In addition the company wholesales electrical
energy to the city of Sturgis, Mich. The territory served embraces well
known mining, manufacturing and agricultural sections and includes the
cities of Cassopolls, Constantine, Three Rivers. Niles, Hancock, Houghton.
Dowagiac, Holland and Negaunee. The population served, directly and
Indirectly, is estimated to exceed 111,000. Approximately 83)i% of the
present gross earnings are derived from sales of manufactured gas and electrical energy for light, heat and power.
Valuation.
-The value of the company's property now owned,less depreciation, as determined by independent examining engineers, plus the actual
cost of subsequent additions and betterments, is stated to be approximately
twice the total funded debt to be outstanding in the hands of the pal lic.
-The earnings and expenses of the company, as it will be conEarnings.
stituted upon completion of the present financing for the 12 months' periods
ended Aug.31, were as follows:
1929.
1930.
12 Months Ended Aug.31$1,818.518 $1,746,404
Cross earnings,including other income
1,154.755
1,196,216
*Operating expenses, maintenance & taxes
$591,648
$622,301
Net earnings before depreciation
161.994
163.337
Interest charges on funded debt
Net earnings for 12 months, period ended Aug. 31 1930 were over three
times above interest requirement.
Capitalization Outstanding (Upon completion of present financing).
$1,556,000
Common stock ($100 Par)
2,500 shs.
Common stock (no-par value)
400,000
Preferred stock,6% cumulative($100 par)
967,800
Prior lien stock,7% cumulative($100 Par)
let mtge. & refunding (now 1st mtge.) gold bonds,series A.
1734,800
6%,due Sept. 1 1943
2,015,200
1st mtge. gold bonds,series B.5% due Dec. I 1956
will be used to reimburse the treasury, in part, for
-Proceeds
Purpose.
additional pre rzerty acquired; for expenditures made on account of additions
and improvements to the properties and for other corporate purposes of the
Company.
• Property.--Corapany has in service 250 miles of high voltage transmission
lines, and in addition to hydro-electric energy purchased. operates five
modern power stations, throe of which are hydro-electric. The gas plants
of the company have daily rated manufacturing capacity of over 1,825,000
cubic feet and holder capacity of 1.760,000 cubic feet. Company has
modern district merchandising offices in 19 cities and towns.
Management -Corporation is a part of the Middle West Utilities System.
-Nr, 131, p. 113. 936.
-Bonds Authorized.
Mid-West States Utilities Co.
Authorization of $3,000,000 additional first mortgage and collateral
trust 53.1% bonds (Inc May 1 1943 has been made by the Arkansas Railroad Commission. Lon J. Jester, Vice-President, said Oct. 14. The Commission also approved authorization recently made by the directors, of
$5,000,000 gen. and ref. 6% mortgage bonds due Jan. 1 1945 and increases
in clazs A stock from 150.000 authorized to 300.000 and class B from
100,000 authorized to 200 000 shares.
E. H. Ottman & Co. will head the distributing group for class A shares.
-V. 131. p. 2379.
-3% Stock Dividend.
Minnesota Northern Power Co.
The directors have declared a 3% stock dividend on the common stock,
payable to holders of record Aug. 9.-V. 131, p. 1894.
Montreal Light, Heat & Power Consol.-Contract.The City of Montreal recently decided to renew its contract with this
company, which expires Nov. 1. The contract gives the power company
an annual revenue of $600,000.-V. 131. p. 628, 114.
.
2637
And It appearing to the satisfaction of the Commission front Or'averments of the petition and from oral evidence that the Tennessee Metric
Power Co. now owns and has for some time owned all of the common stock
of Nashville By. & Lt. Co. and all of the preferred stock of the Nashville
Ry. & Lt. Co., except 109 shares that are outstanding in the public, whose
interests it is proposed to take care of in the manner hereinabove indicated
and it further appearing to the Commission that the Tennessee Electric
Power Co. has been duly authorized to purchase the property franchises,
rights. &c. of Nashville By. & Lt. Co. and that the board of directors of
Nashville By. & Lt. Co. and the Tennessee Electric Power Co.. as owner,
of largely more than three-fourths of all the capital stock of Nashville
By. & Lt. Co. has authorized the sale by Nashville Ry. & Lt. Co. of all its
property and franchises, &c. to the Tennessee Electric Power Co., but that
this proposition of purchase and sale has not been formally submitted to the
stockholders of Nashville Ry. At Lt. Co.. but that it will be submitted by
Nashville Ry. & Lt. Co. to a meeting of its stockholders to be called for
that purpose as the law directs: and
It further appearing to the Commission that the written consent for
the sale and transfer by the Nashville By. & Lt. Co. to the Tennessee Electric Power Co. of all its property, rights, privileges, franchises, &c. of
Nashville Ry. & Lt. Co. has been elven by the governing authorities of the
municipality of the City of Nashville within the corporate limits of which
the Nashville Ry. & Lt. Co. very largely owns and operates the properties
It proposes to convey, said written consent being evidenced by a duly
certified copy of the resolution adopted by the Mayor and City Council of
Nashville at its regular meeting Oct. 7 1930; and the Commission after full
consideration of the whole matter being of opinion that the Tennessee
Electric Power Co. should be allowed to acquire the property, rights,
franchises, &c., of Nashville By. & Lt. Co. under the terms set forth, and
that the acquisition by the Tennessee Electric Power Co. of said Properties,.
franchises, &c., of said Nashville By. & Lt. Co. is to the best interests or
the public.
It is therefore ordered by the Commission:
That the plan authorizing the Tennessee Electric Power Co.to purchase
all of the assets, franchises, rights and properties of every kind and character of the Nashville By. & Lt. Co. by way of or in the nature of a consolidation or merger, be and the same is hereby approved.
That upon filing with this Commission a certified copy of a resolution
passed by a majority of at least three-fourths in value of all stock of Nashville Ry. & Lt. Co., authorizing the sale of all the property, rights, franchises, &c., by Nashville By. & Lt. Co. to the Tennessee Electric Power
Co., upon the terms and for the consideration hereinabeve stated and upon
satisfactory evidence furnished the Commission that the interest of all
minority of dissenting stockholders have been fully cared for and protected,
the Nashville Ry. & Lt. Co. is hereby authorized and directed to execute
and deliver to Tennessee Electric Power Co. a deed and all other necessary
conveyances and muniments of title conveying to Tennessee Electric Power
Co., all of the property. riehts, franchises, &c., conveyance of the property to be made subject to all of the debts, obligations, or liens now against
the property and subject to all conditions, restrictions and limitations of
the franchises now owned by Nashville By. & Lt. Co. conveyed to the
-V. 131, p. 476.
Tennessee Electric Power Co.
-Electric Output.
National Electric Power Co.
A 3% increase in kilowatt hour output for September over September
1929, has been reported by the operating companies in the National Electric
Power Co. group, a part of the Middle West Utilities System. This increase, which follows a similar gain of 3% for August over August 1929.
reflects continued activity in the Eastern districts served by subsidiaries
of the National Electric Power Co.
Total gross output for September was 141,600,000 kwh. as against 137.
500,000 for September 1929, a gain of 4,100,000 kwh.
For the first nine months of 1930, output was 7.0% in advance of that
for the corresponding period in 1929. The nine months' output in 1930
was 1,251,000,000 lost., compared to 1.169,000.000 in 1929, a gain of
82.000,000 kwh.-V. 131, p. 2379.
New England Power Association.-Eledric Output.
An official statement says:
The recent publication of figures giving the production of electric power
by public utility power plants in the United States in August, discloses
that the operations in that month of this Association, a subsidiary of the
International Paper & Power Co., were at a higher level over the preceding month-July-than the rest of the United States as a whole. The
average daily production of electric energy in August by the Association
was 4 l % over July, while that of the rest of the United States in August,
was only 1-10 of 1%, over July.
This same favorable trend of the output of the Association, as against
the rest of the country, was shown in July and also in June. with the result
that the average daily production of the Association in August, increased
about 3.ti % over that of the last month of Spring, while the output of
the rest of the country decreased 13.4 % in the same period. Since production of electricity is now one of the basic indices of industrial activity.
this would seem to indicate that business in the summer months in the
area served by the Association showed a batter trend than in the rest of
the United States as a whole.
Compared with May-the last Spring month-operations of the Association during the three Summer months this year were on a more favorable basis than in either last year or the year before, the average daily
output is those months this year having been 1% over May, while in 1929
production in the Summer months was 1% under May and in 1928 6%
under.
While the output of the Association thus far this year has been about
6% under last year when business activity was reaching unprecedented
levels, it is 8% higher than in the corresponding period of 1928, and far
hieher than in any previous year. All figures are for the same companies
and do not reflect growth by acquisition. In spite of the drought conditions prevailing during the year, the output of the hydro-electric plants of
the Association in the first eight months was 10% over the corresponding
period of last year.
September Merchandise Sales 12.5% Over August.
The total value of domestic appliance sales in September by retail units
of New England Power Association was $163,547, an increase of 12.5%
over August. In the first nine months of this year sales
Municipal Telephone & Utilities Co.
- $1.666,352. or 23.2%, over the corresponding period of last amounted to
-Stock Offered.
year. These
Offering is being made of a block of 39,641 shares of class A common
this year are remarkable in view of the fact
stock by its investment affiliate, the Municipal Utility Investment Co., substantial increases in sales
that general business conditions last year were at a much higher level than
priced at $14.50 per share. This financing, it is stated, is being done to this year.
provide additional funds for the company s wide expansion and developThe additional consumption of electric energy resulting from the Septemment now under way in the properties of its eight subsidiary units located ber
k.w.h. annually. 11.5% over the consumpestimated
in Kansas, Kentucky, Arkansas, Missouri and Oklahoma. The Municipal tionsales is appliancesat 692.000
sold in September of last year. Sales during the first
system operates in all principal branches of the public utility field,including nine of the
months of this year represent an additional annual consumption of
light and power, water, telephone, natural gas and ice, and serves
electric
k.w.h.
a population in excess of ene-half million in 142 towns and cities. During 7,028.000 ranges and refrigerators constituted 39.8% of the total value of
Electric
the past year it has expanded its holdings 11)e, times and its earnings 12j4 electric merchandise sales by the New England Power Association in the
times through additional acquisitions and improvements.
-V. 131. P• month of September. Refrigerators lead ranges both in number and total
936,628.
value of sales, the number of ranges sold reflecting an increase over September of last year of 56%,and refrigerators showing an increase of 58%. The
Ry. & Light Co.
Nashville
-Merger Approved.
the ranges and refrigerators sold in Sepadditional annual
The Tennessee State Railroad and Public Utilities Commission, Oct. 9, tember is 299.700 consumption ofthe first nine months 3.833,100 k.w.h.
k.w.h. and for
handed down an order approving the acquisition of the properties of the
The September records show that New England Power Association sold
Nashville Railway & Light Co. by the Tennessee Electric Power Co. and
flatirons,
approving the resolution of the Nashville City Council, consenting to such 112 electric ranges. 161 refrigerators, 326 washing machines, 1861 9 water
737 toasters, 189 vacuum cleaners, 273 percolators, 139 cookers.
acquisition.
heaters. 147 waffle irons, and 59 gas ranges.
The opinion and order of the commission follows:
This matter came on to be heard before the Commission on the day of
Taking More Active Part in Management of Massachusetts
Oct. 8 1930, upon the joint petition of the Tennessee Electric Power Co. Utilities
Associates.
and the Nashville Railway & Light Co. for the authority and approval
A joint statement issued by Frank D. Comerford, President of New Engof this Commission for the sale, transfer and conveyance by nay of merger
or consolidation of all the property, rights, franchises, &c., of the Nashville land Power Association. and Bowen Tufts, Vice-President of Massachusetts
Railway & Light Co. to the Tennessee Electric Power Co.for the following Utilities Associates, says:
"The New England Power Association has had a substantial stock interconsideration, to wit:
(a) The surrender by the Tennessee Electric Power Co. to the Nashville est in the Massachusetts Utilities Associates since the formation of the
Power
& Lt. Co. of 40,000 shares of the common stock of Nashville Ry. & Lt. latter organization. Recently the New England of this Association has
By.
increase, and at
Co.(being all the outstanding common stock of the Nashville Ry.& Lt. Co. largely increased this stock interest. As a result
Surrender of 24,891 shares of the 5% preferred stock of Nashville the request of the management of the Massachusetts Utilities Associates.
Co. to said company (being all the outstanding preferred stock the New England Power Interests are undertaking a more active part in
By. & Lt.
the management of the companies making up the Massachusetts Utilities
ofsaid company except 109 shares.)
-V. 131. p. 2065. 1565.
(c) Payment to Nashville By. & Lt. Co. a sum in cash sufficient to pay Associates."
the holders of the remaining 109 shares of 5% preferred stock of said com-New Control.
New Jersey Northern Gas Co.
pany, the par value thereof, to wit: $100 per share and any dive. accrued
-V. 112. p. 855.
See Central Public Service Corp. above.
and unpaid thereon or otherwise complying with the laws of Tennessee with
-Off List.
North American Water Works & Elec. Corp.
respect to protecting the rights of minority and dissenting stockholders.
The class A stock has been removed from the Chicago Stock Exchange.
(d) The assumption by the Tennessee Electric Power Co. of all the
V. 131. v. 1257, 786.
indebtedness and obligations of the Nashville By. & Lt. Co.
aI)
2538
FINANCIAL CHRONICLE
Niagara Hudson Power Corp.
-Acquisition Proposed.
The company has applied to the New York P. S. Commission for authority to acquire 340 shares of capital stock of the Syracuse Suburban Gas Co.
in exchange for 10,000 shares of its own common stock.
-V.131, p. 2065.
[Vol.. 131.
For income statement for 3 and 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 131, p. 788.
Philadelphia Rapid Transit Co.
-Seeks $6,600,000.
-
The company Oct. 15 asked permission from the Philadelphia City
Council to make arrangements for meeting a $3,000,000 indebtedness to
Electrical sales totaled 202,744,433 kwh. in the first eight months of the Mitten Bank Securities Corp. and for providing for various refunding
1930, an increase of 9.4% over the 185,328,378 kwh. sold in the first eight operations. The financing involves the issuance of $6,600,000 in car trust
months of 1929. Total industrial electrical sales in the first eight months certificates through arrangements for the sale of 1,341 cars of the P.R.T.
of this year were 129,542,802 kwh. or 9.34% more than the 118,473,842 to a financial agency, from which the company plans to lease them for
continued operation.
-V. 131, p. 1895, 629.
kwh. sold in 1929.
Construction of a gas transmission line. 38 miles long, between LogansPittsburgh Railways Co.
-Offer Reported to Exchange
port and Lafayette has been completed by the company. The line connects
at Logansport with the high pressure line from East Chicago and at Lafayette Philadelphia Co. 5% Pref. Stock for Divisional Issues.
with the high pressure lines running to Crawfordsville, Attica and WilliamsThe Philadelphia "Financial Journal" of Oct. 10 had the following:
port. Gas from the Logansport-Lafayette line will not be turned into the
"It is understood that an offer is being made to holders of Pittsburgh
distribution system at present but will be a source of standby supply for Railways Co. divisional bonds to exchange their holdings par for par for
the Lafayette gas manufacturing plant. Construction of the line was made 5% preference stock of the Philadelphia Co., which controls the railways
necessary by increased consumption of gas at Lafayette and neighboring company. The offer, which, it is understood, is being made privately to
territory. The new connection gives the district a large potential supply to holders of such bonds, is to exchange 10 shares of 5% preference stock of
allow for future growth.
the Philadelphia Co. for each $1,000 face value of bonds, so that in all but
The new Logansport-Lafayette line passes through the city of Delphi one case the income will be the same as previously paid, practically all of'
which is served with electricity and electric railway interurban service by the bonds being 5% issues. It is understood that there is one exception,
an affiliated company. That company has built a gas distribution system one of the underlying issues carrying a 6% coupon. Some of these bonds
in the community and will purchase gas at wholesale from the Northern have been in long litigation, with maturities of some of the issues involved
Indiana Public Service Co.
going back to 1919 and 1920. Some brokers have placed a price of around
The company also built a three-mile transmission line from Fort Wayne 85 on the preference stock."
-V. 130, p. 2762.
to New Haven, Ind. A distribution system was recently completed in
Public Utility Holding Corp. of America.
New Haven, the gas requirements being supplied by the company's plant
-Acquires
at Fort Wayne. Prior to the beginning of this service, New Haven was not
505 Voting Stock Interest in Central West Public Service Co.
supplied with gas.
The corporation has acquired 50% of the outstanding. 200,000 shares
Brick work on the company's new electric generating station on the of the
shore of Lake Michigan at Michigan City has been practically completed. a joint voting stock of the Central West Public Service Co., according to
announcement by F. S. Burroughs, President of the Public Utility
All concrete has been poured.While general construction work is nearing Holding
Corp.,
completion, installation of mechanical and electrical equipment is getting West company.and Max McGraw, Chairman of the Board of the Central
under way. Preliminary tests for boilers were begun late in August. The
The Central West Public Service Co. is a $20,000,000 concern with
station, which is scheduled to be placed in operation in 1931., will have an operating
headquarters in Omaha, and has heretofore been wholly owned
initial capacity of 64.000 kilowatts, with an auxiliary unit of 4,000 kilowatts. by the
McGraw interests, who will continue in the management. This
The superpower development in northern Indiana which this company affiliation
between one of
has been carrying on during the last several months in conjunction with the of the Mississippi River the fastest-growing public utility companies west
and a large
Interstate Public Service Co., another subsidiary of the Midland United debt, no bank loans and controlled by holding company having no funded
strong interests in the banking field,
nearing completion.
Co. Is
small
The 132,000 volt steel tower superpower line which extends 82 miles creates a new public utility situation with nowill be possibilities. It is
understood that a policy of property extension
from New Carlisle south through Plymouth to Monticello has been com- and other established utility companies purchased orvigorously pursued
merged with the
pleted. Construction of two 20,000 kilowatt distribution centres, one at Central
Plymouth and one at Monticello, will be completed in the near future. be madeWest Public Service Co. from time to time when acquisition can
on an advantageous basis.
superpower line is an extension of the company's 132,000 volt line
The
The Public Utility Holding Corp. is represented on the board of
running from the Indiana-Illinois State line to New Carlisle, a distance of tors of the Central West company by George Devendorf of American direcFound-V. 131, p. 937.
58 miles.
ers Corp. and A. W. Mellen Jr. of Harris, Forbes & Co. Frank Milhollan
will continue as President
- and public relations. Maxand General Manager in charge of operations
-Bonds Offered.
Northwestern Light & Power Co.
McGraw, Chairman of the board of directors.
Harris Trust & Savings Bank Chicago, is offering at 100 and and Judson Large, Secretary and Treasurer, will be in charge of major
acquisitions and
directors consists of the folint. $800,000 1st mtge. 6% gold bonds, series B. Dated lowing: Hamiltonfinancing. The board ofDevendorf, New York; Judson
Allport, Chicago; George
Large, Chicago; Max McGraw, Chicago; R. F. McGraw, Chicago; A. W..
Aug. 1 1925; due Aug. 1 1950.
Mellen Jr., New York,and Frank Milhollan, Omaha.
-V.131,9. 2380.
Data from Letter of Isaac B. Smith, Pres. of the Company.
Pusiness.-Company, incorp. in 1924 in Delaware, owns properties
Southern Canada Power Co., Ltd.
-Offers 10,000
supplying electric light, power and gas to an agricultural district in Northwestern Iowa. Electricity is supplied at retail to over 6,500 customers in Additional Shares of Pref. Stock to Customers.
The company on Oct. 13 made another offer of 10,000 of its preferred
Grundy Center, Lake Park, Peterson, Sioux Rapids, Spirit Lake, Milford
and adjacent towns. Artificial gas is furnished to over 1,500 customers in shares to its customers, thereby enabling those who have been newly conCherokee and Storm Lake. Of the gross earnings over 81% is derived from nected, as well as the others who have not taken advantage of the previous
the sale of electricity, 14% from the sale of gas and the balance of less than offerings, to participate in its profit-sharing policy.
5% from telephone, steam heating and other miscellaneous sources. ComThe company's power generating station at Burroughs Falls, near
pany owns electric generating plants with a combined capacity of 4,152 Ayers Cliff, was officially opened on Aug. 15.This plant, which is autok. v. a., 243 miles of transmission lines and 162 miles of rural lines. Inter- matic• adds 2,000 h.p. to the capacity of this system, the output of whicha
made with the lines of Iowa Public Service Co., Central has increased to 169,683,251 kwh. for the 12 months ended Aug. 31 1930,
connections are
States Electric Co. and Iowa By. & Light Corp.
as compared with 154,833,910 kwh. for the corresponding previous 12
months, an increase of 9.6'.
Authorized.
Outstanding.
CapitalizationThe installation of additional high-tension circuit breakers at Granby,
20,000 ails.
20,000 shs.
par)
.
Class B common
$1,700,000
Sherbrooke and Richmond sub-stations has been completed, those at
$1.700,000
Class A common $25 Par)
600.000
Richmond being equipped for remote control, so that they may be operated
3,000.000
Preferred ($25 par)
from the local office, almost three-quarters of a mile from the sub-station.
$1,367,500
aFirst mtge.6% due 1960 (incl, this issue)
The
a Bonds originally issued as 1st & ref. mtge." are now first mortgage." ceedingwork of doubling the capacity of St. Hyacinthe sub-station is proaccording to schedule, and arrangements have been made to provide
b Limited by restrictions of the mortgage and supplements thereto.
additional transformer capacity at Granby, Cowansville and St. Brigide
-Company has assumed by contract the payment of $33,000 of
Note.
sub-stations, to take care of increase in load.
municipal bonds maturing in installments.
Various distributing systems, particularly those in Drummondville and
Earnings End. June 30.
Farnham, are being increased in capacity, to take care of rapidly increasing
1929.
1930.
$458,200
$405,645 load.
Gross earnings
252,291
288,467
Earnings.
Operating expenses & local taxes
For income statement for 12 months ended Aug. 31 see "Earnings De$153,355 partment" on a preceding page.
Net avail,for int., deprec.,amortiz. & Fed. taxes $169,733
-V. 131. p. 476.
Annual interest on bonds (Incl. this issue) and con83,970
tractural obligations
-Sells Property
Southern Cities Public Service Co.
-Bonds are a direct first mtge. on all of the present physical
Security.
Mississippi Service Co.
properties, except that in connection with the acquisition of certain muni- ofSee Central Public Service Corp. above.
-V. 131. p. 1566.
cipal properties the company has contracted to pay principal and interest on
various municipal obligations outstanding with the public in the amount of
-Probable Sale.
Southern Cities Utilities Co.
$33.000 which mature in installments. Iowa Ry.& Lt. Corp.. Iowa Electric
-V. 131, p. 938.
See Central Public Service Corp. above.
Co., and Central States Electric Co. own all of the outstanding preferred
stock which represents a substantial equity behind these bonds.
and class A
-Sells Water Properties, &c.
Southern Union Gas Co.
-Bonds are being issued to retire underlying bonds,to reimburse
Purpose.
-V. 131, p. 2066.
See Trans-Mississippi Utilities Corp. below.
the company in part for the cost of acquisitions and improvements to its
corporate purposes.
properties and for other
Standard Public Service Co.
-Acquisition.
-Company is owned and operated by the same interests that have
Control.
The company has closed a contract covering the
Greenup
long been identified with the Iowa By. & Lt. Corp., Iowa Electric Co. and County Home Telephone Co., serving Russell,acquisition of the adjacent
By. and four
-V.131. p.2224.
Central States Electric Co.
communities with a combined estimated population or 15000. The territory embraces the site of the new Chesapeake St Ohio railroad shops and
-Defers -Div.Northwest Louisiana Gas Co., Inc.
freight classification yards construction of which is well advanced. Upon
We have been informed that the September board meeting was adjourned completion, the yardage will aggregate 160 miles, which, it is reported, will
quarterly dividend due Oct. 1 on the 7% cum. constitute the largest freight yard owned by any individual railroad in the
without any action on the
pref. stock. The last distribution at this rate was made on July 11930.- countryi
Ruase
1 lies in the coal and iron region, on the Ohio River, directly
V. 129, p. 1122.
opposite Ironton, Ohio. It adjoins the City of Ashland, having a populaOhio Edison Co.-Debestures Called.
tion of 35.000 and is well suited to tie in with the Kentucky Division of the
-V. 131. P. 787.
Power & Light Co. below.
See Pennsylvania-Ohio
Standard Public Service System, from the operating standpoint.
Under the terms of the contract acquisition is provided for through
-Bond Redemption.
Ohio River Edison Co.
-no public financing being necessary.
the exchange of securities
-V. 131.
series of 1926, and 1st mtge. s. f. gold p. 2225.
The let mtge. s.f. gold bends, 5%
1
bonds, 6 series of 1923, will be redeemed Dec.16 1930 and Jan. 1 1931,
Wall St., N. Y. City.
Bankers Trust Co., trustee,
Tennessee Electric Power Co.-Acquisition Approved.
.
respectively, at the
See Nashville R.& Light Co. above.
-V. 130, p. 2030.
See also V. 131, P. 2380.
Northern Indiana Public Service Co.
-Sales, &c.
-Transfer Agent.
Pacific Power & Light Co.
Trans-Mississippi Utilities Corp.
-Acquires Water Properties of Southern Union Gas Co.
-Latter Buys Substantial
Stock Interest in Corporation.
-Deb. Called.
- Acquisition of the principal water properties of the Southern Union
Pennsylvania-Ohio Power & Light Co.
-year 6% gold debentures, due July 1 1939. Gas Co. by the Trans-Mississippi Utilities Corp., a holding company
All of the outstanding 15
The Irving Trust Co. has been appointed transfer agent for the $6 pre-V. 131, p. 938, 629.
ferred stock.
and int.
were recently called for redemption Sept. 1 at 103137 Westat the offices of which controls the Texas Consumers Water Co., and purchase of a subJackson Blvd.. stantial stock interest in the Trans-Mississippi Utilities Corp. by the
St., N. Y. City;
Lee. Higginson & Co., 37 BroadBoston, Mass.
-V.131, P. 271.
Southern Union Gas Co. is announced by T. F. Murchison, President of
Chicago, Ill., or 70 Federal St.,
the latter company.
Co.
-Rights, 86c.
The properties include a group of water companies in Texas, Oklahoma,
Peoples Gas Light & Coke the Illinois Commerce Commission
and New Mexico, including those serving Kingfisher, Okla.; Quanah, Tex..
The directors have voted to apply to
issue $6,254,000 additional capital stock. Stockholders and Gallup, N. M. They will be grouped into a new operating subfor permission to
to subscribe for the new stock at
of record Dec. 15 will receive the right their present holdings. Payments sidiarY of Trans-Mississippi to be known as Southwest Water Co.
In addition to its interest in water service properties, the Southern Union
of 10% of
$100 per share to the extent before Jan. 15 1931, or in quarterly or in 10 Gas Co.
serves approximately 60 towns and communities with natural
or
may be made in full, on
gas. Total assets of the company now total more than $13.000,000. Its
monthly instalments.
being made to list the additional stock on the New York operating subsidiaries are located in Texas,Oklahoma,Arkansas, Colorado,
Application is
and New Mexico. The Trans-Mississippi Utilities Corp., as
and Chicago Stock Exchanges.
approval of the issuance the transaction, will operate in Texas. Oklahoma, and New a result of
Application will be made to the Commission for
$2,000,000 bearing interest cluding portions of the industrial and residential sections ofMexico. inFt. Worth
and sale of $8,000.000 of serial notes, of which
remaining $6,000,000 bearing and Waco, Tex.
% will mature on Feb. 1 1923, and the $2,000,000 annually in 1934.
at
193Y% will mature at the rate of
interest at 434
Bond Issue Schedules for Offering Soon.
1935 and
Offering will be made shortly of anew issue of$365,000 first lien collateral
additional stock will provide
The proceeds from the sale of notes and the and to cover expenditures 6% cony, gold bonds, series A by Metcalf, Cowgill & CO Inc., and
funds for the retirement of maturing obligations the time, probably 1931, ander, McArthur & Co. Net earnings for the year ending Dec. 31 Alex1931
made or to be made in anticipation of
already
are estimated at more than four times annual interest requirements
when the mixture of gas supplied in the City of Chicago will consist largely issue of bonds. The bonds will carry a conversion feature entitling theon this
holder
of the natural gas from the Texas Panhandle gas field.
FINANCIAL CHRONICLE
OCT. 18 19301
to convert his holding into 4 shares of the corporation's $2 dividend series
-V. 129, P. 3327.
'preference stock for each $100 bond.
-Sale & Acquisition.
Tr -Utilities Corp.
-V. 131, p. 2381.
See Central Public Service Corp. above.
--Acquisition.
Union Natural Gas Co.of Canada,Ltd.
The company recently purchased 60% of the outstanding common stock
-of United Fuel Investments, Ltd., with a condition of the purchase that
the holders of all common shares of United Fuel Investments, Ltd., should
be offered the same opportunity to sell their shares.
The Union Natural Gas Co. of Canada. Ltd,. offered to the holders of
all common stock of United Fuel Investments, Ltd., to purchase the common shares held by them respectively and to pay for each common share
so purchased by the allotment and issue of 6-10ths of a fully paid common
share of the Union Natural Gas Co., together with a cash payment of
24 cents. This offer was open for acceptance up to and including Oct. 15
1930 and was availed of by depositing certificates for common shares of
United Fuel Investments, Ltd., with the Canadian Bank of Commerce,
Bay and Wellington Sts., Toronto, Canada. The shares issued to those
who accepted this offer on or before Oct. 15 1930 will rank for all dividends
that may be payable after Sept. 10 1930.
As fractions of shares could not be issued, an arrangement was made
with the Dominion Securities Corp., Ltd., whereby in those cases where
as a result of exchanging on the basis aforesaid shareholders would become
entitled to a fraction an adjustment was made so that the person who
would be entitled to the fraction could complete the full share by the purchase of a fraction or could dispose of the same by sale of the fraction, in
either case, for the purposes of the adjustment the value of a common
share of the Union Natural Gas Co. was taken on the basis of the last
ascertainable market price of common shares of that company up to the
close of business on the business day next preceding the receipt by the
bank of the certificates.
-V. 131, p. 2393.
-Consolidation.
United Fuel Investments, Ltd.
See Union Natural Gas Co. of Canada. Ltd., under "Industrials" below.
-V. 131, p. 1422.
United Utilities & Service Corp., Phila.-Probable Sale.
-V. 126. P. 4083.
See Central Public Service Corp. above.
-Suit Dropped.
Washington Gas Light Co.
Associate Justice Peyton Gordon of the District Supreme Court, Washington, D. C. has signed the petition of the company formally withdrawing
Its suit against the Public Utilities Commission of the District of Columbia,
with reference to the 1919 valuation of the property of the corporation.
The signing of the petition ends all litigation with regard to the valuation.
-V. 131, p. 1896.
("Gas Age-Record.")
-Initial Common Dividend.
West Coast Telephone Co.
The directors have declared an initial dividend of 15 cents per share
-V. 130, p. 2582.
ton the common stock.
2539
have become endangered by the lack offunds needed to meet current debts.
The action, which was considered a friendly one, was agreed to by
officials of the company, and immediately after the filing of an equity
bill Federal Judge J. Whitaker Thompson appointed David J. Smyth.
former City Solicitor, and Mearle C. Wachtel as receivers under a Joint
bond, with authority to continue the business as a going concern until the
further order of the Court.
M. C. Wachtel, President, in a statement following the
announcement of receivership, said:
"Company was organized about ten years ago and now comprises 254
stores located in greater Philadelphia and New Jersey. In January 1929
the management of the company was turned over to a new group and I was
elected as President. The new management succeeded, for the first time
in several years, in turning the business to a profitable basis within a
period of nine months after taking hold, so that commencing September
1929 and for the six months of 1930 the company showed an operating
profit.
During the first eight months of this year sales have shown an increase
In excess of 3% over the corresponding period of 1929, while most of the •
grocery chains have reported losses. This increase in sales is even more
significant when it is taken into consideration that retail prices have dropped
about 10% and that the new management is operating against its own
record of the year before.
On Sept. 6 1930 the current position of the company was as follows:
Assets, $1,467.973. liabilities, $846,490, with net worth approximating
$2,000,000. The company owes no money to banks.
The summer months just passed have been strenuous ones for this company in common with all other chains, our cash resources have been drawn
on heavily and with additional merchandise requirements for the holiday
business which is now approaching we find ourselves short of necessary
funds with which to meet our cash obligations.
The new warehouse and bakery completed last June have been described
by authorities as the last word in design and efficient operation. Our
organization of about 1,000 employees has labored relentlessly in an effort
to put this business on a profitable basis and to continue it so. Nowhere
can a more loyal group of men and women be found. Their Interest and
confidence took the form of tangible expression last spring when they
sought the opportunity of subscribing to a substantial block of the company's stock so that now about 750 of our employees are stockholders
of the company, as are also about 3,000 of our customers.
The company is fully capable of meeting all of its current liabilities,
and its record under the present management is evidence of what it might
be able to accomplish in the future.
The application for temporary receivership is but an act of protection
plans are already being formulated by which it is confidently hoped the
receivership will be lifted at an early date and that the company will be
able to carry on in a progressive and profitable manner in the future.
-V. 131, p. 1100.
-Earnings.
Alpha Portland Cement Co.
For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
-To Dispose of Amherst
Western Massachusetts Cos.
Balance Sheet Sept. 30.
1929.
1930.
-Gas and Easthampton Gas Cos.
1929.
1930.
Liabilities
At a special meeting of the stockholders held on Oct. 6 it was voted to
$
$
Assetsthe trustees authority to sell the capital stock of the Amherst Gas x Property aeet___21,495.585 22,236,204 Preferred Mock_ 2,000,000 2.000,000
Oio. and Easthampton Gas Co. This places the trustees in a position to Cash
5,696,939 2,938,157 Common stocky24,134,500 24,134,500
391,203
-V. 131,1).2381. Call loans
take advantage of any favorable offer which might be made.
2,600,000 Accounts payable_ 324.611
84,954
71,393
Wages payable_ __
U. S. Government
-Earnings.
Western Union Telegraph Co., Inc.
1,357,975 1,357,975 Federal tax rebonds,&c
386,687
276,820
For income statement for nine months ended Sept. 30 see "Earnings Work funds & adv. 192,906
serve, &c
155,754
533,250
Department" on a preceding page.
-V. 131, p. 2226. 2067.
Accts.& notes rec. 957,331 1,095,468 Dividends payable 355,500
2,236,986 2,485,053 Insurance & other
Inventories
-Earnings.
Wisconsin Hydro Electric Co.
822,513
745,086
reserves
220,967
Mlscell. investm'ts 273,079
For income statement for 12 months ended Aug. 31 see "Earnings De- Deferred charges__ 131,405
4,434,296 5,071,778
335,289 Earned surplus
partment" on a preceding page.
-V. 131, p. 1896.
32,342,206 33,424,865
Total
32,342,206 33,424,865
Total
x After depreciation, depletion, &c. y Represented by 711,000 no Par
shares.
-V. 131. p. 477.
INDUSTRIAL AND MISCELLANEOUS,
eve
-Arbuckle, Godchaux and PennsylAdvance in Refined Sugar Prices.
vania Sugar Refining Companies have advanced refined sugar 10 points to
4.55 cents a pound,effective Oct. 10. Boston "News Bureau," Oct. 11, p. 5.
American, National and McCahan Sugar Refining Companies have advanced refined sugar 10 points to 4.55 cents a pound, effective Oct. 9.
"Wall Street Journal," Oct. 16, p. 4.
-Reflecting the record low prices
Grocery Chains Reduced Price of Bread.
recently reached for standard grade flour, large food companies announced
reductions in the price of bread. Great Atlantic & Pacific Tea Co. and
American Stores Co. have reduced the price of bread from 8 to 7 cents a
loaf. "Financial Journal," Oct. 14. p. 1.
-Thomas A. Edison Industries plant at West
Strike at Edison Plant.
Orange, N. J. experienced its first labor difficulties in 16 years when
members of the buffers and polishers union went on strike, Oct. 14. Reason
'
for strike was that wages of buffers and polishers had been cut from 93 and
97 cents an hour to 70 cents. N. Y."Times," Oct. 14. p. 25.
Matters Covered in the "Chrcnick" of Oct. 11.-(a) Mercantile insolvencies
Increase. (Editorial), p. 2279. (b) $27 a day minimum wage in 1950.
(Editorial), p. 2280, (c) The new capital flotations during the month of
September and from Jan. 1 to Sept. 30, p. 2282. (d) Brokerage firm of
Prince & Whitely suspended from New York Stock Exchange-bankruptcy
petition filed, p. 2317, (e) Presidents of Hahn Department Stores and
Atlas Stores report business good, p. 2318,(f) Market value of listed shares
on New York Stock Exchange Oct. 1, $60.143,183,105 compared with
$67,721.096,999 Sept. 1-Classification of listed stocks, p. 2318,(h)Offering
-day Treasury bills in two series of $50,000,000 each.
of $100,000,000 62
p. 2322, (i) Transamerica Corp. announces terms of exchange of its stock
for Banca d'America e d'italla and Ameritalia Corp., p. 2326.
Abbott Laboratories.
-Extra Dividend.
The directors have declared an extra dividend of 1234 cents per share on
the common stock, no par value, payable Nov. 1 to holders of record
Oct. 21. Regular quarterly dividends of 62 cents per share were paid on
-V. 131.9. 2381.
July 1 and Oct. 1 last.
I•1
-Plant To Resume.
Aluminum Co. of America.
The company announces that operations were resumed Oct. 6 in its
Edgewater (N. J.) aluminum foil plant because of a marked increase in
forward tonnage. Operations were started with one shift, to be increased
-V. 130, p. 2774.
to three when business warrants it.,
-Earnings.
American Chicle Co.
For income statement for three and six months ended Sept. 30 see
-V.131, p. 1258.
"Earnings Department" on a preceding page.
-Pays Special Dividend-Extends
American Glue Co.
Offer for Pref. Stoe-Sale Appro ed.-
The directors have declared a cash dividend of $30 a share out of surplus
Payable on the common stock Oct. 15 to holders of record Oct. 11. The
offer to surrender preferred shares at $135 a share will be extended to
Oct. 31 from Oct. 14.
At a meeting of the stockholders held Oct. 11 it was voted to approve
the contract entered into by this company with Richard Wilhelm of New
York for the sale of the glue business for $2,800,000 cash. The sale includes the glue factories and good-will. Raw materials and supplies are
to be paid for in addition to the purchase price. Finished glue inventory
will be sold by the purchaser for the seller's account and the seller retains
all other assets, such as accounts receivable, investments, &c.
The business will continue to operate under the same name as heretofore,
but the liquidation of the American Glue Co. assets will be conducted by
the Eastern Equities Corp., the stockholders having voted to adopt this
name for the PurPose•
The stockholders' meeting was adjourned until Oct. 21.
-V. 131, p. 2227.
See also Peter Cooper Corp. below.
-Earnings.
American Hide & Leather Co.
For income statement for 12 weeks ended Sept. 20 see "Earnings De-V. 131. p. 1898.
partment" on a preceding page.
-Invests in African Mines.American Metal Co. Ltd.
Advance Rumely Co.
-Changes Charter.
The company has acquired from tne Canadian Selection Co.. Ltd.,
The stockholders on Oct. 15 voted to accept the provisions of the Indiana 800,000 English ordinary snares of the Roan Antelope Copper Mines, Ltd..
g_eneral corporation Act of 1929 to modernize the charter of the company. and 1,000,000 ordinary shares of Rhodesian Selection Trust, Ltd.. in oxThe action is described as being the first step in a plan to change the com- change for 350,000 shares of the common stock of the American Metal Co.,
pany's existing preferred and common stocks into one class of no par value Ltd., and $1,000,000 in cash, it was announced on Oct. 15. It was exfor which another special meeting of stockholders will be called.
-V.131, v. plained that these 350.000 shares of stock would not be entitled to dividends
2226.
until after Dec. 1 1932, and that application had been made for their listing
of that date.
Exchange to become effective
the
Alaska Juneau Gold Mining Co.
-Retiring Funded Debt. onThe New York Stockmine in northern Rhodesia is as
expected to begin
Roan Antelope
The company in September retired $100,000 of its 7% bonds, leaving production in the second half of 1931, the announcement said. The
only $275,000 remaining of a $3,500,000 authorized issue.
Rhodesian Selection Trust owns a two-thirds interest in special grants
These bonds expired March 15 1929. but as the company could not pay covering approximately 140,342 acres in the northern Rnodesia copper
off the issue the only alternative was to retire the bonds in the hands of the belt and also owns approximately 65% interest in Mufulira Copper Mines.
public on the call date and the remainder, all in the hands of interests Ltd., which is expected to reach production the latter part of 1932.
friendly to the company, are being retired monthly in such amounts as
Plans for the erection of an electrolytic refinery in England in association
-V. 131. p. 2381. 1897.
will not embarrass the company.
with other Rhodesian mining companies have been discussed, but have
not matured, the announcement said. It was announced also that A.
-Omits Dividend.
Allied Products Corp.
Chester Beatty of London has consented to join the board of directors of
The directors have voted to omit the quarterly dividend ordinarily the American Metal Co., Ltd., at an early date.
payable about Oct. 1 on the common stock. In Jan. April and July last
The shares of the Roan Antelope and the Rhodesian Selection Trust were
quarterly dividends of 50 cents per share were paid on this issue.
'
-V. 130. acquired by the Canadian Selection Co., which was incorporated only last
p. 4242.
June, from the Selection Trust, Ltd. of London, wnich went into voluntary liquidation on Sept. 25 1930. In the winding up of this trust the
Allis-Chalmers Mfg, Co.
-Receives Order.
Canadian Selection Co. the holder of all the ordinary share capital, is
The company announces the receipt of an order from the West Virginia receiving the whole of the net assets of Selection Trust.
Co., a subsidiary of the Union Carbide & Carbon Corp.,
Hydro-Electric
The new board of directors of the Canadian Selection Co. consists of
covering ten large power transformers amounting to approximately $500,000. Robert C. Beatty (partner of the law firm of Morris, Plante & Saxe),
This is the second order recently received by the Allis-Chalmers Co. from Arthur H. Bunker (Vice-President of the Lehman Corp.), Harold K.
this company, the previous order covering two welded steel surfaer con- Hochsehild (Vice-President of the American Metal Co.), Dorsey Richard-V. 131, p. 1715.
densers for use with 30,000 EVA steam turbines.
son (director of the Lehman Corp.) and Otto Sussman (President of the
-V. 131, p. 941, 791.
American Metal Co.) (New York "Times").
-Earnings.
Allen Industries, Inc.
For income statement for 9 months ended Sept. 30 see "Earnings Depart-V. 131, p. 477.
ment" on a preceding page.
-Receivership.
Almar Stores Co.
The affairs of the company were placed in the hands of two equity receivers by the U. S. District Court at Philadelphia Oct. 10 following the
filing of a plea by a stockholder and a creditor to conserve the assets, which
-Defers Dividend.
American Solvents & Chemical Corp.
The directors on Octobis 15 have voted to defer the quarterly dividend
of 75 cents on the cumul. cony.'preference stock due about Nov. 15.
After the meeting President H. I. Peffer stated: This action has been
taken as a conservative course by the board of directors. The company is
in good cash position and its officers feel that its future outlook is fully
-V. 131. p. 1100.
assured.
2540
American Stores Co., Phila.-50c. ExtralDividend.-
The directors have declared an extra dividend of 50c. a share, payable
Dec. 1 to holders of record Nov. 14, and the regular quarterly dividend of
50c. a share. payable Jan. 1 to holders of record Dec. 13. On Dec. 11926,
1927. 1928 and 1929 the company made an extra distribution of 50c, a
share, while on Dec. 1 1925 an extra payment of 40c. a share was made.
V. 131. P. 2382.
Anglo-American Corp. of So. Africa Ltd.
-Operations.
The following are the results of operations for the month of Sept., 1930:
Tons
Total
Milled.
Profit.
Revenue.
Costs.
Brakpan Mines Limited_ __ -87,500
£139,068
e94,482
e44.586
Springs Mines Limited
71,000
78,319
142,007
63,688
West Springs Limited
68,800
76,544
59,497
17.047
-V. 131,, p. 1898, 1259.
A. P. W.Paper Co., Inc.
-Earnings.
-
Years Ended June 30-Gross sales
Cost of sales
Gross profit
Other income
rirm. 131.
FINANCIAL CHRONICLE
1930.
1929.
1928.
$4,247,585 $4.195.817 $3.713,187
2,803,862
2.822,361
2.324,660
Bayway Terminal(New York Harbor).
-Acquires Plant.
By addition of the Durant Motor Co. of New Jersey plant in Elizabeth.
N. J., to the Bayway Terminal, the latter organization adds to its storage
and manufacturing facilities 2,102,730 square feet.
The newly acquired plant, together with the Bayway Terminal on the
Central RR. of New Jersey, at Bayway, Elizabeth, and the Pennsylvania
Dock & Warehouse Co.,on the Pennsylvania RR.at Jersey City, are under
the same management and associated with the General Cold Storage Co..
on the Pennsylvania RR. at Jersey City.
The company's new plant will be known as Bayway Terminal on the
Pennsylvania RR. It occupies an area of more than 27 acres with a frontage
of 1,816 feet on Newark Ave., only 800 feet from the city line of Newark.
Seealso Durant Motor Co. of New Jersey below.
-V. 128, p. 3516.
Beatrice Creamery Co.
-Acquisition.
-
The directors have approved the acquisition of the Hazel Glen Milk
Co. of Pittsburgh and the Ice Cream Service, Inc., of Brooklyn, N. Y.,
it was announced on Oct. 14.-V. 131, p. 2383.
B-G Sandwich Shops, Inc.
-Sales.
-
Four weeks ended Oct. 10
Year to Oct. 10
$1,443,723 $1,373,456 $1,388,528 -V. 131, p. 1260, 2069.
4,002
4,998
5,489
Total earnings
Provision for depreciation
General administrative expenses
1930.
1929.
Change.
$255.176 $279,922 Dec.$24.746
2,692,076 2,568,993 Inc. 123,083
Bickfords, Inc.
-Earnings.
-
11,447.725 $1,378,453 $1,394,017
For income statement for 9 months ended Sept. 30, see "Earnings De58,644
53.843
48.975 Partment" on a preceding page.
983,766
949,704
904,352
The balance sheet as of Sept. 30 1930 shows current assets of $1,979.101,
including $1,108,249 cash, against total current liabilities of $187,851.Net profit before int. & dividends
V. 131, p. 23c3.
(Albany Co.)
$405.314
$374,906
$440,689
Net loss-Canadian company
Cr.26,173
75,844
191,783
Bing & Bing, Inc.
-Earnings.
Interest on funded debt
180,000
45,000
180,000
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Interest on unfunded debt
23,453
38,138
16.095 Department" on a preceding page.
-V. 131, p. 479.
Net income
$95,610
$187.811
$213,350
Botany Consolidated Mills, Inc.
-Earnings.
Preferred dividends
78,750
For income statement for six months ended June 30 1930 see "Earnings
Common dividends
156.000
222,000
Department" on a preceding page.
Since the end of the last fiscal year the outstanding 6I4% bonded debt
Balance to surplus
$213,350 def$60.390 def$112,939
has been decreased $475,000 as of August 1. Net quick assets have been
Earnings per share on 156,000 shares
from $8,469,811 as of Dec. 31 1929, to $6,389,688 as of June
common stock (no par)
$1.36
$0.61
$0.70 decreasedwhich was
largely due to the write-down in inventory values and
30 1930,
Balance Sheet June 30.
the selling of slow moving stock.
Asses1930.
1929.
Liabilities1930.
1929.
With the economies effected since Jan. 1 and the favorable turn in
Prop., plant ac eq.
Common stock ..x$1,440,000 $1,440,000 women's wear styles to woolens and worsteds, the company looks forward
(less reserve)._ _S43,476,243 $6,480,468 1st mtge.
_ _ 3,000,000 3,000,000 to better business for the remainder of the year.
-V. 129, p. 3357.
Cash
43,794
46,821 Notes pay. (borbondsAccts, rec..less res. 292,082
rowed money)__ 625.000
318,205
900,000
Braun Baking Co. Pittsburgh, Pa.-Pref. Stock Called.
Securities owned
115,000
28,080
28,080 Accept. payable_ _ 245,000
All of the outstanding 7% cum. let and 2nd preferred stocks have been
Inventories
1,029,438 1,117,124 Reserves
675,031 called foi payment on Jan. 2 next at 105 and dive. to Jan. 1 1930. at the
966,987
Other accts. reel&
4,994
149,916 office of the company, 1712 Island Ave., Northsido, Pittsburgh. Pa.
13,981 Accounts payable.. 216,085
Prepaid charges..
32,285
83,535
60,130
405,691 Accrued accounts..
E. R. Braun, jr., is Secretary.
Minority interest400
400
1,349,909 2,069,895
Surplus
Brewing Corp. of Canada, Ltd.
-Completes Organization.
The
Total
$7,906,917 $8,410,372
Total
$7,906,916 $8,410,373 their shareholders of the Brewing Corp. of Ontario, Ltd., have given
consent to the change of name to Brewing Corp. of Canada, Ltd.,
x Represented by 156,000 shares of no par value.
-V. 131, p. 791. 632.
and to all the agreements made for acquiring control of other brewing concerns.
Artloom Corp.
-Earnings.
The directors of the new company are as follows: 0. S. Jennison
For income statement for 3 and 9 months ended Sept. 30. see "Earnings (Chairman of the Board), Lieut.-Col. P.B.Taylor (President),E.P. Taylor
Department' on a preceding page.
(Vice-Pres. & Gen. Mgr.), K. S. Barnes ((/ice-Pres.), 0. W. Rowley,
The balance sheet as of Sept. 30 1030 shows current assets of $3,046,499. D. J. McDougaid, D. D. MacLeod (of Aird St MacLeod, Toronto), 0. D.
of which amount $590,651 is represented by cash and $631,545 by U. S. Magee, E. T. Sandell, C. S. King, and H. F. Kuntz. See also V. 131, p.
Government, municipal and railway bonds. With current liabilities 1569.
amounting to $105,485, current ratio was over 28 to 1 as compared with
Brewing Corp. of Ontario, Ltd.
-Name Changed.
8 to 1 for the corresponding date in 1929. Inventories have been reduced
See Brewing Corp. of Canada. Ltd.. above.
$360.692 since the six months'report of June 30 1930.-V. 131, p. 1899.
-V. 131, p. 2228.
Art Metal Works, Inc.
-Omits Dividend.
The directors have voted to omit the quarterly dividend due about Nov.1.
Three months ago the dividend was reduced to 25 cents from 75 cents per
share.
In a letter to the stockholders, President Louis V. Aronson,said that this
action was taken notwithstanding the strong financial position of the company and its ability to pay a dividend had the board deemed it wise to do so.
In the latter part of August, sales definitely turned for the better and
September sales were 61% of these of the corresponding month last year.
October volume thus far is 87.3% of like period a year ago,it was stated.
V. 131. p. 478.
Asbestos Corp., Ltd.
-Suit Postponed.
The suit of the company against Keasbey & Mattison Co. of New York
for $1,375,000 damages due to alleged breach of contract has been postponed in Superior Court at Quebec until next April by mutual consent of
both parties in the action, according to press dispatches from that city.
-V. 131. p. 2227. 2068.
Associates Investment Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department",on a preceding page.
Condensed Balance Sheet Sept. 30.
1930.
1929.
1930.
1929.
Assets$
Cash
2,408,302 3,297,580 Coll, trust notes...J0,237,700 12,494,300
Notes rec., secured
Accounts payable_
18,337
42,021
by mtges. dr title
Fed'i income taxes
34,867
28,847
contracts
14,328,866 15,387,715 Deferred liabilities
501,807
Accounts magaUnearned disc, on
able secured
152,709
notes receivable 866,287
Repossessed cars
643,427
443,183
82,302
for sale
62,144 il ervePreferreds stock
1,300,000 1.300,000
39,287
Furniture & fiat's_
37,929 Common stock__ _x4,201,411 3,605.541
445,179
422,465 Pay. on empl. sub.
'Other assets
to common stk_
1,907
4,309
Total (each side)_17,303,937 19,360,543 Undiv. prof. deter.
940,535
x Represented by 77,758 no par shares.
-V. 131. P. 1899
,
Atlantic Refining Co.(& Subs.).
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page. -V. 131.P. 1424.
Broeman Properties (Frank Broeman Co.), Cincincinnati 0.
-Bonds Offered.
-Stein Bros. & Boyce,
Louisville, By. are offering $225,000 1st (closed) mtge.
6% serial gold bonds at 100 and int.
Dated Sept. 15 1930: maturing serially from March 15 1931 to Sept. 15
,
1939. Interest payable M. & S. at the office of Brighton Bank & Trust
Co., Cincinnati, Ohio, trustee. Company agrees to refund any personal
property tax not in excess of 5 mills per annum. if application therefor is
made within 60 days after such taxes are paid. Red. all or part on any int.
date at 102 and int, up to and incl. Sept. 15 1933 and at 101 and int. thereafter. Denoms. $500 and $1,000c.
Security -Bonds are the direct obligation of the Wank Broeman Co.
and secured by a first (closed) mortgage on 10 separate and distinct pieces
of property, with improvements thereon for complete modern service station
facilities, these improvements being included in the mortgage. Nine of the
stations are completed and in operation,and one la under construction. The
properties are located at strategic points in the cities of Cincinnati,Hamilton,
Reading and Cheviot, Ohio. These service stations are leased to the Texas
Co., and the leases are deposited with the trustee, as security, under this
mortgage, and the rentals are payable to it. The properties are appraised
at approximately $330,000, making this a 68% loan.
-Is a real estate holding company in Cincinnati,
Frank Broeman Co.
Ohio, with a record of successful operation, and has a net worth of many
times the amount of this debt.
-The properties are leased to the Texas Co.,which is
Earnings & Leases.
the main subsidiary of the Texas Corp., one of the largest independent oil
companies in the world, at rentals sufficient to retire practically the entire
funded debt at maturity. The leases are for a period of about 10 years,
extending beyond the length of the bonds, at a minimum annual rental ef
$35,700. Based on these leases they will show earnings of 2.64 times the
maximum interest requirements on these bonds, before taxes and maintenance. The leases are deposited,as security,with the trustee,and the rentals
are payable to the trustee. A sufficient amount will be withheld each
month by the trustee, so as to assure prompt payment of principal and
Interest on each payment date.
Purchase Oplions.-Texas Co. reserves the privilege to purchase all or
any of the 10 pieces of property during the periods of the imam the minimum
option purchase prices of the 10 properties is $373,600, and the maximum
option purchase price is $419.500. The above figures of purchase options
indicate the extreme conservativeness of this loan. Should the Texas CO.
exercise any or all of these purchase options, 80% of the proceeds must be
used for the retirement of the outstanding bonds.
(Edward G.) Budd Mfg. Co.
-Omits Dividend.
-
-Dividends.
Atlas Stores Corp.
The directors have voted to omit the quarterly dividend usually payable
At the regular meeting of the directors, the regular quarterly cash divi- about Nov. 1 on the common stock. From Aug. 1 1929 to and including
dend of 25c. per share was declared, payable Dec. 1 to holders of record Aug. 1 1930 the company made regular quarterly distributions of 25 cents
Nov. 17. The board also recently declared a stock dividend of 1U pay- per share on this issue. An extra of 25 cents per share was also paid on
0
able Dec. 1 1930 to holders of record Nov. 17 and 1 If 7 payable March 2 .Aug. 1 last year.
-V. 131, p. 2383.
1931 to holders of record Feb. 16 1931. On March 1, June 1 and Sept. 2
Burns Bros.
-To Sell German Coal
last, quarterly dividends of 25c. per share in cash and 1 % in common
-Contracts with
-V.131, 13• 2383, 1717.
stock were also paid.
Anthracite Producer for Exclusive Agency in United States and
-The following is taken from the "Wall Street
-To Merge with Gillette Canada.
Auto Strop Safety Razor Co.
Journal" of Oct. 15:
-Consolidated Companies To Pay $1 Dividend Jan. 1.
Through arrangements recently
completed with the Hockelhovener Coal
Co., one of the leading anthracite producers in Germany, Burns Bros. have
contracted for the exclusive sale of their coal in the United States and
Canada. This arrangement will provide Burns Bros. with a size of coal
much in demand over here, and will relieve them of the present necessity
of being compelled to purchase large sizes of coal in order to get the small
size most needed. The result will therefore mtaerially reduce the company's
inventory of large sizes of coal in its yards.
Discussing this new departure of Burns Bros., Sanders Wertheim, President of the company, said: "The ever increasing demand for coal tonnage
has created a heavy strain upon the transportation facilities at our disposal.
Delivery from the mines to our seaboard yards has not only entailed an
increasing cost to us, but has added an uncertainty in the consistent flow
of its delivery. The resultant effect is a shortage during the winter season.
Aviation Corp. (Del.).
-New Directors.
when coal requirements reach their peak, and the necessity of maintaining
Two new directors were recently elected to the board, viz; John W. larger inventories than requirements demand during off seasons.
"This situation has engaged our attention for some time and we now feel
Pattison, Vice-President of the Union Central Life Insurance Co., Cincinnati
and . E. Fisher, Vice-President of the Pacific Gas & Electric Co., San that it is essential and necessary to reach out beyond the domestic market
in order to insure the supply of coal we need as well as to derive what
Francisco.
-4. 131, P. 2383.
An agreement had been reached whereby the assets of Auto Strop Safety
Razor Co., Inc., will be acquired by Gillette Safety Razor Co. by giving
.
the Auto Strop company a new issue of 310,000 shares of aq .prpf. stock,
.
equivalent to a share per share basis on both the "A" and ll stock of
Auto Strop which is outstanding to a total of 310,000 shares.
The directors of Gillette state that as part of the merger plan it is their
Intention to change the dividend date on the common stock to quarterly
periods beginning Jan. 1 instead of periods beginning March 1 as heretofore. This change is applicable to the last quarter of 1930. The directors stated it is their intention upon completion of the merger to pay on
Jan. 3 1931 a dividend of $1 to holders of record Dec. 3 1930. For further
-V. 131. p. 2383, 1899.
details 900 Gillette Safety Razor Co. below.
OCT. 18 1930.1
FINANCIAL CHRONICLE
benefits will accrue therefrom. At the moment.Burns Bros.'coal Inventory
runs about $6.000,000 and with the aid of this new arrangement, and other
economies, we feel that we can reduce this inventory to under 13.000.000,
which will result in material saving to the company."
Mr. Wertheim said that Burns Tiros. can sell this German brand of coal
as fast as tonnage is available and that the first two cargoes, one en route
and another now being collected for the Canadian market, already have
been sold.
In order to facilitate the shipping of German coal to this country Burns
Bros.will establish a branch in Rotterdam at no expense to them,and all coal
shipments at this end will be directly handled by Burns Bros. In the agreement with the German anthracite company, the contract can be cancelled
at any time Burns Bros. desires to discontinue the purchase of German coal
for shipment to the United States and Canada. the cancellation leaving no
obligation to either party. Burns Bros. have also made arrangements with
T. T. Pascoe, Ltd., and Furniss Withy Co. of Swansea. Wales, to act as
their European agents. In turn, arrangements were made to represent the
English concern in any purchasing of coal (in case of emergencies) on this
side for shipment to England, France, Italy and Spain.
The business outlook of Burns Bros. IS an exceptionally good one this
Year. With the change in weather, coal tonnage sales have shown a surprising increase in rate these past few weeks. Net earnings, according to
Mr. Wertheim, are running considerably ahead of a year ago, and for the
-V.130. p. 3546.
year could show a material gain over the figures for I929.
Butler Bros., Chicago.
-New Sub. Co. Stores.
2541
tificates representing 380,496 shares of common stock, so that at any one
time there shall not be listed more than an aggregate of 380,496 shares of
common stock represented by outstanding certificates for common stock
-V.131, p. 2384.
and voting trust certificates representing common stock.
2229.
-Defers Dividend.
Chain & General Equities, Inc.
The directors have voted to defer the quarterly dividend of $1.6214
per share due Nov. 1 on the cony. cum. 65.6% pref. stock. A notice to
the stockholders in connection with the passing of the dividend says:
"Dividends aggregating $4.8714 per share have been paid on the preferred
stock during the year 1930. It is estimated that the net income for the
year will exceed by only a slight margin the dividend already paid. The
directors feel that under existent conditions it is inadvisable to pay out
dividends in excess of current net income. -V. 131. p. 793.
-New Division.
Chrysler Corp.
The formation of the Amplex Mfg. Co. as a new division of the Chrysler
Corp. is announced by Chairman Walter P. Chrysler. The Ampler company will handle the sale of products other than finished cars and trucks
developed by the Chrysler Corp. For the present sales activities will be
concentrated on marine engines,industrial motors and oilite bronze bearings.
Officers of the Amplex company are. E. S. Chapman, President and
general manager: B. E. Hutchinson, Vice-President, and R. E. Applernan.
-V.131, p. 1719.
Secretary and Treasurer. General offices are in Detroit.
2229.
L. C. Burr & Co., a wholly owned subsidiary, will open two more stores
-50% Stock Div., etc.
City of New York Insurance Co.
in its Junior department store chain soon, it was reported last week. These
will be located in Paul's Valley and Durant, Okla. Other stores opened
The stockholders have approved the proposed increase in the capital
within recent weeks by Burr stores are located in Pawhuska and Duncan, stock to 15,000 shares from 10,000 shares. A 50X, stock dividend, payOkla.; Temple, Tex.•, and Hope, Ark. This brings the total number of able to stockholders of record of Nov. 1, also was approved. See V. 131.
leased locations to 18. 14 already in operation.
-V. 131, P. 2069.
p. 1719.
Calco Chemical Co.
-Acquisition.
The company has acquired the dyestuff business of Charles IT. Stone,
Charlotte, N. U. Mr. Stone, who has been a distributor of dyes,chemicals
and other industrial materials, particularly in the textile field, will continue
the other branches of his business in Charlotte, where he has sales offices, a
laboratory and warehouses. He will also be associated with the Southern
sales offices of the Calea Chemical Co. ("Oil. Paint & Drug Reporter.")
-V. 128, p. 562.
-New Subsidiary.
Colgate-Palmolive-Peet Co.
The company has incorporated under the laws of Delaware Kirkman &
Son, Inc.. and owns all the $3,500,000 stated capital stock of this new
company. It is causing the business and assets of Kirkman & Son, the
present New York corporation, which it has purchased, to be transferred
-V. 131, P. 2070.
to the new Delaware company.
-Listing.
Commercial Investment Trust Corp.
The New York Stock Exchange has authorized the listing of extended
common stock purchase warrants evidencing the right to subscribe for
Mrs. John T. Dorrance has been elected a director to fill the vacancy shares of common stock of the corporation, when stamped Pursuant to
greeted by the death of her husband, Dr. John T. Dorrance.
an offer of the corporation about to be made, and indicating the extension
The board created the position of Chairman of the board of directors, of the subscription period at increased prices from Jan. 1 1931 to Jan. 15
which will be filled by Dr. George M. Dorrance,formerly a Vice-President. 1933, inclusive, on official notice of Issuance of such stamped bearer warArthur 0. Dorrance,formerly Vice-President and general manager, becomes rants in exchange for outstanding bearer warrants now listed, which evidence the right to subscribe for shares of the common stock of the corPresident.
Herberton L. Williams will serve as Vice-President of the company poration not later than Dec.31 1930. Compare V. 131. p. 2070.
and will also remain as Treasurer.
-V. 131, p. 2069.
-Earnings.
Congress Cigar Co., Inc.
For income statement for three and nine months ended Sept. 30 see
-Contract.
Canada Paving & Supply Corp., Ltd.
on a preceding page.
-V.131. p.481.
The corporation has been awarded the general contract, at a price of "Earnings Department"
approximately $178.000, for constructing a new railway subway in East
-Stores in Operation.
Consolidated Retail Stores, Inc.
Windsor, Ontario, Canada. at the intersection of Wyandotte St. and DrouilThe company reports that there are in operation 30 units as of Sept.
lard Ave. The cost is being borne by the City of East Windsor and the
30 last, as compared with 29 a year ago. See also V. 131. p. 2384.
Canadian National Rys.
Other contracts recently obtained by the corporation are: Repairing
-Texas Gasoline Units.
Continental Oil Co.
pier at Kingsville, from Dominion Department of Public Works, $27,030;
An authoritative statement, understood by the "Chronicle" to be subpaving in East Windsor, $35,876. and paving terminals of Detroit-Windsor
:
t
stantially correcsays
tunnel, $70,000.-V. 130. P. 4055.
The company owns control of the stock of the Texon 011 & Land 0o. of
-New Interests, &c.
Canada Power & Paper Corp.
Delaware, which latter group controls Group No. 1 Oil Corp., which, in
Vice-President Frank W. Clarke on Sept. 18 announced that arrange- turn, owns a 50% interest in the Signal Gasoline Co. The latter company
ments had been made with the Hearst interests involving the acquisition is completing a second gasoline plant and its plants are handling gas from
by the Hearst organization of stock in this company, which. in turn, ac- the deep wells in the Big Lake, Reagan County, Texas, field, the gas
quires a substantial interest in the Dominion Newsprint Co.. Ltd., the sub- production of these wells being approximately 68,000.000 cubic feet per
sidiary which is negotiating with the Government on behalf of the Hearst day, with approximately 5,500 barrels of oil produced per day. In addiorganization for water power rights and timber limits adequate for the tion to the gas from the deep wells, the Signal Gasoline Co. LC taking the
gas from the shallow wells of the Big Lake Oil Co. and the Group Ne. 1
requirements of a large Paper mill.
The announcement follows closely reports that similar arrangements 011 Corp. to the extent of approximately 3,500,000 cubic feet per day.
had been made between the Canada Power & Paper Corp. and the Rother- produced from 254 wells, ranging in depth from 2,400 to 3.000 feet.
mere interests, the largest consumers of newsprint in Great Britain.
-See that
To Retire 5% Gold Notes of Marland Oil Co.
Mr. Clarke stated that this union of interests involves the adoption by
-V. 131, p. 794, 635.
the Hearst organization of a policy in respect to their supplies of news- company below.
Chicago
print similar to that adopted by the New York "Times."the
-Consolidation.
(Peter) Cooper Corp. (Del.).
"Tribune" and the New York "Daily News" in the United States, and by
This company was incorporated in Delaware on Oct. 6 to acquire the
the Rothermere Press in Great Britain.
The Hearst interest will pay the market prices for paper, relying for American Glue Co. properties at Springdale, Pa., Hammond, Ind., and
the protection of their future requirements upon their position as share- Brantford, Canada; control of the Pennsylvania Glue Co., Pittsburgh; Caliholders in the manufacturing organization which, in the future, will furnish fornia Glue Co. San Francisco; United States Glue Co., Milwaukee; United
-V.131, p. 1 719 States Gelatine Co., Carolville, Wis., and other concerns.
a large proportion of their needs. (New York "Times.")
The Peter Cooper Corp. has an authorized capitalization of $7,500,000
stock.
- pref. stock and 300.000 shares of no par value commonDelaware on Oct. 6:
-Charter Amended.
Canadian General Invest. Trust.
The following subsidiaries were also incorporated in
charter of this Trust which perClauses have been eliminated from the
Peter Cooper's Glue Factory, Inc., with an authorized capitalization of
tained to the class of securities which might be held and also the provision
$6.000,000; United States Glue Co., Inc_ with an authorized capitalizathat the company must have 400 different marketable securities.
authorized capThe "Canada Gazette," under date of Aug. 14 stated that supplementary tion of $4,000.000: and American Glue Co., Inc., with an
letters patent have been granted deleting and expunging paragraphs two italization of 13,000.000.
regulations. These two paragraphs read;
and seven of the restrictive
-Initial Dividend.
Copperweld Steel Co.
"(2) The ovnoration shall, within six months after its resources aggregate
an initial quarterly dividend of 50 cents per
The
$5.000.000.and thereafter at all times,own at least 400 different marketable share directors have declared
on the common stock, payable Nov. 15 to holders of record Oct. 31.
securities.
"(7) At least 75% of the investments of the corporation in securities Issued -V. 131, p. 1102.
by railroads, public utilities and industrial companies shall at the time of
-To Increase Stock-Eights:
Creole Petroleum Corp.
purchase have the following book value as compared with the purchase
The stockholders will vote Nov. 7 on increasing the authorized capital
price: (a) bonds. 150% or more: (b) Preferred shares 125% or more; (c)
stock from 6,000.000 shares without par value to 7,000,000 shares without
-V.131,p. 119.
sommon shares, 100% or more."
par value.
Canadian Paperboard Co., Ltd.
-Creditors Receive 6%. While the stockholders have no pre-emptive right to participate in the
of the company have received checks for a 6% dividend from offering of additional stock, the directors have authorized the issuance of
Creditors
of record Nov. 21
F. 0. Clarkson, the trustee. In a covering letter enclosing the check, subscription warrants in this instance. Stockholders 1930, for one addiwhich is marked "first and final dividend," it is stated that the check for 1030 will be entitled to subscribe on or before Dec. 29 held at
14.25 Per
tional share of the proposed new stock for each six shares
this 6% dividend is "payable by the receiver acting for bondholders, for
the creditors' interests in the assets of the estate in bankruptcy, outside share.
The Standard 011 Co.(N. J.) has agreed to take such number of shares of
.,
equity in the bondholders' assets, after payment of the claims of
of the
the proposed new stock as it, as a stockholder, may be entitled to receive
bondholders.
proIt is further stated that "with such sale of assets the creditors do not and,further, has agreed to purchase at the subscription price all of the
dispose of their equities in the estate, whatever they may be. posed shares which may not be taken and paid for by the stockholders. be
alienate or
The additional funds to be provided oy the sale of the new shares will
after the payment of bondholders' claims.
The letter adds that the business is now being operated and making used in furthering the development of the company's Venezuelan concessions.
President E. J. Sadler, Oct. 10,says in part:
some minor profits and that the hope and expectation is that eventually
Our average production in western Venezuela during the first nine months
some reorganization or rearrangement will be made which will give a
of 1930 has been 15,500 barrels daily. During the same period additional
-V. 130. p. 1281.
reasonable return to creditors.
wells have been completed in eastern Venezuela, pipe line and loading
facilities have been provided and several cargoes of crude have been shipped.
-Earnings.
Century Shares Trust.
statement for nine months ended Sept. 30 1930. see "Earn- The present daily production in eastern Venezuela is approximately 8,000
For income
barrels. The Quiriquire field has been extended and so far has not been
ings Department" on a preceding page.
The report gives a list of the companies in which the company has in- delimited in any direction. It is our belief that the proven area in this field
covens approximately 3,500 acres rather than 1.000 acres as estimated in
vested its resources.
the last annual report.
--V. 130,p. 4057.
Balance Sheet Sept. 30.
Liabilities-1930.
1930,
1929.
Assets1929.
-Earnings.
Crystalite Products Corp.
Notes payable
Investments (at
$300,000
For income statement for 3 months ended Sept. 30 1930, see "Rambles
z$6,284,238 $6,185,886 Accounts payable_
9,012 Department" on a preceding page.
cost)
-V. 130, 13. 2035.
Res. for Fed'I tax_ $21,771
Cash with Brown
45,867
2,410 fibs. outstanding __16,153,227 5,614,882
74,404
Brothers & Co__
Cushman's Sons Inc.-Earnings.22,125
19,874 Reserve for dies on
Divs. receivable__
For income statement for 12 and
weeks ended Oct. 4 see "Earnings
'
earth,. shs.sold_
4,410
73,864
Accts.receivable__
4,089 Department"on a preceding page. 40131. 13• 635.
-V.
interest_
1,533 Surplus
210,179 y309,717
Prepaid
Campbell Soup Co.
-New Officers, &e.
Total
86,385,177 $6,283,568
$6,385,177 $6,283,568
Total
x Represented by 117.000 participating shares without par value and
117.000 ordinary shares without par value. y If securities were carried
at market value. surplus would be increased by $1,658,701. z Market
value. 15,183,570.-V. 131. p. 480.
Celotex
The New York Stock Exchange has authorized the listing of 55.302
additional shares of common stock (no par value) on official notice of Issuance and payment in full, pursuant to offer of rights to stockholders: and
100,000 additional shares of common stock on official notice of issuance and
payment in full, on the exercise of outstanding options, and of temporary
voting trust certificates representing the foregoing shares, making the total
amount applied for 380.496 shares of common stock and voting trust cer-
-To Inc. Stock.
De Beers Consolidated Mines, Ltd.
The company proposes to increase its capital to £5,500,000 from t4,750,000 by the creation of 300,000 additional deferred shares,par £2 1Cs.-V.130.
p. 140.
-Fixed Trust Shares
Depositor Company of Canada.
Offered.
-Depositor Company of Canada and Trustee Holdings Distributors, Ltd., Montreal, are offering Canadian
International Trustee Shares, representing a participating
ownership in 25 common stocks.
General Trust of Canada, trustee. Depositor Co. of Canada. depositor.
-2500th partkips=
Each Canadian International trustee share represents 1
non-voting ownership in a unit of common stocks deposited under a
2542
FINANCIAL CHRONICLE
agreement dated as of July 1 1930. with the General Trust of Canada,
Montreal, trustee, composed of 10 of the Canadian leading industries common stocks, and of 15 of the American leading industries common stocks, in
the proportion of about 75% and 25% respectively, as follows:
o. of
No. of
She.
Canadian Group.
Shs.
American Group (coner4
.25 Bell Telephone Co. of Canada
3 American Tobacco Co. (class B)
25 Brazilian Trac.Lt.& Pow.Co. 3 duPont(E.I.) de Nemours& Co.
25 Montreal Lt., Heat & Pow.Cons 3 Eastman Kodak Co. of N.J.
25 Shawinigan Water & Power Co. 3 National Biscuit Co.
25 Dominion Bridge Co.
3 Otis Elevator Co.
25 Imperial Tobbaco
3 United States Steel Corp.
25 National Breweries Co
13 Woolworth (F. W.)Co.
25 Steel of Canada.
3 Atchison,Topeka & Santa Fe By.
25 Canadian Pacific Ry.
,3 New York Central RR.
25 Imperial Oil Limited.
3 Pennsylvania RR.
American Group.
3 Standard 011 Co. of N.J.
3 American Tel.& Tel. Co.
3 Texas Corporation.
3 Consolidated Gas Co. of N. Y.
3 General Electric Co.
A unit of shares of common stocks as above and a cash reserve fund of
$1,200 are deposited with the trustee from time to time against which are
' Issued 2,500 Canadian International trustee shares.
Reserve Fund.
-Canadian International Trustee Shares bear semi-ann.
coupons calling for the distribution of all accumulations which may be
accrued at the time.
A cash reserve fund of $1.200 is added to each unit of stocks deposited
with the trustee to be used, at the discretion of Depositor Co. of Canada. in
order to increase the dividend up to 60c. per share per year, should distributions fall below that amount. Interest on the reserve fund is allowed and
distributable to holders of Canadian International Trustee Shares at a rate
which is determined from time to time by Depositor Co. of Canada.
Marketability.
-A repurchase market is maintained atall times on Canadian
International Trustee Shares by the sponsors and the distributors. In
addition an "emergency" market is provided for in the trust agreement as
follows: The holder of a full unit of Canadian International Trustee Shares
(2,500) may at any time surrender them to the trustee, and receive in ex-change, certificates of the deposited stocks forming the unit, together with
the applicable reserve fund and accumulated distributions, without any
:penalty. The holder of a smaller number of Canadian International
Trustee Shares. may also surrender them to the trustee, and receive, in
.exchange, a sum in cash equal to the market value of the applicable portion
of the desposited stocks, reserve fund and accumulated distributions. In
this case the trustee claims a service charge of 50c. per Canadian International trustee share.
This marketability gives the shares a high
collateral loan value at banks.
Termination.
-The trust terminates as a whole on Dec. 31 1955. but in
accordance with the terms of the trust agreement, any shareholder may terminate his interest in the trust at any prior date. The depositor has no
right whatever of termination.
Offering Price.
-The offering price of Canadian International Trustee
Shares is based upon Stock Exchange quotations plus an arbitrary charge of
25c. per share, plus the value of the proportionate aggregate amount of
accumulated cash and other property held by the trustee. A charge of 5%
of the offering price is added for cost of distribution and profit: Amortized,
these charges amount to about 3-10 of 1% annually.
Devonshire Investing Corp.
-Earnings.
-
For income statement for 12 months ended Sept. 30 1930, see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
Assets1930
1929
1930.
1929.
Investre't stocks_ _$1,543.639 51,121,538 Capital stock (34,Notes receivable
000 no par shs.) $850,000 $850,000
(=Moans)
100,000
600,000 Accounts payable_
1,919
2,460
Cash
137,760
69,876 Divs. payable___17,000
17,000
-Other assets
434
Tax liability
5,622
18,689
2
Suspense
802,250
Capital surplus
802,250
Total(each side)_$1,781,834 51,791,414 Earned surplus_ _ - 105,042
101,015
Henry G. Bradlee, President, says in part:
There has been little indication of any immediate improvement in general
business conditions during the past three months, and for this reason
directors have deemed it desirable to maintain a considerable portion of
•company's assets in liquid funds. With this end in view, you will note
from the following table, showing diversification of assets taken at market
prices, that the cash position has been materially strengthened during the
past three months. The increase in public utility holdings is due largely
to the purchase of preferred stocks in this field:
June 30 1930. Sept.30 1930
Banks and insurance stocks
6.60
3.37/
0
Industrials
45.78
36.92%
Public utilities
27.55
30.60
Steam railroads
12.56
12.49
Cash and call loans
7.51
16.62 o
100.00%
100.00%
Furthermore, in a period of rapidly changing economic conditions, such
as we are now witnessing, it has appeared advisable to make changes in the
list of holdings in order to strengthen the company's portfolio. (A complete list of the securities which company held as of Sept. 30 1930 is given
in the report.)
-V. 131. 0.482.
Diamond Match Co.
-Obituary.
-
William R. Begg, a director of this company and of the American Brown
Boveri Electric Corp. and former general solicitor of the Great Northern
By., died last week.
-V. 131, p. 2071.
[voL, 131.
8-16 Clark Street Office Building (Clark Street
Building Corp.), Chicago.
-Federal Bond
-Bonds Offered.
& Mortgage Co., Detroit, is offering $350,000 1st & ref.
mtge. serial leasehold gold bonds.
Dated June 15 1930, maturing $10,000 each June 15 1932 and 1933 and
$330,000 June 15 1934. Denom. $50, $100, $500 and $1,000. Free from
normal Federal income tax not in excess of 2%.
Security.
-Directly secured by a first and refunding mortgage on the longterm leasehold estate, with approximately 72 years to run,covering premises
known as 8-16 North Clark St., Chicago. including the 16-story, basement
and sub-basement fireproof store and office building, situated thereon, and
by a lien on the net income from building rentals. The land has a frontage
of approximately 60ji feet on the west side of North Clark St. and a depth
of 80 feet.
Purpose.
-This issue is to refund the final maturity of a prior bond issue.
originally $550,000, maturing Dec. 15 1930. and to provide funds for structural improvements such as the addition of a 16th floor and changes in the
entrance and first floor lobby.
Earnings.
-Based on actual rental and occupancy at the present time the
annual income has been estimated as follows:
Gross annual rental income
5167.880
Annual exps., incl. ground rent, taxes, insur., oper. & vacancy
allowance
91,280
Net annual rental income
$76,600
Borrower -The borrowing corporation is the Clark St. Building Corp. of
which Walter W. Ahischlager and Henry Paschen are the principal stock'
holders.
Electric Auto-Lite Co.
-Estimated Earnings.
0. 0. Miniger, President, says: "Preliminary figures on operations
during the third quarter of this year confirm previous estimates that earnings for the quarter were sufficient to show the dividend requirements of
$4.50 for the first nine months completely earned after all charges. Business
has been gaining since the mid-summer slackness with substantial recoveries in profits indicated in the final two months of the quarter as contrasted
with the low point in July.
"On the basis of releases for the final quarter of the year, the company
will earn in excess of its dividend requirements for the period.
"The company has added three new contracts recently. Its subsidiary,
USL Battery Corp., is enjoying a substantial volume of business and the
earnings of that division in September were 26% in excess of September
1929."-V. 131. v. 1571.
Ely & Walker Dry Goods Co.
-Further Expansion Not
Deemed Advisable at Present.
-
In a letter to the common stockholders, Pres. E.P. Cave states:
"We have inquiries from stockholders as to the connection, if any, of this
company with Prince az Whitely, and wish to state that there is no connection whatever.
"We had contemplated a possible connection with them, in the event of
further expansion, which conditions have not justified.
"All our acquisitions to date we have financed ourselves. Any further
expansions at this time we do not deem avdisable, in view of existing general
condltions."-V. 131, p. 2071.
Empire Title & Guarantee Co.
-Earnings.
-
The company reports net profits of $100,324 for the 9 months ended
Sept. 30 1930, equivalent to $10.03 per share compared with $8.93 a share
for the same period of 1929.
Capital, surplus and undivided profits on Sept. 30 1930 were $1,629.915,
showing a book value of $162,99 per share. Total assets are $2,537,991,
of which $205.684 is cash on hand and in banks. Liabilities, aside from
capital and surplus, total 5008.076.-V. 131, p. 278.
Fabrics Finishing Corp.
-Receivers.
-
Carlyle Garrison of Jersey City and Christopher S. Adams of Paterson
were named by Federal Judge Runyon Oct. 9 as equity receivers for the
company. Two plants are in Paterson and the others are in West New York,
Fairlawn and Newton.
The receivers were appointed after the filing of a receivership suit by the
Textile Process Engraving Co. of Nutley.
According to the complaint, the defending company has assets amounting
to $1.500,000, but lacks sufficient cash to meet matured and present obligations. For this reason, the complaint says, the five plants were closed.
In 1929, it is alleged, the company sustained a loss of $180,000, and so far
this year has suffered an a .ditional loss of $225,000.
It is understood that a bondholders committee has been formed to pro-V. 131. p. 2973.
tect the interest of the outstanding bonds.
-Earnings.
Fairbanks Company.
For income statement for three and nine months ended Sept. 30 see
-V.131, p. 1571.
"Earnings Department"on a preceding page.
-Extra Dividend.
Federal Knitting Mills Co.
The directors have declared an extra dividend of 121.ec. a share and the
regular quarterly dividend of 62%c. a share on the common stock, payable
Nov. 1 to holders of record Oct. 15. Like amounts were paid on Aug. 1
and Nov. 1 1929 and on Feb., May and Aug. 1 last.
1930-9 Mos.-1929.
-Month-1929.
Period End. Sept. 30- 1930
$332,000
$371,000 51,988.000 $2,241,000
Shipments
309.000 2.133,000 2,367,000
Orders booked
233,000
-V.131, P. 278.
-Listing.
Federated Department Stores, Inc.
-
The New York Stock Exchange has authorized the listing of 10,500
additional shares of capital stock (no par value) on official notice of issuance
Dictograph Products Co., Inc.
-Omits Common Div.
- to bankers and payment in full, making the total amount applied for
The directors have failed to take action on the 25c. quarterly dividend on 1,208,959 shares.
'common stock usually paid about Oct. 15. A quarterly distribution of
At a meeting of the directors Sept. 18 1930 resolutions were adopted
authorizing the sale to bankers of 10,500 shares of capital stock for $75,000
25c. per share was made on July 15 last.
-V. 130, p. 4614.
as compensation to the bankers who had rendered services to the corporation and its predecessor constituent companies. The 10,500 shares of
Distributors Group, Inc.
-$125,000,000 Sales Mark capital stock will
be capitalized on the basis of $10 per share. The difference
Passed by North American Trust Shares.
between the $10 per share and the amount received will be recorded as
Sales of North American Trust Shares have passed the $125,000,000 mark, organization expense.
-V.130,p.3549,981.
according to an announcement Oct. 14 by Distributors Group,Inc., sponsor
Foremost Dairy Products, Inc.
-Defers Dividend.
end national distributor. This compares with $100,000,000 reported as of
The directors have voted to defer the quarterly dividend of 40 cents per
July 8 1930. and represents a gain in sales of 2.6 times those for the three
months ended Oct. 8 1929.
share due Oct. 1 on the $1.60 cum. cony, preference stock, no par value.
"The purchase of more than $27,000,000 of North American Trust Shares From Oct. 1 1929 to and including July 1 1930 the company paid quarterly
for the three months period ended Oct. 11930, is certainly a rebuke to those dividends at the above rate on this issue.
-V. 130, p. 2974.
who contend that the investor has turned from sound American common
stocks as an investment, since the underlying security of North American
-Reorganization Plan
(George M.) Forman Realty Trust.
Trust Shares is composed of outstanding common stocks listed on the New in
Respect of Forman Issues in Default.
-The bondholders
York Stock Exchange," the statement of Distributors Group, Inc., says.
"It further indicates that investors are taking advantage of the prevailing advisory committee for real estate issues sold by George
prices for high grade common stocks through the medium of the fixed invest- M. Forman &
Co. in a letter dated Oct. 6, says:
ment trust."
The advisory committee report that they have been since their appointNorth American Trust Shares was established as the leader in the fixed
trust field during its initial year of operation, having raeched the $50,000,000 ment June 27 1930 engaged in an endeavor to work out some plan of remark on Feb. 28 1930, its first anniversary. Since the market break of last organization in respect o the Forman defaulted issues which would adequately protect the rights of the bondholders and avoid the disadvantages
year it has enjoyed its greatest growth -V.131, p.2071. 1902.
of the usual methods of handling similar situations.
The plan evolved by the committee and George M. Forman az Co. IS
Durant Motor Co. of New Jersey.
-Plant Sold.
The company's plant at Elizabeth, N. J., has been sold to Bayway as follows:
A realty trust, to be known as the "George M. Forman Realty Trust"
Terminal,according to an announcement. The price paid was not revealed.
The plant, which shut down completely in September 1929 and has will be organized. The Association will offer in exchange for the Forman
been idle ever since, was acquired by the company in 1922 at a receivers' defaulted bonds a like principal amount of registered income bonds of the
sale for $5.525,000. The plant consists of about 27 acres of land and Association plus common shares of the Association at the rate of one such
factory buildings. The property fronts for 1.816 feet on Newark Ave.. share or each $100 of such bonds. The common shares of the Association
bond400 feet on North Avenue and 1,770 feet on the Pennsylvania RR., with will be issued upon such a basis that the common shares Issued to the
sidings, equipment, &c. Sidings leading to the Pennsylvania's main line holders shall amount to 20% of the total issued shares.
have a capacity of- 310 freight cars. A 10-000 h.p. generating plant is goIt is contemplated that approximately 45% of the common shares shall
against
capable of supplying electric energy for the entire building and the opera- theto the new management and 35% to George M. Forman & Co.
George M.
transfer to
tion of machinery, independent of the Public Service Corporation of New Forman & Co. or for the Association of equities owned by be acquired
in real estate securing certain of the issues to
Jersey.
by the Association. The Association will have certain preferred shares.
See also Bayway Terminal above.
-V. 124. p. 3216.
a part of which it is contemplated shall be issued to George M. Fornlafl
& Co. for advances made by them to the mortgaged properties involved
Durant Motors, Inc.
Subs.
-Sale of Plant
or for the purchase by them of bonds and (or) coupons which by such
See Durant Motors Co. of New Jersey above.
-V. 131, P. 1427
purchase became subordinated. The residue of such preferred stock may
by
OCT. 18 1930.]
FINANCIAL CHRONICLE
2543
of the committee) and J. M.
be used to settle claims against the mortgaged property or for other proper purpose C. R. Gleason (who is a member certified public accountants.
Bowlby of Barrow, Wade, Guthrie & Co.,
purposes.
The plan outlined in the committee letter has been evolved as the result
and will become due
The bonds to be issued will be dated Sept. 1 1930,
between the advisory
Jan. 1 1946. The rate of interest will depend upon the income of the of mature consideration and a long series of conferencesand the new interests
Co.
-months period ending upon August 31 in each committee, the officers of George M. Forman & that the committee says
Association based upon a 12
above mentioned. We heartily concur in all
of the years 1931 to 1945. If the net earnings as defined in the indenture
all bondholders
securing the bonds for any fiscal year amount to 4% or less, the whole of respecting the advantages of the plan and earnestly urge
such earnings will be distributed by way of interest; if the earnings exceed to promptly avail themselves thereof.benefits of the plan should transmit
to accept the
Bondholders desiring
• 4%, one-fourth of the excess will be also distributed; except, that the rate
their bonds (together with unpaid interest coupons) to George M. Forman
of interest payable in respect of any year shall not exceed 6%.
131. p. 2386.
Since these bonds are income bonds and the earnings of the Association & Co., 112 West Adams St., Chicago,
cannot be ascertained until after the expiration of the first fiscal year,
Fox Film Corp.—New Directors.—
first interest date will be Jan. 1 1932, and interest will thereafter be
the
Murray W.Dodge, Vice-President of the Chase Securities Corp., Charles
paid semi-annually (to the extent earned as above stated), except that on
Co.; W.F.Ingold, of Pynchon
Jan. 1 1946, when the bonds mature, there will be paid not only the install- B.Stuart, Vice-President of Halsey,Stuart &Walter S. Hammons of W. S.
that date but as well the installment which in the ordinary & Co.: John L. Kuser, Dryden Kuser and
ment due on
have been elected directors.—V. 131. p. 2230.
Hammons & Co.,
course would be payable on July first next following.
The bonds will be issued under an indenture to Central Trust Co. of
Freeport Texas Co.—Domestic Sales Higher.—
Illinois, as trustee, under which there will be deposited as collateral security
Domestic sales of sulphur by this company in the first nine months of the
the Forman bonds exchanged for the new income bonds. The Association
those for the corresponding period of 1929, which
also covenants to deposit as additional collateral all securities which it current year will exceed company's history, according to President Eugene
owns or may acquire representing claims against or interest in the mort- was the best year in the
gaged properties covered by the deposited Forman issues, including sub- L. Norton.
the country."
"At this time of reduced Industrial activity throughout domestic sales
ordinated bonds and coupons and claims for advances to any such property.
In order to adequately protect the holders of the new income bonds, the Mr. Norton said, "the management is gratified that our
maintained
indenture will provide for a conunittee to represent the bondholders con- this year have not derlined with general business, but have been is due to
sisting of the advisory committee. In case of vacancies in the committee at a level actually greater than that prevailing in 1929. This markets
use of sulphur and the fact that our
the remaining members appoint the successors, except that the holders of a constantly increasing industrial
majority in amount of the bonds have the right to remove any member of are so diversified.
"The export business, which for special reasons, has not been up to last
the committee and appoint his successor. The committee may be enlarged
and the
or reduced to not less than 3. By the indenture this committee will be year, has shown a substantial increase during the last few months
constituted the representatives of the bondholders with powers by way of outlook for the coming year is quite favorable."—V. 131, p. 1903.
veto fully as comprehensive as those vested in an ordinary bondholders'
Gardner-Denver Co.—Earnings.—
committee.
For income statement for three and nine months ended Sept. 30 see
In addition, the trust agreement under which the Association will be
organized will provide that its affairs shall be managed by a board of 5 "Earnings Department" on a preceding page.—V. 131, p. 1722.
trustees, and that two members of this board shall always be named by
General Capital Corp.—Liquidating Value.—
the committee; the three remaining members will in the first instance be
Liquidating value reckoned from closing prices Oct. 10 was $50.15 per
• designated by George M. Forman & Co. Thus the committee, in addition
to the powers which it possesses by way of veto over dealings with the proper- share. This compares with current selling prices of $38, the discount
ties of the Association, is also represented by two members of the board of being almost 25%. Company has cash and quickly salable bonds on hand
of approximately $1,500.000.—V. 130, p. 2036.
trustees of the Association.
Among the powers which the Indenture will give to the committee, as
General Electric Co.—Earnings.—
representatives of the bondholders, are the following: Indenture will provide:
For income statement for nine months ended Sept. 30. see "Earnings
(1) That no salaries shall be paid to executive officers of the Association
Department" on a preceding page.—V. 131, p. 2386.
• in excess of those approved by the committee;
(2) That no attorneys' fees in any case where they are reasonably under
General Motors Corp.—Acquires Martin-Parry Corp.'s
the control of the Association shall be paid in excess of those approved
Indianapolis Plant.—
by the committee;
shall be entered into
(3) That no management or operating contract
The Chevrolet Motor Co. has purchased the Martin-Parry Corp.'s
without the approval of the committee;
Indianapolis plant, which will be used for production of certain types of
(4) That without the approval of the committee general overhead ex- Chevrolet commercial bodies. Included in the purchase are 40 acres of
penses, as defined in the indenture, shall not exceed a specified percentage land, 550,000 square feet of factory floor space, an additional 150,000
(to be fixed from time to time by the committee) of the gross earnings of square feet of lumber storage space under roof, railway right-of-way and
the Association;
21 branches operated in various parts of the country. as of Oct. 15, and
(5) That all dealings with the bonds and (or) other securities deposited
The plant purchase agreement becomes effective
under the indenture to secure the income bonds must be approved by the Immediately thereafter Chevrolet began active full-time operations.
committee, and the proceeds of such dealings deposited with the trustee Branches will be taken over Nov. 1 and provisions are being made to extend
and disbursed only with like approval.
the number to more than 50 to assure national adequate facilities for exSince the whole purpose of the plan is to vest in the Association and the hibiting and distributing the new products of the company.
of the bondholders power to deal with all
. committee as representatives
Despite the sale of its main production unit, the Martin-Parry Corp.
situations which may arise in such a way as to work out the interests of the will maintain its identity and cantinue to operate its plants at York. Pa.,
bondholders to the best advantage, the indenture necessarily will provide and South Kearny, N. J.
that the conunittee may waive defaults and modify the provisions of the
[See also Martin-Parry Corp. below.)
indenture (but not so as to impair the obligation of the Association to pay
New General Manager of Oakland Division, &c.—Alfred P.
the principal of the bonds or to reduce the proportion of the earnings as
• from time to time determined which shall be distributed by way of interest) Sloan Jr., President of the General Motors Corp., nnounces
and will further give the committee power to allow the Association from time
to time to borrow moneys (and create a charge therefor on the pledged the following transfers within the operating ;tuff of the
securities prior to the income bonds) in amounts at any one time outstand- corporation:
ing not exceeding in the aggregate 5% of such bonds at the same time
-President of General Motors and Managing Director
outstanding the moneys so borrowed to be disbursed only with the ap- ofI. J. Reuter, Vice Russelsheim, Germany. becomes General Manager of
Adam Opel A.G.,
proval of Mils committee.
car division, Pontiac. Mich.. succeeding A. R. Glancy,
The indenture will further provide that one-half of the amounts by which the Oakland motor
the general staff, Detroit.
from time to time the net earnings of the Association as defined exceed Vice-President, transferred to
It is the intention of the corporation to continue the present Pontiac
the amounts distributable therefrom by way of interest shall be used as and Oakland cars substantially as they now exist, injecting into their design
a sinking fund to retire the bonds until 40% of the bonds have been retired, and manufacture such improvements as may be possible from time to time
when this proportion will be reduced to one-third.
of General Motors of constant procress with increase
The indenture will further provide that any amounts realized from the In line with the policyvalue of all its products. This should enable this
disposition of any of the pledged securities or from loans procured thereon In the fundamental to maintain and improve the place in the automotive
important operation
(other than loans within the 5% limitation above mentioned) shall be
likewise used as a sinking fund to retire bonds, except that with the consent industry that it now holds.
of the committee one-half may be applied in such manner as the committee
Plans Taxi Group—Proposal to Organize 12,000 Independent
may approve towards protecting, preserving or enhancing the security or
City—Outlined at Meeting.—
for such other purposes as the committee may deem to be in the Interests Cabmen in New York disclosed Oct. 13, is considering a plan for
The corporation, it was
of the bondholders.
of taxicabs in
and small
There will be a further provision in the indenture that no dividends may organizing the 12,000 individual certificatesfleet operators and necessity
of convenience
of
be paid upon the stock of the Association until 40% of the bonds have been N. Y. City under the systemreport of Mayor Walker's Commission on
recommended in the recent
retired and thereafter not without, in ascertaining profits, deducting all
Taxicabs. Admittedly seeking a growing market for its own cabs, the
actually realized losses.
series of "group
The indenture in question has been prepared by able counsel and is corporation has drawn up a tentative plan, based upon aGeneral Motors.
designed to give to the bondholders the maximum degree of protection corporations" operating through a special subsidiary of
small fleet
accompanied at the same time by sufficient flexibility (but always under the The group corporations will consist of owner-operators and
supervision of the committee) to enable the various defaulted issues to be Operators,
General Motors and
The special corporation, upon whose directorate
handled in the manner deemed to be best suited to produce satisfactory
the "group corporations" will be represented, will provide insurance bonds
results.
Committee: C. S. Tuttle, Chairman (V.-Pres. & Mgr. of the Real Estate at rates below the present scale, eliminating all brokerage fees. Through
-Pros. other General Motors affiliations it will negotiate contracts also whereby
Loan Department of Central Trust Co. of Illinois); H. L. Schmitz (V.
of Peoples Trust & Savings Bank of Chicago); Lawrence H. Whiting (Pres. the members of the "group corporations" will be able to purchase oil
of the Boulevard Bridge Bank of Chicago); Courtney R. Gleason (V.-Pres. gasoline and other supplies at prices now available for the large flea
operators.
of Peoples Securities Co. of Chicago).
The plan, which has yet to obtain the approval of the General Motors
George M. Forman & Co., Inc. in a letter dated Oct. 6, board of directors, has been approved by the corporation's NewitYork
to a
representatives, according to De lencey Nicoll Jr., who presented
to the holders of real estate bond issues marketed by them meeting of small fleet owners. Mr. Nicoll is counsel for the Ad% isorY
said in part:
Board of Taxicab Asociations, Inc. whose membership includes nearly
The following issues are now eligible, under the plan for exchange for all of the independent operators.
Mr. Nicoll disclosed that he had approached officials of the Checker
the proposed new income bonds:
Cab Corp. regarding co-operation with the independents, but found them
Pelmore Apartments
b 415 Aldine Building
634%
614% cold to the proposition. The General Motors group, he said, entered the
429 Roscoe Building
b Cedar Glen Building
6)4%
6I4% operating field to protect its market and would expand operations if it
Sheridan Drive Apartments.... 7% could
a Charlotte Fay Apartments ....SA%
independents. If the
Sheridan Lake Apartments__ _ _ 7% plan not work out a plan of co-operation with theexpects to discontinue
a Drexel Plaza Building
634%
under consideration is adopted the company
c 240 E. Delaware Place Apts....6 yi% b 3260 Sheridan Building
634% taxicab operation altogether (New York "Times").—
Shoreline Building
634%
ab Grasdon Hall Apartments
635%
7% b Shore View Building
ab Hilldale Apartments
September Output of Cadillac Division.—
654%
b 611 Hinman Avenue Building._ 6% b Sound View Garden Apta
The Cadillac Motor Car
634%
a division of General Motors, produced
South Fountain View Apts ----654% 3,496 cars during September, compared with 3,535 in August, which was
634%
a Irving Park Building
Co..
South View Building
654%
ab Kenard Building
654% the biggest month so far this year. Actual orders on hand for deliveries to
634% b 534 Stratford Building
ab 6133 Kenmore Building
654% foreign countries will make October the largest month this year for Cadillac
Wellington Arms Apts
634%
a Melrose Building
634% export business.
c North Fountain View Apts___ Ai yi% b Whitehall Building
651%
The fact that Cadillac has experienced its two biggest months of the
6II%
a Oakwyn Building
year during August and September," said Pres. F. P. Fisher, "can be
Indicates issue in default. b Indicates equity has been or will be acquired. attributed to two reasons: first, the introduction during the first part of
a
September of the new La Salle V-8 and Cadillac V-8 and,second, increased
e Indicates issues that may be in default at next coupon.
Under the indenture, the eligibility of any such issue is contingent upon buying on the part of the public.
This latter reason is very important at this time and gives us greater
at least 70% (or where a majority of the equity is acquired at least 51%)
thereof being so exchanged, and the new Association reserves the right to confidence in business improvement over the next few months. This condecline to proceed in respect of any particular issue unless at least 80% fidence is substantiated by the fact that while retail deliveries for our third
Is exchanged. In consequence, pending the receipt of the requisite amount quarter this year were 71% of the third quarter of 1929, our conservative
of bonds, temporary receipts will be issued for bonds transmitted.
estimates of retail deliveries for the fourth quarter of 1930 are 90% of 1929.
The following issues are not at present eligible for exchange under the plan: representing nearly 20% improvement for the last months of this year,
and I have good reason to believe that even this figure will be surpassed."
I Kedzie Business Block.
Mid-West Athletic Club.
—V. 131, p. 2231.
Superior and Ninth.
ParkLane Properties.
1420 Lake Shore Drive.
General Outdoor Advertising Co. Inc.—Earnings.—
These issues will be dealt with separately and bondholders will receive
For income statement for 3 and 9 months ended Sept. 30, see "Earnings
a communication at an early date regarding a plan of reorganizing the
Department" on a preceding page.
issues.
Kerwin H. Fulton, President, in a letter to stockholders states:
Porter Fox and Herbert W. Bartling, formerly President and Vice"Contracts taken in Sept. were over $4,900,000, which is greater than
President,respectively, of Porter Fox & Co.(investment securities) Chicago,
of the firm of Schuyler, Dunbar & the largest amount heretofore secured in any one month in the history of
and William G. Lodwick (attorney,
Weinfeld) have recently acquired an interest in and have been elected the company. This business will, in the main,not be reflected in the income
directors and officers of George M. Forman & Co. They will assume the account until after the winter months.
"There is a further significance to these sales results. It has been the
active management of the Association, and will constitute three members
of
fluctuations in
of its board of trustees. The two remaining trustees are to be designated experience of the management that general business the volume or its sales
depression
revival.
committee, and such committee has tentatively designated for that have foretold by several months any
by the
2544
FINANCIAL CHRONICLE
will be surprising if the sharp upturn in sales volume in September and
War in October does not prove to be a forerunner of the beginning of a
substantial improvement in general business conditions in the near future."
—V.131, p. 798.
[Vol- 131.
The above net earnings available for interest for the 5 years ended Dec.
31 1929 averaged $14,028,409 or over 14 times the annual interest requirement of $1,000,000 upon these debentures.
Net earnings as above for the 8 months ended Aug. 31 1930 were $7.017.or at the annual rate of over 10.5 times this requirement, notwithstandGeneral Theatres Equipment, Inc.—To Reclassify 426 the fact that operations of the Gillette Safety Razor Co.
ing
for the
months of January and February 1930. showed practically no profit two
Capital Structure.—
due
Reclassification of the outstanding cap ta stock of this corporation to the fact that the new product was not yet ready for distribution.
The earnings of the Gillette Safety Razor (lo. for recent years included
through which one-third of a share of newly created $3 cum. div. cony.
pref. stock and two-third shares of com, stock will be exchanged for each In the above figures are substantially less than those previously published
voting trust certificate representing com, stock now outstanding is an- by the company in its reports to stockholders. The differences arise
chiefly from the fact that earnings previously reported were not fully
nounced by President Harley L. Clarke.
In his statement. Mr. Clarke says "At a meeting of the board of directors consolidated and included profits on blades billed to certain subsidiaries
it was determined to reclassify the corporation's present capital stock struc- before such blades had been sold by the subsidiaries.
ture. Holders of voting trust certificates for common stock will receive
Sinking Fund.—Indenture will provide for
in exchange for their present holdings new shares of pref. stock and corn. payable semi-annually, first payment Oct.an accumulative sinking fund
1
stock and (or) voting trust certificates therefor on the basis of one-third approximately one-half of these debentures by1931. sufficient to retire
maturity. This sinking
of a share of new pref. stock and two-third of a share of new common stock fund will be used to purchase debentures up to the then current
call price,
for each share ofcommon stock now held.
plus accrued interest, or if sufficient debentures are not so purchasable,
"The new Prof. stock authorized for issuance will be entitled to receive to call them at that price.
cum. diva. at the rate of $3 per share annually and will be convertible
Management.—Upon completion of this transaction It is proposed to
into corn, stock on the basis of four-fifths of a share of such stock for each add to the board of directors, N. Penrose
Hallowell and Charles E. Cotting
share of pref. stock. It will be subject to redemption at $52.50 per share, of Lee. Higginson & Co., David B. Stern of
A. G. Becker & Co., and
and the management has stated its intention of inaugurating divs. im- Henry J. Gaisman, Chairman of board of
AutoStrop Safety
mediately on these shares at the rate of 75 cents per share quarterly.
Inc., and another representative of the AutoStrop interests. Razor Co..
"Giving effect to this reclassification, the corporation's outstanding
The executive committee will consist of Philip Stockton, Pres. of Find
capital stocks will consist of 949,318 shares of $3 div. cony. prei. stock and. National Bank, Boston, Chairman; Henry J. Fuller
of Aldred & Co.:
1.898,637 shares of com, stock which compares with 2,847.955 shares of Henry J. Gaisman, Chairman of AutoStrop Safety
Razor Co., Inc.;
corn, stock now outstanding."
Penrose Hallowell of Lee, Higginson & Co., and David B. Stern of A. N.
G.
The New York Stock Exchange on Oct. 14 announced that notice had Becker & Co.
been received from the company of a proposed change in the capitalstructure
Consolidated Pro-Forma Balance Sheet Aug. 31 1930.
which would raise the total authorized shares from 5,000,000 to 6.000,000.
divided into 2,000,000 shares of the new pref. stock and 4,000,000 shares
Assets—
Liabilities—
of new common stock.—V. 131,p. 1572.
Cash
$4,696,662 Accounts payable, cto
$1,985,828
Marketable securities
2,766,467
Gillette Safety Razor Co.—Debentures Offered.—Lee Accounts and notes receivable a3,337,238 Dividends Payable
Accrued income taxes
1,404,787
Higginson & Co., the First National Old Colony Corn., (less reserve)
4,243,055 10-year 5% debit
20,000,000
Inventories
Real estate
Bankers Co.of New York, Aldred & Co., A. G.Becker & Co. Equity in capital stock held 12,532,764 Reserve for mtges. payable
35,761
contingencies
314,05i
Shawl:nut Corp. of Boston, Spencer Trask & Co., Brown
for account of employees
286,894 Minority stockholders' Int. In
Other investments (at
98,384 controlled companies
Brothers & Co., Alex. Brown & Sons, and Jackson & Curtis Real estate, plant dr cost)
393,029
are offering at 96 and int., to yield over 534%, $20,000,000 Prepaid items, bond equip.... b14,832.303 Capital stock and surplus_ _ _c37,845.277
disct.akc 2,657.892
Goodwill, pats..4 trade marks 22,060,017
10-year 5% convertible gold debentures.
Dated Oct. 1 1930, due Oct. 11940. Interest payable A.& 0. Principal
Total
$64,745,209
Total
$64,745,209
and Int, payable at office of Lee, Higginson & Co. in Boston, New York
a At approximate market values. Is After deducting depreciation of
and Chicago. Denom. $1,000 c5 Interest payable without deduction for
.
normal Federal income tax up to 2%. Present Conn. and Penn. 4 mills $7,694,571. c Represented by $5 div. cony. pref. shares, no par value.
taxes, Maryland 414 raills tax and Mass. and New H.Income taxes up to 310,000 shs.; common stock, no par value, issued 2.018.769 shs.: less held
6% refundable. Redeemable as a whole or in part on 60 days' notice on in treasury. 20,000 shs.
any int, date at 103 on or before Oct. 1 1933, thereafter at 102 on or before
Note.—The above balance sheet
Oct. 1 1936. thereafter at 101 on or before Oct. 11939. and at par, on April that date to (a) Issue of 310,000 has been adjusted to give effect as at
11940 plus accrued interest in each case. Old Colony Trust Co., Boston, shares ofcommon stock in payment$5 div. cony. pref. shares, and 12.500
for the assets of AutoStrop Safety Razor
trustee.
Co., Inc., and commissions; (b)
Convertible, at option of holder, at any time into 10 shares of common Razor Co., Inc., of the minority the acquisition by the AutoStrop Safety
interest in the AutoStrop Safety Razor
stock of the company roer $1,000 debenture. If debentures are called, the Co., Ltd., of London; (c) sale for cash by Gillette
Safety Razor Co. of
conversion privilege will continue until the redemption date.
$20.000.000 10
-year 5% cony, gold debs.; (d) liquidation of outstanding
notes payable of Gillette Safety Razor Co. and AutoStrop Safety Razor
Data from Letter of J. E. Aldred, Chairman of the Board.
Co., Inc.: all as provided under an agreement dated Oct. 15 1930; (e) writBusiness.—Company with its subsidiaries is the largest manufacturer in
the world of safety razors and blades. Since its establishment in 1901 with ing off against surplus of expenses of Gillette Safety Razor Co., totalling
an original investment of $5,030. excepting an additional amount of not 84.669,003, which equalled the expenses of changing to the new products
more than $150,000, the company has grown entirely from reinvestment of and the balance, not charged against earnings, of the expenses of adverearnings and has distributed to stockholders over $80.000,000 in cash tising the new razor and blade; (f) rescission by Gillette Safety Razor Co.
dividends. The complicated and intricate equipment necessary for the of certain purchases of its own common stock.
economical production of safety razors and blades has been developed almost
Following is the official letter sent to stockholders of the
entirely by the company's own engineers, and is being continually improved
further by them.
Gillette Safety Razor Co.:
Through the company's sales branches and subsidiaries, such effective
This letter is written to explain to you the proposed action by the stockdistribution has been obtained that Gillette razors and blades are probably
sold more widely than the products of any other company, and can be holders of this company in connection with the acquisition of all the properties of AutoStrop Safety Razor Co., Inc., an issue of debentures of this
purchased in nearly every city and community in the world.
In March 1930, the Gillette Safety Razor Co. introduced a new razor company and the restatement of the accounts of the company for the past
and blade embodying distinct improvements upon the company's earlier five years.
Under an agreement dated Oct. 15 1930, approved by the directors all
product. Since that time over 14,500,000 of these razors and over 200,- the
properties, including patents and patent rights, of AutoStrop Safety
000,000 of the new blades have been distributed, chiefly in the United States
and Canada. These amounts compare favorably with those of the best Razor Co., Inc., will be acquired by this company, and all liabilities of
year in the company's history, and indicate the success of the improved AutoStrop Safety Razor Co., Inc., will be assumed by this company.
The cost of this acquisition will be 310,000 shares of a new $5 dividend
product.
preference stock (which is preferred only as to dividends), convertible share
Proposed Acquisition of AutoStrop Safety Razor Co., Inc.
for share into common stock. and 12.500 shares of common stock.
Gillette Safety Razor Co., subject to the approval of the stockholders of
Upon the completion of
the respective companies, proposes to acquire all the assets, including patent stock of this company willthis transaction, the total outstanding capital
consist of
rights, of the AutoStrop Safety Razor Co., Inc., and its subsidiaries. Auto and 2.018,769 snares of common stock.310,000 shares of preference stock
This
compare
Strop Safety Razor Co.. inc., was founded in 1906. This company also 2,205,000 shares of common stock outstandingwill Jan. 1 with a total of
on
1930.
has developed certain highly specialized machinery and processes of
The preference shares will be created through the reclassification of apImportance in the production of razors and blades, and maintains engineer- proximately 198.731 shares of common stock of the company purchased
ing and research laboratories which are continually engaged in the develop- by the company mainly In July and August 1930 for the purpose of acquirment and refinement of its products. It produces the well-known Valet ing the assets of AutoStrop Safety Razor Co.. Inc. Of
AutoStrop Razor, the only safety razor having a stropping device as an common stock so purchased 60,000 shares were purchased onthe shares of
July
Integral part of the razor. AutoStrop recently began the distribution of an account formed in Feb. 1930 (with no relation to the subsequent 28 from
Probak blades, which will fit the Gillette style razor as well as one of the tion of AutoStrop) which comprised a large number of subscribersacquisiincludcompany's own razors. Through national advertising a wide spread ing some of your directors whose aggregate interest was approximately
recognition of the Probak blade has been established which has resulted 20%, and of which account Messrs. Aldred & Co. were managers. Two
in a remarkable growth In sales during the short time it has been on the of your directors are members of that firm. All of the shares to be remarket.
classified were purchased by the company at substantially
Through this acquisition by Gillette, patent litigation recently started averaging approximately $79.50 per share (except a few market prices,
shares repuragainst it and one of its customers by AutoStrop Safety Razor Co., Inc., chased from employees at $100). In addition to the shares so
to be rewill be eliminated. Gillette will obtain the services of capable executives, classified certain of your directors at the request and for the accommodation
'will also obtain manufacturing processes and equipment of substantial of the company sold 46,500 shares to the company at
market prices.
value, and will acquire modern plants, one of which Is so located abroad
In view of the subsequent change in the details of the contemplated
as to be of particular importance to the company. Duplicate expenses will arrangement with AutoStrop Safety Razor Co., Inc., and
be eliminated and Gillette will be in a position to develop and merchandise subsequent decline in the market price of the stock, all of because of the
these directors
advantageously the products of both companies.
except one have voluntarily rescinded their sales and repaid
Upon the acquisition of the assets of AutoStrop Razor Co., Inc., Gillette price. Owing to the serious illness of the director referred the purchase
to It has not
Safety Razor Co. will have operating plants located in the United States, been possible to take the matter up with him, and the
20,000 shares
Canada, England. Germany, and Brazil.
chased from him remain for the present in the company's treasury purand
Capitalitation (Upon Completion of Present Financing and Acquisition of are included in the number of outstanding shares above referred to.
The directors have authorized the issue of $20.000,000 5% convertible
tne Assets of AutoStrop).
10
gold debentures. The Proceeds of those debentures will be used to pay
-year 6% convertible gold debentures, due Oct. 1
1940 (this issue)
$20.000,000 in part the bank loan of $25.000,000 incurred for the purchase of the above
310,000 shs. mentioned stock of which loan only a part was used. The balance of the
$6 dividend convertible preference stock
Common stock
1,998,768 3-20 shs. bank loan will be repaid from funds in the company's treasury.
Subject to the transaction with AutoStrop Safety Razor Co., Inc., being
There are also outstanding $35.765 real estate mortgages.
Purpose of Issue.—The proceeds from the sale of these debentures will be carried out and approved by counsel, the sale of these debentures has been
repayment of bank loans incurred by the company chiefly underwritten by a banking syndicate. Philip Stockton, one of the direcused for the
tors,
for the purpose of purchasing its own common shares, part of which will be J. E.Is an officer of a corporation having an Interest in this syndicate and
Aldred and Henry J. Fuller are partners of a firm having an interest
reclassified into preference shares used to purchase the AutoStrop assets.
These purchases, together with certain treasury stock already owned, therein.ehectors
The directors recommend that
reduced the outstanding common stock by approximately 218,000 shares, thereby patent litigation recently the proposed transactions be authorized;
started by AutoStrop Safety Razor Co.,
so that after the issue of 310,000 new preference shares and 12,500 common Inc. against this company
shares for the assets of the AutoStrop Safety Razor Co., Inc., and com- other patent controversies and one of its customers will be eliminated and
with AutoStrop Safety Razor Co., Inc. ended.
missions, the total outstanding stock, both common and preference, will This Is obviously
desirable as litigation, regardless of outcome. is inevitably
be 2,308,768 3-20 shares as compared with 2.205,000 common shares out- expensive and
In the
standing on Dec. 31 1929. This transaction will leave the company entirely acquire from harmful. Safety opinion of the directors, this company will
AutoStrop
Razor Co.. Inc. among other things, cerof bank indebtedness.
free
tain highly
Earnings.—The consolidated net earnings of the Gillette Safety Razor of razors specialized machinery and valuable processes for the production
and blades. The net earnings of AutoStrop Safety Razor Co..
Co. and the AutoStrop Safety Razor Co., Inc., available for interest Inc.,
according to its statement for the first eight months of 1930, are at a
before Federal income taxes, for the 5 years and 8 months ended Aug. 31
1930 are given below. These earnings are as reported by Patterson, rate substantially above the dividend charge of the new preference shares.
After the
Teele & Dennis (C.P.A.). and are adjusted for the acquisition by Auto- both in transaction It shoujd be possible to effect important economies
selling and operating costs.
Strop Safety Razor Co., Inc., of the minority interests in a subsidiary
The directors have approved the following changes in the past financial
company. Expenses of Gillette totalling 84.669.003, incurred chiefly in statements
of the company.
regarded by the directors as out of the ordinary, have
1930, and which are
It has long been the practice of the company to bill its razors and blades
been charged against surplus and not against income. These expenses
included $1,213,383 for the change to the new products and $3,455,620 to Its selling subsidiaries, in foreign countries, not at factory cost, but at
for the advertising of the new razor and blade. There was also expended prices a little leas than selling prices in this country.
The parent company has
in connection with advertising the new products an additional $2,911,999 form of accounts receivabletaken the profit on such billings at once in the
before the profits are realized by final sale to
which was charged directly against earnings.
customers. Such practice would, if annual billings were approximately
Earnings Year Ended December 31.
constant and within the limits of annual sales, cause ell anticipation of
Net Avail. Times Int. part of the profits in one year only, but in the case of this company the
Net Avail. Times Int.
for Int.
billings to subsidiaries have increased. In a fully consolidated statement
Earned.
Earned.
for Int.
$14,976,385
or one with appropriate reserves such anticipated sales and profits would be
14.9
1928
$13,842,887
13.8
1926
eliminated. Up to the present time the company has not published hilly
12,258.550
12.2
1929
13.283,677
13.2
1926
consolidated statements.
1923'--------15,780.544
15.7
FINANCIAL CHRONICLE
OCT. 18 19301
The directors have had a restatement made of the accounts for the past
Dennis,
few years upon a fully consolidated basis, by Patterson, Teele &
certified public accountants.
This restatement shows the following net income:
$12,632,368
311,547,72911928
1925
10.244,242
10,406,040 1929
1926
13.121,861
1927
The differences between the above figures and those previously published
subsidiaries,
by the company, without consolidation with the selling situation exaveraging about $2,370,000 a year, are chiefly due to the
plained above. The corresponding change in the surplus at the end of 1924
is a reduction of $1.425.774.
The net income for the first eight months of 1930 was 35,377,687. In
computing these earnings, expenses for entire change of product and part
of the expenses for advertising the new razor and blades, which expenses the
directors regard as out of the ordinary, have been charged against surplus
and not against income. The advertising expenses charged against the
income of that period were over $2,900,000.
The total net earnings stated above for the years 1925 to 1929. inclusive,
of nearly $58,000,000 exceed the cash dividends of about $46,500,000 paid
In the period by more than $11.000,000. Out of that balance $4,619,499
was absorbed in writing down patents, trade marks, &c.
The fully consolidated basis of accounting, or its practical equivalent
through the use of reserves, is conservative and the directors intend that it
shall hereafter be used in the published statements.
As a result of the change, in the new balance sheet of Aug. 31 1930. the
accounts receivable of tne company have been reduced and the inventory
increased. The inventories in the new Aug. 31 1930 statement are carried
at cost, which is below present selling prices.
In connection with the proposed issue of its pref. stock for the assets of
AutoStrop it was provided that the dividend payment dates for the coin.
stock should be changed to Jan. 1, April 1, July 1 and Oct. 1.
Upon the approval of the proposed consolidation it Is the intention
of the directors to declare a dividend of $1 per share, payable Jan. 1 1931
(instead of Dec. 11930) to holders of record on Dec. 1 1930.
Directors feel confident as to the future of the company and the maintenance of its position as the leader in its line of business throughout the world.
The company has shown its ability to operate profitably for many years.
Since the present management took charge in 1917 there has been paid to
Its shareholders dividends in cash amounting to $75,000,000. In additoon
to this the management has put into plant and property over $16,000,000
out of earnings, and has charged against earnings depreciation on real
estate, machinery and equipment amounting to more than 35.000.000.
As a result of the present consolidation not only will your company
benefit by the large earnings of the AutoStrop Safety Razor Co., Inc., but
It should also, as stated above, be possible to make substantial economies
-V. 131, P. 2387, 1104•
In manufacturing and distribution costs.
-Retail Domestic Gasoline Sales.Gilmore Oil Co.
Aug. 1930. July 1930. June 1930. May 1930.
MonthSales (gal.)
48.268,360 38.035.276 36.803.539 $6,408.467
Apr. IWO. Mar. 1930. Feb. 1930. Jan. 1930.
Month$6.323231 34,704,599 $3,571.330 $3,330,445
Sales (gal.)
x This figure also compares with total sales in August 1929 of 2,972,005
-V.131. p. 280.
gallons.
-Earnings.
Grigsby-Grunow Co.
Years Ended May 31Sales
Less royalties
Cost of sales except deprec
Depreciation
1928.
1929.
1930.
$61,330,217 $49,318.669 $5,861,225
46,338
3,416.644 3,787.489
146352,2861 36,293,885 3,939,344
84,684
I
232.743
Gross profit on sales
Operating expenses
$11,561,287 39,004,551 31,790,858
979,876
2,682.767
8,538,774
33.022,513 $6.321,785
379,993
372.725
3810,983
17.546
$3,402,506 36.694,510
21,558
11.531.858!
1
997.022
$828,529
10,013
105.561
Net profit
Special credits
31,870.648 $5,675,930
11,617
$712,955
47.898
Total
Special charges
Reserve for income tax accrued
31,870,648 $5,687,547
1.935
571.000
125,000
$760,853
44,647
100,000
Net profit on sales
Other income
Total income
Interest paid
Sales Orate. and other expenses
1
$616,206
$1,745,648 $5,114,612
Net profit to surplus account
430,500 def$13,731
Balance beginning of period_ - - - -- - 4.430,134
Burp.from acquis. of common stock of
3,065,661
Majestic Household Utilities Corp
Burp.from value placed on capital stk.
242,520
on Rogers-Majestic Corp., Ltd_ _ _
177,530
Profit on sale of property
186,332
Sundry charges and credits
Total surplus
Management bonds
Clash dividends
Stock dividends
Inventory adjustments
Rebates to distribution, &c
89.847,825 $5,545,112
192,000
925,980
2,310.068
$602,475
2545
If called for prior redemption the conversion privilege will continue up to
and include the 10th day prior to date designated for redemption. Trustee.
Manufacturers Trust Co.
Outstanding.
Authorized.
Capitalization31.000.000
$1,000.000
25-yr.6% cony, gold deb. bonds (this issue)
250.000 gibs.
*300.000 sha.
Common stock (no par value)
* Includes 50.000 shares reserved for the maximum requirements for conversion of $1,000,000 6% debenture bonds.
-A profit-sharing certificate accompanies each
-Sharing Certificate.
Profit
bond and entitles its owner, In addition to all rights as owner of the corresponding bond and coupons,to the payments by check of the corporation on
Feb. 1 of each year, of an amount not in excess of 3% annually of the face
value of the corresponding bond, and equal, subject to that limitation, to
the owner's pro rata of one-third of the net earnings of the corporation as
declared by the board of directors for the preceding calendar year. This
profit-sharing certificate is a direct contract between the corporation and
the bondholder, and disbursements thereunder, are mandatory. industrial
-Organized in 1924 in New Jersey to own and operate
Company.
lean companies and has been operating successfully and continuously since
the
that time functioning under the Uniform Small Loan Law sponsored byThe
States.
Russell Sage Foundation, which law is now effective in 25are bonded to
operates by virtue of State laws and its branches
corporation
and licensed by the States in which they operate. offices in the States of
Corporation at the present time operates branch
New Jersey and Pennsylvania and additional branch offices will be opened
In other States from time to time in keeping with a definite program of
growth and expansion.
Purpose.- Proceeds will be used to add to the corporation's working
capital in furtherance of its program of expansion.
--Corporation's ratio of earnings have shown rapid increase and
Earnings.
interest requiregiving effect to this financing earnings should be three times or bonded debt
ments. Corporation has no preferred stock outstanding
statements are regularly available to
other than this issue. Operating
bondholders of record.
Securify.-Thls issue will be a direct obligation of corporation, chargeable
equity
against the entire assets of the corporation and have priority over the
and interest of the holders of capital stork.
-Omits Dividends.
(L. F.) Grammes & Sons, Inc.
of $1.50 per
The directors have voted to omit the quarterly dividendsclass B stock
the
share on the class A stock and 75 cents per share onat these rates were
ordinarily payable about Oct. 1. The last payments
made on July 1 1930.-V. 130, p. 2592.
-Sales Increase.
Grand Union Co.
Total store sales for the five weeks ended Oct. 4 were $3,473469, compared with $33,222,081 for the corresponding period of 1929. an Increase of
$251,388 of 7.8%.-V. 131, P. 2072, 1722.
-To
Grasdon Hall Apartments, Larchmont, N. Y.
Organize Committee.
below.
See Soundview Gardens Apartments
-Bond Deposits.
& Kilburn Corp.
Hale
mortgage 20.
It is announced that fully two-thirds of the $894.000 first bondholders'
with the
year 6% sinking fund gold bonds have been deposited
Fidelity Trust Co. Is depositary. Company deprotective committee.
also defaulted interest
faulted interest due on bonds June 1. The companyoutstanding 6% serial
and approximately one-half of the principal of its
notes.
-V. 131. p. 1722.
-Earnings.
(M. A.) Hanna Co.
For income statement for 3 and 6 months ended Sept. 30.see "Barnings
-V. 131, p. 637.
Department" on a preceding page.
-Earnings.
Harbison-Walker Refractories Co.
For income statement for three and nine months ended Sept. 30 see
-V. 131. p. 1105.
"Earnings Department" on a preceding page.
-Earnings.- •
Hartford Times, Inc.
For the first six months of 1930 the company reports net income avalalble
for interest on the 6% debentures of 1943. after all charges, of $293,000.
In
or more than 3% times total interest charges for the first half-year. the
view of
1929 earnings covered fixed charges almost four times, but in six months,
business depression and curtailed advertising during the first
the showing for the period is quite satisfactory.
the
Financial condition on June 30 was approximately the same as at
end of last year, current assets being more than throe times current liabilities. This company is controlled-by the Gannett Co. through ownership of 70% of the outstanding capital stock. At the present time there
are aPproximtely 82,730,000 of these debentures outstanding and approximately $170,000 have been retired through operation of the sinking fund.
-V. 128, p. 3003.
-To Retire Pref. Stock.
Hershey Chocolate Corp.
The entire outstanding amount, approximating $3,000,000, of 6% prior
pref. stock has been called by the corporation for retirement on Nov. 15.
The original issue totaled $15,000,000. Cancellation of the amount of this
stick still publicly owned will leave the company with 293,480 shares of
34 cony. pref. and 706,520 shares of common stock-V. 131, p.797,484.
-Earnings.
Household Finance Corp.
171,975
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 131, p. 2073.
D rpartment" on a preceding page.
$430,500
Balance end of period
$2,360,022 $4,427,132
69,000
Shares outstanding at end of period.- 1.997,897
437,040
$0.87
$8.93
Earnimur per share
$11.70
Consolidated Balance Sheet May 31.
y1929.
1930.
1930.
y1929.
AssetsLiabilities$
8
$
$
Accts. Pay., trade_ 1,514,910 1,811,704
Cash in banks and
936.850 2,285,994 Due dealers on die.
on hand
1,000,000 count notes_
62,431
Call loans
3,083
Notes & accts. rec_ 3,608,469 1,199,301 Accounts payable_
7,873 Dank loans
Aocr'd int. recent
1,000,000
4,691.079 7,000,855 Royalties
Inventories
623,055
79,155 Accruals
Prepaid expenses__ 116,691
315,615
87,500 Liability Maur. &
3,966,315
Investments
7,507,871 3.216,957 local taxes
10,759
238,680
Fixed assets
Fedl income tax
125,000
Deferred charges &
571,409
other assets_ ___ 2.751,915 1.208,140 Min. stkhold's int.
in eap.stk.of Mal.
Anticipated refund
Distill). Corp. of
of Fedl income
Cleveland
536,000
124,000
tax
Res.for contest.liab 299,116
Patents. tradename
57,261
Com.stk.(no par)x17,783,672 8,793,140
& goodwill
Capital surplus .42,360,0221
87,600
f 4,430,134
Total(es. sinin _24.068,455 16,085,775 Earned surplus_ __I
x Represented by 1,997.897 no par shares. y After giving effect to the
change in capitalization authorized at a stockholders meeting held Aug. 14
1929.
The number of holders of floating stock of this company has more than
doubled in the last 18 months, it is announced. The increase. Trdasurer
A. Bark believes, denotes that, while there is still considerable public
participation in the market, such participation is along infinitely more
-V. 131. p. 638, 1265.
conservative lines.
3,185,647
1,992,088
New Officer.
Don M.Compton has been elected general manager and assistant to the
-V. 131, p. 2387.
President.
-Bonds Offered.
Globe Industrial Loan Corp.
-Metropolitan Extension Corp., New York is offering $1,000,000
debenture gold bonds (series A) with profit6% convertible
sharing certificates at 100 and int. Denom. $1,000, $500,
and $100,c* Interest payable J.& J. Principal and interest
payable at the office of the trustee and registrar, the Manufacturers Trust Co., New York. Red.in whole or in part on
any int. date on 30 days' prior notice on or after July 1 1935
at 105 and interest.
Dated July 1 1930: due July I 1955. Bonds are convertible into full
voting common stock on or before July 1 1935, on the basis of 5 shares of
common stock for each $100 of bonds, thereafter on or before July 1 1940,
n the basis of 4 shares of common stock for each $100 of debenture bonds.
-Holders of Floating Stock Inc.
Hudson Motor Car Co.
-Sales Higher-May Pay Extra Die.
Hunt's, Ltd.
During the nine months ended Sept. 30 1930 sales show an increase of
1.43% over sales in the corresponding period of 1929. The 1930 and 1929
figures are respectively 3852,687 and $840,646. an increase of $12,041 in
value of sales. Sales of the company in September 1930 were $87,982.
as against $92,777 in September 1929.
It is officially reported by the company that earnings for 1930 to date
are in excess of the corresponding period of last year and that a bonus will
again be paid on Jan. 1 1931 in addition to the regular quarterly airidend
disbursements of 25 cents per share of class A and class B stock. The bonus
-V.131, p.797.
paid on Jan. 2 1930 amounted to 50 cents per share.
-Debentures Approved.
Indian Motocycle Co.
At the stockholders' meeting held on Sept. 2 no action was taken on
the creation of an issue of 3800,000 gold debentures, of which 3300.000
-V.131. p. 1573, 1429.
7% initial series were to have been issued recently.
-Earnings.
Industrial Rayon Corp.
For income statement for three and nine months ended Sept. 30 see
-V. 131. p. 1573.
'Earnings Department" on a preceding page.
-New Directors.
International Bankstocks Corp.
C. C. Taylor, Executive Vice-President of the Security Life & Trust Co.
and Chairman of the Executive Committee of the Peoples National Bank,
both of Winston Salem, N. C., and Don F. Whittaker, Vice-President of
Rackliff & Co., Inc., have been elected directors -V. 131. p. 1573.
-Earnings.
International Cement Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 131. P. 484.
Department" on a preceding page.
-Extra Dividend.
International Safety Razor Corp.
An extra dividend of 25 cents per share has been declared on the class B
60 cents per share
stock in addition to the regular quarterly dividend ofB stock, all payable
on the class A stock and 50 cents per share on the class
Dec. 1 to holders of record Nov. 14. Like amounts were paid on March 1
last and on March 1, June 1, Sept. 3 and Dec. 2 1929.-V. 130, p.984.
-Earnings.
Island Creek Coal Co.
For income statement for 3 and 9 months ended Sept. 80 see "Earnings
•
-V. 131. P. 2389. •
Department" on a preceding page.
2546
[vox..
FINANCIAL CHRONICLE
Johns-Mansville Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30. see "Earnings
Department" on a preceding page.
-V. 131, P. 1904.
Kimberly-Clark Corp.
-Earnings.
--
For income statement for 3 and 9 months ended Sept. 30, see "Earnings
Department" on a preceding page.
-V. 131, p. 638.
Kinner Airplane & Motor Corp.
-Recapitalization.
Amendments to the articles of incorporation of this corporation, as drawn
up by the directors and submitted to the stockholders in Augu..t, have been
approved according to an announcement by President Robert Porter.
More than 65,000 shares in excess of the required number have assented to
the amendments, assuring consummation of the plan.
Chief among the amendments is one designed to broaden the scope of the
company's activities and prepare for its later development. This amendment makes it possible for the company to own stock in other corporations
or to consolidate with, or purchase, companies operating in allied fields.
thereby paving the way for the company should the need ever arise, to control any or all of its sources of supplies, either by entering into the manufacture of such supplies or by owning or controlling companies furnishing
them.
Another amendment provides for changing the par value of the outstanding stock from $1 to no par, which will make the company eligible for
listing on Eastern markets. No steps will be taken in this direction at the
present time, but such development is contemplated for the near future.
This change will also make the company eligible for listing on tht Los
Angeles Stock Exchange, under new listing requirements adopted by the
Exchange some time ago.
With the change in par value new stock will be issued for old in the
ratio of one new share for each 10 old shares held, and authorized stock
will be reduced to 199,934 shares.
The name of the company will be changed to Kinner Airplanes & Motor
Corp., Ltd., according to the amendments proposed, this being designed to
limit the liability of stockholders. Use of the word "limited" as part of
the corporate name relieves stockholders of personal liability for indebtedness thereafter incurred. Stock will be non-assessable.
The necessary legal steps will be taken promptly, Mr. Porter stated,
so that the exchange of stock may be effected and stockholders will be
advised when and where to surrender their certificates for the exchange.
-V. 131, p. 1574.
branches which are used in the distribution of our bodies and to utilize
these facilities in manufacture and distribution of their commercial bodies.
In the last two years this corporation has been one of our largest customers
and since they are going into manufacturing of a complete line of their
own commercial bodies we have the opportunity to sell to them the Indiana
Polls plant and the inventory and equipment used in the commercial body
department in that plant on terms that the directors feel under present
conditions are to the advantage of our stockholders. The alternative is
to retain the plant with greatly reduced volume of business on which we
cannot hope to operate at a profit.
The sale being made for cash; will give to the corporation funds to Pay
off all of its bank debts and leave ample working capital for development of
its windshield business A cash distribution of a part of the proceeds will
be made to our stockholders and the directors have approved it subject to
the approval of the stockholders.'
A special meeting of the stockholders of the Martin Parry Corp. will be
held on Oct. 21.
See also General Motors Corp. above.
-V. 131, p. 282.
Mathieson Alkali Works (Inc.).
-Earnings.
-
For income statement for nine months ended Sept. 30 193e see "Earnings
Department" on a preceding page.
President E. M. Allen says "The earnings for the third quarter reflect
the existing business situation not only in our own country, but in the world's
markets as well. Comparison of the first nine months of 1930 with like
period for 1929 shows a decrease of net income of $129,442, after an increase
charge for depreciation of$121.132 during the same period."-V.131,p.486.
Metal & Mining Shares, Inc.
-Investigation.
-
Most recent development in the investigation being conducted by the
State Attorney General's office into the disappearance of C. V. Bob, Chairman of Metal & Mining Shares, Inc.. is the indication that the reply submitted last Spring by the company to the questionnaire sent to it along
with a number of other investment trusts by the Attorney's office, was
Inaccurate.
The portfolio of Metal & Mining Shares, Inc., filed, was as of Dec. 31
1929, and showed a diversified list of securities held by the trust, including
such stocks as Consolidated Gas, Texas Gulf Sulphur, Kennecott Copper
and others.
It was stated in connection with the submission of portfolio, that holdings in each amounted to more than $500,000, with total market value of
holdings exceeding $7.000,000. The list was executed under oath by George
(G. R.) Kinney Co., Inc.
-Regular Dividends.
L. Johnson. President, and Frederick Russell, Secretary, the former testifyPresident E. 11. Krom authorizes the following:
report as a matter of routine, it having been repreing that
In view of the fact that the third quarter showed a substantial profit, sented tohe signed the a correct list.
him as being
and also in view of the fact that the greater part of the earnings of the
company,
Talbot & Co.,
company occur in the last three months of the year, the directors declared testified that the accountants, who audited the books of the those subsecurities they audited were different than
the following regular dividends: $2 per share on the pref. stock to holders mitted to the
reply to the questionnaire. George
of record Nov. 15 1930, payable on Dec. 1,25 cents per share on the com- Schnitzel of theAttorney General in that $3,000,000 was shown as invested
accounting firm said
mon stock to holders of record Dec. 15 1930, payable on Jan. 2 1931.
-V.130, p. 1474.
The operating economies and inventory reductions put into effect on In one of Mr.Bob's promotions. ("Wall Street Journal.")
July 1 continue to show satisfactory results.
-V. 131, p. 2389. 1723.
Michigan Steel Corp.
-Modernizes Plant.
Kirkman & Son, Brooklyn, N. Y.
-Sale
Complete modernization of the Ecorse, Mich., plant has given the conipany production of between 25,000 and 30,000 tons of sheets monthly
See Colgate-Palmolive-Peet Co. above.
-V. 131, P. 2075.
with the same labor force formerly required to turn out the plant's previous
(D. Emil) Klein Co., Inc.
-Earnings.
monthly output of 16,000 tons. It is announced. Due to the increase in
For income statement for nine months ended Sept. 30 see "Earnings productive capacity, offsetting the installation of new labor-saving devices,
Department" on a preceding page.
the company expects to retain all of its old plant employees.
-V. 131.
-V. 131. p. 485.
p. 2233.
(Henry) Klein & Co., Inc.
-Registrar.
-
Bankers Trust Co. has been appointed registrar for the cony. partic
pref. and corn. stock.
-V. 1.0, p 2978.
(S. S.) Kresge Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30. see "Earnings
Department" on a preceding page.
-V. 131, p. 2389.
(The) Lehman Corp.
-Net Asset Value.
-
Vice-President Monroe O. Gutman states that according to the books of
the company the net asset value of the corporation's capital stock on Oct.
10 1930 valuing securities at not in excess of the market was $82.62 Per share.
-V.131. p. 1724.
Lehigh Valley Coal Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 131, p. 639.
(J. J.) Little & Ives Co.(Printers), N. Y.
-Acquisition.
Mohawk Investment Corp.
-Earnings.
For income statement for nine months ended Sept. 30 1030 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
AssasSept. 30'30. June 3030.
Sept. 30'30. June 3030.
Cash
$1,022,625 $789,817 Accts. pay. Sr accr.
Account receivable
311,598
$10,158
expenses
from brokers__
8,887 Res. for Fed. &
87,588
Accrued dividends
1,307
76,195
State taxes
Scour. (at cost)___84,165,234 4,605,489 Common stock
x4.682,839 f4,651,792
aid in surplus
854,522
Total (ea. side)_35,187,859 $5,405,500 Earned surplus... 418,687
a Market value $3,092,327. x Represented by 77,538 no par shares.
-V.131, p.640.
Mohawk Mining Co.
-The di-Dividend Decreased.
The company has acquired the C. H. Simonds Co. and the Charles T. rectors have declared a dividend of 25 cents per share,
Baker & Sons Co. of Boston and will operate them under the name of the payable Nov. 29 to holders of record Oct. 31. Three months
Colonial Press. Inc., a Massachusetts corporation. The latter will own all ago a dividend of 75 cents per share was declared, as against
the stock of the Simonds and Baker companies and the stock will in turn
-V. 131, p. 486.
$1.50 per share in the previous quarter.
be owned wholly by J. J. Little & Ives Co.
The officers of the Colonial Press, Inc. are: Chairman, Arthur W.
-Transfer Agent.
Molybdenum Corp. of America.
Little; Vice-Chairman, Charles T. Baker; President, L. M. Adams; VicePresident, Harold H. Jordan; Treasurer, J. J. A. Hossenlopp.-V. 105,
The Chase National Bank has been appointed transfer agent of voting
trust certificates for $10 par value capital stock, issuabie under voting trust
2460.
p.
agreement dated July 28 1930.
Louisville Bridge Co.
-Earnings.
-
-Earnings.
-Motor Products Corp.
Period Ended Aufb 311930Month. 10 Months.
For income statement for three and nine months ended Sept. 30 see
Gross income
541,033
$322,494
"Earnings Department" on a preceding page.-V.131, p. 640.
Operating, administrative and maintenance exp....
6.153
51.811
Balance
$34.880
$270,684
(G. C.) Murphy Co.
-Opens New Store.
Bond interest
1 ,924
x179 212
The
-$1
x Interest for 10 months on $4,779.000 bonds outstanding Aug. 31 1630. stores, company has added another new store to its chain of 5 cents to
the new unit being located in Pittsburgh. The new store makes a
-V. 107. p. 85.
total of 170 units now operated by the company.
-V.131, p. 2390.
.sa
MacMarr Stores, Inc.
-Stores in Operation.-
As of Sept. 30Stores operated
Markets operated
See also V. 131, P. 2389, 1724.
1930.
1,389
515
1929.
1,379
285
McCord Radiator & Mfg. Co.
-Omits Dividend.
The directors have voted to omit the quarterly dividend ordinarily payable about Nov. 1 on the class B stock. On Aug. 1 last a quarterly distribution of 25 cents per share was made, as against 50 cents per share
previously.
-V. 131, p. 639, 486.
McCrady-Rodgers Co., Pittsburgh.
-Tenders.
-Pittsburgh Trust Co., Fourth Ave. & Wood St., PittsThe Peoples
burgh, Pa., trustee, under the 1st mtge. dated Nov. 1 1929, securing an
issue of $650.000 of 1st mtge. 6% cony, sinking fund gold bonds, invites
and will receive, until the close of business on Oct. 29 1930, tenders of
bonds for the sinking fund to exhaust $25,000, to be delivered on Nov. 1
1930. No purchase will be made at a rate exceeding 103 and interest.
V. 130. P. 4619-
Murray Corp. of America.
-Closes Plant.
-
plant indefinitely suspended operations on Sept.
The Bay City,
Mich..
10. Operations can be more economically carried' on,,Lat thekMeznphis
Tenn., unit, it is announced.
-V. 131, p. 800. 283.
National Aviation Corp.
-New Directors.
-
Frederick G. Coburn (President of Aviation Corp.) and Hanford.
Hanshue (President of Western Air Express) have been elected to the board.
The resignations of Charles L. Lawrence. Col. Paul Henderson and Thomas
N. Dysart as directors was accepted.
-V. 131, p. 1906.
National Baking Co.
-Earnings.
Years Ended June 30Profit from oper. after all expenses__
Provision for depreciation
Provision for Federal taxes
1930.
$422,412
183,370
35,776
1929.
3555.461
185,774
53,200
1928.
$348,402
169,781
26,500
Net income
7% preferred dividend
$203,266
107,403
$316,488
107,403
$152,122
107,401
McIntyre Porcupine Mines, Ltd.
-Earnings.
-
Amount earned on common stock_
$95,863
$44,721
$209,085
Condensed Consolidated Balancejaeseet June 30.
tabli Sh _
Assets-1930.
1929.
1930.
1929.
Cash
$210,778 $867,571 Accts. payable.- - $106,850
$93,843
-Earnings.
Magma Copper Co.
Accts. receivable
233,200
197,004 Accr. Fed. income
For income statement for 3 and 9 months ended Sept. 30 see "Earnings Customer's Sr salestax, payroll, dm.
96,842
82,376
Department" on a preceding page.
men's notes_ _
8,632
12,497 Bond indebtedness 839,500
715,000
During the three months ended Sept. 30 1930 there was produced 7,491,- Inventories
450,153
431,643 Res. for conting__
7,587
12,835
670 pounds of refined copper at a cost of 7.83c. per pound after deducting Cash Burr. value of
Mi stockholde
stockholders
gold and silver values. This cost does not include any allowance for Federal
life
lite insurance__
41,490
32,050 interest
taxes, but includes depreciation and all other ifxed and general expenses. Foreign, railroad:
Preferred stock.- _ 1,399 950 1,33 5900_
13 : 00
36
19
!
4
9,
-V. 131. P. 1905.
Industrial stocks
Common stock.- - x553,850
553,00
0
& bonds
407,907
276,391 Surplus-bal. June
-Notes Called.
Marland Oil Co. (Del.).
Other assets
17,445
16,082
844,316
743,562
The entire $7.500.000 of series C 5% gold notes dated June 15 1927, and Permanent assets_ 2,046,038 1,958,677 30
due June 15 1931, have been called for redemption on Dec. 15 1930, accordstock puring to an announcement. The notes will be paid off at $1.002.40 for each Employ,
chase plan
102,842
$1,000 of notes upon presentation and surrender, with all unmatured coupons Good-will
278,437
attached, at the office of J. P. Morgan & Co., 23 Wall St., N. Y. City. Deferred charges._ 247,499
75,337
86,539
Tota (ea. side) $3,852,324 $3,645,
689
notes will cease after Dec. 15 1930.-V. 129, p. 1455.
Interest on the series 0
x 159,291 abs. no par value.
-V. 129, P. 2242. .
For income statement for six months ended Sept. 30 see "Earnings De-V. 131. p. 486.
partment" on a preceding page.
-Sale of Indianapolis Plant-Probable
Martin-Parry Corp.
Distribution to Stockholders.
-
National Tea Co.
-Sales Corrected.
-
The company reports consolidated sales for the month of September 1930
of $6,850,862, as compared with $7,012,045 for the corresponding month
In a letter to the stockholders the corporation says:
Negotiations have been pending for some time with the General Motors of last year. Due to a typographical error, the former figure was given in
Corp, to take over our,Parry plant at Indianapolis and the aosembly, last Week's "Chronicle" as $6,805,862. See V. 131. p. 2390, 2233.
OCT. 181930.1
FINANCIAL CHRONICLE
2547
Comparative Balance Sheet.
1929,
1930.
1929.
1930.
LtabilfttesAssets
438,447 Accounts payable
Cash
652,609
9,043
119,295
Call loans
150,000 & accrued exp__
Customers' deposCustomers' notes
its on unfilled
rec. (secured) _ _ 857,125 1,585,061
37,145
orders
Cust. accts. rec.
199,722 Federal income
40,090
(Partly secured)
tax (est.)
161,404
167,976
153,000
Inventories
Dividends payable
Notes, accts. rec.,
Oct. 2 1929_
19,801
150,000
dic.(part. sec.).
Capital stk. (259,Patterns, dies, Jigs,
421 fills., no par) 1.509,421 1,500,000
82,008
89,601
tools, elic
Surplus aPProP.
Asks Jury Trial in Bankruptcy Proceedings.
Furniture & fixt's
42,858
8,292 for contingeno's_
55,228
15,093
(less deprec'n)
A motion for a jury trial to set aside the bankruptcy proceedings filed
146,621
4,195 Paid-in surplus_ _ _
169,591
against the company has been filed in Federal Court by Arthur J. Neve. Unexpired insur_
counsel Deferred charges....
65,788
515,982
Earned surplus_ _ _
2,548
•one of creditors and former head of the chain. He asks through
that trial be set down for the November term and denies the company
1,810,875 2.663,096
Total
1,810,875 2,663,096
Total
-V. 131, p. 2077, 1906.
Is bankrupt.
•
-V. 131. p. 1576.
-Subsidiary Increases Capttal.Newmont Mining Co.
-Earnings.
Pennsylvania-Dixie Cement Corp.
The South African Copper Co., which Is controlled by the Newmont
Mining Co., has filed notice in Delaware of an increase in its capitalization
For income statement for 12 months ended Sept. 30 see "Earnings Defrom $340,000 to 31,200,000.-V. 130, p. 2383.
partment" on a preceding page.
Balance Sheet Sept. 30.
-Extra
New York & Honduras Rosario Mining Co.
1929.
1930.
1930.
1929.
Dividend.
$
$
LiabiltIteSAssets8
$
The directors have declared the regular quarterly dividend of 23 % y Land,
Preferred stock.....13,588,800 13,588,800
bulld'gs.
,3n the capital stock, both payable Oct.
and an extra dividend of 1X
mach'y & equip_24,601,339 25,480,849 Common stock. _ _ 4,000,000 :4.000,000
to holders of record Oct. 21. The last extra distribution was Cash
31 1930
2,813,902 2,332,997 Gold bonds
10,929,000 11,789,000
% made on Feb. 1 1930.-V. 130, p. 2597.
Accounts payable_ 205,242
Notes and accts.
166,758
1,065,113 1,419,154 Accrued taxes, Inreceived
-Extra Dividend.
Nineteen Hundred Corp.
2,699,586 2,710,614 terest. &a
185,304
Inventories
214,845
84,100 Federal taxes
The directors have declared an extra dividend of 25 cents per share on Miscell. invest_ _ __ 402,918
165,586
164,459
the class B stock, no par value,in addition to the regular quarterly dividend Insurance fund.... 158,950
35,000 Other reserves
249,588
205,637
of 50 cents per share on the class A stock and 25 cents per share on the class Deferred charges__
11,818
85,959 Surplus
2,430,106 2,019,176
record Nov. 1.-V. 130,P.3557.
B stock, all payable Nov. 15 to holders of
31,753,626 32,148,673
Total
Total
31,753,628 32,148,673
-Earnings.
Noblitt-Sparks Industries, Inc.
x Represented by 400,000 no par shares. y After depreciation and
Nor income statement for month and nine months ended Sept. 30 see depletion.
-V. 131, P. 953.
-V.131, p. 1725.
"Earnings Department" on a preceding page.
-Receiver Appointed.
Neve Drug Stores, Inc.
An order has been signed by Judge Bondy in Federal District Court
and
(New York) accepting the resignation of Irving Trust Co. as trustee,with
appointing the Irving Trust Co. as receiver for the same company The
of sale as had previously been given to the trustee.
the same powers
order stated that the reason for the order was the unwillingness of the
attorney for Albert J. Neve to relieve the Irving Trust Co. as trustee from
possible personal liability which might result if Neve's contention should
prove to have any basis. The contention of Neve was that the stores
should not have been declared bankrupt, and that the United Cigar Stores.
through United Retail Chemists, was bound to continue operation for
five years from the date of contract. The order to sell the stores is not
disturbed by the changed status of the Irving Trust Co.
-Extra Dividend.
(Charles F.) Noyes Co., Inc.
The directors have declared an extra dividend of 5 cents a share on the
common stock and the regular quarterly dividends of 45 cents on the common and $1.50 a share on the preferred, all payable Nov. 1. An extra distribution of 10 cents a share was made on the common stock on Aug. 1 last.
Treasurer M. S. Keene stated: Our fiscal year is from May 1 to April
30, and the last six months of the year are always the best. Irrespective
of this condition, the company has earned in the first five months of its
,present fiscal year. after allowance for Federal and State taxes, group
insurance and co-operative fund, &c., its dividend plus extras on the ratio
of 150%."-V. 131, p. 641. 1432
(The) Permutit Co., N. Y.
-Proposed Merger.
-President
W. Spencer Robertson, in a letter to the stockholders, says
in substance:
With a view of enlarging the field of activities of this company, there has
been organized in Delaware, the General Water Treatment Corp. with power
to engage in business as a general holding company, and to manufacture
equipment and materials for the softening, rectification, purification and
other treatment of water and other liquids.
The General Water Treatment Corp. has an authorized capitalization of
500.000 shares (without par value) of common stock. It has authorized
an offer to be made to the holders of the 18,334.3 shares of the outstanding
common stock of this company to exchange their holdings of common
stock for common stock of the General corporation on the basis of 12 shares
-Earnings.
Ogilvie Flour Mills Co., Ltd.
of common stock of the General corporation for each share of the
1928-29.
1927-28.
1926-27. stock of this company. Holders of more than two-thirds of the common
Years End. Aug.31-- 1929-30.
common
incl. in'Trading profits,
stock of this company have already agreed to make this exchange. It will
vestment income, after
be necessary to issue a maximum
bond Int. and deprec'n 31.127.436 $2,381,741 $1,941,550 $1,755,332 and (or) scrip therefor of General of 220,011.6 shares of the common stock
Water Treatment Corp. to carry out this
Special depreciation_
300,000 offer.
into
The General
Net profit
$1,127,436 $2.381,741 $1,941,550 $1,455,332 ments pursuantWater Treatment Corp. has also enteredthe certain agreeto which it has the right to acquire all
issued and outPref. dividend (7%)_ _
140,000
140,000
140,000
140,000
Common dividends
(38)600.000 ($8)600.000 ($5)375.000 (35)375,000 standing stock of Ward-Love Pump Corp. (an Illinois corporation engaged
and
Common bonus
($5)375,000(17)1275,000
(15)1125.000 (10)750,000 in the manufacture other sale of water softening equipment and water
valuable properties and rights. These acquisipumps), and certain
46,600 shares of the
Balance,surplus
$12.436
$366,741
$301,550
3190.332 tions will require the issuance ofthe issuance of option common stock of
General Water Treatment Corp.,
warrants entitling
She.corn. out.(no par)
75.000
75.000
75,000
75.000
Earns, per sh.on corn$24.02
$13.17
$29.88
$17.54 the holders thereof to purchase 53,600 shares of its common stock upon
payment therefor at the rate of $20 per share, and the payment of not
Comparative Balance .Sheet Aug. 13.
exceeding approximately $100,000 in cash. The Ward-Love Pump Clore.
has net assets in excess of $800,000. with two plants located at Rockford,
1929.
1930.
1930.
1929.
Ill., and enjoys unusual facilities for the distribution ofits products through
$
assets$
Preferred stock __ 2,000,000 2,000,000 the Crane Co., manufacturers and distributors of plumbing supplies, with
powers, mill
Water
3.708,863 3,861,793 Common stock _ _ _x2.500,000 2,500,000 over 100 branches in the United States.
plants, &e
'Under the present Federal statutes, no Federal income tax will be payable
First mtge. bonds_ 2,350,000 2,350,000
Good-will, tradeby reason of the holders of common stock of the Permutit Co. making the
1,962,148
Bank loans
marks, patent
1
1 Accts. payable__ 2,259,575 2,883,288 exchange.
rights, atc
The directors of the General Water Treatment Corp. will be Francis N.
171,900
510,626 Provision for interCash
est & dividends_ 595,250 1,495,250 Bard, President of Ward-Love Pump Corp.: W. Spencer Robertson, PPOSIAccts.receivable 2,693,591 2,682,519
1,034,117 1,793,245 Rest account
5,000,000 5,000,000 dent of the Permutit Co., and Vincent Bendix, Harry M. Durning, William
Stocks on hand
M. Flook and Kenneth B. Schley, directors of the Permutit Co. The
12,215,651 10,325,071 Profit and loss,
Investments
3,157,149 3,144,713 Chairman of the Board of Directors will be Francis N. Bard and the Presisurplus
dent will be W. Spencer Robertson.
The Permutit Co., manufacturers of water softenera, filters, boiler
19,824,123 19,173,251
19,824,123 19,173,251
Total
Total
in Brooklyn, N. Y., and mines and factory
x Represented by 75,000(no-par va ue) shares. y Includes provision for auxiliaries, &c., has a factory It also has branch offices in Boston, Buffalo,
No. 2 in Birmingham, N. J.
-V. 131, p. 1726.
Dominion Government taxes to date.
Chattanooga, Chicago, Cincinnati, Cleveland, Detroit, Kansas City,
Los Angeles, Minneapolis, Philadelphia, Pittsburgh, San Francisco, St.
-Stocks Off List.
Oil Well Supply Co.
Louis and Tulsa.
The common stock and the 7% preferred stock were stricken from the
[Installations of water-softening apparatus in the United States are prolist of the New York Stock Exchange on Oct. 14.-V. 131, p.2234.
ceeding at the rate of 25,000 units yearly. according to Mr. Robertson.
Mergers in the industry have been frequent, the Permutit Co. in recent
Ontario Equitable Life & Accident Insurance Co., years having acquired water-softening interests from the Kennecott Co.,
Borromite Co., Wayne Tank & Pump Co. and Paige & Jones Chemical
Waterloo, Ont.-New Director and Officer.
Chas.A.Dunning has been elected a director and Vice-President.
--V.127. Co.].
p.835.
-Earnings.
Otis Elevator Co.
Further Acquisition.
-
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.131. p. 487.
Pacific Finance Corp.
-To Discontinue Stock Dividend.
-
Following the previously announced recommendation of President Lee A.
Phillips, the directors have unanimously voted to discontinue the stock
dividend which has been paid on the common stock during the past year
and a half, the company announced on Oct. 8.
In a letter to the stockholders, Mr. Phillips said: "The business of the
corporation requires,at all times, borrowings not only at banks but through
the issuance of commercial proper and long-term funded indebtedness.
The stock dividend policy of the corporation was inaugurated for the
purpose of capitalizing the surplus earnings of the company, thus retaining
all available capital in the treasury for enlargement of business operations
and curtailing our borrowing requirements.
"During 1929, the capital structure of the corporation was substantially
increased through the sale of additional common stock and the conversion
into common stock of outstanding notes, thus making additional operating
capital unnecessary. As a result, the further continuance of the stock
dividend is not warranted. Present earnings justify the continuance
of the present annual cash dividend on the common stock of $1.32 per
share. Hereafter, it will be the *icy of the corporation to increase the
cash dividend as earnings warrant. -V. 131, p. 1432.
Paramount Public Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 131, p. 2391.
(C.) Pardee Works, Perth Amboy, N. J.
-Merger.
The merger of the sale organizations of this company and the Matawan
Tile Co., tile manufacturing concerns, has been approved by the directors
-V. 122, p. 761.
of both concerns.
Paramount Cab Mfg. Corp.(& Subs.).
-Ann. Report.
Years Ended Sept. 30Net profit before Federal income tax
Federal income tax (estimated)
1930.
1929.
loss$280.913 $1,268,981
153.000
Net profit for year
Dividends
loss$280,913 61,115,982
162.773
600.000
Balance
10E6.9443.686
Nil
Barns. per sh. on 250,000 BIM corn,stock (no par)
$515,982
$4.46
The Paige-Jones Co. of Hammond, Ind., manufacturers of chemical
products and equipment, announced that the above company had purchased
its zeolite and lime soda water softening and filter business -V.131, p.2077.
Petroleum Rectifying Corp.
-Extra Dividend.
The directors have declared an extra dividend of 15 cents per share on
the capital stock, no par value, payable Nov. 1 to holders of record Oct. 15.
A similar extra distribution was made on Aug. 1 last. Regular quarterly
dividends at the rate of $1.40 per share per annum are a so being paid.
-V. 131, p. 488.
Pickwick Corp.
-To Omit Dividend.
The directors have voted to omit the quarterly dividend of 2% in stock
which ordinarily would be payable about Oct. 30 on the corn, shares. The
company formerly paid 20 cents a share on the common stock which was
discontinued three months ago, when a 2% stock payment was substituted.
President Charles F. Wren, stated the directors voted to pass the stock
dividend in view of current conditions and to protect the equity of the
stockholders.
-V. 131, p. 2391.
Pierce Petroleum Corp.
-Initial Dividend.
-
The directors have declared an initial dividend of 10 cents per share on
the common stock, no par value. payable Nov. 15 to holders of record
Nov. 1. Earlier this year the company sold its properties to the Sinclair
Consolidated Oil Corp..receiving in exchange Sinclair common stock, which
constitutes its only asset.
-V. 131, p. 285.
Pines Winterfront Co.
-Chrysler Injunction Modified.
-
The preliminary injunction obtained by Detroit Motor Appliance Co„
subsidiary of Pines Winterfront Co., restraining Chrysler Corp. and its
Minneapolis dealer from selling cars equipped with automatic radiator
shutters after Oct. 15 has been modified to make effective date Oct. 27.
-V. 131. P. 2078, 954.
Power & Light Securities Trust.
-Dividends.
-
The trustees have declared a dividend of 50 cents in cash and 1% in stock
payable Nov. 1 on its shares of beneficial interest to holders of record
Clct. 20. Like amounts were paid on May 1 and Aug. 1 last. On Nov. 1
1929 and on Feb. 1 1930 a dividend of 13i% in stock was made.
-V.131.
p. 1110.
Prince & Whitely Trading Corp.
-New Board Elected.
-
Philip De Ronde, newly elected President, issued the following statement on Oct 16 to the stockholders:
"The partners of the firm of Prince & 'Whitely have resigned as officers
and directors of the Prince & Whitely Trading Corp. and a new board has
2548
FINANCIAL CHRONICLE
been elected, consisting of Matthew C. Brush (President/of American International Corp.), William Cutler (Vice
-President of American Brake
Shoe & Foundry Co.), Clarence J. Dauphinot (President of Frederic H.
Hatch & Co., Inc.), Philip DeRonde (President of Hibernia Trust Co.),
Frank C. Ferguson (President of Hudson County National Bank), George
K. Morrow (Chairman of the Board of Gold Dust Corp.). and H. E. Talbott Jr.
"This action has been taken to protect the interests of the many thousand
stockholders of the Prince & Whitely Trading Corp. through a conservation of their existing assets and to attempt a conservative rehabilitation
of the corporation's affairs.
"A preliminary examination of the affairs of the Prince & Whitely
Trading Corp. discloses certain transactions with the firm of Prince &
Whitely, now in receiversh.p, which may result in loss to the corporation.
The new board of directors has employed Price, Waterhouse & Co. to make
an immediate audit of the corporation's affairs and has retained Sullivan
& Cromwell as counsel.
"A further communication win be made to stockholders as soon as more
definite information is available as a result of the investigation of the cor-V. 131, p. 2391.
poration's affairs about to be made."
-Smaller Dividend.
Process Corp.
The directors have declared a quarterly dividend of 5 cents per share,
payable Nov. 1 to holders of record Oct. 21. In each of the three preced-V.130, p. 4622.
ing quarters, a dividend of 12X cents per share was paid.
-New President, &c.
Procter & Gamble Co.
Richard R. Deupree, Vice-President. has been elected President, succeeding William Cooper Procter who has been elected Chairman of the
-V. 131, p. 2391.
board, a newly created office.
-Plan Operative.Prudential Investors Inc.
The plan and agreement dated Sept. 5 1930, under which not more than
225,000 shares of the common stock are to be exchanged for $6 pref. stock
and-or scrip thereof, has been declared operative.
The plan provides that if more than 225,000 shares of common stock
shall be deposited, the company will acquire from each depositing stockholder such number of shares of common stock and-or fractions of such
shares as shall bear the same ratio to the total number of shares of common
stock deposited by the depositing stockholder as 225,000 shares shall bear
to the total number of shares deposited by all depositing stockholders.
Since the number of shares of common stock deposited under the plan
Is in excess of 225.000, it has been necessary to rectu...e by 35.65% the number of shares of common stock to be accepted from each depositing stockholder. Accordingly, certificates and-or scrip for the shares of co rmon
stock not accepted will be returned to the depositing stockholders en itied
thereto or their assigns.
Deposit receipts should be surrendered to J. Henry Schroder Trust Co.,
46 William St., New York City.
'Arrangements have been made with Tucker, Anthony Se Co., 120 Broadway, N. Y. City, to purchase and sell scrip certificates for fractions of
shares of $6 pref. stock and of common stock of this company.
The Bankers Trust Co. has been appointed registrar and J. Henry
Schroder Trust Co. transfer agent for 50,000 shares of $6 pref. stock. See
also V. 131. P. 1726.
-Shipments--To Increase Output.
Q.R.S.-De Vry Corp.
The corporation is now shipping motion picture projectors to dealers at
the rate of 500 a day, President T. M.Fletcher, announced. Production is
being increased as rapidly as possible to 700 projectors a day to accommodate
increasing volume of unfilled orders. New employees are being added as
-V. 131.
rapidly as increased production facilities aro made available.
p. 2391.
-Control.
Queen City Petroleum Products Corp.
-V. 126, p. 2803.
See Vacuum Oil Co. below.
-Earnings.
Railway & Light Securities Co.
For income statement for 12 months ended Sept. 30 1930 see "Earnings
Department" on a preceding page.
As of Sept. 30 the assets of the company, taken at market, were invested
as follows:
Bonds and preferred stocks -29.03V [Cash and call loans and certi57.22%1 ficates of deposit
13.75%
Common stocks
Common stockholdings were divided as follows:
29.43
Banks and insurance cos-_-- 4.50% I Public utilities
5.41
1Steam railroads
17.88%.
Industrials
The company increased its cash position substantially during the past
two months so that it now holds approximately $2,275,000 in liquid funds:
-V.131. It• 1577
.
-Gold Output (Ozs.).Rand (Gold) Mines, Ltd.
Meath ofGold production (ounces)
131, p. 1907.
Sept. 30.
903.000
Aug. 30.
912,000
Sept. 29.
889.000
-Smaller Dividend.
Raymond Concrete Pile Co.
The directors have declared a regular quarterly dividend of 75c. per
share on the common stock, no par value, and also the regular quarterly
dividend of 75c. per share on the pref. stock, no par value, both payable
Nov. 1 to holders of record Oct. 20. Previously, the company paid quer.
-V. 129, p. 297.
dividends of $1 per share on the common stock.
-Union and Tide Water Said
Richfield Oil Co. of Calif.
to Seek Company-Two Proposals are Being Considered is
Report.
company has under consideration
The Los Angeles "Times" says the
two proposals for consolidation with other companies and names the
Union Oil Co. of Calif. and the Tide Water Associated Oil Co.
of stock
The Union on tender, the newspaper says, involves an exchange months.
predicated upon figures exchanged by the two companies in recentto
reach
an agreement failed because of inability
Prior efforts toward
accord on values of Ricnfield properties, it was added. presage inclusion
Water trade, if consummated. will probably
The Tide
which is expected to
of Richfield In the prospective Sinclair consolidation
take in Tide Water. Under this program Richfield stockholders will re-V. 131, p. 2235. 2079.
shares, the newspaper says.
ceive Sinclair
[Wm. 131.
Saguenay Pulp & Power Co.
-Final Liquidating Div.
The directors have declared a final liquidating dividend of 28.3 cents
Per share on the $5 pref. stock, payable Oct. 10. See also V. 125, p. 1472.
Scotten, Dillon Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 10c. a share and the
regular quarterly dividend of 30c. a share both payable Nov. 15 to holders
of record Nov. 7. Like amounts were paid on Aug. 15 last. An extra o
20c. a share was paid on Feb. 15 1930.-V. 131, p. 488.
Scott Paper Co.
-Earnings.
Per income statement for 9 months ended Sept. 30. see "Earnings Department" on a preceding page.
Condensed Statement of Current Assets and Current Liabilities Sept, 30.
r
Current Assets
1930.
Cash
$256,148
9
$183. 13
0
$635. 50
All other
1,793,631
1,254,147
1.538,814
Total current assets
$2,049,779 $1,722,727 $1,1389,198
Total current liabilities
245,443
578,997
862,266
Current ratio
7.6 to 1
3.5 to 1
4.7 to 1
-V.131, p. 2236.
Seaboard Continental Corp.
-Bonds Offered.
-Provident State Securities Co., Chicago,and New York is offering
$3,500,000 6% guaranteed convertible gold bonds series A.
at 100 and interest.
Dated Sept. 1 1930; due Sept. 1 1940. Principal and int. (M. 5c S.)
payable at Bankers Trust Co.in N.Y.City,or Chicago Trust Co.,Chico o,
trustee, without deduction for normal Federal income tax not exceeding
2% per annum. Corporation will agree to reimburse to any holder of
bonds, upon proper application, any Personal property or similar tax not
exceeding 6 mills per annum and any State income tax not excseding 6%
per annum which may be legally assessed under any present or future law
of any State of the United States and paid by any holder by reason of his
ownership therof. Red. in whole or in part on any int. date, at the option
of the corporation, on 60 days' notice at 103 to and incl. Sept. 1 1936,
thereafter at 102 to and incl. Sept. 1 1938 and thereafter at 100 to maturity,
plus accrued int. In each case. Denoms $1,000,$500 and $100.c*
Conversion Privilege.-Each bond will be convertible at its principal
amount, at the option of the holder prior to Dec. 1 1939 or earlier redemption, through surrender thereof with all untuatured coupons attached into
units consisting of one share each of preferred stock and common stock
of the corporation at the following rates: On or after Dec. 1 1930 and on or
before Dec. 1 1933 at the rate of $100 per unit for each $100 of principal
amount; tile conversion price increasing $5 per unit on Dec. 2 1933 to and
including Dec. 1 1936 and an additional $5 per unit to Dec. 1 1939 with
adjustment of interest and cash dividends: scrip to be issued for fractions
of a share, or in lieu thereof, the corporation at its option may pay cash
equal to the excess principal amount. The Indenture will contain provisions
designed to protect the conversion privilege of the bonds against dilution
by adjustment of the conversion price in certain events.
Guarantee.- These bonds will be the direct obligation of the corporation
and will bare the joint and unconditional guarantee endorsed directly on
each bond,of the Lloyd's Casualty Co. of New York and the Federal SuoetY
Co.of Davenport,Iowa,to pay to the legal holder the principal and interest
when duo withiut any period of grace or extension of time as to the payment
of that principal or interest. The combined resources of the guarantor
companies exclusive of the collateral deposited with them against this issue
exceeds $10,000,000.
Data from Letter of Pres. Romaine A.Philpot Oct. 1.
History.
-Corporation was organized in August 1930 to awry on the
business of an investment trust of the general management typo. Corporation will acquire, hold, sell, underwrite securities, participate in underwritings of securities and exercise such other of its charter powers as Direotors may from time to time determine
The directors are authorized to determine the extent of diversification
of the corporation's assets and to buy, sell, trade in or hold stocks and
other securities of any kind, dividend paying or non-dividend paying, or of
domestic or foreign corporations wi th especial regard for profitfrom income
and future appreciation. Corporation is empowered to furnish financial
assistance to corporations in connection with their financing and (or)
raorganization.
The principal sources of revenue or income are interest and dividends
received from security holdings,capital proceeds or gains resulting from sale
of securities purchased on advantageous terms because of the relationship
of the company with other financial organizations and income from participation in underwritings of security issues and extension of intermediate
credit in connection therewith.
A complete statistical, economical and analytical department will be
maintained for the purpose of carrying out the above program.
Outstanding.
Authorized.
Capitalization-a$3,500,000
83,500.000
Guaranteed cony, gold bonds,6% scrim A.
b10,000 shs.
200,000 shs.
dividend, no par value)_
Preferred stock(86
200,000 she.
400,000 she.
Common stock (no par value)
a These bonds, in the opinion of counsel for the corporation, are legal
investments for national banks. b Preferred stock is redeemable in whole
or in part on any interest date on 60 days' notice at $100 per share and
dive and is cumulative at annual rate of $6 per share. In the event of an;
distribution of assets preferred stock will be entitled to $100 per share and
dive. before the common shall participate.
There will be reserved sufficient shares of preferred and common stock
to provide against the exercise of the conversion privilege of all authorized
bonds of this and any future series.
Directors.- Bertrand L. Burbank (Nicol-Ford & Co., members New York
Chicago and Detroit Stock Exchanges): W.W.Corlett (Attorney),Chicago;
Charles E. Culpeper (Pres. Coca-Cola Bottling Co. of N. Y., Inc.): J.
Kenneth Edlin (Pres., Provident State Securities Co.): Samuel S. Lerner
& A. Seligmann, members N. Y. Stock Exchange); Romaine A.Philpot
Pres., Seaboard Continental Corp.); Lewis H. Pounds (Former Treas.,
State of New York Dir., Brooklyn Fire Ins. Co.): Charles D. Robbins
(Charles D. Robbins & Co., members N. Y. Stock Exchange Chicago
Stock Exchange): Ira A. Schiller (Chairman, Cosmopolitan Fire Ins. Co.);
Francis E. Storer (Hambleton & Co., Inc.); Joel Stockard (Joel Stockard &
-V. 131. p. 2392.
Co., Inc., Detroit, members Detroit Stock Exchange).
-Earnings.
Shawmut Association.
-Earnings Decline-Smaller Div.Rio Tinto Co. Ltd.
For income statement for nine months ended Sept.30 1930 see "Earnings
Chairman A. C. Geddes, Sept. 26, stated:
demand for Department" on a preceding page.
Owing to the fall in the price of copper and the decline in has been a
Comparative Balance Sheet,
this company deals, there
the other commodities ill which
Sept. 30'30. Dee. 31'29.
months of
profit for
AssetsSept. 30'30. Dec. 31'29. Liabilitiesshrinkage of 34% in the gross trading of 1929. the first six
82,059,496 82,744,276 Aects. payable and
Cash
compared with the same period
1930 as
$2,225
accrued expenses
that the figures for the second six months of the Accts. and accrued
It is to be expected shrinkage.
144,456 Prov. for Federal
156,638
interest reedy
year will show a greater
190,706
285,492
Income tax
circumstances, the directors have declared out of the esti- Notes & acct. reo.
In tnese
x8,103,138 8,103,138
for the six months
Capital stook
partly secured by
mated profits of the year 1930 the usual interim dividend
11,404.496 11,000,000
Surplus
preference shares and an
the
shares of Shawended June 30 last of 2s. 6d. per share on toe 5%
1 325,040
ordinary shares. Both the
Undivided Profits.!
rnut Assn. and
10s. per share on
Interim dividend of
227.720
next, less income tax. The
other collateral_
dividends are payable on and after Nov. 117 to Oct. 31, both days incl." Securities (at cost)y7,376,993 5,404,581
books will be closed from Oct.
share transfer
per share was made on the ordinary Invest. In shares of
A year ago, a distribution of 258.
affiliated banks
shares.
-V. 131. p. 2235.
Total (ea. side)-$9,593,125 $9,621,108
1,100.075
cost)
- (atRepresented by 400,000 shares of no par value, all of which totaled
-New
x
Roan Antelope Copper Mines, Ltd. 4257. Interests.
-V.130. p.
Metal Co., Ltd., above.
$8,150 000 less 2,300 shares held n treasury amounting to $46,862.
See American
Maricet value $6.670,491.-V. 131, p. 488.
-Earnings.
Ross Gear & Tool Co. 9 months ended Sept. 30 see "Earnings y
-Earnings.
Seagrave Corp.
For income statement for 3 and -V.131. p. 1727.
preceding page.
Department" on a
For income statement for 9 months ended Sept. 30 1930 see "Earnings
-V. 131, p. 642.
-Earnings.
Department" on a preceding page.
Co.
Sandusky Bay Bridge
Dec.31 '29. Feb. 3 '29.
--Merger.
Shenandoah Valley Theatre Corp. (Del.).
to
to
The stockholders will vote Oct. 29 on approving the merger of this
Aug.31 '30. Dec. 31 '29.
Period$192.467 corporation with Warner Bros. Theatres. Inc.
$139,308
Tolls collected
37,927
57.650
Albert Warner is President of the Shenandoah company.
Operating expenses
-Sales Decrease (Excl. Subs.).
Simmons Co.
$134,816
$101,381
4
Bridge operating income
Decreased 1930-9 Mos.- -1929.' Decrease.
1930
--Sept.- 1929.
835
2.309
Interest earned
$1.352,326 $25,611,036 $31,158.266 $5,547.230
$3.114,069 $4,466,395
$102.215
September 1930 sales of subsidiary companies, not included in the above
$137,125
Gross income
49,832
70,119 and not all owned at this time last year, were 31,010,54241.nd for the nine
Interest on bonds
montns 88,755,495.-V. 131. p.1726.
-V.129. p. 2090.
•
FINANCIAL CHRONICLE
Ocr. 18 1930.]
-Wood, Gundy
-Preferred Stock Offered.
Simpson's, Ltd.
Ltd.,
& Co., Ltd. Montreal, are offering an additional issue of
cum. preference shares at 94 and div.
$1,250,000
to yield 6.88%. The same bankers recently offered an issue
of $1,250,000 1st mtge.& coll, trust sinking fund gold bonds.
Bee V. 131, p. 2180.
Pro-Forma Consolidated Balance Sheet Jan. 29 1930.
[Giving effect to issue of $1,250,000 jet mtge. and coll, trust sinking tuna
gold bonds, and an additional $1,250,000 6%% cum. pref. shares.]
AssetsLiabilities
Merchandise on hand
' $1,864,861
88,385,499 Accounts payable
Accounts receivable
4,164,863 Reserve for Government taxes,
1,080,008
Payments in advance of receipt
accrued interest, &c
427,198
of materials, &c
518,718 Reserve for bonuses, &c
272,750
Cash on hand and In banks_
273,060 Accrued dividends
Prepaid charges
1,071,964 Accrued interest on bonds.
46,154
Sinking fund
series A
21
Capital assets
23,263,247 Reserve for completion of
940,833
Montreal construction_ __
Bonds, Robert Simpson Co_ 1,622,839
6% pref. shares of Robert
3,350.000
Simpson Co
11.250.000
Bonds of Simpsons, Ltd
11,250.000
636% cum. pref. shares
Total (each side)
837,677,371 Class A and class 11 shares... x5.572,728
x Represented by 120.000 class A shares and 120.000 class B shares
-V.131, p. 2080.
(no par).
Sinclair Consolidated Oil Corp.
-Merger Pending.
Merger negotiations of the Sinclair Consolidated Oil Corp. with the
Prairie Oil & Gas Co. and Tide Water Associated Oil Co. are still pending.
according to Harry F. Sinclair on his return this week from a trip to Europe.
Concerning reports that Sinclair Consolidated was planning to enter the
German oil industry, Mr. Sinclair said:
"We have no plans at present to go into the German oil industry on a
large scale, but are investigating the situation. It presents an interesting
picture."
-V. 131, p. 2392, 2080.
(A.0.)Smith Corp.
-Balance Sheet July 31.1930.
1930.
1929.
AssetsCash
549,241
Good-will
2,221,751
Marketable securs. 5.332,303
Accounts and notes
receivable
y4,059.359
Inventories
6,478,671
Other assets
378,474
Land, bldrs., &c 818,727,657
Deferred charges._
54,741
Liabilities-$
2,232,878 Preferred stock _ _ _ 1,344,000
2,221,751 Common stock. _ _z4,000,000
4
3,846,469 1st M.61 % bonds 3,747,000
Accounts payable_ 2,370,951
726,583
3,876,243 Payroll
5.665,045 Dividends payable 273,520
329,821 Accrued Items_ _ _ 1,304,081
.
949,217
17,422,070 Res.for contIng
23,086,845
79,677 Surplus
2549
present time 22% o, the corporation's assets consists of cash or its equivalent, which has netted an average return of only about 2%. To improve
the yield we have decided to invest a part of this fund in readily marketable
high grade preferred stocks and notes.
Comparative Balance Sheet.
Sept. 30'30 Dar. 31 '29
Sept.30 '31) Dec. 31'29
Assets
747,392 Notes pay.(sec'd)_
Cash
b3,258,634
905,000
Other accts. Pay.
Accts. receivable
& seer. expenses
1,818,356
39,183
63,925
from banks__
a Secure. at cost_15,817,464 18,788,391 Res. for Federal &
State taxes
274,544
491,799
Res. for diva. deel_
149,875
Com.stk.(no par)_14,866.805 15,703,242
Tot.(each side).19,076,098 21,354,139 Earned surplus.... 3,895,564 4,039,799
a Market value of securities held was $11,876,025 at Sept. 30 1930
and $16,294.900 at Dec. 01 1929 b Includes Government bonds.
V. 131. p. 490.
1929.
$
1,344,000
4,000,000
3,997,000'
3,786,970
929,607
173.520
1,727,038
960,549
18,755,276
-Earnings.
($. W.) Straus Investing Corp.
For income statement for 9 months ended Sept. 30 1930 see "Earnings
-V. 131, p. 643.
Department on a preceding page.
-Subsidiary Reports Increase in September
Thermoid Co.
Sales
-New Director.
Sales of the Southern Asbestos Co., a subsidiary, showed an increase
of 85% during the month of September 1930, as compared with the preceding month, according to R. J. Stokes, President of the Thermoid Co.
Announcement was also made of the declaration of the regular quarterly
dividend of $1.75 per share on the Thermoid 7% cum. pref, stock, payable Nov. 1 to holders of record Oct. 15.
In a statement just issued to preferred stockholders, Mr. Stokes discussed
the outlook as follows;
"Despite the general business depression, your company's sales since
the turn of the half year have been progressing in a most satisfactory
manner. Naturally our volume of business declined as compared with a
year ago, but it is extremely gratifying to note, from preliminary figures,
that the company shows a profit for the third quarter available for its
preferred and common stock after deductions for interest and depreciation charges. To us, this constitutes an important measure of the ability
of the management to operate under most adverse conditions.
"Your management Continues to work aggressively for the future. In
line with this policy, the Soathern Asbestos Co. has introduced 21 new
products which will enable the company to offer a more complete and
well rounded service to industry. It is confidently believed that thb;
expansion program will result in an important increase in gross business.
"The October business for all our companies looks better thus far than
it did during the past few months."
Merritt Cooke, of Brooke, Stokes & Co., Philadelphia investment banking firm, has been elected to the board of directors of the Thermoid Co.
-V. 131, p. 1271.
Truscon Steel Co. Youngstown, 0.-6% Stock Div.The directors on Oct. 18 declared the regular annual stock div. of 6%
and the regular quarterly cash dividend of3%. The cash dividend is payable
Jan. 18 to holders ofrecord Dec.26. The stock dividend Is payable March 10
to holders of record Jan. 5. In March last, a 6% stock distribution was
-V.131. P. 958.
made as against one of 10% in the preceding year.
Twentieth Century Depositor Corp.
-Appoints Wholesale Distributors.
The firm of Gorges, Roberts & Co., Inc., have associated themselves
with 20th Century Fixed Trust and have been appointed wholesale distributors for Metropolitan New York for the shares, according to the 20th
Century Depositor Corp., sponsors for the trust.
The certificates are issued by The Bank of America N. A., of New York
as trustee. The shares of the trust are 1-1000 participating interest in a
Sound View Gardens Apartments (Grasdon Bldg. unit consisting of two shares each of 29 common stocks and a reserve fund
60c. a share.
Corp.) Mamaroneck, N. Y.
-To Form Protective Committee. amounting to Co. of Boston have associated themselves with the 20th CenMurphy &
In a circular letter dated Oct. 11 1930from John D. Colgan,25 Broadway, tury Fixed Trust and have been appointed wholesale distributors for the
N. Y. City, to holders of bonds secured on Sound View Apartments and shares in New England.
-V. 131. P. 2393.
Grasdon Hall Apartments, sold by George M. Forman & Co., they are
invited to co-operate in the organization of a committee for the protection
Underwood Elliott Fisher Co.
-Earnings.
of their mutual interests.
For income statement for 3 and 9 months ended Sept. 30, see "Earnings
The circular states that conditions surrounding these two properties Department" on a preceding page.-V. 131. p. 2393.
were not serious enough to warrant the bondholders in surrend ring their
bonds under the plan proposed by George M. Forman & Co.. and further
Underwriters Finance Co.,Inc.(Conn.)
.-Omits Div.
criticized the plan as inequitable to the bondholders. (Compare plan of
The directors have voted to omit the quarterly dividend ordinarily payGeorge M. Forman Realty Trust above and in V. 130, p. 2386.)-V. 121, able about Oct. 1 on the common stock. Previously, the company made
p.720.
quarterly distributions of 6234 cents per share.
-V. 122. p. 1325.
Ungerleider Financial Corp.
-Earnings.
-Sales Increase.
Southern Asbestos Co.
For income statement for 3 months ended Sept. 30 1930. see "Earnings
Thermoid Co. below.
-V. 131. p. 1112.
See
Department" on a preceding page.
-Restriction of Oil ProStandard Oil Co. (Indiana).
Comparative Balance Sheet.
duction in Venezuela Planned.
Sept. 30'30. Dec. 31'29.
Sept. 30'30. Dec. 31'29.
AssetsLiabilitiesThe Lego Petroleum Corp.(Pan American Petroleum & Transport Co.)
Arbitrage posIt'ns,
has submitted to the Shell. Gulf and Creole (Standard of New Jersey) Investm'ts (at cost
or market)
85,284,171 3,950,322 net
111,602
companies a proposal that production of oil in Venezuela be reduced 9%
Cash & call loans. 3,660,500 3,905,470 Deferred income_
16,624
from the output as of Oct. 1 1930.
Accruals
8,514
36,327
Announcement of this step toward further restriction of oil production Balances ready. on
778,614 Capital stock____b10,000,000 11,198.920
demand
63,746
in Venezuela to conform to the policy of limitation and pro-rating in force
Surplus
c2,053,699 2.619,809
in the United States was made by R.G.Stewart,President of the Pan Amer- Notes and loans receivable, less res. 1,279,299 3,375,209
ican company.
Mr. Stewart said hls company had made the proposal at the request of Partic. In & advs.
for underwriting
the Standard 011 Co. of Indiana, which controls Pan American, and as an
securities
1,441,850 1,804,092
answer to a memorial which independent producers in convention in Texas
recently addressed to Edward (I. Seubert, President of the Indiana Co., Divs, declared and
Int. receivable
85,457
100,866
asking him to use his good offices toward bringing about reduction of oil
24,099
26,975
production in Venezuela The proposed limitation was fixed at 9% as Misc. receivable_
23,578
25,111
being approximately the same as the ratio of reduction to which United Furnitures & fist's
Occurs,in arbitrage
States producers have voluntarily submitted.
accounts
216,138
Total(each side) 12,078.838 13.966,659
During 1930 Pan timerican has not increased its production, storage or
transporatation facilities in Venezuela The current output in Venezuela
a Cost or market, whichever lower, less due to participants. b Capital
Is approximately as follows: Pan American 105,000 barrels a day. Shell stock (no par value)* Authorized, 3.000.000 shares: issued (at assigned value
176.000 barrels, Gulf 62,000 barrels, Creole 24.000 barrels. total 267.000 of $40 per share), 250.000 shares. c Paid in ($10 per sh. on 250.000 shs..),
barrels. Under the Pan American otter the total output would be cut by $2,500,000: resulting from reacquisition of corporation's capital stork.
about 33.000 barrels a day.
$815,965: total, $3,315,965: operating deficit, $1,088.227: adjustment or
While two of the companies concerned have indicated that they are securities to cost or market, whichever lower.$174.038.-V. 131,9. 1272.
unwilling to reduce their present production, the subject remains open for
Union Oil Associates.
-1% Stock Dividend.
-V. 131, p. 2237. 2080.
possible further negotiation.
The directors have declared a stock dividend of 1% in addition to the
-Preferred Stock Approved.
Standard Oil Co. of Ohio.
- regular quarterly dividend of 50c. per share, both payable Nov. 10 to
The stockholders on Oct. 13 authorized the issuance of $12,000,000 5% holders of record Oct. 18. Like amounts were paid in November 1929
cumul.pref.stock. par $100. Public offering of the issue was made recently. and in February, May and August last. In February 1930 a cash divi-V. 131,
The Present 7% preferred issue, of which there is $7,000.000 outstanding. dend of 48 cents per share and a 1% stock dividend were paid.
P. 644, 287.
will be called for redemption on Jan. 15. See V. 131. p.2392.
Total
37,802,197 35,673,962
Total
37.802.197 35,673.962
x After deducting reserve for depreciation and amortization. y After
reserve for doubtful accounts. z Represented by 500,000 shares of no par
value.
Our usual comparative income account for the year ended July 31 1930
was published in V. 131. D. 2080.
Bonds Called.
There have been called for redemption as of Nov. 1 next a total of
$125,000 of 1st mtge. bonds, dated May 1 1923. Payment will be made at
101 and int. at the First Wisconsin Trust Co., trustee, Milwaukee, Wis., or
at the holder's option at the American Exchange Irving Trust Co. in the
City of New York.
-V.131
2080.
-Subsidiary Leases Hotel.
Starrett Corp.
The Starrett Investing Corp., a subsidiary, which has just completed a
-story building In the downtown district of Cincinnati, has leased the
48
-room hotel section to the St. Nicholas Plaza Corp., a new company
800
formed to operate the hotel.
The hotel unit was built at a cost of $7,000,000 and occupies 27 stories.
Joseph Reichl is President and general manager of the St. Nicholas I'laza
Corp•
Slightly more than 60% of the total floor area of the new building, which
is to be known as the Carew Tower, has been leased. The project cost
around $33,000,000. Formal opening will be held Oct. 30, although the
-V. 131, p. 1728.
building is already partially occupied.
-Leases Hotel.
Starrett Investing Corp.
-V.130. p. 4625.
See Starrett Corp. above.
United Biscuit Co. of America.
-Earnings.
-
For income statement for 9 months ended Sept. 30 1930 see "Earnings
Department" on a preceding page.
-V. 131. p. 491.
United States Freight Co.
-Earnings.
-
For income statement for 8 months Aug. 31 1930 see "Earnings Department" on a preceding page.
A statement issued by the company says:
The results for September compared with August would seem to indicate
continuation of improvement in net and the tonnage shows a very substantial gain over the preceding month. Exact figures are not available
as yet to September, but basing 'an estimate upon the tonnage, it seems
,
reasonable to predict net earnings for September at least as good as August.
With such a result for the months of October. November and December,
yet to be heard from, and even assuming no increase or upturn in business,
the dividend requirements of the corporation should be comfortably covered.
-Earnings.
State Street Investment Corp.
"The matter of facilities. rentals, Sm., will show still further economies
For Income statement for 9 months ended Sept. 30 see "Earnings De- following October, which should more than offset any seasonal decline of
-V. 131. p. 1272.
parment" on a preceding page.
business during the last two months of the year."
President Richard 0. Paine says in part. Although stock prices have
United States Glue Co., Milwaukee, Wis.-Merger.-declined considerably and may be now at or near their low point. we believe
See Peter Cooper Corp. above.
-V. 131, P. 2393.
that it is a prudent and conservative policy not only to reserve our borrowing power, but also to retain on hand a certain amount of cash or its
-Smaller
United States Realty & Improvement Co.
equivalent to be employed In the purchase of common stock at a time when
-The directors on Oct. 16 declared a quarterly
the business situation has given definite signs of improvement. At the Dividend.
2550
dividend of 75e. per share on the capital stock, no par value,
payable Dec. 15 to holders of record Nov. 14. Previously
the company paid quarterly dividend ofj$1.25 per share.
V. 131, p. 645.
United Verde Extension Mining Co.
-Copper Output.
(In Pounds)January
February
arch
1%1
11
June
July
August
September
-V. 131. p. 2082, 1273.
[VOL. 131.
FINANCIAL CHRONICLE
1930.
4,446.000
3.738,000
3,362.000
4.094.000
4,014,000
3,580.000
3,898,000
4,028,000
3,772,000
1929.
4.675,640
4.047,610
5,207,946
5.364,570
5.464,000
5,020,000
4,470,000
4.592,000
5,140,000
1928.
3.265.898
3,247,052
3.397,172
3,208.628
3,448,222
3,340,316
3,585,742
4,054,080
1927.
3.405.972
2.303,758
2.622,908
3.261.292
4.102,776
3,537,228
3.735.848
3.810,180
3.626.830
-Smaller Dividend.
Upson Co., Lockport, N. Y.
The directors have declared a quarterly dividend of 25 cents per share
on the class A and class B stocks, both payable Nov. 15 to holders of
record Nov. 1. This compares with 40 cents per share paid previously.on
both classes of stock.
-V. 130, p. 2045.
Victor-Monaghan Co.
-Earnings.
Years Ended June 30Profit from sales
Interest and discount
Other income
1930.
$37,289
1929.
8857,267
Net profit
Assets 1930.
$5,518,659
Properties
Investments
62,300
Adv. to Co-oper.
82,826
stores
1,916,025
Inventories
46.860
Accounts receiv
17,000
Notes receivable
46,318
Sundry accts. rec.
211,929
Cash
79,172
Insurance and int.
69,791
57,199
$107,079
50,996
142,776
Total income
Interest and premium
Depreciation
Federal and State taxes
$914.467
46,517
187,666
66,397
1928.
$634,829
11,716.
13,334
$659,879
39,406
184.000
37.500
$398.973
loss$86.692
$613,886
Balance Sheet June 30.
1929.
Liabilities1929.
1930.
$5,459,502 Preferred stock_ $725,000 $761,200
69,300 Common stock__ 4,937,200 4,937,200
Bills payable
1,525,000
350.000
77,182 Accrued local taxes
58,487
62,318
1,046,006 Accounts payable_
3,344
203,390 Accrued expenses_
539
2,065
Prov. for Fed. and
40,568
State inc. taxes
66,397
425,940 Prov.for rebuilding
9,600
60,606 Surplus
720,006 1,205,328
Vacuum Oil Co.
-Acquisition.
$7,981,089 $7,382,497
Total
Total
$7,981,089 $7,382,497
The company has acquired the controlling interest in the Queen City -V. 131. p. 1730.
Petroleum Products Co. of Cincinnati, 0., wholesalers of petroleum products and operators of a string of filling stations In southwestern Ohio. No
-Defers Preferred Dividend.
Warchel Corp.
change in the policies of the Cincinnati company is contemplated.
The Queen City company was organized in 1923. In 1929 sales amounted
The directors have voted to defer the quarterly dividend of 62;i cents
to more than 81,300,000 on which a net profit after Federal taxes of $88,899 per share due Nov. 1 on the $2.50 cum. no par cony. pref. stock.
-V.
was realized.
-V. 131. p. 2238.
130. p. 4262.
-Defers Preferred Dividend.
Vadsco Sales Corp.
The directors have voted to defer the quarterly dividend of $1.75 per
-V.131. p.959,288.
share due Nov. 1 on the 7% cum.cony. pref. stock.
-Proxies Sought.
Ward Baking Corp.
Charles Hayden, of Hayden Stone & Co.; Thomas H. McInnerney,
Pres. of the National Dairy Products Corp., and Edgar Palmer, Chair- man of the New Jersey Zinc Co., as a committee have addressed a letter
-Omits Extra Dividend.
Vanadium Corp. of America.
The directors have voted to omit the usual $1 extra dividend ordinarily to the stockholders of Ward Baking Corp., asking for proxies to call a
declared at this time. The regular quarterly dividend of 75 cents per special meeting of stockholders to support a new management of the comChairman
share was declared, payable Nov. 15 to holders of record Nov. 1. In pany to beheaded by George K. Morrow,new board of the Gold Dust Corp.
The meeting will be asked to elect a
of directors consisting
December of each year from 1926 to and including 1929. the company
of the committee named above and George K. Morrow, Randolph Catlin
made an extra distribution of $1 per share
(Pres. of Gold Dust Corp.), Wilber L. Cummings (of Sullivan & Cromwell).
Consolidated Balance Sheet June 30.
L. D. Haldiman (executor of the estate of W. B. Ward), R. W. Jameson
1929.
1930.
(Vice.-Pres. of the United Cigar Stores Co.), and Frederick K. Morrow
1929.
1930.
(Pres. of the United Cigar Stores Co.).
Assets$
Capital stock ____114,390,433 14,338.098
The letter to stockholders states in substance; "An investigation into
Plant. property.
180,831 your company s affairs by some of its largest stockholders has convinced
Patents. &o____11,139,847 11,198,779 Accounts payable_ 185,715
734,637 Reserve for conthem that prompt action is necessary by all stockholders to save the busi1,367,320
Cash
{89.787 ness of the company from further serious impairment.
Regencies
1,200,000
loans
126,087
889,539 Reserve for e
"While there was a sharp drop in earnings from $4.231,895 in 1927 to
CallAccts receivable- 329,472
48,916 $3,293,542 in 1928. or more than 22%, the report for 1928 was entirely
ployees' liablis
7,359
Notes receivable_
261,823 fair since earnings were computed on the same basis as in preceding years.
25.286 Federal tax reserve 184,699
31.538
Insurance policy__
y1.787,464 2.266.194 Profit and loss surBut in 1929 net reported was $3,124,413, indicating that the decline in
Investments
4,210,299 3,791,543 profits was only about 5%. Actually, however, the company had taken
plus
150,000
Inv.In assoc. cos_ _ 150,000
100.694
depreciation of only $1,052,253 in 1929 against $2,051,576 in 1928, and if
90,422
Sundry debts, &a_
Inventories
3,631,434 1.817,515
depreciation had been charged at the same rate as in preceding years it
Claim for refund of
would have reported net earnings of only $2,333,689, a decline of 32%.
73,740
Fed. Income tax
During the same year two of Wards principal competitors increased their
33,529
26.069
Other assets
earnings, respectively, 17% and 26%. Directors on Dec. 5 1929 approved
214,085
230,847
Deferred charges
a reduction in depreciation from 3% on buildings to 2%; from 1214% on
Total(each side) 19,097,233 18,708,997 equipment to 5%, and from 25% on motor vehicles to 20% and 8%.
7,100
Mtges. receivable.. 305,360
x Represented by 376.637 shares of no-par value. y Market value June Reducing the rate of depreciation did not change the fact that the busi30 1930 was $2.057.508 and includes 11.730 shares of corporation's own ness was continuing to decline.
"After six months of operation in 1930 profits in the first six months
capital stock.
Our usual comparative income account for the six months ended June 30 were $948.543, against $1.795,052 in the corresponding 1929 period, a
further decline of 47% and a decline from 1928 of 75%. It Is evident
was published in V. 131. p. 1273.
that this progressive rate of decrease in earnings will eventually result in
Veeder-Root, Inc.
-Earnings.
the disappearance of all profits.
"The undersigned believe that the only solution of the company s probFor income statement for 21 weeks ended June 21 1930 see "Chronicle,"
lems to save stockholders from a serious loss in an immediate change in
Sept. 20, p. 1886.
the management. The business Is inherently sound and its good will as
Condensed Consolidated Balance Sheet June 21 1930.
yet unimpaired.
Liabilities
Assets
"George K. Morrow, Chairman of Gold Dust Corp., with a national
574,080 Accounts, royalties and comCash
of similar businesses, has consented to take the
$18,339 reputation as a organizer of directors and to obtain a new management
missions payable
2,619
Notes receivable-trade
Chairmanship of the board
500 Accrued salaries, wages, taxes
Notes receivable--other
with a successful experience in the baking business and in the merchand80,872
and expenses
140,561
Accounts receivable-trade
ising of trade-marked food products.
4,560 Capital stock (75,425 shares,
Accounts receivable-other
"We accordingly propose to request the company to call a meeting of
1,894,375 all stockholders to consider the situation and to request resignation of such
Investments
DO par)
414,945
368,545 directors as are unwilling to support a new management headedby Mr.
1,928 Initial surplus
Cash surrender val. life ins. pol.
180,718 Morrow and to elect to the board the list given above." See also V. 131.
472,040 Earned surplus
Inventory
70,000
Inv. In & adv. to aftli. co...
P. 1911.
6,650
Investment-sundry
1,319,542
Real est., bidgs., mach.& eq
-Proposed Acquisition.
5,082
Patents and trade-marks
Warner Bros. Pictures, Inc.
1,062
Depos. on mach. purch. contr.
-V. 131, p. 1911.
See Shenandoah Valley Theatre Corp. above.
$2,542,849
Total (each side)
29,299
Charges derd to future oper
-V. 130, P. 1670.
-The Wheeler,
-Bonds Offered.
Vickers Petroleum Co.
Kelly,Hagny Trust Co., Wichita, Kan., are offering $250,000
0 % 1st mtge. bonds.
Dated Aug. 1 1930, due Sept. 1 1931-35. Denoms. $1,000, $500 and
8100. Interest payable(M.& S.) at offices of Wheeler Kelly Hagny Trust
Co., Wichita. Kan.. trustee. Any or all of these bonds may be called
-day written notice at par and int, and a premium of 1%. Oneupon a 60
twelfth of the annual interest and principal requirements under this loan
shall be deposited monthly with the trustee. Exempt from all local and
State taxation in Kansas.
Company.-Incorp. in Delaware. Owns a modern and well-equipped
oil refinery, an extensive pipe line system leading to the refinery and in
addition is connected to trunk lines of other companies, a complete fleet
of tank cars, and highly selected leases to the extent of over 24,000 acres.
• The refinery is located at Potwin. Kan., and has a capacity of 3,500
barrels of crude oil per day. The refinery consists of a skimming plant
equipped with bubble towers so as to give an efficient separation of the
gasoline from the other products, two Dubbs cracking units, Graver hot
water softener. and Heine water tube boilers, which units indicate the type
of equipment used at the refinery. The gasoline yield obtained in this
refinery In 1928 was 51%. 1929 53% and six months of 1930. 53A Vo•
The crude oil refined in 1928 was 738.267 barrels, in 1929, 813.101 barrels,
and six months In 1930, 423,708 barrels.
The pipe line unit of this company consist of (14 miles of two inch and
three-inch lines which serves the refinery with crude oil. Also additional
lines capable of handling the company's production from the producing
wells located in Rooks and Sedgwick Counties. Kan.
Company owns 75 tank cars, each with a capacity of 8,000 gallons, and
In addition to these, 87 cars are under lease making a total of 162 tank
cars in its service for handling the refined products.
-Capital stock and surplus is $1,013,742.43. All of the
" Capitalization.
company
capital stock is owned by the management of the this bond and is being
issue. The
to
assigned to the trustee as additional securityout of the total authorized
outstanding will be $250,000
amount of bonds
issue of $500,000. leaving a balance of $250,000 of bonds in the treasury.
The remainder of the authorized issue may be issued in whole or in part,
subject to the approval of the trustee and in proportion to the increase
of the company's assets.
-To refund the present bonds outstanding, which amount to
Purpose.
to liquidate certain
$57,000. being the balance due of an issue of $300,000.
indebtedness and provide more working capital for corporate purposes.
secured by a closed first mortgage on the
Security.- This bond issue is
refinery, pipe lines, leases,
fixed assets now and hereafter owned, covering in excess of $2,500,000.
is
&c. A conservative value of these properties produced by the company
oil
t. Production.- The value of the crude
$64,875 during the
amounted to $133,658 in 1928. $223,844 In 1929 and production during
first six months of 1930. The reduction in the amount a
proration plan.
the last six months Is due to co-operating with the and depletion, were in
1- Earnings.- The net earnings before depreciation six months of 1930,
1928. $303,410, in 1929. 8230,652 and in the first
1152.210.
-Earnings.
Waukesha Motor Co.
1928.
1929.
1930.
Years End. July 31Net profit from operat'n $1,265,352 $2,930,876 $2.018,117
717,995
567.673
680,737
General expenses
Interest paid
257,328
390.609
61,378
Fed. & State income tax
23,248
20,320
72.659
Miscell. charges(net)..
1927.
$972,023
$450.579 11,801,952 $1,169,867
387,500
249,998
400,000
$780,530
x207.500
Net profit
Dividends paid
$50,579 $1,414,452
Balance, surplus
1.658.318
3,059,585
Surplus July 31.
12.297 Dr.13.185
Adjustments prior years
$919,869
734,509
3,940
340
191.153
$573,038
161,479
$734.509
$3,122,461 $3,059,585 81,658,318
Surplus July 31
Earns. per sh.on 100.000
$18.02
$7.80
$11.70
$4.50
shs. no par cp.stk.out_
x Cash dividend of 2% (based on old stock) for the three months ended
Sept. 30 1926.$20,000. quarterly dividends on new stock at the rate of $2.50
a share per annum. $187.500, total. $207,500.
Balance Sheet July 31,
1930.
1929.
1929.
1930.
LiablUtleg$
$
Assets$
z2,000,000 2,000,000
Prop.,plant & eqPtx2,580,194 2,251,862 Capital stock
Notes & accounts
Cash In bank and
payable
488,655
885,325
216,942
94,414
on hand
Accrued expenses,
Customers' accts.
92,543
173,024
1,279,755
& notes receiv_ y1,024.754
2,126,483 2,621,503 Provisions for local
Inventories
State and FedPrepaid ins.&other
eral taxes
500,273
128,859
26,634
22,603
prepaid expenses
3,122,461 3,059,585
21,509 Surplus
35,198
Sundry investmle
1 Res. for Wisconsin
1
Patents & patterns
53,129
State inc. tax
Total
5,883,648 8,418,207
5,883.648 6,418,207
Total
x After deducting $1.153.134 reserve for depreciation. y After deducting
$50,000 reserve for bad debts. z Represented by 100,000 shares of no par
-V. 129. p. 2556.
value.
-Voting Trust Deposits.
Webster, Eisenlohr, Inc.
Notice has been received by the New York Stock Exchange that 204,000
shares of common stock (out of a total of 395,853 shares issued) have been
deposited by two stockholders under a voting trust which may be terminated
at any time by the voting trustee but, unless so terminated, will continue
until March 1932. Although the voting trust agreement contemplates
that other stockholders may become parties thereto it is not contemplated
that they will do so and no active efforts in that direction are being made.
-V. 131, p. 2238.
•
2551
FINANCIAL CHRONICLE
OCT. 18 1930.]
-Earns.
Wesson Oil & Snowdrift Co., Inc.(& Subs.).
-New Director.
Western Grocer Co.
1928.
1929.
1930.
$61,324,282 $67,011,998 $59,901,639
57,288,676 63,168.731 55,286,045
914,472
948.451
933,875
J. D. Evans was recently elected a director succgeding B. W. Melick.
-V. 131.
resigned. Mr. Evans also was elected as General Manager.
P.1730.
Profit from operation
Other income
$3,101,731 $2,894,816 $3,701.122
351,843
321,418
536,689
The directors have voted to omit the quarterly dividend ordinarily
payable about Nov. 1 on the corn, stock. Previously, the company paid
-V.130. p. 4080.
Quarterly dividends of 25 cents per share on this issue.
Total income
Interest
Federal taxes
$3,638,420 $3,216,234 $4,052,965
445.392
336,692
470.365
332,405
430,000
Net profit
Previous surplus
$33,208,420 $2,547.137 $3,137.208
3,188.087
4.171.899
3,167,462
Total
Diva on $4 pfd stock
Diva on $7 pfd. stock
Common dividends
Provision for contingencies &c
Additonal common dividends
Surplus appr. to red. pref. stock
$6.375,882 $6,719,036 $6,325,295
800,000
1,636,270
1.016,221
501,574
1,200,000
1,200,000
1,200,000
187,174
x300,000
750,000
750,000
Years Ended Aug. 31Net sales
Cost of sales
Depreciation
-Omits Dividend.
Whitman 8c Barnes, Inc.
-Dividend Omitted.
Wieboldt Stores, Inc.
The directors have voted to omit the quarterly dividend ordinarily payable about Nov. 1 on the common stock. Previously, quarterly distribu-V. 130, p. 2046.
tions of 40 cents per share were made on this issue.
Balance surplus
$3,639,612 $3,167,462 $4,171.899
300,000
Shares common stock (no par)
600.000
600,000
$7.07
$2.07
Earnings per share
$2.78
x Dividend on common stock payable Oct. 1 1929 but declared prior
amendments in conto close of fiscal year to meet retuirements of charter
nection with new finance during the period.
Comparative Balance Sheet.
1929.
1930.
1930.
1929.
$
Assets-Liabilities5
$
$
Land, bldgs.,mach.
Cap.stk. & surp_x38,552,516 38,080,366
76,115
& equipment_ _y10,909,519 11,232,864 Min.Int. in sub_
Inv. in allied cos__ 205,594
229,189 Accts. pay. sundry
1,402,198 1,229,018
Prime NY,b'kers
acer., &e
400,000
accept., &o____ 8,450,000 5,672,101 Pref. diva. payable 373,041
300,000
Demand coil. loans
Corn. dive. pay___ 300,000
98,525
Loans & advances_ 1,044,740 1,107,067 rtes. for Fed. inc.
421,885
537,867
Adv.against oil__
tax
1,678,736
514,945
8,909,259 12,083,476 Res.for fire ins.&a 554,387
Inventories
Inv. in pref. stock_ 1,584,559
Res. for conting_ 1,250,000 1,250,000
Accts.& bills ree__ 3,698,201 4,361,233
Cash
7,320,880 5,553,415
Miscel. invest _ __ _
158,398
28,343
Prepaid expenses_
35,295
48,615
Insur. td. invest
Total(each side)42,970,009 42,272,310
555,041
277,267
x Represented by 400,000 no par pref. shares and 600,000 shares of no
par corn, stock. y After reserve for depreciation of $5,782,487 for the
years ended August 31.-V. 131, p. 1911, 493.
-705 New Dealers Since Jan. 1.
Willys-Overland Co.
"Co-operation of the banks of this country already has been of Incalculable
value in helping automobile dealers carry through the depression." said
Pres. L. A. Miller. "Of the 705 new dealers Willys-Overland has added
to its organization since the first of the year, scarcely a single one would
have been possible without the active co-operation of the local hanker.
Through the help and co-operation of local bankers also Willys-Overland
dealers have put their houses in order. They are ready on a sound basis
to get their full share of business when motor car sales volume turns forward
again, and as that time approaches, the closer relationship which dealers
-V.131. p. 2082.
have established with their banks will add to their profit."
-Earnings.
-Wood Newspaper Machinery Corp.
Gross profit
Interest, &c.,received
5480.063
30.949
5443,743
11.720
Total profit
Administrative, selling and general expenses
Interest paid
Provision for Federal income tax
Add. Federal income tax prior years
5511,012
280,199
24.112
23.771
2.017
$455,463
279,048
1,540
20,985.
Net profit for year carried to annexed statement
of earned surplus
Previous surplus
5180.912
806,904
5153,894
767.996
Total surplus
$7 cumulative prior pref. dividends
$7 cumulative pref. dividends
5987.816
49.000
65,982
5921.886
49.000
65,982
-Sales Decrease.
Western Auto Supply Co.
-Sept.
-1929.
1930
$1,040.000 51,375.000
-V.131. p. 1911. 1274.
Decrease.
Decrease., 1930-9 Mos.-1929.
5335.0001510,230,000 511,523.000 $1,293,000
-Earnings.
Western Canada Flour Mills Co., Ltd.
Years End. Aug. 31- 1929-30.
Net profit after making
$221,416
provision for reserves_
321,893
Pref. & corn. dive
192.8.29.
$556,352
321,722
1927-28.
$409.397
301,750
1926-27.
$388,797
282,670
$234,630
Balance, surplus
5106,127
def$100,477
$107,647
713,334
905,135
1,005.611
820,982
Total prof. & loss surp_
Shs. coin. outst'g (no pail
115,000
86.250
115,895
115,000
$3.36
$2.16
$0.53
Earns.per sh.on corn.stk.
$2.63
Comparative Balance Sheet Aug. 31.
Liabilities1930.
1929.
1930.
Assets
1929.
6 yi% pref.stock_.$2,440,600 $2,465,600
Real estate, bidgs.,
25,796,211 $5,674,672 Common stock_ __x1,861,480 1,840,000
Ace
699,276 Bank loan
250,000
Other investments 618,447
Divs. payable_
80,223
Pats., trademarks
80,316
1
1 Accts. & bills pay.. 1,112,443 1,133,140
& good-will.. _ _
749,121 Deprec.reserve
y2,609,095 2,660,770
.Accts. & bills rec._ 857.912
2,101,925 2,060,572 Pension reserve__
Inventory
50,000
50,000
70,378
246,161 Res. for conting.,
Cash
48,107
46,553
doubtful accts.,
Deferred charges
taxes, ar0
184.004
240,917
P.& L.acoount_ 905,135 1,005,612
Total
$9,492,980 $9,476,356
50.492,980 $9,476,356
Total
-The company has indirect liabilities of $3,454,982. x 115,895
Note.
common stock of no par va ue. y Property reserve. $1.388,084
shares
general reserve. $1,221,012.-V. 129, p. 2701.
Western Exploration Co., Casper, Wyo.-Merger.President 0. B. Richardson, Oct. 7, says In substance: The required
amount of outstanding capital stock has been deposited with the company
approving the proposed merger plan with the Consolidated Royalty Oil Co.
as outlined in a letter to stockholders dated Sept. 18 1930 (see below), to
become ffective when and if 51% of the stock was so deposited. Inasmuch
as more than that amount has already been rece.ved the plan becomes
effective as of this date and new stock of the Consolidated company will be
Issued to stockholders in exchange for their Western stock on a basis of one
share of Consolidated stock for each 2% shares of Western stock so deposited.
All stock received and registered on the books of the Consolidated company
on or before Oct. 15 1930, will carry the regular Consolidated company
,
October dividend of 1235c. per share, payable Oct. 25 to holders of record
Oct. 15 1930.
The offer of the Consolidated company to exchange for stock of the
Western company is open to all stockholders up to and including Nov.
15 1930.
The letter to stockholders dated Sept. 18,said in substance:
At a meeting of the stockholders of the Consolidated company held on
Sept. 15 1930, a plan was approved for an exchange of stock of the two companies on the basis of 23.s shares of Western stock for one share of Consolidated stock.
At a meeting of the directors of the Consolidated company held thereafter
on the same day, the plan was adopted by the board and is now definitely
the stockholders of the Western company.
made as an otter tothe two
companies have had under consideration the plan
The directors of
for the exchange of the stocks and the merging of the two companies for some
months past and the basis of exchange was arrived at by an appraisal of the
assets of each company, (a) by estimating the physical values of the properties of each company: (b) by taking into consideration the income of
each company over several years, and averaging the same. and (c) by comparing the relative market price of the two stocks, and on taking into consideration all of these factors,the basis of exchange arrived at was thought to
be perfectly equitable and fair to both companies.
Both companies are equal partners in a great many eases and royalties
In various fields and as the operations of the two companies have been very
closely affiliated for the past 10 years which has resulted in a big saving of
expense to each company, and believing that it will be of a great economic
advantage to both companies to be under one management, the officers and
directors of the Western company have approved the plan submitted and
will exchange their individual holdings of stock in accordance therewith.
The offer is open to all stockholders for a period of60 days until and including Nov. 15 1930, and will become effective when and if 51% of Western
stock is offered for exchange. Temporary receipts will be issued for all
stock offered for exchange until 51% has been deposited which will consummate the deal under the plan proposed, and in case that amount is not
deposited, the certificates will be returned to the stockholders. No fracttoral shares will be issued. The difference between the fractional part
and a whole part will be purchased from or sold to the stockholder on a basis
of $1.50 per share for the Western company stock.
All stock to be submitted should be mailed to the Western Exploration
Co., P.0.Box 605, Casper, Wyo., by registered mail.
rgigned by O. B. Richardson President. and R. N. Matson, Secretary.]
1929.
1930.
51.696.189 51,122.662
591,455
1.074.368
44.399
54.173
43.365
87.585
Years Ended June 30Sales, less discounts and allowances
Cost of goods sold
Depreciation
Extinguishment of development expenses
5806,904
$872,835
Earned surplus June 30
Earnings per share on 43,500 shares common stock
$0.89.
$1.52
(no par)
Balance Sheet June 30.
1929.
1230.
Liabilities1929.
1930.
AssetsCapital stock___:$2,121,148 $2,121,148
Land, bldgs., ma153,672.
chinery & equiv. y$800,729 2687,036 Capital surplus- 153,872
40,421
Notes payahle____ 400,000
Autoplate & newsAccounts pay.incl.
paper print. press
advs.in excess of
develop.& other
expend,on contr.
154,421
78,588
def. exp., goodwill and patents_ z1,880,884 1,902,575 Royalties and coma.
82.478
69,768.
payable
227,621
412,312
Inventory
41,284
38,501 Prov. for Fed.taxes 40,567
44,439
Notes receivable__
343,838 Earned surplus
872,835
808,204
Accountsreceivable 429,449
199,973
158,358
Cash
Prep.insurance and
8.055
Total (es. side)_$3,749,289 $3,387.598
22,517
expenses
x Represented by: 7,000 shares of $7 cum. prior pref. stock no par value.
redeemable at $110 per share. 9,426 shares of $7 cum. pref. stock, no par
value, redeemable at $110 per share, and 43,500 shares common stock.
no par value. y After reserve for depreciation of $275.785. z After reserve
for extinguishment of development expenses of 5424,014.-V. 130. e. 150.
-Earnings.
(William) Wrigley Jr., Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 131. p. 494.
Department" on a preceding page.
-Earnings.
-(I-. A.) Young Spring & Wire Corp.
For income statement for 9 months ended Sept. 30 1930 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet Sept. 30 1930.
Liabilities
Assets
$152,492
$1,607,008 Accounts payable
Cash
95.335
753,886 Accr, payroll, iru3ur., int. &e.
Demand loans
21,718
Reserves for bonuses & corn's
L. A. Young S. W. Corp.
293,3913
950,578 Dividends payable
stock at cost
65,309
19,628 Res. for Fed. Income tax 1929
Notes receivable--oustomers.
2,737
5,665 Miscellaneous liabilities
Notes receivable-employes_
914,583 Res.for Fed.Income tax 1930
170.000
Accts. receivable-customers
311,122 Funded debt
387,667
Accts. ree.-emp. (secured)
Dr20,207 Common capital stock
b5,587,500
Reserve for bad debts
4,464 Surplus
Amy. royalties & int.
3,319,605
1.037,940
Inventories
Cash surrender val. life lemur.
77,807
24,022
Miscellaneous items
Sinking fund interest for pay.
12,100
on bond interest
32,555
Miscellaneous investments_
Land, buildings, machinery &
a3,943,885
equipment
1
Patents
275,069
Good will
145.654
Deferred charges
$10,095,759
Total
Total
a After reserve for depreciation of $2,061,565.
no par shares.
-V. 131. p. 2395.
510,095,759
bRepresented by 412.500
-Earnings.
Zonite Products Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Ellery W. Mann, President says: "Sales of the corporation for September
exceeded like month of last year and October sales to date are 15% ahead
of the corresponding 1929 period. The company has retired its entire
bank indebtedness through the proceeds of recent sale of stock and now has
a substantial amount of cash on hand. Only obligations ahead of the
704,771 common shares of no par value are a moderate amount of current
payables and a $67,000 mortgage on the New Brunswick plant.
"There has been no falling off in demand for our products due to unemployment and other economic factors: loss in sales valume Is due to drastic
lowering of Inventories carried by wholesalers and retailers and as a result
of this development, dealers stocks, according to a recent survey, are at
abnormally low levels. Our operating facilities are at present operating
at capacity.
-V.131,P.1730.
"We will spend over $2,000.000 in advertising this year."
CURRENT
NOTICES
-Announcement Is made by Childs Securities Corp. of New York and
Chicago that in May 1928, the control of C. F. Childs & Co. was sold by
Mr. C. F. Childs who subsequently organized Childs Securities Corp.
operating in government, municipal, territorial and farm loan bonds.
Oct. 10 1930, arrangements were made whereby Air. Childs reacquired the
name of C. F. Childs & Co. A new corporation of the name C. F. Childs &
Co.is being organized by Mr. Childs to operate in conjunction with Childs
Securities Corp., now specializing in U. S. government, municipal, territorial and farm loan bonds.
2552
FINANCIAL CH RONTCLE
FOL.. 18L
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL-ETC.
A United States dispatch from Rio de Janeiro said:
"Brazilian Federal Government has tightened control of
the nation's finances and assumed control of coffee exports
while additional naval and military units have been dispatched against the rebels. The Bank of Brazil, national
Friday Night, Oct. 17 1930.
COFFEE on the spot was in less demand, but prices were institution, announced that coffee exports must be accomfirm with available stocks small: Santos 4s, 134 to 14c.; panied by proof that they have already been sold abroad
Rio 7s, 93%, and Victoria 7-8s, 8% to 8%e. Later spot here before they can be shipped. Much of Brazil's income is
was scarce and firm at 143% to 143 c. for Santos 4s, and derived from coffee, especially in the States of Minas,
4
93.ic• for Rio 7s. Cables to the Exchange stated that 25,000 Geraes and Sao Paulo, and the Government order, was a
bags of Santos spot were purchased by unofficial buyers at move to protect its chief source of revenue. A bill introduced
2315000. Fair to good Cucuta, 14 to 143/2e.; prime to choice, in the Chamber of Deputies envisaged the possibility that
4
153% to 163%c.; washed, 173 to 183%c.; Ocana, 14 to 144c.; only the bank of Brazil would be allowed to oprate in the
Bucaramanga, natural, 143/i to 15e.; washed, 18 to 183%c.; exchange market. In addition to excluding other national
Honda, Tolima and Giradot, 18% to 18%c.; Medellin, and foreign banks from operating in the market, the bill
193% to 20c.; Manizales, 183 to 193%c.; Mexican washed, would authorize the Government to restrict foreign money
4
18 to 194e.; Surinam, 12 to 12%c.• East India interior An- remittances to legitimate commercial operations, payments of
kola, 213% to 283 c.; Mandheling 22 to 32c.; genuine Java, interest on Federal, State, and municipal loans, and divi4
24 to 250.; Robusta, washed, 124 to 13c.; natural, 104 to dends of foreign companies." Futures on the 14th inst.
11c.; Mocha, 194 to 20c.; Harrar, 18% to 19c.; Abyssinian, advanced 15 to 50 points on Santos and 5 to 28 on Rio.
134 to 14c.; Guatemala good, 153 to 163%c.; Bourbon, January Santos advanced 50 points. Back of it all is a fear
4
of a
133 to 140. Rio Janeiro cabled that the Brazihan govern- civil shutting off of shipments from Brazil by reason of the
war there. Nervous shorts were covering. They got
ment is studying plans to keep the country's finances in
hand pending the outcome of the revolution. A bill has been abroad hint from the bullish fact that sales were made on
introduced into the Chamber of Deputies providing that at the basis of 2395000. in Brazil. On this basis 28,000 bags
the end of the present enforced banking holiday which were sold making 43,000 in two days at the same price.
On
expires Oct. 21, only the Bank of Brazil will be permitted ing the 15th inst. futures fell 10 to 67 points, Santos leadto )nake any exchange transactions. Some advices said that the the decline. Liquidation was the order of the day in
absence of any stimulating news. Even the civil war in
the Federal government was anxious about, the outcome of
Brazil, which showed no signs of abatement, failed to have
the fighting.
On the 14th inst. the supply of cost and freight offers were any effect for the time being in an evidently "long" market.
somewhat larger but still moderate and prices were in some On the 16th inst. futures ended 8 to 42 points higher with
eases a little higher. For prompt shipment, Santos Bourbon a better technical position and more disposition to cover.
2-3 were here at 133 to 14.700.; 3s at 133 to 14.30c.; 3-5s Brazilian interests bought December. That had some effect.
4
4
at 13 to 13.70c.• 4-5s at 12% to 13.100.; 6s at 12.20c.; Rio Further sales of spot coffee at Santos to unofficial buyers
7s at 7.80c.; 74 at 7.60e. Receipts from the interior are were reported on the basis of 23 milreis. To-day futures
falling off and at Jundiahy, there were none for two days. advanced on the uncerta n situation in Brazil. Rio futures
The clearances, however, are continuing, apparently with- ended 3 to 15 points higher with sales of 15,000 bags and
out interruption. The Exchange reported on the 14th inst. Santos wound up 25 points lower to 12 higher with sales of
the arrival at American ports over the week-end of an unusual 14,000 bags. Final prices show an advance of 7to 20 points on
number of steamers with coffee cargoes. Three steamers Santos for the week and are 3 points lower to 410 points
arrived at New York with a total of 83,500 bags. They higher on Rio. Santos cabled to-day: "Officially resolved
were the Southern Cross with 56,000 bags; the Sardinian that the Institute destroy at least 2,000,000 bags of low
Prince with 26,300 bags and Sud Pacifico with 1,200 bags. grades in warehouses."
Rio coffee prices closed as follows:
The Montivideo Maru delivered 28,058 bags at New Orleans
5.04 ---8%1May
and 1,700 bags at Houston; the Culbreson 4,000 bags at Spot (unofficial)
December
5.84§nom.
(nom.
7.50@nom. July
Philadelphia and the Dunstaffnage 14,500 bags at Baltimore. March
6.150
September
75 nom.
The total for all American ports was 131,658 bags, bringing
Santos coffee prices closed as follows:
9.69§nom.
May
the total stock of coffee in the United States up to 661,718 Spot (unofficial)
12.23012.251July
December
9.28 nom.
bags against 435,099 bags at this time last year. The total March
September
9.10 nom.
10.400
stocks of coffee afloat from Brazil to the United States at
this time are 485,700 bags. Deliveries are usually taken as 74COCOA to-day ended 12 to 16 points higher with sales of
lots. December
a basis of consumption and during Sept. last 635,019 bags 6.75c.; May 6.94e., ended at 6.47e.; Jan. at 6.66c.; March
and
of Brazilian were delivered in the United States. On this an advance for the week July at 7.13c. Final prices show
of 10 to 17 points.
basis it is estimated that the nation has close to a twomonths' supply of coffee, counting stocks in the United
SUGAR.
-Spot Cuban raws have latterly been 1.35 to
States and afloat to the United States. Comtelburo cabled 3.35e. o. & f. and delivered; 35,000 bags of Cuba prompt
the Exchange here on the 14th inst:. "28,000 bags of Santos sold at 1.35c., with rumors of 60,000 bags more at the same
spot coffee were purchased by unofficial buyers at 23$000." price. Late last week an operator paid 1.26c. for 20,000
On the 15th inst. cost and freight offers from Brazil were bags Cuba for second half Oct. shipment. A refinery a little
still small. They were unchanged to slightly lower in- later bought 100,000 bags for Oct.
-first half Nov. shipment
eluding for immediate or prompt shipment, Santos Bourbon at 13%c.; 21,000 bags Cuba for Oct. shipment sold at 1.240.
2-3s at 133% to 14.600.; 3s at 12.80 to 14c.; 3-4s at 13.60 Receipts at Cuban ports for the week were 27,011 tons,
to 14.10e.• 3-5s at 12.65 to 13.6004 4-5s at 12.15; 6s at against 19,568 in the same week last year; exports, 56,560
4
-Se
4
113 c.; 7 at 11.100.; rain-damaged 7-8s at 93c.; genuine against 40,548 in the same week last year; stock (consumpBourbon 3s for immediate shipment sold at 12.800. Minas tion deducted) 1,088,938 against 443,404 in the same week
3s, good bean, good roast, free from Rio flavor, were offered last year. Destination of exports: Atlantic ports 41,200;
for prompt shipment at 9.05c. The offerings of re-sale New Orleans 5,140; Interior United States 464; Canada
. Santos coffees are moderate, but the demand for them seems 5,034;Europe 4,065; China 647. Havana cabled: "President
Machado has issued a proclamation to planters giving deto have fallen off.
To-day the cost and freight offers from Brazil were not tails of the Chadbourne plan, asking planters to deliver
numerous, but were generally lower. For ptompt shipment, sugars for the 1,500,000 tons before Oct. 22 and selling comSantos Bourbon 2-3s were here at 13.70 to 14.05c.; 3s at mittee of the 1,500,000 tons to be in the hands of Chadbourne
-4s at 123% to 13.40c.; 3-5s at 12.45 to as President, Walter Bartlett, Douglas, Hayden, Simpson,
133% to 13.70c.• 3
2c.•
'
13c.; 4-5s at 12JA to 123'c.; 6s at 11y 7-8s at 10.60c.; Pedroso Gervora Gomez Mena and Lopez Ona."
'
The Associated Press cabled from Havana that the sugar
Peaberry 2s at 12.80c. The relatively high prices quoted on
low grade Santos descriptions are said to be due to the fact marketing plan of Thomas L. Chadbourne was estimated to
that the stock of them at the port is very low and that the have been approved by 92% of the best known Cuban and
series now coming down contains none of them. The only American sugar manufacturers and cane planters in Cuba.
4
offering of Rio 7s was at 63 c. and of 7-8s at 7.550.; No President Machado on hearing Chadbourne's plan, desVictoria offers were reported. Arrivals of all coffees in the patched telegrams to the prominent sugar men on the
United States for the quarter ended Sept. 30, the first three Island, asking their opinion of the plan to form a large
months of the current crop year, amounted to 2,559,542 holding company to market Cuba's 1,500,000 tons sugar
bags against 2,518,440 bags in the comparable period last surplus within the next five years. Later refined 4.55c. from
year. Stocks of all coffees in the United States as of Oct. 1st all refiners but the trade seems pretty well supplied. Cuban
were 933,614 bags aganst holdings of 688,765 on hand on raw duty paid 3.35e. One firm said: "Even with the adthe same date last year. World's visible supply of coffee on vance of the past two weeks, sugar is still selling about 20
Oct. 1st amounted to 5,497,527 bags against stocks of 5,- points below the lowest price ever registered prior to this
.528,978 on Sept. 1st and 5,227,060 bags on Oct. 1 1929. year. We believe that higher prices will yet be seen with the
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will not be
found in an earlier part of this paper immediately following the
editorial matter in a department headed INDICATIONS OF
USINESS ACTIVITY.
B
OCT. 18 1930.]
FINANCIAL CHRONICLE
2553
5%c.; corn, tanks f.o.b. mills, 70.; chinawood, NAY.
ossibility of the advance running as much as 50 points 53 to carlots, spot, 8 to 83c.; tanks, 7c.; Pacific Coast
levels." An operator bought 5,000 tons of drums
tbove present
bean, drums, 9.6c.; tanks, Edge%
-Jan. shipment at 3.430. delivered. tanks, prompt, 63 e.; soyatank cars, f.o.b. Middle Western
hilippmes for Dec.
domestic
8 to
the 14th inst. refiners, it is said, bought all the raw water,73/Ic.;9c.i
ter on
%
edible olive, 1.65 to 2c. Lard, prime, 133 c.;
mills,
ugar available at 1.300. 0. & f. basis, taking between extra strained winter, N. Y., 103 c. Cod, Newfoundland,
%
and 200,000 bags. In addition 3,000 tons of Philip50,000
to 453/Ic. Rosin, $5.35 to $8.25.
-Jan. shipment sold at 3.41e. and 3,000 tons 54c. Turpentine, 393/I
ines for Dec.
oil sales to-day, including switches, old, 300
-Feb. at 3.45c. On the 15th inst. all refiners an- Cottonseed 9 contracts. Crude S. E., 63/Ie. Prices closed
or Jan.
bbls.; new,
ounced an advance in their list bases to 4.55e. effective on as follows:
New.
the 16th.
Old.
7.15@7.35
November
7.50
Futures on the 14th inst. advanced 7 to 13 points with a Spot
7.16 7.26
December
7.60
October
7.26 7.32
ow feature in buying by Holland firms, supposedly active November
7.35@7.55 January
7.26 7.40
7.45@7.52 February
Javan interests. The sales under this stimulus jumped December
or
7.36 7.38
March
to 73,850 tons. Cuban interests also bought. Local shorts
7 37 7.43
l
v pg
ci
7 45 7.48
covered. The technical position had become stronger. It
/
was said the banks declined to make further loans on Javan
-Gasoline was quiet but firm at 73 0.
PETROLEUM.
commodities, which would have a natural tendency to re- Export demand was not active. No bulk movements were
duce crops and advance prices. Java's attitude towards the reported recently. In the Middle West the market was
plan to restrict the size of the crop, it is believed, will carry weak. Chicago quoted U. S. motor at 53 to 6c. Kerosene
great weight. On the 15th inst. futures closed 3 to 5 points was stronger. Consumption has shown a marked increase
net higher with sales of 65,150 tons. Cuban news was bull- over a month ago. The outlook is very promising, what
ish. Cuban buying was large. Late in the day evidently, with colder weather near at hand and stocks small. For
due to the proclamation issued by President Machado of 41-43 gravity 63 c. was quoted. The tank wagon market
4
Cuba with reference to the segregation of 1,500,000 tons of was firm. Heating oils were a little more active. There
Cuban raws to be sold over a stated period by a special has been a marked increase in consumption recently. Bunker
committee of which Mr. Chadbourne is head, operators Paid oil was steadier at $1.05 refinery. Diesel oil remained at
1.350. c. & f. for 20,000 bags of Cubes for Oct. shipment and $2, same basis. The Humble Oil & Refining Co. reduced
1.35c. for another cargo for first half Dec. loading. They prices for North Texas and Panhandle district crude oil.
also bought during the day 5,000 tons of Philippines for The Midwest Refining Co. lowered Osage, Wyoming crude
-Dec. at
Dec.
-Jan. shipment at 3.430.; 2,000 tons for Nov.
oil, 38c. a bbl., and is now posting $1.25. And the Standard
-Jan. shipment at 3.45e.; 4,000 Oil Co. of Ohio reduced gasoline 3c. in Cuyahoga County.
3.430.; 2,000 tons for Dec.
-Feb. shipment at 3.50e., and 2,000 tons for Ethyl gasoline is now 19e. at service stations and 16e. in
tons for Jan.
Dee.
-Jan. at 3.46e. delivered. On the 16th inst. futures tank wagons. Red Crown is now 16c. at service stations.
were irregular, ending 2 points lower to 1 point higher. In the rest of the State prices remain unchanged.
Cuban interests and lower Wall Street were buyers. Spot - Tables of prices usually appearing here will be found on an earlier page in
rams were firm though less active. The beet crop condition ur department of"Business Indications." in an article entitled "Petroleum
as stated by the U. S. Department of Agriculture was on and Its Products."
-year average,
-On the 14th inst. prices advanced 20 points
RUBBER.
Oct. 1 1930 85.4%; Oct. 1 1929, 87.8%; 10
1919 to 1929, inclusive, 85.9%. Production as indicated with the news in some respects bullish and the market seemon Oct. 1 1930, 8,420,000 tons; Sept. 1 1930, 8,220,000 ingly a little short. One of the largest Akron manufacturers
tons; harvested 1929, 7,320,000 tons; 1928, 7,390,000 tons. reported that his production schedules during Sept. called
Yield per acre, as indicated by condition Oct. 1 1930, 11.0 for a tire output 25% greater than in Aug. Usually the
tons; harvested per acre 1929, 10.6 tons; 1928, 10.2 tons. tire output decreased toward the end of Aug. and the beAcreage 1930, 814,000 acres; 1929, 388,000; five-year aver- ginning of Sept. On the other hand, however, the movement
age 1924 to 1928, incl., 701,000 acres. To-day the decline of crude rubber to London where the stocks continue to
was due to disappointing London cables and general selling. pile up new weekly record figures showed a further huge
The ending was at a net decline of 1 to 4 points, with sales gain during Sept. The United Kingdom imports were 422,562
of 66,760 tons. Cuba was buying Javan. Final prices centals in Sept., against 232,259 in Aug., and 461,217 in
show an advance for the week of 9 to 11 points.
Sept. last year. At the Exchange, new contract closed on the
14th inst. with Oct., 7.86c.; Dec., 8.06 to 8.15c.; March,
Prices were as follows:
1 49§1.50 8.42 to 8.50c.; May, 8.62 to 8.70c.; sales 47 tons. Old
May
1.35
Spot (unoMcial)
1.56
1 July
1.34
December
contract ended with Oct., 7.80o.; Dec., 8 to 8.100.; March,
1.62
September
1.37
January
4
8.30 to 8.40c. Outside prices: Spot and Oct., 73 to 80.;
1.43 nom.
March
-March, 83 to
Nov.,
83/Ie.; Dec., 8 to 83c.; Jan.
LARD on the spot was weak with prime Western 12.10 to 83/zc.; 73/I to
4
April-June, 83/I to 83c.; spot first latex, thick, 73/I
4
12.20c.; Refined Continent 123c.; South America 13c.; to 83/Ie.; thin pale latex,83 to 838c.;clean thin brown No.2,
/
Brazil 140. Futures on the 11th inst. ended 12 points lower 67/I to 73/Ic.; speoky crepe, 6% to 67 c.; rolled brown crepe,
4
7 higher the latter on November. A decline in grain 63/2 to 63 , No. 2 amber, 7% to 73/Ic.; No. 3, 73/I to 73o.
to
%
the
dominated the market. Besides hogs were weak. On and InLondon on Oct. 14, Nov. was 37 Erd.; in Singapor, Oct.,
/
14th inst. futures advanced 22 to 32 points on Decemberto 8 3 7-16d. On the 15th inst. prices were firm regardless of
with big houses buying; other months rose 5
January
bearish Sept. statistics. Yet consumption in Sept. was the
points. The later advance in grain helped lard; moreover smallest in half a dozen years or more. It was 25,288 long
advanced 10 to 15e. Prime Western spot 12.15 to tons, against 30,575 in Aug. and 34,363 in Sept. last year.
hogs
12.25c.; Refined Continent 12%c.; South America 123/Ic.; Stooks of crude rubber in the United States increased in
3c. On the 15th inst. futures closed 10 to 25 points Sept. to the high record total of 169,607 tons, against
Brazil 13y
higher with a good demand and hog markets up 10 to 15c. 158,178 on Sept. 1, and 84,362 on Oct. 1 last year. The
Liverpool lard was 9d. to is. 3d. higher. On the 16th inst. consumption is the smallest since July 1924 when the total
futures closed 3 to 27 points lower in sympathy with the was 23,396 tons. But the market acted short, so far as it
break in corn. Hogs were weak. Receipts at all points showed any feature at all. The ending was 10 to 16 points
were 74,600 against 92,800 a year ago. Liverpool later was higher. Oct. on that day ended at 7.96c. for new contract;
6d. to is. higher. Evidently the decrease of about 7,000,000 May, 2.780.; July, 90.; sales 60 tons. Old contract closed
lbs. in contract stocks for the first half of the month was dis- with Dec., 8e.; March, 8.40c.; July, 8.40 to 8.90c.; sales
counted. Cash lard was a trifle easier. Prime Western 105 tons. Outside spot and Oct., 7% to 80.; first latex thick
7
12.25 to 12.35c. To-day futures closed 5 to 10 points net 77% to 83/Ie. London on the 15th inst. dropped 1-16d. with
lower on week end liquidation. Final prices show a decline Nov., 3 13-16d.; Dec., 33/Id. Singapore advanded 3/Id. on
of 8 points for the week on October and an advance of 3 to Oct. to 3 9-16d.
13 points on December and January.
On the 16th inst. prices ended 10 to 20 points lower despite
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. very steady cables, London in fact ending slightly higher.
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
11.32
11.42
11.45
11.35
Actual rubber did not follow the decline in futures at all
11.30
October
10.65
10.75
11.00
10.72
10.40
4
December
closely. Spot and Oct. outside were 73 to 8c. On the
10.45
10.50
10.77
10.52
10.30
January
Exchange new March closed at 8.40 to 8.45c.; July at 8.85
$34.50; fat back, to 8.90c.; Old Dec. at 7.90c.; March at 8.30c.; July at 8.70c.
PORK quiet; mess, $32.50; family,
$22.50 to $26. Ribs, cash, 14.50c. Beef dull; mess, $20; T9
-day new contract closed 5 points lower to 5 points higher
packet, $17 to $18; family, $19 to $21; extra India mess, with sales of 32 lots and the old ended 10 points off to 20
corned beef, $3.10; No. 2, $5.50; up with sales of 34 lots. London closed unchanged with
$35 to $37; No. 1 canned
six pounds, South America, $16.75; pickled tongues, $70 to Oct. 3.7
4d.; Nov., 33/I to 3 15-16d.; Dec., 3 15-16 to 4d.;
$75; cut meats quiet; pickled hams, 10 to 20 lbs., 18 to Jan.-March, 4d to 4 1-16d.; April-June, 4 3-16 to 45d.;
%
lbs., 18% to 183 e.; bellies, July-Sept., 43,/I to 4 7-16d.; Oct.-Dec., 4 9-16 to 458d.
6 to 12
/
183c.; pickled
%
clear, dry salted, boxed, 18 to 20 lbs., 163c.; 14 to 16 lbs., Singapore closed dull 1-16d. lower to 1-16d. higher; Oct.,
to high scoring, 293/i to 40c. 3 9-16d.; Jan.
173/Io. Butter, lower grades
-March, 3 11-16d.; April-June, 3 13-16d.; No.
Cheese flats, 203/I to 26c.; daisies, 183/I to 21c. Eggs, medium 3 Amber crepe 3d., unchanged. Final prices here are unselected heavy, 35 to 36e.; changed to 20 points higher for the week. Imports of crude
to extra, 20 to 34e.; closely
premium marks, 36% to 390.
rubber into London during Sept. totalled 422,562 eontals,
and 461,217 centals in
-Linseed was in better demand and steadier. against 232,259 centals in AugustLondon Board of Trade
OILS.
to the
Sept. last year,
Crushers quoted 9.6c. for raw oil in carl9ts, cooperage basis. report. Exports according rubber from London last month
of crude
bid 9.4c. would
on a
It was intimated, however, thatThere firm a.better jobbing were 63,813 centals against 44,792 centals in August and
was
be accepted in some instances.
Sept. 1929. Rubber shipments from London to
demand, but the movement is largely against contracts. 80,182 inin Sept. were 1,352 centals, against 1,636 in the
Linoleum interests were more anxious to purchase ahead. America month and 1,836 in Sept. last year.
g
Cocoanut, Manila coast tanks, 43/ to 5c.; spot N. Y. tanks, previous
2554
FINANCIAL CHRONICLE
(VOL. 181. ,
HIDES on the 11th inst. closed unchanged to 5 points second London
lower. The sales were 400,000 lbs. Early prices were 45 sold at £42 15s.; session on the 15th, both spot and futures
points lower to 5 higher. River Plate and Chicago markets on the 16th inst.sales 25 tons spot and 50 futures. In London
standard advanced 7s. 6d..
were steady. Sales reported in the outside market included
TIN after reaching new low prices early in the week rose
8,000 frigorifico steers, October at 1343.; 4,000 frigorifico
steers October at 13 5-16e.; 3,500 ex-light native steers, sharply on the 15th inst. Business in Straits tin was rather
small. Spot Straits sold at 253 to 25Mc. The strength
%
Sept. at 113'c.; 1,000 heavy Texas steers, Sept.
of
-Oct. 133c. the stock
Group sale, 8,000 heavy native steers, Sept.
-Oct. at 133/20.; 15th inst.market was an influential factor. Futures on the
ended 100 to 105 points higher with sales of 25
Colorado steers, Sept.
-Oct. 13e. On the Exchange on the
11th inst. futures closed with Oct. 9.200.; Dec. 11.20 to tons. In London on the 15th inst. spot standard advanced
11.25c.; Jan. 11.50c.; March 12.250.; May 13c. On the 14th £1 to £110 10s.; futures up 15s. to £111 15s.; sales 20 tons
Inst. there was active trading reaching in fact 2,440,000 lbs. spot and 280 futures. Spot Straits rose El 5s. to £114 15s.•
at a decline of 20 to 30 points. The opening was unchanged Eastern c. f. London ended at £113 10s. on sales of 200
to 65 points lower. Trade in finished leather goods is gradu- tons. Spot standard at the second London session that day
ally improving which may tell sooner or later. Sales in the rose Ll 15s. and futures were up El 17s. 6d. on sales of 10
outside market included 4,000 frigorifico steers, Oct. at 13 tons spot and 190 futures. Later on spot Straits was called
8
1,000 light native cows, Aug.
-Sept. at 11c.; 1,000 ex-light 263/c. Early on the 16th inst. sales were made at 2578 to
/
native steers, Aug.
-Sept. at 11 Mc. Closing prices at the 260. Futures on the Exchange closed 30 to 40 points higher
Exchange were with Oct. at 9.60c.; Dec. at 11c.• Jan. at with sales of 75 tons. London on the 16th inst. advanced
11.30c.; May at 12.700.• Sept. at 13.75 to 13.84c. ' River a 10s. on spot standard to £113, and £2 15s. on futures to
Of
Plate frigorifico hides 4d,000 Argentine steers sold recently at £114 10s.; sales 20 tons spot and 430 futures. Spot Straits
13 13-16c. 8,000 Uruguayan steers at 133c. to 143c. A up £3. Eastern c. i. f. London closed at £118 15s. on sale
fair amount was bought by Europe. City packer hides were of 250 tons. At the second London session that day standard
dull. Native steers and butt brands were held at around fell 7s. 6d. on sales of 10 tons spot and 140 futures.
13 Mc. and Colorados at 13e. Common hides were quiet at
LEAD was steady
15c. for Cucuta, 13c. for Santa Marta and 12c. for other Louis. Business wasat 5.10 New York and 4.95 East St.
rather
kinds. New York City calfskins 5-7s, 1.55 to 1.60c.• 7-9s. on the 15th inst. spot advancedquiet, however. In London
1.95 to 2.10c.; 9-12s, 2.70 to 2.800. On the 15th inst. up 2s. 6d. to £15 7s. 6d.; sales,Is. 3d. to £15 7s. 6d.• futures
'
futures declined 25 to 40 points in response to lower prices in the demand was the briskest in 200 tons futures. Later on
Chicago where the sales were 20,000. At the Exchange on vanced sharply. Prices here many weeks. London adthe 15th inst. the sales were 2,160,000 lbs. Sales in the out- London spot rose 12s. 6d. on the remained unchanged. In
16th inst. to £16;futures up
side market included 1,000 light native cows, Sept.
a us. 3d. to £15 18s. 9d.; sales,
decline of Mc.;5,000 heavy native steers Sept. at 13c.; 5,000 Stocks of domestic lead in the50 tons spot and 250 futures.
103'e.'
hands of United States proColorado steers, Sept.
-Oct. at 123'c.; 10,000 butt branded ducers Oct. 1, according to the American Bureau
of Metal
steers, Sept.-Oct. at 13c.; 4,000 branded cows, Sept.-Oct. at Statistics, were 73,696 short tons, against
10c.; 3,000 branded cows, Oct. at 100.; 1,000 heavy Texas Sept. 1, an increase of 837 tons. Refined 72,832 tons on
stocks of domestic
steers at 13c. All of the above showed a decline of Mc. lead on Aug. 1 1930 were 62,880 tons.
Production in Sept
Other sales included 3,500 frigorifico light steers, Oct. at from foreign and domestic ore were
53,237 tons and in Aug.
123c.,4,000 frigorifico steers, Oct. at 1215-16 to 130. On 68,036 tons. Of this output,
the Exchange Dec. closed at 10.60 to 10.700.; May at 12.30 tic sources in Sept. and 52,98048,491 tons were from domesto 12.35o.; July at 12.90c. On the 16th inst. prices ended 5 ments in Sept. reached 52,451 in Aug. Domestic lead shiptons, against 47,979 in Aug.
points lower to 4 higher with sales of 2,000,000 lbs. Visible and 48,816 in July. Domestic
lead shipments in nine
stocks of cattle hides and leather on Sept. 1st were equal to months ended Sept. 30 1930
were 508,598 tons, against
16,094,000 against 16,198,000 on Aug. 1 and 16,284,000 on 584,397 in the first nine
months of 1929.
July 1. Up to July 1 these stocks had steadily increased from
ZINC sold at 3.95o. East St. Louis a new low on the move14,855,000 on Sept. 1 1929. At the Exchange December
ended on the 16th inst. at 10.63 to 10.640.; May at 12.32 to ment. Trading was light. The price is now said to be the
/
12.34e. To-day futures closed 7 points lower to 1 point lowest seen since 1902 when 77sc. was reached. Of the total
higher with sales of 159 lost. Final prices show a decline for stocks of 133,000 tons at the end of Sept. 70,000 tons are
the week of 65 to 70 points. To-day December closed at prime Western grades. London on the 15th inst. advanced
10.55 to 10.68c.; February at 11.2004 May at 12.250.; July is. 3d. to £14 5s. for spot and £14 15s. for futures; sales 50
tons spot and 125 futures. Zinc was still quiet at the end of
at 12.850. and September at 13.40o.
the week with prices unchanged. The
OCEAN FREIGHTS.
-Some rates were low with business to have an effect. In London prices activity in lead failed
advanced sharply on
dull.
the 16th inst., i.e. 10s. to £14 15s. for spot and £15 5s. for
CHARTERS included grain, 37,000 qrs., Montreal, Nov., 1-10, to futures;
sales 700 tons of futures.
Antwerp-Rotterdam, 734c. Coal, Hampton Roads, October, to Venice
and (or) Trieste, $1.75' time: West Indies, prompt, round, $1.05; West
STEEL.
-Trade in fabricated steel is on a fair scale in
Indies, prompt, round, $1.08; 4,770 tons; north of Hatteras
'
-West Indies,
round, 85c.; north of Hatteras, prompt, West Indies, round, 85c.; October, some directions at the current low prices, if quiet in others.
north of Hatteras. redelivery United-Kingdom-Continent, trip across, Chicago wired Oct.
14 that shipments of steel sheets by
$1.20. Lumber, 1,250 standards, late October,3 or 4 ports, South Atlantic
Chicago producers during the first ten days of October were
and (or) Gulf to Plate, two ports, $14.10; three ports,$14.20.
nearly double the tonnage delivered for the corresponding
TOBACCO.
-There has been a moderate routine trade period of September, an era, however,
which included
here, but no incidents of special interest. The Government Labor Day. Sheet producers work
at 50 to 55% of careport said tobacco prospects in the United States improved pacity. Heavy melting steel
scrap has been reduced 500.
materially during September. Reports on condition and per ton in this district
probable yield per acre as of Oct. 1 indicate a total pro- in various branches ofto $11.50 to $12 per ton. Declines
the steel industry are noticeable.
duction of 1,496,780,000 lbs., compared with a forecast of The average price of finished
steel is the lowest in eight
1,420,947,000, based on conditions Sept. 1 and 1,519,081,000 years. The operating rate for
harvested last year. Amsterdam cabled on Friday to the 55% as against 58 last week. the time being is called
Steel rail sales in the last
"United States Tobacco Journal": "About 1,000 bales 10 days are said to be nearly
100,000
tobacco bought for America at Sumatra inscription held here as a rule show a decided reluctance tons. But steel buyers
to take hold at all freely.
to-day. Only buyers were American Cigar and General
PIG IRON was still dull and Buffalo iron in the home disCigar Co. Prices for American goods were high." Ideal
miring weather has favored the Wisconsin crop. Oxford, trict declined to $17.50 for basic foundry and $18 for malN. C. to the "Journal": "Sales here for the week totaled leable. Outside the district Buffalo iron was still quoted at
497,668 lbs. at an average of $13.59. Total for the first $15.50 to $18. Pig iron shipments make a pretty good showtwo weeks, 1,083,672 lbs., averaging $12.19. The first ing but they do not increase. Prices are at the lowest since
week's sale of the 1929 crop totaled 1,043,134 lbs. at an 1915. Pumping machinery works bought rather more
average of $13.47. The difference in sales this year is due freely. But in the main trade here was quiet all the week.
in part to the dry weather, which prevailed for the past A decline of 50c. was reported at both Pittsburgh and
three weeks and partly to the fact that people expected to Youngstown. This was the subject of comment as well as
start off somewhat lower than it did." Havana cabled: the recent decline of $1 in Buffalo iron for district consump"Active selling of Remedios and Vuelta Abajo tobaccos tion. Southern basic pig iron is said to be selling in the
continues in our market, principally of low grades. The eastern Pennsylvania district at a price which means about
export and commission firms that are actively buying are $10 at the furnace, the lowest in many years. Buffalo iron
is said to be selling freely at $15.50.
mostly executing orders received for Europe.
WOOL.
-Trading in wool, according to a Government re-Continued warm weather has hurt domestic
COAL.
port, was
trade and export business has been small. Anthracite, N. Y. demand generally quiet in Boston. There was a scattered
wholesale, broken $8.50; egg and chestnut $8.65; stove, widely for moderate quantities of wool-somewhat more
spread
$9.15; pea, $5; buckwheat, $3; buckwheat No. 2, $2; No. 3, vious week. over the various grades than during the preWhile the finer grades were a little slower, the
$1.50; No. 4, $1.75. Bituminous New York tidewater medium wools, including
56s and 48-50s, were more active.
f. o. b. at piers, navy standard, $5.10 to $5.30; next grade, Prices were
rather soft on some grades. A number of
$4.75 to $5; high volatile steam, $4.25 to $4.30; high grade houses, however, flatly refused
to yield to pressure for lower
medium volatile, $4.45 to $4.55.
prices. Reports of firmer prices in some of the Australian
COPPER was quiet at 10c. for home delivery and 10.300. markets offered some encouragement to those factors in the
for export. Sales of copper thus far in Oct. are estimated to market who maintain that current prices on domestic wools
have been about 80,000 tons. In London on the 15th inst. are at a fair level. San Angelo, Texas, wired Oct. 14:
spot standard advanced 5s. to £42 10s.; futures up 6s. 3d. to "Announcing a new scale of advances, officials of the Na£42 us. 3d.; sales 50 tons spot and 300 futures. Electrolytic tional Wool Marketing Corp. met recently at Uvalde,
unchanged at £46 5s. bid against £47 58. asked. At the Texas, and made public for the first time since organization,
QCT. 181930.]
six months ago, transactions in wool and mohair. The new
scale of advances now available indicates $1 per head on
sheep in 12 months' wool, 52c. on eight-months' wool sheep,
and 400. on goats. The corporation has sold 2,500,000
pounds of Texas-grown mohair one-half of it from the spring
of 1930 accumulation and the other half from the fall of
1930 accumulation. The average price has been 40e. a
pound in Boston, while the price range has been between
A
304c. a pound and 431 c. a pound. No kid hair has been
sold as it is being held for a price proportionately higher than
the adult hair. On Oct. 14 the first sale of Texas fall wool
by a warehouse occurred when Hallowell, Jones & Donald of
Boston bought from the Producers' Wool & Mohair Co. of
Del Rio 65,000 lbs. at 20c., bringing the State total of fall
wool purchases up to 200,000 lbs."
At Geelong on Oct. 10 offerings were 5,600 bales; 73%
sold. Large attendance. Demand was good at lower prices.
The Continent and Japan were the principal operators.
Compared with June sales the market ranged from 7M to
10% lower. Greasy merino fleece realized up to 14Xd.
SILK to-day ended unchanged to 7 points lower with sales
of 1,860 bales. The closing was with Oct., 2.30 to 2.33c.;
Nov., 2.26 to 2.27c.; Dec., 2.20 to 2.23c.; Jan. and later
deliveries, 2.19 to 2.20. Final prices show an advance for
the week of 1 to 5 points.
COTTON
Friday Night, Oct. 17 1930.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
423,079 bales, against 509,927 bales last week and 555,848
bales the previous week, making the total receipts since
Aug. 1 1930 3,538,908 bales, against 3,151,283 bales for
the same period of 1929, showing an increase since Aug. 1
1930 of 387,625 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Baltimore
2555
FINANCIAL CHRONICLE
Sat.
Mon.
Tues.
Wed. Thurs.
14,618 14,1'78 30,743 14,947 10.345
22,180 34,472 25,412 12,680 18,057
2.405 2,218 2,1138 1,855 1,255
'
1,275
10,264 13,480 12,210 8,784 6.658
1,471 1,307 1,116 3.913 6,207
---1.3'78
5,578
5,135
7,059
3,395
5,711
854
488
2.037
1,742
830
2,537
1,405
1,015
2,391
5.474
487
2,393
1,495
424
1,610
Fri.
Total.
8,543 93,374
11,264 11,264
53.040 165,841
1,393 11,314
__-- 1,275
8,564 59,960
1,110 15,124
868 2,246
64
64
3,291 30,169
927 11,897
854 4,098
3,538 14,506
347
347
Totals this week_ 59,895 75,899 85.139 55,306 53,0371 93,803 423,079
The following table shows the week's total receipts, the
total since Aug. 1 1930 and the stocks to-night, compared
with last year:
have been 1,760,320 bales, against 1,594,344 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
Japan&
GerOct. 17 1930.
Great
- Britain. France. many. Italy. R11.93ta. China. Other. 2'otat.
Exports from
Galveston
Houston
Texas City
Corpus Christi_ _
Beaumont
New Orleans..__ Pensacola
Savannah
Brunswick
Charleston
Norfolk
New York
Los Angeles_ _
San Francisco_ -Seattle
Total
Total 1929
Total 1928
1929.
Stock.
so
8,688
25,535
1,350
11,238
950
4,345
1,165
10,606 1,896
30,396 6,818
1,016
2,347
2.427
868
21,464 CAS
12,299
963
150
424
200 1.00d
"100
47,507 53,295 83,536 10,419
64,847 49,310 90,911 27,559
98,012 46,871 142,052 20,651
10,417 10,644 41,651
27,162 13,715 116,695
97 2,463
3,766 26.335
1,275
5,698 3;666 20,880
2,246
-16 34,548
1,600
18,751
2,128
674
3,184
1,914
3,300
3,300
3,000
3,000
51,491 31,962 278,210
28,971 43,633 315,231
__-- 65,672 35,493 408,751
Exported toFrom
Aug. 1 1930 to
1../apamti
I GetOct. 17 1930. Great
Exports Jr.Britain. France: many. Bak. Russia! China. Other.' Total.
25,819 35,057, 45,897 12,103__I 29,418 41,304 189,598
3
176,467 56,702 3,4 5 114,762 75,613 638,566
97 7,583
1,121 3,303 3,062
69,553 63,117 328,170
41,200 92,092 78,759 13,449
6,581
747 2,500 2,734
540 16,544
3,350 10,141 2,513
12,230 18,186 20,044 11,245 12:524 42,64i 13,115 130,188
694 42,089
14,931 1,029 24,685 750
38,810
131
7,309 ____30,870
16,066 1.666 207,824
56,887 ____ 125,992 6.666
39,616
33,819
5.797
1,772 67,827
49,154
16,661
16,457
11,124 1,465, 3,868
6.739
55 1,552
865 1,894! 1,467 -466
436
13
23
100 300,
5
5;
6,245 1,283 9,428
350 1,500
50
9 6,359
6,300
50
8,000 ---- 8,000
256,015310,1841 608,532 104,557 15,959 293,374 171,699 1,760,320
281,716 215,06e 498,023 151,507 50,635 218,571 178,827 1.594,344
295.854193.708 526.760 127,882 117,600 325,288 176,225 1,763,317
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
Canada, the reason
above table reports of cotton shipments to comes overland and being that virtually
it Is impossible to
all the cotton destined to the Dominion to week,
while reports from the customs
give returns concerning the same from week
districts on the Canadian border are always very slow in coming to hand. In view,
however. of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of September the reports to the Dominion the present season
season the
have been 11,845 bales. In the corresponding month of the preceding there were
exports were 8,322 bales. For the two months ended Sept. 30 1930
21,677 bales exported, as against 15.610 bales for the two months of 1929.
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:
Galveston____
Houston
Texas City..
CorpusChristi
Beaumont Lake Charles_
New Orleans_
Moble
Pensacola_.
Savannah_
Brunswick --Charleston..
Norfolk
New York_ _
Boston
Baltimore_
Los Angeles_
San Francisco
Seattle
Total
Total 1929...
Total 1928...
61.174150,413
On Sh'pboard Not Cleared for
Oct. 17 at-
1930.
13,069
8,984
325
4,220
1,378
11,429
1.600
6,452
Other CoastGerGreat
Britain. France. many. Foreign wise.
Total.
Leaving
Stock.
Galveston
16,000 5,600 7,000 18,800 3,000 50,400 398,291
200 45,933 472,658
754 1.189 13,839 29,951
New Orleans
300 237,663
Savannah................300
73 120,618
73
81,723
93,374 470,257 159,940 657.179 448.691 362.735 Mobile
Galveston
____ 2.090
--------1,493
597
32,102 37,353 Norfolk
65.949
75,486
40,885 13,322
300
11,264
Texas City
300
Houston
165,841 1,393,736 216,332 1,092,719 1,223,867 753,791 Other Porte
3.000 5,000 10,000 16,000 1,000 35,000 1,662,427
11,314 511,489 7,331 340,664 187,945 61,525
Corpus Christi
6,409
1.275
Beaumont
Total 1930
20,351 11,789 30,839 66.244 4,873 134.096 3.048.866
59.960 345,603 91,432 482,842 518,591 303.630
New Orleans
Total 1929
22.146 11,364 21.815 80.943 6,755 143,023 1,694,987
554,228
Gulfport
Total 1928
14,586 13.741 14,497 51,123 7.709 101.656 10
83,813 63,075
15.124 129,070 26,907 128,613
Mobile
•Estimated.
70
2,246
Pensacola
38,179
719
1,099
595
6
64
232
Jacksonville
80,668
Savannah
30,169 348,904 23,501 269,036 237,963
Speculation in cotton for future delivery declined slightly,
1,600
39,616
Brunswick
24,847 in part because of a decline at times in stocks and grain,
62.998 120,691
11,897 125,407 12,407
Charleston
1,715
---- --16.404
Lake Charles- -- more or less hedge selling, but trade
23,327 and in part because of
12,751
24,537
4.098
Wilmington
11,767 8,132
22,345 in buying has persisted,. and also some investment demand,
16.216
75,786
14,506
55,193 7,973
Norfolk
_,_
N'port News, &c_
belt, Texas, Okla97.450 while frost is threatened in the central
50
251
345 228,403
New York
519
1,022 homa, and Tennessee.
325
5,216
117
Boston
944
7,352
874
347
5,389 1,848
Baltimore
On the 11th inst. prices advanced some 15 points on
4
4
5,176
4,509
Philadelphia
good cables, an increased demand for goods here and at
423.079 3,538.908 569.510 3.151.283 3,182,962 1.838.010 the South, and no pressure of hedges. In fact, the offerTotals
Receipts to
Oct. 17.
This Since Aug This SinceAug
Week. 11930. Week. 1 1929.
1930.
1929.
In order that comparison may be made with other years, ings were small. Volkart Bros. estimated the Indian crop
this year at 6,860,000 bales, including 750,000 home use;
we give below the totals at leading ports for six seasons:
carryover 1,200,000 bales. Last year's crop was 7,001,000
1927.
1929.
1926.
1928.
1930.
1925.
Receipts atbales; carryover 1,156,000; two years ago the crop was
98,621 155,084 132,746 6,504,000 bales, with a carryover of 1,103,000 bales. It is
93,374 159,940 166,606
Galveston--- 59,300 said that over 100,000 pieces of print cloths were sold here
Houston _ 4,-- - 165.841 216,332 215,112 132,935 167,575
91,791
53.687 123,957
59.960 91.432 67,019
New Orleans_
15,811
14,862
26,907
29,358
15,124
10,276 last week, and in some cases prices were better. Fine
Mobile
26,901
30.344
23.501
49,380
35.738 goods were in better demand. A large South Carolina mill
30.169
8avannah- --1,600
Brunswick _ _ _
16.880
19,866
12,407
26,863
14,125 announced an increase in its operations this week. A big
11.897
Charleston- -9,531
6.415
5.022
8.132
4,098
5.492 export corporation, it is said, is being organized by some
Wilmington- _
14,154
18,317
21.965
7.973
14.506
30.789
Norfolk
of the leading Southern mills to facilitate foreign business
N'port N.,&c_
15,431
12,279
22,886
11.761
2,769 In cotton goods. Europe bought spot cotton in Texas, and
26,510
All others_ --Total this wk_ 423,079 569.510 558,699 389,720 587,297 333,026 It was said wanted large quantities of short cotton to
replace East Indian.
gime Aug. 1-- 3,538.908 3,151.283 3.082.110 3.151.407 4,039.01513,143.703
On the 14th inst. there was a decline of about 20 points
*Beginning with the season of 1926. Houston figures include movement
on an accumulation of hedge selling orders over the holiof cotton previously reported by Houston as an interior town. The disdays, but half of the decline was recovered on trade buying
tinction between port and town has been abandoned.
The exports for the week ending this evening reach a and covering, with no particular pressure after the morntotal of 278,210 bales, of which 47,507 were to Great Britain, ing's offerings had been disposed of. The textile situation
53,295 to France, 83,536 to Germany, 10,419 to Italy, is gradually improving. The Drayton Mills, of Drayton,
51,491 to Japan and China,and 31,962 to other destinations. S. C., are running 55 hours a week now. At Barnesville,
In the corresponding week last year total exports were Ga., the Aldora Mill has reopened after having been closed
.315,231 bales. For the season to date aggregate exports for four months. Manchester reported a better trade in
2556
FINANCIAL CHRONICLE
[Voi_ 131,
Staple
cloths with the Continent. Advices from the Far East were 60% of Premium/
average of
Differences between grades established
cheering, and yarns were in more demand. Carl Williams six markets Quoting
for delivery on contract Oct. 23 1930.
for deliveries on
was quoted as saying in effect that the American Co-operaOct. 23 1930.
Figured from the Oct. 16 1930 average
tive Association was buying futures to replace cotton sold,
quotations of the ten markets designated
15-16 1-Inch &
but that the cotton bought would not be sold at once nor at
Inch.
longer.
by the Secretary of Agriculture.
any time except at prices much above the present level.
23
.53
Middling Fair
White
.89 on Mid:
It is believed that the peak of the movement into-sight is
23
.53
Strict Good Middling.70
do
do
.23
.53
not far off. Usually it is by the middle of October.
Good Middling
do
.51
do
.23
.54
Strict Middling
do
30
do
On the 15th inst. prices advanced on lessened hedge sell.23
64
Middling
do
Basle
.22
.44
do
Strict Low Middling_
ing, an advance in stocks, a good trade demand, and a con70 off Mid,
21
41
Low Middling
do
do
1 63
tinued outside investment demand attracted by the lowness
*Strict Good Ordinary__ do
do
2.64
*Good Ordinary
of the price. People who have not traded for years are
do
00
3.62
Good Middling
Extra White
buying now. Domestic consumption* in September was
Strict Middling
do do
It00 d ° •
Middling
do
larger than expected. There were some features in the
do do
Even
Strict Low Middling__ do do
.70 off do
weekly report as to the central and Western belts. Grade
Low Middling
do do
do
1.83
23
53
Good Middling- --- .--Spotted
has been lowered over a wide territory by big recent rains,
.2100 do
23
53
Strict Middling
do
.04 off do
and some cotton has been beaten out. The summary of the
22
.44
Middling
• do
68 off do
*Strict Low Middling... do
weekly report said: "There was considerable rainfall and
do
1.83
*Low Middling
do
do
2.66
cloudy weather, especially the first part of the week, in the
22
40
Strict Good Middling__ Yellow Tinged
.10 off do
22
40
Good Middling
do do
western part of the cotton belt, which retarded picking and
do
.68
22
40
Striae Middling
do do
1.05
do
ginning to a considerable extent, but otherwise these activi*Middling
do do
1.68
do
*Strict Low Middlingdo do
ties made fairly good advance. There is more or less comdo
2.37
Low Middling
do do
3.30
do
plaint of rains and wetness beating down cotton and stain21
44
Good Middling
Light Yellow Stalned_1.33 off do
Strict Middling
ing staple in the Mississippi Valley and to the westward,
do
do
do
1.88
do•
Middling
do
do
do
2.55
do
but in the more Eastern States the week was mostly dry
21
40
Good Middling
Yellow Stained
1.58 off do
Strict Middling
do do
and sunny except for showers near its close. In the latter
2.40
do
Middling
do do
3.23
do
area cotton continued to open rapidly, and picking made
22
41
Good Middling
Gray
.84 off do
22
Strict Middling
do
4
0
very good progress." In Texas it said: "Warm with light
1.18
do
Middling
do
1 68
do
to excessive rains, except In eastern third, where mostly
*Good Middling
Blue Stained
1.70 off do
*Strict Middling
do do
dry. Picking and ginning cotton delayed by wet soil and
2.48
do
*Middling
do do
3.28
do
some damage to open crop by rain in portions of western
*Not deliverable on future contracts.
half; top crop poor." Of Oklahoma it said: "Moderate
temperatures, sunshine deficient, heavy rain in West latter
The official quotations for middling upland cotton in the
part of week, but none in East. Cotton staple damaged and New York market each day for the past week has been:
Oct. 11 to Oct. 17Sat. Mon. Tues. Wed. Thurs. Fri.
picking and ginning interrupted by rain and wet fields;
10.45
---- 10.45 10.40 10.20 10.20
picking normally advanced; yield and quality of line Middling upland
Irregular."
FUTURES.
-The highest, lowest and closing prices at
On the 16th inst. prices were irregular, but ended some New York for the past week have been as follows:
15 to 20 points net lower, with stocks and grain declining,
the weather better, the cables not at all stimulating, and
Saturday, Monday,
Friday,
Tuesday, Wednesday, Thursday,
Oct. 11.
Oct. 13.
more or less hedge selling noticeable, even though it was
Oct. 14.
Oct. 15.
Oct. 16.
Oct. 17.
not on a large scale. Textile reports were mostly better. Oct.(old)
Range__Three mills at Greensboro, N. C., the White Oak, Revolu10.2810.21-10.34 10.25-10.36
Closing,
10.2810.2710.16 --- 10.16tion, and Proximity, will next Monday go on a schedule of Oct. (new) 10.27four days a week after running three days a week since
Range__ 10.29-10.33
10.11-10.27 10.23-10.39 10.11-10.28 10.10-10.17
Closing..
10.2410.27 -- 10.11 10.10last June. Some South Carolina and Georgia mills have Woo. (old) 10.32Range__
latterly gone on full time. The exports were up to 68,000
Closing,
10.38 -10.38 -10.2310.23bales. The receipts at the ports kept noticeably smaller Woo.(new) 10.40than those of a week ago or last year.
Range-Closing..
10.34 -10.38 --10.21 ---- 10.21 -To-day prices were irregular, within very narrow limits, Dec.(old) 10.40 --and ended virtually unchanged, that is, 4 points lower to 1
Range__ 10.50-10.53
0.35-10.48 10.50-10.54 10.32 10.53 10.32-10.38
Closing..
10.45 10.46 10.49 -10.32 -10.33 -point net higher. The cables were favorable enough, and Dec.(new) 10.55-.--there was not a great deal of hedging. The into-sight figRange__ 10.43-10.53
0.33-10.51 10.47-10.58 10.32-10.53 10.29-10.37
Closing_
ures, according to one report, showed a good decrease as Jan. (old) 10.52-10.53 HOLI- 0.45-10.46 10.48-10.49 10.32-10.34 10.33-10.34
Range__
compared with last week and last year. Spinners' takings
- DAY.
0.48-1040 10.60-10.64 10.46-10.62 10.44-10.47
10.56Closing.
10.64 -- 10.48 -10.45were larger than last week. Exports thus far this season, Ian.(new)! 10.63Range__ 10.53-10.64
0.44-10.82 10.59-10.70 10.48-10.65 10.41-10.48
according to various figures, are some 200,000 to 280,000
0.58-10.57 10.62 -10.4610.45 -Closing. 10.63-10.64
bales larger than up to this time last year. The weather veb.Range _ _
was much colder, especially in the Southwest. Minimum
Closing.
10.72 -10.57 --10.55temperatures were officially reported of as low as 31 to 32 Ifarch- 10.73- - 10.66
Range__ 10.76-10.85
0.65-10.85 10.80-10.93 10.68-10.87 10.63-10.73
in Oklahoma and Texas. Frost was predicted for Texas,
10.7710.66-10.67
Closing..
10.82-10.83 10.88Oklahoma, Arkansas, and Tennessee. To cap the climax, Orli- 10.83-10.85
textile news was better. It was said that 100,000 pieces
Range-Closing_ 10.9210.86- 10.92
10.7910.76of print cloths have been sold of late in New York. For
10.94-11.03
0.82-11.03 11.00-11.13 10.89-11.08 10.84-10.93
the eighth week in succession the sales this week of cotton
Closing.. 11.01-11.02
0.98-10.98 11.02-11.03 10.90-10.0150.86-10.87
goods were larger than production. Manchester reported tune
Range..
the best busness in cloths and yarns seen for some time
Closing_ 11.09 -11.05 --- 11.11 -10.9910.96past. Final prices show a decline for the week of 1 to 7 fitly
Range... 11.12-11.21
points. Spot cotton ended at 10.20c. for middling, a decline
11.01-11.22 11.19-11.31 11.08-11.27 11.03-11.13
Closing_ 11.18-11.21
11.15-11.18 11.20-11.22 11.08-11.09 11.06 --for the week of 10 points.
lug.-
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 17 for each of the past 32 years have been as follows:
1930
1929
1928
1927
1926
1925
1924
1923
10.20c.
18.00c.
20.200.
21.25c.
13.20c.
21.80c.
23.4$c.
30.05c.
1922
1921
1920
1919
1918
1917
1916
1915
23.00c.
18.75c.
21.00c.
34.75c.
32.55c.
28.45c.
18.15c.
12.40c.
1914
1913
1912
1911
1910
1909
1908
1907
11.80c.
10.75c.
9.35c.
14.80c.
13.95c.
9.30c.
11.75c.
1906
1905
1904
1903
1902
1901
1900
1899
11.25c.
9.85c.
10.20c.
9.80c.
8.700.
8.50c.
10 06c
7.25c,
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closed.
Futures
Market
Closed.
Saturday__ _ Steady, 15 pin. adv_ Steady
HOLID AY.
Monday ___
Tuesday ___ Steady, unchanged Steady
Wednesday..Quiet,5 pts. dec..- - - Barely steady_ _
Thursday _ _ Quiet. 20 Mu- dec--- Barely steady._ _
Quiet,unchanged. Steady
Friday
Total week..
Since Aug. 1
SALES.
Spot.
11.15 -11.20 -11.08
11.06-
Range of future prices at New York for week ending
Oct. 17 1930 and since trading began on each option:
Option for
Sept. 1930_
Oct. 1930.. 10.21
New
10.10
Nov. 1930
New
Dec. 1930__ 10.32
New
10.29
Jan. 1931
10.44
New
10.41
Feb. 1931_
Mar. 1931.._ 10.63
Apr. 1931
May 1931 10.82
June 1931
July 1931
11.01
Aug. 1931
Range for 1Veek.
Oct. 15 10.36 Oct.
Oct. 17 10.39 Oct.
Oct.
Oct.
Oct.
Oct.
16 10.54
17 10.58
17 10.64
17 10.70
Oct.
Oct.
Oct.
Oct.
Oct. 17 10.93 Oct.
Oct. 14 11.13 Oct.
Range Since Beginning of Option.
10.90 Aug. 2 1930 16.20
16 9.90 Sept.3 1930 18.56
15 9.85 Oct.
1930 15.87
10.17 Oct.
1930 17.78
11.38 Aug. 2 1930 14.90
15 10.18 Oct.
1930 18.08
15 10.13 Oct.
1930 18.28
15 10.32 Oct.
1930 17.18
15 10.26 Oct.
1930 18.03
18.09 Feb. 2 1930 16.65
15 10.45 Oct.
1930 16.20
11.23 Sept.25 1930 13.34
15 10.85 Oct. 8 1930 15.00
Apr. 2 1930
Nov. 20 1929
Apr. 4 1930
Dec. 16 1929
Apr. 15 1930
Jan. 13 1930
Apr. 4 1930
Feb. 1 1930
Apr. 4 1930
Feb. 15 1930
Apr. 1 1930
June 18 1950
June 2 1930
Oct. 14 11.31 Oct. 15 10.81 Sept.30 1930 13.82 Aug. 7 1930
10.82 Sept.30 1930 11.45 Sept. 25 1930
Contr'et Total.
300
400
200
Range---Closing. 11.18 -7
lex.Range__-Clostng _
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
5•7o°
1:0 well as afloat are this week's returns, and consequently
15 o
2°
0
700 all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
9,400 (Friday) we add the item of exports from the United States,
65,318 including in it the exports of Friday
only.
300
5,300
1,300
700
1.200
900 8,500
7,818 57,500
OCT. 18 1930.]
Oct. 17
Stock at Liverpool
Stock at London
Stock at Manchester
2557
FINANCIAL CHRONICLE
1930.
bales_ 599,000
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
Total Continental stocks
1928.
498,000
1927.
935.000
47.000
1929.
622,000
81,000
126,000
59.000
725,000
681,000
545,000 1,016,000
281,000
165.000
9,000
84,000
29,000
201,000
104.000
4,000
55,000
41,000
268,000
135,000
7,000
52,000
18,000
429,0‘,0
175,000
6,000
86,000
16,000
568,000
405,000
480,000
712,000
Total European stocks
1,293,000 1,086,000 1,025,000 1,728,000
60,000
85,000
India cotton afloat for Europe__ _ 69,000 102,000
American cotton afloat for Europe 638,000 605,000 736,000 663,000
Egypt,Brazil,&c.,afloatforEurope 94,000 129,000 116,000 1081,00
Stock In Alexandria, Egypt
540,000 275,000 281,000 363,000
Stock in Bombay, India
470,000 686.000 681,000 263,000
Stock in U. S. ports
3.182,962 1,838,010 1,645,884 2,044.227
Stock in U.S.interior towns
1,225,720 1,041,622 847,112 974,900
U. S. exports to-day
5,000
400
963
Total visible supply
7,513.645 5,763,032 5,421,996 6.204,127
Of the above, totals of Americaan and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. ports stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian, Brazil, .!cc.
-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
EgYPt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
201,000 210,000 237,000 610,000
65.000
23,000
31,000
52,000
444,000 316,000 418,000 661,000
638,000 605,000 736,000 663,000
3.182,962 1,838,010 1.645,884 2,044,227
1,225,720 1,041,622 847,112 974,900
5,000
400
963
5.744,645 4,042,032 3,911.996 5,018,127
398,000
412,000
261,000
325,000
74,000
124,000
69,000
94,000
540,000
470,000
28,000
89,000
102,000
129,000
275,000
686,000
24,000
62,000
85,000
116,000
281,000
681,000
16,000
51,000
60,000
108,000
363,000
263,000
1,769.000 1721,000 1,510,000 1.186.000
5,744,645 4,042,032 3,911,996 5,018,127
1930----Since
Week. Aug. 1.
1717
Shipped
Via St. Louis
la
Via Mounds. &c
1929
Since
Week. Aug. 1.
6,860
1,065
58
628
4,347
14,064
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N.Y ., Boston, &c
Between interior towns
Inland, &c.,from South
35,276
6,240
238
2,330
42,155
59,781
10,753
2,805
517
1,486
5,130
13,667
48,602
10,952
517
6.085
42,161
82.707
27,022
146.020
34,358
191,024
347
254
3,188
5.757
3,020
51,323
2,227
397
8,642
8,220
3,763
106.726
3,789
Total to be deducted
Leaving total net overland*-
60,100
11,266
118,709
23,233
85,920
23,092
72,315
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 23,233 bales, against 23,092 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 13,605 bales.
1929
Sines
-1930In Sight and Spinner
Takings.
Receipts at ports to Oct. 17
Net overland to Oct. 17
Week.
Since
Aug. 1.
Week.
Aug. 1.
423,079 3,538,908 569,510 3,151,283
72,315
23,233
85,920 23,092
Southern consumption to Oct. 17_ 75,000
900,000 125,000 1,238,000
Total marketed
521.312 4,524,828 712,602 4,461,598
Interior stocks in excess
832,703
126,855
664,025 159,764
Excess of Southern mill takings
*107,271
*195,463
over consumption to Oct. 1_
Came into sight during week
Total in sight Oct. 17
-648,167
872,366
5,081,582
North.spinn'te takings to Oct. 17_ 33,366
189,946
5.098.838
33,245
291,519
*Decrease.
Movement into sight in previous years:
Total visible suPPlY
7,513.645 5,763,032 5,421,996 6,2.4.127
Bates.
Bales.
Since Aug. 1WeekMiddling uplands. Liverpool
9.94d. 11.00d. 11.096.
5.73d.
4,628,856
800,640 1927
--Oct. 20
Middling uplands, New York_
20.00c. 1928
10.20c. 18.00c. 20.05c.
4,892,465
624,636 1926
-Oct. 21
Egypt,good Sakel, Liverpool.,.,.., 10.65d. 16.50d. 19.90d. 20.058. 1927
5.768,426
-Oct. 22
852,535 1925
Peruvian. rough good. Liverpool..
14.25d. 14.00d.
12.758. 1926
Broach, fine, Liverpool
9.25d,
4.30d.
8.30d.
9.90d.
QUOTATIONS FOR MIDDLING COTTON AT
Tinnevelly, good, Liverpool
5.458.
9.45d. 10.45d.
10.408.
-Below are the closing quotations
OTHER MARKETS.
* Estimated
for middling cotton at Southern and other principal cotton
Continental imports for past week have been 112,000 bales. markets for each day of the week:
The above figures for 1930 show an increase over last
Closing Quotations for Middling Cotton on
week of 312,154 bales, a gain of 1,750,613 over 1929, an
Week Ended
increase of 2,091,649 bales over 1928, and a gain of 1 Saturday. monaay. Tuesday. wecraay. 7 nursery Frtriey.
Oct. 17.
309.518 bales over 1927.
10.25
---10.30
10.30
10.20 10.20
Galveston
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail-below:
Movement to Oct. 17 1930.
Towns.
Ship- Stocks
menu. Oct.
Week. I Season. Week. 17.
Receipts.
Movement to Oct. 18 1929.
Receipts.
ShipWeek.
Stocks
Oct.
18.
7,373
707
1,253
3,283
5,0871
1,851
3,195
5,101
3,724
9,326
3,865
13,165
2,919
292
300
617
7,285
1,820
1,792
500
6,577
9,042
817
10,678
4,170
1.153
1,500
1,589
10,753
386
14,866
5,512
32,994
41,609
22,153
8.322
12,867
13,031
3,707
30,158
8,435
37,354
10,998
2,918
3,094
17,360
76,915
1,960
11,522
3,436
55,702
73,048
12,907
78,920
11,457
8,116
8,917
18,190
3,447
5,739
tne711.8
Week. Season.
Ala., Birm'ham 6,617 17,621 4,753 13,380 12,725
919
Eufaula
3,155 20,288
986 15,976
Montgomery. 5,713 27,723
814 39,795 8.298
Selma
5,417 44,125
90 51,912 6,948
Ark.,Blytheville 7,558 43,335 5,749 33,975 10,872
Forest City
1,334
5,331
595 8,219 2,14.
Helena
3,593 16,145
932 20,370 5,962
Hope
3,606
13,182 1,335 6,380 5,56'
Jonesboro_ _ _ 3,957 10,366 2,936 4,782 3,80
Little Rock
6,861
22,849 3,439 18,485 11,649
Newport.,.,.. 2,322
8,498 1,394 5,968 4,446
Pine Bluff
7,484 23,708 3,820 23,301 18,444
Walnut Ridge 2,22
5,072 1,004 5,404 4,445
Ga., Albany
451
6,087
297 4,674
274
Athens
6,420 21,178 3,200 24,437 1,465
Atlanta
6,236
17,437 1,784 51,261 6,257
Augusta
16,370 146,483 6,931119,212 21.256
Columbus_._ 3,350 14,066 2,700 5,562 2,150
Macon
5,663 58,633 3,519 37,079 3,080
Rome
1,191
2,946
400 3,812 1,201
La., Shreveport 7,174 61,358 4,034 69,851 13,28
Miss., Cl'ksdale 10,730 53,636 2,371 53,274 16,72.
Columbus_
3,688
9,875
399 10,507 3,241
13,731 68,388 5,255 89,237 18,783
Greenwood
Merldian
3,888 24,389 2,293 15,709 5,57
99
Natchez
5,000
106 6,973 1,478
Vicksburg_
3,12
14,790
821 14,800 2,500
Yazoo City
3,507 13,523
315 16,680 3,439
Mo., St. Louis_ 7,011
29,773 6,860 1,962 10,763
___ 7,419
N.C.,Greenab'o
511
1,071
414
Oklahoma
45,746 174,761 43,330 55,929 72,592
15 towns*
S.C., Greenville 9,237 32,625 1,766 35,675 8,358
Tenn.,Memphls 70,756 311,334 39,794274,959 185,325
12,336 1,993
Texas, Abilene_ 1,793
473 3,416
1,386
18,865 1,235 2,309
Austin
651
1,008 15,533
Brenham
916 6,724
663
Dallas
6,406 82,659 3,343 18,234 9,351
Paris
8,020 39,295 7,340 6,132 7,997
521 53,068
Robstown
954 15,931
361
725 1,719
San Antonio_
842 15,654
625
Texarkana
3,044
8,803 2,013 6,277 6,508
Waco
4,863 37,965 2,846 15,978 5,686,
-
30,861
11,530
38,285
52,249
35,422
11,477
22,250
37,513
10,343
61,941
22,698
82,816
17.050
5,905
3,607
20,440
127,137
9,958
35,944
2,431
82,938
106,711
17,192
112.555
35,012
15,476
15,836
23.402
42,940
2,041
215,087 59,668 66,956
30,474
839 24,315
523,265 85,674253,827
13,222 3,195 1,277
7,6
899 1,716
6,486
687 3,771
56,156 8,742 5,785
37,85
6,469 9,135
31,688 1,449 7,392
17,251
877 1,543
30,490 4,224 15,001
80,266 6,542 15,220
'Mtn! 513 towns 307.505i 60Q 774 175 157 1225726 450645 2 141 554 non Oek MA laon
4 Includes the combined totals of 15 towns in Oklahoma.
.
The above total shows that the interior stocks have
increased during the week 126,855 bales and are to-night
184,098 bales more than at the same time last year. The
receipts at all towns have been 152,142 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINC AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
New Orleans.,.,., 10.23
Mobile
9.65
Savannah
9.93
Norfolk
10.13
Baltimore
10.30
Augusta
9.75
Memphis
9.15
Houston
10.25
Little Rock.,.,.,.,'9.15
Dallas
9.65
Fort Worth _
----
------9.80
---------9.15
-------------
10.23
9.60
9.86
10.06
10.35
9.69
9.10
10.20
9.15
9.60
9.60
10.23
9.65
9.88
10.06
10.35
9.75
9.15
10.20
9.15
9.65
9.65
10.10
9.50
9.74
9.94
10.35
9.56
9.00
10.05
9.00
9.50
9.50
10.10
-- -9.74
9.94
10.15
9.56
9.00
10.05
9.00
9.50
9.50
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. 11.
Monday,
Oct. 13.
)ctober __ 10.24-10.28
NovemberDecember.. 10.47-10.48
fanuary'31 10.58February _March ___ 10.79-10.80
kpril
- HOLT
May
10.99- DAY.
tune
Filly
11.17 ----
(ugust_ _ _3eptemberDctober - --ToneSteady.
Steady.
;pot
)ptions
Tuesday, Wednesday, Thursday,
Oct. 14.
Oct. 15.
Oct. 16.
Friday.
Oct. 17.
10.2410.25-10.26 10.10 Bid. 10.10 -10.48-10.49 10.49-10.50 10.34-10.35 10.33-10.34
10.6010.4510.6010.4710.8010.81 10.68-10.69 10.65-10.66
10.9911.01 Bid. 10.8810.65 11.20 ---- 11.21 -11.08 -11.04 ----
Steady,
Steady.
Steady.
Steady.
Steady.
Steady.
4
Steady. ,
Steady. I
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING SEPTEMBER.
-Persons interested in this
report will find it in our department headed "Indications of
Business Activity" on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND IN SEPTEMBER, &c.
-This report, issued
on Oct. 15 by the Census Bureau, will be found in an earlier
part of our paper in our department headed "Indications of
idusiness Activity."
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that considerable rain
has fallen in Oklahoma and a few other localities during the
week but elsewhere there have been only light to moderate
rains. Cotton picking and ginning have generally made
good progress. There are complaints that recent rains have
beat down cotton and stained the staple.
Mobile, Ala.
-Picking has been somewhat retarded by
weather conditions, but fair progress has been made with
this work. Grades have been lowered considerably by rains
in the past few weeks.
-Warm, dry weather during the week
Memphis, Tenn.
has been favorable for cotton and gathering and marketing
has been on a liberal scale.
2558
[vol. 131.
FINANCIAL CHRONICLE
Rain. Rainfall.
2 days 0.05 in.
3 days 1.86 in.
2 days 1.28 in.
3 days 1.02 in.
2 days 2.36 in.
dry
1.74 in.
1 day
3 days 2.72 in.
1 day 0.62 in.
1 day 0.22 in.
dry
1 day 0.38 in.
dry
2 days
1 day
3 days 0.11 in.
1 day 0.10 in.
3 days 3.70 in.
dry
4 days 3.04 in.
dry
dry
1 day 0.01 in.
1 day
1.85 in.
1 day 0.15 in.
1 day 0.34 in.
1 day 0.14 in.
dry
1 day 0.11 in.
1 day 0.57 in
1 day 0.03 in.
1 day 2.26 in.
1 day 0.43 in.
1 day 0.49 in.
dry
1 day 0.16 in.
1 day 0.12 in
2 days 0.09 in.
1 day 0.01 in.
2 days 0.66 in.
1 day 5.30 in.
2 days 0.24 in.
dry
2 days 0.78 in.
2 days 2.02 in.
3 days 0.21 in.
2 days 0.92 in.
2 days 1.08 in.
1 day 0.28 in.
Galveston, Toxas
.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
Shreveport, La
Columbus, Miss
13reenwood, Miss
Vicksburg, Miss
Mobile, Ala
Decatur. Ala
Montgomery, Ala
Selma, Ala
Gainesville, Fla
Madison, Fla
Savannah,Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston,8.0
'Greenwood. S. C
Columbia,S.C
Conway, S. C
Charlotte, N. C
Newbern,N.C
Weldon, N. C
Memphis, Tenn
Thermometer
high 83 low 70 mean 77
high 86 low 44 mean 65
high 88 low 60 mean 74
high 88 low 74 mean 80
high 86 low 70 mean 78
high 84 low 46 mean 65
high 84 low 44 mean 64
high 84 low 48 mean 66
high 88 low 54 mean 71
high 90 low 60 mean 75
high 84 low 54 mean 69
high 86 low 54 mean 70
high 84 low 44 mean 64
high 90 low 66 mean 78
high 88 low 58 mean 73
high 84 low 42 mean 63
high 88 low 41 mean 65
high 87 low 40 mean 64
high 84 low 37 mean 61
high 84 low 37 mean 61
high 85 low 50 mean 68
high 87 low 57 mean 72
high 82 low 50 mean 68
high 86 low 55 mean 71
high 88 low 57 mean 73
high 87 low 52 mean 70
high _
low
mean 67
high 87 low 59 mean 73
high 88 low 54 mean 71
high 86 low 54 mean 70
high 87 low 59 mean 73
high 84 low 59 mean 72
high 86 low 56 mean 71
high 84 low 58 mean 71
high 85 low 57 mean 71
high 90 low 59 mean 75
high 88 low 58 mean 73
high 86 low 58 mean 70
high 85 low 54 mean 70
high 85 low 54 mean 70
high 86 low 55 mean 71
high 86 low 59 mean 73
high 85 low 51 mean 68
high 82 low 52 mean 67
high 86 low 52 mean 69
high 83 low 54 mean 67
high 88 low 53 mean 71
high 86 low 45 mean 71
high 84 low 61 mean 73
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 2,555,851 bales in 1930 and 2,638,963 bales in 1929,
of which 1,425.951 bales and 1,582,763 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.
Bombay
1929.
1928.
Since
Week. Aug. 1.
October 18.
Receipts at
-
Since
Week.' Aug. 1.
Since
Week. I Aug. 1.
17.0001 145,000 20,000
For the Week.
Exports
from-
Great Conti- ,Japanct
Great
Britain. tient. I China. Total. Britain.
Bombay
1930
1929
1928
Other Ind
1930
1929
1928
Total all
1930
1929
1928
2,600 8,000, 21,000 31,000
2,000 4,000 15,000 21,00
10,000 21,1 1 1 31,000
3;66
1,000
29,000
171,000 12,000
70.000
Since Aug. 1.
1,000
32,000
2,000 9,000 21,000 32.000
5,000 33,000 15,00 1 53,000
0
10,000 21.0
31.000
Conti- Japan it
nest.
Chins.
14,00
7 111
,
7 111
.
Total.
145,000 358,000 515,000
139,
188,000 334,000
127,000 272,000 408,000
13,000 77,00
21,000 142,0
13,000 84
90,000
183,000
97,000
27.0
222,00 358,000 805,800
28,000 281.000 188,000 497.600
20,0001 211,600 272,000 503.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
3,000 bales. Exports from all India ports record a decrease
of 19,000 bales during the week, and since Aug. 1 show an
increase of 103.000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
The following statement we have also received by tele- shipments for the past week and for the corresponding week
graph, showing the height of rivers at the points named at of the previous two years:
8 a. m. of the dates given:
Oct. 17 1930. Oct. 18 1929.
Feet.
Feet.
2.2
2.1
12.5
1.5
7.1
7.1
11.3
11.4
15.3
8.4
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ended
Receipts at Ports.
1930.
1929. 1930.
July
4-- 19.256 10,769 38,994
11_ 10.89 30,388 27,419
18.- 13.098 13.203 19.932
28- 12.297 15,609 18,771
Aug
- 34.308 38.730 28,393
8-- 62.509 49,834 21,074
15-- 117.8471 85,894 28.28
22-- 203,157108,088 58,671
29-- 250,299183.758129,894
Sept
5.... 277.852254,338222,173
12.. 362.547281,579242,0
19._ 389,481318.7413338,859
26 _ _ 385.693388,535417.851
Stocks at Interior Towns.
ReceiptsfromPlantations.
1930.
1929.
1928.
1930.
842,704
819,981
599.179
579,770
278.723
252,555
234.392
224,7
407.72
388,332
358.443
328,476
--------6,759
_-... 6,200 13.025
Nil
Nil
Nil
6,007
NII
580.234
548,784
541.959
,
543,948
659.024
197,552
198,207
184,245
183.802
194.252
302.331 14,792 11.492 2.253
286.255 51.039 48.489 4.999
288.345111.022 63,842 8.370
258.393205.146107,643 50,719
245.571265,375194.218118.872
591,795
848.873
714,784
818,124
239,407 251,324310.623299,483227.926
312,297 275,133419.825354,489 265.849
422,984 348,050455,392427,433409,582
573,9231.012,824489,023519.474543,853
1929. 1930.
3.. 555,848437,422532,796 949.334 726,959 802,94 637.0qi 390,458881.488
10_ _ 509 927512,983521,8371.098 885 881,858 708,538859,458887.882625.428
_
_
_
_
17._ 423.079569.510558.6991,225.7201.041,622,
, „
Alexandria, Egypt,
Oct. 15.
1930.
1929.
1928.
280,000
1.068,464
Receipts (cantars)This week
Since Aug. 1
410,000
1.320.007
400,000
1.611.765
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)To Liverpool
To Manchester,&c
To Continent and India
To America
11,402
__- 13,489
5,000 16,591 6,006 23,994
12,000 63.865 7,000 77.855
340 4.000 15,855
___
460
7,750
200
18,402
30.304
75.919
20,622
Total exports
17.000 92.198 17 00(1121 103 8.350 145.247
Note
.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Oct. 15 were
280,000 canters and the foreign shipments 17,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and in cloths is steady. Demand for both
yarn and cloth is improving. We give prices to-day below
and leave those of previous weeks of this and last year for
comparison:
1930.
32. Cop
Twist.
1929.
SW Lbs. Shirt- Colon
Mos, Common Metals 32s Cop
to Finest.
UPrds. Twist.
Juned. d. s. d.
27._ 11 012
95
July
4____ 111401234 9 5
95
11- 11 012
18____ 11 612
95
25-- 10%01114 95
Aug.1---- 103401134 9 5
8.- 103401154 9 5
IS.... 103401134 9 4
22_ 103401 134 9 3
29-.101401134 9 3
Rent:
5-- 103401154 9 2
12.... 0 011
92
19.... 95401054 9 2
M._ 9340i054 9 2
Oct.3.- 93501034 9 0
10._ 93i@i041 8 7
17__-_ 9 010
87
814 Lbs. Shirt- Cotton
Ulm Common mare
to Finest.
UpPd.
S. d.
010 1
d.
d.
d. 5. d.
a. d. d.
7.74 143j01534 127 @131
10.38
010
010
@10
010
763
773
768
747
1
1
1
1
145041514 12 8
14340153412 8
14140151.4 12 7
14340153412 7
013 0
013 0
013 1
013 1
10.28
10.21
10.54
10.58
The above statement shows: (1) That the total receipts
010 1
7.22 14%01594 12 7 @13 1
10.85
from the plantations since Aug. 1 1930 are 4,203,705 bales;
7.54 143401534 12 7 013 1
010 1
10.18
8.89 143401534 12 7 013 1
010 0
10.10
were 3,933,296 bales, and in 1928 were 3,609,367
in 1929
6.44 143.401534 127 @931
097
10.32
bales. (2) That, although the receipts at the outports the
8.64 145401554 12 7 013 1
097
10.58
week were 423,079 bales, the actual movement from
past
8.48 143401554 13 0 013 2
098
10.48
plantations was 549,934 bales, stocks at interior towns
096
6.30 1454 ®1551 13 0 (§13 2
10.32
8.28 143401534 13 0 013 2
098
having increased 126,855 bales during the week. Last year
10.31
5.89 1.4501554 13 0 013 2
@96
1020
from the plantations for the week were 729,274
receipts
09 4
5.78 143.4015 13 0 013 2
bales and for 1928 they were 606,281 bales.
10.28
093
..54 144(415% 13 0 013 0
10.28
09 3
6.73 143401534 13 0 013 2
9.94
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
SHIPPING NEWS.
-As shown on a previous page, the
at a glance the world's supply of cotton for the week and exports of cotton from the United States the past week have
since Aug. 1 for the last two seasons from all sources from reached 278,210 bales. The shipments in detail, as made
which statistics are obtainable; also the takings or amounts up from mail and telegraphic reports, are as follows:
gone out of sight for the like period:
Bales.
GALVESTON-To Bremen-Oct. 9
-Effingham, 1,764_ _ _Oct. 10
-Louise Leonhardt,
-Oct. 13
-George Pierce,
-Nyanza, 4,572
3,500_770_ -Oct. 14
10,606
To Havre-Oct. 9-Nishama, 2,036_ -Oct. 13-Tynebridge,
Season.
Week.
Week.
Season.
-Maryland. 2,13i
3,733_ __Oct. 14
7,908
To Dunkirk-Oct. 14
-Maryland, 180
180
7,201,491
5,286,742
Visible supply Oct. 10
To Rotterdam-Oct. 9-Nishama, 253_ __Oct. 10
-Georgia,
5,302,014
3,735.957
Visible supply Aug. 1
1,250___Oct. 13
Pierce,771
-George
2,274
American in sight to Oct. 17...- 648,167 5,081.582 872,366 5,098,838
To Genoa-Oct. 9-Nicolo Odero, 1,589__-Oct. 15
-Mon145,000
20.000
17,000
171.000
Bombay receipts to Oct. 16_
tell°, 307
1,896
90,000
32,000
1,000
163,000
Other India ship'ts to Oct. 16
To Japan-Oct.11-Naples Maru,1,375._ _Oct. 13
212,900
82,000
56,000
-Hanover,
264,200
Alexandria receipts to Oct. 1&.
50_ __Oct. 13
-Toyama Marti, 5.900-_Oct. 14-Skram24,000
138,000
14,000
207,000
Othersupply to Oct. 15 *11
stad, 1,285
8.610
To China-Oct. 13
-Hanover. 784_ __Oct. 13
-Toyama Maru,
7,937,658 10,969,496 6,317,108 9,639,995
Total supply
500___Oct. 14-Skramstad, 523
1,807
Deduct
To Barcelona-Oct. 13-Prusa, 3.630....Oct. 13
-Mar Caribe,
7,513.645 7.513.645 5,763.032 5.763,032
Visible supply Oct. 17
4,740
8.370
-To Bremen-Oct. 7-Raimund, 2,197
2,197
424,013 3,455,851 554,076 3,876.963 NEW ORLEANS
Total takings to Oct. 17_a
To Havre-Oct. 14-Syros. 4,345
4,345
313.013 2,325.951 392,076 2.820.763
Of which American
To Hamburg-Oct. 7-Raimund, 230
230
111.000 1.129.900 162,000 1.056.200
Of which other
To Ghent
-Oct. 14-Syros, 862
862
To Japan-Oct. 8-Skramstad, 2.385
2,385
Embraces receipts in Europe from Brazil, Smyrna, West Ind es. &e.
To Barcelona-Oct. 14--Sahale, 955
955
a This total embraces since Aug. 1 the total estimated consumption by
To China-Oct. 8-8kramstad, 3,313
3,313
Southern mills, 900,000 bales in 1930 and 1,238.000 bales in 1929
Cotton Takings.
Week and Season.
1930.
1929.
Bales.
NEW ORLEANS700
-Baja California, 100, Alegra, 600_....-Oct.10
To Vera Cruz
To Liverpool-Oct.11-Magician, 1,505, Duquesne, 1,626-- 3,131
1,089
To Manchester-Oct. II-Magician,612, Duquesne,477
37
To Laguayra-Oct.11-William,37
1,083
-Edam, 1,083
To Rotterdam-Oct. 13
50
To Oslo-Oct. 3-Stureholm, 50
3
To Guatemala-Oct.10-Coppename,3
1.000
-London Maru. 1,000
SEATTLE-To Japan-Oct.4
2,000
To China-Oct. 4
-London Maru, 2,000
-To Japan-Oct. 7
-President Madison, 100.....
LOS ANGELES
1,214
Oct. 13
-Hague Marti, 714; President Van Buren, 400
-PresiTo China-Oct. 7
-President Madison, 200_Oct. 13
700
dent Van Buren, 500
50
To Liverpool
-Oct. 13
-Chancellor,50
150
To Havre-Oct. 13
-Arizona, 150
50
To Dunkirk-Oct. 13-Arizona, .50
1,000
To Bremen-Oct. 13
-San Francisco, 1,000
-Youngstown, 7,132
-To Havre-Oct. 9
CORPUS CHRISTI
7,976
Oct. 11-Middleham Castle,844
3,262
To Dunkirk-Oct. 9
-Youngstown, 2.939; Vasaholm, 323
50
To Gothenburg-Oct.9-Vasaholm,50
152
To Oslo-Oct. 9-Vasaholm, 152
To Ghent
-Oct. 9
-Youngstown, 901__ _Oct. 11-Middle1,351
ham Castle, 450
2,347
To Bremen-Oct. 10
-George Pierce, 2,347
700
To Rotterdam-Oct. 10
-George Pierce, 700
To Barcelona-Oct. 1I-Mar Caribe, 1,513
1,513
To Liverpool-Oct. 14
Oct 16-West Cohas, 5 048
7,141
Planter, 2,093
'
To Manchester-Oct. I4
-West Cohas, 1,294_- _Oct. 16
1,843
Planter, 549
HOUSTON-To Japan-Oct. 9
-Naples Mani, 5,657_- _Oct. 1310,958
Slab:Mad, 3.587__ _Oct. I6-Savannah Maru, 1.712
To Hamburg-Oct. 13-Luise Leonhardt,50
50
To China-Oct. 9
-Hanover,
-Naples M.700___Oct. 10
-Savannah
3,441_ _ _Oct. 13-8 •lamstad, 5,814---Oct. 16
16,206
Maru, 6,251
To Barcelona
-Oct. 13
-Mar Qaribe, 4,496--Oct. 16-Prusa,
9,627
5.131
To Havre-Oct. 11-Niagara, 12,445--Oct. 10--Tynebridge,
3,080_Oct. 13-Maryland. 658_Oct. 14-Midcileham
Oct.
22,004
Castle, 2,398--Oct. 15
-Youngstown, 3,443
To Laguayra-Oct. 11-Belray, 114
114
To Puerto Cabello-Oct. 11-Belray,96
96
To Bremen-Oct. 10
-Nyanza. 7,176_ -Oct. 13-Louise Leonhardt, 4,862__ _Oct. 14-11arburg, 11,166---Oct. 1630,346
George Prince, 7.142
To Rotterdam-Oct. 11-Georgia, 1,463_ __Oct. 16
-George
2,142
Prince, 679
To Copenhagen-Oct. 11-Georgla, 500
500
To Liver,
...1-Oct. 14
-Minnie de Larrinaga, 2,268__ _Oct.
15-E
port, 7.097
9,365
To Manchester-Oct. 14
-Minnie de Larrinaga, 2,928___Oct.
15-Elmsport,776
3.704
To Dunkirk-Oct. 13
-Maryland, 3,531
3,531
To Ghent
-Oct. 14-Middleham Castle, 1,013___Oct. 15Youngstown, 223
1,236
To Genoa-Oct. 13-Montello, 6,818
6,818
SAVANNAH-To Bremen-Oct. 11-Dansborg, 5,166___Oct. 15
-Oakbank, 15,980
21,146
To Liverpool
-Oct. 15
-Tulsa,4,817_ _Oct. 16-Sacarrappa,
3,569
8,386
To Genoa-Oct. 16-Nicolo Oder°, 1.605
1,605
To Manchester-Oct. 15
-Tulsa, 3,043
3,043
To Olso-Oct. 16-Stureholm,50
50
To Hamburg-Oct. 15-0akbank, 318
318
CHARLESTON-To Bremen-Oct. 10-Dansborg, 12.299
12.299
To Liverpool-Oct. 13-SacarraPpa,3.544
3.544
To Manchester-Oct. 13-Sacarrappa. 2,908
2.908
NORFOLK
-To lIavre-Oct. 13-McKeesport. 1.165
1.165
To Bremen-Oct. 17-Idarwald,963
963
NEW YORK-To Havre-Oct.9-Rochambeau, 114___Oct. 15McKeesport, 200
314
To Genoa-Oct. 10-Isarco, 100
100
To Hamburg-Oct. 15
-Albert Ballin, 150
150
To Marseilles-Oct. 15-Exiria, 110
110
BRUNSWICK
-To Liverpool-Oct. 12-Tulsa, 1.600
1,600
PENSACOLA-To Manchester-Oct. 13-Afoundria, 50_ __Oct. 14
Magician, 43
93
To Bremen-Oct. 16
-West Hika, 868
868
To Liverpool-Oct. 14-Magician,1,285
1,285
BEAUMONT-To Liverpool-Oct. 16-Barbadian, 325
325
To Itavro-Oct. 16-Lackenby, 950
950
SAN FRANCISCO-To Japan-Oct. 16
-West Hika, 2,300
2,300
To China-Oct. 16
-West Hika, 1,000
1,000
TEXAS CITY
-To Havre-Oct. 10-Nishmaha, 1,350
1,350
To Rotterdam-Oct, 10
97
-Oct. 10-Nishmaha,97
To Bromen-Oct. 11-Luise Leonhardt, 1,016
1,016
Total
278,210
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Liverpool .45c.
.600.
Manchester.45c. .60a.
Antwerp .450. .600.
Havre
.310. .460.
Rotterdam .45c. .60a.
Genoa
.500. .650.
.500. .600.
Oslo
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
High StandDensity. ard.
Ma. .750.
.500. Mc.
.50a.
.650.
.450.
.600.
.600. .750.
.40c. .55e.
.485 C. .63Hc
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Saionica
Venice
High Stand
Density. ard.
.5314a. .681i
.42e. .570.
.45c. .600.
.450. .600.
.75c. .900.
.75c. .90c.
.50e. .65e.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sept. 26.
44,000
15,000
2,000
36,000
625,000
208,000
57,000
42,000
128,000
68,000
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
Oct. 3.
Oct. 10. Oct. 17.
41.000
30,000
32,000
12,000
13,000
11,000
1,000
1,000
1,000
37,000
41,000
39,000
614,000 594,000 599,000
211,000 197,000 201,000
31,000
21,000
60,000
23,000
5.000
32.000
168,000 176,000 182.000
90,000 106,000 122,000
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.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market,Good
Quiet.
Quiet.
Quiet.
Quiet.
12:15 .{
inquiry.
P.M.
Mid.UpPds
Sales
5.656.
3,000
2559
FINANCIAL CURONICLE
OCT. 18 1930.]
5.626.
5,000
5.646.
5,000
5.756.
5,000
5.786
6.000
Friday.
Quiet.
5.736.
5,000
Futures.( Steady, Quiet, 1 pt. Quiet but Quiet but Quiet but Steady.
5 to 7 pts adv. to 1 ptst'dy, ml- st'dy, 4 to st'dy, 4 to 5 to 7 pts.
Market
advance, decline.
h'gd to 1 6 pts. adv.6 pts. dec. decline.
opened
Dt. dec.
Quiet,
Quiet,
Steady, Quiet but
Quiet.
Market, 1 Steady,
9 to 10 pts. 3 to 6 pts. 7 to 9 pts. 9 toll pts. st'dy, 1 pt. 5 to 10 pts.
4
decline,
advance,
decline,
advance. adv. to 2 decline.
P. M.
nta lion
Prices of futures at Liverpool for each day are given below:
Sat.
Oct. II
to
Oct. 17.
I
Mon.
I
Tues.
Wed.
I Thurs.
Fri.
12.15 2.3012.15 4.0012.15 4.00 12.15 4 0012 15 4.0012.15 4.00
p.m.
na p.m.P. m.P. m•P. m.P. m.p.m.p.m.p.m. .Ma
New Contract. d.
October
November _
December -January (1931).
February
March
April
May
June
July
August
September__
October
a. d.
5.51
5.57
5.63 __
5.69 -- -5.74....
5.81
5.85__
5.91
5.94--
--
--
6.10..
d. i
5.45
5.52
5.58
5.65
5.70
5.78
5.82
5.88
5.91
5.97
6.00
6.03
6.07
d.
5.44
5.52
5.58
5.65
5.70
5.77
5.81
5.87
5.90
5.96
5.99
6.02
6.06
d.
5.43
5.48
5.55
5.61
5.66
5.74
5.78
5.84
5.87
5.92
5.95
5.98
6.01
d.
5.50
5.56
5.63
5.69
5.74
5.81
5.85
5.91
5.94
5.99
6.02
6.05
6.08
d.
5.54
5.58
5.65
5.71
5.76
5.83
5.87j
5.93
5.96
6.01
8.04
6.07
6.10
d.
5.53
5.57
5.64
5.70
5.75
5.82
5.86
5.91
5.94
5.99
6.02
6.05
6.07
d. d.
5.54 5.48
5.59 5.51
5.65 5.58
5.72 5.65
5.76 5.69
5.83 5.76
5.87 5.80
5.93 5.86
5.96 5.89
6.01' 5.94
6.04 5.97
6.06 5.99
6.08. 6.02
d.
5.49
5.40
5.57
5.64
5.68
5.75
5.79
5.84
5.87
5.93
5.96
5.98
6.01
BREADSTUFFS
Friday Night, Oct. 17 1930.
Flour was somewhat lower at one time, with both domestic and foreign trade slow. Feed declined. Later prices of
flour declined 5 to 10c.
Wheat fell to the lowest prices since 1906, under the
pressure of Russian and Canadian wheat in Europe and
beneficial rains in Argentina and Australia. On the 11th
/
1
2
Inst. prices ended 2 to 2 c. lower on a bearish Government
report, the break in corn, a decline at Winnipeg, reports
once more of financial difficulties in the Canadian pool, an
estimate of the Australian crop of 190,000,000 bushels, or
50,000,000 more than the last crop, beneficial rains in
Australia, some pressure of Russian wheat, and lower prices
at Liverpool and Buenos Aires.
The Government report said that the total crop is estimated at 839,612,000 bushels, based on a condition of 91.5%,
compared with the Sept. 1 estimate of approximately 838,000,000 bushels, and an output last year of 806,000,000.
Average yields per acre are forecast at 14.2 bushels. Production of spring wheat other than durum as of Oct. 1 was
put at 189,906,000 bushels, an increase of about 1,000,000
above the estimate of a month ago and about 14,000,000
over the crop of last year. Condition of the spring wheat
crop was placed at 86.5% of normal and the yield per acre
at 11.7 bushels. The durum crop was estimated at 52,314,000
bushels, also an increase of about 1,000,000 bushels above
last month's forecast, but about the same as that of 1929.
The quality of the crop is placed at 87.7% of normal, and
the yield per acre at 12 bushels. The Canadian Government
report was somewhat bearish, putting the condition at 100%
for all spring wheat as compared with the same basis last
year at the same time. In the prairie provinces Manitoba's
condition was 97% against 100% last year; Saskatchewan
101 against 101, and Alberta 98 against the same last year.
On the 14th inst. prices advanced IA to lc. net. Early
prices fell 2c. to a new low for the season, owing mainly
to a decline in Liverpool of 3% to 5144. from Saturday's
/
Closing there. Favorable weather in Argentine and Australia, and large Russian, Canadian and Australian offerings depressed foreign markets. The United States visible
supply increased last week 79,000 bushels, whereas a moderate decline had been expected. The total is now 203,072,000 bushels against 192,567,000 a year ago. The country
movement in Canada, moreover, has been noticeably larger
this year than in the same period last year. But a sharp
rally came later on the same day. The market acted short.
Bad weather in Western Canada also had some effect.
Despite reports of a lack of foreign demand, fairly liberal
shipments are being made out of North America each week
without creating any surplus stocks abroad. Arrivals at
United States terminals were small, and a good milling
demand prevailed. Cash wheat premiums were very firm.
On the 15th inst. old contracts ended %c. lower to 1
4c.
higher. Winnipeg ended % to 13 higher. Liverpool
/
4c.
prices were disappointing at first, but rallied sharply later,
and closed 118 to 1%d. net higher. Larger export sales were
/
reported. They were 500,000 bushels, mostly Manitoba.
Western Canada had a blizzard. It is said that 100,000,000
bushels of wheat remain in northern Saskatchewan .and
northern Alberta to be threshed. Country deliveries fell
off sharply owing to bad weather.
On the 16th inst. prices ended 1 to 1%c. lower. Winnipeg fell 2c. Large Russian exports had a bad effect. They
offset anything at all bullish in the news. The French crop
is turning out to be 232,000,000 bushels against 320,000,000
last year, but there is said to have been a carryover on
2560
[Vox,. 131.
FINANCIAL CHRONICLE
Aug. 1 of 56,000,000. There was not much export demand.
To-day prices closed % to %c. higher after a swing on a 2c.
range. The cables were weak, export demand small, stocks
declined, and the weather and the crop news from the
Southern Hemisphere was, in the main, favorable. Argentina had some rains, but the market acted short, and later
on rallied. Russia was said to be buying back some of its
wheat. That counted for something. Yet the depression
.in the stock market prevented any marked advance in wheat.
Final prices show a decline for the week of 2 to 214c.
/
believed to be very heavy at this price, which is about 12c.
below that of a year ago. The United States visible supply
increased last week 529,000 bushels against 1,538,000 last
year in the same week. The total is now 31,024,000 bushels
against 28,423,000 a year ago. The final net rise on the
14th inst. was % to %c. on some months. On the 15th inst.
prices ended unchanged to %c. higher on old contracts and
% to %c. higher on the new on covering of shorts and a
lack of any real pressure to sell regardless of other grain
markets. On the 16th inst. prices ended 1 to %c. lower, in
4
sympathy with other grain. To-day prices were irregular,
moving with other grain and in the end showing no change
at all for the day. Final prices show a decline for the
week of lc.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard
89% ____ 89% 894 89% 88%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
77
December
77% ____ 784 78% 76
DAILY CLOSING PRICES OF OATS IN NEW YORK.
March
81% ____ 8234 824 8034 81
Sat. Mon. Tues. Wed, Thurs. Fri.
May
8234 83
83% __-- 84% 84
No.2 White
4734 _--- 4734 474 47
47
July
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
Sat. Mon. Tues. Wed. Thurs. Fri.
36
- _ _ _ 36
37
364 3634
7234 December
October
69
____ 70% 724 70
March
38
--__ 383
38% 3834 38%
December
7334 7134 625
71
-- _ _ 72
May
39
_ -__ 39 4 40
394 3934
7734
May
774 784 764 77% July
7734
•
Indian corn declined on the, Government report and the
fact that most of the crop is beyond danger of frost. On
the 11th inst. prices declined 3 to 3%c. on the Government
report pointing to 2,046,716,000 bushels as against private
estimates of 2,003,000,000. Yet the latest Government estimate of Oct. 1 is about 22% below the crop of last year and
24% below the five-year average. It is expected to be the
Smallest crop harvested since 1921. The condition on Oct. 1
was 58.8% against 51.6 on Sept. 1, 71 on the same date last
-year period
year, and an average of 78.1% during the 10
1919-28. It is expected that the crop will be 20.2 bushels
to the acre. On the 14th inst. prices declined 2 to 2%c. on
most months, mainly in sympathy with a decline in wheat.
The receipts, too, were larger. But later came a sharp
rally, when wheat advanced. Moreover, husking returns
were not good; far from it. Offerings to arrive were small.
Cash demand was good from the industries and shippers.
The United States visible supply decreased last week 74,000
bushels against 293,000 last year. The total is 4,569,000
bushels against 3,937,000 last year.
On the 15th inst. prices ended 1 to 1%c. lower for old contracts and % to 1%c. lower for new. The weakness in wheat
affected corn. Offerings increased. Prices rallied at one
time, but weakness succeeded. Industries were still good
buyers, but the receipts were a little larger. They included
25 cars of new corn at Chicago. Less attention was paid
to unfavorable husking returns. On the 16th inst. prices
declined 1% to 214c., partly in sympathy with wheat, after
an early slight advance. The cash demand fell off somewhat. Country offerings to arrive were small, but confinements increased somewhat. Receipts of new corn are fairly
large daily. To-day prices ended % to lc. higher, after
some early irregularity, due to scattered liquidation and
professional selling, behind which was the fear of larger
receipts before long. But some of the professionals later
on bought corn against sales of wheat. This took up the
slack of offerings, and prices rallied. The weather was
cold and unsettled. The cash demand was good. Country
offerings were above the market. Final prices show a
decline for the week of 414 to 514c.
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
3034 333j
30
_ _ 317
344 _
_ 35
October
December
May
IN WINNIPEG.
Wed. Thurs. Fri.
33% 3334 33A
32A 31% 324
36
354 36
Rye suffered from the effects of weakness in wheat and
dullness of speculation. Rye looks cheap to many people.
On the 11th inst. prices fell 1% to 2/
14c., with other grain
lower and liquidation larger. On the 14th inst. prices ended
% to 1%c. higher, rallying with wheat after an early decline
of % to lc. Liquidation was not large. Moderate sales
seemed to be made for feeding. The United States visible
supply increased last week 72,000 bushels against 145,000
last year, making the total 16,540,000 bushels against 10,234,000 a year ago. On the 15th inst. prices ended 14 to %c.
/
lower, in sympathy with the unsettlement in wheat. On
the 16th inst. prices ended % to lc. lower, In response to
lower prices for wheat. To-day prices ended unchanged to
1 2c. higher, moving generally in the same direction as
/
wheat. Professionals did most of the trading. Final prices
show a decline for the week of 2 to 2%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
74 47
52% ___- 5334 53
52
52
534 __-- 55
5434 5334 53
December
March
May
July
Closing quotations were as follows:
GRAIN.
Oats, New York
No. 2 white
47
No.3 white
4434
Rye-No.2f.o.b New York
5734
Chicago, No 2
Corn. New York
994 Barley,
No.2 yellow, all rail
No.2 c.i.f. New York,dom. 604
No.3 yellow all rail
984
Chicago. ash
,
47(366
FLOUR.
Spring pat. high protein.$4.80 $5.25 Rye flour, patents ----434.00©14.40
4.80 Seminola, No. 2, mod__ 24(a'3c
Spring patents
4.50
Clears, first spring
4.40 4.65 Oats goods
2.223-6 fiy2.27H
Soft winter straights3.80 4.40 Corn flour
2.60@i 2.65
Hard winter straights
4.35 4.65 Barley goods
Hard winter patents_ - _ 4.65
5.00
Coarse
3.25
Hard winter clears
4.40
4.10
Fancy pearl, Nos. I.
Fancy Minn. patents_ - 6.15 6.65
2.3 and 4
6.15@ 6.50
City mills
6.40i 7.
For other tables usually given here, see page 2492.
Wheat. New York
No.2 red,f.o.b.. new
No.2 hard winter,
97%
88%
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREALS, &c.
-The full report of the Department of
! Agriculture, showing the condition of the cereal crops on
YORK.
DAILY CLOSING PRICES OF CORN IN NEW
Oct. 1, as issued on the 10th inst., will be found in an earlier
Sat. Mon Tues. Wed. Thurs. Fri.
994 ____ 102% 1024 98% 994 part of this issue in the department entitled "Indications of
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Business Activity."
December
March
May
July
Sat. Mon. Tues.
79
---- 80
80
8134
82% ____ 83;4
Wed.
7834
7934
824
Thurs.
764
77%
804
Fri.
77
78%
81A
Oats declined on the fall in prices of corn and hedge
/
selling. On the 11th inst. prices ended '114c. lower in
sympathy with a decline in other grain. The Government
report stated that the crop is even better than was indicated by the improvement reported on Sept. 1 being estimated at 1,411,000,000 bushels, or almost 100,000,000 more
than expected on Aug. 1. This year's crop is 177,000,000
bushels larger than that of last year. The yield per acre
is 33.7 bushels or much above the 30.7 bushels of last year
-year average of 31 bushels. The quality is excepor the 10
tionally high, 91.2% against 86.2 last year, and an average
of 86.4.
On the 14th inst. prices followed in the train of other
grain, declining early and rallying later some 114c. The
selling pressure was not severe. The farm consumption is
GRAIN CROP PROSPECTS IN FOREIGN COUNTRIES.
-The United States Department of Agriculture at
Washington in giving its report on Oct. 10 of the grain
crops in the United States also made public a report on the
prospects of grain crops in foreign countries, which will
be found complete in an earlier part of this issue, in the
department entitled "Indications of Business Activity."
•
WEATHER REPORT FOR THE WEEK ENDED
OCT. 8.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Oct. 15, follows:
The week was abnormally warm over most sections east of the Rock?
Mountains, and was generally cool to the westward. The table on page
three shows that the weekly mean temperatures were especially high in the
Central and Northern States where they ranged rather generally from
6 deg. to as much as 14 deg. above the seasonal average. In the extreme
Southeast about normal warmth prevailed, while west of the Rocky
Mountains most sections reported mean temperatures from 2 deg. to 5 deg.
below normal. In the central and eastern portions of the country freezing
weather was confined to the Interior of the Northeast, and in the West to
the higher elevations and the extreme northwestern Great Plains.
The table shows also that there was again considerable rainfall in the
great central valleys, the western Lake region, and the Southwest, with
OCT. 18 1930.]
FINANCIAL CHRONICLE
some heavy amounts for the season in parts of the Rocky Mountain area.
There were also light to moderate rains throughout the Pacific Coast
States, but in an area, extending from northern North Carolina and eastern
Kentucky northeastward, very littla occurred.
Additional rains during the week were favorable in many sections of
the central valleys and more western States, especially in northern districts.
In Central and Southern States high temperatures stimulated the growth
of fall crops not yet matured and also pasture lands rather generally.
Meadows and pastures continue to show improvement and are affording
considerable grazing, while fall-sown grain fields in some sections are now
available for limited use. Parts of Michigan continued dry, but the rains
of the week there, as well as to the westward, were very beneficial. It
continues too dry for plowing in other local areas, principally in Kentucky,
with stock and municipal water supplies still very short, and growing more
serious locally. Elsewhere west of the Appalachian Mountains soil moisture
Is now generally sufficient for present needs of crops, but in considerable
areas the subsoil is deficient in normal moisture supply. Fall grains are
coming to a good stand, and growing nicely, while the corn crop is largely
secured.
In the more eastern States rains the latter part of the week in the south
Atlantic section were very helpful, and at its close beneficial amounts had
extended as far northward as North Carolina. In the middle Atlantic
area, however, especially in the Virginias and Maryland, the drouth continues unabated, with springs and streams showing further decline, and the
water situation serious in many localities. Dry weather continued also in
the North Atlantic States, with good rains urgently needed. West of the
Rocky Mountains conditions continued generally favorable, with rather
widely-distributed showers helpful. There was no frost damage reported
during the week. The general situation is now favorable, except in the
still droughty East.
SMALL GRAINS.—Continued absence of rain, with dry soil, has
hampered plowing and seeding winter grains in the Middle Atlantic States
and sections to the westward, including West Virginia, and most of
Kentucky and Tennessee. Elsewhere plowing and seeding are generally
well advanced, except in Oklahoma where previously dry weather and then
heavy rains retarded this work, although preparations are advancing where
the soil is not too wet. In Kansas conditions were favorable for seeding,
germination, and growth of winter wheat and nearly all the crop has been
put in, with advanced fields covering the g.round. Surface soil moisture is
sufficient for the present in the Pacific Northwest, but cool weather is
retarding germination.
CORN—Corn dried out fairly well during the week, except for retardation the latter part In western sections. Husking is well started in many
places, and practically all of the crop is now safe from frost.
COTTON —There was considerable rainfall and cloudy weather, especially the first *part of the week, in the western part of the Cotton Belt, which
retarded picking and ginning to a considerable extent, but otherwise these
activities made fairly good advance. There is more or less complaint of
rains and wetness beating down cotton and staining staple in the Mississippi
Valley and to the westward, but in the more eastern States the week was
mostly dry and sunny, except for showers near its close. In the latter
area cotton continued to open rapidly,and picking made very good progress.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginfa.—Richmond: Temperature above normal, no rain. Favorable
for harvest of peanuts and digging potatoes. Plowing and wheat seeding
delayed, in southwest, sowing winter grains about finished under favorable
conditions. Drouth continues unabated over most of State.
North Carolina.—Raleigh: Rains in east and central at close. Little
growth, but good progress in harvesting crops. Cotton opening rapidly
and picking about half done. Rain was much needed to soften soil for
seeding and germination of small grains.
South Carolina.—Columbia: Widely-scattered light rains, days warm,
but nights rather too cool. Cotton practically all open, picking and ginning
very active. Potatoes, truck, meadows, pastures, and cover crops improved by week-end rains. Oat sowing increasing. Corn gathering
proceeding. Soil fair for fall plowing.
Georgia.—Atlanta: Moderate rains general first half of week and slightly
detrimental in north, while elsewhere weather continued mostly favorable
for harvesting. Much hay, corn, peanuts and potatoes safely housed
and seeding wheat, oats and rye progressing favorably. Picking and
ginning cotton made good progress.
Alabama.—Montgomery: Averaged warm, rains general and locally
Rain delayed farm work. Progress and condition of potatoes
heavy.
and late corn mostly fair, harvesting corn progressing in south. Picking
cotton practically finished in some areas of south and well advanced to
extreme north, ginning good advance, rain damaged staple locally.
Mississippi.—Vickslourg: Moderate to heavy rains. Progress in picking
and ginning cotton generally rather poor, with rains causing considerable
rather poor grade staple. Progrm in housing corn mostly poor. Progress
of gardens, pastures and truck mostly good.
Louisiona.—New Orleans: Mostly dry and warm. Favorable for work
and crops, except light to heavy rains at beginning of week hindered cotton
picking and rice threshing, but good progress made subsequently.
Texas.—Houston: Warm, with light to excessive rains, except in eastern
third, where mostly dry. Progress of pastures, winter grains, fall truck
and late minor crops very good, condition poor to good. Progress and
condition of citrus good. Rice threshing stopped or slow, account damp
weather. Picking and ginning cotton delayed by wet soil and some damage
to open crop by rains in portions of western half, top crop poor.
Oklahoma —Oklahoma City: Moderate temperatures, sunshine deficient,
heavy rain in west latter part of week, but none in east. Cotton staple
damaged and picking and ginning interrupted by rain and wet fields,
picking normally advanced, yield and quality of lint irregular. Harvesting corn nearly finished. Grain sorghums mostly safe from frost damage.
Some wheat planted where soil not too wet and much yet to be sown,
early wheat improved and now in generally good condition.
Arkansas.—Little Rock: Very good progress in picking and ginning
cotton, except first of week, when delayed by rain, some complaint of
crop beaten down and damaged. Nearly all corn matured and being
gathered rapidly. Very favorable for wheat, oats, rye, meadows, pasture
and potatoes.
Tennessee.—Nashville: Past week favorable for plowing and some oats
sown, but little winter wheat. Late corn curing in shock, while green in
some fields, condition poor to fair. Condition of cotton fair, opening
rapidly, weather excellent for picking and ginning.
Kentucky—Louisville: Light to moderate showers helped grass, potatoes, late gardens and growth and germination of grains. Sowing rye
and wheat continues, but mostly too dry for plowing. High temperatures
caused rapid loss of moisture. Rye pastures available in districts with
most moisture. Tobacco all in and curing rapidly. Corn mostly cut.
THE DRY GOODS TRADE
New York, Friday Night, Oct. 17 1930.
Business both at retail and in primary quarters slowed
down somewhat in the current week, continuance of relatively high temperatures being an important factor in the
former quarter, and doubtless finding some reflection in
producing channels. However, the occurrence of a holiday
which was not generally observed by department stores gave
consumers a shopping opportunity which was evidently taken
advantage of, thus tending to offset the influence of the
weather. With a long period of restricted consumer buying
of men's wear merchandise behind the market a sustained
improvement in sales during the remainder of the year is
looked for in many quarters, though it is hardly expected
that the total will approximate what is regarded as normal
of the period. No noteworthy development immediately
bearing on fundamental conditions in textile producing centers was recorded during the week other than the program
for gradually eliminating women •and minors from night
work in cotton mills. A moderate amount of business con-
2561
tinues to go forward in silk goods, with the movement, on
the whole, lacking sufficient vitality to be regarded as satisfactory by the trade at large. It is revealed that silk goods
are one instance in which the public reaps some benefit from
declines in raw materials, with fabrics going into consumption at considerably reduced prices compared with previous
years. The outlook is regarded as fairly promising, since
the very cautiousness which continues to pervade the markets is resulting in a strictly hand-to-month policy in all
divisions, which in the long run should serve its obvious
constrUctive purpose, particularly when the awaited general
business revival begins to manifest itself. With new offerings of rayons for the spring season distinguished by marked
success in the production of attractively designed fabrics at
low prices, the outlook, which has been greatly obscured
heretofore by the prevailing disruption of normal business
ct,nd tions consequent upon the general business depression
is now estimated as somewhat brighter. Production, as in
other divisions, has been materially curtailed, while prices
have been cut to levels conforming with the declines in silk.
Accordingly, with such adjustments completed, and with
textile conditions generally having registered some improvement compared with the previous few months, it is thought
in a number of quarters that the second half of 1930 will
show measurable improvement.
DOMESTIC COTTON GOODS.—At the annual meeting
of the Cotton Textile Institute this week recommendations
for the elimination of women and minors from night shifts
In mills received the almost unanimous endorsement of the
representatives of the industry. It is planned to secure a
progressively larger acceptance of the recommendations in
point during the course of three years beginning Mar. 1 1931,
and it seems to be the general opinion in the trade, apart
from the obvious inference to be drawn from the result of
the vote taken by the Institute, that the success of the
project is practically assured. EmphasiE is laid on the
anticipation that the new plan may prove the forerunner
of entire and permanent suspension of night work in mills
which is generally regarded by factors who take a longterm view of the industry as one of the fundamental evils
In the industry. It is now hoped that even in the course
of a year or so the day and night operations which have
resulted in flooding the market with superfluous goods will
have been so curtailed as to restore rational marketing conditions throughout the trade. Meanwhile regulation of production in the Industry as an emergency measure to meet
the abnormal conditions of the current period continues to
hold most of its active adherents, and prospects for the long
future are accordingly relatively bright. Cheap raw cotton,
the extremely low current price levels on goods, and the
excellent quality of current merchandise are other factors
of first importance which are calculated to stimulate a
demand which is already reflecting increased confidence
In a number of quarters. The week's total business is estimated to be somewhat under that of the previous one, but
a steady flow of goods continued to find its way into distributing channels. Gray goods markets have slowed up
somewhat following the recent heavy buying, while sheetings business continues to lag considerably behind sales of
print cloths, particularly in the narrow constructions, with
a number of producers of the former goods having more
business on hand than for some time back. Recent sales of
broadcloths are reported to have been heavy, particularly
In the carded constructions, and buyers are said to be more
willing to commit themselves for combed broadcloths. Some
expansion of activity has been noted in fine cotton goods,
with conditions beginning to reflect recent curtailment.
l'r.nt 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 614c., and 39-inch 80x80's at 7%c.
WOOLEN GOODS.—While markets for woolens and
worsteds remained generally quiet, particularly in the men's
wear division, prospects for a continuation of a steady
flow of orders for woolen and worsted dress fabrics for
some time to come are fairly well assured, according to a
number of factors. The popularity of woolen fabrics for
the spring season has already been established, with a distinct increase noted in the demand from the public relative
to that for other lines such as silks. New and improved
methods of production and the evident satisfaction of buyers with the new materials have contributed to the favorable
outlook in this connection. The American Woolen Co.'s new
spring dress goods lines were offered at reductions of between 5c. and 15c. a yard on repeat numbers, with a good
volume of business already accruing to the big factor, for
spring. While a number of new fabrics are included in
the offerings of various companies displaying a larger scope
in style and color than those for the fall season, there is a
very noticable tendency to concentrate on a limited number
of lines which are relatively sure to be popular.
FOREIGN DRY GOODS.—The week in linen markets
proved practically featureless. Sales of linen suitings continue to be made in moderate volume, and occasional orders
for dress goods are being received. Burlaps tended slightly
firmer, with a better demand in evidence, understood owing
to cooler weather in some sections of the country. Light
weights are quoted at 4.30c., and heavies at 5.50e.
2562
FINANCIAL CHRONICLE
[VOL. 131.
Section 1. No changes are made in this section except the addition of
the following words at the end of the section, "and shall be subject to all
of the provisions of this Act."
Section 2. The present law requires the Auditor to issue a permit to
organize when application is made to him. A new provision is added
directing him to examine the application and investigate the truth of the
statements and to issue a permit to organize only if the applicants are
entitled to such permit.
Shares of the capital stock are now
Detroit, Mich.—Legal Approval Given on Proposed Issu- amendment permits them to be not lessrequired to be of $100 each. The
than $10 nor more than $100 each.
ance of $5,000,000 School Bonds.—In a new effort toward
Section 4. The officers appointed by the directors must be provided
for by the by-laws.
getting an immediate start on the construction of 85,000,000 than 10 shares whichAt present each director is required to hold not less
be filed with the cashier of the bank during
for Board of Education buildings the city officials again the term as director. mustamount of these shares is changed in the Act
The
$1,000.
appealed to Thomson, Wood & Hoffman of N. Y. City, toA provision is added
with regard to special meetings of the directors.
the bond attorneys for Detroit, to revise the opinion rendered Such meetings shall be held, as provided by the by-laws, or upon call of
by them in 1929, which held that a proposed issue of several the Auditor or bank examiner, upon 12 hours' notice by personal service
or by mailing to each director;
required for meetings is a mamillion dollars by the Board of Education would be illegal jority of the directors instead of the quorum be provided for by the by-laws.
being left to
Section 5. Before the Auditor issues the certificates to commence
inasmuch as the Board had already exceeded the 2% limitabusiness, each bank is required to have surplus
tion imposed by statutes. The attorneys have rendered a of the capital and a reserve for operatingaexpenses of not less than 10%
of at least 5%
new opinion under an interpretation of a 1927 amendment capital; the Auditor is authorized to withhold the certificate whenof the
he Is
not satisfied as to the
to the 1919 school bonding law which would allow the City of any subscriber or iftruth of any statements contained in the affidavit
a commission or fee has been paid in
to issue bonds for school purposes without involving the with the sale of stock of the bank. These requirements are new.connection
Section 7. The
school district. The text of the opinion written under it for publication isfee for examining the Quarterly report and preparing
changed from $10 to $5.
date of Oct. 3 to City Comptroller H. C. Wade reads as
Section 8. A new provision is added forbidding any bank or officer or
employee to make any loan or grant any gratuity to any bank examiner.
follows:
Penalty for violation of this provision is fixed at a fine of not more than
New York, Oct. 3 1930.
$5,000, or imprisionment in the county jail for not more than one year.
Howard C. Wade, Req.. City Comptroller.
Section 9. The provision as to branch banks is changed. Branch
Detroit, Mich.
banks are forbidden in this or any other State or country, but branch
Dear Sir:
We to-day discussed the rovisions of Act No. 319 of the Public Acts of offices or additional offices or agencies for the purpose of conducting any
Michigan, 1927, vrith Mr. W
Wilcox and Mr. Page, with particular reference of the bank's business are prohibited only in this State.
Section 10. In fixing the limitations upon loans made by a bank,
to the power of the School District to issue bonds under the provisions of
Sections 44 to 49 of Chapter 8 of that statute, and at Mr. Wilcox's sugges- there are a number of transactions which in the _present law are not considered as money loaned. One of these, the Purchase of or loaning money
tion we are writing you setting forth our interpretation of this Act.
Section 16 of Chapter 8 of the statute authorizes the issuance of bonds In exchange for evidences of indebtedness secured by written pledge covfor various school purposes in the name of the City. These bonds are quite ering livestock, is omitted entirely. Another one relating to the purchase
evidently what we have always called "Budget Bonds" and are issued in of or loaning money in exchange for evidences of indebtedness secured by
lieu of raising the amounts necessary for the construction of the improve- loan or trust deed upon productive real estate is changed so that the buildments by taxation. In other words, they are bonds which would be in- ings upon such real estate are included in the valuation which is required to
cluded in your Annual Bond Statement. Sections 44 to 49 incl., provide be double the amount of the debt secured. The total liabilities of any one
for the issuance of bonds which are not bonds of the City of Detroit, but person, partnership or corporation is now limited to not more than the
on the contrary are bonds of the School District of the City of Detroit. amount of the capital stock of the bank. This is changed so that it may
Section 46 limits the amount of these bonds which may be issued without not exceed one-half the amount of the capital stock and unimpaired surplus.
A provision which excludes from the computation of the total liabilities
a vote to 27 of the assessed valuation of the real and personal property
of the School District. With a vote of the qualified electors, bonds may of any person, corporation or firm, liabilities which are secured by collateral
approved by the Auditor and deposited with him or secured by a bond
be issued under these sections up to 5% of the assessed valuation.
The question arises whether the limitations contained in Section 46 are filed with and approved by him, is repealed.
The provision authorizing the
applicablefo bonds issued in the name of the City under the provisions of carry excessive loans if the bank Auditor to grant a permit to a bank to
furnished the Auditor a bond to secure
Section 16 of the Statute and the Detroit Charter. In other words, are
they applicable to the Budget Bonds? In our opinion, they are not. such bank against loss on account of such loans, is also repealed.
Section 11. The minimum capital stock now permitted outside of
Section 50 of the Act of 1927 expressly provides that the provisions of
Sections 44 to 49 incl., are supplemental to and are not in any way to municipalities and in the smaller municipalities is $25,000, this is increased
$50,000.
affect the provisions of Section 16 of the Statute, or any other provisions toThe
provisions relative to impairment of the capital stock is considerably
of law under which bonds of the District or the City are authorized to be
issued and sold. It is our interpretation of this Section that it was intended changed, mostly by tne insertion of additional provisions. The board
to make it clear that the limitations of indebtedness imposed by the Act of dkectors Is directed to sell a sufficient amount of capital stock of any
of 1927 were solely applicable to bonds issued in the name of the School stockholder who refugee after 30 days' notice to pay an assessment ordered
District, and that the power to issue bonds for school purposes without to make good an impairment in the capital stock. The provision directing
limitation by the City of Detroit, which it had previously possessed, was the Auditor to enter suit against stockholders to make good an impairment
not intended to be affected by the special limitations imposed by the Act is repealed and the period of 30 days during which the impairment must
of 1927 upon the power to issue bonds in the name of the School District. be made good before the Auditor is to act is changed to 60 days. There
It is our construction of the Act of 1927 that the limitations of indebted- Is added an additional clause authorizing the Auditor to appoint a receiver
ness apply only to bonds issued in the name of the District, and that in if a hank is operating witn an insufficient portion of its assets in cash or
computing that limit, it is not necessary to take into consideration any readily convertible securities. The Auditor Is authorized to take possession
bonds which have been heretofore, or which may hereafter be issued by of the bank and all property for wrpose of reorgaization without a receivership.
the City of Detroit for school purposes.
The action of a receiver in selling and compounding debts and in selling
Very truly yours.
property of the bank is now required to be upon tne order of a court of
(Signed) THOMSON, WOOD & HOFFMAN.
competent jurisdiction, this is changed to a court of record of the county
which the bank is located.
Flint, Mich.—State Supreme Court Decision Upholds In There is added a provision requiring the receiver to file a copy of all
Sewer Bonds.—On Oct. 7 the Michigan Supreme Court reports with the Auditor and such other reports and records as the Auditor
is
The
may
handed down a decision upholding the legality of the $965,- namerequire. may,receiverthe given power to sue and defend in his own
direction
Auditor, surrender to
under
and he
000 sewer bond issue against which a friendly suit had been customers of the bank private papers andof the
valuables. He shall terminate
all trusteeships, guardianships, conservatorships and appointments as
filed by two local taxpayers on Sept. 16—V. 131, p. 2093.
executor or administrator held by the bank as soon as possible. He is
The Court held that the issuance and sale of the $690,000 authorized to redeem collateral hypothecated by the hank when such action
portion of the total amount which now remain unsold is approved by the Auditor. a receiver, claims against the bank are to be
After the
would not conflict with the provisions of the new city presented toappointment of court if a suit has been commenced for the
the clerk of the
charter. The "Michigan Investor" of Oct. 11 carried the dissolution of the bank and the action of the court allowing or disallowing
such claims is to an adjudication by the court.
following report on the action:
There is a provision added requiring the receiver to deposit all moneys
Decision of the Michigan Supreme Court last Tuesday upholding the collected by him daily in a depository selected by the Auditor. Securities
legality of $965,000 Flint sewer bonds, part of an Issue of $2,375,000 auth- by such depository and the payment of interest upon rates fixed by the
orized by the voters in 1929, paves the way for resumption of sewer con- Auditor, but not less than 2% are provided for.
struction work that has been held up for some time.
Provision is made for the filing of claims and the pro rata distribution
A friendly suit to determine the legality of the bonds was started by of dividends. All books and records after the receivership are to be turned
Roy W. Schumacher and Ernest W. Potter of the Citizens Commercial over to the Auditor for preservation.
and Savings Bank on the grounds that the city's new charter, which became
Provision is made for enforcing the individual liability of shareholders,
effective April, 1930, requires a three-fifths vote of the people to approve the expenses of the proceedings to be paid out of the funds collected.
bond issues whereas the old charter provided for merely a majority. The
Any receiver, when it is necessary may, with the approval of the Auditor,
$2,375,000 bond issue was authorized while the old charter was in effect purchase or redeem property in which the hank had an interest by reason of
bond, mortgage or otherwise.
and all but $965,000 of the bonds were sold before April, 1930.
At present a majority of the creditors may nominate a person to be
Issuance Not Restricted.
appointed receiver, this is changed so as to require two-thirds of the creditors
The suit was heard In circuit court before Judge Paul V. Gadola, who for such nomination.
dismissed the plaintiff's contention that the new charter deprived the city
Section 1134. This is a new section and prohibits the withdrawal of
commission of power to execute the 1929 bonds. This ruling was upheld any portion of the bank's capital, also prohibits dividends if losses have
Tuesday by the Supreme Court in the following opinion:
the undivided
been sustained
hand. Debts upon which
the electors in the issuance of municipal bonds is not to interest is pastequal to a period of sixprofits onunless well secured and in
The function of
due for
months,
do, direct or supervise the administrative acts of putting them in circula- process of collection, are to be considered bad debts. Before a dividend is
tion. Their function is to authorize them and grant power under which permitted, 1-10th part of the profits since the last dividend must be carried
the administrative officers may execute and deliver them. The charter into the surplus fund until it amounts to 20% of the capital stock. .
provision contains no restriction upon the administrative issuance of bonds
Section 12. The provision relating to changes in the capital stock,
before legally authorized nor does it limit the power of the city commission number of directors, &e., and the limitation against an increase in the
to negotiate them.
number of directors, managers or trustees to more than 21 is repealed,
The high court, in affirming the lower court degree, said the latter went and there is added a provision forbidding the change of location of a bank
beyond "the issue before us in purporting to legalize the bonds and declare from one municipality to another or from unincorporated territory to a
them a general binding obligation on the city of Flint."
municipality or to a place more than five miles from its present location,
in
the Auditor.
Illinois.—Acts to be Voted Upon in November.—The any changesalsothe corporate franchise must be approved byprotection of
added a provision that any bank for the
There is
creditors may, with the approval of the Auditor and
voters will be called upon at the general election to ballot depositors and other of its directors sell any or all of its assets to another
by a two-thirds vote
on the passage of an act relative to the acquisition and es- hank, if said hank assumes the liabilities other than liabilities to stocktablishment by the State of a State-wide system of con- holders.
Section 13. This section
banks, and is
servation, forest preserves and recreation grounds and the amended to require that suchrelates to consolidation ofby the Auditor,
consolidation be approved
issuance of $14,000,000 in bonds to pay the cost of establish- and that a complete record of the proceedings, list of stockholders and all
details of such consolidation be submitted to
ing such system. A popular referendum will be held upon and complete before such approval, he must him and be found to be true
also decide that a sufficient
a proposal to amend Article IX of the State Constitution, amount is dedicated to the business of the proposed consolidation. The
Auditor is given power
make an examination of
reported on at length in V. 131, p. 1449 and 1591. A prop- poration, the expense to to paid by the corporation. a consolidated corbe
Section 14. Changes heretofore made in location, capital stock, number
osition of much interest to both bankers and citizens of the
State is the amendment to the State Banking Act, also up of directors, &c., under other Acts of the General Assembly are validated.
receiverovith
Sales, settlements and compositions heretofore made
for approval. The following, defining the proposed amend- the approval of the court of record of the county in by anythe bank,was
which
ments, has been issued by Oscar E. Carlstrom, Attorney located are validated.
#tate and Txtg gepartuteixt
NEWS ITEMS
General:
The Act was prepared by the Banking Commission created by Act of
the 55th General Assembly. It amends 14 sections of the Banking Act
and adds one new section. In addition to the substantive changes in the
banking law, other changes are made in phraseology merely to clarify the
language.
The adoption of these amendments will strengthen banking in Illinois
and will give to the supervising authorities more rigid enforcement powers.
The proposed changes are set out below by sections
Municipal Bond Issues to be Voted Upon at General
Election.—For the entire country it is estimated that municipal bond proposals aggregating in the neighborhood of
$450,000,000 will be submitted to the voters for approval
at the general election on Nov. 4. It is expected that a
fair portion of the proposed financing will be rejected by the
electorate, while the rest appears certain of approval. The
OCT. 18 1930.]
FINANCIAL CHRONICLE
2563
great bulk of the total bonds scheduled will be made up of
several very large proposals, the remainder consisting of
issues of less than $1,000,000, to be balloted on by various
scattered municipalities. Of the entire amount up for
approval, nine States will contribute approximately $290,000,000 and issues totaling over $146,000,000 by various
large cities and counties or districts. We list herewith the
larger proposed issues to be passed on by the voters:
shall include the work of demolition or removal of the existing building.
All buildings constructed under this Act shall be and remain the property
of the State. If the legislature shall provide, by moneys appropriated from
the general fund, for the acquisition by the state of lands or additional
lands on which to construct a building or buildings for any such hospital
or institution, under this Act,no part of the proceeds of bonds sold and issued
hereunder shall be available for constructing a building or buildings on any
such lands if acquired by purchase until the attorney-general, by certificate
filed with the State Comptroller, shall have approved the title to such
lands and the conveyance or conveyances thereof to the State.
Sec. 4. This law shall not take effect until it shall at a general election
have been submitted to the people and have received a majority of all the
$100,000,000 State of New Jersey public improvements.
votes cast for and against it at such election, and the same shall be sub68,000,000 State of Louisiana highway and bridge, $5,000,000 Capitol mitted to the people of this State at the general election to be held in NovemBuilding. $1,000.000 airport bonds.
ber 1930. The ballots to be furnished for the use of the voters upon the sub50,000,000 State of New York hospitals and prisons.
mission of this law shall be in the form prescribed by the election law and the
35,000,000 Golden Gate Bridge and Highway District (San Francisco, proposition or question to be submitted shall be printed thereon in subCalif.)
stantially the following form, namely. "Shall chapter (here insert the num31,500,000 Cleveland, Ohio, various improvements.
ber of the chapter) of the laws of 1930. entitled An Act making provision
20,000,000 State of California veterans welfare bonds.
for issuing emergency bonds to the amount of not to exceed $50,000,000
15,000,000 State of Oklahoma highway improvement.
for the construction of buildings under the control of the department of
13,300.000 Los Angeles, Calif. light and power system, and $6,000,000 mental hygiene or the department of correction, and providing for the
sewerage.
submission of the same to the people to be voted upon at the general election
20,670,000 Chicago, Ill, various improvement, and $3,000,000 for Lin- to be held in the year 1930,' be approved.'
coln Park.
FORM OF SUBMISSION OF PROPOSITION NUMBER ONE.
14,000,000 State of Illinois conservation bonds.
10,000.000 State of Arizona highway improvement.
,
Emergency Construction Bonds.
6,000,000 Cuyahoga County, Ohio bridge, and $1,850,000 county
Shall chapter 477 of the laws of 1930, entitled "An Act making provision
building bonds.
for issuing emergency bonds to the amount sf not to exceed $50,000,000 for
4,000,000 San Francisco, Calif., airport construction and $10,000,000 the construction of buildings under the control of the department of mental
harbor improvement bonds.
hygiene or the department of correction, and providing for the submission
3,000,000 State of Montana institutional bonds.
of the same to the people to be voted upon at the general election to be held
.
3,000,000 Lincoln. Neb. water supply purposes.
in the year 1930,' be approved?
2,800.000 State of Wyoming road improvement.
2.520.000 Fresno, Calif. water system and $750.000 Fresno County
North Carolina.—Constitutional Amendments to be Voted
buildings.
Upon.—At the general election to be held in November,
2,500,000 Cook County, Ill, forest preserve.
2,000.000 Lorain County, Ohio bridge.
the voters of the State will be called upon to pass approval
1,500,000 State of Kentucky text books.
on three proposed amendments to the Constitution and a
New York City.—Tentative Budget of $615,869,038.30
Adopted by Board of Estimate.—On Oct. 10 the Board of
Estimate and Apportionment unanimously adopted the
city's tentative budget for 1931 totaling $615,869,038.30,
representing an increase of $46,099,210.07 over the current
budget, which was $569,769,828.23. It is stated that these
tentative estimates represent a cut under the original department requests of $41,581,546.11, made by Charles L.
Kohler, Director of the Budget. At a meeting of the Committee of the Whole of the Board of Estimate on Oct. 14,
Comptroller Berry indicated that a liklihood exists that
several million dollars may be added to the tentative budget.
Public hearings were held on the proposed budget on Oct. 15
and 16,at which public opposition was vigorously manifested.
In addition to the budgetary appropriations as adopted the
estimated amount of miscellaneous revenues which go to a
number of city departments in conformity with statutory
regulations has been placed at $68,034,269.14, compared
with the total for the present year of $60,421,942. The
largest item in this amount is the $45,936,439.14 to be recowed from the State by the Board of Education. Mayor
Walker announced when transmitting the budget to the
Board of Estimate that a basic tax rate of $2.64 for 1931
was indicated as against a rate in 1930 of $2.53, while in a
statement issued by Comptroller Berry on Oct. 3 the estimated basic tax rate was given as $2.66. With the expected
additions to the budget of approximately $15,000,000 and
possible reductions of assessment figures it is likely that the
final rate will be even higher.
New York State.—$50,000,000 Hospital Bond Issue
To Be Voted Upon.—At the general election on Nov. 4 a
proposition will be submitted to the voters of the State,
calling for the issuance of $50,000,000 in bonds to finance
the construction of hospital and prison buildings—V. 130,
p. 2446. The measure received the signature of Governor
Roosevelt on April 15—V. 130, p. 2827. The text of the
proposed law reads as follows:
referendum, as proposed by the 1929 Legislature. By the
terms of the first amendment, the number of Associate
Justices of the Supreme Court would be increased from four
to six. The second would abolish the present system of
electing solicitors for each judicial district in the State and
would establish so-called "Solicitorial Districts," which
could be increased or decreased in the discretion of the
General Assembly. The third is a taxation amendment
authorizing the classification of real and personal property,
explained as follows:
In the Constitution as now written, Section 3, Article V. a 1 property of
every description is required to be taxed by a uniform rule. That section
also provides machinery for what is known as the home exemption provision.
The rest of the section contains authority to tax trades, professions, franchises and incomes.
The new section continues the ad valorem method of taxation and
requires it to be uniform as to each class of property. It describes the
property as follows: "All moneys, credits, investments in bonds, stocks,
Lila-stock companies or otherwise and, also, all real and personal property." The taxation is to be uniform in reference to each class according
to its true value in money._ Classification is permitted in the following
terms."The General Assembly may adopt such classification of real property
and of personal property as it may find to be reasonable." This is in reality
the crux of the)amendment.
The form of this amendment is similar, omitting the classification, to
that contained inkthesold,
Section 3. As a consequence of this similarity,
decisions construing thetoldsection would be read into the proposed amendment. Doing this, the'term "personal property," in the quotation just
made, necessarily includes not only tangible personal property but the
intangible personal property described therein as moneys, credits, &c.
Consequently the amendment, if adopted, would permit the classification
of solvent credits, using'the term in its broad sense, to themselves for taxation, all real property to itself for the purpose of taxation and all tangible
personal property to itself for the purpose of taxation. In the particular
class, however, thus made, the taxation must be uniform both as to rate
and as to valuation. Of course, as between the various subjects of taxation
thus defined, thereimay be a classification which would permit a different
rate and a different method of valuation.
The purpose of the amendment is to enable the General Assembly to avoid
the cast-iron system of taxation now existing by adopting a modern system
more in accord with the requirements of a modern state. Whether or not
this theory could be worked out in practice is, of course, a question not to
be discussed here.
The amendment proposed also strikes out the provision in the existing
Section 3 which provides for a partial exemption from taxation of what
is known commonly as homestead and homestead exemption notes. It
the system of classlication provided in the amendment is adopted, it is
manifestly not necessary to maintain this provision for what is accomplished
by the homestead provision will be more readily and more effectively put
into effect by the General Assembly under the amendment.
The remainder of the suggested amendment contains authority to tax
trades, professions franchises and incomes In the language now contained
in the present Section 3, Article V of the Constitution.
TEXT OF PROPOSITION NUMBER ONE.
Chapter 477.
An Act making provision for issuing emergency bonds to the amount of
The referendum Will be held on the proposed issuance of
not to exceed $50.000,000 for the construction of buildings under the control of the department of mental hygiene or the department of correction,
and providing for the submission of the same to the people to be voted upon $2,000,000 in revolving fund bonds for the purpose of aiding
World War veterans to purchase homes.
at the general election to be held in the year 1930,
Became a law April 15 1930, with the approval of the Governor. Passed
By an enactment of the 1929 Legislature, Section 9 of
three-fifths being present.
The People of the State of New York, represented in Senate and Assembly, Article VII of the State Constitution is to be repealed as it
do enact as follows:
is in conflict with the amendment proposed to Article V,
Section 1. Under the authorization of this Act a debt of the State may
be created by the legislature and bonds of the State to be known as "emerg- Section 3 as given above.
construction bonds" may be issued in lieu of increased taxation.
ency
in an amount not to exceed $50,000,000 at any time prior to the beginning
Ohio.—Proposed Constitutional Amendment to Be Voted
of the calendar year 1936, not more than $20,000,000 to be issued or sold
in any one year, the proceeds of which bonds shall be paid into the State Upon.—At the general election to be held on Nov. 4 the
treasury and expended for the construction of buildings for the care,support voters will be called upon to pass on a proposed amendment
Instruction or training of wards of the State under the control of the depart- to the State Constitution relative to the distribution of inment of mental hygiene or the department of correction.
Sec. 2. The comptroller Is hereby directed to cause to be Twepared the come and inheritance taxes. The proposed amendment,
bonds of this State to an aggregate amount not to exceed $50,000.000. such which is submitted under a resolution adopted by the 1929
bonds to bear interest at the rate of not to exceed 5% per annum, which
interest shall be payable semi-annually in the City of New York. Such Legislature would make section 9 of Article XII of the
bonds, or the portion thereof at any time issued, shall be made payable State Constitution read as follows:
first of
In 25 equal annual installments. theof whichwhich shall be payable one year
Not less than 50% of the income and inheritance taxes that may be
shall be payable 25 years from
from the date of issue, and the last
the date of issue, provided, however, that no such bonds shall be issued or collected by the State shall be returned to the county, school district, city.
village
sold to provide moneys for the construction of any building the probable to any or township in which said income or inheritance tax originates, or
of the same, as may be provided by law.
life of which shall be less than 25 years as determined by the State finance
law. The comptroller is hereby charged with the duty of selling such bonds
As it now stands the article to be amended provides for
at not less than par to the highest bidder after advertising for a period of the return
of these taxes to cities, villages and townships
20 consecutive days. Sunday excepted, in at least two daily newspapers
printed in the city of New York and one in the city of Albany. Advertise, only. At present inheritance taxes are returned to these
cients shall contain a provision to the effect that the comptroller, in his subdivisions
and the amendment is designed to make the
discretion, may reject any or all bids made in pursuance of such advertiseof money to the other subdivisions possible as well,
ment, and in the event of such rejection the comptroller is authorized return.
readvertise for bids in the form and manner above described as many according
to
to the above resolution. At the present time
times as, in his judgment, may be necessary to effect a satisfactory sale.
Sec. 3. All buildings constructed under this Act shall be so constructed Ohio has no income tax, but it is stated that the Committee
with plans and specifications approved by the Superintendent on Taxation
In accordance
organized by Governor Cooper is considering
of Public Works. After appropriation or appropriations therefor by the
Legislature, the building or buildings thereby provided for any such hospi- the advisability of imposing such a tax.
tal or institution, shall be constructed by the authorities and in the manner,
State Tax Commission Authorizes Issuance of Emergency
and the moneys therefor paid out in the manner provided by the laws then
In force, not inconsistent herewith, governing the construction by the Relief Notes.—On Oct. 9 the Ohio Tax Commission issued
tate of buildings for such purposes respectively. Within the meaning
.f this Act, the term buildings shall Include, in addition to new buildings an order permitting local tax officials to issue notes or borrow
f a new Institution, buildings to replace existing buildings, additional money in order to provide employment and relief to those
undies:a for any such hospital or Institution. and additions to existing
buildings, and the construction of a building to replace an existing building persons most seriously affected by the prolonged dry spell,
2564
FINANCIAL CHRONICLE
according to the Cincinnati "Enquirer" of Oct. 10. It is
stated that Governor Cooper has approved the order as an
emergency measure.
Polk County, Fla.
-Court Petitioned by Taxpayer to Force
Assessment of Intangibles.
-A special dispatch from Bartow
to the "Wall Street Journal" of Sept. 30 reports that T. G.
Nelms of Winter Haven recently entered a petition to force
an assessment of intangibles in this county said to aggregate
$50,000,000, which will be heard by the Circuit Court on
Oct. 15. It is stated that the intangible property is represented by mortgages, notes and other liquid assets, most of
which are held by large insurance companies.
Quebec, Canada.
-Provincial Legislature to Convene on
Dec. 2.
-Following a recent meeting of the cabinet,announcement was made that the Provincial Legislature will meet in
session on Dec. 2, approximately six weeks ahead of the
scheduled time. The motivating influence behind the call
for an early session is reported to be the desire to permit
those municipalities who wish to benefit from the Federal
Government's appropriation for employment relief to submit
suggestions.
BOND PROPOSALS AND NEGOTIATIONS.
-We are informed
-BOND SALE.
ADA COUNTY (P. 0. Boise), Ida.
that a $45.000 block of a total issue of $100,000 road and bridge btnds
has recently been taken over by Lewiston and Moscow banks.
-R. W.Pressprich &
AKRON,Summit County,°Mo.-NOTE SALE.
Co. of New York and the BaacOhlo Securities Corp. of Columbus,,Jointly,
street impt. notes at 100.307,
recently purchased an issue of 51,010.0004%
a basis of about 3.82%. Dated Nov. 1 1930. Duo on Nov. 11932. Prin.
and semi-ann. int, are payable in N. Y. City. Legal opinion of Squire,
Sanders & Dempsey of Cleveland. The purchasers are re-offering the notes
for public investment priced to yield 3.50%. They are said to be exempt
from all Federal income taxes.
-BOND
ALIQUIPPA SCHOOL DISTRICT, Beaver County, Pa.
-The Union Trust Co. of Pittsburgh, recently purchased an issue
SALE.
of $175,000 43 % school bonds at par plus a premium of $2,275, equal to
101.30, a basis of about 4.14%. Due $25.000 on Aug. 1 in each of the following years: 1935, 1938, 1940, 1945. 1950. 1955 and 1960.
-ADDITIONAL
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-N. W. Spar'', Bond Clerk, informs us that the amount
INFORMATION.
recently purchased by the Sinking Fund Commission was
of airport bonds
$1,050,000, not $1,000,000 as originally reported-V. 131, p. 2408. The
bonds are designated series 2, bear interest at 4%, and mature $75,000
annually for a period of 14 years.
-The
-BOND SALE.
ALLEN COUNTY (P. O. Fort Wayne), Ind.
following issues of 4%% coupon bonds aggregating $69,000 offered on
-were awarded to the First & Tri-State National
131, p. 2408
Oct. 10-V.
Bank & Trust Co., of Fort Wayne,at par plus a premium of $1,198, equal
to 101.73. a basis of about 4.19%;
$36,000 road bonds. Duo semi-annually as follows: $1,800 on July 15
1932; $1,800 on Jan. and July 15 from 1933 to 1941, inclusive,
and $1,800 on Jan. 15 1942.
33,000 road bonds. Due semi-annually as follows: $1,650 on July 15
1932; $1,650 on Jan. and July 15 from 1933 to 1941 inclusive, and
$1,650 on Jan. 15 1942.
Each issue is dated Oct. 15 1930.
-BOND OFFERING.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
Kent Sweet, County Treasurer, will receive sealed bids until 10 a.m. on
Oct. 25. for the purchase of $94,000 43. % Hicksville Road Improvement
bonds. Dated Nov. 1 1930. Denom. $587.50. Due $2,350 on May and
Nov. 15 from 1932 to 1951, incl. Interest is payable semi-annually on
May and Nov. 15. A certified check for 3% of the amount of the bid.
payable to the order of the Board of County Commissioners, must accompany each proposal. Unconditional bids only will be considered. Transcript of proceedings is on file in the County Auditor's office.
ALPINE,Brewster County,Tex.-ADDITIONAL INFORMATION.
% permanent impt. refunding bonds that was
The $121,000 issue of
-V. 131, p. 1744
purchased at par by the B. F. Dittmar Co. of San Antonio
-is dated July 10 1930. Denom. $1.000. Due on July 10 as follows:
$1,000. 1933 to 1939; 32.000, 1910 to 1946; $3,000. 1947 to 1951: $4,000,
1952 to 1956: $5.000, 1957 to 1963 and 56.000, 1964 to 1968, all incl.
Prin. and int.(A. & 0. 10) payable at the Guaranty Trust Co. in New York
City. Legality approved by Chapman & Cutler of Chicago.
(P. O. Alturas),
ALTURAS GRAMMAR SCHOOL DISTRICT bids will be received
-BOND OFFERING -Sealed
Modoc County, Calif.
Clerk of the Board of Supervisors, until 10 a.m. on Nov. 3,
by L. S. Smith,
and
for the purchase of a $7,000 issue of 5% annual school bonds. Prin. for
int. payable at the office of the County Treasurer. A certified check
10% of the bid is required.
(These bonds were previously offered for sale on Oct.6-V. 131, p. 2094).
-Chris
-BOND OFFERING.
ALTAMONT, Albany County, N. Y.
m. on
Martin, Village Clerk, will receive sealed bids until 8 p. interestOct. 22
coupon
the following issues of not to exceed 6%
for the purchase of
or registered bonds aggregating $333,000:
bonds. Dated 'Sept. 1 1930. Denoms. $1,000 and $500.
$18.000 water
Due on Sept. 1 as follows: $1.500 from 1934 to 1941 incl., and $500
from 1942 to 1953 incl. Interest is payable in March and Sept.
Denom. $1,000.
15.000 street improvement bonds. Dated Aug. 11930.
in
Due $LOW on Aug. 1 from 1931 to 1945 incl. Int, is payable
February and August.
be expressed in a multiple of g or 1-10th of 15'
Rate of interest Is to
bonds. Principal and semi-annual
and must be the same for all of the
Bank, Altamont. A certified
interest are payable at the First National Village, must accompany each
of the
the order
check for $700. payable to opinion of Claydllon & Vandewater, of New
ugiztgthesuccfulber
il Thtgroin
sal
or .
voto
be
-BANKERS OFFER
N. J.
ASBURY PARK, Monmouth County, Inc. of Philadelphia are
-M. M. Freeman & Co.
BONDS.
$370.000
435 and 4%% coupon or registered general impt. bonds
offering $3370,000
Dated May 1 1930. The 434% bonds mature
at prices to yield 4.50%.
4%s mature from 1938 to 1958 incl. The
from 1944 to 1969 incl. and the
legal investment for savings banks and trust funds
obligations are said to be payable from unlimited ad valorem taxes levied
in New Jersey and to be
in the City. The bonds are part of the
against all the taxable property
$815,000 434s and $400,000 4%s,which were
total of $1,215,000, comprising par to M. M.Freeman & Co., Inc., and
at a price of
sold on April 29
-V. 130, p.3223.
jointly.
B. J. Van Ingen & Co. Statement (As Officially Reported).
'
Financial
$75,000,000.00
Actual values,estimated
(1930)37,103,263.00
Assessed valuation
33,613,979.00
(real property, 3 years' average)
Assessed valuation
11,599,089.00
Total debt, including this issue
$307,932.00
Less: Water bonds
496,968.00
Sinking fund and cash
9,779,906.00
Beach,assessments,taxes,&c
10,584.536.00
1,014,553.00
under N.J.statutes
Net debt(3.02%),as computed
•
Population: 1930 census. 19,500.
-OFFER $2.526.000 435%
N. J.
ATLANTIC CITY, Atlantic County, or registered bonds, comprising
coupon
-The 32.526,000 4;5% a syndicate headed by Lehman Bros.,
BONDS.
two issues, awarded on Oct. 9 to of about 4.37%-V. 131, p. 2408-are
101.09,
York, atmembersa basis mimes:Mil group for general investment
of New f
of the
befog of ered by
according to maturity. The obligations
priced to yield from 3.25 to 4.305', savings banks and trust funds in the
Iftal investment for
are said to be
States of New York and New Jersey.
[VOI.. (31 .
BARBERS HILL INDEPENDENT SCHOOL DISTRICT (P. 0.Mont
Belview), Chambers County, Tex.
-An issue of $100,000
-BOND SALE.
5% semi-ann, school bonds has been purchased by the J. R. Phillips Investment Co. of Houston.
BELLEVILLE, Essex County, N. J.
-AWARD OF $1,098,000 BONDS
DEFERRED.
-John J. Daly, Town Clerk, informs us that the award of the
two issues of coupon or registered bonds aggregating $1,098,000 for which •
sealed bids were received on Oct. 14-V. 131, p. 2253
-has been deferred
for one week.
A syndicate composed of J. S. Rippel & Co., Newark, B. J. Van Ingen &
Co. and M. F. Schlater & Co., both of New York, M. M. Freeman & Co.,
Philadelphia, and II. L. Allen & Co. of New York,is reported to have usbmitted the best bids for the bonds, as follows:
$828,000 general impt. bonds ($830,000 offered). Group offers to pay
$830,834 for the bonds as 44(0, equal to 100.34, a basis of about
4.71%. Due on Oct. 1 as follows: $40.000 from 1932 to 1938
incl.: $50.000 from 1939 to 1943 incl.; $60,000 from 1944 to 1947
incl., and $58,000 in 1948.
267,000 watt!. binds ($268,000 offered). Group offers to pay $268,079
for the bonds as 43js, equal to 100.40, a basis of about 4.71%•
l.' $9,000
Due on Oct. 1 as fAlows: $7.000 from 1932 to 1948
inc'
In 1949; $10,000 from 1950 to 1962 incl. and $9,000 in 1963.
Each issue is dated Oct. 1 1930.
BELLVILLE VILLAGE SCHOOL DISTRICT, Richland County,
Ohio.
-At the general election to be held on Nov.4
-BOND ELECTION.
one of the propositions to be submitted for consideration of the voters
is the question of the proposed sale of $50,000 in bonds for school purposes.
BEXLEY EXEMPTED VILLAGE SCHOOL DISTRICT, Franklin
-At the general election to be held
-BOND ELECTION.
County, Ohio.
on Nov. 4 one of the measures to be considered is the proposed sale of
$375,000 in bonds for school building construction and equipment purposes.
Maturity of issue has been set at 20 years.
BOLIVAR SCHOOL DISTRICT, Westmoreland County, Pa.
-J. H. Holmes & Co., of Pittsburgh, on Sept. 27 were
BOND SALE.
coupon school building auditorium con7
awarded an issue of $19,500 414 00
struction bonds at par plus a premium of $280. equal to 101.43. Dated
Nov. 1 1930. Denom. $500. Due serially on Nov. 1 from 1931 to 1947
incl. Interest is payable semi-annually in May and November.
-BOND SALE-The
BOONE COUNTY (P. 0. Boone), Iowa.
$165.000 issue of annual primary road bends offered for sale on Oct. 15V. 131, p. 2408
-was purchased by Glaspoll. Veith & Duncan of Davenport,
as 4I4s, at par. Due from May 1 1936 to 1945, incl. Optional after May
11936.
•
-BOND OFFERING.
BOONE COUNTY (P. 0. Lebanon), Ind.
Jeggie Bratton, County Treasurer, will receive sealed bids until 10 a. in.
on Oct. 28 for the purchase of the following issues of 434% bonds aggregating $440,500:
$30,200 Sugar Creek Township highway impt. bonds. Due $1.510 on
July 15 1932: 31,510 on Jan. and July 15 from 1933 to 1941 incl.
and $1.510 on Jan. 15 1942.
10,300 Jefferson and Washington Townships highway impt. bonds. Due
$515 on July 15 1932; $515 on Jan. and July 15 from 1933 to 1941
incl. and $515 on Jan. 15 1942.
Each issue is'dated Oct. 7 1930.
-BOND SALE -The $17,000 issue of
BOYLE, Bolivar County, Miss.
-was purchased
paving bonds offered for sale on Oct. 7-V. 131. p. 2254
by Sullivan. Long & Haggerty of Bessemer. as 6s, at par. Due in 10 years.
No other bids were received.
-BONDS REGISTERED.
BRAZOS COUNTY (P. 0. Bryan), Tex.
131.
The $250,000 issue of 5% road bonds that was recently sold-V.from
p. 1924
-was registered by the State Comptroller on Sept. 29. Due
Feb. 15 1932 to 1969 incl.
Allenville),
BREVORT TOWNSHIP SCHOOL DISTRICT (P. 0.school bonds
-The 315.0006%
-BOND SALE.
Mackinac County, Mich.
have been purchased by
5-V, 131, P. 973
-are reported to
offered on Aug.
1 as
Kent, Grace & Co. of Chicago. Dated Sept. 1 1930. Due on July
follows: $1,000 In 1931. 32.000 in 1932. 31.000 in 1933. 32.000 in 1934.
$1,000 in
$1,000 in 1935, $2,000 in 1936, $1,000 in 1937. $2,000 in 1938.
1939, and 12,000 in 1940.
-PRIVATE SALE.
-BIDS REJECTED.
BRYAN,Brazos County,Tex.
No. 4
-The $100,000 issue of 5% semi-ann. public school, seriesthe bidsbonds
were
-was not sold as all
2254
offered on Oct. 10-V. 131, p.
Narejected. The bonds were then disposed of at private sale to the City
follows:
tional Bank of Bryan. Dated Aug. 1 1930. Due on Feb. 1 as1960, all
1945 and $4,000, 1946 to
12.000, 1931 to 1935; $3,000, 1936 to
incl.
Calistoga)
CALISTOGA JOINT UNION SCHOOL DISTRICT (P.O. connection
-In
-BOND SALE CORRECTION.
Napa County, Calif.
to the First
of the $70,000 issue of school building bonds2408
with the sale
-we are
National Bank of Napa, at a price of 104.8928-V. 131, p. making the
4%),
now informed that the bonds bear interest at 434% (not are also informed
Due front 1932 to 1955, Incl. We
basis about 4.25%.
Securities Co., on
that the fifth highest bid was offered by the American
their tender of $2,498 premium.
CAMELBACK WATER CONSERVATION DISTRICT (P. 0.
-An election
-BOND ELECTION.
Phoenix) Maricopa County, Ariz.
was held on Oct. 18 in order to vote upon the proposed issuance of $516.000
In 6% Irrigation ditch bonds.
CAPE CHARLES, Northampton County, Va.-PRICE PAID.
The $25,000 issue of 5% semi-ann. municipal building bonds that was
-V.131, p. 2254- was awarded
purchased by Magnus & Co., of Cincinnati
at par. Due in 30 years and optional in 5 years.
-The $30,000 ISS110
-BOND SALE.
CARROLL,Carroll County,Iowa.
-was purchased'
of sewer bonds offered for sale on Oct. 10-V. 131, p. 2409
as 435s, paying a premium of
by the White-Phillips. Co., of Davenport,
3486, equal to 101.62.
-BONDS REGISTERED..
CARSON COUNTY(P.O.Panhandle), Tex.
-The State Comptroller registered on Oct. 11 a $250,000 issue of 5% road,
of 1930 bonds. Denom. $1,000. Due serially.
series
-ADDITIONAL INCENTERVILLE, Appanoose County, Iowa.
-The $20,000 Issue of 434% coupon (J. & J.) airport bonds
FORMATION.
-V. 131, p.
M. Bechtel & Co. of Davenport
that was purchased by Geo.
-matures from 1932 to 1950 incl., and was sold for a premium or
2254
100.30, a basis of about 4.46%.
$60. equal to
CHARDON COMMUNITY VILLAGE SCHOOL DISTRICT, Geauga
-At the general election to be 'held
-BOND ELECTION.
County, Ohio.
on Nov.4 one of the measures to be considered by the voters is the proposed
sale of $250,000 school bonds. Maturity of issue has been set at 24 years.
CHATFIELD SCHOOL DISTRICT (P.• 0. Corsicana) Navarro
-A $6,000 issue of 55' semi-annual school
-BOND SALE.
County, Tex.
bonds has been purchased by the State Department or Education. Due in
20 years.
CHERRYHILL TOWNSHIP (P.0. Indiana) Indiana County, Pa.
-The 334,000 4%% coupon road bonds offered on Sept. 29BOND SALE.
awarded to the Manufacturers & Traders Trust Co.,
-were
V. 131, p. 1925
of Buffalo, at 102.79, a basis of about 4.19%. The bonds are dated Oct. 1
1930 and mature on Oct. 1 as follows; $1,000 from 1931 to 1935 incl.;
12.000 in 1936; 81.000 in 1937; $2,000 in 1938; $1,000 in 1939; $2,000 In
1940; $1,000 in 1941: $2,000 from 1942 to 1947 incl.; $3,000 in 1948; 12,000ln 1949, and $3,000 in 1950.
-The
-BONDS REOFFERED.
CHESTER, Delaware County, Pa.
$368,000 4 or 4%% coupon city bonds originally scheduled to have been,
-are being reoffered for award at
28-V. 131, p. 2095
awarded on Oct.
2 p. m. on Nov. 5. Sealed bids should be addressed to S. I'. Gray, superFinance. Bonds are dated
intendent of Accounts and as follows: $5,000 In 1931Nov. I 1930. Donom.
and 1932; $7,000 in.
$1,000. Due on Nov. 1
1933, and $13,000 from 1934 to 1960 inclusive. A certified check for 2%
value of the bonds bid for, payable to the order of the City,
of the par
must accompany each proposal. Salo of the bonds is subject to the favorable opinion of Townsend, Elliott & Munson, of Philadelphia. as to their•
validity.
Oer. 18 1930.]
FINANCIAL CHRONICLE
CHESTER TOWNSHIP RURAL SCHOOL DISTRICT, Morrow
-BOND ELECTION.
-At the general election to be held
County, Ohio.
on Nov. 4 the voters will be asked to sanction the sale of $30.000 in bonds
for school building purposes. Maturity of issue has been set at 20 years.
CHICAGO, Cook County, III.
-GROUP OFFERS $12,200,000 TAX
WARRANTS.
-A group composed of Lehman Bros Chase Securities
Corp., and R. W. Pressprich .Sz Co., all of New York, Is offering a total of
$12,2011,000 tax anticipation warrants for public investment as follows:
$5,700,000
% warrants, dated Nov. 1 1930, payable July 1 1931, priced
to yield 4.375%, $5,600,000
% warrants, dated Nov. 1 1930, payable
March 1 1932, to yield 4.75%, $550,000 6% warrants, dated Aug. 8 1930.
payable March 15 and April 15 1932, to yield 4.757, and $350,000 5%
warrants, dated Oct. 15 1930, payable March 15 1932, are priced to yield
4.75%. The warrants are being sold in denoms. of $100.000, $50,000.
$25.000, $10,000 and $5,000 and are issued in anticipation of the collection
of taxes which become delinquent on April 1 and Dec. 1 in 1931. They are
payable as to both principal and interest at the City's fiscal agency in N.Y.
City, or at the City Treasurer's office. Legality to be approved by Chapman & Cutler of Chicago. Prices of warrants are figured on true discount
basis to indicated maturity dates. We quote the bankers' offering advertisement as follows:
"These warrants are issued,by the City of Chicago in anticipation of the
collection of ad valorem taxes specified below and are payable exclusively
from such taxes when collected, and not otherwise. Such taxes being
specifically assigned and pledged for the payment of prin. and int, of the
warrants and the City is limited by law to the issuance of warrants in an
amount not exceeding 75% of the anticipated taxes, based on tax levies
made therefor.
"The Comptroller has authority for placing maturity dates on the warrants
and will pay the principal amounts thereof with interest at the rate specified
therein on their respective maturity dates. if,on these dates, proceeds ofsuch
taxes shall nave been received,or will tnereafter pay the principal amounts of
the warrants with interest at the rates specified therein from the date thereof
until paid, when the proceeds of such taxes shall have been received and
after notice shall have been given by publicat,on in a newspaper, or otherwise, that money for payment is available and that payment will be made on
presentation of said warrants."
-BOND
CHICAGO, Lincoln Park District, Cook County, III.
OFFERING.
-Warren Wright, President of Board of Park Commissioners,
will receive sealed bids until 2 p.in. on Oct. 29 for the purchase of$3,000,000
436% coupon (registerable as to principal) series A park inapt. bonds.
Dated Oct. 11930. Denom. $1,000. Due $150,000 on Oct. 1 from 1931
to 1950 incl. Prin. and semi-ann. int. (A. & 0.) payable at the National
Bank of the Republic,in Chicago. A certified chock for $15,000 payable
to the order of the Park Commissioners, must accompany each proposal.
The blank bonds and approving opinion of Chapman & Cutler of Chicago,
will be furnished by the District without expense to the purchaser. The
following information pertaining to the authority under which the bonds are
issued and the District itself is taken from the official notice of the proposed
sale: "These bonds are issued under an Act of the General Assembly of the
State of Illinois, in force July 1 1929, for the purpose of enlarging and inproving Lincoln Park and completion of work already begun,and are payable
from unlimited ad valorem taxes upon all the taxable property in the Towns
of North Chicago and Lake View, comprising the Lincoln Park District.
The assessed valuation of taxable property in the Lincoln Park District as
last determined Is $608,320,685. The total bonded indebtedness of the Commissioners of Lincoln Park,including this issue of bonds,is $16,540,000."
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-BOND OFFERING -Charles C. Frazine, Director of Finance, will receive sealed bids
until 11 a.m. on Nov. 3 for the purchase of the following issues of 434%
bonds aggregating $156,000:
$114,000 city's portion street and sewer impt. bonds. Due on Oct. 1 as
follows: $12,000 in 1932; $11.000 in 1933 and 1934; $12,000 in
1935: $11,000 in 1936 and 1937; $12,000 In 1938; $11,000 in 1939
and 1940 and $12,000 in 1941.
30,000 park bonds. Due $3,000 on Oct. 1 from 1932 to 1941 incl.
12,000 fire station bonds. Due on Oct. 1 as follows: $1,000 from 1932
to 1935 111CI.• $2,000 in 1936; $1,000 from 1937 to 1939 incl. and
$3,000 in 1940.
.
Each issue is dated Nov. 15 1930. Donom.$1,000. Prin. and semi-ann.
int, payable at the legal depository of the city, or at the office of the Director
of Finance. Bids for the bonds to bear int. at a rate other than 434% will
also be considered, provided, however, that where a fractional rate is bid
such fraction shall be 34 of 1% or a multiple thereof. A certified check
for 3% of the amount of bonds bid for, payable to the order of the Director
of Finance,is required.
-OFFER $1,469,000 WATER
CLIFTON, Passaic County, N. J.
BONDS.
-E,J. Coulon & Co. of New York are offering an issue of $1,469,000 334% water system temporary bonds, dated Oct. 15 1930 and due on
July 1 1931, for general investment priced to yield 2.75%. The bonds
are said to be legal for savings banks and trust funds in i ew Jersey and to
be direct obligations of the entire City of Clifton, payable from unlimited
ad valorem taxation. Award was made on Oct. 7 at par plus a premium
of $175.-V. 131, p. 2409.
-BOND ELECTION.
COAL GROVE, Lawrence County, Ohio.
At the general election to be held on Nov. 4 there will appear on the ballot
the question of the proposed sale of $25,000 in bonds for school building
construction purposes. Maturity of issue has been ,,et at 25 years.
COOK COUNTY, Forest Preserve District (P. 0. Chicago), Ill.
-The Chatnam Ptioni C,r1). of Chicago
DISTRICT BONDS OFFERED.
is offering various 434 %, district bonds, dated July 15 1932 and duo on July
15 1940, priced to yie1•14.10%. The District is rep,rted to have a.: assessed
valuation of $4,667,939,475 and a total bended clelit or $17,680,0,10. The
bonds are said to be direct oblImtions of the Forest Presrve District,
the boundaries of which are co-extensive with those of Cook County, and
all taxable property therein is subject to the levy of taxes to pay prin. and
int.
COOK COUNTY SCHOOL DISTRICT NO. 7334 (P. 0. Chicago),
-Kent, Grace & Co. of Chicago recently purchased
-BOND SALE.
III.
an issue of $85,000 434% school bonds. Dated Oct. 1 1930. "bottom.
$1,000. Due on Oct. 1 as follows: $1,000 from 1932 to 1939 incl.: $5,000
from 1940 to 1946 incl.: $6,000 in 1947 and 1948, and $15.000 in 1949 and
1950. Prin. and semi-ann. int. (A. & 0.) payable at the National Bank of
Republic of Chicago. Legality approved by Holland M.Cassidy of Chicago.
COWLITZ COUNTY(P.O. Longview), Wash.
-BOND OFFERING.
We are informed that sealed bids will be received until Nov. 8, by the
County Clerk, for the purchase of a $236,000 issue of school bonds. Int.
rate is not to exceed 6%. payable semi-annually. Due serially in from
1 to 20 years.
CRAWFORD COUNTY (P. 0. Denison), Iowa.
-BOND
The $360,000 issue of annual primary road bonds offered for sale on Oct.
-was purchased by Geo. M. Bechtel & Co. of Daven15-V. 131. p. 2409
port, as 434s. at a price of 100.05, a basis of about 4.24%. Due from May 1
1936 to 1945, bid., and optional after May 11936.
-BOND OFFERING.
CRESTON, Union County, Iowa.
-Bids will
be received until 8 p. m.on Oct. 22 by B. Tallman, City Clerk, for the purchase of a $17,500 issue of sewer bonds. Int. rate is not to exceed 434%.
payable semi-annually. Due from 1935 to 1950. The approving opinion
of Chapman & Cutler of Cnicago will be furnished.
-BONDS REGISTERED.
DALLAS, Dallas County, Tex.
-Five of the
six issues of 434% coupon various improvement bonds that were purchased
by a group headed by the Continental Illinois Co. of Chicago, on Aug. 11V. 131, p. 1131-were registered by the State Comptroller on Oct. 6. The
issues aggregate $3,875,000, and mature from May 1 1931 19 1970 incl.
(We are informed that the above issues of bands were also approved by
the Attorney General on Oct. 10.)
DANVILLE, Pittsylvania County, Va.-SALE OF MUNICIPAL
UTILITIES PLANT DEFEATED.
-At the special election held on Oct.
-the voters decisively rejected the proposed sale of
14-V. 131, p. 1593
the city owned utilities plants. The Baltimore "Sun" of Oct. 15 carried
the following article on the election:
Danville voters today voted heavily against an offer to sell the cityowned gas and electric plants to the Western Power Light & Telephone
Co. of Missouri, in a referendum called for the purpose. The vote was
1,517 for and 2,548 against.
2565
Under the terms of the contract proposal, the Western Power, Light and
Telephone Co. offered a cash price of $4,300,000 and agreed to donate
$100.000 for a new industries fund, as well as doubling the present steam
generating plant at a cost of $600,000. It also agreed to reopen the Morottook Manufacturing plant, which closed early this year, and to give employment to 200 people. It was the third time since 1926 that Danville
had voted on the same issue.
In December 1926 there was a negative response on an offer by the
Appalachian Power Co., the majority being 251. In June 1927. the
Appalachian Power Co. made a higher offer, but this also was rejected,
the majority being 212.
DAUPHIN SCHOOL DISTRICT, Dauphin County, Pa.
-BOND
-P,L. Stover, Secretary of Board of Education, informs us that on
SALE.
Sept. 11 an issue of $3,850
% coupon school bonds was sold to W. G.
Garverich, a local investor, at a price of par. Only one bid was received.
-BOND OFFERING.
DAV IESS COUNTY (P.O. Washington), Ind.
E. 0. Chattin, County Treasurer, will receive sealed bids until 2 p.m. on
Oct. 29 for the purchase of $6,440 5% Washington Township highway
improvement bonds. Dated Oct. 15 1930. Denom. $322. Due $322 on
July 15 1932; $322 on Jan. and July 15 from 1933 to 1941 incl., and $322 on
Jan. 15 1942. Interest is payable semi-annually on Jan. and July 15.
-BOND SALE.
DAYTON,Montgomery County,Ohio.
-The $500,000
series B grade cr _ming elimination bonds offered on Oct. 16-V. 131.
p. 2254
-were awarded as 434s to the First Detroit Co., Inc., of Detroit,
at par plus a premium of $8,301, equal to 101.66, a basis of about 4.09%.
The bands are dated Nov. 1 1930 and mature on Sept. 1 as fallows:$16,000
from 1931 to 1940, inclusive, and $17,000 from 1941 to 1960, inclusive.
The successful bidders are reoffering the bonds for public investment
priced to yield from 3.00 to 4.05%,according to maturity.
DELAWARE COUNTY (P. 0. Manchester), lowa.-BOND SALE.
The $35,000 issue of animal primary road bonds offered for sale on Oct. 14
-V. 131, p. 2096
-was purchased by Glaspell, Vieth & Duncan of Davenport. as 434s, for a premium of $390, equal to 101.11. a basis of about
4.29%. Due on May 1 1944. Optional after May 1 1936.
DELAWARE TOWNSHIP (P.0. Camden) Camden County, N. J.-The $136,000 515% temporary improvement bonds offered
BOND SALE.
on Oct. 9-V. 131, p. 2096-were awarded to the Haddonfield National
Bank, of Haddonfield, at par plus a premium of $300. equal to 100.22, a
basis of about 5.45%. Dated Aug. 11930. Due as follows; $16,000 in 1934
and 1935; $20,000 in 1936; $12,000 from 1937 to 1939 incl., and $9,000 in
1940.
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Bend),
Ore.
-BOND OFFERING.
-Sealed bids wll be received until 8 p. m. on
Oct. 20 by D. B. Sturart, District Clerk, for the purchase of a $90.000 issue
of school bonds. Int. rate is not to exceed 6%, payable semi-annually.
Dated Nov. 1 1930. Due on Nov. 1, as follows: $3.000. 1937 and 1938:
36,000, 1939; $8,000, 1940 and 1941: $7,000, 1942 to 1949, and $6.000 in
1950. Prin. and int. payable at the office a the County Treasurer. The
approving opinion of Teal, Winfree, McCulloch & Shuler of Portland. will
be furnished. A $3,000 certified check must accompany the bid.
-ADDITIONAL INFORMATION.
DETROIT, Wayne County, Mich.
-We now learn that the Continental Illinois Co. and the Northern Trust,
Co., both of Chicago, were associated with the Guaranty Co. of New York
in the award on Oct. 10 of $15,000,000 2.68% notes, due on May 15 1931
(refer to V. 131, P. 2410).
-BOARD OF EDUCATION OBDETROIT, Wayne County, Mich.
TAINS $2,500,000 LOAN-320,000,000 CITY BOND SALES EXPECTED
IN DECEMBER.
-The Board of Education on Oct. 14 obtained a loan
of $2,500,000, bearing 434% interest, from the city sinking fund commission, to finance the construction of additional school buildings and the
equipment and improvement of the present structures. The loan is said
to have been procured in lieu of a sale of long-term school bonds.
The frequently mentioned offering of long-term city bonds is definitely
expected to be made in December, according to H. C. Wade, City Comptroller, who reported that the amount would be approximately $20,000,000,
and composed of $8,000.000 water bonds, due in 30 years,$8,000,000 school
bonds, due serially in .15 years, and $4,000,000 lighting and general improvement bonds,. due serially in 30 years. Each Issue will probably be
dated pee. 1 19 0
3
DE WITT, Jamesville Water District (P. 0. East Syracuse), Onondaga County, N. Y.
-BOND
W. Fay, Supervisor
of the Town of De Witt, will receive sealed bids until 10 a. m. on Oct. 23
for the purchase of $50,000 not to exceed 6% int. coupon or registered
water bonds. Dated Oct. 31 1930. Denom. $1,000. Due on Oct. 31 as
follows: $3.000 from 1935 to 1949 incl. and $5,000 in 1950. Rate of hit.
to be expressed in a multiple of M' or 1-10th of 1% and must be the same
for all of the bonds. Prin. and semi-ann. hit. (A. & 0. 31) are payable
at the First Trust & Deposit Co., Syracuse. A certified check for $2,000,
Payable to the order of the Town Supervisor, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York
will be furnished to the successful bidder.
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND ELECTION.
We are advised by Grace Berger, County Clerk, that at the general election
on Nov. 4 the following proposed bond issues will be up for approval:
$1,200,000 for the Farnam Street bridge, and not to exceed $1.400,000
for two other bridges across the Missouri River.
(This report supplements that given in V. 131. p. 2254.)
" DOVER,Morris County, N.3.. -BOND OFFERING.
-Joseph V.Baker,
Town Clerk, will receive sealed bids until 8 p. m.on Oct. 27 for the purchase
Or $91,000 4, 434 or 434% coupon or registered street impt. bonds. Dated
Nov. 1 1930. Denom.
Due on Nov. 1 as follows: $4,000 from
1932 to 1942 incl.; $5,000 in 1943, and $6,000 from 1944 to 1950 incl.
$1,000.
Prin. and semi-ann. int.(M.& N.) are payable at the Dover Trust Co. in
Dover, or at the New York Trust Co. N. Y. City. No more bonds are
to be awarded than will produce a premium of $1,000 over $91,000. 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 ot the
successful bidder.
(Sale of the bonds is to be made at public auction.)
DRAVOSBURG,Allegheny County,Pa.
-BOND SALE.
-The $50,000
434% street inapt, bonds offered on Sept.26-V.131, p. 1925
-were awarded
to E. H. Rollins & Sons of Philadelphia, at par plus a premium of $2,020.50.
equal to 104.041, a basis of about 4.26%. Dated Sept. 1 1930. Due on
Sept. 1 1959.
BOND SALE.
-Edward Lowber Stokes & Co. of Phildelphia, were
awarded on the same day an issue of $17,500 434% certificate redemption
bonds at par plus a premiun of $351.75. equal to 102.01.
The following is an official list of the bids submitted for each iss7:
.500
$7
$5$50,0000 emuims
Bidder•
E. H. Rollins & Sons
$2,020.50
R. M.Snyder Si Co., Phildelphia
2,002.60
Edward Lowber Stokes & Co., Philadelphia
1,970.00
Prescott Lyon & Co.,Pittsburgh
1,936.00
$3 . 5
2 70
31 0
51
A. B. Leach & Co.,Philadelphia
Manufacturers & Traders Trust Co., Buffalo
I: 800
694;50
2 0
120.575
DUNN COUNTY (P. 0. Manning), N. Dak.-BOND SALE.
-The
$30.000 issue of coupon road bonds offered for sale on Sept. 16-V. 131, P.
1593
-was purchased by the First National Bank, of Dickinson, as 4318,
for a premium of $12.50, equal to 100.14,a basis of about 4.74%. Average
maturity is 1234 years.
EAST GRAND RAPIDS, Mich.
-ADDITIONAL INFORMATION...
The $26.683.37 coupon street improvement bonds awarded to the Industrial
Co. Of Grand Rapids, at par plus a premium of $126, equal to 100.47V. 131, p. 2255
--bear Interest at 5% and mature serially from 1931 to 1939
inclusive. Dated Oct. 15 1930. Interest is payable semi-annually in April
and October.
ELIZABETH, Union County, N. J.
-SALE OF LONG-TERM BONDS
LIKEL Y.
-In view of a report in the Newark "News" of Oct. 15 relative
to nerotiati ms now in progress between officials of the city and the Elizabethtown Water Co. looklog to the acquisition by the city of the company's water distribution system, it is not unlikely that a long-term bond
issue to finance the consummation of the project will be placed on the
market in the near future. The company has placed a value of $4,759,138
on its property, while the city Is reported to have offered $4,236,277,
2566
FINANCIAL CHRONICLE
riroL. 131.
-BOND. OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
Elizabeth Miltenberger, County Treasurer, will receive sealed bids until Carl L. Woods, County Treasurer, will receive sealed bids until 10 a. m.
m. on Oct. 24 for the purchase of $2,400 4 % township road Imps. on Oct. 25 for the purchase of $17,000 4%% T.W.Crawford et al., highway
10 a.
bonds. Dated Oct. 15 1930. Denom. $120. Due $120 on July 15 1932: Mint. bonds. Dated Oct. 15 1930. Denom. $850. Due $850 on July 15
$120 on Jan. and July 15 from 1933 to 1941 incl., and $120 on Jan. 15 1942. 1932; $850 on Jan. and July 15 from 1933 to 1941 incl., and $850 on Jan.
- 15 1942.
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
Elizabeth Miltenberger, County Treasurer, will receive sealed bids until
4
,
10 a. m.on Oct. 22 for the purchase of $44.000 43 % highway improvement Carl L. Woods, County Treasurer, will receive sealed bids until 10 a. in.
bonds. Dated Oct. 15 1930. Denom. $550. Due $2,200 on May 15 from on Oct. 25 for the purchase of $7,500 43.4% J. E. Joyce et al. Patoka Town1932 to 1941 incl. Interest is payable semi-annually on May and Nov. 15. ship road construction bonds. Dated Oct. 15 1930. Denom. $375. Due
.-A $200,000 $375 on July 15 1932;$375 on Jan. and July 15 from 1933 to 1941 inclusive.
-BONDS REGISTERED
EL PASO,El Paso County, Tex.
issue of 43i% waterworks refunding, series A bonds, was registered by the and $375 on Jan. 15 1942.
-The $21,-BOND SALE.
GLADSTONE, Clackamas County, Ore.
State Comptroller on Oct. 11. Denom. $1,000. Due serially.
7-V.13,1
impt.(Bancroft Act) bonds offered for
-In connection with the 414.50 issue ofpurchased by the Bank of Commercesale on Oct.
-LIST OF BIDS.
ERIE, Erie County, Pa.
of Oregon City. as 611
-was
1746
% coupon paving bonds to Otis & Co., 13 par. No other bids were received.
award on Sept. 23 of $110,000
the subsequent at
of Cleveland, at 100.584, a basis of about 4.12%, and
-we have
-The $40,000
-BOND SALE.
-V. 131, p. 2255
GLASSPORT, Allegheny County, Pa.
re-offering of the bonds for public investment
-were
received the following list of the bids submitted:
43 % coupon borough bonds offered on Oct. 13-V. 131. p. 1926
Rate Bid. awarded to E. H. Rollins & Sons of Philadelphia at par plus a premium of
Bidder100.584 $1,879.64, equal to 104.69, a basis of about 4.15%. Dated Oct. 1 1930.
Otis & Co.(purchaser)
100.476 Due on Oct. 1 1950. The following is an official list of the bids received:
C. Collings & Co
100.25
Premium.
Glover, MacGregor & Cunningham
Bidder100.20
E. H. Rollins & Sena(purchasers)$1,879.64
A. B. Leach & Co
100.39
1,735.60
R. M.Snyder & Co
Manufacturers & Traders Trust Co., Buffalo
100.26
1,836.00
Union Trust Co.(Pittsburgh)
Edward Lowber Stokes & Co., Philadelphia
100.538 M. M. Freeman &Co., Philadelphia
1,532.00
Mellon National Bank
100.229 R.M.Synder & Co.,Philadelphia
1,653.45
National City Co
100.125 A.B.Leach & Co.,Philadelphia
1,540.00
Erie Trust Co
100.34
1,628.00
Edward Lowber Stokes & Co
Prescott Lyon & Co.,Pittsburgh
100.13
1,676.00
Graham, Parsons & Co
J. H.Holmes & Co.,Pittsburgh
100.439 Mellon National Bank, Pittsburgh
1,790.0
Spencer, Kamerer & Co.(Erie)
-All
-BIDS REJECTED.
FALMOUTH, Barnstable County, Mass.
-BOND OFFERING.
-J.M.Dalton,
GOSHEN,Orange County, N. Y.
of the bids received on Oct. 14,for the purchase of an issue of $85.000 41 % Village Clerk, will receive sealed bids until 11 a. m. on Oct. 31 for the purhigh school building bonds were rejected. The bonds are dated April 1 chase of $12,500 43. % coupon fire department equipment bends. Dated
1930 and mature annually from 1933 to 1949, incl.
Aug. 1 1930. One bond for $1.500, others for $1,000. Due on Aug. 1 as
-The $17,000 follows: 51,000 from 1931 to 1941 inclusive and $1.500 in 1942. Principal
FAIRMONT, Fillmore County, Neb.-PRICE PAID.
issue of refunding bonds purchased by the First Trust Co. of Lincoln as and semi-annual interest are payable at the office of the Village Treasurer.
-V. 131. p. 2410
-was awarded at a price of 98.52, a basis of about A certified check for 10% of the par value of the bonds must accompany
4s
each proposal. Legality approved by Philip A. Rorty, Village Attorney.
4.46%. Due $1,000 from Oct. 1 1931 to 1947 incl.
-The $90,000
-BOND SALE.
-The
-MATURITY.
FISHKILL, Dutchess County, N. Y.
GRANTS PASS, Josephine County, Ore.
coupon or registered water system bonds offered on Oct. 14-V.131 ,p.2255 $300,000 issue of 5% coupon water system bonds that was jointly purchased
-were awarded as 4s to Batchelder & Co. of New York, at par plus a by the United Oregon Corp. and the Commerce Mortgage Securities Co.,
-is due from 1935
premium of $229.50. equal to 100.259, a basis of about 4.73%. Dated both of Portland, at a price of 98-V. 131, p. 1593
Sept. 1 1930. Due $3,000 on Sept. 1 from 1935 to 1964 incl.
to 1957, giving a basis of about 5.19%.
Financial Statement.
-BOND SALE.
-The
GREENE COUNTY (P. 0. Snow Hill), N. C.
Valuations
$1,500.000.00 $350,000 issue of 5% semi-annual refunding bonds offered for sale on Oct.
Actual valuation, estimated
-was jointly purchased by the First Detroit Co. of
559,654.00 15-V. 131, p. 2255
franchise
Assessed valuation, real estate and special
Detroit, and the First Securities Corp. of Chicago, at a price of 101.62,
Debt
$92,600.00 a basis of about 4.79%. Dated Nov. 1 1930. Due from Nov. 1 1931 to
Total bonded debt,including this Issue
90,000.00 1946, incl.
Water bonds,included above (thisissue)
2,600.00
Net bonded debt
-BOND SALE.
-The
GREENE COUNTY (P. 0. Jefferson), Iowa.
562
Population-1930 Federal census
$90,000 Issue of coupon refunding bonds offered for sale on Oct. 13-was awarded to Geo. M. Bechtel & Co. of Davenport
$275,000 SEWER BONDS. V. 131. p. 2410
-OFFER
FLINT, Genesee County, Mich.
-The First Detroit Co., of Detroit, is offering an issue of $275,000 sewer as 43(8, paying a premium of $496,equal to 100.551, a basis of about 4.16%.
bonds comprising $140,000 4%s, due serially from 1931 to 1939 Incl., Dated Nov. 1 IMO. Due from 1935 to 1938. The other bids were as
and $135,000 4s, due serially from 1940 to 1950 incl., for general invest- follows.
Premium.
Names of Other Biddersment at prices to yield from 3.50 to 4.00%. The bonds are dated Sept. 1
8495
1930 and were awarded on Sept. 4 at 100.01. Incidentally, the Supreme Iowa Des Moines Co., Des Moines
290
Court of Michigan, in a test suit involving the validity of the authorized White Phillips Co., Davenport
366
Issue of which these bonds are a part, ruled in favor of their legality. (See H.M.Byllesby Co.,Chicago
170
Glaspell-Vieth & Duncan ,Davenport
page 2562 of this issue.)
356
- Iowa State Bank,Jefferson
FOND DU LAC, Fond du Lac County, Wis.-BOND OFFERING.
22 by C. J. Fay, City
Sealed bids will be received until 10 a. m. on Oct.
-BOND OFFERING.
GREENE COUNTY (P. 0. Bloomfield), Ind.
Clerk. for the purchase of two issues of 43% ann. bonds aggregating
Henry Rollison, County Treasurer, will receive sealed bids until 2 p. m.
$50,000, divided as follows:
on Oct. 21 for the purchase of $4,800 4%% Wright Township gravel road
$25,000 river inept, bonds. Due on March 1, as follows: $1,000, 1931;
construction bonds. Dated Oct. 1 1930. Denom. $240. Due $240 on
$1,500, 1932; $1,000, 1933; $1.500. 1934, &c., up to 1950.
and
on Jan. and July 15
25.000 sewer and drain bonds. Due on March I as follows: $1,500 In July 15 1932; $2401942. Principal and from 1933 to 1941 inclusive. and
semi-annual interest (Jan.
1931: $1,000. 1932; $1,500, 1933: $1.000 in 1934, &c.. up to 1950. $240 on Jan. 15
Denom.$500. Dated Nov. 1 1930. Prin. and int. payable at the office July 15) payable at the office of the County Treasurer.
of the City Treasurer. A separate bid must be made for each issue and
-BOND SALE.
-The $55,000
GREENWOOD, Leflore County, Miss.
accompanied by a certified check for 5% of the bid: bids to include the furissue of 53f% coupon semi-ann. refunding bonds offered for sale on Oct. 7
nishing of legal opinion and also the printing of the bonds.
-was purchased by the Hibernia Securities Co., Inc.. of
-V. 131, p. 2255
- New Orleans. paying all expenses plus a premium of $925, equal to 101.68,
-MATURITY.
FORREST CITY, Saint Francis County, Ark.
The $115.000 issue of 6% semi-ann. street impt. bonds that was purchased a basis of about 5.04%. Due from 1931 to 1950 incl. The other bidders
by the American Exchange Trust Co. of Little Rock, at a price of 104.25- and their bids were as follows;
-matures in 20 years, giving a basis of about 5.65%.
131, p. 2410
Premium.
Names of Other Bidders$495.00
-The Saunders& Thomas. Memphis
-BONDS NOT SOLD.
FORT MEYERS, Lee County, Fla.
Orleans
556.00
198.000 issue of 6% seml-ann. refunding, series C bonds offered on Sept. Whitney Trust & Savings Bank, New
357.00
not sold as there were no bids received. Dated First Securities Corp.. Memphis
-was
20-V. 131. p. 1746
368.50
Hanchett Bond Co., Chicago
Sept. 11930. Due from Sept. 1 1933 to 1943.
477.00
Co.,Toledo
-The _$6,500 Ryan,Sutherlin & Co. of Cincinnati
-BOND SALE.
560.00
FRANKLIN, Warren County, Ohio.
Well Roth & Irving
643.00
coupon sidewalk construction and impt. bonds offered on Oct. 11-V. 131, Provident Savings Bank & Trust Co., Cincinnati
-were awarded as 43s to Spitzer, Rorick & Co. of Toledo, at par Seasongood & Mayer, Cincinnati
428.00
ro. 2096
695.00
plus a premium of $4.10, equal to 100.06, a basis of about 4.48%. Dated Caldwell & Co., Nashville
Aug. 11930. Due on Sept. 1 as follows: $1,500 in 1932 and $1,000 from
-BONDS DEGROSSE POINTE SCHOOL DISTRICT, Mich.
1933 to 1937 incl.
-At an election held recently the voters unanimously defeated
FRANKLIN SCHOOL DISTRICT (P. 0. Conemaugh), Cambria FEATED. calling for the sale of $399.000 in bonds for school purposes.
-Harry D. McGough. Treasurer of a proposal
-BOND OFFERING.
Pa.
County,
was defeated by a vote of more than 5 to 1.
Board of Directors, will receive sealed bids until 7 p. m. on Oct. 20 for The measure
the purchase of5155,00043 % school bonds. Dated Oct. 1 1930. Denom.
GUADALUPE JOINT UNION SCHOOL DISTRICT (P. 0. Santa
1 as follows: $30.000 in 1945; 550,000 in 1950 and Barbara), Santa Barbara County, Calif.
$1,000. Due on Oct.
-BOND SALE.
-An Issue of
1955 and $25,000 In 1958. Int. Is payable semi-annually. A certified $100,000 5% coupon school bonds was awarded at private sale on Oct. 6
check for $500, payable to the order of the District, must accompany each to the Elmer J. Kennedy Co. of Los Angeles, at a price of 103.75, a basis of
proposal.
about 4.53%. Denom. $5,000. Dated June 3 1929. Due $5,000 from
- June 3 1931 to 1950 incl. Interest payable annually on June 3,
-BOND REDEMPTION.
GAINESVILLE, Alachua County, Fla.
Joseph E. Waugh. Director of Finance. informs us that the city is ready
HALLOWELL WATER DISTRICT (P. 0. Hallowell), Kennebec
to redeem all bonds with coupons attached due and payable on or before County, Me.
-Aaron H. Norton, District Treasurer,
-BOND OFFERING.
July 1 1931, at par and accrued interest to date redeemed.
will receive sealed bids until 2 p. m. on Oct. 21 for the purchase of $35,C00
GARFIELD COUNTY CONSOLIDATED SCHOOL DISTRICT NO.2 4% coupon extension and impt. bonds. Dated Oct. 1 193u. Denom.
-An issue of $100,000 6% school $1,000. Due Oct. 11955. Prin. and semi-ann. int.(A.& 0.) are payable
-BONDS CALLED.
(P. 0. Rifle), Colo.
Simons.
building bonds has been called for 'payment at the office of Sidlo,optional at the Fidelity Trust Co.. Portland. This Trust company will supervise
Co. in Denver. Denom. $1,000. Dated Nov. 1 1920,
the issuance of the bonds and certify as to their genuineness. Legality
Day &
will be approved by Cook, Hutchinson, Pierce & Connell of Portland,
Nov.1 1930,and due on Nov.1 1940. Interest ceasing on Nov.I 1930.
-BOND OFFER- whose opinion will be furnished the purchaser. The bonded Indebtedness
County, Ohio.
GARFIELD HEIGHTS, Mahoning
District, exclusive of this issue, is $35,000.
a.m.
ING.-Josoph Farizel, Village Clerk, will receive sealed bids until 11impt. of the
street
-BOND OFFERING.
-Harry H.
HAMILTON, Butler County, Ohio.
on Nov. 1 for the purchase of $3,895.08 6% special assessment for $380.
others
will receive sealed bids until 1 p. m.(Eastern
for
bonds. Dated Oct. 1 1930. One b3nd and $95.08, all1933 to 1941 incl. Schuster, Director of Finance,the purchase of $118.000
$380 from
street improvefollows: $475.08.in 1932,
time) on Nov. 17 for
standard
Due on Oct. 1 as
bonds
October. Bids for
bonds. Dated Oct. 1 1930. Denom. $1,000. Due On Oct. 1 as
Int. is payable semi-annually in April and also be considered, the
provided, ment
inclusive and $11,000 in 1940
1941.
other than 6% will
to bear int, at a ratefractional rate is bid such fraction shall be k or 1% follows: $12,000 from 1932 to 1939 (April and Oct.) payable at and office
the
Principal and semi-annual interest
however,that where a
check for 2% of the amount of bonds of the Director of Finance or at the Citizens' Savings Bank & Trust Cu..
or a multiple thereof. A certified
Village Treasurer, must accompany Hamilton. Bids for the bonds to bear interest at a rate other than 5%
bid for, payable to the order of the
will also be considered; provided, however, that where a fractional rate
each proposal.
0. Sunbury), Is bid such fraction shall be ;.‘ of 1% or a multiple thereof. A certified
GATES COUNTY DRAINAGE DISTRICT NO. 1 (P.
until 2 p. m. on check for 5% of the total amount of the issue, payable to the order of the
-BOND OFFERING. Realed bids will be received
N. C.
Commissioners, for the Director of Finance, must accompany each proposal. Legal opinion to
Oct. 25, by W.0.Crump,Secretary of the Board ofbonds. Dated Nov. 1 be obtained by successful bidder. The offering notice states that the bonds
city and the full
purchase of a $6,000 Issue of 6% semi-ann. Inuit.
certified check for $120 must are general obligations of the pledged for the faith, revenue and credit
prompt payment of both
1930. Due $600 from 1933 to 1942 incl. A
thereof has been irrevocably
accompany the bid.
of said bonds as same fall due.
principal and interest
-The
-BOND SALE.
Financial Statement (as of Oct. 6 1930).
GEAUGA COUNTY (P. 0. Chardon), Ohio. bonds offered on Oct.
•
construction
(estimated)
$103,000,000.00
$6,500 coupon special assessment bridge Ois to Spitzer, Bolick & Co. of Actual value of pro erty
Assessed valuation for taxes year 193098,687.630.00
-were awarded as
14-V. 131. p. 2255
4.49%.
3,528,627.65
a premium of $3.equal to 100.04. a basis ofaboutto 1936 Total bonded debt,including this issue
Toledo,at par plus
$1,000 from 1932
636400:603006..0580
Less water works bonds
Due on Sept. 1 as follows: $1,500 in 1931, and
Less sinking fund
incl. Bids for the issue were as follows:
Int. Rate. Premium. Less special assessment included
718,721.66
Bidder00 Total debt
4
$3•
1,800,269.41
Spitzer, Rorick & Co., Toledo (purchasers)
29.25
Population: 1920 Census, 39,675; 1930 Census, 52.108. Date incorpow
Ityan,Sutherland & Co.,Toledo
8.00 rated, 1854. Tax rate per $1,000. $21.25.
L.
. Slayton & Co.,Toledo
1.60
Mitchell, Herrick & Co., Cleveland
HARRIS COUNTY NAVIGATION DISTRICT (P. 0. Houstorit
24.60
BancOhio Securities Corp.. Columbus
Par. Tex.-BOND.OFFERING.-Sealed bids will be received by Joseph W.
Chagrin Falls Banking Co.. Chagrin Falls
Evans, Chairman of the Navigation Commission, untll 2 p. m. on Nov. 10.
27.95
0
Provident Savings Bank & Trust Co.,Cincinnati
OCT. 18 1930.]
FINANCIAL CHRONICLE
for the purchase of a $923,000 issue of coupon navigation bonds. Int. rate
to be named by bidder. No bids below par can be accepted. Due serially
In 30 years. A $15,000 certified check must accompany the bid.
(The official advertisement of this offering will be found on p. xii.)
PllHARRISON TOWNSHIP (P. 0. Connersville), Fayette County,
-BOND OFFERING.
-Absalom Simpkins, trustee of both Harrison
Ind.
-Civil and School Townships, will receive sealed bids until 10 a.m. on Oct. 29
for the purchase of the following issues of 4H% bonds aggregating $66,500:
:$43,500 Harrison School Township bonds. Denom. $2,900. Due $2,900 on
Aug. 1 from 1931 to 1945 inclusive.
123,000 Harrison Civil Township bonds. Denom. $2,300. Due $2,300 on
.
Aug. 1 from 1931 to 1940 inclusive.
, Each issue is dated Aug. 1 1930. Principal and semi-annual interest
(Feb. and Aug.) payable at the Fayette Bank & Trust Co. Printing and
;lithographing of 'bonds will be paid for by the townships respectively.
Separate bids to be made for each issue.
-ADDITIONAL
HAYWOOD COUNTY (P. 0. Brownsville), Tenn.
INFORMATION.
-The $200.0u0 issue ol road impt. bonds that was put
-bears
.chased by the First Securities Corp of Memphis
-V. 131. p. 2410
Int. at 41 % and was awarded for a premium of $1,152.50. equal to 100.576,
i
,
.a basis o. about 4.70%. Due from Oct. 1 1935 to 1959 incl.
-The $25,000
HOGANSVILLE, Troup County, Ga.-PRICE PAID.
:issue of 5% paving bonds that was jointly purchased by J. H. Hilsman
Co., Inc., and the Citizens & Southern Co., both of Atlanta-V. 131.
p. 2256
-was awarded for a premium of $1,040, equal to 104.16, a basis
,of about 4.63%. Due $1,000 from July 1 1934 to 1958 incl. Legality
approved by A. A. and E. L. Meyer of Atlanta.
Financial Statement (As Officially Reported).
11.3,000,000
Actual values
1,924,000
Assessed values, 1930
75,000
Total bonded debt (including this issue)
Population-1920 Census, 1,591; 1930 Census, 2,352.
The total bonded debt of this town is limited by the Constitution of the
State to 7% of the assessed valuation.
-BONDS REGHOPKINS COUNTY (P. 0. Sulphur Springs), Tex.
.ISTERED.-On Oct. 7 the State Comptroller registered a $300,000 issue
• of5% road,series K bonds. Denom.$1,000. Due serially.
-The
-BOND SALE.
HOOD RIVER, Hood River County, Ore.
$42,000 issue of semi-ann. power and light bonds offered for sale on Oct.6National Bank of Oregon, as
V. 131, p. 1594
-was purchased by the First
43s, paying a price of 101.60, a basis of about 4.62%. Dated Aug. 15
1930. Due from Aug. 15 1934 to 1949 incl. The following is an official
'list of the bids:
Price Bid.
Rate.
Bidder100.33 per 1.100
Smith,Camp & Co
44%
100.127 per 100
Butler Bank & United Oregon Corp
434
100.858 per 100
7
,8
7
9
,Geo. H. Burr,Conrad & Broom
101.60 per 100
41i
*First National Bank
45%%
1,001.70 per 1.000
-Commonwealth Securities Corp
1,009.21 per 1,000
4Z%
H.B.McGuire
1,027.40 per 1,000
5 a
H.B.McGuire
986.22 per 1,000
H.B.McGuire
• 4 %
* Successful bid.
-Olin M.
HOULTON, Aroostook'County, Me.
-BOND OFFERING.
Smith, Town Treasurer, will receive sealed bids until 2 p.m. on Oct. 24
Sot the purchase of $45.000 41i% coupon refunding and bridge bonds.
Dated Nov. 11930. Denom. $1,000. Due 55.000 on Nov. 1 from 1932 to
1940 incl. Principal and semi-annual interest (May and Nov.) are payable
• at the Fidelity Trust Co., Portland. 'ibis trust company will supervise the
Issuance of the bonds and certify as to their genuineness. Legality will be
approved by Cook, Hutchinson, Pierce & Connell. of Portland, whose
approving opinion will be furnished the purchaser.
Debt Statement.
Assessed valuation for 1930
2401:225303
54,405,233
Bonded indebtedness and town notes (excluding this Issue)
Temporary loans in anticipation of 1930 taxes
73.000
Bonds to be retired by this Issue
32,000
Tax rate for 1930
.051
Population (approximately) 7,000
HOWARD FLAT IRRIGATION DISTRICT (P. 0. Chelan),Chelan
• County, Wash.
-BOND OFFERING.
-We are informed that sealed bids
will be received until 8 p.m. on Oct. 31, by Chas. E. Sargent, Secretary of
the Board of Directors, for the purchase of a 5300.000 Issue of irrigation
bonds. Int. rate is not to exceed 6%, payable semi-annually. A certified
• check for 3% must accompany the bid.
HUGHES RURAL SPECIAL SCHOOL DISTRICT (P. 0. Forrest
-BOND DESCRIPTION.
-The $82.500
- City), St. Francis County, Ark.
Issue of school bonds that was purchased by M. W. Elkins & Co. of Little
Rock-V. 131, p. 2411-bears int at 6%, was awarded at a price of 102.00
and matures in from 1 to 20 years, giving a basis of about 5.74%.
-The 560,000 iSS1113
HURON, Beadle County, S. Dak.-BOND SALE.
of coupon sewage disposal plant bonds offered for sale on Oct. 14-V. 131,
•p. 2097
-was awarded to the Farmers & Merchants Bank and the National
Bank of Huron both of Huron, on their Joint bid of par for 434% bonds.
Due 53.0110 from Nov. 1 1931 to 1950, incl.
-BOND SALE.
-The First
IONIA COUNTY (P. 0. Ionia), Mich.
% road
Detroit Co. of Detroit recently purchased an issue of $109.500
bonds at par plus a premium of $526, equal to 100.48. Due serially from
1932 to 1939 inclusive. The following is a list of the bids submitted for
the issue:
Rate Bid.
BidderInt. Rate.
First Detroit Co.(purchaser)
100.48
434%
Braun, Bosworth & Co
434%
100.41
Stranahan, Harris & Co
100.30
43401
Guardian Detroit Co
100.18
416%
National Bank of Ionia (for $86,500 bonds)100.76
John Nuveen & Co
IRONDEQUOIT (P. 0. Rochester, Beachwood Station) Monroe
County. N. Y.
-BOND SALE.
-The following issues of coupon or registered bonds aggregating $38,500 offered on Oct. 9-V. 131, p 2256were awarded as 51,48 to Rapp & Lockwood, of New York, at 100.139, a
basis of about 5.23%:
$30,000 sewer bonds. Due on Oct. 1 as follows: $1.000 from 1931 to 1948
inclusive, and $2,000 from 1949 to 1954 inclusive.
8,500 water bonds. Due on Oct. 1 as follows: $500 in 1931, and $1,000
from 1932 to 1939 inclusive.
Financial Statement.
Assessed valuation: 1929
$26,119,254.00
1930
27,028,653.00
Bonded indebtedness: 1929
7,884,917.11
1930
.
7,6118.986.67
Total certificates ofindebtedness,outstanding Sept. 1 1930-42,045.10
IRVINGTON, Essex County, N. J.
-BOND SALE.
-A syndicate comBancamerica-Blair Corp., and Eldredge & Co., both of New
posed of the
York; M. M. Freeman & Co., Philadelphia; B. J. Van ingen & Co., M. F.
Schlater & Co.,and H. L. Allen & Co., all of New York. also J. S. Rippel &
Co., of Newark is reported to have been awarded $1,444,000 bonds of the
$1,445.000 coupon or registered school Issue offered on Oct. 14.-V. 131.
p. 2256. The group paid $1,445,055.55 for the securities as 434s. equal to
100.07, a basis of about 4.74%. Dated Nov. 11930. Due on Nov. 1 as
follows: $30,000 from 1931 to 1937 incl.; 535.000 from 1938 to 1942 incl.;
$40,000 from 1943 to 1955 incl.;$45,000 from 1956 to 1966 Incl., and $44,000
in 1967. Public offering of the bonds is expected to be made next week.
JASPER COUNTY (P. 0. Rensselaer, ind.-BOND OFFERING.
Homer A. Lambert. County Treasurer, will receive sealed bids until 2 P.m.
% Hanging Grove Township
• on Oct. 28 for the purchase of $14,200
highway improvement bonds. Dated Oct. 15 1930. Denom. $710. Due
$710 on July 15 1932;$710 on Jan. and July 15 from 1933 to 1941 incl.. and
$710 on Jan. 15 1942. Interest is payable semi-annually on Jan.and July 15.
JEFFERSON VILLE, Montgomery County, Ky.-BOND OFFERING.
-We are informed that sealed bids will be received until Oct. 30, by the
• City Clerk,for the purchase of an issue of $155,000 school bonds.
JUNCTION SCHOOL DISTRICT (P. 0. Junction) Kimble County,
-Sealed bids were received until Oct. 14 by the
-BONDS OFFERED.
Tex.
Clerk of the Board of Education, for the purchase of a $60,000 issue of
school bonds.
PIR
101.00
2567
KANSAS CITY, Wyandotte County, Kan.
-ADDITIONAL DETAILS.
-The $189,573 issue of 411% paving and street widening bonds
that was purchased by the Prescott, Wright, Snider Co. of Kansas City at
100.283, a basis of about 4.19501-V. 131, p. 1747
-is dated Sept. 1 1930.
Denom.$1,000. one for $573. Due on Sept. 1, as follows: $15.573 in 1931.
and $16,000, 1932 to 1940 incl. Prin. and int. (M. & S.) payable at the
office of the State Treasurer. Legality to be approved by Bowersock,
Fizzell & Rhodes of Kansas City, Mo.
KENOSHA, Kenosha County, Wis.-BOND OFFERING.
-Sealed
bids will be received by H. C. Laughlin, Director of Finance, until 2 p.m.
on Nov. 14, for the purchase of an issue of $100,000 431% coupon school
bonds. Denom. $1,000. Dated Nov. 15 1930. Due $5.000 from 1931 to
1950, incl. Prin. and int. (M. & N.) payable at the office of the City
Treasurer. Legal approval by Chapman & Cutler, of Chicago. Authority:
Chapter 67 of the Statutes of Wisconsin for 1929. A certified check for
$1,000, payable to the city, must accompany bid.
-BOND SALE.
-The $260,
KING COUNTY (P.O. Seattle), Wash.
000 issue ofsemi-ann.airport bonds offered for sale on Oct. 14-V. 131, p.
2256
-was jointly purchased by the First Detroit Co., Inc., and the Hartis
Trust & Savings Bank, both of Chicago, as 4345, paying a premium of
$1,650, equal to 100.63, a basis of about 4.19%. Dated Nov. /1930. Due
in from 2 to 30 years.
-BONDS OFFERED FOR
KING COUNTY (P. 0. Seattle), Wash.
INVESTMENT.
-The $500,000 issue of city and county building bonds
that was Jointly purchased by the Harris Trust it Savings Bank and the
First Detroit Co., Inc., both of Chicaso as 431s at 101.116, a basis of
about 4.15%-V. 131. p. 2411-is being offered 133 the purchasers for public
subscription at prices to yield from 3.50 to 4.10%. according to maturity.
Dated Nov. 1 1930. Due In gradually increasing amounts from Nov. 1
1932 to 1960 incl. Prin. and int. (M. & M.) payable at the office of the
County Treasurer, or at the ficsal agent of the Sate In N. Y. City. Coupon
bonds in $1,000 denom., registerable only as to prin. Legal approval by
Chaprdan & Cutler of Chicago.
-FINANCIAL STATEMENT.
KNOXVILLE,Knox County,Tenn.
We are furnished with the following detailed statement in connection with
the offering scheduled for Oct. 21 of the $900.000 issue of 434% semi-ann.
bridge bonds:
5157.012,720.00
Assessed valuation for taxation, 1930
220,000,000.00
Estimated true value
123,340,285.00
Assessed valuation ofreal property
Total bonded and other debts, incl. special assessment debt
23,189,944.60
and incl. bonds now offered
4,932.986.80
Water debt
976,823.29
Sinking fund, except for water debt
Uncollected special assessments applicable to a portion of
1,967.325.31
above debt
Total deductions
7,877,135,40
$15,312,809.20
Net debt,incl.this Issue
Population: Federal census 1910. 36,346; Federal census 1920. 77,818;
Federal census 1930, 105,797.
KOSSUTH COUNTY DRAINAGE DISTRICT NO. 177 (P. 0. Al-Sealed bids will be received by H. N.
gona), lowa.-BOND OFFERING.
Kruse, County Treasurer, until 2 p. m. on Nov. 6, for the purchase of a
1121,700 issue of 5% drainage bonds. Dated Nov. 1 1930. Due $3,100
from Dec. 1 1934 to 1940, incl. Prin. and int. (J. & D.) payable at the
office of the County Treasurer. Open bids will be received after all sealed
bids have been filed. Successful bidder to furnish the blank bonds and the
legal opinion. A certified check for 3% of the bonds offered, payable to
the County Treasurer, must accompany bid.
-A $20,000
-BOND SALE.
LAGUNA BEACH,Orange County, Calif.
Issue of 5,14% coupon fire department building bonds was purchased at
private sale on Oct. 8, by the Elmer J. Kennedy Co.. of Los Angeles, at
par. Denom. $1.000. Dated Oct. 11930. Due from Oct. 1 1931 to 1950.
incl. Interest payable on April and Oct. 1.
LA PLATA COUNTY SCHOOL DISTRICT NO. 9(P. 0. Durango),
-Sealed bids will be received by A. M. Emigh,
Colo.
-BOND OFFERING.
District Secretary, until 8 p. m. on Nov. 10, for the purchase of an issue of
$168,000 refunding bonds. Rate of interest to be determined by bids.
Denoms. to be determined later. Due 1-15 serially each year. commencing
with 1932. Prin. and int. payable In New York at place designated by the
School Board. Legal proceeding, printing of bonds and all other expenses
to be borne by the successful bidder and must be taken Into account in
making bids. A $4,800 certified check, payable to the District, must
accompany the bid.
Official Financial Statement.
$6,186,660
Assessed value of taxable property, 1929
8,000,000
Estimated actual value ofsame
be paid from
Total bonded debt (of which approx. $6,100 will
174,100
present levy)
None.
Warrant and other indebtedness
No other bond issue is contemplated. Population 1930 census, about
8,000;school population last census, 1,842.
LEEDS SCHOOL DISTRICT NO. 6 (P.O. Minnewaukan) Benson
-Sealed bids will be received until
County, N. Dak.-BOND OFFERING.
2 p.m. on Oct. 27. by Elsie S. Buttz, District Clerk, for the purchase of a
$12.000 issue of school bonds. Int. rate is not to exceed 6%, payable semiannually. Denom. $1,000. Dated Sept. 1 1930. Due on Sept. 1 1950.
optional after Sept. 1 1940. Prin. and int. payable at any bank or trust
company designated by the purchaser. The approving opinion of June'',
Oakley, Driscoll & Fletcher of Minneapolis, will be furnished. A $250
certified check, payable to the District, must accompany the bid. (These
bonds were voted at an election held on Sept. 30.)
LEESBURG INDEPENDENT SCHOOL DISTRICT(P.O.Leesburg),
-BOND SALE.
-A $15,000 issue of 5% school bonds
Camp County, Tex.
is reported to have been purchased by an undisclosed investor.
LEVY COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4 (P. 0.
-Sealed bids will be received until
Bronson), Fla.
-BOND OFFERING.
Nov. 5, by El S. Priest, Superintendent of the Board of Public Instruction,
for the purchase of a $50,000 issue of 6% semi-ann. school bonds.
-BOND SALE.
-A $50,LEWIS COUNTY (P. 0. Nezperce), Ida.
000 issue of 6% Northern Highway District bonds Is reported to have
the Max J. Keeney Co. Due in from 2 to 15 years.
been purchased at par by
-A $5,123.20
LE v.INGTON, Fayette County, Ky.-BOND SALE.
issue of 6% semi-anual street improvement bonds has recently been
purchased at par by an undisclosed investor. Dated Aug. 25 1930. Due
from Nov. 1 1931 to 1940, and optional after 5 years. Prin. and int, payable in Lexington.
LINCOLN PARISH SCHOOL DISTRICT NO. 7 (P.O. Ruston),
La.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. on
Oct. 21, by H. L. Campbell, Secretary of the Parish School Board, for the
Purchase of a $10,000 issue of school building bonds. Int. rate Is not to
exceed 6%. Denom. $500. Dated Oct. 1 1930. Due on Oct. 1, as
follows: 8500, 1931 to 1936 and $1,000, 1937 to 1943, all incl. Prin. and
Int. (A. & 0.) payable at the office of the Parish Treasurer or at the Chase
National Bank in New York. Legal approval furnished by B. A.Campbell of New Orleans and Chapman & Cutler of Chicago. A $;300 certified
check, payable to the District President, must accompany the bid.
(This report supplements the one given in V. 131. p. 2098.)
Official Financial Statement.
$335,000.00
Assessed valuation of district for 1929
7,500.00
Bonded debt
-other than present issue
Population of district: Estimated, 1,110. Area of district: 11,720 acres.
-BONDS OFFERED.
LINCOLN PARK, Wayne County, Mich.
Albert J. Flynn, Secretary of Board of Education, received sealed bids
until 7 p.m. on Oct. 17 for the purchase of $690,000 not to exceed 6% int.
coupon school bonds. Due annually as follows: $15,000 from 1933 to 1936
incl.; $20,000 from 1937 to 1942 incl.: $25,000 from 1943 to 1952 incl.;
$30,000 from 1953 to 1956 incl., and $35,000 from 1957 to 1960 incl. Int.
is payable semi-annually.
-BOND SALE.
-The $60,LIVINGSTON, Overton County, Tenn.
000 issue of water works bonds offered for sale on Oct. 15-V. 131, p. 2257
2568
FINANCIAL CHRONICLE
-was awarded to Caldwell & Co.of Nashville, as 6s, at par. Dated June 1
1930. Due $5,000 from June 1 1.941 to 1952, incl. No other bids were
received.
-James
-BOND OFFERING.
LONG BEACH, Nassau County, N. Y.
J. McCabe, City Clerk, will receive sealed bids until 8.15 p. m. on Oct. 21
for the purchase of the following Issues of not to exceed 6% int. coupon
special assessment impt. bonds aggregating $90,000:
$85.000 series A, bulkheading canals of Lido bonds. Denoms. $1,000 and
$500. Due $8.500 on Oct. 1 from 1931 to 1940 incl.
on
5,000 series A, parkways bonds. Denom. $1,000. Due $1,000
Oct. 1 from 1931 to 1935 incl.
Each issue is dated Oct. 11930. Rate of int. to be expressed in a multiple
of y, of 1%. Prin. and semi-ann. hit, payable only out of a fund composed
or
of assessments levied and collected or to be levied and collected against or
fronting on
upon the lots or parcels of land benefited by, adjacent to, certified check
bonds are to be sold. A
opposite the impts. for which the
for 2% of the amount bid for, payable to Thomas J. Hogan, City Treasurer,
must accompany each proposal. Legality is to be approved by Clay,
the
Dillon & Vandewater of New York, whose opinion will be furnished to
successful bidder.
together with an additional issue of $10,000, were originally
These bonds,
-V. 101, p. 1927.
offered on Sept. 18, the sale of which was postponed.
-BOND ELECTION.
LOS ANGELES, Los Angeles County, Calif.
election to
Robert Dominguez, City Clerk, informs us that at the general
aggregating $19.300,000 will
be held on Nov. 4, two proposed bond issues
$13,be submitted to the voters for approval. The issues are as follows:
system
300,000 electric light and power, and $6,000,000 sewage disposal
bonds.
(This report supplements that given in V. 131, p. 2098.)
T
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMEN
-BONDS NOT SOLD.
DISTRICT NO. 120 (P.0. Lois Angeles), Calif.
bonds offered
The $21,356.22 issue of not to exceed 7% semi-ann. impt. bids received.
-was not sold as there were no
on Oct. 6-V. 131, p. 2257
Dated Sept. 15 1930. Due from Sept. 15 1933 to 1949 incl.
0.
LOS ANGELES COUNTY SANITATION DISTRICT NO. 2 (P.
-The
-BONDS OFFERED BY PURCHASERS.
Los Angeles), Calif.
Detroit Co.,
$350.000 issue of sewer bonds that was purchased by the First
as 451s,
Inc., and the Anglo-London-Paris Co., both of San Francisco, offered
at 102.03, a basis of about 4.57%-V. 131, p. 2411-is now being
yield from 3.25
the successful bidders for public subscription at prices to 1. from 1931 to
by
to 4.50%, according to maturity. Due 310,000 on May
1965 incl.
The following is an official list of the bids:
Premium.
Rate.
Name of Bidder7,110.00
*Angle
-London-Paris Co.and First Detroit Co.,Inc_ 451%
4,410.00
5%
Wheelock & Co
Investment Co.and Redfield Van Evers &
American
7,025.00
Co5%
8.00
f 5% & 43 %
Weeden & Co. and American Securities Co
3,896.00
1 451%
National
Dean Witter & Co. and Security Division
6,223.00
451%
Bankitaly Co
•Successful bid.
INFORMATION.
-ADDITIONAL
LULING, Caldwell County, Tex.
was purchased
-The $60.000 issue of sewer system purchase warrants that
-bears interest
822
by the Southwest Investment Co. of Austin-V. 131, p. a price of 95.00,
at
at 6% and matures in 10 years. They were awarded
giving a basis of about 6.69%.
-An issue of $10,000
-BOND SALE.
McADOO,Schuykill County,Pa.
of par to a
5% coupon street paving bonds was sold on Oct. 6 at a price
investors. Dated Oct. 1 1930. Denom. $1.000. Due
group of local
incl. Optional at the discretion of
annually on Oct. 1 from 1931 to 1950,
in April and Oct.
the borough council. Interest is payable semi-annually
Secretary of
The issue was recently approved by James F. Woodward.
-V. 131, p. 1928.
Internal Affairs.
NOT SOLD.
-BONDS
McLENNAN COUNTY (P. 0. Waco), Tex.
direct county obligation road
The $1,000,000 issue of 43. % semi-ann. -was not sold as all the bids
bonds offered on Oct. 14-V. 131, p. 2412
Oct. 15.
were rejected. New bids were called for unt 1 2 p. m. on
-At the re-offering on Oct. 15 the above bonds were
BOND SALE.
Geo. L. Simpson & Co.
jointly purchased by Hall & Hall of Temple and 101.30, a basis of about
of Dallas, paying a premium of $13,005. equal to
to 1970. incl.
4.39%. Dated Oct. 10 1930. Due $25,000 from Oct. 10 1931
follows:
The highest of the rejected bids on Oct. 14 were as
Price Bid.
Bidder101.236
A. B. Leach & Co. and associates
First
Continental Illinois Co., Harris Trust & Savings Bank and
101.106
Co., Inc
Detroit
-The
MADISON COUNTY (P. 0. Richmond), Ky.-BOND SALE.
unsuccessfully offered on Sept. 16
$70,000 issue of refunding bonds that was
-Is now reported to have since been disposed of to an
131, p. 2098
-V.
undisclosed purchaser.
-The
-BOND SALE.
MADISON COUNTY (P. 0. Anderson), Ind.
on Oct. 16-V.
$90,000 43 % coupon Madison Ave. bridge bonds offered of Indianapolis,
awarded to Breed, Elliott & Harrison,
-were
131, p. 1928
a basis of about 3.65%.
at par plus a premium of $4.368, equal to 104.85.$4,500 on Jan. and July
Dated Oct. 6 1930. Due 14.500 on July 1 1932:1942. The following is a
incl., and $4,500 on Jan. 1
1 from 1933 to 1941.
list of the bids submitted for the issue:
Premium.
Bidder$4,368.00
Breed, Elliott & Harrison (Purchasers)
4.224.00
Union Trust Co.. Indianapolis
2.936.00
Bank, Indianapolis
Meyer-Kiser
3,645.00
Fletcher American Co., Indianapolis
817.50
Salem Bank & Trust Co., Goshen
2,310.00
Harris Trust & Savings Bank. Chicago
4.171.00
Anderson Banking Co.. Anderson
MANCHESTER UNION FREE SCHOOL DISTRICT NO. 8 (P. 0.
-Hugh G.
-BOND OFFERING.
Manchester), Ontario County, N. Y.
receive sealed bids until 7 p. m. on Oct. 27
Hawkes, District Clerk, willnot to exceed 6% interest coupon or registered
of $180,000
for the purchase
Nov. 1 1930. Denom. $1,000. Due on Nov. 1 as
school bonds. Dated1931 to 1935. incl., 12.000 from 1936 to 1940, incl.,
follows: ELMO from
1945. incl.. $4,000 from 1946 to 1950. incl., $5,000
$3.000 from 1941 to
from 1956 to 1960. incl., 87.000 from 1961
from 1951 to 1955. incl., 56.0001966 to 1970 incl. Principal and semi-ann.
from
to 1965. Incl., and $8.000 at the State Bank of ShortsvMe,in Shortsville.
interest (M. & N.) payable
must accompany each proposal. Legality
A certified check for 32,000 of Shortsville. No allowance will be made
Ellis,
approved by Willis C.attorney's charges in examining the legality of the
to purchasers for their
bonds.
District (P. 0. Fayetteville)
MANLIUS, East Genesee Water
-Ada F. Nichols, Town
-BOND OFFERING.
Onondaga County, N. Y. sealed bids until 8 p.m. on Oct. 21 for the
Manlius, will receive
Clerk of
to exceed 6% interest coupon or registered water
purchase of $70,000 not Denom.$1,000. Due as follows: 34,000 annually
bonds. Dated Oct. 11930.
in 1950. Rate of interest to be expressed
from 1934 to 1949 incl., and $6,000
Principal and semi-annual interest (April and
in a multiple of % of 1%.
Syracuse. or at the Guaranty
payable at the Syracuse Trust Co., 2% of the amount of bonds
Oct.)
check for
Trust Co., New York. A certified Town. must accompany each proposal.
bid for, payable to the order of the
with the opinion of Hawkins, DelaThe successful bidder will be furnished the bonds are binding and legal
York. that
field & Longfellow, of NewManlius, payable in the first instance from a
of the Town of
obligations
In the East Genesee Water District, and
tax levied only upon the property
however, may be levied if there is
not from a general town tax, which,
primary fund.
a shortage in the
Financial Statement (Town of Manlius).
38,715.629
Assessed valuation 1930
11.000.000
Actual valuation, estimated
70.000
Bonded debt (this Issue only)
Population 1930, 7,609.
-BOND SALE.Ind.
MARION COUNTY (P. 0. Indianapolis) was awarded an issue of
Oct. 10
The Union Trust Co. of Indianapolis, on
Hospital sewage disposal plant
% Marion County Tuberculosis
$26.000
equal to 101.29, a basis of about
bonds at par plus a premium of $336. on Aug. 1 from 1931 to 1940 incl.
-Aug. 1 1930. Due $2.600
3.98%. DatW
proL. 131.
-BOND OFFERING.
MARSHALL COUNTY (P.O.Plymouth),Ind.
Otto H. Weber, County Auditor, will receive sealed bids until 2 p. m. on
Nov. 1 for the purchase of the following issues of 6% bonds aggregating
311,549.53:
$8,300.22 Harry Leopold et al., ditch construction bonds. One bond for
$830.04, others for $830.02. Due on Oct. 1 as follows: $830.04
in'1931, and $830.02 from 1932 to 1940 lad.
3,249.31 Gabriel Leffert et al., ditch construction bonds. One bond for
$324.94, others for $324.93. Due on Oct. 1 as follows: $324.94
in 1931 and $324.93 from 1932 to 1940 incl.
Each issue is dated Oct. 1 1930. Prin. and semi-ann. int, payable at the
office of the County Treasurer.
MASON CITY, Cerro Gordo County, Iowa.
-BOND OFFERING.
We are informed that bids will be received until Oct. 27, by the City Clerk.
for the purchase of a $50,000 issue of water works bonds.
MECHANIC TOWNSHIP RURAL SCHOOL DISTRICT, Holmes
-A proposition calling for the sale
-BOND ELECTION.
County, Ohio.
of $72,000 school bonds will be submitted for consideration of the voters
at the general election to be held on Nov. 4. Maturity of issue has been
set at 24 years.
-NOTE OFFERMECKLENBURG COUNTY (P.O. Charlotte), N. C.
-Sealed bids will be received by F. M. Gresham, Clerk of the Board
ING.
of County Commissioners, until Oct. 20, for the purchase of two Issues of
notes aggregating $100,000, as follows: $50,000 current expenses, and
$50,000 bond interest payment notes. Due in 3 months.
-Sealed
MERRILL, Lincoln County, Wis.-BOND OFFERING.
bids will be received until 7:30 p.m. on Oct. 21, by Harry R. Allen, City
Clerk, for the purchase of a $40,000 Issue of 4J% semi-annual bridge and
viaduct bonds. Denom.$500. Dated Oct. 11930. Due $5,000 from 1933 to
1940, incl. Authority for issuance is section 8702, Laws of Wisconsin.
-ELECTION SALE.
-PRE
-We
MIDVALE, Salt Lake County, Utah.
are now informed that the $125,000 issue of water supply bonds to be
-has been purchased by the Central
voted on Oct. 28-V. 131. p. 2412
Securities Co., of Salt Lake City, as 5%s, at a price of 100.20, a basis of
about 5.48%. Due in 20 years.
MILWAU CEE COUNTY (P. 0. Milwaukee), Wis.-BOND OFFER-We are informed that sealed bids will be received by Patrick McING.
Manus, County Treasurer, until Nov. 12 for the purchase of a $2,600,000
issue of court house bonds.
MINOT, Ward County, N. Dak.-CERTIFICATE OFFERING.
Sealed bids will be received until 3 p.m. on Oct. 27. by G. S. Reisl us,City
Auditor, for the purchase of a $50,000 issue of certificates of indebtedaess.
Dated Nov. 1 1930. Due on May 1 1931. A certified check for 2% must
accompany the bid.
-FINANCIAL STATEMINNESOTA, State of (P. 0. St. Paul).
-In connection with the offering scheduled for Oct. 22 of the
MENT.
$9,000,000 Wale of not to exceed &SI% semi-ann. trunk highway bonds,
reported in V. 131. p. 2258, we are now in receipt of the following detailed
statement:
Actual value of taxable property in the State of Minnesota,
$5.408,981,270
1929, estimated
1,94 ,71 .489
Assessed value of taxable property in the State
1,715.451.965
Assessed value of real estate
232.261,524
Assessed value of personal property
436,795,354
Assessed value of moneys and credits
26,116.129
Assessed value of electric light and power companies
Total indebtedness of the State of Minnesota, Nov. 1 1930,
86,650.583
estimated
3.384.758
Bonds of the State of Minnesota outstanding
28,265,825
Highway reimbursement bonds (to be paid from gas tax).
Rural credit bonds, payable out of the proceeds ofloans made
55,000.000
on real estate in the State (indirect obligation)
86.650 583
Total amount of bonds outstanding
Average tax rate for 1929 for $1,000 taxable value
Taxable value of real estate is 33 1-37 and 40% of actual value. Taxable
value of personal property is 10% and 40% of actual value. Tax on moneys
and credits. $3.00 on $1,000 actual value. Population of State, 1930 census,
2.566.455.
MISSOURI CITY SCHOOL DISTRICT (P. 0. Missouri City) Fort
-The $30,000 Issue of registered
-BOND DETAILS.
Bend County, Tex.
school bonds that was purchased by the Dallas Bank Sr Trust Co. of Dallas,
-bears Int. at 5%. Denom. 51,000.
-V. 131. p. 2412
at a price of par
Dated Aug. 15 1930. Due from 1931 to 1935 Incl.
-We are in-BOND ELECTION.
MOBILE, Mobile County, Ala.
formed that the voters will be called upon to pass on three proposed bond
issues aggregating $525,000, at a special election to be held on Nov. 14.
The issues are: $250,000 sewer extension. $200.000 water works system,
and $75,000 airport bonds.
-LIST OF BIDS-The followMOBILE COUNTY ill. 0. Mobile), Ala.
ing is a list of the other bids submitted for the $350,000 road and bridge
were purchased by the First National Bank of Mobile, as 431*
bonds that
at 99.30, a basis of about 4.56%.-V. 131, p. 2412:
Bid
P
441%,
414%.
Names of Other Bidders5350.945
$342.825
Eldredge St Co
• 348,740
Weil, Roth & Irving Co
347.600
Walter, Woody & Helmerdinger
341.670
Stranahan, Harris & Co
350.350
Brothers
Steiner
350.595
340,655
Caldwell & Co
349.125
Seasongood & Mayer
MONROE TOWNSHIP RURAL SCHOOL DISTRICT, Richland
-At the general election to be held
County, Ohio.-LOND ELECTION.
on Nov. 4 the voters will decide the fate of a proposed $97,500 bond issue,
the proceeds of which would be used for school building construction purposes. Maturity of issue has been set at 20 years.
-ADDITIONAL
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
RMS.-In connection with the notice in our
-LIST OF INFORMATION
of Oct. 4 relative to the award on Sept. 26 of $384,000 sewex bonds as
issue
451s to Seasongood & Mayer, of Cincinnati. at 100.41, a basis of about
4.19%. and $130,000 water bonds as 431s to the BancOhlo Securities Corp.,
-we learn
Columbus, at 100.47, a basis of about 4.19%-V. 131, p. 2258
that the Provident Savings Bank & Trust Co.. Cincinnati, was associated
with Seasongood & Mayer, and that the Davies-Bertram Co. of Cincinnati,
was associated with the BancOhlo Securities Corp. The following is an
official list of the bids submitted for the issues:
---$384.000--- -3130,000Sewer. Premium. Water. Premium.
Bidderb BancOhlo Securities Co., Columertram Co..
bus, and Davies-B
%
4 % $622.00
% $1,536.80
Cincinnati,jointly
a Provident Savings Bk. & Tr.Co.,
Cincinnati, and Seasongood &
1,578.85
431%
603.85
431%
Meyer. Cincinnati,jointly
209.00
Ryan,Sutherland & Co.,Toledo________
1,075.20
4
364.20
Otis& Co., Cleveland
1,416.96
117.00
Eldredge & Co., New York
588.00
4
43.00
0
Braun, Bosworth & Co., Toledo
Asset, Goetz & Moerlein, Inc.,
1.075.00
%
865.09
431%
Cincinnati
Breed, Elliott & Harrison, Cin1,000.00
43‘%
405.00
451%
cinnati
A. C. Allyn & Co.. Chicago, Ill.f
z4%
4%
Maturities 1931-1936
4%%
x41(% 1 12.50
30.00
Maturities 1937-1945
a Awarded 8384,000 sewer bonds for V. 78.85 premium. b Awarded
5130,000 water bonds for $622 premium. z 1931-1936 maturities. x 19371950 maturities.
MT. HERMON-SUNNY HILL SCHOOL DISTRICT (P.O. Franklin-BOND OFFERING.
-Sealed bids will be
ton), Washington Parish, La.
received until Oct. 20, by l). H. Stringfield, Superintendent of the Parish
for the purchase of the 515.000 issue of 53 % semi-ann.
School Board,
school bonds offered without success on Aug. 5.-V. 131. p. 822.
(This offering corrects that given under "Washington Parish" in V. 131,
p. 2260.)
-BOND SALE.
MUSKEGON HEIGHTS, Muskegon County, Mich.
The $15,000 general improvement bonds offered on Oct.6(V. 131, p.2099)
the First Detroit Co. of Detroit at par plus a
were awarded as 43s to
adz()
OCT. 18 1930.]
FINANCIAL CHRONICLE
premium of $66, equal to 100.44, a basis of about 4.41%. Dated Nov. 1
1930. Due $1.500 on Nov. 1 from 1931 to 1940, inclusive. Bids for the
issue were as follows:
BidderInt. Rate.
Rate Bid.
First Detroit Co. (purchaser)
100.44
4X %
W. L. Slayton & Co., Toledo
100.04
4X%
First State Savings Bank, Muskegon
100.00
.
5%
Hanchett Bond Co., Chicago
4(
%
100.38
MUSSEY TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Capac),
St. Clair County, Mich.
-BOND SALE.
-The $65,000 coupon school
bonds offered on Oct. 9 (v. 131. P. 2258) were awarded as 430 to the
Capac State Savings Bank at par plus a premium of $680. equal to 101.04,
a basis of about 4.4207. Due annually on April 1 as follows' $1,500 from
1933 to 1939, Incl.; $2,000 from 1940 to 1949, incl.: $2,500'from 1950 to
1953, incl.; $3,000 in 1954 and 1955: 83,500 from 1956 to 1958, incl., and
$4.000 in 1959 and 1960. The following is an official list of the bids submitted for the issue:
Premium
4X?
45?
Bidder
Bon s.
Bon s.
Copse State Savings Bank (awarded bonds as 4Xs)_ _ _ _$680
$1,390
Kent, Grace & Co., Chicago
333
W.L. Slayton & Co., Toledo
138
Watling, Lerchen & Hayes, Detroit
1,400
390
Burnous & Co., Detroit
1,350
675
Hanchett Bond Co., Chicago
1,375
405
First Detroit Co., Detroit
1,380
407
Stranahan, Harris & Co., Toledo
1,380
410
NEBRASKA, State of (P.O. Omaha).
-We are in-BOND SALES.
formed of the following sales of bonds to Wachob, Bender & Co. of Omaha:
$20,000 Saunders County Drainage District bonds.
16,000 Litchfield funding bonds (pre-election).
50,000 Howard County School District No. 4 refunding bonds.
5,000 Madrid funding bonds.
14,000 Adams water bonds.
3,300 Scottsbluff School District No. 26 bonds.
20,000 Elgin paving refunding bonds.
Tho following issues were purchased by the Omaha National Co. of
Omaha:
$70,000 Lexington intersection paving refunding bonds.
90,000 5% Scotts Bluff County School District No. 11 refunding bonds.
A $60,000 issue of Nebraska City school building bonds has recently been
Purchased by the U. S. National Co. of Omaha.
-BOND OFFERNEWCOMERSTOWN, Tuscarawas
Ohio.
ING.
-Elmer H. Van Sickle, Village Clerk, will receive sealed bids until
County.
12 m.on Oct. 31 for the purchase of $14,050 5X% special assessment street
impt. bonds. Dated Oct. 1 1930. Denom.$1,405. Due $1.405 on Oct. 1
from 1932 to 1941 incl. Int, is payable semi-annually in April and Oct.
Bids for the bonds to bear interest at a rate other than 535% will also be
considered, provided, however, that where a fractional rate is bid such fraction shall be X of 1% or a multiple thereof. A certified check for $200,
payable to the order of the Village, must accompany each proposal.
NEWPORT, Campbell County, Ky.-BOND SALE.
-A $500,000
Issue of refunding bonds has recently been purchased by a group composed
of the American National Bank, the Central Savings Bank & Trust Co..
the Citizens' Bank & Trust Co. and the West Side Savings Bank, all of
Newport, as 430,for a premium of $2.500. equal to 100.50.
NEW YORK. N. Y.
-OFFICIAL ADVERTISEMENT.
-Attention is
called to the official advertisement on page XII, regarding the scheduled
sale on Oct. 21 of $75.000,000 4% gold corporate stock, description of
which appeared in our issue of Oct. 11 (V. 131, p. 2413)•
NIAGARA FALLS, Niagara County, N. Y.
-BONDS DEFEATED.
At a special election held on Oct. 7 (V. 131. p. 1929) the voters decisively
defeated the proposed issuance of various improvement bond issues aggregating $706,000. The amount to be voted on originally was given as
$600,000. Voting was as follows: For bonds, 887: against bonds. 1.527.
NOBLE COUNTY (P.O. Albion), Ind.
-BOND OFFERING.-Wallace
0. Harder, County Treasurer, will receive sealed bids until 2 p. m. on
Oct. 28 for the purchase of $44,000 5% Sparta Township road impt. bonds.
Dated Oct. 15 1930. Denom. $100. Due $100 on July 15 1932: $100 on
Jan. and July 15 from 1933 to 1951 incl., and $100 on Jan. 15 1952.
NORTH DAKOTA, State of (P. 0. Bismarck).
-PRICE PAID.
-We
are now informed that the three issues of bonds aggregating $3,000,000,
that Were jointly purchased by Emanuel & Co.,and H. M.Byllesby & Co.,
both of New York-V. 131, p. 2413
-were awarded as follows:
$1,080,000 4X% State bonds. Due on Jan. 1 1983.
1,000,000 4 X % State bonds. Due on Jan. 1 1956.
The above bonds were awarded for a premium of 347,000,equal to 102.35,
a basis of about 4.35%.
$1,000,000 4q% State bonds were sold at par. Due on Jan. 1 1953.
NORTH HEMPSTEAD, Garden City Park Water District (P. 0.
Manhasset), Nassau County, N. Y.
-BOND SALE.
-The $62,000 coupon
or registered water district bonds offered on Oct. 14-V. 131, p. 2413
-were
awarded as 4.20s to Sherwood & Merrifield, Inc., of New York at 100.33,
a basis of about 4.16%. Dated Nov. 1 1930. Due on Nov. 1 as follows:
$4 000 from 1934 to 1948 incl., and 82.000 in 1949.
ilatchelder & Co. of New York, the only other bidders, offered 100.166
for the bonds as 4.30s.
Financial Statement (Town of North Hempstead).
Assessed valuation-1930:
Real property
$196.648.630.00
Special franchise
3,680.113.00
Personal property
830,400.00
2569
p. 1135
-was purchased on Oct. 6 by the Oregon State Veterans Commission, as 6s at par and int. Denom. 81,000. Dated Aug. 1 1930. Due
In 20 years. Int. payable on Feb. and Aug. 1.
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND SALE.
-The $9,000
% French Lick Township road improvement bonds offered on Oct.6V. 1.31, p. 2099
-were awarded to the First & Tri-State National Bank &
Trust Co. of Fort Wayne, at par plus a premium of $174, equal to 101.93.
a basis of about 4.10%. Dated Oct. 6 1930. Due $450 on July 15 1931:
$450 on Jan. and July 15 from 1932 to 1940, incl., and $450 on Jan. 15
1941. Bids for the issue were as follows:
BidderPremium
First & Tri-State National Bank & Trust Co.(purchaser)
$174.00
Fletcher American Co., Indianapolis
148.50
Fletcher Savings & Trust Co., Indianapolis
158.00
City Securities Corp., Indianapolis
113.00
Inland Investment Co., Indianapolis
168.50
Kent, Grace & Co., Chicago
99.00
ORMOND, Volusia County, Fla.
-BOND OFFERING.
-Bids are now
being received by the Town Clerk for the purchase of an issue of $100.000
6% refunding bonds. Denom. $500. Due on July 1 as follows: $2,000.
1933: $4,000, 1934: $5,000. 1935; $7,000, 1936 to 1946 and 33,000, 1947
to 1950, all incl. Int. payable on Jan. and July 1. Procedure approved
by Caldwell & Raymond of New York. These bonds may be purchased
at private sale, not less than par. Issued under authority of Chapter 14,280,
Laws of Florida, 1929. and voted at an election held on July 15 1930.
OSYKA, Pike County, Miss.
-BOND DESCRIPTION.
-The $15.000
issue of coupon refunding bonds that was purchased at par on Aug. 5 by
the Farmers Bank of Osyka-V. 131, p. 1135
-bears int. at 6%, payable
April and Oct. Denom. $1,000. Dated Oct. 4 1930. Due $1,000 from
Oct. 4 1931 to 1945.
OXFORD COUNTY (P. 0. South Paris), Me.-BOBD OFFERING.
The Clerk of the Board of County Commissioners is reported to be receiving
sealed bids until 5 p. m.on Nov. 10 for the purchase of 8200.0004% bridge
bonds. Dated Nov. 15 1930. Due in 20 years. Int. is payable semiannually.
PAINESVILLE CITY SCHOOL DISTRICT, Lake County, Ohio.
-One of the proposals to be voted on at the general
-BOND ELECTION.
election to be held on Nov. 4 is the question of issuing $165,000 school
building construction and equipment bonds. Maturity of issue has been
set at 24 years.
PARMA (P. 0. Cleveland, Brooklyn Station), Cuyahoga County,
-BOND SALE.
-The 89.000 special assessment street improvement
Ohio.
bonds offered on Sept. 25-V. 131. p. 1750
-were awarded as 5s to Seasongood & Mayer of Cincinnati at par plus a premium of $40. equal to 100.44.
a basis of about 4.88%. Dated Oct. 1 1930. Due on Oct. 1 as follows:
31,000 in 1932 and $2,000 from 1933 to 1936 inclusive.
PARMA (P. 0. Cleveland) Cuyahoga County, Ohio.
-BOND SALE.
-The Fifth Third Union Co. and Seasongood & Mayer, both of Cincinnati,
Jointly, on Sept. 25 were awarded $166,000 5% coupon street improvement
bonds at par plus a premium of 81.446, equal to 100.87, a basis of about
4.83%. Dated Oct. 1 1930. Denom. $1,000. Due on Oct. 1 as follows:
$16,000 in 1932; $17,000 in 1933 and 1934; $18,000 in 1935 and 1938. mei
$16,000 from 1937 to 1941, incl. Principal and semi-annual interest (April
and October) payable at the Cleveland Trust Co., Cleveland. Legality to
be approved by Squire, Sanders & Dempsey of Cleveland. The successful
bidders are reoffering the bonds for public investment priced to yield from
4 to 4.5007, according to maturity. The following is a list a the bids
submitted for the issue, all of which were for the bonds as 5s:
BidderPremium.
Fifth Third Union Co. and Seasongood & Mayer,jointly (purchasers)151,446
Otis & Co., Cleveland, and Guardian Trust Co., Cleveland, jointly_ - 1.294
Securities Ce., Columbus
Banc Ohio
514
Ryan, Sutherland & Co., Toledo
159
Mitchell, Herrick & Co. and McDonald-Callahan & Co., both of
Cleveland, jointly
103
Financial Statement (As Officially Reported).
Actual value taxable property
$40,000,000.00
Assessed valuation
29,610,230.00
Total indebtedness
4,390,221.66
Sinking fund
$318.418.72
Net debt
4,071,80 .98
Population, 1920 Census. 2,345; 1930 Census, 13.811.
PATERSON, Passaic County, N. J.
-BANKERS OFFER $7,903.000
BONDS.
-The syndicate composed of the First National Bank. George B.
Gibbons & Co.. Inc., B. J. Van Ingen & Co., Roosevelt & Son, Phelps.
Fenn & Co., E. H. Rollins & Sons, R. W. Pressprich & Co.. R. L. Day &
Co., M. M. Freeman & Co., and Wallace, Sanderson & Co., all of New
York, which was awarded on Oct. 9 an issue of 87.903,000 4 X% coupon
or registered water system bonds at 101.227. a basis of about 4.16%V. 131, lg. 2413
-is re-offering the bonds for Imblic investment at prices to
yield 3.25% for the 1932 maturity, 3.50'7 for the 1933 maturity, 3.75%
0
for the 1934 and 1935 maturities, 3.90% for the 1936 and 1937 maturities.
4% for the 1938 to 1949 maturities, and 4.10% for the bonds due from 1950
to 1970 incl. The securities are said to be legal investment for savings
banks and trust funds in New York and New Jersey and to be direct and
general obligations of the entire City of Paterson, payable from unlimited
ad valorem taxes.
PAULS VALLEY, Garvin County, Okla.
-BOND OFFERING.
It is reported that sealed bids will be received until 8 p. m. on Oct. 20 by
Joe S. Bottoms, City Secretary, for the purchase of a $22.000 Issue of fire
equipment bonds. The interest rate to be named by the bidder. Due
81.500 from 1933 to 1946 and $1,000 in 1947. A certified check for 2%
of the bid Is required. (A similar issue of bonds was reported sold recently
-V. 131, p. 1929.)
PAWTUCKET, Providence County, R. I.
-BOND OFFERING.
John B. Reilley, City Treasurer, will receive sealed bids until 7.30 p. m.on
Oct. 22 for the purchase of the following ssues of4X% coupon or registered
bonds totaling $700,000:
$175.000 school funding bonds. Dated Sept. I 1930. Due on Sept. I as
follows: $5.000 from 1931 to 1935 incl.. and $10.000 from 1936
to 1950 incl.
150.000 sewer bonds. Dated Aug. 1 1930. Due 85.000 on Aug. 1 from
1931 to 1960 incl.
150,000 highway funding bonds. Dated Sept. I 1930. Due $10,000 on
Sept. 1 from 1931 to 1945 incl.
150.000 school bonds. Dated Aug. 1 1930. Due $5,000 on Aug. 1 from
1931 to 1960 Incl.
75,000 water works funding bonds. Dated Sept. I 1930. Due $5,000
on Sept. 1 from 1931 to 1945 incl.
All of the above bonds will be issued in *1 000 denoms. Prin. and semiann. int. payable at the fiscal agency of the City of Pawtucket in Boston.
The bonds will be engraved under the supervision of and certifies] as to their
genuineness by the First National Bank of Boston. The favorable opinion
of Storey, Thornd Ike, Palmer & Dodge of Boston, as to the validity of the
issues will be furnished with ut charge to the purchaser. A certified check
for 2% of the face value of the bonds must accompany each proposal.
Financial Statement Oct. 8 1930.
Assessed valuation, 1929
$138,266,190.00
Assessed valuation, 1930
135,946,579.00
•Actual valuation, 1930
168,356,275.00
Bonds & notes outstanding, incl. $400,000 of proposed issue 14,600,000.00
Water bonds and notes included
83,041,000.00
Total sinking funds, all purposes
2,938,791.83
Sewer sinking funds included
452,498.48
Water sinking funds included
306,084.42
Net indebtedness
$11,661,208.17
Exemptions permitted by R. I. Laws in computing 'net indebtedness''
Sewer bonds and notes
r 286,000.00
Water bonds and notes
3,041,006.00
Total assessed valuation
$201,159,143.00
Debt
Gross bonded debt,incl. this issue
$3,876,027.50
Water district debt,incl.above
1,199.987.50
Sewer district debt,incl.above
1,688.900.00
Park district debt.incl.above
389,040.00
Garbage district debt,incl. above
42.000.00
Fire district debt,incl. above
163.000.00
Population: 1920 Federal census, 26,370; 1925 State census, 41,515;
1930 Federal census. 62.200.
NUTLEY, Essex County, N. J.
-BOND OFFERING -Simon Blum,
Town Clerk, will receive sealed bids until 8 p. m.on Oct. 28 for the purchase
of the following issues of not to exceed 6% interest coupon or registered
bonds aggregating $764,000:
$280,000 general impt. bonds. Denom.$1,000. 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. Due on Nov. 1 1931. Bidders to specify
denominations.
209,000 assessment bonds. Denom. $1.000. Due on Nov. 1 as follows:
320,000 in 1931, and $21,000 from 1932 to 1940 incl.
Each issue is dated Nov. 11930. The laws of New Jersey governing the
amount of bonds of both the 8280,000 and the $209,000 issues which may
be sold will apply thereto. Rate of int. to be expressed in a multiple of
X of 1%. Prin. and semi-ann. int. (M. & N.) are payable at the First
National Bank, Nutley, or at the Chatham Phenix National Bank & Trust
Co., New York. A certified check for 2% of the amount of bonds bid for.
payable to Raleigh S. Rife, Director of Revenue and Finance, must accompany each proposal. The approving opinion of Thomson, Wood & Hoffman of New York, will be furnished the successful bidder.
OCEAN CITY, Cape May County, N. J.
-NO BIDS.
-Herbert R.
Smith, City Clerk,reports that no bids were received on Oct. 13 for the purchase of the $233.000 not to exceed 5% int, coupon or registered Ocean
Front inapt. bonds offered for sale
-V. 131. p. 2099. Dated Oct. 11930.
Due on Oct. 1 as follows: $13,000 from 1931 to 1947 incl. and $12,000 in
1948.
OGDEN INDEPENDENT SCHOOL DISTRICT (P. 0. Ogden),
Boone County, lowa.-BOND DESCRIPTION.
-The $30,000 issue of
$5,327,000.00
coupon school bonds that was sold to the Iowa-Des Moines Co. of Des Population, 1925
-Census
19306.9,742
Moines
-V. 131. p. 2258
-was awarded as 434s, paying a premium of Population, 19,0
-Census
77 203
,
$566, equal to 101.886. a basis of about 4.34%. Denom. $1.000. Dated
• As reported to Commissioner of Banks for the Commonwealth of Mass.
Aug. 1 1930. Due from Aug. 1 1945 to 1949 incl. Interest payable on Assessed Valuations-1929.
Real es
estate
May and Nov. 1.
888.947,580.00
$90,633,040.00
Personal estate
49,318,610.00
45,313,509.00
ONTARIO, Malheur County, Ore.
-BOND SALE.
-The $25.000
issue of coupon refunding bonds that was offered on Aug. 15-V. 131,
Totals
$138,266,190.00 $135,946.579.00
2570
FINANCIAL CHRONICLE
OUACHITA PARISH SUB-ROAD DISTRICT NO. 2 OF WARD 1
-The $50,000 issue of coupon road
-BOND SALE.
(P. 0. Monroe), La.
-was jointly purchased
bonds offered for sale on Oct. 1-V. 131, p. 2099
by the Interstate Trust & Banking Co. and Moore, Hyams & Co., both of
New Orleans as 5)4s. Denoms. $1,000 and $500. Dated Oct. 1 1930.
Due from Oct. 1 1931 to 1950 incl. Prin. and int. (A. & 0. 1) payable
at the Guaranty Trust Co. in New York, or at the office of the above
bank. Legal opinion by Thomson. Wood & Hoffman of New York.
Financial Statement (As Officially Reported Oct. 1 1930).
$21,500,000.00
Estimated actual value
13,740,340.00
Assessed valuation
50,000.00
Total bonded debt (this issue only)
Population: 1930 census. 3.872.
-BOND SALE.-Stranahan,
PERRYSBURG, Wood County, Ohio.
Harris & Co. of Toledo on Oct. 3 were awarded an issue of $53,530 coupon
sewer impt. bonds as 4%s, at par plus a premium of $88, equal to 100.16.
a basis of about 4.47%. Dated Oct. 11930. One bond for $530,all others
for $1,000. Due on Oct. 1 as follows: $5,530 in 1932 and $6,000 from 1933
to 1940 incl. Prin. and semi-ann. int. (A. & 0.) payable at the Perrysburg
Banking Co. in Perrysburg. The following is a list of the bids submitted
for the issue:
Int. Rate. Premium.
Bidder$88.00
4% %.,
Stranahan, Harris & Co.(purchasers)
190.00
4)4%
Spitzer, Rorick & Co.,Toledo
169.00
Braun,Bosworth & Co.,Toledo
161.00
Roose, Cincinnati
9
.%
4
Siler, Carpenter &
135.00
4
David, Robison & Co., Inc., Toledo
113.00
4)4%
Ryan,Sutherland & Co.,Toledo
-BOND OFFERING.
PERTH AMBOY, Middlesex County, N. J.
'
Joseph E. Hornsby, City Treasurer, will receive sealed bids until 2 p. m.
on Oct. 28 for the purchase of $651.000 4%, 4%. 4% or 5% coupon or
registered school bonds. Dated Nov. 1 1930. Denom. 81.000 Due on
Nov. 1 as follows: $5,000 in 1931. and $7,000 from 1932 to 1940 inclusive.
No more bonds are to be awarded than will produce a premium of $1.000
over $68.000. Interest Is payable semi-annually. The bonds will be prepared under the supervision of the International Trust Co., New York,
which will certify as to the genuineness of the signatures of the officials
and the seal impressed thereon. A certified check for 2% of the amount
of bonds bid for must accompany each proposal. Legality to be approved
by Caldwell & Raymond, of New York.
Financial Statement Oct. 15 1930.
$3,258.000.00
General bonded debt(not including this issue)
2,657,000.00
Water bonded debt
905,000.00
*Grade crossing elimination bonds
26,820,000.00
Total bonded debt
*Credit Chapter 232 Laws 1930 (Grade Crossing Elimination bonds
$503,636.76).
Floating debt
$864,000.00
Tax revenue bonds
1,035,000.00
Temporary improvement bonds (trust)
167,500.00
Temporary improvement bonds (capital)
93,000.00
Temporary improvement bonds(water)
$2,159,500.00
.
$8,979,500.00
Total bonded and floating debt
25,324,500.00
General bonded and floating debt
2,750,000.00
debt
Water bonded and floating
905,000.00
Grade crossing elimination bonds
$8,979,500.00
-Sinking Funds
$442,528.06
General
352,841.89
Water
795,369.95
Cash-Trust reserve for payment of temporary improvement
228,383.84
bonds (trust)
Assessments receivable, applicable to temporary improve298,842.93
ment bonds (trust)
Net taxable valuations 1930
$45,256,458.00
Real
7,043.490.00
Personal
252,299,948.00
Total
City incorporated March 17 1870.
Population: 1930 census, 44,000.
AWARD POSTPONED.
-BOND
PHOENIX, Maricopa County, Ariz.
-The four issues of coupon or registered bonds aggregating $3,422,000
-were not sold at that time, the award
offered on Oct. 15-V. 131, p. I929
being Postponed first until Oct. 16 and then until Oct. 20, according to
report. The issues are divided as follows:
$2,364,000 water bonds. Due from July 2 1935 to 1960 incl.
817.000 sewer bonds. Due from July 2 1935 to 1959 incl.
200,000 Verde loan funding bonds. Due from July 2 1935 to 1959 incl.
41,000 town ditch loan funding bonds. Due from July 2 1935 to 1954
incl.
The two highest bidders and their bids were given as follows:
Price Bid
Rate.
BidderNational City Co., the First Union Trust & Say• ings Bank. A. B. Leach & Co. and the Chat101.589
4% %
ham Phenix Corp.of New York
100.07
182,923.000 4%
Chase Securities Corp. and associates
1 499,000 4%
SCHOOL DISTRICT, Clermont County,
PIERCE TOWNSHIP
-One of the measures to be voted on at the
-BOND ELECTION.
Ohio.
general election to be held on Nov. 4 is the proposed sale of $20,000 school
liullding bonds. Maturity of issue has been set at 25 years.
-Sealed bids
PIERRE, Hughes County, S. Dak.-BOND OFFERING.
will be received until Oct. 31, by the City Auditor, for the purchase of a
semi-annual city bonds. Dated Nov. 1 1930. Due
390,000 issue of 507
in 10 years, optional after 3 years. (These bonds were voted at an election
held on Oct. 104
PORT OF ASTORIA (P. 0. Astoria), Clatsop County, Ore.
-Sealed bids will be received until 10 a. m. on Oct.
BOND OFFERING.
purchase of $300,000
28, by S. W. Lovell, Treasurer of the Port, for theInterest ratea is not to
ssue of coupon or registered refunding bonds.
Jan. 1
exceed 6%. Denom. $1,000 Dated Jan. 1 1931. Due onState In 1950.
New
of the
Prin. and int. (J. & J.) payable at the fiscal agency & Dodge. of Boston
York. Legal approval by Storey, Thorndike. Palmer
certified check for 5% of the bid, payable to the Port, Is required.
A
-BOND ELECTION.
PORT HURON, St. Clair County, Mich.
a resolution was adopted providAt a recent meeting of the city commissionissuing $300,000 bridge construcfor the submission of the question of
ing
held on
tion bonds for consideration of the voters at the general election
Nov. 4.
-The
-BOND SALE.
POTTER COUNTY (P. 0. Amarillo), Tex.
on Oct. 6
and jail bonds offered for
$420.000 issue of 5% courthouseawarded to Eldredge & Co.saleNew I? ork
of
-was jointly
-V. 131, p. 1930
a premium of $8,200, equal to
and Geo. L. Simpson & Co. of Dallas for Oct. 10 1930. Due from 1931
101.95. a basis of about 4.83%. Dated
to 1960 inclusive.
-Thomas
-BOND OFFERING.
POTTSVILLE,Schuylkill County,Pa.
Finance, will receive sealed
B. Shoener, Superintendent of Accounts and $25,000 4%% street Paving
bids until 12 m. on Oct. 22 for the purchase of Due in 20 years: optional
bonds. Dated June 1 1930 Denom. $1,000. (June and Dec.) payable
in 10 years. Principal and semi-annual Interest
A certified check for 5% must accomat the office of the City Treasurer. have been approved by the Departpany each proposal. These bonds
ment of Internal Affairs of Pennsylvania.
-An issue of $110,000
PROVO, Utah County Utah.-BOND SALE.
purchased at par by Snow,
% semi-annual reservoir bonds has been 1 1930. Due $11,000 from
July
Goodart & Co. of Salt Lake City. Dated
1931 to 1940,incl.
-L. E.
-NO BIDS.
Ind.
PULASKI COUNTY (P. 0. Winamac),
bids were received on Oct. 10
Campbell, County Treasurer, reports that no
construction bonds, comprising
the purchase of the $15,491.57 6% ditch
for
-V. 131, p. 1930. The bonds are dated Sept.
three issues, offered for sale
1940, incl.
1 1930 and mature annually from 1931 to
-We are
-BOND ELECTION.
PUYALLUP, Pierce County, Wash.
for a fire station will be
Informed that a proposed bond issue of 210.000
submitted to the voters at the November election.
(voL. 131.
-The two issues of
RACINE, Racine County, Wis.-BOND SALE.
% semi-ann. bonds aggregating $750,000, offered for sale on Oct. 9V. 131, p. 2259
-were jointly purchased by the First Union Trust & Savings Bank, and the Harris Trust & Savings Bank, both of Chicago, paying
a premium of $32.018, equal to 104.269, a basis of about 4.03%. The issues
are as follows:
$400,000 sewage disposal system bonds. Due from July 15 1931 to 1950.
350,000 city hall bonds. Due from July 15 1931 to 1950.
The following is an official list of the bids:
Bidder
Price Bid.
Mississippi Valley Co., St. Louis
$27.900.00
28,035.00
First Wisconsin ,Co., Milwaukee
Continental Illinois Co., Chicago
28,075.00
28,440.00
Milwausee Co., Milwaukee
A. B. Leach Co., Chicago
28,855.00
Halsey,Stuart & Co., E. H. Rollins & Sons, Chicago
Cnatham Phoenix Corp. Chicago
32,017.00
First Union Trust & Savings Bank & Harris Trust & Savings
Bank, Chicago (successful bidder)
32,018.00
R. L. Day & Co., New York (sealed bid)
27,742.50
PURCHASERS RE
-OFFER BONDS.
-The successful bidders
offering the above bonds for public subscription priced to yield 3.90 and
3.95%, according to maturity. They are considered a legal investment
for savings banks and trust funds in New York, Massachusetts and Connecticut.
-BOND OFFERING.
RATHDRUM, Kootenai County, Ida.
-Sealed
bids will be received by J. R. M. Cult, Village Clerk, until 7:30 p.m. on
Nov.3,for the purchase ofa $10,000 issue of5% or 6% water system bonds.
Denom. $500. Dated Oct. 1 1930. Due on Oct. 1 as follows: $1,000.
1932 to 1938, and $1,500 in 1939 and 1940. Prin. and hit. (A. & 0.)
payable at the office of the Village Treasurer, or at the State Treasurer's
office, or at a bank or trust company in New York City. Bids are requested
for all of said bonds on the basis of immediate delivery and also for $3,000
of said bonds on immediate delivery, and the remainder in two installments
of $3,000 and $4.000, respectively, upon the basis of deferred deliveries.
of said installments on Feb. 1 and July 1 1931. The approving opinion of
Burcham and Blair of Spokane, will be furnished. A certified check for
5% of the bid is required.
RICHLAND PARISH SCHOOL DISTRICT (P. 0. Rayville), La.
BOND SALE.
-The $25,000 issue of coupon school building bonds offered
for sale on Oct. 7-V. 131, p. 1750
-was purchased by the Well. Roth &
Irving Co. of Cincinnati as 5%s. Denom. $500. Dated June 1 1930.
Int. payable on June and Dec. 1.
-The
-BOND SALE.
RICHMOND, Contra Costa County, Calif.
$86,250 issue of 5% semi-annual harbor bonds offered for sale on Oct. 13V. 131, p. 2259
-was purchased jointly by the National City Co. of California, and the Mechanics Bank of Richmond, for a premium of $11,928.
equal to 113.82, a basis of about 4.25%. Dated Dec. 1 1927. Due $17,250
from Dec. 1 1963 to 1967. incl.
-The
-BOND SALE.
RIPLEY COUNTY (I'. 0. Versailles), Ind.
$15,600 4)4% coupon Charles D. Miller et al. road construction bonds
-were awarded to the Batesville State
offered on Oct. 6-V. 131, p. 2100
Bank, of Batesville, at par plus a premium of $328.25, equal to 102.10,
a basis of about 4.12%. Dated Oct.61930. Due $780 on May and Nov. 15
from 1932 to 1941 incl.
-The $30,000
-BOND SALE.
ROBERT LEE, Coke County, Tex.
Issue of 6% coupon semi-ann. water works bonds offered for sale on Sept.
-was purchased by H. C. Burt & Co., of Houston, at
30-V. 131. p. 2259
a price of 92.00, a basis of about 7.32%. Due serially In 40 years. There
were no other bids.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph), Buchanan
-BOND OFFERING.
-Sealed bids will be received until
County, MO.
11:30 a.m. on Nov. 7, by A. L. Loving, Secretary and Business Manager,
for the purchase of a $500,000 issue of 4% school bonds. Dated Feb. 1
1929. Due on Feb. 1, as follows: $5,000, 1932 to 1935; $25,000, 1936;
$30.000, 1937 to 1940; $35,000. 1941 to 1946; $40,000, 1947 and 1948, and
$45.000 in 1949. These bonds are the fourth lot of an authorized issue of
*2,180.000.8250.000 of which was sold on May 1, and 2500,000 on Aug. 16
1929. and $500,000 on Feb. 1 1930. Legality of the three lots has been
approved for the purchaser in each case by Chapman & Cutler, of Chicago.
These bonds may be sold below par. Purchaser to accept St. Joseph delivery
and payment. A $5,000 certified check, payable to the School District.
must accompany the bid.
-The
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BOND SALE.
$1,500,000 issue of road bonds offered for sale on Oct. 14-V. 131, P.2414was purchased by a syndicate composed of the Continental Illinois Co..
the Harris Trust & Savings Bank and the First Union Trust & Savings
Bank of Chicago, the Boatmen's National Co., the First National Co.,
and the Mississippi Valley Co., all of St. Louis as 4%s.at a price of 100.95,s
basis of about 4.16%. Dated Oct. 1 1930. Due from April 1 1935 to 1950
inclusive.
-The successful syndicate is now
PUBLIC OFFERING OF BONDS.
offering the above bonds for general investment at prices to yield 4.05%
for all maturities.
The other bidders and their bids were reported as follows:
The second highest tender was 100.819, also for 4%s, named by a syndicate made up of the Bankers Co., the National City Co., the First Detroit
Co., Inc., and Smith, Moore & Co. This was followed by a bid of 100.34
for 4%s by the Chatham-Phenix Corp., the Northern Trust Co., Ames.
Emerich & Co.,Stifel, Nicolaus & Co., Six & Co.and the Fidelity National
Co. of Kansas City.
A group made up of Halsey. Stuart & Co., the Bancamerica-Blair Corp.
while
E. H. Rollins & Sons and A. B. Leach & Co. bid 100.23 for 4
a tender of 100.179 for 4%s was submitted by a syndicate composed of the
Guaranty Co., Stone & Webster and Blodget, Inc., the Mercantile Commerce Co., Stern Bros. & Co. and the First Wisconsin Co.
-CHARTER AMENDMENT TO BE
SALEM, Marion County, Ore.
-We are informed that the voters will be called upon at
VOTED UPON.
the general election on Nov. 4 to pass on a proposed charter amendment
which provides for the issuance of $5,000,000 in power plant bonds.
-The $10.000
-BONDS NOT SOLD.
SALEM, Marion County, Ore.
6-V. 131, p.
issue of 4%% semi-ann. water system bonds offered on Oct. and this issue
-was not sold as all the bids were returned unopened
2259
1930. Duo on Oct. 1 1950.
will not be sold at present. Dated Oct. 1
SALEM-BLEAK WOOD SCHOOL DISTRICT (P.O. Newton) Newton
-The $15,000 issue of school
-ADDITIONAL DETAILS.
County, Tex.
-was awarded to the
building bonds that was reported sold-V.131, p. 1296
State Board of Education, as 5s, at par.
SALEM-CARROLL-OAK HARBOR SCHOOL DISTRICT, Ottawa
-At the general election to be held
-BOND ELECTION.
County, Ohio.
on Nov.4 the voters will be asked to authorize the sale of $224,000 In bonds,
the proceeds of which would be used for the purpose of acquiring the necessary land and the erection of school buildings. Maturity of Issue has been
fixed at 23 years.
SAN BENITO INDEPENDENT SCHOOL DISTRICT (P. 0. San
-The $320.000
-BOND DETAILS.
Benito), Cameron County, Tex.
Issue of 5% school building bonds that was sold to Sutherlin. Barry & Co.,
-Is
of New Orleans. at 96.15, a basis of about 5.31%-V. 131, p. 2259
dated May 11930. Denom. $1,000. Due from May 1 1931 to 1970, incl.
Prin. and int.(M.& N. 1) payable in New York City. Legal approval by
Chapman & Cutler, of Chicago.
-A
-BOND ELECTION.
SAN DIEGO (City and County), Calif.
proposal will be submitted to the voters at the general election on Nov. 4
of $1,000,000 in bonds for a civic center; $500,000
authorizing the issuance
as the city's portion and 2500,000 as the county's portion.
-BOND ELECSAN FRANCISCO, San Francisco County, Calif.
TION.
-At the general election on Nov. 4 the voters will be asked to ballot
upon a 210,000,000 issue of bonds proposed for use in harbor improvements.
SANTA CRUZ COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Cala-Sealed bids will be received until
-BOND OFFERING.
basas), Ariz.
Nov. 3, by the Clerk of the Board of Supervisors, for the purchase of a
$15,000 LEGIle of school bonds. Int, rate is not to exceed 6%, payable
semi-annually. Dated July 1 1930. Due $1,000 from 1931 to 1945 incl.
(These bonds were voted at an election held on Aug. 23.)
OCT. 18 1930.]
FINANCIAL CHRONICLE
SAVONA CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Savona),
Steuben County, N. Y.
-BONDS DEFEATED.
-At an election held on
Oct.8 the voters rejected a proposal calling for the sale of $135.000 in bonds
to finance the construction of a new school building.
SAXONBURG, Butler County, Pa.-LOND SALE.
-Prescott Lyon
& Co., of Pittsburgh, on Oct. 7 purchased an issue of $13,000 43i% coupon
water works bonds at par plus a premium of $117.70. equal to 100.90.
Dated Oct. 1 1930. Denom. $500. Last maturity 1948. Interest is payable semi-annually in April and October.
SEA CLIFF, Nassau County, N. Y.
-BOND SALE.
coupon or registered improvement bonds offered on Oct.-The $24,000
9-V. 131, 13•
2101-were awarded as 4.30s to the State Bank of Sea Cliff, at a price of roar.
Dated Oct. 1 1930. Due $2,000 on Oct. 1 from 1931 to 1942 incl. The
following is an official list of the bids submitted:
BidderRate of Int.
Price Bid.
George B. Gibbons & Co
2.40V
100.0797
M.& T. Trust Co
4.70V
100.189
Batchelder & Co
4.40 V
100.22
*State Bank of Sea Cliff
4.30V
100.
Graham Parsons & Co
4.50
100.319
A. C. Allyn & Co
100.11
4.40
Sherwood & Merrifield, Inc
4.40 o
100.133
*Awarded bonds.
SEATTLE,King County, Wash.
-BOND SALE.
-The $20,030 issue of
Improvement bonds offered for sale on Oct. 10-V. 131, p. 1930
-was
purchased by the First Seattle Dexter Horton Securities Co., of Seattle, as
43.is, paying a premium of $114, equal to 100.57.
SEWICKLEY TOWNSHIP SCHOOL DISTRICT (P. 0. Rochester,
R. F. D.) Beaver County, Pa.
-BOND OFFERING.
-John Lotz, Secretary of Board of Directors, will receive sealed bids until 10 a. m. on Oct. 25
for the purchase of $20,000 43i% coupon school bonds. Dated July 1
1930. Denom. $1,000. Due $1,000 on July 1 from 1934 to 1953 incl. Int.
Is payable semi-annually in Jan. and July. Bonds are issued subject to the
approval of the Department of Internal Affairs of Pennsylvania. A certified check for $500, payable to the Treasurer of the Board of Directors,
must accompany each proposal.
SHEFFIELD LAKE (P. 0. Lorain), Lorain County, Ohio.
-BOND
SALE.
-The $23,200 special assessment improvement bonds offered on
Oct. 13-V. 131, p. 2260
-were awarded as 4,is to Ryan, Sutherland &
Co. of Toledo at par plus a premium of $176, equal to 100.75, a basis of
akout 4.62%. Dated Oct. 1 1930. Due on Oct. 1 as follows: $2,000
from 1932 to 1934 incl.; $3,000 in 1935; $2,000 in 1936 and 1937; $3,000
In 1938; $2,000 in 1939 and 1940. and $3,200 in 1941.
SHELBY COUNTY (P. 0. Sidney), Ohio.
-BOND SALE.
-The
$24,000 coupon bridge construction bonds offered on Oct. 11-V. 131, p.
2260
-were awarded as &Ks to Ryan, Sutherland & Co., of Toledo, at par
plus a premium of $12.50, equal to 100.05, a basis of about 4.24%. Dated
Oct. 1 1930. Due $4,000 on April and Oct. 1 from 1932 to 1934 incl. The
following is an official list of the bids submitted for the issue:
BidderInt. Rate.
Premium.
BancOhio Securities Co., Columbus
4 %
$79.20
Spitzer Roerick & Co., Toledo
206.00
Spitzer, Roerick & Co. (alternate offer)
4
106.00
Braun, Bosworth & Co., Toledo
4
33.00
W.L. Slayton & Co. Toledo
C,
4
46.84
Well, Roth and Irving co., Cincinnati
in
44%
17.00
Ryan Sutherland &
Toledo
286.00
*Ryan, Sutherland & Co. (alternate offer)
44 V
12.50
Otis & Co., Cleveland
4W
76.80
Seasongood & Mayer, Cincinnati
85.00
Blanchet, Bowman & Wood, Toledo
4
e
9.60
Mitchell Herrick & Co., Cleveland
4A o
104.00
* Awarded bonds as 4hs for $12.50 premium.
SIOUX CITY, Woodbury. County, lowa.-BOND OFFERING.
It is reported that sealed bids will be received up to the hour of calling for
open bids, at 2 pin, on Oct. 29, by the City Treasurer, for the purchase of
two issues of bonds aggregating $100,000, divided as follows: $50,000 4x%
sewer and $50,000 4% bridge bonds. Denom. $1,000.
SLOATSBURG, Rockland County, N. Y.
-BOND
-The
$125,000 coupon or registered water bonds offered on Oct.SALE. 131,
10-V.
p. =60
-were awarded as 4.40s. to Batchelder & Co., of New York, at
100.34, a basis of about 4.37%. Dated Oct. 1 1930. Due on Oct. 1 as
ollows: $3,000 from 1933 to 1959 incl., and $4,000 from 1960 to 1970 incl.
Bids for the issue were as follows:
Bidder/n1. Role. Rate Bid.
Batchelder & Co.(purchaser)
4.40%
100.34
Edmund Seymour & Co
4.50
100A89
Dewey. Bacon & Co
4.60°7
100.18
Marine Trust Co. (less $625)
4.50%
100.889
SODA SPRINGS, Cairbou County, Ida.
-BONDS NOT SOLD.The $30,000 issue of 6% semi-annual hydro-electric light and power plant
bonds that was scheduled for sale on Oct. 14-V. 131, p. 1751-was not
awarded as the election held on the bonds did not carry.
SOMERVILLE, Middlesex County, Mass.
-BOND SALE.
-The $300.000 4% coupon Western Junior High School addition bonds offered on
Oct. 15-V. 131. p. 2415
-were awarded to the First National Old Colony
Corp. of Boston, at 103.13, a basis of about 3.62%. Dated Oct. 1 1930.
Due $15.000 on Oct. 1 from 1931 to 1950 incl.
The following is a list of the bids submitted for the issue:
BidderRate Bid.] Bidder.
Rate Bid.
First National Old Colony
f First Detroit Co , Inc
103.056
Corp. (purchaser)
103.13 I Estabrook & Co
102.96
Merchants National Bank_ _ _103.088i Atlantic
Corp
102.776
Bank of Commerce & Trust
Harris. lForbes& Co
102.67
Co
102.06 R. L. Day & Co
102.289
SOUTH HADLEY, Hampshire County, Mass.
-BOND OFFERING.Martinus Madsen, Town Treasurer, will receive sealed bids until
5 p. m.on
Oct. 27 for the purchase of 8137.000 4% coupon school
Oct. 1 1930. Denom.$1,000. Due on Oct. 1 as follows: bonds. Dated
$7.000
to 1949 incl., and $4,000 in 1950. Prin. and semi-ann. int. from 1931
payable at the First National Bank of Boston. This bank will (A. & O.)
preparation of the bonds and certify as to their genuineness. suioervise the
Legality to
be approved by Ropes, Gray, Boyden & Perkins of Boston, whose
opinion
will be furnished to the purchser.
Financial Statement Oct. 7 1930.
Net valuation for year 1929
Debt limit
Total gross debt (including this issue)
Exemptions: Municipal building bonds
Munidpal light bonds
89,898,972
279,576
262,500
$3.000
10,000
13,000
Net debt
$249,500
Borrowing capacity, Oct.7 1930
$30,076
SOUTHOLD, MATTITUCK FIRE DISTRICT (P. 0.
Mattituck),
Suffolk County, N. Y.
-BOND SALE.
-The $20,000 coupon fire building
bonds offered on Oct. 13-V. 131. p. 2260
-were awarded as 4)4s to A. C.
Allyn & Co. of New York. at par plus a premium of $25, equal to 100.12,
a
basis of about 4.48%. Dated Aug. 1 1930. Due $1,000 on
Aug. 1 from
1931 to 1950 incl.
The following is an official list of the bids submitted for the issue:
BidderInt. Rate. Rate Bid.
A. C. Allyn & Co.(purchasers)
4
100.12
Southold Savings Bank
44%
102.35
Sag Harbor Savings Bank
4%
100.00
Roslyn Savings Bank
4%
101.56
Farson,Son & Co
4)4%
100.187
STAMFORD (Town of) Fairfield County, Conn.
-TEMPORARY
LOAN.
-The $600,000 temporary loan offered on Oct. 11-V. 131, D.
2415
-was awarded to the First National Old Colony Corp. of Boston,at 2.244%
discount. The loan is dated Oct. 11 1930 and is due on June 1l1931.
The
Peoples National Bank, of Stamford, the only other bidder, offered to
discount the loan at 2.33%.
STAMFORD (City of), Fairfield County, Conn.
-TEMPORARY
LOAN.
-The $100.000 temporary loan offered on Oct. 14-V. 131, p.
-was awarded to the First Stamford National Bank at 2.27% discount.
2415
The loan is dated Oct. 6 1930 and is payable on Feb. 16 1931.
2571
Bids submitted for the loan were as follows:
BidderDiscount.
First Stamford National Bank & Trust Co.(purchaser)
2.27
First National Old Colony Corp
2.31
Shawmut Corp
2.34 o
SPENCER COUNTY (P. 0. Rockport) Ind.
-BOND SALE.
-The
310.240 4)4% coupon Karl W. Kramer et al., Ohio Township highway
Improvement bonds offered on Oct. 6-V. 131. p. 1931-were awarded to
the Fletcher Savings & Trust Co. of Indianapolis, at par plus a premium of
$236. equal to 102.30, a basis of about 4.09%. Dated Oct. 6 1930.
$512 on July 151932;$512 on Jan. and July 15 from 1933 to 1941 incl.,Due
and
$512 on Jan. 15 1942. Bids for the issue were as follows:
BidderPremium.
Fletcher Savings & Trust Co. (purchaser)
$236.00
City Securities Corp., Indianapolis
171.00
Inland Investment Co.. Indianapolis
212.75
Fletcher American Co., Indianapolis
222.21
Union Trust Co., Indianapolis
219.00
First & Tri-State National Bank & Trust Co., Fort Wayne
195.00
STRONGSVILLE VILLAGE SCHOOL DISTRICT, Cuyahoga
County, Ohio.
-BOND ELECTION.
-Pursuant to a resolution adopted
by the Board of Education there will be submitted to a vote of the people
at the general election to be held on Nov.4 the question of issuing $125,000
In bonds for school purposes. Maturity of issue has been set at 22 years.
SULLIVAN COUNTY(P.O. Blountville),Tenn.
-BOND OFFERING.
-Sealed bids will be received until 10 a.m. on Nov. 20, by Joseph A.
Caldwell, County Judge, for the purchase of a $35,000 issue of 5% coupon
semi-ann. improvement bonds. .A $500 certified check must accompany
the bid.
SUNBURY,Delaware County, Ohio.
-BOND SALE.
-The 87.5005
coupon water supply system inapt. bonds offered on Oct.9-V. 131, p.22
-were awarded as 5s to the Farmers Bank,Sunbury,at par plus a premium
of $40, equal to 100.53. a basis of about 4.92%. Dated Aug.
1 1930.
Due $500 on Sept. 1 from 1931 to 1945 incl. The following is a list of
the
bids received, all of which were for the bonds as 5s:
Bidder
Premium.
Farmers Bank (purchaser)
$40.00
L. Slayton & Co.W
Toledo
10.00
BancOhio Securities Corp., Columbus
35.25
Ryan,Sutherland & Co.. Toledo
11.60
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. 0. Fort Worth) Tex.
-BONDS REGISTERED.
The $1,500,000 issue of 4)4% water, series "B" bonds that was sold to a
syndicate headed by the Continental Illinois Co. of Chicago, on Sept. 15V. 131, p. 1931-was registered by the State Comptroller on Oct. 10.
Due from March 15 1934 to 1970 inclusive.
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The
following minor issues of bonds were registered by the State Comptroller
during the week ended Oct. 11:
$1,500 5% Shelby County Cons. Sch. Dist. No. 42 bonds. Denom. $75.
Due serially.
2,500 5% Callahan County Cons. Sch. Dist. No.39 bonds. Denom. $125.
Due serially.
2,500 5% Wheeler County Cons. Sch. Dist. No.35 bonds. Denom. $125.
Due serially.
800 5% Hamilton Common Con. Lower S. D. No. 33 bonds. Denom.
$100. Due serially.
1,200 5% Rains County Cons. Sch. Dist. No. 9 bonds. Denom. $80.
Due serially.
3,5005°! Briscoe County Line Rural H. B. D. No. 2 bonds. Denoms.
$50 and $100. Due serially.
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The
following minor issues of bonds were registered by the State Comptroller
during the week ending Oct. 5:
$4,000 5% McCulloch County Consolidated School District No. 35 bonds.
Denom. $200. Serial form.
1,0005% Upshur County Consolidated School District No. 14 bonds.
Denom. $50. Due serially.
2,400 5% Cass County Consolidated School District No. 23 bonds.
Denom. $120. Due serially.
2,000 5% Cass County Consolidated School District No. 41 bonds.
Denom. $100. Due serially.
1,000 554% Livingston street 'rapt. bonds. Denom. $1,000. Due in
25 years.
7,000 5% Monaville High School District No. 3 bonds. Denom. $700.
Due serially.
7,500 5% Proctor Independent School District bonds. Denom. $250.
Due serially.
6,000 5% Limestone and McLennan Counties Line School District No. 5
bonds. Denom. $300. Due serially.
TONAWANDA RIVER ROAD FIRE DISTRICT NO. 3 (P. 0. Ken
more), Erie County, N. Y.
-BOND SALE.
-The
coupon or registered fire district bonds offered on Oct. 14-V. 131,$5,000 -were awarded
p. 2415
as 6s to Edmund Seymour & Co. of New York at 100.379, a basis of about
5.92%. Dated Sept. 1 1930. Due $500 on Sept. 1 from 1931 to 1940 incl.
TWO RIVERS, Manitowoc County, Wis.-BOND OFFERING.
Sealed bids will be received by E. J. Donnelly, City Manager, until 10
a. m.on Oct. 24 for the purchase of two issues of 4%% bonds, aggregating
$205.000, divided as follows:
$165,000 school bonds. Due on Mar. 1 as follows: $7,000, 1932; $S,000.
1933 to 1940, and $11,000. 1941 to 1950, all incl. A 84,000 certified check must accompany the bid. (These bonds were recently authorized-V. 131, p. 2260.)
40,000 sewer bonds. Due on March 1 as follows: $2,000, 1932: $5,000,
1933; $7,000, 1934: 89,000. 1935: 87,000, 1936, and 35,000. 1937
and 1938. A certified check for 31,000 must accompany the bid.
Denom.$1,000. Dated Nov. 11930. Prin. and int.(M.& S.) payable
in Two Rivers.
TYLER, Smith County, Texas.
-BONDS REGISTERED.
-The
$44,000 issue of 5% semi-annual school improvement bonds that was Purchased on Sept. 16 by the Peoples National Bank of Tyler (V. 131, p. 1931),
was registered by the State Comptroller on Oct. 6. Due in from 1 to 40
years.
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND OFFERING.
N. R. Leavitt, County Treasurer, will receive sealed bids until 12m. on
Oct. 30, for the purchase of $500,000 4 or 43/% coupon or registered park
bonds. Dated Nov. 1 1930. Denom. $1,000. Due on Nov. 1 as follows:
$10.000 from 1932 to 1975, incl., and $12,000 from 1976 to 1980. incl.
Principal and semi-annual interest (May and November) payable at the
Central Home Trust Co. Elizabeth. No more bonds are to be awarded
than will produce aprenalum of $1,000 over $500.000. A certified check
for 2% ofthe face value of the bonds bid for, payable to the order of the
County. must accompany each proposal. The approving opinion of
Hawkins, Delafield & Longfellow, of New York. will be furnished to the
successful bidder.
UNIVERSITY PARK (P. 0. Dallas), Dallas County, Texas.
ELECTION SCHEDULED.
-On Nov. 8 the voters will be called upon to
pass approval on a proposed bond Issue of $253,000 to refund the warrants,
notes and scrip outstanding. The following statement appeared in the
Dallas "News" of Oct. 7: "If this election carries, the total bonded indebtedness of University Park will be $427.000. all in bonds that are payable
with the annual installments of principal and interest practically the same
every year for the next 30 years. The assessed valuation for University
Park this year was $7,181.000, an Increase of more than $800,000 over 1929.
The tax rate of $1.10 has not been raised.
VALENTINE, Cherry County, Neb.-ADDITIONAL DETAILS.The $23,000 issue of 4% 0 refunding bonds that was reported sold (V. 131.
P• 2415) was purchased y Ware, Hall & Co. of Omaha Due on Oct. 1
as follows: 31,000. 1936 to 1943:32,000. 1944 to 1949, and $3,000 in 1950.
VAN BUREN COUNTY (P. 0. Paw Paw), Mich.
-BOND SALE.The First Detroit Co. of Detroit, the only bidder, recently was awarded
an issue of $30,
000 5% road bonds at par plus a premium of $681, equakto
a price of 102.27.
VANDERBURGH COUNTY (P.O. Evansville), Ind.-BONDVFMS
ING.-Sam B. Bell, County Auditor, will receive sealed bids until 10 a. m.
on Nov. 15 for the purchase of $65.000 434% poor asylum impt. bonds.
Dated Nov. 15 1930. Denom. $500,Due $1,500 on July 1 1932; 81.500
2572
FINANCIAL CHRONICLE
[Vol,. 131.
on Sept. 1 from 1931 to
on Jan. and July 1 from 1933 to 1949 incl., $1.500 on Jan. 1 and $13.000 on Dated Jan. 1 1930. Denom. $500. Due $1.500 January and July. Bids
semi-annually in
July 1 1960. Prin. and semi-ann. int. (J. & J.) payable at the West Side 1940. incl. Interest is payablea rate other than 6% will also be considered.
for the bonds to bear interest at
Bank, Evansville. A certified check for 3% of the amount of bonds bid for,
bid such fraction shall be
fractional
payable to the order of the Board of County Commissioners, must accom- provided, however, that where aA certified rate isfor $150 must accompany
check
pany each proposal. The County will furnish the opinion of Matson, 31 of 1% or a multiple thereof.
Carter, Rooss & McCord of Indianpolis, attesting to the legality of the each proposal.
-Charles
bonds.
-BOND OFFERING.
WOOSTER, Wayne County, Ohio.
-BOND OFFERING.- N. Holmes, City Auditor, will reeeive sealed bids until 12m. on Oct. 24,
VIGO COUNTY (P. 0. Terre Haute), Ind.
534% special assessment improvement bonds,
Jerome F. Shandy, County Treasurer, will receive sealed bids untll 10 for the purchase of $19,698.11
a.m. on Oct. 28 for the purchase of $31,600 43% township highway divided as follows:
follows: $201.33 in 1931; $500 in 1932.
improvement bonds. Dated Oct. 15 1930. Denom. $790. Due $1,560 on $8,701.33 bonds. Due on Oct. 1 as
and $1,000 from 1933 to 1940, incl.
July 15 1932. $1,560 on Jan. and July 15 from 1933 to 1941 inclusive, and
8,183.38 bonds. Due on Oct. 1 as follows: $183.38 in 1931; $500 in 1932
15 1942. Interest is payable semi-annually on Jan. and
$1,560 on Jan.
and 1933. and $1,000 from 1934 to 1940, incl.
July 15.
bonds. Due on Oct. 1 as follows: $313.40 in 1931; $250 from
- 2,813.40 1932 to 1939, incl., and $500 In 1940.
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
J. F. Shandy, County Treasurer, will received sealed bids until 10 a. m.
All of the bonds are dated Oct. 11930. Interest is payable semi-annually
on Oct. 22 for the purchase of $9,800 4 % Prairie Creek Township highway in April and October. Bids for the bonds to bear interest at a rate other
improvement bonds. Dated Oct. 15 1930. Denom. $490. Due $490 than 5%% will also be considered, provided,however, that where a fracon July 15 1932, $490 on Jan. and July 15 from 1933 to 1941, incl.. and tional rate is bid such fraction shall be 31 of 1% or a multiple thereof. A
$490 on Jan. 15 1942. Interest is payable semi-annually on Jan. and certified check for 1% of the amount of bonds bid for must accompany each
Ju!y 15.
proposal.
•
VISALIA UNION HIGH SCHOOL DISTRICT (P. 0. Visalia),
-We are now
-BOND SALE CORRECTION.
Tulare County, Calif.
informed that the $210.000 issue of school bonds that was ;Purchased by the
-was awarded
-V. 131. p. 1297
Anglo-London Paris Co. of San Francisco
-BOND OFFERING.
ALBERTA, Province of (P. 0. Edmonton).
at par as follows: $155,000 as 4%s. due on July 15 as follows: $5,000, 1931 W. V. Newson, Deputy Provincial Treasurer, will receive sealed bids until
and 1932; $10,000. 1933 to 1946,and $5,000 in 1947'355,000 as 4s, maturing 11 a. m. on Oct. 21 for the purchase of either $6.068.000 4% refunding
• $10,000, 1947, and $15,000, 1948 to 1950. (We
on July 15 as follows
bonds due Oct. 11935, or $6,450.000 4% refunding bonds due on Oct. 1
previously reported the sale of these bonds as 5s in V. 131, p. 1457.)
1960. The bonds are dated Oct. 1 1938. Prin. and semi-ann. int. payable
-Florence at the Imperial Bank of Canada in Toronto. Montreal. Winnipeg, Calgary,
-BOND OFFERING.
WABASH, Wabash County, Ind.
City Clerk, will receive sealed bids until 10 a. m. on Oct. 25 for the Edmonton or Vancouver, or at the Bank of Manhattan Trust Co., N. Y.
Ellis,
purchase of $11,200 4j% highway improvement bonds. Dated Nov. 1 City. The proceeds of the sale are to be applied wholly for refunding treas1930. Denom. $560. Due $1,120 on June and Dec. 1 from 193510 1939, ury bills and bonds maturing on Nov. 1 1930. A certified check for $50,000
inclusive. Interest is payable semi-annually in June and December. A must accompany each proposal. Legal opinion may be obtained at the
certified check for $50 must accompany each proposal.
purchaser's expense from E. G. Long of Toronto.
-Sealed bids ad-BOND OFFERING.WABASH COUNTY (P. 0. Wabash), Ind.
DRUMMONDVILLE, Que.-BOND OFFERING.
Bond, County Treasurer, will receive sealed bids until 2 p. m. on dressed to J. Marier, Secretary-Treasurer, will be received until 8 II. m.
Farvin
Dated Sept. 1 1930.
0
Oct. 27 for the purchase of the fohowing issues of 434% bonds, aggregating on Oct. 21 for the purchase of $58.000 57 bonds.
Montreal
$31500:
,
Denom. to suit purchaser. Due serially in 30 years. Payable at
000 Joseph Elliott et al. Noble Township highway improvement bonds. and Drummondville.
$25,
Denom. $1,250. Due $1,250 on July 15 1932; $1,250 on Jan. and
-The followSALE.
HALTON COUNTY (P.O. Milton), Ont.-BONDon Oct. 13-V. 131,
July 15from 1933 to 1941 incl., and 81,250 on Jan. 151942.
offered
6,500 Nathan Gilbert et al. Noble Township highway improvement ing issues of 5% bonds aggregating $68,500Co. of Toronto at 101.128, a
-were awarded to C. H. Burgess &
bonds. Denom. $325. Due $325 on July 15 1932. $325 on Jan. 13. 2416
basis 3f about 4.91%:
and July 15 from 1933 to 1941,incl., and $325 on Jan. 15 1942.
Each issue Is dated Nov. 15 1930. Interest is payable semi-annually $34,500 provincial highway bonds. Due in 20 years.
20 years.
on Jan. and July 15.
31.000 county highway bonds. Due in5 years.
3,000 county highway bonds. Due in
-The $42,800
-BOND SALE.
WALPOLE, Norfolk County, Mass.
(P. 0. Parkhill), Ont.-BONDS OF-were
131, p. 2415
McGILLIVRAY TOWNSHIP
4% coupon water main bonds offered on Oct. 10-V.
.
6
-0. Amos, Township Clerk, received sealed bids until 1513• 111
awarded to F. S. Moseley & Co. of Boston, at 101.306, a basis of about FERED.
1930.
Dated Dec.
0
3.51%. Dated Oct. 1 1930. Due on Oct. 1 as follows: $9.800 in 1931; on Oct. 16 for the purchase of $31,285 53 7 bonds.
•
were Due in 10 installments. Payable at Aliso Craig.
$9,000 in 1932 and $8,000 from 1933 to 1935; incl. Bids for the issue
Que.-BOND SALE.
as follows:
MONTREAL (Catholic School Commission of), 131, p. 2417
Rate Bid.
-were
Bidder101.306 -The $500,000 school bonds offered on Oct. 14-V. and R. A. Daly &
F. S. Moseley & Co.(purchasers)
awarded as 4%s to the Bank of Nova Scotia of Halifax
101.17
Dated Nov. 1
Harris. Forbes & Co
101.165 Co. of Toronto, jointly, at 98.07. a basis.of about 4.62%.
Merchants National Bank (Boston)
1930. Due on Nov. 1 1960.
101.03
Shawmut Corp
bonds:
100.95
The following is an official list of the bids submitted for the
First National Old Colony Corp
Cost to
Price
Cost to
100.899
Price
R. L. Day & Co
100.833
Offered the Board Offered the Board
Arthur Perry & Co
0
(4)470Int.) Approx. (57 Int.) Approx.
Bidder-It
WATERTOWN, Codington County, S. Dak.-BONDS VOTED.
Bell, Gouinlock & Co., Ltd.
is reported that at an election held on Oct. 7, the voters approved the issuand Fry, Mills, Spence &
4.80%
103.08
ance of $225,000 in sewerage disposal plant bonds by a count of 1,197
4.65%
97.53
Co., Ltd..jointly
"for" to 102 "opposed."
xBank of Nova Scotia and R.A.
4.73%
104.28
4.62%
98.07
IONAL INFORMATION.
Ltd.,jointly
Daly & Co.,
WAYNE, Wayne County, Neb.-ADDIT
The $17,775 issue of 5% coupon refunding bonds that was sold to the State Banque Provincial° du Canada,
-V. 131, p. 2261-was awarded at par. Denom.
Hodgson Bros. & Dunton,
Bank of Wayne
National
Ltd., and Geoffrion & Cie
$1,000. Dated Sept. 15 1930. Due on Sept. 15 1940. Int. payable on
4.62%%
98.015
Ltee, jointly
Sept. 15.
4.63%
97.89
- Mead & Co.. Ltd
-BOND OFFERING.
WAYNE COUNTY (P. 0. Detroit), Mich.
will receive sealed bids Bank of Montreal, McLeod,
Harry I. Dingeman, County Drain Commissioner,
Young, Weir & Co., Ltd.,
until 11 a.m. (eastern standard time) on Oct. 18, for the purchase of the
and L. G. Beaubien & Cie
4.78%
103.57
4.67%
following issues of not to exceed 6% interest bonds, aggregating $148,000:
97.27
Mee, Jointly
1 as follows:
$106,000 Ecorse Township drainage bonds. Due on May
Banque Canadienne Nationale,
$8,000 from 1933 to 1935, incl.: $10.000 in 1936 and 1937;$15,000
A. E. Ames & Co., Dom.
in 1938. 1939 and 1940, and $17,000 in 1941.
Securities Corp.,and Hanson
4.80%
103.05
4.65%
97.53
42,000 Dearborn Township drainage bonds. Due on May 1 as follows:
Bros., Inc.. jointly
4.68%
$2,000 in 1933; 84,000 from 1934 to 1938, incl., and $5,000 from Hannaford, Birks & Co.,Ltd
97.03
1939 to 1942, incl.
Wood, Gundy & Co., Ltd.,
Each issue is dated Oct. 1 1930. Denom. 31.000. Principal and semiRoyal Bank of Canada,
annual interest are payable at the office of the County Treasurer. Coupon
Greenshields & Co.,and Soc.
Treasurer.
bonds, registerable as to principal only, at the office of the accompany
de Placements du Canada.
4.80%
103.02
must
4.66%
97.40
A certified check for 2% of the amount of bonds bid forsuccessful bidder,
jointly
to be conditioned upon the
each proposal. Proposals
x Awarded bonds as 43.s at a price of 98.07.
furnishing tile lithographed bonds ready for execution and the necessary
-BOND OFFERING.
Halifax).
NOVA SCOTIA, Province of (P. 0.
approving opinion of Miller, Canfield, Paddock & Stone as to the legality
receive sealed bids until
-R. Gordon, Deputy Provincial Treasurer, will 43. % provincial bonds.
of said issue, without charge.
of $4.300,000
the
These are the bonds awarded on Aug. 23 as 534s to C. W. McNear & 3 p.m. on Oct. 29, for Duepurchase 15 1960. Denom. not to be less than
on Nov.
Dated Nov. 15 1930.
-V. 131. D. 1457.
Co. of Chicago.
and semi-annual interest are payable in New York.
-The $50,000 $1,000. Principal or Halifax, in gold coin of or equivalent to the present
-BOND SALE.
WEBB, Herkimer County, N. Y.
Toronto, Montreal
of the
% coupon or registered highway bonds offered on Oct. 10-V. 131, P. standard of fineness and weight fixed for gold coins by the laws
funds of
2261-were awarded to the First National Bank. of Old Forge. at 101.19, United States and are a charge upon all the revenue, moneys and
Due $5,000 on Sept. 1 from
a basis of about 4.35%. Dated Sept. 11930. bids
received for the issue: the Province.
Que.-BANKERS
1935 to 1944, incl. The following is a list of the
Rate Bid.
QUEBEC (Catholic School Board of the City), and Hannaford.
Bidder-H. H. Rollins & Sons
0
101.19
OFFER $550.000 43. 7 BONDS.
First National Bank, Old Forge (purchaser)
an issue of $550,000
101.18
Birks & Co., both of Montreal, jointly, are offering
Batchelder & Co
.50%•
101.185 4%7 bonds for general investment priced at 100 and int., yielding 4
0
Manufacturers & Traders Trust Co
-callable.
dated Nov. 1 1930 and mature on Nov. 11960; non
131.
3 (P. 0. Ebenezer), Erie The Bonds are
WEST SENECA FIRE DISTRICT NO.
They were awarded on Oct. 6 at 99.168, a basis of about 4.55%-V.
-The $20,000 coupon or ragIstered fire p. 2417.
-BOND SALE.
County, N. Y.
on Oct. 14-V. 131, p. 2261-were awarded as 5s
district bonds offered
-H. Gaga basis of about
STE. ANNE DE CHICOUTIMI, Que.-BOND OFFERING. Oct. 21
to Edmund Seymour & Co. of New York, at 101.289,
1950 incl. non, Secretary-Tteasurer, will receive sealed bids until 8 p. m. on Denom.
4.83%. Dated Oct. 1 1930. Due 81,00000 Oct. 1 from 1931 to
for the purchase of $47,700 6% bonds. Dated Nov. 1 1930.
Chicoutimi,
-BOND
WEST VIRGINIA, State of (P. 0. Charleston). to haveSALE.- $500 and $100. Due in 15 years. Payable at Ste. Anne de
recently Quebec and Montreal.
A $600,000 issue of bridge revenue bonds is reported
at private sale to a group composed of Stranahan, Harris &
been awarded
-A. J. Pilkington, City
-BOND OFFERING.
VANCOUVER, B. C.
Oatis, Inc.. of Toledo, A. C. Allyn & Co., of Chicago, and associates.
bids until 2 p. m.on Oct.21 for the purchase
statement accompanying the announcement said that "the bridge com- Comptroller, will receive sealed
A
toll bridge situa- of the following issues of 5% bonds, aggregating $2,544,588.47:
mission after more than a year of constant study of the
15 1970.
tion in West Virginia is decidedly of the opinion that it cannot successfully $750,000.00 general obligation sewer bonds. Due Jan. Due Aug. 12 1960.
529,455.90 gen. oblige- sewer and water main bonds.
program anticipated by the Legislature when the Bridge Act
carry out the
alarm headquarters bonds. Duo Jan. 15 1070.
is modified to permit the general
350,000.00 gen. oblige. fire
was passed, unless the present legislation
pooling and finan300,000.00 general obligation airport bonds. Due Jan. 15 1950. bonds.
pooling of all the bridges in the State. As it is now, the
makes it necessary to have a
296,338.49 property owners' share cement walks and lighting
cing is limited to counties. This obviouslyreason of the many controlling
Due June 30 1945.
great many different issues of bonds and by being sold at different price
'40.
188,208.69 property owners'share cement walks bonds. Duo June 30Due
eventuate in the bonds
elements that would
prices paid
73,054.96 property owners' share ornamental lighting bonds.
levels and would very materially and disadvantageously affect the
Sept. 22 1940.
for the bonds.
'40.
of the bridges of
54.219.63 property owners'share cement walks bonds. Due June 30Due
"By the general pooling idea, all the bridge revenues of the cost of all
pay the prin. and int.
3,310.80 property owners' share ornamental lighting bonds.
the State would be combined to investment and at the same time make it
June 30 1945.
much safer
the bridges making a
date than
The general bonds are a direct obligation of tho city at large; the property
possible to free all the bridges of the State at a much earlier
Properties
owners' share bonds are secured by local special rates on the submitted
would be possible under the present legislation."
- benefited, and are guaranteed by the city at large. Bids may be
-TEMPORARY LOAN.
WEYMOUTH, Norfolk County, Mass.
interest payable in Canada only,
,
purchased a $100,000 temporary on the basis of principal and semi-annual otherwise. A certified check for
F.S. Moseley & Co. of Boston, on Oct. 10.
is due on April and in Canada and the United States, or
proposal.
loan at 2.25% discount, plus a premium of $3. The loan
$10,000, payable to the City Treasurer, must accompany each
22 1931. Bids submitted for the loan were as follows:
Discount. The by-laws have been examined by Long & Daly of Toronto and the bonds
Jizdderaccepting their approval, which is available
are sold subject to the purchasers
F. S. Moseley & Co., plus $3 (purchaser)
upon payment of the regular fees.
2.27%
Merchants National Bank
.T
7
2.28%
WINDSOR,Ont.-BONDS OFFERED FOR PUBLIC INVESTMENwere
Hingham Trust Co
2.21
The various issues of 5% bonds aggregating $1,308,899.16, which
Salomon Bros. & Hutzler
2.42 % awarded on Oct. 6 to Wood, Gundy & Co. of Toronto at 101.34, a basis of
Bank of Commerce & Trust Co
2.59%
-are being reoffered by the successful bidders
about 4.82%-V.131. p. 2417
First National Old Colony Corp
1930
- for public investment at prices to yield 4.70% for the maturities from due
-BOND OFFERING.
WILMINGTON, Clinton County, Ohio.
the bonds
sealed bids until 12m. on to 1934, incl., and from 1940 to 1960, incl., and 4.75% for
Gilbert V. Wilkin, City Auditor, will receive
from 1935 to 1939, inclusive.
Oct. 27,for the purchase of $15,000 6% fire department equipment .bonds
CANADA its Provinces and Municipalities.
@FedFRASER